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Grand Central Owner Sues City, SL Green For $1.1B
The owner of Grand Central Terminal is suing the city and developer SL Green Realty Corp. for $1.1 billion. Real estate investor Andrew Penson is claiming that the de Blasio administration deprived him of his property rights when SL Green was given the right to build 1 Vanderbilt, an office tower near the transit hub, without having to acquire additional air rights, according to The New York Times. Full investment news article
Vanguard Sees Chinese Real Estate, Not Stocks, Dictating Growth
Growth in China has slowed as the country transitions from an industrial-led economy to one driven by consumers. That has investors jittery both at home and abroad, fueling volatility that led to a global market selloff on Aug. 24 . Housing may, however, be a better gauge of stress in China’s economy. Full investment news article