From the April issue: In a letter to shareholders last month, billionaire investor Warren Buffett cited a Greenwich Village retail strip that he bought in 1993 as one of his best long-term investments. [more]
Posts Tagged ‘warren buffett’
Based on the recent surge in construction permit applications filed in the city, the seemingly never-ending residential inventory squeeze might be easing over the next few years. We examined filings to determine the most active developers in the five boroughs, in our cover story, which is now available online. The list was a mix of well-established players and up-and-comers, with Extell Development at the top. [more]
In his much-anticipated annual letter to Berkshire Hathaway shareholders, company chairman Warren Buffett revealed some of the lessons he’s learned from investing in real estate over the years.
In the letter, Buffett sizes up a deal in 1986 for a 400-acre farm 50 miles north of Omaha, Nebraska. Instead of basing his investment on the property’s value at the time of purchase — a steal at $280,000 — Buffett valued the property by its future yield, based on predictions that crop prices and productivity would rise. [more]
Billionaire Warren Buffett’s Berkshire Hathaway HomeServices venture has added nine new real estate broker affiliates throughout the U.S., evidence of his growing confidence in the housing market. Most recently the venture signed affiliate agreements with two brokerages in Texas and California.
The firm has also added brokerages in Delaware, New York, Georgia, Florida and Tennessee in recent months, according to a statement cited by Bloomberg News. [more]
Following statements of confidence in the U.S. housing market, investor Warren Buffett is entering his holding company Berkshire Hathaway into a venture with Toronto-based private equity firm Brookfield Asset Management, Bloomberg News reported. The deal gives Berkshire Hathaway a controlling interest in the Prudential and Real Living brokerages, but the companies plan to launch their own realty brand, Berkshire Hathaway Home Services, by next year.
Berkshire Hathaway has been actively acquiring businesses related to the housing market, including a brick manufacturer, the loan portfolio of the bankrupt mortgage lender Residential Capital and real estate brokerages in Oregon and Connecticut. Buffett is counting on low interest rates, inventory and prices to spur a housing rebound, according to Bloomberg. [more]
An apparel company owned by billionaire Warren Buffett has inked a 50,000-square-foot, 10-year lease for offices at 200 Madison Avenue, the New York Observer reported, relocating from the Empire State Building.
Garan Incorporated will occupy the 575,000-square-foot building’s fourth floor for rents that average around the mid-$40s per square foot. The company previously squeezed into a 40,000-square-foot space at the Empire State Building and was eager to expand to a building that could accommodate all its staff on one floor.
Jim Saunders Noel Flag of Newmark Knight Frank represented Garan in the transaction. … [more]
Bank of America lawyers knew seven months beforehand that American International Group was going to sue the bank over $10 billion in bad mortgages, but did not mention the threat of the lawsuit in its quarterly regulatory filing to the Securities and Exchange Commission, Reuters reported. Management also did not discuss it on conference calls about quarterly results and other pending legal claims. Some lawyers say that the SEC’s disclosure rules are not clear and BofA may have been justified in not revealing the lawsuit before it was filed. But others say that banks have an obligation to disclose legal threats that could have major consequences. … [more]