Handbag sales reveal a major shift in where consumers are shopping

Names such as Rebag and The Real Real offer used luxury handbags at steep discounts, from brands including Fendi and Chanel. NPD has, meanwhile, called out the handbag category to be “high-impact” and at risk for more sales declines because of tariffs. 2 spot in the handbag category and now taking 14% market share, for example. Female teens’ favorite handbag brands include: Michael Kors, Louis Vuitton, Coach, Kate Spade, Gucci, Vera Bradley, Chanel, Steve Madden, Calvin Klein and Guess, Piper Ja


Names such as Rebag and The Real Real offer used luxury handbags at steep discounts, from brands including Fendi and Chanel. NPD has, meanwhile, called out the handbag category to be “high-impact” and at risk for more sales declines because of tariffs. 2 spot in the handbag category and now taking 14% market share, for example. Female teens’ favorite handbag brands include: Michael Kors, Louis Vuitton, Coach, Kate Spade, Gucci, Vera Bradley, Chanel, Steve Madden, Calvin Klein and Guess, Piper Ja
Handbag sales reveal a major shift in where consumers are shopping Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: lauren thomas
Keywords: news, cnbc, companies, handbags, major, vuitton, sales, shopping, reveal, spade, handbag, category, brands, shift, consumers, real, market, kate, spending


Handbag sales reveal a major shift in where consumers are shopping

A shopper looks at a Michael Kors handbag on display at the Macy’s flagship store in New York.

The appeal of flashing a brand-new designer purse isn’t what it once was.

Sales of women’s handbags and totes in the U.S. are down more than 20% over the first eight months of 2019, compared with the same period three years ago, according to NPD Group’s Consumer Tracking Service.

“This is clearly not a blip — it’s a major shift,” NPD Group analyst Beth Goldstein said. “Today’s consumer is looking for a solution, not just a bag. Consumers expect a lot from the products they are buying, from function and versatility to a brand’s engagement in the social and environmental issues that matter to them, and the luxury market is not immune to these pressures.”

Goldstein went on to say this market won’t “bounce back,” but instead handbag makers need to become “far more consumer centric.”

Another factor that’s increasingly reshaping the industry is the emerging resale market. Names such as Rebag and The Real Real offer used luxury handbags at steep discounts, from brands including Fendi and Chanel.

Retailers such as Coach and Kate Spade owner Tapestry, and Michael Kors’ parent Capri Holdings, haven’t been immune to these trends and shifts in spending. Capri Holdings in August lowered its full-year sales outlook because of a weaker wholesale market in North America.

Tapestry replaced CEO Victor Luis earlier this year with Jide Zeitlin, its chairman at the time. In an interview with CNBC the day the management shake-up was announced, Zeitlin said that one of his main focuses would be to work on the Kate Spade brand, making sure the merchandise is “as appropriate as possible.”

NPD has, meanwhile, called out the handbag category to be “high-impact” and at risk for more sales declines because of tariffs. It said shoppers think of purses as a “nice-to-have” category, not a “must-have” one. And it said the sentiment would only grow should the U.S. enter another period of economic slowdown.

Tapestry shares are down about 26% this year, while Capri Holdings’ stock has fallen nearly 25%.

Earlier in the week, Piper Jaffray’s biannual survey showed teen spending on handbags had hit an all-time low in the survey’s 38-year history. The study said female teens are spending an average of $90 per year on purses, down from peak spending of $197 on the category in the spring of 2006.

The study also found that more “accessible” handbag makers in the U.S. have been ceding market share to European brands. Kate Spade dropped to the No. 4 spot on the firm’s list, with Louis Vuitton moving up to the No. 2 spot in the handbag category and now taking 14% market share, for example. Female teens’ favorite handbag brands include: Michael Kors, Louis Vuitton, Coach, Kate Spade, Gucci, Vera Bradley, Chanel, Steve Madden, Calvin Klein and Guess, Piper Jaffray said.

As spending has dipped, the rise of names such as Louis Vuitton may seem surprising. But not so much when you factor in the new options that teens have for getting their hands on these luxury labels. Analysts say the growth of higher-end handbags can at least partially be attributed to the fact that secondhand sellers are flourishing, especially among younger shoppers.

Not only do secondhand sites make products such as purses more affordable, younger shoppers also see them as more sustainable.

The Real Real stock soared more than 70% last month.


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: lauren thomas
Keywords: news, cnbc, companies, handbags, major, vuitton, sales, shopping, reveal, spade, handbag, category, brands, shift, consumers, real, market, kate, spending


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‘Million Dollar Listing’ star Ryan Serhant: The best piece of investing advice I ever got

Real estate broker Ryan Serhant, star of the Bravo series “Million Dollar Listing” and “Sell It Like Serhant,” knows a thing or two about money — he spends his time selling high-end real estate to some of the richest people in the world, after all. Serhant’s investing advice: ‘Invest in things you know’The best piece of investment advice I was ever given was to invest in things you know. And that includes investing in technology, investing in people who are inventors and creating things — both p


Real estate broker Ryan Serhant, star of the Bravo series “Million Dollar Listing” and “Sell It Like Serhant,” knows a thing or two about money — he spends his time selling high-end real estate to some of the richest people in the world, after all. Serhant’s investing advice: ‘Invest in things you know’The best piece of investment advice I was ever given was to invest in things you know. And that includes investing in technology, investing in people who are inventors and creating things — both p
‘Million Dollar Listing’ star Ryan Serhant: The best piece of investing advice I ever got Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: sam becker, anna-louise jackson
Keywords: news, cnbc, companies, star, investing, advice, listing, serhant, piece, dollar, invest, youre, million, best, real, things, ryan, really, estate, actually, going


'Million Dollar Listing' star Ryan Serhant: The best piece of investing advice I ever got

Real estate broker Ryan Serhant, star of the Bravo series “Million Dollar Listing” and “Sell It Like Serhant,” knows a thing or two about money — he spends his time selling high-end real estate to some of the richest people in the world, after all. But when it comes to his own money, he’s fairly conservative. He saves a lot, and he knows the value of a dollar. When it comes to investing, he sticks to a pretty simple strategy: Invest in what you know. Serhant recently sat down with the Grow team to discuss the most valuable investing advice he’s received, how he learned about money at a young age, and more. Here is his story, as told to senior reporter Sam Becker.

Serhant’s investing advice: ‘Invest in things you know’

The best piece of investment advice I was ever given was to invest in things you know. Things you use. Things you could see yourself using; things you actually like. Don’t invest in stuff that doesn’t interest you, because then you’re not going to follow up on it. You’re not going to be as active an investor. So, I invest in things or products that I enjoy, use, or think are really interesting. And that includes investing in technology, investing in people who are inventors and creating things — both physical products as well as software — [and] investing in real estate.

When it comes to real estate, I used to really think that to be a wise investor, you have to invest what you actually have to spend, so don’t spend more than you can afford. But I’ve found that to be incorrect. The best investments I’ve made are the ones that actually push me outside of my comfort level. Because you need to work more. You need to do more to actually get a return on this investment. And that’s worked really, really well for me.

‘The best investment I ever made’

The best investment I ever made: I invest in my business all the time. I invested in our YouTube vlog, and I think it’s funny because before I started the vlog on YouTube, everyone thought it was stupid and crazy. Including me. Actually, mostly me. I thought it was dumb. Just another form of social media. I was just sick and tired of it and I had no idea what it was going to do to our business. But it is a massive way of driving business and driving brand awareness. So, by investing the money that I did into the vlog, more people buy my book, more people buy the course, more people reach out to me to buy and sell homes.

Don’t invest in stuff that doesn’t interest you, because then you’re not going to follow up on it. You’re not going to be as active an investor. Ryan Serhant Real estate broker, author, and TV star

How being ‘broke’ led to his real estate career


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: sam becker, anna-louise jackson
Keywords: news, cnbc, companies, star, investing, advice, listing, serhant, piece, dollar, invest, youre, million, best, real, things, ryan, really, estate, actually, going


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Marco Rubio says Trump’s call for China to probe Biden is ‘inappropriate’ but not a ‘real proposal’

Sen. Marco Rubio went further than he previously had Tuesday in criticizing President Donald Trump’s call for China to investigate Joe Biden — though he said he still thinks the White House will not follow through on the request. The senator later added: “It’s an offhand comment and an inappropriate one but not a real proposal or a real initiative that’s [being undertaken].” A White House spokesman declined to comment on whether Trump’s request was not really a serious plan. Trump last week said


Sen. Marco Rubio went further than he previously had Tuesday in criticizing President Donald Trump’s call for China to investigate Joe Biden — though he said he still thinks the White House will not follow through on the request. The senator later added: “It’s an offhand comment and an inappropriate one but not a real proposal or a real initiative that’s [being undertaken].” A White House spokesman declined to comment on whether Trump’s request was not really a serious plan. Trump last week said
Marco Rubio says Trump’s call for China to probe Biden is ‘inappropriate’ but not a ‘real proposal’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: jacob pramuk
Keywords: news, cnbc, companies, house, marco, white, real, proposal, comment, went, probe, dont, request, president, inappropriate, rubio, trumps, china, biden


Marco Rubio says Trump's call for China to probe Biden is 'inappropriate' but not a 'real proposal'

Sen. Marco Rubio went further than he previously had Tuesday in criticizing President Donald Trump’s call for China to investigate Joe Biden — though he said he still thinks the White House will not follow through on the request.

“I don’t think what he said was right. I don’t agree with it,” the Florida Republican told CNBC’s “Squawk Alley,” days after he said Trump only made his remarks to “provoke” the media.

The senator later added: “It’s an offhand comment and an inappropriate one but not a real proposal or a real initiative that’s [being undertaken].”

A White House spokesman declined to comment on whether Trump’s request was not really a serious plan.

Trump last week said Beijing “should start an investigation” into the former vice president Biden, one of his chief rivals for the presidency in 2020, and his son Hunter. The request led to new backlash on Capitol Hill after the president’s push for Ukraine to probe the Bidens sparked an ongoing House impeachment inquiry.


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: jacob pramuk
Keywords: news, cnbc, companies, house, marco, white, real, proposal, comment, went, probe, dont, request, president, inappropriate, rubio, trumps, china, biden


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‘I had sent my money to a thief’ — hackers are coming for homebuyers. This man lost $150,000

At a real estate auction, Ellerbe, who works in the petroleum industry, made the winning bid on the house: $150,050. The problem has become an epidemic for the real estate industry, experts say. “It started with just phishing corporations, but the real estate industry is more profitable as far as hackers go,” said Dorothy Haraminac, a certified fraud examiner. Hackers target homebuyers because they typically send large amounts of money and are not always the most savvy about cybersecurity. Just


At a real estate auction, Ellerbe, who works in the petroleum industry, made the winning bid on the house: $150,050. The problem has become an epidemic for the real estate industry, experts say. “It started with just phishing corporations, but the real estate industry is more profitable as far as hackers go,” said Dorothy Haraminac, a certified fraud examiner. Hackers target homebuyers because they typically send large amounts of money and are not always the most savvy about cybersecurity. Just
‘I had sent my money to a thief’ — hackers are coming for homebuyers. This man lost $150,000 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-05  Authors: annie nova
Keywords: news, cnbc, companies, thief, titling, hackers, 150000, scams, email, private, money, estate, lost, shirley, man, ellerbe, homebuyers, coming, real, sent


'I had sent my money to a thief' — hackers are coming for homebuyers. This man lost $150,000

Prospective home buyers arrive to tour a house for sale in Dunlap, Illinois, U.S., on Sunday, Aug. 19, 2018. Daniel Acker | Bloomberg | Getty Images

Oliver Ellerbe thought he had found the perfect home for his aging parents. The brick house in Katy, Texas, near Houston, was just a five-minute drive from his own home. At the time, his mother and father lived more than an hour away, near the city of Conroe. The distance began to pose a serious problem when his father’s liver cancer spread through his body and left him unable to move about on his own. “It became very difficult,” Ellerbe, 44, said. “My wife and I were interested in bringing him closer to us.” At a real estate auction, Ellerbe, who works in the petroleum industry, made the winning bid on the house: $150,050. The moving plans began. A few days before the scheduled closing in February 2015, Ellerbe received an email, seemingly from his real estate agent at the firm Keller Williams, notifying him that the wiring instructions had changed. Soon after, he drove over to his bank and sent the $150,050 to the new bank address. Then he left for a hunting trip with clients. “Nothing felt off,” he said.

I had sent my money to a thief. Oliver Ellerbe

On the morning of the closing, Ellerbe received an email from someone at the titling company, Solutionstar Settlement Services. They asked him when he was going to send the money. He had already done so, he explained. He showed the emails as proof. The titling company representative told Ellerbe they hadn’t sent those emails. And the wiring instructions had never changed. “My heart sank,” Ellerbe said. “I had sent my money to a thief.” So-called business email compromise scams are on the rise, with more than $26 billion lost over the last three years, according to the FBI. The problem has become an epidemic for the real estate industry, experts say. “It started with just phishing corporations, but the real estate industry is more profitable as far as hackers go,” said Dorothy Haraminac, a certified fraud examiner. “It’s absolutely happening more.” Hackers target homebuyers because they typically send large amounts of money and are not always the most savvy about cybersecurity. What’s more, real estate and titling companies tend to have less robust security measures in place than other large corporations and often fail to warn consumers adequately about the rising threat. “Many small realty companies just have a family member who’s good with computers in charge of their system,” said John Shirley, a private investigator.

Just around half of real estate firms warn their clients about the dangers of wire fraud, according to new research by the National Association of Realtors. Around 10% of firms said they’d had an experience with the crime. “The mortgage brokers and agents do receive training on it, but they don’t communicate that to the consumer,” Haraminac said. Here’s how these scams usually go down: A thief hacks into a real estate or title company’s computer system and then studies the transactions, from the language used to the format of the wiring instructions. When the scammer strikes, he or she will often pose as someone from the real estate or titling company to instruct the buyer to wire funds to them. “The buyer doesn’t have reason to question the request since it’s coming from what appears to be a legitimate entity that is part of the buying process,” said Kathy Stokes, director of fraud prevention programs at AARP. Never heard of these scams? There’s a reason for that, Shirley said. “Business email compromise scams don’t get a lot of press, because usually the parties involved want to keep it as private as possible,” he said. Ellerbe hired Shirley to investigate his case. He said he did so because law enforcement let him down.

Business email compromise scams don’t get a lot of press, because usually the parties involved want to keep it as private as possible. John Shirley a private investigator


Company: cnbc, Activity: cnbc, Date: 2019-10-05  Authors: annie nova
Keywords: news, cnbc, companies, thief, titling, hackers, 150000, scams, email, private, money, estate, lost, shirley, man, ellerbe, homebuyers, coming, real, sent


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This is the most unaffordable city in the world to buy a home

Housing prices in Paris, Hong Kong and Vancouver have increased by 150% since 2000, according to UBS’s 2019 Global Real Estate Bubble Index. It also looks at the cost of living around the world, and where professionals “need to work the longest” to afford an apartment in their city. And while cities across the world are seeing sky-high real estate prices, Hong Kong stands above them all: There, a worker earning twice the city’s average income “would struggle to afford” to buy a 650-square-foot a


Housing prices in Paris, Hong Kong and Vancouver have increased by 150% since 2000, according to UBS’s 2019 Global Real Estate Bubble Index. It also looks at the cost of living around the world, and where professionals “need to work the longest” to afford an apartment in their city. And while cities across the world are seeing sky-high real estate prices, Hong Kong stands above them all: There, a worker earning twice the city’s average income “would struggle to afford” to buy a 650-square-foot a
This is the most unaffordable city in the world to buy a home Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-03  Authors: alicia adamczyk
Keywords: news, cnbc, companies, world, city, afford, real, average, unaffordable, cities, worker, report, prices, buy, stands, apartment


This is the most unaffordable city in the world to buy a home

Housing prices in Paris, Hong Kong and Vancouver have increased by 150% since 2000, according to UBS’s 2019 Global Real Estate Bubble Index. The median price-to-income ratio now stands at seven, compared to five a decade ago.

UBS’s report tracks the risk of property price bubbles in global cities. It also looks at the cost of living around the world, and where professionals “need to work the longest” to afford an apartment in their city. And while cities across the world are seeing sky-high real estate prices, Hong Kong stands above them all: There, a worker earning twice the city’s average income “would struggle to afford” to buy a 650-square-foot apartment.

“Prices have outpaced incomes by far in recent years,” reads the report, and that could pose an existential threat for the cities themselves. “If employees cannot afford an apartment with reasonable access to the local job market, the attractiveness and growth prospects of the city in question drop.”

Some good news, at least for buyers: The report notes that average price growth has paused for the first time since 2012.

Here’s how long it takes the average skilled worker to buy a 650-square-foot apartment in some of the biggest cities in the world, according to UBS.


Company: cnbc, Activity: cnbc, Date: 2019-10-03  Authors: alicia adamczyk
Keywords: news, cnbc, companies, world, city, afford, real, average, unaffordable, cities, worker, report, prices, buy, stands, apartment


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Manhattan real estate prices take the biggest tumble since the financial crisis

Prices for Manhattan real estate took their biggest plunge since the 2008 financial crisis, according to a new report. The average sale price for a Manhattan apartment fell 14% in the third quarter, according to a report from Douglas Elliman and Miller Samuel. The average price of a Manhattan apartment is still not cheap — falling to $1.7 million. But brokers and real estate analysts say there is little sign of a bottom after nearly two years of declines. Some of the decline was due to the timin


Prices for Manhattan real estate took their biggest plunge since the 2008 financial crisis, according to a new report. The average sale price for a Manhattan apartment fell 14% in the third quarter, according to a report from Douglas Elliman and Miller Samuel. The average price of a Manhattan apartment is still not cheap — falling to $1.7 million. But brokers and real estate analysts say there is little sign of a bottom after nearly two years of declines. Some of the decline was due to the timin
Manhattan real estate prices take the biggest tumble since the financial crisis Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-02  Authors: robert frank
Keywords: news, cnbc, companies, price, quarter, crisis, financial, manhattan, prices, tax, biggest, miller, real, tumble, nearly, rates, million, estate


Manhattan real estate prices take the biggest tumble since the financial crisis

Trump International Hotel & Tower New York building is seen from the balcony of an apartment unit in the AvalonBay Communities Inc. Park Loggia condominium at 15 West 61 Street in New York, May 15, 2019.

Prices for Manhattan real estate took their biggest plunge since the 2008 financial crisis, according to a new report.

The average sale price for a Manhattan apartment fell 14% in the third quarter, according to a report from Douglas Elliman and Miller Samuel. That was the steepest drop since 2010, when the city was still in the grips of the financial crisis, according to Jonathan Miller, CEO of Miller Samuel, the appraisal and research firm.

The average price of a Manhattan apartment is still not cheap — falling to $1.7 million. But brokers and real estate analysts say there is little sign of a bottom after nearly two years of declines.

“There is a lot of uncertainty in the air,” Miller said. “It’s going to be a slow grind over the next year or two.”

A continued drop in foreign buyers, changes in the federal tax laws that make it more expensive to live in high-tax states and a glut of high-priced condos have all converged to create the worst real estate market in Manhattan in a decade. Sales in the third quarter dropped by 14%.

Some of the decline was due to the timing of a new tax on high-priced Manhattan real estate. The so-called mansion tax on apartments over $2 million took effect July 1, so many buyers rushed to close on deals before the tax, effectively stealing demand from the third quarter.

Yet the number of apartments coming onto the market suggests a continued oversupply and softening prices — especially at the high end. The supply of luxury listings — or those in the top 10% by price — hit the highest level since data started being recorded 15 years ago, Miller said, with nearly 2,000 apartments listed for over $3 million. There is now nearly a two-year supply of luxury apartments.

One bright spot: lower mortgage rates. Typically, Manhattan doesn’t benefit much from lower rates since more than half of all purchases are done with cash. But in the third quarter, as mortgage rates fell, only 44% of deals were done with cash.

“Lower rates have mitigated the slowdown to a certain degree,” Miller said.


Company: cnbc, Activity: cnbc, Date: 2019-10-02  Authors: robert frank
Keywords: news, cnbc, companies, price, quarter, crisis, financial, manhattan, prices, tax, biggest, miller, real, tumble, nearly, rates, million, estate


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WeWork property defaults may be next after failed IPO, says mega-developer Don Peebles

WeWork could default on some of its real estate obligations as it struggles to raise fresh funding following the office-sharing firm’s failed initial public offering, mega-developer Don Peebles told CNBC on Tuesday. Peebles, the CEO of privately held real estate firm Peebles Corporation, said, “Anyone looking at a building that has got significant WeWork occupancy has got to be very concerned.” “I think some defaults by WeWork are coming down the line,” Peebles said on “The Exchange.” The compan


WeWork could default on some of its real estate obligations as it struggles to raise fresh funding following the office-sharing firm’s failed initial public offering, mega-developer Don Peebles told CNBC on Tuesday. Peebles, the CEO of privately held real estate firm Peebles Corporation, said, “Anyone looking at a building that has got significant WeWork occupancy has got to be very concerned.” “I think some defaults by WeWork are coming down the line,” Peebles said on “The Exchange.” The compan
WeWork property defaults may be next after failed IPO, says mega-developer Don Peebles Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: berkeley lovelace jr, in berkeleylovelace
Keywords: news, cnbc, companies, ipo, defaults, significant, public, megadeveloper, property, announced, estate, business, failed, company, don, peebles, wework, real


WeWork property defaults may be next after failed IPO, says mega-developer Don Peebles

WeWork could default on some of its real estate obligations as it struggles to raise fresh funding following the office-sharing firm’s failed initial public offering, mega-developer Don Peebles told CNBC on Tuesday.

Peebles, the CEO of privately held real estate firm Peebles Corporation, said, “Anyone looking at a building that has got significant WeWork occupancy has got to be very concerned.”

“I think some defaults by WeWork are coming down the line,” Peebles said on “The Exchange.”

Peebles said that buildings in which WeWork is listed as a tenant are going to be penalized in their capitalization rate, a measure by which real estate investments are assessed for their profitability, when they go to market.

WeWork’s business involves taking on long-term leases and then renting out the spaces to start-ups, freelancers and enterprises for the short term. The company makes money over time as companies and individuals pay their rent or membership.

The start-up announced its intent to go public on Aug. 14, revealing massive losses and a confusing corporate structure. Since then, the IPO for WeWork’s parent company, The We Co., has been hanging in the balance, as it delayed its investor roadshow amid weak demand and a dwindling IPO valuation.

The company announced Monday it would withdraw its S-1 filing amid the turmoil.

It’s possible that WeWork will see a “significant pullback” in access to any kind of capital, Peebles said, adding it will likely need to give back property to stay in business. “I’m not sure lenders would see them as a significant investment opportunity anymore.”

— CNBC’s Annie Palmer contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: berkeley lovelace jr, in berkeleylovelace
Keywords: news, cnbc, companies, ipo, defaults, significant, public, megadeveloper, property, announced, estate, business, failed, company, don, peebles, wework, real


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Meet Triple Five Group: The real estate developers behind New Jersey’s ‘American Dream’ mega mall

The American Dream project in New Jersey is scheduled to begin opening to the public later this month, starting with the Nickelodean theme park. Triple Five kicked off construction on American Dream in 2013. We put it on steroids, went crazy and built American Dream.” That dovetailed into the Ghermezian family creating a real estate holding company, which became Triple Five. However, the company doesn’t refer to American Dream as a mall, though others may.


The American Dream project in New Jersey is scheduled to begin opening to the public later this month, starting with the Nickelodean theme park. Triple Five kicked off construction on American Dream in 2013. We put it on steroids, went crazy and built American Dream.” That dovetailed into the Ghermezian family creating a real estate holding company, which became Triple Five. However, the company doesn’t refer to American Dream as a mall, though others may.
Meet Triple Five Group: The real estate developers behind New Jersey’s ‘American Dream’ mega mall Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: lauren thomas
Keywords: news, cnbc, companies, family, ghermezian, mega, jerseys, meet, american, america, developers, triple, group, real, dream, shopping, mall, known, retail, estate


Meet Triple Five Group: The real estate developers behind New Jersey's 'American Dream' mega mall

The American Dream project in New Jersey is scheduled to begin opening to the public later this month, starting with the Nickelodean theme park.

A sprawling 3 million square feet of indoor ski slopes, waterslides, roller coasters, chef-backed eateries and department stores is set to open, at least partially, to the public later this month.

The development that sits in the Meadowlands area just west of New York City, known as American Dream, has been in the works for more than a decade, making its grand reveal a highly anticipated one.

And its developers, Edmonton, Canada-based Triple Five Group, have been working feverishly to pull it all together, since they took over the site in 2011. Back then, it was known as Xanadu, and its facade was a hodgepodge of colors — oftentimes derided by locals and those passing by it as they drove by on the New Jersey Turnpike.

Triple Five kicked off construction on American Dream in 2013.

A private, family run business, Triple Five is perhaps best known for designing the Mall of America in Minnesota, the largest shopping mall in the country by square footage, which spans more than 4 million feet and — in addition to plenty of shops and restaurants — includes a Nickelodeon theme park, an aquarium, mini golf and an escape room, among other family attractions.

If that tells you anything, it is that the family behind Triple Five isn’t thinking small.

And, in a country that already has more retail per person than any other, Triple Five isn’t looking to create just another suburban mall. It knows that wouldn’t stand a chance of surviving.

“We are building something that no other developer in the country has done yet … the Simons, the Westfields, the [Brookfields] — they are all good shopping center developers. But the world today is not about shopping centers, it’s about experiences,” Triple Five President and CEO Don Ghermezian said in an interview.

“We want to be the developer who produces and delivers tier-one entertainment while at the same time delivering an experiential retail environment,” he added. “We’ve taken what we learned from [Mall of America]. We put it on steroids, went crazy and built American Dream.”

According to Ghermezian, his family “started with nothing.” They managed to turn a small rug business into a real estate conglomerate, which also owns the West Edmonton Mall in Canada. “They were always risk takers, had big visions and big plans … always prepared to put their money and their mind where their mouth was,” he said. “A lot of that has been passed down to the next generation.”

Jacob Ghermezian, Don’s grandfather, was born in Azerbaijan and eventually left Iran with his brothers to settle in North America in the late 1940s, working to expand the family’s Persian rug business. That dovetailed into the Ghermezian family creating a real estate holding company, which became Triple Five.

Now, a younger generation of Ghermezians are looking to rewrite the playbook of what an American mall can be, at a time when more people are turning to the internet to buy things. However, the company doesn’t refer to American Dream as a mall, though others may. The property is only 45% retail, with the rest of the space being devoted to entertainment.

“When we originally took on the project seven or eight years ago, there could’ve been 200 retailers out there that I thought would be tenants at the center. A lot of them just went bankrupt,” Ghermezian said. “In a very advantageous way, it caused us to shift our focus … on driving people to the center and getting them off their phones. America has a thousand shopping centers they don’t need.”


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: lauren thomas
Keywords: news, cnbc, companies, family, ghermezian, mega, jerseys, meet, american, america, developers, triple, group, real, dream, shopping, mall, known, retail, estate


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Real estate is still the best investment you can make today, millionaires say—here’s why

Billionaire Andrew Carnegie famously said that 90% of millionaires got their wealth by investing in real estate. According to these nine advisors at The Oracles who made millions by investing in real estate, the answer is a resounding yes. “Investing in real estate is a great idea if you are in it for the long haul, not a quick return. “Real estate is real, and it’s always a good idea to put your money in real assets. —Daniel Lesniak, founder of Orange Line Living, broker at the Keri Shull Team,


Billionaire Andrew Carnegie famously said that 90% of millionaires got their wealth by investing in real estate. According to these nine advisors at The Oracles who made millions by investing in real estate, the answer is a resounding yes. “Investing in real estate is a great idea if you are in it for the long haul, not a quick return. “Real estate is real, and it’s always a good idea to put your money in real assets. —Daniel Lesniak, founder of Orange Line Living, broker at the Keri Shull Team,
Real estate is still the best investment you can make today, millionaires say—here’s why Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: the oracles
Keywords: news, cnbc, companies, today, investment, buy, properties, tax, real, founder, sayheres, best, market, millionaires, money, estate, rent


Real estate is still the best investment you can make today, millionaires say—here's why

Billionaire Andrew Carnegie famously said that 90% of millionaires got their wealth by investing in real estate. We wanted to know: Is this still true? Is investing in real estate still a good idea? According to these nine advisors at The Oracles who made millions by investing in real estate, the answer is a resounding yes.

1. ‘Owning made me rich.’

“Buying real estate has made me rich — mostly through necessity, not by design. I bought my first itty-bitty studio after scraping together a few bucks because I needed to live somewhere anyway. A few years later, the studio doubled in value, giving me enough cash to plunk down 50% on a one-bedroom apartment. That soon rolled into a two-bedroom, then a three-bedroom, and finally landed me in my 10-room penthouse on Fifth Avenue in New York City. Buying that tiny studio was the most important decision I made because it got me in the game.” —Barbara Corcoran, founder of The Corcoran Group, podcast host of “Business Unusual,” judge on “Shark Tank”

2. ‘Residential properties can generate income year-round.’

“Investing in real estate is a great idea if you are in it for the long haul, not a quick return. Your best bet is investing in residential properties that produce rental income year-round. Just make sure you understand all of the associated legal fees and are prepared for unexpected costs.” —Bethenny Frankel, entrepreneur, philanthropist, founder of Skinnygirl and BStrong. Follow her on Instagram

3. ‘The right investment will continue to appreciate.’

“Real estate is real, and it’s always a good idea to put your money in real assets. But let me be clear: That doesn’t mean that all real estate is a good idea. I only buy certain types of properties, generally multifamily ones in upscale locations that provide consistent cash flow and great potential for future appreciation. I stay away from low-income areas and single-family homes. But even those assets are probably a better place to store your money than letting cash depreciate while sitting in the bank!” —Grant Cardone, sales expert, New York Times best-selling author. Follow him on Facebook, Instagram and YouTube

4. ‘Buying is smarter than renting.’

“Most millionaires I know made more money from owning real estate than any other investment. Real estate consistently increases in value over time and outperforms other investments. Plus, it isn’t as vulnerable to short-term fluctuations as the stock market. You get a tangible, usable asset, whether you’re renting out an apartment or commercial building for income or buying a home. And there can also be tax benefits for investment properties. It’s always a good time to buy real estate. In fact, the real wealth is made by buying when everyone else is selling and vice versa. While many are talking about a recession, the market is strong, with increasing prices and transactions. Renting a one-bedroom apartment can cost $5,000 a month in certain neighborhoods today, yet you can buy a $1 million house with just $4,000 a month in mortgage payments. And the rate is fixed for 30 years — the best kind of rent control. So why would you rent? Besides, if you rent your property to someone else, you can cover your mortgage or better.” —Peter Hernandez, president of the Western Region at Douglas Elliman, founder and president of Teles Properties

5. ‘You get six-figure tax breaks.’

“Real estate has incredible tax benefits. In certain situations, you don’t have to pay taxes on your gains from investment properties. You can also get a $250,000 tax break as an individual and $500,000 as a married couple. The wealthiest people collect property the way they used to collect cars. Interest rates are low, prices have fallen, and you don’t have to tie up a lot of cash in the investment. At the same time, more people are choosing to rent instead of own. You can have a lucrative rental property using other peoples’ money to cover the mortgage, taxes, and upkeep. With sites like Vrbo and Airbnb, you can also find short-term renters to subsidize your overhead. While I suggest diversifying your investments, there is no better place to park your money than brick-and-mortar investments you can live in and enjoy. When you invest in your surroundings, you invest in yourself!” —Holly Parker, founder and CEO of The Holly Parker Team at Douglas Elliman, award-winning broker who made over $8 billion in sales. Follow her on LinkedIn and Instagram

6. ‘It doesn’t tie up a lot of cash.’

“Real estate is a bankable asset, so you can always leverage it. It also doesn’t tie up a lot of cash. You can put down as little as 10% and use banks’ money to grow your investment. With such low interest rates, that’s like free money. Unlike the stock market, where many factors are out of your control, your investment can’t disappear overnight. You can also build your wealth with excellent return rates and tax advantages. The only people who lose money in real estate are those who bought at the height of the market and sold at the wrong time or took too much equity out of their home, leaving no profit margin when they sold it. It often takes time to see big appreciations, but if you hold on to your investment, you will. —Dottie Herman, CEO of Douglas Elliman, a real estate brokerage empire with more than $27 billion in annual sales. Follow her on Facebook and Instagram

7. ‘Real estate offers unlimited options.’

“Real estate is always a great investment because you have more options than with other types of investments. If you invest in stocks, bonds, or a private offering, your success is completely dependent on factors outside of your control. At most, your options are to hold or sell. With real estate, you have unlimited options. You can buy a house with the intent of flipping it, then rent it if the market turns south. If you buy a rental that appreciates in value significantly, you can sell it. Real estate can be refinanced, rehabbed, and rezoned. You can develop it, lease it, subdivide it, or add parcels to it. These are just a few of your options. This flexibility is one of the reasons it has created more millionaires than any other asset class.” —Daniel Lesniak, founder of Orange Line Living, broker at the Keri Shull Team, co-founder of real estate coaching business HyperFast Agent, author of “The HyperLocal, HyperFast Real Estate Agent”

8. ‘People will always need a place to live.’

“There’s an opportunity for greater and more consistent returns with real estate than with other investments. When a property is built, it’s because a group of people see a population large enough to justify it. “The sheer number of new properties each year is a testament to the growing real estate market. Supply follows demand, and demand is continuing to rise. Populations almost never decrease, which is why the need for housing increases year over year. The market for multifamily apartments in particular is growing. As apartments become more attractive, people are less likely to buy houses. With multifamily apartments, you continue to generate increasing income over time. Once the property stabilizes, you can collect returns for your investors until you decide to sell. There’s also demand year-round wherever you go.” —Robert Martinez, founder and CEO of Rockstar Capital, a real estate investment firm with $335 million in assets under management and $71 million in investor capital, host of “The Apartment Rockstar” podcast. Follow him on YouTube and Instagram

9. ‘You can invest in land that produces income.’


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: the oracles
Keywords: news, cnbc, companies, today, investment, buy, properties, tax, real, founder, sayheres, best, market, millionaires, money, estate, rent


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Zuckerberg vs. Warren: Leaked audio gives a taste of Facebook CEO’s real thoughts on tech regulation

Facebook CEO Mark Zuckerberg makes rounds of meeting in Russell Building where he discussed technology regulations and social media issues with senators on Thursday, September 19, 2019. He was making his way from a meeting with Sen. Mike Lee, R-Utah, to one with Sen. Josh Hawley, R-Mo. (Photo By Tom Williams/CQ-Roll Call, Inc via Getty Images)Last week, Facebook CEO Mark Zuckerberg made a trip to Washington, D.C., to hold court with some of his most vocal critics on Capitol Hill. According to th


Facebook CEO Mark Zuckerberg makes rounds of meeting in Russell Building where he discussed technology regulations and social media issues with senators on Thursday, September 19, 2019. He was making his way from a meeting with Sen. Mike Lee, R-Utah, to one with Sen. Josh Hawley, R-Mo. (Photo By Tom Williams/CQ-Roll Call, Inc via Getty Images)Last week, Facebook CEO Mark Zuckerberg made a trip to Washington, D.C., to hold court with some of his most vocal critics on Capitol Hill. According to th
Zuckerberg vs. Warren: Leaked audio gives a taste of Facebook CEO’s real thoughts on tech regulation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: steve kovach
Keywords: news, cnbc, companies, zuckerberg, senators, facebook, mark, real, meeting, gives, tech, thoughts, regulation, leaked, lawmakers, taste, warren, sen


Zuckerberg vs. Warren: Leaked audio gives a taste of Facebook CEO's real thoughts on tech regulation

Facebook CEO Mark Zuckerberg makes rounds of meeting in Russell Building where he discussed technology regulations and social media issues with senators on Thursday, September 19, 2019. He was making his way from a meeting with Sen. Mike Lee, R-Utah, to one with Sen. Josh Hawley, R-Mo. (Photo By Tom Williams/CQ-Roll Call, Inc via Getty Images)

Last week, Facebook CEO Mark Zuckerberg made a trip to Washington, D.C., to hold court with some of his most vocal critics on Capitol Hill.

Sen. Mark Warner, D-Va., organized a dinner with about half a dozen U.S. senators on Sept. 24, where both sides talked about where they stand on privacy and antitrust regulation. Sen. Richard Blumenthal, D-Conn., who also attended the dinner, told NBC News last week there was a “positive” discussion on Facebook’s various privacy issues. Zuckerberg also met with Republican Sens. Josh Hawley of Missouri and John Cornyn of Texas.

Based on the messaging from Facebook and lawmakers, the discussions were congenial and productive. As Facebook and other tech companies such as Google and Amazon face antitrust probes by the Federal Trade Commission and the Department of Justice, Zuckerberg decided to travel across the country and engage with lawmakers to prove he’s serious about cleaning up his company.

But on Tuesday, the world got a hint of Zuckerberg’s real thinking after The Verge published two hours of leaked audio from a July meeting between the CEO and employees.

According to the leaked recording, Zuckerberg blasted Democratic presidential candidate Sen. Elizabeth Warren’s plan to break up Facebook and other Big Tech companies. He called it an “existential” threat and something the company would fight if Warren, of Massachusetts, wins the presidency.

“I mean, if she gets elected president, then I would bet that we will have a legal challenge, and I would bet that we will win the legal challenge,” Zuckerberg said of Warren in the July meeting, according to the leaked audio recording.

“And does that still suck for us? Yeah. I mean, I don’t want to have a major lawsuit against our own government. … it’s like, we care about our country and want to work with our government and do good things. But look, at the end of the day, if someone’s going to try to threaten something that existential, you go to the mat and you fight.”

Zuckerberg also repeated the company’s line that breaking up Facebook would hurt its ability to fight abuse and election meddling, adding that more has been spent on Facebook safety than all of Twitter’s revenue.

Facebook did not respond to requests for comment on the leak. But Zuckerberg did share The Verge’s transcript on his Facebook page, calling it an “unfiltered” look at his thoughts.

The leaked audio shows that Facebook’s apparent openness toward regulation is theater. In public, Zuckerberg calls for regulation in Washington Post op-eds and engages in well-publicized meet-and-greets with senators. But behind closed doors, proposals from lawmakers such as Warren are “existential” threats that will lead to lawsuits and political fights.

Any Facebook cynic probably guessed this was the case: Zuckerberg is willing to work with the government only to the extent that Facebook can have some influence over the final result. It’s about fighting for weak regulation, not about full cooperation.

But now we have the receipts. From now on, anything he says publicly or to lawmakers on the matter will just come off as political theater.


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: steve kovach
Keywords: news, cnbc, companies, zuckerberg, senators, facebook, mark, real, meeting, gives, tech, thoughts, regulation, leaked, lawmakers, taste, warren, sen


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