Tuesday, December 25, 2012

And MGM/Dubai World Wept (Tears Of Joy?)

"We built in the best of times and opened in the worst of times,” Dennis said in a telephone interview.

For those that follow the saga in Nevada known as CityCenter, a recent transaction reported by Bloomberg may indicate that that this is the beginning of the end.  Either that or Ladder Capital pulled the old Sam Zell and got in at the bottom of this particular market.

1) CityCenter, a $8.5B joint venture between MGM & Dubai World, opens during one of Las Vegas' worst real-estate "downturn".
2) The residential condos at 669 unit Veer Towers initially priced at ~$900+ a square foot.
3) Ladder Capital Finance just bought 427 condos in bulk for $119M, or roughly $300 a square foot.
4) ??????????????
5) Profit

With that being said, the Veer only has about 11 penthouses remaining so make sure you buy before it's too late.

Las Vegas CityCenter Condos Sell in Bulk for $119 Million - Bloomberg

- Jingle Male

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