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'New York City Seizes 75,000 Square Feet of Beach in Coney Island

New York City, under the administration of Mayor Bill de Blasio, will grab 75,000 square feet of boardwalk property in Coney Island as part of a long-delayed economic development in the area. The eminent domain seizure includes three beachfront properties and two smaller properties located on West 12th and West 23rd, which totals to 75,000 square feet. The city failed to strike a "fair-market" deal with the owners but managed to secure the seizure of a 60,000-square-foot land that once housed the famous "Thunderbolt" wooden roller coaster which was featured in the movie "Annie Hall" but was demolished in 2000. The said plot where the rollercoaster once stood is owned by screenwriter Peter Shaffer.

'Commercial Real Estate: Walmart and Macy's Shut Down Stores Nationwide

Two of America's largest retailers have recently announced store closures and lay offs. Walmart is closing 269 stores nationwide, including stores under the Express, Neighborhood Market and Supercenter names. Macy's is also closing 40 stores in the early part of 2016. The said closures are forecasted to create a "domino effect" for malls. Once large stores like Macy's and Sears close, it will be hard for mall owners to replace them, related Davidowitz & Associates Chairman Howard Davidowitz.

'Big Name Tenants of 2 World Trade Center Cancel Lease, Will Retain Current Office Spaces

2 World Trade Center lose its anchor tenant as News Corp and 21st Century Fox reneged on their commitment to move to the tower complex.
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