Here's a recent, very narrow case study of how real estate news circulates--echoes, really--and how the fine line between journalism and "content" (which repackages that journalism, without adding anything).
Few who publish online are innocent of publishing mere "content," including myself, though I do typically aim to add some gloss or analysis.
The scoop, and the follow-up
On 2/26/19, the Commercial Observer's Rebecca Baird-Remba had a scoop, TF Cornerstone Picks Up Two Pacific Park Sites for $143M, citing the leases for the sites B12 (615 Dean) and B13 (595 Dean), according to both a TF Cornerstone spokeswoman and public records.
I followed up the next morning, at 8 am, with screenshots regarding property records, plus the $55,830,000 value, unreported in the Commercial Observer, of the other deal made by Greenland Forest City Partners, with The Brodsky Organization.
I added context: for leasing development rights to three Pacific Park parcels, Greenland Forest City --owned 95% by Greenland USA--will get nearly $199 million, nearly the same amount that Greenland USA's parent Greenland Group paid in 2014 to enter the project.
Yet despite that acknowledgement, the article wasn't updated, and no one else in the real estate press bothered to look at my blog--at either the additional information about B15 or the mini-scoop not highlighted in the article: that the two towers built by TF Cornerstone will break ground next year, not this year.
Instead, we got The Real Deal, at 9:15 am, publishing TF Cornerstone paid $143M for Pacific Park development sites, echoing the CO article, but mistakenly saying "Greenland Forest City had planned to construct a 25-story condominium building at the site before selling it." (It was to be a market-rate rental building. Now it will be at least 25% affordable.)
The Real Deal also said "just five of the project’s 15 buildings have been completed." Actually, it's five of the 16 buildings, including the arena. There will be 15 towers--originally B1 through B15, plus Site 5, now without B1.
More echoes
At 2 pm on 2/27/19, Crain's New York Business published TF Cornerstone closes on Pacific Park sites for $143M, again echoing the CO.
At 9:15 am on 2/28/19, Curbed published Developer closes on two Pacific Park sites, paving way for 800 new apartments, again echoing the CO. Like Crain's, it mentioned there was a deal with Brodsky, but not the details.
Later that day, Bisnow published TF Cornerstone Paying Greenland $143M On Pacific Park Sites. Same echoes.
On 3/1/19, Patch published $143M Deal To Bring 800 New Apartments To Dean Street: Report, citing the Commercial Observer. Same.
Is this laziness, a failure to do the merest of due diligence, like checking Twitter or my blog, or the failure to check themselves?
Or is it unwillingness to credit a "blogger"? Both? I'm not sure. I can say that, while it's hardly a big deal as news coverage goes--many other bigger stories are ignored, too, like my coverage of the 421-a tax breaks regarding Pacific Park--it doesn't serve the reader.
Few who publish online are innocent of publishing mere "content," including myself, though I do typically aim to add some gloss or analysis.
The scoop, and the follow-up
On 2/26/19, the Commercial Observer's Rebecca Baird-Remba had a scoop, TF Cornerstone Picks Up Two Pacific Park Sites for $143M, citing the leases for the sites B12 (615 Dean) and B13 (595 Dean), according to both a TF Cornerstone spokeswoman and public records.
I followed up the next morning, at 8 am, with screenshots regarding property records, plus the $55,830,000 value, unreported in the Commercial Observer, of the other deal made by Greenland Forest City Partners, with The Brodsky Organization.
I added context: for leasing development rights to three Pacific Park parcels, Greenland Forest City --owned 95% by Greenland USA--will get nearly $199 million, nearly the same amount that Greenland USA's parent Greenland Group paid in 2014 to enter the project.
Following up... Leasing 3 @pacificparkbk sites raises nearly $199M for Greenland, records suggest; that's nearly what Greenland paid @ForestCityREIT for 70% of project (& infrastructure) https://t.co/EQvVWeV2Bn— Norman Oder (@AYReport) February 27, 2019
B12 & B13 towers to start next year, not this year #AtlanticYards
Nothing more, but some errorsI had a hard time finding the Brodsky parcel in records so thanks for tracking that down— Rebecca Baird-Remba (@thecitywanderer) February 27, 2019
Yet despite that acknowledgement, the article wasn't updated, and no one else in the real estate press bothered to look at my blog--at either the additional information about B15 or the mini-scoop not highlighted in the article: that the two towers built by TF Cornerstone will break ground next year, not this year.
Instead, we got The Real Deal, at 9:15 am, publishing TF Cornerstone paid $143M for Pacific Park development sites, echoing the CO article, but mistakenly saying "Greenland Forest City had planned to construct a 25-story condominium building at the site before selling it." (It was to be a market-rate rental building. Now it will be at least 25% affordable.)
The Real Deal also said "just five of the project’s 15 buildings have been completed." Actually, it's five of the 16 buildings, including the arena. There will be 15 towers--originally B1 through B15, plus Site 5, now without B1.
More echoes
At 2 pm on 2/27/19, Crain's New York Business published TF Cornerstone closes on Pacific Park sites for $143M, again echoing the CO.
At 9:15 am on 2/28/19, Curbed published Developer closes on two Pacific Park sites, paving way for 800 new apartments, again echoing the CO. Like Crain's, it mentioned there was a deal with Brodsky, but not the details.
Later that day, Bisnow published TF Cornerstone Paying Greenland $143M On Pacific Park Sites. Same echoes.
On 3/1/19, Patch published $143M Deal To Bring 800 New Apartments To Dean Street: Report, citing the Commercial Observer. Same.
Is this laziness, a failure to do the merest of due diligence, like checking Twitter or my blog, or the failure to check themselves?
Or is it unwillingness to credit a "blogger"? Both? I'm not sure. I can say that, while it's hardly a big deal as news coverage goes--many other bigger stories are ignored, too, like my coverage of the 421-a tax breaks regarding Pacific Park--it doesn't serve the reader.
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