Real Estate in Brief

New Construction Up

New construction projects in the country rose by 6.6 percent from January to April compared with the same period last year, the State Statistics Service said, RIA-Novosti reported Friday. The service said 13.2 million square meters in projects were begun in the period, RIA-Novosti reported.

Bank to Sell Mortgage Unit

Morgan Stanley, the second-biggest U.S. securities firm, plans to auction off its Russian mortgage unit, Vedomosti reported Monday. Morgan Stanley bought Gorodskoi Mortgage Bank in 2006 for $185 million, said Morgan Stanley's Russia chief, Rair Simonyan, Vedomosti reported.

Tverskaya Places 3rd

LONDON — New York's Fifth Avenue is the world's most expensive street in which to rent a store, the Financial Times said, citing a report from Colliers International. Retailers on Fifth Avenue pay annual rent of about $1,650 per square foot, the paper said. The Champs-Elysees in Paris is the second-most expensive shopping street, followed by Tverskaya Ulitsa. London's Bond Street and Oxford Street complete the top five.

For the Record

Russian developer Teorema Holdings sold a 23 percent stake to two foreign investment funds for $207 million, valuing the company at $900 million, Kommersant reported last week.

AFI Development said last week that it had agreed to sell an office building, located in central Moscow.