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10 Must Reads for the CRE Industry Today (Jan. 22, 2021)

The New York Times looks at whether cash-strapped New York City is more likely to get a casino. The Wall Street Journal looks at the challenges faced by new small-time landlords. These are among today’s must reads from around the commercial real estate industry.

  1. Lionheart Strategic Management Launches $250M Loan Acquisition Venture “Lionheart Strategic Management LLC has entered into a loan acquisition agreement with Schroder Investment Management North America Inc. to target $250 million in real estate credit investments, focusing on transitional and distressed investment. The venture reportedly will co-originate transactions and source and service loan opportunities through Lionheart Real Estate Credit Strategies LLC. Lionheart is an affiliate of Fisher Brothers, a fourth-generation real estate owner and operator, that manages capital on behalf of third-party investors.” (Commercial Property Executive)
  2. Seismic Shifts in the Flex Office Market “Having been bruised and battered by the pandemic, co-working startups and other shared-space providers are starting the new year with plenty of uncertainty.” (The Real Deal)
  3. A Casino in Manhattan? Strapped Developers Hope So “With New York State desperately looking for new sources of revenue, real estate developers and gambling interests are trying to revive interest in a long-shelved proposal: a casino in New York City. The concept is hardly new. Casino operators have been seeking to capitalize on the New York City market for decades, focusing on the dense, typically tourist-rich sections of Manhattan, which they consider the holy grail of gambling in the United States.” (The New York Times)
  4. NMHC and NAA Statement on President Biden’s Extension of the Eviction Moratorium “The National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA) appreciate President Biden’s prompt and well-intended action to address the ongoing financial struggle of our nation’s 40 million renters. However, NMHC and NAA continue to raise serious concerns about eviction moratoriums because they do not address underlying financial distress and leave households accumulating insurmountable levels of debt.” (NMHC)
  5. Vaccination Megasites Pop Up in Empty Malls “Now that Covid-19 vaccination efforts are ramping up, local health officials are on the hunt for locations that can quickly be converted into vaccination clinics, and malls across the country, battered by declines in in-person shopping, are starting to play a role. Mall operators are sitting on plenty of abandoned retail space that might be ideal for the purpose — and some landlords hope that opening vaccination sites might bring in badly needed foot traffic.” (CNN)
  6. Becoming a Landlord Looks Good on Paper. In Reality, It’s Much Harder. ““People think it’s a dream to make passive income off their real estate,” said financial adviser Yves-Marc Courtines, a principal at Boundless Advice in Manhattan Beach, Calif. It isn’t. Instead, it is a calculation that requires careful analysis of the risks and rewards that come with being a landlord. Tax consequences, cash flow, management and maintenance costs, and, above all, the inevitable headaches that come with having renters. It all has to be put on the table and weighed.” (Wall Street Journal)
  7. David Werner Sues Yoel Goldman to Cancel $340M Brooklyn Multifamily Portfolio Deal “David Werner is suing Yoel Goldman to cancel a $344 million deal to purchase a Brooklyn multifamily portfolio and get his down payment back.” (Commercial Observer)
  8. Fed-Up Executives Plan a Faster COVID-19 Vaccine Rollout “Executives from an industrial conglomerate, a health system and a professional sports ownership group met up this month in their Charlotte, N.C., neighborhood to walk and vent. The national rollout of Covid-19 vaccine doses, they agreed, wasn’t going fast enough. By the end of the stroll, they had sketched the outline of a plan to speed things up: Combine the logistics technology of Honeywell International Inc., the expertise of health system Atrium Health, and the real estate of Tepper Sports & Entertainment to inoculate thousands more people a day than the average North Carolina vaccination site currently does.” (Wall Street Journal)
  9. Above the Fold and Fray: 10 Influential CRE Finance Journalist “Movers and shakers masquerading as newsmakers, this list of journalists break news while providing a fix of fresh takes on the latest happenings for property markets inside and outside the beltway across the country. Whether it is policy shifts, property trends, or industry forecasts, these writers uncover and create narratives that help to define the business landscape for market participants, regulators and policymakers. Experts at their craft, they research and canvas sources to deliver both the industry and the public what it needs to know about commercial and multifamily real estate and its financier class.” (Mortgage Bankers Association)
  10. Rates Have Started Rising. Time to Buy? “Interest rates have jumped in the last couple of weeks.” (
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