- Investors Fret as Biden Takes Aim at 100-Year-Old Tax Loophole “Not only has a flourishing niche in the real estate industry been built around like-kind exchanges, but the transactions also generate business for companies that provide insurance, title, inspection and other real estate services, supporters say. What is more, capital that is used to buy and fix up replacement assets as part of an exchange winds up in the pockets of tax collectors and laborers, they add.” (The New York Times)
- A Supertall Modular Hotel Is Going Up in Manhattan, If the Rooms Ever Leave Brooklyn “The world’s tallest modular-construction hotel was created to rise 26 stories over Manhattan. The guest rooms were built in a Polish factory and arrived fully finished in New York, where they would be stacked in a matter of weeks. Instead, more than 100 premade hotel rooms have spent months marooned on a dock in Brooklyn, covered in waterproof membranes to shield them from rain.” (The Wall Street Journal)
- Understanding the Operating Expenses in Your Office Lease “A few weeks ago, I wrote about the different types of commercial leases that are out there. It is important to understand them so that you know what other expenses you are on the hook for besides rent. These expenses are called Operating Expenses and a Landlord will do their best to budget for these expenses each year. For some expenses like taxes and insurance, it is not too difficult to determine the budget. However, there is another portion of Operating Expenses referred to as Common Area Maintenance (CAM) expenses.” (Santa Barbara Independent)
- When Will Private Equity Money Impact Commercial Real Estate? “Ron Dickerman traveled to San Francisco in the depths of the Great Financial Crisis (GFC) to meet with a wealthy private investor, just one stop among many as he traversed the country as part of a road show, of sorts. It was around seven years since Dickerman had founded his private equity real estate investment company Madison International Realty in 2002. The investor told him: ‘We’re in the middle of a global financial crisis and a recession, and I have $1 billion in the bank and I want to start buying assets.’” (Commercial Observer)
- Return to Office Survey Results Released—June 2021 “Employer expectations of how quickly office workers will return to Manhattan have jumped 37% since vaccination rates have risen according to a new survey by the Partnership for New York City. Current projections are that 62% of workers will be back in September, most for three days a week. Business travel has resumed and will increase this summer, although at a significantly lower volume than pre-pandemic trips.” (Partnership for New York City)
- How Data Is Turning the World of Commercial Real Estate Upside Down, with Rob Finlay “As if big competitive industries weren’t complex enough, the global pandemic turned the commercial real estate industry on its head. For real estate agents, brokers, and investors, the recent residential real estate market freeze caused both buyers and sellers to go into a state of panic. To provide stability for both residential and commercial real estate trends and performances, everyone looked to data analysis. Today’s world has become dominated by technology, and commercial real estate companies are no exception.” (The American Reporter)
- Farewell, Millennial Lifestyle Subsidy “Part of what’s happening is that as demand for these services soars, companies that once had to compete for customers are now dealing with an overabundance of them. Uber and Lyft have been struggling with a driver shortage, and Airbnb rates reflect surging demand for summer getaways and a shortage of available listings.” (The New York Times)
- NYC Hotels’ Recovery Taking Longer Than Elsewhere “Hotels could take longer to recover in New York City than elsewhere because of its reliance on business travel.” (The Real Deal)
- Dermody Properties Closes 3rd Industrial Fund at $1.1B “Dermody Properties has closed its third commingled fund, Dermody Properties Industrial Fund III L.P. The Reno, Nev.-based company was able to raise $1.1 billion from public and corporate pension funds, insurance companies and other institutional investors. DPIF III will align with the company’s strategy of investing in Class A, logistics facilities across major markets.” (Commercial Property Executive)
- Private Equity Firm That Turns Big Box Retail into Housing in New Venture “Madison Capital, real estate investor known for turning box retail into multifamily and self-storage properties, in new Sun Belt venture.” (Investable Universe)
0 comments
Hide comments