- Norway Wealth Fund CEO ‘Staying Put’ in Commercial Property “Norway’s $1.4 trillion sovereign wealth fund isn’t budging in its view on commercial real estate even as soaring borrowing costs and falling values ravage the sector, Chief Executive Officer Nicolai Tangen said.” (Bloomberg)
- New bill would pull back the curtain on mysterious real estate buyers “A bill that aims to make it easier to determine the actual faces behind New York’s limited liability companies has passed the state Legislature, but it remains unclear whether Gov. Kathy Hochul will sign it into law.” (Crain’s New York Business)
- Crowdfunding Industry Tries To Restore Confidence In Wake Of Nightingale Fraud Allegations “While CrowdStreet isn't accused of committing fraud — unlike Schwartz and Nightingale, which are now under investigation by the Department of Justice and the Securities and Exchange Commission — many of the nearly 700 investors who had their money misappropriated have raised questions about why there weren't more controls in place at CrowdStreet to prevent such an act.” (Bisnow)
- NYC Kicks Off Plan to Rezone Midtown, Turn Offices Into Housing “New York City is rolling out a plan to convert vacant offices into as many as 20,000 new housing units by creating a multi-agency group to help developers cut through red tape and rezoning a section of Manhattan known as Midtown South.” (Bloomberg)
- Mall Giant Signals Possibly Keeping US Presence, Including 'Crown Jewel' Los Angeles Location “French mall giant Unibail-Rodamco-Westfield has signaled to a debt ratings company that it may stay invested in some of its U.S. malls in what would be a show of confidence for the nation's retail property as it secures a major refinancing of its shopping center in Los Angeles.” (CoStar)
- Too Many Vacant Lots, Not Enough Housing: The U.S. Real-Estate Puzzle “Despite a national housing shortage, tens of thousands of empty residential lots in Chicago, Detroit, Pittsburgh and elsewhere are beyond the reach of developers or kept vacant by owners because of legal and government obstacles that cities are now trying to knock down.” (The Wall Street Journal)
- It’s time to start looking at private real estate again “Private real estate, as an asset class, is influenced by various market uncertainties that also impact other sectors. Factors like inflation, rising interest rates and financial challenges affect the broader markets.” (Investment News)
- Envision Enters Cold Storage Sector With $1.5B in Purchasing Power “Envision Cold, a new cold storage company, has entered the scene with $1.5 billion in buying and development power. It has already acquired assets in Oakland, San Francisco, Laredo, Texas, and Vancouver, BC.” (GlobeSt.com)
- Investors Should Seize the Renewables Opportunity in Real Estate “Real estate investors that take stakes in more sustainable assets, especially those powered by renewables (in particular, electricity generated by wind, solar, and hydroelectric technologies) could capture significant upside. Sustainable assets are more likely to meet environmental regulations and may be eligible for government subsidies.” (JD Supra)
- Aldi to buy Winn-Dixie and Harveys Supermarket stores “Aldi, one of the fastest-growing supermarkets in the country, is buying the Winn-Dixie and Harveys Supermarket brands.” (Triangle Business Journal)
- Can Affluence and Affordable Housing Coexist in Colorado’s Rockies? “Working in mountain towns like Breckenridge and others in Summit County — including Silverthorne, Dillon and Frisco — would feel like a fairer bargain, Ms. Badger and her colleagues said, if they could better afford living close by.” (The New York Times)
- The Hottest New Office Is the Gym “Gyms were once wary of letting the remote-work masses Zoom from their lobbies and locker rooms. Now, they see opportunity in offering extra desks, offices and outlets. Some are creating co-working spaces to separate the extension-cord wielders from the spandex crowd. Other gyms are charging extra and offering entire floors for clients to stay and work all day.” (The Wall Street Journal)
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