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Eight Must Reads for the CRE Industry Today (Apr. 6, 2021)

New York State has moved closer to finalizing a program to distribute federal rent assistance to tenants and landlords, reports the Gothamist. Real Estate Journals looks at why commercial real estate lenders are eager to see investment in infrastructure. These are among today’s must reads from around the commercial real estate industry.

  1. Why CRE Lenders Want to See Infrastructure Investment “Smart investments to improve the roads, ports, utilities and other vital infrastructure have the potential to unlock tremendous value for the overall economy, as well as for commercial real estate. Economic Policy Institute research indicates that an investment of $18 billion annually into infrastructure would create a first-year increase of $29 billion in GDP and 216,000 net new jobs.” (Real Estate Journals)
  2. Why Ground Lease Appeal Will Grow Post-COVID “Tzvi Rokeach is a partner at Kramer Levin Naftalis & Frankel LLP. Commercial Observer’s Partner Insights team spoke with him about the rising trend toward using ground leases.” (Commercial Observer)
  3. Landlords Are Waiting for Rent Payments—And Some Can’t Hold On Much Longer “As COVID-19 took root and jobs vanished, officials sought to avoid a wave of evictions, homelessness and the spread of deadly disease that could result. Governments from federal to local enacted rules allowing people whose finances have been affected by the pandemic to keep their housing if they don’t pay rent. The policies have been a lifesaver for many during a crisis when staying home meant staying healthy, but a year later landlords say the rules are heaping an increasingly unfair burden on them.” (Los Angeles Times)
  4. State Lawmakers Near Deal on Long-Awaited Rent Relief Program “New York lawmakers are finalizing a program to distribute billions of dollars in emergency federal rent assistance to tenants and landlords impacted by the pandemic. According to details of the deal shared with legislators over the weekend and reviewed by Gothamist, the state's Office of Temporary and Disability Assistance would be tasked with sending out $2.35 billion in federal funding and $100 million in state aid earmarked for rental assistance.” (Gothamist)
  5. Yieldstreet Adds Its Next Third-Party Fund with the Real Estate Opportunity Fund “Yieldstreet, the alternative investing platform helping retail investors build income-generating investment portfolios, announced the launch of the Real Estate Opportunity Fund. The fund will provide investors exposure to opportunistic commercial real estate investments via a relationship with Harbor Group International (HGI), which manages $12.7B in real estate investments and has realized 333 investments with aggregate sales proceeds of $9.3B.” (Business Wire)
  6. 2021 Leading Schools for CRE “More than two-thirds of participating schools conducted coursework at least partially online in 2020. Here is CPE’s 2021 Leading Schools for Real Estate Education list.” (Commercial Property Executive)
  7. Gym Owners Take On New Role as Washington Lobbyists “Brooklyn fitness-studio owner Katie Muehlenkamp’s duties expanded during the pandemic to include tech support for her online classes, scouting for outdoor workout locations and extra scrub-downs of ballet barres and yoga mats. There was also a new job she didn’t expect to have, and where success has been elusive—that of a de facto lobbyist. Gyms and exercise facilities have been walloped by long closures, capacity limits and added costs to operate remotely and safely even as the U.S. slowly resumes pre-pandemic life.” (Wall Street Journal)
  8. Believe It or Not, This Could Be the Perfect Time to Start a Business in NYC “New Yorkers may be wearing masks, but their eyes are wide open. With every empty storefront or closed restaurant, there’s the question of what will fill the space, because New York City always bounces back. In fact, it’s already happening, with a new generation of restaurants, lounges, stores and businesses popping up. ‘Business development in the city is the busiest it has been since last March,’ said Dan Clark of the New York City Economic Development Corporation.” (New York Post)
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