- Oligarch's big loophole for stashing money “As the U.S. seeks to squeeze Russian businesses overseas, the loopholes embedded in property transactions illustrate how difficult it will be to chase down Russian money in the U.S. itself. What’s more, some of the moves are setting up a clash with the powerful industry, which warns that sweeping rule changes could end up bogging down transactions and hurting the economy.” (Politico)
- Cross-Border CRE Investment Hits Record High “Cross-regional capital flows into North America totaled $27.3 billion for H2 2021, the highest level since H2 2016 and a 50 percent increase over the five-year H2 average between 2016 and 2020. Singapore investors were particularly active in North America, spending primarily on industrial and logistics assets.” (Commercial Property Executive)
- New York AG seeks to compel real estate firm to comply with Trump probe subpoenas “New York state's attorney general is seeking to compel real estate company Cushman & Wakefield to comply with subpoenas in connection with its civil probe into the Trump Organization, according to court filings on Friday. James said on Friday that Cushman had conducted appraisals for several Trump Organization properties, including the Seven Springs estate in New York's Westchester County, the Trump National Golf Course in Los Angeles, and 40 Wall Street in downtown Manhattan.” (Reuters)
- Will Remote Work Cause a Rethink in Big Public Transit Spending? “That’s good news for office workers. For advocates of mass transit, not so much. The largely successful pivot to remote work for many raises a fresh argument against the urgency of larger public transit projects — or does it?” (Commercial Observer)
- Nursing Homes Face Growing Number of Lawsuits From Covid-19 Fallout “Two years after the coronavirus ravaged through nursing homes, families of residents who died from Covid-19 are bringing a wave of negligence and wrongful death lawsuits against the facilities. The surge of suits, spurred by a repeal of liability protections and statutory deadlines to file the suits, largely accuses nursing homes of failing to properly curb the spread of disease, identify infected residents and treat their illnesses.” (The Wall Street Journal)
- Fleeing sanctions, Russian billionaires dropping anchor in Dubai “Russian billionaires and oligarchs searching for a place to live now that they are shunned by countries upset with Vladimir Putin’s invasion of Ukraine are increasingly looking to Dubai in the United Arab Emirates as a forever port of call.” (The Real Deal)
- Belated New York Budget Injects $800M Into Rental Assistance Program, Doesn't Renew 421a “Hochul released a proposed replacement in January, but it was slammed by advocates who have long argued it is merely a tax dodge for the real estate industry. Last month, New York City Comptroller Brad Lander pushed state legislators to let the program expire and instead overhaul the property tax system. His office released analysis that showed the program is set to cost New York City $1.77B in tax revenue this year.” (Bisnow)
- Brick-and-Mortar’s Future Lies in Extending the Online Shopping Experience “Many are predicting this will all contribute to the death of physical brick-and-mortar retail locations. But this is far from the current reality as it simply presents a new challenge for retailer executives to tackle as they look to modernize the operations of their retail chains in a consistent and unified fashion to meet the reality of the modern retail landscape.” (Chain Store Age)
- Supply-Chain Chaos Is Great for Warehouse Stocks “Stockpiling could therefore create additional demand for supply that is already constrained. Companies raced to lease more warehouse space as shoppers moved online during pandemic lockdowns. In the U.S., vacancy rates for logistics property fell below 4% for the first time on record in 2021, JLL data shows. Vacancy rates in Europe fell from 5.1% to 3.5% over the course of last year, according to Savills.” (The Wall Street Journal)
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