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Sam Zell Barry Sternlicht Getty Images
Sam Zell (left) and Barry Sternlicht

Nine Must Reads for the CRE Industry Today (Oct. 7, 2021)

The Real Deal recaps the recent battle between Sam Zell and Barry Sternlicht to buy Monmouth. Bisnow looks at how family-run real estate firms are positioned for the industry’s future. These are among today’s must reads from around the commercial real estate industry.

  1. Battle of Monmouth: Zell and Sternlicht’s $2B struggle over warehouse REIT “The drama sheds light on how the industrial market, once an overlooked corner of the real estate world, became the next battleground for the biggest names in real estate. It’s also the tale of how Zell, the 80-year-old dealmaker who earned the moniker ‘grave dancer’ to describe his habit of buying distressed portfolios, bungled an attempt to buy a healthy one instead.” (The Real Deal)
  2. Big Hotel Brands Bet on All-Inclusive Resorts to Counter Covid-19 Slump “These resorts, where customers pay a flat fee that covers their room, food, drinks and other services, have recovered from the shock of the pandemic faster than other types of hotels, analysts say. They typically cater to tourists, who have been more eager to take trips again than business travelers. And they appeal to safety-conscious travelers who want to stay in one place to limit the risk of Covid-19 infection.” (The Wall Street Journal)
  3. Are Family Real Estate Firms Positioned For The Future Of The Industry? “For centuries, the long-term view taken by many family-owned real estate firms conferred an inherent advantage in a business that rewards long-term thinking. But the sector is changing at a pace unmatched in its history — can the family-owned real estate firm still thrive in a world of digital processes and global capital?” (Bisnow)
  4. Amazon Expands Retail Presence By Opening First 4-Star Store Outside The U.S. “The Amazon 4-star shop, located in the popular Bluewater shopping mall near Dartford, just outside London, opened this morning and offers around 2,000 of its most popular and best-rated products in a concept established in the U.S. called Amazon 4-star, because every item has been rated more than four stars by customers.” (Forbes)
  5. NYC’s Tax Revenue Exceeds Pre-Pandemic Level as Real Estate Sales Boom “The city’s tax revenue more than doubled, to $468 million, in July and August, the first two months of the 2022 fiscal year, according to a report based on recorded sales from New York City Comptroller Scott Stringer. That represents 18 percent more funds than in the same period prior to the pandemic in 2019.” (Commercial Observer)
  6. Q&A with SIOR Global President Patrick Sentner: There’s No Substitute for Collaboration “Patrick Sentner is set to take the reins as SIOR’s Global President at an interesting juncture for both the organization and its members. From the standpoint of SIOR designees, there are challenges that have arisen in how best to serve their clients—challenges that have occurred both amid the pandemic, and as a result of the rapidly changing circumstances it has brought about.” (Connect Real Estate)
  7. New HUD rule aimed at preventing public housing evictions “Under a new rule from the Department of Housing and Urban Development, tenants in HUD-subsidized public housing cannot be evicted for nonpayment without providing them 30 days’ notice and information about available federal emergency rental assistance. The rule is scheduled to be published Thursday in the Federal Register.” (The Associated Press)
  8. Builders Hunt for Alternatives to Materials in Short Supply “Construction companies are looking for replacements and new sources for everything from wood paneling to ceiling joists to pipes, saying that potentially higher costs and added complications to design and construction can be preferable to putting a project on hold for months while waiting for planned supplies.” (The Wall Street Journal)
  9. Why These New Yorkers Stopped Paying Rent “Across New York, many tenants who lost their jobs after the city went into lockdown are facing millions of dollars in unpaid rent and have been kept in their homes by government aid programs and a state eviction moratorium that expires in January.” (The New York Times)
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