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Seven Must Reads for the CRE Industry Today (Feb. 4, 2022)

Amazon is expected to report a decline in profits for the fourth quarter because of labor challenges and the supply chain disruption, reports The Wall Street Journal. BNY Mellon is bringing its staff back to the office in early March, according to The New York Times. These are among today’s must reads from around the commercial real estate industry.

  1. Amazon’s Performance Is Expected to Feel Effects of Supply-Chain Crunch “ Inc. is expected to report record sales in the critical fourth quarter even as profits are set to fall because of rising costs from a labor crunch and the ripple effects of accelerating inflation. The tech company fared better than many companies during the Covid-19 pandemic, recording record earnings as consumers embraced and accelerated a shift to online shopping. But lately that tremendous growth has slowed, and Amazon has been hit by global supply-chain disruptions and labor challenges.” (The Wall Street Journal)
  2. BNY Mellon Calls Employees Back to the Office, But Adds Flexibility This Time. “With New York's coronavirus cases declining, some Wall Street firms are recycling their favorite human resources message: back to the office, for real this time. BNY Mellon, a global bank with nearly 50,000 employees, including 5,400 in New York, told all its staff in a memo Thursday that their return to office date would be March 7. But the firm has broken from many of its industry peers in adopting a more flexible approach to reopening its workplace.” (The New York Times)
  3. TruAmerica Enters the BFR Market “TruAmerica Multifamily has launched a Build-For-Rent development division. Its goal is to build townhomes and single-family rental communities in suburban markets that would be in balance with the company’s existing multifamily platform. CEO & founder Robert Hart made the announcement, while veteran BFR executive Mitch Rotta will lead the new initiative as senior managing director.” (Multi-Housing News)
  4. RXR, Hudson Realty Capital Launch Joint Lending Operation “RXR and Hudson Realty Capital are merging their lending operations to create RXR-Hudson, a strategic commercial real estate lending platform that expects to lend more than $2 billion over the next several years in sectors with strong investor demand and demographic tailwinds including housing, industrial and health care.” (Commercial Property Executive)
  5. Mold, Leaks, Rot: How Brad Pitt’s Post-Katrina Housing Project Went Horribly Wrong “Keller said residents were initially ‘starstruck’ by Pitt, and excited to become homeowners. And at first, everything seemed fine. But almost as soon as the camera crews left and they began settling in, the issues became apparent. Some houses had flat roofs and lacked basic features like rain gutters, overhangs, covered beams, or waterproof paint to weather New Orleans’ torrential downpours. Within weeks, houses began to develop mold, leaks and rot. Pitt’s non-profit initially made some minor repairs, but then began pushing residents to sign non-disclosure agreements before it would tell them what was wrong with their homes.” (The Guardian)
  6. Charging Stations in Prominent CRE Locations Could Fuel EV Adoption “Solar-powered charging stations are headed for 17 Westfields across the U.S. by the end of this year.” (Bisnow)
  7. Here’s How NYC Building Owners Can Comply with Local Law 97 “It’s still two years before landlords of most buildings exceeding 25,000 square feet need to slash emissions. But experts say to avoid fines, they should have already started. Multifamily owners in particular. Apartment buildings make up the bulk of properties affected by the measure, Local Law 97. They use more energy than any other sector and most of it comes from natural gas, the Urban Green Council reported.” (The Real Deal)
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