Selection of Recent News Highlights
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Channel News Asia
Very real danger that the markets are misreading the messaging from the Fed: Economist
The Federal Reserve announced its smallest interest rate hike in a year, but stressed that the battle against inflation is not over. CNA’s Avril Hong spoke to Sam Chandan, Professor of Finance at the NYU Stern School of Business, to get his take on the US central bank's policy path.
Fed Closes 2022 With Seventh Rate Hike Leaving CRE in Limbo for 2023
Commercial real estate financiers and borrowers alike remain in flux after the Federal Reserve closed its 2022 calendar with the year’s seventh interest rate hike, and no clear sign of the hikes letting up in early 2023.
NYU Stern Establishes Chao-Hon Chen Institute for Global Real Estate Finance
New York University’s Stern School of Business has formed a new real estate finance institute — the Chao-Hon Chen Institute for Global Real Estate Finance — with a $20 million gift from alumnus and Stern Executive Board member Charles C.Y. Chen.
Real Estate Pride Council Launch Charts New Opportunities for LGBTQ in CRE
Sam Chandan launched the Real Estate Pride Council with the goal of enhancing networking opportunities for LGBTQ individuals in the commercial real estate profession, and he hopes the group can foster positive change for the industry.
Fed’s Biggest Interest Rate Hike in Decades Removes Some Uncertainty Facing CRE
The Federal Reserve’s historic move raising its benchmark interest rate by 75 basis points to combat inflationary pressures provides a necessary level of certainty to a commercial real estate industry that has been battling volatile market conditions in 2022.
The Real Deal
Sam Chandan Joins NYU Stern From Schack Institute
Sam Chandan is stepping down from his position as dean of the Schack Institute at NYU’s School of Professional Studies. But he won’t be going far. Chandan is joining the faculty of NYU Stern School of Business to head the school’s real estate programs.
Real Estate by RIS Media
Millennials, Remote Work are Upending Cities
Location is, and has always been, everything in real estate. The truism that where a property sits must be its most important characteristic remains undisputed. But what is location, really? What does it mean to homebuyers, and what are the consequences when changes come?
Wall Street Journal
What Went Wrong With Zillow?
Will Parker and Konrad Putzier
When executives at Zillow Group Inc. pored over the company’s earnings in the spring, they saw a problem: The real-estate firm was making too much money. Zillow, which rose to prominence with online listings, had bet its future on an algorithm-based home-flipping outfit called Zillow Offers, which would buy houses, make minor renovations and sell quickly.
Manhattan West a Test of Midtown South’s Resiliency
The long-awaited opening of Brookfield Properties’ Manhattan West development coincides with unexpected hurdles from when the project was first conceived that will truly test the historic reliability of Midtown South’s Far West Side commercial real estate sector.
Wealth Management Real Estate
Research Shows REITs Outperformed Private Equity Real Estate Funds
Which performs better, public REITs or private equity real estate (PERE) funds? That debate has been ongoing in the real estate investment industry for years, and a new comprehensive research analysis points to listed REITs as the clear winner.
Terrorism Risk Insurance Act Remains Long-Lasting Impact of 9/11 on Real Estate
The Terrorism Risk Insurance Act has provided the commercial real estate industry with a crucial backstop against losses suffered from external threats in the nearly two decades since its enactment following the terrorist attacks of September 11, 2001.
New York Times
Delta Variant Casts a Shadow Over Midtown Manhattan’s Shaky Recovery
Midtown Manhattan, which has been in the doldrums for much of the pandemic, has finally begun showing signs of life. But that progress may be threatened by the surge in coronavirus cases from the spread of the Delta variant.
How New York City Messed Up Its Mayoral Election
When Nightly contacted each of the top candidates, not one of them had a plan for telling their voters how to rank the rest of the candidates on their ballots. Sure, Andrew Yang has been saying for months that he would rank Kathryn Garcia second, and he urged his supporters to do so at a weekend rally — but he failed to even update his website with the instruction.
The Real Deal
New York is at an Affordable Housing Crossroad
Last month, the state’s new $212 billion budget set aside $100 million toward turning commercial properties into permanent affordable housing. That potentially paves the way for a measure introduced by Sen. Michael Gianaris allowing the state to acquire and convert distressed hotels and offices into housing for homeless New Yorkers and those earning up to 50 percent of the area median income .
Vacant Storefronts Proliferate, And It’s No Easier To Identify Owners
Taking a walk along Third Avenue in the 80s and 90s near his home, City Councilman Ben Kallos points to one empty storefront after another and recalls some of his favorite Upper East Side shops and restaurants.
Commercial Property Executive
REIT Leaders Speak Out at NYU Conference
During Schack's 25th REIT Symposium, Debra Cafaro, Hamid Moghadam, Barry Sternlicht and Sam Zell offered thought-provoking insights on today’s most pressing topics: prospects for the economy, the impact of the pandemic, and what’s ahead for major asset categories.
Real Estate Weekly
Getting Woke in the City That Never Sleeps
A company that does not implement a diversity program with real initiatives and real results will soon find itself unable to compete. The real estate and construction industries are notoriously resistant to change, but that is finally shifting on many fronts.
The Real Deal
New York City Real Estate Industry Escaped Huge Job Losses
New York City real estate avoided some of the deepest cuts seen during a year of record job losses across most industries. Despite challenges like a temporary ban on in-person property showings and the spring shutdown’s outsized damage to retail and hospitality, the city’s real estate job cuts were mild compared to its broader workforce.