Selection of Recent News Highlights
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The Real Deal
Banks Cutting Losses on Distressed Office Loans
Banks that long delayed writing down distressed property debt, favoring an extend-and-pretend approach in the hopes of a turnaround by the struggling asset, are abandoning that strategy, preferring to rip off the Band-Aid instead.
Channel News Asia
Any failure to increase the debt ceiling would plunge the global economy into recession: Analyst
CNA's Henry Yin discusses the global implications of the US debt ceiling crisis with NYU Stern School of Business Professor Sam Chandan. He believes that a compromise between the Democrats and Republicans would be the only solution to the ongoing crisis and that any kind of default would result in a significant erosion of credibility for the world's number one economy.
Wall Street Journal
Your Money Briefing Podcast: How to Avoid the Most Common Mistakes Made by Homebuyers
From not having your finances in order to rushing through the inspection process, common mistakes made by homebuyers can derail the path to owning your dream home. On the fourth installment of WSJ’s special series “Under Contract: Your Guide to Home Buying,” Sam Chandan of New York University’s Chen Institute for Real Estate Finance joins host J.R. Whalen to discuss.
Why the Spotlight on First Republic? Bank’s Exposure to Tech, CRE Causes Concern
Following the collapse of two regional banks — including Signature Bank, one of New York City’s most active commercial real estate lenders — the market is abuzz with speculation around the health of other financiers, and First Republic Bank is top of mind.
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.