NEWS HIGHLIGHTS

Selection of Recent News Highlights

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Gothamist

Beth Fertig

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.

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Commercial Property Executive

Paul Rosta

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.

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The Real Deal

Kathryn Brenzel, Akiko Matsuda, and Erin Hudson

Real Estate Sounds Off On State’s $4.3 Billion Tax Hike

Some real estate professionals and economists fear that $4.3 billion in tax increases, on top of the shift to remote work, might just push some over the edge.

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Real Estate Weekly

Arthur Schurr

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.

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The Real Deal

Rich Bockmann

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.

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Commercial Observer

Andrew Coen

Real Estate Playing Catchup on Diversity

Commercial real estate firms are taking key steps to tackle diversity initiatives, but many more forward strides are needed in order to bring the industry up to the standards of other professional business fields.

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The Real Deal

Kathryn Brenzel

Developers Say Stringer’s Housing Plan Doesn’t Pencil Out

Mayoral hopeful Scott Stringer wants to require all residential projects to include affordable housing — but some developers say his numbers don’t add up.

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Wealth Management Magazine

Beth Mattson-Teig

NCREIF's Real Estate Indexes Seek to Provide Clarity Amid Complex Market Conditions

New NCREIF data for commercial real estate performance in 2020 underscores what industry participants had anticipated—it was a tough year for appreciation and income.

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Financial Times

Joshua Chaffin

Black Former NFL Athlete Joins Elite Club of New York City Property Developers

“Black developers and minority developers are significantly under-represented in the real estate community,” said Sam Chandan, the dean of the Schack Institute at New York University, who has been a champion for greater diversity in the industry.

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Wealth Management Magazine

John Egan

Economist Sam Chandan Discusses Diversity in CRE, Current Investment Climate

There was a tremendous amount of dry powder, a surfeit of underdeployed capital, prior to the pandemic and that puts a floor on any correction in prices.

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BisNow

Miriam Hall

CRE Gets Its Ducks And Dollars In A Row For Crucial Mayoral Run

New York City real estate players are sharpening their focus on the crowded mayoral race, looking where to throw their support — and their money — in a year when the industry is facing unprecedented threats.

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Money Magazine

Dima Williams

These Silicon Valley Startups Want to Buy a Chunk of Your Home. Should You Sell?

Americans have more value locked in their homes than ever. Now, a new breed of companies want to help them turn it into cash, but there are risks.

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BisNow

Matthew Rothstein

About That Distressed-Asset Feeding Frenzy

The back half of this year promises chances for private equity to make opportunistic real estate plays, but it won’t be as straightforward as the recovery from the global financial crisis.

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Gothamist

Ilya Marritz

Long A New York Real Estate Mainstay, LLCs Lose Their Anonymity

On January 1st, Congress passed a measure to end the secrecy around shell companies that has fueled a boom in high-priced New York condominiums. The new law could discourage the flow of international capital into Manhattan real estate, while giving investigators powerful new tools to detect money laundering and other financial crimes.

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Financial Times

Hugo Cox

New York Exodus Created a ‘Suburban Dream on Steroids’— But Will It Last?

As growing demand for suburban living pushes up property prices and new arrivals confront its drawbacks — from isolation and higher property taxes to threatened commuter rail services — the boom in suburban home sales shows signs of slowing.

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Newsday

Ted Phillips

Farmingdale Considers Letting Some Businesses in on the Ground Floor

As the pandemic threatens retail businesses on Farmingdale’s Main Street, the village board is considering changes to the downtown’s zoning district to allow medical and legal offices at ground level.

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BisNow

Matthew Rothstein

The Pandemic Could Do Permanent Damage To Hotel, Retail CMBS Markets

The coronavirus pandemic has decimated retail and hospitality buildings’ cash flows and thus their owners’ ability to pay back their loans. Commercial mortgage-backed securities backed by retail and hotel properties have gone delinquent and been sent to special servicing this year at a higher rate than ever before.

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The Real Deal

Erin Hudson

Mortgage Lenders Tighten Screws on NYC Home Buyers

The hurdles to accessing financing for the few homebuyers seeking to purchase in New York City is a gut punch to the city’s depressed housing market — that reveals institutional uncertainty and a lack of confidence in the city’s future, according to experts and industry insiders. The biggest concerns center on declining property values, potential new taxes and rising unemployment.

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New York Times

Jane Margolies

In the Pandemic, the Low-Rise is the New High-Rise

The skyscraper, the iconic urban office tower, still captivates by offering jaw-dropping views and the thrill of hovering in the clouds. But in the pandemic, the groundscraper — a building as horizontal as a skyscraper is vertical — has been grabbing attention.

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The Real Deal

Kevin Sun

Korean Wave Pours Into US Commercial Real Estate

With massive amounts of capital ready for prime time, South Korean institutions are joining the ranks of the biggest foreign buyers in major markets like New York, Dallas and Los Angeles.

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Commercial Property Executive

Roxana Baiceanu

Real Estate Market Crash Unlikely, Experts Say

Economists are calling the pandemic-induced recession unique in several ways. Here’s how analysts expect the health crisis to change the real estate market.

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The Real Deal

Akiko Matsuda

Are Office Landlords Turning a Corner or Rolling Over?

With Facebook and other large companies growing their footprints while #WFH remains a dominant trend, the terms of office leasing in big cities are changing fast

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The Real Deal

Erin Hudson

Ending 1031 Exchanges: Would Biden’s Plan Hurt Smaller Owners?

How the industry is responding to the proposed tax change that could impact as much as 20 percent of commercial real estate deals in the United States.

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Forbes

Sam Chandan

Protections Lapse For The Nation’s Most Vulnerable Renters, Imperiling Their Small Landlords As Well

Political deadlock has stymied attempts to renew measures shielding millions of low-income and unemployed renters from housing insecurity and potential eviction. It has also dashed hopes of near-term support for the smallest landlords struggling to make mortgage and property tax payments. Staving off a deeper rental crisis depends on targeted assistance for both of these vulnerable groups.

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SiriusXM Your Money

Kent Smetters

What's Next for the Housing Market

Sam Chandan joins Kent Smetters to discuss the outlook for the housing market and shifting preferences for urban living.

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The Real Deal

Keith Larsen

Prologis CEO: Capital Is Not An Issue, It’s Finding Properties

Hamid Moghadam says supply is tight, but predicts “double the demand” for logistics centers in coming years.

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Forbes

Sam Chandan

America’s Next Housing Crisis: How The Pandemic Is Pushing Renters To The Brink

As government support fades, the country faces the prospect of a significant housing dislocation that will exact its heaviest toll on income-constrained renters and the small investor-operators who support the workforce and affordable housing markets.

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SiriusXM Wharton Business Daily

Dan Loney

Home Mortgage Rates Fall to Lowest Level on Record

Sam Chandan joins Dan Loney to assess the impact of record-low mortgage rates on the housing market.

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National Real Estate Investor

Beth Matson-Teig

FHFA Continues to Lay Groundwork for GSEs' Exits from Conservatorship

Against a volatile political and macroeconomic backdrop, Fannie Mae and Freddie Mac remain on a path to exit government support.

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GlobeSt

Les Shaver

CREFC, NYU Launch Diversity Endowmen Collaboration

The Commercial Real Estate Finance Council and NYU's Schack Institute of Real Estate have announced the creation of the CREFC Center for Real Estate Finance at the Schack Institute.

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The Real Deal

Keith Larsen

Submerged in Securities: Many CMBS Hotel Loans WIll Be Underwater Soon

Hotel and retail owners are getting buried in CMBS debt as losses mount and loan servicers loom.

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Commercial Observer

Ryan Barrick

Recovering from the COVID Economy

With massive disruptions in the economy over the past few months, many in the industry are scrambling to forge a new path forward.

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New York Times / Associated Press

Mike Schneider

Wall Street-Owned Loans Tricky for Hoteliers in Virus Era

The Federal Reserve in April added CMBS to its Term Asset-Backed Securities Loan program, but a group of lawmakers say more needs to be done.

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