NEWS HIGHLIGHTS

Selection of Recent News Highlights

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The Real Deal

Sam Chandan Joins NYU Stern From Schack Institute

Keith Larsen

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.

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Wall Street Journal

Big Bet on Offices and Retail Faces Pandemic Test

Konrad Putzier and Peter Grant

Fate of iconic towers owned by developer and partners will shed light on future of city-center properties

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Real Estate by RIS Media

Millennials, Remote Work are Upending Cities

Jesse Williams

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?

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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.

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Commercial Observer

Finance Professionals Bullish on 2022

Andrew Coen

The glass is seemingly mostly half full for commercial real estate lenders and brokers at the end of 2021 with an overarching belief there are tailwinds at the industry’s back heading into next year.

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Commercial Observer

Manhattan West a Test of Midtown South’s Resiliency

Andrew Coen

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.

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Commercial Observer

Evergrande Collapse Unlikely to Impact US Real Estate Market, But Might Have Some Upside

Lauren Elkies Schram

American commercial real estate should feel little effect from the collapse of China’s second-largest developer — in fact, there might be upside.

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Wealth Management Real Estate

Research Shows REITs Outperformed Private Equity Real Estate Funds

Beth Mattson-Tieg

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.

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Commercial Observer

Terrorism Risk Insurance Act Remains Long-Lasting Impact of 9/11 on Real Estate

Andrew Coen

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.

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New York Times

Delta Variant Casts a Shadow Over Midtown Manhattan’s Shaky Recovery

Jane Margolies

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.

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Politico

How New York City Messed Up Its Mayoral Election

Ryan Heath

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.

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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 .

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Gothamist

Vacant Storefronts Proliferate, And It’s No Easier To Identify Owners

Beth Fertig

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

REIT Leaders Speak Out at NYU Conference

Paul Rosta

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

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

Kathryn Brenzel, Akiko Matsuda, and Erin Hudson

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

Getting Woke in the City That Never Sleeps

Arthur Schurr

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

New York City Real Estate Industry Escaped Huge Job Losses

Rich Bockmann

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

Real Estate Playing Catchup on Diversity

Andrew Coen

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

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

Kathryn Brenzel

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

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

Beth Mattson-Teig

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

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

Joshua Chaffin

“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

Economist Sam Chandan Discusses Diversity in CRE, Current Investment Climate

John Egan

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

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

Miriam Hall

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

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

Dima Williams

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

About That Distressed-Asset Feeding Frenzy

Matthew Rothstein

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

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

Ilya Marritz

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

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

Hugo Cox

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

Farmingdale Considers Letting Some Businesses in on the Ground Floor

Ted Phillips

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

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

Matthew Rothstein

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

Mortgage Lenders Tighten Screws on NYC Home Buyers

Erin Hudson

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

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

Jane Margolies

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

Korean Wave Pours Into US Commercial Real Estate

Kevin Sun

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

Real Estate Market Crash Unlikely, Experts Say

Roxana Baiceanu

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

Are Office Landlords Turning a Corner or Rolling Over?

Akiko Matsuda

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

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

Erin Hudson

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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