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10 Must Reads for the CRE Industry Today (June 14, 2018)

Alan Greenspan, the former Fed chairman, said the U.S. economy is already slowing, MarketWatch reports. The New York Times profiles a how a Macy’s in Alexandria, Va., transformed into a homeless shelter. These are among today’s must reads from around the commercial real estate industry.

  1. Greenspan Says Economy Is Already Slowing “Former Federal Reserve chairman Alan Greenspan said Wednesday the U.S. economy is already slowing down.” (MarketWatch)
  2. A Macy’s Goes From Mall Mainstay to Homeless Shelter “As traditional retailers fade in the era of Amazon, a vacant department store near Washington becomes a refuge for people struggling to find affordable places to live.” (The New York Times)
  3. Retail Relief: Changes Coming to New York City’s Hottest Shopping Strips as Rents Drop “After years of relentless increases, commercial rents are finally falling in some of Manhattan’s major shopping districts, paving the way for some exciting transformations.” (Forbes)
  4. Real Estate Mogul Sam Zell Made Another Offensive Comment About Women Recently, Source Says “Billionaire real estate investor Sam Zell’s use of a vulgarity to discuss female employment last week wasn’t the only controversial comment he has made about women recently.” (Politico)
  5. Giving Due Diligence Its Due: Why Real Estate Investors Need to Ask Tough Questions “How is it that a robust market can put downward pressure on the quality of due diligence? In a sluggish environment, the seller of a value-add shopping center or multifamily property might struggle to find bidders. So when an interested party does come along, that seller is likely to give the buyer ample time to conduct a thorough due diligence process.” (Forbes)
  6. Chinese EB-5 Investors in Major New York Development Want Their Millions Back “When eager Chinese citizens invested in the Times Square Edition Hotel through the EB-5 visa program roughly four years ago, they expected to secure green cards within five years. But the controversial program, which has brought billions into New York City real estate projects, is facing a major backlog in applications that has driven up wait times.” (The Real Deal)
  7. ACLU: Minnesota City Rental Ordinance Is Discriminatory “The American Civil Liberties Union sued a southern Minnesota city on Wednesday, alleging its rental licensing ordinance is unconstitutional and aims to drive black and Somali-American immigrant families out of town.” (The Associated Press)
  8. Fabric and Crafts Retailer Joann Looks for Ways to Get Shoppers to Stick Around, Not Just Shop There “Yet another company is refreshing its stores in a bid to keep shoppers engaged and coming back for the experience – not just the products sold there.” (CNBC)
  9. Developers of a Forgotten New York Alley Leverage History in Residential Influx “Dutch Street, a dark and narrow alley in downtown Manhattan, all but forgotten since the 19th century, is back in fashion, as the financial district reinvents itself as a residential destination.” (Wall Street Journal, subscription required)
  10. These Are the 15 US Cities Attracting the Most Millennials—LA and New York Didn’t Make the List “Surprisingly, Los Angeles, New York and San Francisco didn't make the list of the most popular cities for millennials. Rather, it appears that this generation is choosing smaller towns, such as Nashville, Tennessee, and Sacramento, California.” (CNBC)
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