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10 Must Reads for the CRE Industry Today (March 8, 2018)

Teen apparel retailer Abercrombie & Fitch said it will close 60 more stores, CNBC reports. New York City housing is becoming more affordable, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. New York Housing Is Getting (Gasp!) More Affordable “What will New Yorkers do if they can’t bemoan the high cost of housing at every cocktail party and youth-soccer match? Now signs are emerging that New York City’s perpetual housing worries may be easing.” (Wall Street Journal, subscription required)
  2. Abercrombie & Fitch to Close 60 More Stores “Abercrombie & Fitch announced Wednesday it will be closing 60 stores later this year. The teen apparel retailer, which also owns the brand Hollister, has been reconfiguring its store fleet in malls as more shoppers opt to buy clothes online.” (CNBC)
  3. Spring Home Sales Could Be the Weakest in Years “The economy is booming, take-home pay is rising and millennials are getting married and having children. Despite all those homebuying catalysts, this could be one of the weakest spring selling seasons in recent years.” (Wall Street Journal, subscription required)
  4. Korean Investors Are Hot on US Commercial Real Estate “South Korean investments in US real estate have spiked ‘off the charts’ according to law firm Mayer Brown.” (GlobeSt.com)
  5. Dollar Tree Same-Store Sales, Forecast Disappoint; Shares Fall “Discount store operator Dollar Tree Inc reported disappointing holiday quarter results, hurt by lower-than-expected sales at both Dollar Tree and Family Dollar stores, and issued a full-year profit outlook that was well below estimates.” (Reuters)
  6. Frisco’s Wade Park Project Dodges Tuesday Foreclosure Sale “Two lenders apparently didn’t make good on their threats to foreclose Tuesday on Frisco’s $2 billion Wade Park development.” (The Dallas Morning News)
  7. Mortgage Applications Stall, Along with Interest Rates “The start of the spring housing market has yet to energize the mortgage market, the latest numbers from the Mortgage Bankers Association show.” (CNBC)
  8. IKEA Group’s New CFO to Maintain Investment Drive Through 2020 “In a strategy shift, privately held IKEA, known for its huge out-of-town warehouse stores, is starting to add city-center showroom formats to entice new generations, while also further developing its online store to stave off competition from internet giants including Amazon.” (Reuters)
  9. Women-Owned Boutique Real Estate Brokerage Kicks Off to Help Small Biz, Nonprofits “A pair of entrepreneurial women with already-busy real estate and business development careers are launching a new boutique real estate brokerage firm, aimed at a narrow niches of small clients and walkable neighborhoods.” (The Buffalo News)
  10. The World’s Largest Voluntary Demolition Will Be Done in Pieces. Here’s How 270 Park Will Disappear “From the outside, the demolition of 270 Park Avenue will look like a painfully tame round of Jenga. Inside, crews will meticulously tear apart 60 years worth of history.” (The Real Deal)
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