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10 Must Reads for the CRE Industry Today (November 15, 2017)

In the Republican’s tax plan, affordable housing could be impacted severely, CNBC reports. Hudson’s Bay shareholders want it to reduce debt and return cash to them, according to Reuters. These are among today’s top must reads from around the commercial real estate industry.

  1. Hudson’s Bay Investors Want Debt Reduction, Payouts From Real Estate Proceeds “As Hudson’s Bay Co steps up the pace of extracting value from its $5 billion property portfolio, the department store chain’s shareholders want it to reduce debt, return cash to them and not invest the proceeds in traditional retail operations.” (Reuters)
  2. Affordable Housing Could Lose Big in Republican Tax Plan “America needs more affordable housing. That is a fact. How to fund that housing, however, has Republican tax writers in the House at odds with those in the Senate.” (CNBC)
  3. Kushner Cos. Hit With Another Rent-Gouging Suit “The real estate company controlled by Jared Kushner’s family has been sued again for overcharging Brooklyn Heights tenants by collecting market rates for apartments whose rents should have been regulated.” (Crain’s New York Business, subscription required)
  4. Tax Overhaul Bills Keep ‘1031 Exchange’ and Add Other Commercial Property Perks “The residential real-estate industry might be panicking about the Republican-backed tax overhaul making its way through Congress, but many in the commercial real-estate industry are delighted with what they see so far.” (Wall Street Journal, subscription required)
  5. A Record-Breaking Tower Is Proposed for Queens “Among the city’s waterways, Anable Basin is not particularly grand or historic. It is a 500-foot artificial inlet cut into an industrial section along the East River, in Long Island City, Queens. But as much of New York’s once-industrial waterfront has been transformed into pricey residential housing, the family that owns most of the land along the basin sees it as rich in possibilities for development, and it is proposing to replace its ho-hum warehouses with a $3-billion project, including an apartment tower that would rise about 700 feet, or 70 stories, making it taller than any existing building not only in Queens, but in all of the boroughs outside Manhattan.” (The New York Times)
  6. Why Seattle Real Estate Will Maintain Its Hot Streak “Seattle is one of the hottest real estate markets in the country and we’re betting on Seattle to maintain growth for the foreseeable future. Limited inventory coupled with significant development, high demand and a constantly evolving marketplace are just some of the reasons why.” (Forbes)
  7. Amazon or Walmart? Some Retailers Are Choosing Alliances “Store chains feeling the upheaval in retail are making strategic alliances – and that can mean picking sides. Kohl’s shoppers can find Amazon devices at some stores, and return items they bought from the online retailer.” (Associated Press)
  8. NYC Tower That Houses Viacom HQ Valued at $1.9B in Stake Sale “SL Green Realty Corp. is finally unloading its 43-percent stake in 1515 Broadway – and not to the Chinese buyer that’s been previously reported.” (New York Post)
  9. WeWork co-founder on $20B valuation: “Who gives a shit?” “WeWork’s $20 billion valuation is the talk of the town, but the company’s co-founder Miguel McKelvey is evidently tired of hearing about it.” (The Real Deal)
  10. When Tenants Need Space “CPE and Kingsley Associates partnered this month to see what tenants thought about the layout in their CRE spaces.” (Commercial Property Executive)
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