mall of america

10 Must Reads for the CRE Industry Today (November 3, 2017)

With the holidays around the corner, mall owners are looking at redevelopment opportunities, according to CNBC. Businesses are split on the Republicans’ newly released tax-reform proposal, reports the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. Mall Owners Look to Shuttered Department Stores as Big Opportunities “As the year comes to a close and the holidays approach, mall owners are talking redevelopments, and particularly those of vacated Sears” (CNBC)
  2. Business Splits on Tax-Reform Proposal “The House Republican tax-reform proposal divided the business community, with small business, housing advocates and higher education lining up against the plan while manufacturing and chief executives came out in favor.” (Wall Street Journal, subscription required)
  3. Trump Considered Keeping Yellen at Fed, Until Mnuchin Spoke Up “Jerome Powell wasn’t a lock to be President Donald Trump’s pick to lead the Federal Reserve.” (Bloomberg)
  4. Tax Change on Mortgages Could Shake Up the Housing Market “The Republican tax plan unveiled on Thursday takes aim at the most sacred of cows: the provision that subsidizes homeownership by allowing the deduction of interest on mortgage debt.” (The New York Times)
  5. S. Adds 261,000 Jobs in October in Hurricane-Inflated Gain “The U.S. economy added 261,000 jobs in October as employment rebounded from barely any gain in the prior month due to hurricanes Harvey and Irma. Economists polled by MarketWatch had predicted a 325,000 increase in nonfarm jobs.” (MarketWatch)
  6. A Developer Is Building a Stunning Coastal Enclave for Rich Tech Elites Who Are Shunning Golf Communities – Take a LookWalden Monterey is a 22-home enclave set on 609 acres overlooking the California coastline. It’s the latest extension of the ‘agrihood’ trend, in whichmillennials turn away from the golf communities beloved by baby boomers in favor of ‘agricultural neighborhoods’ that offer ample green space, farms, and outdoor community kitchens, among other amenities.” (Business Insider)
  7. Where High-Income Renters Are Most Likely to Be Evicted “For high-income renters, the odds of eviction are higher in Las Vegas than in San Francisco. A recent report from rental-listings site Apartment List found that locales with higher rents, like New York, Los Angeles and the Silicon Valley area, have among the lowest eviction rates in the country.” (Wall Street Journal, subscription required)
  8. Parking Spaces That Could Make You Rich “Betty Jones dabbles in real estate, and her portfolio includes a handful of rental properties in San Francisco, New York and Washington, D.C. Some are spacious apartments with lovely views, but the rentals that give her the greatest return on investment are small, dark and have no view — unless you count the parallel white lines that separate them.” (The New York Times)
  9. Nation’s Largest Mall to Close on Thanksgiving, Pay OT on Black Friday “For the second year in a row, Mall of America is giving its employees off on Thanksgiving Day. It’s also adding something new.” (Chain Store Age)
  10. Chang Seals $76M Deal for Chelsea Sites From Extell, 45-Story Hotel to Come “Two days ago, Sam Chang of McSam Hotel Group closed a $76 million purchase of two sites on West 24th Street between Avenue of the Americas and Seventh Avenue from Extell Development Company, Chang told Commercial Observer.” (Commercial Observer)
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