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10 Must Reads for the CRE Industry Today (April 10, 2019)

Department stores add new services ranging from cooking classes to eyelash extensions to attract shopper traffic, reports MarketWatch. A condo at the New York Trump International Hotel and Tower has been tied to a scandal-plagued foreign leader, according to The New York Times. These are among today's must reads from around the commercial real estate industry.

  1. Augusta National Has Quietly Made a $200 Million Land Grab “In the areas immediately surrounding golf’s most exclusive club, there are generally only two types of properties: the ones Augusta National has acquired—and the ones it will acquire.” (The Wall Street Journal, subscription required)
  2. From Eyelash Extensions to a Ride on a Slide—Department Stores Rethink What It Means to Have It All “The Neiman Marcus location at The Shops & Restaurants at Hudson Yards offers a performance space that can accommodate up to 100 people, space for cooking classes, beauty services including eyelash extensions, and museum-quality pieces of art. There’s also high-end clothes, shoes and beauty products to buy, but the store isn’t simply wall-to-wall merchandise. It’s a refreshed take on the department store, which may be just the thing that will get people back in these large retail emporiums.” (MarketWatch)
  3. Amazon Exec Tells Employees That Go Stores Will Start Accepting Cash to Address ‘Discrimination’ Concerns “Amazon Go stores, which let customers buy items without waiting in checkout lines, will start accepting cash, amid intensifying criticism that the company is discriminating against the unbanked. In an internal all-hands meeting last month, Steve Kessel, Amazon’s senior vice president of physical stores, told employees that the company plans ‘additional payment mechanisms’ at its Go stores. Kessel was responding to a question about how Amazon plans to address “discrimination and elitism” at the cashierless stores, which charge purchases using an app connected to a bank or credit card.” (CNBC)
  4. Psst. Struggling to Sell Your New York Apartment? Just Whisper “A tony prewar building on Manhattan’s Park Avenue has a sprawling, fully renovated three-bedroom co-op for sale at a discount. Don’t expect to find it on a web search.” (Bloomberg)
  5. $7 Million Trump Building Condo Tied to Scandal-Scarred Foreign Leader “The Trump International Hotel and Tower in Manhattan, near the southwest corner of Central Park, is a 44-story building with a mix of luxury condominiums and hotel suites that go for more than $2,500 a night.” (New York Times)
  6. Multifamily Demand Rising From Rising Age of First Marriages in U.S. “According to new research from CBRE, the average age of U.S. adults at their first marriages has risen to historical highs.” (World Property Journal)
  7. Online Retailer Bombas Leases 33,000 SF at 881 Broadway “Bombas got its footing in new office space, signing a lease with the Winter Organization for 33,000 square feet at 881 Broadway.” (GlobeSt.com)
  8. The Brazilians Are Back! Driving Miami’s Foreign Buyer Spike in 2018 “According to the newly released 2018 Profile of International Home Buyers Report by the Miami Association of Realtors and the National Association of Realtors, foreign buyer activity in South Florida had a significant 23 percent spike in 2018.” (World Property Journal)
  9. A New Generation of Medical Office Space Arrives on the Upper East Side “The lower blocks of the Upper East Side, by the Queensboro Bridge, have been known for hospitals and medical office space since 1865, when the German Hospital leased a swampy tract of land by East 77th Street for the uptown annex of its East Village hospital.” (Commercial Observer)
  10. NYC’s Secret Super-Luxe Listings “You won’t find NYC’s best units on Streeteasy.” (New York Post)
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