825 third courtesy Durst

10 Must Reads for the CRE Industry Today (April 20, 2018)

The Associated Press reports that the Kushner Cos. has been subpoenaed by federal prosecutors. Leading economic indicators rose in the U.S. last month, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. U.S. Leading Economic Indicators Rose in March “An economic index that measures U.S. business trends continued to increase in March. The Conference Board Leading Economic Index rose 0.3% to 109, following increases with the index in January and February.” (Wall Street Journal, subscription required)
  2. Kushner Cos. Subpoenaed by Feds After AP Report “The Kushner Cos. has been subpoenaed by federal prosecutors for information related to an Associated Press report that the company filed dozens of false documents about its buildings in New York City.” (The Associated Press)
  3. Home Prices Just Took the Biggest Jump in Four Years “Homebuyers, hold onto your wallets. The gains in home prices are getting bigger as the supply of homes for sale gets leaner.” (CNBC)
  4. Evaluate This Factor To Find The True Winners Among Today’s Hottest Real Estate Markets “Perhaps because we are so accustomed to the presence of devices and software that cater to our preferences, we have become more demanding of perfection in our physical property. Perhaps it is due to the fact we can poll our 500 closest friends about the relative merits of a street with mature elm trees versus the one with sapling maples one block over. Whatever the source of this hyper-localization, it is a cause for concern for high-volume investors active in multiple markets.” (Forbes)
  5. We Visited a Walmart and a Target Store to See Which One Is Better Prepared to Take on Amazon – and the Winner Is Clear “Walmart and Target are both fighting to keep up with Amazon. One way that both big-box stores are doing this is by shifting their e-commerce strategies to make the transition between in-store and online shopping more seamless.” (Business Insider)
  6. Retailers Need Both Online and Physical Presence to Survive: Former Macy’s CEO “The trick to surviving the current retail disruption may not be as simple as moving your shop online, said former Macy's CEO Terry Lundgren. Instead, Lundgren said, retailers today need to have a presence in both worlds.” (CNBC)
  7. Older Renters Are Getting Squeezed “Boomers and Gen Xers are now the most ‘rent-burdened’ Americans, according to a new Pew Charitable Trusts report, Americans Face a Growing Rent Burden. And things have only been getting worse for them.” (Forbes)
  8. MedMen Prepares for the Future with New Marijuana Dispensary on Fifth Avenue “MedMen's current sales in New York are nothing to brag about. The medical-marijuana company won't reveal how much cannabis it moves in its three stores on Long Island and upstate, although it is happy to offer figures for its dispensary in West Hollywood, Calif. But as MedMen CEO Adam Bierman made clear at a party celebrating the April 20 opening of the California-based company's flashy Fifth Avenue outlet Wednesday night, ‘This store represents the future.’” (Crain’s New York Business, subscription required)
  9. State Housing Bill Dies While LA Takes Emergency Actions to Combat Homeless Crisis “An ambitious California senate bill that was to clear the way for higher-density housing near mass transit—amid a statewide housing affordability crisis—faced an early death on Tuesday when it was rejected by the State Senate Transportation and Housing Committee in the Capital in a 4 -6 vote (with 3 abstentions).” (Commercial Observer)
  10. Durst Pulls 825 Third Ave. off the Market “The Durst Organization has taken 825 Third Ave. off of the market. The large Manhattan landlord had begun shopping the 40-story tower, which it developed in the late 1960s, earlier this year, offering a long-term ground lease.” (Crain’s New York Business, subscription required)
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