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10 Must Reads for the CRE Industry Today (April 3, 2019)

Bloomberg looks at the outlook for drugstores across the country. Delancey Street Associates plans to create a market populated by local businesses, rather than chains or franchises, at the Market Line in Essex Crossing, a $1.6 billion mixed-use development in the Lower East Side, reports the New York Times. These are among today’s must reads from around the commercial real estate industry.

  1. New York Marketplace Embraces its Immigrant Past “Mr. Petrovitch has agreed to take 310 square feet of space at the Market Line, a marketplace of global foods that is expected to open in June as part of Essex Crossing, a $1.6 billion mixed-use development at Essex and Delancey Streets.” (The New York Times)
  2. Generic-Drug Trends Squeeze Walgreens Profit “Smaller profit from the sale of generic drugs is squeezing the two biggest U.S. pharmacy chains, with Walgreens Boots Alliance Inc. joining rival CVS Health Corp. in lowering earnings goals for the year.” (The Wall Street Journal)
  3. The Retail Apocalypse Now Threatens Drugstores, Too “Are we headed for a drugstore apocalypse?” (Bloomberg)
  4. GameStop Slumps as Wall Street Warns of ‘Very Tough Year’ Ahead “GameStop Corp. analysts fear there’s “another very tough year” ahead for the retailer after a grim forecast that reflects a weak slate of new video games and “continued deterioration” in its pre-owned segment.” (Bloomberg)
  5. What Does the New Mansion Tax Mean for New York? “For the past several decades, buyers of residential property in New York City have had to pay a surcharge of 1% on all sales for over $1 million; that surcharge is known as the “Mansion Tax.” (Forbes)
  6. How Does a Retail Space Stay Empty in San Francisco for 16 Years? “A prime location in San Francisco’s Noe Valley neighborhood that has stood vacant for 16 years is set to open as a skincare clinic this month.” (San Francisco Chronicle)
  7. Home Prices Are about to Heat up again as Interest Rates Fall “Home price gains are about to take off again, according to Corelogic.” (CNBC)
  8. Property Prices Jump 20 Percent in U.S. Communities Named Opportunity Zones “According to new research from Zillow, real estate investors appear to be flocking to Opportunity Zones in the U.S., where they can receive a discount on capital gains taxes for investing within certain areas.” (World Property Journal)
  9. Abercrombie & Fitch Scoping Out Gap’s Old Fifth Avenue Digs “Abercrombie & Fitch may be falling into the Gap.” (New York Post)
  10. Co-living Company Common Invests $300M to Expand to Four Cities “The shared economy wants to come to your living room. The New York City-based co-living company Common is expanding to Philadelphia, Atlanta, San Diego and Pittsburg in the next three years.” (
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