- Airbnb, last valued at $18 billion, has confidentially filed for an IPO “Airbnb just gave its biggest indication yet that it plans to go through with an initial public offering this year, confidentially filing its paperwork for an IPO. The company, which announced in a statement that it had filed the documents, declined to say when it expected to go through with the offering, how many shares it planned to sell, or what price it expected to offer them at.” (Business Insider)
- Big-Box Retailers’ Profits Surge as Pandemic Marches On “On Wednesday, Target reported the greatest percentage increase in quarterly sales in the company’s history. Walmart, which reported earnings on Tuesday, doubled its e-commerce sales. Home Depot’s sales increased more than 23 percent in this year’s second quarter. Wayfair reported earlier that its revenue was up roughly 80 percent year over year.” (The New York Times)
- Mall of America owner enters into agreement to stay out of foreclosure “Now the special servicer has entered into a cash-management agreement with Triple Five requiring increased reporting requirements and monthly remittance of net cash, according to a report issued Tuesday by data firm Trepp.” (StarTribune)
- JPMorgan Chase reportedly had talks about putting banks inside USPS locations “USPS officials are considering a pilot program that would allow Dimon’s JPMorgan Chase to lease space at post offices for ATMs and provide other financial services at locations across the country, according to a memo obtained Wednesday by the Capitol Forum, a DC newsletter.” (New York Post)
- An ‘Unprecedented’ Effort to Stop the Coronavirus in Nursing Homes “Drug companies and the federal government often avoid testing drugs in older people, even if they are the ones who need treatment most. The elderly may have a range of complicating conditions that make difficult to tell if the drug is working, and nursing home and extended care facilities are governed by a raft of complex regulations regarding privacy and access.” (The New York Times)
- Lord & Taylor is closing two dozen stores. Here’s a map of where they are “Department store chain Lord & Taylor is closing two dozen stores for good as it continues to search for a buyer to restructure under Chapter 11 bankruptcy protection and keep its business alive.” (CNBC)
- Shake Shack paying year-end bonuses to employees “The move to reward all workers at the end of the year comes as the New York City-based chain ends the 10% premium pay it had been giving hourly workers since the peak of the pandemic in April. That program, which impacted more than 6,000 employees, ended Aug. 19, the company said.” (Nation’s Restaurant News)
- Across NYC, Office Buildings Mostly Empty - But Not Vacant “Office building owners say so far, only about 10% of workers have returned to their desks after the shutdown forced by the coronavirus…. Now, imagine if even a quarter of companies renting space want to reduce their office's footprint. That’s why some analysts fear there could be a glut of commercial real estate for years to come, costing the city billions of dollars in tax revenue.” (NY1)
- Covid-19 Pounds New York Real Estate Worse Than 9/11, Financial Crash “The numbers are unprecedented. Between March 23 and August 16, sales of Manhattan homes were off 56% year-over-year, according to UrbanDigs, a real-estate data site. For properties priced at $4 million or above, sales were down about 67%.” (The Wall Street Journal)
- Last-Mile Delivery Services Finally Reaches The Health Care Sector “Hampr, a Lafayette, LA-based start-up announced that they have entered the last-mile delivery service business with the launch of Presto Health, currently in the pilot phase.” (GlobeSt.com)
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