- Lawsuits Claim MGM Has No Liability to Las Vegas Shooting Victims “MGM Resorts International has filed federal lawsuits against more than 1,000 Las Vegas mass shooting victims in an effort to avoid liability.” (Las Vegas Review-Journal)
- The Dark Side to Rising Consumer Spending “But the revised sales figures also suggest that people are socking away less money than previously reported. The personal saving rate—the share of after-tax income that doesn’t get spent—was previously reported at 3.2% in May versus 3.8% a year earlier, and it seems likely it will be revised even lower. And as they save less, people are borrowing more.” (Wall Street Journal, subscription required)
- Three World Trade Center on the Verge of Losing Two Big Eateries “The cupboard’s going bare at the Westfield-controlled Three World Trade Center mall, where a major, widely reported restaurant deal has been called off and a second eatery mega-lease might also be dead, The Post has learned.” (New York Post)
- Why Las Vegas Luxury Real Estate Is The Next Big Market Boom “When I first came to Las Vegas, I was immediately enthralled by its dazzling nature — not only because of its attractions but also of the features and amenities that define standard living here. It’s safe to say that Las Vegas is one of the finest cities in the world.” (Forbes)
- Amazon Foes Walmart and Microsoft Deepen Tech Partnership “cloud technology to power functions that could include algorithms for purchasing and sales-data sharing with vendors, the two companies said, deepening a partnership between two of com Inc.’s most powerful rivals.” (Wall Street Journal)
- Will Real Estate Developers Seize on “Opportunity Zones” Tax Incentive? “For real estate developers and other investors, there are two major tax benefits from utilizing Opportunity Zones funds. The first is that the program allows investors to defer paying capital gains taxes until 2026, if they reinvest the gains in Opportunity Zones projects. The second is that investors can permanently forgo paying capital gains taxes on the sale or exchange of their investment in Opportunity Zones Funds, provided they hold the investment for at least 10 years.” (The Real Deal)
- Brooklyn’s Adams Proposes ‘Compstat’ to Flag Bad Landlords “One Brooklyn pol wants to treat bad landlords like muggers and rapists. Announcing a lawsuit alleging tenant harassment against Kushner Companies on Monday, Brooklyn Borough President Eric Adams proposed creating a new database for monitoring below-market housing stock modeled on the Police Department's crime-mapping Compstat system.” (Crain’s New York Business)
- Developers Step Up Game at Long Island City Building Project “Related Companies is stepping up its game at The Point, two ‘reimagined’ office/retail buildings in Long Island City.” (New York Post)
- Knoxville Fights for Position “Knoxville is in the midst of a rental housing revival, spurred by the metro’s trend-defying economic development. The market registered limited inventory growth, while both home prices and rents continued their upward path. With occupancy in stabilized assets staying above 95.5 percent in both the Renter-by-Necessity and Lifestyle segments, demand continues to be strong across asset classes.” (Commercial Property Executive)
- Common Expands Coliving Concept to Seattle “Expanding its successful brand of coliving apartment buildings, developer Common is launching two new properties in Seattle. The 112-room Common Terry in Capitol Hill and 49-room Common Summit in First Hill will mark the company’s fifth market expansion in the U.S., adding to its national footprint, which already includes New York, the San Francisco Bay Area, Chicago, and Washington, D.C.” (Multifamily Executive)
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