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

The Atelier, a Midtown condominium building, allegedly built a lucrative lodging business, reports the Wall Street Journal. Crain’s New York Business looks at the recent technologies in newer office buildings. These are among today’s must reads from around the commercial real estate industry.

  1. Inside the Luxury Condo Tower That New York Says Was a Hotbed of Illegal Airbnb Rentals “The Atelier isn’t a luxury hotel. It is a Midtown condominium building where the board president and a small travel agency built a lucrative lodging business, according to people with knowledge of the rental arrangements.” (Wall Street Journal, subscription required)
  2. Millennials Prize Experiences. Now So Do Travel Companies “Forget the thread count, plush bathrobes and white goose-down pillows. A vacation is no longer defined by where you stay, but what you do—at least for many millennials. Increasingly, large travel companies are racing to cash in on that trend.” (Wall Street Journal, subscription required)
  3. How the Coolest Offices Are Getting Smart “A tenant that recently moved to Hudson Yards enjoyed all the amenities of a state-of-the-art office, including high ceilings, giant windows and an open layout that allowed more employees to work in less square footage and, in theory, better collaborate. But something was off.” (Crain’s New York Business)
  4. FedEx Says It’s Ending Express Shipping Service for Amazon “It’s unusual when a major corporation boasts about its decision to cut back on doing business with Amazon.” (The New York Times)
  5. How Did WeWork’s Adam Neumann Turn Office Space With “Community” Into a $47 Billion Company? Not by Sharing. “Its core business is simple: lease offices from landlords — the company owns hardly any real estate — slice them up, and rent them out in smaller portions with an upcharge for cool design, regular happy hours, and a more flexible short-term lease.” (New York Magazine)
  6. The Top Three Office Leasing Concerns And How Tenants Can Come Out On Top “As a commercial real estate professional, my client base is largely made up of business owners who lease office space.” (Forbes)
  7. Home Flippers Hire Uber and Lyft Drivers to Scout Properties in a Pricey Housing Market “David Umanzor is an Uber driver in Washington, D.C. Part of the time he’s driving, he’s scouting properties for an investor, Daniel DiGiacomo, who has been flipping homes for a decade, but has never seen the market this tough.” (CNBC)
  8. Are Deals Moving in Opportunity Zones After All? “The general consensus about Opportunity Zones has been that while interest in these areas is intense, there has been little activity.” (GlobeSt.com)
  9. Hells Angels Headquarters Are Becoming Rental Apartments “The Hells Angels’ former headquarters — a famed relic of the neighborhood’s gritty past — is becoming rental apartments.” (New York Post)
  10. What China’s Warning to Students Studying in the US Means for Real Estate “China’s recent warning to students about studying in the U.S. poses a potential threat to housing markets surrounding universities and colleges.” (The Real Deal)
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