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10 Must Reads for the CRE Industry Today (June 12, 2019)

Rent protection deal reached for tenants in New York, reports The New York Times. Forbes looks at the proptech tools for commercial real estate professionals. These are among today's must reads from around the commercial real estate industry.

  1. Landmark Deal Reached on Rent Protections for Tenants in N.Y. “Newly empowered Democratic leaders in Albany announced a landmark agreement on Tuesday to strengthen New York’s rent laws and tenant protections, seeking to address concern about housing costs that is helping drive the debate over inequality across the nation.” (The New York Times)
  2. The Proptech Revolution: How Today's Tools Help CRE Professionals (And Clients) Accomplish More “Five years ago , “proptech” was a misunderstood buzzword that no one seemed to know how to define. These days, it is a common phrase in almost every commercial real estate professional’s lexicon.” (Forbes)
  3. Busy IPO Market Offers Lifeline to Troubled Retailers “A thriving market for IPOs is helping ease tensions between a pair of struggling retailers and their lenders, as Neiman Marcus Group Ltd. and PetSmart Inc. explore selling their e-commerce platforms.” (Wall Street Journal, subscription required)
  4. Vornado Pitching Office Building to Replace Hotel Pennsylvania “Vornado Realty Trust is now actively pitching the proposed 1,400-foot-tall office building that would take the place of the battle-worn Hotel Pennsylvania at 401 Seventh Ave.” (New York Post)
  5. Free Coworking Space Opens in Noho Retail Store “Another retailer is getting into the coworking game.” (Commercial Observer)
  6. East 125th Street Gets Boost Ahead of Second Avenue Subway Extension “The second phase of the Second Avenue subway is not expected to be completed until toward the end of the next decade at the earliest.” (Crain’s New York Business)
  7. Amazon Is Descending on New York with another Cashier-Free Store “Just a month ago, Amazon opened its first cashier-free convenience store in New York. Now it’s opening another.” (CNBC)
  8. Wealthy, Older Tenants in Manhattan Get Biggest Boost From Rent Regulations “The biggest beneficiaries of rent regulation in New York aren’t low-income tenants across New York City, but more affluent, white residents of Manhattan, an analysis by The Wall Street Journal found.” (Wall Street Journal, subscription required)
  9. US Multifamily Rent Growth Just Slowed “US multifamily rent growth this year is falling short of the levels seen in recent years, with May perhaps being an inflection point.” (GlobeSt.com)
  10. NYC’s Embrace of Modular Construction Is Slow but Steady “The world’s tallest modular hotel opened in New York last fall on the Lower East Side. An even taller modular hotel is arriving in NoMad this fall to steal its crown. And in March of this year, the city assigned the first modular affordable housing project as a test for possible future adoption.” (Commercial Observer)
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