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Bill Ackman

10 Must Reads for the CRE Industry Today (March 26, 2020)

The hotel industry has been devastated by the coronavirus pandemic, reports the New York Times. Real estate giant SL Green Realty Corp.’s agreement to sell the former New York Daily News headquarters collapses due to market turmoil, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. Big-Name Hotels Go Empty and Smaller Owners Are Hurt “More than 90 percent of the hotels in the U.S. are franchised, and these owners say their business has been devastated by the coronavirus pandemic.” (The New York Times)
  2. SL Green’s $815 Million Deal to Sell New York City Office Tower Falls Apart “Real-estate giant SL Green Realty Corp. ’s agreement to sell the former New York Daily News headquarters for $815 million has collapsed after the buyer’s financing pulled out, according to people familiar with the matter.” (Wall Street Journal, subscription required)
  3. Coronavirus’ Impacts On Real Estate: Why You Need To Think Short-Term And Longer-Term “The real estate industry is being clobbered by the coronavirus, and it’s going to get worse before it gets better. The effects on real estate will vary by sector and market, and the extent of the effects will depend upon the duration of the economic shutdown.” (Forbes)
  4. Federal Reserve Taps BlackRock to Purchase Bonds for the Government “The Federal Reserve on Tuesday asked BlackRock Inc. to steer tens of billions of dollars in bond purchases, a reflection of the influence of the world’s largest money manager.” (Wall Street Journal, subscription required)
  5. Coronavirus Disruptions ‘Much Closer to a Major Snowstorm’ than the Great Depression “Ex-Fed Chairman Ben Bernanke said the coronavirus economic halt is more like a natural disaster than an economic depression.” (CNBC)
  6. Bill Ackman Exits Market Hedges, Uses $2 Billion He Made to Buy More Stocks Including Hilton “Ackman said he used the influx of cash to add to Pershing’s existing investments in Agilent, Berkshire Hathaway, Hilton, Lowe’s and Restaurant Brands.” (CNBC)
  7. Apple Expects to Start Reopening Some Stores in First Half of April: Bloomberg News “Apple Inc could start re-opening some of its retail stores in the first half of April, Bloomberg reported on Tuesday, citing an internal memo.” (Reuters)
  8. Convene Furloughs More Than 400 Employees After Closing All Its Locations “After announcing plans to lay off a fifth of its workforce because of the coronavirus crisis, flexible workspace provider Convene is readying to furlough hundreds more.” (Bisnow)
  9. Property Tax Crush Demands Action “Without steps by government officials, coronavirus-related property devaluations won’t be taken into consideration, warns veteran tax lawyer Jerome Wallach.” (Commercial Property Executive)
  10. Miami Commercial Developers: Video Chats, Planning and Stress Relief Rule the Day “In the face of coronavirus, many companies are seeing their first real test of working virtually. That includes South Florida commercial developers.” (Miami Herald)
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