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10 Must Reads for the CRE Industry Today (May 15, 2019)

The New York Times looks at TSX Broadway, the new project in Times Square that will include a theater, a hotel and a shopping center. Most condo sales at Trump Tower have led to a loss, with some units posting a 20 percent decrease, according to Bloomberg. These are among today’s must reads from around the commercial real estate industry.

  1. Visit Times Square? These Projects Want You to Experience It “Times Square is big, bright and brash. But even by those standards, a new mixed-use renovation project stands out.” (The New York Times)
  2. Trump Tower Is Now One of NYC’s Least-Desirable Luxury Buildings “Trump Tower, once the crown jewel in Donald Trump’s property empire, now ranks as one of the least desirable luxury properties in Manhattan.” (Bloomberg)
  3. Macy’s Same-Store Sales Rise, Affirms Full-Year Outlook “Macy’s posted stronger-than-expected sales growth in the latest period as the retailer said it benefited from more customers making purchases through digital channels.” (Wall Street Journal, subscription required)
  4. Simon Property Group Is Breaking Barriers Around Unified Commerce “Recently, Simon Property Group’s CEO David Simon told analysts on a post-earnings conference call 'I think most of the bad news is behind us,' referring to store closures and retail bankruptcies. 'But I can’t guarantee it.'” (Forbes)
  5. Ralph Lauren’s Profit Shrinks as North American Sales Decline “Ralph Lauren Corp.’s profit and sales fell in the most recent quarter, dragged down by declines in North America and a higher tax expense.” (Wall Street Journal, subscription required)
  6. Ghost Kitchens Give Chefs the Speed to Feed the Delivery Beast “Can a restaurant be a restaurant if you take away the cashiers, tables and diners?” (Bloomberg)
  7. Retail Sales Fall in April and Show Broad Weakness in Key Part of the U.S. Economy “Sales at U.S. retailers fell in April for the second time in three months, a sign that Americans are exercising more caution over how much they spend with the economy facing more headwinds.” (MarketWatch)
  8. WeWork Owner Starts $2.9 Billion Platform to Invest in Real Estate “Shared office space company WeWork’s owner, The We Company, on Wednesday set up a new real-estate investment platform, Ark, to buy and develop commercial properties around the world.” (Reuters)
  9. From Parking Lot to Outlet Mall: A Timeline of Staten Island’s Empire Outlets “It took nearly seven years of planning and construction, but New York City’s first outlet mall—Empire Outlets—held its grand opening today on Staten Island’s waterfront.” (Commercial Observer)
  10. WoI Speaker: "We Have Way Too Much Retail Space" “One aspect of commercial real estate that captures her attention is the retail market.” (GlobeSt.com)
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