NREI WIRE

10 Must Reads for the CRE Industry Today (May 9, 2019)

E-commerce is making its way into home buying, reports the New York Times. Manhattan’s luxury rental market is booming, according to Bloomberg. These are among today’s must reads from around the commercial real estate industry.

  1. Redfin Aims to Bring E-Commerce to Home Buying “Redfin, the Seattle-based real estate brokerage, is starting a program that lets house hunters bid on properties directly through its website.” (The New York Times)
  2. Manhattan’s Market for Posh Rentals Is Booming “Manhattan’s would-be homeowners may not be comfortable buying expensive apartments right now. Instead, they’re renting them.” (Bloomberg)
  3. NYC’s Rent-Stabilized Units about to See Rate Hikes “The city’s Rent Guidelines Board narrowly backed a proposal Tuesday night that would hike rents for the million-plus New Yorkers who live in rent-regulated housing.” (New York Post)
  4. China Hardens Trade Stance as Talks Enter New Phase “The new hard line taken by China in trade talks—surprising the White House and threatening to derail negotiations—came after Beijing interpreted recent statements and actions by President Trump as a sign the U.S. was ready to make concessions, said people familiar with the thinking of the Chinese side.” (Wall Street Journal, subscription required)
  5. Trump Defends Tax Tactics after NYT Probe Says He Racked Up More than $1 Billion in Losses: 'It Was Sport' “President Donald Trump on Wednesday fired back at The New York Times over the newspaper's investigative report that said his tax figures from 1985 through 1994 showed staggering business losses of more than $1 billion.” (CNBC)
  6. Freddie Mac: Opportunity Zones Ripe for MF Investment “Multifamily rental housing is expected to be a key component of Opportunity Funds, according to an analysis by Freddie Mac.” (GlobeSt.com)
  7. When Hotels Meet Short-Term Home Rentals “Marriott International dipped its toe into the burgeoning home-sharing business last year during a pilot program in Europe, under its Tribute Portfolio Homes brand.” (Commercial Property Executive)
  8. Not Created Equal: Factors That Affect Retail Loan Performance “The list of retailers that have declared major store closures, restructurings or defaults has grown in recent months.” (Commercial Observer)
  9. World’s Tallest Modular Construction Hotel Underway Gets $65M “AVANA Capital has provided a $65 million construction loan to 842 Enterprise, which plans to build the world’s tallest modular construction hotel in the world.” (GlobeSt.com)
  10. WeWork Is Going to Manage Office Space at RXR’s 75 Rock “WeWork is partnering with RXR to manage 90,000 square feet at 75 Rockefeller Plaza in a revenue-sharing agreement, the first such deal the co-working giant has reached in New York.” (The Real Deal)
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