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10 Must Reads for the CRE Industry Today (November 12, 2018)

Amazon’s new neighbor may be the country’s largest housing project, The New York Times reports. A Manhattan condo building was issued violations for illegal hotel use, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. Amazon’s New Neighbor: The Nation’s Largest Housing Project “Until recently, the most important thing to know about Amazon for residents of the Queensbridge Houses, the country’s largest public housing project, was that any packages left in a lobby would likely be stolen. But Amazon may soon be a far larger presence in their New York City neighborhood.” (The New York Times)
  2. New York City Raids Condo Building in Crackdown on Airbnb Rentals “A team of New York City law-enforcement officers swarmed a Manhattan condominium last month, issuing 27 notices of violations for illegal hotel use in one of the largest crackdowns on short-term rentals such as those listed on Airbnb.” (Wall Street Journal, subscription required)
  3. Here Are the REITs to Watch as Amazon Decides HQ2 “James Sullivan of BTIG joins ‘Power Lunch’ to discuss REITs to watch as Amazon narrows its decision for its second headquarters.” (CNBC)
  4. Like Alexandria Ocasio-Cortex, Many Americans Can’t Afford an Apartment When They Move for Work “At 29 years of age, Alexandria Ocasio-Cortez may have become the youngest woman ever elected to serve in Congress. But that doesn’t mean she’s free from the hardships facing Americans who are living paycheck to paycheck.” (MarketWatch)
  5. Amazon HQ2 Rumors Rattle New York and DC Real Estate Markets “It hasn't been announced yet. It wouldn't happen for months, if not years after it was announced. But Amazon's possible arrival in Northern Virginia and Queens, New York, has already sent shockwaves through surrounding real estate markets.” (CNN)
  6. Here Are the 40 Newly Announced Sears and Kmart Store Closures “Sears Holdings Corp. has announced that 40 stores will close in February 2019, adding to the 142 closures the struggling retailer announced previously. The stores, which include both Kmart and Sears locations, will begin liquidation sales late next week, the company said. Any Sears Auto Stores at these locations will also shutter.” (MarketWatch)
  7. Trade Wars Are Not an Obstacle to Industrial Sector—Yet “Nationwide, year-over-year rent growth hit 7.3 percent in the third quarter, according to a new report from Transwestern. A handful of the hottest industrial markets are doing even better.” (Commercial Property Executive)
  8. Facing Federal Scrutiny, HNA in Contract to Sell 850 Third Ave “After facing federal scrutiny about its ownership of 850 Third Avenue, embattled Chinese conglomerate HNA Groupis in contract to sell its stake in the Midtown office tower, according to sources familiar with the deal.” (The Real Deal)
  9. #MeToo Solution for Workers. Guest Bans? Not So Fast. “The hotel industry is betting that a simple device can help solve the complex problem of guests sexually assaulting and harassing workers. It’s known as a panic button, a small gadget that housekeepers can use to swiftly call for help.” (The New York Times)
  10. More U.S. Homes Worth Twice Their Mortgage Loans: Report “There are more homesin the United States now worth at least twice as much as the loans secured for them, a new report shows. The finding marks a new high since such data was first collected in 2014.” (The Real Deal)
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