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LIC Eugene Schuldinger

10 Must Reads for the CRE Industry Today (November 8, 2018)

Google is planning on expanding its presence in New York City, the Wall Street Journal reports. Housing sentiment falls to its lowest level in a year, according to CNBC. These are among today’s must reads from around the commercial real estate industry.

  1. Google Plans Large New York City Expansion “Google is gearing up for an expansion of its New York City real estate that could add space for more than 12,000 new workers, an amount nearly double the search giant’s current staffing in the city, according to people familiar with the matter.” (Wall Street Journal, subscription required)
  2. Amazon ‘HQ2’ Will Boost House Prices in Chosen Cities, But Not Like Seattle “As Amazon closes in on selecting the location — now widely expected to be locations, plural — for its second headquarters, experts caution property speculators to tread carefully.” (MarketWatch)
  3. Housing Sentiment Falls to Lowest in a Year, as More Say Now Is Not a Good Time to Buy: Fannie Mae “What a difference a few seasons make. Housing sentiment fell to its lowest level in a year in October, according to a monthly survey by Fannie Mae.” (CNBC)
  4. Amazon’s Attention Raises Hopes, Fears for Long Island City “With its waterfront views of the East River, proximity to Midtown Manhattan and ample space to develop residential high-rises, Long Island City has become the fastest-growing neighborhood in all of New York City. But some longtime residents and elected officials say it could become a victim of its own success, especially if Amazon moves into the neighborhood.” (Wall Street Journal, subscription required)
  5. Wynn Resorts Shares Fall 12 Percent as It Misses Earnings EstimatesWynn Resorts shares declined more than 12 percent during after-hours trading as the company missed estimates in its quarterly earnings. The hotel and casino company reported earnings of $1.68 a share, while analysts expected $1.69 a share. However, it did beat on revenue, coming in at $1.71 billion versus an estimate of $1.66 billion.” (CNBC)
  6. Glossier Will See You Now “With a new permanent New York shop, the online beauty brand that could explores a brave new world: offline.” (The New York Times)
  7. Eyes on Dallas: One Developer’s Push to Remake Downtown “In 2003, Dallas-based private oil and gas behemoth Headington Companies hadn’t yet considered commercial real estate ownership. Fifteen years later, it’s taken over Downtown Dallas’ Main Street with fresh office, hotel, multifamily and retail product, reenergizing what was once a dormant central business district.” (Commercial Observer)
  8. City Pushes Back Construction Safety Training Deadline Citing “Insufficient” Resources “City officials are giving construction workers another six months to complete at least 30 hours of safety training after contractors voiced concerns about meeting a December deadline.” (The Real Deal)
  9. Council Bill Would Legalize Some Basement Apartments “A City Council bill up for debate next week would legalize certain basement apartments in East New York—which officials hope will create affordable housing within existing buildings while bringing illegal units up to code.” (Crain’s New York Business)
  10. Manhattan Rental Market in Holding Pattern “Thanks to a glut of inventory, don’t expect to see big shifts in Manhattan’s rental market anytime soon. Coming out of peak season, rampant concessions are here to stay, said Hal Gavzie, executive manager of leasing at Douglas Elliman.” (The Real Deal)
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