ten must reads lower east side

10 Must Reads for the CRE Industry Today (October 23, 2017)

Manhattan’s Lower East Side is transforming into an emerging office market, according to the Wall Street Journal. Home sales have rebounded in Houston following Hurricane Harvey, reports CNBC. These are among today’s must reads from around the commercial real estate industry.

  1. Offices Sprout on Lower East Side as a Neighborhood Transforms “The transformation of Manhattan’s Lower East Side has followed a progression familiar to many city neighborhoods during the last three decades, shifting from a symbol of urban blight to a hot residential market and a destination for clubs, art galleries and restaurants. Its next chapter: an emerging office market.” (Wall Street Journal, subscription required)
  2. Rebound in Houston Homes Sales Fuels Uptick Nationally “Just six weeks after floodwaters from Hurricane Harvey damaged thousands of homes in Houston, home sales there have rebounded. Sales rose 4 percent in September in Houston from the prior year, after plummeting nearly 24 percent in August, according to the National Association of Realtors.” (CNBC)
  3. CoreLogic: Hurricane Nate Property Damage Could Top $1B “Hurricane Nate preliminary loss estimates are estimated to be between $650 million and $1.35 billion, according to CoreLogic.” (Insurance Journal)
  4. Names for Holding Companies Can Get Creative in Las Vegas “Buyers routinely name the holding company after the property’s address — buying a building at 123 Main St. through 123 Main Street LLC, for instance — while others might pick a name that describes the project. The Oakland Raiders bought their stadium site in May through an entity dubbed LV Stadium Company LLC. But sometimes investors get a little more creative.” (Las Vegas Review-Journal)
  5. Puerto Rico Housing Subsidies at Risk Amid Power Outages “Apartment landlords in Puerto Rico worry they could lose federal subsidies that allow them to operate buildings for senior citizens and lower-income residents because hurricane damage has left them without access to electricity.” (Wall Street Journal, subscription required)
  6. When Internet Orders Mean Real Jobs, and New Life for Communities “As shopping has shifted from conventional stores to online marketplaces, many retail workers have been left in the cold, but Ms. Gaugler is coming out ahead. Sellers like Zulily, Amazon and Walmart are competing to get goods to the buyer’s doorstep as quickly as possible, giving rise to a constellation of vast warehouses that have fueled a boom for workers without college degrees and breathed new life into pockets of the country that had fallen economically behind.” (The New York Times)
  7. Toys ‘R’ Us Collapse to Hit Hasbro Holiday Sales “The bankruptcy of Toys‘R’ Us weakened Hasbro Inc.’s forecasts for the holiday season in otherwise strong third-quarter results on Monday, boding ill for a sector worried by the collapse of a major customer.” (Reuters)
  8. Why Your Brain Makes You Get Real Estate Investing Wrong “Many assume the real estate investment decisions they make are rational, but what if they are not? A new research paper called “Addressing built-in biases in real estate investment,” produced by Fidelity International, takes the tenets of behavioural psychology and economics and applies them to institutional commercial real estate investment.” (BisNow)
  9. Economy Watch: HQ2 Could Raise Rents in Some Apartment Markets “Smaller metros with lower wage growth or constrained housing stocks could see rents rise the most from the Amazon HQ2, notes a new Apartment List report.” (Commercial Property Executive)
  10. Success On Tap: 6 Breweries Anchoring Major Developments Around The U.S. “Craft beer production in the United States has nearly tripled over the past decade, and with that rise has come a host of new breweries in American cities. With many of them featuring taprooms and restaurants, these breweries have become valuable anchors for large mixed-use projects. Here are six breweries that anchor major developments across the U.S.” (BisNow)
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