10 Must Reads for the CRE Industry Today (September 14, 2017)

Grocery stores are responding quickly to consumer demands for fresher items and personalized options, reports Forbes. Recovery efforts in Florida from Hurricane Irma may be stalled by a lack of insurance adjusters, according The Wall Street Journal.

  1. Prospective for the Grocery Wars: Shoppers Crave Experience “Amazon’s acquisition of Whole Foods Market is getting the attention these days, with the deal grabbing headlines since June. But there’s also revolution occurring in the food aisles: Grocers are adapting quickly to surging consumer demand for fresher items, personalized options, and digital power to give themselves an edge in the battle for the grocery dollar.” (Forbes)
  2. Florida Is Short on Insurance Adjusters, and That Could Stall Recovery Efforts “After Irma, Florida residents are lacking in many necessities. One of the more frustrating is the paucity of insurance adjusters, which is threatening to anger policyholders and potentially delay the state’s rebuilding efforts. Many of the state’s adjusters are 1,000 miles away, working on claims made after Hurricane Harvey hit Texas.” (The Wall Street Journal)
  3. Homeowners in Flood-Prone Areas Should Not Get Tax Dollars to Rebuild, Says Barry Sternlicht “Real estate mogul Barry Sternlicht said Wednesday people living in flood-prone areas of the country probably should not expect tax dollars to help them rebuild.” (CNBC)
  4. Billionaire Diller’s Plan for Elaborate Pier in the Hudson is Dead “After years of toe-to-toe battling with a small band of critics and a fellow billionaire, Barry Diller said Wednesday that he was pulling the plug on his family’s commitment to build and operate a $250 million performance center on an undulating pier 186 feet off the Hudson River shoreline.” (The New York Times)
  5. Superrich Investors Are Trading Hedge Funds for Private Equity and Real Estate “The world’s super rich are continuing to pull money from hedge funds amid concerns over high costs and poor performance — but appetite for other alternative assets is growing.” (MarketWatch)
  6. Harvey’s Hit to Mortgages Could Be Four Times Worse Than Predicted—and Then There’s Irma “New estimates suggest as many as 300,000 borrowers could become delinquent on their loans and 160,000 could become seriously delinquent, that is, more than 90 days past due, when banks initiate foreclosure proceedings. This from Black Knight Financial Services, which compared mortgaged properties in the FEMA-designated disaster areas in Houston to those in Hurricane Katrina, and the resulting delinquencies in the four months following Katrina.” (CNBC)
  7. Cornell Tech Opens $2 Billion, Eco-Friendly Campus on Roosevelt IslandCornell Tech, touted as the first campus built for the digital age, officially opened its first phase Wednesday with some of the world's most energy-efficient buildings and aspirations to turbocharge the city's tech sector.” (DNAinfo)
  8. Online Footwear Startup to Try Out Brick-and-Mortar “Birdies has gotten some new seed — seed funding that is. The San Francisco startup, known for its stylish and comfortable house slippers, announced it has raised $2 million in seed funding.” (Chain Store Age)
  9. City of Goldman: The Mysterious Developer Who’s Transforming Brooklyn “Yoel Goldman is a member of Brooklyn’s ultra-Orthodox Satmar Hasidic Jewish community—a sect that doesn’t usually go for rooftop outings. But that didn’t stop Goldman and his partner on the William Vale project, Zelig Weiss of Riverside Developers, from knowing that a 183-key luxury hotel on the corner of North 12th Street and Wythe Avenue with a sleek design and the right food and beverage offerings would be a roaring success.” (Commercial Observer)
  10. Glimcher Takes on CEO Role at Starwood “Retail real estate veteran Michael Glimcher has been named CEO of Starwood Retail Partners, taking over from Scott Wolstein, who had led the Chicago-based division of Starwood Capital Group since its inception five years ago.” (Commercial Property Executive)
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