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10 Must Reads for the CRE Industry Today (September 25, 2018)

Observation decks atop New York City’s tallest buildings are big business, and two more are slated to open, the Wall Street Journal reports. Economists, fund managers and strategists believe the Fed will hike rates twice more this year, according to CNBC’s latest Fed survey. These are among today’s top must reads from around the commercial real estate industry.

  1. Breathtaking Views Atop Manhattan Skyscrapers Are Big Business “The stakes have never been higher in the competition for the best skyscraper view of New York City. Observation decks atop Manhattan’s World Trade Center, Rockefeller Center and the Empire State Building offer sweeping panoramas that stretch for miles.” (Wall Street Journal, subscription required)
  2. Fed Expected to Hike Rates Twice More This Year and Then Rick a ‘Policy Mistake’: CNBC Survey “Look out for two more rate hikes this year from the Federal Reserve to go along with economic growth nearing 3 percent and a central bank that eventually raises rates explicitly to slow growth, according to respondents to the latest CNBC Fed Survey.” (CNBC)
  3. In Disneyland’s Hometown, Once Warm Relations Have Frozen “Six decades after Walt Disney built his first theme park here on a plot of orange groves, Disneyland and the city it calls home are at each other’s throats. Tapping public animus toward corporate subsidies, Anaheim politicians are questioning the wisdom of granting Walt Disney hundreds of millions of dollars in tax breaks to support expansion. The city terminated the largest of those deals last month.” (Wall Street Journal, subscription required)
  4. Further Proof of Sixth Avenue’s New Golden Age “The big lease that Rockefeller Group signed on Monday with Bessemer Trust at 1271 Sixth Ave. demonstrates once again the powerful momentum on ‘Avenue of the Americas’ in Midtown.” (New York Post)
  5. Home Prices Rise at a Slower Rate in July: S&P Case-Shiller “Home prices are still rising, but the pace of the gains continues to slow, as potential homebuyers hit an affordability wall and sellers cave to the new reality.” (CNBC)
  6. ‘Opportunity’ Knocks for Real Estate Investors Buoyed by Tax Program “Tucked into the federal tax reform bill that passed late last year, the ‘Opportunity Zones’ program wasn’t designed specifically with real estate in mind. Rather, the provision—which provides significant tax relief to investors who pour money into designated, “economically distressed” areas across the country—is meant to spur investment across a wide variety of business sectors and industries.” (Commercial Observer)
  7. Single-Family Rental Investment Due Diligence: A Checklist For Success "No amount of research can guarantee that you won’t encounter issues with a property after you’ve purchased it. However, taking the time to investigate everything from the home’s condition to the economic climate and trends in the area can help reduce the risk of unexpected financial setbacks." (Forbes)
  8. Developers Apply to Turn Former Queens Hospital into 350 Apartments “A rezoning application to convert the former Parkway Hospital in Queens into 351 units of affordable and market-rate housing entered the public review process Monday.” (Crain’s New York Business)
  9. How Do Multifamily Amenities Convert Leads to Leases? “Technology is affecting everything from how apartment owners attract new residents and provide customer service to existing residents, but more often than not, it’s amenities that convert to leases.” (com)
  10. New Wacker Drive Tower Getting Taller “The biggest new office tower under construction downtown is getting a little bigger. The development team behind the riverfront building going up at 110 N. Wacker Drive now plans to stretch it 55 stories high, up from the previously planned 53 floors, according to a zoning application filed last week.” (Crain’s Chicago Business)
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