10 Must Reads for the CRE Industry Today (September 28, 2017)

The Trump administration proposed cutting individual and corporate taxes, as part of a sweeping overhaul of the federal tax code, reports The New York Times. Wal-Mart announced it will soon offer free, same-day delivery for New York City-area orders, according to Bloomberg. These are among today’s must reads for the commercial real estate industry.

  1. Trump’s Tax Plan Cuts Rates for Individuals and Corporations and Eliminates Many Deductions “The Trump administration on Wednesday proposed the most sweeping changes to the federal tax code in decades, outlining a framework that would cut individual and corporate taxes, eliminate widely used exemptions and deductions and tilt the United States closer to the type of tax system embraced by other industrialized nations.” (The New York Times)
  2. Wal-Mart Will Offer Free Same-Day Delivery in NYC “Wal-Mart Stores Inc. will soon offer free, same-day delivery of orders in the New York City area, a service already provided by its Jet.com subsidiary, the company’s U.S. e-commerce chief Marc Lore said at an advertising industry event in New York Wednesday.” (Bloomberg)
  3. Retail Stores Made Elmira, N.Y., and Unlikely Success—Now They’re Gone “To understand the ripple effects of the collapse in traditional retail, look no further than Elmira, N.Y. The city, perhaps best known as the hometown of American fashion icon Tommy Hilfiger, is more exposed to the national retail carnage than almost anywhere else in the U.S.” (The Wall Street Journal, subscription required)
  4. Lululemon CEO: Retail Isn’t Dead Because People ‘Crave Human Connections’ “As Lululemon Athletica outperforms its struggling rivals, CEO Laurent Potdevin told CNBC that brick-and-mortar retail won't fade into obscurity anytime soon for one simple reason.” (CNBC)
  5. NYC’s Craziest Rent-Controlled Apartments Need a New Landlord “A West Village townhouse has just hit the market for $11.25 million — and it comes with two rent-regulated tenants who have some of the cheapest rents in town.” (New York Post)
  6. Jared Kushner Real Estate Company Sued for Predatory Overcharging Practice “A class action lawsuit filed in Maryland State Court this morning alleges that Westminster Management, a company owned by President Donald Trump’s son-in-law and top adviser, charged its tenants improper fees, and then used their failure to pay those fees as a basis to threaten them with eviction.” (The Daily Beast)
  7. Levittown’s Luxury Makeover ‘Seventy years ago, the first families moved into Levittown, N.Y.—a community of mass-produced homes built on a 6.9-square-mile chunk of Long Island once planted with onions and potatoes. Between 1947 and 1951, Levitt & Sons built 17,477 homes Since that time, most of Levitt’s modest cookie-cutter houses have been remodeled and expanded beyond recognition.” (The Wall Street Journal, subscription required)
  8. Economy Watch: Most Metros Enjoyed Growth in ’16 “Real gross domestic product increased in 267 out of the 382 U.S. metropolitan areas in 2016, according to a recent Bureau of Economic Analysis report.” (Commercial Property Executive)
  9. Top Four Surefire Factors That Increase Real Estate Values “Real estate flipping can bring in significant profits — even after the typical 20–25% renovation cost piled on top of the property's initial purchase price. It may also result in a lame break-even, or worse, financial loss. Therefore, if you are planning to invest in real estate soon, it helps to be able to identify possible promising points and pitfalls associated with a property that interests you.” (Forbes)
  10. How CRE Fundraising Is Changing and Why “There is no doubt that commercial real estate fundraising has been changing in the past few years. Nowadays, there is much competition for high-quality assets, which makes capital distribution even more demanding.” (Commercial Property Executive)
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