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11 Must Reads for the CRE Industry Today (Sept. 10, 2020)

The National Multifamily Housing Council found 76.4 percent of apartment households made a full or partial rent payment for the month by September 6. Mall owners Simon Property Group and Brookfield Property Partners are close to finalizing a deal to rescue J.C. Penney from bankruptcy, reports CNBC. These are among today’s must reads from around the commercial real estate industry.

  1. Mall Owners Simon, Brookfield Set to Rescue JC Penney from Bankruptcy in $800 Million Deal “U.S. mall owners Simon Property Group and Brookfield Property Partners are close to finalizing an $800 million deal to rescue the embattled department store chain J.C. Penney from bankruptcy, avoiding a total liquidation and saving about 70,000 jobs and 650 stores, Joshua Sussberg of the law firm Kirkland & Ellis said Wednesday.” (CNBC)
  2. NMHC Rent Payment Tracker Finds 76.4 Percent of Apartment Households Paid Rent as of September 6 “The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 76.4 percent of apartment households made a full or partial rent payment by September 6 in its survey of 11.4 million units of professionally managed apartment units across the country.” (National Multifamily Housing Council)
  3. Landlords And Tenant Advocates Scramble To Unpack Legal, Financial Ramifications Of The CDC Eviction Moratorium “In an unprecedented move, the Centers for Disease Control and Prevention announced a national residential eviction moratorium last week, which it said is aimed at providing housing stability to vulnerable renters during a public health crisis.” (Bisnow)
  4. Business Vacancies Rise on New York City’s Broadway “More than 300 storefronts along Broadway are vacant, a 78% increase from three years ago, a recent survey found, as the coronavirus pandemic puts added pressure on bricks-and-mortar businesses.” (Wall Street Journal, subscription required)
  5. Manhattan’s Office Buildings Are Empty. But for How Long? “As they grow accustomed to working from home, many businesses are delaying signing new leases until rents drop and the pandemic passes.” (The New York Times)
  6. Neiman Marcus Reorg Plan Approved; to Exit Chapter 11 by End of September “Neiman Marcus Group has received court approval of its Chapter 11 reorganization plan.” (Chain Store Age)
  7. LVMH Pulls Out of Tiffany Takeover “Luxury-goods giant LVMH Moët Hennessy Louis Vuitton SE said Wednesday it was backing out of its $16.2 billion takeover of Tiffany & Co., in a sign of how trade tensions and the coronavirus pandemic have taken the air out of the highflying luxury industry.” (Wall Street Journal, subscription required)
  8. NYC Indoor Dining to Resume Sept. 30 With Heavy Restrictions, Cuomo Says “New York City restaurants will be allowed to resume indoor dining on Sept. 30 with an extensive set of rules, Gov. Andrew Cuomo said Wednesday.” (CNBC)
  9. Bronx Boom: Industrial Purchases Are Still Surging “Even before the pandemic, investors saw the borough’s old warehouses and industrial sites as a safe haven. It still is.” (Commercial Observer)
  10. ICSC’s “Incredibly Tragic Day” and Rough Year Ahead “Retail trade group International Council of Shopping Centers was already in turmoil when its very foundation crumbled during the pandemic.” (The Real Deal, subscription required)
  11. Walmart to Test Drone Delivery of Grocery, Household Items “Walmart Inc said on Wednesday it would run a pilot project for delivery of grocery and household products through automated drones, along with end-to-end delivery firm Flytrex, as the U.S. retailer looks to beef up its delivery business.” (Reuters)
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