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11 Must Reads for the CRE Industry Today (Sept. 15, 2020)

The parent company of New York Sports Clubs has filed for bankruptcy, reports the Wall Street Journal. Amazon plans to hire 100,000 more workers to keep pace with e-commerce demand, according to Reuters. These are among today’s must reads from around the commercial real estate industry.

  1. Owner of New York Sports Clubs, Lucille Roberts Files for Bankruptcy “Town Sports International Holdings Inc., the parent company of New York Sports Clubs and Lucille Roberts gyms, has filed for bankruptcy after facing debt coming due this fall as well as reduced cash flow and liquidity due to coronavirus-related closures.” (Wall Street Journal)
  2. Amazon to Hire 100,000 More Workers in its Latest Job Spree this Year “Amazon.com Inc on Monday said it is recruiting 100,000 more workers - the fourth hiring spree it has announced for the United States this year - to keep pace with e-commerce demand that jumped during the pandemic.” (Reuters)
  3. Smoke Be Damned, Napa’s Luxury Restaurants Are Seeing High Demand “Wildfires, a pandemic and Armageddon-orange skies don’t seem to deter diners from venturing to some of the most luxurious restaurants in Napa. The only county in the Bay Area to allow indoor dining, and one of the few with high-end outdoor options, its fine dining restaurants are seeing higher demand than ever.” (San Francisco Chronicle)
  4. Did Covid Pop Facebook and Google’s Real Estate Bubble? “Tech giants gobbled up office space before and while pivoting to work from home.” (The Real Deal)
  5. Aimco Forms $10B REIT; Closes $2.4B JV Deal in California “AIMCO has announced it will separate its business into two publicly traded companies, Apartment Income REIT, or AIR,  and Aimco.” (GlobeSt.com)
  6. Pandemic Pushing Gen Z and Millennials to Move Back Home “The Pew Research Center has found that the share of 18- to 29-year-olds living with their parents now constitutes a majority of that age group, surpassing the share in the Great Recession and even topping the previous peak during the Great Depression.” (Mortgage News Daily)
  7. WeWork’s Turnaround Effort Wins Analyst’s Praise “After a virtual conference call last week with WeWork CEO Sandeep Mathrani, one Wall Street analyst is more upbeat on the private company’s prospects.” (Barron’s)
  8. MGM Resorts Adopts Smoke-Free Policy for Vegas Strip Casino “One of the last Las Vegas Strip resorts to reopen after coronavirus closures will be the first to be smoke-free, MGM Resorts International announced Monday.” (Associated Press)
  9. J.Jill in Agreement to Avoid Bankruptcy; Will Restructure Out of Court “J.Jill has managed to avoid taking a trip bankruptcy court.” (Chain Store Age)
  10. SF Had a $6 Billion Vision for Central SoMa. Then the Pandemic Hit, and Tech Pulled Back “After nearly a decade of planning, the transformation of 230 acres in San Francisco’s Central South of Market neighborhood into a booming tech and housing hub is suddenly in doubt as the economy sputters from the coronavirus pandemic.” (San Francisco Chronicle)
  11. Rents Are Down in Manhattan, But Up in Neighborhoods Hit Hardest by COVID-19 “Yes, it’s a good time to get a deal in Manhattan. But in areas hardest-hit by COVID-19, rents are actually going up.” (Curbed New York)
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