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12 Must Reads for the CRE Industry Today (May 7, 2020)

The New York Times looks at which businesses are the safest to visit. The fate of the Chrysler Building hangs in the balance, reports Business Insider. These are among today’s must reads from around the commercial real estate industry.

  1. Is It Safer to Visit a Coffee Shop or a Gym? “As states begin to reopen, Americans are looking at any trip outside through the lens of contagion. Is it safe to go back to Starbucks? What about the gym? Nail salons are out of the question, right?” (The New York Times)
  2. Real Estate Mogul Barbara Corcoran on Navigating Real Estate Uncertainty: 'For Somebody Like Me, It's the Perfect Time to Buy.' “While many prospective investors are pulling away from the market due to the fear of the unknown, some see a rare opportunity to get into it.” (Business Insider)
  3. Marriott Vacations Provides Upbeat Profit Outlook, But Is Furloughing 65% of Staff and Suspending Dividend “Shares of Marriott rose 1.9% in morning trading Wednesday, after the vacation ownership and property management company provided a first-quarter profit outlook that was well above expectations, but said it was furloughing most of its staff, closing all sales centers through May and suspending its dividend in response to the COVID-19 pandemic.” (MarketWatch)
  4. Men’s Shirt Retailer Untuckit Taps Real Estate Restructuring Firm to Renegotiate Deals During Coronavirus “Apparel retailer Untuckit has tapped real estate advisory firm RCS Real Estate Advisors to help it evaluate its stores and leases with landlords as the economy reels from the coronavirus pandemic, CNBC has learned.” (CNBC)
  5. Private Equity Can’t Always Get What It Wants “Private equity firms have gone hat in hand to lawmakers to argue that their portfolio companies should get coronavirus assistance alongside Main Street companies. They’ve come up short in at least one big way.” (New York Times)
  6. Co-Tenancy Issues Will Be Another Challenge for Retail Owners “Increased store closures will create co-tenancy challenges for retail owners, according to an attorney at Jeffer Mangels Butler & Mitchell.” (GlobeSt.com)
  7. The Fate of the Chrysler Building Hangs in Balance as Colorful Real-Estate Magnate Aby Rosen Looks to Renegotiate his $150 Million Hold on the World-Famous Tower “Landlord Aby Rosen is in talks with college Cooper Union to hold onto the Chrysler Building. Tens of millions of dollars hang in the balance for both.” (Business Insider, subscription required)
  8. Opportunity Zone Progress Slows in COVID-19 Crisis “Even before the pandemic struck, the federal initiative was showing both potential and problems.” (Commercial Property Executive)
  9. N.Y. Multifamily Owner Donates Apartments To Out-Of-Town Volunteer Health Workers “There are more than 40 out-of-town medical professionals in the Bronx and Queens who are temporarily living in a Goldfarb Properties apartment free of charge while they care for city residents who have been diagnosed with COVID-19.” (Bisnow)
  10. Miami-Dade Malls Are Not Reopening Yet. When They Do, It Will Be a Different World. “With varying restrictions in place, shopping malls have begun reopening in many places across America amid a still-raging coronavirus pandemic — though not yet in South Florida.” (Miami Herald)
  11. Gap to Reopen Stores, Selling Face Masks Along With Jeans “When Gap Inc. begins reopening stores this weekend, shoppers will notice a few differences. Fitting rooms and restrooms will be closed, and it wants to turn face masks into a fashion statement.” (Wall Street Journal, subscription required)
  12. As Home Workouts Rise During Coronavirus, Gyms Sweat “Fitness centers experiment with digital offerings and other ways to lure people back when lockdowns ease.” (Wall Street Journal, subscription required)
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