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MGM resorts Las Vegas Ethan Miller/Getty Images

Eight Must Reads for the CRE Industry Today (Aug. 1, 2020)

MGM Resorts posted a 91 percent decline in quarterly revenue, reports the Wall Street Journal. SL Realty is looking to sell an office property in the Hudson Yards area, according to The Real Deal. These are among today’s must reads from around the commercial real estate industry.

  1. Immigrant-Owned Businesses Are Especially Hard-Hit Amid the Pandemic “Latino immigrants make up 10% of business owners in the U.S. But many of them have not applied for small-business loans, or have discovered they don’t qualify.” (Wall Street Journal, subscription required)
  2. This New Miami Hotel Residence, Connected To A Medical Center, Is Poised For A Pandemic “The developers of a new mixed-use tower in Miami, set to open in 2024, weren’t anticipating a global pandemic when they came up with the idea for their latest project — a medical center attached to a luxury hotel-condo.” (Forbes)
  3. MGM Resorts Revenue Falls 91% “MGM Resorts International posted a 91% decline in quarterly revenue, the latest casino operator to reveal the continuing financial blow of pandemic shutdowns and curtailed global travel on the gambling industry.” (Wall Street Journal, subscription required)
  4. SL Green Shopping Amazon-Anchored Office in Hudson Yards “SL Green Realty, which has been bulking up its coronavirus cushion, is looking to sell an office property in the Hudson Yards area for $1.1 billion.” (The Real Deal)
  5. Technology Could Open Path for Investments in CRE Distressed Properties “New technologies can enhance risk mitigation and maximize asset values.” (GlobeSt.com)
  6. We Haven’t Even Seen the Coronavirus’s Full Impact on Consumers, Says this VC “While some consumer-facing startups have suffered from the pandemic, consumer spending has actually shown increases. However, uncertainty looms over the rest of the year.” (Fortune)
  7. 'If We Don't Make Deals, We Don't Make Money': Brokers Confront Reality Of Stagnant Market “Deals have slowed significantly, with closed investment sales dropping nearly 70% in the second quarter.” (Bisnow)
  8. In Battery Park City, Longtime Tenants Fight To Keep Their Affordable Apartments During The Pandemic “The affordability agreement is ending, just as NYC faces dual health and economic crises due to COVID-19.” (Gothamist)
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