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Nine Must Reads for the CRE Industry Today (Aug. 15, 2020)

Analysts say the commercial property market needs relief from the Federal Reserve, reports the Financial Times. Retail chains and small businesses continue to struggle in New York City, according to The New York Times. These are among today’s must reads from around the commercial real estate industry.

  1. Business Chiefs Seek N.Y.C. Mayoral Candidate, With $100 Million as Bait “Stephen Ross, a billionaire developer, and Daniel Doctoroff, a tech executive, are trying to influence the 2021 mayoral race in New York.” (The New York Times)
  2. Commercial Property Market Needs Relief from the Fed, Say Analysts “Analysts in one of the primary markets for financing US commercial real estate are calling for an expansion to the Federal Reserve’s flagship lending scheme to help property owners whose businesses have been crushed by coronavirus.” (Financial Times)
  3. Retail Chains and Small Businesses Are Struggling in N.Y.C. “The lack of tourists and commuters has devastated New York City, especially Manhattan. Since March, more than 2,800 businesses in the city have permanently closed, according to data from Yelp.” (The New York Times)
  4. Untested for Covid-19, Nursing-Home Inspectors Move Through Facilities “More than half the states, including Texas, Pennsylvania and Ohio, don’t require their own inspectors to be tested for Covid-19 before going inside nursing homes, despite concerns that asymptomatic visitors could pose a risk to residents.” (Wall Street Journal, subscription required)
  5. Milwaukee, Charlotte Businesses Lament Loss of Conventions “Both cities were expecting crowds of about 50,000 people before the pandemic forced Republicans and Democrats to change plans.” (Wall Street Journal, subscription required)
  6. Over 1,500 Gym Owners Sue Governor Cuomo To Reopen “A group of over 1,500 gym owners from across the state, including at least 500 located in New York City, have filed a class action lawsuit against Governor Andrew Cuomo, New York state, and the state attorney general in an attempt to force the state to allow them to reopen.” (Gothamist)
  7. CRE Is Starting to Solve Its Diversity Problem “The most recent conversation around racial equality has helped wake the CRE industry up to the issue and solve it.” (GlobeSt.com)
  8. Retail Sales Increased 1.2% in July “On a monthly basis, retail sales increased 1.2 percent from June to July (seasonally adjusted), and sales were up 2.7 percent from July 2019.” (Calculated Risk)
  9. AMC Is Reopening its Theaters Next Week with 15-Cent Tickets “The world's largest movie theater chain will reopen more than 100 US theaters on August 20, the company said on Thursday.” (CNN)
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