- Real Estate Stocks Soar on Hopes Vaccine Will Ease COVID Concerns “Real-estate stocks surged Monday after news of successful Covid-19 vaccine test results helped claw back some of the huge declines the sector has suffered during the pandemic. The share prices of some of the country’s biggest property owners were up more than 20% around midday Monday, compared to a roughly 4% increase in the Dow Jones Industrial Average.” (Wall Street Journal)
- Chamber of Commerce Pushes Infrastructure Bill “The U.S. Chamber of Commerce says it would like to see a major infrastructure bill as the first order of business for a Biden-Harris administration and a new Congress in 2021. The powerful business lobby group had teamed up with the AFL-CIO and other groups during Donald Trump’s presidency to push for significant new investments in roads, bridges and broadband but could not get legislation over the finish line. How to pay for such investment remains a huge stumbling block.” (Associated Press)
- COVID-19 Delivers Financial Blow to Nursing Homes “The biggest U.S. nursing-home company said low occupancy and expenses due to the pandemic led to a deepening loss in the quarter ending Sept. 30, and it is working on restructuring efforts after warning in August about its ability to continue as a going concern. Genesis Healthcare Inc.’s quarterly results highlighted the continued financial pressure on nursing homes from Covid-19, which is showing signs of increasing again amid a national surge in cases.” (Wall Street Journal)
- JP Morgan Chase Commercial Term Lending: ‘Port in the Storm’ for Multifamily Clients “When times are tough, building owners need to know they can rely on the companies with whom they do business. JPMorgan Chase has been a mainstay for lending in New York City since 1799, and that dependable continuity has come to mean the world to its multifamily clients. Commercial Observer’s Partner Insights team spoke with Brooke Richartz, regional sales manager for commercial term lending with JPMorgan Chase in New York City, about how the company has continued to serve this market throughout the COVID-19 crisis.” (Commercial Observer)
- Advocates Worry About an Eviction Crisis as 2021 Approaches Without a Stimulus Deal “When eviction protections put into place by the CARES Act expired over the summer, Josie Williams was deeply concerned about what it would mean for the estimated 300,000 to 400,000 North Carolinians struggling to pay their rent. As the executive director of the Greensboro Housing Coalition, she had watched for months as her employees fielded three to four times as many calls each day than normal from community members worried they would lose their homes in the middle of an unprecedented public health crisis.” (CNBC)
- Real Estate Brokerage Firms See Decreasing Revenue, Budget Cuts “Revenues are decreasing, budget cuts are continuing, and M&A’s are being discussed… Newmark recently rejected a takeover offer from rival Cushman because Cushman’s $3.8 billion in debt load is larger than its market cap of roughly $2.6 billion.” (Real Estate Daily Beat)
- How Low Could Midtown Rents Go? “With Midtown’s prized skyscrapers still nearly empty of office tenants, sublease space on the market has skyrocketed, bringing asking rents to shockingly low numbers in some cases.” (Commercial Observer)
- McDonald’s Earnings Top Estimates, Fueled by U.S. Sales Recovery “McDonald’s on Monday reported quarterly earnings that topped analysts’ estimates, helped by promotions that drove U.S. customers to return to its restaurants. Shares of the company rose 3.6% in premarket trading amid a broader market rally. McDonald’s is scheduled to hold an investor update after its quarterly conference call.” (CNBC)
- HFZ Capital Industrial Foreclosure “Ziel Feldman’s HFZ Capital is facing foreclosure on its stake in a portfolio of national industrial properties.” (The Real Deal)
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