Skip navigation
NREI WIRE
Cuomo speaks to media. Spencer Platt/Getty Images

Seven Must Reads for the CRE Industry Today (March 23, 2020)

New York Governor Andrew Cuomo said during a daily press briefing that the state had “taken care of the rent issue,” but observers were left wondering what he meant, reports The Real Deal. Chicago Crain’s Business asks whether this is the kind of market in which Sam Zell will be dusting off his dancing shoes. And landlords are grappling with how to operate under eviction moratoriums that have emerged across the country, according to Bisnow. These are among today’s must reads from around the commercial real estate industry.

  1. Cuomo says NY “took care of rent issue,” but has no policy in place “With a mandate for all non-essential workers to stay home to slow the spread of coronavirus, many New York State residents are unemployed or without pay. So renters and landlords alike are awaiting action from the government to avert financial distress. However, there has been no official suspension of rent payment. Tenant groups have called for such a measure, and State Sen. Michael Gianaris is working on a bill to suspend rent payments for 90 days, but the legislation has not yet been formally proposed.” (The Real Deal)
  2. Time for Sam Zell to dust off his dancing shoes? “That means it's time for Zell, nicknamed the Grave Dancer, to lace up his dancing shoes. The 78-year-old investor has amassed a fortune—estimated by Forbes at $4.9 billion—through a career of making contrarian bets, often on troubled assets, in industries as varied as real estate, energy and media. While his reputation suffered after his disastrous takeover of Tribune Co., Zell was lionized after he led the $39 billion sale of his biggest real estate company, Equity Office Properties Trust, about a year before the global financial crisis.” (Crain’s Chicago Business)
  3. Landlords Push Back As California Cities Order Halt To CRE Evictions “As cities across the state halt or prepare to stop commercial evictions to help businesses impacted by the novel coronavirus pandemic, some property owners and landlords are questioning if they will receive relief, too.” (Bisnow)
  4. San Francisco Fights Coronavirus by Finding the Homeless a Home “Afraid that the coronavirus could race through the homeless population and overwhelm local hospitals, city leaders are rushing to get San Francisco’s most destitute off the streets. The city has leased trailers and hotel rooms to quarantine homeless people showing signs of infection. It’s also moving some of the 2,000 people in its shelters to new locations throughout the city so they aren’t crowded together.” (Bloomberg)
  5. Airbnb board meets to consider raising funds or buying assets “Airbnb Inc's board met this week to consider a wide range of options in response to the current economic crisis, which is weighing heavily on the business. The potential moves include acquiring distressed assets, raising more funding from private investors and revising plans for a stock market debut scheduled for this year, people familiar with the deliberations said.” (Bloomberg)
  6. MGM Resorts names acting CEO to replace Jim Murren “After 12 years at the helm, Murren announced his resignation in February. According to a Sunday news release from MGM, Murren vacated the position Sunday “in light of the public health crisis gripping the nation and the travel industry … to provide continuity of leadership for the company.” (Las Vegas Review-Journal)
  7. A First Look at Legal Issues in Leases, Thanks to Coronavirus “Property owners and tenants have been calling their lawyers with lots of questions about today’s global pandemic. Here is a quick overview of many of those questions, and the answers we are generally giving.” (Commercial Observer)
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish