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

Median rent for apartments in Manhattan has reached its lowest point in nearly a decade, reports The New York Times. J.C. Penney filed a sale agreement with landlords Simon Property Group and Brookfield Asset Management after weeks of delays and negotiation, according to Retail Dive. These are among today’s must reads from around the commercial real estate industry.

  1. Manhattan Hits A Virus Milestone: Median Rent Below $3,000 “Soaring inventory and discounted rents in Manhattan have pushed the median to the lowest price in nearly a decade.” (The New York Times)
  2. J.C. Penney Inks Deal to Sell Itself, Looks to Close It in Time for Holidays “The retailer filed a sale agreement with landlords Simon Property Group and Brookfield Asset Management after weeks of delays and negotiation.” (Retail Dive)
  3. Hudson's Bay Co. Launches Real Estate Arm To Break Into Mixed-Use Development “The venerable retailer Hudson's Bay Co. will look to revamp the real estate it owns into mixed-use with the formation of HBC Properties & Investments.” (Bisnow)
  4. When Will Convention and Group Travel Demand Return? “RevPAR in dense urban markets remains more than 80 percent below 2019 levels, according to CBRE Hotels Research.” (Commercial Property Executive)
  5. Are Apartments Still an Inflation Hedge? “With sophisticated daily pricing tools, apartments today are better positioned to respond to inflationary pressures than they were forty to fifty years ago.” (GlobeSt.com)
  6. What Will New York Real Estate Look Like Next Year? “City planners, developers and local officials weigh in on how the pandemic could change the city’s housing markets, land use and policy.” (The New York Times)
  7. Trio of Banks Provides $165M CMBS Refi on Silverstein’s 120 Wall Street: Updated “Well Fargo, JP Morgan and Citi provided $165 million in CMBS debt to refi Silverstein Properties’ office at 120 Wall Street in Manhattan.” (Commercial Observer)
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