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Hilton Times Square hotel ANGELA WEISS/AFP/Getty Images

Seven Must Reads for the CRE Industry Today (Oct. 29, 2020)

Property closures, layoffs and debt issues are putting hotel owners in big cities at a tipping point, reports The Real Deal. The wildfires have caused greater housing affordability problems in California, according to The New York Times. These are among today’s must reads from around the commercial real estate industry.

  1. These Wetlands Helped Stop Flooding From Sandy. Now a BJ’s May Move In. “A group of Staten Island residents concerned about climate change is challenging the project.” (Wall Street Journal)
  2. Housing Affordability Crisis Deepens in Fire-Prone Parts of California “Insurance companies retreated from selling home insurance in wildfire-prone parts of California in 2019, new state data shows, making it more difficult and expensive for homeowners in those areas to protect their homes.” (The New York Times)
  3. Poor Hospitality: Hotel Owners in Big Cities Hit Major Tipping Point “Hotel closures, layoffs and debt struggles in leading markets signal more bad news to come.” (The Real Deal)
  4. How Trump Maneuvered His Way Out of Trouble in Chicago “When his skyscraper proved a disappointment, Donald Trump defaulted on his loans, sued his bank, got much of the debt forgiven — and largely avoided paying taxes on it.” (The New York Times)
  5. New York Trying to Find Labor and Construction Volume Balance “The New York building market remains on top as the largest national construction market, months into the Covid-19 pandemic.” (Commercial Observer)
  6. CubeSmart Strikes $540M NYC Self Storage Deal “The blockbuster transaction will add nearly 800,000 rentable square feet to the storage giant’s platform in Queens, Brooklyn and the Bronx.” (Commercial Property Executive)
  7. CoStar Acquires Emporis In Bid To Take Commercial Real Estate Data Empire Global “CoStar didn't disclose the acquisition price for its purchase of Emporis, but CEO Andy Florance described it as.” (Bisnow)
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