- NAA Files Suit Against CDC Over Eviction Moratorium; Seeks Stay “The National Apartment Association has joined the New Civil Liberties Alliance in a lawsuit challenging the US Centers for Disease Control and Prevention’s national eviction moratorium that it ordered earlier this month.” (GlobeSt.com)
- Savannah welcomes largest box ship to ever call the U.S. East Coast “The Port of Savannah today welcomed the 15,072 TEU CMA CGM Brazil, the largest ship to ever call the U.S. East Coast. A total of 5,600 TEU of containers will be moved on and off the giant ship during its call at Savannah. In August, Savannah moved more containers over its docks, more cargo through its rail yards and more trade in and out of its inland terminals than at any other point in its 75-year history.” (MarineLog.com)
- No Job, Loads of Debt: Covid Upends Middle-Class Family Finances “American families with nonhousing debt making over $98,018 a year in pre-tax income owed an average of nearly $92,000 of such debt in 2016. That’s up 32% from 2004, adjusted for inflation, according to an analysis of Federal Reserve data by the Employee Benefit Research Institute, a nonpartisan nonprofit research group.” (The Wall Street Journal)
- Facebook adding more buildings to Newton Data Center “The new buildings will comprise nearly 1.5 million square feet in the Stanton Springs business park in northeast Newton County. Combined with two buildings now under construction, it will give the social media company a total of five buildings with 2.5 million square feet and represent a total $1 billion investment.” (The Covington News)
- NYC Commercial Eviction Moratorium Extended Until October 20th “The governor extended the commercial eviction moratorium until October 20th for those tenants that haven't paid their rent. The extension will largely impact commercial tenants that were facing eviction since before or on March 17th, as eviction proceedings that started during the pandemic will still be on hold.” (Gothamist)
- Why Energy-as-a-Service Adoption Is Growing in CRE “Increasingly popular service-based business models have impacted numerous industries in recent years. The models let buyers sidestep the need to purchase a product outright or manage its utilization but still gain use of the product. In commercial real estate, Energy-as-a-Service is one example. When opting for EaaS, customers pay for an energy service without undertaking any upfront capital investment.” (Commercial Property Executive)
- How New York could raise taxes on the rich “Recently, Cuomo suggested he might consider raising taxes on the wealthy as part of the solution in a worst-case scenario where federal funding doesn’t come through. But he has maintained that a federal stimulus package remains critical to New York’s recovery. State Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie, however, have released statements supporting raising taxes on the wealthy.” (City & State New York)
- Beverly Hills’ Luxe Rodeo Drive shuts down in first of many hotel closures predicted by experts “Located on one of the world’s most expensive strips of commercial real estate, the upscale Luxe Rodeo Drive hotel has closed, a casualty of a pandemic that is likely to put more hotels out of business. The 86-room hotel, which for 27 years shared a city block with such high-end outlets as Cartier and Harry Winston, notified its workers last week that it would permanently cease operations because of the financial effects of the COVID-19 crisis.” (KTLA)
- New York City offices are on the comeback trail “Jonathan Mechanic, chairman of the Fried Frank law firm’s powerful real-estate practice, is thrilled that his division completed major deals over the work-from-home summer that included the $1.8 billion financing of Brookfield’s One Manhattan West and the $350 sale-leaseback of 522 Fifth Ave. But he sounded nearly as exhilarated over returning to the firm’s downtown offices at One New York Plaza last week.” (New York Post)
- Nuveen Advances Its Action on Climate Change “To deliver the program, Nuveen is working closely with the UN-supported Principles for Responsible Investment's Inevitable Policy Response initiative, a pioneering project preparing investors for the near-term policy response to climate change. Nuveen also is partnering with several leading climate research organizations helping to provide the firm with next generation data on physical climate hazards and their socioeconomic impact.” (PR Newswire)
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