- DOJ, SEC Investigating Nightingale After $40M Of Investor Cash Allegedly Diverted To CEO's Accounts “The Department of Justice is investigating Nightingale Properties after the New York-based real estate investor allegedly diverted nearly $40M of equity raised on real estate crowdfunding platform CrowdStreet into accounts controlled by its CEO.” (Bisnow)
- Where the pain is: Report tells tale of two office markets “The comparison, from a CBRE report, is a glass-half-full way of looking at an office sector facing an unprecedented challenge: the discovery that many people enjoy working from home, can do so effectively and will retire or find another job if forced back to the office.” (The Real Deal)
- Google’s office strategy used to be new buildings. Now, it’s old warehouses “Increasingly though, Google is going a different route. Instead of solely building modern, amenity-rich campuses, the tech giant is putting more of its now-global real estate dollars into adaptively reusing old, significant, and interesting structures.” (Fast Company)
- Starwood to Start Pitching New Distressed Real Estate Fund “Starwood Capital Group, the firm led by Barry Sternlicht, is in preliminary talks with potential investors for a new opportunistic real estate fund, according to people with knowledge of the matter.” (Bloomberg)
- Amazon warns employees who don’t go to the office enough “The message highlights Amazon’s determination to enforce its rules amid an employee backlash to the policy, which requires workers to report to an office at least three days a week, and in the face of a broader push by companies to scale back on remote work.” (CNN Business)
- A Withering Assessment of a Multibillion-Dollar Real Estate Windfall “When Mr. Ford moved from municipal to provincial politics, he was immediately favored by developers. After their companies were barred from making political donations during the 2018 election, they became major backers of a group called Ontario Proud that ran an aggressive, largely online campaign attacking Mr. Ford’s opponents.” (The New York Times)
- Restaurants and Supermarkets Are Brawling Over Your Dollar “Grocery chains are revamping prepared meals in delis and buffets, expanding menus and offering more discounts, seeing a chance to woo diners away from restaurants. Retail executives say that U.S. consumers have gotten more discerning about eating out, an opportunity for grocers to offer potentially cheaper, faster alternatives.” (The Wall Street Journal)
- 9/11 survivors divided over ‘weird’ offer of affordable apartments —overlooking Ground Zero “As part of a new agreement brokered by Gov. Kathy Hochul, 80 of the building’s required 400 rent-stabilized units will be set aside for New Yorkers directly impacted by the attacks — but some survivors are baffled by the deal.” (New York Post)
- In New York City, Some Real-Estate Battles Come Down to Inches “Gary Barnett, one of New York City’s most prominent real-estate moguls, is the founder of Extell, which boasts an expansive portfolio including two of Manhattan’s tallest residential towers. But Barnett has hit a potential stumbling block in his quest to develop the first luxury hotel in the midtown Diamond District. While the 33-story building would soar over much of the block, Barnett, a former diamond dealer himself, has been waging a protracted legal battle over 18 inches.” (The Wall Street Journal)
- San Francisco Prices Are Sinking, and Property Owners Want a Tax Cut “Owners of San Francisco’s office towers, shopping centers, hotels and homes are flooding the county with appeals to slash their property assessments — and tax payments — as real estate prices sink in the beleaguered city.” (Bloomberg)
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