- Fed Moves Toward Another Big Rate Increase as Inflation Lingers “The Federal Reserve, determined to choke off rapid inflation before it becomes a permanent feature of the American economy, is steering toward another three-quarter-point interest rate increase later this month even as the economy shows early signs of slowing and recession fears mount. Economic data suggest that the United States could be headed for a rough road: Consumer confidence has plummeted, the economy could post two straight quarters of negative growth, new factory orders have sagged and oil and gas commodity prices have dipped sharply lower this week as investors fear an impending downturn.” (The New York Times)
- JLL Acquires NYC Valuation, Advisory Firm “JLL has acquired Metropolitan Valuation Services, one of the New York metro area’s largest independent commercial property appraisal and real estate consulting firms. Founded in 2003 by Principal & Co-Founder Steven Schleider, MVS has a client list that includes major financial institutions, Fortune 500 corporations, REITs, commercial real estate developers, investors, insurance companies, law firms, the City of New York and government agencies.” (Commercial Property Executive)
- How a Long-Sought Bill Could Make Construction Work Less Deadly “Carlos Moncayo was just 22 when he was crushed to death by thousands of pounds of dirt at a construction site in Manhattan’s meatpacking district. More than seven years later, a construction safety bill named after him could become law, if Gov. Kathy Hochul chooses to sign it. The legislation, known as Carlos’s Law, would dramatically raise the fines faced by corporations for construction accidents that result in criminal convictions. While the bill passed both houses of the State Legislature on the final day of the session last month, Ms. Hochul’s office has said only that she was reviewing it.” (The New York Times)
- Going to the Office Is the New ‘Remote Work’ “Employers must realize that they are competing against an entrenched competitor. Some of their target ‘customers’ are perfectly happy with their current habit, so it’s best to let them go—it’s an uphill battle you are unlikely to win. Some ‘customers’ hate their current habit, so simply welcome them to the new offering. It will take some time to entrench the new habit, and they may complain about some aspects and express longing for other parts of their previous habit. Just be patient and allow the new habit of working at the office to slowly push working from home into the mists of time.” (Fortune)
- Will Friend, Transformative CEO of Bisnow, Passes Away at 33 “Will Friend, who led Bisnow Media to global status in the commercial real estate industry and became one of its most influential leaders, died unexpectedly Sunday near his home in Wilmington, North Carolina. He was 33. Friend was the CEO of the company for the last seven years, overseeing its growth to include 650 annual digital and live events in 50 international territories, 11 million news readers and more than 250 employees across the U.S., Canada, the UK and Ireland.” (Bisnow)
- These Lenders Have Grown Their Real Estate Lending Portfolios the Most in the Past Year “Using data from the Federal Deposit Insurance Corp., The Business Journals determined the 100 financial institutions nationally that have grown their commercial and residential real estate lending the most between the first quarter of 2021 and Q1 2022.” (Boston Business Journal)
- Cushman Appeals Contempt Order Over Trump Organization Documents “Cushman & Wakefield is requesting more time, saying it has already produced hundreds of thousands of pages and more than 650 appraisals so far.” (Bisnow)
- Compass Comes Back to Earth “The company saw its stock price drop to $3.53 last Wednesday, down from its initial public offering price of $18 in 2021 (and even that was significantly less than the $23 to $26 price it had been planning for). It’s not crashing and burning — more coming back to Earth, settling into the reality of being not the next big thing but just another brokerage, albeit one that still spends more money than it makes.” (Curbed)
- A Profile of Real Estate Mogul Ben Ashkenazy “Ben Ashkenazy, the billionaire mogul who founded Ashkenazy Acquisition, takes on partners and rivals as he fights to save marquee deals.” (The Real Deal)
- Mango Accelerates Store Expansion in North America “e Spanish fashion retailer is partnering with the Fox Group to open at least 20 stores in Canada during the next 10 years. Fox Group is an Israeli retail group that manages approximately 1,000 stores around the globe for international brands, including 47 Mango stores in Israel. As the first stage of the agreement, Fox will open six Mango stores in Toronto during the 2022 to 2023 period. Mango already has a presence in Canada, where it currently has close to fifty points of sale in Hudson’s Bay stores and also sells online.” (Chain Store Age)
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