- Russian oligarch’s NYC property manager arrested “A British man who managed New York real estate belonging to Oleg Deripaska was arrested after being indicted for allegedly violating U.S. sanctions against the Russian oligarch, the Department of Justice said in a statement.” (The Real Deal)
- Who Let Retirees Move on Campus at Arizona State? “Mirabella, with towering views of the city and desert mountains, opened during the pandemic, when most Tempe restaurants and bars, including Shady Park, were closed. Restrictions eased in spring last year, reopening downtown entertainment, including Shady Park, along with its concerts and dancing.” (The Wall Street Journal)
- Netflix Nears Deal to Build Huge Production Complex on Jersey Shore “The tech giant has been selected as the top bidder for a piece of land occupied by a former Army base about 50 miles south of New York City, two people with knowledge of the decision said. Netflix still has several hoops to jump through — economic terms are not yet final, and more approvals are needed — but this gets it closer than ever to having a major production complex in the Northeast.” (The New York Times)
- NYC’s office occupancy rates surge to post-pandemic high: report “The occupancy rate surged to 46.1% for the week ending Sept. 21, up from 34.5% over the last week of August, according to figures from City Comptroller Brad Lander’s monthly report on the status of the city’s economy.” (New York Post)
- How 2 Real Estate Fund Pros Are Balancing Sticky Inflation and Rising Rates “Being the manager of a real estate fund is a balancing act these days. Real estate is an inflation hedge because landlords can raise rents and pass along costs. But higher interest rates hurt the economy and weigh on real estate values by increasing borrowing costs.” (Barron’s)
- With Likely Recession Encroaching, Proptech Seen As Cost-Cutting Tool In CRE “A new JLL report delving into the hybrid office transformation found 78% of companies plan to adopt a majority of the so-called anchor technologies that will enable a more efficient workspace. Of all the industries covered in the report, the authors found that one of the fastest projected adopters of new technological solutions over the next three years was real estate itself, which is ‘planning to rapidly scale up its implementation.’” (Bisnow)
- How Grocery Can Survive Uberization “Perhaps the biggest competitive advantage that some delivery services have over traditional grocery is sourcing. The ability to buy goods from multiple sources to lower price points enables them to directly compete with other providers.” (Chain Store Age)
- Forever 21 plots 14 new stores “In addition to the general drift back to physical locations, the chain is benefiting from renewed interest in apparel shopping as events and in-person office work have resumed, according to Jacob Hawkins, Forever 21 chief marketing, digital and omni officer.” (Retail Dive)
- Blackstone Forms Insurance Partnership With Resolution Life “Blackstone will manage Resolution Life’s illiquid investments in areas such as private credit, private real estate and asset-based finance. The arrangement will add as much as $25 billion to the private-equity firm’s assets under management in the first year and is expected to contribute a total of more than $60 billion over the next six years.” (The Wall Street Journal)
- Soloviev selling Solow Building in what could be record NYC office deal: sources “A deal for the Plaza District property would likely be the biggest of the pandemic era in New York City, and likely one of the largest office deals in history. The 50-story, 1.6 million-square-foot building was last appraised in July 2016 at $3.4 billion, or over $2,000 per square foot, CMBS documents filed with the SEC show.” (The Real Deal)
- How Silicon Valley’s retail revolution withered. Eight years after Allbirds and Glossier were born, VC investors say direct-to-consumer is dead “Venture capital firm Forerunner has funded some of the most recognizable brands to emerge over the past decade, including luggage maker Away, cosmetics company Glossier, and high-end dog chow purveyor Farmer’s Dog. The so-called direct-to-consumer (DTC) brands gained huge followings by reaching buyers directly through targeted social media tactics, bypassing the big retailers.” (Fortune)
- You’re going back to the office. Your boss isn’t. “Some 80 percent of executive jobs are currently available remotely, according to executive search firm Cowen Partners, which helps companies fill management positions from director through the C-suite — ones that are often not visible through regular job postings. That’s up from about 25 percent pre-pandemic (the share of Americans overall who worked remotely at least some of the time was in the single digits then and is at about 45 percent now, according to Work From Home Research).” (Vox)
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