- Clubhouse: The New, Surprisingly Powerful Real Estate Deal-Making Hub “Of the 10 Clubhouse-using commercial real estate professionals Bisnow spoke with for this story, most said they spend at least an hour every day on the app. They said they have met a host of new contacts, and in many cases secured new deals to grow their businesses. Some commercial real estate professionals have used platforms like Twitter and LinkedIn to grow their networks for years, but they say Clubhouse is more valuable because its audio-only format allows them to have candid, meaningful conversations with their peers.” (Bisnow)
- How the 3-2-2 Workweek Will Impact Commercial Real Estate “At the same time, the flexibility of remote work is too desirable for most workers to give it up entirely. That’s why the 3-2-2 model is so enticing. Preliminary surveys reveal that when it’s safe to fully return to the office, employees are on board with a hybrid work schedule. A different JLL survey of over 2,000 office workers found that 72 percent want to continue working from home on a regular basis post-pandemic, and a majority want to do so at least two days a week.” (PropModo)
- Real estate makes last-minute push to kill proposed preferred equity tax “On Tuesday, 13 local and national real estate organizations sent a letter expressing concerns over the impending tax to Gov. Andrew Cuomo, as well as state Senate and Assembly leaders. The next day, the Mortgage Bankers Association, which organized the petition, encouraged its 80,000-strong membership to send automated letters to their representatives.” (The Real Deal)
- WeWork Agrees to SPAC Deal That Would Take Startup Public “The company is taking advantage of a torrent of new SPACs to accomplish what it failed to pull off in 2019, when public investors rejected the money-losing company and its visionary yet erratic leader, Adam Neumann, who subsequently resigned as chairman and CEO.” (The Wall Street Journal)
- Capital of Consequence: Bridge Lending is Trending “Long considered a realm of banks, this cycle has seen a number of non-banks enter the bridge lending field including funds, mortgage REITs, life insurance companies and the GSEs. Given the long recovery cycle post-Great Financial Crisis and the proliferation of nonbank lenders, the conventional wisdom has been that an economic downturn would likely cull this herd of funds. While the narrative certainly isn’t over, the current chapter includes increased participation rather than less with notable strategy shifts occurring and growth prospects.” (MBA Newslink)
- New Jersey readies $1.45bn to make up ground on real estate allocation “According to a board meeting report by the pension fund’s real estate consultant Hamilton Lane, up to $950m will be committed to close-ended funds and as much as $500m will be allocated to open-ended funds.” (IPE Real Assets)
- Most NYC Restaurants Lost More Than Half Their Revenue in 2020 “A survey of more than 400 owners from the trade organization, New York City Hospitality Alliance, found that 75 percent faced revenue declines of more than 50 percent in 2020 as the coronavirus pandemic ripped through the city.” (Commercial Observer)
- CBRE Wins Contract for World Trade Center Management “The Port Authority of New York and New Jersey, the bistate agency that owns the site, will pay CBRE $850,000 a year, an authority executive, Alan Reiss, said at a board meeting on Thursday.” (The Wall Street Journal)
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