- Pricey Steel Is Creating Big Headaches For Data Center Builders “According to analysts, steel producers, expecting a long-term recession, reduced capacity at the beginning of the coronavirus pandemic in 2020. They were subsequently caught off guard by the surge in demand for household goods, home improvement products, cars and other consumer products.” (Bisnow)
- The State Distributed $0 in Rent Relief in Program’s First Month “In the first month, nearly 120,000 tenants applied for aid, including more than 91,000 households in New York City. But the state hasn’t distributed any money yet to applicants in need.” (The City)
- CPPIB, Greystar link up to pursue life sciences real estate projects “This is the board's third joint venture with Greystar. In January, they announced a joint venture to pursue U.S.-based multifamily real estate development opportunities, and in September 2020 announced a joint venture along with Cyrela Brazil Realty to develop multifamily rental housing in Sao Paulo, Brazil.” (Pensions & Investments)
- Boston Properties partners with Singapore’s GIC, CPP Investments for U.S. real estate deals “The partners will aim to contribute a total of $1 billion of equity to the partnership and plan on borrowing another billion, the real estate investment trust said on Wednesday.” (Reuters)
- Top Milwaukee-area real estate firms, developers launch training program for diverse high schoolers “A high school level educational program launched this week for about 20 women and people of color to be taught by local real estate executives from some of the region’s most active firms.” (Milwaukee Business Journal)
- Lumber Prices Are Way Down—But Don’t Expect New Houses to Cost Less “Home builders say they expect to collect higher profit margins rather than drop asking prices. That is typical following periods of rising commodities costs, when the broad economic growth that normally accompanies higher raw-materials prices enables companies to pass along more expenses.” (The Wall Street Journal)
- Former Execs Plead Guilty In $1.3B Real Estate Fraud “The swindle was orchestrated by Robert Shapiro, the former president and CEO of Woodbridge, who was previously convicted of fraud and sentenced to 25 years in prison for his leadership role, the maximum for this particular crime. During the height of the scheme in the mid-2010s, Woodridge had offices in California, Florida, Colorado, Tennessee and Connecticut, and Shapiro controlled a network of more than 270 limited liability companies, which he used to acquire and sell the properties that were used to defraud investors.” (Bisnow)
- Instacart Wants to Be an Influencer in Food Delivery “Instacart and restaurant-delivery platforms might seem like similar businesses on the surface, using gig-economy workers to deliver food to consumers. But there are key differences worth noting. While Instacart says the majority of its shoppers are independent contractors, the company also employs full-service shoppers in some stores on a part-time basis.” (The Wall Street Journal)
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