- Want to Own an Apartment Building? Buy a Distressed Hotel for Pennies on a Dollar “Communities are desperate for more affordable housing, but the cost for developers is just too high. Land, labor and materials were pricey before the pandemic, and they are even more so now. That is why some creative developers are now turning to hotels – and it appears to be a match made in real estate heaven.” (CNBC)
- Biden’s $1.9T Relief Bill to Include $25B for Ailing Restaurants “$25 billion grant program for struggling restaurants will be included in President Biden’s whopping $1.9 trillion coronavirus package — with a large chunk of that going to the Big Apple’s ailing eateries, The Post has learned. The details of the provision are still tentative but would allow eligible food service and drinking establishments to file for grants of up to $10 million to make up for lost revenue in 2020 caused by the coronavirus pandemic, a source familiar with the negotiations said.” (New York Post)
- Real Estate Executive Council Launches Diversity Partners Program “The Real Estate Executive Council ("REEC"), the pre-eminent trade association for commercial real estate (CRE) professionals of color, is pleased to unveil REEC's Diversity Partner Program and announce its initial membership, which comprises a wide spectrum of well-respected commercial real estate organizations. Through the Diversity Partner Program REEC partners with firms and organizations to improve diversity, racial equality and inclusivity both in the partner firms and across the CRE industry.” (PR Newswire)
- Yelp’s Entire San Francisco HQ Listed for Lease “The online review company says it's downsizing, raising speculation about where it will end up.” (San Francisco Business Times)
- Fifth Avenue Stores Empty One Year into the Pandemic “A year into the pandemic, more than 30 stores on Fifth Avenue, one of New York City’s most iconic retail stretches, remain empty.” (The Real Deal)
- Some NYC Seniors Are Getting Vaccinated in Their Buildings. Many Others Never Got a Shot to Apply “In early January, Mark Jennings got an email from a colleague that gave him a glimmer of hope. The message for Jennings — an administrator for the nonprofit Project FIND, which runs supportive housing for low-income and homeless seniors — told him about a federal program that would bring COVID-19 vaccines straight to his residents, with pharmacists to administer shots on site.” (The City)
- LCN Closes Latest Sale-Leaseback Funds at $1.3B “LCN Capital Partners has raised the equivalent of more than $1.3 billion in equity commitments for its third pair of sale-leaseback funds. Its LCN North American Fund III LP exceeded a target of $500 million and closed at a hard cap of $635 million. The Luxembourg-domiciled LCN European Fund III SLP exceeded its target of €500 million ($601 million), closing at a hard cap of €600 million ($721 million).” (Commercial Property Executive)
- Fintech Cadre Launches $400M Fund Targeting Individual Investors and Will Back Underrepresented Real Estate Operators “Ryan Williams got his start in real estate investing as a student at Harvard University in the years during the financial crisis, sourcing capital from his network to opportunistically buy distressed properties in areas like the Atlanta suburbs. A decade later, after time at Goldman Sachs and Blackstone, Williams was at the helm of his own fast-growing real estate company, backed by some of the biggest names in investing and business, and facing a new economic storm to navigate.” (Forbes)
- Trump’s Banker at Deutsche Bank Was Ousted for a Real Estate Deal “Deutsche Bank’s review found that Rosemary Vrablic, a senior private banker and managing director in its wealth management business in New York, “engaged in undisclosed activities related to a real estate investment,” including buying a property ‘from a client-managed entity,’ the bank said in records filed with the Financial Industry Regulatory Authority.” (The New York Times)
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