- Fed Approves Shift on Inflation Goal, Ushering in Longer Era of Low Rates “The Federal Reserve approved a major shift in how it sets interest rates by dropping its longstanding practice of pre-emptively lifting them to head off higher inflation, a move likely to leave U.S. borrowing costs very low for a long time.” (Wall Street Journal, subscription required)
- With Second Stimulus Checks on Hold, Americans Spend Less at the Grocery Store “Grocery shoppers are cutting back on spending, data show, a sign that Americans are hurting for cash as the federal unemployment stimulus remains on hold for most recipients.” (Wall Street Journal, subscription required)
- Two Black-Led Banks Merge to Form a $1 Billion Lender “The expanded City First Bank, which concentrates on underserved neighborhoods, will be the nation’s largest Black-controlled federally insured commercial lender.” (The New York Times)
- The Billionaire Behind Hudson Yards Thinks New York Is Too Expensive “Stephen Ross, a friend of President Trump, talks about politics, philanthropy and his pet peeve: wastefulness.” (The New York Times, subscription required)
- California Unveils Coronavirus Testing Plan that Could Speed School, Business Reopening “California has entered into an agreement worth up to $1.7 billion with a company that could process tens of thousands of coronavirus tests per day as soon as November, a step that could help the state return more quickly to normal life, Gov. Gavin Newsom said Wednesday.” (San Francisco Chronicle)
- 25% of U.S. Malls Are Expected to Shut within 5 Years. Giving Them a New Life Won’t Be Easy “What is going to happen to America’s dead malls? That’s a million-dollar question plaguing retailers and real estate developers.” (CNBC)
- Blackstone Gets Back Into Rental Houses With Tricon Deal “Blackstone Group Inc., which led Wall Street’s initial foray into the single-family rental business, is making a new investment in suburban houses at a time when the Covid-19 pandemic is pressuring traditional commercial real estate.” (Yahoo Finance)
- Amazon Expands Grocery Business Beyond Whole Foods with First Fresh Store in Los Angeles “Amazon is opening the first location of its new chain of grocery stores, which are designed to court a different set of customers than Whole Foods shoppers.” (CNBC)
- Bal Harbour Shops Is Evicting Saks Fifth Avenue for $1.9 Million in Unpaid Rent “Bal Harbour Shops has filed eviction proceedings against Saks Fifth Avenue, one of the luxury mall’s longtime anchor tenants.” (Miami Herald)
- Stay to Play: Inside the Sordid History of Trump’s DC Hotel “Why the president’s prized property could be headed for a reckoning.” (Mother of Jones)
- Hotels: Occupancy Rate Declined 30.3% Year-over-year, "Fell to a Three-Week Low" “U.S. hotel occupancy fell to a three-week low during the period of 16-22 August, according to the latest data from STR.” (Calculated Risk)
- U.S. Dollar Chains Report Profit Surge as Downturn Makes Shoppers Thrifty “America’s biggest dollar store chains reported better-than-expected quarterly profit on Thursday, as cash-strapped consumers sought lower priced groceries and household items in a coronavirus-induced economic downturn.” (Reuters)
- More Americans Sign Contracts to Buy Homes in July “More Americans signed contracts to buy homes in July, suggesting the current hot housing market could continue in the fall.” (AP News)
- Knotel Hit With Another Suit for Unpaid Rent, This Time at 5 Hanover “Knotel’s legal troubles with New York City landlords continue to grow it was hit with another lawsuit for unpaid rent.” (Commercial Observer)
- Marquee Office Markets Could Lose Their Pricing Luster “One of the many, many (many) side effects of the coronavirus pandemic on commercial real estate is the likely erosion in prices of office buildings in marquee U.S. markets such as Los Angeles, New York and D.C.” (Commercial Observer)
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