- Key Yield Curve Inverts to Worst Level Since March 2007, 30-year Rate Under 2% “Long-term Treasury rates added to their monthlong slide on Tuesday, aggravating a key yield curve inversion and sending the 10-year yield to its lowest level against the 2-year rate since 2007. The yield on the benchmark 2-year Treasury note, more sensitive to changes in Federal Reserve policy, held steady at 1.533%, 4 basis points above the 10-year note’s rate of 1.493%. Earlier, the spread between the two yields dropped to 4.2 basis points, its most-negative point since May 2007.” (CNBC)
- Dressbarn and Ann Taylor Owner Not Returning Lenders’ Calls “Mahwah, NJ-based Ascena, which also owns Ann Taylor, Loft, Lane Bryant and tween retailer Justice, has not returned the lenders’ calls and emails for at least a month, raising concerns about whether the publicly traded company is preparing to file for bankruptcy protection, according to a source with knowledge of the situation. Nonetheless, no payments have been missed by Ascena.” (New York Post)
- Green Builder Lean on a Juggernaut Loan Program “Developers grappling with the cost of new laws enacted to combat climate change are taking advantage a little-known finance tool to help pay for green-building requirements. The model for the loans, known as Property Assessed Clean Energy, was created in 2008 to fund improvements that create environmentally sustainable and resilient properties. Now, developers are turning to PACE loans to help meet tougher environmental standards in more cities and states.” (The New York Times)
- Investor’s Ties to WeWork Raise Conflict-of-Interest Concerns “Few people outside of We Co. have more riding on the initial public offering of WeWork’s parent company than Steven Langman. The private-equity executive was an early investor and occupies several key positions at We, overseeing executive pay, succession and other critical issues. He also is a driving force behind We’s push into property acquisitions and co-manages an investment vehicle that buys buildings with the goal of leasing space to WeWork.’ (Wall Street Journal, subscription required)
- Nursing Home Employees Surrender in Patient Deaths “Three employees of a Florida nursing home where 12 people died in sweltering heat after a hurricane cut power turned themselves in on Monday to face charges, their attorneys said. Attorneys Jim Cobb and Lawrence Hashish told The Associated Press they were uncertain what charge their clients faced but expected it to be manslaughter.” (Associated Press)
- No Pingpong Here: CBRE’s Plush Hana Shared Office Has Sleek Design, Lots of Flexibility “If your idea of a coworking space is an office with concrete floors and frat boy foosball games in the back, Hana probably isn't for you. Hana — the flagship of what CBRE plans to be a nationwide shared office chain — has formally opened its doors in Dallas. Located in the new Park District project in Uptown, the flexible office offering raises the bar for the coworking sector.” (Dallas Morning News)
- Hotels Have Piled on the Brands. In a Downturn, That Could Be a Problem “Moxy and Motto. Autograph, Avid and Alila. Edition, Element and Even. Big hotel management companies have been acquiring or inventing new brands at a dizzying pace in the past several years. But as the long bull market shows signs of fatigue, some industry analysts are starting to ask: What will become of all these upstart brands when the economy sours?” (The New York Times)
- Dollar General, Dollar Tree, Family Dollar to Pay $1.2 Million for Selling Expired, Obsolete Products “Discount retailers Dollar General Corp., Dollar Tree Inc., and Family Dollar will pay a total of $1.2 million in fines and damages for selling expired and in some cases, even obsolete, products. Family Dollar is part of the Dollar Tree portfolio. The settlement, according to an announcement from the New York Attorney General, comes as the result of a months-long undercover investigation that found Dollar General sold obsolete motor oil, some of which wasn’t suitable for engines built after 1930. What’s more, Dollar Tree and Family Dollar violated the state’s bottle deposit law and all of the discount retailers sold expired over-the-counter drugs.” (Wall Street Journal, subscription required)
- The Best Suburbs in Every State in America “There's a widespread stereotype that living in the suburbs is boring. But that's not always the case. The best suburbs offer access to parks and cultural activities, good job prospects, and top restaurants — in addition to low crime rates and well-regarded public schools. GoBankingRates, a website that conducts finance-based studies, recently determined the best suburb in each US state based on major metropolitan statistical areas (MSA).” (Business Insider)
- Storefront Vacant Report Reveals NYC Is in a Retail Leasing Crisis “The Department of City Planning’s recent Storefront Vacancy Report brought rare clarity to the city’s retail leasing picture — a situation which many, Realty Check included, has called a crisis. As DCP Director Marisa Lago put it, the research shows that ‘the reasons for storefront vacancies are complex and varied.’ In not allocating blame solely to greedy landlords demanding unaffordable rents, her report was a dramatic break with the views of many elected officials and city agency heads.” (New York Post)
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