- Some Real Estate Developers Embrace Short-Term Rentals “Property owners have long worried that short-term rentals bring noise, crime and regulatory risks to their buildings. But some real-estate firms are starting to embrace the presence of itinerant guests. In downtown Nashville, Tenn., developers of a new 77-unit condominium project are explicitly marketing their building to owners interested in renting out their apartments via short-term listing sites.” (Wall Street Journal, subscription required)
- NYC Office Leasing Drops Dramatically in August “After an active July with 5.17 million square feet leased, office leasing hit the doldrums in August, with transactions dropping an astounding 68.2 percent, to just 1.56 million square-feet of inked deals. A new report from Colliers International says August leasing was 30.8 percent less than just a year ago. Still, so far this year, 26.98 million square feet has been leased.” (New York Post)
- Silence vs. Success: Women in CRE Still Not Saying #MeToo “As thousands of women prepare to fly to the Commercial Real Estate Women Network’s annual convention in Orlando this week, the organization dedicated to the advancement of women in the industry says addressing sexual harassment in the workplace isn’t part of its mission. CREW Network, a global organization with more than 11,000 members, has maintained an internal policy for the last two years to not comment on #MeToo, Bisnow has learned.” (Bisnow)
- How One Address Led to a $100 Million Tax Credit Scheme “In the summer of 2015, Jaguar Land Rover North America told state officials in New Jersey that it was considering moving to an office development in New York called Blue Hill Plaza. To keep the automotive giant’s headquarters in New Jersey, the state offered $26 million in tax credits. So Jaguar stayed. Five months later, FC USA, a travel company, also told New Jersey that it was looking to relocate to the very same office development in New York.” (The New York Times)
- WeWork Investors Like SoftBank Have an Obscure Protection Worth Millions in a Devalued IPO “Investors like SoftBank have an obscure protection that will grant them hundreds of millions in shares if WeWork’s IPO value is lower than they bought in at in the private market. The fine print is known as a ratchet, and speaks to the opaque nature of private markets and sky-high valuations. The real estate start-up’s parent company was valued at $47 billion after its last funding round from SoftBank.” (CNBC)
- Threat to Report Tenant to ICE May Cost Landlord $17,000 “Although housing discrimination against immigrants is common, the recommendation from the judge that Ms. Lysius pay a $5,000 fine and $12,000 in damages to her tenant is highly unusual, if not unprecedented, said lawyers for the New York City Commission on Human Rights, which pursued the case after Ms. Ondaan filed a complaint.” (The New York Times)
- High-End Stores at New Mega-Mall? Dream On “Whatever happened to promises of only super-high-end retailers at the new mall in the Meadowlands? For years we were tantalized with promises of Chanel, Gucci, and Balenciaga. Looks like we’re getting Century 21, H&M and Zara. It’s not that I was hoping to shop in places that charge several hundred dollars for a scarf (although I certainly would have looked), but I find the list of stores that have leased space to be disappointing in several ways.” (nj.com)
- MCSS Development Sells 480 KSF Self-Storage Portfolio “MCSS Development and Investment has sold a portfolio of five trophy self storage assets encompassing 4,141 units in key submarkets of metropolitan Miami. Jernigan Capital Inc. acquired the 480,000-gross-square-foot collection of Generation-V facilities, which operates under the CubeSmart brand, for an undisclosed price.” (Commercial Property Executive)
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