- Supply Chain Hurdles Will Outlast Pandemic, White House Says “The coronavirus pandemic and its ripple effects have snarled supply chains around the world, contributing to shipping backlogs, product shortages and the fastest inflation in decades. But in a report released Thursday, White House economists argue that while the pandemic exposed vulnerabilities in the supply chain, it didn’t create them — and they warned that the problems won’t go away when the pandemic ends.” (The New York Times)
- JPMorgan’s New Manhattan Headquarters to Be All Electric Powered “JPMorgan Chase & Co.’s new Manhattan headquarters will rely on a hydroelectric power source, making the 1,388-foot skyscraper the tallest and largest New York building to go all electric. The office tower will operate with net-zero emissions, the company said Thursday. JPMorgan, which is the largest U.S. bank, plans to consolidate a number of its New York offices after the Norman Foster -designed building on Park Avenue is completed around 2025.” (The Wall Street Journal)
- Here Are Google’s Most Important Real Estate Investments in 2022 “Google has dozens of real estate projects around the U.S., and it says at least 20 key projects will receive investments this year to the tune of nearly $10 billion. In a blog post Wednesday, Alphabet and Google CEO Sundar Pichai highlighted country-wide offices and data centers either under construction or opening in 2022.” (CNBC)
- Taxing Carried Interest as Ordinary Income: The Idea That Never Dies, But Never Becomes Law Either “Reforming carried interest has once again been pitched at the federal level.” (The Real Deal)
- UBS Expects 50,000 Store Closures in the U.S. Over the Next 5 Years After Pandemic Pause “A pandemic shakeup in 2020 led to a surge in store closures, coupled with dozens retailers filing for bankruptcy, which emptied out shopping malls and left vacancies scattered along the streets major markets including New York City. The aftermath, though, was a temporary relief from closures, as companies took the chance in 2020 to quickly slim down their store counts when consumers were holed up at home.” (CNBC)
- Construction Firms Hit Biden Labor Agreement Plan That Unions Praise “As building trades labor leaders hailed President Biden’s pro-union policies and serenaded him with shouts of “Joe! Joe! Joe!” last week, hundreds of companies that employ construction workers countered with an opposing message. Almost simultaneously as Biden praised “project labor agreements” (PLA) to the North America’s Building Trades Unions’ (NABTU) legislative conference, an Associated Builders and Contractors (ABC) letter accused him of ‘taking a dangerously partisan approach’ because he promotes those agreements.” (The Washington Post)
- The Deep-Pocketed Developer Who Helped Take Down the Lieutenant Governor “For the Harlem real estate developer Gerald Migdol, the annual charity golf outing in Westchester County was a showcase to display his generosity. Politicians, business associates and minor celebrities circled the private links, helping his small foundation pay for backpacks and Thanksgiving turkeys distributed to needy families. The highlight of the September 2019 event, however, occurred off the course, when Mr. Migdol was presented with an oversized cardboard check for $50,000 in state grant money for his charity, Friends of Public School Harlem.” (The New York Times)
- ‘The Mall Is Not Dead’ Among Rise in Online Shopping, Retail Expert Says “With Westfield Malls’ European owner announcing it's looking to unload its portfolio of American malls by next year, the outlook seems grim for U.S. shopping malls amid the e-commerce boom. However, consumer and retail expert Natalie Kotlyar, managing partner at BDO USA, believes malls still have life left in them. ‘So this is certainly nothing new, this whole conversation about the [decline of malls],’ Kotlyar told Yahoo Finance Live. ‘And are we moving away from the mall? So I am here to tell you that the mall is not dead. Consumers are still going into the malls. And they will continue to go into the store.’” (Yahoo News)
- New York Considers Weapon-Detecting Technology for Subway After Brooklyn Shooting “Mayor Eric Adams has said in interviews since the shooting in a Brooklyn subway train that cutting-edge screening technology could improve safety in the transit system without disrupting the flow of pedestrian traffic. City officials said several types of screening technology would be considered, including one that the city has been using since late February in a pilot program at a public hospital.” (The Wall Street Journal)
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