- American Dream Mall Owner Skips Interest on $800 Million Municipal Bond “The developer of American Dream, the $6 billion mega-shopping mall in East Rutherford, N.J., has failed to make its semiannual interest payment for an $800 million municipal bond, according to a notice to bondholders Friday. Bondholder trustee U.S. Bank NA said that developer Triple Five Group didn’t deposit funds for an interest payment due Wednesday and bondholders were paid from an $11.35 million debt service reserve account.” (The Wall Street Journal)
- U.S. Office Values Set to Decline by $500B by 2029: Report “New research by a joint team from NYU Stern School of Business and Columbia University Graduate School of Business project that U.S. office buildings will collectively lose $500 billion in value, or 28 percent, by 2029 if current remote work patterns persist long-term and office buildings are left vacant.” (Commercial Observer)
- Lawrence D. Ackman, a Cityscape’s Financier, Dies at 83 “In his nearly five decades at the Ackman-Ziff Real Estate Group, a firm founded by his father and an uncle under a different name, Mr. Ackman helped develop the mortgage brokerage industry — the business of helping developers borrow money to finance real estate projects.” (The New York Times)
- Retailers renewed confidence in brick-and-mortar fueling surge in commercial leases “When the COVID-19 pandemic struck and many abandoned in-person shopping and dining out, brick-and-mortar retail became one of the most undesirable assets in Canada. But now, as many Canadians no longer fear congregating and vaccine passports have been dropped, real estate firms say retail and restaurant chains are scrambling to pick up space again.” (The Canadian Press)
- Luxe Hospitality Chain Cipriani Nears Deal To Refinance Loans, Fund Future U.S. Expansion “The hospitality icon owns and operates 11 Manhattan properties, including several restaurants and members-only lounges — many of which relied on glitzy corporate events and swishy galas to keep up a steady stream of business prior to the pandemic.” (Bisnow)
- SRO Housing, Nearly Zoned Out of Existence, Could Re-Emerge “That’s part of what inspired Philadelphia City Councilmember Derek Green to introduce legislation that would legalize single-room residences in all multifamily and commercial zoning districts. (They are currently only allowed in the highest density categories, which are mostly concentrated around universities and downtown.) Other cities have been considering similar options: legislation to encourage more SROs was part of Minneapolis’s big zoning reform push while cities like San Francisco and Portland, Ore., have fought to protect their remaining units.” (Governing)
- High Rises Are Out, Campuses Are In as L.A. Office Real Estate Market Recovers “Overall, the Greater Los Angeles area’s commercial arena is lagging behind the rest of the country because of stricter COVID regulations, with 25 percent of office space vacant, according to Colliers’ 2022 first-quarter report. While employees are coming back to work, they are returning fewer days a week, decreasing the need for floor space.” (The Hollywood Reporter)
- New York Office Attendance Down 41 Percent Compared to Pre-Pandemic: Report “Of the three markets tracked, year-over-three-year monthly total visits to office buildings in San Francisco were down by 67.8 percent in May, while the drop-off in New York and Chicago was less pronounced at 40.6 percent and 45.7 percent, respectively.” (Commercial Observer)
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