- Brookfield, Lefrak Claim NY Rental Assistance Program Is Unconstitutional: Lawsuit “The landlords alleged that the measure, dubbed the Emergency Rental Assistance Program (ERAP), let some of their tenants not pay rent for more than a year while they waited for ERAP’s administrator, the New York State Office of Temporary and Disability Assistance (OTDA), to determine whether residents would get state dollars to cover unpaid back rent.” (Commercial Observer)
- WeWork Launches Executive Suite Offering Targeting Finance, Law Firms “Coworking giant WeWork announced a new offering aimed squarely at financial firms, law offices and corporate clients, seeking to broaden its base of potential customers. The new offering, called WeWork Office Suites, includes more private executive office suites meant to provide more of the trappings of a typical office, but with the flexible lease terms coworking is known for.” (Bisnow)
- Major Miami Beach Real-Estate Projects Nixed by Voters “Property developer Stephen Ross, Related Cos. chairman and owner of the Miami Dolphins, had been planning to replace the historic Deauville Beach Resort on Collins Avenue with a new hotel and development. Starwood Capital Management, led by Chief Executive Barry Sternlicht, and Miami developer Don Peebles Jr. have also been preparing to build new office towers near the ocean. But a little more than half of Miami Beach residents voted thumbs down on three separate referendums that would have allowed the developments to proceed.” (The Wall Street Journal)
- Health systems eye real estate moves in post-pandemic world “Health systems facing economic headwinds and the aftereffects of the pandemic are taking a closer look at divesting or squeezing more value out of their real estate holdings. Real estate can account for up to 40% of a health system's balance sheet and also represent a major chunk of some communities' commercial real estate inventory.” (Axios)
- Evaluating Real Estate Capital Stacks in a Rapidly Changing Environment “While these tranches can help boost returns, operating cash flow can become increasingly absorbed by considerable debt service requirements. In the event of a slowdown in rent growth, decreasing occupancy, or unanticipated increases in capital and operating expenses, the risk of default on loan obligations becomes more prevalent.” (D Magazine)
- Developer found guilty in LA City Hall bribery scheme “Just two years after a federal grand jury indicted China-headquartered development firm Shen Zhen New World I for racketeering charges stemming from an investigation of former Los Angeles City Councilman José Huizar, a jury on Nov. 10 found the company guilty of the eight charges brought against it.” (The Real Deal)
- Voters Approve Rent Control in Florida County “Pending litigation will prevent the ordinance from going into effect. In September, a lawsuit was filed by the Florida Apartment Association and the Florida Association of Realtors, seeking to invalidate the ballot measure, but a judge ruled that the suit could not proceed until after the election.” (GlobeSt.com)
- With $1.3B In Dry Powder, Starwood On The Lookout For 'Unbelievable Opportunities' “Starwood Property Trust Chairman and CEO Barry Sternlicht told investors on Wednesday that the REIT is going to be cautious in the current economic climate, but not ignore the opportunities posed by it. Not only are the opportunities there, Starwood has the means to pursue them, with more dry powder than at any time in its history — $1.3B all together, including a five-year, $600M loan on which it just closed.” (Bisnow)
- Multifamily faces stricter emission caps “The law’s original language had only 10 building types. The expansion to 60 is viewed favorably by the industry, which had complained about buildings being forced to meet standards for very different properties. But the proposed rules include another change: In 2030, the coefficient used to calculate the cap on carbon emissions for multifamily properties is reduced by nearly 20 percent compared to the law’s language.” (The Real Deal)
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