- Activist Urges Six Flags to Monetize Its Real Estate “The firm’s founder and chief investment officer, Jonathan Litt, has been in touch with Six Flags management, including Chief Executive Selim Bassoul, to discuss splitting the business into separate operating and property companies, according to the presentation. The company’s real estate could be sold to partners and leased back to Six Flags, Mr. Litt argues.” (The Wall Street Journal)
- Distressed Asset Specialists See Deals In Reckoning That 'Dwarfs '08 Collapse' “Refinancing with rising rates will lead to ‘a reckoning,’ with borrowers in a ‘world of hurt,’ and whereas the financial mess of 2008-2009 was caused by bad decisions around the financing of needed assets like single-family homes, the question about the long-term utilization of certain commercial real estate assets may lead to more trouble.” (Bisnow)
- Renters Could Become Homebuyers Sooner Than Expected in Some Markets “Where this trend has been particularly true and might represent an actual potential opening for first-time home buyers is in pandemic boomtowns where price growth was not driven by just overall market conditions but also by an influx of remote workers exiting higher-priced metropolitan areas, and investors following at their heels sensing a smart money play.” (Commercial Observer)
- American Eagle’s delivery network teams with JLL to lease warehouse space “Helping the company—called Quiet Platforms— to do that will be global retail services provider JLL through a partnership announced this week. Under the agreement, the two companies will seek to pioneer a flexible rent-as-a-percentage-of-revenue model for logistics real estate.” (Chain Store Age)
- Warehouse Space Demand Will Shrink in 2023 “Demand for warehouse space will decrease in 2023, experts predicted, but companies will still be looking to fill in network gaps opportunistically, while continuing to move sourcing and inventory closer to domestic customers to hedge against supply chain shocks.” (Multichannel Merchant)
- White House Looks at Benefits to Lure Americans Back Into Workforce “The question of how to find enough workers has emerged as a significant issue as the country emerges from the pandemic, with a smaller share of adults working or looking for work than in early 2020. White House economic officials expect to brief President Biden on their thoughts over the holiday break as the administration shapes its agenda for 2023 and plans for Mr. Biden’s State of the Union address.” (The Wall Street Journal)
- N.Y.U. Director Embezzled Funds for Home Renovation, Prosecutors Say “The director, Cindy Tappe, 57, who left N.Y.U. after her actions were discovered in 2018, was charged by the office with money laundering and grand larceny, as well as other crimes, for what prosecutors said was a six-year scheme in which she redirected $3.3 million from New York State education grants to the shell companies, which she had created.” (The New York Times)
- New York Rep.-elect fabricated real estate portfolio claim “His alleged New York properties aren’t listed on required campaign financial disclosure forms. No documents or deeds appear to be associated with him or his companies in New York City or Nassau County.” (The Real Deal)
- Trump Paid $1.1 Million in Taxes During Presidency, but $0 in 2020, Report Shows “By 2020, however, Mr. Trump had returned to reporting losses. In fact, despite the capital gains that boosted his bottom line in 2018, the entirety of his core businesses — mostly real estate, golf courses and hotels — continued to report losses every year, totaling $60 million during his presidency. He was able to recoup $5.47 million because he had made millions of dollars in estimated tax payments that he ended up not owing.” (The New York Times)
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