- As Thousands Fall Behind on Rent, Public Housing ‘Faces Disaster’ “It has been years since public housing in New York City has received enough money from the government to deal with the aging buildings, spotty heating systems, malfunctioning elevators, rats and more that have made it an emblem of neglect. Now, plummeting rent payments from residents threaten to escalate the crisis in the nation’s oldest, largest public housing system.” (The New York Times)
- CMBS Realized Losses Increased in December “’CMBS conduit transactions incurred approximately $130 million in realized losses during December 2022 via the workout of distressed assets,’ wrote Marc McDevitt, senior managing director at CRED iQ. ‘CRED iQ identified nine workouts classified as dispositions, liquidations, or discounted payoffs in December. All nine workouts were resolved with losses to respective CMBS trusts, which contrasted with prior months when at least some workouts were able to be resolved without losses.’” (Commercial Observer)
- Hotels Embrace Blue-Collar Workers to Prop Up Sagging Business Travel “Hotel owners are lamenting a drop-off in corporate travel during the pandemic as finance, tech and other professionals spend less time on the road. But hoteliers are cheering the boom in travel by blue-collar workers. Construction crews, travel nurses, truckers and sales teams from small and medium-size businesses have packed hotels for much of the past three years.” (The Wall Street Journal)
- Fifth Wall Launched Fund Aimed at Decarbonizing CRE “Fifth Wall, a venture capital firm that specializes in proptech investment, is opening its latest fund to financing physical assets that forward the goal of decarbonizing real estate. The fund will undertake decarbonizing investments in a number of ways, including owning assets directly, acquiring debt positions or partnering with developers, according to Fifth Wall.” (Bisnow)
- Investors Have Winning Play in Extended-Stay Hotels “Coming off tremendous performances in 2021 and 2022, US select-service and extended-stay lodging properties are poised for an even better 2023, according to a report from JLL. In 2022, extended-stay investment volume accelerated with liquidity approaching $20.5 billion, a 5.5% increase year-over-year. Extended-stay hotels currently represent 9.6% of the total U.S. hotel supply, an increase of 3.1pp relative to 2012, according to JLL.” (GlobeSt.com)
- How ChatGPT Could Change Commercial Real Estate “Filippo Incorvaia doesn’t know much about poultry. He’s a real estate broker, not a farmer. To help a commercial client identify a possible warehouse distribution center, he would have to do hours of research on the poultry industry. But with the emergence of AI chatbot ChatGPT, the Miami-based Incorvaia says he can find what he needs to know within five minutes.” (The Real Deal)
- Vornado Eyeing NYC’s Casino Sweepstakes “A significant date is approaching in New York’s great casino race, yet the field continues to grow. Steve Roth’s Vornado Realty Trust is considering a bid for one of the three available casino licenses at the site of Hotel Pennsylvania near Penn Station, a person familiar with the situation told the New York Post. The hotel at 401 Seventh Avenue is being demolished. Walton Street Capital managing partner Neil Bluhm, a billionaire investor in several other casino and entertainment properties, is in touch with Roth about the project.” (The Real Deal)
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