- Chinese Exodus From U.S. Real Estate Accelerates With Sale of L.A. Site “Chinese conglomerate Dalian Wanda Group has agreed to sell a glitzy development site in Beverly Hills, Calif., the latest sign that Chinese companies are bailing out of U.S. real estate after years of loading up on these properties.” (Wall Street Journal, subscription required)
- David’s Bridal to File for Bankruptcy “Wedding dress retailer David’s Bridal said on Thursday it will file for bankruptcy in the ‘near future,’ as it grapples with a heavy debt load amid changing consumer tastes in the wedding industry. The bankruptcy is part of a deal the retailer has reached with its lenders that will reduce its debt by more than $400 million.” (CNBC)
- Amazon Deal Will Disrupt Plans for Affordable Housing on Long Island City Sites “Amazon’s plans to expand into Long Island City may cost Mayor Bill de Blasio — and New York City — approximately 1,500 units of affordable housing. Two sites that will house the future offices of the e-commerce giant were originally intended for residential development, before Amazon chose them in a nationwide contest for its new headquarters.” (Politico)
- Billionaire Developer Stephen Ross: Housing Markets Are ‘Overbuilt’ in Most Parts of the Country “There's an oversupply of homes in most housing markets across the country and rising interest rates are making it harder for buyers to make deals, billionaire real estate developer Stephen Ross told CNBC Thursday.” (CNBC)
- U.S. Expands Coverage of Real Estate Anti-Money Laundering Program “The U.S. Treasury Department said Thursday it has expanded an anti-money-laundering data program that requires title insurance companies to reveal the owners of shell companies buying luxury real estate. The changes lower the value threshold of potential acquisitions subject to the requirement and expands the coverage to five new cities.” (Wall Street Journal, subscription required)
- Investor Demand Is Increasing For Shared Risk In Securitized CRE Debt Products “Since then, a growing number of investors have demanded that originators invest in the funds of loans they underwrite and then securitize, thereby assuming some of the risk in the products they create. Doing so, advocates argue, signals trust in the product and demonstrates an alignment of interests between both parties. This commingling of originators and investors has grown in popularity in the commercial real estate (CRE) debt market, raising questions about its implications for investors.” (Forbes)
- Duane Reade Shrinking Store Footprint With New Crop of Manhattan Stores “Ubiquitous drug store chain Duane Reade is thinking small about its future—small in store size, that is. Commercial Observer has learned that Duane Reade is disposing of more than a dozen Manhattan stores (including some Walgreens outposts) while actively seeking smaller-format spaces in the borough.” (Commercial Observer)
- Seven Smart Strategies For Making Mixed-Use Property More Profitable “In many urban neighborhoods, especially downtown, it’s common to find street-level shops, restaurants and service firms sharing buildings with residential apartments on the floors above. With the different challenges that come with commercial and residential properties, real estate investors may find the idea of managing a mixed-use property daunting; but it doesn’t have to be.” (Forbes)
- Why the Housing Market Is Slumping Despite a Booming Economy “Home prices are out of reach relative to incomes and mortgage rates. The big question for the economy is how the imbalance adjusts.” (The New York Times)
- First Look: Nike debuts High-Tech, Immersive Store Format in New York “Nike’s newest retail concept is a high-tech, experiential showcase on Manhattan’s Fifth Avenue. The six-level, 68,000-sq.-ft. Nike NYC, dubbed a “House of Innovation,” combines innovative physical services and digital features via the Nike app to provide a personalized and futuristic shopping experience.” (Chain Store Age)
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