- More Trouble for Malls: A New Wave of Closures from Gap, Victoria’s Secret and Others “Mall and shopping center owners across the U.S. are preparing to be hit by more store closures, following a brutal year that included department store chains like Bon-Ton and Sears going bankrupt, Toys R Us liquidating and even Walmart shutting dozens of its club stores.” (CNBC)
- Marriott Hacking Exposes Data of up to 500 Million Guests “The Marriott International hotel chain said on Friday that the database of its Starwood reservation system had been hacked and that the personal details of up to 500 million guests going as far back as 2014 has been compromised.” (The New York Times)
- New York City Council to Host Hearings on Amazon’s Headquarters Deal “Members of the New York City Council will host a trio of hearings to grill city officials and com about the closed-door negotiations that led to the tech giant agreeing to build its second headquarters in Queens.” (Wall Street Journal, subscription required)
- Michael Cohen Admits Trump Tower-Moscow Talks Continued Well into 2016 Campaign “Donald Trump and his aides continued negotiations about a potential Trump Tower project in Moscow well into the 2016 presidential campaign, his ex-lawyer Michael Cohen acknowledged in a guilty plea in a New York federal court on Thursday.” (NPR)
- ‘Opportunity Fund’ Managers Favor Urban Areas, Commercial Real Estate “Commercial real estate in large urban areas will be the big winner from the tax scheme aimed at boosting investment in needy areas, according to an analysis released in November. But who most benefits from commercial real estate deals remains up for debate.” (MarketWatch)
- Pending Home Sales Fall 2.6% in October as More Buyers Are Priced Out “Expectations for a stronger housing market in October fell short. Pending homes sales, a measure of signed contracts to buy existing homes, fell 2.6 percent compared with September, according to the National Association of Realtors. Sales were down a steeper 6.7 percent compared with October 2017. That makes the 10th straight month of annual declines.” (CNBC)
- New York’s Wealthiest Cut Losses as Manhattan Real Estate Falters “Luxury homeowners struggle to accept the new reality of home prices falling after a decadelong property boom.” (Wall Street Journal, subscription required)
- Good Jobs and Affordable Homes: Millennials Should Look to These Cities “Millennials have a reputation for being poor savers and impulsive buyers. The truth is most millennials have a higher level of financial literacy than most people realize.” (MarketWatch)
- SL Green Realty Increases Stake in 245 Park Ave. “Under a new agreement with the Chinese conglomerate HNA Group, SL Green Realty will raise its total stake at 245 Park Ave. to $148.2 million. HNA paid $2.21 billion in 2017 and SL Green held a junior piece of its $1.8 billion in financing.” (New York Post)
- Interest Rates Likely to Rise in December, Recap of Fed Meeting Shows “The Federal Reserve is poised to raise interest rates at its next policymaking meeting in mid-December and to continue raising rates next year, according to the minutes of the central bank’s last meeting published on Thursday.” (The New York Times)
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