• News Releases: 9/11/2020

    Century 21 storeSpencer Platt/Getty Images

    15 Must Reads for the CRE Industry Today (Sept. 11, 2020)

     
    Century 21 filed for Chapter 11 bankruptcy and plans to close all of its stores, reports Business Insider. Employees who work at multiple nursing home facilities are thought to be behind some of the continuing COVID-19 spread, according to The New York Times. These are among today’s must reads from around the commercial real estate industry.
    1. NYC Fitness Studio Owners Sue de Blasio for Continuing Coronavirus Closures “New York City Mayor Bill de Blasio needs to be more flexible with coronavirus reopening rules, fitness pros charged on Wednesday.” (New York Post)
    2. Nearly 60-Year-Old Department Store Century 21 Filed for Bankruptcy and Plans to Close all of its Stores “Century 21, the off-price department store chain, filed for Chapter 11 bankruptcy on Thursday and announced it would be winding down its business.” (Business Insider)
    3. ‘They Call Me a Criminal’: Nursing Home Workers Who May Spread the Virus “As states struggle to keep the coronavirus out of nursing homes, employees who work at multiple facilities are thought to be behind some of the continuing spread.” (The New York Times)
    4. Manhattan Rental Market Plunges, Leaving 15,000 Empty Apartments in August “The number of empty rental apartments in Manhattan nearly tripled compared with last year, as more New Yorkers fled the city and prices declined.” (CNBC)
    5. Resource to Merge Three Non-Traded REITs to Create $3 Billion Self-Managed REIT “Resource Real Estate Opportunity REIT Inc., Resource Real Estate Opportunity REIT II Inc., and Resource Apartment REIT III Inc., three non-traded real estate investment trusts sponsored by Resource Real Estate, have agreed to merge to create a $3 billion self-managed REIT.” (The DI Wire)
    6. JPMorgan Top Brass Tell Trading-Floor Staff to Come Back to the Office “The bank, which just notched a record trading quarter, told staffers they need to return by Sept. 21 unless they have child-care or medical issues.” (Wall Street Journal)
    7. Do Jobless Benefits Deter Workers? Some Employers Say Yes. Studies Don’t. “Researchers at Yale University who reviewed scheduling and time clock data for small businesses said: “We find no evidence that more generous benefits disincentivized work.” (The New York Times)
    8. Kroger Spent Hundreds of Millions on Tech Before Covid-19, but It Wasn’t Enough “Plans for big warehouses and driverless delivery weren’t ready when the pandemic supercharged online demand.” (Wall Street Journal)
    9. Twitter Seeks Subtenants for its SF HQ, as its Own Employees Stay Home “Twitter has listed 104,850 square feet for sublease at its San Francisco headquarters after adopting a permanent work-from-home policy amid the coronavirus pandemic.” (San Francisco Chronicle)
    10. AMC’s CEO Describes Coronavirus Precautions, Including Upgraded Air Filtration at Reopened Theaters “AMC Entertainment CEO Adam Aron told CNBC on Thursday that the company has been pleased with the reopening of its movie theaters following coronavirus-induced closures, citing positive reactions from attendees.” (CNBC)
    11. Congress Must Bail Out Bars for Public Health’s Sake “Americans value public inebriation more than public education — and believe that kindergarteners are better equipped to adjust to virtual learning than college freshmen. Or so, many state and local reopening policies would suggest.” (Intelligencer)
    12. With Washington Silent, States are Torn between Saving Bars and Stopping Coronavirus “With America struggling to get the coronavirus under control and Washington deadlocked over new relief measures, states face a difficult choice: open the businesses most likely to spread the coronavirus, especially bars and restaurants, or keep them closed and risk a wave of bankruptcies.” (NBC News)
    13. Durst Scores Philly Waterfront Development Site Over 76ers “The Durst Organization has won the bid to develop Penn’s Landing, beating out a rival proposal from the 76ers to build a basketball arena.” (Commercial Observer)
    14. Distressed Debt: When Will Opportunity Emerge? “Hart Advisors Group CEO shares three tips about what the uncertainty of a global pandemic means for investors waiting on the sidelines.” (D Magazine)
    15. CRE Investing Might Get A Boost From SEC Rule Change “The SEC says more people can be accredited investors, which might attract more to CRE.” (Bisnow)