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September 10, 2020

Endless Summer: Beach Businesses Prepare, Hope For A Season With No End Date

MONTAUK, N.Y. — Were it a normal summer, the staff at Duryea's Lobster Deck here at Long Island's eastern point would this week be starting to wrap up the season. But this is no normal year, and the restaurant isn't changing out of its summer whites just yet.

The dining deck, which was reconfigured to serve people in a socially distanced manner, is now staying open until the end of September. The ramped-up takeout menu, not previously a big part of the business, will still be running until Columbus Day — something it has never done before.

Endless Summer: Beach Businesses Prepare, Hope For A Season With No End Date

“We’re expecting to maintain steady business … We do feel people are staying out east longer than the typical season, and we’d like to be available for them,” said Emily Corso, the events and marketing director for Montauk Asset Holdings, which owns the restaurant, as well as Lulu Kitchen & Bar…

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Citing Insurers That 'Turned Their Backs On Us,' Century 21 Will Close All Its Stores

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One of New York City’s most famous retailers has become another casualty of the coronavirus pandemic’s fallout after failing to secure insurance payouts. Century 21 Stores filed for bankruptcy and will close all 13 of its stores in New York, New Jersey, Pennsylvania and Florida, the company announced Thursday. "While…

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All The Details On Durst's Plan For Penn's Landing

The Philadelphia 76ers will have to look somewhere other than Penn's Landing if it wants to build a new arena for itself.

The Delaware River Waterfront Corp., the nonprofit that controls long stretches of publicly owned land along Philadelphia's eastern riverfront, announced on Wednesday that it has selected The Durst Organization as lead developer for acres of land between Market and Lombard streets. The DRWC's board of directors unanimously voted for the Durst plan over three other finalists, according to the organization's press release.

All The Details On Durst's Plan For Penn's Landing

Now that the selection process is complete, DRWC and Durst will negotiate further over the specifics of a development deal. After that, Durst has promised a robust community input process.DRWC's 2019 request for proposals covered two sites, the first a 7.5-acre lot bounded by Market Street to the north…

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Solving The Transport Conundrum Keeping People Out Of The Office Is Tough, But Not Impossible

 

The government, office owners, and café and restaurant operators: London’s office workers are being urged from all sides to head back into the city centre after six months of working from home. But they are steadfastly refusing, and there is one big factor: transport.

Millions of words have been written about the 6-foot office, temperature scanners in lobbies or how to social distance in restaurants. In spite of research that public transport isn’t a major vector of coronavirus transmission, polls show that public transport is a big worry factor for Londoners, with 70% saying they were afraid to use the capital’s transit system. London First produced similar findings.

For a city like London or New York, where a high proportion of office workers use public transport and face long commutes, getting people back on public transport is vital, and city centres won’t be back in business until they do.

“The government has done a good job in scaring people and keeping them off public transport,” London Property Alliance Executive Director Charles Begley said. “It is hard to unwind that quickly.” 

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CRE Investing Might Get A Boost From SEC Rule Change

In late August, the Securities and Exchange Commission modified its definition of “accredited investor," changing who is allowed by law to invest in private securities offerings. The new regulations are less restrictive than before, and will likely allow a larger pool of investors to actively participate in private real estate offerings, though the exact number isn't clear yet.

Public capital markets, as the name implies, are open to even investors of modest means, but they represent only a part of the action. In 2018, according to the SEC, private markets raised about $2.9 trillion, compared with $1.4 trillion raised in public markets. The agency doesn't break its totals down into real estate and non-real estate investments. 

"With this update, the SEC wants to expand access for individual investors to participate in the private investment space," CrowdStreet co-founder Darren Powderly said. "It's a modest step, but it is a welcome one for real estate investing."

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