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December 8, 2020

This Week's N.Y. Deal Sheet

[Digital Summit] How Can The New Stimulus Bill Reactivate Business Activity? Uncover This & More Jan. 19

While 2020 is sure to go down as the most unusual year in recent memory, the annual year-end wave of deals is still happening, although at a smaller scale than past Decembers.

TOP LEASES

This Week's N.Y. Deal Sheet

Executive search firm Heidrick & Struggles International inked a 12-year, 36K SF lease at SL Green’s newly completed skyscraper, One Vanderbilt, the landlord announced. The Chicago-based company will take up the entirety of the 25th floor. CBRE’s Michael Liss and Justin Aronson negotiated the lease for the tenant, and CBRE’s…

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Top Stories on Bisnow.com

Coworking Firm’s Struggles To Emerge From Bankruptcy Reveal Issues Plaguing Operators Coworking Firm’s Struggles To Emerge From Bankruptcy Reveal Issues Plaguing Operators
Remote Work’s Moment Could Lead CRE Firms To Diverse Talent Remote Work’s Moment Could Lead CRE Firms To Diverse Talent
Biden's Administration Plans Long-Awaited Opportunity Zone Reforms Biden's Administration Plans Long-Awaited Opportunity Zone Reforms
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Manhattan Rents Down 15%, Brooklyn Rents Down 12% As Exodus Continues

Manhattan Rents Down 15%, Brooklyn Rents Down 12% As Exodus Continues

Monthly apartment data has once again shown the extent of the damage on rents in pricey parts of Manhattan.The average rent in November in Manhattan was $3,485, according to brokerage MNS Real Estate’s monthly report. That figure represents almost a 2% decrease from October and a whopping 15% from November 2019.Average…

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Yankees Say A Parking Lot Operator Is Holding Up Plans For New Soccer Stadium

Yankees Say A Parking Lot Operator Is Holding Up Plans For New Soccer Stadium

The drawn-out plans to bring the first dedicated soccer stadium to New York City have apparently hit yet another snag: the owners of a Bronx parking lot refusing to play nice.Yankees officials claim Bronx Parking Development Co., which leases the lot next to Yankee Stadium from the Parks Department, is getting…

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In Case You Missed It...

It's Back: Lawmakers Plan To Introduce Pied-À-Terre Tax In January It's Back: Lawmakers Plan To Introduce Pied-À-Terre Tax In January
Goldman Sachs Could Move Asset Management Unit To Florida Goldman Sachs Could Move Asset Management Unit To Florida
City Seeks Bidders For NYC’s First Public Design-Build Project City Seeks Bidders For NYC’s First Public Design-Build Project
Some Landlords 'Are Really About To Lose Their Building': Retail Power Broker Joanne Podell On The State Of Play In NYC Some Landlords 'Are Really About To Lose Their Building': Retail Power Broker Joanne Podell On The State Of Play In NYC
As White House Stay Wanes, Trumps, Kushners Return To Now-Polarizing Businesses As White House Stay Wanes, Trumps, Kushners Return To Now-Polarizing Businesses
 
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Local Governments Roll Out Lucrative Incentive Packages Despite Budget Crisis

After years of local and state politicians doling out billions in tax incentive packages to private companies, those leaders’ governments are suddenly faced with critical budget deficits as revenues dry up.

States, counties and cities have spent upward of $95B a year on corporate incentives and subsidies by some estimates. But despite the holes those incentives leave in municipal budgets, and an increasing nationwide pushback against them, politicians aren’t likely to stop offering tax breaks to private companies as they try to lead the recovery from a deep economic recession.

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'Carnage,' Taxes And Disappearing Runway: California CRE Pushes Back Against Deeper Lockdown

 

LOS ANGELES — Tens of millions of Californians are under new stay-at-home orders lasting into the new year as the coronavirus health crisis worsens.

All regions in California are expected to drop below 15% available intensive care unit beds at some point this month. But the Southern California and San Joaquin Valley regions, as defined by the state, have already passed that threshold, and stay-at-home orders began Sunday night. 

The new stay-at-home orders ask people to stay home and avoid nonessential trips. The rules allow for indoor retailers to be open but limit them to 20% capacity. Outdoor dining is not allowed, though takeout and delivery are. Under the new restrictions, hotels are only supposed to be in use for coronavirus mitigation and containment purposes or as housing for essential workers and unhoused people. 

For many in commercial real estate, these shutdowns, while anticipated, will still hit hard. “It’s just adding more dire consequences on top of preexisting ones since March,” said Donald Wise, senior managing director of commercial real estate investment banking firm Turnbull Capital Group.

Bay Area counties San Francisco, Santa Clara, Marin, Contra Costa and Alameda plus the city of Berkeley preemptively launched their shutdown Sunday, though their region still had about 24% of its ICU beds open as of Sunday night. The stay-at-home orders, once implemented, will be in place for at least three weeks. 

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