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January 20, 2021

New York City Still Seems 'Closed For Business' As CRE Challenges Mount

[Webinar] Don't Miss Lafayette 148, Prose, Madison Capital & More During N.Y. Multipurpose Logistics Jan. 21

As New York City faces up to a multibillion-dollar hole in its budget, the real estate community is banking on newly inaugurated President Joe Biden sending bailout help. But those funds may not get here as easily and as quickly as many hope, and would only address part of the problem.

New York City Still Seems 'Closed For Business' As CRE Challenges Mount

Biden last week revealed his $1.9B stimulus plan, featuring $1,400 checks for many Americans. The plan would put $25B aside for rental assistance for people affected by the coronavirus pandemic and extend the federal eviction moratorium.New Yorkers predict a unified federal government and Sen. Chuck Schumer's ascension to Senate Majority Leader 

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The First Developer-In-Chief Led The Nation With A CRE Perspective, For Better Or Worse

Four years ago, when Donald Trump was sworn in as president, the commercial real estate industry was brimming with optimism — one of their own promised to bring pro-business stability and economic prosperity to their multitrillion-dollar industry.

For a while, it seemed like Trump was delivering on that hope: He oversaw one of the strongest economies in U.S. history and implemented policies and programs that sought to reward the very industry that made him a billionaire, a household brand name and the leader of the free world.  

In 2020, that all began to unravel. The country is in the midst of a pandemic that has claimed 400,000 American lives, the economy is in tatters, and the industry that made him is in upheaval as thousands of hotels, shops and offices sit empty.  

The First Developer-In-Chief Led The Nation With A CRE Perspective, For Better Or Worse

Trump’s election represented the first time in American history that a developer not only ascended to the nation’s highest office, but also maintained ownership of his business interests while in power. His real estate background shaped the 45th presidency in a variety of ways, from his frequent trips to Trump-branded properties,…

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Origin Stories: How RiseBoro CEO Scott Short's Passion To Reduce Inequality Led Him To Real Estate

This series delves into the myriad ways people enter the commercial real estate industry and what contributes to their success.

When RiseBoro CEO Scott Short first got out of college, he wanted to be a food writer. But his passion for equality and perpetual optimism guided his journey from his first job at media giant Condé Nast to the one he has today as the leader of a community partnership nonprofit that owns and builds thousands of units of affordable housing in New York City. 

Origin Stories: How RiseBoro CEO Scott Short's Passion To Reduce Inequality Led Him To Real Estate

Bisnow: How did you get introduced to CRE?Short: Through working on affordable housing projects for RiseBoro. I was attracted to the organization as an entity that really understood building community from the ground up, and using real estate as a means to improving people’s lives and reversing inequities.Bisnow: What was your…

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The Long-Term Care Industry Is Battered, But Demographics All But Assure Its Rebound

The nursing home industry's fundamentals amid the coronavirus pandemic are stark. As of mid-January 2021, COVID-19 has killed more than 136,000 residents and staff of U.S. nursing homes and other long-term care facilities, according to AARP and the Scripps Gerontology Center at Miami University in Ohio.

Occupancies at nursing homes and assisted living facilities are down nationwide as few people move in, and many facilities are losing money. Residents are now being vaccinated against the disease, but the question remains: Has the catastrophe done long-term damage to the industry?

In the long run, the industry will recover, experts say. The pandemic will wane and the same forces driving its growth, namely demographic trends and the fact that such care is need-based, will come back into play. 

"The industry isn't going to rebound fast, but it is going to rebound," American Healthcare Investors founding partner Danny Prosky said. "Health care is a demographic story because we have an aging population. That's going to happen. It's already happening."

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Remote Control: How CRE Can Embrace Work-From-Home In Its Own Offices

 

This moment in the history of how people work and use offices catches commercial real estate firms trying to thread a very delicate needle: caught between the necessity of selling your own product and showing that a return to working from an office is safe; and the need to adapt working practices and culture to cater to a workforce that, during the coronavirus pandemic, has normalized and, in many cases prefers, more remote work.

Can real estate companies, whose identity and business model have for centuries been tied to a specific place, embrace a new world likely to see people working remotely, maybe in cities far away from their office?

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