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January 12, 2021

This Week's N.Y. Deal Sheet

[Digital Summit] What Are The Best Practices For Navigating The Complex Rental Crisis? Find Out During NYC Affordable Housing Recovery Feb. 25

During the first full week of the new year, tumultuous as it was, the retail leasing market in Manhattan shook off some cobwebs.

TOP LEASES

This Week's N.Y. Deal Sheet

Trader Joe’s will open its first store in Upper Manhattan in the heart of Harlem on 125th Street. The grocer inked a lease to take up 28K SF at the new Urban League Empowerment Center on 121 West 125th St., set to be completed in 2023. The Prusik Group, BRP…

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Top Stories on Bisnow.com

CRE Donor Class Among Benefactors Abandoning Trump And His Allies CRE Donor Class Among Benefactors Abandoning Trump And His Allies
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The Pandemic Is Killing The Master Lease Model Of Short-Term Rentals The Pandemic Is Killing The Master Lease Model Of Short-Term Rentals
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Deutsche Bank, Signature Bank Say They Won’t Lend To Trump Anymore

Deutsche Bank, Signature Bank Say They Won’t Lend To Trump Anymore

The political fallout for President Donald Trump after a mob of his supporters stormed the U.S. Capitol last week is still unfolding, but the backlash against his business has been swift.Deutsche Bank will no longer work with Trump or his company, The New York Times reports, citing a source.…

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Victoria’s Secret Loses Legal Bid To Skip Rent At Herald Square

Victoria’s Secret Loses Legal Bid To Skip Rent At Herald Square  

An eight-month legal battle has come to an end with a Manhattan judge ruling that Victoria’s Secret is still on the hook for its nearly $1M per month rent in Herald Square, despite the problems caused by the coronavirus crisis. The retailer sued its landlord, SL Green, in May,…

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In Case You Missed It...

Times Square Buffalo Wild Wings Sued For $3M In Back Rent, Taxes Times Square Buffalo Wild Wings Sued For $3M In Back Rent, Taxes
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'Not Out Of The Woods Yet': NYC Hotel Market Is In For A Rough Start To 2021 'Not Out Of The Woods Yet': NYC Hotel Market Is In For A Rough Start To 2021
Booze Companies Team Up To Fund $3M New York Restaurant Grant Program Booze Companies Team Up To Fund $3M New York Restaurant Grant Program
2020 Was The Manhattan Office Market's Worst Year This Century 2020 Was The Manhattan Office Market's Worst Year This Century
 
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CRE's Next Generation: Oak Investment CEO Erik Murray Invests In Black Developers When Other Firms Hesitate

 

This series asks rising stars in commercial real estate about their thoughts on some of the biggest issues facing the industry, such as inequality, climate change and technology.

Erik Murray is taking efforts to diversify the commercial real estate industry into his own hands.

Murray is CEO and managing partner of Oakland-based Oak Investment Funds, an investment firm growing its record of giving minority developers and opportunities a look when major players don’t.

As a Black man in a business where the vast majority of decision-makers are White, Murray, 38, has focused on giving Black entrepreneurs a chance in an effort to inspire future leaders of color in the big-money business.

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How The World’s Most Expensive Apartment Building Became A Lightning Rod For How We Feel About The Super Rich

 

Next week marks 10 years since London’s One Hyde Park was completed and the keys to its luxury apartments were handed over to residents who came from all corners of the globe, but who now shared at least two things: They were incredibly rich, and they had bought one of the most expensive homes on the planet.

One Hyde Park’s story is a classic real estate development tale of ambition, vision, nerve, a bit of cheek and a hefty slice of luck. It made a lot of people in London property who had nothing to do with it a lot of money simply through the gravitational pull that it exerted.

But One Hyde Park has a meaning and resonance that go beyond the property sector, in a way that very few buildings do. It says something about London in the 21st century, its place in the UK and in the world, the global distribution of wealth and how we feel about the very rich in our society. So it is also a story about elites, inequality, snobbery and international politics. Few buildings in recent years have created a reaction so visceral — to the point where its architect didn’t want to work in the UK in the wake of its completion. 

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