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January 14, 2021

With Schumer Leading The Senate, NYC CRE Is More Hopeful Of A Recovery

[Digital Summit] Unpack Regulatory Changes Affecting Urban & Economic Development With Leading Experts During NYC 2021 Economic Forecast Jan. 19

New York City real estate experts welcomed the results of this month’s Senate election in Georgia as good news for the city and the industry. 

With Brooklyn-born Chuck Schumer set to become Senate majority leader next week, experts are hopeful that the federal government will have a larger role in helping New York in its recovery and beyond, including potentially providing federal funding for major infrastructure projects such as the Gateway Program. When that help does come through, the city needs to be ready for it, they say.

With Schumer Leading The Senate, NYC CRE Is More Hopeful Of A Recovery

“There's just at least going to be an opportunity for momentum in D.C. ... When you have a split legislature the way that we've had for so many years, it's caused so much gridlock,” Real Estate Board of New York Senior Vice President for Government Affairs Reggie Thomas said. “At…

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NYC Fund Manager Bilked Investors Out Of $58M, SEC Alleges

NYC Fund Manager Bilked Investors Out Of $58M, SEC Alleges  

The former CEO of a New York City investment firm has been accused of fraudulently inducing hundreds of people to invest based on the fictional success of two nonexistent real estate investment funds. Eric Malley, founder and former CEO of MG Capital Management, has been arrested and charged with securities fraud and wire fraud, the U.S.…

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Commission Slaps Down Howard Hughes' $1.4B Seaport Project Over Size Concerns

Commission Slaps Down Howard Hughes' $1.4B Seaport Project Over Size Concerns  

Howard Hughes Corp.'s plans to build 350 condominiums across two skyscrapers on Water Street in Lower Manhattan have hit a major snag. The Landmarks Preservation Commission rejected the Houston-based developer's proposal, concluding the Skidmore, Owings & Merrill Architects’ design, which would bring two 470-foot-high towers to 250 Water St., is too large for the…

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Think A Biden Administration Will Bring Chinese CRE Investors Running Back? Think Again

In the early to mid-2010s, China-based investors flooded the coffers of U.S. commercial real estate. Multiple forces aligned to make the country the No. 1 foreign investor in the U.S. American real estate was hot, and the countries were fairly friendly as globalization ruled daily political discourse with minimal pushback.

A lot has changed since then. Investment from China has plummeted, and the political relationship between the U.S. and China is different. Don't expect a new administration to change all of that. The coronavirus pandemic and its economic aftermath have placed more public scrutiny on China, which could continue to affect CRE investment flow between the two countries.

"The flow of funds out of China are determined domestically and, at least at the moment, any administration will have very little influence and ability to shift this dynamic of less investment into the U.S.," JLL Senior Managing Director of Capital Markets Dan Cashdan said in a statement to Bisnow.

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Coworking Provider MakeOffices Is Closing Down

 

MakeOffices, a homegrown D.C. coworking provider with nine locations in the region, is closing down. 

MakeOffices Chief Operating Officer Josh White told Bisnow Wednesday the company was forced to shutter because of the financial difficulties the pandemic has created for the coworking industry and the business world at large.

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