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October 5, 2021

This Week's N.Y. Deal Sheet

[In-Person] Why are the outer boroughs white-hot markets now? Find out Oct. 27

Major deals of all kinds closed in the last week in New York City, including three big Midtown investment sales and several office leases. 

TOP SALES

This Week's N.Y. Deal Sheet

Sam Chang’s McSam Hotel Group sold Hyatt Place New York City/Times Square at 350 West 39th St. to an unknown buyer doing business as NY 39th Street LLC for $166M, property records show. This is the latest in a string of McSam Hotel Group sales. McSam Hotel Group…

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Top Stories on Bisnow.com

CVS Health To Expand Clinics, Pursue Investment In Affordable Housing CVS Health To Expand Clinics, Pursue Investment In Affordable Housing
REIT M&A Activity Sets All-Time Record Through First 3 Quarters Of 2021 REIT M&A Activity Sets All-Time Record Through First 3 Quarters Of 2021
Newmark Expands Global Coworking Business Further With Deskeo Acquisition Newmark Expands Global Coworking Business Further With Deskeo Acquisition
As Evergrande Prepares To Sell Property Management Arm, China's Mitigation Strategy Likely To Hang Foreign Bondholders Out To Dry As Evergrande Prepares To Sell Property Management Arm, China's Mitigation Strategy Likely To Hang Foreign Bondholders Out To Dry
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Even If Congress Dithers, U.S. Housing Policy Pivots

As a presidential candidate, Joe Biden published ambitious plans for housing, including boosting funding, implementing various strategies to address discrimination in the housing sector and reversing Trump administration rules on fair housing.

Roughly nine months into Biden's administration, that work has begun in earnest.

Two bills being hotly debated in Congress could push that platform forward another huge step. The fate of both the infrastructure bill, known as the Bipartisan Infrastructure Framework, and the potentially much larger budget reconciliation bill, the Build Back Better Actare in limbo. Both of them, but especially the reconciliation bill, promise major new funding for housing programs.

Yet even if neither bill musters the complete support of the wafer-thin Democratic majorities in Congress, and thus both fail to pass, federal housing policy is slowly shifting under the Biden administration, which has started the process of undoing Trump administration regulations and has kicked off initiatives of its own that don't require congressional approval.

Even If Congress Dithers, U.S. Housing Policy Pivots

Of the two bills, reconciliation would have the greatest impact on housing, even if the final version is smaller than the massive $3.5 trillion proposed by the administration, experts say. Lately, a ceiling of $1.5 trillion has been seen as most likely, should the bill pass.“We certainly hope that…

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Make Real Estate Decisions Based On What People Do, Not What They Think

PRESENTED BY:   Locatee
 
Make Real Estate Decisions Based On What People Do, Not What They Think

Following the coronavirus pandemic, the people tasked with selecting the right real estate option for their company are facing many questions: Will staff be coming back to the office? For how much of the time? To do what, exactly?While these questions might feel overwhelming, they offer an opportunity for a…

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In Case You Missed It...

Grocery Delivery Startups Are Signing NYC Retail Leases At Breakneck Speed Grocery Delivery Startups Are Signing NYC Retail Leases At Breakneck Speed
NYC Office Leasing Jumps But Availability Still At Record Levels NYC Office Leasing Jumps But Availability Still At Record Levels
'We Just Can't Rely On Altruism': The Hunt For Profits In Sustainable Investing 'We Just Can't Rely On Altruism': The Hunt For Profits In Sustainable Investing
German Investor Buying 100 Pearl St. For $850M German Investor Buying 100 Pearl St. For $850M
NYCHA Strikes $60M Deal For Affordable Housing Project In Mott Haven NYCHA Strikes $60M Deal For Affordable Housing Project In Mott Haven
 
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'The Devil’s In The Details': How CRE Discovered New Revenue In Edge Data Centers

 

As traditional asset classes continue to struggle amid the coronavirus pandemic, property owners are beginning to train their eyes and dollars on something they typically never touch: digital infrastructure.

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