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New York Business Journal
Elevated interest rates force re-pricing of billions in CRE debt
Just shy of $20 billion in commercial mortgage-backed securities debt backing U.S. office properties is set to mature in the next year, occurring at a time that's now also expected to feature a higher-for-longer interest-rate environment. <\p> Moody's Analytics Inc. found that as of April, $19.9 billion in office CMBS loans will mature by next spring. That's a marked increase over the $8.75 billion in office CMBS debt that matured in 2023. <\p>
The coveted perk that could be critical for workforce development
As the focus shifts from recruitment to retention in a still-tight hiring market, many employers are searching for the incentives that will retain workers. <\p> While perks like four-day workweeks, unlimited vacation and remote work are often in the spotlight, another coveted perk is career development and upskilling opportunities. <\p>
Mixed-use development in Park Slope moves forward (RENDERINGS)
An affordable housing development is moving forward in Brooklyn's Park Slope neighborhood.<\p> Stellar Management and Fifth Avenue Committee's development at 341 10th St. has received a zoning variance from the New York City Council that allows renovations to the building.<\p>
New Zealand menswear brand to open Manhattan store
New Zealand-based menswear brand Rodd & Gunn will open its first-ever Manhattan location at the end of May.<\p> The approximately 4,000-square-foot space, located at 125 Fifth Ave. in the Flatiron District, includes 2,100 square feet of ground-floor space and 1,900 square feet of basement space.<\p>
WeWork aims to keep leases at 4 more New York City locations
WeWork is planning to keep more of its New York City coworking locations as the company continues to work toward exiting Chapter 11 bankruptcy protection.<\p> WeWork has assumed leases in four locations in Manhattan:<\p>
US airlines sue over federal fee-disclosure rules
It didn’t take long for airlines to fight back after the government targeted extra fees charged to travelers.<\p> Several U.S. airlines, including United Airlines, American Airlines, Delta Air Lines and JetBlue Airways, as well as the airline lobbying group Airlines for America, sued the U.S. Department of Transportation on Friday, protesting a new rule, which takes effect on July 1, that all add-on fees need to be disclosed to airline flyers.<\p>
Growing share of real estate agents weigh leaving their brokerages
The Covid-19 pandemic and a recent wave of class-action lawsuits have pushed more real estate agents to consider leaving their brokerages.<\p> Those findings, from the latest annual Agent Priorities Report from Coldwell Banker Real Estate, found while 61% of agents surveyed plan on sticking with their company this year, that’s down from 75% in 2023.<\p>
Airline credit-card reward programs in regulators' crosshairs
The nation's major airlines are drawing heat over their branded credit-card reward programs, with federal regulators targeting consumer complaints that claim many perks don't live up to the hype and sometimes cost more than they are worth. Those findings...
Why Amazon's recent moves bode well for a cooling CRE market
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals. We'll take a look today at a bankruptcy health care system's hospital sale; a $3.3B investment from Microsoft that will help establish an artificial intelligence hub; and what you need to know about upcoming changes to overtime rules. But we'll start with the dynamics in this once-hot commercial real estate subsector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Higher-for-longer rate environment means more uncertainty for CRE
Commercial real estate investors, owners and occupiers all have been monitoring whether the Federal Reserve will impose interest-rate cuts in 2024 after rapidly rising rates have substantially increased the cost of doing business.<\p> Earlier this month, the Fed signaled it needed to see more progress toward its inflation target of 2% and decided to maintain its key lending rate. At that meeting, Fed Chairman Jerome Powell said gaining greater confidence around inflation "will take longer than previously expected," although he also said he felt inflation would move back down in 2024.<\p>
Lindamood-Bell to relocate East Side Learning Center
Educational-services provider Lindamood-Bell is moving its East Side Learning Center to Midtown Manhattan's Grand Central district.<\p> The company has signed a seven-year lease for its learning center to occupy a 5,500-square-foot space on the 10th floor at 355 Lexington Ave., a 22-story office tower owned by New York City-based Rudin Management Co.<\p>
BizSpotlight: Pepperdine University Most Fundable Companies Competition
Pepperdine University invites you to submit your startup to the 2024 Most Fundable Companies competition. What is Pepperdine Graziadio Business School’s Most Fundable Companies? Launched in 2018, Pepperdine Graziadio Business School’s Most...
Gen Z's latest college grads have a new rival in the workforce
As new college graduates enter the workforce, they are facing some new competition for jobs: artificial intelligence. Given ChatGPT and other AI tools' ability to complete tasks such as research, data entry and email writing, some entry-level roles...
Swiss watchmaker relocates flagship store
Swiss watchmaker IWC Schaffhausen has relocated its flagship NYC store to 645 Madison Ave. “After 12 years in our first Madison Avenue Boutique, we are pleased to move to our new home at 645 Madison Avenue, at the corner of 60th and Madison,” said...
RIPCO lists Queens property for $49M, targets mixed-use project
RIPCO Real Estate LLC has put a 560,000-square-foot space in Queens’ Jamaica neighborhood on the market for $49 million. Touted as Archer Square, the property targets a mixed-use development. It sits on a 1.8-acre site at 92-30 165th St. and features...
New cannabis dispensary set to open in The Bronx
A new legal cannabis dispensary is set to open in The Bronx. Freshly Baked NYC, which plans to operate a storefront and offer cannabis delivery services to parts of Manhattan, Queens and Brooklyn, is scheduled to open Saturday at 4:20 pm. Freshly Baked...
Two tenants sign leases at Midtown office building
Two tenants have signed office leases at Midtown Class A property Tower 45. Solar-energy company SolMicroGrid signed a five-year lease for a site that marks its first New York City office. The company will occupy an approximately 3,200-square-foot...
New York City restaurant chain hires CEO to guide growth plans
Brooklyn Dumpling Shop, the New York-based restaurant chain with 10 North American locations, has hired a former Tim Hortons USA executive as CEO to direct the company's growth plans. Jeff Galletly, formerly vice president and general manager of Tim...
Workers forfeit hundreds on a popular workplace benefit. Here's why.
Workers are losing out on hundreds of dollars in flexible spending account money. A new report by the Employee Benefit Research Institute analyzed more than 3.2 million flexible spending accounts in 2022. It found, while workers are contributing more...
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