Articles of the week ending April 19th
Commercial Real Estate, New York City, and General Articles that got my attention this week.
Why New York City airports are no longer the worst in the U.S.
New York City’s airports have undergone a massive transformation, with LaGuardia and Newark now among the best in the country, while JFK is undergoing a $19 billion renovation to create a new Terminal 1.
WeWork Turns To SoftBank, Yardi To Fend Off Takeover Bid From Adam Neumann
WeWork is in a battle for control as it seeks $400M in new capital to exit bankruptcy, with potential takeover bids from SoftBank and Yardi, as well as criticism from Adam Neumann’s Flow startup.
U.S. Industrial Leasing Plunges In Q1 As ‘Recalibration’ Continues
Industrial leasing in the U.S. plunged in Q1, leading to a rise in vacancy rates, slowing development, and downward pressure on rents, but overall the market remains healthy and investors are still interested in industrial assets.
SL Green Makes Another Sweetheart Deal To Retire Office Debt
SL Green successfully negotiated a deal to modify and extend a $1.1B securitized mortgage on 280 Park Ave., cutting a $125M mezzanine loan in half to $62.5M.
OpenAI Speeds up Growth With Plans to Open NYC Office, More Hiring
OpenAI is expanding rapidly with plans to open a NYC office, hire more employees, develop new products like GPT-5 and a search product.
New York cannabis regulators award 101 more permits
New York cannabis regulators have approved 101 more permits, but financially troubled retail permit holders are expressing frustration and concern over delays in opening their businesses.
Moving Away From a Big City Can Seriously Damage Your Career
The allure of leaving big cities for smaller, more affordable destinations may come at the cost of limiting career opportunities and professional growth in the long run.
Jamie Dimon_ Real estate will ‘muddle through’ if economy holds up
Jamie Dimon of JPMorgan Chase believes that real estate will “muddle through” if the economy remains strong.
Citadel’s Ken Griffin Files Plans for 62-Story Office Skyscraper in NYC
Ken Griffin plans to build a 62-story skyscraper in NYC’s midtown to revitalize the area and attract workers back to the office.
About 60% of New York’s Office Space is ‘Old, Tired, Obsolete,’ Vornado CEO Says
Steven Roth, CEO of Vornado Realty Trust, predicts that New York’s office market will face challenges due to outdated properties, frozen deal flows, and high interest rates, but sees opportunities in the “death and rebirth cycle” of the market.
$1.9B Disneyland Expansion Gets Green Light From City Of Anaheim
Disneyland’s $1.9B expansion plan in Anaheim, including new attractions, restaurants, and hotels, has been approved unanimously by the city council, with concerns regarding job creation, traffic, and privatization of public roads.