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What Hochul’s Victory Means for NY Real Estate
Kathy Hochul beats Zeldin to become New York's first elected female governor, but time will tell whether she can make good on her promises to the real estate industry. There’s so little interest in commercial office space that developers are putting halfway-done projects on ice. Meanwhile, a multifamily complex in LA just sold for the highest price any Golden State apartment has fetched in 10 years. Let's dive in!
Walgreens Snatches CityMD (And The East Coast) For $8.9B
Commercial property prices are taking double-digit hits as the Fed continues to battle 40-year high inflation. Insurers are locked in negotiations with reinsurers who want to raise their rates ahead of climate change concerns and increasing natural disasters across the globe. Meanwhile, the second-largest pharmacy store chain in the country makes a major commercial real estate play with an $8.9B acquisition.
CRE Brokers Play Defense Amid Rising Rates and Inflation
The Fed’s nonstop rate hikes are making even the hungriest multifamily buyers queasy, but fixed-rate assumable debt helps some properties look more appetizing. There’s 232M SF of unused office space nationwide available for sublease, but it’s harder than ever to find tenants who care. Meanwhile, CRE firms are cutting jobs in anticipation of an upcoming recession, because of course they would.
Blackstone's Crown Jewel Faces a Test
Three attorneys general file lawsuit seeking to block Albertsons' $4 bln payout. A major player in credit markets is betting $1.8B to grow forests rather than cut them down. Meanwhile, rising interest rates are challenging one of the nation’s biggest REITs, but its executives are doubling down on its holdings.