Why rental arbitrage doesn’t work: Knotel vs. Industrious
Knotel, once gleeful over WeWork’s downfall, succumbed to the pressure of rental arbitrage last week by (finally) filing for bankruptcy.
In recent months, the startup led by CEO Amol Sarva faced mounting lawsuits alleging it stopped paying rent. In a Chapter 11 filing, the flex-office provider listed assets and liabilities between $1 billion to $10 billion.
The bankruptcy filing includes $20 million in financing to aid with Knotel’s sale to Newmark Group a deal that implies there’s a future for flex-office, just not as Knotel had imagined.
And then there’s Industrious. The Brookfield-backed startup, which signs management agreements with landlords, has 3 million square feet of space and plans to add another 1 million in 2021. It has opened three New York locations since the pandemic hit.
450 West 31st Street, New York, NY 10001 Phone: 212-260-1332
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Some local restaurants plan to host Super Bowl gatherings amid state orders
Health officials fear another spike in cases could be the consequence of large gatherings during Super Bowl Sunday. Some people are staying home, while others are sticking with the guidelines.
Posted: Feb 4, 2021 12:07 AM
Updated: Feb 4, 2021 12:33 PM
Posted By: Esteban Reynoso
BUTTE COUNTY, Calif. - The biggest sporting event in the country, the Super Bowl is this weekend, and public health officials fear game day gatherings could bring another spike of COVID-19 cases.
Cases are just now starting to go down after the holiday spike. On a graph directly from the CDC, cases are seeing a decline.
Let’s get right to it.
Oh wait, one item first. Tesla earnings happened, and as always a bunch of new promises and products and timelines were laid out, including a Knight Rider-inspired steering yoke in the “Plaid” Model X.
Image Credits: Tesla
This stalkless yoke steering wheel is suboptimal (yup I said it). And it’s already getting the attention of federal safety regulators.
Yes, you’ve seen these yokes in race cars. However, the steering ratio is vastly different between race cars and the vehicle sitting in your driveway.
I’m not the only who sees this as an awkward and potentially dangerous design choice.
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