Nine Must Reads for the CRE Industry Today (Jan. 29, 2021) The New York Times looks at companies that are still opening hotels. The Real Deal examines what went wrong with the implosion of a real estate crowdfunding network. These are among today’s must reads from around the commercial real estate industry.
Commercial Real Estate Brokers Talk Networking Tactics During COVID “Commercial Observer took a call from a broker one evening in mid-December. The broker didn’t have long to chat as he was going to a holiday event. ‘An in-person holiday event?’ we asked.” (
Commercial Observer)
What Does Biden’s Stance on Private Prisons Means for Prison REITs? “President Biden ran for office with some pretty lofty promises in regards to prison and judicial reform, including closing all private prisons. After winning the presidential election in November, 2020 prison real estate investment trusts (REITs) share prices have tumbled and are yet to recover, leaving investor
(Photo illustration by The Real Deal)
Almost everything has remained the same at 70 Pine Street the oak floors, modern furnishings and colorful art except for the short-term rental startup operating its 132 rooms. After six years in business, Lyric succumbed to shaky finances and a travel shutdown in July 2020. Now, the 66-story Lower Manhattan building is the New York City flagship for Mint House, a three-year-old startup that caters to business travelers. Mint House is one of several short-term rental companies playing a game of musical chairs with its failed rivals. Startups such as Lyric and Stay Alfred which leased apartments and operated furnished rentals went out of business after the pandemic sent travel into a spiral, leaving behind several thousand vacant units across the country. That’s created a big opportunity for other short-term rental startups to expand without having to front the costs of outfitting and readying units from scratch.
In our cover story this month, we explore whether the city can capitalize on its growth to eventually become a tech hub. Maybe even the next Silicon Valley?
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Photo illustration of Rodrigo Niño, with Shorewood’s Larry Davis, 84 Williams Street and 331 Park Avenue South (Getty, Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
Johanna Trujillo invested $20,000 in what seemed like a sure thing a piece of Manhattan real estate.
She and her mother bought into a co-working development with meditation rooms and views of Park Avenue South. That was the draw of Prodigy Network: It allowed regular people to make real estate investments that were usually accessible only to the rich and well connected.
Trujillo, 39, who moved to the U.S. from Colombia when she was 19, planned to use the proceeds to send her teenage son to college.