Blackstone earnings are up despite commercial real estate woes

Blackstone’s bet on logistics facilities and life sciences continues to pay off despite the broader headwinds facing commercial real estate. The New York-based investment manager reported in its third-quarter earnings call that net income increased to $794.7 million in the third quarter, from $779.4 million the previous year. The company’s fee-related earnings from its real estate assets increased to $283 million, from $187 million during the same time period. Blackstone’s total assets under management increased

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Boston Properties’ Q3 income drops 17%

Boston Properties’ income declined about 17 percent in the third quarter, and executives don’t expect tenants to return to their offices in large numbers until late next year. Net income for the quarter totaled $89.9 million, down from $108.7 million the same time last year, the company reported Tuesday. Growth declined due to income drops in the real estate investment trust’s hotel and office sectors. Office occupancy dropped the most in New York City and

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NYC’s largest multifamily lender says rent collections are at pre-pandemic levels

New York City’s largest multifamily lender said rent collections in its loan portfolio have returned to pre-pandemic levels and the vacancy rate less than 3 percent — but investors remain wary. New York Community Bank reported 5 percent revenue growth in the third quarter, to $295 million. The bank said that 95 percent of the $3.1 billion in loan deferrals that were eligible to come out of forbearance have started paying again. Another $3.1 billion

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Related, Cushman & Wakefield use new app to screen workers for Covid

Some big firms are turning to a new health screening app to determine when and how to safely bring employees back to offices. The Health Pass app, developed by biometric company Clear, links personal health data to verified IDs in order to screen workers for Covid-19, the New York Post reported. The NHL used the app to test players and employees during its playoffs in Toronto. Among the companies participating are the Related Companies, Cushman

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Portrait of a deal junkie: The Joseph Tabak story

  Some real estate players are known for what they build, others for what they own. Then there’s Joseph Tabak, who without a portfolio of trophy properties or any ground-up projects of note has become one of the most highly regarded dealmakers in the business. With a penchant for structuring debt and equity deals and assembling parcels for sale, Tabak has left his imprint on more than $13 billion worth of transactions over this three-decade

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Property debt investors raising money but still looking for distress

For a few months, real estate debt investors have been raising money and looking for opportunities to spend it. Now it seems things are coming to a boiling point as competition grows to put that cash to work. Borrowers are getting desperate as loan extensions start to expire on malls, hotels and offices, according to Bloomberg. “So much money has been raised and most was raised for distressed returns but there hasn’t been much distress,”

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Ex-Zillow execs launch digital mortgage startup with $40M seed round

In Silicon Valley, the typical seed round for a new venture is around $1 million — maybe $3 million. But a new digital mortgage company, started by two former Zillow execs, has just launched with $40 million. Tomo, which bills itself as a fintech startup, announced the eye-watering seed round Wednesday. Trulia co-founder Pete Flint and former Zillow CEO Spencer Rascoff are among the investors. Based in Stamford, Conn., with offices in Seattle and Austin,

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Three years after approval, BJ’s Wholesale Club remains unbuilt

A BJ’s Wholesale Club project got the green light from Staten Island officials in 2017. It still has not happened. The 226,000-square-foot development planned for Staten Island’s Mariners Harbor section, which has been approved to be built at 2324 Forest Avenue on 28 acres of wetlands, is the subject of a legal battle, the New York Times reported. Although developer Charles Alpert has said the project will be home to at least 200 local jobs,

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Newark restricts businesses again to curb Covid spike

New Jersey’s largest city has shut down again — partially. Newark has seen an alarming spike in cases, causing city businesses to be put on semi-lockdown for the first time since March, beginning Tuesday at 8 p.m., Bloomberg reported. But this shutdown looks different from before, according to the New York Times. Under the order, restaurants and other nonessential businesses must close to indoor customers at 8 p.m. daily. Hair and nail salons may stay

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Supreme Court shift could favor rent law challengers

When landlord groups filed a federal lawsuit challenging New York’s rent law last year, they already had their eyes on the U.S. Supreme Court. Now, with the appointment of a sixth conservative judge, their case may have a better shot at being heard by the nation’s highest court. Amy Coney Barrett was sworn in Monday night as the 115th justice in the court’s history. Her confirmation creates a 6-3 majority of Republican-appointed justices, a shift

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