Luxury department store chain Barney’s New York joined a long list of retailers filing for bankruptcy protection this year. Barney’s plans to close 15 stores, but will remain operating its flagship stores in Manhattan, San Francisco, Beverly Hills and Boston. Here’s a map of all of the retailer’s current locations, new locations slated to open and stores that will close as part of the bankruptcy proceedings.
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Faced with the prospect of congestion pricing for vehicles in the city’s busiest neighborhoods, New York’s commercial real estate industry is wondering how the measure will affect property values. In Singapore, a similar congestion fee to reduce vehicular traffic led to a 19 percent drop in prices on retail real estate within the affected zone, according to a 2015 study by The Journal of Urban Economics. So far, real estate industry insiders say that type of impact is unlikely to happen in Manhattan.
Mall landlords accustomed to offering rent reductions to ailing retailers are mulling a new strategy to forestall the industry’s collapse: positioning themselves as lenders to tenants struggling to stay afloat.
For the past two years, WeWork Cos. has spent more than $40 million to host a series of startup pitch competitions around the world. The real estate company asks contestants to pitch apps or creative projects to celebrity panels of judges and compete for cash prizes, in between musical performances from the likes of the Red Hot Chili Peppers. This year, it hoped to go much bigger.
California officials threatened legal action if Cupertino fails to meet its housing goals, reports the San Francisco Chronicle. Twenty-six additional Kmart and Sears stores are now slated for closing, with further closings possible, according to CNBC. These are among today’s must reads from around the commercial real estate industry.
