In Case You Missed It: Week of May 30
Employment report casts doubts on a Fed rate hike; crowdfunding fills in construction lending gap; CMBS industry preps for pending risk-retention rules.
Dour U.S. employment report casts doubts on Fed rate hike
Reuters – June 3, 2016
“Nonfarm payrolls increased by only 38,000 jobs last month, the smallest gain since September 2010, the Labor Department said on Friday. Employment gains were also restrained by a month-long strike by Verizon (VZ.N) workers, which depressed information sector payrolls by 34,000 jobs.”
CMBS Industry Braces for Impact of Risk-Retention Rules
Trepp – June 2, 2016
“The CMBS industry is still trying to figure out how it will deal with pending risk-retention rules that go into effect on December 24th.”
From Decaying to Gleaming: Rapid Change for Hudson Yards’ Neighborhood
The New York Times – June 1, 2016
“On Tuesday, the Hudson Yards megaproject officially opened on the Far West Side of Manhattan. Employees of Coach — “a leading New York design house of modern luxury accessories and lifestyle collections,” as it calls itself — began reporting to the company’s new headquarters in a 52-story tower, 10 Hudson Yards.”
Crowdfunding Fills Construction Lending Gap Left by Banks
National Real Estate Investor – May 31, 2016
“Crowdfunding websites are becoming an important piece of the real estate financing puzzle, especially for apartment developers who need a little extra debt or equity to complete their plans.”
INTERACTIVE: See How Much Your First NYC Apartment Would Cost Today
DNAinfo – May 31, 2016
“Whether you’ve lived here for two years or 20, there’s one thing nearly all New Yorkers have dealt with: rising rents. But just how much has rent gone up in your neighborhood since you moved to the Big Apple, and how much would that three-bedroom walk-up you lived in straight out of college cost you today?”
And now for something completely different…
Elon Musk Says Life Is Almost Definitely A Simulation
Popular Science – June 2, 2016
“Musk explained that, given the advances we’ve made in computer graphics and virtual reality in just a few decades, it’s almost definite that there’s a more advanced civilization playing or monitoring us like characters, in a game world that is “indistinguishable from reality.””