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☆ Going Bankrupt in the Name of Efficiency
▼ + stars: | 2023-06-21 | by ( Jennifer Szalai | ) www.nytimes.com time to read: +3 min

People in favor of private equity will say that the firms serve a crucial function, making troubled businesses more robust and efficient. “Roughly one in five large companies acquired through leveraged buyouts go bankrupt in a decade,” he writes. By 2017, after years of layoffs, crushing debt and being charged regular management fees by the private equity firms “for the privilege to be owned by them,” Ballou writes, Toys “R” Us was bankrupt. Private equity firms have acquired nursing homes, provided staffing for hospitals and services for prisons. And, of course, the cost-cutting measures typically imposed on acquired companies often include slashed wages and abandoned pension obligations.

Persons: Ballou, ”, ” Ballou, Morgenson, Rosner, David Rubenstein, HCR, we’re, ” Rubenstein Organizations: KKR, Bain, Vornado Realty Trust, Carlyle Group, ” Industries

☆ A Pier Deal Is Full of Developer Perks, but Is It Good for the City?
▼ + stars: | 2023-06-11 | by ( Matthew Haag | Dana Rubinstein | ) www.nytimes.com time to read: +1 min

“From an economic development standpoint, it’s a giveaway,” said Jeffrey LeFrancois, the chair of Manhattan Community Board 4, which covers a stretch of the West Side that includes the pier. “Given that Vornado has already had the ability to do this the past 13 years and done nothing, it’s outrageous that they are taking this pier from taxpayers for pennies on the dollar.”Mr. LeFrancois said the terms were particularly friendly because Vornado, which primarily operates office buildings in New York City, has been eager to find new revenue sources as companies jettison physical offices. The relationship is mutually beneficial: Developers get to build on city land, and the mayor gets to point to new projects as evidence that he is leading New York out of the pandemic. In Queens, the mayor has touted a plan to redevelop a swath of the borough that will include the new soccer stadium and what officials have described as the largest construction of entirely affordable housing since the Mitchell-Lama developments of the 1970s. Like other stadiums in the city, the new one will not pay property taxes, although the team that will play there, the New York City Football Club, will pay some rent.

Persons: ”, Jeffrey LeFrancois, Vornado, Mr, LeFrancois, ” Mr, Adams, Mitchell Organizations: Manhattan Community, New York City Football Club Locations: New York City, New York, Queens

☆ Why major commercial real estate firms are joining resources to recruit Black student-athletes
▼ + stars: | 2023-05-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Cedric Bobo discusses a new program for Black student-athletes to transition into the commercial real estate market. Bobo made a name for himself in real estate investing and then decided to pay it forward. Eager to diversify their workforces, some of the largest real estate development, finance and management firms have signed on to fund the internships and mentor the students. The program has trained more than 5,000 participants from over 350 universities worldwide and has partnered with over 250 real estate firms. He is now an acquisitions and development associate at Catalyst Housing Group, a California-based real estate development firm and a financial backer of the new partnership.

☆ 18 Best Deals to Shop at the Container Store Memorial Day Sale
▼ + stars: | 2023-05-25 | by ( ) www.wsj.com time to read: +8 min

By Leslie YazelIt’s the age-old consumer joke: You buy things and then you have to buy more things to store those things. And while the Container Store is known for storage, the retailer sells a wide range of products. For more Memorial Day sales, see our staff picks and best deals. I used to use a terracotta disk in my brown sugar container to make it last longer without getting solidified. It is compatible with several Pop container sizes released after August 2019.

☆ Cramer's Lightning Round: Vornado is a buy
▼ + stars: | 2023-05-25 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Zscaler's year-to-date stock performance. Stock Chart Icon Stock chart icon Iovance Biotherapeutics' year-to-date stock performance. Stock Chart Icon Stock chart icon Lucid Group's year-to-date stock performance. Stock Chart Icon Stock chart icon Navigator Holdings' year-to-date stock performance. Stock Chart Icon Stock chart icon Schrodinger's year-to-date stock performance.

Persons: Iovance Biotherapeutics, Iovance Organizations: Palo Alto Networks, Holdings, Navigator Holdings, Vornado Realty Locations: New York

☆ Office landlords are in store for retail redux
▼ + stars: | 2023-05-19 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, May 19 (Reuters Breakingviews) - Office landlords are in store for pain, but there’s a light at the end of the hallway. Though vacancy rates in the United States recently hit a 30-year high, owners of retail space – shopping malls and grocery stores – have shown that a bounce back is possible. A reset is in store, but the best office landlords can make it, too. But retail real estate, which includes everything from malls to shopping centers, went through its own misery. It might be a slog, as retail shows, but office could be in store for a redux.

☆ Investors would be wise to heed these lessons from the 'retail apocalypse' as office values reset
▼ + stars: | 2023-05-14 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +7 min

Still, it is also true that a lot of disruption occurred in between the events that prompted the "apocalypse" chatter and the firmer ground where retail real estate stands today. Recalling how these events played out is helpful in understanding the situation facing U.S. office properties. For office buildings, the pandemic knocked things out of whack. The same idea is being discussed for office buildings, but one-size will not fit all. There may be no surprise that there has been a huge drop-off in the number of loans with office properties as collateral since March.

☆ This real estate company helps developers pivot between hotel, short- and long-term living spaces. See the pitch deck behind its $65 million funding round.
▼ + stars: | 2023-05-01 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +3 min

Things have changed drastically in the world of real estate since the coronavirus upended life three years ago. It has also set up a real estate fund in the OpCo/PropCo model, for purchasing real estate on its own. "If you strip down the emotional piece of it, the most valuable real estate is real estate that has an increased cash flow and reduced volatility," Fudin said. The company is now betting on another post-COVID trend — the conversion of obsolete office buildings into other uses, such as housing. Placemakr recently announced a $65 million Series C, with capital raised from experienced proptech venture capital players Camber Creek and real estate investors like Bernstein Management Corporation.

☆ I'm a bear when it's called for, like in 2007. But this stock market belongs to the bulls
▼ + stars: | 2023-04-30 | by ( Jim Cramer | ) www.cnbc.com time to read: +9 min

I have not been bombarded with as many warnings about how we are about to embark upon a wave of failures of all sorts — shadow banks, regional banks, commercial real estate lenders, real estate investment trusts — at any time since 2007. Let's take commercial real estate. I mention SL Green because it may be the most challenged of the REITs, real estate investment trusts, other than Vornado Realty Trust (VNO), a historically fine New York real estate concern, which just delayed its dividend. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ Here are Thursday's biggest analyst calls: Apple, Meta, Amazon, Ford, Activision Blizzard & more
▼ + stars: | 2023-04-27 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Here are Thursday's biggest calls on Wall Street: Bernstein reiterates Apple as market perform Bernstein said it remains "torn" on Apple heading into earnings next week. Morgan Stanley reiterates Meta as overweight Morgan Stanley raised its price target on the AI beneficiary to $300 per share from $250 after the company's earnings report Wednesday. " Morgan Stanley reiterates Ford as overweight Morgan Stanley said it's standing by its overweight rating heading into earnings next week. Citi reiterates Amazon as buy Citi said it's bullish on the e-commerce giant heading into earnings on Thursday after the bell. Morgan Stanley reiterates Nvidia as overweight Morgan Stanley said the stock is one of the firm's top picks heading into earnings in May.

☆ Analysis: Banking crisis scars struggling U.S. real estate stocks
▼ + stars: | 2023-04-19 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

After slumping 28% last year, the S&P 500 real estate sector (.SPLRCR) has gained about 1% in 2023, lagging an 8% rise for the overall S&P 500 (.SPX). Real estate is the only one of the 11 S&P 500 sectors to underperform the benchmark index in both 2022 and so far in 2023. The real estate sector has slumped 2% since SVB's troubles came to light on March 8, compared to a 4% rise for the S&P 500. “There is nothing about the current banking situation ... that made life easier for real estate companies,” said Peter Tuz, president of Chase Investment Counsel. S&P 500 real estate company earnings are expected to fall 0.3% this year after rising almost 11% in 2022, according to Refinitiv IBES.

☆ JPMorgan says commercial real estate decline is intensifying. Beware these exposed stocks
▼ + stars: | 2023-03-27 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

As commercial real estate comes under even greater pressure, investors should steer clear of these stocks that are overexposed to the sector, JPMorgan said. Commercial real estate is already facing more challenges this year than other parts of real estate, such as retail or lodging. Last year, office real estate dropped 37.6%, also on a total return basis. Given this, JPMorgan screened for a basket of stocks with direct and indirect exposure to U.S. commercial real estate. JPMorgan also identified pharmacy store chains Walgreens Boots Alliance and CVS Health as having direct exposure to any slowdown in commercial real estate.

☆ Silicon Valley Bank imploded in a single day. It could just be the tip of the iceberg.
▼ + stars: | 2023-03-11 | by ( Matthew Fox | ) www.businessinsider.com time to read: +8 min

The Federal Reserve's prolonged period of low interest rates created many financial dislocations that are now flaring up. Case in point: Silicon Valley Bank imploded in a single day after surging interest rates caused it to sell a bond portfolio at a huge loss. The chaotic episode showed that the Fed's aggressive interest rate hiking regime could upend institutions that were once thought to be relatively stable. Since the Fed started raising interest rates in March 2021, bitcoin — formerly a highly touted inflation hedge — has plunged more than 65%. "Investors, smelling blood, then turn their attention to the next bank exposed to interest rate risk and specific credit risk, and then the next."

☆ Keep an eye on banks, economic data, Jim Cramer says
▼ + stars: | 2023-03-09 | by ( Rohan Goswami | ) www.cnbc.com time to read: +1 min

Frothy markets and banking tumult cast a pallor over the broader markets, but investors should keep an eye on economic data and the Federal Reserve's continued rate hikes, CNBC's Jim Cramer said on Thursday. Sharp declines in Silvergate Bank and SVB Financial shares came as the broader banking sector underwent a major collapse, Cramer said. Cramer pinned the collapse on a victory from the Fed and a general flight from three different spaces: commercial real estate, venture slowdown and crypto. A flurry of downgrades prompted concern about a couple of big commercial real estate names, Cramer said, including SL Green and Vornado Realty Trust . Cooling and weaker numbers for those reports, respectively, could be a boon for financials and for tech stocks, Cramer said.

☆ Here are Friday's biggest analyst calls: Apple, Tesla, Alphabet, Kroger, Meta, Silvergate, UPS & more
▼ + stars: | 2023-03-03 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Friday's biggest calls on Wall Street: Morgan Stanley reiterates Apple as a top pick Morgan Stanley said it sees a "catalyst rich event path" for the tech giant. Morgan Stanley names Alphabet, Amazon and Meta top AI picks Morgan Stanley named Alphabet, Amazon and Alphabet as top picks and said AI is at an inflection point. Barclays reiterates Alphabet as overweight Barclays said it's standing by its overweight rating on the stock but sees it range-bound for the foreseeable future. Morgan Stanley reiterates Eaton as a top pick Morgan Stanley said it sees several cyclical growth drivers for the multination power management company. Morgan Stanley names Eli Lilly as a catalyst driven idea Morgan Stanley named Eli Lilly as a catalyst driven idea, saying that the stock "levered" to a likely positive outcome from upcoming obesity drug trials.

☆ How's the return to office going? Just look at shares of one of the largest office REITs
▼ + stars: | 2023-03-03 | by ( Scott Schnipper | ) www.cnbc.com time to read: +3 min

Vornado says it owns 20 million square feet of office space plus 2.6 million square feet of street retail space in Manhattan alone, 3.7 million square feet at The Mart in Chicago and a controlling stake in almost 2 million square feet of office in San Francisco. But in the New York metropolitan area last week, the rate fell to 46.7% from 47.8% the week before, Kastle said. In San Francisco, the rate was even lower last week, at 43.9%, while in Chicago it was 49.4%. Maybe that's why Deutsche Bank analyst Derek Johnston ranked office REITs last out of eight REIT industry groups in a monthly review released on Tuesday. In January, subsector year-over-year cap rates climbed the most for office owners, he said, up 80 basis points, or 8/10ths of a percentage point.

☆ New York Developer Pockets $11.6 Million After Selling His Billionaires’ Row Condo for 52% Gain
▼ + stars: | 2023-02-28 | by ( E.B. Solomont | ) www.wsj.com time to read: 1 min

Be the first to know about the biggest and best luxury home sales and listings by signing up for our Mansion Deals email alert. On Billionaires’ Row in New York, a condominium at Vornado Realty Trust’s 220 Central Park South has sold for $33.8 million, about 52% higher than its last sale price in 2019.

☆ Stocks making the biggest moves midday: Norwegian Cruise Line, Allstate, Roblox and more
▼ + stars: | 2023-01-19 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

A Norwegian Gateway cruise ship leaves from the Manhattan port during sunset in New York City, United States on April 10, 2022. Vornado Realty Trust — Shares of the real estate investment trust shed 3.3% after cutting its quarterly dividend to 37.5 cents per share from 53 cents. Roblox — Roblox shares shed 6% following a downgrade to an underweight rating by analysts at Morgan Stanley. Alcoa — Shares of the aluminum company fell 4.6% on Thursday after the company announced its fourth quarter results. Alcoa's adjusted fourth quarter loss was 70 cents per share, narrower than the 81 cent loss expected, according to StreetAccount.

☆ Stocks making the biggest moves premarket: Tesla, Cal-Maine, Southwest and others
▼ + stars: | 2022-12-29 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Cal-Maine Foods (CALM) – Cal-Maine slid 4.9% in premarket trading after its quarterly earnings came in below Wall Street forecasts. General Electric (GE) – GE spin-off GE HealthCare Technologies will join the S&P 500 when it begins trading as a separate public company on Jan. 4. Vornado will replace logistics company RXO (RXO), which will move to the S&P SmallCap 600. GE HealthCare — trading on a when-issued basis — rose 1% in the premarket, while Vornado was marginally lower and RXO jumped 3.3%. Apple (AAPL) – Apple is up 1% in premarket trading after closing Wednesday at a 1-1/2 year low.

☆ Stocks making the biggest moves midday: Netflix, Cal-Maine Foods, Southwest and more
▼ + stars: | 2022-12-29 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Cal-Maine Foods — Cal-Maine shares shed 15% after reporting earnings that fell short of Wall Street's expectations even as the egg producer reported record sales. Southwest Airlines — The airline stock rose more than 3%, paring back losses from the previous session when it dropped more than 5%. Severe disruptions at Southwest Airlines have drawn outsized criticism from frustrated travelers, who have dealt with thousands of canceled flights from airlines this week because of winter weather. Southwest Airlines canceled another 60% of its flights on Wednesday. Apple — The iPhone maker's stock rose more than 3% after hitting its lowest level since June 2021 earlier in the week.

☆ Office space is tougher than ever to rent out. See the pitch deck that raised $15 million to help landlords compete for demanding tenants.
▼ + stars: | 2022-11-26 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +3 min

WiredScore certifies buildings' tech capabilities, like LEED does with environmental ratings. WiredScore CEO Arie Barendrecht walked Insider through the pitch deck he used to raise $15 million. In a world of remote work, potential office tenants have become pickier about their spaces. Generally speaking, prospective office tenants have little insight into what their office WiFi will look like. The company now also certifies technology in apartment buildings, the office of the remote worker.

☆ Top Office Developers Hit the Pause Button on New Projects
▼ + stars: | 2022-11-08 | by ( Peter Grant | ) www.wsj.com time to read: 1 min

Vornado Realty Trust has begun demolition of Hotel Pennsylvania in Manhattan, but the weak office market may slow plans to replace it with an office building. U.S. real-estate developers are delaying major office projects already under way or in the planning stages, discouraged by high vacancy rates and the reduction in workspace demand resulting from remote work. Some property developers view periods of economic uncertainty and weak office demand as good times to launch new projects. Because large-scale developments tend to take three to five years or longer, developers bet that tenants looking to trade up in office quality will be drawn to modern offices with lots of amenities, just as the economy is gaining steam.

☆ The Fed could lay the groundwork for a year end rally in the week ahead
▼ + stars: | 2022-10-28 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

The coming week is also the busiest of the corporate earnings season, with about a third of the S & P 500 companies releasing results. "Historically, the market waits for the last Fed rate hike to be introduced and then the market climbs higher. The S & P 500 was up more than 8.8% for the month. The Dow was up 5.7% on the week, the S & P 500 was up 5.7% and the Nasdaq was up 2.2%. The 50-day moving average is 3,841 for the S & P 500, and it was well above it Friday afternoon for the second time in the past week.

☆ Stocks shrug off tech's troubles as the Street awaits key inflation data next week
▼ + stars: | 2022-10-28 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

The major indexes all posted gains this week despite a Big Tech beatdown, proving the market can rally without its most valuable stocks. Indeed strength in other sectors — only communication services finished down — helped the overall market to shrug off disappointing earnings results from Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN) and Meta Platforms (META). Alphabet's results fell short of the Street's expectations, but still managed to grow revenue 6% annually off a $65 billion base. (Canada's central bank hiked rates less than expected this week, opting for a 50 basis point hike instead of the expected 75.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

With the term “personal taxes,” however, Mr. Garten appears to be conflating income taxes with other federal taxes Mr. Trump has paid — Social Security, Medicare and taxes for his household employees. Fragments of Mr. Trump’s tax returns have leaked out before. Mr. Agalarov’s father, Aras, a billionaire who boasts of close ties to Mr. Putin, was Mr. Trump’s partner in the event. Mr. Trump’s avoidance of income taxes is one of the most striking discoveries in his tax returns, especially given the vast wash of income itemized elsewhere in those filings. When they got to line 56, the one for income taxes due, the amount was the same each year: $750.

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