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☆ Domino's rolls out new service to deliver pizzas to places like beaches and parks
▼ + stars: | 2023-06-20 | by ( Yuheng Zhan | ) www.cnbc.com time to read: +2 min

Franchisee Tom Peterson demonstrates a new Domino's Pizza Inc. app, part of their digital ordering system, at a Domino's "pizza theater" location in Jersey City, New Jersey. For the customer craving pizza while sunbathing on a beach or relaxing in a park, Domino's Pizza wants to make delivery as easy as it is at home. Domino's on Tuesday announced its new Pinpoint Delivery service, which allows customers nationwide to order to locations without a standard address. Domino's launched a similar pin-drop delivery technology called Domino's Anywhere through its master franchisee in Australia in 2017. The Pinpoint Delivery rollout will make the feature available for the first time in U.S. markets.

Persons: Tom Peterson, Christopher Thomas, Moore, Domino's, Danielle Bulger, Chris O'Cull Organizations: Inc, Tuesday, CNBC, Apple Locations: Jersey City , New Jersey, Domino's, U.S, Australia

☆ These are the 10 most expensive metro areas in the U.S. for renters—4 of them are in California
▼ + stars: | 2023-06-19 | by ( Celia Fernandez | ) www.cnbc.com time to read: +1 min

The New York City tri-state area ranked as the most expensive on the list. While the average rent in Newark is $1,850 and $2,500 in Jersey City, in New York City it is $3,610, according to Zillow's rental manager. The metro area of New York City, N.Y., Newark, Jersey City, N.J ranked as the most expensive for renters. 2 on the list is the Miami, Fort Lauderdale and Pompano Beach, Florida metro area. The Oxnard, Thousand Oaks and Ventura area in California ranked third on the list.

Persons: Payscale, Alexander Spatari, John Elk Iii Organizations: New, Urban, Washington D.C, The New York City, Thousand Oaks, Bank, Getty Locations: New York City, N.Y, Newark, Jersey City, N.J, Miami, Fort Lauderdale, Pompano Beach, Fla, Oxnard, Thousand Oaks, Ventura, Calif, San Diego, Chula Vista, Carlsbad, Urban Honolulu, Hawaii Los Angeles, Long Beach , Anaheim, Napa , Calif, Naples, Marco Island, Washington, Arlington, Alexandria, Virg . Bridgeport , Stamford , Norwalk, Conn, Pompano Beach , Florida, Florida, California

☆ A TikToker from South Carolina says she flies to work in New Jersey instead of renting, and saves thousands of dollars doing that
▼ + stars: | 2023-06-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

A South Carolina woman has a life hack for saving on rent: She flies to her workplace in New Jersey. Sophia Celentano is an intern at Ogilvy Health, where she goes into the office once a week. Celentano said on Linkedin that her flights are cheaper than "paying $3400+ a month for rent." A TikToker from South Carolina went viral after she revealed that she saves on rent by catching flights to her workplace in New Jersey. Celentano elaborated on her commute in a Thursday LinkedIn post, breaking down the comparative cost of flying versus renting in New Jersey.

Persons: Sophia Celentano, Celentano Organizations: Ogilvy Health, Linkedin, University of Virginia, Newark Airport, LinkedIn Locations: Carolina, New Jersey, South Carolina, Charleston, New York, Newark, Manhattan, Jersey City

☆ The Army Corps’s Flood Plan Could Ruin New York’s Waterfront. It Doesn’t Have To. - The New York Times
▼ + stars: | 2023-06-15 | by ( ) www.nytimes.com time to read: +14 min

Mr. Gutman is an environmental planning consultant and a member of the New York-New Jersey Storm Surge Working Group. In terms of population at risk, New York City is the most vulnerable city in the country, according to Climate Central, a nonprofit research organization. These highly effective and reliable harborwide surge barriers can protect large areas while leaving shorelines free for recreation and other uses. Hudson River Park 12 feet 12 feetHudson River Park 12 feet 12 feetHudson River Park 12 feet 12 feetGantry Plaza State Park 12 feet 12 feetGantry Plaza State Park 12 feet 12 feetImagine bicycling up the Hudson River Greenway in Manhattan next to a concrete wall between you and Hudson River Park. It consists of walls, small storm surge barriers and other shoreline barriers.

Persons: Robert Yaro, Daniel Gutman, Quoctrung Bui, Taylor, John Lehr, Yaro, Gutman, Hurricane Sandy, Rohit Aggarwala, Aggarwala, Jeroen Aerts, “, Sandy Hook, Arthur, Sandy, David Ralston Organizations: The New York Times, Regional Plan Association, Metro Flood Defense, New Jersey Storm, U.S . Army Corps of Engineers, Corps, Hurricane, Climate Central, United Nations, New, LaGuardia Airport, Vrije University Amsterdam, New York City, Bronx Manhattan, Bronx Manhattan Jersey City Queens, Bronx Manhattan Jersey City Queens Brooklyn Jamaica Bay, U.S . Army Corps, Engineers, Oceanographic, Dade Locations: York, New, New York, New Jersey, floodwalls, New York City, Rotterdam, Netherlands, London, St, Petersburg, Russia, New York Harbor, Central, Greenpoint, Manhattan’s, Jersey City, Hudson, Greenway, Manhattan, United, Jersey, Bronx, Queensbridge, South Williamsburg, Yonkers, Ossining, Market, Newtown, New York State , New Jersey, Brooklyn, Staten Island, Arthur Kill, Jamaica, Bronx Manhattan Jersey, Bronx Manhattan Jersey City Queens Brooklyn, Bronx Manhattan Jersey City Queens Brooklyn Jamaica Bay Staten, Texas, Galveston, Houston, Hurricane, Miami

☆ Summer intern’s commute goes viral: She flies from South Carolina to New Jersey because it’s cheaper than renting
▼ + stars: | 2023-06-15 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —College interns typically find cheap places to live for the summer. South Carolina resident Sophia Celentano commutes to her New Jersey summer internship by plane, weekly, revealing on her TikTok account that it’s actually cheaper than renting near her advertising gig’s New Jersey office. Her employer, Oglivy Health, requires interns to be in its New Jersey office usually one day a week. She said that costs her about $100 every week, plus another $100 on Uber rides to and from the airport and another $25 on food. Celentano claims to be saving be saving at least $2,000 this summer by doing this rather than living, working and playing in New Jersey or New York.

Persons: Sophia Celentano, old’s, ”, Douglas Elliman, Miller Samuel, Oglivy, Celentano, “, She’s, it’s Organizations: New, New York CNN —, University of Virginia, Oglivy, Jersey City Locations: New York, South Carolina, New Jersey, Jersey, Charleston, Newark, Manhattan, Parsippany , New Jersey, Brooklyn, Queens

☆ I came to the US 10 years ago as a refugee. I went to college, got my citizenship and now I drive a long-haul truck.
▼ + stars: | 2023-06-14 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +5 min

After getting his bachelor's degree, he decided to get into trucking to buy a house for his mother. He says the American dream is all about having the freedom to work hard to achieve your own goals. There's something very American about the hard work of being a truck driver. And you get your truck, your license, and live the American dream, because you're making good money, and you achieve your dream. Some people come into trucking to buy a house, some people come into trucking to buy another truck.

Persons: Suud Olat, who'll, George Floyd, Bono, they're, You've, I've, haven't, I'm Organizations: Morning, Minnesota Department of Human Services, Young, UNHCR, UN Refugee Agency, Cloud State University, ONE, Washington State Locations: Kenya, Somalia, Minneapolis , Minnesota, America, Nashville , Tennessee, Nashville, American, Minnesota, St, Minneapolis, Salt Lake City, Dallas , Texas, Jersey City , New Jersey, Miami

☆ 51 US cities expected to see the highest home price increases and 5 at risk of falling in the next 12 months — plus where mortgage rates could be by year-end — according to a housing economist
▼ + stars: | 2023-06-11 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

Areas that saw price declines during the pandemic are expected to make a comeback. Metropolitan areas including Anaheim, Seattle, and Sacramento top the list. In April, prices for single-family homes rose by 2% year-over-year and 1.2% from the previous month, according to CoreLogic's Home Price Index. Below is a list of 51 metropolitan areas expected to see the most home prices increase in the next 12 months, beginning from the highest to the lowest. The CoreLogic HPIFinally, while mortgage rates can be difficult to predict, Hepp believes we have likely peaked for the year.

Persons: Selma, it's, Selma Hepp, Hepp, Louis Organizations: CoreLogic, Irvine CA Metropolitan, Everett WA Metropolitan Division, Arcade, Statistical, Oakland, Berkeley CA Metropolitan, Metropolitan Statistical, Riverside, Jacksonville FL, Vegas, Paradise, Clearwater FL, Newark, Sanford FL, Angeles, Glendale CA Metropolitan, Palm Beach, Boca Raton, Delray Beach FL, Cambridge, Suffolk County NY Metropolitan, Towson, Metropolitan, Fort Lauderdale, Boston, Scottsdale, Scottsdale AZ Metropolitan Statistical, Miami, Kendall FL Metropolitan, Alexandria DC, Bloomington, Franklin TN Metropolitan, Virginia, Newport News, Livonia MI, Gastonia NC, SC Metropolitan, West Allis WI Metropolitan, Philadelphia PA Metropolitan, Kansas City, KS Metropolitan, Providence, Richmond VA Metropolitan, Cincinnati, Pittsburgh PA, Oklahoma City, Cleveland, Elyria, NJ, Columbus OH, Houston, Indianapolis, Arlington TX Metropolitan, Dallas, Irving TX Metropolitan Locations: Selma Hepp, Anaheim, Seattle, Sacramento, West Coast, Metropolitan, Santa Ana, Irvine, Bellevue, Roseville, Hayward, Berkeley, Portland, Vancouver, Hillsboro, San Bernardino, Ontario, Diego, Carlsbad CA, Denver, Aurora, Lakewood, Henderson, Tampa, St, Petersburg, Clearwater, Newark NJ, Orlando, Kissimmee, Sanford, Long, Glendale CA, Palm, Delray Beach, Newton, Framingham, Nassau County, Suffolk, Baltimore, Columbia, Pompano Beach, Deerfield Beach FL, Mesa, Scottsdale AZ, Miami, Kendall, Montgomery County, Bucks County, Chester County, Washington, Arlington, Alexandria, Sandy Springs, Roswell, Minneapolis, Paul, WI, Murfreesboro, Virginia Beach, Norfolk, Detroit, Dearborn, Livonia, Charlotte, Concord, Gastonia, Milwaukee, Waukesha, Warwick, Chicago, Naperville, Arlington Heights IL, Troy, Farmington Hills MI, Antonio, New Braunfels TX, York, Jersey, White Plains, Carmel, Worth, Plano

☆ 51 US cities expected to see the highest home-price increases and 5 at risk of falling in the next 12 months — plus where mortgage rates could be by year-end — according to a housing economist
▼ + stars: | 2023-06-11 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

The economist Selma Hepp says home prices in some areas are rising because of limited inventory. The US housing market started off on a solid footing this year as home prices rose. In April, prices for single-family homes rose by 2% year-over-year and 1.2% from the previous month, according to CoreLogic's Home Price Index. Below is a list of 51 metropolitan areas expected to see the most home-price increases in the next 12 months, from the highest to the lowest. The CoreLogic HPIFinally, while mortgage rates can be difficult to predict, Hepp said that we had likely peaked for the year.

Persons: Selma Hepp, it's, Hepp, CoreLogic's, Louis, CoreLogic Organizations: Irvine CA Metropolitan, Everett WA Metropolitan Division, Arcade, Statistical, Oakland, Berkeley CA Metropolitan, Metropolitan Statistical, Riverside, Jacksonville FL, Vegas, Paradise, Clearwater FL, Newark, Sanford FL, Angeles, Glendale CA Metropolitan, Palm Beach, Boca Raton, Delray Beach FL, Cambridge, Suffolk County NY Metropolitan, Towson, Metropolitan, Fort Lauderdale, Boston, Scottsdale, Scottsdale AZ Metropolitan Statistical, Miami, Kendall FL Metropolitan, Alexandria DC, Bloomington, Franklin TN Metropolitan, Virginia, Newport News, Livonia MI, Gastonia NC, SC Metropolitan, West Allis WI Metropolitan, Philadelphia PA Metropolitan, Kansas City, KS Metropolitan, Providence, Richmond VA Metropolitan, Cincinnati, Pittsburgh PA, Oklahoma City, Cleveland, Elyria, NJ, Columbus OH, Houston, Indianapolis, Arlington TX Metropolitan, Dallas, Irving TX Metropolitan Locations: Anaheim , California, Seattle, Sacramento , California, West Coast, Metropolitan, Anaheim, Santa Ana, Irvine, Bellevue, Sacramento, Roseville, Hayward, Berkeley, Portland, Vancouver, Hillsboro, San Bernardino, Ontario, Diego, Carlsbad CA, Denver, Aurora, Lakewood, Henderson, Tampa, St, Petersburg, Clearwater, Newark NJ, Orlando, Kissimmee, Sanford, Long, Glendale CA, Palm, Delray Beach, Newton, Framingham, Nassau County, Suffolk, Baltimore, Columbia, Pompano Beach, Deerfield Beach FL, Mesa, Scottsdale AZ, Miami, Kendall, Montgomery County, Bucks County, Chester County, Washington, Arlington, Alexandria, Sandy Springs, Roswell, Minneapolis, Paul, WI, Murfreesboro, Virginia Beach, Norfolk, Detroit, Dearborn, Livonia, Charlotte, Concord, Gastonia, Milwaukee, Waukesha, Warwick, Chicago, Naperville, Arlington Heights IL, Troy, Farmington Hills MI, Antonio, New Braunfels TX, York, Jersey, White Plains, Carmel, Worth, Plano

☆ Smoky haze parked over U.S. East Coast with relief days away
▼ + stars: | 2023-06-08 | by ( Tyler Clifford | ) www.reuters.com time to read: +4 min

The U.S. National Weather Service extended air quality alerts for another day for the East Coast from New England to South Carolina, as well as parts of the Midwest, including Ohio, Indiana and Michigan. The U.S. Air Quality Index (AQI) measures five major pollutants, including particulate matter produced by fires. While the faint smell of burning wood lingered, the smothering blanket of yellow and orange-tinged haze appeared to thin out, bringing a modicum of relief. "We urge residents and visitors to follow precautions related to the 'Code Purple' air quality alert." Large swaths of Michigan are also under red flag warnings due to dangerous fire weather conditions in both of the state's peninsulas, according to the weather agency.

Persons: Mike Segar, Peter Mullinax, We're, Mullinax, IQAir, Muriel Bowser, Bill Blair, Tyler Clifford, Jonathan Oatis Organizations: Trade Center, REUTERS, The U.S, National Weather Service, Health, U.S . Air, Belmont, Washington, Thomson Locations: Manhattan, New York City, Jersey City , New Jersey, United States, The, East Coast from New England, South Carolina, Ohio , Indiana, Michigan, New York, Washington, Philadelphia, Ohio, Newark , New Jersey, U.S, Dhaka, Hanoi, Swiss, Maryland , Pennsylvania, Delaware, Baltimore, Canada

☆ Canadian wildfire smoke creates hazy skies and unhealthy air quality in New York City
▼ + stars: | 2023-06-06 | by ( Emma Newburger | ) www.cnbc.com time to read: +1 min

The sun is shrouded as it rises in a hazy, smoky sky behind the Empire State Building, One Vanderbilt and the Chrysler Building in New York City, as seen from Jersey City, New Jersey, June 6, 2023. New York City has some of the worst air quality in the country this week because of smoke that has drifted south from wildfires burning in Canada. The ratings for air quality levels across the five boroughs reached into the 150s Tuesday, according to the U.S. government online platform AirNow. Officials warned residents to limit time outdoors and emphasized people with respiratory illnesses or heart disease are especially vulnerable to the dangerous air quality conditions. The New York State Department of Environmental Conservation issued an air quality health advisory Tuesday for New York, Bronx, Kings, Queens and Richmond counties and the surrounding suburbs.

Organizations: Vanderbilt, Chrysler, World Health Organization, New York State Department of Environmental Conservation Locations: New York City, Jersey City , New Jersey, Canada, New York, Bronx, Kings, Queens, Richmond

☆ Opinion: Rose Zhang is a reminder to sports fans — anything can happen
▼ + stars: | 2023-06-05 | by ( Opinion Amy Bass | ) edition.cnn.com time to read: +6 min

Zhang displays her trophy after winning the Mizuho Americas Open in a playoff over Jennifer Kupcho during the final round Sunday. “Incredible few weeks for Rose Zhang, defends her NCAA title and then wins in her Pro debut,” tweeted Tiger Woods, who forged his own legacy as a Stanford Cardinal golf player. Join us on Twitter and FacebookIt would be wise, sport fans, to pay attention, even if golf isn’t your thing. With Rose Zhang, the LPGA has a star who is not just the most touted athlete to hit women’s golf in a long time, but golf writ large. Indeed, Zhang might be one of those athletes, like Woods, who could transcend her sport, creating the start of something special for all of us.

Persons: Amy Bass, Read, Rose Zhang, Beverly Hanson, Amy Bass Rodney Bedsole I’m, —, Julene Caulfield, Zhang, Jennifer Kupcho, Elsa, ” Zhang, ”, Woods, “, Zhang —, Rafael Nadal, Novak Djokovic, Carlos Alcaraz Organizations: Manhattanville College, CNN, Mizuho, Stanford University, NCAA, Student, Manhattanville, Division III, Liberty, Stanford, Kupcho, Twitter, Stanley, Golden Knights, Celtics, Denver Nuggets, NBA Locations: Jersey City , New Jersey, Vegas, Florida

☆ Stanford Golf Star Rose Zhang Is Ready for Her Professional Debut
▼ + stars: | 2023-05-30 | by ( Alan Blinder | ) www.nytimes.com time to read: +1 min

Not long before Rose Zhang clutched a microphone on Tuesday, Michelle Wie West laughingly made an observation: Zhang might have logged more weeks as the world’s No. 1 amateur women’s golfer than Wie West spent as an amateur, period. It was an exaggeration — even though Wie West became a professional at 15 years old and Zhang spent more than 140 weeks in the top spot — but it also wryly underscored how Zhang’s rise in women’s golf is playing out differently from how other ascending stars built their careers. In Zhang, who will make her professional debut this week at the Mizuho Americas Open in Jersey City, N.J., women’s golf is getting the rare prodigy who has played for an American college. “So I wanted to see how I fared in college golf, and it turned out well.”

Persons: Rose Zhang clutched, Michelle Wie West laughingly, Zhang, Wie, you’re, ” Zhang, “ Organizations: Mizuho Locations: Jersey City, N.J

☆ A New Jersey couple bought a 116-year-old house for $435,000. They spent 5 years renovating it, finding new parts of its history as they ripped up carpet and restored floors. Now, they're listing the
▼ + stars: | 2023-05-18 | by ( Amanda Goh | ) www.businessinsider.com time to read: +1 min

The couple's 1907 Dutch Colonial home with a mint green facade. Wilfred House"I was in our apartment in Jersey City, scrolling Zillow, when we saw our current home come up," Rogers said. "It was just an outside photo of the house and looked like a photo from someone's phone — it wasn't even a professional photo." The couple agreed that if he liked it, then Rogers would take the train from work to the house to see what the commute was like. I get off the train, I walk two blocks down the street and I see the house.

Art of Craft is a series about specialists whose work rises to the level of art. The textile artist Bisa Butler was working in her studio in Jersey City, N.J., one day when her husband, John Butler, a D.J., played the song “The World Is Yours” by the hip-hop artist Nas. The song had a particular resonance for Ms. Butler and something clicked: “We can make of this world what we want,” she said. “Right now if you watch the news or read the wrong paper, or any paper, you can get depressed,” Ms. Butler said. Pieces in Ms. Butler’s new show are priced at six figures and up.

☆ CEOs thought the return to office debate was over. It looks like they were wrong
▼ + stars: | 2023-05-13 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +9 min

Other companies, too, could see reverberations if they enact similar policies, especially if the mandates feel arbitrary, human resources professionals say. That's why companies that want to bring workers back to the office need to focus on reconfiguring workspaces to foster additional collaboration. If your company hasn't yet, maybe don't 'mandate'Many companies are still ironing out their return-to-office policies. JustAnswer, an online source for professional information, has seen a 49% increase in questions related to return-to-office mandates and/or policies in its Employment Law category compared with May 2022. Companies should also evaluate whether across-the-board policies make sense, or whether in-office mandates should be implemented for certain functions only, Kogut said.

☆ A Pakistani Artist Reimagines Her Relationship With Shame and Bodies
▼ + stars: | 2023-05-03 | by ( Aamina Inayat Khan | ) www.nytimes.com time to read: +1 min

Misha Japanwala looked around her studio in the week leading up to her gallery show and wondered whether there were “too many nipples.”She was talking, of course, about the nipples she plaster cast from the bodies of 70 anonymized Pakistani people. They are part of Ms. Japanwala’s new collection, “Beghairati Ki Nishaani: Traces of Shamelessness,” showing at Hannah Traore Gallery in Manhattan from May 4 through July 30. Ms. Japanwala, a visual artist, who lives in Jersey City, N.J., spent several months last year in Karachi, Pakistan, where she grew up, making body castings of local women and L.G.B.T.Q. Her work aims to be a historical record of a population governed by the laws of shame. Attending an Aurat (Women’s) March, a rally for women’s rights, has led to threats of murder and rape.

☆ New York poised to pass first statewide law banning natural gas in new buildings
▼ + stars: | 2023-05-02 | by ( Emma Newburger | ) www.cnbc.com time to read: +2 min

The law would likely take effect in 2026 for most new buildings under seven stories and in 2029 for larger buildings. The statewide ban would follow legislation passed by New York City in 2021 that bans natural gas hookups in new buildings by the end of this year. New York was the sixth-largest natural gas consumer among the states in 2020, according to the U.S. Energy Information Administration. And in 2021, the residential sector — where three out of every five households use natural gas for heating — comprised over one-third of the natural gas delivered to New York residents, the agency found. "New York state is leading the way in ending America's devastating addiction to fossil fuels," said Food & Water Watch Northeast Region Director Alex Beauchamp.

☆ Rent continues to climb across the nation — but apartments in these 20 cities are actually getting more affordable
▼ + stars: | 2023-04-28 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Rent growth has been steadily declining since late 2022, according to a new report. Today, median rent growth is three times higher than that at 6%. There's another startling sign that the US rental market isn't yet back to normal: the US currently has more cities with double-digit rent growth than those with negative rent growth. 20 cities where rent is falling right nowFor renters feeling the squeeze of continued rent growth, Insider compiled a list of the 20 US cities where median rent for one-bedroom apartments declined over the last 12 months ending in April. Below are the 20 cities that saw year-over-year median rent declines in April 2022, along with the year-over-year and month-over-month rent changes, average rent prices, and national rent ranking among the largest 100 US cities for each.

☆ The wild swings in US rental prices are finally easing as apartment rents stabilize around $1,500, listing service says
▼ + stars: | 2023-04-27 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

The national median price for a one-bedroom apartment is $1,495 in April, flat month over month. For a two-bedroom place, the national median price of $1,842 was up by 0.5%. One-bedroom median rent over the last month was down in 39 of the top cities tracked by Zumper. The report also found the one-bedroom median price was up 6% year over year, lower than the double-digit increases throughout much of 2021 and 2022. New York City ranked first in a list of median prices for one-bedroom apartments at $3,570, followed by Jersey City, NJ, at $3,000.

☆ Cut-price fast-fashion retailer Primark is eyeing an ambitious US expansion, opening stores across southern states like Texas and Florida
▼ + stars: | 2023-04-25 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

It will open new stores across the South, including Texas, "anchored" to a new warehouse in Florida. It said that in the coming months it expected to sign leases for stores across the South, including in Texas. It has also signed leases to open stores in Orlando, Florida and Jersey City, New Jersey. "The first Florida store has shown us that we're relevant in that market," Weston told investors. As of March 4, Primark had 419 stores globally, with nearly half in the UK.

☆ The fallout from empty offices is coming. Here's where investors could see the pain
▼ + stars: | 2023-04-14 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +12 min

As concerns about regional banks roiled markets, investors weighed another threat: commercial real estate. Also, layered on top of the property value pressure, are the tightening credit conditions brought on by the recent turmoil in the banking sector. There is no doubt this scenario is a toxic mix for the capital-intensive real estate industry. At the moment, many experts say the real estate market isn't causing trouble for banks, but fears about the financial system are likely worsening conditions in real estate because liquidity is being reduced. The biggest concern is seeing how many other companies join Brookfield , Blackstone and Pimco in handing back the keys on office properties, Clancy said.

☆ Three major risks that have the banking industry on edge
▼ + stars: | 2023-04-10 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

The toll of the WFH eraCommercial real estate — offices, apartment complexes, warehouses and malls — has come under substantial pressure, my colleague Julia Horowitz reports. Commercial property valuations could fall by roughly 20% to 25% this year, according to Rich Hill, head of real estate strategy at Cohen & Steers. About $270 billion in commercial real estate loans held by banks will come due in 2023. The proportion of commercial office mortgages where borrowers are behind with payments is rising, according to Trepp, which provides data on commercial real estate, and high-profile defaults are making headlines. That might seem simplistic, but it’s especially relevant for an industry as uniquely reliant on trust as banking is.

☆ American offices are half-empty. That could be the next big risk for banks
▼ + stars: | 2023-04-10 | by ( Julia Horowitz | ) edition.cnn.com time to read: +9 min

“I’m more concerned than I’ve been in a long time,” said Matt Anderson, managing director at Trepp, which provides data on commercial real estate. About $270 billion in commercial real estate loans held by banks will come due in 2023, according to Trepp. Questions about the health of banks with sizable exposures to commercial real estate loans cause customers to pull deposits. That forces lenders to demand repayment — exacerbating the sector’s downturn and further damaging the banks’ financial position. The likeliest outcome is thought to be an uptick in defaults and reduced access to funding for the commercial real estate industry.

☆ Premarket stocks: What markets are watching after digesting the US jobs data
▼ + stars: | 2023-04-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

While inflation has come down and other economic data point to a cooling economy, the labor market has remained remarkably resilient. The labor market is cooling but not rapidly or significantly, and further rate hikes can’t be ruled out. More trouble for commercial real estateA few weeks ago, Before the Bell wrote about big problems brewing in the $20 trillion commercial real estate industry. In a worst-case scenario, anxiety about bank lending to commercial real estate could spiral, prompting customers to yank their deposits. The proportion of commercial office mortgages where borrowers are behind with payments is rising, according to Trepp, which provides data on commercial real estate.

☆ Seeking a Studio on the East Side of Manhattan for $600,000: These Were Her Options
▼ + stars: | 2023-03-30 | by ( Debra Kamin | ) www.nytimes.com time to read: +2 min

Her father, the first-generation American son of Puerto Rican parents, and her mother, an immigrant from Colombia, had always encouraged her to own property. “Growing up, I was always told, ‘If you can buy, then buy,’” said Ms. Gonzalez, 27, who works remotely as a digital communications strategy manager for a Mexico-based tequila brand. “The idea of buying in New York felt impossible, so I decided to get as close as I could,” she said. By the summer of 2022, she figured that selling her apartment would leave her with a budget of up to $600,000 to buy a new place. [Also in Real Estate: This 835-Year-Old Medieval English House Needs Some Modern Love — and a Buyer.]

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