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The most valuable part about the Empire State Building isn’t necessarily any of the 2.7 million square feet of office space. As valuable as offices are in one of the world’s most famous buildings, the most valuable space may just be the observation deck atop the 92-year-old skyscraper. Empire State Realty Trust (ESRT), the commercial REIT that owns the 102-story...
Buried within the 730-page Inflation Reduction Act that Congress recently passed is a dizzying array of proposals that directly and indirectly impact the commercial real estate sector. It also includes corporate tax reform, a huge expansion of the IRS, efforts to lower cost of prescription drugs, and energy initiatives. For that last piece, the bill authorizes $369 billion in spending...
Nearly three years after a very public implosion that resulted in a failed IPO and the ousting of the company’s co-founder and CEO, WeWork is grinding its way toward profitability. The 14-year-old company still has brand name power and is one of the largest co-working companies in the world in terms of square footage and locations. But it has struggled...
If you’re confused about what affordable housing actually is, you’re not alone. The concept has been cleaved in political discourse so much that “affordable housing” has been frequently misinterpreted and obscured by many of the same myths as other social policies intended to assist low-income and vulnerable groups. To put it plainly, the federal government defines affordable housing as any...
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