Four Seasons, 204 layoffs, as businesses hemorrhage jobs

The Four Seasons Hotel in Downtown Manhattan is the latest casualty of the coronavirus pandemic. Located at Silverstein Properties’ 30 Park Place, the luxe hotel is closed until further notice, according to its website. It plans to lay off 204 workers, a notice filed with the state’s Department of Labor says. On its website, the Four Seasons said it will not take reservations until at least April 21 “out of an abundance of caution related

source https://therealdeal.com/2020/03/30/four-seasons-204-layoffs-as-businesses-hemorrhage-jobs/

Jeff Bezos pulls out of $90M deal for Beverly Crest’s “Enchanted Hill” property

In this time of crisis and economic turmoil, even the world’s richest man seems to be cutting back on expensive purchases. Amazon CEO Jeff Bezos has pulled out of a deal to buy the late Paul Allen’s 120-acre “Enchanted Hill” property in Beverly Crest, according to the Los Angeles Times. Bezos and the managers of Allen’s estate were reportedly close to a $90 million deal for the semi-developed property last month. News of the supposedly

source https://therealdeal.com/2020/03/30/jeff-bezos-pulls-out-of-90m-deal-for-beverly-crests-enchanted-hill-property/

Meridian Capital hit with round of layoffs

Meridian Capital, the city’s most active debt brokerage, has decided to reduce “a small number” of support and back-office roles as the COVID-19 pandemic grinds the economy to a halt. “The unprecedented economic realities of this public health emergency have touched literally every sector of the economy,” read a statement Meridian provided to The Real Deal. “ Businesses on every level have a fiduciary responsibility to chart a course today that will ensure it can

source https://therealdeal.com/2020/03/30/meridian-capital-hit-with-round-of-layoffs/

Top I-sales brokers on what to do when there are no deals

Commercial real estate brokers need to transact the way a shark needs to swim. So what do some of the city’s top brokers think of a market that’s come to a virtual halt? “It feels like the last few weeks of August,” said Meridian Investment Sales’ David Schechtman, referring to the slow time of the year when most dealmakers are relaxing at their summer homes. “And it feels like it’s going to be this way

source https://therealdeal.com/2020/03/30/top-i-sales-brokers-on-what-to-do-when-there-are-no-deals/

“Kicking the can down the road”: Real estate industry says $2T relief plan doesn’t do enough

For much of the real estate industry, the $2 trillion stimulus package President Trump signed into law to bolster the economy doesn’t do enough. The plan offers limited relief to real estate, industry pros said, though the cash payments to individuals and a boost in unemployment insurance could help ease some economic pain for renters, and therefore for landlords and lenders. “It’s a beginning. We need more,” said Thomas Bannon, CEO of the California Apartment

source https://therealdeal.com/2020/03/30/kicking-the-can-down-the-road-real-estate-industry-says-2t-relief-plan-doesnt-do-enough/

EB-5 is back in the doghouse

EB-5 was left out of Congress’s $2 trillion federal stimulus package bill, crushing developers’ hopes of getting cheap financing as real estate deals come to a halt. The federal program that allows foreign investors the ability to obtain a U.S. green card in exchange for an investment in a U.S. business was not mentioned in the stimulus package that passed Congress on Friday. Politico previously reported that Congress was considering making changes to the EB-5

source https://therealdeal.com/2020/03/30/eb-5-is-back-in-the-doghouse/

Extell’s Israeli bonds put on downgrade watch

Another New York real estate developer is attracting concerned looks from the Israeli bond market, as the coronavirus epidemic has brought construction and sales in the city to a near halt. A week after Related Companies’ bonds were downgraded, Gary Barnett’s Extell Development saw its bonds given a negative projection by rating agency Midroog, according to a disclosure published Sunday on the Tel Aviv Stock Exchange. “The rating has been placed under credit review as

source https://therealdeal.com/2020/03/30/extells-israeli-bonds-put-on-downgrade-watch/