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Real Estate Roundup 4.29.20

10 Columbus Circle (Credit: Shutterstock / NYPost)
  • California joined growing ranks of U.S. states and countries around the world preparing to ease coronavirus-containment measures, with many planning gradual rollbacks to help reduce the potential for new waves of infections. In recent days, U.S. governors have detailed phased reopening plans, in a patchwork of orders that vary by speed and approach. In states hit hardest by the pandemic, however, leaders have extended stay-at-home orders and warned that acting prematurely could hinder progress made against the virus. (WSJ)

Federal Reserve:

  • A Federal Reserve program expected to begin within weeks will provide hundreds of billions in emergency aid to large American corporations without requiring them to save jobs or limit payments to executives and shareholders. Under the program, the central bank will buy up to $500 billion in bonds issued by large companies. The companies will use the influx of cash as a financial lifeline but are required to pay it back with interest. (WashingtonPost)
  • The Federal Reserve is widely expected to lift the interest rates that influence its fed funds target, a technical move that could keep interbank lending running smoothly and help prevent financial market disruption should the benchmark rate fall below zero. A negative effective fed funds rate would imply that banks are willing to pay to lend funds overnight to each other, and indicate the market expects the Fed to take interest rates below zero. Fed officials have repeatedly said they oppose negative rates for the United States. They have had mixed results overseas and were once considered only for economies with chronically low inflation such as Europe and Japan. (Reuters)

Other news

  • Large REITs with big New York holdings who report their first-quarter earnings this week include Paramount Group and Boston Properties. Vornado Realty Trust is scheduled to report the first week in May. (WSJ)
  • Since mid-March, Related Companies has filed plans for hefty renovations across at least 12 floors of the Time Warner Center for an estimated cost of $164.2 million. (TRD)

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