Real Estate Roundup:
- Why the Path to Reopening New York City Will Be So Difficult… The factors that made the city one of the hardest hit on the planet — its density, mass transit and tourism — complicate a return to normalcy. (NYTimes)
- JPMorgan’s asset management arm increased its bet on single-family rental homes, more than doubling the size of a joint venture with landlord American Homes 4 Rent. The ‘Strategic Property Fund’ partnered with the single-family rental operator early this year. The parties expanded the joint venture to $625 million, up from $250 million. American Homes 4 Rent operates more than 50,000 homes, and said it collected 95% of rent for April, and 82% of rent for May as of the 5th. (Bloomberg)
Douglas Elliman’s parent company, Vector Group, reports Q1 earnings:
Chairman Howard Lorber said the firm cut staff by 25 percent, reduced all salaries by 15 percent and is seeking to consolidate offices and negotiate “rent reductions, deferrals or holidays” with landlords nationwide. And that’s despite not yet feeling the full effects of the “severe decline” in sales activity, the Real Deal reported.
- Worth Noting: Lorber noted that although virtual tours have led to some “surprising” deals, he doesn’t expect business to rebound until in-person showings can resume, which he thinks would be in mid-June. His agents have actively been discouraging homeowners from listings properties. Elliman reported a net loss of $69 million, having lost $10.4 million in the same period last year. (TRD)
Earnings reports from Starwood and Newmark:
- Newmark (YahooFinance)