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Real Estate Roundup 7.27.20

Real Estate Roundup:


  • Joe Biden proposed eliminating 1031 “like-kind” exchanges for investors with annual incomes greater than $400,000, as part of his plan to finance $775 billion in government spending over the next 10 years on child care and care for the elderly… Efforts to eliminate 1031 exchanges have failed before and will continue to be preserved. (TRD)

Other news

  • Marcus & Millichap is acquiring Mission Capital Advisors. As part of the merger, David Tobin, principal of Mission Capital, will continue to run the firm’s loan sale business out of Manhattan. (CO)
  • SL Green Realty is looking to sell a $100 million mezzanine loan on the massive One Court Square office building in Long Island City. The loan carries an interest rate of 8.5 percent and matures in 2023, with an option to extend another two years. (TRD)
  • The Virus Turns Midtown Into a Ghost Town, Causing an Economic Crisis… The Time & Life Building (AKA 1271 Avenue of the Americas) typically fits 8,000 workers – now only 500 are showing up per day. On a sidewalk once lined with food carts, a lone hot-dog vendor stood one recent Friday on a corner below the building. His name is Ahmed Ahmed, and he said he used to sell 400 hot dogs a day. How many now? “Maybe 10.” (NYTimes)

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