Christopher Rim

Office Buildings Are Can-Kicking Their Way To Distress: The Big Point The Rabid Capitalist: The Big Point is a brief summary of a detailed note available to paid subscribers. The Rabid Capitalist previously noted that COVID, hybrid work and interest rates had conspired to wreck the financial performance and asset value of office real estate. While markdowns had been commonplace, distressed sales had been a rarity. Short-term actions by tenants, lenders and owners have led to can-kicking, postponing asset realizations and losses. Distress had been deferred not avoided (see https://lnkd.in/ekxzfwcM and https://lnkd.in/e43RvGMJ). Complete content is available for a $15 monthly subscription. Click here to subscribe: https://lnkd.in/eUcsawuw

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Have a story to tell... Use Narratize AI Co-Authoring platform to tell your stories in an impactful manner. Katie Trauth Taylor, PhD and the entire team is committed to helping you in becoming amazing storytellers. Check out their impressive work at https://lnkd.in/gnNYHSSX Start telling your stories with Narratize AI as your co-author. #generativeai #storytelling #innovation #aicoauthoring #innovators #researchers #impactstories #startups #problemsolvers #AI #AIStartup

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In 2013, Lori Torres felt an undeniable spark when she conceived the idea for Parcel Pending, a smart locker solution designed to tackle the package crisis in apartment buildings. Despite being the primary breadwinner in her family with a thriving real estate career, she took a monumental risk. She left her secure job, sold the family’s cherished home, and even persuaded her mother to risk her property for a loan. Within a year of these sacrifices, Lori had developed her first smart lockers. Her innovation soon caught on, with her lockers becoming a key solution for property management companies and residents. By the end of 2014, Lori’s commitment had not only secured her first major order but also attracted investors, setting the stage for tremendous growth. Within six years, Parcel Pending was sold for $100 million, turning her mother’s loan into a $1 million return and ensuring her family's future. Lori’s story highlights a key lesson for anyone seeking investors: truly committing to your vision can make a world of difference. By investing your own resources and security, you show investors just how dedicated you are to your idea. When you put everything on the line, it not only proves your commitment but also makes a strong case to potential backers. If you’re all in, it’s far easier to convince others to believe in your dream, and it could be the turning point in making it a reality. Are you prepared to go all in on your entrepreneurial dreams? Grab a copy of my book, “Thinking Bigger”, at the link below to read my personal experience chasing my dream and the advice I would share to anyone starting today. https://lnkd.in/dZpQYX6D #Entrepreneurship #WomenInBusiness #Startups #Investment #ThinkBigger

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Why Miami's Real Estate Offers Unmatched Equity Opportunities Discover why Miami stands out in real estate with its unique equity positions. Explore the advantages of building in Class A locations and how hotel use enhances property value, making it a prime choice for investors. #MiamiRealEstate #RealEstateInvestment #EquityPosition #ClassALocations #InvestmentOpportunities #MiamiMarket #PropertyValue #HotelInvesting #RealEstateTrends #InvestSmart

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🏡📢 Big News for NYC Renters 📢🏡 In a significant move to tackle the housing affordability crisis, the New York City Council has just passed the Fairness in Apartment Rental Expenses Act (FARE Act) with a veto-proof majority of 42-8 votes! 🔑 What does this mean? - Landlords will now be responsible for paying the fees of brokers they hire, rather than passing these costs on to tenants. - This change aligns with how transactions work in most other parts of the country: if you hire someone, you pay for their services. 📊 The Impact: - No more hefty upfront broker fees for tenants, which can be as high as 15% of the annual rent. - Greater affordability and more housing options for New Yorkers. - Brokers will still be able to represent tenants, but the financial burden will shift to the party hiring them. 🗣️ Reactions: - Council Member Chi Ossé, the bill’s sponsor, calls it "common sense" and a step towards fairness in rental transactions. - StreetEasy and other advocates believe this will make the rental market more accessible and improve the public's view of real estate agents. 🚨 Challenges Ahead: - The Real Estate Board of New York (REBNY) and some experts argue that landlords might incorporate the broker fees into the rent, potentially leading to higher housing costs. - However, proponents argue that the market will dictate rents and that this change is a necessary step towards affordability. 🌟 A New Era for NYC Rentals: This legislation marks a significant shift in how the rental market operates in New York City. It's a win for tenants and a step towards a more equitable housing system. Let's discuss: How do you think this change will impact the NYC rental market? Share your thoughts in the comments! #NYCHousing #FAREAct #RentalReform #AffordableHousing #RealEstate #NYCLandlords #TenantRights #HousingAffordability

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CRE Climate Impact Investment; Breaking News | Realtor.com (2024) Severe Weather/ Climate Risk Report. Miami's $1,258.0B Climate Impact investment opportunity. quote "Across the top 100 metros, Miami, FL has the highest total value of homes that face severe and extreme risk of heat, followed by Dallas, TX and New York, NY. In addition to big metros in FL and TX, all properties in 17 metros from Florida, Texas, South Carolina, Louisiana and Virginia are at severe or extreme heat risk. In fact, while all homes in Miami are exposed to severe or extreme heat risks, only 2.8% of owner-occupied homes in Miami had solar panels." end-quote. #impact, #climate, #climatetech, #startups, #miami, #florida, #geneva, #newyork, #london, #berlin, #germany, #venturecapital, #privateequity, #vc, #startups, #gold, #stockmarket, #hedgefund, #fixedincome, #weather, #fema, #insurance, #proptech, #realestate Ref 1 of 2 - https://lnkd.in/dA6zdcWy Ref 2 of 2 - https://lnkd.in/dBGUrqbx

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Enlightening article on demographics in the November issue of Institutional Real Estate Americas How people shape property: Understanding the demographic drivers of institutional real estate "By far the biggest driver is the multifaceted area of demographics, and changes in population size, composition (such as by age, income, household size) and location (migration) provide clues for impending changes in real estate demand." Thank you Mike Bessell, CFA, Mike Sobolik and Jackson Crawford at Invesco US Real Estate. https://lnkd.in/gB7kJCyb

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Fun to see some insights appear in Rachel Feintzeig’s fantastic The Wall Street Journal piece over the weekend! 👏🏼👏🏼 “To get to your next big idea, you have to be OK with bombing a bit, says Jeremy Utley, a general partner at a venture-capital firm who teaches at Stanford’s design school, known as the Hasso Plattner Institute of Design at Stanford ( d.school ). “Most of life is not punctuated by win after win after win. Most of the time, it’s kind of painful,” he says. Brainstorm 10 possible answers to a question or dilemma at a time, he advises. Focusing on quantity over quality takes off the pressure. Use a bad idea as a jumping–off point. What else does it make you think of? Or try taking what Utley calls a “wonder wander.” Head off with your problem in mind, and relate everything you see to the problem. Spot an Amazon truck? Consider how Jeff Bezos might solve your quandary. Walk past a playground? Imagine the connection between your issue and play. ChatGPT could help too, if you use it right. It isn’t going to pop out the perfect answer on the first try, Utley says. Kick off the conversation by describing the boss you want to impress. Then ask: What are three projects that could blow that boss’s mind? Keep chatting with it until you spark something great…” Link in comments …

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Donald Bren built one of the most successful real estate empires by focusing on long-term value creation. ➡️ He mastered the art of location, prioritizing prime areas that held enduring value. ➡️ His approach emphasized development quality, ensuring projects not only met market demand but exceeded expectations. ➡️ Bren’s portfolio diversified intelligently, blending residential, commercial, and retail assets to maintain stability. ➡️ He prioritized patience, holding onto assets and letting them appreciate over decades instead of flipping for short-term gains. ➡️ His strategy shows that real estate isn’t just about buying and selling—it’s about building communities that last. Real estate success isn’t about luck. It’s about vision, execution, and playing the long game. #DonaldBren #RealEstateStrategy #LongTermWealth #RealEstateInvesting

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“𝙎𝙤𝙘𝙞𝙖𝙡 𝙚𝙣𝙩𝙧𝙚𝙥𝙧𝙚𝙣𝙚𝙪𝙧𝙨 𝙖𝙧𝙚 𝙣𝙤𝙩 𝙘𝙤𝙣𝙩𝙚𝙣𝙩 𝙟𝙪𝙨𝙩 𝙩𝙤 𝙜𝙞𝙫𝙚 𝙖 𝙛𝙞𝙨𝙝 𝙤𝙧 𝙩𝙚𝙖𝙘𝙝 𝙝𝙤𝙬 𝙩𝙤 𝙛𝙞𝙨𝙝. 𝙏𝙝𝙚𝙮 𝙬𝙞𝙡𝙡 𝙣𝙤𝙩 𝙧𝙚𝙨𝙩 𝙪𝙣𝙩𝙞𝙡 𝙩𝙝𝙚𝙮 𝙝𝙖𝙫𝙚 𝙧𝙚𝙫𝙤𝙡𝙪𝙩𝙞𝙤𝙣𝙞𝙯𝙚𝙙 𝙩𝙝𝙚 𝙛𝙞𝙨𝙝𝙞𝙣𝙜 𝙞𝙣𝙙𝙪𝙨𝙩𝙧𝙮.” – 𝘽𝙞𝙡𝙡 𝘿𝙧𝙖𝙮𝙩𝙤𝙣 Reflecting on how far we’ve come, I’m filled with gratitude. From those early conversations with Katherine Winston and Laurie Benner to our official launch, we’re creating a new narrative for underestimated and underrepresented startup founders—and this is just the beginning. A huge thank-you to everyone who believed in us from the beginning: Miami Association of Realtors, Ines Hegedus-Garcia, and Martin Kelly—your partnership and trust has been invaluable. And of course, a special shout-out to Dan Weisman, who’s been with us since Day 1. Our portfolio companies—Maverick Systems, Upfront, BILLIONS, and The Studio Home —are led by founders who are innovative, driven, and committed to improving the industry. You inspire us every day. Equity Angels isn’t just supporting startups; we’re rebuilding the ecosystem for founders and paving the way for a more equitable future. I’m so fortunate to work with such an amazing team. And Kat, my co-founder, your vision and relentless pursuit of progress push us to achieve more than I ever imagined. We know there’s room for improvement in the PropTech startup space, and by innovating from within, we are creating the way for lasting change. Can’t wait to see what’s coming next! We’re all in this together. (Cue the High School Musical soundtrack 🎵).

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If you are looking to buy an existing hotel property, to build a new ground-up, to refinance a maturing loan for better terms, or to fund a renovation, we provide hotel financing to owners and developers for full service hotels for every major chain (in addition to boutique and independent hotels). We offer immediate access to industry experts who can get your loan closed quickly. Edward Voccola & Co. LLC has long-lasting lending relationships with its network of correspondent hotel lenders that is comprised of life insurance companies, banks, agencies, and conduits. Our lenders provide us limitless capital sources using debt & equity that enables us to provide our clients with a broad range of highly competitive hospitality financing options and loan products. Loan amount up to $100 million High loan-to-cost (up to 75%) which include hard & soft costs, FF&E, ‘PIPs’, and closing costs Interest Rates as low as 4% Franchised hotels or upscale independent/boutique properties Non-Recourse, limited-full performance based burn off Experts who can get your hotel loan closed in a simple, efficient, and quick manner New construction loans are currently available for franchisor and/or municipality. These loans are generally short term (3-5 years) with the first two years interest only. After the term expires, owners typically refinance and obtain traditional financing at a lower rate and 25 year amortization. Capex Financing Edward Voccola & Co. LLC is able to thoroughly structure a capex loan to meet the franchise’s specific needs and the requirements of their senior mortgage through several loan and lease options. Capex financing can provide up to 20% of the total project costs for a new construction project. This allows the developer to more easily secure construction financing as this lowers the overall risk to a potential construction lender. We provide Capex/FF&E financing for: Hotel Renovations Property Improvement Plans (‘PIPs’) Brand Conversions Furniture, Fixture, and Equipment (FF&E) carve out for new construction Bridge and Hard Money Financing We offer hospitality bridge and hard money financing on a short term basis up to $10 million or 70% of stabilized value for: Acquisition Construction Refinance Rehab Discounted Purchase Options (DPO) Note Purchase These loans can be closed in as little as two weeks, allowing a buyer to quickly acquire, renovate, and stabilize the property until permanent financing can be sourced. Whether it’s buying properties or financing current debt, a hotel owner can be confident in Edward Voccola & Co. LLC’s ability to move expeditiously, enabling them to close quickly on the transaction and have the capital necessary to complete the renovation on a brand conversion. Contact EDWARD VOCCOLA at 646-342-4963, WWW.EDWARDVOCCOLALLC.COM, EMAIL: [email protected]

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I had the incredible opportunity to speak at the Stanford University Graduate School of Business LOWkeynotes Conference about something very close to my heart – the future of aging. My talk, "A New Age of Aging: Shaping the Future of Longevity," delves into how we are on the cusp of a demographic revolution and what that means for all of us. https://lnkd.in/gTh2_MpT With advances in medicine and technology, are we truly prepared for what it means to live longer? This talk explores the profound shifts needed in how we think about aging, from policy to personal outlook. Why does this matter? By 2034, there will be more people over 65 than under 18 in the US – a historic first. I discuss not just the challenges but the vast opportunities this demographic shift presents. From redesigning social structures to rethinking personal lifestyles, we must ensure that these extra years are not just added life, but added life worth living. I'd love to hear your thoughts after watching the talk! What will you do differently to prepare for a future where age is just a number? Thanks to all who helped bring this to life! #Aging #Longevity #Talk #NewAgeOfAging #GoldieOpportunity Stanford University Gina Grahame Stanford Center on Longevity

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Excited to start this series of Institutional Real Estate Americas Virtual Roundtables. These will be running through August and are incredibly valuable to IREI as a way to understand how investors and consultants/managers are navigating this market. Today's group had some interesting thoughts on the following topics: Can you share a deal that you've recently closed or are about to close and describe why this is compelling in today's market? Any sectors or geographies that are off limits such as office or hotels even if they are compelling opportunities? If so, what is the driver for this? What is primary underlying reasoning for pursuing the "alternative/niche" as opposed to the non-four food groups? Is it seeking presumptive alpha or is the goal to achieve portfolio diversification? Both or perhaps other priorities? Thank you to all the participants today: Mark Wojcichowsky, GEMBA, CFA, MRICS from Alberta Investment Management Corporation (AIMCo) Adam Tantleff from Madison Realty Capital Jessica Callahan Dadosky from Callahan Capital Partners Mike Hu from Gaw Capital Advisors USA Jeff Nasser from Strategic Investment Group Alexandra Schultz from PCCP, LLC Maggie Taplett from Barings Michael Browning, CFA from SERS Elizabeth Bell from Hamilton Lane Mark C. from New Mexico Educational Retirement Board Jon Pharris from CapRock Partners Adam Lerer from PIMCO Prime Real Estate Jason Puchmeyer from Alliance Global Advisors

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Florida, long known for its sun, beaches, and vibrant communities, has also become a beacon for real estate investors. With a market that continues to outpace most of the country, it offers both substantial opportunities and challenges for savvy investors. 🌟 Miami, Tampa, and Orlando: Setting the Pace In 2024, we see Miami leading with a median home value of $554,261, with Orlando and Tampa not far behind at $395,000 and $373,200, respectively. These cities are pivotal in shaping Florida's investment landscape. Miami draws investors with its luxury properties and international commerce, while Tampa’s balance of historical charm and economic growth offers unique commercial and residential opportunities. Orlando, known for its tourism, is also expanding in tech and aerospace, attracting professionals and boosting housing demand. 🌿 Emerging Markets: Fort Myers, Ocala, and Winter Haven Beyond the metro areas, cities like Fort Myers, Ocala, and Winter Haven offer unique investment opportunities: - Fort Myers: Known as the "City of Palms," and not just a haven for retirees but also a growing hub for families and young professionals. With a median price of approximately $366,600, it’s an affordable entry into coastal living. - Ocala: This area is not only the “Horse Capital of the World” but also offers economic stability through its equine industry and a median home value of $267,427, providing substantial growth opportunities. - Winter Haven: Known as the "Chain of Lakes City," it offers a quieter lifestyle with access to numerous lakes and outdoor activities, ideal for families and retirees alike. 🚀 Join Today’s Webinar at 4:00 PM EST Investing in Florida is about understanding a diverse and evolving landscape. To delve deeper into how to leverage these opportunities for robust investment portfolios, join our webinar today. We’ll explore market trends, investment strategies, and hear success stories to guide your investment journey. 🔗 Register: https://t.co/AI6vNvqVt3 #FloridaRealEstate #InvestmentOpportunities #RealEstateInvesting #TimCaseyRealEstate #Build2Rent #MarketInsights #Webinar

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Flashback Friday: Rewinding to an article I contributed to back in 1986—“Case of Split Personalities: Using Multiplicity of Formats” for the Real Estate Forum Magazine.   The discussion highlighted how at the time, segmentation, consolidation, and overbuilding characterized what at the time was a volatile period in the U.S. lodging industry.   I opined that the early days of hotel product segmentation taken to its logical conclusion would result in a marketplace being fragmented into niches targeted to even smaller subsegments requiring operators to develop and implement more sophisticated marketing techniques.   Fast forward to today, and those same principles still hold true. It is a great reminder that understanding and anticipating market shifts is what keeps investors ahead of the curve.   Read the whole archived article on the LW Hospitality Advisors website. The link will be in the first comment.   #FlashbackFriday #HospitalityIndustry #HotelIndustry

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He may have a checkered past but WeWork’s Adam Neumann and his investor’s Andreessen Horowitz may be onto something here. In building Neighbourgood, there are a lot of parallels in our respecitve businesses (barring a $350m investment from one of the worlds best known VCs). I have no doubt that the brand experience will play a significant role in the future of multi family living. Thats something Adam understands well. Combining best in class multi family and hospitality technology designed with community in mind together with fundimentally solid real estate investment principles provides for a very investable story. Yielding Propco/Opco economics if applied correctly can be very rewarding if executed well. And I guess the proof of the pudding will be in the eating. Will using Flow as a branded property manager generate 20-30% better NOI then a standard property manager in the multi family space? Only time will tell. Property and or hospitalty management (with our without technology) is a people heavy business. They are going to have to look closely at their operating costs, to build unit economics that make sense. Assuming their fees are market related, margins will be thin. Ask any of the large co-living operators who no longer exist or who have had to do m&a’s to survive. Adam’s play for WeWork is also a clever move and whether he gets it or not shows where his thinking is at. The future is of brand and product in the built environment is so much more then just the four walls of physical space. I think he understands that. My gut says this is not a blitzscale or one winner wins all opportunity. The multi family industry is the worlds biggest asset class. It is a behemoth that Greystar and BlackRock themselves could not gobble up all their own. So that leaves space for other companies to compete! And I think there will be a few. I’m excited to watch the development of the branded residence space. It’s entry is long overdue and the timing couldn’t be better. Watch this space! I think there is lots of GOOD to come! Ps: Andreessen Horowitz DM should you be interested in backing another horse as a wild card 😉😘🚀 South African entrepreneurs are always in for a shot!

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🌆 The Evolving Landscape of New York City's Office Market 🌆 As we navigate the complexities of the current office market, it's clear that landlords in New York City are facing some tough decisions. Here are some key insights and statistics that highlight the challenges and strategies being employed: Vacancy Rates and Market Uncertainty - Manhattan’s office space is currently 23.5% vacant, with over 10M SF of office occupancy lost in the past 12 months alone. Unlisting Office Space - Between January and September, approximately 8.5M SF of office space has been unlisted from the market, a significant jump from the 3M SF unlisted in the same period in 2019. Strategic Warehousing - Some landlords are opting to warehouse their empty office space, hoping to secure higher rents in a more stable market. As Ethan Silverstein from Cushman & Wakefield noted, "We're not going to assign a lease at the bottom of the market for what is potentially one of the best spaces on Madison Avenue". Conversion and Renovation Challenges - With the rise in vacancy, many landlords are considering conversions or renovations. However, this comes with its own set of challenges, including zoning issues and high construction costs. Ruth Colp-Haber from Wharton Property Advisors pointed out, "These landlords are faced with a Hobson's choice... Either they can take on more debt... or they can let the space lie empty and wait for a better day". Tenant Preferences - Tenants are increasingly favoring Class-A office spaces with modern amenities. In fact, 42% of New York City leasing activity by square footage is concentrated in Class-A space, despite it representing only 15% of the market. Long-Term Strategies - Developers like The Durst Organization are investing heavily in renovations to make their buildings more competitive. For example, Durst invested $150M in the 825 Third Ave. building, resulting in leasing picking up significantly. In the words of Spencer Levine from RAL Cos., "You need to understand your property and manage your expectations... It’s really about having the right expectations and not fooling yourself that pulling this off the market and remarketing it in two years is going to make it something different than it is today". As we look to the future, it's clear that landlords need to be strategic and adaptable to navigate these uncertain times. Whether it's warehousing space, pursuing conversions, or investing in renovations, the key is to remain nimble and focused on what tenants truly value. #OfficeMarket #RealEstate #NewYorkCity #CommercialRealEstate #MarketTrends #ClassAOfficeSpace Feel free to share your thoughts and strategies on how to navigate this evolving market 📢💡

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