COMMERCIAL REAL ESTATE
New York City retailers and landlords are continuing to adjust to a rapidly changing environment, with rents falling in nearly all of the major shopping corridors in Manhattan. Fifteen of the borough’s 17 major retail corridors saw year-over-year declines on the asking rents for ground floor retail space, according to the Real Estate Board of New York’s fall Manhattan retail report. … Read more at BisNow.
WeWork Continues China Expansion Plans
WeWork’s expansion across China has accelerated and shows no sign of slowing down. According to WeWork executive Sern Hong Yu, China has been one of the fastest growing regions for the New York-based office space company. … Read more at the New York Business Journal.
Southside Hospital’s $1.4 Million Renovation
Southside Hospital in Bay Shore now has a new $1.4 million renovated lobby and front entrance. The upgrade includes a 5,140-square-foot lobby, increased by 25 percent, and new seating areas. There’s also a pharmacy, café and the hospital’s relocated chapel. … Read more at Long Island Business News.
New Jersey Provided $28 Million for Affordable Housing
The New Jersey Housing and Mortgage Finance Agency has awarded more than $28 million in the federal Low Income Housing Tax Credit program to create more than 1,400 affordable apartments for families, seniors and special-needs residents in 12 counties. … Read more at NJ Biz.
GM Announces Massive Layoffs in North American Market
General Motors will lay off 14,700 factory and white-collar workers in North America and put five plants up for possible closure as it restructures to cut costs and focus more on autonomous and electric vehicles. The reduction includes 8,100 white-collar workers, some of whom will take buyouts and others who will be laid off. … Read more at NJ.com.