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Howard Lorber Steve Witkoff Launch SPAC

Howard Lorber and Steve Witkoff (Getty, iStock)
Frequent business partners Howard Lorber and Steve Witkoff have a new project, but it’s not a condo or hotel. It’s a SPAC.
The developers’ Ocean Drive Acquisition Corp. is looking to raise $250 million from investors to take a proptech startup public, according to a regulatory filing. In addition to Lorber and Witkoff, asset manager Monroe Capital is sponsoring the blank-check company.
“Technology has become a strategic imperative as [real estate] owners seek ways to increase the efficiency of their assets,” the filing said. “Our management team has specific experience and knowledge regarding the real estate industry and companies that provide technological solutions and innovation.” ....

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NY Lt. Gov. Hochul says she's confident Cuomo's sexual harassment accusers 'will be heard and taken seriously'

Lt. Gov. Kathy Hochul would become New York's governor if Andrew Cuomo resigns in the face of sexual harassment allegations. ....

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16 Must Reads for the CRE Industry on Jan. 27, 2021

16 Must Reads for the CRE Industry Today (Jan. 27, 2021)
The apartment sector is starting to feel the impact from missed rent payments, reports the Wall Street Journal. Ghost kitchens are starting to pair up with hotel operators, according to The New York Times. These are among today’s must reads from around the commercial real estate industry.
Rent Collection Is Down, and Apartment Owners Feel the Squeeze “The apartment business has weathered the Covid-19 pandemic better than most of the real-estate sector. That is starting to change. Owners of multifamily buildings are falling behind on loan payments. Banks view a greater number of rental loans as high risk, and fewer lenders are available to help struggling developers with financing. Eviction protections, lower rent collections and unprecedented declines in the asking rent in some urban markets are also taking their toll on apartment owners.” ( ....

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