Daily NAPTA Update 05.01.2024

Posted by Diane Macri | May 01, 2024 | 0 Comments

Republic First Bank Seized With $1.7B Of CRE Loans On Its Books


The Philadelphia-based bank was shut down by the Pennsylvania Department of Banking and Securities on Friday, the first regional bank failure this year. It had $6B in total assets. Fulton Financial bought its deposits and assets over the weekend in a regulator-engineered deal, Reuters reported. Fulton took the reins on $2.9B in loans total.

Microsoft, Google, Meta To Aggressively Raise Data Center Spending — With Mixed Reviews


The AI arms race is showing no signs of slowing down. Even after more than a year of unprecedented spending on the data centers and information technology equipment to support artificial intelligence, tech giants Microsoft, Google and Meta all indicated this week that they will spend billions more than anticipated on developing AI infrastructure.

Office-Loan Defaults Near Historic Levels With Billions on the Line

The Wall Street Journal

Defaults are reaching historic levels in the office market, as a growing number of owners capitulate to persistently high interest rates and weak demand. More than $38 billion of U.S. office buildings are threatened by defaults, foreclosures or other forms of distress. That is the highest amount since the fourth quarter of 2012 in the aftermath of the 2008-2009 financial crisis.

'Magnificent Real Estate': 99 Cents Only Stores Will Vacate 3.8M SF In SoCal


About 3.8M SF of retail space will flood the Southern California market in the next two months with the liquidation of 99 Cents Only Stores, the discount retailer that filed for bankruptcy earlier this month. Not so long ago, that kind of vacancy would have met a retail real estate market smarting from a bankruptcy binge that left landlords in the lurch. But these spaces are likely to be filled relatively easily.

WeWork To Close Manhattan Headquarters, One Of Its Largest Coworking Locations


WeWork occupies more than 300K SF across 20 floors at Tower 49 in Midtown Manhattan, owned by Kato International. Besides its corporate headquarters, the building at 12 E. 49th St. has a coworking space with 2,800 members, according to a Friday filing by the company.

Schoharie County towns sue over solar, wind farm property taxes

Times Union

A coalition of more than a dozen Schoharie County towns is suing the state, contending the prescribed method for taxing solar and wind farms is unconstitutional as it usurps the authority of local assessors and shortchanges municipalities of needed property tax revenue.

Ohio bill seeks to stop property tax hikes


There are at least a dozen bills at the statehouse to bring Ohioans property tax relief and one took a step forward on Tuesday afternoon by passing the House Ways and Means Committee by a 10-6 vote. “We want people to be able to thrive and live in their homes and not be taxed out of their homes,” Representative Adam Mathews (R-Lebanon) said.

Jefferson County residents see jump in property appraisals


Many homeowners in Jefferson County are checking their mailbox and finding an appraisal letter with yet another increase on their property values. Joseph Zak is a retired registered nurse, he said he has protested his property's appraisal for the last four years, even arguing his case in front of the appraisal review board.

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