Daily NAPTA Update 9.27.2023

Posted by Diane Macri | Sep 27, 2023 | 0 Comments


 Rite Aid Considers Closing Up To 500 Stores In Bankruptcy Proceedings
Rite Aid has proposed closing between 400 and 500 of its stores as part of its bankruptcy proceedings and either selling or turning over the remaining stores to its creditors, The Wall Street Journal reports, citing anonymous sources familiar with the negotiations. Some of the company's bondholders want even more closures than that, the WSJ reports.

As WeWork Scrambles To Stay Afloat, Up To $7B In Building Value Hangs In The Balanceo0p
As WeWork works to reduce its rent bill by any means necessary, it leaves billions of dollars of potential real estate value in limbo. The coworking operator's U.S. portfolio totals 15.5M SF across 268 properties, which have a combined total footprint of 90M SF. If WeWork ceases operations and its locations aren't backfilled, its landlords would lose a combined $7B in property value, CoStar reports.


Newark considering 10% property tax increase
Newark City Council is considering a 10% property tax increase for residents as they look to close an initial $6.2 million hole in their 2024 budget. Newark first saw a budget presentation on August 14, before various departments had the opportunity to go before council and state their priorities and where they could make cuts for the new fiscal year.


Portland Investor Snags Office Building For Big Discount, The First Loop Office Sale In More Than A Year
An Oregon investor bought a 29-story office tower in the West Loop, the first office building purchase in the Loop in more than 12 months. Menashe Properties purchased the 623K SF building at 230 West Monroe St. for $45M, per a company press release. The company paid cash for the building, Crain's Chicago Business reports.


Xin Development Group Is Facing Its Third Foreclosure In 3 Months
An eight-story, 92-unit luxury condo property spanning a full Hell's Kitchen block is heading to a foreclosure auction, the latest sign of difficulties for Xin Development Group International. The property's retail anchor tenant is big-box retailer Target, but that doesn't seem to be enough to keep it afloat. Mezzanine lenders have filed to foreclose on Xin Development's Bloom on Forty Fifth, with an auction set for Oct. 11.

‘The Untouchables': How Columbia and N.Y.U. Benefit From Huge Tax Breaks
The New York Times
As Columbia University puts the last touches on its brand-new campus in Harlem, it has reached a milestone: The university is now the largest private landowner in New York City. In a city where land is more valuable than almost anywhere in the nation, the school now owns more than 320 properties, with a combined value of nearly $4 billion. 

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