Industry News
Macy’s to Close 150 Stores as Sales Slip and It Pivots to Luxury
By Anne D'Innocenzio | The Associated Press | February 27, 2024 | Reprints | Unlock LinkMacy’s will close 150 stores over the next three years and 50 by the end of 2024, the department store said Tuesday after posting a fourth quarter loss and declining sales.
CT’s Largest CU to Merge With Wellness Federal Credit Union
February 26, 2024 | Reprints | Unlock LinkAmerican Eagle Financial Credit Union, the state’s largest credit union, and Hartford-based Wellness Federal Credit Union have filed papers to merge, following votes by their respective boards of directors to combine forces.
What Recession? Professional Forecasters Raise Expectations for 2024
By The Associated Press | February 26, 2024 | Reprints | Unlock LinkThis year looks to be a much better one for the U.S. economy than business economists were forecasting just a few months ago, according to a survey released Monday.
137-Unit, Mixed-Use Rehab Planned for Bridgeport Ex-AT&T Block
February 23, 2024 | Reprints | Unlock LinkA long-underutilized block in downtown Bridgeport is getting a new life with a housing-heavy, mixed-use redevelopment plan.
Fed Officials Caution Against Cutting Interest Rates Too Soon or Too Much
By Christopher Rugaber | The Associated Press | February 23, 2024 | Reprints | Unlock LinkSeveral Federal Reserve policymakers warned Thursday against cutting U.S. interest rates too soon or by too much in the wake of recent data showing inflation stayed unexpectedly high in January.
New York AG: I’ll Seize Trump’s Towers If He Can’t Pay $454M Fraud Debt
By Michael Sisak | The Associated Press | February 22, 2024 | Reprints | Unlock LinkDonald Trump could be at risk of losing some of his prized properties if he can’t pay his staggering New York civil fraud penalty. With interest, he owes the state nearly $454 million — and the amount is going up $87,502 each day until he pays.
Bank Economists Grow More Optimistic on Credit Conditions in Q1
By Nika Cataldo | February 22, 2024 | Reprints | Unlock LinkWhile credit conditions are still expected to weaken compared to their strong position in the last few years, bank economists have come to view the situation with more optimism due to better economic growth.
No Immigrants, No New Housing
By Lew Sichelman | February 22, 2024 | Reprints | Unlock LinkFor any number of reasons, U.S.-born workers have been reluctant to join the construction workforce, leading to consistent labor shortages and rising wages – meaning the prices of new housing is going up, too.
Hamden Developer Charts East Coast Expansion
By Steve Adams | Commercial Record Staff | February 22, 2024 | ReprintsMichael Belfonti made his first real estate deal as a junior in college, lining up investors to acquire a nearby roominghouse. Then, rather than working his way up through the ranks at a bigger real estate company, Belfonti chose to build his own development firm from scratch.
Developers Shelve HealthTech Park Project in Branford
By Steve Adams | Commercial Record Staff | February 21, 2024 | Reprints | Unlock LinkA life science development planned for a Branford industrial park has been shelved after the withdrawal of a joint venture partner.
Robots and Happy Workers: Productivity Surge Helps Explain Economy’s Surprising Resilience
By Paul Wiseman | The Associated Press | February 21, 2024 | Reprints | Unlock LinkChronic worker shortages have led many companies to invest in machines to do some of the work they can’t find people to do. They’ve also been training the workers they do have to use advanced technology so they can produce more with less. The result has been an unexpected productivity boom.
Commercial Lending Starts to Show Signs of Life
By Steve Adams | Commercial Record Staff | February 20, 2024 | Reprints | Unlock LinkLending conditions for commercial real estate showed the first improvement in seven quarters, according to a CBRE analysis of recent activity, amid signs that borrowing costs have peaked.
DOJ Seeks to Block Settlement in Commission Case
By James Sanna | February 20, 2024 | Reprints | Unlock LinkFederal antitrust prosecutors have asked the judge overseeing another major agent commission lawsuit to reject a proposed settlement in the case, arguing instead that buyers should be the only ones to pay their agents’ commissions.
Credit Union Acquires Historic Building in Cheshire
February 16, 2024 | Reprints | Unlock LinkNorwalk-based Sound Federal Credit Union has acquired a new location in Cheshire, where it intends to open a full-service lending subsidiary.
Affordable Housing Proposed to Replace Historic Building in New Haven
February 15, 2024 | Reprints | Unlock LinkThe New Haven Board of Zoning Appeals earlier this week heard a proposal to tear down a vacant building on Orchard Street to make way for affordable housing.
Zillow: Home Shopping Early May Pay Off
February 15, 2024 | Reprints | Unlock LinkZillow predicts another hot spring market this year, as well-priced homes are selling quickly and overpriced homes are seeing price cuts.
Regional Banks Report Troubled Office Loans
By Nika Cataldo | February 15, 2024 | Reprints | Unlock LinkThe fourth quarter earnings calls of regional banks with branches in Connecticut revealed an increasing share of troubled office loans, a trend that may continue in the next few quarters.
Appraisals Fail Many Sellers
By Lew Sichelman | February 14, 2024 | Reprints | Unlock LinkThe real estate community has long complained about appraisals that lagged the market, but the report from the FHFA documents that their gripes are valid: Undervaluations spiked to 15 percent in 2021.
M&T Marks Progress in Donations, Mostly to CT Nonprofits, Tied to Merger
By Nika Cataldo | February 14, 2024 | Reprints | Unlock LinkM&T Bank’s charitable foundation has now distributed 80 percent of the bank’s $25 million Amplify Fund to 173 nonprofits in its New England markets, most of them in Connecticut.
Older CT Residents Drive Increase in Homeowners Staying Put
By James Sanna | February 14, 2024 | Reprints | Unlock LinkThe average tenure of a homeowner in Greater Hartford ticked up again last year unlike the nation at large, according to new research by brokerage and listings portal Redfin.