WeWork is actually #winning
Celebrity talent manager Scooter Braun dropped $25.9 million for a building in Santa Monica. The property is a cross between a private residence, an office and an art studio. Designer Diane von Furstenberg bought the building for $16.5 million in 2015. People pay a lot more for houses in LA, and the tax advantages make sense. Guess we’re getting some new music this year.
New York City’s office occupancy rate is between 49% and 55%, but WeWork’s occupancy in the city was 72% at year-end. This makes a lot of sense for businesses who don’t want to enter a full lease… you can flex up or down, and the management is bundled into the rent. Despite being overvalued, WeWork is probably a perfectly fine real estate rental company.
New York Magazine says “Save the slice joints!”. Guys, I went to Sal’s Pizza Store in Carroll Gardens on Valentine’s Day and it was so good and then they closed last weekend and I was so sad. As Chris Crowley says, slice shops “are not winning any awards… That’s a good thing. Among locals, they are dependable and well-loved — as they should be. They’re affordable, filling, reliable. But if and when they close, it’s not as if they can simply be replaced by something new.” I really love Luigi’s in my neighborhood and I will go with you any day you ask. They are obsessed with being in ‘Big Daddy’, it’s almost a bit at this point.