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April 17, 2024

WeWork Needs To Keep Members To Survive. Bankruptcy Is Testing Their Loyalty

Hyatt, Wyndham, Marriott And More Headline New York's Hotel And Hospitality Event April 18

Anthony Holten signed up for a WeWork office in Astoria, Queens, in October, soon after moving into the neighborhood in hopes of getting out of the house and finding a community. 

Less than a month later, on Nov. 1, he received an email notifying him that his location would be closing in three weeks as part of what WeWork claimed was a regular review of its real estate portfolio, according to an email shared with Bisnow. He would be transferred to 430 Park Ave. in Midtown — a nearly 30-minute commute away.

Days later, WeWork filed for bankruptcy

“If I had known the Astoria WeWork would be shut down I would have gone with [a competitor],” Holten said. “Ultimately, if I can work remotely from anywhere, why would I go through the hassle of keeping up with WeWork’s changing communications as they restructure?”

WeWork's Survival Depends On Its Members. Its Bankruptcy Is Testing Their Loyalty

As WeWork has scrambled throughout its bankruptcy to renegotiate and exit hundreds of leases, some of the members on whom the company depends have been left confused and frustrated in the whirlwind.To paint a picture of how the embattled coworking pioneer's financial troubles have affected its customers,…

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A ‘Come To Jesus’ Moment Looms For Owners Of South Florida’s Aging Condos

A ‘Come To Jesus’ Moment Looms For Owners Of South Florida’s Aging Condos  

Changes to the laws governing condo associations and reserves have the potential to reshape the oceanfront skylines across South Florida, but a wide gulf between buyers and sellers is holding back that transformation. 

“It’s really going to take a come to Jesus time until they realize that there isn’t a pot of gold at the end of the rainbow,” Edgardo Defortuna, one of the region's most prolific developers of condominiums, said at Bisnow’s South Florida Condo Summit last week.

Condo owners are beginning to face the reality of a law passed in 2022 that requires structural integrity studies and compels condo associations to set aside money for repairs.  The new rules are bringing massive repair bills and threatening the viability of maintaining some older buildings, which has…

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