My year (86-87) with this genius was a highlight of my career… a great guy who was always eager to learn and who enjoyed engaging anyone in debate, especially if you disagreed with him …
We mourn the loss of Senior Lecturer Richard Allen Posner, a longtime #UChicagoLaw scholar, former federal appellate judge, and pioneer in the field of law and economics, who died on November 10.
Read more about his legacy: buff.ly/e3c3WdL
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ILNCPorter retweeted
A Wacker Drive office tower in Chicago just sold for $30 million. Ameritus paid $119 million for it in 2019. That’s a 75% collapse in under seven years.
90% leased then. Low 60s now. Downtown office vacancy is still near 25-28%, more than double pre-pandemic levels.
Hybrid tayed high, and office values collapsed under Brandon Johnson.
New owners are gambling on renovations. The commercial tax base is cratering while the pension bills stay the same. Residential owners get stuck with the difference.
But according to @chicagosmayor, “Betting big on the Loop is always a good bet.”
📸 @sterlingbay | Source: @CrainsChicago
90% leased then. Low 60s now. Downtown office vacancy is still near 25-28%, more than double pre-pandemic levels.
Hybrid tayed high, and office values collapsed under Brandon Johnson.
New owners are gambling on renovations. The commercial tax base is cratering while the pension bills stay the same. Residential owners get stuck with the difference.
But according to @chicagosmayor, “Betting big on the Loop is always a good bet.”
📸 @sterlingbay | Source: @CrainsChicago
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ILNCPorter retweeted
News this week:
121 W. Wacker Drive Chicago, Illinois
Purchased for nearly $30M—a 75% discount.
Purchased for $118.5M in 2018.
Wells Fargo Center Denver was appraised at $85M, down ↓82% from $475M in 2019.
Purchased for $387.5M in 2012.
121 W. Wacker Drive Chicago, Illinois
Purchased for nearly $30M—a 75% discount.
Purchased for $118.5M in 2018.
Wells Fargo Center Denver was appraised at $85M, down ↓82% from $475M in 2019.
Purchased for $387.5M in 2012.
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ILNCPorter retweeted
The office portion of 625 N. Michigan Ave. Chicago, Illinois goes to sheriff's auction Dec 28.
Defaulted on $47.6M loan. CMBS CF 2019-CF1.
Purchased for $72.4M in 2019.
The office block of the building, floors five through 27, is about 290K Square Feet. Built 1970.
#CommercialRealEstate
bisnow.com/news/chicago/o…
Defaulted on $47.6M loan. CMBS CF 2019-CF1.
Purchased for $72.4M in 2019.
The office block of the building, floors five through 27, is about 290K Square Feet. Built 1970.
#CommercialRealEstate
bisnow.com/news/chicago/o…
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On @RCPolitics podcast Friday, I explain why Alito and Thomas (who seek to buttress the rule of law ideology in contrast to critical legal study leftists) won’t rush to resign and that this makes it less likely that Democrats would take the scurrilous step of packing the Supreme Court. @TomBevanRCP m.youtube.com/watch?v=Ch8Aen…
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In the second segment, I join to discuss the impact of the election on the future of the Supreme Court @RCPolitics @ILGOP
Friday's RCP podcast:
— Post-election AI selloff
— Hegseth braces for impeachment?
— Will Alito and Thomas Retire?
— Can a socialist lead LA?
— Newsom clears death row: moral or political?
@RichardPorterIL joins @TomBevanRCP, @CarlCannon, @abwalworth
youtube.com/watch?v=Ch8Aen…
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So, how exactly are our new Democratic overlords going to make food, gas, housing or anything else more affordable?
Asking for a friend… 🍿🧐
Call me skeptical because the Democrats I know want to tax more, regulate more, ban cheap energy and subsidize anyone with good lobbyists (other than the carbon-based energy industry)!
So here’s a proposal:
Let’s create an affordability index and estimate how much each Democrat proposal increases (or decreases) costs.
Let’s not let their buzzword fade into oblivion now that they used it to win elections.
Let’s use it to measure them against their own rhetoric. Hold the Dems to their own book of rules, as their leader Saul Alinsky would say.
I don’t know how their tax more, regulate more, ban more, subsidize more strategy LOWERS costs of anything.
Although just the prospect of their coming rule is lowering market values already, which increases the cost of capital.
They raised the cost of capital for tech businesses by about 6%. (See eg Nasdaq: QQQ)
On their first day after winning the election… @HooverInst @AEI @HudsonInstitute @ManhattanInst @A1Policy @elonmusk @SteveCortes @VDHanson
m.youtube.com/watch?v=agsmt1…
Asking for a friend… 🍿🧐
Call me skeptical because the Democrats I know want to tax more, regulate more, ban cheap energy and subsidize anyone with good lobbyists (other than the carbon-based energy industry)!
So here’s a proposal:
Let’s create an affordability index and estimate how much each Democrat proposal increases (or decreases) costs.
Let’s not let their buzzword fade into oblivion now that they used it to win elections.
Let’s use it to measure them against their own rhetoric. Hold the Dems to their own book of rules, as their leader Saul Alinsky would say.
I don’t know how their tax more, regulate more, ban more, subsidize more strategy LOWERS costs of anything.
Although just the prospect of their coming rule is lowering market values already, which increases the cost of capital.
They raised the cost of capital for tech businesses by about 6%. (See eg Nasdaq: QQQ)
On their first day after winning the election… @HooverInst @AEI @HudsonInstitute @ManhattanInst @A1Policy @elonmusk @SteveCortes @VDHanson
m.youtube.com/watch?v=agsmt1…
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Market is down almost as much today as it was the day Trump announced his tariffs — but there’s no TACO trade opportunity on today’s loss. Trump changed his mind in days and the market bounced back, but there is no do over in politics. Americans are stuck with the Democrat powered for two long years… @elonmusk @SteveCortes
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Let’s keep a running tally of Republican riots! Is political violence systemic or actually the provenance of the Left? @elonmusk @SteveCortes @ILGOP
The list of the cars burned by Republicans, stores looted by Republicans and streets blocked by Republicans after Tuesday’s midterm election losses.
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ILNCPorter retweeted
330 S. Wells St. Chicago, Illinois goes to lender with a $24M credit bid at foreclosure auction.
Refinanced in 2021 with a $28.2M mortgage which defaulted.
Loan was sold to Lindy Communities for $15M, a 47% discount.
Converted from a 137K SF office building into 132 ly September, the total owed including interest was roughly $33.3M. Rising interest on floating-rate debt and slow rent growth pushed debt service above net operating income by the end of 2023."
-Crain's / ArchiWise
#CommercialRealEstate
Refinanced in 2021 with a $28.2M mortgage which defaulted.
Loan was sold to Lindy Communities for $15M, a 47% discount.
Converted from a 137K SF office building into 132 ly September, the total owed including interest was roughly $33.3M. Rising interest on floating-rate debt and slow rent growth pushed debt service above net operating income by the end of 2023."
-Crain's / ArchiWise
#CommercialRealEstate
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I am intrigued by how my friends @BillKristol and @gtconway3d reacted to @HaleyforMI apostasy - I find it hard to believe either actually believes @AbdulElSayed would be a better Senator than @MikeRogersForMI, and Haley has chosen a political path that mirrors theirs. Why not salute her instead of demeaning her? The Trump era winds down over the next 2 years and the Senate term is 6 years. So, why back @AbdulElSayed? Are they now actually Socialists?! I just find that inconceivable - each had strong intellectual grounding for their beliefs. 🤷♂️🧐
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Why is @JulianaStratton spending time/energy on the MICHIGAN Senate race? Because she is a PASSIONATE supporter of what @AbdulElSayed stands for: a @DemSocialists led takeover of Congress and a radical makeover for the US and the rest of us. @ILGOP @realDonaldTrump @DonTracyForIL @SteveCortes @IlliniJen @Awake_IL @ChicagoContrar1 @TomBevanRCP
Anyone who understands the stakes of this election knows that this endorsement is a complete betrayal of Michigan, of voters, and of everything Congresswoman Stevens claims to stand for. And it’s particularly disgusting that she would use Black Michiganders and a space of worship as props in her efforts to seek attention.
If you truly care about Black communities, women, immigrants, workers' rights, or democracy — you could never stand with a Trump acolyte like Mike Rogers. Haley Stevens has shown her true colors today.
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ILNCPorter retweeted
🚨 JUST IN: Sen. Dan Sullivan MIC DROPS Fake News Jake Tapper trying to say "Republicans do it too!!" about Mary Peltola and Democrats' VOTER FRAUD SCAM to plant a fake Dan Sullivan on the ballot
SULLIVAN: "I DON'T DO IT."
"I HAVEN'T done it."
"Because I RESPECT the people I and her staff and DSCC are DIRECTLY INVOLVED!"
This is now a federal CRIMINAL probe, with dozens of subpoenas going out!
Former Peltola staffers say she knew
Tapper's "both sides" deflection COLLAPSES the second you ask him to name the Republican who did it!
SULLIVAN: "I DON'T DO IT."
"I HAVEN'T done it."
"Because I RESPECT the people I and her staff and DSCC are DIRECTLY INVOLVED!"
This is now a federal CRIMINAL probe, with dozens of subpoenas going out!
Former Peltola staffers say she knew
Tapper's "both sides" deflection COLLAPSES the second you ask him to name the Republican who did it!
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