Blackstone is predicting steady growth for its real-estate business, which could be bad news for its tenants
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Dan DeFrancesco
Jan 19, 2023, 18:47 IST
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It's almost Friday!Dan DeFrancesco in NYC, and I'm pouring one out for the death of the world's oldest person — Sister André — who passed away at the ripe age of 118. (Pro tip: She drank a glass of wine every day.)
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1. Blackstone vs. tenants.
There are few professions in the world that receive as much hate as landlords.
While tow-truck drivers, parking enforcement officers, and journalists (but hopefully not this one!) might rank high on the list, you'd be hard-pressed to find an occupation that is more maligned than residential property owners.
Now imagine if your landlord wasn't just some mom-and-pop family that owned your building, but the world's largest private-equity firm.
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That's the position Blackstone finds itself in. The investment firm has built a sizable real-estate portfolio over the years. And while it's received a fair share of scrutiny over it, the performance of one of its real-estate funds has reignited criticism.
After some negative reports on the status of the Blackstone Real Estate Income Trust (BREIT), top executives assured employees on an internal call that there was nothing to worry about.
4. BofA pumps the brakes on new hires. Bank of America has issued a hiring freeze for all but the most important positions as the bank looks to batten down the hatches ahead of a potential recession, Bloomberg reports. More on BofA's hiring pause.
6. Drama over the Getty family's fortune. There are few corners of finance more discreet than family offices' wealth managers. But lawsuits between an advisor and members of the Getty family have opened a can of worms, The New Yorker reports.
7. OnlyFans! NFTs! Web3! While this might sound like a story from 2021, it's not. Elsa Jean, a retired adult-film star and OnlyFans creator, explains how she sold $30,000 worth of NFTs in a month. Here's why she's a big fan.
8. One of JPMorgan's top bankers isn't even trying to sugarcoat how bad bonuses will be. Vis Raghavan, the bank's global investment-banking co-head, told Bloomberg that year-end bonuses will be down. More bad news here.
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9. Here are some signs that it might be time to freshen up that résumé. If you're on edge about losing your job, we spoke to some career experts about potential signs that your role could be on the chopping block. These are the four biggest red flags that things are not looking up.
10. Some good beers without the booze. If you're still knee deep in dry January, or just looking to switch things up, we picked seven of our favorite non-alcoholic beers. Check out our list here.
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