*as of 6/9; Sources: S&P, BTC, FTSE, DJRE, CL50

The data and analytics firm Trepp’s Property Price Index (TPPI), which is based on repeat sales, showed commercial real estate prices recovered slowly in Q1, gaining 1% in the quarter. The industrial sector was the top performer, while hospitality posted a quarterly decline and a 6% loss year-over-year. Meanwhile, the Green Street Commercial Property Price Index (CPPI), which includes all commercial sectors, rose by 0.6% in May and is up 4.1% in the past year.

➨ TAKEAWAY: After years of steep declines, overall commercial real estate prices are moving in the right direction. While it does seem that the market may have hit bottom, investors should still be cautious, particularly in the office and hospitality sectors. The impact of the past few months of economic uncertainty and tariff policies has not yet been fully realized, and more volatility could knock prices back down.

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After he won a legendary French Open final on Sunday, a NetPro 1/1 rookie card of Carlos Alcaraz already set a record for any of his cards, reaching $61,000 with two weeks left in the auction. Topps also announced a set of Topps Now cards featuring Alcaraz and women’s champion Coco Gauff, including dual autograph cards that are sure to be coveted.

➨ TAKEAWAY: Tennis memorabilia has grown in stature in the past year, and a Rafael Nadal match-used racket just sold for a record-breaking $157,000, well above the pre-sale estimate of $100,000. Last year saw the release of Fanatics’ first set of tennis cards, which featured Alcaraz and Gauff among many others. Tennis is in a unique spot at the intersection of two important growth markets for collectibles - sports with international appeal and women’s sports. With young and ascending superstars like Alcaraz and Gauff, expect more records to be broken in the near future.

🪙 Gemini files for IPO: Fresh off the wildly successful Circle IPO, another crypto startup - U.S. exchange Gemini - took the first step towards its own public offering, and other crypto startups may do the same in the coming months.

🏡 Luxury market slowing: New listings and pending sales for luxury homes - defined as the top 5% most valuable in a given market - both declined in April, though price appreciation is still rising twice as fast as non-luxury homes.

🏈 Private equity eyeing college sports: Multiple private equity firms have been looking to invest into college athletic programs, and consulting firm Elevate just launched a $500 million fund backed by Velocity Capital Management and the Texas Permanent School Fund.

🚀 High demand for Chime IPO: The fintech startup is expected to go public on Thursday and demand is reportedly exceeding the supply of shares by a factor of ten, so expect the share price to climb.

🏀 $2 million Jordan card: An autographed Michael Jordan ‘86-’87 Fleer rookie card will have a starting bid of $2 million at an auction starting next week at Joopiter, a new auction house founded by musician Pharrell Williams.

💵 Private credit continuation funds: Due to a general lack of liquidity, many private credit firms are creating continuation funds, new funds with new investors but with an existing portfolio, so older investors can cash out if they want.

(Gaw Capital Partners)

The Oakland Marriott City Center, the largest hotel in Oakland, is heading for a foreclosure auction later this month after its owner, Hong-Kong based Gaw Capital Partners, defaulted on the property’s $100 million loan. The 500-room hotel is attached to the Oakland Convention Center, and is also the home of headquarters and practice facility for the WNBA’s Golden State Valkyries. Another hotel owned by Gaw Capital sold last October for a 76% drop from the purchase price, and the Marriott is expected to sell for considerably less than the $143 million it went for in 2017.