VORTEX NEWS

08/02/2012 08:12 AM

Vortex International Realty Makes Its Home In Miami Market

– Miami Agent Magazine

 

 

07/26/2012 07:53 AM

Vortex International Realty Launches Boutique Luxury Real Estate Company to the Miami Market

– The Miami Herald

 

 

07/26/2012 12:45 PM

Vortex launches brokerage in South Florida

– The Real Deal

 

The Real Deal Miami

The Real Deal Miami


09/20/2018 04:30 PM
Weston real estate agent sues NAR, Move Inc. over unsolicited texts from Realtor.com
A South Florida real estate agent is suing over unsolicited text messages sent through Realtor.com, and is seeking class-action status of the suit. Weston agent Courtney Silverman of the Keyes Company filed suit in the Fort Lauderdale division of the U.S. District Court, Southern District of Florida against the National Association of Realtors and News Corp. subsidiary Move Inc. The complaint alleges that the companies “engaged in systematic text-message-advertising campaigns, without regard for the law ... [more]
09/20/2018 03:30 PM
Alex Karakhanian teams with NY investors on luxury Wynwood hotel
Developer Alex Karakhanian is partnering with Wynwood Investment Partners to build a mixed-use hotel in Wynwood. The joint venture, called Triumph Wynwood, plans to develop the 1.2-acre site at 51 Northwest 29th Street into a 12-story hotel with more than 300,000 square feet of space, a 60,000-square-foot Class A office component and 20,000 square feet of ground-floor retail. The luxury lifestyle hotel will have about 125 rooms and feature a rooftop bar, open workspace, a ... [more]
09/20/2018 02:30 PM
TMT Properties picks up office building in Delray Beach
TMT Properties just bought an office building in Delray Beach for $11.4 million. TMT principal Joseph Maas said the 54,000-square-foot property at 220 Congress Park Drive was part of a 1031 exchange, with the buyer selling two commercial properties in Hollywood for $4.47 million. The deal breaks down to about $210 per square foot. The seller is a company tied to the Canadian investment firm ICM Realty Group. Records show the company paid $8 million ... [more]
09/20/2018 01:45 PM
As Chen Feng’s grip on HNA tightens, the firm is selling its Deutsche stake
Chinese conglomerate HNA Group, the largest shareholder in Deutsche Bank, is reportedly selling its stake in the German bank. The move comes as chairman Chen Fang increases his control over the company with the appointment of relatives to key company positions. The Chinese firm, which spent $40 billion on overseas acquisitions and has carried as much as $90 billion in debt, has been told by the Chinese government to offload all assets except its core airline ... [more]
09/20/2018 12:45 PM
Developers are scrambling to meet growing demand for warehouse space
With manufacturing on the decline, developers are increasingly turning old industrial buildings into distribution centers. According to a report by Newmark Knight Frank, e-commerce is driving demand for industrial properties that can be repositioned into or demolished to make way for distribution centers. Many of these warehouses are located in northern and central New Jersey, where sites offer quick access to highways, rails and ports. In Piscataway, the Rockefeller Group is turning a 228-acre site ... [more]
09/19/2018 09:30 PM
Brightline buys high-speed rail project linking Las Vegas to L.A.
The 270-mile drive from Downtown Los Angeles to Las Vegas – one of the most traveled routes in the country – normally takes more than four hours to complete. Now an East Coast rail company plans to cut that in half. Florida-based firm Brightline announced this week that it will acquire “XpressWest” – a high-speed rail project that will connect Las Vegas to Southern California, with plans to link directly to Los Angeles. Construction is ... [more]
09/19/2018 09:00 PM
French luxury real estate mag editor pays $12M for Venetian Islands home
UPDATED, Sept. 19, 5:50 p.m.: French magazine editor Jean Pierre Cohen paid $11.7 million for a home on the Venetian Islands. Cohen, editor-in-chief of Résidences Immobilier, a luxury real estate publication, closed on 1374 South Venetian Way on San Marco Island in Miami on Tuesday, according to the agents involved in the deal. The nearly 8,000-square-foot, seven-bedroom home features a rooftop, glass-walled pool, a dock, a home theater and fireplace. It was listed with Allan ... [more]
09/19/2018 08:10 PM
PMG nabs $106M loan for downtown Miami rental tower
Property Markets Group secured a $106 million loan for X Miami, a recently completed rental tower in downtown Miami. Pacific Western Bank is providing the financing, which will be used to pay off an existing $80 million loan for the 32-story, 462-unit building at 240 Northeast Fourth Street, according to a press release. Centennial Bank was PMG’s construction lender. PMG’s Andrew Warman, Jonathan Blank and Matt Ellish worked on the loan. Saul Ewing Arnstein & ... [more]
09/19/2018 06:30 PM
Carlyle JV sells Miami-Dade self-storage portfolio for $100M
An entity tied to William Warren Group just paid $100 million for three self-storage buildings spread throughout Miami-Dade County. Property records show CRP/Westport Self Storage Dixie, a joint venture between the Carlyle Group and Westport Properties that operates as US Storage Centers, sold the buildings. The self-storage facilities are located in Kendall, North Miami and North Miami Beach. Records show each were developed by the joint venture and completed within the past two years. The ... [more]
09/19/2018 05:30 PM
Need to pay bills? Millions of Americans would borrow against their homes: report
Is paying the electricity bill worth taking out a second mortgage? Around one in six Americans thinks so. About 24 million U.S. homeowners think it’s acceptable to tap into home equity to pay everyday household bills, according to a new report by Bankrate.com. The survey found that young, less educated, and lower earning homeowners were more apt to say so. The survey found that nearly one in three homeowners who earn less than $30,000 annually ... [more]
09/19/2018 05:00 PM
Digital subscribers: TRD Miami’s fall issue will be available tomorrow!
The Real Deal Miami’s fall 2018 issue is almost here, and it’s jam-packed with juicy stories and rankings. Tomorrow, digital subscribers will get first dibs on reading the magazine, including our fascinating cover story by reporter Keith Larsen, who dives deep into an alleged billion-dollar embezzlement and money-laundering scheme and the South Florida luxury properties involved. The issue also features our annual ranking of the tri-county region’s top real estate brokerages, a look at the ... [more]
09/19/2018 04:35 PM
Sunny Isles Beach’s ultra high-end condo market has a big inventory problem: report
Sunny Isles Beach is saddled with 17 years of inventory of condos priced at $5 million and up, and overall, Miami-Dade County faces nearly five years of supply of high-end units, according to a new report. Of the 348 units listed for sale on the Southeast Florida Regional Multiple Listing Service as of Aug. 31, about 30 percent, or 103 units, are in Sunny Isles Beach. Based on the six recorded sales between August 2017 ... [more]
09/19/2018 03:30 PM
Why title insurance firms are paying close attention to the latest Russian sanctions bill
A U.S. Treasury Department program that spotlights anonymous real estate purchases in a number of gateway cities could become a nationwide law if a Russian sanctions bill is passed. The little-known provision in the Defending American Security from Kremlin Aggression Act of 2018, a bipartisan bill introduced to the Senate last month, would force title insurance companies to report the identities of people using limited liability companies behind high-priced real estate transactions across the country. ... [more]
09/19/2018 02:30 PM
Waterfront apartment building in Fort Lauderdale could sell for $160M, broker says
Alliance Residential is looking to sell a newly completed luxury apartment development in Fort Lauderdale, which could sell for $160 million to $170 million based on comparable sales, according to broker Robert Given. Alliance completed Broadstone Harbor Beach, a 394-unit waterfront building at 1721 17th Street, in 2017 and just hired Cushman & Wakefield’s Given, Zachary Sackley, Troy Ballard and Neal Victor to list the property. “Typically we would see large institutional investors wanting to ... [more]
09/19/2018 01:45 PM
Falcone scores construction loan for offices at Plantation Walk
Art Falcone’s Encore Capital Management just scored $33.9 million in construction financing for an seven-story office building at its $350 million mixed-use Plantation Walk project. Chicago-based Prime Finance Partners is the lender. Walker and Dunlop Inc. helped arrange the financing. The 160,000-square-foot building has already signed on health insurance firm Aetna, and will be the first building to be completed as part of planned development at 321 North University Drive. Aetna plans to move into ... [more]
09/19/2018 12:45 PM
WeWork revises non-compete agreements following settlement with NY AG
The New York Attorney General’s office has reached a settlement with WeWork over non-compete agreements which the company had required almost all its employees to sign. The overly broad agreements barred employees from working for competitors after leaving WeWork regardless of their salaries, responsibilities and knowledge of confidential information, according to Attorney General Barbara Underwood. Her office’s investigation of the company found that it had made employees at almost all locations across the country sign ... [more]
09/18/2018 10:00 PM
Trump’s latest tariffs on China target steel, metal products
Steel and other metal products are among the goods included in President Trump’s latest round of tariffs against Chinese imports, and come months after a similar tax on imported metals. The trade war between the U.S. and China intensified Tuesday, as the Chinese government announced $60 billion in tariffs on American goods in response, according to Bloomberg. On Monday, the president announced he would impose a 10 percent tariff on $200 billion of Chinese goods. ... [more]
09/18/2018 09:30 PM
Alabama investor buys Shalimar Motel in MiMo
The Shalimar Motel on Biscayne Boulevard in Miami’s MiMo District will get a facelift after selling for $6.3 million. Sandip Patel, a hotel investor from Alabama who recently moved to Miami, just bought the 49-room motel at 6200 Biscayne Boulevard, said Ahmed Kabani of Marcus & Millichap, who represented Patel. Robert Bhat of Marcus & Millichap arranged a $4.1 million loan from U.S. Century Bank to finance the acquisition. The deal breaks down to about ... [more]
09/18/2018 08:30 PM
OSHA fines contractors of FIU bridge that collapsed
The U.S. Occupational Safety and Health Administration fined the contractors involved in the Florida International University bridge that collapsed earlier this year, killing six people. OSHA fined Figg Bridge Engineers, Munilla Construction Management, Bolton Perez & Associates, Structural Technologies in Homestead and the Structural Group of South Florida $86,658 for seven worker-safety violations, according to the Miami Herald. A 950-ton portion of the pedestrian bridge at Southwest 109th Avenue and Southwest Eighth Street collapsed on ... [more]
09/18/2018 07:30 PM
Developer of West Palm golf course redevelopment sued by its lawyers
The developer tapped to lead the $86 million renovation and redevelopment of a city-owned golf course in West Palm Beach is being sued by its own lawyer. Perry & Taylor P.A. filed suit this month in Palm Beach County Circuit Court against WPB Golf Links, doing building as American Links, alleging the company failed to pay more than $185,000 in legal bills, according to the Palm Beach Post. American Links’ project included refurbishing the city’s ... [more]
09/18/2018 07:00 PM
Robert Reffkin joins TRD’s national brokerage roundtable
It’s almost showtime! Robert Reffkin has just joined the heavy-hitting cast of The Real Deal’s national brokerage panel at this year’s fast-approaching South Florida Real Estate Showcase & Forum. The Compass CEO will join Douglas Elliman’s Howard M. Lorber, Corcoran’s Pam Liebman, The Agency’s Mauricio Umansky and Sotheby’s International’s Julie Leonhardt LaTorre for a first-of-its-kind roundtable discussion between the top brokerage heads across the U. S. on Oct. 25 at Mana Wynwood. GET TICKETS The ... [more]
09/18/2018 06:30 PM
Low apartment stock could spell trouble for residents displaced by Hurricane Florence
Low apartment inventories might make relocating residents displaced by Hurricane Florence particularly difficult in small cities in North Carolina. The hurricane pummeled some of North Carolina’s smaller cities, where single-family homes make up much of the rental inventory, the Wall Street Journal reported. For example, Wilmington and Fayetteville each have fewer than 1,500 empty apartment units, according to apartment research firm RealPage Inc. That’s less than half of the vacant units in Charleston, South Carolina. ... [more]
09/18/2018 05:30 PM
Fite Group merges with William Raveis Real Estate
The Fite Group of Palm Beach is merging with William Raveis Real Estate. David and Nadine Fite will continue leading the Palm Beach firm’s four offices and 100 agents. The deal gives William Raveis a foothold in the high-end markets of Palm Beach, West Palm Beach, Delray Beach, Jupiter, Palm Beach Gardens and Wellington. The brokerage is based in the Northeast with more than 130 offices and 4,000 agents, and in recent years it expanded ... [more]
09/18/2018 04:30 PM
Trust of Miami fashion college founder sells North Bay Road home for $10M
A North Bay Road waterfront home that once hosted fashion icons Emilio Pucci, Gloria Vanderbilt and Mary McFadden just sold for $10 million. The trust of the late Sir Edward Porter sold a 8,473-square-foot home at 4736 North Bay Road in Miami Beach to Hamptons real estate developer Niklas de la Motte. The Miami Beach home was owned by Porter and his wife Lady Anna Lee Porter, who co-founded the Miami International Fine Arts College ... [more]
09/18/2018 03:30 PM
The week in luxury: A map of Miami-Dade’s priciest condo sales
Condo sales in Miami-Dade remained steady last week, with the majority of the top 10 deals taking place in Miami Beach’s South-of-Fifth neighborhood. The county recorded 114 closings for a total of $41.9 million, just slightly down from last week’s total $43.9 million in sales across 101 closings. Condos last week sold for an average price of about $367,835 or about $295 per square foot. The priciest deal was at Portofino Tower in Miami Beach. ... [more]
09/18/2018 02:45 PM
South Florida’s largest multifamily investment sales in August
Large out-of-state investors are continuing to see value in South Florida’s multifamily market. In August, a number of institutional investors bought apartments at a significant markup from their previous price.The largest sale of the month was the $71.3 million deal of The Latitudes at the Moors, an apartment complex that TIAA purchased near Hialeah. Many of the top deals are for properties outside of the urban core, such as Lake Worth in Palm Beach County. ... [more]
09/18/2018 01:45 PM
AI tech takes aim at resi industry investors
The next big arms race in institutional residential investing may just involve artificial intelligence. A handful of companies are developing ­big data technologies to help institutional investors find the homes they want and buy them in bulk, according to the Wall Street Journal. That’s allowed their customers, like hedge funds and private equity investors, to scoop up more homes faster than ever before. Firms including Entera Technology, Progress Residential and Amherst Residential each feed thousands ... [more]
09/18/2018 01:10 PM
Point, click, buy: Startup with $225M offers digital home buying
The days of buying a house — entirely online — have arrived. Bungalo, a startup with $225 million in financial backing, has launched a solely digital platform where buyers can search, finance and purchase newly renovated homes. The company, which officially launches Tuesday, is an offshoot of Austin-based Amherst Holdings, a $13 billion financial firm that in 2012 created Amherst Residential, which owns and manages 20,000 single-family rentals nationwide. Amherst said it invested $225 million ... [more]
09/18/2018 12:45 PM
Compass deploys sneak-peak marketing; cue the raised eyebrows
In a world where movie trailers can still lure film goers into theaters, residential brokerage Compass wants to deploy that kind of sneak-peak marketing to sell homes. The New York brokerage has launched a feature that allows its agents to post their listings to Compass’ website days before sharing them with local multiple-listing systems and portals like Zillow, StreetEasy and Realtor.com. “Compass Coming Soon,” as it is called, launched last week nationwide except in New ... [more]
09/17/2018 10:00 PM
Bell Partners pays $92M for Pembroke Pines apartments
Multifamily investment firm Bell Partners just picked up the Sheridan Village apartment complex in Pembroke Pines for $91.8 million, property records show. The deal for the 300-unit rental community at 16700 Sheridan Street breaks down to $306,000 per apartment. Records show AVR Realty Company is the seller. AVR bought the complex in 2014 for $78 million. It was completed in 2014 by Boca Raton-based developer Altman Companies, and includes one-, two- and three-bedroom apartments. Records ... [more]
09/17/2018 09:30 PM
Continental on Collins owners score $42M loan for new retail, parking component
The owners of the Hampton Inn at the Continental on Collins just scored a $41.9 million loan and will start building a new retail and parking component, records show. Sukkah Miami Beach Acquisitions LLC, a holding company owned by Boca Raton-based investment firms Pebb Capital and Duncan Hillsley Capital, received the loan for the hotel at 4000 Collins Avenue from IberiaBank. Part of the loan will be used to refinance the existing hotel, which is ... [more]
09/17/2018 08:30 PM
Och-Ziff looks to raise $2B private equity fund targeting real estate
Billionaire Dan Och’s hedge fund is looking to raise a $2 billion real estate fund, its largest investment vehicle targeting real estate yet. Och-Ziff Capital Management Group is seeking a $2 billion raise for its fourth fund targeting opportunistic investments as soon as the end of this year, people familiar with the matter told Bloomberg. Real estate has been a relative bright spot for Och-Ziff, which is trying to regain confidence from investors after the ... [more]
09/17/2018 07:30 PM
As Hurricane Florence pummels the Carolinas, what the damage could mean for the housing market
Hurricane Florence continues to slam the Carolinas with record-breaking rainfall and, with flooding now expected to reach Charlotte, NC, analysts are beginning to consider the after-effects of such a devastating, unusual storm. Realtor.com’s chief economist Danielle Hale said damage from the hurricane was “likely to disrupt national home sales and construction for months to come.” She expects rainfall and subsequent flooding to cause damage even to properties outside the path of the storm leading to ... [more]
09/17/2018 06:45 PM
Wells Fargo expects CRE lending to decrease while bank copes with fallout from scandals
Wells Fargo expects its book of commercial real estate loans to shrink as the bank struggles with governance issues. CFO John Shrewsberry said during a conference Friday that he expects commercial real estate and industrial loans to fall from second-quarter levels, the Wall Street Journal reported. Shrewsberry pointed to the bank’s deliberate lending discipline and a competitive lending environment with an influx of alternative funding sources as reasons for the decline. But Wells Fargo is ... [more]
09/17/2018 06:15 PM
Don’t miss an exclusive Q&A with Brightline’s president at TRD‘s showcase
The Real Deal is thrilled to announce a program addition to this year’s South Florida Real Estate Showcase & Forum: A one-on-one with Brightline president and COO Patrick Goddard. Goddard will share exclusive news about the rail line and insight into the impact its growth will have on the South Florida real estate industry. Mark your calendars for Thursday, Oct. 25 and join us at our new location at Mana Wynwood for a full day ... [more]
09/17/2018 05:40 PM
Lissette Calderon returns to the Miami River with $61M deal
Developer Lissette Calderon closed on the River Oaks Tower & Marina for about $61 million with plans to renovate the waterfront apartment building. The deal marks Calderon’s return to real estate after leaving the Related Group in 2016, and to the Miami River, where she developed Neo Lofts, Neo Vertika and other buildings dating back 15 years. Calderon’s firm, Neology Life, closed on the 199-unit, 20-story River Oaks building at 1951 Northwest South River Drive ... [more]
09/17/2018 04:30 PM
Site of planned office project in Coconut Grove hits the market
UPDATED, Sept. 18, 1 p.m.: The development site of a planned office project in Coconut Grove just hit the market. Former LointerHome principal Marco de Souza is looking to sell the 21,000-square-foot development site at 3151 Southwest 27th Avenue for $5.5 million. De Souza and his ex-partner Amanda De Seta planned to build 27@Lincoln, a five-story, 68,000-square-foot Class A office building with ground floor retail space and an automated 200-space parking garage. De Souza, now ... [more]
09/17/2018 03:30 PM
Mixed-use Causeway Village project moves forward in North Miami
Taubco’s Causeway Village project is back on track after more than five years in the works. Nearly two years after the developer secured the OK from a North Miami planning commission, the city’s town council greenlit the same land-use amendment, allowing the mixed-use project to keep moving through the approval process. It’s the first step to include the parcel in a district just west of a zone that allows for mixed-use development. Once the Causeway ... [more]
09/17/2018 02:30 PM
Developer unveils short-term rental condo project near Dolphin Mall
Rems Group Inc. just unveiled plans for Residences at Dolphin Citi Center, a Doral condo project set to rise between Dolphin Mall and International Mall. Robert Lechter, a partner at Rems, said the 113-unit, eight-story condo building will allow short- and medium-term rentals with a minimum three-night stay requirement. The project is planned for a nearly 4-acre lot on the southwest corner of 108th Avenue and 17th Street. The developer spent about $6.2 million assembling ... [more]
09/17/2018 01:45 PM
Why early buyers of the Trump Organization’s $200M Scottish housing project are raising eyebrows
Despite Trump International Golf Links Scotland money troubles, there is significant interest in buying homes the company’s developing adjacent to its Aberdeen course–at least according to their legal team. “It is rare for a development to attract such interest prior to the submission of a planning application,” Trump’s law firm noted in its filings to Aberdeenshire Council, as reported by Bloomberg. Many homes have been reserved, the lawyers claim, despite the development’s pending plans. The ... [more]
09/17/2018 12:45 PM
South Florida’s biggest office investment sales in August
Plantation’s office market dominated South Florida’s top office investment sales in August. Three of the five priciest deals were for properties in Plantation. The west Broward city has attracted companies like Magic Leap and Aetna. The August investment sales figures were compiled from Miami-Dade, Broward and Palm Beach County property records. USCIS West Palm Beach – Boyd Watterson | $19M Boyd Watterson’s $19 million purchase of an office building leased to the U.S. Citizenship and ... [more]
09/16/2018 08:00 PM
Port 32 acquires Tampa marina for $21.5M
Marina owner, operator and developer Port 32 bought a full-service marina with the only dry dock boat storage in Tampa for $21.5 million. Charleston, South Carolina-based Port 32 bought and plans to renovate Tampa Harbour Marina, a 12.1-acre property with 40 wet boat slips and 600 dry storage slips. Tampa Harbour Marina property also includes retail and office space and a restaurant. Port 32 will rename the property Port 32 Tampa.  The company operates marinas ... [more]
09/16/2018 07:00 PM
Jacksonville gets 3 bids to build a new convention center
Bids to build a new convention center in downtown Jacksonville indicate the municipal cost could be near $1 billion. Jacksonville’s Downtown Investment Authority received three bids after publishing a request for proposals to build a convention center, hotel and parking garage. Jacobs Engineering Group proposed a 1.8 million-square-foot complex with a convention center, hotel and garage that it would operate. The city of Jacksonville would repay the construction cost at an annual rate of $48 ... [more]
09/16/2018 06:05 PM
Commercial real estate finance firm moving home office from Boston to Sarasota
Commercial real estate finance firm Valencia Realty Capital will move its headquarters to Sarasota from Boston. “Our presence in Florida puts us closer to a number of key stakeholders and opportunities,” Stephen Smeke, managing director of Valencia, said in a prepared statement. The firm’s Boston office will remain open while Valencia relocates its headquarters to a new office in Sarasota. Valencia, which began operations nearly five years ago in Boston, helps real estate investors and ... [more]
09/16/2018 05:00 PM
TruAmerica buys its 9th Florida rental property since early last year
Los Angeles-based TruAmerica Multifamily continued its apartment-complex shopping spree in Florida with a $79 million acquisition in Orlando. TruAmerica paid about $132,000 per unit for a 596-unit Orlando apartment complex – its ninth rental property acquisition statewide since early 2017, when the real estate investment firm entered the Florida market. TruAmerica’s has spent about $500 million to acquire its Florida portfolio, which now totals approximately 3,700 apartments, including more than 2,000 in Orlando. The latest ... [more]
09/16/2018 04:00 PM
Minto plans to sell 130 lots for Port St. Lucie homes this month
Minto Communities USA has a deal to sell the remaining 130 lots for single-family home construction at a residential development in Port St. Lucie. Minto announced that it expects to close a sale of the lots to Kennedy Homes LLC this month. Minto didn’t disclose terms of the deal. The developed, single-family detached lots are in LakePark, the next phase of Tradition, a master-planned community in Port St. Lucie. LakePark at Tradition, expected to open ... [more]
09/16/2018 03:00 PM
Sears lists four stores and a distribution center in Central Florida for sale
Struggling Sears exclusively retained brokerage firm Avison Young to sell five Central Florida properties including three department stores and the largest Sears distribution center in the state. Avison Young’s Florida Capital Group will market the five properties totaling 2.35 million square feet. The largest of the properties is the 1.93 million-square-foot Sears Southeast Distribution Center at 655 Southwest 52 Avenue in Ocala. The smallest is a 126,336-square-foot store at 9409 U.S. Highway 19 in Port ... [more]
09/16/2018 02:00 PM
Feds seize 4 of Manafort’s homes as part of plea deal with Mueller team
Paul Manafort, President Donald Trump’s former campaign chairman, is surrendering four properties and money from several bank accounts as a part of a plea deal with special counsel Robert Mueller. Manafort has agreed to cooperate with Mueller’s investigation in exchange for reduced charges, according to the New York Times. As a part of the deal, he pleaded guilty to one charge of conspiracy and one charge of conspiracy to obstruct justice. Prosecutors dropped five other ... [more]
09/16/2018 01:00 PM
Got $40K? Here’s where you could buy a house
If you follow the golden rule of real estate–location, location, location–home ownership can be done with a low-five figure income. The National Association of Realtors’ second quarter survey of national data found that an annual paycheck of $40,000 (or less) was sufficient to qualify to buy a home in 15 cities, according to CNBC. NAR’s index depends on a mortgage rate of 4.7 percent and monthly payments capped at 25 percent of the buyer’s income. ... [more]
09/15/2018 08:00 PM
Coral Gables firm set to buy vacant labs, offices from Port St. Lucie for $14.5M
A Coral Gables-based firm moved a step closer to purchasing a vacant laboratory and office building from the city of Port St. Lucie for $14.5 million, or $135 per square foot. The city’s mayor dislikes the deal, but he was the sole dissenter when the city council voted 4-1 to approve the sale to Coral Gables-based  RER Ventures, a distressed real estate investment firm. The city council’s vote triggered a 90-day due diligence period, after ... [more]
09/15/2018 07:00 PM
Newspaper soon will move from longtime riverfront location, a candidate for redevelopment
The Florida Times-Union staff will move within six months to a new downtown location in Jacksonville from riverfront offices the daily newspaper has occupied for 51 years. The Times-Union reported that its news, advertising and accounting staff will move into 27,000 square feet of second-floor space at a 35-story office building called the Wells Fargo Center by the end of March. The newspaper has operated since 1967 at 1 Riverside Avenue in Jacksonville, which is ... [more]
09/15/2018 06:00 PM
August sales of Naples-area condos rise 21% as house sales dip 3%
August sales of Naples-area condominiums surged 21 percent from last year’s levels while house sales dropped 8 percent. The Naples Area Board of Realtors also reported that the median sale price of condominiums in August was $250,000, unchanged from the same month last year. The median price of houses sold in August slipped 3 percent to $319,000. Most houses listed for sale in the Naples area last month have asking prices under $500,000. But the ... [more]
09/15/2018 05:00 PM
Home builder DR Horton adds to its growing presence in South Dade
Home builder DR Horton bought vacant lots for 32 houses near Homestead, adding to its presence in south Miami-Dade County. The Arlington, Texas-based builder paid $3.04 million for the land  at the northeast corner of Southwest 308 Street and Southwest 192 Avenue in South Dade. Garden Developers LLC, run by Sergio Guardazzi, sold the land for a price that breaks down to $95,000 per lot. Garden Developers has finished construction of two houses in the ... [more]
09/15/2018 04:00 PM
Rocker Iggy Pop gives Coconut Grove home to his wife, sells Palmetto Bay home at a loss
Rock music recording artist Iggy Pop transferred title to a Coconut Grove house he bought for $4.1 million to his wife, Nina Alu, after selling a Palmetto Bay house at a loss. The five-bedroom, five-bathroom house in a gated community has black limestone floors, a library, a 20-foot entryway ceiling and an outdoor entertainment pavilion with a barbecue area that overlooks a swimming pool and a canal. Iggy, 71, whose real name is James Newell ... [more]
09/15/2018 03:00 PM
PulteGroup pursues downsized Oakland Park development on former golf course
Home builder PulteGroup has proposed a downsized development on a former golf course in Oakland Park. PulteGroup could start building 288 houses and 117 townhouses on the former Oak Tree Golf Course by the end of 2019. The home builder originally proposed 850 homes, mostly townhouses, but drew criticism from Oakland Park residents and settled for a smaller development. The development is pending the city’s approval of zoning and site-plan applications by PulteGroup, which has ... [more]
09/15/2018 02:00 PM
After 123 years, Henri Bendel is closing its doors. And it’s leaving a lot of retail space behind
Amid sluggish sales, Henri Bendel is closing all 23 of its departments stores. Parent company L Brands announced Friday that it would be shuttering the luxury store after 123 years, CNN reported. Its 23 stores will close after the holiday season in January 2019. The move is an attempt “to improve company profitability and focus on our larger brands that have greater growth potential,” including Victoria’s Secret and Bath & Body Works, the company said. ... [more]
09/15/2018 01:00 PM
Frost denies stock fraud charges in SEC suit
Miami billionaire Phillip Frost, the largest shareholder of brokerage firm Douglas Elliman’s parent company, denied charges by the Securities and Exchange Commission that he committed securities fraud. Frost, who owns 15.3 percent of publicly held Vector Group, faces charges of participation in a fraudulent scheme to manipulate stock prices. Vector, which owns most of Douglas Ellimam through a subsidiary, is based in an office building at 4400 Biscayne Boulevard in Miami. It also is the ... [more]
09/14/2018 10:00 PM
National Cheat Sheet: Home loan demand hits 4-year low, Freddie Mac CEO retiring … & more
Home loan originations hit a 4-year-low in the second quarter, report says Interest rates are rising, and the demand for home loans has hit a four-year low, according to a new report. Between April and June of this year, mortgage originators completed 1.5 million loans — the lowest level of loans completed since the first quarter of 2014, and a 27 percent drop from the same period of time last year, an Attom Data Solutions report ... [more]
09/14/2018 09:00 PM
Time runs out for Boca Raton: Crocker Partners moves ahead with lawsuit over Midtown Boca project
Crocker Partners can now move forward with a lawsuit seeking $137 million in damages against the city of Boca Raton over its planned Midtown Boca project. In April, the developer said it would file a lawsuit under the Bert Harris Act, which requires a 150-day period before a lawsuit can be filed. Last week, that 150-day time period ran out, and the developer said the city did not try resolve any of its claims with ... [more]
09/14/2018 08:40 PM
David Edelstein paying $32M for properties in Wynwood’s 5th Ave
David Edelstein is spending about $32 million to buy a large assemblage on Fifth Avenue in Wynwood that he eventually plans to develop into a mixed-use project, The Real Deal has learned. The New York developer is acquiring nearly two blocks on the east side of Fifth Avenue between 26th and 28th streets. The assemblage totals about 74,000 square feet, or 1.7 acres, of land. It’s near Goldman Properties’ new parking garage on a street ... [more]
09/14/2018 08:00 PM
Blackstone launches $18B distressed real estate fund
Blackstone Group is looking to raise $18 billion for its largest real estate fund to date. New York-based Blackstone will invest the money in distressed properties globally, according to Bloomberg, which first reported the news. Its previous real estate fund raised $15.8 billion when it closed in 2015, part of $40 billion raised from its three most recent real estate funds. Blackstone is launching the fund at a time when institutional investors are turning toward ... [more]
09/14/2018 06:30 PM
Corcoran ups referral game with Amazon shopping list
Q: What do a leather pouf, UGG slippers and crystal decanter have in common? A: They were all hand-picked by the Corcoran Group to appear on the firm’s new Amazon page. Thanks to a new partnership with the e-commerce colossus, the New York brokerage is earning a small commission on the purchase of goods it recommends to customers, the firm said.”It’s a curated collection of products,” said Christina Panos, Corcoran’s chief marketing officer, who said ... [more]
09/14/2018 05:30 PM
Avra Jain, with Dragonfly Investments, picks up another MiMo motel
A partnership between Avra Jain and Dragonfly Investments just picked up a motel in the MiMo District – not too far away from Jain’s Vagabond Hotel. Property records show Jain’s Gold Dust 7700 LLC paid $6 million for Motel Blu at 7700 Biscayne Boulevard, a two-story, 60-unit building next to the cabaret nightclub Gold Rush. The deal breaks down to about $100,000 per room. Jain wrote that she and Dragonfly plan to restore and renovate ... [more]
09/14/2018 04:30 PM
Where are all the millennials going?
With today’s young adults choosing city life at a much-higher rate than in previous generations, which neighborhoods in the country are attracting the highest concentrations of Millennials? A new study looked at which ZIP codes have become Millennial strongholds and found that New York, Chicago and Los Angeles were among those that were attracting the most. The analysis, by RENTCafe.com, found that Los Angeles has the top-two neighborhoods in the country in terms of increasing ... [more]
09/14/2018 03:30 PM
West Flager Associates wants a gambling venue in Edgewater, but the city wants more oversight
Miami officials moved closer to preventing owners of Magic City Casino from opening an Edgewater gambling venue that would include a jai alai court and poker room, following resident outcry over the proposal. City commissioners voted 4-1 on first reading Thursday to authorize the Miami city manager and planning department draw up changes to the Miami 21 zoning code. That new measures would force developers proposing gambling venues to go through a public hearing and ... [more]
09/14/2018 02:30 PM
Treasury Secretary Mnuchin just listed his longtime Manhattan home
The storied building at 740 Park Avenue has been home to some of the country’s most powerful families like the Vanderbilts, the Rockefellers and the Kochs. It has also been in Treasury Secretary Steven Mnuchin’s family since the 1960s. Now, Mnuchin is looking to sell his family’s 6,500-square-foot residence, asking $32.5 million, the Wall Street Journal reported. The luxury building on East 71st Street has a long and distinguished history in New York, and recently ... [more]
09/14/2018 01:45 PM
SoFla’s biggest retail sales in August
Commercial real estate heavyweights Blackstone Group and Stiles Corp. recorded the two priciest retail trades in South Florida in August. Another notable trade last month involved a former Toys “R” Us building in Plantation. That sale was part the company’s efforts to unload 284 of its stores after filing for bankruptcy a year ago. Overall, the retail market in South Florida has remained strong despite its notable struggles nationally. Sales volume in the retail sector ... [more]
09/14/2018 12:45 PM
Should Realtors’ ethics violations be available to the public?
In an era when you can find almost anything you want to know online about real estate — the estimated market value of a house, the rankings of neighborhood schools, crime rates, walkability and much more — there’s one important subject that’s difficult for consumers to check out: Ethics infractions by local Realtors, including agents you might want to hire to list your house or help you buy. You can see tons of agent reviews ... [more]
09/13/2018 09:30 PM
The end is near: Downtown Miami’s condo cycle will likely end this year, report shows
After a more than eight-year run that changed the Magic City’s skyline, Greater Downtown Miami’s condo cycle is likely nearing the end. The Downtown Development Authority’s mid-year report, prepared by Integra Realty Resources, suggests that the cycle is coming to a close as Miami’s urban core has yet to see a new condo project break ground so far this year. The average resale prices for condos fell to $392 per square foot from $405 per ... [more]
09/13/2018 08:30 PM
No reservations: Latest condo amenity is resident-only restaurants
Can a delicately prepared five-course meal be enticing enough to get a condo buyer to sign on the dotted line? The latest amenity at high-end condominium towers is the private restaurant for residents, according to the Wall Street Journal. Developers in major U.S. cities hope they can attract customers in competitive and overheated markets by serving up what literally no one but residents can taste. Miami is a hotspot for private dining rooms. Consultatio USA ... [more]
09/13/2018 07:30 PM
LISTEN: The Real Deal discusses Compass expansion, a potential IPO and more
For the The Real Deal’s latest subscriber conference call, senior content director Jill Noonan sat down with senior reporter E.B. Solomont to discuss residential unicorn Compass, as it shoots for $1 billion in revenue amid rapid expansion and major brokerage acquisitions. Check out the SoundCloud player to listen to the full conversation, and be sure to keep an eye out for more information about our next conference call for subscribers. ... [more]
09/13/2018 07:00 PM
Big win for brokers: IRS says certain real estate pros can qualify for tax deduction
After some initial confusion, the federal government has indicated that certain real estate brokers can qualify for a hefty tax deduction. The Internal Revenue Service recently published proposed rules that clear up whether or not brokers are eligible for the 20 percent pass-through deduction included in the new federal tax law. The law, signed into law in December, barred those who provide “brokerage services” from receiving the tax cut, but the definition of “brokerage” was ... [more]
09/13/2018 05:30 PM
Lennar unveils plans for former golf club in Deerfield Beach
Lennar just unveiled its plans for the first master-planned community in Deerfield Beach in more than 25 years. The nation’s largest homebuilder plans to build 415 single-family homes and townhomes on the site of the former Crystal Lake Golf Club at the corner of Military and Sample roads. The new community will be named Veleiros and will feature one- and two-story single-family houses and townhomes with up to four bedrooms and attached garages. The community ... [more]
09/13/2018 04:30 PM
TA Realty pays $92M for industrial portfolio in Hialeah Gardens and Medley
Hialeah’s industrial market is showing no signs of a slowdown. TA Realty just paid $92.25 million for a ten-parcel industrial portfolio in Medley and Hialeah Gardens. Miami-based commercial real estate firm Cofe Properties sold the nearly 932,500-square-foot portfolio. Property records show Cofe bought the assemblage in 2013 for $48.3 million. South Florida’s industrial market remains strong, and Hialeah is among the top-performing submarkets. According to a recent CBRE report, about half of all industrial transactions ... [more]
09/13/2018 03:30 PM
Brown Harris Stevens Miami launches commercial division
Brown Harris Stevens Miami has launched a commercial division to compete with a number of other South Florida brokerages that have crossed over into the commercial space. Phil Gutman, president of the Miami firm, will oversee the new division, which will be led by Jeff Cohen, managing director; and vice president Saad Hamdan. Cohen’s previous deals include Jason Halpern’s $55 million bulk acquisition of a condo building in Surfside in 2015 and Atlas Capital Group’s ... [more]
09/13/2018 02:30 PM
Zom buys Wellington site for $180M senior living complex
Zom is diving into senior living. The apartment developer just picked up vacant 46-acre parcel in Wellington for $23.25 million, where it’s planning a $180 million senior-living complex along with joint venture partner Liberty Senior Living. Wellington Green would be the first senior living complex Zom develops, according to a release. Property records show the joint venture financed the deal with a $16.8 million loan from CB&S Bank. Devonshire at Wellington Green, led by hotelier ... [more]
09/13/2018 01:45 PM
Generation Z is bullish on homeownership, despite weight of college debt
Millennials might be scaling back their hopes for homeownership, but the generation behind them is dreaming big. More than eight in 10 adult members of Generation Z, the oldest of whom were born in 1995, said they expect to buy a home within the next five years, according to new survey results from PropertyShark. Survey respondents between ages 18 and 23 also said on average they expect to pay $37,000 for their next down payment, ... [more]
09/13/2018 12:45 PM
Cities can now compete for $500M in economic funding from JPMorgan Chase
JPMorgan Chase  is starting a $500 million project meant to boost economic growth in up to 30 cities throughout the country. The initiative is called “AdvancingCities,” and cities will compete against each other to receive the funding, according to the Wall Street Journal. The idea is tackle issues that traditional financing has had trouble reaching, JPMorgan CEO Jamie Dimon said. The program will focus on affordable housing, filling empty commercial buildings and helping small businesses ... [more]
09/13/2018 11:00 AM
Demand for home loans falls sharply amid rising interest rates
UPDATED, Sept. 18, 11:43 a.m.: Home loan originations fell across much of the U.S. in the second quarter as rising interest rates have made mortgages more expensive. The sharpest drop was in Los Angeles, where mortgage originators completed almost 70,000 loans in the metro area from April to June. It was an 11 percent drop from the same time last year, according to a report publish Thursday from Attom Data Solutions. That also marked the ... [more]
09/12/2018 10:19 PM
ISG blood feud could do lasting damage to firm, industry pros say
As Craig Studnicky and Philip Spiegelman pummel each other in court over the fate of their brokerage, International Sales Group, the fallout could be far costlier than the dissolution of a long and successful partnership. The duo’s legal battle could also lead to an exodus of major clients and key brokers as competitors look to capitalize on the now public rift, legal experts and competitors said. Studnicky and Spiegelman are suing each other and their ... [more]
09/12/2018 09:30 PM
Tamir Sapir failed to report $194M from partial sale of 11 Madison: IRS
If you could make $194 million disappear from your taxes, that’d be pretty cool right? That’s what the Internal Revenue Service alleges now deceased Trump Soho co-developer Tamir Sapir (or his accountant) thought he could do, tax appeal proceedings filed in United States Tax Court in Washington, D.C. shows. In 2017, the IRS fined Sapir’s estate, now controlled by his son Alex, more than $600,000 for filing a false return for tax year 2010 and ... [more]
09/12/2018 09:00 PM
Miss TRD’s Compass call? Subscribers can listen to the audio file
Earlier today, subscribers got an inside look at The Real Deal’s deep dive into Compass’ growth strategies  — and potential pitfalls along the way — in a call with our editorial team. If you subscribe and missed the call, we’ll be posting the full audio cut on the website tomorrow. Not a subscriber? Don’t miss out — sign up now. On the call, TRD’s senior content director, Jill Noonan, spoke with senior reporter E.B. Solomont ... [more]
09/12/2018 08:30 PM
Israeli firm to buy SunTrust parking garage in downtown Miami for $18M
UPDATED, Sept. 14, 2:10 p.m.: Crocker Partners plans to sell a parking garage near the SunTrust International Center in downtown Miami to Tel Aviv-based Mishorim Development Group for $18.5 million, according to documents filed with the Tel Aviv Stock Exchange. Crocker Partners bought the 31-story SunTrust building and the seven-story garage for a combined $82.4 million in 2011, according to property records. In May, it sold the office tower at 1 Southeast Third Avenue to ... [more]
09/12/2018 07:35 PM
Miami Beach estate built by Collins family sells for 40% off ask
A Miami Beach estate built by the city’s founding Collins family just sold for $14.5 million – more than 40 percent off its original $25 million price tag. An entity controlled by German Prieto, Jose Vazquez and Angele B. Espuny de Prieto sold the 2-acre, nearly 14,000-square-foot mansion at 5011 Pine Tree Drive, records show. The deal breaks down to $1,070 per square foot. The company paid $7.9 million for the property in 2004. The ... [more]
09/12/2018 06:30 PM
Fort Partners sells 2 Surf Club condos for $20M and $18M
Fort Partners sold two penthouses at the Four Seasons Residences at The Surf Club in Surfside for a combined $38.4 million. Property records show Surf Club Miami Penthouse LLC paid $20.4 million for penthouse 5 in the south tower of the luxury condo development at 9101 Collins Avenue. The buyer of the four-bedroom, 6,671-square-foot unit lists the same address as BW Capital Partners, a Chicago-based alternative asset management firm led by William Wolf and Gleb ... [more]
09/12/2018 05:30 PM
Berkshire Hathaway is continuing its buying spree with the purchase of this Boston firm
Berkshire Hathaway Homeservices just acquired Century 21 Commonwealth, taking on more than 500-brokers from the 22-office Boston firm. Commonwealth, which was among Century 21’s top 10 global brokerages, will drop its Century 21 branding for billionaire Warren Buffett’s firm, according to Inman. The firm will officially move to HomeServices on Nov. 1. George Patsio, a Commonwealth founding partner, said the company expects to double its sales volume to $3 billion with HomeServices. He said the ... [more]
09/12/2018 04:30 PM
Miami financial adviser pleads guilty in Petroecuador money laundering case
A Miami financial adviser pleaded guilty for his role in an international money laundering scheme where top officials of Ecuador’s state oil company allegedly used some of the proceeds to buy South Florida real estate. Jose Larrea pleaded guilty in Miami on Tuesday before a U.S. District Judge to one count of conspiracy to commit money laundering, according to a release from the U.S. Attorney’s office. The plea is part of an ongoing investigation into ... [more]
09/12/2018 04:00 PM
AD1 scores construction loan for Dania Beach Hilton
AD1 Global Hospitality just scored a $13.7 million construction loan for a Tru by Hilton hotel in Dania Beach. Ocean Bank, one of South Florida’s largest banks with more than $3.8 billion in assets, is providing the financing for the six-story, 115-key hotel at 44 North Federal Highway. AD1 Global just broke ground on the project, which is near Kimco Realty Corp.’s 102-acre Dania Pointe development. Axilla Capital’s Joel Mazur and Tom Fleming helped secure ... [more]
09/12/2018 03:00 PM
Subscribers: Here’s the info for today’s conference call on Compass
Today at 2:30 p.m. (EST)/11:30 a.m. (PST), subscribers will get an inside look at The Real Deal’s deep dive into Compass’ growth strategies — and potential pitfalls along the way — in a call with our editorial team. Call-in number: +1-510-338-9438 Access code: 621 057 868 TRD’s senior content director, Jill Noonan, will talk to senior reporter E.B. Solomont about her discussions with Compass execs, what the industry has to say about the brokerage’s appetite for ... [more]
09/12/2018 02:30 PM
Compass is buying brokerages from coast to coast and targeting $1B in revenue — but can the firm deliver?
Robert Reffkin did not want his picture taken. Not in front of an illuminated Compass logo. Not seated. And certainly not with his arms crossed. Six years after co-founding the residential brokerage industry’s first unicorn with Ori Allon, Reffkin is working hard to cultivate the image of someone who is harnessing nearly $800 million in venture capital to transform the way real estate agents do business. On a drizzly day in mid-August, Reffkin was dressed ... [more]
09/12/2018 01:45 PM
Towns and cities want in on mall redevelopment game
Local governments around the country are doing what few investors will — buying up dead or underperforming mall properties. Towns and cities are scooping up the beleaguered malls with the hopes of redeveloping or repurposing them for the community, according to the Wall Street Journal. The acquisitions are often made through land banks at bargain prices because no other investor is willing to take the risk. In Springfield, Ohio, the Clark County land Reutilization Corporation ... [more]
09/12/2018 12:45 PM
Artefacto owner flips Dilido Island lot, hops to Hibiscus Island
Paulo Bacchi, owner of Artefacto luxury furnishing, is making real estate moves. Bacchi’s Grove Penthouse LLC sold the 10,500-square-foot lot on Dilido Island for $5.85 million in late August. He is closing on a near 16,000-square-foot lot on Hibiscus Island, where he intends to build a home. The sale of the Dilido Island waterfront property at 220 West Di Lido Drive came six months after he purchased it in February for $5 million, property records ... [more]
09/11/2018 09:57 PM
Metronomic plans apartments to accommodate residents with varying needs
Real estate development firm Metronomic is planning to build a series of apartment rentals to accommodate residents with varying needs. The first building will rise in East Little Havana. The two-story residential developments are being designed for families with special-needs children, multigenerational families or relatives who require special care, said Metronomic president Ricky Trinidad. The projects, called La Elaina, will feature separate living quarters within the units. Designed by local firm CLAD Architecture and Design, ... [more]
09/11/2018 08:30 PM
Home flipper Opendoor’s first acquisition is a discount brokerage
For its first acquisition, Opendoor is scooping up a discount brokerage. The startup is buying Open Listings, a firm that offers homebuyers a 50 percent rebate on a buyer’s agent commission, Inman reported. The privately held companies did not disclose the price of the deal. The purchase means that Opendoor will both employ buyer’s agents and also work with agents from other brokerages. Combined, the company wants to “make it as easy to buy, sell ... [more]
09/11/2018 07:30 PM
Combined Properties founder buys penthouse at 1 Hotel & Homes
Commercial real estate investor Ronald Haft just picked up a penthouse at 1 Hotel & Homes South Beach, reportedly marking the priciest unit to trade at the hotel condo development. Haft, chairman and founder of the Washington, D.C.-based Combined Properties, bought the three-bedroom, 3,139-square-foot unit for nearly $3,700 per square foot. Unit 1609 hit the market earlier this year with an asking price of $14 million, according to a sales representative. Another penthouse suite is ... [more]
09/11/2018 07:00 PM
Subscribers: Here’s the info for tomorrow’s conference call on Compass
Tomorrow at 2:30 p.m. (EST)/11:30 a.m. (PST) subscribers will get an inside look at The Real Deal’s deep dive into Compass’ growth strategies — and potential pitfalls along the way — in a call with our editorial team. Call-in number: +1-510-338-9438 Access code: 621 057 868 TRD’s senior content director, Jill Noonan, will talk to senior reporter E.B. Solomont about her discussions with Compass execs, what the industry has to say about the brokerage’s appetite for ... [more]
09/11/2018 06:30 PM
Youngwoo, EquityMultiple plan to launch $500M national opportunity zone fund
Developer Youngwoo & Associates is partnering with the real estate investment startup EquityMultiple to launch an opportunity zone fund focusing on projects throughout the country. The companies are tentatively aiming to raise about $500 million for the fund, according to Youngwoo & Associates executive vice president Bryan Woo. He cited New York, Oakland, Seattle, Detroit, Los Angeles and Portland, Oregon as cities where the fund would be interested in investing. Washington Heights and the South Bronx ... [more]
09/11/2018 05:45 PM
Star broker team “The Jills” removed from Master Brokers Forum
UPDATED Sept. 12, 12:40 p.m.: Jill Eber and Jill Hertzberg, the star broker duo known as “The Jills,” have been removed from the Master Brokers Forum, a well-respected industry trade group in which Hertzberg had been a board member. Their departure, which The Real Deal confirmed but has not yet been publicly announced, follows an acknowledgement by Eber and Hertzberg that an employee in their office had manipulated the Multiple Listings Service. Both are part ... [more]
09/11/2018 04:59 PM
The principals of ISG are heading for a nasty business divorce
UPDATED, Sept. 11, 6 p.m.: The founding principals of one of Miami’s most prominent luxury brokerages are warring with each other in court, The Real Deal has learned, putting a 23-year-old partnership and the future of the firm in jeopardy. Craig Studnicky and Philip Spiegelman, who together run International Sales Group, are accusing each other of gross mismanagement, out-of-control spending and substance abuse, among other misdeeds, court documents show. Spiegelman is pushing a judge to ... [more]
09/11/2018 03:30 PM
SALT and a hard place: House Republicans want to make tax cuts permanent
House Republicans introduced legislation on Monday that would make the new tax cuts for individuals — set to expire at the end of 2025 — permanent. The measure also includes the controversial $10,000 annual cap for state and local tax deductions (SALT), a provision that’s particularly unpopular in high-tax states like New York and New Jersey. The legislation is up for consideration as the November election nears, when Republicans will be at risk of losing ... [more]