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


01/19/2019 09:00 PM
Master-plan changes proposed to develop Wellington nature preserves
A developer proposed an expanded apartment complex and a new commercial building in two nature preserves next to a shopping mall in Wellington. Brefrank Inc. proposed change to Wellington’s master plan for development that would allow 140 new residential units and a 9,500-square-foot commercial building on the two preserves totaling 21 acres. The 17-acre and four-acre preserves are next to the Mall at Wellington Green at 10300 Forest Hill Boulevard. Changing the master-plan designations of ... [more]
01/19/2019 08:00 PM
Women’s apparel retailer Chico’s to close at least 250 stores in three years
Fort Myers-based women’s apparel retailer Chico’s FAS Inc. plans to close at least 250 stores in the United States over a three-year period. Chico’s FAS did not identify where it would close stores operating under its three brands – Chico’s, Soma and White House Black Market. The publicly held company has 124 stores in Florida, according to its Form 10-K filing last year with the U.S. Securities and Exchange Commission. As of Nov. 3, Chico’s ... [more]
01/19/2019 07:00 PM
Brexit bonus? More first-time buyers enter the UK housing market
The pace of home sales in the U.K. to first-time buyers accelerated in November, a financial trade association reported. The number of mortgage loans to first-time home buyers rose to 36,200 in November, 5.8 percent more than in November 2017, according to UK Finance, a trade association that represents nearly 300 firms in the banking and financial services industry. The volume of mortgage loans to first-time U.K. home buyers increased to £6 billion (US$77.2 billion) ... [more]
01/19/2019 06:00 PM
Acclaimed restaurateur Myles Chefetz lists his South Beach townhouse for $4.4M
The owner of South Beach restaurants Prime Italian and Prime 112 has listed his nearby townhouse on Collins Avenue for $4.4 million. Myles Chefetz – who twice has been nominated for the Outstanding Restaurateur Award from the James Beard Foundation – listed his townhouse at Three Hundred Collins, a new condominium at 300 Collins Avenue in Miami Beach, with an asking price that equates to $1,840 per square foot. The 2,397-square-foot townhouse, designed by Thomas ... [more]
01/19/2019 05:15 PM
Mortgage lenders face mass foreclosures due to extreme weather in under-insured areas
Floods, wildfires and other types of extreme weather are threatening not only the real estate industry but also the mortgage industry. Mortgage lenders are unprepared for widespread foreclosures as natural disasters increasingly hit areas where few borrowers have insured their properties against fire or flood damage, according to former Freddie Mac executive Ed Delgado. Assessing credit risk is a fundamental function of the mortgage industry, but lenders lack an understanding of “weather risk and where ... [more]
01/19/2019 04:00 PM
Owners behind LA’s $1B “Mountain” listing reject $400M offer
The never-ending saga of the 157 acres of undeveloped land in Beverly Hills Post Office that can’t seem to find an owner willing to build on it will carry on at least a little while longer. The ownership group behind the so-called “Mountain of Beverly Hills” have rejected developer Scott Gillen’s $400 million offer to buy the property, TMZ reported. A spokesperson for Gillen confirmed the report to The Real Deal. Instead, Secure Capital Partners, ... [more]
01/19/2019 03:00 PM
Fewer sales, more supply and Millennial ‘X’ factor: Housing experts forecast 2019 market
National experts predict Chicago will have the worst housing market in the country in 2019. But some local experts and industry observers say the situation is much more complicated than that. Chicago is not the only housing market that will experience pains this year. Nationally, home prices are expected to grow modestly, but sales figures will fall, Danielle Hale, economist with Realtor.com, said at the Chicago Association of Realtors’ 2019 Market Outlook forum this week. ... [more]
01/19/2019 02:00 PM
This week in celeb real estate: Ex-motorcycle racer seeks $30M, Muhammad Ali’s former home lists for sale.. and more
This week saw a flurry of new listings hit the market, ranging from $17 million to $55 million. Sellers also dropped the prices of some older listings, the latest sign of a slowdown in the Los Angeles luxury residential market. The former home of the late heavyweight champion Muhammad Ali is being marketed for sale for just under $17 million. Located in the Hancock Park neighborhood, the Italian Renaissance estate boasts seven bedrooms and seven ... [more]
01/18/2019 11:00 PM
National Cheat Sheet: Sears avoids liquidation, warehouse vacancies hit 18-year low, Blackstone plans massive real estate fund … & more
Sears avoids liquidation after board accepts chairman’s auction bid All of the remaining assets of Sears Holdings Corporation have been acquired by chairman Edward Lampert for $5.2 billion, according to various news reports. The board of the bankrupt company accepted Lampert’s auction bid in lieu of competing proposals from liquidators, Bloomberg reported. The decision came after “two days of discussions… to determine whether Sears would be worth more dead or alive,” according to the outlet. ... [more]
01/18/2019 09:45 PM
Lennar pays $17M for Wynwood Yard, O Cinema site
Lennar Corp. paid $17 million for a site in Wynwood that’s currently home to the popular Wynwood Yard and the O Cinema movie theater. A subsidiary of the giant homebuilder purchased 1.26 acres at 48, 56, 64, 70, 82, 90 and 98 Northwest 29th Street, as well as 63 Northwest 28th Street, property records show. David Lombardi, principal of Lombardi Properties and one of Wynwood’s pioneering land owners, sold the site. Lennar is planning to build ... [more]
01/18/2019 09:00 PM
Investment group bets on Overtown’s Opportunity Zone status
An investment group is making a long-term play in Miami’s Overtown thanks in part to its Opportunity Zone designation. BrickOne Group, led by Costantino Cicchelli, Frank Rodriguez Melo and Stefano Garofoli, paid about $5.4 million for the three buildings with 66 apartment units at 149 Northwest 11th Street, 1232 Northwest First Place and 1201 Northwest Second Avenue in Miami, Melo said. The deal breaks down to about $81,250 per unit. Cedano Realty Advisors and Marcus ... [more]
01/18/2019 08:00 PM
Co-living firm Common is expanding to Miami, Brightline’s IPO delayed due to shutdown & other takeaways from TRD panel
Co-living startup Common is expanding to Miami, developer David Martin announced at The Real Deal South Florida’s transportation and real estate event this week. Martin, president and co-founder of Terra, Brightline Chief Development Officer Mike Salzman, Miami Worldcenter developer Nitin Motwani, Blanca Commercial Real Estate CEO Tere Blanca, and Greater Fort Lauderdale Alliance CEO Bob Swindell were joined by Ina Cordle, moderator and managing editor of The Real Deal South Florida, at Brightline’s MiamiCentral station ... [more]
01/18/2019 07:30 PM
WeWork is too big to avoid public responsibilities: Sam Zell
Adam Neumann, CEO of the recently rebranded We Company, is facing more blowback for leasing he has ownership interest in to WeWork. Billionaire real estate investor Sam Zell said WeWork’s size gives them “public responsibilities, including governance,” in an interview with Bloomberg television Thursday. The Equity Group Investments founder was referring to reports that The We Company’s CEO Adam Neumann is still personally buying buildings that are leased to the company’s co-working arm, WeWork, first ... [more]
01/18/2019 06:40 PM
Bank OZK signals appetite for big condo construction loans in 2019
Bank OZK, among the most aggressive real estate lenders in the country, has signaled it could continue to make big construction loans in 2019. The news, which came as part of the Arkansas bank’s fourth quarter earnings report, comes amid a general nationwide slowdown in the housing market. During an earnings call on Friday, CEO George Gleason said the bank was seeing strong sales on the condo projects it was involved in, especially developments in ... [more]
01/18/2019 05:30 PM
President Trump told Michael Cohen to lie to Congress about Trump Tower Moscow timeline: Buzzfeed
President Trump told his former personal attorney Michael Cohen to lie to Congress about when negotiations ended on Trump Tower Moscow in order to obscure Trump’s involvement, according to a bombshell news report published Thursday night. Two federal law enforcement officials told Buzzfeed News that Michael Cohen told the office of the special counsel Robert S. Mueller III about the lies after investigators gathered evidence from Trump Organization witnesses, internal company emails, text messages and ... [more]
01/18/2019 04:30 PM
Greek shipping family sells waterfront Key Biscayne mansion
A Greek shipping family sold a waterfront Key Biscayne mansion for $10.1 million, property records show. George and Lambros Katsoufis, acting as trustees of the Fani Katsoufis trust, sold the three-story, 10,600-square-foot home at 250 Harbor Drive to Eduardo Salazar Mallory and Marcela Belismelis Alvarez. Salazar is tied to Getcom International Investments, a Spanish investment manager. Earlier this month, Avianca Holdings disclosed the sale of its 50 percent equity stake in Getcom, according to Nasdaq. ... [more]
01/18/2019 03:30 PM
Student debt is hurting the housing recovery: Fed study
It’s not the avocado toast eating into millennials’ down payment budgets. A recent report from the central banking system found that the dramatic rise in student debt is at least partially responsible for the drop in homeownership levels, the Wall Street Journal reported. Homeownership in the U.S. has fallen significantly since its pre-recession peak, with the rate among young people lagging particularly far behind. The Fed study, which examined a period from 2005 to 2014, ... [more]
01/18/2019 02:45 PM
Your DIY project didn’t turn out quite right? You’ve got company
Do-it-yourself projects by homeowners are a multi-billion-dollar growth area within the U.S. economy and the bread and butter of corporate giants like Lowe’s and Home Depot. And for good reason: When done right, DIYs are great, saving you money and time. They can even be fun and give you a sense of pride in what you’ve accomplished. But they can also be rolling disasters when they go off the rails. David Pekel, president and CEO ... [more]
01/18/2019 01:45 PM
Lightstone getting in on the lending game
Lightstone Group is joining the ranks of real estate companies launching their own debt platforms. The firm announced Thursday that it is setting up Lightstone Capital, which will aim to address inefficiencies and roadblocks that borrowers are dealing with in the current market. Lightstone hopes to close at least $500 million worth of transactions in its first year. Lightstone president Mitchell Hochberg said the company wanted to launch the new platform to take advantage of ... [more]
01/17/2019 11:00 PM
Fisher Island condo belonging to Trump friend, billionaire Agalarov, hit with foreclosure
The ripple effect from the Trump-Russia investigation led to a problem for the Miami real estate holdings of Azerbaijani-Russian oligarch Aras Agalarov, a friend of President Trump. Morgan Stanley is suing Agalarov in a $2.8 million foreclosure action tied to a condo on ritzy Fisher Island, the wealthiest ZIP code in the U.S. Morgan Stanley was one of three banks that froze Agalarov’s U.S. bank accounts last fall due to concerns over millions in transfers ... [more]
01/17/2019 10:30 PM
WPB developer’s CFO jailed for embezzling $300K to support his gambling addiction
West Palm Beach developer Michael McCloskey’s CFO admitted to embezzling more than $300,000 to maintain his gambling addiction, according to police. Neil Reisman forged McCloskey’s signature on at least 155 checks made out to “cash” over a 14-month period, and spent the funds at the Seminole Casino Coconut Creek, the Palm Beach Post reported, citing a West Palm Beach police report. Reisman, 60, of Boynton Beach was arrested and charged Sunday with grand theft of ... [more]
01/17/2019 09:30 PM
Fewer multifamily deals closing in SoFla, yet apartment rents up and vacancies low amid heightened demand
UPDATED, Jan. 17, 7:30 p.m.: Amid heated competition in South Florida’s multifamily market, the volume of apartment building sales has experienced a steady drop over the last two years. The decline reflects decreasing profit margins due to higher sale prices per unit, experts say. There were more than 350 multifamily deals totaling more than $5.5 billion in 2016, said Calum Weaver, managing director for Cushman & Wakefield’s Multifamily Group, during a commercial real estate conference ... [more]
01/17/2019 09:00 PM
Tech brought prosperity and a housing crisis to Seattle. Microsoft just stepped forward with $500M and a plan
Maybe you’ve heard that the tech industry has helped exacerbate a housing affordability crisis across many of the U.S. hottest housing markets. In its own back yard, Microsoft is ready to spend $500 million to fix a growing problem it had a hand in creating. The move is the largest effort by a tech company to directly address affordable housing and inequality in the areas where the industry is concentrated, the New York Times reported. ... [more]
01/17/2019 08:30 PM
WATCH: Gil Dezer talks about Northeastern millionaires flocking to SoFla
Here’s what you need to know about the state of the luxury real estate sector from CNBC. Dezer Development’s Gil Dezer dabbled in topics like President Trump, Russian buyers and Florida’s beneficial tax laws in an appearance on CNBC’s Squawk Box on Thursday. Dezer, whose projects include the Porsche Design Tower and the planned Residences by Armani/Casa in Sunny Isles Beach, appeared on the show for a segment on South Florida’s luxury real estate market. ... [more]
01/17/2019 07:30 PM
Here’s why SkyBridge Capital pulled plug on Opportunity Zone venture with EJF Capital
SkyBridge Capital and EJF Capital touted their planned $3 billion Opportunity Zone fund as a unique entity, saying it would be structured as a real estate investment trust in order to develop across states and property types. But a month after a big rollout, Anthony Scaramucci’s SkyBridge pulled the plug on the partnership amid concerns from distribution partners about EJF’s lack of experience managing real estate funds. “This endeavor was going to be their first ... [more]
01/17/2019 06:30 PM
HomeServices of America is making some changes to its C-suite
Berkshire Hathaway’s behemoth brokerage HomeServices of America is getting new leadership as it expands its footprint across the country. Gino Blefari has been appointed CEO of the company, Inman reported. He was previously CEO of HSF Affiliates, the subsidiary that operates the Berkshire Hathaway HomeServices and Real Living franchise networks. Former CEO and founder Ron Peltier will become the company’s executive chairman. The change comes as HomeServices of America has been growing nationwide. Last year, ... [more]
01/17/2019 05:30 PM
Wynwood portfolio hits market at $50M as mixed-use dev site
UPDATED, Jan. 17, 3:05 p.m: A portfolio of eight properties in Wynwood is on the market for $50 million, offered as a potential site for a major mixed-use project with apartments, a hotel, Class A office and retail space. The 1.7-acre portfolio includes 146 and 153 Northwest 25th Street, 2431-2455 Northwest 2nd Avenue, and 172 Northwest 25th Street and includes industrial and retail buildings. Avison Young’s Florida Capital Markets team of John Crotty, Michael Fay, ... [more]
01/17/2019 04:30 PM
U.S. foreclosures drop to lowest level since 2005, but on the rise in Florida
American lenders last year initiated foreclosures on the lowest percentage of American homes since 2005, raising hopes that the worst of the last housing crisis might be in the rearview mirror. The 52,069 properties targeted for foreclosure in December represented a 19 percent drop year over year and the sixth consecutive month of year-over-year-decline after a brief spike in July, according to a report from ATTOM Data Solutions. In total, about 625,000 homes faced foreclosure ... [more]
01/17/2019 03:30 PM
Metronomic plans apartment projects in Little Havana and North Bay Village
Developer Ricky Trinidad closed on the land for three residential projects in Little Havana and North Bay Village. In Little Havana, Trinidad’s Metronomic Inc. bought a 7,200-square-foot lot at 620 and 622 Beacom Boulevard for TriniSuites Dos y Medio, a five-story, 20-unit rental building next to Miami Dade College’s InterAmerican Campus, according to a release. The firm recently paid $900,000 for the site, a source said. The project is part of a seven-building development Metronomic ... [more]
01/17/2019 02:45 PM
Adam Neumann still raking in millions by leasing office space to WeWork: report
The We Company’s CEO Adam Neumann is still personally buying buildings that are leased to the company’s co-working arm, WeWork, stoking conflict of interest concerns among some of the company’s investors. The setup has reaped Neumann millions in landlord payments from his own company, according to the Wall Street Journal. The Real Deal reported the first deal of this type last March, in which Neumann partnered with fashion designer Elie Tahari to buy a stake ... [more]
01/17/2019 01:45 PM
SoFla resi sales improved in Q4 with a few weak spots: Elliman
South Florida’s residential markets continued improving in the fourth quarter of 2018 with a few weak spots, including Miami Beach. That Miami Beach market took a dip, but sales on the mainland were up, according to Douglas Elliman’s fourth quarter residential report. In Palm Beach and Wellington, condominium sales surged. The South Florida market is “still in the process of improvement as opposed to something that’s fully improved, unlike most of the rest of the ... [more]
01/16/2019 11:00 PM
Join The Real Deal’s Opportunity Zones workshop at Future City 2019
One of the key architects of the Opportunity Zone legislation, Steve Glickman, will join Skybridge Capital’s Anthony Scaramucci and Youngwoo & Associates’ Young Woo, among others, at The Real Deal‘s Future City 2019 for a workshop exploring the ins and outs of the Opportunity Zone program. The workshop is among 20 that will be held at the event. Glickman was a senior economic advisor to President Obama and his firm, Develop Advisors, works with entities ... [more]
01/16/2019 10:30 PM
This watchdog group wants states to ban dual agency
The practice of dual agency is too confusing to be allowed in the real estate industry. Or, so says one watchdog group. The Consumer Federation of America is calling for states to ban the practice and make disclosures less confusing, Inman reported. Buyers and sellers often don’t understand the role their broker plays, the group said in a report. “Today, many homebuyers and sellers do not know whether their agent is representing their interests, those ... [more]
01/16/2019 09:30 PM
Miami couple seek court action to push through sale of “Yachtman’s Paradise” home
When it comes to buying one particular five-bedroom, five-bathroom waterfront house in Gables by the Sea, one Miami couple isn’t taking no for an answer. On Jan. 8, Juan Carlos and Natalie Mederos sued the property’s current owner, Douglas Gallagher, for backing out of a deal to sell them the house for $2.19 million last month. The Mederos are seeking a court order to force Gallagher to close and turn over the property. “He wants ... [more]
01/16/2019 08:30 PM
German co-living company raises $300M for US expansion
A German company is attempting to force its way into the ever-tightening co-living industry. Medici Living Group raised $300 million as part of a joint venture with investment firm W5 Group to develop 1,500 units across the U.S. under its co-living brand, Quarters, the Berlin-based company said Tuesday. The company is entering a crowded U.S. co-living industry, a concept developed about a decade ago to provide shared living spaces. Quarters, which currently has locations in ... [more]
01/16/2019 07:30 PM
Douglas Elliman takes over sales from Cervera at Elysee Miami project
Two Roads Development is bringing in Douglas Elliman to sell out Elysee Miami, more than three years after Cervera Real Estate launched sales at the luxury Edgewater condominium tower, The Real Deal has learned. Elysee Miami, which is under construction at 788 Northeast 23rd Street, will also unveil a new bayfront sales gallery next month, in a 5,500-square-foot indoor-outdoor space at Biscayne Beach Residences. Construction of the 57-floor Elysee has reached the 18th floor, according ... [more]
01/16/2019 06:30 PM
Stockbridge pays $62M for Powerline Business Park in Pompano Beach
UPDATED, Jan. 17, 10:27 a.m. Stockbridge Capital Group paid $62.25 million for the Powerline Business Park in Pompano Beach. Stockbridge bought the 443,720-square-foot industrial park at 4100 Powerline Road for $140 per square foot. Pompano Beach-based Industrial Development Company sold the property. Powerline Business Park includes 24 small-bay industrial buildings developed between 1983 and 1994. The 26.4-acre park was 96.8 percent occupied at the time of sale, according to a press release. Tenants include First ... [more]
01/16/2019 05:30 PM
Hundreds of Sears stores could remain open after Lampert wins auction for firm: report
Hundreds of Sears stores could remain open if a bankruptcy judge approves Chairman Edward Lampert’s $5 billion bid for the ailing retailer. The Sears Holdings board picked Lampert’s offer over competing bids from liquidators after weeks of negotiations and two days of closed-door discussions in New York, sources told Bloomberg. The board was poised last week to ask the court for permission to liquidate before pivoting at the last minute and agreeing to give Lampert ... [more]
01/16/2019 04:30 PM
WeWork inks big lease at OKO Group’s 830 Brickell project
WeWork signed a lease at OKO Group’s planned 830 Brickell development, which will mark its seventh co-working site when it opens in early 2021, The Real Deal has learned. WeWork will occupy 10 floors spanning 146,000 square feet at the planned 830 Brickell across from Brickell City Centre, where WeWork already operates a co-working site. The new space will be its second largest in the Southeast and could be the largest in Florida, according to ... [more]
01/16/2019 03:30 PM
New chief economist takes helm at Trulia amid housing market cool down
Residential listings portal Trulia hired Issi Romem as its new chief economist at a time when indicators show the U.S. housing market is cooling down.  Romem will head the the San Francisco-based company’s Housing Economics Research team, which provides research, analysis, and commentary about the housing market across the country. Romem jumped to Trulia after four years as chief economist for BuildZoom, a platform for homeowners seeking contractors. He is also a fellow at the ... [more]
01/16/2019 02:45 PM
Palm Beach developer must split $550M real estate empire in nasty divorce
Burt Handelsman’s $550 million real estate portfolio will be split with his ex-wife and children in the fallout of his nasty divorce. A judge divided the holdings of the 91-year old Handelsman, which includes many properties on famed Worth Avenue in Palm Beach, such as the sites of Ralph Lauren, Jimmy Choo, Lily Pulitzer and Findlay Galleries, according to the Palm Beach Post. The stores were given to his 90-year-old wife Lucille. Lucille Handelsman decided ... [more]
01/16/2019 01:45 PM
MetaProp to invest $5M in affordable housing startups
MetaProp, the New York-based real estate tech accelerator, is looking to bolster the creation and protection of affordable housing with a new initiative. The firm will partner with Enterprise Community Partners, a national nonprofit that focuses on affordable housing, to invest in startups that address the undersupply of affordable homes and make credit and illiquid capital more accessible. Leila Collins, MetaProp’s “investor-in-residence,” said the firm would commit $5 million to startups that focus on addressing ... [more]
01/16/2019 12:30 AM
Scaramucci and EJF Capital split on $3B Opportunity Zone fund
Anthony Scaramucci’s SkyBridge Capital has split up with EJF Capital on the firms’ planned $3 billion Opportunity Zone fund. The reasons for the split were not immediately clear, and SkyBridge plans to move forward on its fund with a new partner, according to sources familiar with the two companies. Scaramucci’s company is currently looking for the new partner. The Opportunity Zones program, part of December 2017’s tax overhaul plan, offers tax deferrals and benefits to investors ... [more]
01/15/2019 11:00 PM
Tricera Capital, RRE Investments buy Flagler Uptown and the Hive in Flagler Village
UPDATED, Jan. 16, 12:05 p.m.: Tricera Capital and RRE Investments paid $13.25 million for two properties in Fort Lauderdale’s Flagler Village, setting land records on a per-square-foot basis, according to the broker. Tricera, an investment firm led by Scott Sherman and Ben Mandell, and RRE paid about $6.63 million each for Flagler Uptown and the Hive mixed-use buildings, said Jaime Sturgis, CEO of Native Realty. Sturgis brokered both deals, which closed on Tuesday. The buyers ... [more]
01/15/2019 10:30 PM
Blackstone getting ready to close on record $20B real estate fund
The Blackstone Group is getting ready to close its largest private-equity real estate fund yet: a $20 billion investment vehicle with three times as much purchasing power. Real estate funds typically use $2 of debt for every dollar of equity, meaning that the new fund has about $60 billion figure in buying power, the Wall Street Journal reported. That’s more than all the commercial real estate that traded in New York, Chicago, and San Francisco ... [more]
01/15/2019 10:00 PM
First tower at $4B Miami Worldcenter project completed
The first building at Miami Worldcenter, a 27-acre, mixed-use project in downtown Miami is now completed. CIM Group and Falcone Group completed Caoba, a 444-unit rental tower, at 698 Northeast First Avenue, according to a press release. Rents start at $1,774 for a 349-square-foot studio apartment, which would be considered a micro unit in Miami, information on Caoba’s website shows. Caoba is about a block away from MiamiCentral, which also has an apartment component to ... [more]
01/15/2019 09:30 PM
South Florida Airbnb hosts made $315M in 2018
UPDATED Jan. 15, 5:45 p.m.: South Florida Airbnb hosts made $315 million in 2018 and took in a total of 1.47 million guests, according to Airbnb. The short-term rental company announced on Tuesday that there are now more than 45,000 Floridian hosts who share their homes through Airbnb, each earning an average of $6,500 annually in supplemental income. Miami-Dade County hosts on Airbnb made $204 million with 954,000 guests; Broward County made $80.3 million with ... [more]
01/15/2019 08:30 PM
Co-working operator Spaces to lease half of One CocoWalk
Spaces is heading to Coconut Grove. Regus’ co-working operator signed a lease for nearly 43,000 square feet at One CocoWalk, a five-story, 85,762-square-foot office building under construction at CocoWalk. Spaces will anchor the office building, taking about 2,000 square feet on the ground floor and the remaining 41,000 square feet on the second and third floors, according to a release. The building will be delivered in the first quarter of next year. Spaces signed a ... [more]
01/15/2019 07:30 PM
Vision Fund to lead $700M funding round for construction startup Katerra
Masayoshi Son’s $100 billion Vision Fund is preparing another major investment in real estate tech, with plans to lead a $700 million round of financing for Katerra, the construction startup founded by former Flextronics International CEO Michael Marks. This financing round would value the four-year-old company at more than $4 billion, according to The Information. The SoftBank fund invested $865 million in Katerra last January, after which the company was valued at $3 billion. Katerra ... [more]
01/15/2019 06:30 PM
Clarion Partners pays $33M for Tropical Shipping’s Medley facility
Clarion Partners just paid $32.6 million for Tropical Shipping’s Medley facility as South Florida’s industrial prices continue to rise. Tropical Shipping sold the nearly 21-acre site at 9505 Northwest 108th Avenue for about $180 per square foot. Clarion Partners’ Lit Industrial Limited Partnership bought the 182,000-square-foot warehouse, which was built in 2000. Property records show Tropical Shipping paid $3.58 million for the property in 1999. Tropical Shipping, based in Riviera Beach, Florida, is a Caribbean ... [more]
01/15/2019 05:30 PM
The week in luxury: A map of Miami-Dade’s priciest condo sales
Condo sales volume dropped again in the second week of the new year. The county recorded 77 closings for a total of $23.5 million, down in terms of sales volume from the previous week’s 69 closings for $34 million. Condos last week sold for an average price of about $306,000 or about $289 per square foot. The most expensive sale was at Jade Beach in Sunny Isles Beach. Unit 3004 traded hands for $1.5 million, ... [more]
01/15/2019 04:30 PM
South Florida real estate broker shot and killed by son-in-law
A popular South Florida Realtor was shot and killed in northeast Miami-Dade on Monday, in a murder-suicide. Linda Marx, broker and owner of Linda Marx Realty, was killed by her son-in-law Steve Kasimow in front of his home on Northeast 211th Street near North Miami Beach. Kasimow then committed suicide in Hollywood, local police told NBC Miami. Kasimow was reportedly upset about his divorce and got into an argument with Marx, who was 70. Marx ... [more]
01/15/2019 03:35 PM
Ryan Homes founder sells Palm Beach lot
The Schar family, which founded one of the largest homebuilders in the country just sold a lot in Palm Beach, property records show. Dwight Schar founded NVR Inc., the parent company of Ryan Homes, NV Homes, NVHomes, Rymarc Homes, Fox Ridge Homes and Heartland Homes, and is part owner of the Washington Redskins. The Schar Family Trust sold the roughly 10,500-square-foot plot at 125 Gulfstream Road to the Bishop Family Trust, which is based in ... [more]
01/15/2019 02:45 PM
PG&E to file for bankruptcy amid $30B in potential fire-related liabilities
PG&E Corp. said it is preparing to file for bankruptcy in the next two weeks, as it faces potential liabilities of up to $30 billion related to a string of wildfires over the last few years. On Sunday, CEO Geisha Williams stepped down as CEO of the company, which wholly owns the Pacific Gas and Electric utilities company. General Counsel John Simon will act as CEO until a replacement can be found, according to Bloomberg. ... [more]
01/15/2019 01:45 PM
Related to open first micro-unit project by the end of the year
Miami’s biggest condo builder is preparing to complete two rental projects in Wynwood this year, with rents starting at $1,400. The Related Group will open its leasing center for Wynwood 25, a 285-unit project it’s developing with East End Capital, in about a month with a late spring/early summer opening date, Related Vice President Jon Paul Pérez said. The project is one of possibly three rental developments that Related is working on in the artsy ... [more]
01/14/2019 10:30 PM
LaSalle completes acquisition for Latitude; enters real estate debt fund space
LaSalle Investment Management completed its acquisition of a majority state in Latitude Management Real Estate Investors and its $1.2 billion debt fund business. The asset management arm of Chicago-based JLL, LaSalle announced last year it was acquiring commercial real estate lender Latitude, making a play in that lending space in the United States. Latitude, now part of LaSalle’s North America private equity platform, has been re-named LaSalle Mortgage Real Estate Investors. Former Latitude President and ... [more]
01/14/2019 09:30 PM
Homebuilder Hovnanian, facing years-old debt, could get stock delisted
Hovnanian Enterprises, one of the country’s largest homebuilders, took on loads of debt to acquire companies and land more than a decade ago only to see the housing market collapse in 2008 and property values tumble. Today, the New Jersey-based firm, which includes K. Hovnanian, faces the risk of being delisted from the New York Stock Exchange as it continues to struggle with that debt. The company said it will seek shareholder approval at its ... [more]
01/14/2019 09:00 PM
Joint venture between Ugo Colombo and Shoma Homes faces foreclosure
A joint venture between developers Ugo Colombo and Shoma Homes is facing a $16.2 million foreclosure lawsuit. SHEDDF2-FL1 LLC, an affiliate of Safe Harbor Equity, is seeking to foreclosure on Coral Gables Luxury Holdings LLC, the company that planned to develop the Collection Residences at 250 Bird Road, 4101 Salzedo Street and 4112 Aurora Street in Coral Gables, a lawsuit filed on Friday shows. Florida Community Bank provided the original loan on the property in ... [more]
01/14/2019 08:30 PM
Last call! Future City 2019 has a few slots left
The Real Deal’s Future City 2019 is less than two weeks away, and we have just a few remaining spots for qualified candidates. Attendees will join a group of 200 C-level executives in the fields of development, tech, construction, design and finance to network with and learn from the top minds and biggest dealmakers in the country at the Baha Mar resort in the Bahamas from Jan. 27-29. Some of our participants include: Don Peebles, ... [more]
01/14/2019 07:30 PM
Raising the stakes on homeless space
Just north of Yankee Stadium, tucked between the Grand Concourse and the Major Deegan Expressway, the Bronx’s Highbridge neighborhood is poised for a big wave of gentrification. The neighborhood has seen rents rise faster than anywhere else in the city in recent years, per real estate website Zumper, and Highbridge is spattered with new apartment buildings. Among them is a 44-unit rental property on Edward L. Grant Highway that Kim Tasher’s SKF Development is expected ... [more]
01/14/2019 06:30 PM
JBL Asset Management pays $18M for Wellington shopping center
UPDATED, Jan. 15, 10:48 a.m.: JBL Asset Management bought the Plaza at Wellington Green for $18 million, a month after the Hollywood-based company acquired another shopping center nearby. JBL Asset Management purchased the 10-acre property at 2205 South State Road 7 in Wellington for $311 per square foot from Plaza at Wellington Green Owners, records show. Plaza at Wellington Green Owners is tied to Colorado real estate investor Alan Cogen. Starwood Capital Group has a right ... [more]
01/14/2019 05:30 PM
Vanguard now owns more than 10% of discount brokerage Redfin
The investment firm Vanguard Group has purchased a more than 10 percent stake in Redfin. Recent filings with the U.S. Securities and Exchange Commission show that Vanguard now owns 9,444,137 Redfin shares, which equates to a 10.54 percent stake in the company, according to Inman. The investment should be worth more than $160 million based on Redfin’s $16.96 closing stock price on Friday. Last quarter, Redfin saw revenues increase 28 percent year over year, but ... [more]
01/14/2019 04:45 PM
Richard LeFrak buys penthouse at Surf Club Four Seasons
A company tied to developer Richard LeFrak closed on a penthouse at the Four Seasons Residences at The Surf Club. Property records show Surf Club Apartment LLC, a Delaware company managed by LeFrak, paid $9.7 million for penthouse 4B in the south tower of the luxury Surfside development. LeFrak, who co-developed 1 Hotel & Homes with Barry Sternlicht, sold a unit at the Setai in Miami Beach to DJ and music producer David Guetta for ... [more]
01/14/2019 04:00 PM
Kroger teams up with Microsoft on “smart” grocery stores
As it seeks to fend off Amazon’s expansion into the retail food business, national grocery chain Kroger teamed with Microsoft to roll out new tech-enabled stores with “digital shelves.” Cincinnati-based Kroger teamed with Microsoft to develop a cloud-based system that can help customize the grocery store experience for customers, company executives told Bloomberg. Kroger has unveiled the system in 92 of its stores. In the new system, customers add their grocery list to their Kroger ... [more]
01/14/2019 03:34 PM
British firm pays $49M for Pullman Miami Airport hotel
London + Regional Properties paid $48.65 million for the Pullman Miami Airport hotel. Los Angeles-based Laurus Corp. sold the 281-room hotel at 5800 Blue Lagoon Drive, property records show. The buyer, a London-based real estate and investment firm, purchased the property without ties to a management agreement but plans to keep the Pullman brand for a year, according to HFF. The hotel is one of two Pullmans in the U.S. The other is in San ... [more]
01/14/2019 02:45 PM
Trump admin move said to benefit farmers could be boon for developers
It’s developers, not farmers, who may see the biggest regulatory and financial relief from the Trump administration’s rollback of wetlands rules. Farmers and farmland are already exempt from many wetlands regulations that the Trump administration wants to overturn. Instead, its real estate developers who take out more permits than farmers for projects related to wetlands, streams and creeks, according to the Associated Press. A financial analysis the administration released last month shows that out of ... [more]
01/14/2019 01:45 PM
Douglas Elliman hires managing broker in Miami Beach, opens new office
Broker Patricia Rotsztain joined Douglas Elliman to lead the company’s Miami Beach offices, including a new one on Ocean Drive, The Real Deal has learned. Rotsztain previously led a commercial division at Decorus Realty, and before that was a principal broker and owner at Rotsztain & Sulichin, a boutique firm focused on commercial deals, investment properties, new development and luxury residential. She’s worked on deals in Little Havana, Wynwood and other areas in Miami, including ... [more]
01/13/2019 11:10 PM
Mortgage industry chief gets some federal employees back to work with pay
Despite the ongoing government shutdown, hundreds of clerks at the Internal Revenue Service are back at work with pay after the Mortgage Bankers Association successfully lobbied the Treasury Department. The association’s president and CEO Robert Broeksmit spoke with officials including Craig Phillips, a senior adviser to Treasury Secretary Steven Mnuchin, about restarting the IRS’ processing of tax transcripts — a service which verifies would-be homebuyers’ incomes — and a day later Broeksmit heard that clerks ... [more]
01/13/2019 09:00 PM
Private equity firm in South Florida starts marketing condo near Orlando
A private equity group based in South Florida launched sales of units in the newest phase of a condominium development in Central Florida. West Palm Beach-based DCS Investment Holdings, owned by Washington Redskins co-owner Dwight C. Schar, is marketing 75 furnished units in a phase of the Bella Collina condo development, called Siena at Bella Collina, expected to open early this year. Prices start in the high $300,000s for units at mid-rise Siena condo buildings. ... [more]
01/13/2019 08:20 PM
Residential redevelopment proposed for Wellington bar and restaurant property
The owner of a property in Wellington that houses a bar and restaurant proposed a project to develop a two residential buildings on the site. Sperin LLC, led by manager Neil Hirsch, proposed demolishing the property and replacing it with a four-story, 54-unit residential development with a rooftop swimming pool. In 2001, Sperin paid $1.9 million to acquire the building where the Players Club bar and the Suri West restaurant are located. Sperin also proposed ... [more]
01/13/2019 07:00 PM
Report: Multifamily rents rose 3.2% last year and will rise nearly 3% this year
Owners of multifamily buildings charged an average monthly rent of $1,419 in December, 3.2 percent more than in December 2017, Yardi Matrix reported. The average monthly rent is expected to increase nearly 3 percent this year, according to the Yardi Matrix report. The division of real estate software publisher Yardi Systems based its rental housing report on an analysis of 127 large real estate markets across the United States. Yardi Matrix reported that the average ... [more]
01/13/2019 06:00 PM
Indiana town expands home ownership by selling houses for $1 each
A lack of affordable housing afflicts many cities, and in Gary, Indiana, the municipal government is tackling the problem by selling houses for $1 each. Located 25 miles south of downtown Chicago, Gary has a declining population and plenty of vacant houses, a legacy of the steel industry’s decline in the town since the 1960s. The town’s Dollar House Program allows qualified residents to pay $1 for a fixer-upper house that needs repair and renovation ... [more]
01/13/2019 05:00 PM
Report: Availability of U.S. warehouse space last year was the lowest since 2000
The availability of warehouse space in the U.S. last year hit the lowest level since 2000 and will remain tight this year as e-commerce continues to boost demand for storage and distribution facilities, especially near heavily populated areas. Real estate brokerage CBRE reported that only 7 percent of industrial space was vacant and available in the fourth quarter, the lowest level since 2000. Demand for industrial space exceeded supply by about 6 million square feet ... [more]
01/13/2019 04:00 PM
With Brexit on the horizon, Frankfurt’s office market breaks records
Ever since the Brexit referendum, Germany’s financial capital has been positioning itself to receive an influx of London bankers. With just months to go until the split is official, those ambitions have pushed Frankfurt’s commercial real estate market to record heights. Frankfurt-based state-owned bank Helaba predicts that as many as 25 banks, including Goldman Sachs, Citi, JPMorgan and Barclays, will move operations and staff from London to Frankfurt, reported the Financial Times. In the long ... [more]
01/13/2019 03:00 PM
Abu Dhabi government fund, Tishman Speyer put Chrysler Building on the market
In the face of higher costs and increased competition, Manhattan’s landmark Chrysler Building is for sale. The owners, an Abu Dhabi government fund and developer Tishman Speyer, have hired CBRE to market the tower, the Wall Street Journal reported. The iconic building has been competing with newer office towers that are equipped with modern amenities like outdoor terraces and fitness centers. While estimates vary, several investors said the building could be hard-pressed to sell for ... [more]
01/13/2019 02:00 PM
Riding high: MedMen weed dispensary spins off real estate for national expansion
MedMen, the private equity-backed medical marijuana dispensary, is spinning off its real estate interests to fund a national expansion. The Los Angeles-based company will sell its properties to Treehouse Real Estate Investment Trust for $100 million, MedMen announced this week. Treehouse REIT, formed in collaboration with Venice-based investment firm Stable Road Capital, just completed a common stock offering and raised $133 million for the Medmen properties acquisition, along with other cannabis industry-related properties. The news ... [more]
01/12/2019 10:20 PM
Tavistock to build entertainment venue just south of Pier Sixty-Six Hotel & Marina
Tavistock Development Co. will build a 5,000-square-foot building featuring daily entertainment and attractions just south of the Pier Sixty-Six Hotel & Marina. Fort Lauderdale city commissioners voted Tuesday to allow Tavistock to use the waterfront building for a temporary special event over a five-year term. Over a longer term, Tavistock plans to renovate and redevelop the Pier Sixty-Six resort on the north side of Southeast 17th Street at 2301 Southeast 17th Street. Within a year, Tavistock plans to ... [more]
01/12/2019 09:30 PM
Partners secure $24.5M of financing for high-rise condo project in Tampa
West Palm Beach-based Two Roads Development and a partner secured $24.5 million in financing for a waterfront condominium development in downtown Tampa. Two Roads and Feldman Equities LLC will use the financing to prepare the foundation and to fund demolition work at the development site of Riverwalk Place, which will rise more than 50 stories on the banks of the Hillsborough River. The developers recently obtained a construction permit from the municipal government of Tampa ... [more]
01/12/2019 07:55 PM
Developers settle SEC charges over EB-5 funding for Houston-area project
Foreign investors seeking U.S. green cards put nearly $50 million into what was supposed to be a massive mixed-use development in a suburb of Houston. But the Securities and Exchange Commission charged the developers of the Houston-area project with diverting $20.5 million to other investments in real estate. In December, without admitting or denying any wrongdoing, the developers settled the SEC charges and agreed to pay a penalty plus reimbursements to investors totaling $51.4 million. ... [more]
01/12/2019 06:30 PM
Money-losing golf courses can club the values of nearby homes
Many people who bought homes next to golf courses thought their property value would rise. But they are now discovering that golf-home prices can drop, too, as the popularity of the sport recedes. Decades after developers began to blanket the Sunbelt with residential communities built around golf courses, many courses are closing – triggering legal fights over the consequences. Hundreds of communities built around golf courses that are money losers, according to Peter Nanula, chief ... [more]
01/12/2019 05:15 PM
Pancake power: Heir of IHOP founder lists Southwest Ranches mansion for $7.25M
The heir of a founder of the IHOP restaurant chain listed his mansion in a suburb of Fort Lauderdale for $7.25 million – or the tab for approximately 1.5 million short stacks of IHOP buttermilk pancakes. Nathan and Jacqueline Finkel listed the 21,656-square-foot residence in Southwest Ranches with an asking price that equates to $334 per square foot. Nathan’s father, Abe Finkel, was a founder of IHOP, known formally as International House of Pancakes, LLC, ... [more]
01/12/2019 04:00 PM
Despite discounts, Snap Inc. struggles to sublease its initial office properties
When Evan Spiegel and his handful of employees outgrew his father’s Pacific Palisades house in 2012, they expanded Snap Inc.’s operation to a quaint beachfront bungalow on Ocean Front Walk. The “Blu House” would serve as the headquarters for the tech company that created Snapchat, a social media platform which allows users to send messages that disappear after they’re viewed. It only took a year for Snap to outgrow the bungalow, taking up a series ... [more]
01/12/2019 03:00 PM
Grammy-winning songwriter says his landlord stole $265K from his oven
The songwriter behind Lady Gaga’s hit song “Paparazzi” alleges that an employee of his Manhattan landlord stole hundreds of thousands of dollars from a locked storage case hidden in his oven. In a lawsuit filed Monday, Grammy-winning songwriter Robert Fusari alleged that $264,700 in cash disappeared from a “locked, heavy-duty Husky storage case” in his apartment while he was being evicted from a Brodsky Organization building. Fusari, who has written songs for Lady Gaga, Destiny’s ... [more]
01/12/2019 02:00 PM
Tishman Speyer selling Playa Vista office portfolio for $600M plus: sources
Tishman Speyer has gone on a selling spree. The New York-based firm will be listing the Brickyard and Collective office campuses in Playa Vista as early as next week, The Real Deal has learned. Sources say the bids could range from $600 – $650 million for both properties. They are currently both leased by coveted tech tenants, Facebook and Yahoo. Together the properties span 620,720 square feet in total. Tishman declined to comment. Eastdil Secured, ... [more]
01/11/2019 11:20 PM
The Trump Organization sold $35M of real estate in 2018
<img class=”size-large wp-image-3481746″ src=”https://therealdeal.com/wp-content/uploads/2019/01/1200-trump-real-estate-650×405.jpg” alt=”” width=”650″ height=”405″ /> Donald Trump and Starrett City (Credit: Getty Images) The Trump Organization sold close to $35 million in real estate last year, thanks in large part to the sale of Starrett City, a federally subsidized housing complex in Brooklyn. A Forbes report detailing President Trump’s real estate holdings found that he still owns an estimated $437 million worth of residential property. After becoming president, Trump stepped back from ... [more]
01/11/2019 11:00 PM
National Cheat Sheet: WeWork eyes IPO after SoftBank retreat, Sears avoids liquidation, Trump’s troubles… & more
WeWork mulls IPO, rebrands after SoftBank slashes stake The co-working giant formerly known as WeWork is rebranding itself as The We Company after getting some disappointing investment-related news. A day after the Financial Times reported that Japan’s SoftBank Group only planned to invest $2 billion in the company — a far cry from the $16 billion it was considering — WeWork said it would adopt its new moniker, while also weighing the prospect of an initial ... [more]
01/11/2019 10:30 PM
R. Kelly evicted from Near West Side recording studio that doubled as residence
Singer R. Kelly was evicted from a Near West Side industrial building that he used for a recording studio and residence, on the grounds he owes tens of thousands of dollars in back rent. The decision also comes days after a series of new allegations of abuse against him surfaced in the Lifetime series, “Surviving R. Kelly.” A Cook County judge this week ordered the R&B star out of the warehouse at 219 North Justine ... [more]
01/11/2019 09:30 PM
Wells Fargo alleges CityPlace gave misleading information to appraiser tied to $150M loan
The long-running dispute between Related Companies’ CityPlace in West Palm Beach and its lenders over a $150 million loan just took another turn this month. Wells Fargo, a trustee for CityPlace’s lender Credit Suisse Commercial Mortgage, is alleging that CityPlace’s appraisal for its loan was based on misleading and inaccurate information given to its appraiser in a counterclaim filed in a Palm Beach County Circuit Court on Jan. 2. CityPlace allegedly concealed information to Cushman ... [more]
01/11/2019 08:30 PM
SoFla industrial construction to decline in 2019: CIASF report
The industrial construction boom in Miami-Dade is waning and development of new warehouses will take a dip in 2019, according to the Commercial Industrial Association of South Florida’s annual industrial market report. While rental rates increased slightly in 2018, the cost of land acquisitions and construction is becoming too expensive for developers to consider new projects. Rezoning of industrial properties into retail and office uses is also limiting development. “A decline in new construction is ... [more]
01/11/2019 08:00 PM
On the block: Jennifer Lopez, Alex Rodriguez ask $17.5M for 432 Park pad
Well, that was fast. Less than a year after buying a pad at 432 Park Avenue, pop star Jennifer Lopez and former New York Yankee slugger Alex Rodriguez have listed the unit for $17.5 million. The A-list couple paid $15.3 million in February 2018, records show. Accessible by private elevator, the 4,000-square-foot unit has three bedrooms, library and 29-foot by 29-foot corner living and dining room with Central Park views. The Modlin Group’s Adam Modlin ... [more]
01/11/2019 07:30 PM
Millennia buys affordable housing complex in Riviera Beach
The Global Ministries Foundation just sold an affordable housing complex in Riviera Beach to The Millennia Companies, property records show. GMF-Stonybrook LLC, an affiliate of Cordova, Tennessee-based Global Ministries Foundation, sold the Stonybrook Apartments at 1555 Dr. Martin Luther King Jr. Boulevard for $16.3 million. Millennia financed the deal with a $39 million loan from Monticello Structured Products LLC, possibly with plans to renovate. Millennia was already managing the property as a first step to ... [more]
01/11/2019 06:30 PM
PNC office building in West Palm Beach sells for $14M amid tight market
UPDATED Jan. 11, 6:10 p.m.: PNC Bank just sold an office building in West Palm Beach for $14.2 million to Boca Raton-based Morning Calm Management. MCM 205 Datura, which is tied to Morning Calm Management, bought the nearly 71,000-square foot-building at 205 Datura Street for about $200 per square foot, records show. The office building most recently served as the regional headquarters for PNC Bank before the bank moved its offices to Palm Beach Gardens. ... [more]
01/11/2019 05:30 PM
Florida resi brokers, developers chase New York buyers affected by new tax law
Sunshine and low taxes. That’s what residential brokers and condominium developers in Florida are offering homebuyers looking to escape high-property-tax states like New York, New Jersey and Connecticut. The new federal tax law, which came into effect on January 1, limits deductions for state and local taxes, including property taxes, to $10,000. A report by Bloomberg found that under the new law, a New Yorker with $10 million in ordinary income and a $10 million ... [more]
01/11/2019 04:30 PM
The Weekly Dish: Dirty Rabbit partnership to launch new concept in Wynwood & more
Dirty Rabbit partnership | Wynwood The owners of The Dirty Rabbit, a bar in Wynwood, are launching a new concept. The group signed a $4.1 million, 10-year lease for 5,000 square feet across the street from The Dirty Rabbit at 194 to 196 Northwest 24th Street. Tony Arellano, Joey Fernandez and David Spitz represented the landlord in the lease and Costa Grillas and Maurizio Galle of Avenue Real Estate Partners represented the tenant. New York-based ... [more]
01/11/2019 03:30 PM
Michael Cohen, former Trump fixer and onetime real estate investor, to testify before House committee
Michael Cohen — President Trump’s former attorney and fixer who was recently sentenced to three years in prison — has agreed to testify before the House Oversight Committee next month. Cohen, who implicated the president in a plan to pay hush money to women who claimed to have affairs with him, will give a full account of his work with Trump, the New York Times reported. Cohen was part of Trump’s inner circle and his ... [more]
01/11/2019 02:45 PM
Dot com millionaire sells Ocean Ridge waterfront house for $5.6M
The founder of advertising.com just sold his Ocean Ridge waterfront home for $5.6 million. John Ferber and his wife Jenna sold their 3,388-square-foot house at 6009 Old Ocean Boulevard for $1,641 per square foot, records show. Eugene Tenenbaum, who owns the property next door, bought the four-bedroom, four-bathroom home. The Ferbers had paid $5.5 million for the property in 2015. The two-story house was built in 2000, according to Zillow. Ferber founded advertising.com in the ... [more]
01/11/2019 01:45 PM
Federal shutdown creating mortgage victims
When the government shuts its doors because of a funding brouhaha that pits the White House against Capitol Hill, who gets hit hardest among people needing a home mortgage? The latest version of federal breakdown made one fact painfully clear: It all depends on the type of loan you seek and where you’re located. Worst hit, of course, have been the thousands of federal employees who’ve been furloughed, gone unpaid and had no assurances about ... [more]
01/10/2019 11:00 PM
Monaco Yacht Club & Residences scores construction loan, to launch sales later this month
Optimum Development USA just scored a $55 million construction loan as it prepares to launch sales of Monaco Yacht Club & Residences in Miami Beach, The Real Deal has learned. The boutique, luxury condo project is planned for 6800 Indian Creek Drive on one of the last remaining vacant bayfront sites in North Beach. The 11-story, 39-unit development is designed by Arquitectonica with the common areas and units finished by Italian designer Piero Lissoni. Och-Ziff ... [more]
01/10/2019 10:30 PM
Meet some of the finance execs attending Future City 2019
Financing experts including Meridian Capital’s Daniel Heumann, Tavistock Group’s Douglas McMahon, Atalaya Capital’s Young Kwon, Cohen Equities’ Meir Cohen and Citizens Bank’s Ace Watanasuparp, among others, will participate in The Real Deal’s Future City 2019 this month. They will take part in educational sessions on topics ranging from alternative financing to new fiscal regulations. The financiers will join a group of 200 C-level executives in the fields of development, tech, construction and design to network ... [more]
01/10/2019 09:30 PM
Chicago’s Trump Tower condos hit record prices, but sales down since 2015
A few high-profile sales pushed the average price for condos at Trump International Hotel & Tower to $930 per square foot last year, a new record for the 10-year-old supertall. The 98-story building counted 20 condo sales in 2018, including an 87th-floor penthouse that sold for $9.4 million and an 88th-floor penthouse that sold for $7.7 million, according to Crain’s. The 20 total sales in 2018 were up from 17 the previous year, but down ... [more]