The Real Deal Miami

  • Jade Signature tops off at 57 stories in Sunny Isles Beach

    Project is more than 90 percent sold
    October 24, 2016 11:25AM
    Jade Signature and Edgardo Defortuna, founder of Fortune International Group

    Jade Signature and Edgardo Defortuna, founder of Fortune International Group

    The Sunny Isles Beach skyline is looking a bit taller this week.

    Fortune International Group just topped off its Jade Signature condo tower at 57 stories, making it the city’s second-tallest building — for now. [more]

  • West Palm developer pays $23M for Bank of America building

    Repositioning the building could cost up to $8M, brokers say
    October 24, 2016 10:32AM By Katherine Kallergis
    625 North Flagler Drive and developer Michael McCloskey

    625 North Flagler Drive and developer Michael McCloskey

    West Palm Beach developer Michael McCloskey and investor Tom Quick paid $23 million for the Bank of America Centre, where they plan to reposition the building with medical office tenants.  [more]

  • Hedge funds swarm into Palm Beach

    Influx of asset management firms is driving up commercial rents
    October 24, 2016 09:45AM By Dan Weil

    From the fall issue: T
    he City of Palm Beach and neighboring West Palm Beach are becoming ever more attractive to alternative asset managers. Some firms that have long been based in money management strongholds like New York, Boston and Greenwich are picking up stakes and moving to the Sunshine State.

    “We definitely could become a little Greenwich, Connecticut,” said Jeff Greene, a billionaire real estate investor and developer living in Palm Beach. He said he’s friendly with several hedge fund chiefs who’ve opened offices in the area in recent years.

    South Florida as a whole — including Palm Beach, Broward and Miami-Dade counties — is home to at least 60 hedge funds, 19 private equity firms and more than 200 family offices, according to Miami consulting firm Newlink Group. [more]

  • Bigger isn’t always better in London’s struggling housing market

    Mega-mansion owners are once again carving up their palatial homes
    October 24, 2016 08:45AM
    The Hyde Park mansion seeking $483M

    A Hyde Park mansion

    From the New York website: London boasts many of the most expensive single-family mansions in the world. But as the market for high-end housing struggles, mansion owners are once again carving up their palatial homes into multiple units. [more]

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    October 24, 2016 07:30AM

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  • Trump name dumped from new branded hotels

    Trump Hotels announced that their newest hotels will be called Scion
    October 23, 2016 04:00PM TRD WEEKEND EDITION
    Trump International Hotel in D.C.

    Trump International Hotel in D.C.

    From the New York site: Trump’s name may be everywhere right now – except on new hotels. Following reports that occupancy rates at Trump Hotels are falling, new hotels from the brand will now longer bear Trump’s name. [more]

  • Matthew blew away $50 million of hotel revenue

    STR said about half of the hotel revenue losses in 5 states were in Orlando and Miami
    October 23, 2016 03:00PM TRD WEEKEND EDITION
    Hurricane Matthew (Credit:

    Hurricane Matthew (Credit:

    Hotel data and analytics firm STR reported that Hurricane Matthew caused about $50 million of hotel room-revenue losses in Florida and four other states.

    Hotel revenue losses due to reduced occupancy peaked in Florida, Georgia, North Carolina, South Carolina and Virginia on Friday, October 7, as Hurricane Matthew moved north along Florida’s Atlantic coast.

    The storm caused $14.5 million in room revenue losses in the Orlando area, the hardest-hit major market, followed by the Miami metropolitan area with $13.6 million in room revenue losses and Charleston, South Carolina, with $9.6 million. [more]

  • Lennar sells new Orlando rentals for $42.8 million

    Lennar's multifamily arm sold the 252-unit property for about $170,000 per unit
    October 23, 2016 02:00PM TRD WEEKEND EDITION
    The Crest at Millenia apartments (Source: Apartment Guide)

    The Crest at Millenia apartments (Source: Apartment Guide)

    Miami-based Lennar Corporation’s multifamily arm sold a newly built apartment complex in Orlando for $42.8 million to an Atlanta investment firm’s affiliate.

    An affiliate of Centennial Millenia LLC bought the 252-unit Crest at Millenia apartments for about $170,000 per unit. [more]

  • Take a tour of Cartier’s glittery, jewel-filled mansion

    It boasts special rooms for private shopping
    October 23, 2016 01:00PM By Business Insider TRD WEEKEND EDITION

    Image credit: Sarah Jacobs

    From the New York site: Cartier’s New York beauty is shining once again. The French brand’s flagship boutique in New York City reopened in September after two and a half years of extensive renovations. [more]

  • Ag commissioner criticizes Florida Capitol project

    Adam Putnam dislikes the cost and design of the project, which would uproot about 154 trees
    October 23, 2016 12:00PM TRD WEEKEND EDITION
    Florida Capitol complex in Tallahassee (Source: New York Social Diary)

    The Florida Capitol complex in Tallahassee (Source: New York Social Diary)

    State Agriculture Commissioner Adam Putnam criticized both the design and “extraordinary cost” of a $75 million renovation of the Florida Capitol complex in Tallahassee. Putnam, widely seen as a top Republican candidate for governor in 2018, also criticized the design of the project proposed by the state Department of Management Services (DMS): “The concepts and images manage to diminish an already unattractive Capitol design.” Putnam learned the work was underway from a newspaper article, not directly from DMS, the Palm Beach Post reported.

    Built almost 40 years ago, the 22-story Capitol has a vaguely phallic design that has inspired snickers for decades. But the Capitol complex will remain largely unchanged as construction crews repair water damage to underground parking garages beneath the House and Senate chambers at an estimated cost of $50 million, and reconfigure the Waller Park entrance to make it accessible to handicapped visitors, estimated to cost an additional $25 million. Extensive landscaping is part of the plan, including the removal of approximately 154 trees from the Capitol complex in Tallahassee because root growth has damaged the underground parking garages. [Palm Beach Post] Mike Seemuth