WeWork losses soar, SoftBank asked Jared Kushner to divest from Cadre

A roundup of New York real estate news, deals and more for November 14, 2019

TRD New York /
Nov.November 14, 2019 09:05 AM
Daily Digest Thursday

Every weekday The Real Deal rounds up New York’s biggest real estate news. We update this page throughout the day starting at 9 a.m. Please send any tips or deals to [email protected].

This page was last updated at 9 a.m.

 

Donald Trump has been taken to court many times by lawyers, brokers, contractors and others who claimed that he owed them money. Now the shoe is on the other foot, as the Trump Organization copes with delinquent retail tenants. Last year the Trump Organization’s revenue fell by as much as $45 million—to between $610 million and $650 million, according to a Crain’s analysis. [Crain’s]

 

WeWork’s losses have reached $1.25 billion. The parent company of the troubled office-space startup also told shareholders that revenue increased to $934 million in the three months ending Sept. 30, a 94 percent year-over-year jump. The company is in search of a new leader after the ouster of founder Adam Neumann, and was reported to be in talks with T-Mobile US Inc. chief executive John Legere. [WSJ]

 

Jared Kushner declined SoftBank’s request to divest from Cadre. The decision to turn down SoftBank, which was concerned about conflicts of interest, saw funding talks fizzle for Cadre. The online real estate platform for was founded by CEO Ryan Williams and Josh Kushner in 2014. [Bloomberg]

 

Douglas Development settled the case over a de Blasio donation. Douglaston has agreed to pay $10,000 to settle an ethics investigation over a payment made to Mayor Bill de Blasio’s former non-profit, Campaign for One New York. [The City]

 

One of Gary Barnett’s longtime deputies is leaving his firm. After more than two decades, Raizy Haas, Extell Development’s senior vice president of development, is stepping down. It wasn’t immediately clear what she plans to do next or who will take over her position. [TRD]

 

Jeffrey Epstein’s mansion could be worth $100 million. Brokers report that the Upper East Side townhouse, entangled in a myriad of legal issues following Epstein’s death, could be worth at least $100 million. [NYP]

 

Adam Neumann is eyeing a Park Avenue penthouse. The ousted WeWork CEO, who is on the hunt for a new home with wife Rebekah, has reportedly expressed interest in a $45 million penthouse at 1010 Park Ave. [NYP]

 

The City Council has its eyes on Mitchell-Lama. The waitlist for the affordable rental and co-op program has seen its share of bribery schemes and scandals in recent years. Now, Public Advocate Jumaane Williams has introduced legislation aimed at shedding light on how residents are chosen. [TRD]

 

One year later, suspicion surrounds any future plans for Amazon’s former site. Developers interested in the former Amazon site in Long Island City are launching a “listening tour” to engage community members, but some residents are already suspicious about what plans are being made behind closed doors. [The City]

 

Meanwhile, Amazon’s HQ2 has transformed Northern Virginia’s housing market. The announcement that the e-commerce giant would move into Crystal City last year led to inventory shortages, price hikes and rapid sales, transforming the area into “one of the nation’s hottest housing markets.”
[Realtor.com]

 

New York City’s rental growth is slowing. While the market saw some price gains thanks to languid home sales, growth has been slowing since July, according to Douglas Elliman’s latest rental market report. [TRD]

 

Brookfield is buying JPMorgan’s U.S. mall stakes. The deal, valued at $3.2 billion, is a sign of confidence in the mall sector, which has struggled in recent years with the rise of e-commerce. [Bloomberg]

 
Renderings of Waldorf Astoria

Renderings of Waldorf Astoria

 

Inside the Waldorf Astoria’s condo conversion. Chinese developer Anbang Insurance Group has poured $1 billion into a residential conversion at the iconic hotel, where it’s hoping to target foreign buyers looking for pieds-à-terre. Sales are expected to kick off next year, and studios will start at around $1.7 million, or roughly $2,500 to $3,000 a square foot. [TRD]

 

Compiled by Sylvia Varnham O’Regan


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