The Real Deal - Real Estate News

A year without 421a: Project sales, lawsuits and wasted rezonings

Dramatic storylines have emerged from tax break’s expiration

Zell’s angels: How the brash tycoon changed the real estate game forever

Zell’s angels: How the brash tycoon changed the real estate game forever

Investor pulled off largest-ever leveraged buyout; pioneered REITs

Pretium pays $1.5B in D.R. Horton deal

Homebuilder trades thousands of properties to rental investor

Sotheby’s buys Breuer Building for $100M

Sotheby’s buys Breuer Building for $100M

Madison Avenue landmark to feature auction house, exhibition space

Big Ten commissioner Tony Petitti flips Jupiter Island condo

Big Ten commissioner Tony Petitti flips Jupiter Island condo

Petitti sold the unit for a 71% markup seven months after buying it

Politics

Texas

Nate Paul’s role in Texas attorney general’s impeachment, explained

Investigators claim Ken Paxton pressured staff to ease Paul’s foreclosure woes

New York

Tishman Speyer snags extension on 300 Park Ave’s $485M loan

Tishman Speyer snags extension on 300 Park Ave’s $485M loan

Firm gets another year on debt sent to special servicing

A Midtown office loan’s in trouble. Is WeWork to blame?

A Midtown office loan’s in trouble. Is WeWork to blame?

Rent at APF’s 25 West 45th Street can’t cover payments on $65M debt

Tri-State

Hamptons, North Fork markets heat up

Contract signings increase on the East End

Naftali’s lending arm provides mezzanine note on Greenwich Village project

Naftali’s lending arm provides mezzanine note on Greenwich Village project

It’s the first deal of the second investment fund for the condo developer’s nascent lending platform

Invesco willing to take loss on Meatpacking office

Invesco willing to take loss on Meatpacking office

Firm shopping converted garage’s leasehold for $90M+ after buying it for $150M in 2018

“Grinch who stole summer”: Airbnb sues New York City

Short-term rental firm rebukes Local Law 18

South Florida

Service Properties pays $165M for Nautilus Hotel in Miami Beach

Service Properties pays $165M for Nautilus Hotel in Miami Beach

United Kingdom-based Quadrum Global sold the 250-room Art Deco property for about $661K per key

Swire unveils plans for two-tower Mandarin-branded Brickell Key project

Swire unveils plans for two-tower Mandarin-branded Brickell Key project

One Island Drive project calls for 220-unit condo tower, adjacent condo-hotel

Rishi Kapoor’s firm leases storefront from Coral Gables mayor

Politics

Rishi Kapoor’s firm leases storefront from Coral Gables mayor

Location Ventures is paying rent for space in a retail building partially owned by Vince Lago

Lennar proposes 266 townhomes in south Miami-Dade

Lennar proposes 266 townhomes in south Miami-Dade

Homebuilder under contract to purchase 20-acre site for undisclosed price

Auto dealers are unexpected fuel for South Florida luxury

Trophy buyers beat out hedge funders, tech bosses and media moguls for records

Alexander brothers sell waterfront Miami Beach mansion for $27.5M

Alexander brothers sell waterfront Miami Beach mansion for $27.5M

Oren Alexander is moving to Sunset Island IV

Los Angeles

Allstate announces halt to new homeowner policies in California

Allstate announces halt to new homeowner policies in California

Insurer’s disclosure follows State Farm’s stoppage on new coverage in the state

LVMH to scrap Rodeo Drive hotel after Beverly Hills ballot rejection

LVMH to scrap Rodeo Drive hotel after Beverly Hills ballot rejection

51% vote against building the 109-room Cheval Blanc

Malibu’s famous Wave House hits the market asking $50M

Malibu’s famous Wave House hits the market asking $50M

Mid-Century masterpiece, designed by Harry Gesner, was built to look like a cresting wave

LA single-family home sales show slight uptick in May

LA single-family home sales show slight uptick in May

“Buyers have been on the sidelines for months,” says one agent

Pustilnikov files suit over Redondo Beach power plant sale

Pustilnikov files suit over Redondo Beach power plant sale

Ahead of bankruptcy hearing, developer alleges breach of contract by energy firm

Agents gauge State Farm’s exit from home insurance market

Agents gauge State Farm’s exit from home insurance market

“If the other insurance companies follow State Farm, then we have a problem”

San Francisco

Sobrato Organization sells Cupertino strip mall for $93M

Sobrato Organization sells Cupertino strip mall for $93M

Metlife unit buys the 196K sf retail center for $470 psf

SummerHill moves ahead on 334 apartments and townhomes in San Jose

SummerHill moves ahead on 334 apartments and townhomes in San Jose

Marcus & Millichap subsidiary publishes EIR on development near tech parks

EV companies drop industrial space in East Bay, Silicon Valley

EV companies drop industrial space in East Bay, Silicon Valley

Two automakers offload nearly 250K sf

Rent strike looms ahead of potential Veritas buyback of $1B debt

Rent strike looms ahead of potential Veritas buyback of $1B debt

SF tenants seek new landlord as company puts loans for 95 properties on auction block

SF’s historic Clay Theater could become a retail center

SF’s historic Clay Theater could become a retail center

Movie house doesn’t make economic sense while boutiques move into Fillmore

Few retailers respond to SF’s new vacancy tax as only 2.6% pay up

Few retailers respond to SF’s new vacancy tax as only 2.6% pay up

74 property owners and tenants have paid the tax of about 2,800 taxable properties

Chicago

Bears running option: Team eyes Naperville amid horse track’s tax fight

Bears running option: Team eyes Naperville amid horse track’s tax fight

Team claims it’s not solely committed to Arlington Heights as it meets with another suburb’s mayor

Chicago Fire’s training facility project ignites lawsuit

Local housing coalition files claim against CHA and HUD

Symmetry files for bankruptcy, evades foreclosure — for now

Symmetry files for bankruptcy, evades foreclosure — for now

Last-minute auction cancellation for River North property where development stalled

Landmark West Loop office building headed to auction block

Landmark West Loop office building headed to auction block

Starting bid of $2M bid for property that once drew 25 times that amount

Chicago has second-largest racial gap for home appraisals in U.S.

Appraisals in white neighborhoods 2.77 times higher than minority neighborhoods

McDonald’s HQ owner sues Wells Fargo, Bank of America

McDonald’s HQ owner sues Wells Fargo, Bank of America

Normandy properties bought the Fulton Market asset with the lenders for $420M in 2020

Texas

Houston

Diamond Offshore leases 62K sf in Houston’s Energy Corridor

Marks 37% decrease in office footprint

Ross Perot Jr. warns of real estate recession

Texas

Ross Perot Jr. warns of real estate recession

“If the industry can’t get a construction loan, real estate will have a recession”

Rise48 looks for multifamily value in DFW

Dallas

Rise48 looks for multifamily value in DFW

Arizona firm acquired its third multifamily asset in North Texas, isn’t slowing down

SEC sues “Queen of Mobile Homes” for fraud

Texas

SEC sues “Queen of Mobile Homes” for fraud

Houston

Climate change barreling into Houston

Hundreds of thousands of homes are at risk of flooding and hurricane damage

Inside Grand Prairie’s master plans for I-30

Dallas

Inside Grand Prairie’s master plans for I-30

New cricket stadium and apartments could bolster Dallas suburb’s vision

Residential

all markets

Allstate announces halt to new homeowner policies in California

Insurer’s disclosure follows State Farm’s stoppage on new coverage in the state

Tri-State

Hamptons, North Fork markets heat up

Contract signings increase on the East End

SummerHill moves ahead on 334 apartments and townhomes in San Jose

Marcus & Millichap subsidiary publishes EIR on development near tech parks

Malibu’s famous Wave House hits the market asking $50M

Mid-Century masterpiece, designed by Harry Gesner, was built to look like a cresting wave

LA single-family home sales show slight uptick in May

“Buyers have been on the sidelines for months,” says one agent

Rent strike looms ahead of potential Veritas buyback of $1B debt

SF tenants seek new landlord as company puts loans for 95 properties on auction block

September

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The Real Deal’s Podcast

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The Real Deal’s Isabella Farr and Suzannah Cavanaugh break down the newest, biggest trends and concepts in real estate.

Commercial

all markets

Jun 3, 2023

CRE’s landscape is rapidly shifting

Firms rethink their business models and how to manage their assets

Tishman Speyer snags extension on 300 Park Ave’s $485M loan

Firm gets another year on debt sent to special servicing

A Midtown office loan’s in trouble. Is WeWork to blame?

Rent at APF’s 25 West 45th Street can’t cover payments on $65M debt

Sobrato Organization sells Cupertino strip mall for $93M

Metlife unit buys the 196K sf retail center for $470 psf

Houston

Diamond Offshore leases 62K sf in Houston’s Energy Corridor

Marks 37% decrease in office footprint

EV companies drop industrial space in East Bay, Silicon Valley

Two automakers offload nearly 250K sf

Development

all markets

Colorado struggles to chart housing crisis solution

Jun 3, 2023

Colorado struggles to chart housing crisis solution

Major land use overhaul bill recently failed

Bears running option: Team eyes Naperville amid horse track’s tax fight

Team claims it’s not solely committed to Arlington Heights as it meets with another suburb’s mayor

LVMH to scrap Rodeo Drive hotel after Beverly Hills ballot rejection

51% vote against building the 109-room Cheval Blanc

Chicago Fire’s training facility project ignites lawsuit

Local housing coalition files claim against CHA and HUD

Swire unveils plans for two-tower Mandarin-branded Brickell Key project

One Island Drive project calls for 220-unit condo tower, adjacent condo-hotel