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National February 2021 Issue

When Compass comes clawing: How the firm’s contracts lock agents in

The nightmare began a year ago. After rebuffing Compass for several years, a New York agent finally gave into temptation. “They sold the dream,” said the agent, who spoke on the condition of anonymity and said they were offered a lavish bonus and generous perks. But one year into a three-year contract, the agent, frustrated by what they saw as lack of support from the firm, wanted out. But it… [more]

Brookfield’s internal affairs

Brookfield’s internal affairs

By Keith Larsen | February 18, 2021 12:00PM

There are several reasons why taking Brookfield Property Partners private might be a bad deal. The company’s investors lose a lucrative dividend, hundreds of millions of dollars worth of fees to its parent Brookfield...

Brookfield’s internal affairs
Making sense of the SPACe race

Making sense of the SPACe race

By E.B. Solomont | February 18, 2021 12:00PM

When Fifth Wall Ventures decided to jump into the SPAC market in January, it targeted a raise of $250 million to take a startup public. Within three weeks, it upsized the offering — twice...

Making sense of the SPACe race
A reckoning on rent

A reckoning on rent

By Georgia Kromrei | February 18, 2021 12:00PM

Three of Petra Drauschak’s 14 tenants have abandoned their leases during the pandemic. One had already stopped paying by February 2020, when Covid began sweeping across the U.S., but Drauschak’s hands were tied by...

A reckoning on rent
Dov Hertz (Photo by Studio Scrivo)

The Closing: Dov Hertz

By Rich Bockmann | February 18, 2021 12:00PM

Dov Hertz has left an indelible mark on New York’s skyline. Two marks, actually. Over the course of 14 years heading up acquisitions and assemblage for Extell Development, Hertz helped put together the sites...

The Closing: Dov Hertz
All Year’s bad year

All Year’s bad year

By Kevin Sun | February 18, 2021 12:00PM

Delisted from the Tel Aviv Stock Exchange and facing foreclosure of its prized properties, Yoel Goldman’s All Year Management has had a rough couple of months since missing a bond payment and delaying financial...

All Year’s bad year
From left: Scott Stringer, Shaun Donovan, Maya Wiley, Andrew Yang, Kathryn Garcia and Eric Adams

Where mayoral candidates stand on real estate

By Kathryn Brenzel | February 18, 2021 12:00PM

As more candidates join the New York City mayoral race, they threaten to hit a critical threshold: how many...

Where mayoral candidates stand on real estate
Socialists sit out race for mayor

Socialists sit out race for mayor

By Kathryn Brenzel | February 18, 2021 12:00PM

Council member Carlos Menchaca is a thorn in real estate’s side: He stopped the Industry City rezoning, rallied opposition to a megaproject in Queens and argues that developers are getting rich while communities are...

Socialists sit out race for mayor
Check out anytime you like

Check out anytime you like

By Rich Bockmann | February 18, 2021 12:00PM

With its hotels business battered by the pandemic, Ashford Hospitality Trust took a cold, hard look at its portfolio and came to a sobering conclusion: The REIT was simply going to walk away from...

Check out anytime you like
Fifth Avenue Stores Empty One Year Into Pandemic

One year into pandemic, Fifth Avenue blighted by empty stores

By Rich Bockmann | Research By Lucas Heiberger | February 17, 2021 01:50PM

A social media campaign marketing an empty Fifth Avenue store with the hashtag #FifthAveStrong — meant to be a...

One year into pandemic, Fifth Avenue blighted by empty stores
Rui Barros, former head of Quarters in the U.S. and Esther Bahne, CEO of Quarters. (Getty, LinkedIn via Rui Barros, Quarters)

How Quarters’ $300M US expansion ended in bankruptcy

By Erin Hudson | February 17, 2021 02:00PM

 Developer Dana Spain was weeks away from finishing construction on a $20 million co-living project when she learned her...

How Quarters’ $300M US expansion ended in bankruptcy
President Joe Biden (Getty; iStock)

President Joe Biden’s real estate checklist

By Erik Engquist | February 17, 2021 02:05PM

With one exception, real estate is not in Joe Biden’s immediate agenda. But within the next few months, the...

President Joe Biden’s real estate checklist
Stuart Elliott

Editor’s note: Clawbacks, SPAC attacks … and Barney

By Stuart Elliott | February 18, 2021 12:00PM

Compass brokers vomiting over clauses in their contract. The “Barney” theme song being used to torture homeless people. A...

Editor’s note: Clawbacks, SPAC attacks … and Barney

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