The Real Deal Miami

  • JCPenney store at the Aventura Mall

    Retailer J.C. Penney Company will close 130 to 140 stores over the next few months and plans to announce their locations in mid-March.

    Penney has 11 stores in South Florida including five in Miami-Dade County, four in Broward County and two in Palm Beach County, according to the company’s website.

    The retailer also will close a distribution center in Lakeland and consolidate its operations at a distribution center in Atlanta.

    Penney also announced Friday that almost all of the affected stores will close in the second quarter.

    The stores Penny plans to close represent 13 to 14 percent of all of its stores and account for less than 5 percent of the company’s total annual sales.

    “We believe that closing stores will … allow us to adjust our business to compete effectively against the growing threat of online retailers,” Marvin R. Ellison, chairman and chief executive officer of Penney, said in a prepared statement. “Maintaining a large store base gives us a competitive advantage in the evolving retail landscape.”

    Penney expects to record an pre-tax charge of about $225 million in connection with the store closings, mainly because of lease-termination expenses.

  • Former Dolphins coach struggles to sell Davie home

    Joe Philbin pulled the house off the market after cutting the asking price twice
    February 25, 2017 09:00AM TRD WEEKEND EDITION

    Joe Philbin

    Joe Philbin, former head coach of the Miami Dolphins, pulled his house in Davie off the market after cutting the asking price twice.

    He listed the 10,000-square-foot residence for sale for $2.5 million in October 2015 just hours after Dolphins owner Stephen Ross fired him as the football team’s head coach.

    Now an assistant coach for the Indianapolis Colts, Philbin cut [more]

  • Crocker Partners sells Fort Lauderdale office tower to Chicago firm for $87M

    Deal marks the first big office sale in Fort Lauderdale this year
    February 24, 2017 06:00PM By Katherine Kallergis

    Street view of One Financial Plaza

    Crocker Partners sold a 28-story office tower in downtown Fort Lauderdale to an affiliate of Walton Street Capital for $86.75 million. [more]

  • South Florida doctor convicted of tax evasion sells Manalapan mansion for $21M

    Waterfront estate hit the market in 2015 for $25M, relisted in December with Chad Carroll
    February 24, 2017 04:31PM By Katherine Kallergis

    840 South Ocean Boulevard. Inset: Listing agent Chad Carroll

    A South Florida doctor who served time in federal prison for tax evasion just sold his Manalapan mansion for $21.45 million. [more]

  • Inside

  • Stung by losses, Coldwell Banker parent Realogy vows to become “recruiting machine”

    Corcoran and Sotheby’s sales volume dipped 7 percent in 2016
    February 24, 2017 03:45PM By E.B. Solomont

    From left: Richard Smith, Charlie Young and Peter Sobeck

    From the New York website: After hemorrhaging agents in recent years, real estate behemoth Realogy vowed last year to regain its edge by aggressively hiring back top brokers. On Friday, CEO Richard Smith took it up a notch and pledged the company would become a “recruiting machine.”

    “Don’t think there’s a start and finish to our recruitment efforts, we’re going to continue,” Smith said during an earnings call. “We’re turning this company into a recruiting machine and that’s not going to stop.” [more]

  • Miami City Commission approves developer incentives for workforce housing

    Density bonuses go to projects that include units for workforce and affordable housing
    February 24, 2017 03:00PM By Francisco Alvarado

    Downtown Miami (Credit Azeez Bakare Studios)

    Residential developers in the city of Miami who set aside condos or apartments for working class stiffs will receive substantial increases in density for their projects. [more]

  • Hilton launches $1B share buyback program

    Company has also changed its name to Hilton Inc.
    February 24, 2017 02:15PM
    The Hilton Midtown at 1335 Sixith Avenue

    The Hilton Midtown at 1335 Sixth Avenue

    From the New York website: Hilton Worldwide Holdings announced it will buy back $1 billion in shares, as it moves forward with a reorganization of the business. [more]

  • Don’t let closing costs surprise you

    New study shows 50% of US homebuyers were "surprised" by the amounts they were charged
    February 24, 2017 01:30PM By Kenneth Harney

    Home sold

    Everyone knows that financing and closing on a home purchase can be complicated. Which is why more than a year ago the Consumer Financial Protection Bureau issued a set of new disclosures and rules designed to bring greater clarity — and certainty — to transactions.

    So how’s that going? Maybe not so well from a consumer perspective, if a new survey of 1,000 first-time and repeat purchasers is any guide. Sponsored by ClosingCorp, an industry technology firm, and conducted by Wilson Perkins Allen Opinion Research, the study found that more than 50 percent of buyers were “surprised” by the amounts they were charged at closing, despite the new federal disclosures aimed at eliminating or sharply limiting surprises. [more]

  • Flagler Street’s multimillion-dollar facelift seeing big delays

    Tenants and property owners along historic street taking a hit in business
    February 24, 2017 12:45PM

    Flagler Street construction

    After a year of construction, only one block of Flagler Street has been completed with new sidewalks, shade trees, lighting and blacktop. [more]

  • Still in style: J.Crew head revealed as buyer of Calvin Klein’s $13M Miami Beach home

    Millard "Mickey" Drexler and his wife Peggy Drexler bought the North Bay Road home
    February 24, 2017 12:00PM By Ina Cordle

    4452 North Bay Road Inset: Calvin Klein (Credit: Getty Images)

    It turns out Calvin Klein’s home remains in fashion.

    Records reveal the buyer of Klein’s $13 million waterfront North Bay Road house in Miami Beach is the head of J.Crew. [more]