Airbnb fights against Palm Beach County’s requirement, what’s next for Barneys: Daily digest

A daily round up of South Florida real estate news, deals and more for August 8, 2019

TRD MIAMI /
Aug.August 08, 2019 04:00 PM

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page at 9 a.m., 12:30 p.m., and 4 p.m. ET. Please send any tips or deals to [email protected]

This page was last updated at 4:00 p.m.

 
Anne Gannon and West Palm Beach (Credit: iStock and Airbnb)

Anne Gannon and West Palm Beach (Credit: iStock and Airbnb)

Airbnb continues its legal fight against Palm Beach County. The vacation rental platform filed a new lawsuit against the county and tax collector Anne Gannon over the county’s requirement that Airbnb provide tax information to hosts. [TRD]

 

What the downsizing spells for the luxury retailer’s various landlords remains unclear (Credit: Getty Images)

What’s next for Barneys’ landlords? The luxury retailer has filed for bankruptcy and will shutter 15 of its 22 department stores. While the retailer’s future is unclear, experts told TRD that negotiations are likely and that Barneys could be prevented from vacating some locations based on concessions from the landlords. [TRD]

 

Virtual brokerage eXp Realty is continuing its rapid growth. The company reported a “record” $266.7 million in revenue in the second quarter of 2019 — a 104 percent year-over-year increase — while its losses were up 16 percent from the previous year. [TRD]

 

Convene CEO Ryan Simonetti and a rendering of Bishopgate

Convene edges out rivals WeWork and Knotel at London skyscraper. New York-based Convene, a startup that partners with commercial landlords to offer meeting spaces and amenities in office buildings, signed a 100,000-square-foot lease at 22 Bishopsgate in central London, the firm’s chief executive Ryan Simonetti told The Real Deal. It will be the firm’s first international location. [TRD]

 
Michael Tillman and Soleste Grand Central

Michael Tillman and Soleste Grand Central

Michael Tillman’s PTM Partners and Estate Investments Group scored a $55 million loan from Bank OZK. The developers are planning to build an 18-story, 360-unit apartment project in an Opportunity Zone in Overtown, near the MiamiCentral train station. The development group also secured about $18 million in mezzanine financing from Nationwide Real Estate Investments, in addition to the construction loan. [TRD]

 
The site on Monday

The site on Monday

A second gas leak occurred at a hotel construction site on Biscayne Boulevard in Edgewater. A gas line ruptured near the AC Hotel by Marriott at 3400 Biscayne Boulevard, days after a gas leak temporarily shut down the southbound lanes of Biscayne Boulevard between Northwest 33rd and 36th streets, near Midtown Miami and the Design District. [TRD]

 

Climate change is worsening the affordable housing crisis. A new report from the Center for American Progress has found that the national housing crisis disproportionately affects minority communities and the disabled, who also have limited access to resources to recover from natural disasters linked to climate change. [Scientific American]

 

Housing sentiment reached a record high in July. A monthly index from Fannie Mae has found that consumer confidence in housing hit a record high in July, partly due to falling mortgage rates and strong employment. Meanwhile, according to a Redfin report, bidding wars fell to their lowest rate since 2011. Miami was the least competitive market last month, with New York also seeing lower than average activity. [CNBC]

 

Realogy CEO Ryan Schneider (Credit: iStock)

After months of free-falling, Realogy’s stock soared more than 19 percent in the second quarter. The company said it grew its agent base “for the first time in a long time.” But overall, the company’s second-quarter revenue dropped 5 percent year over year to $1.7 billion. Net income remained in the black but profits slid 44 percent to $69 million, from $123 million a year prior. [TRD]

 
The Bristol (Credit: iStock)

The Bristol (Credit: iStock)

A Palm Beach dermatologist paid $5.6 million for a condo at The Bristol in West Palm Beach. Dr. Samuel Mandel and his wife Annette bought unit 1103 at 1100 South Flagler Drive from the development group Flagler Investors. [TRD]

 

He saved Britain’s largest bookstore from going under. Can he do the same for Barnes & Noble? James Daunt fought declining sales and outside competition to save Waterstones, Britain’s largest bookstore chain. Now, the private equity firm that owns Waterstones has purchased declining U.S. chain Barnes & Noble for $683 million, and Daunt is moving to New York to serve as the company’s chief executive. [NYT]

 

Victoria’s Secret mogul Leslie Wexner says Jeffrey Epstein misappropriated “vast sums of money.” More revelations about Epstein’s past have emerged this week, after Wexner penned a letter to the Wexner Foundation outlining his dealings with the financier and accusing him of misappropriating “vast sums of money” from him and his family. [NYT]

 

Inflated bond ratings are back. Artificial bond ratings, one of the causes of the financial crisis, still persist a decade on, according to an analysis by The Wall Street Journal, which also found that the main ratings firms have altered some criteria for determining the riskiness of bonds, leading to temporary jumps in market share. [WSJ]

 
Robert Shapiro

Robert Shapiro

Los Angeles developer Robert Shapiro, the former CEO of South Florida-based Woodbridge, pleaded guilty to leading a $1.3 billion Ponzi scheme. In Miami federal court on Wednesday, Shapiro admitted he “misappropriated” up to $95 million of funds from mostly elderly investors to pay for luxury L.A. estate, artwork, travel, jewelry and more. He’s facing up to 20 years in prison for wire and mail fraud conspiracy, plus another five years for tax evasion. [Miami Herald]

 

Zillow’s bet on iBuying boosted revenues to $600 million, but it still lost $72 million. Revenue for Zillow Offers, which debuted last year, totaled $248.9 million for the quarter. Meanwhile, Zillow Mortgages revenue rose 40 percent to $26.9 million. In a statement, co-founder and CEO Rich Barton said Zillow Offers is on track to hit an annualized run rate of $1 billion in revenue. [TRD]

 

Two agents are suing JV Acquisitions over alleged unpaid commissions on the $56 million sale of the Festival Marketplace in Pompano Beach. The agents are alleging that JV Acquisitions and its principal Jaime Godur owe them about $1.3 million for the sale of the 37-acre property. IMC Equity Group bought the flea market at 2900 West Sample Road in 2018, and plans to renovate the property. [TRD]

 

A Florida man was sentenced in a mortgage fraud scheme that targeted the Orthodox Jewish community in South Florida and New York. Shayeh Dov stole money from investors in the Orthodox Jewish community by promising them lucrative investments in mortgage notes, using the money to fund his lavish lifestyle. He’s heading to prison for seven years, and was ordered to pay more than $3 million in restitution. [TRD]

 
Lissette Calderon (Photo by Sonya Revell)

Lissette Calderon (Photo by Sonya Revell)

Developer Lissette Calderon closed on a $24M construction loan for a new apartment project in Allapattah. Calderon’s Neology Development Group is using the loan to build Allapattah 17, a 192-unit building at 1569-1652 Northwest 17th Avenue. MidCap Financial is the lender. [TRD]

 

FROM PROPERTY RECORDS

 

Ocean Bank provided a $45 million loan to Eurocon LLC for the Element Miami Doral, at 3285 Northwest 107th Avenue. The 284-key hotel was built between 2013 and 2015.

 

Compiled by Katherine Kallergis


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