Carl Icahn is moving his firm from NY to Miami, Michael Shvo’s hotel plan could cost him $500M: Daily digest

Miami /
Sep.September 13, 2019 05:00 PM

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Carl Icahn

Carl Icahn

Carl Icahn’s decision to relocate his firm from N.Y. to Miami could be SALT-related. The billionaire investor and noted corporate raider is planning to move his investment firm from New York City to Miami, and the SALT tax deduction could be the reason. [TRD]

 

Michael Shvo’s South Beach hotel plan could cost him $500 million. Between buying the Raleigh Hotel, pending deals to purchase two neighboring boutique hotels and proposing a new residential tower, Michael Shvo and his partners are already looking at a $250 million investment — and that amount could double. [TRD]

 
From left: Francis Suarez, Jorge Mas, and David Beckham, with a rendering of the Miami soccer stadium

From left: Francis Suarez, Jorge Mas, and David Beckham, with a rendering of the Miami soccer stadium

Miami officials want a contract for thee David Beckham-led group’s stadium deal by October. The Miami City Commission is seeking to vote on contract by the development group for the $1 billion stadium complex on either Oct. 24 or Oct. 31. [TRD]

 

A parcel bordering the $4 billion Miami Worldcenter megaproject just hit the market. The 24,000-square-foot development site known as World Center Link is at 33-55 Northeast 6th Street. Colliers International South Florida’s Mika Mattingly, Jack Lowell and Cecilia Estevez are the listing agents. [TRD]

 

Rating agencies have had doubts about WeWork for years. In an analysis of two dozen CMBS ratings reports for properties across the country, TRD found that those rating agencies have increasingly viewed WeWork, and co-working tenants in general, as a negative in their risk assessments. Meanwhile, landlords largely continued to focus on the company’s positives in public statements. [TRD]

 

One in four condos in New York City are sitting vacant, according to a new report. The study found that of the 16,200 units completed in New York City since 2013, around 4,100 are still on the market. It’s pushed developers to lower prices and offer concessions. And practices from previous real estate cycles are resurfacing, like the bulk sale of unsold units to investors, converting condos into rentals and more. [NYT]

 

CBRE group subsidiary Hana has opened three co-working locations in London. The locations will host 500 CBRE employees. Hana will partner with Nuveen Real Estate at one flexible working location, LGIM Real Assets at another and Oxford Properties at their third location. [Press release]

Bill Cunningham and Julian Johnston with the Miami Beach skyline (Credit: iStock)

Bill Cunningham and Julian Johnston with the Miami Beach skyline (Credit: iStock)

Top Miami Beach broker joins Corcoran Group. The Corcoran Group is officially in the Miami market, and it’s hiring a top Miami Beach broker, Julian Johnston. Johnston, who had been in talks with the brokerage for months, was previously working for himself as broker and owner of Calibre International Realty. [TRD]

 

Terranova scores first approval for 7-story hotel on Miracle Mile. The Coral Gables Planning and Zoning Department gave initial approval for Terranova Corp.’s plans to build a 120-room hotel on Coral Gables’s Miracle Mile, according to the Miami Herald. [Miami Herald]

 

We Company plans to list shares on Nasdaq. WeWork’s parent company is planning to list its shares on Nasdaq, while also announcing changes to its governance structure that would restrict We Co-founder and Chief Executive Adam Neumann’s voting power. [WSJ]

 

Compiled by Keith Larsen


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