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 throughout the day. Please send any tips or deals to tips@therealdeal.com
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Federal Reserve Chairman Jerome Powell (Credit: Getty Images)
Real estate stocks dipped slightly this week amid the Federal Reserve’s decision to cut its benchmark interest rate and new data that showed home construction hit a 12-year high. Next week will bring a slew of real estate-related data from the U.S. Census Bureau. Of the 28 major real estate stocks The Real Deal tracks, 15 companies saw their stock prices dip since Monday’s market open. [TRD]
Alex Rodriguez (Credit: Getty Images)
Retired Yankees slugger Alex Rodriguez’s Monument Capital Management has raised the majority of a $50 million fund to buy up to about $200 million in real estate. Miami-based Monument focuses on value-add multifamily real estate in secondary markets across the country. The fund, the fourth of its kind for the firm, has closed on two properties in Illinois and Tennessee and has a third under contract in upstate New York, said Erin Knight, executive vice president at Monument. [TRD]
Petra Levin, the former Miss Germany, bought a condo at the Ritz-Carlton Residences, Miami Beach for $4.8 million, marking one of the first closings at the luxury condo development overlooking Surprise Lake. Levin is married to Stephen Levin, who founded Gold Coast Beverage Distributors, which was one of South Florida’s largest beverage wholesalers. [TRD]
Steve Schwarzman is also puzzled by WeWork’s valuation. The Blackstone Group co-founder, whose massive real estate company is worth “a few billion dollars,” said WeWork’s business model is tied to the health of the economy — which is fine, until “the world collapses.” “I sort of went, what? How do you get this?” he said Wednesday of WeWork’s pre-IPO value. “It doesn’t seem right to me given what they’re doing.” In recent days, WeWork’s valuation has fallen from $47 billion to $15 billion. [Bloomberg]
Brickell City Centr
A year after two ex-employees sued Swire Properties for discrimination, the Brickell City Centre developer is facing more internal turmoil following the dismissal of an accounting manager. She’s accused of stealing the company’s trade secrets after complaining about a high-ranking executive harassing women in his office. [TRD]
After a data breach last week stunned observers, Corcoran isn’t the only firm worrying about cybersecurity. You can expect more data breaches and cyberattacks, industry insiders say. Last year, the FBI found that 11,000 people lost more than $150 million on attacks aimed at real estate. [TRD]
Landmark 1920s bank building in downtown Hollywood could be torn down and redeveloped into rentals. The building, part of the Historic Hollywood Business District, first opened in 1927. Developer Steve Berman is partnering with the Estate Companies to build an eight story, 350-unit apartment complex with retail, restaurant and bar space on the ground floor. Before they can do that, the developer will need approval from the Historic Preservation Board to demolish the building. [Sun Sentinel]
A rendering of the project
Miami-Dade commissioners approved a $300 million terminal development by MSC Cruises at PortMiami. The cruise line plans to build its two-terminal building on 16.7 acres, under a 62-year lease, which may mark the biggest lease deal in port history. Holland & Knight partner William R. Bloom, who represents MSC, said the company would pay rent totaling $2 billion over the 62-year term of the operating lease. [TRD]
Multifamily investors in New York and California are moving quickly and making offers on properties in South Florida due to new rent regulations in those states, brokers say. But they are also encountering a strong rental market and low supply, which have pushed up prices. In June, New York state passed a sweeping rent reform law, expanding its protections for millions of rent stabilized tenants. And California is now poised to implement a statewide cap on annual rent increases. [TRD]
Compiled by Katherine Kallergis