The Real Deal - New York Real Estate News

Compass doesn’t want a jury trial in the Avi Dorfman case

Posted: 18 Oct 2019 03:21 PM PDT

Compass is appealing a decision by a New York judge who ordered a jury trial for Avi Dorfman, an entrepreneur who is suing to be recognized as a co-founder of the firm. In an Oct. 1 ruling, Supreme Court Judge Andrea Masley rejected Compass’ motion for summary judgement and said Dorfman is entitled to a trial. “The record is clear that they exchanged, among other things, emails that set forth offers and counteroffers as to

Another WeWork exec is out, Bank OZK’s construction lending is up: Daily digest

Posted: 18 Oct 2019 02:12 PM PDT

Every day, The Real Deal rounds up New York’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page in real time, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com This page was last updated at 9:00 a.m. Video produced by Sabrina He Adam Kimmel is the sixth executive to resign from WeWork in the last month. Kimmel joined the company in 2017 as chief creative

Co-living trend of renting bedrooms is back and here to stay: TRD Miami Showcase & Forum

Posted: 18 Oct 2019 01:30 PM PDT

Co-living is becoming a growing segment of South Florida’s multifamily market amid increased competition within the sector and from conventional apartment developers, according to a group of such developers and operators. “Sure, there’s competition. But it’s a big opportunity,” said Brian Lee, senior director of real estate at Common, on a panel on co-living and other new housing trends targeting millennials, moderated by The Real Deal’s Katherine Kallergis at TRD’s Sixth Annual Miami Real Estate

SoftBank rescue plan would bring WeWork’s valuation to $8B

Posted: 18 Oct 2019 12:11 PM PDT

SoftBank is considering a financing package to save WeWork that would value the embattled office-space company at $8 billion, according to Bloomberg. It is a stunning drop from WeWork’s $47 billion valuation set in January by SoftBank, at the time of its last cash infusion. The Japanese conglomerate owns about a third of the company and has already invested more than $10 billion. Since its failed IPO, which it pulled in September, WeWork now faces

Bank OZK reports uptick in construction lending in Q3

Posted: 18 Oct 2019 11:30 AM PDT

Bank OZK reported an uptick in real estate construction lending in the third quarter amid cooling markets in New York City and Miami. The bank reported on Friday that its total construction loan portfolio grew to $6.68 billion at the end of the quarter, up from $6.49 billion a year earlier. Overall, the company’s real estate lending arm RESG originated $2 billion of loans in the third quarter, marking the largest volume of quarterly originations

Minority real estate professionals still fight racial and gender barriers: TRD Miami Showcase & Forum

Posted: 18 Oct 2019 11:05 AM PDT

Minorities and women only represent 1.3 percent of the $69 trillion in global financial assets under management across mutual funds, hedge funds, real estate, and private equity, developer Don Peebles said at The Real Deal’s Miami Real Estate Showcase & Forum. As moderator for “The Diversity Dilemma” panel at the event on Thursday, Peebles, who has corporate offices in New York City, Washington D.C. and Miami, also cited a 10-year study by Commercial Real Estate

Data Alert: What’s going on with i-sales in Manhattan and Brooklyn?

Posted: 18 Oct 2019 10:00 AM PDT

Investment sales in Manhattan and Brooklyn Manhattan investment sales hit a two-year low in August with $995 million in deals recorded — 52 percent down from June and 59 percent below the 12-month average. The borough’s largest deal was Savanna’s $180 million buy of the office building at 360 Lexington Avenue from AEW Capital Management. Brooklyn’s investment sales market slowed down less dramatically, with $550 million in deals recorded in August, a 14 percent drop

Gowanus gold rush: Avery Hall, Tavros, Charney buy sites for $55M

Posted: 18 Oct 2019 08:05 AM PDT

Avery Hall Investments is doubling down on its Gowanus bets with another major purchase. The firm struck up an unusual partnership with Tavros Holdings and Charney Development & Construction to buy 232 3rd Avenue, 532-542 Union Street and 495-499 President Street for $55 million, according to TerraCRG, which brokered the deal. The adjacent parcels span about 52,000 square feet — 33,550 square feet at Third Avenue and 18,845 square feet at Union and President Streets

A little good news for renters. We’re not talking to you LA and Manhattan

Posted: 18 Oct 2019 07:30 AM PDT

The housing market has been slowing across the nation, and now rent prices have finally begun to fall. Very very slightly. The average rent across major U.S. cities dipped for the first time on a monthly basis since February 2017. This was not the case in Manhattan or Los Angeles, however. From August to September, average monthly rent decreased $1, or 0.1 percent, according RentCafe. September’s average rent stood at $1,471. Still, the slowing appears

Michael Jordan’s Chicago-area mansion has been on the market for 7 years. A buyer may not exist

Posted: 18 Oct 2019 06:45 AM PDT

As his massive compound in Chicago’s northern suburbs collects dust, Michael Jordan is now trying to part with another sprawling mansion. On Monday, His Airness listed a 10,000-square-foot mountain hideaway in the ritzy ski city of Park City, Utah. But the Park City home, for which he paid $7.9 million, already looks a good bet to sell before the Highland Park property he’s been trying to sell since Barack Obama’s first term in office. The

Unrealistic pricing bogs down Miami luxury condo market: TRD Showcase & Forum

Posted: 18 Oct 2019 05:15 AM PDT

The Miami luxury condo market remains in a rut due in part to sellers overpricing properties, according to top residential real estate brokers. “If you look at the market today, even though there has been an increase in prices, there is also an increase in days on the market,” said Oren Alexander, co-founder of Douglas Elliman’s The Alexander Team. “That has a lot to do with bad prices. We have to make sure sellers really

WeWork’s landlords buckle up

Posted: 18 Oct 2019 04:30 AM PDT

For New York City landlords needing a quick fix to fill empty office space, WeWork has been a go-to tenant for years. Now, with the office-space company in turmoil, those property owners suddenly feel a lot less secure. Some are turning to WeWork competitors to line up options in the event they need to suddenly fill space. “Many conversations are high-level,” said Katharine Lau, senior director of real estate at Industrious, an office-space company that

Rent-pocalypse 2.0: Real estate industry reacts to tenant demands

Posted: 18 Oct 2019 04:00 AM PDT

UPDATED, Oct. 18, 2019, 6:27 p.m.: Real estate industry experts say the tenant coalition’s latest demands won’t solve the housing affordability crisis and could grind construction and development to a halt. The coalition’s wide-ranging proposal goes well beyond last year’s tenant advocate agenda, a package of nine bills that were nearly all passed. “If we rely on the government to build new housing, it’s doomed to failure,” said Frank Ricci, the top lobbyist for the