Robert Khodadadian – The Real Deal

In the latest roundup of South Florida residential sales, players from a wide variety of industries closed luxury deals.

Sales spanned the tri-county region, ranging in price from $7.8 million to $10 million.

In Miami Beach, actor Marjorie O’Neill-Butler sold her longtime waterfront home for $8.3 million. Records show O’Neill-Butler sold the house at 603 East Dilido Drive on the Venetian Islands to Marcio Pacheco Ferreira and Luciana Augusto Mattoso Ferreira.

Dina Goldentayer of Douglas Elliman represented both sides of the deal. 

O’Neill-Butler is a working actor and writer, LinkedIn shows. According to IMDb she had parts in “Burn Notice” and “Boynton Beach Club.” On the buyers’ side, Pacheco Ferreira is a partner and senior portfolio manager at Pharo Management, a New York City-based hedge fund. 

The actor bought the quarter-acre Miami Beach property for $337,000 in 1988, records show. Built in 1935, the 3,500-square-foot home has five bedrooms, three bathrooms, two half-bathrooms, property records show. It also has a pool and a dock. It was advertised as a renovation opportunity with 60 feet of waterfront, the listing shows.

It listed for $9.5 million in June of last year, according to Realtor.com. 

Also in Miami-Dade County, a former member of Disney’s top brass dropped $8.7 million on a condo at Estates at Acqualina. Rich and Leslie Frank bought unit N-4001 in the north tower at 17901 Collins Avenue in Sunny Isles Beach, records show. 

Rich Frank was president of Disney Studios from 1985 to 1994, then chairman of Walt Disney Television and Telecommunications from 1994 to 1995. Leslie Frank was a broadcast journalist for KABC Los Angeles. 

The couple now own and operate Frank Family Vineyards in Napa, an award-winning winery.

Other recent closings at Estates at Acqualina include a dairy mogul and a jeweler, who bought units for $9.1 million and $6.8 million, respectively, last month. 

In Fort Lauderdale, Betty and John Maniscalco sold their waterfront home for $7.8 million. The couple sold the house at 1637 Southeast 12th Court to Anthony and Bridget Baranello, according to records.

James Morlock with Fidelity Real Estate had the listing, and Joseph Beltrand with Coldwell Banker Realty brought the buyers.

John Maniscalco founded J.A.M. Distributors, a distributor of ExxonMobil petroleum products based in Houston, Texas. He sold it to the private equity firm Ridgemont Equity Partners in 2012 for an undisclosed amount, according to published reports. 

The Maniscalcos bought the Fort Lauderdale home for $3.8 million in 2015, property records show. Built in 2000 on 0.4 acres, the home spans 7,400 square feet, with seven bedrooms, six bathrooms and one half-bathroom, according to records. 

They listed it for $13 million in March of last year, Redfin shows. 

In Jupiter’s gated Admirals Cove community, a financier and his wife sold their waterfront home for $10 million. Tim Garry and Amanda Link sold the house at 159 Commodore Drive to the CKMH Family Trust, with attorney David Tassell signing on behalf of the buyer, records show.

Garry is chief risk officer with New York City-based Senator Investment Group, LinkedIn shows. He and Link bought the 0.4-acre Admirals Cove home for $6.5 million in 2021, according to property records. Built in 2020, the 5,800-square-foot house has four bedrooms, five bathrooms, one half-bathroom, a pool and a dock, records show. 

They listed it for $12.5 million in August, and sold it for $3.5 million more than they paid two years ago. 

The post Resi roundup: Financiers, oil honchos and entertainment moguls close deals across South Florida appeared first on The Real Deal.

 In the latest roundup of South Florida residential sales, players from a wide variety of industries closed luxury deals. Sales spanned the tri-county region, ranging in price from $7.8 million to $10 million. In Miami Beach, actor Marjorie O’Neill-Butler sold her longtime waterfront home for $8.3 million. Records show O’Neill-Butler sold the house at 603
The post Resi roundup: Financiers, oil honchos and entertainment moguls close deals across South Florida appeared first on The Real Deal.  Uncategorized, Broward County, Condo Market, Condos, Estates At Acqualina, Fort Lauderdale, Home Sales, Housing Market, Jupiter, Luxury Real Estate, Miami Beach, Miami-Dade County, Palm Beach County, Sunny Isles Beach, Waterfront Properties The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

Arrimus Capital has ramped up a six-year fight with the City of Santa Ana over a rejected plan to replace a vacant office building with nearly 500 homes.

The Newport Beach-based developer now wants to use a new state housing law to fast-track approval of a 498-unit apartment complex at 2525 North Main Street, the Orange County Business Journal reported.

An attorney for Arrimus said she’s optimistic the developer’s proposal will be automatically approved via Assembly Bill 2011, which allows for streamlined, ministerial approval for affordable housing on commercially zoned land. 

The AB 2011 and SB 9 companion laws, signed last month by Gov. Gavin Newsom, grants affordable housing projects “by right” approvals, exempting them from the CEQA approval process and overriding local zoning.

“Implementation and enforcement of state housing laws, including AB 2011, is a matter of significant public interest,” Caroline Chase, partner at Allen Matkins Leck Gamble Mallory & Natsis and an attorney for Arrimus, said in an email to the Business Journal. 

Prior actions by the city, she said, “are legally ineffective.” 

Arrimus has tried and failed for years to convince Santa Ana to approve its project north of the 5 Freeway.

In 2017, Arrimus and Los Angeles-based Vineyards Development bought the 81,000-square-foot office building on 6 acres across from the Discovery Cube for $17 million.

Before its purchase, Arrimus had filed plans to replace the two-story building with 517 apartments. Neighbors in nearby Park Santiago pushed back, citing traffic and parking.

In 2019, Arrimus cut the proposed apartments to 256 units, which didn’t satisfy residents. The next year, a referendum petition by neighbors prompted the Santa Ana City Council to withdraw prior approval. A lawsuit challenging the petition failed.

Plans now call for a six-story complex with 498 apartment units and 648 parking spaces.

But Santa Ana, hoping to skirt AB 2011 and its commercial component, passed an ordinance to exclude 2525 North Main areas affected by the law. State Attorney General Rob Bonta, however, determined the city’s ordinance to be invalid.

Arrimus, founded in 1994, is headed by Chris Lee and his father, Ray Wirta, the former president of Newport Beach-based Irvine Company and former chairman of CBRE Group, once based in Los Angeles and now headquartered in Dallas.

— Dana Bartholomew

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The post Arrimus Capital tries new law for approval of 500 homes in Santa Ana appeared first on The Real Deal.

 Arrimus Capital has ramped up a six-year fight with the City of Santa Ana over a rejected plan to replace a vacant office building with nearly 500 homes. The Newport Beach-based developer now wants to use a new state housing law to fast-track approval of a 498-unit apartment complex at 2525 North Main Street, the
The post Arrimus Capital tries new law for approval of 500 homes in Santa Ana appeared first on The Real Deal.  Uncategorized, AB 2011 The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

An end to the Hollywood entertainment strikes could bode well for local real estate.

Pending deals to end the five-month labor stoppage in Los Angeles could boost local home sales, Mansion Global reported, citing real estate experts and landlords.

Although the Writers Guild of America reached an agreement to end its strike on the 146th day on Monday, industry actors continue to strike, and most of Hollywood remains at a standstill.

But that didn’t halt brokers from seeing the potential of back-to-work home buying, despite workers’ finances after the lengthy strike. Some workers have been living out of their cars.

Even with high mortgage rates and a new mansion tax on $5 million-plus homes, an end to the strikes is likely to result in an increase in sales and listings, though not immediately, local experts said. 

“There is the emotional impact of the strikes on the industry and Los Angeles at large,” Greg Holcomb, an L.A. agent with Douglas Elliman, told Mansion Global. “You may not have been out of work, but you may need comfort on an emotional level to resume the search for a home.”

Residents who rely on a rental income from writers and actors to maintain their day-to-day expenses have also been waiting for the strikes to end. 

David Ambroz, an author who was recognized by President Barack Obama for “A Place Called Home: A Memoir,” owns two condos in a building across the street from Paramount Studios. He lives in one and rents out the other for $4,500 a month. 

“I’ve never had a problem finding a renter, but since the strikes, the condo has sat empty for months and halted my search for a home,” Ambroz said. “I need for the strikes to end, so that writers and actors can get back to work, and I can get back to earning my rental income and start looking for a house again.”

Landlords like Ambroz might have to wait longer than they expect. Holcomb, the Douglas Elliman agent, said an end to the strikes is unlikely to trigger an immediate increase in activity.

“The people who have seen their incomes depleted need six months to a year to build their savings back up,” he said. 

Aaron Kirman, owner of Christie’s International Real Estate AKG in Los Angeles, said he’s more optimistic and there is a collective hope the market will regain some momentum once the strikes are resolved. 

“The entertainment industry plays a pivotal role in driving demand and shaping the dynamics of our real estate market,” Kirman told Mansion Global. “As it re-awakens, we anticipate positive developments that will not only benefit industry professionals but also those engaged in the broader real estate ecosystem.”

— Dana Bartholomew

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The post End to Hollywood strike sparks hope for L.A. home sales appeared first on The Real Deal.

 An end to the Hollywood entertainment strikes could bode well for local real estate. Pending deals to end the five-month labor stoppage in Los Angeles could boost local home sales, Mansion Global reported, citing real estate experts and landlords. Although the Writers Guild of America reached an agreement to end its strike on the 146th
The post End to Hollywood strike sparks hope for L.A. home sales appeared first on The Real Deal.  Uncategorized, Hollywood strike The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

Office landlords in markets across the country rang in Labor Day with the best occupancy numbers since the onset of the pandemic, but the celebration is already proving to be short-lived as return-to-office mandates bump up against harsh realities.

Office attendance in major cities is barely half of what it was in 2019, and the Wall Street Journal reported, and there are fears the small gains made after a summer slump could soon be reversed,.

The average occupancy rate of the 10 cities tracked by Kastle Systems hit 50.4 percent of 2019 levels for the week ending on Sept. 20 — but that rate started slipping shortly afterward.

Meta, Amazon and JPMorgan Chase are among the major companies pushing for more employees to regularly return to the office, even floating discipline for those who don’t. Companies don’t appear eager to enforce those mandates, though, leaving languishing office spaces desolate, particularly on Mondays and Fridays.

Occupancy rates are facing considerable complications, including labor shortages impacting commutes and the looming possibility of a recession. 

Covid-19 cases are ticking up across the country, and will likely increase in the fall and winter months. Negative perceptions regarding homelessness and crime in downtowns can deter workers in markets like San Francisco, Philadelphia and Washington, D.C., which have some of the lowest rates of workers back in the office. 

As a post-Labor Day surge fails to materialize in a significant way, office owners are left holding the bag. 

Researchers at New York University and Columbia University in May revised an earlier study measuring the impact of work-from-home trends on New York offices. The update estimated New York’s offices will lose 44 percent of their pre-pandemic value by 2029, up 16 percentage points from the study’s conclusion a year earlier.

Meanwhile, the vacancy rate is creeping upwards again. The national vacancy rate rose to 19.2 percent in the third quarter, according to preliminary data from Moody’s Analytics. That’s just one-tenth of a percentage point below the all-time record.

— Holden Walter-Warner

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The post Gains in the return-to-office are fragile and under threat appeared first on The Real Deal.

 Office landlords in markets across the country rang in Labor Day with the best occupancy numbers since the onset of the pandemic, but the celebration is already proving to be short-lived as return-to-office mandates bump up against harsh realities. Office attendance in major cities is barely half of what it was in 2019, and the
The post Gains in the return-to-office are fragile and under threat appeared first on The Real Deal.  Uncategorized, Covid-19, Office Leasing, Office Market, Return To Work The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

For Pacific General Construction’s plan to build 29 apartments in East Sunnyvale, less is more —  as in less apartments and more bedrooms for more potential roommates.

The Milpitas developer has filed plans to build a seven-story complex at 1202 Kifer Road, with each apartment containing three or four bedrooms, the Silicon Valley Business Journal reported. It would replace an 8,200-square-foot office building.

In all, the 29-unit complex would have 111 bedrooms – the perfect setup for young people struggling to afford living in an expensive city, with Silicon Valley housing in short supply.

“This is very innovative, and I wish we saw more proposals that were affordable by design,” Planning Commissioner Mike Serrone said during a recent hearing. “It’s really tailored to the world we live in now.”

Plans call for a complex on nearly two-thirds of an acre just off Lawrence Expressway and north of a Costco warehouse store. Of the 29 apartments, 24 would contain four bedrooms.  And four would be set aside as affordable.

Pacific General intends to rent the apartments, but may choose someday to sell them to tenants, a project representative said.

The brown-and-white project, designed by Studio T-SQ, aims to rent to groups who aren’t family members, Howai Lai, a principal with the architecture firm, told the Planning Commission.

Those groups might include younger people who may need to live with roommates to afford to live in the area, said Lai, who spoke about the project on behalf of Pacific General.

One concern commissioners raised is a lack of parking. Pacific General is only proposing to include 50 parking spaces, despite the large number of bedrooms. 

— Dana Bartholomew

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The post Pacific General eyes apartments designed for roommates in Sunnyvale appeared first on The Real Deal.

 For Pacific General Construction’s plan to build 29 apartments in East Sunnyvale, less is more —  as in less apartments and more bedrooms for more potential roommates. The Milpitas developer has filed plans to build a seven-story complex at 1202 Kifer Road, with each apartment containing three or four bedrooms, the Silicon Valley Business Journal
The post Pacific General eyes apartments designed for roommates in Sunnyvale appeared first on The Real Deal.  Uncategorized, Roommates The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

Brookfield Properties has tallied a big win with an energy company leasing a large chunk of space at a newly renovated tower in downtown Houston.

NRG Energy will occupy about 245,000 square feet on the top 10 floors of Brookfields’ 3 Houston Center at 1301 McKinney Street, the Houston Business Journal reported.  

NRG will make the move in 2025, shifting from its current headquarters at a nearby tower formerly known as One Shell Plaza. NRG subleased about 400,000 square feet of space from the building’s then-namesake tenant in 2019.

Cushman & Wakefield brokers Chris Oliver, Trey Strake and David Guion represented NRG in lease negotiations, while Transwestern’s Doug Little, Kelli Gault, Jack Scharnberg and Parker Burkett represented Brookfield. 

Brookfield’s complete overhaul of the 4.2 million-square-foot Houston Center campus, which started in 2019 and was completed earlier this year, is beginning to pay off. NRG’s lease signing highlights how companies are favoring newly built or renovated office space to overcome the pandemic-fueled remote work era and lure employees back to the office.

“The move (to 3 Houston Center) stems from NRG’s intention to provide new amenities for our diverse workforce, such as enhanced parking, a free gym and convenient tunnel access,” NRG’s Gin Kinney told the outlet.

NRG Energy has been making strategic moves in recent years, including consolidating its headquarters in Houston and acquiring Direct Energy from Centrica PLC. However, the company has also faced criticism for its $5.2 billion acquisition of Vivint Smart Home, with activist investor Elliott Investment Management LP calling it one of the worst deals in the power and utilities sector in the past decade. Elliott, which manages funds that hold a more than 13 percent interest in NRG, has advocated for a new CEO to replace Mauricio Gutierrez.

—Quinn Donoghue

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The post Brookfield scores 245K lease at renovated 3 Houston Center   appeared first on The Real Deal.

 Brookfield Properties has tallied a big win with an energy company leasing a large chunk of space at a newly renovated tower in downtown Houston. NRG Energy will occupy about 245,000 square feet on the top 10 floors of Brookfields’ 3 Houston Center at 1301 McKinney Street, the Houston Business Journal reported.   NRG will make
The post Brookfield scores 245K lease at renovated 3 Houston Center   appeared first on The Real Deal.  Uncategorized, Headquarters, Lease signing, Relocation, Renovation The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

Surf’s up for BFC Partners in Coney Island.

Donald Capoccia and Joseph Ferrara’s firm is moving forward with the final phase of a large affordable housing project in the southern Brooklyn neighborhood.

The developer plans a 12-story building with 430 apartments and 2,800 square feet of commercial space at 1709 Surf Avenue, according to the Department of Buildings.

Construction is expected to begin in 2024, Capoccia said. S9 Architecture and Engineering is the architect of record for the nearly 350,000-square-foot structure.

Reports in July had indicated that 464 apartments would be built, plus 12,000 square feet of retail. 

The new building, to be across the street from the Brooklyn Cyclones baseball stadium, is the third phase of a city-sponsored affordable housing project that will deliver more than 1,200 income-restricted units between West 16th and West 20th streets along Surf Avenue.

Prior phases included a 10-story building with 376 affordable housing units at 1607 Surf Avenue and 446 apartments at 2926 West 19th Street, developed by L+M Development Partners, Taconic Investment Partners and BFC. Wells Fargo provided debt and equity financing.

BFC has a history of pioneering development in emerging neighborhoods including the Lower East Side, East Harlem and Downtown Brooklyn. In Coney Island’s community district, half the population lives below the city’s poverty line, according to government data.

The developer is also nearing completion of a 250,000-square-foot affordable housing development at 475 Bay Street that will bring 270 apartments to Staten Island’s Stapleton neighborhood. 

BFC recently turned the page on a disastrous project nearby, handing over its outlet mall on Staten Island. The 340,000-square-foot Empire Outlets was purchased at auction by one of the project’s lenders.

The mall was expected to help renew Staten Island’s North Shore, but became one of several investments there to fall by the wayside. Mayor Eric Adams recently announced a $400 million investment for the North Shore, promising 2,400 housing units, a school and open space.

Coney Island is demographically similar, but with greater name recognition, a famous amusement district, a much larger beach and better transit connections. Developers have launched a slew of mostly residential projects there in recent years, and Thor Equities has proposed a casino.

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The post BFC Partners advances 430-unit Coney Island project appeared first on The Real Deal.

 Surf’s up for BFC Partners in Coney Island. Donald Capoccia and Joseph Ferrara’s firm is moving forward with the final phase of a large affordable housing project in the southern Brooklyn neighborhood.The developer plans a 12-story building with 430 apartments and 2,800 square feet of commercial space at 1709 Surf Avenue, according to the Department
The post BFC Partners advances 430-unit Coney Island project appeared first on The Real Deal.  Uncategorized, Bfc Partners The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

The Coto family, developers of the Aston Martin-branded condo in downtown Miami, propose a 464-unit residential tower in Brickell. 

G&G Business Developments, led by Germán Coto, proposes a 55-story building on a nearly 1-acre lot on the southeast corner of Southwest Eighth Street and Southwest Second Avenue, according to a pre-application the firm filed to Miami-Dade County late last month. The project is called Calle 8. 

Designed by BMA Architects, Calle 8 has a triangular-type shape that results from the levels receding back in a tiered way on one side of the building, renderings show. G&G Business is considering two options for the commercial space on levels one to five. One option is a concert hall and another option is for a retail complex that includes a department store, according to the application. 

The filing does not specify if the units will be condos or apartments. G&G is seeking a pre-application meeting with county administrators, which developers generally request to obtain Miami-Dade staff members’ feedback on projects prior to filing official applications. 

Records show that an affiliate of G&G Business bought two of the lots at 190 Southwest Eighth Street for $9.3 million in 2014. The other two lots that make up the development site, at 161 and 195 Southwest Ninth Street, were transferred to G&G’s affiliate for a nominal $100. 

The Cotos, who are from Argentina and whose G&G Business is based in Brickell, are perhaps best known as the developers of Aston Martin Residences. The 66-story, 391-unit condo tower is under construction at 300 Biscayne Boulevard Way in Miami. The waterfront site is in an area where Biscayne Bay and the Miami River meet. 

South Florida’s luxury condo market has experienced a boom in branded residences. 

PMG and its partners are developing the tri-county region’s first Waldorf Astoria-branded tower at 300 Biscayne Boulevard in downtown Miami. Also, Mast Capital plans an 80-story, Cipriani-branded condo tower at 1420 South Miami Avenue in Brickell. The Cipriani family runs the Mr. C Miami hotel in Coconut Grove and the Cipriani Downtown Miami restaurant in Brickell. It also will brand the Mr. C Residences in Coconut Grove. 

G&G’s application does not list a brand for its Brickell tower. 

Brickell, long known as Miami’s financial district, has morphed into a residential hub, as well, with projects proposed at a steady pace in recent months. Developer Ricardo Dunin and Peruvian firm Edifica want to build a 29-story, 459-unit condo-hotel at 221 and 229 Southwest 11th Street in Brickell.  
LORE Development Group, a venture between Leste Group and Brazilian real estate firm Opportunity Fundo de Investimento Imobiliário, proposes a 70-story, 500-unit apartment tower on the southeast corner of Southwest 10th Street and Southwest First Avenue.

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The post Coto family proposes 464-unit resi tower in Brickell  appeared first on The Real Deal.

 The Coto family, developers of the Aston Martin-branded condo in downtown Miami, propose a 464-unit residential tower in Brickell.  G&G Business Developments, led by Germán Coto, proposes a 55-story building on a nearly 1-acre lot on the southeast corner of Southwest Eighth Street and Southwest Second Avenue, according to a pre-application the firm filed to
The post Coto family proposes 464-unit resi tower in Brickell  appeared first on The Real Deal.  Uncategorized, Branded Residences, Brickell, Condo Market, Condos, Miami, Multifamily, South Florida Multifamily Market The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

WeWork said Monday it is skipping debt payments, but predicted its lenders would take the news in stride.

Investors certainly didn’t, sending WeWork’s stock down 24 percent in the first half-hour of trading Tuesday.

The struggling co-working company said it would not make a pair of interest payments totaling approximately $95 million, the New York Times reported. Interim CEO David Tolley said the move was “typical” of companies looking to open negotiations with lenders.

“I believe they will absolutely understand our decision to enter into the grace period,” he said in an interview.

WeWork said it had enough cash on hand to make the payments, which were due Monday, but decided to enter the 30-day grace period. As of the end of June, WeWork had $205 million in cash and access to a $475 million credit line. Its share price fell to a 52-week low Tuesday of $2.22 and is down 96 percent this year.

Months ago, WeWork made a deal with lenders — including SoftBank — to cancel or convert into equity roughly $1.5 billion of debt, giving the company until 2027 to repay much of it. That deal was made in anticipation of a commercial real estate market recovery that hasn’t transpired.

While the missed interest payments are not a death knell for WeWork, they surely did not allay concerns that the once-darling co-working firm is headed for bankruptcy.

Last month, WeWork told its lenders that it would try to renegotiate “nearly all” of its leases on the heels of staggering losses. A company spokesperson clarified that WeWork wanted to stay at its buildings, but needed more flexibility.

In August, WeWork had admitted “substantial doubt” that it would stay in business. Since the pandemic, the company has lost $11.4 billion and its stock has cratered, forcing WeWork to engineer a 1-for-40 reverse stock split to raise the share price to remain on the New York Stock Exchange.

Two of WeWork’s top executives, CEO Sandeep Mathrani and chief financial officer Andre Fernandez, resigned from the company in May. In recent months, several restructuring experts joined WeWork’s board.

— Holden Walter-Warner

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The post WeWork stock dives as firm skips $95M in payments appeared first on The Real Deal.

 WeWork said Monday it is skipping debt payments, but predicted its lenders would take the news in stride. Investors certainly didn’t, sending WeWork’s stock down 24 percent in the first half-hour of trading Tuesday. The struggling co-working company said it would not make a pair of interest payments totaling approximately $95 million, the New York
The post WeWork stock dives as firm skips $95M in payments appeared first on The Real Deal.  Uncategorized, Breaking, Coworking, Real Estate Finance The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

Office leasing in Orange County is picking up, with availability shrinking and more tenants pulling the trigger on new space. 

About 1.9 million square feet of office leases across OC closed from July through September, up 23 percent from the 1.5 million square feet signed in the prior quarter, according to a Savills report. 

It’s also an improvement from last year’s third quarter, when 1.8 million square feet of leases were signed. Over the last five years, the average has come out to 1.7 million square feet of office deals each quarter. 

With tenants taking up more square footage, availability rates have dipped slightly, but remain high because of companies putting space up for sublease. 

Across the county, 24 percent of all office space was available, a slight improvement from the all-time high of 24.7 percent reported in the second quarter. But the figures are well above the 17.6 percent availability rate reported at the end of 2019.

Boot Barn signed the largest lease across Orange County in the third quarter, taking about 116,000 square feet at 17100 Laguna Canyon Road in Irvine Spectrum. It was also the only deal larger than 100,000 square feet. 

Irvine Spectrum continues to be Orange County’s premier submarket, with the highest asking rents and the second-lowest availability rate. 

Average monthly asking rents for offices in Irvine Spectrum came to $3.19 a square foot in the first quarter, above the county average of $2.81 a foot. 

The post Orange County office leasing picks up steam appeared first on The Real Deal.

 Office leasing in Orange County is picking up, with availability shrinking and more tenants pulling the trigger on new space.  About 1.9 million square feet of office leases across OC closed from July through September, up 23 percent from the 1.5 million square feet signed in the prior quarter, according to a Savills report.  It’s
The post Orange County office leasing picks up steam appeared first on The Real Deal.  Uncategorized, Office Leasing, Orange County office market The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

Three years after buying Homesnap for $250 million, CoStar is suing the founder of the listing platform.

CoStar is suing Guy Wolcott for hiring away three Homesnap employees with proprietary knowledge of CoStar trade secrets, according to a lawsuit filed in the U.S. District Court for the District of Columbia reported by Inman. Former Homesnap CEO John Mazur is also a defendant.

The suit alleges Wolcott and former employees used knowledge of the CoStar Sync data-transfer system to develop a similar platform at a company called Happening Technology.

CoStar claims that Wolcott approached company executives to pitch them on Happening Technology, and in that meeting revealed some of the site’s functions, which were already CoStar trade secrets. CoStar said suspicions arose in part due to the speed with which the platform was developed. 

“Through such use of CoStar’s trade secrets and confidential information, Happening Technology managed to ‘develop’ this revolutionary technology in only six months — a fraction of the time it took CoStar to develop the technology in the first instance,” the filing says.

Wolcott is also accused of being in conversation about the platform with CoStar’s competitor Black Knight, according to an email described in the filing.  

“I won’t comment on an ongoing legal matter, but I am confident that once the facts have been shared, it will be clear that no misappropriation or copying has taken place,” Wolcott wrote in an email to Inman.

CoStar is asking the court to make the defendants stop marketing the platform “including by removing from public access any materials” discussing the new technology.

— Harrison Connery

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The post CoStar sues Homesnap founder over trade secrets appeared first on The Real Deal.

 Three years after buying Homesnap for $250 million, CoStar is suing the founder of the listing platform. CoStar is suing Guy Wolcott for hiring away three Homesnap employees with proprietary knowledge of CoStar trade secrets, according to a lawsuit filed in the U.S. District Court for the District of Columbia reported by Inman. Former Homesnap
The post CoStar sues Homesnap founder over trade secrets appeared first on The Real Deal.  Uncategorized, CoStar, Proptech The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

More San Francisco office buildings have teetered into default.

A surge in mortgage defaults tied to office buildings across the city raises the risk that more properties will be turned over to their lenders, the San Francisco Chronicle reported.

In August, loans linked to towers at 222 Kearny Street, 995 Market Street and 1045 Bryant Street went into special servicing, indicating a lack of payment or imminent default, according to DBRS Morningstar.

San Francisco Centre, the city’s largest mall, and two of the city’s largest hotels, the Parc 55 and the Hilton San Francisco Union Square, have already been seized by lenders.

That could lead to weaker tax revenue, as distressed owners appeal to the city for lower property assessments, resulting in lower tax bills. San Francisco faces a looming budget deficit that could top $1 billion in the next few years. 

Lenders could also sell foreclosed buildings at steep discounts, lowering valuations.

A shift to remote work has led to a record office vacancy rate of 33.9 percent, or nearly 30 million square feet of empty offices listed for lease or sublease. Higher interest rates have made it tough for landlords to refinance buildings and ward off defaults.

In August, Chicago-based GEM Realty Capital missed a payment on a $23.75 million loan for 222 Kearny Street in Downtown. The 148,000-square-foot building, partially leased to troubled co-working firm WeWork, is 27 percent vacant.

Last month, New York-based Bridgeton Holdings defaulted on a $45 million loan tied to a mostly vacant office building at 995 Market Street. The 91,000-square-foot building was also once a major WeWork hub.

Carlsbad-based PBV VI, responsible for a $12.5 million mortgage tied to 1045 Bryant Street, saw it sent to a special servicer, the Chronicle reported.  Adam Knowlton, an attorney with Guardian Commercial Real Estate, is listed as a manager or member in a state business filing.

In June, Swift Real Estate Partners defaulted on a $62.3 million loan tied to the 111-year-old Sharon Building at 55 New Montgomery Street, home to the House of Shields bar.

Some of San Francisco’s most valuable office towers face mortgage maturity deadlines in the coming months, though owners were bullish they could refinance their debt. 

The properties include the city’s fourth-tallest building at 555 California Street, partially owned by former President Donald Trump; One Market Plaza, home to Google and Visa; and the former Charles Schwab headquarters building at 211 Main Street, according to the Chronicle.

— Dana Bartholomew

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The post San Francisco sees surge in office defaults, with more on the horizon appeared first on The Real Deal.

 More San Francisco office buildings have teetered into default. A surge in mortgage defaults tied to office buildings across the city raises the risk that more properties will be turned over to their lenders, the San Francisco Chronicle reported. In August, loans linked to towers at 222 Kearny Street, 995 Market Street and 1045 Bryant
The post San Francisco sees surge in office defaults, with more on the horizon appeared first on The Real Deal.  Uncategorized The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

A bestselling author of pop psychiatry books has spent $27 million for a mansion on the waterfront of the Balboa Peninsula in Newport Beach.

Dr. Daniel Amen bought the home not far from the Costa Mesa headquarters of his company Amen Clinics, according to Robb Report. 

The Tuscan-style house at 2112 East Balboa Boulevard has almost 9,500 square feet with five bedrooms and 6.5 baths, according to a listing on Realtor.com. 

Built in 2006, the house originally sold to Fletcher Jones Jr., owner of the Mercedes-Benz dealership in Newport Beach, and his wife Kimberly. The couple divorced about 10 years ago, according to Robb Report, but records indicate Kimberly Jones kept the home. It was sporadically for sale over the last seven years, with asking prices between $30 million and $32 million. At least two offers were accepted over that span, but neither deal crossed the finish line.

On a third of an acre, the property features a walkway that travels beneath a guesthouse and then reaches a main home’s courtyard with a fountain. Out back it has ocean views and a private dock that can accommodate two 60-foot yachts.

The main house has both a walk-in wine cellar and a “subterranean wine room” suitable for entertaining. Upstairs the master retreat has dual bathrooms and private terraces from both the bedroom and a home office. A movie theater seats 10. 

Amen’s books include “Change Your Brain, Change Your Life” and “The End of Mental Illness,” in which he explains how neuroscience discoveries can help treat common conditions. His clinics promote brain scans for diagnosis. Amen recently convinced Khloe Kardashian to take a scan in an episode of the reality TV show “The Kardashians.” The Washington Post has called him “the most popular psychiatrist in America.”

— Joel Russell

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The post Pop psychiatrist pays $27M for Newport Beach home with dual yacht slots appeared first on The Real Deal.

 A bestselling author of pop psychiatry books has spent $27 million for a mansion on the waterfront of the Balboa Peninsula in Newport Beach. Dr. Daniel Amen bought the home not far from the Costa Mesa headquarters of his company Amen Clinics, according to Robb Report.  The Tuscan-style house at 2112 East Balboa Boulevard has
The post Pop psychiatrist pays $27M for Newport Beach home with dual yacht slots appeared first on The Real Deal.  Uncategorized, Residential The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

The South Bay is bucking a national trend for declining listings, with an increase of more than 7 percent compared with figures from last September — the biggest uptick in the country. 

The number of new listings declined in all but 10 metro markets nationwide, according to a recent Redfin report, which also showed that more sellers who put their home for sale are dropping their prices this year compared to the year before as the typical homebuyer monthly payment hits record highs. Nationwide, the number of new listings is down 6 percent year over year, with only 38 percent of homes going off the market in two weeks. 

In the San Jose metro, 64 percent of listings are off the market within two weeks, according to Redin, an increase over last year. Price cuts are down to less than 5 percent of active listings, which is slightly less than last year and below the 6.5 percent national average. San Jose was behind only Anaheim for the biggest increase in median prices compared to last year at 10.6 percent. 

The South Bay is a global draw with a “somewhat insulated economy,” according to Will Klopp, Compass Managing Director for Silicon Valley. It has been hit by the same macroeconomic conditions impacting the rest of the nation — rising interest rates, skyrocketing gas prices, the return of federal student loan payments and the possibility of a federal government shutdown — but as the home to many VC funds and tech startups, it also has “the potential to create liquidity events through IPO or M&A in any market conditions.” 

New listings in Santa Clara County increased by upwards of 10 percent between the end of July and end of September, he added, and the week of Sept. 25 pending sales were up nearly 20 percent, the biggest jump since June.

“As home buyers and sellers get more acclimated to the new normal of interest rates, I expect that even some of the more cautious buyers may re-enter the market,” he said. “The benefits of home ownership are still significant.” 

Kat Carroll of the Palo Alto brokerage ReSolve Group said she has noticed more new and first-time buyers in the market compared to this time last year. They are in the “early stages of the ‘prime’ of their career and recognize Silicon Valley is where their careers will be focused for the next decade plus,” she said. 

They aren’t necessarily in tech, she said, pointing to the region’s hospitals and universities as other draws. And even though the area had the highest increase in new listings in the nation, it still isn’t enough to meet demand, she said. 

“We are just waiting for inventory to sell them,” she said. 

The South Bay stands out locally as well as nationally. San Francisco had about the same number of new listings as last September and in the Oakland metro new listings are down more than 7 percent, according to Redfin. Median prices are up in both locales, year over year, but only by about 1 percent in San Francisco and less than 3 percent in Oakland. 

Klopp said that a “flight toward quality and stability” may push up interest in the area and separate it from the rest of the Bay Area in terms of desirability.  

“Silicon Valley has great weather, great amenities and a host of business opportunities,” he said. “All of these elements could enable us to be the first to accelerate out of a challenging market.”

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The post Silicon Valley bucks national trend with biggest uptick in home listings appeared first on The Real Deal.

 The South Bay is bucking a national trend for declining listings, with an increase of more than 7 percent compared with figures from last September — the biggest uptick in the country.  The number of new listings declined in all but 10 metro markets nationwide, according to a recent Redfin report, which also showed that
The post Silicon Valley bucks national trend with biggest uptick in home listings appeared first on The Real Deal.  Uncategorized, Bay Area, Median Sale price, New Listings, Residential, San Jose The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

Fed up with rising rates and dwindling options, affordable housing owners are branching out and starting an insurance collective.

Wavecrest Management and Workforce Housing Group are the firms behind the new collective, Gothamist reported. The two companies together control roughly 32,000 units across the five boroughs, many of which are rent-stabilized.

The collective is estimating the insurance rate will be $500 per unit, less than half of what affordable landlords often pay insurers to cover personal liability claims. Members of the collective will be required to meet strict safety requirements.

Richard Ravitch was instrumental in bringing the companies together in the collective, also known as a “captive.” The former lieutenant governor died in June.

“Market forces have significantly weakened affordable housing and the ‘captive’ is a way to work against the market forces and push back,” said Workforce Housing founder John Crotty on behalf of the collective. Other board members include Wavecrest chief financial officer Susan Camerata and former Bronx Borough President Ruben Diaz Jr.

The collective plans to register with the state’s insurance regulator, which will provide technical support.

The state’s Department of Financial Services and the Division of Homes and Community Renewal last year found insurance premiums for rent-regulated housing jumped by an average of 43 percent from 2019 to 2021.

The rise in insurance premiums has forced some landlords to forgo maintenance. The firms involved in the collective plan to take advantage of savings to reinvest in their properties.

An ongoing issue is how insurers in the state often ask building owners about the use of housing vouchers at their properties. They sometimes reject coverage based on the answers, subjecting landlords to find different — and more expensive — coverage. No law explicitly forbids insurance carriers from rejecting landlords that accept vouchers.

Insurance premiums are also on the rise due to regulations in the state and growing climate risk.

— Holden Walter-Warner

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The post Affordable housing owners launch insurance collective  appeared first on The Real Deal.

 Fed up with rising rates and dwindling options, affordable housing owners are branching out and starting an insurance collective. Wavecrest Management and Workforce Housing Group are the firms behind the new collective, Gothamist reported. The two companies together control roughly 32,000 units across the five boroughs, many of which are rent-stabilized. The collective is estimating
The post Affordable housing owners launch insurance collective  appeared first on The Real Deal.  Uncategorized, Affordable Housing, Insurance, Multifamily Landlords The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

Plans for an expansive arboretum on San Antonio’s South Side are moving forward as officials seek a partner to cultivate a master plan for the project.

Arboretum San Antonio officials, with support from influential figures like former mayor Henry Cisneros and Brooks president and CEO Leo Gomez, have initiated a search for qualified candidates to undertake the master planning phase of the 188-acre site at 4226 SE Military Drive, the San Antonio Business Journal reported. 

The request for qualifications process was initiated in late September and is set to last five weeks, stretching into November. For the next step, there will be a request for proposal period to select the most suitable candidate, and the winner will be notified by the end of February 2024. 

“We’ve got a very good start at that, but we do know that — given the veterans we have on our board — that this really requires ongoing refinement and this is one step towards that,” Arboretum San Antonio CEO Tom Corser told the outlet.

In addition, the selected planner will also play a crucial role in shaping the arboretum’s business model to ensure long-term economic sustainability. Fundraising will be a key component in staffing the arboretum, and while the exact number of employees and expenses have yet to be determined, Corser anticipates an annual budget of approximately $10 million or more.

Once the master plan is established, design work for Phase 1 is expected to commence in late 2024, with Phase 1 construction set for 2025. However, the organization must first secure the land. To fund the acquisition, Arboretum San Antonio will request $2 million in bond funds from the Bexar County Commissioners Court, along with the $1 million previously awarded by the Brooks Development Authority.

Cisneros began forming ideas for an arboretum last year, after drawing inspiration from other arboretums around the country. The South Side site is filled with native trees, like heritage oak, pecan and cedar elm, making it an ideal location for the project.

—Quinn Donoghue 

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The post Henry Cisneros group seeks master planner on 188-acre Arboretum San Antonio appeared first on The Real Deal.

 Plans for an expansive arboretum on San Antonio’s South Side are moving forward as officials seek a partner to cultivate a master plan for the project. Arboretum San Antonio officials, with support from influential figures like former mayor Henry Cisneros and Brooks president and CEO Leo Gomez, have initiated a search for qualified candidates to
The post Henry Cisneros group seeks master planner on 188-acre Arboretum San Antonio appeared first on The Real Deal.  Uncategorized, arboretum, City-led project, Master-planned The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

A state DMV office at the bottom of San Francisco’s Panhandle could be turned into as many as 500 affordable homes.

The California Department of Motor Vehicles has sent out a request for qualifications to bulldoze the 60-year-old building at 1377 Fell Street and replace it with subsidized housing, the San Francisco Standard reported.

Its 2.5 acres is available to developers under the state’s Excess Sites program, meant to turn underused or surplus property into affordable homes.

As a state-owned parcel, the site is exempt from local zoning requirements, but the request for qualifications states that any housing should heed community input and neighborhood character.

The request doesn’t specify affordability requirements, only to “maximize depth and breadth of affordability while maintaining financial feasibility.”

Developers have until Nov. 22 to respond to the call. The DMV said it expects to choose a developer by March.

The DMV laid out certain non-negotiable requirements, including a new field office built to specific standards and making sure the housing won’t cut into agency operations. Developers will need to replace the public parking lot for the office, which contains 110 spaces. 

The new DMV office is expected to open by May 2027.

San Francisco Supervisor Dean Preston, whose district includes the DMV office, introduced a resolution to redevelop the site into housing. He was helped by Assemblyman Phil Ting, who set up a meeting with the DMV, the state Department of General Services and the Department of Housing & Community Development.

After state officials put out a request for information to gauge interest in a potential redevelopment, Preston said a dozen parties responded with proposals from 300 to 500 homes.

This year, the Board of Supervisors passed a state-mandated plan that would require the city to plan for 82,000 homes over the next eight years, of which more than half would be affordable to low- or moderate-income households.

But in the first half of this year, the city approved 179 units — far short of the more than 5,000 homes during the period needed to reach the mandate.

— Dana Bartholomew

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The post San Francisco DMV slated to become affordable homes appeared first on The Real Deal.

 A state DMV office at the bottom of San Francisco’s Panhandle could be turned into as many as 500 affordable homes. The California Department of Motor Vehicles has sent out a request for qualifications to bulldoze the 60-year-old building at 1377 Fell Street and replace it with subsidized housing, the San Francisco Standard reported. Its
The post San Francisco DMV slated to become affordable homes appeared first on The Real Deal.  Uncategorized The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

After spending $100 million to upgrade the office tower at 80 Pine Street but still struggling to find tenants, Rudin Management is looking for a buyer.

Rudin retained Eastdil Secured to market the 1.2-million-square-foot office property in Manhattan’s Financial District, Bisnow reported. News of its availability first came from Green Street’s Real Estate Alert, which suggested bids could come in at around $167 per square foot, or $200 million.

Leasing momentum appeared to be building at 80 Pine when nonprofit Vibrant Emotional Health took 60,000 square feet in February, with the annual asking rent in the mid-$50s per square foot.

But overall the building has not recovered since AIG’s late 2021 departure, which left an 800,000-square-foot void. Some 700,000 square feet is available for lease at the 40-story property, which takes up a full city block.

Tenants besides Vibrant include the National Urban League and the New York Property Insurance Underwriting Association. Existing leases have roughly a dozen years and $200 million in rent payments remaining.

An incoming owner can try to parlay the building’s upgrades into new deals and higher rents. Bank of America provided a $100 million financing package to Rudin in 2021 to fund the renovations, which included touch free-access points and an amenity center in the middle of the building with a conference facility, dining hall and terrace.

In a statement to Bisnow, a Rudin spokesperson said the company was “constantly exploring and evaluating options for our entire portfolio,” while adding it was “pleased by the market’s tremendous interest in 80 Pine.”

But it’s no secret that office leasing in Manhattan has been difficult since about 50 years of a gradual shift to remote work was condensed into just two by the pandemic.

Rudin offloaded another office property over the summer, selling 55 Broad Street to Silverstein Properties and Metro Loft Management for $172.5 million. The developers plan to convert the 410,000-square-foot property into 571 market-rate apartments, one of the largest office-to-residential plans in city history.

Rudin is retaining a stake in the project.

— Holden Walter-Warner

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The post Rudin puts mostly empty FiDi office building on market appeared first on The Real Deal.

 After spending $100 million to upgrade the office tower at 80 Pine Street but still struggling to find tenants, Rudin Management is looking for a buyer. Rudin retained Eastdil Secured to market the 1.2-million-square-foot office property in Manhattan’s Financial District, Bisnow reported. News of its availability first came from Green Street’s Real Estate Alert, which
The post Rudin puts mostly empty FiDi office building on market appeared first on The Real Deal.  Uncategorized, Manhattan Office Market, Office Market The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

The sexual harassment scandal rocking the National Association of Realtors triggered a major residential player to pull its brokers brack. 

Redfin is requiring its agents to cancel their membership in NAR where possible, according to an announcement. The move from the Seattle-based brokerage, first reported by the New York Times, says its expects its 1,800 members to immediately cancel memberships and stop paying dues to the organization.

That’s not going to be possible everywhere. In some markets, NAR’s control over the listing databases is so firmly entrenched that not being a member of the group would make it “impossible to be an agent,” Redfin said. In those markets, which include Houston, Las Vegas, Nashville and Phoenix, agents will likely remain due-paying NAR members to keep their access to the services.

“We’re asking NAR to decouple local access to these tools, including the listing databases known as Multiple Listing Services, from support for the national lobbying organization,” the announcement read.   

The company’s withdrawal from NAR would cost the association about $1 million annually, CEO Glenn Kelman told the Times. 

Redfin’s membership with the trade group started in 2017. Kelman said the brokerage quickly found issue with how NAR operated and it has spent months trying to extricate itself from the group before the sexual harassment scandal, including resigning its national board seat in June, before the allegations surfaced. 

“When the harassment issues came to light, that’s when it came to another level,” Kelman told the Times.

A spokesperson for NAR told the outlet the organization respected Redfin’s decision.

NAR president Kenny Parcell resigned after a New York Times reported accounts from multiple women accusing the leader of harassment and discrimination. He has denied the accusations. But the allegations around Parcell’s behavior are seated within a larger push for reform at the trade group, which accounts from former employees, a lawsuit and internal memo reported by the Times detail a toxic culture and retaliation against complaints by leadership. 

Staffers at NAR have demanded the resignation of new president Tracy Kasper and top members of the organization, including CEO Bob Goldberg. The chief executive recently announced policy changes to address some of the concerns coming out of the scandal.

— Holden Walter-Warner

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The post Redfin rebukes NAR, pulls back agent memberships appeared first on The Real Deal.

 The sexual harassment scandal rocking the National Association of Realtors triggered a major residential player to pull its brokers brack.  Redfin is requiring its agents to cancel their membership in NAR where possible, according to an announcement. The move from the Seattle-based brokerage, first reported by the New York Times, says its expects its 1,800
The post Redfin rebukes NAR, pulls back agent memberships appeared first on The Real Deal.  Uncategorized, NAR, National Association Of Realtors, Real Estate Agents, Sexual Harassment The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

Commercial real estate services firm Northmarq now has a Florida outpost in Miami’s Brickell. 

Minneapolis, Minnesota-based Northmarq opened this summer in a 2,800-square-foot office at 1111 Brickell Avenue, according to a company news release and the tenant’s broker. 

Marc Fechter, now of Colliers, worked on the deal while he was with Savills, along with the brokerage’s Gabe Marans. 

Led by Jeffrey Weidell, Northmarq closes roughly $39 billion in deals annually and has a loan servicing portfolio topping $76 billion, according to its website. 

Parkway Properties and KKR own the 30-story 1111 Brickell building. The pair paid $248.5 million for the property in 2018, records show. 

Presidente Supermarkets | Lake Worth Beach 

Hispanic-owned grocer Presidente Supermarkets opened in Lake Worth Beach. 

Presidente leased 44,000 square feet at 2502 North Dixie Highway, according to a news release from the grocer. 

The outpost marks the third Presidente to open this year in Florida. The other stores are at 6301 County Line Road in Miramar, and at 695 South Semoran Boulevard in Orlando, the release says. 

Records show the Lake Worth Beach space is owned by an entity led by Peter J. Schweitzer & Associates. 

The All Well Company | Hollywood 

The All Well Company, a skincare products firm, leased industrial and office space in Hollywood. 

Led by Boris Zion, The All Well Company took 11,600 square feet of flex space on two floors at 1213 South 30th Avenue, according to broker Michael Foxwell Jr. of Easton & Associates. The firm, which is a holding company for various personal wellness products, will open a production, laboratory and office space early next year. 

Brett Overman Development, led by Brett Overman, owns the property, records show. 

Hajoca Corporation | Doral 

Hajoca Corporation kept its Doral industrial facility. 

The company renewed its 40,000-square-foot lease at 8034-8030 and 8050-8054 Northwest 14th Street, according to a news release from the tenant’s broker. Hajoca is a wholesale distributor of industrial supplies for plumbing, heating and cooling and pools. 

Andrew Easton of Easton & Associates represented the tenant. 

An entity tied to Blackstone and its industrial subsidiary, Link Logistics, owns the property, according to records. JLL represented the landlord. 

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The post Lease roundup: Northmarq opens Brickell office, Presidente sets up in Lake Worth Beach appeared first on The Real Deal.

 Commercial real estate services firm Northmarq now has a Florida outpost in Miami’s Brickell.  Minneapolis, Minnesota-based Northmarq opened this summer in a 2,800-square-foot office at 1111 Brickell Avenue, according to a company news release and the tenant’s broker.  Marc Fechter, now of Colliers, worked on the deal while he was with Savills, along with the
The post Lease roundup: Northmarq opens Brickell office, Presidente sets up in Lake Worth Beach appeared first on The Real Deal.  Uncategorized, Brickell, Broward County, Doral, Hollywood, Industrial, Lake Worth Beach, Leases, Miami-Dade County grocery stores, Palm Beach County, South Florida Industrial Market, South Florida Office Market The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

As an increasing number of landlords face foreclosure or sell off their properties at a steep discount, the U.S. Supreme Court has dashed their hopes of finding relief from rent regulation.

The court on Monday declined to hear landlord groups’ challenge to New York’s rent stabilization law. 

The Rent Stabilization Association, the Community Housing Improvement Program and a few individual landlords filed a petition in May, asking the court to consider arguments that the state’s rent stabilization represents an unlawful taking of property without just compensation. 

The decision thwarts the hopes of struggling landlords and means any relief is likely up to state lawmakers. That is an iffy proposition at best.

The legal petition claimed that landlords are forced to provide “public assistance” to tenants through low rents, lease renewals and succession rights. The city’s Rent Guidelines Board, which determines annual rent increases for stabilized apartments, considers tenants’ ability to pay rent, which has led to “a widening gap between owner costs and regulated rents,” the petition states. 

The groups claim that the rent law fails to actually address the state’s housing crisis while placing “the burden of rectifying a societal problem on a select minority of property owners.” New York City has about 900,000 rent-stabilized units and its suburbs have perhaps 100,000 more.

Extensive changes to the state’s rent law in 2019 further restricted how and when landlords can increase rent on stabilized apartments and when apartments can be taken back by the owner.

Landlords have blamed those changes for their inability to renovate apartments needing extensive repairs, resulting in tens of thousands of units being removed from the market and building revenue failing to keep up with expenses.

Defenders of the law say landlords purchased their buildings knowing they were subject to further regulation by lawmakers, and if the 2019 reform cost them money, that does not make it unconstitutional.

Foreclosure filings are on the rise as property owners struggle to pay off their debt, and high interest rates spell trouble for those with impending loan maturities. 

The Supreme Court challenge was a long shot, given the court’s history of declining rent control cases and the tiny fraction of cases that are heard by the high court each year.  

Even the court’s conservative majority was not enough to push the case forward. Four votes among the nine justices were needed to hear the case. 

“While we were hopeful a broad facial challenge would have delivered the most relief to the most owners as quickly as possible, we remain convinced that the law is irrational and vulnerable to more specific challenges,” Jay Martin, CHIP’s executive director, said in a statement. “One way or another this law must go down. Its current form is destroying New York’s housing.”

In a joint statement, CHIP and RSA called the decision “a signal to bring more targeted challenges to specific provisions of the law illustrating direct impacts on housing providers.”

The landlords’ arguments relied on a 2021 decision by the high court in Cedar Point Nursery v. Hassid. In that case, the court found a California law unconstitutional because it required employers to allow union organizers onto their property for up to three hours.

The groups filed their lawsuit in July 2019, intent on eventually bringing their claims before the Supreme Court. Lower courts rejected their arguments.

Two other similar petitions challenging the state’s rent law could still be picked up by the high court, though the odds are against them as well. The Legal Aid Society, which opposed the landlord groups’ petition, said it was hopeful that the other two cases will meet a similar fate.

“We welcome this decision, one rooted in the law and long-standing legal precedent, from the Supreme Court denying CHIP’s meritless and frivolous lawsuit challenging our city’s rent stabilization laws,” the group said in a statement.

Other states were watching this case closely, with some landlords hoping a Supreme Court ruling would require changes to rent control beyond New York. 

In an amicus curiae brief in support of the landlord groups, the California Business Roundtable cited California’s 2019 cap on rent control, pointing to Los Angeles and San Francisco as “some of the most burdensome rent-control regimes in the country.”

“Some of California’s largest cities … contain many of the same troubling features that petitioners challenge here — e.g., substantial restraints on a property owner’s ability to remove tenants, to reclaim units for personal use, to withdraw units from the market, and to charge fair-market rates,” the brief states. 

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The post End of the road? Supreme Court declines to take up challenge to New York’s rent law appeared first on The Real Deal.

 As an increasing number of landlords face foreclosure or sell off their properties at a steep discount, the U.S. Supreme Court has dashed their hopes of finding relief from rent regulation. The court on Monday declined to hear landlord groups’ challenge to New York’s rent stabilization law.  The Rent Stabilization Association, the Community Housing Improvement
The post End of the road? Supreme Court declines to take up challenge to New York’s rent law appeared first on The Real Deal.  Uncategorized, Breaking, Community Housing Improvement Program, Real Estate Lawsuits, Rent Control, Rent Stabilization Association, U.S. Supreme Court The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

For more than 40 years, 101 California Street has remained largely the same as when postmodern architects Philip Johnson and John Burgee designed it in the early 1980s. Recently, original developer and current co-owner Hines unveiled the first-ever overhaul of the 1.25 million-square-foot office building’s ground-floor and plaza — a $75 million bet on the long-term viability of San Francisco’s Downtown. 

The new lobby, amenities spaces and outdoor fixtures — including a glass-enclosed grab-and-go eatery from chef Michael Mina due to open next year — were all in the works a few years before the pandemic upended the office market, according to Hines Senior Managing Director George Clever. 

“101 Cal has always been a top five building in San Francisco,” Clever said. “We felt that with some of the newer products coming online — Salesforce Tower, Park Tower, some of the other newer products — in order to stay in that top five, we needed to invest some capital in the building and bring it up to current standards.” 

The head start was the key to staying on track with the $75 million budget, Clever explained, as the construction bids were locked in during the early pandemic, “before inflation had really kicked in.” 

The pre-pandemic improvement plans ended up aligning with a lot of the amenities tenants want today, Clever said. Only a touchless entry and elevator system was added as a direct response to Covid concerns. Otherwise, the renovation largely went on as it was planned in 2018, he said. 

Concierge stations and seating areas were added to the lobby, which also got a new black granite floor. An old bank location on the ground floor was transformed into a cafe and lounge dubbed “The Clubhouse,” which has a tenant-only casual meeting and event space above. Clever said the company is in talks with a possible vendor for the cafe. 

Below ground, a tenant-only fitness center went in. The exterior of the plaza was upgraded with native plants in permanent planters, not to mention the new Michael Mina location. Mina’s existing PABU Izakaya restaurant also received a glass-enclosed dining room and a canopied outdoor space with built-in heaters. 

The work happened over three stages beginning in mid-2021, which was essential to making sure tenants were as inconvenienced as little as possible, Clever said. 

Clever has received positive feedback from the broker community, though he couldn’t point to any specific tenants who signed leases or decided to stay put because of the new amenities. But he said the renovations were not expected to have an immediate impact and were more about drawing tenants in over the long term.

“We’ve been selling the dream, if you will, and now that people can see it and it’s real, I think it’s going to help,” he said, adding that rents are “as high as they’ve ever been” in the prime view spaces above the 25th floor, while filling the lower levels has been a challenge.

He hopes the “welcoming” plaza and ground floor will help to bring more foot traffic and sorely needed activation to the North Financial District. It has been one of the neighborhoods hardest hit by work from home policies, though not as much as the South Financial District and SoMa. He said the money the city is putting into programs to revitalize the area is helpful, but he’s under no illusion that there’s a quick fix. 

“I think all that stuff is great and it’s additive,” he said. “I think it’s just going to take time for people to come back downtown.”

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The post Why Hines put $75M into a ground-floor upgrade at 101 California appeared first on The Real Deal.

 For more than 40 years, 101 California Street has remained largely the same as when postmodern architects Philip Johnson and John Burgee designed it in the early 1980s. Recently, original developer and current co-owner Hines unveiled the first-ever overhaul of the 1.25 million-square-foot office building’s ground-floor and plaza — a $75 million bet on the
The post Why Hines put $75M into a ground-floor upgrade at 101 California appeared first on The Real Deal.  Uncategorized, Commercial, Downtown, Hines, San Francisco The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

Airbnb’s short-term rental business in New York City is suffering, but the company is readying other plans to stay afloat in the Big Apple.

Chief executive officer Brian Chesky pointed to Airbnb’s experiences as a way forward beyond its traditional lodging offerings, Bloomberg reported. Chesky noted “a lot of opportunity” in the city for hosts offer bar crawls, guided tours and photo shoots instead of places to stay.

Airbnb leadership has previously talked up demand for its experiences feature as New York City zeroed in on short-term rental regulation. Local Law 18 has decimated the presence of legal Airbnbs, which Chesky brushed off, saying the company’s reliance on the market has waned.

“In 2009, 2010, New York was like 70 percent, 80 percent of our business,” Chesky said in his interview with the outlet. “Now no city comprises more than one-half percent of our business.”

That would still account for roughly $42 million, based on the company’s earnings last year. 

Since the city’s Office of Special Enforcement launched its registration portal in March, it approved only 405 short-term rentals as of late September. Many applications are still pending due to staff shortages at the agency.

In August, there were more than 10,000 short-term rentals operating in the city. As many of those are no longer technically legal, other platforms unaffected by local ordinances — like Sonder and Mint House — are looking to fill the void. Hotels and short-term rentals across state lines in New Jersey could also benefit.

In Chesky’s wide-ranging interview, he said the company was considering ways to give hosts dynamic pricing insight and touted the use of artificial intelligence as a quality control tool to verify listings on the platform.

— Holden Walter-Warner

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The post Airbnb plans to push NYC “experiences” to shore up stays  appeared first on The Real Deal.

 Airbnb’s short-term rental business in New York City is suffering, but the company is readying other plans to stay afloat in the Big Apple. Chief executive officer Brian Chesky pointed to Airbnb’s experiences as a way forward beyond its traditional lodging offerings, Bloomberg reported. Chesky noted “a lot of opportunity” in the city for hosts
The post Airbnb plans to push NYC “experiences” to shore up stays  appeared first on The Real Deal.  Uncategorized, Hotels, short-term rentals The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

Lennar wants to build a pair of residential communities with 369 homes, combined, near Homestead, marking the firm’s continued wager on south Miami-Dade County. 

The Miami-based homebuilder proposes 158 condos in several two-story buildings, and 97 single-family homes on 29 acres on the northeast corner of Southwest 232nd Street and Southwest 112th Avenue in unincorporated Miami-Dade, according to an application Lennar filed to the county last week. Lennar has the land under contract for an undisclosed amount. 

An entity led by the Canals family owns the parcel, according to records. 

Lennar also wants to build a two-story complex with 114 condos on 8.7 acres at 12420 and 12400 Southwest 248th Street in the Princeton neighborhood, according to an application the firm submitted to the county last week. 

An entity led by the Bullis family owns the site, records show. 

Led by Stuart Miller and Jon Jaffe, Lennar has zeroed in on south Miami-Dade in recent years. 

The area consists of the Homestead and Florida City municipalities, as well as neighborhoods such as Princeton, Naranja, Goulds and Leisure City. South Miami-Dade offers a healthy supply of developable land that comes at a discount compared to sites in Miami’s urban core. 

This month, Lennar paid $7 million for a 40-acre development site between Southwest 336th and 240th street, with plans for 231 homes. 

Near Homestead, the homebuilder proposed 150 single-family homes on 21 acres on the northwest corner of Southwest 316th Street and Southwest 14th Avenue. 

The post Lennar proposes pair of south Miami-Dade projects with 370 homes appeared first on The Real Deal.

 Lennar wants to build a pair of residential communities with 369 homes, combined, near Homestead, marking the firm’s continued wager on south Miami-Dade County.  The Miami-based homebuilder proposes 158 condos in several two-story buildings, and 97 single-family homes on 29 acres on the northeast corner of Southwest 232nd Street and Southwest 112th Avenue in unincorporated
The post Lennar proposes pair of south Miami-Dade projects with 370 homes appeared first on The Real Deal.  Uncategorized, Condo Market, Condos, Homebuilders, Homestead, Lennar, Miami-Dade County, Princeton, single-family homes, south Miami-Dade County The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

WeWork is shorting Michael Alter, according to a lawsuit brought by his firm that owns a River North office building, which the struggling co-working firm ditched a decade ahead of its scheduled lease termination.

Wilmette-based Alter Group, whose head owns the WNBA’s Chicago Sky, filed a lawsuit late last month that alleges WeWork agreed to but has since fallen behind the monthly payments for a hefty lease termination fee to get out of renting eight floors at 20 West Kinzie Street.

In 2015, WeWork agreed to lease — and made a corporate guarantee to pay for, according to the suit — about 175,000 square feet, or 80 percent, of the 258,000-square-foot office portion of Alter Group’s 17-story property at 20 West Kinzie Street. All but two floors were set to be occupied through 2033, with the other two expiring in 2028. But WeWork stopped paying rent in 2020 when the coworking firm pulled back on real estate as the pandemic shut down office attendance.

It took six months for WeWork to default on its lease termination agreement with Alter: the deal, for an unknown amount, was struck in March with the landlord. The coworking firm’s problems are far broader than Chicago — in August, as it faced a floundering valuation by investors, WeWork had to turn to a 1-for-40 reverse stock split to stay listed on the New York Stock Exchange.

WeWork missed a payment of the fee that was due Sept. 5, Alter Group alleges. The amount of the fee is unknown, and Alter Group has asked a judge to keep its motions shielded from public access so far. Its complaint only says the dispute exceeds $30,000.

WeWork declined to comment and Alter Group and its attorneys didn’t return requests for comment.

Meanwhile, the fact WeWork hasn’t come through on the fee is likely to impact the building’s valuation as Alter looks to sell it for at least the second time since 2018. The fee was touted by Alter as a potential benefit a new owner could capture when the landlord began shopping the office building for sale this summer. It had hired a Cushman & Wakefield team to test the market, whose brokers didn’t return requests for comment.

When the building hit the market, it was, at 80 percent vacant, thought to be worth far less than the balance of a $60 million loan that Alter had taken out against the property from Bank of America in 2019. Alter had previously explored selling the building in 2018, but held onto it.

Now, Alter is trying to claw back some cash in Chicago’s rough office scene. It has a separate lawsuit pending in Cook County court that seeks to get a property tax refund of more than $1 million from local governments, arguing the building was overcharged by about 50 percent when the Cook County Assessor set its 2020 evaluations that resulted in a tax bill of about $3 million for the property.

Alter claims the fair market value of the property was about $38 million in 2020, down from the assessor’s estimate of more than $55.8 million. The assessor has since valued the property at more than $83 million for taxing purposes in subsequent years, but the landlord has appealed to the Cook County Board of Review and got its valuation lowered to about $68 million to limit the tax hike, records show.

An attorney representing the landlord in the 2020 property tax dispute did not respond to a request for comment. The Cook County Board of Review previously rejected an appeal of the assessor’s 2020 valuation the landlord had submitted, forcing Alter into court to continue its dispute.

Alter Group developed the building, completing it in 2000, and landed Google as a tenant, and the tech firm grew to occupy most of it until departing to Fulton Market in 2015. That’s when WeWork came in to fill a big hole in the building.

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The post Michael Alter sues WeWork for River North lease termination appeared first on The Real Deal.

 WeWork is shorting Michael Alter, according to a lawsuit brought by his firm that owns a River North office building, which the struggling co-working firm ditched a decade ahead of its scheduled lease termination. Wilmette-based Alter Group, whose head owns the WNBA’s Chicago Sky, filed a lawsuit late last month that alleges WeWork agreed to
The post Michael Alter sues WeWork for River North lease termination appeared first on The Real Deal.  Uncategorized, Office Market, Real Estate Lawsuits The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

Lenders on a site approved for a 132-room hotel in San Jose have seized the property through foreclosure.

LBC Capital Income Fund, based in Los Angeles, and the Fogel Family Trust took ownership of the 0.9-acre property at 1510 South De Anza Boulevard after a foreclosure on a $4.6 million loan to North Star Hotel Development, the San Jose Mercury News reported.

North Star bought the lot with a 7,000-square-foot commercial building at South De Anza and Sharon Drive in 2019 for $6.5 million. Two years later, the San Jose-based developer took out the $4.6 million loan tied to the property.

The unpaid debt had climbed to $5 million when the foreclosure proceeding was completed, according to a trustee’s deed filed to mark its completion.

The foreclosure comes after several similar losses to developers of hotels planned before the pandemic in San Jose.

In May, South Korea-based Pine Tree Investment & Management seized a 3.2-acre site of a proposed 200-room hotel at 7 Topgolf Drive in the Alviso District. 

In July, a San Leandro-based affiliate led by a gas station executive paid $4 million for the site of a proposed 11-story, 175-room hotel at 2850 Stevens Creek Boulevard after its owner faced foreclosure.

— Dana Bartholomew

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The post Lenders seize San Jose site approved for hotel after loan default appeared first on The Real Deal.

 Lenders on a site approved for a 132-room hotel in San Jose have seized the property through foreclosure. LBC Capital Income Fund, based in Los Angeles, and the Fogel Family Trust took ownership of the 0.9-acre property at 1510 South De Anza Boulevard after a foreclosure on a $4.6 million loan to North Star Hotel
The post Lenders seize San Jose site approved for hotel after loan default appeared first on The Real Deal.  Uncategorized, Foreclosure The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

Brooklyn’s luxury market wrapped up the third quarter on a low note.

The borough saw just seven contracts signed for homes asking $2 million or more between Sep. 25 and and 29, according to Compass’ weekly report. The total was down from 14 inked the previous period and comes as luxury contract signings in the borough haven’t cracked 20 since July.

The priciest home to find a buyer was Unit 5 at 210 Pacific Street in Cobble Hill, with an asking price of $6 million. The 3,100-square-foot condo has four bedrooms and three bathrooms. 

The full-floor unit also features 250 square feet of outdoor space, private elevator access and eat-in chef’s kitchen. Amenities at the eight-unit building include a fitness room, children’s playroom and video intercom security.

Sotheby’s International’s Mara Flash Blum had the listing. 

Nava Partners’ marketed the boutique condo as having “passive house” design principles, which include strict energy efficiency measures. But earlier this year, owners sued the developers for $5 million, alleging they relied on shoddy materials and poor construction to complete the project.  

The second most expensive home to enter contract was 590 5th Street in Park Slope, with an asking price of $4.3 million. The 4,000-square-foot townhouse has six bedrooms and three bathrooms. 

The 20-foot-wide home also has a formal dining room, media room, garden and deck. 

Corcoran’s Vicki Negron had the listing. 

Park Slope townhouses are regular fixtures atop weekly luxury reports in the borough. In April, A home at 625 2nd Street, last asking $5.4 million, was the priciest Brooklyn home to find a buyer. 

Of the seven contracts inked, three were for condos and four were for townhouses. 

The average asking price for the homes was $3.4 million, which works out to $1,165 per square foot. The typical home received no average discount from the initial asking price and spent 60 days on the market.

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The post Brooklyn’s luxury contracts hit a low point appeared first on The Real Deal.

 Brooklyn’s luxury market wrapped up the third quarter on a low note. The borough saw just seven contracts signed for homes asking $2 million or more between Sep. 25 and and 29, according to Compass’ weekly report. The total was down from 14 inked the previous period and comes as luxury contract signings in the
The post Brooklyn’s luxury contracts hit a low point appeared first on The Real Deal.  Uncategorized The Real Deal 

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Robert Khodadadian – The Real Deal

Add an Uptown Dallas office tower to the growing number of distressed office properties in the area, despite several companies relocating to Uptown, as it has emerged as a hotbed for development and real estate investment.