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Hong Kong’s deadliest residential fire in decades is now tied to a sweeping construction cover-up. Contractors at Wang F...
12/03/2025

Hong Kong’s deadliest residential fire in decades is now tied to a sweeping construction cover-up. Contractors at Wang F*k Court allegedly swapped fire-safe scaffolding netting for cheap, combustible material after a summer typhoon — then tried to fool inspectors by installing compliant netting only at the base of the buildings, the New York Times reported. Of the 20 samples investigators later pulled from the complex, seven failed fire-safety standards, and authorities say the blaze ultimately killed 151 people, with more victims still being identified.

The findings mark a dramatic reversal from initial government statements that netting at the complex had met safety rules. Early samples were taken only from untouched ground-floor areas, prompting Hong Kong Security Chief Chris Tang to concede that official test results were wildly inconsistent with on-site observations from engineers and residents.

Read the full article in the comments below.

OKO Group and Cain International locked in a $630 million refinance for 830 Brickell, the Class A trophy tower that help...
12/03/2025

OKO Group and Cain International locked in a $630 million refinance for 830 Brickell, the Class A trophy tower that helped anchor Miami’s corporate migration wave. The new debt package, led by Goldman Sachs and J.P. Morgan Chase, replaces the $565 million construction bridge loan Tyko Capital provided last year and lands at a moment when South Florida’s lending market remains far more active than the rest of the country.

Completed last year, the 57-story tower at 830 Brickell Plaza was the first standalone office high-rise delivered in Brickell in more than a decade. It arrived just as out-of-state firms were pouring into Miami, giving developers Vlad Doronin of OKO and Jonathan Goldstein of Cain the rare advantage of building into peak demand. Nearly the entire building is now leased.

Read the full article in the comments below.

Zillow and Redfin are now fighting a single, consolidated antitrust case after a federal judge merged lawsuits brought b...
12/03/2025

Zillow and Redfin are now fighting a single, consolidated antitrust case after a federal judge merged lawsuits brought by the Federal Trade Commission and a coalition of state attorneys general. At issue is a $100 million deal unveiled in February that made Zillow the exclusive syndicator of multifamily listings on Redfin’s platforms — an arrangement regulators say illegally suppressed competition across the rental listings sector.

The FTC first filed suit in September, alleging that Redfin agreed not to compete for at least nine years and to steer advertising dollars toward Zillow by limiting its multifamily feeds to Zillow-owned channels, including Rent.com and ApartmentGuide.com.

Regulators argue that with fewer rivals, Zillow would face less pressure to improve its product and could drive up advertising costs for landlords.

Read the full breakdown below.

Nvidia is deepening its Silicon Valley footprint with a plan to turn a vacant North San Jose office building into a near...
12/03/2025

Nvidia is deepening its Silicon Valley footprint with a plan to turn a vacant North San Jose office building into a nearly 100,000-square-foot data center — the latest sign that AI infrastructure is reshaping Bay Area real estate. An affiliate of Menlo Equities, which owns the property at 300 Holger Way, has filed plans to convert the 97,800-square-foot office-and-R&D building Nvidia began leasing last year into a round-the-clock facility running 24/7, the Mercury News reported. Development is slated to start in December 2026 and finish by July 2027.

The building is already undergoing a significant exterior renovation, part of a broader repositioning push as office demand remains weak and data center appetite soars.

Data centers are appearing all over the country. Find out more about this trend in the comments below.

Palm Beach’s luxury market throttled back over the holiday week, but private equity billionaire Greg Mondre still manage...
12/03/2025

Palm Beach’s luxury market throttled back over the holiday week, but private equity billionaire Greg Mondre still managed to move the priciest home to find a buyer: his oceanfront teardown at 1160 North Ocean Boulevard, asking $39.5 million. In total, buyers signed 15 contracts for properties priced at $3 million and up between Nov. 24 and Nov. 30, a steep drop from the 30 deals inked the week prior, according to Douglas Elliman’s Eklund-Gomes team. The week’s pending sales tallied $114.6 million in asking volume and averaged 165 days on market.

Mondre, the co-CEO of Silver Lake, bought the 0.8-acre property for $31 million in March from the Maddock family and listed it for $39.5 million in September. Considered a teardown, the 6,100-square-foot, seven-bedroom home dates to 1991 and comes with a pool and a private beach parcel offering 152 feet of oceanfrontage. Mondre was identified this fall as the owner when he picked up another oceanfront Palm Beach lot for $58 million.

Find out more on the teardown in the comments below.

Boston’s rental market — long one of the tightest and priciest in the country — is finally cracking. Landlords who spent...
12/03/2025

Boston’s rental market — long one of the tightest and priciest in the country — is finally cracking. Landlords who spent years fielding bidding wars are now offering concessions and cutting rents as demand softens across the metro. Average asking rent slipped to $3,043 in October, its first annual decline since 2021, while vacancies hit their highest level since the pandemic, Bloomberg reported. The shift marks a sharp break from the city’s biotech-powered boom and its reliance on a steady influx of students and international renters.

That foundation is wobbling. Federal research cuts and a chill in venture-backed life sciences have slowed hiring, shrinking the pool of young professionals who once filled new towers in Cambridge and the Seaport. Massachusetts has also logged a net loss of residents and was one of just two states to post negative job growth through August.

Read more on Boston's rental market in the comments below.

12/03/2025

"Smart investors invest to make money. And I'm a proven money maker." In this highlight, Patrick Carroll didn't tiptoe around the question: After a turbulent few years, can he still raise institutional capital?

His answer is equal parts blunt, business-minded and, yes, 100% Carroll.

Arrest record? He owns it. Reputation? He defends it. A Harvard-affiliated hospital stay that has became its own kind of credential? He can joke about that too.

From fundraising billions to confronting the "self-inflicted wounds" that nearly sidelined him, watch Carroll break down to TRD publisher Amir Korangy why investors still pick up his calls.

Dive deeper in our December cover story on Patrick Carroll here: https://therealdeal.com/magazine/december-2025/patricks-purgatory/?tpcc=sprout_general&utm_campaign=sprout_general&utm_content=1764780830&utm_medium=The+Real+Deal&utm_source=facebook

Another Brookfield tower is hitting the distressed market — this time Bank of America Plaza, where the $400 million CMBS...
12/03/2025

Another Brookfield tower is hitting the distressed market — this time Bank of America Plaza, where the $400 million CMBS loan tied to the 57-story DTLA skyscraper is up for sale. Colliers is shopping the note at a steep discount, given the debt balance is nearly double the tower’s most recent appraised value of $212.5 million, a collapse from the $605 million valuation Brookfield secured a decade ago.

Green Street reported that Brookfield defaulted when the loan matured in September 2024, and a receiver, Trigild, took control in May. Mount Street is the special servicer on the 1.4 million-square-foot property, which is just 67 percent leased — a vacancy drag that continues to undermine Downtown Los Angeles’ office market. A buyer of the note would effectively step into ownership of the tower at 333 South Hope Street once the distressed sale is completed.

Find out more about this debt in the comments below.

Kanye West’s former Malibu compound is being recast as a crypto-backed, members-only timeshare — just as its new owner f...
12/03/2025

Kanye West’s former Malibu compound is being recast as a crypto-backed, members-only timeshare — just as its new owner faces a looming default. The gutted Tadao Ando–designed home, which West sold to Belwood Investments CEO Steven “Bo” Belmont for $21 million last year, is now the centerpiece of Populis, a blockchain-fueled club offering “partial economic ownership” through SmartDeeds membership passes starting at $1,000 and topping out at a $300,000 founders tier.

The unusual pitch surfaced days after Belmont was hit with a notice of default on his $18.5 million mortgage, Realtor.com reported. As of early November, lender Quality Loan Service Corporation said Belwood had missed nearly $815,000 in payments.

Read the full article in the comments below.

The Hamptons roared back in 2025, with the top 10 home sales hitting a combined $579 million — up from $327 million last...
12/02/2025

The Hamptons roared back in 2025, with the top 10 home sales hitting a combined $579 million — up from $327 million last year and even surpassing the 2022 peak. The surge was anchored by the market’s first nine-figure trade since 2023: Len Blavatnik’s $115 million buy on Further Lane in Amagansett. At No. 2, a $70 million East Hampton purchase closed nearly $20 million below ask, followed by a $67 million Lily Pond Lane deal tied to the Buckmann estate. Deals at $58 million, $57 million, $56 million and a string of off-market Meadow Lane trades filled out a leaderboard dominated by oceanfront estates and repeat billionaire names. The comeback pushed 2025’s ultra-luxury volume well past recent years, setting up the East End’s strongest run since the pandemic-era frenzy.

After a sluggish 2024 for big-ticket closings, the East End’s luxury engine switched back on. Between January and October, 20 homes traded for $20 million or more, the Wall Street Journal reported. By fall, the region was pacing toward more than 90 sales at $10 million and up — a dramatic rise from 75 in 2024 and just 41 two years earlier.

See the full list in the comments below.

Douglas Elliman is mourning the loss of Gail Sankarsingh, a top-producing Manhattan agent known for her polish, optimism...
12/02/2025

Douglas Elliman is mourning the loss of Gail Sankarsingh, a top-producing Manhattan agent known for her polish, optimism and long track record in high-end new development. Sankarsingh died Friday at 57 after years of intermittently battling cancer.

Born in Trinidad, she moved to New York City as a teenager in 1986 and joined Elliman in 2007. She quickly carved out a niche in marquee condo projects, helping drive sales at the Apthorp on the Upper West Side, Baccarat Residences in Midtown and The Centrale in Midtown East — buildings that defined the city’s luxury boom through the 2010s. By 2017 she ranked fifth in gross commission income among Elliman’s individual agents in the city, a standout performance inside one of the nation’s biggest brokerages.

Allen Morris Co. has locked in a major financing win for its next Coconut Grove play, landing a $138.5 million construct...
12/02/2025

Allen Morris Co. has locked in a major financing win for its next Coconut Grove play, landing a $138.5 million construction loan to launch Ziggurat — a mixed-use complex aiming to blend boutique office space, luxury condos and high-end retail in one of Miami’s tightest submarkets.

The Coral Gables developer and its partner, the Espinosa family, secured the loan from BDT & MSD Partners and BHI, the U.S. arm of Israel’s Bank Hapoalim, TRD has learned. The 1.7-acre site at 3101 Grand Avenue is currently home to small neighborhood businesses, including the Espinosa family’s Coconut Grove Dry Cleaners and Italian restaurant Sapore di Mare, which plans to relocate nearby.

Find out more in the link in the comments below.

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