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The Real Deal Real Estate News
Bringing transparency to one of the world's most important and least understood industry.

The Real Deal is the premier real-estate news outlet in the US, reaching millions of professionals daily through digital, print, social media and events. Readers turn to us for breaking news, market intelligence, custom research, proprietary rankings, deal analysis, profiles, trends and much more. We have received more than 50 awards for editorial excellence over the past 5 years, including the General Excellence award from the Society of Business Writers and Editors.

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Signature Bank's founders' stock value ballooned as the New York institution grew at a breakneck pace, but evaporated in...
03/27/2023
Signature Bank Founders Lost Small Fortune in Bank Collapse

Signature Bank's founders' stock value ballooned as the New York institution grew at a breakneck pace, but evaporated in 14 months.

Signature Bank’s founders’ stock value ballooned as the New York institution grew at a breakneck pace, but evaporated in 14 months.

Home prices across California have fallen 18 percent from their all-time high, but the number of sales has ticked up for...
03/27/2023
Home prices across California fall 18% in 10 months

Home prices across California have fallen 18 percent from their all-time high, but the number of sales has ticked up for the past three months.

The state’s median home price declined to $735,480 in February, down from a high of $900,000 last May.

The judge in Fortress Investment Group’s  lawsuit against Heritage Equity Partners’ Toby Moskovits and Michael Lichtenst...
03/27/2023
Toby Moskovits’ Bushwick Generator Headed to Foreclosure Auction

The judge in Fortress Investment Group’s lawsuit against Heritage Equity Partners’ Toby Moskovits and Michael Lichtenstein ruled earlier this month that their Bushwick Generator development in Brooklyn can head to auction after more than three years of legal wrangling.

Toby Moskovits’ Bushwick Generator development is headed to a foreclosure auction.

03/27/2023
Subscribe to The Real Deal today!

Real estate is all about who you know. And The Real Deal knows them all. Get exclusive access to news stories, market trends and key facts to help your team make powerful business decisions. The Real Deal's corporate subscriptions offer group pricing that scales according to your team’s needs and the convenience of a single invoice!

Join the leading names in real estate, and and learn more here: https://bit.ly/3HyXuf7"

A Los Angeles City Council land use committee is at loggerheads over the controversial Bulgari Hotel planned for Benedic...
03/27/2023
Proposal for Bulgari Hotel in Benedict Canyon Stalled

A Los Angeles City Council land use committee is at loggerheads over the controversial Bulgari Hotel planned for Benedict Canyon.

Motion requesting the director of planning reconsider land use designation for 9704-9712 West Oak Road received a 2-2 vote

David Martin's Terra and Major Food Group joined the development team of the previously planned 1000 Museum lookalike in...
03/27/2023
Terra, Major Food Group Lead Miami Condo Project in Edgewater

David Martin's Terra and Major Food Group joined the development team of the previously planned 1000 Museum lookalike in Miami's Edgewater.

David Martin’s Terra and Major Food Group joined the development team of the previously planned 1000 Museum lookalike in Miami’s Edgewater.

03/27/2023
New Jersey's development boom

New Jersey's northern region — including Jersey City, , and — is home to the most competitive rental market in the U.S.

Watch to learn about the top projects coming to and how Garden State leaders are navigating the development explosion.

New Hampshire-based RE/MAX agent Daniel Twombly allegedly misappropriated escrow account funds and withheld $250,000 in ...
03/27/2023
RE/MAX Broker Suspended After Misappropriation Accusations

New Hampshire-based RE/MAX agent Daniel Twombly allegedly misappropriated escrow account funds and withheld $250,000 in agent commissions at two of his franchises, which have been shut down.

Daniel Twombly allegedly withheld $250,000 in agent commissions at two of his franchises, which have been shut down.

Landlord Alvin Matsumoto died after he was allegedly attacked by a tenant's boyfriend during an  from his Honolulu prope...
03/27/2023
Landlord Murdered Mid-Eviction

Landlord Alvin Matsumoto died after he was allegedly attacked by a tenant's boyfriend during an from his Honolulu property.

Alvin Matsumoto died after he was allegedly attacked by a tenant’s boyfriend during an eviction.

Scions of the oil magnate William Rockefeller have sold Kirkwood Farm, a 210-acre Philadelphia-area estate that has been...
03/27/2023
Former Rockefeller Estate Fetches $24M

Scions of the oil magnate William Rockefeller have sold Kirkwood Farm, a 210-acre Philadelphia-area estate that has been in the family for generations, for $24 million.

Agents: Lavinia Smerconish, Compass | Kim Whetzel and Ellen Haas, Kurfiss Sotheby’s International Realty

A Philadelphia-area estate that has been owned by the Rockefeller family for generations has sold for $24 million

03/26/2023
The Real Deal’s Annual NYC Real Estate Showcase + Forum

Through the rate rollercoaster to the market’s reinvention, past ’s identity crisis and skyrocketing residential values, there are opportunities to be had for dealmakers who know where to look. TRD’s 2023 Forum is the best place to start.

Join 2,500+ NYC RE professionals at the Metropolitan Pavilion on May 4 to network, discover new partners, and learn how to navigate new market waters in the current environment. Register today here: https://therealdeal.com/events/new-york-forum?utm_source=social&utm_medium=instagram&utm_campaign=nyc-forum-video&tpcc=sprout_general&utm_content=1679860795

The fallout from pandemic parties at his  waterfront mansion is going to cost red light camera mogul John Petrozza a six...
03/26/2023
Miami Pandemic Party House Owner Hit With $230K Fine

The fallout from pandemic parties at his waterfront mansion is going to cost red light camera mogul John Petrozza a six-figure fine.

The fallout from pandemic parties at his Belle Meade waterfront mansion is going to cost red light camera mogul John Petrozza a six-figure fine

After making a surprise winning bid to acquire the Flatiron Building, Abraham Trust's Jacob Garlick, who this week becam...
03/26/2023
Jacob Garlick Fails To Fund Deposit for Flatiron Building Buy

After making a surprise winning bid to acquire the Flatiron Building, Abraham Trust's Jacob Garlick, who this week became the most talked-about man in New York , failed to come up with the required $19 million deposit to close on the property. TRD's Keith Larsen spoke with Garlick and the second-highest bidder in the auction, a group led by GFP Real Estate’s Jeffrey Gural, to find out what happens next.

After making a surprise bid to acquire the Flatiron Building on Wednesday, Jacob Garlick failed to come up with the required deposit to close on the property

People were talking about two events that sent a literal shockwave in one iconic New York building and a figurative one ...
03/25/2023
Real Estate Quotes of the Week for March 25, 2023

People were talking about two events that sent a literal shockwave in one iconic New York building and a figurative one through another. Click for the soundbites that caught our attention from Jeffrey Gural to Adam Leitman to a lawsuit from a former Keller Williams broker:

Soundbites that caught our attention from Jeffrey Gural to Adam Leitman to a lawsuit from a former Keller Williams broker

Over nine days, bank collapses tested the mettle of everyone from rent-stabilized landlords to high-flying condo develop...
03/25/2023
Breaking Down Real Estate’s Banking Crisis Nightmare

Over nine days, bank collapses tested the mettle of everyone from rent-stabilized landlords to high-flying condo developers.

Over nine days, bank collapses tested the mettle of everyone from rent-stabilized landlords to high-flying condo developers

Residential and commercial landlord Abraham Wieder, who has been accused of neglecting tenants in apartment complexes in...
03/25/2023
National - The Real Deal

Residential and commercial landlord Abraham Wieder, who has been accused of neglecting tenants in apartment complexes in Syracuse and Baton Rouge, is being sued by lenders for more than $40 million in unpaid mortgages.

From left: Illustration of former Signature Bank executives Scott Shay, Joseph DePaolo and John Tamberlane (Getty, Business Wire, Scott Shay; Illustration by Kevin Rebong for The Real Deal)CommercialMar 24, 2023Ex-Signature Bank execs lose small fortune in collapseby Keith Larsen3 founders could sti...

TRD crunched the numbers to determine New York City's top residential brokerages of 2022. Where does your firm rank?
03/24/2023
Ranking NYC's Top Residential Brokerages of 2022

TRD crunched the numbers to determine New York City's top residential brokerages of 2022. Where does your firm rank?

Corcoran again topped Manhattan, while Compass ruled Brooklyn. The Real Deal ranked the top 20 brokerages of 2022 in both boroughs and Queens.

Francois and Brandy Navarre, the husband-and-wife team running paparazzi platform X17Online, have been revealed as the s...
03/24/2023
Francois and Brandy Navarre Sell Pacific Palisades Home

Francois and Brandy Navarre, the husband-and-wife team running paparazzi platform X17Online, have been revealed as the sellers of a $22 million Pacific Palisades home.

Off-market sale of the paparazzi couple trades for $22 million.

This week tenants at a  property owned by developer Arthur Aslanian, who was charged in a murder for hire scheme, filed ...
03/24/2023
Tenants Detail Years of Abuse Before Developer’s Murder for Hire Plot

This week tenants at a property owned by developer Arthur Aslanian, who was charged in a murder for hire scheme, filed a suit alleging serial abuse and harassment.

This week tenants at a property owned by the developer Arthur Aslanian, who was charged in a murder for hire scheme, filed a suit alleging serial abuse and harassment.

Keller Williams and the ’s cofounder Gary Keller are facing another  from a realtor and franchise owner alleging the com...
03/24/2023
Illinois Keller Williams Franchisee Suing Gary Keller, Company

Keller Williams and the ’s cofounder Gary Keller are facing another from a realtor and franchise owner alleging the company interfered with her business and cost her millions of dollars in income for being an ally of ousted CEO John Davis.

Keller Williams is facing another suit after an Illinois realtor and franchise owner filed a lawsuit alleging it interfered with her business and cost her millions in income.

03/24/2023
Signature Bank is dead. What happens next?

It’s been almost two weeks since the collapse of drove ’s downfall. As a top lender to NYC real estate, particularly and specifically rent-stabilized buildings, the industry has been watching closely to understand the ripple effects of that fallout. TRD’s Suzannah Cavanaugh explains where we stand now.

RE professionals, how have you been affected by the banking bust-ups? Let us know in the comments below!

FULL VIDEO HERE: https://youtu.be/smKSUxDvdJ0

03/24/2023
The Real Deal’s Annual NYC Real Estate Showcase + Forum

Early bird rates for New York's hottest real estate event end TODAY — act fast to secure your spot starting at just $65!

Join 2,500+ RE professionals at the Metropolitan Pavilion on May 4 for all the networking, deal-making and relationship-building our signature event is known for!⁠ Get your tickets here: https://therealdeal.com/events/new-york-forum?utm_source=facebook&utm_medium=social-post&utm_campaign=fb-nyforum-ny&tpcc=fb-social&utm_content=1679684245

Construction and engineering giant Tutor Perini’s debt, which had “junk” status to begin with, is now even riskier, said...
03/24/2023
S&P Downgrades Tutor Perini’s Debt

Construction and engineering giant Tutor Perini’s debt, which had “junk” status to begin with, is now even riskier, said a major ratings agency.

S&P downgraded Tutor Perini’s debt two levels in all of its ratings due to the construction firm’s near-term refinancing risk and higher leverage position.

Some fathers might be proud of their son for pulling off a $35 million property sale to one of the nation’s biggest buil...
03/24/2023
Michael Lerner Sues Son Over $35M Fulton Market Deal

Some fathers might be proud of their son for pulling off a $35 million property sale to one of the nation’s biggest builders, but MCZ Development's Michael J. Lerner sued his son for this exact reason.

Longtime Chicago real estate player behind MCZ Development sued his son, Michael N. Lerner, over a $2.3M loan that allegedly entered default

Cher has chopped $10 million from the price of her longtime Italian Renaissance-style estate in Malibu, now asking $75 m...
03/24/2023
Cher Relists Longtime Malibu Mansion at $75M

Cher has chopped $10 million from the price of her longtime Italian Renaissance-style estate in Malibu, now asking $75 million.

Agents: Drew Fenton and Robert Kass, Carolwood

Singer and actress has cut $10 million off the price of the 13,100-square-foot mansion at 25142 Pacific Coast Highway.

An ex-Bespoke executive is alleging the  owes him a larger share of commissions on deals in South Florida, including sal...
03/24/2023
Bespoke Real Estate Sued Over Allegedly Unpaid Commissions

An ex-Bespoke executive is alleging the owes him a larger share of commissions on deals in South Florida, including sales totaling $43 million at the high-profile Waldorf Astoria Hotel & Residences.

An ex-Bespoke executive is alleging the firm owes him a larger share of his commissions on deals in South Florida, including from sales at the Waldorf Astoria.

Jacob Garlick is a stranger in New York City's real estate world, but he just won an auction for the Flatiron Building w...
03/24/2023
Meet Jacob Garlick Surprise Buyer of Flatiron Building

Jacob Garlick is a stranger in New York City's real estate world, but he just won an auction for the Flatiron Building with a $190 million bid.

Jacob Garlick is a stranger in New York City’s real estate world, but he just won an auction for the Flatiron Building with a $190 million bid.

03/24/2023
As Seen On: Succession

Curious to learn about the properties featured on HBO's hit show Succession? Join TRD as we explore the New York of the uber rich Roy family.

Everything is bigger in Texas — including the deals. The Real Deal's weekly Texas newsletter featuring breaking  news an...
03/23/2023

Everything is bigger in Texas — including the deals. The Real Deal's weekly Texas newsletter featuring breaking news and analysis, the latest deals, and market data you need to make sound business decisions.

SIGN UP HERE: https://bit.ly/3JlUune

A former Bespoke executive alleged in a lawsuit the luxury 's founders Cody and Zachary Vichinsky employed racial slurs ...
03/23/2023
Bespoke Founders Accused of Racist, Discriminatory Behavior

A former Bespoke executive alleged in a lawsuit the luxury 's founders Cody and Zachary Vichinsky employed racial slurs and discrimination.

A former Bespoke executive alleged in a lawsuit founders Cody and Zachary Vichinsky employed racial slurs and discrimination.

Miami-Dade County ranked as the nation's second most competitive rental market after New Jersey, according to a report.
03/23/2023
Most Competitive Rental Markets in US: Miami-Dade is No. 2

Miami-Dade County ranked as the nation's second most competitive rental market after New Jersey, according to a report.

Miami-Dade County ranked as the nation’s second most competitive rental market after New Jersey, according to a RentCafe analysis.

03/23/2023
LA developer Arthur Aslanian's many legal woes

LA developer Arthur Alslanian, charged last fall with conspiracy to commit murder for hire, is adding to his legal problems. Hartsook Tenants alleges he orchestrated a failed arson plot at a property in effort to evict tenants.

READ MORE : https://therealdeal.com/la/2023/03/19/la-developer-charged-in-murder-for-hire-case-accused-in-arson-plot/?tpcc=sprout_general&utm_campaign=sprout_general&utm_content=1679598014&utm_medium=The+Real+Deal&utm_source=facebook

A look at the Wolkoff family's first foray into high-rise development reveals a  project bungled by delays, accidents an...
03/23/2023
Inside The Problems at 5Pointz Long Island City Luxury Rental

A look at the Wolkoff family's first foray into high-rise development reveals a project bungled by delays, accidents and floods.

A look at the Wolkoff family's first foray into high-rise development reveals a project bungled by delays, accidents and floods.

03/23/2023
The Real Deal’s Annual NYC Real Estate Showcase + Forum

Early bird rates for New York's hottest real estate event end TOMORROW — act fast to secure your spot starting at just $65!

TRD's Forum gives you the most value for your money to help you navigate the current market. Where else can you get a day filled with top level insights on the latest market shifts and networking with thousands of industry professionals for less than $100? Only at !

Join 2,500+ RE professionals at the Metropolitan Pavilion on May 4 for all the networking, deal-making and relationship-building our signature event is known for!⁠ Get your tickets here: https://therealdeal.com/events/new-york-forum?utm_source=social&utm_medium=instagram&utm_campaign=nyc-less-than_$100&tpcc=sprout_general&utm_content=1679596369

The ’s hot office market may be cooling off. But holistically it still holds the nation’s most expensive  offerings, acc...
03/23/2023
San Francisco and Silicon Valley Office Markets Face Challenges

The ’s hot office market may be cooling off. But holistically it still holds the nation’s most expensive offerings, according to a report.

The Bay Area’s competitive office market last quarter shows clear signs of softening quarter-over-quarter.

Bravo's "Million Dollar Listing: Los Angeles" stars and Douglas Elliman brokers Josh Altman and Heather Altman have cut ...
03/23/2023
Josh and Heather Altman Buy “Dream House” in OC

Bravo's "Million Dollar Listing: Los Angeles" stars and Douglas Elliman brokers Josh Altman and Heather Altman have cut a real estate deal of their own in .

The reality TV duo bought a five-bedroom waterfront house in a mystery location in Newport Beach.

Homebuyers hold more power to negotiate in Austin, even as high interest rates inhibit first-time buyers.
03/23/2023
Buyers Have More Power in Austin but Still Paying Plenty

Homebuyers hold more power to negotiate in Austin, even as high interest rates inhibit first-time buyers.

The Austin Board of Realtors reports the housing market has stabilized, as prices have tapered off and supply has increased.

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The Real Deal has become mandatory reading for everyone in the industry. Since 2003, TRD has provided up-to-the-minute industry news and in-depth reports and profiles in our 65,000-circulation monthly magazine and on TheRealDeal.com, which receives more than 2 million unique visitors per month. Our content is available across multiple platforms, including a mobile app available to iPhone, iPad and Android users alike.

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Comments

Signature Bank's founders' stock value ballooned as the New York institution grew at a breakneck pace, but evaporated in 14 months.
Home prices across California have fallen 18 percent from their all-time high, but the number of sales has ticked up for the past three months.
The judge in Fortress Investment Group’s lawsuit against Heritage Equity Partners’ Toby Moskovits and Michael Lichtenstein ruled earlier this month that their Bushwick Generator development in Brooklyn can head to auction after more than three years of legal wrangling.
Real estate is all about who you know. And The Real Deal knows them all. Get exclusive access to news stories, market trends and key facts to help your team make powerful business decisions. The Real Deal's corporate subscriptions offer group pricing that scales according to your team’s needs and the convenience of a single invoice!

Join the leading names in real estate, and and learn more here: https://bit.ly/3HyXuf7"
A Los Angeles City Council land use committee is at loggerheads over the controversial Bulgari Hotel planned for Benedict Canyon.
David Martin's Terra and Major Food Group joined the development team of the previously planned 1000 Museum lookalike in Miami's Edgewater.
New Jersey's northern region — including Jersey City, , and — is home to the most competitive rental market in the U.S.

Watch to learn about the top projects coming to and how Garden State leaders are navigating the development explosion.

New Hampshire-based RE/MAX agent Daniel Twombly allegedly misappropriated escrow account funds and withheld $250,000 in agent commissions at two of his franchises, which have been shut down.
More residential brokers and their firms are turning to professional coaching to develop their business and navigate a market downturn.
Landlord Alvin Matsumoto died after he was allegedly attacked by a tenant's boyfriend during an from his Honolulu property.
Scions of the oil magnate William Rockefeller have sold Kirkwood Farm, a 210-acre Philadelphia-area estate that has been in the family for generations, for $24 million.

Agents: Lavinia Smerconish, Compass | Kim Whetzel and Ellen Haas, Kurfiss Sotheby’s International Realty
Compass broker Terrence Harding describes his brush with a notorious con man.
Through the rate rollercoaster to the market’s reinvention, past ’s identity crisis and skyrocketing residential values, there are opportunities to be had for dealmakers who know where to look. TRD’s 2023 Forum is the best place to start.

Join 2,500+ NYC RE professionals at the Metropolitan Pavilion on May 4 to network, discover new partners, and learn how to navigate new market waters in the current environment. Register today here: https://therealdeal.com/events/new-york-forum?utm_source=social&utm_medium=instagram&utm_campaign=nyc-forum-video&tpcc=sprout_general&utm_content=1679860795

The fallout from pandemic parties at his waterfront mansion is going to cost red light camera mogul John Petrozza a six-figure fine.
After making a surprise winning bid to acquire the Flatiron Building, Abraham Trust's Jacob Garlick, who this week became the most talked-about man in New York , failed to come up with the required $19 million deposit to close on the property. TRD's Keith Larsen spoke with Garlick and the second-highest bidder in the auction, a group led by GFP Real Estate’s Jeffrey Gural, to find out what happens next.
People were talking about two events that sent a literal shockwave in one iconic New York building and a figurative one through another. Click for the soundbites that caught our attention from Jeffrey Gural to Adam Leitman to a lawsuit from a former Keller Williams broker:
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