The Real Deal

12/24/2021

Steve Witkoff's Witkoff Group and Len Blavatnik’s Access Industries are the new owners of the stalled XI condo project.

The real estate developers bought the twisting-tower luxury development at 76 11th Avenue in a foreclosure sale Thursday after its former owner, HFZ Capital Group, fell into financial ruin.

Link for all the details: https://bit.ly/32uTFGL

#TheRealDeal #RealEstateNews #NewYorkCity #Development

Steve Witkoff's Witkoff Group and Len Blavatnik’s Access Industries are the new owners of the stalled XI condo project.

The real estate developers bought the twisting-tower luxury development at 76 11th Avenue in a foreclosure sale Thursday after its former owner, HFZ Capital Group, fell into financial ruin.

Link for all the details: https://bit.ly/32uTFGL

#TheRealDeal #RealEstateNews #NewYorkCity #Development

12/24/2021

A Bel Air vineyard once home to music legends Sly Stone and the Mamas and the Papas' John Phillips has found a buyer.

The 1.4-acre property at 783 North Bel Air Road went into contract with an asking price of $24 million. It was previously the site of a Tudor-style mansion, which was converted into a vineyard by late billionaire A. Jerrold Perrenchio for his Chartwell estate.

The property comes packaged with architectural plans from South African firm SAOTA for a 21,000-square-foot mansion. Swipe to see the planned estate, and tap the link for more: https://bit.ly/32ib8CB

#TheRealDeal #RealEstateNews #LuxuryRealEstate #BelAir #Development #CelebrityRealEstate

12/24/2021

The nation's luxury housing market thrived this year like never before, as at least 40 homes sold for at least $50 million.

Homes sold at that threshold or higher increased 35 percent year-over-year, breaking the previous record set in 2020, according to data from Miller Samuel. The appraiser also recorded eight properties trading hands for at least $100 million.

Tap the link to learn about the priciest properties of the year: https://bit.ly/3J7zOyp

#TheRealDeal #RealEstateNews #LuxuryRealEstate

The nation's luxury housing market thrived this year like never before, as at least 40 homes sold for at least $50 million.

Homes sold at that threshold or higher increased 35 percent year-over-year, breaking the previous record set in 2020, according to data from Miller Samuel. The appraiser also recorded eight properties trading hands for at least $100 million.

Tap the link to learn about the priciest properties of the year: https://bit.ly/3J7zOyp

#TheRealDeal #RealEstateNews #LuxuryRealEstate

12/24/2021

There is a place where it’s Christmas 365 days a year. Make that at least two places.

Creating a Yuletide-themed town has been merry for the pandemic-era real estate business in Santa Claus, Indiana and Frankenmuth, Michigan.

Both towns lit up their homes and commercial strips for the holidays and never took the decorations down. It’s perhaps not surprising that when pandemic-era doldrums and work-from-home mandates kicked in, some buyers were drawn to places like these, where good cheer is a selling point.

Follow the link to learn about the two towns that have taken their love of the holiday to Griswoldian levels: https://bit.ly/3soEz0x

#TheRealDeal #RealEstateNews #Holiday #Christmas #ResidentialRealEstate

There is a place where it’s Christmas 365 days a year. Make that at least two places.

Creating a Yuletide-themed town has been merry for the pandemic-era real estate business in Santa Claus, Indiana and Frankenmuth, Michigan.

Both towns lit up their homes and commercial strips for the holidays and never took the decorations down. It’s perhaps not surprising that when pandemic-era doldrums and work-from-home mandates kicked in, some buyers were drawn to places like these, where good cheer is a selling point.

Follow the link to learn about the two towns that have taken their love of the holiday to Griswoldian levels: https://bit.ly/3soEz0x

#TheRealDeal #RealEstateNews #Holiday #Christmas #ResidentialRealEstate

12/23/2021

Wedged between Central Park and the East River is an affluent Upper East Side area known as Lenox Hill.

Dotted with landmarks like the Frick Collection and Park Avenue Armory, plus plenty of upscale boutiques and ritzy residences, the area boasts the best of what New York has to offer — all within just 18 blocks.

With Omicron threatening to put city dwellers back into lockdown, you might be looking for a home with wall-to-wall luxury. Check out these five Lenox Hill homes, curated and showcased by TRD's Select Spaces team, on the market right now. Because when you’ve exhausted all your streaming options and need something pretty on which to settle your gaze, these homes for sale now have some of the best walls to stare at.

Swipe for the properties, and tap the link to learn more about each unit and how to apply: https://bit.ly/3poYdrf
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SPONSOR: Brian Scott Cohen NMLS 410025 at GR Affinity, LLC NMLS 1598647

#TheRealDeal #RealEstateNews #NewYorkCity #NYCRealEstate #UpperEastSide #SelectSpaces #Sponsored

12/23/2021

WATCH: TRD's Hiten Samtani and Fifth Wall's Brendan Wallace

TRD Associate Publisher and Editorial Director Hiten Samtani sat down with Fifth Wall founder Brendan Wallace for the latest episode of episode of Fly on the Wall. The two discuss the factors which have influenced the real estate industry’s posture towards proptech and how the past might inform the future of climate tech.

Watch the video above for a peek at the conversation, and head to the links below for the full conversation.

Youtube: https://bit.ly/3yUhWSI
Podcast: https://wi.st/3poSG3X

#TheRealDeal #RealEstateNews #RealEstate #FifthWall #Proptech #Climate #Technology

12/23/2021

Onni Group Purchases Ace Hotel In Chicago’s Fulton Market

Onni Group completed a deal to buy the 159-room Ace Hotel in Chicago’s Fulton Market District for $63 million.

The purchase price of $400,000 per room marks a loss for seller Sterling Bay.

12/23/2021

Another housing battle looms in San Francisco’s Sunset District

More large-scale housing developments may be coming to San Francisco’s Sunset District – whether neighbors want it or not.

Twelve-story condo tower one of several new housing developments under debate in the predominantly single-family neighborhood.

12/23/2021

Billionaire and Copart CEO Jay Adair scooped up a waterfront Fort Lauderdale teardown for $15.5 million just three days after it hit the market.

On nearly one acre property at 2541 Laguna Terrace, the house includes five bedrooms, two and a half bathrooms and 555 feet of water frontage in the Laguna Isles section of Harbor Beach. Adair and his wife plan to tear it down and replace it with a mansion.

Swipe to see the property, and tap the link for more: https://bit.ly/3JpHImS

Agents: Barbara Panton and Mobley McClellan, Fisher McClellan Real Estate | Scott Patterson, Berkshire Hathaway HomeServices EWM Realty

#TheRealDeal #RealEstateNews #FortLauderdale #Billionaire #Waterfront

12/23/2021

New York State Revokes RFP for 418 11th Avenue

A proposal for what would have been one of the city’s tallest skyscrapers is now on ice.

New York officials rescinded the RFP for Midtown site where a Peebles Corp. team envisioned its 1,663-foot “Affirmation Tower” project

12/23/2021

San Francisco Buys SoMa Building For Homeless Housing

San Francisco will use money from capital funds and California’s Project Homekey to purchase a 160-room building to serve as housing for formerly homeless people.

The city will use $46 million in capital funding and another $8.5 million from Project Homekey

12/23/2021

Metaverse REIT Launches on Exchange, Eyes $15 Million Market Cap Debut - The Real Deal

#SPONSORED After a successful VC round on Unicrypt, MetaSpace Real Estate Investment Trust (MREIT) will begin trading on PancakeSwap on Friday, December 17th, a decentralized exchange with over $2 billion of daily trading volume.

MREIT’s founder, Eric Klein, says that the company will focus on buying, leasing, and minting high–traffic virtual real estate in the metaverse with profits flowing back to token holders via smart contracts, much like a traditional real estate investment trust. The company will be fully audited with KYC and will set the standard for traditional real estate investors looking to diversify in the virtual real estate world.

After a successful VC round on Unicrypt, MetaSpace Real Estate Investment Trust (MREIT) will begin trading on PancakeSwap on Friday, December 17th, a decentralized exchange with over $2 billion of daily trading volume. MREIT’s founder, Eric Klein, says that the company will focus on buying, leasin...

12/23/2021

Catherina Gores Makes $17M Move To Malibu Colony

The newest resident of chic Malibu Colony is Catherina Gores, daughter of billionaire investors and Detroit Pistons owner Tom Gores.

The newest resident of chic Malibu Colony is Catherina Gores, the daughter of billionaire investor and Detroit Pistons owner Tom Gores.

12/23/2021

Self-Storage Stocks Beat Industry Amid Low Space, High Prices

People across the United States locked down by the pandemic needed space to lock their extra things away, boosting self-storage properties to the top of the market.

Index shares for the self-storage sector returned more than 85 percent between price gains and dividend payments since February 2020.

12/23/2021

Dropbox pays $32M to terminate part of its lease in its SF HQ

The move comes months after Dropbox made clear it was looking to shed most of its space in the building.

Firm previously said that it plans to keep just 90k sf at 1800 Owens Street.

12/23/2021

Judge Ends SL Green’s 245 Park Avenue Management Contract

It’s time for SL Green to vacate 245 Park Avenue after an affiliate of HNA Group won a ruling in bankruptcy court.

PWM, an HNA Group affiliate, blamed SL Green’s management of 245 Park Avenue for the office tower’s financial troubles.

12/23/2021

Brookhaven Landfill Partially Rezoned for Industrial Use

Some neighbors of a landfill in Suffolk County are likely feeling down in the dumps after a town board vote rezoned the property despite their opposition.

A Brookhaven landfill has been the subject of debate, with some Suffolk County residents calling to retain its residential zoning.

12/23/2021

Exclusive: Kushner Enters Houston With $200M multifamily purchase

Kushner Properties closes a deal on multiple multifamily properties in Houston, to the tune of $200 million.

Kushner Properties closes a deal on three multifamily properties in Houston, paying a total of $200 million for more than 1,000 units.

12/23/2021

These Were the Top 5 Proptech Fundraising Rounds of 2021

Just as the pandemic hastened proptech’s growth, it also determined which of its many branches flourished.

As housing boomed, the startups behind the year’s largest funding rounds were resi solutions, and most were repeat raisers.

12/23/2021

W Hollywood Sells For $197M To Oaktree-Trinity Fund JV

Host Hotels & Resorts took loss after five years of ownership of the W Hollywood hotel.

Oaktree Capital Management and Trinity Fund Advisors appear to have scored a deal on a leasehold interest in the W Hollywood hotel.

12/23/2021

Long Beach Condo Development May Start After $75M Settlement

It’s taken more than 35 years for developer Haberman & Haberman to get a Long Beach development off the ground, but that stall may not last much longer.

Long Beach and Sinclair Haberman reached a tentative settlement that would allow high-rise construction at the boardwalk site.

12/23/2021

A mansion on one of Malibu’s largest beachfront properties is on the market for nearly $40 million.

The home at 27234 Pacific Coast Highway was previously listed jointly with a neighboring property on the nearly 16,000-square-foot lot for $51.5 million. The properties are now being sold separately.

The Chad Oppenheim and Burdge Architects-designed mansion includes four bedrooms and six bathrooms across 7,160 square feet.

Swipe to see the home, and follow the link for more: https://bit.ly/3EjMf6j

Agent: Chris Cortazzo, Compass

#TheRealDeal #RealEstateNews #LuxuryRealEstate #Malibu

12/23/2021

CIM Group Respond to Allegations at 432 Park Ave

Developer CIM Group hit back at an explosive lawsuit from the condo board at 432 Park Avenue, its luxury supertall where residents have alleged widespread construction defects.

Developer CIM Group filed a response to an explosive lawsuit from the 432 Park Ave. condo board that alleged defects and safety concerns.

12/22/2021

Silverstein Buys FiDi Apartment Building at 116 John Street for $248M

Larry Silverstein is getting in on the flurry of last-minute deals to close out the year.

Larry Silverstein is buying the 400-unit building at 116 John Street, a former office tower, from Metro Loft Management for $248 million.

12/22/2021

NYC Chain Store Locations Increased 3% in 2021

The number of chain stores and restaurants in New York City increased this year in a welcome sign for retail landlords after four straight years of declines.

After more than 1,000 locations shuttered last year, the number of chain stores in the city increased to 7,160 this year.

12/22/2021

Exclusive: California company sets multifamily deal record in Dallas

The multifamily market in Texas is scorching, and Tides Equities is poised to strike while the iron is hot.

California-based Tides Equities today bought the Montecito Creek Apartments, a 650-unit apartment complex in Dallas, for $79.5 million.

12/22/2021

CIM Group Respond to Allegations at 432 Park Ave

Developer CIM Group hit back at an explosive lawsuit from the condo board at 432 Park Avenue.

Developer CIM Group filed a response to an explosive lawsuit from the 432 Park Ave. condo board that alleged defects and safety concerns.

12/22/2021

The Rental Revolution is Here: Knock Increases NOI for Landlords with Time-Saving Tech - The Real Deal

#SPONSORED “We see a future where you can go to the neighborhood you’re interested in, open the Knock app, tour 12 apartments in one day, and complete your application before dinner.” - Click the article to learn more

When it comes to the headaches of renting an apartment, most New Yorkers can relate. However, for Knock Co-Founder Erez Cohen, the tedious experience also sparked an idea. “It started with a classic NYC story. Erez went to see a unit, but the agent wasn’t there — and it was snowing,” explain...

12/22/2021

Charlie Munger Has No Time for the Haters

In over half a century atop the business world, Charlie Munger has never dealt with an outcry quite like this.

A look at the controversy over Charlie Munger's design for a UCSB megadorm- and an interview with the billionaire on his reaction.

12/22/2021

Governor Signs Anti-Housing Discrimination Package

Bills, passed in response to a report on unequal treatment on Long Island, mandate heavier fines for violations, increased training for brokers.

Bills, passed in response to a report on unequal treatment on Long Island, mandate heavier fines for violations, increased training for brokers.

12/22/2021

Amazon Expands Chicago Offices, Plans To Hire 450 More Workers

Amazon.com is hiring and adding to its office space in downtown Chicago.

The online shopping giant leased about 67,000 square feet of additional space.

12/22/2021

RXR, TF Cornerstone Get Approval for Supertall Tower

RXR Realty and TF Cornerstone ’s 1,500-foot development at 175 Park Avenue has received approval from the New York City Council.

The mixed-use building at the Grand Hyatt site next to Grand Central Terminal is set to be among New York City's tallest towers. It will include more than 2 million square feet of office space and up to 500 hotel rooms.

#TheRealDeal #RealEstateNews #NewYorkCity #Development #GrandCentral

RXR and TF Cornerstone were cleared to pursue the Grand Hyatt site next to Grand Central Terminal for a mixed-use office tower.