Global investment firms with real estate holdings took a beating in markets on Monday as China Evergrande inched closer to missing interest payments on its debt. While global markets slumped, U.S. real estate stocks held their ground. Blackstone Group, the world’s largest landlord, dropped about 7 percent, as did Apollo Global Management and eXp World Holdings. KKR fell 6 percent while the Carlyle Group slid almost 8 percent. The Real Estate Select Sector Index, which
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Google the phrase “WeWork going public” and among the questions that pop up are: “When did WeWork go public?” The answer is, it never really did. But late next month, retail investors will finally have the chance to own a piece of the coworking giant. WeWork announced Monday that its merger with a special purpose acquisition company, floated in January and announced in March, will be completed a month from now. The news, like the
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Sharif El-Gamal’s Soho Properties has closed on a $317 million refinancing of its recently completed Margaritaville Resort Times Square. Leading the financing was senior lender Bedrock Capital Associates LLC, the real estate finance affiliate of One William Street Capital Management, while mezzanine funding came from South Korea’s Hana Financial Investment, Soho Properties said in a joint statement Monday with co-developers Chip and Andrew Weiss. The refinancing was the largest for a New York City hotel
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Former baseball slugger Alex Rodriguez hit a home run on 13 lawsuits filed by his former brother-in-law, Constantine Scurtis, over their unraveled real estate venture. A Miami-Dade Circuit Court judge’s ruling to dismiss the suits means A-Rod is cleared of tens of millions of dollars in potential damages. Yet other litigation is still headed to court that could put Rodriguez on the hook for as much as $50 million. Rodriguez and Scurtis’ former real estate
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The most expensive contract signed in Brooklyn last week was also the priciest in Brooklyn Heights this year as measured by price per square foot. A 2,904-square-foot penthouse at Brooklyn Bridge Park’s Quay Tower, went into contract the week of Sept. 13-19 asking $7.5 million, according to a weekly report from Compass. At $2,583-per-square foot, that’s the highest square-foot price that’s gone under contract in the neighborhood so far this year, according to Garrett Derderian,
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Less than a month after the release of his long-awaited album, “Donda,” Kanye West paid $57 million for a Tadao Ando-designed Malibu beach house, which first listed in May 2020. The rapper, entrepreneur and aspiring architect and developer bought the 4,000-square-foot concrete home at 24844 Malibu Road in an off-market deal with owner Richard Sachs, according to Dirt. Ando is reportedly among West’s favorite architects. Sachs listed the property last May, the same week that
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