Month: January 2020

The project site (Credit: Google Maps) The Magellan Group intends to demolish a 21,000-square-foot South Los Angeles light manufacturing complex it acquired last month and replace it with a sprawling “state of the art” self-storage facility, according to records filed with the Los Angeles City Planning Department. In December, the Century City-based real estate investment…

From left: Zahi Hagag, Doug Eisenberg, David Kramer, and David Schwartz As the new decade gears up, most VIPs are rolling in for TRD’s Future City 2020. We’re excited to announce new attendees including tech CEOs, mega landlords, developers, and titans of brokerage. Future City’s square footage keeps growing, with new developers joining daily. A…

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock) The Treasury Department is investigating a federal tax break that was designed to help low-income communities, but has proved to be a windfall for the rich. The inquiry into Trump’s Opportunity Zone program was instigated after three…

Nationwide, foreclosures are at a 15-year low (Credit: iStock) Vulture funds and homebuyers seeking distressed properties at bargain-basement prices may have to keep waiting. Last year saw the fewest foreclosure filings since at least 2005, according to a newly released report. Overall, foreclosure property filings in the U.S. dropped to 493,066 in 2019, down 21…

Related Chairman Stephen Ross (Credit: Getty Images, Wikipedia) The writing was on the wall. The Related Companies said Wednesday it would not build what critics had derisively deemed a wall next to the High Line at its Hudson Yards development. The announcement, made in a Twitter post and first reported by Crain’s, came five days…

A former Fannie Mae employee in Orange County was sentenced for fraud involving bribes and kickbacks. For years, Fannie Mae employee Shirene Hernandez would assign real estate brokers choice listings on foreclosed homes, and in return, they would pay her cash kickbacks stuffed into envelopes and delivered in parking lots, airports and coffee shops. When…

Neil Kadisha Billionaire Neil Kadisha has a big problem with the new pool, hot tub and deck that his Beverly Hills neighbor just built. In a $2 million lawsuit he filed, the venture capitalist alleges the offending amenities, along with a newly-installed deck and manicured lawn encroach onto his vacant property on Crest View Drive.…

Harbor Group International’s CEO Jordan Slone and Phoenix, Arizona (Credit: iStock) Two years ago, Harbor Group International acquired a 9,600-unit apartment portfolio, paying $1.8 billion for properties across the East Coast and in Chicago. Now, the Virginia-based real estate investment firm has gone even bigger. Harbor has closed on one of the largest apartment portfolio…

Clockwise from left: Los Angeles, Miami, New York, and Chicago (Credit: iStock) The U.S. apartment market should see more new units in 2020 than in any year since the 1980s, but these pads aren’t for the great unwashed. The country should see 371,000 new rental units this year, a 50 percent increase over last year,…

The Real Deal is preparing the 15th edition of its Data Book, the most comprehensive collection of information on the New York–area real estate market. Included in the 2020 Data Book will be a ranking of Manhattan’s top residential brokerages, Brooklyn’s most active developers, the city’s biggest real estate loans of the year and more!…