Month: September 2020

Neiman Marcus at Hudson Yards and Geoffroy van Raemdonck (Getty) Neiman Marcus has emerged from bankruptcy just four and a half months after it entered the Chapter 11 restructuring process. The court-led process erased $4 billion in debt that the distressed retailer was holding, along with $200 million in annual interest payments, Reuters reported. The…

Larry Korman (Photo by Emily Assiran) Life under quarantine has brought big changes for everyone. For Larry Korman — the head of property development, management and marketing at AKA, the luxury extended-stay brand that he runs with his younger brother Brad — it’s literally been a matter of night and day. Before Covid, Korman, 57,…

Charles Rettig, Commissioner of the IRS (Getty) Potential changes to the rules for Opportunity Zones could soon allow some foreign investors to reap major tax benefits from the program. The Internal Revenue Service is considering new rules pertaining to foreign investors’ ability to defer capital gains in the Opportunity Zones program. The new regulations could…

Colony’s Tom Barrack,, One California Plaza, and Rising CEO Christopher Rising (Credit: TM/Bauer-Griffin/GC Images via Getty Images, Tiffany Rose/Getty Images) Colony Capital may be all-in on cutting-edge digital real estate these days, but just a few years ago, the company was still very much in the business of old-school real estate buys. Like in 2017,…

The analysis predicts that office vacancies across the world will continue upward (iStock) The office market won’t reach pre-Covid levels until 2025, a brokerage report has found. The analysis by Cushman and Wakefield predicts that office vacancies across the world will continue upward, reaching 15.6 percent in 2022, Bloomberg reported. About 95.8 million square feet…

MCM President Jorge Munilla and a photo of the bridge collapse (Linkedin, Getty) The contractor behind the Florida International University bridge that collapsed in March 2018, killing six and injuring 10, filed a lawsuit seeking $15 million from the company responsible for reviewing the bridge’s design before its construction. The plaintiff and builder of the…

WeWork CEO Sandeep Mathrani (Getty) WeWork has sold a $200 million stake in its China business, a move to reduce its long-term exposure to the office market. The buyer was TrustBridge Partners, an investment firm that previously held a minority stake in WeWork China. With its new majority position, TrustBridge appointed its operating partner, Michael…

Zillow CEO Rich Barton (JD Lasica via Flickr; iStock) At the risk of alienating agents, Zillow is also banking on them to reach an elusive goal: profitability for iBuying. Starting in 2021, Zillow said it will use salaried agents to purchase homes through Zillow Offers instead of relying on local brokers to represent it in…

Tom Barrack and Mahmood Khimji (Getty) Tom Barrack’s Colony Capital is selling the majority of its beleaguered hotel business to private investor Highgate Hotels in a deal valuing the properties at $2.8 billion. It’s the largest shakeup the hospitality sector has seen since being decimated by the pandemic. The publicly traded Colony signed an agreement…

Martin Muoto and 4238 S. Western Ave. (Credit: Google Maps) A developer who has touted Opportunity Zones as a “godsend” filed plans for his latest project to utilize the federal tax break, a 68-unit apartment complex building in South Los Angeles. Through his company SoLa Impact, Martin Muoto wants to build the project at 4238…