Month: October 2020

Amy Coney Barrett (Getty) When landlord groups filed a federal lawsuit challenging New York’s rent law last year, they already had their eyes on the U.S. Supreme Court. Now, with the appointment of a sixth conservative judge, their case may have a better shot at being heard by the nation’s highest court. Amy Coney Barrett…

Markwood’s David Wright and 7100-7110 W. Melrose Avenue (Google Maps) Markwood Enterprises has filed plans to build a 66-unit apartment complex in Fairfax that it says will offer “upscale rental” units. The four-story apartment building would rise on what is now a roughly 16,000-square-foot parking lot at 7100-7110 W. Melrose Avenue, according to plans filed…

15 Del Mar, Newport Coast (Google Maps) A mansion in Newport Coast has sold for $61 million, breaking a three-year-old record for Orange County’s priciest residential deal. The 19,000-square-foot oceanfront property was built in 2017 and first appeared on the market in June, asking $68 million, according to the Los Angeles Times. The sale price…

Equity Residential chairman Sam Zell (Getty) Sam Zell’s Equity Residential was hit with a 58 percent decline in income in the third quarter, with urban flight severely impacting its apartment portfolio. The REIT’s net income in the third quarter was $95.4 million, down from $227.8 million in the same period last year, the company reported…

An estimated 12.8 million Americans would owe an average of $5,400 from missed payments (iStock) Thousands of renters could be evicted from their homes in the next few months, leading to a housing crisis that could have major ripple effects on the economy. A recent study by the Federal Reserve Bank of Philadelphia, which surveyed…

U.S. home prices rose with Phoenix, Seattle and San Diego logging the biggest gains (iStock) More good news for the U.S. housing market: Home prices continue to climb. Prices increased 5.2 percent year-over-year in August, according to the S&P CoreLogic Case-Shiller 20-city home price index, which tracks the housing market in 20 cities including New…

Cushman & Wakefield CEO Brett White and JPMorgan CEO Jamie Dimon (Cushman & Wakefield; Getty) Cushman & Wakefield, which is under water on its $3.2 billion debt load, could be headed toward a default if its Covid-battered earnings continue to decline. The Chicago-based real estate services firm is the most highly leveraged company among its…

CoStar CEO Andy Florance (iStock; Getty) Commercial real estate data giant CoStar Group has acquired real estate data company Emporis, a move that will boost its European presence. Germany-based Emporis has data on 700,000 buildings records across 100 countries, CoStar said Tuesday. CoStar did not disclose the purchase price, which founder and CEO Andy Florance…

Colliers’ Jay Hennick (iStock; Colliers) Colliers International reported an 11.5 percent jump in net income during the third quarter, despite a pandemic that has significantly slowed commercial real estate activity. The real estate firm reported a profit of $32 million, up from $28.7 million in the same period last year, according to its third-quarter earnings…

Abandoned malls are being turned into senior housing, giving planners a chance to rethink retirement communities (iStock) As more malls and shopping centers close or see their anchor tenants fall into bankruptcy, they may be repurposed for a new use: senior housing. George and Pat Ritzinger are among the early beneficiaries of the trend: The…