Month: October 2020

Starwood CEO Barry Sternlicht, InTown Suites CEO Ash Kapur and 1071 NE 28th Avenue in Homestead (Getty, Google Maps) Starwood Capital Group secured $265 million in refinancing for a portfolio of 58 extended-stay and midscale hotels nationwide, representing a fraction of all the hotels it owns and operates. Miami Beach-based Starwood hopes to execute the…

Adam Neumann and “Billion Dollar Loser” (Getty; Amazon) Real estate executives had their doubts about WeWork, but many weren’t willing to risk missing out on its success. They and others who kept their criticism to themselves helped enable and then felled the co-working giant once it became clear that its crash would be just as…

Rents are falling not only in New York but in cities around the world (iStock) Across the country, rents are tumbling. Sales have surged in the New York suburbs, and prices with them. But Manhattan apartments are the cheapest they’ve been since 2013. The number of listings have tripled from a year ago while the…

Cypress CEO Michael Sorochinsky and 2217-2235 West Sunset Boulevard (Credit: Google Maps) Cypress Equity Investments has filed plans for its second multifamily project of the year in Los Angeles. The firm wants to build a 176-unit apartment complex at 2217-2235 West Sunset Boulevard in Echo Park. Plans were filed with the Department of City Planning.…

(Getty, iStock) The number of applications to buy homes dropped again last week, marking the fourth consecutive week of declines. https://therealdeal.com/tag/housing-market/ The index tracking the volume of purchase mortgage applications fell 2 percent, seasonally adjusted, last week, according to the Mortgage Bankers Association’s weekly survey of the U.S. residential mortgage market. The metric, known as…

Richard Swerdlow and Bruce Goldstein Miami-based Condo.com founder Richard Swerdlow and South Florida developer Bruce Goldstein are partnering to launch an online platform for bulk condo deals, The Real Deal has learned. They’re betting on the growing distress of condo markets across the country and developers’ desire to keep their offers confidential. Swerdlow and Goldstein…

Housing starts and completions increased sharply in September 2020 in response to fierce demand to buy homes. (iStock) The number of homes under construction surged across the U.S. last month as homebuilder confidence kept rising. In September, housing starts for single-family properties stood at 1.4 million, seasonally adjusted, according to the U.S. Census Bureau’s monthly…

Reeves Wiedeman (Photos via Amazon; Reeves Wiedeman; iStock) Dream no small dreams, for they have no power to move the hearts of men — or venture capitalists. Adam Neumann, the co-founder and former CEO of WeWork, certainly wasn’t guilty of small dreams. From being a broke émigré living rent-free in his sister’s apartment to building…

Welcome co-founder Alec Hartman and rendering of a model home (Welcome) Building a new home from the ground up may get easier thanks to a New York City startup that’s bringing the entire process online. Welcome Homes, which officially launches this week, lets buyers choose a plot of land, select finishes for their new home…

Barry Sternlicht, Louis Joliet Mall (Credit: Google Maps and Cindy Ord/Getty Images for 1 Hotels) Starwood Retail Partners is giving up on one of its suburban Chicago malls, handing over the keys to its lender after first defaulting on a loan payment in the spring. The move comes two months after parent company Starwood Capital…