• Real Estate Investing,  Travel & Lifestyle

    Hines CEO talks coronavirus, Opportunity Zones and WeWork

    Laura Hines-Pierce and Jeff Hines Coronavirus and its impact on the real estate industry were top of mind at the University of Miami’s Real Estate Impact Conference. During a session on development opportunities with Hines executives, Hines President and CEO Jeff Hines said coronavirus is a “major, major concern at this point.” The Houston-based real estate investment and development firm, with more than $124 billion in assets under management and 148 projects underway, is pulling out of the MIPIM property conference in Cannes, France. Blackstone Group, Cushman & Wakefield, Savills, Knight Frank, PGIM Real Estate and other big firms have also said they will not be sending representatives to the…

  • Real Estate Investing,  Travel & Lifestyle

    Coronavirus fears slam real estate stocks amid market sell-off

    Real estate stocks tumbled as coronavirus fears sent markets into a tailspin. (Credit: iStock) UPDATED, Friday, Feb. 28, 2020, 6:15 p.m.: As coronavirus fears shook markets and led to the steepest stock drop in over a decade this week, usually safe real estate investment trusts tumbled. “We’ve seen massive drawdowns across the entire equity market, and massive panic and sell-offs,” said Alexi Panagiotakopoulos, co-founder of Fundamental Income, sponsor of the NETLease Corporate Real Estate ETF. The stock market’s three major indices over the past five days saw their worst performances since the Great Recession. As of market close Friday, the S&P was down about 11.5 percent for the week, according…

  • Real Estate Investing,  Travel & Lifestyle

    Coronavirus delays sale of SF’s $1B Oceanwide Center

    A rendering of the Oceanwide Center It’s been over a month since Chinese developer Oceanwide Holdings announced a deal to sell its flagship San Francisco development for $1 billion, but it could take another month for the deal to officially close — and the new coronavirus outbreak is to blame. Oceanwide and the buyer, an affiliate of Beijing-based asset manager SPF Group, have agreed to postpone the completion of due diligence and the delivery of Oceanwide Center by a month amid a coronavirus-related slowdown, the company announced Thursday. “Due to the impact of the COVID-19 epidemic, due diligence work on this transaction has been somewhat delayed,” a filing with the…

  • Real Estate Investing,  Travel & Lifestyle

    NY real estate agent arrested during SOBEWFF

    Cheyenne Lutek (Credit: Miami-Dade County Dept. of Corrections, iStock) A model and real estate agent based in New York was arrested during the South Beach Wine and Food Festival last weekend. Cheyenne Lutek, previously with Douglas Elliman, was released from Turner Guilford Knight Correctional Center in Miami on Monday on a $500 bond, according to WPLG Channel 10. Lutek is no longer with Elliman, according to a spokesperson for the brokerage. She was arrested on charges of disorderly intoxication and resisting an officer without violence. According to the police report, she had bloodshot, watery eyes, was slurring her words and her breath smelled of alcohol. After she was escorted out…

  • Real Estate Investing,  Travel & Lifestyle

    Colony Capital sells stake in RXR Realty

    Colony Capital’s Tom Barrack and RXR Realty’s Scott Rechler (Credit: Getty Images) Colony Capital has offloaded its stake in New York real estate firm RXR Realty for an undisclosed sum. The investment platform, led by Tom Barrack, sold the 27.2 percent stake to Dyal Capital Partners, Bloomberg reported. The value of the deal with Dyal, which reportedly has closed, is unknown, though a source told Bloomberg that Colony made a profit. Colony last valued the stake at $100.3 million in March. It inherited the stake when it merged with NorthStar Realty Finance Corp. in 2017. Under Barrack, who is expected to step down next year amid pressure from investors, Colony…

  • Real Estate Investing,  Travel & Lifestyle

    Candidates talk housing issues at Democratic debate

    From left: Former New York City Mayor Mike Bloomberg, former South Bend, Indiana Mayor Pete Buttigieg, Sen. Elizabeth Warren, Sen. Bernie Sanders, former Vice President Joe Biden and Sen. Amy Klobuchar (Photo by Win McNamee/Getty Images) In an otherwise bizarre Democratic debate that devolved into a discussion of “personal mottos,” candidates answered a rare question on how they plan to address housing affordability. Though each of the candidates on the debate stage last night have released housing plans — including former Vice President Joe Biden, who released his on Monday — they offered scant details during a heated debate in Charleston, South Carolina. It was the final debate before Super…

  • Real Estate Investing,  Travel & Lifestyle

    Fifth Wall closes $100M fund to bring online retailers into physical stores

    Fifth Wall Ventures’ Brendan Wallace and Kevin Campos (Credit: iStock) A new generation of e-tailers are looking to make their first, risky step into the world of physical real estate, and one real estate-focused venture capital firm sees an opportunity. Fifth Wall Ventures has closed a $100 million fund to invest in such companies, the Wall Street Journal reported. The fund’s investors include public retail landlords like Acadia Realty Trust and Macerich. The fund will connect those companies with potential tenants as part of its strategy. “What these brands are realizing is that it is so hard to grow online,” Brendan Wallace, founder of the Los Angeles-based Fifth Wall, told…

  • Real Estate Investing,  Travel & Lifestyle

    E11even owner Marc Roberts returns to Miami Worldcenter with $27M purchase

    Ira Saferstein and Marc Roberts, with a rendering of Miami Worldcenter Miami Worldcenter’s master developers sold another site within their project, for $26.78 million, to a buyer that previously invested in the property. IRR Parkway Investments LLC closed on a 1-acre site between North Miami Avenue and Ninth and 10th streets in downtown Miami, according to a press release. The property is zoned for mixed-use development within the master-planned project. Miami Worldcenter Associates, led by Nitin Motwani and Art Falcone, sold the property. State records show IRR Parkway Investments is led by Ira Saferstein, co-owner and managing member of Titan Capital ID, real estate lenders in the New York City…

  • Real Estate Investing,  Travel & Lifestyle

    REITs take a hit amid growing coronavirus concerns

    REIT stocks fall amid global coronavirus concerns (Credit: Getty Images, iStock) Real estate investment trusts were not immune from Monday’s global market sell — particularly hotel properties — a result of the growing fears surrounding the coronavirus and its potential to trigger a global economic slowdown. The S&P 500 fell 3.35 percent and the Dow Industrial Average plummeted over 1,000 points following news that the coronavirus, which has infected over 77,000 and killed over 2,500, was expanding in Italy and South Korea. REITs took a hit but fared better than the broader market, largely because many REITs own properties based in the U.S. “REITs do provide a margin of safety,”…

  • Real Estate Investing,  Travel & Lifestyle

    Highlights from Day 1 of TRD’s Future City summit

    The second year of The Real Deal’s annual executive retreat kicked off at Baha Mar Resort in the Bahamas. Future City’s 2020 attendees — including Bentley Zhao of New Empire Real Estate, David Kramer of Hudson Companies, Doug Eisenberg of A&E Real Estate Holding, Young Woo of Youngwoo & Associates, Gil Dezer of Dezer Development and DR Dwyer of Related Companies — trickled into the resort Sunday, prepared for several days of networking and panels on the future of real estate, construction and technology. The program began with presentations from Patrice Derrington, the head of Columbia University’s real estate program, and Sam Chandan, the associate dean of NYU’s Schack Institute…