• Real Estate Investing,  Travel & Lifestyle

    Opportunity Zone investigation won’t derail developer investment, experts say

    Treasury Department watchdog is investigating the Opportunity Zone program (Credit: iStock)   The Treasury Department’s investigation into the Opportunity Zones program will weed out the bad apples but won’t derail the federal tax incentive initiative, investors and developers say. Instead, the probe could provide a way for companies with Opportunity Zone funds to promote the social impact of their investments, and could push to strengthen reporting requirements on those investments. “The more that’s cleaned up the better the program is going to do in the long term,” said Gray Lusk, a founding partner of Sola Partners, which has raised $100 million for affordable housing projects in Opportunity Zones.  Introduced as part…

  • Real Estate Investing,  Travel & Lifestyle

    Office complex near Fort Lauderdale airport sells for $7M

    2001-2005 West Cypress Creek Road, Alex D. Zylberglait An office complex next to Fort Lauderdale-Hollywood International Airport sold for $7.2 million. Capital Cypress LLC, managed by Jonathan Cohen and Fanny Cohen, purchased the Cypress Creek Professional Buildings at 2001-2005 West Cypress Creek Road. Bananco LLC, led by Aziz Ali, sold the property. The three buildings total 49,867 square feet, equating to a sale price of $144 per square foot, records show. Alex D. Zylberglait and Michael Crocchiola of Marcus & Millichap represented the seller. 2001 & 2003 Cypress Creek were built in 1975 while 2005 Cypress Creek was built in 1985. The buildings are between I-95 and Florida’s Turnpike. The…

  • Real Estate Investing,  Travel & Lifestyle

    Florida to buy 20K acres of Everglades wetlands

    Florida Gov. Ron DeSantis Florida Gov. Ron DeSantis announced the state will purchase 20,000 acres of wetlands in the Florida Everglades from a private landowner. Kanter Real Estate owns the land, located in a water conservation area within the Everglades protection area in western Broward County. The Kanter family will sell the land for $16.5 million before June 30, or $18 million after that date, according to the Miami Herald. The governor’s office said the sale would be the largest wetland acquisition in a decade and will protect the wetlands permanently from oil drilling, which was the Kanter family’s intention. With the acquisition, nearly 600,000 acres of wetlands will be…

  • Real Estate Investing,  Travel & Lifestyle

    Miami board votes to repeal Special Area Plans

    From top: Miami Produce Center, Mana Wynwood and Magic City Innovation District Special Area Plans have enabled developers to build massive projects in the city of Miami like Brickell City Centre, River Landing Shops and Residences, Mana Wynwood, the Miami Produce Center, and Magic City Innovation District. SAPs have also antagonized neighborhood activists who fear that such massive developments destroy the character of low-rise neighborhoods and speed up the displacement of individuals and families who can’t afford the skyrocketing rents or property taxes. Now, the Miami Planning, Zoning and Appeals Board is recommending that no other SAPs be approved. By a vote of 6 to 3 on Wednesday, the board…

  • Real Estate Investing,  Travel & Lifestyle

    Harbor Group’s 13K-unit apartment purchase is one of largest ever

    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 deals ever, paying $1.85 billion for 13,243 units, most of them across the South and Southwest. The portfolio encompasses 36 properties in eight states: Arizona, Colorado, Florida, Georgia, Missouri, New Mexico, Texas and Utah. The seller was Aragon Holdings. The deal accounted for most of Aragon’s $2 billion sale of its entire apartment portfolio, consisting…

  • Real Estate Investing,  Travel & Lifestyle

    David Edelstein sells Wynwood site to AMLI for $35M

    David Edelstein and a rendering of the Wynwood site Developer David Edelstein sold an assemblage in Wynwood to multifamily giant AMLI Residential, The Real Deal has learned. Edelstein of New York-based TriStar Capital sold the “45 Winwood” development site to AMLI for $35 million. Together, the properties are zoned for 669,600 square feet and 321 residential units. The assemblage, at 45 Northwest 24th Street, between Northwest Second Avenue and North Miami Avenue, is currently home to five buildings with 41,000 square feet of commercial space. AMLI plans to develop the land into a mixed-use project with 321 residential units and 45,000 square feet of retail, Edelstein said. Cushman & Wakefield’s…

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    CORE becomes latest NY resi brokerage to expand into South Florida

    Shaun Osher, CORE CEO (Credit: Getty Images and iStock) Boutique residential brokerage CORE is heading to the beaches of South Florida, where competition continues to grow fiercer. The brokerage, which is 50 percent owned by Related Companies, is expanding into new markets including Florida, CORE’s founder and CEO Shaun Osher confirmed. He said that the expansion has been in the works for about five years and was prompted after the firm won several new development projects outside New York City. Hints of CORE’s new ventures began appearing on Osher’s personal Instagram account in October when he posted a photo of himself during a site visit in Miami along with the…

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    New EB-5 rules targeting abuse may be eased

    Sen. Lindsey Graham and the Hudson Yards development (Credit: Getty Images, iStock) EB-5, the federal visa program that helped fund development projects like the massive Hudson Yards in New York, has been fading recently and on the ropes, a result of fraud and its own popularity. But it still has supporters, and they are now looking to U.S. Sen. Lindsey Graham, Chuck Schumer and other powerful elected officials to help ease newly-passed rules, according to the Wall Street Journal. The rules took effect in November, and were meant to crackdown on abuse and pull the 30-year-old program into the 21st century. Sen. Graham of South Carolina and Sen. Schumer of…

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    Lionheart and Jeffrey Dagowitz sell Seagull Hotel Miami Beach for $120M

    Jeffrey Dagowitz, Ophir Sternberg and 100 21st Street (Credit: Getty Images, Google Maps) In the biggest hotel sale in Miami Beach so far this year, partners Lionheart Capital and Actium Development Co. sold the Seagull Hotel Miami Beach for $120 million, The Real Deal has learned. JHG Holdings Miami Owner LLC, a joint venture between Lionheart, led by Ophir Sternberg, and hotelier Jeffrey Dagowitz’s Actium, sold the waterfront hotel to BHI Miami Limited, according to sources. The Delaware entity is led by Nabil Kobeissi, records show. The hotel at 100 21st Street traded two years after Lionheart and Dagowitz bought it at auction for $31.1 million. The $120 million price…

  • Real Estate Investing,  Travel & Lifestyle

    Trump Org blasts NYC mayor for criminal referral of tax findings

    Mayor Bill de Blasio, 40 Wall Street, and President Donald Trump (Credit: Getty Images, 40 Wall St. via the Trump Organization) The Trump Organization blasted the New York City mayor for saying his probe of the company turned up evidence of a possible crime. Following a news report late last year that President Donald Trump’s development firm reported different income figures to lenders and the government for the same real estate, Mayor Bill de Blasio launched an investigation. The mayor said Friday that some of his administration’s findings had been referred to Manhattan District Attorney Cyrus Vance for possible criminal prosecution. A spokesperson for the Trump Organization lashed back Monday,…