• Real Estate Investing,  Travel & Lifestyle

    Why New Yorkers, Californians and others pay so much rent

    The U.S. homeownership rate peaked in 2005 at 69.1% and has been falling since Residential rents in the U.S. increased in 2019 as did the number of tenants, pushing America’s total rent bill to $512 billion, according to a new research report from Zillow. That’s about 10% above the decade’s average. With most U.S. renters making their final payments of the decade at the start of this month, Zillow used census data and its own to look back at rent payments for the period. “A bump in the overall number of U.S. renters in 2019 (to 43.6 million), after a slight decline in the previous year, and rent growth itself…

  • Real Estate Investing,  Travel & Lifestyle

    Paper magnate inks deal for condo at The Bristol

    The Bristol in West Palm Beach The Bristol in West Palm Beach continues to attract wealthy buyers as it nears sellout. Paper magnate Bob Grossman and his wife Lynne purchased unit 2101 at the high end-luxury condo development for $12.2 million. Bob Grossman and his brother Steven Grossman sold their containerboard manufacturing and corrugated packaging company, Southern Container Corp., in 2008 for $851 million, according to the Gwinnett Daily Post. In 2017, Bob and Lynne Grossman paid $10 million for a unit in the north tower of Oceana Bal Harbour at 10201 Collins Avenue. They also own a number of superyachts. Flagler Investors, led by Al Adelson and Gene Golub,…

  • Real Estate Investing,  Travel & Lifestyle

    It will make you laugh, it will make you … cringe: Blackstone’s latest holiday video

    What’s Blackstone Group missing? That’s the question Jon Gray, the company’s CEO, posed in an unusual holiday video released Thursday. The answer: A mascot. The hulking grey “Mr. Stone,” with his grey skin, wild eyes and office-appropriate suit and tie, takes a while for some staff to warm to at the outset of the more-than-six-minute video. But as it wears on, he’s got them dancing and jumping around office tables and holding signs with his name. The holiday cheer is well spread, but as in any good production, there’s a mystery afoot. “I don’t know who’s inside that costume but I love what Mr Stone is bringing to this firm,”…

  • Real Estate Investing,  Travel & Lifestyle

    Melo Group grabs more land north of downtown Miami for $28M

    Carlos Melo and the property The Melo Group just picked up another site in Miami’s Arts & Entertainment District near Edgewater. Melo paid $28 million for the 1.6-acre block between 18th and 19th streets on the west side of Biscayne Boulevard, according to a spokesperson. The land is zoned for a transit-oriented, mixed-use residential development with up to 800 units and street-level retail. Property records show the seller is Miami Chinese Community Center Limited, an entity that lists a Bronx, New York address tied to Isaac Shih. The company assembled the land between 1988 and 2007, spending a combined $4.14 million on the parcels. Melo is land banking. The Miami-based…

  • Real Estate Investing,  Travel & Lifestyle

    WeWork in talks to sell off Managed by Q to free up some cash

    WeWork’s Artie Minson and Managed by Q’s Dan Teran WeWork is in talks to the sell the biggest acquisition it made in its free-spending days. The co-working company is in discussions to sell the workplace management company Managed by Q to a group including one of the company’s co-founders, Bloomberg reported. It’s one of three companies WeWork put on the chopping block as it looks to cut costs. Read more These startups were banking on WeWork. Now they’ll be sold at a discount WeWork acquires office management startup Managed by Q WeWork laying off thousands of employees Co-founder and former chairman Dan Teran is working with a group of investors…

  • Real Estate Investing,  Travel & Lifestyle

    Integra scores $68M refi for Artsquare at Hallandale Beach

    Integra Investments’s Victor Ballestas and Artsquare at Hallandale Beach One of Hallandale Beach’s largest apartment complexes scored a $67.6 million loan. Integra Investments secured the refinancing for Artsquare at Hallandale Beach from Hunt Real Estate Capital. Artsquare is a 358-unit, Class-A project at 401 North Federal Highway that was completed in 2018. The project has six buildings and sits on a 2.7-acre parcel. In addition, the property features six commercial spaces that total 13,500 square feet in space. Two of the spaces are leased to Thousand Hills Coffee and Orange Theory. Amenities at the project include a swimming pool, fitness center, yoga/spin studio, a dog wash station, club room and…

  • Real Estate Investing,  Travel & Lifestyle

    Dezer wins height approval for Sunny Isles’ tallest condo tower

    Gil Dezer and Days Hotel by Wyndham Thunderbird Beach Resort The Federal Aviation Administration approved the height for what would be the tallest tower in Sunny Isles Beach. Dezer Development could build up to 743 feet above ground, or 749 feet above sea level, on the property at 18401 Collins Avenue. Dezer owns the Days Hotel by Wyndham Thunderbird Beach Resort on the site. Property records show Dezer Hotel Management Ltd. paid $6.78 million for the hotel in 1996. The five-story, 180-room building was built in 1955 on a 3.56-acre site. Dezer Development CEO Gil Dezer said that he is “years away from demolishing the hotel” but that it would…

  • Real Estate Investing,  Travel & Lifestyle

    Here are the top seller’s and buyer’s markets across the country

    Broward County (Credit: iStock) Buyers waiting on the sidelines, waiting for the market to turn in their favor. Sellers refusing to adjust their prices, in the hopes that conditions will swing their way: It’s the stuff brokers’ nightmares are made of. Getting a better sense of which markets across the U.S. lean in favor of the buyer or seller might lead to more sensible pricing decisions and boost activity. And a new analysis aims to do just that. According to the analysis, which was done by the Wall Street Journal and Realtor.com, California’s Contra Costa is the nation’s most extreme seller’s luxury market. Its absorption rate, defined as the number…

  • Real Estate Investing,  Travel & Lifestyle

    Goldman Sachs will lead Phase II of SoftBank’s WeWork rescue plan

    Softbank CEO Masayoshi Son and Goldman Sachs CEO David Solomon (Credit: Getty Images) WeWork’s got a new bank and a new line of credit. Goldman Sachs arranged a $1.75 billion line of credit for SoftBank Group with WeWork listed as a co-borrower, according to Bloomberg. The credit line is part of a larger bailout package SoftBank has committed to securing. WeWork was listed as a co-borrower in a bid to attract other lenders willing to front lines of credit to the beleaguered co-working company, which is desperate for cash after its failed initial public offering, Bloomberg reported. The new credit line replaces the company’s previous $1.1 billion facility and will…

  • Real Estate Investing,  Travel & Lifestyle

    No wrinkles here? Allergan CEO buys Venetian Islands house

    Brenton Saunders and his Venetian Island home This purchase may have closed without a wrinkle. Brenton Saunders, CEO of Botox maker Allergan, paid $10.75 million for a waterfront house on the Venetian Islands, The Real Deal has learned. The modern home at 1142 North Venetian Drive in Miami was listed for $12.9 million. Built in 2014, the 6,685-square-foot house has six bedrooms and six bathrooms. The seller is Mark’s Home LLC, tied to John de Olazarra of Miami. Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty had the listing. He confirmed the price and said it is the seventh home with a price topping $10 million that he has sold…