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Pandemic takes drastic toll on dry cleaners
As workers trade in suits for sweatpants, 1 in 6 dry cleaners has closed or gone bankrupt (Getty) At J’s Cleaners, business had clawed up to 40 percent of pre-pandemic levels last month. But now, with...
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Real estate deals dominate Opportunity Zones. Is that bad?
The Economic Innovation Group identified 145 real estate investments in Opportunity Zones (iStock) Investment in Opportunity Zones is growing at a rapid pace, and so is skepticism about the program —...
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Michael Stern pays $9M for future site of 62-story Brickell tower
Michael Stern and a rendering of the project (Getty, JDS Development/SHoP Archictects) Developer Michael Stern paid $9 million for a development site for a 62-story tower he plans to build in Miami’s...
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John Wayne’s former Riverside County ranch relists for $8M
John Wayne and the Riverside County ranch (Getty; Land and Farm) A sprawling Riverside County ranch once owned by actor John Wayne is back on the market for $8 million. The 2,000-acre property dubbed...
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Turkish mall valued at $1B in deal with Qatar
Istanye Park in Istanbul (Photo via Wikipedia Commons) Turkish investment giant Dogus Holdings AS has agreed to sell a 30 percent stake in a high-end Istanbul shopping mall to a wing of Qatar’s...
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UK tax break expiration could hurt struggling retailers
The tax break allows foreign visitors to reclaim a sales tax of 20 percent on items bought in the country for more than £30 (Getty; Unsplash) A popular tax break is expiring in the United Kingdom in...
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In remote work world, some tech CEOs are leaving Bay Area
San Francisco (iStock) Tech industry workers aren’t the only ones leaving San Francisco for new digs. So are their bosses. Several industry CEOs are leaving the Bay Area as their companies announce...
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Singapore luxury market rebounds despite fewer foreign buyers
Singapore (iStock) Singapore’s housing market has rebounded from the lows brought on by the pandemic earlier this year, even with fewer foreign buyers. Since January, 2,177 apartments have sold in...
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Former J. Crew CEO Mickey Drexler sells Idaho estate
Former J. Crew CEO Mickey Drexler and 760 N Walnut Ave, Ketchum (Getty; Realtor) Former J. Crew CEO Mickey Drexler sold his Idaho estate and a pair of neighboring lots for $11 million. The property hit...
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The mirage of low interest rates
Record-low interest rates have created an unprecedented opportunity for homebuyers. That’s the party line in the residential industry. But that’s not how things are playing out on the ground. Many...
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Here’s what 2021 has in store for the CMBS market
Issuance of single-asset/single-borrower (SASB) loans is likely to increase in 2021. Major assets like One Manhattan West, Hudson Pacific’s Hollywood studio portfolio, and the MGM Grand & Mandalay...
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Lease roundup: Motorsport Network to relocate to Magic City and more
Renderings of Motorsport Network, CocoWalk and the Prologis building Motorsport Network Magic City Innovation District – Little Haiti announced that Motorsport Network will relocate its headquarters to...
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Video game CEO spends $10M on Fort Lauderdale condo
Matthew Karch and Auberge Beach Residences & Spa (Embracer Group, Google Maps) Matthew Karch, the CEO of a video game company, spent $10 million on a Fort Lauderdale condo, The Real Deal has...
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Airbnb targets as much as $33B valuation for IPO
Airbnb CEO Brian Chesky (Getty; iStock) Airbnb executives plan to target a higher-than-expected valuation range of as much as $33 billion for its initial public offering, which is expected sometime...
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Luxury watch retailer sells adjacent Miami Beach homes for $44M
John Simonian with 6360 North Bay Road and 6342 North Bay Road (Getty, Google Maps) The owner of a luxury watch retailer sold two neighboring waterfront properties in Miami Beach to the same buyer for...
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Retail foot traffic tanks on Black Friday
Spending outpaced foot traffic because shoppers purchased at the stores they did visit (Getty) Foot traffic in stores on Black Friday was about a half of what it was last year. But the decline in...
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Reuben Brothers takes over $132M loan backing St. Regis Bal Harbour
Simon and David Reuben with St. Regis Bal Harbour (Getty, Google Maps) British billionaire brothers David and Simon Reuben are picking up the senior loan behind the St. Regis Bal Harbour resort, as the...
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David Geffen sells “Billionaire’s Row” dev site for $34M
David Geffen and 1169 N. Hillcrest Road (Getty, Google Maps) Billionaire mogul David Geffen sold a development site in Beverly Hills for $33.8 million, more than a year after he bought the...
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Boca Beach House condo project scores $43M construction loan
Photo courtesy of David Iglesias Key International and Integra Investments secured a $42.6 million construction loan from Bank OZK for a luxury condo project in eastern Boca Raton. The developers also...
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CBRE lowers SPAC IPO valuation target to $350M
CBRE CEO Robert Sulentic (iStock) CBRE Acquisition Holdings, a blank-check company formed by CBRE Group, has lowered the target deal size for its upcoming initial public offering to $350 million,...
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