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Category Archives: RE News

This coastal ranch with helipads and 120 cows hit market for $110M

UPDATED on Feb. 14, 2019, at 11:12 p.m.:  A sweeping 3,500-acre coastal ranch outside Santa Barbara with two mansions and a working farm is on the market for $110 million. El Rancho Tajiguas, a working ranch that hugs the Pacific Coast between Santa Barbara and Point Concepcion, is hitting the market for the first time since owner Mansour Ojjeh, a French-Saudi businessman, purchased the spread almost four decades ago, according to the Wall Street Journal. […]

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Gehry’s $1B The Grand project finally underway Downtown

A massive $1-billion development designed by Frank Gehry is finally coming to Downtown Los Angeles. Construction of  The Grand, a mixed-use project with 39 stories and more than 400 condos and apartments, is underway after 15 years of planning and more than a decade of anticipation. Developers Related Companies and CORE USA expect the two towers to be complete by the fall of 2021, the Commercial Observer reported. The development adds a 20-story Equinox hotel […]

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Thor abandons plans for 800K-sf Red Hook office complex

Joseph Sitt’s Thor Equities is scrapping plans for an 800,000-square-foot office complex on the Red Hook shoreline, a source told The Real Deal. Instead, it now plans to build last-mile warehousing on the site. In October, another source with knowledge of Sitt’s thinking said the developer was torn between pursuing a plan to build a pair of office buildings on the site, a former sugar factory, and going industrial instead. The two four-story buildings Sitt […]

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Home Depot buys Bronx retail location from Madison International Realty for $40M

Home Depot bought two Bronx properties for $40 million, about two weeks after the retailer filed plans to build a new 133,000-square-foot store in Queens. The home improvement supplier dropped $40 million for two commercial buildings along East Gun Hill Road, near the Bay Plaza Shopping Center in the Bronx. The seller was Madison International Realty, according to a public filing recorded Friday with the New York City Department of Finance. The larger of the […]

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Keller Williams Midtown CEO forced out: sources

Keller Williams Midtown has lost another CEO — the third in the past year. This one lasted just nine months on the job. Michael Guerra, who was hired in June, was forced out earlier this week, sources said. Guerra, who spent many years at Douglas Elliman, was hired after the Midtown franchise lost two other leaders last year in quick succession, including Lezley Charles, who oversaw a massive hiring spree. Prior to Keller Williams, Guerra […]

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Sitex continues buying spree with $36M industrial buy in Queens

After the Sitex Group sold a Red Hook logistics site for a whopping $303 million, the industrial real estate firm has gone on a buying spree. Most recently in New York, firm bought a trio of industrial buildings in Ridgewood for $36 million, according to a public document filed Friday with the city’s finance department. The deal closed Jan. 31. The Englewood, New Jersey-based Sitex did not return a request for comment. An entity tied […]

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Worn down: Payless shoes to close all 2K locations, declare bankruptcy

Just as Sears is emerging from bankruptcy, another major retailer battered by e-commerce is entering into it. Payless ShoeSource will shutter all 2,300 stores when it files for bankruptcy later this month, according to Reuters. It’s the second time the Topeka, Kansas-based discount shoe chain has filed for bankruptcy in two years. It was one of many retailers that closed or filed for bankruptcy in 2017. Payless has been unsuccessful in its search for a […]

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Mark your calendars: These are NYC’s top real estate events

There are a couple of real estate events coming up! On Feb.19, Bisnow is hosting its NYC CRE Tech Summit for 2019 at 160 Varick Street. Attend the event for networking opportunities, along with discussions among industry leaders on what innovations will impact real estate transactions. Speakers include Scott Rechler of RXR Realty and Kevin Danehy of Brookfield Property Partners. On Feb. 21, iGlobal Forum is hosting an Opportunity Zones Investments Dealmakers Meeting at Hôtel […]

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So many Opportunity Zones, so many questions for developers, investors

Developers and investors are enamored enough with the federal Opportunity Zones program that they have been raising massive funds in hopes of taking advantage of the big tax incentive. But they remain cautious enough over of the program’s many unanswered questions that few have deployed much of the capital raised. Those dueling realities played out Thursday in Washington, D.C., when the IRS’ first public hearing to solicit questions about the year-old program drew an overflow […]

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New Russia sanctions bill targets LLCs in real estate, again

The “sanctions bill from hell” is back from the dead. Republican Senator Lindsey Graham (SC) and Democratic Senator Bob Menendez (NJ) on Wednesday introduced a tougher version of last year’s “Defending American Security from Kremlin Aggression Act,” and once again, the bill includes a provision that targets people using limited liability companies for high-priced real estate transactions nationwide, the Wall Street Journal reported. The Treasury Department’s Geographic Targeting Orders, which currently apply to a dozen […]

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