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Category Archives: RE News

Prominent Elliman Brooklyn team jumps to Compass

Scott Klein, who led one of Douglas Elliman’s top teams in Brooklyn, just moved to Compass. “I felt it was time to have another experience,” Klein said. “I’m a person who believes in growth, in change.” He indicated an interest to expand his business into San Francisco. Several members of Klein’s team are also making the move to Compass, including Paul Hyun, Elizabeth Vilarino, Deborah Hollon, Lisa Holler and Steve Nelson. In March, the team […]

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Redfin lost $42M in 2018 amid advertising push

Redfin’s losses widened to $42 million in 2018, as the discount brokerage invested heavily in direct advertising to fuel its growth. Despite the slowing housing market, the Seattle-based firm said Thursday that its revenue soared 32 percent year over year in 2018 to $486.9 million. “We believe the housing market is getting stronger,” CEO Glenn Kelman said during an investor call on Thursday. “Despite regional setbacks — and the many federal workers in the Washington, […]

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Hudson Pacific earnings fall 50% in Q4 but CEO bullish about year ahead

Despite an enviable list of tenants gearing up to lease its studio and office space, Hudson Pacific Properties saw its earnings slip by half in the fourth quarter. The firm said in an earnings call that it signed 75 new and renewal leases in the quarter, combining to 807,400 square feet. Those deals include Technicolor’s renewal in Hollywood, a Nutanix lease in San Jose, a Nestle lease in Seattle and a Knotel lease in San […]

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Growing pains: Convene co-founder and president Chris Kelly steps back

Chris Kelly, the co-founder of co-working firm Convene, has taken a step back from his role as president at the firm, as the company says it is searching for a new leader with experience to expand globally. Kelly was moved to the role of vice chairman last December at the New York-based firm, which has 23 locations across the country, offering space and amenities, and more recently co-working services to mid-sized tenants. “Convene’s business has […]

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Here are new details on Bruce Eichner’s megaproject in Crown Heights

Bruce Eichner’s Continuum Company and Joel Bergstein’s Lincoln Equities are moving forward with plans for one of Crown Height’s biggest developments. The new project, consisting of two 39-story towers at 960 Franklin Avenue, will span 1.4 million square feet and house more than 1,500 residential units, YIMBY reported. Of those units, roughly 790 would be rented as affordable. The companies plan to construct the towers in two phases. Construction of the first building, which would […]

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Sears, sort of: Here’s what the retailer is planning post-bankruptcy

In the age of Amazon and dying retailers, Sears has emerged from bankruptcy with a new survival plan: smaller stores, fewer clothes and aisles full of tools and appliances. Edward Lampert, whose firm ESL Investments successfully bid $5.2 billion for the retailer’s assets last month, said the new company will sell or sublease some of the 425 stores. Though Lampert, who was responsible for Sears declaring bankruptcy last year, told the Wall Street Journal he’d […]

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Local pol claims white residents are being followed by city’s Airbnb enforcers

White residents are being targeted walking home by the city’s Airbnb enforcers in Bedford-Stuyvesant, a state assembly member claimed this week. The city’s Office of Special Enforcement has in recent months ramped up its efforts to close illegal Airbnb rentals across the city, after intense lobbying by the hotel industry and affordable housing advocates. During a budget hearing in Albany on Monday, Assemblywoman Tremaine Wright alleged that members of the city agency had followed and […]

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Women’s clothing company relocates to Chetrit and Moinian’s 500 Seventh Avenue

A women’s and children’s apparel company has signed a 60,000-square-foot lease at 500 Seventh Avenue. Golden Touch Imports will take the sixth and seventh floors of the 17-story building, according to the New York Post. The firm will move from its current location at 1410 Broadway. The building has previously been fought over by its land owner Solil Management, and the building owner, Joseph Chetrit’s Chetrit Group, over non-payment to contractors and elevator violations issued […]

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Kenny Liu plans resi tower at former Catholic Church site in Queens

Another development is slated for Queens’ Rego Park neighborhood. Developer Kenny Liu filed plans this week for a 177,000-square-foot tower at 98-04 63rd Road in Rego Park, according to PincusCo. Liu’s company, Chuang Heng Rego Park LLC, closed on the property last week for $30 million. It was sold by the Catholic Church of Our Lady of the Angelus. CBRE’s Dan Kaplan and Tim Sheehan brokered the sale on behalf of the church. The site is […]

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Michael Shvo-led partnership picks up South Beach hotel from Tommy Hilfiger group

Tommy Hilfiger and Dogus Group sold the Raleigh Hotel in Miami Beach to a partnership led by New York developer Michael Shvo for $103 million. The deal breaks down to about $1.24 million a key, one of the most expensive hotel sales on a per-room basis in Miami-Dade County. Shvo, Bilgili Group and Deutsche Finance Group acquired the 83-room Art Deco hotel at 1775 Collins Avenue, according to a release. The Raleigh had been closed […]

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