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Zillow co-founder Spencer Rascoff leaves board

Fourteen months after being replaced as Zillow’s chief executive, co-founder Spencer Rascoff is leaving the company’s board of directors. The Seattle-based listings giant disclosed the move in a regulatory filing Tuesday, just ahead of the market’s close. In the filing, it said Rascoff notified Zillow’s corporate secretary of his decision to step down on Monday. “Mr. Rascoff’s departure is not due to any disagreement with the Company on any matter relating to the Company’s operations,

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Top resi agents dish on second homes, virtual showings

With New York real estate shut down, the industry’s residential agents have had time to think about how their market recovered after 9/11 and the 2008 financial crisis. The comeback from Covid-19 could be different, some say, in that shelter-in-place has reinforced the importance of our abodes. “As tragic as it is, this moment is probably the first trillion-dollar PR event to broadcast the meaning and value of having a home,” said Compass’ Leonard Steinberg

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A quarter of Prologis’ tenants request a break on rent. Most won’t get it

Even the booming industrial real estate sector isn’t immune from the effects of the pandemic. Prologis, one of the biggest logistics real estate companies in the world, announced this week that nearly a quarter of its tenants are seeking rent relief. On average, 24 percent of tenants are requesting 69 days of rent relief, Prologis chief investment officer Gene Reilly told analysts on a conference call Monday. Despite the volume of requests, only about a

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The Closing: Simon Ziff

Simon Ziff has been at the helm of Ackman-Ziff Real Estate Group since 1995. As one of the most prominent boutique real estate debt and equity brokerages in the country, the company closed more than $7 billion in deals last year and about $85 billion in total since Ziff became president. The advisory firm dates back to 1926, when Herman and Bert Ackman initially founded it as Ackman Brothers. It has since worked on financing

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Does “essential” status jeopardize brokers’ unemployment claims?

 As brokers come to terms with the state’s reclassifying some of their work as essential, many are worried it will prevent them from collecting unemployment benefits. In late March the federal government offered “pandemic unemployment assistance” to people affected by the outbreak. Independent contractors — a group typically denied state unemployment support — were made eligible. The Real Deal asked New York’s Department of Labor to clarify whether last week’s classification change, which let brokers

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New York pols want to extend eviction moratorium

Three progressive politicians are seeking to prevent a “tidal wave” of evictions when housing court re-opens. New York State Sens. Brad Hoylman and Liz Krueger and Assembly member Jeffrey Dinowitz are proposing legislation that would extend New York’s three-month eviction moratorium for six months after the state of emergency ends. The “Tenant Safe Harbor Act” would prevent landlords from seeking evictions for unpaid rent during that period. Landlords would still be able to bring claims

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WeWork sues SoftBank for scrapping $3B bailout

It’s official — WeWork is suing its biggest backer. And this probably won’t be the last time. The embattled co-working giant is alleging that SoftBank wrongfully pulled out of an agreement to buy $3 billion worth of WeWork shares. That infusion would have helped stabilize WeWork as it worked to rebound from its failed IPO, as it faces a wave of vacancies brought on by the global coronavirus pandemic, the company said Tuesday, in a

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Sharks circle as mortgage lenders shed portfolios at steep discounts

With mortgage lenders under pressure as homeowners miss payments, you better believe the sharks are circling. Opportunistic funds including Elliot Management and Appaloosa Management are reportedly in talks to buy discounted assets from troubled real estate investment trusts, according to Bloomberg. Oaktree Capital Group and Apollo Global Management are also reportedly interested in some of those assets. Some REITs have sold off mortgage portfolios to raise cash. Others are in discussions with hedge funds to

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MTA: We gave builder a break, then he sued us

The Metropolitan Transportation Authority is firing back against a judge’s order allowing construction of a Manhattan hotel to continue. It is also accusing a developer of being “selfish” and ungratefully suing after the transit agency cut it a break — a charge the builder refutes. The agency plans to appeal the March ruling preventing the MTA from halting work at 50 Trinity Place, a 173-key hotel being developed by FIT Investment. The MTA had ordered

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Tonight on TRD Talks: Maintaining multifamily in a tumultuous time

With much of the nation staying indoors, the home is now where everyone is. For many, especially in New York and other big cities, that usually means a multifamily building rather than a single-family house. Apartment landlords and developers are facing new and unexpected challenges created by the coronavirus epidemic, like an increasing number of tenants struggling to pay the rent and others who cannot leave their homes. Live at 5p.m. tonight, TRD reporter Georgia Kromrei will moderate

The post Tonight on <i>TRD Talks</i>: Maintaining multifamily in a tumultuous time appeared first on The Real Deal New York.

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