Vector CEO Howard Lorber (Credit: Getty Images) Despite an uptick in revenue, Douglas Elliman’s losses widened 28 percent during the first quarter, thanks to New York’s “challenging” sales climate, parent company Vector Group said Tuesday. The brokerage — the largest in New York City — lost $10.4 million in the quarter, compared to an $8.1 […]
Caution ahead? Realogy market cap sinks below $1B
Realogy CEO Ryan Schneider Realogy’s market cap hit a new low of $967.4 million on Tuesday — dipping below $1 billion for the first time since the real estate conglomerate went public seven years ago. The New Jersey-based firm — whose brands include the Corcoran Group, Sotheby’s International Realty and Coldwell Banker — had a […]
VTS raises $90M to join the ranks of unicorns
VTS co-founder Nick Romito (Credit: iStock) Real estate tech firm VTS has raised $90 million in its latest funding round, an investment that catapults it into the ranks of unicorns, or startups valued at $1 billion or more. Brookfield Asset Management and GLP, two of the world’s biggest landlords, led the Series D funding round, […]
Will new Opportunity Zones rules propel an office boom?
Office building blueprints (Credit: iStock) When Michael Tillman’s PTM Partners bought property in Overtown in February to build an 18-story apartment complex, it became one of the first Miami-based real estate firms to utilize the Opportunity Zone program. The federal program is seen by many as the biggest economic boost to the real-estate industry since […]
RE/MAX boosts earnings with acquisitions as housing market slows
RE/MAX CEO Adam Contos (Credit: iStock) RE/MAX earnings jumped 35 percent in the first quarter — but the franchise brokerage remains cautious about the slowdown in the housing market. The company reported revenue of $71.2 million, compared with $52.6 million a year earlier, according to a statement. But RE/MAX noted the increase came “almost exclusively […]
Lenders poised to take over apartment empire amid massive mortgage fraud probe
Morgan Management’s Robert C. Morgan and the Avon Commons apartment complex in Avon, N.Y. (Credit: Rochester Institute of Technology) Rochester-based Morgan Management nearly tripled its apartment holdings over the past decade, building a giant rental portfolio of 140 properties across 14 states with more than 34,000 units. But amid a massive mortgage fraud investigation which […]