Illustration by Daniel Gray-Barnett (Click to enlarge) The rubber is finally hitting the road in Los Angeles’ Opportunity Zones. When looking at the biggest commercial sales in the L.A.’s zones over the past six months, evidence of the federal program’s power is showing up in the bottom line: sale prices that are double or triple […]
What you need to know about Airbnb, pre-IPO
Airbnb co-founders, from left: Chief Product Officer Joe Gebbia, Chief Strategy Officer NathanBlecharczyk and CEO Brian Chesky Airbnb has been an almost perfect embodiment of Silicon Valley’s “move fast and break things” culture since it burst onto the scene in 2008. The company — which claims to have more than 6 million listings globally (a […]
Who are Jeff Bezos’ new neighbors?
212 Fifth Avenue Developer Robert Gladstone’s luxury condo 212 Fifth Avenue got a major boost last month when Amazon CEO Jeff Bezos closed on an $80 million deal for three units in the building. The day news of the sale broke, Madison Equities, Gladstone’s firm, declared the 48-unit building completely sold. Property records show that […]
The sensational story behind the demise of the Palm House
The Palm House When Chinese, Iranian and Turkish investors received marketing brochures for the town of Palm Beach’s first EB-5 project in 2012, it seemed like a sure thing. Pamphlets in Chinese and Farsi showed photos of the Clintons and Donald Trump as part of the Palm House condominium and hotel advisory board of “political […]
Why CEO churn in the resi business is hitting new highs
Clockwise from left: Zillow’s Richard Barton, Keller Williams’ Gary Keller, Brown Harris Stevens’ Bess Freedman Berkshire Hathaway HomeServices’ Gino Blefari, Realogy’s Ryan Schneider As the housing market nationwide sputters along, many real estate firms are accelerating deal flow in one key area: their C-suites. Since the start of last year, more than a dozen newly […]
Heirs unapparent: How RE firms plan — or don’t — for futures without the founder
One of the main criticisms of the 2020 presidential race could apply to the New York real estate industry as well: A lot of the key players are very old. Just as the quest to evict the 72-year-old Donald Trump from the Oval Office has been dominated by the likes of the 77-year-old Bernie Sanders, […]