Zillow cuts 80 jobs from iBuying biz

Zillow has cut 80 jobs from its home buying and selling business, despite its big bet on the burgeoning sector. The real estate giant doesn’t disclose how many of its 5,300 employees work for Zillow Offers. But a spokesperson told GeekWire the cuts would allow the company to invest in iBuying by “realigning our resources and staffing levels.” iBuying has been one of the biggest trends in residential real estate in the past five years,

source https://therealdeal.com/2020/10/29/zillow-cuts-80-jobs-from-ibuying-biz/

Two mortgage companies delay IPOs amid market volatility

Some mortgage companies are getting skittish about recent market volatility and have delayed plans to go public. Caliber Home Loans said it was delaying its IPO, which was originally set for Wednesday. AmeriHome is also planning to hold off on its IPO, Bloomberg reported, citing sources familiar with the matter. The two companies were scheduled to price their offerings on Wednesday after the market closed. Caliber planned to sell 23 million shares for $14 to

source https://therealdeal.com/2020/10/29/two-mortgage-companies-delay-ipos-amid-market-volatility/

Essex Property’s tenant concessions help drive down Q3 earnings

Essex Property Trust, one of the largest apartment owners on the West Coast, reported double-digit declines in funds from operation in the third quarter, including a substantial amount that came from concessions the company provided to renters. The company has been one of the main financial supporters behind a campaign to defeat a California ballot measure that would seek to expand rent control. At its earnings call on Thursday, the San Mateo, California-based real estate

source https://therealdeal.com/2020/10/29/essex-propertys-tenant-concessions-help-drive-down-q3-earnings/

Empire State Realty Trust reports second consecutive quarterly loss

The Empire State Building’s observation deck reopened to the public three months ago, but that hasn’t been enough to help its owner stem its losses this year. Empire State Realty Trust reported a net loss of $12.3 million, down from $26.8 million in net income a year ago, the real estate investment trust reported during its quarterly earnings call Thursday. Its total revenue during the third quarter was $146.6 million, down by 24 percent year-over-year.

source https://therealdeal.com/2020/10/29/empire-state-realty-trust-reports-second-consecutive-quarterly-loss/

Kris Jenner and Khloe Kardashian buy mansions on land once owned by Woodbridge Group

Kris Jenner sold her Hidden Hills mansion earlier this year, but she isn’t leaving the area. The Kardashian family matriarch and her daughter Khloe Kardashian have each just purchased neighboring mansions in the tony San Fernando Valley neighborhood, according to Variety. At one point, the Ponzi scheme-linked development firm Woodbridge Group of Companies owned the property. It later sold the site to a developer who built the mansions, according to the report. Jenner’s and Kardashian’s

source https://therealdeal.com/2020/10/29/kris-jenner-and-khloe-kardashian-buy-mansions-on-land-once-owned-by-woodbridge-group/

Business at city hotels down a stunning 90%

Of all the industries devastated by Covid, hotels have perhaps been hit the hardest — and far worse than occupancy rates would suggest. Sales tax from hotels from June through August were down 90 percent from the same time last year, according to an analysis by the Citizens Budget Commission. That represents a shortfall of $2.2 billion and was even worse than the previous quarter’s 88 percent drop. The occupancy rate at hotels in the

source https://therealdeal.com/2020/10/29/business-at-city-hotels-down-a-stunning-90/

All Year snags $650M financing for Bushwick luxury rentals

All Year Management has finally scored a major financing deal for a luxury apartment complex built on the site of the former Rheingold Brewery in Bushwick. The Brooklyn development firm, led by Yoel Goldman, has secured $652 million in financing from Citi Real Estate Group and Goldman Sachs that will largely be used to refinance the 900-unit complex, known as Denizen Bushwick. All Year will use most of the proceeds of the loans to refinance

source https://therealdeal.com/2020/10/29/all-year-snags-650m-financing-for-bushwick-luxury-rentals/