HUD Secretary Ben Carson joins Grant Cardone and a power panel for TRD Miami Forum

Ben Carson, head of the U.S. Department of Housing and Urban Development, will be among the roster of speakers at The Real Deal‘s annual Real Estate Showcase and Forum in Miami. This is the sixth year TRD is hosting the Miami forum, which is one of the most highly attended real estate events in the state. This year, the event will be held on Oct. 17 at Mana Wynwood, where panelists will include Grant Cardone,

source https://therealdeal.com/miami/2019/10/01/hud-secretary-ben-carson-joins-grant-cardone-and-a-power-panel-for-trd-miami-forum/#new_tab

Doronin lands $750M construction loan for Crown Building conversion

Vladislav Doronin landed a $750 million construction loan for his luxury condominium conversion of the Crown Building. Bank OZK provided a senior loan of $300 million and the investment firm Cain International provided $450 million worth of mezzanine debt, Doronin’s OKO Group announced Tuesday. Cain International, an investment firm partly owned by Los Angeles Dodgers’ owner Todd Boehly’s Eldridge Industries, had previously provided Doronin and his partner Aman Group with a $285 million loan to

source https://therealdeal.com/2019/10/01/doronin-lands-750m-construction-loan-for-crown-building-conversion/

CoStar pushes into hotel space with $450M acquisition of STR

CoStar Group, the $22 billion giant most known for its data on office and retail properties, is making a big push into the hotel industry by acquiring one that industry’s largest research and analytics firms. CoStar has agreed to acquire Tennessee-based STR in a $450 million all-cash deal that is expected to close in the fourth quarter, the companies announced Tuesday. The Wall Street Journal first reported the news. “We’re trying to get really high-quality

source https://therealdeal.com/national/2019/10/01/costar-pushes-into-hotel-space-with-450m-acquisition-of-str/#new_tab

Hakimian Org plans 346-unit mixed-use project in Woodside

The Hakimian Organization is planning a 346-unit mixed-use development in Queens. The real estate firm pre-filed plans for the 12-story project with the Department of Buildings on Friday. It will span roughly 286,000 square feet, 18,000 square feet of which will be commercial space. Hakimian paid $33 million in September 2018 for 72-01 Queens Boulevard, which contains about 300,000 buildable square feet. Aufgang Architects will design the project, and construction is expected to start before

source https://therealdeal.com/2019/10/01/hakimian-org-plans-346-unit-mixed-use-project-in-woodside/

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily Digest

Every day, The Real Deal rounds up New York’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com This page was last updated at 9 a.m. Following the new transfer tax, NYC apartment prices hit a four-year low in Q3. Many sales of apartments worth $2 million or more had rushed to close

source https://therealdeal.com/2019/10/01/nyc-apartment-prices-hit-4-year-low-pacific-park-developers-reveal-new-plans-daily-digest/

Chicago’s biggest real estate corruption scandals over the last decade

The major corruption scandal that has unfolded in Chicago over the past year reveals how powerful real estate figures can become tied-up in the city’s second-to-none corruption record. In January, Alderman Ed Burke (14th Ward) was charged with bribing and extorting developers to win business for his property tax law firm. This came out of a yearslong FBI investigation into the connection between city politicians and real estate figures throughout the city. The findings, as

source https://therealdeal.com/chicago/2019/10/01/chicagos-biggest-real-estate-corruption-scandals-over-the-last-decade/#new_tab

Tallying NYC’s top commercial lenders in a shaky market

In January, French investment bank Natixis agreed to provide a $95 million loan for 500 North Michigan Avenue, a 24-story office building on Chicago’s Magnificent Mile. The deal would be a relatively small notch in the belt for a commercial lender with increasing clout in major U.S. markets. But weeks later, the bank walked back its offer — a puzzling move in an industry where being able to deliver loans is crucial to reputation. Then

source https://therealdeal.com/issues_articles/banking-on-volatility/#new_tab