Ben Shaoul uses Bitcoin to sell retail condo for $15M

Ben Shaoul has sold an Upper East Side retail condo for $15.3 million in Bitcoin. The landlord, whose firm Magnum Real Estate Group is converting 389 East 89th Street from rentals to condos, sold the 11,400-square-foot space earlier this month, The Real Deal has learned. The buyer is a Taiwanese entity called Affluent Silver International LLC, according to a person familiar with the deal. To complete the transaction the parties used Bitpay and Starr. Eric

source https://therealdeal.com/2019/11/01/ben-shaoul-uses-bitcoin-to-sell-retail-condo-for-15m/

Inside the battle to dent rent control in Los Angeles

If there’s one home truth landlords have learned of late, it’s that millions of dollars in lobbying muscle can only take you so far. With lawmakers in major U.S. cities prioritizing rent regulation, owners have been left to lick their wounds, evidenced in the statewide rent control measure recently passed in California. It’s a victory for the 4.6 million renters in properties that will be subject to the new law (AB 1482), which caps all

source https://therealdeal.com/la/issues_articles/inside-the-battle-to-dent-rent-control/

Howard Lorber picks up unit at the Bristol in West Palm Beach

Howard Lorber is now an owner at the Bristol in West Palm Beach. Property records show Vector Group CEO and Douglas Elliman chairman paid $6.87 million for unit 1601 at the luxury condo tower, which overlooks the nearby Palm Beach island, where the luxury market has seen record sales this past summer. Flagler Investors, led by Al Adelson and Gene Golub, developed the Bristol, a 25-story, 69-unit luxury tower at 1100 South Flagler Drive. Units

source https://therealdeal.com/2019/11/01/howard-lorber-picks-up-unit-at-the-bristol-in-west-palm-beach/

Trump breaks up with New York, QIA buys St. Regis for $310M

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 in real time, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com This page was last updated at 9 a.m. Trump officially says goodbye to New York. The president, a lifelong New Yorker, is changing his official address to his Mar-A-Lago residence in Palm Beach, Florida. He

source https://therealdeal.com/2019/11/01/trump-breaks-up-with-new-york-qia-buys-st-regis-for-310m/

WeWork’s white elephant: Insiders savage Lord & Taylor building buy

As WeWork attempts to scrub its image clean of Adam Neumann, some of the ousted CEO’s transactions serve as a bitter reminder of the company’s former culture of excess. One is WeWork’s $850 million purchase of the Lord & Taylor building. Six current and former WeWork employees familiar with the acquisition told The Real Deal that WeWork overpaid, perhaps by as much as $200 million. Moreover, some said, the deal was rife with conflicts of

source https://therealdeal.com/2019/11/01/weworks-white-elephant-insiders-savage-its-lord-taylor-building-buy/

Downtown Brooklyn is getting another Hilton

Brooklyn’s getting a new Hilton, just a block from another one. The new hotel at 88 Schermerhorn Street will operate as a Motto by Hilton, a micro-hotel brand Hilton launched about a year ago, its developers confirmed. It’s a stone’s throw from Flank’s Hilton Brooklyn at 140 Schermerhorn Street. The new Motto hotel is owned by AWH Partners and partner Opterra Capital, a company founded two years ago by former Blackstone Group managing director Glenn

source https://therealdeal.com/2019/11/01/downtown-brooklyn-is-getting-another-hilton/

Real estate donors: Election? What election?

There’s a citywide election next week, but don’t look now. The real estate industry hasn’t. The sector sank money into the February special election for public advocate, but has almost completely ignored winner Jumaane Williams’ bid to remain in office. Two reasons: The Democrat is forsaking real estate donations and is heavily favored to defeat Republican City Council member Joseph Borelli and Libertarian candidate Devin Balkind Nov. 5. The relative insignificance of the post is

source https://therealdeal.com/2019/11/01/real-estate-donors-election-what-election/