NAR’s string of losses; Blackstone sidesteps foreclosure ... and more

The best national real estate stories from The Real Deal. Sep 02, 2023 [View in Browser]( | [$1 for 1 Month](     In today’s newsletter, we look at NAR’s public nightmare, which began with [a slate of troubling allegations]( against [then-CEO Kenny Parcell](. Plus, [Blackstone dodges multifamily struggles](, architects dish on [LA’s best and worst buildings](, and a [failed bank’s assets go up for sale](. These and more stories below.   [NAR’s nightmare month continues]( It’s been a hectic week at the National Association of Realtors, and things aren’t likely to calm down any time soon. The most explosive news: [NAR President Kenny Parcell resigned]( this week following allegations of sexual harassment and other inappropriate behavior. Last weekend, the New York Times [reported the range of accusations](, including improper touching, sending explicit texts, and fostering a culture of fear. The allegations were brought forward by several women working at NAR headquarters in Chicago. The organization also garnered criticism for mishandling past harassment claims against Parcell. Even with Parcell gone, the NAR’s legal troubles are mounting. The group is at the center of two major lawsuits that could shake up the residential industry. One case involves a lawsuit filed by Top Agent Network (TAN) against NAR, contesting the trade group's Clear Cooperation Policy. The policy, aimed at reducing pocket listings, is being challenged for potential antitrust violations. The suit appeared dead, but [a successful appeal has revived it](, and just in time for new NAR President Tracy Kasper’s first day on the job. The trade association is also about a month out from trial in another case, which could [challenge the residential industry’s traditional commission model](. The case claims that splitting commissions between listing and buyer brokers is a violation of antitrust law. The plaintiffs are seeking more than $1 billion in reimbursements for sellers who allegedly lost money because of the practice. At least NAR won’t be alone at the defendant’s table. Co-defendants in the case include Keller Williams, Anywhere Real Estate, RE/MAX, and HomeServices of America. Looks like Kasper could be in for a busy couple of months.   Together with Masterworks A Banksy got everyday investors 32% returns? Mm-hmm, sure. So, what’s the catch? We know it may sound too good to be true. But thousands of investors are already smiling all the way to the bank, thanks to the fine-art investing platform[Masterworks](. These results aren’t cherry-picking. This is the whole bushel. Masterworks has built a track record of 15 exits, including net returns of[+10.4%, +27.3%, and +35.0%](, even while financial markets plummeted. But art? Really? Okay, skeptics, here are the numbers. Contemporary art prices: - outpaced the S&P 500 by 131% over the last 26 years - have the lowest correlation to equities of any asset class - remained stable through the dot-com bubble and ’08 crisis Got your attention yet? The National readers can [skip the waitlist with this exclusive link](. See important disclosures at [masterworks.com/cd](   [I'm an image]( [Blackstone Unloads Mezz Debt Eyed For Default Risk]( Blackstone got out from under a troubled multifamily portfolio, selling a majority stake in the 11 Manhattan properties. The buyer, Atlas Capital Group, paid $142.4 million for a 51-percent stake in the properties. [I'm an image]( [Los Angeles architects on LA’s best — and worst — buildings]( Los Angeles may be home to some exciting modern architectural wonders, like the Walt Disney Concert Hall. But it’s not the modernist structures that inspire the city’s architects. It’s the classics. [I'm an image]( [Bargains or Toxic Assets? Signature Loan Sale About to Start]( Signature Bank's $35 billion real estate loan sale is expected to start in September, with Newmark handling the sale. Some potential buyers fear the failed bank’s loans are “toxic” due to its exposure to rent-stabilized assets.   Advertisement   [I'm an image]( [Brand Studio/Sponsored The Symphony Wireless Advantage: Securing Long & Short-Term Value for Landlords]( [I'm an image]( [American Landmark Hit with $83M Schaumburg Foreclosure Suit]( American Landmark Properties may face foreclosure on its 890,000-square-foot Schaumburg Towers property after the firm defaulted on the $96 million mortgage. The move is a sign of just how bad things have gotten for Chicago’s office market, as the owner was unable to find a buyer for the distressed property. [I'm an image]( [Offices Primed for Comeback? Data and Mandates Predict Shift]( There’s been little positive news in the office market this year. But there is still a little optimism. Analysis by JLL shows that a long-forecasted return-to-office could be coming after Labor Day, as employers leverage labor market dynamics to force workers back to their workspaces. [I'm an image]( [Construction Site Preparation Begins For Miami Freedom Park]( It’s been a big year for Inter Miami. The team, partially owned by soccer legend David Beckham, won its first trophy this year after bringing in Lionel Messi. Now, work has begun on the team’s new home, Miami Freedom Park, a $1 billion mixed-use project anchored by a new soccer stadium. [I'm an image]( [Brand Studio Yodezeen Architecture & Interior Design studio makes waves in U.S. by blending site-specific authenticity with international elegance]( [I'm an image]( [ARK Homes for Rent CEO Breaks Down Texas’ Built-to-rent Boom]( Jordan Kavana, CEO of ARK Homes for Rent, plans to develop $3 billion in single-family rental properties across the Sun Belt. As ARK looks to seize on rising demand for rental homes, Kavana shared the recipe for his firm’s success. [I'm an image]( [“Turnkey” $50M Atherton House Goes Into Contract]( The country’s wealthiest zip codes may have some new residents, after a $50 million Atherton home went into contract. The deal is likely to close as the priciest residential sale in the Bay Area this year.   SUBSCRIPTION SUMMER SALE [CLAIM OFFER](   [Facebook]( [Twitter]( [Instagram]( [LinkedIn]( [YouTube]( [Manage Newsletters]( | [Unsubscribe]( | [Privacy Policy]( | [Subscribe]( | [Advertise]( The Real Deal 450 West 31st Street, New York, NY 10001 ©2023 TheRealDeal. All rights reserved. [View Online](