WeWork landlords hung out to dry; Messi buys waterfront mansion ... and more

The best national real estate stories from The Real Deal. Sep 16, 2023 [View in Browser]( | [$1 for 1 Month]( [The Real Deal Logo](   [The National Logo](   In today’s newsletter, we look at the latest in the WeWork saga, as the firm could [pull down dozens of office landlords](. Plus, Lionel [Messi buys a home]( in one of South Florida’s most private neighborhoods, a long-troubled landlord [finds himself at the end of the road](, and the leader of a top residential sales team is [under fire for a bombshell recording](. These and more stories below.   [Why co-working firms won’t save WeWork’s landlords]( WeWork’s impending doom has left much of the industry on edge. The firm’s frantic attempts to renegotiate or exit leases have left many landlords in a tough spot. They’re facing the possibility of empty buildings in an unfriendly office environment. To WeWork’s competitors, the industry giant’s failure — and the landlord’s need for new tenants — presented an opportunity. Coworking operators like CIC Cambridge and Premier Workspaces prepared to swoop in by taking over WeWork's leases. It seemed like a win-win for all parties involved. Swapping one coworking tenant for another is a simple switch for the landlord. For the coworking firms, it presents an opportunity to expand to new properties with a head start. But there’s a problem: Many of WeWork’s properties aren’t as attractive as they seemed. The company’s high concentration in key markets like New York and San Francisco, coupled with concerns about space condition and size, limit the appeal for its competitors. With WeWork's bankruptcy looming as a possibility, landlords could be stuck holding the bag. That’s not all the WeWork news this week, though. WeWork co-founder Adam Neumann has reportedly been in talks to lease additional space in a building that was [once at the center of one of WeWork’s many controversies](. Neumann was once a co-owner at 88 University Place in Manhattan. WeWork then leased the building from Neumann, raising concerns about conflict-of-interest that spooked some investors. The incident became an example of the type of mismanagement that led to Neumann’s and, potentially, WeWork’s downfall.   Together with Opendoor Unlock simple, certain home sales Keep your clients moving with our stress-free solutions. [Get started](   [I'm an image]( [Lionel Messi buys waterfront Fort Lauderdale mansion]( After months of speculation, Lionel Messi has finally purchased his South Florida home. The soccer megastar chose a 10,500-square-foot, eight-bedroom mansion in one of [Fort Lauderdale’s most exclusive neighborhoods](. [I'm an image]( [Bleeding continues at Isaac Kassirer’s Emerald Equities]( A 2019 rent law, combined with rising interest rates, has made a deadly cocktail for many of New York’s rent-stabilized landlords. The latest casualty is Isaac Kassirer’s Emerald Equities, which defaulted on $98 million in loans tied to 25 rent-stabilized buildings. [I'm an image]( [The phone call that shocked Leigh Marcus’ top team]( Leigh Marcus, one of Chicago’s top residential brokers, has come under fire for comments he made about firing a female colleague “before she gets pregnant again.” Sixteen people have left the @properties team since then.   Advertisement   [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]( [Benjamin Ringel throws New Jersey apartments into bankruptcy]( Benjamin Ringel has spent years fighting off creditors at his New Jersey multifamily complex. Now the end is in sight, after Ringel put the Pinewood apartments into bankruptcy. [I'm an image]( [Miami commissioner Alex de la Portilla arrested for bribery, money laundering]( Miami city commissioner Alex Diaz de la Portilla was arrested this week for alleged corruption. The list of de la Portilla’s alleged misdeeds includes shaking down property owners and trading building approvals for undisclosed campaign donations. [I'm an image]( [Gary Barnett slashes price on Central Park Tower penthouse by $55M]( One of the country’s most expensive residential listings just got a serious haircut. Extell’s Gary Barnett originally listed the CPT penthouse at $250 million. But the property, listed with Ryan Serhant, has failed to sell, leading Barnett to chop the price to $195 million. [I'm an image]( [Brand Studio LeadingRE Demonstrates Why Global Matters in Real Estate]( [I'm an image]( [Google finally gets its land as family leases property for company’s expansion]( Google may finally be getting along with its neighbors. The tech giant has long sought to expand its HQ to a next door property. But the property’s owners held out — until now. [I'm an image]( [Did Paxton’s “midnight opinion” save Nate Paul from foreclosures?]( As developer Nate Paul and Texas Attorney General Ken Paxton find themselves under mounting legal pressure, a letter written by Paxton in an effort to protect some of Paul’s assets from foreclosure has become the center of attention.   SUBSCRIPTION SUMMER SALE [1 dollar for 2 months]( [CLAIM OFFER](   [The Real Deal Logo]( [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](