Record sales in NY, Miami; Elliman discrimination suit highlights agent confusion ... and more

The best national real estate stories from The Real Deal. Oct 01, 2023 [View in Browser]( | [$1 for 1 Month]( [The Real Deal Logo](   [The National Logo](   In today’s newsletter, we look at [a couple]( of [record office sales](, and what they could mean for the market. Plus, a discrimination suit [raises questions for top residential agents](, a multifamily giant [finds itself facing mounting legal troubles](, and billionaires have a [new favorite real estate investment](. These and more stories below.   Record sales: Have [New York](, [Miami]( office markets found the floor? Has the office market hit its bottom? A couple of major deals in Miami and New York have raised that question. South Florida’s office sales market has been crawling along all year, but it [just got a shot in the arm](, thanks to a sale in Brickell, a trendy Miami neighborhood. Monarch Alternative Capital and Tourmaline Capital Partners purchased the office building for a price in the mid-$200 million range, which would make it the region’s priciest office sale of the year. In New York, Wells Fargo purchased a soon-to-be converted retail [space at Hudson Yards for $550 million](. The 400,000-square-foot space was once home to Neiman Marcus’s flagship store, but it sat empty for the last three years following Related’s decision to convert the space to office. The sale is expected to end the year near among the city’s priciest deals. The office market’s arrow has been pointing down all year, and recent office attendance trends suggest that won’t end anytime soon. But the industry has been waiting for distressed property buyers to swoop in and establish a price floor. The recent sales show that may finally be happening, if only for true cream-of-the-crop assets. In Miami, buyers Monarch and Tourmaline got a solid asset. The 28-story office tower is over 90 percent leased. It’s also in a burgeoning neighborhood — South Florida’s last record sale was a few blocks away, where Citadel’s Ken Griffin paid $286.5 million for a tower last summer. In New York, Hudson Yards has emerged as one of, if not the most attractive office properties in the city. So, top-notch assets may have finally found the basement. The rest of the market may have to wait.   Together with Capital Funding Group Capital Funding Group Does Things Differently [Capital Funding Group]( [Capital Funding Group (CFG)]( isn’t your typical lender. CFG is a leader in the multifamily financing industry, providing creative and holistic solutions for facilities nationwide. [Bringing a no-limits attitude to every deal](, CFG always goes the extra mile to get the funding you need to achieve your business goals. Through CFG’s partnership with HUD, [they support several HUD loan programs](, including new construction or substantial rehabilitation of new or existing apartments; acquisition or refinancing of existing multifamily properties; and the refinancing of existing FHA-insured loans or grants. CFG’s experienced MAP (Multifamily Accelerated Processing) team expedites the underwriting, processing and closing of HUD/FHA-insured multifamily loans for both for-profit and non-profit borrowers. After your loan is executed, your partnership doesn’t end; CFG continues servicing [your HUD loan](, for the life of the loan.   [I'm an image]( [Elliman discrimination suit picks at agent confusion]( A lawsuit targeting Douglas Elliman and a handful of New York’s top residential agents has raised questions about the responsibilities of luxury agents to serve Section 8 clients. [I'm an image]( [CA Ventures legal trouble spreads across nation]( Multifamily firm CA Ventures’ problems keep growing. The Chicago-based company, already facing eviction from its headquarters, is now under fire for delays, safety violations, and unpaid fees at a handful of sites across the country. [I'm an image]( [Billionaires bank on multifamily market]( Billionaires have long loved to snap up office buildings. Now, with office in the dumps, they have a new favorite asset: multifamily.   Advertisement   [I'm an image]( [Brand Studio Unveiling Culinary Luxury: A Tour of Saint Marks Place with Avdoo & Partners and Thermador’s High-Tech Elegance]( [I'm an image]( [Tracy Kasper’s tall, troubled order as NAR president]( A leaked memo has revealed that National Association of Realtors leadership [knew of then-President Kenny Parcell’s misconduct]( long before he stepped down. The trade group’s new president, Tracy Kasper, is already facing calls for her resignation. [I'm an image]( [Kushner, RFR default on Brooklyn office portfolio]( Kushner Companies and Aby Rosen’s RFR have defaulted on a $180 million loan tied to a handful of offices in Dumbo, Brooklyn. The partners have looked for a loan extension and a refinance, but to no avail. [I'm an image]( [Carolwood flips strip mall for 70% profit in five months]( In April, investment firm Carolwood purchased a Beverly Hills strip mall for $20 million. Now, just five months later, it sold the retail property for over $34 million. The deal came to $1,100 per square foot, a figure rarely seen in the area. [I'm an image]( [Brand Studio Discover how Roadway Moving is Redefining Excellence in Relocation Services]( [I'm an image]( [Compass adds 630 agents, acquiring firm that did $5B last year]( Is Compass back in acquisition mode? Barely a week after [buying a Pasadena firm](, the resi giant has acquired one of Central Texas’s biggest independent brokerages. [I'm an image]( [Brookfield backs Ballast in buying Veritas’ $800M in apartment loans]( Brookfield has defaulted on billions of dollars worth of commercial loans this year, but that hasn’t stopped the firm from buying. The investment company partnered with Ballast to buy $800 million worth of San Francisco apartments.     [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](