Umansky settles, speaks on Sweetwater Mesa; where are commercial-to-resi conversions happening? And more ...

The best national real estate stories from The Real Deal. Dec 23, 2023 [Share]( | [View in Browser]( | [$1 for 1 Month](     In today’s newsletter, Mauricio [Umansky talks about a multiyear legal battle]( tied to the sale of a Malibu mansion. Plus, another [rent-stabilized landlord is in trouble](, South Florida closes an up and down (but mostly down) year, and TRD locates all of New York’s [commercial-to-resi conversions](. These and more stories below.   [Exclusive: Mauricio Umansky settles, speaks on Sweetwater Mesa]( In an odd twist of fortune, two sales at one Malibu property brought Mauricio Umansky solid profits and years of trouble. The story begins with an unexpected character: Teodoro Nguema Obiang Mangue, the former vice president of Equatorial Guinea. Obiang owned a Malibu mansion at 3620 Sweetwater Mesa, but was forced to sell it when U.S. officials accused him of purchasing it with stolen funds. Umansky, the founder and CEO of The Agency, represented Obiang during the 2016 sale. Umansky sold the property to Mauricio Oberfeld for $32 million. Critically, Umansky also got in on the property, buying in as an investor. The pair of Mauricios invested in the property and flipped it for $37 million the following year, bringing in a tidy profit in little time. But the deal turned sour in 2018 when Obiang accused Umansky of intentionally driving down the price, giving himself the opportunity to make money off the deal. Another two lawsuits came in the following months, including one from a spurned bidder, Sam Hakim. Fast forward four years, and Umanksy has settled two of the lawsuits and seen one dismissed. The end of the dramatic saga has been “a weight off [Umansky’s] shoulders.” It also means he’s free to talk about the conflict in-depth for the first time since it began years ago. Umansky sat down with The Real Deal to discuss the story. He expressed his desire to put the negativity behind him, but there’s no love lost between Umansky and his former adversaries.     [I'm an image]( [Where are commercial-to-resi conversions happening?]( Office-to-residential conversions have been the talk of New York City this year. But where in the city are all these conversions happening? TRD dug up the answers. [I'm an image]( South Florida’s top [office](, [retail](, [multifamily](, and [hotel]( sales of 2023 It may have been a down year for most of the real estate industry, but South Florida still saw several major sales. Check out the biggest [hotel](, [multifamily](, [retail](, and [office]( sales of the year. [I'm an image]( [Isaac Kassirer faces foreclosure on $110M rent-stabilized portfolio]( Another rent-stabilized landlord is in trouble. This time, it’s Isaac Kassirer facing foreclosure after defaulting on $110 million in debt tied to affordable housing in the Bronx.   Advertisement   [I'm an image]( [More Chicago office landlords near defaults on $51M in loans]( Chicago’s Loop district was one the central business hubs of the city. But a growing number of landlords have faced distress there. The latest entrant to the list is a British art dealer, who is nearing a $51 million default at an office tower in the neighborhood. [I'm an image]( [California judge reopens NAR pocket listing lawsuit]( The legal troubles for the National Association of Realtors show no signs of stopping. On Monday, a California judge revived a lawsuit concerning the trade group's pocket listing policy, which aims to limit listings that are for sale privately and kept off local multiple listing services. [I'm an image]( [Existing home sales rise for first time since May]( The housing market is far from strong, but a couple of indicators show reason for positivity. First, existing home sales jumped in response to falling mortgage rates. Second, the number of new housing starts made its [biggest jump in almost two years](. [I'm an image]( [Blackstone’s Hughes Center in Las Vegas sits 42% empty, nears default]( Blackstone’s 1.4 million-square-foot Hughes Center in Las Vegas was once called “Nevada’s business district.” Now, it’s nearly half empty, and nearing default. [I'm an image]( [Lennar looks to sell 11,000-unit multifamily portfolio as market cools]( Lennar, one of the nation’s largest home builders, is looking to offload an 11,000 unit multifamily portfolio. A sale could bring in close to $5 billion for the firm.   [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](