Real estate’s biggest stories of 2023; 421a replacement unveiled by city ... and more

The best national real estate stories from The Real Deal. Dec 30, 2023 [Share]( | [View in Browser]( | [$1 for 1 Month](     In today’s newsletter, we take a look at the [biggest stories of the year in real estate](. Plus, Charles [Cohen’s delinquencies grow](, Compass CEO Robert [Refkin’s salary is put under the spotlight](, and the Adams administration [presents its 421a alternative](. These and more stories below.   [These are the TRD team’s favorite stories of the year]( The end of the year is the perfect time for some reflection. Real estate has been on a rollercoaster ride for most of 2023. That may be a negative for most in the industry, but it also provides an abundance of interesting or entertaining stories. Many of the themes of these stories are familiar: a rapid escalation of interest rates, a significant drop in transactions, a surge in foreclosures, and seasoned real estate professionals navigating uncharted territory. [TRD’s best stories of the year]( range from profiles of the industry’s biggest or most controversial players, the fallout of the banking crisis, and a handful of major deals. The end of year lists don’t stop there. TRD editors compiled lists of the biggest stories in each sector and region of the industry. In New York, check out the [biggest CRE financing deals]( of 2023. For South Florida, check out the [biggest office leases]( of the year, the [juiciest lawsuits of the year](, and [the biggest stories]( (including a certain global soccer star’s move to the Sunshine State). TRD’s Chicago lists include the [priciest commercial sales](, the [top residential sales](, and the [biggest real estate loans]( of 2023. In the Bay Area, [TRD charted San Francisco]( and [Silicon Valley’s most expensive home sales]( of the year. Plus, check out the [buzziest Bay Area stories of 2023](. Spoiler: they’re dominated by distress and discounts. LA’s stories aren’t too different. The list of [biggest office deals of 2023]( is filled with steep discounts on once-promising office buildings. Plus, [LA’s priciest home sales]( of the year include one of the highest priced residential deals in California history, courtesy of Jay-Z and Beyoncé. Finally, in Texas, check out the [biggest office leases]( of the year in Dallas and [Austin](. And, [Dallas’s most expensive listings]( of the year.     [I'm an image]( [City unveils its own version of 421a subsidy]( As hopes for a statewide 421a replacement fade, the city is looking to create its own version of the subsidy. But, the policy comes with a few caveats. [I'm an image]( [Compass’ Reffkin gets $900K salary, $7M bonus]( Robert Reffkin has made a major change to his salary for 2024. The Compass CEO’s pay will increase to $900,000 from the $400,000 reported in 2022. He’s also forgoing a massive performance-based stock award in favor of a similarly massive cash bonus. [I'm an image]( [Charles Cohen looks to surrender Midtown office building]( Charles Cohen’s list of troubled office properties just increased by one. Cohen is looking to hand Tower 57 on Billionaires’ Row to his lender, shortly after defaulting on the ground lease.   Advertisement   [I'm an image]( [Fortune, Oak Capital’s Pompano Ritz-Carlton nabs major loan]( It was a big week for lenders in South Florida, headlined by Edgardo Defortuna’s Fortune International Group and Ricardo Dunin’s Oak Capital landing a $259 million construction loan for a Ritz-Carlton development in Pompano. Plus, [Pebb Capital landed a $173 million construction loan]( for a mixed-use project in Delray Beach. [I'm an image]( [Nate Paul no-shows court date on legal fees]( There seems to be no end to Nate Paul’s legal troubles. The latest are purely self-inflicted, as Paul failed to show to his court date over $1.4 million in legal fees he may owe. [I'm an image]( [JLL ditching more office space with Chicago sublease]( Commercial giant JLL is downsizing its office footprint, this time in the suburbs about 20 miles from its corporate headquarters in the East Loop neighborhood of Chicago. The move could cause problems for the firm’s landlord, too. [I'm an image]( [UCLA in deal to buy Westside mall-to-office redevelopment from Hudson Pacific]( Westside Pavilion was slated to be Google’s new Los Angeles hub. Instead, the mall-to-office redevelopment is being bought by UCLA. [I'm an image]( [Affordability’s flip side: Bay Area zip codes where big earners live]( The Bay Area may not be known for the same kind of luxury and sky-high prices as Manhattan, Malibu, and Miami. But it is home to some of the wealthiest people in the world. A huge number of the country’s 1-percenters live in 28 zip codes throughout the Bay Area. But, one city is notably absent from the list.   [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](