NAR president Kasper's shocking departure; Hochul proposes 421a replacement ... and more

The best national real estate stories from The Real Deal. Jan 13, 2024 [View in Browser]( | [$1 for 1 Month]( [The Real Deal Logo](   [The National Logo](   In today’s newsletter, we look at [Tracy Kasper’s unexpected resignation]( from her role as NAR’s president. Plus, Gov. Hochul announces [plans to replace 421a](, a South Florida developer [tests the state’s new affordable housing law](, and the biggest names in New York real estate [dominate the list of the city’s biggest deals]( from 2023. These and more stories below.   [NAR president Tracy Kasper's shocking departure amidst blackmail threat]( In a startling turn of events, Tracy Kasper, who took the reins as president of the National Association of Realtors just five months ago, has announced her resignation, citing a blackmail threat that forced her to step down. The revelation has [sent shockwaves through the residential industry](, ignited a world of rumors and frustration, and left NAR with one more nightmare to deal with along with ongoing antitrust litigation and accusations of a hostile work environment. The move marks the third major leadership shakeup for NAR in recent months, following the resignation of former president Kenny Parcell amid sexual harassment allegations and the departure of CEO Bob Goldberg. It also comes shortly after a jury ruling against the organization in the first of several antitrust trials. The judge awarded the plaintiffs $1.8 billion in damages, but that number could triple to over $5 billion. Kasper’s resignation left ample room for speculation as to the motives behind the blackmail threat, some of which venture deep into the realm of tinfoil hat conspiracy theories. But, the turmoil at the organization has had an impact on the industry. Agents have expressed growing frustration over the lack of consistent messaging and leadership within NAR. Some even feel associating with the organization is a reputational risk.   Together with Entrata Understand the Resident Experience: 2023 Resident Report [Capital Funding Group]( In an effort to get a better understanding of the resident experience, including their perspectives on the current marketplace and their place in it, Entrata conducted a survey of 2,000 renters across North America. The results of this survey are contained in the 2023 Entrata Resident Report. This free copy of the report offers an in-depth look at what renters value. Download to discover areas where property management companies can improve the experience and identify opportunities to increase per unit revenue.   [I'm an image]( [Hochul proposes new 421a replacement, extension]( New York Gov. Kathy Hochul announced her long-awaited 421a plan this week. She called for a replacement to the property tax break and an extension to the 2026 completion deadline. [I'm an image]( [Whitman plans to add affordable housing to Bal Harbour Shops under new law]( Whitman Family Development announced it would add 600 residential to its redevelopment of Bal Harbour Shops, a high-end mall. The residential component will fall under Florida’s new affordable housing legislation, meaning 40 percent of the residential units will be designated as workforce housing. [I'm an image]( [SL Green, Jeff Sutton lead 2023’s largest commercial sales]( In many markets, a $998 million deal would be one for the record books. In New York, it’s a relatively paltry winner of the title for 2023’s biggest commercial deal. Check out TRD’s list of the top 10 investment sales of last year.   Advertisement   [I'm an image]( [Brand Studio Why Bosch Appliances Have Captivated the Developer Community: Insights from Architecture, Engineering and Construction (AEC) Experts]( [I'm an image]( [GVA’s defaulted debts top $600 million, with foreclosures across Texas Triangle]( Multifamily syndicator GVA recently hit an undesirable milestone: $600 million in defaulted debt. The firm’s loans are tied to properties across the Sun Belt, but much of its distress is concentrated in the Texas Triangle. [I'm an image]( [Distress looms as LA, OC see $21B in CMBS loans come due in 2024]( Los Angeles’ commercial industry is approaching a massive wall of maturities, with $21 billion of debt coming due this year. The problem? The majority of the borrowers are already in trouble. [I'm an image]( [Recently jailed developer Marty Paris faces $26M foreclosure]( Developer Marty Paris, head of Chicago-based Sedgwick Properties, just got out of jail, after serving time for failing to pay debts to his ex-wife. Now, a lender is suing him and looking to foreclose on his apartment development. [I'm an image]( [Ashkenazy hiccups on $66M loan for empty building in SF’s Union Square]( Ben Ashkenazy could be nearing default at a San Francisco retail building, just three months after another default on a retail building in the same Union Square neighborhood. [I'm an image]( [Ross’ Related plans tower on Temple Israel site]( Two developers — [Steve Ross’ Related]( and the [Ardid family’s Key International]( — announced separate plans to build luxury residential projects right next to two prominent religious sites in South Florida.     [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](