The collapse of NAR’s vision for brokers; Qatar keeps buying NYC’s “best assets” ... and more

The best national real estate stories from The Real Deal. Feb 03, 2024 [View in Browser]( | [$1 for 1 Month]( [The Real Deal Logo](   [The National Logo](   In today’s newsletter, we look at how NAR [lost sight of its primary purpose](, and why that could cost it everything. Plus, a [tiny nation spends billions]( on New York real estate, Adam Neumann [tries to overhaul his $43 million compound](, and how one bigwig [lost one of the industry’s most covetable portfolios](. These and more stories below.   [Behind the collapse of NAR’s big vision for brokers]( Fifty years ago, an executive at the National Association of Realtors wrote a sort of manifesto for the trade group. His words showed his lofty ideals, including a claim that working in real estate “required the highest and best measures of professional responsibility.” In the eyes of many in the industry, NAR has failed to live up to that responsibility. On paper, the organization has been remarkably successful for most of its history. It’s one of the largest trade groups in the country and one of the top spenders on lobbying. So when did it go wrong? The dam broke in August last year, with allegations of sexual misconduct against then-President Kenny Parcell. A torrent of trouble followed, from a wave of lawsuits, to a rare drop in membership, to its new president, Tracy Kasper, leaving the organization under unusual circumstances. Still, industry insiders say the trouble runs much deeper, and some of them are looking for an alternative. [Enter the American Real Estate Association](. The group, formed by Mauricio Umansky and Jason Haber, is NAR’s first real challenger in decades. Nykia Wright, NAR’s latest interim CEO, [downplayed AREA’s threat]( to them. But, the upstart — and the broader threats to its existence — won’t go away that easily. NAR is vulnerable, and the whole industry knows it.   Together with Rastegar Property Texas Roots, Global Heights: The Vision of a Texas Real Estate Tycoon [Ari Rastegar]( As the saying goes, ‘Everything is bigger in Texas’. As a manufacturing powerhouse and the largest exporting state, the global oil superpower has one of the highest GDPs in the world. As great a presence as the Lone Star State has on a national scale, Texas born Real Estate Mogul, Ari Rastegar, envisions an even larger future for his home state on the world stage. With [45 of the Forbes 400]( richest Americans and corporate heavy hitters now calling Texas home, Rastegar claims "these are battleship movements." His vision— Texas as the Silicon Valley of the South. The stage is set with industry giants in tech, finance, energy, and beyond laying claim to the Texas Triangle. Investors, take note—this isn’t a fleeting trend. Texas is not just growing; it's fiercely transforming, and Rastegar is primed to come out on top. Rastegar’s innovative vision is evidenced by his inspired urban developments that encapsulate a redefined narrative for Austin's potential and Texas as a whole. With meetings set across the globe to kick off a massive capital raise, the Texas Tycoon orchestrates his own battleship movements to lay the groundwork for this new era. Find out more about opportunities with Rastegar [here]( and get to know Ari through his Wall Street Journal bestseller, [The Gift of Failure](.   [I'm an image]( [The $45B pledge: Qatar keeps buying Manhattan’s “best locations and best assets”]( Investors from Qatar have flooded the Manhattan real estate market in recent years, making the tiny Gulf nation the city’s biggest source of foreign money. As the wealthiest country per capita in the world, its citizens have money to spend, and they’re trading it for the best of the best New York properties. [I'm an image]( [WeLandscape: Adam Neumann seeks Bal Harbour’s approval at waterfront estate]( Adam Neumann is back in the news. But it’s not his [struggling startup]( garnering attention this time. Neumann and his wife, Rebekah, have big plans to redevelop part of their $43 million South Florida compound, and they need approval from the sometimes persnickety village of Bal Harbour. [I'm an image]( [How Neil Shekhter lost half his portfolio]( It wasn’t long ago that Neil Shekhter had one of the most covetable portfolios in all of real estate. Then, he lost most of it in the blink of an eye. Some people speculate that he’s plotting a comeback, but, first, he’ll have to make it through the year.   Advertisement   [I'm an image]( [Brand Studio Thermador Revolutionizes Induction Technology with Innovation and Sustainability]( [I'm an image]( [Robert Rivani, Mathieu Massa cancel $82M purchase of Starwood’s former Miami Beach HQ]( Robert Rivani and Mathieu Massa have canceled their $82 million purchase of a Miami Beach building that once served as Starwood’s headquarters. Their decision could leave the seller, Nightingale Group, and its principal, Elie Schwartz, in a world of trouble. [I'm an image]( [Keller Williams settles Sitzer lawsuit for $70M]( Keller Williams has agreed to settle the landmark Sitzer/Burnett antitrust lawsuit over broker commissions in a deal that could protect it from copycat suits. [I'm an image]( [The luxury ranch brokers fueling Texas’ land boom]( Some Texas cities have seen a boom in migration in recent years. But, the most coveted class of Lone Star land is still the luxury ranch. The brokers hawking those ranches are shepherding in a new era for Texas real estate. [I'm an image]( [The Hinge Heist: Real estate gets its own Tinder Swindler]( Like a real estate themed sequel to “The Tinder Swindler,” a New Jersey residential agent made off with more than $70,000 he allegedly took from another broker who he met on Hinge. [I'm an image]( [Ares smacks Chicago apartment landlord with $80M foreclosure suit]( Chicago’s multifamily industry appeared resilient to the rise of interest rates. Until now. A 200-unit South Loop apartment building is now facing the city’s biggest multifamily foreclosure in years.     [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 ©2024 TheRealDeal. All rights reserved. [View Online](