- WeWork Co-Founder Has Cashed Out at Least $700 Million Via Sales, Loans “WeWork Cos. co-founder Adam Neumann has cashed out more than $700 million from the company ahead of its initial public offering through a mix of stock sales and debt, people familiar with the matter said—an unusually large sum given that startup founders typically wait for the IPO to monetize their holdings.” (Wall Street Journal, subscription required)
- Foreign Buying of U.S. Homes Suffers Record Drop “Foreign purchases of U.S. homes have dropped by half over the last two years, a fresh blow to the top end of the market in New York City, Miami and cities in California.” (Wall Street Journal, subscription required)
- Elizabeth Warren, in Detailed Attack on Private Equity, Unveils Plan to Stop ‘Looting’ of U.S. Companies “Sen. Elizabeth Warren (D-Mass.) on Thursday released a plan to attack some of the most controversial methods of private equity firms, the financiers who buy and sell companies for profit.” (Washington Post)
- Focus Investing On Existing Multifamily Properties To Advance The American Dream “Here are a few reasons why carving quality, affordable “new” inventory out of existing or older multifamily properties is a smart move for investors.” (Forbes)
- A Fed Rate Cut Could Be Good News for Some Luxury Housing Market Sectors “The U.S. Federal Reserve is expected to make news at the end of July that could move domestic and global markets in big ways: It’s likely to cut federal interest rates, also known as the federal funds rate, for the first time since the 2008 financial crisis, following a steady stream of rate hikes since 2015. The move would have a trickledown effect that may help “entry-level” luxury buyers and savvy real estate investors, or may encourage more foreign purchasers to look to the U.S.” (Mansion Global)
- These Companies Are Leading a New City Tech Surge “The expansion of the city’s tech industry continues at a feverish pace. Venture capital firms poured more than $8 billion into New York-area startups in the first half of the year.” (Crain’s New York Business)
- How E-commerce is Affecting South Florida’s Industrial Real Estate Market “As the ability to purchase an item online and find it on your doorstep within a day, and in some cases a matter of hours, has become the norm, it’s also had a dramatic impact on the commercial real estate landscape across the country. And South Florida is no exception.” (Miami Herald)
- Multifamily Rent Growth Gets Serious “June was an inflection point for US multifamily rent growth, according to new figures by Yardi-Matrix. Following several months this year of slow rent growth, rents rose robustly in the second quarter by $12 to reach $1,465, the company says. Average rents increased by 2% in the second quarter of 2019, and they are up 2.6% so far this year. Year-over-year growth increased to 3.3%, up by 40 basis points from May.” (GlobeSt.com)
- Southeast Florida Retail Center Sale Sets Record “InvenTrust Properties Corp. has acquired Southern Palm Crossing, a 346,200-square-foot Costco-anchored shopping center in Royal Palm Beach, Fla., for a record-breaking $97 million.” (Commercial Property Executive)
- De Blasio Orders Offices to Turn Down AC Ahead of Heat Wave “Mayor Bill de Blasio has ordered office-tower landlords to turn down the AC this weekend. As the city braces for temperatures expected to approach triple digits this weekend, the mayor says owners of office buildings of 100-feet and taller need to do their part to conserve energy.” (Crain’s New York Business)
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