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WeWork IPO pushed back, Manhattan DA subpoenas Trump Org taxes: Daily digest

first_imgEvery day, The Real Deal rounds up New York’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day, starting at 9 a.m. Please send any tips or deals to [email protected] page was last updated at 6:30 p.m. This content is for subscribers only.Subscribe Now WeWork parent company’s IPO is expected to be postponed. The company, which said it would list shares on the Nasdaq the week of Sept. 23, announced it would postpone its public offering until at least next month. [WSJ]The Manhattan District Attorney’s office has subpoenaed eight years of Donald Trump’s tax returns. Investigators are demanding the information as they look into the role Trump and his family business played in making hush-money payments as the 2016 election drew closer. The subpoena to accounting firm Mazars USA requests federal and state tax returns dating back to 2011 for Trump and his company. [NYT]A home automation company backed by Blackstone Group is merging with a unit of SoftBank. Vivint Smart Home Inc. will create a company valued at $5.6 billion through the merger. The company makes a variety of smart home security products. [Reuters]Brokers can now charge a maximum of $20 per application fee. The Department of State announced on Friday that licensed brokers and salespeople cannot collect more than $20 on application fees. Tenants had complained of being charged upwards of hundreds of dollars for applications since New York’s new rent laws passed in June. [Gothamist]It might take 100 years to finish the Sunnyside Yard project. The city will hold a public meeting about the massive project on Monday and release some early design concepts for it. While the city expects to finish its master plan by the end of the year, but it could be a century before the project itself is done, according to Sunnyside Yard director Adam Grossman Meagher. [Sunnyside Post]Jeff SuttonJeff Sutton is making a Fifth Avenue retail play. The Wharton Properties president signed a contract for about 4,600 square feet of ground-floor retail at 730 Fifth Avenue the building by West 56th Street. The overall retail condo, which Sutton co-owns it with Brookfield Asset Management, spans about 89,000 square feet. He also owns the adjacent building at 720 Fifth Avenue. [PincusCo]Bernie Sanders (Credit: Getty Images)Bernie Sanders is making a call for national rent control. The $2.5 trillion affordable housing plan would also focus on ending homelessness. It would expand public housing, increase the amount of affordable housing and limit annual rent increases to no more than 1.5 times the inflation rate or 3 percent. The campaign will release the full plan within the next month. [NYT]WeWork CEO Adam Neumann (Credit: Getty Images)WeWork’s IPO valuation just keeps getting lower. Sources have now told Reuters that the co-working giant may seek a valuation between $10 and $12 billion for its initial public offering, a dramatic decrease from the $47 billion valuation it hit in January. Its dropping valuation could impact other real estate startups as well. [Reuters]And it turns out Adam Neumann is no Mark Zuckerberg. The WeWork co-founder’s reluctant decision to cede some of his powers as the company prepares to go public is an indication that the era of founders taking their companies public while still maintaining strong voting power is over. [Bloomberg]Markets are starting the week on a high note. TRD’s analysis of 28 real estate stocks found that they did better than the S&P 500, increasing by more than 3 percent. However, 19 of the companies saw their share prices plunge on Friday. CoStar Group’s value fell the most, dropping by 7.7 percent to close on Friday at $570.11, while Newmark Knight Frank did the best, rising by 14.4 percent to close at $10.11. [TRD]George Kaufman’s third wife and longtime lawyer are in a bitter dispute over his $500 million estate. The developer amended his will two months before dying to remove lawyer Thomas Kearns as a trustee and executor and giving the private wealth management company Bessemer Trust control of his estate. An attorney for Kearns says Kaufman was isolated and abused for months by his wife Mariana Zoullas Kaufman, which her attorney has disputed. [WSJ]Deputy Mayor Vicki Been’s views on the failed good-cause eviction bill have stirred controversy. Housing advocates are upset that Been said she was “not sure what the problem is that we’re actually trying to solve” and that she wants “to be sure that the solution is a solution that fits the problem and is not just a solution that we borrowed from another city or is a flavor of the day.” [NYDN]Five real estate investors have been arrested for allegedly defrauding taxpayers and lenders. Iskyo “Isaac” Aronov and his partners would identify homes in gentrifying neighborhoods including Bedford-Stuyvesant that owed more than what they could pay and negotiate with banks to let them go for less than market rates. Aranov’s team would then perform gut renovations and resell the properties — some of which landed on the Bravo TV show Million Dollar Listing New York. [BuzzFeed]A criminal hack at the Corcoran Group on Friday caused the entire company to get an email with agent splits. The email also included marketing budgets and gross commission income, according to TRD. The email came from Corcoran sales president Bill Cunningham and was retracted quickly. The hack appeared to be contained to one email account, and customer data was not involved. Corcoran plans to investigate the hack as criminal activity. [TRD]There were 12 luxury contracts signed for about $81 million in Manhattan last week. Both figures were up from the week before, when the borough saw 10 luxury contracts signed for about $69 million. The properties spent an average of 475 days on the market and had an average discount of 3 percent from the original to the final asking price. This year’s third quarter is so far tracking 27 percent below last year’s. [Olshan]Brooklyn’s luxury market saw 12 contracts signed last week for a total of roughly $32.7 million. Contract volume was the same as last week, while dollar volume was slightly lower at about $32.6 million. The average contract went for about $2.7 million, and the properties spent an average of 182 days on the market. [Compass]The state wants the city to decide how rent increases will apply to vacancy leases. The division of Homes and Community Renewal said in a memo it will be up to the city’s Rent Guidelines Board to determine whether landlords can raise rents in vacant apartments based on renewal increases the board approved for one- or two-year leases. The guidance has confused some in the real estate industry. [TRD]Erbo Properties landed $56 million in construction financing from G4 Capital Partners. The money is for its planned conversion of a warehouse property at 541-545 West 21st Street in Chelsea into an office building. The project will include retail space on the ground floor. [CO]FROM THE CITY’S RECORDS:Commercial sales:Prologis acquired two parcels at 512 Johnson Avenue in East Williamsburg, Brooklyn for $21 million. [ACRIS 1,2]last_img read more

Phil Collins wants to sell his Miami Beach mansion for $40M, but his ex-wife won’t leave

first_imgPhil Collins, Orianne Collins, and 5800 North Bay Road (Credit: Tim Chapman/Getty Images, and John Parra/Getty Images)Phil Collins may be singing the lyrics to his best-known hit these days, as he tries to evict his ex-wife and her new husband from a Miami Beach mansion.“You can wipe off that grin / I know where you’ve been / It’s all been a pack of lies,” are some of the lyrics to “In The Air Tonight.”Collins is trying to sell the North Bay Road property to the tune of $40 million. And his ex wants half.In the meantime, she is blocking a real estate agent from showing the home, and has allegedly changed the alarm codes and hired armed guards, according to court documents filed in their ongoing litigation.“Orianne’s armed occupation is interfering with the marketing, and if a sale is lost due to that, we are prepared to sue in court,” a spokesperson for Collins told The Real Deal.In early August, Collins first attempted to get his ex-wife Orianne Cevey Collins Mejjati Bates and her new husband, Thomas Bates, to leave his home at 5800 North Bay Road. He enlisted his lawyer to send a demand letter for them to vacate the mansion by Sept 30, according to court documents.On Aug. 24, the Bates’ lawyer responded that six weeks simply wasn’t enough time, documents show. So Collins acquiesced, offering an extended deadline of Oct. 31, so long as Orianne Bates agreed to the terms of a settlement, court records show.Last week, Collins filed suit against the newlyweds in Miami-Dade Circuit Court, alleging unlawful detainer and forcible entry.He also hired top agent Jill Hertzberg, of the Jills Zeder Group at Coldwell Banker, to list the 10,769-square-foot mansion for $40 million. But the Bateses haven’t given her access to the property.“Unfortunately, we have not been able to go into the property,” Hertzberg told TRD on Friday. “I have a list of people who want to see it and get inside, but we cannot get in at this time.”The house is still on the market, and Collins has given permission to show it, a spokesperson for the Genesis drummer said. Jennifer Lopez previously owned the home, an 11-bedroom, 10-bathroom mansion that was built in 1929 on a 1.2-acre lot. Collins paid $33 million for the house in 2015.Hertzberg said it’s “one of the most coveted properties” in Miami Beach, which offers wide bay views of the sunset and downtown Miami, more than 180 feet of waterfront frontage and “enchanting gardens” at the entrance.The high-end residential market has been especially active in recent months. In the third quarter, single-family home sales increased by 71 percent, year-over-year, to 171 closings in Miami Beach and the barrier islands.Collins provided Orianne with a nearly $47 million settlement when the couple divorced in 2008, according to published reports. Orianne remarried twice since then, most recently by eloping with Bates in Las Vegas. Phil and Orianne got back together in 2016, prior to her recent marriage to Bates. (Orianne, a jewelry designer, owns Orianne Collins Jewellery and Spa in the Design District.)According to Orianne’s response filed in the court record, she alleges Collins promised her 50 percent ownership of their marital North Bay Road residence.Meanwhile, Orianne allegedly changed the alarm codes, covered up existing surveillance cameras, and hired armed guards to “patrol the property with openly displayed firearms,” according to Collins’ complaint. In her counterclaim, Orianne’s lawyer said she was involved with overseeing security, and had noticed the cameras weren’t functioning properly or had been tampered with.Collins is worried that the couple will remove, hide or destroy his personal property, including his “irreparable music memorabilia” and Alamo collectibles, according to the court documents.Orianne’s new lawyer, Richard Wolfe, told TRD that he plans to file a counterclaim response that alleges that most of the personal property, including furniture and memorabilia, is “the legal and equitable property of Orianne.”A statement from Wolfe said that her sole motive is to stay in the home “until a fair settlement is resolved.”“Instead of his Trumpian disinformation campaign, his hidden cameras and private investigators, perhaps Mr. Collins should clean up his own act, literally and figuratively, and honor the commitments he made to Orianne when they moved in together,” the statement reads.Contact Katherine Kallergis Email Address* Full Name*center_img Message*last_img read more