?? Ashkenazy booted out of 625 Madison; Icon portfolio watchlisted … and more

Here’s THE RUNDOWN:??

?? The latest victim of mounting multifamily distress may be Icon Realty. A chunk of debt tied to the firm’s $145 million NY portfolio was watchlisted recently. Meanwhile, multifamily investors in Texas may finally see trouble on the horizon.

?? SL Green and Ben Ashkenazy have battled for years over 625 Madison Ave. Now, Ashkenazy has officially gotten the boot from the building. The move could mark the end of the dramatic saga, but it could also be the start of a new, equally contentious chapter.?

?? Andy Anand was an Elliman agent looking to break into a ritzy Dallas suburb. Anand is also a turban-wearing Sikh. So, his boss made a white ex-cheerleader the frontwoman for his business. The move may have violated several legal and ethical standards.

??? Unibail-Rodamco-Westfield is nearing one of the biggest CMBS loans of the year, as it approaches a deal to refinance a $925M loan for the Westfield Century City mall.?

?? Prices in the South Florida luxury market are defying gravity. As deal volume falls, thanks in large part to high interest rates, prices have skyrocketed, setting records across the region.

???? An investment from Warren Buffett is the ultimate vote of confidence, so home builders should be riding high. Berkshire Hathaway disclosed an $814 million investment into three industry players this week.

THE DETAILS:

??? Multifamily madness: Icon’s watchlisted debt and mounting trouble in Texas

Multifamily trouble has been mounting, sometimes striking in unexpected places. Take Icon Realty Management. Three-quarters of the apartments in the New York landlord’s portfolio are market rate, meaning they’ve seen strong rent and occupancy growth in recent years. The firm is current on all of its loans. Yet, servicers watchlisted $28 million in debt tied to Icon’s properties this month, hinting that the investor’s revenue isn’t as strong as it seems.

Halfway across the country, multifamily investors saw Texas as a surefire bet in 2020 and 2021. In Austin rents rose 26 percent in a year. But now rents are down, and an influx of new housing across the state has left some landlords apprehensive. Nobody’s immune to multifamily distress.

?? SL Green finally boots Ashkenazy from 625 Madison Ave

SL Green and Ben Ashkenazy have been battling over 625 Madison for a decade, ever since the developer purchased the land beneath the SL Green-occupied tower for $400 million in 2013. But earlier this week, the Marc Holliday-led REIT purchased Ashkenazy’s stake in a UCC auction, a move that could mark the beginning of the end for the conflict. The building itself could also be nearing its end — the site is in a prime location for a new Billionaires’ Row tower.??

?? Elliman paired Sikh agent with white former cheerleader to sell house

Elliman’s Texas leader Jacob Sudhoff was concerned that residents of Highland Park, a tony Dallas suburb, would not want to do business with one of his brokers. The agent, a Sikh named Andy Anand, wears a turban, and Highland Park is not known for its diversity. So Sudhoff paired Anand with a white former Dallas Cowboys cheerleader to front the team. Sources say Sudhoff just wanted to help Anand find success in a discriminatory environment, but the move may have been a violation of federal law.

??? Westfield Century City close to securing $925M refinancing

Unibail-Rodamco-Westfield is set to refinance a $925 million loan on the Westfield Century City mall in Los Angeles. The deal, which is set to be among the year's largest CMBS transactions, has placed a spotlight on malls. Retail has long been a punching bag for the real estate industry, but Westfield Century City may have cracked the code to remain relevant in a marketplace dominated by e-commerce. Unibail has begun a shift away from malls over the last year. But what will the firm do in Century City?

?? South Florida paradox: Luxe resi market faces record sales, low volume

It's been a record-setting year for many wealthy South Florida enclaves like Miami Beach and Indian Creek, as eight- and nine-figure deals set new standards throughout the area. Price per square foot figures have pushed the limit too, even on relatively modest deals. But all is not well in the luxury market. Sales volume is down big, falling as much as 30 percent in the second quarter in some parts of the region. That paradox is a symptom of a market in transition, where unusual dynamics have forced buyers and sellers to leave all their expectations behind.?

???? Warren Buffett bets big on homebuilders

It’s been a big year for home builders. Top industry players like D.R. Horton, Lennar, and NVR have all seen their stocks rise about 30 percent for the year, as a housing shortage drives demand in the industry. Warren Buffett seems to believe the good run will continue, as the Berkshire Hathaway CEO made an $814 million investment in the three companies.?

THE CLOSE:

Does SL Green’s latest purchase end its lengthy saga with Ben Ashkenazy? Or will there be another episode in the soap opera playing out on the Manhattan skyline? Keep reading TheRealDeal.com to find out.?