?? Behind the unraveling of Nir Meir; Meet the stars of #RETwit … and more

THE RUNDOWN:

?? Real estate is filled with ups and downs, especially for developers. But few have ever ridden the downslope as hard and fast as Nir Meir .?

? Many of real estate’s biggest stars were made in the boardroom or at project sites. But a select few made their bones on X (AKA Twitter). Meet the stars of #RETwit .?

?? After a series of fiascoes, the Flatiron Building needed a stabilizing force to move the project forward. Dan Brodksy was the perfect man for the job .?

?? Every deal has winners and losers. For NAR’s $418 million settlement, home sellers and buyers will celebrate the victory, along with Compass and Redfin. But a plenty of other brokerages — and NAR itself — might have taken an L .?

?? Multifamily investors across the country are feeling the pain of high interest rates. But, in South Florida, that pain is compounded by slowing rent growth and sky high insurance costs.?

?? One year into the Measure ULA transfer tax, Los Angeles’s real estate industry is practically at a standstill . The tax has especially hurt commercial sales. But residential brokers say home buyers are fleeing town .?

THE DETAILS:

?? Behind the unraveling of Nir Meir

In a world filled with big personalities and charismatic dealmakers, few have crashed and burned as hard as Nir Meir. With the developer’s recent arrival on Rikers, The Real Deal’s April cover story chronicles his fall.?

• The developer is currently awaiting trial for allegedly masterminding a $86 million fraud scheme at HFZ Capital Group’s the XI development in Chelsea.?
• Former employees tell of Meir’s over-the-top behavior, and his ability to miraculously find money when a project was in trouble.?

? Meet the stars of #RETwit

Real estate players love to tweet?— whether they’re looking to make deals, network with others in the industry, or share advice. But a few social media stars rise above the rest.?

• There’s Don Tepman, a.k.a. StripMallGuy, who operated behind a veil of anonymity until recently. Tepman is known for sharing hot takes on the retail world, like whether it’s better to lease to laundromats or dry cleaners.?
• Beth Azor is also a retail leasing expert. Azor is based in South Florida, and has the strongest social media presence of any women in the #RETwit community.?
• Bob Knakal needs little introduction. The legendary commercial broker has done billions in deals, and he’s not shy about sharing thoughts and personal news on X.?

Check out the other stars of the #RETwit community.?

?? How Dan Brodsky’s reputation and status secured the Flatiron building

Few people have a resume as distinguished as Dan Brodsky. The man’s CV reads like a laundry list of the high society’s most important institutions.?

• He has served as the chair of the Metropolitan Museum of Art, sat on the board of half a dozen private schools, and served as president of the co-op board at his Park Avenue building.?
• Brodsky’s penchant for moving amongst the ultra-wealthy — and his reputation for cool-headed leadership and dealmaking —?put him in the perfect position to swoop in and save the Flatiron Building.?
• Brodksy will oversee the Flatiron’s conversion to condos, in partnership with Jeff Gural’s GFP and Sorgente Group.??

?? The winners and losers in NAR’s historic settlement?

NAR’s settlement of antitrust suits will shake up the residential industry in more ways than we know. But, as the dust settles, it seems a few winners and losers are clear.?

• A handful of major brokerages can chalk up the settlement as a win. Home buyers and sellers can, too, as the settlement could lead to reduced costs for both.?
• The biggest losers will be the big brokerages — those with over $2 billion in annual sales volume — who haven’t been able to cut their own deals.?
• For NAR, the settlement is both a win and a loss. The trade group was saved from extinction, but the deal won’t solve its many problems.?

?? South Florida multifamily investors are feeling the pain

When multifamily investors flocked to the Sun Belt in 2021, South Florida was one of their favorite destinations.?

• The region's fast rent growth, driven by favorable migration patterns, made it a landlord’s dream. Now, it’s become their hell.?
• It’s not just high interest rates and slowing rent growth hurting investors. They’re also dealing with skyrocketing costs, many of which are unique to Florida.?
• Maintenance costs are up by more than 20 percent, while insurance premiums have skyrocketed by 62 percent.

Also in South Florida: A pair of billionaires have grown their Florida mansion collections this week. Jeff Bezos bought his third South Florida estate for $90 million . Meanwhile, NBA legend Michael Jordan paid $17 million for his second mansion in Jupiter .?

?? How Measure ULA brought LA’s real estate market to its knees

The Measure ULA transfer tax was supposed to be a boon for Los Angeles, as the city battled homelessness and other housing-related issues.?

• Projections said the tax would raise between $672 million and $900 million in its first year. It brought in just $173.6 million.
• Commercial deals have slowed dramatically over the past year.
• Top residential brokers like Sally Forster Jones and Jason Oppenheim say the tax has hurt LA’s residential market while helping Beverly Hills’ and Malibu’s.??

THE CLOSE:?

LA’s real estate industry is doing its best to get Measure ULA repealed. Will their fight be successful? Keep reading TheRealDeal.com to find out.