The C-suites, they are a-changin’ | Real Estate Rundown

?THE RUNDOWN:

???? Major shake up for resi real estate: Coldwell Banker CEO Ryan Gorman is stepping down

?? In more leadership news, Stephen Ross, the head of New York-based Related Companies, calmly announced a split with Miami’s Related Group this week

?? The big post-pandemic question rears its head again: can we convert New York’s vacant offices into homes? TRD took a deep dive to find the answer.

?? Major deal alert: Chicago landlord Pangea sold its portfolio to Emerald Empire for $600 million

?? In Los Angeles, a foreclosure fight looms over a $2.5 billion project?

?? And as we move towards winter, the housing market continues to cool around the country, from New York to Dallas to Los Angeles

THE DETAILS

????? It’s been a tough year for Coldwell Banker’s parent company Anywhere, with its stock down 57% and interest rates on the rise. Ryan Gorman, who headed Coldwell through the pandemic and oversaw 3,000 offices across the country, has stepped down for reasons we still don’t completely know. And the rest of Coldwell’s C-suite is seeing some changes as well.

?? A 40-year-long partnership between Related Companies’ Stephen Ross and Related Group’s Jorge Pérez has come to an end “very amicably.” The pair started their partnership back in 1979, with Ross’ company dominating NYC and Pérez shaping the Miami skyline. Now, with Ross based in Palm Beach and starting to build there, the developers could go from Related to rivals.?

?? There are plenty of barriers to converting office buildings to residential ones in New York, but there are developers eager to get going, calling the market “ripe” for these kinds of projects.

?? One of Chicago’s biggest landlords, Pangea Properties, just unloaded more than 7,500 Windy City apartment units across 400 buildings on New York-based Emerald Empire. The $600 million sale is one of Chicago’s largest multifamily sales.?

?? Billionaire brothers Simon and David Reuben have been fighting for control of Michael Rosenfeld’s Century City project in Los Angeles since September, months after Rosenfeld defaulted on $1.8 billion in loans on the two-tower development.?

?? The November reports are in, and there’s a consensus: things are cooling down. Rents in New York — even the luxury ones — are dropping from their peaks, as are those in the Dallas-Fort Worth area. Meanwhile, housing listings in Los Angeles fell by more than 25%.