?? Eleven more women have come forward with lawsuits accusing the Alexander brothers of sexual assault, adding to the growing list of allegations against the former Douglas Elliman luxury brokers.
?? South Florida’s luxury real estate market is booming post-election, with pending contracts in Palm Beach surging 400 percent — a phenomenon agents are calling the “Trump bump.”
?? New York City’s housing future is in turmoil as four deputy mayors resigned amid mounting pressure on Mayor Eric Adams.
?? Compass ended 2024 on a high note, reporting its first cash flow positive year despite a challenging housing market.
?? Blackstone is negotiating a three-year extension on its $1.3 billion loan for Chicago’s Willis Tower, after exhausting five previous extensions.
?? OpenAI CEO Sam Altman, already embroiled in a “lemon” lawsuit over his Russian Hill mansion, has quietly expanded his San Francisco real estate holdings with a $14 million off-market deal.
The lawsuits, filed in New York, describe attacks spanning from 2011 to 2018 and detail incidents involving drugging and coordinated assaults in New York, Miami and Moscow.
- Most of the complaints name Oren and/or Tal as defendants, and one lawsuit is against Alon, Oren’s twin who was an executive at the family’s private security firm, Kent Security.
- One of the latest lawsuits includes allegations that Oren raped a woman during a home tour at a party in 2018, then forced her into a shower, “aggressively scrubbing her body.”
- Prosecutors allege the brothers operated a long-running sex trafficking ring with multiple men involved, and federal investigators have now interviewed about 60 victims.
- The Real Deal also learned this week that the Alexander family is seeking more than $50 million for Oren’s two-story home on the Sunset Islands while shopping additional Miami Beach properties.
Fox News host Sean Hannity led the charge, dropping nearly $44 million on waterfront properties near Mar-a-Lago, while billionaire William Lauder listed his oceanfront estate for a record $178 million.
- In December and January, Palm Beach saw 18 home sales above $10 million, a 125 percent increase year-over-year, with total dollar volume jumping 179 percent to $310 million.
- Miami Beach also saw a staggering 1,100 percent jump in ultra-luxury sales, including a $105 million estate deal that could be flipped for up to $250 million.
- Beyond political ties, South Florida’s appeal is drawing international and tech buyers, with some high-net-worth individuals fleeing California amid wildfires and tax concerns.
First Deputy Mayor Maria Torres-Springer, Meera Joshi, Anne Williams-Isom and Chauncey Parker submitted a joint letter of resignation after the Department of Justice dismissed corruption charges against Adams.
- Torres-Springer’s departure is a major blow to the city’s housing agenda, as she played a key role in initiatives like the Midtown South rezoning, which aims to add 9,700 new homes.
- Industry leaders worry that the administration’s ability to advance key real estate projects is now in doubt, with no clear successor positioned to navigate complex land use processes.
- City Council Speaker Adrienne Adams and Comptroller Brad Lander are among those calling for the mayor to resign, but Governor Kathy Hochul said Thursday that she will not remove him from office at this time.
CEO Robert Reffkin credited cost-cutting efforts, market share gains and an expanded inventory strategy that saw 35 percent of listings debut as exclusives.
- Compass recorded a net loss of $40.5 million in the fourth quarter, a $43.2 million improvement in 2023.
- The brokerage saw a 15 percent annual revenue increase to $5.6 billion, with organic growth accounting for 80 percent of its fourth-quarter gains.
- The firm continues to invest in title, escrow and affiliate services, banking on high-margin opportunities from its Christie’s International Real Estate acquisition.
The new deal, expected to push the maturity date to 2028, comes as the property outperforms some financial projections.
- In 2023, Willis Tower, formerly known as the Sears Tower, generated over $110 million in net cash flow and maintained an 83 percent occupancy rate, outpacing Chicago’s 75 percent average.
- The company touted its recent leasing performance — it secured 400,000 square feet of leases in the past year-and-a-half — as well as the popularity of its Skydeck attraction, which drew over 1 million visitors last year.
- The firm invested over $500 million into renovations, improving its food court and amenities accessible to the public and its tenants.
An LLC linked to Altman purchased three adjacent lots, including a 1924-built home and two vacant parcels, near the city’s famous “crooked” Lombard Street.
- The sale had conflicting reported purchase prices, with public records listing $14 million while MLS records showed $38.5 million, raising questions about the transaction value.
- Meanwhile, Altman is still suing the developer of his $27 million home, alleging construction defects led to water damage, mold and millions in losses.
- With his latest buy, Altman now controls a rare half-acre “garden estate” in one of San Francisco’s priciest neighborhoods.
How will NYC housing be affected by Torres-Springer’s departure? Keep reading TheRealDeal.com to find out.
