Residential Real Estate News

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South Florida Real Estate News

Waterfront Palm Beach mansion sells for $41M

 A waterfront estate in Palm Beach sold for $40.7 million — almost $20 million below the original asking price. Records show a Swiss entity, Sunshine Estate Partners, sold the mansion at 1330 South Ocean Boulevard to 1330 South Ocean LLC, a Delaware corporation. According to The Palm Beach Daily News, European businessman Gerald Herz and his wife, Isabelle, are the sellers. West Palm Beach attorney Paul Krasker signed the deed in favor of the sellers. ... [more]

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Author: By Jordan Pandy
Posted: January 25, 2021, 10:30 pm

Hospitality startups pick at carnage of failed rivals

Almost everything has remained the same at 70 Pine Street — the oak floors, modern furnishings and colorful art — except for the short-term rental startup operating its 132 rooms. After six years in business, Lyric succumbed to shaky finances and a travel shutdown in July 2020. Now, the 66-story Lower Manhattan building is the New York City flagship for Mint House, a three-year-old startup that caters to business travelers.  Mint House is one of ... [more]

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Author: By E.B. Solomont
Posted: January 25, 2021, 10:00 pm

Founder of Claure-backed hedge fund buys Gables Estates mansion

The founder of a hedge fund backed by Softbank’s Marcelo Claure bought a non-waterfront mansion in the exclusive Gables Estates community. Property records show a Florida company led by Rafael Chapur sold the 1-acre property at 545 Casuarina Concourse in Coral Gables to Pedro and Madeline Escudero for $8.4 million. Escudero, a former tennis pro, is founder and CEO of DPM Capital, a hedge fund backed by Claure. The buyers financed the purchase with a ... [more]

The post Founder of Claure-backed hedge fund buys Gables Estates mansion appeared first on The Real Deal South Florida.

Author: By Katherine Kallergis
Posted: January 25, 2021, 9:30 pm

Forbearance rate stubborn among home-mortgage borrowers

Home-mortgage borrowers’ pandemic recovery has hit a wall. The forbearance rate among mortgage borrowers had been improving since peaking in June at 8.55 percent. But after declining to 5.5 percent — or about 2.7 million homeowners — progress ceased in November, the Wall Street Journal reported, citing the data from Mortgage Bankers Association. At the same time, the number of job openings has declined, and unemployment claims remain high. “With the waning recovery, and more ... [more]

The post Forbearance rate stubborn among home-mortgage borrowers appeared first on The Real Deal South Florida.

Author: TRD Staff
Posted: January 25, 2021, 8:30 pm

Bromnin Automotive pays $7M for former Pinecrest Mitsubishi dealership

A company affiliated with Bomnin Automotive Group paid $7.3 million for a former Mitsubishi dealership in Pinecrest. Bomnin bought the two-story, 8,000 square-foot building at 8525 South Dixie Highway, formerly called South Miami Mitsubishi, according to records. The building was constructed in 1999 and is down the street from Bomnin Chevrolet Dadeland. The seller was James B. Burgin Jr., records show. Bomnin Automotive Group’s other dealerships in the Miami area include Bomnin Chevrolet West Kendall, ... [more]

The post Bromnin Automotive pays $7M for former Pinecrest Mitsubishi dealership appeared first on The Real Deal South Florida.

Author: By Wade Tyler Millward
Posted: January 25, 2021, 7:30 pm

“Dynasty” producer Douglas Cramer pays record $8M for Morningside home

Longtime film and television producer Douglas Cramer bought a waterfront home in Miami’s Morningside for $8.1 million, setting an all-time record for the neighborhood. Cramer and his husband Hubert Bush bought the house at 5901 North Bayshore Drive from Bruce Alan and Leslie Lara Weil, records show. Cramer helped produce popular television series like “Dynasty” and “The Love Boat.” Bruce Alan Weil is a partner at the law firm Boies Schiller Flexner LLP. He paid ... [more]

The post “Dynasty” producer Douglas Cramer pays record $8M for Morningside home appeared first on The Real Deal South Florida.

Author: By Jordan Pandy
Posted: January 25, 2021, 6:30 pm

Latch to go public via Tishman Speyer’s SPAC

Tishman Speyer’s SPAC has found its match. The New York real estate giant announced that its special-purpose acquisition company, TS Innovation Acquisitions Corp., will merge with smart-lock maker Latch, the Wall Street Journal reported. The deal would take Latch public with an expected valuation of $1.56 billion. When the deal closes — likely in the second quarter — the company expects to trade on Nasdaq under the symbol LTCH. As part of the deal, Tishman ... [more]

The post Latch to go public via Tishman Speyer’s SPAC appeared first on The Real Deal South Florida.

Author: TRD Staff
Posted: January 25, 2021, 5:30 pm

Stream this: Cinema chain AMC secures $900M in financing

While most of AMC’s movie theaters are now open nationwide, the cinema chain last month warned that it needed $750 million to avert bankruptcy. The struggling AMC Entertainment Holdings got that lifeline, securing a total of $917 million in financing, according to the Wall Street Journal. The company hopes the infusion will give it a cushion to weather it through, as Covid vaccine distributions ramp up. AMC has executed a commitment letter for $411 million ... [more]

The post Stream this: Cinema chain AMC secures $900M in financing appeared first on The Real Deal South Florida.

Author: TRD Staff
Posted: January 25, 2021, 5:00 pm

Midtown Miami developer launches waterfront Fort Lauderdale condo project

Developer Ron Krongold launched sales of his latest project, a boutique waterfront condo development in Fort Lauderdale, The Real Deal has learned. The Midtown Miami developer unveiled plans for 160 Marina Bay, a five-story, 16-unit building at 160 Isle of Venice Drive. Prices will begin in the low $2 millions, with four penthouses asking about $2.5 million, Krongold said. The development will include a private marina with 14 boat slips with deep water access and ... [more]

The post Midtown Miami developer launches waterfront Fort Lauderdale condo project appeared first on The Real Deal South Florida.

Author: By Katherine Kallergis
Posted: January 25, 2021, 4:30 pm

Private equity honcho sells Palm Beach Gardens home for $5M

  The managing director of a private equity investment firm sold his home in Palm Beach Gardens for $5.3 million. Records show John P. Clancy and his wife, Regina, sold the house at 12034 Corozo Court to William E. Weisberg. John Clancy is managing director and head of portfolio operations on the providence strategic growth team at Providence, Rhode Island-based Providence Equity, although he works out of its Boston office, according to its website. The Clancys ... [more]

The post Private equity honcho sells Palm Beach Gardens home for $5M appeared first on The Real Deal South Florida.

Author: By Jordan Pandy
Posted: January 25, 2021, 3:30 pm