Real Estate News

• Panic at Prodigy October 23, 2019
  In 2011, Rodrigo Niño was weighing his own mortality. The real estate executive, originally from Colombia, had been diagnosed with stage three melanoma. After two surgeries, his only choice, he later recounted in a heavily produced video, was to “venture into the unknown.” Niño, who is tall and thin with wavy gray hair, flew to […]
  By Sylvia Varnham O’Regan and Mary Diduch
• Victoria’s Secret sues WTC landlord amid store closures and layoffs October 23, 2019
  Embattled lingerie chain Victoria’s Secret is baring its knuckles for a fight with its landlord. As the company copes with slowing sales and flagging relevance in the #MeToo era, it’s suing to terminate one of its leases for retail space in the Westfield World Trade Center Shopping Center. According to a complaint filed in New […]
  By Sylvia Varnham O'Regan Research by Mary Diduch
• CoStar reaches $11M settlement in copyright infringement suit against Xceligent October 22, 2019
  CoStar Group says it has settled its years-long copyright infringement claim against its bankrupt and now defunct competitor, Xceligent. The commercial real estate data conglomerate reached a $10.75 million settlement with its competitor’s insurer, according to court filings. That’s a fraction of the $450 million CoStar initially sought. The two firms were at loggerheads in […]
  By David Jeans
• RXR gets $400M+ from Goldman Sachs to refi Sixth Avenue building October 22, 2019
  RXR Realty has landed just over $421 million in financing from Goldman Sachs for 620 Avenue of the Americas. The funding consists of a $334.4 million refinanced loan and $87.1 million in new financing, according to property records. Representatives for RXR and Goldman Sachs did not immediately respond to requests for comment. The Chelsea building […]
  By Eddie Small Research by Mary Diduch
• “Nightmare” for landlords: Court OK’s class action against Harlem owner October 22, 2019
  New York’s highest court on Tuesday cleared the way for a group of tenants to pursue a class action lawsuit against a Harlem landlord accused of wrongfully inflating rents on stabilized apartments. Both landlord and tenant representatives say the latest decision will have far-reaching implications for similar class action lawsuits going forward. In a 4-3 […]
  By Kathryn Brenzel
• WeWork founder scrambled for $100M loan before $1.7B bailout October 22, 2019
  As WeWork hustled to secure a rescue package, its former CEO was under intense pressure to shore up his own finances. Last week Adam Neumann paid a $150,000 deposit to secure a $100 million loan to refinance his interest in a Chelsea development site, people familiar with the matter told The Real Deal. The move […]
  By David Jeans

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