Greystar is moving into the Brazilian multifamily sector through a joint venture with local developer Cyrela Brazil Realty and Canada’s national pension fund. South Carolina-based Greystar is joining an existing partnership between Cyrela and the Canadian Pension Plan Investment Board formed in November 2019. The three partners will continue with the joint venture’s targeted $185 million equivalent investment in São Paulo, Brazil’s most populous city. CCP Investments will retain its majority stake in the joint
Luxury apartments pivot to virtual activities
About three months into quarantine, residents trapped in small apartments are going stir-crazy. That is unless they live in a luxury apartment with an in-house lifestyle director. Decorating doors for celebrate graduations, virtual cooking classes and zoom workouts, all organized by apartment staff, indicate that, although outdoor seating in a pandemic may seal the deal for some, a rooftop terrace and gym is no longer enough for developers to lease out high-price buildings. They must
Stanley Chera, titan of NYC retail, dies of coronavirus
Stanley I. Chera, who parlayed his father’s Brooklyn department store business into one of New York real estate’s biggest retail empires, reaped huge rewards from the city’s emergence as a global shopping destination and used his wealth and connections to play kingmaker for Donald Trump, has died from complications of the coronavirus, making him the most high-profile industry casualty of the global pandemic. Chera’s death on April 11 was confirmed to The Real Deal by
Corcoran says “criminal” hackers leaked agent splits
The Corcoran Group said it was hacked Friday after a stunning email containing agent splits, marketing budgets and gross commission income was sent to the entire company. Sources said the email came from Bill Cunningham, Corcoran’s president of sales. It landed in inboxes in mid-afternoon before being quickly retracted — but not before news of the breach ricocheted through the industry. “It’s the most privileged information at a real estate company” aside from client information, …
Newly promoted exec quietly exits Richard Meier’s firm
Less than a year after taking over the day-to-day operations of Richard Meier’s eponymous architecture firm, managing principal Bernhard Karpf has quietly left. Karpf, who stepped up his role at the firm following an explosive New York Times story that revealed multiple allegations of sexual misconduct against Meier, stopped working for the company in July, a representative for the company confirmed on Friday. Karpf’s picture on the firm’s website, once the first featured on the …
National slowdown claims its first major-city victim: Seattle home values
A decline in Seattle-area home values is the first in years in a major U.S. metropolitan area, a leading source of real estate data reported. Single-family home prices in May fell 1.2 percent, compared with the same month last year, according to fresh data from S&P CoreLogic Case-Shiller. Kelly Meister, a Seattle-based broker for Compass, said home prices appear more uneven than a year ago from one neighborhood in the city to another. “The Seattle market …