Untold Stories with Barry Sternlicht on Building a $120 Billion Empire

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Good morning. We’ve got some exciting news: our new website is officially live - well, sort of. It's in beta. While we're still fine-tuning some features, we couldn't wait to share with you what we've been working on!

To celebrate the launch of our new website, we have a special surprise for our readers below! But first, a shoutout to today's sponsor, Redwood — explore passive BTR investments in Columbus, Ohio.

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SPONSORED BY REDWOOD

Get Exclusive Access to Redwood’s Newest Equity Deal!

Known for its single-story, build-to-rent developments, Redwood Living, Inc. is offering limited time, exclusive access to its newest deal.

CRE Daily subscribers get early access to invest in Redwood Powell Home Road, located in the Columbus, Ohio MSA. This Redwood Neighborhood is expected to be completed in three phases, for a total of 326 homes.

Current modeling offers investors a 10% preferred pay rate, paid quarterly, plus a share of 20% of the long-term net cash flow from the LLC.

Redwood Powell Home Road will add to Redwood’s current footprint of 12 stabilized projects, or 1,800 units, in the Columbus MSA. Ready to learn more? Click here to get access to the deal.

• The Return of Neumann: Hedge fund manager Dan Loeb is backing Adam Neumann's bid to buy back troubled co-working company WeWork.

• Long live the queen: NYC’s ‘skyscraper queen’ Darcy Stacom, who made her name at CBRE, leaves after 22 years as the Big Apple’s property crisis deepens.

• Abandoning ship: Weeks before New York Community Bancorp’s (NYCB) big 70% dividend cut announcement, the bank’s chief risk officer bailed.

• Jackson's big boost: Mississippi Governor Tate Reeves may soon finalize a $10B development project in Madison County, the largest capital investment in state history.

• Secondary success: Investcorp took a minority stake in secondary specialist Banner Ridge with $7.3B assets in 5 years.

• Dry powder dilemma: Multifamily investment volume in 2023 fell by 60% from 2022 to $117.5B, the lowest level seen since 2014.

• Get what you paid for: In 2023, rent cuts were prevalent in B- and C-class communities due to an oversupply in six apartment markets, while Class A properties fared better.

• Largest condo loan: Mast Capital secured a record-breaking $600M construction loan from Banco Inbursa and Ascendant Capital Partners for the Cipriani Residences tower in Miami.

• Equity boost: Tides Equities is seeking $69M in preferred equity to support 30 properties across the Sun Belt, with 7.3K units, to meet financial obligations and address debt service shortfalls.

• Industrial rents soar: Despite rising vacancy rates, average industrial space rent grew 0.3% QoQ and 6.0% YoY in Q4 2023, notching a record $10.24 PSF increase.

• Houston shake-up: Triten Real Estate Partners acquired a three-building industrial portfolio totaling 534.5KSF in Houston with financing from Nationwide Mutual Insurance Co.

• Retail royalty: Luxury retailers Prada and Gucci's parent companies are spending hundreds of millions on prime Fifth Avenue properties.

• Sniping talent: Top NYC retail broker Robert Futterman, previously fired for substance abuse, returns to Newmark as an advisor.

• From the ashes: Reven Capital and Mosaic Real Estate Investors are launching a $1B publicly traded REIT focused on distressed office assets.

• Retail Renaissance: Traditional department stores showed improvement in December, with retail being "prime for expansion" and institutional investors predicted to up fund allocations.

• Game on: Cash-rich players in the office sector have an advantage as the field finally begins to tilt in their favor.

• Tax overhaul: San Francisco officials propose tax overhauls to address losses from remote work, including cutting fees on small businesses and office rents.

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