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Morgan Properties, Olayan America buy $1.75B multifamily portfolio

Morgan Properties and Olayan America have purchased a portfolio of 48 U.S. multifamily properties for $1.75 billion. The seller was STAR Real Estate Ventures, a joint venture of El-Ad National Properties LLC and Yellowstone Portfolio Trust, according to a press release from Morgan and Olayan. It is Morgan’s largest acquisition since the Pennsylvania-based firm bought 95 multifamily properties for $1.9 billion two years ago. The 48 properties...

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“Breaking” news: Bryan Cranston lists eco-friendly SoCal beach pad

Actor Bryan Cranston has listed the eco-friendly Ventura County, California home he built during the final season of “Breaking Bad.” Cranston and his wife Robin Dearden bought the property the home sits on in 2007 for around $2.5 million, and completed the 2,450-square-foot house in 2013. It’s listed for just under $5 million, according to the Wall Street Journal. The actor — who told the publication that he’s an architecture “nerd...

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Global luxury home sale prices nudged up in 2020

Global luxury home sale prices ticked up slightly in 2020, as pent-up demand created by coronavirus lockdowns led to buying binges. The average price for a luxury home that sold rose 1.9 percent in 2020, compared to its 1.8 percent increase in 2019, according to Knight Frank’s Prime International Residential Index 100, cited by Mansion Global. While 29 of the 100 markets in the index reported year-over-year price declines — compared to 21 ...

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Return of the retailer: Century 21 relaunches

Attention shoppers: Century 21 is coming back. The New York-based discount retail chain that built a loyal following but folded after declaring bankruptcy in September, announced its planned return last week. In a statement on Tuesday, Century 21 Stores said the decision to relaunch came “in response to the outpouring of love from the Big Apple and the admiration” of their “loyal shoppers from around the world.” The announcement was li...

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Canadian industrial building boom looms

Demand for warehouse space in Canada far outweighs supply, setting the stage for a boom in industrial construction. Canada needs another 40 million square feet of warehouse space over the next five years to keep up with demand after online sales rose 32 percent last year, according to CBRE figures reported by Bloomberg News. That’s more than three times the combined total of warehousing space in Canada’s three tightest industrial markets ...

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Japan’s tallest tower project will include Aman Resorts luxury residences

 A Tokyo skyscraper under construction and set to become the tallest tower in Japan will include Aman Resorts-branded luxury residences that could top $40 million each. Mori Building Company’s 1,082-foot-tall tower in Minato Ward will have 91 units on floors 54 through 64, according to the Japan Times. The residences will be operated by luxury hotel company Aman Resorts and called the Aman Residences, Tokyo. Branded residences have grow...

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Miami-Dade resumes pre-pandemic evictions after unannounced February break

Miami-Dade County resumed executing writs of possessions for residential eviction cases filed before the pandemic, following an unannounced month-long break. The police execute writs of possession, evicting residents or businesses from their properties. The move follows a final judgment in a court case. Homeowners with federally backed mortgages are protected from eviction until at least March 31, per a federal moratorium from the U.S. Departm...

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Stringer’s housing plan doesn’t pencil out: developers

Mayoral hopeful Scott Stringer wants to require all residential projects to include affordable housing — but some developers say his numbers don’t add up. The city comptroller released a 47-page housing plan Thursday including details on the “universal affordable housing” program he announced last year. Under it, developers would have to make at least 25 percent of apartments deeply affordable in projects with 10 or more units. The low...

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Lawmakers propose canceling restaurant rent, providing relief for landlords

New York lawmakers are on a quest to save restaurants and other small businesses. State Assemblymember Harvey Epstein and State Sen. Brad Hoylman have introduced twin bills in their respective legislative bodies that would, in effect, cancel rent for some restaurateurs. The legislation would mandate that restaurants and other businesses are on the hook for only 20 percent or one-third of their rent each month, whichever is less. It would apply...

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RE/MAX revenue ticks up in Q4 but profit sinks

RE/MAX reported a modest increase in revenue but a sharp drop in net income for the final three months of 2020. The company benefited from the surge in home sales that followed pandemic lockdown measures; it attributed the profit decline to rising broker and other personnel costs related to acquisition expenses. RE/MAX reported $72.4 million in revenue in Q4, roughly 6 percent over the $68.2 million in the same period the year before. The quar...

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