The Real Deal

The overnight destruction in Altadena and the Pacific Palisades feels eerily familiar for many Californians to the north. The Tubbs fires of October 2017 burned through about 3,100 homes in the Fountain Grove and Coffey Park neighborhoods of Santa Rosa, a city in California's Sonoma County. Santa Rosans know what comes next. The city’s experience could be instructive as Los Angeles rebuilds, especially because the similarities go beyond the destruction. Coffey Park, historically a blue-collar, working class neighborhood, is similar both topographically and economically to Altadena, while Fountain Grove, a more affluent hillside community with larger, custom-built homes, is more like the Pacific Palisades. At the link below, Santa Rosa Councilmember Jeff Okrepkie spoke with reporter Emily Landes about how his community recovered after the Tubbs Fires, and what Angelenos should look out for in the rebuilding efforts ahead.

Check out the most expensive listings to hit the market across the U.S.

Walter & Samuels, a stalwart of New York City real estate, is fighting foreclosures and distress across its aging office portfolio.⁠ ⁠ But 315 West 36th Street is its own beast. The building has been in foreclosure proceedings since September 2023 after WeWork, which occupied effectively all of the building, quit paying rent. When the special servicer on the deal filed to foreclose, it noted chairman David Berley and his son Marc Berley signed a recourse guarantee — which held father and son personally liable for a debt, court documents detail.⁠ ⁠ Worth just 20 percent of its 2018 value, the century-old Manhattan office building is also well below its $77 million loan. ⁠ ⁠ As Suzannah Cavanaugh writes, the grade of the decline is shocking — but the possible ramifications for Walter & Samuels are more so. ⁠

President Donald Trump is making good on a plan to tax foreign steel and aluminum imports by 25 percent, casting a pall over the homebuilding industry. Read more: https://bit.ly/3QkjKhB

Layoffs are looming as the nation’s foremost housing department is set to cut its workforce in half.

Retired NYPD detective Bo Dietl went off on fellow former cop (and former friend) Eric Adams in an interview with TRD publisher Amir Korangy. Watch as Dietl shares how NYC Mayor's indictment — for allegedly accepting travel benefits and straw donations in return for political favors — ignored a much larger scandal. "Six-point-something billion dollars [spent] on the migrants," Dietl said. "I was approached by his people to do security, to charge three times the going rate with a 20 percent back to some consultant firm. That’s corruption, and that’s only the tip of the iceberg." "I’m real aggravated, because I would have gotten caught up in it," Dietl explained. "And I’ve refused to get caught up in kickbacks." A spokesperson for the New York City Hall denies Dietl's kickback allegation. TRD's Erik Engquist and Kathryn Brenzel probe deeper into the allegation here: https://bit.ly/42SGU69 Disclaimer: This is a recording of a live interview. At press time, not all claims could be independently verified, and Dietl declined to provide additional specifics.

Meet Ken Griffin’s platoon of planners and professionals whom the billionaire hedge funder is relying on to get Citadel's new headquarters off the ground. ✍: Francisco Alvarado & Katherine Kallergis

It was a crowdfunding scandal that sent shockwaves through the commercial real estate industry. Now its alleged mastermind faces up to 20 years in prison. Flash back to summer of 2023. New York-based Nightingale Properties was thrust into the spotlight when its CEO, Elie Schwartz, was accused of misappropriating money from 800 investors who had given more than $60 million through crowdfunding platform CrowdStreet for a pair of office deals that never closed.⁠ Allegations quickly emerged that Schwartz had diverted the $62.8 million for his own use, according to federal prosecutors. Schwartz settled with the investors in October 2023 — but that didn't save the exec from federal criminal charges. This week, Schwartz pleaded guilty to wire fraud for his role in the scandal. He is scheduled to be sentenced in May. Catch up on the full story: https://lnkd.in/eDYqgBTx ✍: Keith Larsen

Redfin announced another big round of layoffs amid its $100 million deal with Zillow to syndicate rental listings. Get the full story below 👇 https://bit.ly/41gcvxq ✍: Holden Walter-Warner 📹: Nicole Guillen

The intersection of design, innovation, and community is where the industry thrives. At THE MART in Chicago, the BSH Home Appliances Corporation - North America Experience & Design Center serves as a hub for builders, designers, and developers to explore the latest advancements from Bosch, Thermador, and Gaggenau.   Recently, the B/S/H/ Experience & Design Center hosted an exclusive networking event with Grand Appliance and TV, bringing together Chicago’s builder community. Attendees had the opportunity to connect, exchange insights, and experience cutting-edge appliance technology firsthand. As the industry continues to evolve, spaces that foster engagement and hands-on experiences remain essential. Read more about how B/S/H/ is bringing professionals together: https://lnkd.in/ezgZe2DT