The Real Deal - New York Real Estate News

PayPal CEO snaps up Soho condo

Posted: 16 Mar 2022 08:50 AM PDT

PayPal president and CEO Daniel Schulman helped kick off the year for the Soho condo market with a purchase closed last month. Schulman paid $8.6 million for a 4,600-square-foot condo in The Loft at 30 Crosby Street, property records show. The three-bed, three-bathroom apartment has brick walls, a 13-foot wood beam ceiling and a library with custom floor-to-ceiling bookshelves. The unit spent 216 days on the market, according to Streeteasy. TRD research shows Schulman’s purchase

PropertyGuru to make public debut

Posted: 16 Mar 2022 06:30 AM PDT

Singapore-based PropertyGuru is set to make its debut on the New York Stock Exchange this week, despite a downturn in interest around special purpose acquisition companies. The online real estate marketplace company will start trading Friday under the PGRU ticker after shareholders approved a SPAC merger with blank-check company Bridgetown 2, Bloomberg reported. The SPAC is backed by billionaires Richard Li and Peter Thiel. Bridgetown 2 was reportedly in talks with PropertyGuru about the U.S.

Robert Reffkin’s net worth plummets as Compass shares tank

Posted: 16 Mar 2022 05:00 AM PDT

Compass agents who invested in the brokerage ahead of its hotly anticipated IPO a year ago can lament the 70 percent plunge in its stock price since then. CEO and co-founder Robert Reffkin has a lot more at stake. Reffkin exuded optimism when Compass shares debuted at $18 last April, valuing the firm at $7 billion and his stake at more than $460 million. “This is what I expect will be the lowest valuation we’ll

Russia’s war stalls US real estate deals

Posted: 16 Mar 2022 04:00 AM PDT

Long before Russia invaded Ukraine, supply chain challenges were driving up construction costs and inflation concerns were setting the stage for higher mortgage rates. Now, just as recovery from the pandemic seemed within reach, Vladimir Putin’s war has the U.S. real estate industry bracing for a slew of impacts. Prices are rising further — reinforcing the Federal Reserve’s desire to push up interest rates — and global uncertainty is putting some commercial deals on hold.