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Real Estate Roundup 5.22.20

Real Estate Roundup:

Brokerage news 

  • Mortgage brokerage Eastern Union recently decided to slash its fees on Fannie Mae, Freddie Mac, and CMBS refinancing deals from 1 percent to .25 percent. In response, a group of nine brokers left last week and formed a new company to compete with their former firm. Now, Eastern has filed suit, claiming the brokers violated their employment agreements by starting a competing firm, and stole files on their way out. Eastern Union ultimately settled with the brokers on May 27th. (TRD)
  • Norman Sturner’s MHP Real Estate Services is shedding brokers as office leasing activity winds down. The company, which owns and manages 2.5 million square feet of real estate, has notified 16 tenant-representative brokers in its office leasing arm that their contracts would be terminated as of June 15. (TRD)

Retail 

  • Victoria’s Secret’s parent company L Brands is about to shut more than 200 stores in malls and shopping centers across the country this year. (CNBC)
  • New York City Landmark Preservation Commission (LPC) gave Aby Rosen’s RFR Realty the go-ahead to install a glass screen on the 61st floor of the Chrysler Building — the same level of its iconic gargoyles — to create an observation deck in a unanimous vote during a Tuesday meeting held via Zoom. (CO)

Office

  • Mastercard will not ask staff to return to its corporate offices until a vaccine is available for coronavirus. The company has created a “future of work” task force that is figuring out how best to handle real estate and employee needs.” (Reuters) 

Tech

  • Sara Patterson, the top human-resources executive (AKA Chief People Officer) at Compass, is out after just three months at the residential brokerage. (TRD)
  • Apartment rental startup Stay Alfred is closing down permanently. The company had raised around $60 million in funding. (ShortTermRentalz)

Other news 

  • As with many luxury condo projects across the city that missed the market’s peak in 2015, Sharif El-Gamal’s troubles at 45 Park Place have been building for some time. Records show only 11 of the tower’s 50 units have gone into contract since sales launched in 2017… El-Gamal’s lender filed to foreclose on the property in early March. (TRD) 
  • StreetEasy released data Tuesday showing that new rental inventory has risen from 1,750 listings during the last week of March to nearly 5,000 listings the week ending May 10. Asking rents on new listings have obviously been declining as well… The higher end of the rental market might be more stable because wealthier people are less likely to lose their jobs right now. (CO)

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