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Family-owned Borough Park real estate business, Clipper Equity, has announced its plans to sell a significant portion of the family’s properties in an initial public offering with aspirations of getting $144 million through the New York Stock Exchange, despite many analysts’ concerns regarding the state of the economy and rising interest rates.
The Wall Street Journal published an article on October 11, based on an interview conducted with Jacob “J.J.” Bistricer, and his father David, who are the principals of Clipper Equity. The 66-year-old David described their IPO plans, saying, “We’ve always been interested in the public market. We think it is a good way for us to grow.”
The plans the family has for an IPO are not advised by market
Real estate wars seem to be heating up in New York as it was recently reported that a lawsuit has been filed by The Corcoran Group against the startup brokerage company Compass. According to a report on The Real Deal web site, it appears that the Corcoran folks are livid over their belief that Compass “brazenly and intentionally” raided their key offices and convinced their agents to jump ship for their competitor.
The Real Deal report reveals that the lawsuit stated that Compass used
During the last days of 2014, the Jewish Business News published a recap of the top ten biggest real estate stories for the year. The rankings were based on a culmination of factors, which of course included the property’s sales price, but the primary determinant was the overall significance of the story.
1- The Durst Organization’s One World Trade Center
At the top of this list is the Durst Organization’s new famed One World Trade Center tower; with 104 floors, the building stands
Brooklyn has obviously gone through dramatic changes over the last decade. The hip nightlife and art scenes of Lower Manhattan have overflowed into Williamsburg and Downtown Brooklyn and now continue to spread throughout the borough. With gentrification of course comes rising prices, especially in real estate. An estimated 17,500-square-foot Brooklyn Height’s brownstone is taking the market to new heights with an expected listing price of $40 million, according to the agent.
Nakash Holdings, the investment company controlled by Jordache Enterprises, recently announced it has just bought the Setai Hotel for $90 million. “The Setai is really the crown jewel of Miami Beach,” Jonathan Bennett, managing director of Nakash Holdings, the real estate division of Jordache, told the Miami Herald. The 120 room hotel is the latest Nakash purchase in the area, adding to the company’s holdings of five other hotels, including the Breakwater Hotel and Hotel Victor, as well