Felix Cohen buys two vacant lots on North Bay Road, Controversial Walmart site in Midtown Miami sells for $26M: Daily digest

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 6:15 p.m.

Julian Cohen with the property

Julian Cohen with the property

Spec home developer Felix Cohen buys two vacant lots on North Bay Road for $14M. Cohen bought the combined 36,143 square-foot-property at 5830–5840 North Bay Road for $373 per square foot, records show. The property features 200 feet of deep water frontage. [TRD]

Controversial Walmart site in Midtown Miami sells for $26M. The former site of Walmart in Midtown Miami sold for $26.4 million to a neighboring Midtown developer, after years of contentious litigation from residents who opposed a superstore. Walmart sold the 4.6-acre site at 3055 North Miami Ave to Midtown Opportunities, led by Alex Vadia. [TRD]

Manny Machado and Chad Carroll with 20 Tahiti Beach Island Road (Credit: Getty Images and Douglas Elliman)

Manny Machado and Chad Carroll with 20 Tahiti Beach Island Road (Credit: Getty Images and Douglas Elliman)

Buyer revealed: Baseball player Manny Machado buys Tahiti Beach Island manse. Baseball player and Miami native Manny Machado scored a mansion in his hometown. Manny Machado, third baseman and shortstop for the San Diego Padres, is the buyer of 20 Tahiti Beach Island Road in Coral Gables. [TRD]

Brookfield affiliate picks up tire distribution center for $20M. A company tied to Brookfield Asset Management picked up the Tire Group International Distribution Center near Miami International Airport for $19.5 million, adding to the firm’s South Florida holdings. [TRD]

The purge continues: WeWork’s head of real estate is leaving. Granit Gjonbalaj, who oversaw real estate operations including design, construction, project management and development, signalled his intent to resign earlier this week, people familiar with the matter told The Real Deal. He is currently negotiating his exit package. [TRD]

Joseph Maas of TMT Properties and 190 Congress Park Drive (Credit: Google Maps)

Joseph Maas of TMT Properties and 190 Congress Park Drive (Credit: Google Maps)

TMT Properties buys Delray Beach offices. TMT Properties bought two office properties in Delray Beach for $10.1 million, a year after buying an adjacent building. [TRD]

Forever 21 still doesn’t have a reorganization plan ahead of its bankruptcy proceedings. Its two largest landlords, Brookfield Property Partners LP and Simon Property Group, could be left with vacant space heading into the busiest retail time of the year. [Bloomberg]

Five investors are said to be circling Barneys New York Inc., the bankrupt luxury retailer. After filing for Chapter 11 earlier this month, Barneys bankruptcy auction is scheduled for no later than Oct. 29. [Bloomberg]

Two South Florida businessmen could be tied to President Trump’s impeachment inquiry. Lev Parnas and Igor Fruman were cited in a government whistleblower complaint released Thursday, according to the Miami Herald. Parnas is a former stockbroker who was threatened last year with eviction from a $5,500-per-month home in Boca Raton. Parnas is also linked to a Bal Harbour condo that sold for $4.1 million, according to the Herald. [Miami Herald]

Real estate stocks tick up — even as the House begins impeachment inquiry (Credit: Getty Images, iStock)

Real estate stocks tick up — even as the House begins impeachment inquiry (Credit: Getty Images, iStock)

A rally for real estate stocks amid a tumultuous week for Trump. Real estate stocks have ticked up this week, weathering a downward trending S&P 500 and the news that the House Speaker had opened a formal impeachment inquiry into President Trump. [TRD]

Miami commissioners approved a $1 billion spending plan. The spending plan includes subsidies for low-income seniors and park improvements, according to the Miami Herald. Mayor Francis Suarez is looking to create a $1 million rent assistance program for low-income seniors who live in subsidized housing, in which residents could receive up to $200 a month to cover rent increases. [Miami Herald]

NewSound Church in Wellington is considering buying the site of a former strip club. The church is looking to buy a large former strip club on Southern Boulevard, according to the Palm Beach Post. The former Double Dee’s, at 8199 Southern Boulevard in unincorporated West Palm Beach, was once owned by a man accused of mob ties and closed late last year, according to the Post. [Palm Beach Post]

Spec home developer Felix Cohen buys two vacant lots on North Bay Road for $14M

Julian Cohen with the property

Julian Cohen with the property

Spec home developer Felix Cohen purchased two vacant lots on Miami Beach’s North Bay Road for $13.5 million, with plans to build a new estate with his son Julian Cohen.

Cohen bought the combined 36,143 square-foot-property at 5830–5840 North Bay Road for $373 per square foot, records show. The property features 200 feet of deep water frontage.

NBR5840 LP, a Delaware Company with a London address, sold the property. NBR5840 LP bought the combined property in September 2018 for $13.85 million, meaning it sold at a slight loss.

Julian Cohen of The Jills Zeder Group represented the buyer, according to a press release. He is also a co-developer of the project.

Felix Cohen is a Miami Beach spec home developer who co-developed 3 Indian Creek Road that sold for $47 million in 2012, marking a record sale that year.

North Bay Road has become one of the most desirable streets for ultra-wealthy buyers. Earlier this month, spec home builders Brett Palos and Bart Reines sold a waterfront home at 5712 North Bay Road for $16 million.

In August, hotelier Keith Menin paid just over $12 million for the eight-bedroom, nearly 15,000-square-foot mansion at 2318 North Bay Road.

Also in August, a California buyer purchased a waterfront mansion and lot on North Bay Road for a combined $35.4 million, marking a record sale in Miami Beach this year.

Racial inequality in homeownership across US is sharpest in New York: report

New York City Councilman Donovan Richards sponsored a bill that now requires the city’s affordable housing plan to actively address racial segregation. (Credit: Getty Images and iStock)

New York City Councilman Donovan Richards sponsored legislation that now requires the city’s affordable housing plan to actively address racial segregation. (Credit: Getty Images and iStock)

White homeowners control a disproportionately high percentage of property across the country, and the discrepancy between population and ownership is widest in New York.

In the New York metro area, white homeowners make up about 47 percent of the population but own close to 70 percent of homes, according to a new report by Lending Tree. That 22% gap was the most nationwide.

Other metro areas across the country also had significant gaps between the percentage of the white population in a city and the percentage of home ownership in that city.

In Los Angeles, the gap was 17.8 percent, in Miami it was 17.6 percent and in Chicago it was 16.9 percent.

Nationwide, the report found the gap was about 14 percent.

People who identify as white make up an average of 59 percent of the population in 50 U.S. cities, but own 73 percent of owner-occupied homes in those areas.

The findings were the result of a survey of over 11 million households using data from the U.S. Census Bureau’s 2017 American Community Survey.

Meanwhile, homebuilders and real estate brokers have been increasingly relying on first-time Hispanic buyers, since housing demand has slowed down considerably due to the rising costs of single-family homes.

Last year, a different report found New York to have the fourth-highest level of residential segregation in the country. Also last year, a group of Council members passed a bill that requires the city’s affordable housing plan to actively address racial segregation.

“I’m really frustrated but also worried about home ownership,” City Councilman Donovan Richards, who sponsored the measure, said on Friday. “The city is not focusing enough in this area,” he said, noting that the majority of political effort is focused on affordable rentals. Richards spoke just before attending an affordable housing conference, “Black and Latinx Homeownership: Steps to Closing the Homeownership Gap.”

But expanding affordable housing doesn’t necessarily translate into a more diverse city. An analysis this spring showed that affordable housing lotteries perpetuated racial segregation by favoring households who live in the same neighborhood as the building.

Black homeowners’ are seeing their property values shrink. Last year, a study from Brookings Institution and Gallup reported the consistent undervaluation of homes in majority black neighborhoods. That finding equates to a $156 billion loss for African-American homeowners.

“There’s no easy fix,” Richards said. “Systematically, there’s so many things that we have to address.”

Write to Erin Hudson at [email protected]

Shakira y Jlo protagonizarán el espectáculo de medio tiempo del Super Bowl LIV

Shakira y Jlo protagonizarán el espectáculo de medio tiempo del Super Bowl LIV

El codiciado espectáculo de medio tiempo del Super Bowl Pepsi 2020 contará con la participación de las mundialmente conocidas Jennifer Lopez y Shakira, dos estrellas latinas que se subirán juntas a este importante escenario, según difundió NbcNews

Por Redacción Miami Diario

Las dos cantantes publicaron fotos de sí mismas con joyas que mostraban el logotipo de Pepsi y anillos que daban cuenta de la fecha del Super Bowl LIV.

A través de un comunicado,  Pepsi dijo que ha estado trabajando con la NFL y la compañía de entretenimiento Roc Nation para reservar a las dos mujeres para el 2 de febrero en Miami. «Estas dos artistas notables están sentando un nuevo precedente en lo que a espectáculos se refiere, y estamos seguros de que será una actuación increíble para todas las edades», dijo Todd Kaplan, vicepresidente de marketing de la compañía.

Para las dos estrellas trabajar en este espectáculo será «un honor».

A través de un comunicado, agregaron: «Y ahora será aún más especial por el centenario de la NFL y porque actuaré junto a una compañera latina», indicó López. «No puedo esperar para mostrar lo que las chicas podemos hacer en el escenario más grande del mundo».

Shakira, que cumplirá 43 años el día del espectáculo, subrayó que se trata de «un verdadero sueño americano». «Me siento muy honrada de participar en uno de los escenarios más grandes del mundo en compañía de una compañera artista. La idea es representar a las latinas en EEUU y todo el mundo, y para colmo, en mi cumpleaños». dijo.

Es de hacer notar que más de 98 millones de personas vieron el Super Bowl 2019. Sin embargo, varios músicos negros y latinos han rechazado participar en el codiciado espectáculo.

Billboard informó que Rihanna, Jay Z y Cardi B rechazaron el trabajo el año pasado en solidaridad con el ex mariscal de campo de los 49ers de San Francisco, Colin Kaepernick, quien no firmó en los años posteriores.

Con información de: NbcNews

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La entrada Shakira y Jlo protagonizarán el espectáculo de medio tiempo del Super Bowl LIV se publicó primero en Miami Diario.

Millionaires’ fortunes are shrinking. Here’s what that means for real estate

Millionaires’ fortunes are shrinking. Here’s what that means for real estate

(Credit: iStock)

(Credit: iStock)

Millionaires aren’t what they used to be.

The global population of individuals worth at least $30 million saw their net worth shrink in 2018 for the first time in three years — even as their ranks grew, according to a new report by research firm Wealth-X. Following the downward trend of billionaires’ fortunes, their collective wealth has dropped 1.7 percent to $32.3 trillion last year, amid stock market volatility and concern over the U.S. and China’s trade war.

As a result, the demographics of where the world’s wealthy live have changed. Notably, New York City is once more the world’s capital of millionaires, bumping out the former top city, Hong Kong. The Chinese city saw a 10.6 percent dip in high-net worth individuals, and of those folks, their wealth shrunk by 9 percent. That’s largely a reflection of the trade war, according to one of the report’s authors, Maeen Shaban, director of research and analytics.

On a global level, 31 percent — or about 81,000 high-net worth individuals — were living in the U.S. last year, between either New York, Los Angeles, Chicago, San Francisco, Washington, D.C. or Dallas. The Big Apple had nearly 9,000 ultra-high net worth residents, a 1.3 percent increase from the previous year.

It’s unclear what that means for New York City’s real estate market, which is struggling with a flood of condo inventory and deals only closing after hefty price cuts.

But decline in net worth and recession fears could lead to cutbacks on lavish spending on assets such as “yachts, private aviation, [and] luxury property” among other major purchases, according to Shaban.

Just over a fifth of this ultra wealthy population, which totals around 265,000 worldwide, are interested in pouring their money in real estate for personal or investment reasons, according to the report. Alternative assets, including real estate, accounted for 6 percent of this tier’s holdings last year.

More broadly, international buyers are retreating from U.S. residential markets in droves. Between April 2018 and March 2019, foreign buyers spent $77.9 billion, down from $121 billion a year earlier.

And though brokers say wealthy domestic buyers, who either inherited their fortunes or made them through working in technology, have largely stepped in to the New York market, they’re buying slowly, if at all.

“There are billions of dollars on the sidelines,” said Compass’ Kyle Blackmon, speaking at an event in August.

WealthX’s findings support that assertion. The report notes that many high net worth individuals focused on wealth preservation last year and approached 2019 with “some trepidation.”

“Developments over the first half of the year largely justified this sense of caution,” authors wrote, concluding that “the near-term prospects are therefore not especially favorable.”

But appraiser Jonathan Miller noted that a downturn in the market can also represent “a period of opportunity” for flush buyers. And there’s been historic trades in recent months by billionaire buyers such as Ken Griffin and Jeff Bezos. In June, the market had its best month on the books — but that was largely thanks to buyers trying to beat a looming transfer tax.

“The question is will they continue to invest?” Miller continued.

Write to Erin Hudson at ekh@therealdeal.com

Homebuyers who bought after the market crash have made billions, Terra closes on $185M construction loan: Daily digest

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 6:15 p.m.

Homebuyers who bought after the market crash have made billions. You read it right — a new report from Redfin shows that people who bought property in 2012, when housing prices hit rock bottom, have since earned more than $200 billion in home equity. [Mansion Global]

WeWork’s cash flow problems are deepening. The company is losing millions each day, and may only have enough cash to last until next Spring, according to a new report. [Bloomberg]

Millionaires fortunes are shrinking. Here’s what that means for real estate. The global population of individuals worth at least $30 million saw their net worth shrink in 2018 for the first time in three years — even as their ranks grew, according to a new report by research firm Wealth-X. [TRD]

Terra closes on $185M construction loan for latest Coconut Grove project. It’s one of the largest construction loans to close in South Florida this year, after the $300 million loan for Vlad Doronin and Cain International’s 830 Brickell office tower and the $225 million loan for The Residences at Mandarin Oriental in Boca Raton, both of which closed in July. [TRD]

Michael Gross, Zvika Shachar, and Roni Bahar (Credit: NOAH Conerence via YouTube,  LinkedIn, Presidio)

WeWork is booting Adam Neumann’s friends. At least two executives were told Wednesday night that their tenure with the company is up, people familiar with the matter told The Real Deal. While a source said some of the execs were still at WeWork as of Thursday afternoon, another source said the company was in the process of negotiating their exit packages. [TRD]

In a sluggish condo market, these Miami developers find a sweet spot. A new product type has emerged that developers claim they can’t build quickly enough: more affordable units that buyers can rent out however and whenever they want, no strings attached. [TRD]

American Eagle Outfitters CEO snags PH at Ritz-Carlton Miami Beach. The CEO of American Eagle Outfitters bought a penthouse at the Ritz-Carlton Residences, Miami Beach for $6.5 million, in one of the first closings at the luxury condo development. [TRD]

From left: Edward Romo, Ryan T. Shaw and Scott C. Sandelin and the property

From left: Edward Romo, Ryan T. Shaw and Scott C. Sandelin and the property

Assemblage in downtown Fort Lauderdale selling for $12M. An investor is assembling land south of Las Olas Boulevard in downtown Fort Lauderdale for $12 million, with long-term plans to develop the 1.1-acre site. [TRD]

Related Group, Alex Karakhanian and partners drop $32M on Wynwood site. The Related Group, developer Alex Karakhanian and their partners purchased a large property in Wynwood for $32 million, with plans to redevelop the site, The Real Deal has learned. [TRD]

Adam Neumann (Credit: Getty Images, iStock)

WeWork insiders slam Neumann and his enablers: “They created the monster” In interviews with The Real Deal, eight current and former WeWork executives described a circle of top staff around Neumann who enabled his actions and feared running afoul of the charismatic CEO. [TRD]

The Venezuelan government could soon be seeking to confiscate the homes of millions of Venezuelans living abroad. Venezuelan leader Nicolás Maduro ordered a census on how many homes are empty, adding to fears that the homes may be confiscated by the government, according to the Miami Herald. [Miami Herald]

Keys Hospital wiped out by Irma expected to open in 2021. Fishermen’s Community Hospital in Marathon is about to be rebuilt after being destroyed by Hurricane Irma, according to the Miami Herald. The $43 million building is planned to open in summer of 2021. [Miami Herald]

Compiled by Keith Larsen

Orianne & Phil Collins' Little Dreams Foundation 2019 Art Audition with Romero Britto

Orianne & Phil Collins' Little Dreams Foundation 2019 Art Audition with Romero Britto

Saturday, September 28
Join the Orianne and Phil Collins’ Little Dream Foundation, in partnership with world-renown painter, Romero Britto, to select Miami’s next big artists at th…

Dominicanos en Florida evalúan como «excelente» película El Equipito: Premier reúne celebridades

Dominicanos en Florida evalúan como «excelente» película El Equipito: Premier reúne celebridades

La premier de la película “El Equipito”, que en su primer capítulo refleja las dificultades que tiene que enfrentar una pareja para recuperar los documentos que los consignan como “herederos de los bienes y fortuna de un abuelo”, constituyó un gran éxito en Miami, reuniendo a importantes celebridades del mundo cinematográfico, artístico y cultural de diversos países de América Latina.

Por Rose Mary Santana

La premier que se realizó en uno de los cines del Dolphin Mall, visitado en su mayoría por turistas de todas partes del mundo, atrajo la atención de decenas de dominicanos que llenaron por completo la sala donde fue exhibida la película de producción en República Dominicana.

“Es una excelente muestra del avance que hemos logrado en materia de cinematografía en la República Dominicana y además constituye una motivación al trabajo de actores como Roberto Angel Salcedo, Manolo Ozuna, Juan Carlos Pichardo, Melymel, El Nagüero y los demás participantes”, dijo el artista del Comic dominico-americano, Eleazar Soriano, conocido como Xtremee_Ghost.

El artista que además realizó una pieza artística en honor a los actores, posteado en sus redes sociales y que denominó “Dominicanavengers”, exhortó no “solo a los dominicanos, sino a todos los latinoamericanos en la Florida a visitar las salas de cine donde se exhibe la película.”

Mientras que en iguales términos también se expresó el artista americo-venezolano e influencer, Edward Mena, muy vinculado al quehacer cultural de la República Dominicana. “Me parece una muy genial producción y sus actores son realmente muy buenos. Me la disfruté al máximo y si vale la pena apoyar a nuestros hermanos actores en esta producción. Los felicito y me da gusto que el buen cine en América Latina siga creciendo y fortaleciéndose”, dijo el reconocido artista.

Para el artista cubano Raulyer Pérez de Lazonacubana.com quien también estuvo allí “es un filme muy divertido. Me alegro mucho de ver el éxito de mis hermanos dominicanos actuando en esta película y los felicito. Nos encantó”, dijo el popular influencer y artista de Miami.

Otro artista que también participó fue el denominado “Caballero de la Bachata” de origen uruguayo, Pablo Alejandro quien dijo que “durante toda la noche no paró de reírse” y al igual que los demás agradeció la invitación de parte del vocero de Spanglish en la Florida, José Rosario.

Wendy Regalado, actriz, presentadora y modelo dominicana, igualmente consideró la película como “muy buena y divertida para disfrute familiar”, exhortando a los hispanos a que acudan a verla en las salas donde se exhibe.

Premier

Se presentó en la sala 3 del Coob Theater del Dolphin Mall, bajo la coordinación del periodista José Rosario, quien es el vocero de Spanglish en la Florida. Agradeció el apoyo de las instituciones que hicieron posible la presentación de la Premier y la concurrencia de las celebridades presentes, otorgándole tiempo algunos de ellos para que se expresaran en torno al crecimiento del cine en la República Dominicana.

Con la exhortación a la comunidad para que asistan a ver la película, también destacó la presencia de Isidro Madé Ogando, presidente del Instituto de los Dominicanos en el Exterior, Index, del Ministerio de Relaciones Exteriores de la República Dominicana. Igualmente, estuvieron el vicecónsul Virgilio García, el reconocido empresario y ex coronel de la Marina de los Estados Unidos, Alberto Santos y su esposa Lady, representando adjunto a la directora de comunicaciones a la Fundación Diáspora y Desarrollo, DDF, así como la líder comunitaria, Luisa Sánchez.

Se destacaron además la presencia de Lisbet Salcé, quien es la publicista de los artistas, Pablo Alejandro (Caballero de la Bachata), Elizabeth Sánchez, Alamaooficial, Kerenita Díaz, otra artista que está calando en el gusto hispano en Miami y la periodista, Andrea Yane de Noticiero Cercano en MegaTV, entre otros participantes.

Pie de fotos

Miami, Florida.- Desde la derecha, la modelo y actriz, Wendy Regalado, el exitoso artista del Comic, Eleazar Soriano, los influencers y afamados, Edward Mena y Raulyer Pérez, de la Zonacubana.com, conocido como Nuklearofficial y Kerenita Díaz, cuya carrera va en ascenso.

Miami, Florida. -Desde la izquierda, El Caballero de la Bachata, Alamaooficial, Edward Mena y Eleazar Soriano, todos artistas de varios países, comparten de manera amena en el encuentro.

Miami, Florida. – Esta parejita de dominicos-americanos, Eliel Soriano y Katherine Gómez, salieron muy contentos de la sala del cine tras ver el film al que invitan a todos «vayan a verla también.»

Por Nota de Prensa

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La entrada Dominicanos en Florida evalúan como «excelente» película El Equipito: Premier reúne celebridades se publicó primero en Miami Diario.

Remembering real estate empire builder Barron Hilton

Remembering real estate empire builder Barron Hilton

Barron Hilton, the former chairman and CEO of Hilton Hotels, died last week at 91. Over his long career in real estate, Hilton successfully expanded his father’s hotel business into gambling and entertainment. Headliners such as Elvis Presley frequently performed at Hilton’s hotels. The hotel magnate also played a pivotal role in shaping the country’s love of football. This video traces the life of one of the most storied figures in the hospitality and entertainment industries. Check it out.

Voice-over by Lucas McGill

Pompano suspends self-storage development, energy drink founder lists two homes for $70M: Daily Digest

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 9 a.m.

Pompano Beach imposes six-month moratorium on self-storage development (Credit: iStock)

Pompano Beach imposes six-month moratorium on self-storage development (Credit: iStock)

Hold onto your stuff: Pompano Beach voted to suspend self-storage development. City commissioners imposed a six-month moratorium on self-storage developments in Pompano Beach, part of a broader resistance to such projects. [TRD]

Founder of Rockstar Energy Drink lists two South Florida homes for $70 million. Billionaire Russell Weiner, who made his fortune with Rockstar Energy Drink, is looking to sell two South Florida homes for a combined price of $70 million, according to the Wall Street Journal. Weiner put his Miami Beach and Delray Beach homes on the market for $35 million apiece. [WSJ]

501 South Andrews Avenue and a rendering of Riverparc Square

501 South Andrews Avenue and a rendering of Riverparc Square

Fort Lauderdale site of planned Riverparc Square sells. A downtown Fort Lauderdale office building that is the site for the planned mixed-use project, Riverparc Square, sold for $16.3 million. [TRD]

Embattled Costa Hollywood Resort files for bankruptcy. The troubled Costa Hollywood Resort in Hollywood Beach filed for Chapter 11 bankruptcy protection five months after its lender sought to foreclose on the condo-hotel. The bankruptcy filing marks the latest challenge for the 326-unit project at 777 North Ocean Drive that opened in October. [TRD]

Waterfront house in North Bay Village sets single-family home sale record. A private equity fund investor sold her North Bay Village home for $5.1 million, marking an all-time record in the city that runs along the 79th Street Causeway. [TRD]

Crescent Heights to begin construction of massive Edgewater project. Developer Russell Galbut’s Crescent Heights acquired more land for the firm’s massive Edgewater development. The AIDS Healthcare Foundation sold its building at 2900 Biscayne Boulevard to Crescent Heights’ 2900 Block Redevelopment LLC for $6.75 million. The property is in an Opportunity Zone. [TRD]

Alexandria Ocasio-Cortez (Credit: Getty Images)

AOC’s $16.5B housing plan is really bad for real estate. On the heels of Sen. Bernie Sanders’ $2.5 trillion housing plan, the firebrand New York congresswoman just released her own $16.5 billion plan on Tuesday, and it’s not pretty for institutional landlords. [TRD]

Adam Neumann is out. Now what? WeWork is in talks with JPMorgan Chase and Goldman Sachs for a new $3 billion loan, contingent on raising significant equity. The office-space company is also looking at closing side businesses, such as WeGrow, and laying off thousands of employees. [Bloomberg]

Trump has deep real estate ties to Ukraine as Democrats seek impeachment. House Speaker Nancy Pelosi on Tuesday announced the beginning of a formal impeachment inquiry of President Trump over his conversation with Ukranian President Volodymyr Zelensky. Trump has a number of real estate ties to Ukraine. They include a connection to a Ukrainian developer who wanted the Trump branding rights for a Moscow tower, and his associates’ efforts to negotiate a possible Russia-Ukraine peace deal. [TRD]

Lauderhill golf course to close. The privately owned Inverrary Country Club in Lauderhill plans to shut down its golf courses next June, according to the South Florida Business Journal. Victorville West Limited Partnership owns the 292.5-acre property, which has 36 holes and a clubhouse. Many golf courses across South Florida are being redeveloped into residential communities as land becomes more scarce. [SFBJ]

A Marine Corps reserve unit that planned to hold its annual ball at Mar-a-Lago in Palm Beach is now looking for a new location. The event was supposed to be held on Nov. 16, but the 4th Air Naval Gunfire Liaison Company,, a Marine unit stationed in West Palm Beach, was ordered to find another venue, according to the Miami Herald. The decision came after concerns that the military unit would be benefiting President Trump. [Miami Herald]