Floyd Mayweather Jr. is stepping into Manhattan’s multifamily ring – dishing out $402 million for a 1,000-unit affordable housing portfolio of more than 60 buildings.

Jason Oppenheim criticized Robert Reffkin for advocating to eliminate the National Association of Realtors’ Clear Cooperation Policy, calling Reffkin’s push for more seller choice “disingenuous.

SL Green and RXR’s 825 Eighth Avenue property, Worldwide Plaza, is facing financial trouble as its $940 million senior mortgage has been transferred to special servicing.

Five new high-rise projects under the Live Local Act could transform Miami’s Wynwood neighborhood, but not everyone is on board.

Oppenheim said the Compass CEO’s campaign to remove the controversial policy, which requires properties to be listed on the MLS within one business day of public marketing, is misleading and primarily benefits large brokerages like Compass.

• The celebrity broker argues that eliminating the rule could lead to more “pocket listings,” which refer to properties marketed through channels other than the MLS, while Compass believes the opposite.
• Reffkin claims that eliminating the rule would give sellers more flexibility, but Oppenheim warned it could lead to reduced market transparency and legal issues for agents.
• Oppenheim emphasized that removing the policy would have major industry implications, telling The Real Deal it would be “the biggest change in real estate.”

The owners are behind on payments and are now trying to negotiate a loan modification with lenders ahead of the 2027 debt maturity.

• Challenges arose after law firm Cravath, Swaine & Moore vacated 30 percent of the building, leaving a significant cavity with no replacement tenant in sight.
• The building’s other anchor tenant, Nomura Holdings, is looking to reduce its space, which could add to the office tower’s financial woes.
• Worldwide Plaza also has $425 million in junior loans that may not be repaid, further complicating the building’s future as the property’s value has dropped from $1.7 billion to $1.2 billion since 2017.

The New York-based firm handed over its 189-unit luxury apartment building at 2 West Delaware Place to lender ACORE Capital last month.

• The 31-story building was financed with a $130 million loan from ACORE in 2020, but after struggling with the asset’s conversion from condos to rentals, the owners opted to forfeit the property rather than face foreclosure.
• The failed condo deconversion and a refinancing effort that couldn’t stabilize the property highlights the building’s troubled history and the ongoing challenges in Chicago’s urban multifamily market.

• Chicago has seen a rise in multifamily foreclosures recently, with other major players like Related Midwest and Strategic Properties of North America also facing financial distress.