Word on the Street
WRITTEN BY BERNARD KLEIN, CO-FOUNDER BLOOMING SKY
Fallout from the IPO that wasn’t.
WeWork (or The We Company as it’s officially called) wasn’t able to convince investors with its tech company valuation story, that it was worth plowing their money into the operation. With all the drama surrounding the failed IPO, Adam Neumann was ousted as CEO and now we hear that WeWork doesn’t have enough money to get through to the end of 2019. Options right now are limited and not terribly appealing; either Japan’s Softbank Group which has been looking to take control, actually does so or J.P. Morgan arranges a huge and likely onerous debt package. Stay tuned this is getting interesting!!
Fredrik Eklund finalizes move to Los Angeles.
If you’ve been following his Instagram, you’ll know that in an effort to spread his magic touch, Eklund and his team are taking on the LA residential real estate market. While we wish Fred, Derek and the Twins the very best in Beverly Hills, Fred is going to need all of his charm, chutzpah and a lot of luck to crack LA. We wouldn’t bet against him doing it but don’t worry NYC Fred fans, he still has plenty of listings here.
Micro is the new big trend.
Micro is the new big trend. With apartment affordability across major markets feeling out of touch with reality, some developers are focusing on micro units. Take the Related Group, who is building a condo tower in Miami with units under 700 square feet.
Barneys may be bankrupt, but…
While it’s not news that after decades in the retail fashion industry, Barneys has become another casualty in the retail game and has declared Chapter 11, it’s commendable that as they work on a rumored $270M deal with Authentic Brands that may keep it afloat albeit possibly minus their brick-and-mortar stores, Barneys is not sitting back. In fact, it put its best foot forward with an attention grabbing window display at its Madison Avenue flagship store to let the public know that, at least for the time being, Barney’s isn’t going anywhere. While Barneys has now reverted to a more traditional window campaign, just a few blocks west, on October 24th, Nordstrom will open its own 320,000 Sq. Ft. flagship store sprawling across 7 floors. What will Barneys do next Fashionistas? It’s game on!!
The greatest flip involves Coca-Cola.
In August, the beverage maker sold a building it owned, 711 Fifth Ave., for $909M. Several months later, the buyer re-sold its stake for $937M. Questions have been raised as to why Coca-Cola apparently took a lower price on the deal when higher offers were on the table.
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