Miami Mayor Francis Suarez’s statement supporting billionaire Ken Griffin’s proposal to relocate a historic home from his $106 million estate came directly from Griffin’s director of communications — showing the high level of access Griffin and his team have to the mayor.  

Suarez has further ties to Griffin. Suarez is the subject of a state ethics investigation for his acceptance of tickets to the Miami Grand Prix and other events. Griffin, founder and CEO of the now Miami-based Citadel, provided the Grand Prix weekend tickets to Suarez. Suarez eventually said he repaid Griffin about $14,000. 

According to emails obtained by the Miami Herald, Griffin’s spokesperson Zia Ahmed provided the statement about the historic villa to the mayor’s office, which then presented it to the Herald word-for-word as Suarez’s statement. It reads: 

 “The citizens of Miami, South Florida and visitors from all over the world would be able to appreciate firsthand its significance and beauty so we hope this project moves forward.” 

Griffin paid nearly $106 million for Adrienne Arsht’s waterfront Coconut Grove estate last year, The Real Deal first reported. One of the two homes on the 4-acre property includes the historic, 110-year-old Villa Serena, which was once home to former U.S. Secretary of State William Jennings Bryan. That’s the structure Griffin sought to move in order to likely build a new estate on the bayfront lot. In his proposal, the home would be opened to the public. 

In his email to Suarez’s then-communications director Soledad Cedro on Dec. 15 of last year, Ahmed of Citadel offered the quote “in case it’s helpful.” Soledad recently resigned from her post. 

The proposal to move Villa Serena off site hasn’t moved forward on paper. No permit applications have been filed, according to the Herald. 

Griffin, who earlier this year contributed $1 million to a political action committee supporting Suarez, has invested hundreds of millions of dollars in Miami real estate since he announced in 2022 that he was moving Citadel’s headquarters from Chicago to Miami. Citadel also plans a waterfront commercial tower on a development site near the Arsht estate he purchased. 

Suarez is also under scrutiny for his paid role as a consultant for an affiliate of disgraced developer Rishi Kapoor’s former Location Ventures. 

— Katherine Kallergis

Read more

The post Ken Griffin’s spokesperson wrote Miami mayor’s quote supporting move of historic villa  appeared first on The Real Deal.

JDS Development has locked down another deal at 111 West 57th Street. 

An unknown buyer paid $53 million, or roughly $7,600 per square foot, for a penthouse at the Billionaires’ Row supertall in what appears to be an all-cash deal, property records show.

The condo, which traded for $7 million less than the asking price specified in the building’s offering plan, is the latest discounted deal to close at the tower. A 78th-floor penthouse closed in March for $47.2 million, down from its $53.8 million offering plan price. 

Unit PT61 spans 7,000 square feet and has three bedrooms and four bathrooms, according to an LX Collection listing. 

Corcoran has handled sales at the 60-residence tower since last February, when the team — led by Joe Alvarez, Kane Manera and Janet Wang — took over from Douglas Elliman Development Marketing. 

Corcoran did not immediately respond for comment. 

Developers JDS and Property Markets Group launched sales at the 84-story supertall in September 2018. 

Among the priciest sales at the building are a 74th-floor penthouse, which closed for $50 million last October. A month later, Tik Tok investor Tim Gong bought two units at the tower for $34 million. 

“The design and ingenuity offered at 111 West 57th Street is resonating with buyers and we are pleased with the sales success to date,” JDS head Michael Stern said in a statement. 

The supertall, known as the second tallest residential tower in the Western Hemisphere, rises 1,428 feet in the air from the landmarked Steinway Hall, built in 1925. Amenities at the building include an 82-foot swimming pool, double-height fitness center, private dining room and residents’ lounge with a terrace. 

Though it’s notched its fair share of pricey deals, the tower’s road to sellout hasn’t been all smooth sailing. 

One of the project’s lenders wrote off part of the project’s junior mezzanine loan in August, after sales failed to close as quickly as expected. Last year, the lender, Apollo Commercial Real Estate Finance, agreed to cough up $239 million to refinance the building. 

JDS Construction sued US Crane & Rigging in 2021 for allegedly failing to properly tie up a crane at the development site. During Hurricane Zeta, the crane spun out of control, smashing some of the building’s glass and facade panels. 

Read more

The post JDS’ 111 West 57th Street penthouse sells for $53M appeared first on The Real Deal.

Prince William County’s reputation as a bedroom community is beginning to shift, or at least that is what elected officials and developers hope. 
Located about 40 miles from downtown D.C., the county has historically been dominated by single-family homes where residents can commute to the city but also live on larger pieces of land. But a series of new developments moving forward is poised to change that dynamic and make the county more of a destination, panelists said Sept. 27 at Bisnow’s Exploring Prince William County event. 

The inoculations are aimed at curbing the spread of a lethal strain of bird flu, and to support foie gras, a cherished delicacy.

A long period of higher interest rates would make the government’s large debt pile costly, a possibility that is fueling a conversation about debt sustainability.

Real estate data conglomerate CoStar is suing the founder of Homesnap for allegedly stealing trade secrets and poaching former employees.
The lawsuit, filed Sept. 27, asks a district judge in D.C. to stop the use and disclosure of CoStar’s confidential information. It also requests the company be reimbursed for monetary damages and legal fees, according to the Washington Business Journal.

The oldest neighborhood in Boston, Charlestown is finally being thrust into the development spotlight.
The city last week adopted a new planning guide for Charlestown that has unlocked potential for economic development and housing production, though it has faced some high-profile opposition, and the neighborhood has millions of square feet of development that would add housing, labs, office and retail to the historically industrial neighborhood.

Brothers Mark and Brian Canlis closed their renowned restaurant to cater the symphony’s gala

Nvidia, Intel and Qualcomm are campaigning to protect their businesses before further crackdowns on the sale of semiconductor technology to Beijing.

Emma Tucker, the top editor, is moving away from some of the organization’s traditions.