SoftBank invests $400M in iBuying company Opendoor

Startup Opendoor has just joined the long list of real estate tech startups with backing from SoftBank. The Japanese conglomerate’s Vision Fund just invested $400 million in the home-flipping company, Opendoor announced Thursday. The funding round also coincides with additional debt from a consortium of banks, which brings the company’s total financing to $2 billion.[…]

To build or not to build: LA developers pay big bucks to bypass zoning codes

When Mark Levy, president of development firm City Market of Los Angeles, first proposed redeveloping a former produce market in the Fashion District into a sprawling new mega-complex six years ago, he knew it would be a tough bargain with the city. The Fashion District, a historically industrial neighborhood, has been slow to join the[…]

Vector’s largest shareholder, Phillip Frost, charged with securities fraud

  Phillip Frost, the largest shareholder of Douglas Elliman’s parent company, was charged Friday by the Securities and Exchange Commission with multiple counts of securities fraud. Frost, a Miami billionaire who owns more than 15 percent of Vector Group’s stock, was charged by the SEC in a federal district court in Manhattan for his role[…]

Emanuel heads for exit with Downtown development booming, other neighborhoods feeling left out

Mayor Rahm Emanuel has regularly touted his administration’s ability to lure corporate headquarters to Downtown from the suburbs — and beyond — and last year boasted of the record number of tower cranes adding to the city’s office and residential tower development. Emanuel, who stunned the city Tuesday when he announced he would not seek[…]

Former Ecuadorian oil exec forfeits six SoFla properties tied to money laundering

A former top executive with Ecuador’s national oil company has been sentenced to more than four years in prison for allegedly laundering money through six South Florida properties. Marcelo Reyes Lopez, a former executive with PetroEcuador, was sentenced in July to four years and five months in prison for his role in an alleged money[…]