National Cheat Sheet: Facebook launches ad product to compete with Zillow, Blackstone-Starwood merger creates biggest landlord in the US … & more

Facebook debuts advertising service for brokers that competes with Zillow This week Facebook debuted an advertising product geared towards residential real estate brokers, in what some experts interpret as a move to seize the turf of online listings portal Zillow. Even though Facebook and Zillow recently partnered to put Zillow ads on Facebook, the social […]

Labor board deems parts of WeWork’s employee handbook “unlawful”

UPDATED, Aug. 26, 4:23 p.m.: The National Labor Relations Board has found sections of WeWork’s employee handbook to be unlawful, according to a source familiar with the decision, but has not filed a complaint with an administrative law judge (yet). The board argues that several provisions within the 22-page handbook are unlawful. One section the board […]

WeWork sues ex-employee for allegedly leaking financial docs to Bloomberg

WeWork is suing a former employee for allegedly stealing “confidential financial information” and leaking it to Bloomberg News, according to a complaint filed with the New York Supreme Court Friday. Although the complaint doesn’t mention a specific news article, it appears to stem from a Bloomberg story published Friday. The story, written by Bloomberg reporter Ellen […]

WeWork slashes profit forecast by 78%, bemoans firm’s “spending culture”: report

WeWork cut its profit projections earlier this year by a whopping 78 percent, according to a leaked document that the company claims was “stolen.” Bloomberg reported Friday on the April document, which shows the co-working and co-living company cut its 2016 profit projection to $14 million from $65 million, and its revenue projection by 14 […]

New offices, L train shutdown will shape BK’s future: panel

From left: Bruce Mosler, Artie Minson, Robert Futterman, Ofer Cohen and The Real Deal’s Hiten Samtani Brooklyn’s commercial market may very well be a field of dreams: If you build it, they will come. “At the end of the day, what’s going to change Brooklyn in terms of the tenancy is going to be the […]

Morris Moinian wins auction for LES hotel site

From left: 139-141 Orchard Street, Morry Kalimian and Morris Moinian and a rendering of the hotel Morris Moinian and his investment partner were the winning bidders at a bankruptcy auction for a Lower East Side hotel development site, and will pay $30.75 million for the property.  “People were bidding $100,000 to $200,000 a clip, and […]