“Too much money and no guardrails:” WeWork book authors dish on collapse

Whenever Eliot Brown heard another wild Adam Neumann anecdote, he’d tell his editor. And the response would be: “Why are you not working on a profile of him again?” So Brown, armed with a perma-smirk and a background in real estate reporting, started gathering string. There was plenty to go around. Even in an era of Silicon Valley excess, Neumann, the co-founder and chief executive of WeWork, distinguished himself. When Brown’s profile ran in the

The post “Too much money and no guardrails:” WeWork book authors dish on collapse appeared first on The Real Deal New York.

“The Cult of We” review: “Emperor’s New Clothes” of the Silicon Valley age

Jamie Dimon, billionaire banker, adviser to presidents, leonine master of the financial universe, had FOMO. Mohammad bin Salman, the brash upstart who had come out on top in a ruthless Game of Thobes at the House of Saud, was eager to announce his primacy on the world stage. Masayoshi Son, whose early bet on Alibaba had made him one of the world’s wealthiest investors and a startup kingmaker, still had a Rodney Dangerfield-esque “I don’t

The post “The Cult of We” review: “Emperor’s New Clothes” of the Silicon Valley age appeared first on The Real Deal New York.

WeWork reports membership growth, best sales since 2019

As businesses seek greater flexibility in a post-pandemic world, WeWork’s offerings could be regaining popularity. Following a tumultuous 2020 spent reeling from a failed IPO attempt compounded by plummeting memberships during the pandemic, the co-working giant is seeing its best net desk sales in nearly two years, Bloomberg reported Monday. The company’s office occupancy rate recovered to 53 percent at the end of May, up from 47 percent late last year, though still well below

The post WeWork reports membership growth, best sales since 2019 appeared first on The Real Deal New York.

Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties

So long, Bay Area: Adam Neumann is headed to South Florida. The WeWork co-founder and ex-CEO inked an off-market deal for two properties on the Bal Harbour Marina, just north of Miami Beach, for $44 million, the Wall Street Journal reported. The purchase comes roughly two months after Neumann sold his northern California estate for $22.4 million. Local investor Joseph Imbesi is the seller behind the off-market deal, which includes two parcels spanning 50,000 square

The post Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties appeared first on The Real Deal New York.

Adam Neumann’s WeWork golden parachute even bigger than previously reported

Adam Neumann’s golden parachute is the gift that keeps on giving. As part of his exit package from the flex-office company, Neumann received an approximately $245 million stock award in February, a benefit that other early shareholders didn’t receive, Wall Street Journal reported. That benefit was a part of a renegotiation of Neumann’s 2019 deal to leave the company he co-founded. In addition to the stock, Neumann received $200 million in cash, as well as

The post Adam Neumann’s WeWork golden parachute even bigger than previously reported appeared first on The Real Deal New York.

WeWork reports $2B in losses in Q1

WeWork’s financial troubles keep getting worse. The embattled co-working company reported $2.1 billion in losses in the first quarter, according to the Financial Times. WeWork also shed 200,000 members over the last year, about a quarter of its membership. Membership dipped to 490,000 in March, from 693,000 in March 2020. Adding to that, the firm has spent hundreds of millions of dollars trying to restructure its portfolio. About $500 million in losses for the quarter

The post WeWork reports $2B in losses in Q1 appeared first on The Real Deal New York.

WeWork slapped with $37M lawsuit by Chelsea landlord

A WeWork landlord has sued the coworking company for allegedly attempting to move its tenants to another location after defaulting on its lease in Chelsea. Walter & Samuels, the owner of 214 West 29th Street, filed the lawsuit on Friday in New York State Supreme Court, seeking to recoup damages — an amount it says would still need “to be determined at trial,” but estimated to be “in excess” of $37 million. The lawsuit alleges

The post WeWork slapped with $37M lawsuit by Chelsea landlord appeared first on The Real Deal New York.

WeWork vet hired to launch Two Sigma’s real estate fund

The former head of WeWork’s real estate investment arm has joined the quantitative hedge fund Two Sigma to help launch its new property investment platform. Rich Gomel joined the data-centric hedge fund as chief investment officer for its new Two Sigma Real Estate platform, the company announced Wednesday. “We’re focused on where we think the data and technology give us the most competitive advantage,” Gomel said. He added Two Sigma will use data sets like

The post WeWork vet hired to launch Two Sigma’s real estate fund appeared first on The Real Deal New York.

WeWork will accept Bitcoin for membership fees

WeWork will begin to accept cryptocurrency, including Bitcoin and Ethereum, as a form of payment for its workspaces. The company announced Tuesday that customers can use the currency to pay for memberships; it will then use the cryptocurrency to pay its landlords and other vendors whenever possible, the Commercial Observer reported. “WeWork has always been at the forefront of innovative technologies, finding new ways to support our members,” CEO Sandeep Mathrani said in a statement

The post WeWork will accept Bitcoin for membership fees appeared first on The Real Deal New York.

Adam Neumann gets $22.4M for California estate

WeWork’s co-founder and ex-CEO Adam Neumann has sold his northern California estate for $22.4 million, according to the New York Post. Neumann bought the sprawling property in 2018 for $21.4 million. The home sits on 10.8 acres outside the Bay Area and stretches over 12,500 square feet. Following his humbling exit from WeWork in 2019, Neumann put several of his properties on the market. The seven-bedroom, seven-bathroom home in Corte Madera was listed last August

The post Adam Neumann gets $22.4M for California estate appeared first on The Real Deal New York.