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Barry Gosin (Getty, Newmark/Illustration by Alexis Manrodt for The Real Deal) Newmark posted record first quarter revenue this year, thanks to gains in its management services and leasing businesses. The brokerage reported revenue of $504 million in its first-quarter earnings release published Thursday morning. That’s an increase of slightly more than 4 percent from the same period last year. The gains were boosted by growth in the company’s biggest line of business: management fees from things like mortgage servicing, which saw a nearly 14 percent year-over-year increase. Revenue from leasing and commissions grew 5 percent, while revenue from capital markets and mortgage banking dropped about 5 percent and 6 percent, respectively. ....
Ousted Knotel CEO Says Nepotistic Deal With Newmark Led To Disaster Bankruptcy Knotel CEO Amol Sarva Amol Sarva lost control of Knotel, the flexible workplace company once valued at more than $1B last year, and he is laying the blame at his own feet, he said last week, because he regrets his dealings with the chairman of Newmark and Cantor Fitzgerald. Knotel in February said it would be taken over by Newmark, with the real estate firm providing $20M in debtor-in-possession financing to allow Knotel to keep running through the bankruptcy proceedings. In a video with the YouTube web series The Business of Business, posted last week, Sarva details the circumstances that led up to the startup’s collapse, with nepotism and the “dog-eat-dog” nature of the business listed as primary causes. Ultimately, he said the company is in someone else’s hands, because of his own “bad” decision to accept Newmark funds and � ....
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Amol Sarva and Cantor Fitzgerald CEO Howard Lutnick (Sarva via Sasha Maslov, Lutnick via Getty) Amol Sarva has shared new details about how Knotel’s partnership with Newmark turned hostile. In a video interview, Sarva said Cantor Fitzgerald CEO Howard Lutnick, whom he holds in low regard, pulled the strings that forced his company into bankruptcy. “It was just like [a] consummate Wall Street type,” Sarva said in a 12-minute interview with Business of Business posted Thursday. Newmark was the stalking-horse bidder in Knotel’s bankruptcy and purchased the company in March. Sarva had reportedly raised more money as recently as January, but could not come up with a way to retain control of the company. ....
More than 20 lawsuits have been filed by city landlords against either Knotel or Sarva in the past year, demanding millions of dollars in unpaid rent after the Covid-19 pandemic emptied its spaces of customers. In order to terminate the 30 Cooper Square lease, Knotel would have to shell out nearly $1 million in installments to the landlord. The company defaulted on those payments in January, according to the complaint, and then subsequently filed for bankruptcy. During bankruptcy proceedings, the company had a bankruptcy judge reject the lease, meaning the landlord could collect damages for the broken agreement but couldn’t enforce the terms of the lease. ....