Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

WeWork ex CEO Adam Neumann's buying up majority shares in more than 4,000 apartments

WeWork ex CEO Adam Neumann's buying up majority shares in more than 4,000 apartments

Adam Neumann, 42, who was ousted as WeWork CEO in 2019, has been buying up majority shares in more than 4,000 apartment complexes worth over $1 billion.
Ousted WeWork founder Adam Neumann wants to disrupt the business model of personal living spaces like he did with office buildings as the billionaire tech mogul snaps up apartment complexes around the country.

Neumann, 42, who was ousted as WeWork CEO in 2019, has been buying up majority stakes in more than 4,000 apartments valued at more than $1 billion in cities like Miami, Nashville and Fort Lauderdale, according to the

Many of the acquisitions have occurred over the past year, and friends and associates have said he wants to create a widely-recognizable apartment brand stacked with amenities as he seeks to lure in the same kind of young professionals who took advantage of WeWork's co-working spaces.

'Since the spring of 2020, we have been excited about multifamily apartment living in vibrant cities where a new generation of young people increasingly are choosing to live, the kind of cities that are redefining the future of living,' said DJ Mauch, a partner in Neumann's family office.

'We're excited to play a role in that future,' he said.

Neither Mauch nor Neumann have provided any specifics on how the plan will revolutionize the industry.

Neumann, 42, has also invested in a number of startups, such as Alfred Club Inc, a company that provides concierge services such as picking up and dropping off groceries and laundry in residential buildings, sources told the Journal.

Neumann, an Israeli-born business mogul, earned his riches as the co-founder of WeWork in 2010, and raised more than $10 billion for a business once valued at $47 billion.

In his heyday, Neumann also launched WeLive, which was planned as a network of buildings where people could rent rooms in shared, furnished apartments.

The company opened apartment buildings in New York and Virginia, but closed them down after Neumann's departure in 2019.

He left the company after plans for an IPO blew up in spectacular fashion in August of that year, resulting in investors tossing aside the eccentric CEO over his exorbitant spending and increasingly erratic behavior. He was accused of drug use and gender discrimination.

To encourage him to leave the company, majority owner SoftBank Group Corp paid Neumann nearly $200 million for consulting and other fees and bought $578 million worth of shares from him.

He continues to have an 11 percent share in WeWork, which is valued at around $722 million, reported, and is now worth $1.6 billion.

Neumann is using his riches to buy stakes in the lucrative rental sector, which has seen prices surge in many cities since the start of the pandemic.

Most of his real-estate holdings are new properties with more than 200 units and many amenities, the Journal reported.

In Nashville, Tennessee, Neumann bought Stacks on Main, a 268-unit property that features a saltwater pool, a dog park, a rooftop lounge and valet trash pickup.

Each apartment also has a Nest thermostat, and is billed on as 'the gateway to an East Nashville lifestyle without the crazy price tag.' Rents at the apartment complex start at $1,390.

Meanwhile, in in Fort Lauderdale, Florida, an 'entity tied to Neumann' owns Society Las Olas, a 639-unit apartment building that includes a co-working space, a putting green and a barber shop.

And in downtown Miami, Neumann recently signed a contract to buy a majority stake in the 444-unit Caoba apartment tower - valuing the property at roughly $220 million. The property includes a swimming pool with cabana and towel service, an outdoor game lawn and a separate sunning lawn, as well as a clubroom with a fully-equipped kitchen, billiard, foosball and media area.

Nearby, another entity tied to Neumann also owns the 387-unit Yard 8 Midtown apartment building, which seems to target millennials on its with a pitch that says: 'Home is a vibe. It's something you feel in your soul. A vibration of belonging, of something new and of endless possibilities. That's life at Yard 8 Midtown.'

The apartment complex features a swimming pool and sundeck, a clubhouse with an outdoor bar and a coffee bar.

Neumann has also reportedly invested in suburban apartments, where demand has grown over the past few years as people working remotely no longer have to commute to a city.

He holds stakes in a building in Decatur, Georgia, and another in Norwalk, Connecticut, according to the Journal.

But whether Neumann will be able to turn his reputation around remains to be seen after his widely publicized downfall.

In April, Hulu released the documentary WeWork: Or the Making and Breaking of a $47 Billion Unicorn.

And in a 2018 lawsuit, former WeWork employee Ruby Anaya alleged Neumann 'plied [her] with tequila shots during her interview with the company,' according to .

She also claimed that a male employee grabbed her, pulled her into his body and tried to forcibly kiss her. She says she was fired in August 2018 in what she believes was an act of retaliation.

Neumann's chief of staff, Medina Bardhi, also filed a complaint with the Equal Employment Opportunity Commission in New York in 2019, claiming that Neumann referred to her maternity leave as 'vacation' or 'retirement' and that she was repeatedly 'derided and marginalized by Mr. Neumann and other WeWork officials,' according to the .

In November, Neumann conceded in an interview that the company could have matured 'sooner,' saying, 'We had a fun culture.'

He also pushed back on that he had received a $ 1.7 billion 'golden parachute' to leave the company.

'This perception that as the company went from a $47 billion valuation down to $9 billion, that I profited somehow while the company was going down, is completely false,' he said.

Last year, WeWork Executive Chairman Marcelo Claure, also a SoftBank executive and executive chairman of Sprint, told CNBC that the claim is 'totally false.'
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
×