August 18th, 2023 - This Week in Alternative Investments

Author

Adam Katz
August 18, 2023

New York-based alternative asset platform Yieldstreet is close to acquiring New York-based real estate investment firm Cadre.

Headlines

Bite sized market updates

Yieldstreet is nearing a deal to buy Cadre. The alternative asset platform is in talks to acquire the real estate investment firm (once valued at $800 million) for $100 million.

Sotheby’s is facing a class-action lawsuit over the Bored Ape Yacht Club. The auction house is accused of conspiring to inflate the value of the NFT collection.

A report identified real estate markets with the biggest inventory changes since last year. Stockton, CA saw the biggest drop in houses for sale and Cape Coral, FL saw the biggest increase.

Robert Edwards’ summer action saw two seven-figure sales. Both a Babe Ruth game-used bat and a rare 1910 error card sold for $1.323 million.

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Market Updates

Alternative assets platform Yieldstreet is close to acquiring real estate investment firm Cadre for a reported $100 million. This represents a huge decline since Cadre’s peak valuation of $800 million in 2017, and an even further dip from the reported $2 billion valuation it nearly closed a deal on in 2019. Yieldstreet offers investments in private credit, venture, art and other alternative assets and seems to be attempting to expand on their existing real estate offerings.

A group of disgruntled collectors filed a class-action lawsuit over Bored Ape NFTs. The plaintiffs are accusing auction house Sotheby’s, the creator of the collection Yuga Labs and a number of celebrities of deceptive marketing practices to artificially inflate the value of the NFTs. The auction in question netted $24.2 million in September 2021, but the average value of a Bored Ape has dropped around 65% since that time.

Realtor.com released a comprehensive home inventory report. While the number of overall listings are down 6.4% nationwide since last year, 31 of the top 100 metro areas saw upticks, led by Cape Coral, FL, El Paso, TX and New Orleans, LA. Increased inventory, and in some case, lower demand, has led to more affordable prices in those markets. On the other hand, the markets with the biggest decrease in inventory were Stockton, CA, Phoenix, AZ and Seattle, WA.

Two vintage baseball items sold for over $1.3 million at the Robert Edwards summer auction. A photo-matched, game-used Babe Ruth bat from 1923 sold for $1.323 million, which fell short of the record $1.85 million a slightly earlier Ruth bat fetched in April. The second lot to sell for $1.323 million was a rare 1910 T206 Joe Doyle error card believed to have as few as ten existing copies.