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Category Archives: RE News

Failed Sutton Place developer files for bankruptcy

Joseph Beninati was once the face of an ambitious Manhattan development that would have put him on the map of high-stakes New York real estate. But the greenhorn developer fizzled out as quickly as he arrived on the scene, and now his botched plans have placed him in financial ruin. Beninati filed for personal bankruptcy in Texas this week, listing some $24 million in liabilities — mostly from the personal guarantee he owes from his

The post Failed Sutton Place developer files for bankruptcy appeared first on The Real Deal New York.

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Cuomo makes prevailing wage pitch in proposed 2021 budget

Gov. Andrew Cuomo has revived efforts to require union-level wages on certain publicly funded projects. Under the governor’s proposal — which was included in the state’s proposed 2021 budget — owners would pay construction workers prevailing wages on projects where public funds are covering at least 30 percent of overall construction costs and such costs exceed $5 million. As with the version of the bill proposed by last year, the measure includes a carveout for

The post Cuomo makes prevailing wage pitch in proposed 2021 budget appeared first on The Real Deal New York.

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Fairway says it isn’t shutting down, despite reports

Fairway Market has disputed an explosive report that it plans to shut down, writing on Twitter that it “has no intention to file for chapter 7 [bankruptcy] or liquidate all of its stores.” “All 14 stores remain open for business, offering a complete range of high quality, specialty food products,” the company wrote, “and we look forward to seeing our customers and employees.” Fairway posted the tweet on Wednesday morning in response to a New

The post Fairway says it isn’t shutting down, despite reports appeared first on The Real Deal New York.

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Real estate bigwigs sound off on politics at REBNY gala

The tough political environment was the topic du jour at REBNY’s 124th annual banquet last week. From the new state rent law passed in June to the proposed pied-à-terre tax, executives at some of the city’s busiest real estate firms shared one sentiment: It’s only getting harder to do real estate in New York City. Some are even considering wrapping up their deals here and moving on. Watch the video above to hear what they

The post Real estate bigwigs sound off on politics at REBNY gala appeared first on The Real Deal New York.

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WeWork offloads stake in the Wing and software startup

WeWork has severed ties with two more startups that joined the office space company before its downfall. The office-space giant announced Wednesday it had sold software company Teem and divested its stake in the Wing, a co-working startup focused on women. It is the latest push by WeWork to cut non-core businesses from its portfolio, as the company has sought to minimize costs following its well-publicized implosion last year. “These sales mark the latest progress

The post WeWork offloads stake in the Wing and software startup appeared first on The Real Deal New York.

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Sheldon Silver’s conviction for real estate scheme is upheld

Sheldon Silver’s conviction in a real estate corruption case was upheld Tuesday by a federal appeals court, although he was absolved of another scheme. The former New York State Assembly speaker had been sentenced to seven years prison in 2018 after he was found guilty on counts of money laundering and extortion, in a scheme that involved developers Witkoff Group and Glenwood Management. A panel of three judges in the United States Court of Appeals

The post Sheldon Silver’s conviction for real estate scheme is upheld appeared first on The Real Deal New York.

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Michael Shvo-led group buying iconic Chicago office tower for $370M

A partnership led by New York investor Michael Shvo is buying John Buck Company and Morgan Stanley’s “Big Red” downtown office tower for $370 million, The Real Deal has learned. Shvo and partners Deutsche Finance and BLG are under contract to purchase the 45-story iconic red office tower at 333 South Wabash Avenue, according to a source familiar with the deal. The tower had previously been headquarters of CNA Financial. John Buck and Morgan bought

The post Michael Shvo-led group buying iconic Chicago office tower for $370M appeared first on The Real Deal New York.

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Apple is in talks for a lease at Vornado’s 11 Penn Plaza

The big tech takeover of Penn Plaza continues. Apple is in talks with Vornado Realty Trust to take space at the 1.15 million-square-foot 11 Penn Plaza, according to the New York Post. The iPhone-maker is reportedly considering taking a 200,000-square-foot space that is currently leased to Macy’s. It comes after Apple lost out to Facebook for office space at Vornado’s redevelopment of the James A. Farley Post Office building. Apple was reportedly looking to take

The post Apple is in talks for a lease at Vornado’s 11 Penn Plaza appeared first on The Real Deal New York.

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Startup that tracks cell phone data for landlords raises $12M

A location-data startup that tracks tens of millions of cell phones and provides information to landlords and brokers has raised $12 million. The firm, Placer.ai, uses cell phone data to track pedestrian traffic in retail properties and provides feedback to building owners on the performance of retail assets and how many people visit them. The California-based company announced the series A funding round Wednesday, bringing its total funding to $16 million. The latest round was

The post Startup that tracks cell phone data for landlords raises $12M appeared first on The Real Deal New York.

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