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Category Archives: RE News

Blackstone will pay rent-stabilized tenants $1M. It won’t stop the lawsuit.

Blackstone Group will pay about $1.1 million in refunds to rent-stabilized tenants at Parker Towers, though the payout doesn’t signal an end to a lawsuit over illegal rent increases at the Queens complex. The lawsuit was initially launched in March 2018 against the Jack Parker Corporation, which accused the real estate company of illegally deregulating apartments in the 1,327-unit Forest Hills rental complex despite receiving tax breaks under the J-51 program, which requires landlords to […]

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Vornado sells 45% stake in prime Manhattan retail portfolio valued at $5.6B

Vornado Realty Trust has sold a minority stake of its Fifth Avenue and Times Square retail portfolio in a deal that values the assets at about $5.6 billion. Just as surprisingly, Vornado also announced on Thursday that Crown Acquisitions’ Haim Chera would be leaving his family firm to join Vornado as its head of retail. The real estate investment trust transferred 45.4 percent common equity interest in the portfolio, which covers 489,000 square feet of […]

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Marriott to build the tallest modular hotel in the world in NoMad

The next chapter in the arms race to build the tallest hotel using modular construction is under way, though doubts remain on the method’s merit. With about $65 million in construction financing secured from Avana Capital, the Chun family is finally developing the plot they’ve held since 1993 at 842 Sixth Avenue into a 168-key AC by Marriott using nontraditional building methods. The AC property is the second hotel developed by the Chun family, led […]

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Westchester & Fairfield Cheat Sheet: JPMorgan to sell One City Place in White Plains, Greenwich homeowners get used to price cuts… & more

‘Market realities’ force Greenwich homeowners to sell for less Homeowners trying to sell off pricey properties in Greenwich are settling for less than optimal offers — or giving up and renting out their homes instead, the Wall Street Journal reported. One homeowner decided to auction off his Round Hill Road home after it took three price chops during its four years on the market, saying he “[didn’t] want it to drag on.” Music executive Tommy Mottola […]

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City Council just created the “largest disruption in the history of New York City real estate”

The City Council’s Committee on Environmental Protection has passed a sweeping package of bills to cut greenhouse gas emissions, paving the way for adoption by the full council later today, Crain’s reported. And with projected costs north of $4 billion, a lot of landlords do not like it. The proposed legislation, dubbed the Climate Mobilization Act and described as New York City’s version of the controversial Green New Deal, would force landlords to cut emissions […]

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Airbnb leads $160M funding round alongside RXR, Tishman for hospitality startup

A hospitality startup that provides short-rentals for professionals has closed on a $160 million funding round led by Airbnb. Lyric, which partners with landlords to provide units in multifamily buildings for business travelers, closed on the equity and debt funding round this week, according to TechCrunch. The series B funding round is a huge surge of capital for the company, which had only raised $19 million in previous funding rounds. The platform has gained significant […]

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Mueller Report provides new info on Trump Tower Moscow, Felix Sater and more

The long-awaited report by Special Counsel Robert Mueller provides additional details on the abandoned Trump-branded project in Moscow and the 2016 meeting between Jared Kushner and a top Russian bank executive. Much of the information presented in the 400-plus page report, released on Thursday, has already been made public, but it still offers some additional insight into how Mueller and Attorney General William Barr decided against accusing President Trump of collusion or obstruction of justice. […]

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Rotem Rosen-led partnership buying development site off Billionaires’ Row

A partnership led by Rotem Rosen and Israel’s largest developer, Zahi Hagag, is making a play near Billionaires’ Row. Rosen and Indian billionaire Anand Mahindra’s MRR Development is teaming up with Hagag to buy a development site for $103.7 million, sources told The Real Deal. The buyers signed a contract for the site Thursday, and plan to purchase it with all cash. The assemblage consists of 13 parcels concentrated at the southeast corner of East […]

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These real estate players are thrilled with Netflix’s tax incentive-fueled New York expansion

With the help of up to $4 million in tax incentives, Netflix is beefing up its New York presence with an expansion of its Manhattan office and plans for a massive new production hub in Brooklyn. The company’s new corporate offices will take up about 100,000 square feet at Normandy Real Estate Partners’ 888 Broadway, the governor’s office said in a statement. They will house 127 new employees working in departments including content acquisition, development, […]

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Bank OZK continued aggressive condo lending in Q1

Bank OZK is showing no signs of curbing its construction lending this year. Little Rock-based Bank OZK, formerly known as Bank of the Ozarks, reported first quarter earnings that beat analysts’ estimates, as it real estate lending division originated more than $1.86 billion in new loans. That’s an increase of 86 percent compared to the first quarter of 2018. With just over $23 billion in assets, Bank OZK is one of the largest and most […]

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