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The Real Deal NYC

Hamilton Heights development site led mid-market NYC deals last week

There were four mid-market investment sales in New York City last week: a Hamilton Heights development site, a pair of Upper West Side multifamily buildings and a Bedford-Stuyvesant commercial building. Here are the details: The Jay Group purchased 620 West 153rd Street in Hamilton Heights from Anbau for $28.75 million. The development site has a zoning floor area of 150,144 square feet, and JLL’s Bob Knakal, Jon Hageman and Patrick Yannotta brokered the deal. The

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“A recipe for disaster”: Fighting property taxes in a pandemic

It’s cumbersome. Antiquated. Arcane. And definitely not Covid-ready. The system for challenging property assessments in New York City was already behind the times when the pandemic struck. It has for decades relied on in-person hearings and staffers poring through hundreds of thousands of documents — not exactly conducive to work-from-home. For the New York City Tax Commission, which receives tens of thousands of protest filings annually from property owners, the coronavirus outbreak was also terribly

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Attorneys find ways to “eject” tenants without Housing Court

Housing Court remains closed and an eviction moratorium runs through Aug. 20, but attorneys say they have other ways to get rid of tenants. Starting this week, the broader court system is accepting new non-essential cases via electronic filing. That leaves the door open for evictions via state Supreme Court, attorneys say. It is not customary to file residential eviction cases in that venue, but a court spokesperson said it is allowed. And in a

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Sabotage, secret cameras and intrigue: Inside the Barclay family’s feud over the London Ritz

A high-stakes drama worthy of a soap opera — complete with hidden cameras and big inheritances — is playing out with the Ritz Hotel in London as a backdrop. Twin billionaires Frederick and David Barclay bought the five-star hotel in 1995 for 75 million pounds. Now, the aging brothers and their respective children are feuding over the sale of the property. In the saga’s latest update, Frederick this week released hidden camera video footage allegedly

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This Canadian office giant has a strategy for a return to work

One of Canada’s biggest office landlords has dished on the precautions it’s taking as it prepares for a “measured” return of workers to its buildings. Cadillac Fairview Corp Ltd. owns and manages 80 properties in the country and is the landlord for some of Canada’s biggest banks. Canadian bankers can expect a much different environment when they go back to their offices, according to Bloomberg. For one, the firm is working with tenants to schedule

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Facing the music: Entertainment venues, restaurants weigh reopening options

As the U.S. and countries across the globe begin easing some restrictions on nonessential businesses, bars, restaurants and live entertainment venues face tough decisions. Some are planning to open at whatever capacity local authorities will allow, while others are on the fence about opening up at all because of the financial constraints, according to the Wall Street Journal. Business owners say they need to run at higher capacities than social-distancing guidelines allow to cover the

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Mike Tyson’s former Maryland home hits the market for $8.5M

A Maryland home once owned by boxing great Mike Tyson is on the market for $8.5 million. Tyson and his former wife, Dr. Monica Turner, bought the home in the mid-1990s and lived there for several years before divorcing in 2003 — the same year Tyson filed for bankruptcy. Turner kept the home, which is about 30 minutes outside Washington, D.C., according to the Wall Street Journal. Turner has expanded the main house over the

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Natural gas mogul lists 813-acre Colorado ranch for $220M

Natural gas mogul Charif Souki has put his sprawling Colorado ranch on the market for $220 million. Souki spent the last seven years building out the 813-acre property into what he called a “mini country club” for his family, replete with tons of amenities and recreational toys, according to the Wall Street Journal. If sold at his asking price, it would be among the most expensive residential sales ever recorded in the U.S. Souki has

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Buyer’s remorse?: How Anbang’s $5.8B hotel deal went sideways

The saga of Anbang Insurance Group’s sale of its $5.8 billion U.S. hotel portfolio has yet another wrinkle. The would-be buyer, South Korea’s Mirae Asset Global Investments, is now countersuing the entity in control of the Chinese insurer’s assets for the return of its $582 million deposit, accusing it of breach of contract and committing fraud. It comes after Anbang slapped Mirae with a suit last month intended to get the court to enforce the

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Will Gowanus be the next botched rezoning?

Determined to avoid the divisive controversies that plague neighborhood rezonings, Brad Lander has spent years trying to build consensus for what Gowanus should become. Mayor Bill de Blasio, who preceded Lander as the area’s City Council member, was on board, directing city planners to add housing to the low-slung former industrial hotbed. But now, with real estate worth hundreds of millions of dollars hanging in the balance, the two men are running out of time:

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