Billionaire Larry Ellison is set to take over more than just Paramount from Shari Redstone.  The founder and former CEO of Oracle bought two units from trusts tied to Redstone and her late father, Sumner Redstone, at the Pierre Hotel for $24 million, according to public records.  Skydance Media, run by Ellison’s son David Ellison, acquired Paramount parent company National Amusements for over $8 billion in a deal that closed earlier this year. The elder Ellison was later reported to be replacing Shari as the media giant’s largest shareholder.  The wealthy families have apparently continued their wheeling and dealing. Ellison […]

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Two of New York’s most prominent multifamily landlords have been hit with two foreclosure suits targeting their portfolios.  Lenders filed for foreclosure on two portfolios connected to investors Peter Hungerford and Arthur Haruvi. The portfolios together comprise 31 multifamily buildings in Manhattan. Entities associated with Hungerford and Haruvi took out a total of $173.4 million in loans against the two portfolios, but didn’t pay them back by their June maturity date. Hungerford said he was “shocked” the lenders filed the suits, saying the investors were in the midst of negotiating mezzanine financing and an extension to the loans. “I can’t […]

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The plan presented by the chancellor of the Exchequer, Rachel Reeves, called for spending increases and higher taxes on the wealthy and the middle class.

Even as investors start flocking back to office, one leading global asset manager remains bearish.

The Department of Justice has convicted dozens of New York City Housing Authority employees in a pay-to-play contracting scheme. 
The 70 employees were charged in February 2024 with accepting bribes in exchange for awarding repair contracts. In an announcement Tuesday, federal prosecutors called the sweep “one of the largest single-day corruption cases in the history of the Justice Department.”

Three major Wall Street investors — Fortress Investment Group, Ares Management Corp. and Blackstone — are set to get completely wiped out on a deal for a portable toilet company put together by Platinum Equity.

A group of building owners claims New York’s housing regulator is unlawfully coming after them for deregulating their rent-stabilized properties.  “Balanced Housing Solutions,” the group listed as plaintiffs and led by political consultant Hank Sheinkopf, is suing the Division of Homes and Community Renewal, alleging that the agency is wrongfully applying rule changes around “substantial rehabilitations” that went into effect in 2023. Former mayoral candidate Jim Walden is the group’s attorney on the case. Substantial rehabs are one of the only remaining avenues for owners looking to deregulate stabilized apartments after the state passed sweeping rent reform legislation in 2019.  […]

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Executives at an embattled office REIT are fending off a push for board seats from one of its largest shareholders, which is also a spurned buyer. 
Orion Properties, an office REIT with a portfolio just under 8M SF, said it was rejecting the nominations of five candidates for its five-member board of directors who were put up by Kawa Capital Management, a South Florida-based alternative asset manager that offered to take the firm private in July.

The folks at Clarion Partners may be ready to sink their sorrows in a Thanksgiving turkey after selling an office building for less than half of what they paid to acquire it. Clarion sold 114 West 41st Street near Bryant Park for $133 million, the Commercial Observer reported. The buyer was a trio of firms: AM Management, Eyn Holding and Axonic Capital. The deal for the 350,000-square-foot building — which closed on Tuesday night — breaks down to $380 per square foot. That’s a 53 percent discount from the $282 million — and $800 per square foot — Clarion doled […]

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Shares in real estate stocks reacted positively to the Budget Wednesday, as fears that Labour’s tax and spending plans would roil financial markets did not materialise. 
The FTSE 350 Real Estate index rose 2% on Wednesday after UK government borrowing costs dropped to some of their lowest levels this year. 
Shares in Big Yellow led the charge, rising 4%. That was partly driven by the fact that the sector will not face significantly higher business rates, as had been feared. That could pave the way for a takeover of the company by Blackstone. 
British Land shares rose 3.5%, while Great Portland Estates shares rose…