The Archdiocese of New York is cashing in one of its crown-jewel sites as it scrambles to cover mounting payouts to survivors of clergy sexual abuse. Cardinal Timothy Dolan told parishioners this week that the Church would keep liquidating real estate to fill a widening financial hole tied to settlements, according to the Commercial Observer. The latest move is a big one: selling the ground lease under the Lotte New York Palace for $490 million to the luxury hotel operator.  Lotte already owns the building but has long leased the ground. Roughly $200 million of the proceeds will go toward […]

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Corporate tax revenue has quickly dipped since Republicans passed tax cuts this summer. But economists think these tax breaks might be worth it.

The U.S. seizure of a vessel off Venezuela is likely to squeeze the country’s government, but do little to counter the tankers that secretively move oil from sanctioned countries.

Blackstone locked in a ten-figure loan to refinance its largest rental property in New York City. Wells Fargo provided $3.15 billion in debt to refinance Stuyvesant Town-Peter Cooper Village, Crain’s reported. A $3 billion debt from Fannie Mae backing Manhattan’s largest apartment complex was nearing maturity. Since purchasing the complex alongside a Canadian pension fund for $5.5 billion in 2015, Blackstone has invested $460 million into the property. That includes renovations, expansions and the installation of 9,600 solar panels. Blackstone also added a Whole Foods and a restaurant to the retail portfolio. Notably, all of the units in Stuy Town […]

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Fed officials explained their opposition to the central bank’s decision this week to cut interest rates by a quarter of a percentage point.

There have never been more high-end places to work out in Manhattan.  If one type of retail location dominated The Real Deal’s list of biggest leases this year, it was the gym. Chelsea Piers, Life Time and Equinox all gobbled up tens of thousands of square feet for Big Apple expansions. They were joined by another wellness player, Neko Health.  It’s a stark contrast from last year’s rankings, when not one wellness location cracked the top ten retail leases. But big, luxury health clubs are making a bet that Manhattanites will pay top dollar for resort-like amenities and whole-body services, […]

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The Oracle co-founder has pledged billions to finance Paramount’s takeover bid for Warner Bros. Discovery — which has questions about his commitment.

Changes in the tax law will have different effects on people who take the standard deduction versus high earners who itemize.

Backed by White House officials, the tech billionaire has lashed out at the European Union after his social media platform X was fined last week.

The lawsuit was a warning to European officials who are racing to agree to a plan to use Russian government assets in Europe to lend money to Ukraine.