Joe Nakash’s jeans may no longer fit the scene at 633 Third Avenue. The mogul behind the Jordache manufacturing brand is facing foreclosure on eight retail units at the Midtown building, Crain’s reported. Wells Fargo alleges Nakash defaulted on a $32 million loan backed by the units and is seeking to foreclose on them. The 2016-originated mortgage allegedly matured a month ago, according to a lawsuit filed in New York State Supreme Court. Wilmington Trust, which is overseeing the mortgage after it sold to investors, demanded payment from Nakash days after maturity, but allegedly wasn’t paid. The eight units combine […]

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Invesco Real Estate’s loan originations jump 112% in H1 2026, reflecting strong transaction volume of $3.2B globally.

There is so much churn, anger, confusion and news from all political spectrums that I wanted to give an update on where the pied-à-terre (PAT) tax stands. It’s admittedly wonky, but I found it helpful to go through. Typically I’d rather watch paint dry than talk about taxes, but here we are. Thinking about NYS/NYC income tax versus PAT A true nonresident who owns a second home in NYC pays no NYS or NYC personal income tax on their income. A NYC resident in the upper tax brackets pays a combined marginal rate of roughly 14 percent at their top […]

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With his brother, he presided over a family empire that includes the world’s largest cane sugar refiner and the Domino and C&H brands.

It’s good to be back in the rental world. I previously reported on the NYC rental market for nearly two decades, and my last report was back in January of 2026. I’ve been anxious to get back into the market since it is important to have it alongside a sales market analysis. My partnership with The Real Deal has made this report possible, and I look forward to creating a lot more rental content in the future. Starting now, we will issue a monthly rental report for the Manhattan and Brooklyn markets in the second week of each month. In […]

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New York City rents have spent the last 18 months setting new records.  July added to that streak. Median rent for a new, brokered, market-rate lease in Manhattan reached $5,000, the highest on record, last month, according to appraiser Jonathan Miller’s report for The Real Deal. Manhattan’s average rent, at $6,306, and average rent per square foot at more than $101, also reached new highs. As usual, high demand is chasing low supply. Elevated mortgage rates have put tremendous pressure on rents, Miller said, as would-be purchasers stayed put in rental units. New York policy decisions mean next month is […]

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Tributes for the former Premier Zhu Rongji reflect nostalgia for an era when China was opening to the world and the future seemed more prosperous and hopeful.

When David and Michael Shabsels turned to Israel to raise $200 million in debt, it felt like a throwback to a previous era. New York City developers such as Silverstein, Extell and the Moinian Group raised money in the land of milk and honey about a decade ago, entranced by lower rates and the ability to secure corporate debt as privately held companies. But after a series of high-profile defaults in the early 2020s, American developers retreated. While they were gone, the Israel Securities Authority, the regulatory agency, worked to strengthen its oversight of foreign issuers without direct ties to […]

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Bob Iger, the former chief executive of Disney, and Josh Kushner, the venture capitalist, are buying the Los Angeles Lakers. Their wives set them up.

Sharif El-Gamal is making a last-ditch bid to fend off a lender’s nearly $90 million claim tied to the Margaritaville Hotel in Times Square. In a new lawsuit, El-Gamal claims lender Arden Group rigged a 2023 foreclosure sale to box out other bidders and take control of the entity that owned the 234-key hotel, at 560 Seventh Avenue, with a $1,000 credit bid. He claims the move suppressed the property’s value and prevented him from collecting profits from a third-party sale. El-Gamal claims Arden’s strategy was to take control of the hotel’s collateral and then pursue the individual guarantors in […]

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