A landlord battered by the pandemic-era collapse in tourism is scrambling to hang on to a boutique Nolita hotel as a long-running foreclosure inches forward. Veracity Equities, the lower Manhattan-focused firm run by Edmond Li, is facing a $35.3 million judgment tied to a defaulted mortgage at the Nolitan, a 55-key hotel at 153 Elizabeth Street. The nine-story building on the corner of Kenmare Street had been slated to go up for auction this week, Crain’s reported. Instead, the auction has been pushed — again. Li and lender Silverpeak Real Estate Finance agreed Monday to delay the sale until Feb. […]

This article originally appeared on The Real Deal. Click here to read the full story.

Less than two years after buying a retail condo at 715-717 Fifth Ave., Kering has moved the space to the sales rack.
The parent company of Gucci, Yves Saint Laurent and Balenciaga sold a 60% stake in the 115K SF property to French private equity firm Ardian. The transaction values the property at $900M, roughly 7% less than the $963M that Kering paid for the multilevel condo in January 2024.

The return-to-office movement still hasn’t brought workplace attendance back to prepandemic levels, but new metrics show office usage is the highest it has been in the half-decade since the pandemic began. 

The Trump administration singled out European tech firms by name and promised economic consequences Tuesday unless the E.U. rolls back tech regulation and lawsuits.

Top Manhattan office landlord SL Green is turning into a seller as interest rates remain burdensome and a dividend cut looms. Marc Holliday’s firm is looking to unload nine properties in the borough, Crain’s reported. The revelation came in a recent investor presentation, where Chief Financial Officer Matthew DiLiberto said the company was “selling assets [and] losing [income] to fight against interest rates that are too high.” That doesn’t necessarily mean SL Green is done buying. Though it is seeking to unload roughly $2.5 billion of property, the company also plans to make $1 billion worth of acquisitions, according to […]

This article originally appeared on The Real Deal. Click here to read the full story.

Kering made good on its goal to sell a massive stake in the Fifth Avenue property it bought roughly two years ago. Private equity firm Ardian bought a 60 percent stake in 715-717 Fifth Avenue from Gucci’s parent company, the two firms announced on Tuesday morning. The deal values the 115,000-square-foot property at $900 million and will see Kering score $690 million in proceeds. Kering is hanging on to a 40 percent stake in the Plaza District property, which it bought early last year from Jeff Sutton and SL Green for $963 million. The acquisition was part of a strategy […]

This article originally appeared on The Real Deal. Click here to read the full story.

The head of next year’s FIFA World Cup host committee just dropped $20.7 million on an Upper West Side penthouse. Alex Lasry, the son of former Milwaukee Bucks co-owner Marc Lasry, shelled out roughly $2,500 per square foot for an apartment at 535 West End Avenue, according to public records.  The 8,400-square-foot condo was sold by a trust tied to Tamar Wolchok and Simona Ganz, the daughters of the late Slim-Fast mogul S. Daniel Abraham. Abraham died earlier this year at the age of 100.  It’s unclear when Wolchok and Ganz purchased the property, as the only other deed recorded […]

This article originally appeared on The Real Deal. Click here to read the full story.

The Trump administration looked to recast elements of a dour jobs report Thursday as a sign of strength.

In a lawsuit, the state’s attorney general, Letitia James, said UPS had “repeatedly and persistently” failed to pay seasonal workers for all of the time they spent on the job.

Projects from two townhouse developers in Brooklyn scored the top contracts signed last week in the borough.  The first belonged to a new development townhouse at 94 Douglas Street in Boerum Hill asking nearly $7 million, according to Compass’ report on contracts signed in Brooklyn for homes asking at least $2 million from Dec. 8 to Dec. 14.  Omri Bar-Mashiah’s Minerva Development bought the site for $1.95 million in 2021, according to public records.   The 4,500-square-foot home features five bedrooms, four bathrooms, three powder rooms, a private roof deck, garden and terrace, as well as a finished cellar. Floor-to-ceiling glass […]

This article originally appeared on The Real Deal. Click here to read the full story.