Arizona Gov. Katie Hobbs is pushing to cut down on lucrative state tax incentives for data centers.
The Arizona Department of Revenue estimated the incentives lose the state $38M a year.
“It’s time we make the booming data center industry work for the people of our state, rather than the other way around,” Hobbs said during her State of the State address on Monday, which opened the state legislature’s 2026 season.
The incentives, along with inexpensive power, have been key to building the region’s status as a booming data center market.
Companies that spend at least $50M on the construction or expansion of a…

In a city where daycare costs an average of $26K a year, it’s little wonder that a candidate promising universal childcare stormed to an election victory last year. 
But even after Gov. Kathy Hochul and Mayor Zohran Mamdani last week announced a $4.5B plan in the coming year to bring that vision closer to reality, one critical issue remains: where those kids will go.

Data center firm DataBank is looking to raise $665M by securitizing a big portfolio of colocation data centers, the latest in a series of asset-backed securities transactions in the sector. 

The tariffs will allow President Trump to take a cut of Nvidia’s chip sales to China while putting off a decision about imposing higher taxes on the chip industry.

A Manhattan judge has hit pause on a UCC sale tied to Worldwide Plaza in a high-stakes legal brawl among three of New York’s biggest real estate players. In an order filed Wednesday, the judge temporarily stopped the foreclosure auction for the controlling entity of 825 Eighth Avenue, which Gary Barnett’s Extell Development had scheduled for January 15. The decision postpones the auction until January 29 and keeps the current ownership structure in place for now. The ruling came after landlords SL Green and RXR sued to block the sale, arguing it was a “sham” designed to wrest control of […]

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The Justice Department and whistle-blowers accused the major health insurer of overbilling the government for about $1 billion under the private plans.

Isaac Hera is pushing ahead with his planned redevelopment of the former Watson Hotel. Barings provided Hera’s Yellowstone Real Estate Investments with a $326 million construction loan for the hotel-to-residential conversion of 440 West 57th Street, according to property records. The financing will fund the redevelopment and expansion of the Hell’s Kitchen property, which is slated to deliver 316 apartments spread across two towers. Yellowstone purchased the leasehold interest at the Watson along with the existing mortgage from HSBC in 2021 for $175 million, after Richard Born and Ira Drukier’s BD Hotels defaulted on the debt the year before.  But […]

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Summit Properties is on a mission to purchase 5,200 mostly rent-stabilized New York apartments at a bankruptcy auction.  But there’s been a thorn in its side: the Mamdani administration, which has filed numerous objections to the auction and sale, generating paperwork and press.  Now, Summit is trying to get the city off its back. In a declaration filed Wednesday, Summit CEO Zohar Levy outlined a plan to fix the bankrupt properties.  Summit appears poised to be confirmed as the buyer in a Thursday morning bankruptcy hearing. If confirmed, it would foil attempts by the city and renters to find a […]

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Eric Adams is out of office, but allegations of corruption continue to dog his administration. Federal prosecutors indicted Tony Herbert on corruption charges, The City reported. Herbert allegedly demanded kickbacks from vendors in exchange for city contracts while the Adams associate served as a liaison between City Hall and NYCHA. Prosecutors allege Herbert shook down a firm seeking a contract to perform security services at NYCHA developments. Herbert allegedly ghostwrote a letter to an unidentified aide to get the security firm pre-qualified as a minority-owned business. He allegedly took a $3,500 bribe from the security firm in 2024. Law enforcement […]

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Harry Macklowe’s stop-and-start journey to sell his East Hampton estate could soon gain traction thanks to a not-so-secret weapon: the ability to legally inhabit it. Macklowe is putting the property at 64 West End Avenue back on the market for $35 million, the New York Post reported. The famed developer has been trying to sell the Hamptons estate with little luck for nearly two years. One of the impediments to a sale has been the lack of a certificate of occupancy, needed for a resident to actually live there. East Hampton Village officials have accused Macklowe of illegal land clearing […]

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