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 […]

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

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 […]

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

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 […]

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

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 […]

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

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 […]

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

Weather, supply, tariffs, labor and changing consumer habits continue to drive up the cost of groceries. President Trump falsely claims prices are falling.

On his first day in office, Mayor Zohran Mamdani signed three housing-related executive orders.  One relaunched the Office to Protect Tenants, which was created by Mayor Bill de Blasio but hollowed out by the last administration. Another sought to speed up housing construction, while the other focused on opportunities to build housing on public land. Leila Bozorg, the newly-appointed deputy mayor of housing and planning, said the orders lay the groundwork for what’s to come.  “I think the executive orders that we put out on day one of the administration really show that comprehensive approach that we want to take,” […]

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

President Trump revived a campaign promise to cap interest rates, but it is unclear how he would make that a reality.