Four years after topping out Brooklyn’s office skyline, JEMB Realty pulled off a financial reset at 1 Willoughby Square, bringing in partners and refinancing a tangle of construction-era debt to keep control of the 35-story tower. The 500,000-square-foot Downtown Brooklyn building was recapitalized through a complex transaction that included new equity, splitting the tower into condos and a $125 million mortgage from Deutsche Bank, according to Bisnow and a recent Fitch Ratings report.  Among the latest round of investors is Edmond Safra, a member of the Safra banking family, alongside Adnane Mousannif’s AVRS Partners and KSR Capital principals Abraham Kassin […]

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A Long Island investor who leaned on pandemic-era stopgaps to keep Midtown hotels afloat has now lost both properties. Paramdeep Singh, who owns gas stations and operated the hotels through Premier Hotels, was stripped of control at 59 West 46th Street and 129 West 46th Street after defaults, foreclosure actions and investor infighting, Crain’s reported. At 59 West 46th Street, a nine-story, 234-room hotel just off Sixth Avenue, Singh was undone by a former partner-turned-lender. Boris Aronov, a cab driver who later became a Diamond District diamond dealer, acquired the building’s distressed mortgage last summer and then moved to foreclose […]

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A proposed class-action lawsuit claims Costco was misleading customers and engaging in false advertising when it described the chicken as having no preservatives.

Mid-America Apartment Communities struck a $53M deal to settle its part of a sprawling class-action lawsuit accusing the publicly traded landlord of working with dozens of other landlords to coordinate rents. 

Mark Nussbaum, a disgraced Manhattan attorney and real estate fixer, said in new legal filings that he diverted $336 million from his law firm’s escrow clients to real estate investor Mendel Steiner between 2022 and 2025.  The filings reveal the inner workings of Nussbaum and Steiner’s alleged Ponzi scheme, where some creditors were offered “fictitious investment opportunities regarding supposed proof of funds transactions or purchases of real property that did not really exist,” said Nussbaum.  “Phony emails, escrow agreements, and deal documentation were used; non-existent third-parties in whose names the deals were supposedly being done were invented,” the filings state. […]

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He seemed to know everyone at the Holy See, and it showed in his reporting for the National Catholic Reporter and his website, Crux, though some said he grew too close to his sources.

Patrick James, who was earlier ousted from the beleaguered auto-parts maker, is accused by federal prosecutors of faking invoices and lying about hidden debt for years.

“No sleep” protests have used noise and other tactics to target ICE agents at hotels, leaving the owners, often immigrants themselves, caught in the middle.

A judge is blasting OYO Hotels for its actions at a Times Square hotel, where a dispute is raging between the company and its former manager, Highgate Hotels. On Tuesday, a judge found OYO Hotels in contempt after violating a previous order, Crain’s reported. The decision puts OYO on the hook for legal fees in the dispute, which could fall in the six-figure range when determined next week. The judge pulled no punches in finding OYO in contempt for firing the property’s manager and dozens of unionized employees, despite an order not to do so. “I don’t even know what […]

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A dizzying array of rules govern what can be bought with SNAP dollars, confusing grocery stores and consumers.