The settlement came in the case of a 14-year-old in Florida who had killed himself after developing a relationship with an A.I. chatbot.

U.S. Customs and Border Protection is laying the groundwork for as many as 10 large development projects with a price tag as high as $10B.
The contract request from the Department of Homeland Security aims to pre-approve a stable of developers ready to build or refurbish expansive real estate projects. The request doesn’t explicitly mention detention centers and wouldn’t be used for Immigration and Customs Enforcement facilities. 
Bidders on the contract are required to have built at least two federal properties in the past 15 years worth at least $25M each, be able to secure top secret security clearances from the government and be capable of financing…

SL Green grabbed financing for its acquisition of Park Avenue Tower, but not without putting down a significant amount of money itself. The office landlord scored a $480 million mortgage to finance the $730 million purchase of 65 East 55th Street in the Plaza District, Crain’s reported. Wells Fargo, JPMorgan Chase and Bank of America are providing the debt, according to Commercial Real Estate Direct. Marc Holliday’s firm is expected to make a $270 million down payment to secure the loan,  equivalent to about 36 percent of acquisition’s total financing. The figure represents a significant increase on the down payment […]

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An AI startup with a housing stipend is swapping Long Island City for Williamsburg’s waterfront. Voice analytics company Rilla inked a 57,000-square-foot lease at Global Holdings’ 25 Kent in one of the borough’s biggest office deals of the past year. The AI company will occupy the entire eighth-floor penthouse, along with nearly 4,000 square feet of private outdoor space, the landlord announced. The 10-year lease pushes occupancy at the eight-story building to 72 percent. The asking rent was $76 per square foot. Newmark’s Cooper Weisman and Ryan Gessin represented Rilla in the deal. The landlord was represented in-house by Craig […]

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The president said he wanted Congress to stop big investors from buying the houses, which has driven up rents and set obstacles for first-time buyers in some markets.

Developers of a Jersey City multifamily property snagged fresh financing for their recently completed project. Ursa Development Group and Fields Grade landed a $150 million permanent loan from Truist Bank to refinance the Devan at 3 New York Avenue, the Commercial Observer reported. The financing was initially reported by Real Estate NJ, which did not note the identity of the lender. The financing replaces a $97 million construction loan issued by Pacific Western Bank in 2022. BlueGate Partners’ Mark DeLillo arranged the latest loan. Ursa and Fields Grade did not return requests for comment. Work on the 336-unit complex wrapped […]

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President Donald Trump said Wednesday he would immediately begin taking steps to ban large institutional investors from buying more single-family homes. 
In a social media post, the president said the American dream of buying and owning a home is increasingly out of reach for too many people, including younger Americans. He said he will discuss this topic and further housing and affordability proposals at the World Economic Forum in Davos, Switzerland, later this month. 
“People live in homes, not corporations,” Trump wrote in the post.

Co-op shareholders at Carnegie House were dealt a blow by the New York County Supreme Court, which ruled in favor of the parcel’s landowners in a dispute over the ground lease. The court upheld a rent hike for the property’s ground lease, the Wall Street Journal reported, affecting the payments of hundreds of shareholders that may no longer be able to keep up with payments. The rent increase, enacted by David Werner and Rubin Schron, is expected to bring the annual ground rent from $4.36 million to approximately $24 million. “In the middle of a housing crisis, our billionaire landowners […]

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

He helped build the ad agency BBDO International into a powerhouse before channeling his passion for opera into managing the Met and revitalizing Lincoln Center.

The family-owned company that operates the newspaper cited mounting losses and labor constraints. A final edition is expected on Sunday, May 3.