From Deng Xiaoping to Xi Jinping, generations of Communist Party bosses and military leaders invested in a strategic but heavily polluting industry.
Real estate owner and operator Summit Properties USA agreed to buy a portfolio of more than 5,000 New York City apartments placed into bankruptcy by Pinnacle Group, according to new court filings.
Stalking horse bidder Summit Gold Inc. offered $451M to take over the properties and their leases.
If the portfolio’s lender, Flagstar Bank, chooses to forgo financing the purchase price, the original offer will automatically be lowered to $420M, the filing states. An auction will be held on Jan. 8, if necessary.
Other bidders are approaching to buy the units: the tenants themselves.
The bidding process started Nov. 21, and tenants want in. A…
Jeff Sutton is going small with his latest endeavor, a miniscule Soho property lease designed to generate cash through retail rent and a redeveloped group of residential units. Wharton Properties signed a 35-year ground lease to take over 78 Greene Street from long-time landlord Robert Zeisel, PincusCo reported. Financial terms of the deal for the six-story, 14,000-square-foot property were not disclosed. The lease was revealed in a memorandum published to public records days before Christmas. The lease doesn’t technically begin until the first day of 2026, but it will run through the end of 2061. Zeisel could not be reached […]
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Suzy Welch has staked another claim in the Upper East Side. An entity tied to Welch, the author and widow of former General Electric CEO Jack Welch, closed on a $24.2 million condo on Park Avenue, property records show. It’s Welch’s third purchase in the neighborhood in the last seven years. Earlier this month, she listed her townhouse at 160 East 81st Street, just blocks away, for $26 million. It’s not clear if Welch plans to live in the home. A chief of staff for Welch said, “your information is incorrect” in response to questions about the purchase, but did […]
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The Trump administration had tried to defund the Consumer Financial Protection Bureau, which acts as a guardrail for the safety of the financial system.
Officials at the central bank have splintered over whether rising unemployment or elevated inflation poses the bigger economic risk.
Times Cooking’s Pizza Interview series introduces a note of nostalgia to encourage stars to open up.
L+M Development landed fresh capital for one of the city’s most ambitious coastal housing plays in Queens. A joint venture led by the developer landed $278 million in construction financing to build the first residential phase of Arverne East, a master-planned development poised to reshape a large stretch of Far Rockaway with affordable housing, Commercial Observer reported. The deal funds Building D, a 320-unit project at 116 Beach 36th Street that kicks off a megaproject due to deliver 1,650 affordable apartments across 116 acres. The sponsorship group goes well beyond L+M. Partners include Urbane Development, the Bluestone Organization, Mega Group […]
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The former Vornado Realty Trust executive charged with stealing millions from the public company says his former employer never disclosed any alleged fraud to its financial regulators or auditors. That, he says, should bar prosecutors from advancing some of their key arguments at trial. Jared Solomon and his attorneys in a filing earlier this month asked the judge overseeing his criminal embezzlement case to prevent federal prosecutors from submitting evidence to support their charges that the former Vornado leasing executive committed “material fraud” at the REIT. He argues that Vornado — which is publicly listed on the New York Stock […]
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Where Metin Negrin once saw a sales opportunity, he’s instead embracing the office-to-residential conversion trend. Lexin Capital filed plans to convert 229 West 28th Street in Chelsea from office and retail use to apartments, the Commercial Observer reported. It’s not immediately clear if the units will be rentals or condos. The conversion plans call for the 12-story, 157,000-square-foot building to expand to a 35-story, 207,000-square-foot residential complex. Most of the space would be residential, though there would also be 3,900 square feet of commercial space; the Department of Buildings application references “general wiring for a nightclub” on the ground floor. […]
This article originally appeared on The Real Deal. Click here to read the full story.