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Chera’s proptech SPAC blames startup for breaching deal

In the wake of a failed merger, a proptech SPAC led by one of New York’s most prominent retail landlords says its intended acquisition target violated the terms of the deal. In November, Crown Proptech Acquisitions, led by Richard Chera, struck a deal to take smart-building technology startup Brivo public through a SPAC merger. The deal, the companies announced at the time, would create a company with an enterprise value of over $800 million...

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Investors sell Trumbull apartments for 23% markup from last year

A pair of investors sold a Fairfield County apartment complex for $19 million more than they paid for it last year in a sign that demand for some suburban multifamily assets remains strong against rising interest rates. Massachusetts-based real estate investment firm Colony Hills Capital picked up the 339-unit Royce at Trumbull for $101 million — 23 percent more than the $82 million that sellers Sym Investments and Skywood Properties paid fo...

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Political candidates band together to oppose affordable housing proposals

All three Democratic candidates running to represent the East Bronx in the state Senate support affordable housing — in theory. Not one will stand up for two projects in their community, though. Assembly member Nathalia Fernandez, Christian Amato and John Perez have all come out against two projects proposed in the 34th Senate District, City Limits reported. The primary candidates are vying to replace Sen. Alessandra Biaggi, who is running f...

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“We’re not alarmed:” Herald Square retail in reverse

Retail real estate in New York City is showing signs of life. Herald Square, however, is not exactly leading the comeback. The retail district, home to Macy’s flagship and steps from Penn Station, has fallen behind other areas in the retail recovery, Crain’s reported. The retail vacancy rate in the district is 42.4 percent. Madison Avenue’s 27.3 percent vacancy between 57th and 72nd streets is a distant second, according to Cushman &...

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Midtown’s Row hotel to house up to 600 migrant families

New York City has picked out the Row NYC hotel in Midtown as one piece of its plan to cope with the growing shelter population and influx of asylum-seekers being bussed from Texas. The city is eyeing moving up to 600 migrant families into the hotel at 700 Eighth Avenue, three people with knowledge told the New York Post. A staffer told the outlet it will serve as an intake facility and shelter, beginning some

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Hoboken hospital eyed for eminent domain

An uncertain future for the Hoboken University Medical Center has the city considering the possibility of buying it through eminent domain. The City Council passed an emergency resolution to award a contract for the appraisal of the city’s hospital, NJ.com reported . An appraisal is often the first step in the eminent domain process, when a government takes a private property for public use while providing fair-market compensation. While emi...

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Wells Fargo backing off mortgage market

Beset by scandal and a market shift, one of the country’s leading mortgage players is planning on reducing its activities in the space. Wells Fargo is planning on pulling back its mortgage business, Bloomberg reported. The retreat will likely begin by reducing the bank’s ties to outside mortgage firms, which generated about a third of the company’s $205 billion in new home loans last year. “Like others in the industry, we’re evaluati...

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Former Trump CFO close to plea deal in tax fraud case: report

One of Donald Trump’s top lieutenants is expected to plead guilty to charges related to a tax scheme, but he’s not expected to help nail the former president in another case. Former Trump Organization chief financial officer Allen Weisselberg is approaching a deal in his tax case, the New York Times reported. Weisselberg’s lawyers and prosecutors met with a judge on Monday and a hearing has been scheduled for Thursday, indicating a possi...

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L&L’s 425 Park Ave cooking up Jean-Georges restaurant

UPDATED, Aug. 16, 2022, 9 a.m.: One of the most talked-about men in Manhattan real estate these days isn’t a developer or star broker — it’s a celebrity chef. Jean-Georges Vongerichten is making another major move, agreeing to open a 14,000-square-foot restaurant at L&L Holding Company’s new trophy officer tower at 425 Park Avenue, the New York Post reported. The restaurant is expected to open next year. The restaurant will have a...

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Sapir beats deadline, scores $89M in Israel for Soho hotel

Alex Sapir’s firm scored a much-needed $88.6 million loan from the Israeli bond market for its NoMo SoHo hotel. Sapir Corp faced a tight deadline to raise the money in Israel. Earlier this month, Sapir’s lender offered the firm a $5 million discount on its $105 million senior loan if it repaid its outstanding debt by Aug. 18, according to a filing on the Tel Aviv Stock Exchange. Sapir Corp beat the clock. Its Israeli

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