Tenants, activists and press crowded the halls of Lower Manhattan bankruptcy court, eager to see the new landlord, Zohar Levy. Levy’s Summit placed a $451 million stalking-horse bid for a 93-building, approximately 5,200-unit portfolio put into bankruptcy by Pinnacle Group. Now, the little-known investor, taking a break from a family vacation in Europe to answer questions from the city and tenants’ attorneys by video call, was about to become a New York City rent-stabilized landlord. Did he know what would come next? “We are aware of the responsibility attached to managing such a portfolio,” Levy said at his testimony in […]

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

For years, Joseph McDonnell and his partner at Cirrus Real Estate watched the drama at Pacific Park unfold from afar.  They weren’t alone. Anyone working in New York City real estate knows the outline of the project’s two decades of problems: how a development once described as a “Garden of Eden” got bogged down by opposition, financial problems and politics. By late 2022, the developer was in default on $350 million in loans tied to the megadevelopment, and a year later the lender moved to foreclose on the site. It was hard to imagine who’d want to jump in and […]

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Protesters waving signs reading “Freeze the Rent” and “REBNY Raised My Rent” stationed themselves on the sidewalk outside the Glasshouse, a Hell’s Kitchen venue where the Real Estate Board of New York was hosting its annual gala last year.  Among the tenants and activists gathered outside the event, nicknamed the “Liar’s Ball,” was Zohran Mamdani, then a New York assemblymember and mayoral hopeful. He’d just announced his candidacy three months prior, and though his winning was seen by most as a longshot, Mamdani’s campaign fundraising efforts had already started to outpace some of his opponents.  One of the pillars of […]

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

Stephen Ross, the real estate developer, and Ken Griffin, the billionaire financier, are trying to attract businesses to their new base, South Florida.

Fannie Mae says it is seeing fewer cases of multifamily mortgage fraud following a years-long crackdown, a finding that surprised some market watchers who say misconduct may be shifting elsewhere rather than disappearing. The government-supported mortgage giant reported that tips and investigations into multifamily fraud have fallen to 12-month lows, according to a partially redacted analysis published by its regulator, the Federal Housing Finance Agency. The decline follows a sharp surge in reported activity just a year earlier. Fannie said it received a flood of tips related to multifamily mortgage fraud in 2024, prompting 193 investigations, up from 14 in […]

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

Documents referencing prominent executives like Elon Musk, Howard Lutnick and Bill Gates underscored the wide web of boldfaced names tied to Jeffrey Epstein.

Per-share quarterly profit declined 7 percent from a year earlier despite revenue growth from the company’s streaming and cruise businesses.

Several large American manufacturers are thriving despite the threat of higher costs. Smaller ones are struggling.

What the travelers who adore some common annoyances of flying can teach everyone else about the power of changing one’s perspective.

Novel approaches to the all-day cafe are working for diners and creative chefs across the country.