A sale of insider shares at $421 a share would make Mr. Musk’s rocket company the most valuable private company in the world, as it readies for a possible initial public offering next year.

The MTA is taking offers for more than 300,000 square feet of development rights in Lower Manhattan.  The agency released a request for proposals Friday, seeking a buyer of up to 350,000 square feet of landmarked air rights tied to the Fulton Center.  The transit center shares a zoning lot with the Corbin Building, a terra cotta-clad office building built in 1889, which was landmarked in 2015. Together, the two buildings are underbuilt on the lot by 358,000 square feet, of which the agency is keeping 8,000 for “future flexibility,” according to the RFP.     The potential pool of buyers will […]

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

When Mark Nussbaum’s law firm collapsed last year, it left clients scrambling to recoup missing escrow funds – and wondering where their money had gone. A newly filed lawsuit now points to a dead Brooklyn real estate investor as the alleged linchpin of a sprawling scheme in which hundreds of millions of dollars were siphoned from client escrow accounts.  The lawsuit, filed by the lawyer handling the liquidation of Nussbaum’s former law firms, seeks to recover about $330 million from two entities formerly tied to the late Borough Park-based real estate investor Mendel Steiner. It alleges that Steiner ran a […]

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

The world’s largest bike manufacturer, Giant Group USA, is moving its headquarters from California to Boulder next year.
Giant Group USA, the domestic arm of Taiwan-based Giant Group Manufacturing Inc., is relocating its main offices from Newbury Park, California, according to the Denver Business Journal. 
The company told the DBJ it is in the final stages of securing space in Boulder’s downtown and aims to have employees at the new headquarters in summer or fall 2026. Giant Group expects to bring 125 jobs to the area.
The company said it chose Boulder because of the city’s reputation as a cycling and outdoor recreation community.
Giant…

The Los Angeles City Council this week voted to expand the adaptive reuse ordinance to apply citywide in a move aimed at making it easier to convert vacant offices into much-needed housing. 
The new ordinance repeals the city’s existing Adaptive Reuse Incentive Areas Specific Plan, which had kept conversions confined to areas of the city including Downtown, Chinatown, Hollywood and Koreatown.
It also broadens the age of the buildings that can be considered for adaptive reuse to those at least 15 years old and allows more projects to receive approvals by right, the Los Angeles Daily News reported. 
Some developers have been quick to dismiss…

The sexually transmitted disease has become increasingly resistant to existing antibiotics.

Four Canadian provinces are selling off the American liquor they pulled from shelves in protest over President Trump’s tariffs. Some bourbon drinkers are thrilled.

Newark’s next multifamily project is getting a boost from one of the biggest names on Wall Street. Goldman Sachs’ Urban Investment Group lent $119 million in debt for the multifamily development at 22 Fulton Street, the Commercial Observer reported. The stack features Low-Income Housing Tax Credit financing, as well as an additional $120 million in debt and preferred equity from a pair of unnamed institutional lenders. A Walker & Dunlop team including Aaron Appel, Keith Kurland and Jonathan Schwartz arranged the financing. The debt is going to a joint venture of SK Development and the Berger Organization, which is leading […]

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

The Department of Housing and Urban Development announced an investigation into Boston’s housing policies, alleging the city has discriminated against white people.
HUD Assistant Secretary of Housing Craig Trainor sent a letter to Mayor Michelle Wu on Thursday alleging that the Mayor’s Office of Housing, the Boston Planning Department and the Boston Housing Authority have prioritized people of color in their affordable housing strategy.
Trainor said the city encouraged developers and lenders to work only with residents of color, rather than the entire low-income community.
“The City has been very public about its intention to discriminate on the basis of race, while essentially claiming that social justice and racial equity concerns purify its intentions,” Trainor wrote.
It is…

A potential tenant in Fermi America’s flagship project has pulled out of a deal to help fund the construction of the data center and power production megacampus.