Another project is springing up in Long Island City, receiving the benefit of $70 million in construction financing. Maxim Capital Group provided Queens-based Terra Developers with the financing package for the project at 11-33 44th Drive in Long Island City’s Hunters Point neighborhood, the Commercial Observer reported. The financing will support an eight-story, 113-unit project with ground-floor retail space and 23 parking spots. “The project combines strong fundamentals: a well-located site, seasoned local sponsors with market expertise, and a compelling condominium price point,” Maxim Capital managing director Josh Greene said. Newmark’s Max Ralby arranged the debt. Terra and its fellow […]

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

Eran Polack’s troubled HAP Investments lost control of three Harlem rental buildings and his firm appears to have shuttered entirely. The commercial real estate lender Ladder Capital, which was owed roughly $69 million, submitted $1 million credit bids for each of the buildings at 2211 Third Avenue, 329 Pleasant Avenue and 2338 Second Avenue at an auction last month. The trio of multifamily properties was part of HAP’s once-ambitious push into Upper Manhattan. The foreclosure sale was first reported by PincusCo. The foreclosure adds to the mounting troubles for HAP. Hundreds of Israeli investors lost a collective $70 million after […]

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

Not satisfied with a 158-unit condominium project in Fort Greene, Sam Charney has a plan to go even bigger in the Brooklyn neighborhood. Charney Companies is seeking a transit bonus authorization to expand the development at 95 Rockwell Place, Crain’s reported. The firm filed an application with the Department of City Planning on Wednesday. Charney filed permits for the project in 2023, planning a 40-story building with 161,000 square feet of total space. The authorization application calls for another 10 stories and approximately 50 additional units, along with nearly 34,000 square feet of extra space. If approved, the project would […]

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

President Trump’s effort to get Kevin M. Warsh confirmed as the next Federal Reserve chair has been complicated by a criminal investigation into Jerome H. Powell.

The Consumer Price Index fell in January to 2.4 percent from 2.7 percent a month

The Consumer Price Index fell in January to 2.4 percent from 2.7 percent a month

The Wall Street giant’s top lawyer, whose ties to Jeffrey Epstein had raised questions at the firm, has resigned. Other corporate leaders are also facing blowback.

After years in limbo, a troubled state-owned building is changing hands and getting a makeover.  Gov. Kathy Hochul on Friday announced that a nonprofit partnership made up of the Fifth Avenue Committee, Bedford Stuyvesant Restoration Corporation and One Brooklyn Health will take over 1024 Fulton Street, a three-story building in Clinton Hill that has sat vacant since the ’90s.  The state will demolish the building to make way for 125 rental units, which will be affordable to those earning between 30 percent and 80 percent of the area median income. The project will also include 27,000 square feet of community […]

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

Stocks have prospered while the world has plunged into disorder, an economist says. “Keep calm and carry on” may be the best investors can do.

It’s cold outside — and a fine time to look over your bills and see where you can save.