The Dow Jones industrial average surpassed 50,000 points for the first time, as old line stocks come back into vogue.
Cayre Equities turned a tidy profit on a Midtown South office building, likely thanks to the neighborhood’s rezoning. The firm sold a 16-story property at 254 West 35th Street in the Garment District for $26.2 million, notching a roughly $10 million gain in less than two years. Cayre bought the 106,000-square-foot property in December 2024 for $16.2 million with plans to convert it to self-storage, then flipped it to Joel Wertzberger’s Joyland for a 62 percent jump in value, property records show. The deal comes six months after the City Council approved Midtown South’s long-awaited rezoning, unlocking high-density residential development […]
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A very troubled and expensive tristate area mall’s journey through distress is coming to a close. The Palisades Center mall in West Nyack, New York, was auctioned off after a foreclosure. An affiliate of Stephen Deckoff’s Black Diamond Capital Management won the property on Wednesday with a $175 million credit bid, meaning no new funds were expended. The Black Diamond affiliate had purchased the debt on the property on Oct. 6. The auction is a new low point in the decline of the regional mall, once valued at $881 million. Its most recent appraisal gave it a 78 percent haircut, […]
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When Jennie Enterprise founded Core Club in 2005, a soon-to-be important person put up financing: Jeffrey Epstein. With his initial investment, Epstein secured himself a lifetime membership to the exclusive members-only club. And more than a decade later, as Core Club grew to a hub for real estate’s elite, Epstein stayed involved in high-level business operations, introducing Enterprise to potential partners and offering advice on possible business structures. Enterprise also maintained a warm personal relationship with the disgraced financier and sex offender, who was accused of sexually abusing dozens of underage girls. Epstein’s fellow founding members included Aby Rosen of […]
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Mr. Karp resigned as chairman of the elite law firm after senior partners met to decide his future.
It may be cold outside, but Khosla Capital is bringing the heat to Hackensack with a nearly nine-figure refinancing of a luxury residential complex. CBRE provided Khosla with a $96 million loan to refinance Prospect Place in the New Jersey community, the Commercial Observer reported. The debt is a Freddie Mac-backed loan for the two-building, 360-unit complex at 300-310 Prospect Avenue. A CBRE team including Judah Hammer, Jason Gaccione and Shawn Rosenthal arranged the financing. In a statement, Khosla CEO Raman Khosla said the financing “positions us to continue investing in the property and enhancing the resident experience, while ensuring […]
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A major shareholder in multifamily REIT Veris Residential went public with a call for the firm to look for potential buyers.
People may be able to pay less for prescriptions with their insurance rather than via the new government website. The Trump drugstore is meant to help people buy medications using their own money.
Westbrook Partners is still in selling mode, parting ways with not one, but two Ritz-Carlton hotels in major markets. The company is selling the properties on Central Park South in New York City and in Washington, D.C.’s West End, Bloomberg reported. The deals for the properties are complete, but the sale price of both could not immediately be discerned. While the properties feature the same seller, they do not feature the same buyer. Lodging investor Gencom is picking up the 253-key Manhattan building, while Trinity Investments is acquiring the 300-key building in the nation’s capital. Westbrook did not respond to […]
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The prospect of disruptions from artificial intelligence has hung over the economy for years. But this week advances in software tools precipitated a sell-off on Wall Street.