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Cushman delivers 36K documents to AG in Trump probe

Cushman & Wakefield had a message for Letitia James: You want documents? We got your documents right here! The real estate giant provided nearly 36,000 documents to the New York Attorney General’s office, according to court filings. The AG’s office acknowledged as much in its own court filing, asking for the court to “hold any contempt purged, without any fines due or owing.” The document dump completes Cushman’s compliance with subpoenas issued in September 2021

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Hiring by hotels, bars and restaurants behind big July jobs gain

Robust hiring at hotels, restaurants and bars, as well as in construction and health care, powered an unexpectedly strong jobs increase in July, the government announced Friday. Those industries accounted for 43 percent of the 528,000 gain. The unemployment rate fell to 3.5 percent, according to government data released Friday, despite Federal Reserve actions to cool the economy with higher interest rates. “This is not a picture of an economy in recession,” said chief economist

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AG nails landlord for breaking rent law, promises more to come

Ink Property Group and three of its principals will pay up to $1.75 million to settle claims by state Attorney General Letitia James that they duped rent-stabilized tenants out of leases, illegally deregulated units and falsified financial documents to secure bank loans. But for now, Ink is on the hook for only a fraction of that. The firm has shelled out $300,000 to a state affordable housing fund and promised $400,000 to the tenants who

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Queens BP turns on industry, rejects Silverstein’s $2B Queens project

Real estate thought it had an ally in Queens Borough President Donovan Richards. Maybe not. Richards on Thursday night recommended against allowing a $2 billion Queens megaproject by Silverstein Properties, BedRock Real Estate Partners and Kaufman Astoria Studios. The thumbs-down on Innovation QNS comes on the heels of a 917-unit, half-affordable Harlem proposal being killed by the local Council member. In a lengthy statement detailing his reasons for disapproval, Richards highlighted affordability and neighborhood character.

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Cea Weaver pokes landlords’ hive over rent reform

Housing advocate Cea Weaver has sent sparks flying across landlord-tenant Twitter since late last week, when she posted that rent-stabilized owners crying poor are more likely crying wolf. The tweet came in response to a video by the Community Housing Improvement Program, a landlord group, highlighting the estimated 20,000 rent-stabilized units allegedly rendered unrentable by the state legislature in 2019. The clip shows a string of unfinished apartments that sit vacant because the law prevents

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Real estate scores loophole to save loophole

Real estate is an industry constantly aggrieved. But few things have riled up its private equity honchos as much as talk of eliminating the tax break for carried interest. Back when Barack Obama broached it, Blackstone head Stephen Schwarzman compared it to “when Hitler invaded Poland in 1939.” Schwarzman later apologized. Last week, Senators Charles Schumer and Joe Manchin struck a surprise compromise for a spending bill that again includes increasing taxes on carried interest

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Four corporate landlords used “abusive tactics” in pandemic evictions: House committee

Four corporate landlords were willing to go to extreme lengths to move against delinquent tenants despite the CDC’s eviction moratorium, according to an investigation by a House subcommittee. Pretium Partners, Invitation Homes, Ventron Management and the Siegel Group filed close to 15,000 evictions during the first 16 months of the moratorium, according to a report by the House Select Subcommittee on the Coronavirus Crisis. The figure identified by the investigation is almost triple the amount

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Manchin-Schumer deal closes real estate tax loophole

Senate Majority Leader Charles Schumer and Sen. Joe Manchin have agreed to a deal on long-stalled legislation that would kill the carried-interest tax loophole, which is treasured by some in the real estate industry. The senators announced a compromise on the Biden administration’s tax, energy and climate bill on Wednesday, Bloomberg reported. The plan, previously curtailed by Manchin’s ardent opposition, would generate an estimated $739 billion in revenue while spending $433 billion and reducing deficits

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Penn Station vote clears way for deals with developers

State officials can now begin negotiations with developers to build 10 new towers around Penn Station. The Public Authorities Control Board on Wednesday approved a deal between the city and state to help pay for part of the renovation and expansion of the station. The development is expected to ultimately result in 18 million square feet of new commercial space and at least 1,172 apartments. The vote paves the way for Empire State Development to

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Developers all-in on Manhattan casino push

Developers are putting their cards on the table in an effort to win the right to build a casino in New York City. A handful of developers and gaming operators are mobilizing to bid for a license to operate in the city, the New York Post reported. The state’s gaming commission can award up to three licenses downstate and Mayor Eric Adams has expressed a desire for at least two to be in the city.

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