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Palisades Center mall faces foreclosure over $419M loan

After struggling to rebound from the pandemic, the Palisades Center megamall in West Nyack could be headed for a sale to satisfy its owner’s debts. Wilmington Trust, acting as a trustee for CMBS bondholders, filed to foreclose on the 2.2 million-square-foot shopping and entertainment complex, claiming Syracuse-based owner Pyramid Management Group defaulted on a $418.5 million loan tied to the Rockland County property. JPMorgan Chase and Barclays provided Pyramid with the loan in 2016 and

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Kingston rent control can stay, but rent rollback is toast

Kingston twice made New York history last year, becoming the first upstate locality to pass rent control, and the first in the state to approve a rent rollback — until a lawsuit brought by landlords temporarily blocked both measures. On Friday, a judge delivered some good and bad news to landlords in the Hudson Valley city: The 15 percent rent reduction won’t stand, but rent stabilization is here to stay. The Hudson Valley Property Owners

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Some states mull bills to limit foreign ownership of real estate

With tensions running high between the U.S. and China, at least 11 states are looking to limit or ban people and companies with direct ties to China from owning real estate within their borders, the New York Times reported. Texas is leading the way, with Republican state Sen. Lois Kolkhorst, R-Brenham, sponsoring a bill — spurred by a Chinese company’s purchase of 130,000 acres near Laughlin Air Force Base in South Texas for a wind

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Exclusionary zoning roiling Syracuse, Onondaga County

A new report puts zoning restrictions at the forefront of housing issues in Onondaga County, home to cities such as Syracuse. CNY Fair Housing published a report digging into the zoning laws across 34 municipalities in the county, Syracuse.com reported. The nonprofit’s report discovered a persistent problem of “exclusionary zoning” spread across the county, blocking development options beyond single-family housing and reinforcing racial segregation. Housing affordability is already a big issue in the country. Roughly

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New Jersey deed scam skimmed $580K from investors

A pair of scammers may be headed to the slammer after gambling on a property deed scheme in Atlantic City that bilked investors out of $580,000. Richard Toelk Jr., 54, and Keith Smith, 60, filed fake deeds for properties in Atlantic City at the Atlantic County Clerk’s Office from November 2018 to January 2019, according to the state attorney general’s office. Most of the properties were owned by the city government, while some were privately

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Record-setting Greenwich home back on market at $150M

Nine years ago, a mystery buyer in Connecticut set the record for most expensive home purchase in the United States. Less than a decade later, the owner is ready to part ways with the property. Copper Beech Farm in Greenwich has been listed for $150 million, the Wall Street Journal reported. The unnamed seller paid $120 million to buy the waterfront estate in 2014. That sale had proved difficult for the owner, John Rudey. The

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Financier sells Dune Road home for $35M

 A financier who lives in Puerto Rico must’ve not felt the need to hang on to a home on Bridgehampton’s storied Dune Road. Parplus Partners founder James Carney sold the oceanfront estate for $35 million, or $6,364 per square foot, the Wall Street Journal reported. The buyer of the property was not disclosed and the address could not immediately be determined for the off-market transaction.  The one-acre parcel is tucked between the Atlantic Ocean and

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Financier sells Dune Road home for $35M

 A financier who lives in Puerto Rico must’ve not felt the need to hang on to a home on Bridgehampton’s storied Dune Road. Parplus Partners founder James Carney sold the oceanfront estate for $35 million, or $6,364 per square foot, the Wall Street Journal reported. The buyer of the property was not disclosed and the address could not immediately be determined for the off-market transaction.  The one-acre parcel is tucked between the Atlantic Ocean and

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Hospitality companies target rival properties

Hospitality companies are contending with a drop in new hotel construction by poaching independent and rival properties for their own brands. Conversions are some of the biggest growth drivers since the pandemic as financing for hospitality projects has dried up, the Wall Street Journal reported. The tactic is more common during times of economic uncertainty and slower development cycles. Hilton is leading the charge among the biggest names in hotels. Last month, the company launched

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Fairfield adds to Long Island portfolio with $60M purchase

Long Island’s largest multifamily landlord continues to grow. Fairfield Properties bought a portfolio of five rental complexes in Suffolk County, paying $59.6 million for the 228-unit portfolio in Bay Shore, the Long Island Business News reported. The seller was the estate of Joan Wimmer, who died a year ago. The Wimmer family developed the properties in the 1960s. The rental buildings are 96 percent occupied. The largest is The Hedges at 405 East Main Street,

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