Entities acting on behalf of EB-5 funds are trying to stop a foreclosure sale that would wipe away $60 million those investors plowed into a failed Manhattan tower project that HFZ Capital was to develop with a church. The three affiliates of EB-5 regional center U.S. Immigration Fund are suing the tower project’s mezzanine lender, Vanbarton Group. The lender provided HFZ with a $91 million loan to help finance the project. The lawsuit contends Vanbarton cannot
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Construction companies may soon face additional hurdles to work in the city. A new City Council bill would create a new licensing program for all general contractors, shifting away from a system that only requires them to register with the Department of Buildings. To obtain a license, contractors would need to submit the same information needed for registration — including the names of major owners of the company, and proof that the firm is financially
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With some signs pointing to a large-scale return to offices as soon as the third quarter of this year, New York City’s biggest office landlord is optimistic about the road to recovery. On SL Green’s first quarter earnings call on Thursday afternoon, CEO Marc Holliday pointed to a confluence of factors that all bode well for the city’s economic outlook, such as low interest rates, a massive federal stimulus, a surging financial sector, upward-swinging hiring
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The latest tenant to be sued by Vornado Realty Trust for missing payments should know something about the importance of rent. The tenant, Hongkun USA, is a real estate firm itself. Vornado is suing the U.S. subsidiary of big Beijing-based homebuilder Hongkun for $1.1 million in back rent at 888 Seventh Avenue, according to Crain’s. Vornado says Hongkun skipped payments even after the two renegotiated terms during the pandemic. Hongkun USA signed a lease for
In October, Rainy Hake Austin jumped from head of operations for Compass’ West Coast division to president of luxury brokerage The Agency. But when Austin tried to recruit former colleagues, Compass shut the door, citing a clause in her contract she had signed, according to Inman. Now, The Agency is fighting back. In a federal lawsuit filed Friday, the Beverly Hills-based firm claims Compass’ non-solicitation provision is illegal, and adds that Austin did not actually
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As pandemic-challenged apartment landlords scrambled to cut costs, SmartRent CEO Lucas Haldeman’s phone lit up. The owners were eager to adopt the four-year-old firm’s operating platform, which lets them automate building operations such as climate control and door locks. To meet the demand and beef up its product offerings, SmartRent announced a deal Thursday to go public with a blank-check firm backed by proptech VC firm Fifth Wall. The deal values SmartRent at $2.2 billion