The Manhattan District Attorney’s office is increasing its focus on a longtime employee of the Trump Organization as it investigates former President Donald Trump’s real estate business. Prosecutors working for Cy Vance are turning their attention to Trump Organization CFO Allen Weisselberg, who has worked for the company for more than two decades, according to the New York Times. The publication reported that Weisselberg is a person of interest in the district attorney’s investigation, citing
Developer Matt Lee’s decision to auction off a condo unit online later this month recalls another dire time in New York City’s new development market. In 2010, in the aftermath of the Great Recession, Paramount Realty USA held an auction of six unsold condos at a Madison Avenue development known as m127. The unusual move by developer Cardinal Real Estate Investments garnered widespread media attention and massive interest from bidders. The nine-unit project had been
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Hotel investors can rest a little easier at night. Robust gains in February put share prices of publicly traded hotel companies back up to pre-Covid levels, a year after the pandemic sent valuations into a nosedive. Share price indexes of firms that operate hotels, and own their physical assets as REITs, grew more than 20 percent last month, despite much of the hospitality industry still suffering. The gains were roughly five times that of the
In an effort to survive the financial fallout of the coronavirus pandemic, thousands of New York City restaurateurs entered into a perilous agreement with their landlords: deferring rent in the hopes that they’d be able to pay when their fortunes improved. Thirty-seven percent of restaurants have deferred their rent due to the coronavirus pandemic, according to a recent report by the New York City Hospitality Alliance. But that pales in comparison to the number of
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