The Treasury Department’s investigation into the Opportunity Zone program will weed out the bad apples but won’t derail the federal tax incentive initiative, investors and developers say. Instead, the probe could provide a way for companies with Opportunity Zone funds to promote the social impact of their investments, and could push to strengthen reporting requirements on those investments. “The more that’s cleaned up the better the program is going to do in the long term,” said
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You almost had to feel sorry for the ushers wielding chimes and dimming the lights. At the Real Estate Board of New York’s 124th annual gala, the biggest names in real estate converged on the Hilton in Midtown to nurse wounds from a year of bruising political fights and a lackluster market. “This year, it’s the remorseful ball,” said real estate attorney Adam Leitman Bailey, who recently finished a roughly five-month suspension from practicing law.
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Broadway Stages is bringing another movie production studio to Long Island City. The film and TV production company plans to convert 45-10 19th Avenue, currently a food production facility, into a 30-foot-tall studio, doubling the height of the existing structure there, according to an application filed with the city’s Department of Buildings. Broadway Stages is planning a vertical and horizontal expansion of the two-story building, with additional construction floor area of almost 23,500 square feet,
Nearly five years after a gas explosion in the East Village killed two people and injured 20, the landlord and two contractors have received prison sentences for their role in the incident. Maria Hrynenko, who owned the building at 119-121 Second Avenue, contractor Dilber Kukic, and plumber Athanasios Ioannidis were sentenced to four to 12 years in prison Friday, the New York Daily News reported. The three had run an illegal gas line to the
Bank OZK, which has been behind some of the largest condo loans in New York and Miami, reported a drop in fourth-quarter net income and reported the rating on one of its loans had been downgraded. The Arkansas-based bank’s stock fell 5 percent shortly after news of its earnings was released Friday morning. Bank OZK’s earnings are closely watched since they are viewed as an indicator of the condo market and the demand for large-scale
For the second year in a row, Gov. Andrew Cuomo and Mayor Bill de Blasio snubbed the biggest real estate event of the year. Neither made an appearance at the Real Estate Board of New York’s 124th annual banquet Thursday night. Their absence was perhaps not surprising — they didn’t attend last year’s event and were at the center of some of the real estate industry’s biggest losses last year. Cuomo failed to intervene in
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