When Silverstein Properties announced plans to raise roughly $50 million on the Tel Aviv Stock Exchange in early February, many eyebrows were raised. Israeli bonds issued by New York developers and other American companies had been in free fall since November 2018, when Boaz Gilad’s Brookland Capital suspended trading and announced that it would miss an $11 million principal payment due before the new year. Similar disclosures from other firms fueled the uncertainty, and the
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Developers usually flock to tax breaks. But there’s one program in New York that’s seeing increasingly less interest from the real estate community. In the past 10 years applications for J-51 dropped 69 percent, according to data collected by the city’s Department of Housing Preservation and Development. Within the past five years, the volume declined 37 percent, and 23 percent between fiscal years 2017 and 2018. Back in 2004, the city received 1,405 applications —
HUD Secretary Ben Carson, investor Grant Cardone and more than a dozen panelists highlighted The Real Deal Miami’s sixth annual Showcase & Forum on Thursday, led by TRD Publisher Amir Korangy. Thousands of attendees filled Mana Wynwood, hobnobbing through the displays of more than 100 sponsors and watching panels that covered such topics as new development, selling homes in a buyer’s market, the diversity dilemma and co-living.
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Updated Oct. 21, 2019 4:44 pm: WeWork has reached an agreement to be taken over by SoftBank Group, in a deal that will value the embattled office-space company between $7.7 billion and $8 billion, people familiar with the matter told The Real Deal. The deal would buy out some earlier investors and shareholders, and dilute the stake of former CEO Adam Neumann, those sources said. The final hour offer comes before a Monday deadline to
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The year’s two biggest office tower sales have been announced in recent weeks, but Chicago investment sales brokers don’t believe it’s a sign that the market is roaring back. Earlier this year, investment sales of office buildings in the central business district dropped to a 20-year low, with only two sales recorded in the second quarter and six in the first quarter. The slowdown has been attributed to the uncertainty surrounding commercial property taxes under
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