As home sales stagnated in the spring, a nationwide seller’s market saw prices continue to skyrocket. Housing prices broke records for the third consecutive month in May, surging 16.6 percent over May 2020 — the highest year-over-year jump in more than 30 years of data collected by the S&P CoreLogic Case-Shiller index. “A month ago, I described April’s performance as ‘truly extraordinary,’ and this month I find myself running out of superlatives,” said Craig Lazzara,
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The newest Moxy Hotel in New York City is moving forward with the assistance of a $130 million construction loan. Developer Lightstone Group recently secured a $90 million senior loan from MSD Partners for the planned Lower East Side hotel at 145 Bowery, in addition to $40 million in mezzanine debt from Lionheart Strategic Management, Commercial Observer reported. The 303-key hotel will be the fourth in New York City under the Moxy brand. Once completed,
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Shorewood Real Estate Group is cooking up a mixed-use development at the site of a Food Bazaar in Jackson Heights. Shorewood filed plans with the Department of Buildings for a six story, 227,000 square foot development at 34-20 Junction Boulevard. The project would include 125 residential units and 108 parking spots, according to Crain’s. Food Bazaar parent Bogopa purchased the property for $21 million last year. It’s not clear whether the supermarket currently at the
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Will Smith and a company backed by Jay-Z are betting on a startup that seeks to make homeownership easier to obtain. Will Smith’s Dreamers VC and a company backed by Jay-Z’s Roc Nation participated in a $165 million capital raise for Landis, which seeks to help renters become owners. The funding round was led by venture capital firm Sequoia Capital and included debt and Series A equity financing. Landis has now raised $182 million since
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