For years, Fannie Mae employee Shirene Hernandez would assign real estate brokers choice listings on foreclosed homes, and in return, they would pay her cash kickbacks stuffed into envelopes and delivered in parking lots, airports and coffee shops. When the crime was finally exposed, Hernandez’s role amounted to more than $3 million in corrupt commissions to brokers. On Monday, the former Fannie Mae employee was sentenced to more than 6 years in federal prison, after
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Like Council member Mark Levine, his rival in the race to be Manhattan borough president, Upper East Side City Council member Ben Kallos has been returning checks from the real estate industry, making good on a 2013 pledge to reject such donations. Yet while Kallos toes the progressive line, one real estate professional he does accept money from doesn’t think rejecting real estate money will remain in style forever. “My position on politicians that don’t
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JTRE’s Jack Terzi’s wrapped up his court battle to buy 23 Wall Street. Terzi has finalized a court settlement that lets him lease the building and pay rent for 99 years, according to the New York Post. He had signed a contract in 2016 to buy 23 Wall Street for $140 million from China Sonangol, a company based in Singapore, but the purchase was never completed. He sued China Sonangol in 2017, alleging that the firm
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UPDATED, Jan. 17, 2020, 10:53 a.m.: In the mid-2010s, German investor Ekkehart Hassels-Weiler dropped $131 million on four luxury penthouses in downtown Manhattan. The market was strong and the product, which included condos at 56 Leonard, was top tier. But when he sold two of his properties in 2019, he took an almost 16 percent loss, according to the Wall Street Journal — from $53 million down to $44.6 million. In an overstocked luxury market
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