Porven Real Estate buys 204 Fifth for $43M

Porven Real Estate, a New Jersey-based company, has spent $42.5 million to buy 204 Fifth Avenue from Artemis Partners, according to property records filed Monday. The 14,538-square-foot office property stands four stories tall across from Madison Square Park in the Garment District and is a Beaux-Arts commercial building. It was put on the market with[…]

Kushner Companies no longer seeking $150M in EB-5 for Jersey City project

Though widely believed to still be seeking $150 million through an immigrant visa program for its Jersey City skyscraper project, Kushner Companies ceased raising money through the EB-5 visa program eight months ago, according to multiple people familiar with the decision at the time. The company was sharply criticized in May after the sister of[…]

“It is 2005 all over again in terms of the valuation extreme, the psychological excess and the denial”: Bear warns that housing market is overheated

From TRD Miami: The homebuilding market is stronger than ever, but not everyone is bullish. Montana-based money manager James Stack, who predicted the last recession in 2005, told Bloomberg the U.S. may be riding high on another bubble. As key indicators that the market could topple, Stack pointed to Fed interest rate increases and high median[…]

Another top NYCHA official is going to resign over the lead paint scandal

The New York Housing Authority’s general manager Michael Kelly is expected to resign Monday, making him the third NYCHA official to lose their job over the lead paint scandal. Vito Mustaciuolo, currently a deputy commissioner at the Department of Housing Preservation and Development, will take over as acting general manager, the New York Daily News[…]