Wharton Properties lands $50M loan to refi Garment District property

Jeff Sutton‘s Wharton Properties just landed $50 million to refinance one of its retail properties in the Garment District. Germany-based Landesbank Hessen-Thüringen, also known as Heleba, provided the financing package, which includes $49.4 million in existing loans and $562,500 in new debt, according to documents filed with the city’s Department of Finance on Monday. The[…]

Long Island Cheat Sheet: Huntington pulls contract with Bohemia-based architects over fees … & more

Huntington pulls contract with Bohemia-based architects over fees The Huntington Town Board revoked the contract it had with Bohemia-based DCAK-MSA Architectural and Engineering PC — doing business as Savik and Murray — which had been hired to design the James D. Conte Community Center in Huntington Station. Town officials said the firm was charging excess fees and[…]

Luxury listings stay put as buyers come ready for a bargain

Luxury apartments keep lingering on the market. As inventory grows and a buyer’s market creates the opportunity to extend negotiations, high-end properties are moving at a sluggish pace. In this environment, it’s sellers and developers who are quick to course correct and adjust pricing that have an advantage, brokers said. “Longer days on the market[…]

Wells Fargo under investigation for its alleged role in low-income housing tax credit fraud

Wells Fargo is being investigated by the U.S. Department of Justice for allegedly colluding with affordable housing developers nationwide to drive down the prices of low-income tax credits – potentially defrauding hundreds of millions of dollars from the federal program. Among the banks, Wells Fargo is the largest buyer of the tax credits. The San[…]

EXp Realty revenue soars as the virtual brokerage’s agent count doubles

EXp Realty’s massive growth push is paying off. The virtual brokerage’s revenue soared as the company’s been adding agents and growing transaction volume. In the second quarter, revenue for eXp World Holdings, the parent company of eXp Realty, climbed to a record $130.5 million, versus $39 million a year earlier. Net loss was $1.9 million,[…]

HUD looks to make big changes to fair-housing enforcement

The Trump administration wants to use federal grants as leverage to get communities to reconsider their zoning codes to allow for more housing development. It’s a shift in policy at the U.S. Department of Housing and Urban Development, which under the Obama administration focused on integrating lower-income housing into wealthy neighborhoods, the Wall Street Journal[…]