City revokes permits for Extell’s Kazakh-backed tower at 50 West 66th Street

The city’s Department of Buildings stripped Extell Development of permits to build a 775-foot skyscraper at 50 West 66th Street, Manhattan Borough President Gale Brewer announced Wednesday. The move is a reversal by DOB on this project, a development that has long been contested by area residents and their City Councilmember Helen Rosenthal. As recently[…]

Here’s why SkyBridge Capital pulled plug on Opportunity Zone venture with EJF Capital

SkyBridge Capital and EJF Capital touted their planned $3 billion Opportunity Zone fund as a unique entity, saying it would be structured as a real estate investment trust in order to develop across states and property types. But a month after a big rollout, Anthony Scaramucci’s SkyBridge pulled the plug on the partnership amid concerns[…]

HomeServices of America is making some changes to its C-suite

Berkshire Hathaway’s behemoth brokerage HomeServices of America is getting new leadership as it expands its footprint across the country. Gino Blefari has been appointed CEO of the company, Inman reported. He was previously CEO of HSF Affiliates, the subsidiary that operates the Berkshire Hathaway HomeServices and Real Living franchise networks. Former CEO and founder Ron[…]

Tech brought prosperity and a housing crisis to Seattle. Microsoft just stepped forward with $500M and a plan

Maybe you’ve heard that the tech industry has helped exacerbate a housing affordability crisis across many of the U.S. hottest housing markets. In its own back yard, Microsoft is ready to spend $500 million to fix a growing problem it had a hand in creating. The move is the largest effort by a tech company[…]

De Blasio is 10,000 units closer to his affordable housing goal

The de Blasio administration is touting its progress toward reaching its affordable housing goals, even as it struggles to control the systemic and widespread problems at the New York City Housing Authority. Last year, the city funded more than 10,000 new affordable-housing units, the Wall Street Journal reported. City officials said that’s one step closer[…]

U.S. foreclosures drop to lowest level since 2005, but on the rise in Florida

American lenders last year initiated foreclosures on the lowest percentage of American homes since 2005, raising hopes that the worst of the last housing crisis might be in the rearview mirror. The 52,069 properties targeted for foreclosure in December represented a 19 percent drop year over year and the sixth consecutive month of year-over-year-decline after[…]

Fifth Avenue’s fall from grace, the top commercial lenders and more of the biggest trends in CRE right now

Fifth Avenue slips from first place in global retail markets New York’s Fifth Avenue has lost its crown as the world’s most expensive retail street, according to an annual ranking by Cushman & Wakefield. As of the second quarter of 2018, Hong Kong’s Causeway Bay held that record, with rent costing $2,671 per square foot,[…]