L+M raising $500M private equity fund for “workforce housing” development

Ron Moelis’ L+M Development Partners has been quietly raising $500 million in private equity for an affordable housing development fund during the past year, The Real Deal has learned. The “workforce housing fund” is the first such affordable development fund L+M has raised from multiple investors. Workforce housing is typically defined as homes that are[…]

How Sonder got around NYC’s short-term rental law

Hospitality company Sonder is opening its first New York location. The company inked a master lease for 169 units at Metro Loft Management’s office-to-apartments conversion 20 Broad Street, where it will occupy the lower nine residential floors. It expects the units to open this quarter. San Francisco-based Sonder, founded in 2012, leases apartments and turns[…]

WiredScore raises $9M in Series A

WiredScore, the building connectivity rating company that was once majority-owned by Jared Kushner, has raised $9 million in a new venture funding round. Fifth Wall Ventures, Bessemer Venture Partners, Sterling Ventures, Legal & General, KingSett Capital, U+I, Town Centre Securities, MOMENI Digital Ventures and Savitt Partners participated in the round, the companies announced Monday. Founded[…]

Brooklyn DA indicts 5 in asbestos and false permits scheme

Brooklyn District Attorney Eric Gonzalez indicted five New Yorkers on Wednesday in an alleged asbestos removal scheme at a luxury duplex renovation in the Greenwood neighborhood of Brooklyn. The accused include expediter Scott Schnall, who was previously “banned for life” by the Department of Buildings, after it found Schnall had “regularly used his professional filing[…]

Hundreds of protesters call on NFL to boot Related’s Steve Ross from committee

After briefly blocking traffic on Park Avenue, 37 protesters wearing T-shirts saying “Step down Steve Ross” were arrested on Wednesday and carted off in a large white police bus. The arrests were expected — speakers repeatedly alluded to risking arrest during a rally held outside the National Football League’s headquarters in Midtown East. Hundreds of[…]