Chinese publisher pays $68M for Midtown dev site

WanXin Media purchased the Midtown office building and vacant lot at 7-15 West 44th Street for $68 million, property records filed Wednesday with the city show. According to a statement, WanXin, a Chinese publishing company, plans “to develop a boutique luxury hotel and Chinese cultural center” on the site, which has 90,000 buildable square feet. If the company’s plans follow ...

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Harlem real estate developer Brian Benjamin wins state Senate seat

Developer and Democrat Brian Benjamin won a special election on Tuesday to represent Harlem in the New York State Senate. Benjamin, 40, has promised to push for the closure of Rikers Island ahead of the schedule that Mayor Bill de Blasio proposed and help unite Democrats in the Senate, where the party is currently split between mainline Democrats and the ...

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Andrew Cuomo Floats Plans to Fix Penn Station, Subways

A week after claiming he doesn’t have much control over the Metropolitan Transportation Authority, Governor Andrew Cuomo gave a speech in which he reiterated the need to upgrade Pennsylvania Station and challenged the MTA to fix New York City’s aging subway system. During his address at the CUNY Graduate Center, Cuomo touted his public-private plan to revamp James A. Farley ...

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Ceasefire: Town, Reuveni settle $25M lawsuit over noncompete

Town Residential’s new development division has settled a $25 million legal battle with former executive Shlomi Reuveni over alleged breaches of his noncompete agreement with the firm. The settlement comes just two weeks after a judge ruled to uphold the noncompete, saying Town had a credible argument and a strong likelihood of success in its suit. As a result, Reuveni ...

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Getting Into the Weeds with Scott Greiper of Viridian Capital Advisors, Pot Financier

Scott Greiper is the president and founding partner of Viridian Capital Advisors, the first investment bank dedicated solely to the cannabis industry. In addition to investment and advisory services, Viridian has pioneered the following of cannabis companies by creating the Viridian Cannabis Deal Tracker, which, according to the company website, “monitors capital raise, mergers & acquisition, joint venture, and licensing ...

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The biggest price cuts on luxury pads last week

This price is going under the knife. This week, one of the biggest price cuts was at a United Nations Plaza apartment belonging to plastic surgeon, Dr. Sam Rizk. Once asking as much as $25 million, the 3,500-square-foot apartment is now on the market for a significantly reduced $10.5 million. It’s one of 10 homes in the city’s over-$10 million ...

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How Retailers Like Gracious Home Are Rebuilding After Chapter 11

It’s not always easy to fail, dust yourself off and reemerge as strong, if not stronger, as ever. This is particularly challenging for retailers, for whom rock bottom appears to be getting increasingly crowded. As of May 15, there have been more retail bankruptcies this year (10) than in all of 2016 (9), according to data from AlixPartners consulting firm. ...

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What Retail Meltdown?

New York City is defying the downturn. Despite all the handwringing, Gotham’s favorite corridors are still attracting fabulous brands. Even newbies like Billionaire’s Row are welcoming an exciting line-up of shops. The phenomenon goes up and down Manhattan. Online and brick-and-mortar are working together, many pop-ups are testing the waters, and major holes are now being filled. Forget those doomsday ...

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Stat of the Week: 40.3 Percent

As retail real estate professionals gather at this year’s ICSC (International Conference of Shopping Centers) RECon in Las Vegas, there is bound to be discussion about the question on everyone’s mind: Is retail dying? The answer is simple: Absolutely not—it’s just evolving. Regardless if one’s shopping is done in store, online or both, there will always be a retail store presence. ...

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