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Stockholders file class action lawsuit against Wynn Resorts

Legal troubles continue to mount for Steve Wynn and the company that bears his name. A group of stockholders have filed a class action lawsuit against Wynn Resorts, claiming the company gave false and misleading statements regarding Wynn’s sexual misconduct allegations. The investors, headed by lead plaintiffs John and Joan Ferris, say that the scandal tanked the stock’s value. The lawsuit also names Steve Wynn’s successor, Matthew Maddox, as a defendant. On January 26, the […]


Source: realdeal

Financial services firm inks 30K sf deal at RXR’s 450 Lex

Financial services firm StepStone Group signed a lease for 30,000 square feet at RXR Realty’s 450 Lexington Avenue. StepStone signed a 10-year lease for the full 37th floor in the 39-story tower, the Commercial Observer reported. Asking rents at the top of the 910,000-square-foot tower range between $115 and $130 a square foot. The financial services company is relocating from the Lipstick Building at 885 Third Avenue on Aug. 1. RXR controls the property via […]


Source: realdeal

New budget holds hidden tax benefits

Call it buried tax treasure for homeowners: Deep inside the behemoth 654-page bipartisan budget bill recently signed into law by President Trump are little-noticed extensions of key tax-code benefits that expired in 2016, but now can be used for upcoming 2017 tax filings. Potentially the most popular is aimed at millions of buyers and owners who pay mortgage-insurance premiums on conventional, FHA and VA loans. Roughly 4.1 million owners took write-offs averaging more than $1,500 […]


Source: realdeal

Nonprofit selling Queens nursing home to for-profit for $41M

A nursing home in Queens is moving from a nonprofit to a for-profit provider for $41 million in the wake of a Medicaid fraud scandal. Bronx-based CenterLight Health System plans to sell its Margaret Tietz Nursing and Rehabilitation Center in Jamaica to a group of limited liability companies whose owners include Cassena Care principals Pasquale DeBenedictis and Alex Solovey and Workmen’s Circle MultiCare Center chief executive Solomon Rutenberg, according to Crain’s. The state still needs […]


Source: realdeal

Recalling the “toughest woman in real estate”

From the February issue: Women who have smashed through the glass ceiling in New York real estate may have Cecilia Benattar to thank. By her mid-30s, Benattar had earned her stripes by playing a key role in the development of Midtown’s iconic General Motors Building. And she pulled off the feat back in the 1960s, when women in offices were often employed as secretaries. “She would never take no for an answer,” said Simon Benattar, 56, […]


Source: realdeal

Solomon Feder plans apartment building for DoBro parking lot

Developer Solomon Feder plans to turn a parking lot in Downtown Brooklyn into a nearly 300-unit apartment building. Feder filed plans on Thursday for a 13-story building at 260 Gold Street. The project is expected to span 191,000 square feet and include 286 residential units, according to documents filed with the city’s Department of Buildings. Feder did not immediately return a call seeking more information. A memorandum of contract filed with the city’s Department of […]


Source: realdeal

Tishman Speyer top candidate to develop 270 Park Avenue: report

The 70-story tower JPMorgan Chase wants to build at 270 Park Avenue will likely be developed by Tishman Speyer, according to a new report. Sources told Politico New York that the bank and city officials are nearing a deal with the developer for a ground-up 2.5 million-square-foot office tower, made possible by a recent rezoning of Midtown East. To achieve the massive scale, JPMorgan Chase plans to buy roughly $42 million in air rights from […]


Source: realdeal

Cornell Realty planning 26-story hotel project in Williamsburg

Cornell Realty Management plans to construct a mixed-use project in Williamsburg split between residential and hotel space. The project from Isaac Hager’s company would be a 26-story building at 159 Broadway with 21 residential units, according to plans filed Thursday with the city’s Department of Buildings. It would stand 277 feet tall and span just under 96,000 square feet, with 77,000 square feet of commercial space and 18,000 square feet of residential space. The Williamsburghotel […]


Source: realdeal

Jury sides with Saunders & Associates in data-hacking case

A Long Island jury has sided with Saunders & Associates, which took former agent Meg Salem to court over alleged data hacking and breach of contract after she joined Compass in 2015. The Hamptons-based firm alleged Salem stole thousands of active and inactive listings and other proprietary data from its password-protected database and shared it with the venture-backed firm. Following five days of testimony, the jury returned its verdict in favor of Saunders on Tuesday. […]


Source: realdeal

HUBBNYC buys UWS retail condo for $39M

HUBBNYC picked up a retail condo north of Lincoln Center for $39 million. The investor bought the property with an address of 2021 Broadway at the base of the Nevada Towers co-op building, property records filed with the city Wednesday show. Representatives for the sellers and HUBB NYC couldn’t be immediately reached for comment. HUBB has been one of the most active buyers of Manhattan retail condos in recent months. In January, the company paid […]


Source: realdeal