Elimination of deductions puts for-sale market “in the toilet”: REBNY panel

When it comes to tax reform, executives at Brookfield Property Partners are voting with their feet, at least anecdotally. “The elimination of the state and local income tax and deductibility of interest is a big deal,” Brookfield Property Partners chair Ric Clark said Monday at the Real Estate Board of New York’s spring members’ luncheon. “I can tell you this anecdotally: We have a couple of senior executives that work for us that actually moved […]

Largo buys industrial building in Williamsburg for $25M

Nissim Ben-Nun and Nicholas Werner’s Largo Investments has purchased a one-story industrial building in north Williamsburg for $25 million, according to property records. The property is located at 215 North 10th Street, and Largo plans to build condominiums at the site. It spans 9,000 square feet, and Abraham Weiss’ Northstar Equities LLC sold it, according to property records. The site features about 50,000 buildable square feet. A team of Cushman & Wakefield agents brokered the […]

Anbang files offering plan for 352 condos at Waldorf Astoria

Despite China’s takeover of Anbang Insurance Group last month, luxury condominiums are still coming to the Waldorf Astoria. An offering plan for “The Towers at 301 Park Avenue” hit the website of the New York state Attorney General’s office on Monday. No prices were listed for the 352 units. The sponsor is AB Stable LLC, an affiliate of the Chinese insurance giant. “Anbang owns the property. Nothing has changed,” a source familiar with the project […]

Grassley blames “moneyed” NYC developers for rejecting EB-5 reform

Sen. Chuck Grassley is blaming “moneyed” New York developers for crushing proposed legislation that would have extended the EB-5 visa program for five years. In a series of tweets on Friday, the Republican senator from Iowa indicated that his “EB-5 Reform Act” would not be included in the upcoming federal funding bill, which Congress must pass by March 23 to avoid a government shutdown. EB-5 visas — popular among New York developers — let foreign […]

Yoron Cohen settles defamation lawsuit against JLL

Yoron Cohen settled his defamation and age discrimination lawsuit against his former brokerage JLL, according to records filed in federal court. Terms of the settlement were not immediately known. Cohen and JLL did not respond to requests for comment. Cohen, one of New York’s top investment sales brokers, left JLL for Colliers International in December 2016. Five months later, he sued JLL, alleging he was repeatedly denied contract extensions and that the company favored younger […]