News

The State of New York Court of Appeals has ruled that the Housing Stability Tenant Protection Act of 2019 cannot be applied retroactively to revive, or expand recovery on, a previously asserted rent overcharge claim. Now rent charges must be resolved under the law when they go into effect at the time the overcharge occurred.

The $3 billion share tender was expected to provide a hefty payout to early backers Benchmark Capital and Adam Neumann.

Michael McGuiness, CEO of NAIOP New Jersey, reports that half of the properties identified for possible conversion are located in Hudson and Bergen counties.

Manhattan office leasing has taken a tumble with leasing volume dropping by nearly 50 percent quarter-over-quarter. The slowdown in leasing activity is attributed to the stark drop in transactions during March when the coronavirus pandemic, also known as COVID-19, commenced, according to a recent Colliers International.

Investment sales for co-ops and condos in Manhattan took off in the first quarter of the year, with sales jumping year-over-year after two straight quarterly declines. Now, the springboard that was the strong economic market supporting investment activity has faltered because of the coronavirus pandemic, also known as COVID-19.

Since Ivy acquired the campus it has undertaken an extensive capital improvement campaign.

The Asian investor contributed approximately $26 million for the 12th property in addition to the approximately $82 million contributed for the initial 11 properties last month.

The Philadelphia-based retail REIT estimates the measures will create nearly $300 million in incremental liquidity.