A federal judge froze company assets and appointed a Tampa attorney as receiver.

Newport acquired a class-A asset with plans to add value by leasing up the remaining vacancy and developing the final shovel-ready 25,500-square-foot residential building which includes 30 additional units.

Commercial and multifamily starts in the NY-NJ region totaled $30.9 billion in 2019. However, the New York metro region's rate of growth eased in 2019 to 5% from a 13% gain in 2018, according to the report.