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The deal has an enterprise value of $152.25 million. The acquisition, which is expected to close in October, includes a substantial corporation tax value of more than $13 million.

According to the terms of a plea agreement, the federal government will recommend Lynch receive a jail sentence within the range of 46 to 57 months.

"Buyers or investors are always looking for a good ROI and so they have to consider various factors including whether or not rent control is a factor and of course, good rents."

In conjunction with the bankruptcy filing, the internally-managed REIT reports it has entered a stalking horse equity and asset purchase agreement with an entity owned by funds managed by affiliates of Fortress Investment Group of New York City with a bid of $174.4 million.

The mayor in her address outlined her administration's efforts to identify more than $100 million in savings and efficiencies over the first 100 days and the work that remains to balance next year's budget.

The deal caps annual rent increases at 5%, plus inflation, with a maximum of 10% per year.

GlobeSt.com diligently reviewed adaptive reuse projects across the country for our 2019 ADAPT awards. This year, 10 Grand Central has won for the most mindful overall transformation.

Cap rates for student housing assets linked to Power 5 universities have had lower cap rates than other Division I schools, but this year pricing has been almost the same.