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Blockchain-powered listing network is ready to take on traditional portals

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Blockchain-powered listing network is ready to take on traditional portals
Imbrex is launching with 2,200 listings from Toll Bros.
National /
Stephen King and blockchain (Credit: LinkedIn and Pixabay)
Amid ongoing tension between agents and third-party portals over who controls listing data, a New York-based startup is launching what it says is the first blockchain-based multiple-listing service.
Founder Stephen King, a former commercial broker, said his company — imbrex — is a global MLS that is the first to syndicate data via the Ethereum blockchain. The decentralized, open-source system is billed as an alternative to traditional MLS networks and third-party sites like Zillow and Realtor.com, which can charge for membership or advertising.
Using blockchain technology, King said, allows brokers to cut out the intermediaries.
Instead of giving their information to a centralized portal or MLS, the agent or firm can essentially share information and not have to store it physically where [they] are, he said. They can take advantage of the cloud-like environment that exists.”
Blockchain technology allows for peer-to-peer transfers between computer networks, and tracks all transactions through an encrypted electronic ledger. Though it’s been used to facilitate deals with cryptocurrencies like Bitcoin, real estate is slowing coming around to using it in property transactions.
Earlier this year, the San Francisco-based startup Propy said it completed the first blockcha[……]

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Here’s why Zillow’s stock has fallen 23% since June

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Here s why Zillow s stock has fallen 23% since June
Despite almost $1B in revenue and a bullish outlook from Wall Street, there are challenges to overcome
New York /
Zillow Group is on track to make $1 billion this year, but it’s been a topsy-turvy few months for the stock.
Shares of the Seattle-based real estate giant — which is facing major backlash in New York over attempts to make money off brokers through various StreetEasy programs — closed at $39.62 on Aug. 31. That’s a nearly 23 percent drop from $51.23 in mid-June. And there have been several bumps and dips since.
For a little context: Zillow stock is trading 15 percent higher than it did last year at this time, so on balance, things look pretty solid. Though the stock hit a low of $31.22 per share in October, Wall Street is still bullish on Zillow’s prospects. “Across the ‘Net sector, Zillow remains one of the best growth stories,” analysts at RBC Capital Markets wrote in a research note Aug. 9, a day after the company reported its second-quarter earnings. According to RBC, Zillow enjoys a “strong competitive position” and, better yet, has tapped less than 10 percent of its core audience.
But the company isn’t immune from market shifts — whether it’s Amazon’s rumored foray into real estate or its own struggle to turn a profit. “The amount of backlash Zillow is facing in New York seems to be the biggest, strongest, most concerted battle against Zillow that I’ve seen,” said analyst Mike DelPrete of AIM Group,[……]

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EXp Realty revenue soars as the virtual brokerage’s agent count doubles

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EXp Realty revenue soars as the virtual brokerage s agent count doubles
The virtual brokerage could end the year with 20,000 agents
National /
EXp CEO Glenn Sanford and eXp s virtual avatars (Credit: eXp Cloud and Glassdoor)
EXp Realty’s massive growth push is paying off.
The virtual brokerage’s revenue soared as the company’s been adding agents and growing transaction volume. In the second quarter, revenue for eXp World Holdings, the parent company of eXp Realty, climbed to a record $130.5 million, versus $39 million a year earlier. Net loss was $1.9 million, compared with a net loss of $2.1 million in the second quarter of 2017, according to the company’s statement.
At the same time, residential transaction volume in the quarter rose to $5.3 billion from $1.5 billion last year. The growth comes as the eXp has doubled in size to have roughly 12,000 agents. The compa夜网论坛ny said it’s on track to end the year with an agent count between 16,000 and 20,000.
EXp entered the NASDAQ exchange in May, trading at a $1 billion market capitalization. The company’s value currently is a bit lower, around $900 million, putting in line with national franchise brokerage Re/Max. But eXp hasn’t caught up to Redfin and Realogy, which are valued at roughly $1.5 billion and $2.5 billion, respectively.
CEO Glenn Sanford founded eXp Realty in 2009, which includes a virtual world where avatars of brokers can network and attend classes. Agents can earn stock in the company when they close deal[……]

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Chase puts giant MetroTech retail block on the market

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Chase puts giant MetroTech retail block on the market
180K sf will span across both 3 and 4 MetroTech Center
New York /
JP Morgan Chase the owner two buildings in the MetroTech Center is set to list 180,000 square feet of retail space for rent at the Downtown Brooklyn buildings.
The available space is across both 3 Metrotech Center and 4 Metrotech Center, the Commercial Observer reported. The space includes 12,605 square feet on the ground floor, 12,550 square feet on the mezzanine level and 34,350 square feet on the second floor of 3 MetroTech. At 4 MetroTech, 26,650 square feet of ground floor space up for lease, as well as 70,00 square feet across the two lower levels and 19,850 square feet on the second floor.
CPEX Real Estate and Avison Young will market the space, according to the publication. Asking rents were not made public, but brokers said rents would be “market rate.” A recent Real Estate Board of New York Brooklyn retail report showed average ground floor rents on Fulton Street to be $277 per square foot in summer, a three percent decline year-over-year.
This is the first time all the space at 3 and 4 MetroTech has become available since the buildings were built in 1991, according the publication. Forest City Ratner Companies developed MetroTech Center, which spans a total of 3.7 million square feet. In January, Slate Magazine took a 21,000 square-foot lease at 9 MetroTech Center.  The New York City Fire Department also has 320 square feet at 9 MetroTec[……]

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The Long View: Why real estate tech won’t kill the middleman

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The Long View: Why real estate tech won t kill the middleman
Disintermediation is dead. Long live superintermediation.
New York /
Alec Baldwin s Glengarry Glen Ross Scene (Credit: New Line Cinema)
Revolutions tend to promise one thing and deliver another. Think of the Jacobins paving the way for Napoleon, the Soviets toppling one autocracy only to ultimately replace it with another, or anti-corruption crusader Hugo Chavez building an empire of graft in Venezuela. Turns out this maxim also applies to real estate technology.
Not too long ago, it seemed like the real estate business was about to enter a new era. To some observers, websites like Zillow and Trulia or their office equivalents 42Floors and LoopNet threatened to put brokers out of business (although officially these firms said no such thing). Crowdfunding startups dreamed of doing the same to pricey fund managers. Why pay a cut to an agent if you can just find your house or office online, for free? Why give your savings to a pension fund, which gives it to an asset manager, which gives it to a real estate lender, which gives it to a developer, if you can just lend the money to a developer yourself, online, and save a fortune in fees?
These startups advocated a vision: A completely transparent industry freed from the burden of expensive middlemen, one where customers can find anything they need online and investing in a building or leasing an office is as easy as ordering a book on Amazon. Transaction costs[……]

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Cadre in talks with SoftBank for $100M investment

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Cadre in talks with SoftBank for $100M investment
Fund receives billions from Saudi Arabia, UAE
New York /
Masayoshi Son (Credit: Getty)
Real estate technology platform Cadre is in talks with SoftBank Group for an investment of at least $100 million.
Representatives for the SoftBank Vision Fund met with a top executive from Cadre recently, Bloomberg reported. The fund gets nearly half of its $100 billion from the Saudi Arabian government and at least $15 billion from the United Arab Emirates.
According to Cadre representatives, co-founder Jared Kushner doesn t have an active role at the company, but hasn t divested his stake in the startup, which is valued between $5 million and $25 million.
The deal between Cadre and SoftBank may not materialize, sources told Bloomberg.
At the end of 2017, Cadre was valued at $800 million. Its backers include Andreesen Horowitz and a fund founded by George Soros. Goldman Sachs also committed to investing $250 million of client s money on commercial properties on the platform.
Kushner s ties to Cadre could pose some conflicts of interest. SoftBank s CEO Masayoshi Son is pushing for the merger of Sprint, a subsidiary of Softbank, with T-Mobile US, which would require the approval of federal regulators. Receiving money from Middle Eastern governments could also be an issue, given Kushner s role as an advisor in the region.
This came up in recent discussions about Kushner Companies’ 666 Fifth Avenue. Brookfield Property Partners is[……]

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阿拉上海后花园419

StreetEasy to charge rental agents daily fee for each listing

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StreetEasy to charge rental agents daily fee for each listing
New paid model to debut July 18
New York /
On the heels of a big victory in the residential sales front, StreetEasy is now gunning for the rental market.
The listings portal is going to start charging residential agents $3 per day per rental listing advertised on its website, sources told The Real Deal. The new paid model, which will be announced today, will start July 18.
StreetEasy faced backlash this spring after launching Premier Agent, which lets agents pay to have their contact information appear on listings in specific zip codes. But in a sudden turn, four major firms — Corcoran Group, Douglas Elliman, Nest Seekers International and BOND New York — said they would participate in StreetEasy s new Premier Broker program, which lets firms purchase buyer leads in bulk.
The @streeteasy extortion is starting pic.twitter.com/89BkFf6TZK
— ʍɐןʇǝɹ ɯɐsʇǝɹsou (@waltermasterson) June 27, 2017

StreetEasy disclosed the new fee to agents on Tuesday in an email sent by the site’s general manager, Susan Daimler. She said a new “NYC Rental Network” — which includes StreetEasy, Zillow, Trulia and HotPads — would offer agents a single point of entry for their listings and improved agent branding, including an agent photo, as well as phone support for agents. Agents will have to opt in to the network and provide their credit card details. The rental agent will get 100 percent of the contacts and leads that inquire ab[……]

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Jared Kushner didn’t disclose stake in Cadre, $1B in loans: report

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Jared Kushner didn t disclose stake in Cadre, $1B in loans: report
Experts say failure to report presents potential conflict of interest
New York /
When filling out his government disclosure forms, Jared Kushner omitted a few things, including his stake in a real estate tech company and at least $1 billion in loans.
The president s son-in-law and senior advisor didn t disclose his stake in Cadre, a tech startup he co-founded with his brother and Ryan Williams in 2014, or loans totaling at least $1 billion from 20 different夜网论坛 lenders to properties and companies co-owned by Kushner, the Wall Street Journal reported. As a stakeholder in Cadre, Kushner is business partners with Goldman Sachs Group, Peter Thiel and George Soros (whose investment was first reported by The Real Deal in January).
His interest in Cadre is the kind of investment that would usually need to be disclosed. But his failure to publicly report the debt doesn t necessarily violate disclosure rules, experts told the Journal. Still, there s some concern that undisclosed business ties could present potential conflicts.
“Anything that presents a potential for the conflict of interest should be disclosed so that the public and the press can monitor this,” Trevor Potter, a Republican former chairman of the Federal Election Commission, said.
An attorney for Kushner noted that a revised version of his disclosure forms includes his stake in Cadre. According to the papers filed with the Financial Industry Regula[……]

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Overstock dot home? E-commerce giant gets into real estate

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Overstock dot home? E-commerce giant gets into real estate
Overstock dot home? E-commerce giant gets into real estate
National /
(Credit: iStock)
Online retailer Overstock.com is knocking on the door of the real estate business.
The e-commerce site — known for selling household goods at a discount — is now launching an entire platform for real estate that it’s calling O Real Estate.
The first iteration involves a property management service called Houserie, the company said today.
Houserie, a startup that Overstock bought in February and is re-launching today, will be geared toward the residential market, and it will let landlords screen tenants and conduct credit checks. A future version will allow property managers to communicate with renters and manage rental payments. Also in February, Overstock acquired Rental Roost, a company that uses predictive analytics to match renters and homes.
In a statement, Overstock said O Real Estate will seek to capitalize on 20 years of selling furniture, linens and clothing online. “Adding real estate to the mix was a natural fit for a brand,” said Seth Moore, a senior vice president of strategy.
O Real Estate, which officially launches in September, will eventually give landlords and tenants a portal for renting, buying and managing real estate.
To get into real estate, Overstock — which did $1.75 billion in revenue last year — acquired a pair of residential startups in February for a combined $600,000.
The Salt Lake City-b[……]

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Easyknock wants to cash in on stricter reverse mortgage rules

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Easyknock wants to cash in on stricter reverse mortgage rules
Startup offers homeowners chance to sell their homes and stay as renters
New York /
Rental homes are all the rage among investors, and a new startup is looking to capitalize.
Easyknock, an online platform that connects home sellers to buyers, is launching a product next week called Sell and Stay. Homeowners who want to turn their house into cash but don’t qualify for a reverse mortgage can sell their property online, along with an agreement that lets them stay on as renters for a fixed period of time.
On Oct. 2, stricter federal rules limiting how much cash borrowers can take out through reverse mortgages went into effect. That means now is a good time to launch, said CEO Jarred Kessler. “We feel great because we’re helping people,” he said.
Sell and Stay is launching in New York City, Long Island, several Californian cities, Atlanta, Indianapolis, Orlando and Houston. The company raised $1.2 million in a seed funding round led by Cambridge Innovation Capital last month.
Like Roofstock, the California-based startup that raised $35 million in a Series C round last week, Easyknock is looking to cash in on institutional appetite for rental homes by offering them for sale online. And like Opendoor, which raised $210 million last year for a valuation of $1.1 billion, it doesn’t just act as a marketplace matching buyers and sellers: it offers to buy rental properties within 30 days before listing them for resal[……]

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NYPD probing flooding deaths in basement apartments

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NYPD probing flooding deaths in basement apartments
11 died after being trapped in 6 sunken units, most of them illegal
New York /
A flooded basement apartment in Queens (Getty)
Landlords could face consequences after Tropical Storm Ida killed 11 people in flooded basement apartments last week.
Gothamist reported police are investigating six separate incidents, which could potentially lead to criminal charges for property owners. The NYPD told The Real Deal on Wednesday that the probes are ongoing.
Five of the six apartments were illegally converted units, according to New York City’s Department of Buildings. Four were in Queens and one was in Brooklyn. The legal unit was on Grand Central Parkway in Queens.
The basement drownings were a first for the city, but landlords have been prosecuted after fires in which illegal building conditions contributed to deaths. But Mayor Bill de Blasio said in his press briefing Tuesday that the city doesn’t “have an immediate solution” to address illegal basement apartments.
I could tell you that we ve got some miraculous plan to solve the illegal basement problem overnight. We don t. Let me be blunt a夜网论坛bout that, the mayor said. It is a massive structural problem in the city. It has been for decades.
Read more
Epic storm Ida was reckoning for New York City real estate
Hurricane Ida damage could disrupt thousands of mortgage deals in NY, NJ
Hurricane Ida threatens $7B of CMBS
Basement units are required to have a ceiling[……]

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上海千花1314

Corigin Ventures raises $22M in second fund

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Corigin Ventures raises $22M in second fund
Venture capital firm has dedicated much of it to RE tech
New York /
Corigin Ventures David Goldberg (Credit: Corigin Ventures and iStock)
With an eye on investing in real estate tech companies, venture capital firm Corigin Ventures has raised $22 million and plans to bring in another $27.9 million by the end of the year.
The company, which focuses on real estate tech and consumer products, raised nearly half of its $50 million fund from family offices and high net-worth individuals with connections to real estate, David Goldberg, general partner at Corigin, told The Real Deal on Monday. He declined to further identify the fund s investors.
Corigin has already invested $5.75 million from the fund in five real estate-related companies, including home renovation start-up Renoviso, which received $2.5 million; and hotel booking site the Guild, which took in $1.25 million. Another $2.75 million was dedicated to companies unrelated夜网论坛 to real estate.
This is Corigin s second fund, but the first it has launched independently from the balance sheet of its development arm, Corigin Real Estate Group. The company was an early investor at Compass and made a number of PropTech investments with its first fund. Other recipients included Paintzen and LoftSmart.
TRD recently detailed the surge of real estate venture investment. In recent years, there s been a spike in the number of VC funds devoted exclusively to real estate startups. Major[……]

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上海后花园1314

Advocates call on Cuomo to sign fair housing bills before vacating office

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Advocates call on Cuomo to sign fair housing bills before vacating office
Several bills still await governor’s signature in final week of administration
New York /
Gov. Andrew Cuomo (Getty)
The clock is ticking for outgoing Gov. Andrew Cuomo, set to resign on Aug. 24 in the wake of a damning report detailing sexual harassment allegations by nearly a dozen women. After that, Lieutenant Governor Kathy Hochul will assume the role as the state’s first-ever female governor.
In the meantime, fair housing activists are calling on Cuomo to sign seven bills awaiting his signature.
Each of the bills “represents a significant step in reducing widespread housing discrimination in New York,” wrote Elaine Gross, president of the Long Island-based civil rights group ERASE Racism, and Baaba Halm, VP of the nonprofit Enterprise Community Partners, in a joint statement Wednesday.
Among the measures are A05363 — which would add a surcharge to real estate broker or salesman license fees to fund fair housing testing — and A04638, which would require brokers and salespeople to take implicit bias training when renewing their l夜网论坛icenses.
Similarly, A05359 would add new required training for the same people in regards to housing discrimination and fair housing laws.
Under A05428, an obligation would be created to affirmatively further fair housing by any state offices involved in housing laws or programs, as well as local entities receiving state funds for similar purposes.
A06866 would e[……]

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上海贵族宝贝龙凤论坛

A drone program for real estate — here’s how it could save lives

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A drone program for real estate — here s how it could save lives
Real estate entrepreneurs hope this technology lowers the number of fatal falls on construction sites
New York /
(Credit: iStock)
In 2016, falls resulted in 384 夜网论坛of 991 construction worker deaths in the United States, according to federal government figures. But some entrepreneurs are proposing a new tool for construction inspections that could lower the number of worker fatalities: drones.
The New York Times reported that the drones are being put to work on construction projects worldwide, safely taking care of quality-control and inspection jobs in place of human workers. The trend coincides with a rise in drone sales, which increased 33 percent year-over-year in 2017, according to market research firm NPD Group.
Mike Winn, CEO of San Francisco company DroneDeploy, told the Times drones are now taking care of roof measurements needed for solar panel installations, a job that use to require a person precariously stretching out a tape measure while trying to stay balanced on the top of a home or building. And John Murphy Jr., a contractor on the 58-story Paramount Miami Worldcenter condominium project in Miami, said use of drones means fewer workers are dangerously going out on the side of buildings on platforms hanging from cables.
“We’re definitely limiting the exposure to workers,” Murphy told the Times.
Not everyone is sure drones can solve all of real estate s dangers and inefficiencies, however.[……]

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Seaport developer, lender agree to mediation over troubled ‘leaning’ tower

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Seaport developer, lender agree to mediation over troubled ‘leaning’ tower
Bank Leumi was seeking to foreclose on 161 Maiden Lane
New York /
Developer Fortis Property Group s CEO Jonathan Landau and 161 Maiden Lane (Fortis Propery Group, Google Maps)
The city halted work on the “leaning” South Street Seaport tower in April after the construction manager withdrew from the project. At the time, construction had already been stalled for months, and the project’s lender was fighting to take over the tower, attempting to foreclose on a $120 million loan.
Now, the project’s developer and lender are trying to hash out an agreement to end their months-long feud and determine the future of the beleaguered condo project.
Developer Fortis Property Group and Bank Leumi have agreed to enter mediation in an effort to resolve duelling claims, the companies both having accused each other of reneging on their contract. The bank wanted to sell the property, possibly as more than one parcel, claiming Fortis defaulted on its loan agreement by failing to obtain a temporary certificate of occupancy for a single condo unit in the tower by May 31, 2020. Fortis claimed the lender failed to provide full loan payments.
“Fortis has had a longstanding relationship with Bank Leumi that was complicated, in part, by the deficient performance of a former general contractor on the project,” the developer said in a statement. “At the suggestion of the judge, Fortis is currently working with Bank Leu[……]

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WeWork planning Hong Kong expansion

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WeWork planning Hong Kong expansion
The startup is reportedly in talks to rent a building in the city’s nightlife district
New York /
WeWork, the co-working giant most recently valued at around $20 billion, is looking to expand its presence in one of the world’s most expensive property markets, Hong Kong.
The company is considering renting Hotel LKF by Rhombus on Wyndham Street, a building close to the city’s business center, sources told Bloomberg. The building is in the city’s Lan Kwai Fong district and very close to pubs and clubs. The hotel closed a few weeks ago and is due to be turned into offices by the middle of next year, owner Peterson Group said last month. WeWork rented more than 100,000 square feet in Hong Kong’s Wan Chai and Causeway Bay areas last year.
WeWork did not comment on the story, and sources said the talks may not lead to a formal deal.
Office rents are soaring in Hong Kong, with the average annual prime office rent at $112 per square foot, compared to $86 in London’s city center and $82 in Midtown in 夜网论坛New York City, Bloomberg reported, citing data from Collier s International.
Twelve months ago, when we talked to developers and asked them what kind of tenants they were targeting to fill up their new buildings, most would’ve mentioned large international banks. Fast forward to today, most will say they’re talking with co-working operators, Denis Ma, Hong Kong research head at Jones Lang Lasalle, told the publication.
Following its latest fu[……]

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Hochul has conflict with husband’s casino company

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Hochul has conflict with husband’s casino company
Incoming governor ponders recusal from matters involving Delaware North
New York /
Kathy Hochul and William Hochul (Getty, Department of Justice/Wikimedia, iStock)
Having ascended to governor-in-waiting status, Lt. Gov. Kathy Hochul is pondering how to separate herself from state decisions affecting her husband’s employer, a casino operator.
William Hochul is general counsel and senior vice president at Delaware North, a Buffalo-based casino and hospitality company that has much at stake in Albany. Kathy Hochul’s team is already mentioning a recusal process for matters related to the business, according to The Daily Beast.
The recusal process will be set up before the new governor takes over from Gov. Andrew Cuomo, who yesterday announced he would resign in two weeks. Details on what that process would be remain unknown.
Read more
Cuomo announces he will resign
Cuomo’s demise and what it means for real estate
Suffolk OTB to acquire Jake’s 58 in $120M deal
As governor, Hochul will have immense power over New York’s casino industry. She will control the state’s Gaming Commission, giving her the authority to approve sales and acquisitions of state betting facilities. She will also control the Thruway Authority and the Office of Parks and Recreation, which between them have almost $50 million worth of contracts with Delaware North that will expire during Hochul’s tenure, the Daily Beast reported.
Ethics watchdo[……]

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上海后花园论坛

Jeff Gural: Cuomo ran “criminal operation” as governor

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Jeff Gural: Cuomo ran “criminal operation” as governor
Developer and former ally believes 2014 gaming license process was rigged against him
New York /
GFPRE Chairman Jeffrey Gural and Gov. Andrew Cuomo (Getty)
A week after detailed misconduct allegations sank his governorship, Andrew Cuomo faces fresh accusations from the real estate sector on his way out of office.
Developer Jeff Gural, owner of the Tioga Downs casino in the Southern Tier and — until recently — a prominent real estate backer of the outgoing governor, alleged that Cuomo “ran a criminal operation,” during his time in office, according to the Times-Union.
Gural’s accusation, made in remarks at a gaming industry conference Tuesday, referred to bidding for the first three casino operating licenses in the state after casino gambling was legalized in 2014, a process Gural says was “rigged.”
Gural alleges that Cuomo’s office privately spread rumors that Gural was going to receive one of the licenses in order to alleviate opposition to a competing bid. When the selection time came, Gural alleges an opposing bid then received the license, leaving Gural in the dust.
“I think they had some scheme up their sleeve, as to who would be the winners and who would be the losers — with me being the loser,” Gural said Tuesday, according to the Times-Union.
Gural claims he learned of the alleged misdeeds from a gamblinge executive at the hospitality firm Delaware North. Incoming governor Kathy Hochul’s husband, coin[……]

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Scramble to stop evictions after Supreme Court cripples NY moratorium

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Scramble to stop evictions after Supreme Court cripples NY moratorium
Revising the policy could prove a challenge, attorneys say
New York /
Senator Brian Kavanagh and Lt. Gov. Kathy Hochul (Getty, iStock)
Lawmakers, lawyers and landlords are mobilizing in the wake of the Supreme Court decision Thursday that tenants cannot decide on their own that they qualify for New York’s eviction moratorium.
The high court held that the self-attesting hardship declaration that tenants can submit denied landlords their due process.
Luise Barrack, Rosenberg Estis
“You can’t be the judge and jury,” said Luise Barrack, head of Rosenberg Estis’ litigation department. “Someone else has a right to look at what you’re saying, and this hardship declaration did not allow that.”
The decision allows cases stayed by the hardship form to move forward, but real estate attorneys say housing court backlogs and a likely extension of the moratorium means most at-risk tenants won’t face eviction in the near-term — as long as lawmakers act quickly.
For one, the courts have yet to fully, physically open. And attorneys expect delays in cases to persist for at least six months. More than 65,000 cases have been filed since the moratorium went into effect in March 2020, according to the Eviction Lab at Princeton University. Most have not been heard.
Plus, it’s likely that state lawmakers will act to extend and amend the moratorium so it complies with the Supreme Court’s ruling.
State Senator Brian Ka[……]

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SoftBank-backed online lender SoFi eyes IPO

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SoFi CEO Anthony Noto (Getty; iStock)
 
Online lender Social Finance, or SoFi, is the latest SoftBank-backed startup to eye a public offering through a blank-check company.
The San Francisco-based company has held talks with several special purpose acquisition companies about an IPO, reported CNBC. SoFi did not comment.
CEO Anthony Noto, a former Goldman Sachs banker, has previously said that going public is a goal. SoftBank’s Masayoshi Son has publicly said he expects several of the Vision Fund’s investments to go public in the next year.
Read more
Which SoftBank companies are going public?
Opendoor is going public via SPAC
Blank-check companies make a comeback
SoFi appears to be capitalizing on a hot IPO market, fueled in part by special purpose acquisition companies. United Wholesale Mortgage and Finance of America are two lenders going public through SPACs. Some 208 blank-check companies have raised $70 billion so far this year, according to SPAC Research.
Rocket Companies, the parent company of Rocket Mortgage and Quicken Loans, also went public in August. On Wednesday, the stock closed just over $21 pr share, up from its IPO price of $18.
This year, SoftBank-backed insurance startup Lemonade went public, as did Beike Zhaofang, a Chinese real estate platform. iBuyer Opendoor and View, a smart-glass maker, are planning SPAC IPOs. Compass recently hired bankers ahead of a potential IPO next year.
Founded in 2011, SoFi found a niche after the 2008 financ[……]

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