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May 14, 2024

Trump Could Owe Over $100M After Allegedly Double-Dipping On Chicago Tower Tax Breaks

Former President Donald Trump might have claimed improper tax breaks on his Chicago skyscraper that could lead to a tax bill of more than $100M if he loses an IRS audit, according to new reporting on his real estate empire.

Trump Could Owe Over $100M After Allegedly Double-Dipping On Chicago Tower Tax Breaks

The Trump International Hotel & Tower at 401 N. Wabash Ave., Trump's tallest and most recent construction project, lost money through a coupling of cost overruns and opening during the Global Financial Crisis.But as Trump angled for tax benefits on the losses he incurred from the 92-story tower, the IRS argues he…

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This Week's Chicago Deal Sheet

A 26-unit multifamily property in Evanston sold for the first time in over 50 years.

This Week's Chicago Deal Sheet

Essex Realty Group brokered the sale of Cheltenham Court Mansions, at 531-539 Hinman Ave., to an undisclosed buyer for an undisclosed price. The property garnered significant attention with more than 20 buying groups pursuing the property, Essex said in a press release. “Without a doubt, 531-539 Hinman is the most impressive vintage building I’ve…

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TikTok: CRE's Hidden Deal-Maker

TikTok: CRE's Hidden Deal-Maker  

Aviva Sonenreich's business phone hadn't rung in months.

It was 2020, and the Denver-based commercial real estate broker had no deal flow and extra time on her hands. She turned to TikTok, thinking she could learn the app and carve out a niche by posting videos under the #commercialrealestate tag.

She was right. 

In one of Sonenreich's early posts, the camera pans a warehouse, a delicate sparkle filter adding a glow to the empty concrete building as her voice-over describes the specs.  "It had an incredible amount of security," she says in the 20-second video. "Enough electricity to service, I don't know, New…

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U.S. Reshoring Rush Running Up Against Labor Market Malaise

U.S. Reshoring Rush Running Up Against Labor Market Malaise  

The push to reshore and otherwise grow U.S. manufacturing space is in full swing, as private companies look to avoid supply chain disruptions and public policy supports its expansion as a matter of national and economic security.

But forces are pushing back, namely a labor shortage impacting both the ability to build the new manufacturing spaces the reshoring effort demands and to staff them once they’re finished. These challenges can serve as a deciding factor for companies choosing when and where to build.

“The actual talent that the firms need to operate these new facilities is certainly something to consider when we're talking about kind of site selection challenges, especially in the smaller locations, the micropolitan markets where some of these large facilities are going,” Newmark Managing Director of Industrial Research Lisa

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