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June 23, 2023

Silverstein Tosses Chips Into NYC Casino Race With 1.8M SF West Side Bid

Steven Dubb Of The Beechwood Organization Discusses The Housing Market Dynamics On Long Island Aug. 16

The table of players in New York City’s casino race is getting more crowded.

Silverstein Properties, the developer of the World Trade Center complex, is proposing a 1.8M SF, two-tower hotel and casino on a site near the Javits Center in a bid for one of the few available downstate New York casino licenses.

Silverstein Tosses Chips Into NYC Casino Race With 1.8M SF West Side Proposal

But the developer could face tough competition, with Related, SL Green, Thor Equities, Vornado, RXR Realty, the Soloviev Group and even Saks Fifth Avenue already in the game.Silverstein announced its proposal, to be called the Avenir, would be on a vacant, 92K SF site on 41st Street and 11th…

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Investor Sues Kushner Over Brooklyn Project, Claims Failures Caused Financial ‘Wipeout’

Investor Sues Kushner Over Brooklyn Project, Claims Failures Caused Financial ‘Wipeout’

An investor who fronted nearly $10M in equity for a Kushner Cos. Brooklyn Heights apartment and townhouse development in Brooklyn is suing the firm, claiming its money is effectively gone because of Kushner’s mistakes and mismanagement.An entity…

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The Massive New Headquarters Planned For The SEC Is In Jeopardy

The Massive New Headquarters Planned For The SEC Is In Jeopardy  

The deal to build a new, 1.2M SF headquarters for the Securities and Exchange Commission in Northeast Washington, D.C. — one of the largest-ever federal government leases — is at risk of falling apart, Bisnow has learned.

The federal agency has been slated for years to move to a huge new development about a mile north of its current home next to  Union Station, but the developers behind the project have yet to secure the nearly $700M they need to start construction. Now, one of…

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New Battery Belt 'Ecosystems' Mean Opportunity For Skilled CRE Players

New Battery Belt 'Ecosystems' Mean Opportunity For Skilled CRE Players  

For more than a decade, the production of lithium-ion batteries, an essential part of making electric vehicles, represented an industrial niche play — mostly the purview of Tesla — that barely had an impact on real estate development or investment nationwide.

But now, with manufacturing construction spending doubling over the last year — to $190B led by an infusion of federal funds — that has changed, touching off a wave of growth in the so-called Battery Belt.

With heightened federal subsidies and a solid commitment by major U.S. automakers to go electric, the Battery Belt is expected to expand dramatically by the end of this decade. With that will come opportunities for the commercial real estate industry, though perhaps not as straightforward as…

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