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August 4, 2023

As Migrant Crisis Spirals, 1,300-Room Hotel Serving As Shelter Fighting Off Foreclosure

Related's Frank Monterisi Discusses The Plans For Willets Point's 2,500 Affordable Housing Units Aug. 23

A block away from Times Square, the fifth-largest hotel in New York City has been operating as a migrant shelter since October, home to more than 1,000 of the city’s newest arrivals. But a lender on the 1,331-key Row NYC hotel is fighting to foreclose on the property, claiming it never approved the contract, leaving a critical piece of infrastructure of the city's migrant crisis hanging in the balance.

As Migrant Crisis Spirals, A 1,300-Room Hotel Serving As A Shelter Is Fighting Off Foreclosure

The Row's owners have been in default since the early days of the pandemic, landing the hotel at the center of a foreclosure suit launched in September. Then, just one month into foreclosure proceedings, the hotel's owners entered into a shelter contract with the city, and they haven't attempted to pay…

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New York City Council Passes Sweeping Lead Paint Laws Targeting Landlords

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New laws sharpening government oversight of lead paint in New York City rental apartments passed the  New York City Council Thursday, much to the disappointment of the industry lobby groups that say the legislation will do more harm than good. Five bills aimed at protecting residents from lead paint…

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Nightingale Sent $3M Of CrowdStreet Investor Funds To Loan Servicing Firm, Filings Show

Nightingale Sent $3M Of CrowdStreet Investor Funds To Loan Servicing Firm, Filings Show  

An Atlanta-based loan servicing and investment advisory firm received more than $3M of the funds Nightingale Properties raised, then allegedly misappropriated, from CrowdStreet investors in its bid to renovate a Miami Beach office building.

Trimont Real Estate Advisors received $3.02M across a series of four payments between Nov. 23, 2022, and March 20, 2023, from ONH 1601 CS Investors LLC, the entity Nightingale created to raise equity for the project on CrowdStreet, according to a schedule of assets and liabilities filed in the U.S.…

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'Down The Middle Of The Fairway': Economists React To The July Jobs Report On Twitter

'Down The Middle Of The Fairway': Economists React To The July Jobs Report On Twitter  

Nonfarm payroll employment rose by 187,000 jobs in July, a bit lower than consensus estimates, the U.S. Bureau of Labor Statistics reported Friday.

The unemployment rate fell to 3.5%, the same rate from one year ago. The unemployment rate has remained at or below 3.7% since the end of the first quarter of 2022.

Construction employment added 19,000 jobs in July, continuing its upward trend. The industry has averaged 17,000 monthly jobs gains over the past 12 months. Another commercial real estate-related industry, the leisure and hospitality sector, added 17,000 jobs in July. The industry is now below its pre-pandemic, February 2020 job count…

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