Nightingale Negotiating Settlement In Case Of Missing CrowdStreet Millions

Investors who put tens of millions of dollars combined into two real estate crowdfunding campaigns sponsored by Nightingale Properties — a New York developer accused of misappropriating those funds — could be close to seeing some of their money returned in a settlement agreement.

The revelation came in a Thursday morning status update hearing in the Chapter 11 bankruptcy cases of the entities formed to raise the investor dollars.The attorney who is representing the entities, which raised more than $50M combined from individual investors, told a judge in the U.S. Bankruptcy Court for the District…

Read the full story here.

Share:

Private Equity Firm Scoops Up $106M Loan On New Yorker Hotel

The debt backed by an iconic Hell’s Kitchen building has changed hands, potentially clearing the path for a new owner.Yellowstone Real Estate Investments, a private equity firm with a focus on opportunistic investing, acquired the loan on the New Yorker Hotel, located at 481 Eighth Ave., valued at $106M, 

Read the full story here.

Share:

Storm Clouds Gathering Over Sun Belt Office Markets As Pace Of Migration Slows

The shine from the Sun Belt office market is beginning to look less bright. 

Sun Belt cities have seen a drop-off from pandemic-era highs of office leasing activity and migration as they succumb to the same macroeconomic pressures impacting the rest of the country. Some places where developers rushed to build offices speculatively are now reckoning with a wave of new inventory coming online as demand has fallen.

"Developers are completing projects in those markets just as the market has slowed, especially from companies involved in the technology sector," said Michael Soto, the research director for Savills in Southern California. Leasing activity in the trailing four quarters ending June 2023 was down 13% across 11 Sun Belt cities tracked…

Read the full story here.

Share: