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February 6, 2024

This Week’s N.Y. Deal Sheet

This week saw a flurry of leasing activity on Manhattan’s Sixth Avenue, plus the sale of one of New York City’s largest remaining parcels of undeveloped land.

TOP LEASES

This Week’s N.Y. Deal Sheet

Fisher Brothers has signed New York Stock Exchange owner Intercontinental Exchange to 143K SF at 1345 Sixth Ave., Commercial Observer reported. ICE signed a 15-year lease at the 50-story property, giving it the fifth through eighth floors. ICE currently has two Manhattan offices, one at the NYSE…

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Top Stories on Bisnow.com

Adam Neumann Seeks To Buy WeWork, Partners With Hedge Fund Manager Daniel Loeb Adam Neumann Seeks To Buy WeWork, Partners With Hedge Fund Manager Daniel Loeb
Steward Saga Shines Light On Pattern Of Financial Troubles For Largest U.S. Hospital Landlord Steward Saga Shines Light On Pattern Of Financial Troubles For Largest U.S. Hospital Landlord
Macerich REIT CEO O’Hern To Retire As Spirit Realty’s Hsieh Steps In Macerich REIT CEO O’Hern To Retire As Spirit Realty’s Hsieh Steps In
Investors Seek To Shut Down CrowdStreet After Nightingale Fiasco Investors Seek To Shut Down CrowdStreet After Nightingale Fiasco
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Darcy Stacom, 'Queen Of The Skyscrapers,' Leaves CBRE To Start New Firm

Darcy Stacom, 'Queen Of The Skyscrapers,' Leaves CBRE To Start New Firm

Darcy Stacom, who has brokered $150B in investment sales, has left CBRE to start her own firm.Stacom is launching a New York-focused boutique advisory and brokerage firm, Stacom CRE, after more than four decades in the field, including 22 years at CBRE.“Commercial real estate…

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70 Current And Former NYCHA Employees Charged With Bribery, Extortion

70 Current And Former NYCHA Employees Charged With Bribery, Extortion  

Federal prosecutors charged 70 current and former employees of the New York City Housing Authority with bribery Tuesday, hailing it as the most bribery arrests made in a single day in Department of Justice history. The sweeping takedown was aimed at superintendents and assistant superintendents who demanded…

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In Case You Missed It...

Carlyle Group, Gotham Organization Buy Luxury UWS Tower In Debt Trouble Carlyle Group, Gotham Organization Buy Luxury UWS Tower In Debt Trouble
Manhattan Office Leasing Dropped By Almost 40% In January Manhattan Office Leasing Dropped By Almost 40% In January
Weekend Interview: Open Impact's Lindsay Ornstein On Running A Startup Brokerage, The Future Of NYC Office Weekend Interview: Open Impact's Lindsay Ornstein On Running A Startup Brokerage, The Future Of NYC Office
Hotel Developer Reportedly Reimbursed Donors To Eric Adams' 2025 Campaign Hotel Developer Reportedly Reimbursed Donors To Eric Adams' 2025 Campaign
Capital Is Flowing Back Into New York City Office Buildings Capital Is Flowing Back Into New York City Office Buildings
 
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2 Multifamily Owners Settle In RealPage Price-Fixing Lawsuit

2 Multifamily Owners Settle In RealPage Price-Fixing Lawsuit  

Two defendants named in a massive class-action lawsuit against RealPage and dozens of multifamily property owners have agreed to settle out of court.

All claims against Denver-based Apartment Income REIT and Dallas-Fort Worth-based Pinnacle Property Management Services have been resolved, lawyers for renter-plaintiffs said in a pair of  filings with a Nashville federal court. The terms of the settlements were not disclosed.

The agreements are the first to come out of more than 30 consolidated lawsuits that accuse RealPage of colluding with residential owners and operators to leverage their price-setting algorithm as a way to inflate rents beyond competitive levels. "Despite the baselessness of the claims, AIR is pleased to exit the…

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Here Are The Practical Gains And Existential Questions That AI Brings To Real Estate

Here Are The Practical Gains And Existential Questions That AI Brings To Real Estate  

Car park usage. Confidentiality. Who gets sued when a valuation is wrong, and what is the risk of a meltdown when everyone piles into the same type of deal?

The increasing use of artificial intelligence to find solutions in real estate is set to have impacts prosaic and profound. And as the potentially transformative technology gathers momentum, the industry is only in the very early stages of working out the problems AI might solve and how it will do so.

“We're trying to start with the problem we’re trying to solve, as opposed to the latest technology that someone might be showcasing to us,” LGIM Real Assets Senior Strategist Matt Soffair told the audience at Bisnow London’s AI in the Digital Age of Real Estate event.

Speakers at the event talked through multiple ways in which their firms are finding practical and profitable uses for AI and machine learning technology. They also pondered some of the larger questions AI poses for a sector that has historically made confidentiality and asymmetry of information the norm.  Many of the…

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