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September 18, 2024

Fed Cuts Interest Rates By 50 Basis Points

Nuveen Head Of U.S. Office Chad Phillips To Join Investment Panel At New York Office Event Oct. 9

At long last, it’s here. 

The Federal Open Market Committee cut the target range for the federal funds rate by a surprising 50 basis points Wednesday, the first rate reduction since the onset of the coronavirus pandemic. The move came alongside a Federal Reserve projection that it will cut rates by an additional 50 bps before year-end.

Fed Cuts Interest Rates By 50 Basis Points

In light of the progress on inflation and the balance of risks, the committee decided to lower the target range for the federal funds rate by half a percentage point to 4.75% to 5%. In remarks after the announcement, Federal Reserve Chairman Jerome Powell said…

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Ashkenazy, Gindi Family Reach Settlement In Epic Legal Battle

One of the highest-profile feuds in New York City’s commercial real estate industry has come to an end.

Ashkenazy, Gindi Family Reach Settlement In Epic Legal Battle

Ben Ashkenazy, the billionaire mogul who has owned some of the nation's signature properties, and the Gindi family, founders of the Century 21 department store chain, have settled a long-running legal saga that included multiple lawsuits lobbed from…

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This Week’s N.Y. Deal Sheet

This Week’s N.Y. Deal Sheet  

A major hotel trading hands to a Miami company making its Big Apple debut was the biggest transaction in New York City this week.

TOP SALESGencom paid more than $300M to acquire the Thompson Central Park New York, a 587-room luxury hotel at 119 W. 56th St., from GFI Hospitality and Elliott Management. The hotel investor, which has a portfolio of luxury resorts in South Florida, the Caribbean and Philadelphia, financed the deal with…

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Election Won’t Derail Big Manufacturing Projects, But It Could Change Their Course

Election Won’t Derail Big Manufacturing Projects, But It Could Change Their Course  

The CHIPS and Science and Inflation Reduction acts of 2022 led to an unprecedented boom in semiconductor and other major manufacturing construction, with $220B worth of projects announced in the first year alone.

Two years later, only about half of those with $100M or more invested are operational or on track for completion, according to the Financial Times' analysis of 114 projects.

Election uncertainty is among the top reasons companies cite when explaining delays  — and the issue has become a point of contention between the candidates in November’s presidential election.

But while unsettled politics are taking a toll, those watching the slowdown note that delays of projects sparked by the initiatives have as much to do with elevated construction costs, high interest rates and other factors as with who takes over the White House in January.

And no matter who wins, sources say, federal funding is unlikely to dry up, though a changing of the guard could introduce new hurdles.

“Companies will always utilize any sort of situation to be able to explain something away rather simply,” said Scott Almassy, partner and semiconductor trust solutions leader at PwC, adding that the future of manufacturing projects is not as easy as waiting to see who is elected. Shaky economic conditions and…

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