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- L+M raising $500M private equity fund for “workforce housing” development
Ron Moelis’ L+M Development Partners has been quietly raising $500 million in private equity for an affordable housing development fund during the past year, The Real Deal has learned. The “workforce housing fund” is the first such affordable development fund L+M has raised from multiple investors. Workforce housing is typically
- Magnitude 4.4 earthquake jolts Tennessee; felt in Atlanta
The U.S. Geological Survey says a magnitude 4.4 earthquake struck eastern Tennessee and could be felt in Atlanta. The light earthquake occurred Wednesday around 4:14 a.m. about 7 miles northeast of Decatur. About 13 minutes later, a 3.3 magnitude aftershock then struck. There did not appear to…
- Gilmartin brings Aussie money in for first ground-up project
L&L MAG, the new real estate development firm launched earlier this year by MaryAnne Gilmartin with L&L Holding Company founders David Levinson and Robert Lapidus, announced its first ground up development deal this week. The firm will build a 460-unit residential rental building at 241 West 28th Street in Chelsea.
- Court okays American Museum expansion
A Supreme Court justice has dismissed a lawsuit that challenged the American Museum of Natural History’s expansion project. Justice Lynn Kotler offered a ruling that will allow the museum to proceed with its $383 million Richard Gilder Center for Science, Education and Innovation project to create more space. The group
- Harbor JV pays $260M for New Rochelle apartment tower
Jordan Slone’s Harbor Group has partnered with NYC-based Azure Partners on the $260 million purchase of a New Rochelle apartment property. Holliday Fenoglio Fowler announced that it represented The DSF Group in the $259.4 million sale of Halstead New Rochelle Metro North, a 40-story, 588-unit, Class A apartment tower. The
- Amazon Go cashierless stores may land at airports
A new frontier for Amazon Go stores may be opening. The retail giant is exploring the debut of its techy, scan-and-go shops at airports, according to a report by Reuters. So far, Amazon has opened seven brick-and-mortar locations in Seattle, Chicago and San Francisco. And on Monday, The Telegraph…
- Experts warn next recession around the corner
Business is booming in America. The economy is on a record tear, corporate profits are soaring and unemployment is at historic lows — there are more jobs than people to fill them. Occupancy rates are high, cap rates are low and inflation has, allegedly, been modest. Kenneth Rosen, head of
- Amazon HQ2 advisory groups set up
The city and state have created community committees to weigh in on Amazon’s HQ2 plans for Long Island City. Mayor Bill de Blasio and Governor Andrew Cuomo announced the the Community Advisory Committee that will be tasked with sharing information and getting community input on Amazon’s HQ2 campus for Long
- Late-night Metro service could be on its way back
Metro board Chairman Jack Evans says it’s time for Metro to resume late-night service. According to The Washington Post, Evans and board member Corbett Price plan to use their jurisdictional veto on Thursday to block a plan from Metro that would reinstitute early closings at least through 2020. Evans told
- Former construction execs stole $15M through bid-rigging
Former executives of Turner Construction and Bloomberg LP have been charged with bid-rigging and commercial bribery in a scheme that prosecutors say netted $15 million. Former Turner executives Anthony Guzzone and Michael Campana in addition to former Bloomberg executives, Ronald Olson and Vito Nigro were indicted on Dec. 11 for
- 8 things you need to know this morning
Happy Wednesday! Today will be mostly sunny with a high of 43 degrees. Here’s what you need to know as we hit the midpoint in the week. Gov. Larry Hogan announced yesterday that he plans to submit legislation to invest $1.9 billion from casino gaming revenues in public school construction
- Food service distributor cutting more than 100 jobs in Harford County
A food service distributor plans to lay off 106 workers at its Aberdeen warehouse, according to a filing with the state’s labor department. Maines Paper & Food Service Inc. is cutting the jobs after losing a contract with a primary customer, the company told the Maryland Department of Labor, Licensing
- WeWork to open in Coral Gables summer 2019
WeWork will open its doors to remote workers and entrepreneurs at the new Giralda Place in Coral Gables this summer. It’s the coworking giant’s sixth location in the South Florida market. New York City-based WeWork will occupy six floors at the condominium’s retail and office component at 255 Giralda Ave.
- What you need to earn to buy a house in Greater Baltimore’s priciest ZIP codes
You need to make more than $150,000 a year to be able to afford a home in Greater Baltimore’s most exclusive neighborhood. The Howard County ZIP code of 21737 in Glenelg has a median home value of $802,700 and to live in this neighborhood, residents need to make about $154,000
- Citrix elects CEO to board of directors
Citrix Systems Inc. has elected Thomas Hogan to its board of directors. His appointment, announced Tuesday, was effective immediately. Hogan is the chairman of CEO of Austin, Texas cloud-based platform company Kony Inc. He was previously the executive VP of CSC, an IT services company. Prior to that role, he
- 7 things to know today and Florida among states with highest cellphone taxes
Good morning, Orlando! Did you know that Florida imposes some of the highest taxes and fees on wireless services in the country? In fact, the combined state and local tax rate totals 14.83%, ranking the state as the ninth-highest for cellphone taxes, according to a new Tax Foundation study. To put that
- PHOTOS: Real estate turns out for American Friends of Rabin Medical Center’s gala
Real estate’s top brass rubbed elbows the likes of Dr. Henry Kissinger and former U.S. ambassador to the United Nations Nikki Haley for the American Friends of Rabin Medical Center’s annual gala, which was hosted at the Plaza Hotel in late last month. In attendance were Yoron Cohen, Pamela Liebman, Deborah Kern,
- Electronics rise to the top of college bowl gifts this season
The start of college football bowl season means it’s time for our annual look at the various gift packages that participants in these season-ending games receive from the event organizers. Since 2006, Sports Business Journal has tracked what gifts college football bowl committees have provided to the participants of their
- Ybor investor Darryl Shaw, who cobbled together land for Rays ballpark: ‘Disappointed but not surprised’
The Tampa Bay Rays’ plans to build a new ballpark in Ybor City have fallen apart, but the investor who owns the land still intends to develop it.
- Foundation linked to It Works! donates $3M to Moffitt to help cure rare cancer
Moffitt Cancer Center has received a $3 million gift from a foundation linked to Bradenton-based company It Works! The Pentecost Foundation, created through Mark Pentecost, the CEO of It Works!, a direct sales enterprise that sells body contouring wraps, recently made a $3 million gift to Moffitt Cancer Center to
- More students look to Florida’s Bright Futures scholarships
More Florida students are taking advantage of beefed-up scholarship programs that help pay for tuition, fees and books at state universities and colleges. The number of students using Bright Futures scholarships, the state’s main merit-based aid program, is now projected to grow by 5.7 percent this academic year for a
- Cold-stunned tourists come to South Florida to get warm and so do turtles
It’s not only people who come to South Florida during the winter months in order to warm up. Officials say 32 cold-stunned Kemp’s ridley sea turtles rescued off New England’s coast have arrived in the Florida Keys to warm up at the Turtle Hospital. A volunteer group of general aviation
- Historic home of clothier Desmond’s is ready for its comeback on Broadway
Office workers will soon toil where Angelenos of their great-grandparents’ generation once tried on shoes and purchased the most au courant styles in hats. The elegant former home of Desmond’s, one of the city’s earliest clothiers, is poised for a comeback as the latest example of creative offices…
- NASA’s Mars lander takes selfie from above with robotic arm
NASA’s new Mars lander has taken a selfie from above, using a camera on its long robotic arm. The InSight lander snapped a series of pictures that NASA turned into a stunning mosaic, released Tuesday. InSight landed on Mars on Nov. 26. In the two weeks since, scientists are thrilled
- Tallahassee’s Scott Maddox reportedly indicted in case that rocked Andrew Gillum’s Florida race for governor
Tallahassee City Commissioner Scott Maddox has reportedly been indicted in a city corruption investigation by the FBI that played a key role in Democrat Andrew Gillum’s campaign for Florida governor, according to the Tallahassee Democrat. Maddox was indicted by a federal grand jury on public corruption…