The Real Deal

• Affordable housing planned for Boston’s Seaport October 1, 2023
  The Massachusetts Port Authority has finalized plans for an unusual, if not unique, $170 million affordable housing project in Boston’s Seaport district, the city’s most affluent neighborhood.  The 224,000-square-foot project calls for the construction of a 15-story tower with 200 apartments, all of which will be below-market rate, the Boston Globe reported. The project is […]
• The Weekly Dirt: Is $250M office sale an indicator of Brickell’s strength? October 1, 2023
  Nuveen is selling (or sold) the 801 Brickell office building in Miami for about $250 million. The deal will likely set a record for South Florida investment sales this year. The sale, as first reported by my colleague Lidia Dinkova, could be an indicator of the strength of Miami’s Brickell office market at a time […]
• New York real estate broker sentenced to house arrest in homeless-shelter bribery scheme October 1, 2023
  A New York real estate broker was handed a nine-month house-arrest sentence last week for her involvement in a bribery scheme that spanned several years. Sheina Levin, 61, who owned a Brooklyn-based real estate company, paid Victor Rivera, a prominent shelter operator, over $830,000 in kickbacks to secure leases for properties under her control, the […]
• “Cash Flow King” real estate podcaster accused of $11M Ponzi scheme October 1, 2023
  The “Cash Flow King” is allegedly nothing more than a court jester. On Monday, the Securities and Exchange Commission charged podcast host Matthew Motil with running an $11 million Ponzi scheme. The Ohio man allegedly defrauded more than 50 investors in a real estate scheme. Motil promised low-risk, high-return promissory notes supposedly collateralized by first […]
• Real estate executive pleads guilty to multi-year conspiracy to falsify financial statements October 1, 2023
  A California real estate executive pleaded guilty to participating in an extensive, multi-year conspiracy to manipulate financial statements. Tyler Ross, 37 and formerly of Michigan, was the co-chief executive officer of Roco Real Estate and Roco Management, both based in Bloomfield Hills, Michigan, commercial real estate companies that focused on acquiring, managing, and selling multifamily […]
• Former Boston-area police officer pleads guilty to defrauding landlord October 1, 2023
  Even though he was sworn to uphold the law, Robert Kennedy, a former Boston-area police officer, was a nightmare tenant for at least three Massachusetts landlords over a period of 20 years. But Kennedy’s actions recently caught up to him when he pleaded guilty in federal court to two counts of wire fraud after admitting […]
• Oldest US community bank settles Rhode Island redlining claims for $9M October 1, 2023
  The oldest community bank in the U.S. agreed last week to pay $9 million to settle claims that it discriminated against Black and Hispanic Rhode Island residents who sought mortgages. For at least six years dating back to 2016, during its expansion throughout Rhode Island, Washington Trust Co. allegedly redlined, turning away lenders from majority-Black […]
• A look back at 9 luxe homes with unforgettable price cuts October 1, 2023
  When Gary Barnett listed the penthouse unit at Extell Development’s Central Park Tower for $250 million last year, he had a record in his sights. To that point — and still — the most expensive home sale in the history of the United States was Ken Griffin’s $238 million purchase of a quadplex at Vornado […]
• The best freebies in NY’s real estate market October 1, 2023
  For just under $22 million, a pocket-minded buyer in New York can get a free beach club membership, a boat and a Tesla.  They’ll just need to buy a $2.8 million Red Hook townhouse for the car, a $12 million waterfront home in Water Mill that comes with a boat, and a $6.5 million beach-adjacent […]
• Seattle approves tower height increase to spur downtown housing September 30, 2023
  Seattle will increase the maximum height of residential towers in part of downtown to tackle both empty downtowns and a significant housing shortage. The City Council passed a bill last week to let towers on Third Avenue rise as high as 440 feet, up from 170 feet, the Seattle Times reported. The zoning change could […]