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Daily Real Estate Roundup 8.16.19

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Real Estate Roundup

WeWork: you pay (Financial Times)

WeWork IPO shows It’s the most magical unicorn.Everything about the company is over-the-top: its growth, losses, potential conflicts of interest and financial gymnastics. (Bloomberg)
Morgan Stanley forfeits role in WeWork IPO after losing lead. (Bloomberg)

Financing 

Marx Lands $368 million in financing from Mack Real Estate for Hudson Yards Area Hotels and Queens Resi Project. (CO)

Leasing 

Apple is looking for a large Manhattan office space. (TRD)

The Excess Line Association of New York (ELANY) has signed a 14,476 SF lease at Silverstein Properties’ 120 Wall Street. Asking rent for the building is in the high $50s per SF. (CO)

Politics 

City files lawsuit against Keystone Management, Highpoint Associates XII, Richard Lagana, and Daniel Ohebshalom for operating illegal short-term rentals in rent-stabilized apartments. (CO)

UWS tenants accuse Stellar of illegally deregulating apartments. (TRD)

The Trump administration is vastly expanding the scope of condo purchases eligible for lower-down-payment loans. The move by the Federal Housing Administration, could help revive the entry-level condo market for first-time buyers because FHA-backed loans require only a 3.5% down payment and lower credit score than conventional loans. (WSJ)
President Trump eyes a new Real-Estate purchase: Greenland. (WSJ)

Other news 

Alibaba co-founder Joe Tsai is expecting to sign a deal valued at more than $700 million to buy Brooklyn’s Barclays Center at the same time he acquires the 51 percent of the Brooklyn Nets that he does not already own. (NYPost)

Manhattan rents jump most since 2015. (Bloomberg)

Great primer on inverted yield curve. Excellent sports analogy. (NYTimes)

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