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)
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)
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)