Allegations fly in trial over Anbang and Mirae’s $5.8B hotel deal

The embittered parties fighting over a $5.8 billion hotel portfolio sale went to trial this week to decide the matter. The deal for 15 American hotels, which was supposed to close April 17, unraveled with the U.S. economy. It was further complicated by an 11th-hour revelation of legal challenges of the hotels’ ownership. The seller, Anbang, and the buyer, South Korean asset manager Mirae Asset Global Investments, both sued for breach of contract. A Delaware

source https://therealdeal.com/2020/08/31/allegations-fly-in-trial-over-anbang-and-miraes-5-8b-hotel-deal/

Borrowers sue Wells Fargo over forbearance policy

Borrowers are suing Wells Fargo for placing their home loans in forbearance without explicit permission. In a proposed class action lawsuit filed with the U.S. District Court for the Northern District of California, borrower Pamela Delpara claimed that Wells Fargo put customers’ mortgages into forbearance regardless of whether that was actually requested, Law360 reported. Wells Fargo allegedly moved mortgages into forbearance if a customer contacted the bank and said they were experiencing distress related to

source https://therealdeal.com/2020/08/31/borrowers-sue-wells-fargo-over-forbearance-policy/

NYCHA tenants say they were duped into RNC video appearance

New York City public housing residents say Lynne Patton tricked them into appearing in a video that aired at the Republican National Convention last week. Three of the four New York City Housing Authority tenants who appeared in the segment, which aired Thursday, said they were not given advance notice that the interviews they provided to Patton herself would be used for the convention, the New York Times reported. The video focused on conditions in

source https://therealdeal.com/2020/08/31/nycha-tenants-say-they-were-duped-into-rnc-video-appearance/

Hamptons squatters exploit Cuomo’s eviction ban

 This is not what Gov. Andrew Cuomo had in mind. Manhattan developer Marco Ricotta and his broker girlfriend Jodine Russo have been taking advantage of Cuomo’s eviction moratorium by refusing to leave a Westhampton Beach house they were due to vacate May 3, the New York Post reported. The 76-year-old Ricotta and Russo, whose LinkedIn page says she has been a real estate broker for the past 12 years, have not paid the $3,000 rent

source https://therealdeal.com/2020/08/31/hamptons-squatters-exploit-cuomos-eviction-ban/

MTA crisis could be catastrophic for New York real estate

As goes New York’s transit system, so goes its real estate. And the system is on the brink of disaster. The Metropolitan Transportation Authority plans to cut service by 40 percent if Washington does not send $12 billion in federal aid, crippling the city’s chances to come back from the pandemic. The effects would be felt beyond New York as the city accounts for about 5 percent of the country’s GDP, said Bill Rudin, CEO

source https://therealdeal.com/2020/08/31/mta-crisis-could-be-catastrophic-for-new-york-real-estate/

Sales slumped, prices jumped in Queens housing market

Despite the doomsday projections about New York and people fleeing the city, the northwest Queens housing market shined bright in the second quarter. Although the total number of one- to three-family home sales dropped almost 60 percent in the second quarter from the previous year, the average price per square foot increased 11.7 percent to $567, according to an analysis by The Real Deal. And the number of condo deals actually surged, spiking 74 percent

source https://therealdeal.com/2020/08/31/sales-slumped-prices-jumped-in-queens-housing-market/

Dylan who? Covid shifts focus off celeb-tied short-term rentals

Sure, F. Scott and Zelda Fitzgerald once lived in the Montgomery, Alabama, home now available as a short-term rental. And yes, Bob Dylan and his fellow musicians slept and jammed in a Upstate New York house during their rollicking ride decades ago. But in a Covid world, those have become just places to stay. The coronavirus has changed the short-term rental market in major ways, but some smaller shifts are also notable. It was common

source https://therealdeal.com/2020/08/30/dylan-who-covid-shifts-focus-off-celeb-tied-short-term-rentals/