Stuyvesant Town owners agree to class action suit
The owners of a vast New York City apartment complex agreed on Wednesday to allow a tenant’s lawsuit regarding rent increases to proceed as a class action.
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Threatened Legal Action Over NYC Rent Control Likely to Roil CMBS Market
Another half a billion dollars in CMBS debt looks even weaker this week after New York Attorney General Andrew M. Cuomo announced his intent to sue Vantage Properties LLC, a major New York City multifamily landlord.
By Mark Heschmeyer, CoStar.com
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Picking up pieces at Stuyvesant Town
Special servicer will lead the lenders who now find themselves trapped in a giant maze of often competing interests.
In the coming weeks, control of Stuyvesant Town/Peter Cooper Village will pass from one of New York’s most glamorous and powerful real estate families to a company that most people have never heard of, a major player [...]
Owners: $5.4B NY housing complexes go to creditors
Like many homeowners who owe more than their properties are worth, the heavy hitters behind the most expensive real estate deal in U.S. history are giving up the two massive apartment complexes they bought during the nation’s housing boom.
The 110 buildings and 11,000 apartments that make up Manhattan’s Stuyvesant Town and Peter Cooper Village will [...]
Former Beverly Hills appraiser sentenced in real estate fraud ring
A Beverly Hills real estate appraiser was sentenced to 3 years in federal prison for “inflated appraisals” (used for real estate loans). The multi-million dollar real estate fraud led to jury criminal convictions for loan fraud, bank fraud and conspiracy.
The same evidence which supported the criminal convictions may support an Investor’s “theft loss” deduction for [...]
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