The Real Deal - New York Real Estate News

Don Wilson’s plan to sell stakes in South Carolina property via digital token offering falls apart

Posted: 21 Apr 2019 01:00 PM PDT

A Chicago trader’s plan to use digital tokens to sell equity in a South Carolina student housing complex has fallen apart. Don Wilson’s Convexity Properties planned to set up a REIT to sell ownership stakes in the Hub at Columbia building in the form of tokens issued by Convexity and tracked on a blockchain ledger. But the deal fell apart when Convexity couldn’t come to an agreement with US Bank, the mortgage lender for the […]

Spanish real estate new focus in major European money laundering scheme

Posted: 21 Apr 2019 12:00 PM PDT

Spanish real estate has become the focus of the probe into the money laundering case linked to the death of Russian attorney Sergei Magnitsky. A portion of the $230 million at the heart of the scheme, which started in Russia and moved through bank accounts in other European countries, was eventually poured into Spanish real estate, state prosecutors wrote in a complaint filed in a Madrid Court, Bloomberg reported. The Spanish authorities allege that since […]

Blackstone claims to be caught in “brazen attempted shakedown” over Italian office complex

Posted: 21 Apr 2019 11:00 AM PDT

Blackstone Group is fighting an Italian media mogul in court over ownership of an office complex in Milan. RCS Media Group SpA sold the three-building office complex, its former headquarters, to Blackstone for 120 million euros ($163 million) in 2013 and now the media company is contesting the sale, the Wall Street Journal reports. The litigation has stopped Blackstone’s planned sale of the Milan office complex to Allianz Real Estate GmbH for 250 million euros. […]

What’s behind Sweden’s unlikely co-living craze

Posted: 21 Apr 2019 10:00 AM PDT

In a country where 52% of households are single people, co-living would seem like a unlikely bet, but a dire housing shortage seems to fueling a societal shift. Residential properties in Stockholm marketed as co-living quarters have increasingly started to attract tenants discouraged by the conventional rental housing market, according to the New York Times. Though Stockholm is often cited as one of the best European cities for everyday living, the Swedish capital has little […]

Brexit banking exodus fuels real estate gold rush in Dublin

Posted: 21 Apr 2019 09:00 AM PDT

Debt investors are eager to lend a helping hand to Irish landlords looking to acquire rental housing for employees of banks and law firms moving from London to Dublin. As the U.K.’s struggles to exit the European Union continue, financial industries are moving shop to the Irish capital, fueling a property boom that lenders and investors want to cash in on, according to Bloomberg. Dilosk Ltd, a lender to landlords in Ireland, issued securities backed […]

This lender plans to underwrite $1B in mortgages with no income, no asset verification

Posted: 21 Apr 2019 08:00 AM PDT

Austin, Texas-based 360 Mortgage Group just revealed that it will conduct a pilot program to test the viability of no-income, no-asset mortgage loans by originating up to $1 billion of them to finance investor-owned homes. The housing crisis in 2008 stemmed largely from defaults on sub-prime mortgages, or so-called NINJAs – borrowers who qualified for a home loan with no income, no job and no assets verified. Lenders have since stopped making NINJA loans, but […]

Brokerage apologizes for sexy video to promote upscale listing

Posted: 21 Apr 2019 07:00 AM PDT

A real estate brokerage firm in Australia is apologizing for posting a sexy video to market a luxury home after it drew widespread ridicule on social media. Sam Nadler, an agent with LJ Hooker Bankstown, the Sydney-based brokerage, arranged for the production in a style resembling an R&B music video to promote a sleek, upscale home in New South Wales, according to Inman. Nadler said he often posts lighthearted videos together with his listings. The […]

PHOTOS: Johnson & Johnson heirs list newly subdivided estate

Posted: 21 Apr 2019 06:00 AM PDT

The crown jewel of late Johnson & Johnson heiress’ real estate holdings is back on the market. The late Elizabeth Ross “Libet” Johnson, great-granddaughter of the Johnson & Johnson co-founder, first started assembling her sprawling 600-acre estate called Lightning Tree Farm in 1980. Since her death in summer 2017, her family is selling off pieces of the farm, including a 373-acre parcel that includes the main house for $12.995 million, according to Forbes. Nestled in […]