The Pogrom on Pico Boulevard - I went to synagogue with my kids to learn a bit about real estate in Israel. Instead, we witnessed a street battle.
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The Free Press ^
| 25 Jun, 2024 | Noah Pollak
On Sunday, a synagogue in the largest Jewish neighborhood in Los Angeles hosted a small, privately advertised event for those interested in purchasing homes or second homes in Israel. “The Great Israeli Real Estate Event” at Adas Torah synagogue wasn’t political and it had nothing to do with the Gaza war. But
within moments of its noon start time, it became the backdrop to the worst antisemitic violence in Los Angeles since an attack on Jewish diners at a restaurant in 2021. Over the course of several hours, with dozens of LAPD officers decked out in riot gear largely staying...
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Trump Lawyers File Motion to Remove Engoron From NYC Civil Fraud Case After it Was Revealed Judge Had ‘Improper’ Conversation with Real Estate Attorney
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Gateway Pundit ^
| June 20, 2024 | Cristina Laila
President Trump’s lawyers filed a motion to remove Judge Arthur Engoron from the NYC civil fraud case brought by Stalinist NY AG Letitia James. Trump’s attorneys said Engoron should recuse after it was revealed the judge had an “improper” conversation about the civil fraud case with a real estate lawyer shortly before
he issued ruling ordering Trump to pay a $454 million penalty. The real estate attorney, Adam Leitman Bailey, revealed he had a conversation about the Trump case with Engoron during an interview with NBC New York in February. “I know he respects my real estate knowledge,” Bailey said....
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Millions in Drug Money Has Made Its Way Into the South Florida Commercial Real Estate Market
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Based Underground ^
| June 14, 2024 | Tyler Durden
A new report is revealing how illegal drug funds have made their way through the commercial real estate market in South Florida “and beyond”, according to Bisnow. Among examples was Miami’s Sefira Capital, who agreed to forfeit over $29M in 2021 to settle a DEA investigation into money laundering, though it admitted
no wrongdoing. The firm was accused of ignoring red flags about investor funds and was implicated in a DEA sting operation, revealing millions in drug money flowed through its investment fund, Bisnow reports. The probe included a $63M hotel acquisition near Washington, D.C., and an office building in...
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Boom, Boom! ATL Fed Nowcast Plunges To 1.8% As Consumer Spending Estimate Collapses (Real Estate Construction Spending Leads Collapse In GDP)
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Confounded Interest ^
| 06/04/2024 | Anthony B. Sanders
Boom boom! ATL Fed Nowcast plunges to 1.8% as their consumer spending estimate collapses – less than 3 weeks ago, they were forecasting 4.2% growth for Q2; a recession likely began in April. The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is
1.8 percent on June 3, down from 2.7 percent on May 31. After recent releases from the US Census Bureau and the Institute for Supply Management, the nowcasts for annualized second-quarter real personal consumption expenditures growth and real private fixed investment growth declined from 2.6 percent and 3.1...
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MEDIA Published May 31, 2024 11:36am EDT
Billionaire CEO, real estate investor on impact of Trump verdict: 'Nobody wants to do business' in NYC
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Fox Business News ^
| 5/31/2024 | Kristen Altus
John Catsimatidis, Grant Cardone react to Trump being found guilty on all 34 counts in hush money trial Prominent business executives have warned that more New York enterprises and their leaders may fall victim to "no rule of law" in the wake of Donald Trump’s guilty verdict. "If
they can do this to a business person like Donald Trump, they could do it to anybody in New York and a lot of businesses. A lot of people are concerned that there is no rule of law," billionaire CEO John Catsimatidis said Friday on "Mornings with Maria." "If they can do...
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Billionaire CEO, real estate investor on impact of Trump verdict: 'Nobody wants to do business' in NYC
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Fox Business ^
| May 31, 2024 | Kristen Altus
Prominent business executives have warned that more New York enterprises and their leaders may fall victim to "no rule of law" in the wake of Donald Trump’s guilty verdict. "If
they can do this to a business person like Donald Trump, they could do it to anybody in New York and a lot of businesses. A lot of people are concerned that there is no rule of law," billionaire CEO John Catsimatidis said Friday on "Mornings with Maria." ... Cardone recently pulled his business out of the Empire State and cautioned that Trump’s legal troubles — including a previous $355...
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Real Estate Investor Says Nobody Wants to do Business in New York City Following Trump Verdict (VIDEO)
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Gateway Pundit ^
| May. 31, 2024 10:15 pm | By Mike LaChance
Real estate investor Grant Cardone appeared on the fox Business Network this week following the Trump verdict and said that it is going to have far reaching effects on the city’s economy. He
suggested that nobody (including him) wants to do business in New York City anymore because they no longer trust the political and legal system there. Cardone says that the people who are invested in his company wouldn’t even allow him to do business there.
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Billionaire Barry Sternlicht Warns of Weekly Bank Failures Due to Real Estate Loans: ‘That’s a Fragile Animal Right Now’
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the ubj via msn ^
| 5/10/24 | Story by Rahul Kumar
Barry Sternlicht, a prominent figure in the real estate industry as the co-founder, chairman, and CEO of Starwood Capital Group, has sounded the alarm regarding the precarious state of regional and community banks across the United States. His apprehension stems from the challenges faced by these institutions amid the current economic landscape
characterized by higher interest rates, increasing vacancies, and inflationary pressures. Sternlicht’s concerns point to a potential wave of bank failures, with implications for the broader financial system.
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Commercial Real Estate Foreclosures Soar To Levels Not Seen Since 2015 (Office Vacancy Rate Hit 13.1%)
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Confounded Interest ^
| April 22, 2024 | confoundedinterest17
I said over and over again, Bidenomics will be a drag.Larger cracks are appearing in the US commercial real estate market at a time when uncertainty around the regional bank industry flashes red. The
latest report from real estate data provider ATTOM shows CRE foreclosures topped 625 in March, up 6% from February and 117% from the same period last year.Last month, Federal Reserve Chair Jerome Powell testified on Capitol Hill, “We have identified the banks that have high commercial real estate concentrations, particularly office and retail and other ones that have been affected a lot,” adding, “This is a...
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Dr. Phil Left Speechless After Real Estate Agent Claims That Squatting Is Justified by Colonization
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New York Post ^
| April 19, 2024 | Alexander Hall
Dr. Phil spoke with property owners about how squatters are using legal loopholes to occupy properties, but one real estate agent argued it can be justified because of a history of “colonization.” Wednesday’s
episode of “Dr. Phil Primetime” featured one guest named Kristine, a real estate agent who “doesn’t think adverse possession is immoral,” but believes that “people with no housing dying from the elements is immoral.” According to the Legal Information Institute, adverse possession is where a “person in possession of land owned by someone else may acquire valid title to it, so long as certain requirements are met,...
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Vietnam Sentences Real Estate Tycoon Truong My Lan To Death In Its Largest-Ever Fraud Case: Massive Fraud Amounting To 3% Of GDP
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Huffington Post via AP ^
| 04/11/24 | ANIRUDDHA GHOSAL
HANOI, Vietnam (AP) — Real estate tycoon Truong My Lan was sentenced Thursday to death by a court in Ho Chi Minh City in southern Vietnam in the country’s largest financial fraud case ever, state media Vietnam Net said. The
67-year-old chair of the real estate company Van Thinh Phat was formally charged with fraud amounting to $12.5 billion — nearly 3% of the country’s 2022 GDP. Lan illegally controlled Saigon Joint Stock Commercial Bank between 2012 and 2022 and allowed 2,500 loans that resulted in losses of $27 billion to the bank, reported state media VnExpress. The court asked...
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The commercial real estate market teeters on the brink, posing grave risks to banks worldwide.
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Citizen Watch Report ^
As the shadows of economic uncertainty lengthen, the once-solid foundations of commercial real estate markets now tremble under the weight of impending crisis. With
banks holding nearly 40% of all CRE debt, the tremors are felt far and wide, signaling a looming catastrophe that could spell disaster for financial institutions worldwide. The warning bells are ringing loud and clear, with UBS flagging the downturn in commercial real estate markets as one of the “top and emerging risks” facing the banking sector. The sharp decline in demand for office space, coupled with soaring borrowing costs, paints a bleak picture for an...
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The Meltdown of Commercial Real Estate
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Brownstone Institute ^
| March 25, 2024 | Peter St Onge
The Meltdown of Commercial Real EstateIn case you’ve still got money in a bank, Bloomberg is warning that defaults in commercial real estate loans could “topple” hundreds of US banks.Leaving taxpayers on the hook for trillions in losses.The note, by Senior Editor James Crombie, walks us through the festering hellscape that is
commercial real estate.To set the mood, a new study predicts that nearly half of downtown Pittsburgh office space could be vacant in 4 years. Major cities like San Francisco are already sporting zombie-apocalypse downtowns, with abandoned office buildings baking in the sun.So what happened? The Fed’s yo-yo interest...
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Jared Kushner highlights real estate potential of ‘Gaza waterfront’ and suggests moving Palestinians to Negev
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The Jewish Chronicle ^
| 3/20/24 | Jane Prinsley
Comments from Donald Trump’s son-in-law Jared Kushner about about the "valuable" real estate potential of “Gaza’s waterfront” has surfaced after a talk he gave at Harvard University in February. Kushner, Trump’s former Middle East adviser, also suggested Israel should remove Gazans to the Negev desert or Egypt while it “clears up” the
area. He also said: “Gaza’s waterfront property could be very valuable … if people would focus on building up livelihoods.”
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Cops investigating flashy real estate boss Patrick Carroll after gunshots heard near his home [MAGA Hat!]
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Page Six ^
| 3/15/2024
Patrick Carroll — a once-obscure businessman who seemed to buy his way into the upper reaches of the social elite in a matter of months, only to quickly crash back out — is being investigated by police after gunshots were heard near his ultra-luxury Miami Beach home. Carroll’s
free-spending ways won him a shockingly easy embrace from the gatekeepers to the...
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Commercial Real Estate Implosion: Half Of Downtown Pittsburgh Office Space Could Be Empty In 4 Years
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Mish Talk ^
| 03/18/2024 | Mike Shedlock
The CRE implosion is picking up steam. Check
out the grim stats on Pittsburgh.Unions are also a problem in Pittsburgh as they are in Illinois and California.Downtown Pittsburgh ImplosionThe Post Gazette reports nearly half of Downtown Pittsburgh office space could be empty in 4 years.Confidential real estate information obtained by the Pittsburgh Post-Gazette estimates that 17 buildings are in “significant distress” and another nine are in “pending distress,” meaning they are either approaching foreclosure or at risk of foreclosure. Those properties represent 63% of the Downtown office stock and account for $30.5 million in real estate taxes, according to the...
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Wall Street braces for commercial real estate time bomb
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The Hill ^
| 03/14/2024 | TOBIAS BURNS
Remarks last week by Federal Reserve Chair Jerome Powell about a spate of coming bank failures related to the faltering commercial real estate sector have sent shockwaves through the financial world, leading some investors to run for cover and others to look for opportunities. With
the typical U.S. commercial lease ranging from three to five years, the clock is ticking for office and retail property owners and their creditors in the financial sector as remote work has taken off and prompted changes in urban land use. Office vacancy rates have climbed sharply in the wake of the pandemic after falling...
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'The worst investment people can make': Real estate guru Grant Cardone says too many Americans are chasing after the dream of homeownership. Here's what he thinks you should do instead
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moneywise ^
| sep 27, 2023 | Bethan Moorcraft
Homeownership has long been a cornerstone of the American dream. It
symbolizes independence, financial security and prosperity — but is it a dream worth chasing? Not if you ask real estate investment guru Grant Cardone. “Buying a home without a doubt is the worst investment people can make, yet it’s also the most common one,” he wrote in an Instagram post earlier this month. “Is it because [of] the lack of knowledge people have when it comes to financial education? Or is it just because too many people are trying to fulfill their American dream?” Whatever the reason, Cardone says...
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Powell: ‘There will be bank failures’ caused by commercial real estate losses
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The Hill ^
| 03/07/2024 | TOBIAS BURNS
Federal Reserve Chair Jerome Powell said Thursday he expects to see some banks fail due to their exposure to the commercial real estate sector, which has declined significantly in value following the shift to remote work. Powell
said the banks that are in trouble with falling office space and retail assets are not the big banks, which were designated as “systemically important” in the aftermath of the 2008 financial crisis. That episode, which resulted in a taxpayer bailout of the financial sector, was also triggered by unsound real estate assets. Rather, the banks at risk of failure now Powell identified...
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NYC lobbyists racked up nearly $131 million last year promoting casinos, soccer stadium, real estate
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NY Post ^
| 03/04/2024 | Carl Campanile
New York lobbyists have hit the jackpot alongside a push to open casinos in the Big Apple — raking in bundles as they try to woo Mayor Eric Adams and council members, a new city report reveals. Compensation
for lobbyists shot up 8% last year — up from $121.15 million in 2022 to $130.96 million, according to the annual study prepared by the City Clerk’s Office, which regulates the lobbying industry. Entities tied to Mets billionaire owner Steve Cohen and Seminole Hard Rock Entertainment led the charge — spending more than $2 million combined on a stable of lobbyists last...
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