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Blackstone Group is keeping some rent-regulated apartments at Stuyvesant Town and Peter Cooper Village vacant, sources say, after changes to the rent law impacted landlords' ability to reap profits, The Real Deal reported. There are between 20 to 50 units being left empty, according to the complex's tenant association president Susan Steinberg. Blackstone, which in partnership with Ivanhoe Cambridge paid $5.3 billion for the 11,000-unit complex, had announced in July that it would halt renovations because of the new limits on individual apartment improvement (IAI) and major capital improvement (MCI) programs.
U.S. economic growth decelerated in the second quarter by more than initially reported, with stronger consumer spending offset by weaker readings across other categories that suggest President Donald Trump's trade actions are weighing more heavily on the pace of expansion, Bloomberg reported. Inflation-adjusted gross domestic product grew at a 2% annualized rate, according to Commerce Department data that matched analyst estimates and compared with an initially reported 2.1%.
One of the country's oldest department stores, Lord & Taylor, will be sold to a seven-year-old clothing rental start-up for $100 million, the Commercial Observer reported. Hudson's Bay Company (HBC), the Canadian parent company of Lord & Taylor, entered into an agreement to sell the storied department store to San Francisco-based Le Tote in a deal expected to close before this year's holiday season, the companies' announced. HBC and HBS Global Properties, HBC's real estate joint-venture, will retain ownership of all of Lord & Taylor's owned and ground-leased real estate assets, the statement said.
Dunn Development Corp. recently secured $37 million in construction financing for Austin 147, an 80-unit supportive and affordable housing block at 880 East 147th Street in the Mott Haven neighborhood of the South Bronx, New York YIMBY reported. Developed in collaboration with CAMBA, a Brooklyn-based nonprofit organization, the new property is expected to debut by summer 2021.
It was standing-room only in the Hutchinson Metro Center as the Hudson Gateway Association of Realtors (HGAR) and the Bronx-Manhattan North Association of Realtors presented "The New Rent Laws - What Happens Now," Real Estate Weekly reported. The event in the Bronx brought together commercial real estate experts to dissect the recently passed Housing Stability and Tenant Protection Act of 2019 - New York State's historic new legislation for pro-tenant rent reforms.
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