Black Spruce buys Bronx multifamily building for $26M

Black Spruce Management, led by Josh Gotlib, snapped up a 99-unit multifamily building in the Bronx for $26 million. The company purchased 1765 Townsend Avenue, an 11-story, 88,227-square-foot building between 175th and 176th streets, according to documents filed with the city on Wednesday. The previous owner, Gigi Porcelli, purchased the building in 1991, though public…

Trump’s immigration plans could hit housing market hard

Donald Trump and U.S. single family homes (Credit: Getty Images) From the New York website: The Trump administration’s plans to deport more undocumented immigrants and restrict legal immigration could be bad news for the U.S. housing market. “If Trump gets the immigration plan he wants, the housing market will get hit harder than any other,”…

Elementary, my dear Watson: IBM searching for massive new NYC office

IBM supercomputer Watson is helping people file their taxes, upgrading the city’s 311 system and helping to turn Internet of Things devices into points of sale. But all that high tech still needs some brick-and-mortar office space. IBM, which is headquartered about 35 miles north of Manhattan in Armonk, NY, and has offices in the…

Bay Harbor Islands sends 30-unit Capriccio condo project back to drawing board

Rendering of Capriccio The Bay Harbor Planning and Zoning Board sent the architect of a proposed condominium project back to the drawing board. Sea Moon Inc.’s development plans for Capriccio, a 30-unit building on 9800-9900 West Bay Harbor Drive were rejected for approval in a 4-1 vote on Tuesday night. After a nearly two-hour review…

Witkoff may sell Park Lane Hotel: judge

Developer Steve Witkoff has a federal judge’s blessing to sell the Park Lane Hotel as part of an agreement to oust scandal-plagued Malaysian investor Jho Low. U.S. District Court Judge Dale Fischer approved plans by Witkoff and the Department of Justice as part of a cooperation agreement reached last year after Low became ensnared in…

Developers nab $31M construction loan for Hialeah apartment complex

Villas de las Palmas. Inset: developer Tom Cabrerizo Updated. 3:40 p.m., Feb. 22: A company tied to CFH Group and Cayon Development Group closed on a $30.8 million loan for on a new apartment complex under construction in Hialeah. Records show Villas de las Palmas LLC broke ground on a 226-unit multifamily building at 3500…

Legislators call for more scrutiny on Chinese investment in US

From the South Florida website: Following a record year of Chinese investment in the U.S., Republican and Democratic lawmakers are calling for more federal scrutiny of future deals. Encouraged by President Donald Trump’s campaign promises to raise import duties on Chinese goods, legislators are pushing to strengthen the Committee on Foreign Investment in the U.S., or…

Calvin Klein’s North Bay Road home in Miami Beach sells for $13.15M

4452 North Bay Road. Inset: Calvin Klein (Credit: Getty Images) Calvin Klein has sold his waterfront North Bay Road home in Miami Beach for $13.15 million. Klein first listed the home at 4452 North Bay Road in June of 2015 at $16 million. It was relisted in October 2016 at $15 million. The 5,800-square-foot home…

The Debriefing: Shermichael Singleton on his ouster from HUD

Shermichael Singleton (Credit: Twitter) From the New York website: “Politics has been my life since I was in middle school,” said Shermichael Singleton, the 26-year old conservative political consultant, who up until his ouster last week was likely the youngest “senior adviser” to ever serve the Department of Housing and Urban Development. Singleton’s life in…