The Real Deal

The plan for a reimagined Penn Station is coming into focus, starting with the chosen master developer: Penn Transformation Partners, a team including Halmar International and Steven Roth’s Vornado Realty Trust. Amtrak and the federal government chose the group over competitors including Grand Penn Partners – team led by Macquarie Group – and Penn Forward, led by Fengate. The plan promises a more spacious and lighted terminal and that MSG will remain in place. But a key stakeholder is sitting it out. Click the link below for more details on the plan and what it could mean for NYC.

Introducing Capital Minds, a series of profiles from CBIZ and TRD Brand Studio introducing our readers to the unsung heroes of the C-suite. For our first entry, meet Justin Pelsinger, COO and partner at LIC-based Charney Companies LLC: https://lnkd.in/e4RcbYge If you are a CFO or financial leader in the real estate industry and would like to be considered for a future interview, please contact Ross Fox directly at rf@therealdeal.com. #Sponsored #BrandStudio #BusinessLeadership #EntrepreneurJourney #CommercialRealEstate #RealEstateFinance #CareerGrowth

The veteran multifamily investor behind giant Chicago landlord TLC Management Co is making a $38 million bet on an Evanston apartment building. Stuart Handler’s firm purchased the 120-unit Tapestry Station luxury building from Andy Ahitow’s firm CityPads in a deal that completes a 1031 exchange used to defer taxes. This buy signals Handler's latest move, offloading Chicago properties in favor of suburban complexes near train stations. Take a closer look at what the deal means for TLC and CityPads at the link below.

Calling New York City's top general contractors: You’re invited to an exclusive evening with The Real Deal and P.C. Richard & Son celebrating the people who help bring extraordinary homes to life. Connect with industry peers, meet key partners and enjoy a relaxed night of conversation, appreciation, and new opportunities. Reserve your spot today — space is limited. ⭐ RSVP: https://lnkd.in/e2KiHAzT

A federal indictment against real estate influencer Greg Parker Jr., known online as “Big Bizzneesss,” is raising new questions about the intersection of social media influence and financial credibility. Prosecutors allege Parker and his wife operated a years-long Ponzi-style scheme that targeted aspiring real estate investors through seminars, mentorship programs, and property investment opportunities marketed online. The case underscores a broader trend that accelerated during the pandemic-era housing boom: the rise of finance influencers selling wealth-building strategies to audiences searching for economic stability.

Since August, Newmark has been pursuing Nightingale Properties co-founder Simon Singer for a $3 million judgment tied to the firm's implosion. Now, the brokerage is asking a Manhattan judge to force Singer and his affiliates to hand over more financial records, setting the stage for a legal showdown. Newmark is claiming Singer is stonewalling efforts to collect on the judgement by withholding details on bank accounts, real estate holdings and trust assets. But Singer’s legal team argues the brokerage shouldn’t be chasing payments while dodging questions about its own relationship with convicted fraudster Elie Schwartz. The move is an escalation of a three-year-long battle between Newmark and Nightingale stemming from the brokerage’s acquisition of Nightingale in 2023. But the bigger fight might still be looming ahead. Tap the link below to get the full story.

Las Olas is getting glossier, and Fort Lauderdale is getting a test case for its future. Commissioners gave initial approval to Weston Jewelers’ proposed five-story flagship, an Arquitectonica-designed glass-and-wood building that would bring Rolex, Cartier, Omega and other luxury brands to one of the city’s most closely watched corridors. But the project has put downtown’s growing pains on full display, with neighbors pushing back over rezoning, height and a plan for no on-site parking. As Fort Lauderdale weighs charm against ambition, one commissioner put it plainly: The city has to decide “what we want to be when we grow up.” Read more at the link.

Onni Group’s $408 million loan on the Wilshire Courtyard office complex has entered special servicing – again. The CMBS loan previously entered special servicing in 2023, but made a swift exit after securing an extension. Now, Onni owes about $384 million on the around 1-million-square-foot compound. Servicer commentary from earlier this month reads, “the borrower requested a transfer to special servicing due to their inability to make the upcoming [July] balloon payment.” But the move could be a strategic play for Onni Group. Find out why in Alena Botros’ full story.

New York City’s hotel industry and one of New York’s most powerful unions just struck a deal that could reshape hospitality economics across the five boroughs. The Hotel and Gaming Trades Council reached a tentative eight-year agreement covering nearly 30,000 workers at more than 250 hotels — with what the union says are the largest pay increases in its nearly century-long history. The agreement comes just weeks before the union’s June 30 contract expiration, averting what industry leaders feared could have become a devastating strike ahead of the 2026 World Cup. At the link, Elizabeth Cryan explores how six-figure housekeepers, rising labor costs and looming rate hikes could transform New York’s hotel market.

Wall Street pricing has arrived in Miami. A TRD analysis found a growing number of Miami-Dade office landlords are landing deals above $200 per square foot — rents once associated with Manhattan and Silicon Valley trophy towers.⁠ ⁠ At 830 Brickell, in the city's center, a deal nearing $250 PSF could set a benchmark. Boutique projects in Miami Beach and Bay Harbor Islands are closing in on the same pricing territory, drawing hedge funds, family offices and ultra-wealthy tenants with wellness amenities, rooftop dining, private access and boat slips.⁠ ⁠ Click through for the Miami-Dade office buildings commanding $200-plus per square foot — and tap the links below for the full ranking, record-rent analysis and map.⁠ Analysis: https://bit.ly/4dzTLh9 Map: https://bit.ly/4nKU9y7