The Real Deal

A California multifamily investor and big-time GOP donor is now at the center of a $160 million bank fraud storm. Gerald Marcil, a Los Angeles landlord with political ties, is accused — along with partners Andrew Stupin and Deba Shyam — of manipulating loan structures that allegedly left Zions Bancorporation and Western Alliance Bancorporation on the hook for nearly $160 million in losses. The banks claim the investor group hid other liens and foreclosures tied to properties used as collateral, gutting their protections and fueling losses as projects went under. The lawsuits have drawn attention all the way to Wall Street, where JPMorgan’s Jamie Dimon has warned that this could be just the beginning. 🗞️ At the link, read how the allegations unfolded — and why this case has Wall Street watching.

Brooklyn developer Louis Greco has filed for Chapter 11 bankruptcy, revealing up to $500 million in debts against as little as $10 million in assets. The Second Development Services founder faces nearly 100 creditors, including the IRS and former partners, plus a $30 million judgment and a state probe into a troubled Clinton Hill condo. Greco calls it "great success and great failure." Read the full story at the link.

As Boston’s office market fights to find its footing, one investor is doubling down. Irish-born developer David Greaney has quietly spent nearly $500 million scooping up distressed office towers across the city through his firm, Synergy. While many investors fled downtown, Greaney is betting that Boston’s comeback will start in its overlooked Class B buildings. Greaney’s strategy is simple: Find what’s tired, fix what’s broken and prove the market wrong. "Other than Greaney, I don’t think there’s a really good list of investors out there who have broken through and are buying these things," one broker said. "Greaney’s been the guy. In my mind, he’s the only guy." A onetime busboy from Limerick, Greaney has built a $2 billion portfolio on the belief that Boston’s old bones still have plenty of life left. After sitting out the late 2010s, he’s back in full buy mode — turning the city’s office slump into his next opportunity. 🗞️ Read Elizabeth Cryan’s full story on the billionaire betting big on Boston’s comeback: https://lnkd.in/eYGKyUir

The party may finally be over for the Brooklyn Mirage. As TRD reporter Lilah Burke first reported, the East Williamsburg music venue — once a crown jewel of NYC nightlife — is facing demolition after a year of canceled shows, safety shutdowns, leadership shakeups and bankruptcy filings. Lilah went on the scene to find out what really happened, and what comes next for one of the city's biggest party spaces. Keep watching to see how the Mirage fell apart, and read the full story here: https://bit.ly/4nbROdE

Central Texas sellers are bending to buyer leverage. As fall settles in, Austin-area home sellers are growing more flexible — and buyers are seizing the advantage. According to Unlock MLS, sellers across the Austin–Round Rock–San Marcos region accepted deeper price cuts in September, pushing the close-to-list ratio down to 91.6%, the lowest this year. 📉 Inventory growth slowed, and new listings dropped 5.7% year-over-year, but closings and sales volume both surged — signaling that buyers are back in the game. "Buyers are returning to the market, gaining confidence," said Brandy Wuensch, CEO of Unlock MLS. "Sellers are realizing they need to be flexible if they want to move." While some call it a buyer’s market, Wuensch says it’s "balanced" — with just under six months of inventory heading into fall. 🗞️ Read Isaiah Mitchell's full market breakdown and what it means for buyers and sellers at the link.

New York City did something rare last year: it sent a rent-stabilized landlord to jail. Aron Stark spent eight days on Rikers Island after ignoring court orders to fix hazardous conditions in his Bushwick buildings — broken locks, busted boilers, tenants left to pay the gas bill themselves. The city even stepped in to take control of some of his properties. But more than a year later, tenants say little has changed. Stark’s buildings still have dozens of open violations, and even the city’s own enforcement programs have struggled to make a difference. Read the full investigation at the link.

NEWS: U.S. Immigration and Customs Enforcement (ICE) crackdown chills real estate in Chicago’s immigrant communities, via Caleb McCullough for The Real Deal: https://lnkd.in/gZaiaMQ3 #RealEstate #Chicago

Miami's real estate market is in flux. Where is the next opportunity for success? At The Real Deal Miami Real Estate Forum, happening Nov 5-6 at Mana Wynwood in Miami. 🎫 Learn more & register for tickets: https://bit.ly/4nfsYts Network with 6,000 real estate professionals, discover new leads, and emerge as a true player with access to two days of focused insights from leaders in the market, including: Sam Nazarian, sbe Lifestyle Hospitality Edgardo Defortuna, Fortune International Group Donna Abood, Savills Michael S. Liebowitz, Douglas Elliman Real Estate Guy Gal, Side Grant Cardone, Cardone Capital Kevin Maloney, Property Markets Group Craig Studnicky of ISG World Dawn McKenna, The Dawn McKenna Group Margit Brandt, Margit Brandt Palm Beach Erik Rutter, Oak Row Equities Joe Lubeck, American Landmark Apartments Ralph Choeff, AIA, Choeff Levy Fischman, P.A. Ana Bozovic, Analytics Miami Glennda Baker. Glennda Baker & Associates - Atlanta Real Estate Danny Hertzberg, The Jills Zeder Group at Coldwell Banker Bruce A. Menin, Crescent Heights Alyssa Morgan, INSIDE Network View the full lineup of speakers >>> https://bit.ly/4nW8p6r If you're serious about finding new opportunities and building a robust pipeline for 2026, TRD Forum is the place to be.

Beverly Hills is bracing for another builder’s remedy showdown — this time south of Rodeo Drive. City officials say Max Netty’s Soundview Investment went off-script, filing plans that no longer match the original submission and exceed limits on height and density. But Soundview’s lawyer isn’t backing down, warning that litigation is “highly likely” unless the city reverses course. The standoff comes just weeks after developer Leo Pustilnikov scored a major court win against Beverly Hills over another builder’s remedy project — a ruling that could influence what happens next on Rodeo Drive, and reshape how Beverly Hills handles future housing fights. At the link, Lauren Schram breaks down the brewing legal fight — and what it could mean for California’s most famous ZIP code.

This enemy of developers goes by many names. In New York, it’s called "member deference." Chicago calls it "aldermanic prerogative." Philadelphia has "councilmanic prerogative." Different names, same result: Local politicians with final say over what gets built — or what doesn’t. This unwritten rule has slowed construction, fueled segregation and often, stopped housing projects in their tracks. Now that power is under threat. New York voters will soon decide whether to weaken it, while Chicago’s system faces federal scrutiny. At the link, join Kathryn Brenzel inside the fight over who gets to decide what gets built.