An Asian investor is selling three floors of furnished studio and one-bedroom residential units at the W Downtown Residences in New York City's Financial District for $22 million. The units operate as extended-stay hotel rooms within a mixed-use hotel-condo building, currently master-leased to a short-term rental platform. The building includes rentals, condos, and a hotel with amenities, but has faced construction delays and hotel management issues, including a recent legal dispute over unpaid rent.

The article details the criminal fraud trial of Jared Solomon, a former leasing agent at Vornado who allegedly created fake brokerages to fraudulently charge the company millions of dollars for work not performed, including a digital billboard lease in Times Square. Despite his trusted position and substantial salary increases, Solomon is accused of using stolen funds to support a lavish lifestyle. The trial reveals internal company policies and the failure to detect the fraud earlier, with the defense claiming the brokerages were legitimate but owned by Solomon.

The article discusses the cautious recovery of the industrial real estate sector post-pandemic, highlighting challenges such as overbuilding, declining rents on the West Coast, and difficulties in financing due to power scarcity and NIMBYism. Key industry leaders emphasize the shift towards optimizing warehouse space with robotics and the critical importance of reliable power supply for data centers, with some developers even building their own power plants to meet demand. The discussion also touches on the impact of global trade uncertainties and the focus on strengthening domestic supply chains.

Core Capital and Gaw Capital plan to convert the Oakland Courtyard by Marriott hotel into a 64-unit apartment complex with affordable housing units in Downtown Oakland, California. The project follows a trend of hotel-to-housing conversions in Alameda County due to the pandemic's impact on the hospitality sector and declining tourism. Previous plans to convert the property into a shelter with medical care were withdrawn amid local opposition. The redevelopment will include exterior upgrades and new amenities such as a fitness center, bike parking, and ground floor retail.

Nir Meir, a former HFZ Capital executive, is the sole remaining defendant in a $86 million fraud case involving the XI condo project in New York. While other defendants have pleaded guilty or reached plea deals, Meir has pleaded not guilty and faces serious charges including grand larceny and tax fraud. Prosecutors allege he diverted funds from HFZ's luxury real estate projects for personal use and other HFZ projects. Meir was arrested in Miami and extradited to New York, where he remains under home confinement. If no plea deal is reached, his trial is expected in September 2024.

David MacNeil, founder of WeatherTech, sold a 3.6-acre oceanfront land assemblage in Manalapan, Florida for $105 million, marking the most expensive land sale in Palm Beach County's Manalapan area. The sale highlights Manalapan's growing appeal among ultrawealthy buyers seeking large estates with both beach and Intracoastal Waterway access. MacNeil has been active in luxury real estate transactions in the South Florida region, including recent purchases and sales in Manalapan and Fort Lauderdale.

A $750 million mixed-use development is planned in Mansfield, Texas, featuring an AI-enabled movie studio with sound stages, production offices, parking, luxury condos, retail space, a hotel, and embedded mini data centers. The project aims to boost North Texas's film production industry, create thousands of jobs, and includes workforce development initiatives. The development is supported by local officials and aligns with a broader surge in Texas film investment.

Starwood Capital secured a $1.7 billion refinancing package for a national portfolio of nearly 13,000 affordable rental housing units across 52 properties in 10 states. The 10-year, Freddie Mac-backed loans were arranged by Walker & Dunlop for Starwood Real Estate Income Trust, which acquired the assets from Strata Equity Group in 2021. The portfolio includes multifamily communities in high-growth markets, with some properties being divested, such as a 360-unit complex in Parker, Colorado. The financing aims to support long-term performance and workforce housing.

Two architecture-related firms, Hatfield Group Engineering and Site Works, have leased office space on the 16th floor of GFP Real Estate's 18-story office tower at 307 West 36th Street in Manhattan's Garment District, New York. Hatfield Group secured 4,517 square feet while Site Works took 2,983 square feet, both with private outdoor spaces. These long-term leases reflect ongoing demand for well-located, character-rich office space with strong transit access in Midtown South, where office rents averaged $80.94 per square foot in Q1 2026. The building, originally constructed in 1926 and renovated in 2012, hosts other tenants including fashion and nonprofit organizations.

The U.S. Department of Housing and Urban Development rejected the Chicago Housing Authority's request to waive conflict-of-interest rules for Walter Burnett to serve as CEO, citing his financial ties and recent public office tenure. This decision ends Mayor Brandon Johnson's attempt to install Burnett, amid a power struggle between the mayor's office and the CHA board, which has appointed Keith Pettigrew as CEO. The dispute highlights leadership challenges and resident distrust within the nation's third-largest housing authority as it manages federal housing resources.

Eldridge Industries, a Miami-based company, has signed a lease for approximately 20,000 square feet at 125 West 57th Street, a new 30-story office tower in Midtown Manhattan's Billionaires’ Row, New York City. The building, completed in early 2026, offers premium office space with high-end amenities and views of Central Park. Other tenants include real estate and investment firms as well as a medical equipment company. The lease terms and rent were not disclosed, but rents in the area can exceed $300 per square foot.

7-Eleven is planning to close a net total of 440 store locations in North America this year, with 645 closures offset by 205 openings and some conversions to wholesale fuel stores. This marks a significant reduction in their physical presence, continuing a trend of store closures since before the pandemic, particularly notable in New York City. Despite these closures, 7-Eleven still operates over 13,600 retail stores across the continent, including more than 8,100 with fuel stations. The closures are driven by decreased foot traffic, rising labor and rent costs, and increased competition from regional chains like Wawa and Buc-ee's.

Martin Inderman Development secured $27 million in HUD-backed construction financing through Dwight Capital to build La Ventana at Canyon West Phase II, a 104-unit luxury apartment complex in Lubbock, Texas. The project includes ten three-story buildings with one-, two-, and three-bedroom units and community amenities such as a cornhole area, barbecue courtyard, dog park, and electric vehicle charging stations. The development is located near Texas Tech University and adjacent to the first phase of the project.

Brookfield Properties is at risk of defaulting on a $470 million loan tied to two downtown Houston office towers, One and Three Allen Center, which are part of a larger office complex. The loan, originally maturing in April 2023, has been extended three times. The office towers have seen a decline in occupancy and revenue amid Houston's struggling office market with high vacancy rates. Brookfield invested $150 million in renovations, including updating amenities and converting a hotel within the complex. The troubled office market in Houston continues to face challenges with significant vacant older office space.

Meghan Trainor sold her Encino mansion in Los Angeles for $6.8 million after nearly two years on the market and multiple price reductions. The 14,000-square-foot home features seven bedrooms, 10 bathrooms, a recording studio, tennis court, putting green, and guest house. The sale is subject to Los Angeles' Measure ULA tax, which imposes a 4 percent tax on transactions over $5.4 million. This transaction is among the higher-priced residential sales in the San Fernando Valley area but below the highest sale of $16.4 million in Encino this year.

The workers of 32BJ SEIU, representing nearly 34,000 doormen and residential building service workers in approximately 3,500 co-ops, condos, and multifamily buildings in New York City, have authorized a strike set to begin as early as April 20 due to disputes over health care coverage and wages. Property owners are preparing for service disruptions, including delayed move-ins and residents managing trash themselves. The strike highlights tensions amid rising operating costs and regulatory pressures in the city's residential real estate sector.

A developer has filed plans to build a new six-story, 34-unit residential building in the Kingsbridge Heights neighborhood of the Bronx, New York, replacing an existing two-story multifamily property. Nearby, the long-vacant Kingsbridge Armory is being redeveloped into community-owned commercial condominiums, industrial space, and 450 permanently affordable residential units through a partnership involving developers and a nonprofit coalition. The project aims to foster community ownership and long-term local investment.

Lew Sanders and his wife purchased a $19.4 million condo in the Bristol tower in West Palm Beach, Florida. The condo, unit 1801 at 1100 South Flagler Drive, was bought from Raymond and Linda Golden, who had acquired it in 2018 for $10.4 million. The property is a 5,700-square-foot unit with four bedrooms and 4.5 bathrooms. The Sanders also own a large oceanfront estate in Palm Beach and have been linked to other high-value real estate transactions in the area. The article highlights the rising prices of waterfront condos in West Palm Beach, with some units reaching record prices and developers betting on Flagler Drive becoming a premier luxury location.

Aaron Butler, a Miami Beach-based real estate broker and investor, purchased a vacant site on Lincoln Road for $8.4 million with plans to develop a two-story building featuring a rooftop terrace. The hospitality group Noble 33 will lease the second level and rooftop for its Mēdüzā Mediterranïa restaurant, while a retailer will occupy the ground floor. The project aims to contribute to the revitalization of Miami Beach's Lincoln Road, which has faced challenges from high rents, the pandemic, and competing districts. Construction is expected to begin in summer 2024.

New York City has launched a city-backed insurance program aimed at reducing costs for landlords of rent-stabilized housing, which has faced rising insurance expenses and financial strain due to state legislation limiting rent increases. The program seeks to provide affordable insurance coverage for up to 100,000 homes by 2030, supporting landlords in maintaining affordable housing and potentially easing the city's housing crisis. The initiative has received support from key city agencies and the Real Estate Board of New York.

New York Governor Kathy Hochul has proposed an annual tax on second homes in New York City valued at $5 million or more, targeting luxury condominiums and co-ops. This recurring tax contrasts with the previous one-time transfer tax on expensive home sales and is expected to reduce property values. The tax is politically strategic, as it targets wealthy non-resident owners and supports city budget needs without raising income taxes. Despite opposition from real estate groups, the tax is likely to be embraced by legislators and supported by voters.

Allison Buck has returned to JLL as managing director for the nonprofit, education, and government practice after working at Savills. She will work alongside David Carlos to grow the practice and serve mission-driven organizations. Ella Berckmans, also formerly of Savills, has joined JLL as a senior associate to support business development and client servicing. These hires come amid other leadership changes at JLL, including a new head of New York brokerage and a recent CEO resignation in the Americas leasing advisory business.

The Hamptons residential real estate market on Long Island's East End is experiencing extremely low inventory, particularly for luxury turnkey properties, leading to fewer transactions despite rising prices. The market is cyclical, with many prime oceanfront estates rarely changing hands except under exceptional circumstances. In 2025 and early 2026, high-end sales surged, with record median prices and significant deals, although some sales were delayed from the previous year. Market uncertainty, including geopolitical tensions, may impact future sales, but brokers remain optimistic about demand for reasonably priced homes in this affluent area.

The article highlights notable real estate transactions in South Florida, including a $19 million office property sale in Miami and several high-value residential sales in Miami Beach and Wellington, featuring waterfront homes and an equestrian estate. It also notes a decline in U.S. commercial real estate transaction volume in February, with a 13% year-over-year drop but a 21% increase over the past 12 months.

The article reports on significant real estate transactions in New York City, highlighting a $450 million multifamily portfolio sale and several high-value residential sales including co-ops and condos in Lenox Hill, Chelsea, the Financial District, and the Bronx. It also notes a decline in U.S. commercial real estate deal volume in February, though the annual volume increased by 21%.

New York City Mayor Zohran Mamdani plans to introduce a city-backed property and liability insurance program aimed at reducing soaring insurance costs for owners of rent-stabilized and affordable housing. The initiative, led by several city agencies, seeks to lower insurance expenses by 20-30% for participating landlords, thereby freeing up funds for repairs and new housing development. The program aims to insure 20,000 homes by 2027 and 100,000 by 2030, addressing the disproportionate rise in insurance costs that have become a major burden for affordable housing providers in New York City.

New York City Mayor Zohran Mamdani announced a plan to create a publicly-backed insurance option aimed at reducing property and liability insurance costs for rent-stabilized and affordable housing landlords. The program, expected to launch by 2027, will leverage the city's lower cost of capital to offer premiums 20 to 30 percent below market rates, potentially saving landlords and the city significant expenses. The initiative seeks to address rising insurance costs that have burdened affordable housing operators and to stabilize the housing market ahead of a proposed rent freeze. The program aims to cover up to 100,000 units by 2030 and is supported by various housing organizations and landlord groups in New York City.

Damac International purchased the site of the collapsed Champlain Towers South condo in Surfside, Florida, planning a luxury 15-story condo project with 37 units. Despite launching sales in early 2025 and opening a sales gallery, no units have been sold due to factors including delayed gallery opening, market timing, and cautious buyers. The project, Damac's first in the U.S., faces a learning curve compared to its Dubai operations but remains on track to open by 2029 with significant investment planned.

Boston City Councilors proposed eliminating off-street parking minimums for new residential construction to reduce housing costs and encourage development amid a housing affordability crisis. The amendment aims to replace rigid parking requirements with flexible policies, following similar moves by neighboring cities and others nationwide. The change is expected to support housing production by lowering development costs and making Boston more attractive to developers.

OpenAI has paused or canceled several high-profile data center projects under its Stargate initiative, including sites in Norway, the UK, and Texas, due to regulatory, energy cost, and financing challenges. The company is tempering its aggressive infrastructure spending amid investor concerns ahead of its planned IPO by 2027. While some projects have been leased to Microsoft and Google, OpenAI continues to develop other data centers in various U.S. locations. The initiative, originally pitched as a massive investment in AI infrastructure, is now facing leadership departures and a strategic slowdown.

The article discusses the anticipated impact of the 2026 FIFA World Cup on the U.S. hospitality industry, highlighting that hotel demand in U.S. host cities is tracking below initial optimistic projections due to factors such as high ticket prices, visa restrictions, and increased airfare costs. While some cities like Miami show moderate booking levels, overall group demand has fallen short, and FIFA has canceled many hotel room blocks. Despite these challenges, the event is still expected to generate significant transient travel and elevated hotel rates, particularly during key match dates, though the overall revenue growth is projected to be modest compared to previous tournaments.

The article reports on several high-value residential real estate transactions in Beverly Hills, California, including the $17 million sale of a 7,000-square-foot home on North Arden Drive and other notable sales such as a $41.3 million home on Benedict Canyon Drive and a $47 million mansion on Calle Vista Drive. These sales highlight Beverly Hills as a hotspot for luxury residential property deals in Los Angeles County.

Oakland's office market is showing early signs of stabilization after years of decline, driven by renovated Class B office buildings attracting tenants seeking affordability over prestige. Positive net absorption and decreased vacancy rates indicate a tentative recovery, with leasing activity focused on smaller, flexible leases. Capital markets activity has increased, with notable property transactions resetting valuations and drawing new leasing strategies. Despite ongoing challenges, the market is viewed as having strong fundamentals and attractive pricing, signaling a potential long-term office recovery in Oakland.

In the first quarter of the year, investors made significant retail property acquisitions in South Florida, particularly in Palm Beach County. Major transactions included the $200 million purchase of the Esplanade at 150 Worth Avenue in Palm Beach by Reuben Brothers and Crown Onyx, and several other shopping center deals in Margate, Boca Raton, Delray Beach, Miami, Hialeah, and Coral Springs. These deals reflect strong investor interest and notable price appreciations in retail real estate within the region.

Home repair costs in California, particularly in and around Los Angeles, have increased significantly due to the impact of wildfires in early 2025. The highest cost hikes were seen in Los Angeles, San Fernando, Simi Valley, Ventura County, Santa Barbara County, San Bernardino, and Orange County. These increases are driven by heightened demand for labor, supplies, and permits related to wildfire reconstruction, affecting homeowners and developers statewide and leading to higher home insurance rates.

Grand & Co., a New York-based brokerage, filed a class-action lawsuit against CoStar Group accusing it of monopolizing the online commercial real estate listing market and engaging in anticompetitive practices that harm brokers. The lawsuit alleges CoStar controls about 80% of the market, imposes costly subscription requirements, and coerces major brokerages into exclusive deals. CoStar denies these claims, citing competition from platforms like Crexi. The case highlights ongoing legal battles over market dominance in commercial real estate listings.

Boca Raton city council is advancing legislation requiring voter approval for any future deals involving city-owned land larger than half an acre, following voter rejection of a mixed-use development project called One Boca. The council also voted to create a task force to determine improvements for the former One Boca site and other city properties, including Memorial Park and city hall. The move reflects a shift toward greater public involvement in land use decisions after the recent election brought in candidates opposing the previous pro-development stance.

Apollo Global Management has signed a 10-year lease for 50,000 square feet of office space at 590 Madison Avenue in New York City, covering the 14th and 15th floors. This lease is part of Apollo's effort to consolidate its New York City employees within the RXR-owned building, which was acquired by RXR in 2025 for nearly $1.1 billion. The building, known as the IBM Building, is a 43-story office tower with other financial tenants. The asking rent is reported to be above $120 per square foot, higher than the Midtown Plaza District average.

Crescent Energy is expanding its office presence in downtown Houston by planning a $26.9 million buildout of approximately 75,000 square feet across three floors in the 609 Main at Texas skyscraper. This move follows a recent lease of 125,000 square feet in the same building and reflects the company's growth through major acquisitions and leadership additions. The investment underscores a trend of energy firms in Houston's energy corridor committing to high-end office spaces despite hybrid work challenges.

Lion Development Group and Marc Roberts are seeking to sell a 6.6-acre development site in downtown Miami/Park West for $500 million. The site allows for up to 4.8 million square feet of mixed-use development, including 3,300 residential and hotel units, with potential expansion to 10 million square feet and 6,600 units under the Live Local Act. The property is near major infrastructure projects like the Interstate 395 signature bridge and Miami Worldcenter. The sale would approach South Florida's record urban land deal price, highlighting Miami's active real estate market.

New York State is considering a pied-à-terre tax on non-primary residences valued above $5 million, targeting luxury one- to three-family homes, condominiums, and co-ops in New York City to raise $500 million. The tax aims to address budget deficits and housing affordability but faces mixed reactions from officials and real estate groups, with concerns about its effectiveness and impact on the housing market and construction jobs. Supporters argue it will generate needed revenue for public services and infrastructure, while opponents warn it could stifle investment and economic growth.

Sumitomo Mitsui Banking Corp. is finalizing plans to sublease 200,000 square feet of office space at 301 South College in Charlotte, North Carolina, establishing its second U.S. headquarters. The company will invest over $50 million and is eligible for $70 million in state incentives. The building, formerly Wells Fargo's East Coast headquarters, is a 42-story office tower. This move is part of a broader trend of financial and fintech firms expanding in Charlotte due to its skilled workforce.

eBay is closing its 30,000-square-foot office at 300 Mission Street in San Francisco and relocating staff to its San Jose headquarters at 2025 Hamilton Avenue. The closure is scheduled for September 30, with no layoffs expected. The building at 300 Mission has seen multiple tenant departures, including AutoDesk and Glassdoor, reflecting a trend toward remote and hybrid work. Paramount Group, the building owner, has multiple office properties in San Francisco and New York and is currently under investigation by the SEC for corporate governance issues.

Chicago's Magnificent Mile is experiencing a reshuffling of flagship retail tenants, with Levi Strauss relocating to a new store and Nike considering downsizing and moving to a smaller space. This reflects a national trend of brands opting for more efficient, high-impact stores. The area is seeing increased leasing momentum, rising rents, and a shift toward experience-driven tenants to boost foot traffic. There is also potential for redevelopment of the Nike Town site into a high-rise residential tower, though no formal plans have been made.

Realtors' associations in San Antonio and Texas' Hill Country plan to merge, following a national trend of consolidating Multiple Listing Services (MLS) and local boards. The San Antonio Board of Realtors (Sabor) will join with the Four Rivers Association of Realtors (Frar), expanding their footprint and improving services such as professional development and advocacy. The merger aims to streamline MLS access and benefit members, though concerns about geographic competency remain. Texas has seen significant MLS consolidation recently, reducing the number of local associations and MLSs.

The Phoenix metro area is experiencing significant growth in the hotel sector, with projections to open 3,650 new hotel rooms across 22 properties in 2026, driven by strong demand and development near major projects like the Taiwan Semiconductor Manufacturing Co. campus. Despite rising construction costs, developers are innovating by combining hotels with residential, retail, and entertainment venues such as sports stadiums. Large mixed-use developments and new hotel approvals near key institutions like the Mayo Clinic further highlight the robust hospitality expansion in Phoenix.

Austin’s Red River Cultural District is implementing a five-year strategy called “Soundtrack to the Future” to preserve its live music scene amid construction disruptions and rising costs. The plan includes physical upgrades, tenant support measures like low-interest loans and tax abatements, increased daytime programming, and partnerships with local hotels. Challenges include infrastructure projects, financial strain on small businesses, and safety perceptions, with efforts also focusing on internal growth and possibly repurposing a vacant retail property as a community anchor.

The article discusses the sale of a $140 million loan backing a 306,000-square-foot office building at 700 Sixth Street NW in downtown Washington, D.C., near Capital One Arena. The property, 79 percent leased with major tenants Monumental Sports Network and Eversheds Sutherland, faces a loan maturity in two months, signaling potential distress in the D.C. office market. Recent sales of distressed office properties at steep discounts have attracted opportunistic buyers, including Matthew Jemal, who has acquired nearly 600,000 square feet across four urban office buildings for $89.3 million.

The former Hillsborough estate of Bing Crosby, a French chateau-style mansion built in 1929 and located in one of the Bay Area's most exclusive neighborhoods, has been relisted for about $29 million after extensive $3 million renovations by current owners. The 13,635-square-foot home features 11 bedrooms, multiple baths, and preserved historical details including antiques and architectural elements. The property highlights the blend of Hollywood history, architectural significance, and modern luxury in the San Francisco Bay Area. The owner, Mehrdad Elie, is known for luxury home redevelopment in Hillsborough.

On Location LA has signed a lease for approximately 108,000 square feet at 445 South Figueroa Street in Downtown Los Angeles to establish its regional headquarters ahead of the 2028 Olympic and Paralympic Games. The lease, negotiated by CBRE on behalf of Washington Capital Management, marks the largest new office transaction in the downtown market since late 2024. Washington Capital manages the property, which was purchased for $80 million by Southwest Carpenters Pension Trust. The deal reflects growing demand for office space in Los Angeles as the city prepares for major global events.

Resilience Healthcare faces eviction notices totaling $24.5 million in back rent for West Suburban Medical Center and Weiss Memorial Hospital in Illinois, amid a legal dispute between its majority and minority owners. The hospitals have closed or reduced services due to financial and operational difficulties. The minority owner, who owns the buildings, is pushing for eviction, while the majority owner disputes the eviction based on lease terms requiring 90 days' notice and good faith rent negotiations. West Suburban's Oak Park campus has begun reopening some clinics following the lawsuit filed by the majority owner.

In 2025, national banks and private debt funds increased their share of commercial real estate lending, with national banks raising their market share to 12% and investor-driven lenders, including debt funds, growing to 14%. Government agencies and CMBS lenders reduced their lending shares. Investor-driven lenders are the most aggressive, offering higher loan-to-value ratios and larger loan sizes, particularly dominating construction financing with 34% of loans. This shift reflects changing risk-reward dynamics in CRE financing, with debt outperforming equity despite high capital costs limiting deal volume.

The article discusses President Donald Trump's threats to fire Federal Reserve Chairman Jerome Powell if he does not resign at the end of his term, amidst a Department of Justice investigation into the Fed's under-construction headquarters renovation. The investigation centers on allegations that Powell misled Congress about the project's scope and delays. The article also covers the political and legal complexities surrounding the potential firing of Fed governors, including ongoing Supreme Court deliberations on the matter.

The article discusses President Donald Trump's threats to fire Federal Reserve Chairman Jerome Powell if he does not resign at the end of his term, amidst a Department of Justice investigation into the Fed's under-construction headquarters renovation. The investigation centers on allegations that Powell misled Congress about the project's scope and delays. The article also covers the political and legal complexities surrounding the potential firing of Fed governors, including ongoing Supreme Court deliberations on the issue.

The article discusses recent real estate policy developments in New York, including Governor Kathy Hochul's push for a pied-à-terre tax targeting high-value second homes in New York City, a proposed teardown tax charging landlords $10,000 for demolishing apartments without adding new units, and the introduction of new city-backed tools to help building owners comply with Local Law 97 on emissions reductions. The pied-à-terre tax aims to generate significant revenue to address the city's budget gap but faces strong opposition from the real estate industry. The teardown tax seeks to preserve existing housing stock by discouraging unnecessary demolitions. Additionally, the city launched a concierge-style service to assist co-ops, condos, and property managers with green retrofit projects. The article also touches on other local housing and energy initiatives in New York.

New York Governor Kathy Hochul proposed a new annual tax surcharge on second homes in New York City valued at $5 million or more, aiming to raise $500 million in revenue to help close the city's budget deficit. The tax targets ultra-wealthy owners of luxury residential properties, including high-profile condos and penthouses, and is seen as a compromise between the governor and Mayor Zohran Mamdani. While supporters argue it will help balance the budget, real estate industry leaders warn it could drive away wealthy buyers, reduce property values, and harm the housing market and economy. The proposal has sparked debate about its potential impact on luxury residential real estate and the city's tax base.

Trinity Christian College in Palos Heights, Illinois, is set to close after the 2025-2026 academic year due to financial challenges and declining enrollment. The 60-acre campus, including academic buildings, residence halls, and parking, is listed for sale with CBRE, attracting interest from residential developers and institutional users. Potential redevelopment options include mixed-use, residential, medical, or recreational projects, with a sale possibly closing by September. The closure reflects a broader trend of small college shutdowns in the Midwest.

New York State Comptroller Thomas DiNapoli is urging eXp Realty shareholders to reject the company's plan to move its incorporation from Delaware to Texas, citing ongoing sexual assault allegations and shareholder lawsuits that question the brokerage's internal culture and accountability. The move to Texas, seen as a more favorable legal jurisdiction, follows multiple lawsuits alleging misconduct by former agents and criticism of the company's handling of these issues. A shareholder vote on the reincorporation is scheduled, with DiNapoli emphasizing the need for investor accountability.

New York Governor Kathy Hochul has approved a new pied-à-terre tax targeting second homes valued above $5 million in New York City, aiming to generate $500 million annually to address a budget shortfall. The tax applies to one-to-three-family homes, condominiums, and co-ops owned by non-primary residents, focusing on wealthy individuals using real estate for wealth storage. The policy has sparked debate among city officials and real estate groups, with alternatives and past proposals considered to balance fiscal needs and housing market impacts.

The Housing Authority of Cook County is expanding its office lease at 10 South LaSalle Street in Chicago's Loop, doubling its space despite the building being in receivership following a $105 million foreclosure lawsuit against landlord Feil Organization. The 37-story office tower, appraised at just over $30 million, faces financial distress with a non-performing loan and no buyer in sight. This expansion reflects a trend of nonprofit and government agencies occupying discounted office spaces in distressed Loop properties amid a challenging commercial real estate market.