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Real Estate News

How do you think consumers will respond to VOWs or Virtual Office Web sites?


The Real Deal is looking for your feedback on market-related issues. Click here to see a video where VOWs are addressed as well as here for a story about A.C. Lawrence's new VOW. Please comment below. If you have questions you'd like posted, please e-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it .


City to allocate $31M more to AY land seizure


City Council member Letitia James and a rendering of the Barclays Center at Atlantic Yards
The city is handing over an additional $31 million to assist Bruce Ratner in buying land for his Atlantic Yards project, according to the New York Daily News. The additional funding was granted in an updated funding agreement signed in October, on top of the $100 million that the city already gave the developer. The $31 million, however, won’t come from taxpayers, but will be taken from a separate fund that was originally allocated for infrastructure in the neighborhood surrounding Atlantic Yards. Even so, City Council member Letitia James has called foul, claiming that the city’s allocation of funds is fancy accounting footwork. “It’s a government Ponzi scheme,” James said. “I’m offended because they’re using public funds to seize homes and businesses.”


W Union Square senior lender to foreclose

The W New York - Union Square hotel, which was acquired from Dubai's Istithmar in a foreclosure auction last month by private equity fund LEM Mezzanine, isn't finished working through its financial woes. DekaBank, a senior lender with a $60 million mezzanine loan on the property, is planning to hold a foreclosure auction March 24, the Post reported. Istithmar acquired the 270-room hotel at 201 Park Avenue South for $285 million in 2006. An additional $115 million senior loan on the property is current. [Post, 3rd item]