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NEW YORK, NY According to Savills Studley chairman & CEO Mitchell Steir, the firm has appointed Mitchell Rudin to serve as its next president, succeeding Michael Colacino who is stepping down at the end of this year after 27 years.

Flushing, NY David Scharf, litigation partner and chair of the real estate restructuring and finance practice at Morrison Cohen LLP, and USTA Foundation board member, joined celebrities who turned out in force to show their support at the USTA Foundation Gala, which marked the opening night of the 2018 US Open.

If you have listened to any of the REIT webcasts for second Quarter Earnings Call this past month, the dominant question of the analysts who cover the publicly traded REITs was how much the continued development of new facilities is going to affect the performance of their existing stores?

Buried in the 185-page Congress Bill 115 lies Section 13823, establishing Opportunity Zones for the poorest urban, suburban, and rural census tracts in the United States. Opportunity Zones are defined as a census tract with an individual poverty rate of at least 20% and a median family income no greater than 80% of area median income (AMI). As a part of this year’s tax overhaul, Opportunity Zones provide a powerful investment vehicle that benefit both investors as well as the communities in which they invest. This massive initiative that has been undertaken by the federal government takes a free market approach, a novel tactic that uses investor capital rather than federal funds. 

Compared to other Northern Manhattan neighborhoods, most investment properties in Washington Heights and Inwood have consistently traded at a discount. Almost every investor and real estate professional has a theory as to why, with their reasons ranging from the area being too removed from prime Manhattan, to sub-par retail and outdated zoning.  

New York, NY According to Meridian Capital Group, Adam Hakim, senior managing director, James Murad, senior vice president, and Andrew Iadeluca, director, have joined the firm to focus on arranging financing for acquisition, construction and repositioning transactions.

New York, NY HKS Capital Partners LLC arranged the following four transactions totaling $16.9 million:

Brooklyn, NY Fried, Frank, Harris, Shriver & Jacobson LLP acted as counsel to Extell Development Co. in connection with its  $530 million mortgage and mezzanine financing for Brooklyn Point, a 68-story residential tower.