U.S. Attorney Breon Peace in Brooklyn said the two, both naturalized US citizens, enticed their victims to invest in a series of fake businesses, including a sham real estate investment, while making illegal donations to campaigns.
The state will sell development rights to private developers and collect payments-in-lieu-of-taxes, known as PILOTs, on newly constructed and environmentally friendly office and residential buildings.
A bid/ask gap has emerged between buyers and sellers and real estate investors attempt to navigate the shifting economic climate.
Exclusive research shows that investors expect rising interest rates and other pressures to push cap rates up over the next 12 months.
Ortega’s holding firm Pontegadea has reached an accord to acquire the 64-floor luxury apartment complex for about $500 million. The building was sold by Carmel Partners.