?? The industry was blindsided by Howard Lutnick’s announcement that a second Trump administration would seek to end EB-5 and replace it with a $5 million "golden visa."
?? Charles Cohen suffered a major legal blow when he lost his appeal to block Fortress Investment Group from collecting on a $187 million personal guarantee tied to his $534 million loan default.
?? Lutnick also raised eyebrows last week after he named his 28- and 27-year-old sons to leadership roles at Cantor Fitzgerald and Newmark.
??? Model Karolina Kurkova and her husband, broker Archie Drury, are suing the Fisher Island Club, alleging its board illegally expelled them and engaged in intimidation tactics.
?? A rent-stabilized building in East Harlem sold for $285,000 — a staggering 97 percent drop in value from its last sale price of $8.8 million in 2016.
?? San Francisco Mayor Daniel Lurie is mandating that city employees work in-office at least four days a week by April 28, aiming to end widespread hybrid schedules.
Trump claims the new visa would help pay off the federal deficit, but industry leaders expressed doubts given the financial and regulatory hurdles for foreign investors.
- Lutnick argued that the program, once referred to as the “crack cocaine” of real estate financing, is rife with “make-believe and fraud.”
- Nicholas Mastroianni of the U.S. Immigration Fund, one the largest EB-5 regional centers in the U.S., said the $5 million visa is “not reality.”
- Despite the doubt over Trump’s golden visa, industry insiders are more concerned about what the plan means for EB-5’s future.
With the latest ruling, Fortress is poised to seize the real estate mogul’s assets — including properties, cash and potentially luxury items he allegedly transferred to family trusts.
- The lender has already taken control of key properties in the largest UCC foreclosure ever, including a U.K. movie theater chain, Florida design center and a Westchester development site.
- Fortress also claims Cohen moved assets, including a $20 million Greenwich mansion and $50 million worth of yachts, to shield them from collection.
- While further appeals are still on the table for Cohen, Fortress has him up against a wall. One source familiar with the case put it bluntly: “He Thelma and Louise’d himself.”
Brandon Lutnick was appointed chairman of Cantor Fitzgerald, while Kyle Lutnick became executive vice chairman and joined Newmark’s board.
- Industry insiders view the moves as largely symbolic, as Lutnick loyalists like Barry Gosin and legal chief Stephen Merkel were elevated to key positions to maintain the status quo.
- Newmark’s stock barely reacted to the shakeup, likely due to the continued skepticism over the company’s complex ownership structure and Lutnick’s tight grip through super-voting shares.
- If the brothers’ ages weren’t enough, the news that Kyle Lutnick had moonlighted as a hip-hop artist definitely fueled debate over whether the next generation can earn respect in the industry.
The lawsuit claims two board members, both tied to Douglas Elliman, used their positions for personal gain, including steering brokerage deals on a prime development site.
- The couple, who own six condos on the exclusive island, say they were unfairly targeted after Drury left Elliman and that the board operates under invalid bylaws.
- Fisher Island Club denied the claims, calling the couple “disgruntled former members” and accusing them of attempting to defraud the club.
- The case brings up concerns over the unchecked power of private club boards in Florida, with Kurkova’s team calling for state intervention to protect property rights.
The sale signals deep distress in New York’s rent-stabilized market, which has been hammered by the state’s 2019 rent law limiting landlords’ ability to raise rents.
- The 29-unit property at 312 East 106th Street traded for just $9,827 per unit, far below the 2024 market average of $110,694 per unit for similar buildings.
- The building was previously owned by Isaac Kassirer’s Emerald Equity Group but ended up in the hands of lender Mack Real Estate after signs of financial and structural collapse.
- The city sued the building owner in 2022 over unpaid relocation costs for tenants after the property was deemed unsafe, and it still has 114 open violations.
The move could provide a much-needed boost to downtown businesses, particularly in struggling areas like Civic Center and Mid-Market, where retail sales tax revenue remains down.
- The directive affects roughly 30 percent of city workers still working remotely part of the week, primarily in roles like IT, accounting and legal services.
- The stronger stance on in-person work, which the mayor’s office says is crucial for government operations and public service, comes a month after the city’s head of HR brought up increasing in-office attendance without many specifics.
- Down in Los Angeles, city agencies are awaiting word from Mayor Karen Bass, who has said almost nothing publicly about remote work more than a year into her administration.
Do you think Trump’s “golden visa” will be a success? Keep reading TheRealDeal.com to find out.
