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.
A bid/ask gap has emerged between buyers and sellers and real estate investors attempt to navigate the shifting economic climate.
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.
Some buyers are trying to renegotiate prices, but a net result of recent moves could be a tightening in the spread between multifamily cap rates and yields on 10-year Treasuries.