The Real Deal - New York Real Estate News

2 Hong Kong resi towers to be demolished over defects

Posted: 10 Jul 2021 11:00 AM PDT

New World Development Company will demolish two residential towers at its popular Pavilia Farm complex in Hong Kong over construction defects. The developer announced it would tear down and rebuild blocks 1 and 8 at Pavilia Farm III, according to Bloomberg. The company said that some concrete sections of the buildings were weak and did not meet design requirements. The move comes after the June 24 partial collapse of Champlain Towers South condo development near

Phillip Morris sells sprawling Marlboro Ranch to resort operator

Posted: 10 Jul 2021 09:00 AM PDT

Cigarette maker Philip Morris USA has sold its sprawling Marlboro Ranch property in Montana after more than two decades of ownership. The cigarette-maker, which is owned by Altria Group, bought the 18,000-acre ranch in 1999, according to the Wall Street Journal, which first reported the sale. A price was not given. The buyer was Lone Mountain Land Co., a private equity firm that owns other resorts in the state, including the Yellowstone Club in Big

Cardinal, broker indicted in real estate deal that cost Vatican millions

Posted: 10 Jul 2021 06:00 AM PDT

A cardinal was among the 10 people indicted for their alleged role in a failed London real estate investment that lost the Vatican millions of euros. In addition Cardinal Angelo Becciu, four other Vatican officials were charged, along with two Secretariat of State officials and a broker, according to the Associated Press. The broker, Gianluigi Torzi, allegedly extorted the Vatican for nearly $18 million, in a deal to hand over a London property at 60