The Real Deal - New York Real Estate News

In an attempt to reverse decades of economic decay and attract investment, a city outside Pittsburgh is dangling a major incentive on its vacant homes. Monessen Mayor Matt Shorraw said his administration will wipe out back taxes on properties if a new owner commits to cleaning them up and renovating, according to the Wall Street Journal. The Pennsylvania city has so far managed to find owners — about half of whom are investors — for

Credit Suisse Group AG is partnering with investment firm MARK on a European rental investment venture called DOMA. The partners aim to raise an initial 350 million euros for the fund, the equivalent of $414 million, according to Bloomberg. DOMA is targeting single-family homes and small multifamily buildings and wants to eventually acquire a portfolio worth 1 billion euro. The platform was seeded with 700 units across Europe. DOMA is being led by MARK Chief

London fire officials say more than a thousand buildings in the British capital are now unsafe in the event of a fire, with a large majority of those suffering from the same problem that contributed to the deadly Grenfell Tower blaze. London Fire Brigade, the city’s fire and rescue service, recently added 39 buildings to its list of structures with fire safety defects, bringing the total to just over 1,000 structures, according to Property Week.