NYC Buildings in Midtown, SoHo Are Going Up for Sale by SL Green
The landlord hired brokerage Eastdil Secured to market 110 Greene St., a SoHo office building with a Balenciaga store, and 690 Madison Ave., a property just one block from Central Park that houses jeweler Van Cleef & Arpels, according to marketing materials viewed by Bloomberg.
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South Korean President Lee will travel to Washington for Aug. 25 meeting with Trump
SEOUL, South Korea (AP) — South Korea's new President Lee Jae Myung will travel to Washington later this month to meet with U.S. President Donald Trump, Lee's office said Tuesday, for talks on trade and defense cooperation in the face of nuclear-armed North Korea and other threats. Their Aug. 25 summit will follow a July trade deal in which Washington agreed to cut its reciprocal tariff on South Korea to 15% from the initially proposed 25% and to apply the same reduced rate to South Korean cars, the country's top export to the United States. South Korea also agreed to purchase $100 billion in U.S. energy and invest $350 billion in the country, and the leaders could use their meeting to discuss expanding cooperation in key industries such as semiconductors, batteries and shipbuilding, Lee's spokesperson Kang Yu-jung said. The meeting also comes amid concerns in Seoul that the Trump administration could shake up the decades-old alliance by demanding higher payments for the U.S. troop presence in South Korea and possibly move to reduce it as Washington shifts more focus on China. Lee and Trump will discuss strengthening the allies' defense posture against growing North Korean threats, and also developing the partnership into a 'future-oriented, comprehensive strategic alliance' to address the changing international security and economic environment, according to Kang, who didn't elaborate on the specific issues to be addressed. Dating back to his first term, Trump has regularly called for South Korea to pay more for the 28,500 American troops stationed on its soil. Recent comments by key Trump administration officials, including Undersecretary of Defense Elbridge Colby, have also suggested a desire to restructure the alliance, which some experts say could potentially affect the size and role of U.S. forces in South Korea. Under this approach, South Korea would take a greater role in countering North Korean threats while U.S. forces focus more on China, possibly leaving Seoul to face reduced benefits but increased costs and risks, experts say. The Associated Press Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
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13 minutes ago
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Dodgers star Shohei Ohtani and agent accused of sabotaging $240M Hawaii real estate project
A Hawaii real estate investor and broker are suing Shohei Ohtani, claiming the Los Angeles Dodgers star and his agent got them fired from a $240 million luxury housing development on the Big Island's coveted Hapuna Coast that they brought him in to endorse. According to the lawsuit filed in Hawaii Circuit Court on Friday, Ohtani's agent, Nez Balelo, increasingly demanded concessions from developer Kevin J. Hayes Sr. and real estate broker Tomoko Matsumoto before demanding that their business partner, Kingsbarn Realty Capital, drop them from the deal. 'Balelo and Otani, who were brought into the venture solely for Otani's promotional and branding value, exploited their celebrity leverage to destabilize and ultimately dismantle Plaintiffs' role in the project — for no reason other than their own financial self-interest,' the lawsuit claims. The suit accuses Ohtani and Balelo of tortious interference and unjust enrichment. Hayes, a developer with 40 years of experience, and Matsumoto, who was to be the listing agent for the houses averaging $17.3 million each, say that Ohtani and Balelo also tried to undermine their interests in a second, neighboring venture. A spokesman for Balelo's agency, CAA Baseball, declined comment. Attempts to reach Kingsbarn officials for comment were not immediately successful. 'This case is about abuse of power,' the lawsuit says. 'Defendants used threats and baseless legal claims to force a business partner to betray its contractual obligations and strip Plaintiffs of the very project they conceived and built. 'Defendants must be held accountable for their actions, not shielded by fame or behind-the-scenes agents acting with impunity. Plaintiffs bring this suit to expose Defendants' misconduct and to ensure that the rules of contract, fair dealing, and accountability apply equally to all — celebrity or not.' Ohtani, 31, arrived from Japan in 2018 as perhaps the most heralded international star in baseball history, with an ability to both pitch and hit that made him doubly valuable to his team. A five-time All-Star and three-time Most Valuable Player, he signed a record 10-year, $700-million contract with the Dodgers before last season and helped the team win the 2024 World Series. Investment materials for The Vista at Mauna Kea Resort, which remained online on Monday night, listed Hayes and Matsumoto as part of the management team, along with Kingsbarn. It called Ohtani 'Japan's Babe Ruth' and the '1st Resident,' giving him top billing ahead of the iconic Mauna Kea Resort, 'one of the most celebrated hotels in Hawaii,' Hapuna Beach, 'rated the #1 beach in America by Conde Nast Traveler' and two golf courses – one designed by Arnold Palmer, the other by Robert Trent Jones Sr. 'Ohtani will act as the celebrity spokesperson for the project and has committed to purchasing one of the 14 residences within the project,' the brochure says. 'He also intends to spend significant time at The Vista in the off-season and will construct a small hitting and pitching facility for preseason training." The suit says the developers spent 11 years working on the deal and 'as part of a bold marketing strategy' signed an endorsement deal in 2023 with Ohtani, 'one of the most high-profile endorsements imaginable." 'This partnership with Ohtani will elevate the demand and create buzz within the Japanese luxury vacation home market, which is a primary target audience for the project," the investment brochure said. 'We see Shohei Ohtani's homeownership as having a significant impact on the global exposure of the project and expect to accelerate the pace of sales, thereby helping us achieve our pricing objectives.' The suit said Balelo 'quickly became a disruptive force,' threatening to pull Ohtani from the deal if concessions weren't made. 'Kingsbarn began capitulating to Balelo's every whim,' the suit said. 'Over time, it became increasingly obvious that Kingsbarn was more concerned about preserving its relationship with Otani than honoring its obligations to its business partners.' Last month, in what the suit called 'a coordinated ambush,' Kingsbarn fired Hayes and Matsumoto. 'Kingsbarn openly admitted during the call that Balelo had demanded the terminations and that they were being done solely to placate him,' the suit said. 'Plaintiffs stand to lose millions of dollars in compensation tied to projected homebuilding profit, construction management fees, and broker commissions.' ___ AP MLB: Jimmy Golen, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Trump signs order to extend China tariff truce by 90 days
US President Donald Trump on Monday ordered a delay in the reimposition of higher tariffs on Chinese goods, hours before a trade truce between Washington and Beijing was due to expire. The White House's halt on steeper tariffs will be in place until November 10. "I have just signed an Executive Order that will extend the Tariff Suspension on China for another 90 days," Trump wrote on his Truth Social platform. The truce on steeper levies had been due to expire Tuesday. While the United States and China slapped escalating tariffs on each other's products this year, bringing them to prohibitive triple-digit levels and snarling trade, both countries in May agreed to temporarily lower them. As part of their May truce, fresh US tariffs targeting China were reduced to 30 percent and the corresponding level from China was cut to 10 percent. Those rates will now hold until November -- or whenever a deal is cut before then. Around the same time that Trump confirmed the new extension, Chinese state media Xinhua news agency published a joint statement from US-China talks in Stockholm saying it would also extend its side of the truce. China will continue suspending its earlier tariff hike for 90 days starting August 12 while retaining a 10-percent duty, the report said. It would also "take or maintain necessary measures to suspend or remove non-tariff countermeasures against the United States, as agreed in the Geneva joint declaration," Xinhua reported. In the executive order posted Monday to its website, the White House reiterated its position that there are "large and persistent annual US goods trade deficits" and they "constitute an unusual and extraordinary threat to the national security and economy of the United States." The order acknowledged Washington's ongoing discussions with Beijing "to address the lack of trade reciprocity in our economic relationship" and noted that China has continued to "take significant steps toward remedying" the US complaints. - Trump-Xi summit? - "Beijing will be happy to keep the US-China negotiation going, but it is unlikely to make concessions," warned William Yang, an analyst at the International Crisis Group. He believes China sees its leverage over rare earth exports as a strong one, and that Beijing will likely use it to pressure Washington. US-China Business Council president Sean Stein said the current extension is "critical to give the two governments time to negotiate an agreement" providing much-needed certainty for companies to make plans. A trade deal, in turn, would "pave the way for a Trump-Xi summit this fall," said Asia Society Policy Institute senior vice president Wendy Cutler. But Cutler, herself a former US trade official, said: "This will be far from a walk in the park." Since Trump took office, China's tariffs have essentially boomeranged, from the initially modest 10 percent hike in February, followed by repeated surges as Beijing and Washington clashed, until it hit a high of 145 percent in April. Now the tariff has been pulled back to 30 percent, a negotiated truce rate. Even as both countries reached a pact to cool tensions after high level talks in Geneva in May, the de-escalation has been shaky. Key economic officials convened in London in June as disagreements emerged and US officials accused their counterparts of violating the pact. Policymakers met again in Stockholm last month. Trump said in a social media post Sunday that he hoped China will "quickly quadruple its soybean orders," adding this would be a way to balance trade with the United States. China's exports reached record highs in 2024, and Beijing reported that their exports exceeded expectations in June, climbing 5.8 percent year-on-year, as the economic superpower works to sustain growth amid Trump's trade war. Separately, since returning to the presidency in January, Trump has slapped a 10-percent "reciprocal" tariff on almost all trading partners, aimed at addressing trade practices Washington deemed unfair. This surged to varying steeper levels last Thursday for dozens of economies. Major partners like the European Union, Japan and South Korea now see a 15-percent US duty on many products, while the level went as high as 41 percent for Syria. The "reciprocal" tariffs exclude sectors that have been targeted individually, such as steel and aluminum, and those that are being investigated like pharmaceuticals and semiconductors. They are also expected to exclude gold, although a clarification by US customs authorities made public last week caused concern that certain gold bars might still be targeted. Trump said Monday that gold imports will not face additional tariffs, without providing further details. The president has taken separate aim at individual countries such as Brazil over the trial of former president Jair Bolsonaro, who is accused of planning a coup, and India over its purchase of Russian oil. Canada and Mexico come under a different tariff regime. bur-bys/sla/bjt Sign in to access your portfolio
