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Yahoo
13 minutes ago
- Yahoo
NYC Billionaire Charles Cohen being sued over bad $535M loan — how to build real estate wealth without drowning in debt
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. New York City real estate tycoon Charles Cohen has lived a life most people only dream of — complete with exotic cars, lavish mansions and fancy yachts. Now, some of his prized possessions are under threat as a massive business loan gone bad starts to have very personal consequences. Cohen, 73, is being sued by Fortress Investment Group over a $535 million loan extended in 2022 to his firm, Cohen Realty Enterprises. The collateral included a Manhattan office tower, the Le Meridien Dania Beach hotel in Fort Lauderdale, Florida, and four other properties, according to The Wall Street Journal, citing records from New York State's Supreme Court. But that's not all: Cohen personally guaranteed $187.2 million of that loan. His net worth is nearly $2 billion, according to a financial statement filed with the court. His business defaulted last year, and Fortress has since seized much of the collateral. Still, the firm claims those assets fall far short of what Cohen owes, reports The Journal. That shortfall has led Fortress — an investment giant partially owned by Abu Dhabi's Mubadala Capital — to go after Cohen's personal wealth. And that's exactly what it's doing. Fortress is seeking to confiscate Cohen's homes in Provence, France, and Greenwich, Connecticut, reports The Journal, along with his fleet of 25 luxury cars and five yachts — including a 220-foot superyacht that's presently docked at an Italian port under court order. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how Following a French court order, debt collectors have already seized hundreds of thousands of dollars' worth of Cohen's belongings from his 138-acre estate and vineyard in Provence, according to The Journal. The haul apparently included high-end furniture, valuable artworks and a fine wine collection. 'They keep pecking at us, like a bird would peck at something,' Cohen said of Fortress in a February deposition, per The Journal. 'Enough was never enough.' A blunt reality check Real estate has long been one of the most powerful tools for building wealth — and for good reason. It has the potential to generate steady rental income, appreciate over time and offer valuable tax advantages. But as Cohen's case shows, that success isn't guaranteed — especially when there's large amounts of debt involved. Leverage is a common part of real estate investing, even for everyday investors. With home prices sky-high, most people need to take out a mortgage to buy an income property. And with interest rates elevated, borrowing has become more expensive — assuming you can even save enough for a down payment. The good news? You no longer need to take on traditional debt to get started in real estate. Becoming a real estate mogul — starting with $100 Crowdfunding platforms like Arrived have made it easier than ever for everyday investors to gain exposure to America's real estate market. Backed by world class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants. The process is simple: browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you'd like to purchase, and then sit back as you start receiving any positive rental income distributions from your investment. Read more: Rich, young Americans are ditching the stormy stock market — A $35-trillion opportunity Rising home prices have helped Americans build substantial wealth through homeownership — but for years, the $35-trillion U.S. home equity market was an exclusive playground for big institutions. Homeshares is changing the game by allowing accredited investors to gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning, or managing property. With risk-adjusted target returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets. Be the landlord of Walmart If you've ever been a landlord, you know how important it is to have reliable tenants. How do grocery stores sound? That's where First National Realty Partners (FNRP) comes in. The platform allows accredited investors to diversify their portfolio through grocery-anchored commercial properties without taking on the responsibilities of being a landlord. With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns. Simply answer a few questions — including how much you would like to invest — to start browsing their full list of available properties. What to read next Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here's how Car insurance in America now costs a stunning $2,329/year on average — but here's how 2 minutes can save you more than $600 in 2025 Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
Gizmodo
14 minutes ago
- Gizmodo
Frigidaire Mini-Fridges Cause $700,000 in Damage After Smoking, Sparking, Burning, Melting, Overheating, and Catching Fire
Over 600,000 Frigidaire mini-fridges are being recalled over internal electrical components that have short-circuited and ignited, according to an announcement by the U.S. Consumer Product Safety Commission. The faulty fridges have cost over $700,000 in property damage thus far, according to a new recall notice. 'Consumers should immediately stop using the recalled minifridges and follow the instructions to receive a refund at CPSC said in a press release. 'Consumers should unplug and cut the power cord and write 'Recall' using a permanent marker on the front door of the unit. Consumers should dispose of the recalled minifridges in accordance with local and state regulations.' The fridges were sold at Walmart and other physical retail stores nationwide. They were sold online at and from January 2020 until December 2023, according to the CPSC. Sold in a variety of colors, the minifridges retailed for $36-$40 and came in two sizes that could hold 6 cans and 9 cans. The effected units are distributed by a Canadian company called Curtis International and the list of damage that's been reported is extensive, with CPSC rattling it off in an oddly long manner: 'Curtis International has received at least 26 reports of the minifridges smoking, sparking, burning, melting, overheating and catching fire, with property damages totaling more than $700,000. Two consumers reported smoke inhalation injuries.' Consumers are encouraged to look for the model number and serial number on their fridge, which is located on labels on the back. The models and accompanying serial numbers that are being recalled include: The recalled appliances were made in China and are marketed as 'retro' because they look like something from the 1960s. They're still available for purchase at the Frigidaire website in a version that presumably doesn't smoke, spark, burn, melt, overheat, or catch fire. Faulty electronics really seem to be causing quite a bit of havoc recently, with another recall from this past week of Transpro Electric Scooters reportedly causing $200,000 in property damage after a battery-related fire. Curtis International can be reached toll-free over the phone at 888-727-0198 from 8 a.m. to 12 p.m. ET Monday to Friday. The company's email is [email protected], though consumers are encouraged by the CPSC to visit for more information about the recall.
Fox News
15 minutes ago
- Fox News
Red Land Cotton partners with Tunnel to Towers to support veterans
Red Land Cotton co-owners Anna Brakefield and Mark Yeager join Tunnel to Towers founder Frank Siller on 'Fox & Friends Weekend' to discuss their new partnership to benefit U.S. veterans.
