NYC Builders Are Converting Shuttered Migrant Hotels Into Apartments
In Queens, a former Hilton near JFK airport is reopening as affordable housing. In Manhattan's Financial District, the world's tallest Holiday Inn is becoming for-profit student housing. In Midtown Manhattan, a developer is transforming a 600-key hotel into more than 500 residential units.
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38 minutes ago
- Yahoo
Tiny investment bank's revenue surges after Trump sons join
(Bloomberg) — Dominari Holdings Inc. reported a 452% revenue jump in its first full quarter of results since adding Donald Trump Jr. and Eric Trump to its advisory board. Sunseeking Germans Face Swiss Backlash Over Alpine Holiday Congestion New York Warns of $34 Billion Budget Hole, Biggest Since 2009 Crisis To Head Off Severe Storm Surges, Nova Scotia Invests in 'Living Shorelines' Five Years After Black Lives Matter, Brussels' Colonial Statues Remain A New Stage for the Theater That Gave America Shakespeare in the Park The investment bank, with headquarters in Manhattan's Trump Tower, reported total revenue of $34 million, up from $6.17 million a year earlier. Shares were up 1.7% to $5.42 at 10:11 a.m. in New York, after climbing as much as 5.4% earlier Tuesday. Since enlisting President Donald Trump's eldest sons, Dominari appeared in a series of deals involving the Trumps and their allies. One of the highest profile of these is American Bitcoin Corp., a company spun up with help from another publicly traded Bitcoin miner called Hut 8 Corp. At the end of June, Dominari held a stake in American Bitcoin valued at $32 million, the largest of its long term private holdings, according to its quarterly financial statement. Soon American Bitcoin will become public, in another transaction expected to close in the coming weeks. Another major deal came in June: crypto entrepreneur Justin Sun's father invested $100 million in SRM Entertainment Inc., with Dominari acting as placement agent. SRM, a money-losing toymaker, re-branded as Tron Inc. and pivoted to accumulating TRX, the virtual token that backs Sun's Tron network. Weeks earlier, a fund led by Dominari executive Soo Yu invested in the company, which spiked in value following the deal with Sun. Other recent deals included equity offerings for Hong Kong brokerage Waton Financial Ltd., Taiwanese hotpot restaurant Masterbeef Group and Cambodian bagmaker Kandal M Venture Ltd., according to data compiled by Bloomberg. In March, Dominari partnered with the Trumps and cryptocurrency operation Hut 8 Corp. to create American Bitcoin, a crypto miner expected to go public as early as the third quarter. Dominari booked a gain of $32 million on its position in the company after it raised $220 million in June. It also acted as placement agent on the deal. The stake in American Bitcoin represents almost 75% of its long-term equity holdings. Compensation at Dominari, which has a market capitalization of about $84 million, also soared. Stock options that went to Chief Executive Officer Anthony Hayes and Kyle Wool, who heads its financial arm, cost $26.1 million. An additional $15 million was reserved for commissions. General and administrative expenses totaled $53.5 million in the quarter, a sixfold increase from a year earlier. Eric Trump owns about 6.3% of the company, according to data compiled by Bloomberg. Eric and Trump Jr. each received 750,000 shares for joining the company in February, and for meeting certain milestones. Dominari and its financial subsidiary pay a total of more than $60,000 a month for office space leased in Trump Tower. (Updates with shares in second paragraph, ownership in 10th.) ©2025 Bloomberg L.P. 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
Bloomberg
4 hours ago
- Bloomberg
Investment Bank Dominari Quintuples Revenue After Trumps Join
By and Annie Massa Save Dominari Holdings Inc. reported a 452% revenue jump in its first full quarter of results since adding Donald Trump Jr. and Eric Trump to its advisory board. The investment bank, with headquarters in Manhattan's Trump Tower, reported total revenue of $34 million, up from $6.17 million a year earlier.
Wall Street Journal
6 hours ago
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Portal Innovations Raising $100 Million Life Sciences Venture Fund
Venture firm Portal Innovations is raising a $100 million life sciences fund and helping universities launch startup incubators, as institutions pursue alternatives to federal research funding. Chicago-based Portal formed in 2020 to invest in geographies it viewed as rich in scientific talent but with limited access to venture-capital funding and specialized lab facilities. Working with real-estate developers, it established Portal labs in Chicago, Atlanta, Houston and a Boston neighborhood outside the city's life sciences cluster.
