Gary Delgado learned last week from a note slipped under his door that the rent for his two-bedroom apartment at Manhattan’s Stuyvesant Town will jump by $920 to $4,220 a month in July. Unable to move immediately, he says he’ll stick it out for another year.
Washington is poised to be one of the only major U.S. cities with a decline in apartment rents this year after a surge in construction outpaced job growth, leaving the nation’s capital with a glut of properties.
Tribune Co. ’s bankruptcy judge said he isn’t yet ready to decide whether potential lawsuits against company Chairman Sam Zell related to the billionaire’s $8.2 billion buyout of the newspaper publisher “have merit.”
Lehman Brothers Holdings Inc. lost a bid to block Bank of America Corp. and Barclays Plc from giving Sam Zell’s Equity Residential an option to buy 26.5 percent of Archstone when a judge said Zell was entitled to the option.
Willie Gault, the former NFL wide receiver and Olympic sprinter, was accused by U.S. regulators of taking part in a scheme to artificially inflate the stock of a medical-device company that he managed.
Sam Zell’s Equity Residential raised its bid for a stake in Archstone held by Bank of America Corp. and Barclays Plc to almost $1.5 billion after Lehman Brothers Holdings Inc. said it wanted to take control of the real-estate company.