High-Stakes Week in New York Real Estate: Investigations, Casinos, and Celebrity Sales
High-Stakes Week in New York Real Estate: Investigations, Casinos, and Celebrity Sales
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August 11, 2025 | New York City
This week brought a wave of headline-making developments in New York City’s real estate sector. Paramount Group is under SEC investigation over undisclosed payments to CEO Albert Behler’s affiliated companies, including $3 million for a private jet firm and nearly $1 million for personal accounting services. The probe focuses on executive compensation, related-party transactions, and corporate governance, with the company already incurring substantial legal expenses.
Legal drama also surrounds Jared Solomon, former vice president of Vornado Realty Trust, accused of embezzling over $9 million. After initially signaling a guilty plea, Solomon changed course, hired new counsel, and now plans to fight the charges on constitutional grounds. The case continues to unfold with no resolution in sight.
In the competitive race for downstate casino licenses, six applicants have presented proposals to local advisory committees, with votes expected by September. The state will ultimately select three winning bids by year-end, a decision that could reshape New York’s entertainment and hospitality landscape.
Elsewhere, a posthumous update on the late Brandon Miller’s real estate portfolio reveals ongoing activity, with his company shifting from mixed-use developments to a strong focus on office projects. In the luxury residential market, actor Jake Gyllenhaal quietly sold his Tribeca apartment at 443 Greenwich Street in an off-market deal for $14 million, up from the $8.6 million he paid in 2017.
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