The Real Deal has won a general excellence from the Society for Advancing Business Editing and Writing.
TRD received the honor its third general excellence award from SABEW in the industry publication category for stories published in 2020.
The winning submission included:
An in-depth feature about 220 Central Park South, the world’s most successful condominium, by E.B. Solomont and Hiten Samtani. The story examined how a limestone tower overlooking Central Park reaped over $1 billion in profits and came to encapsulate not just the blood sport of luxury New York real estate but also the city’s extreme wealth inequality.
Matthew Blake’s profile of Mohammed Hadid, a Palestinian-American pioneer of megamansion spec homes in Los Angeles. The piece illustrated the often sordid business of development and explored themes of celebrity, racism and the extreme ends to which builders go to cater to the very rich.
The auction announcement comes three weeks after Prodigy filed for Chapter 7 bankruptcy, and nearly a year after the crowdfunding network’s founder Rodrigo Niño died. The company is facing more than a dozen lawsuits filed by investors who reportedly poured more than $690 million into its investment platform.
A lawyer for Prodigy Network did not respond to a request for comment.
More than $50 million of equity for the Assemblage John Street development came from small-time investors who were lured by the promise of higher returns. According to the investor materials reviewed by The Real Deal, the project had struggled to break even for about a year after it opened in April 2018. The balance sheet finally turned positive in the second quarter of 2019, but income was still well below what was projected. The investor document cited oversupply in the local hotel market as part of the reason for the facility’s underwhelming performance.
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