1. NYC Offers Bargain Upper West Side Apartments
2. Mike Lynch Presumed Dead
3. AMD Acquires Server Maker ZT
4. China-Made Teslas Face 19% Tariff
5. Wells Fargo Sells CRE Loan Servicing Unit
6. Hyatt Acquires Standard International for $335M
7. NJ Transit to Issue $2.4B in Muni Bonds
1. NYC Offers Bargain Upper West Side Apartments
New York City has announced it will sell 17 studio and one-bedroom units in a prewar Upper West Side building for as little as $173,801. Sales will be lottery-based and only available to individuals with assets under $280,000 and annual income below 120% of the local median.
Applications close August 27, and more than 10,000 people have already applied — underscoring the city’s severe housing shortage and affordability crisis.
The building is located on West 80th Street, just one block from the American Museum of Natural History.
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2. Mike Lynch Presumed Dead
Italy’s coast guard said today that British tech mogul Mike Lynch and Morgan Stanley International Chairman Jonathan Bloomer are feared dead following a boating accident.
The search and rescue effort is ongoing, with military boats and helicopters involved. However, the chance of survival for the six missing passengers is now considered very slim.
Ironically, Lynch had just been acquitted in court in June — the tragic incident occurred while his family was celebrating the verdict.
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3. AMD Acquires Server Maker ZT
AMD announced today it has agreed to acquire data center server maker ZT Systems in a cash-and-stock deal worth $4.9 billion. $400 million of the total is contingent on ZT meeting future performance milestones.
ZT, based in New Jersey, will be integrated into AMD’s data center solutions group. AMD will retain ZT’s design and customer-facing teams but plans to divest its manufacturing operations.
Investors welcomed the move, pushing AMD shares up as much as 4.4%.
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4. China-Made Teslas Face 19% Tariff
The EU announced today that Tesla vehicles imported from China will be hit with an additional 9% duty, on top of the existing 10% tariff — lower than the 47% levied on Chinese EV brands.
Officials said Tesla’s China operations benefit from state support including land subsidies, tax breaks, and discounted battery materials.
China’s Ministry of Commerce called the tariffs unfair and said it submitted thousands of pages of evidence showing no anticompetitive behavior. Officials noted they’ve held over 10 meetings with the EU since late June.
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5. Wells Fargo Sells CRE Loan Servicing Unit
Wells Fargo announced today it will sell most of its commercial mortgage servicing division to Trimont, with the transaction expected to close early next year.
While terms were not disclosed, Trimont CEO Bill Sexton said the firm will take over servicing approximately $475 billion in loans.
Once completed, Trimont will become the largest special servicer of commercial real estate loans in the U.S., managing loan collections for banks and non-bank lenders.
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6. Hyatt Acquires Standard International for $335M
Hyatt Hotels announced it will acquire lifestyle hospitality brand Standard International for up to $335 million.
Hyatt will pay a base price of $150 million, acquiring brands including Standard, Bunkhouse Hotels, and Peri Hotels. The deal includes 21 properties in cities such as New York, London, and Bangkok — though not the real estate itself.
The transaction includes mor
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7. NJ Transit to Issue $2.4B in Muni Bonds
Fitch Ratings reported that the New Jersey Transportation Trust Fund Authority plans to issue $1.3 billion in transportation system bonds and $1.1 billion in project bonds this October.
The agency oversees infrastructure upgrades across the state, including highways, bridges, and NJ Transit operations.
Over the next five years, New Jersey plans to issue up to $8.8 billion in bonds — about $1.76 billion annually. Fitch gave the upcoming issuance an A rating, one notch below the state’s general obligation bonds.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.