Market Beats | Nintendo Pulls Products from Amazon US; Starwood, Blackstone Lend $389M for LIC Residential Tower; Hyatt Sells 15 Resorts for $2 Billion; WNBA Adds 3 Teams with Record Expansion Fee; Harvard’s Talks with White House Stall; Funding for 5,000 NYC Rent-Stabilized Apartments in Jeopardy

—— Nintendo Pulls Products from Amazon US; Starwood, Blackstone Lend $389M for LIC Residential Tower; Hyatt Sells 15 Resorts for $2 Billion; WNBA Adds 3 Teams with Record Expansion Fee; Harvard’s Talks with White House Stall; Funding for 5,000 NYC Rent-Stabilized Apartments in Jeopardy

1. Nintendo Pulls Products from Amazon US

Nintendo has pulled its products from Amazon.com’s US marketplace following a dispute over gray-market sales, meaning Amazon missed out on the record-breaking launch of the Switch 2 console.

According to a person familiar with the matter, unauthorized third-party sellers were importing Nintendo products in bulk from Southeast Asia and undercutting official pricing in the US. While Amazon offered to label officially sourced products for authenticity, Nintendo found the measure insufficient and ultimately stopped selling directly on the US site.

Since last year, listings such as “Sold by Amazon” have disappeared, and only third-party vendors now sell Nintendo goods.

Amazon still offers the Switch 2 in markets like Canada, Japan, and the UK — but not in the US, its largest market. Walmart, Target, Best Buy, and GameStop carried the console at launch, leaving many Amazon US shoppers frustrated.

______

2. Starwood, Blackstone Lend $389M for LIC Residential Tower

Starwood Capital Group and Blackstone Inc. are part of a lending group providing $389 million in construction financing for a new residential tower in New York’s Long Island City.

The 46-story development at 30-25 Queens Blvd. will include 451 rental apartments and 110 for-sale condominiums. The project is being developed by Baron Property Group and LargaVista Cos. and is expected to be completed in 2028.

Starwood, Gotham Organization, and Blackstone Real Estate Debt Strategies are the lenders, according to a statement.

Lenders have been actively financing New York City housing projects amid surging demand and limited apartment supply. Long Island City — just a 15-minute subway ride from Midtown Manhattan — has become a popular alternative for renters priced out of Manhattan, spurring a wave of luxury development.

“We’ve always been focused on emerging markets, and Long Island City is a strong, diverse neighborhood with a steadily growing population,” said Matthew Baron, founder and president of Baron Property Group. “You can live minutes from Manhattan and get Manhattan-quality apartments and amenities, but at a more attainable price.”

The building will also include about 21,000 square feet (1,950 square meters) of retail space. Planned amenities feature a rooftop pool, full-size basketball and pickleball courts, a pet spa, and a solarium with kitchen and dining space.

______

3. Hyatt Sells 15 Resorts for $2 Billion

Hyatt Hotels Corp. is selling 15 resort properties to Tortuga Resorts — a joint venture between KSL Capital Partners and Rodina — for $2 billion, with an additional $143 million possible if performance targets are met. The resorts are located in the Dominican Republic, Jamaica, and Mexico, acquired earlier this month through Hyatt’s purchase of Playa Hotels & Resorts NV.

Hyatt will retain 50-year management agreements on 13 of the properties, earning ongoing fees while boosting its loyalty platform. The sale brings Hyatt’s net cost for Playa’s management business down to approximately $555 million.

Under CEO Mark Hoplamazian, Hyatt has aggressively expanded into the all-inclusive resort sector with deals like Apple Leisure Group and a joint venture with Spain’s Grupo Piñero.

______

4. WNBA Adds 3 Teams with Record Expansion Fee

The WNBA is expanding by adding three new teams in Cleveland (2028), Detroit (2029), and Philadelphia (2030), each paying a record $250 million expansion fee — up from $50 million in 2023.

Each new franchise is backed by the NBA team owner in its respective city: Dan Gilbert (Cleveland Cavaliers), Tom Gores (Detroit Pistons), and Harris Blitzer Sports & Entertainment (owners of the Philadelphia 76ers). Both Cleveland and Detroit previously hosted WNBA teams.

The league’s expansion comes amid negotiations for a new collective bargaining agreement. The players union is demanding a new economic model, better pay, and mandatory facility standards. “These new teams prove the WNBA is thriving and a smart investment,” the WNBPA said. “As the league grows, players must share in the success they drive.”

______

5. Harvard’s Talks with White House Stall

Talks between Harvard University and the White House have stalled, casting doubt on a potential resolution to a conflict that threatens Harvard’s finances and its ability to enroll foreign students.

A possible deal collapsed last week, though hopes for an eventual accord remain, according to a person familiar with the matter. The Trump administration ramped up pressure on Monday, citing a civil rights investigation that found Harvard discriminated against Jewish and Israeli students. The government warned that without immediate reforms, all federal financial support would be withdrawn.

The administration has already revoked over $2.6 billion in research funding, threatened Harvard’s tax-exempt status, and moved to block foreign student admissions.

Earlier this month, President Donald Trump said he was nearing a deal with the university — a prospect now thrown into question.

______

6. Funding for 5,000 NYC Rent-Stabilized Apartments in Jeopardy

Funding for more than 5,000 rent-stabilized apartments in New York City is in limbo after a federal judge denied a request to access rental income tied to the properties’ major lender, Flagstar Bank.

Judge David S. Jones ruled Sunday that the overseers of the apartments—owned by Joel Wiener’s Pinnacle Group and under Chapter 11 bankruptcy protection—could not use rental income to cover essential operating costs. The judge cited a lack of adequate assurances that Flagstar’s financial interests would be protected. The properties are over $564 million in debt and have been in default since January, according to the bank.

Almost all of the apartments are subject to rent regulation and are located across Manhattan, Brooklyn, Queens, and the Bronx. Advisers had warned that without access to cash, maintenance and basic services like elevator repairs or utilities could be at risk, especially amid a heatwave.

While bound by bankruptcy law, the judge left the door open for temporary funding alternatives and scheduled a follow-up hearing before the July 4 holiday.

______

7. Tesla Rolls Out Robotaxi Service, Shares Jump Nearly 9%

Tesla Inc. shares rose sharply after the company launched its long-awaited driverless taxi service, marking a quiet but meaningful step toward what Elon Musk envisions as a transformative business model.

The first robotaxi rides began Sunday in a limited area of Tesla’s hometown, Austin, Texas. Each vehicle had a company employee in the front passenger seat to monitor for safety. Tesla selected a group of loyal retail investors and social-media influencers to test the service and live-stream their experiences.

In one video, Herbert Ong, who runs a Tesla fan account, praised the car’s acceleration and parking capabilities. Another user, @BLKMDL3, said his ride was smoother than with a human driver. Sawyer Merritt, a well-known Tesla-focused investor, called the experience “awesome.”

Tesla opted for an unusually low-key rollout with no formal launch event, relying on word of mouth and media buzz instead. This contrasted sharply with past unveilings like the 2022 “Cyber Rodeo” or last year’s invite-only prototype event in Hollywood.

While Musk has warned that autonomy may not significantly impact Tesla’s financials until at least next year, the debut of the service boosted investor optimism.

Tesla shares jumped as much as 11% on Monday—the biggest intraday gain since April 9—before settling at an 8.7% rise by early afternoon.

______