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Bricks and Politics

Bricks and Politics

EDC Investing $15M at Brooklyn Army Terminal

The administration building at the Brooklyn Army Terminal.

The city’s Economic Development Corporation will be spending roughly $15 million to renovate the 55,000-square-foot administration building at the Brooklyn Army Terminal in Sunset Park, Brooklyn, Commercial Observer has learned.

The undertaking marks the first large-scale strategic investment EDC is making with its own funds in a building it manages on behalf of the city, Kyle Kimball, the president of EDC, said, and it is the only agency-managed building EDC has on tap to improve. Read More

Bricks and Politics

Real Estate, Other Investments, Key to Paul Ryan Fortune

Rep. Paul Ryan (Photo courtesy of Getty Images)
Republican vice presidential candidate and P90X fanatic Paul Ryan owes a bit of his net worth–valued between $927,000 to $3.2 million–to a mix of trusts and inheritances, along with investments that include real estate, according to a recent report. Mr. Ryan paid upwards of $250,000 for three rental properties in his native home of Janesville, Wisconsin in 1998, for which he collected up to $50,000 a year from tenants, according to Business Insider.

The purchase was financed with a mortgage from Anchorbank SSB.

Mr. Ryan sold the properties in 2001, when they were valued close to $500,000.  Read More