Inside Developer Michael Stern and His Italian Investor’s Breakup

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The business partnership between JDS Development Group founder Michael Stern and Italian entrepreneur Gianluca Vacchi has completely dissolved into a massive legal battle involving a $4 billion pipeline of Miami real estate. Vacchi filed a lawsuit accusing Stern of executing a “deliberated and calculated fraud” and operating a Ponzi scheme regarding his $60 million investment. According to Vacchi, Stern misrepresented the status of high-profile developments—including the Dolce & Gabbana-branded 888 Brickell and Mercedes-Benz Places Miami—and improperly diverted funds between projects while violating a subsequent $42.5 ...

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What Can $1,500 Get You in Miami’s Rental Market? Less Space Than Ever

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A fixed monthly budget of $1,500 now buys just 498 square feet of living space in Miami, roughly the size of a two-car garage. According to a RentCafe study tracking 14 Florida cities, Miami ranks last for space per dollar, falling nearly 30% below the national average. This shrinkage is driven by an influx of high-earning out-of-staters, which nearly doubled Miami’s millionaire population over a decade.

Meanwhile, local incomes have failed to keep pace. Between 2019 and 2024, fair market rents for a two-bedroom ...

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A $65,000-a-Year AI School Opens in Miami Beach

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Alpha School, a high-tech K-8 private institution backed by billionaire software entrepreneur Joe Liemandt, is launching a new campus in Miami Beach. With a $65,000 annual tuition, it outprices the area’s most elite schools, signaling how wealthy newcomers are reshaping South Florida’s education market. Located on a $19 million campus in Normandy Isle, the school features a unique learning model: students study core academics for two hours daily via AI tutors instead of traditional teachers.

Meanwhile, adult “guides” lead specialized workshops focused on entrepreneurship, public speaking, and ...

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NYC Ferry Launches Largest Summer Service in Its History

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New York City has unveiled the largest summer expansion in the history of the NYC Ferry system, boosting service in light of the recently concluded 2026 FIFA World Cup and the resulting influx of visitors. The enhanced schedule includes more weekend departures, larger vessels on the busiest routes, expanded service to the city’s beaches, and the introduction of reservable seats on select trips to improve the passenger experience.

The expanded service will run through September 13 and is designed to make travel across the five ...

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New York Becomes First State to Pause Large Data Center Development

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New York has become the first U.S. state to impose a temporary statewide moratorium on the construction of large data centers, aiming to balance the rapid growth of artificial intelligence with concerns over energy use and environmental impact. The one-year pause applies to new facilities requiring 50 megawatts or more of electricity, giving state officials time to establish new environmental standards and guidelines for future projects.

Supporters say the measure will help protect power grids, water resources, and local communities from the growing demands ...

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Manhattan Market Pulse

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In June, the contract activity reached 1,108 signed contracts, increasing 1.9% from the previous month and remaining 14.5% above last year’s level, while the median sale price stood at $1.28M, up 3.1% year over year. Regarding the data currently updated, Manhattan supply stands at 6,207 listings, down 9.2% compared to the same period last year, while pending sales total 3,821 units, up 15.5% year over year. As a result, based on the real-time ratio between pending sales and supply, the Market Pulse currently stands at ...

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