This Week's N.Y. Deal Sheet

An eight-month legal battle has come to an end with a Manhattan judge ruling that Victoria’s Secret is still on the hook for its nearly $1M per month rent in Herald Square, despite the problems caused by the coronavirus crisis. The retailer sued its landlord, SL Green, in May,…

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This series asks rising stars in commercial real estate about their thoughts on some of the biggest issues facing the industry, such as inequality, climate change and technology.

Erik Murray is taking efforts to diversify the commercial real estate industry into his own hands.

Murray is CEO and managing partner of Oakland-based Oak Investment Funds, an investment firm growing its record of giving minority developers and opportunities a look when major players don’t.

As a Black man in a business where the vast majority of decision-makers are White, Murray, 38, has focused on giving Black entrepreneurs a chance in an effort to inspire future leaders of color in the big-money business.

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Next week marks 10 years since London’s One Hyde Park was completed and the keys to its luxury apartments were handed over to residents who came from all corners of the globe, but who now shared at least two things: They were incredibly rich, and they had bought one of the most expensive homes on the planet.

One Hyde Park’s story is a classic real estate development tale of ambition, vision, nerve, a bit of cheek and a hefty slice of luck. It made a lot of people in London property who had nothing to do with it a lot of money simply through the gravitational pull that it exerted.

But One Hyde Park has a meaning and resonance that go beyond the property sector, in a way that very few buildings do. It says something about London in the 21st century, its place in the UK and in the world, the global distribution of wealth and how we feel about the very rich in our society. So it is also a story about elites, inequality, snobbery and international politics. Few buildings in recent years have created a reaction so visceral — to the point where its architect didn’t want to work in the UK in the wake of its completion. 

Read the full story here.