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Mercedes-Benz debuted a $1 billion residential luxury tower in Dubai, where apartments are expected to cost as much as $10 million each.

Dubbed “Mercedes-Benz Places,” the upscale auto company announced its venture into the real-estate world on Instagram on Thursday, which it’s doing with the help of Emirati developer Binghatti.

The 65-story building is expected to rise approximately 1,118 feet above downtown Dubai’s bustling metro when it’s complete in the fourth quarter of 2026, according to United Arab Emirates-based business news site ZAWYA.

For reference, New York City’s Chrysler Building stands 1,048 tall.

It’s home to 150 apartments, starting at $2.7 million, with the promise of “unobstructed views of the world’s tallest tower,” the nearly 3,000-foot-tall Burj Khalifa, according to Mercedes’ website.

Per the German automaker’s Instagram post on the joint development, the glass-encased Mercedez-Benz Places — whose “distinctive elliptical exterior thats reminiscent of the flowing lines of a host of ultra-modern Mercedes-Benz cars” — is meant to “underline [the company’s] strategy to strengthen its position as the worlds most desirable automotive brand.”

Binghatti is the first of its kind for an automaker, according to Bloomberg.

Binghatti, meanwhile, also has an ongoing residential project with fellow luxury car manufacturer Bugatti, which tapped the real-estate developer for a project that will include elevators to transport cars to penthouses, which broke ground in Dubai last year, Bloomberg reported.

The firm has already sold 32 of the 182 residences in the Bugatti Residences, with buyers shelling out as much as $2,620 per square foot some of the highest prices Dubai has seen, per the outlet.

Binghatti wouldn’t disclose how many apartments had been sold in the Mercedes-branded tower, only disclosing to Bloomberg that it sold all the residences available in its first phase.

Binghatti also has a partnership with upscale jewelry and watch firm Jacob & Co. for what’s set to become the worlds tallest residential building located in the wealthy Emirati city.

Despite recent warnings that there are “massive” issues within the commercial real-estate sector, Binghatti’s chief executive Mohammed Binghatti reportedly isn’t worried about a slowdown, per Bloomberg.

The firm has spent $330 million on land in the past three months alone, and Binghatti told the outlet: Were definitely going to see more growth this year and the following year.”

There is clear wealth migration coming to Dubai and an increase in the population, which provides room for organic growth in the market,” he added.

People who come to Dubai, a lot of them already have the liquidity to deploy. They want a safe haven to invest.

Representatives for Mercedes and Binghatti did not immediately respond to The Post’s request for comment.

In the US, however, the real estate market was likened to “a slow-moving train wreck” by Larry McDonald, the founder of financial analysis firm The Bear Traps Report.

Since the pandemic, New York City has been in a so-called urban doom loop caused by an influx of working from home during the pandemic a trend that has stuck despite return-to-office mandates.

The doom loop concept is defined by empty office towers, which destroy the quality of life and eventually drive residents out.

In the Big Apple, occupancy has only bounced back to 48.4% since the pandemic.

At the start of 2020, however, office occupancy was a strong 90% before it plummeted to 10% upon the outbreak of COVID-19.

After shouldering a wave of defaults from landlords,banks are sitting on as much as $160 millionin losses on loans to the commercial real estate market, according to researchers from Columbia, Stanford, the University of Southern California, and Northwestern, per aworking paper publishedby the National Bureau of Economic Research last month.

The grim findings support an earlier calculation by Morgan Stanley that showed lenders would need to negotiate more than $1.5 trillion of their commercial real estate portfolios by the end of 2025 in order to avert defaults.

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YouTuber Jake Paul strikes defeat against former boxing champ Mike Tyson in Texas

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YouTuber Jake Paul strikes defeat against former boxing champ Mike Tyson in Texas

YouTuber-turned-boxer Jake Paul has defeated one of the greatest-ever fighters, former heavyweight world champion Mike Tyson, who’s more than twice his age.

The bout was won on a unanimous points decision at the AT&T Stadium in Arlington, Texas – home of the Dallas Cowboys and the biggest NFL stadium in the US.

The fight was already controversial but then arguably failed to live up to the hype. Boos were heard from the crowd in the final two rounds, after a perceived lack of action.

Mike Tyson, left, fights Jake Paul during their heavyweight boxing match, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
The heavyweight boxing match took place in Arlington, Texas. Pic: AP

Boxing careers compared

This was not Paul’s first professional fight. The 27-year-old American YouTube star made his debut in 2020 with his most high-profile clash against Tyson Fury’s brother Tommy Fury last year, which he lost by a split decision.

The so-called “Problem Child” has since defeated former UFC contender Nate Diaz, professional boxer Andre August, former Gold Gloves champion Ryan Bourland and most recently MMA fighter Mike Perry.

In contrast, “Iron Mike” Tyson, 58, was ranked among the best heavyweight boxers of all time.

More on Jake Paul

During his career, he knocked out 44 opponents – retiring from professional boxing in 2005 after defeat against Kevin McBride.

He returned to the ring in 2020 for a bout against fellow boxing icon Roy Jones, which ended in an unofficial draw.

Mike Tyson, left, fights Jake Paul during their heavyweight boxing match, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
Mike Tyson struggled at times against Jake Paul, 31 years his junior. Pic: AP

‘Someone’s getting put to sleep’

Earlier this week, Paul said he believed the bout would not go the distance. “No, someone’s getting put to sleep,” he said. “It’s going to be a war, and we’re both heavy hitters. It’s not going the full 16 minutes.”

Tyson was more reflective: “I’ve been through so many ups and downs since my last fight with Kevin McBride,” he said.

“I’ve been in rehab. I’ve been in prison, been locked up. Never in a million years did I believe I’d be doing this.”

Several states would not allow the bout to go ahead, and the Texas Athletic Commission only agreed to the fight if there were changes, due to Tyson’s age.

It limited the contest to eight rounds lasting a maximum of two minutes instead of three. Both boxers were also required to wear heavier gloves, designed to lessen the force of punches.

The fight was initially scheduled for 20 July, but was postponed when Tyson suffered an ulcer flareup.

Taylor defends title

Katie Taylor, center, celebrates after defeating Amanda Serrano during their undisputed super lightweight title bout, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
Katie Taylor celebrates after defeating Amanda Serrano in Texas. Pic: AP

Meanwhile, among the undercard fights, Irish boxer Katie Taylor successfully defended her super lightweight world title against Puerto Rico’s Amanda Serrano.

But it was tight. Taylor claimed the rematch 95-94 for all three judges in an epic battle.

The bout came two and a half years after the pair fought at Madison Square Garden, which Taylor won on a split decision.

Bout suffered from buffering

Earlier in the evening thousands of Netflix users in the US reported problems seeing the coverage, with some posting on social media about buffering.

At one point, more than 98,000 people had reported issues according to Downdetector, which tracks outages.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive Breaking News alerts on a smartphone or tablet via the Sky News App. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.

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US

YouTuber Jake Paul strikes defeat against former boxing champ Mike Tyson in Texas

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YouTuber Jake Paul strikes defeat against former boxing champ Mike Tyson in Texas

YouTuber-turned-boxer Jake Paul has defeated one of the greatest-ever fighters, former heavyweight world champion Mike Tyson, who’s more than twice his age.

The bout was won on a unanimous points decision at the AT&T Stadium in Arlington, Texas – home of the Dallas Cowboys and the biggest NFL stadium in the US.

The fight was already controversial but then arguably failed to live up to the hype. Boos were heard from the crowd in the final two rounds, after a perceived lack of action.

Mike Tyson, left, fights Jake Paul during their heavyweight boxing match, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
The heavyweight boxing match took place in Arlington, Texas. Pic: AP

Boxing careers compared

This was not Paul’s first professional fight. The 27-year-old American YouTube star made his debut in 2020 with his most high-profile clash against Tyson Fury’s brother Tommy Fury last year, which he lost by a split decision.

The so-called “Problem Child” has since defeated former UFC contender Nate Diaz, professional boxer Andre August, former Gold Gloves champion Ryan Bourland and most recently MMA fighter Mike Perry.

In contrast, “Iron Mike” Tyson, 58, was ranked among the best heavyweight boxers of all time.

More on Jake Paul

During his career, he knocked out 44 opponents – retiring from professional boxing in 2005 after defeat against Kevin McBride.

He returned to the ring in 2020 for a bout against fellow boxing icon Roy Jones, which ended in an unofficial draw.

Mike Tyson, left, fights Jake Paul during their heavyweight boxing match, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
Mike Tyson struggled at times against Jake Paul, 31 years his junior. Pic: AP

‘Someone’s getting put to sleep’

Earlier this week, Paul said he believed the bout would not go the distance. “No, someone’s getting put to sleep,” he said. “It’s going to be a war, and we’re both heavy hitters. It’s not going the full 16 minutes.”

Tyson was more reflective: “I’ve been through so many ups and downs since my last fight with Kevin McBride,” he said.

“I’ve been in rehab. I’ve been in prison, been locked up. Never in a million years did I believe I’d be doing this.”

Several states would not allow the bout to go ahead, and the Texas Athletic Commission only agreed to the fight if there were changes, due to Tyson’s age.

It limited the contest to eight rounds lasting a maximum of two minutes instead of three. Both boxers were also required to wear heavier gloves, designed to lessen the force of punches.

The fight was initially scheduled for 20 July, but was postponed when Tyson suffered an ulcer flareup.

Taylor defends title

Katie Taylor, center, celebrates after defeating Amanda Serrano during their undisputed super lightweight title bout, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
Katie Taylor celebrates after defeating Amanda Serrano in Texas. Pic: AP

Meanwhile, among the undercard fights, Irish boxer Katie Taylor successfully defended her super lightweight world title against Puerto Rico’s Amanda Serrano.

But it was tight. Taylor claimed the rematch 95-94 for all three judges in an epic battle.

The bout came two and a half years after the pair fought at Madison Square Garden, which Taylor won on a split decision.

Bout suffered from buffering

Earlier in the evening thousands of Netflix users in the US reported problems seeing the coverage, with some posting on social media about buffering.

At one point, more than 98,000 people had reported issues according to Downdetector, which tracks outages.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive Breaking News alerts on a smartphone or tablet via the Sky News App. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.

Continue Reading

Politics

Elon Musk ‘shot down’ OpenAI’s ICO plan in 2018 over credibility concerns

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<div>Elon Musk 'shot down' OpenAI's ICO plan in 2018 over credibility concerns</div>

According to a court filing, Elon Musk said that the proposed initial coin offering (ICO) “would simply result in a massive loss of credibility for OpenAI.”

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