Manhattan office condo prices declined 32% in 2020

first_imgTagsCommercial Real Estateoffice market Email Address* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Full Name* Message*center_img Rudder Property Group principal Michael Rudder with 375 Pearl Street. (Rudder, 375 Pearl) The pandemic did some major damage to Manhattan’s office condominium market.A comparison of sales during the pandemic to pre-Covid deals in the same buildings showed a 32 percent drop in price per square foot, from $909 to $616, according to an analysis by Rudder Property Group.Bargain hunters have begun to see opportunity and some are taking action, said Michael Rudder, the principal of the firm, a commercial real estate brokerage specializing in office condos in the metropolitan area.“We have signed more contracts and have more closings in the first quarter of 2021 than we did in all of 2020,” he said Wednesday. “So there will be an increase in sales, but pricing is still low.”Read moreThe Outlook: Industry experts break down Manhattan’s office condo marketFurnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South projectManhattan office availability hits record-high 14.9% Only 13 sales were completed in the second half of 2020 and just 30 for the year — 10 fewer than the five-year average, according to Rudder’s market report.The second-half sales were of much larger units, on average. In total, 194,255 square feet of office condos were sold from July to December, about twice as much as in the first half of the year, but a third less than in the second half of 2019.The dollar volume in the second half was about $140 million, up 73 percent from the first half of the year but down 46 percent from the year-ago period.Notable sales during the second half of 2020 included Rafael Viñoly Architects’ $35.8 million purchase of 36,550 square feet at 375 Pearl Street from Sabey Corporation, and American Guild of Musical Artists’ $7.5 million purchase of 9,476 square feet at 305 Seventh Avenue from Sheltering Arms Children and Family Services.Contact Akiko Matsuda Share via Shortlinklast_img read more

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BRP Companies seeks rezoning for huge Bed-Stuy development

first_img brooklynbrp companiesDevelopmentResidential Real EstateRezonings Tags Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink BRP Companies’ CEOs Geoff Flournoy and Meredith Marshall with an aerial 270 Nostrand Avenue in Bed-Stuy (Photos via BRP; Google Maps)A huge new rental project may be coming to the site of a former Brooklyn nursing home.BRP Companies, one of the city’s biggest affordable housing developers, has filed a rezoning application for 270 Nostrand Avenue in Bedford-Stuyvesant, the former site of CABS Nursing Home, Bklyner reported. The facility closed several years ago and was in the process of being demolished as of 2019.BRP is seeking to build a 14-story rental building on the site, which would have 487 apartments, of which 144 would be deemed affordable. The project would also have 11,619 square feet of commercial space, including ground-floor retail and a community facility.But even though the project is at its earliest stages, it’s being met with some resistance: According to the publication, members of Community Board 3’s land use committee have taken issue with the building’s height and the affordability of its affordable units. They’d prefer the building to rise only 10 stories, and the income limits for the affordable units to be lower.Though BRP filed the rezoning application, the site is owned by a subsidiary of the Allure Group, the company at the center of the Rivington House scandal on the Lower East Side. Allure negotiated to have a deed restriction for that nursing home lifted, leading to the sale of the site to to Slate Property Group and several partners.Allure has also faced scrutiny at the Bed-Stuy site. It bought the property from CABS in 2015 for $15.6 million. A year later, the nursing home operator sued Allure, claiming that the landlord misrepresented its plans for the site, and that it forced residents out of the property, leading to the deaths of some of CABS’ residents.Allure was also sued by one of its lenders, Sabr Group, which alleged that the company fell behind on payments on a $20 million loan, and tried to force the lender to buy back the property at a 60 percent markup over a price negotiated as part of the terms of the loan.Previously, Allure had planned to bring a seven-story, 241-unit rental building to the site. The company reportedly plans to eventually transfer ownership of the site to BRP, though a spokesperson for BRP did not provide specifics to the publication.[Bklyner] — Amy Plittlast_img read more

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Calling all founders: Howard Lorber’s Vector Group launches VC arm

first_img Email Address* Share via Shortlink Richard Lampen and Howard Lorber (Vector Group)Developer, investor and brokerage head Howard Lorber is trying on a new role for size: venture capitalist.His company, Vector Group, is pivoting its real estate business — which includes brokerage Douglas Elliman and new development firm New Valley — into investing in early-stage proptech companies, the firm confirmed to The Real Deal.The announcement comes on the heels of Vector’s real estate businesses reporting a net loss of $75.9 million in 2020, the second consecutive year of losses.The new VC arm’s initial bets include a minority non-controlling stake in Rechat, a customer relationship management platform, and investments in proptech funds such as Camber Creek Fund, which counts Notarize, Curbio and Flex among its portfolio.New Valley Ventures will be spearheaded by Vector’s new chief operating officer Richard Lampen, who was appointed in January, though he has served as Vector’s executive vice president since 1995. During that time, Lampen was the CEO of Ladenburg Thalmann Financial Services. He returned to working at Vector full-time last February, after Ladenburg’s broker deal network sold for $1.3 billion to Advisor Group and Reverence Capital Partners.Read moreDouglas Elliman reports $14M profit, 50% revenue jump in quarterElliman reports $12M profit in third quarter after a year of heavy lossesHoward Lorber’s comp is too damn high: Investors Full Name* Tags Message* Now, he’s looking to kickstart a new line of business for Vector’s real estate segment.“Vector’s a significantly sized company with significant resources and we have a very large residential and new development business today but, listen, we hope that New Valley Ventures over time will take its place as an important contributor,” Lampen said in an interview.He declined to comment how much capital the new VC arm has to deploy, but confirmed the investment division was being funded exclusively by Vector.Lampen hired Dan Sachar to act as the new division’s managing director and serve as a vice president of enterprise innovation at Vector. Sachar will work alongside David Ballard, who was recently hired as Vector’s chief technology officer. Both Sachar and Ballard previously worked at Ladenburg Thalmann developing technology for its financial advisors.New Valley Ventures’ primary focus is investing in companies that are developing technology for agents.“We are finding new tools that we think can improve things that are at the heart of the services that agents offer now,” said Sachar. “[But] we are also looking at some opportunities that add new things to what agents can offer, and I think that’s going to be a big part of our focus.”The VC division will work closely with Douglas Elliman when selecting investments, consulting with Scott Durkin, Elliman’s president and COO, as well as Connie Mui-Reilly, the brokerage’s chief information officer. But the brokerage will opt to use technology developed by its portfolio companies on a case-by-case basis. In the case of Rechat, the brokerage will adopt the platform nationally this spring.Sachar noted that the investment approach is not premised on exclusive use by Elliman or Vector’s new development arm.“We want to invest in an independent company that can move at the speed of a younger emerging startup and can innovate and develop tools and features at a fast pace,” he said.Lampen expects New Valley Ventures’ close ties to Elliman will serve as a draw for startups, but he noted that the VC arm is not focused exclusively on residential brokerage. He pointed to Vector’s new development arm, as well as its services in property management, real estate investment, mortgage financing, and title and escrow services, noting that Vector is looking to scale a variety of real estate businesses in these sectors.“The hope is that we can bring these companies more than just our ability to write a check,” said Lampen.He declined to comment on future investments or whether Vector was contemplating launching a special-purpose acquisition company, or SPAC, which has become the vehicle of choice for proptech investors in recent months. But he’s not ruling out anything.“We’re still in the early stages of it,” said Lampen. “How significant our activities are is really going to be a function of the opportunities that present themselves to us.”Contact Erin Hudson Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink BrokerageDouglas EllimanProptechResidential Real Estatelast_img read more

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AMC reopens 90% of U.S. theaters

first_img Full Name* Message* bankruptcyCommercial Real EstateRetail AMC’s sales dropped 89 percent in the fourth quarter of last year after the pandemic’s second wave forced it to shut theaters. Now, business is looking up as venues reopen with limited capacity and states roll out Covid-19 vaccines.AMC lost $4.59 billion in 2020, the company reported Wednesday. It generated just $162.5 million in revenue.But the Kansas-based company expects to turn things around this year.“We have reason to be optimistic about AMC’s ability to get to the other side of this pandemic,” said CEO Adam Aron.AMC has avoided bankruptcy and thanks to individual investors who banded together on Reddit, its stock rose 467 percent at one point. That helped the company secure $900 million in financing in January. It now has $1 billion cash on hand.[WSJ] — E.B. SolomontContact E.B. Solomont Tags Share via Shortlink AMC CEO Adam Aron (Getty, iStock)The show is going on for AMC.The international movie theater chain has reopened nearly 90 percent of its U.S. cinemas.AMC Entertainment Holdings said Wednesday that 527 out of 589 domestic theaters have reopened since last year’s shutdown. They include theaters in New York City, and theaters in Los Angeles are set to reopen soon. Internationally, only 78 theaters out of AMC’s 356 are operating.Read moreAMC gets $900M in financing AMC faces cash crunch Is it the end for AMC theaters? Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Email Address*last_img read more

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A complete arc-trench system recognized in Gondwana sequences of the Antarctic Peninsula region

first_imgPrior to Late Triassic–Early Jurassic times, the geological history of the Antarctic Peninsula region was dominated almost entirely by Gondwana sequences that together comprised a major arc-trench system. Subduction complex, trench-slope-break and fore-arc basin sedimentation can all be recognized, and deposition was at least partly on early Palaeozoic or older continental crust. The only evidence for a contemporaneous magmatic arc situated in the Antarctic Peninsula at this time consists of patchy occurrences of metavolcanic rocks, possibly representing the frontal edge of the arc, and the major outcrop area of these rocks is believed to lie under the broad shallow continental shelf E of the Antarctic Peninsula. This is contrary to most current hypotheses in which a marginal basin, presumably floored by oceanic crust, is thought to crop out close to the E coast of the Antarctic Peninsula. However, the complete absence of substantial outcrops of pre-Jurassic volcanic rocks anywhere in eastern Antarctica and South Africa, which are the closest and most likely places in which these should exist, supports the new proposal. Moreover, the identification of back-arc elements of the arc-trench system (foreland fold-thrust belt and retro-arc foreland basin) in eastern Antarctica and South Africa greatly strengthens the likelihood of the arc cropping out in the area suggested. Towards the end of the Triassic and during the Early Jurassic Periods, an intense diastrophic event, or culmination of events, of orogenic magnitude occurred (Gondwanian orogeny), causing substantial redistribution of the pre-existing elements of the arc-trench system. In particular, all the fore-arc sequences were strongly deformed, some possibly for the first time (e.g. in the fore-arc basin), and became firmly accreted to the continental margin. Moreover, the magmatic foci migrated trenchwards to intrude the deformed rocks in the Antarctic Peninsula. Because many of the plutons were emplaced synkinematically, they often closely resemble ‘basement’ gneisses. The distinction between these rocks remains a serious problem in the Antarctic Peninsula and it can be solved only partially by radiometriclast_img read more

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Some aspects of feeding in the Antarctic krill, Euphausia superba

first_imgThe interaction between feeding activity, swarming behaviour and vertical migration in Antarctic krill, Euphausia superba Dana, was examined by a combination of laboratory physiology studies and intensive field sampling of a patch of krill located NE of South Georgia, in April 1980. The combined use of echolocation and a series of timed net hauls from discrete depth horizons revealed a diurnal rhythm of swarming behaviour, vertical migration and gut fullness. Laboratory physiological data showed that krill will filter feed throughout the 24 h but with peak activity by night, and that filtration rate is affected by krill density. Biochemical studies in vitro indicated that rates of lipid synthesis are generally highest at the surface and by night. These results are discussed in relation to other studies of krill feeding activity and suggestions made for further research.last_img read more

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Seasonal variation in respiratory and photosynthetic parameters in three mosses from the maritime Antarctic

first_imgCarbon fixation under controlled conditions was measured in three mosses from the maritime Antarctic using an infra-red gas analysis system. Gas exchange parameters were determined during each season in 1993 and 1994 using the Arrhenius equation and a hyperbolic tangent function applied to respiration and photosynthesis, respectively. Environmental data was collected in 1994 for comparison. All seasonal variations were greater inBrachythecium than in the species from less hydric habitats. Respiration rates were highest in summer and lowest in winter at all temperatures inBrachythecium, but there was little change inChorisodontium orAndreaea . There was some seasonal variation in the initial slope (Kp) of the photosynthesis-irradiance curve in all species, although the environmental data suggested that this was of little ecological importance. In all species seasonal changes in the maximum rates of photosynthesis (GPmax, NPmax) were observed, generally with a pattern of summer maxima, although there were some interannual differences. These changes are considered to be the most important in affecting the overall annual productivity of the mosses. There were no seasonal variations in the optimum temperatures for either gross or net photosynthesis, or for the irradiance at the onset of light saturation (Ik). The results have important implications for the use of models to estimate the productivity of the Antarctic flora based upon present or predicted climate data.last_img read more

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An investigation into the roles of ECH and whistler mode waves in the formation of ‘pancake’ electron distributions using data from the CRRES satellite

first_imgElectron pitch angle distributions sharply peaked at 90 degrees pitch angle were first recorded in the energy range 50 eV < E < 500 eV by the GEOS-1 and GEOS-2 spacecraft in 1977/8, from the plasmapause out to geostationary orbit. At the time they were explained as the remnants of pitch angle diffusion driven solely by Electron Cyclotron Harmonic (ECH) waves. Here we use observations by instruments on board the CRRES spacecraft to study these distributions in more detail. The pancake distributions are now seen to develop from injected distributions that are nearly isotropic in velocity space, on a time scale that is greater than 2 hours. The freshly injected distributions are associated with strong ECH and whistler mode waves suggesting that the pancake distributions are likely to be caused by a combination of both wave types. Our results suggest that whistler mode waves play a dominant role in the formation of pancake distributions outside L = 6.0, whereas inside L = 6.0 and, in particular, in the vicinity of the plasmapause, the ECH waves also play a significant role. Consequently both types of waves should be considered in any attempt to explain the diffuse aurora and the variation with L taken into account. (C) 2000 COSPAR. Published by Elsevier Science Ltd.last_img read more

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Genetic structure of Patagonian toothfish populations from otolith DNA

first_imgThe Patagonian toothfish, Dissostichus eleginoides, is a valuable fishery species and has a discontinuous distribution across the Southern Ocean. Identification of the genetic stock structure of toothfish would allow evaluation of the suitability of the spatial scale at which fisheries management operates. Genetic subdivision seems likely given the species distribution. Population genetics studies of this species have been performed; however, they have been limited by sample size, spatial coverage and/or the type of markers investigated. As a potential solution, we developed methods for extracting toothfish DNA from otoliths that are available in large numbers from collections held at several research institutes. Genetic differentiation between the three oceanic sectors was investigated. Four mitochondrial and four nuclear markers with multiple single nucleotide polymorphisms were sequenced by high throughput sequencing for samples from six locations. Genetic differentiation was found between three sectors with nuclear markers. However, only the Pacific sector was differentiated from other sectors with mitochondrial markers. This study demonstrates the usefulness of otolith DNA as a means of increasing sample sizes for population genetics research of fish. Additionally, the combination of nuclear and mitochondrial markers may allow insight into how the observed differences in movements between male and female toothfish impact population structure.last_img read more

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Delivering sustained, coordinated and integrated observations of the Southern Ocean for global impact

first_imgThe Southern Ocean is disproportionately important in its effect on the Earth system, impacting climatic, biogeochemical and ecological systems, which makes recent observed changes to this system cause for global concern. The enhanced understanding and improvements in predictive skill needed for understanding and projecting future states of the Southern Ocean require sustained observations. Over the last decade, the Southern Ocean Observing System (SOOS) has established networks for enhancing regional coordination and research community groups to advance development of observing system capabilities. These networks support delivery of the SOOS 20-year vision, which is to develop a circumpolar system that ensures time series of key variables, and deliver the greatest impact from data to all key end-users. Although the Southern Ocean remains one of the least-observed ocean regions, enhanced international coordination and advances in autonomous platforms have resulted in progress towards addressing the need for sustained observations of this region. Since 2009, the Southern Ocean community has deployed over 5700 observational platforms south of 40°S. Large-scale, multi-year or sustained, multidisciplinary efforts have been supported and are now delivering observations of essential variables at space and time scales that enable assessment of changes being observed in Southern Ocean systems. The improved observational coverage, however, is predominantly for the open ocean, encompasses the summer, consists of primarily physical oceanographic variables and covers surface to 2000 m. Significant gaps remain in observations of the ice-impacted ocean, the sea ice, depths more than 2000 m, the air-sea-ice interface, biogeochemical and biological variables, and for seasons other than summer. Addressing these data gaps in a sustained way requires parallel advances in coordination networks, cyberinfrastructure and data management tools, observational platform and sensor technology, platform interrogation and data-transmission technologies, modeling frameworks, and internationally agreed sampling requirements of key variables. This paper presents a community statement on the major scientific and observational progress of the last decade, and importantly, an assessment of key priorities for the coming decade, towards achieving the SOOS vision and delivering essential data to all end users.last_img read more

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