These were the largest Manhattan real estate loans in December

first_imgOne New York Plaza, One Madison Avenue and 605 Third Avenue top the list of largest real estate loans. (Brookfield, Wikimedia Commons, Fisher Brothers) The 10 largest Manhattan loans recorded in December totaled $2.1 billion, a slight decrease from November’s total.For the second month in a row (and the third time in four months), the biggest was a single-asset, single-borrower CMBS loan on an office building co-owned by Brookfield. The CMBS market produced three of the month’s top four, with the exception being a construction loan for SL Green’s next major office development.Here were the borough’s largest real estate loans in December:1) SASBrookfield | $835 millionWells Fargo, Goldman Sachs and BMO Harris Bank originated an $835 million loan for Manhattan’s southernmost skyscraper, One New York Plaza. Brookfield acquired the 50-story, 2.6 million-square-foot office building in 2006 as part of its acquisition of Trizec Properties, and in 2016 sold a 49 percent stake to Chinese sovereign fund China Investment Corporation and 16 percent to AEW Capital Management. Morgan Stanley occupies more than half of the total space.2) Mad money | $425 million (recorded amount)SL Green Realty landed a $1.25 billion construction loan for its One Madison Avenue office redevelopment, of which $425 million was recorded in property records last month. The loan was provided by a consortium of banks including Wells Fargo, TD Bank, Goldman Sachs, Bank of America, Deutsche Bank and Axos Bank. In May the developer sold 49.5 percent of its interest in the 1.4 million-square-foot, $2.3 billion project to Hines and the National Pension Service of Korea.3) Fisher price | $309 million (senior debt)Morgan Stanley provided a $309 million CMBS refinancing for Fisher Brothers and JPMorgan Asset Management’s 605 Third Avenue, a 44-story, 1.1-million-square-foot office tower near Grand Central Terminal and the United Nations. In October, JPMorgan put its 49 percent stake on the market, aiming for a price that would value the building at about $600 million. JPMorgan bought the stake in 2015 from Rockpoint Group.4) Elo rating | $141 millionJack Elo’s Elo Organization secured $141 million in CMBS financing from Citi Real Estate Funding for a trio of Diamond District office properties. The loan financed Elo’s $110 million acquisition of 15 West 47th Street from the Chetrit family and also replaced debt on 151 West 46th Street and 48 West 48th Street, which the landlord has owned since 2001. In addition to numerous jewelry industry tenants, major tenants in the portfolio include Cuban restaurant Havana Central.5) Best… bye | $122 million (senior debt)Silverstein Properties landed a $171 million refinancing from JPMorgan Chase for 529 Fifth Avenue in Midtown, of which $122 million hit public records. The 283,000-square-foot, 20-story building’s retail tenant, Best Buy, is set to move across the street to Moinian Group’s 535 Fifth Avenue this year, and anchor office tenant Citrin Cooperman has announced that it will depart in September. The landlord will undertake major renovations following these vacancies.6) *Cooperative* Bank | $70 millionNational Consumer Cooperative Bank provided $69.9 million in leasehold financing for Rivercross, a 365-unit cooperative at 531 Main Street on Roosevelt Island. The former Mitchell-Lama building was privatized in 2014, making it the first privatized co-op on the island.7) Pinnacle portfolio | $64 millionJoel Wiener’s Pinnacle Group, listed on the Tel Aviv Stock Exchange as the Zarasai Group, raised $64 million through a new Israeli bond series secured by four New York multifamily properties. These include the 84-unit 3647 Broadway and 79-unit 3657 Broadway in Manhattan, as well as the 90-unit 86-06 35th Avenue in Queens and the 53-unit 143 Linden Boulevard in Brooklyn. The Series E bonds have an interest rate of 5.45 percent and mature in 2025.8) Mortgageside | $51 millionPrincipal Life Insurance Company provided a $51 million refinancing for Morningside Gardens, a six-building, 982-unit co-op complex between LaSalle Street and West 123rd Street in Morningside Heights. According to property records, the loan replaces a $38.5 million package provided by Wells Fargo in 2011.9) Chetrit check | $49 millionChetrit Group received a $49.25 million senior inventory loan from Axos Bank for 51 unsold condo units at 49 Chambers Street in Tribeca. Also, Silverstein Properties issued a $41.5 million mezzanine loan for the units. Loan proceeds were used to pay off part of the 97-unit condo project’s existing loans, which were issued by SL Green Realty in early 2019 and later sold to Silverstein.10) Mystery mansion? | $32 millionFirst Republic Bank provided $32 million in financing to an anonymous LLC to fund its $26 million acquisition of a five-story garage at 332 West 11th Street in the West Village, as well as future development on the site. No plans have been filed with the Department of Buildings. Curbed reported in 2019 that the seller, Jack Jakub of Apple Parking, was seeking nearly $50 million for the site, dubbed “one of the last mega-mansion opportunities in the West Village.”  TagsManhattanMortgagesReal Estate Finance Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinkcenter_img Share via Shortlinklast_img read more

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Tephra analysis of sediments from Midge Lake (South Shetland Islands) and Sombre Lake (South Orkney Islands), Antarctica

first_imgLake sediment cores from Midge Lake, Livingston Island, South Shetland Islands and Sombre Lake, Signy Island, South Orkney Islands were analysed for volcanic tephra using light microscopy and magnetic susceptibility. Cores were dated using published 14C and 210Pb chronologies. Electron probe microanalyses of discrete tephra glass shards were undertaken to characterise the tephra geochemically in order to identify possible source volcanoes and refine tephrochronological data for the region. Results identified five tephra horizons in a core from Midge Lake. Four of these tephra at 3–4 cm, 8–9 cm (c. 450 yr BP), 15–16 cm (c. 755 ± 105 yr BP) and 21–22 cm (c. 1340 ± 100 yr BP) consisted of sodic basaltic to basalticandesitic glasses, containing abundant labradoritic feldspar inclusions, and a single ‘acidic’ tephra was found at 2–3 cm. Seven tephra horizons were identified in the Sombre Lake core including three basaltic tephra at 3–9 cm (30 ± 4 yr BP to 125 ± 25 yr BP), 31–32 cm and 44–46 cm (1325 ± 50 14C yr BP) and four acidic tephra at 21–22 cm and 24–25 cm, 33–36 cm (c. 1021 14C yr BP) and 54–56 cm (c. 1450 14C yr BP). These are the first tephra to be identified from the South Orkney Islands. Geochemical and grain size analysis indicated that the analysed Midge Lake tephra were derived from the Quaternary Deception Island volcano. Smaller grain sizes, congruent geochemical data and prevailing wind directions also indicate this volcano as the likely source of Sombre Lake tephra. Results highlight the importance of establishing geochemical consistency between tephra deposited across wide geographical areas, during apparently synchronous time periods, if they are to be used in a regional tephrochronology.last_img read more

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Senators Mike Braun, Rick Scott Work To Implement a Permanent Lobbying Ban On Former…

first_imgAs former Members of Congress and elected officers are using their former positions to lobby Congress, today U.S. Senator Mike Braun (R-IN) and U.S. Senator Rick Scott (R-FL) are introducing the Banning Lobbying and Safeguarding Trust (BLAST) Act.“One of the reasons I left the private sector for Washington was to help President Trump drain the swamp and we can accomplish this by permanently banning Congressmen and Senators from lobbying Capitol Hill,” said U.S. Senator Mike Braun.  “Together we can end the revolving door of career politicians coming to Washington, spending time in Congress, then enriching themselves from their service to the American people.”Senator Rick Scott said, “I’m proud to introduce this bill that imposes a permanent ban on members of Congress becoming lobbyists. Rather than serving the public, too many in Washington spend their political careers preparing for a lucrative job at a DC lobbying firm where they can cash in on their connections and their access. Congress should  never serve as a training ground for future lobbyists, and putting an end to the revolving door is a common sense way to make Washington work for families.”This legislation is a companion bill to legislation introduced by Rep. Trey Hollingsworth (R-IN-9), H.R.1145.FacebookTwitterCopy LinkEmailSharelast_img read more

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26-Year-Old Rapper Mac Miller Has Died

first_img26-Year Old, Pittsburgh-born rapper Malcolm James McCormick, better known by his stage name Mac Miller, has died of an apparent drug overdose, TMZ reports. Miller was found by a friend around 12 p.m. (PST) earlier today in his San Fernando Valley home, and was reported dead at the scene upon officials arriving.TMZ reports that,Miller has had trouble with substance abuse… in the wake of his breakup with Ariana Grande. The rapper wrecked his Mercedes G-Wagon by wrapping it around a utility pole back in May and was arrested for DUI and hit and run. He fled the scene but cops say he later confessed at his home. He blew two times the legal limit. After his arrest Ariana tweeted, “Pls take care of yourself” and was clearly concerned about substance abuse.After their breakup Ariana made it clear… his substance abuse had been a deal breaker in their two-year relationship.Mac Miller signed his first record deal with Pittsburgh-based record label, Rostrum Records. The following year his debut studio album, Blue Slide Park, hit #1 on the U.S. Billboard 200 chart, making it the first independently distributed debut albums to hit the #1 Billboard spot since Tha Dogg Pound’s 1995 album, Dogg Food. Miller went on to start his own record label, REMember Music, eventually merging with Warner Bros. Records. Mac Miller frequently collaborated with Pittsburgh brother Wiz Khalifa, saying, “Wiz has been a big brother to me with this music thing so far. Our relationship is beyond music. He really is just my homie, whether I will be making music or not.”Miller recently released a new studio album last month, Swimming, with positive reviews from his fan base.We send our thoughts and prayers to Mac Miller’s family and friends. Godspeed, Mac.last_img read more

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What can the U.S. learn from other countries’ health systems?

first_imgAmidst ongoing debate in the U.S. about what type of health system would be best for the nation, Harvard T.H. Chan School of Public Health’s Ashish Jha plans to spend half a year visiting eight other high-income countries to learn from patients and doctors what works — and what doesn’t — in their respective health systems.The goal of the project, called Choices in Health, is to gather information that could help encourage deeper dialogue in the U.S. about the tough choices that changing the health system will likely require, said Jha, K.T. Li Professor of Global Health at Harvard T.H. Chan School of Public Health and director of the Harvard Global Health Institute (HGHI).Jha noted that the U.S. spends almost 20 percent of its economy on health care, one out of 10 Americans doesn’t have health coverage, and quality of care is far from optimal. Given these issues, policymakers sometimes suggest that the U.S. should consider setting up its health system more like that of other high-income countries. Those countries, some researchers say, seem able to deliver high-quality care to their populations at prices that are affordable.But Jha said that the reality is more nuanced.“Sometimes it seems the sense here in the U.S. is that all the other high-income countries have figured out how to run their health systems without any tradeoffs. We know that they cover everyone for less money,” he said. “But when you talk to people from those countries, you learn that they’re struggling, too. They just have a different set of challenges.”Data suggests that other high-income countries control costs by making difficult choices, such as by paying doctors and nurses less or limiting access to some expensive services or treatments. To learn how these choices play out, the HGHI team will do what Jha calls a “deep dive” into the health systems of eight countries — Canada, Denmark, France, Germany, the Netherlands, Singapore, Switzerland, and the United Kingdom — which represent a mix of systems. Some are primarily government-run, some have large roles for private insurance, and some include a large component of market-based approaches.The team’s primary focus will be speaking to front-line doctors, nurses, and patients about their experiences. They’ll try to learn what health care is really like in these countries, and what challenges the systems face.“We have lots and lots of data that tells us about the performance of the health system in each of these countries,” said Jha. “But beyond the numbers, we need the stories.”Jha is particularly interested in how different health systems handle patients with substantial health care needs, such as older patients dealing with multiple chronic diseases. “These patients are common in all these health systems, and they represent the most common reasons people get hospitalized,” Jha said. “They need a variety of different services, such as acute hospital care, specialists, primary care, and social services, and they need care over time. I want to see what works for these patients and what doesn’t.” Read Full Storylast_img read more

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Defense and Security Ministers Take Office in Argentina

first_img Arturo Puricelli took office Wednesday as Argentine defense minister, and Nilda Garré did the same at the head of the brand-new Ministry of Security, created amid the crisis generated by the seizure of a city park by thousands of homeless people, which left three dead. Puricelli – who is replacing Garré at the head of the Defense Ministry – is an old acquaintance of President Cristina Kirchner and of her late spouse, former president Néstor Kirchner, with whom he was in conflict in various disputes about the government of the province of Santa Cruz (in southern Argentina). Sixty-three years old, he was governor of the Patagonian province from 1983 to 1987 and has been serving since 2006 as the top manager of the state-owned military manufacturer Fabricaciones Militares, a post in which he developed ties with the armed forces. Nilda Garré (sixty-five years old), a lawyer with youthful ties to the Peronist left, was elected to a congressional seat in 1973 as a Peronist and again in 1995 as a member of the Frepaso (center-left) coalition. In addition, she coordinated the government’s Special Investigative Unit looking into the attack on the AMIA Jewish community association until October 2001 and was ambassador to Venezuela until 2005, when she took on the Defense portfolio. The creation of the Ministry of Security was announced by President Cristina Kirchner on Friday, amid the conflict over the occupation of a city park in Buenos Aires by thousands of shantytown residents. The new ministry is intended to respond to complaints about insecurity, which is among citizens’ greatest concerns. A survey by the Latinobarómetro NGO, published at the beginning of December, indicated that 36 of every 100 inhabitants reported having been the victim of a crime and that for 75% “living in Argentina is more unsafe every day.” By Dialogo December 17, 2010last_img read more

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Lift employees with these leadership traits

first_img continue reading » Great leaders don’t get to where they are through force or fear; rather, it’s achieved by building trust and loyalty. There is a lot that goes into attaining that type of relationship with your employees, but to be successful – and to ensure others’ success – it’s worth investing in.I came across this blog from Eric Torrence, who has spent time analyzing leaders and identified characteristics of a “posture” that great leaders demonstrate. His breakdown aligns well with practicing servant leadership, which is all about investing in the personal and professional well-being of those on your team.Here are the traits:A humble spirit. I’ve shared before the importance of showing humility as a leader. What it comes down to is essentially believing in the capabilities of others and knowing your own limitations. This means being willing to admit mistakes, accept and give constructive feedback, and have a positive outlook. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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Woman arrested for stealing over $1000 elderly victim

first_img(WBNG) — The Delaware County Sheriff’s Office says a home health care aide was arrested following an investigation into theft Saturday morning. Wyckoff was employed for the elderly victim between August and October 2019. Authorities say in September 2019, Wyckoff stole a credit card from an elderly, “ailing” victim and spent over $1000. The sheriff’s office says 31-year-old Brandi A. Wyckoff of Delhi, N.Y. was charged with grand larceny in the 4th degree, a class E felony, and three counts of petit larceny, a misdemeanor. The sheriff’s office says Wyckoff was arraigned in the Town of Delhi Court and released on her own recognizance.last_img

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North-west market is simply wunderbar

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Aon sets up German pension fund, DAX companies top up funding

first_imgAon has become the third investment consultancy to set up a Pensionsfonds in Germany, after Willis Towers Watson in 2013 and Mercer in 2017.  The vehicle, UnitedPensions Deutschland AG, has been approved by supervisor BaFin, and takes to 33 the tally of Pensionsfonds on the German market. Aon has a pan-European pension vehicle operating from Belgium that bears the name ‘UnitedPensions’, but a spokeswoman for Aon Germany confirmed that “UnitedPensions Deutschland AG is a completely separate and independent entity”. “There are some similarities but given the very different legal framework it has to be set up very differently and it also only operates in Germany,” she added. UnitedPensions Deutschland is headed by Rafael Krönung, who has been with Aon in Germany since 2004 as an actuary.The new entity was set up in November last year and has no clients as of yet. Rafael Krönung, AonHowever, the spokeswoman told IPE “there is a lot of interest from companies and there is a bigger response than we expected”.A Pensionsfonds is one of the vehicles a company can use to move pension liabilities and assets off its balance sheet. It was introduced in 2002 and designed to be attractive to companies financing direct promise (Direktzusage) pensions via book reserves.In a press release Aon noted that companies were interested in external service providers “to save costs, outsource administration, clear their balance sheets from pension reserves or to ensure professional investment”.Discount rate lowers pension liabilities for DAX companiesOverall, the biggest 30 German companies listed on the Frankfurt Stock Exchange have around €368bn in pension liabilities still on their books, according to Mercer.According to its most recent DAX pension funding survey, the value of the companies’ liabilities had decreased by around 2% year-on-year, mainly because the discount rate used to calculate the value had increased slightly.However, a direct year-on-year comparison is difficult as the composition of the DAX index changed over the course of last year.There is, however, a general trend, which also showed a decrease in pension assets reported by the companies.Given volatile equity markets, pension assets held by DAX companies are estimated to have declined by 3%, according to Mercer.The average funding level decreased slightly, from 69% to 68%, as some companies opted to make top-up payments to compensate for capital market losses.Nevertheless, the consultancy stressed this was still an above-average funding level, especially given the fact that there is no legal obligation to fund pension promises.In Germany companies pay into the PensionsSicherungsVerein, a lifeboat fund that takes care of pension liabilities in case of insolvencies. However, over the last years more and more companies have opted to fund their pension liabilities and accrue some pension reserves.last_img read more

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