TagsCIM GroupDistressHFZ Capital GroupNYC condo market At HFZ’s marquee project, the $2 billion XI condo-hotel development in West Chelsea, lender Children’s Investment Fund filed a lawsuit last month seeking $160 million in summary judgment from the developer, which may be forced out of the project. The Zeckendorfs are reportedly in talks to take over the struggling development.Elsewhere, HFZ is facing another UCC foreclosure action on the development site for its planned 600,000-square-foot office tower in NoMad. That site consists of eight parcels on the block between Fifth Avenue and Broadway and between West 29th and West 30th streets, with another under contract. With additional air rights and a bonus for a public plaza, the assemblage has 617,167 square feet of development rights.The turmoil across the portfolio has rippled through HFZ’s offices. Last year, the developer laid off some 30 employees from the construction management side of its business.And before the new year, Feldman split with his longtime partner, Nir Meir.HFZ announced in January that it had brought on William Henrich — an adviser at the firm Getzler Henrich & Associates — as interim chief operating officer to oversee the development firm’s financial restructuring.Henrich did not immediately respond to a request for comment on the transfer to CIM. Share via Shortlink Ziel Feldman with Fifty Third and Eighth. (The XI, 53rd and 8th)HFZ Capital Group has lost control of four Manhattan condo conversion projects as the developer fights for survival amid a blizzard of legal and financial problems.Los Angeles-based CIM Group, one of HFZ’s lenders, last month foreclosed on the junior mezzanine positions tied to four properties: 88 and 90 Lexington Avenue; The Astor at 235 West 75th Street; and Fifty Third and Eighth at 301 West 53rd Street. Property records filed with the city Thursday show the transfer took place Jan. 7.The handover puts an end to the back-and-forth between HFZ and CIM over control of the properties.CIM first planned a UCC foreclosure sale in November, but it was halted by a New York State Supreme Court judge who ruled the process “created confusion in the marketplace” and required an “unreasonably high deposit to qualify to bid.”But the ruling only stopped the sale temporarily. CIM initiated another UCC foreclosure auction for Jan. 7 and then made a credit bid — a bid using its existing debt — on the positions.The positions had pledges of equity interest, which allowed the lender to take control of the properties. CIM will still be responsible for making the senior loan payments.Marketing materials for the foreclosure sale showed that CIM’s junior mezzanine loans held a balance of $90.5 million. The properties’ total debt, including senior loans and senior mezzanine loans, amounted to $249 million.The attempted conversion of the four pre-war rental buildings into condos was one of HFZ’s most ambitious undertakings.The development firm, led by Ziel Feldman, initially paid Westbrook Partners $610 million for the four properties in 2013, teaming up with Fortress Investment Group on the buy. The portfolio consisted of 743 rental units, and the partners subsequently began the process of converting the buildings into residential condos.The Manhattan condos are among several properties HFZ has relinquished in recent months. In December, Monroe Capital, one of the firm’s lenders, foreclosed on HFZ’s stake in a national industrial portfolio. And last month, Westbrook, its partner on the Belnord condo conversion in Manhattan, told The Real Deal that the developer’s “only remaining connection to the project is that it holds a minority non-controlling residual economic interest.”Newmark’s Brock Cannon, Evan Layne and Brett Siegel led the foreclosure sale along with Dustin Stolly and Jordan Roeschlaub. CIM Group declined to comment. HFZ did not respond to a request for comment.Read more How HFZ became the face of Manhattan’s condo woesWestbrook takes over HFZ’s Belnord conversionHFZ’s Ziel Feldman sells Hamptons home for $50M Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink
Home » News » COVID-19 news » Phew! Moving home exempted from new English lockdown previous nextHousing MarketPhew! Moving home exempted from new English lockdownEstate and letting agents and removals firms can continue to work – but how many will feel safe enough as new variant spreads?Nigel Lewis4th January 20211 Comment11,941 Views Estate agents were holding their breaths this evening as Boris Johnson made the much-anticipated announcement that England is to once more return to a total lockdown.Citing the alarming speed at which the new Covid variant identified before Christmas has been spreading through the UK, including a 20% rise in deaths over the past week alone, Johnson confirmed the lockdown.“We need to do more together to bring this vaccine under control as our vaccines are rolled out,” he said.But those within the property industry will be relieved to hear that home moves are to be allowed. Or as Russell Quirk and many others put it on social media just after the Prime Minister finished his address – “Phew”.This official guidance says: “Estate and letting agents and removals firms can continue to work.You can still move home, the guidance says“People outside your household or support bubble should not help with moving home unless absolutely necessary. “If you are looking to move, you can go to property viewings. Follow the national guidance on moving home safely, which includes advice on social distancing, letting fresh air in, and wearing a face covering.”Johnson, who said the lockdown it to last at least six weeks added: “The weeks ahead will be the hardest yet but I really do believe that we’re entering the last phase of the struggle, because with ever jab that goes into our arms we are tilting odds against Covid and in favour of the British people.”The Prime Minister also hinted heavily that the rest of the UK is to follow suit.Industry reactionMark Hayward (left), Chief Policy Adviser, Propertymark comments: “We welcome the news that the housing market is to remain open throughout this new lockdown period, but it is essential that all agents continue to play their part in reducing the spread of the virus through following all relevant guidance on how to safely conduct viewings.“It is vital that agents operate in accordance with government and Propertymark guidelines to help prevent the spread of Covid-19, keep movers and buyers safe and keep the housing market moving through these uncertain times.”James Forrester, MD of Barrows and Forrester, says: “Many will be thankful that the government have refrained from placing the property market back into a pandemic induced cryogenic deep freeze. As one of the cornerstones of the UK economy, it’s vital that we remain open and able to service the unprecedented levels of market activity seen in recent monthscovid lockdown Boris Johnson Russell Quirk January 4, 2021Nigel LewisOne commentMark Lock, Russen & Turner Russen & Turner 5th January 2021 at 10:00 amPhew indeed!Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021
Mike AllegrettoMichael Allegretto began work on Monday morning as director of the Ocean City’s Department of Community Services.City Council voted unanimously Thursday to authorize Mayor Jay Gillian to hire the former City Council vice president and Berkshire Hathaway HomeServices office manager at $100,000 per year to handle public relations services, economic development, recreation programs, city facilities (such as the Music Pier, Municipal Golf Course and Aquatics and Fitness Center), the code enforcement and licensing offices, and neighborhood/social services.The responsibilities of the department were outlined in a restructuring of city department’s approved in August.At the time, Allegretto’s hiring was not final, but Gillian on Monday confirmed that the appointment had been made and that Allegretto had resigned from City Council. His resignation creates a vacancy on City Council. Council can elect to leave the seat vacant until the next election or it can make an appointment within 30 days of Allegretto’s resignation for somebody to serve until the May 2016 election (when candidates would run to complete the final two years of Allegretto’s term).
If you want to work in music, Viberate has a perfect opportunity for you. The blockchain-driven platform for the live music industry introduces a rewarding system, enabling music enthusiasts from all over the world to help shape the future of the industry while being compensated for their efforts.Viberate is on a mission to list and map the global live music industry, deliver more transparency, increase payment discipline, and enable under-the-radar artists to gain exposure. Like other cyber networks, the company’s goal is to develop a comprehensive marketplace where musicians will be able to get paid in cryptocurrencies, and give event organizers a set of tools to find and book performers in an easier way. The platform is currently up and running here, listing more than 130,000 profiles of various musicians from all over the globe.The company is now completely decentralizing their operations. “We are rolling out a mechanism which will allow our contributors to receive a reward for helping us grow,” said Vasja Veber, COO and cofounder. This means that everybody that either expands their database, keeps it up to date or helps grow the community and promote the service will get paid in VIB tokens. All the activities which will get you a crypto reward are listed here. The company says they will distribute 5,000 VIB tokens among the contributors each day or a 1.2 million dollars’ worth of tokens in the following 2,000 days.Veber also points out that, according to their research, more than a half of the existing users have contributed to the platform out of support for the project and their love of music. “Since those very users play a crucial role in helping us change the music industry, we want to reward them for their efforts, as they are actually a part of the team.” Moreover, Veber suggests that since Viberate will invest over a million dollars’ worth of tokens into the community, some of the contributors will be able to quit their jobs: “Our top contributor has earned over 42,000 VIB, which translates to approx. $7,000 at press time – not bad for roughly one month of work.”Viberate has gained the world’s attention in September, when they successfully raised 10.7 million dollars in under five minutes, becoming one of the most successful crowdfunding projects to date. The company has issued their own crypto token VIB that can be exchanged for bitcoins and ethers.“We believe anyone interested should be able to participate in shaping the future of the music industry,” Veber explained. It is worth noting that the music industry – already a huge one – is poised for additional growth in the coming years. That is another reason why Viberate is confident of the potential of their business. “And we urge people interested in music to join us and become a part of the movement.”Learn more about Viberate on the company’s website.
A new position of associate dean for undergraduate studies has been added to the Mendoza College of Business’ leadership team, the University announced in a press release Friday. Jim Leady, an associate teaching professor of finance, will begin the position July 1.Leady will oversee the existing undergraduate curriculum, as well as develop new initiatives for business students. As the new associate dean, Leady will work with Mendoza’s academic departments and with Notre Dame’s other colleges to create opportunities for undergraduates.Martijn Cremers, the Bernard J. Hank Professor of Finance, who served as Mendoza’s interim dean, said the position was a crucial addition because there are new academic developments occurring in the college.“Undergraduate studies at Mendoza is undergoing major changes, including transitioning from basically a three-year curriculum to a four-year curriculum, the addition of four minors open to non-business majors and organizational changes to our Office of Undergraduate Advising, which will mean adding four additional student advisers to the office,” Cremers said in the press release. “We also plan to explore further significant innovations and enhancements of our undergraduate curriculum, and thus hope to strengthen the college’s administration of our undergraduate studies by adding an associate dean.”Leady said in the release he is looking forward to beginning preparing students to be leaders in their eventual business fields.“I am very excited about this opportunity to lead the transformation of undergraduate business education at the University,” Leady said. “We want to leverage Mendoza’s unsurpassed excellence in preparing young women and men to be leaders in business and the community to broaden opportunities for current Mendoza students and expand programs for non-business majors.”Leady has been a faculty member of Mendoza since 2006 and teaches economic courses at the undergraduate and graduate level. He also served as the assistant chair and director of undergraduate studies for Mendoza’s Department of Finance and advises the Corporate Finance Club.Throughout his career, Leady has taught courses in public finance, labor economics, game theory, intermediate microeconomics and principles of economics at Centre College in Danville, Kentucky, and at Washtenaw Community College in Ann Arbor, Michigan.He earned his bachelor’s degree in economics from the U.S. Military Academy and his master’s and Ph.D. in economics at the University of Michigan. Leady continues to serve as a major in the U.S. Army Reserve in the 766th Transportation Battalion, with his most recent deployment to Kuwait in 2015-2016.Tags: business, economics, Jim Leady, mendoza college of business
View Comments Adam Pascal Related Shows Star Files It may be hard to be the Bard, but dang does Something Rotten! star Adam Pascal make it look easy. The Broadway fave and Rent Tony nominee will complete the eggcellent tuner’s Broadway run, which is set to end on January 1, 2017. But fear not: as previously announced, he will join current co-stars Rob McClure and Josh Grisetti on Rotten!’s national tour, which kicks off on January 17 in Boston. While you get hyped up to catch him on the Great White Way or in a city near you, check out BroadwayBox.com’s Broadway Unplugged video of Pascal strumming out “Hard to Be the Bard.” Delightfully different from our own “Hard to Be the Bard” music vid with Borle, Pascal proves that all he needs is an acoustic guitar and those signature golden pipes of his to rock hard. Check out the full performance below, and be sure to catch Pascal in his sexy stint at the St. James! Adam Pascal Show Closed This production ended its run on Jan. 1, 2017 Something Rotten!
ZAP Fitness elite runners will compete for top marathon title this weekend The California International Marathon will host the US Marathon Championships this weekend in Sacramento, California. The event is the national championships for marathon running in the United States. Winners take home the title of the American National Marathon Champion and a purse of $20,000. The diverse field of runners includes seasoned veterans and marathon newcomers. ZAP Fitness, a training center for Olympic hopefuls in Blowing Rock, NC will send 5 athletes to compete in the race. Joanna Thompson is coming off a 10thplace finish at the Boston Marathon in April. Andrew Colley, Matt McClintock, Joe Stilin and Josh Izewski are each making their marathon debuts and have sub-64-minute half-marathon personal bests. The oil and gas industry renews push for offshore drilling despite a ban by Florida voters Florida voters recently approved an amendment to the state Constitution banning offshore drilling along the coast. In response, the Florida Petroleum Council released a report detailing a projected $2.5 billion in revenue that could be made possible from personal and corporate income tax, property tax and sales tax as a result of offshore drilling. Opponents of offshore drilling point to industrial disasters like the Deepwater Horizon oil spill that dumped 184 million gallons of oil into the Gulf of Mexico and produced massive losses in Florida’s tourism and seafood sectors. Opponents also point out that oil represents a very small portion of Florida’s economic activity. Rare Mandarin duck inexplicably makes home in Central Park A rare and colorful Mandarin duck native to East Asia has recently been spotted at the Central Park Pond in New York City. It’s presence baffles birders because the Mandarin duck does not live in the US outside of zoos. Theories on the bird’s arrival in Central Park include a daring escape from a local zoo, though no zoos have reported a missing Mandarin duck, or an escape or dump by a private owner. Observers note that the duck has a black bank around its leg, indicating that it was once privately owned. No matter its origin story, the New York Postreports that the duck is integrating well with its surrounding wildlife, including mallard ducks—a staple on the Central Park duck scene.
By Dialogo March 19, 2012 Brazilian aircraft carry drugs from Bolivia On Jan. 26 and 27, the heads of the Bolivian Armed Forces (FFAA) and the Brazilian Joint Command met in Campo Grande, Brazil, to coordinate their anti-narcotics strategy along the 3,000-kilometer-long border. It followed a memo of understanding signed by the two countries’ ministers of defense last October; other areas of cooperation include disaster assistance as well as Brazilian logistical, technical and equipment support for the Bolivian Armed Forces, and use of unmanned aircraft for border patrols. The bilateral meeting was headed by FFAA’s commander in chief, Gen. Tito Gandarillas, and the Brazilian commander of the Joint Command, José Carlos de Nardy. The need for this bilateral cooperation has become more apparent as Bolivia, the world’s third-largest producer of cocaine, grows increasingly attractive to international drug trade organizations. Bolivia has also become a significant transit zone for cocaine of Peruvian origin, says a report by the U.S. Drug Enforcement Administration (DEA). Last December, Bolivia participated as an observer in Brazilian’s Operation Agata 3, which focused on integrating all the branches of Brazil’s Armed Forces in the protection of border areas. In late January, Bolivia’s Special Force Against Drug Trafficking (FELCN), working with Brazilian police, captured 12 drug traffickers on the border with Brazil — just as the heads of both countries’ armed forces met to coordinate strategies in the fight against drug trafficking. “In a combined operation with information from Brazil, we apprehended 12 people involved in cocaine traffic and other crimes,” Col. Gonzalo Quezada, director of FELCN, told reporters. He said six of the detainees were Bolivian, the other six were Brazilian, and that operation took place in the border area of San Matías on the Bolivian side and Cáceres in Brazil. The information Brazil supplied revealed that the Brazilian suspects had long criminal records including previous convictions for drug trafficking, among other things. In January, FELCN seized more than 1.5 tons of cocaine and 30 tons of marijuana, said Quezada. It has also stepped up the pace of destroying laboratories and eradicating illegal coca plantations, with a goal to eliminate 10,000 hectares in 2012. “We are going at a good pace in our interdiction efforts,” Quezada said. Bolivia is now the top exporter of cocaine to Brazil, say authorities. In January, news media revealed that Brazilian companies offering flights in border areas rent their small planes to drug traffickers. Such planes often change their flight plans to stop in Bolivia to pick up drugs, said FECLN’s Quezada. He told reporters that both countries will significantly step up vigilance of aircrafts that have changed their itineraries. Quezada also noted similar problems with Paraguay and Argentina. Brazil’s Federal Police has repeatedly denounced low-flying planes in border areas that attempt to cross into Brazilian airspace. According to official government reports, these planes travel up to 50 kilometers into Brazilian territory and deliver large quantities of cocaine to Brazilian drug kingpins. Most of this cocaine comes from the Bolivian drug-producing region of Chapare, and it’s distributed throughout Brazil, according to the report. Despite the high cost of operations, drug traffickers continue to use aircraft because they almost always succeed in penetrating Brazilian airspace. “Even the Bolivian and Brazilian suppliers living in Bolivia, who had traditionally used land routes and rivers, and mules, have now opted for air transport,” Eder Rosa de Magalhães, a spokesperson for the Federal Police in Mato Grosso, told local media. Border collaboration Bolivia, Brazil and the U.S. anti-drug accord As part of joint efforts in the fight against organized crime and drug smuggling, Bolivia, Brazil and the United States recently signed an agreement to strengthen ties and define their joint cooperation. Wilfredo Chávez, Bolivia’s minister of government; Marcel Biato, Brazil’s ambassador to Bolivia, and John Creamer, charge d’affaires at the U.S. Embassy in Bolivia, signed the three-way accord Jan. 21 at a ceremony in La Paz. “The project specifically seeks to develop methodologies for the detection of new areas of expansion of surplus coca cultivation, to verify measurement methodology, to monitor crops, to provide technical support for the reduction of surplus coca cultivation in areas under eradication and rationalization, to provide regular feedback for effective planning, to prioritize new areas of intervention, and to ensure that relevant information is available in a timely fashion,” reads the joint communiqué. Under the deal, the United States will provide equipment and training, Brazil will be responsible for supplying satellite images as well as needed training in this area, and Bolivia will handle surveillance. The agreement also calls for better and more efficient monitoring of illegal crops — since Bolivia does allow for legal coca growing — targeted for eradication. Bolivia has 31,000 hectares of coca under cultivation, according to the United Nations Office on Drugs and Crime. This is exceeded worldwide only by Peru, with 57,000 hectares, and Colombia, with 61,200 hectares. On Jan. 31, Brazilian Federal Police launched Operation Brasiguai, dismantling a Foz do Iguaçu-based criminal network that had long been involved in drug trafficking. The operation lasted nine months as police tightened the knot around the network and gathered evidence. Operation Brasiguai resulted in 17 arrests and the seizure of vehicles, firearms and other contraband. This group specialized in cocaine, and used luxury cars and sport-utility vehicles to hide drug shipments coming in from Bolivia and Paraguay, hiring drivers and registering vehicles in their names, said police.
The Consumer Financial Protection Bureau’s (CFPB) Taskforce on Federal Consumer Financial Law should look closely at how the CFPB’s rules have impacted credit unions, CUNA wrote to the CFPB Monday. The CFPB is seeking information to assist with the taskforce, which was announced last October.“We urge the Taskforce, as it conducts its review, to look closely at the outsized impact that the Bureau’s rules have had on credit unions as community-based financial institutions and to recommend the Bureau streamline regulations with an eye toward improving the financial health and well-being of consumers,” the letter reads. “To that end, credit unions believe the Bureau’s rules should focus on Wall Street banks and the unregulated and under-regulated sectors of the financial services industry.”The letter outlines several legislative and regulatory recommendations to ensure credit unions can continue to provide high-quality financial products and services to members. Among the major principles, CUNA highlighted:The current single-director CFPB leadership structure should be replaced with a bipartisan commission, ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »
Real estate signInquiry for Brisbane’s unit market is starting to pick up with predictions that sales will also pick up towards the end of the year.Place Projects analyst Lachlan Walker said while the recent lift in inquiries had not translated into sales yet, it was coming.“I get the feeling we are sort of through the worst of it and I think it (the number of sales) will be similar next quarter and then we’ll start to see some pick-up in the back half of the year,” he said.His latest apartment report revealed there had been 144 unconditional off-the-plan unit sales in the past quarter worth $96 million. An artist’s impression of Brisbane 1 which had the highest number of off the plan sales in the March quarter.And units were selling for 5.3 per cent more than at this time last year – this was the second consecutive quarter the average price of off-the-plan apartments increased.The report found two-bedroom apartments were most in demand during the quarter, accounting for 56 per cent of sales, while about a quarter of sales were for one-bedroom apartments.The most common price point for buyers was between $550,000 and $650,000. 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This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenFirst look inside the new W Hotel00:60 Mr Walker said there were 2012 new apartments available for sale throughout inner Brisbane and an additional 3500 apartments expected to be completed by the end of this year.More from newsNew apartments released at idyllic retirement community Samford Grove Presented by Parks and wildlife the new lust-haves post coronavirus18 hours agoHe said the unit market was starting to show “resilience’’ and with the Australian Prudential Regulation Authority now loosening lending restrictions on banks to investors, sales volumes would return to long-term averages in the future. Newstead Central also recorded solid sales in the March quarter. Picture: AAP/ Ric Frearson“Not coincidentally, a large proportion of owner-occupier sales were in recently built or soon to be completed developments. Generally, owner- occupiers are looking for a home, they want to be able to see the finished product before committing.”He said demand for the right product at the right price still existed.“From our conversations within the market, we know that there has been solid interest and sales in recently-built stock which has had to be resold, indicating that demand hasn’t disappeared and buyers are still active.”It predicted that sales figures would not decline further.As a result of demand from owner- occupiers, the report predicted that developers would refocus on townhouses, house and land packages, and more premium apartment product. Lincoln on the Park recorded strong sales. Picture: realestate.com.auIn the March quarter there were 56 projects being sold off-the-plan in inner Brisbane.The report found there were only six unconditional sales within the Brisbane CBD in the quarter but the average sale price was $1.55 million – including a penthouse which sold for more than $3 million.North of the Brisbane River, there were 74 unconditional sales with Newstead Central Laguna chalking up the highest number – nine. South of the river there were 64 unconditional sales with 11 units selling in Brisbane 1 and 10 in Lincoln on the Park.Mr Walker said the majority of buyers in the unit market at the moment were definitely owner-occupiers.The latest apartment report by property consultants Urbis said the owner-occupier market had remained very active even though the investor market had slowed. Director of property economics research Paul Riga said this quarter, owner-occupier sales overtook foreign investor sales, making up 34 per cent of total sales.