From lender with love: Bond-themed hotel sued for $40M

first_imgEmail Address* Full Name* Photo illustration of Aliz Hotel at 310 West 40th Street (Google Maps)It’s a view to a bill: A lawsuit says a Midtown hotel with a James Bond-themed bar owes $40 million.Cindy Zhang, a non-secret agent for the lender, alleged in a complaint filed Jan. 9 that Abraham Noy, owner of the 297-key Aliz Hotel at 310 West 40th Street in Midtown, defaulted on a loan that came due in November.Noy developed the hotel in 2014. In 2018 YJR Group inked a lease for the 6,900 square-foot rooftop bar, which underwent a James Bond-themed redesign.The lawsuit, by NY Manhattan 40th St. Lenders, alleges that in addition to defaulting on the mortgage, Noy failed to bond numerous liens, preventing sale of the property. The liens, from 2015 to 2019, total more than $2 million, according to the state court filing.The suit also asserts that a 2019 judgment for a $637,000 lien was not paid. It says Noy created a separate entity to operate the hotel without the lender’s consent and hasn’t filed accounting reports to the lender on the hotel’s revenue or occupancy.Read moreMariott hotels sued by NYC landlordMirae wins case over scrapped $5.8B hotel dealJudge dismisses lawsuit against Chelsea hotel Share via Shortlink Message*center_img Attorneys for the lender declined to comment. The plaintiff’s attorney did not respond to a request for comment.In response to the notice of default, attorneys for the borrower, in a letter filed with the complaint, called the default “improper” because the borrower had exercised a contractual right to extend the terms of the loan.The letter also said that when the borrower asked what additional documentation was needed to extend the terms of the loan, it was not met with any “coherent response.”“This predatory conduct in and of itself constitutes a Lender default and Lender’s breach under the loan documents,” the letter read.Attorneys for Zhang responded the same day, the court papers show, alleging that the borrower had scuttled attempts to discuss a solution and had canceled a planned call.“The statements made in your letter are simple [sic] not true,” the lender’s attorney wrote. “We would suggest that you read the loan documents.”The lawsuit seeks $40.6 million plus interest and court expenses, and demands that the asset be placed in receivership.The hospitality industry has endured widespread distress as a result of the decrease in travel. New York City’s Department of City Planning estimated that between January and September, 135 hotels and 39,244 rooms closed, representing declines of 20 and 31 percent, respectively.Contact Georgia Kromrei Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink TagsdefaultsHotel Marketreal estate lawsuitlast_img read more

Global real estate investment bounced back in Q4

first_imgMessage* Share via Shortlink (iStock/Illustration by Alexis Manrodt for The Real Deal)Global commercial real estate investment ended 2020 on a strong note, with deal volume rising 84 percent in the final three months of the year following a drastic slowdown early in the pandemic.CRE deals worldwide totaled $290 billion in the fourth quarter of 2020, compared to the all-time high of $364 billion in the same quarter of 2019, according to a new report from CBRE. For the full year, global CRE deal volume was down 26 percent from 2019.“The Q4 rebound was significant in all three global regions, as the promise of vaccine deployment and continued economic recovery buoyed investor sentiment,” CBRE analysts wrote. Despite a resurgence of Covid cases in parts of the world, “Q4 performance is grounds for an optimistic outlook for 2021.”The year-end surge was led by the Americas, and the U.S. market in particular, which saw deal volume rise 97 percent quarter-over-quarter to $135 billion, or 47 percent of total global volume.ADVERTISEMENTFor the full year, CRE investment in the U.S. was down 34 percent. In Canada, it was down 29 percent, and in Brazil it fell 15 percent. In Mexico, it plunged 57 percent year-over-year.Multifamily leads the wayMultifamily and industrial properties accounted for 62 percent of deal volume, up from 53 percent in 2019. These asset classes have remained attractive to investors “due to their stable outlooks and proven resilience amid the pandemic uncertainty,” CBRE’s report said.For all of 2020, European markets saw the smallest decline in deal volume, at 17 percent. Germany, the U.K. and the Netherlands drove a 84 percent quarter-over-quarter surge to end the year, while Denmark, Switzerland and Norway saw more investment activity in 2020 than in 2019.As in the Americas, multifamily and industrial deals gained ground in 2020, accounting for 38 percent of total activity compared to 30 percent a year before.“Looking ahead, recent reintroductions of lockdown measures may weigh on investor sentiment in early 2021,” the report said, while also noting that investors anticipate more distressed sales.Read moreInternational real estate investment tumbles in Q2 with US hardest hitHere’s how much Covid has crushed global RE investment Email Address* TagsCBREInternational real estateInvestment SalesTRD Insightscenter_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink In the Asia Pacific, investment activity in the fourth quarter of 2020 was nearly equal to that of Q4 2019, demonstrating “the economic benefits of an effective pandemic response,” according to CBRE.India stood out as a major destination for global real estate investment in 2020, with deal volume rising 11 percent year-over-year. Big transactions there included Brookfield’s acquisition of a $2 billion office portfolio and Blackstone’s acquisition of a $1.2 billion retail portfolio in the country.Deal volume in South Korea also rose year-over-year, by 6 percent, while activity in Japan and Taiwan dropped by 2 and 6 percent respectively.CBRE is predicting a 15 to 20 percent increase in global CRE investment volume this year, in light of accommodative monetary policies, additional fiscal stimulus and progress on vaccine deployment around the world.Contact Kevin Sun Full Name*last_img read more

Outdoor kitchen sealed deal for Bobby Flay in Los Angeles

first_img Share via Shortlink Tags Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Celebrity Real Estatelos angeles Bobby Flay and the home (Photos via Getty/The Society Group)Celebrity chef Bobby Flay spent the last few months looking at a Midcentury Modern–inspired home in Los Angeles, but it was missing something he dreamed of: a chef-worthy outdoor kitchen.The owners of the home happened to be designers. They agreed to work with Flay to build an outdoor kitchen to Flay’s specifications, including a pizza oven and an Argentinian-style grill.That sealed the deal: Flay bought the home, on Rising Glen Road in the hills above Sunset Boulevard, for $7.6 million, according to the Wall Street Journal.The sellers, Michael and Arya Martin, designed and built the 5,800-square-foot home. They run the design-and-build firm OSKLO.The boxy house has floor-to-ceiling glass windows and a largely open floor plan. It was recently featured in Architectural Digest.ADVERTISEMENTThe Midcentury Modern inspiration is clear in the built-in floating shelves and interior glass atrium. Each of the four bedrooms opens to a private terrace and pathway connecting to the rear of the home.The small, fenced-in back yard centers on a patio area and the pool. There are lawns, sculptures and landscaped trees.L.A.’s residential market, particularly the top end, remains hot nearly a year into the coronavirus pandemic.Meanwhile, Flay’s Bold Food is feuding with its Manhattan landlord over back rent. The company vacated an office space in June without paying back or future rent, claiming that the coronavirus pandemic “destroyed Bold Food’s ability to operate and earn revenue.”A judge sided with the company’s landlord in December. [WSJ] — Dennis Lynch last_img read more

Ontogeny of the thymus in an antarctic teleost, Harpagifer sp. (Notothenioidei: Perciformes)

first_imgThe development of the thymus was examined in different stages of Harpagifer sp. from Signy Island (South Orkney Islands; 60°43′S, 45°38′W). The thymus was typical, both in position and structural development, of that observed in warmer-water teleosts. The infiltration of the thymic epithelia was not observed until 4 weeks post-hatch. Full development of the lymphoid organs was not achieved until the juvenile stage. Although an increased infiltration of the thymus, by sub-epithelial connective tissues and epithelial mucous cells, occurred in the juvenile and adult stages, there was no evidence of an advanced stage of thymic regression or involution in the adult Harpagifer. Thus a suppressive influence of the low temperature environment, on the onset and degree of thymic development and involution, was indicated in this species.last_img read more

Carbon and nitrogen dynamics in a small pond in the maritime Antarctic

first_imgSmall ponds and puddles are extremely common throughout the ice-free areas of the maritime Antarctic. The carbon and nitrogen dynamics in a typical pond on Livingston Island, South Shetland Islands were investigated during summer 1991. The pond vegetation consisted of a benthic mat of cyanobacteria, diatoms and chlorophytes. The mat was not limited by nutrient availability, both phosphorus and nitrogen being available in the overlying water and N:P ratios in both the water and the mat indicating a roughly balanced supply. Maximal rates of carbon fixation of 0.1–0.2 mgC g−1 dry weight h−1 were similar to those of other perennial Antarctic mat communities. Productivity appeared to be limited by physical factors, but the effects of irradiance and temperature could not be separated. Although carbon fixation rates were low, carbon loss processes were minimal leading to an accumulation of material in the mat approximating to one doubling per year. Atmospheric nitrogen fixation was not a significant component of the nitrogen budget of the pond, accounting for only 0.1 % of the nitrogen accumulation by the mat. Nitrogen uptake was largely from dissolved nitrogen sources, in particular as dissolved organic nitrogen. It is concluded that ephemeral water bodies may play a significant role in the nutrient dynamics of maritime Antarctic ecosystems.last_img read more

The high latitude convection response to an interval of substorm activity

first_imgOn 17 March 1991, five clear substorm onsets/intensifications took place within a three hour interval. During this interval ground-based data from the EISCAT incoherent scatter radar, a digital CCD all sky camera, and an extensive array of magnetometers were available, in addition to data from the CRRES and DMSP spacecraft, whose footprints passed over Scandinavia very close to most of the ground-based instrumentation. This interval of substorm activity has been interpreted as being in support of a near-Earth current disruption model of substorm onset. In the present study the ionospheric convection response, observed some four hours to the west in MLT by the Halley HF radar in Antarctica, is related to the growth, expansion and recovery phases of two of the substorm onsets/expansions observed in the Northern Hemisphere. Bursts of ionospheric flow and motion of the convection reversal boundary (CRB) are observed at Halley in response to the substorm activity and changes in the IMF. The delay between the substorm expansion phase onset and the response in the CRB location is dependent on the local time separation from, and latitude of, the initial substorm onset region. These results are interpreted in terms of a synthesis of the very near-Earth current disruption model and the near-Earth neutral line model of substorm onset.last_img read more

Reproduction of Antarctic flowering plants

first_imgReproductive allocation (reproductive biomass relative to vegetative biomass) and seed production were measured for samples of the two native phanerogams occurring in Antarctica. Material collected on South Georgia (subantarctic), Signy Island (northern maritime Antarctic) and Léonie Island (southern maritime Antarctic) allowed an initial comparison of reproduction over a wide latitudinal range. Sizes of vegetative and reproductive structures of Colobanthus quitensis were smaller in Signy Island samples than those from South Georgia or Léonie Island. This pattern was reflected in the pattern of seed production. Vegetative and reproductive structures of Deschampsia antarctica were generally similar in size at both maritime Antarctic sites, but larger at subantarctic South Georgia. Seed production was similar in each season assessed and at all three sites. In most samples of both species there were close relationships between reproductive and vegetative biomass, and seed output and reproductive biomass. Subantartic C. quitensis showed greater allocation to seed production than material from maritime Antarctic sites. D. antarctica showed the reverse pattern, with greater allocation to reproductive biomass and seed production in most samples of maritime Antarctic material, particularly those from Signy Island. Reproductive strategies do not form any specific adaptation to the Antarctic environment for these species. Reasons for the failure of other higher plants to become established in the maritime Antarctic are discussed, and it is concluded that geographical isolation is the main factor. The most important proximate factors influencing propagules which reach potential colonization sites are likely to be the short length and low temperature of the summer season in relation to the time required for establishment.last_img read more

Comparison of contemporary and fossil diatom assemblages from the western Antarctic Peninsula shelf

first_imgDuring the past ten years, the Antarctic Peninsula has been identified as the most rapidly warming region of the Southern Hemisphere and it is important to place this warming in the context of the natural climate and oceanographic variability of the recent geological past. Many biological proxies, such as marine diatom assemblages, have been used to determine Southern Ocean palaeoceanographic conditions during the Late Quaternary, however, few investigations have attempted to link observations of modern floras with the fossil record. In this study we examine a suite of modern austral spring (December 2003) and summer (February 2002) surface water samples from along the western Antarctic Peninsula (WAP) continental shelf and compare these to core-top, surface sediment samples. Using detrended correspondence analysis (DCA) and principal component analysis (PCA) of diatom abundance data we investigate the relationship of contemporary diatom floras with the fossil record. This multivariate analysis reveals that our modern assemblages can be divided into three groups: summer southern WAP sites, summer northern WAP sites, and spring WAP sites. Sea surface temperature (SST) is an important environmental variable for explaining seasonal differences in diatom assemblages between spring and summer, but sea surface salinity (SSS) is more important for understanding temporally-equivalent regional variations in assemblage. Our summer diatom samples are more reminiscent of early season assemblages, reflecting the unusually late sea ice retreat from the region that year. When the modern assemblages are compared to the fossil record, it is clear that most of the important diatoms from the summer assemblage are not preserved into the sediments, and that the fossil record more closely reflects spring assemblages. This observation is important for any future attempts to quantitatively reconstruct palaeoceanographic conditions along the WAP during the Late Quaternary and highlights the need for many more such studies in order to address longer timescales, such as interannual variability, in the context of the fossil record. (c) 2008 Elsevier B.V. All rights reserved.last_img read more

At-sea distribution and behavior of streaked shearwaters (Calonectris leucomelas) during the nonbreeding period

first_imgStreaked Shearwaters (Calonectris leucomelas) breed in temperate regions of East and Southeast Asia and have been thought to migrate to tropical regions near the Equator after breeding. We documented the migratory and foraging behavior of this species using global location sensors (GLS). The GLS loggers were attached to 48 breeding birds in 2006 and were subsequently recovered from 38 birds in the following year. The Streaked Shearwaters migrated from the seas around Japan to three wintering areas in the tropics, the seas off northern New Guinea, the Arafura Sea, and the South China Sea (4,000, 5,400, and 3,500 km from the breeding colony, respectively). Most Streaked Shearwaters wintered off northern New Guinea, an area of low primary productivity but high Skipjack Tuna (Katsuwonus pelamis) abundance. Streaked Shearwaters flew for longer periods and landed on the water more frequently around dawn and dusk during the wintering period. This pattern of activity is similar to that of subsurface predators such as tuna, and to that of tropical seabirds that are known to feed with subsurface predators. We suggest that Streaked Shearwaters probably forage in association with subsurface predators in the tropical oceans during the wintering period. Foraging in association with subsurface predators and morphological adaptations for gliding may allow Streaked Shearwaters to forage efficiently in both temperate and tropical environments.last_img read more

Experimental and numerical study of the hydrodynamics of the western sector of Ria Formosa

first_imgThe western sector of Ria Formosa, a lagoon system in the south of Portugal, represents approximately 90% of the total tidal prism of the lagoon and includes three inlets. Two sets of field campaigns to characterize the hydrodynamics of this sector in neap and spring tide conditions were conducted in the autumn of 2011 and spring 2012. The main findings related to the inlets hydrodynamics and water exchanges between the lagoon and the ocean along semi-diurnal tidal cycles are presented. To estimate the relative contribution of the three inlets to the water exchanges between Ria Formosa and the ocean, discharges were evaluated hourly along complete neap and spring semi-diurnal tidal cycles and the tidal prisms computed. In addition, two sea level time series measured in Faro-Olhao inlet and Faro commercial pier were harmonically analyzed. The results were compared with previous studies and used to validate the ELCIRC hydrodynamic model. This model provided additional information about the circulation and tidal prisms and distortion inside the western Ria Formosa. This study confirmed the Faro-Olhao inlet as the main inlet in terms of contribution for the total tidal prism. It is shown that the Ancao inlet lost hydraulic efficiency, contributing less than 6% to the total tidal prism in all situations and the Armona inlet gained efficiency in spring tide and lost efficiency in neap tide. Moreover, the Faro-Olhao inlet exhibits flood prisms higher than ebb prisms under neap and spring tides, suggesting a residual circulation towards the Ancao and Armona inlets.last_img read more