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American Green To Buy 40K Square Foot "Cypress Chill" Cannabis Building For $3.75M

American Green, Inc.'s (OTCPK:ERBB) board of directors has exercised and approved the rights it has under the current lease agreement with its landlord to buy the 40,000 square foot building known as American Green’s “Cypress Chill” cannabis facility located at 2325 W. Cypress St. read more.....»»

Category: blogSource: benzingaMay 13th, 2022

Ariel Property Advisors closes $13 million in sales across Three Properties in New York City

Ariel Property Advisors has arranged the sale of three propertiestotaling $12.9 million located in Brooklyn and Northern Manhattan. ● A vacant two-story commercial building comprising three commercial units spanning11,009 SF at 222-226 West 145th Street sold for $5.05 million, or $460/SF. The propertyoffers 14,970 SF of air rights and 65... The post Ariel Property Advisors closes $13 million in sales across Three Properties in New York City appeared first on Real Estate Weekly. Ariel Property Advisors has arranged the sale of three propertiestotaling $12.9 million located in Brooklyn and Northern Manhattan. ● A vacant two-story commercial building comprising three commercial units spanning11,009 SF at 222-226 West 145th Street sold for $5.05 million, or $460/SF. The propertyoffers 14,970 SF of air rights and 65 feet of frontage along a well-traveled commercialcorridor on the south side of West 145th Street between Adam Clayton Powell Jr. andFrederick Douglass Boulevards in Central Harlem. Situated within an Opportunity Zone,222-226 West 145 th Street is near City College of New York, Columbia University’sManhattanville campus, Jackie Robinson Park and other local green and outdoor spaces.The transaction was brokered by an Ariel team including Jason M. Gold, Director,Investment Sales; Michael A. Tortorici, Founding Partner; and James Nestor, AssociateDirector, Investment Sales. ● An 18,150 SF, four-story, 21-unit mixed-use building at 649 Argyle Road in the DitmasPark neighborhood of Brooklyn sold for $4.75 million. Located on the northeast corner ofArgyle Road and Foster Avenue, the property consists of 12 rent-stabilized units, sevenfree market residential units and two commercial units. The area is well-served by publictransportation with easy access to the B and Q subway lines and nearby bus routes.The transaction was brokered by an Ariel team including Lawrence Sarn, Director,Investment Sales; Victor Sozio, Founding Partner; and Shimon Shkury, President andFounder. ● A vacant three-story, 7,638 SF warehouse/flex office building at 11 Herkimer Place inthe Bedford-Stuyvesant neighborhood of Brooklyn sold for $3.1 million, or $406/SF. Thetransaction represents the highest price per square foot for an office building in theBedford-Stuyvesant area since 2018. The elevator building consists of two floors of newlyconstructed office space with terraces and a roof deck above an existing renovatedgarage warehouse space. Located off Atlantic Avenue between Bedford and NostrandAvenues, 11 Herkimer Place boasts a brick façade and includes windows roughly ninefeet tall to allow natural light into the 3,600 SF open office space.The transaction was brokered by an Ariel team including Dov Chein, Director, InvestmentSales, and Sean R. Kelly, Partner. The post Ariel Property Advisors closes $13 million in sales across Three Properties in New York City appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMay 21st, 2022

AmeriCann Reports Positive Quarterly Financial Results and an Operations Update

BOSTON, May 17, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- AmeriCann Inc. (ACAN), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, released financial and operational results for its fiscal quarter ending March 31, 2022. Financial Overview The Company achieved a significant increase in year-over-year quarterly revenue, culminating in positive net income for the quarter ending March 2022. Revenue from operations increased over 52% for the quarter ended March 2022 relative to the quarter ended March 2021, an increase of $230,021. Quarterly gross margins were 98%. AmeriCann also announced that revenue for April 2022 set an all-time monthly record for the Company. The increase in financial performance is attributable to greater revenue received from products produced and manufactured at Building 1, the Company's initial building at its Massachusetts Cannabis Center development in Freetown, Massachusetts. Building 1 is a 30,000-square-foot cultivation greenhouse and processing facility that utilizes AmeriCann's proprietary "Cannopy" cultivation system. Building 1 is fully occupied by Bask Inc., an existing Massachusetts licensed vertically integrated cannabis operator. AmeriCann receives base rent and a Revenue Participation Fee of 15% of all gross monthly sales of cannabis, cannabis-infused products and non-cannabis products produced at the Massachusetts Cannabis Center. As operations commenced and accelerated at Building 1, AmeriCann established many milestones for its financial performance. A summary of operational highlights included the following: AmeriCann's Operating Revenue from Building 1 increased over 52% from the quarter ended March 31, 2021, to the quarter ending March 31, 2022. The Company achieved positive Adjusted EBITDA for the quarter of $297,597, an increase of 289% over the quarter ending March 2021. Adjusted Operating EBITDA margins for the quarter were 44.6%. The manufacturing of cannabis infused products, including the 1906 branded "Drops," Howl's Tincture, and Harpoon Extracts, have increased dramatically at the Massachusetts Cannabis Center. Sales of manufactured infused products are expected to be even stronger once the anticipated increase of production and sales for 1906 "Drops" are realized. For the months of December, January and February the 1906 branded "Drops" were the top selling edible product in the Massachusetts market. Howl's Tincture was the top selling brand in the Tincture Category. AmeriCann's tenant, Bask, Inc. added adult-use retail sales in February of 2021 which has increased revenue from products produced at the Massachusetts Cannabis Center. In February 2022, revenue from the Massachusetts cannabis market was $139.6 million which was 40% greater than February 2021. For the 2021 calendar year, revenue for the Massachusetts cannabis market was $1.62 billion, 75% more than 2020 revenue. Experts believe the market will exceed $1.8 billion annually. Total Massachusetts cannabis sales have recently exceeded $3 billion since the inception of the Commonwealth's regulated cannabis program. See definitions of non-GAAP measures later in this release. Management Commentary "The success we have achieved with Building 1 is a testament to the quality of consistent products being produced for patients and consumers," said AmeriCann CEO and President Tim Keogh. "The increased revenue, margins and profits we have achieved validates our vision for the Massachusetts Cannabis Center and our expansion plans. AmeriCann is in the final design phase of the expansion of its MCC development in Freetown, Massachusetts. AmeriCann has secured cultivation and manufacturing licenses for Building 2 – the next phase of the Massachusetts Cannabis Center. Building 2 calls for approximately 400,000 additional square feet of cannabis cultivation, manufacturing and distribution infrastructure. About AmeriCann AmeriCann (OTCQB:ACAN) develops and leases cannabis cultivation, processing and product manufacturing facilities. AmeriCann uses greenhouse technology which is superior to the current industry standard of growing cannabis in warehouse facilities under artificial lights. According to industry experts, by capturing natural sunlight, greenhouses use 25% fewer lights, and utility bills are up to 75% less than in typical warehouse cultivation facilities. As such, AmeriCann's Cannopy System enables cannabis to be produced with a greatly reduced carbon footprint, making the final product less expensive. Additionally, greenhouse construction costs are nearly half of warehouse construction costs. AmeriCann is also designing GMP-Certified cannabis extraction and product manufacturing infrastructure. AmeriCann has secured licenses to produce cannabis-infused products including beverages, edibles, topicals and concentrates. AmeriCann plans to operate a Marijuana Product Manufacturing business at the Massachusetts Cannabis Center. To learn more about the Massachusetts Cannabis Center click HERE to watch a short video. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs such as "will," "should," "would," "may," and "could" are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. About Non-GAAP Financial Measures The Company uses "adjusted EBITDA," as a non-GAAP financial measure to evaluate financial performance such as period-to-period comparisons. This non-GAAP measure is not defined under U.S. GAAP and should be considered in addition to, not as a substitute for, indicators of financial performance reported in accordance with U.S. GAAP. The Company may use non-GAAP measures that are not comparable to measures with similar titles reported by other companies. Also, in the future, the Company may disclose different non-GAAP financial measures in order to help investors more meaningfully evaluate and compare the Company's future results of operations to its previously reported results. The Company encourages investors to review its financial statements and publicly-filed reports in their entirety and not rely on any single financial measure. The section titled "Reconciliation of Non-GAAP Financial Measures" includes a detailed description of this measure as well as a reconciliation to its most similar U.S. GAAP measure. Reconciliation of Non-GAAP Financial Measures The Company defines adjusted EBITDA as net income adjusted to exclude the impact of interest expense, interest income, income taxes, depreciation, depletion and amortization, stock based compensation, impairment, and the plus or minus change in fair value of derivative assets or liabilities. The Company believes adjusted EBITDA is relevant ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaMay 17th, 2022

KRE AND NORTHWESTERN MUTUAL LEASE UP 507-UNIT JERSEY CITY TOWER

Jersey City Mayor Steven Fulop joined principals from Kushner Real Estate (KRE) Group and Northwestern Mutual today to cut a ceremonial ribbon at 351 Marin, marking the completion of a significant addition to the Jersey City residential landscape and one of its most successful developments to date. The new 38-­story tower delivered 507 residences... The post KRE AND NORTHWESTERN MUTUAL LEASE UP 507-UNIT JERSEY CITY TOWER appeared first on Real Estate Weekly. From Left: Jeremy Kaplan, COO, KRE Group; Murray Kushner, Founder, KRE Group; Jeff Persky, Partner, KRE Group; Joyce E. Watterman, Council President, Jersey City; Matt Ascher, Senior Director, Northwestern Mutual Real Estate; Steven Fulop, Mayor, Jersey City; Jonathan Kushner, President, KRE Group; Marc Kushner, Design Director, KRE Group. Jersey City Mayor Steven Fulop joined principals from Kushner Real Estate (KRE) Group and Northwestern Mutual today to cut a ceremonial ribbon at 351 Marin, marking the completion of a significant addition to the Jersey City residential landscape and one of its most successful developments to date. The new 38-­story tower delivered 507 residences to Jersey City’s lively Powerhouse Arts District – all of which leased up in just five months, according to the development partners, which tapped The Marketing Directors to oversee the leasing program. The celebratory event took place in a new 4,500 square foot, landscaped public plaza – created by KRE and Northwestern Mutual – which features a pavilion and fountain display. The community space leads directly into 351 Marin’s welcoming lobby and the newly opened Wattle Café, an Australian-inspired wellness health brand known for crafting food with a healthy spin. “When we took office, we really had a pro-development stance because we recognized that a healthy city is a growing city,” Mayor Fulop said.  “You just need to look around us right here at 351 Marin and there aren’t many cities in the state that can absorb two 50-story buildings going up across the street from each other simultaneously and at the same time, a crane half a block away creating another building of similar size.  It speaks to the vibrancy of Jersey City and the special place it is and that people want to live here and do business here and KRE Group makes it very easy for us to be partners. We see a lot of developers come through with a lot of different proposals.  The difference with KRE is that when they say they are going to do something, they execute on it and that makes it very easy from an administration side.  On behalf of all of us, congratulations and we look forward to more ribbon cuttings in the future.” “351 Marin continues our longstanding commitment to Jersey City through developments that provide first class residences, public amenities and neighborhood retail services near mass transportation,” said Jonathan Kushner, President of KRE Group. “We’re proud to have once again delivered a building that has successfully attracted residents to the area at an historic rate while also building on the unique character and energy Jersey City is known for.” “We are thrilled to be partnered with KRE on another successful residential development in Jersey City. The property is truly breathtaking, and its performance has exceeded all of our expectations,” said Matt Ascher, Senior Director at Northwestern Mutual Real Estate. “Northwestern Mutual has been making both equity and debt investments in Jersey City for over 25 years and we look forward to continuing to invest in additional iconic assets like 351 Marin.” Aptly named after its address at 351 Marin Boulevard, the cutting-edge building is just minutes from the Grove Street PATH station and Hudson Bergen Light Rail system, and near commuter ferries with service to lower and Midtown Manhattan. The new residential offering lies perfectly between Jersey City’s vibrant Hudson River waterfront, the growing theater and gallery scene within the Powerhouse Arts District, and the exciting dining and nightlife lining the Newark Avenue Pedestrian Plaza. Designed by Hollwich Kushner and HLW Architects, 351 Marin features a distinctively angled base that creates a dramatic backdrop to the plaza and a free-standing pavilion. The façade rises to a geometric crown that stands out amongst the Jersey City skyline and harkens to the triangular forms 38 stories below on the public plaza. A mix of studio, one- and two-bedroom apartments boast open layouts loaded with upscale features. Residents enjoy a full suite of modern and thoughtful amenities highlighted by a 37th-floor Sky Lounge with co-working spaces, banquette seating, and a tiered theater. An outdoor, landscaped patio provides spectacular views of the Manhattan and Jersey City skylines. The building’s eighth floor features a 24-hour fitness center, yoga/studio/group fitness area, full entertainment kitchen with sitting area, movie and screening area, game room and children’s playroom. An outdoor, landscaped terrace features a pool deck with a resort-style pool, lounge seating, fire pits, and BBQ grilling stations with prep counters. A community garden and dog run can be found on the seventh floor. 351 Marin’s lobby is notable for its live green walls and abundant seating areas, while 24-hour concierge service caters to resident needs. Onsite parking is also available. For additional information on 351 Marin, please visit www.351MarinJC.com or call 201.588.3510. The post KRE AND NORTHWESTERN MUTUAL LEASE UP 507-UNIT JERSEY CITY TOWER appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMay 14th, 2022

American Green To Buy 40K Square Foot "Cypress Chill" Cannabis Building For $3.75M

American Green, Inc.'s (OTCPK:ERBB) board of directors has exercised and approved the rights it has under the current lease agreement with its landlord to buy the 40,000 square foot building known as American Green’s “Cypress Chill” cannabis facility located at 2325 W. Cypress St. read more.....»»

Category: blogSource: benzingaMay 13th, 2022

Fairstead and LIHC Investment Group announce new ground-up mixed-income development at Essex Plaza in Newark, NJ

Fairstead, a purpose-driven, vertically integrated real estate company committed to sustainable development and the creation and preservation of high-quality housing, and LIHC Investment Group today announced a new ground-up development proposal for a mixed-income building at Essex Plaza in Newark, New Jersey. The six-story, 365,000-square-foot proposed development would consist of... The post Fairstead and LIHC Investment Group announce new ground-up mixed-income development at Essex Plaza in Newark, NJ appeared first on Real Estate Weekly. Fairstead, a purpose-driven, vertically integrated real estate company committed to sustainable development and the creation and preservation of high-quality housing, and LIHC Investment Group today announced a new ground-up development proposal for a mixed-income building at Essex Plaza in Newark, New Jersey. The six-story, 365,000-square-foot proposed development would consist of 241 residential apartments, ground-floor commercial and amenity space, and underground parking. The development would be built as part of New Jersey’s Clean Energy Program, taking a whole-building approach to saving energy with a tailored energy reduction plan to promote efficiency and sustainability. See renderings of the proposed new development here. “To support the future of our cities, we need a variety of housing options serving affordable, workforce, and market-rate renters. Having a sustainable place to live is the foundation everyone needs to work in and give back to their communities,” said Brett Meringoff, Managing Partner, Development, at Fairstead. “Fairstead and LIHC are preserving and revitalizing the existing housing stock at Essex Plaza and proposing a new vision for additional housing at the site to further our investment in and partnership with the Newark community.” “The sheer depth of the affordable housing crisis requires that our industry use every available lever. We must build and also preserve, and we must achieve greater affordability for low-income families and seniors while providing options for renters who increasingly find themselves priced out of the middle market,” said Andrew Gendron, Principal, LIHC Investment Group. “Essex Plaza is a chance to do it all, holistically, while making huge strides toward a more green and sustainable Newark.”  “I will be working together with Fairstead to continue to bring more affordable housing to the seniors and working families of Newark, and to develop more apartments at a market-rate. This helps our renters who are so in need and brings investment to the Newark community,” said Newark Council President Luis A. Quintana. The proposed development is at the site of the existing parking lot behind 1060 Broad Street, located on Orchard Street, between Camp and Pennington Streets in Newark. Of the planned 241 apartments, 40% would be set aside as affordable housing for those making up to 60% of the Area Median Income ($64,400 for a household of four people). The apartments would be a mix of one-, two-, three-, and four-bedroom homes. The development would be constructed as part of New Jersey’s Clean Energy Program to minimize energy consumption and is expected to achieve LEED Silver certification. The building would feature a range of amenities including a resident lounge, in-unit laundry, fitness center, package room, bike room, rooftop green space, and a doorman.  In November, Fairstead and LIHC acquired the Essex Plaza portfolio to preserve 691 units of low-income housing in Newark. Fairstead and LIHC are investing $27 million for sustainable renovations and improvements, as well as on-site support services, at 1060 Broad Street, Essex Plaza’s 450-apartment affordable senior housing building. Renovations are underway, with seniors moving into apartments with brand new kitchens with sustainable appliances, new bathrooms, flooring, fresh paint, and more. See photos of the new apartments here. The Essex Plaza portfolio is located in the Lincoln Park Historic District of Newark, just steps away from Newark City Hall, Newark Symphony Hall, and the Prudential Center.  In addition, Fairstead and LIHC plan to propose additional new developments in the future for a total of more than 400 new mixed-income apartments in Newark. The post Fairstead and LIHC Investment Group announce new ground-up mixed-income development at Essex Plaza in Newark, NJ appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMay 5th, 2022

LCOR and DivcoWest Launch Leasing at Park 151, Cambridge Crossing’s First Trophy Multifamily Building

 LCOR, a fully integrated real estate investment, development, and management firm and DivcoWest, a national and vertically integrated, real estate investment firm today announced the launch of leasing at Park 151, a highly amenitized, 20-story, 468-unit, mixed-income residential property located at 151 North First Street in East Cambridge, MA in the heart... The post LCOR and DivcoWest Launch Leasing at Park 151, Cambridge Crossing’s First Trophy Multifamily Building appeared first on Real Estate Weekly.  LCOR, a fully integrated real estate investment, development, and management firm and DivcoWest, a national and vertically integrated, real estate investment firm today announced the launch of leasing at Park 151, a highly amenitized, 20-story, 468-unit, mixed-income residential property located at 151 North First Street in East Cambridge, MA in the heart of the new Cambridge Crossing neighborhood. With an expected completion date of September 2022, Park 151 will be comprised of 468 residences ranging in size from studios to three-bedroom apartments, inclusive of 392 at market-rate, 22 penthouse homes and affordable units with an additional 19,000 square feet of ground-floor retail space. The building additionally includes in-unit washers and dryers, panelized appliances with LED downlighting throughout, an outdoor pool and living room, inclusive of a TV and lounge area, grilling spaces, a fitness center, indoor and outdoor yoga spaces, a sunset terrace, co-working and micro-office spaces and ample parking and bike storage. Additionally, Park 151 benefits from its proximity to two MBTA lines with the new Lechmere green line station one minute away and the Community College Orange line just a quick 7-minute walk. Right outside the front door, cafes, restaurants, and a brewery connect residents to the community through local flavors and restauranteurs.11 acres of activated open space sits adjacent to the residence, providing unmatched connectivity and the ability to bring the indoors out. The open spaces at CX feature a central 5-acre common with a waterway where concerts and fitness classes are held, outdoor seating in the Picnic Grove and Maria Baldwin Park, and a recently opened dog park. “As one of the country’s most desirable submarkets, inclusive of world-class academic institutions and leading technology and life sciences companies, Park 151 serves as a prime housing option for the existing base of top talent, as well as the influx that this new neighborhood will bring,” said David Sigman, Executive Vice President and Principal at LCOR. “We’re excited to officially deliver these premier residences to the community alongside our partner DivcoWest and look forward to welcoming future residents to their new home at Park 151.” “Park 151 carries the Cambridge Crossing brand centered around innovation, connectivity, and health and wellness, and we are thrilled to offer a place that focuses on creating holistic experiences for today’s forward-thinking residences,” said DivcoWest Senior Development Executive John Weigel. “Our team is proud to have collaborated with LCOR to deliver this state-of-the-art residential building that combines superior location, unique amenities, and modern and distinctive units.” Park 151’s neighborhood, Cambridge Crossing, is located at the intersection of Cambridge, Boston, and Somerville, and is part of Kendall Square, one of the most innovative square miles in the country. As one of the most sought-after life science, research, and technology markets (inclusive of Sanofi, Bristol Myers Squibb, Google, and Amazon) and the nation’s leading academic institutions such as Harvard and MIT, Cambridge boasts intellectual work and education avenues, while simultaneously providing top-tier bars, restaurants, arts and cultural offerings. Cambridge Crossing is centrally located with immediate access to multiple modes of transportation including two MBTA stations, a bus station hub, public & private shuttle services, shared bicycle stations, and various cycle and walking paths. Park 151 is a joint venture between LCOR and DivcoWest and is part of the 43-acre and 4.5 million square-foot Cambridge Crossing master development plan by DivcoWest. The partnership is dedicated to bringing top quality residential to this dynamic new neighborhood. Cambridge Crossing includes commercial, residential, retail and an abundance of open green spaces. Park 151 will be a collaborative product of LCOR’s residential and management expertise, and DivcoWest’s development experience within the local Boston/Cambridge market. Potential residents can schedule a visit to the Park 151 marketing suite to tour the model units and reserve units for fall occupancy. For more information and to apply, please visit www.park151.com The post LCOR and DivcoWest Launch Leasing at Park 151, Cambridge Crossing’s First Trophy Multifamily Building appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMay 2nd, 2022

Ariel Property Advisors arranges $13.1 million in financing across four properties

Ariel Property Advisors has arranged $13.1 million in financing across four properties in three states—New York, South Carolina and Mississippi. The recent financings include: ● A seven-year $4.87 million acquisition loan for a 47,541-square-foot NNN leased Regal Movie Theater in Rock Hill, SC, located near major thoroughfares and in close... The post Ariel Property Advisors arranges $13.1 million in financing across four properties appeared first on Real Estate Weekly. Ariel Property Advisors has arranged $13.1 million in financing across four properties in three states—New York, South Carolina and Mississippi. The recent financings include: ● A seven-year $4.87 million acquisition loan for a 47,541-square-foot NNN leased Regal Movie Theater in Rock Hill, SC, located near major thoroughfares and in close proximity to downtown Charlotte, NC. The loan featured an interest rate of 4.5 percent on a 25-year amortization. The financing was secured by an Ariel team that included Eli Weisblum, Senior Director, Capital Services, and Paul McCormick, Partner, Sales Management. ● A $3.77 million cash-out refinance for a rent regulated multifamily property in Brooklyn, NY. The building is comprised of 20 residential units across 15,200 square feet and is located near subway and bus transportation, educational institutions and green spaces including Prospect Park. The financing was secured by an Ariel team that included Matthew Dzbanek and Matthew Swerdlow, both Senior Directors in Capital Services. ● A $2.3 million acquisition and renovation loan for a Mt. Vernon, NY, multifamily property comprised of 13 units. The 24-month, non-recourse, interest-only loan featured an LTC of 85 percent and 35-day closing. The property is in a growing submarket north of Manhattan, providing access to Van Cortlandt Park, the New York Botanical Garden and Pelham Bay Park. The financing was secured by an Ariel team that included Matthew Swerdlow and Matthew Dzbanek, both Senior Directors in Capital Services. ● A $2.175 million acquisition loan for a 27,350-square-foot office property in Pascagoula, MS. The loan featured an interest rate of 4.5 percent for 5+5 years on a 25-year amortization with an LTV of 75 percent. Chevron Oil anchors the property as the main tenant, occupying 80 percent of the space. The financing was secured by an Ariel team that included Eli Weisblum, Senior Director, Capital Services, and Paul McCormick, Partner, Sales Management. The post Ariel Property Advisors arranges $13.1 million in financing across four properties appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyApr 21st, 2022

Kriss Capital Funds a $45M Inventory Loan on The Oosten Condominiums in Williamsburg

Kriss Capital has provided a $45 million condo inventory loan to Xin Development Group, the developer of the Oosten/ The Reserve, a collection of luxury new condo units, lofts and townhomes available at the South Williamsburg waterfront development.   Vanadium Realty LLC, a Manhattan-based real estate development and investment firm, headed by real estate veteran Stephen... The post Kriss Capital Funds a $45M Inventory Loan on The Oosten Condominiums in Williamsburg appeared first on Real Estate Weekly. Kriss Capital has provided a $45 million condo inventory loan to Xin Development Group, the developer of the Oosten/ The Reserve, a collection of luxury new condo units, lofts and townhomes available at the South Williamsburg waterfront development.   Vanadium Realty LLC, a Manhattan-based real estate development and investment firm, headed by real estate veteran Stephen Muller, represented the borrower, to secure the inventory loan through Kriss Capital, a New York-based real estate bridge lender with a focus on residential ground-up development, renovation, adaptive reuse, and condo inventory debt strategies.    “Leveraging our first hand understanding of residential development along with our global network of relationships, Vanadium was able to quickly arrange the right capital and terms to meet borrower objectives.” Muller said. “Kriss Capital was excellent to work with; we closed on the initial terms quoted and ahead of schedule… It also didn’t hurt that Oosten /The Reserve include some of the finest homes in the Williamsburg market.”  Designed by renowned Dutch architect Piet Boon, The Oosten is a stunning 216-unit condominium at 429 Kent Avenue and offers as many lush amenities as it does modern aesthetic details. The Reserve collection offers 3-bedroom units as well as lofts, duplex homes, penthouses, and townhouses that feature spacious floor plans, private outdoor areas and/or private parking facilities.  The building’s glass facade with gunmetal-framed floor-to-ceiling windows gives every residence the modern touch, as well as a taste of the original Williamsburg. For the interiors, Boon’s design features calming colors and clean lines that perfectly accentuate the roomy, airy features of the homes.   An indoor swimming pool, a children’s playroom with a bouncy-house, a 13,000+ square-foot lush green courtyard and much more.  Urbn Playground, the onsite lifestyle concierge, provides both adults and children with a series of bespoke activities, including but not limited to swimming lessons, wine tasting, massages, etc.  The post Kriss Capital Funds a $45M Inventory Loan on The Oosten Condominiums in Williamsburg appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyApr 19th, 2022

Silverstein Properties signs four leases at 7 World Trade Center

Silverstein Properties, one of New York City’s leading real estate development and management companies, today announced four lease signings at 7 World Trade Center totaling more than 104,000 square feet. The company also announced that it has closed a $457.5 million refinancing deal for the iconic building. The four leases... The post Silverstein Properties signs four leases at 7 World Trade Center appeared first on Real Estate Weekly. Silverstein Properties, one of New York City’s leading real estate development and management companies, today announced four lease signings at 7 World Trade Center totaling more than 104,000 square feet. The company also announced that it has closed a $457.5 million refinancing deal for the iconic building. The four leases bring the building to 97% occupancy, with one 40,000 square foot floor available to lease. Separately, Goldman Sachs led the refinancing, of which $449.19 million is tax-exempt bonds and $8.31 million is taxable bonds. The deal was executed in green bonds, financing instruments that enable capital-raising and investment for new and existing projects with environmental benefits. The leases include: Mansueto Ventures LLC, the publisher of Inc. and Fast Company magazines, and one of the first media tenants to move to the new World Trade Center in 2007, renewed its 40,000-square foot lease. Jeremy Moss of Silverstein Properties represented the landlord in the deal. David Glassman of CBRE represented Mansueto Ventures. Capstone, a global alternative investment management firm, signed a lease for 40,000 square feet. Jeremy Moss of Silverstein Properties represented the landlord in the deal. Robert Lowe and Jonathan Fein of Cushman & Wakefield represented Capstone. Kostelanetz & Fink, LLP, a boutique tax law firm, renewed its 18,158-square-foot lease. The company was an original tenant of the building in 2007, and expanded its presence in 2015. Jeremy Moss of Silverstein Properties represented the landlord in the deal. Eric Zemachson and Brian Cohen of Newmark Knight Frank represented Kostelanetz & Fink. UPSTACK, a marketplace that helps customers select and activate a variety of IT services, signed a lease for 5,400 square feet. UPSTACK relocated from 745 Fifth Avenue. Jeremy Moss of Silverstein Properties represented the landlord in the deal. “7 World Trade Center is one of the most iconic office buildings in New York,” said Jeremy Moss, Executive Vice President and Director of Leasing for Silverstein Properties. “It’s very gratifying to see long-term tenants renew and new tenants join us in the building. As companies adapt to post-pandemic life and plan for their future, well-located, accessible, sustainable and high tech buildings like 7 WTC will continue to be their workplace of choice.” “When 7 World Trade Center opened in 2006, it opened a new chapter in the history of Lower Manhattan,” said Marty Burger, Chief Executive Officer of Silverstein Properties. “As New York’s first LEED-Gold certified office building, it set a new standard for sustainable design, energy efficiency, health and safety. The building also leased up quickly to some of the most visionary companies in the city. Now, through its refinancing carried out in green bonds, 7 World Trade Center continues to serve as a blueprint for sustainable development.” Skadden, Arps, Slate, Meagher & Flom LLP worked on behalf of Silverstein Properties and Hawkins Delafield & Wood, LLP represented underwriter Goldman Sachs. The 52-story, 1.7-million-square-foot 7 World Trade Center is a benchmark of innovative design, safety, and sustainability. Designed by Skidmore, Owings & Merrill, 7 World Trade Center combines a powerful infrastructure with ultra-efficient floors. With 45-foot column-free spans, high ceilings, and city, river and harbor views in all directions, the 40,000-square-foot floor plate provides unparalleled flexibility to customize each space. The building is 97 percent leased. Tenants include Moody’s Corporation, Moët Hennessy, Zola, WilmerHale, BMI, Skidmore, Owings & Merrill, Fast Company and Inc. Magazine, Jeffrey Beers International and Silverstein Properties. Across Silverstein Properties’ portfolio, companies now have access to a new hospitality program, INSPIRE, that offers premier hotel-quality amenities, community events, fitness classes, and access to every amenity space and flexible co-working space in the Silverstein portfolio, allowing customers to choose the best work environment for their needs. The post Silverstein Properties signs four leases at 7 World Trade Center appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyApr 9th, 2022

Granite’s 626,215 SF Uptown Dallas Office Project Moves Forward, Secures Lease and Construction Financing with Bank OZK

Granite Properties, a commercial real estate investment, development and management company, today announced it is moving forward with 23Springs. Granite has signed a lease with Bank OZK (Nasdaq: OZK) and has closed construction financing with Bank OZK for the project. They will occupy four floors totaling 110,029 SF of the Class-AA, 26-floor, 626,215 square... The post Granite’s 626,215 SF Uptown Dallas Office Project Moves Forward, Secures Lease and Construction Financing with Bank OZK appeared first on Real Estate Weekly. Granite Properties, a commercial real estate investment, development and management company, today announced it is moving forward with 23Springs. Granite has signed a lease with Bank OZK (Nasdaq: OZK) and has closed construction financing with Bank OZK for the project. They will occupy four floors totaling 110,029 SF of the Class-AA, 26-floor, 626,215 square foot development in Uptown Dallas. Contributing to the Uptown experience, 23Springs will feature two restaurant buildings and a street-level park for everyone to enjoy. Construction will start June 2022 with delivery slated for March 2025.   Bank OZK was represented on the lease transaction by Robert Blount of JLL and Granite was represented by Robert Jimenez and Burson Holman of Granite. John Fox of Bank OZK represented Bank OZK, and Bill Sladek and Amanda Gadison of Condon Tobin represented Granite as lease attorneys. Jim Curtin of JLL represented Granite in securing the construction loan through Bank OZK. Lewis Kasner and Marisela Gonzales of Jackson Walker represented Granite as attorneys for the loan and development investment. Nam Tran of Winstead represented Bank OZK on the loan transaction.    Designed by GFF Architects, with DPR Construction as the general contractor, 23Springs will be the largest office building in Uptown upon delivery. The elegant glass tower will feature double X-brace columns while becoming a striking new presence in the Dallas skyline.  “We could not be happier to provide Bank OZK a brand-new regional headquarters in our most recent development in Dallas. Bank OZK’s commitment is a testament to the project, and we look forward to realizing our vision for 23Springs together. The opportunity to expand Granite’s relationship with them, as a customer and as a lender, makes this announcement even more exciting for us,” said Will Hendrickson, Senior Managing Director, Granite Properties. “23Springs will offer engaging experiences through modern architecture, compelling amenities, and green space in one of the strongest submarkets in Dallas. Its multiple social spaces are designed to enhance productivity, connection and community,” he added.  Bank OZK, established in 1903 and headquartered in Little Rock, AR, is a respected banking organization known for its excellent loan and deposit growth, asset quality and earnings, Bank OZK has more than 240 offices in eight states and over $26 billion in assets.   “Bank OZK is thrilled to be moving into 23Springs in 2025. Granite Properties exemplifies the same excellence, innovation and collaboration that Bank OZK strives to live by every day,” said Brannon Hamblen, President of Bank OZK. “The vibrant Uptown neighborhood, coupled with an outstanding suite of amenities and Granite Properties’ excellent reputation, make it the perfect choice for our future home.  The opportunity to finance another outstanding project for Granite makes the entire transaction even more gratifying.”  23Springs amenities include:  a two-story hospitality-driven lobby featuring a coffee and wine bar an indoor lounge with golf simulator a large conference center and boardroom an outdoor lounge with full AV-enabled conference facilities  two restaurant buildings positioned on either side of the office tower; a one-story building designed for several fast casual restaurants with patio seating facing the park, and a two-story building planned for an upscale restaurant a half-acre tree-lined park private motor court valet parking six stories of underground parking EV charging stations and bike storage designed to achieve LEED Silver and Fitwel certifications  Wellness-focused, 23Springs will offer a high-end fitness center, a touchless path from the garage to the office, 14-foot floor-to-ceiling windows, clean air technology, destination dispatch elevators, and ample green space to work or meet outdoors. Sustainability features will include a rainwater harvesting system and low flow water fixtures, reducing indoor water consumption by 50% and energy consumption by 14%.   “Bank OZK’s decision to relocate to 23Springs demonstrates their commitment to Dallas, and this new development will enable them to continue to recruit and retain the best talent in the industry,” said Robert Blount, Managing Director of JLL.    23Springs is located on the corner of Cedar Springs and Maple Avenue in Uptown Dallas. Hotel Crescent Court and Stanley Korshak are across the street. The building is also in close proximity of the Dallas North Tollway, popular restaurants and retail, a Whole Foods Market, and the Katy Trail. Granite Properties will begin tearing down the three existing office buildings on the 2.5-acre site in June 2022 to make way for 23Springs.   Granite’s leasing team Robert Jimenez, Burson Holman and Elizabeth Fortado will lease 23Springs.   The post Granite’s 626,215 SF Uptown Dallas Office Project Moves Forward, Secures Lease and Construction Financing with Bank OZK appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyApr 5th, 2022

RAL Development Signs Sigma Computing at Zero Irving

Real estate development firm RAL Development Services (RAL) announced they have signed leading business data analytics software company Sigma Computing Inc (Sigma) to Zero Irving. The company signed a 5-year, 15,500-square-foot, Class-A office space lease on the ninth floor of the building. Midtown South’s newest top-tier office building was developed by RAL in... The post RAL Development Signs Sigma Computing at Zero Irving appeared first on Real Estate Weekly. Real estate development firm RAL Development Services (RAL) announced they have signed leading business data analytics software company Sigma Computing Inc (Sigma) to Zero Irving. The company signed a 5-year, 15,500-square-foot, Class-A office space lease on the ninth floor of the building. Midtown South’s newest top-tier office building was developed by RAL in partnership with Junius Real Estate Partners and offers innovative, post pandemic design features and benefits from a unique, amenity- and transit-rich location in New York’s Union Square neighborhood. “We are excited to welcome Sigma into the building, a company that perfectly fits Zero Irving’s vibrant ecosystem, one designed to elevate and advance business entrepreneurship within the tech sector,” said Josh Wein, Managing Director at RAL. “The Zero Irving vision looks into the future, providing an environment that embraces flexibility and adaptability as well as high-end technology and state-of-the-art finishes and amenities. We are confident the building’s location and unique offering sets it apart and helps tenants attract and retain their workforce in an increasingly more competitive labor market “ Sigma is a fast-growing cloud analytics and business intelligence company headquartered in San Francisco, CA. The company’s real-time, no-code data analytics SaaS platform for data warehouses is used by companies ranging from data-driven technology upstarts to large national and global enterprise organizations in nearly every sector. Sigma doubled its employees to over 180 during the past year and is expanding its offices with the new Zero Irving location to grow its New York team with recruitment of local tech talent, and to provide a local presence for clients based in the financial capital of the world. Union Square’s Zero Irving introduces 176,000 square feet of modern, trophy quality office space across the upper 14 floors of the 21-story building. Views of Midtown and Downtown Manhattan are spectacular, and alternating floors at Zero Irving boast corner double-height dedicated spaces with 23-foot ceilings, offering users distinctive high-impact space. Among the premier office building’s amenities are a large, landscaped roof deck, a 14,000 square foot event and conferencing space available to tenants, a full-service fitness center with lockers, showers and bike storage, and a ground floor indoor/outdoor food hall by Urbanspace with 12+ curated food vendors. Zero Irving’s distinguished offering also includes a technology training center and incubator, as well as flexible office space solutions. “Due to its forward-thinking design, Zero Irving has been positioned to cater to innovative companies from a variety of industries” added Benjamin Bass, Executive Managing Director of JLL. “Cutting edge companies like Sigma will benefit from the exceptional building quality and amenities, located on one of the city’s most exciting and dynamic neighborhoods. Beyond Union Square’s outstanding amenity and transit alternatives, Zero Irving provides efficient floor plates, superb design, the latest in technology and connectivity, as well as attention to sustainable and green building technology.” Mitch Konsker, Vice Chairman of JLL, leads the leasing effort alongside Benjamin Bass, Dan Turkewitz, Kristen Morgan, and Carlee Palmer. RAL recently announced Melio, a leading B2B payments platform for small business, has also leased space at Zero Irving. The leading fintech firm leased 25,000 square feet across the full 15 and 16 floors in a long-term deal.  According to the JLL leasing team, there is significant leasing demand at the building and Ownership will be announcing several new tenants in the coming weeks and months. Zero Irving is the realization of RAL’s successful response to an RFP issued by NYCEDC. The development team includes financial partner Junius Real Estate Partners, architecture firm Davis Brody Bond, and commercial construction company Suffolk Construction. Jeff Rodgers, Stephen Cisarik, and Brent Ozarowski of Newmark represented Sigma in the lease transaction. The post RAL Development Signs Sigma Computing at Zero Irving appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyApr 3rd, 2022

Förena, Downtown’s Newest Condominium, Commences Closings

 Landsea Homes Corporation (Nasdaq: LSEA), a publicly traded residential homebuilder based in Newport Beach, CA, along with DNA Development, a privately held, vertically integrated real estate investment and development company based in New York City, announced today that closings have commenced at FÖRENA, a Scandinavian-inspired condominium located at the northeast... The post Förena, Downtown’s Newest Condominium, Commences Closings appeared first on Real Estate Weekly.  Landsea Homes Corporation (Nasdaq: LSEA), a publicly traded residential homebuilder based in Newport Beach, CA, along with DNA Development, a privately held, vertically integrated real estate investment and development company based in New York City, announced today that closings have commenced at FÖRENA, a Scandinavian-inspired condominium located at the northeast corner of Sixth Avenue and 14th Street in Downtown Manhattan. With both interiors and architecture designed by Morris Adjmi Architects, FÖRENA offers warm and inviting homes as well as a curated amenity program that has redefined luxury living at the intersection of one of Manhattan’s most desired neighborhoods. “After launching sales last year, we couldn’t be more pleased to reach this exciting milestone at FÖRENA and to welcome residents to their highly anticipated new homes,” said Jed Lowry, Division Vice President at Landsea Homes, developer of FÖRENA along with DNA Development. “Residents have the best elements of New York right outside their doorsteps but also receive the ultimate sense of relaxation within the serene homes and the amenity selection.” In addition to commencing closings, the building has recently unveiled two model residences on the third floor. Designed by Urban Casa, the New York-based boutique interior design and staging studio specializing in residential spaces, the two model homes at FÖRENA boast a modern aesthetic with deep textures, wallpapers with rich colors, different wood finishes and a host of custom artwork. Urban Casa’s interior design complements Morris Adjmi’s Scandinavian sensibility within the building that is soothing yet elegant and refined. The building will be unveiling another model residence on the tenth floor later this spring as well as the expansive Penthouse B, which is a 2,052 square foot residence providing three bedrooms and complemented by a 634 square foot private terrace. Named for the Swedish word for “unite,” FÖRENA is located at 540 Sixth Avenue at the intersection of Greenwich Village, Chelsea, Union Square and Flatiron. The 12-story building offers 50 luxury residences optimized for modern living that range from one- to three-bedrooms. “Our team has loved selling at FÖRENA as there is truly no other building like it and the response has just been incredible,” said Glenn Davis of The Tuinstra | Davis Team. “One of the building’s primary selling points is its unique and exquisite Scandinavian design and cascading terraces which buyers have really come to appreciate. In the city that never sleeps, buyers want to feel like their homes offer a sense of tranquility, and the ones at FÖRENA do just that.” The residences at FÖRENA evoke a Scandinavian sensibility, with a restrained and soothing palette along with materials that are luxurious yet welcoming. Homes feature fluid layouts with graceful proportions that adapt to any lifestyle, with ceiling heights ranging up to 13 feet, and oversized tilt and turn windows that flood each residence with sunlight, while many residences also offer a spacious private terrace for al fresco dining and open-air relaxation. Bespoke, open-style kitchens create the heart of each home, featuring a complete Miele appliance package, Calacatta Regina marble slab countertops and backsplashes, and lacquered Italian cabinetry hand finished by artisans outside of Venice. Tranquil, light-filled bathrooms boast Calacatta Regina and Montagna D’Argento marble and a custom-designed oak vanity with brushed nickel fixtures and oil rubbed bronze accents. FÖRENA will provide residents with a well-curated selection of amenities that contribute to the seamless and peaceful lifestyle at the building. Offering a calming respite from the bustling city, residents have access to a lush Zen Garden that is perfect for meditation practices with its soothing ambiance. Optimal health and wellness is also encouraged with a natural light-filled modern fitness center outfitted with Technogym equipment on the second floor. FÖRENA will also offer a residents’ lounge and kitchen equipped with secured private aperitif lockers, as well as an expansive landscaped rooftop escape replete with outdoor dining and sitting areas, including a kitchen and a gas grill. The building also offers a bike room and extra storage available for purchase. FÖRENA residents have the best of New York right outside of their homes. Located moments away are some of the city’s best fine dining establishments, cultural institutions such as The Whitney Museum of American Art, as well as an endless stretch of stores along Fifth Avenue. Residents also have access to numerous green spaces with Union Square Park, Washington Square Park and Madison Square Park all nearby. A variety of convenient transportation options are also within close proximity. Sales and marketing for FÖRENA is exclusively being handled by Douglas Elliman Development Marketing, The Tuinstra | Davis Team, and The Eklund | Gomes Team at Douglas Elliman. Pricing begins at $1.575M. For more information, please visit www.forenanyc.com. The post Förena, Downtown’s Newest Condominium, Commences Closings appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMar 31st, 2022

PGIM Real Estate global transactions rose 43% in 2021, driven by US logistics, affordable and senior housing, ESG

PGIM Real Estate completed a record $42.7 billion in transactions globally in 2021, up 43% from the prior year — including $35 billion in transactions in the U.S. alone, up 38% from the previous year. PGIM Real Estate is the $209.3 billion real estate business of PGIM. In Asia-Pacific, the... The post PGIM Real Estate global transactions rose 43% in 2021, driven by US logistics, affordable and senior housing, ESG appeared first on Real Estate Weekly. PGIM Real Estate completed a record $42.7 billion in transactions globally in 2021, up 43% from the prior year — including $35 billion in transactions in the U.S. alone, up 38% from the previous year. PGIM Real Estate is the $209.3 billion real estate business of PGIM. In Asia-Pacific, the firm completed $3.0 billion in 68 transactions and in Europe $4.7 billion in 76 transactions — across both debt and equity transactions. Cathy MarcusGlobal Chief Operating Officer and Head of U.S. Equity, PGIM Real Estate “The growth in PGIM Real Estate’s portfolio has been largely led by our success investing in high conviction themes driven by four key growth pillars: digital transformation, generational change in living habits increasing demand for affordable housing, the aging population, and ESG credentials,” said Cathy Marcus, global chief operating officer and head of U.S. equity for PGIM Real Estate. “One advantage of being a large real estate investor with a broad platform is that we can explore new ideas and trends in funds with different risk profiles and deploy capital with flexibility.” Bryan McDonnellHead of U.S. Debt and Chair of Global Debt, PGIM Real Estate Bryan McDonnell, head of U.S. Debt and chair of Global Debt for PGIM Real Estate, added, “A strategic advantage of our global lending reach is our ability to identify movements in the capital markets and trends in real estate in different regions of the world. This perspective allows us to confidently lend across a range of risk profiles to offer solutions to our borrowers and provide a range of investment options for our investors, while maintaining a consistent focus on these key growth pillars.” Digital Transformation Drives Logistics Activity PGIM Real Estate entered strategic joint ventures with logistics developers and completed a total of $5.6 billion across 99 logistics transactions in the U.S., as the rise of e-commerce continues to fuel the sector. Representative deals include the $440 million acquisition of Bayonne Logistics Center on behalf of PGIM Real Estate’s core fund and the $250 million fixed-rate financing of a “last-mile” core logistics portfolio. Bayonne Logistics Center, a 115-acre site along the Upper New York Bay, enables the tenant to use a newly developed “roll-on and roll-off” delivery strategy, floating packed vans across to Brooklyn on barges, thus saving on costs and reducing the number of trucks on the road. The “last-mile” core logistics portfolio consists of five properties across Atlanta, Dallas-Fort Worth, Chicago, Memphis, and California’s Central Valley, enabling same-day and next-day delivery to customers. Growing Demand for Affordable Housing Options PGIM Real Estate demonstrated its commitment to bringing high-quality affordable accommodation to the U.S. market through its joint venture with Legacy Communities for a national housing portfolio of manufactured home communities, and recently completed the disposition of a five-property manufactured housing portfolio located across Florida, Ohio and Massachusetts. The Debt platform also continued its role as a Government-Sponsored Enterprise (GSE), Agency and Federal Housing and Administration lender, lending $1.9 billion to the affordable housing sector over the last year. An Aging Population Fuels Senior Living Development PGIM Real Estate invested $1.6 billion into the senior living sector in 2021, anticipating increasing demand for these communities, driven by aging population demographics throughout the United States. Representative deals include the $78 million development of Holden Delray Beach, a 187-unit independent living, assisted living and memory care project in Florida managed by The Arbor Company — PGIM Real Estate’s largest operator partner. ESG Credentials Attracting More Than Goodwill PGIM Real Estate’s commitment to reduce operational carbon emissions of its global portfolio of managed properties to net zero by 2050 includes its recent development of a 10-story, 220,000-square-foot, class A+ carbon-neutral office building in Bellevue, Washington. The building — with a “big tech” tenant already signed — will target LEED Gold and LEED Zero certification, buy green power and avoid the use of fossil fuels, buying carbon offset credits when necessary. In 2021, the firm completed more than $1.4 billion of debt and equity investments across 22 office transactions in the U.S., prioritizing the upgrade of properties’ ESG-credentials. The post PGIM Real Estate global transactions rose 43% in 2021, driven by US logistics, affordable and senior housing, ESG appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMar 30th, 2022

“Lever Club” Coming to Park Avenue’s Iconic Lever House

WatermanClark, LLC and Brookfield Properties today announced that Lever Club, an exclusive lounge, restaurant, conference venue, and hospitality suite, will join the impressive offering for tenants at the landmarked Lever House skyscraper, which is currently undergoing a $100 million redevelopment. Occupying the entire third floor and the building’s 15,000 square... The post “Lever Club” Coming to Park Avenue’s Iconic Lever House appeared first on Real Estate Weekly. WatermanClark, LLC and Brookfield Properties today announced that Lever Club, an exclusive lounge, restaurant, conference venue, and hospitality suite, will join the impressive offering for tenants at the landmarked Lever House skyscraper, which is currently undergoing a $100 million redevelopment. Occupying the entire third floor and the building’s 15,000 square feet of iconic terrace space overlooking Park Avenue, Lever Club was created by the developers in collaboration with Los Angeles-based architecture firm Marmol Radziner to provide a seamless indoor-outdoor work and entertainment environment. In addition to servicing the third floor, the not yet announced restaurant operator of Lever Club will provide concierge food and beverage service to all tenant floors. “Lever Club is more than a physical space, it’s an entire hospitality offering,” said Alan Bernstein, Senior Vice President and Head of Leasing, WatermanClark. “From exclusive access to some of the most coveted indoor and outdoor space in Manhattan, to elevated culinary services that far surpass the food and beverage programs traditionally seen in corporate offices, Lever Club creates a truly unmatched, boutique work experience for the modern employee.” Lever Club is anchored by a large bar area surrounded by lounge and cafe seating. A variety of private amenity spaces are seen throughout, including a dining room, outdoor garden spaces and conference rooms that can be rented out for private gatherings. Lever Club’s ability to convert from open co-working space into expansive private conference or dining rooms make it the ideal space for collaborations of every size. A grab-and-go cafe will also provide tenants with quick and healthy meals or snacks during the workday. “We designed Lever Club as the preeminent modern workplace amenity where leading companies and their top talent will enjoy high-end hospitality and culinary offerings befitting one of New York City’s iconic addresses,” said Callie Haines, Executive Vice President and Head of New York for the office business of Brookfield Properties. “Our vision is not only to create an inviting indoor-outdoor environment in which to work, collaborate and socialize, but also to provide comprehensive programming that will enliven the space and make Lever House an even more desirable place to work.” The interior design of Lever Club by Marmol Radziner takes cues from residential settings, creating a place of respite, entertainment, and relaxation for tenants. Panels in front of the bar shelving allow the space to effortlessly transition between day and night. Luxurious details such as oxblood-colored textiles, honed green stone walls and floors, aluminum accents and rosewood paneling create a warm and rich aesthetic. On the terrace, a new planting program by landscape architects Reed Hilderbrand will bring two groves of birch trees into the planters. “From the beginning, we felt that the design of Lever Club should feel like a sympathetic insertion within the iconic curtain wall of the building. The third floor, which had originally housed the employee cafeteria, had been altered for various other uses over many years, so this was not a restoration project but something that had to be reimagined. It was important to us that the design respond intelligently and reverently to the building while also creating a real sense of comfort, warmth, and luxury. We studied the modernist masters and Gordon Bunshaft’s own personal residence when conceiving of the design—a series of paneled volumes set within the glass perimeter, taking advantage of the views and access to the most epically-sited outdoor terrace in the city, said Ron Radziner, FAIA, Design Partner at Marmol Radziner. “The furnishings, largely bespoke, respond to and soften the hard edges of the architecture with plush texture and rich tones most often seen in a residential setting.” Completed in 1952 as the U.S. headquarters of soap company Lever Brothers, Lever House has been globally recognized for its architectural influence at the time of its completion and in the decades following. Lever House is hailed as an icon of the shift to modern skyscrapers, and later became one of only 50 buildings globally to win a Twenty-five Year Award from the American Institute of Architects (AIA). In addition to the introduction of Lever Club on the third floor, the redevelopment of Lever House will enhance the 22-story, 260,000-square-foot skyscraper and revitalize the one-of-a-kind ground-level public plaza and lobby. Skidmore, Owings & Merrill (SOM), the original architects of Lever House, have returned as the project’s lead design firm. WatermanClark and Brookfield Properties anticipate renovations at Lever House to be completed and the building open for tenants in the first quarter of 2023. Tenants will be able to begin construction in their respective premises in the middle of 2022. Visit www.leverhousenyc.com to learn more. The post “Lever Club” Coming to Park Avenue’s Iconic Lever House appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMar 29th, 2022

A Swiss company is responsible for creating almost all of the airline food served on planes worldwide. See inside the 132,000-square-foot facility.

Gate Gourmet chefs chop 500 pounds of potatoes and up to 1,000 pounds of chicken every day to prepare thousands of meals for international flights. Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/Insider Gate Gourmet's 132,000-square-foot kitchen in Washington, DC prepares thousands of meals every day for international flights. Chefs make the food from scratch, including chopping up to 1,000 pounds of chicken and 400 pounds of carrots. Workers are responsible for cooking, cooling, and storing meals before they're reheated on the plane, ensuring food is kept fresh. After the onset of the COVID-19 pandemic, airlines worldwide were forced to change how food was prepped and served on flights.Economy food on a JetBlue flight.Thomas Pallini/InsiderWhile business and first class meals like beef and salmon were suspended on many domestic routes, long-haul international flights kept the food. But, touchpoints were reduced and the dishes were served in one course instead of multiple.Flying on an Emirates A380 from New York to Dubai.Thomas Pallini/InsiderFortunately, as the spread of COVID weakens, full-service meals are coming back to premium cabins, and catering companies are working hard to meet demand.Flying JetBlue Airways from London to New York in Mint business class.Thomas Pallini/InsiderSwitzerland-based Gate Gourmet is the world's leading provider of airline food that caters hundreds of millions of meals per year at over 200 airports across 60 countries. It has 30 locations in the US.Sundry Photography/ShutterstockAll of the airports have large kitchens where employees prepare and hand cook each individual dish based on recipes created by master chefs.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderGate Gourmet's North American headquarters is in Washington, DC, where a 132,000-square-foot kitchen and hundreds of employees are responsible for handling almost all of the food for the dozens of international flights that leave Dulles International Airport every day.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderThe DC location, which is a 24/7 operation and has workers representing over 35 nationalities, prepares food for carriers like United Airlines…A United Airlines airplane is seen at the Newark Liberty International Airport in Newark, New Jersey, United States.ayfun Coskun/Anadolu Agency via Getty Images…British Airways…A British Airways Airbus A380.Thiago B Trevisan / Shutterstock.com…Air France…Air France.Horacio Villalobos Corbis/Corbis via Getty Images…and Virgin Atlantic Airways.Virgin Atlantic.EQRoy/ShutterstockJim Stathakes, the general manager of Gate Gourmet's Dulles operation, took media on a tour of the facilities. Take a look inside the kitchen and see how airplane food is made from scratch.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderThe tour started at the sanitation station right before entering the main food prep area. Regardless of COVID-19, Gate Gourmet has always had a very strict hygiene policy to ensure all meals are kept clean and healthy.Sanitation station.Taylor Rains/InsiderBecause of this, I had to use a specialty washer to clean my hands and shoes, as well as wear a white coat, a mask, and a red hair net to walk the floor.The water, which had a special cleaner in it, washed off my hands and arms. I simultaneously stood on a pad that cleaned the bottom of my shoes.Taylor Rains/InsiderOnce inside, we learned about the process of turning raw ingredients into meals and how the company stores and transports those dishes for each flight.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderAs opposed to popular belief, most airline food is not days-old prepackaged, frozen food. In actuality, Gate Gourmet prepares each dish within 24 hours of it landing on a passenger's tray table, meaning it is perfectly fresh.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderAccording to Basil Rafreedie, one of the DC kitchen's executive chefs, employees must follow specific recipes.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderMoreover, each menu item is designed to use moisture and other elements, like savory umami, to ensure the food tastes as good in the sky as on the ground.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderAccording to a British Airways menu design manager, Sinead Ferguson, passengers lose 33% of their ability to taste at high altitudes.Economy food on British Airways.Thomas Pallini/InsiderSource: Peter GreenburgFood prep includes chopping over 500 pounds of potatoes, 400 pounds of carrots, and up to 1,000 pounds of chicken per day, among other ingredients.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderInventory also includes things like giant cans of soup and beans…Workers could go through 12 cans of tomato sauce per day.Taylor Rains/Insider…dozens of produce items, like tomatos, turnips, beets, and cabbage…There are employees specifically tasked with washing produce.Taylor Rains/Insider…meat, like beef, salmon, and pork…Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/Insider…tubs of spices and sauces…Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/Insider...pastries...Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/Insider…alcohol…Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/Insider…and soda cans, which differ in size depending on the airline.Can sizes change, with European carriers typically having smaller sodas.Taylor Rains/InsiderProfessional cooks prepare the entrees and core parts of the meal, while other workers are responsible for cutting simpler things like fruit and cheese and preparing them as side dishes or snacks.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderWhen it comes to hot food, there are strict processes to follow, including chilling the cooked meals before they are reheated via ovens on the plane. Microwaves are not installed onboard for safety reasons.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/Insider"The iPad will show the cooks all the recipes they have to prepare that day, how to make it, and when each flight leaves," Rafreedie said. "When they're done cooking, they have to take the temperature of the food and it has to be at a minimum temperature."Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderThe cooling process, which includes putting the meals in front of a blast chiller, is very specific, but essential for keeping the food safe, fresh, and healthy.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/Insider"They have two hours to get the food below 70 degrees, and once it hits 70, they have another four to get it below 41 degrees," he said. "If the food doesn't make it, it goes to the trash."Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderRafreedie told Insider that the employees are good at managing the temperature, and that "not much" food is thrown out. However, he explained that there are ways to speed the process along if some food is slow to cool, like putting it in ice.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderMeanwhile, Gate Gourmet is also responsible for ensuring the meals stay fresh in case of a flight delay.Produce storage room.Taylor Rains/Insider"We have people outside that monitor the temperature, so if the food goes over 50 degrees for a certain amount of time, we have to change the entree out," he explained. "However, newer planes have chillers, so the cold food stays cold. It's the hot food we have to worry about."Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderThere are many times when the company has to replace food because of delays or cancellations, but Rafreedie said they keep the meals in the kitchen if they know of the delay in advance. Moreover, the chefs will cook extra food as a buffer just in case.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderGate Gourmet has a separate room for preparing specialty food, like religious and medical meals. Rafreedie told Insider they are kept separate to ensure there is no cross-contamination from regular dishes.Inside Gate Gourmet's Washington Dulles kitchen.Inside Gate Gourmet's Washington Dulles kitchen.Once meals are fully cooked, they are put in containers and prepped for passengers. Gate Gourmet provides all the plates and equipment needed for the meals, including washing them between flights.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderWhen the workers build the meals, meaning getting every dish, plate, and snack ready for transfer, they know the exact equipment needed and will ensure the right quantity is given to the inflight crew.Stock of glassware.Taylor Rains/InsiderOnce every dish is ready to go, they are stored in a "stage and holding cooler." The large room is where the international food sits before it is sent to the plane via truck.Stage and holding room.Taylor Rains/InsiderThe branded trucks can rise high enough to load food into widebody planes, like the Boeing 787 Dreamliner that frequents Dulles airport.The truck is stabilized with four feet that fix themselves to the ground.Taylor Rains/InsiderThe specific food I saw in the cooler was going on a transatlantic flight Tuesday evening and would be served in business or first class cabins. The food had a green stripe on the container to indicate to workers that the food was made the night before.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderThe color-coded system has a different color for each day of the week. For example, green means a dish was made on Monday, while brown means it was made on Tuesday.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderRafreedie told Insider that most of the meals will be served to passengers in the containers they come in, like those traveling in economy or premium economy.Economy food on a British Airways flight.Thomas Pallini/InsiderHowever, flight attendants serving business or first class will transfer the meals to glassware, enhancing the luxury experience. According to Rafreedie, there are step-by-step instructions provided to the flight attendants on how to plate the food.Virgin Atlantic first class food. The airline serves a three-course meal.Virgin Atlantic AirwaysSome airlines, including Turkish and Austrian, actually have onboard chefs that are responsible for presenting the food in decorative ways and adding additional flavorful touches, like spices and sauces.Austrian Airlines onboard chef garnishes a dishAustrian AirlinesJoshua Janow, Gate Gourmet's president of North America, explained the company is getting back to pre-pandemic operations as travel returns. Specifically, the company expects to reach 90% of the volume it produced in 2019, and exceed that by 2023.Meal building space.Taylor Rains/Insider"We're seeing a lot of return this spring, so it's a really big ramp up," Janow said. "A lot of transatlantic flights coming back, volumes increasing overall."Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderAs of March, the company has about 7,500 employees across the US and is making its way back to 2019 levels when it employed some 10,000 people.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/Insider"We've been working with a couple of Afghani settlement organizations and [DC] is one of a few of our units that have been able to link in with these organizations and actually provide several individuals who have come to this country with work," he explained.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderAfter the tour, I got to indulge in some of the meals that have been served on airlines. Molly Brandt, who is Gate Gourmet's innovative chef for North America, explained how she plays a role in developing the food.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/Insider"Gate Group made an active decision to invest moving the needle in airline catering, so my role does not interact with the operation, it is strictly for development purposes," she said.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderMore simply, Brandt is responsible for creating innovative and different menus and presenting them to customers. From there, the meals can be tailored based on budget, brand, and specific wants for each airline.Inside Gate Gourmet's Washington Dulles kitchen.Taylor Rains/InsiderI tried several dishes made by the chefs, like pimento cheese dip…Trying Gate Gourmet dishes.Taylor Rains/Insider…Impossible meatballs…Trying Gate Gourmet dishes.Taylor Rains/Insider…and butternut squash custard.Trying Gate Gourmet dishes.Taylor Rains/InsiderEvery meal was delicious. It was clear from the entire tour and experience that Gate Gourmet is focused on designing menus that give passengers an enjoyable onboard dining experience.Trying Gate Gourmet dishes.Taylor Rains/InsiderRead the original article on Business Insider.....»»

Category: worldSource: nytMar 20th, 2022

Take a tour of Michael Jordan"s Chicago mansion that"s been on the market for 10 years and why he can"t sell it

It was first listed for $29 million and has cool, personalized touches like a Jordan-branded basketball court. But that may be working against him. Jordan's estate has been on the market since 2012.Concierge Auctions; Stephan Savoia/APMichael Jordan's enormous house in Chicago is still on the market after 10 years.Michael Jordan has tried to sweeten the pot by cutting the price nearly in half and throwing in a complete set of Air Jordans with the purchase of the house.He pays more than $100,000 in annual property taxes."Any time you have these homes that are just kind of gross over-improvements for the area they do lead to very, very lengthy marketing times," said Gail Lissner of Integra Realty Resources. The house was originally listed for $29 million and has every bell and whistle you can think of. Some of the "over-improvements" Lissner may be referring to are the pool with a grass island in the middle of it, a door from the Playboy Mansion, a table based on the streets of Baghdad, and MJ-branded golf flags.Below, we take a closer look at the house and why it's struggling to find a buyer. Most images are from footage provided by Concierge Auctions.Tony Manfred contributed to this post.Michael Jordan's 56,000-square-foot, 7-acre compound looks massive even from the air.Concierge AuctionsAnyone who approaches from the ground can tell right away that this estate belongs to the legendary No. 23, Michael Jordan — and that might be what's keeping it from selling. "It's clearly his home," said Bruce Bowers of Bowers Realty Group. "... There's a lot of work that would have to be done to make it your own."ZillowSource: Business InsiderThe price on the house has dropped several times and is now going for $14.9 million, or about $265 per square foot — that's a far cry from the original price of $517 per square foot. The exact price is $14,855,000, and the numbers in that price add up to 23 — Jordan's basketball jersey number.Concierge AuctionsThe long drive from the gate and the full-grown trees ensure that the house has complete privacy.Concierge AuctionsJordan had the house — and the surrounding property — built from scratch to his personal tastes.Concierge AuctionsThe outdoor space proves to be spectacular. There's a tennis court ...Concierge Auctions... an infinity pool with a grass island in the middle ...Concierge Auctions... which lies in the center of a large patio ...Concierge Auctions... and down on the lawn there's a putting green.Concierge AuctionsThe putting green is complete with Jordan Brand flag sticks.Concierge AuctionsThere's also a pond stocked with fish.Concierge AuctionsWhile the outdoor space is sprawling and undoubtedly impressive ...Concierge Auctions... the inside is equally spectacular. When guests first walk in the front door, they are greeted by this view, which includes a piano in the background.Concierge AuctionsThe piano room doubles as one of many sitting rooms in the house.Concierge AuctionsAnd here's a look at another sitting area dubbed the "great room" — this isn't the only great room around the house, though.Concierge AuctionsJordan's luxurious taste even shows itself in details like doorways. The set of doors seen below are from the original Playboy Mansion in Chicago.Concierge AuctionsThey lead to a game room with a pool table.Concierge AuctionsOf course, since this is the former home of Michael Jordan, there is a full-court basketball court. It's the centerpiece of the house.Concierge AuctionsThe court has the legend's name at both ends ...Concierge Auctions... and the Jumpman logo at center court, which includes the names of his children — his daughter's name is out of view.Concierge AuctionsWhile guests wait for their turn on the court, they can hang out in this sitting area.Concierge AuctionsMoving along to the dining room, guests were able to eat at this "Baghdad table."Concierge AuctionsThat grid seen on the tabletop is based on the streets of Baghdad.Concierge AuctionsDetailed eating areas are somewhat of a theme. Here we can see a beautiful skylight positioned perfectly over the kitchen table.Concierge AuctionsIn one of the dining areas just off the kitchen, there is a large aquarium built into the wall.Concierge AuctionsThe house has nine bedrooms ...Concierge Auctions... and 19 bathrooms.Concierge AuctionsThere is also a cigar room, which has been decorated intricately with a detailed ceiling.Concierge AuctionsEven the railing in the cigar room is ornate.Concierge AuctionsThe cigar room also has plenty of card tables where we're guessing Jordan played some high-stakes poker games — he is known for his love of gambling, after all.ZillowThe home also features a full gym.Concierge AuctionsJordan's Bulls teammates used to work out there every morning, according to an interview shared by Concierge Auctions.Concierge AuctionsSource: Concierge AuctionsAnother luxurious part of Jordan's estate is the expansive wine cellar.Concierge AuctionsThe library upstairs was said to be MJ's favorite room. It features a drop-down movie screen.Concierge AuctionsSource: Concierge AuctionsBetween the house and the patio, there's another TV room with a 110-inch screen.Concierge AuctionsThis area used to be an indoor pool. Jordan renovated it after he moved in and added sliding walls to both sides that can make the gathering room either indoor or outdoor depending on the mood and the weather.Concierge AuctionsThere are plenty of media rooms throughout the house. Even the seemingly random nooks like this one below have TVs.Concierge AuctionsThe property also boasts a three-bedroom guest house ...Concierge Auctions... which has its own family room and kitchen.Concierge AuctionsMJ himself lived in the main house for 19 years.Concierge AuctionsThe house comes fully furnished, although some of the pieces may be a tad dated.Concierge AuctionsDespite how awesome the house seems, it's been on the market since 2012. Jordan tried to auction the house in 2013, but the minimum bid of $13 million was never met.ZillowJordan said, "Many of the world's most desirable items are sold at auction, and Concierge Auctions is the hands-down leader when it comes to auctioning one-of-a-kind real estate."Concierge AuctionsSource: Concierge AuctionsMJ's estate remained unsold despite attempts to get creative, including marketing to wealthy people in basketball-crazed China.Concierge AuctionsSource: MaximIn 2015, the agent working to sell the house at the time promised that the buyer would also receive every edition of Air Jordans in his or her size — but that didn't work either.Nicholas Hunt/Getty Images for Tribeca Film FestivalSource: MaximAdam Rosenfeld, of the luxury-real-estate startup Mercer Vine, told Marketwatch in 2016 that Jordan was likely struggling to sell the house because of all of the personalized customizations.Concierge AuctionsSource: MarketwatchRosenfeld said the house also just isn't in an area where wealthy celebs are looking for houses. Gail Lissner of Integra Realty Resources called the area "much more modest" than what Jordan's property suggests.ZillowSource: Marketwatch, Business InsiderThere is no need to worry about the house rotting while remaining unsold, though. The house is still occupied by staff who Jordan employed to keep it looking fresh.Concierge AuctionsSource: The Real DealJordan is still paying a lot in property taxes. The annual bill is more than $100,000, and he has paid nearly $700,000 in property taxes since he put it on the market in 2012.ZillowSource: ZillowOne problem is that Jordan may feel his celebrity status adds value to the house, but, according to Stephen Shapiro of the Westside Agency, people do not pay more for a house just because somebody famous owned it.Chuck Burton/APSource: The Real Deal"But you know who tends to think a property is worth more because a celebrity lived there?" Shapiro said. "The celebrity trying to sell it."Concierge AuctionsSource: The Real DealAnother issue is the location. Most of the homes in this price range in this area are closer to Lake Michigan, a few miles east of Jordan's former house. "Buyers at that level in that area tend to want to be closer to the lake," Missy Jerfita of Berkshire Hathaway Homes Services told The Real Deal.Concierge AuctionsSource: The Real DealSince Jordan put his Chicago home on the market, he has since purchased a lakefront house in North Carolina in a golf-course community.ZillowThe house is in Cornelius, about a 30-minute drive from the Charlotte Hornets' arena — Jordan owns the NBA team. MJ purchased the house for $2.8 million after it was originally listed for $4 million.ZillowSource: Fox SportsJordan also reportedly bought a house on a golf course in Jupiter, Florida, for $4.8 million in 2013 and spent $7.6 million on renovations.ZillowSource: Jeff RealtyHe also owns a condo in downtown Charlotte, in the same building as Cam Newton. The condos reportedly go for between $1.5 and $3.5 million.YouTubeSource: Charlotte AgendaMost recently, Jordan listed his 10,000-square-foot home in Park City, Utah, for $7.5 million. Experts think it will likely sell faster than the Chicago compound.Isaac Brekken/GettySource: Forbes, Business InsiderHe continues to wait for a buyer for the Chicago-area home. Of course, MJ is estimated to be worth $1.9 billion, so he can afford to wait for the right owner to come along on his old Chicago digs.Jordan Brand via Getty ImagesRead the original article on Business Insider.....»»

Category: personnelSource: nytMar 19th, 2022

Harrison Mayor James A. Fife Cuts the Ribbon on New 381-Unit Rental Building at Urby

Harrison, NJ Mayor James A. Fife led a ribbon cutting ceremony on Thursday, March 3, to celebrate the opening of a new phase of 381 innovatively-designed apartments and lively social spaces at Harrison Urby near the town’s PATH Station. With a cut of the ribbon, Mayor Fife and development principals... The post Harrison Mayor James A. Fife Cuts the Ribbon on New 381-Unit Rental Building at Urby appeared first on Real Estate Weekly. Officials from Urby and the Town of Harrison cut the ribbon on new 381-unit building at Harrison Urby. From L to R: Jesus Huranga, Harrison 1st Ward Councilmember; Larry Bennett, Harrison 3rd Ward Councilmember; David Barry, Founder and CEO of Urby; James A. Fife, Mayor of Harrison; Richard Miller, CEO of The Pegasus Group; James Doran, Harrison 4th Ward Councilmember; Eleanor Villalta, Harrison 2nd Ward Councilmember; Ellen Mendoza, Harrison 2nd Ward Councilmember. Harrison, NJ Mayor James A. Fife led a ribbon cutting ceremony on Thursday, March 3, to celebrate the opening of a new phase of 381 innovatively-designed apartments and lively social spaces at Harrison Urby near the town’s PATH Station. With a cut of the ribbon, Mayor Fife and development principals unveiled the newest addition to Harrison’s flourishing residential market led by the forward-thinking Urby brand. Following a successful grand opening in 2017, Harrison Urby now offers 1,060 apartments spread throughout multiple buildings, with the newest collection residing at 200 Angelo Cifelli Drive. “On behalf of council, I am proud to welcome this new building at Harrison Urby to the community,” Mayor Fife said. “Urby, Ironstate Development, Pegasus Group, and Brookfield Properties have been prolific developers in Harrison and a major catalyst for the redevelopment of the waterfront. Their investment has delivered PILOT revenue, brought in new residents, and contributed to the renaissance of our town, which began in the 1990s.” “We’re excited to expand this transformative residential concept in Harrison at a time when demand for smartly-designed apartments and vibrant social spaces in urban locations near mass transit is on the rise,” said David Barry, Founder and CEO of Urby. “This new building introduces the next level of the Urby experience.” Brand New, Beautifully Designed Apartments Leasing is underway for the new residences, with monthly rents starting from $2,125 for alcove studios that include a built-in, storage, platform bed and airy wood-slat partitions to create more privacy while allowing in ample, natural light. One-bedroom layouts start from $2,180, two-bedroom apartments start from $2,995 and spacious, three-bedroom floorplans are priced from $3,575. Immediate occupancy and limited time leasing specials are available. Urby apartments feature open-floor plans, large windows to maximize natural light, built-in shelving and closets with drawers for storage, and sustainable flooring. With smart technology systems, including Latch keyless smart phone entry and Amazon package lockers, residents at Harrison Urby have unprecedented access to mobile connectivity. Harrison Urby is only one block from the Harrison PATH Station and just 20 minutes from Lower Manhattan. Innovative Communal Spaces Residents with flexible work schedules can work from the Urby Library. Located adjacent to Charley, the newly opened Viennese bistro, the Library is a cozy space with individual worktables that make it easy for residents to grab coffee and bites while prepping for their next meeting or reading a book by the fireplace. When not working, residents can take their hoops skills to the hardwood with the addition of a brand new, full-size, indoor basketball court, enhancing Harrison Urby’s already impressive fitness offerings. In total, Urby offers over 13,000 square feet of indoor fitness space which includes basketball, yoga, and plenty of space for cardio, strength training and stretching. For those looking to take in the outdoors, new landscaped areas provide additional open spaces to take in nature, tend farm plots, relax by the firepits, and grill with friends. An attractive bluestone path meanders through an aspen grove within. Harrison Urby residents also have access to 24/7 on-site Resident Coordinators, located at the Welcome Desks. Harrison Urby architecture is designed by Amsterdam-based firm Concrete, best known for the designs of citizenM Hotels around the world. Harrison Urby features a series of buildings that are connected by beautifully landscaped green spaces with lush lawns and walkways designed by esteemed Belgian landscape architecture firm, Bureau Bas Smets. Urby residents enjoy a community garden with individual vegetable garden plots, a heated swimming pool and patio, fire pits, grills, lounge furniture, and lawn games. The pet-friendly community features Urby’s Woofgarden dog area for a little pup playtime. There’s also the Urby Kitchen, a rentable chef’s kitchen used to host food events, and two separate cafés integrated into the Urby lobby spaces. Coperaco, a warm and inviting on-site cafe contains a 30-foot treehouse library and Steinway baby grand piano. Charley, the new Viennese bistro, has both indoor and outdoor café seating, and features a lively-yet-relaxed atmosphere for lunch, cocktails, and a menu of bright and transportive central-European dishes. Harrison Urby residents have full access to all amenities at all Urby buildings. For more information on Harrison Urby and to view availability for the new building at 200 Angelo Cifelli Drive, contact our leasing team at urby.com/harrison or by calling (973) 485-7777. The post Harrison Mayor James A. Fife Cuts the Ribbon on New 381-Unit Rental Building at Urby appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMar 12th, 2022

GreenPower (GP) to Build Electric School Buses in West Virginia

GreenPower (GP) inks deal with the state of West Virginia for leasing a manufacturing facility in South Charleston to manufacture zero-emission, all-electric school buses. GreenPower Motor Company Inc. GP recently signed an agreement with the state of West Virginia for leasing/purchasing a manufacturing facility in South Charleston to manufacture zero-emission, all-electric school buses. Per the agreement, the state will purchase a minimum of $15 million of GreenPower vehicles built at the facility.Per the terms of the lease, no upfront cash payment is required and monthly lease payments will commence nine months after production begins. All lease payments will be applied in full for the purchase of the property. According to the deal, GreenPower will acquire properties located in South Charleston spanning 9.5 acres and an 80,000 square foot building. The facility will be deployed by the company for manufacturing carbon-neutral, all-electric school buses by the second half of 2022.The facility will create new employment opportunities in the state when manufacturing begins later this year, for which the state will provide up to $3.5 million in employment incentive payments to GreenPower. Ownership of the properties will be transferred to GreenPower once total lease and incentive payments come to $6.7 million.West Virginia’s government is thrilled to have GreenPower transform its economy by bringing in new state-of-the-art technologies, which will open up a world of opportunities for them. This partnership will also accelerate the state’s transition to green modes of transportation, which is the need of the hour. Moreover, the state considers GreenPower a terrific addition to its diversified economy.Per the Environmental Protection Agency, exposure to NOx exhaust can cause serious health problems like asthma, bronchitis and other respiratory issues. The primary source of NOx is motor vehicles, including school buses. The majority of school buses expel tons of toxins into the air releasing hazardous pollutants that affect children’s health. The first purpose-built, all electric school buses that are produced in South Charleston will directly benefit the health and well-being of the families in West Virginia.Thus, the $15-million investment by West Virginia is crucial for the state to enhance the long-term health, development and academic performance of school-aged children, while reducing carbon emissions. The project will prove to be an environmental solution and a health solution for residents of West Virginia.GreenPower is equally ecstatic about being part of an economy where electrified transportation is the new solution and is overwhelmed to contribute to the development of clean energy transportation in West Virginia through this project.Canada-based GreenPower, which went public in August 2020, designs and manufactures a range of buses, shuttles and other commercial vehicles in the United States. The company is a leading manufacturer and distributor of zero-emission, electric-powered, medium and heavy-duty vehicles. The firm has been expanding its geographic footprint to boost sales and business infrastructure.Though the company’s product portfolio includes EV Star Buses, Synapse School Buses and AV Star Buses, the company is primarily focused on developing its EV Star line of buses as it can produce the same in the shortest time compared to any of its other products. This Zacks Rank #5 (Strong Sell) company reported a loss of 12 cents per share for the second quarter of fiscal 2022, wider than the loss of 9 cents recorded in the prior-year quarter. Nonetheless, the company is optimistic about the progress made on its manufacturing changes that have expedited its production to delivery processes resulting in accelerated deliveries. Also, the firm recently inked an OEM agreement with autonomous vehicle technology provider, Perrone Robotics, to integrate the latter’s LIDAR, radar, wiring harnesses and optical sensors to accelerate autonomous shuttle offerings for transit properties.3 Key Auto PicksInvestors interested in the auto space can consider powering their portfolios with the following stocks – Fox Factory Holdings FOXF, General Motors GM and LKQ Corporation LKQ, all carrying a Zacks Rank of 2 (Buy) currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Fox Factory has an expected earnings growth rate of 16.67% for the fourth quarter of 2021. The Zacks Consensus Estimate for its fourth-quarter 2021 earnings has been revised 2 cents upward in the past 90 days.Fox Factory’s earnings beat the Zacks Consensus Estimate in the last four quarters, delivering an earnings surprise of 15.85%, on average. FOXF has surged 19.6% in the past year.General Motors has an expected earnings growth rate of 1.12% for 2022. The Zacks Consensus Estimate for its 2022 earnings has been revised 11 cents upward in the past 60 days.General Motors’ earnings beat the Zacks Consensus Estimate in the last four quarters, delivering an earnings surprise of 46.51%, on average. GM has surged 19.8% in the past year.LKQ Corp has an expected earnings growth rate of 11.59% for fourth-quarter 2021. The Zacks Consensus Estimate for its fourth-quarter 2021 earnings has been revised a penny upward in the past 90 days.LKQ Corp’s earnings beat the Zacks Consensus Estimate in the last four quarters, delivering an earnings surprise of 34.37%, on average. LKQ has rallied 47.2% in the past year. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report General Motors Company (GM): Free Stock Analysis Report LKQ Corporation (LKQ): Free Stock Analysis Report Fox Factory Holding Corp. (FOXF): Free Stock Analysis Report GreenPower Motor Company Inc. (GP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksJan 14th, 2022

City green lights Two Trees’ Williamsburg waterfront plan

The New York City Council has approved the revised River Ring proposal for the Williamsburg waterfront, ushering in a mixed-use development that will provide 263 residences for low- and middle-income New Yorkers, out of 1,050 new units, and will be anchored by a waterfront park. The final proposal includes funding the construction... The post City green lights Two Trees’ Williamsburg waterfront plan appeared first on Real Estate Weekly. The New York City Council has approved the revised River Ring proposal for the Williamsburg waterfront, ushering in a mixed-use development that will provide 263 residences for low- and middle-income New Yorkers, out of 1,050 new units, and will be anchored by a waterfront park. The final proposal includes funding the construction of approximately 150 new units in the Williamsburg community designated as affordable homes for senior residents. The Council vote follows three years of community engagement with local residents, business owners and stakeholders across the city, and recent approvals during the land use process by Brooklyn Community Board 1, Borough President Eric Adams, and the New York City Planning Commission. Two Trees Management expects to begin construction in 2024.  Key highlights of Two Trees Management’s final River Ring Waterfront Master Plan include: Significant new affordable housing, including 263 permanently affordable apartments (out of 1050 total on-site homes), which feature the same design and amenities as market rate units, available at an average of 60% AMI with some units as low as 40% AMI. More than 150 new units of affordable housing for seniors, to be built in Community Board 1 on land funded by Two Trees. A 3-acre world-class public park to be financed and maintained by Two Trees Management, plus an additional 3 acres designated for previously unavailable in-water recreational opportunities, including kayaking, marine ecology, education, tidal wetlands and an accessible beach.$100 million investment in resiliency infrastructure and open space also that protects hundreds of properties upland and up-river from River Ring.A state-of-the-art, 50,000 square foot YMCA facility featuring a full-service community swim program that includes free swimming lessons for second grade students in CB1.2,000 construction jobs and more than 500 permanent jobs with a subsidized training program and local hiring, in collaboration with local workforce development partners. $1.75 million in funding for community initiatives, including a new environmental benefits fund to help retrofit neighborhood buildings and a major open space planning study of the community district to connect new and existing parks.Green technology and sustainable design, including a commitment to all-electric buildings and the development of on-site wastewater treatment.Ongoing meaningful dialogue with community partners to bring new access to the waterfront and support environmental justice and education. “After more than two years of conversations with residents, stakeholders and leaders, we’re grateful to Council Member Levin, the Zoning Subcommittee, and the Land Use Committee for their support of a precedent-setting project,” said Jed Walentas, Principal of Two Trees Management.  “River Ring will change how New Yorkers interact with our waterfront while also increasing affordable housing, providing a new model for resiliency, building a new public park and investing in community programs and spaces. We will bring the same commitment and dedication to River Ring that we’ve brought to the Domino redevelopment and Domino Park. Taken together, these two projects will provide approximately 1,000 units of affordable housing integrated within new, world-class buildings. Thanks to Council Member Levin, we have also committed to creating an acquisition fund to support the development of over 150 units of senior housing within Community Board 1. And by connecting River Ring and Domino, we will finally fill the missing link in North Brooklyn’s waterfront greenway.” The River Ring Waterfront Master Plan, designed by Bjarke Ingels Group (BIG) and James Corner Field Operations (Field Operations), will enhance the connectivity of the public waterfront, reinstate natural habitats, elevate the standard for urban waterfront resiliency, and transform the way New Yorkers interact with the East River.  In total, the River Ring Plan will create approximately 3 acres of public open space and another 3 acres of protected in-water access, including natural habitat — far beyond the 0.7 acres required under zoning regulations. Combined with the neighboring Domino Park, Two Trees is poised to deliver more than 8 acres above the required amount of accessible waterfront public space along the East River waterfront in Williamsburg. The site features a pair of mixed-income residential buildings designed by BIG. The project is designed around cutting-edge open space designed by Field Operations (including three acres of protected water for aquatic uses) and ecological infrastructure that will increase resilience for the site and surrounding area. The project’s public and community spaces — which have been tailored through direct community input — will introduce a first-of-its-kind protected public beach and in-water areas for New Yorkers to enjoy an array of aquatic activities including boating, fishing, tide pool exploration and potentially in the future: swimming.  The introduction of a public waterfront park at the former industrial site, directly north of Two Trees’ award-winning Domino development, will help to complete a stretch of continuous waterfront access that will eventually extend from South Williamsburg to Greenpoint.  “The River Ring project is unlike almost any waterfront development proposal, and Two Trees is pioneering how we can build innovative public spaces in a way that directly confronts the impacts of climate change,” said Cortney Koenig Worrall, CEO and President, Waterfront Alliance. “The project promises to transform how New Yorkers relate to water while protecting communities from rising waters using technologies that honor the local habitat, raising the bar for how we as a city can build safety and responsibly along our waterfronts.” “The River Ring proposal creates desperately needed open space for New Yorkers, delivers critical support for the city’s resilience infrastructure, and brings online significant affordable housing. That’s a triple-win for New York City. We thank the City Council for helping to realize this transformative vision which addresses multiple challenges for the city head on while delivering major investments for the local community,” said Adam Ganser, Executive Director, New Yorkers for Parks. “The River Ring project is a prime model for how cities can get transformative projects moving in the right direction,” said Tom Wright, President and CEO of Regional Plan Association. “From the beginning it was informed by local engagement and feedback with resiliency and the community in mind. When it becomes reality, it will create new affordable housing and a three-acre resilient waterfront park in Brooklyn – which will transform the way New Yorkers interact with the water. We look forward to seeing this become reality – and become the standard for addressing communities’ development at the water’s edge.” RESILIENCY AND HABITAT RESTORATION Borrowing from models used in places like the Netherlands that have come to terms with a wetter future, the River Ring plan embraces the river instead of building walls and hard surfaces that accelerate storm surge and push it to adjacent riverfronts. Waterfront infrastructure and open space will feature berms, breakwaters, marshes and wetlands designed to increase resilience by taking the energy out of storm surges, reducing flooding, providing more room to absorb water and slow down its retreat, reducing erosion risk, and better protecting the local waterfront in the face of habitat loss and climate change. The plan also includes a new tidal basin capable of holding four million gallons of water that is designed to flood, mitigating damage from receding waters. Additionally, the development expands the shoreline with various wave breaks, attenuating the impacts from severe storms, sustaining intertidal habitat and creating calmer waters to promote in-water access and nurture habitat. The new waterfront park will enable the restoration of salt marshes, wetlands, oyster beds and tidal flats, enriching wildlife and habitat while creating protected areas that will enable more in-water engagement and recreational uses and provide ecological education to the community.  PARK DESIGN AND COMMUNITY INPUT Designed by Field Operations, the waterfront park features a circular esplanade extending into the East River that promotes access in and around the river, as well as an amphitheater, large sandy beach, tidal pools, salt marsh, and a fishing pier. This ring connects to the park’s breakwaters which provide protection and form a series of nature trails that extend out to the historic concrete caissons. A boating cove at North 1st Street includes a sandy beach for boat access surrounded by wetlands and is adjacent to a series of community kiosks and a children’s natural play area. The community kiosks, totaling approximately 5,000 SF, will be made available to local community partners through a request-for-proposal process. Potential users include kayak rental, educational partners, artist installations and other waterfront related uses. These features were inspired by a series of community charrettes convened by Two Trees Management, where there was a strong consensus for the park to engage the river with places to touch the water, for places of respite and access to nature, and a place that is a model for resiliency. Like Domino Park, the new park will be maintained in perpetuity by Two Trees Management and will operate based on NYC Parks Department rules and regulations. “The past two years have revealed an increased appreciation of parks and public spaces, and hopefully a shift to understanding them as essential infrastructure. River Ring embodies this way of thinking as an adaptive nature-based solution that rethinks regulatory frameworks and design standards,” says Lisa Switkin, Senior Principal at James Corner Field Operations. “The park showcases integrated co-benefits, designed to increase resilience and waterfront access, provide diverse park experiences and recreational opportunities, restore habitat, and change the mindset from living against water to living with water.” MIXED-USE BUILDING PLAN The masterplan includes two Bjarke Ingels Group-designed mixed-use buildings with 1,050 total units of housing, 263 of which will be below-market rate (made available to applicants with low AMIs), a new 50,000-square-foot YMCA, 30,000 square feet of neighborhood retail space and 57,000 square feet for office space. The new YMCA will feature a waterfront aquatic center that will offer subsidized swim lessons for community youth in need. The residential towers are oriented to limit view obstruction from the neighborhood and maximize the Metropolitan Avenue view corridor. Blending the towers with the landscape softens the relationship between building and park, forming a gateway that welcomes the community to the water. “With the River Ring we close one of the last remaining gaps in the continuous transformation of the Williamsburg waterfront into a post-industrial urban park scape. Rather than stopping at the hard edge of the old dock, Metropolitan avenue is split into a pedestrian loop extending all the way into the river, connecting the dots of the concrete caissons to form an urban archipelago of recreative islands while protecting a beach with tidal pools and wetlands,” said Bjarke Ingels, Founding Partner & Creative Director. “The radical transformation of Copenhagen’s port into a swimmable extension of the public space that we helped pioneer two decades ago, now seems to be knocking at the door in Williamsburg and the entire East River. The River Ring will be the first of many invitations for New Yorkers to dip their toes in the water.” SITE HISTORY The site was once home to the No. 6 fuel oil storage complex for Con Edison North First Street Terminal. The above ground fuel oil storage tanks were removed when the terminal was decommissioned. The existing site also includes a number of structures seaward of the bulkhead line that extend to the pierhead line, which are in varying states of repair. Two Trees recently purchased the 3.5 acre site from Con Edison in an auction for $150 million.  The post City green lights Two Trees’ Williamsburg waterfront plan appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyDec 20th, 2021

Cammeby’s, Rybak announce next phase of Neptune/Sixth

Cammeby’s International Group and joint venture partner Rybak Development, today announced the next phase for Neptune/Sixth, the mixed-use destination neighborhood in Coney Island.  Plans include the construction of 532 Neptune Ave., a luxury residential community comprising three separate towers and totaling 758,600 s/f of residential space, 40,368 s/f of ground-floor... The post Cammeby’s, Rybak announce next phase of Neptune/Sixth appeared first on Real Estate Weekly. Cammeby’s International Group and joint venture partner Rybak Development, today announced the next phase for Neptune/Sixth, the mixed-use destination neighborhood in Coney Island.  Plans include the construction of 532 Neptune Ave., a luxury residential community comprising three separate towers and totaling 758,600 s/f of residential space, 40,368 s/f of ground-floor commercial space, and 20,722 s/f set aside for community facility use. The community at 532 Neptune Ave. will provide 499 units consisting of a mix of studio, one-, two- and three-bedroom apartments, of which 30% will be affordable housing.  Demolition at the 4.9 acre site has commenced with construction for the new community slated for Q2 of 2022.  “We’re incredibly excited to embark on the next phase of the Neptune/Sixth redevelopment and look forward to bringing another vibrant community hub and destination to the Coney Island neighborhood,” said Nathan Tondow, Director of Marketing at Cammeby’s. “Alongside our project partner Rybak Development, we’re confident that 532 Neptune Ave. will not only offer an incredible modern living experience for future residents but serve as a dynamic and magnetic retail environment for the entire surrounding region.”  Residents will gain access to 95,000 square feet of both indoor and outdoor amenity spaces, including a rooftop, swimming pool as well as a state-of-the-art gym facility, spa-like saunas and basketball court.  In addition to incorporating a variety of plant life and landscaping elements, future residents at 532 Neptune will benefit from activated outdoor spaces including a dedicated picnic area and a quarter-mile-long running track encircling the property and surrounded by green park. In addition, 532 Neptune will offer 235,255 square feet dedicated to parking and include 535 parking spaces. Approximately one third of the parking spaces will be equipped to support electric vehicles. As part of the development plans, the building will pursue LEED certification for a minimal environmental footprint.  “We’re incredibly proud to be a part of the next phase of the Neptune/Sixth development project as we bring 532 Neptune Ave. to fruition in the coming months and years ahead,” said Sergey Rybak, President at Rybak Development. “The forthcoming community will offer residents a beautiful environmentally conscious place to live within the already vibrant Coney Island neighborhood and will include the best in modern amenities including ample green space and unique outdoor activation.”  Construction of 532 Neptune Ave. is slated for completion by May 2026.  As part of the larger redevelopment, previous phases of Neptune/Sixth include the  successful development and lease-up of 626 Sheepshead Bay Road, a state-of-the-art commercial and retail building. The seven-story, 161,000-square-foot property serves as a dynamic retail hub for the Coney Island community and boasts top-tier retail tenants including: DII Store, I & M Liquor, Krupa Card Store, Danny’s Café Express, and a branch of the United States Post Office. Shortly following the development of 626 Sheepshead Bay Road, Cammeby’s also activated 100,000 square-feet of retail and commercial space as part of the initial phases of the Neptune/Sixth redevelopment. Located on the corner of W. 6th Street and Neptune Ave., the retail hub attracts thousands of daily visitors and features several popular retailers including: CVS Pharmacy, Apple Bank, NetCost Market and Brother’s Bagel.  The post Cammeby’s, Rybak announce next phase of Neptune/Sixth appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyDec 17th, 2021