Manhattan luxury market shows signs of progress with 25 deals

first_imgShare on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Message* Share via Shortlink Tagsdonna olshanNYC Luxury MarketResidential Real Estate Full Name*center_img Email Address* 1045 Madison Avenue and 300 Central Park West (The Benson; Wikipedia Commons)A condo project recently fitted with a billboard declaring New York City is “not dead” has, for the second week in a row, taken the top spot on Manhattan’s luxury deals.The penthouse at Naftali Group’s under-construction 1045 Madison Avenue went into contract asking $22 million, according to the latest market report from Olshan Realty. The 3,780-square-foot apartment features three bedrooms, three and a half bathrooms and three terraces.The unit was one of 25 properties above $4 million to go into contract last week, surpassing the week before as the highest amount since early March.The total comprised 8 co-ops, 14 condos and three townhouses. The number of co-ops was the highest it had been since the last week of January.ADVERTISEMENT“The week was great because it showed depth in the market,” Olshan said. “All kinds of things sold in all different places.”Read moreNaftali, Seinfeld team up on billboard$16M townhouse sale sets Brooklyn recordFormer Barneys chair lists Manhattan penthouse for $45M The week before Thanksgiving is typically quite strong for luxury sales: In the same period last year, 30 properties above $4 million went into contract in Manhattan.This year, though, the market is contending with an entirely different set of forces, as Covid cases surge in the city and real estate braces for new restrictions.Across all the deals last week, the average discount from the original to final asking prices was 14 percent, according to Olshan’s report.The No. 1 spot marked the second week in a row that Naftali’s building, known as The Benson, had the priciest deal. A penthouse asking $35 million went into contract the week before last.Alexa Lambert of Compass, who is marketing the building with Alison Black, said the buyers of the latest penthouse were from the West Coast.The second-priciest contract was a four-bedroom duplex at 300 Central Park West that was last asking $19.9 million, making it the most expensive co-op to go into contract on the Upper West Side this year.The buyers were a New York family, represented by Deanna Kory of Corcoran.“We went four or five times over a period of time.” Kory told Olshan. “All deals have their ups and downs but as deals go, this was very measured.”Contact Sylvia Varnham O’Reganlast_img read more

RIA consolidation returns to pre-Covid levels

first_img For reprint and licensing requests for this article, click here,MOST READ The Gates divorce: Lessons for financial advisers Newsletters Despite another record quarter for RIA consolidation, M&A tracker DeVoe & Co. claims the pace of deal activity is in the final stage of the post-Covid surge. 4 The record-setting 58 deals announced in the first three months of 2021 followed a record 159 transactions in 2020, including 48 in the fourth quarter, but managing partner David DeVoe said the 33 deals in January suggests a peak for the pandemic-induced momentum.“The surge crescendoed in January, driven by the combination of a spike in mid-sized seller activity and continued momentum of larger sellers,” he said.The data show firms managing between $500 million and $1 billion represented 26% of the first-quarter deals, up from 17% during the same period last year.DeVoe’s four phases of post-Covid RIA merger and acquisition activity includes the normal activity during the start of last year when the full impact of the pandemic was still unknown, followed by the second phase of a lull in deal volume, followed by the surge stage that is now winding down.The final stage of RIA consolidation will be a return to normal deal volume, DeVoe said. House committee poised to advance SECURE 2.0 retirement savings bill 2 3 InvestCloud to acquire Advicent and NaviPlan planning software 5 According to the report on first-quarter activity, “The industry had burned through the excess fuel generated by the impact of Covid, and RIA M&A has now coasted for two months.”The 13 deals in March matched July 2020 levels when the transactions were pulling out of a lull that saw just 34 deals during the four-month period from February through May of last year. DeVoe describes the fourth phase as a return to normalcy and a “milder, though sustained, upward curve lasting for at least another five to seven years.” Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. 1 House panel unanimously passes SECURE 2.0 For context on the deal surge, consider that the first quarter of 2021 marked the first time deal volume exceeded 50 transactions, which occurred just two quarters after deal volume crested the 40-transaction milestone in the third quarter of last year.After the January peak, deal volume returned to historically normal levels of 12 deals in February and 13 in March, DeVoe said. “The tide receded,” he added. “The post-Covid surge is officially over.” Why Tony Robbins, tax shelters and financial advisers don’t mixlast_img read more

Manhattan office leasing just had its worst quarter since 2013

first_imgAmid the slowdown, the Downtown market continued to increase its share of overall leasing activity, accounting for nearly a quarter of it.“The Manhattan office market is not at all homogenous. As the first quarter ended, there were clearly pockets — such as Lower Manhattan — that outperformed the rest,” said Franklin Wallach, Colliers’ senior managing director for New York research. “Overall leasing volume decreased across Manhattan and we will continue to monitor the impact of Covid-19 on the market as we enter the second quarter.”The Midtown submarket saw 2.96 million square feet in leasing activity in the quarter, down 31 percent year-over-year. The largest deal was financial services firm Cantor Fitzgerald’s 152,000-square-foot renewal at Jack Resnick & Sons and the Ruben Companies’ 110 East 59th Street.Midtown South, including Hudson Yards and the Penn District, saw 2.16 million square feet in deals in the quarter, including the two largest: law firm Debevoise & Plimpton’s 531,000-square-foot lease at Tishman Speyer’s Spiral, and Apple’s 220,000-square foot lease at Vornado’s 11 Penn Plaza. Both tenants had been pushed out of their initial targets by Facebook, at 50 Hudson Yards and the Farley Building, respectively.Downtown’s leasing volume totalled 1.69 million square feet, down 34 percent year-over-year. Unlike the other submarkets, where FIRE tenants — finance, insurance and real estate — led the way, TAMI tenants — technology, advertising, media and information — were the most active sector in this submarket, accounting for 36 percent of volume.The largest deal went to fashion retailer L Brands, the parent company of Victoria’s Secret, which inked a 220,000-square foot lease at the Retirement Systems of Alabama’s 55 Water Street.The slow quarter also saw the overall availability rate in Manhattan rise slightly to 10.2 percent. Undeterred by the slowdown, the average asking rent rose slightly, to $79.47 a foot.The second quarter figures to be far more challenging than the first, but some in real estate are taking the long view.“The New York City office market has been tested numerous times over hundreds of years through wars, diseases, natural disasters, recessions and terrorist attacks,” said Wallach. “Each time, the New York City market comes back stronger.” This content is for subscribers only.Subscribe Now Park Avenue pictured on March 30, 2020 (Credit: John Nacion/NurPhoto via Getty Images)On the heels of its busiest year in nearly two decades, office leasing in Manhattan ended the first quarter of 2020 on a low note, with the coronavirus pandemic putting a damper on all types of economic activity.Leasing volume for the quarter totaled 6.82 million square feet, the fewest since the third quarter of 2013, according to a new report from Colliers International. More than half of that total came from January, which saw 3.56 million square feet in leases in inked. Deal volume fell in February to 2.1 million square feet and again in March to 1.16 million. The quarter’s total was also 26 percent below the five-year average.Read moreManhattan office leasing just had its most active year since 2001Debevoise signs big lease at Tishman Speyer’s SpiralApple is in talks for a lease at Vornado’s 11 Penn Plazalast_img read more

Las Vegas casinos reopen for socially distanced gambling

first_img(iStock)Poker players and party people rejoiced Thursday as the Las Vegas strip reopened, but something in Sin City is different.Sinks for hand-washing, dispensers for masks and gloves, and plexiglass around table games now fill casinos, which are also operating at half capacity. Slot machines and tables were spaced out to maintain social distance.Various casinos put other safety measures in place. At the Bellagio, workers underwent body temperature screening, and seals on hotel room doors encouraged guests to enter only after undergoing a deep clean. Guests were also given hand sanitizer and a stylus to avoid touching slot screens or elevator buttons with their fingers.“We are a hospitality company, we are an entertainment company, but at the same time, we want to do this the right way,” said John Flynn, MGM Resorts vice president of administration, told the Wall Street Journal.Despite the precautions, a stream of guests returned to the strip, eager to gamble for the first time since casinos halted operations in March. Nightclubs, big shows and many retailers remained closed.Increased sanitization and similar safeguards were seen in Miami, as some hotels in Florida reopened earlier this week.About half of the 989 casinos in the U.S. have reopened since the coronavirus shutdown, including 257 commercial casinos and 237 tribal casinos as of Thursday morning, according to the American Gaming Association, an industry group. [WSJ] — Sasha Jones This content is for subscribers only.Subscribe Nowlast_img read more

Skjern wins thriller against Holstebro!

first_img4Team Tvis Holstebro241635681 – 59835 France beat Norway with Pardin&Mahe in main role! Pingback: AALBORG IN CRISIS: Skjern and KIF for the first place! :: Handball PlanetBalkan Handball 3 Comments 11Ribe-Esbjerg HH235117608 – 66411 8SønderjyskE231067610 – 59526 3Aalborg Håndbold231724629 – 56336 Leave a Reply Cancel replyYour email address will not be published.Comment Name Email Website Save my name, email, and website in this browser for the next time I comment. 1Skjern Håndbold242004742 – 58940 9Skanderborg Håndbold2312110621 – 62225 12Skive fH234019499 – 6018 2KIF Kolding København231814628 – 54137 5GOG Håndbold231238655 – 59927 13Nordsjælland Håndbold233119557 – 6887 source: Holstebro took the goalie out in the last seconds, then they lost the ball and Skjern scored in a empty goal and won the game by one.Nice tactical disposition from Holstebro coach Joergensen ;-( Janus 19. February 2014. at 13:50 Pingback: » Skjern wins thriller against Holstebro! Recommended for you 6Århus Håndbold231319596 – 58827 Veszprem wait clash with Zagreb, Davis: This is Champions League 10Mors-Thy Håndbold237016556 – 61114 ShareTweetShareShareEmailCommentsDanish Skjern knows obviosly how to play in decisive moments of the match. After victory in Macedonia over Zomimak 25:24 at EHF Cup Round 2, Danish team led by experienced Danish NT players, Henrik Mollgaard and Kasper Sondergaard (both scored 7 goals), celebrated once again in away challenge against Team Tvis Holstebro 27:26 (Bramming 9). These points keeping Skjern at the leading position of the Danish championship…STANDINGS: ShareTweetShareShareEmail Handball in Germany is played by 750.000 people Related Items:Denmark Handball, handball, skjern 7Bjerringbro-Silkeborg231319615 – 58727 3 Comments 14TMS Ringsted231220539 – 6904last_img read more

CS Dinamo Bucuresti sign Mirko Milasevic

first_imgRecommended for you Related Items:CS Dinamo Bucuresti CS Dinamo Bucuresti win Romania Cup and Super Cup 2020 ShareTweetShareShareEmailCommentsIn their ambition to win the domestic Championship after 11 years, CS Dinamo Bucuresti signed another player from the Balkan region – Montenegrian playmaker Mirko Milašević. The 30 years-old Montenegrian agreed contract for the upcoming season in which team from the Capital want to make progress from last year third place in the domestic League.Milasevic has played in Serbia (RK Jugovic, RK Crvena zvezda, RK Vojvodina), Spain (Puerto Sagunto), France (Billere) and Switzerland (Arau) before the move to Romania. Click to comment ShareTweetShareShareEmail Leave a Reply Cancel replyYour email address will not be published.Comment Name Email Website Save my name, email, and website in this browser for the next time I comment.last_img read more

Crew chief Cole Pearn to step away from NASCAR

first_imgChampion crew chief Cole Pearn, one of the leading figures atop NASCAR pit boxes, caused a Silly Season stir late Monday with his departure from Joe Gibbs Racing.The Canada-born Pearn cited spending more time with his family as the reason for his departure. Pearn spent five years as the crew chief for driver Martin Truex Jr., a pairing that was among the most successful in recent NASCAR history.Pearn started with Colorado-based Furniture Row Racing in 2010 as a race engineer. He was promoted to crew chief in 2015, kicking off a tenure that netted 17 wins and the 2017 Cup Series championship for Barney Visser’s No. 78 group. He added seven more wins with Truex last season, their first with JGR’s No. 19 team.RELATED: Truex Jr. reactsPearn’s dry sense of humor was one of his calling cards, as was his understated but often acerbic social-media presence. But the other trademarks were his savvy in the garage and a chemistry that clicked with Truex, who toasted his crew chief on social media Monday evening.“I cannot say enough good things about Cole and what he has meant for my career,” Truex said in a release provided by the team. “I appreciate his hard work and dedication to our race team over the past six years going back to when he was my engineer at Furniture Row. Our friendship is what matters most to me and I’m happy that he’s doing what’s best for him and his family.”MORE: Most crew chief wins since 2015The personnel move opens a high-profile vacancy with an organization that set a single-season record with 19 wins in the 2019 campaign. Pearn was the No. 19 team’s fourth crew chief in five years, following Darian Grubb, Dave Rogers and Scott Graves. The organization indicated that Pearn’s successor would be announced at a later date.Truex is the third driver of the JGR No. 19 Toyota, which began competition when Coach Joe Gibbs expanded to a four-team operation in 2015.Carl Edwards was the No. 19’s first driver, scoring five wins in 2015-16 before his surprise retirement before the 2017 season. Daniel Suarez replaced him and drove the No. 19 for two years before he was succeeded by Truex after Furniture Row disbanded.RELATED: 2020 NASCAR schedulelast_img read more

Widespread Panic’s JoJo Hermann Offers Debuts, Smiling Assassin Bust-Out On ‘Shut Up And Play’ Ep. 1 [Watch]

first_imgWhen Widespread Panic walked off the stage at the Beacon Theatre following their fifth consecutive sold-out show at the New York City venue back on March 2nd, even the most intoxicated attendee would never have thought that it would be the last live show that the band played for the rest of the year. As fate would have it (pending a drastic drop in COVID-19 cases) the last few days of Winter held their frozen grasp over the country and quite literally masked the advent of spring. The COVID-19 pandemic and subsequent shutdown eclipsed the warm weather and exchanged the prospect of a summer tour with the bleak uncertainty of life in quarantine.With few updates from the band–other than the slow and steady spread of concert cancellations in Chicago, Austin, and most recently, the annual Winespread run in Napa–only the “Never Miss a Sunday Show” weekly archive streams keep the starved community together and sane. Weeks rolled by with the “Good People” celebrating each Sunday and relishing in the times when live music was able to be enjoyed on any night of the week before JoJo Hermann stepped up to break the doldrums.JoJo Hermann announced his four-part livestream video series aptly titled, Shut Up and Play, to the great relief of many earlier this week. From the stage at East Nashville’s Purple Building on Thursday, JoJo filled the void and hollow feeling in our hearts with a solo trek across his piano with a setlist comprising of Professor Longhair covers, Widespread Panic originals, and even a pair of notable debuts. Proceeds raised from Thursday’s night one webcast were donated to Panic’s longtime support group and fellow Athenian friends at Nuci’s Space.Related: SweetWater Brewing Company Releases Widespread Panic-Inspired Beer, “As Long As There’s Water”Kicking off the first show of the four-part series, JoJo honored Professor Longhair with a bawdy cover of “Tipitina” before diving into the Panic catalog for a condensed coupling of “One Arm Steve” and “Imitation Leather Shoes”. After a quick rundown in which JoJo described the awkwardness of eye contact during a virtual concert and playing without any crowd interaction and energy reciprocation, the pianist debuted a new tune inspired by his love of space, the universe, wormholes, and the physicist Sean M. Carroll. Without further adieu, JoJo then performed “Almost Infinite”, a Bach-like symphonic roller coaster that meshes carefree bliss with darker, dystopian undertones, enrapturing with its contrasting melodies and tempo changes. The top of JoJo’s piano was exposed as the tiny hammers shadowed the quick movements of his fingers, resembling the musical embodiment of Arachne at her fabled loom.Returning back to Panic’s repertoire, JoJo then dished out a prehistoric helping of “Big Wooly Mammoth” which featured uncharacteristically scrambled lyrics. Pausing to reflect after the song, JoJo mentioned, “It’s the first time doing this, and I feel like I’m in my living room. This is typically what I do when I’m down in my basement,” before flaunting his Nuci’s Space t-shirt admitting that it is by far, the most comfortable T-shirt he has ever worn.Getting back to his piano, JoJo dazzled through a nice and smooth cover of J.J. Cale’s “Ride Me High” with a majestic breakdown in the middle. JoJo broke the fourth wall once more to explain why he cannot fulfill a viewer’s request to revive the “dirty verse” as his kids are watching.After thanking Todd Snider and his Purple Building studio, JoJo introduced the second debut of the evening, which he explained was inspired by a trip to the Nashville Zoo.“I love the pink flamingos and the way they stand on one leg to look at the sky,” he told the audience in relation to the new song, which upon conclusion, JoJo declared to be “Blue Parasol”. The song’s lyrics parallel the theme of “Visiting Day” with the lyrics, “Do you ever get the feeling that we’re not alone / in the best kind of way” and “Just happy at you being alive” mirroring Visiting Day’s “Why can’t we just take a look around us/ and only see the things that make you smile?”He then introduced a Smiling Assassin song, “Lazy Bum”, dedicated to Paul “Crumpy” Edwards and prompted by “Gavin Cooper and Gavin Maloney,” (JoJo’s friend from high school). Rounding out the set, Hermann aced a stripped-down jazzy version of “Tall Boy”, the classic Panic tune with improvised psychedelic peacocks thrown into the zoological mix. JoJo came full circle to end the set the same way he started with “Red Beans”, another tribute to Professor Longhair, one of JoJo’s biggest musical influences.Watch the first episode of Hermann’s Shut Up And Play series from Thursday below. Jojo Hermann – Shut Up And Play Ep. 01 – 6/18/20[Video: Widespread Panic]Tune in next Thursday for the second session of JoJo ripping his piano solo-style. Until then, stay well, Goodpeople and look after each other; now more than ever.Setlist: JoJo Hermann | Shut Up And Play Ep. 1 | Purple Building | East Nashville, TN | 6/18/20Set: Tipitina (Professor Longhair cover) > One Arm Steve > Imitation Leather Shoes, Almost Infinite*, Big Wooly Mammoth, Ride Me High (J.J. Cale cover), Blue Parasol*, Lazy Bum (Smiling Assassin cover), Tall Boy, Red BeansNotes:*First Time Playedlast_img read more

SMSD enrollment drops 1,500 students below projections, prompting hit to state funding

first_imgShawnee Mission Schools officials say the district has about 1,500 fewer students enrolled this fall than was projected at the start of the year, according to figures presented to the board of education at this month’s regular meeting.It’s another piece of evidence suggesting the stress the COVID-19 pandemic is putting on the district, as new cases continue to rise sharply in Johnson County.SMSD’s Chief Financial Officer Russell Knapp reported to the board last week that a state audit showed the district’s headcount this year to be 26,112, which is 1,504 less than the projected headcount of 27,616, an overall drop of 5.4%.This fall’s final headcount figure is by far the lowest enrollment number for SMSD over the past five years, according to district records, which show the disrict’s final annual enrollment holding steady at slightly more than 27,500 going back to 2016-17.The drop will contribute to an overall loss of at least $3.5 million in state and other funding this academic year, Knapp said.State funding that Kansas public school districts receive is based, in part, on a weighted formula that apportions dollars per student based on a variety of factors, including whether students are eligible to receive free meals, get bilingual education services or are enrolled in career and vocational programs.Knapp said the district’s state revenue shortfall will likely grow in coming months because funding based on special education student enrollment will be calculated in the spring, which Knapp anticipates will also drop.“There’s probably a bit more bad news on the horizon,” he said.SMSD not alone in enrollment declineShawnee Mission isn’t the only district to deal with enrollment declines this fall.In fact, the Kansas Association of School Boards says, overall, there are roughly 17,000 fewer students statewide enrolled in Kansas public schools this year compared to last, a decline of 3.7%. In an online column posted earlier this month, KASB’s Associate Director Mark Tallman said the drop was “significant” but not a surprise, given that the pandemic has made many families nervous about sending their kids to school.“It is not yet clear where those [unenrolled] students are currently attending. Some may have transferred to private schools or are being schooled at home,” Tallman wrote. “Some have transferred to public school virtual programs, which did increase in enrollment. Others may return to the same district after [enrollment is calculated.]”Tallman noted that private schools in Kansas have not yet reported their enrollment, so it’s not yet possible to see if they’ve seen an accompanying rise in headcount. Non-accredited private schools and home schools do not have to report their enrollment to the state.The enrollment declines, Tallman said, are projected to cost public school districts overall about $22 million this year.Shawnee Mission’s enrollment drop appears to be the biggest — both in terms of raw numbers and as a percentage of overall enrollment — compared to its neighbors in Johnson County, though other districts are also reporting projected enrollment declines:In USD 232 in De Soto, enrollment is down 389 students, or 5.1%, from last year. The biggest decline was in younger grades, with elementary school enrollment down 243 fewer students and pre-K enrollment down 74 students.In Blue Valley, enrollment is nearly 3% below projections, at 21,608, nearly 650 students lower than last year. A district spokesperson says administrators plan to share more details about enrollment numbers at the December board of education meeting.In Olathe Schools, enrollment this fall is off 3.5%, falling to 29,244, down from last year’s enrollment of 30,299.Increasing strain on the systemThe news of enrollment loss comes as SMSD struggles to maintain full operations in the face of a worsening pandemic in the Kansas City metro.Growing shortages in certified staff and substitutes prompted Superintendent Mike Fulton last week to announce that all secondary students would return to remote learning after the Thanksgiving break on Monday, Nov. 30, and remain learning virtually through at least the end of the first semester on Jan. 22.Other Johnson County districts — including USD 232, Blue Valley and Olathe — have also announced that secondary students would return to virtual learning after Thanksgiving.“We’d been watching the numbers and it was getting decidedly worse,” Fulton told the SMSD board of education last week. “We had 50 unfilled positions [Monday], and that number is growing. That’s not sustainable.”At the same time, teachers report growing anxiety and challenges inside classrooms and school buildings. They tell the Post that students, increasingly, are missing school, some after having shown symptoms of the disease or being put in quarantine following an exposure.  That tracks with the growing roll of students reported to be in isolation or quarantine on the district’s own COVID-19 dashboard, which, as of Friday, was at more than 820 students overall.In an interview with the Post, three SMSD teachers all agreed that it’s hard to maintain social distancing in schools and keep rooms and surfaces clean consistently. But they also voiced reservations about younger students potentially returning to remote learning, if COVID-19 conditions keep getting worse in Johnson County.“Personally, I don’t want to go back to remote,” Amanda Dirks, a first-grade teacher at Crestview Elementary, said. “Remote is hard for six-year-olds. I feel like we are getting a lot of work done [in person.] When I was doing remote it was frustrating. I had to keep my kids on mute while I taught because it was so loud, them talking or moving their laptops around. So, it felt like I was talking and teaching to a brick wall.”Digging into the numbersThe loss of revenue based on SMSD’s enrollment drop is not as drastic as it could have been. That’s due to how districts’ state funding is calculated.Districts get a base amount of money per student based on overall enrollment, plus additional funding based on weighted metrics intended to account for things like free meals and special education services.To calculate their base — or unweighted — state aid, districts can use the higher of the previous two years’ enrollment. Knapp told the SMSD board last week that the district will use enrollment figures from 2018-2019 (when enrollment was 27,595) to calculate its base amount of aid this year. Therefore, he said, there is no anticipated loss of funding for that figure.But SMSD is projected to lose at least $3.5 million from other revenue sources due to the enrollment decline and other pandemic-related issues, including:$1.67 million from the state’s weighted enrollment calculation;$550,000 from the local option budget, often referred to as districts’ supplemental operating budgets, which is also based on enrollment numbers;$1.02 million from losses in facilities rentals, which have been limited because of pandemic-related restrictions and shutdowns;$224,000 in lost pre-K tuition, following a drop in pre-school enrollment of 76 students.last_img read more

Medical: Ironwood Cancer & Research Center

first_imgIronwood Cancer & Research CenterGeneral Contractor: TBDArchitect: SmithGroupJJRLocation: 3600 block of S. Rome St., GilbertSize: 25,000The $10M project is an expansion of Ironwood Cancer & Research Center’s clinical operations. The new facility will be patient-centered and will include multiple modalities, such as medical oncology, radiation oncology, surgical urology and clinical trials. The facility will have state-of-the-art patient areas, exam rooms, full-service chemotherapy suite, pharmacy and radiation therapy vaults. Expected completion is 4Q 2012.AZRE Magazine May/June 2012last_img read more