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Some of Isaac Kassirer’s Harlem buildings head to bankruptcy

first_imgEmerald Equity Group’s Isaac Kassirer and231 East 117th Street (Google Maps)Isaac Kassirer, the prolific multifamily investor who went on a tear acquiring thousands of rent-regulated properties throughout Manhattan and the Bronx before the rent law changed, is on the verge of losing a big chunk of his portfolio.The debtors of more than a dozen buildings owned by Kassirer’s Emerald Equity Group, located on or around West 107th Street and East 117th Street in Harlem, filed for Chapter 11 bankruptcy, PincusCo reported. The petition asks for the properties to be transferred to the lender, LoanCore, which provided Emerald Equity Group with roughly $185 million in financing for the properties at the beginning of 2019. The firm had defaulted on the loan, which now totals about $203 million with interest.Emerald Equity also sought financing around the same time from Freddie Mac, which provided a $189 million loan, the largest deal at the time from the lender’s Small Balance Loan program.Emerald Equity bought the 1,181-unit rent-stabilized portfolio for $357.5 million in late 2016, with a plan to renovate rent-stabilized apartments and convert them to market rate. By the end of 2017, some 251 units in the East Harlem portfolio had been moved to market rate, according to tax bills and public data.But the firm’s business plan was disrupted when the new 2019 rent law blocked nearly all pathways to deregulation and also severely curtailed rent increases to stabilized units.Under the law, the recoverable cost of renovations became limited to $15,000 — or $83 per month — over a period of 15 years. Landlords are no longer allowed to raise the rent 20 percent when a tenant leaves, and a unit can no longer be removed from regulation based on the rent exceeding a certain threshold.Since then, the company has been trying to figure out how to salvage its investment. In January, Kassirer said the company was exploring “all options.” The coronavirus pandemic gave the firm a slight reprieve, as some of its loans went into forbearance in the spring. But after the pandemic hit, some renters of apartments in the portfolio went on a rent strike.Another Emerald Equities lender, Ladder Capital, recently moved to foreclose on a $32 million loan it provided for four Harlem rental properties, which Kassirer’s firm defaulted on.[PincusCo]  — Keith Larsen Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinkcenter_img TagsbankruptcyCommercial Real EstateIsaac Kassirerrent regulationlast_img read more

Buyer revealed for Vincent Viola’s massive UES townhouse

first_imgVincent Viola’s property first hit the market in 2013. (Getty, Brown Harris Stevens)Vincent Viola’s Upper East Side townhouse went into contract last week, and now, the buyer has been revealedAlan Howard, the co-founder of European hedge fund Brevan Howard Asset Management LLP, bought the Florida Panthers owner’s mansion at 12 East 69th Street, The Wall Street Journal reported.The British billionaire paid $59 million for the 20,000-square-foot townhouse, according to property records filed with the city on Tuesday. The building is roughly 40 feet wide and spans six levels, according to the publication. It has six bedrooms, nine bathrooms, and a bevy of over-the-top amenities that include a sauna, home theater and panic room.As of 2021, Howard’s net worth is 2.8 billion, according to Forbes. In 2015, he closed a deal at Faena House in Miami-Dade County for $14.5 million.ADVERTISEMENTRead moreVince Viola’s massive UES townhouse in contractVince Viola’s UES mansion was Manhattan’s priciest deal last weekVincent Viola’s Upper East Side townhouse gets $9M price cut The sale marks the end of an era for the property, which spent years on and off the market. In 2013, the home was first listed with a price tag of $114 million. It was reportedly in contract in 2017 to sell for what would have been a record-breaking sale of $80 million, but the deal fell through. By January 2020, the price had tumbled to $79 million.Even though the home sold for far less than Viola was asking, his real estate plays of late haven’t all been losses. In January, he and his wife Theresa sold their Brooklyn Heights mansion at 8 Montague Terrace for $25.5 million, a record-breaking residential sale for the borough.[WSJ] — Cordilia JamesContact Cordilia James Tags Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Message* Full Name* Email Address* Share via Shortlink ManhattanNYC Luxury MarketResidential Real Estatetownhouse marketlast_img read more

The seasonal cycle of sublimation at Halley, Antarctica

first_imgWe have used micrometeorological data collected at Halley Research Station, Antarctica, to estimate monthly totals of snow sublimation. Direct sublimation from the snow surface is calculated using bulk-transfer formulae, while the sublimation of blowing snow is estimated using a model for suspended-particle number density and individual particle sublimation rates. During the winter months, sublimation losses are negligible, but between November and March sublimation removes around 25% of the snowfall. Surface sublimation and sublimation of blowing snow make roughly equal contributions to this total. Estimates of sublimation using micrometeorological data agree well with estimates made from daily snow-stake measurements.last_img read more

Movement and growth of tagged Dissostichus eleginoides around South Georgia and Shag Rocks (subarea 48.3)

first_imgIn 2000 the UK started a Patagonian toothfish (Dissostichus eleginoides) tagging program to investigate the spatial and temporal movement of fish and to validate otolith-based growth estimates. Approximately 2 260 toothfish have been tagged and released during groundfish surveys and CCAMLR observer trips. This includes about 900 that have been injected with either strontium chloride or oxytetracycline that places a permanent chemical marker on the otolith indicating the date of injection and release. To date, 51 fish have been recaptured, mostly around Shag Rocks where there is greatest fishing activity. Most of the fish recaptured to date were tagged and released during experimental pot fishing in 2000 and 2001, and have been at liberty from one to two years. Four fish were tagged and recaptured from the same longline vessel in 2002 after up to two months at liberty The fish tagged during the groundfish surveys may not yet be large enough to be available to the longline fishery and there have been no reported recaptures of these fish tagged at South Georgia or elsewhere in the South Atlantic. Similarly, D. eleginoides tagged and released on the Patagonian Shelf have not been recaptured at South Georgia. Fourteen tags have been recovered from a high seas area on the Patagonian Shelf at 42degreesS after about one,year at liberty from some opportunistic tagging carried out on a toothfish pot vessel in international waters at that latitude in 2001.last_img read more

Taxonomic affinities of dark septate root endophytes of Colobanthus quitensis and Deschampsia antarctica, the two native Antarctic vascular plant species

first_imgAlthough dark septate fungal endophytes (DSE) occur widely in association with plant roots in cold-stressed habitats, little is known of the taxonomic status of DSE in Antarctica. Here we investigate the phylogenetic affinities of DSE colonising the roots of Colobanthus quitensis and Deschampsia antarctica, the two maritime Antarctic vascular plant species. Two hundred and forty-three DSE were isolated from roots collected from 17 sites across a 1470 km transect through maritime and sub-Antarctica. The ITS1-5.8S-ITS2 nuclear ribosomal gene cluster of representative isolates was sequenced, and the sequences were recovered in 10 sequence groups and sub-groups. Nine of the sequence groupings could be placed in the Helotiales and the remaining one showed high homology to a large number of currently unassigned anamorphic ascomycete sequences. Of the Helotiales, Leptodontidium orchidicola, Rhizoscyphus ericae and species of Tapesia and Mollisia could be confidently identified. This study demonstrates that members of the Helotiales, including several widely-recognised DSE genera, commonly colonise the roots of C. quitensis and D. antarctica in the Antarctic.last_img read more

HO2NO2 and HNO3 in the coastal Antarctic winter night: A “lab-in-the-field” experiment

first_imgObservations of peroxynitric acid (HO2NO2) and nitric acid (HNO3) were made during a 4 month period of Antarctic winter darkness at the coastal Antarctic research station, Halley. Mixing ratios of HNO3 ranged from instrumental detection limits to ∼8 parts per trillion by volume (pptv), and of HO2NO2 from detection limits to ∼5 pptv; the average ratio of HNO3 : HO2NO2 was 2.0(± 0.6):1, with HNO3 always present at greater mixing ratios than HO2NO2 during the winter darkness. An extremely strong association existed for the entire measurement period between mixing ratios of the respective trace gases and temperature: for HO2NO2, R2 = 0.72, and for HNO3, R2 = 0.70. We focus on three cases with considerable variation in temperature, where wind speeds were low and constant, such that, with the lack of photochemistry, changes in mixing ratio were likely to be driven by adsorption/desorption mechanisms alone. We derived enthalpies of adsorption (ΔHads) for these three cases. The average ΔHads for HNO3 was −42 ± 7 kJ mol−1 and for HO2NO2 was −56 ± 3 kJ mol−1; these values are extremely close to laboratory-derived values. This exercise demonstrates (i) that adsorption to/desorption from the snow pack should be taken into account when addressing budgets of boundary layer HO2NO2 and HNO3 at any snow-covered site, and (ii) that Antarctic winter can be used as a~natural “laboratory in the field” for testing data on physical exchange mechanisms.last_img read more

Antarctic bdelloid rotifers: diversity, endemism and evolution

first_imgAntarctica is an isolated continent whose conditions challenge the survival of living organisms. High levels of endemism are now known in many Antarctic organisms, including algae, tardigrades, nematodes and microarthropods. Bdelloid rotifers are a key, widespread and abundant group of Antarctic microscopic invertebrates. However, their diversity, regional distribution and endemism have received little attention until recently. We provide the first authoritative review on Antarctic Bdelloidea, based on published data and new collections. Our analysis reveals the extreme levels of bdelloid endemism in Antarctica. Sixty-six bdelloid morphospecies are now confirmed from the continent, and 83–91 putative species are identified using molecular approaches (depending on the delimitation method used). Twelve previously unknown species are described based on both morphology and molecular analyses. Molecular analyses indicate that only two putative species found in Antarctica proved to be truly cosmopolitan. The level of endemism based on the available data set (95%) is higher than that in any other continent, with many bdelloid species occurring only in maritime or continental Antarctica. These findings are consistent with the long-term presence of Bdelloidea in Antarctica, with their considerable isolation facilitating intraregional radiation, providing further evidence that does not support the microbial global ubiquity hypothesis that “everything is everywhere.”last_img read more

Atmospheric ice-nucleating particles in the dusty tropical Atlantic

first_imgDesert dust is one of the most important atmospheric ice‐nucleating aerosol species around the globe. However, there have been very few measurements of ice‐nucleating particle (INP) concentrations in dusty air close to desert sources. In this study we report the concentration of INPs in dust laden air over the tropical Atlantic within a few days’ transport of one of the world’s most important atmospheric sources of desert dust, the Sahara. These measurements were performed as part of the Ice in Clouds Experiment‐Dust campaign based in Cape Verde, during August 2015. INP concentrations active in the immersion mode, determined using a droplet‐on‐filter technique, ranged from around 102 m−3 at −12°C to around 105 m−3 at −23°C. There is about 2 orders of magnitude variability in INP concentration for a particular temperature, which is determined largely by the variability in atmospheric dust loading. These measurements were made at altitudes from 30 to 3,500 m in air containing a range of dust loadings. The ice active site density (ns) for desert dust dominated aerosol derived from our measurements agrees with several laboratory‐based parameterizations for ice nucleation by desert dust within 1 to 2 orders of magnitude. The small variability in ns values determined from our measurements (within about 1 order of magnitude) is striking given that the back trajectory analysis suggests that the sources of dust were geographically diverse. This is consistent with previous work, which indicates that desert dust’s ice‐nucleating activity is only weakly dependent on source.last_img read more

NASCAR Team To Honor Fallen Utah Soldier from Monticello

first_imgMay 24, 2018 /Sports News – Local NASCAR Team To Honor Fallen Utah Soldier from Monticello Robert Lovell Written by FacebookTwitterLinkedInEmail(Charlotte, NC)  —  A NASCAR team will be honoring a fallen Utah soldier during this weekend’s Coca-Cola 600 in Charlotte, North Carolina.Aaron Butler’s name will be on driver Aric Almirola’s windshield on Sunday.  Butler was an Army Staff Sergeant who was killed in Afghanistan last August.Members of Butler’s family plan to be in Charlotte for the race. Tags: Aaron Butler/NASCARlast_img read more

Blanco’s back-to-back goals power Timbers past RSL 4-1

first_imgOctober 6, 2018 /Sports News – Local Blanco’s back-to-back goals power Timbers past RSL 4-1 FacebookTwitterLinkedInEmailSANDY, Utah (AP) — Sebastian Blanco had a first-half assist and scored back-to-back goals in the second half to power the Portland Timbers past Real Salt Lake 4-1 on Saturday night.Blanco made it 2-1 for the Timbers (14-9-9) in the 70th minute, chest-trapping Justen Glad’s attempted clearance and putting back a left-footed shot from just beyond the top left corner of the 6-yard box. Blanco added another three minutes later from nearly the same spot, a right-footed blast into the upper corner to finish Diego Valeri’s layoff.Lucas Melano pounced on a lazy throw-in deep in RSL (13-12-7) territory to cap the scoring for Portland in the 88th minute.Jeremy Ebobisse tapped in Blanco’s cross in the 33rd minute to give the Timbers the lead.Jefferson Savarino smashed home Joao Plata’s feed to pull Real Salt Lake even at 1 in the 55th minute. Tags: MLS/Real Salt Lake/Soccer Written by Associated Presslast_img read more