The Haryana Shehri Vikas Pradhikaran (HSVP) is expected to earn more than ₹5,000 crore through auctions of residential and commercial properties in its urban estates in 2023-24.
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The HSVP is estimated to earn about ₹3,000 crore from the e-auction of residential properties and ₹2,080 crore from the auctions of commercial properties. About ₹8,326 crore is estimated to be received from the old assets of the HSVP, said a statement on Monday following the 125th meeting of HSVP presided over by chief minister Manohar Lal Khattar.
An official spokesperson said it was informed in the meeting the HSVP’s non-EDC receipts were estimated to be around ₹14,719 crore in the 2023-24 financial year.
The CM said that on the lines of the scheme for setting up cooperative group housing societies for MLAs, employees, journalists and lawyers in Panchkula, permission can be given to set up cooperative group housing societies for former MLAs as well.
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Khattar, who is the HSVP chairman, gave ex-post facto approval for the construction of multi-storeyed car parking and commercial complex being constructed by Faridabad Smart City Limited on about 4,000 square metres of land of HSVP in Sector 18A of Faridabad.
Ex-post-facto approval was also given for the issuance of allotment letters of ownership rights to 131 shopkeepers and Antyodaya Market being constructed in place of the Rehri market after the incident of fire in the Rehri market of Sector 9, Panchkula. Pucca shops will be set up as Antyodaya Market in place of Rehri markets in Sectors 7, 11 and 17 of Panchkula, the spokesperson said.
The CM said that pucca shops should be constructed in cities where rehri markets are functioning. Chief administrator, HSVP, Ajit Balaji Joshi said that the HSVP has a proposal to set up Antyodaya Market in place of Rehri markets in Gurugram, Faridabad and Karnal.
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It was apprised in the meeting that the HSVP has 5,418 residential, 2,688 commercial and 230 institutional properties, out of which 4,804 residential, 2,305 commercial and 205 institutional properties have been sold through e-auction. The chief minister instructed the officers that a separate dashboard should be prepared for all the properties of HSVP, on which all information like the location of the property, name of the owner, etc. would be registered. He also directed that the entire record of the HSVP, including the documents of the properties, should be digitised.
An “eye-sore” property on Ferry Street will be home of an eight-storey, 77-unit condominium and three-unit commercial development after Niagara Falls city council granted zoning amendment approvals Tuesday.
“I just want to say what a great development,” said Coun. Ruth-Ann Nieuwesteeg. “That has been an eye-sore for, oh gosh, 20 years, so it looks absolutely fantastic.”
An architect for the applicant, Niagara Midtown Bowling Ltd., said the development is proposed for a “great location” “left undeveloped for many years.”
“There is a big need for residential units in Niagara Falls,” said Giuseppe Colosimo. “It is an enhancement for the community. The only thing it’s going to add is value to the adjacent properties. It’s going to be a super exciting project — a world-class project, from both design and construction methodology.”
The vacant property is on the north side of Ferry Street, between Temperance and Gladstone avenues.
City planner Alexa Cooper said the two properties — 5687 Ferry St. and 5660 Spring St. — have merged on title.
She said the proposal conforms to provincial, regional and local policies.
Council’s approval includes a holding provision requiring the developer to, in part, complete third-party modelling for sanitary services to the satisfaction of staff.
Coun. Lori Lococo said she was “very glad” to see the holding provision because “quite often our residents will say that development can’t be handled by the sanitary sewer.”
She asked staff whether an approved, but separate development across the street at the old Continental Inn has a similar holding provision on it.
Erik Nickel, manager of municipal works, said when third-party modelling is done, the company doing so would have “all of the relevant development data at their disposal.”
“They would look at any existing approvals and make sure that those future flows are also included in the existing flows, to make sure that the sewer system is able to handle it,” he said.
Cooper said setbacks recommended by staff will provide space for fencing and adequately buffer the development from existing residential uses.
Christine Burke, a 26-year Spring Street resident, addressed council about concerns.
“I have in front of me signatures of 16 other residents in my area that oppose this development and the reasons stated were not only concerns about the heights — we are also concerned about the construction, the mess of the construction, the noise of the construction,” she said.
Burke said residents also have parking concerns.
“We’re concerned about the traffic that it’s going to cause, as well as the traffic delays it will cause in our neighbourhood,” she said. “There is also a (development) right on the corner beside the Dairy Queen, so we feel in our neighbourhood … we don’t really need this. I understand that it’s been a vacant property for years and we kind of like it that way.”
“For traffic, city transportation staff had no concerns as Spring Street would continue to operate with a satisfactory level of service and (Niagara) Region’s transportation staff had no concerns on Ferry Street,” she said.
The site will contain 105 parking spaces below grade as well as at grade and within the second floor at the rear of the building and each of the 77 condos will have its own parking.
Colosimo said the majority of the building will be pre-fabricated by a local company, limiting noise and construction timelines.
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An “eye-sore” property on Ferry Street will be the future home of an eight-storey, 77-unit condominium and three-unit commercial development after Niagara Falls city council granted zoning-amendment approvals to permit the proposal Tuesday.
“I just want to say what a great development,” said Coun. Ruth-Ann Nieuwesteeg. “That has been an eye sore for, oh gosh, 20 years, so it looks absolutely fantastic.”
An architect for the applicant, Niagara Midtown Bowling Ltd., said the development is proposed for a “great location” “left undeveloped for many years.”
“There is a big need for residential units in Niagara Falls,” said Giuseppe Colosimo. “It is an enhancement for the community. The only thing it’s going to add is value to the adjacent properties. It’s going to be a super exciting project — a world-class project, from both design and construction methodology.”
The vacant property is on the north side of Ferry Street, between Temperance and Gladstone avenues.
City planner Alexa Cooper said the two properties — 5687 Ferry Street and 5660 Spring Street — have now merged on title.
She said the proposal conforms to provincial, regional and local policies.
Council’s approval includes a holding provision requiring the developer to, in part, complete third-party modelling for sanitary services to the satisfaction of staff.
Coun. Lori Lococo said she was “very glad” to see the holding provision because “quite often our residents will say that development can’t be handled by the sanitary sewer.”
She asked staff whether an approved, but separate development across the street at the old Continental Inn also has a similar holding provision on it.
Erik Nickel, the city’s manager of municipal works, said when third-party modelling is done, the company doing so would have “all of the relevant development data at their disposal.”
“They would look at any existing approvals and make sure that those future flows are also included in the existing flows, to make sure that the sewer system is able to handle it,” he said.
Nickel said the applicant for the 5687 Ferry Street and 5660 Spring Street development will pay for a third-party to do a model of the sewers.
“So, they’ll look at flows coming out of the building and if the size of the sewer on street is large enough to handle that capacity,” he said. “If it’s not, there will be a requirement for them to upsize it in order to service their property. We won’t lift the holding provision until the sewers are adequate or the plan (is) adequate to handle the sewers coming off that property.”
Cooper said setbacks recommended by staff will provide space for fencing and adequately buffer the development from existing residential uses.
Christine Burke, a 26-year Spring Street resident, addressed council about concerns.
“I have in front of me signatures of 16 other residents in my area that oppose this development and the reasons stated were not only concerns about the heights — we are also concerned about the construction, the mess of the construction, the noise of the construction,” she said.
Burke said residents also have parking concerns.
“We’re concerned about the traffic that it’s going to cause, as well as the traffic delays it will cause in our neighbourhood,” she said. “There is also a (development) right on the corner beside the Dairy Queen, so we feel in our neighbourhood … we don’t really need this. I understand that it’s been a vacant property for years and we kind of like it that way.”
Cooper said within that node, development height of buildings is anticipated to be between six to 13 storeys.
“For traffic, city transportation staff had no concerns as Spring Street would continue to operate with a satisfactory level of service and (Niagara) Region’s transportation staff had no concerns on Ferry Street,” she said. “The noise bylaw regulates our noise and a road-occupancy permit would be issued before Spring Street could be occupied by any construction equipment, if required. A construction management plan would be required at site-plan as well.”
The site will contain 105 parking spaces below grade as well as at grade and within the second floor at the rear of the building.
Colosimo said each of the 77 condos will have its own parking.
“They’re mostly one and two bedrooms, there are no three bedrooms, so (concerns about people) having multiple cars doesn’t really apply,” he said.
Colosimo said the majority of the building will be pre-fabricated by a local company, limiting noise and construction timelines.
“The client wants to expedite the process. This means that your typical 18 months construction can be reduced all the way to 10 months and we’re looking at even more reduction, especially given the pre-fab status of the majority of the building. You will have very little noise and construction.”
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By Marta Jary For Daily Mail Australia
07:55 27 Mar 2023, updated 09:03 27 Mar 2023
The stars of The Block were channelling the 1950s on Saturday.
Hosts Scott Cam and Shelley Craft were joined by Block judges Shaynna Blaze, Darren Palmer and Neale Whitaker donning their retro best.
The cast gathered together to film a new commercial for the series at the new 2023 Block site.
Shelley, 46, was looking youthful indeed in a polka dot halter top in bright yellow with white spots, that showed off some cleavage.
She added a pair of fitted red jeans in a three quarter length along with patent red leather heels.
Opting for era appropriate makeup, she donned bright red lipstick and wore her blonde hair in curls.
The TV star skipped the accessories but for a bright yellow belt and a pair of dangling pearlescent earrings.
Shaynna, 59, worked her angles in a white wiggle dress with black polka dots as she posed for photos.
She added to the look with a pair of hot pink heels which matched the flower pinned to her dress.
The TV personality added to the ensemble with white lace gloves and a huge straw hat, also in a white tone.
For makeup, Shaynna matched her lipstick to her shoes and wore her blonde locks in curls.
She completed the look with a pair of statement earrings with pearls in varying sizes.
Scott, 60, went for the classic 1950s greaser look, wearing a leather jacket and dark jeans.
He added a simple white muscle shirt, leather belt and chunky leather motorcycle boots.
The television host later changed his shirt into a bright red option, still working that retro style.
Neale, 61, was rocking a 1950s gangster look in a dapper navy blue blazer and grey trousers.
He added a classic hat, loud tie and brown dress shoes, as well as a pair of vintage glasses.
Darren 45, dressed up as a classic 1950s stud, wearing a tight white shirt and jeans with his hair slicked back.
Another actor took on the role of a milkman, donning a retro costume and wearing a white cap while carrying pails of milk.
Also on set was foremen Keith who donned throwback blue workers uniforms.
The cast appeared to be having a ball, mingling and laughing together in between filming.
It comes after Channel Nine was slammed for sending residents an ‘entitled’ letter asking them to move their cars so they can shoot a commercial for The Block.
Last Monday, the network sent the letter to homeowners living along Charming Street in Hampton East in the Bayside Council area in Melbourne’s south-east.
Channel Nine informed residents they intended to film a commercial for their hit show and that it would be set during the 1950s.
The letter sparked outrage for only giving residents short notice and telling them not to park their cars on the street or driveways.
‘We will bring various 7 x 1950’s cars to park on the street and period piece props and costumes,’ the letter read.
‘As we are dressing the street, we do request on Friday evening that you please not park on the street or in your driveways.
‘We would like to keep modern cars out of the shots. If you need assistance to move your vehicles we can assist you in the morning.’
The letter went on to warn that residents living in house number 24 and 25 to make sure they didn’t park their car outside their houses on Saturday.
A photo of the letter was shared online where social media users ripped into the network for its ‘entitled’ requests.
‘Brilliant!!! They’ve got a bloody cheek, haven’t they ? Five days notice to basically cancel your entire Saturday,’ one wrote.
Another added: ‘Why cancel your Saturday? Sounds like a great day to throw an Aussie Saturday street party.’
Several suggested the residents living along the street ask the network to reimburse them for their troubles.
‘Dear Channel Nine, I’d be delighted to acquiesce to your requirements for filming,’ one wrote.
‘As this then makes me part of your production, I’m sure your accounting department would have no trouble approving payment of the attached invoice for my services.
‘Once I have confirmation, in writing, of your acceptance of my recompense I will make the arrangements you have requested.’
A second added: ‘In all seriousness, get some money out of them.
‘Park cars on your lawn and invite someone over for a BBQ in the front yard.
‘Maybe keep the cars up past the letterbox so it’s on your private property rather than the council’s, but still very visible. Make some noise in case they’re recording audio.
‘They need release forms for anyone with their face in shot.’
The social media user claimed it was standard practice that production companies pay location fees.
‘I’ve shot plenty of commercials,’ they wrote.
‘Sometimes you can get a friend to kindly lend their house for a shoot, but taking over an entire street and giving specific restrictions to each resident, without any location fees??
‘They’re counting on the plebs being both naive and also feeling privileged to have their precious street ‘on the telly’.’
Daily Mail Australia contacted Channel Nine for comment.
Where a plaintiff has alleged misappropriation of trade secrets, the defendants’ motion for summary judgment should be allowed as to “Trade Secret No. 1,” which is imprecisely defined, but otherwise denied in light of a genuine dispute of material fact regarding whether the plaintiff took sufficient reasonable steps to protect its trade secrets.
“Plaintiff Neural Magic, Inc. (‘NMI’) has sued Defendants Meta Platforms, Inc. (‘Meta’) and Dr. Aleksandar Zlateski (‘Zlateski’) (collectively, ‘Defendants’), a former NMI employee, for Zlateski’s alleged disclosure of trade secrets to Meta and Meta’s internal use and posting of same on an open-source forum, GitHub. …
“Turning to the merits of NMI’s misappropriation claims, Defendants first argue they are entitled to summary judgment because NMI has not defined its trade secrets with the particularity necessary to sustain a claim. …
“Here, Trade Secret No. 1 does not constitute a trade secret or factual discovery; rather, it is an opening statement about what NMI’s other alleged trade secrets can achieve and those achievements’ potential worth. To be sure, Trade Secret No. 1 is not a ‘formula, pattern, device or compilation of information.’ … Nor is it, unlike the other alleged trade secrets, a ‘unified process, design and operation of which, in unique combination, affords a competitive advantage and is a protectable secret.’ …
“Furthermore, it is imprecisely defined. The imprecision with which NMI defines Trade Secret No. 1 is evident through its use of vague and ambiguous phrases such as ‘highly valuable improvements in throughput’ and ‘independent economic value.’ …
“Accordingly, the Court allows summary judgment to Defendants as to Trade Secret No. 1. …
“Trade Secrets Nos. 6-10 involve specific sparse general matrix multiplication techniques. …
“These alleged trade secrets are sufficiently particular. …
“Finally, NMI’s Trade Secrets Nos. 2-5 cover ‘one or more of the techniques described in [Trade Secrets Nos.] 6-10,’ ‘utilized on its own or augmented by’ ‘the technique described in [Trade Secret No.] 11,’ ‘and/or’ ‘the technique described in [Trade Secret No.] 12.’ …
“Similarly, the Court concludes that an issue of material fact exists on the question of whether Trade Secrets Nos. 2-5 amount to protectable trade secrets. …
“Defendants also argue they are entitled to summary judgment because NMI has failed to present evidence from which a reasonable jury could conclude that NMI possessed its trade secrets. …
“… When viewed in its totality, however, … the Court concludes that NMI has produced sufficient evidence such that a reasonable jury could conclude that it possessed its trade secrets, even as it will be hotly contested issue at trial. …
“To prevail on a trade secret claim under MUSTA or DTSA, a plaintiff must demonstrate that it took sufficient reasonable precautions to protect its secret information. …
“Defendants’ primary argument is that NMI allowed Zlateski to keep his company laptop, did not remove confidential information from the laptop, did not conduct an exit interview with him, and allowed him to maintain access to its source code and one of its Slack channels. … The context in which this occurred, however, suggests that a jury could find that NMI’s actions might not have been unreasonable. …
“In deciding NMI’s preliminary injunction motion, the Court highlighted that it was a ‘close call’ whether NMI took sufficient reasonable steps to protect its trade secrets. … Even after discovery, this issue remains a hotly contested one. As such, a genuine dispute of material fact exists, and summary judgment on this ground is not warranted. …
“Even if the other requirements for NMI’s trade secrets claim are satisfied, Defendants argue that the trade secret claims should still fail, because no jury could reasonably conclude that Zlateski acquired the information in dispute through ‘improper means,’ as required by the MUTSA and DTSA. …
“Ultimately, there is evidence to support both Defendants’ and NMI’s view regarding Zlateski’s alleged use of improper means, rendering summary judgment for Defendants on this basis inappropriate. …
“Independent of whether Zlateski misappropriated its trade secrets, NMI must still prove that Meta ‘knew or had reason to now’ that the alleged trade secrets were acquired by ‘improper means.’ …
“… A jury, however, could consider the totality of such circumstantial evidence in determining whether Meta had reason to know that Zlateski’s conduct was improper. …
“For these reasons, the Court concludes that NMI has proffered sufficient evidence to put this issue to a jury.”
Chapter 93A claim
“Defendants have moved for summary judgment against NMI’s claim for violations of Mass. Gen. L. c. 93A, §11-namely, for engaging in unfair and deceptive business practices. For such claim, a plaintiff must demonstrate that the conduct at issue ‘occurred primarily and substantially within the commonwealth.’ … This statutory requirement is the only aspect upon which Defendants move for summary judgment as to Count III. …
“On this record, a reasonable jury could not conclude that Defendants’ unfair and deceptive acts occurred ‘primarily and substantially within the commonwealth.’ Mass. Gen. L. c. 93A, §11. …
“Accordingly, the Court allows summary judgment to Defendants on Count III, the c. 93 A claim, on this basis.”
Non-compete claim
“Zlateski seeks summary judgment of Count IV, which alleges against him individually violations of the non-disclosure and non-compete provisions of the NMI Contract. …
“Regarding the non-disclosure provision, Zlateski only argues NMI’s contract claim must fail for the same reasons NMI’s trade secret claims fail. … As the Court has already determined that NMI’s trade secret claims survive summary judgment, so too does its claim for breach of the non-disclosure provision of the NMI Contract at least as to the alleged disclosure of its trade secrets.
“As to the non-compete provision of the NMI Contract, Zlateski argues that the provision is unenforceable and that he did not breach it. … The Court need not reach the issue of enforceability, since it concludes, on this record, that no reasonable jury could find a breach of the non-compete provision of the NMI Contract. …
“… Accordingly, the Court denies summary judgment to Defendants as to the breach of the non-disclosure provision of the NMI Contract but allows it as to the breach of the noncompetition provision of the NMI Contract.”
Neural Magic, Inc. v. Meta Platforms, Inc., et al. (Lawyers Weekly No. 02-094-23) (90 pages) (Casper, J.) (Docket No. 20-cv-10444-DJC) (March 1, 2023).
Click here to read the full text of the opinion.
- Tributes have been paid to Kayleigh Scott, who was found dead at her home in Denver, Colorado, on Monday
- A note posted to Instagram and Facebook before she passed away included the message ‘I am so sorry’
- Kayleigh appeared in the commercial in 2020 to celebrate Transgender Day of Visibility, which falls on March 31
- If you or someone you know is struggling, call the National Suicide Prevention Lifeline at 988
A trans flight attendant who fronted a United Airlines campaign about transgender awareness has taken her own life after sharing a heartbreaking post to social media with the message ‘I am so sorry.’
Tributes have been paid to Kayleigh Scott, 25, after she was found dead at her home in Denver, Colorado, on Monday.
Kayleigh appeared in the commercial in 2020 to celebrate Transgender Day of Visibility, which falls on March 31.
A harrowing post to her Instagram and Facebook pages hours before she died said: ‘As I take my final breaths and exit this living earth, I would like to apologize to everyone I let down.
‘I am so sorry I could not be better. To those that I love, I am sorry I could not be stronger. To those that gave me their everything, I am sorry my effort was not reciprocated.
‘Please understand that me leaving is not a reflection of you, but the result of my own inability to turn myself for the better. To Ashley, Cynthia, Regine & Sophia. I am so sorry.
‘Please remember me for the good memories we have shared, and never for my downfall. I will see you all again on the other side.’
She concluded the note with the words, ‘Brianna, I’m coming’, in reference to her friend Brianna Moore, who took her own life aged 15 in February 2016.
Friends initially responded with messages of support and offers of help for Kayleigh, and several also contacted authorities with their concerns about the post.
But several hours later her sister, Ashley Scott, confirmed that she had passed away.
‘To all who have commented and those watching this post, Kay has passed,’ Ashley said. ‘Thank you for your concern and outpouring of love for her. We are going to miss her so much.’
The United Airlines campaign video opened with pictures of her before and after she transitioned.
Narrating the video, Kayleigh says: ‘Don’t let that smirk fool you. There was so much pain behind that sweet boy’s eyes.
‘I don’t normally post about my transition here on my feed, let alone it’s a rare sight on my stories. I used to be so embarrassed about being trans, and all I wanted was to blend in and be cis.
‘But times have changed and I’ve started looking back at the bigger picture and understanding that I do have a story to tell.’
The video shows Kayleigh at work in her United uniform and at events to celebrate Pride alongside her colleagues.
She adds: ‘My life changed for the better when I came to United as a flight attendant. With the support from the company, our business resource group for LGBTQ+ employees, and all of my loving coworkers, I was able to break free from the chains that held me.
‘And to this day, I’m living confidently as my true self.’
Kayleigh’s mom, Andrea Sylvestro, shared a touching tribute to her ‘beautiful daughter’.
Posting to Facebook, she wrote: ‘I am so unbelievably proud to have you as my daughter, proud and amazed by everything that you have done in your life, your smile was absolutely beautiful, your laughter was unbelievably contagious, your heart was bigger than any of us could have ever understood.’
Denver Police Department said its investigation into Kayleigh’s death was ongoing and the Medical Examiner’s Office was also involved.
United Airlines said: ‘We are incredibly saddened by the tragic loss of Kayleigh Scott and extend our deepest condolences to her family, friends and co-workers.’
If you or someone you know is struggling, call the National Suicide Prevention Lifeline at 988
It was the very definition of a bidding war Wednesday on the steps of the courthouse at 60 Centre Street in Manhattan.
As a result, the price at a court-ordered auction for the contested Flatiron Building went well beyond what GFP Real Estate Chairman Jeffrey Gural considered a reasonable price and fell into the hands of Jacob Garlick, managing partner at Abraham Trust, for $190 million.
Garlick owes 10 percent of the total price by the end of the day Friday, or it will go to the second highest bidder, who can decline. At that point, it would go back up for auction.
Gural and Garlick were the sole bidders for the landmarked building at 175 Fifth Avenue over the course of an auction that lasted about 40 minutes, after which the well-known office landlord admitted that he had a “tough opponent.”
“Truthfully, I thought we were going to pay about $80 million but I guess when you’re in an auction it just takes one other bidder,” Gural told Commercial Observer. “I was totally shocked that somebody would bid so much money for the building. It’s a beautiful building, but not really worth that much.”
Gural has been through years of litigation as part owner in the building alongside Newmark, Sorgente Group and ABS Partners Real Estate against the majority interest holder, Nathan Silverstein, who they have claimed made poor business decisions.
The Flatiron Building currently sits devoid of tenants, and Garlick’s plans remain unclear as he declined to comment following the close of the auction.
“It’s been a nightmare because we had this one partner who wouldn’t let us do anything,” Gural added. “We had to put in two new stairwells, that work is close to done. … We put a lot of work into it, but it would have gone a lot faster if we weren’t hamstrung by Nathan Silverstein.”
Gural attempted to avoid the auction by offering to buy out Silverstein.
“I offered him $25 million, on top of the mortgage, so I offered him the equivalent of $130 million,” Gural said.
Silverstein could not be reached for comment.
Mark Hallum can be reached at mhallum@commercialobserver.com.
Landlords intending to recover possession of commercial property using the Landlord and Tenant Act 1954 need to act quickly to avoid a potential increase in compensation payable to their tenants.
The Valuation Office Agency (VOA) has updated the rateable values of non-domestic property in England and Wales. The change will take effect from 1 April 2023. This is the first revaluation since 2017 and will be based on property values as of 1 April 2021.
Rateable values determine the statutory compensation payable if a landlord wishes to terminate a lease by using one of the ‘no fault’ grounds for possession contained within the Landlord and Tenant Act 1954 (LTA 1954).
To recap:
- A commercial tenant has a statutory right to renew its lease at the end of the contractual term, if the qualifying statutory conditions for a business tenancy are met and the tenant has not ‘contracted out’ of the protections offered by the statute.
- A landlord can oppose the tenant’s statutory right to a lease renewal on any of the grounds set out in Section 30( 1) of the LTA 1954.
- The relevant ground should be set out in a notice served on the tenant under Section 25 of the LTA (Section 25 Notice). Or, it can be specified in a counter-notice to a request for a new tenancy made by the tenant under Section 26 of the LTA 1954 (Section 26 Counternotice).
- If the landlord opposes the renewal of the existing lease on a ‘no fault ground’, then the tenant may be entitled to statutory compensation when it vacates the premises. The ‘no-fault’ grounds are as follows:
- Section 30 (1)(e): uneconomic subletting (rarely used)
- Section 30 (1)(f): the landlord intends to demolish or reconstruct the property and
- Section 30 (1)(g): the landlord intends to occupy the property for business purposes or as a residence.
The statutory compensation a tenant is entitled to is calculated by reference to the rateable value of the property at the date of service of either the Section 25 Notice or the Section 26 Counternotice.
Comment
A notice served before the new rates come into force on 1 April 2023 may lead to more or less statutory compensation being payable than a notice served after, depending on whether the revaluation increases or decreases the rateable value of the property in question.
In cases where the rateable value of the premises is set to decrease (typically retail premises but the VOA list should be checked in each individual case), landlords may prefer to wait until after 1 April 2023 before serving a Section 25 Notice or Section 26 Counternotice (note – the landlord must serve a Section 26 Counternotice within two months’ of the tenant’s Section 26 request if it wants to oppose renewal) to take advantage of the new rateable value and thus pay less compensation.
But in cases where the rateable value of the premises is set to increase, landlords will want to serve Section 25 Notices or Section 26 Counternotices before 1 April 2023, to ensure that any statutory compensation is calculated by reference to the current (lower) rateable values.
Vanbarton Group is handing off an Upper West Side retail condominium at a significant loss, Commercial Observer has learned.
RFR Holding and Waterfall Asset Management purchased the 33,000-square-foot retail condo at the base The Astor condominium from Vanbarton for $37 million, according to sources familiar with the deal.
That’s $66 million less than the $103.5 million Vanborton paid for the property, at 2139-2159 Broadway, in 2016, The Real Deal reported at the time.
The joint venture purchasing the retail spaces plans to modernize the property and sign new tenants at the storefronts between West 75th and West 76th streets. The spaces were left without permanent tenants after the departure of Barney’s New York in 2018 as well as Lululemon in 2022, according to brokerage Retail by Mona.
“This property possesses both the functionality of new construction retail while maintaining the character of an architecturally significant vintage building wrapped in an ornate limestone façade,” Aby Rosen, co-founder of RFR, said in a statement.
Vanbarton Group did not respond to requests for comment.
Retail by Mona was tapped as the leasing agent for RFR and Waterfall.
“Grocery-anchored retail locations are among the most attractive opportunities in the retail sector,” Brandon Singer, CEO of Retail by Mona, said in a statement. “RFR has the reputation, and the real-world know-how, to turn outdated retail spaces into true high street success stories.”
Mark Hallum can be reached at mhallum@commercialobserver.com.
11 commercial REIT stocks loved by analysts, who see upside of up to 47%
As if concerns over banks’ liquidity weren’t enough to rattle investors, analysts have been raising concerns about the U.S. commercial real-estate market, especially for office buildings. Below is a screen of real-estate investment trusts that concentrate on commercial real estate, highlighting the 11 analysts expect to fare best through 2024.
A REIT is a company that owns property, makes loans or invests in mortgage-backed securities and distributes at least 90% of its earnings to shareholders as dividends, in return for tax advantages. Most dividends received by REIT investors are taxed as ordinary income.
On Monday, a group of analysts at BofA Securities led by Camille Bonnel wrote that REITs that own office buildings had declined 70% in value “as public markets have been pricing in secular headwinds and tight lending conditions” since the beginning of the Covid-19 pandemic in 2020.
On Monday, Adam Posen, president of the Peterson Institute for International Economics, said the commercial real estate space was heading into a “real mess,” in part because office occupancy was down 30% to 40% since the pandemic began.
Back on March 7, analysts at Keefe, Bruyette and Woods predicted “no soft landing for CRE,” especially in particular markets, including San Francisco, New York, Washington D.C., Seattle, Austin, Texas, and Phoenix. In a report highlighting risks for REITs and banks, the KBW analysts added: “With $400bn of annual loan maturities, we expect increasing credit issues as borrowers evaluate capital and lenders become defensive; our framework implies 1-3% loan losses.” They expect office building values to decline 30% or more, with those values “30 to 50% into correction.”
The BofA analysts provided some comfort for REIT investors: “Most REITs tend to own top-quartile properties and follow an active, hands-on ownership model. Historically, public REITs outperform within their markets particularly in tougher market conditions like today.”
CRE REIT screen
To highlight which REITs focused on commercial real estate (CRE) might fare best, we began with the 180 REITs in the Russell 3000 Index and then narrowed the list.
First, there is a distinction between equity REITs, which own properties and rent them out, and mortgage REITs, which are lenders and investors in mortgage-backed securities.
And now for the cuts:
AFFO is adjusted funds from operations — a non-GAAP calculation. In the REIT industry, FFO adds depreciation and amortization back to earnings, while subtracting gains on the sale of property. Adjusted FFO goes further, netting out expected capital expenditures to maintain the quality of property investments. For commercial mortgage REITs, FFO isn’t typically calculated, so we looked at EPS instead.
Among the remaining 53 companies, 11 are rated “buy” or the equivalent by at least three-quarters of the analysts covering them. Here they are, sorted by the upside potential implied by consensus price targets among analysts polled by FactSet:
ARE
REFI
STWD
CTO
AMT
CHCT
REXR
VICI
PLD
GLPI
IRM
Click on the tickers for more about each REIT. If you are interested in any individual stock, it is best to do your own research and form your own opinion about how successful a company is likely to be over the next decade at least.
Read Tomi Kilgore’s detailed guide to the wealth of information available for free on the MarketWatch quote page.
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