Korean lender sues for $40M over Ceruzzi condo mezz loan

first_img Tags Centrale at 138 East 50th Street and Ceruzzi president Arthur Hooper (The Centrale NYC, Hooper via Sasha Maslov/Illustration by Kevin Rebong for The Real Deal)When South Korea’s Meritz Securities put together a $350 million inventory loan for a Ceruzzi Properties condo tower last February, it seemed the company’s appetite for risk was growing.The pandemic, which hit New York City a few weeks later, has certainly put risk appetites to the test. For the loan on the Centrale, in Midtown East, caution might have been warranted: A lawsuit alleges the $110 million mezzanine portion is in default.The state-owned Industrial Bank of Korea, acting as trustee for the investment trust backing the debt, is seeking $40 million in damages.According to a suit filed in Manhattan Supreme Court, Ceruzzi missed a $2.35 million interest payment in November. Following an acceleration and with default interest, IBK says the total amount owed is now more than $86 million, of which up to $40 million is subject to a payment guarantee.ADVERTISEMENT“To date, no payment has been received and the full balance remains outstanding,” IBK’s lawyers wrote when the suit was filed in late January.The guarantors of the debt, including executors of Lou Ceruzzi’s estate, downplayed the suit, issuing a statement calling it “a technical matter filed by the lender to preserve its rights as sales were slowed during 2020 due to the pandemic”. The property owner is not involved in the litigation, they noted.“Recently, we have seen strong demand at the property, improved pricing and many units going under contract and closing,” the statement continued. “The company expects the suit will be resolved in the near future and for project sales to continue to rebound.”IBK’s motion for summary judgment is set to be heard on April 9. Counsel for the lender did not respond to a request for comment.Read moreCeruzzi Properties secures $350M to refi Midtown East towerNov 2018 mag: Ceruzzi Properties readjusts strategy after loss of CEOThe reinvention artist: How Lou Ceruzzi catapulted into the Manhattan condo game Full Name* Email Address* Ceruzzi PropertiescondosForeign InvestmentReal Estate Finance Share via Shortlink The 72-story, 124-unit luxury condo tower, at 138 East 50th Street between Lexington and Third avenues, was completed in 2019 with a $300 million construction loan from Madison Realty Capital. A duplex penthouse at the property hit the market with an asking price of $40 million that April.When Ceruzzi closed on the inventory loan last year, it had “put 20 units into hard contract already,” according to a press release.According to property records, 22 sales totaling $47.5 million have been recorded: six for $17.7 million in May, 11 for $18.6 million over the remainder of 2020, and five for $11.2 million this year.The projected sellout for the tower is $525 million, an average of $4.2 million per unit, suggesting that the vast majority of sales so far have been for lower-priced units.Contact Kevin Sun Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Message*last_img read more

USS George H.W. Bush Returns to Norfolk

first_img USS George H.W. Bush Returns to Norfolk View post tag: Naval Share this article View post tag: News by topic View post tag: Defence View post tag: Bush View post tag: Navy July 17, 2013 View post tag: George View post tag: Returns View post tag: USS Back to overview,Home naval-today USS George H.W. Bush Returns to Norfolk The Nimitz-class aircraft carrier USS George H.W. Bush (CVN 77) returned to its homeport of Norfolk after a successful completion of yet another historic underway, July 16.During the underway, the X-47B Unmanned Combat Air System demonstrator (UCAS-D) made its first carrier-based arrested landing on board the ship’s flight deck.“I am extremely pleased about how this underway went,” said Capt. Andrew J. Loiselle, CVN 77’s commanding officer. “This ship met all objectives and did everything asked of them and the distinguished visitors for the UCAS-D were handled with unbelievable precision.”This monumental event happened just two months after the UCAS-D’s successful carrier-based catapult and touch-and-go operations on board CVN 77’s flight deck.“Seeing the UCAS-D accomplish all these historic things was exciting and a key stepping stone to our military’s future,” said Religious Programs Specialist 3rd Class Tyler Williams. “It was pretty cool to be on the ship during this and part of our nation’s history.”Also during the weeklong underway, the ship completed three general quarters drills, including one chemical, biological, radiological attack drill and Sailors were given the opportunity to take part in the American Diversity Heritage Observance Committee (ADHOC) celebration of Asian and Pacific Islander Heritage month.“I think it is important for us to understand a little bit about where everyone comes from and a little bit about their background,” said Lt. Lisseth Calvio, the ship’s ADHOC chair. “I think being able to learn about that can really help us to become a better and stronger crew.”USS George H.W. Bush is in port conducting training operations in preparation for the upcoming Tailored Ship’s Training Availability/Final Evaluation Phase.[mappress]Press Release, July 17, 2013; Image: US Navy View post tag: Defense View post tag: H.W. Training & Education View post tag: Norfolklast_img read more

Cleaners find faeces in SJC

first_imgFaeces and urine were found in St John’sCollege table tennis room by cleaning staff last Friday morning.Puddles of urine were discovered on the floor of the room and human faeces was found ina bin. A trail of faeces also lead out into the rest of the building. DrCarolyne Lar­rington, the college’s Senior Dean, described the actions as“completely disgusting”.Larrington said that the college’s table tennis room was accessible via a fire exit doorthat all college mem­bers have a key for. She said that there were no CCTVcameras in that area of college and that the punishments for those responsiblewould “depend on the other members of staff”.The college’s decanal team are cur­rently conducting an investigation into thematter. Larrington said they were “taking the incident very seriously” but sheadded that she was “unable to comment” on any possible suspects.HarryKretchmer, JCR President, joined the Senior Dean in condemn­ing the action.“It’s a disgusting thing to do,” he said. “The matter is being dealt with andthose who commit­ted the offences will probably be excluded from college ifcaught.” A professional cleaning company was hired by the college to clean theroom. In an email sent to all mem­bers of StJohn’s, Dr Larrington said this had incurred“considerable cost to the college” ARCHIVE: 2nd week MT 2005last_img read more

Oxford awarded for anti-poverty work

first_imgOxford has been awarded a Queen’s Anniversary Prize for its anti-poverty work. The award was presented to the university by Prince Charles and Camilla Parker Bowles in a ceremony at Buckingham Palace last month. Oxford gained the accolade due to its development of a multidimensional measure for poverty. The multidimensional index offers a more comprehensive approach to poverty by measuring the various ways poor people suffer in their everyday, not just their income. Dr Alkire said: “When poor persons, who are the real experts on this subject, explain what poverty is, they articulate multiple disadvantages such as lack of good education, joblessness, poor health, insecurity, ramshackle housing or inadequate sanitation. A multidimensional measure of poverty reflects the lived experiences of impoverished people – and enables actions that redress multiple deprivations.” She also said OPHI was “delighted to receive this prize”. The Anniversary Prize is awarded every two years for outstanding research work. The award is managed by the Royal Anniversary Trust, which praised OPHI’s method as “a unique framework for tackling global poverty”. According to the Oxford Poverty and Human Development Initiative (OPHI), “A person who is poor can suffer from multiple disadvantages at the same time – for example they may have poor health or malnutrition, a lack of clean water or electricity, poor quality of work or little schooling. Focusing on one factor alone, such as income, is not enough to capture the true reality of poverty.” OPHI, a research centre in the Oxford Department of International Development, is headed by Dr Sabina Alkire, who developed the multidimensional approach alongside Professor James Foster. Alkire and Foster’s method has been applied to both national and international poverty measures. An OPHI spokesperson said: “Whilst OPHI is interested in multidimensional poverty measurement in high-income countries such as the UK, OPHI’s focus to date has been on measuring multidimensional poverty in low- and middle-income countries around the world so that policymakers can tackle it efficiently and effectively.” Speaking to Cherwell, the spokesperson added: “OPHI will continue to promote, develop and help implement official permanent national multidimensional poverty indices in countries around the world, and their use by high-level policy leaders, in order to harness both data and political will to tackle poverty in all its forms and dimensions.” OPHI has used this method to helpdevelop Bhutan’s Gross NationalHappiness Index, which measuresnon-traditional aspects of cultureand well-being, and the Women’sEmpowerment in Agriculture Index,which measures the agency andinclusion of women in the sector.last_img read more

New Ellis Park Owners Review Facility

first_imgFacebookTwitterCopy LinkEmailShare New Ellis Park Owners Review FacilityJULY 20TH, 2018 JOYLYN BUKOVAC EVANSVILLE, INDIANA“It’s been a great experience here 12 years, and it’s gone really fast,” says Ron Geary, owner of Ellis Park. Geary is looking back on his time at Ellis Park and looking forward to what’s next. “We are starting to track some of the best trainers in the country. Some of the best horses are coming in here, and I think it’s going to get just better and better.”Geary owns 70 percent of the facility, and the other 30 percent is owned by the Saratoga Group. Now that Geary is ready to retire, Saratoga will be the sole owner.“It was just natural. When Ron decided to step aside, then we would step in. So we think there’s still some opportunity here with the historical racing and things that may come up in the future,” says Alex Tucker, treasurer of Saratoga Casino and Hospitality Group.Saratoga officials plan to focus on a new marketing campaign, but aside from small tweak, they say no jobs are in jeopardy.“Ron’s put together a great team. They are doing a great job, and we don’t anticipate changing anything in the immediate future,” says Tucker. Right now, they’re focusing on how they can improve Ellis Park. “It’s really more of a fact-finding mission at this point to figure out what’s going on and how we can be helpful.”last_img read more

Press release: Last chance to have your say on A417 proposals

first_img Crickley Hill Visitor Centre, Crickley Hill, Birdlip GL4 8JY Gloucester Library, Brunswick Road, Gloucester GL1 1HT Cheltenham Library, Clarence Street, Cheltenham GL50 3JT Cirencester Library, The Waterloo, Cirencester GL7 2PZ Stroud Library, Landsdown, Stroud GL5 1BB Hucclecote Library, Hucclecote Road, Gloucester GL3 3RT Brockworth Community Library, Moorfield Road, Brockworth GL3 4ET Coleford Library, The Main Place, Old Station Way, Coleford GL16 8RH Gloucestershire County Council, Shire Hall, Westgate Street, Gloucester GL1 2TG Cotswold District Council, Trinity Road, Cirencester GL7 1PX Tewkesbury Town Hall, High Street, Tewkesbury GL20 5AL General enquiriesMembers of the public should contact the Highways England customer contact centre on 0300 123 5000.Media enquiriesJournalists should contact the Highways England press office on 0844 693 1448 and use the menu to speak to the most appropriate press officer. Known locally as the ‘missing link’ this stretch of single carriageway road between the Brockworth bypass and Cowley roundabout restricts the flow of traffic on a key route which is otherwise a continuous dual carriageway between M5 at Gloucester and the M4 at Swindon.Two options are being presented following a detailed consideration of potential routes to upgrade this three-mile stretch of the A417. The improvement is being made possible by the Government’s £15bn investment in motorways and major A roads and will be delivered by Highways England.The A417/A419 route passes through the Cotswolds Area of Outstanding Natural Beauty and so any solution will be designed sensitively to meet the special character of the landscape, environment and history.Upgrading this section to dual carriageway will help unlock Gloucestershire’s potential for growth and secure opportunities for housing and jobs, as well as improving life in the adjoining local communities.Mike Goddard, Project Manager said: “Nearly 800 people have joined us at our events over the past few weeks, and more than 1400 have responded to the consultation. This is an excellent response and we appreciate the time and effort people have taken to find out more about our proposals, and to share their thoughts.“With a week to go we are encouraging anyone else who might want to contribute to do so before 29 March. There is still the opportunity to feedback online at the consultation page.Alternatively, consultation booklets and feedback forms are available at the following public information points:last_img read more

Northern Irish biscuit firm strikes Spanish deal

first_imgGourmet biscuit business Grace’s, has gained a new contract to supply El Corte Inglés, an upmarket Spanish department store.The Northern Irish firm has just delivered a consignment of its Irish shortbread and oatmeal biscuits to the store in Barcelona, in what it describes as its “biggest export order to date”.The deal follows extensive and samplings last year by buyers in Barcelona of the company’s range of biscuits, said the firm.William Bullock, managing director of Grace’s, said: “Signing our biggest export order to date from such an influential department store is a marvellous endorsement of the originality and quality of our biscuits. El Corte Inglés is Europe’s biggest department store and ranked fourth worldwide.”He added that the deal was a further boost to its efforts to establish Grace’s as an international brand.The bakery had support from Invest Northern Ireland, which facilitated meetings with a representative in Spain.last_img read more

Routine antibiotics should be reconsidered for malnourished children

first_imgA new study suggests that the current recommendation to treat severely malnourished children with routine antibiotics does not increase the likelihood of nutritional recovery in uncomplicated cases. Given this finding, the study’s authors say that routinely using antibiotics may not be necessary or beneficial for severely malnourished children being treated at home when there is adequate local health infrastructure.Reducing routine antibiotic use would be prudent given global concern over the problem of antibiotic resistance, say the researchers.The study appears in the February 4, 2016 issue of the New England Journal of Medicine (NEJM).The new findings challenge the World Health Organization’s (WHO) current guidelines that children with uncomplicated severe acute malnutrition (SAM) always be given antibiotics, whether or not they need them.“Our results from Niger were surprising, as they challenge the current WHO recommendations and a recent well-conducted trial from Malawi. It’s an exciting step forward though, as we hope that this new evidence will motivate a deeper review of current recommendations and the evidence on which they are based,” said Sheila Isanaka, assistant professor of nutrition at Harvard T.H. Chan School of Public Health and lead author of the study.SAM contributes to high child mortality in many places throughout the world, affecting about 34 million children under age 5. Read Full Storylast_img read more

Veterans Transitioning to Civilian Careers: Time to Build Your Brand

first_imgWhat is Build Your Brand?Build Your Brand is a program at Dell that helps our team members and networks build their personal brand presence on LinkedIn so they are confident in representing themselves to the external market. Within Build Your Brand, participants experience a deeper dive into the how-to’s of profile development and receive tips on ways to engage on LinkedIn.LinkedIn, once known almost exclusively as the social media platform used during a job search, has now become a staple networking asset in the tool belt of individuals and organizations around the globe. A few of the most utilized functions allow users to:NetworkIdentify and recruit top talentJoin groups based on industries and interestsConnect with colleagues and professionalsPublish and share thought leadershipToday, LinkedIn’s brand has evolved into a platform with over 500 million users, a sizable proportion of which log on multiple times a week. Long progressed from that account checked only once or twice a month, this tool allows individuals to share their thought leadership, find like-minded connections and make a brand for themselves.A Tough TransitionAt Dell, we want to empower our employees to share their thought leadership with the world and provide the resources to do so. We believe that everyone has a story to tell and their own brand to promote.In military life, however, this is usually not a categorical requirement. A soldier’s brand is most heavily represented by their comrades or respective branch of the military. When transitioning out of a military role, this missed opportunity creates additional stress and adds barriers returning to civilian life. This already overwhelming process leaves many feeling at a loss, especially when the numerous skills gained over years of service are rarely found listed on a job description.How We HelpDell aims to help our veterans with the transition into a civilian career by teaching the basics of building your own brand. Last month, Dell representatives drove to Fort Hood to present on the importance of building a personal brand and continuously growing a professional network. One of the presenters, Army veteran and member of the Dell Commercial Client Product Group, Dan Ireland, was thankful to give back to his fellow veterans after he personally navigated the transition himself a few years back:“It’s really powerful when as representatives of one of the world’s most admired tech companies we’re able to provide insights and actionable advice to transitioning service members.ShareThrough offering resources such as Build Your Brand, a military careers page, a MOS translation generator and individuals such as Lou Candiello with a role dedicated to supporting military placement; Dell is doing its best to make a difference for those going through this life change. “I attended the brown bag and was very impressed at Dan’s passion for taking care of soldiers and briefing them on tricks of the trade for them in setting up a LinkedIn profile.”– John H. Vella IV; G6, Operations Officer“I never knew you could do so much with LinkedIn. I am a firm believer that intentionally connecting with the right people can make a huge difference in finding the right job.”–  Chelsea Williams; Senior Military Intelligence OfficerVeterans and military groups are consistently among the most active groups on LinkedIn. If these individuals were aware of the resources, such as Build Your Brand, and the importance of leveraging their networks, they would have the ability to take their career anywhere. Through increasing awareness of the many tools and opportunities veterans can capitalize on, we are helping make that transition into civilian life smoother while encouraging individuals to be confident in what they bring to the table.last_img read more

Observer selects new editors for 2011-12

first_imgSarah Mervosh, Adriana Pratt and Chris Masoud have been chosen to help oversee The Observer’s editorial operations in 2011-2012, incoming Editor-in-Chief Douglas Farmer announced Thursday. Mervosh will assume the position of managing editor, the No. 2 spot at the paper, and Pratt and Masoud will serve as assistant managing editors. A junior majoring in Psychology and Arabic with a minor in Journalism, Ethics and Democracy, Mervosh will assist Farmer in managing all departments of The Observer’s print and online editions. A native of Pittsburgh, Pa., Mervosh is currently studying abroad in London after initially beginning the semester in Cairo. She served as News Editor in the fall semester, and covered a variety of topics for The Observer, including student government, the controversy surrounding an influx of student arrests in the fall, and the tragic death of junior Declan Sullivan in October. “I’m very excited for this opportunity and look forward to working with a talented and dedicated staff to put out the best paper possible every day,” Mervosh said. Pratt, a resident of Howard Hall, is a junior majoring in Political Science with a minor in Journalism, Ethics and Democracy. She is a native of Carmel, Ind., and currently serves as Associate Scene Editor. Pratt spent last semester studying in London, where she developed an online video blog, “Scene Around the World,” featuring clips from her travels across Europe. “I’m thrilled to take on this position at The Observer and look forward to working with a driven and dedicated staff,” Pratt said. Masoud served as an Assistant Sports Editor over the past year. A native of San Francisco, Calif., Masoud is a junior pursuing a Finance major with a supplementary major in Economics. He spearheaded The Observer’s coverage of the Notre Dame women’s soccer team’s national championship run this fall. The Observer is in a great position thanks to the current editorial staff,” Masoud said. “We have the talent within all of our departments to make the paper even better, and I am excited to be a part of that.” Farmer will begin his duties as Editor-in-Chief on March 7, and the rest of the Editorial Board will assume their roles March 21.last_img read more