Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink TagsCommercial Real EstateReal Estate Lawsuits Share via Shortlink Gotham Organization COO Phil Lavoie and 432 Park Avenue South (Google Maps)Developer Gotham Organization is facing a lawsuit over nearly $187,000 in outstanding rent at its 432 Park Avenue South office.An entity tied to Samco Properties — 432 Park South Realty Co LLC — claimed that Gotham has not paid the rent for its office since April, according to a lawsuit filed in New York State Supreme Court on Wednesday. Gotham signed the lease for the property in 2015, and had been paying $41,000 per month in rent. Crain’s first reported the suit.In a statement to Crain’s, Gotham’s COO, Phil Lavoie, said that the developer was advised to withhold rent “after several attempts to compel Samco to address numerous deficiencies and incidents at our office.”“Gotham is currently in a dispute with its office landlord and has been advised by counsel to withhold rent until the landlord fulfills all of its obligations under the lease,” Lavoie said in the statement.Samco did not provide a comment to Crain’s. In the suit, it’s asking that Gotham pay back the $187,000 in back rent, any interest accrued since April and legal fees.In addition to the building at 432 Park Avenue South, Samco’s holdings in Manhattan include office properties at 333 Seventh Ave and 30 Irving place.Gotham has both residential and commercial properties throughout the city, including the Hunter’s Point South complex in Long Island City and the Gotham West Market in Hell’s Kitchen.[Crain’s] — Raji Pandya
Governor Andrew Cuomo (Credit: Eduardo Munoz Alvarez/Getty Images; Sue via Flickr)Requests by the Hamptons, North Fork and upstate to stop the virus-inspired migration from New York City have not resonated with Gov. Andrew Cuomo.The popular summer destinations say they have been overrun by city residents fleeing the five boroughs, which have been the epicenter of the coronavirus outbreak in the U.S.But Cuomo said at a Thursday morning press conference, “I don’t have any travel ban on my agenda.”Read moreThe 1% are sheling out $400K on Hamptons rentals as NYC shuts downBrokers predict pent-up demand after coronavirusCongress agrees on $2 trillion stimulus packageCovid-19 impact: Deals fall through and agents struggle to sell In a message to constituents Wednesday, Scott Russell, the supervisor of Southold Town on the North Fork, said the virus had put a “tremendous strain on our resources” even before people began flocking there from the city.“I am joining Southampton Supervisor Jay Schneiderman in requesting that Governor Cuomo put a travel ban to the east end in place, limiting travel to only essential personnel,” he wrote. “Our resources are scarce, the risk of spread is too high for a town which is already seeing more than its share of confirmed cases and deaths. Southold should NOT be treated as someone’s personal isolation unit.”His message was far more diplomatic than recent ones from some locals in the Catskills and Hamptons and on the Jersey Shore. Facebook pages and other online sites have been filling up with expletive-laden missives about how city dwellers are bringing the coronavirus to their communities — not to mention clearing the shelves of local supermarkets.Initially, the vast majority of the state’s coronavirus cases were in the five boroughs, although the percentage has been dropping and now stands at just over half. The numbers reflect only New Yorkers who have been tested, however, and initially the vast majority of testing was being done in the city.In lieu of a travel ban, Russell requested anyone relocating to his neck of Suffolk County self-quarantine for 14 days upon arrival, then continue to practice social distancing and not stockpile food.“We have a limited number of stores who are trying to keep their shelves stocked and ration out supplies as best they can,” he wrote. “Local residents are finding it difficult to meet even their most basic needs. Unnecessary hoarding and the recent, sudden expansion of the population by those who come are making this far worse.”The White House also requested New Yorkers self-quarantine upon arrival anywhere else, and Florida’s governor has mandated it. But the virus has already spread to all 50 states. This content is for subscribers only.Subscribe Now
An estimated 12.8 million Americans would owe an average of $5,400 from missed payments (iStock)Thousands of renters could be evicted from their homes in the next few months, leading to a housing crisis that could have major ripple effects on the economy.A recent study by the Federal Reserve Bank of Philadelphia, which surveyed unemployed Americans, found that outstanding rent debt would climb to $7.2 billion before the end of 2020, the Wall Street Journal reported.Meanwhile, Moody’s Analytics projects that the rent debt could reach close to $70 billion by end of the year unless there is additional stimulus funding. At that time, an estimated 12.8 million Americans would owe an average of $5,400 from missed payments, according to Moody’s.Many tenants have been unable to make their rent payments since March, as businesses closed and unemployment rose, according to the Journal. These renters have been allowed to stay in their homes thanks to federal and local eviction moratoriums, but these moratoriums are set to expire by January or sooner, leaving millions of Americans to either meet their back payments or face eviction.Once the moratoriums expire about 30 million to 40 million people across the country face eviction, according to the Journal, citing estimates from federal government officials.In the meantime, many renters are piling up credit card debt. Credit payments to small and medium-size businesses tied to rental real estate rose by more than 70 percent in the spring, according to the Philadelphia Federal Reserve.[WSJ] — Keith Larsen This content is for subscribers only.Subscribe Now
What she said: “So we will need a further extension of Article 50 — one that is as short as possible and which ends when we pass a deal.”What she meant: I can’t say how long for because the EU will decide that.* * *What she said: “We need to be clear what such an extension is for — to ensure we leave in a timely and orderly way.”What she meant: We need a deal next week, chaps. Deadline: April 10, European Council.* * * What she said: “The government would then bring forward the Withdrawal Agreement Bill. We would want to agree a timetable for this bill to ensure it is passed before 22nd May so that the United Kingdom need not take part in European parliamentary elections.What she meant: Boom. If the EU extends only to May 22, no-deal really isn’t dead. Shh.* * *What she said: “This is a difficult time for everyone. Passions are running high on all sides of the argument. But we can and must find the compromises that will deliver what the British people voted for.What she meant: (Internal monologue) Must not slag off MPs again, must not slag off MPs again …* * * What she said: “This debate, this division, cannot drag on much longer. It is putting members of parliament and everyone else under immense pressure — and it is doing damage to our politics.What she meant: Those polls!* * *What she said: “Despite the best efforts of MPs, the process that the House of Commons has tried to lead has not come up with an answer.”What she meant: A nicer way of saying what I said last week. You MPs are idiots. I hate you.Cabinet ministers leave 10 Downing Street on Tuesday, after a mammoth meeting to try to resolve the Brexit crisis | Tolga Akmen/AFP via Getty Images* * * What she said: “So today I am taking action to break the logjam: I am offering to sit down with the leader of the opposition and to try to agree a plan — that we would both stick to — to ensure that we leave the European Union and that we do so with a deal.”What she meant: Time to dip your hands in the blood, Jeremy. Do you lead a second referendum Remain party or a soft Brexit Leave party? Your choice — if I’m going down, so are you.* * *What she said: “Any plan would have to agree the current Withdrawal Agreement — it has already been negotiated with the 27 other members, and the EU has repeatedly said that it cannot and will not be reopened. What we need to focus on is our future relationship with the EU.”What she meant: The backstop stays.* * * LONDON — Theresa May spoke in Downing Street again — and, once again, no one was quite sure what she meant.After a seven-hour Cabinet meeting, the U.K. prime minister delivered what is fast becoming her trademark somber address to the nation about what was decided.The upshot? New tactics. Rather than push on toward no deal without a majority in the House of Commons behind it, May declared she would open talks with Jeremy Corbyn to find a softer Brexit compromise. If that fails she would let parliament decide — and go along with whatever it chose.The statement screamed “soft Brexit and customs union” and the right of the Tory Party immediately began to scream back in horror. However, all is not lost for the Brexiteers.Here is what May said after another historic day in Westminster — and more importantly, what she meant.What she said: “I have just come from chairing seven hours of Cabinet meetings focused on finding a route out of the current impasse — one that will deliver the Brexit the British people voted for, and allow us to move on and begin bringing our divided country back together.”What she meant: Please, please make this stop.* * * What she said: “The ideal outcome of this process would be to agree an approach on a future relationship that delivers on the result of the referendum, that both the leader of the opposition and I could put to the house for approval, and which I could then take to next week’s European Council.”What she meant: No second referendum.* * *What she said: “If we cannot agree on a single unified approach, then we would instead agree a number of options for the future relationship that we could put to the house in a series of votes to determine which course to pursue.”What she meant: My deal might win as the hardest Brexit available.* * * What she said: “Crucially, the government stands ready to abide by the decision of the House.”What she meant: My deal might win!* * *Leader of the Labour Party Jeremy Corbyn, pictured in his offices in the Houses of Parliament on April 2, 2019 | Pool photo by Stefan Rousseau/AFP via Getty ImagesWhat she said: “To make this process work, the opposition would need to agree to this too.”What she meant: Jeremy: hands, blood — now.* * * What she said: “I know there are some who are so fed up with delay and endless arguments that they would like to leave with no deal next week.”What she meant: Wow, that internal polling is scary. You really hate us all, don’t you?* * *What she said: “I have always been clear that we could make a success of no deal in the long term. But leaving with a deal is the best solution.”What she meant: I really, really don’t want a no-deal.* * * What she said: “This is a decisive moment in the story of these islands. And it requires national unity to deliver the national interest.”What she meant: Those civil servants are taking notes about all this. Damn. Also On POLITICO Michel Barnier says no-deal Brexit ‘very likely’ By Lili Bayer House of Commons rejects all Brexit options — again By Charlie Cooper and Annabelle Dickson
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View Comments Broadway icon Bernadette Peters has a busy weekend ahead. The Tony-winning star plays her final performance in the Tony-winning revival of Hello, Dolly! this Sunday, but not before co-hosting the 20th edition of her popular pet-adoption event Broadway Barks on Saturday. Peters sat down with Kelly Ripa and Ryan Seacrest this morning to chat about her experience playing Dolly Gallagher Levi and the excitement of emceeing this year’s Barks with Dolly! co-star Victor Garber. Watch Peters below and don’t miss the chance experience Barks and Dolly! this weekend in NYC. Hello, Dolly! Related Shows Bernadette Peters(Photo provided by DKC/O&M) Show Closed This production ended its run on Aug. 25, 2018
Act 30, passed during the 2013 legislative session, amended the Pet Merchant licensing program that was historically managed by the Vermont Agency of Agriculture, Food and Markets (VAAFM). In its prior form, the Pet Merchant licensing program mandated that all hobby breeders and retail pet shops license with VAAFM.Effective July 1st, Act 30 now mandates that all qualified hobby pet breeders obtain a Pet Dealer permit from their town of residence, rather than a license from VAAFM. Act 30 defines a ‘Pet Dealer’as any person who sells or exchanges, or who offers to sell or exchange, cats, dogs, or wolf-hybrids, or any combination thereof, from three or more litters from cats, dogs, or wolf-hybrids in any 12-month period. Pet Dealers must apply to the municipal clerk of the town or city in which the cats, dogs, or wolf-hybrids are kept for a Pet Dealer permit, and the annual permit fee is $25.00. Pet Dealer facility inspections may be performed at the town’s discretion. The Pet Dealer licensing requirement does not apply to pet shops, animal shelters or rescue organizations.Retail and wholesale pet shops, formerly licensed as Pet Merchants, are now required to license with VAAFM as Pet Shops. Act 30 defines a ‘Pet Shop’as a place of retail or wholesale business, including a flea market, which is not part of a private dwelling, where cats, dogs, wolf-hybrids, rabbits, rodents, birds, fish, reptiles, or other vertebrates are maintained or displayed for the purpose of sale or exchange to the general public. Businesses that sell horses or livestock, including cattle, sheep, goats, swine, and domestic fowl, are exempt from the pet shop licensing requirement. The Pet Shop license period is from April 1 to March 31 of each year, and the annual license fee is $150. For more information on the Pet Dealer permitting and Pet Shop licensing programs, please visit the Animal Health section of the VAAFM website atwww.agriculture.vermont.gov(link is external). About the Vermont Agency of Agriculture, Food, and Markets: VAAFM facilitates, supports and encourages the growth and viability of agriculture in Vermont while protecting the working landscape, human health, animal health, plant health, consumers and the environment. www.Agriculture.Vermont.Gov(link is external)
Berkshire Bank,Vermont Business Magazine Berkshire Hills Bancorp, Inc (NYSE: BHLB) the parent company of Berkshire Bank, with branches in southwest Vermont, announced today that Michael P Daly has stepped down as Chief Executive Officer, President and Director. Berkshire Bank President Richard M Marotta has been named Chief Executive Officer and President of the Company and Chief Executive Officer of the Bank; and he has also been appointed as a member of the Board of Directors. Additionally, Berkshire Bank Chief Operating Officer, Sean A Gary has been named President of the Bank. Although these changes are effective immediately Daly will continue to be available to assist in the transition of the CEO role to Marotta. “Mike’s commitment to the Bank, our customers and our communities has been instrumental in Berkshire’s success. We thank him for his focus on creating the strong franchise we have today,” said William J. Ryan, Chairman the Board of Directors. “Building on the Company’s progress under Mike’s leadership, Richard is in a strong position to step into the CEO role. He is deeply familiar with our strategy, our markets and our people. Richard, Sean and the rest of the executive team remain committed to growing Berkshire’s operations, executing on the strategic plan and delivering strong results.””I am extremely proud of the accomplishments that the employees of the Company have achieved during my time as CEO,” Daly said. “When I began my tenure 16 years ago Berkshire Bank was one of the smallest banks headquartered in Massachusetts with some 300 employees, the Company is now the largest with nearly 2,000 employees. I’ve built long lasting relationships with many employees during this time who I will continue to view as my family.”ABOUT RICHARD M. MAROTTARichard M. Marotta has been Senior Executive Vice President of Berkshire Hills Bancorp, Inc. and President of Berkshire Bank since 2015. Mr. Marotta joined the Company as EVP, Chief Risk Officer in 2010. From 2013-2015 he served as EVP, Chief Risk and Administrative Officer. Throughout his tenure in these key roles, Marotta was responsible for restructuring the entire Risk, Credit, Compliance, and Anti-Fraud programs of the bank; played a key role in mergers and acquisitions; and implemented the strategic plan for the Bank’s move into Boston. Before joining Berkshire, Marotta spent over 20 years at KeyBank including senior leadership roles in lending, credit and asset recovery. In his final role as the Executive Vice President and Chief Restructuring Officer, he oversaw allowance capital planning, asset based lending, and commercial and business aviation restructures and workouts. Marotta graduated from Union College with a Bachelor of Arts in Economics and Finance; he also earned an Advanced Certificate in Risk Management from the Wharton School of Business at the University of Pennsylvania. ABOUT SEAN A. GRAY Sean A. Gray has been Senior Executive Vice President of the Company and Chief Operating Officer of the Bank since 2015. Mr. Gray joined the Company as First Vice President, Retail Banking. From 2010-2015 Gray served as Executive Vice President, Retail Banking. During his time with the Company Gray has played a vital role in the operating teams of the Bank, including retail banking, mortgage banking, commercial banking, cash management, wealth management, insurance, and marketing and was the President of the prior Berkshire Municipal Bank. Gray further serves as President of Berkshire Insurance Group.Prior to joining the Bank, Gray spent 6 years with Fleet Bank, who was acquired by Bank of America, in multiple roles including Vice President and Consumer Market Manager in Waltham, Massachusetts. In this role he was responsible for the sales and services of an $8 billion region with emphasis on business banking, private banking, consumer banking and consumer operations. Gray graduated from Bentley University with a Bachelor of Science in Finance.ABOUT BERKSHIRE HILLS Berkshire Hills Bancorp is the parent of Berkshire Bank – America’s Most Exciting Bank®. The Company has approximately $12.0 billion in assets and 115 full service branches in Massachusetts, New York, Connecticut, Vermont, New Jersey, and Pennsylvania providing personal and business banking, insurance, and wealth management services. The Company also offers mortgages and specialized commercial lending services in targeted national markets.SOURCE BOSTON, Nov. 26, 2018 /PRNewswire/ — Berkshire Hills Bancorp, Inc.
Stan’s NoTubes has announced new lighter, wider versions of its popular Crest, Arch and Flow rims and wheelsets. The new Mark 3 series rims feature a more durable 6069 aluminium alloy and a wider, lower profile design that maximizes tyre volume without distorting shape.The Crest MK3, Arch MK3 and Flow MK3 wheelsets include Stan’s faster-engaging and more durable CNC machined Neo hubs. The MK3 series relies on Stan’s patented Bead Socket Technology (BST), the tubeless rim shape, billed as the ‘trusted by riders and racers around the world’.Despite being wider than previous models, the Crest MK3 and Flow MK3 rims are now even lighter. Meanwhile, the Arch MK3, which sees the greatest increase in width, was kept at nearly the same weight as the previous Arch EX rim.One of the earliest advocates for the stability of wider rims, Stan’s NoTubes believes the pendulum has officially swung too far. “The shape of the tyre on the rim is so important,” said company President and Chief Engineer, Mike Bush.“And a lot of rims out there are too wide to work with the tyres we’re all using. Stretching a tyre beyond its intended shape causes problems when leaning into corners and forces you to run higher air pressures to keep impacts from damaging the rim or pinch flatting the tire.”Stan’s WideRight concept was developed to find the optimal rim width for the most common tyre sizes. “It took a lot of testing,” added Bush, “but our new rims offer the best balance between stability and tire shape.”Crest MK3Even lower profile, the new Crest MK3 adds 2mm of internal width while dropping weight for faster acceleration and climbing, ‘making it an excellent choice for lightweight, tubeless cross country performance.’ The new Crest MK3’s constantly tapering rim shape is engineered to be stronger while increasing tyre volume for less rolling resistance and more stability.Crest MK3 rims will be offered in 24-inch, 26-inch, 27.5-inch, and 29-inch sizes and in both 28-hole and 32-hole drilling. MSRP of the rim is US$100. Wheelsets will be offered in a wide variety of axle configurations, including Boost and Cannondale Lefty, with an MSRP of US$679. A SRAM Predictive Steering option will also be available for US$825 MSRP.Arch MK3The new Arch MK3 has seen the most drastic evolution. ‘Mean, but still lean, the Arch MK3 is 24% wider, with virtually no weight increase from its predecessor.’ Based on input from Enduro World Series teams, Stan’s NoTubes pushed the Arch MK3’s internal rim width out to 26mm for maximum tyre stability and volume, while keeping the rim itself light (only 425g for the 27.5” rim).With a lower rim profile and stronger 6069 alloy, the Arch MK3 also sees a 25% increase in lateral stiffness for improved tracking and cornering precision.MSRP for the Arch MK3 rim is US$100, and rims will be offered in 26-inch, 27.5-inch, and 29-inch sizes. Both 28-hole and 32-hole drilling options are available. Wheelsets will be offered in a wide variety of axle configurations, including Boost and Cannondale Lefty, with an MSRP of US$679. A SRAM Predictive Steering option will also be available for US$825 MSRP.Flow MK3With success on the Downhill World Cup circuit, the company adds that its Flow was one of the most capable trail and all-mountain rims ever made. ‘The new Flow MK3 goes bigger and better in every way.’Nearly 4mm wider, the Flow MK3’s 29mm internal rim width offers a balance of yire sidewall stability and volume for tyres up to 2.8” wide. A more durable 6069-series alloy and lower profile rim also make this the toughest Flow ever made.But stronger doesn’t mean heavier. Optimized rim shape and a stronger alloy also let the Flow MK3 weigh in 30g less than even the narrower Flow EX.Born and bred for control at speed and on technical trails, the new Flow MK3 also features patented Bead Socket Technology, for easy tubeless setup and maximum reliability.Flow MK3 rims will be offered in 26-inch, 27.5-inch, and 29-inch sizes with 32-hole drilling and an MSRP of US$100. Wheelsets will be offered in a wide variety of axle configurations and an MSRP of US$679.Stan’s NoTubes, founded and owned by Stan and Cindy Koziatek, forged a path for making mountain bikes tyres tubeless. Stan Koziatek devised the original NoTubes sealing system in 2001, the same system that today has become a preferred tubeless conversion system around the world.Stan’s NoTubes currently designs, produces and sells innovative mountain bike, road and cyclocross wheels, rims and hubs as well as a range of products for tubeless conversion.www.NoTubes.com Related
A new proposal to plug gaps in the 2016 Mission budget would add more of an increase to the stormwater fees and lower a proposed property tax increase. But the city council has not completely signed off on the new idea.Mission is facing a revenue shortfall of approximately $500,000 per year in its stormwater debt service, largely due to general fund revenues that have been diminishing over the last several years. It also faces a loss of approximately $775,000 in its street maintenance fund as a result of the ruling by the Kansas Court of Appeals that held the city’s Transportation Utility Fee (TUF) to be illegal. The council voted Wednesday to appeal that decision to the Kansas Supreme Court.At the last budget session, the city had considered a property tax increase of seven mills to cover the loss of TUF funds and a $2 per month increase in the stormwater charge that would partially offset the street maintenance loss.At a public hearing Wednesday night, the new budget proposal included a property tax rate increase of only 4.5 mills, but a stormwater fee increase of $5 per month for a single-family residence. The stormwater increase would be expected to generate $450,000 per year to mostly cover that deficit. The mill levy increase is expected to generate another $535,000 that will partially offset the loss in street funds. The city also would defer $220,000 of capital requests.The newest proposal acknowledges that a gap still exists in the street fund. Part of the proposal includes the possibility of adding to the city sales tax to put more money into street maintenance. A quarter-cent increase in sales tax would yield about $550,000 and the city could go as high as an additional three-eights of a cent. However, it would take six months to get a sales increase on the ballot for voter approval.“This plan won’t work for the future if the sales tax doesn’t pass,” said Mayor Steve Schowengerdt. Councilors Amy Miller and Dave Shepard both raised the possibility that the 4.5 mill increase in property taxes is not sufficient to cover the street needs.Early results from a citizens satisfaction survey showed substantial support for street maintenance as a city priority.Miller cited the survey results to say that, even with the sales tax, there won’t be enough money to cover the street needs. Mission also is still quantifying the cost of several streets that need full-depth replacement.“I don’t think four and one-half (mills) goes far enough,” Shepard said. “We have to keep investing in our community …. I don’t want to lose the momentum.” Shepard said he would support the proposal if necessary, but said, “I would rather do something courageous now. When we invest and build, good things happen.”Miller and Shepard pointed out that the city has a low property tax rate and a higher sales tax rate compared to area cities.“I hate to burden our residents,” Schowengerdt said. A chart on the new proposals showed a typical $150,000 home would pay $77 additional per year from the property tax and $60 per year from the stormwater increase, but save $72 per year from the elimination of the TUF. That leaves a net increase of $65 per year or $5.47 per month under the latest proposal.Councilors asked for more scenarios on increases in the various rates.