Marcus Samuelsson Fights Food Insecurity With Red Rooster

Marcus Samuelsson Fights Food Insecurity With Red Rooster

Chef, Red Rooster
Your Red Rooster restaurant has become a community food hub for food-insecure people in Harlem. How did that come about? We realized we weren’t safe anymore,…

Presidente Trump designará al movimiento Antifa como organización terrorista

Presidente Trump designará al movimiento Antifa como organización terrorista

A través de sus redes sociales, el presidente de Estados Unidos, Donald Trump, informó que tiene la intención de designar como organización terrorista al movimiento antifascista Antifa, a quienes el mandatario acusa de liderar la violencia en las protestas que se registran en todo el país por la muerte de George Floyd, según difundió lavanguardia […]

La entrada Presidente Trump designará al movimiento Antifa como organización terrorista se publicó primero en Miami Diario.

Reuben Brothers scoop up 618-acre property outside Madrid

Reuben Brothers scoop up 618-acre property outside Madrid

Simon and David Reuben with an aerial view of the San Juan resevoir (Credit: Wikipedia)

Simon and David Reuben with an aerial view of the San Juan resevoir (Credit: Wikipedia)

Fresh off a big retail deal in New York, British investors David and Simon Reuben have picked up a 618-acre property outside Spain’s capital Madrid.

Their private equity firm, the aptly-named Reuben Brothers, bought the parcel for an undisclosed price, according to Bloomberg. The property is in a pricey area about 46 miles from Madrid that borders the San Juan Reservoir. It’s a popular place for second homes of celebrities living in the capital, including Real Madrid manager Zinedine Zidane.

The firm plans to build 650 residential units and a hotel on about a third of that land, or roughly 300 acres. A spokesperson for the company called the development Canto Redondo and said Reuben Brothers “continues to explore further opportunities in the Spanish market.”

The firm also owns a hotel in Ibiza and about 900 acres of land on the nearby island of Mallorca.

The brothers are worth an estimated $11.7 billion and the coronavirus pandemic hasn’t stopped them from spending.

In late April, their firm swooped in and bought a retail condo on Manhattan’s Fifth Avenue from SL Green Realty about a month after a deal for the building with Jacob Chetrit fell apart. [Bloomberg] — Dennis Lynch

The post Reuben Brothers scoop up 618-acre property outside Madrid appeared first on The Real Deal Miami.

¡Adaptándose al Covid-19! Estadios y estacionamientos se convierten en autocines en Florida

¡Adaptándose al Covid-19! Estadios y estacionamientos se convierten en autocines en Florida

Desde que se declaró el estado de emergencia en todo los Estados Unidos debido a la pandemia del coronavirus de Wuhan, la mayoría de los cines y teatros acataron el cierre temporal, ahora los estadios se unen al espectáculo para que renazcan los autocines. Redacción MiamiDiario La terrible crisis económica ocasionada por el coronavirus de […]

La entrada ¡Adaptándose al Covid-19! Estadios y estacionamientos se convierten en autocines en Florida se publicó primero en Miami Diario.

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest

A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

What will be the country’s tallest wood building is headed skyward in Cleveland.

Harbor Bay Real Estate Advisors is building the 298-unit, nine-story building dubbed Intro with mass timber throughout much of it, including load-bearing sections. The firm closed $144 million in financing in March and construction has now started, according to the Wall Street Journal.

Intro is one of a handful of mid- and high-rise mass timber projects proposed or under construction in the U.S. An affordable housing developer in Los Angeles is planning a 14-story mass-timber project in Downtown L.A.

Katerra is also utilizing mass timber materials, although it has had some trouble with warping of wood that it had shipped from one climate to another.

Building with mass timber is considered more environmentally friendly than using steel and concrete, which is standard in the vast majority of large structures in the country. The manufacturing process for steel and concrete has a carbon footprint about twice that of the process for preparing wood for construction.

There’s some concern that deforestation could be accelerated if mass-timber construction grows in popularity, though. Supporters say timber construction sequesters carbon in the buildings rather than releasing it into the atmosphere. An 85-foot-tall timber building in Portland, Oregon, claims to be as strong as a concrete building but one-fourth the weight. A planned 11-story, $29 million wood building in the same city was granted building permits but ran into financial problems in 2018 and was never built.

Because mass timber is not widely used, it can be hard for developers to get their hands on it. The wood beams and floors for Intro are being manufactured in Austria and shipped to Cleveland by boat, according to the Journal.

The Alphabet-owned development company Sidewalk Labs released plans for a mass-timber high-rise for Toronto earlier this year, but the fate of that program is uncertain now that the firm has scrapped a large development planned in the Canadian city. [WSJ] — Dennis Lynch

The post Mass timber project in Cleveland could be nation’s tallest appeared first on The Real Deal Miami.

Trophy office towers could become a thing of the past in London

Number 22 Bishopsgate

Number 22 Bishopsgate

Some London developers could find themselves building office space for tenants that don’t exist, if they already aren’t.

The economic downturn brought on by the pandemic is also likely to mean at least a temporary end to the type of monumental office projects born from the optimism of the last several years, according to the Financial Times.

Number 22 Bishopsgate, a 62-story Class A tower that will be the tallest office block in the city when completed, could be the last of its kind for a while. AXA IM Real Assets was set to complete the project between March and June.

There’s around half a million square feet of space unleased in the tower. The firm’s head of development in the U.K., Harry Badham, said he’s confident about leasing because of the uniquely large floor plates and interest from renters looking to move in a year from now.

Chris Lewis, director at office tenant advisor DeVono Cresa, said the project “probably marks a high-water mark for skyscrapers,” but said developers will have a tough time justifying such large-scale projects in a post-coronavirus world and that the pandemic could discourage tenants from renting in a building fit for 12,000 people.

Work started on 5 million square feet of office space in London from October 2019 to March 2020. New projects could get nixed — around half of developers surveyed by Deloitte at the end of March said they planned to scotch them. All of those developers surveyed said they were pessimistic about the London office market. [FT] — Dennis Lynch

Lesser-known Apple co-founder re-lists 14,000-acre California ranch

Rana Creek Ranch (Credit: Hall & Hall)

Rana Creek Ranch (Credit: Hall & Hall)

A sprawling central California ranch owned by an Apple co-founder is on the market for $37.5 million.

Neither Steve Jobs nor his programming whiz partner Steve Wozniak ever owned this 14,000-acre property — it is owned by Apple’s second CEO and first big investor, Mike Markkula, according to Business Insider.

The now-76-year-old Markkulla and his wife bought the property in 1982 for $8 million. Five years earlier, the already-wealthy investor cut a $250,000 check to Apple in exchange for a 33 percent stake in the company and the enviable title as Apple employee number 3.

Markkula’s asking price is 37 percent lower than the $60 million he wanted for the sprawling property when he put it on the market in 2013. He put the property, named Rana Creek Ranch, back on the market in 2016 for $45 million.

The ranch has seven homes total and a working cattle ranch. There’s also a 2,900-foot landing strip and a helipad. It’s the largest landholding in Carmel Valley. The main house spans over 5,400 square feet.

Markkula made his fortune through stock options he took as a marketing manager for chip maker Intel and then-semiconductor giant Fairchild. He retired by the mid-1970s at the age of 32, but Jobs convinced him to come out of retirement to join Apple.

Wozniak credits Markkula’s business expertise for much of Apple’s success. After a three-year stint as CEO, Markkula served on the company’s board until 1997 when Jobs returned as CEO. [Business Insider] ­— Dennis Lynch

TPG RE Finance gets $325M infusion from Starwood

TPG Real Estate Finance Trust CEO Greta Guggenheim and Starwood Capital CEO Barry Sternlicht (Getty)

TPG Real Estate Finance Trust CEO Greta Guggenheim and Starwood Capital CEO Barry Sternlicht (Getty)

Facing a cash crunch, TPG Real Estate Finance Trust has secured a major infusion a little over two weeks after it sold off nearly $1 billion of its commercial real estate debt.

The real estate investment trust announced that Starwood Capital is taking a stake in the company, providing it with up to $325 million in new capital.

Greta Guggenheim, TPG RE Finance CEO, said the investment will provide the firm with “with additional liquidity and flexibility to navigate the current economic environment.” Under the agreement, Starwood will hold preferred stock and warrants.

Earlier this month, TPG RE Finance announced it was selling off a billion dollars in CRE debt to fight off margin calls, amid the coronavirus crisis. That disclosure came at its first quarter earnings in which the company said liquidity constraints raised substantial doubt about its ability to continue “as a going concern.”

Real estate investment trusts like TPG RE Finance, hedge funds and private equity firms that have issued billions in construction loans, mortgages and bonds backed by property debt are now under increasing pressure. Businesses that had been shuttered by the pandemic are beginning to open, but mortgage payments are coming in late or being skipped altogether.

Starwood and its boss, Barry Sternlicht, have been on the lookout for investment opportunities, including the decimated hotel sector.

“We love distress markets from a buyer’s standpoint,” Sternlicht told The Real Deal in a recent interview. “I like markets like this where you have to hustle. Hopefully, we’re big enough now to help people survive, too. They can come to us, and we can give them capital.”

Contact Sasha Jones at [email protected]

LA Family Housing CEO Stephanie Klasky-Gamer Aids Homeless Population During COVID-19

LA Family Housing CEO Stephanie Klasky-Gamer Aids Homeless Population During COVID-19

“The COVID-19 crisis affects our entire community, but has an acute impact on people experiencing homelessness and those who serve them,” says Stephanie Klasky-Gamer, president and CEO…

Ricky Martin sorprende a sus fans con su más reciente producción musical: PAUSA

Ricky Martin sorprende a sus fans con su más reciente producción musical: PAUSA

 Este jueves el cantante Ricky Martin sorprendió a sus millones de seguidores al lanzar sin previo anuncio un EP titulado PAUSA en todas las plataformas digitales, en el que colaboran artistas como Sting, Bad Bunny o Diego «El Cigala», entre otros, .según difundió laopinion Por Redacción Miami Diario Martin explicó que “por primera vez en mi […]

La entrada Ricky Martin sorprende a sus fans con su más reciente producción musical: PAUSA se publicó primero en Miami Diario.