Restablecen el toque de queda en Miami-Dade hasta que se tome una decisión sobre la orden del juez

Restablecen el toque de queda en Miami-Dade hasta que se tome una decisión sobre la orden del juez

Este lunes 19 de octubre, un tribunal de apelaciones permite que el condado haga cumplir su toque de queda hasta que se tome una decisión al respecto. Por Redacción MiamiDiario La batalla judicial deriva de una demanda que busca invalidar el toque de queda en todo el condado, dictado por una orden de emergencia como […]

La entrada Restablecen el toque de queda en Miami-Dade hasta que se tome una decisión sobre la orden del juez se publicó primero en Miami Diario.

New York’s CRE woes could spread nationwide: investors

New York’s CRE woes could spread nationwide: investors

Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

Investors are betting that trouble in New York City’s commercial real estate market will spread nationwide.

Prices for debt backed by hotels, restaurants and retail in New York City — among the hardest-hit sectors as the pandemic emptied out tourist destinations this year — have fallen and new loans have slowed, leaving bankers and the real estate industry bracing for further declines, the Wall Street Journal reported.

Daniel McNamara, a principal at MP Securitized Credit Partners, said he is betting prices for some CMBS indexes will fall, according to the Journal.

“Distress in financial markets was all about residential mortgage-backed securities in 2008 and energy in 2015,” McNamara told the Journal. “In 2021 it will be all about commercial real estate and the securities linked to it.”

Citing Trepp, the Journal reported that more than $3 billion worth of loans backing commercial property in the five boroughs are delinquent, and loans in creditor negotiations amount to an additional $4 billion.

Other investors say trouble may be more property-specific. For example, a subsidiary of Brookfield Asset Management in September successfully placed a $1.8 billion loan backed by One Manhattan West into CMBS. The 67-story tower is more than 90 percent leased with major tenants including consulting firm Accenture and the National Hockey League.

“Any property that looks destabilized needs to lease up,” Matt Salem, head of real estate credit at KKR, told the Journal. “That doesn’t mean we’re redlining parts of New York City, but we need to make sure there’s durable cash flow for the near future.” [WSJ] — Akiko Matsuda

The post New York’s CRE woes could spread nationwide: investors appeared first on The Real Deal South Florida.

Dra Aurora Horóscopo de Hoy 19 de octubre

Dra Aurora Horóscopo de Hoy 19 de octubre

La Frase de Hoy «Es más fácil para un padre tener un niño que para los niños tener un buen padre» Juan XXIII     Por la Doctora Aurora   Horóscopo de hoy Aries,  (20 marzo-19 abril) Elemento Fuego | Planeta Marte | Color Rojo | Número 10 | Piedra Rubí Tiempos A esta temporada se […]

La entrada Dra Aurora Horóscopo de Hoy 19 de octubre se publicó primero en Miami Diario.

Cyprus ends citizenship program after corruption probe

Cyprus ends citizenship program after corruption probe

Nicosia (Credit: iStock)

Nicosia (Credit: iStock)

Cyprus is ending a citizenship program after an undercover investigation found elected officials were willing to help criminals get passports if they made real estate and other investments.

The Cypriot government announced Tuesday the Cyprus Investment Programme would end Nov. 1, according to Al Jazeera.

The statement came just a day after Al Jazeera published a report implicating high-ranking officials in schemes to help convicted criminals obtain Cyprus passports, which allow access to the rest of the European Union and its markets.

The citizenship program granted passports to anyone who invested at least $2.5 million into the country. The program has attracted $8 billion worth of investment in Cyprus since 2013.

The program has been criticized in the past, including by European Union officials, who said it allows criminals to launder stolen assets and dirty money.

In August, Al Jazeera published 1,400 documents showing that Cyprus officials failed to comply with its own laws meant to prevent criminals and fugitives from obtaining passports.

Al Jazeera reporters posed as representatives of a Chinese national seeking a passport through the program. They were open about their fictional client’s prison term for money laundering, which legally precluded him from participating in the program.

Several parties including a real estate developer, a parliament member, and the speaker of parliament told them that the prison term wouldn’t be an issue if their fictional client invested enough money in the country.

“You can tell him that he will have, without mentioning my name or anybody else’s, full support from Cyprus,” said parliamentary speaker Demetris Syllouris. “At any level — political, economic, social, everything.” [Al Jazeera]Dennis Lynch

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Bailarinas nudistas del Club Tootsie’s pueden desafiar toque de queda del alcalde de Miami-Dade

Bailarinas nudistas del Club Tootsie’s pueden desafiar toque de queda del alcalde de Miami-Dade

Una jueza del Condado Miami-Dade determinó que un club de bailarinas desnudistas del área puede tener a las bailarinas después de la medianoche. De esta manera, el establecimiento podrá ignorar el toque de queda que hace tres meses impuso el alcalde Carlos Giménez, como una medida necesaria para frenar la propagación del COVID-19, según reportó […]

La entrada Bailarinas nudistas del Club Tootsie’s pueden desafiar toque de queda del alcalde de Miami-Dade se publicó primero en Miami Diario.

Neutra-designed “crown jewel” of Palm Springs lists for $25M

Neutra-designed “crown jewel” of Palm Springs lists for $25M

Kaufmann Desert House (Courtesy Coastal Luxury Living)

Kaufmann Desert House (Courtesy Coastal Luxury Living)

One of modernist architect Richard Neutra’s most famous homes is hitting the market in Palm Springs.

The Kaufmann Desert House, located at 470 West Vista Chino in Palm Springs, has listed for $25 million, the Wall Street Journal reported.

The home was built in 1946 for Edgar J. Kaufmann, the department store magnate who also happened to be a huge fan of modern architecture. (He also commissioned Frank Lloyd Wright’s Fallingwater.)

Gerard Bisignano of Vista Sotheby’s International Realty has the listing.

Kaufmann commissioned the Palm Springs property as a summer home, and Neutra — who started his career working for Wright — created what has since become an example of desert modernism. The five-bedroom, six-bathroom house is anchored by a central living and dining room, with four wings that extend out from the center. One holds the master bedroom, while another is home to a guest suite, and another has a pool. The home spans about 3,200 square feet and is set on a two-acre property.

Its current owners, who bought the property in the 1990s, worked with design firm Marmol Radziner on an intense renovation of the home, according to the Journal. Several out-of-character additions were made over the years, so the firm consulted the Neutra archives at UCLA to ensure it was being restored to its original mid century glory.

Two decades later, the home is considered the “crown jewel” of Palm Springs, The Agency’s Jeff Kohl told the Journal. If it sells for the full ask, it would be the most expensive property sold in the area, according to the Journal. [WSJ] — Amy Plitt

The post Neutra-designed “crown jewel” of Palm Springs lists for $25M appeared first on The Real Deal South Florida.

Dra Aurora Horóscopo de Hoy, 17 de octubre

Dra Aurora Horóscopo de Hoy, 17 de octubre

El Pensamiento de Hoy La alegría profunda del corazón es como un imán que indica el camino de la vida Santa Madre Teresa Por La Doctora Aurora   Horóscopo de Hoy   Aries  Del 21 de marzo al 20 de abril | Astro: Marte y Plutón | Elemento: Fuego Emprendimientos Las generaciones mas jóvenes que están […]

La entrada Dra Aurora Horóscopo de Hoy, 17 de octubre se publicó primero en Miami Diario.

Developer James Loewenberg dies; shaped modern Chicago skyline

Developer James Loewenberg dies; shaped modern Chicago skyline

James Loewenberg, with the Vista and Aqua Towers (Magellan)

James Loewenberg, with the Vista and Aqua Towers (Magellan)

Developer James Loewenberg, whose vision for architecture and livable neighborhoods helped shape the modern Chicago skyline, died at 86. The cause was pancreatic cancer, according to Crain’s.

Loewenberg’s recent achievements include developing the Aqua and Vista skyscrapers downtown, which he did as co-CEO of Magellan Development Group, Crain’s reported.

Loewenberg created Lakeshore East development, an 83-acre site stretching from Michigan Avenue to Lakeshore Drive with high-rise residential towers flanked by shops, parks and transportation. It “forever changed Chicago,” said Lynn Osmond, president of the Chicago Architecture Center, according to the Chicago Tribune.

Last year, Loewenberg resigned as co-CEO of Magellan, and with partner Joel Carlins, sold his stake in the company to BLG Capital Advisors of Chicago and Winter Properties of New York, according to Crain’s.

Under the leadership of Carlin’s son David, Magellan recently bought out the 90 percent ownership share of Vista Tower, held by Chinese developer Dalian Wanda Group, for $270 million. Magellan is now the 100 percent owner.

Construction of that 101-story building at 375 E. Wacker Drive, with a 191-key hotel and roughly 400 condos, is nearly complete. With Wanda’s exit, it’s unclear what will happen to the hotel portion; the hotel sector has been particularly hard hit by the pandemic.

Magellan continues to hold a partial ownership stake in Aqua Tower. The 86-story building has 474 apartments and 224 condos above a 334-key Radisson Blu Aqua Hotel.

Born in 1934, Loewenberg received his architecture degree from the Massachusetts Institute of Technology in 1957 and later joined his family’s architectural firm in Chicago. Crain’s listed among hit development projects Gallery on Wells, Wolf Point West apartments, Grand Plaza and One Superior Place in River North, and two buildings — Cirrus and Cascade — still under construction in Lakeshore East. [Crain’s, Tribune] — Orion Jones

The post Developer James Loewenberg dies; shaped modern Chicago skyline appeared first on The Real Deal South Florida.

Dra Aurora Horóscopo de hoy, 16 de octubre

Dra Aurora Horóscopo de hoy, 16 de octubre

Pensamiento de Hoy “Admiro a los hombres que han pasado de los setenta; siempre ofrecen a las mujeres un amor para toda la vida.“ Oscar ilde     Por Dra Aurora Horóscopos de hoy   Aries | Fecha: Del 21 de marzo al 20 de abril | Astro: Marte y Plutón | Elemento: Fuego Osadía Activa la […]

La entrada Dra Aurora Horóscopo de hoy, 16 de octubre se publicó primero en Miami Diario.

Iranian princess sells her waterfront Boca Raton home for $6M

Iranian princess sells her waterfront Boca Raton home for $6M

Mahnaz Zahedi pictured with her parents in 1962 (inset) and  444 E Alexander Palm Road (Getty, Zillow)

Mahnaz Zahedi pictured with her parents in 1962 (inset) and  444 E Alexander Palm Road (Getty, Zillow)

The owner of a European hotel chain bought a waterfront Boca Raton home for $5.5 million from an Iranian princess who is the granddaughter of the former Shah of Iran.

Mikhail Avrutin bought the house at 444 East Alexander Palm Road from Mehrdad Fallah-Moghaddam and Mahnaz Zahedi, according to records.

Zahedi is the daughter of Shahnaz Pahlavi, a princess of Iran and the first child of the former Shah of Iran, Mohammad Reza Pahlavi and Princess Fawzio Faud of Egypt, according to published reports.

The buyer, Avrutin, is the owner and developer of Baltic Hotel Group, a hotel chain that operates two hotels in Estonia. Avrutin is also listed on his Linkedin as the president and founder of AFP of North America.

Records show Zahedi and her husband, Fallah-Moghaddam, had purchased the home in 2001 for $1.9 million.

Jackie Feldman of Premier Estate Properties brokered the deal. The home was first listed in 2018 at $6.3 million and after a few price changes, was most recently listed for $6 million in September of this year, according to Realtor.com.

The 5,248-square-foot house was built in 1980. It has five bedrooms, four-and-a-half bathrooms and is on the Intracoastal Waterway.

Among other recent sales in Boca Raton, the COO of a South Florida-based real estate investment firm sold his house for $5 million, a mansion in the Royal Yacht & Country Club sold for $9.4 million and a plastic surgeon paid $5.5 million for a home.

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