Arizona agent who hurled racial slurs loses job

Arizona agent who hurled racial slurs loses job

 (Instagram/lilajdre; iStock)

(Instagram/lilajdre; iStock)

An Arizona real estate agent lost his job after hurling racial epithets at two Black men outside his Scottsdale condominium building.

Paul Ng approached the men, who were filming a video outside the building, and asked them what they were filming. When one of the men, Dre Abram, asked him why it was his business, Ng described “problems” in the neighborhood, according to the New York Post.

Ng shortly thereafter tells the two men that he is a racist.

“OK, that’s fine, so what’s your point,” Abram said. “Why are you here?”

Ng responded with a racial slur.

Abram remained collected throughout the encounter. He later posted the video to social media, and it quickly went viral.

Russ Lyon Sotheby’s Real Estate Agency subsequently fired Ng and called the video “extremely hateful and racist.” The firm also recommended to the Arizona Department of Real Estate that authorities revoke Ng’s license.

The firm said that Ng had not sold a home with the company in two years, but that “commissions we find going back further than that will be donated to local charities.”

Police also later arrested Ng and he was charged with disorderly conduct. Ng told police he didn’t intend to be inflammatory.

Speaking on the incident later, Abram said that it was “hard to kind of go back and replay,” and described “a numbing feeling.”

“Someone is seriously doing this to me right now?” he said. “And at that point, it’s ‘Be smart, be smart.” [NYP] — Dennis Lynch 

The post Arizona agent who hurled racial slurs loses job appeared first on The Real Deal South Florida.

Huge California ranch owned by McDonald’s CEO Ray Kroc lists

Ray Kroc and his Santa Ynez Valley ranch (Wikimedia, Google Maps)

Ray Kroc and his Santa Ynez Valley ranch (Wikimedia, Google Maps)

A sprawling California estate once owned by a fast-food titan is hitting the market — and it’s asking quite a bit more than dollar-menu prices.

The 554-acre ranch once owned by former McDonald’s CEO Ray Kroc, located in the Santa Ynez Valley in Santa Barbara, is hitting the market for $29 million, the Wall Street Journal reported.

Kroc, along with his then-wife, Jane, bought the property around 1965 for just $600,000. That was shortly after Kroc took McDonald’s public and became a multimillionaire practically overnight. He purchased the McDonald’s company in 1961 from its founders, Richard and Maurice McDonald.

The Santa Ynez estate wasn’t just a home for the Krocs, however; in addition to a modernist main “round house” (so named because it’s circular, leading some locals to liken it to a hamburger), the property also has 17,000-square-foot lodge with a conference center and tennis courts, as well as single-family townhouses and a home that was built for Ray’s brother, Bob. All told, the property can accommodate about 100 people.

All of these components got plenty of use; Kroc sometimes used the property for corporate retreats and as a test kitchen. It also served as the headquarters for his charitable foundation, which his brother oversaw.

Over the years, the Krocs acquired neighboring properties to expand the ranch. Joan Kroc, Ray’s third wife, tried to turn the property into a camp for children with cancer after he died in 1984, but was unable to sway local authorities to approve it. She sold the property in 1990 to Gerald Kessler, who died in 2015.

The property is coming to market following a court battle between his widow, children, and grandchildren over control of his estate. [WSJ] — Dennis Lynch 

6 Ways to Have a Safe and Spooky Miami Halloween

6 Ways to Have a Safe and Spooky Miami Halloween

In 2020, there are plenty of things scarier than ghosts and goblins. During a global pandemic, the idea of anti-maskers and overcrowded, tight spaces might be terrifying enough to make you wa…

¡Increíble! Encuentran a una pitón de tres metros debajo del capó de un Mustang

¡Increíble! Encuentran a una pitón de tres metros debajo del capó de un Mustang

La Comisión de Conservación de Pesca y Vida Silvestre de Florida (FWC) capturó una pitón birmana que se escondía bajo el capó de un Mustang ubicado en Dania Beach. Por Redacción MiamiDiario La especie de serpiente invasora medía alrededor de 10 pies de largo y se había anidado en el área del motor del Blue […]

La entrada ¡Increíble! Encuentran a una pitón de tres metros debajo del capó de un Mustang se publicó primero en Miami Diario.

Billionaire building supplier buys Boca Raton mansion for $16M

Billionaire building supplier buys Boca Raton mansion for $16M

Maggie Hardy-Knox and 444 East Coconut Palm Road in Boca Raton (Photos via 84 Lumber and Royal Palm Properties)

Maggie Hardy-Knox and 444 East Coconut Palm Road in Boca Raton (Photos via 84 Lumber and Royal Palm Properties)

Billionaire building supplies businesswoman Maggie Hardy-Knox bought a newly-built Royal Palm Yacht & Country Club mansion for $15.85 million.

Records show Hardy-Knox bought the house at 444 East Coconut Palm Road in Boca Raton from Bernard and Maggie Palmer.

The Palmers bought the property in 2018 for $4.6 million. That same year, they tore down the existing home and began building a new one, completing it this year, according to records. SRD Building Corp., a construction company that has built over 130 homes in the Royal Palm Yacht & Country Club, built the house.

The house was listed in January at $16.5 million. David W. Roberts of Royal Palm Properties represented both sides of the deal.

The 9,735-square-foot waterfront mansion has six bedrooms, seven full bathrooms and two half-bathrooms, two separate garages, a pool and a dock.

Hardy-Knox is currently the owner of Eighty Four, Pennsylvania-based 84 Lumber and Nemacolin Woodlands Resort, in Farmington, Pennsylvania. Her father, Joseph A. Hardy III, founded both, in 1956 and 1970, respectively. Forbes pegs her net worth at $1.4 billion.

Among other recent Boca Raton sales, the owner of a European hotel chain bought a waterfront Boca Raton home for $5.5 million, the COO of a South Florida-based real estate investment firm sold his home for $5 million and a mansion in the Royal Yacht & Country Club sold for $9.4 million.

[contact-form-7]

The post Billionaire building supplier buys Boca Raton mansion for $16M appeared first on The Real Deal South Florida.

Hudson Pacific studio revenue takes hit

Hudson Pacific Properties CEO Victor Coleman and Sunset Las Palmas Studios (Google Maps, iStock)

Hudson Pacific Properties CEO Victor Coleman and Sunset Las Palmas Studios (Google Maps, iStock)

Hudson Pacific Properties achieved a major milestone this summer when it sold Blackstone Group 49 percent of its $1.65 billion Hollywood real estate portfolio, which includes 1.2 million square feet in soundstage space — a fifth of L.A. County’s supply.

The deal represented a bet on the long-term growth of content creation for streaming services. But for now, HPP’s studio properties are suffering through the pandemic. Same-store net operating income in the company’s studio portfolio was down 40 percent year-over-year in the third quarter, and down 9 percent at its office holdings.

But HPP is hopeful that the tide is turning.

“Ongoing shutdowns have to date slowed a West Coast recovery, but we’re starting to see some positive momentum with the easing of restrictions for non-essential businesses in San Francisco and schools in Los Angeles,” CEO Victor Coleman said in a statement ahead of Friday’s investor call.

On the rent collection front, HPP’s figures held strong with about 97 percent of combined contractual rents collected in the third quarter, including 98 percent of office rents, 100 percent of studio rents and 52 percent of storefront retail rents, roughly on par with the prior quarter.

According to a TRD analysis, the real estate investment trust’s studio properties generate a significant amount of income from sources other than base rent, such as the rental of lighting and grip equipment and control rooms. In the third quarter, revenue at HPP’s studios dropped 30 percent year-over-year — and operating expenses 21 percent — because of the slowdown in production activity.

A dip in office revenues, meanwhile, was driven not only by missed rent payments but also factors like the conversion of WeWork’s lease at Maxwell in the Arts District to a percentage-rent structure.

The REIT signed leases totaling 185,000 square feet in the quarter, up from 110,000 in the prior quarter. Of that total, 36,800 square feet came from short-term extensions related to the pandemic.

The company inked one major new lease with Google for 42,000 square feet at San Francisco’s Rincon Center, with 35,000 square feet commencing in October and the rest in late 2023. The tech giant has said it will allow all employees to work remotely until at least July.

HPP also announced a major development milestone in the quarter, as the Harlow — a 106,000-square-foot office development at Sunset Las Palmas Studios — received its final certificate of occupancy. However, the company’s financial disclosures show that the estimated stabilization date for the project has been pushed back by more than a year, from the third quarter of 2021 to the fourth quarter of next year.

“With a fortified balance sheet, over $1.3 billion of liquidity and well-aligned, well-capitalized joint venture partners, we’re still optimally positioned to operate and grow our platform strategically and effectively through the pandemic and beyond,” Coleman said.

Ocean Drive Celebrates the October Issue's “The List” Event

Ocean Drive Celebrates the October Issue's “The List” Event

October 22, 2020
Ocean Drive celebrated the October List event at the Anglers Hotel. It was a great night to celebrate our lovely “The List” honorees, with passed bites and delicious wine. The…

Arrestaron a supuestos ladrones de boletas electorales en Florida

Arrestaron a supuestos ladrones de boletas electorales en Florida

Junior Alexander Cabral, de 28 anos, y Vladimir Cabral Cuevas, de 20, fueron capturados la noche del pasado martes frente a la oficina de correos de Lighthouse Point, Florida, según difundió miamimundo Por Redacción Miami Diario A un oficial de la policía que recorría la zona, le resultó sospechoso que el vehículo de los acusados […]

La entrada Arrestaron a supuestos ladrones de boletas electorales en Florida se publicó primero en Miami Diario.

Arkadia buys cold storage warehouse in Allapattah for $5M

Arkadia buys cold storage warehouse in Allapattah for $5M

1930 Northwest 23rd Street with (from left) Shane Neman, Richard Kilstock and David Aaron (Getty, Arkadia, Neman Ventures)

1930 Northwest 23rd Street with (from left) Shane Neman, Richard Kilstock and David Aaron (Getty, Arkadia, Neman Ventures)

Arkadia Property Group paid $5.3 million for a cold storage warehouse in Allapattah, leased to Nickey Gregory Co.

Neman Ventures’ principal Shane Neman sold the 23,500-square-foot building at 1930 Northwest 23rd Street. Nickey Gregory, a produce company, has about two years left on its triple-net lease, plus extension options, said Arkadia principal David Aaron.

Arkadia does not plan to redevelop the building, which is within an Opportunity Zone. Aaron said it is looking forward to a “long relationship” with the Atlanta-based produce distributor.

“The core industry of an industrial submarket tends to last until the very end,” Aaron said. “This is where people have traded produce for decades.”

Arkadia, which is also led by investor Richard Kilstock, financed the deal with a $3.3 million loan from Banesco. Noam Kaminetzky of Meridian Capital Group arranged the financing.

Larry Genet of CBRE represented Miami Beach-based Arkadia, and Neman represented himself, according to a press release.

Property records show Neman paid $3.9 million for the Allapattah warehouse in 2018. It sits on a 1.1-acre lot and includes 4,000 square feet of office space, 20-foot ceilings and five loading docks.

A handful of developers have planted their flags in Allapattah, a neighborhood that is west of Wynwood and east of Miami International Airport, including Jorge Pérez, Moishe Mana, Robert Wennet and Lissette Calderon.

[contact-form-7]

The post Arkadia buys cold storage warehouse in Allapattah for $5M appeared first on The Real Deal South Florida.

Battered IHOP could close up to 100 restaurants

Up to 100 IHOP restaurants could close, said parent company Dine Brands Global, after third-quarter sales fell 19 percent. (Getty)

Up to 100 IHOP restaurants could close, said parent company Dine Brands Global, after third-quarter sales fell 19 percent. (Getty)

In these times, even pancakes can’t cheer us up.

The parent company of IHOP restaurants said sales fell 18.7 percent in the third quarter, triggering a review of underperforming locations. As many as 100 might be closed.

“We’re evaluating only greatly underperforming restaurants that we currently believe are not viable coming out of the pandemic,” IHOP’s president, Jay Johns, said on an earnings call.

The company, Dine Brands Global, also plans to close about 15 Applebee’s restaurants, according to the Wall Street Journal.

Untold numbers of restaurants across the country have closed since March after indoor-dining restrictions were implemented to stop the spread of Covid-19. Several states including New York have now authorized indoor dining again — but with tight capacity limits. And with the threat of transmission still top of mind, it may not be enough to keep many afloat.

IHOP, which states on its Twitter page that “any home can become a house of pancakes,” has seen a bump in online and delivery orders since the restrictions took effect. But with so many people working from home, the loss of commuters stopping by for breakfast has hit sales hard.

The downsizing of IHOP’s restaurant staple puts a dent in the company’s expansion plan, which saw its restaurant count jump from 1,579 in 2014 to 1,710 at the end of 2019, according to the Journal. Currently, 1,425 IHOPs are open for indoor dining.

[WSJ] — Sylvia Varnham O’Regan