Mayor Bill de Blasio (Photo by William Farrington-Pool/Getty Images)Mayor Bill de Blasio threw his support behind a rent moratorium Friday in light of the coronavirus pandemic and said he will pursue the idea “immediately.”“We have to figure out how to do some kind of moratorium for both residents and small business,” he said on his weekly call-in show with WNYC’s Brian Lehrer. “I’m going to find out if that’s anything within the power of the city or if that can only be done with state law or state action, but I think it’s the right thing to do.”“I will pursue the rent moratorium idea immediately,” he continued.But de Blasio also gave a rare show of support for landlords as he endorsed the concept, perhaps recognizing that the loss of rent would put their buildings at risk of foreclosure. “We have to obviously make sure when the smoke clears that the folks who own the buildings are going to somehow be whole and able to keep running their buildings,” he said.ADVERTISEMENTA rent moratorium would almost certainly require state legislation, and it remains unclear whether it is something Albany would be willing to pass. Gov. Andrew Cuomo did not mention it in his press conference Friday morning, but he did announce Thursday that he would suspend mortgage payments and foreclosures in New York for a 90-day period amid the outbreak.A state administrative judge halted evictions earlier in the week, and President Donald Trump announced Wednesday that the Department of Housing and Urban Development is suspending all of its evictions and foreclosures through April. This content is for subscribers only.Subscribe Now
One in 900Like many large developments that kicked off in the mid-2010s, Woodridge tapped the EB-5 investor visa program for funds. Through a regional center known as CMB Export, 900 foreign investors contributed a total of $450 million to the Century Plaza project. They staked that money alongside a $446 million senior loan from JPMorgan Chase and $120 million in mezzanine financing from Tom Barrack’s Colony Capital.EB-5 has turned out to be a raw deal for tens of thousands of Chinese investors who now face an application backlog of 10 years or more.In a 2018 lawsuit, Chinese national Kewu Zhan sued the regional center, alleging that it hid the true extent of the backlog. (The severity of the backlog problem was not yet evident in 2016 when he made the investment.)“It now appears that plaintiff Zhan [who is in his 60s and does not speak English] will die in China of old age while waiting for his investment to be returned to him, if ever,” Zhan’s lawyer wrote. The developer is not accused of any wrongdoing. The lawsuit was dismissed last February. Zhan’s lawyer said that the case was sent to arbitration, but his client could not afford the legal fees involved.According to EB-5 documents included in the suit, the EB-5 financing is set to mature next September. Colony Capital’s mezzanine financing, which carries a cash coupon of 10 percent, has a maximum maturity date of July 2022 if extensions are exercised, according to company disclosures.The commercial component is also a big part of the Century Plaza development. No lease deals have been closed for the retail space, though sources close to the project said some high-end boutiques and a pilates studio have expressed interest.Megaproject morassCentury Plaza isn’t the only major L.A. condo construction that has faced challenges in the development process. Two in DTLA, Greenland’s Metropolis and Oceanwide Holdings’ Oceanwide Plaza, have also seen significant delays and disputes.Unlike those projects, which were heavily dependent on both foreign capital and foreign buyers — both of which have dried up — Century Plaza has benefited from the backing of a local partner. Los Angeles-based Oaktree Capital Management entered the development partnership in 2011, replacing New York hedge fund D.E. Shaw, with whom Woodridge had initially acquired the site.A source familiar with the development estimated 70 percent of potential buyers were “local,” with East Coast and international buyers making up the rest, though no supporting documentation was provided.“Your primary buyer for these units is older, they’re an empty-nester. They’re tired of taking care of their house in Bel Air or Beverly Hills,” said Leipart. He called the location “an absolute A+,” and called the Westfield mall a “great amenity.”One of the project’s main draws, a very nice mall — and amenities such as banquet meeting rooms and a state-of-the-art fitness center — may not be as alluring in the age of Covid-19. Neither may be the idea of vertical, elevator-dependent living.“But we don’t know that yet,” Leipart cautioned. “We don’t know how consumer behavior is going to change, because it’s just too soon.”As was the case prior to the pandemic, the biggest question around Century Plaza is still the same: Is the Century City market deep enough to absorb more than 300 units at ultra-luxury pricing?At Metropolis, Greenland had sold 361 of the 826 units or 44 percent as of December. Oceanwide did not return calls for comment on pre-sales at its under-construction three-tower 504-unit condo complex and 184-key luxury hotel.One factor that speaks in favor of a strong finish for Century Plaza is the relative lack of competition in its niche.It’s “the only game in town for downsizers out of Beverly Hills and Bel Air,” Leipart said. “And I think they’re going to do quite well.”Osborn also noted that buyers have been coming from Related’s project next door, where she had previously been the sales director. That luxury tower was built a decade ago, and Osborn said Century Plaza buyers like the area but now they want something “new.” She did not specify how many buyers had come from Related’s project, but emphasized that Woodridge’s bet could be the last of its kind in the area.“There are very high barriers to entry in Century City,” she said. “And a project like this could never be built again.”Matthew Blake contributed reporting. Michael Rosenfeld and a rendering of Century Plaza (Credit: Presley Ann/Getty Images for THR)When Michael Rosenfeld made the deal for the site of the Century Plaza condo back in 2008, he knew it was one that would define his legacy.“This is a rare opportunity to buy a jewel in my hometown,” he told the Los Angeles Times after closing on the acquisition of the landmarked Century Plaza Hotel for $366.5 million, with backing from New York-based D.E. Shaw. Rosenfeld cited the area’s bustling office and residential market as part of the property’s appeal.A dozen years on, that legacy has turned into one of the great odysseys of Los Angeles real estate development. Rosenfeld, head of Woodridge Capital Partners, faced years of delays amid local opposition to the original plan to demolish the hotel, and struggled at first to find financing in a post-recession economy.Since marketing began on Century Plaza’s North Tower in March 2019, the project has done an impressive $300 million in pre-sales, according to the developer, up from $200 million in October. But the scale of the $1.8 billion, 331-unit project, a messy legal battle and the fact that it’s the city’s biggest bet on vertical living in a Covid-19 environment where density is a tough selling point, mean it make take many years before the success of the project can be judged.While the pandemic may not have interrupted construction at the site on Avenue of the Stars — crews were hard at work during a recent visit by The Real Deal, at Woodridge’s invitation — its long-term effect could have a profound impact on the city’s residential market. Woodridge said it’s targeting wealthy empty-nesters. But older buyers are also more vulnerable to the pandemic, and may be more reluctant to bet on density.“Covid’s not helping,” said Mike Leipart, a veteran new-development agent with the Agency. “But it’s a long race, and whatever happens on one mile of a marathon is not going to be make-or-break.”Grand ambitionsThe Century Plaza project includes two towers, the renovation of a landmark hotel, and 100,000 square feet of retail and restaurant space.Rosenfeld first received city approvals for the development in 2013. The opening of the two towers — totalling 268 units — has been pushed back twice, and is now set for mid-2021, while the opening of the 394-key Fairmont hotel — which includes another 63 condo units — was pushed from this spring to the fall. Woodridge says such delays are not unusual for projects this big.Century Plaza’s director of sales, Mary Ann Osborn, said “construction has not stopped at all” during the pandemic, with the work considered essential under state guidelines. Osborn said she has not seen a slowdown in sales either, though she wouldn’t provide any details.“We have continued our sales virtually, with people who had already been to the sales gallery and were yet to submit offers,” Osborn said in an interview with TRD in May. Woodridge has also reopened its sales office after that was shut because of Covid-19.Though Woodridge still has $1.5 billion in unsold condos — representatives declined to say how many units have been sold — Leipart, who was lead sales agent at Greenland’s the Metropolis condo project downtown until January 2019, said that projects like these generally pick up sales momentum as construction wraps up.“The closer you get to being able to move in, the more it speeds up and once it’s open it speeds up even more because you can move right in,” he said, noting that unlike in New York and Miami, pre-sales have never been particularly popular in the Los Angeles market.“If you sold $300 million pre-sale of any other project in this town, that’s a huge success,” he added. “Most other entire buildings aren’t $300 million. It’s a very ambitious project.”But some industry pros remain skeptical given the sheer amount of units at Century Plaza, the potentially lingering effects on the pandemic and Woodridge’s $2,500-a-foot asking prices on its units.“It’s going to take a lot of time to sell out,” said Stephen Shapiro, a principal at Westside Estate Agency. He said the litmus test was Related Companies’ The Century tower nearby. “That took a long time to sell out, and units sold for a lower price than they were asking,” he said. Shapiro noted that with a vanishing pool of international buyers, the focus on empty-nesters is a logical one, but fraught with inconveniences “like an enormous capital gains tax.” And, he added, “it’s a whole educational process to get somebody to move to a condo from a house.”Shapiro said L.A. County condo sales were down 70 percent year-over-year, according to MLS data he reviewed. Industry analysts maintain that selling out luxury condo towers is a multi-year endeavor, even without the backdrop of a pandemic.A trustee’s broken trustL.A.’s unproven luxury condo market isn’t the only obstacle Woodridge faces.In May, Century Plaza found itself dragged into a legal dispute with one of the project’s co-guarantors. Glorya Kaufman, the widow of KB Home founder Donald Bruce Kaufman and a USC trustee, claimed to have no recollection of entering into the guaranty agreements and sought to have them voided.Kaufman’s suit includes the allegation that Rosenfeld, along with Harvey Bookstein, an accountant, repeatedly misled her into making “very risky” real estate investments over the course of a decade — including the purchase of “an entire floor in the North Tower condominium” for more than $24 million.Woodridge denies these claims and has filed its own breach of contract action in response. The developer’s complaint notes that Kaufman — who is also embroiled in a legal battle at the bankrupt Beverly House mansion in Beverly Hills — entered into guaranty agreements for a construction loan, a mezzanine loan, and a preferred equity investment “initially in 2016 and on numerous occasions thereafter,” before a change of heart last November.Kaufman’s attorney declined to comment.Read moreA $2.5B litmus test for the Century City luxury marketCentury Plaza developer Michael Rosenfeld and USC trustee in battle over RE dealsCentury Plaza project developer says it has $200M in luxury condo pre-salesThe end is near: Woodridge starts marketing Century Plaza condos after delays
Board lays out legislative communications effort January 1, 2012 Regular News Board lays out legislative communications effort Focus will be on keeping members informed The 2012 legislative session will begin on January 10, and with it comes a new Bar plan for keeping members informed of Bar-related legislative activities. The session is also expected to be less contentious than the 2011 version, which saw attempts to remake the Supreme Court, remove the Bar from its participation in choosing some members of judicial nominating commissions, and have the Legislature take over from the Supreme Court the writing of court procedural rules.“Reapportionment will take all of the oxygen out of the room,” Bar Chief Legislative Counsel Steve Metz told the Bar Board of Governors on December 9. “That’s good news for us; it takes legislators’ eyes off us and the courts — maybe.”Legislation Committee Co-chair Ed Scales said the Bar will begin its new legislative communications program for Bar members on January 1. It begins with a letter from Bar President Scott Hawkins to all Bar members, explaining what the Bar can and cannot do in the legislative arena. That letter is published in this Bar News and will also be emailed to Bar members and placed on the Bar’s website.The letter also explains that the Bar will be closely monitoring any legislation affecting its official platform and will post an update every Friday on those and other matters that may affect the Bar.The legislative outreach, Scales said, is a joint effort of the Legislation and Communications committees.A piece of good news, even before the session begins, is that Gov. Rick Scott, in his proposed budget, suggested keeping funding for Florida courts at its current level and also shoring up shaky court finances with general revenues. The courts had been heavily dependent on filing fees from foreclosure cases. But a dramatic drop in those filings had left giant holes in the court budget and forced the courts to borrow funds from the state to stay open.Scales called Scott’s budget “very, very good news.”Metz said Scott’s proposal also builds upon the recommendations of a Supreme Court workgroup set up to study and make recommendations about the court system’s financial problems.He added, though, that while Scott’s proposed budget was positive news, “The governor proposes the budget, but the Legislature writes it.”Metz said that Bar President Scott Hawkins and President-elect Gwynne Young have been busy meeting with legislators to avoid surprises like last year’s court-altering bills.He said, however, that bills can be expected that will affect judicial nominating commissions, but that they will not address the Bar’s role in nominating JNC commissioners.(Currently the governor directly appoints five of the nine members on each JNC, then appoints the other four from candidate slates submitted by the Bar. One of last year’s bills would have removed the Bar from the process and allowed direct gubernatorial appointment of all JNC members with terms concurrent with the governor.) “We don’t expect there will be any other major court reform,” Metz added.
“I see him with a lot of enthusiasm, but I don’t want to go further. This Friday I will talk with him by telephone to finish confirming the list. I have no doubt that Messi has the desire to return, but we will wait and see.” Bauza is selecting a squad for the games against Uruguay (September 2) and Venezuela (September 7). Lionel Messi’s return to the Argentina national team could happen in the next few hours. Edgardo Bauza, the coach, revealed as much when he arrived in Buenos Aires. Bauza says Messi has “a lot of enthusiasm” to get back to playing for his country, although he didn’t say much more. Upd. on 22/11/2016 at 03:06 CET 12/08/2016 Sport EN Messi quit the national team after the Copa America final defeat by Chile on penalties. Bauza arrived on Tuesday to speak with him in Barcelona.
DIMITAR BERBATOV has explained the brilliance of his goals for Manchester United and Tottenham in an incredible, X-rated post on Instagram.Talking tactics, the Bulgarian star recalls three separate goals from his time in England with some hilarious, alternative commentary.3 Dimitar Berbatov provided X-rated commentary for three of his goals, including one beautifully timed strike against PSV EindhovenCredit: AP:Associated Press View this post on Instagram Talking football 🤙🏻😁⚽️ #football A post shared by Dimitar Berbatov (@berbo9) on Aug 22, 2018 at 5:54am PDTThe amazing descriptions appear to have gone down well with fans too, after racking up a host of hits after he posted it to Instagram.Berbatov captioned the social media post: “Talking football.”But the commentary itself was much more X-rated, as he starts by describing a sweet strike for Spurs by saying: “I don’t know why this video is in black and white…”I’m not that f***ing old. For f***’s sake.”3 Dimitar Berbatov recalled his famous late winner in ‘s*** game’ against BoltonCredit: PA:Press Association3 Dimitar Berbatov also described his ‘simple as f*** goal’ against West BromCredit: News Group Newspapers LtdThe second clip shows him netting a late winner for United against Bolton.He described the importance of the goal saying: “This goal was very important. Last minute of the game.”In that game, we didn’t play well. Everything was s*** for us. Bolton was kicking the s*** out of us.”The third and final video was a superb team goal against West Brom, where he says: “Simple as f*** and so beautiful.”Dimitar Berbatov tells fans not to be down hearted over Manchester United’s loss to BrightonMOST READ IN FOOTBALLRETRACING STEPSJack Charlton’s granddaughter Emma Wilkinson ‘would love’ to visit IrelandROY RAGEFurious Roy Keane launched foul-mouthed rant at Pique over Fabregas friendshipPicturedTOP FORMBrazil icon Ronaldo soaks up sun with partner Celina Locks on yacht in FormenteraPicturedON THE PAOLPaolo Maldini shows off shredded physique at 52 while on holiday with wifeExclusiveLOCK CLOWNPaul Scholes flouts local lockdown rules by throwing huge 7-hour birthday bashLive BlogUNITED LATESTMan Utd transfer news LIVE: All the gossip and updates from Old TraffordLive Bloggunners newsArsenal transfer news LIVE – Latest updates from the EmiratesPicturedMADD FOR ITPrem aces Dele, Maddison & Grealish enjoy hard-earned break in sun-soaked IbizaLive BlogBLUES NEWSChelsea transfer news LIVE: Havertz deal LATEST, Willian move updatesMISS-RON IMPOSSIBLERonaldo LOSES Golden Boot race after axe from Juve squad for final gameEx-Manchester United man Dimitar Berbatov re-enacts Godfather scene to promote charity match
TOTTENHAM defender Cameron Carter-Vickers is heading back to the Championship after signing a season-long loan deal with Swansea City.The 20-year-old USA international spent the first half of last campaign at Sheffield United before switching to Ipswich Town for the remainder of the season.4 Cameron Carter-Vickers will spend the season on loan at Swansea CityCredit: Getty – ContributorThis summer he signed a new long-term contract with Spurs until 2021 but, with fierce competition for places in Mauricio Pochettino’s team, the club are happy for the young prospect to gain regular playing opportunities elsewhere.The defender was linked with a number of Championship clubs, with the loan window for English Football League clubs open until August 31.Swansea were on the lookout for defensive reinforcements after selling centre-backs Alfie Mawson, Federico Fernandez, Kyle Bartley and Jordi Amat this summer.And the Swans managed to land their target in Carter-Vickers.4 Carter-Vickers played for Sheffield United and Ipswich Town last seasonCredit: Getty – Contributor4 The USA international joined the Spurs academy as an 11-year-oldCredit: AFP or licensorsHe told the club’s website: “I am super excited. Swansea is a massive club and I can’t wait to get out training with the boys.“When I spoke to the manager [Graham Potter] he told me how they wanted to play.“I have watched them play a few times this season and you can see they play good football. I am looking forward to being part of that.”Carter-Vickers, who has played for his country four times, watched on as Swansea’s unbeaten start to the season came to an end on Saturday with defeat to Bristol City.Cameron Carter-Vickers has joined Swansea City on loan for the remainder of the season, subject to international clearance.Good luck, @cameroncv2. pic.twitter.com/uZNcPSsIuQ— Tottenham Hotspur (@SpursOfficial) August 25, 2018 4 The 20-year-old is not short of Championship experienceCredit: REUTERSMost read in footballRETRACING STEPSJack Charlton’s granddaughter Emma Wilkinson ‘would love’ to visit IrelandROY RAGEFurious Roy Keane launched foul-mouthed rant at Pique over Fabregas friendshipPicturedTOP FORMBrazil icon Ronaldo soaks up sun with partner Celina Locks on yacht in FormenteraPicturedON THE PAOLPaolo Maldini shows off shredded physique at 52 while on holiday with wifeExclusiveLOCK CLOWNPaul Scholes flouts local lockdown rules by throwing huge 7-hour birthday bashLive BlogUNITED LATESTMan Utd transfer news LIVE: All the gossip and updates from Old TraffordPotter said: “It’s an area of the pitch that we need help in and competition because we’ve got Mike [van der Hoorn] and Joe [Rodon].”He [Carter-Vickers] has had experience in the Championship last year and the year before as well.”He’s been at Tottenham, he’s got some really good attributes that we can use and we’re looking forward to working with him and helping him improve. Hopefully he can help us.”Mauricio Pochettino believes that Tottenham can win at Old Trafford for the first time since under Tim Sherwood in 2014
Share This!A quintet of graveyard busts tops this incredibly detailed ear headband that pays homage to the Haunted Mansion. Priced at $29.99, we found ours at Memento Mori at Walt Disney World’s Magic Kingdom (next to the Haunted Mansion attraction, naturally), but they are also available at shopDisney.com and at many other in-park locations.The ears themselves depict spooky creatures and favorite Haunted Mansion characters. Even the band is embellished with “Grim Grinning Ghosts” in the attraction typeface. Photos: Christina Harrison
On April 19, @shrmnextchat chatted with @TimSackett about The Realities of Using a Modern TA Platform.In case you missed this fun and informative chat, you can see all the tweets here: [View the story “#Nextchat RECAP: The Realities of Using a Modern TA Platform” on Storify]
Watch Serie A live in the UK on Premier Sports for just £11.99 per month including live LaLiga, Eredivisie, Scottish Cup Football and more. Visit: https://subscribe.premiersports.tv/ Verona President Maurizio Setti claims he didn’t hear any racist chanting towards Brescia’s Mario Balotelli, even though there is video evidence. Balotelli picked up the ball in the 53rd minute and blasted it into the crowd after incessant chants from the home fans, and threatened to walk off the pitch before being calmed down by his teammates. Unsurprisingly, Verona’s President took an all-too familiar approach to this issue, pleading ignorance. “We did not hear anything. I arrived in Verona eight years ago and immediately seen that the Verona fans are ironic, but absolutely not racist. When Balotelli made his debut here for Milan six years ago there were episodes of racism, and we condemned it. We have always done,” Setti told reporters in the mixed zone. “It is wrong to generalise, speaking for all 20,000 fans when, perhaps, a couple of people have said something. If there are two or three people who have said something, we are ready to take action against them because we condemn any episode of this type. “But to speak of Verona as we were 30 years ago is wrong. We are a club that only has sport in our real DNA. There are many players of colour who wear the Gialloblu from the youth team to the first. “Racism is a path for us that doesn’t exist and Verona is not a correct position for generalisations. In eight years of my presidency, you could confirm this. The attitude of our fans is absolutely correct.” Coach Ivan Juric also insisted it was “a lie” to say there was racist abuse from the Verona fans towards Balotelli during today’s game. However, one of the Verona fans themselves helpfully uploaded a video to social media highlighting the odious ‘monkey noises’ just before the precise moment he kicked the ball into the stands. The supporter presented the video with this caption: “Do you hear racist abuse? Or did the genius just want to get attention?” The answer is very clearly the former.