The owners of 60 Wall St. yesterday announced they refinanced the office tower’s $575 million mortgage at a substantially higher interest rate, paving the way for redevelopment of the empty building with a distinctive public lobby.“60 Wall will be redeveloped to today’s standards and will redefine the standard of redeveloped assets in the Financial District,” Albert Behler, chief executive of Paramount Group, said on a conference call today. The developer owns the building along with Singapore’s sovereign wealth fund.The $250 million project, now underway, is a big bet that tenants will lease space downtown even though there are plenty of options nearby. Vacancy rates in the Financial District are 27.6%, according to Colliers, and newly freed-up office space at 55 Water St., 14 Wall St. and 180 Maiden Lane have contributed to the tumbleweeds vibe of the neighborhood.Those risks explain why the new mortgage for 60 Wall St. comes with an elevated interest rate.A $259 million slice of the five-year mortgage carries a 12% interest rate and is a payment-in-kind loan, meaning if the landlords choose not to make a monthly payment then the unpaid obligation is added to the balance of the loan. PIKs are risky because they allow borrowers to add more debt to their balance sheets and avoid paying their interest obligations in the short term.Another $316 million piece of the $575 million loan has a floating interest rate of 7.8%, the same as the mortgage Paramount and its partner... Continue reading at 'Crains New York'
[ Crains New York | 2024-05-02 17:53:38 UTC ]
On Jan. 1, the privately owned business publisher Bloomberg Media shut off its open-market programmatic advertising, a move to better control its user experience and drive advertisers to reach its audience by buying directly from the company itself. Six months later, the strategy produced its... Continue reading at AdWeek
[ AdWeek | 2023-07-18 11:31:59 UTC ]
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The outdoor gear company’s new headquarters adds visibility to its workspaces and its work. For an outdoor clothing and gear company, L.L. Bean’s offices were surprisingly cloistered. “About 90% of our employees did not have access to natural daylight. There were parts of the building that were... Continue reading at Fast Company
[ Fast Company | 2023-06-14 04:30:00 UTC ]
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The chain’s founder is celebrating its 20th anniversary – but for a while it, and the industry as a whole, was on the brinkTim Richards is celebrating a milestone he feared he might not see – the 20th anniversary of the creation of Vue, Europe’s largest privately owned cinema chain. That... Continue reading at The Guardian
[ The Guardian | 2023-05-16 13:00:08 UTC ]
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Last week, Twitter said it would start winding down the legacy verified program on April 1st, but over the weekend, that didn't happen, because (according to The Washington Post) unverifying users is a painstaking manual process. Meanwhile, another report indicated around 10,000 of the... Continue reading at Engadget
[ Engadget | 2023-04-04 11:15:47 UTC ]
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Publisher Texas Monthly, which marked its 50th anniversary last month, grew its overall revenue by 39% in 2022, an uptick the privately owned media company attributed to its expanded number of advertising channels and an ongoing effort to cultivate new sources of revenue. The publisher increased... Continue reading at AdWeek
[ AdWeek | 2023-03-13 10:21:33 UTC ]
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Pluck any classic novel from a bookstore shelf and it will most likely feature an introduction by a contemporary writer. Especially inspired pairing of authors can imbue an old text with new relevance, highlight its enduring influence, or even become a new selling point for a backlist title. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-12-09 05:00:00 UTC ]
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Families of people who live in a privately owned Winnipeg personal care home want to know why two care aides were allowed to work for months after allegations were brought forward that they had abused 15 residents. Continue reading at CBC
[ CBC | 2022-06-22 20:00:25 UTC ]
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Earlier this week, Club 8-bit, one of Ukraine’s largest privately-owned computer museums, was destroyed during the siege of Mariupol. Kotaku spotted news of the event after its owner, Dmitry Cherepanov, took to Facebook to share the fate of Club 8-bit.It has been reported that the Mariupol... Continue reading at Engadget
[ Engadget | 2022-03-27 15:41:09 UTC ]
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The CEO of Storyblocks discusses three considerations for companies that want to compete in this immersive new world—one of which is to spread the wealth. Tech companies are currently stumbling over themselves to see who can make a bigger bet on the metaverse. However, beyond a massive financial... Continue reading at Fast Company
[ Fast Company | 2022-02-28 05:00:22 UTC ]
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NASA announced on Thursday it has awarded $415.6 million US to billionaire Jeff Bezos' Blue Origin, stalwart contractor Northrop Grumman Corp and venture-backed Nanoracks to develop privately owned and operated commercial space stations. ... Continue reading at CBC
[ CBC | 2021-12-03 12:56:05 UTC ]
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Iran's state TV says a cyberattack has disrupted access to the country's privately owned Mahan Air Continue reading at ABC News
[ ABC News | 2021-11-21 09:33:44 UTC ]
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The Vancouver Aquarium has been sold from Ocean Wise Conservation Association to Herschend Enterprises, a privately owned tourism company based in the United States. Continue reading at CBC
[ CBC | 2021-04-15 16:49:57 UTC ]
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Jury is out on whether video-sharing site could make Microsoft a social media giantAs the clock ticks on Microsoft’s fast-track talks to buy TikTok the jury is out on whether it marks a unique opportunity to become a global social media giant overnight, or a $50bn (£38bn) geopolitically fuelled... Continue reading at The Guardian
[ The Guardian | 2020-08-10 14:21:38 UTC ]
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One of Nashville’s largest privately owned companies is launching an initiative aimed at bringing more diversity into the tech industry. Asurion has donated $200,000 to create a new data-science scholarship at historically black Fisk University in Nashville, according to a news release. The... Continue reading at Silicon Valley Business Journal
[ Silicon Valley Business Journal | 2020-06-09 17:16:57 UTC ]
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On March 24, President Trump told a Fox News virtual town hall that he’d love to have America “opened up and just raring to go” by Easter. Bill Hemmer, who was hosting, chuckled, and said that would be “a great American resurrection.” Later the same day, during a second appearance on Fox, Trump... Continue reading at Columbia Journalism Review
[ Columbia Journalism Review | 2020-04-13 12:02:48 UTC ]
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On December 19, police in Jowhar, the capital of Hirshabelle state, raided the privately owned City FM broadcaster, briefly detained Continue reading at Editor & Publisher
[ Editor & Publisher | 2019-12-23 23:00:13 UTC ]
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WHEN I WAS a student in Perm, Russia, my university friend told me that her grandparents were kulaks. The term dates back to the era of collectivization, a harsh agrarian reform that took place in the Soviet Union between the late 1920s and the early ’30s. Hitherto privately owned land and... Continue reading at Los Angeles Review of Books
[ Los Angeles Review of Books | 2019-12-14 18:00:21 UTC ]
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Purchase of British Steel gives privately owned Chinese steelmaker Jingye chance to grow outside home market dominated by giant state-owned mills Continue reading at ABC News
[ ABC News | 2019-11-13 11:03:39 UTC ]
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Judging by the dozens of cannabis pitches I receive weekly, weed—which is increasingly gaining recreational legal status across the U.S., despite the hundreds of thousands of people who continue to be arrested for it every year—is ripe for advertising opportunities. Here’s one standout cannabis... Continue reading at Advertising Age
[ Advertising Age | 2019-10-04 20:07:05 UTC ]
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In a push to lure high-end brands to the cinema advertising circuit, National CineMedia announced today the launch of LuxeNet, a portfolio of 130 of its premium movie theaters in high-income areas of key U.S. cities. According to Nielsen data, NCM is the country’s most prominent cinema... Continue reading at Advertising Age
[ Advertising Age | 2019-07-24 14:06:00 UTC ]
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