Worst of the worst: The real estate disasters of 2020

first_imgShare via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink TagsCommercial Real EstateDevelopmentEvictionsHotelsManhattan Condo Marketoffice marketRental MarketResidential Real EstateRetail Message* Fire in the wholeCovid vaccines will solve many of real estate’s problems in the next year or two, but not the wildfires that have increasingly plagued the West Coast in recent years. And this fire season was the worst one yet in California.Unfortunately, it is not clear what will keep the seemingly annual blazes at bay. Global temperatures will continue to increase, fostering conditions that put huge swaths of California, Oregon and Washington at risk. Some homeowners are seeing annual fire insurance premiums rise to tens of thousands of dollars, if they can get a policy at all.One strategy would be to return large, fire-prone areas to nature, concentrate development in urban areas and relocate millions of people, something the real estate industry, especially in California, has never been inclined to do, let alone done.Heading For ZeroWhen shaky sectors began to crumble under the pandemic’s weight, that meant trouble for New York’s oversaturated luxury condo market and the developers who created it. If one firm has emerged as the poster child for big bets and bad timing, it would be HFZ Capital Group.HFZ has faced a reckoning across its multibillion-dollar Manhattan portfolio, with $300 million in collections piling up from its investors, lenders, contractors and other vendors. Sales have dragged and construction has stalled at the XI, its flagship project along the High Line. Making matters worse, the firm’s principals are personally liable for some loans.While HFZ may be the first big Manhattan developer at risk of losing it all in the pandemic, it is far from alone when it comes to financial woes. Slow sales and a tight market for financing have pushed a number of major projects to the brink of distress and in some cases into foreclosure auctions.And the supply problem shows no signs of dissipating. Unsold new-development units in Manhattan will take 8.7 years to sell, according to appraiser Jonathan Miller of Miller Samuel.Anbang, you’re deadHotels are hurting like never before, so picking the hospitality sector’s worst fiasco of 2020 is like shooting fish in a barrel. But some fish are bigger than others. In one of the largest real estate deals undone by the pandemic, plans by Chinese insurer Anbang to sell a $5.8 billion luxury hotel portfolio collapsed as the coronavirus crushed the hospitality sector.The prospective buyer, South Korea’s Mirae Asset Global Investments, pointed to non-pandemic factors as justification for backing out, including a bizarre deed fraud scheme involving a trademark troll, obscure Delaware arbitration laws and possibly high-ranking members of the Chinese Communist Party.Not that it mattered in the end: In allowing Mirae to terminate the deal, a judge noted that contract terms required Anbang to operate the hotels in the “ordinary course of business” — which the pandemic had rendered impossible.Pain All YearEarly this year, Yoel Goldman’s All Year Management was lining up a pair of big deals to alleviate the Brooklyn developer’s cash flow problems: a $675 million refinancing for its Denizen Bushwick luxury rental complex, and a $300 million-plus multifamily portfolio sale. Then the pandemic struck.The portfolio deal seemed to fall through in May, then was renegotiated in July, but the buyers — led by investor David Werner — missed a deposit in September. Meanwhile, the refinancing deal earned provisional ratings from a ratings agency, but that loan didn’t close either. Things came to a head in November when All Year skipped a payment on its Tel Aviv-listed bonds and postponed its financial reporting, sending its bond prices plunging.The firm is now in default on numerous loans, and the mezzanine lender on its prized Denizen Bushwick property has scheduled a UCC foreclosure sale for February. And on the final day of the year, it was reported that All Year defaulted on a $66 million loan for a property in Gowanus and, having failed to file third-quarter reports and make bond payments, would be delisted from the Tel Aviv Stock Exchange.Take these jobs and…The death of the Industry City rezoning reaffirmed New York City Council members’ individual power and willingness to kill major development projects, and reopened real estate’s wounds from losing Amazon’s HQ2.More than five years after unveiling its plans for a $1 billion commercial hub, the Industry City development team withdrew an application that would have allowed more retail, academic and commercial space, and instead will pursue permitted uses, such as a last-mile distribution center.Local Council member Carlos Menchaca and other elected officials in Brooklyn opposed the project, arguing that its thousands of new jobs would accelerate gentrification and displacement in Sunset Park. Arguments that the city desperately needs jobs and tax revenue did not move Menchaca, who — far from being chastened — announced his candidacy for mayor.Eviction benedictionWhen shutdowns crippled the economy, landlords braced for an eviction moratorium of perhaps three months. Instead, evictions have been on hold for more than nine.After being peeled back slightly over the summer, this week the ban was broadened and extended until March 1, with an additional two months for tenants who declare hardship. Landlords say lawmakers are encouraging nonpayment of rent, which could cost them their buildings.Tenants and their lobbyists will try to carry their political momentum into fights next year for taxes on second homes, universal rent control and canceling rent altogether.High price of admissionIt’s been a difficult year for many in real estate, but especially for Bob Zangrillo. An initial partner in the multibillion Magic City Innovation project in Miami, Zangrillo was charged in the college admissions scandal dubbed Varsity Blues. Zangrillo is also battling allegations by the Federal Trade Commission that a company he chaired was running scam websites that mimicked government sites. Zangrillo is fighting all of the charges, but other developers have already distanced themselves from him. In February, Avra Jain said Zangrillo is out at her Miami River project.Contact The Real Dealcenter_img Full Name* Empty offices, shut down retail stores, closing restaurants and literal fires are among the biggest real estate disasters of 2020. (Getty) Vacant offices. Shuttered restaurants. Empty hotels.The pressure on real estate was relentless this year as the pandemic took down struggling sectors — and some healthy ones, too. Except for a few blessed sectors, such as industrial space (hello, Amazon!), fiascos were unavoidable.To explain the catastrophe that was 2020, we picked 10 of the biggest real estate disasters to highlight.Where is everybody?Say this for the Partnership for New York City: It is no cheerleader.The business group released surveys laying out in stark detail how empty city office buildings are. Attendance has risen — from horrendous to merely abysmal. First 8 percent, then 10 percent, then 13. President Donald Trump called Gotham a “ghost town” and his lie trackers didn’t argue.ADVERTISEMENTBut every office market struggled as the virus surged and work-from-home proved productive and popular. Dallas barely has 4 in 10 office workers showing up, but guess what? It’s the No. 1 market in the U.S.“We need to get through a very difficult point now,” said Anthony Malkin, chairman and CEO of New York office REIT Empire State Realty. “We probably won’t see the bottom until the first quarter of 2022.”Restaurants’ perfect stormThe restaurant business began 2020 stronger than ever. Then came a perfect storm: a deadly virus that spreads like wildfire when people gather indoors without masks. A month later New York limited service to takeout and delivery, triggering mass layoffs.Reopening has been marked by caution and reversals, and as of October, 88 percent of NYC eateries still could not pay full rent. A month later, 54 percent statewide said they would likely not survive another six months without federal relief.The experience has been similar elsewhere, including L.A., where even outdoor dining was banned to tamp down a second wave.A Penney for your retail chainFor brick-and-mortar stores, the pandemic piled on to a retail apocalypse triggered by the e-commerce boom. Shutdowns and infection fears accelerated online shopping’s gains, and 25,000 stores were expected to close as a result of Covid.Retail giants were among them: J.C. Penney filed for Chapter 11 in mid-May and has since closed 150 locations. (Simon Property Group and Brookfield Property Partners are now trying to salvage it.)Other retail bankruptcies included Neiman Marcus, Ascena Retail Group and GNC, while many other stores, including Macy’s and Gap, pulled out of malls and pared down their store counts. Home improvement stores such as Home Depot and Lowe’s did thrive in 2020, but for the foreseeable future, it’s Amazon’s world.Read moreRetail bankruptcies on pace to rival 2010Report paints bleak picture for office marketClass B malls at risk as store carcasses pile up Email Address*last_img read more

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Comparison of geostatistical and random sample survey analyses of Antarctic krill acoustic data

first_imgData from the acoustic surveys of MV SA “Agulhas” and FRV “Walther Herwig”, and the 1981 RRS “John Biscoe” South Georgia acoustic survey were analysed by geostatistical methods. Estimates of mean density (g m−2) of krill and their variances are compared with published results from statistical analyses based on random sampling theory. A further high-resolution geostatistical analysis of the MV SA “Agulhas” (ping-by-ping) data set of the density of each individual aggregation is also presented. These analyses illustrate the problems of applying geostatistical methods to data from highly aggregated species which can show marked skewness in their histogram of density.last_img read more

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Palaeozoic to Mesozoic polyphase deformation of the Patuxent Range, Pensacola Mountains, Antarctica

first_imgThe Patuxent Range forms the most southerly third of the Pensacola Mountains, East Antarctica. Largely unstudied since the original geological survey work of the 1960s, the Patuxent Range was thought to expose metasediments deformed by a single Precambrian event. However, new structural data collected from two geographically separate areas in the central Patuxent Range reveal the presence of three distinct generations of structures. A synthesis of the regional geology together with new data suggests that the Patuxent Formation was mildly deformed during end Cambrian times as part of the late stage Ross Orogeny. However, the most intense deformation, although poorly constrained in age, probably occurred during the Permo-Triassic Gondwanian Orogeny. A third phase of deformation predates the intrusion of 183 Ma lamprophyre dykes and involved an inferred vertical axis rotation of the pre-existing D-1 and D-2 structures and the localized development of a spaced foliation and mesoscale folding. These D-3 structures may be the first evidence of an Early Jurassic deformation event in the Transantarctic Mountains, which correlates with the Peninsula and Rangitata I orogenies of the Antarctic Peninsula and New Zealand, respectively.last_img read more

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Quantifying susceptibility of marine invertebrate biocomposites to dissolution in reduced pH

first_imgOcean acidification threatens many ecologically and economically important marine calcifiers. The increase in shell dissolution under the resulting reduced pH is an important and increasingly recognized threat. The biocomposites that make up calcified hardparts have a range of taxon-specific compositions and microstructures, and it is evident that these may influence susceptibilities to dissolution. Here, we show how dissolution (thickness loss), under both ambient and predicted end-century pH (approx. 7.6), varies between seven different bivalve molluscs and one crustacean biocomposite and investigate how this relates to details of their microstructure and composition. Over 100 days, the dissolution of all microstructures was greater under the lower pH in the end-century conditions. Dissolution of lobster cuticle was greater than that of any bivalve microstructure, despite its calcite mineralogy, showing the importance of other microstructural characteristics besides carbonate polymorph. Organic content had the strongest positive correlation with dissolution when all microstructures were considered, and together with Mg/Ca ratio, explained 80–90% of the variance in dissolution. Organic content, Mg/Ca ratio, crystal density and mineralogy were all required to explain the maximum variance in dissolution within only bivalve microstructures, but still only explained 50–60% of the variation in dissolution.last_img read more

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Status and trends of terrestrial arthropod abundance and diversity in the North Atlantic region of the Arctic

first_imgThe Circumpolar Biodiversity Monitoring Programme (CBMP) provides an opportunity to improve our knowledge of Arctic arthropod diversity, but initial baseline studies are required to summarise the status and trends of planned target groups of species known as Focal Ecosystem Components (FECs). We begin this process by collating available data for a relatively well-studied region in the Arctic, the North Atlantic region, summarising the diversity of key terrestrial arthropod FECs, and compiling trends for some representative species. We found the FEC classification system to be challenging to implement, but identified some key groups to target in the initial phases of the programme. Long-term data are scarce and exhibit high levels of spatial and temporal variability. Nevertheless, we found that a number of species and groups are in decline, mirroring patterns in other regions of the world. We emphasise that terrestrial arthropods require higher priority within future Arctic monitoring programmes.last_img read more

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Assessment of fungal diversity present in lakes of Maritime Antarctica using DNA metabarcoding: A temporal microcosm experiment

first_imgWe evaluated the fungal diversity in two lakes on the South Shetland Islands, using DNA metabarcoding through high-throughput sequencing (HTS). A microcosm experiment was deployed for two consecutive years in lakes on Deception and King George islands to capture potential decomposer freshwater fungi. Analyses of the baits revealed 258,326 DNA reads distributed in 34 fungal taxa of the phyla Ascomycota, Basidiomycota, Mortierellomycota, Chytridiomycota and Rozellomycota. Tetracladium marchalianum, Tetracladium sp., Rozellomycota sp., Fungal sp. 1 and Fungal sp. 2 were the most common taxa detected. However, the majority of the communities comprised intermediate and rare taxa. Both fungal communities displayed moderate indices of diversity, richness and dominance. Only six taxa were detected in both lakes, including the most dominant T. marchalianum and Tetracladium sp. The high numbers of reads of the known aquatic saprotrophic hyphomycetes T. marchalianum and Tetracladium sp. in the baits suggest that these fungi may digest organic material in Antarctic lakes, releasing available carbon and nutrients to the other aquatic organisms present in the complex lake food web. Our data confirm that the use of cotton baits together with HTS approaches can be appropriate to study the diversity of resident freshwater fungi present in Antarctic lakes.last_img read more

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SUU Football To Be Represented By Warren, Larsen and Parker at Media Day

first_img FacebookTwitterLinkedInEmailCEDAR CITY, Utah-Wednesday, Southern Utah University’s athletic department announced the football program’s representatives ahead of the Big Sky Conference’s football media day Monday at Spokane, Wash.The Thunderbirds’ representatives will be head coach Demario Warren, center Zach Larsen and tight end Logan Parker.This is a two-day media event that gives student-athletes and coaches an opportunity to be interviewed by media from Big Sky Conference markets.These proceedings include streaming interviews with head coaches from each school in the Big Sky as well as select student-athletes on PlutoTV Channel 231 and watchbigsky.com.Monday, Warren will be interviewed at 10:50 am MDT with Larsen and Parker’s interviews occurring at 1:36 pm MDT. July 11, 2018 /Sports News – Local SUU Football To Be Represented By Warren, Larsen and Parker at Media Day Written by Tags: Big Sky Conference/Demario Warren/Logan Parker/PlutoTV/SUU Football/Zach Larsen Brad Jameslast_img read more

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Rams, Patriots advance to Super Bowl LIII after OT wins

first_img Beau Lund FacebookTwitterLinkedInEmail33ft/iStock(NEW YORK) — After two games that went into overtime on Sunday, the stage has finally been set for Super Bowl LIII.The Los Angeles Rams will face off against the New England Patriots in the championship game in Atlanta next month. Both teams advanced to the Super Bowl following overtime wins.The Rams edged out the New Orleans Saints with a 57-yard field goal in overtime to win 26-23. The Patriots, meanwhile, beat the Kansas City Chiefs 37-31 following a touchdown in OT.Super Bowl LIII will take place in Atlanta’s Mercedes-Benz Stadium on Feb. 3. According to ESPN, New England is the favorite to win by 1.5 points.Copyright © 2019, ABC Radio. All rights reserved. Written bycenter_img January 21, 2019 /Sports News – National Rams, Patriots advance to Super Bowl LIII after OT winslast_img read more

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Toronto Raptors are first-time NBA champions

first_img FacebookTwitterLinkedInEmailEzra Shaw/Getty Images(OAKLAND, Calif.) — The Toronto Raptors are NBA champions for the first time.The Raptors defeated the Golden State Warriors 114-110 in Game 6 of the NBA Finals on Thursday night. The Raptors won the series 4-2, denying the Warriors what would have been a third straight championship.Kyle Lowry and Pascal Siakam had 26 points apiece for the Raptors, while Fred VanVleet and Kawhi Leonard each had 22 for Toronto.Klay Thompson scored 30 for Golden State but left with a knee injury. Andre Iguodala scored 22 points and Stephen Curry had 21 for the Warriors.When Curry missed a 3-pointer with about five seconds left, the Raptors tacked on a free throw off a technical in the last second when the Warriors called a time-out they didn’t have, and the last game at Oracle Arena was the last game of Golden State’s reign.Leonard was named NBA Finals MVP, the first player in history to win Finals MVP with teams from both conferences. Leonard won his first Finals MVP in 2014 as a member of the San Antonio Spurs.Copyright © 2019, ABC Radio. All rights reserved. Written by June 14, 2019 /Sports News – National Toronto Raptors are first-time NBA championscenter_img Beau Lundlast_img read more

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High school football player’s 1-handed catch goes viral

first_img Written by October 8, 2019 /Sports News – National High school football player’s 1-handed catch goes viral FacebookTwitterLinkedInEmail33ft/iStock(ST. PETERSBURG, Fla.) — This high school football player just pulled off a pro move that would make Odell Beckham Jr. jealous. Craig Richardson Jr. from North East High School in St. Petersburg, Florida, pulled off an impressive outstretched one-handed catch during a home game against Dundein on Friday.His older brother Keith Harrington, who currently plays college football for Washington State University, filmed the play and shared the video on Twitter with the caption, “I swear my lil brother might be the best player in high school football.” Since he posted it, the video has been viewed over 31,000 times and retweeted by athletic film site Hudl and House of Highlights.Copyright © 2019, ABC Audio. All rights reserved.center_img Beau Lundlast_img read more

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