Appraiser cuts Meatpacking District store’s valuation to the bone

first_img415 West 13th Street is currently occupied by clothing retailer Allsaints. (Google Maps)A Meatpacking District landlord got burned by its tenant — and now, the valuation of its storefront has been chopped.The clothing store AllSaints has not paid rent at its 11,862-square-foot space at 415 West 13th Street since March 2020, according to Trepp, which tracks mortgage data. But as a result, the property’s valuation fell by over 70 percent to $13 million from nearly $50 million in 2016.RREEF Real Estate, an affiliate of Deutsche Bank, purchased the retail space in an off-market transaction in 2012. It sits on the first floor of a five-story office condo building.A spokesperson for RREEF did not immediately return a request for comment.Read moreManhattan retail market awaits recovery as vacancies rise in Q1 Manhattan’s retail loss is outerborough’s gain Value of building at former Domenico Vacca flagship cut by 70 The lender for an $18 million CMBS loan tied to the property is also pursuing avenues to collect what it’s owed. The loan, originated by JPMorgan Chase, is being marketed for sale.AllSaints opened the Meatpacking location in 2010, and also has a Soho storefront at 512 Broadway. In late June, a U.S. bankruptcy court approved its restructuring, giving the company protection from creditors. It has also filed for insolvency in the United Kingdom.As part of its restructuring, the retailer was able to modify terms of its leases with its landlords to use “turnover rent.” Instead, its lease payments will come from 20 percent of the store’s sales, according to Trepp. At its Meatpacking site, the modification will lead to an 80 percent rent reduction from its lease, which runs until 2026.New York city’s retail market has taken a big hit since the pandemic began, with stores closed and foot traffic at record lows. Total retail leasing dropped by nearly 59 percent in the first quarter of 2021 from a year prior, according to a recent report by CBRE.last_img read more

Keith Urban to headline Christus gala

first_imgBEAUMONT — Keith Urban — world famous country star currently celebrating his 22nd No. 1 song – will be taking the stage at the 37th Annual Christus Gala on Saturday, April 22.Keith Urban is a four-time Grammy Award Winner, 10-time Country Music Association Award Winner, and 11-time Academy of Country Music Awards Winner. His current number one song “Blue Ain’t Your Color” received two Grammy nominations, in addition to Album of the Year for RIPCORD, his fifth consecutive platinum or multi-platinum album.Each year, the Christus Southeast Texas Foundation continues to raise the bar by offering world class entertainment, five-star cuisine, and elegant ambiance. Past Christus Gala entertainers include James Taylor, Aretha Franklin, Don Henley, and Reba McEntire, just to name a few. In 2001, the Country Music Association honored Urban with its Horizon Award. He was the first Horizon Award winner in history to go on to win the CMA’s Male Vocalist of the Year, a title he’s captured three times, and the coveted Entertainer of the Year. Since then, Urban’s career has seen a long list of groundbreaking firsts and accomplishments reserved for the music industry’s elite.“We are thrilled to welcome Keith Urban to Beaumont. His incredible success as a country musician, as well as his foray into the pop music scene, makes him relatable to a wide range of audiences. Each year, we strive to offer the Southeast Texas community a night of unforgettable entertainment, and we believe that Keith Urban will help us do just that, ” Ivy Pate, foundation president, said. The much anticipated and always exceptional Gala brings the community together to celebrate the Christus mission of extending the healing ministry of Jesus Christ. The black tie benefit provides an opportunity for an intimate evening of entertainment starting with cocktails and hors d’oeuvres at 7 p.m. followed by a gourmet meal at 8 p.m., all leading to Keith Urban’s performance at 9:30. Tables for eight starts at $3,000 and individual seating starts at $375. Seating is limited and expected to sell out quickly. To learn more or to receive an invitation, call (409) 236-7555. For more information about the foundation or to reserve your table for the event please visit www.christussoutheasttexasfoundation.org.A groundbreaking album for Urban, RIPCORD marked the second time that one of his albums debuted simultaneously atop the all-genre charts in the U.S., Canada and Australia. He is the only male Country artist to achieve this mark, not just once, but twice. The album thus far, has produced four #1 songs including “Wasted Time,” which moved Urban to #8 on Billboard’s All-time Country Airplay Chart, “John Cougar, John Deere, John 3:16” and “Break On Me.” It leaves Urban’s streak as the artist with the most consecutive top 10 songs on Billboard’s Country Airplay Chart (37) well in tact – a streak that started in August of 2000.Urban’s reputation as a premier songwriter, vocalist, musician and virtuoso guitarist has afforded him the opportunity to collaborate with the likes of The Rolling Stones, John Mayer, Steven Tyler, Miranda Lambert, John Mellencamp, Alicia Keys, Tim McGraw and Taylor Swift, Vince Gill and Eric Church.last_img read more

Sound arguments

first_imgTo continue enjoying Building.co.uk, sign up for free guest accessExisting subscriber? LOGIN Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to building.co.ukBreaking industry news as it happensBreaking, daily and weekly e-newsletters Subscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our community Get your free guest access  SIGN UP TODAY Subscribe now for unlimited accesslast_img read more

St Joseph’s College Pupils Visit Scottish Parliament

first_imgAddThis Sharing ButtonsShare to FacebookFacebookFacebookShare to TwitterTwitterTwitterShare to LinkedInLinkedInLinkedIn Oliver Mundell MSP  welcomed pupils from St Joseph’s College in Dumfries to the Scottish Parliament on Thursday. The pupils were given a tour of the Parliament before taking in First Ministers Questions Time. Afterwards they quizzed the Dumfriesshire MSP on a wide range of topics. Commenting on the visit, Oliver Mundell MSP said: “It is always great to see youngsters taking an interest in politics and I hope they enjoyed their visit.” “Afterwards, they certainly didn’t hold back in their own questions, asking me my views on everything from independence, to Theresa May, my Dad, the pressures to please my party, Donald Trump and even asking how much I get paid!center_img “I’ve found school visits to be one of the most rewarding parts of being a MSP so far and with over 50 pupils visiting, St Joseph’s College was my busiest so far. “I was delighted to welcome them to the Scottish Parliament and they certainly got to see a fiery First Ministers Questions time.last_img read more

Report: Bristol Bears U18s 19-46 London Irish U18s

first_imgBristol scored three tries, courtesy of Deago Bailey, Tom Wilstead and Ollie Holiday, but were overpowered by clinical Irish during the second half.The visitors took the lead three minutes into the game, following a strong kick off. After a slow start from the Bears, London Irish doubled their lead not long after. At 0-10 down, the Bears kicked into gear and Deago Bailey crossed the line after a nicely worked line out.last_img