Vornado inks another $52M closing at 220 Central Park South

first_imgVornado announced in a February earnings call that the developer had sold 91 percent of the building’s units to date — despite “a very soft luxury market.” Many of the contracts were signed before the market went south.Agents are prohibited from conducting in-person showings while Covid-19 continues to pose a threat, but they are allowed to continue to work from their offices — and show properties virtually — as long as social-distancing practices are followed.Write to Mary Diduch at [email protected] This content is for subscribers only.Subscribe Now Vornado Realty Trust’s Steven Roth and 220 Central Park South (Credit: Roth by Bruce Glikas/FilmMagic; Jim.henderson via Wikipedia Commons)The global pandemic that continues to slam markets hasn’t stopped closings at Vornado Realty Trust’s ultra-luxury 220 Central Park South.Another eye-popping sale has been completed at the Billionaire’s Row tower, this time for almost $52.3 million, a property record filed last week shows. The offering price on the full-floor unit was $57 million, per a 2019 amended condominium offering plan.The buyers of the unit are two trusts, whose trustees are David J. Stoll and Walter Edelstein, the filing shows. Stoll, an attorney, did not immediately respond to a request for comment. Walter Edelstein, also an attorney, could not be reached.The four-bedroom unit encompasses the 62nd floor of the building. The deal for the 5,935-square-foot pad closed March 31, some 11 days after Gov. Andrew Cuomo ordered non-essential workers to stay home as the coronavirus escalated around New York.ADVERTISEMENTThe deal pencils out to roughly $8,800 per square foot. An anonymous buyer also recently closed on the floor below, another full-floor unit, for $51.4 million.Read moreVornado closes out 2019 with another $59M sale at 220 CPSFree and clear: Vornado pays off debt at 220 CPSAt 220 CPS< buyer joins $100M clublast_img read more

National bench proposed in magistracy structure shakeup

first_imgThe structure of the magistracy is to be overhauled to bring it into line with the rest of the judiciary, the Gazette has learned.Work to develop a framework for a single bench for the magistracy is one of several aims contained in the ‘A Strategy for the Magistracy 2019-2022’ document. The strategy, drawn up by the Magistrates Leadership Executive, was endorsed by the lord chief justice in December but has not been made publicly available.Duncan Webster, national leadership magistrate, told the Gazette that the government has made clear its intention to abolish local justice areas and create a single bench. The 2017 Prisons and Courts Bill would have resulted in the organisation and leadership of the magistracy being dealt with through a system of circuits – as with the rest of the judiciary. However, the bill was lost when the 2017 general election was called.Webster said the current organisational structure of 73 local justice areas has no strategic design and is out of kilter with other judicially recognised areas that have been subject to reform.Instead, the initiation and listing of cases could be sensibly organised across a wider geographical area to facilitate improved access to justice, he said. Legislation relating to the payment and enforcement of fines is ‘generally regarded as anachronistic’. Leadership and management arrangements for the magistracy require local organisation.Webster said: ‘There is a tension between having large [Local Justice Areas] where the business of the magistrates’ courts can be sensibly organised across a logical geographical unit, and having a bench of hundreds of magistrates who may not feel the same “local” affinity. LJAs are no longer synonymous with access to local justice.’The Magistrates’ Association said it would consider any proposal for a single justice area on its merits ‘but as yet we do not believe that the case has been made for such a significant and potentially destabilising change’.Penelope Gibbs, a former magistrate, said: ‘The magistracy faces huge problems in recruitment and training. We need to tackle those problems innovatively rather than remove a crucial structure of local justice, which allows magistrates a measure of democratic self-governance.’last_img read more

First Coradia trainset in Africa enters service

first_imgALGERIA: Minister of Public Works & Transport Abdelghani Zalene attended a ceremony on March 2 to open buildings at Alger’s Agha station and mark the entry into service of national railway SNTF’s first Alstom Coradia Polyvalent electro-diesel multiple-unit. Public services between Alger and Oran were scheduled to start the following day.SNTF and Alstom signed the €200m contract for the supply of 17 six-car 160 km/h inter-city trainsets on July 29 2015. The vehicles are being built at Alstom’s Reichshoffen site in France, with Saint-Ouen undertaking design work, Le Creusot supplying the bogies, Ornans the traction motors and alternators, Tarbes the drive system and Villeurbanne the on-board electronics and passenger information systems. Dynamic testing has been undertaken in France and at the Vélim test centre in the Czech Republic. The first trainset was delivered to the Port of Alger on January 28, and underwent testing on the SNTF network ahead of entry into passenger service. The rest of the fleet is scheduled to be delivered this year.The SNTF trainsets are the first from Alstom’s Coradia family to be supplied to Africa. They units are similar to those operated by France’s SNCF under the Régiolis brand, but are protected against sand, and feature powerful air-conditioning which has been tested in the climate chamber at Alstom’s La Rochelle site to verify performance in temperatures up to 55°C.last_img read more