After big upstate push, multifamily heavyweight E&M cashes in chips

first_imgEmail Address* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink Sources with knowledge of the deal said that the Kingston sale was in part precipitated by Langer’s need to pay outstanding debts to Churchill Real Estate. Last year, he scrambled to secure $26 million in financing for a bridge loan on a 3,000-unit rent-regulated multifamily portfolio.E&M successfully fended off an attempt in 2019 to place some units in the portfolio under rent regulation, after changes to the law at the state level made it a possibility. The high rate of turnover at the Kingston Village complex, which would have been vulnerable to such a conversion, stymied the local rent control effort.All of the units are currently market-rate, and according to marketing documents, the buyers plan to renovate more than half of the apartments over a 32-month period, raising rents an average of $428. According to the marketing materials, the new owners plan to sell the properties to the next buyer with “meat on the bone” — i.e., the possibility of raising rents further.Prior to E&M’s acquisition of the properties, they were owned by Bob Morgan, who the SEC accused of running a “Ponzi-scheme like” scam through his buildings. The charges were ultimately settled.Peter Wolf of Select Real Equity Advisors, who brokered the transaction for the seller, said that interest in the area has increased dramatically since the 1990s. The marketing materials on Crowdstreet tout the portfolio’s proximity to New York City and the influx of restaurateurs fleeing high rents, which started before Covid-19. Inflows to the once-quiet Hudson Valley town have since intensified, according to the documents, making Kingston a particularly desirable destination for people who left Manhattan since the outbreak of coronavirus.Contact Georgia Kromrei 305 Hurley Avenue in Kingston with E&M’s Daniel Goldstein and Irving Langer (Photos via Google Maps; E&M)E&M Management, once one of New York City’s largest landlords of rent-regulated apartments, is selling its massive Hudson Valley portfolio for more than $100 million.A partnership of multifamily firm Aker and investment firm Pearlmark closed on four of the firm’s properties for $81 million, which is $26 million more than E&M purchased them for, sources told The Real Deal. The buyers raised $21.8 million on the commercial real estate crowdfunding platform Crowdstreet.Those four properties, which have approximately 500 units, are clustered around Kingston, an area that has seen significant interest — and rising prices — in recent years. Together with its other holdings in the area, the properties made E&M one of the largest landlords in Ulster County. They were jointly owned by E&M Management’s Irving Langer and Daniel Goldstein, who each held a 50 percent stake.Those four properties are located at 30 Black Creek Road in Highland; 557 Broadway in Port Ewen; and 305 Hurley Avenue and 111 Hudson Valley Landing in Kingston. The Kingston Waterfront property includes 67 existing units, with approvals to develop 54 more apartments and 11,000 square feet of commercial space. E&M acquired the portfolio between 2016 and 2019.A fifth property, the 217-unit Sunset Gardens at 45 Birch Street, is being sold separately, and is in contract at $34.5 million.E&M declined to comment. Aker and Pearlmark did not return requests for comment.Read moreLandlords chase big returns upstateMultifamily giant Irving Langer races to refinance 3,000-unit portfolioHEADLINEcenter_img Full Name* Message* TagsMultifamily MarketTri-statelast_img read more


Estimating and managing blowout risk during access to subglacial Antarctic lakes

first_imgAs Antarctic subglacial lake research progresses to in situ exploration an important topic is thelake’s probable gas concentration. Depending on hydrological setting, subglacial lakes may contain largeamounts of dissolved gas or gas trapped within clathrates. Consequently, access can be potentiallydangerous due to the risk of blowout where depressurization could lead to high-speed ejection of water andgas from a borehole. We present a structured approach to assess the blowout risk in subglacial lakeexploration. The approach integrates a generic event tree, applicable to open and closed hydrologicalsystems, with site-specific expert judgment incorporating rigorous probabilistic formulations. Themethodology is applied to a motivating example: Ellsworth Subglacial Lake. Judgments elicited througha formal process were provided by five experts with 88 years combined experience that, after aggregation,gave a median risk of blowout of 1 in 2186 with a lower quartile of 1 in 3433 and an upper quartile of 1 in1341. This approach can be applied to any subglacial lake given a modicum of knowledge on itshydrological setting, as uncertainty can be captured through the elicited judgments. Additionally, the eventtree analysis informs blowout mitigation strategies to reduce risk of injury or death.last_img read more


Lockheed starts low rate production of CH-53K helicopters

first_img Share this article View post tag: US Marines Back to overview,Home naval-today Lockheed Martin starting low rate production of CH-53K King Stallion helicopters September 4, 2017 Lockheed Martin starting low rate production of CH-53K King Stallion helicopters View post tag: CH-53K Authorities The US Naval Air Systems Command has awarded Lockheed Martin a Low Rate Initial Production (LRIP) Lot 1 contract to build two production CH-53K King Stallion helicopters.Under the $303,974,406 million contract, Sikorsky will deliver two production aircraft to the U.S. Marine Corps in 2020 along with spares and logistical support. Aircraft assembly will take place in Stratford, Connecticut.Production of the most powerful helicopter in the U.S. military follows the April 4, 2017, Milestone C decision by the Defense Acquisition Board (DAB) approving LRIP production.The King Stallion is being acquired to replace the CH-53E Super Stallion.“Gaining the U.S. Marine Corps approval to enter into production and the award of the first contract are milestones made possible by the tremendous achievements of the joint Sikorsky, Naval Air Systems Command (NAVAIR) and U.S. Marine Corps team,” said Dr. Mike Torok, vice president, CH-53K programs. “This is what we have been striving for – to deliver this amazing capability to the U.S. Marine Corps.”“We have just successfully launched the production of the most powerful helicopter our nation has ever designed. This incredible capability will revolutionize the way our nation conducts business in the battlespace by ensuring a substantial increase in logistical through put into that battlespace. I could not be prouder of our government-contractor team for making this happen,” said Col Hank Vanderborght, U.S. Marine Corps program manager for the Naval Air Systems Command’s Heavy Lift Helicopters program, PMA-261.According to Lockheed Martin, the CH-53K can carry a 12.200 kg/27,000 lb external load over 204 km /110 nautical miles in high/hot conditions (33°C/91.5°F at an altitude of 914m/3,000 feet), which is more than triple the external load carrying capacity of the CH-53E aircraft it is replacing.The helicopter cabin gives increased payload capacity to internally load 463L cargo pallets, High Mobility Multipurpose Wheeled Vehicles (HMMWV) or a European Fenneck armored personnel carrier while still leaving the troop seats installed. The CH-53K’s external hook system provides the capability to lift three independent external loads simultaneously.The King Stallion also brings full authority fly-by-wire flight controls while mission management reduce pilot workload enabling the crew to focus on mission execution. Features include advanced stability augmentation, flight control modes that include attitude command-velocity hold, automated approach to a stabilized hover, position hold and precision tasks in degraded visual environments, and tactile cueing.The CH-53K’s internal health monitoring systems with fault detection/fault isolation, coupled with a digital aviation logistics maintenance system that interfaces with the Fleet Common Operating Environment for fleet management, provides improved combat readiness for the Marine Corps.The U.S. Department of Defense’s Program of Record remains at 200 CH-53K aircraft. The U.S. Marine Corps intends to stand up eight active duty squadrons, one training squadron, and one reserve squadron to support operational requirements. View post tag: Lockheed Martinlast_img read more


Groundbreaking Ceremony Held For Future YMCA Facility

first_imgJUNE 12TH, 2018 TYRONE MORRIS EVANSVILLE, INDIANAA groundbreaking ceremony was held Tuesday afternoon at the new YMCA facility future site on the corner of Sixth and Court streets.The new building will be across the street from the current location which will stay open until the new facility is finished.The two-story, 80,000 square foot facility will offer several features for YMCA members beyond a gym and pool.Officials say they plan to provide stem opportunities for kids and have a teaching kitchen to expand their nutritional services.Derrick Stewart, YMCA CEO, says, “We’ve worked hard. We’ve had a lot of decisions to make along the way that have been challenging. But being here today with a hundred people to celebrate this groundbreaking with us; I think was just a real example of the impact of the YMCA and the importance of this project and redevelopment of our downtown.”The new facility is expected to open in August of 2019. TwitterFacebook FacebookTwitterCopy LinkEmailSharelast_img read more


Ocean City Unveils $87.4 Million Budget

first_imgThe proposed 2021 municipal budget will go through negotiations between City Council and Mayor Jay Gillian’s administration before a final vote is taken. By DONALD WITTKOWSKIOcean City is proposing an $87.4 million municipal budget for 2021 that reflects the financial challenges of the COVID-19 pandemic, including the unprecedented decline last year of key sources of revenue.The spending plan calls for a 2.2 cent increase in the local property tax rate, but that figure is expected to decline once the city learns just how much it can use of $7 million in federal stimulus funding toward the budget.Frank Donato, the city’s chief financial officer, told City Council during a detailed budget presentation Thursday night he is confident that some of the stimulus aid can be incorporated to reduce the proposed tax increase.“It will definitely pull down the tax rate,” he said.The proposed budget is about $5.7 million higher than the $81.7 million spending plan in 2020. Donato cited higher pension costs, salaries and wages, health care, trash collection and debt service as major expenses driving up the 2021 budgetAs it stands now, the budget’s proposed 2.2 cent increase in the tax rate would translate into an extra $110 annually for a home assessed at $500,000 or $220 for a home assessed at $1 million.Donato said it is too early to definitely say how the city will allocate the $7 million in stimulus money it will receive. Ocean City is awaiting more guidance from the state government, but stimulus funds may generally be used for COVID-related programs and to help offset revenue losses, he noted.Reflecting a dramatic shift in its finances caused by the pandemic, Ocean City suffered a decline of revenue in 2020 in critical areas that are usually reliable moneymakers year after year, Donato explained.He called the revenue declines “unprecedented” in his 20 years of working for the city. Overall, there was a $1.3 million decline in those revenues in 2020 compared to the previous year.Significant drops in revenue occurred in parking fees, the municipal court system and the Aquatic & Fitness Center, among other areas, Donato pointed out.Chief Financial Officer Frank Donato gives City Council a presentation on the proposed budget.The Aquatic & Fitness Center was closed down for months during the state and city’s pandemic shutdown. The city had projected $700,000 in revenue from the center for 2020, but the final figure was only $309,000, budget figures show. In most years, the center generates about $1 million in revenue, Donato saidParking revenue came in at $2.3 million, about $600,000 lower than what was projected. Donato said uncertainty about the pandemic cut into Ocean City’s day-tripper market, causing the drop in parking revenue.“The day-tripper is what we really lost last year and those are the ones who fill up our parking lots,” Donato told Council during his presentation.The pandemic’s impact on the day-tripper market was also reflected in the city’s beach tag sales. Overall, the city’s total beach tag revenue of $3.8 million in 2020 was slightly higher than the $3.7 million projected at the beginning of the year. Traditionally, beach tag revenue is around $4 million annually.Seasonal beach tag sales were strong in 2020, suggesting that second homeowners spent much of their summer vacations in Ocean City, Donato said. But the sale of weekly and particularly daily beach tags were off, indicating fewer day-trippers visiting the resort, he added.Overall, the city’s revenue sources help to reduce the budget’s reliance on property taxes.“We are lucky to have so many revenue sources,” Donato said.What will help the city’s finances this year is money that is being returned by the Ocean City Free Public Library. The city helps to fund the library operations each year. Any unused operating money goes back to the city.With the library being closed for months during the pandemic, its operating expenses declined. As a result, the city expects to receive about $1.7 million from the library in 2021 to help boost the municipal budget, Donato said.Parking revenue took a hit in 2020, apparently because fewer day-trippers visited Ocean City during the onset of the pandemic.Ocean City will also benefit from its expanding tax base, which usually increases more than $100 million annually to reflect the higher value of local real estate. The total tax base for 2021 is $12.1 billion, up nearly $200 million from last year, figures show.“The growth in our town is phenomenal,” Donato said.Also helping to underwrite the 2021 budget is $3.5 million in surplus funds. At the same time, the city is proposing to leave about $3.1 million in surplus funding in reserve as a “rainy day” fund for unexpected or emergency expenses such as storm-related costs.Donato believes that some of the stimulus money Ocean City is receiving may be used to help replenish the budget surplus.City Council President Bob Barr indicated that he may want to use an even bigger portion of the surplus funds to help finance the budget.Barr noted that the surplus has traditionally been used for “rainy days” or emergencies.“It’s raining outside,” he said metaphorically of the financial pressures caused by the pandemic. “This is the time to use it.”Council and Mayor Jay Gillian’s administration are expected to negotiate changes in the budget before it is formally introduced by the governing body in April. A public hearing and final Council vote on the spending plan are tentatively scheduled in May.“It’s a living document,” Donato said of how the budget is subject to change.last_img read more


News story: North Yorkshire PCC to take on responsibility for North Yorkshire Fire and Rescue Service

first_imgPolice and Crime Commissioner (PCC) for North Yorkshire Julia Mulligan’s proposal to take on responsibility for North Yorkshire Fire and Rescue Service has today been approved by the Home Secretary.The PCC is set to join Roger Hirst of Essex, who became the country’s first police, fire and crime commissioner in October 2017, alongside other PCCs who have had their proposals to take on responsibility for their local fire and rescue services approved. These include Stephen Mold, PCC for Northamptonshire, John Campion, PCC for West Mercia, Matthew Ellis, PCC for Staffordshire, and Jason Ablewhite, PCC for Cambridgeshire.Through the Policing and Crime Act 2017, the government has introduced a range of measures to drive greater collaboration between emergency services, enabling services to share best practice and become more efficient and effective. This includes enabling PCCs to take on governance of fire and rescue services where a local case is made.Before submitting her proposal, PCC Julia Mulligan was required to undertake local consultation, considering the views of the public and relevant local stakeholders. As the relevant local authorities in the area did not support the transfer of governance, the Home Secretary commissioned an independent assessment of the PCC’s proposal in November 2017.The Home Secretary carefully considered the contents of the proposals, consultation materials, the views and representations made by statutory consultees and the PCC responses to them, together with the conclusions of the independent assessment.The Home Secretary was satisfied the proposals demonstrated that a transfer of governance would be in the interests of economy, efficiency and effectiveness, without having an adverse effect upon public safety.In the interests of transparency, and in line with the provisions of the Policing and Crime Act 2017, the independent assessment has today been published.last_img read more


22-Year-Old Bonnaroo Attendee Killed On Highway Near Festival Site

first_imgTragedy occurred near the Bonnaroo Music & Arts Festival grounds last night, as a 22-year-old fan named Casey Young was killed after rushing onto the local Interstate 24 at around 1 AM. The situation started when Young climbed over a guard rail near Interstate 24. He immediately ran into a tractor-trailer on the highway, where he was then thrown into the middle of the road. Another vehicle then fatally struck him, though both cars stopped after the accident and have been compliant in the investigation. Young had no identification on his body, except a Bonnaroo bracelet.Autopsy reports will determine if any alcohol or drugs were in Young’s system at the time of the accident. Our hearts go out to all of Young’s loved ones during this difficult time.[H/T Manchester Times]last_img read more


Students start 4-H awareness movement

first_imgWhat started out as a marketing campaign last summer has turned into a rally cry for Georgia 4-H. Students, 4-H alumni and staff working with the program are now declaring “I am Georgia 4-H” with bumper stickers, T-shirts and floods of comments on the 4-H Facebook page.A group of high school students who make up the Georgia 4-H Youth Technology Leadership Team came up with the idea. They are in charge of making videos about Georgia 4-H.“We started thinking ‘let’s do I am Georgia 4-H’, and it spread from there,” said Cheryl Varnadoe, a University of Georgia Cooperative Extension 4-H and youth specialist.Varnadoe, who is a part of the technology team, said they were surprised at how people responded to the new slogan. “We thought it would be big, and we thought a lot of people would think it was catchy, but we’re just amazed at how big it’s become,” she said. “We’re pleased everybody likes it, and everybody’s getting into it.”Georgia 4-H is the youth outreach arm of UGA Cooperative Extension. In 2010, more than 156,000 students participated in Georgia 4-H programs. Besides projects and competitions, members go to camps and events all over the state and nation.The “I am Georgia 4-H” project began as a web document where people could go and submit their stories. Now the concept has its own Facebook page (www.facebook.com/iamga4h?ref=ts) with close to 1,500 fans and hundreds of stories.It also has its own website at iamga4h.org.Varnadoe grew up in Georgia 4-H. For her, it’s more than a job. “It’s my lifeblood,” she said. “It’s everything to me, and I’m just looking forward to being a 4-H mom. My son is seven, and he’s ready to be a 4-H’er.”Georgia 4-H will celebrate National 4-H Week Oct. 3-9 by continuing its “I am Georgia 4-H” theme. Counties across the state are having special events and contests to celebrate the week.“We’re really reconnecting with people through this campaign,” Varnadoe said. “I feel like we’re in so much better shape. People have really realized how much 4-H meant to them and what a difference 4-H made and has continued to make in their lives.”Ultimately, she hopes that this project will prompt more people to help out with their local 4-H programs, either with their time or money.“This project comes at a crucial time in Extension when we need people’s help,” Varnadoe said. “We need more volunteers.”For more information about “I am Georgia 4-H,” visit iamga4h.org. For more information about Georgia 4-H, visit www.georgia4h.org.last_img read more


Dry as Dirt

first_imgThe woods have been so dry that crashing from the mountain bike has become much more of a deterrent than usual.It really hurts to land a hip or shoulder onto dirt so dry and hard that it’s crackled into a large puzzle. The moss is shriveled and brown, and there aren’t any mushrooms. The raspberries, which should be popping out all fat, red, and juicy are tiny morsels of hardening sourness, covered in little green hairs. Ew.Hitting the ground now causes seismic movement, which on these __-year-old bones causes tiny fractures. Then again, maybe the high-impact will also create better bone-density?But then it rained…it was a beautiful, slow, soaking rain that sprinkled on and off. It soaked gently into the ground, moistening the deep crevices and quenching the wilting rhododendrons. Then it would stop, with grey clouds hovering over the tree canopy to hold the wet inside.It was Elijah’s first ride in the rain, and it was a long one. I schooled him on the treacherousness of the angled wet roots and how to keep the front wheel light. Few people, who aren’t from Oregon or England, can ride in these conditions. These mountains are known for staying slick. It doesn’t have to be raining for a front wheel to slide out, or for there to be a rocky creek to navigate.It had been so dry that even after a few rain showers the bike was barely laying tracks. But it was enough to frustrate an 8-year-old who doesn’t yet know to distribute weight back and forth between the front and rear tires while climbing across a thin layer of snot and picking through wet rocks. He was smart to take the downhill conservatively slow and never once tested the ground for density.We got back to the car soaked, with a thin layer of grit and shiny micah – far better than eye shadow. Now that we’d stopped, we were finally cold, grateful for the dry clothes and oatmeal cookies, but sorry to change while sitting in the front seat of a pickup truck. Maybe we should’ve rode naked.last_img read more


4 Mountain Biking Routes that End in Great Swimming Holes

first_imgThe mountains of the Blue Ridge region are chock-full with a wide variety of mountain bike trails. From moderate rides along old roads to rugged ridge climbing single-track trails; the options accommodate every skill level. Yet, the summer sun has a way of leaving all riders in pursuit of one common goal: a little relief from the scorching heat.  For those in search of mountain bike routes that are manageable on even the hottest of days, we have compiled four rides that will land you in some cold, refreshing mountain water. These four routes, a mixture of moderate grade and swimming holes will keep you riding through the dog days of summer.Seneca Creek Trail | West VirginiaThe Monongahela National Forest of West Virginia is your ticket to great trails and swimming holes. Seneca Creek Trail, specifically, will land you at an incredible spot under the thirty-foot Seneca Falls. The route is a relatively easy ride along an old forest road that crosses several streams and swings you past additional choices of swimming holes.7010449_large_2f672d1465064023Seneca FallsGreentown Trail in Wilson Creek | North Carolina  The Wilson Creek Wild and Scenic River Area offers not only beautiful views and well-kept trails, but also includes several swimming holes. Located in Pisgah National Forest, Wilson Creek is a portion of the Grandfather District. Make sure to choose your route wisely as only some trails allow for mountain bikes. Biking is permitted on Greentown Trail and will be your best bet for cooling off in the river along the way. Starting off Highway 181, the blue blazed Greentown trail crisscrosses and winds along the river. After your ride, wade in and cool off from the river’s bank.Screen Shot 2016-08-16 at 10.41.15 AMSouthside Junction Trail | New River Gorge, West VirginiaThe New River Gorge is an East Coast goldmine for mountain biking. A large network of trails provides several options for grade variety.  However, the beautiful winding waters of the New River are what truly make this area a summer destination. As you ride along the river’s edge, it will be hard to resist a refreshing dip into the chilly mountain water. For those scorching hot summer days, consider the Southside Junction Trail as your route of choice. This scenic, seven-mile path along an old railroad track moseys past several ideal spots to stop and wander down to the river for a swim.new_river_gorge_bridge-e1463580312881The New River Gorge is an East Coast goldmine for mountain biking.Panthertown Valley loop with Schoolhouse Falls | North CarolinaNot far from the popping city of Asheville, North Carolina, the enchanting Nantahala National Forest is home to Panthertown Valley. Here, miles of biking trails offer a variety of rides, loops and terrain. One of the best features in the striking wilderness of Panthertown Valley is Schoolhouse Falls. This is a swimming hole you will not want to pass by. Cool off under the waterfall as it empties into the deep swimming hole below. Screen Shot 2016-08-16 at 10.41.26 AMSchoolhouse Falls in Western North Carolina’s Panthertown Valley.From Salt Rock parking area, bikers can pick up Blackrock trail. Which leads into Power Line Road. You can then choose to create a loop using North Road. Come prepared for a short hike as access to Schoolhouse Falls is only by a footpath trail.Related Content:last_img read more