Kushner Companies has filed papers to raise $100 million through a bond issuance on the Tel Aviv Stock Exchange. (Getty, iStock) As a senior advisor in the Trump White House, Jared Kushner played a lead role in implementing the outgoing administration’s Middle East policy. And now, Kushner’s family firm is heading to the region to raise money.Kushner Companies has filed papers to raise $100 million through a bond issuance on the Tel Aviv Stock Exchange, the Wall Street Journal reported.“Kushner is considering the option of issuing bonds on the Tel Aviv Stock Exchange,” a Kushner spokesperson said in statement. “The company has had years of success working with Israeli institutions as both a borrower and a partner.”With its favorable interest rates and the ability to issue unsecured corporate bonds, Israeli bond markets have long been a popular source of financing for New York developers large and small, from the likes of Related Companies and Extell Development to All Year Management and Spencer Equity.Kushner Companies’ issuance would likely occur in the first quarter of 2021, according to the Journal, and would mark the developer’s first bond issuance in Israel. As a bond issuer, the company will be required to make periodic disclosures to the Tel Aviv Stock Exchange, and be subject to the scrutiny of Israeli securities authorities and rating agencies.Read moreDecember mag: Kushner eyes return to normalcy. Good luck.Charlie Kushner gets presidential pardonThe Israeli bond market shakeoutNYC developers face downgrades on Israeli bond market Though Kushner’s spokesperson declined to say what the funds would be used for, the company’s move comes at a time when real estate investors have been building up liquidity in anticipation of distressed asset investment opportunities. This month, the company put a 10-property Baltimore multifamily portfolio on the market which it believes could sell for $800 million.Kushner Companies has previously received other forms of investment from Israeli financial institutions, such as Bank Leumi, Bank Hapoalim, Psagot Investment House and Harel Group.The company’s business ties to the Middle East have raised concerns about conflicts of interest in the past. This month, Democrats in Congress launched an investigation into whether bailout financing for Kushner Companies’ 666 Fifth Avenue was connected to the lifting of a Saudi blockade of Qatar.One of the major achievements of the Trump administration’s Middle East policy has been the normalization of Israel’s diplomatic relations with Arab countries including the United Arab Emirates, Bahrain, Morocco and Sudan. [WSJ] — Kevin Sun Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink TagsCharlie KushnerJared Kushnerkushner companiesTel Aviv Stock Exchange Share via Shortlink
Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Suri Kasirer (Photo by Axel Dupeux)Suri Kasirer is one of New York’s most active lobbyists and often recognized as one of the most powerful women in the city. Her eponymous firm, which employs about 30 people, earned the most among the city’s lobbying groups last year with $12.9 million in total revenue, up from $11.5 million in 2017, according to the city clerk’s office. In the more than two decades since she launched her business, Kasirer has helped influence major initiatives, including the rezoning of Midtown’s Vanderbilt Corridor and the Cornell Tech campus on Roosevelt Island, and her roster of clients now includes SL Green, Vornado, Silverstein Properties and Two Trees, among others. Though real estate accounts for more than half of her business today, she and her associates work with clients in the technology, education, health care and nonprofit sectors as well. Kasirer also sits on the boards of the New York League of Conservation Voters, Citymeals on Wheels, the Women’s Leadership Forum and the New York Building Foundation, and is one half of a political power couple. Her husband, Bruce Teitelbaum, was a chief of staff for Mayor Rudolph Giuliani and has gone into real estate development since leaving the public sector in 1999. But Kasirer said their professional lives don’t mix. The couple live in a condo on Broadway and West 73rd Street with their three children. DOB: Oct. 28, 1958Lives in: Upper West SideHometown: Glendale, QueensFamily: Married with three children (a daughter, 12, and twin boys, 10)Did you always have an interest in working in politics and government? My father was a Holocaust survivor, and I was very young when he would tell me these stories every night. As a child, I always worried a lot about how I would survive if there was another Holocaust, who I knew and how I could protect my family. That really led to my own interest in figuring out how to make a change and how to influence those in a position of authority.What was your family life like? I grew up in a two-bedroom Mitchell-Lama co-op in Glendale. There were four of us, so it was a little tight. My brother slept in the living room. My mom still lives in that apartment. My father passed away two years ago.What did you do for fun? I used to horseback ride as a kid and hang around with my friends. We had a stable not far from our apartment building, and I rode until I was about 15.Were you a good student? I was an activist. I was always involved in student government and always meeting with principals and teachers to explain how students felt about something. I got a longer lunch hour. Little things that meant a lot as a student.And you went to Yeshiva University? Yeah, I studied history and sociology. When I graduated, I founded this organization called the Council for the Rescue of Syrian Jews. I did that for a period of time, and I also did some teaching.Did you have an idea for a career path when you graduated? I wanted to have the experience of being both in politics and in government, and so I worked on the Clinton campaign, which was an amazing experience. Then I went to work for Mario Cuomo as his liaison to the Jewish community.When did you decide to start your own business? I started my business [in 1997]. I was doing some consulting work out of my apartment. I was representing the Jewish League at the time, and they called me and said, “We have the office next door available.” I said, “Okay, but I don’t really have any staff.” And I then said, “Well, I guess I should hire somebody to answer the phones.” That was my first hire, and I realized that I had a business.Were there a lot of women in government relations then? Yeah, there were women in government relations. There weren’t a lot of business owners that were women. Over the years there have been one or two, but not many.Did you find that challenging? I think, in general, women are held to a very, very high standard. People tend to want to second-guess you. And I think oftentimes we, as women, don’t necessarily speak with the same authority as men — even though they may not be as sure of themselves on a particular topic.Have you seen any changes with the #MeToo movement, either in government relations or in real estate? Not really. I mean there are a limited number of women in real estate as owners and very few as CEOs. And I think, as women, it’s probably difficult to get financing. There are some very powerful women out there that are doing great things, and I hope they’re going to lead the way to change.You worked on the Midtown East rezoning on behalf of SL Green. What was that process like? We worked on it from the very beginning, at the end of the Bloomberg administration. We realized very early on that the politics weren’t going to come together for that. But SL Green already had an anchor tenant, and they really couldn’t wait for the new administration to work on a second rezoning. So we came up with this idea of having the Vanderbilt Corridor.What’s been the most challenging project that you worked on? The Cornell Tech project was very challenging. We went in with a $2 billion project and 2 million square feet in a small community. And when we did, people weren’t that receptive. At the end we worked really hard on the ground to build a tremendous amount of support in the community.What was the feeling like when they won the bid? Oh, it was so exciting. We were up against Stanford, and we perceived that as our biggest competition. Every time Mayor Bloomberg and Bob Steel would talk about the project they would say, “Well, if only we could get Stanford!” We really needed to demonstrate that we were going to be the hardest-working people in town.Who were some of your first real estate clients? I represented Trinity Real Estate … I represented a lot of people in the Downtown area through my relationship with the Alliance for Downtown New York. Early on I represented Goldman Sachs and did some work for their real estate group. But I very much started in the not-for-profit space and from there built the real estate practice.There was a controversy early on with your relationship with your husband. You were banned from lobbying the Giuliani administration after it came to light that you were advocating for special parking privileges for Goldman, even though you hadn’t registered as a lobbyist at City Hall. We were trying to solve a very local problem [at Goldman’s headquarters in the Financial District]. And at the time, it was really a community board issue, and one would argue that I didn’t have to register. But it was very hard to explain the lobbying laws and the registration laws, and once you have to start explaining you lose the battle. But that’s how you learn from controversy.How did you and Bruce meet? I was working on the Dinkins campaign, and I met Bruce because he was on the other side of that. When Giuliani won, I called Bruce and said, “If I could ever be helpful in terms of dealing with the Jewish community …” It was his first stint in government. We got invited to a Friday night dinner together and we started talking, and the rest is history.Did you talk about politics in the beginning? It sounds like you two are opposites sides of the coin. Yeah, we don’t talk about politics a lot because we tend not to agree on politics. People always say, “I can’t believe you married a Republican,” because I’m very much a liberal Democrat. But I would say that Bruce and I came together on two very important issues: We’re both against the death penalty and both pro-choice. But we certainly don’t agree on Israeli politics — Bruce is very right-wing on Israel, and I’m very much to the left — and we don’t agree on Democratic politics.Are your children starting to form political opinions? It breaks along gender lines. My daughter says she is a Democrat; the boys say they’re Republicans.When did you buy your first home? We bought our first home in the Hamptons. And it was a big discussion as to whether we should buy a bigger apartment in the city or get a second home that could give us a little break from the city. We chose to do that, and that was before we had three kids.And you bought a condo a few years back, right? Yeah, at 2112 Broadway. When my daughter was born, we were in a small rental and we needed a bigger apartment. I pointed to that building, the Apple Savings Bank, and I was like, “There is a big sign up there that says those apartments are for sale.” Bruce came back one day and said, “I have a surprise for you. We have an interview to see the model apartment.” It was a real stretch for us at the time, and we negotiated because we didn’t use a broker — we just literally came in off the street because of the sign.What do you think is the most substantial legislation in the works now impacting real estate? There is a lot of legislation that’s of concern to the real estate community, and there’s a number of things that we’re following for our clients. We get quite a number of submissions on things like commercial rent control and the rent stabilization bills. We just worked on the greenhouse gas emissions bill.Do you think the real estate industry is optimistic about how the commercial rent bill will play out? I think it’s really important to keep the dialogue going. I think that it’s very hard sometimes for politicians to understand the impact of their legislation on business and the people who are on the ground doing the work. I think it’s super important to spend the time to educate people and keep logging time about it. I’m not ready to give up on anything yet.What about the impact high rents have had on store closures? No one wants empty storefronts, but it’s hard to force people to keep stores open that don’t work. Sometimes you have to let the market adjust itself.You’ve been involved in fundraising for the mayor and Corey Johnson. Does it happen often that you have potential conflicts that you have to think about avoiding? I had a side business that did fundraising for a long time, and I always felt like it was hard to get people elected and then lobby them, so I really shut down that part of the business. I might encourage clients of mine who feel excited about a particular candidate to support a candidate, but I’m out of the fundraising business.What about representing a range of private clients? Are there conflicts there? I try to be very careful about conflicts. I represent the Hotel Association, and I would not represent Airbnb. I represent the American Cancer Society, so I would not represent the cigar companies.Each year your firm is at the top of the city’s lobbyist rankings. What separates the wheat from the chaff in your line of business now? First of all, obviously, you need to have relationships. You need to understand government and politics and the intersection of the two. But I think, most importantly, you need to have a strategy, and then you need to be nimble enough to be able to constantly change that plan.—Edited and condensed for clarity.An earlier version of this story described Tishman Speyer as one of Suri Kasirer’s clients. Tishman Speyer has not engaged Kasirer.
(iStock/Illustration by Kevin Rebong for The Real Deal)The spike in home prices may have finally caught up to eager buyers.Existing home sales fell 6.6 percent in February to a seasonally adjusted rate of 6.22 million from January’s rate of 6.69 million, according to the National Association of Realtors’ monthly report. It’s the first month-over-month decline since November, and it affected every region NAR tracks except the west.Analysts expected last month’s rate of sales to drop, but forecasted only a 2.8 percent decrease compared to January’s levels.Lawrence Yun, NAR’s chief economist, attributed February’s results to historically low inventory, unchanged from January’s 1.03 million units on the market. Meanwhile, home prices continued to rise: The median sales price increased for the 108th consecutive month to $313,000. That’s up nearly 16 percent from a year ago.ADVERTISEMENTRead moreHome sales, prices rose in January as inventory hit new loExisting home sales fall for the first time in 5 monthsHomebuilder sentiment falls as lumber costs soar “Home affordability is weakening,” Yun said in a statement. “Various stimulus packages are expected and they will indeed help, but an increase in inventory is the best way to address surging home costs.”At February’s pace of sales, there is two months’ worth of supply on the market, a dip from the 3.1 months’ worth of inventory available at the same time last year.Homebuilders appear to be on a different page from buyers: Housing starts dropped 10.3 percent in January and market sentiment among builders dropped for the third time in four months in February. Soaring lumber prices are partly to blame for the decrease.Despite the drop-off in buyer activity, last month’s rate of sales was still up 9.1 percent from a year ago.Yun pointed to the year-over-year gains, which occurred in every regional market, to back up his view that home sales will be higher in 2021 than in 2020.“The nation is on the cusp of returning to a sense of normalcy,” he said. “Many Americans have been saving money and there’s a strong possibility that once the country fully reopens, those reserves will be unleashed on the economy.”At the same time, mortgage rates have begun to increase and prices remain elevated, lowering the likelihood that lower-income buyers will be able to purchase homes — particularly as many were increasingly shut out of the housing market last year.Contact Erin Hudson Email Address* Full Name* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Housing MarketNational Association of RealtorsResidential Real Estate Share via Shortlink Tags Message*
Thanks to its solid investment-grade rent roll, the building’s finances have hardly been impacted by the pandemic. A 385-square-foot coffee shop on the ground floor is the only tenant that is behind on rent, and no tenants have been granted rent relief.Vornado pays $1.6 million per year in ground rent at the property, with no rent steps or resets through 2063. The fee owner is “an affiliate of Mendik Company,” according to the DBRS report, while public records indicate that its president is Mark Karasick, a principal of 601W Companies.Contact Kevin Sun Full Name* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Message* Tags Email Address* Vornado’s Steve Roth. (Getty, Google Maps)Since it was built in 1968, the 490,000-square-foot warehouse at 909 Third Avenue in Midtown has been home to the United States Postal Service’s main mail handling facility in New York City. The warehouse forms the base of a 32-story office tower designed by Emery Roth & Sons, giving the building — which occupies the block between 54th and 55th Streets — a unique shape.Vornado Realty Trust acquired the leasehold interest in the property in 1999, and has since invested more than $184 million in capital improvements, including two major renovations that added outdoor amenity space and led to the building receiving LEED Gold certification.According to a new rating report from DBRS Morningstar, Vornado is currently lining up a $350 million CMBS refinancing for the building that’s expected to close in mid-April. The document also provides an inside look at the property’s finances.As of December, the 1.35 million-square-foot property was 98 percent leased to 15 tenants, according to the DBRS report. Investment grade-rated tenants account for 66 percent of the rentable area.In terms of annual rent paid, the building’s largest tenant is IPG DXTRA, a subsidiary of the Interpublic Group of Companies, one of the “big four” global advertising shops. IPG first moved to the property in 2013 with 230,000 square feet of direct space, and expanded its footprint a few years later by subleasing 112,300 square feet from Forest Laboratories.Forest Laboratories, which is now part of pharmaceutical conglomerate Allergan, is the property’s second largest office tenant with nearly 169,000 square feet, including space subleased to other tenants. Financial advisory and wealth management firm Geller & Company rounds out the top three with 126,000 square feet on the 15th through 18th floors.While office tenants at 909 Third Avenue pay between $60 and $80 per square foot in annual gross rent, USPS’s rent is far cheaper at $14 per square foot. According to an appraiser estimate cited by DBRS, market rent for the industrial space could be as high as $55 per square foot on a triple-net basis“Due to the unique nature of the space, mission critical location in the heart of Manhattan, renewal history, and severely below-market rents, DBRS Morningstar assumed that the USPS will continue to extend its lease through the final maturity date in October of 2038,” the report says.Read more2018: Omni takes full floor at 909 Third Avenue2018: Wall Street spin doctor Sard Verbinnen relocating on Third Avenue2015: IPG inks huge expansion at Vornado’s 909 Third Share via Shortlink cmbsOffice LeasingTRD InsightsVornado
Message* Bad weather was a factor in February’s decrease in construction spending. (Getty)Thanks to bad weather and pricier materials, construction spending fell slightly last month — though it’s still higher than it was last year.National construction spending dropped 0.8 percent to a seasonally adjusted estimated rate of $1.516 trillion in February, according to the Census Bureau’s monthly report. In January, spending hit a record rate of $1.528 trillionWinter storms in Texas, which slowed down construction projects, were partly to blame, along with soaring costs and the decline in nonresidential projects, according to the Associated General Contractors of America.“Contractors are having a hard time finding work, and when they do, they are getting squeezed by rapidly rising materials prices,” said Stephen Sandherr, the organization’s CEO. “New infrastructure investments will certainly help with demand, but the industry also needs Washington to help address supply-chain problems and rising costs.”ADVERTISEMENTRead moreHome sales drop in February as inventory remains at all-time lowUS home price growth hits 15-year highPending home sales fall for fifth consecutive month Full Name* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Tags Email Address* Despite February’s decline, construction spending is still higher than it was a year ago. Total spending was up 5.3 percent year-over-year.Residential construction spending — both private and public — was up 21 percent compared to February 2020. That’s important, considering housing inventory remains at historically low levels — and economists say the lack of available homes on the market is beginning to eat into sales. Low inventory, combined with seemingly unstoppable demand from buyers, is also pushing home prices ever-higher.Contact Erin Hudson Share via Shortlink Commercial Real EstateConstructionResidential Real Estate
The occurrence of congenital entropion and true haemophilia in a closed population of working British Antarctic Survey sledge dogs is described. The difficulties of determining the patterns of inheritance are discussed.
The biology of two species of diving petrel (Pelecanoides georgicus and P. urinatrix exsul) was studied at Bird Island, South Georgia. Existing criteria (bill shape and morphology, wing length) for distinguishing these species are reviewed, and several new characters are recognised. For adults bill depth, the colour of the posterior part of the tarsus, and vocalisations are distinctive; chicks have down of different colours (pale grey in P. u. exsul, dark grey in P. georgicus). At South Georgia the species breed in different habitats and at different times – P. u. exsul nests in steep tussock slopes in very early summer, P. georgicus in fine scree slopes in midsummer. P. georgicus lays a proportionately larger egg, and has an incubation period of 46 days (c.54 days in P. u. exsul) and a chick fledging period of 46 days. The fledging period of P. u. exsul is 54 days, very similar to recorded values for P. u. urinatrix (53.5 days) and P. u. chathamensis (56 days). Data on feeding frequency and feed size were derived from daily chick weighings and from twice-daily weighing during 30 days preceding fledging. In both species chicks are fed every night, and often by both parents. In P. georgicus true mean chick feed size is c.37 g; in P. u. exsul it may be slightly less. Analysis of chick stomach contents suggests that P. u. exsul feeds extensively on copepods, whereas P. georgicus largely takes krill (Euphausia superba). P. u. exsul breeding adults commence moulting before their chicks have fledged; P. georgicus moults exclusively in the non-breeding season. Ectoparasites were collected, and the feather louse Pelmatocerandra setosa was found to be restricted to P. u. exsul, and Pelmatocerandra enderleini to P. georgicus. P. georgicus, which breeds later and whose chicks fledge faster, is suggested to be better adapted to the climatic and marine environmental conditions than P. u. exsul, which may be the more recent colonist of these high latitudes.
In 1986, the Bird Biology Subcommittee of the Scientific Committee on Antarctic Research (SCAR) Working Group onBiology recommended that a list of recent publications on Antarctic and sub-Antarctic seabirds species from 1986 be prepared. The 1996 list, the eleventh to be produced and published in Marine Ornithology, has been compiled by scanning the relevant literature and abstracting services, and by correspondence with members of the subcommittee. Readers are requested to send reprints of their recent relevant literature, including ones missing from this or previous lists, to the author for inclusion in subsequent lists.
New bathymetric and magnetic anomaly data from the Phoenix Ridge, Antarctica, show that extinction of all three remaining segments occurred at the time of magnetic chron C2A (3.3 ± 0.2 Ma), synchronous with a ridge-trench collision south of the Hero Fracture Zone. This implies that the ultimate cause of extinction was a change in plate boundary forces occasioned by this collision. Spreading rates slowed abruptly at the time of chron C4 (7.8 ± 0.3 Ma), probably as a result of extinction of the West Scotia Ridge, which would have led to an increase in slip rate and transpressional stress across the Shackleton Fracture Zone. Spectacular, high-relief ridges flanking the extinct spreading center, mapped for the first time using multibeam swath bathymetry, are interpreted as a consequence of a reduction in spreading rate, involving a temporary magma oversupply immediately prior to extinction.
Interactions between the Southern Ocean and the Weddell Sea ice shelves are important both to the Antarctic Ice Sheet and to the production of globally significant water masses. Here we review the interaction between the Filchner-Ronne Ice Shelf and the shelf sea in which it floats. The continental shelf processes leading to the production of Weddell Sea deep and bottom waters from the original off-shelf source waters are discussed, and a new view is offered of the initial production of High-Salinity Shelf Water. Data from ship-based measurements at the ice front, from glaciological methods, and from measurements made within the sub-ice shelf cavity itself are used to describe the pattern of flows beneath the ice shelf. We also consider the variability observed within the cavity from tidal to interannual time scales and finish with a discussion of future research priorities in the region.