{"id":86,"date":"2011-05-15T23:26:30","date_gmt":"2011-05-16T03:26:30","guid":{"rendered":"http:\/\/www.rldgroup.com\/?page_id=86"},"modified":"2020-10-04T20:42:12","modified_gmt":"2020-10-04T20:42:12","slug":"events","status":"publish","type":"page","link":"https:\/\/www.rldgroup.com\/events\/","title":{"rendered":"News &#038; Events"},"content":{"rendered":"<div class='rssjb'><ul>\n<li> <a class='title' target='_blank' href='https:\/\/www.crainsnewyork.com\/politics-policy\/eric-adams-moves-padlock-illicit-cannabis-shops-under-new-state-authority'>Adams moves to padlock illicit weed shops under new state authority<\/a><br\/><span class=\"excerpt\">Mayor Eric Adams\u2019 administration is moving to take advantage of its newfound ability to inspect and then padlock illicit cannabis shops, thanks to the authority the city was granted in last month\u2019s state budget. The city on Tuesday published a new set of emergency rules that would give the City Sheriff the ability to inspect businesses selling cannabis and seal the shops entirely when they pose an \u201cimminent threat\u201d to public health and safety. Authorities planned to inspect 20 different shops on Tuesday, Sheriff Anthony Miranda told reporters during a press conference, where he called in live from a Lower Manhattan smoke shop that deputies had just raided. Adams had long begged the state for permission to more quickly shutter the unlicensed retailers, which now number around 2,800 across the city, according to his administration. Although Adams had promised to close down all illegal shops within 30 days of being granted the authority to do so, it took City Hall more than two weeks to draft the new policies following the state budget\u2019s passage. The city\u2019s rules mainly formalize what the state budget already authorized, such as the ability to inspect shops suspected of selling marijuana without licenses. But the rules shed more light on how the city plans to carry out those inspections: The Sheriff\u2019s Office will create a \u201croster\u201d of shops due for inspections, compiled through a mix of law enforcement observations, civilian complaints and signage or advertisements from the shops themselves. To padlock a shop, the sheriff can point to any of the \u201cimminent threats\u201d already listed in the state\u2019s cannabis law, such as evidence that the store sold cannabis to minors or carried unlicensed products. But the city is also adding its own new restrictions: a cannabis shop can be considered an \u201cimminent threat\u201d if it is within 1,000 feet of a school or house of worship, according to the new rules \u2014 a bigger range than the 200-foot limit that the state imposes on legal cannabis retailers. \u201cThe greater distances included in this rule reflect the more serious risks that illegal businesses pose,\u201d reads the city\u2019s new rule. The regulations are being put forward by the Department of Finance, which oversees the city\u2019s Sheriff\u2019s Office. When sheriff\u2019s deputies seize illicit cannabis, they will be required to store the products in a secure location based on a not-yet-specified \u201ccataloguing system\u201d and give each business a list of the items seized. Storeowners whose products are taken can challenge the seizure and petition for the items\u2019 return within 20 days. \u201cIf you\u2019re out there, we have a lock with your name on it,\u201d Adams said during a press conference Tuesday morning. The Finance department is adopting the new rules on an emergency basis, allowing them to take effect quickly and skip the usual weekslong public comment period for agency regulations. The proliferation of unlicensed weed shops has become visible in virtually every corner of the city and embarrassed the state as it tries to jumpstart its slow-rolling legal cannabis program. About 40 legal cannabis stores have opened within New York City since last year. The Adams administration has made other efforts to shutter the shops, including by filing lawsuits against them under the city\u2019s public nuisance law and threatening legal action against more than 600 landlords who lease space to the stores. City Hall says it has closed 128 unlicensed stores and issued more than 20,000 summonses, but the efforts have plainly failed to put a major dent in the problem. Other provisions in the new state budget will subject landlords to a $50,000 fine if they fail to start eviction proceedings after being warned they are renting to an illicit shop. The budget also empowers the state\u2019s Office of Cannabis Management to padlock businesses immediately after an inspection if they are found to be selling illicit products or peddling to minors. The mayor\u2019s office said the inspections on Tuesday were part of a citywide crackdown that \u201cwill accelerate in the coming weeks.\u201d But the administration has made no recent promises about when it expects to close down a bigger chunk of the shops.<\/span><\/li><li> <a class='title' target='_blank' href='https:\/\/www.crainsnewyork.com\/real-estate\/gun-hill-brewing-cos-laconia-avenue-location-will-become-latest-city-taproom-close'>A decade-old Bronx brewery becomes latest city taproom to close<\/a><br\/><span class=\"excerpt\">This keg has run dry. A decade-old brewery in the Bronx is closing its doors for good next week \u2014 becoming one of almost half a dozen in the city that have shuttered in the past six months. The brew masters at Gun Hill Brewing Co., which opened in 2014 at 3227 Laconia Ave., will serve their last pint in the borough May 18 in what&#039;s become a competitive industry. &quot;There&#039;s been an explosion of breweries in the last 10 years,&quot; said Dave Lopez, one of the partners behind the tap room. &quot;We&#039;ve had a hard time justifying all the price increases since Covid.&quot; Then-Bronx Borough President Rub\u00e9n D\u00edaz Jr. celebrated the opening of the Williamsbridge neighborhood brewery during the kickoff to Bronx Week in 2014, the Daily News reported at the time. Rapper Swizz Beatz, a native of the borough, was on hand as an honoree. Lopez says the company is not tapping out of the business for good and will continue to make its hops upstate as well as operate a smaller offshoot of the brewery, the Gun Hill Publick House, in Sunset Park&#039;s Industry City. But the firm&#039;s decision to close the 5,000-square-foot taproom, between Boston Road and Duncan Street, was not made lightly, said Lopez, who cited the increased costs of raw materials and utilities. Gun Hill is now joining the fate of four other breweries across the city that have also recently closed: Coney Island Brewery, Interboro Spirits &amp; Ales in East Williamsburg, and LIC Beer Project and Big aLICe Brewing in Long Island City. Coney Island Brewery, on Surf Avenue near Luna Park in what&#039;s known colloquially as the people&#039;s playground, similarly attributed its closure to financial struggles and the &quot;seasonality of the area,&quot; which is usually packed during the summer months but empties out as it gets cooler, according to Brooklyn Magazine. &quot;It&#039;s definitely part of a larger trend,&quot; said Lopez. Meanwhile, even more have opened in just the past few years: Torch &amp; Crown Brewing Co. opened in SoHo in 2021; Talea Beer Co. has opened three new taprooms since 2022, two in Manhattan and a third in Cobble Hill; and Finback Brewery also opened up two taprooms, one in Long Island City and the other in Gowanus, in 2023 and 2022, respectively.\u00a0 The longtime owner of the former Gun Hill Brewing Co. property, Charles Monaco, told Crain&#039;s Tuesday that the lease goes for $10,000 per month, and he hopes to rent it out to something other than an auto body shop.<\/span><\/li><li> <a class='title' target='_blank' href='https:\/\/www.crainsnewyork.com\/real-estate\/steven-roth-and-michael-bloomberg-agree-clever-concession-extend-hq-lease'>Roth and Bloomberg agree to \u2018clever\u2019 concession to extend HQ lease<\/a><br\/><span class=\"excerpt\"> In return for keeping its\u00a0 global headquarters at 731 Lexington Ave. , Bloomberg LP struck an unusual deal that could lower its rent by as much as 10%. The exact amount won\u2019t be determined until the new lease takes effect in 2029. Depending on market rates, there\u2019s a chance former Mayor Michael Bloomberg\u2019s company could pay higher rent for its 900,000 square feet of space in the tower at the corner of East 59th Street. But at least for now, investors reckon the new rent will come in at the lower end after Vornado Realty Trust reported last night the Midtown office market continues to hobble.\u00a0 Occupancy in the landlord\u2019s Midtown office towers continued to erode last quarter and rental income fell by a surprising 5% while new tenants remain tough to find. Vornado\u2019s share price fell by 7% in midday trading Tuesday. Against this tough backdrop, Bloomberg\u2019s decision yesterday to extend its lease until 2040 was a big win for\u00a0 Steven Roth , who is CEO of both Vornado and the real estate investment trust that owns 731 Lexington Ave., Alexander\u2019s Inc. Vornado owns about a third of Alexander\u2019s. On an earnings call, Roth said that Alexander\u2019s would be collecting $98 per square foot in net rent, after taxes and other expenses, when Bloomberg\u2019s lease expires in five years. Under the terms of the extension, Bloomberg would pay a minimum net rent of $88.72 per square foot and a maximum of $108.44. The amount would depend on market rates in 2029 for Class A office space.\u00a0 \u201cWe have certainty on the bottom as to what the rent would be,\u201d Roth said. \u201cBoth tenant and landlord think this is a fair deal and a clever way of handling the future.\u201d Roth committed to spending up to $124 million, or $135 per square foot, on improving 731 Lexington, which has been occupied by Bloomberg since it opened 20 years ago. Bloomberg also secured a year of free rent, which analysts say is typical for a deal of such magnitude. Locking in a key tenant for another 16 years was perhaps the best news Roth could offer after Vornado delivered a disappointing quarter.\u00a0 The occupancy rate in its 20 million square-foot New York office portfolio declined to 88.2% from 89.9% in the prior-year period, due mainly to tenants moving out of premiere buildings at 280 Park Ave. and 1290 Sixth Ave. Rental income in the New York portfolio fell by 5.1%, weaker than expected.\u00a0 Next month Meta Platforms will move out of a third of its 775,000 square feet of space at 770 Broadway. Filling vacant space remains a challenge, with leasing volume coming in at 291,000 square feet last quarter, down from 777,000 in the prior-year period. Concessions amounted to 14.5% of initial rent, a figure Evercore ISI described as \u201cmeaningfully higher\u201d than the fourth-quarter figure of 11.4% and a signal that bargaining power is strengthening for potential tenants. \u00a0<\/span><\/li><li> <a class='title' target='_blank' href='https:\/\/www.crainsnewyork.com\/banking-finance\/stock-market-disaster-hedges-are-cheapest-nine-years'>Stock market disaster hedges are the cheapest in nine years<\/a><br\/><span class=\"excerpt\">Buying options to protect against a stock market plunge is the cheapest in nine years.\u00a0 As the Cboe Volatility Index \u2014 or VIX, which measures expected swings in equity markets \u2014 sank over the past couple weeks, so did an index tracking the implied volatility of VIX options, known as the VVIX. The VVIX finished Monday\u2019s session just above 73, its lowest closing value since May 2015. Early in Tuesday\u2019s session, the index advanced only slightly, holding well below its one-year average of 89. The lower the implied volatility, the cheaper the options. So the drop in the VVIX shows traders aren\u2019t spending money on VIX call options \u2014 often used as insurance against a major stock selloff given the VIX tends to spike when the S&amp;P 500 slides. The S&amp;P 500 index was little changed early Tuesday after surging over the past two weeks amid strong corporate results and signs of a cooling labor market, which raises hopes that the Federal Reserve may cut interest rates this year. The VVIX has \u201crarely spent much time below the ~80 level,\u201d Christopher Jacobson, co-head of derivative strategy at Susquehanna International Group, wrote in a Tuesday note. Jacobson added that earlier this year, the VVIX closed below 76, prompting a VIX call buyer to snap up 250,000 contracts and bump up VVIX alongside it. \u201cWhile we aren\u2019t predicting a similar outcome this time, we also would not be surprised to see opportunistic hedgers come in to take advantage of the low VIX\/VVIX setup through call purchases,\u201d he wrote.<\/span><\/li><li> <a class='title' target='_blank' href='https:\/\/www.crainsnewyork.com\/real-estate\/apparel-company-buys-older-garment-district-office-building-west-36th-street-site-bet'>Apparel company buys Garment District site in a bet on an office turnaround<\/a><br\/><span class=\"excerpt\">A Garment District apparel company has zigged where others have zagged. As buyers and sellers of commercial real estate take a breather, Studio Nazar, which specializes in midmarket women\u2019s clothing, has snapped up the 7-story office building at 124 W. 36th St. as an investment property. It\u2019s a bet that interest rates will soon come down and office rents will rise, to revitalizing effect. \u201cI believe the market will come back at some point,\u201d Joseph Nazar, the company\u2019s founder, told Crain\u2019s. \u201cAt least that\u2019s my hope.\u201d Nazar added that the midblock site, near Seventh Avenue, will become the new location of Studio Nazar\u2019s offices, which are currently at nearby 499 Seventh. But Nazar added that his 30-year-old company will not undertake any manufacturing at the 28,000-square-foot building and will likely lease out empty floors to different kinds of tenants. No. 124 is more than 30% vacant, according to CoStar, while rents in the building average $28 per square foot a year. The deal went into contract Jan. 10 and closed May 3. Bank of America provided $5 million in acquisition financing, according to the city register. The seller of the 1922 structure, which also contains retail space, was Dosol Corp., a real estate entity based on West 37th Street. Alan Mandelbaum, who signed the deed on Dosol\u2019s behalf, could not be reached for comment. Fashion companies have shown an interest in sewing up deals in the past few months. Prada spent a whopping $822 million at the end of 2023 on a pair of Fifth Avenue buildings in the Plaza District, at Nos. 720 and 724, before tacking on a third commercial space on West 56th Street in April for $13 million. And a few weeks later, Gucci parent Kering plunked down $963 million for 715-717 Fifth Ave., a property right across the street with multiple levels of retail space. The moves were seen as an attempt to lock in real estate costs at a time of unpredictability and fluctuation, though the companies were reportedly hunting around for years. Studio Nazar\u2019s acquisition is hardly in the same ballpark. But it\u2019s not the first Garment District clothing company to avail itself of depressed values in its neighborhood. In March Walter &amp; Samuels unloaded 225 W. 39th St., a similarly aged midblock property and one stung by the departure of coworking provider WeWork, for about $22 million to executives at IHL Group, a manufacturer of casual clothing for TJ Maxx and other stores. Older office buildings lacking amenities and located in untrendy neighborhoods, a description that could apply to much of the Garment District, have been particularly vulnerable in the current office-market slump. Their small-scale tenants are often deciding not to renew their leases at the Class B and Class C buildings because many of their employees now regularly work from home, brokers and landlords say. But Mayor Eric Adams has proposed rezoning the Garment District and other Manhattan enclaves to create as much as 4,000 units of housing, a change that could boost sagging property values. No. 124 sits in an area the mayor has pledged to rezone.<\/span><\/li><li> <a class='title' target='_blank' href='https:\/\/www.crainsnewyork.com\/real-estate\/nyc-deals-day-may-7-2024'>Deals of the Day: May 7<\/a><br\/><span class=\"excerpt\"> Leases Construction firm opening project office at Industry City Address: Industry City Building 2, BrooklynLandlord: Jamestown, Belvedere Capital and Angelo Gordon &amp; Co.Tenant: Skanska USALease size: 15,300 square feetAsset type: OfficeBrokers: Jeff Fein and Matt Stewart represented the landlord in-house. Communications firm takes space in Flatiron District Address: 49 W. 23rd St., ManhattanLandlord: 23 R.P. AssociatesTenant: Drury DesignLease size: 5,594 square feetAsking rent: Approx. $53 per square footBrokers: Kaufman Organization&#039;s Mark Furst and Catherline Vilar represented the tenant. Adams &amp; Co.&#039;s Jeff Buslik, Alan Bonett and Brad Cohn represented the landlord. Blockchain firm inks NoHo lease Address: 740 Broadway, ManhattanLandlord: Lafayette-Astor AssociatesTenant: Skip ProtocolLease size: 3,886 square feetLease length: 3.5 yearsAsset type: OfficeBrokers: Lee &amp; Associates&#039; Dennis Someck, Justin Myers, and Rachel Kirkham represented the tenant. Newmark&#039;s Robert Silver, Anthony Sciacca, and Brittany Silver represented the landlord, along with GFP Real Estate&#039;s Neith Stone. Financings Flushing condo development lands construction loan Address: 138-28 Northern Blvd., QueensOwner: Linzhong ZhuoLender: S3 CapitalLoan amount: $64 millionAsset type: Mixed-use condos Industrial parcel redevelopment in Long Island City gets financing Address: 45-40 Vernon Blvd, QueensOwner: ZD Jasper RealtyLender: Elite UnitedLoan amount: $25 million\u00a0Asset type: Mixed-use \u00a0 Read more about the deal here . <\/span><\/li><li> <a class='title' target='_blank' href='https:\/\/www.crainsnewyork.com\/climate\/nyc-begins-work-200m-lower-manhattan-flood-barrier'>City begins work on $200M Lower Manhattan flood barrier<\/a><br\/><span class=\"excerpt\">The city will soon demolish and rebuild The Battery promenade five feet higher to help protect Lower Manhattan from powerful storm surge and rising sea level. Mayor Eric Adams announced Monday the start of construction on the city\u2019s $200-million Battery Coastal Resilience project. The city-funded effort will make parts of the wharf and park \u2014 a major draw for tourists \u2014 off-limits until 2026. But once complete the city says the project will shield some 300,000 workers, 100,000 residents and 12,000 businesses from flood waters. \u201cThis is the single largest urban climate adaptation project in the nation, and it will lay groundwork to protect our city&#039;s future,\u201d Adams said during a news conference at The Battery. The Battery Coastal Resilience project is one of a string of waterfront initiatives that together are known as the Lower Manhattan Coastal Resiliency Project, which began with the Bloomberg administration. Adams described Monday\u2019s groundbreaking as part of \u201cthe relay to hand off the baton to make sure that we protect our waterfront and our infrastructure.\u201d The city\u2019s Economic Development Corp., in partnership with the parks department, will implement the project in two phases to reduce the impact on park access. During the initial phase of construction, crews will raze and reconstruct the western portion of the promenade by 2025. The second phase of work will rebuild the eastern half of the esplanade, with work expected to be complete in 2026. Ferry operations to the Statue of Liberty will be unaffected, said city officials. The city says it&#039;s currently mobilizing marine construction equipment, including cranes, tug boats and excavation machinery mounted on barges, to tear down the promenade stretching from the East Coast Memorial to Pier A. Immediately to the north of the project, state-run Battery Park City is in the midst of its own more than mile long effort to reimagine the western waterfront with fixed and deployable flood barriers. On the opposite side of The Battery planning is underway for yet another city-led coastal project, known as the Financial District and Seaport Climate Resilience Master Plan. North of that project additional protections are in the works along Manhattan\u2019s eastern flank. \u201cAll of it forms a comprehensive multi-billion dollar effort that&#039;s already taken us 12 years; it&#039;s got several more years to go,\u201d said Rohit Aggarwala, the city\u2019s chief climate officer and the commissioner of the Department of Environmental Protection. \u201cThe good news is that within a couple of years we are going to start seeing the first of these projects complete.\u201d<\/span><\/li><li> <a class='title' target='_blank' href='https:\/\/www.crainsnewyork.com\/real-estate\/river-ring-project-wont-work-under-485-x-david-lombino-says'>Two Trees&#039; Lombino on why massive Williamsburg project won&#039;t work under new tax break<\/a><br\/><span class=\"excerpt\">New York developers have long insisted that an affordable housing tax break replacing 421-a is a vital part of the push to build more homes in the city. But their response to the replacement in this year&#039;s state budget, 485-x, has been muted at best. And now, one prominent developer is saying the higher wage and stricter affordability requirements in the program have effectively killed a huge project the company had planned for Williamsburg. &quot;It&#039;s not feasible right now,&quot; Two Trees Managing Director David Lombino said of River Ring, the sprawling, mixed-use development the firm intended to build on the neighborhood&#039;s waterfront. &quot;It was a popular project, but we were reliant on a tax-incentive program, and the new program is more expensive than the old program.&quot; River Ring would have featured more than 1,000 residential units, 25% of which would have been affordable for families earning between 40% and 130% of the area median income, or about $56,000 to $182,000 for a family of three. Amenities were to include a $150 million waterfront park and a YMCA. But allowing units to be designated as affordable for families earning as much as 130% of the area median income was one of the biggest complaints about 421-a, and under 485-x, the highest level allowed is 100%, or about $140,000 for a family of three. Construction wages must be higher as well, starting at $72.45 an hour for buildings in parts of Manhattan, Queens and Brooklyn, including where Two Trees was planning to build River Ring. That area is known as &quot;Zone A.&quot; Now is a tough environment for real estate in general thanks to factors such as high interest rates and development costs, which Lombino acknowledged. But he stressed that 485-x does nothing to mitigate these issues. &quot;Nothing in 485-x acknowledges the interest rate environment,&quot; he said. &quot;In fact, it makes it more expensive to build than the old program.&quot; Representatives for Gov. Kathy Hochul&#039;s office did not respond to a request for comment by press time. In her remarks on April 15 announcing the budget deal, she said 485-x &quot;will jumpstart housing production for the city while creating permanently affordable units, all the while ensuring that good wages will be there for our hardworking men and women who build them.&quot; The New York Post first reported news of the decision from Two Trees. The firm is run by the Walentas family and famous for spearheading the transformation of Dumbo. Lombino declined to specify what else Two Trees could build at the River Ring site but said the company would not leave it undeveloped indefinitely. The company is also still moving forward on its comparably ambitious mixed-use Domino project in the neighborhood, which still qualifies for 421-a under the program&#039;s deadline extension to 2031 that was also included in the state budget. He expects other developers to make similar decisions going forward. &quot;Over the next couple years, there will be a lot of construction [being finished] under the old 421-a program with the completion deadline extension,&quot; he said. &quot;You&#039;ll see few if any people starting projects under 485-x in Zone A.&quot; Passing any replacement for 421-a has proved difficult. It expired in mid-2022, and there was virtually no momentum in the state Legislature behind developing a new program that year or in 2023, with many critics essentially saying good riddance to what they saw as a giveaway to large developers that produced little truly affordable housing. Lombino says there had been a chance to pass a more effective program this year given the major change in attitude many New Yorkers have had around housing. &quot;There&#039;s an increasing understanding that housing supply needs to increase dramatically,&quot; he said. &quot;You have people from all sides of the spectrum saying we need more housing, even council members you wouldn&#039;t necessarily suspect given their politics.&quot; And he pushed back on the notion that Two Trees was bluffing, stressing that the firm needs to have an expectation that its real estate projects will make financial sense before moving forward on them. &quot;The return on investment needs to be higher than what you can get in a high yield savings account or with a certificate of deposit from your local bank. Otherwise people are going to deploy their capital in different ways,&quot; he said. &quot;It&#039;s not a charity.&quot;<\/span><\/li><li> <a class='title' target='_blank' href='https:\/\/www.crainsnewyork.com\/real-estate\/scribner-building-renews-club-monaco-lease'>Struggling Fifth Avenue landmark Scribner Building gets a new chapter<\/a><br\/><span class=\"excerpt\"> The noble but neglected Scribner Building on Fifth Avenue has renewed the lease for its last remaining tenant at a higher rent, marking the first good news in many years for the landmarked property where F. Scott Fitzgerald and Ernest Hemingway used to meet their publisher. Apparel retailer Club Monaco agreed to extend its lease through 2031 at a price of $208 per square foot, according to court records, a substantial increase from its previous rent of $125 per square foot. Officials at real-estate services firm JLL say more good news is to come. \u201cWe\u2019re just now starting to show the building,\u201d said property manager Carolyn Austin. \u201cIt\u2019s been through some things.\u201d Located at 597 Fifth Ave. on the corner of East 48th Street, the former headquarters and bookstore for publisher Charles Scribner has lost nearly all its tenants since 2020. The 12-story, 67,000 square foot building\u2019s exterior and interior are both landmarked and the upper-floor spaces are small.\u00a0 Landlord Thor Equities \u201ceffectively abandoned\u201d the building, a receiver said in a court document, adding Club Monaco officials seeking to negotiate a lease extension last year \u201cwere unable to reach a responsible party willing and able to negotiate one.\u201d Austin said maintenance contractors took care of the 111-year-old building without pay. Neither Thor Equities, which is led by Joe Sitt, nor legal representatives responded to a request for comment. A spokesperson for Thor told The Real Deal in January that it had written off the Scribner Building \u201cyears ago.\u201d\u00a0 Investors in the defaulted $105 million mortgage for the building and neighboring 3 E. 48th St. face a 72% loss, KBRA estimated in a report last month. The bank Wilmington Trust, trustee for the security that holds the mortgage, sued last year to seize custody of the buildings.\u00a0 The building\u2019s court-appointed receiver, Hope Plasha, didn\u2019t return a call. Although the new Club Monaco lease provides much-needed stability for the Scribner Building, its rent illustrates the dramatic decline in fortunes for some of Fifth Avenue\u2019s handsome but older retail spaces. Skims, the apparel company founded by Kim Karsdashian, has agreed to lease space at 647 Fifth Ave. at a rent\u00a0 75% below the $770 per square foot paid by the previous tenant, Donatella Versace. An appraiser last year valued 597 Fifth at $980 per square foot, or 40% below the price paid by Thor Equities to buy 597 Fifth from a Kuwaiti investor in 2011. \u201cThe numbers show Fifth Avenue doesn\u2019t have the same cache as it used to,\u201d said Roy Chun, senior managing director at KBRA. It\u2019s a different story only eight blocks north, where the Paris-based parent of Gucci in January paid $963 million for 717 Fifth Ave.,\u00a0 more than triple the estimated value of the 115,000 square-foot space at the corner of East 56th Street. Prada paid\u00a0 nearly $400 million for 720 Fifth Ave. late last year. New management was installed at the Scribner Building last year when JLL replaced CBRE, which declined to comment.\u00a0 Pop-up retailers have expressed some interest in short-term deals, Plasha said in court documents, and potentially longer-term tenants demanded months of free rent and an inducement payment to sign a lease. Plasha said the strongest offer came from Club Monaco, which first leased space in late 2019 and agreed to forego free rent but negotiated a $2 million inducement payment in return for agreeing to the seven-year extension. It also agreed to let the landlord terminate the lease in 2028 for a $500,000 fee if the market rebounds. Club Monaco is owned by California-based private equity firm Regent, whose portfolio includes Rate My Professors, Supercuts, and Wonderbra. Regent didn\u2019t respond to a request for comment. The limestone Scribner Building was built in 1913 and designed by the brother-in-law to renowned publisher Charles Scribner, Ernest Flagg, who created a vaulted triple-level store on the ground floor that the\u00a0 New York Times described as the Grand Central Terminal for book retailing. The offices for the publisher were upstairs. The bookstore space was sold in 1984 to Duane Reade and has been occupied since by a series of retailers, including Benetton, Sephora, Lululemon, and Club Monaco. (It doesn\u2019t appear to have ever been used as a drugstore.) The building needs more than $1 million worth of repairs to its sprinkler systems, according to court records. The facade and sidewalk elevator also need work but Austin said none of the repairs are especially difficult. \u201cThe building\u2019s bones are good,\u201d she said. She worries that other buildings without Scribner\u2019s pedigree might not be so lucky in the months and years ahead. With tenants harder to find and with interest rates staying elevated, the economics aren\u2019t attractive to fix up handsome older Manhattan commercial buildings. She fears the buildings will deteriorate while landlords duke it out with lenders in courtrooms or boardrooms.\u00a0 \u201cI think there will be a lot of foreclosures, a lot of buildings in receivership,\u201d she said. \u201cAt least, that\u2019s what I hear.\u201d <\/span><\/li><li> <a class='title' target='_blank' href='https:\/\/www.crainsnewyork.com\/health-pulse\/glance-may-7'>At a Glance: May 7<\/a><br\/><span class=\"excerpt\"> NEW LAB: Northwell Health opened Long Island\u2019s first molecular diagnostics laboratory in Lake Success to provide patients with genomic profiling to guide cancer treatment, the health system announced Monday. The 2,800 square-foot clinic, which cost $3.2 million, has eight genetic sequencing machines that can analyze tumor and blood samples for specific biomarkers that can inform cancer diagnosis and treatment. The new lab is associated with the Northwell Health Cancer Institute and its Center for Genomic Medicine. DOH ADVISORY: The Department of Health warned health care providers Monday about improper use of equipment related to automated external defibrillators \u2013 devices that provide an electric charge to the heart \u2013 in pediatric emergency care. The agency said that not all pads are compatible with devices used in pediatric settings and can prevent clinicians from providing life-saving care. \u00a0 PUBLIC HEALTH FELLOWSHIP: The state Health Department started accepting applications yesterday for its New York State Public Health Corps fellowship, a program designed to strengthen the local public health workforce. The agency identified 200 open fellow positions at local health departments for college and advanced degree graduates across the state, who will have the opportunity to work on projects related to infectious disease outbreaks and community health initiatives. The fellowship program launched in 2021 in response to public health workforce needs identified during the Covid-19 pandemic.\u00a0 May 7, 2024: This story has been updated to reflect that the molecular diagnostics facility that Northwell opened in Lake Success is a laboratory, not a clinic.\u00a0<\/span><\/li><\/ul><\/div>\n<p style=\"text-align:center; font-size: 0.8em\">powered by <a target=\"_blank\" href=\"http:\/\/www.stefonthenet.com\/rss-just-better-plugin-for-wordpress\/\">RSS Just Better<\/a> 1.4 plugin<\/p>\n","protected":false},"excerpt":{"rendered":"Adams moves to padlock illicit weed shops under new state authorityMayor Eric Adams\u2019 administration is moving to take advantage of its newfound ability to inspect and then padlock illicit cannabis shops, thanks to the authority the city was granted in last month\u2019s state budget. 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