May 12, 2021
  • 5:18 am Reese Witherspoon pays $16M for Brentwood mansion
  • 5:18 am Biden to extend limits on evictions, foreclosures
  • 5:18 am NYC escapees buying commercial real estate in Hudson Valley
  • 5:17 am UAE-based GII closes its biggest trade with $301M purchase of Paris’ Altais Towers
  • 5:16 am Adam Neumann gets $22M for California estate

first_imgShare via Shortlink Reese Witherspoon (Getty)Actress Reese Witherspoon and her media executive husband Jim Toth paid $15.9 million for a Brentwood estate, in a deal that closed early in the pandemic but was not previously known.Their purchase of the 9,500-square-foot home on three acres and down a private road was first reported in Variety. The English Country-style mansion has seven bedrooms, nine bathrooms, a three-car attached garage and a large outdoor fireplace.The March acquisition may explain why the Oscar-winning actress and her husband sold their 10,300-square-foot Pacific Palisades mansion in April, for $17 million to AutoZone heiress Robin Formanek. They also unloaded a Malibu ranch home in November for $6.7 million to Meg Haney, daughter of real estate developer Franklin Haney. Witherspoon and Toth have a home in Nashville, Tennessee, according to the report.For the Brentwood purchase, the sellers were Michael and Joyce Ostin, Variety reported. Drew Fenton of Hilton & Hyland and Dena Luciano of Douglas Elliman had the listing while Tami Pardee and Matt Freeman of Halton Pardee and Partners brought the buyer.Brentwood has seen a flurry of celebrity property selling in the last few months. In December, former Los Angeles Clippers star and current Detroit Pistons player Blake Griffin paid $5.9 million for a home behind the mansion he bought in the spring. In November, ex-Zillow CEO Spencer Rascoff paid $5.7 million for a 1950s-era home near his mansion. The same month, former WeWork executive Michael Gross listed the Brentwood mansion he bought in 2019 from Lindsey Buckingham of Fleetwood Mac for $32 million. [Variety] — Alexi Friedman  Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinkcenter_img TagsCelebrity Real EstateLA luxury real estatelast_img read more

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first_imgPresident Joe Biden (Getty; iStock)President Joe Biden is extending federal limits on evictions through at least the end of March.Biden is expected to move quickly to extend protections for renters, Bloomberg reported, and may sign an executive order within hours of his inauguration. Biden will also ask federal agencies to consider extending foreclosure protections and forbearance options.The existing federal eviction order, in place since September, allows lower-income renters to claim financial hardship as a defense for an eviction for non-payment. It does not, however, preclude states from passing more comprehensive eviction bans, as New York state did in December.The reduction in economic activity to stem the spread of the coronavirus has left landlords with mounting unpaid bills. Moody’s estimates that landlords are owed $57 billion in back rent, utilities and fees.Meanwhile, the nation’s poverty rate has risen steeply in the U.S. since some federal aid benefits expired, according to economists from University of Chicago, University of Notre Dame and Zhejiang University. From June to November, the portion of Americans in poverty rose by 2.4 percentage points, or 7.8 million people, to 11.7 percent in November.[Bloomberg] — Georgia Kromrei Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink TagsEvictionsJoe BidenRental Marketcenter_img Share via Shortlinklast_img read more

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first_imgMessage* TagsCommercial Real EstateTri-state (iStock)A growing number of ex-New York City dwellers are scooping up commercial real estate in Hudson Valley towns.At the onset of the pandemic last year, wealthy New Yorkers left the city for their second homes or found new houses to escape the health crisis. As those ex-New Yorkers appreciated their new environment, some of them put down roots by buying stores — or even hotels — to open businesses, the Wall Street Journal reported.Read moreNew Yorkers’ exodus could unravel rent regulationThere’s an exodus from NYC. But can it last?NYC rents continue to drop, and landlords are feeling the crunch Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinkcenter_img Email Address* Full Name* Andrea Westerlind, who started an outdoor gear and apparel company in New York City, moved its operation over the summer to Millerton in Dutchess County, where she bought a two-story retail building.“There’s amazing energy up here, and there are so many young people,” said Westerlind, who now lives in nearby western Massachusetts. “In six months I will have done more retail sales than I would normally do in a whole year in two locations in the city.”Michael Glickman, a long-time New Yorker and a founder of a liquor company, bought a weekend home in Hudson in Columbia County four years ago. He now owns two boutique hotels in Hudson and is in contract to buy a third hotel.In Columbia, Greene and northern Dutchess counties, about 30 commercial real estate sales were pending as of late January, Raj Kumar of Select Sotheby’s International Realty told the Journal. The number is more than four times the number of commercial sales that closed in the first quarter of 2020.“We have people with much higher incomes that are moving up here,” Kumar said. “That’s why commercial real estate is so attractive now, because stores will actually make money — retailers will make money.” [WSJ] — Akiko MatsudaContact Akiko Matsudalast_img read more

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first_imgGulf Islamic Investments Chairman H.E. Mohammed Rashed Alnasri with Paris’ Altais Towers. (GII, Reichen Et Robert & Associés)Gulf Islamic Investments has closed its biggest ever real estate transaction, paying $301 million for the Altais Towers in Paris.The firm bought the towers from a consortium of funds managed by Oaktree Capital Management. The United Arab Emirates-based firm is making a push into Europe, according to Bloomberg.GII said it has deals in the works in the United Kingdom and Germany. The firm aims to expand its assets under management from about $2.5 billion to roughly $3 billion by the end of the year. The firm plans to launch its second India-focused fund in the second quarter.GII was founded in 2004 and focuses on alternative investments, including real estate and venture capital. It considers itself a Shariah-compliant fund, meaning that it follows Shariah law requirements in operation and in its investments.Shariah-compliant funds each operate differently, but generally they stay away from businesses considered haram, such as liquor manufacturing and gambling.Income is also heavily regulated. For example, short-selling is problematic in most cases, according to PricewaterhouseCoopers. Interest is generally considered to be forbidden under Shariah law, so some compliant funds will donate that income to charity.In mid-2019, GII bought Realogy’s New Jersey corporate headquarters for $115 million, making it the largest commercial real estate deal in the tri-state area that year.[Bloomberg] — Dennis Lynch Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink EuropeUAE Tagslast_img read more

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first_img Message* Full Name* Adam Neumann and the “Guitar House” in in Corte Madera (Getty, Realtor)WeWork’s co-founder and ex-CEO Adam Neumann has sold his northern California estate for $22.4 million, according to the New York Post.Neumann bought the sprawling property in 2018 for $21.4 million. The home sits on 10.8 acres outside the Bay Area and stretches over 12,500 square feet.Following his humbling exit from WeWork in 2019, Neumann put several of his properties on the market. The seven-bedroom, seven-bathroom home in Corte Madera was listed last August for $27.5 million.Read moreAdam Neumann parts with Westchester homeAdam Neumann parts with Hamptons home at a lossAdam Neumann looks to sell Gramercy penthouse Email Address* Designed by architect Sim Van der Ryn, it is known as the “Guitar House” for the shape of one of the rooms. The property also features a pool and water slide, spa, music studio, home theatre and racquetball court, as well as a two-bedroom, two-bathroom guest house.Neumann and his wife recently sold their Southampton farmhouse for $1.25 million and their Westchester County estate for $3.39 million.Neumann is apparently still looking for a buyer for his triplex penthouse at 78 Irving Place in Gramercy Park.While claiming to be a tech company, WeWork and Neumann assembled a $90 million real estate portfolio during his time with the company. But its quest to go public fell apart as prospective investors scrutinized the operation and media reports exposed a tawdry company culture and profligate spending.[NYPost] — Sasha JonesContact Sasha Jones Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink Tags Adam NeumannCelebrity Real EstateWeWorklast_img read more

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first_imgThe South Sandwich Islands lie between lats. 56° 18′ S. and 59° 28′ S., and between longs. 26° 14′ W., and 28° 11′ W. There are eleven islands, of which ten form a curved chain stretching north and south while the eleventh, Leskov Island, lies to the west of the group near its northern end. The group is the only typical volcanic island arc in the Antarctic region and forms the easternmost section of the Scotia Arc; to the east it is bounded by the associated deep South Sandwich Trench.last_img

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first_imgNatural VLF emissions received by a single antenna can be characterised at each point in the emissions’ frequency-time domain by a power and a phase. Emissions received at a single point by two antennae with a fixed relative orientation in space can be similarly described by the cross-spectral power and relative phase. It is shown that the cross-spectral phase contains information on the propagation characteristics of the waves which is better utilised in wave analysis than the power. In fact, the phase information allows weak signals to be identified more readily than is possible from a power spectrogram. It also allows the recognition of waves propagating with different wave normal directions. Data from the Geos-1 electric and magnetic antennae, pre-processed by the on-board correlator, are used to study the cross-spectral characteristics of VLF hiss and chorus in the Earth’s magnetosphere.last_img read more

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first_imgThe Southern Coastal Batholith of central Chile is mainly composed of calc-alkaline granitoids of Late Carboniferous to Permian age. There is no clear evidence of the existence of older plutonic rocks in the batholith. The granitoids are intruded into an accretionary prism which underwent contemporaneous metamorphism. Triassic high-level plutons of limited areal extent occur as post-tectonic bodies in the high P/T metamorphic belt of the subduction complex. Jurassic plutons, which increase in volume toward the northern limit of the area and beyond, are associated with a tectonomagmatic event which, in certain localities, remobilized and re-set the ages of the Paleozoic granitoids. Cretaceous plutons occur to the east of the Southern Coastal Batholith. Initial 87Sr/86Sr ratios of the Paleozoic granitoids (0.706 to 0.707) are higher than those of the Mesozoic plutons (∼0.704) which were derived from a source similar to that of the present-day volcanic rocks of this segment of the Andes. The northern limit of the Paleozoic rocks is presumed to be an east-west fault zone, apparently inactive since Jurassic times. The continuity of the Mesozoic granitoids is not affected by this boundary.last_img read more

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first_imgBecause investigations of PAN at higher southern latitudes are very scarce, we measured surface PAN concentrations for the first time in Antarctica. During the Photochemical Experiment at Neumayer (PEAN’99) campaign mean surface PAN mixing ratios of 13 +/- 7 pptv and maximum values of 48 pptv were found. When these PAN mixing ratios were compared to the sum of NOx and inorganic nitrate they were found to be equal or higher. Low ambient air temperatures and low PAN concentrations caused a slow homogeneous PAN decomposition rate of approximately 5 x 10(-2) pptv h(-1) These slow decay rates were not sufficient to firmly establish the simultaneously observed NOx concentrations. In addition, low concentration ratios of [HNO3]/[NOx] imply that the photochemical production of NOx within the snow pack can influence surface NOx mixing ratios in Antarctica. Alternate measurements of PAN mixing ratios at two different heights above the snow surface were performed to derive fluxes between the lower troposphere and the underlying snow pack using calculated friction velocities. Most of the concentration differences were below the precision of the measurements. Therefore, only an upper limit for the PAN flux of +/- 1×10(13) molecules m(-2) s(-1) without a predominant direction can be estimated. However, PAN fluxes below this limit can still influence both the transfer of nitrogen compounds between atmosphere and ice, and the PAN budget in higher southern latitudes. (C) 2000 Elsevier Science Ltd. All rights reserved.last_img read more

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first_imgIt has recently been shown that much sea-salt aerosol around the coast of Antarctica is generated not from open water, but from the surface of newly formed sea ice. Previous interpretations of ice-core records have disregarded the sea-ice surface as a source of sea salt. The majority of sea-salt aerosol at Halley research station originates from frost flowers rather than open water, and the seasonal cycle of sea salt in aerosol at Halley appears to be controlled by ice production in the Weddell Sea, as well as variations in wind speed. Frost flowers are also an important source of aerosol at Siple Dome, suggesting that variations in sea-salt concentrations in the core, and other cores drilled in similar locations, may be reflecting changes in sea-ice production rather than changes in transportation patterns. For Greenland cores, and those from low-accumulation inland sites in Antarctica, it is not simple to calculate the proportion of sea salt originating from frost flowers rather than open water. However, modelling studies suggest that a sea-ice surface source contributed much of the flux of sea salt to these sites in glacial periods, suggesting that interpretations of ice-core records from these locations should also be revisited.last_img read more

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