Tag: 上海黑玫瑰相册

Rockrose investment values Nomad office building at $235M

Rockrose investment values Nomad office building at $235M

first_img Tags Message* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink 11 East 26th Street with Henry and Justin Elghanayan (Google Maps, Getty)UPDATE, April 30 2021, 11:25 a.m.: At least one developer is looking at the office market through rose-colored glasses.Rockrose Development purchased a 14 percent interest in a 218,000-square-foot office building at 11 East 26th Street in Nomad for $32.9 million. The investment values the pre-war building at $235 million, down only slightly from its pre-pandemic valuation of $246 million.The purchase gives Rockrose a 42.5 percent tenant in common interest in the building, according to property records, which is a non-controlling share. Adams & Company’s David Levy, whose firm is the managing agent for the building and first bought into it in 1968, said he expects no major changes to the property.ADVERTISEMENTThe 21-story building, which faces Madison Square Park, has retained most of its value even as the broader office market struggles. Current tenants include Anbau Enterprises, Ford Models, the National Museum of Mathematics and Bluewolf, owned by IBM.Read moreManhattan office market’s 25% drop is ominous sign for landlords Google will bring some employees back to offices this month Deutsche Bank eyes hybrid model while JPMorgan plans office return Share via Shortlink In 2018, Rockrose purchased a 7.5 percent interest in the property, which valued the building at roughly $110 million. The offices notched a $246 million valuation in March 2020, when limited liability company Steep Hill, an affiliate of Rockrose, acquired an 11 percent interest in the building for $16 million. The change in valuation — from $110 million to $246 million in two years, and the post-pandemic decline to its current $235 million — “reflects where the market is today and where it was,” said Levy.The pandemic has hammered the office market, particularly in Manhattan, where availability hit an all-time high of 16 percent in the first quarter of 2021. While some companies are starting to bring their workers back to offices, others including Google and Facebook have made provisions for their employees to work from home forever. And more large office tenants are expected to reduce their footprint in the months and years ahead.“We’re all looking to see what happens in the next six to twelve months,” said BMO real estate analyst John Kim. “Utilization of office space is low despite many people getting vaccinated, and some employees are likely to resist a return to the office.”Still, newer properties with long-term tenants are trading at or above pre-pandemic prices, according to Kim, who cited the late 2020 deal for SL Green’s 410 10th Avenue, which sold to 601W Companies for $950 million. Amazon signed on in 2019 as the anchor tenant, and the building is currently undergoing a major redevelopment.Rockrose’s New York City portfolio consists mainly of residential buildings concentrated in Long Island City, though it also owns a boutique office building next door to the 26th Street property. The company did not reply to a request for comment.UPDATE: This story has been updated to reflect Rockrose’s full tenant in common interest in the building at 11 East 26th Street. The story previously stated that Adams & Company had a controlling interest in the building; the company is the managing agent for the building. Contact Orion Jones Email Address* Full Name* midtown office marketnomadReal Estate Financerockrose developmentlast_img read more

Earnings expert tackles bonuses

Earnings expert tackles bonuses

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Football: Second-half effort propels Wisconsin over Purdue

Football: Second-half effort propels Wisconsin over Purdue

first_imgIt wasn’t the prettiest performance for the Wisconsin football team Saturday, but it also didn’t have to be, as the Badgers prevailed in a 24-7 victory over Purdue in what was a grind-it-out affair for both teams.While he was unable to find the end zone, redshirt senior quarterback Joel Stave led the way for the Wisconsin offense, finishing with 322 yards while completing 30 of his 39 pass attempts. He made sharp throws all day and was able to consistently drive the Badgers into the red zone against a Boilermaker squad that ranked second-to-last in the Big Ten in scoring defense.However, the first half was all about missed opportunities for Wisconsin (5-2, 2-1 Big Ten).Despite four drives that all resulted in the Badgers taking a multitude of snaps in the red zone, the team was only able to walk away with a total of 10 points on a touchdown run from freshman running back Alec Ingold and a field goal from kicker Rafael Gaglianone.And although UW was able to out-gain Purdue (1-6, 0-3 Big Ten) 272 to 61 over the first 30 minutes, an interception on a overthrow by Stave and a missed field goal before halftime ultimately prevented UW from carrying a big lead into the locker room.“The execution is the common theme,” head coach Paul Chyrst said. “We have our moments, but that’s when we got to be strong enough to overcome the adversity.”Fortunately for the offense, the Wisconsin defense, as they have done all season, was able to keep the opposition in check, consistently preventing the Purdue offensive from gaining any momentum.That strong defensive effort carried over into the second half, as the Badgers were able to keep the Boilermakers in check both through the air and on the ground, limiting them to 130 yards and zero points in the half and 191 yards for the game.Redshirt freshman T.J. Edwards led the way for UW on defense, recording a career-high 15 tackles, 1.5 tackles for a loss and a forced fumble on what was a career day for the linebacker.“It was good to just finally let loose and start making some plays,” Edwards said. “It’s about time I think. So I’m glad I could do that today.”Additionally, the Wisconsin offense made the defense’s job much easier in the second, as both UW running backs were able to find the end zone.Redshirt junior tailback Dare Ogunbowale found the end zone on a four-yard scamper at the end of the third quarter, and midway through the final period, Ingold was able to push through Purdue’s defensive front on the goal line for his second score of the game.Ingold was almost stopped short of the goal line on his attempt, but one final push threw him over the edge. And for the tailback, that’s all about instincts.“I wasn’t really thinking much, it’s all instincts at that point,” Ingold said. “There’s a little bit of field presence that comes with it, just getting used to the environment is a learning process.”The Ingold score put UW up 24-7 and the game was firmly out of reach for the Boilermakers.Ogunbowale was the lead rusher for the Badgers, carrying the ball 18 times for 56 yards, while Ingold managed most of the short-yardage situations and finished with nine carries for 19 yards.Junior running back Corey Clement, who is recovering form sports hernia surgery, did suit up and participate in warmups Saturday, but was not used in the game.The team is still unsure as to exactly when Clement will be ready for a return, according to Chryst.“We were just seeing how warmups went and [Clement] was able to work with us,” Chryst said. “Two weeks ago he was rehabbing on the side and this week he was able to get some work with the offense. He was not ruled out, we could’ve played him today.“In doing what’s best for [Clement], and having him sit after warmups, we decided not to go with him.”The Badgers also were able to spread the wealth in the passing game, as Stave hit seven different targets Saturday.Redshirt senior receiver Alex Erickson lead the way, hauling in nine catches for 86 yards, and junior receiver Rob Wheelwright wasn’t too far behind, catching six balls for 61 yards. Ogunbowale added six catches of his own for 51 yards, putting him over 100 total yards for the day.The win was Wisconsin’s second in a row and they will look to continue to build momentum in Big Ten play when they hit the road next weekend to take on Illinois.last_img read more