1 of every 7 chain stores in NYC closed this year

first_imgThe biggest losses were in Manhattan, which accounted for 520 out of 1,057 closures (Getty)It’s not just small businesses and mom-and-pops that are hurting in 2020: Chain stores are also shuttering at a rapid rate across New York City.More than 1,000 chain stores across New York City — nearly one out of every seven that were open this time last year — have closed their doors over the past 12 months, according to a new report by the Center for an Urban Future, a think tank focused on economic growth in the five boroughs.That marks the largest number of chain closures tracked by the think tank in 13 years of putting together the report. In comparison, there was just a 3.7 percent decline in chain stores across the city from 2018 to 2019.According to CUF’s data, there were 7,948 chain stores across the five boroughs in 2019. Now, there are 6,891, a 13.3 percent decrease. The biggest losses were in Manhattan, which accounted for 520 out of 1,057 closures, or 49 percent of the citywide total. The larger figure includes 160 stores that have temporarily closed because of pandemic-driven restrictions.Read moreThese 10 retailers plan the largest expansionsWhy these retailers opened in midst of pandemicInside the plight of a small retail landlord Fitness chains like New York Sports Club and SoulCycle shut down locations after Gov. Andrew Cuomo’s executive order in March that required gyms to close. A large number of fast-casual sandwich and soup chains — including Subway, Pret a Manger and Hale & Hearty — also shuttered locations, perhaps because few workers have returned to offices.Even major chains couldn’t avoid the closures. Dunkin’, which has more stores than any other retailer in the city, with 610 locations, lost 18 stores. Metro PCS, the second largest retailer, shuttered 134 stores over the past year.Other stores that recorded losses include Duane Reade, which closed 70 stores; GNC, which shuttered 51 locations; Modell’s, which closed 43 stores after filing for bankruptcy earlier this year; and Baskin-Robbins, which shuttered 30 locations.Only 40 retailers added store locations. Popeyes and T-Mobile grew the most, adding 11 stores each.While the pandemic accelerated closures in 2020, CUF’s data suggests that the growth of chain stores throughout the city has flatlined in the past few years — in 2018, there was a 0.3 percent decline, and in 2019, a 3.7 percent decline.To create the report, the think tank tallied the number of national retailer store locations throughout the city and recorded trends by retailer, borough and ZIP code.Contact Sasha Jones Email Address* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Full Name*center_img Message* Share via Shortlink Tagscenter for an urban futureNYC RestaurantsRetaillast_img read more

What office tenants pay at Witkoff & Cammeby’s Woolworth Building

first_imgThe Woolworth Building at 233 Broadway (Getty)Overlooking City Hall Park in Lower Manhattan, the Woolworth Building was the tallest in the world when built in 1913.The Woolworth family sold the 60-story tower in 1998, and in 2012 the Witkoff Group and Cammeby’s International sold the top half to Alchemy Properties, which would convert it into high-end condos.Witkoff and Cammeby’s still own the office portion of the building, at 233 Broadway, and in 2015 refinanced it with a $256 million loan from Blackstone. The financing was expanded to $355 million in 2018, and last fall a $56 million piece of the debt was included in a CMBS deal named BXMT 2020-FL3.Documents from the securitization provide an inside look at the property’s finances.ADVERTISEMENTAs of last July, the 790,000-square-foot office condominium was 92 percent leased to 84 tenants, up from 79 percent in 2015. The five largest tenants occupy 40 percent of the building and account for 42 percent of annual base rent.The largest tenant is New York University, which has been there since 2003. Its 94,000-square-foot space is home to part of NYU’s School of Professional Studies as well as some administrative offices.The second-largest tenant is the New York City Law Department, which represents the city in civil and criminal cases. Last February, a month before work-from-home became a big thing, the department expanded its space by more than 70 percent to 85,000 square feet.The third-largest tenant is the New York City Police Pension Fund, whose main office has been at the Woolworth Building since 2002. Shop Architects and Allied Advertising round out the top five.Read moreNYC Law rules in favor of Woolworth Building for new digsAlchemy closes on upper portion of Woolworth for $68MContractor accuses Alchemy Properties of trying to damage reputation As of September, six months into the pandemic, rent collection at the property stood at 72 percent, according to the loan prospectus.The debt, which matures this May but has two one-year extension options, has remained current throughout the pandemic. The 2018 upsizing of the loan came with an additional $99 million in mezzanine debt and returned about $74 million in equity to the landlord.When Kroll Bond Rating Agency representatives visited the site in October, several retail spaces were vacant and boarded up — including Starbucks, bankrupt stationery chain Papyrus and half of T-Mobile’s space.The Woolworth Building’s five-story penthouse hit the market with an asking price of $110 million in 2017, drawing skepticism amid a slowdown in the condo market. In 2019 the price was slashed to $79 million. In November, a contractor sued Alchemy over more than $1 million in unpaid bills.Contact Kevin Sun Share via Shortlink TagsCammeby’s International GroupTRD InsightsWitkoffwoolworth building Email Address*center_img Full Name* Message* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinklast_img read more

Loew’s Theatre in Jersey City set for $72M rehab

first_img Share via Shortlink Email Address* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Full Name* Jersey CityJournal Squarecenter_img Loew’s Theatre in Jersey City (Google Maps)Developers building apartment towers in Journal Square are betting that millennials will move to Jersey City as an alternative to Manhattan or Brooklyn.Now they have a new pitch beyond cheaper rent and cushy amenities.The historic Loew’s Theatre will get a major renovation to attract high-profile entertainers, officials said Monday. Jersey City and the Devils Arena Entertainment, the operator of the Prudential Center, reached a $72 million deal to turn the century-old theater into a 3,300-seat venue.The theater was referred to as “the most lavish temple of entertainment in New Jersey” when it opened in the first part of the 20th century. The Baroque/Rococo style venue attracted such performers as Duke Ellington and Bing Crosby.But the theater started falling apart and it closed in 1986. The site was pegged for demolition, but was ultimately saved by community activists. The city purchased the site in 1993 for $325,000, according to the New York Times.The nonprofit Friends of the Loew’s ended up running the venue and hosting performances. In 2013, the city looked to bring in a new operator, which resulted in lawsuits between the city and the Friends group.Last summer the city announced that once again it was looking for a new commercial operator for the project.Under the new plans, the city and Devils Arena Entertainment will modernize the technology at the theater and provide visual and acoustic upgrades. They will also make major infrastructure improvements and preserve the historic stage lighting control board, pop-up microphone, and orchestra and organ lifts, and remake the ingress and egress at the back and front of the building.“This one-of-a-kind partnership signifies our long-term planning for a post-pandemic future where we’re confident arts and culture will be a staple of life,” Jersey City Mayor Steven Fulop said in a statement.Construction is expected to begin in 2022. The venue is supposed to open in 2025.Journal Square is perhaps best known for being the headquarters of the Port Authority Trans-Hudson, better known as the PATH. The neighborhood, which sits near the intersection of Kennedy Boulevard and Bergen Avenue, also served as the home to the Jersey Journal.The Kushner Companies, led by its founder Charles Kushner, plans to build two massive, 64-story, mixed-use towers in Journal Square. Nearby, New York-based HAP Investments will build a 42-story apartment building nearby at 500 Summit Avenue.Contact Keith Larsen Message* Tagslast_img read more

From boss to broker: Ilan Bracha joins Corcoran

first_imgIlan Bracha (Getty)Ilan Bracha is headed back to agent life.The mega broker-turned-businessman and five members of his real estate group, IB Global, are the newest arrivals at the Corcoran Group.This week, Bracha’s team, which includes himself, three other agents and two management heads, joined Corcoran’s East Side office.The move comes just over a year after Bracha sold his Manhattan brokerage, Keller Williams NYC, which he co-founded in 2011. That franchise region has since been transferred to Richard Amato, who owns several Keller Williams offices in Nassau County.Under Bracha and co-founder Haim Binstock, Keller Williams NYC became one of fastest-growing brokerages in the city, earning around $1 million in annual profits and swelling to 900 agents in 2015 before purging underperforming agents from its ranks three years later. Speaking to The Real Deal in 2019, Bracha described pivoting to a “quality over quantity” approach after the firm grew too big, too fast.ADVERTISEMENT“It’s not about being a boss; it’s really about being the best you can be and serving the people in your business better,” Bracha said this week. “That’s the way to grow.”After letting go of the brokerage, Bracha said he was eager to return to his roots as an agent. In his real estate career, which spans more than 20 years, he’s completed over $2 billion in transactions.The IB Global team, which Bracha formed last year, closed more than $50 million in sales in the first quarter of 2021, he said.But Bracha said the brokers needed a new home if they wanted to take their success to the next level, and he didn’t want to open a brokerage again. Instead, he set his sights on Corcoran, saying the company would give his team access to more inventory, new development and higher price ranges.Read moreIlan Bracha sells Keller Williams NYC Keller Williams NYC is on the sale block Keller Williams Midtown claimed it would shutter to avoid $2M in rent: lawsuit Email Address* Full Name* Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Tags He added that the move will help him continue investing his earnings into New York City real estate and proptech without needing to build a brokerage from scratch.“It’s the No. 1 brand,” Bracha said of Corcoran, which clocked in at the top of The Real Deal’s residential brokerage ranking of 2020, closing $5.8 billion worth of sales in Manhattan, Brooklyn and Queens. It ranked third in the city by headcount with 2,264 agents.As for entering the same market as his former brokerage so soon, Bracha said he is not concerned about a little competition.“There is room for every person, every broker in town right now to do better from last year,” he said.Contact Cordilia James Corcoran GroupIlan Brachakeller williamsNYC Luxury MarketResidential Real Estate Message*last_img read more

Propagation of electrostatic upper-hybrid emission andZ mode waves at the geomagnetic equatorial plasmapause

first_imgA theory proposed for the generation of terrestrial myriametric radiation (nonthermal continuum) invokes the linear conversion of electrostatic upper‐hybrid emissions to escaping left‐hand polarized ordinary (L‐O) waves by virtue of propagation primarily in a plasma density gradient. The electrostatic waves first become electromagnetic Z mode waves and these subsequently escape by propagating through the radio window where the wave frequency equals the electron plasma frequency. A realistic model of the plasmapause based on spacecraft data is adopted and the electrostatic wave ray paths are computed by using Poeverlein’s construction. The electromagnetic Z and L‐O rays are obtained by using a full ray‐tracing program. The accessibility of the radio window to the waves is discussed and possible inferences concerning the portion of the wave dispersion branch on which the initial instability occurs are considered.last_img read more

Reproductive endocrinology of the Wandering Albatross Diomedea exulans in relation to biennial breeding and deferred sexual maturity

first_imgThe reproductive endocrinology of the Wandering Albatross Diomedea exulans was studied at South Georgia to investigate the potential endocrine correlates of biennial breeding and of the acquisition of sexual maturity. Gonads of breeding birds and of known‐age immature birds of both sexes were examined by laparoscopy throughout the period that they were at the nest site. Blood samples, subsequently analysed to determine concentrations of luteinizing hormone (LH), prolactin, progesterone, testosterone and oestradiol‐17/i, were obtained from samples of breeding birds of both sexes at regular intervals from first arrival until the chicks fledged nearly a year later. Before laying in December, breeding birds had mature testes and ovarian follicles and high concentrations of LH, prolactin and sex steroids. Gonadal regression and a rapid drop in hormone levels (except for LH in females) occurred in early incubation (January). Testes (and follicles to a lesser extent) enlarged in mid‐incubation, coinciding with high levels of LH and increases in prolactin and testosterone. Gonads finally regressed completely near hatching time. LH, prolactin and testosterone remained at low levels throughout chick rearing (April to November), but females had several periods of active progesterone and oestradiol secretion, and progesterone was detectable in males only late in the chick‐rearing period. Although some changes in hormone levels are difficult to explain, the patterns are fairly typical of temperate birds. The persistence of progesterone secretion in both female breeders and non‐breeding ‘immature’ birds is viewed as part of a mechanism inhibiting an ovary from becoming vitellogenic. Although testis size and testosterone concentrations increased with age in immature males (of ages 4–10 years), birds of 5 years and older are probably physiologically mature, even though breeding does not start until they are 7 years of age and only half an age group has bred by an age of 11 years. Immature females (of age 4–7 years) had undeveloped follicles, very low oestradiol concentrations but high progesterone levels, providing further support for the role of this hormone in inhibiting gonadotropin secretion. The condition of the female is therefore probably decisive in determining when a pair first attempts to breed but it is unknown what factors initiate normal ovarian development.last_img read more

Cephalopod prey of the southern elephant seal, Mirounga leonina L.

first_imgIn the austral summers of 1986 and 1988–1989, 51 southern elephant seals (Mirounga leonina) at Husvik, South Georgia (54°10′S; 36°43′W), were stomach lavaged after chemical immobilization. Only cephalopod remains were retrieved, including 1070 lower beaks that were identified and measured. In total these were estimated to represent a wet weight of 187.8 kg. Fourteen species of squid from 11 families and 2 species of octopod from 1 family were present. The most important species overall were the squids Psychroteuthis glacialis in terms of numerical abundance (33.7%) and Moroteuthis knipovitchi in terms of estimated biomass (31.2%). The remaining biomass was mainly comprised of the five large muscular squids, Kondakovia longimana (24.0%), P. glacialis (15.4%), Martialia hyadesi (11.2%), Alluroteuthis antarcticus (10.8%), and Gonatus antarcticus (3.6%). Larger seals of both sexes fed on a wider variety of cephalopod species than smaller seals, with large males taking the greatest diversity. Between the two summers of the study there were some changes in the relative importance of the various cephalopod species consumed; in particular, in 1988–1989 M. knipovitchi and M. hyadesi were less important and P. glacialis was more important. The taxa and size of cephalopods taken by southern elephant seals at South Georgia are almost identical to those taken by the grey-headed albatross (Diomedea chrysostoma), but the relative proportions are quite different. The biogeography of the cephalopods eaten suggests that southern elephant seals sampled at South Georgia do not forage to the north of the Antarctic Polar Front but probably travel southwards towards the Antarctic continent or Peninsula.last_img read more

Latitudinal range fluctuations in the marine realm through geological time

first_imgOur concept of polar marine faunas as having evolved in comparative isolation over long periods may need to be revised. New evidence from the Southern Ocean, in particular, suggests that a number of taxa may have had connections with lower-latitude regions in the comparatively recent past. Opportunities for high-low latitude faunal interchange were enhanced considerably by reduced meridional temperature gradients over the greater part of the last 100 million years. Indeed, such is the nature and scope of past latitudinal range fluctuations that they could be major determinants of regional patterns in taxonomic diversitylast_img

Total ozone measured during EASOE by a UV-visible spectrometer which observes stars

first_imgTotal ozone was measured from Abisko, Sweden (68.4°N, 18.8°E) from January to early March 1992, by a new instrument which uses stars and the Moon as sources of UV-visible light for absorption spectroscopy. In addition, some zenith-sky observations were made. Ozone measurements obtained using both techniques are presented and compared with those from other instruments. Good agreement with simultaneous ozonesonde measurements is observed, but the stellar measurements appear systematically higher than total ozone measured by both SAOZ and TOMS.last_img

Late Holocene palaeoclimatic records from lake sediments on James Ross Island, Antarctica

first_imgSediment profiles from several lakes/ponds in the northern, ice-free area of James Ross Island, Antarctica, were the subject of a multi-disciplinary palaeoenvironmental investigation. The results, obtained from lithological, geomagnetic, geochemical and diatom analyses, and the frequency of Branchinecta eggs, were evaluated with multivariate statistics and provide a fairly detailed picture of climate change during the last 5000 years. New radiocarbon dates are combined with previously published 14C dates, so as to date the palaeoenvironmental and palaeohydrological changes identified by the stratigraphic studies. In combination with the findings of glacial geological studies our data suggest that the Brandy Bay glacier began to recede rapidly just before 5000 yr B.P., due to calving and moisture starvation caused by cold and arid conditions. In one of the ponds studied gypsum began to precipitate as a consequence of these conditions when the influence of glacial meltwater ceased. This hypothesis was tested by hydrochemical modeling. At approximately 4200 yr B.P. the climate became more humid (and warmer) and the pond supported a fairly diverse biota, which included a variety of diatom species and, for example, Branchinecta gaini, a crustacean that feeds on benthic cyanobacterial mats. The Brandy Bay glacier probably advanced during this humid period, but the advance was interrupted by subsequent arid conditions which started at 3000 yr B.P. During this arid phase, glaciers became completely absent from the study area. As a result formerly large lakes, fed by glacial meltwater, transformed into small, enclosed, brackish water bodies that contained B. gaini. The arid and fairly cold conditions lasted for 1500–2000 years, until approximately 1200 yr B.P. when the aquatic systems expanded and their salinity was lowered as a result of increased snow accumulation and glacial expansion. The increased deposition of minerogenic matter caused by glacial erosion and meltwater inflow probably caused the disappearance of Branchinecta on James Ross Island. We regard this most recent phase as a period of increased humidity and warmth compared to the previous period, although the conditions appear to be less warm and humid than those which prevailed during the climatic optimum between 4200 and 3000 yr B.P. In spite of certain correlation problems we tentatively correlate our results to other studies of Holocene environments in Antarctica, and from that it can be suggested that the climatic optimum was of circumpolar significance. Therefore the climatic oscillations recorded in sediments on James Ross Island may reflect oscillations in the anticyclonic stormtracks and the strength of the high pressure cell over the inland ice sheet.last_img read more