Category Archives: General
Madison Realty Capital Provides $35 Million Mezzanine Loan for 611 West 56th Street Condominium Development in Hell’s Kitchen
Part of Overall $155 Million Financing Package Provided by MRC and Apollo Global Management for Planned 35 Story Condo Tower at 56th Street and Eleventh Avenue
First New York City Project Designed by Renowned Architect Álvaro Siza
NEW YORK, April 25, 2018 (GLOBE NEWSWIRE) — Madison Realty Capital (MRC) provided a $35 million mezzanine loan to co-developers Sumaida + Khurana and LENY for a new condominium tower located at 611 West 56th Street in the Hell’s Kitchen neighborhood of Manhattan. The funding is part of a $155 million construction financing package for the project provided by MRC and an investment fund managed by Apollo Global Management.
Located in the evolving Hudson West neighborhood, 611 West 56th Street will stand 35 stories in height, encompass 163,329 square feet and feature 83 residences, ranging from one-bedrooms to expansive penthouses. The condominium will also feature a significant amount of outdoor space, including a landscaped roof garden and sun deck, as well as numerous private terraces for the residents. Residents will also have access to a state of the art fitness center, children’s playroom and an entertaining space to host private events.
“We’re pleased to play an important role in providing the financing solution for this high-profile development in Manhattan,” said Josh Zegen, Co-Founder and Managing Principal of MRC. “We continue to be successful in meeting the needs of borrowers at all stages of the development process, from predevelopment to construction to sellout or stabilization. In this case, the sponsor has invested substantial equity into the project, and we’re involved at an attractive basis in a well-located project with an experienced team behind it.”
The building is being designed by Pritzker Prize-winning architect Álvaro Siza and represents his first foray into the U.S. market, a major milestone for the renowned Portuguese architect. Siza is one of the world’s most celebrated and decorated architects, designing such iconic structures like the Boa Nova Tea House and Piscinas de Marés in Portugal as well as recently commissioned projects in China, South Korea, Spain, Argentina, Brazil and the Netherlands. IA award-winning architects, Michael Gabellini and Kimberly Sheppard will collaborate with Siza on the 611 West 56th Street building’s interiors and SLCE Architects will serve as the Architect of Record.
The 611 West 56th Street development team has significant previous experience in ground-up residential projects. Sumaida + Khurana is a New York-based development firm focused on developing seminal buildings throughout the city and commissioning the world’s most renowned, contemporary architects to design them. One of the firm’s notable projects, 152 Elizabeth, is rapidly approaching completion and is the first building in New York by Japanese master architect Tadao Ando.
New York-based firm LENY has been responsible for the development of millions of square feet of residential projects around the world. The firm specializes in bringing to market high-end condominium buildings in premium locations and is currently focusing its efforts in New York City. 611 West 56th Street will be one of four projects the firm is developing, including 534 West 29th Street and the Berry Portfolio in Williamsburg as well as serving as one of the equity partners at 277 Fifth Avenue. LENY is collectively developing over half a million square feet in New York City.
Adi Chugh of Maverick Capital Partners arranged the financing in the transaction. Sales at 611 West 56th Street are slated to begin in Spring 2019 and Leonard Steinberg, Debra LaChance, and Justin D’Adamo at Compass will lead the marketing efforts.
About Madison Realty Capital (MRC)
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $7.0 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
For Immediate Release
Media inquiries, contact
Great Ink Communications: (212) 741-2977
Tom Nolan – tom@greatink.com
Eric Waters – eric.waters@greatink.com
JDS Development Group Secures $137 Million Construction Financing From Madison Realty Capital for Distinctive Miami Beach Condominium Monad Terrace
New York-based Madison Realty Capital Provides Final Funding for Pritzker Prize-Winner Jean Nouvel’s First Built Work in Miami
MIAMI , April 24, 2018 (GLOBE NEWSWIRE) — New York-based Madison Realty Capital has provided a $137 million construction loan to New York-based JDS Development Group for Monad Terrace. The deal indicates conviction in the development team, the high-design product by Pritzker Prize-winning architect Jean Nouvel and the South Beach market’s extremely limited new development inventory and viability. The financing will fully capitalize the project, which features 59 individually-designed waterfront residences.
“This is a unique assemblage of land within a prime waterfront residential enclave in South Beach, Miami and we are excited to close another transaction with an esteemed developer like Michael Stern,” said Josh Zegen, Co-Founder and Managing Principal of MRC. “In addition, there’s virtually no new development product coming out of the ground in South Beach right now, so we offered a customized financing solution for JDS’s needs given our knowledge of the market. It was a special opportunity to support an A-team in one of the most attractive markets for real estate.”
“Securing this loan demonstrates the strength of the project, the attractiveness of the Miami Beach market and the overall demand for luxury housing in Miami,” said Michael Stern, Founder and Managing Partner of JDS Development. “Monad Terrace serves as a landmark for thoughtful and innovative development that is also beautiful and has a strong architectural identity. This product is like nothing else in Miami Beach, which the MRC team recognized. It was a pleasure to work with them on this, they provided a swift and professional execution.”
As further proof, sales at Monad Terrace are averaging almost $2,000 P/PSF, and a penthouse unit is under contract for $2,700 per foot, a record for the neighborhood.
“There is already sales momentum, and we expect this will continue on a steady upward trajectory until sell-out,” said Jay Phillip Parker, CEO of Douglas Elliman Florida.
Monad Terrace offers residences ranging from two- to five-bedrooms touting 1,453 to 5,350 square feet of interior space. Buyers are privy to luxe appointments and features including private elevator access, custom kitchens and bathrooms by Jean Nouvel and sprawling outdoor terraces. The building offers a true indoor-outdoor living experience, featuring climbing gardens and reflecting pools that complement the property’s central lagoon and ocean views.
Perhaps one of the most stand-out aspects is how the project fuses environmental responsibility with innovative climate resilience features into the architecture, starting by elevating the building 11.5 feet, well over Miami Beach standards.
Construction is underway, with the foundation nearly complete. The tower is expected to go vertical in Spring 2018 and estimated to complete in Fall 2019. The project was designed in collaboration with Miami-based Kobi Karp Architecture and Interior Design, Inc.
JDS was represented by Douglas B. Heitner, Erik Nygaard, and Albert J. Delgado of Kasowitz Benson Torres LLP. Madison Realty Capital was represented by Jerold C. Feuerstein of Kriss & Feuerstein LLP. The financing was placed by a JLL team led by Aaron Appel.
Sales and marketing for Monad Terrace is managed exclusively by Douglas Elliman Development Marketing.
For more information, please see monadterrace.miami or visit the sales gallery at 1400 Alton Road, Miami Beach.
About Madison Realty Capital (MRC)
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $7 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
About JDS Development Group
JDS Development Group is a real estate development, construction, and acquisition firm raising the bar of residential, hospitality, and mixed-use projects in New York City and Miami. JDS has more than nine million square feet of property in various stages of development, including the record-setting Walker Tower and Stella Tower, the American Copper Buildings, 111 West 57th Street and The Fitzroy, JDS’s goal is to redefine what it means to be a real estate developer in the twenty-first century. The firm is dedicated to pushing design boundaries and aligning incentives to leave the urban landscape better served by its buildings. Visit: www.jdsdevelopment.com.
Media inquiries, contact
Zakarin Martinez Public Relations: (305) 372-2502
Jenna D’Aniello – jenna@zm-pr.com
PSX witnesses bearish trend on Wednesday
The Pakistan Stock Exchange was bearish today (Wednesday).
The KSE-100 Index closed today (Wednesday) at 45718.34 points as compared to 45876.70 points on the last working day with a negative change of 158.36 points.
The total turnover was 180,707,520 as compared to 154,282,510 on the last working day with Engro Polymer having the highest turnover of 23,849,000.
Total 393 companies’ transacted shares in the Stock Market today, out of which 132 recorded gains and 237 sustained losses whereas the share price of 24 companies remained unchanged.
Siemens Pakistan recorded the maximum increase in its share price, which was 42.97 rupees while Colgate Palmolive recorded maximum decrease that was 169.98 rupees.
Source: Radio Pakistan
پیکنگ یونیورسٹی نے گوانگہوا اسکول آف مینجمنٹ کی زیر قیادت “بیلٹ اینڈ روڈ انسٹیٹیوٹ” کا افتتاح کردیا
بیجنگ، 24 اپریل 2018ء/پی آرنیوزوائر/– چین کے قومی بیلٹ اینڈ روڈ منصوبے (بی آر آئی) کی مدد میں پیکنگ یونیورسٹی نے جمعہ 20 اپریل 2018ء کو ایک تقریب میں اپنے نئے بیلٹ اینڈ روڈ انسٹیٹیوٹ کا افتتاح کردیا۔ انسٹیٹیوٹ کی قیادت یونیورسٹی کے سرفہرست گوانگہوا اسکول آف مینیجمنٹ کے پاس ہوگی۔
انسٹیٹیوٹ کے لیے وسیع تعاون کا مظاہرہ کرتے ہوئے افتتاحی تقریب میں چینگ جیانبینگ، نائب چیئرمین قومی کمیٹی چینی عوامی سیاسی مشاورتی کانفرنس؛ چاؤ آئی، ڈائریکٹر دفتر امور عامہ اسٹیرنگ گروپ برائے بیلٹ اینڈ روڈ منصوبہ؛ وانگ ڈنگہوا، ڈائریکٹر وزارت تعلیم کا محکمہ تعلیم اساتذہ؛ پیکنگ یونیورسٹی کے کلیدی منتظمین؛ اور دنیا بھر سے حکومتی نمائندگان اور کاروباری شخصیات نے شرکت کی۔
بی آر آئی کا اعلان 2013ء میں چین کی قدیم شاہراہ ریشم کے راستوں پر واقع ممالک کی اقتصادی ترقی کے ایک طریقے کے طور پر ہوا تھا، جس میں ایشیا، شمالی و مشرقی افریقہ اور یورپ کے ممالک شامل ہیں۔ بیلٹ اینڈ روڈ انسٹیٹیوٹ کی افتتاحی تقریب کے دوران پیکنک یونیورسٹی کے نائب صدر وانگ بو نے ادارے کی تخلیق کے تناظر میں چین کے بڑھتے ہوئے بین الاقوامی کردار کو تسلیم کیا۔ “چالیس سال قبل اصلاحات اور دنیا کے سامنے کھلنے کے بعد چین کی ترقی ایک نئے عہد میں داخل ہو چکی ہے۔ چین فی الحقیقت دنیا بھر سے منسلک ہو چکا ہے۔”
ادارہ بی آر آئی متعلقہ ممالک میں مستقبل کے رہنماؤں کے لیے تعلیمی مواقع فراہم کرے گا، بی آر آئی منصوبوں کے حوالے سے تحقیق کرے گا اور عوامی سطح پر تبادلے کے لیے ایک پلیٹ فارم پیش کرے گا۔ ان اہداف کے حصول میں پی کے یو گوانگہوا کے عالمی سطح پر تسلیم شدہ کاروباری ماہرین اور تعلیمی ذرائع کے درمیان بین الشعبہ جاتی تعاون شامل ہوگا جو پیکنگ یونیورسٹی کے دیگر عالمی معیار کے کلیہ جات کے ذریعے دستیاب ہوگا۔
طلبہ کے داخلے کے لیے آئندہ منصوبوں کا خاکہ بناتے ہوئے پی کے یو گوانگہوا ڈین لیو چیاؤ نے کہا کہ “2018ء میں ہم بی آر آئی کے ممالک سے مضبوط قائدانہ مہارت اور عالمی وژن رکھنے والے پرعزم اور ذہین افراد کے داخلے کا آغاز کریں گے۔” آنے والے طلبہ ابتدائی طور پر پی کے یو گوانگہوا کے انڈرگریجویٹ منصوبے، بین الاقوامی ایم بی اے اور ای ایم بی اے پروگراموں اور بغیر ڈگری کے عالمی ایگزیکٹو تعلیمی پروگراموں کے لیے درخواست دے سکتے ہیں۔ اضافی پروگرام آئندہ سالوں میں شامل کیے جائیں گے۔
پی کے یو گوانگہوا انسٹیٹیوٹ کے ہدف کی حمایت کے لیے شراکت داروں کی تلاش شروع کرچکا ہے۔ شراکت داروں کی فراہم کردہ مالیاتی مدد انسٹیٹیوٹ کو نصاب ترتیب دینے اور اپنے پروگراموں میں قبول کیے گئے طلبہ کے لیے مکمل اسکالرشپس کی فراہمی کی اجازت دیں گے۔ بیلٹ اینڈ روڈ انسٹیٹیوٹ کے ساتھ شراکت داری کے خواہشمند افراد مواقع کے بارے میں جاننے کے لیے پی کے یو گوانگہوا سے رابطہ کر سکتے ہیں۔ ادارے کے کسی پروگرام میں درخواست دینے میں دلچسپی رکھنے والے طلبہ deans@gsm.pku.edu.cn پر ای میل کر سکتے ہیں۔
د پیکینګ پوهنتون دد ګوانګوا اسکول آف منجمنټ پر مشري کي “بیلټ او روډ انسټیټیوټ” پیل کوي
بيحنګ, ۲۳ اپريل ۲۰۱۸/پي آر نيوزواېر/– د چین د ملي بیلټ او سړک د نوښت )بي آر آئي( په ملاتړ، پیکیګ پوهنتون د جمعې، ۲۰ اپريل ۲۰۱۸ د یوې نوې غونډې په ترڅ کې د نوي بیلټ او روډ انسټیټیوټ اعلان کړی. دا اسنټي ټيوټ به د پوهنتون د اعلي پايه ګنوانګوا اسکول آف منيجمنټ په مشري کي کار کوي۔
د انسټیټیوټ لپاره پراخ ملاتړ څرګندول، د دې مراسمو په مراسمو کې د چین د خلکو د سیاسي مشورتي کنفرانس د ملي کمیټې مرستیال، زينګ جيابينګ ؛ زاو اي ، د بلټ او سړک د نوښت لپاره د روزنې ډلې دفتر عمومي رییس. وانګ ډيګوا ، د ښوونې او روزنې وزارت د ښوونکي د روزنې ریس؛ د پیکنګ پوهنتون مهم مدیران؛ او د نړۍ استازو د حکومت استازو او سوداګریزو اجراییوي ادارو د انسټیټیوټ لپاره پراخ ملاتړ څرګندولی۔
د بریښنا شرکت د ۲۰۱۳ کال په جریان کې اعلان وکړ چې د چین د لرغونو ورېښمو د سړک سوداګريز لارو، په ګډون آسیا، شمالي او ختیځ افريقا او اروپا کې د هیوادونو په هیوادونو کې اقتصادي پرمختګ پرمخ بوځي. د بیلټ او روډ انسټیټیوټ د پرانیستنې مراسمو په ترڅ کې د پیکیک پوهنتون مرستیال وانګ بو د انسټیټیوټ د جوړولو لپاره د شرایطو په توګه د چین د مخ پر ودې نړیوالو رول تصدیق کړ: “د چین پرمختګ له تیرو څلویښتو کلونو راهیسې نوي پړاو پیل کړ. په نړۍ کې د نورو نړۍ سره تړل شوي. ”
انسټیټیوټ به د بریتانیا په اړوندو هیوادونو کې د راتلونکو مشرانو لپاره تعلیمي فرصتونه چمتو کړي، د بریښنا شرکتونو پروژو سره څیړنې ترسره کړي، او د خلکو لپاره د تبادلې لپاره یو پلیټریټ په توګه خدمت وکړي. د دې اهدافو سره سم به د بین المللي پیژندل شوي پیرویو ګوانګوا د نړیوال پیژندل شوي کاروباري متخصصین او د پیکین پوهنتون د نورو نړیوالو پوهنځیو له لارې د اکادمیک سرچینو تر منځ د انډول ډیپلوماسۍ همغږي شامل وي.
د زده کونکو د استخدام لپاره راتلونکی پالنونه روښانه کول، پي کے يو گوهودان ډی ژی ژو سره شریک کړل “په ۲۰۱۸ کې، موږ به د بیړنیو او روښانه اشخاصو استخدام پیل کړو چې د بریښنا پورې تړلو هیوادونو څخه قوي مشرتابه مهارتونه او نړیوال لید سره.” راتلونکی محصلین په پیل کې د پي کے يو ګیګاهوا فارغ التحصیل پروګرام، نړیوال ايم بي اے او اي ايم بي اے پروګرامونو لپاره، او د نړیوال اجرائیوي نړیوالو تعلیمي پروګرامونو لپاره درخواست کولی شي. اضافي پروګرامونه به په راتلونکو کلونو کې اضافه شي.
پي کے يو گوهواوا د انسټیټیوټ د ماموریت د ملاتړ لپاره د همکارانو په لټه کې پیل کړی دی. د ملګریانو لخوا چمتو شوي مالي ملاتړ به انسټیټیوت ته اجازه ورکړي ترڅو خپل نصاب رامینځ ته کړي او د زده کوونکو لپاره د منلو وړ زده کونکو لپاره بشپړ بورسونه چمتو کړي. هغه شرکتونه یا اشخاص چې د بیلټس او سړک د انستیتیوت سره ملګرتیا کې لیوالتیا لري کولی شي د پیرو یو گوهوا سره اړیکه ونیسي ترڅو د فرصتونو په اړه زده کړه وکړي. هغه زده کونکي چې د انسټیټیوټ له پروګرامونو څخه د غوښتن لیک لیوالتیا لري deans@gsm.pku.edu.cn ته بریښناليک ورکوي.
YPO Welcomes 2018 YPO Innovation Week Sponsors
DALLAS, April 24, 2018 (GLOBE NEWSWIRE) — YPO, the world’s premier leadership organization of chief executives, announced today that Techstars has joined as a gold sponsor and Geniecast, Emplify and Telluride are silver sponsors of the 2018 YPO Innovation Week.
YPO Innovation Week sponsors offer valuable insight, key connections and respected expertise that made the world’s largest and most impactful innovation initiative possible.
“YPO Innovation Week brings together some of the most innovative and disruptive leaders around the world,” said YPO CEO Scott Mordell. “We are so pleased to partner with these prestigious and forward-thinking organizations and businesses to help elevate the week’s experiences for our members and take innovation to the next level.”
During the week of 7-11 May 2018, YPO will host innovation events across the globe from Sydney, Australia to London, England; Tel Aviv, Israel to New York, New York, USA; Santo Domingo, Dominican Republic to Palo Alto, California, USA and Nairobi, Kenya, and more.
The mission of YPO Innovation Week is to drive innovation and transformation across a diverse range of industries and sectors through signature events, live interactive video casts and livestream events across more than 30 countries. Business leaders and pioneering thinkers will engage in a weeklong forum discussing the most important innovations affecting business today, including augmented and virtual reality, vehicle technology, digital imaging, wearables, smart home, sensors and more.
“We welcome these prestigious partners and their participation in the 2018 YPO Innovation Week,” said YPO Innovation Week Chair Keith Alper. “With their support, we will truly be able to overturn conventional thinking and inspire business leaders to accelerate what’s next.”
Gold Sponsors
Techstars is featuring Techstars Founders who will deliver pitches at several YPO Innovation Week events, including the Global FinTech Summit, the World Technology Summit and the NYSE Closing Bell event.
Silver Sponsors
Geniecast is hosting digital events throughout YPO Innovation Week via two-way video broadcast.
Emplify’s CEO Santiago Jaramillo, a YPO member, will present on the future of work at the Silicon Valley Summit and World Technology Summit.
Telluride is hosting a virtual reality space at the Silicon Valley Summit and providing an exclusive prize package for YPO Global Innovation Award finalists.
About YPO
The premier leadership organization of chief executives in the world.
YPO is the global platform for chief executives to engage, learn and grow. YPO members harness the knowledge, influence and trust of the world’s most influential and innovative business leaders to inspire business, personal, family and community impact.
Today, YPO empowers more than 25,000 members in more than 130 countries, diversified among industries and types of businesses. Altogether, YPO member-run companies employ more than 16 million people and generate USD6 trillion in annual revenues.
Leadership. Learning. Lifelong. For more information, visit YPO.org.
About Techstars
Techstars is the worldwide network that helps entrepreneurs succeed. Techstars founders connect with other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporations to grow their companies. Techstars operates four divisions: Techstars Startup Programs, Techstars Mentorship-Driven Accelerator Programs, Techstars Corporate Innovation Partnerships, and the Techstars Venture Capital Fund. Techstars portfolio includes more than 1,300 companies with a market cap of $12 billion. www.techstars.com
About Geniecast
Geniecast is transforming the way the world connects people, ideas, and inspiration. We are curators, producers, and distributors of the world’s largest online marketplace of thought leaders, athletes, speakers, celebrities, facilitators and more – all available via two-way, live video broadcast. Join us in the quest to inspire, lead, and evolve. At Geniecast, we strive to offer human-centric client services through great people and clever technology, one transaction at a time. From a warm welcome to individualized attention, we engage with you, one connection at a time. And, when you least expect it, we plan to surprise you with an extra touch, one experience at a time. To learn more, visit https://geniecast.com/.
About Emplify
Emplify, the industry leader in data-driven employee analytics and action-enabling insights for business leaders, helps executives leverage employee insights to make their workforce more successful. Backed by decades of research in human psychology and neuroscience, Emplify InsightsTM blends employee engagement best practices and hands-on expert coaching into an agile feedback system that’s simple yet more effective than historic annual employee surveys, and more trustworthy than modern pulse surveys. Emplify is trusted by companies like Ivy Tech Community College, Herff Jones, Harley Davidson, Cheetah Digital, Crew Carwash, Yamaha, and many others. Learn more at emplify.com.
About Telluride
Forty-five minutes from the nearest stoplight, at the end of a incredibly beautiful box canyon sits Telluride, Colorado, a National Historic Landmark surrounded by the highest concentration of 13,000′ and 14,000′ peaks in the United States. Above Telluride is a modern mountain village connected by a gondola, the only one of its kind in North America. While the ski terrain is world-renowned, the resort is truly defined by a collection of intimate and unmatched experiences. With your first walk down the historic main street, you’ll find the character and charm of Telluride as special as the majestic San Juan Mountains. To learn more, visit www.tellurideskiresort.com.
Contact:
YPO
Linda Fisk
Office: +1 972 629 7305 (United States)
Mobile: +1 972 207 4298
press@ypo.org
