first_img KCS-content Share Kirsh ruled out of bid talks with Minerva Sunday 16 January 2011 9:53 pm whatsappcenter_img Tags: NULL LONDON property developer Minerva revealed it is holding preliminary takeover talks with an unnamed potential buyer, which has already propelled its shares upwards and is set to do the same this morning. The identity of the predator remained a mystery yesterday, with Minerva’s advisers remaining tight-lipped about the ongoing talks. However, industry sources ruled out a number of City real estate players including Land Securities and British Land. One property insider said the interested party was likely to be an opportunity fund.Minerva declined to comment. Minerva announced the talks after its shares jumped 11 per cent to 87p on Friday, prompting the Takeover Panel to contact the firm for clarification. Friday’s share price gives the firm a £140m valuation. Minerva’s board stressed in its statement to the stock exchange that the talks might not lead to a formal offer. It is the third time in as many years that the company has been circled by potential buyers, most recently by activist shareholder Nathan Kirsh in 2009. It is understood that Kirsh is not the interested party this time. Kirsh criticised the firm for failing to find a tenant for its Walbrook development on Cannon Street (pictured), which has stood empty since completion in February. BRIAN CASSINGREENHILL & COHelping Minerva field calls from potential bidders is familiar ground for Brian Cassin of Greenhill & Co, who advised the company during its successful defence against Kirsh’s takeover advances in January 2010. Cassin joined Greenhill in 1998, having previously worked for six years with Baring Brothers International in London and New York.Cassin’s recent deals include advising Emerson during its battle to take over Chloride, in which it eventually paid out £997m to fend off rival ABB. He worked closely with Simon Borrows, Greenhill’s chairman of European operations, before Borrows went part-time in April 2010. Cassin then became co-head of European corporate advisory. While advising Minerva, Cassin has worked to deflect several advances from activist shareholder Nathan Kirsh, who attempted to take over Minerva in 2009 and tried to oust the board of directors in mid-2010. whatsapp Show Comments ▼last_img read more

first_img Topics: Sports betting Email Address GAN extends FanDuel partnership into Indiana 23rd October 2019 | By Daniel O’Boyle Regions: US Indiana Sports bettingcenter_img AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Online betting and gaming platform provider GAN has extended its partnership with FanDuel into Indiana, after the company received a temporary supplier license. Online betting and gaming platform provider GAN has extended its partnership with FanDuel into Indiana, after the company received a temporary supplier license.GAN will power the account services for FanDuel’s mobile sportsbook offering, which was launched yesterday (22 October) in partnership with Blue Chip Casino in the state after receiving approval the day before.FanDuel is the latest of three mobile sportsbook operators to receive approval from the state gaming commission, following Rush Street Interactive and DraftKings.GAN and FanDuel had already partnered for online sportsbook roll-outs in New Jersey and Pennsylvania.Read more on iGB North America. Subscribe to the iGaming newsletterlast_img read more

first_imgAccess Bank Ghana (ACCESS.gh) listed on the Ghana Stock Exchange under the Banking sector has released it’s 2013 annual report.For more information about Access Bank Ghana (ACCESS.gh) reports, abridged reports, interim earnings results and earnings presentations, visit the Access Bank Ghana (ACCESS.gh) company page on AfricanFinancials.Document: Access Bank Ghana (ACCESS.gh)  2013 annual report.Company ProfileAccess Bank Ghana is a leading financial institution in Ghana providing banking products and services for the institutional, commercial, business banking, treasury and personal banking segments. Its product offering ranges from current and savings accounts to vehicle and personal loans, banking services for women and private individuals, funds transfers and cardless banking. Access Bank Ghana provides relationship management services for corporate clients as well as corporate and structured finance services and investment and asset management services. Other services offered relate to cash management, trade finance, LPO financing, receivables discounting, leasing services and other major business transactions. The company is a subsidiary of Access Bank Plc. It operates 132 branches in the major towns and cities of Ghana, and has its headquarters in the capital city, Accra. Access Bank Ghana is listed on the Ghana Stock Exchangelast_img read more

first_imgShoprite Holdings Plc (SHOPRT.zm) listed on the Lusaka Securities Exchange under the Retail sector has released it’s 2017 circular For more information about Shoprite Holdings Plc (SHOPRT.zm) reports, abridged reports, interim earnings results and earnings presentations, visit the Shoprite Holdings Plc (SHOPRT.zm) company page on AfricanFinancials.Document: Shoprite Holdings Plc (SHOPRT.zm)  2017 circular Company ProfileShoprite Group of Companies is an investment holding company with an extensive international network of retail and wholesale food and non-food outlets. The holding company is based in South Africa (RSA) and operates through four segments: Supermarkets RSA, Supermarkets Non-RSA, Furniture and Other. The group has more than 2 600 outlets in 15 countries across Africa and on Indian Oceans islands. Shoprite Group of Companies expanded into Africa from 1995; the first supermarket that opened outside of South Africa was in Lusaka, Zambia. The subsidiary company in Zambia falls under Supermarkets Non-RSA, which incorporates established brands in its stable; Shoprite, Checkers, Checkers Hyper, Usave and Hungry Lion. The company strives to offer a one-stop shopping destination for consumers, with a comprehensive range of food, household products, furniture, pharmaceuticals, appliances, and hair and beauty products. Shoprite Group of Companies is listed on the Lusaka Stock Exchangelast_img read more

first_img Photographs “COPY” CopyAbout this officeNO ARCHITECTUREOfficeFollowProductsWoodConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesAuroraHousesUnited StatesPublished on August 04, 2014Cite: “Courtyard House / NO ARCHITECTURE” 04 Aug 2014. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Read commentsBrowse the CatalogPartitionsSkyfoldRetractable Walls – Stepped & Sloped SpacesVinyl Walls3MArchitectural Finishes DI-NOC in SkyPodsShowerhansgroheShowers – Croma EDoorsC.R. LaurenceMonterey Bi-Folding Glass Wall SystemTable LampsLouis PoulsenLamps – Panthella PortableBeams / PillarsLunawoodThermowood Frames and BearersSealantsEffisusMetal Roof Flashing – Stopper MRDropped CeilingsPure + FreeFormLinear Clip-Strip Ceiling SystemUrban ShadingPunto DesignPavilion – CUBEVentilated / Double Skin FacadeULMA Architectural SolutionsPaper Facade Panel in Nokia LibraryLouversAccoyaAccoya® Wood for Shutters and LouvresSpa / WellnessKlafsGyms & Relaxation RoomsMore products »Read commentsSave世界上最受欢迎的建筑网站现已推出你的母语版本!想浏览ArchDaily中国吗?是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my stream ArchDaily Courtyard House / NO ARCHITECTURE Year:  ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/533530/courtyard-house-no-architecture Clipboard ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/533530/courtyard-house-no-architecture Clipboard CopyHouses•Aurora, United States Architects: NO ARCHITECTURE Year Completion year of this architecture project Save this picture!© Iwan Baan+ 21 Sharecenter_img 2013 Houses 2013 Projects photographs:  Iwan Baan, Michael Weber, NOAPhotographs:  Iwan Baan , Michael Weber, Courtesy of NOACollaborators:WBS Construction Inc., Madden & BaughmanBudget:$575.000Architect In Charge:Andrew HeidProject Team:Christopher Purpura, Jack Hogan, Noa PeerCity:AuroraCountry:United StatesMore SpecsLess SpecsSave this picture!© Iwan BaanText description provided by the architects. With the disintegration of the traditional nuclear family as the dominant spatial fix in the Twentieth Century, a new typology for family life is needed for the city post-sprawl. The Courtyard House re-conceives low-density metropolitan living by concentrating the traditional single-family residence into a courtyard house.Save this picture!© NOABy utilizing a marginal site and downsizing the conventional house by 1/3, the Courtyard House sponsors more collective and ecological forms of life without sacrificing the necessary privacy of daily living. This new organization, a horizontal constellation of spaces, varies from individual to collective, while extending the exterior environment inside and expanding it socially. There, co-habitational activities may be forged between inter-generational families and friends, while fulfilling the new demands of a dispersed aging population.Save this picture!Ground Floor PlanIn contrast to a conventional residence, the Courtyard House is programmed as an inhabited landscape contained within a modernist slab: a single level compressed between a floor and roof plane. A glass wrapper is setback from the roof’s edge to create a walk-around covered terrace that activates the surrounding landscape by physically and communally connecting inside to out. Inside, the rooms are conceived as a continuous sequence of event spaces. Each room is equipped for the varying performances of daily living, framed by the outside, suggesting an architecture of simplicity and harmony between the built and the vegetal.Save this picture!© Iwan BaanEntered through an underground garage court, the house’s six spaces flow in a continuous loop around a series of separate bathroom and storages cores that flock and disperse to allow the rooms to be experienced as a single loft or as a series of individual rooms. Maximizing usable space while minimizing poché, each storage core contains all of the requirements of daily living, WC, shower, closets, etc; allowing each room to be experienced collectively when open or privately when closed. Because no room is compartmentalized and isolated as in a conventional home, every room can be a living space during the day and a sleeping space at night. Continuous perimeter circulation inside parallels the covered roof terrace outside.Save this picture!© Iwan BaanFraming the central living spaces is a single courtyard. Planted to continue the surrounding indigenous landscape, the courtyard is conceived as a spatial divider, like a family camp, to consolidate and share the conviviality and burdens of daily living without feeling overcrowded at night. The courtyard is excavated in plan to optimize views and passive solar gain, allowing light and air inside, while sinking the house into the hillside to maximize thermal insulation and intimacy from the urban context.Save this picture!© Michael WeberProject gallerySee allShow lessHeydar Aliyev International Airport Baku / AutobanSelected ProjectsUsers Create the Color in this Super-Sized KaleidoscopeArchitecture News Share Year:  United States Courtyard House / NO ARCHITECTURESave this projectSaveCourtyard House / NO ARCHITECTURE “COPY”last_img read more

first_img Year:  ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/582517/b928-building-claudio-walter-arquitectos-asociados Clipboard Argentina Architects: Claudio Walter Arquitectos Asociados Year Completion year of this architecture project CopyAbout this officeClaudio Walter Arquitectos AsociadosOfficeFollowProductsWoodConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousingApartmentsRafaelaArgentinaPublished on January 02, 2015Cite: “B928 Building / Claudio Walter Arquitectos Asociados” [Edificio B928 / Claudio Walter Arquitectos Asociados] 02 Jan 2015. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Browse the CatalogVentilated / Double Skin FacadeTechnowoodProfile Façade SystemGlassMitrexSolar PanelsMetal PanelsAurubisCopper Alloy: Nordic RoyalFiber Cements / CementsEQUITONEFiber Cement Facade Panel PicturaCultural / PatrimonialIsland Exterior FabricatorsSeptember 11th Memorial Museum Envelope SystemConcreteKrytonSmart ConcreteSignage / Display SystemsGoppionDisplay Case – B-ClassMetal PanelsLorin IndustriesAnodized Aluminum – Stainless Steel FinishesWoodStructureCraftEngineering – Mass TimberWindowspanoramah!®ah!38 – FlexibilityChairsSellexChair – IrinaBathroom FurnitureKaleBathroom Cabinets – ZeroMore products »Save世界上最受欢迎的建筑网站现已推出你的母语版本!想浏览ArchDaily中国吗?是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my stream Apartments B928 Building / Claudio Walter Arquitectos AsociadosSave this projectSaveB928 Building / Claudio Walter Arquitectos Asociados ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/582517/b928-building-claudio-walter-arquitectos-asociados Clipboard Projects B928 Building / Claudio Walter Arquitectos Asociadoscenter_img Photographs Save this picture!© Ramiro Sosa+ 23 Share “COPY” “COPY” ArchDaily Photographs:  Ramiro SosaSave this picture!© Ramiro SosaText description provided by the architects. Rafaela is a small city of 100,000 inhabitants of the interior of Argentina, with a strong metalworking industry and immersed in a highly productive agricultural region. The university educational offer has grown exponentially in recent years and as a result, the student population has demanded housing units.Save this picture!© Ramiro SosaIn a neighborhood of low houses, and conditioned by the building code with regard to land occupation, maximum heights, ratio of parking-apartments, the demolition of a century-old home without heritage value allowed us to have a site with good proportions.Save this picture!© Ramiro SosaFrom this we decided to separate the building from the party wall and exploit the spatial expansion from the street into the depth of the plot giving rise to a lateral facade with active participation in the three-dimensional composition.Save this picture!PlanThe building was designed from structural simplicity (under the Corbusian domino concept of mezzanines without beams) and the volumetric unit framed in a rectangular prism that houses the functional organization. A courtyard to enhance the livability of the departments is the only change in the volume and is located in the central area, corresponding with the circulation that acts as bellows for the project.Save this picture!© Ramiro SosaDespite the rigidity of the program and the economic constraints, we try to provide quality housing units optimizing the orientations and the natural climatic conditioning.Save this picture!© Ramiro SosaAs this was an investment project, durability and low maintenance costs were a priority but not exclusive requirements, as it was our interest to respect a quality standard and its reflection in the image. We thus developed a mixed traditional reinforced concrete construction system, with industrialized exterior enclosures and interior partitions. The enclosures are designed according to a ventilated façade concept to improve thermal insulation, and are composed of retak blocks (HCCA) clad with prepainted galvanized profiles placed on plates. Lapacho wood in combination with stainless steel and laminated glass define the main facade.Save this picture!© Ramiro SosaProject gallerySee allShow lessLoft Vasco / ILLASelected ProjectsThe Three-Dimensional City: How Drones Will Impact the Future Urban LandscapeArchitecture NewsProject locationAddress:Rafaela, Santa Fe Province, ArgentinaLocation to be used only as a reference. It could indicate city/country but not exact address. Share 2012 CopyApartments•Rafaela, Argentinalast_img read more

first_imgPoliticians in Haiti thought they had a bright idea. Since people were following the World Cup soccer match between Brazil and Belgium on July 6, rooting deeply for Brazil, they would choose that time to obey the International Monetary Fund and raise the price of fuel by 38 percent for gasoline, 47 percent for diesel and 51 percent for kerosene.This attack on the living standards of the masses, they thought, would be ignored in the jubilation and joy over Brazil’s victory.But Brazil lost. Within minutes the masses were in the streets, erecting and burning barricades of tires, car bodies, debris and garbage to block traffic of cars and motorcycles. Whole neighborhoods in Port-au-Prince — Pétionville, Delmas, Lalue, Nazon, Champs-de-mars, Canapé-vert — were made inaccessible. Protesters also took to the streets in such cities as Cap Haïtien, Petit Goâve, Cayes, Jérémie, Jacmel and l’Artibonite. In Petit Goâve the courthouse was burned and the entryway to the tax office was set on fire.In well-off neighborhoods of Port au Prince and Pétionville, luxury cars and apartment buildings were singled out, as well as offices and supermarkets constructed after the devastating 2010 earthquake with money that had been designated to rebuild the country. A particular target was the splendid and super-luxurious Royal Oasis Hotel in Pétionville, which got $2 million from Bill Clinton out of funds supposedly for reconstruction.Because of the popular anger running through the streets, the barricades and the attacks on cars and offices, a number of airlines canceled flights to Haiti. The U.S. Embassy ordered its staff to shelter in place and sent for a special squad of Marine security. The Canadian Embassy also stepped up security.Al Jazeera on July 14 reported that seven people had lost their lives in the struggle, while other news sources, like Haïti-Liberté of July 11, reported just a few dead, one a cop attempting to clear a barricade.According to the Miami Herald of July 7, damage to fiber optic lines caused many cell phone and internet users in Port-au-Prince to lose service. A call for a general strike on July 7-9 was widely followed, even though it was not clear if a particular union was involved or just an ad hoc committee trying give some leadership to the struggle.Marie Laurette Numa writing in the July 11 Haïti-Liberté made a very interesting point. Cops were so scarce in Port-au-Prince that there weren’t enough to protect all the goods of the bourgeoisie, which the masses were attacking. She had a possible explanation: “Some cops coming from the exploited masses have solidarized themselves with a cause linked to their class background, leaving the masses to cope with the country’s rapacious vultures.”While this struggle doesn’t have a clear, established leadership, it has had a definite political impact. Prime Minister Jack Guy Lafontant resigned on July 14 after it became clear that merely withdrawing the fuel price increases wasn’t going to tamp down popular discontent. This effectively leaves Haiti without a functioning government, although soon an interim prime minister is expected.Underlying this popular uprising is the extreme poverty of Haiti, which is by far the poorest country in the Western Hemisphere, and the rapacious greed of its ruling class.According to the World Bank, which is one of the most important tools of world imperialist rule, 24 percent of all Haitians live under the  extreme poverty line of $1.23 a day, while 59 percent live under the “regular” poverty line of $2.41 a day. The wealthy Haitians who do the bidding of the imperialists receive so large an income that Haiti is rated the most unequal country in the world.Haitians went into the streets because their conditions are intolerable and they are fighting to survive.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

first_img Facebook Twitter News, Sport and Obituaries on Monday May 24th Pinterest Twitter AudioHomepage BannerNews Facebook Tributes have been paid to Dr James Mehaffey, the former Bishop of Derry and Raphoe, who has died at the age of 88.Pat Hume, wife of former SDLP leader and Foyle MP John Hume, said this morning that Bishop Mehaffey worked closely with her husband, and never gave up on the quest for peace.She also highlighted the close working relationship Bishop Mehaffey had with the late Catholic Bishop of Derry Dr Edward Daly.The importance of that friendship was also highlighted by Paul Mc Fadden, the Communications Officer with the Diocese of Derry and Raphoe…………..Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2020/01/paulmcf.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.Picture – Church of IrelandThe late Bishop of Derry and Raphoe, Dr James Mehaffey, and the late Bishop of Derry Dr Edward Daly are pictured with the then Mayor of Derry, Cllr Brenda Stevenson, after the church leaders received the Freedom of Derry in 2015.A Book of Condolence has opened at the Guildhall in memory of the Church of Ireland former Bishop of Derry and Raphoe Dr James Mehaffey.People can also record their tributes online at the following address http://www.derrystrabane.com/bookofcondolences and messages of condolence will be passed on to Bishop Mehaffey’s family. FT Report: Derry City 2 St Pats 2 WhatsApp Google+ Tributes paid to the late Bishop James Mehaffeycenter_img Previous article47 people awaiting in-patient beds at LUHNext articleMc Hugh acknowledges RIC commemoration has been handled badly News Highland WhatsApp Loganair’s new Derry – Liverpool air service takes off from CODA DL Debate – 24/05/21 Google+ Important message for people attending LUH’s INR clinic Arranmore progress and potential flagged as population grows By News Highland – January 7, 2020 Pinterest RELATED ARTICLESMORE FROM AUTHORlast_img read more

first_imgLettersOn 4 Feb 2003 in Personnel Today Previous Article Next Article Comments are closed. Related posts:No related photos. This week’s lettersDare Kearns take on CIPD debate? I was amused to see you still devote space to self-appointed HR strategyguru Paul Kearns (HR Viewpoint, 21 January), who seems capable of doing littleother than misrepresenting what other people write. I would respectfully suggest that if anyone is stuck in an out-of-date timewarp, it is he. Kearns seems blissfully unaware of the changes that haveoccurred in the profession, which your Delivering HR Strategy series hasillustrated. Everyday HR professionals make a significant contribution to the success oftheir organisations. Rather than “making up for lost time”, the CIPD has actually beenresearching these links for 10 years. As your piece in the same issue entitled‘Handling Accountability’ (Features, 21 January) illustrates, we are taking aleading position on the current issue of reporting on human capital in annualreports. Far from being a ‘black box’, our latest study Sustaining Success inDifficult Times uses a dozen case studies to demonstrate how these linksactually work in practice. The 400 delegates at our Harrogate Conference whoheard a senior nurse in the cardiac ward at Royal United Hospital Bath, and thesales director at Nationwide, describe how HR practices have made a significantdifference to their organisations would not agree with Kearns’ assertion thatour work lacks strategic impact. I accept that not every HR department in this country is at the leadingedge. Wouldn’t it be better if Kearns helped HR professionals in all types oforganisations – as the CIPD and I are doing – to practically improve theircontribution, rather than constantly carping and criticising from thesidelines? I challenge Kearns to debate with me, in public, private, print or person,just whether his backward-looking curmudgeonly pessimism reflects the realityof HR today. I gave up my job in a major consultancy because I believe in contributing atthe CIPD to helping the profession make the shift. What has Kearns ever done tohelp? Duncan Brown Assistant director general, CIPD Editors response: Paul Kearns is keen to have this debate and both heand Duncan Brown will be joining our Forum on Delivering HR Strategy. See boxbelow Firms benefit from private healthcare It is very tempting for employers to cut back on apparently unaffordableprivate healthcare plans schemes (HR Viewpoint, 28 January). The next big thing in the UK – following the US trend – may well be definedliability plans where employees have a capped annual amount to spend on privatehealth treatment. Private healthcare costs are increasing so rapidly because employees arechoosing to use private over NHS treatment. For companies, the benefit of this increased use, if targeted correctly, isthat employee illness is treated more promptly and periods of sickness absenceare consequently reduced, thereby increasing productivity. Therefore, rather than reducing healthcare treatment through definedliability plans, or other means, employers might consider an alternativeapproach – that of strategically investing in employee healthcare and managingthis more effectively as a way of reducing sickness absence. If they don’t, the narrow approach of cutting healthcare benefits willmerely increase employment costs elsewhere. Steve Clements European partner, Mercer Human Resource Consulting EC opt-out law can bring flexibility I read your fascinating report outlining the reaction to the potentialremoval of the UK’s opt-out of Working Time Directive regulations (News, 21January). It was no surprise that UK employers reacted negatively to the latestproposals. In the current climate any additional cost or pressure oncompetitiveness is unwelcome. What is perhaps more surprising is that this report also demonstrates thevalue employees place on flexibility and choice. There is an increasing demandfor systems to facilitate and manage flexible working practices, such as theintroduction of annualised hours and flexitime, and they can have a positiveimpact on recruitment and retention. This is particularly the case in highlyseasonal businesses that would perhaps be hardest hit by the rigidity of thecurrent Working Time Directive (WTD) legislation that averages hours workedover a 17-week period. Customers who have embraced the WTD have found their investment in thedetailed reporting required by the legislation most revealing and would notreturn to their previous staff scheduling practices. However, it is true to say that even where the WTD is in place, staffopt-outs often mean that staff schedules cannot be managed consistently. For apiece of legislation intended to protect the employee, it has received a verynegative reaction from the very people it was designed to protect. Demand for more flexibility in working practices from both employer andemployee is now a fact of corporate life which it seems they would rathermutually agree than receive from on high from Brussels. Keith Statham Managing director, Kronos Systems Delivering HR strategyPersonnel Today is drawing together a forum of experts on Delivering HRStrategy. Don’t miss our coverage over the coming months – we’ll be giving youthe opportunity to tell the forum about the strategic HR challenges you face,as well as providing practical guidance on how to deliver it  last_img read more

first_img Email Address* Full Name* Message* 15 West 47th Street, 48 West 48th Street and 151 West 46th Street (Google Maps, Getty)Like most retailers, merchants in Midtown Manhattan’s Diamond District have had to grapple with the impact of the pandemic over the past year. But gem deals are still getting done — to the tune of $400 million per day, according to a Bloomberg News estimate from last summer.It’s not just jewels that are trading hands in the neighborhood. In December, the ELO Organization closed on its $110 million acquisition of the Chetrit family’s 15 West 47th Street, an 18-story, 130,000-square-foot office building that went into contract shortly before the pandemic.At the same time, ELO closed on $141 million in CMBS debt from Citi Real Estate Funding, not only to finance the acquisition but also to refinance two nearby properties: the 140,000-square-foot 48 West 48th Street, and the 66,000-square-foot 151 West 46th Street, both of which the firm has owned since 2001.Documents associated with the securitization provide an inside look at a cross-section of the District’s roughly 2,600 independent jewelry businesses, whose ties to New York real estate sometimes extend well beyond the leases they sign.As of November, the three properties were 95 percent leased to 242 office tenants and 48 retail tenants, most of which are “jewelry-related tenants, such as vendors, appraisers, and repairmen, which traditionally sign short-term lease agreements with minimal to no concession packages,” according to an S&P rating report.Most of the jewelry tenants occupy suites with sizes ranging from 100 to 5,100 square feet. The newly acquired property at 15 West 47th Street features an 8,700-square-foot “open-floor jewelry exchange” on the ground floor with 34 individual booths of 250 square feet each, subject to a master lease that extends through 2049.Given the small size of most individual jewlers, the top of the portfolio’s rent roll is dominated by restaurants. The tenant that pays the most is Cuban bar and restaurant Havana Central, which has been at 151 West 46th Street since 2004. The second biggest tenant is 24-hour fast-casual eatery Delis 48, at 48 West 48th Street.Read moreELO to buy Chetrit family Diamond District building for $115MExtell sues Diamond District neighbor over lot line disputeExtell makes its Diamond District hotel officialApril 2018 issue: How the global diamond trade shaped New York’s skyline At the beginning of the pandemic, ELO offered tenants at the 46th and 48th Street properties one or two months of rent concessions on a case-by-case basis, which were not required to be repaid. Tenants at the 47th Street property, which was still owned by the previous landlords at the time, were offered rent deferrals that had to be paid back.Rent collections in the portfolio dropped to 79 percent last March and bottomed out at 15 percent in April, but have since rebounded to above 100 percent (which includes repayment of back rent) as of November. The buildings are open and operating in accordance with city guidelines, according to S&P.Headed by Jack Elo, the ELO Organization has also been an active buyer elsewhere in Manhattan, having acquired two Garment District buildings for $37.3 million in 2016.A few doors down from the firm’s latest acquisition, ELO is currently involved in a legal dispute with Extell Development over that firm’s plans to build a 534-key hotel at 32 West 48th Street. Gary Barnett’s firm alleges that ELO has interfered with the development in an effort to preserve its “illegal lot line windows” at 29 West 47th Street.Contact Kevin Sun Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Commercial Real Estatediamond districtELO OrganizationTRD Insights Share via Shortlink Tagslast_img read more