TrendingCommercial New YorkAAby Rosen sells once-troubled Midtown office building to AmazonRFR deals 522 Fifth Avenue for undisclosed price Listen to this article00:001xAby Rosen’s firm pulled off another deal for one of his office buildings that had been challenged Rosen’s RFR has sold 522 Fifth Avenue to Amazon for an undisclosed price The firm did not identify the price or the buyer in the deal Sources told TRD the buyer is the e-commerce giant which has its New York headquarters nearby at the former Lord & Taylor building at 424 Fifth Avenue A spokesperson from Amazon confirmed the purchase saying the company ”continuously evaluate[s] our corporate office needs to best serve Amazon’s businesses RFR had faced foreclosure on the 600,000-square-foot property last summer, before SL Green came in and bought the building’s $224 million debt at a hefty discount “We’ve always had a sharp eye for architecturally significant assets that stand the test of time,” Rosen said in a statement Friday morning announcing the sale “This sale speaks not only to the enduring appeal of the building but to the strength of the Grand Central corridor and the growing demand for distinctive RFR acquired 522 Fifth Avenue from Morgan Stanley in 2020 Rosen’s company had been preparing plans to renovate the building and when Morgan Stanley informed RFR it would be vacating the space the owner started marketing it as a full-building headquarters to a tenant SIGN UPRosen has since struggled with several investments after interest rates began to climb in 2022, most notably losing the Chrysler Building in January. Last week, he lost the building at 285 Madison Avenue to foreclosure But he’s also put together some creative deals Amazon, meanwhile, bought the Lord & Taylor building for $1.15 billion in 2020 and transformed it into its Big Apple HQ Jeff Bezos’ firm has signed at least three large leases since November totaling nearly 1 million square feet, including a 330,000-square-foot deal last month at 10 Bryant Park This article has been updated to include context on the company’s recent deals Vintage High's Ryan Chaddock flies out and Aby Sims and Aliyah McDonald get singles in a Big Game at Napa High on May 3 Friends and family of Berryessa's Turtle Rock bar collected the money pined to the ceiling of the cafe to donate to UCSF and celebrate the 15-year 'cancerversary' of Elijah Leung Take a ride around Napa on these motorized ADA-compliant scooters made to look like various critters and creatures Most of Napa’s River Park Shopping Center tenants cater to locals Now a handful of tenants have left the center The sheriff's office reported seizing 13 roosters from a Carneros site where it said the birds were altered and trained to fight other male birds Take a good look at Napa’s Kohl’s building Developers have asked the city of Napa for permission to demolish the building at 1116 First St Your browser is out of date and potentially vulnerable to security risks.We recommend switching to one of the following browsers: Get up-to-the-minute news sent straight to your device Account processing issue - the email address may already exist Invalid password or account does not exist Submitting this form below will send a message to your email with a link to change your password An email message containing instructions on how to reset your password has been sent to the email address listed on your account « Back Well-positioning Spectral to reshape the future of both quantum computing and global connectivity 2024 /PRNewswire/ -- Spectral Capital Corporation (OTC QB: FCCN), a pioneer in quantum computing and distributed technologies proudly welcomes Aby Alexander to its Board of Directors Aby's extensive experience in broadcast and broadband solutions combined with his leadership in AI and edge computing will add invaluable insights to Spectral's mission of revolutionizing global technology As President & CEO of BroadSat Technologies Aby has championed innovations that bring essential services such as telemedicine and emergency alerts to underserved communities His work to bridge the digital divide aligns seamlessly with Spectral Capital's vision to harness the power of quantum computing for scalable Aby also played a pivotal role as the former President & CEO of Thomson Broadcast Americas presence and leading the acquisition of GatesAir Inc and next-generation technologies will provide strategic guidance as Spectral continues to grow in the quantum space Reflecting on his new role at Spectral Capital "Quantum computing is opening doors we never thought possible particularly in the way we transmit and process data We are collectively excited about Aby's guidance on the potential that Quantum technologies will fundamentally change how broadcast and broadband services will be delivered It's humbling to think of the impact Aby can provide our organization especially in his global expertise in bringing connectivity to those who need it most." "We are thrilled to have Aby join our Board," said Sean Michael Brehm "His innovative approach to technology and his deep understanding of connectivity solutions perfectly complement Spectral's mission to leverage quantum technologies for global innovation and transformation." Aby's contributions extend beyond connectivity and AI having authored a book on blockchain technology and led groundbreaking work in cybersecurity combined with Spectral Capital's leadership in quantum solutions will drive the next phase of technological breakthroughs in decentralized systems This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 as amended) concerning future events and FCCN's growth and business strategy Words such as "expects," "will," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations on such words and similar expressions are intended to identify forward-looking statements Although FCCN believes that the expectations reflected in such forward-looking statements are reasonable no assurance can be given that such expectations will prove to have been correct These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies many of which are beyond the control of FCCN Actual results may differ materially from those expressed or implied by such forward-looking statements Factors that could cause actual results to differ materially include changes in FCCN's business; competitive factors in the market(s) in which FCCN operates; risks associated with operations outside the United States; and other factors listed from time to time in FCCN's filings with the Securities and Exchange Commission FCCN expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in FCCN's expectations with respect thereto or any change in events conditions or circumstances on which any statement is based Spectral Capital Corporation (OTCQB: FCCN) today announced that it has acquired 169,889 shares of Preferred Stock in a leading AI software company in .. Spectral Capital Corporation (OTCQB: FCCN) a development-stage company focused on decentralized cloud and quantum infrastructure Computer & Electronics Telecommunications Industry Personnel Announcements Do not sell or share my personal information: Every product is independently selected by editors Things you buy through our links may earn Vox Media a commission It’s easy to see why the Chrysler Building was irresistible to Aby Rosen The flamboyant German émigré who heads up real-estate firm RFR Holding is clearly drawn to gorgeous has-beens alongside his childhood friend Michael Fuchs he’s built a glamorous empire of revamped trophies — Lever House renovating not just the space itself but bringing in celebrity chefs and filling their lobbies and courtyards with work by Damien Hirst how could he resist grabbing it for $151 million — a fraction of the $800 million that the Abu Dhabi Investment Council had paid for a 90 percent stake a decade earlier “I remember reading the headline when Aby bought it and thinking How could it have sold for just that?” says an executive at a prominent real-estate-investment firm But it came with a big catch: Cooper Union the private art and engineering college — itself a New York institution that for most of his history has offered free tuition subsidized by the Chrysler — owned the ground underneath it and the terms of the ground lease were widely acknowledged to be impossible shortly before RFR bought the building (a deal also included an adjacent retail property the rent jumped from $7.78 million to $32.5 million a year and was set to increase to $41 million by 2028 The office rents the building commands weren’t high enough to cover it let alone the cost of upgrading and maintaining the building itself long considered to be a charming money pit or was it just some dumb money from this guy in Europe?” says another real-estate insider “RFR has always been an overpayer,” says a commercial broker it’s not panning out in a number of his buildings.” an antique skyscraper that even before the pandemic wasn’t able to compete for rents with the blue-chip buildings on Park Avenue has lured other investors into trying to make a go of it before Rosen — sometimes to their detriment (“It was a big gamble for us,” Sol Goldman one of the owners who bought it in the 1960s and lost it in the ’70s The Chrysler entered a decades-long cycle of rebirth and decline garnering a Times story about its triumphant restoration every 20 years or so one of the most well-regarded real-estate firms in the city bought it out of foreclosure in the late 1990s continuing to hold on to a 10 percent stake and manage the property until it sold to Rosen “Everyone in the business knows it’s a pretty haggard asset,” a developer told me. “It’s chopped up into pretty tiny offices, there are columns, inflexible floor plates, cranky HVAC systems, aging infrastructure, small leases.” Tenants at the time included consulting and law firms, financial advisory and investment firms, as well as the usual mélange of random, oddball businesses The most valuable space at the top also had the smallest floor plates — floors in the 60s hover around 5,000 square feet Rosen was undeterred. A person with knowledge of the deal told me that the developer thought it would take three to five years to stabilize the building, re-open the Cloud Club, and draw new tenants and higher rents. A friend of Rosen’s told Bloomberg that the developer was obsessed in the weeks before the deal closed: During a two-week vacation dog-sledding in Norway while a not uncommon feature of New York City office buildings are often tied to the market value of the land and can render a building virtually worthless when they reset While leaseholders like RFR often sign 99-year leases the relationship with the land owner is as significant as any legal document and everyone I spoke with thought the Chrysler’s lease made the economics of the deal unworkable Rosen is known for being a resourceful operator and drawing high-profile collaborators and tenants with his reputation; it seemed just possible that he could have turned it around “The level of risk with the rent going from $8 million to $30 million made it a high-wire act,” says one executive “You’re going to be racing to make that up spending your own money to try to get the building into shape so you make the rent.” and thought that Cooper Union would never cut a deal.) an amenities floor opened with nice lighting They weren’t exactly the showy features other developers were using at the time to lure tenants to high-end office buildings but these were just Rosen’s early offerings A spa and fitness center were in the works a total of 100,000 square feet of amenities planned RFR claims it spent $170 million on repairs and plans to upgrade the building and soft costs like paying for architectural designs (Cooper Union estimates that it was more like $80 million but admits it’s hard to say for sure.) Many real-estate watchers assumed that Rosen must have had the capital to pour a steady stream of cash into the money-losing asset until it turned profitable which later accused RFR of misrepresenting its financial situation his partner in the Chrysler and one of the largest real-estate investors in Europe leaving RFR to carry the property financially RFR ultimately bought out Signa for an undisclosed sum A real-estate source familiar with the building estimated that Rosen must have been losing a little over $1 million a month to operate the building By the time Cooper Union moved to oust RFR in September the Post accused Rosen of “ruining” the hotel and getting “away with it.” Even so, no one I talked to thought the Chrysler situation would sink Rosen, even if he’s had a bit of a bad streak. One real-estate lawyer pointed out that it’s hardly unusual to lose, or to walk away from an unviable office building right now (although Rosen’s portfolio does have a lot of them) having the right product at the right time,” the lawyer says “And he got caught holding the wrong product at the wrong time.” He’ll also be able to brush the dust off because “He owns probably half a billion dollars’ worth of art,” says one developer “I think he’s structured for these eventualities.” using legal arguments that the judge on the case with Cooper called “the flimsiest of the flimsy,” before handing control of the property back to Cooper which now collects rents and has hired Cushman & Wakefield and Savills to oversee leasing and advise on its transformation RFR claimed Cooper Union’s handling of an Israel Palestine campus protest had “profoundly disturbed” members of the real estate community who “inextricably” associate Cooper Union with the Chrysler resulting in tenants vacating tens of thousands of square feet of office space.) who could blame Rosen for wanting to keep it a few weeks after Cooper Union’s court victory I toured the property with several of their representatives who were eager to convince me of the Chrysler’s potential As I rode up to the 61st floor in the warm-toned it was easy to see why the office tenants I spoke with described the building with a kind of awe Or why Rosen took the gamble on the ground lease The Chrysler speaks to an era when an office in Manhattan was not just a place you had to be or could with the right perks be induced to sort of want to be but an exciting place in and of itself.At the moment (Cooper Union says that the building is more than 60 percent leased but one Midtown landlord told me that “tenants were fleeing left and right,” including several who’ve moved to his building it might be 50 soon.”) All the shops in the arcade leading to Grand Central were vacant when I visited cobblers and barbers of the city transacting their business elsewhere and the bulk of the soon-to-open JP Morgan Chase building on Park Avenue Turning it around will be significantly more difficult than it would have been a few years ago B+ buildings are becoming really tenuous because the construction costs are so high,” says a developer did a massive renovation and repositioning in 2019 and managed to attract higher credit tenants than the dentists it was once famous for but it’s a far more expensive proposition now than it would have been a few years ago “Sometimes when a building doesn’t feel cared for it gains a reputation and needs a fresh spirit,” one office landlord told me “But there’s a whole universe of tenants that would love to be in the Chrysler building.” A final judgment on the fate of the Chrysler has yet to be made and RFR seems hopeful that it might be able to win the building back yet “RFR is the ideal steward for the Chrysler and our hope is that Cooper Union will soon make this realization,” the company wrote in a statement Whoever owns it next will almost certainly have the benefit of a more favorable deal than Rosen — most likely some kind of profit sharing agreement with a modest ground rent The shame of it is that a lot of people really would have liked to see Rosen’s Chrysler — to sip a cocktail at the Cloud Club and see the city spreading out beyond the steel eagles from an elegant observatory Rosen’s big bet may have faltered but the vision was so full of life Aby Rosen’s Chrysler — a building returned to its original swagger Password must be at least 8 characters and contain: you’ll receive occasional updates and offers from New York Photo by Luca Bravo on Unsplash Aby Rosen and Michael Fuchs’ RFR Holding officially got evicted from the Chrysler Building. On Monday, a Manhattan judge terminated the company’s ground lease and ordered them to leave the building, as The Real Deal first reported The decision comes after RFR fell behind more than $21 million in rent and Cooper Union which owns the land beneath the 77-story tower RFR then filed a lawsuit against the private college over Israel-Palestine protests by Cooper Union students and faculty which Rosen claimed the school’s handling left the real estate community disturbed and drove away tenants The judge dismissed the claim and awarded Cooper Union damages for the unpaid rent Rosen bought the ground lease for $151 million in 2019 a major loss for the majority owner Abu Dhabi Investment Council The discounted price accounted for the very expensive ground lease as well as the Art Deco icon’s deteriorated condition Last summer, the New York Times published a story on tenants’ complaints of rodent infestations “RFR could never overcome the basic fact that they were in arrears to the tune of $21 million and had not paid rent in months,” John Ruth, vice president of finance and administration at Cooper Union, said in a statement, according to Curbed By providing your email address, you agree to our Terms of Use and Privacy Policy Comment * document.getElementById("comment").setAttribute( "id" "acb6b9cbfdd88c3e2de37c6ffc66367d" );document.getElementById("d57a537edf").setAttribute( "id" and website in this browser for the next time I comment By providing your email address, you agree to our Terms of Use and Privacy Policy Let us know what you are looking for and we’ll help you find the home of your dreams We’ll provide current market comps and connect you with a trusted expert By providing your email address, you agree to our Terms of Use and Privacy Policy.You can unsubscribe at any time. campaigners gathered outside 10 Downing Street to call for tighter regulation of topical steroids a form of medical skincare used to treat conditions such as eczema The protestors argue that the prolonged use of the medications can lead to severe withdrawal symptoms and can even damage the immune system we revisit our interview with Aby Coulibaly from GLAMOUR’s fourth annual Self-Love Special about her experience with Topical Steroid Withdrawal… I see beyond people's conditions or whatever they have though: “If I'm having a bad day and I feel like the world is against me Aby is one of a growing number of eczema sufferers who are taking to social media to document what happens when you use topical steroids for a period of time and your body gets addicted Feeling beautiful in your own skin should never feel unfashionable. Topical steroids (or TCS) work by decreasing inflammation and reducing the activity of the immune system It's important to note that in the vast majority of cases steroid creams are a safe and effective way to treat skin conditions like eczema the problem for a lot of doctors is that they're really one of the only forms of relief they can offer patients they can trigger a painful reliance and withdrawal “I believe it would have been possible to heal my eczema if I never touched a steroid cream,” Aby says you tell a doctor ‘I have itchy skin’ and a lot of the time they’ll give you steroid cream straight away.” That’s exactly what happened when Aby first went to her GP for eczema around the age of ten What followed was a decade of using high-potency topical steroid creams continuously before she experienced her first encounter with Topical Steroid Withdrawal @abycoulibaly / Instagram“I was a bit more relaxed," she recalls "I think I ran out of my steroid cream and was like ‘ah I had these sleeves of redness and itchiness – I just thought it was eczema I didn’t know what TSW was.” It was her mum who discovered TSW after researching it online “She was the one who came to me to tell me what it was.” “My mum said to my doctor: ‘Is there anything else you can give us because we want to stop the steroid creams?’ But he didn't have anything else to offer She was never offered a referral to a dermatologist by her GP which could have provided alternative treatments "I've heard a lot of people online say their doctors have the same attitude,” she notes With lockdown restrictions beginning to ease Aby decided to use her steroid cream again I don't think I understood how deep it was.” The second time Aby went through TSW was in December 2023 when she went to Senegal with her sister and mum “My body went into TSW within a couple of days," says Aby When I got my steroid cream back a day or two later “I've been trying to taper down what I’ve been using over the last three years but it doesn't work like that," she continues the more pissed off my skin is that I'm not giving it what it wants And while the juggernaut power of social media has pushed the condition increasingly into the light, not all derms and doctors are on the same wavelength. A questionnaire distributed to UK-based dermatology consultants registrars and fellows found that “34% considered TSW to be a distinct clinical entity” (or accepted skin condition) – only 17.5% did not Only “a minority of dermatologists believe their patients with TSW are receiving adequate care,” the questionnaire found so “further research is essential,” says the BJD Why would they put their hands up and say: ‘Yeah Aby still plans to cut her usage entirely at some stage but she can’t until September as she’s supporting Coldplay for four nights at the end of August “That would be the biggest gig I've ever done,” she beams “My mum is probably going to have to nurse me,” Aby reveals “You need someone to make you food or to take your bed sheets and shake them off because you're shedding so much or you can't bend your limbs,” she says “And I'm trying to make sure I'm in a good position financially before then in case I can’t work.” It’s a difficult journey to come to terms with “I have a career and I want it to take off This is such an essential time for me to be active “I don't socialise as much as I would love to," Aby confides if I'm having a bad day – before I need to get home and have a bath because the hot water stimulates my nerves and helps with the itch I have to ‘mask’ because it's not socially acceptable to be outside and scratching,” she says I also have a big problem with germs because I catch skin infections so easily – to the point where I won't touch door handles I’m even worried about touching my kettle after my sister has touched it because what if she didn’t sanitise her hands first It really affects your life,” Aby says wiping away tears I don't look like I'm in pain and that’s so deceiving because I wake up and I’m very dry I dry brush as soon as I get up to take off all the excess skin I know what the best time is to have a bath I'm going to leave my house as late as possible waking up and having to do the same routine." It’s what spurred her to write her recent song, Big Pharma (Withdrawal) in a simulation,” insists a delicately soulful vocal “[This song] is something I wanted to share for so long it's not about promoting anything other than just raising awareness for something important,” Aby notes But alongside addressing the struggle she’s faced there’s hope and determination woven throughout I don’t think you would judge me,” the lyrics contend She believes that patients on topical steroids should be fully informed of the risks and their condition closely monitored She says that no one ever stressed to her how you really shouldn't use it for extended periods of time I didn't ask questions and my mum didn't either It didn't cross my mind that it would harm me later.” topical corticosteroid medicines are safe and effective treatments for skin disorders if used very often or continually for a prolonged time there have been reports of withdrawal reactions after they are stopped [...] It is important to follow the advice provided with topical corticosteroid medicines.” while both agencies stop short of fully validating the condition they also imply that those experiencing reactions may be responsible due to applying their steroid cream incorrectly because she feels like a lot of it is her fault she felt like “the ugliest person in the world.” She says "I felt dirty and disgusting because there was liquid coming from my skin and I couldn't do anything about it but what changed my perspective was a girl I follow on TikTok She’s been going through TSW and it's pretty bad But I don't watch her videos and think ‘ew’ when she talks about something she's excited about…I understand that she's suffering and I feel for that when I'm going through it and I'm in her position I'm going to believe my boyfriend when he tells me I'm beautiful I'm going to believe my mum when she tells me she sees beyond that That's huge for me – knowing you're not alone.” “I'm going to believe my boyfriend when he tells me I'm beautiful I'm going to believe my mum when she tells me she sees beyond that.” here's what I deal with and that's it.’ “It got a lot of people asking me questions a lot of people wishing me well,” she says "People that don't even know me are sending me support I've never felt anything like that before." For more from Aby, check out her website. Skincare routine steps, order and products. More skinspirationShop our pick of the best LED face masks for a glowy complexion These are the facial serums that actually work We explain exactly how to get rid of pores The best moisturisers according to beauty editors who have tested thousands Here’s how to banish butt acne for good Aby Warburg taught a seminar at Hamburg University on the historian Jacob Burckhardt the ‘exemplary pathfinder’ whose investigation of the Italian Renaissance anticipated Warburg’s own ‘a necromancer in full consciousness’ who conjured up sinister shadows but ultimately eluded them Warburg said of Burckhardt: ‘His kind of vision is Lynceus’; he sits in his tower and speaks.’ Lynceus embodied Warburg’s idea of the scholar as a seer endowed with penetrating but privileged vision: Goethe’s watchman could spy vistas of ‘eternal beauty’ in the heavens because he was shielded from the fire that consumed the ‘dark world’ below To practise necromancy or stargazing without the benefit of a tower was risky The following year Warburg told his students the cautionary tale of Burckhardt’s associate Friedrich Nietzsche a visionary who lacked any ‘regulating force for his dream-bird flight’ If Burckhardt had shown admirable discipline sticking ‘within the boundaries of his own mission’ Nietzsche had refused to acknowledge any conceptual or empirical limits Seeing correctly required a secure vantage point He described his library as both a sanctuary – ‘a book defence chest’ – and a laboratory a ‘rotating observational tower’ whose ‘unreality’ namely its distance from the everyday world Warburg’s portraits of Burckhardt and Nietzsche were informed by personal turmoil; he had spent much of the previous seven years in and out of hospitals after the collapse of the German Empire in November 1918 coincided with a deterioration in his mental health in the final days of the war he had come to suspect that his children’s English nanny and paced the family home brandishing a revolver He committed himself to a hospital in Hamburg before moving to a private clinic in Jena in 1920 and then to Ludwig Binswanger’s Bellevue sanatorium in Kreuzlingen where other postwar burnouts included the painter Ernst Ludwig Kirchner the writer Leonhard Frank and Bertha Pappenheim (the original Anna O) Warburg’s depressive moods and neurotic instability seemed to mirror the fracturing of bourgeois Europe ‘He had the knack of experiencing the times in a direct and physical way,’ his younger brother Max recalled ‘I have a prophetic stomach,’ Warburg boasted Warburg retraced the steps of his intellectual development In 1923 he gave a lecture to the staff and patients at Bellevue recounting his visits to Pueblo Indian settlements more than a quarter of a century earlier He expounded on the scenes he had witnessed among the Hopi tribe in Arizona through whose customs and dances he believed ‘American prehistory’ could be understood The ritualised gestures of the snake dance seemed to articulate a forgotten mode of perception ‘the borderless relational possibility between man and environment’ What to Europeans might appear as ‘schizoid’ thinking – a term recently applied to Warburg by his doctors – was entirely natural to the Hopi consistent with their ‘pictorially thinking poetic-mythologically grounded soul’ Viewing the Hopi as ‘living fossils’ Warburg drew parallels with the ancient Greeks for whom snakes were also ‘the most natural symbol of eternity and rebirth from sickness and near death’ Warburg was looking for sources that could illuminate the mythic worldview inherent in all societies before the ‘contamination’ of modern civilisation and the deadening ‘machine age’ he proposed that in Native American culture ‘fantastic magic and sober utilitarianism’ were not opposing but overlapping tendencies Warburg came to believe that all cultural eras were predicated on a similar coalescence of irreconcilable energies in which the search for enlightenment rubbed up against atavistic passions inherited for a thinker synonymous with the ‘Nachleben der Antike’ or ‘afterlife of antiquity’ (a phrase coined by Anton Springer) Warburg’s own afterlives are instructive there was little to indicate the influence he would later exert on the humanities His one great book had never materialised; in its stead he produced dozens of dense occasional essays In 1932 the historian Johan Huizinga remarked that ‘despite the elevation of his intellect and the excellence of his work … there is something tragic about the figure of Aby Warburg.’ Even a sympathetic collaborator such as Gertrud Bing likened Warburg’s career to ‘traces of wreckage: projects not carried out and ideas which were never developed’ The posthumous relocation of almost sixty thousand books from Hamburg to London reshaped the myth of Warburg in unexpected ways When the then director of the Warburg Institute he aimed to make a messy and eccentric scholar into the single-minded founder of a school Gombrich ironed out some of Warburg’s crankiness downplayed his demons and minimised the relevance of his Jewish background He positioned Warburg as a champion of enlightened rationality over superstition of Western learning over Eastern mysticism a struggle he made into a personal motto: ‘Athens wants again and again to be reconquered afresh from Alexandria.’ Chloe Aridjis wrote about the HKW exhibition in the LRB of 5 November 2020. More by this contributorWe demand cloisters!: Artists’ StudiosTom Stammers29 June 2023 Newsletter Preferences This site requires the use of Javascript to provide the best possible experience Please change your browser settings to allow Javascript content to run TrendingCommercial New YorkAAby Rosen battling landlord at luxury 11 Howard hotelCommerz seeks to evict RFR Listen to this article00:001xIt may be checkout time for Aby Rosen at another one of his hotel properties Rosen, Michael Fuchs and their company RFR Holding are battling with landlord Commerz Real in three separate lawsuits over the Soho luxury hotel 11 Howard The German asset manager filed a petition in February to evict RFR from the 211-room hotel; A hearing is set for April 3 A new lawsuit filed this week by the landlord claims RFR owes more than $18 million in back rent RFR alleges in another complaint filed in January that Commerz violated its lease agreement by “shopping the property around” to potential buyers despite RFR’s contractual right of first offer to buy the building according to a separate lawsuit filed by RFR A spokesperson for RFR declined to comment Lawyers for Commerz did not respond to a request for comment 14-story former Holiday Inn from Procaccianti Group in 2014 for $89.7 million It says it spent “tens of millions of dollars” to renovate the building which included an agreement to lease the building back from the landlord for 10 years with options to extend for another 10 years and ultimately buy the building back If RFR were to exercise its repurchase option the Commerz investment would end up as a de facto loan RFR claims Commerz “was happy to watch [RFR] turn its building into a luxury property,” then used “defective default and termination notices” in order to undermine RFR’s right of first offer The landlord sent RFR its first nonpayment notice in October 2023 claims RFR racked up $18.1 million in unpaid rent and related costs by the end of January It sent a 15-day lease termination notice on Feb including $2.8 million in real estate taxes that it says Rosen and Fuchs jointly guaranteed After a rough 2024, the year has gotten off to a rocky start for Rosen. A Manhattan judge in January ruled that RFR’s ground lease with Cooper Union at the iconic Chrysler Building was terminated and ordered Rosen’s company ejected from the property But RFR closed in February on a $1.2 billion CMBS loan to refinance the Seagram Building at 375 Park Avenue and also recapitalized 475 Fifth Avenue in Midtown Manhattan after facing a foreclosure threat from its lenders a Manhattan judge terminated RFR’s ground lease and ordered RFR Holdings She also dismissed the developer’s claims against Cooper Union the private art and engineering college that owns the land beneath the iconic tower Rosen had been struggling to hold onto the Art Deco skyscraper for months after falling behind on its ground lease payments last spring — the latest in a string of high-profile losses that RFR has suffered which include the Gramercy Park Hotel and Lever House (both ground leases like the Chrysler) Cooper Union moved to evict RFR in September — about four months after Rosen had stopped paying the ground lease RFR then filed a lawsuit against Cooper Union that Cooper Union’s handling of an Israeli-Palestine campus protest had “profoundly disturbed” members of the real-estate community resulting in tenants vacating tens of thousands of square feet of office space a judge gave Cooper Union control of the building allowing it to collect rents and lease the space While some details remain to be worked out — including how much RFR will have to pay Cooper Union — yesterday’s ruling means that Cooper Union which has been handling leasing with Savills and Cushman & Wakefield since November “RFR could never overcome the basic fact that they were in arrears to the tune of $21 million and had not paid rent in months,” John Ruth Cooper Union’s vice-president of finance and administration has not yet responded to a request for comment The real-estate firm could still appeal the decision but would need to seek a temporary injunction to avoid eviction When Rosen bought the Chrysler’s ground lease in 2019 partnering with Austrian firm Signa Holdings it was widely considered to be a risky move — while they paid just $151 million a fraction of the $800 million the building had last sold for — the ground lease was quadrupling from $7.78 million to $32.5 million a year The rents in the building weren’t high enough to cover the ground lease payments Rosen banked on revamping the aging skyscraper into a trophy property that would command significantly higher rents — a feat that RFR which also repositioned the Seagram Building That bet also seems to have relied on the assumption that he would get Cooper Union to renegotiate the lease Rosen and Cooper Union did discuss several lease modifications after the pandemic hit — sources familiar with the negotiations said that one involved paying a $300 million lump sum that would bring down the monthly payments to a sustainable level leaving RFR to shoulder the costs of carrying the building alone a source told New York Magazine that RFR was likely losing about $1 million a month on the building TrendingDevelopment New YorkAAby Rosen readies Chrysler Building neighbor for redevelopmentProject could span 100k sf and target retail Listen to this article00:001xKey PointsAI Generated.✨This summary is reviewed by TRD Staff Aby Rosen may have been kicked out of the Chrysler Building RFR Holding is planning a redevelopment of the Trylons property next to the Chrysler Building, the New York Post reported RFR owns the vacant property at 145-155 East 42nd Street a much different situation than the ground lease environment of its next-door neighbor “We always had the idea to redevelop it,” Rosen said of the triangular-topped Trylons which was formerly occupied by Capital Grille The Trylons lot is only 13,000 square feet but Rosen claims a property can be built up to 100,000 square feet as-of-right he could also snap up air rights and even apply for an allowance under the Midtown East rezoning potentially putting the property through ULURP Rosen’s goal is to redevelop the property and then lease it He said what comes of the building will likely depend on market demand though he likely isn’t willing to go under 100,000 square feet for which he’d charge $10 million annually on a triple-net lease SIGN UPPossibilities floated include experiential retail a space for a technology brand or an auto dealership which the RFR head claims has already drawn interest from car companies Office and hotel spaces are also candidates RFR started marketing the space last week and plans to draw more attention to the property going forward through MONA Rosen said it could take up to two years to pick a tenant or come up with a redesign That means Rosen will have plenty of time to lurk in the shadows of the Chrysler Building, which RFR leased before Cooper Union ejected them from the iconic property, a decision affirmed by a judge in January RFR sued Cooper Union in September after the school tried to terminate the company’s ground lease Cooper Union claimed the company stopped paying rent in June and racked up arrears to the tune of $21 million Rosen does not plan to appeal the judge’s ruling in the case — Holden Walter-Warner TrendingCommercial New YorkAAby Rosen pulls another office building back from the brinkRFR recapitalizes 475 Fifth Avenue with $160M loan Listen to this article00:001xKey PointsAI Generated.✨ Aby Rosen is starting 2025 on a financing hot streak RFR Holding recapitalized 475 Fifth Avenue in Midtown Manhattan after facing a foreclosure threat from its lenders, the Commercial Observer reported $160 million loan for the 23-story building as well as an equity infusion from unnamed partners JPMorgan Chase and Citigroup provided the financing to Rosen replacing a $180 million existing mortgage it had on the property The banks previously moved to foreclose on RFR’s initial mortgage over the summer after part of the landlord’s debt matured in June RFR teamed up with Penske Media Corporation to purchase 475 Fifth Avenue in 2022 for $290 million; the media publisher contributed 50 percent of the equity in the partnership Penske is the building’s largest tenant and is committed to the property long-term The purchase from Nuveen Real Estate was financed by a $260 million loan The aforementioned banks were responsible for the senior mortgage SIGN UPThe property is 90 percent occupied who teased additional deals at the building to be announced in the near future The recapitalization is the latest financing success for Rosen and RFR which has been facing a wave of foreclosures and an eviction at the Chrysler Building RFR earlier this month closed in on a $1.2 billion CMBS loan to refinance the Seagram Building at 375 Park Avenue 860,000-square-foot property at more than $1.8 billion Last month, Rosen’s firm scored a three-year extension on 17 State Street a Financial District office building where RFR defaulted on a $180 million mortgage RFR also announced a five-year extension to pay off a loan tied to 150 East 72nd Street a boutique retail property on the Upper East Side TrendingCommercial New YorkACooper Union seeks to eject Aby Rosen from Chrysler BuildingRFR refused to hand over skyscraper after school says it terminated lease A photo illustration of RFR Holding’s Aby Rosen along with the Chrysler building (Getty) When Cooper Union sent Cushman & Wakefield to take over the Chrysler Building last month the school is asking the court to eject the company as the power struggle over the landmark skyscraper heats up RFR sued Cooper Union in late September, challenging the school’s termination of RFR’s long-term ground lease on the building; attorneys for Cooper Union on Monday filed their response calling Rosen’s legal maneuver a “shameful” attempt to retrade a previous agreement to amend the ground lease “The apparent goal of this gambit is to further [RFR’s] hard-nosed negotiating campaign that seeks to re-trade on [its] now-terminated leasehold deal for the Chrysler Building — or to extract favorable terms from Cooper Union in exchange for agreeing to exit its position,” the attorneys wrote in their response filed in Manhattan supreme court Cooper Union’s attorneys are asking the court to dismiss RFR’s lawsuit and to order Rosen’s company to hand over control of the building A spokesperson for RFR said in a statement that the company is still looking to negotiate a deal “An economically feasible deal has not yet been reached and we remain ready to move forward and fund the project if Cooper Union agrees to a market deal,” the spokesperson wrote The filing is the latest volley in the dispute that arose not long after RFR bought the lease on the Chrysler Building in 2019 for $150 million — a shockingly low sum compared to the $800 million that seller Abu Dhabi Investment Council had paid in 2008 to buy a 90 percent stake from Tishman Speyer Rosen claimed that after taking over the building he found it required much more work to bring it up to standard than he was led to believe he sought to modify the ground lease with Cooper Union SIGN UPThe school said both sides reached an agreement on a modification in May 2023 that would have lowered the monthly rent payments in exchange for RFR paying a lump sum But Cooper Union claims Rosen couldn’t raise the capital necessary to close the deal Cooper Union said RFR started missing rent payments late last year and now owes more than $21 million It sent a letter notifying RFR of the ground lease’s termination effective September 27 Rosen’s company questioned whether Cooper Union can actually terminate the lease claiming the school failed to properly serve notice and disputing the amount it says it’s owed RFR also said Cooper Union sabotaged the Chrysler Building with its handling of campus protests last year over the Palestine/Israel conflict which RFR said drove tenants from the tower some of the Chrysler Building’s tenants are confused about where they should send their rent checks Cooper Union sent tenants a letter last month saying they should pay their rent to the school instead of RFR Some of the tenants told the school they would be putting their monthly payments into escrow until the matter is settled Two of those tenants have filed cases asking the court to decide where they should send their rent TrendingCommercial New YorkARFR hit with second foreclosure at 285 Madison AvenueKorean mezz lender moves to foreclose on overlevered office building The embattled investor is facing foreclosure on his ownership stake at the Grand Central-area office building at 285 Madison Avenue the Korean investment firm that provided Rosen’s RFR Holding with mezzanine debt on the property has scheduled a foreclosure auction for April 15 the lender is also shopping the debt for sale a source with knowledge of the process told The Real Deal RFR is also facing foreclosure on the property from the CMBS bondholders A representative for RFR Holding declined to comment A Newmark team led by Adam Spies and Adam Doneger is handling the marketing process The Promote first reported news of the foreclosure roughly 500,000-square-foot 285 Madison Avenue for $189 million in 2012 RFR took out a $235 million CMBS loan against the property in 2017 Rosen and his partner Michael Fuchs used the funds to pay off an existing $300 million and cashed out about $127 million from the remaining proceeds When the CMBS loan matured in November 2022 the property was appraised at $411 million Rosen and Fuchs got an 18 month extension on the debt but when it matured in May 2024 they were unable to pay off the loan The mezzanine debt “may have hindered refinancing efforts,” according to a note from Kroll Credit Profile DAOL Asset Management sued Rosen and Fuchs over their personal guarantees on the debt in May and in October a judge ordered the investors to pay $18 million Last week a judge ruled against RFR in its last-ditch effort to hold onto the Chrysler Building The judge ruled that RFR’s ground lease on the iconic tower had been terminated and allowed for Cooper Union to evict the company from the property TrendingCommercial New YorkAAby Rosen loses battle over Chrysler BuildingJudge rules Cooper Union terminated lease; orders RFR ejected Listen to this article00:001xAby Rosen’s last-ditch effort to hold onto the Chrysler Building has come up short — the most significant loss so far in the investor’s troubled portfolio A Manhattan judge Wednesday ruled that RFR’s ground lease with Cooper Union at the iconic skyscraper is terminated, and ordered Rosen’s company ejected from the property RFR had sued Cooper Union in September after the school moved to terminate the company’s ground lease Cooper Union said the company stopped paying rent in June and racked up arrears to the tune of $21 million “Despite their desperate attempts to shift the focus the problem has always been their continued failure to meet their obligations,” John Ruth Cooper Union’s vice president of finance and administration A spokesperson for RFR did not immediately respond to a request for comment The Chrysler Building marks the high and low of these last couple of years for Rosen SIGN UPRosen bought the ground lease on the landmark office tower for $151 million in 2019 with plans to revamp the aging icon But the cost of the lease payments proved to be too much and Rosen sought to renegotiate the deal with Cooper Union RFR’s partner on the property — Austria real estate investor Signa Holding — filed for bankruptcy in 2023 Cooper Union sent RFR a default notice in July when the school sent representatives to kick Rosen and his company out of the building Rosen attempted a legal maneuver based on an argument that Cooper Union’s handling of campus protests over the Gaza conflict drove tenants away and made it impossible to meet his lease payments Ruth said Cooper Union will work “to assume full management of the property so we can implement a long-term plan to improve the tenant experience and maximize the building’s value.” TrendingCommercial New YorkARialto goes scorched earth on Signature borrowers A photo illustration of RFR’s Aby Rosen and Michael Fuchs and Rialto’s Jeff Krasnoff along with 188 East 78th Street 122 Greenwich Avenue and 219 East 67th Street (Getty Rialto Capital Advisors has ratcheted up its foreclosure campaign against Signature Bank borrowers Bearing the brunt of Rialto’s legal siege are Aby Rosen and Michael Fuchs Jeff Krasnoff’s special servicing arm slapped the RFR principals and their firm with another pre-foreclosure filing this week alleging the investors defaulted on a $45 million loan backed by an Upper East Side retail condo That makes six suits by Rialto alleging the duo defaulted on a Signature mortgage or promissory note. Rialto started servicing $19 billion of the failed bank’s loans a year ago after partnering with Blackstone entities and the Canada Pension Plan Investment Board to buy a stake in the FDIC-seized debt “We continue to engage with borrowers to find the best resolutions possible and expect borrowers to honor the commitments they made under their agreements.” An RFR spokesperson declined to comment the filing adds to evidence of a take-no-prisoners approach on Signature loans Since Rialto took over the Signature loan book, it has filed at least 37 cases alleging defaults, most seeking to foreclose. The suits kicked off in April with a filing claiming Rosen defaulted on $39 million in promissory notes By early October, Rialto had sued 15 borrowers to the tune of $300 million The most recent case concerns the ground-floor commercial space at 188 East 78th Street an ultra-luxury building RFR developed in 2000 Rialto claims RFR stopped making payments on the retail condo’s debt in April 2023 about three weeks after Signature collapsed The sponsors in 2022 had secured a modification on the loan that held them liable for $15 million in principal in the event of a default Rialto hit the borrowers with a default notice on the loan in February Rosen and Fuchs also signed a recourse guaranty that lets their lender pursue them personally if the collateral goes to auction and a sale doesn’t cover the loan amount Rialto claims $65.7 million is now due on what had been $45 million in debt thanks in part to 19 percent default interest SIGN UPThe high-dollar suits against Rosen and Fuchs are not typical of Rialto’s foreclosure filings Most target small-scale owners or family firms whose properties are one-off assets — a West Village townhouse Long Island strip mall and an affordable housing project in the Bronx legal team or know-how to fend off a servicing empire like Rialto The manager of a Long Island hotel and a shuttered Kips Bay homeless shelter dreaded the news that Rialto would service the buildings’ Signature Bank loans we got unlucky; we have Rialto as a lender,’” said the manager who requested anonymity for fear of retribution “I don’t know how I’m going to come up with the money,” the borrower said Other landlords have alleged Rialto contrived defaults to squeeze them for fees or their assets Rialto has declined to comment on the claims One who did sue was a Staten Island shopping center owner who claimed in March that Rialto manufactured financial obligations to “fabricate a default” on its $14 million loan by refusing to approve an extension two other owners have played David to Rialto’s Goliath one alleging the servicer’s lawsuits are a part of a larger scheme The owners of the Clinton Hill retail building at 1090 Fulton Street and a Rockaway Beach office property at 2-34 Beach 102nd Street sued the servicer in November claiming Rialto failed to acknowledge extension requests and hit them with “erroneous and outrageous mortgage statements” claiming defaults and thousands of dollars in late charges and interest that they do not owe “Rialto’s arbitrary process is not unique to the Fulton Loan and the Beach Loan but a systemic course of conduct undertaken by Rialto to deny borrowers of Signature-originated loans the benefits of their bargains,” the suit reads which holds a majority stake in the Signature loans Rialto is servicing sought to bump the case from state court to federal Fourth-grade students at Williamstown Elementary School participated in our Junior Marketers Create an Ad series. click for more The Select Board on Monday saw regulations that will govern a fence-free "dog park" that the town plans to establish at the Spruces Park. click for more The sustainable aspects of the new $175 million Williams College Museum of Art will influence the next generation of arts leaders. click for more While three seats on the Select Board will be on the ballot at the May 13 annual town election, just one seat is contested. click for more © 2025 Boxcar Media LLC - All rights reserved An important part of any prizefighter’s makeup is the ability to dust yourself off after a setback and get right back to work Those who lack the mental fortitude to pull themselves up by the bootstraps and rebuild after facing obstacles in their careers tend to fall by the wayside in the fight game Few fighters in the history of the sport have been tested as much in this regard as Aaron Aby who has been living with cystic fibrosis his whole life was diagnosed with stage 3 testicular cancer in 2017 For a young fighter making waves in the professional game After an endless cycle of surgeries and chemotherapy but he also returned to his career as a professional mixed martial artist As he prepares to face Mohammed Walid (7-4) at Oktagon 69 next week Aby (16-10-1) finds himself in a familiar position once again: starting from scratch The former Cage Warriors star had hoped to become the Czech-based promotion's flyweight champion after signing with the organization in 2023 after losing three of his first four fights under the Oktagon banner he is now focused on taking the first step on the ladder "I'm a little bit disappointed with the results truthfully" obviously fighting (Zhalgas) Zhumagulov coming out of the UFC Fighting Sam Creasey who was number one ranked in Europe at the time I was dominating until the cut was stoppage so maybe the results don't tell the whole story in honesty and i'm just again looking at this next fight now and i'm looking to get back in that win column and put on another good performance Aby's loss to UFC veteran Zhalgas Zhumagulov came at Oktagon 63 in November and he insists he has taken plenty of lessons from that fight that will stand him in good stead going forward I always knew it was it was going to be tough" I managed to get in deep on a double leg and I'll finish that 99 times out of 100 "I feel like I maybe went into that fight a little bit too light in the prep so I've looked to maintain a bit more size this fight But there were some positives I took from it The first round was tough and then i felt myself coming back into the fight I felt like i started getting his timing down started reading what what he was throwing and what he was looking to do and then just at the end of the second round he managed to finish strong and and take that round away from me "So then you're going into the third instead of it being 1-1 it's 2-0 and then obviously it's hard to come back against experienced guys and and pull something back out of the bag like that "But it also taught me stuff I've known before...that i'll never quit and I feel like now I just have to make sure from the first minute that I'm trying to win the fight and not just like settle in too much into it" Aaron Aby faces Mohammed Walid at Oktagon 69 in Dortmund Oktagon Star Aaron Aby - Cut From A Different Cloth Aaron Aby Returns To Face Mohammed Walid At OKTAGON 69 In Dortmund Aby Is Poised To Bounce Back With A Golden Opportunity At OKTAGON 63 Cormier: “Takedown Defense Will Make or Break Jack Della Maddalena at UFC 315” Star Wars is going far and wide in the coming years across all forms of media with an updated Star Wars timeline that includes new eras With the Skywalker Saga now finished and the 'Mando era' shows building up towards a big theatrical conclusion Lucasfilm is looking to go farther into both the past and the future this is all part of the post-Disney canon that started off with the six original movies and The Clone Wars (3D) but some bits and pieces of Legends are getting picked up and adapted from time to time Also be aware that the Star Wars timeline follows BBY (Before the Battle of Yavin) and ABY (After the Battle of Yavin) as the extradiegetic dating system; it simply makes sense to consider the events of A New Hope as 'year zero' for clarity purposes Spoiler warning: If you haven't caught up on the Star Wars universe we suggest you stick to the new Star Wars timeline quick lists below The Dawn of the Jedi era, set around 25,000 years before the events of the Skywalker Saga, is named after the 2012-2014 Dark Horse comic series written by John Ostrander and drawn by Jan Duursema That Legends storyline told the tale of the Je'daii Order a group of Force-sensitives on the planet Tython that preceded the Jedi Order before the formation of the Republic (it was set almost 26,000 years BBY instead) In the Legends canon, the Old Republic was formed "shortly" after the Dawn of the Jedi and spanned thousands of years, becoming the lengthiest period of Star Wars history by far. Numerous galactic conflicts, such as two Sith Wars, the Mandalorian Wars As for the still ongoing EA-run MMORPG The Old Republic (which was born before Disney arrived) everything that happens there is part of the Legends continuity but there are rumors of a troubled development so we're refusing to hold our breath for now have told us more about the last days of the Jedi and the Republic but the works that narrate the most crucial events of the era – the rise and fall of Anakin Skywalker as a Jedi plus the fabricated Clone Wars conflict – are the prequel movies and the 3D Clone Wars series we wouldn't expect more movies nor live-action shows set during this era but you never know with all the spin-off ideas floating around This era starts right after Order 66 and is characterized by the darkness and injustice which covers almost the entire galaxy The surviving Jedi are on the run or in hiding as the Galactic Empire quickly extends its reach and suppressing freedom everywhere they can Only a handful of proto-rebels dare stand against the might of the Emperor's regime This is the proper start of an organized rebellion against the Empire's reign of terror Later comes the theft of the Death Star plans in Rogue One: A Star Wars Story which makes Luke Skywalker blowing up the Empire's moon-sized battle station possible in A New Hope (the point in which the timeline moves from BBY to ABY) The rest of the original trilogy tells the main events that lead to the fall of the Empire. Unsurprisingly, this period of time is also full of supplementary material in the form of novels, comic books, and video games (like Star Wars Outlaws) The New Republic isn't formed right after the Battle of Endor where the second Death Star was destroyed and the Emperor and Darth Vader died quickly regains control of most of the galaxy as the Empire crumbles as entire systems break free from its control and the New Republic is created the crucial Battle of Jakku happens and the Empire loses its standoff against the new government's military forces this didn't put a definitive end to Imperial activity hidden remnants plotting together to overthrow the New Republic while waiting for Grand Admiral Thrawn to make his return This "story arc" of sorts is now being developed across The Mandalorian and its companion shows and will culminate in Dave Filoni's big Star Wars movie Since we also know what comes after this era we're fully expecting to learn more about the origins of the First Order there All that leads to The Force Awakens and the destruction of the Hosnian Prime system also falls under the New Republic period umbrella and video games such as Star Wars: Battlefront II Since it's a 29-year period full of legacy characters and more recent fan-favorites it has the potential to inspire many more new stories in the coming years The Rise of the First Order only lasts (roughly) one year but it's a very eventful year for the galaxy as a whole The New Republic is in disarray after the sudden destruction of the entire Hosnian Prime system and the First Order emerges from uncharted sectors of space to take over the galaxy and reignite Palpatine's dream whist trying to avoid the fallen Empire's mistakes the Resistance is the only thing that stands between them and total victory This entire story is told by the sequel trilogy of movies Unbeknownst to pretty much everyone but Palpatine's closest the Sith Eternal cult and the most extremist members of the former Empire had developed a contingency plan in Exegol a desert planet located within the depths of the Unknown Regions While Darth Sidious' spirit regained strength inside a damaged cloned body Supreme Leader Snoke was created as a stand-in puppet leader for the First Order During the late stage of the Resistance-First Order conflict the Sith Eternal revealed its mighty fleet of planet-killing star destroyers and merged with the First Order to create the Final Order Rey Palpatine (later adopting the name Skywalker) and Ben Solo stood together against the reborn Emperor while the Battle of Exegol happened above them It all ended with the demise of both Palpatine and his cult which effectively marked the total felling of the Sith The Final Order's fleet and the First Order's occupying forces were also destroyed across the galaxy by a major civil uprising and the Resistance's allies Fifteen years after the events of the Battle of Exegol the galaxy is enjoying a new period of peace and stability Rey Skywalker is rebuilding the Jedi Order (hopefully learning from the past) This is the premise of the movie – directed by Ms Marvel's Sharmeen Obaid-Chinoy – that will start a new era of the Star Wars universe hopefully moving past the Sith and allowing the Jedi to finally regenerate Little else is known about where the future of the Star Wars galaxy might be heading in this era but beyond the inherited characters from the sequel trilogy and some valuable teachings there's a blank slate waiting for a new generation of Star Wars storytellers Join our Space Forums to keep talking space on the latest missions, night sky and more! And if you have a news tip, correction or comment, let us know at: community@space.com. Fran RuizFran Ruiz is our resident Star Wars guy His hunger for movies and TV series is only matched by his love for video games as well as a Master's Degree in English Studies Multilingual and Intercultural Communication On top of writing features and other longform articles for Space.com since 2021 he is a frequent collaborator of VG247 and other gaming sites He also serves as associate editor over at Star Wars News Net and its sister site you will then be prompted to enter your display name Forget Darth Vader and the Emperor: The Empire has never been scarier than in 'Andor' season 2 The Eta Aquarid meteor shower peaks tonight: Here's how to see fragments of Halley's comet burn up in the atmosphere ŠANGHAJ, 26. apríl 2025 /PRNewswire/ – ChangAn Automobile (ďalej len „ChangAn" alebo „spoločnosť") spoločnosť zameraná na inteligentnú nízkouhlíkovú mobilitu predstavila svoje najnovšie úspechy v oblasti inovatívnej technológie vylepšení značky a trvalo udržateľného rozvoja na veľtrhu Auto Shanghai 2025 v rámci témy „Spoločne za inteligentnejší svet" Spoločnosť pozvala do Šanghaja takmer 600 domácich a medzinárodných médií a viac ako 500 globálnych partnerov aby preskúmali spoločnú víziu pre budúcnosť V prvý deň výstavy usporiadala spoločnosť ChangAn sériu veľkých tlačových konferencií a brífingov Spoločnosť predviedla modely svojich troch hlavných značiek – CHANG-AN DEEPAL a AVATR – pričom u každej zdôraznila jej jedinečné prednosti ChangAn oficiálne oznámila ceny a špecifikácie modelu Q07 a predstavila ho ako vozidlo Model AVATR 06 zaujal s cieľom nanovo definovať štandard luxusného elektrického vozidla s pokročilým dizajnom a technológiou asistovanej jazdy – inteligentné vozidlo navrhnuté tak Počas výstavy sa médiá zúčastnili interaktívnych ukážok ako napríklad jazda na CHANG-AN E07 s inteligentným podvozkom TH aby zažili pocity chvenia lístia a snehu v synchronizácii s hudbou Tieto funkcie zdôraznili digitálnu platformu SDA spoločnosti ChangAn a jej pokrok v inteligentnom vnímaní Účastníci sa tiež zoznámili s robotickými psami a humanoidnými robotmi ktoré demonštrujú prelomové inovácie spoločnosti v oblasti inteligentných technológií a aplikácií pre rôzne scenáre Okrem toho boli predstavené technológie Intelligent TS Drive Intelligent TY Cockpit a BlueCore 3.0 značky ChangAn ktoré posúvajú inteligentné možnosti do nových výšin Vo svojom prejave na konferencii roku 2025 že celosvetový predaj vzrástol v roku 2024 o 34,2 % na 2,684 milióna vozidiel z toho 735 000 vozidiel poháňaných novou energiou a 536 000 predaných medzinárodne Spoločnosť spustila svoju prvú medzinárodnú výrobnú základňu vozidiel poháňaných novou energiou (NEV) v Thajsku a vytvorila osem zámorských výrobných partnerstiev S viac ako 500 000 vozidlami predanými na medzinárodnej úrovni a výnosmi presahujúcimi 11 miliárd USD sa ChangAn v roku 2024 zaradil medzi troch najväčších čínskych exportérov automobilov čím sa ich počet celosvetovo zvýšil na 100 a aktuálne prevádzkuje 1 150 predajných kanálov „Tento rok otvoríme pobočky na Blízkom východe Urýchlime operácie na trhoch s vysokým potenciálom a do roku 2025 budeme mať 10 regionálnych podnikateľských subjektov," povedal pán Li ChangAn pokračuje vo svojom úsilí stať sa značkou svetovej triedy so silným zameraním na technologické inovácie ako spoločnosť za posledné desaťročie investovala viac ako 40 miliárd juanov do troch kľúčových oblastí novej energetiky V nasledujúcom desaťročí spoločnosť plánuje investovať viac ako 200 miliárd juanov do automobilovej technológie budúcnosti rozšíri svoj výskumný a vývojový tím o 10 000 pracovníkov a vyvinie inteligentné roboty do áut a lietajúce autá – pričom letové testy by sa mali začať do konca roka Spoločnosť ChangAn Automobile pri presadzovaní vysokokvalitného rozvoja tiež do svojej stratégie a operácií hĺbkovo začlenila udržateľnosť V apríli 2025 spoločnosť vydala správu ESG za rok 2024 v ktorej zdôraznila svoju prácu v oblasti zelených ekosystémov V roku 2024 predaj vozidiel ChangAn poháňaných novou energiou dosiahol 735 000 kusov čím sa emisie uhlíka počas životného cyklu znížili o 5,5 milióna ton čo zodpovedá vysadeniu 10 000 hektárov lesa a prispelo k rozvoju nového nízkouhlíkového ekosystému prostredníctvom zelenej transformácie „Pri pohľade do budúcnosti bude ChangAn neustále napredovať vo svojom pláne Vast Ocean a sprístupní viacerým globálnym používateľom inteligentné vysokokvalitné a vysoko účinné ekologické produkty ChangAn." povedal pán Li Foto: https://mma.prnewswire.com/media/2673184/image_5033332_25136749.jpgFoto: https://mma.prnewswire.com/media/2673185/2.jpg Компания ChangAn Automobile («ChangAn» или «Компания») специализирующаяся на интеллектуальных технологиях низкоуглеродного транспорта Spoločnosť prudko zrýchľuje svoju globálnu expanziu s cieľom stať sa automobilovou značkou svetovej triedy Automotive Transportation, Trucking & Railroad Banking & Financial Services Trade Show News TrendingCommercial New YorkAAby Rosen is hoping the Goldman family saga will pause his default at beleaguered hotel Dispute puts Gramercy Park Hotel actions “in serious question,” Rosen claims in last ditch effort Aby Rosen is hoping that the emperor’s new clothes will distract from the money he owes the ruler RFR Realty’s Rosen, who is mired in legal troubles across the country, is now arguing that the Goldmans’ family drama has put into question the legitimacy of the actions taken against RFR the former owner of the Gramercy Park Hotel As the Goldmans battle out who is really in charge of the Solil Management empire Rosen is hoping that any actions taken by the company while it was led by Sol Goldman’s daughter Jane can be stayed until the dispute is resolved if Rosen’s last ditch effort works in his favor Goldman tenants around the city can press pause on any action taken against them by Solil Management until the family dispute is resolved “They get credit for being creative,” real estate attorney Joshua Stein said of Rosen’s attempts RFR had leased the land for the Gramercy Park Hotel from Solil since 2006. In 2021, Solil sued to evict RFR and claimed damages of nearly $80 million after the hotel owner failed to pay nearly $1 million in rent during the pandemic Following RFR’s eviction in 2022 Solil signed a new $50 million lease with MCR Hotels which plans to re-open the hotel as a boutique luxury property RFR has yet to pay up as a result of its default at the iconic hotel and a final damages number is in the process of being determined by a special referee appointed by the court But Rosen is now arguing that the actions taken against him by Solil are “in serious question due to the allegations in the Goldman Family Dispute Action.” SIGN UPBecause the court has already ruled in favor of Solil Rosen is requesting a stay only in the damages proceedings to buy himself time until the Goldmans resolve who actually controls the keys to the castle Jane’s siblings and nephew have alleged that she took control of her late father’s empire and excluded her siblings from management decisions including Goldman was the one who signed the notices to cure and for termination on behalf of [Solil] Goldman is the one who verified the Complaint Goldman submitted numerous affidavits on motions filed on [Solil’s] behalf,” Rosen states there is no evidence that any other Goldman family member has been involved in this action.” the other Goldman family members may be uninterested in pursuing the company’s litigation against RFR Rosen claims that if other Goldman family members take charge the new lease signed by MCR “may be altered considerably or may even be subject to rescission.” He added that “it is unclear whether other members of the Goldman family would fight so stubbornly to avoid disclosing” the lease which the court recently ruled Jane turn over as part of the discovery process Rosen’s desperate effort to stave off paying for the default at the Gramercy Park Hotel comes as the developer faces a barrage of other foreclosures and lawsuits A former RFR executive also sued Rosen and his partner Michael Fuchs for $20 million he claims he’s owed after he left the company Attorneys for Rosen and Goldman did not respond to requests for comment There are no statistics available for this player Thanks for visiting The use of software that blocks ads hinders our ability to serve you the content you came here to enjoy We ask that you consider turning off your ad blocker so we can deliver you the best experience possible while you are here Matthew Bowman Features30 September 2024ArtReview As the Warburg Institute reopens in London why does its founder’s star burn brighter than ever before and unlike his contemporaries Alois Riegl and Heinrich Wölfflin who are often credited with ‘founding’ the discipline of art history in its current form but have remained mostly of interest only to art historians fellow art-historian Aby Warburg has become a key reference point for various contemporary artists Perhaps even more so than during his lifetime is now better known than his contemporaries but also that his writings – which are often somewhat fragmented and incomplete partly due to his struggles with mental health – continue to resonate Zoe Leonard and Walid Raad through Warburg’s work and his Mnemosyne Atlas his large collection of photographic reproductions of artefacts arranged montage-fashion on panels The Mnemosyne Atlas was itself the subject of an exhibition at the Haus der Kulturen der Welt in Berlin in 2020 and served as the foundation for the display at the Chinese Pavilion at the 2024 Venice Biennale And if there has been a revival of magic and occultism in contemporary art – Alice Bucknell’s online platform ‘New Mystics’ being emblematic – then Warburg’s approach to art history which acknowledged the function of astrology in visual culture as a viable intellectual means for apprehending the world Warburg’s importance to contemporary art mostly relates to his Mnemosyne Atlas in 1927 and unfinished at the time of his death in 1929 Consisting of some 1,000 photographic reproductions of artworks and visual artefacts provisionally arranged by Warburg on numbered panels the Mnemosyne Atlas sought to recover and demonstrate through visual means the survival of pagan antiquity in the Renaissance Each panel was photographed on ‘completion’ with the aim of publishing a book that documented all the panels in sequence In October 1929 he had arranged a third iteration of the work though Warburg’s numbering system suggests that another 11 were still to be added the Mnemosyne Atlas reflected the rise of the photobook in Weimar Germany and has been understood in terms of 1920s avant-garde montage strategies such as Gerhard Richter’s Atlas and Hanne Darboven’s Cultural History 1880–1983 even if made without awareness of the Mnemosyne Atlas Its influence upon contemporary art might temptingly give the impression that Warburg’s oeuvre is more looked at than read though Warburg’s thought troubles that very dualism Adopting a phrase from Walter Benjamin – who can strike one as a kindred spirit – Didi-Huberman proposes ‘reading that which was never written’ as a leitmotif of Warburg’s enterprise dependent on perceiving images assembled with other images But this dynamism isn’t restricted to the Renaissance; it’s a feature of our present appropriates Warburg’s montage procedures by juxtaposing readymade photographs taken from a late-1950s edition of a popular encyclopaedia; rearranged and put into new relationships the images become less tokens of their time than prefigurations of our present – almost as if they’re tarot cards becoming meaningful via interpretation That constellating of images generates meaning (as if no image alone can perform that function) and parallels how machine learning requires feeding multiple images deposited according to categories in order to learn how to read has become a primer in how to navigate an image world although whether that lesson is extendable to the burgeoning panoply of AI-generated images is another question But insofar as those images are products of human desires and biases then a Warburgian art theory might well provide a means for comprehending the ghosts in the machine the scion of a wealthy Jewish banking family in Hamburg elected to train in art history rather than head the bank As a result of a childhood deal made with his younger brother the latter would inherit the bank on condition that he purchase any book the former desired Aby thus amassed a huge library (the foundation for what later became the Warburg Institute) that reflected his conviction that the Renaissance was not simply the birth of Christian humanism supposedly lifting European culture out of medieval darkness into a new realm of achievement but also the reappearance of a ‘daemonic’ worldview that was a ‘survival’ – in German Warburg’s 1912 lecture on murals in the Palazzo Schifanoia in Ferrara affixed upon what he interpreted as astrological symbols taken from Ancient Greece was really a set of ghost stories for adults that disrupted linear history and showed how the past refuses to pass organised according to his ‘law of the good neighbour’ – in which the books were not distributed on the basis of standard classification systems but through a subjective logic in which a volume on magic can sit alongside a study of Lutheran theology thereby casting light upon each other – was a creative instrument for disclosing this hidden dialectic between Apollo and Dionysus (Warburg was a reader of Friedrich Nietzsche this dialectic is explored) and their untimely continuation in later cultural formations an art historian and librarian who had been close to Warburg was instrumental in converting the library into a research institute and relocating it to London in 1933 it became part of the University of London But despite the prevalence of the institute especially in the disciplines of art and cultural history Warburg himself has largely had a subterranean presence in those areas partly due to the influence of art historians Erwin Panofsky in the U S A and E although they were at the same time important conduits in determining Warburg’s reception in academic circles Both Panofsky and Gombrich were Jewish émigrés fleeing Nazism Panofsky had been directly connected to Warburg researching in his library at Hamburg and even completing Warburg’s unfinished project on Albrecht Dürer’s mysterious print Melencolia I (1514) which depicts an array of esoteric items clustered around an angel the fourth director of the Warburg Institute and writing Warburg’s research into the Renaissance demonstrated a transition from the Dionysian (the irrational the magical) towards the Apollonian (the rational Whatever tension existed between the Dionysian and Apollonian in Renaissance culture testified to this transition being underway Panofsky’s essay ‘Albrecht Dürer and Classical Antiquity’ (1922) and Gombrich’s biography problematically advanced an interpretation of Warburg in which he acted as the defender of Apollonian values how Panofsky and Gombrich summarised Warburg’s distinct art-historical approach held sway especially in Anglo-American art history circles from the mid-twentieth century until the 1990s The complexity through which Warburg approached nonlinear time within Renaissance artworks was largely unrecognised It was also as if the existence of the Warburg Institute was enough coincided with groundbreaking publications by scholars at the institute Walker; the former’s investigations into the reception of the Hermetic texts and the troubled career of Giordano Bruno in books such as The Art of Memory (1966) with their self-confessed speculative qualities and open-endedness are closer to the spirit of the research methods used by Warburg than the image of the man posited by Gombrich they construed hermetic thought and occultism as compelling philosophical systems capable of illuminating facets of the Renaissance thereby also complicating the apprehension of that period afforded by mainstream scholarship they acknowledged the tentativeness of their research encouraging others to continue exploring the paths they opened allowing the complexities of his thought to become visible Translations of continental philosophy and the rise of postmodernism during the 1980s in many ways encouraged a framework through which Warburg’s art history can be viewed anew Art theorist Margaret Iversen was a pioneer here; her 1993 essay ‘Retrieving Warburg’s Tradition’ critiqued the timid domestication of Warburg by Gombrich and Panofsky and cogently asserted that his position could be aligned with postmodernist and feminist perspectives art historians such as Matthew Rampley and Georges Didi-Huberman have succeeded in recovering Warburg’s conceptual approaches especially his belief that time was not a straight line or a progressive march towards a better future but more like a constellation in which past and present exist simultaneously and haunt one another Warburg’s writings provide tools for understanding the complex temporalities examined by artists such as Doug Aitken and Tacita Dean while it impacts upon how the art historian comprehends the artwork in its ‘present’ are perhaps defined by Warburg as being perpetually both in and out of context and ‘anachronism’ is no longer a condemnation but a condition of art Memory and Migration: The Warburg Institute 1926–2024 is on view at the Warburg Institute Matthew Bowman is an art critic and art historian based in Colchester Yuwen Jiang Features J.J. Charlesworth Features Munem Wasif Features Stephanie Bailey Features Fi Churchman Features ArtReview Newsartreview.com02 May 2025 The painting, worth €50 million, has sustained visible scratches The 10 Exhibitions to See in May 2025 ArtReview Previewsartreview.com02 May 2025 Our editors on the exhibitions they’re looking forward to this month, from the Venice Architecture Biennale to Gallery Weekends in Berlin and Beijing AdvertisementHow the Museum Became a Weapon William Shoki Opinionartreview.com02 May 2025 In apartheid South Africa, museums glorified white settlement and erased Black history; in the US today, they are again being captured under the guise of neutrality Vyjayanthi Rao to curate 2026 Sharjah Architecture Triennial Mia Stern Newsartreview.com02 May 2025 She will be joined by Tau Tavengwa as associate curator Ari Emanuel buys Frieze from Endeavor ArtReview Newsartreview.com01 May 2025 The entertainment company’s own former chief executive has acquired Frieze for a reported $200m Inaugural Annie Leibowitz prize awarded to photographer of migrant experiences ArtReview Newsartreview.com01 May 2025 Zélie Hallosserie to receive $10,000 for her documentary work in Calais Helmut Lang Has Always Been Provocative Claudia Ross ReviewsArtReview01 May 2025 Lang’s newest artwork, like his clothing, explores the uncanny ways that industrial refuse can interact with and even evoke human flesh IKOB Feminist Art Prize announces winners ArtReview Newsartreview.com01 May 2025 Matt Copson: Never Grow Up Martin Herbert ReviewsArtReview30 April 2025 “What’s living with no hope?” asks the artist’s big animated baby at KW, Berlin. One thing is certain: we can’t stop watching Disability Is Not a Separate Category of Personhood Alice Hattrick Opinionartreview.com30 April 2025 The disabled experience is increasingly visible in the artworld yet an ableist political landscape is constantly on the attack. This affects us all We use cookies to understand how you use our site and to improve your experience. This includes personalizing content. By continuing to use our site, you accept our use of cookies, revised Privacy ŠANGHAJ, 26. dubna 2025 /PRNewswire/ -- Společnost ChangAn Automobile (dále jen „ChangAn" nebo „společnost") která se zabývá inteligentními technologiemi nízkouhlíkové mobility představila na veletrhu Auto Shanghai 2025 pod heslem „Společně za chytřejší svět" své nejnovější úspěchy v oblasti inovativních technologií Společnost pozvala do Šanghaje téměř 600 domácích a mezinárodních médií a více než 500 globálních partnerů aby prozkoumali společnou vizi budoucnosti První den výstavy uspořádala společnost ChangAn řadu významných tiskových konferencí a brífinků Společnost představila modely svých tří hlavních značek – CHANG-AN DEEPAL a AVATR – přičemž každá z nich zdůraznila své jedinečné přednosti Společnost ChangAn oficiálně oznámila ceny a specifikace modelu Q07 a představila jej jako vozidlo nabízející komfortní a bezstarostnou jízdu Mezitím na sebe strhl pozornost model AVATR 06 jehož cílem je nově stanovit standard luxusních elektromobilů s pokročilým designem a technologií asistované jízdy – inteligentní vozidlo navržené tak Během výstavy se média účastnila interaktivních ukázek například jízdy ve voze CHANG-AN E07 vybaveném inteligentním podvozkem TH aby si vyzkoušela synchronizované pohyby listí a sněhu s hudbou Tyto funkce zdůraznily digitální platformu SDA (softwarově definovaný přístup) společnosti ChangAn a její pokroky v oblasti inteligentního vnímání Účastníci se také zabývali robotickými psy a humanoidními roboty což demonstrovalo průlomové objevy společnosti v oblasti inteligentních technologií a aplikací pro více scénářů Kromě toho byly předvedeny také inteligentní systémy společnosti ChangAn: inteligentní pohon TS které vyzdvihují její inteligentní schopnosti do nových výšin předseda představenstva společnosti ChangAn Automobile ve svém projevu na konferenci v roce 2025 uvedl že v roce 2024 vzrostl celosvětový prodej o 34,2 % na 2,684 milionu vozidel z toho bylo 735.000 vozidel na novou energii a 536.000 prodaných na mezinárodní úrovni výkonný viceprezident společnosti ChangAn Automobile na konferenci zdůraznil klíčové globální milníky Společnost spustila svou první mezinárodní výrobní základnu NEV (nových energetických vozidel) v Thajsku a navázala osm zahraničních výrobních partnerství V roce 2024 se společnost ChangAn zařadila mezi tři největší čínské vývozce automobilů s více než 500.000 vozidly prodanými v zahraničí a tržbami přesahujícími 11 miliard amerických dolarů celosvětově již tedy vstoupila do více než stovky a nyní provozuje 1150 prodejních kanálů „V letošním roce dokončíme založení dceřiných společností na Blízkém východě v Austrálii a ve Velké Británii a urychlíme působení na trzích s vysokým potenciálem Do roku 2025 budeme mít 10 regionálních obchodních subjektů," uvedl pan Li Společnost ChangAn pokračuje ve svém úsilí stát se značkou světové úrovně se silným důrazem na technologické inovace že společnost v uplynulém desetiletí investovala více než 40 miliard jüanů do tří klíčových oblastí nové energie V příštím desetiletí bude společnost investovat více než 200 miliard jüanů do budoucích automobilových technologií rozšíří svůj výzkumný a vývojový tým o 10.000 lidí a bude vyvíjet inteligentní automobilové roboty a létající automobily – jejich letové zkoušky se očekávají do konce roku ChangAn Automobile usiluje o vysoce kvalitní rozvoj společnosti a zároveň do své strategie a činnosti hluboce zakotvila udržitelnost V dubnu 2025 společnost vydala ESG Report 2024 (zprávu o dodržování zásad udržitelného podnikání za rok 2024) ve které vyzdvihuje svou práci v oblasti zelených ekosystémů produktů a služeb a partnerství na komunitní úrovni. V roce 2024 dosáhl prodej nových energetických vozidel společnosti ChangAn 735.000 kusů čímž se snížily emise uhlíku o 5,5 milionu tun během celého životního cyklu Společnost tak přispěla k rozvoji nového nízkouhlíkového ekosystému prostřednictvím zelené transformace „Do budoucna bude společnost ChangAn vytrvale pokračovat v našem Plánu širého oceánu který umožní více uživatelům po celém světě využívat inteligentní vysoce kvalitní a vysoce efektivní zelený ChangAn," řekl pan Li foto – https://mma.prnewswire.com/media/2673184/image_5033332_25136749.jpgfoto – https://mma.prnewswire.com/media/2673185/2.jpg Aby and Charlie Rosen at the cinema in Southampton Charlie Rosen at the cinema in Southampton The space that will become the IMAX theater The former Southampton movie theater is being overhauled for a more modern facility What will be the projection room at the Southampton Theater You've read 4 of your 7 free articles this month Please log in or create an account to continue reading TrendingPolitics New YorkAThe Daily Dirt: Can Aby Rosen really save his offices Investor claims he won’t lose his debt-laden Class A buildings Rosen and Michael Fuchs’ RFR Holding released a 320-word statement to the Commercial Observer claiming that it would resolve the debt problem at its Class A office buildings without selling them That’s not a knock on the German investors who know details about their 30 office buildings and debt that are not publicly available But it is undeniable that office buildings have lost value and that lenders have reduced loan-to-value ratios on new office debt Only time will tell if RFR can refinance all of its properties under those circumstances It stands to reason that in many if not most cases The company has described SL Green’s purchase of the distressed $224 million loan on RFR’s 522 Fifth Avenue as part of a plan to recapitalize and renovate the building four years after RFR’s ill-timed purchase of the property for $350 million suffered the loss by selling the debt at a discount Banks generally don’t want to foreclose on aging But whether RFR can persuade its other lenders to take the necessary haircuts on its distressed properties certainly remains to be seen What we’re thinking about: Will the new New York Apartment Association really have a different focus than the landlord groups that merged to form it? Should it? Email me at eengquist@therealdeal.com A thing we’ve learned: Local Laws 92 and 94 mandate solar panels or green roofs on new buildings and major renovations depending on fire code setbacks and roof space required for mechanical equipment and recreational uses The laws also increased the roof reflectiveness required by the cool roofs law SIGN UPElsewhere…— After acquiring rival bank First of Long Island in a $284 million, all-stock deal, ConnectOne will mark down the value of the smaller lender’s $500 million loans on rent-stabilized buildings by 18 percent, or $90 million, Crain’s reported First of Long Island has $4.2 billion in assets versus ConnectOne’s approximately $10 billion short-term listings for Airbnb have fallen 75 percent but long-term listings (for 30 days or more) are up 50 percent Airbnb is trying to get the city to repeal or revise the law claiming that it has not served to make the city more affordable for renters — In July, conventional mortgage borrowers made down payments averaging $127,000, while borrowers using FHA and VA loans put $19,000 and $29,000 down, respectively, according to ICE Mortgage Monitor Buyers in those programs typically must buy private mortgage insurance which can cost up to hundreds of dollars per month to compensate for the heightened risk of default Residential: The priciest residential sale Thursday was $24.5 million for penthouse 6B at 140 West 12th Street The West Village condo unit is 5,300 square feet and was sold by private investment firm Marron Capital Commercial: The largest commercial sale of the day was $8 million for 324 Avenue Y in Sheepshead Bay The commercial building consists of three units across two stories New to the Market: The highest price for a residential property hitting the market was $22.5 million for Units 3/4 at 950 Fifth Avenue. The Lenox Hill co-op apartment has four bedrooms and three bathrooms. Douglas Elliman’s Jonathan Stein has the listing TrendingCommercial New YorkASL Green bought Aby Rosen’s 522 Fifth debt at 40% discountREIT paid 60 cents on the dollar for $224M mortgage SL Green paid 60 cents on the dollar to buy the loan on Aby Rosen’s 522 Fifth Avenue The Marc Holliday-led REIT bought the $224 million loan on RFR Realty’s empty 23-story office building for around $134 million according to a source familiar with the deal Commercial Observer last week reported news of SL Green’s purchase of the debt from Credit Suisse The figure provides some transparency into the evolving situation at Rosen’s building as well as the market for distressed office debt A spokesperson for RFR declined to comment on the price but said RFR worked proactively with SL Green on the debt purchase “RFR is set to begin a full scale building renovation this month and remains excited about moving forward with this unique redevelopment,” the spokesperson said SIGN UPSL Green did not respond to a request for comment Company CFO Matt DiLiberto declined to discuss the deal when asked Wednesday at Bank of America’s Global Real Estate Conference A Newmark team led by Adam Spies and Joshua King ran the sales process for Credit Suisse RFR bought the building in 2020 from Morgan Stanley for $350 million. Credit Suisse provided a floating rate loan Credit Suisse affiliate Column Financial filed to foreclose in June TrendingCommercial New YorkAAby Rosen gives Gymshark its first U.S location British fitness apparel company takes 15K sf in Noho Fitness apparel company Gymshark is leasing 15,000 square feet at Aby Rosen’s 11 Bond Street in Noho, the Commercial Observer reported The deal represents the first brick-and-mortar space for the United Kingdom-based company in the United States Retail by MONA’s Brandon Singer represented the landlord in lease negotiations while CBRE’s Joel Stephen represented the tenant RFR acquired the property two years ago from CP Capital for $19.8 million and proceeded to renovate it Ben Francis launched Gymshark in 2012 as an online marketplace for exercise apparel The company started facilitating in-person events and pop-ups before opening its first store in London three years ago In addition to a pair of London stores and a location in Dubai the company is planning stores in Manchester and Amsterdam the lease is one less weight on their increasingly heavy shoulders In recent months, Rosen and Michael Fuchs’ RFR Holding have faced several foreclosure filings. Bondholders on a $219 million CMBS loan tied to the Grand Central office tower at 285 Madison Avenue filed to foreclose six weeks after default In December, RFR faced pre-foreclosure at 17 State Street in the Financial District and at the Empire Condominium, 188 East 78th Street on the Upper East Side, following defaults And last month, a judge ruled that RFR’s ground lease with Cooper Union at the iconic Chrysler Building skyscraper was terminated, ordering Rosen’s company to be ejected from the property TrendingCommercial New YorkAAby Rosen’s RFR sells Cartier Soho building for $46MUndisclosed Japanese conglomerate picking up 102 Greene Street A photo illustration of RFR’s Aby Rosen and 102 Greene Street (Getty Aby Rosen’s RFR Holding is selling a fully occupied retail property in Soho two years after casting its bet on luxury retail An undisclosed Japanese conglomerate is picking up 102 Greene Street from RFR for $46 million, the Commercial Observer reported The deal breaks down to about $4,020 per square foot and the trade carried a 4.2 percent capitalization rate The four-story building dates back to 1881 When luxury retailer Cartier leased the property for a flagship it transformed the 11,000-square-foot hub into a gallery Cartier opened its boutique late last year Adirondack Capital Partners’ Michael Hunter Coghill brokered the off-market deal RFR declined to comment beyond a statement from principal Gabriel Rosen which hailed the company’s investment in the property as a bet on luxury retail in top neighborhoods RFR purchased the property two years ago from TA Realty for $31.5 million, months after Cartier signed its lease. The property was reportedly valued at $43.5 million in 2017 SIGN UPSoho has often been a shining light in Manhattan’s retail recovery from the pandemic along with a slew of deals heating up a fellow prestigious retail corridor Last month, Spanish fast fashion billionaire Isak Andic purchased a retail condo at 512 Broadway for $26.9 million scoring a deal worth half the price Invesco paid for the property 14 years prior Rosen and RFR are in the midst of a big legal fight regarding the Chrysler Building. A judge recently ruled that Cooper Union can start collecting rent from tenants at the property essentially forcing RFR to cede control of the building It remains involved in a dispute over Cooper Union’s decision to terminate the developer’s lease at the famed property Also last month, RFR agreed to sell an 827-unit development site in Gowanus to Tavros Capital and Charney Companies for more than $160 million TrendingCommercial New YorkAAby Rosen nears $1.2B refi of Seagram Building RFR office property recently appraised at more than $1.8B Aby Rosen is the latest Manhattan office landlord to close in on a 10-figure financing package for their building RFR Holding is finalizing a $1.2 billion CMBS loan to refinance the Seagram Building at 375 Park Avenue, Bisnow reported the deal will mark one of the largest office refinancing deals so far this year fixed-rate loan originated by Morgan Stanley Citi Real Estate Funding and JPMorgan Chase will carry a 6.25 percent interest rate nearly double the 3.53 percent rate on the existing debt The refinancing package will retire $1.15 billion in existing debt utilizing $24.6 million from existing reserves to complete the payment The forthcoming loan structure will fund significant reserves including a $26 million escrow for contractual free rent and $21.3 million for outstanding landlord obligations SIGN UPRFR declined to comment to Bisnow on the refinancing The trophy office tower boasts a 96 percent occupancy rate Alternative asset manager Blue Owl Capital recently increased its footprint by 42 percent to 240,000 square feet agreeing to pay $220 per square foot for the space The deal resolves uncertainty surrounding one of Manhattan’s largest maturing office loans. The loan was transferred to special servicing in April 2023 due to imminent monetary default, maturity a month away at the time. The loan’s maturity was extended twice since then and was due to mature in three months The pending refinancing is one of a wave of major CMBS deals in Manhattan, including Tishman Speyer’s record-breaking $3.5 billion refinancing of Rockefeller Center and Irvine Company’s expected $1.5 billion refinancing of the MetLife Building TrendingCommercial New YorkAAby Rosen scores big lease at Seagram BuildingBlue Owl Capital adds 41% more space to reach 240K sf In the midst of a rough stretch Aby Rosen notched a much-needed win as Blue Owl Capital expanded its footprint at the Seagram Building The global alternative asset manager extended its lease and increased its space at RFR Realty’s office building by 70,000 square feet for a total of 239,000 The firm took the 16th through 19th floors while keeping its offices on the second through sixth Blue Owl, which manages over $192 billion in assets, originally signed a lease in 2022 for 137,600 square feet and the following year added 31,600 Its new deal puts the Seagram Building close to full occupancy Blue Owl Capital was represented by Mark Weiss of Cushman and Wakefield while RFR Realty was represented in-house by AJ Camhi and Paul Milunec Rosen expects 375 Park to notch over 350,000 square feet in leasing commitments this year RFR in 2022 added a 34,000-square-foot amenity area it calls the Seagram Playground Blue Owl’s space includes two private 5,000-square-foot outdoor terraces on the fifth floor The Seagram Building, completed in 1958 and designed by Ludwig Mies van der Rohe, is among a number of architecturally significant Manhattan office properties picked up by Rosen in a pre-pandemic shopping spree including 90 and 522 Fifth Avenue and 17 State Street Madison Realty Capital bought the distressed debt on Rosen’s Gowanus development site University of Montana AthleticsPhoto by: Coral Scoles-Coburn/University of MontanaLady Griz Orientation :: Aby Shubert6/14/2024 5:52:00 PM | Women's Basketball TrendingNew YorkAAby Rosen snags more time on 285 Madison loanRFR head pressured by higher rates Aby Rosen’s loan servicer tossed him a lifeline this month when it greenlit a short-term extension on the troubled loan tied to 285 Madison Avenue The RFR principal now has until November to refinance the $222 million CMBS debt collateralized by the pre-war office building The loan transferred to special servicing in April Rosen and fellow principal Michael Fuchs claimed “they cannot pay off the loan at its maturity,” according to servicer commentary Fresh debt will come with a higher interest rate which has likely complicated Rosen’s search The principal borrowed at 3.8 percent interest in 2017 The going rate for CMBS office loans is now in the 6 to 7 percent range Another hurdle is the property’s slipping value the Grand Central-area building was revalued at $411 million in October 2022 SIGN UPIt’s possible the asset is worth even less now Interest rates continued to rise through the end of 2022 to mid-2023 And the $222 million CMBS loan isn’t Rosen’s only debt on the building The sponsor also took out a $35 million B note which is not securitized and a $205 million mezzanine loan That puts Rosen’s total exposure at $462 million more than the building’s total value two years ago net cash flow as of 2023 was above reported revenues when the loan was made and RFR has kept occupancy around 96 percent over the past two years Rosen has struggled to pay debt service — he is operating just a touch above break even according to Morningstar — as expenses have risen faster than revenue over the past couple of years One ace in Rosen’s pocket is the CMBS loan is single-asset meaning if the sponsor defaults there are no other mortgages in the loan pool to cushion the blow to bondholders could be inclined to modify the debt if Rosen is unable to refinance before maturity The London Regional Chapter’s visit to the Warburg Institute On the occasion of the London Regional Chapter’s visit to the Warburg Institute Nagila Warburg discussed the legacy of Aby and Eric Warburg and its relevance in these uncertain transatlantic times “Eric Warburg had the rare ability to understand when it was essential in life to act.” both firstborn sons with all the responsibility connected with it in a Jewish family Eric gave the farewell speech at Aby Warburg’s funeral “It was bliss for us as his family to be part of the universe of his ideas.” After Aby’s death Eric was in charge of the library on behalf of the Warburg family Eric Warburg had the rare ability to understand when it was essential in life to act Eric Warburg’s belief in dialogue over division and cooperation over conflict laid the groundwork for the strong transatlantic alliance we were lucky to have for many decades and which is – unfortunately – challenged today How do we deal with our partner on the other side of the Atlantic who simply bypasses democratic checks and balances?” Atlantik-Brücke is “a bridge over troubled water” for those of you who still remember this song by Simon and Garfunkel… With Donald Trump’s second term in office Germany and Europe are facing not only significant foreign and economic challenges but also deep divides in our societies in general who simply bypasses democratic checks and balances and seems to neglect us We are witnessing a US policy that is “rewriting the rules” If someone had told me last year that the United States would vote alongside North Korea and Belarus in a UN Resolution not condemning Russia for its invasion of Ukraine – I would have said this is entirely impossible This leads me to the place where we are meeting today and to the questions of why Aby Warburg’s thoughts are still relevant today and why they are relevant to members of Atlantik-Brücke transformed his home into an observatory for war propaganda collecting materials he intended to exhibit in a “Museum of Lies.” Aby deeply interested in the power of images and symbols was alarmed by how visual propaganda was used to manipulate public perception during the war His critical stance on war propaganda aligned with his broader intellectual project: analyzing how images influence collective memory He reflected on how institutions could present history in a misleading way constructing narratives that served ideological rather than factual purposes One of his central concerns was how propaganda replaced rational discourse with emotional manipulation and sensationalized news reports created a charged atmosphere where public sentiment was shaped not by critical thought but by powerful He feared that the emotional power of images could lead to destructive mass movements—an insight that would later prove chillingly true with the rise of fascism Aby’s method involved deep analysis of images rather than passive consumption we need to learn how to analyze rather than just absorb images His work serves as a reminder that visual literacy—the ability to critically analyze images and their historical contexts—is more crucial than ever he would likely be studying how digital culture amplifies the very mechanisms of symbolic manipulation he warned about a century ago He might have argued that the digital world is an even more dangerous “Museum of Lies” than anything he observed in the 20th century He wouldn’t just be analyzing the afterlife of Renaissance paintings—he’d likely be mapping out Twitter memes and AI-generated propaganda as a new Mnemosyne Atlas of 21st-century disinformation He would warn us about the emotional power of images and their role in mass manipulation and visual culture are almost prophetic today For those of you who are devastated – like myself – about the current state of the transatlantic relationship we – as European countries – have with the United States I can assure you that we will continue building bridges in the spirit of the founders of Atlantik-Brücke while having in mind the concept of Aby Warburg’s Museum of Lies *As an interesting side note: the personal contributions of Sir Samuel Courtauld founder of the Courtauld Institute of Art (established in 1932) were also pivotal in the successful relocation and reestablishment of the Warburg Institute in London in 1934 the later director of the Courtauld Institute (1947-1974) helped to integrate Warburgian ideas into British academic curricula He was also a Surveyor of the Queen’s Pictures and responsible for the Royal Collection Anthony Blunt became also rather famous for being a Soviet spy passing information to the Soviets during his time at MI5 a group of British Soviet spies recruited while studying at the University of Cambridge in the 1930s who worked for the Soviet Union (the others were Kim Philby Nagila Warburg at The Warburg Insitute in London / Atlantik-Brücke event on March Warburg is a board member of Atlantik-Brücke TrendingCommercial New YorkARFR slapped with $224M pre-foreclosure as overdue debts pile upFirm failed to pay off 522 Fifth Avenue’s loan at maturity As Aby Rosen’s blockbuster sale of 980 Madison Avenue hit property records last week another lender sought payback from his beleaguered firm Column Financial, a Credit Suisse affiliate and RFR Holding’s lender on 522 Fifth Avenue claiming the landlord failed to pay off a $224 million mortgage at maturity That adds to a pile of defaults and unpaid bills for RFR according to lawsuits lodged by lenders and a former employee Rosen’s firm tapped Column for the $224 million acquisition loan in 2020 when it bought the 23-story Fifth Avenue building from Morgan Stanley for $350 million. The Grand Central-area property was once Morgan Stanley’s wealth management headquarters which could explain the default: Rates shot up 525 basis points starting in March 2022 The complaint alleges RFR defaulted on multiple fronts RFR failed to make a “true-up payment” into an account its loan servicer tapped to pay property taxes The servicer covered the nearly $1.7 million shortfall and demanded reimbursement but RFR failed to plug the hole RFR quit making payments into another account for interest rate caps Such caps are like an insurance policy: If floating-rate borrowers’ interest payments exceed a certain threshold the rate cap provider picks up the extra cost SIGN UPRFR defaulted on about $1.8 million in undeposited rate cap payments Rosen’s firm also failed to send over financial statements for the property — a third default trigger The downward spiral was writing on the wall for RFR’s maturity default in March when the owner failed to pay off the $224 million mortgage Newmark’s Adam Spies and Josh King are shopping the loan for sale A $105 million loan tied to 90 Fifth Avenue — an 11-story Union Square office building — landed in special servicing in March after RFR fell behind on property taxes a former RFR executive in April sued Rosen and his partner Michael Fuchs alleging they failed to pay him $20 million of a $25 million payment promised when he left the company The firms injected more equity into the deal but have not disclosed how much