American Realty Advisors eats $10.7M on Williamsburg sale

first_imgShare via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink TagsCommercial Real EstateNYC Luxury MarketWilliamsburgcenter_img 111 Kent Avenue and Stanley Iezman (Credit: Google Maps)Eight years ago a California firm bought a Williamsburg apartment building for about $900,000 per unit — the most ever paid for a multifamily building in Brooklyn.The market never caught up.Now the buyer, American Realty Advisors, a Glendale, Calif.-based institutional investor and manager, is moving on. It has sold the luxury rental building at 111 Kent Avenue for $10.7 million less than it paid.The company, which shelled out $56 million for the 82,081-square-foot building in 2012, sold it for $45.3 million in a transaction that closed Aug. 14, according to public records.The Real Deal examined a sample of nine multifamily buildings sold in Williamsburg in the first half of 2020 and found only one where the price per unit exceeded what ARA originally paid.ADVERTISEMENTARA’s investment was in part a victim of the real estate cycle. The market began running up in 2012 and peaked in 2015, said Ofer Cohen, founder and president of TerraCRG, a Brooklyn-focused commercial brokerage.An ARA representative declined to comment about what motivated its sale of the property.Beijing-based property developer Yihai Group purchased the building through its North American division, according to the website Traded, which first reported the transaction.Available units in the building include a three-bedroom, two-bathroom for $6,497 after a rent concession of 1.5 months, and a two-bedroom, two-bathroom for $4,633 after the same concession, according to StreetEasy.Originally conceived as a condo project, the building broke ground in 2007 before the developer defaulted on its financing. The land for the building was purchased for $15.7 million.Garrison Investment Group bought the property for $43 million in 2010 when nine units had sold. Laurence Gluck’s Stellar Management decided in 2011 to convert the building to rentals, committing $8 million, adding amenities and completing the conversion.Contact Orion Jones at [email protected]last_img read more

Ryze Renewables announcement home run for PA, EDC

first_img Next Up The EDC has agreed to provide $1.5 million in incentives to the company, half up front to pay for equipment and to help the firm get started. The rest will be contingent on the company’s payroll and employment, Floyd Batiste, EDC executive director, said. To meet the terms of the incentives, the company is required to hire 260 Port Arthur residents and over a three-year period meet a payroll of $16 million for Port Arthur residents. The average pay for workers at the new companies will be around $42,000, according to information provided at Wednesday’s event.Joy Nunn, managing partner and inventor of the patented process that revitalizes the textile fibers, also credited the Port of Port Arthur for welcoming the company with open arms and said the area’s ocean access and rail service make it a perfect location to import raw materials from overseas. The jobs created by Ryze Renewables will not be part of the petrochemical industry and will help insulate the city from the ups and downs in the oil patch.A lot of behind-the-scenes work goes on before an announcement can be made about a new company coming to town. The work to attract Ryze Renewables looks like a huge success for all those involved. The Port Arthur Economic Development Corporation hit a home run with the announcement that Ryze Renewables, a new company that plans to create 500 new jobs, is coming to Port Arthur. The announcement was made Wednesday evening at the regular meeting of the EDC that the company planned to invest $200 million to start two different businesses in Port Arthur. One will use scraps from the textile industry and manufacture a variety of products. The other will take materials left over from the first and manufacture floor tiles.last_img read more

Jared Grimes Says He Braces for Blair Underwood’s Shirtless Scene in A Soldier’s Play, Too

first_imgJared Grimes(Photos by Emilio Madrid for View Comments Related Shows Jared Grimes is practically a vaudevillian. He’s a Broadway talent who’s tap danced his way through After Midnight and associate choreographed a musical about Tupac Shakur, Holler If Ya Hear Me. He’s danced alongside stars like Mariah Carey, Ben Vereen and Jerry Lewis. He’s currently showcasing his acting chops by playing Private Tony Smalls in A Soldier’s Play by Charles Fuller on Broadway. The sheer diversity of his resume is no accident, Grimes told’s Paul Wontorek in a recent #LiveAtFive interview. “I’ve always had dreams of being a performer,” said Grimes, who was raised by a mother who ran a dance school. “I had dreams of being like my idols, such as Gregory Hines, Sammy Davis Jr. and Fred Astaire. They did everything. Their resumes and their lives were packed full of different accomplishments across many different genres and mediums.”Grimes doesn’t tap in A Soldier’s Play, but he does sing; there are multiple scenes in the show of the soldiers singing together in their barracks. “It’s like a brotherhood,” said Grimes. The story of a tight-knit group of black soldiers in a segregated army unit during World War II, it’s no surprise that A Soldier’s Play brings its actors together—it certainly did with the the original 1981 off-Broadway cast. To Grimes, the story feels so relevant that, “in a sense, we’re not acting. We’ve been those characters for much of our lives.”  A Soldier’s Play Blair Underwood A young Samuel L. Jackson, Denzel Washington and Peter Friedman populated the play’s original production, leading Fuller’s ahead-of-its-time discussion of internalized racism, self-hatred and racial violence to a Pulitzer Prize in 1982. “It’s fun to step into the shoes of such great actors that performed these roles before us,” Grime said. “It’s an honor to do that alongside my fellow cast mates every night.” This new version also has its shares of stars: Blair Underwood, David Alan Grier and former NFL MVP Nnamdi Asomugha.It’s not all serious, though. According to Grimes, whenever the soldiers take their shirts off during the play, the audience “go extremely crazy,” especially when Underwood does it. “We brace ourselves for that moment every night,” Grimes laughed. “In rehearsals, Blair was like, ‘This is the part where I’m gonna show my abs? [Director] Kenny Leon was like, ‘You guys work out. I know you guys are in the gym. You’re some good-looking brothers. You’re in the army, so you would naturally take off your shirt and show some skin.’”Watch the rest of Grimes’ #LiveAtFive interview below.  Jared Grimes Show Closed This production ended its run on March 15, 2020 Star Files  Video Player is loading.Play VideoPlayMuteCurrent Time 0:00/Duration 32:50Loaded: 0%00:00Stream Type LIVESeek to live, currently behind liveLIVERemaining Time -32:50 1xPlayback RateChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedEnglishAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.last_img read more

Sturridge saves Liverpool in derby thriller

first_img0Shares0000LONDON, November 23 – Daniel Sturridge came off the bench to earn Liverpool a 3-3 draw at Everton with an 89th-minute equaliser in a richly entertaining Merseyside derby on Saturday.A brace from Romelu Lukaku had put Everton on the brink of a first win over their city rivals in seven matches, but Sturridge’s header gave Liverpool a share of the spoils after a frenetic Premier League encounter at Goodison Park. Liverpool took a fifth-minute lead when Philippe Coutinho neatly controlled the ball on his thigh and volleyed home after Luis Suarez flicked on a Steven Gerrard corner.The hosts equalised three minutes later, Kevin Mirallas converting a Ross Barkley knock-down, only for Suarez to restore Liverpool’s lead in the 19th minute by whipping a 25-yard free-kick into the bottom-right corner.Mirallas was fortunate to avoid a red card for a knee-high foul on Suarez before half-time, with referee Phil Dowd electing only to book him.Joe Allen spurned a superb chance to extend the visitors’ lead when he shot wide with the goal at his mercy and Liverpool were punished in the 72nd minute when Lukaku tucked away an equaliser.Everton goalkeeper Tim Howard produced a point-blank reflex stop to keep out a header from Suarez and with eight minutes to play Lukaku claimed his second goal with a bullet header from Mirallas’s left-wing corner.Everton would have moved up to third place with victory — level on points with Liverpool — but Sturridge had the final say when he smartly headed past Howard from a Gerrard free-kick.“It was a terrific game. I’ve been involved in a few and they are real heart-stoppers,” said Liverpool manager Brendan Rodgers.“We again showed our resilience and ability to fight back. This is a difficult place to come and they haven’t lost at Goodison Park this year.”Everton manager Roberto Martinez said: “It’s really disappointing we didn’t get three points. To concede late on from a dead-ball situation doesn’t reward my team for how they played in the second half.”0Shares0000(Visited 1 times, 1 visits today)last_img read more

Report: War fuels terrorism

first_img“Contrary to the president’s assertions, our failed strategy in Iraq has exacerbated the threat against us. The president says that fighting them `there’ makes it less likely we will have to fight them `here.’ The opposite is true. Because we are fighting them there, it may become more likely that we’ll have to fight them here.” The report also calls into question Bush’s claim that America is safer five years after the terrorist attacks on Sept. 11, 2001. Although intelligence officials agreed that U.S. efforts “have seriously damaged” al-Qaida’s leadership, they said Osama bin Laden’s terrorist network remains “the greatest threat to the homeland and U.S. interests abroad.”160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! WASHINGTON – The Iraq war is fueling a growing threat of global terrorism and “shaping a new generation of terrorist leaders,” according to a report from U.S. intelligence agencies that President Bush ordered declassified Tuesday. The grim analysis offers little reason for optimism over the next five years, the time frame covered by the assessment. It concludes that Islamic extremists are growing “in both number and geographic dispersion,” that new radical threats are emerging and that terrorist attacks are likely to increase. It also says that Iraq has become a training ground for terrorists and a recruitment tool for extremists around the world. “The Iraq conflict has become the `cause celebre’ for jihadists, breeding a deep resentment of U.S. involvement in the Muslim world and cultivating supporters for the global jihadist movement,” the report says. For reasons that aren’t clear, the declassified excerpts from the report make no mention of Afghanistan, where the war against al-Qaida began five years ago, but where the Taliban have rebounded in parts of the country and reconstruction efforts have flagged. The assessment came in the form of a National Intelligence Estimate, an analysis that reflects the consensus of all 16 government intelligence services, including the CIA. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREThe joys and headaches of holiday travel: John PhillipsCiting unnamed government officials, The New York Times and other media outlets characterized the report’s conclusions on Sunday without quoting directly from the classified document. Bush directed intelligence officials to release excerpts from the report to counter suggestions that the analysis means that the U.S.-led invasion of Iraq has fueled rather than curbed the terrorist threat and that the United States would be better off withdrawing from Iraq. The report does conclude that the Iraq war has helped spread terrorism, but it also supports Bush’s view that a U.S. loss there would make things even worse. “Perceived jihadist success there would inspire more fighters to continue the struggle elsewhere,” the report says. “Should jihadists leaving Iraq perceive themselves, and be perceived, to have failed, we judge fewer fighters will be inspired to carry on the fight.” In response, Rep. Jane Harman of California, the ranking Democrat on the House Intelligence Committee, said: last_img