Manhattan DA questions Deutsche Bank over Trump

first_imgShare on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink President Donald Trump, Deutsche Bank CEO of Americas Christiana Riley and Manhattan District Attorney Cy Vance (Getty)A New York investigation into President Donald Trump’s business has trained its sights on Deutsche Bank.When Manhattan District Attorney Cy Vance launched the investigation into Trump’s finances, the focus was hush money paid out to women. Now the spotlight is on Deutsche Bank, the president’s longtime lender, and his insurance brokerage, Aon, the New York Times reported, citing sources with knowledge of the probe.Investigators questioned two Deutsche Bank employees on the bank’s underwriting process, although the employees were not involved with the Trump Organization specifically. The Manhattan district attorney’s office first subpoenaed Deutsche Bank last year as part of a criminal investigation into Trump’s business practices.Deutsche Bank signaled before the election that it was considering cutting ties with Trump because of the ongoing investigations. One senior executive called those probes into Trump’s business “serious collateral damage” for the bank, according to Reuters.The bank has been Trump’s primary lender since the 1990s, and holds $340 million in outstanding loans from the president. The loans are personally guaranteed by Trump.It’s unclear if the investigation will result in charges, but Trump has said that he has the “absolute right” to pardon himself should he face federal charges relating to his business practices. However, a federal pardon would not protect Trump from state or local-level criminal charges.[NYT] — Georgia Kromrei Share via Shortlinkcenter_img TagsDeutsche BankDonald TrumpPoliticslast_img read more

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Visa-hungry investors sink $100M into L&L’s Times Square project

first_imgA rendering of TSX Broadway with L&L Holding’s Robert Lapidus and David Levinson (Photos via L&L)EB-5 is still A-OK, it seems.Unnamed foreigners are using the federal program to invest $100 million into TSX Broadway, the $2.5 billion Times Square project led by L&L Holding, SoftBank-owned Fortress Investment Group and Maefield Development, Bloomberg reported.Modified loan documents filed last week in cooperation with TSX Broadway’s senior lender, Goldman Sachs, allow for another $250 million in EB-5 money, which L&L managing director David Orowitz told Bloomberg would allow the developers to make the mixed-use project “more dynamic and valuable.”He did not specify how the project, at 1568 Broadway, would be changed. The new $100 million represents roughly 4 percent of the project’s total costs.Read moreTSX Broadway backers think Times Square redevelopment will be worth $4.2BSee how a multi-billion-dollar billboard gets builtTSX Broadway developers land $780M in new equity Message* L&L co-founders David Levinson and Robert Lapidus, and Fortress executives Peter Briger and Dean Dakolias, have personal investments in the 46-story project, which began construction in January 2019 and is expected to open in 2023.Plans call for 75,000 square feet of retail, a 669-room hotel and a stage facing Times Square for live events.EB-5 purportedly offers visas in exchange for investment in rural and high-unemployment areas, but liberally drawn districts make Times Square and other pricey locales eligible. The program became popular during the financial crisis when other sources of investment seized up, and may be coming back into favor after tailing off.But investors sometimes sour on the program. More than 100 Chinese EB-5 investors in a Maefield skyscraper at 701 Seventh Avenue sued in 2018 to stop their money from being redeployed into TSX Broadway.Chinese EB-5 investors in Hudson Yards have also been at odds with that megaproject’s developer, Related Companies. Thirty people who had put in $500,000 apiece — but failed to check the fine print — demanded arbitration in August, two months after Related announced that it would stop paying distributions on EB-5 investments in the project.[Bloomberg] — Erik EngquistContact Erik Engquist Email Address* TagsCommercial Real EstateDevelopmentL&L HoldingTimes Squarecenter_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink Full Name*last_img read more

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Tishman Realty strikes bulk condo deal with Elad Group

first_img Message* Tags Charlie West at 505 West 43rd Street, Elad’s Yitzhak Tshuva and Tishman Realty’s Daniel Tishman (Photos via StreetEasy, Charlie West, Getty, Elad)In a sign of the increasing pressure faced by Manhattan’s condo developers, the Elad Group is selling a large block of the remaining units at its Hell’s Kitchen new development for roughly $90 million.It’s believed to be one of the first big new-development bulk condo deals of the cycle, and could foreshadow more deals of its kind as sponsors look to move on from challenged projects.Elad, headed by Israeli businessman Yitzhak Tshuva, is in contract to sell 70 units at its Charlie West tower to Tishman Realty for $87.37 million, sources familiar with the agreement told The Real Deal.The purchase price works out to about $1,100 per square foot, a significant discount from the listed price for condos in the building. The average price for the 11 units currently in contract at the tower is around $1,850 per square foot, according to StreetEasy.A spokesperson for Tishman Realty said that Elad and its development partner, Mi & Co, “created the right product for the right neighborhood,” with the potential for growth as New York recovers.A representatives for the Elad Group could not be immediately reached for comment. Brokers Yoav Oelsner and Glenn Tolchin of Upland Property Advisors negotiated the sale on behalf of Elad. The brokers declined to comment.Tishman Realty, not to be confused with Tishman Speyer, plans to sell the apartments over time at a discount to the pricing Elad is currently asking. The developer is in the market now with a Newmark team headed by Dustin Stolly and Jordan Roeschlaub seeking a joint-venture partner and debt financing for the purchase. The brokers declined to comment.Elad developed the 123-unit Charlie West at 505 West 43rd Street in 2019. The project is considered “affordable luxury,” with modestly sized apartments mostly asking less than $2 million.The developer’s deal with Tishman could be a sign of more to come, as new development sponsors have become increasingly open to selling condos at struggling projects for a discount and moving on.For sponsors, such moves can often wipe out any remaining equity in the project. But for the bulk buyers, it represents an opportunity to come in at a time when large blocks of apartments can be picked up for a discount, then sold at below-market pricing.Not only is the number of developers looking to cut bulk deals on the rise, but so is the number of investors looking to make such deals.Seth Weissman’s Urban Standard Capital recently launched a platform to buy enough unsold condo units at buildings to get sponsors past the key 15-percent sales threshold needed to have their offering plans deemed effective.Contact Rich Bockmann Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Email Address*center_img Share via Shortlink Full Name* Commercial Real EstatecondosDevelopmentElad Grouplast_img read more

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The sedimentary record of Antarctic climate change

first_imgCircum-Antarctic marine sediments contain a record of past climate and Southern Ocean circulation that both complements and considerably extends the record in the continental ice. Variations in primary biological production, reflecting changes in sea-ice cover and sea surface temperature, in bottom current strength and the size of the grounded continental ice sheet, all contribute to changes in sediment characteristics, in a record extending back m any million years. It is possible to assess both the value of the proxy record in Antarctic sediments, and the validity of the analogue approach to understanding climate change, by focusing on the last glacial cycle and, for comparison, on earlier periods that were significantly different: the Pliocene before 3 Ma ago that could provide an analogue for global warming, and the Oligocene before there was an Antarctic Circumpolar Current.last_img read more

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Upper Proterozoic rift-related rocks in the Pensacola Mountains, Antarctica: Precursors to supercontinent breakup?

first_imgSedimentological and structural studies in the Pensacola Mountains, Antarctica, suggest that upper Precambrian clastic sedimentary rocks of the Patuxent Formation and associated bimodal volcanic rocks formed in an intracontinental rift setting. The turbidites of the Patuxent Formation are part of a large depositional system, derived from a continental source. Interbedded pillow basalts and basaltic sills have trace and rare earth element signatures enriched relative to mid-ocean ridge basalt and similar to some rift-related tholeiitic suites. Nd and Sr isotopic values are compatible with derivation from a lithospheric mantle source in a continental setting. Associated felsic volcanic rocks have crustal trace element and isotopic characteristics. The rifting may have been a prelude to the fragmentation of a supercontinent and, according to recent hypotheses, the separation of Laurentia from Antarctica. Comparisons between the late Precambrian and Cambrian records of western North America and Antarctica suggest that, if these were conjugate margins, separation must have been Neoproterozoic rather than Cambrian in age.last_img read more

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Plasma drift estimates from the Dynasonde: comparison with EISCAT measurements

first_imgModern ionosondes make almost simultaneous measurements of the time rate of change of phase path in different directions and at different heights. By combining these ‘Doppler’ measurements and angles of arrival of many such radar echoes it is possible to derive reliable estimates of plasma drift velocity for a defined scattering volume. Results from both multifrequency and kinesonde-mode soundings at 3-min resolution show that the Dynasonde-derived F-region drift velocity is in good agreement with EISCAT, despite data loss during intervals of ‘blanketing’ by intense E-region ionisation. It is clear that the Tromsø Dynasonde, employing standard operating modes, gives a reliable indication of overall convection patterns during quiet to moderately active conditions.last_img read more

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New records of Acari from the sub-Antarctic Prince Edward Islands

first_imgSixty species of Acari are recorded from the sub-Antarctic Marion and Prince Edward Islands (the Prince Edward archipelago). Twenty of the 45 species collected on recent expeditions are new and currently undescribed. Other new taxa include a family of Mesostigmata, four new genera, and the first sub-Antarctic records of Cillibidae (Mesostigmata) and Eryngiopus (Prostigmata). Fifteen of the 31 species previously reported from the islands are confirmed, although eight of the previous accounts remain doubtful. The fauna, which shows a distinction between the shoreline and terrestrial components, comprises endemic, South Indian Ocean Province and sub-Antarctic mite species.last_img

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The influence of UV-B radiation on light-dependent photosynthetic performance in Sanionia uncinata (Hedw.) Loeske in Antarctica

first_imgPhotosynthetic activity of the moss Sanionia uncinata (Hedw.) Loeske was investigated on Léonie Island (67°35’S, 68°20’W, Antarctic Peninsula) in response to short-term changes of UV-B radiation. The UV-environment of natural mat formations dominated by S. uncinata was altered using filter screens. Two filter experiments were conducted in the Antarctic summers 1998 and 1999. A third filter experiment was conducted during springtime ozone depletion in October 1998. Photosynthetic activity of S. uncinata was mainly determined by photosynthetically active photon flux density (PPFD). Light response of relative electron transport rate through photosystem II (rel ETR=DeltaF/Fm’×PPFD) remained unaffected by ambient summer levels of UV-B radiation. The same was found for net photosynthesis and dark respiration. In October 1998, S. uncinata was mainly metabolically inactive due to low temperatures. No significant levels of DNA-damage measured as cyclobutane pyrimidine dimers (CPDs) were induced by ambient summer levels of UV-B. Artificially enhanced UV-B radiation supplying a Setlow-DNA-dose of 8.7 kJ m–2 day–1 UV-B led to formation of 7±3 CPD (106 nucleotides)–1. It is concluded that current ambient summer levels of UV-B radiation do not affect photosynthetic activity in S. uncinata.last_img read more

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Trophic-level interpretation based on delta15N values: implications of tissue-specific fractionation and amino acid composition

first_imgStable nitrogen isotope ratios are routinely used to disentangle trophic relationships. Several authors have discussed factors in addition to diet that might contribute to variability in delta(15)N of consumers, but few studies have explored such factors in detail. For a better understanding of tissue-specific differences in delta(15)N, we examined postlarval euphausiids across a variety of seasons and regions in the Southern Ocean. The concentration and delta(15)N of individual amino acids were analysed to account for both the biochemical and physiological underpinnings of the observed bulk delta(15)N. Euphausiids showed consistent d(15)N differences of 1 to 2 parts per thousand between the digestive gland and abdominal segment, and between reproductively active males and females. These differences in bulk delta(15)N were accompanied by variations in relative proportions of amino acids (up to 5 mol %) and their delta(15)N (up to 11parts per thousand). Aspartic acid and glutamic acid had the strongest influence on bulk delta(15)N, due to their high abundance and variable delta(15)N values. Differences in relative proportions and/or delta(15)N of glycine and alanine were also important for bulk delta(15)N values. Isotopic variations in amino acids between gender and tissues were explained by dominant internal processes such as protein synthesis or degradation for energy supply, and by differences in amino acid pool sizes. Despite the offset in bulk delta(15)N between females and males, several lines of evidence suggested that their trophic levels were similar. Thus, specific amino acid composition and metabolism may confound trophic level interpretations of bulk delta(15)N values. Micronekton are normally analyzed whole in isotopic studies, and we suggest that their analyses should be restricted to comparable tissues such as muscles.last_img read more

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Climate change drives poleward increases and equatorward declines in marine species

first_imgMarine environments have increased in temperature by an average of 1°C since preindustrial (1850) times [1]. Given that species ranges are closely allied to physiologicalthermal tolerances in marine organisms [2], it may therefore be expected that ocean warming would lead to abundance increases at poleward range edges, and abundance declines towards the equator [3]. Here we report a global analysis of abundance tends of 304 widely distributed marine species over the last century, across a range of taxonomic groups from phytoplankton to fish and marine mammals. Specifically, using a literature database we investigate the extent that the direction and strength of longterm species abundance changes depend on the sampled location within the latitudinal range of species. Our results show that abundance increases have been most prominent where sampling has taken place at the poleward edges of species ranges, while abundance declines have been most prominent where sampling has taken place at the equatorward edge of species ranges. These data provide evidence of omnipresent large-scale changes in abundance of marine species consistent with warming over the last century, and suggest that adaptation has not provided a buffer against the negative effects of warmer conditions at the equatorward extent of species ranges. On the basis of these results we suggest that projected sea temperature increases of up to 1.5°C over pre-industrial levels by 2050 [4] will continue to drive latitudinal abundance shifts in marine species, including those of importance for coastal livelihoods.last_img read more

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