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These properties face credit risk under Local Law 97: Moody’s

first_img Full Name* Message* Tags 32 Avenue of the Americas, Two MetroTech and 60 Hudson Street (Rudin Management, Brookfield Properties, 60 Hudson, City of New York)In 2024, the owner of the former AT&T Long Distance Building at 32 Sixth Avenue could face $2.8 million in fines. The owner of the former Western Union Building at 60 Hudson Street could be on the hook for nearly $4.6 million in fines that same year.The two properties have origins in telegraph services and now house major telecommunications and data service companies. They also back large loans that could become a bit riskier due to New York City’s new building emission caps.A report by Moody’s found that 80 percent of commercial properties underlying commercial mortgage-backed securities in New York City would face fines under Local Law 97 that would “impair property cash flows” without retrofits or other forms of remediation.Under the 2019 measure, buildings larger than 25,000 square feet must meet new greenhouse gas emission caps starting in 2024 and even stricter limits by 2030. According to the credit rating business, the law’s first deadline will “spur little material credit risk” that would rise “moderately” through 2030.John Gilbert, COO at Rudin Management, which owns 32 Avenue of the Americas, said 93 percent of energy use in the building can be attributed to tenants, the majority of which are telecommunications companies.“I control elevators and lobby lighting and that is basically it,” he said. “I can’t tell a major telecommunications company that they can shut down their servers for several hours.”He said Local Law 97 unfairly penalizes property owners over something they can’t control.The report lists Rudin’s building and 60 Hudson, owned by the Stahl Organization, among the top six greenhouse gas contributors that back $1 billion in outstanding loans. Those properties’ loans are valued at $450 million and $280 million, respectively. The other properties are Related Companies and Vornado Realty Trust’s 85 10th Avenue, Leser Group’s 111 Livingston Street, Brookfield’s Two MetroTech Center and RFR Holding’s 380 Lafayette Street.The six loans pose “potential heightened risk to CMBS deals,” according to the report, and would account for 36 percent of total fines in 2024 attributed to CMBS properties in the city. According to the report, these properties could face fines representing between 4.6 and 13 percent of their 2019 net operating income if they do not take action to comply with LL97.The broader landscape of city properties is a bit less grim. Of the 767 city properties backed by CMBS loans with available carbon emissions data, only 64 would face potential fines greater than 2 percent of their 2019 net operating income. That number jumps to 335 in 2030.Gilbert said properties with critical infrastructure should not be treated the same as office buildings under the law.“The modern economy runs on broadband, and these buildings should be exempt from these regulations based on their use and critical infrastructure,” he said.A spokesperson for Brookfield said Two MetroTech Center would be “unreasonably penalized starting in 2030 for housing two significant and important data centers.”“We are completing a number of capital projects to limit the building’s energy usage to the extent possible, and we are working with tenants to explore other ways to do the same,” the spokesperson said in a statement.Owners of buildings with data centers, 24-hour operations, facilities critical to human health and with high-density occupancy can apply for adjustments to their emission caps. To do so, the owners must show that meeting 2024 limits is impossible because emissions in 2018 exceeded the caps set for 2024 by more than 40 percent. If approved, the building’s limits will temporarily be adjusted to 70 percent of its 2018 level. Owners have until July to apply for this adjustment.Property owners had fought for the inclusion of another workaround to the law in the state budget. The measure, which would have allowed owners to buy renewable energy credits generated outside the city to offset their emissions, was ultimately left out.Contact Kathryn Brenzel Email Address*center_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink green buildingsLocal Law 97NYC Office MarketPoliticslast_img read more

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Northport Man Gets 25 Years for Hit-and-run on 2 Officers

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A Northport man was sentenced Thursday to 25 years in prison for running over two Suffolk County police officers while fleeing a carjacking last year.Chad Morizsan pleaded guilty last month at Suffolk County court to charges of assault, assault on a police officer, leaving the scene, grand larceny, criminal possession of stolen property, robbery and forgery.Authorities said the 34-year-old man stole a Ford Explorer from Commack. When two police officers pulled him over in Huntington, he drove into the officers with the SUV as he fled the scene in September 2014.Morizsan and his alleged accomplice, Nicholas Franzone, then carjacked another vehicle and stole credit cards from its 87-year-old owner in Commack. They were arrested at a Central Islip store hours later when they tried to buy a TV with the woman’s stolen cards, according to investigators.The two Suffolk officers who were struck, Nicholas Guerrero and Heriberto Lugo, were hospitalized for treatment of their injuries. Officer Guerrero suffered severe head injuries, underwent surgery and followed a regimen of physical therapy during his recovery.Franzone is due back in court on August 4.last_img read more

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Croatia is becoming the first country to allow its visitors to read thousands of books and publications freely

first_imgPriča i odlična platforma je tu, sada je na Vama potez. Stalno pričamo o kvalitetnom sadržaju i produženju turističke sezone. Imate ga, iskoristite ga. Namely, this is an excellent project – the Library of Croatia, ie the Croatian open virtual library which will have thousands of books and various publications in its database. It is a project on which a team of experts has worked hard for three years and which offers multiple opportunities in the field of publishing, education, culture and tourism.  U svakom slučaju, Library of Croatia je odličan projekt i platforma za razvoj turističkih destinacija, a samo je pitanje imamo li svijesti i želje je prigrliti i napraviti odlična kvalitetni sadržaj od cijele priče. The Library of Croatia is an open virtual library globally accessible to all citizens, and the idea is that reading is financially supported by corporations and state institutions. Find out more about the project HERE. Croatia is becoming the first country to provide its citizens and visitors with unlimited and free reading of thousands of books and publications. This is just the beginning of the story, and now we add various extensions to it and continue the story of literature, culture, poetry through various smaller or larger events. For example, reading poetry in a city park, etc.… feel free to let your thoughts run wild and compose one quality and good story. The implications are manifold, but let’s say that one hotel allows its guests access to this base, that tourists can enjoy reading various books and publications on their mobile phones, tablets or laptops on vacation. Or for one tourist board to create an open virtual library in its destination for everyone. ILICA PROJECT: Q’ART AS AN EXCELLENT FESTIVAL OF CULTURAL AND CREATIVE INDUSTRY BRINGS LIFE BACK TO THE CITY CENTER RELATED NEWS: It is a great platform that brings ie. it could bring great benefits to tourism. I emphasize it could, only if we accept it and the project receives such important support from the profession and partners. “The benefits for tourism are multiple: in a promotional, marketing sense, in the possibilities of branding, direct address to the guest, giving value to the service we offer, personalizing the service, and contributing to the spread of reading culture.  ”Points out Mirela Rončević from the Library of Croatia and adds that this project enables a new way of reading, writing, publishing and distributing books, articles, magazines, brochures and other content. Predstavljanje projekta je zakazano za četvrtak, 21. ožujka, u 14 sati na Hrvatskim studijima u Zagrebu, a organizatori pozivaju predstavnike turističkih zajednica, obrazovnih, istraživačkih institucija, škola, fakulteta i drugih ustanova i organizacija, da se uključe u projekt jer se radi o velikom projektu koji znanje približava svakom pojedincu i otvara nove mogućnosti za obrazovanje, kulturu i turizam. HKKKKI: MAPPING CREATIVE AND CULTURAL INDUSTRIES IN CROATIAlast_img read more

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Alan Hutton: Balogun won’t be a regular player at Rangers

first_img “We spoke about them wanting the fourth centre-half, I think it was a priority to bring someone in. He’s 32 now, he’s experienced and I know he’s not played so much in the last few years, but he’s an international player who’s played abroad – he knows the game. read also:Former Liverpool Midfielder to wear Balogun’s Shirt At Brighton “I think he will be more of a backup option but a good option to have.”Balogun played 11 times in the Championship for Wigan last season, having joined the Latics from Brighton back in January. He played eight times in the Premier League with the Seagulls, while he also featured in 75 Bundesliga games during his time at Mainz, Werder Bremen and Hannover 96. FacebookTwitterWhatsAppEmail分享 Promoted ContentTop Tastiest Foods From All Over The WorldHere Are The Top 10 Tiniest Mobile Phones On The Planet!7 Reasons It’s Better To Be A Vegan8 Best 1980s Gadgets That Defined A DecadeWho’s The Best Car Manufacturer Of All Time?Birds Enjoy Living In A Gallery Space Created For ThemBest & Worst Celebrity Endorsed Games Ever MadeThe Great Wall Of China: The Hidden Story9 Facts You Should Know Before Getting A Tattoo7 Universities In The World With The Highest Market Value8 Scenes That Prove TV Has Gone Too FarCouples Who Celebrated Their Union In A Unique, Unforgettable Way Loading… center_img Former Tottenham Hotspur right-back, Alan Hutton, has said he was “stunned” when Rangers announced the signing of Leon Balogun on a free transfer after his exit from Wigan Athletic. Rangers confirmed last week that the 32-year-old had put pen to paper on a one-year deal, while the club holds an optional clause to keep him for a further year at Ibrox. Hutton admits that the 31-cap Nigeria international might not be a regular for Steven Gerrard but insists he will still be a valuable member of the squad. Hutton told Football Insider: “I was kind of stunned when I saw it, I looked on my phone and then bang, signing, it kind of came out of nowhere.Advertisementlast_img read more

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Cottage Grove hosts June 6 Kids Night

first_imgBy Ben DeatherageCOTTAGE GROVE, Ore. – Race fans ages 12 and under get in free for Kids’ Night this Saturday, June 6 at Cottage Grove Speedway.Curtis Towns joined the winner’s list for Xtreme Motor Sports IMCA Modifieds last week. Jesse Williamson and Kinzer Cox are still tied atop the 2015 chart with two wins each. Braedon Hand has also won once.Pit gates open at 2 p.m., the front gates open at 4 p.m. and racing starts at approximately 6:45 p.m. Saturday.last_img

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Mourinho happy with Blues squad

first_img Speaking to Chelsea TV, he said: “We have that (balance in the squad). We have two players per position, with three strikers and an extra midfield player. “Every position is covered and we are very happy with what we have.” Mourinho did not sanction Demba Ba’s proposed move to Arsenal following their club-record signing of Mesut Ozil, a player whose talents he knows well from Real Madrid. However, in Brazilian Willian and veteran forward Eto’o, the Blues manager is confident the club have brought in significant reinforcements. “Samuel is a very experienced striker as everybody knows and a winner,” Mourinho said. “He is a guy who in spite of winning everything, he never lost his desire to win. “Samuel comes to England with the same objective with which I went to Spain – he wants to be the first one to win the Spanish, the Italian and the English league as a player. He always wanted to play in the Premier League so he comes with big motivation. “He is different from (Fernando) Torres; Torres is different from (Demba) Ba and Ba is different from Eto’o, so we have in these three strikers experience and different qualities. Hopefully it goes well.” Press Association The Blues brought in Anzhi Makhachkala duo Willian and Samuel Eto’o as well as Marco van Ginkel and Andre Schurrle ahead of the transfer window deadline, but also allowed Romelu Lukaku to join Everton on loan. Mourinho feels such strength in depth will serve Chelsea well when they look to continue their promising start to the new season after the international break. Willian could also have signed for Tottenham before Chelsea’s late move. Mourinho is in no doubt the player will bring something different to his line-up. The Blues boss added: “Willian is a creative player and for his qualities, I think he needs a bit of time to express himself. “He is very creative, fast and dynamic and can play in all three positions behind the striker. “Again he is a kid that wanted very much to play for Chelsea and he was too many years in Ukraine and in Russia and now he has his first chance to be in a big championship.” Chelsea have just half-a-dozen English players in the 25-man squad lists for the Premier League and the Champions League which were confirmed on Thursday, with Frank Lampard, Ashley Cole and John Terry no longer at the start of their careers. Mourinho, who returned to the Stamford Bridge club this summer, sees no reason why Chelsea cannot continue to bring their own talent through the academy. “I like that. Of course you can without English players, but I like to have at least a little core of English players,” Mourinho said in an interview with the official Chelsea Magazine. “If possible – and we have to work for it – I would like to have a little core of English players made in Chelsea Football Club, starting here since young boys. I think a club needs that culture as well. “The other guys in the academy, I am starting to know them now. I watch them train; I trained with them and I watched them play. “So I start knowing these guys and as I said before, it’s not just important to have English players, but also to have players made in this club who learn what it means to be Chelsea. “They are in our plans and the club is making an investment in them.” Jose Mourinho is satisfied Chelsea now have the right balance to make a sustained assault on the Barclays Premier League and Europe this season.last_img read more

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Conor Benn vs. Jussi Koivula: Fight date, price, how to watch, live stream

first_img“It isn’t going to get much worse than the first Peynaud fight, that was an absolute nightmare. It was scarring. I went through the trenches and I’ve never felt anything like that — the heat and fans screaming — it’s like they’re in your corner. I’m ready to go again and put on a beautiful display this time around.”When is the Benn vs. Koivula fight?The Conor Benn vs. Jussi Koivula fight will take place on June 21, live an exclusively on DAZN.Where is the Benn vs. Koivula fight?The Conor Benn vs. Jussi Koivula fight will take place at York Hall in east London. Officially known as York Hall Leisure Centre, the legendary small hall boxing venue opened in 1929 and has a capacity of 1,200.What time does Benn vs. Koivula fight start?The Conor Benn vs. Jussi Koivula fight undercard is set to begin at 2 p.m. ET, with the main card slated for a 5 p.m. start, both on DAZN.How to watch Benn vs. KoivulaConor Benn vs. Jussi Koivula is available on DAZN, the global live-sports streaming service.A new subscriber to DAZN can sign up for a monthly subscription or annual pass to watch the fight. The annual pass — which includes access to all of DAZN’s live events, as well as highlights, replays, behind-the-scenes features, original shows and live reports — is $99.99, which averages out to a little over $8 a month. For those who want a monthly-plan instead of the longer-term value, fight fans can sign up for a monthly option for $19.99.For current subscribers, the fight is already included as part of your plan.DAZN is available on a variety of platforms, including Roku, Apple TV, Google Chromecast, iOS, Android, Xbox One, Playstation 4 and Playstation 3, as well as Chrome, Firefox, Internet Explorer and Safari browsers via DAZN.com.Conor Benn record and bioName: Conor “The Destroyer” BennNationality: BritishBorn: 09-28-1996Height: 5’8”Total fights: 14Record: 14-0 with 9 wins via knockout WBA Continental welterweight champion Conor Benn puts his title on the line against Jussi Koivula when the JD NXTGEN series returns to the legendary York Hall in London on June 21, live and exclusively on DAZN.Benn (14-0, 9 KOs) follows in the footsteps of his father, Nigel — a former two-weight World champion — who headlined against Robbie Sims at the famous East London venue in 1991, and “The Destroyer” promises to deliver another explosive performance when he meets Koivula (24-6-1) over 10 rounds.  Jussi Koivula record and bioName: Jussi KoivulaNationality: FinnishBorn: 08-30-1983Height: 5’9½”Total fights: 31Record: 24-6-1 with 9 wins via knockoutConor Benn vs. Jussi Koivula fight cardMain cardConor Benn vs. Jussi Koivula; WBA Continental welterweight titleTed Cheeseman vs. Kieron Conway; BBBofC British super welterweight titleUndercardCraig Richards vs. Andre Sterling; Final eliminator – Lord Lonsdale light-heavyweight beltDuane Sinclair vs. Anthony Fox; Light heavyweightsCharles Frankham vs. Ilgvars Krauklis; Super featherweightsShannon Courtenay vs. Flora Machela; BantamweightsReece Bellotti vs. Josue Bendana; FeatherweightsOtha Jones III vs. Michael Horabin; Super featherweights Join DAZN to watch Benn vs. Koivula and 100+ fight nights a year“It’s a legendary East End venue. When you’re in there as a fighter it feels like a jungle. Everyone is packed in and they all want to see blood. There’s no other energy like it, it’s on you and you feel like a gladiator. This is about putting on another performance for my supporters, and that’s exactly what I’m going to do on June 21. “It’s a blessing to be headlining a show this early on in my career,” said Benn in an official Matchroom Boxing press release. “This is the biggest fight of my career to date and it’s definitely a sign of progress. I’m ready to put on an entertaining performance for all of my fans. Everyone knows what my last couple of fights were like at York Hall, it was madness and there’s going to be fireworks again.last_img read more

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