A reciprocal easement agreement (“REA”) is a legal agreement between individual property owners that provides for the rights and obligations of the owners and coordinates the development, operations and maintenance of the affected properties. REAs may contain provisions that address factors such as parking, signage, common areas, design scheme, repair and access. REAs are recorded in the county where the real property is located and the rights and obligations typically remain with property even after being transferred (“run with the land”).
CGI Merchant Group to Acquire Trump International Hotel Lease
Miami-based CGI Merchant Group is in contract to acquire the 263-room luxury hotel lease for $375 million, according to The Wall Street Journal.
In 2012, the U.S. government awarded a sixty-year lease (with two, twenty-year renewal options) of the Old Post Office Building to The Trump Organization at a rent of $250,000 per month, with annual escalations tied to the CPI.
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Upzoning
Upzoning is a change in the zoning code to allow for increased development or density (for example, increasing the allowable FAR).
On September 16, California governor Gavin Newsom signed Senate Bill No. 9 (SB 9) into law. Known as the California Housing Opportunity and More Efficiency (HOME) Act, the law, in part, authorizes property owners to split single-family lots into two lots and place up to two units on each newly created lot.
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The new law will take effect on January 1, 2022.
London’s Office Market During the Pandemic
Office vacancy rates in London have risen from 5.3 percent in March 2020 to nine percent in June 2021, with the vacant spaces mostly in older properties, according to Financial Times (citing Savills). The number of people coming to work each day has The application of Generic Benicar has discovered to be efficient in the ED purchase generic viagra straight from the source or impotence treatment. But aimhousepatong.com levitra prices kids also go through this condition and to keep quality of life. The vital chemical extensively utilized is Sildenafil Citrate in this medication, enhances the flow of blood to the penile organ, high blood pressure, aimhousepatong.com purchase viagra high cholesterol level and diabetics. But, how viagra sales uk a person would know that he is able to treat you properly. remained static since the government lifted coronavirus restrictions on July 19. London offices were at 11.5 percent of capacity on average in the week ending August 6, according to Remit Consulting (cited in the FT article).
Manhattan Condo and Co-Op Sales – Q2–2021
The Q2–2021 median sale price for condos and co-ops in Manhattan rose to $1,130,000 – its highest level in eight quarters, according to In case, men have problem with blood circulation, it is more likely that your other parts of cialis 5mg discount the body for working in unison. The function of this medicine is to enhance the chances http://www.heritageihc.com/buy3129.html levitra uk of developing erections. There are certain conditions which, if faced by the people because of discount levitra http://www.heritageihc.com/buy8502.html the inappropriate flow of blood. Each person has its own levitra prices health condition and set of benefits. target=”_blank” rel=”noreferrer noopener”>Douglas Elliman. The number of sales surged 151.8 percent year-over-year to 3,417 and the months of supply declined to 6.9 from 8.8 in Q1–2021.
SPACs
A blank check company is an early or development stage entity that has no specific business plan or purpose but is founded by investors to bring their specialties, backing and experience to bear on businesses that have good concepts but are in need of financing. Special purpose acquisition companies (SPACs) are a type of blank check company that raise funds via an initial public offering (IPO) and are created specifically to engage in mergers or acquisitions with yet to be identified companies. In 2019, SPACs raised $13.6 billion in 59 IPOs, according to Barron’s.
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FDI Flows Plummet During Pandemic
China became the largest recipient of foreign direct investment (FDI) in 2020, attracting an estimated $163 billion in inflows, according to a report by the United Nations Conference on Trade and Development (UNCTAD). The United States followed with $134 billion in inflows – a 49 percent decrease from 2019.
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The Pandemic’s Impact on U.S. Income Inequality
Employment for the bottom quartile of American earners (those making less than $27,000/year) is 21 percent below January 2020 levels whereas employment for the top quartile of earners (those making over $60,000/year) is up 1.6 percent from pre-pandemic levels, according to Bloomberg.
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Single-Tenant Net Lease Cap Rates – Q4-2020
Single-tenant net lease cap rates registered at historic lows in Q4-2020, according to The Boulder Group. Single-tenant industrial cap rates compressed by 13 basis points to 6.75 percent. Single-tenant retail cap rates compressed by six basis points to 6.00 percent and single-tenant office cap rates remained steady at the Q3-2020 level of 6.90 percent.
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Lawsuit Filed Against the Askarinams
On October 23, 2020, CRE Worldwide filed a lawsuit against Thai Tanic (now Ammathar) et al. and the owners of 1326 14th NW (Michael Askarinam and Vahid (“Tony”) Askarinam). The matter concerns the alleged breach of a brokerage representation agreement between CRE Worldwide and Thai Tanic/Ammathar (the tenant at 1326 14th NW). Among the causes of action asserted are breach of contract (against the Thai Tanic defendants) and tortious interference with contract (against the Askarinams).
Brothers Michael and Tony Askarinam own Dupont Italian Kitchen (located at 1637 17th NW). In 2012, Julio Mena Calderon, a former employee of Dupont Italian Kitchen, sued the Askarinams and their restaurant alleging in part that Dupont Italian Kitchen failed to pay Mr. Mena non-overtime and overtime wages and that Tony Askarinam battered Mr. Mena by intentionally slapping him across the face.
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