SoftBank looks to take over WeWork, NYC investigates WeLive: Daily digest

first_imgEvery day The Real Deal rounds up New York’s biggest real estate happenings, from breaking news and scoops to announcements and deals. We update this page throughout the day, starting at 9 a.m. Please send any tips or deals to [email protected] page was last updated at 6:25 p.m. Adobe is expanding to 109,000 square feet at 1540 Broadway. The software company renewed its 27,323-square-foot lease on the 17th floor of the building and added 81,972 square feet on the 18th, 19th and 20th floors, according to Real Estate Weekly. Colliers represented Adobe in the deal, and CBRE represented the owner EDGE Fund Advisors on the new 10-year lease. [REW] An effort to turn a former women’s prison into a community hub is dead. The NoVo Foundation, co-founded by Warren Buffett’s son, abruptly announced on Friday that it would no longer work to develop the project, known as the Women’s Building, at 550 West 20th Street. The organization said it made the decision after deciding that it would be better to spend the hundreds of millions of dollars it would take to repurpose the building on supporting groups that could help marginalized communities faster and more directly. The building is under state control, and its future is now unclear. [The City] Saks has teamed up with Authentic Brands to bid roughly $270 million for Barneys. Saks, which Hudson’s Bay Company owns, would launch Barneys departments in 41 of its stores, take over the website of the bankrupt retailer and possibly take over some Barneys locations. Barneys had filed for bankruptcy over the summer, and at a court hearing on Friday, a lawyer for the high-end fashion retailer said the company needed more time to solidify a possible deal that would keep it alive. [WSJ] An early Facebook employee and venture capitalist wants to sell his Manhattan penthouse for $29.5 million. Matt Cohler has listed his Nolita penthouse, as he wants to move to the Upper East Side to be closer to his family. His firm Benchmark has made lucrative investments in companies including Instagram and Dropbox, but he doesn’t expect to make a big profit on his penthouse, which he bought about a year ago for $29.95 million. [WSJ] Masayoshi Son (Credit: Getty Images)SoftBank might take full control of WeWork. The co-working giant is trying to figure out how to improve its finances after pulling its plans for an initial public offering, and the deal from SoftBank represents one possible solution. SoftBank — which already owns a third of WeWork — would invest several billion dollars worth of equity and debt into the company and assume Neumann’s voting power, giving it a bigger role in turning around the company. [WSJ] The city is investigating WeLive’s Financial District location. Officials are looking into whether units that were supposed to be long-term apartments are instead being advertised as hotel rooms. It’s the latest piece of bad news for WeWork’s co-living division, which hasn’t expanded beyond its initial two locations and failed to grow into India and Israel. [NYT] Ken Griffin bought two more units in 220 Central Park South. The billionaire set a record with his $238 million condo purchase in the building and has now purchased a pair of adjacent apartments on the 20th floor for $1.89 million and $2.06 million as well. The units seem to be either for guests or staff and bring the total value of Griffin’s purchases in the building to about $244 million. [NYP] There were 11 luxury contracts signed for about $77.5 million in Manhattan last week. This was a decrease in sales and dollar volume from the week before, when 14 contracts were signed for about $118 million. The properties spent an average of 411 days on the market and had an average discount of 6 percent from the original asking price. The deals included six co-ops and five condos, marking the first week since June 17 to 23, 2013 when co-ops outsold condos. [Olshan] Brooklyn’s luxury market saw 19 contracts signed last week for a total of roughly $55.3 million. Both figures were up from the previous week’s 16 contracts signed for about $44.7 million. The average contract went for about $2.9 million, and the properties spent an average of 169 days on the market. [Compass] Joel Schreiber (Credit: Shir Stein and Wikipedia)WeWork’s first investor is getting sued by his lenders. A pair of lawsuits allege that Joel Schreiber has defaulted on almost $3.3 million, according to The Real Deal. A lawsuit from plaintiffs Vikram Kuriyan accuses Schreiber of using his stake in WeWork to back loans that he later defaulted on. The suit comes at a time when the value of Schreiber’s stock in WeWork has plummeted. [TRD] Another 100 Sears stores are going to close soon. The closures amount to roughly a quarter of the 425 stores that financier Edward Lampert bought out of bankruptcy. The company filed for bankruptcy a year ago, but it has continued to struggle since then with declining sales and losses as online shopping became more and more popular. [WSJ] A Bronx property is seeing a boost in interest thanks to the Opportunity Zone program. The Benedetto family, which owns the building at 40 Bruckner Boulevard in the South Bronx, is taking bids on a 99-year lease for the property and will announce the winner at the end of the month. [The City] Nicolai Ouroussoff and Cecily Brown with 125 East 10th Street (Credit: Columbia GSAPP via Flickr, Wikipedia, and StreetEasy)Architecture critic Nicolai Ouroussoff bought an East Village townhouse for $7.75 million. Ouroussoff bought the house with his wife Cecily Brown, and it is located near the intersection of Stuyvesant and East 10th Streets. It was designed in the 1850s by James Renwick and hit the market in February with an $8.3 million asking price. [TRD] This content is for subscribers only.Subscribe Nowlast_img read more

Fair’s not fair when it comes to valuation

first_imgTo access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletterslast_img

Little respite from the worse recession on record

first_imgStay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to industry news as it happensBreaking, daily and weekly e-newsletters Get your free guest access  SIGN UP TODAY Subscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our community Subscribe now for unlimited access To continue enjoying, sign up for free guest accessExisting subscriber? LOGINlast_img read more

IRS Supplements Proposed Regulations Implementing the Centralized Partnership Audit Regime (NPRM REG-118067-17)

first_imgThe IRS has issued proposed regulations that supplement the regulations proposed in June 2017 (NPRM REG-136118-15). These regulations implemented the new centralized partnership audit regime under the Bipartisan Budget Act of 2015 (BBA) (P.L. 114-74). The BBA regime replaced the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) (P.L. 97-248) audit procedures beginning in 2018. The new proposals address how and when partnerships and their partners adjust tax attributes to take into account partnership adjustments. In addition, they  provide additional rules for basis adjustments for partnership property and book value of any partnership property if the partnership adjustment is a change to an item of gain, loss, amortization or depreciation—that is, the change is basis derivative. Discussed below are some of the significant new proposals.Adjustment Resulting in Imputed UnderpaymentCode Sec. 6225 does not allow taxable income to be allocated to partners when a positive partnership adjustment is taken into account when determining an imputed underpayment. Instead, the partnership makes the calculations and pays the liability in the form of an imputed underpayment. However, if there are no adjustments to outside basis that reflect the partnership adjustments that caused the imputed underpayment, a partner could effectively be taxed twice on the same income—once indirectly on the payment of the imputed underpayment, and again on a disposition of the partnership interest or a distribution of cash by the partnership. Therefore, the proposed regulations provide for adjustment to a partner’s basis in its interest, and certain other tax attributes that depend on basis, in order to prevent effective double taxation or other distortions.Adjustments Not Resulting in Imputed UnderpaymentProposed Reg. §1.704-1(b)(4)(xiii) provides that an allocation of an item arising from a partnership adjustment that does not result in an imputed underpayment does not have substantial economic effect. However, it will be deemed to be in accordance with the partners’ interests in the partnership if it is allocated in the manner in which the item would have been allocated in the reviewed year under the Code Sec. 704 regulations, taking into account the successor rules under Proposed Reg. §1.704-1(b)(1)(viii)(b).Provisions Relating to the “Push-Out” ElectionCode Sec. 6226(b) describes how partnership adjustments are taken in account by the reviewed year partners if a partnership makes a “push-out” election under Code Sec. 6226(a). Under Code Sec. 6226(b)(1), each partner’s tax is increased by the aggregate of the adjustment amounts determined under Code Sec. 6226(b)(2). Proposed Reg. §301.6226-4(b) provides that the reviewed year partners or affected partners must take into account items of income, gain, loss, deduction or credit with respect to their share of the partnership adjustments as reflected on statements relating to pushed-out items in the reporting year. Moreover, partnerships adjust tax attributes affected by reason of a pushed-out item in the reviewed year. Under Code Sec. 6226, all tax attributes are adjusted for pushed-out items of income, gain, deduction, loss or credit.Code Sec. 704(b)An allocation of a pushed-out item does not have substantial economic effect. However, an item’s allocation will be in accordance with the partners’ interests in the partnership if it is allocated in the adjustment year in the manner in which the item would have been allocated under the rules of Code Sec. 704(b) in the reviewed year, followed by any subsequent tax years, concluding with the adjustment year (Proposed Reg. §1.704-1(b)(4)(xiv)).Proposed Regulations, NPRM REG-118067-17 Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.Not a subscriber? Sign up for a free trial or contact us for a representative.last_img read more

Columbia man gets federal prison sentence for illegal possession of a gun

first_imgA Columbia man who pleaded guilty to being a felon in possession of a firearm is heading to federal prison for nearly five years.Justin Ewing got four years and eight months of time at a hearing Monday.  The charge comes from a December 2017 incident, when Ewing and Jeremy Gerlach of Harrisburg crashed a car into an electric pole while trying to run from the cops.Police found a stolen handgun in the car, as well as meth residue, scales, and pipes.Gerlach already pleaded guilty and was given nearly the same sentence in April.last_img read more

Activator packaging

first_imgToday I’ve posted a couple of documents that outline tools we have developed to deploy the activator tool in several Enterprise enviroments. gives an overview of the tool and the requirements is an example of a script and packaging tool used to deliver the Activator Utility and the syntax to initially provision systems and to keep the host name sychronized.last_img

Full list of portfolios of ministers in Modi government

first_imgArun Jaitley has turned out to be the most important person in thenew government after Prime Minister Narendra Modi, with three heavyportfolios of finance, defence and corporate affairs, it was announcedTuesday.The Rashtrapati Bhavan released the portfolio allocationof 46 ministers, including 24 cabinet ministers, of the government sworn in Monday evening. Sushma Swaraj is the new foreign minister andRajnath Singh will head the home ministry.Modi has kept with him, like some of his predecessors, the portfolios of personnel, publicgrievances and pensions as well as the departments of atomic energy andspace besides any other department not allocated to any minister.He will, as the presidential communique states, be in charge of “all important policy issues”.Rajnath Singh, the BJP president who is likely to hand over the party baton tosomeone else, gets the important portfolio of home (interior) and Sushma Swaraj gets both external affairs and overseas Indian affairs.M. Venkaiah Naidu, a former BJP president, also gets a lot ofresponsibility with urban development, housing and urban povertyalleviation as well as parliamentary affairs.Nitin Gadkari,another former BJP president, takes charge of road transport andhighways as well as Shipping while D.V. Sadananda Gowda will the railway minister.V.K. Singh, a former army chief, is the minister ofstate for external affairs, overseas Indian affairs and development ofnorth eastern region (independent charge).Harsh Vardhan, theformer Delhi chief ministerial candidate, is the new health ministerwhile former TV star Smriti Irani gets the heavy portfolio of humanresources development.advertisementFollowing is the full list of cabinet ministers and ministers of state:PRIME MINISTER:Narendra Modi : Personnel, Public Grievances and Pensions, Department of AtomicEnergy Department of Space, All important policy issues and all otherportfolios not allocated to any minister.CABINET MINISTERS:Rajnath Singh: Home AffairsSushma Swaraj: External Affairs, Overseas Indian AffairsArun Jaitley: Finance, Corporate Affairs, DefenceVenkaiah Naidu: Urban Development, Housing and Urban Poverty Alleviation, Parliamentary AffairsNitin Gadkari: Road Transport and Highways, ShippingD.V. Sadananda Gowda : RailwaysUma Bharati: Water Resources, River Development and Ganga RejuvenationNajma Heptulla: Minority AffairsGopinath Munde: Rural Development, Panchayati Raj, Drinking Water and SanitationRam Vilas Paswan: Consumer Affairs, Food and Public DistributionKalraj Mishra: Micro, Small and Medium EnterprisesManeka Sanjay Gandhi: Women and Child DevelopmentAnanth Kumar: Chemicals and FertilizersRavi Shankar Prasad: Communications and Information Technology, Law and JusticeAshok Gajapathi Raju: Civil AviationAnant Geete: Heavy Industries and Public EnterprisesHarsimrat Kaur Badal: Food Processing IndustriesNarendra Singh Tomar: Mines, Steel, Labour and EmploymentJual Oram: Tribal AffairsRadha Mohan Singh: AgricultureThawar Chand Gehlot: Social Justice and EmpowermentSmriti Irani: Human Resource DevelopmentDr. Harsh Vardhan: Health and Family WelfareMINISTERS OF STATE:Gen. VK Singh: Development of North Eastern Region (Independent Charge),External Affairs, Overseas Indian AffairsRao Inderjit Singh: Planning (Independent Charge), Statistics and Programme Implementation (Independent Charge), DefenceSantosh Kumar Gangwar: Textiles (Independent Charge), Parliamentary Affairs, Water Resources, River Development and Ganga RejuvenationShripad Naik: Culture (Independent Charge), Tourism (Independent Charge)Dharmendra Pradhan: Petroleum and Natural Gas (Independent Charge)Sarbananda Sonowal: Skill Development, Entrepreneurship, Youth Affairs and Sports (Independent Charge)Prakash Javadekar: Information and Broadcasting (Independent Charge), Environment, Forestand Climate Change (Independent Charge), Parliamentary AffairsPiyush Goyal: Power (Independent Charge), Coal (Independent Charge), New and Renewable Energy (Independent Charge)Dr. Jitendra Singh: Science and Technology (Independent Charge), Earth Sciences(Independent Charge), Prime Minister Office, Personnel, PublicGrievances and Pensions, Department of Atomic Energy, Department ofSpaceNirmala Sitharaman: Commerce and Industry (Independent Charge), Finance, Corporate AffairsGM Siddeshwara: Civil AviationManoj Sinha: RailwaysNihalchand: Chemicals and FertilizersUpendra Kushwaha: Rural Development, Panchayati Raj, Drinking Water and SanitationPon Radhakrishnan: Heavy Industries and Public EnterprisesKiren Rijiju, Home AffairsKrishan Pal Gujjar: Road Transport and Highways, ShippingSanjiv Baliyan: Agriculture, Food Processing IndustriesMansukhbhai Dhanjibhai Vasava: Tribal AffairsRaosaheb Dadarao Patil Danve: Consumer Affairs, Food and Public DistributionVishnu Deo Sai: Mines, Steel, Labour and EmploymentSudarshan Bhagat: Social Justice and Empowermentlast_img read more