Archive for November 2012
Oil Spill doesn’t stop Gulf Entrepreneurs (from UPSTART- bizJournals) SAVING GULF SEAFOOD- Wine Enthusiast -History of Southern Accents
Dana Taylor, along with her husband Jason, had plans to open a seafood processing plant before the Deepwater Horizon explosion. The oil spill may have delayed their plans, but today they operate a successful business that depends on the Gulf of Mexico. Jason TaylorSome Southerners work to erase accent as others drawl with pride
NEW YORK — On his first trip to New York, Mississippi Delta native Will McKee was invited to a small party for a performer he had been publicizing in the South. Most of the attendees were show business
insiders from New York and Los Angeles.
Aware that it might draw unwanted attention, McKee tried to tone down his Southern accent.
But after a few bourbons, McKee, a marketing director in Birmingham, says he sounded more like a blend of Rhett Butler and Thurston Howell III from “Gilligan’s Island.”
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A man from Los Angeles took notice of McKee’s Southern roots.
“I just love how many syllables you can put in a little ol’ word like Bur-min-ha-am,” McKee recalled the man saying.
To that, McKee demonstrated how many syllables he needed to insult the man, using what is for most people a monosyllabic word that refers to a donkey.
The tense exchange was an example of a common clash between Southerners and non-Southerners over an accent that connotes a quaint gentility to some and a lack of sophistication to others.
New York gets Schooled (The Real Deal) Small Banks at Risk/ Trouble with TALF (GlobeSt.com)
New York Developers Incorporating Schools- From THE REAL DEAL
October 01, 2012
By Cody Lyon
In densely populated New York City, crowded neighborhood schools and a shortage of development sites are two sides of the same coin. So it’s not surprising that an increasing number of private developers are incorporating schools into their projects. And in many cases, they receive direct financial benefits to do so — from tax breaks to permission to construct larger buildings. There are also intangible benefits for developers and for the city, like winning support for projects from community opponents.
Small Banks at Greater Risk from CRE mortgages
- CODY LYON…globeSt.com (ALM)
NEW YORK CITY-Commercial mortgage defaults, which are projected to reach unprecedented levels in 2011, pose an even greater risk for smaller, regional lenders than the nations more high-profile large banks. So says Dr. Sam Chandan, president of Real Estate Econometrics.”If you look across the banking system, commercial mortgage loans represent about 14% of banks net loans and leases,” Chandan tells GlobeSt.com. However, he says, banks that have assets of $10 billion or more typically see a less than 10% exposure rate to commercial real estate. On the other hand,.
Trouble with TALF and the CMBS extension?
EXCERPT from globeSt.com story
…Pleas for increased liquidity have been coming in loud and clear from the commercial real estate community for several months now as banks, hard hit by the economic downturn, have virtually frozen lending. According to the Fed’s Senior Loan Officer Opinion Survey for April, 66% of domestic banks reported tightening commercial real estate lending standards in the first calendar quarter.
Dimming hopes of future relaxing of standards is a growing lack of faith by banks in the quality of commercial mortgage quality. Standard & Poor’s recently placed $100 billion of CMBS issued from 2004 to 2008 on negative watch. Fitch Ratings followed suit with $18 billion of CMBS issued between 2006 and 2008. “We have numbers showing that more than 90% of domestic banks think the commercial mortgage quality is going to deteriorate, with 26% of those saying it’s going to deteriorate substantially,” says Chandan.
Raising the cash flow alarm volume higher, the RER says that over the next few years, the commercial real estate industry faces a liquidity crisis of mammoth proportions. Of the $6.7 trillion of assets compromising the greater commercial real estate market, around $3.5 trillion is debt. Around $10.7 billion worth of CMBS loans are currently delinquent or have defaulted, according to data from the Commercial Mortgage Securities Assoc.
The RER says that because most real estate mortgages have maturities between five and 10 years, the average annual amount of maturing loans beginning in 2009 is most likely somewhere between $300 billion and $600 billion. Put another way, the maturing debt that the real estate sector will see between 2010 and 2012 will total around $1.4 trillion.
The deal of the Art (from The Real Deal) The Procida Investor Plan
The deal of the art
November 01, 2012
By Cody Lyon
agents.
It’s not just the Saatchi & Saatchis and Goldman Sachs’ of the world that hang five- and six-figure art on their walls these days. New York’s residential firms are starting to do the same in the hopes of luring high-end clients.
“It helps people realize that a brokerage might possess the level of sophistication and/or taste that matches their own,” noted interior designer Buzz Kelly of the trend, which TRDwrote about earlier this year and is gaining steam.
LINK TO FULL STORY AT THE REAL DEAL
GlobeSt.com Commercial Real Estate News and Property Resource
Last updated: February 5, 2009 12:01pm
Procida Has a 100-Day Plan
By Cody Lyon
NEW YORK CITY-On a cold night in late January at Columbia University’s Avery Hall, William
Procida–founder of the company that bears his name–stood before an audience of
architecture students, investors and other real estate players to present his idea for thawing
the nation’s frozen economy and solving its real estate woes.
Procida brings to the table 28 years of experience in both finance and development, as head of
the Procida Organization and William Procida Inc.–which evolved into Palisades Financial, and
last year, he brought back WPI–headquartered in Fort Lee, NJ–as a vehicle for turnaround
management. And now, he calls his latest venture–Plan 100–a volunteer project, saying he
was motivated by concern for his children’s future and great displeasure over his tax dollars
being squandered.
Procida has been promoting his Plan 100 for a few months now. He argues that instead of
funneling billions of dollars into the nation’s largest banks, the federal government should
deploy $100 million, each, to 100 local investment managers. Those managers would then be
required to purchase defaulted loans and make new loans to customers within 100 days. He
says there is tremendous flexibility on the number of managers, but no compromise on the amount of time those investors would be able to hold the cash.
“Time is the key to the plan,” Procida tells GlobeSt.com. “If the government had told the
banks they had 100 days to deploy the capital they were given, you and I wouldn’t even be talking right now,” he said.
