Empire State Realty Trust lost $20M in Q2

first_imgTony Malkin (Getty)After four months without tourists paying a small fortune to peek over the edge of the Empire State Building, it should be no surprise that its owner is out $20 million.Empire State Realty Trust reported a net loss of $19.6 million during the second quarter of 2020, down from $18.9 million in net income a year earlier. The real estate investment trust also announced a series of cost-cutting measures, including executive salary cuts and a 12 percent cut in general and administrative expenses to improve its balance sheet.“It takes a moment to grasp the magnitude of the dynamic situation we all have confronted and continue to confront since we last reported the results,” Tony Malkin, the company’s CEO and president, said during an earnings call Thursday. ESRT’s 10.1 million-square-foot portfolio spans New York City, Westchester County and Connecticut.The landlord’s total revenue for the second quarter was $141 million, down 20 percent from $176 million a year ago. During the first quarter, the company brought in $8.3 million in net income and $170 million in revenue.Read moreA third of Empire State Realty Trust tenants sought rent relief: Q1 reportTony Malkin on looting, unions and Empire State Building reopeningTony Malkin is shaking things up at Empire State Realty Trust The dismal figures follow a big management shakeup in June, when Malkin took over John Kessler’s post as president. Those changes also included the appointment of Chief Financial Officer Christina Chiu and Chief Investment Officer Aaron Ratner. Chiu replaced David Karp, who announced his resignation in May.“We have made hard choices that have resulted in a great deal of change in our organization, and reduction in force costs, and positioned us on our front feet to preserve and create value for our shareholders,” Malkin said.The company is set to impose a base salary cut for Malkin and Executive Vice President Thomas Durels by 33 percent and 25 percent, respectively, effective Aug. 1 through the rest of the year. Malkin took base salary reduction to $1 for the second quarter of 2020.It’s not all bad news for the property owner, though. Executives on the call emphasized that office and retail rent collections and admissions from the Empire State Building’s observation deck have started to improve as the New York region gradually reopened.The firm collected 84 percent of rent in the second quarter, representing 86 percent of office tenants and 75 percent of retail tenants, according to the company. As of July 24, monthly collection reached 90 percent, representing 93 percent of office tenants and 75 percent of retailers. A third of ESRT’s tenants sought rent relief during the first quarter.The Empire State Building’s observatory, which remained shut for the entire second quarter, reopened July 20 at limited capacity, after conducting several days of staff training to master safety and health protocols.Malkin noted that he has been encouraged by positive reviews on social media, which praised the facility’s safety protocol first and then the spectacular view.“The week two was stronger than the week one. Our first weekend was stronger than our week prior,” he said. “So we look forward to this weekend coming.”Contact Akiko Matsuda at [email protected] This content is for subscribers only.Subscribe Nowlast_img read more

Alleged Drug Ring Leader Faces Life In Prison

first_imgOne of the six men indicted on August 20 as part of the alleged Montauk drug distribution ring arrests made earlier this month is facing 20 felony charges, including one of operating as a major drug trafficker, with a personal profit of $75,000 or more.Geraldo Jose Vargas-Munoz, who was working in the kitchen of Swallow East as a dishwasher for nominal pay, is facing possible life in prison if convicted of even one of the most serious charges, which are classified as A felonies. Those charges include three counts of selling a half-ounce or more of cocaine in one sale, along with an even more serious charge of selling two ounces or more of cocaine, apparently all to undercover agents, along with a charge of criminal possession of eight ounces or more of cocaine, and the charge of directing a major drug ring. Besides those six charges, there are 14 more felony charges hanging over his head.District Attorney Tim Sini said in a press conference August 16 that many of the sales the group made were out of the back doors of the various Montauk restaurants where they worked. According to the District Attorney, they all were working for low wages as a front for their criminal activity. Israel Padilla-Rojas, who, according to police, was in possession of a small amount of narcotics at one of five locations police raided that morning, told the court during his arraignment that he works as a dishwasher at the Gig Shack. He said that he works 80 hours a week, and makes $600.Five other indictments were handed down by the grand jury, according to court records. William Crespo-Duran is facing one A felony, possession of four ounces or more of cocaine, along with two other felonies, conspiracy to sell drugs and possession. Elvin Silva-Ruiz has also been charged with an A felony, for allegedly selling a half ounce or more to an undercover agent. He is facing five additional drug related felony charges, as well.Silva-Ruiz was arrested August 14 at JFK Airport, where he was attempting to board a plane. After his arrest, he was taken to Stony Brook Southampton Hospital for an undisclosed medical condition. Southampton Justice Barbara Wilson performed his initial bedside arraignment under the watchful eye of a Suffolk County deputy sheriff. Silva-Ruiz has since been released from the hospital, and is in county jail in Riverside.Gilberto Quintana-Crespo, Eric Mendez, and Antonio Ramirez-Gonzalez were all charged by the grand jury with one felony count each of conspiring to distribute cocaine. Except for Mendez, who posted $10,000 bail before the indictment was handed down, the group is being held without bail. The men were arrested as part of an operation that combined the forces of the East Hampton Town police, the federal Drug Enforcement Agency, U.S. Postal Inspectors, and the District Attorney’s East End Drug Task Force. They are all scheduled to be arraigned by New York State Justice Timothy Mazzei tomorrow. All are natives of Puerto Rico who have been coming to Montauk for the summer season for several years. [email protected] Share Geraldo Jose Vargas-Munoz, the alleged ringleader of a Montauk cocaine dealing group, is facing multiple life in prison sentences. Independent/Justin Meinkenlast_img read more

A little respect

first_imgGet your free guest access  SIGN UP TODAY Subscribe now for unlimited access Stay 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 building.co.ukBreaking industry news as it happensBreaking, daily and weekly e-newsletters To continue enjoying Building.co.uk, sign up for free guest accessExisting subscriber? LOGIN 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 communitylast_img read more

Club’s reasonable €30m demands weren’t enough to entice West Ham and…

first_imgEven though Newcastle United and West Ham were never claimed to be in talks or to have made a bid for the striker, there was always a mention to these clubs during the summer.And today, newspaper Record brings a story saying the English door ‘has been closed’ to Marega, who was looking forward to a transfer to the Premier League.The outlet writes that Newcastle and West Ham ‘were the main interested’ clubs, but none of them made formal bids to sign the 28-year-old.Embed from Getty ImagesPorto were demanding only €30m for Marega, making him cheap by current market standards, but that still wasn’t enough to convince Premier League sides to go for him.The striker had 21 goals and 11 assists for Porto last season, and turning 29 next year, his dream of joining English football becomes even more unlikely.by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksTrending TodayForge of Empires – Free Online GameIf You Like to Play, this Game is a Must-HaveForge of Empires – Free Online GameUndoDating.comWhere do attractive singles meet in Tung Chung?Dating.comUndo聽多多 Hearmore.asia1969年前出生的香港居民現可免費試戴頂尖的歐洲助聽器聽多多 Hearmore.asiaUndoCNN with DBS BankWhat Banks Did To Help Corporations Mitigate Future CrisesCNN with DBS BankUndoRaid: Shadow Legends | Free DownloadEven Non-Gamers Are Obsessed With This RPG Game (It’s Worth Installing!)Raid: Shadow Legends | Free DownloadUndoLoans | Search AdsNeed a loan? Search hereLoans | Search AdsUndoTheTopFiveVPNEnjoy Netflix Now Without Any RestrictionsTheTopFiveVPNUndoSingles50Hong Kong: A 40+ Dating Site That Actually Works!Singles50UndoSmart Tech TrendOver 55? You Have to Try Those Revolutionary Glasses!Smart Tech TrendUndo It’s the day after the transfer deadline, a slow news day, and still, Moussa Marega continues to be linked to Premier League sides.last_img read more