Here comes the REIN again!
I want to welcome everyone to the inaugural issue of the REIN Report. In addition to producing some of the best real estate events, we felt it was imperative to regularly send out (not bombard you with) a timely newsletter which highlights the people (REIN-makers), deals and job opportunities (REIN Drops), events (REIN or Shine), legal decisions (REIN Down) and other important things you need to know about what's going on in the world of real estate.
This first issue introduces you to Rein-maker Mark Penna, covers a recent NY Court of Appeals decision that affects leasing and offers two job opportunities, with Choice New York Management and another with Emerald Creek Capital.
To grow the content and make the REIN Report interesting and informative, we encourage your input, ideas and submissions.
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Mark Penna says his greatest inspirations are his grandparents, who immigrated to the United States from Italy. "They worked very hard and came on a boat with nothing and made something."
Penna has made something as well, launching Emerald Creek Capital
in 2009. Emerald Creek is a real estate financing company that provides short term bridge loans. Emerald's focus has been smaller operations that were hit hardest by the economic crisis, dealing with transactions in the $1-20 million range.
One deal he's particularly proud of is a recent land deal in Long Island City with $17 million of debt on the property. Originally planned as a hotel, it went bankrupt during the crisis and was going for $8 million out of bankruptcy. A buyer came in with $6 million of his own money and Emerald Creek lent the $2 million balance. "We were pleased, it was a low leverage amount and we were impressed with the amount of money he was bringing to the transaction."
Through Emerald Creek, Penna supports several charitable organizations, among them the Columbus Citizens Foundation
, which fosters Italian-American heritage, and City Harvest
, which collects food for New York City's hungry.
"My wife [Noelle] and I have been very involved in City Harvest. Even in this amazing, vibrant city of Manhattan, so many people are living in poverty. It's a great organization."
To learn more about Emerald Creek, you can contact Penna by emailing firstname.lastname@example.org
or calling (800) 313-2616.
'One Inch Rule' Turned on its Head
It's been previously established in NY that if a landlord encroaches on any portion of a tenant's space, the tenant can claim a partial eviction and is entitled an abatement of rent for the entire space (the "one inch rule"). But real estate attorney Andrea Lawrence reports in Real Estate Weekly (March 21, 2012), the NY Court of Appeals overturned the one inch rule and found that commercial tenants will no longer be entitled to a full abatement of rent for minimal encroachment by their landlord.
In the case in question, Eastside Exhibition Corp. v. 210 East 86th Street Corp., the landlord (Eastside Exhibition Corp.) entered the tenant's premises without permission and installed cross-bracing between two existing steel support columns on both of the tenant's leased floors.
Ceasing rent payments, the tenant sued. The case has been through the New York County Supreme Court, the Appellate Division and the New York Court of Appeals. The courts concluded that the intrusion by the landlord (12 square feet of space) was not large enough to entitle the tenant to a full abatement of rent.
For more information about this case or other real estate legal matters contact Andrea Lawrence of Epstein Becker & Green, P.C. by emailing email@example.com.
|Sponsored by |
|Spotlight on LinkedIn|
Join our LinkedIn group and be instantly connected to over 500 real estate professionals!
Choice New York Management is looking for a full time Real Estate Professional for its Midtown office to take on a variety of roles, ranging from showing apartments to administrative tasks.
For more information about the position including how to apply, click here.
Emerald Creek Capital is seeking a full time loan servicer with a strong accounting background. Qualifications include, but aren't limited to, knowledge of Quickbooks, and excel, and familiarity of the unique servicing software "The Mortgage Office.".
|REIN or Shine|
Manhattan Borough President Scott Stringer will be the keynote speaker and there will be four panelists, moderated by David Schechtman, Executive Managing Director of Eastern Consolidated.
The cost for this event is included in annual dues for members and $95 for non-members. Click here
to fill out a registration form and RSVP.
|About REIN |
REIN (Real Estate Insiders Network) connects real estate professionals with their colleagues through events to help facilitate business development. REIN also provides an online community to help bridge the gap between members of the real estate community.
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