Reading Real Estate – Hudson Berkshire Experience Mon, 21 Jun 2021 22:36:30 +0000 en-US hourly 1 Reading Real Estate – Hudson Berkshire Experience 32 32 UDR public offer price of 6,100,000 ordinary shares Mon, 21 Jun 2021 21:27:00 +0000

DENVER – (COMMERCIAL THREAD) – UDR, Inc. (the “Company”) (NYSE: UDR) announced today that it has priced a binding takeover bid of 6,100,000 common shares at a price of 49, $ 38 per share, all of which are offered under the forward sales contracts described below and all of which will be sold to an institutional investor.

BofA Securities and Citigroup are acting as co-book managers for the offering.

The Company has entered into forward sales contracts with BofA Securities and Citigroup or their affiliates (the “Forward Buyers”) for 6,100,000 Common Shares. Under the forward sales contracts, the forward buyers or their affiliates are expected to borrow and sell to the underwriters a total of 6,100,000 common shares which will be delivered under this offering. Subject to its right to opt for settlement in cash or in net shares, which right is subject to certain conditions, the Company intends to deliver, upon physical settlement of these forward sales contracts to one or more dates specified by the Company occurring no later than June 20, 2022, a total of 6,100,000 common shares to forward buyers in exchange for cash proceeds per share equal to the applicable forward sale price, which is the price offer, less subscription discounts and commissions, and is subject to certain adjustments as provided for in forward sales contracts.

The closing of the offer is scheduled for June 24, 2021, subject to customary closing conditions.

The Company will not initially receive any proceeds from the sale of shares of its Common Shares by the Forward Purchasers or their affiliates under the Offer. The Company expects to use the net proceeds, if any, that it will receive in the future settlement of forward sales contracts for planned acquisitions or other investments, the existing pipeline of development and development capital program. of the Company, and working capital and general objectives of the business, which may include the repayment of outstanding debt under the Company’s commercial paper program, the unsecured revolving credit facility and the credit facility. working capital credit, if applicable.

Selling common shares through forward sales contracts allows the Company to price such shares based on the offer price (subject to certain adjustments) while delaying the issuance of such shares. and receipt of the net proceeds by the Company until the scheduled date the funding requirements described above have been met.

This offering is being made in accordance with the Company’s currently valid registration statement, which has been previously filed with the Securities and Exchange Commission (the “SEC”). This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, and there will be no sale of such securities in a State in which such an offer, solicitation or sale would be illegal before registration. or qualification under the securities laws of such state.

You can obtain copies of the prospectus supplement and the prospectus relating to the offering, when available, free of charge from the SEC at Alternatively, copies of these documents can be obtained by contacting (i) BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, or sending a e-mail to dg.; and (ii) Citigroup, c / o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, phone: 1-800-831-9146, or by sending an email to

Forward-looking statements

Certain statements made in this press release may constitute “forward-looking statements”. Words such as “expects”, “intends”, “believes”, “anticipates”, “anticipates”, “,”. these forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, objectives, forecasts and assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause actual results to occur. differ materially from those expressed or implied by these forward-looking statements. -forward-looking statements, due to a number of factors which include, but are not limited to, the impact of the COVID-19 pandemic and measures to prevent its spread or mitigate its effects, changes unfavorable conditions in the apartment market, changing economic conditions, the impact of inflation / deflation on rental rates and building operating costs, expectations regarding the availability of capital and the stability of property markets. capital, the impact of competition and competitive prices, acquisitions, developments and redevelopments not achieving the expected results, delays in the completion of developments, redevelopments and leases on time, expectations on growth of employment, affordability of houses and demand / supply ratio for collective housing, expectations regarding development and redevelopment activities, expectations on occupancy levels and s rental rates, expectations regarding joint ventures and partnerships with third parties, expectations that technology will help increase net operating income, expectations on annualized net operating income and other risk factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time, including the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in forward-looking statements. These forward-looking statements and these risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly disclaims any obligation or commitment to update or revise any forward-looking statement contained in this document, to reflect any change in the Company’s expectations in this regard, or any other change in the events, conditions or circumstances upon which such statement is based, except to the extent otherwise required by United States securities laws.

About UDR, Inc.

UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multi-family real estate investment trust with a proven track record of superior and reliable performance by managing, buying, selling, developing and redeveloping properties. attractive real estate properties in targeted US markets. As of March 31, 2021, UDR held or held an ownership position in 52,617 apartments, of which 1,417 were under development. For more than 48 years, UDR has provided long-term shareholder value, the highest level of service to residents and the highest quality experience for associates.

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JOHN DEMONT: Ron Lovett: on the Gracies, Shaun Majumder and helping workers progress Sun, 20 Jun 2021 18:39:23 +0000

Ron Lovett has been a bouncer, bodyguard, entrepreneur. Now, at 42, he wants to change the affordable housing landscape with his business Vida Living, which owns some 600 affordable housing units in Nova Scotia, New Brunswick and Manitoba. It’s a serious idea, but Lovett, whose principal in Halifax Elementary School sent him to the Citadel Boxing Club instead of detention, is not a stern capitalist. He is a fine foodie who speaks Spanish and has already studied ju-jitsu under the direction of the legendary Gracies. At the end of our interview, Shaun Majumder, the comedian and actor, and sometimes business partner, came just to catch up with his boyfriend. This interview has been narrowed down for brevity.

JD: Where does your story begin?

RL: I grew up on Ralston Avenue (in West Halifax) with my grandmother, mother and sister. My grandfather, whom I did not have the chance to meet, was James Connolly, Alderman, Speaker of the House and Deputy Mayor. My dad lived in the United States and I didn’t meet him until I was 21. But I didn’t know the difference.

I went to a lot of schools. First, I was kindly asked to go to grade 8. I just didn’t do well. I have ADHD and dyslexia. Then after high school I worked a bit at a place called Seaside Kayak and for a company called Premier Travel, running these party trips for all high schools in Nova Scotia. Maybe, I think of a credit from Mount Saint Vincent, then I started to travel.

He was looking for experiences. My sister just put on a backpack and went on a trip and it blew me away. It was time to do it. I’ve been to 56 countries, and it introduced me to food and different things. On a trip to Colombia, I was reading a book called Stop the Ride, I Want to Get Off, by this British gangster David Courtney, and he was hiring his friends to do nightclub security companies in the UK where I was training ju-jitsu. the time under Gracie’s camp, so I thought I might be a bodyguard. But there was no job for a bodyguard in Halifax, especially 20 years ago. And so, I came back and decided that this was going to be my entry into my first real business, which was the security company, providing security for nightclubs as well as events and concerts.

AC / DC to Jay-Z

It was a really bumpy, bumpy road, as I think all entrepreneur trips are. But in the summer, we (Source Security & Investigations) would have over 3,000 employees in Kelowna, BC, Newfoundland. We were doing executive protection. I’ve been on tour with AC / DC and Jay-Z. And we’ve done a lot of executive protection across the country and sometimes outside the country. Then we entered the static day care, which kept the lights on.

JD: But from the start, you saw yourself as an entrepreneur?

RL: I think I have always been an entrepreneur. I feel like it was probably my blood from my father and my grandfather. As I was starting to mature in my early 30s, I started to think I had to build this to sell. And there was a pivotal moment: I was on the Rails-to-Trails bike path and the question that struck me was: would I be happy to reinvest in the private security industry if someone did? was approaching? And the answer was no. And so right away, I went to the market.

JD: What was your plan?

RL: The constant advice when I sold was to do nothing; wait two years. I have always been in real estate. And then there was this real estate opportunity in (the Halifax suburb of) Fairview, from those places that got hit by the city, 100 units on Evans Avenue and Dawn Street.

Columnist John DeMont takes a selfie with entrepreneur Ron Lovett and his friend and business partner Shaun Majumder. – Eric Wyne

Vida alive

I called a great mentor and friend of mine, John Risley, and said, “John, you know, everybody says, don’t do anything for 24 months, and I have this opportunity. What do you think? ”John said,“ You know, the best time to make a deal is when you don’t need to make a deal. ”And I didn’t need to make a deal. there was no pressure, it was the start of Vida Living.

Even before having bought a 12 units with Shaun Majumder, the Canadian comedian. I went with my typical safety mindset: I’ll clean this place up if people don’t play by the rules. It was a very rudimentary building. No security in the doors. Diapers out the window; crushed eggs in the hallway. Bullet holes in the doors, totally dangerous. And I was going to say, “I can handle this; I can clean it. And then I kind of took a break. Because one of the big questions I asked myself in the private security industry that really rocked the business was, should I restart this industry from scratch? And this question led me to the path to answer it, which is lacking in this workforce housing space.

Workforce housing is housing that is safe, clean, secure and has a strong sense of belonging to the community, and with working people. You think of the real estate sector, I think there can always be more, but there are plenty of associations that come to the aid of the most vulnerable. People who just work, be it blue collar or gray, it’s really hard, they’re caught in the middle, and I wanted to fix that.

Very quickly it became apparent that there was a lack of security in this asset class. No sense of community and it starts with the basics. You see smaller businesses or families that own small groups of real estate, and they have a tenant who mows the lawn so we wanted to take it to the next level. Not just finding someone who could do all kinds of repairs and maintenance, but finding people who. . . possessed the skills, whether soft or hard, (to) give them an invested interest in the building and tap the untapped potential that is not being used.

So we go to the tenant base first as best we can, and they get the right of refusal first. So whatever we’re going to market with we’re going to explode to the whole community, if you or your neighbor, anyone in this community has this type of skill, please give us a call.

Affordable housing

JD: Where does that fit into the affordable housing crisis we hear about?

RL: I think Vida helps solve the problem; that does not solve the problem. Our business model is about helping Canadians move forward and keep things affordable. So, mellow as it sounds, the company’s goal is to revolutionize affordable communities. Every building from our point of view is a community. We do not consider the people who live in these buildings as tenants, we consider them as customers. And that’s what I think separates us in space.

What we’re trying to do is create an environment where it’s clean, that’s for sure. There is a sense of community, there is a sense of belonging. And we want to help people move forward, so we’ve had initiatives over the last six months that were saying, look, if you’re a Vida Living tenant, anywhere in the country, and you’re buying your first vehicle, or a new vehicle, we will give you a rent credit. You get your first job or a promotion at work, we’ll give you a rent credit. If you’re buying your first home and you want to break the lease, we’ll break the lease, and we’ll give you financing and invest the money for your move. If you are elderly and re-enter the workforce, we will grant you a rent credit.

JD: Why?

RL: I think that there are a lot of people from different backgrounds who are in difficulty, that it is difficult for them to move forward in this sector. I’m really excited to know that Vida’s business model is to help people.

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Paying Rent, And The Rest: Tenants Fight Back To Rise In Third Party Processing | Housing Fri, 18 Jun 2021 20:02:00 +0000

When Max * moved into a new rental property in Queensland earlier this year, one of his first questions, naturally, was how to pay the rent.

So he called his new real estate agency, Harcourts Chermside, a Brisbane company that boasts of its “high ideals and standards”. The agent sent Max an email explaining that a third-party company called RentPay was his “primary and preferred” method of collecting rent.

RentPay, according to the email, was “the easiest, most cost-effective way” for tenants to pay their rent. If Max disagreed, it didn’t seem to matter: “All future new leases will have to use RentPay as their preferred method of paying rent amounts,” the email read.

What he didn’t say was that by signing up to use RentPay, Max would be forced to pay a setup fee of $ 3, plus a monthly fee of $ 2 as well as 1.25%. for each transaction for any payment via Visa or Mastercard. Using BPay would incur a transaction fee of 88c.

“I know it’s not a huge amount of money, but it’s a crappy thing for them to do. We are paying over $ 600 a week, so why should we pay a fee to pay our own rent? Max said.

The use of third-party rental processing companies by real estate agents was in the spotlight this week when Scott Pape, author of the best-selling books Barefoot Investor, wrote a column highlighting how a company called Rental Rewards was charging fees. charges to tenants to pay their rent. .

The column has elicited an indignant response from Rental Rewards and the real estate companies that use it, as well as other third-party processing companies.

Rental Rewards said the column was “incorrect, misleading and misleading” and threatened legal action. Company spokeswoman Sharon Samson said Pape mistakenly described Rental Rewards as rent collectors when in fact it was a “payment processing platform.” It was up to real estate agents, she said, to decide who paid the fees associated with the service.

Pay cash or pay the fee

As the Guardian reported this week, real estate agents are increasingly using third-party processing companies to outsource rent payments despite laws to restrict the practice.

In New South Wales, landlords are required to offer a reasonable and free way of paying rent.

But the definition of what is reasonable is elastic: in some cases, the free option offered by real estate agents is much less convenient, such as payments by check or cash.

In Victoria, laws introduced in March require agents to provide at least one free way to pay rent, as well as an option for electronic funds transfer.

The previous regime – which mirrored NSW – led Melbourne resident Orlando Skeete to roll out drastic measures to avoid using third-party services. In 2018, Skeete had been paying his rent by direct debit for about a year when a new agency took over and told him he should start paying through Rental Rewards.

Skeete and his partner read the contract and saw some of the same issues Pope raised: a $ 5 membership fee, a $ 2 transaction fee plus a 1.1% fee with credit card payments. or debit, a $ 10 cancellation fee when the tenant terminates the contract and a $ 15 dishonor fee. Some cards have a transaction fee of $ 10 for payments over $ 500.

Unimpressed, Skeete asked to continue paying by direct debit card, but was told he could only do so if he signed up for Rental Rewards.

Eventually, Skeete and his partner, a lawyer, read the Competition and Consumer Law and told the agent that what they were doing “could be illegal and constitute third-line coercion” – a practice that requires tenants to use a ploy with no alternative.

“To be honest it wasn’t about the money, it’s the fact that I already don’t really like rental agents to begin with, and that was just the principle, like, fuck these guys- there, “he said.

The officer told him he could pay in cash. So for the next two months, Skeete hopped on his bike, withdrew $ 3,000 in cash from his bank, and drove about an hour across town to deposit the rent.

“When I got to the agent, they clearly weren’t set up to accept cash payments, so they tried to get me signing up to Rental Rewards again,” he says.

Eventually, they agreed to accept the money, but only after insisting that he pay exact change, which he predicted.

After two months, the agency relented, but Skeete and his partner left the property soon after. He happily accepts that the saga was more about his own “stubbornness”, but it annoyed him to think of others less aware of their forced-to-pay rights.

“One of the things they told me when I was in the office was that I was their only customer who insisted on not using Rental Rewards. Everyone, you know, you get a form, you sign it, ”he said.

“I’m an engineer in a heavily regulated industry and my partner is a lawyer, so we’re both used to reading the fine print, and luckily I have the flexibility in my job to take a half-day off to walk around. city ​​by bike to pay my rent.

“What pisses me off about this is that there are so many people out there who don’t know their rights or don’t have the ability to jump through all of these hoops.”

Tenants don’t want to “shake the boat”

Victoria’s new legislation does not prohibit the use of third-party programs, which Melbourne resident Bec Tsiamas recently discovered. Tsiamas signed with Rental Rewards when she took out a lease last year, unaware she had any other options.

“I didn’t know any better and I clicked straight away,” she says.

Not knowing that she would be charged for the transactions, Tsiamas kept her rent in a separate account with the exact amount. Because the cost of the transaction was short, she was then billed a $ 15 denial fee. More recently, when she signed a new lease, she was put on Rental Rewards again: this time paying her deposit and rent deposit cost her around $ 65 in fees.

“For a youngster trying to make his way through the world, it frustrates me that, you know, I can’t afford a house, and now I’m spending more and more money on things that I shouldn’t. not having to pay, “she says.

Max, the tenant from Queensland, says the agent told him his only no-charge option was to pay in cash. Fearing he might miss a rent payment or get on the wrong side of the agency, he nodded and signed with RentPay.

“I knew it was fucked up, but look, it’s usually better when dealing with rental companies not to rock the boat too much because they can ruin your fucking life,” he says.

“They can kick you out a lot easier than you can do anything to them.”

In Queensland, if a real estate company wants to use a third-party processing platform, they must offer tenants two other approved payment options. As the Residential Tenancies Authority of Queensland states on its website, third-party processors typically mean that a tenant has to pay a monthly service charge “and may be responsible for a range of other fees and charges (for example, refusal fees) ”.

As the court stated, a property manager “must ensure that the tenant is fully aware of all fees, charges and rules associated with rental cards.”

It wasn’t until Max returned and read his rental agreement that he realized what he had missed. It allowed payment by check or cash, and an appendix to the document included RentPay’s fees, which the real estate agency said is enough to comply with the legislation.

Business owner Julie Thornton is unsympathetic to tenants in Max’s situation. She says the company uses RentPay because of its “convenience” and doesn’t receive any financial incentives.

“The advantage for us and the tenant is that they are given their own unique code, which reduces the risk of human error,” she says.

“I’m sure you’ll think I’m making this up [but] if a tenant deposits money by direct debit, he will put “rent” as a reference. When we have 400 properties and you have 15 tenants who put in “rent”, it takes a long time to figure out where that money is coming from.

“They don’t need to use RentPay… I’m more than happy that they come and pay in cash.

RentPay did not respond to a request for comment.

* not his real name

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Soho China sells to Blackstone, cementing owners exit Thu, 17 Jun 2021 16:46:11 +0000

The Chinese economy is in tears. Factories are buzzing and foreign investment is pouring in. Despite this, the rich and powerful atop some of the country’s biggest companies are heading for exits.

The latest are Pan Shiyi and Zhang Xin, the husband and wife team that runs Soho China, a real estate developer known for its blobby and futuristic office buildings. By closing a deal this week to sell a controlling stake to investment giant Blackstone for up to $ 3 billion, Mr. Pan and Ms. Zhang are renewing the business as top entrepreneurs are the subject of public and official scrutiny in China like never before. before.

Soho China did not respond to a request for comment.

China’s most famous mogul Alibaba co-founder Jack Ma has kept an unusually low profile since late last year when the government began a regulatory crackdown on its businesses and the internet industry at large. Colin Huang, founder of Alibaba rival Pinduoduo, resigned as chairman in March, less than a year after stepping down as chief executive. In May, Zhang Yiming, founder of TikTok’s parent company, ByteDance, announced that he would step down as managing director to focus on long-term strategy.

Under the leadership of the Communist Party’s top leader, Xi Jinping, nationalism resurfaced in China and the government sought to exert more direct influence over the private sector. Even before this week’s sale, Mr. Pan and Ms. Zhang of Soho China had avoided the spotlight more than they did during a freer era of China’s economic recovery.

“For the big tycoons in China, today they have to be generally careful,” said Ling Chen, who studies state-business relations in China at the School of Advanced International Studies at Johns Hopkins University. .

Highly visible entrepreneurs, especially those in risky industries like real estate and finance, know that regulators will take a closer look at their businesses one day, Professor Chen said. “They just don’t know when that day is.”

Mr. Pan and Ms. Zhang’s rise, as they described it in media interviews and online, mirrored that of China.

Mr. Pan, 57, grew up in poverty in the remote northwestern province of Gansu and briefly worked for a state-owned oil company after college. In the early 1990s, he started a real estate company in the southern province of Hainan with some friends and made his first bucket of gold.

Ms. Zhang, 55, was born in Beijing and immigrated to Hong Kong when she was 14. She worked in factories for years before heading to Britain with the equivalent of a few thousand dollars in savings. After earning a Masters in Economics from Cambridge, she worked at Goldman Sachs.

It was presented to Mr. Pan in 1994. He proposed four days later. In 1995, they founded the company which would later be renamed Soho China.

As their towers began to penetrate the horizons of Beijing and Shanghai, Ms. Zhang and Mr. Pan became an “it” couple in business and society. Leading entrepreneurs, government officials and intellectuals attended their evenings.

Mr. Pan was also one of the first Chinese business leaders to recognize the power of the Internet in marketing and public relations. He wrote a popular blog in the 2000s. Then, when the Twitter-like social media platform Weibo arrived, he quickly became one of his most influential voices, garnering over 20 million followers.

In his articles on Weibo, he wrote about his childhood, China’s real estate policies, and Beijing’s air pollution. He has never been too sharp in expressing his opinions. But he wanted China to learn from its mistakes, such as its cruel treatment of the rich and educated classes during the Cultural Revolution.

After Xi took office as China’s supreme ruler in 2013, authorities began to target businessmen and intellectuals with large online subscribers. That year, the police arrested Wang Gongquan, a friend of Mr. Pan and a human rights advocate, accused of disturbing public order.

Mr. Pan and Ms. Zhang started selling their properties in China and spending more time in the United States. Ms. Zhang’s family and the Safra family of Brazil, long involved in international banking, have teamed up to buy a 40 percent stake in the General Motors building in Manhattan.

Chinese media have asked why Soho China is releasing billions of dollars in assets in China. They noted that the couple generously gave to Harvard and Yale but not at Chinese universities.

After the media accused Soho China of “fleeing” Shanghai by selling projects there, Mr. Pan written on Weibo: “Buying and selling is normal. Don’t read too much.

The company’s last big public event was the opening of Leeza Soho, a flexible, spiral-shaped skyscraper in Beijing, in late 2019. Zaha Hadid, the famous architect who designed the tower and a friend of Ms. Zhang, had died a few years earlier.

Last year, Ren Zhiqiang, a retired real estate mogul and friend of Mr. Pan, was detained for an essay which he shared with friends on a private discussion group. The essay criticized Xi’s handling of the coronavirus outbreak and the direction he was taking for the country. Mr. Ren was sentenced to 18 years in prison.

Today, that of Mr. Pan and Ms. Zhang’s Weibo accounts are filled with tasteless and friendly material: holiday greetings, book recommendations, photos of flowers in bloom in front of buildings in Soho China. Their two accounts are set up to show only posts from the last semester.

On Wednesday evening, minutes after Soho China announced the sale on its official Weibo account, Mr. Pan reposted the announcement without comment, in what online commentators called a “silent farewell.”

Albee zhang contributed research.

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Where to get a free passport photo in New York Wed, 16 Jun 2021 17:10:25 +0000

Many recently closed borders around the world are suddenly opening and the kind of people who like to cross them for fun are ready. The number of travelers passing through U.S. security checkpoints each day is now closer in the booming days of 2019 than the little trickle that was being tapped and scanned a year ago.

This means that many people are looking at the expiration dates on their dusty passports for the first time in some time, and perhaps find a nasty surprise: it’s time to renew. Noooo!

All photos are loaded, but the passport photo – an image through which you interact with authorities, borders, and your own citizenship – is particularly electric. He is also generally, and notoriously, unflattering.

Rimowa, the very expensive German luggage brand currently owned by French luxury group LVMH, promises to change all that – for free. A new sign in the Prince Street store window in SoHo will invite you to what it describes as a ‘elevated’ and ‘reinvented’ passport photography experience. No appointment necessary!

Inside, use the photo booth hidden just behind a lone metal pillar. Please New Yorkers and tourists alike don’t use this rare and tiny haven for sex, drugs, or defecation.

If you slide around this metal pillar in the sleek little white capsule of a photo booth, you’ll find yourself in front of a screen that shows where your eyes (and, of course, the friend of your eyes, the skull) should be. . You have an eight countdown to pull yourself together.

The cabin is small and bathed in shadowless white light. It will remove all imperfections and immerse you in a cold German atmosphere: a true Juergen Teller experience.

The “photograph” (technically this can be a representation of a photograph? A machine-assisted selfie?) Will be shown to you on a screen. You can take it as many times as you want until you are satisfied or start to hate yourself.

You can then print it out and email it to yourself.

Why this expensive retail real estate full of equally expensive suitcases make this gift for you? Perhaps because, by availing the offer, you are also potentially opting for the Rimowa email marketing ecosystem. And maybe because, if you feel beautiful and sophisticated enough now, later, when time and fortune have smiled on you and your business and / or marriage prospects, you too will be ready for a trolley. which costs $ 1,710.

If you stop to browse, you’ll notice that Rimowa luggage is identifiable by its distinctive edges, like a Ruffles Sour Cream & Onion flavor chip. Although traditionally shot by people wearing cashmere or dead animals, it is now more likely to be worn by people who look fairly normal except they have polished skin and Lanvin sneakers they- even notable for their chic ugliness and inexplicably expensive cost.

(Of course, if the Rimowa case is the 2018 transparent collaboration Virgil Abloh, Which one is really wonderful, it’s more likely to be worn by people who don’t mind passers-by seeing all of their shoes, at least the ones they chose to pack.)

“You are traveling soon and your passport has expired and you have to go take a picture. I think it’s a very unpleasant experience, ”said Emelie De Vitis, Marketing Director of Rimowa. “It doesn’t matter what country you’re based in. »Hence the photo booth, to make your trip easier.

But first, a few caveats:

You should know that the current government of the United States (it continues!) warns that standard passport processing can take three months; for $ 60, you can speed up the service and get it in just four to six weeks.

Do not be too long. You won’t be alone. In its fiscal year 2020, the State Department “earned and retained” $ 3.7 billion in “new user fee revenue” from passports and visas, granting nearly 12 million passports and cards passport. A great government indeed.

Also this photo is really adapted to American uses. Different countries have different requirements. UK passport photos must also include your upper body; India insists on both ears – and you cannot smile, frown or raise your eyebrows in the photo.

Speaking of your face, you should also be warned not to get too wacky in the Rimowa photo booth. Unlike the 50 shades of Rihanna’s Fenty Soft Matte Longwear Foundation, another product associated with LVMH, your range of facial expressions is limited here.

Rimowa could warn visitors that a face in a US passport photo must transmit “a neutral expression or a natural smile,” according to the US government.

Once you start to wonder if your smile is “natural,” you might be having a hard time.

For example, if you know what the term “masking” means (it’s the artistic term, popular especially with some autistic people, for the act of portraying expected or socially sanctioned behavior), you can leave the booth an bit of a fit.

The State Department explains a little more. “Can I smile on my passport photo?” Asks the State Department on its website. Then he replies, “Yes, but it must be a natural smile and not exaggerated. “

In 2018, the State Department tweeted an allegedly useful photo as an example. However, the photo showed a man with an expression so hard to classify that no one in 20 would describe him in the same way. After a few studies, we could say that he is smiling or smirking in some other way with his eyes while doing something more cranky, or even invoking disdain, with the lower half of his face.

Anyway! After struggling with the artifice of my own identity, I chose not to smile at all. After carefully reading my photo, it seemed to me that my frown lines were mostly gone. I look young, pale, like a flattering computer-generated portrait of an aging hipster. He would look perfectly fine when flashed upon arriving in Leipzig, Germany.

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111th Monthly Common Stock Dividend Increase Declared By Real Estate Income Wed, 16 Jun 2021 00:17:00 +0000

“We remain committed to our company’s mission of paying our shareholders reliable monthly dividends that increase over time,” said Roy Summit, President and CEO of Realty Income. “Our board of directors has once again determined that we are able to increase the amount of the monthly dividend to our shareholders, marking the 111e increase since our company went public in 1994. With the July dividend payment, we will have made 612 consecutive monthly dividend payments throughout our 52 years of operation. ”

About the company
Real Estate Income, The Monthly Dividend Company®, is an S&P 500 company dedicated to providing shareholders with reliable monthly income. The company is structured as a REIT and its monthly dividends are supported by the cash flows of more than 6,600 real estate properties held under long term leases with commercial clients. To date, the company has declared 612 consecutive monthly dividends on common stock throughout its 52 years of operation and has increased the dividend 111 times since Realty Income’s IPO in 1994 (NYSE: O). The company is a member of the S&P 500 Dividend Aristocrats® index. Additional company information can be obtained from the Company’s website at www.revenu

Forward-looking statements
Statements in this press release that are not strictly historical are “forward-looking” statements. Forward-looking statements involve known and unknown risks, which may cause actual future results of the company to differ materially from expected results. These risks include, but are not limited to, general economic conditions, domestic and foreign real estate conditions, the financial health of clients, the availability of capital to finance expected growth, volatility and uncertainty in the credit and financial markets in the country. broad sense, changes in exchange rates, real estate acquisitions and the timing of such acquisitions, the structure, timing and completion of the mergers announced between us and VEREIT, Inc. and all effects of the announcement, expectation or the completion of the announced mergers, including the expected benefits thereof, the cost of ownership deficiencies, the effects of the COVID-19 pandemic and the measures taken to limit its impact, the effects of pandemics or global epidemics contagious diseases or the fear of such epidemics, the ability of the company’s clients to properly manage its properties and fulfill their respective leases. ions owed to the Company, and the outcome of any legal proceedings to which the Company is a party, as described in documents filed by the Company with the Securities and Exchange Commission. Therefore, forward-looking statements should be considered only as reflections of the current operating plans and estimates of the company. Actual operating results may differ materially from what is expressed or expected in this press release. The company does not undertake to publicly disclose the results of any revision of these forward-looking statements that may be made to reflect events or circumstances subsequent to the date on which these statements were made.

SOURCE Real Estate Income Company

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My adult children inherited a house. What taxes are due? Tue, 15 Jun 2021 01:34:05 +0000

Q. My sister is deceased. Her only possession was her house which still has a mortgage and she bequeathed it to my son and daughter, her niece and nephew. What will the inheritance tax be?

– Mom

A. We are sorry to hear of the death of your sister.

The first question to be resolved is whether the will deals with how inheritance tax will be paid. It may say that the estate itself will pay it off before anything goes to the beneficiaries, or it may not fix the problem.

Nieces and nephews are considered Class D beneficiaries, said Nancy Heslin Reading, an estate planning lawyer at Reading law firm in Newton.

The rate of inheritance tax is between 15 and 16%, depending on the amount transferred.

You may face challenges if there is not enough cash in the estate, separate from the house. For example, you said there was a mortgage, but you didn’t say how it would be handled.

If the beneficiaries plan to keep the house, they would have to take out an additional mortgage, Reading said, and they should also find enough money to pay the inheritance tax owed.

“If the deed is passed on to the niece and nephew, the executor should hire a chartered real estate appraiser – not a real estate agency – and pay a death appraisal date on the property, ”she said. “This valuation will determine how much capital gains were wiped out upon your sister’s death and establish a new basis for capital gains for the niece and nephew.”

Some people may ask what happens if nothing is done and someone has just moved into the house.

“The inheritance tax will be payable eight months from the date of death and if not paid, liability for unpaid tax will attach to the executor personally, often in the form of a debt certificate attached to property owned by the executor, such as his home Reading said.

To make sure this is handled properly, consider speaking to an estate planning attorney who can walk you through the process.

Email your questions to

Karin Price Mueller writes on Bamboo column for NJ Advance Media and is the founder of Follow NJMoneyHelp on Twitter @NJMoneyHelp. Find NJMoneyHelp on Facebook. Register for‘s weekly electronic newsletter.

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Garcia Rakes in Donations: 5 takeaways from NYC mayor’s run Mon, 14 Jun 2021 12:23:42 +0000

Early voting for the mayor’s primary began on Saturday, but given the few New Yorkers who have shown up to their polling stations so far, it appears candidates still have time to get their messages across before. 9 p.m. on June 22.

For anyone who’s invested in a healthy stake, early numbers don’t bode well. Only 16,867 voters turned out on Saturday, according to the Electoral Council unofficial count.

Every New Yorker who has not yet voted is still theoretically convincing. And candidates spare no expense in trying to reach them.

In the final weeks of the mayoral race, donations poured into the campaign of Kathryn Garcia, a former sanitation commissioner who has long turned into a viable candidate.

In the three weeks ending June 7, Ms. Garcia raised $ 703,000, more than the previous two months combined. She narrowly edged out Brooklyn Borough President Eric Adams, who raised $ 618,000, and far exceeded the loot of $ 437,000 from former presidential candidate Andrew Yang. Its donors included cookbook author Jessica Seinfeld and real estate developer Hal Fetner, who worked with Ms. Garcia when she was interim president of the New York City Housing Authority.

“This means we’ll have the resources we need in this latest push to the end to make sure we get our message across,” Garcia said, when reached by phone on Sunday.

She said much of the money would go to advertisements on television, a medium now saturated with political messages.

Since January, politicians and their affiliate super PACs have spent more than $ 49 million on TV, radio and digital advertising, according to Ad Impact, an advertising analysis firm.

After the super PAC backing former Federal Housing Secretary Shaun Donovan, which is largely funded by his father, the biggest advertising spending has been on the campaigns of Mr. Adams and Scott M. Stringer, the city comptroller. During the filing period that ended last week, the Adams campaign, which spent $ 5.9 million over three weeks, was the biggest expense on all things including advertising. Next is the Yang Campaign, which spent $ 3.4 million.

Evan Thies, a spokesperson for the Adams campaign, said Mr Adams had already raised as much as he could under the city’s campaign funding limits, and that there was no reason to hold back.

“He doesn’t need to continue fundraising anymore,” Thies said.

Former mayor Rudolph W. Giuliani floundered in the Republican mayor’s primary last week, endorsing Curtis Sliwa in a race that has divided party leaders and voters.

On an automated call, the former mayor called Mr. Sliwa, the founder of Guardian Angels, my “great friend” dating back to the 1990s.

“When I ran for town hall,” Mr. Giuliani said, “Curtis and the guardian angels were there to help me win and then they were there to help me reduce crime and make our city safe. new livable. “

Mr Sliwa is running in a hotly contested primary against Fernando Mateo, an entrepreneur who was recently backed by Michael T. Flynn, former national security adviser to President Donald J. Trump.

The race seems tight. Mr. Sliwa had 33 percent support and Mr. Mateo 27 percent, while 40 percent were undecided, according to a recent report survey conducted by Pix 11 and Emerson College.

Party leaders are also divided. Republican leaders in Manhattan, Queens and the Bronx backed Mr. Mateo. The Staten Island and Brooklyn parties supported Mr. Sliwa.

There are 13 candidates on the Democratic ballot, but Republican voters only have two choices, and Mr. Sliwa jokingly offered a simple guide: he told voters to mark the dot next to the name Sliwa, not “Mr. Off topic.”

In February, Mr. Adams said something that would come back to haunt him four months later.

During an interview with the Citizen’s Budget Commission, Mr Adams was talking about some of his spending proposals, like school all year round, and how he might find government savings to help pay for them, when he looked to the potential distance learning.

“If you do a full school year using the new distance learning technology, you don’t need the kids to be in a school building with a certain number of teachers,” he said, saying echo the comments. he also did in Bloomberg. ” It’s quite the opposite. You could have a great teacher in one of our special secondary schools to teach three to four hundred students who are struggling in math, with the skillful way they are able to teach.

Mr. Adams just seemed to spit. But on Friday, a staunch Yang supporter who goes by @ZachandMattShow on Twitter posted an excerpt from the video and a paraphrase of Mr. Adam’s comments that did not mention elite high schools or particularly skilled teachers.

The tweet went viral, triggering condemnation of the Yang campaign, as as well as representative Alexandria Ocasio-Cortez, who backs Maya Wiley, former councilor to Mayor Bill de Blasio, and suggested that Mr. Adams wanted to fund schools.

Ms. Wiley also intervened.

“All I can say, Eric Adams, what did we not understand before Covid about our digital divide? Ms. Wiley asked, during an election appearance. “We’ve been talking about it for decades.

Asked for comment, Mr. Thies, spokesman for Adams, said the Brooklyn Borough President’s quotes were taken out of context and poorly transcribed on Twitter.

“This is all a huge distraction from the truth that Eric has never supported requiring students to attend classes over 100 people online, and would never demand that as a mayor, ”Thies said. “It would also not require teachers to teach in large classes.”

On the contrary, he added, “He said high school students could have the opportunity to learn in larger online seminars from the best teachers in town if they so choose and, if these. teachers are willing to teach these courses. “

Representatives Hakeem Jeffries, Gregory W. Meeks, and Ritchie Torres all picked people other than Mr. Adams as their first choice for mayor, but he gladly accepted the second-choice ranking last week of New’s three prominent members of Congress. York.

“In a ranked choice election, the two can be as valuable as the one,” Thies said.

Other members of Congress who ranked the mayoral candidates include Adriano Espaillat, who chose Mr. Adams as first choice and Mrs. Wiley as second; Grace Meng, who ranked Mr. Yang first and Ms. Garcia second; and Nydia M. Velázquez; who selected Ms. Wiley as first choice and Ms. Garcia as second.

Last year, a group of elected black filed a complaint unsuccessfully to prevent the implementation of preferential voting in this election, citing what they called a lack of voter education and fear that black voters would be disenfranchised. Both Mr. Adams and Mr. McGuire have expressed support for the lawsuit.

On Twitter, Mr Torres said he wanted to send a “united message” about the importance of ranking more than one candidate, and Mr Jeffries encouraged voters of color to rank more than one candidate.

“If voters of color do not rank multiple candidates, then voters of color are effectively staying at home,” Jeffries wrote.

One congressman who has yet to announce a second choice for mayor is Ms Ocasio-Cortez.

“To be confirmed” – to be announced – said Lauren Hitt, spokeswoman for Ms. Ocasio-Cortez.

At least five mayoral candidates – Ms Garcia, Mr Stringer, Ms Wiley, Mr Donovan and Dianne Morales, a former head of associations – have presented plans to tackle rising sea levels, extreme temperatures and the intensifying storms that the climate crisis is bringing to New York.

It is an existential problem for the city, and an issue of animation for many voters, especially the youngest. However, in three debates, the candidates were not asked a single question that would force them to compare and defend their positions on the climate.

Voters have taken to social media to complain.

On Friday, Stringer – the first to unveil a comprehensive climate plan, which echoes many demands from major climate groups – demanded a dedicated debate.

Mr Stringer is looking to refocus the campaign on one of its strengths after losing several key progressive backers over allegations of sexual misconduct, which he denies. Ms Wiley also said the matter needs more attention.

Both candidates support versions of the Green New Deal concept, which calls for public spending at the New Deal level to tackle the climate crisis, create jobs and correct economic and racial inequalities.

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Houses sold for approximately $ 600,000 Sun, 13 Jun 2021 09:00:06 +0000

Each week, our survey of recent residential sales in New York and the surrounding area focuses on homes selling around a certain price, allowing you to compare single-family homes, condos, and co-ops in different locations.

The “list price” is the price asked when the property entered the market with the most recent broker. Time spent in the market is measured from the most recent listing to the closing date of the sale.

New Jersey | 3 bedrooms, 2 baths

A 1,562 square foot home built in 1920, with a front porch, kitchen with granite countertops and stainless steel appliances, a convertible attic and a detached garage, on 0.15 acres.

This 1,150 square foot pre-war co-op has hardwood floors, combined living and dining, and kitchen with windows in a Tudor-style doorman elevator building with a resident superintendent.

38 weeks on the market

$ 590,000 List of prices

3% below List of prices

Fresh $ 1,248 per month in maintenance

Listing broker Corcoran Group

Westchester | 2 bedrooms, 2½ bathrooms

A 2296 square foot, 25 year old, detached condo with living room with tiled floor and sliding doors leading to patio and kitchen with white appliances on 0.01 acres in a gated complex with pool.

21 weeks on the market

$ 685,000 List of prices

10% below List of prices

Fresh $ 14,214 per year in taxes; $ 415 per month in common charges

Listing broker Douglas elliman

Long Island | 4 bedrooms, 2½ bathrooms

A 17-year-old 2,799-square-foot vinyl-walled home, with a living room featuring a vaulted ceiling and fireplace, a kitchen with an island and sliding doors leading out to a patio and a 0.65-inch pool acres.

22 weeks on the market

$ 479,990 List of prices

17% above List of prices

Fresh $ 14,388 per year in taxes

Listing broker Douglas elliman

Connecticut | 3 bedrooms, 1½ bathrooms

This 4,874 square foot Queen Anne style home, built in 1900, features a column-lined living room, a formal dining room with a window seat, a second-story kitchen, and a converted barn, on 0.98 acres.

34 weeks on the market

$ 725,000 List of prices

12% below List of prices

Fresh $ 11,146 per year in taxes

Listing broker William Pitt Sotheby’s International Realty

This 485 square foot post-war condo features an alcove, windowless bathroom, hardwood floors, and kitchen with white appliances in an elevator building with doorman and gym.

8 weeks on the market

$ 599,900 List of prices

Less than 1% below List of prices

Fresh $ 361 per month in common expenses; $ 377 per month in taxes; $ 79 per month in special contributions

Listing broker Keller williams

For weekly email updates on residential real estate news, sign up here. Follow us on twitter: @nytrealestate.

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David Eagleman: “The brain works like drug traffickers in Albuquerque” | Neuroscience Sat, 12 Jun 2021 15:00:00 +0000

David eagleman, 50, is an American neuroscientist, best-selling author and presenter of the BBC series The brain, as well as co-founder and CEO of Neosensory, which develops sensory substitution devices. His area of ​​expertise is brain plasticity, and this is the subject of his new book, Livewired, which examines how the experience reshapes the brain and shows that it is a much more adaptable organ than previously thought.

For half a century or more, we have been talking about the brain in computer terms. What are the biggest flaws with this particular model?
It is a very attractive comparison. But in fact what we’re looking at are three pounds of material in our skulls which is basically a very alien type of material to us. It doesn’t write down memories, like a computer does. And he is able to discover his own culture and identity and to leap into the unknown. I am here in Silicon Valley. Everything we are talking about is hardware and software. But what’s going on in the brain is what I call livewire, where you have 86 billion neurons, each with 10,000 connections, and they’re constantly reconfiguring themselves every second of your life. Even when you get to the end of this paragraph, you will be a slightly different person than you were at the beginning.

How does the brain function resemble drug traffickers in Albuquerque?
It is that the brain can do remarkable things without any top-down control. If a child has half of their brain removed during surgery, the functions of the brain will reconnect to the rest of the real estate. And so I use this example of the drug traffickers to point out that if suddenly in Albuquerque, where I grew up, there was a terrible earthquake, and half the territory was lost, the drug dealers would reorganize themselves to control the remaining territory. This is because each is competing with their neighbors and they are competing for the territory that exists, as opposed to a top-down council meeting where the territory is distributed. And this is really the way to understand the brain. It is made up of billions of neurons, each competing for its own territory.

You use that colonial image a lot in the book, a sense of the evolutionary processes and struggles that take place in the brain itself.
It’s exactly that. And I think that’s a point of view that’s not common in neuroscience. Usually when we look in a neuroscience textbook we say these are the areas of the brain and everything seems to be going well. It belongs exactly where it is. But the argument I’m making in the book is that the only reason it looks like this is because the springs are all coiled tight. And the competition for every neuron – every brain cell to stay alive against its neighbors – is an endless war. That’s why when something changes in the brain, for example, if a person goes blind, or loses an arm or something, you see these massive rearrangements happening in the brain very quickly. It’s just like the French lost their territory in North America because the British were sending more people.

Brain waves during REM sleep. Photography: deco / Alamy

One of the great mysteries of the brain is the purpose of dreams. And you come up with a sort of defensive theory of how the brain reacts to darkness.
One of the big surprises in neuroscience has been understanding how quickly these takeovers can occur. If you blindfold someone for an hour, you may start to see changes where touch and hearing will start to invade the visual parts of the brain. So what I realized is that because the planet is spinning in darkness, the visual system alone is at a disadvantage, that is, you can still smell and hear and touch and taste in the dark. darkness, but you can no longer see. I realized this puts the visual system at risk of being taken care of every night. And dreams are how the brain defends this territory. Every 90 minutes or so, much of the random activity is projected into the visual system. And because it’s our visual system, we live it like a dream, we live it visually. Evolutionarily, it is our way of defending ourselves against the takeover of the visual system when the planet goes into darkness.

Another mystery is consciousness. Do you think we are close to understanding what consciousness is and how it is created?
There’s a lot of debate about how to define consciousness, but we’re basically talking about the thing that comes alive when you wake up in the morning. But as for understanding why this is happening, I don’t know if we’re much closer than we’ve ever been. It’s different from other science puzzles in that what we’re asking is how to take pieces and physical parts and translate them into a subjective and private experience, like the blush of red, or the pain of the pain or the smell of cinnamon? And so not only do we not have a theory, but we don’t really know what such a theory would look like that would explain our experience in physical or mathematical terms.

You predict that in the future we will be able to glean the details of a person’s life from their brain. What would that mean in terms of privacy and freedom?
Oh, yeah, it’s gonna be a brave new world. Maybe in 100 years, maybe 500, but it will definitely happen. Because what we are looking at is a physical system that is changed and adjusted based on your experiences. What’s going on with the brain is the most complex system we’ve ever encountered in our universe, but basically it’s physical parts and parts and, as our computational abilities get so amazing now, it’s just a countdown until we get there. Can we keep our inner thoughts private? We almost certainly will. You can’t stick someone in a scanner and try to ask them specific questions. But again, this will happen after our lifetime, so it’s something that the next generations will have to struggle with.

Do you think that in the future we will be able to communicate just by thinking?
Communication is a multi-step process. And so in answering your questions, I have many, many thoughts. And I am coming down to something I can say that will clearly communicate what I intend. But if you were to just read my mind and say, “OK, give me the answer,” that would be a jumble of half sentences and words and a random thought, like: Oh, my coffee is overflowing. It’s like you wouldn’t want to read someone’s book that hasn’t been tweaked by him over many iterations, but instead been thrown out of his brain.

elon musk with the surgical robot of his neuralink presentation of August 2020
Elon Musk with the surgical robot from his Neuralink August 2020 presentation. Photograph: Neuralink / AFP / Getty Images

What are your views on Elon musk‘s Neuralink company, which develops implantable brain-machine interfaces?
This is nothing new as neuroscientists have been putting electrodes in people’s brains for at least 60 years now. The advancement lies in its technology, which makes the electrodes denser and also wireless, although even this part is not new. I think it will be very useful in some medical conditions, for example epilepsy and depression, to be able to put electrodes in it directly and to monitor and put the activity there. But Neuralink’s mythology is that it’s something we can all use to interface with our cell phones faster. I would definitely like to text 50% faster, but will I have open head surgery? No, because there is an expression in neurosurgery: when the air hits your brain, it’s never the same again.

You haven’t started your studies in neuroscience. What got you there?
I majored in British and American literature. And it was my first love. But I got addicted to neuroscience because I took a number of philosophy courses. I discovered that we were constantly stuck in a philosophical conundrum. We would get stuck in a quagmire without being able to get out. And I thought, Wow, if we could understand the perceptual machinery by which we see the world, maybe we would have a chance to answer some of these questions and actually move forward. When I finally discovered neuroscience, I read all the books in the college library about the brain – there weren’t that many back then – and I just never looked back. .

How can we maximize the power of our brain and what are you doing to turn yourself off?
There is this myth that we only use 10% of our brain which, of course, is not true. We use 100% of our brain all the time. But the way information can be digested and transmitted to the brain can be very different. I think the next generation will be a lot smarter than us. I have two young kids, and whenever they want to know something, they ask Alexa or Google Home, and they get the right answer in the context of their curiosity. This is a big deal because the brain is more flexible when it is curious about something and gets the answer. Regarding extinction, I never take downtime and I don’t feel like it. I have a very clear sense of the time pressure to do the next things. I hope I don’t die young, but I’m certainly acting like it’s a possibility. You always have to be ready to say goodbye, so I’m just trying to do everything before this time.

Livewired by David Eagleman is published by Canongate (£ 9.99). To support the Guardian order your copy on Delivery charges may apply

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