Castle Harlan Inc. was victorious recently in a win against Russian-owned companies Norcast S.ár.l and Pala Investments Ltd. The two companies claimed that Castle Harlan had done something wrong by purchasing Norcast Wear Solutions from them in 2011 for $190 million in a private sale and then selling it for more money a few hours later. The New York Supreme Court, Appellate Division ruled that the seven-count complaint had failed to show any actionable wrongdoing. They further explained that, since there was not a no-flip clause in the share purchase agreement, there were no grounds for accusing Castle Harlan of any...
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Sunset Park is slated to become the home of a new “Made in NY” campus as $136 million is dedicated to a facelift of an old Brooklyn warehouse. New York City Mayor Bill de Blasio announced his ambitious plan to construct a city-run complex that will rent out space to television and movie makers and companies in the fashion industry. The project is predicting the addition of 1,500 new, permanent jobs by the year 2020 with salaries in the $55,000 vicinity. In order to construct the site about 800 temporary jobs have been created. The building of the campus is part of de Blasio’s overall goal of creating 100,000 new jobs in the city by the year 2026. The warehouse, known as Bush Terminal, is composed of two existing buildings which will be revamped to provide 200,000 square feet of garment manufacturing space, a brand new 100,000 square foot film and TV production studio, pedestrian-friendly streets, and a new plaza area. Representatives for the mayor’s office said that the project will be meeting the needs of both the fashion and film industry, which have already declared their need for affordable space in which to grow and add...
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The Silverfern Group where Clive Holmes is a co-managing partner, and The Riverside Company joined forces and purchased Waste Services Group earlier this year. Serving the commercial and industrial sectors in Australia, Waste Services Group offers a large variety of waste collection options for this market. The company uses front-lift garbage trucks to collect waste. They also offer national broker and account management services for both commercial as well as industrial customers. Waste Services Group provides solutions for complex waste collection requirements as well as customers with multi-site collection points. Clive Holmes is a co-managing partner of The Silverfern Group. Holmes explained how his company’s investment in Waste Services Group demonstrates how Silverfern can effectively become a local investor with a global reach. “Our investment in Waste Services Group further demonstrates that by partnering with lead investors and management with deep industry insight and local knowledge, Silverfern can effectively become a local investor, globally. We look forward to contributing to continuing and accelerating Waste Services Group’s growth in the fragmented Australian waste management industry,” Clive Holmes...
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As several companies either shutter, file for bankruptcy or downsize, Chicago is bracing for the loss of about 600 jobs. But within this situation, Stabilis Capital is trying to keep the jobs at the hotel where it has recently claimed ownership. The New York-based investor, Stabilis Capital Management, will be taking over ownership of the Inn of Chicago. The hotel foreclosed and was purchased by Stabilis. In January, 2015 Stabilis took over ownership of Broad Street Commons, a 397-bed dormitory that serves the State University of New York, Plattsburgh campus. Trunk Club, a company based in Chicago, is closing its Goose Island, Chicago, distribution center resulting in the loss of about 250 jobs. Trunk Club is owned by Nordstrom that ships hand-picked clothing and accessories to their customers. David Barton Gym, an upscale health club in River North which counts celebrities among its members closed right before Christmas, leaving 57 people unemployed. The gym is owned and run by Club Ventures, which is liquidating and has already filed for Chapter 7 bankruptcy. According to Elliot Mallen, a representative of the union that represents hotel workers, said he doubts there will be any actual layoffs at the hotel Stabilis is taking over. The workers should be able to retain their jobs as the Inn of Chicago’s ownership is transferred to Stabilis. And this is certainly good news for those in the area hoping to keep their jobs, as Stabilis Capital of New York is coming through for...
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Thirty years ago Brooklyn Brewery was just getting started, and the neighborhood it was located in, Williamsburg, was an industrial area perfect for the start-up. Over the years the Brewery grew to such an extent that about 3,000-4,000 visitors from all over the world come on pilgrimage to visit the facility and Brooklyn Brewery’s beer is sold in 30 countries. But the neighborhood has changed, too, making the owners question whether they should move to a more suitable location. Williamsburg has been gentrifying. Zoning changes have allowed apartment buildings, hotels, and a bowling alley that does double duty as a concert hall, to spring up all around. Feeling the squeeze of higher rent, the owners of the brewery decided to move to Brooklyn’s upcoming Navy Yard. The Navy Yard offered Brooklyn Brewery a smaller space in a building which is being fitted out as a center for food manufacturing. The owners thought about taking their 115 full-time employees to the new location, and even opening a restaurant on the roof of the building. But when the brewery’s landlords asked if they would like to extend their lease, which is expiring in 2015, the company decided to re-think the move. Steve Hindy, one of the founders of the company, and the top executives said they preferred to stay put, because in Williamsburg “people know we’re here.” City officials agree with Hindy. They said that they were ready to help the Brooklyn Brewery makes a new home in the Navy Yard, they would prefer if it remain in the old neighborhood as an industrial anchor. “I want to see manufacturers thriving not only in our assets like the Navy Yard, but across the city,” said Alicia Glen, deputy mayor for housing and economic development. “From where I sit, keeping the brewery at its home in Williamsburg would be a coup, and it means the Navy Yard can use its scarce space to grow the next multimillion-dollar Brooklyn...
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The passive house standard was established less than a decade ago in Germany by the Passivhaus Institut. Given the advantages to the environment and energy bills it provides, it soon spread to other parts of the world including the New York area. As such, it gave various professionals in the industry (including Rocco Basile of Avo Construction, and Stephen Lynch of Caliper Studio among others) a greener way to build, while maintaining top quality standards. Having such a positive impact on so many aspects involved in building construction, the “sweeping green-building initiative” is also being greatly lauded by Mayor Bill de Blasio. He is seeking to reduce greenhouse gas emissions by 80 percent by the year 2050 and using this type of construction is a huge step in the right direction. Avo Construction –launched in 2011 by Rocco Basile – built Brooklyn’s 210 Pacific Street using this method. In Cobble Hill, this unit was designed and developed by NAVA Companies (offering both half-floor and full-floor units containing three and four bedrooms). It features induction cooktops, solar thermal hot water systems, and various other green elements. The way the passive house works is through the use of a system exchanging interior and exterior air (such as an energy recovery ventilator) along with an airtight building envelope. With the units in New York, there is the need for both heating and cooling systems but these are much smaller than standard ones, generating far less greenhouse gas emissions and keeping energy bills down. According to the Passivhaus Institut, units using this method require around a quarter of the energy using in a home that is powered with regular energy. Other benefits with the model are much quieter interiors due to very thick, insulated walls as well as cleaner and fresher air because of the filters used in energy recovery ventilators. Furthermore, these filters can actually help eradicate asthmatic systems and other related-allergies. Basile and Avo Construction have always sought to employ the most qualified experts to build...
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