Walmart Buys Brooklyn Startup for $10 Million

Oct 08, 17 Walmart Buys Brooklyn Startup for $10 Million

Posted by in All, Business

Just because Walmart does not have a store of its own anywhere in New York City does not mean New Yorkers can’t get the Walmart goods to their doors, pronto. Over the course of the past year Walmart has made five e-commerce purchases to insure its online customers that they can have same-day delivery of Walmart products. The latest purchase is of Brooklyn startup Parcel for almost $10 million. Parcel was launched in 2013 by Jesse Kaplan. Since that time, it has created an extensive database including every building it has ever delivered to. The stored information includes photos and details about service and other entrances. The company operates 24/7, and sends its customers real-time tracking updates of their orders through test messaging. Walmart, which seems to be taking aim at Amazon’s similar type of service, also purchased Jet, Bonobos, ModCloth and Moosejaw during the past...

read more

Chuck Cumello Offers Calming Advice in Volatile Times

Sep 07, 17 Chuck Cumello Offers Calming Advice in Volatile Times

Posted by in All, Business

Uncertainty is the enemy of financial markets and the investors that rely on them. But it is not just uncertainty that gives investors the jitters. According to Chuck Cumello of Essex Financial Services, this year politics seems to be influencing investors more than he has personally seen in 30 years of portfolio management. Instead of a calm sense of security emanating from Washington DC, the political vitriol and divisive language coming from the country’s capital has clients’ emotional life veering from “fear” and “greed” and back again. The almost constant tension and political volatility is adding a task or two to the job description of financial advisors, Cumello states. When clients want to act on their visceral reactions to the distressing play-by-plays and unceasing drama of White House intrigues, financial managers are forced to rush in and remind them that despite their gut reaction to the latest headlines, the world is neither about to end nor on the verge of the greatest economic opportunity in history. They must play the part of counselor, or even therapist, to calm them down. As Cumello put it: “Trying to help clients stick to the agreed-upon long-term plan to help them achieve their financial and life goals can be challenging under “normal” circumstances. One would be hard pressed to use the word ‘normal’ in our current political climate.” Cumello, who is the CEO and president of Essex Financial, says that these trying times can be an opportunity for advisors to solidify their relationships with their clients. As Cumello put it in his thoughtful and thought-provoking article: “The best advisors always use times of stress or instability to cement their relationships with their clients. They never shy away from difficult or challenging conversations; they embrace them and use these events as opportunities. An opportunity to reinforce and clearly prove the critical role they play in their clients’ lives. An opportunity to review their client’s financial plan and to fully engage their clients on their agreed-upon commitments to achieve the...

read more

Jehovah’s Witnesses Sell Property as they Divest from Brooklyn

Sep 04, 17 Jehovah’s Witnesses Sell Property as they Divest from Brooklyn

Posted by in All, Real Estate

Jehovah’s Witnesses are sold off close to their last bits of Brooklyn real estate in the wake of their relocation to Upstate New York. The most recent sale was of their Brooklyn Heights, 12-story, 97-unit apartment building for $58 million. The sale of 97 Columbia Heights was to a Los Angeles-based investment firm, Hawkins Way Capital, which also purchased another Witness building for $18 million, located at 119 Columbia Heights, just up the street. 97 Columbia Heights, close to 89,000 square-feet, was purchased by the Witnesses when it was still under construction in 1986. The Witnesses also put up for sale what is their last empty lot in Brooklyn, located at 1 York Street, just north of the Brooklyn Bridge in Brooklyn Heights. The lot’s price is not listed, but it is estimated to be worth about $54 million, with about 189,000 to 250,000 square-feet of buildable space on 52,000 square-feet. That comes to about $300 per build-able...

read more

Castle Harlan Victorious in Recent Case

Mar 06, 17 Castle Harlan Victorious in Recent Case

Posted by in Business

  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...

read more

Made in New York Coming to Fashion and Film Industries

Feb 15, 17 Made in New York Coming to Fashion and Film Industries

Posted by in All, Business

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...

read more

Clive Holmes’ Silverfern Acquires Waste Services Group

Feb 01, 17 Clive Holmes’ Silverfern Acquires Waste Services Group

Posted by in All, Business

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...

read more