GuruOn 26 Jun 2001 in Personnel Today Related posts:No related photos. This week’s guruThey’re playing with your foodGuru was fascinated to hear that managers at Safeway stores in Edinburghwill be given acting lessons in an effort to improve the way they communicatewith customers. Front-of-shop staff including pizza-makers, butchers, bakers and fishmongersat the city’s 11 stores will attend masterclasses in “performing withpresence”. If this catches on, Guru is looking forward to a completely new shoppingexperience. Imagine standing at the fish counter, being confronted with a bright youngman with stars in his eyes, instead of a spotty, incoherent youth. Each salecould be a mini performance – “Tiger prawns or whelks? That is thequestion”. And as the assistant carefully washes his hands between sales,you might hear him utter, “Out damn spot” before he high-kicks backto the counter, dazzling smile in place. Minto’s minority debut at the EEF HR director at Smiths Group Anne Minto had to face some tough challengeswhen she moved to the then-male bastion of the Employers Engineering Federationin 1993 as deputy director general – its first female director. It was a huge culture shock for her as well as the EEF, she told delegatesat the conference on Women as Leaders in the 21st Century at a HenleyManagement College last week. Minto recalled the stunned faces when she attended her first meeting. Shehad broken her toe so was on crutches, was a woman and Scottish. She felt shequalified as a minority group on all three counts – disabled, a woman and froman ethnic minority. Guru had much the same reaction when he “accidentally” walked intothe ladies toilet on Brighton seafront in October 1997 – but that’s anotherstory. Feeling just like a teenager again Guru applauded a recent initiative designed to encourage creative thinkingamong WHSmith staff. About 30 employees took part in a day in Bristol with the firm’s externaland PR agencies, during which they carried out tasks including travellingaround by a variety of means, finding facts and meeting actors posing ascharacters. But Guru did have some reservations about one aspect of the day. The grouphad to compose and perform a ballet aboard those annoying, pointless littlescooters used by troubled adolescents. Guru is sure everybody who took part in the day returned to work in a muchmore creative mood, but he is not quite so sure that their self-esteem receiveda similar boost. Unaccustomed as I am…Southampton Borough Council is investing in special training in publicspeaking for its councillors and officers. The council is holding a one-day pilot session, costing £100 per head, andhopes to turn poor communicators into confident speakers. Generally Guru is all in favour of improving communication skills, but hedoes have slight reservations in the case of local government. Guru has sat through many council meetings and never has he met a councillorwho doesn’t enjoy the sound of his or her own voice. The idea of training themso they are even more verbose is a little worrying. Comments are closed. Previous Article Next Article
I write in response to the article “Snap Judgment” in the Julyissue. Reference is made to the reporting of violence under Riddor (Reporting ofInjuries, Diseases and Dangerous Occurrences Regulations 1995). There arelimitations, however. Where an incident has resulted in major injury, as per Riddorclassification, or more than three days absence, a report is made to the Healthand Safety Executive. But no report is needed in the case of a serious incident causingpost-traumatic stress. For example, in the instance of ram raids, armedrobbery, threats with knives or baseball bat, needlestick injury by anassailant claiming to be HIV or Hepatitis B positive, being sprayed with CS gasor being tied up and held hostage – no report is required, unless there ismajor physical injury. An incident involving an employee who had a gun put to his head and wasthreatened with his life would not be reported unless it met Riddor criteria.This is despite the fact he may have many weeks off work and persisting problemsdue to post-traumatic stress-related illness. In view of the HSE campaign to address workplace stress-related illness,perhaps it could review the Riddor reporting criteria to account for the impactof traumatic events. Until this happens the HSE and employers will not get a full picture of theextent and consequences of violence in the workplace. Name and address withheld Comments are closed. Previous Article Next Article Riddor reports should cover mental injuryOn 1 Sep 2001 in Personnel Today Related posts:No related photos.
Related posts:No related photos. Comments are closed. The Government has announced an “open door” policy to make iteasier for companies to recruit staff from overseas, including lower skilledworkers. Home secretary David Blunkett told last week’s Labour Party conference thathe would launch talks with employers and unions over how a system of managedimmigration might help sectors facing severe skills shortages. “We will start discussions on ways in which we can allow skilledmigrants into the country deal with the pressures in sectors of the economywhere there are labour shortages and allow temporary workers into the countryfor seasonal employment,” said Blunkett. He said he would reform the work permit system to make it easier forimmigrants to fill labour shortages as well as to combat illegal immigrationand clandestine working. Discussions with employers would also focus on the issue of allowingtemporary workers into the UK for seasonal employment by building on theseasonal worker scheme used in agriculture. A new work permit system allowing highly-skilled people find jobs in Britainis being introduced next January. Blunkett also said he was exploring ways to enable overseas students who graduatein the UK to apply for a work permit without having to leave the country first.He is due to speak to the House of Commons at the end of this month aboutreforms to immigration and asylum. By Noel O’Reilly Work permit reform to tackle UK skills crisisOn 9 Oct 2001 in Personnel Today Previous Article Next Article
Holiday back pay paves way for further claimsOn 19 Mar 2002 in Personnel Today Related posts:No related photos. A ruling by an employment appeal tribunal means that thousands of employeeson long-term sick leave may be able to claim their full 20 days paid annualholiday. In a test case that could lead to a spate of similar claims, a factoryworker suffering a bad back has won thousands of pounds in holiday pay for theyears he had been absent. The tribunal rejected the appeal by the employer and ruled he was entitledto the money under Working Time Regulations. The Engineering Employers’ Federation, which contested the case, isconcerned that the widespread practice of keeping long-term sickness staff onthe company payroll has now become a potentially significant expense foremployers. Peter Martin, the EEF’s director of employment policy, called on theGovernment to address what he believes is a legal anomaly. “The Government has to reverse this mistake in the drafting of theWorking Time Regulations as soon as possible, as this ruling has nothing to dowith the original aim of improving health and safety,” he said. Nick Chronias, an employment solicitor at Beachcroft Wansbroughs, said theimplications are widespread and contracts barring staff from accruing pay aftera certain period of sickness will probably be invalid. “Staff who have been absent for a significant time will be able to askfor holiday and be paidfor it. “The same may well apply to those on additional maternity leave,”he added. Comments are closed. Previous Article Next Article
Drug testing should be the last resortOn 29 Jun 2004 in Personnel Today Previous Article Next Article Comments are closed. It’s a little patronising for the inquiry into drug testing at work topredict doom and gloom because they fear employers are getting over zealouswith random monitoring.No employer will entertain such intrusions into their workforce unless theygenuinely believe they have a problem in a safety critical environment. Therisks to morale, trust and motivation, as well as the costs, are wellunderstood. Employers recognise that forcing staff to give urine samples sitsuncomfortably with the shift away from command and control cultures, and can beperceived by talented young recruits as too authoritarian. Drug testing willalways be a last resort. Retailers and city firms have been forced into proactive policies becausedrugs and alcohol are blight on business, particularly in terms of absenteeismand poor performance. For many others, the solution is about educating theworkforce about the dangers of misuse and introducing systems to identifyproblems and tackle them early. There are some excellent examples of HR working with occupational healthteams on preventative practice. An explosion of drug testing, as forecast byDrugscope and Joseph Rowntree Foundation, sounds a bit alarmist to me. 10 steps to instant fame Ever fancied yourself as an HR guru? Personnel Today prides itself onhelping readers get on and get ahead in their careers, so this week we have atongue-in-cheek attempt at providing essential advice that will really get younoticed. Every profession needs its cheerleaders and HR could do with a few more,preferably people who are practitioners and strategists as opposed to the sameold management thinkers. Like it or not, inventing business catchphrases or clever themes for booksare essential prerequisites to making a name for yourself. So take look atpages 21-24 to see if you have the vision and ideas to make it big. Related posts:No related photos.
I call on the government to recognise the valuable contribution carers make to the UK economy and commit to introducing tax breaks for carers in its next comprehensive spending review. Sign the petition here Signatories to date:Veronica Linehan, HR Advisor – I work in HRJohn Slowley, Manager – I am involved in care in the communityAlison Norman, HR Director – I work in HRImogen Kite, Personnel Officer – I work in HRSusan Green, – Sarah Lowe, HR Officer – Other: My parents are carers to elderly relativesJustine Rose, HR Assistant – Other: BothNicky Hillier, Personnel Manager – I work in HRDianne Johnson, – I work in HRClaiire Hales, HR Operations Coordinator – I work in HRJoy Maddox, Payroll Account Manager – I work in HRDermott Stephens, Human resources and policy officer – I work in HRElspeth Wedgwood, – I work in HRKAREN ALLAN, ACCOUNT MANAGER – I am a carerKaren Hutchinson, Unemployed due to career break to care for terminally ill mother – Other: As aboveArthur Sowerby, Retired – I am a carerSandy Driscoll, Employment Services Manager – I work in HRLucy Bennett, worklife balance co-ordinator – I work in HRJenny Goss, Partner – Other: I am an employer and a human being!Penelope Douglass, HR and Training Director – I work in HRCharlotte Gallagher, – I work in HRBridget O’Byrne, Workforce Manager – I am a carerJennie Wilson, Personnel Supervisor – I work in HRRuth Stewart, HR Manager – Other: I work in HR and have a severely disabled sisterEmma Bass, HR Officer – I work in HRWendy Hewitt, HR Consultant – I work in HRJanine Rankin, HR Consultant – I work in HRFliss Kendall, HR Manager – I work in HRElizabeth Ritchie, Personnel Advisor – I work in HRRobert Castelow-Sturges, Training Consultant – I work in HRJulieann Trembling, Childcare and Care Co-ordiantor supporting employees – I work in HRMargaret Roberts, Workforce Development Manager – I am a carerJenny Peeler, – I am a carerEve Fraser, System Controller – I work in HRJosephine Finnegan, HR Coordinator – I work in HRAlex Mitchell, HR Adviser – I work in HRAlberta Piddock, Personnel Officer – I work in HRAndrea Beale, Compensation & Benefits Analyst – I work in HRMartin Rawson, Councillor – Other: CllrSarah Porteous, HR Manager – I work in HRIan Soulsby, HR Manager – I work in HRSara Smith, HR Manager – I work in HRTamer El-Tonsy, Senior Consultant – Other: Information TechnologySinead Murphy, Human Resources Adviser – I work in HRBelinda Kingshott, Senior Sales and Service Coach – Other: MotherHelen Fletcher, Human Resources Advisor – I am a carerIan Cuthbert, Employee Strategy & Projects Manager – I work in HRLiz Matthews, Diversity Adviser – I work in HRDebby Wilson, HR Consultant – I am a carerShilpa Arya, Senior HR Adviser – I work in HRLynne Craggs, Personnel Manager – I work in HRFiona Ouertani, Director of Human Resources – I am involved in care in the communityLouise King, HR Manager – I work in HRJoan Evans, Group Head of Human Resources – Other: Have been a carerAnne DAY, Occupational Health Adviser – Other: Occupational HealthSarah Rothrie, Human Resources Officer – I work in HRRebecca Park, – Christine Hobson, Childcare & Care Co-ordinator – I work in HRJulie Jones, H.R. Manager – Other: I am a carer AND work in HRBrenda Brunsdon, Senior OH Adviser – Other: Husband is a carerJenny R Russell, HR Manager – I work in HRChristine Redmond, Quality Analyst – I am a carerKaren Carter, Staff Development Advisor – I work in HRTara Anstee, HR Manager – I work in HRHelen Astill, Managing Director – I work in HRChristine Field, Learning & Development Manager – I work in HRAveril Robertson, Knowledge Services Librarian – I am involved in care in the communityJan Burrow, – Other: JusticeLizzy Gregory, – I work in HRBarbara Stannard, Personnel Manager – I work in HRHelen McCutcheon-Kay, Personnel manager – I am a carerLinda Hollingworth, Senior Workforce Commissioning Consultant – I work in HRJulia Marsan, HR DIrector – I am a carerPashori Lal, MD – I work in HRJudith Hutton, H R Manager – I work in HRBen Lawrence, Account Manager – Other: AdvertisingAdela Rogers, Head of Corporate Services – I work in HRWendy Cockburn, Personnel Officer – I work in HRSteve Robson, Training and Development Manager – I work in HRLakshmi Raghavachari, HR Officer – I work in HRKathleen O’Callaghan, HR Information Manager – I work in HRPatricia Barrett, HR & Training Manager – I am a carerChristine Robertson, Human Resources Manager – I work in HRDenise Basnett, Carer – I am a carerRae Ibbotson, HRC – I work in HRJudi Kennedy-Clarke, HR Develoipment Manager – Other: Both carer and in HRCindy Green, HR Manager – I work in HRJulie Liggett, HR Director – I work in HRsue millett, head of policy and equality – I am a carermelanie walker, HR Manager – I work in HRSue Banckss, Personal Assistant to Christian Minister – I am a carerSonia Singh, Health Care Assistant – I am involved in care in the communityLouise Blade, HR Manager – I work in HRJanet Moore, Group HR Manager – I work in HRColin Manson, HR Planning – I work in HRRobert Mawer, Resourcing & Development Manager – Other: My wife is a carer and I work in HRJulie Everson, Administrative Lead – I am a carerBarbara Stewart, Childcare & Carer Co-ordinator – I work in HRRia Wilcox, HR Assistant – I work in HRAnna Heeley, Community Matron – I am involved in care in the communityTracey Hoyte, Administrator – I am involved in care in the communityAnna Allan, Director – Other: I have been a long-term campaigner for family friendly supportKerry Taylor, – Debbie Edmondson, Senior Client Services Manager – I am a carerLinda Pettitt, Senior HR Administrator – I work in HRTheresa Latham, HR Advsier – I work in HRKathy Walling, Resourcing Manager – I work in HRPat Myrie, Customer Services Officer – I am a carerAnjum Saad, HR Manager – I work in HRKaren Whetstone, UK Benefits Specialist – I work in HRLisa Layden, HR Director – I work in HRGrace McCloud, HR and Training Manager – I work in HRAnette Barker, HR Manager – I work in HRDorothy Francis, HR Manager – I work in HRLiz Peek, Resource Consultant – I work in HRWendy Bailey, HR Manager – I work in HRKatrina lambrianou, HR Consultant – I work in HRPhillippa Doble, HR Advisor – I work in HRLorraine Eastwood, Personnel Manager – I work in HRFay Bliss, Senior Marketing Executive – Other: tax breaks for carersMelanie Astbury, HR Manager – I work in HRLeanne McLean, Compensation & Benefits Specialist – I work in HRLorraine Whitworth, Work Life Balance Adviser – I work in HRTim Normanton, Recruitment Strategy Manager – I work in HRSue Bill, European Head of Human Resources – I work in HRKaren Byrne-Smith, HR Advisor – I work in HRangela o’connor, HR Director – I work in HR alistair phillips, System Analyst – I am a carerRomy Ajodah, HR Information Co-ordinator – I work in HRSandra Lynch, HR Manager – I work in HRViv Rowland, HR Director – I work in HRSue Frizzell, HR & General Manager – I work in HRChristopher Davis, Training provider (Instructor) – Other: engineering instructorMrs Rosemary Holland, – I am a carerJudith Grange, Recruitment Consultant – I work in HRPamela Pattison, HR Administrator – I work in HRCharles Elford, HR & Premises Manager – Other: I work in HR & I’m a former carerMargaret Stead, CEO – I work in HRRebecca Wormald, HR Consultant – I work in HRCarine Dales , HR Co-ordinator – I work in HRVicky Roach, HR Assistant – I work in HRJulia Cook, HR Consultant – I am a carerKathy Peters, Central Secretarial Services Supervisor – I work in HRLaura Grieves, Project Officer (Strategic HR) – I work in HRJo Brown, HR Assistant Resourcing Partner – I work in HRPat Akerman, HR & Info Manager – Other: Provide advice and assistance to older people and their carersPatricia Brown, HR Administrator – I work in HRNusreen Majid, Assistant Personnel Officer – I am a carerB O’Byrne, – I am a carerNina Calder, – I work in HRLorraine Owens, Tax Accountant – Other: **Julie Geairns, Personal Assistant – I work in HRVicky Ellis, Personnel Officer – I work in HRJamie Fox, HR Assistant – I am a carerLynn Brown, – I work in HRGillian Richardson, civil servant – Other: I am disabledLynda Godbold, HR Officer – I work in HRLana Doyle, – Other: My mother is a carerAnna Landers, Assistant HR Officer – I work in HRAnna Machens, HR Officer – Projects – I work in HRKelly Moss, Equality & Diversity Officer – Other: involved in equality issuesDee Wragg, HR Manager – I work in HRJeanette Morris, – I am a carerGillian Morris, HR Manager – I work in HRWanda Olesinski, Senior HR Advisor – I work in HRNicky Gardiner, HR & Coms admin – I work in HRAnisha Naveen, Customer Manager – Other: I know others who act as carersGill McMillan, HR Systems Analyst – I work in HRJohn Lynch, Personnel Manager – I work in HRJill Kershaw, Regional Volunteer Support Manager – Other: Ageing parentsSarah Capstick, Information and Communications Administrator – Other: Crossroads provides respite services to carersSheena McLullich, HR Director – I work in HRJean Humphreys, Training and Development Manager – I am a carerJohn Dixon, Executive Member for Health, Social Care and Wellbeing – Other: Area of responsibilityClare Drury, Business Officer – Other: Business ManagmentGeoff Foster, Chief Executive – I am a carerJenny Ware, HR Manager – I work in HRWanda Spooner, Director of HR and Training – I am a carerJill Tombs, Director of HR & Governance – I work in HRKath Hollister, Director of HR – I work in HRmorag macgibbon, PA – Other: was a carerLaura Forrest, Team Assistant – I work in HRVanessa Twigg, HR & Development Manager – I work in HRBina Garara, HR Team Assistant – I work in HRRob Alcock, Divisional Manager – I work in HRJulie Light, – I work in HRDee McCollin, HR & Development Adviser – I work in HRNikki Simpson, Office Manager – I work in HRCaroline O’Keeffe, – I work in HRJoan Phillips, Personnel Officer – I work in HRLucette Tucker, Consultant – I am involved in care in the communityJeremy Nordberg, Acting Director,BBC People – I work in HRJenny Rixon, HR Administrator – I work in HRLouisa Harris, HR Manager – Shared Services – I work in HRCaroline Walker, HR & Development Adviser – I work in HRValerie Benjamin, HR and Development Manager – I work in HRGeraldine Flowerdew, District Nurse Care Manager – I work in HRJUDITH BARCLAY, Lead HR Case Manager – I work in HRPam Sikora, Head of HR – I work in HRShirley Borscho, HR Partner – I work in HRValerie Bibbey, Executive Assistant – I work in HRAmanda Heaton, HR Officer – I work in HRtracy fairclough, HR Assistant – I work in HRsue Wiles, Head of HR – I am a carerhelen dighton, Personnel manager – I work in HRsusan Lewis, Corporate Benefits Manager – I work in HRTracy Boylin, Director of Corporate Services – I work in HRHelen Humphries, HR Consultant – I work in HRDavid Woodman, Salvation Army Officer – I am involved in care in the communityROBERT NICHOLL, DIRECTOR HR EUROPE AND INDIA – I work in HRGareth Pugh, – Karen Walsh, learning and develoment officer – I am involved in care in the communitySarah Tighe-Ford, Equalities Manager – Other: EqualitiesRuth Breen, HR Manager – I work in HRNyree Treece, Assistant Human Resources Officer – I work in HRHeather Colver, Facilities Manager & PA to MD – Other: I have been a carer whilst employedNicola Keane, – I work in HRKeith Brocklesby, HR Officer – I work in HRAlexis Walmsley, Research Consultant – I am a carerHerma Prinsen, Group HR Manager – I work in HRsaskia soni, Senior HR Adviser – I am a carerSue Kelly, Domiciliary Care Services Manager – I am involved in care in the communityJoanna – marie Mason, IP assistant – I am involved in care in the communityRowan Laycock, Human Resources Director – I work in HRFrancesca Chapaneri, Domiciliary Care Organiser – I am involved in care in the communityKATIE JAMES, Senior Long Term Support – I am involved in care in the communityRachel hAAKE, HR Advisor – I work in HRHayley Dillon, HR & Traininig Officer – I work in HRClaire Samuel, Human Resources Administrator – I work in HRTara Brady, Employment Relations & Diversity Manager – I work in HRLibby Alderson, ER Advisor – I work in HRMargarita McNee, Employment Relations Policies Advisor – I work in HRSarah Duffy, ER & Diversity Administrator – I work in HRLois Revans, medical secretary – I am a carerDilys Syed, medical secretary – I am a carerKate Granat, Employment Relations Advisor – I work in HRjoy ward, Diversity Advisor – I am involved in care in the communityEloise Revans, Student – Other: My mother is carer for my younger brotherDebra Webley, HR Manager – I work in HRJim Bull, AA Patrol – I am a carerJanice Swan, Snr HR Consultant – Other: both carer & work in HRsally brandon, L&D Advisor – I work in HRMarianne Drawater, Director of HR – I work in HRSarah Oxford, Associate Director – Compensation & Benefits – I work in HRJackie Thompson, HR Manager – I work in HRVicky Griffin, None available – I work in HRLouise Lewis, Operations Director – Other: Recently a carer for an relative until she diedJanice Wilson, Learning and Development Officer – I work in HRGillian Brookes, HR Assistant – I work in HRNatalie Burke, HR Officer – I work in HRKeith Paine, Learning & Development Officer – Other: TrainingJillian Gibson, – I work in HRBeverley Steel, HR Manager – I work in HRPauline Reid, HR Adviser – I work in HRJill Carling, HR Manager – I work in HRDavid Bentley, Regional Consultant – I work in HRClare Gloyns, – I am involved in care in the communityJayne Riley, Finance & personnel Manager – Other: Volunteer for CharityIsobel Collins, Training & Compliance Officer – I am a carerClaire Gillies, HR Officer – I work in HRIris Newton, Principal HR Adviser – I work in HRBrenda Cox, Group HR Manager – I work in HRTania Cressey, Head of HR – Other: husband is a househusbandAlex Grundy, Payroll & HR Manager – I work in HRJulie Brown, Recruitment Associate – Other: both – I work in HR & am a carerJulie Hawkins, HR Manager – I work in HRJulie Dewar, Personnel Manager – Other: I work in HR and and share caring resopnsibilities with my father and my sisterJohn Hampton, Head of Reward and Employee Relations – I work in HRFiona Downs, Office & HR Manager – I work in HRSam Briggs, Human Resources Manager – I work in HRNita Dabasia, HR Generalist – I work in HRLucy Thrussell, HR Administrator – I work in HRC Mann, Group HR Officer – I work in HRTeresa Tyson, HR Advisor – I work in HREmma O’Loughlin, HR Manager – I work in HRAlyson Wilkinson, Marketing Co-ordinator – Other: none of the aboveGwenneth McConnell, Freedom of Information Manager – I am a carerMaria C. Fraser, – I work in HRPeter Golding, – I am a carerHelen Humphries, HR Consultant – I work in HRBarbara Marlow, HR Advisor – I work in HRHeather Vasco, Deputy Chief Executive – I work in HRHelen Quilty, HR Adviser – I work in HRCarol Cotton, Company Director – I am a carerRuth Ryan, Learning Policy Senior Manager – Other: Disabled personAmanda Clough, Child & Family Care Advisor – I work in HRKerena Hunter, Employee Relations Manager – I work in HR Sign the petition here Related posts: Previous Article Next Article Comments are closed. Features list 2021 – submitting content to Personnel TodayOn this page you will find details of how to submit content to Personnel Today. We do not publish a… Tax breaks for carers petitionOn 6 Nov 2006 in Carers, Personnel Today
The new owners have increased occupancy at the property from 50 percent to 93 percent since acquiring it, with WeWork leasing 236,000 square feet, or about 40 percent of the building. The WeWork space is mostly leased to two Fortune 500 enterprise tenants.Among other tenants, Macy’s and Mizuho Capital are currently marketing all of their space at 1440 Broadway for sublease, while Kate Spade has already subleased all of its space to two other companies.The ground-floor retail is anchored by a CVS. A cafe and a Mexican restaurant at the property have been closed due to pandemic.Rating documents show that the CMBS loan includes $30 million in upfront reserves, most of which is to be used on leasing costs, and the borrowers are required to contribute another $20 million in equity.[CO] — Kevin Sun Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink 1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)The commercial mortgage-backed securities market continues to be a big source of refinancings for Manhattan office properties.CIM Group has secured a $400 million refinancing for the 740,000-square-foot office building at 1440 Broadway near Times Square, Commercial Observer reported. The $300 million A-note is being securitized by JPMorgan into a single-asset CMBS transaction, while a $100 million B-note is held by Oaktree Capital.CIM acquired the property for $520 million in 2017 as part of New York REIT’s liquidation. According to CMBS rating documents published last week, a majority stake in the 25-story building is owned by QSuper, an Australian pension fund based in the state of Queensland.ADVERTISEMENTRead moreTRD Insights: Here’s what tenants pay at CIM & QSuper’s 1440 BroadwayWeWork inks 236K sf lease at 1440 Broadway CIM GroupCommercial Real EstateReal Estate FinanceWeWork Tags
HFZ Capital Group Share via Shortlink Ziel Feldman (right), Nir Meir and the XI (Illustration by Zach Meyer)“What’s the latest?” read the text that popped up on Nir Meir’s phone one Thursday afternoon in July. “Running out of time.”The message to the HFZ Capital Group managing principal was from Adam Gibbons, an executive at CIM Group. The lender was awaiting an overdue payment on $90 million of mezzanine debt it holds on four prewar Manhattan apartment buildings HFZ is converting to condominiums. “On it,” Meir wrote back. “2 min.”Four hours later, a reference number popped up on Gibbons’ phone. It seemed the $2.3 million HFZ owed had been wired.But there was one issue: The reference number, according to CIM, was fake.ADVERTISEMENTThe lender informed HFZ it was in default.“Just saw the notices … not good,” Meir replied minutes later. “Please call me. Please call me.”The texts are now evidence in a legal battle as HFZ — the prolific developer Meir launched 15 years ago with co-founder and chair Ziel Feldman — fights CIM’s efforts to foreclose on the debt. A source close to Meir, who abruptly left HFZ in December, dismissed the allegation about the reference number as “frivolous and fake.”That dispute is just part of the reckoning that HFZ is facing across its multibillion-dollar portfolio after making a series of big bets right before the market turned.Many developers saddled with unsold units in a sluggish market are in a tight spot. HFZ, however, may be the first big Manhattan developer in the Covid era at risk of losing it all. Its investors and lenders have sued to collect more than $300 million, liens from contractors and vendors are piling up, and at the firm’s flagship project — the Bjarke Ingels–designed XI condo and hotel spanning a full city block along the High Line — sales are slow and construction has stalled. Feldman and his wife, Helene, are personally on the hook for many of the loans tied to these projects. A spokesperson for HFZ acknowledged the developer was facing challenges, adding, “It is how a company reacts and rebounds from adversity that defines its reputation.” As Feldman runs the company day to day in light of Meir’s exit, HFZ has hired outside advisers to help restructure its debt, the spokesperson added.To its defenders, HFZ is simply a victim of forces outside its control. And there’s a line of reasoning that with builders everywhere in the same boat, one of the market’s biggest players going under would be to no one’s benefit. “I’m not sure it’s great for anybody to have a big flameout like that, including the lenders,” said Thomas Kearns, a lawyer with Olshan Frome Wolosky. “I think there’s a lot of other distress going on that people are working on quietly, behind the scenes.”The eleventh hourConstruction should be buzzing at the XI, the pair of dancing towers in West Chelsea where HFZ hopes to sell more than $2 billion worth of condos.But by early December, work at the development site was suspended. The fate of one of the city’s most anticipated and scrutinized projects now hangs in the balance.HFZ paid Edison Properties about $870 million for the West Chelsea parcel at 518 West 18th Street in 2014. Back then, the luxury condo market was on fire, with projects like Macklowe Properties and CIM Group’s 432 Park Avenue and Rudin Management’s Greenwich Lane scoring big-ticket deals with foreign and domestic buyers. Still, HFZ’s acquisition, for an astonishing $1,100 per square foot, immediately drew skeptics.Feldman dismissed them. “What we believe we got is something that’s extraordinarily well priced for the total package,” he said in an interview with The Real Deal in 2015. Two years later, HFZ scored a $1.25 billion condo construction loan from the Children’s Investment Fund, a U.K.–based hedge fund with a reputation for high-interest financing. It was the one of the largest debt packages of the cycle.But now, with the principal on the loan coming due in a year and signs pointing to HFZ not being able to pay it, Children’s is looking for a developer to replace HFZ on the project, according to two people familiar with the matter. The lender has already held talks with at least one prominent New York developer about getting the project over the line, the people added. (The lender would need to file a foreclosure action or get HFZ to agree to work with another developer, according to a lawyer with experience in this area.) Children’s declined to comment. “The project currently has a number of challenges and needs to be recapitalized and restructured,” an HFZ spokesperson said. “Those efforts are ongoing.”Children’s could have plenty of reasons for wanting another developer. Filings with the state attorney general’s office show that as of April, just 38 units, or about 16 percent of the 236 condos, were in contract. Douglas Elliman, which handles sales at the project, has tried, unsuccessfully, to sell units in bulk at a discount. (Elliman is a subsidiary of Howard Lorber’s Vector Group, which through its investment arm New Valley has a stake in the XI.) The project was recently embroiled in a mob scandal in which members of the Gambino crime family allegedly bought off an HFZ executive so they could skim hundreds of thousands of dollars from it and other Manhattan projects. (Neither Feldman nor Meir was implicated; the executive pleaded not guilty, and the case is ongoing.) HFZ has also been accused of intermingling funds at the XI.In October, USIS, a technology systems installer, sued HFZ and the project’s general contractor, Omnibuild, claiming that it was owed $1.7 million on an $8 million bill for electrical work at the XI.According to USIS, Feldman and Meir intermingled the XI’s funds with their own in order to “hide behind [the] owner and manipulate its assets and liabilities to avoid responsibility” for paying the subcontractor. The project’s status as a limited liability company, USIS alleged, is a “fiction.” (The company dropped the suit two days later.)HFZ’s spokesperson said the firm would “address legal challenges in court filings through its able legal counsel, not in the press.”With Meir out, it will likely be Feldman leading the discussions with contractors and lenders. HFZ and Meir appear to have differing accounts of the breakup. A spokesperson for Meir put the exit down to “differences of opinion about the future direction of the business,” adding that Meir “remains committed to helping the company resolve outstanding issues surrounding its current projects.”A spokesperson for HFZ, meanwhile, said only that Meir “is no longer with HFZ nor authorized to act on its behalf in any capacity.”Yin and yangBefore HFZ — an acronym for Helene, Feldman and Ziel — there was PMG. Three of the most prolific condo developers in New York got their start together at Property Markets Group, which Feldman, a Queens-born former real estate lawyer, co-founded with banker Kevin Maloney in 1991. (Gary Barnett, an ex-diamond trader, joined a few years later.)From left: Craig Cogut, Helene Feldman, Zeil Feldman, Alicia Goldstein, Es Devlin, Nir Meir and Bjarke Ingels attend the opening of the XI Gallery in April 2018.“We had a little tiny office with no heat and Home Depot card tables for desks,” Maloney has said of that period. “We were just guys cobbling deals together, begging and borrowing to try to get deals closed.” The partners started with a pair of rental buildings on 64th Street near Central Park and spent the next decade-plus buying multifamily buildings.Meir, a former intern at now-defunct residential brokerage Prudential/MLBKaye, worked with them at PMG. After Barnett split from the group to focus on his own firm, Extell Development, and Maloney started to shift his attention to South Florida, Feldman and Meir broke off to launch HFZ in 2005. When HFZ bought the Belnord from Barnett in 2015 for $575 million, it was Feldman’s second bite into the fabled Upper West Side luxury rental building. He had been part of an investment group that had paid just $15 million for the property in 1994.This time around, Feldman hoped to convert the units into condos designed by Robert A.M. Stern and to sell them for $1.35 billion. HFZ scored a redevelopment loan from Westbrook Partners. In 2018, Westbrook converted that debt position into equity. By then, 95 of the 215 units were being converted to condos. Soon after, the partners landed a $300 million refinancing from Wells Fargo. At HFZ, Feldman and Meir had a good cop/bad cop dynamic, according to multiple people who know them. Feldman is soft-spoken and measured, and practices transcendental meditation. Meir has been described as aggressive — even by New York developer standards. Their roles played to those traits. Feldman spent more of his time on high-level talks and deals and was removed from the nitty-gritty aspects of development. According to an affidavit from HFZ’s lawsuit against CIM, Feldman said it was Meir who kept him informed about loan modification talks with CIM. He added that he “instructed Meir” to try to achieve a reasonable result.Sharks circlingIn November, HFZ sued CIM in a bid to stop foreclosure proceedings on the portfolio where CIM had provided about $90 million in mezzanine debt. HFZ had purchased the four-building parcel, totaling nearly 750 rental units, from Westbrook Partners in 2013 for $610 million. The plan was to convert the buildings — 88-90 Lexington, the Astor at 235 West 75th Street and 301 West 53rd Street — to condos. In December, a judge halted the foreclosure sale. CIM, which did not respond to a request for comment, can still go forward with another foreclosure sale if it meets certain conditions. HFZ is also sparring with Barry Sternlicht’s Starwood Capital Group, which in October claimed in a lawsuit that the firm owes $157 million on loan payments tied to its Chatsworth project. HFZ is converting the century-old rental building at 344 West 72nd Street into family-sized luxury co-op units.Just as CIM alleged that Meir lied about sending payments, Starwood alleges the HFZ principal claimed to have sent two separate wire transfers to fund overdue payments that never materialized. HFZ declined to comment on those allegations. Starwood also declined to comment. Even in a hot sector, HFZ’s luck has gone cold. This month, HFZ lost a portfolio of 12 last-mile warehouse properties in a UCC foreclosure auction. HFZ’s lender, Chicago-based Monroe Capital, took control of HFZ’s stake in the portfolio, which spans more than 10 million square feet nationwide. Paradoxically, distress in the condo market could work in HFZ’s favor.Andy Gerringer, who runs new business development at the Marketing Directors, said lenders are not enthusiastic about having hulking, empty condos on their books, and many are actively working with distressed developers to find solutions. The pandemic has become a convenient excuse, he added, which is “keeping everybody in a standoff right now.”Road to redemption All New York developers worth their salt have at least one comeback in them. Depending on how you count, Harry Macklowe and Ian Bruce Eichner are on their third or fourth. And then there’s Donald Trump. Last downturn, it was HFZ that was swooping in to rescue troubled projects.In 2012, the company teamed with Related Companies and CIM to take control of One Madison Park, a 600-foot-tall, 53-unit condo project in the Flatiron District. The original developers, Marc Jacobs and Ira Shapiro, were buried by debt and lawsuits, and HFZ and its partners inherited a nearly complete but stalled tower. The deal paid off handsomely: In 2014, News Corporation chair Rupert Murdoch paid a whopping $57 million for a triplex penthouse. Feldman once bragged to TRD that he had the fortitude to move forward at a time of immense uncertainty.“I was one of the only ones buying in 2009 … when nobody else was buying and they were hunkering under their pillows wondering when the world was going to end,” he said, referring to an acquisition spree in the thick of the Great Recession. Now, it is HFZ in the crosshairs. The company has limited options for restructuring. A corporate bankruptcy would force it to open its books and disclose all of its business dealings and creditors. “You are subjecting your financial life to the scrutiny of all sorts of different things,” said Andrew Ittleman, an attorney at the Miami-based law firm Fuerst Ittleman David & Joseph who focuses on white-collar crime and money laundering, commenting generally and not about HFZ. With allegations of intermingling of funds, HFZ might be reluctant to declare bankruptcy. Moreover, the Brazilian mining giant Vale alleges that Israeli diamond magnate Beny Steinmetz illegally stashed money in 13 HFZ projects. (HFZ has maintained it has “no involvement” with Steinmetz or his companies.)Bankruptcy could also force Feldman to relinquish control of the company. “If your principal lenders have lost confidence or trust in current management, it is not a place where current management wants to take the company and still try to retain control,” said Tom Lehman, an attorney with Miami-based LKLSG, speaking broadly about bankruptcy proceedings. HFZ has tried to keep a lid on certain information getting out. In two court cases, the company persuaded judges to seal documents, claiming they contained sensitive business information. At the XI, HFZ was mostly silent on sales activity, a common tactic among developers as they are not legally required to publish contract information. Still, word spread that deals were slow. And with construction stalled, it’s unclear when buyers will be able to move in. Ian Schrager, who partnered with HFZ on his Public Hotel and condo project on the Lower East Side at 215 Chrystie Street, said Feldman and Meir are just victims of the market and the pandemic.“Anybody who’s in the middle of developing something — particularly condominiums, which is a timing business in the best of circumstances — is just caught in that,” he said. “It’s just unfortunate that [Feldman] got caught in this perfect storm of the pandemic and being very long on condominium development.”“I wouldn’t bet against Ziel,” Schrager added. “He’s a smart guy.”Some still think the XI could come out the other side with no serious wounds. “I think people have short memories on this stuff,” said Kearns. “Particularly if it’s a spectacular location.”There appear to be two possible outcomes for Feldman: Suffer huge losses and take the reputational hit for biting off more than he could chew, or turn things around and emerge as one of real estate’s great survival stories.As it scrambles to stabilize its business, HFZ is desperately trying to stem expenses and cut deals with lenders. Last month, the company did a round of layoffs, with many of the cuts happening on the construction team and in the corporate office. And HFZ’s proverbial chickens may be coming home to roost.In October, Feldman sold his 22-room, chateau-style mansion in Englewood, New Jersey, after nine years on the market. The $7 million sale price was a far cry from the $20 million the 18,500-square-foot mansion was asking at one point, and didn’t even cover the $13 million Feldman reportedly spent to buy and overhaul the property. Last month, Feldman listed his personal triplex penthouse at the Marquand, an HFZ project on the Upper East Side, for $39 million. He also owns a palatial waterfront home in the Hamptons on Dune Road. Meir’s own Hamptons mansion is just five miles down the beach. Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Tags
Full Name* The home consists of four modules connected to each other. The property includes a Y-shaped guest house with two bedrooms and two bathrooms.ADVERTISEMENTBuilt in 2006, the 3,509-square-foot-property sits on 37 acres and features a heated pool and three fireplaces.Graham Klemm of Klemm Real Estate brokered the sale.Demand for suburban and upstate New York homes rose during the pandemic, as New Yorkers sought spacious primary and secondary residences where they could work from home.Westchester, the primary northern suburb, saw a 37 percent year-over-year increase in the number of homes sold during the first quarter of the year. The median home prices also climbed, reaching $690,378 — a 13 percent increase from the year prior, according to a report by Douglas Elliman.Contact Sasha Jones Share via Shortlink Tags Ai Weiwei with 708 New Forge Hallow (Getty, Compass)The first and only private U.S. residence designed by Chinese artist and activist Ai Weiwei has sold for nearly $5 million.Located at 708 New Forge Hallow in Taghkanic, New York, the three-bedroom, three-bathroom house is known as the Tsai Residence — for art collector Christopher Tsai, who originally commissioned the house.In 2013, Tsai sold the Columbia County home to unidentified buyers for $4.25 million.Read moreTsai Residence, an Ai Weiwei-designed Ancram home, hits market at $5.3MWestchester home sales stayed strong in first quarterSoho sale by art collector Henry Buhl tops Manhattan luxury deals Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Email Address* Message* Celebrity Real EstateLuxury Real EstateResidential Real Estatetristate-weekly
Email Address* Message* Commercial Real EstateCoStarManhattan Office Marketoffice market Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Other prizes the company is giving out include a $10,000 cash prize and a new Tesla. The perks may keep coming into the summer — and could cost the company several hundred thousand dollars. But Florance called the cost a “drop in the bucket” for the firm.Since the back-to-office lottery launched two weeks ago, more people have returned, one CoStar employee based outside of Nashville, Tennessee, told the outlet.Florance confirmed the observation, saying that CoStar’s office occupancy, which stood about 4 percent before the recent vaccine rollout, has increased to 20 percent since the incentive program began.According to Kastle Systems, which aggregates data from its swipe-card access systems, the average office occupancy rate in 10 metro regions across the nation was 26.1 percent as of April 21.[WSJ] — Akiko MatsudaContact Akiko Matsuda Photo illustration of CoStar CEO Andrew Florance (iStock, CoStar)Three lucky CoStar employees and their guests will be heading to Barbados on a private plane, with all expenses paid by their employer.Who gets to take the fancy trip? Winners of a lottery that’s available only to workers who are vaccinated and physically present in their office, according to the Wall Street Journal.Office occupancy rates remain low as employees continue working from home. So employers — and real estate companies in particular — have been trying various tactics to get workers back in the office. For example, SL Green Realty has reportedly been subsidizing commuting, meals and childcare since last fall to entice employees to return to offices. Other companies are offering gift cards or other small tokens.ADVERTISEMENTBut CoStar’s incentive program is bringing the trend to the whole new level. “We are going to do interesting and creative things until the workplace is settled down and until we’ve adjusted to our new reality,” CoStar’s CEO Andrew Florance told the outlet.Read moreTech workers plan to head back to offices by Q3Deutsche Bank eyes hybrid model while JPMorgan plans office returnGoogle will bring some employees back to offices this month Tags Share via Shortlink Full Name*