Acas conduct code date is announced

first_imgAcas conduct code date is announcedOn 13 Jun 2000 in Personnel Today Previous Article Next Article The long-awaited code of practice from Acas is due to come into force in early September, the DTI announced last week.The new code will update the existing one on disciplinary practice and procedures in employment and will provide extra guidance on good practice in how to deal with grievances raised by employees.DTI minister Alan Milburn said the code is designed to complement the new statutory right to be accompanied by a colleague or trade union official under the Employment Relations Act.“Good practice is not just a matter of fairness towards employees. It also makes it more likely that disputes will be resolved at the workplace and not by employment tribunals.” Comments are closed. Related posts:No related photos.last_img read more

Strategy aims to get people back to work

first_img Comments are closed. The next phase of Securing Health Together, the national occupational healthstrategy, which was launched in July last year, was the theme of a talk byElizabeth Gyngell, head of health strategy, management and research at theHealth Directorate. The focus of her speech was on taking forward the strategy, particularlywith regard to job retention and rehabilitation. A culture change is needed among organisations to improve the chances togetting people back to work, she said, also noting that GPs don’t have makingpeople fit for work in the forefront of their minds. Gyngell set out what she sees as the criteria for success of arehabilitation policy as being a culture where employers, employees and otherstakeholders see the advantages of rehabilitation and are willing to spend thenecessary effort to achieve it and to trust the process by which it isachieved. Strategy aims to get people back to workOn 1 Jun 2001 in Personnel Today Related posts:No related photos. Previous Article Next Articlelast_img read more

…in brief

first_img Comments are closed. Previous Article Next Article …in briefOn 30 Apr 2002 in Personnel Today Young speaks outThe head of the Institute of Directors, Lord Young, has called for non-executive directorships to be scrapped and told the Institute’s convention that allowing part-timers to police boardrooms was naive. He said attempts to regulate non-executives were dangerous, and that investors needed to hold management directly accountable.weblink www.iod.comPostal staff to strikePostal workers are set to take part in the first national strike in six years over a change in working patterns. The Royal Mail has offered 2.2 per cent to the Communication Workers Union to expand delivery spans from two-and-a-half to four hours. However, the union does not want the issue to be dealt with by the pay claim and has set 8 May as a strike day.weblink www.cwu.orgPensions to goMore companies are likely to axe their final salary pension schemes to cut costs in the wake of the Budget, warned the National Association of Pension Funds.NAPF chairman Peter Thompson said the 1 per cent rise in the employers National Insurance bills – estimated to cost companies £4bn a year – will drive businesses to look at pensions provisions as they were an obvious target for cost cutting.weblink mannersThe Government is promoting training courses which will teach doctors and nurses to be nicer to patients. From later this year, all NHS health professionals will receive help with communication skills from psychologists, who will run classes on how to deal with difficult situations.weblink Related posts:No related photos.last_img read more

Bookmark of the month

first_img Previous Article Next Article Bookmark of the month www.trainingfoundation.comThe Training Foundation Well designed, a home page that sets out its stall in plain English, backedup by solid but accessible content – this is how all websites should be but,sadly, a good few years into the internet revolution many still fail dismallyon these counts. So it is always nice to praise a site which genuinelyjustifies its place on the web. The Training Foundation exists to provide supportto training professionals and is behind the recently launched e-learningcourses for those involved in the sector, including e-learning consultants,developers and managers. You can find out about all of its courses here, and italso offers a wealth of information on e-learning and features research, whitepapers to download and special interest communities. Register (for free) andyou get notification by e-mail when news, research and articles are added tothe site. Bookmark of the monthOn 1 May 2002 in Personnel Today Comments are closed. Related posts:No related photos.last_img read more


first_imgRelated posts:No related photos. This week’s lettersBreeding discontent among real backbone of the nation Having read the article ‘UK has long way to go on keeping workers informed’(16 March), I felt rather aggrieved at the following comments: ‘We need everywoman to have 2.1 babies’; ‘British women are simply not delivering the babieswe need’; and ‘Older people tend to be more stable, more loyal and morecommitted workers’. The UK has still done very little to help support the working women who havechildren. Women have to have career breaks to have children. And despiteflexible working arrangements, etc, the UK still has one of the highest chargesfor childcare and nursery provision. Women cannot afford to stay at home and take care of the children, and thecost of quality childcare is extortionate. I have two children aged two and eight. I work full-time as an HRprofessional, but can only just afford to pay for morning childcare, whichtakes half of my net take-home pay. My husband has to work nights [to be aroundduring the day] so that we can cut the cost of childcare and after-school club.If the UK economy needs us to ‘breed’ more, someone has to take a close lookat the issues involved. We are still stuck in a very old, traditionalenvironment, where flexible working is only effective on paper – not inpractice. The current salaries and long-hours culture do not balance withchildcare provision. As for ‘older, more committed employees’, we should not assume that justbecause they have passed their young family days they will therefore have sparetime and more commitment, and will not have to rush off to collect childrenfrom school. Tina Robinson Details supplied Networking really is a business benefit HR Hartley – whoever you are – I couldn’t agree more with your comments inPersonnel Today on 9 March (I am sorry I have only just gotten around toresponding – I have been too busy networking). As an employed HR professional, the use of local networks with other HRpeople/employers in the same town was obvious to me when developing newpolicies, sourcing suppliers for training, etc. Unfortunately, my experiencereflects your recent article, which said other HR professionals are not alwaysresponsive to networking. In HR we often work on confidential information. Aremy colleagues just applying it to everything they do? Or are they using it incompetition for the (often limited) talent in the workforce? I would like to say a positive word for networking. When you share knowledgeand contacts, people appreciate you, and that is a nice feeling. Networkingalso develops other business skills, such as the ability to present yourself.Last, but not least, you get to meet some interesting people – a bonus forthose of us in the people profession. I attend the Oxon HR Club, a networking event held in Oxford once a month.The event has good-quality speakers and without doubt contributes to my professionaldevelopment. We are keen to find other HR professionals to attend. If you knowanyone who is lurking in the Oxford area on the second Thursday of the month atabout 7.30pm who would like to give networking a go, send them our way. Deborah Atkins Consultant, HR Insights Knee-jerk solutions are not the best way I read with interest the article entitled ‘It’s the way we work… not thepeople’ (Features, 16 March). The gist of the challenge to the status quo made by John Seddon is thattop-down, hierarchical, ‘command-and-control’ work structures are a major partof the organisation problems – as much as 95 per cent; that HR is at bestaddressing the 5 per cent of an organisational system that represents thepeople; and that adopting a systems-thinking approach (instead of a‘command-and-control’ hierarchy) to organisational structure may hold somepromise. It is quite possible to have a hierarchical structure in the organisationand still take a systems approach. As a former systemsengineer-turned-organisation development person, it may be easier for me totake this view than others. The key is to find the root cause of the problems, and then act accordingly.People at every level of an organisation (especially senior managers) are verygood at responding to problems. Unfortunately, their actions are mostlydirected at the symptoms, and not the root causes – partly because of perceivedtime pressures demanding quick fixes. Here is an expensive example from real life. Stapleton is the old airport atDenver in the US. It was plagued by delays. Excited politicians didn’t conducta root-cause analysis of why the delays had occurred. If they had, they wouldhave seen they were due to limited parallel runways. Instead, they built a veryexpensive new airport that proved inconvenient to some local residents, wascompleted late and over budget in key aspects (See Six Sigma For Everyone, byGeorge Eckes, page 47). I believe organisations – including HR practitioners – are just as quick tojump to a solution as the politicians in the example above. That, for me, isthe real issue facing organisations. Martin Schmalenbach Organisation development adviser, Hampshire County Council Unemployment stats seemingly ‘created’ So unemployment is low according to Government statistics? Hmmm. Settingaside the transient nature of the lower-paid sector, if that is truly the case,it’s at odds with your recent article which stated that recruiters are delugedwith website applications (1,200 each week at Microsoft alone). Customs &Excise received more than 5,000 applications for a handful of managerial posts,and the Department for Work and Pensions has been inundated with responses fora local unit. If the employment market is so buoyant, why are there so many people chasingthe same jobs? The profusion of recruitment ads create a vision of plenty untilyou realise that multiple agencies are all handling the same client. I know of good professionals who have experienced difficulty in securinginterviews (let alone jobs) because of the high volume of applicants. Ageism isanother factor – how many greys are reflected in the statistics? Contrast this with the continual merging and ‘downsizing’ of businesses aswell, and things don’t quite seem to stack up. I think there’s some creativeaccounting going on. Jayne Robinson Details supplied Brown’s job cuts will be a costly mistake As a civil servant trying to gain promotion at this time, I believe thatGordon Brown is making the biggest mistake of his political career. Many of the departments in the Civil Service are already under extremepressure due to massive staff shortages. Many pay deals have to be financed viastaff savings. Almost 25 per cent of staff in the Department for Work andPensions (DWP) are on short-term casual contracts. Efficiency will only improve when staff have genuine job security, receivethe right wage for the right job and get the proper training required to givethem the skills to deliver to the public the services they ask for. A DWP employee Details supplied MI5 committed to development of HR I am pleased to confirm that the success of the Security Service’s (MI5)recruitment drive (News, 23 March) is mirrored by the success of its recentonline chatrooms on Graduate Prospects’ Careers Chat Live, on which employersand students are able to sound each other out in a pressure-free forum. MI5’s two Careers Chat Live sessions beat all expectations in terms ofpopularity: compared with an average of 30-50 people, 260 students andgraduates logged on to question the panel on burning job-search issues. The most frequent questions were about the social implications of workingfor MI5 and which languages are currently required (Arabic, Urdu and Gujaratiare the top three). The fact that the service is making the effort to explore new routes to thegraduate employment market demonstrates its commitment to developing the HRfunction to meet its recruitment needs. Mike Hill Chief executive, Graduate Prospects LettersOn 6 Apr 2004 in Personnel Today Comments are closed. Previous Article Next Articlelast_img read more

Billionaire hedge funder Dan Loeb buys waterfront Miami Beach estate: sources

first_imgShare via Shortlink Full Name* Email Address* Billionaire hedge fund manager Dan Loeb and renderings of 6440 North Bay. (Third Point, To Better Days Development) Spec home developer Peter Fine sold a Miami Beach mansion to billionaire hedge fund manager Dan Loeb for $20 million, The Real Deal has learned.Fine’s 6440 NBR LLC sold the six-bedroom, 13,386-square-foot home at 6440 North Bay Road to a Delaware entity named after the address. Sources confirmed the buyer is Loeb, founder and CEO of Third Point, a New York-based hedge fund.Loeb is worth about $3 billion, according to Forbes. He founded Third Point LLC, a New York-based activist hedge fund in 1995, and is CEO of the company. Loeb is also developer Shahab Karmely’s silent backer, TRD reported in 2017.Coldwell Banker’s The Jills Zeder Group brokered the deal. Jill Hertzberg represented the seller, and Danny Hertzberg, who declined to comment on the sale, represented the buyer.Fine launched his spec home development firm, To Better Days Development, in 2015, with plans to build ultra-luxury spec mansions in Miami Beach.Property records show Fine’s company paid $6.6 million for the 0.6-acre lot in 2013. The home hit the market in 2015, before it was completed, for $29 million. Choeff Levy Fischman designed the mansion.The home features a gym, wine cellar, home theater, elevator, rooftop deck, separate entrance for the guest quarters, and a pool and dock, according to the listing. It had been on and off the market since 2015, most recently asking $23.5 million in September. The property has 100 feet of water frontage.Fine, a New York and Miami developer, sold 4420 North Bay Road in August for $10.8 million. He also sold the spec mansion at 6010 North Bay Road to Yext founder and CEO Howard Lerman for $17 million in February 2019.Fine and Loeb did not immediately respond to requests for comment.Sales have surged in waterfront neighborhoods in Miami Beach, including North Bay Road, the Venetian Islands and the Sunset Islands.Danny Hertzberg said that the high-end, single-family home market has not shown signs of slowing down. “We’re still going seven days a week,” he said. “It’s extremely busy.”Nearby at 5800 North Bay Road, Phil Collins has his waterfront mansion under contract. It’s on the market for $40 million with Jill Hertzberg.Earlier this year, Venezuelan oil tycoon Gerardo Pantin Shortt sold his waterfront Sunset Islands mansion for $17.4 million.Contact Katherine Kallergis TagsMiami Beachnorth bay roadpeter finespec homesTo Better Days Development Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Message*last_img read more

From bad to worse: Rent relief program still failing to reach New Yorkers

first_img Message* Coronaviruspolitics and real estateResidential Real Estate Full Name* Assembly member Zohran Mamdani (iStock, NYS Assembly)New York City’s rent relief program is reaching few of the 800,000 to 1.2 million households that collectively owe more than $2 billion in rent.New York has paid out just $7 million out of $60 million available for struggling tenants, Gothamist reported. And though the second round was meant to be more accessible, only about 1,000 households qualified for aid out of 87,000 applications.Between the two rounds of funding, $47 million has been awarded to 16,000 households — about 16 percent of the total applications received since September.Read moreHousing advocates pressure lawmakers to ban no-cause evictions, rent increasesSenate, Assembly hit real estate industry in budget proposalsLandlords shun federal rent relief over program requirements Share via Shortlink “What we have to do is meet the actual needs of New Yorkers,” Assembly member Zohran Mamdani, whose office released the data, told Gothamist. “And what this program did was nowhere close to that.”Advocates criticize the program’s stringent requirements, such as requiring applicants to prove they made less than 80 percent of the area median income and paid more than 30 percent of their income towards rent before April 2020.State Sen. Brian Kavanagh and other lawmakers have since proposed a program that would pay up to 12 months of rental arrears and utility bills, funded by $1.3 billion from the federal emergency rent assistance program, unused money from the state’s previous rent relief program and the most recent stimulus package.[Gothamist] — Sasha JonesContact Sasha Jones Tags Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Email Address*last_img read more

Seeing green: Why some real estate players think cannabis could be the next big thing

first_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink (Illustration by Brian Stauffer)Churchill Real Estate Holdings’ Justin Ehrlich made a name for himself as a New York developer snapping up distressed Downtown buildings during the financial crisis and turning them into luxury condos.But lately, his focus has been on another high-growth business: cannabis.In addition to his property dealings, Ehrlich is a partner in Loudpack, an umbrella company of brands that sells a popular line of vaporizers, among other  products. He’s also a partner in Greenwolf LA — a recreational marijuana shop in West Hollywood described as “the Whole Foods of dispensaries” — and has a stake in the ne plus ultra of stoner culture: High Times magazine.While the burgeoning cannabis business may seem contrary to New York real estate, Ehrlich said the two have more in common than one might think.ADVERTISEMENT“It’s the same philosophy as when we were buying up distressed properties,” he said, referring back to the recession. “There was a lot of fear in the market, and we knew whoever had cash on hand was going to clean up. It’s the same thing we’re doing now [with cannabis products]. A lot of people don’t want to touch it because it’s very risky and it’s a lot of work.”Ehrlich is one of several real estate players looking to get in on the ground floor of an industry with a vertical growth trajectory.As states around the country loosen restrictions on marijuana for medicinal and recreational uses, there’s a growing class of investors clamoring for a piece of what the cannabis research firm Arcview projects to be a $57 billion industry worldwide by 2027. New York, Illinois and Florida are among the states now looking to legalize marijuana for recreational use, and doing so would not only give them a major tax revenue boost — it could also pump billions of dollars into real estate leasing, sales and financing deals.And a number of property investors are looking to capitalize on the increasing need for cannabis-friendly commercial space by launching specialized funds and real estate investment trusts. To date, there are around 10 REITs and private funds exclusively focused on the marijuana industry.“The investor class in cannabis is similar to any other investment today,” said Adam Levin, whose private equity firm Oreva Capital bought a majority stake in High Times in 2017. The magazine’s owners are now pushing for an initial public offering at a valuation of about $225 million. “People who invest in real estate,” Levin added, “there’s just all this overlap because of the opportunities cannabis investments present today.”The roster of big-time players in the sector is also growing.Money managers BlackRock and the Vanguard Group are the biggest investors in Innovative Industrial Properties, the top-performing cannabis REIT. We Company CEO Adam Neumann is an investor in an Israeli medical marijuana company. Magnum Real Estate Group principals Ben Shaoul and Marc Ravner are partners in Ehrlich’s growing cannabis empire. And the blue-blooded Durst family even teamed up with the Greater New York Hospital Association in 2015 in a bid for one of the state’s first medical growing licenses— though the duo lost out to five other ventures including Columbia Care, which now runs a dispensary in the East Village.“We were interested in that because we have one of New York’s largest organic farms,” the Durst Organization’s spokesperson, Jordan Barowitz, told The Real Deal. “As a real estate company, we are familiar with highly regulated industries.”Into the weedIn total, 33 states have now legalized medical use, while 10 states (plus Washington, D.C.) have made recreational use legal. These early adopters have handed New York, Illinois, Florida and others a roadmap for what worked and what went wrong.But the latest states are far behind places like California, Colorado and Nevada, where recreational use is already legal and the cannabis industry is in growth mode, sources say.“I think Nevada has probably done it best,” said Michelle Bodner of the medical marijuana company Curaleaf New York, which holds one of just 10 medical licenses in the Empire State. “They started their adult-use program very slowly and were very cognizant of oversupply problems.”New York, meanwhile, has shelved plans to legalize recreational use in its latest state budget, and New Jersey lawmakers recently voted down a similar proposal.How the U.S. cannabis market and cottage industries around it evolve largely depends on federal and state regulations. Too many restraints could stifle a potentially booming industry, while sweeping legalization could fuel an investor frenzy across state borders, pushing out local players, experts say. For now, as long as federal laws prohibit the cultivation or sale of marijuana, it’s a divided market.“This is generating revenue for the states, and [state governments] may be covetous of that revenue,” said John Massocca, a stock analyst at Ladenburg Thalmann Financial who covers Innovative Industrial.Marc Spector, principal of the New York design firm Spector Group, which works with cannabis clients, said those heavily invested in the business are eager for federal changes that would allow money to flow across state lines. “Right now, on a state-by-state basis, you are siloed with what you can do,” he said. “A growing company can’t use resources from Colorado to expand into New York.”And while real estate is essential to the marijuana industry, there are huge barriers to entry. On top of federal restrictions, the business still conjures up images of smoke-filled dorm rooms and streetcorner drug deals for some. Many banks and other large corporations won’t go near it. The same goes for most of the big commercial brokerages, at least publicly, sources say. CBRE, JLL and Cushman & Wakefield, for example, have published only a handful of detailed reports on cannabis and real estate. At the same time, property owners are still working out the legal kinks of renting space to tenants that create or sell marijuana products.New York attorney Jerry Goldman, co-chair of Anderson Kill’s regulated products practice, said that while landlords have been charging less of a premium on rents for dispensaries as legalization becomes more mainstream, the costs are still generally higher than in leases for other businesses. That’s largely due to uncertainty over how federal marijuana laws will be enforced on the local level, he noted.Goldman referred to the federal “crack house” law — which makes it a felony to knowingly lease space for the manufacturing or distribution of any controlled substance — as a deterrent to leasing space to cannabis companies.“That risk does exist until federal law changes,” he said.High ratesMatthew Schweber, an attorney at Feuerstein Kulick who represents dispensaries, manufacturers and other marijuana companies, called it the “cannabis premium.” Schweber said he’s representing a client who was awarded a license in West Hollywood and, for those reasons, will likely pay double the rent a noncannabis company would. “It is a legal concern,” he said, noting that landlords “will say there’s the risk of foreclosure.”If an individual or company has a mortgage on a property and leases it to a cannabis producer, that landlord is violating a clause of the mortgage, which means the bank could demand full repayment of its loan at any moment, Schweber added. The clauses stem from federal lending guidelines, and in some cases, companies in the marijuana industry need to pay all cash to buy property for growing and distribution.That’s left a huge void when it comes to financing for cannabis companies looking to lease or build out space, one that specialized REITs and private funds are stepping in to fill. Many of these new entrants buy properties, pay off the mortgages and then lease back to the operators, knowing they can get two or three times the typical rent in that area.But the higher rates most of them charge — 150 to 200 percent in some cases — make it hard for smaller firms to break into the cannabis business, sources say. And that’s creating an uneven playing field in the industry.“It’s very difficult for any company other than, say, a large multistate operator to be able to afford the cost of operating,” Schweber said, “because the real estate is as critical to their welfare as any other component of their business.”That landscape is further kept in check by a limited number of licenses per state, which caps the number of competitive players — even in big recreational markets like Los Angeles and Denver.In L.A., landlords still have “all the leverage in the world” over would-be tenants, said Ali Mourad, a broker at Sperry Commercial who’s worked with both cannabis tenants and landlords.The city is expected to allow another 200 licenses over the next few years, but the process can be complicated and expensive, Mourad said. Cannabis companies have to secure a lease before they can get a license, which makes it even harder for property owners to commit to lease agreements.“It’s still really complicated, and that’s caused confusion on the landlord side,” Mourad said. “And there’s still a stigma there. Then you have zoning restrictions, so operators are really limited to where they can go.”Limited supplyWhere there’s resistance, however, there’s also opportunity, as shown by the investors and lenders that have pounced on the burgeoning business.The publicly traded Canadian cannabis firm Harvest Health & Recreation partnered with two family offices late last year to form a $100 million real estate fund called Aina We Would, for example. Harvest, which spun off its property holdings, will finance acquisitions and new construction projects while pursuing its own investments through the fund, including land purchases and sale-and-leaseback deals.Aina We Would lends to other companies at an interest rate of about 12 percent, which accounts for the legal risks it takes on, said Harvest Health President Steve Gutterman. He argued that it’s a good price, citing a going rate closer to 16 percent.A number of similar funds and REITs have cropped up in California.Inception Companies, a private investment firm based in Beverly Hills, launched a $50 million cannabis REIT last August. Inception is also focusing on leaseback deals with marijuana companies. And the popular L.A.-based retailer MedMen Enterprises partnered with the family office Stable Road Capital in January to form a cannabis REIT called Treehouse. Similar to Harvest, Medmen spun off its real estate assets in a deal valued at about $100 million, financed in part by Treehouse’s first capital raise of $133 million.While there are several risks to investing in cannabis-related property, the financial upsides can be significant.San Diego-based Innovative Industrial, which specializes in medical-use marijuana farms, was the country’s best-performing REIT in 2018, netting investors a 117 percent profit — beating out Vornado Realty Trust, SL Green and other large traditional real estate players.Massocca of Ladenburg Thalmann said companies focused on triple-net lease deals pay cap rates in the single digits for less desirable real estate, like properties leased to tenants with bad credit. Innovative Industrial, on the other hand, is investing at cap rates in the low to mid teens, which means there’s plenty of room for it to improve a property’s fundamentals, he noted. The REIT’s performance “has risen dramatically” in the past few months, Massocca added.At the same time, the field of financiers in the pot and real estate arena is still narrow, said Dan Leimel, CEO of the private real estate investment firm Pelorus Equity Group. The company, based in Newport Beach, California, launched its own $100 million debt and equity fund targeting cannabis-related real estate in September.“It’s not a robust market in a sense that there’s a lot of players,” Leimel said. “Is it robust for those of us in it? Yeah.”MedMen’s dispensary storefront at Ashkenazy Acquisition’s 433 Fifth AvenueJason Thomas, founder of the Denver-based cannabis real estate brokerage Avalon Realty Advisors, said there were “less than 10 large-cap” players, but estimated there were several hundred smaller investors with somewhere between $3 million and $5 million to deploy. Many are one-off investors working in local markets, he said.But as more states legalize, REITs and private funds are jockeying to establish themselves in those markets. And the industry could be in for a major shift if the federal government lifts financing restrictions and institutional lenders flood the market.The New York Times reported last month that nearly all of the 2020 Democratic presidential candidates favor legalization and have framed it as a racial justice issue, since nonwhite offenders are disproportionality imprisoned over marijuana offenses. Meanwhile, President Donald Trump has sent mixed signals on the issue but has said that he would back a bill protecting cannabis businesses with state licenses, the paper reported.Leimel said increased competition pushes him to sharpen his business model. He argued that his firm will thrive on value-add deals, especially in cases where banks may only lend a portion of what operators need to build out a space or expand operations.If and when “federal restrictions are lifted, we’re going to beat banks all day on that,” Leimel said.A tighter lidMedMen opened its first Manhattan dispensary last year — a sleek storefront at Ashkenazy Acquisition’s 433 Fifth Avenue that’s been compared to an Apple store.Zeeshan Hyder, MedMen’s chief corporate development officer, said the posh location was very intentional. “Our retail strategy includes being a first mover in attractive consumer markets,” he told TRD by email, noting that the Fifth Avenue lease deal “is an extension of the playbook we’ve executed on in California.”Hyder cited the regulatory and legal environment, including zoning laws, as the biggest challenge his company faces in New York.And those invested in the cannabis industry in New York could face even more hurdles if the state legalizes recreational use. Curaleaf’s Bodner said that when it comes to selling marijuana even for medical use, “New York is the most highly regulated state in the country.”New York’s limited number of licenses allow those companies to operate a total of 40 medical dispensaries in the state of nearly 20 million residents, Bodner noted.Florida, by comparison, has seven times the number of dispensaries per capita, while California authorities have issued over 10,000 commercial cannabis licenses to businesses in the state and has 49 active medical licenses.New York City could be further hampered by density issues. Of the 10 companies licensed to grow and dispense marijuana in the state in 2019, for example, none are growing in the five boroughs. The closest ones are more than an hour north of the city in Orange County, and one operation grows in Monroe County near Lake Ontario.But while the number of dispensaries in New York remains capped, that’s led to better quality control. “We have the best product in the country,” Bodner said about the consistency of the state’s medical marijuana — including its potency.“You look around at other states where licenses have been issued to people who perhaps don’t have the background of professional growers, and the market becomes flooded and prices implode,” she added. “Things go to the black market.”It remains to be seen how and when New York lawmakers will address legalization for recreational use. For months, it looked as though Albany would deal with legalization in the state budget process, wrapping on April 1. But in late March, Gov. Andrew Cuomo said the prospect of getting legalization done through the budget process was unlikely, signaling that it may get picked up later this year in the legislative session.By comparison, in the two years after Colorado legalized pot for recreational use, grow house leases in metro Denver rose two to three times higher than average warehouse rents in top cultivation submarkets, according to CBRE. And industrial buildings occupied by cannabis companies in that market saw their sales prices rise more than 17 percent between 2014 and 2017, from $98 to $115 per square foot. Denver’s City Council did not cap dispensaries and grow operations until April 2016, which slowed what was until then strong demand for space and likely tempered rent growth, sources say.In California, which legalized recreational marijuana just last year, the values of state-compliant properties in the Los Angeles area have risen by as much as 50 percent, Pelorus’ Leimel said. That growth has been strongest with industrial buildings in blighted desert areas in northern L.A. County, he noted. Property values increase not only due to the higher rents, but also because some cannabis companies are investing millions to accommodate large-scale growth operations.“These are high-tech spaces,” Leimel said. “Some of them look like hospitals.”Similar strainsThe picture in Illinois is similar to New York, with most of the growth operations taking place far outside the city.Tim McGraw, CEO of the California-based development and property management firm Canna-Hub, said that on top of the high costs in both markets, “there’s typically more bureaucracy in a big city.”“Why would you want to deal with it?” he asked.Still, some investors are ready to dive head first into New York.Leimel said his fund has been closely tracking the state’s cannabis market and political environment — and he suspects others are doing the same.If New York legalizes recreational use, many think the landscape will look a lot different than it does on the West Coast. Avalon’s Thomas said the volume of licensing will play a big part in how real estate is impacted.“A state that has a shallow pool of licenses that will likely go to the most qualified applicants is not going to perpetuate a massive green rush for properties,” he noted, “because maybe we’re talking about a dozen stores and the same amount of cultivation locations.”Brian Staffa, founder of the New Jersey cannabis consulting firm BSC Group, said East Coast states have kept a tighter cap on licenses overall.How and where a state distributes its licenses is also important, he added. A state like New York would be wise to allow more cultivation licenses in rural areas and more retail locations in the city, Staffa said. That could revitalize areas with obsolete and disused industrial space.But he cautioned that there may be just a few winners in New York real estate when all is said and done. Staffa said it’s important that developers and property owners carefully analyze demand before building too big.“Mistake No. 1 is misreading the potential market to drive project size,” he said, noting that some developers in legal states “have built out at such a scale in markets that couldn’t support it and they just bled and bled.”—Additional reporting by Eddie Small in New York and Joe Ward in Chicagolast_img read more

Comparison of warming trends predicted over the next century around Antarctica from two coupled models

first_imgThis paper investigates the climate change in two atmosphere-ice-ocean coupled climate models – the UKMO and the CSIRO – in the Antarctic region over the next century. The objectives were to see if an enhanced level of greenhouse-gas forcing results in a surface temperature signal above background variability, and to see ifthis pattern of change resembles the change seen to date in Antarctica, especially the warming around the Peninsula. The models show that although reduced sea-ice compactnessis responsible for regions of enhanced air-temperature anomalies, these ice-compactness anomalies are determined by different mechanisms in the respective models. Thepattern of warming in both models does not match the differential rates of warming seen in the observations of temperature change over the Antarctic continent in the last few decades. Also the level of background ocean variability in the Drake Passage and Weddell Sea region hampers the clear definition of a signal over the Antarctic Peninsula in the coupled models. Although no winter enhancement in warming over the Peninsula region is found, an autumn anomaly is seen in one of the models. The mechanism for this feature is documented, and an explanation of why it does not persist throughout the winter seasonis presented.last_img read more

Coastal oceanographic conditions in the Prydz Bay region (East Antarctica) during the Holocene recorded in an isolation basin

first_imgInformation on East Antarctic coastal environments during the Holocene is relatively sparse. This is surprising as sedimentary records from the interface between land and sea can provide chronologies of climatic change, isostatic uplift, relative sea level and the colonization of newly formed biomes. Here we examine a sediment core from Pup Lagoon, a coastal lake in the Larsemann Hills, East Antarctica. Sediment stratigraphy, fossil pigments and diatoms were used to infer the sequence of Holocene environmental and climatic change. Results show that between 5800 and 5500 cal. yr BP the marine coast of Prydz Bay was characterized by stratified, open-water conditions during spring and summer and seasonally warm conditions. From 5500 to 2750 cal. yr BP sea-ice duration in Prydz Bay increased with the coast being ice-free for 2-3 months each year, conditions which are similar to the present day. A return to stratified, open-water conditions and a reduction in winter sea-ice extent between 2750 and 2200 cal. yr BP is signalled by enhanced biogenic production and more open-water diatom taxa. This is consistent with evidence for the mid-Holocene Hypsithermal detected in other records in East Antarctica. Isostatic isolation of the Pup Lagoon basin from the sea between 2200 and 2000 cal. yr BP slightly precedes the emergence of lakes with comparable sill heights from the nearby Vestfold Hills. The colonization of Pup Lagoon after its isolation as a freshwater lake was initiated by a siliceous flora dominated by stomatocysts with microbial mat development being prevented by mechanical or physical stress. A brief period of marine incursion following the mid-Holocene Hypsithermal may be related to local events such as iceberg calving or to minor sea-level change. Weighted averaging regression, used to infer salinity in the lacustrine zone, shows that from 1500 cal. yr BP Pup Lagoon is a freshwater lake, where the flora is dominated by stratified cyanobacterial mats, with green algae and diatoms as co-dominants, comparable to modem Pup Lagoon and other lakes in the Larsemann Hills.last_img read more