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Trader Joe’s is coming to Harlem

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first_imgTagsCommercial Real EstateharlemRetail Real Estatetrader joe’s Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink A rendering of 121 West 125th Street in Harlem (Photo via BRP Companies; Trader Joe’s)Trader Joe’s is coming to 125th Street in Harlem.The grocery store, known for its affordable speciality items, will open its 13th New York City location at 121 West 125th Street, according to the Wall Street Journal. The 28,000-square-foot location will be one of the anchors of the 17-story building, along with a Target on the building’s second floor.Read more$242M Harlem mixed-use project will include civil rights museumHere are Manhattan’s priciest retail leases of 2020Trader Joe’s to open new UES store under Queensboro bridge Share via Shortlink The new building will be known as the Urban League Empowerment Center, which will also include a civil-rights museum, the new headquarters for the civil-rights organization National Urban League and office space. The project, developed by a team that includes BRP, Dabar Development, L+M Development Partners, Taconic Partners and the Prusik Group, will also have at least 170 units of low-income housing.“We’re all confident that New York is going to come back strong,” S. Andrew Katz, principal of Prusik Group, told the publication. “To be able to bring two of the nation’s top retailers into Harlem speaks volumes about what Harlem is and how those companies view the neighborhood.”The new Trader Joe’s will be a block away from a Whole Foods location that opened in 2017.[WSJ] — Sasha Joneslast_img read more

What SmartRent’s $2.2B SPAC means for multifamily

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first_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Full Name* Tags For more than a decade, smart-home technology has proliferated in the residential market, but has largely neglected rentals. At the same time, single-family rentals are surging thanks to institutional players such as Invitation Homes and Starwood.SmartRent’s hardware-agnostic platform is effectively an operating system for enterprise clients who want a single platform to manage an array of smart-home features.“It’s such a massive opportunity,” said Haldeman. “But we can’t access it without capital. We have eight or 10 salespeople and you can’t take down 43 million units in the U.S. with eight or 10 salespeople.”Accelerate plansBefore the deal with Fifth Wall, Haldeman said SmartRent was eyeing a traditional IPO. But he was drawn to Fifth Wall’s SPAC in part because of its strategic investor base.“These are not just customers, these are investors now in the company,” said Brendan Wallace, a co-founder of Fifth Wall, which has backed such unicorns as Opendoor, Doma and Blend.SmartRent has raised more than $101 million from investors since 2017, according to Crunchbase, including a $60 million Series C last May. That round was led by Spark Capital with participation from Fifth Wall, Energy Impact Partners, the Amazon Alexa Fund, Bain Capital Ventures and RET Ventures.SmartRent’s platform includes self-guided tours for tenants, WiFi, parking management and other services. It plans new products to facilitate lease signing, payments, video and security as well as metering for energy, water and air quality.According to Wallace, if all U.S. apartments used SmartRent, the nation could save 4 percent on energy costs. “This is going to become, I would argue, almost a prerequisite for any multifamily owner to meet these new carbon neutrality laws,” he said. “This is really powerful technology to help these owners achieve those standards.”In an investor presentation Thursday, SmartRent said the total addressable market for smart-home technology in the U.S. is $30 billion. By expanding into other verticals, such as student and military housing, the figure jumps to $80 billion. The international total is $200 billion.“It’s almost staggering,” Haldeman said of apartments’ lack of automation and remote control of operations. “We have pilots going in the U.K. and Canada, and what we’ve seen and what we know is that this is a global problem.”SmartRent is currently in 185,000 units, with 752,000 in the pipeline. Its customers own more than 3 million units.In an investor presentation, SmartRent estimated that it generated $53 million in revenue last year. It projected $119 million in 2021 and as much as $1.3 billion by 2024. The company is not profitable and lost an estimated $27 million on an EBITDA basis in 2020. It forecast positive earnings in 2022 with $10 million in EBITDA.Haldeman said the company is “on a path to be profitable” and will reach that goal by fulfilling orders to large institutional customers. “It’s not sort of speculative, ‘How are we going to get there?’” he said. “We just have to execute. We have to go physically install and get it done.”SPAC impactThe SmartRent deal is the first for a Fifth Wall SPAC.The Los Angeles-based VC firm, which has $2.5 billion under management, raised $345 million for its first SPAC in a February IPO. It has launched two additional SPACs — one looking to raise $150 million and the other, $250 million.The first one, Fifth Wall Acquisition Corp. I, does not have warrants, which are additional shares that investors can purchase if the stock hits a certain price. (The downside of warrants is they can dilute the stake of existing shareholders.)SPACs’ popularity exploded last year. And this year, 308 blank-check firms have gone public, raising more than $100 billion. By comparison, 59 went public in 2019, raising $13.6 billion.In recent weeks, federal regulators have started to probe the role of banks in these deals and urged investors to be cautious. Since then, the deals have nearly dried up: After a record 109 SPAC deals in March, there have been just 10 this month, CNBC reported.Wallace declined to comment on the broader SPAC environment. But he said Fifth Wall’s SPAC is unique, given the firm’s role “at the epicenter” of many proptech transactions. In the SmartRent deal, many of the company’s customers invested in the private investment in public equity, or PIPE.“I don’t think I‘ve seen anything like that in the SPAC landscape previously,” he said. “I don’t think I’ve ever seen so many strategic investors, the biggest names in real estate, get behind [a] company the way they have with SmartRent.”Contact E.B. Solomont Message* Fifth WallProptechSPAC Share via Shortlink Email Address* SmartRent’s Lucas Haldeman and Fifth Wall’s Brendan Wallace (iStock)As pandemic-challenged apartment landlords scrambled to cut costs, SmartRent CEO Lucas Haldeman’s phone lit up.The owners were eager to adopt the four-year-old firm’s operating platform, which lets them automate building operations such as climate control and door locks.To meet the demand and beef up its product offerings, SmartRent announced a deal Thursday to go public with a blank-check firm backed by proptech VC firm Fifth Wall.The deal values SmartRent at $2.2 billion — or 41.5 times the startup’s 2020 revenue — and will give it $513 million in cash. The deal also includes a $155 million investment from customers including Lennar, Invitation Homes and Barry Sternlicht’s Starwood Capital.ADVERTISEMENTSmartRent, based in Phoenix, was founded in 2017 by Haldeman and Mitch Karren. Haldeman had been chief technology and marketing officer at Colony Starwood Homes, which merged with Invitation Homes in 2017.Read moreFifth Wall launches third SPACFifth Wall targets $250M for blank-check firmsMaking sense of the SPAC racelast_img read more

Case study of a Chinese dust plume reaching the French Alps

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first_imgBy combining reconstruction of airmass back-trajectories from dust deposition sites in Europe and measurements of the (Nd) isotopic composition of deposited dust particles, potential sources of different Saharan dust events can be identified. The study of “red dust” events collected in France allowed us to identify distinct North African source areas (e.g. Lybia vs. Mauritania). Surprisingly, the airmass trajectory of one dust event (March 6, 1990) was distinct from the others, and revealed a Chinese origin. The Nd isotopic composition of this dust was consistent with the range of isotopic compositions of Chinese loess. Moreover, an atmospheric global model simulation reveals that a dust plume left China before February 25, 1990, flew over North America around the February/March transition and reached the French Alps by March 6, 1990, revealing that intercontinental dust and pollutant transport may occur across the Pacific Ocean and the North Atlantic at the Westerlies latitudes.last_img read more

Protective pigmentation in UVB-screened Antarctic lichens studied by Fourier transform Raman spectroscopy: an extremophile bioresponse to radiation stress

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first_imgFT-Raman spectra were obtained for two Antarctic extremophiles, the epilithic lichens Xanthoria elegans and Caloplaca sublobulata from the maritime ecological long-term research site on Leonie Island. Twelve specimens from cloches designed for the filtering out and transmission of UVB radiation over a 2 year period and two specimens from the natural habitat outside the cloches were analysed in terms of their characteristic Raman bands from the two photoprotective pigments parietin and beta-carotene. Following chemometric analysis, the specimens inside the UVB-protective cloches exhibited a lower parietin:beta-carotene ratio than specimens from the same habitat that did not have UVB protection. The relative roles of parietin, a passive UVB photoprotectant, and beta-carotene are discussed and a possible duality of biological function is suggested for these pigments.last_img read more

Aquatic plant microfossils of probable non-vascular origin from the Ballagan Formation (Lower Carboniferous), Midland Valley, Scotland

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first_imgSeven previously undescribed palynomorphs, Brazilea sp. B, ?Carbaneuletes sp. A, ?Reduviasporonites sp. and Algal palynomorph spp. 1 to 4, some of which are closely similar to the spores and filaments of extant fresh or brackish water algae, are described and illustrated from the Lower Carboniferous Ballagan Formation of central Scotland. The palynomorphs occur in a succession yielding delta(18)O and delta(13)C values from carbonate that indicate a brackish water depositional origin. They occur in several sections with a low diversity ostracod fauna dominated by Beyrichiopsis, Cavellina, Knoxiella, Shemonaella and Sulcella species, but lacking typical fully marine forms such as Bairdia and Amphissites. Tit addition, the sequences contain Botryococcus and Circulisporites, which are fresh to brackish water indicators, but lack spinose acritarchs that indicate marine conditions. The palynomorphs, which lack trilete marks or other haptotypic features, are thus likely to be of aquatic algal origin, and were probably produced to allow algae growing in ephemeral ponds to survive periods of desiccation and to colonize successive waterbodies in an and coastal plain palaeoenvironment. The palynomorphs may be of value in further palaeoenvironmental studies as indicators of fresh to brackish conditions.last_img read more

How the mollusc got its scales: convergent evolution of the molluscan scleritome

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first_imgRadiation of dramatically disparate forms among the phylum Mollusca remains a key question in metazoan evolution, and requires careful evaluation of homology of hard parts throughout the deep fossil record. Enigmatic early Cambrian taxa such as Halkieria and Wiwaxia (in the clade Halwaxiida) have been proposed to represent stem-group aculiferan molluscs (Caudofoveata + Solenogastres + Polyplacophora), as complex scleritomes were considered to be unique to aculiferans among extant molluscs. The ‘scaly-foot gastropod’ (Neomphalina: Peltospiridae) from hydrothermal vents of the Indian Ocean, however, also carries dermal sclerites and thus challenges this inferred homology. Despite superficial similarities to various mollusc sclerites, the scaly-foot gastropod sclerites are secreted in layers covering outpockets of epithelium and are largely proteinaceous, while chiton (Polyplacophora: Chitonida) sclerites are secreted to fill an invaginated cuticular chamber and are largely calcareous. Marked differences in the underlying epithelium of the scaly-foot gastropod sclerites and operculum suggest that the sclerites do not originate from multiplication of the operculum. This convergence in different classes highlights the ability of molluscs to adapt mineralized dermal structures, as supported by the extensive early fossil record of molluscs with scleritomes. Sclerites of halwaxiids are morphologically variable, undermining the assumed affinity of specific taxa with chitons, or the larger putative clade Aculifera. Comparisons with independently derived similar structures in living molluscs are essential for determining homology among fossils and their position with respect to the enigmatic evolution of molluscan shell forms in deep time.last_img read more

Southward migration of the Southern Hemisphere westerly winds corresponds with warming climate over centennial timescales

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first_imgRecent changes in the strength and location of the Southern Hemisphere westerly winds (SHW) have been linked to continental droughts and wildfires, changes in the Southern Ocean carbon sink, sea ice extent, ocean circulation, and ice shelf stability. Despite their critical role, our ability to predict their impacts under future climates is limited by a lack of data on SHW behaviour over centennial timescales. Here, we present a 700-year record of changes in SHW intensity from sub-Antarctic Marion Island using diatom and geochemical proxies and compare it with paleoclimate records and recent instrumental data. During cool periods, such as the Little Ice Age (c. 1400–1870 CE), the winds weakened and shifted towards the equator, and during warm periods they intensified and migrated poleward. These results imply that changes in the latitudinal temperature gradient drive century-scale SHW migrations, and that intensification of impacts can be anticipated in the coming century.last_img read more

Utah Prep Sports Schedule: 4/13

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first_img FacebookTwitterLinkedInEmailSoftball2-A SouthBeaver 11 Parowan 3Region 15Manti 14 Emery 4Baseball2-A NorthGunnison 5 North Sevier 42-A SouthKanab 7 Millard 0Beaver 15 Parowan 1Region 14Juab 13 Delta 0Region 15South Sevier 14 San Juan 3South Sevier 13 San Juan 3 April 12, 2018 /Sports News – Local Utah Prep Sports Schedule: 4/13 Tags: Beaver/Delta/Juab/Kanab/Manti/North Sanpete/North Sevier/Panguitch/South Sevier/Wasatch Academy Written by Brad Jameslast_img read more

NFL mandates that players on the field stand for national anthem

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first_imgMay 23, 2018 /Sports News – National NFL mandates that players on the field stand for national anthem Written by FacebookTwitterLinkedInEmailDrew Angerer/Getty Images(NEW YORK) — NFL Commissioner Roger Goodell announced Wednesday that the football league’s players who are on the field will need to stand for the national anthem — capping months of controversy and coming in the wake of a series of player protests.“The policy adopted today was approved in concert with the NFL’s ongoing commitment to local communities and our country — one that is extraordinary in its scope, resources, and alignment with our players,” Goodell said in a statement. “We are dedicated to continuing our collaboration with players to advance the goals of justice and fairness in all corners of our society.”Goodell said “it was unfortunate” that on-field protests by players taking a knee during the national anthem “created a false perception among many that thousands of NFL players were unpatriotic. This is not and was never the case.”This is a breaking story. Please check back in for updates.Copyright © 2018, ABC Radio. All rights reserved.center_img Beau Lundlast_img read more

Beehive Bowl To Air on National Television

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first_img Tags: Beehive Bowl/Big Sky Conference/Cal Poly/Eleven Sports/SUU Football/Weber State Football July 9, 2018 /Sports News – Local Beehive Bowl To Air on National Television FacebookTwitterLinkedInEmailOGDEN, Utah-Per an official announcement from the Big Sky Conference Monday, Southern Utah and Weber State will meet on the gridiron on national television this season.This annual rivalry game, known as “The Beehive Bowl,” will air on Eleven Sports and will be the only time the Thunderbirds air on this channel in 2018.The Wildcats will make three appearances on Eleven with the others being October 6 at Northern Arizona and October 13 as they host Eastern Washington.This game, slated for November 10, will prove to be Senior Day for the Thunderbirds as this is their last home game of the regular season before they conclude the slate November 17 at Cal Poly. Brad James Written bylast_img read more