These were the largest Manhattan real estate loans in January

first_img Email Address* Share via Shortlink Tags Message* Commercial Real EstateManhattanMortgagesReal Estate Financecenter_img From left: 410 Tenth Avenue, 100 Park Avenue, 230 East 20th Street, 30 Morningside Drive, SL Green’s Marc Holliday (Photos via Google Maps, Getty, Gramercy Square, 30 Morningside Drive/Illustration by Kevin Rebong for TRD)The 10 largest Manhattan loans recorded in January totaled $1.95 billion, a 7 percent decrease from December’s total.For the first time, the top loan of the month was for an acquisition that went into contract during the pandemic: a hefty CMBS loan that 601W Companies secured for its $953 million purchase of SL Green’s 410 Tenth Avenue. The remainder of the top 10 included one other acquisition loan and a construction loan, while the rest were refinancings.Here were the borough’s largest real estate loans in January:1) 705M for 601W | $565 million (recorded amount)JPMorgan provided a $705 million acquisition loan for 410 Tenth Avenue, a 20-story, Amazon-anchored office building near Hudson Yards, of which $565 million has been recorded in property records. In 2018, SL Green acquired a majority stake in the building from the Kaufman Organization in a deal valuing it at $440 million, and undertook a major renovation of the property. Just months before the most recent sale, SL Green had secured a $600 million loan from Goldman Sachs and Wells Fargo for the property, replacing a $465 million loan provided by Singapore’s United Overseas Bank in 2019.2) Aareal assistance | $360 millionSL Green secured a $360 million refinancing for 100 Park Avenue, a 36-story, 903,000-square-foot office tower next to Grand Central Terminal. Aareal Capital Corporation, the New York-based affiliate of German financier Aareal Bank, was the lender. Tenants at the property, which SL Green and PGIM Real Estate acquired in 2000, include AECOM Tishman, Wells Fargo Capital Finance and Aetna. The new debt replaced a $360 million loan provided by another German lender, Landesbank Hessen-Thüringen, in 2014, according to property records.3) Gr4mercy Square | $232.5 millionMiddle-market bridge lending group G4 Capital Partners provided a $232.5 million loan to Joseph Chetrit and Clipper Equity to refinance the 223-unit condo project the Modern at Gramercy Square at 230 East 20th Street. U.K.-based billionaires the Reuben brothers bought a $100 million piece of the existing debt on the building at a discount in May. SL Green had originally provided a $380 million debt package in 2018. The four-building project is a conversion of the former Cabrini Medical Center. Chetrit and David Bistricer of Clipper bought the parcel in 2013 for $150 million.4) Morningside mortgage | $180 millionDelshah Capital landed a $180 million refinancing from Arbor Realty Trust for its luxury rental conversion project at 30 Morningside Drive in Morningside Heights. The new debt replaced a $130 million construction loan from Square Mile Capital as well as a $50 million Israeli bond series, both from 2017. The property, which previously consisted of five medical buildings for St. Luke’s Hospital, received temporary certificates of occupancy for its 205 residential units in December.5) Gotham Sachs | $162 millionWells Fargo and US Bank provided a $162.4 million construction loan for 55 Suffolk Street, part of the two-building Broome Street Development complex spearheaded by a joint venture between the Gotham Organization and Goldman Sachs Urban Investment Group.The 400,000-square-foot project (which also includes 64 Norfolk Street) will feature about 500 rental apartments, including 209 affordable units and 115 set aside for seniors. The Chinese American Planning Council nonprofit will also have its headquarters within the complex.6) Laboratory loan | $151 million (recorded value)Silverstein Properties and Taconic Partners received a $205 million, five-year floating-rate loan from Square Mile Capital for the 322,000-square-foot Hudson Research Center, a mixed-use life science facility at 619 West 54th Street. Taconic acquired the Far West Side property in 2012 for about $110 million, and Silverstein joined the project in 2017. A $150.75 million piece of senior debt was recorded in public records, and has been bought by MetLife Real Estate Lending, according to PincusCo.7) Meadowpacking | $116 millionJPMorgan Chase provided a $116 million CMBS loan to Meadow Partners and CalPERS to finance the $232 million acquisition of the ground lease at 860 Washington Street. The 10-story, 117,000-square-foot office building in the Meatpacking District was completed by Romanoff Equities and Property Group Partners in 2016. Tenants include Chinese e-commerce giant Alibaba and Tesla’s Manhattan store, which occupies the ground floor retail space.8) Xin Bloom | $90 millionXin Development Group, the U.S. subsidiary of China-based Xinyuan Real Estate, secured a $90 million refinancing from Ares Capital for the Bloom on Forty Fifth, a 92-unit condo project at 500 West 45th Street. The new debt replaces a $108 million construction loan provided by Bank OZK in 2017. The development received its first temporary certificate of occupancy in November 2019.9) Canadian connection | $60 millionTD Bank provided a $60 million refinancing to Toronto-based Madison Group for its 43-story, 122-unit rental tower at 306 West 48th Street in Hell’s Kitchen, also known as Icon. Kinsmen Property Group, Madison’s U.S. division, acquired the property in 2012 after the former condo building had sat vacant for several years amid an investigation into its finances by the Attorney General.10) Jacob’s lender | $37 millionJacob Kohn’s Jay Group received a $36.5 million loan from MF1 Capital to refinance 56 West 125th Street, a 17-story, 141-unit rental high rise in Harlem. MF1 Capital is a mortgage REIT established by CBRE Capital Markets in partnership with Limekiln Real Estate and Berkshire Group, with a focus on multifamily and senior housing lending.Contact the author Full Name* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinklast_img read more

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Paleogeographic controls on the onset of the Antarcticcircumpolar current

first_imgDevelopment of the Antarctic Circumpolar Current (ACC) during the Cenozoic is controversial in terms of timing and its role in major climate transitions. Some propose that the development of the ACC was instrumental in the continental scale glaciation of Antarctica and climate cooling at the Eocene/Oligocene boundary. Here we present climate model results that show that a coherent ACC was not possible during the Oligocene due to Australasian paleogeography, despite deep water connections through the Drake Passage and Tasman Gateway and the initiation of Antarctic glaciation. The simulations of ocean currents compare well to paleoenvironmental records relating to the physical oceanography of the Oligocene and provide a framework for understanding apparently contradictory dating of the initiation of the ACC. We conclude that the northward motion of the Australasian land masses and the reconfiguration of the Tasman Seaway and Drake Passage are necessary preconditions for the formation of a strong, coherent ACC.last_img read more

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Blues fail to match Welsh class

first_imgOxford 12 – 52 Ospreys A PACKED house braved the bitterly cold elements on a crisp and clear Monday night to see the Oxford Blues take on welsh giants the Ospreys who currently lie third in the Magners Celtic League. The Ospreys fielded five Welsh Internationals plus one Tongan in their starting line-up while Oxford chose to rest their international star Joe Roff. Despite the greasy conditions, a scintillating, high octane game of rugby ensued providing the fans a welcome distraction from their ever-freezing extremities.From the first set-play of the game the Ospreys demonstrated their class and wealth of talent in the backline. A nicely timed inside ball saw young Welsh international Aled Brew skip through virtually untouched for the first score within two minutes. Things looked ominous for Oxford at this stage, but through the lively antics of scrum-half Henry and boot of fly-half McMahon they made their presence felt. Winger Jonan Boto threatened with a couple of half breaks and only some loose passes from the base prevented the Blues levelling up the scores. As it was, a couple of raking kicks from Connor relieved the pressure for the Ospreys and set up another attacking platform. The Magners League champions succeeded where Oxford had failed in keeping the ball tight and retaining possession, successive phases eventually freeing up winger Phillips to dart over unopposed on the blindside.As the half progressed, the gulf in class between the two back lines became apparent. The confidence of the Ospreys’ runners allowing them to attack at pace right on the gain line, putting Oxford on the back foot. The Blues, however, chose to attack from deep, allowing the Ospreys’ defence to advance and meet Oxford’s runners with real venom. The pressure this created meant Steve Hill’s side rarely completed set piece moves and attacks often broke down.Although shaded in the backs, the Blues pack were admirably holding their own up front against a set of forwards whose front row consisted entirely of internationals. The back row worked tirelessly, time and again arriving first at the breakdown and securing turnover ball. Only some dubious calls from the referee prevented Oxford from stealing possession more regularly.The pack’s efforts were rewarded on 26 minutes when a catch and drive saw fresher Chris Davies bundle over and reduce the deficit to just one score.Any hopes of reigning in the Welshmen were quickly dashed however, as slick interplay in the backs saw the Ospreys reassert their authority over the game. A second try from winger Brew followed by a try from fly-half Connor brought the half-time score to 24-5.The half-time substitution of Sam Humphrey-Baker into the centre injected some much needed physicality and aggression into the Oxford backline. He met the Ospreys’ attacks head on with bone crunching hits that seemed to lift those around him. With the ball in hand he also posed a real threat; unafraid to take on the Ospreys’ ferocious defence and running with steely determination. Unfortunately he could do nothing about a wickedly bouncing cross field kick from Connor that gave the Ospreys the first score of the half. He was however, instrumental in the construction of Oxford’s reply. His driving run through the heart of the Ospreys’ midfield setting up the ruck from which Henry dummied and dived over for the Blues’ second score.With ten minutes to go Oxford were drawing the second half, but some tired legs began to give way and allowed the Ospreys to rack up a slightly flattering scoreline. A push over try from hooker Hibbard was followed by a blistering finish from rapid replacement winger Ryan Bayliss. Substitute Ashley Beck completed the scoring after some silky offloading in the Osprey backline.Director of rugby Steve Hill remained upbeat despite the heavy scoreline. “We competed well up front against quality opposition. If we can do that in Varsity we’ll have an excellent platform from which to play.”He did concede that there are still problems to address, “We must make our first up tackles and try to show some of the ruthlessness in attack that the Ospreys displayed today.”last_img read more

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Pie sales soar after website redesign

first_imgThe Nottinghamshire-based pie maker Lime Tree Pantry has increased its online sales by 600%, in one week, after it received a grant from the Food and Drink iNet to redevelop its website.Sales rocketed from an average of £333 per week to more than £2,331 in the first seven days following the launch of the site, designed by Voice Brand Design.Lime Tree Pantry, which produces more than 10,000 fruit and savoury pies a week, received a £5,967 Innovation Support Grant, which the firm match-funded. The website was then given a major facelift with the aim of encouraging more traffic to the site and, in turn, more orders.MD Damien Toms said the firm is “absolutely delighted” with the new website. “Voice Brand Design has opened our eyes to what using a professional marke-ting agency can do for sales. I am confident the site will continue to help us reach new customers.”Funded by East Midlands Development Agency (emda), the Food and Drink iNet is managed by a consortium, led by the Food & Drink Forum and including Food Processing Faraday, Nottingham Trent University, the University of Lincoln and the University of Nottingham.last_img read more

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Asian bakery delivers sweet success for new £1.2m Costcutter

first_imgAn Asian bakery has helped a Costcutter forecourt boost weekly sales by 25%.The Yaadgaar bakery, which forms part of the recently rebuilt £1.2m Costcutter Gulf premises in Ravensthorpe, Dewsbury, West Yorkshire, is the first of its kind on a UK forecourt and provides baked goods including fresh cakes, biscuits and savoury items as well as personalised celebratory cakes.“As well as offering international treats, we also provide all-day English breakfasts, lunch items such as burgers and samosas, chai lattes, Asian sweets and bakery goods, to keep people coming in throughout the day and evening,” said Yusuf Hans, one of five brothers in the family company MA Hans & Sons.“Our food-to-go offering now generates 25% of weekly sales and that figure is growing each month.”The decision to introduce the outlet, which has seating and also serves all-day English breakfasts and burgers, was made after speaking with regular customers and the local community, he added.The 3,000sq ft store, which is open 24 hours, seven days a week, has also developed an extended convenience range including food-to-go as well as PayPoint, National Lottery, a free cashpoint, fresh flowers and fuel.last_img read more

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Watch Nikki Glaspie Super Jam Tear Up The Gap Band’s “Humpin’” On Jam Cruise [Pro-Shot]

first_imgThe magical musical experience that is Jam Cruise will be setting sails next January, when Jam Cruise 16 takes over the Norwegian Jade from January 17th through 22nd. After it embarks from Miami, Florida, the cruise will round through Roatan, Honduras, and Grand Cayman during its weeklong circuit. One of the benefits of Jam Cruise and what makes it such a highly anticipated event each year is the intimacy provided by being trapped on a boat in the middle of the ocean with your favorite musicians—the event is chockful of awesome collaborations that are unlikely to go down elsewhere due to the fact that such huge name musicians rarely gather together will open schedules specifically for hanging out and making music.Watch Nikki Glaspie Crush Vocals On “Killing In The Name” With Galactic On Jam Cruise [Pro-Shot]One huge moment from this year’s Jam Cruise was The Nth Power’s Nikki Glaspie’s supergroup dubbed the Nikki Glaspie Super Jam. Today, Jam Cruise released new footage of the super jam getting down on The Gap Band’s “Humpin’.” This sweet collaboration went down on the last day of Jam Cruise on January 24th of this year on the Pool Deck. In the pro-shot video, you can see DJ Williams of Karl Denson’s Tiny Universe and Adam “Shmeeans” Smirnoff of Lettuce holding down guitar duties with Tony Hall on bass. Ivan Neville takes on the vocal duties for the number, with Joey Porter taking over toward the end of the video on talkbox. In addition to Neville and Porter, Nigel Hall also accompanies the duo on keys. You can check out the video for yourself below to get stoked for next year’s Jam Cruise, which is bound to have similarly all-star collaborations across its trip. You can check out this year’s massive Jam Cruise lineup here, and get more information about the event on its website here.last_img read more

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Reed, Borrello, Goodell Seek School Policy Clarity

first_imgeflon / Flickr / Piqsels / CC BY 2.0ALBANY — Rep. Tom Reed, State Sen. George Borrello and State Rep. Andrew Goodell are among a group of lawmakers who sent a letter to Gov. Andrew Cuomo blasting the state’s return to school guidelines.Reed and 12 New York State legislators sent a joint letter to Cuomo and the New York State Department of Health calling them out for what they say are confusing and potentially disastrous back-to-school guidance. The newly released New York State rules dramatically expand the criteria children or staff must meet before they can return to school.Previously, the state guidelines required students and staff to meet only one of these criteria: be quarantined for a certain number of days and be symptom-free upon return; receive approval from a primary care provider or school medical director after receiving an alternative diagnosis with similar symptoms such as ear infections, strep throat, seasonal allergies or other related illnesses or receive a negative COVID-19 test.Current guidance now requires staff and students who exhibit symptoms to meet all three criteria, which means these students and staff will require a negative COVID-19 test to return to school. This would place an undue burden on parents and families across the state, as well as cut children’s doctors out of the decision-making process. With this new policy, parents and school staff will often be responsible for the cost of COVID-19 tests. Likewise, these policies will unnecessarily overburden New York’s testing capacity, which in turn will take testing resources away from others.“We care about making sure common-sense guidelines are put into place that allow for a safe, practical return to school for students and staff alike,” said Reed. “These new state rules have introduced a tremendous amount of confusion and concern from parents, students, and staff worried about the burden of unnecessary costs and excessive classroom absences. We are committed to working together to make sure parents, students, and staff can all safely return to school and succeed in the classroom.”The letter calls for “common sense guidance that will provide clear, practical guidelines for a safe return to school that also does not overtax parents, staff, or the testing system.”In the letter, lawmakers argue the new testing levels will “dramatically curtail available testing capacity. COVID-19 has a wide array of symptoms including fever or chills, cough, shortness of breath or difficulty breathing, fatigue, muscle or body aches, headache, new loss of taste or smell, sore throat, congestion or runny nose, nausea or vomiting, and diarrhea. These symptoms also correspond with several common illnesses children get every year. If parents are required to have their child tested for exhibiting these symptoms, it will needlessly overwhelm our current capacity and take resources away from those that truly need it.”In addition, the writers argue testing results can often be delayed for nearly a week.“A child with a simple cough or runny nose, under these new rules, would be forced to stay at home and miss a week or more of school waiting for a COVID-19 negative test. Unnecessary absences will skyrocket, which in turn will limit children’s capacity to learn.”Also, the letter charges that new requirements will take “a child’s doctor out of the picture. There are illnesses that can be ruled out by family physicians. Under the current language, a child could see their doctor, test positive for Strep throat and still need a COVID-19 test before considering returning to school. This is not only a waste of COVID-19 testing capacity; increasing the number of tests unnecessarily delays the turnaround time for others waiting for a test result.”“Most major insurers are only reimbursing the cost of a COVID-19 test if it is medically necessary. By taking the doctor out of the equation, families will be forced to burden the cost of an unnecessary COVID-19 test. This could result in parents deciding to either not seek medical care for their child for fear of being required to personally cover a COVID-19 test, or parents trying to hide a child’s symptoms.” Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window)last_img read more

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Peru makes record cocaine seizure

first_img Jamaica seizes 121 kilograms of cocaine Meanwhile in Colombia, authorities released on probation late drug lord Pablo Escobar’s top hit man in exchange for his cooperation in the trial of Elberto Santofimio. John Jairo Velásquez Vásquez, aka Popeye, began four years of probation Aug. after serving as a witness for the state in the Santofimio trial. Velásquez Vásquez’s testimony was instrumental in the conviction of Santofimio for the murder of presidential candidate Luis Carlos Galán in 1989. Galán, whose campaign pledged to bring cartel members brought to justice, was fatally shot by Escobar’s hit men in a public square outside in Soacha in the department of Cundinamarca, where he was to deliver a speech. He was the favorite to win the election when he was killed on Aug. 18, 1989. Santofimo, a former justice minister and Galán’s rival in the election, is serving a 24-year prison sentence for ordering Galán’s murder. Velásquez Vásquez, 52, had eight years left on the sentence he received after being found guilty for murdering presidential candidate Luis Carlos Galán in 1989. After serving as the top hit man for late drug lord Pablo Escobar, he had spent 22 years in prison after confessing to murdering 300 people and coordinating the slayings of 3,000 others. Velásquez Vásquez said he also kidnapped former President Andrés Pastrana and killed his own girlfriend at the behest of Escobar, who led the ruthless Medellin cartel until his death in December 1993. By Dialogo September 01, 2014 Massive seizures of cocaine in Peru and Jamaica and the release on probation of late drug lord Pablo Escobar’s top hit man highlight the last few days of drug-related news. In Peru’s largest seizure in its history, authorities found six tons of cocaine hidden in a shipment of coal in Trujillo, police said on Aug. 27. The drugs would have been trafficked to Spain and Belgium, police said. Nine suspects – seven Peruvians and two Mexicans – were arrested in connection with the bust. The interdiction culminated a six-week operation that included cooperation with the U.S. Drug Enforcement Administration, according to Vicente Romero, the head of the Anti-Narcotics Division of Peru’s National Police. The cocaine may belong to a Mexican drug cartel, he added. The seizure represents a major step in Peru’s counter-narcotics fight since the country supplanted Colombia as the world’s leading cocaine-producing nation. According to the United Nations Office on Drugs and Crime’s (UNODC) 2012 Crop Monitoring Report, Peru is home to 13 regions encompassing 60,400 hectares that grow coca, which is the main ingredient used to produce cocaine. Peruvian authorities seized 2,200 metric tons of precursor chemicals bound for coca-growing regions, Romero said. The confiscated chemicals, combined with the coca crops that were destroyed, preventing at least 190 metric tons of cocaine from being produced, according to the National Commission for a Drug-Free Life (DEVIDA). Ninety-three percent of the country’s coca crops are used for the drug trade, with the remaining plants used for traditional consumption and industrial use, according to DEVIDA. So far this year, the Peruvian government is more than halfway to reaching its goal of eradicating 30,000 hectares of illegal coca crops in 2014, according to DEVIDA. “For the first time in several years, Peru is the only country in the Andean region with exponential eradication rates,” DEVIDA President Alberto Otárola told the United Nations Economic and Social Council on July 16. “We have managed to eradicate illegal coca by 17.5% in 2013. DEVIDA’s post-eradication plan seeks to address the problem from a development perspective on three axes – social inclusion, government investment and the environment.” center_img Pablo Escobar’s enforcer cooperates with authorities, granted probation Jamaican security forces also succeeded in counter-narcotics operations. Jamaican authorities recently seized 121.1 kilograms of cocaine. Jamaica’s Transnational Crime and Narcotics Division (TCND) and the Contraband Enforcement Team interdicted the haul during a joint operation at Kingston Wharves, police said in a prepared statement on Aug. 25. The haul is valued at $1.29 million (USD). Authorities found the cocaine in four bags while searching a container that contained lumber on a ship that had arrived from Suriname and was destined for China. Authorities made no arrests in connection with the seizure. Police are asking anyone with information regarding the cocaine’s owner to contact the TCND or the nearest police station. last_img read more

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Maduro Promotes Military Officers as Candidates for the National Assembly

first_imgBy Diálogo November 20, 2020 The illegitimate Nicolás Maduro regime nominated 16 military officers, some of them proven corrupt and sanctioned, in an active reserve capacity for Venezuela’s December 6 fraudulent parliamentary elections. Some of them could even still be on active duty, as the pronouncements of their retirements have not been published.Maduro disclosed these names as part of the 120 nominations for the renewal of National Assembly representatives, the Venezuelan newspaper El Universal reported. Notable among the new faces are General Jesús Suárez Chourio, former commander of the Bolivarian National Armed Forces (FANB, in Spanish), and Major General Alexis Rodríguez Cabello (Diosdado Cabello’s cousin), former head of the Capital Integral Strategic Defense Region and former Bolivarian Army commander.The illegitimate regime also nominated Bolivarian National Guard (GNB, in Spanish) major generals Manuel Quevedo and Antonio Benavides Torres, who served respectively as chair of Petróleos de Venezuela and general commander of the GNB.The U.S. Department of the Treasury sanctioned generals Suárez Chourio, Quevedo, and Benavides Torres due to their support for the Maduro regime, their participation in the corrupt diversion of resources needed to mitigate the humanitarian emergency in Venezuela, and violations of citizens’ fundamental human rights. The Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Gen. Suárez in July 2017, Maj. Gen. Quevedo in February 2019, and Maj. Gen. Benavides Torres in March 2015.The European Union also sanctioned Maj. Gen. Benavides Torres, in a decision approved by its parliament in January 2018.According to Luis Alberto Buttó, a Venezuelan historian who specializes in civil-military relations and director of the Latin American Center for Security Studies at Simón Bolívar University, the decision to promote these officers to the National Assembly is the result of a political model that was conceived two decades ago.“The regime’s leadership has always referred to a political-military leadership of the revolution, which means that the military are front-line political actors. From executors of public policies, they have become the government, and now [the regime] wants to control the legislative power with them,” Buttó said.He said that this group of candidates for the Venezuelan Parliament, who emerged from FANB ranks, represents the recognition of a share of power for the military within the ruling party.“There is a symbiosis between the high command and the revolutionary leadership. That is indisputable. That identity precedes this election, because this is a project with military origins,” he said.International repudiationThe United States and the European Union announced that they will not recognize the results of this farce election, considering that the minimum conditions to guarantee equality and transparency in the results are not met, demanding free and fair presidential and parliamentary elections.The opposition, led by Interim President Juan Guaidó, announced that it would not take part. Representatives of other political opposition entities, such as Henrique Capriles, also opted to withdraw from the election, once the European Union decided not to send an electoral observation mission, as announced by Josep Borrell, high representative of the European Union for Foreign Affairs and Security Policy, on September 30.According to Bolivarian Army Brigadier General (ret.) Juan Antonio Herrera, head of the Military Institutional Front, an organization of 266 retired officers aimed at preventing the FANB from deviating from the constitutional mandate, these officers’ nominations “further politicize the Armed Forces in all its elements,” in open violation of the constitution’s Article 328 provisions, which states that the military institution will only be at the service of the nation, not of any political preference.Brig. Gen. Herrera said that the regime aims to consolidate the FANB as the “armed wing” of the ruling party.“This military faction will legislate in favor of politicizing the Armed Forces, putting it at the service of a political project,” he said.The military institution itself is conducting an operation to support and monitor the electoral process, and in the last week of October carried out the first voting simulations in every state of the country.Brig. Gen. Herrera noted that this process, in which the military are arbitrators and also an interested party, raises conflicts and contradictions within the FANB, as there is “still a sector that reads the constitution.”According to Buttó, the debate should focus on the elections’ lack of legitimacy, as well as on the fact that the results will not have the international community’s official recognition.last_img read more

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Understanding Gen Y

first_imgGen Y consumers will earn 46% of the income in the United States by 2025, but they’re often misunderstood or ignored by banks and credit unions. And, if banks and credit unions want to survive, they need to change their approach to reaching this valuable demographic.In a report published by Javelin Strategy & Research along with Comrade Agency, we learn that although Gen Y is thought of as one group, there are actually two distinct subgroups making up Gen Y:Gen Y.1 – Made up of 31 million individuals 18–24 years old. They are financially inexperienced college kids, and many still have someone else managing their money. This group is financially uncommitted to any one service provider and are great targets for prepaid cards and basic checking accounts.Gen Y.2 –  Made up of 42 million individuals 25-34 years old. They are educated, employed, and manage their own money. This subgroup is highly engaged in financial services and are tech-savvy with an appetite for financial products. Generally experienced when it comes to banking, but still in need of help with financial planning, retirement planning, home loans and auto loans. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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