BEARDSLEY ZOO PLANS CENTENNIAL CELEBRATION
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AWARD WINNING EDITORIAL INCLUDING THE HUDSON VALLEY JANUARY 24, 2022 VOL. 58, No. 4 westfaironline.com BEARDSLEY ZOO PLANS CENTENNIAL CELEBRATION BY JUSTIN MCGOWN and education center as well as an the stately grounds designed by based around the park’s green- day and night. Back in the day, jmcgown@westfairinc.coma economic driver for Bridgeport. Frederick Law Olmstead, the house. a trip to the zoo was a treat for C Even before Beardsley Zoo, landscape architect who created Over the course of a century, children but the emphasis was onnecticut’s Beardsley the city’s Beardsley Park was New York City’s Central Park. The much has changed. Zoo Director not education. Zoo celebrates its 100- known for sightings of exotic ani- chance to glimpse an elephant Gregg Dancho noted that the “We would come up here year anniversary in 2022, mals. P.T. Barnum’s famous circus or giraffe began drawing crowds, wide pathways through the zoo and just let the kids run around, marking a major evolution from a was headquartered in the city, and and by 1922 Parks Commissioner were originally active city streets get the energies out,” Dancho small collection of exotic birds and the animal handlers would take Wesley F. Hayes convinced the and cars could park right next to recalled. “There was no real edu- retired circus animals to a learning their charges for walks through city to establish a permanent zoo caged animals at any hour of the » BEARDSLEY ZOO 7 Israeli developer proposes 25-story 250-unit apartment building in Yonkers BY PETER KATZ a 25-story mixed-use building established a track record in NY LLC, a Kew Gardens-based lies within a downtown district Pkatz@westfairinc.com with 250 residential units in Yonkers with its development developer but was not built. The rezoned for mixed uses and S Yonkers. work at the Monarch at Ridge building was planned to be 15 a high concentration of com- ubsidiaries of Azorim The subsidiaries are Miroza Hill apartment complex. stories tall with an 1,850-square- mercial, residential and insti- Investment, Development Tower LLC and 5660 BVISTA The new proposal from foot eating and drinking estab- tutional developments with & Construction Co. Ltd., LLC, which own the proper- Azorim follows a previously-ap- lishment on the ground floor. ground-floor commercial uses which Dun & Bradstreet charac- ties to be used for the project proved proposal from a differ- The Business Journal reported to activate the street-level envi- terizes as one of Israel’s largest that have street addresses of ent developer. In 2017, a 156- at the time, “The roughly half- ronment.” and most stable real estate com- 44 Hudson St. and 56-60 Buena unit apartment complex was acre property at the corner of Attorney David Steinmetz panies, are proposing to build Vista Ave. Azorim already has proposed by Hudson Holdings Hudson and Hawthorne streets » YONKERS 6
Businesses face rising levels of shoplifting BY PHIL HALL suspects. Phall@westfairinc.com “What's helpful for us is being A a good witness attention to detail,” We don’t create gimmicks ccording to a new survey he said. “A description of what they to enrich ourselves; published by Business.org, were wearing, did they flee in a we enrich our readers 89% of small business own- vehicle — the more information we with news about where they ers identified as the victims of shop- have, the better because, obviously, live and work. lifting during 2021. we're getting there most of the time Most of the small business after the fact.” owners polled for the survey are Vaspasiano advocated for busi- MAIN OFFICE TELEPHONE dealing with shoplifters focused on nesses to install the most up-to-date 914-694-3600 smaller-value items preference for cameras and surveillance systems OFFICE FAX smaller-value items that can be eas- both inside and outside of a busi- 914-694-3699 EDITORIAL EMAIL ily concealed on the way to the exit, Photo by Morning Calm Weekly News / Flickr Creative Commons. ness. Phall@westfairinc.com such as food and drink, clothing “We don't run into a lot of plac- WRITE TO and cosmetics, although the sur- may still be happening, but what's groceries. es that don't have it these days, but 4 Smith Avenue, Suite #2 vey found small business owners more prevalent in retail — and has The Business.org survey also a lot of places can benefit from an Mount Kisco, NY 10549 were also being robbed of money been a trend that's been taking noted that only slightly more than upgrade,” he said. and electronics. One-quarter of place for at least the last 10 years or half of the small businesses victim- Vaspasiano expressed surprise the survey’s respondents said they so — is what we refer to as organized ized by these crimes file a police that the California-style of retail Publisher have dealt customers with stolen retail crime. It's two or more peo- report. Phelan insisted that percent- crime hasn’t taken root in this Dee DelBello credit cards and 21% had custom- ple working in conjunction to steal age should be much higher. region, although he recalled a bur- Executive Co-Publisher ers doing double-duty by steal dis- merchandise from retailers, and “We want to make sure we have glary during the midst of the Covid Dan Viteri Associate Publisher tracting cashiers with a legitimate that has been the biggest concern good lines of communication with pandemic when five people broke Anne Jordan purchase while simultaneously that the industry faces.” local law enforcement,” he said. into a pharmacy and ran off with stealing items. Phelan noted the wave of “There was a time in retail in which merchandise, adding that more What can businesses do to smash-and-grab crimes that impact- retailers expected that there was crimes of that nature could occur protect themselves from shoplift- ed Los Angeles and San Francisco going to be a certain amount of in the near future. NEWS ers? Tim Phelan, president of the last fall, with organized mobs ran- shoplifting, but we're way beyond “I think it's probably coming,” Fairfield Bureau Chief Connecticut Retail Merchants sacking upscale store, as the most that now. With these organized he warned. “One of the reasons I & Senior Enterprise Editor • Phil Hall Associations, believed the first thing extreme examples of these orga- retail groups, we have to take every- think it'll happen is because now Copy and Video Editor • Peter Katz to do is change the terminology nized crime rings. thing as seriously as possible.” that everybody has masks on, it Senior Reporter • Bill Heltzel Reporters related to the crime. “Something similar to that Detective Anthony Vaspasiano makes it extremely difficult to iden- Georgette Gouveia, Peter Katz, Justin McGown “We in the retail industry no lon- that took place in Oxford during of the Fairfield Police Department’s tify these suspects. And that kind of Assistant Editor • Bridget McCusker ger refer to it as simply shoplifting,” the holiday season at a grocery Criminal Investigation, stated flash mob mentality is overwhelm- Research Coordinator • Luis Flores Phelan explained. “Shoplifting has store,” Phelan said, referring to a that law enforcement has a bet- ing to these businesses. I think a connotation in which somebody November inncident involving four ter chance of apprehending those that's what's giving these people ART & PRODUCTION just comes in, opens up their coats, people robbing a supermarket by involved in retail larceny by having power to get away with these sorts Creative Director gets a CD in it and walks out. That wheeling out carts full of purloined the most in-depth reporting of the of actions." Dan Viteri Graphic Designer Sarafina Pavlak Westchester Elections Commissioner ADVERTISING SALES Reginald LaFayette dies at age 69 Manager • Anne Jordan Metro Sales & Custom Publishing Director Barbara Hanlon BY PETER KATZ Marketing & Events Director • Fatime Muriqi were both young men in Mount around the state would marvel at Marketing Partner • Marcia Pflug Pkatz@westfairinc.com Vernon — where we both first the close working relationship - Events Sales & Development • Marcia Pflug W became active in the communi- and yes the close friendship — that estchester County ty. We shared meals, advice and Reggie and I shared over the past AUDIENCE DEVELOPMENT Board of Elections even coached a little league team 13 years. Manager • Daniella Volpacchio Commissioner Reginald together." “Commissioner Reggie Research Assistant • Sarah Kimmer LaFayette died Saturday at age 69. Latimer described news of LaFayette will be remembered as There are two elections com- LaFayette's death as seeming to a true gentleman in an often rough- ADMINISTRATION missioners in Westchester, one be "surreal." and-tumble business," Colety said. Contracted CFO Services Adornetto & Company L.L.C. representing the Republicans "Tomorrow we go forward and "In an era of intense partisanship, and the other representing the we carry on and remember his Reggie had close friends in all polit- Westchester County Business Journal (USPS# 7100) Fairfield County Business Journal (USPS# 5830) is Democrats. LaFayette was the legacy of working for voting rights, ical parties who mourn this loss published Weekly, 52 times a year by Westfair Commu- nications, Inc., 701 Westchester Ave., White Democrat commissioner. In addi- diversity and equal opportunity today. His legacy is undeniable. For Plains, NY 10604. Periodicals Postage rates paid at White Plains, NY, USA 10610. tion, for about 15 years until 2020, Reginald LaFayette for all in government," Latimer those of us who knew Reggie best POSTMASTER: Send address changes to: LaFayette served as chairman of said. "I grieve with his children, and worked with him everyday, Westchester County Business Journal and Fairfield County Business Journal: the Westchester Democratic Party. had a long and distinguished his many friends and colleagues.” your political stripe did not matter by Westfair Communications, Inc., 701 Westchester Ave, White Plains, NY 10604. He most recently was chairman career as a public servant. He was LaFayette’s Republican coun- — we all valued his wise counsel, Annual subscription $60; $2.50 per issue of the Mount Vernon Democratic politically brilliant, and it is with- terpart at the Board of Elections, years of experience and devotion More than 40 percent of the Business Journal is printed on recycled newsprint. City Committee. out doubt that no person did more Douglas Colety, said, “It was my to his work ensuring free and fair © 2022 Westfair Communications Inc. All rights reserved. Westchester County Executive to bring diversity to city and coun- honor to work with Commissioner elections for all of Westchester.” Reproduction in whole or in part without written permis- sion is prohibited. George Latimer issued a statement ty government than Reggie. LaFayette, not only as a fellow The cause of LaFayette’s death A MEMBER OF saying, in part, "The entire County “He was insightful and tem- election commissioner, but also was not immediately disclosed. of Westchester mourns the death pered; he was my friend for near- as a fellow party leader. Many of Funeral arrangements were to be of Reginald A. LaFayette. Reggie ly 50 years starting when we our fellow election commissioners announced. 2 JANUARY 24, 2022 FCBJ WCBJ
Norwalk's Grist Mill Village site at the center of a lawsuit BY JUSTIN MCGOWN jmcgown@westfairinc.com B uilding C of the Grist Mill Village devel- opment on Glover Avenue in Norwalk is the subject of a lawsuit filed in the Stamford Judicial District between a contrac- tor and the owner for up to $500,000, includ- ing damages over nonpayment and breach of contract. The complaint filed by QSR Steel Corp. LLC on Jan. 15, 2021, called for the foreclosure of a mechanic’s lien on the structure. The original complaint named 170 Glover Avenue LLC as the defendant. The defendant is reg- istered with the same agents and address as Building and Land Technology LLC (BLT), who own and operate The Curb, a luxury apartment complex aimed at young profes- sionals with studio apartments starting at $1,860 per month. Located at the top of the Route 7 Connector within walking distance of the Merritt 7 train station undergoing a major upgrade, the location is in high demand for its proximity to transportation and offices along the Route 7 corridor. Building C, which is still under construction, is part of The Curb. QSR Steel is a Hartford-based company that specializes in structural steel for con- struction and provides miscellaneous metals Photo by Justin McGown. services. According to the complaint, QSR numerous lawsuits over the past few years. In and BLT agreed to a contract in June 2020 fact, both QSR and BLT are engaged in other with QSR overseeing continued construc- ongoing litigation with each other. Another tion on Building C. QSR alleges that between series of suits and countersuits between Aug. 10, 2020, and November of the same the two companies involving unpaid work of companies not taking advantage of tax credits and year it provided works and services worth conducted at 900 Pacific St. in downtown incentives? $494,767.50 but received no payment. Stamford at a section of the Harbor Point The complaint stated the interest development. Our team designs specialized retirement plans for business owners accrued on the unpaid amount in the months The Pacific Street case, also filed in the completely funded from little known tax credits and incentives most between the alleged nonpayment and the fil- Stamford Judicial District, has a similar time CPAs don't know about. ing along with the damages sought are cause frame but differs in that some payment was to round up the total to half-a-million dollars, received by QSR, $273,065.62 of $561,771.89. plus attorney’s fees. The counterclaim follows along almost the In their counterclaim, BLT alleged that exact same lines, citing poor performance Norton Advisory Group has over 35 years of the work performed by QSR or its subcontrac- and the costs of rectifying the alleged failures experience helping business owners with: tors was “supplied in a negligent, defective, justifying the short payment and covering incomplete, unworkmanlike and untimely BLT’s resulting attorney’s fees. Retirement Planning manner.” BLT asserted it had incurred dam- A representative of BLT said that due to ages because of either the quality of the work the pending litigation no comment could Buy-Sell and Succession Planning or lack of progress. be provided. QSR Steel did not respond to a Both parties have been involved in request for comment. Estate Planning and More NEWS To see if your business is owed money from these federal, state and local tax credits and incentives... NOON Sign up now at 45 Rockefeller Pl. Ste. 2000 New York, NY westfaironline.com (212) 574-7943 • www.nortonadvisorygroup.com FCBJ WCBJ JANUARY 24, 2022 3
CLICK HERE FOR VIDEO Budget Director Mujica, left, and Gov. Hochul at budget presentation Jan. 18, 2022. Hochul describes what's in new budget, Jan. 18, 2022. Reaction to proposed $216.3B state budget; businesses promised new help BY BRIDGET MCCUSKER AND PETER KATZ by pass-through entities with less shore wind infrastructure. set aside for the state’s Regional local leaders to also take a strong T than $1.5 million in income earned The Business Council of Economic Development Councils look at the regulatory and local he New York State Executive within New York state. Mujica esti- Westchester (BCW) also expressed and community revitalization proj- land use barriers that still ham- Budget for Fiscal Year (FY) mates that 195,000 small business- its approval for aspects of the bud- ects. per building the housing we need,” 2023 was unveiled Jan. 18 es would be helped. get, including the authorization The BCW voiced its disappoint- said Timothy Foley, CEO and exec- by Gov. Kathy Hochul and Budget The new budget extends aid for for the state to provide up to three ment, however, that the budget did utive vice president of the Building Director Robert Mujica Jr., and totals theaters and music venues in New additional casino licenses statewide, not include any regulatory reform and Realty Institute on behalf of $216.3 billion, an increase of $3.4 York City. The value of the program including the Downstate region. measures, a key advocacy area the Welcome Home Westchester billion from the current estimate of is doubled from $100 million to “A full-gaming license for for the group, to combat what it campaign. “That will ensure that what will be spent in FY 2022. $200 million to provide one-time Empire City has been the Business describes as overly aggressive Westchester's working families The budget calls for a surplus aid to eligible productions and revi- Council of Westchester's top leg- enforcement of newly enacted benefit from this level of invest- for the year of $6.4 billion. The talize tourism in the city. islative priority for the last four government regulations, especial- ment, rather than see it flow to state’s general cash fund balance is Infrastructure updates include years and in recent months, we ly for small businesses with fewer communities where it is easier to expected to shrink by $2.9 billion a new $32 billion Department of have consistently urged the gover- resources to ensure compliance. build accessory dwelling units, under the new budget. Transportation capital plan over the nor and legislature to get this done “We will continue to urge the transit-oriented development, and Hochul and Mujica spoke next five years, $500 million for pro- this year,” said BCW Executive Vice governor and the legislature to look other ways of filling our housing about the budget at the statehouse moting wind power, $500 million for President John Ravitz. “This is a at the BCW’s regulatory reform rec- shortage." in Albany. Mujica is a holdover clean water infrastructure and $1.6 crucial step for the long-term eco- ommendations and include them The budget provides for the from the Cuomo administration. billion to provide affordable broad- nomic health of both Westchester in the budget,” Ravitz said. state to pay a bonus to frontline Small businesses would be eli- band access across the state. and the Bronx, and we will careful- The budget also included health care workers of up to gible for a new tax relief program The budget accelerates the ly monitor the progress in getting a new five-year, $25 billion com- $3,000. It’s to help with recruit- targeting Covid-related expenses. phase-in of lower income tax rates these licenses approved.” prehensive housing plan to cre- ment and retention of qualified The program provides up to $250 for the middle class. The incremen- The budget took note of the ate and preserve 100,000 afford- frontline health care workers and million in additional relief to small tal cuts began in 2018 and were start of mobile sports betting in the able homes and electrify another direct support professionals. The businesses with the total figure put scheduled to fully phase in by state. It reported that four opera- 50,000, for which the “Welcome amount of the bonus will be based at $1 billion. 2025. The lower tax rates will now tors, Caesars, DraftKings, FanDuel Home Westchester” campaign on hours worked and length of Eligible Covid-related capital be fully phased in by 2023, which and Rush Street Interactive, began voiced its approval, saying that time in service. investments include, but are not decreases state tax receipts by $162 operations on Jan. 8, 2022, after housing is much-needed across “Our state is in a strong finan- limited to, costs associated with million in FY 2023. having receiving approval from the the state. cial position due to a combination expanding space to accommodate Westchester County Executive State Gaming Commission. On the The campaign is overseen by of factors, increased tax receipts, social distancing, HVAC equip- George Latimer praised Hochul’s first weekend, they took in $150 the Building and Realty Institute a thriving stock market and an ment, expenses related to out- leadership in the budget propos- million in bets. More than 650,000 and combines the input of build- influx of federal aid through the door space expansions, as well as al, particularly for its $900 million unique player accounts were uti- ing and development companies American Rescue Plan and the machinery and equipment to facil- in child care stabilization grants, lized. The budget book noted that with economic leaders like the Infrastructure Act, some of which itate contactless sales. which will cover operational costs BetMGM, under common owner- Westchester County Association have already been received, some An element providing limited for 15,000 child care providers ship with the Empire City Casino and Nonprofit Westchester, aca- with more still to come,” Hochul income tax relief to small business- statewide and which Latimer in Yonkers, started operations on demic leaders studying housing said. “As we assess the risks, we es was introduced in the budget. It described as urgently needed, and Jan. 17. and community organizations do have concerns about long-term allows qualifying businesses to sub- transportation and road improve- Along with approval for fund- focused on housing, homelessness economic erosion caused by the tract up to 15% of their net business ments. Latimer also recognized ing toward the health care system, and assistance. pandemic and the impact of infla- income or farm income from the the importance of the $4 billion tax relief, transportation and child “(It) could very well be a tion and even, hate to say it, but amount they have to report to the to be invested as part of the Clean care, the BCW also voiced support game-changer for high-cost, possible resurgence of Covid. We state for tax purposes. The current Water, Clean Air and Green Jobs for the governor’s $1.5 billion pro- high-tax communities within just can't predict the future. But I subtraction is capped at 5%. The Environmental Bond Act, along posal to expand SUNY and CUNY Westchester. We encourage the want to share with New Yorkers benefit is expanded to be usable with the funding set aside for off- teaching staff and the $1 billion Governor, the legislature, and that we are prepared.” 4 JANUARY 24, 2022 FCBJ WCBJ
Hudson Steppe developer sues Ossining for building permit BY BILL HELZEL application with all the asso- permit be reinstated, in a letter to Bheltzel@westfairinc.com ciated documents, plans, and Agostinelli, according to the petition, but A permit fees will be required ... received no response. fter securing numerous govern- if you are moving forward with Then, Kahan allegedly advised ment approvals for the long-de- the proposed scope of work." Ossining Land to take up the issue to the layed Hudson Steppe housing The problem, according Village Code Board of Appeals, an entity project in the village of Ossining, spend- to the petition, is that work that the developer says does not exist. ing more than $1.3 million on fees and was being done by a subcon- Kahan said the building permit back taxes, getting a building permit and tractor, JDA Contracting Corp., was "effectively revoked," in a letter starting site work, the village abruptly Ossining, and not by ASF to the developer's attorney, Darius P. stopped the project. Construction & Excavation Inc., Chafizadeh, White Plains, and was not Ossining Land LLC claims that an the Cortlandt Manor contractor subject to renewal. Ossining Land would inspector's decision to invalidate the listed on the building permit. have to "start the process anew." building permit was unlawful, and it Ossining Land argues The developer arg ues that petitioned Westchester Supreme Court that the village code does not Agostinelli does not have the discre- on Jan. 13 to compel the inspector to require a subcontractor to tion to invalidate a permit where work Hudson Steppe project. renew the permit. be listed on a building permit began before the six-month commence- If the permit is not reinstated, the in an email that the building permit was application, and that the village acted ment deadline. developer argues, the village could "invalid and closed" because work had in bad faith by not holding a hearing to Ossining Land is asking the court to also cancel several land-use approvals, not commenced in time. allow the developer to defend its actions. set aside the building inspector's action "jeopardizing the revitalization of the The inspector said "a new permit The developer demanded that the and compel him to renew the permit. dilapidated, run-down parcels of land in the village's downtown that will pro- vide much-needed housing (as well as affordable housing) to the residents of the village." Stuart E. Kahan, the village's corpo- rate counsel, said the action by the build- ing inspector "to revoke the building per- mit was taken in accord with the village code." He offered no additional comment on the allegations, stating that the village had not been served with the lawsuit. The 5.9-acre Hudson Steppe property at 34 State St. was once home to a wall- paper factory and offices, and it includes the Smith-Robinson House, a mid-1800s mansion that is on the village's register of historic properties. The developer wants to erect three buildings with 189 apartments on a slope overlooking the Hudson River and to renovate the mansion for use as offices. Ossining Land is affiliated with North Hill Capital Management, Manhattan, and is operated by Jonathan Kloos of Managing Your Money in Retirement Metropolis Realty Advisors. From 2004 through early 2021, the architectural review board, histor- ic preservation commission, planning board, zoning board and village trustees Whether you are planning your retirement or currently enjoying the retired life, knowing granted several land-use approvals for how best to manage your investments and retirement savings can be a challenge. the project, according to the petition. The building permit was approved a The Trust Officers and Investment Managers of First County Advisors year ago for construction estimated at can help with the answers you need, including highly personalized solutions $34.5 million. Work had to begin within six months, by village code, or no later that meet your retirement goals and plans. than July 19. Ossining Land says that preparations Learn more, or meet with our team. such as stockpiling materials and fencing began in early June. Excavation started FirstCountyAdvisors.com on July 16. The Wealth Management Division of First County Bank 203.462.4294 On July 19, the deadline for beginning the work, Kahan, the village attorney, Investments in stocks, bonds, mutual funds or other marketable securities are not a deposit or other obligation and are not guaranteed by First County exchanged emails with Kloos, acknowl- Advisors, the Wealth Management Division of First County Bank; are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other federal edging that excavation had started, government agency; and are subject to investment risks, including possible loss of the principal invested. This is not an offer or recommendation of particular investment products or services nor is it intended to provide specific financial, legal or tax advice. When First according to the petition. County Bank is acting solely as a custodian of assets, First County Advisors does not provide investment advice, research, NOT FDIC May Lose Value But on Sept. 15, Building Inspector or recommendations, or solicit transactions in connection with accommodation trades. INSURED No Bank Guarantee Joseph Agostinelli notified the developer FCBJ WCBJ JANUARY 24, 2022 5
1 Yonkers— of the White Plains-based firm Zarin & Steinmetz told the Yonkers Planning Board that when Azorim went before the city’s Zoning Board to request a 10-story height variance for the project, the city hired an economist who did a financial review of the proposal that did not get built. Zarin said that the economist realized that the 15-story project was never built because “the project was economically underwater, there was no return, and the expert report that the city received demonstrated that even at 25 stories with the 10 over the 15 our client is just mak- ing a rate of return that one would argue is acceptable.” Zarin said that Azorim initially want- ed to do a 27-story building with 267 apartments but after hearing comments eliminated two stories and 17 units. The proposed tower would include a parking garage with 222 spaces. An additional 25 parking spaces would be located off-site at 56-60 Buena Vista Ave., an approximately 387-feet walk from the tower at 44 Hudson St. The entrance to the off-site lot would have a motorized gate, which residents would be able to operate using a Key FOB. The tower would be built on a 0.43-acre parcel at the corner of Hudson Street and Hawthorne Avenue in downtown Yonkers. The second parcel of 0.22-acres located on Buena Vista Avenue would be for the outdoor parking lot. There would be 1,699 square feet of ground floor retail space in the tower. Amenities for residents would include: a party room; a library; a conference room; a gym; two lounges; a rooftop garden; and a children’s playroom. “The project will be compatible with the neighborhood, as numerous multi-family structures are located with- in the immediate vicinity of the pro- posed tower, including along the north side of Hudson Street and the west side of Hawthorne Avenue. In addition, the proposed tower itself will not border on any residential or institutional uses, but is adjoined to the south and east by a commercial plaza,” Steinmetz had told planners. Steinmetz pointed out that the Zoning Board declared itself lead agency for conducting an environmental review of the project under SEQRA, the State Environmental Quality Review Act. The review included among other things a traffic study, study of shadows the build- ing would cast onto other properties and an economic study. Rendering of proposed building at 44 Hudson St., Yonkers, as seen from just above street level. Murat Mutlu of INOA Architecture tower,” Mutlu said. He said there would and communication lines will be relocat- water runoff and slowly release it. said that the parking garage would be be parking entrances on both Hudson ed underground along the Hudson Street Steinmetz said that rents on 25 of five stories above grade and two-and- Street and Hawthorne Avenue. building frontage. Two or three utility poles the apartments would be priced to fit one-half stories below grade. Mutlu pointed out that the proposed likely would be removed. To mitigate the into the city’s affordable housing cat- “The above grade parking structure building would not stand out because of increase in stormwater from the increase in egory. is cladded with glass so that it blends in its height because of other tall buildings impervious surface at the site, a 2,250-gal- The Planning Board could vote on with the rest of the building and doesn’t in the area. lon storage tank would be installed in the whether to approve the project at its Feb. feel like a large parking garage under the The existing above-grade power lines basement of the building to hold the peak 9 meeting. 6 JANUARY 24, 2022 FCBJ WCBJ
1 Beardsley Zoo— of animals and create a festive nightscape. A formal gala will be held, and Dancho said he hopes to bring back the Beer and Wine Safari in June after a Covid-induced absence. Other activities will include a golf tournament, projects revolving around guest submitted photos, and as yet unannounced activities alongside the arrival of new animals. The first of those arrivals is a still unnamed giant anteater born in 2021. The Beardsley Zoo is polling the public to help choose a name for its latest addition by submitting suggestions online at beardsleyzoo.org/ anteater-naming.html. The Beardsley Zoo's new baby anteater hitches a ride on its mother's back. Contributed photo. cation, no conservation messaging going on. My parents brought us here because it AUCTION was the cheap place to take seven kids. It was free back then. “The single biggest change I see is how we perceive animals,” Dancho added, emphasizing the change in public percep- tion was led by new thinking in the field of BID DEADLINE: FEBRUARY 23 zookeeping. “Now we’re trying to show how beautiful these animals are and how they connect with us.” Dancho explained that the animals are no longer simply considered attractions, but are seen as partners in efforts to edu- cate the public and key resources in help- ing maintain the genetic diversity of rare animals from around the world. As one of Connecticut’s three facilities accredited by the Association of Zoos and Aquariums — the Maritime Aquarium at Norwalk and Mystic Aquarium are the others — the Beardsley Zoo is held up to some of the highest standards of animal welfare and educational programming quality in the TWELVE MULTI-FAMILY PROPERTIES world. “We're not here simply to show off ani- mals,” Dancho said. “That's not why we're here. We're here to work with endangered NEW ROCHELLE, NY species. We're here to work to get people understand what the value of this is.” To help mark the occasion of the 30 UNITS SURROUNDING IONA COLLEGE Beardsley Zoo’s 100-year anniversary, the zoo held a design contest for University Annual Gross Income: $1,057,000 of Bridgeport marketing and design stu- dents to create a temporary centennial logo, Excellent Investment Options which is one the first of a series of major Rent to Multi-Families, Student Population and/or Live and Rent Scenarios occasions celebrating not only the zoo and its animals but also its ties to the commu- nity. BUY ONE, SEVERAL OR ALL! A new bear habitat is set to open in 2022, which will mark the return of bears A&G Realty Brokerage, LLC to the Beardsley Zoo and a step forward on their master plan. It also represents the largest dollar figure for a single project in the zoo’s recent history, according to Dancho. 888.843.0258 Come the fall, the zoo will be decorated www.agrep-sales.com/NewRochelle with lanterns that cast lights in the shapes FCBJ WCBJ JANUARY 24, 2022 7
Fairfield County's 2021 office market recorded 23% increase in leasing activity BY PHIL HALL Within Fairfield County’s submarkets, Phall@westfairinc.com the CBDs in Greenwich and Stamford recorded the highest transaction levels, F accounting for 46% of all activity in Q4 airfield County’s office prop- and 41% for all of 2021. erty market closed 2021 on the The Greenwich CBD topped its five- upswing, according to new data year quarterly average by 81%, with published by CBRE. 92,000 square feet in Q4 and 340,000 For the full year of 2021, the region’s square feet for 2021. Financial services leasing activity totaled 1.7 million square tenants accounted for 79% of all of the feet, up 23% from 2020 but 13% below the Greenwich CBD’s leasing activity last five-year annual average. For the fourth year, up from 68% in 2020. quarter of the year, activity totaled The Stamford CBD recorded 268,000 554,000 square feet, up 28% from the square feet of leasing activity in Q4, third quarter and 4% above the five-year which was 39% better than its five-year quarterly average. Q4 marked the second quarterly average. For the full year, this consecutive quarter for increased leas- submarket totaled 653,000 square feet, ing activity and the second-best quarter up by 62% from 2020 but also 16% below for this commercial real estate sector its five-year annual average. Stamford’s since the Covid-19 pandemic took root. tenants were on the hunt for high-quality Sublease space leasing was also on space, with Class A buildings accounting the rise, accounting for 22% of all avail- for 95% of the quarterly total and 90% of able space during the quarter. This was a the full year’s transactions. 100 basis points increase from the third Elsewhere in Fairfield County, leas- quarter. A view of the Stamford CBD. Photo by JJBers / Flickr Creative Commons. ing activity was somewhat less vibrant. Q4 also saw the availability rate drop Putnam Ave. in Greenwich. the pricing of high-quality office space Central Fairfield recorded 69,000 for the second consecutive quarter — a 30 The largest lease renewals involved above the leasing average, particularly square feet in Q4 and 201,000 square basis points decline to 25.9% — although ONS’ 39,048-square-foot space at 5 High in the Stamford central business district feet for the full year, a 39% year-over-year that percentage was also close to the Ridge Park in Stamford and Axiom (CBD). decline. The Fairfield East submarket historically high levels. The market saw International Investors’ 35,024-square- Among the regional submarkets, saw 135,000 square feet in 2021 activi- 281,000 square feet of positive absorp- foot space at 33 Benedict Place in the Stamford CBD’s average asking rent ty, down 20% year-over-year, while the tion last year. Greenwich. was down 3% from the previous quarter Northern Fairfield submarket’s 2021 total During Q4, the largest transactions Fairfield County’s overall ask- and down 4% from one year earlier. The of 29,000 square feet represented an were Philip Morris USA’s arrival into a ing average rent in Q4 was $34.58 per Greenwich CBD’s rents were up 4% from 88% decline from 2020. The Eastern and 71,484-square-foot space at 677 Washington square foot, down 3% from the previous Q3 to $94.66 per square foot, and this Northern submarkets only generated Blvd. in Stamford and Apollo Management quarter and down 1% from Q4 2020. submarket’s average asking rent is now at 23,000 square feet and 9,000 square LP’s 43,403-square-foot lease at 100 West CBRE attributed the quarterly decline its highest level since Q4 2008. feet for 2021, respectively. Newmark sees strength in Westchester office market BY PETER KATZ feet at 601 Midland Ave. in Rye became Pkatz@westfairinc.com the top lease transaction for 2021. Just behind it were TierPoint’s leasing of T 167,270 square feet at 11 and 17 Skyline he office market in Westchester Drive in Hawthorne and Amalgamated continued gaining strength in the Life Insurance Company’s lease for fourth quarter of 2021 and closed 105,000 square feet at 333 Westchester the year on a stable footing, according to Ave. in White Plains. a new report from the commercial real “The pandemic continued to bring estate services firm Newmark. challenges to markets across the globe, The demand for space in Westchester but also caused business leaders to during the fourth quarter reached reimagine the workplace and adapt to 542,000 square feet, a high since the a new wave of employees working on Covid pandemic started. Westchester’s a hybrid schedule both remotely and total inventory of office space was in-office,” Newmark said. “The economy 27,11,634 square feet and at the end of the and property markets have proven their year 25.14% remained available for lease. resilience, though there are obstacles to The 25.14% was slightly lower than the navigate to continue to repurpose obso- 25.7% of space available in the third quar- Newmark office asking rent chart, Q4 2021. lete assets.” ter of last year and just below the 25.2% asked in the fourth quarter of 2021 com- and was consistent with the county’s Newmark noted that office availabili- availability in the fourth quarter of 2020. pared with $28.34 in the fourth quarter annual average from 2015 to 2019. ty in White Plains was below that of the The average asking rent for of 2020. Newmark said that a lease in the county as a whole with a 2.1% drop from Westchester office space was been fairly Newmark said that leasing activity fourth quarter of last year by the New the third quarter’s 21.2% availability to stable, with $28.44 per square foot being during 2021 totaled 2 million square feet York Blood Center for 187,181 square 20% for the fourth quarter of 2021. 8 JANUARY 24, 2022 FCBJ WCBJ
CONTRIBUTING WRITER | By Norman G. Grill Key business tax changes for 2021 BY NORMAN G. GRILL certain dollar amount. in 2022, the maximum monthly limitation but additional ones are likely to arise. Taxes E In 2022, these threshold amounts are for transportation in a commuter highway are complex and mistakes can be costly, very year brings changes to the $170,050 for single and head of household vehicle as well as any transit pass is $280. and one should consider seeking professional federal tax codes and 2022 is no filers and $340,100 for married taxpayers The monthly limitation for qualified park- advice on tax matters.) exception. Here is a checklist of key filing joint returns. ing is $280. Norm Grill, CPA, is managing partner of changes to help you with compliance and Research and Development Tax Grill & Partners LLC, certified public accoun- minimize your tax liability. Credit: Starting in 2018, businesses with (This column is for information only and tants and consultants to closely held com- Standard mileage rates: In 2022, the less than $50 million in gross receipts can should not be considered advice. This check- panies and high-net-worth individuals, with rate for business miles driven is 58.5 cents use this credit to offset alternative mini- list outlines important tax changes for 2022, offices in Fairfield and Darien. per mile, up 2.5 cents from the rate for mum tax. Certain start-up businesses that 2021. might not have any income tax liability Section 179 expensing: In 2022, the will be able to offset payroll taxes with the Section 179 expense deduction increases credit as well. to a maximum deduction of $1.08 million Work Opportunity Tax Credit: of the first $2.7 million of qualifying equip- Extended through 2025, as per the ment placed in service during the current Consolidated Appropriations Act of 2021, tax year. This amount is indexed to inflation the Work Opportunity Tax Credit is avail- for tax years after 2018. The deduction was able for employers who hire long-term enhanced under the Tax Cuts and Jobs Act unemployed individuals (unemployed for to include improvements to nonresidential 27 weeks or more) and is generally equal qualified real property such as roofs, fire to 40% of the first $6,000 of wages paid to protection, and alarm systems and secu- a new hire. rity systems, and heating, ventilation, and Employee health insurance expens- air-conditioning systems. es: For taxable years beginning in 2022, the Also worth noting is that costs associ- dollar amount of average wages is $28,700 ated with the purchase of any sport utility ($27,800 in 2021). This amount is used for vehicle, treated as a Section 179 expense, limiting the small employer health insur- cannot exceed $27,000. ance credit and for determining who is an Bonus depreciation: Businesses are eligible small employer for purposes of the allowed to immediately deduct 100% of the credit. cost of eligible property placed in service Business meals and entertainment after Sept. 27, 2017, and before Jan. 1, 2023, expenses: Taxpayers who incur food and after which it will be phased downward beverage expenses associated with oper- over a four-year period: 80% in 2023, 60% ating a trade or business are able to deduct in 2024, 40% in 2025, 20% in 2026, and 0% 100% (50% for tax years 2018-2020) of these in 2027 and years beyond. expenses for tax years 2021 and 2022, as Qualified business income deduc- per the Consolidated Appropriations Act tion: Eligible taxpayers are able to deduct of 2021, as long as the meal is provided by up to 20% of certain business income from a restaurant. qualified domestic businesses, as well as Employer-provided transportation certain dividends. To qualify for the deduc- fringe benefits: If you provide transpor- tion business income must not exceed a tation fringe benefits to your employees A Pristine & Luxury Facility to Rebuild & Recover We Specialize in: Short Term Rehabilitation Orthopedic Therapy Long Term Care Respite Care Memory Care Alzheimer’s & Dementia Hospice Care Wound Care/Wound Vac Respiratory Care Pain Management www.kingstreetrehab.com 787 King Street, Rye Brook, NY 10573 (914) 937-5800 On the Greenwich CT town line Photo by 401(k) 2012 / Flickr Creative Commons. FCBJ WCBJ JANUARY 24, 2022 9
Southport lawyer bicycles the 10,000-mile M A K IN in MS research fundraiser I M PA C G AN BY PHIL HALL T 2 02 2 Phall@westfairinc.com O n New Year’s Eve, Mark Carey completed the final 15 miles of the 10,000-mile of his solo bicy- cle ride that began on Jan. 10, 2021, with the goal of raising awareness and dona- tions for multiple sclerosis research. “For the curious, 10,000 miles is roughly three trips across the United States from Point Arena, California, the westernmost point of the U.S., to West Quoddy Head, Maine, the easternmost point of the U.S.,” said Carey, who is diagnosed with MS before we got mar- a year prior to the beginning of the and by the end of the year he amassed the owner of Carey of Associates PC a ried and has been dealing with it since,” pandemic about some fellow who had more than $16,000 in donations. Southport-based law firm specializing he said, adding that at the start of 2021 ridden the 10,000 miles in Brooklyn and “According to the National MS in employment discrimination litiga- his wife saw a news article about prog- Queens.” While he participated in MS Society, I ranked seventh overall in tion. ress being made on a vaccine to prevent fundraising rides before, he decided to the individual fundraising category for Carey stated his bicycling routes the further spread of MS in a body. push himself further. 2021,” he said. were “typically all around Fairfield “To hear news like that, it's like solv- “I contacted the National MS Society For 2022, Carey is doing an encore County,” with three-fourths of his mile- ing cancer,” he said. “But I was like, ‘What on January 10 and set up an individual fundraising ride, with the goal of ped- age accumulated on the open road and can I do? I'm only a lawyer — I represent DIY fundraiser, which I didn't know they aling 15,000 miles through Dec. 31. He the remaining miles clocked in during people who have MS. But there's nothing had,” he said. “They set up a Facebook added that he hoped other people would inclement weather on a trainer bike in I physically do.’” page landing page and I would just redi- follow his example by using sports activ- his garage and on a Peloton exercise Carey recalled being inspired to pur- rect all my social media to that.” ities to fundraise for medical research. bike. sue this accomplishment when he read Carey updated his social media fol- “If people can do that, that would be “About 30 years ago, my wife was “an article in the Wall Street Journal lowers throughout 2021 on his progress, inspiring,” he said. We offer COMPETITIVE, GAME-CHANGING, tools & services to propel your business to GROW AND SUCCEED! COMMERCIAL LOANS n Small Business Loan Programs (SBA) (Preferred SBA Lender) n Construction Loans n Lines of Credit and Term Loans n Commercial Mortgage Loans n Real Estate Acquisition and Development Loans BUSINESS PRODUCTS AND SERVICES n Deposit Services n Electronic Banking Services n Loan and Credit Cards n Cash Management n Merchant Services We have been lending in Fairfield and Westchester Counties for over 20 years. To learn more call 844-SBD-Bank, or visit SBDanbury.com. 10 JANUARY 24, 2022 FCBJ WCBJ
Real estate’s rebound examined in HGAR event BY PETER KATZ school reopening for in-person learn- Pkatz@westfairinc.com ing. N “If you wanted your child to stay in ew York’s resilience and the school in New York you needed to move rebound in the real estate market back to the city,” Tracey said. “Suddenly in the city as well as throughout you were going to be working from home the Hudson Valley came under scrutiny with kids going back to school and you during a webinar produced by the Hudson needed something bigger, larger. Your Gateway Association of Realtors (HGAR) concept of what it meant to live in a New in the series “Getting the Deal Done.” York City apartment and the space you HGAR’s CEO Richard Haggerty needed changed dramatically.” said, “We rounded out last year with Tracey said that at Citi they see the record-breaking numbers. The post- Federal Reserve tightening interest rates Covid surge and recovery continued in small steps through 2024 to control well into 2021. Comparing 2021 resi- inflation, which will result in mortgage dential sales to 2019 residential sales, Richard Haggerty. rate increases. She said the bank sees Westchester was up 19%, Putnam 10-year adjustable rate mortgages at County 10.6%, Rockland 19%, Orange around 2.1% by the end of the year. She 11%, Dutchess 20%, Suffolk almost 12%. said the bank does not see mortgage Interestingly, Queens and the Bronx rates going into the 6, 7 and 8% range. had just an incredible rebound: Queens Joe Rand, chief creative officer of 65.7%, 2021 over 2020, and Bronx 61% Howard Hanna-Rand Realty and exec- from 2020.” utive director of Broker Public Portal Haggerty reported that there was said, “In a time when people see infla- some softening of the market in the tion coming, real estate is generally a fourth quarter of 2021. good hedge on inf lation. That should “I really expected that to happen, help the market overall.” quite frankly, because we just couldn’t Rand said that rather than focusing maintain that frenzied pace. I think what on interest rates, people need to pay we really saw in the fourth quarter of attention to the actual cost of carrying 2021 was a return to the seasonality a home in terms of dollars spent each of the market that we lost in 2019,” month. Haggerty said. “In 2019, we knew that the “Right now, in real dollar terms, the market totally closed down for all intents Jonathan Miller. monthly payments to buy a home in the and purposes in the second quarter, Hudson Valley and Northern New Jersey came roaring back in terms of showings are … as low as they’ve been anytime and accepted offers in the third quarter and much lower than the mid-2000s and and that led to a ton of closings in the much lower than the mid-80s because fourth quarter.” the rates have been so low,” Rand said. Haggerty said that people should not “Now rates creep up. That’s going to take be misled by the fourth quarter 2021 away a little bit of that and the fact is softness. prices have gone up.” “I’m very bullish as we go into 2022," Miller said that the residential rental Haggerty said. market recovery is following the level of Jonathan Miller of Manhattan-based office reopenings. real estate appraisers and consultants “All those central business districts Miller Samuel Inc., said, “Westchester are going to enjoy greater tenancy and counties north of the city just were because ultimately if I have to come in a rocket ships as I described it in terms couple of days a week versus five days a of activity and Manhattan was asleep. week at home maybe I’ll live closer to the The city now is the outlier in the sense Marissa Tracey. office,” Miller said. that they still haven’t caught up to what Tracey said that financial services happened in the surrounding counties companies want to see their employees and I think we’re going to see that in the in the office. first half of 2022; heavy, heavy volume “I don’t think it’s a one day a week. continuing, bidding wars rising, all that I think three days a week may be the intensity.” new normal,” Tracey said. “Some people Miller said that the suburbs have a may be able to get two, some people it problem that the city doesn’t have. may be four, but I think that at the sort “The city … it has more to sell,” Miller of studio/one-bedroom purchase price said. “The characteristic for the suburbs and the rental market you’re going to see and you could argue for most of the increased demand there because … the country is that inventory is not just low, younger people, the 30s and under, who it is insanely low.” now need to be in the office are going Marissa Tracey, director and glob- to need a place to live and for those two al private banker at Citi Private Bank, days a week when they are working from said that the demand for residential real home they want a nice place to live and estate in Manhattan was driven in part in they’re willing to spend more money on the second and third quarters of 2021 by Joe Rand. that.” FCBJ WCBJ JANUARY 24, 2022 11
Clarapath trailblazes tin automating laboratory pathology processes BY BRIDGET MCCUSKER bmccusker@westfairinc.com A lthough you have likely used their services throughout your life either directly or indirectly, you may have never heard of histotechnicians or histotech- nologists, who prepare tissue specimens for examination by clinicians, surgeons or researchers. Their work allows biopsied tis- sue processed in pathology laboratories to be identified, whether it be a tumor, an abnormal- ity or healthy tissue. Just as demand for many health care careers is increasing, though, so is the demand for histotechnology experts. According to an article published by the National Society for Histotechnology’s blog, shortages in the industry have reached a critical status, driven largely by an aging workforce and increase in retirement rates, along with a declining number of clinical education programs. The education issue has been reinforced by the Covid-19 pandemic, wherein students have had more difficulty accessing clinical rounds. As a result of all of this, there are not enough qualified individuals to fill current vacancies. A Westchester medical technology and Clarapath’s SectionStar. robotics company, Clarapath, is hoping to address this problem, however, through their changed from then (2014) to now. Back then, finalized and has undergone several pilot automated laboratory tools. The SectionStar, the average age of a histotechnician was programs in clinical settings like Northwell Clarapath’s device, is a machine that mimics probably about 50 years old … Today the Health, but has no official customers yet. a human histotechnician. average age of the workforce is 59. Then Its Series B round of funding brought in $16 Originally, Clarapath was conceived as a Covid hit, and you’ve heard and read in the million, from sources like The 4100 Group, spinoff of Dr. Partha Mitra’s research at Cold news that clinicians are overworked, and East Post Road Ventures (the investment arm Spring Harbor Labs, a biomedical research people are exhausted. COVID has just put a of White Plains Hospital), Epiphron Capital, and education facility located in Long Isand. serious dent in things, and people are now Northwell Ventures, P5 Health Ventures and Mitra’s research concerned neuroanatomy, exiting the workforce at a much higher rate. other organizations. That most recent fund- and thus necessitated brain tissue samples, "So you have no one actually filling the ing round brings Clarapath’s total raised to numbering in the hundreds of thousands. His funnel of talent while people are leaving, and $39 million. lab used a manual histopathological method you've got an increase in demand for test- According to Feinstein, the new funding Clarapath President and CEO Eric Feinstein. called the “tape-transfer method,” in which ing. We have a fundamental problem where will be used to support Clarapath as it plans brain tissue is cut into micrometer-thin sec- the demand for tests is going up and we have to expand rapidly, in terms of products and important. And obviously people are the tions, transferred to a piece of tape, and then a supply of talent going down. So if you don't services, mergers and acquisitions, work- most important asset — it's impossible if we transported to glass slides for examination. have enough people to, again, process tissue, force and even physical space. The company didn't have a very, very robust workforce.” According to Clarapath’s president and you've got a really big problem — it's a public plans to expand its corporate headquarters Feinstein is confident that the technology CEO Eric Feinstein, this process, called micro- health problem.” presence on Skyline Drive in Hawthorne by will reach across both clinical and nonclinical tomy, is the only step in tissue processing that Clarapath’s automation and cutting-edge building out a new facility for on-site integra- settings to meet a long-overdue need. has not yet been automated. Seeing this need, robotics have the potential to transform tion and fabrication. “This is the entire premise of what we're Mitra, who remains with Clarapath as a mem- the industry. Histotechnical processes have Feinstein also said that the company’s doing here — to provide a new standard in ber of its board of directors, was inspired to always required human expertise and con- location in Westchester allows it to sit at the laboratories … to become ubiquitous in every create a fully automated microtomy system, trol, but the company’s technology has been cross section of multiple industry hot spots — hospital laboratory, as well as research and which we know now as the SectionStar. The through roughly eight years of development precision manufacturing in upstate New York, pharmaceutical," he said. "You'd hope that SectionStar makes the process scalable, miti- to mimic all the necessary skills of the human Connecticut and Western Massachusetts, there's something better than what exists gating delays and costs, and allows for more hand, eyes and brain in the process, packag- pharmaceutical firms in New Jersey and tech- — that's the frightening thing here. To most precise results. ing nine steps into one device. Automation nology and software in Manhattan. people, you know, pathology and laboratory Feinstein said the tape-transfer method, also reduces the risk of mistakes in medical “So we kind of blend in here … We bring medicine is like a redheaded stepchild that the unique way of cutting the tissue and procedures like biopsies that rely on these all of those disciplines together. Most orga- no one wants to talk to. It’s sitting in the putting it back together, was the genesis of processes. nizations don't have all of them under one basement of a hospital, it’s in the dungeon. Clarapath. The technology is not just for clinical roof, particularly at a company of this size. It doesn't matter where you go. There are “There was a very pragmatic sort of prob- markets, for patients of hospitals, clinics and We also bring all of the pharma companies always capital constraints and yet, it is the lem, which is that we don't have enough medical centers, but also for nonclinical set- and customers as well as clinical customers. crux of practicing medicine. And you would people to cut the tissue. What do we do?” tings in which cell and tissue samples are So with Northwell and White Plains Hospital, think that all of these things are fully auto- Feinstein said. “So let's create a machine to necessary, like drug and toxicology devel- and New York Medical College, we happen to mated, with no issues. The reality is that this automate it. Little did the original founder opment, pharmaceutical firms and contract be sitting in a lot of clinical sites. It's bringing particular area of pathology, and this is not and everyone else know at the time that research organizations. all of that together under one roof. The labor an exaggeration, hasn't changed in over a there was a severe labor shortage. A lot's The SectionStar device is currently being force, and the ecosystem around it, is very hundred years.” 12 JANUARY 24, 2022 FCBJ WCBJ
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