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Lord & Taylor Sells NYC Flagship Store for $850 Million

Lord & Taylor’s flagship store in New York City. PHOTO: RICHARD B. LEVINE/ZUMA PRESS

Lord & Taylor’s flagship store in New York City. PHOTO: RICHARD B. LEVINE/ZUMA PRESS

Lord & Taylor is selling its flagship New York City store for $850 million, a move that will convert most of the landmark building into office space and the headquarters of real estate startup WeWork Cos.

The transaction, part of an effort by Lord & Taylor parent Hudson’s Bay Co. to reduce its debt, is the most dramatic sign of how even grand stores are giving way to more profitable uses. As more shopping shifts online and fewer people visit stores, retailers from Macy’s Inc. to Sears Holdings Corp. are trying to sell or redevelop hundreds of locations; mall owners are increasingly turning anchor store spaces into grocery stores or gyms.

Lord & Taylor has operated its store on Manhattan’s Fifth Avenue since 1914. The limestone structure, in an Italian Renaissance style, was designed by the same architects who built the Saks Fifth Avenue flagship further uptown. Both are owned by Hudson’s Bay, a Canadian retailer that acquired the two U.S. chains in recent years.

Lord & Taylor will continue to operate a smaller store at the location, but most of the 12-floor building will become WeWork’s headquarters and other office space. The Lord & Taylor site was appraised at $655 million in 2016 when Hudson’s Bay refinanced the mortgage on the property.

For WeWork, which positions itself as real estate for the millennial generation, the deal gives it a visible position amid the changing winds of real estate. The seven-year-old company is one of the world’s richest startups, with a valuation of more than $20 billion. It generally takes on long-term leases for raw office space and builds out the interior with modern design and flexible spaces, which it subleases for terms of as short as a month.

winds of real estate. The seven-year-old company is one of the world’s richest startups, with a valuation of more than $20 billion. It generally takes on long-term leases for raw office space and builds out the interior with modern design and flexible spaces, which it subleases for terms of as short as a month.

Department stores have been struggling with falling sales as shoppers buy more online, shift their preferences to small specialty stores and spend more on travel and entertainment. Hudson’s Bay, which also owns a namesake Canadian chain and German department stores, isn’t immune. Losses at Hudson’s Bay’s nearly doubled to 422 million Canadian dollars (US$333 million) in the first six months of this fiscal year. Sales fell 0.9% to 6.49 billion Canadian dollars.

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Bush’s ‘Team 43’ and Our Wounded Heroes, Healing Together

During the annual veterans’ bike ride at the former president’s ranch, warriors show us what bravery means.

President Bush (second from right) and fellow riders at Prairie Chapel Ranch in Texas, October 7, 2017. (Photo: Grant Miller/George W. Bush Presidential Center)

President Bush (second from right) and fellow riders at Prairie Chapel Ranch in Texas, October 7, 2017. (Photo: Grant Miller/George W. Bush Presidential Center)

his past weekend, in Waco, Texas, more than 200 guests — wounded war heroes and their supporters – attended a dinner in their honor, sponsored by Robert Agostinelli, chairman of the board of the National Review Institute. These warriors came to Texas to participate in the yearly mountain-bike ride at the ranch of their former commander in chief, George W. Bush, a president who is deeply involved with their healing process as they recover from war wounds both visible and invisible. Agostinelli spoke directly to our war heroes:

After 9/11, each of you had a choice, and your choice was to defend this nation and our values and right to freedom. And you did so with your heart, your mind, and your soul, putting yourselves at daily mortal risk. Many have suffered great physical and emotional trauma and you’ve come back from a dark place to now become leaders in our nation. Finance and business leaders, community representatives.

Then he spoke to the rest of us:

We have a choice as well. We choose to be there for you. We are here to support you. We are family. Shoulder to shoulder forever. We will never forget you.

The healing goes on. The Bush Institute’s Warrior Wellness Alliance is focused on building a network of providers and veterans who suffer from the invisible wounds that are too often ignored — brain damage and psychological damage that can have more of an impact than physical wounds. The first step for a veteran is to admit he or she has a problem. Second, he or she gets involved with other warriors who have been through similar experiences and can relate. Caregivers including spouses are very important in this healing process.

Several of the inspiring vets whom President Bush painted in his book Portraits of Courage attended the event. Marine Corporal Dave Smith spoke to me about how he’s grown as he’s recovered from trauma. Smith accidentally shot a fellow Marine in the leg in Iraq — and almost committed suicide as a result. He put a gun in his mouth but reconsidered at the last minute when he thought of a fellow soldier who had succumbed to suicide. Smith’s motto now is “never give up,” and he is stronger. He proudly remembers “the ink on the hands of Iraqi civilians the first time they got to vote,” while Smith and other military personnel stood by to ensure the vote happened. He loves the Iraqi people and prays for them every day. He also loves his fellow warriors and says they are helping one another to heal.

Army Sergeant Michael Rodriguez (Rod) sustained multiple concussions in Iraq, which led to traumatic brain injury and double vision. He found corrective implantable lens that helped, but he needed to wear dark sunglasses for years until one day they were no longer necessary, and he was able to take them off. “I saw my son’s face light up,” Rod told me.

And he said, “Daddy, I can see your eyes!” And for me, I got that emotional connection back, which the sunglasses were preventing. I was hiding behind the sunglasses and wasn’t really facing what was going on with me. But taking that step, even just taking the sunglasses off, was probably one of the most healing moments of my life.

Retired Army Major Peter Way had his leg injured by shrapnel in Afghanistan and later amputated because of infection. He rides a hand cycle but this year switched to an E-bike (providing pedal assist), which he uses with a specially designed leg prosthesis. He treasures the experience that the E-bike allows him:

Out on the trail, that’s where the post-traumatic-stress, phantom leg pain and physical discomfort all goes away. It’s just me and nature and the bike and the trail.

Way echoed the sentiment expressed by Agostinelli the night before: “Everywhere I go, I appreciate the support I do have — Americans coming together.” During the first day of the mountain-bike ride this year, Way hurt his back and was hospitalized overnight. Bush’s “Team 43” came to check on him en masse: “There is never a doubt that someone has my back. Figuratively and literally. Team 43 will get me through these times. Like a secret handshake.”

Way came back the next day for the last part of the ride. His courage and determination in the face of intense pain was inspirational and contagious.

We can be sympathetic to the problems our vets face, “but we can’t possibly relate to what it’s like to see a friend killed in combat,” President Bush told me. “And yet, there are others who can. . . . Vets helping vets is the best way to help people transition from the military to civilian life.”

Every warrior I spoke to said the same thing about President Bush: that his caring and ability to relate to the vets is genuine. Said Way: “President Bush is one of us, he’s not an outsider. Everything I’ve been through and lost, he relates to. We love him.”

Read more at: http://www.nationalreview.com/article/452468/wounded-warriors-texas-bike-ride-george-bush-veterans-get-support-love

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Bulgarian capital unveils statue of Ronald Reagan to honor his victory over communism

Young America’s Foundation’s Reagan Ranch provided key support for the project.

RESTON, VA— A marble nine-foot monument of President Ronald Reagan is set to be unveiled May 10 in Bulgaria’s capital city of Sofia. The monument, which transpired with key input and advice from Young America’s Foundation and the Reagan Ranch, was erected in order to honor President Reagan’s critical contribution to the country’s liberation from communism. The ceremony honoring Ronald Reagan will take place at the entrance to Sofia’s famed South Park, one of the largest green spaces in the city.

The idea was first forwarded by Konstantin Aradbadzhiez, former mayor of Sofia, and approved by municipal officials in February of 2014. The Bulgarian people revere President Reagan for spearheading international efforts to topple the Soviet bloc, ushering in their transition to democratic rule.

75th U.S. Attorney General Edwin Meese III, co-chairman of the Reagan Ranch Board of Governors, and Andrew Coffin, director of the Reagan Ranch and vice president of Young America’s Foundation, both served on a jury of prominent officials who assisted the Bulgarians in selecting the winning artist, Boris Borisov, who imagined and created the monument of Ronald Reagan. The Union of Bulgarian Artists oversaw the competition.

George Allen, 67th Governor of Virginia and Reagan Ranch Presidential Scholar, and his wife Susan, along with Robert Agostinelli, represented Young America’s Foundation as members of its Reagan Ranch Board of Governors during the ceremony in Sofia.

“Ronald Reagan was not only committed to ensuring freedom in the US, but also to advancing freedom across the globe. When speaking of Bulgaria, he reminded us that, no matter where, ‘The violation of human rights…is the rightful cause of all free peoples.’ It is a privilege to partner with freedom-loving Bulgarians who seek to honor this legacy in a country transformed by the commitment of leaders like Ronald Reagan, Margaret Thatcher, and Pope John Paul II to turn back the tide of Communism and totalitarianism. I trust that this impressive statue in the heart of Sofia will encourage future generations to consider Ronald Reagan’s example and follow his lead,” stated Andrew Coffin, director of the Reagan Ranch and vice president of Young America’s Foundation.

In 1998, Young America’s Foundation stepped forward to save the Reagan Ranch. The Foundation views the preservation of President Reagan’s accomplishments as a critical element of its mission and uses his beloved ranch as a tool to inspire the next generation of Americans with the example he set.

Young America’s Foundation helps students plan “Freedom Not Socialism” educational programs at high schools and colleges nationwide.  Today’s American youth who blindly buy into the socialist schemes of Bernie Sanders can learn from those in Bulgaria who lived with the evil and violent ideology and the lack of personal liberty at the heart of it.  Supporting the monument in Sofia will ensure Ronald Reagan’s important work to topple this evil and promote free enterprise and limited government will be remembered for decades to come.

Source: http://www.yaf.org/news/bulgarian-capital-unveils-statue-ronald-reagan-honor-victory-communism/

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