Designs for this long-vacant Bronx armory were just approved—take a gander at the upgrades
Dubbed El Centro Kingsbridge, the $500 million project will revive the 1917 behemoth with a mix of preservation and reinvention. Think: restored copper-roofed turrets and archways paired with solar panels, skylights and sleek new glass doors. The cavernous drill hall will transform into a light-filled public concourse complete with food vendors, programming space and entrances at all four corners.
Upstairs, a newly inserted floor will house an entertainment venue, cultural spaces and community rooms, while the level below it will be outfitted for light manufacturing incubators and offices—aka, a playground for local entrepreneurs. And down on the basement level: parking and event loading zones (because even reinvention needs a back-of-house).
Outside, a new Kingsbridge Plaza will fill a critical green space gap in the neighborhood, complete with shaded market stalls, movable furniture and stormwater gardens. Along Reservoir Avenue, a landscaped 'allee' will provide seating and improve circulation. The vision even includes preserving a grove of mature trees because not everything has to be new to be fresh.
The residential component, a 16-story building planned for the north side of the site, will deliver 500 affordable apartments across four income tiers. Designed to play nice with the historic armory, the tower includes a central cut-through offering direct access to the armory from West 195th Street.
El Centro Kingsbridge is helmed by 8th Regiment Partners (a collab between Maddd Equities and Joy Construction), with design by FXCollaborative, Aufgang and SCAPE. The proposal will next be reviewed by City Planning and City Council, with a final vote expected in November. If all goes to plan, construction is expected to begin in 2027 and be completed by 2032. Hey, for a building that's waited 30 years, what's seven more?
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Time Out
2 days ago
- Time Out
Designs for this long-vacant Bronx armory were just approved—take a gander at the upgrades
After three decades of dashed dreams and dormant space, the Kingsbridge Armory is finally getting its comeback moment. The city's Landmarks Preservation Commission just gave a green light to a sweeping redesign that reimagines the 570,000-square-foot fortress as a bustling new cultural and community hub—one part event venue, one part local launchpad, and all Bronx. Dubbed El Centro Kingsbridge, the $500 million project will revive the 1917 behemoth with a mix of preservation and reinvention. Think: restored copper-roofed turrets and archways paired with solar panels, skylights and sleek new glass doors. The cavernous drill hall will transform into a light-filled public concourse complete with food vendors, programming space and entrances at all four corners. Upstairs, a newly inserted floor will house an entertainment venue, cultural spaces and community rooms, while the level below it will be outfitted for light manufacturing incubators and offices—aka, a playground for local entrepreneurs. And down on the basement level: parking and event loading zones (because even reinvention needs a back-of-house). Outside, a new Kingsbridge Plaza will fill a critical green space gap in the neighborhood, complete with shaded market stalls, movable furniture and stormwater gardens. Along Reservoir Avenue, a landscaped 'allee' will provide seating and improve circulation. The vision even includes preserving a grove of mature trees because not everything has to be new to be fresh. The residential component, a 16-story building planned for the north side of the site, will deliver 500 affordable apartments across four income tiers. Designed to play nice with the historic armory, the tower includes a central cut-through offering direct access to the armory from West 195th Street. El Centro Kingsbridge is helmed by 8th Regiment Partners (a collab between Maddd Equities and Joy Construction), with design by FXCollaborative, Aufgang and SCAPE. The proposal will next be reviewed by City Planning and City Council, with a final vote expected in November. If all goes to plan, construction is expected to begin in 2027 and be completed by 2032. Hey, for a building that's waited 30 years, what's seven more?
Reuters
10-03-2025
- Reuters
German spending boost to leave lasting impact on world bond markets
Summary Companies Investors excited by German spending boost, more bond sales 10-year Bund yield rose the most in a week since 1990 Yields seen reaching levels not sustained since before 2009 Higher German yields have knock on effects on yields globally LONDON/SINGAPORE, March 10 (Reuters) - A sea change in German fiscal policy is rapidly transforming global bond markets as it is expected to increase the pool of top-rated, safe-haven debt and propel Germany into a new era of structurally higher government bond yields. The parties hoping to form Germany's next government agreed last week to create a 500 billion euro ($543 billion) infrastructure fund and overhaul borrowing rules. In response, Germany's bond market suffered its biggest weekly selloff since the 1990s, pushing 10-year bond yields up more than 40 basis points to around 2.9% , as investors anticipated a jump in bond sales to fund increased spending. Even considering road bumps such as securing parliamentary support to pass reforms, many suspect the end result will be a lasting shift for German government bonds, the euro area benchmark. Several banks reckon 10-year Bund yields could now reach 3%, more than 20 bps above Monday's trading. The German 10-year yield has not sustained a level above 3% since the global financial crisis and the government's 2009 introduction of a "debt brake" to balance the books. It fell below 0% between 2019 and 2022 and ended last year just above 2%. But investors are suddenly facing the prospect of a more dynamic German economy with higher growth and higher borrowing. "To suddenly have this fiscal impulse from Germany, a paradigm shift, it makes our clients question the region completely differently," said Kal El-Wahab, head of EMEA linear rates trading at BofA, who noted that for much of his twenty-year-long career the outlook for Europe's economy had been sluggish. El-Wahab said it was too early for large structural portfolio shifts to take place, but trading activity so far showed there was conviction around the European growth story. Germany's plans and increased European defence spending increase potential GDP growth by 1.5% in Germany and 0.8% in the euro zone by 2030, BNP Paribas estimates. Meanwhile, Commerzbank says the measures could easily add up to more than 1 trillion euros of additional debt over the next 10 years, significantly boosting the supply of top-rated bonds sought after by investors globally. Overall, Germany's AAA rating benefits from its high fiscal flexibility, S&P Global Ratings said. "This fiscal awakening is a push further into collateral abundance with far-reaching consequences for Bunds and their place in the European government bond market," said Barclays head of rates strategy Rohan Khanna. Khanna said Germany's market had been "plagued by scarcity" with negative net bond issuance for seven of the past 10 years, when taking central bank purchases into account. SPILLOVERS Germany's shifting price dynamics have rippled across Europe and beyond, because if global bond investors can earn nearly 3% on German debt, they will expect higher yields elsewhere. French and Italian borrowing costs also jumped by roughly 40 bps each last week, worse news for their more highly-indebted governments. U.S. Treasuries largely went their own way as they grappled with slowing U.S. growth, but British 10-year gilt yields were up almost 20 bps to seven-week highs and Japan's already-rising 10-year yield touched 16-year highs of 1.53%. "Japanese government bonds will effectively need to compete with Bunds in yield," said Ales Koutny, Vanguard's head of international rates. "We now see 2% in 10-year JGBs as a realistic target, as capital flow out of Europe will be meaningfully jolted by this change in German policy." Life insurers, among the most significant Japanese investors, arrange their assets to match liabilities and are not opportunistic traders, while they and others tend to hedge currency exposure, meaning a 10-year Bund with a 2.9% yield may only earn about 1.2%, less than a 10-year JGB but more than around 0.7% on a hedged 10-year Treasury . But, with nearly 430 trillion yen ($2.92 trillion) in assets and about a quarter of that abroad, small changes in allocations can have a meaningful impact on foreign markets, particularly European ones that have faced Japanese outflows. Goldman Sachs estimates that German yields could rise even further with the spending plans implying a potential range of 3.0-3.75% for Bund yields. "There may be some risks of capital outflows from the U.S. ... because higher yielding Bunds would make them a peer of Treasuries," said Amundi Investment Institute head Monica Defend. Nuveen global investment strategist Laura Cooper cautioned that U.S. tariff uncertainty could temper the rise in German yields although momentum remained behind a move higher. "Historically when you come from below fair value you don't just hit that, you can go as much as 50 bps higher," said Aviva Investors senior economist Vasileios Gkionakis, estimating fair value for German yields at 3.1-3.2%. "We can put conditions on how quickly change will come from Germany but right now I cannot believe the headlines I'm reading."
Reuters
12-02-2025
- Reuters
UK-based trader wins fight against extradition to US on insider dealing charges
LONDON, Feb 12 (Reuters) - A British-Lebanese securities trader wanted in the United States for alleged insider dealing on Wednesday won his fight against extradition at the United Kingdom's Supreme Court. Joseph El-Khouri was charged in New York in 2019 alongside five others, accused of being part of an insider trading ring. He faced 17 charges, including securities and wire fraud. U.S. prosecutors allege El-Khouri made substantial payments to a middleman – including chartering a yacht in Greece and renting a ski chalet in France – for confidential inside information, making profits of around $2 million. El-Khouri challenged his proposed extradition to the U.S. and the Supreme Court upheld his appeal on Wednesday, ruling that almost all the alleged criminality took place in Britain. "No part of the conduct alleged to constitute insider dealing can sensibly be considered to have occurred in the United States," the court said in its written ruling.
