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New York Post
15-05-2025
- Business
- New York Post
Roy Lichtenstein's last NYC home sell to unknown buyer for $6.5M
The last remaining New York City property owned by the estate of celebrated pop artist Roy Lichtenstein has found a buyer, The Post has learned. Located at 739 Washington Street in Manhattan's West Village, the redbrick Greek Revival townhouse sold this week for $6.525 million, marking the latest step in the methodical dissolution of the artist's once-expansive real estate footprint. Tucked into a quiet block steps from the Hudson River, the three-story home built in 1845 spans nearly 3,700 square feet and retains many of its 19th-century details, including pumpkin pine floors, six fireplaces and intricate molding. 20 The last New York City property owned by celebrated pop artist Roy Lichtenstein has sold for $6.525 million. Michael Weinstein 20 The home occupies nearly 3,700 square feet. Michael Weinstein 20 Greek Revival townhouse served as a guesthouse for Lichtenstein, according to listing agent Lee Ann Jaffee of Compass. Michael Weinstein Despite being used as an office for the Roy Lichtenstein Foundation in recent years, the home's layout and period charm offered strong appeal to buyers drawn to historic authenticity in a neighborhood increasingly dotted with modern conversions. It was initially listed for $6.9 million in November before entering into contract just a few short months later, at the start of 2025. Clayton Orrigo, also of Compass, represented the unidentified buyer. 20 The townhouse is located at 739 Washington Street in the West Village. Michael Weinstein 20 Built in 1845, the six-bedroom, 3.5-bath residence is the latest in a series of properties being sold by the Lichtenstein estate. Michael Weinstein 20 Roy Lichtenstein's wife, Dorothy, purchased the residence for them to use as a guesthouse back in 1995. Michael Weinstein 20 The property was initially listed in November 2024 for $6.9 million. Michael Weinstein The building sits directly adjacent to Lichtenstein's longtime home and studio, a former metalworking shop at 741/745 Washington Street, donated in 2022 by his widow, Dorothy Lichtenstein, to the Whitney Museum of American Art. According to Lee Ann Jaffee of Compass, who co-listed the property with colleague Steven Sumser, 'It was a guest house. I shouldn't say he never lived there. I do not know of him ever living there. It was always represented to me that it was a guest house.' Just a few feet south lies 747 Washington Street, a garage that once housed the artist's personal art and wine collection. The Post previously reported that the property sold earlier this year for $5.5 million to an anonymous buyer operating under the LLC 'WHAAM-NOMAD'— a not-so-subtle nod to Lichtenstein's iconic 1963 painting 'Whaam!' 20 The garage at 747 Washington Street, which housed Roy Lichtenstein's personal art and wine collection, sold for $5.5 million in March. Google Earth The sale of 739 Washington concludes a physical chapter in the Lichtenstein estate's multi-year effort to downsize and distribute the artist's holdings following Dorothy's death last July. She had spent decades preserving and stewarding her husband's legacy through exhibitions, donations and the meticulous cataloguing of his oeuvre through the Roy Lichtenstein Foundation. That work has culminated in a broader unwinding. The foundation has announced it will cease operations by 2026, having fulfilled its mission of publishing Lichtenstein's catalogue raisonné and distributing thousands of works and archival materials to institutions around the world. Among the most prominent recipients, the Whitney now occupies Lichtenstein's former Manhattan studio as the permanent home of its Independent Study Program. 20 Roy Lichtenstein's studio and main residence at 741-745 Washington Street was been donated to The Whitney Museum of American Art in 2022. Google Maps 20 Pop artist Roy Lichtenstein (1923 – 1997) in his New York studio, building — originally constructed in 1912 — was where Lichtenstein lived, painted, and entertained visitors during his later years. 'He worked downstairs, ate lunch at the same diner every day, and lived upstairs in a one-bedroom with Dorothy,' according to Curbed. The space is currently being renovated by Johnston Marklee, the architecture firm behind major museum projects in Houston and Chicago. Just next door, the garage at 747 Washington has a more utilitarian design, but it proved equally valuable. In addition to room for four cars, it includes a steel-and-wood staircase leading to a private office, a landscaped roof deck and skyline views. 20 Roy Lichtenstein's longtime Hamptons retreat, once a carriage house, hit the market for roughly $20 million in September following the death of his wife, Dorothy, and remains on the market. Richard Taverna for Sotheby's International Realty Beyond Manhattan, the artist's coastal sanctuary is also on the market. In September, the couple's longtime home, once a carriage house on Southampton's prestigious Gin Lane, was listed for $19.99 million, The Post reported. The 2-acre property, where Roy worked in a separate studio across the lawn and Dorothy ultimately passed away last summer, had never before been for sale in the 54 years since the Lichtensteins purchased it. 'It's going to make a really nice home for somebody because it's unique,' Harald Grant of Sotheby's International Realty, one of the co-listing agents, told The Post. 20 A photo showing inside Roy Lichtenstein's Southampton studio. 20 The perfectly manicured gardens at the Lichtenstein's longtime Hamptons estate. Richard Taverna for Sotheby's International Realty While the real estate assets are being dispersed, the centerpiece of the estate's final chapter is unfolding this evening and Friday night at Sotheby's New York. More than 40 works from the private collection of Roy and Dorothy Lichtenstein are headed to the auction block as part of the house's marquee Contemporary Evening and Day Sales. Estimated to exceed $35 million in total, the works chart four decades of the artist's output—from early drawings to large-scale paintings, sculptures, and prints. 'From drawings to paintings to sculpture, this phenomenal group of works provides a front row seat to Lichtenstein's incomparable genius,' David Galperin, Sotheby's Vice Chairman and Head of Contemporary Art in New York, said in a statement. 20 More than 40 works from the Lichtensteins' personal collection will be offered at Sotheby's on the evenings of May 15 and 16, with expectations exceeding $35 million, according to the auction house. Getty Images 'Together, the group is a survey of the artist's reflections of art history over four decades of practice.' Among the highlights is Reflections: Art (1988), estimated to fetch between $4 million and $6 million. The acrylic-on-canvas piece belongs to Lichtenstein's celebrated 'Reflections' series, where he obscured iconic images with simulated glass glares — both a play on illusion and a metaphor for art's relationship to perception. 'To my father, art was all about composition,' said Mitchell Lichtenstein, the artist's son, in a statement. 'When asked for comment about his subject matter, he often said, 'It's just marks on a page.'' 20 A painting seen at Roy Lichtenstein's Southamptons studio, situated in the middle right, titled 'Reflections: Art' from 1988, painted with acrylic, oil and graphite on canvas and is estimated to go for between $4,000,000 – 6,000,000. Sotheby's 20 Woman: Sunlight, Moonlight 1996, acrylic on wood, estimate $4,000,000 – 6,000,000 Sotheby's Other marquee offerings include Woman: Sunlight, Moonlight (1996), a double-sided sculpture in painted wood — a study for a bronze edition later acquired by institutions like The Broad in Los Angeles — and Stretcher Frame with Cross Bars III (1968), one of only eleven such works exploring the backside of a painting. 'The amusing aspect of the Stretcher Frame painting is that of the two sides of a canvas, it depicts the side we least want to see,' said Mitchell. Sculptures such as Mirror I (1976) echo the artist's lifelong fascination with the idea of reflection and illusion, while collage studies like Interior with African Mask (Study) (1990) reveal his painstaking process in constructing his 'Interiors' series, which poked fun at the aspirational settings common in shelter magazines. 20 Mirror I 1976, painted and patinated bronze Estimate $1,000,000 – 1,500,000 20 Roy Lichtenstein with his wife, philanthropist Dorothy, at his New York studio in 1968. Getty Images 'One amusing thing to consider about the Interior series is that the generic furniture ad aesthetic of the rooms depicted in them is likely to be antithetical to the taste of the collector and to the room in which they hang the work,' Mitchell noted. Other featured works include Haystacks (1968), Lichtenstein's tongue-in-cheek nod to Monet's Impressionist series, reinterpreted with bold Ben-Day dots; Entablature (1975), incorporating sand from the Southampton beaches near his studio; and Cover Image (The Gun in America) for Time Magazine (Study) (circa 1968), a graphite-on-paper rendering originally commissioned in response to the assassinations of Martin Luther King Jr. and Robert F. Kennedy. 'Lichtenstein was keenly aware of his place in the lineage of art history,' said Lucius Elliott, Head of Sotheby's Contemporary Evening Auctions in New York. 'The crux of his practice is this interrogation of the nature of art and image making.' 20 Mirror I Interior with African Mask (Study) 1990, tape, cut painted paper, cut sponge-painted paper, cut printed paper, marker, graphite pencil on board Estimate $800,000 – 1,200,000 Estimate $1,000,000 – 1,500,000 Sotheby's 20 Cover Image (The Gun in America) for Time Magazine (Study) Circa 1968, graphite on paper, estimate $200,000-300,000 Sotheby's Born in New York City in 1923, Roy's early artistic ambitions took shape at Ohio State University after World War II. He rose to fame in the 1960s for his stylized comic book paintings and went on to produce over 5,000 works spanning media, genres, and decades. Despite early critical controversy, his pieces are now held by museums including MoMA, the Whitney, the Centre Pompidou, and the Art Institute of Chicago. His widow, Dorothy, was instrumental in cementing that legacy. A Brooklyn native and former gallery director, she co-founded the Roy Lichtenstein Foundation and was its longtime president, overseeing major donations of more than 1,000 works to institutions worldwide.
Yahoo
14-05-2025
- Business
- Yahoo
Q2 2025 Ark Restaurants Corp Earnings Call
Christopher Love; Secretary; Ark Restaurants Corp Michael Weinstein; Chairman of the Board, Chief Executive Officer; Ark Restaurants Corp Anthony Sirica; President, Chief Financial Officer, Director; Ark Restaurants Corp Operator Greetings and welcome to the Ark Restaurants second quarter 2025 results conference call. (Operator Instructions) It is now my pleasure to introduce your host, Chris Love, Secretary. Thank you, and you may begin. Christopher Love Thank you, operator. Good morning, and thank you for joining us on our conference call for the second quarter ended March 29, 2025. My name is Christopher Love, and I am the Secretary of Ark Restaurants. With me on the call today is Michael Weinstein, our Chairman and CEO; and Anthony Sirica, our CFO. For those of you who have not yet obtained a copy of our press release, it was issued over the newswires yesterday and is available on our website. To review the full text of that press release, along with the associated financial tables, please go to our homepage at Before we begin, however, I'd like to read the Safe Harbor Statement. I need to remind everyone that part of our discussion this morning will include forward-looking statements and that these statements are not guarantees of future performance, and therefore, undue reliance should not be placed on them. We refer everyone to our filings with the Securities and Exchange Commission for a more detailed discussion of the risks that may have a direct bearing on our operating results, performance and financial condition. I'll now turn the call over to Michael. Michael Weinstein Hi, everybody. I'm going to turn it over to Anthony to try to explain a little bit better the financial data that we've put forth in the press release, but it's -- it feel uncomplicated for you. Anthony Sirica Yeah, sure. There's a couple of things in here that require explanation. At the end of the quarter, our cash balance was $11.1 million, that was up actually approximately $900,000 from year-end. Our debt was down to $4.3 million as a result of principal payments made during the quarter. As we discussed on previous calls, our credit agreement expires on June 1. We are working with the bank, and we're in the process of finalizing a new facility with our current lender, which will provide somewhere between $15 million to $20 million of total capacity. The current $4.3 million will be termed out over a three year period. As you saw in the press release, there are two significant noncash items in the current quarter, the first of which is a goodwill impairment. As you're aware, we look at our goodwill on an annual basis, but we're also required to see if there are any triggering events in an interim period based on a decline in our stock price at the end of the quarter. We went through the analysis, and we had to write off the balance of our goodwill in the amount of $3.4 million. Unfortunately, that is a point-in-time test. And if the stock goes up, you can't put it back on the books. It's a non-cash item, but it's unfortunate as far as the timing. We also have the uncertainty surrounding the Bryant Park leases, which we'll discuss obviously, at length, which factored into the analysis. In booking that write-off, it then caused us to be in a cumulative loss position for purposes of analyzing our deferred tax assets. So based on that analysis, we then had to impair -- I'm sorry, put a full valuation allowance on our deferred tax assets of $4.8 million that will continue to be looked at every quarter as things improve. So it's possible that, that valuation allowance could be released in future quarters or years. But right now, we had to put a full valuation allowance on that. So that caused the massive tax rate that you see there in the P&L. With respect to the rest of the balance sheet, there really weren't any significant changes other than the goodwill write-off and the write-off of the valuation allowance on the deferred taxes. With that, I'll turn it over to Michael. Michael Weinstein Thank you. So I want to save the discussion for Bryant Park and Meadowlands for the latter part of my discussion. Primarily, what you should know is the EBITDA this quarter, the March quarter was negatively affected by some $650,000 of consultancy fees and legal fees in conjunction with our fight to retain the Bryant Park lease. So if that had not been the case, the EBITDA would have shown an improvement over the comparable quarter last year. First, I'd like to go through the various venues. Alabama continues to be just very steady. We're doing well there. The New York restaurants, Robert is doing well. The Florida restaurants seem to have picked up from comparable periods last year in terms of revenue on a whole. The Washington D.C. restaurant, we have new management. I see some improvement there. The big improvement is coming from Las Vegas. We're considerably more efficient than we've ever been there. While volumes are steady, we're -- the cash flows weekly are improving dramatically. We did a cash flow analysis for the bank in conjunction with our new credit facility, and we did that not on a fiscal or calendar year, but they wanted it as of April 1 through of this year through March 30 of next year because that coincided with the question of whether we would keep our Bryant Park facility or not. And we did that, I guess, in February and March. I would tell you that we're probably running $2 million ahead of that projection in terms of our operating cash flow. So things are improving. We're still looking at deals. We hope that we'll be able to close on a couple of things we're looking at in the next few months. But the important thing here is the Bryant Park situation. So as you know, our leases expired on April 30. We are a holdover tenant. We have filed the claim in New York Supreme Court, which is a lower court in New York making allegations that basically request for proposal process was corrupted that the basis of the claim is that they've chosen a tenant, at least the Bryant Park Corporation has chosen a tenant, which has not yet been approved by the Parks Department of New York City Library, whose approval is needed, but they chose a tenant whose initial bid in the RFP proposal reply was [$1.2 million] when we were already paying $3.1 million that the percentage rent deal was literally 4 points lower than ours that they intend to close the restaurant for over a year, that they're asking for free rent of 18 months and that they're asking for a tenant improvement miles from the park. All of this just speaks of a process that no other landlord would allow to replace a tenant paying substantially more, who's been in business for 30 years and running one of the largest grossing restaurants in the United States. There is no reason for this to have occurred other than a conflict of interest on the part of the Bryant Park Corporation executives. So we have a case filed in Supreme Court. It will take probably 1 year or 1.5 years to make its way through. In the meantime, we expect the landlord to start an eviction proceeding, which will probably be subsumed by the Supreme Court until our case is fully heard. So we think we're definitely there for the next year, 1.5 years. We hope at some point, there'll be a political settlement to the situation. But right now, we're operating and we're not going anywhere. In response to questions about Meadowlands, we've always said that the Meadowlands possibility of getting a casino license is dependent upon New Jersey moving in response to downstate New York City casino licenses. Those have not been issued yet. We -- from what we read and from what we hear, that will happen sometime before the end of this year. They'll allocate the three licenses. One will go to Yonkers for sure, one will go to the Aqueduct for sure, where the third one goes is still up for grabs. But once that happens, we think New York State will recognize that they'll be sending New York State residents from the northern part of the state, which has very well to do demographics to New York City to gamble, and they're not going to want that to happen, and the Meadowlands is in the best position of any location to satisfy the demands for casino gaming in Northern New Jersey. So those are the two big issues with us. The rest of the business seems to be doing fine. And I would say to you that we think it's going to continue to improve. And we're out there hunting for deals. So that's the plan. I'll take questions at this point. Operator (Operator Instructions) And there are no questions at this time. Therefore, I would like to turn the floor back to CEO, Michael Weinstein, for closing remarks. Michael Weinstein Okay. Thank you, everybody. Speak to you next quarter. Anthony Sirica Thank you. Operator Thank you. This does conclude today's conference, and you may disconnect your lines at this time. Thank you for your participation. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
28-04-2025
- Business
- New York Post
Bryant Park Grill's future in doubt after judge's ruling boots iconic eatery in favor of famed chef
The increasingly toxic struggle to control the popular Bryant Park Grill is leaving a bitter taste for hungry visitors to the iconic Midtown oasis. The nonprofit Bryant Park Corporation (BPC), which manages the park, is booting longtime Grill operator Ark Restaurants in favor of world-famed chef Jean-Georges Vongerichten. But Ark owner Michael Weinstein says he won't vacate the glass-enclosed eatery and two small outdoor cafes despite their leases expiring this month, as he presses a court case seeking to overturn the decision. Weinstein told The Post he has no intention of shutting down the Grill and its satellites as 'long as we're in litigation.' 3 Michael Weinstein, owner of the Bryant Park Grill, is suing several entities including Bryant Park Corporation, which is replacing the restaurant with an eatery from superstar chef Jean-Georges Vongerichten. Gabi Porter Weinstein ran the Grill for 30 years. He's suing the park corporation, Vongerichten's management company Seaport Entertainment Group, the Parks Department which has the final say over an operator, and the New York Public Library, whose main building abuts the Grill's space and has an advisory say. His state Supreme Court filing says the corporation's 'flawed' selection process was designed to choose Vongerichten from the outset and that BPC president Daniel Biederman sought to run the park as his 'personal domain.' But in rejecting Ark's separate request for an injunction to block its ouster last week, Judge Anar Rathod Patel basically called Ark and Weinstein sore losers, saying, 'Mere dissatisfaction with a competitive outcome does not constitute bad faith.' Following Patel's ruling, 'The park intends to exercise its right to proceed to an eviction' of Ark from the site, Biederman said. Bryant Park Grill, at the park's eastern end, has 4,900 square feet indoors and nearly as much space on the roof for alfresco dining. It's one of the nation's highest-volume restaurants with $25 million in annual revenue. 3 The corporation believes Michelin-starred Vongerichten would bring greater prestige and greater revenue to the park over time. Tamara Beckwith The BPC issued a request for proposals to take over the leases for the Grill and the small cafes last year, in advance of their expirations this spring. Eleven would-be operators submitted proposals. The corporation chose Seaport Entertainment Group (SEG) because it believes Michelin-starred, internationally famous Vongerichten would bring greater prestige and greater revenue to the park over time, even though SEG would pay less in rent at the outset than Ark was paying. SEG's proposal 'presents the best combination of operating record, financial strength, and creative talent in the food and design field,' Biederman told Community Board 5. 3 Bryant Park Grill, at the park's eastern end, has 4,900 square feet indoors and nearly as much space on the roof for alfresco dining in warm weather. Steve Cuozzo According to Ark's court filing, Vongerichten's team might need to close the Grill for 10 months or longer for a redesign — to which the BPC would contribute $2 million, which Ark called 'improper' as it was not offered to any of the other applicants. But no shutdown is imminent. Biederman told The Post, 'Weinstein is pulling a wide variety of legal moves to over-stay his lease, so he'll probably stay there for spring and maybe summer months.'
Associated Press
18-04-2025
- Health
- Associated Press
The Pandemic Agreement Finalized, but Falls Short, says AHF
MEXICO CITY & MIAMI & SíO PAULO--(BUSINESS WIRE)--Apr 18, 2025-- The AIDS Healthcare Foundation (AHF) and the AHF Global Public Health Institute acknowledge the conclusion of three years of negotiations on the global pandemic agreement text by congratulating the negotiators—particularly representatives of the Equity and Africa Groups—and recognizing the contributions of key stakeholders, including civil society, who championed equitable access to public health goods. 'Even before the COVID-19 pandemic, we began collaborating with non-governmental stakeholders to develop a proposal for a new global public health convention, which was published in The Lancet Public Health in May 2021,' said Dr. Jorge Saavedra, Executive Director of the AHF Global Public Health Institute. 'Just a week after the discovery of the Omicron variant, the world responded with urgency, and WHO Member States established the Intergovernmental Negotiating Body (INB) to draft and negotiate a new international instrument on pandemic prevention, preparedness, and response. Several of the ideas in our Lancet article were incorporated into the discussions during the negotiations.' Since then, AHF has been actively engaged in the negotiation process as both an advocate and coalition builder among non-governmental organizations at the country level and as an INB stakeholder. Alongside other relevant stakeholders, AHF has played a consistent role in advocating for key aspects of the agreement that are now incorporated in a final draft that promotes cooperation in research and development, geographically diversified local production, technology transfer, and establishes Pathogen Access and Benefit-Sharing System (PABS). However, AHF believes the final draft does not go far enough to ensure equitable and timely access to lifesaving medical countermeasures worldwide. 'During the COVID-19 pandemic, there was no shortage of good intentions and promises of cooperation—but as we've seen, words alone don't deliver lifesaving vaccines and treatments to the people who need them most,' said AHF President Michael Weinstein. 'The upcoming negotiations on financing mechanisms and the PABS annex must result in concrete, measurable, and sufficient benefits—where needs are objectively defined based on public health risk, and access to specific public health goods is guaranteed. They must also include enforceable obligations if we're serious about making progress and avoiding a repeat of the unacceptable inequities we saw during this last pandemic.' To the detriment of equity, the pharmaceutical industry exerted disproportionate influence over the negotiation process, pushing for the inclusion of clauses that threatened countries' sovereign rights on technology transfer. Their demands—championed by a few wealthy countries—also threatened to hold the entire agreement hostage unless included in the final text. AHF also expresses its concern about efforts by the pharmaceutical industry to use the pandemic agreement as a vehicle to encroach on the regulatory space for technology transfer and use it to undermine international norms and sovereign rights that safeguard equitable access to medicines and health technologies. While AHF supports the anticipated adoption of the final draft agreement by the World Health Assembly, several critical steps must also be taken. These include establishing a sustainable financing mechanism; ensuring formal involvement of relevant non-state actors—including universities and civil society; strengthening regional capacity to produce, coordinate, and respond to public health emergencies; and securing a robust and enforceable PABS system. 'Article 12, which addresses PABS, falls short of ensuring equitable access to global public health goods during—and before—a pandemic is declared,' added Weinstein. 'Setting a target of 20% of production is likely below what was achieved during the three years of the COVID-19 pandemic. One advantage, though, is that under this agreement, allocation of health products will occur in real time during emergencies—rather than waiting for wealthy countries to send leftovers to the rest of the world.' 'Another serious concern,' he continued, 'is that the administration and coordination of the PABS system has been left to the WHO. Given their poor performance as global coordinator of COVAX during COVID-19, it's doubtful they are equipped to manage this critical function without significant institutional reform.' AIDS Healthcare Foundation (AHF) is a global non-profit organization providing cutting-edge medicine and advocacy to over 2.3 million people in 47 countries worldwide in the US, Africa, Latin America/Caribbean, the Asia/Pacific Region and Europe. We are currently the largest non-profit provider of HIV/AIDS medical care in the world. To learn more about AHF, please visit our website: find us on Facebook: and follow us on Twitter: @aidshealthcare and Instagram: @aidshealthcare View source version on CONTACT: US MEDIA CONTACT: Guilherme Faviero, Director, AHF Global Public Health Institute at the University of Miami +1 561.929.9339 mobile [email protected] Nazarov, Director of Global Policy and Communications +1 323.308.1829 [email protected] KEYWORD: MEXICO BRAZIL UNITED STATES SOUTH AMERICA CENTRAL AMERICA NORTH AMERICA LATIN AMERICA FLORIDA INDUSTRY KEYWORD: COVID-19 INFECTIOUS DISEASES ADVOCACY GROUP OPINION PUBLIC POLICY/GOVERNMENT PHILANTHROPY AIDS GENERAL HEALTH HEALTH FOUNDATION OTHER POLICY ISSUES SOURCE: AIDS Healthcare Foundation Copyright Business Wire 2025. PUB: 04/18/2025 12:45 PM/DISC: 04/18/2025 12:45 PM
