NRF supports Marketplace and Internet Tax Freedom Act
Washington, D.C. – The National Retail Federation (NRF) is supporting the Marketplace and Internet Tax Freedom Act. The legislation was introduced by Senators Michael Enzi, Richard Durbin, Lamar Alexander, Heidi Heitkamp, Susan Collins and Mark Pryor.
The bipartisan bill combines two legislative issues – the Marketplace Fairness Act and the Internet Tax Freedom Act. It would limit the ability of state and local governments to impose Internet access taxes for 10 years, while giving states the ability to enforce their sales tax laws on businesses selling to consumers located within their borders
“The National Retail Federation applauds the introduction of this bipartisan piece of legislation that seeks to level the playing field between local, brick-and-mortar merchants and online retailers without creating or raising taxes,” said David French, senior VP for government relations, NRF. “We appreciate the leadership of the bill’s sponsors and thank them for renewing their commitment to sales tax fairness. The retail industry has rapidly evolved over the last two decades with e-commerce and mobile commerce, and it is time for Congress to eliminate the sales tax disparity, which disproportionally impacts community and independent retailers.”
Licensing mogul purchases Hastings Entertainment
Amarillo, Texas – Parent, a company owned by New Jersey-based licensing and memorabilia mogul Joel Weinshanker, has purchased multimedia entertainment retailer Hastings Entertainment for $21.4 million. The publicly traded Hastings will go private and operate as a wholly owned subsidiary of Parent.
Hastings shareholders, who will receive $3 cash per share in the deal, approved a merger initially entered into on March 17, 2014. Hastings CEO John Marmaduke will depart the company and receive a $1.5 million one-time payment. Weinshanker owns National Entertainment Collectibles Association and owns the licensing and merchandising rights to celebrities including Elvis Presley. There are currently two federal lawsuits challenging the merger on grounds the price per share is too low.
Empire State Realty Trust acquires two N.Y. leases for $734 million
New York – Empire State Realty Trust, Inc. (ESRT), a New York-based real estate investment trust, has completed the acquisition of the ground and operating leases at 112 West 34th Street and the ground lease at 1400 Broadway for a total of approximately $734 million in cash, common stock and operating partnership units. 112 West 34th Street is a 26-story, 650,769-rentable-sq.-ft.office tower, with 92,455-sq.-ft. of retail space located in the 34th Street/Penn Station submarket.
An 89,529-sq.-ft. block of retail space located directly across from Macy’s flagship location is currently being marketed for occupancy in mid-2016. The property’s office and retail space is 77.5% occupied and 83.2% leased, as of June 30, 2014.
1400 Broadway is a 37-story 880,131-rentable-sq.-ft. office tower with 19,815-sq.-ft. of retail space, located in the Times Square South submarket, and the property’s office and retail space is 92.6% occupied and 92.7% leased, as of June 30, 2014. Both properties are convenient to Penn Station, Grand Central Terminal, Port Authority Bus Terminal, PATH and 13 subway lines. In addition, both properties have recently received significant capital investment.