Vanguard Wine Bar leases Upper West Side space
New York — Vanguard Wine Bar has signed a 12-year lease for a 1,000-sq.-ft. ground-floor space at 189 Amsterdam Avenue between 68th and 69th Streets in New York City’s Upper West Side. It will be Vanguard’s second Manhattan location.
RKF represented both the tenant and the landlord, Ogden CAP Properties, in the transaction.
MasterCard enjoys a strong start to fiscal 2014
Despite what president and CEO Ajay Banga called a “mixed global economy,” MasterCard Incorporated kicked off the year with a strong quarter.
The company reported net income of $870 million, up 14%, and earnings per diluted share of $0.73, up 18%, in each case versus the year-ago period.
Net revenue for the first quarter of 2014 was $2.2 billion, a 14% increase versus the same period in 2013. Net revenue growth was driven by the impact of a 14% increase in gross dollar volume, on a local currency basis, to $1 trillion; an increase in processed transactions of 14%, to 9.8 billion; and an increase in cross-border volumes of 17%.
These factors were partially offset by an increase in rebates and incentives, primarily due to new and renewed agreements and increased volumes.
Worldwide purchase volume during the quarter was up 13% on a local currency basis versus the first quarter of 2013, to $759 billion. As of March 31, 2014, the company’s customers had issued a little more than 2 billion MasterCard and Maestro-branded cards.
“We secured several new agreements, including three of the largest retailers,” said Banga. “Wal-Mart and Sam’s Club will flip their co-brand portfolios to MasterCard. Target will also shift its co-brand to MasterCard and use our chip and PIN technology across all of its card products as part of a commitment to provide its customers with the most secure payment product. At the same time, we continue to invest in technology and acquisitions that will speed our development of mobile and online solutions.”
Total operating expenses increased 12% to $892 million during the quarter compared to the same period in 2013. The increase was primarily driven by higher investments, including acquisitions, to support strategic initiatives.
Pine Tree appoints Erin Bremen as VP acquisitions
Northbrook, Ill. — Pine Tree Commercial Realty has named Erin Bremen VP of acquisitions and due diligence. Bremen will oversee underwriting and due diligence for new acquisitions.
She has 10 years of commercial real estate experience with a diverse background in real estate equity and lending. Prior to joining Pine Tree, Bremen worked for Allstate Investments in the real estate equity group where she focused on acquisitions and asset management for a $2.5 billion direct real estate platform.