Home Blog Page 12684

Minireview: Adventure Your Way

WHILE Adventure Your Way — a travel show which is based on the premise that its itinerary is crowdsourced — promised to be more spontaneous, the first episode (which the media previewed during the show’s launch) felt as if the numerous sponsorships detracted from the overall feel of an unplanned trip.

Some of Mr. Araullo’s expressions felt real — the way he sarcastically told his child guide to Tinubdan Falls in Cebu province that the trek was easy and fast, and the way he was scared out of his wits while skydiving — but the product placements every few minutes detracted from the experience.

“The program is co-presented by Vivo Smart Phone, BDO and Cherifer; and co-sponsored by Petron, Chevrolet and Cebu Pacific,” said a press release. — ZBC

Ski federation lauds first-time Olympian Asa Miller

CONSIDERING he was up against more seasoned athletes in the 2018 Olympic Winter Games in PyeongChang, South Korea, the Philippine Ski Federation lauded the performance of first-time Olympian Asa Miller.

While the 17-year-old Miller did not finish on the podium, still to see him handle the pressure of the competition and complete both runs in the giant slalom event on Sunday was in itself an achievement and something to build on moving forward, the federation said.

“In his first run he had a little bit of a problem but recovered and did extremely well in his second run as he ran five seconds better. He was ranked 104th [entering the event] but came out 70th,” said Jim Apelar, president of the Philippine Ski Federation, in a text message to BusinessWorld following Miller’s Olympic debut.

“Asa is just 17 years old and those in the top are in their mid-30s and have plenty of experience,” added Mr. Apelar even as he underscored the tremendous upside of the Filipino-American Alpine skier.

Portland, Oregon, resident Miller, who traces his Filipino roots to Manila, finished his first and second run in the giant slalom event with a combined time of 2:49.95, good for 70th place out of 110 competitors.

Miller struggled early in his first run, held at the Yongpyong Alpine Centre, to finish with a time of 1:27.52 but improved on it in his second run, clocking in with a time of 1:22.43.

Marcel Hirscher (2:18.04) of Austria took the gold in the giant slalom with Henrik Kristoffersen (2:19.31) of Norway coming in at second and Alexis Pinturault (2:19.35) of France at third.

Competed in last year’s Junior World Championships in Sweden, teen Miller used the Olympic Games to further carve his niche as an Alpine skier.

“I am very proud to represent our country, and am happy to finish my race! I’m very thankful for all the support! I hope that my actions act as an inspiration for others to achieve their dreams. Mabuhay!” said Miller in a post on the Philippine Ski Federation’s Facebook page.

Moving forward, the Philippine Ski Federation said it will continue to put in the needed work to advance the country’s snow sports program for future events, including the 2022 Beijing Winter Olympics.

“Our snow sports program has no way [to go] but up. We look forward to an exciting next Winter Games as our young teenagers/athletes try to compete and make it to Beijing 2022 Winter Olympic Games. This time we are shooting to have four to five new athletes ready to compete in various disciplines and events,” said the federation. — Michael Angelo S. Murillo

Proptech, and soon AI, to change house hunting

By Mark Louis F. Ferrolino
Special Features Writer

PROPERTY TECHNOLOGY is changing the face of the local real estate business today, offering boundless opportunities for both industry players and property seekers.

From the traditional way of on-site ocular visits, property hunting in the country is now mostly done online. Online property portal Lamudi Philippines, for instance, received 15 million user visits in 2017, clocking in a total of 2.7 million hours spent searching for properties online.

“More developers, brokers, and owners are now breaking the brick and mortar barrier to cross over to the click-and-discover business environment,” Lamudi Philippines Chief Executive Officer Bhavna Suresh said in a recent media briefing.

Lamudi has seen close to five times growth in its online traffic since 2014. This indicates that Filipinos are now accepting property technology as a tool in helping them make a major purchase decision.

In the years to come, property technology or proptech — which includes software, hardware and all kinds of innovation used to optimize the workflow processes of and address the market problems of the real estate industry — is anticipated to continuously fuel the local property sector.

Information from online-based portals will enable Filipino property seekers better understand the market and gather more consumer insights through big data. Ms. Suresh said data will become the most important source of knowledge in the real estate sector and it’s hard to question the value of it.

“These information — from unit types, sizes, and price ranges — can be used by developers and property owners to understand actual market insights and offer products that cater to the demands of the market,” Ms. Suresh said.

On the other hand, with the steady growth of digital native Filipino millennials getting into active economic participation and aggressive Internet penetration, Lamudi sees more property searches and transactions going online.

Ms. Suresh thinks that millennials — mostly composed of young workers — are more financially sensitive. “A lot of them want to invest, a lot of them want to make smart decisions, and a lot of them are very eager to educate themselves. That’s why a lot of information available online is catering to this segment,” she added.

In line with the government’s “Build, Build, Build” infrastructure program, Lamudi anticipates more demand for both residential and commercial properties. In this case, more properties will likely be advertised online, giving property seekers more reasons to utilize online-based portals.

Lamudi also says demand will likely get support from buoyant construction activity.

“It doesn’t need to be in certain markets anymore. People are not going to struggle to live closer to work but they will segment out. And that’s where technology will help… it helps you search better,” Ms. Suresh said.

In 2017, Quezon City properties account for the most number of listings online at 18% of the total.

Makati trails Quezon City in terms of share to total listings, at 12%; Parañaque and Pasig both at 8% each; and Taguig, Manila, and Davao at 7% each.

Quezon City also hosts most of the online property buyers in Lamudi, accounting for over 15% of the total views on the platform, followed by Makati at 10%. Property searchers from established cities outside Metro Manila have started to grow in the past three years.

To keep in touch with buyers who want to get immediate responses online, the real estate sector can tap the potential of artificial intelligence, Ms. Suresh said.

“Buyers want [developers and brokers] to get back to them in seconds, otherwise you lose them. That’s where AI (where there are bots talking and keeping the initial conversation going before the initial human interaction) comes when it comes to real estate,” Ms. Suresh said.

“I think AI is still far-off. It’s not going to completely change the way business is done but it will definitely become part of conversations,” she added.

Blockbuster Black Panther may be game changer for US minority artists

THE EPIC box-office debut of Black Panther, the first Marvel superhero movie with an African-American in the title role, will force Hollywood to reassess the work it gives black actors and filmmakers and lead to better roles for minorities and women.

The movie from Walt Disney Co.’s superhero factory opened with estimated weekend sales of $192 million, ComScore, Inc. said Sunday in an e-mail, setting a record for a February opening and likely becoming the biggest movie ever starring a largely black cast. It’s the fifth-biggest open ever in the domestic market and second-biggest for Marvel.

Success breeds success in Hollywood, and the money Black Panther rakes in will almost certainly open the door to more action films with black casts and filmmakers. While Disney hasn’t announced a sequel, one seems likely.

“It is a precedent-setting movie that we hope will create more,” John Fithian, chief executive officer of the National Association of Theater Owners, told Bloomberg TV on Friday. “We really look forward to the day when these aren’t anomalies.”

Disney will follow next month with A Wrinkle in Time, a young adult film with a large, diverse cast from African-American director Ava DuVernay, the first woman of color to direct a movie with a budget of $100 million.

Black Panther was also the biggest movie globally over the weekend, taking in $361 million, according to a statement from the studio. It opened in about 70% of the international territories that are slated to show the film, but won’t debut in China, the world’s second biggest market, until March 9.

“If you can have something that authentically is a showcase of the diversity of the world, people will respond favorably to it,” Dave Hollis, president of global distribution at Disney, said in an interview.

The biggest film of the year was Maze Runner: The Death Cure with $259.2 million in worldwide sales, according to Box Office Mojo.

The Academy of Motion Picture Arts & Sciences, joined by some studios and guilds, has been pressing for more diversity in Hollywood. If there is a sequel to Black Panther, Marvel chief Kevin Feige said in an interview with Variety that he hoped African-American director Ryan Coogler will return.

Disney first announced plans for a Black Panther movie in 2014. The film has received rave reviews, scoring 100% positive ratings from top critics, according to aggregator RottenTomatoes.com. It cost $200 million to make, not including marketing expenses, according to the studio.

Black Panther tells the story of T’Challa, played by Chadwick Boseman, who fights for control of the kingdom of Wakanda after the death of his father. A Wakandan raised in America, Erik Killmonger, played by Michael B. Jordan, threatens to overthrow him and seize control over the fictional African nation’s stores of vibranium — a powerful resource that can be fused into clothing and body tissue for super-strength.

The movie “has taken on a life of its own at movie theaters, playing to huge, broad audiences in AMC markets around the country,” Elizabeth Frank, chief content officer at AMC Entertainment Holdings, Inc., said Sunday in an e-mail. AMC, the biggest US distributor, is adding more showtimes for the film, she said.

With the Monday President’s Day observance, Black Panther has another full day to advance its run. The film is showing in 4,020 locations in the US, many of them multiplexes. The screenings include 3,300 theaters with 3-D, 403 with Imax screens and 665 so-called premium large format screens.

For the extended weekend, Disney raised its sales forecast Saturday to as much as $210 million after boosting the estimate a day earlier to $198 million. Box Office Pro was forecasting revenue of $205 million, while Box Office Mojo predicted $212 million.

The previous sales record for an opening three-day weekend in a February was $132.4 million for Deadpool, a Marvel superhero movie released in 2016 by 21st Century Fox, according to Box Office Mojo. — Bloomberg

What ancient feng shui says about arranging a space

THE Chinese zodiac has switched into the Year of the Dog — it’s that time of the year in ancient Chinese when believers of feng shui rearrange spaces to maximize harmony and attract good luck.

Riding that wave of traditional interest in feng shui, Federal Land, in a statement issued over the weekend, has some advice on feng shui which literally means “wind-water”:

Mind the site. For Feng Shui practitioners, one of the most auspicious sites for a residential building is within the belly of the dragon, a place that’s higher than plains but below strong winds, striking a balance between wind and water. Symbolically, the belly is considered the center of the dragon — a place of sustenance and nourishment. People living in the area are in the good position to prosper, accumulate wealth and attract luck.

Check the unit. A unit located in the higher floors is greatly associated with good fortune because you get a lighter energy when there are fewer condo units encumbering your space. Also, natural light is more available in top floors, bringing more positive energy. Ideally, go for units that are shaped regularly and evoke balance. Hallways and elevators should be wide enough and obstruction-free as they are considered an internal gateway of energy.

Feel the flow. Feng Shui stresses the importance of organizing spaces so that positive energy flows and circulates. Space should be properly divided but sans barriers that restrict the stream of energy. Open, uncluttered areas are endorsed because cramped corners trap stagnant energy which begets negativity and malaise as it prevents life to flow freely.

Self-defense for women at TACS Expo Manila

WOMEN who want to step up their self-defense game and be ready for any distressing situations may want to check out and take part in the “Modern Combative Solutions” seminar, which is part of the Tactical, Survival and Arms (TACS) Expo happening from Feb. 22 to 25 at the SMX Convention Center AURA, Bonifacio Global City, Taguig.

To be handled by Erika Fernandez of Kalis Ilustrisimo, the seminar aims to equip women with the right knowledge of self-defense that they can use to protect themselves from various forms of abuse.

They intend to do it by teaching techniques, through different martial arts, to combat rape, abduction and being held up at gunpoint or knife-point, among other situations.

“Self-defense is one of the things TACS stands for. I think people should be prepared, especially women. Often times when you talk about self-defense, firearms and ammunitions women are forgotten because it has been a male-dominated sector or point of conversation. And it is about time that women take more responsibility for their protection through martial arts or shooting sports,” said Martin Tuason, president and CEO of ARMSCOR Global Defense, Inc., prime sponsor of TACS Expo, as he highlighted the dimension that the seminar on self-defense for women brings to the upcoming expo.

Other highlights of TACS Expo, now on its second year of staging, are the showcase of traditional weapons, survival gear, and preparedness stuff as well as firearms and accessories from various manufacturers, inventors, builders, initiators, proponents, distributors, and dealers.

The TACS Expo, proponents said, is geared towards making people aware of the significance of being ready across all forms and eventualities as well as promote the firearms and weapons industry in the country.

Admission to the TACS Expo is free with online or on-site pre-registration. For more information on the event, check out its Facebook page at www.facebook.com/TACSandArmsExpo/. — Michael Angelo S. Murillo

LBC will kick-start Ronda Pilipinas 2018 in Vigan, Ilocos Sur on March 3

GEORGE OCONER of Go for Gold guns for his very first Ronda Pilipinas title when the 2018 edition presented by LBC unfurls in Vigan, Ilocos Sur on March 3.

Back after missing last year’s race to focus on the national team’s Southeast Asian Games preparation, the 26-year-old Oconer will be one of the favorites to win it all the country’s biggest cycling race staking P1 million.

“I’m happy to be competing again in Ronda and I’m focused on winning it this year,” said Oconer, whose best came in 2015 when he wound up second to eventual champion Santy Barnachea, in Filipino.

Oconer is seeking to join an elite company composed of former winners Morales (2015, 2016), Barnachea of Team Franzia (2011, 2015), Irish Valenzuela of CCN Superteam (2012), Mark Galedo (2013) and Reimon Lapaza (2014).

Oconer, whose father is two-time Olympian Norberto, said he will bring in a fearsome team capable of challenging a heavily favored Navy Standard Insurance in this race presented by LBC and supported by MVP Sports Foundation, CCN, Petron, Versa.ph, 3Q Sports Event Management, Inc., Boy Kanin, Franzia, Standard Insurance, Bike Xtreme, SH+, Guerciotti, Prolite, Green Planet, Maynilad, NLEX Cycling, Lightwater, LBC Foundation and PhilCycling.

Boots Ryan Cayubit, John Renee Mier, Jerry Aquino, Jr., Elmer Navarro, Orlie Villanueva, Arjay Arbastro and daredevil Jonel Carcueva.

Carcueva, a 22-year-old native of Minganilla, Cebu who debuted by finishing 12th overall in last year’s race, showed flashes of brilliance by finishing second to Navy’s Junrey Navarra in the second of two-leg qualifying race in Mandaue City, Cebu late last year.

“He’s talented, strong and fearless, he will be a big part of our campaign,” said Oconer of Carcueva.

A cool P1 million will be at stake in this 12-stage race that will be jump-started by the 40-kilometer Vigan criterium Stage One on March 3 and the 155.4-km. Vigan-Pagudpud Stage Two the next day.

PHL office market to grow by 40% in next 6 years — Leechiu

By Arra B. Francia, Reporter

THE Philippine office market is seen to grow by 40% in the next six years, driven by the continued expansion of information technology-business process management (IT-BPM) companies in the country, according to a real estate service firm.

Data released by Leechiu Property Consultants (LPC) showed that 4.5 million square meters (sq.m.) of office spaces are in the pipeline from 2018 to 2023. Of this, 71% or 3.2 million sq.m. are being built in Metro Manila, while 29% or 1.3 million sq.m. are in provincial areas.

This will be added to the current supply of 11.5 million sq.m. across the country, 86% of which are in Metro Manila and 14% in the provinces.

“BPM players already invested in the Philippines will continue to dominate the Metro Manila office sector… In the meantime, they are also expanding to provincial locations such as Clark in Pampanga, Cavite, Batangas, Laguna, and notably, Cebu City,” LPC Chief Executive Officer David Leechiu said.

The country’s largest property developers will be delivering the bulk of the office supply in the next five years, with Ayala Land, Inc. (ALI) contributing 21% of 667,000 sq.m. in the pipeline, followed by SM Development Corp. with 15% or 480,000 sq.m.

Filinvest Land, Inc. (FLI), Megaworld Corp., and Robinsons Land Corp. will account for 11%, 7%, and 5% of the upcoming office supply, respectively.

Other property developers set to expand during this period include DoubleDragon Properties, Corp., Century Properties Group, Aseana Holdings, Inc., and Eton Properties Corp.

Meanwhile, FLI will account for the biggest chunk of office supply in the provinces, with 204,000 sq.m. to be delivered from 2018 to 2023, while ALI will contribute 9% or 117,000 sq.m. to the supply.

Cebu remains to be the top option for IT-BPM firms expanding outside Metro Manila, cornering 451,000 sq.m. of the total supply in the provinces.

“The efforts of the national government to fund infrastructure projects positively impact cities in nearby Metro Manila such as Cavite, Laguna, and Pampanga as these cities become more accessible,” LPC said.

In Metro Manila alone, at least one million sq.m. of office spaces are expected to go online this year, versus a projected take-up of 937,000 sq.m. With 415,000 sq.m. already pre-committed since the start of January, Mr. Leechiu noted this projected take-up is achievable.

The 2018 projection tops the actual take-up of office spaces seen in 2017, which was recorded at 775,000 sq.m., according to LPC. Of this, the IT-BPM industry accounted for 46% of total space, while online gaming firms took up 30%.

Mr. Leechiu noted online gaming firms as stable tenants as long as the Philippine government maintains good relations with China.

Metro Manila’s office supply currently stands at 9.92 million square meters. The vacancy rate stands at 5.44% or 539,781 sq.m., which LPC noted is still healthy for the market.

Most of these vacancies are across the Quezon City, Ortigas, Pasig, and Mandaluyong districts. This translates to an average vacant space of 3,969 sq.m. per building in 136 buildings.

Three Billboards tops Baftas as Time’s Up campaign shares stage

LONDON — Crime drama Three Billboards Outside Ebbing, Missouri captured five British Bafta film awards on Sunday, including best film, topping an emotionally charged ceremony that featured fashion and rhetoric in support of the fight against sexual harassment sweeping Hollywood.

The movie, chronicling a grieving mother’s campaign for justice, won for original screenplay and outstanding British film, while Frances McDormand bagged best actress and Sam Rockwell best supporting actor prizes.

The Shape of Water — the most heavily nominated film of the night with 12 nods — came away with only three awards, including best director for Guillermo del Toro, while Darkest Hour claimed two prizes, including for Gary Oldman as best actor.

With Hollywood still reeling from the fallout of the Harvey Weinstein scandal, the resulting anti-sexual harassment campaigns were reflected in the mood of the evening.

“Our film is a hopeful one in lots of ways but it’s also an angry one,” Martin McDonagh, writer and director of Three Billboards, said in his acceptance speech.

“And as we’ve seen this year, sometimes anger is the only way to get people to listen and to change, so we’re thrilled that Bafta has recognized this.”

Stars arrived at London’s Royal Albert Hall predominantly dressed in black in solidarity with the #MeToo and Time’s Up campaigns, mirroring other recent American red carpets including last month’s Golden Globes.

Angelina Jolie, Jennifer Lawrence, and Kristin Scott Thomas were among the stars who wore black.

British royals avoid making overtly political statements or gestures, so there was little surprise when the Duchess of Cambridge chose to wear a dark green dress, by British designer Jenny Packham, as she accompanied husband Prince William, president of Bafta, to the ceremony.

‘BRAVE REVELATIONS’
Jane Lush, chair of Bafta, opened the evening soberly telling the star-studded audience it was important to acknowledge a “difficult” past year, and noted efforts to tackle gender inequality.

“Brave revelations have followed brave revelations of bullying and sexual harassment, and which to all our shame has been hidden in plain sight for decades,” she said.

“This is a moment in history, it should be a watershed, a catalyst for lasting change.”

Host Joanna Lumley, a British film and TV star, also praised the gender equality movement as a continuation of the work of the Suffragettes a century ago.

She hailed the “determination to eradicate the abuse of women the world over” as she took to the stage.

Meanwhile in an open letter published Sunday before the awards, almost 200 British and Irish stars backed a new fund to help women facing sexual harassment and abuse at work.

It echoes a similar initiative launched in Hollywood last month, and was kick-started with a £1-million ($1.4 million) donation from actress and activist Emma Watson.

‘THANK YOU, SIR WINSTON’
Choices at the Baftas, which fall between the Globes and the Oscars, often mirror those of the American heavyweights.

The Shape of Water, a story of love between a mute cleaning woman and a mystery merman-like creature, led the pack just as it has across the Atlantic, where it has topped the list of Oscar nominations with 13 nods, including for best picture.

As well as director Del Toro’s award for direction, composer Alexandre Desplat collected the original music award — his third BAFTA win — and the film also won best production design.

Allison Janney won best supporting actress for her role as the mother of controversial figure skater Tonya Harding in biopic I, Tonya.

“I loved doing this crazy part and finding her humanity, that’s what I try and do in all roles,” she said backstage.

Gary Oldman’s turn as Churchill in Darkest Hour has so far won him a Golden Globe, a Bafta and the chance of an Oscar on March 4.

He paid tribute to the wartime British leader, saying: “In those dark, uncertain days in 1940, he held the line for honor, for integrity and freedom for his nation and the world, so I thank you, Sir Winston.”

Accepting her best actress accolade, McDormand, who chose not to wear black, quoted her onscreen character who has “a little trouble with compliance.”

“But I want you to know I stand in full solidarity with my sisters tonight in black,” she added. — AFP

For London housing, it’s the ‘End of the Boom’

LONDON — London’s property market has moved out of its boom phase and home sellers need to be more realistic about their price demands, according to Rightmove.

The February report from the home-listing Web site shows that asking prices were down 1% from a year earlier, a sixth consecutive fall. They rose 4.4% on the month, reflecting the usual jump at the start of the spring season.

While multiple reports point to a cooling in London housing, the damage is being limited by cautious sellers, who aren’t flooding the market in a panic to dump property. That means the long-running supply-demand imbalance in the city is providing some support to prices.

“End-of-the-boom prices normally readjust more quickly if there is an over supply,” Miles Shipside, Rightmove director, said in the report. However, “some would-be sellers are holding back, preventing a glut of competition from forcing prices downward,” he said.

The capital’s housing market was the worst performing in the UK in 2017 and there’s little to suggest any upturn is in store. Brexit uncertainty has damped demand, while years of rampant inflation has pushed ownership out of reach for many. The mean asking price in London this month was almost £630,000 ($885,000), more than 20 times average UK earnings.

For those who need a fast sale, Shipside’s advice is to “sacrifice some of the substantial price gains of the last few years.” The average time to sell a property in London is now 83 days, up from 73 days a year ago.

Nationally, asking prices increased 0.8% in February from January, though that was below the 10-year average for the time of year. The average price of £300,000 is up 1.5% year on year. That compares with gains of about 6% seen less than two years ago. — Bloomberg

CNN Philippines goes after millennials with digital shows

LOCAL Filipino channels have begun utilizing the digital platforms as a way to bring more programs to the millennial market, with GMA and ABS-CBN launching lifestyle programs on their respective digital properties early in the year. Now, CNN Philippines is also taking the same route with the launch of its Digi-Pinoy series which starts airing at the end of March.

“It’s going to be our first digital series — the first of a number of digital series that we will be launching this quarter,” Armie Jarin-Bennett, CNN Philippines president, told BusinessWorld during the launch on Feb. 6 at the Mind Museum in Bonifacio Global City, Taguig.

Ms. Jarin-Bennett explained that since millennials are constantly on their devices, it makes sense that the network bring its programs to where they are.

“I will never be able to convince a millennial to watch TV because they are constantly on their phones, on their laptops and other gadgets. And because the are a very important part of the society, I need to be able to reach them, touch them, understand them, bring the content to them,” she explained.

Digi-Pinoy will be a short series — running for three minutes or so per episode — about “how information technology has changed the Filipino way of life,” said a company press release. It will be hosted by CNN Philippines anchor and correspondent, Mitzi Borromeo.

Among the topics to be discussed in the series are how Filipinos fall in love using mobile apps, how OFW (overseas Filipino workers) communicate with their families using technology, and how Filipinos shop and travel with technology.

Ms. Jarin-Bennett described the show as a cross between Ms. Borromeo’s show Profiles, where she talks to “inspiring people, institutions or places,” and a mini-documentary series.

Profiles won a KBP Golden Dove Award for Best TV Magazine Program in 2017.

Though a formal airing date is yet to be announced, she said that they plan on putting out an episode once every two weeks and that Digi-Pinoy is just one of several digital programs CNN Philippines plans to launch this quarter, which includes a lifestyle series, though she declined to say more about it. — ZBC

Trump Park Avenue sues Saudi Prince for not paying over $1.8-M rent

NEW YORK — Trump Park Avenue sued a Saudi royal for not paying more than $1.8 million in rent on a penthouse in the Upper East Side tower over the past year.

The 7,132 square-foot unit is one of 11 with a penthouse designation in the building, New York property records show. The Trump Organization still owns about 20 units in the condominium building worth a combined $170 million, according to a Bloomberg assessment last year.

Faisal bin Abdul Majeed al-Saud leased Penthouse 21 in 2013 and stopped paying rent in or about January 2017, according to the lawsuit, which was filed Friday in New York state court in Manhattan. A lawyer for the tenant said last month that he had moved out, according to the complaint.

The tenant had agreed in June 2014 to extend the lease through June 2019, according to the complaint. Trump Park Avenue seeks more than $1.8 million in back rent and more than $1.9 million in future rent. The lease modification agreement set a schedule for rent hikes through 2019, and called for rent of $115,762.50 per month beginning in July 2017, according to the lawsuit. That’s far in excess of the $75,000-per-month the unit was listed for that same month on the Web site StreetEasy.

The 35-storey building, located at 59th Street and Park Avenue, once housed the Hotel Delmonico. It was converted into 120 condominium units in 2002.

In February 2017, Mr. Trump sold one of the penthouses to Angela Chen, who previously lived on the building’s fifth floor. From there, she ran Global Alliance Associates LLC, which specializes in establishing “influential relationships with key decision makers” in China for its clients, according to the firm’s Web site.

Ms. Chen bought the unit at a premium, Bloomberg reported at the time. The unit went for $15.9 million — almost $2 million more than what a larger unit sold for a year earlier.

Attorneys for Trump Park Avenue LLC didn’t immediately respond to messages seeking further comment.

The case is Trump Park Avenue LLC v. Faisal Bin Abdul Majeed Al Saud, 650799/2018, New York State Supreme Court, New York County. — Bloomberg