new yachts under 3 million

Luxury & Performance: 5 Motor Yachts Under $1 Million Ready for Adventure on the Water.

Jun 23, 2023

Luxury yachts are every seafarer’s dream, but they don't have to remain a dream. With careful planning and research, you can find a luxury yacht that fits your lifestyle. Here are 5 luxury yachts under $1 million available right now:

1. D’PADRON - 2013 AZIMUT 58 FT FOR SALE (pictured above)

The D’PADRON is a sleek and stylish yacht that offers the ideal blend of luxury and comfort. This 58-foot Azimut boasts state-of-the-art amenities, including an open salon, a fully equipped galley, and three comfortable staterooms, and the flybridge offers a relaxing and spacious outdoor area that can seat up to 10 guests. The D’PADRON is priced at $849,000, making it an excellent choice for those looking for a high-quality yacht to begin their nautical adventures.

2. SATISFIED - 2008 SEA RAY 60 FT FOR SALE

SATISFIED is an elegantly designed and well-equipped 60-foot Sea Ray yacht with plush interiors and impressive performance capabilities. With its three luxurious staterooms, spacious salon, and well-equipped galley, this yacht is perfect for family getaways and weekend outings. Additionally, the vessel comes with a hydraulic swim platform, tender garage, and fully equipped flybridge, for the ultimate luxury yachting experience. You can purchase this stunning yacht now for $849,000.

3. COCONUTS - 2022 TIARA YACHTS 38 FT FOR SALE

With its innovative design and excellent performance, COCONUTS is a splendid 38-foot vessel from Tiara Yachts. The vessel offers a spacious layout, including a cozy salon, a fully equipped galley, and two comfortable staterooms. The outdoor experience is equally impressive, with a large cockpit and sun pad perfect for soaking up some rays. This stunning yacht can be yours for $765,000.

4. ANDI LYNN - 2019 INTREPID 40 FT FOR SALE

Last on our list is the ANDI LYNN, a 2019 Intrepid 40-foot center console yacht that offers both luxury and performance. This yacht has a modern, sporty look and comes equipped with a spacious cockpit, comfortable seating, a fully equipped galley, and a cozy salon. The vessel's performance capabilities are also remarkable, thanks to fast and reliable outboard engines. You can purchase this stunning yacht for $665,000.

5. JOURNEY - 2016 TIARA YACHTS 45 FT FOR SALE

JOURNEY is a 45-foot flybridge from Tiara Yachts that oozes luxury and elegance. Launched in 2016, this yacht is well-appointed with a spacious salon, fully equipped galley, and two comfortable staterooms. With ample indoor and outdoor seating options, the yacht's flybridge deck sports a wet bar, grill, and comfortable seating. You can purchase this sports yacht today for $735,000.

These yachts offer a range of options for individuals looking to enter the world of luxury yacht ownership. Each provides an exceptional experience by combining state-of-the-art amenities with the comfort of being on the water. Owning these high-quality yachts would be a dream come true for any nautical enthusiast.

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Blog | Timeless Luxury: Best 80′ to 90′ Yachts Available for Under $3 Million

Timeless luxury: best 80′ to 90′ yachts available for under $3 million.

Embark on a journey with 80′ to 90′ yachts, blending classic elegance and modern allure, all under $3 million. These floating masterpieces from a bygone era boast timeless designs, impeccable craftsmanship, and a touch of nostalgia, making them not only vessels of luxurious indulgence but also captivating symbols of maritime history. From sleek cruisers to majestic offshore yachts, this curated selection promises an extraordinary seafaring experience without breaking the bank. Dive into an era of sophistication and discover the perfect yacht to navigate the seas in style. Where the allure of the past meets the thrill of the present—all at an accessible price point. 

2009 90′ Hargrave “Heartbeat”

Asking $2,599,000.

“Heartbeat” features a 4 stateroom and six head layout accommodating 10 owner’s and guests. Also including a separate crew quarters with two crew cabins ensuite. On the main deck is the galley and a very open, inviting salon which includes a formal dining area and bar. The upper deck consists of a large sky lounge and aft upper deck area that offers the best of both worlds. 26 North Yachts is pleased to assist you in the purchase of this vessel. This boat is centrally listed by Northrop and Johnson. It is offered as a convenience by this broker/dealer to its clients. It is not intended to convey direct representation of a particular vessel.

2004 88’ Pershing “Amora”

Asking $1,995,000.

Over the years, we have researched, boarded, and sold virtually every type of boat – but nothing compares to “Amora”. Prior to 2016, she had been a well-maintained, contentedly “standard” super high-end 88 Pershing . Then everything changed. In the course of the next three years, ending in 2019, virtually every surface, piece of equipment, and square foot of upholstery was tastefully & thoughtfully updated with the very best that U.S. dollars – and a combined century of refitting experience – could conjure. At least $3 million. That’s the amount that, by conservative estimates, the current owner has spent on this 2004/2019 88′ Pershing. She is an admittedly incomplete snapshot of a one-of-a-kind, world-class vessel. “Amora” sits right now in Lighthouse Point, a state-of-the-art vessel in stunningly pristine condition.

2015 84’ Horizon “Ocean Life”

Asking $2,995,000.

Swathed in elegance and offering a slew of features throughout her 91’6′ LOA, “Ocean Life” was built to cruise in luxury. This E84 motor yacht is customized specifically for the U.S. market based upon owner feedback. She provides both comfort and functionality on each level and can be easily operated with a smaller crew or by knowledgeable owner-operators. The Horizon E84 open bridge motor yacht focuses on exterior entertaining and fun. Spacious side-deck walk-arounds lead to the forward bow area with sunpads and bench seating for enjoying the sunshine while at anchor. The hydraulic swim platform effortlessly launches watercraft and serves swimming, diving, and fishing activities with ease and convenience.

2007 84’ Lazzara “Chip”

Asking $1,790,000.

Built in 2007, “Chip” exemplifies the renown yacht building capabilities of American yacht builder Lazzara Yachts. The innovative design of the 84 Lazzara features a total of five staterooms with crew quarters and a jetski pod aft, making her perfect for larger families. Ample space in her salon, country kitchen, and flybridge make comfortable gathering spaces for you and your guests. The pride of ownership shows throughout this yacht, with a well documented history of service as well as upgrades.

2013 Schaefer 80 “Veloce II”

Asking $1,999,000.

Just for under $2m, the next owner will feel like they bought a practically brand new yacht when they board this beautifully refitted 2013 Schaefer Pininfarina 800. Extensive exterior teak flooring throughout is in pristine condition. A recent large scale refit, low engine hours, and full scale engine service makes this boat a truly extraordinary value. Veloce II reaches 35 knots and cruising comfortably at 25 knots, swiftly transports your loved ones to the Bahamas with elegance.

This 80 ft 2013 Schaefer 800 is equipped with the “Pininfarina” design package which is part of an exclusive limited edition styled by the renowned Italian Ferrari design firm. This includes upgraded soft and hard goods, hardwood flooring, carpets, headliners and wall coverings.  Not to mention the pair of RECARO Captain racing helm seats. This package is a $300,000.00 upgrade.

2006 Offshore Yacht 80 “Voyager”

Asking $1,899,000.

“Voyager” stands as an exquisite testament to the ingenuity of naval architect William Crealock and Offshore Yachts ‘ unwavering commitment to excellence. This vessel has the design as a long-range cruiser, it was created to meet the lofty standards of maximum comfort, safety, and versatile functionality. With a draft of 5’10”, this classic design isn’t merely suited for exploring the islands of the Bahamas and Caribbean. It excels in all sea conditions, making it peerless in the industry for long open ocean passages. “Voyager” accommodates up to seven guests. With three luxurious ensuite staterooms and two crew in the one ensuite aft cabin with its own galley and workshop. She features a Portuguese bridge for easy handling and docking with excellent visibility from an enclosed flybridge. This yacht has been professionally maintained and is fully equipped to be ready for its next cruising adventure.

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Mallorca, the destination chosen by Mark Zuckerberg to debut his $300 million megayacht

T he group of megayachts that have been sailing the waters of Spain’s Balearic Islands since the arrival of good weather has welcomed a new member. While last year it was Amazon founder Jeff Bezos who debuted his $500-million toy called Koru, this year, it was tech entrepreneur Mark Zuckerberg who is sailing the Mediterranean with his latest acquisition: a megayacht called Launchpad. The 118-meter-long vessel, made by Feadship from the Netherlands, is valued at $300 million. The luxury yacht was completed last March and was delivered to Zuckerberg on May 14, the same day that the Meta founder and owner turned 40 .

The ship flies the flag of the Marshall Islands, in the region of Micronesia, and, according to its technical specifications, it is 118 meters (387 feet) long, 17 meters (55 feet) wide and has a capacity for 24 guests, to which up to 48 crew members can be added. It can reach a speed of 20 knots with a range of 3,000 nautical miles, and the cost of its annual maintenance costs is more than $30 million.

The luxury yacht was designed by experts from Monaco-based Espen Øino International, which has a long track record in designing large vessels. Little is known about its interiors, beyond the fact that they were designed by Zuretti Interior Design, a French company dedicated to yacht interior design. The Launchpad has three decks, in white and navy blue, the bow has a tennis court, while on the aft deck, there is a helicopter to bring in guests from the mainland. On one side of the hull there is a glazed terrace for sunbathing or dining in front of the sea. During the time that is has been moored in the Bay of Palma, in Mallorca , slides and inflatable water toys have been seen in the sea.

Last week, the crew tested the yacht and the ship’s helicopter, signalling Zuckerberg’s imminent arrival. The social media guru landed in the private area of Palma airport on Friday night, June 14. The businessman and his wife, Priscilla Chan, were snapped leaving the terminal, with their three daughters: Max, August and Aurelia. The family was picked up by a vehicle that took them directly to the port of Palma, where the Launchpad was located. In recent weeks, the megayacht has been moored in the luxurious Club de Mar-Mallorca, fitting in beside the vessels of wealthy sheikhs and businessmen. Over the weekend, the Launchpad sailed to the south of the island, to spots such as Santa Ponça. So far, no photos have been taken of the Zuckerberg family or their guests on dry land.

Last weekend, Zuckerberg himself posted a photo on his Instagram profile, which has almost 14 million followers. In the image, he appears with his entire family as they celebrate his father’s 70th birthday. The group is seen wearing identical T-shirts that read “Ed’s Kids” after his father. Around 20 family members have come together on the megayacht to celebrate the milestone birthday. Zuckerberg’s three siblings also appear smiling in the images, joined by their partners and children.

“Happy Father’s Day to the man who started and continues to inspire our whole family,” Zuckerberg posted. “We’re also celebrating his 70th birthday and it was really something to hear the grandkids (at least the ones old enough) take turns telling papa all the ways he is meaningful in their lives last night at dinner. Here’s to many more.”

Megayacht debuts

The Launchpad , which also has a support vessel called the Wingman , is the latest megayacht to make its debut in Mallorca. Last year, Bezos launched Koru, the largest sailing yacht in the world, measuring 127 meters (416 feet). The Amazon founder and his fiancée, news anchor Lauren Sánchez , sailed the Mediterranean last summer on the $500-million vessel. Both arrived to the yacht directly by helicopter from a private plane that landed in Palma and were also photographed with a group of friends in Ibiza.

The Koru was also docked at the luxurious Club de Mar-Mallorca in Palma, the capital of the Balearic Islands, where producer David Geffen often moors his yacht Rising Sun . Just a couple of weeks ago, this gigantic 138-meter boat welcomed Kendall and Kylie Jenner , who spent a few days off with their mother, Kris Jenner, on the coast of Mallorca. In recent summers, Geffen has regularly sailed across the Balearic Islands with famous friends such as Bezos himself, actor Tom Hanks and singer Paul McCartney.

Chinese tycoon Jack Ma, founder of the Alibaba group , also debuted his megayacht Zen in Mallorca. The ship made its debut in 2021 after its construction was completed in a shipyard in the Netherlands. At the time, Jack Ma had largely out of the public view for two years after publicly criticizing China’s regulatory system. He was spotted on the Balearic island that summer playing golf in the municipality of Calvià, where his yacht was anchored. He liked the island, and he returned in 2022 the following summer.

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Half a million immigrants could eventually get US citizenship under a sweeping new plan from Biden

President Joe Biden is taking an expansive election year step to offer relief to potentially hundreds of thousands of immigrants without legal status in the U.S.

President Joe Biden has ordered an expansive election-year step to offer relief to potentially hundreds of thousands of immigrants who don’t have legal status in the U.S. but are married to American citizens.

President Joe Biden has ordered an expansive election year step to offer relief to potentially hundreds of thousands of immigrants without legal status in the U.S. (AP video by Jae Hong and Melissa Perez Winder)

President Joe Biden turns to the others on the dais after speaking during an event marking the 12th anniversary of the Deferred Action for Childhood Arrivals program, in the East Room of the White House in Washington, Tuesday, June 18, 2024. (AP Photo/Susan Walsh)

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Javier Quiroz Castro gives a hug to President Joe Biden after introducing him at an event marking the 12th anniversary of the Deferred Action of Childhood Arrivals program, in the East Room of the White House, Tuesday, June 18, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden speaks during an event marking the 12th anniversary of the Deferred Action of Childhood Arrivals program, in the East Room of the White House, Tuesday, June 18, 2024, in Washington. (AP Photo/Evan Vucci)

First lady Jill Biden speaks during an event marking the 12th anniversary of the Deferred Action of Childhood Arrivals program, in the East Room of the White House, Tuesday, June 18, 2024, in Washington. (AP Photo/Evan Vucci)

Javier Quiroz Castro smiles after introducing President Joe Biden at an event marking the 12th anniversary of the Deferred Action of Childhood Arrivals program, in the East Room of the White House, Tuesday, June 18, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden listens as he meets with NATO Secretary General Jens Stoltenberg in the Oval Office at the White House, Monday, June 17, 2024. (AP Photo/Mark Schiefelbein)

WASHINGTON (AP) — President Joe Biden ordered expansive election-year action Tuesday to offer potential citizenship to hundreds of thousands of immigrants without legal status in the U.S., aiming to balance his recent aggressive crackdown on the southern border that enraged advocates and many Democratic lawmakers.

The president announced that his administration will, in the coming months, allow certain U.S. citizens’ spouses without legal status to apply for permanent residency and eventually citizenship without having to first depart the country. The action by Biden, a Democrat, could affect upwards of half a million immigrants, according to senior administration officials.

“The Statue of Liberty is not some relic of American history. It still stands for who we are,” Biden said from a crowded East Room at the White House, filled with advocates, congressional Democrats and immigrants who would be eligible for the program. “But I also refuse to believe that for us to continue to be America that embraces immigration, we have to give up securing our border. They’re false choices.”

Biden’s action, which amounts to the most expansive federal protection for immigrants in over a decade, sets up a significant political contrast with presumptive GOP presidential nominee Donald Trump, whose hardline stance on immigration includes a push for mass deportations and rhetoric casting migrants as dangerous criminals “poisoning the blood” of America.

On Tuesday, Biden accused “my predecessor” of preying on fears about immigrants as he chastised Trump administration moves, such as a zero-tolerance policy at the southern border that led to the separation of families. But Trump has leaned into his own policies as Biden has faced disapproval of his handling of immigration throughout his presidency. At a rally in Racine, Wisconsin, on Tuesday, Trump proclaimed, “When I’m reelected, Joe Biden’s illegal amnesty plan will be ripped up and thrown out on the very first day that we’re back in office.”

Because the shadow of a second Trump administration looms over Biden’s new policy, Tuesday’s actions will set off a months-long sprint by Latino organizations to get as many people to apply for the program as possible before next January.

To qualify for Biden’s actions, an immigrant must have lived in the United States for 10 years and be married to a U.S. citizen, both as of Monday. If a qualifying immigrant’s application is approved, he or she would have three years to apply for a green card and receive a temporary work permit and be shielded from deportation in the meantime.

About 50,000 noncitizen children with parents who are married to U.S. citizen could also potentially qualify for the process, according to senior administration officials who briefed reporters on the condition of anonymity. There is no requirement on how long the couple must have been married, but no one becomes eligible after Monday. That means immigrants who reach that 10-year mark after Monday will not qualify for the program, according to the officials.

Senior administration officials said they anticipate the process will be open for applications by the end of the summer. Fees to apply have yet to be determined.

Biden formally unveiled his plans at a Tuesday event at the White House , which also marked the 12th anniversary of the Deferred Action for Childhood Arrivals program, a popular Obama-era directive that offered deportation protections and temporary work permits for young immigrants who lack legal status.

The announcement was welcome news to families with mixed immigration status, such as Antonio and Brenda Valle in Los Angeles. They have been married for nearly 12 years and have two sons who are U.S. citizens, but they have lived with the worry every two years that Brenda Valle’s status as a DACA recipient will not be renewed.

“We can start planning more long-term, for the future, instead of what we can do for the next two years,” she said.

Foday Turay was among those invited to the White House Tuesday for the announcement. He came to the U.S. when he was 10 years old from Sierra Leone, and is now a father to a young son and married to a third-generation U.S. citizen. Although he’s enrolled in DACA and working as an assistant district attorney in Philadelphia, his status doesn’t provide relief from the constant worry of deportation.

“My wife is tremendously impacted by this,” Turay said Tuesday before the ceremony. “You know, every day she talks to me about what’s going to happen. What if I get deported? You know, how are we going to raise our son? What country are we going to raise him?”

Republicans were making their own sharp contrasts with Biden’s plan. In a likely preview of GOP campaign ads, Rep. Richard Hudson, chair of House Republicans’ campaign arm, called the Biden policy a “mass amnesty plan.” Other Republicans, such as Texas Gov. Greg Abbott, anticipated that this latest directive would be struck down by the courts.

Sen. Marco Rubio, a Florida Republican who is under consideration to be Trump’s pick for vice president, forcefully advocated for legislation in 2012 that would have offered legal status to young immigrants, but on Tuesday he said “the world is different” now because immigration numbers have risen.

Tuesday’s announcement came two weeks after Biden unveiled a sweeping crackdown at the U.S.-Mexico border that effectively halted asylum claims for those arriving between officially designated ports of entry. Immigrant-rights groups have sued the Biden administration over that directive, which a senior administration official said Monday had led to fewer border encounters between ports.

Biden’s allies believe that the approach he is taking with his twin actions on immigration this month will resonate with voters.

“The only party that is being serious about border security is the Democrats. The only party that’s being thoughtful and compassionate about what to do with people who are living in the shadows are the Democrats,” said Sen. Chris Murphy, a Connecticut Democrat who helped author a bipartisan border bill earlier this year. “The Republican Party has decided to take a walk on border security.”

Among advocates, Gustavo Torres, the executive director of CASA, said Biden’s announcement would energize Latino communities to get out and support him.

“This is what our communities have needed to rally behind President Biden for reelection,” he said.

Biden also announced new regulations that will allow certain DACA beneficiaries and other young immigrants to more easily qualify for long-established work visas. That would allow qualifying immigrants to have protection that is sturdier than the work permits offered by DACA, which is currently facing legal challenges and is no longer taking new applications.

The power that Biden is invoking with his Tuesday announcement for spouses is not a novel one. The policy would expand on authority used by Presidents George W. Bush and Barack Obama to allow “parole in place” for family members of military members, said Andrea Flores, a former policy adviser in the Obama and Biden administrations who is now a vice president at FWD.us, an immigration advocacy organization.

The parole-in-place process allows qualifying immigrants to get on the path to U.S. permanent residency without leaving the country, removing a common barrier for those without legal status but married to Americans. Flores called it “the biggest win for the immigrant rights movement since the announcement of DACA 12 years ago.”

The same progressives who were infuriated with Biden’s asylum order praised the president on Tuesday. Rep. Pramila Jayapal, D-Wash., who leads the Congressional Progressive Caucus, commended Biden and said the actions would help keep American families together.

“Many Americans would be shocked to hear that when a U.S. citizen marries an undocumented person, their spouse is not automatically eligible for citizenship,” she said. ”Imagine loving someone, marrying them, and then still continuing to fear you would be separated from them.”

Associated Press writers Christine Fernando in Racine, Wis., Valerie Gonzalez in McAllen, Texas, and Stefanie Dazio in Los Angeles contributed to this report.

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2.6 million people died from alcohol in 2019, new WHO report shows

A new report by the World Health Organization , which looked broadly at global substance use for people 15 years and older, shows over 3 million people died from substance use in 2019 and 400 million people live with substance use disorders, which can have a number of negative health impacts.

"Substance use severely harms individual health, increasing the risk of chronic diseases, mental health conditions and tragically resulting in millions of preventable deaths every year. It places a heavy burden on families and communities, increasing exposure to accidents, injuries and violence," WHO Director-General Dr. Tedros Adhanom Ghebreyesus said in a press release Tuesday.

According to the report, 2.6 million deaths were due to alcohol use and 206 million people had alcohol dependence. About two-thirds of deaths due to alcohol were among men and the highest number of deaths were in the European and African region, while current consumption was common among teenagers.

"On a global scale, [ alcohol ] is one of the most widely used drugs. Definitely having a negative impact on health," Dr. Jennifer Ashton, ABC News chief medical correspondent, said on "Good Morning America" on Wednesday.

Rates of alcohol deaths have declined since 2010, but the number of people who are dying from alcohol consumption "remains unacceptably high," according to the report. Many of these deaths were attributed to chronic diseases due to alcohol such as heart disease and cancer.

"Alcohol is now considered a class one carcinogen, meaning known to cause cancer , on par with asbestos and tobacco," Ashton said.

Younger people in particular are being negatively impacted by alcohol use.

The highest percent of alcohol-attributable deaths in 2019 were among young people between the ages of 20 and 39 years old, and about 25% of all 15 to 19-year-olds said they currently drink alcohol. The highest rates of daily consumption in this age group were among teens in the European region and the Americas, where about 46% and 44% said they currently drink alcohol, respectively.

In addition to leading to alcohol use disorder, there are numerous negative health effects from moderate to heavy alcohol consumption, such as liver and heart disease, certain cancers and an increased risk of injuries, according to NIH MedlinePlus.

According to the Dietary Guidelines for Americans, moderate alcohol use is consuming two drinks or less in a day for men and one drink or less a day for women. A standard drink is 12 ounces of regular beer, 5 ounces of wine or 1.5 ounces of distilled spirits or liquor.

Binge drinking for men is about five or more drinks within a few hours or about four or more drinks within a few hours for women. Heavy alcohol use is defined for men as having more than five drinks on any day or more than 15 drinks per week, and for women, is defined as having more than four drinks on any day or more than eight drinks per week.

"We have to really come to terms with the fact that there is no safe amount of alcohol and particularly for women," Ashton said. "When you talk about breast cancer, even light alcohol consumption, less than one drink a day, associated causally with a 15% increased risk of breast cancer ... that is stark."

While men tend to drink more alcohol than women, women tend to metabolize alcohol at a slower rate, according to the Centers for Disease Control and Prevention. This slower absorption makes women more susceptible to the negative effects of alcohol. Alcohol also affects the heart differently in men than in women. The CDC says that women who binge drink are at an increased risk of heart damage at lower levels of alcohol use and over a shorter period of time compared to men.

The report called for urgent action to reduce deaths due to alcohol and substance use through community awareness and engagement, the health care system and national policies.

"To build a healthier, more equitable society, we must urgently commit to bold actions that reduce the negative health and social consequences of alcohol consumption and make treatment for substance use disorders accessible and affordable," Tedros said this week.

Dr. Jade A Cobern, M.D., MPH, a licensed and practicing physician board-certified in pediatrics and preventive medicine, is a medical fellow of the ABC News Medical Unit.

Dr. Shelly Dionne Taylor, D.M.D., MPH, a periodontology resident at Columbia University College of Dental Medicine, is a member of the ABC News Medical Unit.

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9 Times Square under contract for $63.5m

American Strategic Investment Company is looking to diversify out of Manhattan

The American Strategic Investment Company is in contract to sell 9 Times Square for $63.5 million to an unknown buyer, the investor announced in a press release . 

ASIC purchased 9 Times Square in November 2014 for $162.3 million, according to the company’s website . The property is located at 200 West 41st Street near Seventh Avenue in Times Square, and holds office and retail space. 

In the press release, ASIC CEO Michael Anderson said that he expects the sale to net the company $13.5 million, though it’s unclear how the company plans to net a profit on a $63.5 million sale on a building it purchased for $162.3 million. It’s also not clear who the buyer is. Representatives for ASIC could not be reached for comment. 

The contract is just the first step in the company’s move to diversify into “higher-yielding investments in assets beyond Manhattan real estate,” the company wrote in its latest investor presentation . 

The firm is also exploring selling a commercial building at 123 William Street and the retail space at 196 Orchard Street, also in Manhattan. Taken together, the three sales would unload 67 percent of the company’s current square footage, most of it at 123 William. The sales are intended to reduce the company’s leverage. 

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ASIC owns six other properties in New York City, including another commercial property at 1140 Sixth Avenue. The firm has a total portfolio value of $725.5 million, according to the investor presentation. 

A report last month from city comptroller Brad Lander shows that office vacancies have nearly doubled from 6.4 percent in early 2020 until now. Some of that increase is attributable to a decline in leases from finance, insurance, and real estate tenants, The Real Deal previously reported . There are, however, signs of life in the borough’s office market, with leasing up 70 percent year-over-year in May . 

The Times Square area appears to be recovering particularly well from the pandemic, led by new retail business openings and hotel occupancy. In 2023, Times Square saw the highest volume of commercial sales over $1 million in all of New York City, with a total value of $706 million across 10 deals. 

Despite this, ASIC may have struggled to generate sufficient revenue from the property. The building was 29 percent vacant as of March, according to its most recent investor presentation, an improvement from the end of 2022, when it was 38 percent vacant. 

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Judges Block Parts of Biden’s Student Loan Repayment Plan

A part of the SAVE plan that would have cut monthly bills for millions of borrowers starting on July 1 was put on hold.

By Tara Siegel Bernard and Zach Montague

Two federal judges in Kansas and Missouri temporarily blocked pieces of the Biden administration’s new student loan repayment plan on Monday in rulings that will have implications for millions of federal borrowers.

Borrowers enrolled in the income-driven repayment plan, known as SAVE, are expected to continue to make payments. But those with undergraduate debt will no longer see their payments cut in half starting on July 1 , a huge disappointment for borrowers who may have been counting on that relief.

The separate preliminary injunctions on Monday are tied to lawsuits filed this year by two groups of Republican-led states seeking to upend the SAVE program, a centerpiece of President Biden’s agenda to provide relief to student borrowers. Many of the program’s challengers are the same ones that filed suit against Mr. Biden’s $400 billion debt-cancellation plan, which the Supreme Court struck down last June.

“All of this is an absolute mess for borrowers, and it’s pretty shocking that state public officials asked the courts to prevent the Biden administration from offering more affordable loan payments to their residents at time when so many Americans are struggling with high prices,” said Abby Shafroth, co-director of advocacy at the National Consumer Law Center. “It’s a pretty cynical ploy in an election year to stop the current president from being able to lower prices for working- and middle-class Americans.”

The preliminary injunctions freeze parts of the SAVE plan until the cases are decided.

In a statement, the White House press secretary, Karine Jean-Pierre, said the Biden administration strongly disagreed with the court decisions. “Today’s rulings won’t stop our administration from using every tool available to give students and borrowers the relief they need,” she said.

Eleven states led by Kansas filed a lawsuit challenging the SAVE program in late March in U.S. District Court for the District of Kansas. The next month, Missouri and six other states sued in U.S. District Court for the Eastern District of Missouri. Both suits argued that the administration had again exceeded its authority, and that the repayment plan was a backhanded attempt to wipe debts clean.

The SAVE program, which has enrolled eight million borrowers since it opened in August, isn’t a new idea. It’s based on a roughly 30-year-old design that ties monthly payments to a borrower’s income and household size. But SAVE has more generous terms than previous plans and a heftier price tag. More than four million borrowers qualify for a $0 monthly payment.

The federal judge in Kansas, Daniel D. Crabtree, said earlier this month that only three of the states in the suit there — South Carolina, Texas and Alaska — had the legal standing to move ahead with their challenge, “but just barely.” He said the three had shown that the SAVE program, “more likely than not,” would injure public entities in those states that hold student loans.

Judge Crabtree declined to unwind the pieces of the plan already in effect — after all, he wrote, the plaintiffs brought their suit long after the program was in place, “so the court doesn’t see how plaintiffs can complain of irreparable harm from them.”

Likewise, Judge John A. Ross in St. Louis wrote that since tens of thousands of borrowers in Missouri had already applied for forgiveness through the SAVE plan, the court could not readily unwind the process.

“These borrowers and the public have an interest in ensuring consistency in loan repayment programs, and any preliminary injunction would harm their expectations of such consistency,” he wrote.

But Judge Ross sought to strike a balance by ordering a partial injunction, allowing borrowers to continue taking advantage of benefits such as lower monthly payments and limited interest accrual under SAVE, while temporarily blocking the provisions of the plan that would allow borrowers to see their debts forgiven in coming months.

In a written order, he agreed with the Republican states’ attorneys general that the Education Department may have overstepped in allowing a quicker path to loan forgiveness, which critics of SAVE have said would come at significant cost to taxpayers. But, he wrote, the other generous elements of SAVE, such as vastly reduced monthly payments, “still appear to function adequately” even with the loan forgiveness element halted while litigation continues.

The Education Department did not have an immediate comment.

Scott Buchanan, the executive director of the Student Loan Servicing Alliance , an industry group, said the entities that administered federal loans would work under the department’s guidance to carry out the court orders. “These legal headlines can create a lot of borrower confusion about what it means for them, and once we get timely guidance and resources from the department,” he said, “we’ll be working as best we can to be prepared to answer borrower questions.”

Returning millions of borrowers to repayment last fall, after a 42-month pandemic-related pause, has been challenging. Just as the student loan machinery was coming back online, the Biden administration continued to make a series changes to overhaul the system, while installing fixes to various loan forgiveness programs. So far, the administration has wiped out $167 billion in debt for nearly five million borrowers.

Blocking parts of the SAVE plan, which replaced a plan known as REPAYE, will add stress to a system that already has plenty, borrower advocates said.

“Having two injunctions that are different is chaotic from a legal perspective,” said Persis Yu, deputy executive director of the Student Borrower Protection Center, an advocacy group. “How do you administer a system under all of this chaos?”

Some Republican lawmakers welcomed the temporary rulings. Senator Bill Cassidy of Louisiana said in a statement that the income-driven repayment plan “does not ‘forgive’ debt” but simply transfers the burden onto taxpayers.

Kirsten Noyes contributed research.

An earlier version of this article misstated how much President Biden’s proposed debt-cancellation plan would wipe out for student borrowers. It is $400 billion, not $400 million.

How we handle corrections

Tara Siegel Bernard writes about personal finance, from saving for college to paying for retirement and everything in between. More about Tara Siegel Bernard

Zach Montague is a Times reporter covering the U.S. Department of Education, the White House and federal courts. More about Zach Montague

Inside the Biden Administration

Here’s the latest news and analysis from washington..

Terror Fears: The arrests of eight Tajik men who crossed into the United States at the southern border underscore the deluge of terrorism threats  inundating national security agencies.

Trans Surgery: Health officials in the Biden administration pressed an international group of medical experts to remove age minimums for transgender surgery in minors  because of concerns over political fallout, documents show.

Pardons for Veterans: President Biden pardoned some 2,000 American veterans who were convicted of engaging in gay sex  under a military code that outlawed the behavior for more than 60 years.

Student Loans: Two federal judges in Kansas and Missouri temporarily blocked  pieces of the Biden administration’s new student loan repayment plan in rulings that will have implications for millions of federal borrowers .

Gun Violence: Dr. Vivek Murthy, the U.S. surgeon general, declared gun violence in America a public health crisis , recommending an array of preventive measures that he compared to past campaigns against smoking and traffic safety.

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