Crain's New York Business

05/04/2021

Catering firm Great Performances moves into $7 million Bronx facility

Catering company Great Performances was able to pivot during the pandemic to making meals for the city's senior meal delivery program—and it's framing its investment in the Bronx as a symbol of its commitment to coming back stronger than ever.

Nearly two years ago, when the catering company Great Performances moved out of its office and kitchen in Hudson Square, the company was doing around $60 million in revenue, investing in culinary training programs and plant-based menus, and employing 1,300. Now, as it moves into its long-planned…

05/04/2021

Stringer accuser files formal complaint with state

The woman says that Stringer, a candidate for #NYCmayor, groped her without consent while he was a state assemblyman running for public advocate.

Jean Kim, who has accused New York City Comptroller Scott Stringer of groping her without consent in 2001, has filed a formal complaint with the state attorney general’s office. Kim is alleging sexual abuse and harassment by Stringer, a candidate for mayor, while he was a state assemblyman…

05/04/2021

City could reap $600M with car emissions fee

New York City could generate more than $1B a year by imposing an emissions toll on cars and trucks and requiring residency to receive retiree health benefits, the city’s Independent Budget Office said.

New York City could generate more than a $1 billion a year by imposing an emissions toll on cars and trucks and requiring residency to receive retiree health benefits, the city’s Independent Budget Office said. The suggested $2.49 toll on tailpipe pollution, assessed at existing bridge and…

05/04/2021

Landmarks Preservation Commission approves controversial Seaport tower

Historic South Street Seaport will house a modern new tower under the new proposal.

The Landmarks Preservation Commission approved a controversial tower in Manhattan's South Street Seaport in a 6-2 vote on Tuesday, clearing the way for the Howard Hughes Corporation to move forward with its plans for 250 Water St. "We appreciate the [commission's] thoughtful feedback…

05/04/2021

HFZ money woes continue as lender aims to take control of Upper East Side properties

Struggling real estate developer HFZ Capital is in danger of losing even more of its portfolio as one of its lenders moves on several buildings.

Struggling developer HFZ Capital is in danger of losing even more of its real estate portfolio. W Financial REIT, the lender on HFZ's properties at 150-154 E. 79th St., 1131 Lexington Ave. and 1135 Lexington Ave. on the Upper East Side, is moving to foreclose on the buildings…

05/04/2021

After slamming Albany, Vornado CEO says tax increases won't hurt New York economy

Backtracking on previous statements, Vornado CEO Steven Roth said that New York City's economy is alive and well, as evidenced by existing tenants look to renew leases while prospective ones hunt for upgrades.

In March, office landlord Steven Roth joined 250 business leaders slamming Albany for raising taxes on the wealthiest New Yorkers. “Ultimately, these new taxes may trigger a major loss of economic activity and revenues as companies are pressured to relocate operations to where the talent wants…

05/04/2021

Port Authority rife with waste and mismanagement, DiNapoli audit finds

EXCLUSIVE: Port Authority failed to collect $8.3M rent and utilities and engaged in other costly inefficiencies, according to a recent audit by the state comptroller's office.

The Port Authority of New York and New Jersey has failed to collect $8.3 million in rent and utilities, according to a recent audit by state Comptroller Thomas DiNapoli that highlighted a series of inefficiencies that cost the agency and the taxpayers millions more. Between January…

05/04/2021

Vaccine sales power Pfizer through first quarter

Thanks to its #Covid vaccine, Pfizer now expects to rake in roughly $26 billion over the year, up from their prior forecast of about $15 billion.

Pfizer, buoyed by a huge jump in sales for its Covid-19 vaccine and solid performance across most of the company, is hiking its 2021 financial forecast sharply after blowing past Wall Street expectations for the first quarter. The New York drugmaker and its German partner on the vaccine,…

05/04/2021

Biden tax rule would rip billions from biggest fortunes at death

Biden's change would amount to the biggest curb on dynastic wealth in decades, altering an American economic landscape dominated by a few wealthy families.

Jeff Bezos has an ex-wife, a girlfriend, four children and billions of reasons to watch whether Joe Biden’s tax overhaul wins congressional approval. The Amazon.com Inc. founder’s heirs may have to pay more than $36 billion if the president succeeds in closing a loophole that helps the rich…

05/04/2021

Apollo’s Harris Is absent from call, spurring question to Rowan

The Apollo co-founder Josh Harris' absence from an earnings call Tuesday had nothing to do with reports of him being sidelined, said Apollo CEO Marc Rowan, describing him as an “active and productive” member of the team.

Apollo Global Management Inc. Chief Executive Officer Marc Rowan, asked Tuesday about co-founder Josh Harris' absence from the firm’s earnings call, described him as an “active and productive” member of the team. The comment, in response to an analyst’s question, came four days after…

05/04/2021

Take a peek at the largest minority-owned businesses in the area

Check out the largest minority-owned businesses in the New York area.

Breadcrumb Home May 04, 2021 10:00 AM Take a peek at the largest minority-owned businesses in the area Tweet Share Share Email More Share Unsplash/Christopher Vega #1: Sigma Plastics Group Top executive(s): Mark S. Teo, President and chief executive 2020 Revenue (millions)/% change vs. 2019: $2,475....

05/04/2021

Goldman readies June return to office while Vanguard goes hybrid

A recent survey found that a majority of financial services companies prefer workers spend four to five days in the office, but they could face resistance from the ranks.

Goldman Sachs Group Inc.’s top brass has formulated a plan to have U.S. employees return to offices next month as Wall Street’s march back to its skyscrapers gathers pace. The investment bank is planning to tell staff that they should be prepared by mid-June to work from offices again, according...

05/04/2021

Everything you need to know about the city's public campaign finance system

Become an #instantexpert on New York City's campaign finance system in advance of this fall's race for mayor.

THE ISSUE New York City's Public Finance System allows for small donations to be turned into matching sums given out by the Campaign Finance Board of New York. Any candidate for muncipal office is eligible, but this article primarily applies to mayoral candidates. Candidates first have to…

05/04/2021

Legislature approves extending eviction moratorium to end of August

The New York state legislature voted Monday to extend New York’s eviction moratorium to Aug. 31.

The state legislature voted Monday to extend New York’s eviction moratorium to Aug. 31. The bill now heads to Gov. Andrew Cuomo’s office. Representatives for Cuomo have not responded to multiple requests for comment about whether he will sign it. "Ensuring that everyone has access to a stable…

05/04/2021

Leather-goods firm still betting on face masks

The city is reopening and mask wearing is waning. But 1 Atelier, a small luxury leather company, still sees opportunity in its pandemic pivot to face masks.

By the time New York City's fashion lovers get back to buying handbags at a pre-2020 pace, Stephanie Sarka aims to have a second product line at her company 1 Atelier, which sells custom, luxury accessories: face masks. The coverings might seem like a strange bet with the pandemic waning and…

05/04/2021

Facing a daunting market, a luxury Brooklyn condo pivots to rentals

"Everyone is waiting to see what happens. There’s a lot of developers who’ve done the math on the sales and rentals side, and they’re trying to figure out if they should also pivot."

In 2016, just before New York’s high-end condominium market began to buckle under the weight of its unsold inventory, a developer and design architect named Avery Hall Investments purchased a plot of land a stone’s throw from Borough Hall in the heart of downtown Brooklyn. .....

05/03/2021

Danskammer plant upgrade is a necessary transition to alternative energy

To keep electric rates low, improve regional air quality and support hundreds of local jobs, New York must invest in facilities that can support clean energy, writes Lisa Sorin, president of the The New Bronx Chamber of Commerce, in a new op-ed.

As New York looks to advance toward a clean energy economy, it is important that the state consider ways to ensure a seamless transition from traditional fossil fuel-based energy production to a future run by renewables such as solar and wind farms. While many say we should…

05/03/2021

Primary care doctors are important advocates for vaccination

Doctors and patients have a special relationship—one that should be leveraged to help patients understand why they should get vaccinated, writes Dr. Dave Chokshi, the city's health commissioner.

As a primary care doctor, earning my patients’ trust is the most important part of my work. Often earning trust happens by guiding patients through a fog of uncertainty about a health issue and accompanying them through both the difficult and the happy moments. As the city’s doctor, I....

05/03/2021

City workers start returning to offices following dismal month for market

About 80,000 city workers returned to their offices Monday for the first time since the onset of the pandemic, providing a boost to a New York office market that remains decimated by the coronavirus.

About 80,000 city workers returned to their offices Monday for the first time since the onset of the pandemic, providing a boost to a New York office market that remains decimated by the coronavirus. Mayor Bill de Blasio had announced during the winter that the city would start…

05/03/2021

Midtown cannabis company buys Long Island cultivation site for $42.5M

Midtown-based #cannabis company Columbia Care is putting down roots in Long Island, where it has acquired a 34-acre acre site that it will use to increase production in anticipation of New York's new legal #ma*****na market.

Cannabis company Columbia Care is buying a 34-acre site on eastern Long Island to grow medical ma*****na, it announced Wednesday. The Midtown-based company will pay $42.5 million for the site, with $15 million in cash and the remainder in stock. The site includes 740,000 square feet of…

05/03/2021

Assemblyman Weprin tries to upstage City Council on small-business amnesty bill

A new bill would give small businesses across New York amnesty on civil fines and discounts on violations that occurred during the pandemic.

Small-business fine amnesty has now moved from City Hall to Albany. Queens Assemblyman David Weprin is introducing a bill that proposes to give small businesses across the state amnesty on civil fines and discounts on violations that occurred during the pandemic. The proposal aims to correct…

05/03/2021

After a long, strange trip Wall Street doses on psychedelic stocks

Are magic mushrooms the next Wall Street darling?

Last week Nasdaq welcomed the listing of MindMed, a developer of psychedelic drugs, to treat mental illness. The Manhattan-based company boasts a market capitalization of $1 billion after trading for pennies less than 12 months ago. Truly, interest in the sector is mushrooming. …

05/03/2021

Opponents of SoHo rezoning have lost their bid to place a temporary restraining order on the process in their legal battle against it.

05/03/2021

Federal $28B restaurant bailout fund opens without major issues

As restrictions wane and business picks up for restaurants, gaps from the last year remain, including rent, which may have been deferred by landlords but still has to be paid.

Within an hour of the Restaurant Revitalization Fund grant application opening at noon, Barb Leung had submitted applications for all four of the New York City businesses where she manages operations. If approved, the grant money will go first to the most important expense for the businesses,…

05/03/2021

These jobs are on the rise in New York's tech takeover

Software engineer. IT project manager. Cybersecurity analyst. These are just some of the hot jobs in New York City's tech industry that are helping keep the city's economy afloat.

Software is eating the New York City job market. In the Covid-19 economy, the technology industry has remained a rare bright spot for the city, with homegrown companies Etsy and Peloton recording huge growth in 2020 and tech giants Google, Facebook and Amazon committing to local expansions…

05/03/2021

State capacity restrictions for most businesses to be lifted on May 19

BREAKING: New York City subways will again run 24 hours a day, and most capacity restrictions will be lifted across the state on May 19, Gov. Cuomo said Monday.

Most capacity restrictions will be lifted across the tri-state region on May 19, Gov. Andrew Cuomo said Monday. New York City will again have 24-hour subways, boosting transportation options for workers as the most populous U.S. city inches toward normalcy. The Metropolitan Transportation…

05/03/2021

The Hero Act is a business killer, Cuomo must veto it

#Editorial: Because New York's #HeroAct fails to include specifics about recommended safety protocols, it opens small businesses up to sky-high costs and potential litigation.

New York City's economy will fully open in July, Mayor Bill de Blasio announced last week. A year plus into the pandemic, which cost the city 631,000 jobs, shuttered countless businesses and killed almost 52,000 New Yorkers statewide, the Big Apple will return, just in time for the summer. This is.....

05/03/2021

Refusing the Covid vaccine is legal but could still cost you your job

Echoing the concerns of many who are refusing the vaccine, one worker said: “There is just not enough research out yet."

Texas nurse Jennifer Bridges plans to go to work on June 7, like it’s any other day. The only difference is, when she gets there she expects to be fired. That day is the deadline her employer, Houston Methodist hospital, has given its staff to get the Covid-19 vaccine, something Bridges, 39.....

05/03/2021

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SPONSORED: Experts say Covid-19 testing will be critical to opening businesses, schools and cultural institutions for months to come. To learn more about the latest testing technology we turned to Acupath’s Jeff Boschwitz, Ph.D. http://ow.ly/l59D50EDkEZ Acupath #covid #covidnews #covid19 #covidtesting #covid19tests #pcrtesting

05/03/2021

Rent battle squeezes HarperCollins in Midtown

HarperCollins' fight is the latest case to erupt over whether office tenants should be on the hook for rent during a public health crisis. Take a look at how other buildings on the block are faring. #WhoOwnsTheBlock

Add the media giant News Corp. to the list of big-name companies entangled in a Covid-19-related battle over unpaid rent. One of the media giant's subsidiaries, book publisher HarperCollins, is butting heads with Blackfield Office Suites over a sublet at 1350 Sixth Ave. in Midtown. Blackfield…