Crain's New York Business

Crain's New York Business Crain’s is a trusted voice of the New York business community that features reports on emerging trends, interviews with thought leaders and industry experts, and coverage of commercial opportunities, economic changes, politics and more.

Crain's New York Business and CrainsNewYork.com were founded by Crain Communications Inc., publisher of more than 25 special interest publications. Crain's provides the fast-breaking stories and in-depth reports of local business news that have made Crain's the most trusted name in New York business. With award winning content that cannot be found in any other publication, Crain's continually scoops other publications. In 2010, Crain's New York Business celebrated its 25th anniversary.

Crain's New York Business and CrainsNewYork.com were founded by Crain Communications Inc., publisher of more than 25 special interest publications. Crain's provides the fast-breaking stories and in-depth reports of local business news that have made Crain's the most trusted name in New York business. With award winning content that cannot be found in any other publication, Crain's continually scoops other publications. In 2010, Crain's New York Business celebrated its 25th anniversary.

Operating as usual

Peek inside financier John Thain's three bedroom, three-and-a-half bath duplex penthouse at 740 Park Ave. Despite a pric...
09/21/2021
Thain can't dump Park Avenue penthouse despite $10M discount

Peek inside financier John Thain's three bedroom, three-and-a-half bath duplex penthouse at 740 Park Ave. Despite a price cut, the luxury co-op is having trouble finding a buyer in a recovering housing market.

Former Treasury Secretary Steve Mnuchin also struggled to sell his duplex even after dropping it from $33 million to $23 million

Crain's Academy VIRTUAL SESSIONS start on Sept. 29th, across all cities. A special tuition-based executive leadership co...
09/21/2021

Crain's Academy VIRTUAL SESSIONS start on Sept. 29th, across all cities. A special tuition-based executive leadership coaching program, in partnership with The Collective Academy.

https://www.crainsacademy.com/

Propel your career in new directions, and grow your professional network - apply now or nominate your colleague/friend who would be an excellent fit.

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Crain's Academy VIRTUAL SESSIONS start on Sept. 29th, across all cities. A special tuition-based executive leadership coaching program, in partnership with The Collective Academy.

https://www.crainsacademy.com/

Propel your career in new directions, and grow your professional network - apply now or nominate your colleague/friend who would be an excellent fit.

APPLY/NOMINATE: http://ow.ly/ZZNp50G9cut

#leadershipdevelopment #leadershipskills #executive #networking #CrainsAcademy #leadership #career #opportunities #womeninbusiness

Six of the 13 New York-based tech companies that launch IPOs this year have lost share value compared to their offering ...
09/21/2021
Wall Street not yet sold on some of city’s tech unicorns

Six of the 13 New York-based tech companies that launch IPOs this year have lost share value compared to their offering price. See a breakdown of how they fared here.

DigitalOcean has nearly doubled its share value in months following IPO while Compass and Oscar Health are down

Google will buy St. John's Terminal in Manhattan for $2.1B and use it as the anchor of its new Hudson Square campus. The...
09/21/2021
Google to buy Manhattan's St. John's Terminal for $2.1B

Google will buy St. John's Terminal in Manhattan for $2.1B and use it as the anchor of its new Hudson Square campus. The company's decision to buy the building expands on its plans to spend more than $250M this year on its presence in the city.

The building will serve as the anchor of the tech giant's new campus in Hudson Square

Community and environmental groups filed suit Monday to stop the $2.1B LaGuardia AirTrain, claiming that federal authori...
09/20/2021
Lawsuit seeks to block LaGuardia AirTrain

Community and environmental groups filed suit Monday to stop the $2.1B LaGuardia AirTrain, claiming that federal authorities illegally approved the rail project.

Queens community groups argue the FAA’s approval was unlawful

DEADLINE EXTENSION: Last chance to honor the heroes that have served this country by nominating them for the 2021 Notabl...
09/20/2021

DEADLINE EXTENSION: Last chance to honor the heroes that have served this country by nominating them for the 2021 Notable Veteran Executives program by this FRIDAY, SEPT. 24th!

which will be featured in a special online and print publication on November 8th. Honor those that are committed to helping their fellow service members for #VeteransDay.

Nominate today: http://ow.ly/WWL850GdeJD

#veteranshelpingveterans #veteranaffairs #veteransupport #CrainsNotables

DEADLINE EXTENSION: Last chance to honor the heroes that have served this country by nominating them for the 2021 Notable Veteran Executives program by this FRIDAY, SEPT. 24th!

which will be featured in a special online and print publication on November 8th. Honor those that are committed to helping their fellow service members for #VeteransDay.

Nominate today: http://ow.ly/WWL850GdeJD

#veteranshelpingveterans #veteranaffairs #veteransupport #CrainsNotables

New York's tourism industry praised the decision to allow vaccinated visitors into the U.S. in November, saying they'll ...
09/20/2021
Open borders could accelerate the city's tourism recovery

New York's tourism industry praised the decision to allow vaccinated visitors into the U.S. in November, saying they'll "stay longer and spend more," giving the city's economy a much-needed boost.

President Joe Biden announced that vaccinated tourists from all over the world could return to the U.S. in November

New York City’s public schools will end a quarantine policy that disrupts working parents by keeping thousands of elemen...
09/20/2021
City to end elementary school quarantines criticized by working parents

New York City’s public schools will end a quarantine policy that disrupts working parents by keeping thousands of elementary school kids home every day, Mayor Bill de Blasio announced Monday. The change will begin Sept. 27.

The new policy is in line with state and federal rules

Icon Parking is facing another lawsuit, this time from a Chelsea landlord accusing the beleaguered garage operator of ow...
09/19/2021
Chelsea landlord sues Icon Parking for $700K

Icon Parking is facing another lawsuit, this time from a Chelsea landlord accusing the beleaguered garage operator of owing $700,000 in pandemic back rent.

Dozens of city landlords have gone after the garage rental company with mixed results

Faced with an uncertain future with Covid cases on the rise, tenants are refusing to make deals unless the landlords agr...
09/18/2021
Retail leases are getting padded with pandemic protections

Faced with an uncertain future with Covid cases on the rise, tenants are refusing to make deals unless the landlords agree to include clauses that mitigate the potential damage new restrictions would bring.

Tenants are taking steps to avoid lawsuits over unpaid rent

The pandemic amplified the digital divide in New York state, but finding solutions is tricky, policymakers say. Nearly 9...
09/18/2021
Cost of broadband locking out New Yorkers from speedy internet

The pandemic amplified the digital divide in New York state, but finding solutions is tricky, policymakers say. Nearly 99% of households have broadband available in their neighborhoods, yet more than 1 million families lack subscriptions.

Federal, state and city efforts are trying to close gap in access to low-income families

For more than 30 years, Henry Weingarten has used astrology to help his powerful clients decide when to buy or sell thei...
09/18/2021
Wall Street astrologer on what's in the stars for the city

For more than 30 years, Henry Weingarten has used astrology to help his powerful clients decide when to buy or sell their stocks. Here, he predicts what's next for New York City.

For more than 30 years he’s run the Astrologers Fund, charting the movements of celestial bodies to help clients decide when to buy or sell their stocks

Five performing arts venues sued Mayor Bill de Blasio Thursday over the city’s vaccine mandate, arguing that the rule is...
09/17/2021
Off-Broadway theaters sue city over vaccine mandate, claiming unequal application

Five performing arts venues sued Mayor Bill de Blasio Thursday over the city’s vaccine mandate, arguing that the rule is more restrictive on their audiences than on religious congregants who gather in the exact same spaces for services.

Theatres that double as religious meeting places say the mandate is being applied unequally

Despite its expensive reputation, the Upper East Side is one of most affordable areas in New York City for new owners. S...
09/17/2021
Upper East Side makes list of best neighborhoods for first-time homebuyers

Despite its expensive reputation, the Upper East Side is one of most affordable areas in New York City for new owners. See how it ranked and what other neighborhoods made the list.

The study focused on places that would be affordable for New Yorkers between ages 25 and 44 who earn a median annual income of $70,406

New York City added a paltry 4,500 jobs in August, driven largely by the leisure and hospitality and financial services ...
09/17/2021
Feeble job gains show stalled city recovery

New York City added a paltry 4,500 jobs in August, driven largely by the leisure and hospitality and financial services sectors. The unemployment rate dropped slightly, but at 10.2% remains nearly twice the national rate.

The largest employment losses occurred in local government and professional technical and scientific services

If the subway seemed more crowded this week, it's not your imagination: ridership broke post-pandemic records this week ...
09/17/2021
MTA ridership hits new pandemic record but still falls short

If the subway seemed more crowded this week, it's not your imagination: ridership broke post-pandemic records this week with nearly 3 million daily riders as nearly a million children returned to school and Broadway shows reopened.

Some transit experts believe the jump in subway riders bodes well for the agency’s fortunes during the school year

#DealsOfTheDay: A hedge fund inks a deal in the West Village, an affordable housing equity provider expands in Midtown, ...
09/16/2021
Deals of the Day: Sept. 16

#DealsOfTheDay: A hedge fund inks a deal in the West Village, an affordable housing equity provider expands in Midtown, and more real estate deals you need to know.

Plus: An affordable housing equity provider expands in Midtown

The power lunch is back: Bolstered by returning office workers, Michelin-starred Le Bernardin restarted lunch service th...
09/16/2021
Le Bernardin brings back its power lunch

The power lunch is back: Bolstered by returning office workers, Michelin-starred Le Bernardin restarted lunch service this week. Chef and owner Eric Ripert said the extra revenue is vital for the restaurant, which lost a year of profit during the pandemic.

One of New York's top dining rooms says it has the demand to offer midday reservations

SPONSORED: Do you know a hero? We are actively searching for leaders who have demonstrated a commitment to the revitaliz...
09/16/2021

SPONSORED: Do you know a hero? We are actively searching for leaders who have demonstrated a commitment to the revitalization of New York City. http://ow.ly/F93n50G0PgZ Empire BlueCross BlueShield

SPONSORED: Do you know a hero? We are actively searching for leaders who have demonstrated a commitment to the revitalization of New York City. http://ow.ly/F93n50G0PgZ Empire BlueCross BlueShield

New York needs talent. When it comes to the recipe for building a thriving life science hub, the city has it all, except...
09/15/2021
Why the city's life sciences industry is still in the gestation stage

New York needs talent. When it comes to the recipe for building a thriving life science hub, the city has it all, except enough professionals who can carry the emerging sector, said the panelists at Tuesday's #CrainsBusinessForum.

2020 was a record-breaking year for laboratory leases, but there's plenty of room for growth

A rule requiring elementary students to quarantine for 10 days if a classmate tests positive has left parents on shaky m...
09/15/2021
Parents struggle with back-to-work season amid school closures

A rule requiring elementary students to quarantine for 10 days if a classmate tests positive has left parents on shaky middle ground between a city that wants employees back to work and a school system that seems to be communicating that normal life is still simply too dangerous to resume.

Quarantined classrooms threaten to leave parents out of the city's economic comeback

#DealsOfTheDay: Kingdom Supercultures expands at the Brooklyn Navy Yard, a Cypress Hills property sells for $17M, and mo...
09/15/2021
Deals of the day: Sept. 15

#DealsOfTheDay: Kingdom Supercultures expands at the Brooklyn Navy Yard, a Cypress Hills property sells for $17M, and more real estate deals you need to know.

Kingdom Supercultures expands at the Brooklyn Navy Yard, and a Cypress Hills property sells for $17 million

DoorDash sued New York City Wednesday over a new law that requires the firm to share customer data with restaurants, arg...
09/15/2021
DoorDash sues to block restaurants from getting customer data

DoorDash sued New York City Wednesday over a new law that requires the firm to share customer data with restaurants, arguing that the rule is unconstitutional. This is the second lawsuit the food-delivery service has filed against the city in a week.

This is the second lawsuit DoorDash has brought against New York City in a week

After a month of preparing businesses to screen patrons for vaccinations or risk hefty fines, city agencies gave out 353...
09/14/2021
Enforcement begins for de Blasio's business vaccine mandate

After a month of preparing businesses to screen patrons for vaccinations or risk hefty fines, city agencies gave out 353 warnings, but no fines, on day one of the mandate’s enforcement.

Mayor's office said 13 agencies gave 353 warnings for noncompliance with the vaccine

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