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Republic First closed by regulators and bought by Fulton Bank
April 27, 2024 02:39Republic First Bank became the latest smaller lender to succumb to pressures of higher interest rates on Friday when it was closed by regulators — with most of its deposits and assets acquired by Fulton Bank. The Federal Deposit Insurance Corp. said in a statement that Republic First’s 32 locations in New Jersey, Pennsylvania and New York will reopen Saturday as branches of Fulton Bank. Republic First — which does business as Republic Bank — had about $6 billion of assets and $4 billion of ...
Frank Carone is selling his Mill Basin mansion for $7M
April 26, 2024 17:38Mayor Eric Adams' former chief of staff and onetime counsel to the Kings County Democratic Party Frank Carone is giving up his Brooklyn bona fides and settling down in Manhattan with his wife. Carone, a politically connected attorney who served as City Hall chief of staff until stepping down at the end of 2022 to launch his own consulting firm called Oaktree Solutions, is selling his Mill Basin mansion at 2626 National Drive for an asking price of $6.9 million, a source familiar with the fa...
Cohen Bros. president fires back against lender in explosive affidavit
April 26, 2024 17:23Charles Cohen has pushed back hard against the lender seeking millions from him in a blistering affidavit that accuses the firm of manufacturing a loan default to go after him and potentially causing more than $1 billion worth of damages to his properties. International investment firm Fortress Investment Group had agreed to lend entities tied to Cohen's namesake firm Cohen Bros. up to about $534 million in 2022 and sued Cohen over the funds in March, claiming the borrowers had defaulted on...
Congestion pricing finally has a start date
April 26, 2024 16:40New York’s first in the nation congestion pricing tolls will launch on June 30, two sources familiar with the schedule told Crain’s Friday. The long-anticipated launch date marks when most drivers will be charged a $15 daytime toll to enter Manhattan below 60th Street, which is expected to generate billions of dollars for the Metropolitan Transportation Authority to improve the region’s mass transit and reduce traffic. Transit officials also on Friday opened an online application portal fo...
State office designed to expedite renewable projects is moving too slow: audit
April 26, 2024 15:56The state office created to speed up the approval of sweeping wind and solar projects is ironically moving too slowly, jeopardizing New York’s renewable energy targets, according to a Thursday audit from state Comptroller Thomas DiNapoli. Auditors found that the Office of Renewable Energy Siting, which was created in 2020 to get projects online faster, took an average of three years to approve just 14 projects. Permit applications granted by the office were often delayed due to missing info...
Deals of the Day: April 26
April 26, 2024 15:25Leases Startup moving headquarters to Refinery at Domino Address: 300 Kent Ave., Brooklyn Landlord: Two Trees Management Co. Tenant: Whop Lease size: 9,554 square feet Asset type: Office Children’s book publisher inks Midtown South lease Address: 381 Park Ave. South, Manhattan Landlord: ATCO Properties & Management Tenant: Lee & Low Books Lease size: 5,844 square feet Lease length: Three years Asking rent: $62 per square foot Asset type: Office Brokers: Colliers’ Robert Tunis, Kyle Berli...
Editorial: New York's renewed focus on illegal weed shops is a good — if overdue — step forward
April 26, 2024 15:20In neighborhoods across the city, retail closures are often a cause for mourning. But a wave of shutdowns expected in the coming months instead merits a round of applause. At long last, state policymakers are moving decisively to facilitate the shutdown of thousands of illegal cannabis shops that have spread across New York City, undercutting the state’s legal weed market and contributing to an air of lawlessness. The state’s new $237 billion budget allows municipalities to seek emergency ...
Editorial: Renewed focus on illegal weed shops is a good — if overdue — step forward
April 26, 2024 15:20In neighborhoods across the city, retail closures are often a cause for mourning. But a wave of shutdowns expected in the coming months instead merits a round of applause. At long last, state policymakers are moving decisively to facilitate the shutdown of thousands of illegal cannabis shops that have spread across New York City, undercutting the state’s legal weed market and contributing to an air of lawlessness. The state’s new $237 billion budget allows municipalities to seek emergency ...
Top 9 new places to eat, drink and party in the Hamptons this summer
April 26, 2024 15:03The Hamptons summer season is looking as busy as ever. Open houses for new listings have been packed , and the rental market is robust, so don’t expect Long Island Expressway traffic to subside anytime soon. Meanwhile, it’s still business as usual at East Hampton Town Airport, despite efforts to restrict small plane traffic, and Blade still promises to get you there from Manhattan via helicopter in under an hour. As Memorial Day looms, visitors are already plotting their dining and nightlif...
Norman Reedus and Diane Kruger find a taker for their Village home after 2 years
April 26, 2024 14:44Norman Reedus and Diane Kruger finally sell their Village townhouse after 2 years
Celebrity couple Kruger and Reedus find a taker for their Village home after two years
April 26, 2024 14:44The perks of being famous do not always extend to real estate. Actor Norman Reedus, a star of the long-running zombie series The Walking Dead, and actor Diane Kruger, of Quentin Tarantino’s Inglourious Basterds, have sold their Greenwich Village townhouse after two years and several price cuts. Itself a star of several media stories, the landmarked Greek Revival-style property at 40 Leroy St. went for $9.4 million, according to a deed made public Thursday. In 2018 Reedus and Kruger paid $...
Norman Reedus and Diane Kruger find a taker for their Village home after two years
April 26, 2024 14:44The perks of being famous do not always extend to real estate. Actor Norman Reedus, a star of the long-running zombie series The Walking Dead, and actor Diane Kruger, of Quentin Tarantino’s Inglourious Basterds, have sold their Greenwich Village townhouse after two years and several price cuts. Itself a star of several media stories, the landmarked Greek Revival-style property at 40 Leroy St. went for $9.4 million, according to a deed made public Thursday. In 2018 Reedus and Kruger paid $...
Former Bronx motel to reemerge as an elementary school
April 26, 2024 10:03A onetime "hot sheet" motel turned migrant shelter in the Bronx will soon start a new chapter as an educational facility after a city agency scooped up the Riverdale parcel for just above $9 million. The New York City School Construction Authority — an entity separate from the Department of Education that manages the design, construction and renovation of school facilities in the five boroughs — purchased the commercial lot at 6393 Broadway from the Loewy family for $9.2 million, according ...
At a Glance: April 26
April 26, 2024 09:33NEW CLINIC: The executive board of New York City Health + Hospitals voted Thursday to execute a $30 million contract with Gilbane Building Company to build a new Gotham Health community clinic in Far Rockaway. According to Dr. Theodore Long, H+H’s senior vice president of ambulatory care, the neighborhood needs more medical resources to treat chronic diseases and mental health concerns, and the clinic would fill a void in the community. The clinic, which will be located across from the Beach...
Rebounding R&D returns spell success for local pharmaceutical companies, report shows
April 26, 2024 09:33Investments in drug research and development are paying dividends while the cost to do so stays flat, a trend that appears to be benefitting local firms. Large pharmaceutical companies’ returns on research and development investments rebounded in 2023, according to the latest report from Deloitte released today. The report measures returns on investments for the 20 companies that spend the most on R&D for drugs globally and found that projected returns on investment climbed to 4% in 2023, a...
Regeneron inks $100M deal to develop gene-editing therapies
April 26, 2024 09:33Tarrytown-based Regeneron Pharmaceuticals has struck a $100 million deal with Mammoth Biosciences, a California-based biotechnology company, to develop and commercialize gene editing therapies for multiple tissues and cell types, the firms announced Thursday. Regeneron’s $100 million upfront payment includes a $95 million equity investment, according to the company. Mammoth could receive a total of $370 million per target in development and commercial milestone payments. The firms ai...
MTA says it needs $6B to climate-proof transit
April 25, 2024 22:44The Metropolitan Transportation Authority has a $6 billion to-do list to adapt the region’s transit to climate change — now it must get state lawmakers and federal officials to agree to fund it. Transit officials unveiled a Climate Resilience Roadmap Thursday aimed at addressing the increasingly dire threat extreme storms, sea-level rise, heat waves and other weather hazards pose to New York transit. Since Superstorm Sandy walloped the region in 2012, the MTA says it has invested $7.6 billi...
Empire State Building owner predicts 'once-in-a-generation opportunity' for deals
April 25, 2024 20:21As the city's real estate market tries to recoup losses in the pandemic's aftermath, exceedingly rare opportunities for building purchases will sprout up, says the owner of the Empire State Building. "The crisis created by the capital dislocation, rising rates and heavy near-term market maturities will create a once-in-a-lifetime — once-in-a-generation — opportunity to buy into certain New York City assets," Empire State Realty Trust CEO Tony Malkin said on the firm's first quarter earnings...
Mark Zuckerberg's net worth falls by $20B as Meta tumbles
April 25, 2024 19:29Mark Zuckerberg’s fortune plunged $20 billion as shares of Meta Platforms tumbled, allowing Tesla’s Elon Musk to cement his status as the world’s third-richest billionaire. Meta shares fell as much as 16% Thursday in New York after the social media company said second-quarter sales were likely to come in below estimates. Zuckerberg’s one-day drop in net worth is the fourth-largest ever related to a stock move among those in the Bloomberg Billionaires Index, with his fortune now at $155 bill...
The number of New Yorkers in the office is on the rise again
April 25, 2024 18:41The number of New Yorkers commuting to work each week is nearly back to its post-pandemic peak. The city's in-office occupancy clocked in at 51.4% for the seven day period ending April 17, up 1.4% from the week prior and just 0.7% from the city's post-pandemic peak, which it hit the week of Feb. 7 when office activity totaled 52.1% of what it was in 2019. That's according to the latest data from real estate technology firm Kastle Systems, which tracks badge swipes at commercial office buil...
MTA spat with New Jersey over congestion pricing hits small businesses
April 25, 2024 18:33General contractor Hely Duarte is considering laying off half his workers because New York City’s transit system is halting most capital projects as its legal battle with New Jersey over congestion pricing lingers on. The Metropolitan Transportation Authority, which runs the city’s subways, buses and commuter rail lines, has said that because of the litigation it can only commit to a quarter of the $12 billion it had planned to contract out this year to repair and update the aging system. ...
MTA spat with New Jersey on congestion pricing hits small businesses
April 25, 2024 18:33General contractor Hely Duarte is considering laying off half his workers because New York City’s transit system is halting most capital projects as its legal battle with New Jersey over congestion pricing lingers on. The Metropolitan Transportation Authority, which runs the city’s subways, buses and commuter rail lines, has said that because of the litigation it can only commit to a quarter of the $12 billion it had planned to contract out this year to repair and update the aging system. ...
Deals of the Day: April 25
April 25, 2024 17:48Leases Finance firm inks deal in Midtown Address: 675 Third Ave., Manhattan Landlord: The Durst Organization Tenant: Elite Financial Solutions Lease size: 5,007 square feet Asset type: Office Brokers: Cushman & Wakefield’s Haley Templeton, Adam Ardise, Stephen Bellwood, Lei-Lani Keelan and Rachel Rosenfeld represented the tenant. Thomas Bow, Ashlea Aaron and Bailey Caliban represented the landlord in-house. Sales Fashion house picks up a third Midtown berth Address: 730 Fifth Ave., Ma...
U.S. economy slows and inflation jumps, dampening soft-landing hopes
April 25, 2024 17:44U.S. economic growth slid to an almost two-year low last quarter while inflation jumped to uncomfortable levels, interrupting a run of strong demand and muted price pressures that had fueled optimism for a soft landing. Gross domestic product increased at a 1.6% annualized rate, below all economists’ forecasts, the government’s initial estimate showed. The economy’s main growth engine — personal spending — rose at a slower-than-forecast 2.5% pace. A wider trade deficit subtracted the most f...
Prada sews up a third retail deal in Midtown for almost $13M
April 25, 2024 17:42Prada seems to have tied up some loose ends in Midtown. The Italian fashion giant has bought a storefront space on West 56th Street to complement the blockbuster $822 million pickup it completed on Fifth Avenue at the end of last year. The new site, which is tucked inside the Crown Building, the hotel-and-condo redevelopment project from Aman Resorts, sold for $12.6 million, according to a deed that appeared in the city register Thursday. There's some ambiguity about the seller of the pro...
Overloading not to blame in deadly Manhattan garage collapse, buildings chief says
April 25, 2024 17:05Last year’s collapse of a Lower Manhattan parking garage, which killed one person and sparked fears of similar risks at the city’s thousands of other garages, was not caused by an overloading of cars, the city’s Buildings Commissioner said Thursday in response to lawmakers’ questions about the integrity of the city’s structures. The new finding appears to contradict comments made by some city officials in the hours after the April 2023 collapse of the 98-year-old garage at 57 Ann St., when ...
Rudin parting with downtown office building for $160M
April 25, 2024 16:44Rudin is parting ways with one of its office buildings in the Financial District, an extremely rare sale for the prominent, family-run real estate firm. The company is selling 80 Pine St. to Bushburg, a Brooklyn-focused developer based in Penn Plaza, for $160 million, according to sources familiar with the transaction. Eastdil Secured's Gary Phillips and Will Silverman brokered the deal. They and Rudin declined to comment on it, and Bushburg did not respond to a request for comment by pres...
Merck beats earnings forecasts as cancer drug sales boom
April 25, 2024 16:40Merck’s stocks saw a bump on Thursday after the pharmaceutical giant reported a boom in first-quarter sales of its blockbuster cancer drug Keytruda, according to the firm’s latest earnings report. The Rahway, New Jersey-based firm adjusted its annual sales forecast after revenues exceeded investors’ expectations in the first quarter. The company increased its 2024 revenue guidance to between $63.1 billion and $64.3 billion, up from its previous estimate of $62.7 billion to $64.2 billion. ...
Williamsburg Bathhouse owners rile residents with expansion plans
April 25, 2024 16:03The duo behind a trendy Brooklyn spa is not only looking to expand its footprint but now also wants to tear down an iconic water tower that sits atop the building next door to make room for a new rooftop pool—much to the chagrin of neighbors. Business partners Jason Goodman and Travis Talmadge first launched Bathhouse—a spa, restaurant and wellness space—at 103 N. 10th St. in Williamsburg in 2019. They opened their second location earlier this year, at 14 W. 22nd St. in the Flatiron Distric...
Michelin ranks 5 New York hotels among the world's best
April 25, 2024 10:03Last year, when World’s 50 Best issued its first global ranking of hotels, only two properties in the U.S. made the cut: the Equinox and Aman New York hotels, both in Manhattan. Now Michelin has arrived stateside, in its second-ever presentation of “keys” — a new system from the eponymous tiremaker that’s doling out one, two or three key emblems, like its restaurant stars but to the world’s worthiest hotels. Out of more than 1,000 luxury hotels across the country, 11 were awarded three key...
Papaya King disappearance latest sign of change on East 86th Street
April 25, 2024 10:03The news this month that the former home of Papaya King, a tiny takeout joint on East 86th Street and a mainstay of the shopping strip since the Great Depression, will meet a wrecking ball to make way for housing came as a shock to some observers: How could a longtime business loved as much for its cheap hot dogs as for its quirky neon signs vanish just like that? But in a way, it shouldn’t have been surprising at all. With tick-tock-like steadiness, East 86th has been losing its mom-and-po...
NYU study finds understaffed nursing homes in disadvantaged areas more likely to give antipsychotic drugs
April 25, 2024 09:33Nursing homes in underserved areas with insufficient staff are more likely to give their residents antipsychotic drugs, a new study from researchers at NYU’s nursing and medical schools has found. The research results, released Wednesday, make the first connection between homes’ location and medication prevalence. The study shows that understaffed nursing homes in severely disadvantaged neighborhoods across the country gave 19% of their residents antipsychotic medications, compared to 17% o...
Health care spending grows in Adams’ $112B executive budget
April 25, 2024 09:33Mayor Eric Adams’ nearly $112 billion executive budget, released Wednesday, includes more than $5 billion for health care initiatives, a figure that has grown by $172 million since his January preliminary budget. The revised plan avoids new spending cuts for city agencies and paints a rosier picture of the city’s future thanks to pared-down spending on migrants and an improving economy, Adams said Wednesday. Specific funding for mental health programming was unclear in his preliminary budg...
At a Glance: April 25
April 25, 2024 09:33PIG KIDNEY: A patient at NYU Langone Health became the first patient ever to receive both a mechanical heart pump and pig kidney transplant, the health system announced Wednesday. After receiving the heart pump, Lisa Pisano, a 54-year-old woman from New Jersey with heart and kidney failure, received a transplant of gene-edited pig kidney and thymus gland to aid with rejection. The transplant marks the second pig kidney transplant ever completed and the first with a thymus combined, NYU said....
Digital clinical trial startup to lay off half of its U.S. workforce by summer
April 25, 2024 09:33A digital clinical trial company in Chelsea is laying off half its U.S. workforce this summer to move production overseas, part of an effort to cut costs after launching its latest clinical trial technology. ObvioHealth, a global company that develops technology to help researchers design and execute clinical trials, plans to lay off 51 workers from its New York office by July, according to a notice published Tuesday by the state Department of Labor. The company is slashing its U.S. workf...
Chelsea health startup raises $12M to expand digital care for kids
April 25, 2024 09:33Digital care startup Summer Health raised $11.7 million in a Series A funding round to expand its text messaging platform for parents seeking medical advice for their kids, the company announced Tuesday. The Chelsea-based firm, which emerged in July 2022, offers parents a text messaging service to ask pediatricians questions about their kids’ health. Summer Health aims to respond to parents’ medical questions within 15 minutes, acting as a companion to a family’s primary care physician. Su...
JPMorgan Chase finances $1 billion for affordable housing in NYC
April 25, 2024 09:03There are a few things every single New Yorker has an opinion on: Times Square. The fate of the $1 pizza slice. Housing in NYC. Regardless of your feelings on the cost and availability of housing in the city, there’s no denying the importance and scale of the New York City Housing Authority (NYCHA), a vital institution in the city’s fabric. The largest public housing authority in North America has operated for over 88 years, housing one in 17 New Yorkers or approximately 400,000 people. I...
Adams' $112B budget takes sunny view but rebuffs council push for more money
April 24, 2024 16:53Mayor Eric Adams announced a revised $111.6 billion budget plan on Wednesday that avoids new spending cuts and increases estimates of the city’s tax haul, reflecting his administration’s increasingly sunny view of New York’s finances. But the proposal rebuffs the City Council’s request to undo far more of the billions of dollars in cuts he has ordered since last year, setting the stage for a tug-of-war with lawmakers in the coming weeks. The budget restores $80 million for childhood program...
Carlyle Group adds more Brooklyn storage sites to portfolio
April 24, 2024 16:48The Carlyle Group's Brooklyn buying spree is still going strong. The Washington, D.C.-based private equity giant has purchased two more self-storage properties, at 145 18th St. in Greenwood Heights and 163 Sackman St. in Brownsville, for $45.6 million in total, property records show: $25.6 million for 145 18th St. and $20 million for 163 Sackman St. The firm closed on both sites April 12, the same day it bought the storage facility at 651 Utica Ave. in East Flatbush for $14.5 million. Carl...
Deals of the Day: April 24
April 24, 2024 16:23Leases IT company expands on Fifth Avenue Address: 500 Fifth Ave., Manhattan Landlord: Moises Cosio Tenant: Ahead Lease size: 16,486 square feet Asking rent: $95 per square foot Asset type: Office Brokers: CBRE's Michael Poch and Harly Stevens represented the tenant. Cushman & Wakefield's Harry Blair, Lauren Hale and Michelle Mean represented the landlord. Sales Riverdale motel turned migrant shelter unloaded for new grade school Address: 6393 Broadway, Bronx Seller: Loewy family Buyer:...
Business groups sue to block FTC's noncompete ban
April 24, 2024 16:08Business groups led by the U.S. Chamber of Commerce sued the Federal Trade Commission Wednesday seeking to block a rule finalized this week that would outlaw noncompete provisions that prohibit workers from switching jobs within an industry. In a complaint filed in Texas federal court, the nation’s largest business lobby argued that the antitrust and consumer protection agency lacks the authority to issue rules that define unfair methods of competition. The FTC Act, which established the ag...
Op-ed: City of Yes: A first step toward a more affordable New York
April 24, 2024 16:03There’s no two ways about it: New York has become an unaffordable city. The cost of living and doing business has risen so dramatically in the past decade that we are now tied with Geneva as the third most expensive city in the world, behind only Singapore and Zurich. While New York City cannot solve this crisis on its own, one important step it can take is modernizing its aging zoning rules that were created over sixty years ago for a very different city and have come to hold it back. T...
Airlines now have to pay automatic refunds for canceled flights
April 24, 2024 15:47Airlines will now have to provide automatic refunds to travelers if their flights are canceled or significantly altered under new U.S. Department of Transportation rules. The final regulations released Wednesday outline the circumstances where passengers are entitled to refunds for all travel to, from and within the U.S. The goal is to make it easier for people to get money back and to make refund policies more consistent from one airline to the next. According to the department, complai...
New York must fight to compete with cities worldwide, Dimon says
April 24, 2024 15:33New York City is “obviously the financial center of the world,” but needs to stay competitive to keep that title, according to JPMorgan Chase Chief Executive Jamie Dimon. “No one has the right, in my view, to think they have a divine right to success,” Dimon said Tuesday at the Economic Club of New York. “You’ve seen it with cities, you’ve seen it with governments, you’ve seen it with countries — people go the wrong way.” JPMorgan has been building a new headquarters at 270 Park Ave., whic...
3 offshore wind projects fall apart after plans for a supersize turbine are shelved
April 24, 2024 14:03State contracts for three major offshore wind farms fell apart late last week because a turbine manufacturer scaled back plans to build equipment the projects relied on. The cancellations underscore the supply chain pressures that plague the nascent industry. The New York State Energy Research and Development Authority announced Friday that it could not reach a final deal with three offshore wind projects: Attentive Energy One, Community Offshore Wind and Excelsior Wind. In October, NYSERDA...
City's hotel business boosted by migrant crisis, Airbnb ban
April 24, 2024 09:48The hotel industry’s post-Covid revenue rebound has been a marker of success in the city’s pandemic recovery. It also may be misleading. The notable improvement in the hotel sector’s fortunes over the past year seems to have more to do with government interventions than any major market turnaround, say some hotel executives, developers and brokers. Indeed, efforts to grapple with issues including the migrant surge and illegal short-term rentals, such as units listed on Airbnb and other pl...
Nursing home staffing mandates are ‘wishful thinking,’ industry says
April 24, 2024 09:33New York nursing homes are gearing up for the federal government’s new staffing mandate, but they say a lack of funding and staff shortages make it unlikely that they’ll be able to comply. The Biden administration finalized a rule Monday that requires all nursing homes to provide all residents with nearly three and a half hours of direct care each day. The rule requires two and a half of those hours to come from a certified nurse assistant, and a half an hour to come from a registered nurse...
At a Glance: April 24
April 24, 2024 09:33HEARING BEGINS: A Manhattan federal court will begin to hear arguments today in the criminal case against Darius Paduch, a former urologist at New York-Presbyterian’s Weill Cornell Medical Center and Northwell Health who has been accused of sexually abusing more than 100 patients. The jury selection and opening statements begin today, and witnesses will be called to testify on Thursday. BOTOX WARNING: The city Health Department warned Tuesday that three New York City residents have experien...
UnitedHealth data leak may affect 'substantial' swath of U.S.
April 24, 2024 09:33UnitedHealth Group Inc. found files containing private information on a vast number of Americans whose data may have been compromised in a February cyberattack that upended the US health system. A sample of the breached files found they contain personal information, including health data, that “could cover a substantial proportion of people in America,” according to a statement on the company’s website Monday. The disclosure suggests the attack could be one of the largest health-care da...
Hochul earmarks $20M for survivors of domestic and gender-based violence
April 24, 2024 09:33Gov. Kathy Hochul has allotted $20 million in state funding for providers that connect survivors of domestic and gender-based violence and crime to medical care and mental health counseling, she announced Monday. The funding comes at a time when instances of domestic violence are growing in New York: according to the latest report from state Comptroller Thomas DiNapoli, there were more than 39,000 survivors in the city in 2022, a 12% increase from 2021. The number of survivors in the rest o...