Vornado Realty Trust is ready to sell office towers and use the money to build apartments, a strategy shift likely to be cheered by those pushing for more housing around Penn Station. “People really want to live in New York. There is a major shortage of apartments in New York,” CEO Steven Roth said in […]
Office powerhouse Vornado teases strategy shift toward apartments Read More »
Mayor Eric Adams’ administration released a long-awaited executive order late Tuesday giving federal immigration authorities office space on the Rikers Island jail complex, in a significant change to New York’s sanctuary laws. The order was signed by First Deputy Mayor Randy Mastro, rather than by Adams, who recused himself from the decision in an unusual
Adams administration to let ICE onto Rikers in major concession Read More »
The owners of the Upper West Side’s Lucerne Hotel, which controversially turned from an upscale inn into a homeless shelter during the pandemic, have snapped up an apartment building on Central Park. An entity called 241 CPN LLC, whose address of 201 W. 79th St. matches the hotel’s and which appears to be operated by
Lucerne Hotel owner purchases Central Park North rental building Read More »
In recent days, Zohran Mamdani, the socialist candidate for mayor, spoke on the phone with an unlikely person: Kathryn Wylde, president of the Partnership for New York City and an advocate for the city’s CEO class. The conversation was cordial, said Mamdani, a state Assemblyman from Queens whose affordability-focused campaign and charismatic online presence have
Surging socialist mayoral candidate isn’t scaring business leaders — for now Read More »
New York is part of a $335 million multistate settlement with a spin-off company of the pharmaceutical giant Pfizer for its role in the opioid epidemic over the last twenty years. The leaders of Mylan, Inc., now known as Viatris, have agreed to pay the sum as part of an investigation into the company’s manufacture
New York reaches $335M multistate opioid settlement with Pfizer spin-off Read More »
SUPPORTIVE HOUSING: The city Department of Health and Mental Hygiene issued a $12.8 million contract to an Upper West Side-based affordable housing developer to build apartments for people who have experienced homelessness, incarceration or psychiatric hospitalization, according to a notice in the City Record on Tuesday. West Side Federation for Senior and Supportive Housing received
At a Glance: April 9 Read More »
Wild swings lashed Wall Street for a fourth straight session as back-and-forth trade threats between the U.S. and China knocked down stocks, erasing an earlier rally that was the biggest since 2022. The S&P 500 fell 1.6%, leaving it on the brink of a bear market. Hopes for a quick end to extreme volatility were
Stocks hit by wild volatility on U.S.-China threats Read More »
The Federal Emergency Management Agency is cutting more than $300 million in grants that would have helped fund flood protection projects in neighborhoods across New York City, according to Gov. Kathy Hochul’s office. Federal officials have revoked $325.5 million in federal grants to support flood mitigations throughout the state, with funding cut for projects planned
FEMA claws back more than $300M for city flood protections Read More »
JPMorgan today advised investors to avoid commercial real estate debt, a move that could ramp up pressure on landlords who need to refinance their mortgages for industrial space, shopping centers, or office towers. In the last few days debt investors have started to price in the growing risk of commercial property owners defaulting on obligations
JPMorgan tells investors to avoid commercial real estate debt Read More »
