Crain's New York Business

27/11/2025

When Red Rooster opened on Lenox Avenue in December 2010, it quickly became a modern example of Harlem's historic cool.

"We set out to build something that would reflect Harlem — its past, present and future," restaurant co-founder Marcus Samuelsson, a renowned chef who has won eight James Beard Foundation awards, told Crain's. He said he and co-founder Andrew Chapman asked themselves, "How can we be the place that becomes the meeting spot for both uptown and downtown but has relevance in terms of culture [and] in terms of art, music and food?"

Now on the verge of its 15th anniversary, which it celebrated with a party in October, it is looking to the future with a refreshed menu, a redesigned dining room and a new executive chef.

Chef Roshara Sanders, who has worked at the Michelin-starred seafood restaurant Oceana in Midtown and has appeared on Netflix's new Next Gen Chef, helped curate Red Rooster's updated menu as its first chef ambassador. A veteran of the U.S. Army, Sanders trained at the Culinary Institute of America, where she developed a concentration dedicated to cuisine from Africa and the diaspora. The idea was to fuse traditional African American cuisine with contemporary flavors.

"The vision ... was to not only keep it Harlem but make it young, make it fresh, keep it iconic," Sanders said, "[and] to have more of the diaspora imprint on the menu."

Read more here: https://www.crainsnewyork.com/real-estate/harlems-red-rooster-has-doubled-its-size-hired-new-executive-chef?utm_source=facebook&utm_medium=soc-own

26/11/2025

Demand continues to strengthen for space in Manhattan office buildings, but a key constituency is missing the party: Shareholders.

The stock price of Manhattan's largest office owner, SL Green, has fallen 35% this year. The Empire State Building’s owner has fallen the same amount. Vornado Realty Trust, the city’s second biggest commercial landlord, has watched its stock shrink 20%.

The poor performances are striking amid broader market trends this year. The overall real estate sector is up 4%, and the S&P 500 has added 14%. Office leasing volume in New York is on pace to exceed 2019 levels, and new towers are soaring around Park Avenue that are expected to command rents of up to $300 per square foot.

The softening job market might still cool demand for office space. But JPMorgan believes something else explains why Manhattan office stocks are performing so poorly in such a strong market: Developers are spending heavily on the fastest elevators and the most amenable amenities. Those investments are increasing overhead and depressing cash flow, meaning shareholders must wait longer to see returns. Faced with that prospect, institutions are putting their money elsewhere.

Read more here: https://www.crainsnewyork.com/real-estate/manhattan-office-stocks-sink-amid-steep-spending-amenities?utm_source=facebook&utm_medium=soc-own

25/11/2025

Labor leaders, real estate developers, tenant activists and city government veterans are among the hundreds of people that will advise Zohran Mamdani’s transition to City Hall, help with hiring and guide his administration on policy.

Mamdani has tapped more than 400 people to serve on 17 different committees for his transition, with just over five weeks to go before he takes office Jan. 1. Like his other transition and personnel moves, the picks signal that the democratic socialist Mamdani wants a mix of longtime government hands as well as figures whose left-wing politics match his own.

“These are the people that New Yorkers look to for wisdom, for guidance. And their creativity, their drive, their commitment is what sets our city apart,” Mamdani said in a press conference in Central Park, shortly after the mayor-elect spoke at a kickoff meeting for the effort.

Mamdani stood alongside six people who will lead a handful of the new committees as he announced the new team members Monday. Among them was Annemarie Gray, head of the pro-development group Open New York, who will lead the committee on housing, a notable indication of Mamdani’s increasing alignment with yes-in-my-backyard advocates. Brooklyn Children’s Museum CEO Atiba Edwards will head the arts and culture committee; urban planner Mike Flynn will lead a transportation and climate committee; and New School economics professor Darrick Hamilton will head up a panel on economic development.

Read more here: https://www.crainsnewyork.com/politics-policy/zohran-mamdanis-names-new-transition-members-rebny-dsa?utm_source=facebook&utm_medium=soc-own

24/11/2025

After a two-year push, a major bill that would reshape the city’s street-vending regulations may be weeks away from passing the City Council, as brick-and-mortar business groups that long opposed the reforms are now negotiating with lawmakers on a potential compromise.

Rather than make vending more prevalent, supporters say the reforms would bring thousands of existing vendors into the light and help the city regulate them. Businesses feel some pressure to pass a palatable bill now rather than waiting until January, when Zohran Mamdani — who might back an even bigger expansion of vending permits — takes office as mayor.

The bill would more than double the city's longstanding caps on both food and general vending licenses, aiming to reform a broken system that has spawned a black market and left thousands of vendors operating illegally.

The number of general licenses, required to legally sell merchandise, has been capped at just 853 since the 1970s, while food vending permits remain capped around 7,000 despite a 2021 law that has slowly expanded them. That stagnation has fueled an underground market in which vendors pay exorbitant costs to rent permits, while thousands of other sellers languish on waitlists or simply operate without licenses — paying no taxes and getting little oversight from the city.

Established retailers have long resisted efforts to boost vendors, whom they accuse of clogging sidewalks and unfairly competing with their own businesses. But they have reason to come to the table now: Lawmakers amended the bill earlier this month to increase enforcement and put a ceiling on licenses instead of lifting the caps entirely, satisfying demands from brick-and-mortar groups.

Read more here: https://www.crainsnewyork.com/politics-policy/nyc-street-vending-overhaul-nears-vote-businesses-negotiate-council?utm_source=facebook&utm_medium=soc-own

21/11/2025

New York is the world’s financial capital, cultural capital and, alas, sidewalk shed capital.

More than 8,000 of these ugly green eyesores clutter the city’s sidewalks. They’re whacked together anytime a building is under construction to protect pedestrians from falling bricks or other debris. Some sheds violate the laws of nature because once they rise up they never come down – one has stood outside a West 41st Street building for 30 years.

The city wants to free sidewalks of sheds that shouldn’t be there. This week city officials released a game plan for how to ease the scourge.

Crain’s spoke with the project’s chief engineer, Thornton Tomasetti managing principal Gary Mancini, who explained how more sheds could finally disappear.

Read what he had to say here: https://www.crainsnewyork.com/real-estate/qa-gary-mancini-engineering-firm-thornton-tomasetti-talks-ways-bring-down-sidewalk?utm_source=facebook&utm_medium=soc-own

20/11/2025

The city plans to build a reimagined neighborhood with as many as 2,500 homes at the site of an ill-fated Ferris wheel project and struggling outlet mall on Staten Island's North Shore.

The New York City Economic Development Corp. and Staten Island Councilwoman Kamillah Hanks announced Wednesday that they intend to develop a mixed-use waterfront neighborhood at the former New York Wheel site and the underutilized Empire Outlets shopping mall. The sprawling development, close to the borough's famous ferry terminal, would include new homes, open space, community facilities and retail space.

"After more than a decade of false starts at the Wheel and Empire Outlets sites, this new vision plan finally reflects what Staten Islanders have been asking for: accessible waterfront parks, cultural spaces, neighborhood-serving retail, good jobs close to home, and real homes for families," Hanks said in a statement.

Read more here:

The city hopes to bring up to 2,500 new homes to the former New York Wheel site and underutilized Empire Outlets shopping mall.

19/11/2025

There’s a fresh slate of Michelin-starred restaurants in New York City.

Sushi Sho earned its third Michelin star, the highest possible honor, at an award ceremony in Philadelphia Tuesday night. Sushi Sho was the only restaurant to earn a third star for the first time this year. The omakase restaurant is the product of chef Keiji Nakazawa and opened in early 2024 at 3 E. 41st St.

In its award of Sushi Sho, Michelin wrote, “Nakazawa exemplifies mastery of the highest order. His omakase is utterly unique … In total, the pace, breadth and persistence of excellence that unfolds here will impress even the most experienced sushi enthusiasts.”

Read about five more restaurants that earned a star here: https://www.crainsnewyork.com/restaurants/michelin-awards-2025-stars-ny-restaurants-sushi-sho-joo-ok?utm_source=facebook&utm_medium=soc-own

18/11/2025

The tech CEO who was toppled by this summer’s “kisscam” scandal at a Coldplay concert has left Manhattan.

Andy Byron, the married executive who stepped down from the top job at Flatiron-based Astronomer after being caught on camera embracing a co-worker, has sold his 2,800 square-foot, full-floor condo on Washington Street for $5.8 million, according to a deed that appeared in the city register Tuesday.

The status of Byron’s relationship to his wife, Megan, has been a source of considerable speculation ever since Byron was witnessed by millions embracing Kristin Cabot, Astronomer’s chief people officer, at a show outside Boston in late July.

But the deed suggests the couple remains together, as their current address, according to public records, is a shared colonial-style home in Northborough, Mass., a town near Worcester. Cabot also resigned from Astronomer over the incident.

The buyers of the four-bedroom, three-and-a-half-bath unit in Tribeca, which features an open kitchen with a wine fridge, a primary suite that has a walk-in closet and a living room with exposed brick walls, are Charlotte Tenorio and Patrick Smith, who both appear to work as corporate lawyers, according to the deed.

Read more here: https://www.crainsnewyork.com/real-estate/kisscam-ceo-andy-byron-sells-tribeca-condo?utm_source=facebook&utm_medium=soc-own

17/11/2025

Extell continues to consume Midtown.

Following a flurry of recent deals to piece together mammoth development sites in the neighborhood, the Gary Barnett-led luxury firm is in contract to buy 123,000 square feet of air rights over St. Thomas church for $36 million, according to a new court filing.

The planned acquisition at the landmark Episcopalian structure at 678 Fifth Ave., at West 53rd Street, was disclosed last week in a petition filed in Manhattan state Supreme Court, where St. Thomas officials asked a judge to approve the deal. Churches, as non-profits, must receive approval from courts before unloading any real estate.

The contract, which Extell inked in August, does not specify where or how the developer will use the air rights. Air rights are typically transferred between adjacent properties; however, Extell does not appear to control either of the sites adjacent to the church.

Read more here: https://www.crainsnewyork.com/real-estate/extell-contract-buy-air-rights-st-thomas-church-36-million?utm_source=facebook&utm_medium=soc-own

14/11/2025

U.S. Open officials want to make sure that the casino planned for next-door Citi Field doesn’t serve up concerts during match times.

Worried that shows at the Hard Rock-backed Metropolitan Park would clog the Flushing neighborhood with traffic, the Billie Jean King National Tennis Center has asked a judge to ban special events at the casino complex during the popular annual summer tennis tournament, according to a new lawsuit.

In the suit, filed this week in Manhattan state Supreme Court, the tennis center claims a longtime agreement already restricts events other than Mets games at Citi Field’s ballpark during the tournament’s 23-day run in August and September. And the casino, which if approved would be developed on Citi Field parking lots, would seem to be subject to the same restriction, the suit says.

But Citi Field has allegedly violated the ban on occasion in recent years, including Aug. 21, when it tried to put on a Billy Joel concert. Though the venue ultimately canceled the show after Joel fell ill, the attempt threatened “enormous harm [to a] quintessential New York City institution.” The move also raised concerns that the casino, which will feature a live music hall and other event spaces, could someday try to do the same, the suit says.

“Resolution of this controversy is needed and will have immediate, real impact upon whether the U.S. Open is protected,” the filing says.

Read more here:

The Tennis Center wants a restriction at Citi Field’s to apply to the casino as well.

13/11/2025

A tech executive has snapped up a SoHo loft owned for decades by a pioneering feminist.

Matthew Keesan, a vice president of the quantum computing firm IonQ, bought the 2,400-square foot apartment at Spring Street and West Broadway on Nov. 3 from the family of the late Ann Snitow, according to a tax record that appeared this week in the city register.

The sale price in the all-cash deal was $3.8 million, according to the register. Yet the apartment was initially listed for $3.5 million, indicating that a bidding battle for the unit was likely.

The corner apartment, which features two bedrooms, two baths, and a SoHo-typical open floor plan in its common areas, didn’t sit for long. Snitow’s family, including her husband, Daniel Goode, listed the unit in May and had a signed contract a few weeks later, records show.

Read more here: https://www.crainsnewyork.com/real-estate/matthew-keesan-buys-ann-snitows-former-loft?utm_source=facebook&utm_medium=soc-own

13/11/2025

In 2000, real estate investor Meyer Chetrit and a partner bought Park West Village, an 850-apartment complex on the Upper West Side. The seller was Leona Helmsley, New York’s “Queen of Mean,” who famously said “Only the little people pay taxes” before going to prison for failing to pay hers.

“Who ever thought she’d be a dream landlord compared to who came after her?” asked Daisy Wright, who survived a nightmare of a fight with Chetrit and his partner after they tried to force her out of the rent-stabilized apartment she’s lived in since 1977. They falsely accused her of falling behind on rent.

State housing officials described the landlords’ lawsuits against Wright and her neighbors as “malicious,” “baseless,” and designed to punish them for exercising their rights under New York law.

Now, Chetrit has his own legal problems.

He and his older brother, Joseph, face felony charges for allegedly harassing tenants at a Chelsea apartment building, and are confronting a financial crisis that threatens their 14 million-square-foot property empire.
Chetrit and his partner fell delinquent last month on the $365 million mortgage for Park West Village, where they’ve spent years battling rent-stabilized tenants—and the problems don’t stop there. The Chetrit brothers face up to four years in prison if convicted.

The twin crises facing Chetrit illustrate how New York’s aggressive crackdown on tenant harassment has collided with an affordable housing market where landlords say the economics no longer work—leaving some properties in legal and financial limbo while apartments sit empty.

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The crises facing Meyer Chetrit illustrate how New York's aggressive crackdown on tenant harassment has collided with an affordable housing market whose economics no longer work.