Crain's New York Business

03/01/2025

The disgraced actor is accused of defaulting on a $17 million loan for a townhouse on East 71st Street.

02/01/2025

When Donald Trump and the Republicans swept control of Washington, the markets took it as a clear signal that 2017’s steep tax cuts would be extended before they sunset at the end of 2025.

That would be an unbridled boon for wealthy New Yorkers who likely would have faced higher tax bills in a Harris administration. The corporate tax rate, cut to 21% in 2017, would have risen closer to its former 35% level. Earnings from partnerships, such as law firms or private equity shops, would have been taxed at higher rates, too.

The expected extension would put more money into the pockets of wealthy New Yorkers. Fully 10% of New York households earn $300,000 a year or more, well above the 6% share of households that earn that much across the U.S., said Barbara Denham, senior economist at Oxford Economics.

That suggests spending on apartments, restaurants, and luxury goods should grow considerably.

In addition to extending the tax cuts, Trump has promised to expand them to exempt income taxes on tips and overtime pay — changes that would also boost the city’s lower-wage workers. More than 320,000 New Yorkers, 7% of the city’s workforce, are employed in food service or drinking establishments.

Tax cuts were one of the few policy changes the White House and Republican-controlled Congress managed to agree on in the first half of Trump’s first term. But getting a new tax package through Congress this time will be no slam dunk.

“There’s no sign the Republican Senate and razor-thin Republican House majority are anywhere close to agreeing amongst themselves, not to mention the incoming administration,” wrote Sarah Bianchi, deputy U.S. Trade Representative from 2021 to 2024 who is now an analyst at securities firm Evercore ISI.

Read more: https://www.crainsnewyork.com/politics-policy/new-york-taxpayer-implications-second-trump-administration

24/12/2024

The Tribeca penthouse is the type of New York home that would attract lingering looks on StreetEasy — fitting, since it’s owned by Michael A. Smith, the co-founder and former CEO of the real estate site.

Now, the condo, which Smith expanded by adding additional stories, is being targeted for demolition by McDonald’s.

In the lawsuit, submitted just before Thanksgiving, the fast-food giant claims that the Reade Street penthouse was built over roof space designated for HVAC equipment for a McDonald’s restaurant located around the corner. The company is seeking at least $10 million in damages and the restoration of the roof.

Smith’s condo, which was expanded in 2007, now totals nearly 3,700 square feet of interior space, complete with four outdoor decks and a swimming pool, according to court filings.

In 1987, the original five-story brick building at the site was included in a plan for a condo project that also encompasses nearby properties on Reade, Chambers and Greenwich streets. McDonald’s says it acquired four commercial units at the project in 1990 and negotiated several easements, including one that allowed the company to install a cooling tower on the roofs of the Reade Street properties. McDonald’s says it used that space until 2006, but that it never relinquished its rights and realized in 2012 that its Greenwich Street restaurant was having “serious HVAC problems.”

According to McDonald’s, years of back-and-forth followed, during which its proposal to install HVAC equipment in the project's courtyard was “soundly rejected” by the condo board, which Smith led as president at the time. In 2021, McDonald’s says it informed the board that it was exercising its original easement, but a consulting engineer subsequently informed the company that the roof space was “no longer there” because a penthouse had been constructed on it.

Smith's penthouse’s expansion has come under scrutiny before. In a 2021 action that’s ongoing, the condo board claims Smith abused his position as its former president to mislead fellow owners about his expansion. The board is asking for at least $5 million in damages.

Read more: https://www.crainsnewyork.com/real-estate/mcdonalds-targets-ex-streeteasy-ceos-tribeca-condo-demolition

20/12/2024

HDSN, a massive residential development with almost 1,400 homes, a 28-story hotel, and a museum devoted to climate change, is heading to Manhattan's Far West Side.

A partnership of BXP, BRP Cos., The Moinian Group, and Urbane Development will construct the $1.35 billion project at 418 11th Ave., a state-owned site between West 35th and West 36th streets near the Jacob Javits Convention Center.

Thirty percent of the units in the 72-story residential tower will be permanently affordable, with the area median income levels ranging from 60% to 130%, or about $93,000 to $202,000 for a family of four.

Construction on HDSN should begin in about 3.5 years, with the residential portion finished first.

Identifying state-owned sites for housing has been a major priority for Gov. Kathy Hochul, and this site is one of the last remaining ones the state owns in Manhattan.

The city has also been targeting sites it owns for residential projects, announcing that a parking lot currently used by the NYPD in the East Village will become a project that can likely accommodate between 50 and 100 homes.

Read more: https://www.crainsnewyork.com/real-estate/huge-residential-tower-rise-near-javits-center

19/12/2024

The principal of the Hippodrome on Sixth Ave. believes a casino would deter office tenants.

18/12/2024

The state will spend $100 million to deploy 250 additional soldiers, adding to the 750 already sent this spring.

TK

18/12/2024

The likely king of Times Square’s billboard jungle can be found at the northeast corner of West 47th Street and Seventh Avenue. There, a six-story sign that can be seen as far south as 42nd Street is worth more than $100 million.

That eye-catching figure emerged from a foreclosure proceeding playing out in New York state Supreme Court. Developers and lenders asked a judge to determine the value of the billboard, the 452-room hotel it surrounds, plus the retail space underneath. In a previously unreported decision, Judge Joel Cohen determined in August that the hotel at 20 Times Square is worth $311 million, while $546 million is a “fair and reasonable market value” for the billboard and storefront space.

The 18,500 square-foot billboard accounts for about a fifth the retail space, which suggests the sign itself is worth $103 million.

It may sound like a lot for a billboard, but advertisers pay a premium to stand out in Times Square, where more than 200,000 pedestrians pass through on a typical day and twice that amount at the busiest times, according to the Times Square Alliance. A spokesman said the business group isn’t sure how many billboards are in Times Square but lists 17 operators who rent ad space.

The massive 47th Street screen isn’t just Times Square’s biggest, according to court documents, but its images are the sharpest. It has 26.7 million pixels and resolution 16 times higher than high-definition. The billboard was made by Sansi North America Displays, which was picked by Steven Witkoff, a developer tapped to serve in the next Trump administration as Middle East envoy.

The billboard appears to have inspired developers to unveil their own cutting-edge billboards on Times Square. Property appraiser Troy Smith testified that a similar sign has risen up near the 47th Street billboard, but it’s not as impressive.

“I’ve been told that the resolution is not nearly as high,” he said.

Read more:

The principal of the Hippodrome on Sixth Ave. believes a casino would deter office tenants.

17/12/2024

A 12-story residential project will rise at the former home of Scores.

17/12/2024

Dr. David Berger is accused of misusing his position, though specific details were not revealed.

17/12/2024

New York City has its first new three-star restaurant since 2012.

09/12/2024

The city's best desserts are coming from indie bakers specializing in international flavors, fantastical gateaux and more.

The best desserts are coming from indie bakers, from Korean and Eastern European flavors to fantastical gateaux.

07/12/2024

The store will open sometime next year.

07/12/2024

The Dominick wants more outdoor seating for seafood restaurant Vestry.

06/12/2024

The home of Willoughby’s Photo Emporium could be a prime target for development under new City of Yes zoning rules.

05/12/2024

From vinyl to vintage, the perfect present might be hiding in your attic.

05/12/2024

Missouri-based bank CitiMortgage is suing the retired and disgraced actor over a $4.2 million loan that’s now in default.

04/12/2024

Travelers who use the new technology will be able to verify their identity "without breaking stride," according to Clear.

The line skip service says it's about to get five times faster with new facial recognition technology that just launched at one of New York's airports.

04/12/2024

Cuomo isn't a lock for support from the Jewish community after their clashes over Covid restrictions, writes columnist Ross Barkan.