Crain's New York Business

01/07/2025

Zohran Mamdani’s upset win in last week’s mayoral primary sent the business world reeling and has fueled plots to fund a general election campaign against him. But some business leaders have quietly taken another approach: accepting that he is likely to become the city’s next mayor, and making plans to influence him.

To the degree that Mamdani has spelled out his policies, insiders are scrutinizing them for opportunities.

There are not many silver linings for the real estate community in his vow to freeze rents on stabilized units through mayoral control over the Rent Guidelines Board — a policy that critics say could discourage new development and accelerate disinvestment in financially stressed buildings.

Lobbyist Suri Kasirer, whose firm is the top-paid in the city, said her employees are diving deep into Mamdani’s policies and public statements to map out their impact and likelihood of getting approved.

Read more here: https://www.crainsnewyork.com/politics-policy/business-leaders-make-peace-zohran-mamdani-others-plot-against-him?utm_source=facebook&utm_medium=soc-own

30/06/2025

The costs of Uber and Lyft rides are about to go up modestly after city regulators last week approved a driver pay raise beginning in August.

New York’s Taxi and Limousine Commision approved a 5% increase to drivers’ pay from what they earned last year (that works out to $29.07 for a 30 minute, 7.5-mile trip) as a cost-of-living increase. Uber and Lyft both said they intend to at least partially pass the costs onto riders (Uber says passengers will see an increase of about 1% to their bills).

City regulators also greenlighted a change to pay rules for the city’s 78,000 Uber and Lyft drivers to prevent the companies from limiting how much non-passenger time drivers are able to log and be paid for.

Read more here: https://www.crainsnewyork.com/transportation/uber-and-lyft-rides-will-cost-more-new-york-boosts-driver-pay?utm_source=facebook&utm_medium=soc-own

27/06/2025

A controversial Harlem project that became a flashpoint for how the city should address its affordability crisis and gentrification concerns should finally have a clear path forward.

The city's land-use committee voted unanimously Thursday to approve developer Bruce Teitelbaum's One45 project with the enthusiastic support of local Councilman Yusef Salaam, likely teeing up full approval from the City Council shortly given its tradition of deferring to the stance of the local council member on land-use issues.

The approved version of the project would include about 1,000 residential units in total, roughly 338 of which would be permanently affordable.

Read more here: https://www.crainsnewyork.com/real-estate/bruce-teitelbaums-one45-project-gets-clear-path-forward?utm_source=facebook&utm_medium=soc-own

26/06/2025

The Metropolitan Transportation Authority on Tuesday began eminent domain proceedings against 10 sites on Second between East 115th and East 119th streets, including residential buildings, stores and a church, according to a petition filed in Manhattan’s state Supreme Court.

The MTA wants the court to OK its plans to seize and demolish the sites, which dot the eastern side of Second, to clear way for two entrances to a new station at East 116th Street as well as an ancillary structure, the filing says.

In the next four weeks, the MTA will present the owners of the sites with compensation offers for taking their properties; the owners will have four months to challenge the offers in court.

Read more here: https://www.crainsnewyork.com/real-estate/mta-moves-seize-10-east-harlem-sites-new-second-avenue-subway-station?utm_source=facebook&utm_medium=soc-own

25/06/2025

Zohran Mamdani is poised to defeat Andrew Cuomo in the Democratic primary for New York City mayor, a stunning upset by the socialist assemblyman over the formidable ex-governor that could reshape the city’s politics.

This is a seismic shift in New York, writes columnist Ross Barkin.

For the many real estate developers, Wall Street financiers, and power brokers like Michael Bloomberg who opposed the 33-year-old socialist, there is a great deal of consternation. Suddenly, their options aren’t so appealing.

Cuomo has an independent line he can run on and more checks can be written to his super PAC, Fix the City, but will billionaire donors like Bill Ackman and Barry Diller be enthusiastic about the ex-governor, who just got drubbed by the young assemblyman?

Read more here: https://www.crainsnewyork.com/politics/can-new-york-city-businesses-work-zohran-mamdani-city-hall?utm_source=facebook&utm_medium=soc-own

This is a seismic shift in New York, writes columnist Ross Barkan.

24/06/2025

Mayor Eric Adams’ administration will drop the decade-old plan to build affordable housing on the city-owned site of a Lower Manhattan sculpture garden, officials announced Monday.

Instead, the city said it reached a deal with the local councilman to secure his support for three nearby rezonings that will produce a larger number of affordable units.

The reversal is a bitter disappointment for housing advocates, who argued for years that the Elizabeth Street Garden project was a worthy example of the need to build housing everywhere to ease the city’s shortage — including in politically difficult locations.

But First Deputy Mayor Randy Mastro framed the deal as a victory, saying that the administration had used the controversy as leverage over Councilman Christopher Marte, who generally resists new development and had opposed building on the garden site.

Read more here: https://www.crainsnewyork.com/politics-policy/adams-abandons-plan-build-housing-elizabeth-street-garden-will-rezone-nearby?utm_source=facebook&utm_medium=soc-own

The Adams administration abandoned the senior housing development but said it secured support for 600 homes elsewhere.

23/06/2025

Nine Democrats are running in Tuesday's primary for mayor of New York City, and while most are eager to talk about their accomplishments and big-ticket policy ideas, it can be difficult to pin down where they stand on the specific, thorny issues they would be forced to address in City Hall.

Crain’s asked the Democratic candidates to answer 12 specific questions about artificial intelligence, housing, e-bikes, the Local Law 97 climate policy, involuntary hospitalizations of people with mental illness, and more.

One Democratic candidate did not answer Crain’s questions: former Gov. Andrew Cuomo, whose campaign initially said it was composing answers but never submitted them.

Read candidates’ full answers here: https://www.crainsnewyork.com/politics-policy/12-specific-questions-new-york-citys-mayoral-candidates?utm_source=facebook&utm_medium=soc-own

20/06/2025

Zohran Mamdani asked the city’s campaign finance regulator Friday to raise the strict $7.9 million spending limit in the mayoral primary, arguing that front-runner Andrew Cuomo has gained an unfair advantage thanks to the outside super PAC that has raised $25 million on his behalf.

In a letter sent Friday to the Campaign Finance Board, the second-polling socialist assemblyman asked for the limit to be raised by 50%, pointing to city rules that let rival campaigns exceed the cap when one candidate raises or spends more than triple the limit.

Raising the cap would effectively unchain Mamdani, who hit the limit months ago and has been powerless to watch as pro-Cuomo forces vastly outspend his own allies on influential advertisements.

Read more here: https://www.crainsnewyork.com/politics-policy/mamdani-outmatched-cuomos-pac-asks-city-lift-campaign-spending-limit?utm_source=facebook&utm_medium=soc-own

19/06/2025

Savvy coffee aficionados in Washington Heights head to El Panadero at the corner of St. Nicholas Avenue and West 179th Street. The Dominican bakery’s cafe con leche is made with a dark Caribbean roast, but what makes it really special is milk poured piping-hot from an urn, plus a heaping teaspoon or two of sugar. Shortly after 2 p.m. Monday there was a line of customers awaiting their afternoon fix.

Thing is, the cost of this bundle of joy in an Anthora cup is now two dollars; it used to be $1.50. That’s a noticeable increase in a neighborhood where median household income is 20% below city average, according to the NYU Furman Center. It’s also a sign of the times, when inflation is alive and well in coffee even as it cools off across the rest of the economy.

Thanks to falling production globally, plus a 10% tariff imposed by the Trump administration, coffee prices have soared. Last month the amount consumers paid was 12% higher than a year ago, the largest increase for any sort of food except eggs. A pound of coffee at the grocery store hit a record eight dollars last month, according to federal data, double its early 2020 level. Analysts say more pain is on the way because wholesale prices have risen even faster than retail.

Read more here: https://www.crainsnewyork.com/real-estate/coffee-shops-proliferate-new-york-even-prices-perk?utm_source=facebook&utm_medium=soc-own

18/06/2025

The James Beard Awards are a glitzy, black-tie affair held in Chicago, which are akin to the Oscars of the restaurant world. More than 1,500 people were expected to attend this year's red-carpet evening.

Being named a James Beard finalist — and winning — often brings restaurants national recognition and new customers.

Awards were unveiled earlier in the week, and New York restaurants and chefs won in some of the most coveted categories.

Read more here: https://www.crainsnewyork.com/restaurants/new-yorks-best-restaurants-2025-james-beard-award-winners?utm_source=facebook&utm_medium=soc-own

The James Beard Awards, akin to the Oscars of the restaurant world, were unveiled Monday night, and New York restaurants and chefs won in some of the most coveted categories.Chef Jungsik Yim earned the Beard's top honor of outstanding chef for his work at namesake Tribeca Korean restaurant Jungsik.....

17/06/2025

Brad Lander, the city comptroller and candidate for mayor, was taken into custody by federal immigration agents at a Manhattan courthouse on Tuesday, where he was observing immigration hearings.

Video footage shared by his office and taken by news reporters showed Lander being pushed against a wall and handcuffed by multiple men, who then lead him into an elevator amid shouts from onlookers.

Lander and bystanders asked the agents on what authority they are arresting a U.S. citizen, but appear to receive no response.

This is a developing story.

Read more here: https://www.crainsnewyork.com/politics-policy/mayoral-candidate-brad-lander-arrested-ice-manhattan-immigration-court?utm_source=facebook&utm_medium=soc-own

16/06/2025

The state's biggest hospital and health care groups are sounding the alarm over looming federal cuts with more urgency as Republicans in Washington appear intent on pushing forward deep cuts to Medicaid in the House reconciliation bill.

Hospitals in New York stand to lose an estimated $7 billion a year under the Republican tax-and-spend bill, according to new assessments from Greater New York Hospital Association and the Healthcare Association of New York State, the state’s two biggest hospital trade groups.

The latest projections are significantly higher than previous estimates of $1.3 billion annually, which just accounted for lost Medicaid reimbursements under a subset of the Republican provisions impacting health care.

Read more here: https://www.crainsnewyork.com/health-pulse/new-york-hospitals-face-7b-annual-hit-under-gop-plan-trade-groups-warn?utm_source=facebook&utm_medium=soc-own