Category Archives: Economy

JP Business: Joe Sitt’s Thor Equities Joins Developers To Acquire Manhattan Property For $260M

212-fifth-avenueDevelopers Thor Equities, Madison Equities, and the development property management firm Building and Land Technology; have closed on a major deal to acquire 212 Fifth Avenue for $260 million from Extell Development.

Although property records list the buyer as 212 Fifth Avenue Ventures; Thor Equities, Madison Equities and BLT jointly purchased the property, according to the Real Deal.

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Comptroller Report: New York City Snow Clearing Costing $1.8 Million Per Inch

Snow pixNew York City Comptroller Scott M. Stringer stated since the winter of 2003, the cost of clearing New York City streets of snow and ice has averaged $1.8 million per inch, but that amount has varied on a year-to-year basis.

“Snow removal costs the City millions of dollars annually, but it turns out that average winters give us the best bang for the buck on that front,” Comptroller Stringer said. Read more »

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Lower East Side Matzo Factory Announces They are Closing After 90 Years

streits_v3_460x285Earlier this month, Streit’s matzo factory announced it is selling its four converted tenement buildings and leaving New York City’s Lower East Side, 90 years after it opened in 1925.

The neighborhood was once home to hundreds of thousands of Jews, but now the area is surrounded by large Manhattan manufactures, modern shops and cafés. Read more »

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How Silver Managed to Continuously Avert Scandal Suspicion

AR-150129337Everyone is probably asking the same question about Assembly Speaker Sheldon Silver, how did he fool everyone? How was he able to please so many people while averting suspicion about his “side” businesses?

Silver became the state’s most powerful lawmaker by practicing politics the old-fashioned way — rewarding friends, punishing enemies and keeping words to a minimum.

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Koch Brothers Want To Spend $889 Million To Elect Next President

kochbros110114The Koch brothers’ intends to spend $889 million in the 2016 presidential election, a historic sum that in many ways would mark Charles and David Koch and conservative megadonors as more powerful than the official Republican Party.

The amount is double what was spent by the Republican National Committee during its last presidential election and allows them to pick their spots, funding initiatives targeting specific areas of the electorate instead of having to spread the money across the GOP political landscape.

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Bloomberg Changes Things Up As He Returns to His News Organization

US-ECONOMY-TRANSPORTATIONThere have been many changes since the founder of Bloomberg, Michael R. Bloomberg, returned from City Hall. Some big and some small, but nonetheless the company has taken a different turn.

The company’s chief executive, Daniel L. Doctoroff, stepped down last year after it became clear that Mr. Bloomberg wanted to make his own decisions. Read more »

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JP Business: Dushinsky Set to Create Residential Housing in Thriving Brooklyn Neighborhoods

10-montiethSimon Dushinsky, the developer who is planning a massive rental project at the site of Brooklyn’s Rheingold Brewery in Bushwick, has filed plans for a 398-unit rental building at 10 Montieth Street, according to the Real Deal.

Dushinsky’s Rabsky Group filed an application with the DOB to construct a seven-story, 380,000-square-foot property with 5,000 square feet of retail space at the corner of Montieth Street and Bushwick Avenue.

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Uber Looks to Expand Internationally, Raking in $40 Billion Since 2009

uberDespite the city of New York trying to regulate Uber’s prices to be fair, Uber Technologies Inc. is looking to expand even further.

Uber raised $1.6 billion in convertible debt from Goldman Sachs Group Inc.’s wealth management clients, as the mobile car-booking company builds their funds to expand internationally.

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State Comptroller: Tax Revenues Higher Than Expected in NYC

Tom DiNapoliThe state collected $474.2 million more than it initially expected in tax revenue last month, while collections over the last three quarters are $716.4 million more than anticipated, Comptroller Tom DiNapoli found in a report released on Tuesday.

“Strong tax collections in December added to a positive short-term picture for the state’s budget,” DiNapoli said. “However, revenue that is higher than anticipated today does not always mean flush times tomorrow. We will monitor economic and revenue developments closely as negotiations on a new state budget begin in coming weeks.”

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Cuomo Urged To Include Education Tax Credit In Budget

Dean-SkelosSenate Majority Leader Dean Skelos said in a statement on Monday that he believes Gov. Andrew Cuomo should include a tax credit aimed at strengthening parochial schools in his 2015-16 budget proposal.

With New York City being home to various religious groups enclosed in dense regions, religious schools have become the norm in areas such as Williamsburg and Borough Park.

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JP Business: Rubin Schron Seeks to Purchase an UES Property for More than $90M

Rubin SchronRubin Schron has a lot on his plate. Schron intends to buy a 12-story property on the Upper East Side for more than $90 million.

Schron’s Cammeby’s International is purchasing the building from the Sigety family, who developed the tower at 1501 Lexington Avenue, located at 97th Street, about 15 years ago. Read more »

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CBS Stats: Israel’s Economy Actually Grew During Gaza War

Israel EconomyWar can have disastrous effects on the economy, especially in Israel. For that reason, recent figures from the Central Bureau of Statistics that Israel’s economy actually grew at an annualized 0.2% rate seasonally adjusted in the third quarter during the 50-day war with Hamas in the Gaza Strip are quite surprising.

While the war was originally expected to shave 0.6% off the country’s annual economy, the 2014 Israeli deficit was set at 2.8% of the GDP, or in round numbers, 1.2 billion NIS under the 31.1 billion NIS planned for the year. growth, in December the Bank of Israel estimated that it cost the economy only 0.3%.
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Gov. Cuomo Proposes Minimum Wage Increase for New York City

Andrew CuomoThe governor proposed Sunday raising the city’s minimum wage to $11.50 an hour and $10.50 in the rest of the state. If approved by the State Legislature, the minimum wage would be increased from $8.75 an hour.

“When you get the job, the job has to pay enough that you can pay the rent, and you can pay for food, and it is a sustainable wage.” Cuomo said. Read more »

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Cuomo Appoints Assemblyman Camara To Head Office Of Faith-Based Community Development Services

Opportunity AgendaGovernor Andrew M. Cuomo today presented the seventh piece of his “2015 Opportunity Agenda” – the creation of a new State unit, the Office of Faith-Based Community Development Services.

The governor tapped Assemblyman Karim Camara to serve as Executive Director and lead the efforts of the Office. Camara will resign in order to assume this new role. Read more »

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EXCLUSIVE: Senator Felder Determined To Keep Freight Railway Project In The Ground

simcha-presser-jpgCongressman Jerry Nadler (D-Brooklyn) is convinced he is winning a three decade long fight to advance the multibillion-dollar rail tunnel under the New York harbor, with an approaching deadline for the end of February.

However, State Senator Simcha Felder is determined to keep the project in the ground and continues to be the lead opposition of the fight, since it would affect many areas of New York, including his district which comprises of Borough Park, Midwood, and Brooklyn Chinatown, parts of Kensington, Bensonhurst, and Gravesend.

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Joseph Sitt Claims Another Multi-Million Dollar Property in the Upper East Side

NY-AZ434_nyreta_D_20110605164557Joseph Sitt is a force to be reckoned with. In addition to the many properties he owns throughout the country, Thor Equities recently purchased an Upper East Side retail co-op for $42.3 million.

According to The Real Deal, the agreement was confirmed yesterday.

The property is located at 1114-1120 Madison Avenue, near East 83rd Street. It is 9,240-square-feet, housing six tenants on the ground and lower flower.

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Mayor de Blasio Announces Tax Reform, Providing Relief to NYC Businesses

bill de blasioMayor Bill de Blasio proposed today a major reform of New York City’s corporate tax structure, modernizing an outdated system, providing vital tax relief to the city’s small businesses and local manufacturers, and streamlining City and State corporate tax codes.

The revenue-neutral reforms will be retroactive to January 1, 2015. Read more »

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Report: Funding For High-Need Schools in NY Has Reached Record Low Under Cuomo

CuomoReports say the education reform has increased funding inequities between poor and rich school districts across the state. It has reached a record low under Gov. Cuomo, at 43 percent in New York City.

Schools in poorer districts spent $8,733 per pupil less in 2012 than those from wealthier ones, an inequity that grew by nearly 9% from before Cuomo took office in 2011, according to the study by a coalition of education advocacy groups opposing many of the reforms pushed by Cuomo.

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JP Business: Jared Kushner Makes Major Acquisition in Queens

Ditmars CourtJared Kushner’s Kushner Companies made its first major acquisition in Queens, paying $51 million for four-buildings in Astoria that includes 143 residential units and 11 commercial units, according to The Real Deal.

The property was sold by RockFarmer Capital, an affiliate of Douglaston Realty Management, which bought the properties just over two years ago for $32 million. Read more »

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New York City Sees a Major Increase in Tourism

Ellis-IslandIt appears New York City has seen a major increase in tourism this year due to extended hours and smoother security clearance. Some of the most famous structures in the city have been seen by millions.

According to Crain’s New York, the Statue of Liberty and Ellis Island attracted 4.2 million visitors last year—the islands’ third biggest year in visitation after 1999 and 2000. The latter was the peak year, netting 4.4 million visitors. Read more »

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Hearing Reveals Funding for Affordable Housing Based On De Blasio’s Plan

bildeA hearing took place early Dec. with Assemblyman Keith Wright presiding over it. This hearing was held to tackle issues concerning money, tax credits, and rent-stabilizing apartments that were due to expire.

Unusual for a hearing but not inappropriate considering these issues needed immediate attention, Jolie Milstein, head of the New York State Affordable Housing Alliance, asked for $1 billion. Read more »

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JP Business: Borough Park Expecting New Housing Development

NYC HousingA new housing development, aimed at Borough Park’s Hasidic community, will be located at 1560 60th Street. The property is located by 60th Street, 16th Avenue, 61st Street and the Long Island Rail Road’s Bay Ridge Branch which was rezoned two years ago for $17.5 million.

Developer Avrohom Aaron Leser is planning to create 230,000-square-foot large apartments, averaging 1,800-square-feet each. The housing development will have 128 apartments and consist of 13 separate buildings, six stories each. This project borders Borough Park and Bensonhurst in Brooklyn. Read more »

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Economy is Up, But New Yorkers Still Unhappy With Employment Rates

bear-raid-global-economy_1312New York has been successful in the last few years in creating jobs and improving wages for working citizens, but recently the New Yorkers have become negative about the direction of their city. As racial tension and police brutality increase, the residents argue the city is heading down the wrong path.

Despite the public’s view, New York created 90,000 more jobs last year, the fourth-highest gain on record. Experts predict this year will show the same, if not better, results as the previous year. In fact, the last six years has shown better results than the last 13 years.

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Mitchell-Lama Housing Program asking State for $1.5 Million Donation

largerRobert Rodriquez, Democrat Assembly Member, is seeking a donation of $1.5 billion towards the Mitchell-Lama housing program to help preserve and develop affordable housing.

Mitchell-Lama is a state administered housing program that has successfully provided New York middle-class and workforce citizens with housing.

As rent increasing at an alarming rate, the Mitchell-Lama program strives to deliver housing stability for thousands of New Yorkers. Rodriquez efforts to fund the program comes from a want to make positive impact on the community and keep many from losing their homes.

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Jewish Real Estate Developer Claims He Was Locked out of Synagogue on Chanukah

Garment BuildingA notable Jewish Manhattan real estate executive claims he was deceived and his rights were violated after the buyer of his Garment District building locked him out of his personal office and his synagogue — preventing him from attending a service on the first day of Chanukah.

According to the Daily News, Abe Talassazan, head of the Eretz group, made a deal to sell the building on 485 Seventh Ave. for $182 million to the Lightstone Group. However, the deal stated Lightstone would have to permit him and his company to remain at the offices for an additional six months.

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