Crain's New York Business News
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Business in New York is constantly changing and Crain's New York Business brings you the continuous coverage of local business news you need to stay informed and ahead of the competition.
Crain's New York Business News
14m ago
Nearly two years after New York City announced its first tranche of opioid settlement funds, city health officials quietly released a report this week to outline its spending.
But the report, published by the city Health Department on Sunday, provides sparse detail on where the $90 million in settlement funds from lawsuits filed against major opioid manufacturers and distributors is going.
So far the city has spent $30 million on syringe exchange programs, emergency department response teams, mobile outreach vans and other efforts, according to the report. The city has funded OnPoint NYC, whic ..read more
Crain's New York Business News
14m ago
Pelago, a Midtown-based virtual substance use disorder treatment clinic, has raised a $58M Series C funding round, the company announced Thursday. London-based venture capital firm Atomico led the round.
Pelago offers its virtual clinic to employers as a benefit for their employees. When an individual first enrolls in the program, clinicians assess their risk of developing tobacco, alcohol or opioid use disorder and whether they need medication management or counseling, said Dr. Yusuf Sherwani, the startup’s co-founder. From there, members access the clinic from an app on their phone and can r ..read more
Crain's New York Business News
14h ago
Metal detectors equipped with artificial intelligence will soon come to subway stations in a move by the Adams administration to be responsive to a string of shootings and assaults with knives in the system, police and transit officials said Tuesday.
Mayor Eric Adams said the city will move forward with testing scanners manufactured by Massachusetts-based Evolv, a company that is under fire for potentially overstating the capabilities of its technology and is actively being investigated by the U.S. Securities and Exchange Commission and the Federal Trade Commission.
The mayor said the city is ..read more
Crain's New York Business News
14h ago
A prominent piece of religious real estate in Morningside Heights could soon meet its maker.
Charney Cos., a residential developer that has previously built in Brooklyn and Queens, has purchased a Gothic-style dorm for divinity students next to the Riverside Church for $38 million.
The latest example of a nonprofit religious group unloading holdings in order to raise funds, the deal for 97 Claremont Ave., a 7-story granite-and-limestone structure at West 122nd Street near Columbia University, went into contract Aug. 17 and closed March 18, according to the city register.
A non-landmarked prope ..read more
Crain's New York Business News
14h ago
President Joe Biden will raise $25 million in a one-day New York fundraising bonanza, flexing his political and organizational muscles in the face of Donald Trump.
Biden is raising money Thursday with Barack Obama and Bill Clinton from more than 5,000 supporters at Radio City Music Hall, a unique gathering designed to expand his already-large cash lead over the Republican candidate. It’s also a political power move as Biden looks to motivate Democrats to look past doubts about his age and leadership and hand him a second term.
“The numbers don’t lie: today’s event is a massive show of fo ..read more
Crain's New York Business News
15h ago
A prominent piece of religious real estate in Morningside Heights could soon meet its maker.
Charney Cos., a residential developer that has previously built in Brooklyn and Queens, has purchased a Gothic-style dorm for divinity students next to the Riverside Church for $38 million.
The latest example of a nonprofit religious group unloading holdings in order to raise funds, the deal for 97 Claremont Ave., a 7-story granite-and-limestone structure at West 122nd Street near Columbia University, went into contract Aug. 17 and closed March 18, according to the city register.
A non-landmarked prope ..read more
Crain's New York Business News
15h ago
New York, one of the biggest hubs for e-commerce, is not immune to United Parcel Service's nationwide layoffs.
The 116-year-old multinational shipping company plans to lay off more than 100 employees at one of its largest warehouses in the city this June, according to a state unemployment filing made public Wednesday.
Despite the massive growth in home deliveries from online retailers, which boomed during the pandemic—nearly 80% of New Yorkers place an online order at least once per week, and about 20% place an order four times a week, according to recent city data —the company is axing 103 em ..read more
Crain's New York Business News
15h ago
The $104.5 million mortgage for a pre-war office building near Union Square has been sent to special servicing after the building fell behind on property taxes.
90 Fifth Ave., located at the corner of 14th Street and built in 1903, is a 140,000 square-foot building grappling with rising vacancy rates and declining cash flow, a common problem among older Manhattan office buildings. Its former anchor tenant, struggling residential real estate broker Compass, is subleasing space, and half the 11-story building is available immediately, according to landlord RFR Realty. Cash flow fell by 8% l ..read more
Crain's New York Business News
17h ago
Mayor Eric Adams’ administration is raising pressure on Albany to lift a decades-old cap on residential density in the city, announcing new rules on Thursday that would pave the way for bulkier apartment buildings — but only if state lawmakers act in the coming days.
Since 1961, state laws have banned the city from permitting any apartment building whose total square footage is more than 12 times the size of its lot. That cap on “floor-area ratio” limits how dense a building can be, and analyses have found it would have outlawed iconic buildings like the prewar Eldorado on Central Park West or ..read more
Crain's New York Business News
17h ago
Leases
Health center expands in South Bronx
Address: 3144 Third Ave., Bronx
Landlord: Boom Community Services
Tenant: Callen-Lorde Community Health Center
Lease size: 12,916 square feet
Asset type: Health care
Brokers: Cushman & Wakefield’s Carri Lyon and Jenna Catalon represented the tenant. Cushman & Wakefield’s David Lebenstein represented the landlord.
Restaurant headed to Refinery at Domino
Address: 300 Kent Ave., Brooklyn
Landlord: Two Trees Management
Tenant: Saga Hospitality Group
Lease size: 3,000 square feet
Asset type: Retail
Sales
Three-unit apartment buil ..read more