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Developers break ground on second phase of Bronx housing
Developers and local officials celebrated a groundbreaking this week for Starhill Phase II, an affordable and supportive housing redevelopment project in the Bronx.<\p> Developed by Services for the UnderServed (S:US) and Bronx Pro Group, the redevelopment at 1600 Grand Ave. in Morris Heights will feature 244 affordable apartments, including 74 supportive housing units for formerly homeless individuals and families.<\p>
Michelin-recognized Peruvian restaurant expanding to Union Square
Chef Jose Luis Chavez is on a mission to bring Peruvian cuisine to the global stage.<\p> He is opening his Peruvian restaurant Mission Ceviche in Manhattan's Union Square neighborhood with the hopes of reaching more customers.<\p>
Major renewals boost leasing at SL Green office buildings
A few companies are staying put at real estate developer SL Green's properties in New York City.<\p> In the biggest deal noted by the landlord since the first quarter, global investment company Ares Management signed a 15-year lease for 307,000 square feet across the 37th to 44th floors at 245 Park Ave. The deal includes a lease renewal of nearly 176,000 square feet and expands the firm's space in the building by nearly 132,000 square feet.<\p>
Businesses, agencies ramp up backup systems after global tech outage
The global technology outage caused by a CrowdStrike update pushed to Microsoft Windows devices impacted everything from airlines to banks Friday morning — and reinforced the need for companies to have procedures in place to handle disruptions when they occur.<\p> Systems were gradually coming back on line by late morning.<\p>
All-day tea café opens in the Financial District
Ateaz, an all-day tea café, has opened in New York City's Financial District.<\p> The café, which has opened on the ground floor of the new luxury residential condominium 77 Greenwich, offers certified organic teas, coffee and an extensive selection of vegan and gluten-free food options. Menu highlights include Earl Grey tea milk toast, Nutella French toast, butterfly pea iced matcha latte and iced honey brown sugar sesame latte.<\p>
Industrial development planned for Staten Island
A new industrial development is set for Staten Island's North Shore.<\p> Atlanta-based developer Stonemont Financial Group and New York City-based developer Cerberus Capital Management are set to redevelop a self-storage site at 2577 Forest Ave. into a 6.4-acre industrial outdoor storage facility. The development will also construct a 10,000-square-foot building on-site with amenities and maintenance features.<\p>
The National Observer: Distress rises for apartment owners
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we'll take a look at the challenges of finding new tenants as two prominent drug store chains close stores, uncertainty around new rules on brokers in the home buying sector, and Big Lots' plan to close dozens of stores as doubts arise around its solvency over the next year. But for our top story we're going to examine distressed debt in the multifamily sector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
Quick-service deli and grocery store to open on Staten Island
Staten Island’s gluten-free community will soon have another quick-service option in the borough.<\p> Castleton Farm to Bagel, a quick-service deli and grocery store with gluten-free options, is expected to open at 857 Castleton Ave. in West Brighton sometime during the first week of August.<\p>
Pelham Bay gets its first legal weed shop
Another new cannabis dispensary has opened in New York City, this time in the Bronx's Pelham Bay neighborhood.<\p> Hibernica has opened its doors at 3220 Westchester Ave., making it the first legal cannabis dispensary in Pelham Bay.<\p>
Swiss startup debuts workplace smart fridge in New York City
Felfel, a startup based in Switzerland, aims to change the approach to workplace food options, and has introduced its "hospitality-inspired" smart fridge, also called "Felfel," to the United States, beginning with New York City.<\p> Founded in 2014 by husband and wife Emanuel and Daniela Steiner, Felfel, which means "pepper" in Persian, provides not only the fridge but also the products within it. The company collaborates with renowned chefs, local farms, small businesses and neighborhood establishments to offer high-quality meals and snacks to office workers. The sleek, wooden fridge features a glass front displaying an array of meals and snacks, with a user-friendly touchscreen for easy selection and payment.<\p>
The ghost effect: Another sign the job market has dramatically shifted
Three years ago, many employers reported the phenomenon of being "ghosted" by job candidates.<\p> In yet another sign of the shifting labor market, the shoe is now on the other foot, with companies now abruptly ceasing communication with candidates. <\p>
1 Hotel Central Park sells for $265 million
An affiliate of Host Hotels & Resorts Inc. has acquired 1 Hotel Central Park in Midtown Manhattan.<\p> The Bethesda, Maryland-based hotel investor bought 1414 Sixth Ave. for $265 million, according to sources familiar with the deal.<\p>
Brooklyn startup raises $6.5M to support EV charging for Uber drivers
Itselectric, a Brooklyn-based company that provides curbside charging for electric vehicles, has completed a $6.5 million seed round, resulting in total funding of $11.8 million.<\p> Co-founded by Tiya Gordon and Nathan King to address the climate crisis, the company will use the money to help support Uber’s goal of helping ride-hailing drivers go electric.<\p>
New Billionaire's Row office tower starts leasing
Leasing has commenced at 125 W. 57th St., a new 260,000-square-foot office tower in New York City’s Plaza District with ground-floor retail space.<\p> Developed by Alchemy-ABR Investment Partners and Cain International, the building offers 180,000 square feet of Class A office space, averaging 10,300 rentable square feet per floor, with direct Central Park views and private outdoor areas.<\p>
Builder pessimism grows with rising interest rates, added inventory
Homebuilders continue to offer a bevy of incentives to remain competitive, but sustained higher mortgage rates and an increase in the number of homes for sale is dampening their overall sentiment about market conditions. <\p> Major homebuilders like Lennar Corp. (NYSE: LEN) and D.R. Horton Inc. (NYSE: DHI), among others, have been offering various concessions to prospective buyers at a time of much-higher mortgage rates than a few years ago and record home-price appreciation. Among the more popular offerings is a mortgage-rate buydown, in which a builder will put points down to reduce a buyer's mortgage rate.<\p>
Faegre Drinker, Columbia trustees take space at Midtown office tower
Law firm Faegre Drinker Biddle & Reath LLP is relocating its New York City office space within 1177 Avenue of the Americas, and the Trustees of Columbia University is moving into the 47-story building owned by real estate developer Silverstein Properties.<\p> Faegre Drinker, which has been located in the Midtown tower since 2011, is relocating to floors 41 through 43, giving the law firm about 43,000 square feet of space at the building.<\p>
Charles Schwab renews its lease at Midtown office tower
Charles Schwab & Co. Inc. is staying put at 1133 Avenue of the Americas in New York City's Midtown.<\p> The firm, which has been a tenant at the building since 2014, has renewed its lease for a 23,000-square-foot space on the 37th floor of the property.<\p>
UK wellness brand opens first US store in New York City
U.K.-based Neom Wellbeing has opened its first U.S. store in Manhattan’s West Village neighborhood.<\p> The store, which the wellness brand refers to as a "Wellbeing Hub," aims to be a “stress-free haven that brings New Yorkers an immersive well-being experience," according to a statement.<\p>
4 New York hospitals make US News' 'Best Hospitals' ranking
Four hospitals in the New York City area were named among the top 20 in the country, according to the latest ranking of national hospitals by U.S. News & World Report.<\p> According to the 35th annual Best Hospitals list, the four top-rated “honor roll” hospitals in New York were:<\p>
Women's luxury clothing brand to move to bigger NYC location
California-based women’s luxury clothing brand L’Agence is moving to a bigger location on Manhattan’s Upper East Side.<\p> The targeted 3,300-square-foot space at 956 Madison Ave. has 1,800 square feet of ground-floor space and 1,500 square feet of mezzanine space.<\p>
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