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New York Business Journal
Wingstop and Crepe House expand in Manhattan
Wingstop and dessert bar Crepe House will open locations at a property in Manhattan’s Inwood neighborhood.<\p> Wingstop will occupy 1,200 square feet while Crepe House will be in approximately 900 square feet at 103 Dyckman St.<\p>
Ikea to open on Fifth Avenue
Ingka Investments, the investments arm of Ingka Group, which owns the majority of Ikea stores worldwide, said it’s made an undisclosed investment in 570 Fifth Ave., a 1 million-square-foot building under development.<\p> The New York City retail and office tower is being developed by Extell Development Co. and is scheduled for completion in 2028.<\p>
Fifth Avenue hotel gets new owner
Hogwarts Capital LLC, a private equity company, is the new owner of a New York City building home to U Hotel Fifth Avenue.<\p> Hogwarts, which is based in Garden City, bought the eight-floor, 22,000-square-foot building at 373 Fifth Ave. for $30 million, city property records show. The U Hotel offers 70 rooms.<\p>
Small-business grants you can apply for this month
Small-business owners might be more confident about their future, but they are still worried about inflation.<\p> That’s the big takeaway from the U.S. Chamber of Commerce's Small Business Index, conducted in partnership with MetLife, which hit the highest level of optimism since early 2020, with about 73% of business owners expecting their revenue to grow in the next year. <\p>
Troubled Hell's Kitchen apartments sell to nonprofit
An apartment building plagued with squatters and drug-dealing activity has been sold in Manhattan's Hell's Kitchen neighborhood.<\p> Services for the Underserved, a New York City-based nonprofit organization, paid Croman Real Estate $20 million to obtain the apartment complex at 351-357 45th St.<\p>
More revealed on Hudson River Hotel's foreclosure sale in Midtown
The foreclosed Hudson River Hotel has been sold in Midtown Manhattan after several years of bankruptcy proceedings showed a struggling hospitality business.<\p> Developer Shashin Gandhi's Hudson West Hospitality LLC is the new owner of Hudson River Hotel, a two-star hotel with 56 double-, full- and king-sized rooms in a slender 15-story building at 442 W. 36th St. <\p>
NYC colleges and universities nab $27M in infrastructure funding
New York has awarded more than $27 million to a dozen New York City colleges universities through the Higher Education Capital Matching Grant Program.<\p> The funding is part of $38 million in capital grants awarded to 33 colleges and universities across the state.<\p>
New NoMad office building launches leasing
New York City's brand-new Class B office 1162 Broadway has just launched leasing.<\p> The 30,000-square-foot building, located in Manhattan’s NoMad neighborhood, offers 11-foot ceiling heights on each of its 13 floors. Each full floor of office space is 2,200 square feet.<\p>
Supreme Court decision marks 'seismic shift' on federal rules
Federal agency rules that target businesses and the workplace have been dealt a blow by the latest Supreme Court decision.<\p> The case, Loper Bright Enterprises v. Secretary of Commerce, was specifically focused on fees in a rule by the National Marine Fisheries Service, but ultimately targeted the four-decade framework for federal agency rulemaking known as Chevron — named after a previous Supreme Court case. <\p>
25 Kent adds Brooklyn-based hair care brands to tenant lineup
A couple of Brooklyn-born hair care brands have taken office space at 25 Kent, Rubenstein Partners' mixed-use office, retail and light-manufacturing development in the borough's Williamsburg neighborhood.<\p> Amika and Eva NYC have signed a 10-year lease to occupy a 19,000-square-foot space for their office operations starting in the fall of 2024.<\p>
San Francisco AI company opens first New York City officre
A San Francisco tech company working in artificial intelligence has opened its first New York City office.<\p> Harvey, which offers generative AI for professional services, has taken 17,050 square feet at 315 Park Ave. S. in Midtown South’s Flatiron District, occupying the entire fifth floor.<\p>
Many managers are posting fake jobs. One reason may surprise you.
Employers are turning to fake job listings as a means of boosting staff morale in the current unsettled hiring market, but those ghost postings could have consequences. <\p> That’s according to a recent Resume Builder survey, which found 40% of 649 hiring managers surveyed have posted a fake job listing in the past year. Three in 10 responded they have an active fake-job posting. <\p>
Australian luxury cosmetics brand opens at historic Wall Street spot
Aesop, an Australian luxury cosmetics brand, has opened a store in Manhattan’s Financial District.<\p> The 1,600-square-foot space, located at 67 Wall St., features 20-foot ceiling heights.<\p>
Architect for luxury brands staying put at NYC headquarters
Kenneth Park Architects is staying put at its New York City headquarters.<\p> The architecture firm has renewed its office lease for 15,400-square-feet at 360 Lexington Ave., where the company will continue to occupy the entire seventh floor.<\p>
500 affordable apartments in Queens to get upgrades from new owner
Iris Holdings Group has secured a $75 million loan to acquire and renovate four apartment buildings in Queens' Flushing neighborhood.<\p> The 481,000-square-foot Flushing Preservation Portfolio comprises 506 apartments in a mix of studio, one-, two- and three-bedroom units. Features include parking and views of Kissena Corridor Park.<\p>
Willoughby-Hart Historic District approved after turbulent hearings
New York City's Landmarks Preservation Commission has voted to designate the Willoughby-Hart Historic District in the Bedford-Stuyvesant neighborhood of Brooklyn.<\p> The landmarked area comprises two blocks along Willoughby Avenue and Hart Street between Nostrand and Marcy avenues and has a number of brownstone homes that residents are seeking to preserve. Many of the homes were built about 150 years ago by architects such as Isaac Reynolds, Thomas McKee and J.W. Parkin.<\p>
3 leases signed at specialty showroom building in Flatiron District
Three leases have been signed at The New York MarketCenter building in Manhattan’s Flatiron District:<\p> Richer and Gural-Senders represented the landlord, GFP Real Estate, in all three transactions.<\p>
Manhattan's Classic Car Club to move its flagship location
Classic Car Club, which has operated in Manhattan since 2005, is moving to Hell's Kitchen.<\p> The luxury automobile club signed a 20-year lease at a former Toyota dealership at 645 11th Ave.<\p>
Midtown Manhattan building expected to sell for $63.5 million
American Strategic Investments Co. said it's signed a letter of intent to sell 9 Times Square in Midtown Manhattan for $63.5 million.<\p> The New York City company (NYSE: NYC), which used to be known as a real estate investment trust called New York City REIT Inc., said it expects to sell the building at 200 W. 41st Street within 120 days of the execution of a definitive purchase and sale agreement between the parties.<\p>
Visa, Mastercard 'swipe' fee settlement dealt a big blow
A nearly $30 billion settlement involving U.S. retailers and credit card giants Visa Inc. and Mastercard Inc. has been dealt a blow after a judge said it was unlikely she would approve the deal.<\p> During a June 13 hearing on preliminary approval of the proposed settlement involving “swipe” fees, U.S. District Judge for the Eastern District of New York Margo Brodie said she was unlikely to sign off on the deal. Brodie issued a written order on the case on June 25, and while the order itself was sealed, the accompanying memorandum on the court docket stated that the "court finds that it is not likely to grant final approval to the Settlement and accordingly denies Plaintiffs' motion for preliminary settlement approval."<\p>
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