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New York Business Journal
New York City yeshiva sells Brooklyn building to charter school
A property home to Magen David Yeshivah High School in Brooklyn's Bensonhurst neighborhood has been sold to Success Academy Charter Schools.<\p> An affiliate of Success Academy bought 7801 Bay Parkway for more than $37 million, New York City property records show.<\p>
Luxury condos move forward in Brooklyn's Cobble Hill neighborhood
A luxury condo development is moving forward in Brooklyn's Cobble Hill neighborhood.<\p> Avdoo & Partners Development's condominium project at 110 Boerum Place has been approved by New York City's Department of Buildings.<\p>
3 NYC AI companies receive Google for Startups Founder Funds
Google announced 20 recipients of its 2024 Google for Startups Founders Funds for Black and Latino entrepreneurs, including three founders based in New York.<\p> Since 2020, Google has invested more than $50 million in Black and Latino founders worldwide. This year, each founder will receive $150,000 in non-dilutive cash awards and $100,000 in Google Cloud credits to grow their businesses. They will also gain access to mental health resources and mentorship from Google experts in artificial intelligence and sales.<\p>
'Dirty' drinks shop to open on the New York City waterfront
"Dirty" drinks concept Cool Sips will be opening its second New York City location on Thursday in Manhattan’s Seaport neighborhood.<\p> The beverage spot will be in an approximately 200-square-foot space, located at 84 South St. at Pier 16, that aims to evoke beach town surf culture and includes a large outdoor seating area.<\p>
‘Lock-in effect’ restricts homeowners despite inventory improvements
A U.S. housing market that continues to see home-price appreciation, paired with higher-for-longer mortgage rates, may prolong the lock-in effect that's stymied inventory the past couple of years.<\p> Many housing economists predicted 2024 would see more relief for homebuyers by way of greater inventory and households more willing to sell their homes after being tethered to record-low mortgage rates obtained during the Covid-19 pandemic.<\p>
Vornado adds biotech tenant to Penn 1 redevelopment
Midtown Manhattan office tower Penn 1 is welcoming a new biotech tenant.<\p> LB Pharmaceuticals has signed a lease at the 55-story, 2.5 million-square-foot office tower near Penn Station that has been redeveloped by Vornado Realty Trust. The biotech company will occupy an 8,900-square-foot office on the 10th floor after relocating from 575 Madison Ave.<\p>
Union Square building at 100% occupancy with Movable Ink lease
Software company Movable Ink has grabbed office space in Manhattan’s Union Square neighborhood.<\p> The 13,700-square-foot space occupies the entire third floor of 841 Broadway, which is 100% occupied with this lease.<\p>
A food hall is coming to 570 Lexington Ave.
The Feil Organization is adding a food hall to 570 Lexington Ave. The real estate investment firm has signed a 25-year lease with HF Brands and Markets for 11,400 square feet at the Midtown skyscraper.<\p> The changes are expected to take place over the next six to 10 months.<\p>
2 office leases added at 41 Madison in Midtown
Two companies have signed office leases at 41 Madison Ave. in Midtown Manhattan.<\p> Rudin, a real estate company that owns the renovated 42-story office tower in the Flatiron District, announced the lease signings totaled more than 18,000 square feet.<\p>
These jobs soared during the pandemic and are here to stay
Part-time job listings soared during the Covid-19 pandemic and have yet to recede — a potential sign that both workers and employers see benefits in the arrangements. <\p> Beginning in early 2022, the share of part-time jobs posted on job-search engine Indeed grew 10% before leveling off in 2023. <\p>
NAR settlement means 'summer of uncertainty' for real estate agents
Teresa King Kinney is no stranger to abrupt change in the real estate industry — and the National Association of Realtors' recent settlement is no exception.<\p> She’s been the CEO of the Miami Association of Realtors and its 60,000-plus agents since 1993. In that time, she's navigated several recessions, the Global Financial Crisis and the turbulent, unpredictable Covid-19 pandemic.<\p>
HSBC expansion among 5 new office leases at The Spiral
Tishman Speyer has executed five leases totaling 129,500 square feet at its 66-story office building The Spiral in Manhattan's Hudson Yards.<\p> HSBC, XR Extreme Reach, Fifth Wall and two investment management companies have inked either new deals or expansions at the trophy tower located at 66 Hudson Blvd.<\p>
Flexible workplace platform opens first NYC location in former WeWork
Hines, a global real estate investment manager, announced Monday that its flexible workplace platform, The Square, will open its first New York City location.<\p> The Square will take over a former WeWork space at 205 Hudson St. in Hudson Square this summer, occupying nearly 63,000 square feet.<\p>
The Playbook: The disconnect on vacation is getting better
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> While many organizations have embraced hybrid work, there’s a chance it may not be the best option for certain groups of workers. <\p>
Archer inks deal for eVTOL access at US airports
Archer Aviation, Inc. announced this week it has signed a memorandum of understanding with Signature Aviation Corp., giving the electric vertical take-off and landing aircraft developer access to more than 200 private air terminals nationwide, including those in Newark International Airport and Chicago O'Hare.<\p> "This partnership will help us establish a robust network of landing sites across the country to enable the scaling of our air taxi service, ensuring our Midnight aircraft can seamlessly integrate into urban environments and provide a reliable transportation solution for our passengers," Bryan Bernhard, Archer’s Chief Growth & Infrastructure Officer said in a statement.<\p>
Brooklyn's 809 Atlantic development gets 3 retail tenants
Three leases have been signed at a new development at 809 Atlantic Ave. in Brooklyn’s Clinton Hill neighborhood.<\p> The project is a 29-story, 284-unit mixed-use tower that features a pool and sundeck, game lounge, fitness center and executive meeting rooms.<\p>
Brooklyn affordable housing portfolio sells with plans for upgrades
Tredway, a mixed-income real estate developer, and property management company ELH Mgmt. LLC. have acquired seven apartment buildings in Brooklyn’s Fort Greene neighborhood.<\p> The affordability of the properties has been extended for 40 more years to ensure that all 193 units will serve low-income households earning no more than 50% of the area median income. In addition, 30% of the apartments will be reserved for formerly homeless individuals and families.<\p>
NYC charter school to more than double footprint with new campus
Imagine Me Leadership Charter School will move to a new campus in Brooklyn sometime during the upcoming school year.<\p> The newly built 63,000-square-foot property, located at 39 Truxton St. in Brownsville, will feature a double-height gymnasium, multiple outdoor play spaces and a cafeteria and auditorium.<\p>
Software company takes office space in Garment District
Grata Inc., a New York City software company, has signed a long-term office lease in Manhattan’s Garment District.<\p> The approximately 15,200-square-foot space, located at 1410 Broadway, occupies the entire second floor of the building.<\p>
IRS announces when payments on ERC claims will resume
The Internal Revenue Service plans to deny tens of thousands of improper Employee Retention Credit applications even as it promises to renew processing legitimate claims.<\p> The agency in an announcement this week said it had taken the time since its Sept. 14 moratorium on processing new ERC applications to analyze the more than 1 million ERC claims filed in 2023 — and found that between 60% and 70% showed an unacceptable level of risk.<\p>
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