Columbus
New York Business Journal
What's next in the NAR commission lawsuit settlement?
Some big deadlines are on the horizon for the class-action lawsuits that swept the residential real estate industry over the past year. <\p> The conclusion of these lawsuits could bring about significant changes to how homes are bought and sold beginning in the later part of 2024.<\p>
Physical therapist Pelivs NYC to open second location
Pelvis NYC, a physical therapist that specializes in pelvic floor dysfunction, will open its second New York City location sometime within the next six months.<\p> The approximately 2,200-square-foot space, located at 110 W. 17th St. in Manhattan’s Chelsea neighborhood, includes 1,600 square feet of ground-floor space along with 600 square feet of basement.<\p>
Less than 10% of office stock in major metros considered 'prime' space
Less than 10% of the office space across some of the nation's major metropolitan markets is considered "prime" real estate, the type of property today's tenants prefer.<\p> A recent analysis by CBRE Group Inc. (NYSE: CBRE), the findings of which were shared first with The Business Journals, found 830 buildings across 57 cities analyzed could be categorized as "prime" properties, representing 8% of all office square footage in those markets. Although the definition of "prime" can vary by market, sometimes dramatically, the analysis set out to identify the highest-quality buildings in each city and examine how that segment of the market is performing relative to the broader office sector.<\p>
Brooklyn’s William Vale Hotel sells for $177M in bankruptcy sale
The 21-story William Vale Hotel in Brooklyn’s Williamsburg neighborhood has been sold in bankruptcy proceedings for $177 million.<\p> EOS Hospitality, a New York City-based hospitality company, was the stalking horse bidder on the 183-room hotel. The deal was approved by the U.S. Bankruptcy Court for the Southern District of New York late last month.<\p>
Brighton Park Capital to move New York City office
Brighton Park Capital Management, an early-stage investment firm, has signed a 10-year lease for the 21st floor at 10 Bryant, a premier glass tower in Midtown Manhattan.<\p> The company plans to move into its new 16,400-square-foot space, located at 452 Fifth Ave. near Grand Central Terminal, during the first quarter of 2025. Founded by Dominik Angerer, a tech entrepreneur, the firm is currently located at 299 Park Ave.<\p>
Adaptive reuse of hotels and offices for apartments surging in NYC
New York City is ramping up the conversion of former hotels and office spaces into much-needed residential properties to contribute to a sustainable alternative to new construction.<\p> A report from RentCafe, which analyzed commercial real estate data from Yardi Matrix, highlights this growing trend both nationwide and at the city level.<\p>
Florida engineering firm opens first New York City office
Wilson & Girgenti, a Tampa, Florida-based engineering firm, has opened its first New York City office at a WeWork in Manhattan’s Midtown neighborhood.<\p> The approximately 100-square-foot space, located at 135 W. 41st St, is on the sixth floor of the building.<\p>
Low-cost airline to stop charging economy flyers for carry-ons
JetBlue Airways Corp. said it will no longer charge its Blue Basic economy fare buyers to bring a carry-on bag starting Sept. 6.<\p> Previously, the New York City-based carrier (Nasdaq: JBLU) required Blue Basic flyers to upgrade to a more expensive fare to bring a carry-on. Until Sept. 6, Blue Basic passengers are still limited to a personal item that fits under the seat in front of them.<\p>
Major landlords targeted by class-action lawsuits over pricing
Several major apartment landlords from across the country are under fire over rental rates — allegations that have spawned a wave of class-action lawsuits and garnered the attention of state and federal authorities. <\p> The lawsuits have high-stakes for the apartment market and beyond, with potential to shape how pricing software could be utilized in multiple industries. <\p>
Jasper mixed-use development in Long Island City adds 2 retail tenants
Bright Start, a Queens-based early childhood development center, and Club Pilates, a pilates studio, have signed leases at New York City mixed-use development Jasper.<\p> Bright Start will occupy 4,500 square feet of interior space at the Long Island City project. The new facility will include seven classrooms divided by age group and a large outdoor playground.<\p>
Homeowners continue to build equity, impacting future buying decisions
American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.<\p> U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.<\p>
Women of Influence program opens for nominations
Do you know an outstanding woman in business?<\p> The New York Business Journal is now accepting nominations for this year's Women of Influence program, which honors women business leaders who innovate, succeed and pay it forward.<\p>
See inside Times Square's newest nightlife venue
Culinary and nightlife venue 1604 Broadway officially opened its doors in the heart of Times Square this week.<\p> Created by Paul Brown, a prominent figure in the New York City nightlife scene, and Pedro Zamora, an entertainment mogul and owner of Zamora Entertainment, this multifaceted destination is rooted in Latin music, cuisine and entertainment and aims to attract both New Yorkers and tourists.<\p>
Alternative investment firm to move its New York City office
Alternative investment firm Quest Partners has signed an 11-year lease to move its New York City office.<\p> The company will open its new office at 110 E. 59th St. sometime during the spring of next year. The approximately 13,300-square-foot space occupies the entire 36th floor.<\p>
Most Americans still struggle to get away from work while on vacation
Most Americans struggle to get away from work while on vacation, even as some progress is being seen in restoring work-life balance.<\p> About 59% of the 2,000 Americans surveyed by communications firm Movchan Agency said they struggled to switch off during their downtime and 63% said they felt anxious if they didn’t check work emails while away. Overall, 54% said they worked while on vacation, although that's a lower share than previous years. <\p>
Goowha Market building in Queens sells for first time in 55-plus years
A retail property occupied by Goowha Market in Queens’ Flushing neighborhood has sold for $5 million.<\p> The approximately 3,700-square-foot, single-story building, located at 142-06 41st Ave., was acquired by the Kang Family.<\p>
Ever wanted to sanitize your luggage after a flight? Try JFK.
If you're worried about how unsanitary your luggage gets while traveling, John F. Kennedy International Airport is the first airport in the country to debut a baggage sanitizing system.<\p> The technology, according to manufacturer Clean, uses ultraviolet-C light to eliminate 99.9% of viruses, bacteria and other pathogens from luggage surfaces. It’s installed at the airport’s Terminal 7.<\p>
New York City mortgage payments are higher than rent
In New York City and across the country, it's costing more to pay the mortgage on a home than monthly rent.<\p> That’s according to a recent analysis by real estate giant CBRE Group Inc., where research shows the average monthly mortgage payment for newly purchased homes in the United States now surpasses apartment rents by 38%.<\p>
New York Business Journal
3K+
Posts
197K+
Views
New York's source for local business news, breaking news alerts, newsletters, business intelligence and local business networking. An American City Business Journals publication.
Welcome to NewsBreak, an open platform where diverse perspectives converge. Most of our content comes from established publications and journalists, as well as from our extensive network of tens of thousands of creators who contribute to our platform. We empower individuals to share insightful viewpoints through short posts and comments. It’s essential to note our commitment to transparency: our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. We strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation. Join us in shaping the news narrative together.