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New York Business Journal
The Playbook: The common pay threads for high-performing companies
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> During a time when more workers expect transparency around pay, most top-performing companies are proving to be forthcoming — but that's not the only common thread. <\p>
NAR settlement threw a wrench into VA loans but a fix is coming
The class-action lawsuits that rocked the residential real estate industry over the past year have resulted in nearly $1 billion in settlements so far — and also put in place changes that could have hurt veterans’ ability to shop for homes.<\p> The National Association of Realtors and big brokers such as RE/MAX Holdings Inc., Anywhere Real Estate Inc. and Keller Williams Realty Inc. agreed to prohibit mandatory so-called “cooperation agreements,” in which sellers pay both the selling agent and the buyers agent commission for a sale, in exchange for being allowed to list a home on a multiple listing service.<\p>
Private investment firm moves NYC headquarters
Dubin & Co. LP, a private investment firm, has signed a 10,800-square-foot sublease at 450 Park Ave.<\p> The company relocated its New York City headquarters to Midtown Manhattan from its previous location at 55 Hudson Yards.<\p>
Facial bar to open in new Queens mixed-use development
Glowbar will open its first Queens location at a new mixed-use development in Long Island City in early 2025.<\p> The New York City facial brand will occupy 1,100 square feet space at Jasper, a new $370 million mixed-use development at 2-33 50th Ave., in a space that features five treatment rooms.<\p>
Global construction and development firm grabs office space in Queens
Global construction and development firm Skanska USA Civil Northeast has signed a three-year office lease in Queens’ Long Island City neighborhood.<\p> The 20,000-square-foot space, located at 21-01 51st Ave., occupies the entire second floor of the building.<\p>
SoHo to get new retail building after developers abandon office plans
Developers will raze two decrepit buildings in New York City's SoHo neighborhood to make way for more retail space.<\p> Manhattan-based developer United American Land LLC can move forward with a new retail building at 419-423 Broadway in the SoHo-Cast Iron Historic District after its plans, first revealed in 2017, were approved by the Landmarks Preservation Commission after some changes.<\p>
Ireland-based financial services company relocating NYC headquarters
Allied Irish Banks PLC is relocating its headquarters in New York City to the newly renovated 825 Third Ave.<\p> The Ireland-based financial service company will occupy about 11,000 square feet on the 14th floor of the building. The lease is for 10 years, and asking rents in the tower of the building are $86 to $98 per square foot.<\p>
Here's where Capital One is opening its next airport lounge
Add New York’s John F. Kennedy International Airport to the growing roster of airports where Capital One Financial Corp. (NYSE: COF) is opening a lounge for big-spending travelers.<\p> The McLean banking and credit card giant revealed plans Tuesday to open a roughly 13,000-square-foot lounge in Terminal 4, where it will join other card-branded lounges operated by rivals American Express Co. and JPMorgan Chase & Co.<\p>
WeWork emerges from bankruptcy, appoints new CEO
After filing for bankruptcy protection in November, New York-based WeWork Inc. said Tuesday it has emerged from Chapter 11 and completed its operational and financial restructuring.<\p> The coworking giant's new era will include a new board of directors and a new chief executive. John Santora will become WeWork's new CEO, effective Wednesday. Santora joins WeWork from commercial real estate firm Cushman & Wakefield PLC (NYSE: CWK), where he most recently served as the firm’s Tri-State chairman.<\p>
Digital media company to move NYC office to Midtown South
Ziff Davis will move its office to 360 Park Ave. S. in Manhattan’s Midtown South neighborhood sometime during the first quarter of next year.<\p> Previously, the digital media company had its New York City office at 114 Fifth Ave.<\p>
Gresham to move into former IBM space in Midtown
Gresham Investment Management is planning to relocate its offices in Midtown Manhattan.<\p> Gresham, a hedge fund manager that is a subsidiary of Nuveen Investments, will take over a 9,300-square-foot office at 19 Union Square West. Its offices are currently listed at 257 Park Ave. S., several blocks north of its soon-to-be new home.<\p>
Brooklyn supermarket, previously eyed for development, sells
A Brooklyn property in Sheepshead Bay once targeted for mixed-use redevelopment now has a new owner, New York City property records show.<\p> Tashkent Supermarket, which offers more than 200 buffet trays of Central Asian cuisine, has acquired a building formerly home to Freddy's Supermarket at 2845 Coney Island Ave. Since closing in Sheepshead Bay earlier this year, Freddy's has operated a location at 1502 Ave. M. in Brooklyn's Midwood neighborhood.<\p>
Health care investment platform to move its NYC office to 545 Madison
Consonance Capital has signed a five-year lease to move its New York City office to 545 Madison Ave.<\p> The health care investment platform previously had its office in a similar-sized space at 1370 Sixth Ave. in Midtown for 10 years.<\p>
A key housing metric just fell to its lowest-point ever
The Fannie Mae Home Purchase Sentiment — a gauge of how good buyers feel about the housing market — fell to its lowest number since the agency began measuring it in 2010.<\p> In May, just 14% of consumers surveyed by the agency said it was a good time to buy a home, down from 20% in April. Those who said it was a bad time to buy increased to 86%. <\p>
Industrious takes over former WeWork HQ in Manhattan
One of WeWork's rivals is set to take over the coworking company's headquarters office that it abandoned while exiting Chapter 11 bankruptcy.<\p> Industrious next month will take over WeWork's former HQ space in Midtown Manhattan at Tower 49, a 45-story, 600,000-square-foot building at 12 E. 49th St. owned by Kato International.<\p>
A first look at new condos planned for 156-year-old Tribeca property
Manhattan-based developer Prosper Property Group has released renderings of its plans to transform a 156-year-old property in the Tribeca East Historic District into luxury condos.<\p> Prosper is planning to convert buildings at 32-34 Walker St. into six luxury condos, according to Prosper's website. The seven-story development will span 29,000 square feet.<\p>
Property management company signs first Manhattan office lease
Locally based property management company Bronstein Properties is opening its first office in Manhattan.<\p> The company has secured about 4,100 square feet space on the 19th floor of 747 Third Ave. in Midtown East.<\p>
The National Observer: Here's where the money lives
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today,y we've got stories on the rising number of towns in which the median home costs more than $1 million; the interest office tenants are taking in their landlords' financial situation; and plans for a multibillion-dollar supercomputer complex by Elon Musk. But first, here's our inaugural list of the ZIP codes with the greatest concentrations of wealth in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Big deadlines loom for Realtors commission lawsuits
The class-action lawsuits that rocked the residential real estate industry over the last year are barreling toward a possible conclusion — and some big changes in the remainder of 2024. <\p> One of the most important deadlines is Aug. 17, 2024, when the NAR has said it would implement a series of changes as part of its own $418 million settlement agreement over buyer commissions. <\p>
Feds finalize new fuel-economy standards for vehicles
The Biden administration and the U.S. Department of Transportation’s National Highway Traffic Safety Administration have unveiled new, tougher fuel-economy standards for vehicles, but the set of guidelines are a bit more lenient than benchmarks issued last year.<\p> Under the newly issued Corporate Average Fuel Economy requirements, fuel economy is expected to increase 2% per year for model years 2027-31 for passenger cars (generally sedans, station wagons, and two-wheel drive crossovers and SUVs), while for light trucks (four-wheel drive SUVs, pickups, minivans, and passenger/cargo vans) fuel economy is expected to increase 2% per year for model years 2029-31. The increases will bring the average light-duty vehicle fuel economy up to approximately 50.4 miles per gallon by model year 2031, according to a statement from the government outlining the new standards.<\p>
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