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Mount Sinai to close Beth Israel campus as financial losses mount

Sinai will offer impacted, unionized staff roles with the same titles and pay at other locations in the system. Crain’s approached the hospital system for details on the plans after reviewing text messages suggesting the closure was imminent. Labor and supply costs have grown as the hospital’s inpatient census has dropped, Lee said, and Beth […]

Amazon opens new Manhattan offices at former Lord & Taylor site

“We purposely invest in urban cores where our employees can work, live, eat, shop and play and support local small businesses, rather than building a closed-off remote campus,” said John Schoettler, vice president of global real estate and facilities at Amazon.  The building, which is landmarked, kept some original designs from the Lord & Taylor […]

Goldman to make annual cut of underperformers as soon as October

Goldman had a headcount of 48,500 as of December, with 52% based in the Americas, 19% in EMEA and 29% in Asia, according to its annual report. It spent $15.1 billion on compensation and benefits last year. Chief Executive David Solomon reminded investors on an earnings call in July that the bank, which halted firings […]

Eric Adams asks NYC agencies for 5% budget cuts blaming migrant crisis

Major cities across the U.S. are struggling to find resources to shelter new migrants who are overwhelming shelters, social services and already-stretched budgets. In New York City, which by law can’t turn away those who need housing, the Adams administration estimates 10,000 asylum seekers are arriving each month, a massive migration wave that may cost […]

Tracking return to office data in New York City offices

While New York’s numbers went down, other cities across the country saw office occupancies stabilize and even increase last week. New York is a far cry from Houston, the country’s fourth largest city, where in-person activity is at 61.0% of prepandemic levels. New York’s rate is also slightly below Los Angeles and Chicago, where 49.0% […]

New York to open large-scale migrant shelter in Long Island City office building

A former warehouse converted to offices in 2020, the Long Island City building differs from many of the other relief centers the city has opened thus far, which have tended to be either hotels—like Midtown’s Roosevelt Hotel or the Wingate by Wyndham, also in Long Island City—or other sprawling facilities like the Creedmoor Psychiatric Center […]

Insurance premium hikes will hit New Yorkers again in 2024, state says

Rates for individual plans will be even lower for people who are eligible for federal tax credits, the agency said. Last year, over 60% of New Yorkers who enrolled in an individual plan through the New York State of Health, the state’s insurance marketplace, were eligible for tax credits that lowered premium costs. The department […]

Impact of actors’ strike shows up in monthly job numbers

Job numbers for the city won’t be released until mid-September, and the local impact will become clearer. SAG-AFTRA has about 32,000 members in New York, according to the union’s website, while there are 6,800 members of the New York-based chapter of WGA. In July, employment in the local industry appeared to stay steady compared to […]

Oyate Group’s Tomas Ramos on investing in disadvantaged neighborhoods

Ramos launched Oyate Group in June 2020, shortly after the onset of the pandemic, with the help of his college network, which connected him to private corporate donors and foundations. The goal of the South Bronx-based nonprofit, where Ramos is president and CEO, is to help local entrepreneurs in Upper Manhattan and throughout the borough […]

Gotham Buds, Harlem’s retail legal weed shop, to open in September

Gotham Buds co-owners Omar Tejeda, Gregory Gray and Jeffrey Lopez told Crain’s that the store will sell flower, concentrates, tinctures, edibles and CBD products, as well as apparel, and approximately 30 workers will be employed at the dispensary.  The company sublet the space for 10 years and will source products from approximately 75 growers and […]