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New York’s top tech firms boost headcount in 2020

While industries such as hospitality, tourism and food service saw jobs cut left and right during 2020, some of the city’s public technology firms swelled with new employees.   As Peloton saw a spike in homebound Americans becoming paying customers last year, it also went on a hiring spree, adding more than 3,000 workers.    With a 110% increase, Peloton went to the front of the pack among the city’s publicly traded technology companies for headcount growth, reaching 5,862 employees globally as of Dec. 31, 2020, according to a Crain’s analysis of annual earnings reports of seven …

Higher taxes won’t help New York City’s economy recover

Vaccines give us confidence that victory over Covid-19 is imminent, but the prospects for New York’s economic recovery are far less certain. Restoration of the 500,000 private-sector jobs that have… To view the full story, click the title link.

Broadway pans Cuomo’s order to reopen venues at a third capacity

New York’s new reopening guidelines allowing the city’s entertainment venues to operate at a third of their capacity are a show stopper for the $1.8 billion performing arts industry Gov. Andrew Cuomo on Wednesday announced that beginning April 2, arts and entertainment venues could begin reopening at 33% capacity and that, depending on testing procedures, venues could hold up to 100 to 150 people indoors.  Charlotte St. Martin, president of the Broadway League, responded by saying, “We can’t socially distance. Any show at 33%…

Mutombo accused of owing Trump Place board of managers $23K

Dikembe Mutombo may need to start playing defense against the board of managers at Trump Place. The board at 220 Riverside Blvd. is suing the former NBA star for about $23,000 in alleged missing… To view the full story, click the title link.

Ocasio-Cortez and other progressives challenge Biden on minimum wage

The U.S. Senate scramble over raising the federal minimum wage is presenting the first major test of the uneasy alliance between the Democratic Party’s vocal progressive wing and President Joe Biden 37 days into his administration. After Senate Parliamentarian Elizabeth MacDonough ruled that putting a stepped increase in the wage to $15 per hour in Biden’s $1.9 trillion pandemic relief plan did not comply with Senate budget rules, progressives in Congress and allied outside groups are mounting a campaign to get the White House to support either changing or ignoring the chamber’s procedures to push the legislation through. “Really our options right now, at …

State advances plan to redevelop area near Penn Station

New York state is moving forward with a plan to redevelop the area around Penn Station, a major project that could reshape Midtown. Empire State Development has adopted a draft plan to develop eight sites around the transit hub, which would result in 10 mixed-used buildings with about 20 million square feet of offices, retail, hotel and potentially residential space. Gov. Andrew Cuomo promised last year to expand the train station’s capacity by 40% and create new developments to fund the improvements. The draft plan announced Friday would roughly double the size of building permitted on the sites, according to a news release.The state is partnering on the project with Vornado Realty Trust, which owns much of the land targeted…

Fiscal hawks push back on billionaire’s tax

New York fiscal experts are already giving reasons why a bill to tax New York billionaires annually on their unrealized capital gains assets is doomed to fail. “It’s hard to know where to start… To view the full story, click the title link.

Mortgage investors bracing for Fed’s taper may be disappointed

The best mortgage bonds to buy now may be the ones the Federal Reserve is purchasing, because the securities might benefit the most if macro optimism fades. So far this year, some investors have been growing more hopeful about an economic recovery as a new U.S. stimulus package is rolled out. This has markets looking for any positive macro signs that may translate to the Fed tapering its direct purchases of mortgage bonds, according to a recent Bank of America report. A slowdown in central bank buying would hurt demand for…

Top aide says Cuomo concealed Covid deaths to avoid U.S. probe

Gov. Andrew Cuomo’s top aide told lawmakers the administration withheld nursing homes’ Covid-19 death toll to avoid a federal investigation, prompting Republicans to accuse him of a cover-up and… To view the full story, click the title link.

Nederlander condo is heading to auction amid theater closures

The home of the late Broadway theater magnate James Nederlander is heading to the auction block later this month.  Nederlander died in 2016 after a storied career in Broadway productions that earned him 10 Tony Awards and dozens of nominations. His company, the Nederlander Organization, owns a trove of nine playhouses, including the Minskoff Theater, the Gershwin Theater and the eponymous Nederlander Theater, all of which have been closed for months. Now, part of his estate, which includes the entire 10th floor of 838 Fifth Ave. in Lenox Hill, is up for sale.The three-bedroom, three-and-a-half-bathroom penthouse also includes four fireplaces and massive windows overlooking Central Park and the…

Biden plan could rescue states and cities from pandemic’s financial toll

President-elect Joe Biden’s $1.9 trillion relief plan would provide a major financial rescue for states and cities, eliminating the need for deep budget cuts that would weigh on the recovery and easing the risk in the municipal-bond market. The measure proposes $350 billion of emergency aid to states and local governments, enough to more than cover the immediate budget shortfalls caused by shutdowns to contain the virus. It would also extend $20 billion to public transit agencies like New York’s Metropolitan Transportation Authority, the subway and bus operator whose revenues have been decimated as Americans work…

New York expands vaccinations to elderly, essential workers

Faced with mounting criticism over the slow pace of the coronavirus vaccine rollout, Gov. Andrew Cuomo announced Friday that, starting next week, New York would allow a much wider swath of the public to get inoculated, including anyone age 75 or older. The governor warned that, initially, the supply of vaccines available to people other than health care workers and nursing home patients would be very limited.Cuomo said a beefed-up statewide distribution network will include pharmacies, doctors’ networks and county health departments. The 3.2 million New Yorkers newly eligible for the vaccine includes teachers, first responders and public safety workers. “Caution, caution, caution, because the supply is a major problem,” Cuomo said at his regular briefing. “You’ll wind up having 3,000 distribution …