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LIC developer strikes deal for new residential tower

One of Long Island City’s major real estate developers has a new residential project in the works.  “We were especially interested in this lot because a building there will really fill out Jackson Avenue, creating more retail space and more of a street life in the neighborhood,” Justin Elghanayan, who is Rockrose’s president, told Crain’s. “In a way, this is filling in a hole on the avenue.”    Elghanayan said that building a second phase to…

Beauty retailer Birchbox cuts half of its NYC staff

Birchbox, the monthly subscription service company that was once hailed as an e-commerce darling, is making cuts again—this time laying off almost half its staff at its New York City… To view the full story, click the title link.

Flexible-workspace firm to open large location next to Penn Station

Flexible-workspace firm 1 Penn Plaza, several sources familiar with the negotiations revealed. The firm, which operates several locations in the city, said it will manage about 80,000 square feet of flexible office and coworking space and 20,000 square feet of conference and event facilities on the first three levels of the property. The space will also feature food and beverage elements. The deal is a centerpiece of a redevelopment on the base floors in the 57-story, 2.5 million-square-foot office tower by landlord Vornado Realty Trust. As part of the …

Bloomberg could qualify for debates under new party rules

The Democratic National Committee has dropped grassroots fundraising qualifications for the party’s Feb. 19 debate before the Nevada caucuses, opening the possibility that billionaire Michael… To view the full story, click the title link.

Simon Property Group, Authentic Brands consider buying Forever 21

Mall owner Simon Property Group is considering a bid to buy Forever 21, the bankrupt teen retailer that’s running out of money and time, according to people with knowledge of the matter. Simon would pair with Authentic Brands Group to buy and operate the stores and the brand, said the people, who asked not to be identified because the discussions are private. The talks are continuing, and there’s no guarantee that the various sides will agree on terms or that a sale will result. Representatives for Los Angeles–based Forever 21 and Simon did not respond to messages seeking comment. Authentic declined to comment. Forever 21 was talking about selling a stake to Simon and its other largest …

State investigating three possible coronavirus cases

Three people in New York are being investigated for possible infection with a coronavirus, according to Gov. Andrew Cuomo’s office. A fourth person was investigated and tested negative. The patients… To view the full story, click the title link.

Developer reveals new look for Hudson Yards district office tower

The development team behind the 3 Hudson Boulevard tower that will rise near Hudson Yards has revealed a peek at a new design, the third one for the 1.85 million square foot tower.  Renderings released Thursday show the 56-story tower rising near the Hudson Yard’s honeycomb-like Vessel attraction. The new building will occupy a full block bounded by 11th Avenue, 34th Street, Hudson Boulevard and 35th Street.  Boston Properties and The Moinian Group are the developers, while JLL is handling the leasing. The developers have had some stops and starts in getting the building off the ground. The New York Post notes there have been three separate design iterations, though a representative for the developer told the paper they were sure the latest design …

Casper, the sleep unicorn, files for IPO

Wake up everyone, Casper Sleep just filed to go public. The self-described “pioneer of the Sleep Economy” has enlisted Morgan Stanley, Goldman Sachs and a slew of other banks to market its initial public offering, according to a filing issued Friday afternoon. But it could be a heavy lift for the mattress firm to get a deal done at a good price because Casper, like many other unicorns, is deeply unprofitable and growth is slowing. The company posted a $67.3 million net loss through the first nine months of last year, compared to a $65.5 million loss …

MIT details visits from Epstein, $850,000 in gifts

Massachusetts Institute of Technology accepted ten gifts worth $850,000 from the late disgraced financier Jeffrey Epstein, the university said. Epstein visited the Cambridge, Massachusetts, campus… To view the full story, click the title link.

‘Mame,’ ‘Hello, Dolly!’ composer Herman dies

Tony Award-winning composer Jerry Herman, who wrote the cheerful, good-natured music and lyrics for such classic shows as “Mame,” “Hello, Dolly!” and “La Cage aux Folles,” died Thursday. He was 88. His goddaughter Jane Dorian confirmed his death to The Associated Press early Friday. He died of pulmonary complications in Miami, where he had been living with his partner, real estate broker Terry Marler. The creator of 10 Broadway shows and contributor to several more, Herman won two Tony Awards for best musical: “Hello, Dolly!” in 1964 and “La Cage aux Folles” in 1983. He also won two Grammys — for the “Mame” cast album and “Hello…

These 5 chains are expanding in the city while others shrink

Just five national chain-store brands expanded by more than 10 stores in the five boroughs in 2019, a year in which the number of such stores dropped by nearly 4%.  That year-over-year decline is the largest yet recorded by the Cent… for an Urban Future, a think tank that has been publishing a State of the Chains report on New York City since 2007. Of the 316 brands examined in the report, roughly a third shrunk their city portfolio. While much of that has been driven in the past year by struggles for national retailers, the pain has spread for big-name brands. This was the first year that the Center for an Urban Future has tracked a…

Readers choose their Crain’s newsmakers of 2019

We asked who your top newsmaker of the year was and you answered.  Out of nine newsmakers selected, Jamie Dimon was named the newsmaker of the year by Crain’s readers. A decade ago a JPMorgan Chase… To view the full story, click the title link.

Transit chief bashes de Blasio’s Rockefeller Center street plan

Mayor Bill de Blasio and But de Blasio called humbug on the transit chief’s suggestion that the city didn’t keep him in the loop. The mayor’s office accused Byford of suggesting a dedicated bus lane on the cross-streets at the last minute, which they argued would have deprived tourists and New Yorkers of needed walking space. “We’ve discussed this plan with them numerous times over the last few weeks,” said the mayor’s spokesman Will Baskin-Gerwitz. “Unfortunately, the MTA’s proposal would have reduced pedestrian space—the exact opposite of our shared goal.”

Bloomberg makes record $31 million ad buy

Former New York Mayor Michael R. Bloomberg has purchased $31 million worth of television advertising time in a single week, the most any presidential candidate has spent in a seven-day period. The… To view the full story, click the title link.