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TLC chief blasts taxi bailout plan supported by state attorney general and city comptroller

The head of the Taxi and Limousine Commission has trashed a yellow cab medallion bailout plan—supported by the state attorney general and the city comptroller—calling it “not implementable,” according to a leaked recording. TLC Chairwoman and Commissioner Aloysee Heredia Jarmoszuk told taxi medallion lenders on a March 31 group call that the rescue plan now working its way through the state Legislature would not work. “The plan itself, at least sounded good, but was not implementable, and would create a myriad of issues and complications especially around foreclosures,” Jarmoszuk said on the recording of the call. “And the math just didn’t seem to work out.” The TLC chief spoke to at least six lenders during the conference call with …

Coney Island attractions reopen after losing year to virus

The Wonder Wheel began turning and the Cyclone whipped into action as Coney Island’s illustrious amusement parks reopened Friday after the coronavirus pandemic shuttered New York City’s iconic summer… To view the full story, click the title link.

"Dancing in sneakers on concrete": outdoor performances require expensive shifts from organizers

The city’s performing artists are leaving stages behind to get back to work. Instead, they’re performing on rooftops, in gardens, and in the middle of the street, aided by state and city programs and individual organizers intent on giving them a chance to get back to work, even if the payoff is more symbolic than profitable. “It’s exciting to be dancing outdoors,” said Morgan McEwan, a dancer who is the founder and artistic director of MorDance, a company that usually performs at Hunter College’s Kaye Playhouse. With eight of…

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…