All posts by NYBusDist

Impact of Potential Stock Trade Tax

News,

Should a tax being imposed on stock trades, this could create a huge impact on the entire New York Stock Exchange.  According to Stacey Cunningham, NYSE president:

NYSE president Stacey Cunningham warned on Tuesday that the unthinkable was possible, saying the hallowed financial institution on Wall Street could flee if the state imposes a tax on stock trades.

“While New York has remained a centre of gravity for the financial industry, many employees of ‘Wall Street’ firms are migrating to Florida, Texas and other states with hospitable tax policies. If lawmakers opt to reinstate th[e tax that was abolished in 1981 by the State of New York] at tax, the NYSE may need to follow the lead of those relocating firms. Some of our customers are already asking about our willingness to relocate.”

Still, it has not been put into effect yet and executives from the state governor’s office are expressing opposition to the measure. For example, Robert Mujica the Budget Director working for Cuomo said:

“The only nexus you have with the stock transfer tax is the idea that the transactions occur in the state because the computer servers happen to be here. Move the servers, you move the transaction, you don’t collect anything from the tax.”

NY: Moving Forward

Health, News,

With the pandemic still ravaging lives everywhere the state of New York is hoping to move forward thanks to the vaccine and a hopeful light at the end of what has been a very long tunnel.  According to Governor Andrew Cuomo, there is a need for substantially more vaccines in the region. He is disappointed by the federal government not providing an adequate level of production. Still with the hopeful construction of the mass vaccination site at Yankee Stadium, more vaccines will follow.

Since the spike in cases that came from holiday gatherings has now past its peak, there has been more leniency in lifting restrictions on restaurants, places of worship etc.  Yet there still needs to be extra caution taken because of the density of the population of NYC. It is hoped that there will be an allowance for restaurants – in the very near future – to be able to operate at 25 percent.

Personal care and retail stores can operate at 50 percent; fitness centers at 33 percent.

Dayton Kingery on Staying Active While Staying Safe

Entertainment, Environment, Health, Real Estate, Transportation, , , , ,

The health regulations and recommendations to curb the spread of COVID-19 are constantly changing. But one message has remained consistent throughout: remaining physically active is important for the long-term health of both the body and mind.

Dayton Kingery, a Connecticut native and fitness enthusiast, says that the real estate market in his area is busier than ever. “People are looking for safe ways to be outdoors and be active. Nobody wants to be cooped up in their small city apartment. They want to escape the virus and the deserted city streets. Here we have more space and plenty of outdoor venues for exercise and exploration.”

Dayton Kingery- deserted city streets
Dayton Kingery says city dwellers are heading toward the suburbs in search of safety and space

People from across New York, who own or rent summer properties in Connecticut, say that riding out the lockdown orders, social distancing regulations, and work-from-home expectations is much easier in less densely populated areas. “Bike riding has always been a popular form of transportation in the city,” Kingery says, “but now it has become a form of relaxation and self-care.”

Dayton Kingery bike trails
Dayton Kingery recommends cycling as a safe and fun activity

Longtime Connecticut residents and other city “escapees” should all consider taking up a new hobby or activity; these pursuits are important ways to combat loneliness, remain mindful, and stay busy. Kingery recommends enjoying the many hiking trails, walking paths, and nature reserves across the state and taking in as much of the great outdoors as possible.

Dayton Kingery- nature trails
Exploring local parks and being outdoors is key to wellness, according to Kingery

Business Ideas for New Yorkers in 2021

Businesses

It has been at best a challenging and at worst, a rough financial year.  Many industries are having to rethink their entire strategy and overall business model.  Moving into 2021, what are the best sectors most likely to be successful?

There are always new ideas though to adapt to current circumstances.  Right now we are in these unchartered territories but it is those who really think outside the box who can ultimately be profitable.

Vaccine Eligibility

Health, ,

More New Yorkers will be eligible for the COVID-19 vaccine as Governor Andrew Cuomo widened the scope to include everyone from 65 years and older.  While this has resulted in some organizational obstacles, officials hope they will be ironed out quickly. Unfortunately there have already been delays in distributing the vaccine, largely because of state and local feuding, Cuomo’s $1m fine for failure to adhere to distribution regulations and other poor decision-making.

And, for those who are getting the vaccine in New York, there could be an extra stimulus to be had….a free bag of weed. The endeavor – dubbed Joints for Jabs – is being offered though a combined effort of local growers and the DCMJ. According to DC Marijuana Justice co-founder Nikolas Schiller, the idea behind this is as a way of “safely celebrat[ing] the end of the pandemic…nothing brings people together like cannabis.”

New York Real Estate in the New Reality

Housing, , , ,

Facing the New Reality (living in times of COVID) has impacted every single industry. In many cases it has been extremely detrimental.  In some cases less so.  In some industries there has been difficulty but there has also been a recovery.  Here we take a look at the real estate market.

According to Douglas Elliman appraiser Jonathan Miller:

“There has been an upward grind in slow motion that’s been occurring since last spring. But Manhattan has just not kept pace with the rest of the region.”

Since the pandemic began, the median price has only dropped slightly by around four percent.  Indeed the average sale price hardly changed at all.  The one big change was likely office rental which dropped due to lockdowns.

The good news however is that selling apartments is taking less time due to much more online viewing.  With more hope coming from the new immunizations, there is much more optimism in general which of course spills over to housing.  As CEO and founder of Modern Spaces Eric Benaim pointed out:

“Many developers reduced pricing during COVID, so buyers will now see an opportunity to purchase a ‘value.’  FED has said it plans on holding the current interest rates until 2023, which will also help.”

This sentiment was echoed by CEO of MNS, Andrew Barrocas who believes that it is likely the NYC market will recover around 50% of what it has lost in the next six months.  He added:

“That’s contingent on 50% of people returning to the office,” Barrocas says. “If 75% return, the market will recover 75%. If it’s 25%, the market will recover 25%. We have 20,000 vacant apartments right now. It’s purely a supply and demand issue. There’s a direct correlation with the rental market and people retuning to the office and with the current trends, I feel 50% of people will be back in Summer 2021. It’s what makes New York, New York.”

New York: New Year

Entertainment, ,

People are definitely looking forward to a new year.  Fed up of 2020, New York is also gearing up for some socially-distanced celebrations.  One way of saying goodbye to 2020 is by saying hello to 2021 and this year the illuminated 2021 display – that has been on a 5,000 mile trek to arrive at Times Square – is one of the biggest highlights.

According to Jeff Strauss, producer of Times Square:

“As these numerals were being driven across the country by Kia drivers, people along the way at every stop were cheering. Everyone can’t wait until 2020 is over.”

Indeed, perhaps that is what Good Riddance Day is all about.  For sure most people will be saying Good Riddance to 2020!

While most of the celebratory new year’s events will be online, one can also enjoy some events outdoors such as the winter wonderland lights show from Edge.  Featuring close to 50,000 lights which light up the Skyline Steps, also on display is a Christmas tree and large hot air balloon display.  While there be sure to order the “Cocoa in the Clouds,” a hot chocolate drink featuring rice crispy peppermint-encrusted treats and whipped cream.  For an extra hit, order the added liquor!

Most people feel like they owe it to themselves to see this year out with a bang and welcome the new year with hope.

New Infrastructure has COVID Bringing Hollywood to New York

Entertainment, ,

While the entertainment industry and Hollywood seems to be severely struggling, some in New York are taking some real initiative to turn things around. Instead of panicking about public entertainment taking a hit, these people have figured out a way to respond to the new need for stay-at-home viewing. In addition, the tax breaks the state has given the industry have really helped.

What’s happening is that in various sectors of New York – in particular Brooklyn and Queens – soundstages are popping up.

And now it seems like this is becoming quite the popular industry for private investment firms.  For example, both Hackman Capital and Square Mile Capital acquired New York’s Silvercup Studios for $500m.

According to a recent article in The New York Times, while “New York’s arts and entertainment industry has been devastated by the pandemic…the sight of shiny production trucks and the hum of workers rolling equipment on and off film sets is giving the city a glimpse of its former self.” This can be seen in the fact that local studios are full.  True, due to limitations they cannot work at full capacity, but still, there is a will to work in this industry.

Queens’ Kaufman Astoria Studios (originally owned by Paramount) films popular shows like Dickinson, Flight Attendant and Sesame Street.  According to Chief Executive of the studio Hal Rosenbluth, investing in the community is what George Kaufman always said was good for everyone.  Once you help yourself you actually end up helping others.

Let’s hope these investments – with their adherence to coronavirus safety restrictions – end up helping a lot more individuals, communities and the entire New York region.

New York Tri-State Black Restaurant Week

Restaurants,

This year’s New York Tri-State Black Restaurant Week takes place between November 13 to November 22.  Founded in 2016, the idea behind the week-long events is to promote and celebrate the flavors and cultures of African, African-American and Caribbean foods.  This is the first year that New York has participated. 

This year, Café Moca is one of the eateries participating.  Located in Queens it is a vegan eatery run by co-owner Jennypher Urena.   Campaign Managing Partner Falayn Ferrell said:

“We learned a long time ago that Black food is more than soul food. It’s more than barbecue. We are always impressed with the creativity we see when it comes to food in our communities.  [Plus] the Black culinary landscape is so diverse. We have everything from Italian to Caribbean. If you are just a diehard foodie, there’s something for you to eat.”

Over 125 businesses – including bakeries, caterers and food trucks – are participating in this year’s NY event.

New York Business: Outdoor Designs

Businesses, ,

Given that there is little point in building right now with the pandemic preventing gatherings, architectural firms and designers are having to think outside the box.  Luckily some in New York are doing just that.

One example is Todd Haiman, a landscape designer who has been inundated with work since the pandemic began as New Yorkers are seeking to improve their outdoor areas.  Yards, terraces and balconies are becoming ever more popular and important since those are deemed safe in covid times. As Brooklyn-born Haiman pointed out:

“We’re trying to create an atmosphere that can be their sanctuary, whether they want to read a book out there or have cocktails.”

Then there is the outdoor dining concept.  Given that restaurants have been forced to close, the only option is for takeout and outdoor dining. Some of them are quite stunning and one in New York City – LA Mercerie – was just featured in Architectural Digest’s article, ‘These are the Most Beautifully Designed Outdoor Dining Experiences in America’  The eatery – just outside Williams Guild – features real-life flower boxes which provide a separation between patrons.  Cocktails and pastries are French based and the indigo blue exterior walls work perfectly with the woven bistro chairs.