A look at the success of Peter Luger’s steakhouse – a restaurant that has been thriving in Brooklyn, NY for over 130 years. Described as the “quintessential, old school NYC steakhouse experience.” According to the eatery’s VP, David Berson promote “simple goodness” family owned business is one of the few Michelin starred restaurants in the city and has made Zagat’s list of Top Restaurants for over 30 years.
New York is a hub for business transactions. Here we take a look at three recent ones.
The Parker New York has been acquired by GFI Capital Resources Group and Elliot Management Corporation affiliates. $100m+ has been committed by these companies for renovation purposes. With this money residential condo units will be incorporated into the premises. Thomas Juul-Hansen is leading the design team.
The Little Rock Sedgwick Building has been purchased for $4.5m by New York’s Woodmont Hardin. Located at 400 Hard Road, it has nearly 50,000 square feet office space capacity. It is being sold by Responsive Education Solutions.
A new position if 764,359 shares of Avanos Medical Inc has been purchased by Bank of New York Mellon Corp in the third quarter. This has been valued at approximately $52,359,000. Other shares were purchased by Bollard Group LLC (valued at $100,000); Whittier Trust Co (valued at $110,000) and Public Employees Retirement System of Ohio (valued at $136,000).
January 1, 2019 marked the implementation of NYC’s minimum wage increase to $15 per hour. Any place of work that has 10 members of staff or more, has to pay them at least $15 per hour. NYC will be the 43rd state to raise the minimum wage legally like this. In this article, we look at the impacts of that.
In addition, the first US city that is implementing minimum wage for ride-sharing driver employees is NYC. A requirement has been passed by NYC’s Taxi and Limousine Commission for “high volume” drivers of such vehicles to be entitled to $17.22 after expenses which would result in an approximate $10,000 annual raise.
Although in theory it’s great according to bakery boss Amy Scherber who has a 210-person staff throughout seven bakeries in NYC:
“It is a very tricky and delicate situation. We’d love to give a good raise to every person, but the reality is there’s just not that much extra money around.” Plus there is the added complication of needing to give raises to those employees who were already making $15 before 2019. You can’t just “raise the bottom rung.”
So how is the raised minimum wage likely to help? Well, according to a recent New York Times article, $70,000 is required per year for a two-parent, two-kid family to look in Brooklyn. This is assuming both parents are making $16 an hour. As such, $15 per hour is still not going to cut it.
Last month it was announced that NYC Health + Hospitals/Metropolitan will receive a capital investment of $52 million. The money will be put toward enhancing infrastructure there. This includes: automatic fire sprinkler upgrade; new, safer patient-accessible windows; emergency power system; roof replacement. Cooling towers and the Medium Pressure Steam Condensate System unit will also be replaced. According to Mayor Bill de Blasio:
“We are proud to have the largest public hospital system in the nation. NYC Heath + Hospitals/Metropolitan has been a mainstay in this community for decades, and this investment will help the hospital get the upgrades needed to continue serving the community.”
It is hoped that all parts of the project will be completed by 2021.
Over in Hudson Square, watch out for more mega infrastructure, this time from Google. The plan is to build a 1.7+ million sq.ft campus there spanning 315 and 345 Hudson Street and 550 Washington Street for a $1 billion price tag. It will be called Google Hudson Square. CEO and President of Partnership for New York City, Kathryn Wylde said that:
“It’s likely that we’ll not only compete with but surpass Silicon Valley because we literally don’t just have a tech industry, we’ve got technology transforming all our major industries.”
This is especially the case with the addition of Amazon HQ2 in the area.
The New York Federal Reserve houses the world’s largest amount of gold in its vault. In that Wall Street building, there is a staggering 6,194 tons of gold. That amounts to 496,950 bars worth of hundreds of billions of gold.
The New York transit system has been in need of an overhaul for some time now. to fix it however, the Metropolitan Transportation Authority (MTA) is short of around $60 billion. that figure is actually twice of its current capital plan and so the question becomes what will happen with the much-needed renovations?
a commission has been set up to take this to the next level. chaired by head of the business-backed Partnership for New York City, Kathryn Wylde, the group commissioned a report that – surprise, surprise – requested more revenue. Most of the commissioners (who also include former City Council speaker Melissa Mark-Vierito), suggested a kind of toll to be applied to truck and car drivers going into Manhattan below 60th Street causing congestion. this would actually raise $1b+ annually.
Although this situation is hardly new. going back a decade ago now, a 2008 commission was set up that recommended MTA funding sources. that resulted in the 2009 payroll tax. since then 10 percent of MTA’s $16.7 billion budget comes from New York downstate employees indirect tax.
So what is new? The most recent report gave a whole slew of suggestions, one of which was to “acknowledge that the M.T.A. construct has failed and call for its dissolution.” should that not be acceptable, another way to increase efficiency that was suggested was to hire an independent auditor to investigate capital costs of the MTA and thereafter reform its methods and streamline how orders are changed during the construction process. in addition, there is a lot of money lost in fare evasion each year. stamp down on that and you’ve gotten yourself $125 million extra annually.
These are just some of the 37 suggestions featured in the report. It’s definitely worth a try.
The No Barriers summit was held in New York City on October 5th and 6th. This inspirational event is for everyone no matter what they are facing so that they can “unleash their potential.” As Co-founder Erik Weihenmaker said:
“I think the culmination of our journey is not when we stand on top of our summits pounding our chest saying look at me. I think the real culmination is when we come down the mountain and we take the gifts that we have earned and we use them to motivate our lives and our communities and our families…and the world. That’s just the beginning…most importantly we do it to celebrate this life that we call No Barriers.”
In this video, you can get just a small feel for what transpired there.
5th Avenue in Park Slope was just recognized for its incredible contribution to the world of shopping. The question really that should be asked however, is, is it really any surprise? with its wide array of offerings from sex stores to superhero supply companies; community bookstore and women’s fashion, it makes sense that it was recently lauded for being “one of the country’s best small business shopping districts.”
What do the vendors in the area put this down to? Mom and Pop stores which foster relationships. One example where this is key on 5th Avenue is the Good Wine shop. According to Heather Johnston, vlogger with So Good: Food and Wine it’s a family affair with the kids sitting around and drawing, and the parents shopping; something they all love.
One small business owner, Sam Tse added:
“I think the dynamics of the neighborhood are changing right now, and in order to keep us here, everyone should support our small businesses. Because otherwise, we are going to get replaced by the more commercial stores, and you’re not going to see small businesses around anymore.”
Happening today, is a discussion held by executive management at South State Corporation (SSB). Entitled Investor Day, this event – starting at 11am – will center around corporate strategies of the corporation as well as their financial performance. It will provide a good insight for institutional investors. While the actual event is invitation only, others can pick it up live via the website or 1-409-217-8783/ toll free 1-866-688-2179 (conference ID: #3473637).
The focus is guidance for investors, analyzing risk and minimizing uncertainties and flux. Certain factors – market conditions, expectations, timing, and more related to these conditions, business plan executions, geopolitical developments, natural disasters and more – can and do regularly impact the change in results from those that are predicted. As such, the SSB has an obligation disclaimer on updating of statements.
Another conference happening today is hosted by next-generation networking solutions company ADTRAN. Now in its 5th year, the annual Cowen and Company Networking & Cybersecurity Summit is also happening today in New York. Starting at 8am, the event takes place at Lotte New York Palace. Items discussed are similar to those above and include: risks and uncertainties; fiscal situation; results of operation, and more.
The first city in America that is enforcing minimum wage for app-based drivers (such as Uber, Juno, etc.) is New York City. At the end of this month, the new pay rules will ensure that all drivers irrespective of which company they work for will be paid $17.22 at least per hour after expenses.
The rule came after a vote in favor of the law was carried by the New York City’s Taxi and Limousine Commission at the end of last month.
According to Independent Drivers Guild founder Jim Conigliaro this resulted in “desperately needed relief to 80,000 working families.” In a statement he added that:
“All workers deserve the protection of a fair, livable wage and we are proud to be setting the new bar for contractor workers’ rights in America. We are thankful to the Mayor, Commissioner Joshi and the Taxi and Limousine Commission, City Council Member Brad Lander and all of the city officials who listened to and stood up for drivers.”
NYC enacted its minimum wage law in 2016 with the first increase on 31 December of that year to $11. Only by 2021 is the minimum wage for NYC workers to reach $15.