NYC Housing Shortage: Solution

March 7, 2015Architectureaffordable housing, Blasio, Micro NYNYBusDist

For years it has been known that there is a housing shortage in New York City. This inevitably escalates prices, making the city really unaffordable to many. So what is the solution? One current idea hails from My Micro NY that is attempting to build small prefabricated units, that will ultimately line downtown Manhattan. Smaller than the standard studios they will measure between 250 to 350 square feet and will be suitable for one to two people.

Even though there already exists many small apartments in NYC, this is something different. The above-mentioned units are so small that the project was given a one-time exemption from city zoning codes, making the construction possible. Approximately 40 percent of the 10-story construction will be designated affordable housing. As Tobias Oriwol of Monadnock Development pointed out:

“The whole point is making studios affordable to people who right now would be living in a converted or shared situation, which they wouldn’t do if they could afford to live elsewhere. This is another housing type that should be offered to people in New York City.”

This venture is indeed something Mayor Blasio is behind. He has recognised the “crisis of affordability” in the city and his response has been 200,000 affordable units over the next 10 years. He believes that “affordable housing is part of the bedrock of what makes New York City work. “ Thus his plan is to “support New Yorkers with a range of incomes, from the very lowest to those in the middle class.”

My Micro NY is doing exactly that…good for them!

Under Construction: NY Economy

February 28, 2015NewsBrooklyn Navy Yard, Carnegie Mellon, Center for Urban Science and Progress, Cornell University, Technion InstituteNYBusDist

The time has come for New York’s economy to undergo a complete overhaul. According to Mayor Bloomberg, this needs to happen to get the wheels in motion as it were and be a catalyst to growth. In light of this aim, he has set up an extremely extensive program encompassing land and money for a new applied-science campus.

This idea has gained much support from institutions around the world such as: Canada, Finland, India, Israel, South Korea, Switzerland, the UK and the US. Three years ago Bloomberg was in touch with both Cornell University and Technion Institute, constructing a 2 million-square-foot campus on Roosevelt Island. It is due to open in 2017.

This is just one of four initiatives happening in New York right now. Others are: NYU guiding universities around the world to develop a Center for Urban Science and Progress in Brooklyn, Carnegie Mellon is setting up in the Brooklyn Navy Yard and an expansion is taking place in Columbia’s engineering school.

It is expected that these four initiatives will double the amount of students in New York in the field of applied sciences. As well, there are predictions that it will result in “tens of billions of dollars in economic impact and hundreds of thousands of new jobs at companies that emerge from the research of these professors and students.”

This is the way to go Mayor Bloomberg toward putting New York back on the global economic map.

New York Tippers

February 18, 2015Newsminimum wage, Tom ColicchioNYBusDist

There may be a move away from tippers and towards raising the minimum hourly wage for tipped employees such as wait staff, hairdressers etc. in New York. A state panel has suggested it be raised to $7.50 an hour (from its current $5). Others are criticizing the move saying it’s not enough since if there wage is not at least $8.75 per hour, bosses legally need to make up the difference but if they don’t, the state of New York is currently unable to enforce it and thus these workers are not being paid fairly. Thus a minimum wage needs to be set for all.

In light of this, some eatery owners are considering eliminating tipping. Instead, menu prices will be raised by 22 percent. One such restaurant owner is Tom Colicchio who has wanted to do this for some time but now, given the recommendations of the Wage Board to raise the hourly wage tipped workers can be paid, the potential increase restaurant expenses would justify this.

Others believe that the entire industry should move over to the European model whereby a service charge is just included in the clients’ bill and thus pay for workers is higher. A few restaurants do this already in America but now more are considering the option. However, there is some kind of a crowd mentality happening with restaurateurs right now as no one wants to act alone. Only if a whole bunch of them enact this, will Colicchio consider following suit.

New York Tourists Keep on Coming

February 8, 2015NY TourismMichael Botwinick, Siena College Research InstituteNYBusDist

Which is of course great for the economy. Indeed, the Mayor increased NYC spending on tourism promotion last year. He is considering repeating this for 2015. And it seems like it’s working since there was over 2 million additional tourists to the city from 2013 to 2014. Indeed, the amount of tourists has been increasing quite steadily since the petering out of the recession, going above and beyond the goals the city officials are setting. As a result the economy is benefiting too.

The weak US dollar definitely had something to do with this. Brazilian tourists started filling up cases with everyday items. But now that the dollar is coming back, some of the buying power will decrease, so the promotional side of NYC tourists is tapping into places like China. Over 740,000 visitors from China came last year, which is actually close to five times the amount that came in 2009.

Because the economy seems to be improving in general in New York, lots of industries are enjoying the repercussions. For example, there has been somewhat of an escalation in purchasing at US museums. According to Hudson River Museum director Michael Botwinick:

“Donors have recovered their sense of financial well-being. Museum endowments are healthier. Donors and museum directors feel freer with money than they had just a few years back.”

Thus it should not be surprising that a recent Siena College Research Institute poll found that only one out of six CEOs in New York are negative about the economic future.

Stand by: New York is coming back. It’s time to hop on that plane and reap the rewards of the City that never sleeps.

Economic Upturn in South Bronx?

January 28, 2015NewsBronx Office, Carol Samol, Miguel SanchezNYBusDist

This could very well be the time for a shift in caliber in the South Bronx, in line with Ruben Diaz Jr., the borough’s President. There is an attempt to create what he terms a “new Bronx.” Although there is indeed additional culture sprouting up in the neighborhood, there still remains significant elements of the very much “old Bronx,” such as streets filled with auto-body tracks on the wrong side of the tracks.

So now it is hoped that this conflict as it were will become more streamlined, resulting in a place more attractive for businesses, while making more affordable housing available. The first step in that is to deal with the overly impoverished area, East New York, Brooklyn.

With this in mind – especially in the Bronx – community input is welcomed. What is needed is a solution to the fact that this neighborhood’s median household income is around half of the city’s. According to the Director of the Bronx Office at the Department of City Planning, Carol Samol, what is thus required is a “holistic” approach.

For sure the Bronx has potential of becoming a successful economic incubator. For example, back in 2012, Miguel Sanchez decided to leave Manhattan, moving his digital creative agency to a beautiful building for a mere $100 a month. That was in the Bronx – actually Sunshine Bronx, which was a recent development in Hunts Point that had traditionally been known for huge unemployment figures and prostitution.

So it can be done. Let’s just hope we see more of it in the Bronx.

Aid for NY Businesses

January 18, 2015NewsAlbany, SMEs, tax reductionsNYBusDist

There have been a few initiatives taken recently in New York in an attempt to provide assistance to SMEs. For example, a proposal from Bill de Blasio of tax reductions for SMEs (and manufacturers), if approved, will render city levies more consistent with the rest of the state. This proposal is in large part due to the $300m revenue reduction. Should the tax base be widened (via cutting some exemptions), this will help companies and no longer require them to maintain two records – one for state, one for city – facilitating some of their bureaucratic dealings.

This move would also ultimately retain jobs in the area, “expand[ing] economic opportunity, [creating] a simpler, fairer system for all.” This would also render a further $2,000 for SMEs (on average) due to the elimination of the alternative tax base on capital, paid by the majority.

The proposed new tax code is actually first of its kind since the 1940s. a few companies may end up paying a little more, but, in general, most will pay less and thus the proposal was welcomed by business leaders around the city, that is still awaiting ultimate approval from Albany.

Extremity Medical Making Strides to Help Patients

January 12, 2015NewsJamy Gannoe, Matthew Lyons, Michael LyonsNYBusDist

In the ever changing world of medical technology, it is fascinating to keep up with what’s happening just in the New York area. One young, fast moving entrepreneurial company called Extremity Medical is developing products to address the needs that surgeons face when treating hands, wrists, feet and ankles. The company was founded by Matthew Lyons and Jamy Gannoe, and has Board Members such as Blackstone Medical co-founder Michael Lyons.

Many surgeons have been frustrated with the available tools and products available for them, and many clinical studies have shown sub-optimal results. As a result, Extremity Medical is trying to meet the currently unmet needs for fusion, fixation and motion preserving systems for both the upper and lower extremities. They hope that, with their designs and improved performances, more surgeons will use their products and more patients will benefits from the technologies they bring to market.

They have brought together biomechanical engineers such as Mr. Lyons and Mr. Gannoe, who founded the company in 2008 in Northern New Jersey. For the upper extremities they have focused on restoring normal function and motion to the wrist, thumb and carpal bones. For the lower extremities they are focusing on implants for foot reconstruction. Over 200 million people in the world have diabetes and amputations are much too common. Extremity Medical, with Michael Lyons and many others, wants to develop specialized devices that help surgeons to save the lower extremities in these situations while restoring function to the foot.

This is but one example of the many medical technology companies in the New York area that are making great strides towards helping those in need.

Affordable Housing Program

January 7, 2015ArchitectureDunn Development Corp., housing, New York City Building CongressNYBusDist

New York is not known for its affordable housing. Officials and organizations are trying to address this issue. For example, Mayor Bill de Blasio is planning on building 80,000 additional affordable units in the next few years. And the Dunn Development Corp. that is being put in to action immediately which at present has 820 units that are being built.

Indeed, given that there has been so much construction in the luxurious front, affordable housing are not words associated with New York (the city having spent around $32 billion last year in construction). According to the New York City Building Congress around $11 billion of this was spent on residential construction.

These figures indicate that there are many more luxury high-rises being built in the city. This is because of the 60 percent increase, there is only a 22 percent escalation in the number of units (so more money is being spent on fewer units).

What is great about this is that for those in construction, the demand for their skills in the city is possibly higher than ever. There is so much building going on, that builders are needed to fill the positions.

New York: The Business of Christmas Trees

December 27, 2014NewsChristmas Tree Brooklyn, Dan Sevigny, Morgan SevignyNYBusDist

Christmas Tree Brooklyn is a tree stand and delivery service owned and operated by Dan and Morgan Sevigny in Prospect Heights. This year, the two (who happen to be brother and sister) are taking it up a notch from its standard 250 tree-per-year sale.

Christmas 2014 will witness an additional two stands and the hiring of two delivery guys. This is so that the operation can expand three-fold vis-à-vis Christmas tree sales. When they began their work for the season on December 1, operations did not run smoothly with late deliveries and the stand falling on Dan’s head. As the two explain: “the Christmas tree business is not for the faint of heart.” It’s hard work. They work 12-hour, seven-days a week, taking trees to customers throughout New York’s five boroughs, without charging a delivery fee. And thus, it has to be a “labor of love.”

The business was launched back in 2012 “on a whim.” They had seen tree merchants on Flatbush Avenue and figured they could do the same. Plus, it seemed to make sense as Dan was born on Christmas Day. Today they get tree orders from throughout the city, all sorts of sizes, from 4 feet to 14 ½ feet tall. And a lot of their job is to help people figure out what type of tree is best for them.

It may not make the best business sense. They would advise people to go into the Christmas tree business only if they are doing it with friends and family. In fact, these days it might just be easier to order online. Although of course, that just isn’t nearly as fun and lacks the traditional Christmas holiday spirit.

Top Quality Business Dining in New York

December 17, 2014NewsBarbuto, Brooklyn Fare, Hearth, Kyo YaNYBusDist

For businessmen and women dining in New York City, there are some fabulous eateries set up to cater to these needs. Here we review five of them: Barbuto (at 775 Washington Street, Manhattan), Chef’s Table at Brooklyn Fare (200 Schermerhorn Street, Brooklyn), Kyo Ya (7^th Street, Manhattan), Hearth (403 E. 12^th Street, Manhattan), and L’Artusi (228 W. 10^th Street, Manhattan).

At Barbuto customers seeking to impress clients can benefit from either the dining room or chef’s table (located in the kitchen). The latter is a true food experience, with guests being privy to their 3-4 course meal being prepared in front of them. Top quality Italian cuisine, expect seasonal modifications.

At the Chef’s Table at Brooklyn Fare, the entire restaurant is a chef’s counter. It seats 18, and is connected to the Brooklyn Fare market. Meals, according to our friends at Infatuation, are just shy of TWENTY courses, including multiple amuse-bouches, four entrees, and two desserts. Of course, at $255 a person (excluding beverages), you need to have a fat wallet or fat expense account to pick up the tab at this Michelin three-star restaurant.

Kyo Ya provides customers with a true, authentic Japanese experience. Specializing in kaiseke meals (which are meals that are served during traditional tea ceremonies), there is also a somewhat pricey tasting menu but customers can also select from the à la carte menu. In the middle of the restaurant there is an “amazing share table” which really provides, quite the overall experience! Although discussing business might not happen as one is left fascinated by their environment!

Finally Hearth offers top quality farm-to-table cuisine. Its private dining room hosts up to 28 people and offers 3, 4, or 5 course menu options. For a more intimate experience, there is a small chef’s table. Chef Marco Canora’s claim to fame is his gourmet “bone broth” (which apparently has many healing elements), and is now sold out of a window next to the restaurant.