New York: New Wellness

Featured

Wellness has long been a trend in New York but recently it seems to be making its way to the Flatiron District. Now that there are many startups there, it is a prime location for hard working executives to take advantage of wellness opportunities near to their workspaces.   Some examples of these include: Exhale Spa (where attendees can take barre, cardio and yoga classes;  enjoy a facial, massage, acu-healing, scrubs, manicure and waxing); Inscape (offering guided meditation, relaxation, self-care products sold in the store); Stretch*d (for assisted stretching sessions enhancing flexibility) and many more. 

The area has so become akin to fitness that it’s even taken on a new name in the last few years as well:  the Fitness District. As co-founder of Stretch*d, Amanda Freeman refers to the district as:

“the best neighborhood in the world for health and wellness concepts to debut.  The mix of clientele and the density of offices and residential buildings are unparalleled.”

Now New York is even home to a CBD and plant-based wellness hub – Standard Dose – which is aiming to be the address for all self-care services and products, “dedicated to elevating wellness through natural healing and curating only the best and most effective products.”

NYC: New Laws

News

There have been some new laws passed in New York City for local residents as of late.  The 185 and 186 went into effect on March 18, 2019 to extend rights of mothers who are nursing in the workplace.  What this means in practice is that employers now have an added responsibility toward working mothers:  the provision of a lactation room.  As well, lactation room accommodation policies must be written out.  These two laws are amendments to the New York City Human Rights Law.

Another new law was put in place in an attempt to help support people on the street who are being searched by the police.  These new laws took place last October via the Right to Know Act. What this means is that before performing a search, a police officer must give the individual a business card and only thereafter ask for permission to perform their search.

The Climate Mobilization Act completed 6 climate mitigation laws.  This predominantly transforms New York’s approach to climate change, and is also known as The Green New York Deal.  The fact is, 70 percent of New York’s carbon footprint is brought about by heating and cooling for buildings.  A third of that comes from 50,000 of the city’s huge skyscrapers.  Thus this bill is requesting that owners of buildings will cut emissions by 40% by 2030 and 80 percent by 2050.

Apple Pay and NYC’s MTA

Featured

Finally, after around two years of waiting, it seems that this summer will see the rollout of Apple Pay.  it’s been a long time coming but with this new system, MTA users will have their payment method significantly facilitated.  Apple Pay will enable customers to instantly pay their fares by simply tapping their phone/watch.  Known as OMNY, its launch date for Staten Island buses and the 4 5 6 subway Grand Central-42 Street and Atlantic Avenue Barclays Center lines is May 31.  The full system is set to be in place by next year.  

There is a very good chance that Apple Pay will not be the only show in town since New York City’s contactless payment system can also support other phone systems as well as contactless credit cards.

NYC: Industries Generating Income

Employment,
income

Industries ebb and flow with how they generate income.  The two sectors we will focus on here are: beer and fitness.  They are currently providing New Yorkers with jobs and the economy with wealth.

It seems that beer is good business.  At least in New York.  The industry’s growth has been so impressive that last year a staggering $3.5 billion was generated in “direct economic impact, through beer production, sales and the operation of brewery tasting rooms” according to a report undertaken by John Dunham and Associates (JDA). 

More than the revenue is the job market.  The industry in New York alone is giving 11,000 people jobs, equaling $722 million in salaries.  In fact, it’s estimated that without a trace of the beer industry, 20,000 jobs wouldn’t exist.  Add this to the mix  and the value generated by the beer industry was $5.4 billion for 2018. And that doesn’t even include the $1.1 billion that comes from the purchase of supplies, marketing, sales, etc. It’s a big industry.

Fitness has long been a growing industry.  New Yorkers are not alone in their love of the fitness industry.  In fact sometimes it seems that every other week there is a new class or fitness factory.  Throughout America, according to the International Health, Racquet & Sportsclub Association (IHRSA), there is at least a 3 to 4 percent annual increase within the industry and around 20% of US adults have a fitness club membership. According to Statista, US consumers are spending $30 billion per year on gym memberships.

Looking into New York’s East Village we find the growth of Crunch Fitness.  The firm opened its doors over three decades ago and since then has expanded significantly.  With an app that syncs with the Apple Watch, over 100 online workouts for those who want to stay home and 25,000 square feet for those who want to actually go to the gym, this seems to be an example of how seriously New Yorkers take their workouts.

NYC: Budgets and Infrastructure

Taxes
budgets

With April 1st marking the beginning of a new fiscal year, New York – along with other states – had to have handed their budgets in.  One aspect of this is the permanence of the yearly 2 percent property tax cap will become permanent and $1billion will be added to the education budget.  Another is the creation of the public campaign finance system which is valued at $100 million . 

Regarding transportation and infrastructure issues, Manhattan is about to be subject to a congestion-pricing system.  In addition, taxes on NYC real estate transactions will see an increase.  And “mansion houses” (those that sell for more than $25 million) will be subject to more taxes.

According to chairman of the Regional Plan Association, Scott Rechler:

“If our transit system is the beating heart of our city, then our arteries are severely clogged, Congestion pricing is the right solution at the right time, and it is only fitting that New York City be the first city in the U.S. to incorporate it.”

Much of the budget was focused on earmarking funds for the MTA for New York’s transit system and commuter railroads.

Workers in New York: Fighting for Rights

Employment
workers’ rights

It seems Mayor de Blasio wants to fight for more rights for New York City workers, in particular, for paid vacation.  He is attempting to make New York the first US state to “require private businesses to provide time off with pay.”

Some small business owners in the region are not in favor of this, especially given the additional strain the increased minimum wage has put on them.  If the proposal becomes law, business owners would be forced to give their full time employees a minimum of 10 paid vacation days a year; a number that would be pro-rated for part-time employees.  This would be in addition to paid sick leave.

While some business owners would like to do this, they claim it is just not realistic and that the Mayor is not looking out for SME owners to help them “make ends meet.”

Meanwhile around 150 people are set to lose their jobs altogether as AT&T closes its Syracuse call center.  The center is moving to Orange Park, Florida where lower wages will be paid.  According to the Communications Workers of America Union, approximately 50 people have accepted the transfers, leaving 100 without work.  So now union workers are calling upon the Save NY Call Center Jobs Coalition to pass a bill to require NY call center operators to inform the Department of Labor should they move 30 percent or more of their workers out of the state.  Should they still go ahead, they would not be privy to any state benefits for five years.

Getting Around in New York City

Infrastructure

Transportation issues in New York City are nothing new.  Parking is horrendous; driving is awful and the subway has never gotten the best rep.  But now a recent report has found that approximately one third of New Yorkers do not even live within walking distance of a subway stop.  Plus, this issue seems to fall overwhelmingly within lower-income concentrated neighborhoods like Brooklyn and northeast Queens.

NYC’s transportation problem is not limited to the subway.  Dockless bike and scooter firm Lime also commissioned a study and its conclusions were similar in that again it is the poorest neighborhoods taking the fall for lack of viable transportation options.  With Lime, Bird has been lobbying officials in the city to improve micromobility.  And Lime is arguing that if e-scooters became legal, this would improve the mobility of 1.5 million New Yorkers, providing them with much better access to local transit.  With a scooter, they could actually be a mere 10 minutes away from subway stations.

There have been some strides though in this area.  In 2018 an endeavor was taken by the New York City Department of Transportation (DOT) to introduce a dockless bike share program in underserved areas via Citi Bike.

And in other transportation news for the city, we are about to witness the end of the MetroCard.  Plans from the MTA include the testing of a new fare payment system, dubbed OMNY – One Metro New York in an effort to enable New Yorkers to “experience all that the region offers.

NYC Stores: From Reality to Virtual and Back Again

Fashion

Shopping for clothing has never been easier or more choice-oriented.  Do you want to actually go into a real store, or would you like to browse various outfits from the comfort of your couch?  In other words, if you’re in New York (or other fashion capitals around the world) what is your preference:  online or inhouse?

While online American clothing purchases are on the increase (27% in 2018 compared to 20.7% in 2015), these figures still suggest people are choosing to go into a store and try on the clothing.  It seems that figures are increasing but that people still want to actually put on a piece of clothing to see how it looks and feels.

So where is New York in all of this? Well, Black Friday figures for 2018 instore sales dropped by 7 percent with online sales increasing by 24 percent.  Still, evidence is showing that both options are attractive to shoppers and for different reasons. Therefore, the ultimate answer might be  just that; to keep both online and instore clothing stores stocked.  In New York some stores are getting their heads around that concept.

One example of this is direct-to-consumer brand Wardrobe NYC. Originally launched in 2017 exclusively as an online store, the luxury clothing store founded by Christine Centenera and Josh Goot just opened a pop-up in Soho. Its plan is to remain open temporarily – just until March 24 – and will offer customers all three of the brand’s existing collections: Tailored, Sport and Street.  The concept behind the firm’s anti-fast fashion  brand is the production, manufacture and sale of apparel in a streamlined way to simplify choosing everyday clothing.

It seems that according to a recent Forbes article:

“The current consensus in the retail industry is that, despite falling instore sales, 2019 will not mark the death of the physical store. Instead, it will coexist happily with a digital ecosystem.”

It’s time for clothing stores in the world’s fashion capitals to keep abreast of changes and adapt accordingly.

Recent New York Transactions

Businesses
business transactions

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).