Aaron Elstein's profile photo

Aaron Elstein

New York

Senior Finance Reporter at Crain's New York Business

Reporter @CrainsNewYork. A-train rider. Trump hung up after I asked why he took a property tax credit for middle-class New Yorkers. https://t.co/AXWOwCfU5f

Articles

  • 1 week ago | crainsnewyork.com | Aaron Elstein

    JPMorgan holds about $500 billion in non-U.S. deposits, about a fifth of the bank’s total. Losing some of those deposits to a rival global bank, such as UBS or HSBC, would only require the click of a mouse. “I do think some clients or some countries will feel differently about American banks,” Dimon said, “and we’ll just have to deal with that.”Meanwhile, there is the matter of how far the U.S. economy will slow in the months ahead as the cost of tariffs works its way through supply chains.

  • 2 weeks ago | crainsnewyork.com | Aaron Elstein

    Con Ed says compensation is in line with broader utility industry CEOs as well as general industries within the metropolitan area.

  • 2 weeks ago | crainsnewyork.com | Aaron Elstein

    Companies across virtually all sectors of economy are hunkering down in anticipation of harder times. In the tech sector, semiconductor orders have fallen “materially” since mid-March, Evercore ISI said in a report today. On Tuesday Fitch Ratings lowered its outlook for the U.S. retail and consumer-products sectors to “deteriorating” from “neutral.” The ratings firm noted that inflation is persistent and consumer sentiment is waning.

  • 2 weeks ago | crainsnewyork.com | Aaron Elstein

    Vornado is New York’s second-largest commercial landlord, and most of the firm’s 20 million square-foot portfolio is Midtown office towers, including Penn 1 and 1290 Sixth Ave. The firm also developed the supertall apartment tower at 220 Central Park South and reaped $3.3 billion in proceeds from selling the units. Roth said in his letter that there are no “sacred cows” in his portfolio and he would consider selling some but not all of his Manhattan office and retail space.

  • 2 weeks ago | chicagobusiness.com | Aaron Elstein

    JPMorgan advised investors to avoid commercial real estate debt, a move that could ramp up pressure on landlords who need to refinance their mortgages for industrial space, shopping centers, or office towers. In the last few days debt investors have started to price in the growing risk of commercial property owners defaulting on obligations as the trade war takes hold and the economy slows.

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Aaron Elstein
Aaron Elstein @InTheMkts
17 Dec 24

RT @Eddie_Small: When I started covering local NYC news about 10 years ago, progressives pols protested almost every major new development.…

Aaron Elstein
Aaron Elstein @InTheMkts
17 Oct 24

RT @DougJBalloon: It’s been more than an hour since Kamala Harris last had the courage to sit down with a biased right-wing cable outlet.

Aaron Elstein
Aaron Elstein @InTheMkts
16 Oct 24

Rockefeller Center nears $3.5 billion refinancing at a steep price https://t.co/GYJSEMUS6F via @CrainsNewYork