Crain's New York Business

Crain's New York Business offers both daily and weekly updates in digital and print formats, focusing on local business news. It covers a variety of topics including weekly issues, major stories, advertising and marketing trends, banking, the economy, education, healthcare, hospitality and tourism, human resources, media and entertainment, politics, real estate, dining, retail and apparel, small business insights, health updates, and corrections.

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New York, California sue U.S. over funds tied to immigration

1 day ago | crainsnewyork.com | Malathi Nayak

California, New York and 18 other states have sued the Trump administration, claiming it illegally conditioned billions of dollars in federal funding on immigration enforcement. A duo of lawsuits filed Tuesday in federal court in Rhode Island accused the administration of overstepping Congress by threatening to withhold funding for emergency preparedness and transportation infrastructure. States suing include Massachusetts, New Jersey and Illinois.
At a Glance: May 13

1 day ago | crainsnewyork.com | Amanda D'Ambrosio |Ethan Geringer-Sameth

BABY FORMULA: The state is planning to ship more than $13,500 worth of baby formula from the supplier Paragon to families in Rochester, aiming to repay parents after the company illegally jacked up the price of formula during the 2022 shortage, Attorney General Letitia James announced Monday.
Bellevue Hospital’s new CEO does his best work under pressure

1 day ago | crainsnewyork.com | Amanda D'Ambrosio

When New York City Health + Hospitals needs a fixer, it looks to Dr. Eric Wei. He was the temporary CEO at Elmhurst Hospital after it was ravaged by Covid-19. He briefly took the helm at Harlem Hospital as employees left in droves over Covid vaccine mandates. Just last year he served as the interim CEO of Lincoln Hospital for four months as it continued to battle overdose deaths. Wei, an emergency physician, took on a new challenge in January when he became the CEO of Bellevue Hospital.
New York invests in life science workforce as feds pull back funding

1 day ago | crainsnewyork.com | Amanda D'Ambrosio

The state budget funneled millions into a biomedical workforce development program to recruit top-tier research talent to local medical institutions. The $254 billion budget signed by Gov. Kathy Hochul last week allocated $10 million to the New York Fund for Innovation in Research and Scientific Talent, a pool of money that helps medical schools recruit and retain leading life science researchers.
Rising construction costs weigh on plan for developing 343 Madison Ave.

2 days ago | crainsnewyork.com | Aaron Elstein

The CEO of office developer BXP, Owen Thomas, is champing at the bit to build a 46-story tower at 343 Madison Ave. “This site is ready to go,” he told Crain’s at a groundbreaking ceremony last October. Months later, the dream remains deferred. The problem isn’t filling a 1 million square-foot tower that would offer direct access to Grand Central Terminal and its 750,000 daily visitors. “It’s the best location in Manhattan,” Piper Sandler analyst Alexander Goldfarb said.
Deals of the Day: May 12

2 days ago | crainsnewyork.com | Lilah Burke |Julianne Cuba |C. J. Hughes |Eddie Small

LeasesOld Navy relocates to Herald TowersAddress: 50 W. 34th St., ManhattanLandlord: JEMB RealtyTenant: Gap Inc.
New price transparency tool helps New Yorkers compare hospital costs

2 days ago | crainsnewyork.com | Amanda D'Ambrosio

New Yorkers in the market for an x-ray, colonoscopy or surgery have a new way to look up how much a medical procedure will cost them ahead of time. Patients Rights Advocate, a Massachusetts-based nonprofit that aggregates public data on hospital prices, is set to launch a new price transparency tool today to help New Yorkers search the costs for a specific medical procedure based on the hospital where they receive care and how much their insurance will cover.
South Street Seaport pays CEO’s personal tax bill

2 days ago | crainsnewyork.com | Aaron Elstein

Most workers at the South Street Seaport must reach into their own pockets to pay taxes. That’s not so, however, for the CEO of the unprofitable downtown entertainment complex. Last year Seaport Entertainment Corp. paid $120,000 to cover the tax bill incurred when the movers were called and Chief Executive Anton Nikodemus relocated to New York from Las Vegas.
New York hospitals snag pay hike in state budget as federal dollars remain in limbo

5 days ago | crainsnewyork.com | Amanda D'Ambrosio

Hospitals and other medical providers will see an uptick in funding in the state’s $34.2 billion Medicaid budget, a significant bump and welcome relief as they contend with uncertain federal funding and looming cuts. The state’s $254 billion budget, passed by lawmakers late Thursday, includes a series of health payment rate increases, including a 10% reimbursement bump for hospital outpatient services and the resurrection of a $500 million fund for financially distressed hospitals.
Final $254B state budget omits key office tax breaks, disappointing real estate backers

5 days ago | crainsnewyork.com | Nick Garber

More than a month past its due date, state lawmakers finally approved a $254 billion budget late Thursday to a relatively warm reception from business groups — although the package notably omitted two tax breaks for office rentals that were being pushed by the real estate industry and Mayor Eric Adams’ administration.