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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At a Glance: June 6

13 hours ago | crainsnewyork.com | Ethan Geringer-Sameth |Amanda D'Ambrosio

MIFEPRISTONE PETITION: New York and three other states submitted a petition asking the Food and Drug Administration to drop restrictions on mifepristone, the abortion medication, as part of a review of the drug’s labeling requirements that was ordered by Health and Human Services Secretary Robert F.
CDPAP check-in: Where the state’s controversial home care consolidation stands

13 hours ago | crainsnewyork.com | Amanda D'Ambrosio

About two months into the controversial rollout of the state's new payment system for its popular Medicaid-funded home care program, some data has rolled in, but questions remain about the success of the transition. Gov. Kathy Hochul’s administration has been in the process of consolidating the consumer-directed personal assistance program, which allows individuals to hire friends or family members as caregivers.
Hochul unveils advisory board's plan to renovate SUNY Downstate

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

A nine-member advisory board designing the renovation of SUNY Downstate’s University Hospital has submitted its plan to modestly reduce hospital beds and build a new ambulatory surgery center at the struggling medical facility, Gov. Kathy Hochul said Thursday.
Midtown shopping center that defaulted on $35M mortgage could be sold Friday

1 day ago | crainsnewyork.com | Aaron Elstein

A Midtown shopping hub in foreclosure proceedings could be sold Friday, according to a court document. The retail space at 1011 Third Ave., which was home to the flagship Dylan’s Candy Bar for 20 years, has been on the market since shortly after owner Olshan Properties defaulted on its $35 million mortgage in March 2024. Bids to acquire the 36,000 square-foot shopping center at the corner East 60th Street have been rejected so far by the lender, court records show.
Deals of the Day: June 5

1 day ago | crainsnewyork.com | Julianne Cuba |C. J. Hughes |Eddie Small

LeasesRecruiting firm for legal industry inks Rockefeller Center dealAddress: 75 Rockefeller Plaza, ManhattanLandlord: RXR Tenant: MacraeLease size: 5,503 square feetLease length: Five yearsAsking rent: $102 per square footAsset type: OfficeBrokers: Cushman & Wakefield’s Bruce Mosler, Ethan Silverstein, Anthony LoPresti, Connor Daugstrup and Bianca Di Mauro represented the landlord, along with Daniel Birney, Walter Rooney and Heidi Steinegger in-house.
28-unit multifamily project could be heading to central Brooklyn

1 day ago | crainsnewyork.com | Eddie Small

A new residential project seems to be on its way to central Brooklyn. Developer Oleg Krasnitskiy has recently filed plans with the city's Department of Buildings for a project at 214 Newkirk Ave. in Brooklyn's Kensington neighborhood that would stand 8 stories and 75 feet tall with 28 residential units. The project would span about 31,000 square feet overall and include four parking spots.
At a Glance: June 5

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

PATHOGEN PREPAREDNESS: Bellevue Hospital has partnered with the Japan Institute for Health Security in Tokyo to develop protocols for managing emerging infectious disease threats, New York City Health + Hospitals said Wednesday. The public hospital system signed an agreement with the Japanese agency to share resources on infectious disease preparedness, collaborate on research projects and train health care workers.
Thor Equities at risk of losing 2 Harlem properties

2 days ago | crainsnewyork.com | Aaron Elstein

Thor Equities, a prolific developer that a year ago lost two Manhattan buildings to foreclosure, now is at risk of losing two more. This week, Fitch Ratings warned that investors in the $55 million mortgage for two buildings at 2080 and 2090 Lexington Ave., between East 125th and 126th streets, are facing a 25% loss after Thor defaulted. Lenders moved to foreclose on the Harlem properties in February.
Kushner Cos. settles lawsuit with investor over Brooklyn Heights apartment deal

2 days ago | crainsnewyork.com | Eddie Small

Kushner Cos. has settled a roughly two-year-old lawsuit with an investor that claimed the real estate firm deceived it on a Brooklyn Heights apartment building deal. Investor BLS Holdco had sued Kushner in 2023 over the transaction. The firm had initially invested about $9.3 million in Kushner's 2014 purchase of six multifamily properties from Brooklyn Law School for roughly $36.5 million and alleged that Kushner said only seven of the 77 units were rent-stabilized.
Deals of the Day: June 4

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

LeasesImmigration nonprofit inks Eighth Avenue leaseAddress: 520 Eighth Ave., ManhattanLandlord: GFP Real EstateTenant: Riverside Immigrant Services & EmpowermentLease size: 7,649 square feetLease length: 10 yearsAsset type: OfficeBrokers: Matthew Mandell represented the landlord in-house. ACONA Real Estate Advisors represented the tenant.