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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A fast-growing private bank expands its footprint into the Long Island and the New York metro area

4 days ago | crainsnewyork.com | Elaine Pofeldt

Many Long Island residents are looking for a private bank that offers customized solutions to their financial needs in a marketplace left with fewer options after the regional bank failures of 2023. Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) is offering a new option, as Peapack Private Bank & Trust, its wholly owned subsidiary, expands into Long Island and the surrounding NY metro area.
Deals of the Day: June 20

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

SalesJeweler acquires Midtown diamond-exchange siteAddress: 1196 Sixth Ave., ManhattanSeller: Jo GelbardBuyer: Avi DavidovSale price: $27 millionAsset type: RetailFinancingsLuxury rental building The Alyn refinancesAddress: 152 E. 87th St., ManhattanOwner: Gordon Property GroupLender: M&T Realty Capital Corp. Loan amount: $50 millionAsset type: MultifamilyJFK Airport infrastructure project lands loanAddress: 154-68 Brookville Blvd., QueensOwner: RealtermLender: Build NYC Resource Corp.
Hyatt joins Silverstein Properties’ Manhattan casino bid

1 week ago | crainsnewyork.com | Eddie Small

Hospitality giant Hyatt has joined Silverstein Properties' bid for a casino by the Jacob Javits Center on Manhattan's Far West Side, the firms announced Friday. Destination by Hyatt would serve as the brand for the 1,000-room luxury hotel that would be a major part of the sprawling project if it wins state approval. The complex, known as The Avenir, would also feature multiple restaurants and a roughly 700-seat food hall for local eateries.
What are NY's largest hospitals? New York-Presbyterian leads

1 week ago | crainsnewyork.com | Jack Grieve

Crain's released its latest list of the largest hospitals in and around the city, with New York-Presbyterian once again reigning supreme. The health system reported $10.6 billion in operating expenses in 2024, up 4% from the year prior. In fact, New York-Presbyterian topped nearly every metric Crain's tracked. The health system accounted for more net patient revenue, inpatient days and certified beds than any other hospital in the New York area last year.
San Francisco firm buys Long Island City warehouse in all-cash deal

1 week ago | crainsnewyork.com | Eddie Small

An industrial property in Long Island City has traded hands for the first time in more than 50 years. Terreno Realty Corp., a real estate firm based in San Francisco, has purchased 11-40 Borden Ave. for $16 million, brokerage Adirondack Capital Partners announced Thursday. The company bought the property from longtime owner Wickersham Realty.
Deals of the Day: June 19

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

LeasesShopping center landlord takes space in MidtownAddress: 825 Third Ave., ManhattanLandlord: The Durst Org. Tenant: MacerichLease size: 12,000 square feetAsset type: OfficeBrokers: Tom Bow, Ashlea Aaron, Bailey Caliban and Sayo Kamara represented the landlord in-house. Bradford Allen’s Gordon Ogden and James Hart represented the tenant. SalesNational firm acquires Long Island City warehouse in all-cash deal Address: 11-40 Borden Ave., QueensSeller: Wickersham RealtyBuyer: Terreno Realty Corp.
Northwell snags a slim margin in Q1, buoyed by thriving physician practice

1 week ago | crainsnewyork.com | Amanda Glodowski

Northwell eked out a positive margin in Q1 as rapidly rising costs corroded big wins in patient revenue. The hospital saw total patient revenue increase by 7.3% compared to Q1 of 2024, but an 8.2% uptick in wages, along with a 6.8% surge in supply costs, ate away at the gain. The hospital system’s margin netted out at .65%, according to figures in an unaudited financial statement.
Coffee shops proliferate in New York even as prices perk up

1 week ago | crainsnewyork.com | Aaron Elstein

Savvy coffee aficionados in Washington Heights head to El Panadero at the corner of St. Nicholas Avenue and West 179th Street. The Dominican bakery’s cafe con leche is made with a dark Caribbean roast, but what makes it really special is milk poured piping-hot from an urn, plus a heaping teaspoon or two of sugar. Shortly after 2 p.m. Monday there was a line of customers awaiting their afternoon fix. “We sell these 24 hours a day,” a barista said Monday. “How many coffees do we serve?
NYC’s congestion toll slashes traffic jams in Manhattan by 25%

1 week ago | crainsnewyork.com | Michelle Kaske

New York City’s congestion pricing toll has cut Manhattan traffic delays by 25% and reduced gridlock in nearby New Jersey counties by as much as 14%, undercutting fears the policy would worsen traffic outside the city, a new report from the Regional Plan Association shows. Time lost due to traffic in Manhattan fell 28% from Jan. 5, when the toll launched, through April 26, with congestion pricing accounting for a quarter of that drop, according to the report, which was released Wednesday.
Stocks rise and U.S. yields fall after Fed decision

1 week ago | crainsnewyork.com | Rita Nazareth

The Federal Reserve’s decision to pencil in two rate cuts by the end of 2025 kept stocks higher, with sentiment also buoyed by hopes that the Middle East conflict would de-escalate. Bond yields retreated. Equities briefly extended gains after the Fed decision, with the S&P 500 topping 6,000. Treasury yields dropped across the curve. The dollar slipped. U.S. financial markets will be closed Thursday for Juneteenth.