Here's what the sale means for Melba WIlson's comfort food restaurant — starting with a new landlord.
Crain's New York Business
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CRAIN'S COVERS NEW YORK CITY BUSINESS, POLITICS AND THE ECONOMY. We know what and who you need to know. Business in New York is constantly changing, and CrainsNewYork.com brings you continuous coverage throughout the day of local business news to keep you informed and ahead of the competition. Crain's reports on business opportunities, deals, breaking news stories, detailed statistics and market information on more than a dozen key New York industries.
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Updates
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Atop Grand Central Terminal and straddling Park Avenue, the Helmsley Building is one of Manhattan’s most handsome and best-located office towers. But looks and location only go so far. The Helmsley is losing tenants because corporate users are heeding the siren call of newer towers dangling new-fangled amenities, such as private terraces and in-office golf ranges. Time is running short for developer Scott Rechler to find a new way forward for the Midtown landmark he bought nine years ago for $1.2 billion. “The property has a class A address and location,” S&P Global said in a report earlier this year, “but we believe the building's quality is more analogous to class B+." https://lnkd.in/gMqFAf-b
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A real estate developer is handing over his keys to a software developer near Central Park.
Controversial developer sells Upper East Side co-op for $17 million
crainsnewyork.com
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It's unclear what NYU has in store for the building, where a bakery still occupies the ground floor.
NYU buys East Village dorm for $69M
crainsnewyork.com
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Office tenants are heeding the call of newer towers with splashier amenities — and time is running short on a way forward.
Helmsley Building risks becoming obsolete as owner RXR eyes residential
crainsnewyork.com
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The Borough Park facility, which UJA-Federation bought for $10.9 million, will offer career and social services, and will include a food pantry.
UJA-Federation to open new social services center in Brooklyn
crainsnewyork.com
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Welcome to Crain's New York Top Stories. From Penn Station's stalled renovation to affordable co-ops near Central Park, here are five stories we think you should know about this week.
5 stories to know this week
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Belle Reve closed at the end of March to make way for planned luxury condos.
Developer plans to demolish former home of popular Tribeca bar
crainsnewyork.com
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Dr. Waheed Ibrahim Bajwa leads a small city office with a lean budget, tasked with eradicating one of New York's biggest pests: mosquitoes. During the summer, Bajwa's team from the Office of Vector Surveillance and Control spends long days spreading pesticides — either by hand, by truck in residential areas, or by helicopter over wetlands. Mosquitoes' territory is not homogeneous, Bajwa says, and they're particularly attracted to single-family homes where backyards and front lawns accumulate water. Pest control has become a popular refrain in Mayor Eric Adams' focus on quality of life, raising far less ire than his policies on public safety and homelessness. But Bajwa does not relish his role as executioner. He said he wouldn’t kill any bug if it were not harmful to humans. “We are not killing mosquitoes. We are killing, actually, vectors of disease,” he said. Read more: https://lnkd.in/gSybCb_T
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Coney Island's construction boom could yield another new tower as developers push to bring a casino to the neighborhood.
Coney Island affordable housing project poised for massive expansion
crainsnewyork.com