State lawmakers reached a “conceptual” agreement on the 2025 budget on Monday, according to Gov. Kathy Hochul, who hosted a celebratory press conference touting the deal. Since the bills have not been printed yet, details remain scarce. However, according to the governor, the $237 billion budget, now over two weeks late, includes “landmark” policies to [...]
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A writer who helped bring the musical Hamilton to life has an historic new home.
Biographer Ron Chernow, whose 2004 tome Alexander Hamilton inspired Lin-Manuel Miranda’s award-winning and exceptionally lucrative Broadway musical, has purchased a two-bedroom apartment at the Dakota, one of the oldest apartment buildings on the Upper West Side.
Chernow, who has also written biographies of John D. Rockefeller, Ulysses S. Grant and George Washington, the last of which nabbed him a Pulitzer in 2011, paid around $5 million for the prewar home at 1 W. 72nd St., according to the city register.
The apartment, which features 13-foot ceilings, three fireplaces and a formal dining room, plus ample amounts of the ornate wood molding the Dakota is known for, was sold by David Bell, the former chairman of the ad agency conglomerate The Interpublic Group of Companies, and Gail Bell, a stage actress.
The Bells appear to have made out well in the deal, which closed on April 1 and appeared in the register on Monday. They listed the unit in September for $4.95 million and so managed to sell it for a hair more than they first sought. Daniela Kunen, the Douglas Elliman agent who brokered the deal on behalf of the Bells, had no comment.
Completed in 1884 when the farmhouse-dotted Upper West Side was considered rural, which led to the building's self-deprecating name, the Dakota seemed to easily shake off any reputation of being off the beaten track, especially after going co-op in 1961, when it became a destination for buyers from all kinds of strata of New York society.
Indeed, the list of residents through the years can read like a Who’s Who of musical, theatrical and even athletic city histories: Jets quarterback Joe Namath, actress Lauren Bacall and singer Roberta Flack have all called it home at different points.
Of course, Beatles guitarist John Lennon was also a shareholder before being shot to death outside the building’s gates in 1980 by a crazed fan.
Turnover in the castle-like edifice, which faces Central Park, has been rare as of late. Chernow’s purchase represents the first real estate transaction at the building since No. 42 traded for $4.3 million last summer, city records show.
The musical Hamilton, for which Chernow served as a consultant, premiered on Broadway in 2015 and became an instant smash with fans and critics, enough so to eventually nab 11 Tony awards. And as the show about an American founding father has since become a hit abroad as well, it has reportedly raked in revenues of more than $1 billion.
On March 26th, Crain’s New York Business and Esri, a market leader in geographic information system (GIS) software, hosted a virtual event exploring pioneering applications of geospatial technologies for sustainability and climate initiatives. Attendees heard from leaders at organizations that have implemented tools such as spatial analytics, digital mapping and digital twins to tackle issues related to sea level rise, urban planning, transportation, and more.
Moderated by Dr. Steven A. Cohen, senior vice dean of the Columbia University School of Professional Studies, the event began with a keynote address by Dr. Julian Reyes, assistant director of climate services at the White House.
“Our vision is to provide every American, every community and every business with access to useful climate services,” Reyes said. He demonstrated a new resource for leaders in cities and communities – a real-time climate map of the whole country, with detailed information down to the census-tract level. The CMRA (Climate Mapping for Resilience and Adaptation) is a portal that shows what’s happened in the last 90 days — wildfires, flooding, drought — but also what’s happened in the last 30 years, and what is predicted to happen in the next 30. CMRA includes population, demographic, environmental, and even building-code data..
Next, presenters from Austria, Australia, and Spain showcased three destination cities where GIS mapping software has been used to achieve climate goals.
Petr Bocharnikov, a geodata strategist at Sokigo, which delivers scalable solutions and services for municipalities, described the 3D model being used to develop aspern Seestadt, a sustainable district city in Vienna with high efficiency buildings and renewable energy. “Our 3D model provides access to information while documenting ongoing projects,” he said. “We have multiple data layers around existing conditions, and the master plan provides important cartographic materials to internal users, external architects, developers and engineers.”
In Brisbane, Australia, where leaders are preparing to host the 2032 Olympics, a digital twin is allowing for the design and build of the underground Cross River Rail project with maximum mobility and minimal environmental impact. Russ Vine, general manager for communications and engagement for the Cross River Rail Delivery Authority, shared how.
“We use an operational delivery twin — a virtual representation of the system — in the building stage, and another digital twin to support the infrastructure upon completion,” he said. “This technology allows us to refine plans for optimal end results.”
Half a world away, Valencia, Spain, has been recognized as the 2024 European Green Capital, having met more than 12 urban sustainability criteria. Antonio García-Celda, general director of the Green Capital of Europe, spoke of Valenciaport, a landmark feature in the city that is among the world’s greenest ports.
“Geospatial technology allows Valencia to serve as a model green city for other Mediterranean cities to emulate,” he said. “We use innovative tools for real-time monitoring projects, such as inspections of the municipal sewage network.”
During a panel discussion, experts discussed three topics crucial to sustainable city planning: mitigating extreme heat, protecting communities prone to flooding and planning smart cities with digital twins.
Dr. Brett Sanders, a professor of civil and environmental engineering at the University of California, Irvine, was asked about new tools and analysis methods that can help New York City prepare for unexpected realities.
“Legacy forecasting systems are helpful,” he said, “but we also have newer, more advanced methods that allow us to identify specific streets or parcels of land that stand to be most affected by, say, precipitation at a given time. With spatial data and simulation tools, we can have a good sense today of the impact of tomorrow’s storm.”
These technologies can give cities a real edge when it comes to planning decisions related to impending hazards. But they also offer more than that: “An investment in a simulation isn’t just about forecasting,” said Sanders. “It can also be used to plan the next upgrade to a floodwall, or improvements to local drains.”
Sydney Rich, an urban planning consultant at Esri, shared how technology and accessible data can be leveraged to ensure that cities are equally protected from the perils of extreme weather. “We need to identify vulnerable communities and evaluate their climate risks,” she said. “We’re using technology to measure inequities in access to services, environmental conditions, access to opportunity and more — including several resources doing so in New York City.”
Dominik Tarolli, director of smart cities for Esri, closed with a keynote focused on the future of geospatial technology including a proven path for sustainable cities: “A smart city is one that first, can adapt to change. Second, it is a well-run operation with efficient governance. Third, it uses data to make informed decisions. And finally, it focuses on civic inclusion and is well connected with residents.”
In describing the last of these, Tarolli showed a video in which New Yorkers interacted with augmented reality technology via an app, which allowed them to see how sites currently under construction would look when work is complete.
“Smart cities are those that are connected and engaged with the people who call them home,” he concluded.
Learn more about the power of geospatial tech for New York City.
The Midtown office skyscraper long planned by Vornado Realty Trust, the development firm Rudin and hedge fund magnate Ken Griffin “is finally becoming a reality,” Mayor Eric Adams announced Tuesday.
The tower at 350 Park Ave., in the works for years, is now ready to begin a public review by early 2025, according to Adams’ office. Thanks to more than $240 million in air-rights purchases from St. Patrick’s Cathedral and St. Bartholomew’s Church, the tower is now expected to stand 62 stories and span 1.8 million square feet, larger than the developers had previously indicated.
Adams’ announcement, made before an audience of business leaders at an Association for a Better New York breakfast, signals his administration’s hopes for a return of the office market. Adams said the tower would “energize Midtown Manhattan as the world's most important business address.”
“We’ve heard rumors of this tower for a long time, and some weren’t sure it was going to happen,” Adams told the audience. “But I’m here to say and let you know, there's no rumors — it’s a reality.”
Griffin’s firms Citadel and Citadel Securities will be the anchor tenants, and their 2,100-person workforce will occupy at least 850,000 square feet. Construction is tentatively expected to start in 2026, a spokesman said.
In his remarks, Adams made frequent references to Vornado CEO Steven Roth, who was in attendance. New York has managed to recover from the pandemic because “we’re made up of a city of Steve Roths,” he said.
Although Adams touted the project, it was not clear whether his administration played any major role in the advancement of the long-planned tower.
The mayor’s office also released new renderings of the tower, featuring a “stepped” design by architects Foster + Partners. The developers are seeking a density bonus by including a 12,500-square-foot public concourse along Park Avenue — a potential perk that will require a monthslong land-use review to obtain.
Although air-rights transfers typically only happen between adjacent properties, the planned tower at Park Avenue and East 51st Street has been boosted by farther-flung properties thanks to the terms of the 2017 East Midtown rezoning, which allowed landmarked sites to sell air rights to properties further away.
Adams appeared in a chipper mood Tuesday morning, regaling the crowd with a campaign-style recitation of his administration’s work overseeing a drop in some crime categories and an economic recovery from the pandemic. He also touted the just-announced state budget deal, which satisfies “every single piece of the housing agenda” his administration had asked for, Adams said.
C. J. Hughes contributed reporting.
The Midtown office skyscraper long planned by Vornado Realty Trust, Rudin Management and hedge fund magnate Ken Griffin “is finally becoming a reality,” Mayor Eric Adams announced Tuesday.
The tower at 350 Park Ave., in the works for years, is now ready to begin a public review by early 2025, according to Adams’ office. Thanks to more than $240 million in air-rights purchases from St. Patrick’s Cathedral and St. Bartholomew’s Church, the tower is now expected to stand 62 stories and span 1.8 million square feet, larger than the developers had previously indicated.
Adams’ announcement, made before an audience of business leaders at an Association for a Better New York breakfast, signals his administration’s hopes for a return of the office market. Adams said the tower would “energize Midtown Manhattan as the world's most important business address.”
“We’ve heard rumors of this tower for a long time, and some weren’t sure it was going to happen,” Adams told the audience. “But I’m here to say and let you know, there's no rumors — it’s a reality.”
Griffin’s firms Citadel and Citadel Securities will be the anchor tenants, and their 2,100-person workforce will occupy at least 850,000 square feet. The mayor’s office did not say when construction would begin, but it may be later than the 2025 date that had previously been cited.
In his remarks, Adams made frequent references to Vornado CEO Steven Roth, who was in attendance. New York has managed to recover from the pandemic because “we’re made up of a city of Steve Roths,” he said.
The mayor’s office also released new renderings of the tower, featuring a “stepped” design by architects Foster + Partners. It will include a 12,500-square-foot public concourse along Park Avenue.
Although air-rights transfers typically only happen between adjacent properties, the planned tower at Park Avenue and East 51st Street has been boosted by farther-flung properties thanks to the terms of the 2017 East Midtown rezoning, which allowed landmarked sites to sell air rights to properties further away.
Adams appeared in a chipper mood Tuesday morning, regaling the crowd with a campaign-style recitation of his administration’s work overseeing a drop in some crime categories and an economic recovery from the pandemic. He also touted the just-announced state budget deal, which satisfies “every single piece of the housing agenda” his administration had asked for, Adams said.
C. J. Hughes contributed reporting.
The lowest compensation that job searchers are willing to accept for a new position increased to the highest in data back to 2014, according to the Federal Reserve Bank of New York.
The regional Fed bank’s survey found that individuals now require, on average, more than $81,800 to change jobs. In March 2021, just as inflationary pressures started to mount, workers were willing to switch jobs for about $10,000 less.
The increase was most pronounced for men, younger workers and higher-income workers. Amid a higher cost of living, the so-called reservation wage for men was $95,500 in March. That’s $29,200 higher than women. Four years ago, just as the pandemic hit the labor market, the split between men and women was $21,700.
The survey results also showed a notable shift in the employment status for those employed four months earlier. The share of those individuals who said they were unemployed rose to the highest since July 2020, while the share of respondents saying they were with a new employer fell to the lowest since the survey was started a decade ago.
Slightly more than 25% of individuals said they had been looking for a job in the past four weeks, the highest in a decade and up from 23.1% in November.
Furthermore, many workers anticipate leaving the labor market earlier. A record-low 45.8% share of workers say they expect to work beyond age 62, while fewer than a third expected to work past age 67.
The New York Fed’s Survey of Consumer Expectations is conducted every four months.
The waterfront community of Red Hook is known for the fresh, unconventional vibe represented by the industrial-era buildings and wood-frame homes that line its streets. Built in the 1920s, this single-family home at 145 Van Dyke Street, asking $1,995,000, is simple and compact, yet offers the flexibility of city townhouse living. Set back from the [...]
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