Crain's New York Business, September 09, 2024

RFR’s terrible, horrible, no good, very bad year

Owner of the Chrysler Building and other high-pro le properties faces slew of foreclosures, challenges

yB C. J. Hughes and Eddie Small

By just about any measure, this summer’s sale of 980 Madison Ave. was a doozy.

In the middle of a historically slow investment sales market, an entity linked to former Mayor Michael Bloomberg acquired the Upper East Side o ce building from developer RFR Holding for a hefty $560 million, or $4,700 per square foot, about ve times the going rate. And the deal supposedly netted RFR as much as a few hundred million dollars, providing the rm with a major cash infusion in a

di cult nancial environment.

But all the gauzy attention to the transaction might obscure the current reality facing RFR, one of the city's ashiest developers and the owner of such highpro le sites as the Chrysler Building, the Seagram Building and 281 Park Ave. South, which helped bring about the downfall of infamous fraudster Anna Delvey. e rm, founded in 1991 by childhood friends Aby Rosen and Michael Fuchs, is confronting multiple nancial problems, including foreclosures, across its extensive

High-end art in healing spaces

Hospitals house a surprising treasure trove of art, worth millions of dollars

By Amanda Glodowski

Enter the atrium through glossy doors, proceed past a marble bust through a towering stone archway and come face-to-face with a vibrant oral silkscreen by Andy Warhol. Just upstairs, a 26-foot-long collage by Romare Bearden depicts city life in Harlem. is is not a stroll through the Met, the MoMa or the Guggenheim, but Bellevue Hospital.

e city’s hospitals are a surprising home for thousands of works of art worth many millions of dollars. e pieces, which are commissioned, donated and curated, o er a brief escape from an environment that can be overstimulating for patients and employees alike. But the collections are more than pretty pictures on walls; though originally thought of as a way to reduce the bleak institutional feel and employ artists, there is a growing body of research that shows art aids in the healing process.

New York City’s Health + Hospitals in particular has an impressive collection

See ART on Page 18

Our annual ranking of the largest local accounting rms.

A silkscreen by Andy Warhol hangs in Bellevue Hospital. BUCK ENNIS

Former aide to Hochul and Cuomo charged with acting as an illegal agent to the Chinese government

yB Anne

e FBI early Sept. 3 arrested a former deputy chief of sta for Gov. Kathy Hochul who also served under former Gov. Andrew Cuomo, according to reports.

e former aide, Linda Sun, was charged with acting as an illegal agent of the Chinese government, using her position to further the interests of the People’s Republic of China, and obstructing Taiwanese o cials’ access to the governor’s o ce.

A 65-page indictment unsealed Sept. 3 in federal court in Brooklyn includes 10 criminal counts, according to the New York Times, which reported charges of visa fraud, money laundering and accepting substantial economic bene ts. Sun has pleaded not guilty.

Arrested at their home

Sun, and her husband Chris Hu were arrested at their home in Manhasset, according to the Daily News, which rst reported the story. Sun left Hochul’s o ce in 2022.

A spokesman for the governor said that her o ce has been assisting in the investigation. “ is individual was hired by the Executive Chamber more than a decade ago,” said the spokesman, Avi Small. “We terminated her employment in March 2023 after discovering evidence of misconduct, immediately reported her actions to law enforcement and have assisted law enforcement throughout this process.”

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Sun started out as chief of sta to then-Assemblywoman Grace Meng in 2009, then spent about ve years in various positions in state government before being named deputy chief diversity ocer under Cuomo in 2018, according to her LinkedIn. She became Hochul’s deputy chief of sta soon after Hochul became governor in 2021, and departed the following year for a role in the state Labor Department.

e FBI searched the couple’s home in late July. Sun, 40, and Hu, 41, owned their Manhasset home before transferring it to a trust this year, accord-

ing to the New York Times. e brick home, inside a gated community, last sold for $3.5 million, according to public records. Hu runs a liquor store in Queens as well as several other businesses, including a medical supply company, the Times reported.

MTA sues another Harlem landlord to gain access for Second Avenue subway work

e Metropolitan Transportation Authority is suing the owner of yet another Harlem property, accusing the landlord behind the apartment building, Nice Realty Corp., of being the latest landlord to prevent construction crews from carrying out work to advance the embattled extension of the Second Avenue subway.

e MTA has sought to gain access to 2121 2nd Avenue, a four-story apartment building, to carry out protective work that would safeguard the property and its occupants ahead of construction on nearby utilities for the next leg of the Second Avenue subway, according to a Manhattan Supreme Court lawsuit led late last month.

More than a year of attempts

But after more than a year of failed attempts, and some seven months since the MTA says Nice Reality Corp. last responded to its

Correction

missives, the authority has asked a judge to force the rm’s hand by allowing crews to access the building, and prevent potentially pricey delays to the $7.7 billion subway expansion project.

Nice Realty Corp. did not im-

mediately return calls and messages for comment. e rm has not yet responded to the MTA in court papers.

e Harlem property owner was the third in a week to be taken to court by the MTA over the subway expansion project. And the legal squabble is the latest chapter in the MTA’s years-long saga with the city’s real estate industry to secure properties and access to buildings along the footprint of

the Q subway line’s planned expansion, which is expected to extend from 96th Street on the Upper East Side up to 125th Street in Harlem.

MTA spokeswoman Kayla Shults said legal action is considered only as a “last resort” when property owners refuse to cooperate. Further delays to accessing the properties could cost the authority thousands of dollars per day, said Shults.

Michaud

yB Caroline Spivack

FBI agents reportedly arrested Linda Sun, former deputy chief of staff to Gov. Kathy Hochul, inside a gated community in Nassau County. | GOOGLE MAPS

The MTA is seeking access to 2121 2nd Avenue to advance the Second Avenue subway extension. | GOOGLE MAPS

Building new pickleball courts is big business, but how many does New York really need?

Demand for play has ‘way outstretched supply’ at local facilities, and some predict the peak is still years away

yB Jack Grieve

Being a reporter in New York nowadays means having an email inbox full of press releases announcing new pickleball courts.

Crain’s sometimes reports on those new facilities, at least the notable ones, because dinking is not just a popular recreational sport but also big business. Courts have quickly become the most in-demand amenities for commercial and residential real estate developers alike, and some local municipalities are dishing out hundreds of thousands of dollars to build public play spaces.

At some point, though, the supply of new courts has to outpace the demand for play, right? We decided to take a step back. Just how popular has pickleball become? Is the market in New York at risk of becoming oversaturated? When will the sport peak?

Here’s what we found.

Pickleball entered the mainstream in 2022 and continues to be the country’s fastest-growing sport. Roughly 4.4% of Americans played pickleball at least once in 2023, up from about 3% in 2022, according to survey data from the nonpro t trade organization Sports & Fitness Industry Association. at gure was more like 1% in the years leading up to the pandemic.

e mid-Atlantic slightly outpaces the national trends. Pickleball participation jumped to about 4.8% last year across the

region, per the SFIA. Across the Northeast, it was 4.7%.

As participation increased, so did the need for places to play. e U.S. netted 11,885 known pickleball facilities with just over 50,000 courts by the end of 2023, according to USA Pickleball, the sport’s governing body. New York was home to more than 404 locations and nearly 1,500 courts, split roughly equal between indoor and outdoor — and those have only grown since.

Perhaps the most recognizable facility in New York is CityPickle, the self-described largest pickleball o ering in the Northeast, located at Wollman Rink in Central Park.

CityPickle rst opened there in April 2023 and operates 14 pickleball courts during the rink’s six o months, with play costing $120 an hour during peak times and $80 o -peak.

e company also operates an indoor facility in Long Island City, plus pop-up courts at Hudson Yards and Union Square.

“Our biggest problem at the moment is we’ve run out of court time to book corporate events. We can’t meet the demand.”

Mary

Cannon, CityPickle co-founder

CityPickle co-founder Mary Cannon, a former Goldman Sachs analyst, sees the proliferation of new courts as a story of supply and demand. “ ere is a massive supply problem in New York City when it comes to pickleball courts, the demand has way outstretched supply,” she said, adding play in the city shows no sign of slowing and their courts are still almost always full. at’s increasingly the case as companies now turn to pickleball to host corporate events. “It’s seemingly insatiable,” she said of the corporate demand. “Our biggest problem at the moment is we’ve run out of court time to book corporate events. We can’t meet the demand.”

It’s a similar story at Life Time Fitness, which operates nine indoor courts at two Manhattan locations, six on Long Island and and six in Westchester County. “It’s still

CityPickle co-founders Erica Desai (left) and Mary Cannon. | BUCK ENNIS

CityPickle in Central Park. COURTESY OF CITYPICKLE

THE BLOCK

Sale of CBS studio complex could shake up the West Side

Developers may be circling block as merger with Skydance Media nears

Who will buy CBS’s studios?

Last year the TV network said it’s considering selling its vast production complex on far West 57th Street in order to relocate to “a new home for our teams,” according to a memo from CBS president George Cheeks.

And with Hollywood studio Skydance Media expected to shake up CBS after completing an expected merger with its corporate parent in 2025 — an e ort with fresh momentum after investor Edgar Bronfman dropped his own bid late last month — the sale of the 57th Street property seems closer to happening.

If the Ti any Network does unload the full-block CBS Broadcast Center, which contains more than a million square feet of buildings and ample air rights over its low-slung roofs, it might not have to look far for suitors.

Some of the city’s largest and most-capitalized landlords are major players in the immediate area, including the Durst Organization and TF Cornerstone. Snapping up the broadcast center’s crazy quilt of former warehouses and banks that now contain soundstages for shows starring Drew Barrymore, John Oliver and Samantha Bee could allow those landlords to replicate the successes they’ve had with residential projects down the street.

Durst, for instance, has already put its stamp on the entire city block to the west by developing three massive rental towers over the past two decades where manufacturing structures once stood. On a di erent nearby block, meanwhile, TF Cornerstone owns a massive 1.2 million-squarefoot apartment building that replaced a car dealership and parking garage.

Apartments may not necessarily be the highest and best use of the CBS site, which won’t be able to add residences without a rezoning. Commercial developers like SL Green Realty, which owns an o ce building facing CBS that is almost entirely leased, might envision a di erent kind of repurposing.

Smaller landlords in the area, like the century-old developer Chapman Group, could also take an interest. And potential bidders for the property may hail from outside the neighborhood as well.

If developers are in talks with CBS, they aren’t saying. All who were contacted either declined to comment or did not return calls.   Federal regulators still have to approve the pending deal with Skydance. It will technically be an $8 billion takeover of National Amusements, the majority stakeholder in the Paramount Group, which in turn owns CBS and cable networks like MTV. But the company seems to have divestment on its mind. In fact, Paramount is poised to shed 15% of its jobs across the country, including 469 in New York.

The area’s most dominant residential developer may be the Durst Organization, as the landlord controls the entire block between West 57th and West 58th streets and 10th and 11th avenues where a sign maker and nightclub once stood. On the block is Helena 57 West, a massive 38-story, 598-unit rental tower that opened in 2005 and is named for principal Helena Rose Durst, a daughter of the company’s third-generation owner and chairman Douglas Durst. The Helena sits on land leased from the Lynch family, whose current contact is Washington state resident Neah Skylan Lynch, according to property records. The least-expensive studio at the building, which also offers one- and two-bedrooms, was about $4,100 a month as of early September, according to StreetEasy. A grocery store, Hudson Market, anchors its ground oor. Next-door is another Durst development, the much-smaller Frank 57 West, which has 65 rental units across 10 stories. The third and nal Durst structure on the block and the one that takes up most of it is Via 57 West at 625 W. 57th St., a sloping 34-story, 709-unit tower designed by the architecture rm Bjarke Ingels Group that at rst glance resembles a pyramid—although Durst prefers to call it a “tetrahedron.”

555

W. 57TH ST.

611 W. 56TH ST.

Car dealerships are still numerous in the area, but some have bitten the dust, like the one that sold Lexuses from this corner site. In 2022, it gave way to the current project, a 35-story, 77unit limestone condo tower from the development team Sumaida + Khurana, Leny Group and Portuguese architect Alvaro Siza. A $319 million sellout is expected, but sales of the sponsor units appear slow. Several remain available ve years after marketing began, according to the city register, though of course Covid-19 battered the real estate market along the way. The least expensive unit for sale at the end of August was an 870-square-foot one-bedroom listed at $1.1 million, according to StreetEasy. The condo nestles TF Cornerstone’s the Max, a 42-story, 1,028-unit development at 606 W. 57th St. that is among Manhattan’s largest buildings offering only rentals. A prewar parking garage and Acura dealership previously occupied much of Max’s site.

801 11TH AVE.

This L-shaped, through-block site sweeps across nearly 27,000 square feet of land, or more than a half-acre. It, too, can claim an automotive past, packing in not one but two car showrooms. The southern half sold Mini Coopers, while the northern portion focused on BMWs, until both dealerships closed around 2021. (BMW has another location up the street at the aforementioned 555 W. 57th St.) The building has been vacant ever since. Its landlord is the Chapman Group, an Upper East Side-based national real estate rm that has been in business for nearly a century and is in its third generation of leadership. It owns of ce buildings, apartment sites and several parking garages across the country, according to its website. Speci c Manhattan sites include 142 E. 31st St., 122 W. Third St. and 124 E. 63rd St. Chapman, which paid $1.6 million for 801 11th in 1997 based on the city register, seems to be taking an all-of-theabove approach with the site’s next phase. Commercial brokers are currently searching for a tenant to take the retail spaces, based on signs in the window. But Chapman has also released an ad that trumpets how the site could accommodate a new residential tower of up to 45 stories and 500,000 square feet, though the city would have to approve a rezoning of the property rst. Chapman and Jason Pruger, one of the Newmark agents marketing the property, did not return phone calls seeking comments.

The Ford Motor Company developed this 20-story, 941,000-square-foot of ce tower in 1973 and tucked a showroom exhibiting the latest Ford models downstairs. In 1981, the auto giant sold the glassy tower to George Kaufman and Aaron Gural, father of Flatiron Building co-owner Jeff Gural, for $40 million, though Ford leased back some space. SL Green bought a controlling stake in 1998 and snapped up the entire tower outright the following year, according to the landlord’s most recent annual report. It is now 98% leased to tenants such as the City University of New York, Mt. Sinai medical of ces and, naturally, CBS, which renewed a lease for 184,000 square feet in 2023 for ve years. The media company’s footprint includes of ces for reporters for the award-winning program 60 Minutes, though it plans to lay off 15 people at the address, according to an August notice. BMW now occupies the ground- oor space where Ford once displayed its vehicles and also has of ces at the address as part of a lease for 227,000 square feet that expires in 2029. But an ex-BMW showroom there is set to welcome a new tenant this month: Eclipso Immersive Entertainment, a virtual reality rm whose special glasses allow guests to “explore cultural heritage” by visiting “the heart of a heritage site, an era, a work or a monument,” its website says.

505

In an area that’s been popular with car-focused businesses for decades, the slender 25-footwide beige structure here was for years an outpost of the regional Arrow-U-Drive car rental chain, which the Colonna family founded in 1972. But in 2003, Paul Colonna, a third-generation owner, decided to exit the business in the face of steep insurance rates and unloaded his entire eet of 75 cars, he told the legal blog “Overlawyered” at the time. Colonna then leased No. 505 to the repair shop Autotech Collision, which remains there today. The diminutive 3-story building, which has of ces upstairs, was worth $2.4 million last year and is now worth $2.6 million, according to its valuations from city tax ofcials, who tend to underestimate market values.

The CBS Broadcast Center, which offers stages for news and entertainment programs behind its largely windowless walls, spans the entire block from West 57th to West 56th streets and from 10th to 11th avenues. CBS stitched the complex together from various commercial and industrial structures over time, which gives the property the appearance of being made up of disparate buildings. The largest, a dark red brick structure at the western end of the block whose roof is scalloped with satellite dishes, was a Shef eld Farms dairy warehouse in the early 20th century. Its beverages would arrive via milk trains from upstate. Other repurposed sites include 857 10th Ave., a Beaux-Arts edi ce that for years functioned as a Chase bank branch. In June 1976 a bomb exploded outside it, one of four such explosions that rocked the city that day. FALN, a Puerto Rican liberation group, took responsibility for the blasts. Chase sold the ex-bank, whose cornice is lined with egg-and-dart molding, in 1988 to CBS. Many of the tax lots comprising the overall CBS site, which are zoned for manufacturing, appear to have bene ted from generous incentives from the New York City Industrial Development Agency, such as 25-year property tax abatements, records show. It is this block that CBS is expected to sell, in order for it to perhaps be reinvented again.

525 W. 57TH ST.

This 10-story, 423,000-square-foot of ce building, which was once two structures before being united behind a black glass façade in the 1990s, has cycled through a medley of tenants. CBS, a colossus on the block, had of ces there in the 1970s, according to news clips. Art galleries turned up around the same time, when all of 57th Street bustled with places to buy paintings. Life sciences companies have leased space in more recent years. Himmel + Meringoff Properties purchased the through-block building in 2003 and then divided the site into commercial condos. It is currently home to the global headquarters of IFF, or International Flavors & Fragrances, a member of the S&P 500 that creates scents for perfumes, pharmaceuticals and beverages. IFF’s roots at No. 525 date to the early 1950s, when its precursor, the corporation Van Ameringen-Haebler, leased space from General Motors that had been used to store Cadillacs, according to news reports. Half of the third, fourth and fth oors were up for rent as of late August, according to the building’s website.

C. J. Hughes

601 W. 57TH ST.

W. 57TH ST.

524 W. 57TH ST.

BUCK ENNIS, GOOGLE MAPS

NYU opens walk-in clinics to pick up patients without a doctor

Midtown health system NYU Langone has opened two primary care walk-in clinics in Manhattan to pick up patients who aren’t tethered to a physician — part of a business strategy to increase the number of people who go to its facilities for care.

NYU has launched clinics at 540 Hudson St. in the West Village and 1465 ird Ave. on the Upper East Side to provide immediate primary care services to people who do not have an established doctor in the city, the health system announced Sept. 4.

e clinics, which both have four exam rooms and X-ray capabilities, are not considered traditional urgent care facilities, as they do not o er care for broken bones or lacerations, according to Andrew Rubin, senior vice presi-

dent for clinical a airs and ambulatory care at NYU Langone. Instead, the clinics are meant to treat common medical ailments like respiratory diseases or rashes — and connect a group of patients without an assigned clinician to NYU’s network, he said.

Follow-up care plan

Patients have increasingly shown up to urgent care clinics to address common medical conditions as wait times to see primary care physicians have skyrocketed. But companies that operate urgent care facilities, such as CityMD or MedRite, don’t have a network of specialists or hospitals to send patients to for follow-up care, leaving the door open for health systems with sprawling networks across the city to pick up the slack.

NYU’s new clinics, called Care

on Demand locations, aim to funnel those patients into NYU’s network of more than 4,000 doctors, according to Rubin.

e new clinics are a part of NYU’s e ort to grow the number of patients in its network and continue to build its outpatient clinic footprint. e health system earned more than $8 billion in revenue in its 2023 scal year, 40% of which was driven by visits to physician o ces and ambulatory care facilities, according to nancial disclosures. As revenue increases, outpatient revenue has continued to make up nearly half of NYU’s earnings. Rubin said that the clinics were designed to accommodate a large number of patients, but declined to provide an estimate of each clinic’s capacity. NYU plans to add more locations across the city if demand is high, he added.

Mount Sinai’s nances decline

as it pours money into Beth Israel

Mount Sinai Hospital saw its pro ts drop in the second quarter of this year, adding nancial stress to the health system as it continues to dump money into thenancially struggling Beth Israel Medical Center.

Mount Sinai earned $16.6 million in operating income between April and June, according to a quarterly nancial statement released by the health system Aug. 30. Pro ts declined from $41.8 million in 2023 — a 60% drop.  e Upper East Side hospital system ended the second quarter of this year with a 1.6% operating margin, staying just above water. Operating income declined as Mount Sinai’s expense growth outpaced surges in revenue. e health system’s second-quarter revenue grew by 5% year-over-year to reach $1 billion, with patient services growing by just 2%. Total expenses, which also reached just

over $1 billion, rose by 8%.

But the health system faced additional nancial stress from continuing to support cash-strapped facilities such as Beth Israel on the Lower East Side. e hospital has been trying to close the hospital for nearly a year, but delayed approval of its closure plan by the state Health Department and ongoing litigation from community members who want the hospital to stay open have forced Mount Sinai to pay millions to keep Beth Israel open.

Mount Sinai transferred nearly

$63 million to support Beth Israel in the rst six months of this year, according to its nancial statement. It also transferred $83 million to Mount Sinai’s Morningside and West campuses, further depleting its cash. e hospital system’s cash declined by more than $340 million in the rst six months of 2024, the lings show.

Lucia Lee, a spokeswoman for Mount Sinai, said that the health system’s recent nancial challenges are being addressed with anancial improvement plan. “ e annual savings from closing Beth Israel’s 16th Street Hospital is a key element of the plan,” Lee added.

Mount Sinai’s most recent quarterly earnings report comes after major credit ratings agencies like Moody’s and S&P downgraded the hospital’s credit by two notches and revised its outlook to negative.

e downgrades warned that Mount Sinai’s ability to pay o its debts could be in jeopardy if it does not build up its cash reserves soon.

NONPROFIT ENGAGEMENT

DAVID M. ROTTKAMP, CPA

Nonprofit

Practice Leader

Grassi drottkamp@grassiadvisors.com 212.223.5046

David, with over 36 years’ experience, provides audit and advisory services to nonpro ts including religious organizations, educational institutions, membership associations, social service providers, healthcare providers, foundations, and arts and culture organizations.

How can nonpro ts ensure strong engagement from board members, employees, and future leaders to help strengthen culture, advance the organization’s mission, and achieve long-term success?

Engagement must start at the top with an informed and committed board of directors who understand all aspects of the organization, including its strategic and future vision, its role as board members, its duciary responsibilities, and its mission and values.

Proper onboarding and ongoing education are essential for board members. is helps board members understand their roles and responsibilities. Knowing what role the board plays in decision-making, policy-making, and implementing operating policies is vital. Understanding expectations is critical to aligning the expectations of the organization and board members and building strong relationships between the executive leadership team and the board.

Engagement must extend beyond the board. Employees at all levels need to feel committed and connected to their work, and strong employee engagement is directly tied to nancial health and pro tability. Employees should feel like they belong, t in, and are accepted into the organization’s culture. Career progression and advancement of employees should be a priority. Leaders should regularly meet with employees to understand their career goals and aspirations, making them feel valued and heard.

Anonymous employee surveys, administered regularly, are a great way to assess engagement and gather critical feedback. Surveys demonstrate an organization’s interest in its people and their experiences. Depending on the organization’s size, straightforward, cost-e ective survey platforms and tools exist. You can also make employees feel valued through expanded bene ts, wellness programs, opportunities for growth, and regular feedback and recognition, which can signi cantly impact morale and productivity.

Identifying the next generation of future leaders is a step all nonpro ts should take. How will you help develop them over time to get them where they want or need to be? Identify success criteria and what will help get them there. What skill sets are required for each critical role? Creating development plans can help tailor the plan and assess.

Cross-training employees and having them shadow other roles is a valuable practice that helps build engagement and develop future leaders while strengthening succession planning. It allows employees to understand the organization’s operations and challenges better and develop new skills and competencies. Training prepares them for potential leadership roles and enhances their job satisfaction and engagement.

Employees feel engaged when they experience a sense of belonging, purpose, and empowerment. Nonpro t leaders should re ect on how they can cultivate those feelings across their organizations. rough ongoing engagement, nonpro ts can develop the talent and leadership needed to make a transformative, long-term impact.

yB Amanda D’Ambrosio

NYU Langone has opened two primary care walk-in clinics in the West Village and the Upper East Side. | NYU LANGONE

yB Amanda D’Ambrosio

Real estate investment trust bucks the conventional wisdom about interest rates

BXP, formerly Boston Properties, just made a bet on interest rates as bold as any hedge fund

The nance department at the REIT formerly known as Boston Properties just made a market bet as bold as any made by the hedge funds who lease space in the landlord’s GM Building.

e contrarian bet by the company, which recently adopted its ticker symbol BXP as its new name, could save it millions — if rates don’t drop in the next few months as much of the market expects. at would be meaningful money when every nickel counts for o ce landlords, and BXP is a big one, with 54 million square feet of commercial space in Manhattan, Boston, San Francisco, and other big cities. Like everyone else in the arena, it’s dealing with stubbornly high vacancy rates. Even after a recent perk-up, its stock price is still 50% below prepandemic levels.

of 5.75%, much higher than expiring debt’s 3.2%. at doesn’t sound great, but every company, government, or individual who’s re nancing debt these days must pay higher rates because that’s where the market moved.

For instance, a co-op in NoHo just re nanced its 10-year mortgage at a 6% rate, well above the previous 3.5%, which will probably mean higher maintenance bills for residents.

Lather, rinse, and repeat this process nationwide and you understand why economists worry rising borrowing costs could cause a recession.

Last month, BXP borrowed $850 million to replace older debt of the same amount that was set to mature in January. e new 10year debt carries an interest rate

ON POLITICS

Back to BXP, whose re nancing will increase its annual cost of borrowing by $20 million. In response, JPMorgan analyst Anthony Paolone lowered his 2025 earnings forecast for the company to $7.03 a share from $7.24. He said his “prior assumption” was that BXP would pursue a less expensive alternative, such as issuing debt that later converts to shares.

At rst glance, none of what BXP

did looks very good. It re nanced $850 million in debt maturing next year sooner than it had to, at a price higher than perhaps necessary. And it did so when conventional wisdom in the real estate world is to believe that interest

rates will keep coming down. e yield on the benchmark 10-year government bond has fallen to 3.8% recently from 4.7% in May on expectations that the Federal Reserve will start lowering shortterm interest rates.

Time to strike

By borrowing money now, BXP o cials appear to be betting the rates set by the market will fall no further. If they believed otherwise, they could have waited and renanced later this year because the older $850 million debt doesn’t come due until January.

BXP decided now was the time to strike. At least so far, it looks like that was the right thing to do.

Since the re nancing was completed on Aug. 26, the yield on the 10-year bond has risen by 9 basis points, to 3.89%. at indicates if BXP were borrowing today, it would pay around a 5.84% rate instead of 5.75%. Over an $850 million debt deal, the di erence in annual borrowing costs is $765,000, or $7.65 million over the debt’s life unless it’s renanced.

BXP declined to comment. But for now, it is on the winning side of its bold trade.

Elizabeth Street Garden plan is a minimal disruption to serve the city’s most vulnerable

NIMBY neighbors should allow the small Manhattan park to give way to permanent housing for the elderly and destitute

No cause better embodies NIMBY mania than the Elizabeth Street Garden.

For years, the city has been trying to turn the small Manhattan park into desperately needed housing. e current plan is an a ordable housing complex with 123 apartments for older New Yorkers. About 50 apartments will go to the elderly who are homeless.

e common complaint about housing development in New York City is that far too much of it is geared toward the luxury market. is is not that. e most vulnerable New Yorkers will be welcomed on the city-owned lot, which the City Council approved for housing in 2019.

e nonpro t went to court to ght eviction and won in State Supreme Court in Manhattan but lost the next round when the city took the case to the Appellate Division. When the group appealed to the state’s top court, it lost again, and it appears out of legal options.

Credit to Mayor Eric Adams for sticking with the plan and battling back the many activists, local politicians and even celebrities like Robert De Niro, Martin Scorsese and Patti Smith, who have sought to block the housing project. To make way for housing, the city has moved to evict the nonpro t group that operated the green space.

e city has spent more than a decade trying to build apartments on the lot. Allan Reiver, a gallery owner who lived across the street, had struck a deal with the city to clean up the lot and use the outdoor space as a showroom for his antiques business. He set up the nonpro t to oversee the garden after the city attempted to take back its land. Reiver died in 2021. If the a ordable housing complex is ever built, plans still call for 14,000 square feet of open space. Groups including Habitat for Humanity will decide how to use the space. A vegetable garden and public art are among the possibilities.

e Elizabeth Street Garden does have a unique cultural heri-

tage and remains popular with locals. But it’s simply not vital enough to stand in the way of such a worthy and much-needed housing development. Manhattan, quite frankly, has richer cultural traditions, and there’s green space to be had on the East and Hudson Rivers, as well as Sara D. Roosevelt Park, just a short walk away.

Every bit counts

It’s true that this a ordable housing complex will not come close to solving the city’s housing crisis. It’s also true that every bit counts — when the doors nally open, more than a hundred lives will be, permanently, changed for the better, and at least 50 human beings will not su er the horrors of homelessness.

e city is not proposing pouring granite into Central Park or knocking down MoMA for highrise housing. is is, ultimately, minimal disruption for a far greater good. e amount of opposition the housing project has generated is a testament to the clout of the a uent and outright wealthy locals who congregate downtown

and are used to, in almost every instance, getting their way. What NIMBYs get right is that increasing housing supply, by itself, isn’t going to bring down housing costs quickly enough to help vulnerable tenants in the near term. A renter facing eviction in October isn’t going to cheer on a luxury tower getting built three blocks away. If Elizabeth Street Garden were being lost to market-rate de-

velopment, the opposition would some justi cation for their selfrighteousness. ey could claim greedy developers were stealing away their little park. Instead, it’s their little park giving way to permanent housing for the elderly and destitute. e NIMBYs should go away and let the city do its job.

Ross Barkan is a journalist and author in New York City.

Ross Barkan

Aaron Elstein

BXP owns the GM Building at 767 Fifth Ave. BUCK ENNIS

The city has spent more than a decade trying to build an affordable housing complex with 123 apartments for older New Yorkers on the Elizabeth Street Garden site. MATT GREEN/FLICKR

TAX STRATEGIES

Navigating the future of quali ed opportunity zones

Many of the provisions of the 2017 Tax Cuts and Jobs Act (TCJA) are sunsetting. Some of those provisions, such as the Quali ed Opportunity Zone (QOZ) regime, are ending in a way that could lead to signi cant tax consequences.

Mechanism and incentive

To promote investment in Quali ed Opportunity Funds (QOFs), the Internal Revenue Code (IRC) provides three incentives to taxpayers. First, taxpayers who invest cash from a current gain into a QOF can defer recognition of that gain until December 31, 2026. Second, the deferred gain recognition may be eligible for partial exclusion from tax when recognized. If the taxpayer holds the QOF investment for the requisite ve or seven years at the time the gain is recognized, they will only have to recognize 85% or 90% of the gain respectively. ird, if an investment is held for 10 years, the basis of the property equals the fair market value upon the date it is sold. Assuming the investment is sold for its fair market value, the basis would be equivalent to the amount realized and there would be no gain. Note that this 10-year

gain exclusion only applies to the gain in the QOF investment and that the taxpayer will still need to recognize any deferred gain on December 31, 2026.

Expiration date and legislative efforts

When the QOZ program was established in 2017, it had a termination date for investments in a QOF of December 31, 2026. Early investors bene ted most from the deferral because it started the holding period basis adjustments as soon as possible. Even then, because the gain inclusion event is forced on December 31, 2026, properties purchased a er December 31, 2021, do not bene t from the 10% and 5% increase in basis and have a shorter deferral period.

Congress has introduced bipartisan legislation that would accomplish ve main goals:

(1) disqualify QOZs where the median family income exceeds 130% of the national median family income; (2) empower states to replace disallowed tracts;

(3) incentivize compliance with

reporting requirements;

(4) provide $1 billion of funding to states to invest in small businesses in underserved communities; and (5) extend the QOZ deadline to December 31, 2028.

Both the Senate and House versions of this bill will likely not advance until a er the 2024 election. However, it is important to prepare for the possibility of an extension due to the bill’s bipartisan support.

Practical implications

As the December 31, 2026, deadline looms, investors may be less likely to invest in QOFs because the gain deferral becomes less bene cial as time passes. However, the deferral of capital gains is still enough of a draw on its own for many investors.

Investing in a QOF is a practical deferral mechanism. Taxpayers can strategically hold onto investments until a year occurs in which the taxpayer incurs heavy capital losses, up to the year of inclusion, at which time the taxpayer can o set the inclusion of gain with those losses. Additionally, maintaining the

investment for 10 years could lead to a gain-free sale (if sold at the fair market value). ere are many ways to use an investment in a QOZ strategically. One note of caution: deferring gain now at current tax rates may not be bene cial if the tax rates on capital gains rise in the future, i.e., if capital gains rates rise in 2026 (2028) because deferred gains are subject to tax at the rates in the year they are recognized.

member of Moore Global Network

(MGNL). All the rms associated with MNA are independently owned and managed entities. eir membership in, or association with, MNA should not be construed as constituting or implying any partnership between them.

New York’s spirit endures in ongoing investigation of 9/11 health impacts

It has been 23 years since the tragic events of Sept. 11, 2001, and scientists are still doggedly discovering new scars on the city.

A recent study from NYU Langone has shed new light on the potential link between World Trade Center dust and breast cancer, suggesting a correlation that had not been previously established. is is particularly signi cant because breast cancer, the second-most common cancer among women, has not been thoroughly examined in relation to 9/11. at is likely due to the predominance of male rst responders in those early days, as highlighted by Crain’s health care reporter Ethan Geringer-Sameth.

It’s admirable that New York’s research community continues to dig into the lasting e ects of that terrible day, especially as many of those a ected are alive and can bene t from these discoveries.

the breast cancer research, should persist in nancing e orts to understand the full impact on New Yorkers’ health, especially among groups that have been less studied. e demand for relief remains high; since 2013, annual claims for federal victims’ compensation funds have uctuated between 2,500 and 11,000. As of 2023, the fund has disbursed $12.7 billion through 56,000 claims, with 56% of these involving cancer diagnoses. e number of claims shows no sign of decreasing — more than 7,000 were submitted last year alone.

people and businesses that make their homes here that this is a city where civic sacri ce will be honored.

is continued persistence is how New York’s spirit continues to shine through the great losses the city experienced in 2001 and beyond. It demonstrates to the

In a related measure, this summer a bipartisan coalition of New York lawmakers introduced a bill in Congress to x expected funding shortfalls in the World Trade Center Health Program through 2090. One of the provisions would increase funding for research and data collection on 9/11 conditions.

Health organizations, including the Centers for Disease Control and Prevention and the National Institute for Occupational Safety and Health, which funded

We can’t put our fiscal house in order without tackling spendthrift hospitals

When Donald Trump and Joe Biden met for the rst presidential debate in June, one thing became painfully clear. No, it wasn’t Biden’s mental and physical deterioration — it was that neither man takes seriously our nation’s scal plight. And there’s no sign Kamala Harris does either.

In the midst of a nearly $2 trillion de cit and dire warnings about the imminent insolvency of major government programs like Social Security and Medicare, the major party candidates talk about tax cuts and ambitious spending plans, which there is little reason to believe that the country can a ord.

On dubious grounds, NYP bills itself as a “non-pro t” providing (very little) “charity care”, and thus it escapes many federal, state, and local taxes. In 2021, this helped it to achieve the biggest pro t windfall ever for a New York hospital, roughly $1.5 billion, as well as a spectacular operating pro t margin of 17.4%, which is 65% higher than the national average.

taxpayers and patients as the enemy and seek to wring maximum pro ts out of both!

Are New York hospitals more expensive simply because they are better than in other states? Not at all! Based on quality measurements, hospitals in New York State are actually the fourth worst in the country.

While no amount of compensation can replace what was lost, ensuring that those a ected receive the support they need is an essential part of the healing process. e attacks not only devastated thenancial core of the city but also revealed its dedication to its citizens. New York’s commitment to those a ected by 9/11 is commendable. It re ects the heart and resilience of our community and serves as a testament to how civic pride can drive us to uphold the values of justice and compassion. Let us ensure that this commitment endures.

If there’s one factor underlying this scal emergency, it’s the high cost of health care, which collectively consumes roughly 20% of our GDP — an all-time record for America, and for every country that has ever existed.

ere are many reasons why health care costs are so high, but consider a case study in medical extravagance: New YorkPresbyterian Hospital. It is one example of the prevailing high cost of care at hospitals across the city and state.

Despite getting a pedestrian rating of “C” for “patient experience”, NYP pays its CEO almost $11 million per year, and it has enough largesse left over to sponsor the New York Mets. To make a long story short, money is owing into, through, and out of New York-Presbyterian in virtual torrents, and the situation in many hospitals throughout the nation, especially big hospital systems in urban areas, is much the same. In New York State, moreover, this is a problem that has been getting steadily worse, rather than better. Hospital costs in the state are now 43% higher than the national average, whereas they were just 22% higher in 1991. New York-Presbyterian, therefore, is just the tip of the iceberg — or, perhaps, the tip of the spear, if you view

Looking the other way

It’s hard to escape the conclusion, therefore, that New Yorkers aren’t paying more because they are getting more — they’re paying more because their pockets are deep and their politicians, who ought to be keeping hospitals honest, are looking the other way.

New York-Presbyterian, alas, is again a major o ender. It charges, for instance, $45,000 for a Cesarean delivery, whereas New York City’s own public hospitals charge just $18,000. e real question is: Why would anyone, especially taxpayers, pay these exorbitant amounts?

Controlling health care costs is, admittedly, just one part of what must be a comprehensive e ort to rein in government spending and put us back on a scally sustainable path. e good news,

though, is that cutting the fat in health care would have many additional benets — from boosting resources available for other important public needs, like education or environmental protection; to lowering expenses and stress levels for patients; to encouraging an ethic of public service in the medical eld, rather than a crass desire for pro t.

Let’s do what we can to hold hospitals more accountable, therefore, and let’s demand that politicians do their part as well.

It isn’t just the right thing to do. As it turns out, nancially speaking, we really don’t have a choice.

Nicholas L. Waddy is an associate professor of History at SUNY.

The cost of health care in New York is getting steadily worse, writes SUNY Professor Nicholas L. Waddy. NORTHWELL HEALTH

PERSONAL

VIEW

Lack of civic pride is turning New York into an ugly city

More than a century ago, Chicago gave form to the City Beautiful Movement, a Beaux Arts philosophy of architecture and urbanism that drove the design of cities nationwide. A balm to the malign impacts of the Industrial Revolution, the City Beautiful Movement was seen as far more than an aesthetic project; its proponents believed that the beauti cation of the city would instill civic virtue among its residents, a kind of converse of today’s theory of broken windows, in which a glorious cityscape would instill beati c urban behavior.

What else could explain our collective shrug at the disgusting state of Eighth Avenue, the inde nite delay of congestion pricing, the demise of the governor’s laudable housing compact, the histrionic opposition to the mayor’s motherhood-and-apple-pie City of Yes plan, or the pejorative dismissal of years of work by many, myself included, to x the tracks, platforms, concourses and wheelchair elevators at New York’s decrepit Pennsylvania Station as “pretty.”

As I look at Gotham today, I can’t help but think there is, in fact, a movement taking hold as powerful as the City Beautiful ideal once was, but manifest as its polar opposite. It is a City Ugly movement, a tacit yet strongly-held belief that only when we reject all expressions of dignity that could be embodied in our public works and spaces — and make sure that we build the utterly banal — can we fully achieve the holy grail of today’s local politics and the squeaky wheels that propel it: the lowest common denominator.

PERSONAL VIEW

Progressive readers might decry that I am bolstering Trump’s wild narratives of carnage in blue cities, but it is not carnage I see, it is complacency. Despite decreases in violent crime, other signicant forms of crime remain pernicious. New Yorkers should not have to su er daily indignities like purse-snatching and potholes, small dangers that erode basic rights, corrode the urban soul and make us worry that the city has once again become ungovernable.

To me, the worst part about it is the collective shrug I sense in response to these communal failures. It is the resignation that this is the best we can muster for the

greatest city on Earth — that our failure isn’t the problem, it is seeking better that is.

Over my career, I have been deeply involved in projects like the High Line and Domino Park, and with each I’ve heard specious claims that such projects serve only the rich, when the reality is that places built with love for the public elicit civic pride and self-respect. e critique I hear most is that these places “look too good,” and as such can’t possibly serve all New Yorkers equitably. To do that they must wallow in mediocrity, like the plutocrat-built widgets that pass for a ordable housing, or they must lack public dignity and safety, like Penn Station and its environs. After all, what could be more equita-

ble than shared ugliness and the collective malaise it inspires?

When former Deputy Mayor Dan Doctoro advocated for hosting the Olympics in New York City, many mocked the idea. But look at what Paris just pulled o — all while advancing social housing, new live/ work neighborhoods and safe biking. In our society, so lacking in nuance, it would seem that our truly Olympian feat is to continuously hurl babies out alongside their bathwater.

As we rebuild New York post-pandemic, we should not settle for our moribund status quo. Leaders – and we in their communities — must strive higher. We should, together, create a city of jobs, justice and joy — a city of shared and meaningful beauty.

Pausing congestion pricing subverts the will of the people

Can New Yorkers imagine our city’s infrastructure being better? Yes — ask us and we’ll tell you all about it. Not only do we know what we need, but we’ll tell you how it should be done and where the money should come from. And it’s not just mobility nerds like me — we have an informed and engaged citizenry that is thoughtful and opinionated.

Tellingly, nine times out of 10 those New Yorkers would improve our subways, buses, and the sidewalks — mobility for the masses. ey would speak of MTA delays; tell you about overcrowding and garbage in their way; complain about the noise of honking cars; having to inhale noxious fumes; and crosswalk dances endured due to gridlock.

Yet somehow it is that 10th New Yorker who is controlling the implementation of congestion pricing.

scape in the world. She has thrown away years of work by agencies, experts, and the legislative process that got us here. Worse still is that she killed the hope of the average working person. For a moment, they thought that their dignity might be considered, that their lives might be improved.

Numaan Akram is the founder of Rally, a New York-based bus rideshare company.

Is there a better example of subversion of democracy than this? It is a metaphor of our times that the state cares more about this small percentage of the population rather than the masses and mass transit. It highlights the disconnect between the will of the average person and our elected representatives.  Gov. Kathy Hochul has elevated the complaints of the car-owning class — the people who demand the right to drive through the most precious and dense urban city-

As the founder of a company built by crowdsourcing, I believe in the democratization of everything. Rally is changing the way that buses are dispatched to meet demand. So let me be clear that I’m a capitalist. And every good capitalist knows you must be responsive to the needs of your customers. When it comes to government, that means your constituency.  When we see our elected ocials catering to the moneyed class rather than the vast majority of people who would bene t from a simple usage tax, it’s a sign of a dysfunctional system. ey changed a policy approved many times over at the last moment to satisfy the people who own $80K+ cars; those who demand that they have the right to store their private property on public streets for free; those who ensure that a parking spot is worth more in this city than what the average worker makes in a year.  Conservatives and libertarians regularly advocate for usage taxes over income taxes. Yet so many of these self-professed market fundamentalists push back on a tax on a

transaction that creates a negative externality — tra c congestion — borne by individuals not directly involved in the transaction. e hypocrisy is clear when they are the ones who have to bear the burden.  Yes, the congestion tax plan is imperfect. Sure, the MTA wastes a bunch of money on overtime. ese complaints are made by those who set an impossibly high bar of perfection before engaging on the topic. Because they certainly have no alternative plans that would actually address the challenges. Why should they? ey live in a bubble that lets them ignore the pain of the average person’s commute.

Rally runs dozens of buses in and out of

the city every day. Every bus we move takes cars o the road, and we still have to pay this tax. Yet I’m still in favor of it because it will ultimately help the city and its people.  So I ask all the readers to remember the ideal cannot be for all of us to have cars. Rather, our goal should be infrastructure so robust that even citizens who can a ord cars choose to use public transportation.

If you like the sound of that, drop your protests, call the governor, and tell her you’re okay with paying the tax. en when you do drive on this lovely island of ours, you can be happy knowing those walking around you are doing so with more dignity.

Vishaan Chakrabarti is an architect, urbanist, and author based in New York City. is piece originally appeared in Vital City.

Gov. Kathy Hochul has elevated the complaints of car owners over years of work by agencies, experts and the legislative process, writes Numaan Akram, founder of Rally, a New York-based bus rideshare company.

| BLOOMBERG

New York leaders should strive to create a city of shared and meaningful beauty, writes architect Vishaan Chakrabarti. BLOOMBERG

Software developers charged after Screwber app allegedly helped Uber drivers scam $40 million

yB Caroline Spivack

Federal prosecutors in Brooklyn have accused two software developers in Queens of a sweeping, six-year scheme in which they sold shady apps — including one called Screwber — that enabled hundreds of Uber drivers to swindle $40 million.

Following an FBI investigation law enforcement o cials on Aug. 28 indicted Eliahou Paldiel, 52, of Queens, and Carlos Arturo Suarez Palacios, 54, of Brick Township, New Jersey, on federal wire fraud and money laundering charges, according to court records. Both men pleaded not guilty and were released on bail; if convicted at trial they each face up to 20 years in prison.

In court documents, prosecutors outlined how Paldiel and Suarez allegedly orchestrated an elaborate plot in which they sold hacked smartphones and access to fraudulent apps to more than 800 rideshare drivers from November 2018 through August 2024. e illicit apps essentially allowed drivers to fake their locations to fraudulently obtain pricey surge charge fees. e indictment does not explic-

itly name Uber, but a spokesman for the company, Josh Gold, conrmed to Crain’s that the rideshare juggernaut was the target of the alleged fraud.

Paldiel and Suarez allegedly loaded up hacked smartphones, which were manipulated to allow apps not available on o cial app stores, with two programs called “FakeGPS” and “Screwber.” Drivers used the former app to make it appear that they were driving in areas with surge fees where they were not physically present, while the latter app provided drivers with information about fares that drivers were otherwise unable to access; those details included prospective passengers’ destinations and the estimated fare for a trip, court papers show.

Prosecutors said in legal lings that access to the unauthorized information enabled drivers to cherry pick the most lucrative fares — to the detriment of drivers playing by the rules.

All told, the drivers scammed fares out of $40 million, and Paldiel and Suarez received more than $1.5 million from drivers to subscribe to their services, said law enforcement o cials.

e hacked phones, according to court papers, were sold near Paldiel’s Queens home for $600 per device along with a $300 monthly subscription fee to Screwber and a one-time $50 charge to access the FakeGPS app. Breon Peace, U.S. attorney for the Eastern District of New York, said the e ort was “corrupting the rideshare market at the expense of unsuspecting passengers and hardworking drivers.”

Bragged about the operation

Prosecutors said the pair brazenly bragged about their operation in a November 2018 text message conversation, in which Paldiel wrote to Suarez: “You know Screwber is like drugs ... once you get into it you’ll get withdrawals when you can’t get your x,” and added that “I get them hooked on the software,” according to court papers.

e indictment states that the scam became so popular that during two days in early June law enforcement o cials observed “lengthy lines of drivers” waiting to meet with Paldiel in Queens, including several drivers with

New York City Taxi and Limousine Commission license plates.

On June 26, Paldiel sent a message to drivers, stating that they could show up at his home to “pick up” or get “help” with a phone, court records state.

Gold, Uber’s spokesman, said that the fraud had lowered Uber’s utilization rate — the percentage of time a driver spends with a passenger while they are on duty — and claimed that it forced the

company to increase driver restrictions to the app. ose restrictions, often referred to as lockouts, have been the subject of driver protests in recent months.

In a statement, Taxi and Limousine Commissioner David Do said the city is working with the FBI to identify city drivers who used the illegal apps and “ensure they never drive for hire in New York City again and, if feasible, recover any overcharges for those harmed.”

Federal investigators accused two men last month of a six-year-long scheme that defrauded Uber passengers and drivers. | BUCK ENNIS

Adams wants city contractors to propose their own solutions

Outside entrepreneurs may soon be invited to pitch more of their ideas to city government in hopes of scoring contracts, under a new rule advanced by Mayor Eric Adams’ administration on Aug. 28.

is a hot topic in the lively world of government contracting. California has employed a similar method since 2019, using it to test out re ghting technologies. e governments of Canada and Copenhagen have also asked private companies to propose their own xes to public problems.

data from residents, pointing to a 2017 finding that the private operator of the LinkNYC Wi-Fi kiosks had failed to anonymize the addresses it collected from New Yorkers.

Carhartt spinoff brand expands with 2-story Williamsburg space

C. J. Hughes

A trendy Carhartt boutique seems headed to a stylish stretch of Williamsburg.

Carhartt Work in Progress, a spin-off brand of the retailer known for its heavy canvas clothes, appears to have purchased 132 Bedford Ave., a recently refurbished red brick space between North Ninth and North 10th streets in the hip neighborhood.

ED Real US LLC, a shell company whose SoHo address is the same as that used by Carhartt WIP, paid $10.5 million in a cash deal for the 2-story, 5,200square-foot retail berth in August, according to a deed that appeared in the city register on Sept. 3. e seller in the deal, which the deed says went into contract July 6, was L3 Capital, a 15-yearold Chicago-based private equity rm that invests in retail real estate and controls several Williamsburg sites.

also reportedly in talks to buy a prominent site at East 58th and Fifth that LVMH is also eyeing. Lined with bars, restaurants and boutiques, Bedford Avenue is one of Williamsburg’s highestpro le shopping streets and commands retail rents of more than $150 per square foot, according to recent market reports.

With 24-foot double-height ceilings in an airy 3,800-square-foot ground-level space (along with a 1,400-square-foot basement), 132 Bedford marks a considerable expansion for Carhartt WIP. e retailer’s only other New York store at 286 Lafayette St. in SoHo encompasses 1,800 square feet in its sidewalk-level berth.

Third address since 2011

Typically, when the city turns to outside companies for help, a city agency identi es both the problem and a proposed solution, then tasks those vendors with implementing the solution. e new method instead asks those businesses to propose ideas themselves — a system known as “challenge-based procurement” that is intended to spark more innovation.

Speeding up the process

“Challenge-based procurement will allow us to engage service providers in a new, creative way.”

Rule changes that would encourage the use of challengebased procurement went before the city’s Procurement Policy Board on Aug. 28. e Adams administration will likely nalize the policy in the coming weeks — despite some objections raised by a watchdog group that argued it could pose privacy risks and leave the city at the whims of pro t-motivated companies.

“It’s a common feature of aggressive corporate-capture strategies to get a foot in the door” through a short-term pilot contract, “and then become the only available service provider,” said Cynthia Conti-Cook, director of research and policy at the nonprofit Surveillance Resistance Lab, who testified against the challenge-based procurement proposal on Aug. 28. Challenge-based procurement

e Adams administration, which has pushed to loosen other bidding rules in hopes of speeding up contracting, rst oated the idea of challenge-based procurement in a 2023 report aimed at boosting innovation in the city. Adams himself, a self-proclaimed “tech mayor,” has also shown an a nity for sometimes unproven technological solutions, like gun detectors at subway stations. Although city agencies technically have the ability already to solicit solutions from vendors, the new rules aim to promote the practice more widely. To implement challenge-based procurement here, the administration is proposing to expand the use of demonstration projects, which allow companies to sell the city on a product through a short-term pilot.

Demonstration projects are relatively rare — last year the city signed just eight, totaling $11 million, or .08% of all new contracts — but those deals can lead to more lasting contracts. ShotSpotter, the gunshot-detection software recently deemed ine ective by the city comptroller, scored its $55 million contract with the NYPD after an initial demonstration in 2014.

Conti-Cook argued that expanding challenge-based procurement could put the city at a disadvantage by allowing entrepreneurs to position themselves as the only solution to a given problem. She also suggested it could allow companies to extract

Liz Garcia, a City Hall spokeswoman, said in an email that encouraging challenge-based procurement will not change any of the existing policies that govern how companies can use sensitive data. She said the method “has become seen as a best practice of government, and private, procurement.”

“Challenge-based procurement will allow us to engage service providers in a new, creative way,” Garcia said, pointing to potential innovations in public safety, affordability and quality of life.

e administration’s proposed rule changes would also expand the overall use of demonstration projects by deleting a requirement that they only be used for “client services” — programs where the city is working on behalf of a third-party client for services like housing or legal aid.

City Comptroller Brad Lander’s o ce has raised its own mild critique of the administration’s proposal. In a July public meeting, Charlette Hamamgian, the deputy comptroller for contracts and procurement, said that the policy should be tweaked to encourage more competitive bidding by compelling agencies to study the results of a demonstration project before renewing the contract.

In a statement on Aug. 28, Hamamgian suggested the comptroller’s o ce has no objections to the proposal overall, saying it does not “pose a risk to the city’s oversight of technological procurements” or block the comptroller from reviewing contracts.

A spokeswoman for Jennifer Gutierrez, the chair of the City Council’s technology committee, said the council plans to ask the administration about the policy during a hearing this month.

Domenic Lanni, an L3 principal, signed the deed on behalf of the rm, which took control of the Bedford site from developer RedSky Capital three years ago. RedSky had to surrender the keys as a part of a sweeping deedin-lieu-of-foreclosure move, and L3 appears to have completed RedSky’s redevelopment of the industrial address in 2023 before marketing it.

e 132 Bedford acquisition adds to a string of recent deals where apparel companies have snapped up storefronts, as opposed to leasing them for the long term, in an apparent e ort to control costs.

In a series of blockbuster deals over the winter, Prada picked up two storefronts on Fifth Avenue in Midtown for a total of $835 million, and Gucci-parent Kering plunked down $963 million for a multi-level space across the street around the same time. Chanel is

e Lafayette Street location, which opened in 2022 and which Carhartt WIP apparently leases rather than owns, is the third address for the brand in SoHo since it initially opened in 2011 on nearby Crosby Street. It has relocated twice since then.

Spun off from Carhartt in 1994 by Swiss designer Edwin Faeh by way of a licensing deal, Carhartt WIP offers slimmer-fitting and pricier garb than its parent company. Its garments are also often made in collaboration with brands beloved by skateboarders, like the sneaker company Converse.

Privately-held Carhartt, known for its squash-colored, heavilystitched canvas pants and jackets, dates back to 1889, when it was founded in Detroit.

E orts to reach Lanni in L3’s New York and Chicago o ces were unsuccessful by press time. An email sent to Carhartt WIP’s North American o ce went unreturned by press time. And Roberto Rhett, a broker with the commercial brokerage GoodSpace NYC, which marketed 132 Bedford, did not return a call.

Nick Garber

Liz Garcia, a City Hall spokeswoman

Mayor Eric Adams, pictured speaking at a May “Smart City Expo” event, is instituting a reform called challenge-based procurement that aims to encourage more innovation among government vendors. | MICHAEL APPLETON/MAYORAL PHOTOGRAPHY OFFICE

Client care is the foundation of the Brandon J. Broderick law rm

Expanding justice with compassion in every case

established for twelve years and has over 200 employees and 50 attorneys. Attorneys Raymond Carroll, Christopher Karounos, and Paul Romano represented their client Arian Hila to earn compensation for his life-threatening injuries. Hila was clearing a blockage from a debris chute, three stories high, when it collapsed and trapped him. Hila was taken to the Nyack Hospital to be treated for many injuries, including traumatic brain damage which led to his inability to speak.

Attorney Richard Embden has worked for the Broderick Law Firm for almost three years. “I’ve seen that the rm has really grown,” said Embden. “I see a lot of new employees and new locations.”

“When buying or selling a property, you always want to have a good lawyer, a quali ed lawyer who knows real estate.”

- Matthew Dank, attorney

“Having a responsive and truly caring attitude about the client is something that I feel is missing in today’s legal profession,” said attorney Heath Murphy. Brandon J. Broderick, Attorney at Law, aims to represent and help clients navigate the complexities of the legal system, so they can receive the compensation they rightfully deserve.

e Broderick Law Firm has been

e Broderick Law Firm trial attorneys and Superchute—the company that manufactures the chute—agreed to a $44 million settlement package. is package compensates for the care Hila has and will need due to the negligence of the others involved.

Broderick recently announced the expansion of the Firm across the nation to states including Arizona, Texas, Kentucky, Ohio, Florida, Michigan, Illinois, North Carolina, South Carolina, Georgia, Massachusetts, Connecticut, Pennsylvania and California.

Along with national expansion, the rm has added more practice areas such as real estate, health and business law. Brandon J. Broderick, founder and CEO of the Firm, has tried over a hundred jury trials, which motivates the rm to stay focused on litigation as it expands in business, health and real estate law.

is geographic and practice expansion will lead to an increase in clients receiving the same level of

support Hila and his family received for his case.

In addition to Karounos’ personal injury case successes, he has won several important appeals for his commercial litigation clients over the years. Karounos works with case involving breach of contract, consumer fraud violations and business divorce. Karounos has earned a $2.1 million judgment for a client’s case surrounding a commercial breach of contract. He earned another client a $1.925 million judgment for a case involving consumer fraud.

To further expand the business law practice area, Broderick recently brought on Heath Murphy as Senior Florida Attorney. Murphy has eighteen years of multifaceted experience to bring to the Firm. Murphy recently represented an electrical subcontractor who performed on a large condominium project. With Murphy’s representation, the contractor received a $250,000 settlement agreed upon a er much dispute with the

bank, on the eve of the trial.

Matthew Dank, an accomplished real estate attorney, joined the Firm to direct the new real estate practice.

“When buying or selling a property, you always want to have a good lawyer, a quali ed lawyer who knows real estate,” said attorney Matthew Dank. “When I see people utilizing divorce attorneys or litigation attorneys for real estate, it becomes problematic.”

Broderick ensures that the clients are the number one priority of the Firm.

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Vacancy rate at Park Avenue tower will triple with departure of Tiger Management, Morgan Stanley

yB Aaron Elstein

Two large tenants are poised to soon leave the 48-story 101 Park Ave., posing a big challenge for the building’s developer and longtime owner, Peter Kalikow. e vacancy rate at the 1.3 million square-foot tower a block south of Grand Central Terminal will nearly triple after Tiger Management leaves this month and Morgan Stanley departs in December, bond-rating rm KBRA said in a report Aug. 30. e two tenants account for nearly a quarter of the building’s base rental revenue, KBRA said, although Kalikow executives assert it is less than half that. It isn’t clear whether the rms are consolidating space or moving elsewhere; neither immediately responded to requests to comment.

KBRA described 101 Park as one of the highest-quality o ce buildings south of 42nd Street. Its large boardrooms, sculptures, granite oors and dark-wood ourishes match the style and spirit of prestigious towers lining Park Avenue a few blocks north. Developed by Kalikow, who chaired the Metropolitan Trans-

since the doors opened in 1982, including law rms Morgan Lewis & Bockius and Curtis Mallet-Prevost Colt & Mosle.

Tiger Management and Morgan Stanley are both leaving 101 Park Ave. soon.

portation Authority from 2001 to 2007, 101 Park has historically charged below-market rents in exchange for long-term leases. Some tenants have been there

But long-term relationships between landlords and tenants are harder to maintain when there’s so much o ce space available. Manhattan’s o ce availability rate was 17.4% in August, Colliers says, a bit less than the prior year’s 17.8%. Several global law rms have relocated from or near Park Avenue to Hudson Yards’s new buildings, and in

2019 a big tenant at 101 Park since the beginning, law rm Kelley Drye & Warren, moved to 3 World Trade Center.

Tiger is vacating 53,000 square feet at 101 Park for which it paid $115 per square foot, and Morgan Stanley is to move out of 49,000 at $83 a square foot. Tiger was a major hedge fund until it was shut down in 2000 by founder Julian Robertson, who invested in several funds started by former employees, known as “tiger cubs,” many of whom continued to work at 101 Park for many years. Tiger

Manhattan of ce market turns in a solid but not spectacular August

yB Eddie Small

August was a fairly strong month for Manhattan’s o ce market, with companies leasing a solid amount of space despite the absence of a blockbuster deal to buoy the still struggling sector.

Firms leased about 2.6 million square feet of space last month, up 3.5% year over year but down almost one-third from July, according to data from Colliers. e steep

sion of its 345 Park Ave. lease to roughly 1 million square feet that month. e largest lease for August, by contrast, was the auction house Christie’s renewing its lease for about 373,000 square feet at Rockefeller Center.

Activity in August was still about even with the month’s 10-year average of roughly 2.7 million square feet, according to Colliers. Manhattan’s availability rate tightened slightly to 17.4%, and its average asking rent was $74.56 per square foot, up slightly month over month but down slightly year over year. e borough has about 94 million square feet of available o ce space.

Firms leased about 2.6 million square feet of space to close out the summer, according to data from Colliers.

month-over-month decline was not a huge shock given how strong the July numbers were thanks to Blackstone’s extension and expan-

“Instead of a typical quiet August in the Manhattan o ce market, tenant demand kept on track with the historical average and continued to outpace supply,” said Frank Wallach, executive managing di-

rector at Colliers.

Firms leased about 1.4 million square feet of space in Midtown last month, less than half of July’s leasing volume due to the absence of a Blackstone-sized lease. e Christie’s deal was the neighborhood’s largest for August, followed by LVMH taking about 108,000 square feet at 590 Madison Ave. Its availability rate ticked up slightly month over month to 15.7%, while its average asking rent dropped slightly to $78.66 per square foot.

Number of massive deals

If demand for Midtown o ce space keeps up its current pace for the rest of 2024, the neighborhood will have its strongest year since 2018, according to Colliers. is is due in part to the number of massive deals the neighborhood has seen this year, including Blackstone, Christie’s and Bloomberg extending its lease for about 950,000 square feet at 731 Lexing-

banks UBS, Royal Bank of Scotland, and ABN Amro all left. But by 2018 occupancy had risen to 90% after Morgan Lewis agreed to take more space through 2029 and the building lured the American Kennel Club, which opened the AKC Museum of the Dog on East 40th Street that greets visitors eagerly.

e tower is currently 5% vacant but that gure stands to rise to 14% after Tiger and Morgan Stanley leave, KBRA said. New tenants have leased 200,000 square feet since 2022, including wealth manager Corient and Customers Bank, and just recently the vacancy rate came down to 11%, Kalikow o cials said.

In a statement, the rm said: “We are currently discussing with a number of potential tenants, including existing ones, their interest in taking over space currently occupied by Morgan Stanley in 2025 and our top two oors.  In fact, proposals have been exchanged with prospective tenants on much of the soon to be vacated space.”

Global Management, the most successful of the successors, relocated to 9 W. 57th St. in 2013. e Tiger Foundation remains headquartered at 101 Park. An o cial at the nonpro t didn’t return a request for comment.

Talks with potential tenants

Kalikow, whose rm was launched by his grandfather in 1927, has seen this movie before. In the aftermath of the 2008 nancial crisis, occupancy at 101 Park fell to 82% after battered global

Tenants at 101 Park are drawn to the building’s excellent location and angular design that creates more corner o ces than a rectangular tower. e tower is constructed diagonally and has a large triangle-shaped plaza. It is also one of the less-indebted along Park Avenue, carrying just a $365 million mortgage that matures in four years and no other debt. Although KBRA reckons the building has lost 20% of its value since the pandemic, debt remains well below the bond-rating rm’s estimated value of $537 million.

ton Ave., Wallach said.

In Midtown South, companies leased about 990,000 square feet of space in August, up signi cantly month over month and year over year. e neighborhood’s largest leases included Yeshiva University taking 160,000 square feet at 1293 Broadway in Herald Square and PubMatic renewing and expanding to 61,000 square feet at 498 Seventh Ave. Its availability rate tightened to 18.2%, while its average asking rent was $80.83 per square foot, up month over month

but down year over year. Downtown saw about 210,000 square feet of activity, up 12.2% from July but down 53.9% from August last year. Its largest deals included Jane Street expanding its sublease at 250 Vesey St. to 57,000 square feet and American Transit Insurance Co. subleasing 43,000 square feet at 25 Broadway. Its availability rate ticked down to 20.1%, while its average asking rent was $57.26 per square foot, up month over month but down year over year.

THE NEVER-BEFORE-TOLD STORY OF REBUILDING THE WORLD TRADE CENTER, WRITTEN BY THE MAN WHO DEDICATED TWO DECADES TO MAKING IT HAPPEN.

ON SALE SEPTEMBER 10, 2024

“Silverstein’s account never lacks for melodrama...this classic New York saga about the symbiosis of grand civic ambition and rugged pragmatism stands tall.”

—Publishers Weekly

PRE-ORDER TODAY

LARGEST ACCOUNTING FIRMS IN THE NEW YORK AREA CRAIN’S LIST

ResearchbyDavidNusbaum(david.nusbaum@crain.com). NewYorkarea includesNewYorkCityandNassau,SuffolkandWestchestercountiesinNewYorkandBergen,Essex,HudsonandUnion countiesinNewJersey. Crain'sNewYorkBusiness usesstaffresearch,extensivesurveysandthemostcurrentreferencesavailabletoproduceitslists,butthereisnoguaranteethatthelistingsare complete.Toqualifyforthislist, rmsmusthaveanof ceintheNewYorkarea.N/A-notavailable 1. AcquiredUntrachtEarlyinAugust2022andBerdoninFebruary2023. 2. CBIZisabusiness consulting,tax,and nancialservicesproviderthatworkscloselywithCBIZCPAsP.C.,anindependentCPA rmthatprovidesaudit,review,andattestservices.Incertainjurisdictions,CBIZCPAsP.C. operatesunderitspreviousname,MayerHoffmanMcCannP.C. 3. ForvisMazarswasformedinJune2024whenForvisacquiredtheU.S.unitofMazarsaspartofanewinternationalpartnership. 4. UHY is an independent CPA rm organized under an alternative practice structure with UHY Advisors Inc. See much more at crainsnewyork.com/data

portfolio, according to several brokers, developers and attorneys familiar with the rm, along with court lings, mortgage records and news reports. And though it would be tough to nd any commercial landlord who has done objectively well since the pandemic transformed New York’s real estate market, RFR appears to be in particularly big trouble. Several executives at RFR either declined to comment on the state of its business or did not respond to interview requests by email and phone.

“He’s going to lose stu . He’s de nitely going to lose stu ,” one longtime broker said of Rosen. “I wouldn’t bet against this guy, but I wouldn’t want to be him right now because he’s got a lot of buildings that are underwater.”

Crain’s spoke with more than a dozen sources for this story, all of whom requested anonymity to speak more candidly. eir reluctance to discuss RFR’s problems on the record also re ects a widespread belief that the rm is down but not out and will remain an in uential player in New York’s tight-knit real estate industry despite its current nancial woes, albeit one with a smaller portfolio.

were low, particularly the types of older o ce buildings that are especially vulnerable in the postCovid landscape. Its competitors are already circling, including around famous xtures of the skyline such as the Seagram Building. e postwar landmark, at 375 Park Ave. in Midtown, home to RFR’s own headquarters, is expected to have trouble re nancing $1.1 billion in debt when it matures next spring, and an executive at developer SL Green has indicated the rm views this as an opportunity to take control of the site.

“Their bad debt may just be coming due rst, but other developers will face these issues soon enough.”

A rival developer said of RFR’s current nancial woes

One doesn’t have to look far to see signs of trouble within RFR’s properties in Manhattan, the most prominent market for the global rm. Of the landlord’s 14 o ce sites in the borough, 11 are either battling foreclosure actions, struggling with steep vacancy rates or facing possible mortgage defaults.

Many attributed the rm’s current problems to its simply buying too many properties when prices were sky-high and interest rates

RFR may also be at risk of losing the Chrysler Building, the beloved, metal-cladded Art Deco spire that was brie y the tallest building in the world. Tenants in the property, at 405 Lexington Ave., have frequently complained about broken elevators, mice and dirty drinking water, and the building’s two oors of storefronts are almost entirely vacant after RFR began terminating leases during the pandemic in an apparent bid to reposition the arcade-style spaces. (Brandon Singer, co-founder of the RFRbacked brokerage Retail by MONA

and head of leasing at the Chrysler, declined to comment on how this process has been going.)

e Chrysler’s co-owner, Austrian rm Signa Holdings, is already on its way out. e real estate company declared insolvency in late 2023 and must sell its stake to cover its debts under court orders.

But don’t expect RFR to buy out its partner. Sources say the Chrysler is a Class B building in a Class A-focused world, which could force RFR to exit the deal completely by selling its stake. One broker who has worked with the developer said that, while he thinks RFR will ultimately be able to hold onto the Seagram Building, it no longer makes nancial sense for the rm to stay involved with the Chrysler.

Missed payments and other challenges

e issues a ecting Rosen’s other Manhattan properties may be no surprise given the pervasiveness of remote work in the post-pandemic o ce market, but they are unusually prevalent in the case of RFR.

Properties where lenders and city agencies have sued the developer for missed loan and tax pay-

the o ce building 477 Madison Ave. But RFR was able to sell an easement there last year to the nancial giant Citadel, which is planning a new headquarters around the corner. e deal nabbed RFR $10 million, according to the city register.

Internal struggles

As it tries to weather the storm, RFR is grappling with personnel issues, too.

Rosen and Fuchs, who grew up as friends in Frankfurt, Germany, are rumored to be estranged, according to multiple industry sources, with Fuchs no longer having much involvement in running the rm. RFR declined to comment on the company’s inner workings.

ments include 17 State St., 522 Fifth Ave. and 90 Fifth Ave. ough lenders can be exible on payment deadlines with some developers, Rosen has a reputation as being di cult to work with, which tends to limit lenders’ patience with his buildings, sources say.

“Aby Rosen is a pretty charismatic, socially high-pro le guy,” said one broker. “I assume he gets more heat because of that.”

Other sites have vacancies that seem unsustainable for RFR in the long run. e 6-story space at 66 E. 55th St., formerly home to the Core Club, has been empty for more than a year, while 10 E. 45th St., a 4-story site that once housed Paul Stuart’s agship shop on its ground oor, is now completely empty. Rather than lease the space to di erent tenants, RFR is seeking a single renter for all 27,000 square feet, a listing says. e story is similar at 190 Bowery, a 6-story landmark in Nolita with an occupancy rate of less than 20%, according to CoStar.

Artist Jay Maisel lived and worked for decades in the former bank before RFR bought it in 2015 for $55 million.

And even at buildings that do have tenants, RFR is facing diculties. A lender for the rm’s retail condos at 219 E. 67th St., home to NY KidsClub indoor playground, and 122 Greenwich Ave., which houses a Starbucks and a TD Bank location, led to foreclose on both properties over the summer.

Rosen may not be blind to the writing on the wall, although another cash infusion akin to the 980 Madison Ave. deal seems unlikely. During the summer he reportedly began shopping 281 Park Ave. South, which will abruptly lose the photography museum Fotogra ska Sept. 29, eight years before the end of its lease. RFR bought the prewar Gramercy property in 2014 for $50 million and unsuccessfully tried to nd a taker for it in 2022 at $135 million.

And the rm recently came close to selling its W Hotel in South Beach for a signi cant amount but opted to hold on to it instead, believing it had even more value than the proposed deal, one broker said.

One of the few New York sites that apparently is not in trouble is

Fuchs appears to be trimming his personal real estate portfolio as well, even when it involves taking a loss. He listed his 5-story home at 144 Waverly Place in Greenwich Village in June for about $9 million, slightly less than what he paid for it in 2019, records show. e four-unit property (which Fuchs did not appear to live in) went into contract in August for an unknown price, according to StreetEasy.

RFR has also been tangling in court with a former partner, Jason Brown, who claims that the company stopped paying installments on his $25 million exit package a few years after his 2019 departure from the company. Rosen admitted to wrongdoing and resumed making payments but still owed Brown $10.5 million as of August, according to court lings.

Not much room to hide

Figuring out ways to survive the boom-and-bust rollercoaster of New York real estate comes with the territory for city developers, and many did not expect RFR’s current struggles to prove fatal for the company.

“ ese guys have been around, and they’re savvy. is is not a situation where they’re going to be destitute,” said one rival developer. “I think they’ll take their lumps, move on and start investing in other stu .”

In fact, RFR, which began life as an investor in distressed properties during the recession in the early ’90s, may be unfazed by the challenges of the current downturn. And although its nancial problems are currently making the rounds in court papers and headlines, some in the industry said these di culties are not unique to RFR. Rather, they are just dealing with their onerous loans and bills sooner than their peers are, and the small, privately held rm does not have as much room to hide these problems as some of the larger, more institutional companies.

Indeed, RFR may give back the keys on some of its properties and have a harder time nding lenders going forward, but it seems unlikely to disappear from the city’s real estate scene. “ eir bad debt may just be coming due rst,” said one rival developer, “but other developers will face these issues soon enough.”

A view from Lexington Avenue into an empty storefront at the Chrysler Building BUCK ENNIS

The Seagram Building has long been one of RFR’s most iconic properties, but the developer may have trouble holding onto it going forward. BUCK ENNIS

Study looks at link between WTC dust and breast cancer

yB Ethan Geringer-Sameth

One of the rst studies to examine the e ects of World Trade Center dust on breast cancer found higher levels of abnormal genetic activity in women exposed to toxic fumes in the hours and days after the attacks. e scientists behind the study believe the ndings may explain how the debris cloud produced by the collapse of the towers causes the deadly disease.

In the general population, breast cancer is the most common form of cancer among women, but its connection to the World Trade Center site has so far been understudied because of the high percentage of rst responders who were men, according to Dr. Alan Arslan, associate professor in the Departments of Obstetrics and Gynecology, and Population Health at NYU Grossman School of Medicine, who led the research.

But tens of thousands of women returned to live and work in the area in the weeks after the Sept. 11th attacks after authorities falsely assured the public the air was safe to breathe. Since 2013, the number of annual claims led for federal victims’ compensation funds ranges between 2,500 and 11,000. As of 2023, the fund has paid out $12.7 billion through 56,000 individual determinations of which 56% have involved a cancer diagnosis.

Bipartisan bill extended

In July, federal lawmakers introduced a bipartisan bill to extend funding for the World Trade Center Health Program through 2090. e new study shows women with breast cancer who were exposed to World Trade Center dust were close to four times more likely than those not exposed to have evidence of hypermethylation, a process that disrupts the normal genetic activity of DNA, including the function that suppresses the growth of tumors.

e dust contained hundreds or even thousands of known or suspected carcinogens, including

asbestos, arsenic, cadmium, PCBs and others, many of which were known to a ect DNA methylation, Arslan said.

But before the NYU study, there was not much literature on whether the process occurred in people exposed to the World Trade Center site. With a better understanding of the mechanism that causes the cancers at the molecular level, the authors now have a way to objectively assess one’s level of exposure to the dust, as opposed to less reliable methods that depend on subjective details from patient interviews. Scientists can do this by measuring methylation levels in hundreds of thousands of genes, a process that can be re ned with further research, Arslan said.

Even if it could be scaled, which would be di cult given the price of DNA testing, an objective exposure test would be unlikely to impact claims for victim compensation funds, according to Michael Barasch, managing partner at the Tribeca-based law rm Barasch & McGarry, which has won over $3 billion in victim compensation funds, according to its website. at’s because there is a presumption under federal law that simply being present in the exposure zone below Canal Street for a certain length of time is enough to link a cancer diagnosis to the environment in Lower Manhattan.

While the study dealt with World Trade Center dust specically, Arslan said the genetic analysis could be applied to heavy chemical exposures in other carcinogenic environments.

A scienti c measure of cancer risk from exposure to chemicals in those situations, where the law o ers less bene t of the doubt, would be “incredibly helpful” for victims seeking compensation, Barasch said.

e NYU study was funded by a $250,000 grant from the Centers for Disease Control and Prevention and the National Institute for Occupational Safety and Health, according to Arslan, with participants from Bellevue’s World Trade Center Environmental Health Center.

From Page 1

of more than 7,000 works, one of the largest non-museum art portfolios in the city, according to Larissa Trinder, assistant vice president of the system’s Arts in Medicine program. Her team was formed to oversee and steward the visual art collection.

using the art as a piece of medical equipment.” Private hospitals maintain impressive art collections, too, though major pieces tend to be commissioned instead of donated by artists of household-name fame.

A towering example is “Spot,” a four-story unmissable sculpture by American sculptor Donald Lipski. e 40-foot Dalmatian sits obediently outside of NYU Langone’s Hassenfeld Children’s Hospital. is dog comes with tricks; “Spot” perpetually balances a true-to-size yellow taxi on the tip of its nose.

“It’s important to nd different ways to start therapeutic engagement. When we’re not feeling our best, there’s not always language around it.”

Caitlin Orban, assistant director of workforce wellness at New York City’s Health + Hospitals

Trinder declined to say how much the collection is worth in dollars.

“We’re not using the art as an asset class,” she said. “We’re

“I wanted to make something so astounding it would distract even those arriving for the most serious procedures, and so lovable that young patients coming back again and again with chronic conditions would see it as an old friend,” Lipski wrote on his website.  NYU declined to disclose how much the commission cost, though it never intends to sell it,

according to Vicki Match Suna, executive vice president and vice dean for real estate development and facilities at the health system.

In all, NYU Langone has more than 4,000 pieces of art across six inpatient facilities and 300plus outpatient locations. About 75 were donated or commissioned, and the rest were purchased, some as part of broader gifts from donors, according to spokeswoman Arielle Sklar. Art comprises about 1% of the total budget for capital projects, she added.

A slow build

For Health + Hospitals, building the portfolio has been a centurylong project. Some of the oldest pieces originated through government programs like the Works Progress Administration, an initiative designed to create jobs during the Great Depression. Murals became a popular way for hospitals to spruce up their environments and gave the proverbially starving artists jobs; David Margolis was paid $26.50 per week for his nine-panel fresco

“Spot” greets patients and tourists outside of NYU Langone’s Hassenfeld Children’s Hospital.

Jeremy Dejesus admires a portion of the Keith Haring mural at Woodhull Hospital.

PHOTOGRAPHY, BUCK ENNIS

mural at Bellevue, according to the New York Times. en, in the ’60s and ’70s, a few thousand more pieces of art came into the collection through an advisory council, according to Trinder.

Trinder is tasked with locating, organizing and maintaining the collection, a tall order considering that the works are ung across the city and not yet digitally cataloged. One of the system’s three Warhols was sitting in storage when Trinder started two and a half years ago, she said.

Across the East River, at Health + Hospitals Woodhull facility, one work is impossible to lose track of.

A parade of primary colors greets patients in the lobby of the Bedford-Stuyvesant safety-net hospital, the trademark style of Keith Haring.

Jeremy Dejesus, a new client service worker at Woodhull Hospital, paced along the 700-foot mural, gazing up at the parade of characters (an elephant on roller skates, a ghost with a lollipop and a mouse sporting boxing gloves, to name a few). ey are

vivid with movement.

“I look up and get lost,” Dejesus said.

e mural is a crown jewel of the public hospital system’s collection. In 1986, the alreadyfamous Haring stationed himself on a sca old and got to work on the three-part installation, a gift to the hospital for its dedication to health care access during the HIV/AIDS epidemic. In 1988, Haring himself was diagnosed with AIDS, and died from the disease at the age of 31.

e famed work is juxtaposed at Woodhull Hospital with a collection of art created by Rikers inmates hanging below. e works are products of an art therapy program at the jail intended to reduce hopelessness and anger while promoting self-empowerment.

“ e dignity for people in a public safety-net should be the same as people that go to the Cleveland Clinic,” Trinder added.

“Everybody deserves beautiful art.”

Curated healing

NYU also views its collection

at the children’s hospital as a conduit for healing.

Inside, the “Moon’s Eyelid,” a 542-foot hanging sculpture by Alyson Shotz, hangs from the ceiling. It’s made from welded aluminum and acrylic, dichroic lm and stainless steel. Inspired by the path of the moon’s orbit around the earth, and the earth around the sun, the sculpture refracts light di erently as the daylight shifts: at times it appears white, and other times an iridescent rainbow.

“People coming to hospitals are anxious, nervous, uncomfortable and often in pain. Having the art distributed is a major fac-

tor in their experience in lowering their anxiety levels and leads to better outcomes in their care,” said NYU’s Match Suna.

Art

as medicine

While art certainly has healing properties, there is also science behind some of the decisions about where certain pieces can and cannot be displayed.

Abstract art featuring blocks of color can lead to a more therapeutic environment for behavioral health patients, according to Caitlin Orban, the current assistant director of workforce wellness at H+H who spent nearly 10 years working

with patients as a licensed creative arts therapist in the system. She recalled an instance where a female patient struggling with depression was not participating in group treatment. It wasn’t that she was unable to join in, she just didn’t feel like it, Orban explained. ere was a piece of art on the wall that resembled torn imagery. e patient tore up her own sheet of paper and began to recreate the picture, ultimately leading to her participation in group therapy.

“It’s important to nd di erent ways to start therapeutic engagement,” Orban said. “When we’re not feeling our best, there’s not always language around it.”

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Romare Bearden’s “Beyond the Block” at Bellevue Hospital

A Keith Haring mural is painted above the lobby at Woodhull Hospital.

A David Margolis mural at Bellevue Hospital

“Moon’s Eyelid” sculpture

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The text of the legal notice is as follows: Fable & Harmony Studio, LLC Articles of Org. filed NY Sec. of State (SSNY) 7/3/24. Office in NY Co. SSNY desig. agent of LLC upon whom process may be served. SSNY shall mail copy of process to 131 7th Ave PMB 102, NY NY 10011. Purpose: Any lawful purpose.

Notice of Qualification of ESRT 9294 NORTH 6TH STREET, L.L.C. Appl. for Auth. filed with Secy. of State of NY (SSNY) on 06/26/24. Office location: NY County. LLC formed in Delaware (DE) on 06/11/24. Princ. office of LLC: 111 W. 33rd St., NY, NY 10120. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co. (CSC), 80 State St., Albany, NY 122072543. DE addr. of LLC: c/o CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, 401 Federal St., Ste. 3, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Qualification of VerisFi, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 08/14/24. Office location: NY County. LLC formed in Delaware (DE) on 08/17/22. Princ. office of LLC: 222 Lakeview Ave., Ste. 800, W. Palm Beach, FL 33401. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC at the princ. office of the LLC. DE addr. of LLC: c/o Corporation Service Co., 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, 401 Federal St., Ste. 3, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Qualification of FOUR LION CAPITAL, LP Appl. for Auth. filed with Secy. of State of NY (SSNY) on 07/22/24. Office location: NY County. LP formed in Delaware (DE) on 07/09/24. NYS fictitious name: FOUR LION CAPITAL, L.P. Duration of LP is Perpetual. SSNY designated as agent of LP upon whom process against it may be served. SSNY shall mail process to the Partnership, 575 5th Ave., 15th Fl., NY, NY 10017. Name and addr. of each general partner are available from SSNY. DE addr. of LP: c/o Corporation Service Co., 251 Little Falls Dr., Wilmington, DE 19808. Cert. of LP filed with Secy. of State of DE, Dept. of State, Div. of Corps., John Townsend Bldg., 401 Federal St., Dover, DE 19901. Purpose: Any lawful activity.

Notice of Qualification of AMBER 72 LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 06/25/24. Office location: NY County. LLC formed in Delaware (DE) on 02/27/17. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Service Co., 80 State St., Albany, NY 12207-2543. DE addr. of LLC: 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Jeffrey W. Bullock, Secy. of State , DE Div. of Corps., 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Formation of AURORA BLISS COMPANY, LLC Arts of Org filed with Secy of State of NY (SSNY) on 7/24/24. Office Location: NY County. SSNY designated as agent upon who process shall be served and shall mail copy of process against LLC to 500 West 18th Street, Unit 20E, New York, ,NY 10011. Purpose: any lawful act.

Notice of Qualification of ESRT 8191 NORTH 6TH STREET, L.L.C. Appl. for Auth. filed with Secy. of State of NY (SSNY) on 07/09/24. Office location: NY County. LLC formed in Delaware (DE) on 06/11/24. Princ. office of LLC: 111 W. 33rd St., NY, NY 10120. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co. (CSC), 80 State St., Albany, NY 12207. DE addr. of LLC: c/o CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, 401 Federal St., Ste. 3, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Formation RMMAP LLC. Arts of Org Filed 7/3/24. Office: NY Co. SSNY designated as agent for process & shall mail to: 222 W. 77th ST. #324228, NY, NY 10024. Registered Agent: United States Corporation Agents, Inc., 7014 13th Ave , Ste 202, Bklyn, NY 11228. Purpose: Any lawful actvity.

Notice of Qualification of RADIATE CAPITAL PARTNERS, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 07/19/24. Office location: NY County. LLC formed in Delaware (DE) on 07/21/23. Princ. office of LLC: 3 Columbus Circle, 24th Fl., NY, NY 10019. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co. (CSC), 80 State St., Albany, NY 12207-2543. DE addr. of LLC: c/o CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, Div. of Corps., John G. Townsend Bldg., 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Qualification of MATRIX HOLDINGS II DE L.P. Appl. for Auth. filed with Secy. of State of NY (SSNY) on 06/24/24. Office location: NY County. LP formed in Delaware (DE) on 04/18/24. Princ. office of LP: c/o The Blackstone Group Inc., 345 Park Ave., NY, NY 10154. Duration of LP is Perpetual. SSNY designated as agent of LP upon whom process against it may be served. SSNY shall mail process to the Partnership at the princ. office of the LP. Name and addr. of each general partner are available from SSNY. DE addr. of LP: Corporation Service Co., 251 Little Falls Dr., Wilmington, DE 19809. Cert. of LP filed with Secy. of State of the State of DE, Jeffrey W. Bullock, 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Qualification of AMP CAPITAL VENTURES, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 07/08/24. Office location: NY County. LLC formed in Delaware (DE) on 07/01/24. Princ. office of LLC: 90 Park Ave., NY, NY 10016. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co. (CSC), 80 State St., Albany, NY 122072543. DE addr. of LLC: CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with DE Secy. of State, John G. Townsend Bldg., 401 Federal St., Dover, DE 19901. Purpose: Any lawful activity

Notice of Qualification of CONSTRAFOR IRIDIUM LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 07/17/24. Office location: NY County. LLC formed in Delaware (DE) on 03/13/24. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co. (CSC), 80 State St., Albany, NY 12207-2543. DE addr. of LLC: c/o CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with DE Secy. of State, John G. Townsend Bldg., 401 Federal St., Dover, DE 19901. Purpose: Any lawful activity

Notice of Formation of MOMOHEALTH LLC Arts of Org filed with Secy of State of NY (SSNY) on 5/13/24. Office Location: NY County. SSNY designated as agent upon whom process may be served and shall mail copy of process against PLLC to 1466 1st Ave, 3A, NY, NY, US 10075. Purpose: any lawful act.

Notice of Qualification of FOUR LION CAPITAL GP, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 07/16/24. Office location: NY County. LLC formed in Delaware (DE) on 07/09/24. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Four Lion Capital, LP, 575 5th Ave., 15th Fl., NY, NY 10017. DE addr. of LLC: c/o Corporation Service Co., 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State of DE, Dept. of State, Div. of Corps., John G. Townsend Bldg., 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Qualification of RADIATE CAPITAL, LLC

Appl. for Auth. filed with Secy. of State of NY (SSNY) on 07/19/24. Office location: NY County. LLC formed in Delaware (DE) on 09/27/22. Princ. office of LLC: 3 Columbus Circle, 24th Fl., NY, NY 10019. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co. (CSC), 80 State St., Albany, NY 12207-2543. DE addr. of LLC: c/o CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, Div. of Corps., John G. Townsend Bldg., 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Qualification of ESRT 130-136 NORTH 6TH STREET, L.L.C. Appl. for Auth. filed with Secy. of State of NY (SSNY) on 07/09/24. Office location: NY County. LLC formed in Delaware (DE) on 06/11/24. Princ. office of LLC: 111 W. 33rd St., NY, NY 10120. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co. (CSC), 80 State St., Albany, NY 122072543. DE addr. of LLC: c/o CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, 401 Federal St., Ste. 3, Dover, DE 19901. Purpose: Any lawful activity.

Contractor behind Queens-Midtown Tunnel leak in Manhattan has faced prior accusations of damage

yB Caroline Spivack

e Queens-Midtown Tunnel was shut down at midday on Sept. 4 after a city contractor mistakenly drilled a hole into the underwater passage, sending water streaming into the well-traveled tube and upending tra c for hours.

An emergency contractor repaired the leak and access to the tunnel resumed about six hours after the drilling mishap. City ocials say they are actively investigating the debacle, but this isn’t the rst time the contractor, which the city’s Economic Development

Bill de Blasio’s administration led preliminary court papers in state Supreme Court in Manhattan against Warren George Drilling Specialists and contractor Meuser Rutledge Consulting Engineers to recover costs for “negligence” in causing damage to a 12 inch-diameter city water main on Roosevelt Island.

Previous cases

e city initially said it wanted the contractors to pay at least $52,097 to cover repair costs, along with applicable interest and fees.

Two lawsuits, which were ultimately dismissed, involved claims the New Jersey rm allegedly harmed city and private property.

Corp. identi ed as New Jerseybased Warren George Drilling Specialists, has faced accusations of damaging city and private property.

In January 2017, former Mayor

Representatives from the city’s Law Department told Crain’s that it ultimately did not pursue the case but did not clarify why ofcials decided to drop the matter.

When reached by phone, a representative for Warren George declined to comment on the 2017 accusations.

ree months later that same year, in March 2017, RCN Telecom Services of New York — now known as Astound Broadband —

CLASSIFIEDS

CL VISTA HOLDINGS LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 8/02/24. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to; 1293 Broadway, NY, NY 10001, USA Purpose: Any lawful activity

Notice of Formation of VICTORYFIEDLER ACQUISITION, LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 07/24/24. Office location: NY County. Princ. office of LLC: 30 Hudson Yards, 72nd Fl., NY, NY 10001. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co., 80 State St., Albany, NY 12207. Purpose: Any lawful activity.

DREAM VARIATION

ENTERTAINMENT LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 6/12/24. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to; 2248 Broadway, #1153, NY, NY 10024

Purpose: Any lawful activity

Notice of Formation SKOPE CONSULTING LLC. Arts of Org Filed 6/10/24. Office: NY Co. SSNY designated as agent for process & shall mail to: 228 Park Ave S #894016, NY, NY 10003 Registered Agent: United States Corporation Agents, Inc., 7014 13th Ave , Ste 202, Bklyn, NY 11228. Purpose: Any lawful actvity

led a lawsuit in state Supreme Court in Manhattan claiming Warren George drilled into a sidewalk in Ridgewood, Queens, and struck an underground ber optic cable owned by the telecommunications company. e incident, RCN said in court

Notice of Formation of LIBERTY HILL PARTNERS LLC Arts of Org filed with the SSNY on 7/26/24 . Office: NY County. SSNY designated as agent upon whom process against it may be served. The SSNY shall mail a copy of any process against the LLC served upon him/her is: 228 Park ave S #566585, NY, NY 10003, USA.. Purpose: any lawful act or activity.

papers, allegedly unfolded on March 17, 2014, while Warren George was conducting work for the city’s Department of Environmental Protection.

RCN said that the damaged cable supported its customers in Manhattan and Brooklyn, and

repairing the issue cost the company more than $314,000.

e company wanted Warren George, along with telecommunications company Verizon (whose underground duct held the cable), to pay the costs of repairing the infrastructure. In a June 2021 order, a judge dismissed four out of six of RCN’s arguments; the court case was discontinued in August 2023.

Astound declined to comment on how the case was resolved or if it ever received a payment from Warren George.

Warren George Drilling Specialists, which was founded in 1944, is led by President Anthony Trio, a longtime employee at the company who took over in 2006 after the death of his predecessor, Frank Gregory. In 2023, the rm generated $16.6 million in revenue, according to data company Zoominfo.

Notice of Formation of TENFORTY CENTRAL LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 08/13/24. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC, 590 Madison Ave., 6th Fl., NY, NY 10022. Purpose: Any lawful activity.

Notice of Formation of CHIP MEDIA LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 07/17/24. Office location: NY County. Princ. office of LLC: 435 Hudson St., NY, NY 10014. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Service Co., 80 State St., Albany, NY 12207-2543. Purpose: Any lawful activity.

Notice of Formation of LEGACY NATIONAL TITLE AGENCY, LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 08/13/24. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co., 80 State St., Albany, NY 12207-2543. Purpose: Any lawful activity.

Notice of Formation of ZACHARY COLIN DREW LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 7/26/24. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to 15 E. 30th St Apt 31E, NY, NY 10016. Purpose: Any lawful activity

Notice of Qualification of COMFLUENCE LLC

Appl. for Auth. filed with Secy. of State of NY (SSNY) on 08/22/24. Office location: NY County. LLC formed in Delaware (DE) on 08/19/24. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Service Co., 80 State St., Albany, NY 12207-2543. DE addr. of LLC: 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, Div. of Corps., 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Formation of 34 WEST 95TH STREET LLC

Notice of Formation of KOPRULU DESIGN LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 5/27/24. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to 244 Madison Ave #1105, NY, NY 10016. Purpose: Any lawful activity

Arts. of Org. filed with Secy. of State of NY (SSNY) on 08/22/24. Office location: NY County. Princ. office of LLC: 34 W. 95th St., NY, NY 10025. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC at the addr. of its princ. office. Purpose: Any lawful activity.

Notice of Qualification of 522 FIFTH AVENUE LENDER LLC

Appl. for Auth. filed with Secy. of State of NY (SSNY) on 08/14/24. Office location: NY County. LLC formed in Delaware (DE) on 08/13/24. Princ. office of LLC: 1 Vanderbilt Ave., NY, NY 10017. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co., 80 State St., Albany, NY 12207-2543. DE addr. of LLC: 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Jeffrey W. Bullock, 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity.

NOTICE OF FORMATION of SOMETHING ABOUT L.L.C. Arts of Org filed with Secy. of State of NY (SSNY) on 7/3/24. Office location: NY County. SSNY designated as agent upon whom process may be served and shall mail copy of process against LLC to 228 Park Ave S, #584937, NY, NY 10003. R/A: US Corp Agents, Inc. 7014 13th Ave, #202, BK, NY 11228. Purpose: any lawful act.

A road sign for the Queens-Midtown Tunnel in Manhattan BUCK ENNIS

COURTS

growing, it’s not slowed down one bit, especially in Manhattan,” said Ryan Brister, vice president of operations for Life Time’s New York and New Jersey operations.

Individual pickleball memberships at Life Time go for $329 per month, and that does not include the $60 per hour fee to rent a court. Despite the cost, Brister’s team continues to see week-over-week membership growth, even during the summer months when free outdoor courts are available. “We think going into the fall and by the winter time, we will probably be at a waitlist, managing the capacity of how many unique users we can build out per court.”

Most new facilities popping up around New York are not full-service experiences like CityPickle and Life Time, though. e majority of new courts are lower-budget play spaces, like the city’s conversions of some old tennis facilities in public parks.

The new popular amenity

Real estate developers are also building out courts to attract tenants. e landmarked Seagram Building at 375 Park Ave., for example, installed pickleball courts in 2022 among an array of other new amenities in hopes of lling vacancies, an e ort that has large-

ly been successful.

“Pickleball is one of the largest, most popular amenities for new (homeowners associations), new condos,” said Scott Miller, CEO of PickleTile, an Austin, Texas-based construction company specializing in pickleball courts. e appeal for developers, he thinks, is pickleball requires less space than other amenities like tennis courts or swimming pools. His team can t four pickleball courts in the same space it would take to build

Miller acknowledges the pace at which courts are being constructed may slow, but he is bullish it won’t stop anytime soon. “At some point everything will peak, but I still think we’re in the infant stages,” he said. “Right now you might feel like, ‘Wow, there’s so many pickleball courts being built,’ but it’s just a correction. It’s playing catch-up.”

“At some point, yes, there will be enough pickleball courts to service the demand, and you might

see a gradual slowdown in new court construction,” he added, “but I think we’re still a couple years out from that.”

He said pickleball has been expanding despite having a weight tied to its ankles holding it back. e slowing force: noise. Pickleball is inherently loud, and many project planners, particularly those in the suburbs, have struggled to ease neighbors’ concerns over the possible disturbance.

But soundproo ng technology

is advancing, and developers are able to pitch projects without fear of such pushback. is month, PickleTile is set to debut a new court design that suppresses sound by about 50%. And while the prototype is more costly — a single sound-suppressing court installation from PickleTile costs about $105,000, compared with their standard $65,000 to $75,000 — Miller said buy-in has already been strong and it’s proof that pickleball’s ceiling may keep getting higher.

The future of pickleball

It’s impossible to say exactly how many pickleball courts New York needs. Perhaps the sport will dwindle out and the courts will be repurposed with whatever becomes the next big amenity. Or maybe the sport will further in ltrate the mainstream and pickleball will become as commonplace in public parks as tennis is now.

For Cannon, though, the scenes she sees at the courts make it clear: Pickleball, especially in Manhattan, is a long way from reaching its peak. “In dense urban areas, we’re a long way out” from pickleball courts oversaturating the market, she said. “I do see in ve years in suburban markets where land is plenty, this could be a question, but we’re not even close to there yet.”

In New York, she added, there may never be enough courts.

one tennis court.

Pickleball courts at Life Time Fitness. COURTESY OF LIFE TIME

Brooklyn fashion model shines in Paris — but for fencing skills

Anne Cebula, 26, was part of Team USA in the 2024 Olympics

Anne Cebula didn’t need to return home from the 2024 Paris Olympic Games with a gold medal around her neck to feel victorious.

e 26-year-old Brooklyn native and two-time national fencing champion already felt like a winner just by getting the chance of a lifetime to compete for Team USA. “It’s been a dream of mine since I was little. It was surreal,” Cebula said, adding that family and friends encouraged her to explore the European city while she was abroad, but she preferred to stay “present” inside the Olympic village. “I really enjoyed the camaraderie and meeting other athletes.”

Cebula’s love for the unconventional sport started when she was a kid watching the 2008 Olympics in Beijing — one of the men’s nal rounds that ended in a tiebreaker.

“Everyone’s yelling, screaming, ripping o their masks, and I thought it was the most beautiful thing I’d ever seen,” she said. “Even though I had no idea what was going on, it just looked super dramatic. It looked like an opera.”

But it would be a few more years before she nally got to participate. She rst learned the sport at 15 years old while a student at Brooklyn Tech high school; she was near-

ly double the age that kids typically start. In addition to her public high school club team, Cebula also participated in private fencing clubs across the city and summer camps to continue learning.

Now, more than a decade later, Cebula is a proud Olympian. She placed seventh for women’s Team Epee — one of fencing’s three weapons — in Paris this year, won the World Junior Championships in 2018 for Individual Epee, and was a top nisher during last year’s World Championships, coming in 10th for women’s Team Epee. Her late start clearly had not held her back.

“I think because I wanted to do it so badly for so long that it really helped speed up the process,” she said.

Walking the runway

But fencing’s traditional allwhite garb is not Cebula’s only dress code. Outside of the piste — what’s known as the play area — Cebula walks the runway as a model, getting to travel the world for both of her gigs.

Standing 5 feet 11 inches tall, Cebula was scouted on the street as a teenager, coincidentally while on her way to fencing practice.

By | Julianne Cuba

After graduating from college, Cebula signed with the modeling agency Elite in 2020.

She had enrolled at Fordham University and then transferred her sophomore year to Barnard College, where she walked onto Columbia’s fencing team (Barnard has an academic partnership with Columbia University). Not only did she excel in fencing, she also buried her head in her books, earning her bachelor’s degree in neuroscience and behavior and then pursuing a premed post-baccalaureate program after graduation.

Cebula has been able to monetize all of her interests and talents. In addition to fencing and modeling, she also worked in a doctor’s o ce for two years as an administrative assistant. She notes that fencing doesn’t pay very well, which informs her busy schedule.

“I’d be going to [model] castings in the morning and take my fencing bag with me, and it would end up being a conversation starter. And then I’d run to fencing practice in the evenings.”

Although Cebula will always have a passion for the sport, she’s putting her epee on reserve for a while as she considers an entirely new path forward — medical

Age 26

Grew up Bensonhurst, Brooklyn

Resides Bensonhurst, Brooklyn

Education Bachelor’s in neuroscience and behavior, Columbia University

Out of the piste Cebula loves gallivanting around the city, exploring new things and checking out art galleries with her boyfriend. Must-watch Her favorite movie is probably “Interstellar,” she said. “It’s like a comfort movie — such a sweet message of a father-daughter duo.” And she enjoys the television series “The Bear.”

Giving back Cebula said she wants to get involved in youth development and teaching kids how to fence.

Anne Cebula

Anne Cebula at the NY Fencing Academy. BUCK ENNIS

Rick Cotton

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