A lawsuit to roll back New York’s rent freeze will move from Staten Island to Manhattan. Judge Ralph Porzio of Richmond County, a Republican, handed down the decision in the case Friday.  Plaintiffs, landlords who own rent-stabilized units, had originally filed the case in Richmond County. But the city successfully convinced a judge that the venue was improper and the case should be heard in Manhattan. The city argued that Manhattan was the appropriate venue because the board made its decision and held hearings in New York County. The transfer means the Mamdani administration will face a potentially friendlier audience […]

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China’s regulator ordered changes after vehicle occupants sometimes had difficulty exiting electric cars with retractable door handles after crashes.

Newly revealed testimony by Meyer Chetrit paints a dim picture of the family real estate empire that once counted a portfolio valued at nearly $1 billion.  In depositions dating back to March and April, Meyer detailed how the company he co-runs with Joseph Chetrit ran out of funds and supposedly ceased business dealings, Bisnow reported. The deposition was among several made public last week, according to Crain’s. Meyer stated that the Chetrit Group’s portfolio was valued at negative $80 million, a far cry from its billion-dollar valuation it sported less than four years ago. That valuation came courtesy of calculations […]

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He pioneered a technique for using computers to predict short-term movements in stock prices, something that proved to be hugely lucrative — when it worked.

Facing pressure in the United States and Europe, Shein is struggling to find new ways to grow ahead of its much-delayed initial public offering.

No hurricane-strength storms have formed yet this year in the Atlantic basin, but the limiting activity isn’t certain to continue.

Mayor Zohran Mamdani’s administration is seeing the light at the end of its chaotic rollout of a pied-à-terre tax.  After weathering rebukes from lawmakers and a legal challenge from homeowners represented by former Deputy Mayor Randy Mastro, an appeals court greenlit implementation of the levy to continue apace until oral arguments take place on Aug. 31. Despite all the noise and pushback the administration has faced over its first stab at taxing the rich, most recently getting flack for its no-show at a Council oversight hearing this week, the underlying policy remains intact.  The central issue for lawsuit plaintiffs, homeowners […]

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The debate over a rent freeze in New York hinges on the argument that tenants in rent-stabilized units cannot afford an increase. Tenant-side advocates are saying this often. They decried the 3 percent increase approved by Eric Adams’ rent board last year.  Concern about tenants’ ability to pay is reaching landlords. In data published earlier this month by the NYC Housing Partnership, more than three-quarters of survey respondents, practitioners in for-profit affordable housing, said they’re concerned that residents will be unable to afford the rent increases needed to sustain building operations. “I think the Mamdani administration has it right that […]

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No hurricane-strength storms have formed yet this year in the Atlantic basin, but the limiting activity isn’t certain to continue.

Treasury Secretary Scott Bessent has vowed to step up efforts to restore calm to the debt markets. So far, it’s not working out that way.