NEW YORK — Jonathan Majors was back in court Tuesday, facing the woman accusing him of assault.
Grace Jabbari, 30, was on the stand, detailing how they met on the set of the movie “Ant-Man and the Wasp: Quantumania.” She told jurors the relationship intensified quickly before it became abusive.
As CBS New York’s Jessica Moore reports, Jabbari sobbed as she told the jury Majors, 34, threw glass candles at her head when she asked if he was OK, didn’t speak to her for days because she went to a music festival, and berated her for mentioning an ex-boyfriend. Testimony stopped at one point because she was overcome with emotions.
The jury heard a recording of Majors yelling at Jabbari, calling himself a great man and telling her he needed a woman like Michelle Obama.
Prosecutor’s say Jabbari’s testimony paints a picture of systemic abuse by Majors that culminated with the events of March 25, 2023, in Chelsea.
Majors faces two charges of assault in the third degree, as well as harassment and aggravated harassment.
What happened during the alleged domestic assault?
Majors was accused of hitting Jabbari during in the back of a chauffeured SUV back in March and then shoving her back into the car after they had gotten out. Jabbari claimed she tried to grab Majors’ phone after she saw a text message from another woman that said, “Wish I was kissing you right now.”
Prosecutors say as he tried to retrieve his phone from her, Majors then slapped Jabbari, fractured her finger, twisted her right arm behind her back and struck her right ear, causing her to bleed. After they got out of the vehicle, he allegedly pushed her back inside, causing her to fall backward.
Jabbari was treated at a hospital for minor injuries to her head and neck, police said. She was granted a temporary order of protection.
Majors and his attorney have claimed Jabbari was the one who attacked him, saying she was having an “emotional crisis” and Majors was a victim defending himself. His lawyer, Priya Chaudhry, said she has video evidence showing, “irrefutable evidence that the woman is lying, including video proof showing nothing happened, especially not where she claimed.”
Choudhry said Majors was the only person who emerged bloody from the car after Jabbari scratched him. The defense also argued Jabbari spent the next few hours partying with strangers, showing no signs of physical injury.
Why was Jabbari arrested and released?
Majors was arrested on March 25 on suspicion of strangulation, assault and harassment. Police responded to a 911 call for a domestic dispute around 11:14 a.m. at an apartment in Chelsea.
Officers said they determined Majors and Jabbari were involved in a domestic dispute, and they arrested Majors at the scene. He claimed Jabbari had attacked him.
Six months later, police arrested Jabbari on charges of misdemeanor assault and criminal mischief.
Majors’ attorney had provided video evidence that she claimed showed Jabbari was responsible for the assault. Police opened an investigation into Jabbari based on a cross-complaint filed by Majors.
Prosecutors pointed to “concerning” discrepancies in the evidence handed over by Majors’ attorney, including a witness who said a statement provided by him was false. The witness was quoted saying he watched Majors “gently” place Jabbari into the car after she slapped him. He said he never wrote that statement, according to the district attorney’s office.
“The matter is now closed and sealed,” said Doug Cohen, a press secretary for the prosecutor’s office.
Prosecutors Kelli Galloway and Michael Perez said the Manhattan District Attorney’s office plans to present 14 witnesses and they would need six days to present their case.
Before opening statements Monday, both sides agreed to consolidate the charges Majors is facing, so the jury can more easily understand and make a decision.
The judge also granted a request to show the jury police body camera video of Jabbari but without audio. The video was taken after the alleged altercation as she was speaking with officers.
Majors’ attorney will cross-examine Jabbari on Wednesday morning. The trial is expected to last two weeks.
If convicted, Majors could spend up to one year in prison.
NEW YORK — Protesters temporarily interrupted the annual Macy’s Thanksgiving Day Parade as it marched through New York City.
The iconic balloons and marching bands had to veer around the demonstrators, who laid down in the street, but it did not stop the 97-year event from going on.
It’s not yet clear what the protest was about or if anyone was arrested.
CBS New York’s Jenna DeAngelis spent Thursday morning along the parade route, where the sights and sounds lit up the faces of all ages lined up to take in the near-century-year-old tradition.
She spoke with a family from Virginia, who said the parade lived up to its hype.
“It means a lot, because I’ve never see the Macy’s day parade and I’m so excited,” Syndney Abeyta told DeAngelis.
“Definitely in person versus watching it on TV. I grew up in California always watching it on TV, so being here is definitely a first-time experience,” Nacho Abeyta said.
“This is the best experience. We’re excited,” said Shermila McKinney of Mississippi, adding when asked if the parade lived up to the hype, “One hundred percent, yes!”
THANKSGIVING DAY PARADE: John Dias is out on the route, giving us a look at this year’s parade! 🦃
Posted by CBS New York on Thursday, November 23, 2023
There’s nothing quite like a front-row seat to see the six balloonicles, 31 floats, 18 performers, 29 clown crews, 11 marching bands, and more. Seven new featured balloons debuted this year, including Kung Fu Panda’s Po and the Pillsbury Doughboy.
“It’s special to be here, I love coming to the city,” said Brianna Laucella, of Wantagh.
Twins Donald and Ephram have their birthday coming up in two days. Donald has stage 4 high-risk neuroblastoma. The parade is how he wanted to celebrate turning 8. The NYPD made it happen, giving him special access.
“To be able to celebrate my kids and have him with us another year just means everything and that’s what were grateful for,” mother and Staten Island resident Nickell Morgan said.
Ahead of the parade, the NYPD shared its safety measures, including new technology.
“Security begins the day after last year ends,” Commissioner Edward Caban said.
“We can send our drone truck to the location, get a bird’s-eye view of exactly what’s going on,” Assistant Commissioner Kaz Daughtry said.
“We’re able to monitor the balloons, keep an eye on people, and make sure everyone is safe,” Chief of Department Jeffrey Maddrey added.
Police said they plan for the parade all year, aiming for a safe and happy Thanksgiving for all.
From interest rates and economic indicators to global events and local work patterns, the market’s … [+] trajectory is shaped by many elements. While challenges persist, we are watching the resilience and dynamism of Manhattan real estate, which remains one of its defining features.
getty
Manhattan, the heart of New York City, is a focal point of global real estate interest, and its dynamic market reflects various economic, social, and geopolitical factors. Given its relative importance, here are five critical areas or factors poised to influence the Manhattan real estate market in the upcoming months. Through a combination of data-driven insights and market trends, this piece attempts to provide some indications of the potential directions the Manhattan market might take in the months ahead.
No. 1: Interest and Mortgage Rates
With the interplay between the Federal Reserve’s target rate, the 10-year Treasury yield, and mortgage rates, significant shifts in these rates can impact the Manhattan real estate market. Notice the sizable positive move in rates compared with the downward move in contracts signed. While the correlation between mortgage rates and demand is negligible, the historically significant rate movement has certainly forced buyers to reexamine affordability questions.
What we’re watching: If the Fed Funds futures, as they stand today, are correct, and the Fed starts to cut rates in May or June next year, we may start to see a decrease in mortgage rates. Such a scenario can potentially boost demand, especially in a market that is not oversupplied, as present expectations about future costs become more manageable.
% Change Since April 2022
UrbanDigs
No. 2: The Strength of the General Economy
The S&P 500, often seen as a barometer for the general economy, provides insights into the health and direction of the broader market. If interest rates stabilize or decline, the stock market might experience another leg up, potentially driving more demand in the real estate market. A buoyant stock market often signals increased consumer confidence, which usually translates to more activity in the real estate sector. Despite rising rates and recessionary threats, the S&P 500 has shown remarkable adaptability since January 2022, suggesting a resilience that underscores the US economy.
What we’re watching: If the economy manages to avoid a much-predicted recession and consumers remain strong, the wealth effect may come back into play and drive Manhattan sales once again, especially in the luxury sector.
Manhattan Contracts Signed vs. S&P 500 | Truncated at +100% to show detail
UrbanDigs
No. 3: The 2024 Presidential Election
Historical data reveals a noticeable trend in the Manhattan real estate market around election periods. There’s a tendency for both supply and demand to dip. While this may be due to uncertainties associated with elections, it is likely more of a seasonal effect as the Manhattan market usually begins slowing down for the holidays around the same time. Either way, buyers and sellers tend to adopt a cautious approach to the market, leading to reduced activity. Post-election clarity sets in around the same time as the busy spring season begins. Manhattan usually sees a burst of activity in March/April, which is more likely due to seasonal patterns versus waning uncertainties.
What we’re watching: If the 2024 election becomes another diametric choice on policy, buyers may pause to wait it out, forcing must-sellers to cut prices to drive demand.
No. 4: Geopolitical Uncertainties
Global events, especially in regions like the Middle East and Ukraine, can cast ripples across global markets, including real estate. While the direct correlations can be intricate, such geopolitical tensions sometimes lead investors to seek safety.
What we’re watching: If events begin to cast a more global shadow, we could see increased demand for safer, US-dollar-denominated assets, which could translate into a bid for Manhattan condos from foreign investors.
No. 5: Return-to-Office Dynamics
The evolving landscape of work, especially the hybrid model, has brought about significant changes in Manhattan. According to a white paper by foot traffic analytics firm Placer.ai, the percentage of Manhattan workers back in the office recovered to more than 80% of its January 2020 level in June. Although this number has seemingly stalled at these levels, it does suggest that the previous work-from-home mentality in 2021 and early 2022 did not significantly deter transactions and that further gains could help revive the economic health of local businesses, building a foundation for buyer demand.
What we’re watching: If Manhattan workers continue their return to the office, Manhattan’s real estate could see increased demand from current commuters or those looking to remain in vibrant, urban neighborhoods.
Looking Ahead at 2024
As the last few weeks of the fall season fade away, the Manhattan real estate market stands at a crossroads, with various macro and micro factors vying for influence. From interest rates and economic indicators to global events and local work patterns, the market’s trajectory is shaped by many elements. While challenges persist, we are watching the resilience and dynamism of Manhattan real estate, which remains one of its defining features.
Reported bombs at separate Jewish sites caused alarm on Saturday and prompted NYPD as anti-Semitic incidents sparked by the war in Gaza continue to rise, police said.
First, police were called to Holocaust Memorial Park on West End Ave. in Sheepshead Bay, Brooklyn, just before 10 a.m. when someone walking through the park found a grenade among the markers dedicated to Jews killed during the Nazi regime.
The NYPD Bomb Squad was called and ultimately cleared the scene after the grenade was found to be inert, an NYPD spokesman said.
An NYPD counterterrorism officer stands in front of Central Synagogue after a bomb threat was received on Nov. 11, 2023, in Manhattan. (Theodore Parisienne for New York Daily News)
No one was injured and no arrests were made.
Less than an hour later, someone texted 911, claiming that he had left two backpacks filled with pipe bombs inside Central Synagogue on Lexington Ave. near E. 54th St. in Midtown.
Cops responded to the scene, but found nothing, cops said. The synagogue wasn’t evacuated.
The two incidents come as hate crimes against Jews in the city has nearly tripled during the month-long war in Israel.
Since Oct. 7, when a series of sneak attacks on Israeli communities near Gaza sparked the ongoing conflict, the NYPD has investigated 82 anti-Semitic incidents, 31 more than the previous year. That’s a jump of 164%, cops said.
NYPD officers responded to a bomb threat after a man called and stated he placed two backpacks filled with pipe bombs inside of the occupied Central Synagogue located on Lexington Ave. in Manhattan on Nov. 11, 2023. (Theodore Parisienne for New York Daily News)
There have also been eight hate crimes against Muslims. This time last year there were none, cops said.
Throughout October, 69 anti-Semitic incidents were reported in the city, compared to 22 in October 2022 — a 214% increase, officials said.
Blowback from the war in Israel is a daily concern for Jewish New Yorkers, Bob Moskovitz, executive coordinator of the Flatbush Shomrim Safety Patrol in Brooklyn, told the Daily News Wednesday.
“We’re feeling it 100%,” Moskovitz said of the uptick in hate crimes. “Our hotline, which the community utilizes to report any incident has probably increased in this last month and a half by 300%. The phone is simply not stopping.”
The NYPD has bolstered patrols in Chelsea Friday as they prepare for large crowds and possible mayhem over an energy drink company’s “golden bottle” contest similar to a recent PlayStation giveaway over the summer that ended in a riot, officials said.
Cops have set up barricades, keeping a careful watch as over-caffeinated fans of Prime Energy Drink enter a pop-up shop on W. 15th St. near Ninth Ave. and try their luck entering a six-digit code that will free a 24K gold Prime bottle from a bulletproof case.
The bottle is worth $500,000, Prime Energy Drink co-founders Logan Paul and Olajide Olayinka Williams “JJ” Olatunji said on Tik Tok.
A view of a solid gold PRIME bottle as Logan Paul visits “Varney & Co.” at Fox Business Network Studios on November 10, 2023 in New York City. (Photo by Cindy Ord/Getty Images)
Paul and Olatunji, known professionally as KSI, have become internet celebrities as they use social media to hawk their energy drink. Their TikTok page has over 4 million followers and their Instagram page has nearly 2 million.
Logan Paul visits “Varney & Co.” at Fox Business Network Studios on November 10, 2023 in New York City. (Photo by Cindy Ord/Getty Images)
In August more than 5,000 people showed up at Union Square after Twitch star Kai Cenat announced that he was going to be giving out free PlayStation consoles.
Cenat and four others were arrested on misdemeanor crimes and an additional 60 people were given summonses for disorderly conduct.
Union Square Riot
Barry Williams for New York Daily News
People are pictured in Union Square on Friday, August 4, 2023 in Manhattan, New York. More than 5,000 people showed up at Union Square after Twitch star Kai Cenat announced that he was going to be giving out free PlayStation consoles. (Barry Williams for New York Daily News)
Holding up a copy of the Daily News’s coverage of the riot, Cenat condemned his followers’ actions and the mayhem they caused.
“I don’t condone any of the things that went on that day,” he said.
State officials estimate more than 60,000 marijuana-related jobs will come online by the end of 2025.
The Criminal Justice Equity Initiative, also known as CJEI, is working to make sure people who were arrested on marijuana charges, in what was “the war on drugs,” get some of those jobs as they become available.
What You Need To Know
State officials estimate more than 60,000 marijuana-related jobs will come online by the end of 2025
The purpose of the program is to prepare those incarcerated for marijuana-related convictions with job training and mentorships, then get them into the New York’s budding market
The 16-week program is a collaboration with several groups
“When you have an opportunity to make changes in your life for the better, take those opportunities, because they might not be around forever,” said Keith Gaffney, CJEI participant.
While second chances are tough to find, though, Gaffney said he’s had his fair share of them.
“In the 90s I used to be a part of street life,” Gaffney said.
Selling marijuana kept the Harlem-native in and out of prison for 16 years.
Each fresh start getting out was ruined by a return to selling drugs.
“I had a lot of time to self-reflect, and in reflecting I realized that criminal lifestyle didn’t really reflect who I am,” Gaffney said.
He said this time is already different.
After being released in 2020, while working on reintegrating back into society, Gaffney met Jamil Myrie.
Sam Bankman-Fried’s former top executive for his crypto hedge fund says the collapse of FTX left her feeling “relief that I didn’t have to lie anymore.”
In emotional testimony in Manhattan federal court on Wednesday, Caroline Ellison blamed Bankman-Fried for crafting justifications for conduct that was wrong and illegal.
Ellison, the former CEO of Alameda Research, recalled Bankman-Fried’s contention that he wanted to do the greatest good for the most people, and that edicts such as “don’t lie” or “don’t steal” had to be ignored at times.
Testifying for a second day, Ellison said she thought her onetime romantic partner’s philosophy made her “more willing to do things like lie and steal over time.”
After several hours on the witness stand, Ellison got choked up as she described the final days of FTX and Alameda, saying that the early November period before the businesses filed for bankruptcy “was overall the worst week of my life.”
Ellison said she felt bad for “all the people harmed” when there wasn’t enough money left for all of FTX’s customers and Alameda’s lenders.
When the collapse happened, Ellison said it left her with a “sense of relief that I didn’t have to lie anymore.”
Balancing Act
Earlier in her testimony, Ellison disclosed she changed balance sheets to try to hide that Alameda was borrowing about $10 billion from FTX customers in June 2022, when the cryptocurrency market was plummeting and some lenders were calling on Alameda to return their money.
Ellison at one point said she had created seven different balance sheets after Bankman-Fried told her to figure out ways to cover up things that might cast a negative light on Alameda’s operations.
“I didn’t really want to be dishonest, but I also didn’t want them to know the truth,” the 28-year-old said.
Ellison said in years past, she never would have thought she’d be sending phony balance sheets to lenders or misallocating customer money, “but I think it became something I became more comfortable with as I was working there.”
Ellison said she dreaded what would occur if customer withdrawals from FTX couldn’t be covered or that what they had done would become public.
“In June 2022, we were in the bad situation and I was concerned that if anybody found out, it would all come crashing down,” she said.
That crash came last November, when FTX couldn’t fulfill a rush of customer withdrawals, forcing it into bankruptcy and prompting investigations by prosecutors and regulators.
Bankman-Fried, 31, has pleaded not guilty to fraud charges. His lawyers argue he was not criminally responsible for the demise of his businesses.
Initially confined to his parents’ Palo Alto, California, home under terms of a $250 million bond, Bankman-Fried has been jailed since August after Judge Lewis A. Kaplan concluded that he had tried to improperly influence potential witnesses, including Ellison.
The son of Stanford University law professors, Bankman-Fried is accused of funneling billions of dollars from FTX to Alameda, allegedly using as much as $10 billion in customer deposits to cover luxury real estate purchases and large political donations. He faces a potential prison term of more than a century if convicted of federal fraud and money-laundering charges.
A modern perch overlooking Madison Square Park in Manhattan is on the market for $7.2 million.
Elegran
In the late 19th century, Manhattan’s elite lived largely in tony brownstones around Madison Square Park. The neighborhood remains a hot address, with a glass skyscraper redefining luxury living near the historic 6.2-acre green space.
There are just 83 condominiums, two per floor, at the glass-walled Madison Square Park Tower at 45 East 22nd Street. The Midtown building, completed in 2017, has a granite base (to match the period buildings at street level) and widens as it rises 777 feet into the air.
Located inside Madison Square Park Tower, the property is reached via semi-private elevator.
Elegran
Now one of the residences, 46-A, is on the market for $7.2 million.
At this residence with a semi-private elevator, floor-to-ceiling glass walls deliver 360-degree city views 24/7. The home’s 32-foot corner great room with 10-foot ceilings looks out on landmarks like the Empire State Building, Chrysler Building, Flatiron Building, clock tower at 1 Madison Avenue, Hudson River and more. The open-plan design of the room consists of a living room that flows to the dining area and the kitchen, which showcases custom cabinetry designed by Molteni and appliances by Sub-Zero and Miele.
The home’s lofty location within the building allows for 360-degree views through walls of glass.
Elegran
The 2,490-square-foot home contains three bedrooms. The primary bedroom, which has panoramas of downtown and the Hudson River, and two others have en suite bathrooms. Each bathroom is outfitted with an oversized shower, double vanity, radiant heated floors and soaking tub located near windows. There’s also a laundry area and a wet bar.
Lifestyle amenities at the tower include a fitness center, playroom for children, library and club on the 54th floor with city views.
The property’s corner great room takes in views of the Empire State Building, Chrysler Building, … [+] Flatiron Building, clock tower at 1 Madison Avenue, Hudson River and more.
Elegran
The building was designed by Kohn Pedersen Fox and Golden, and Hill West Architects. Interiors were designed by Stockholm-born Martin Brudnizki’s team.
Listing agent Chris Fry sees a potential buyer as “either a small family or a step-down couple looking for spectacular views,” he said in an email. “I would highly recommend a night showing to appreciate the panorama.”
The kitchen showcases custom cabinetry designed by Molteni and appliances by Sub-Zero and Miele.
Elegran
Madison Square Park was inhabited by the Lenape people in the 1600s. By 1811, it was the largest public space in Manhattan. A century later, the park displayed the first public Christmas tree in the United States The park, with a public garden, playground, open-air museum and dog park, offers city dwellers a sanctuary within Manhattan.
The judge overseeing the civil trial of former President Donald Trump in New York issued a gag order barring those involved in the case from posting information about his staff. Trump is facing allegations he and his company falsified business and personal records for financial gain. CBS News chief election and campaign correspondent Robert Costa reports.
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Former President Donald Trump appeared in a Manhattan courtroom on Monday as the trial in his civil fraud case got underway. CBS News chief election and campaign correspondent Robert Costa reports.
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Taconic Partners repurposed a 325,000-square-foot office building it owned in Manhattan’s West 50s … [+] to create the Hudson Research Center.
Taconic Partners
On the surface, the news from the New York City office sector may look grim: vacancy rates nearing 20%, occupancy rates stubbornly stuck at around 50%, interest rates rising, values dropping, anemic investment sales activity and owners giving keys back to lenders.
Fortunately, that isn’t the full story. As I discussed in my previous Forbes article, landlords are holding onto Class A, well- tenanted buildings even as they let go of others. Additionally,four other strategies show long-term health for the office sector:
Repriced assets are attracting investors to properties with current weak fundamentals but strong potential.
Entities such as Hyundai, NYU and Enchanté are snapping up buildings for their own use.
New York City’s housing crisis has prompted developers to consider office to residential conversions, which I explored in a March 2023 Forbes article.
Also, while office finds its footing, there is another workplace and innovation asset class that continues to see strong demand citywide: life sciences. In fact, this demand is leading a number of owners to explore activity in this appreciating sector.
Life Sciences: Its Own Category
New York City-based developer Taconic Partners, through its subsidiary Elevate Research Properties, is an example of a firm that has seized the opportunity to build life sciences centers after seeing a market gap for options available both to growing innovators and major research institutions and hospital systems. This gap, along with the specialized expertise needed to bridge it, led to the formation of Elevate Research Properties in the first place.
“New York receives the highest amount of National Institute of Health research funding in the country but lags far behind other major cities when it comes to real estate space suitable for life sciences tenants,” said Chris Balestra, President and Chief Investment Officer of Taconic Partners, who was a panelist at Ariel Property Advisors’ July Coffee & Cap Rates event and a recent podcast guest.
New York City has around 2 million square feet of life sciences space compared to 60 million square feet in San Francisco and 40 million square feet in Boston.
And yet, New York City is well-positioned to be a powerhouse in life sciences. The sector already contributes $3.1 billion to the City’s gross metropolitan product and offers unique assets such as:
● Nine major academic medical centers and over 50 hospitals
● 10+ incubators to support early-stage life sciences companies
● New York City research centers that receive over $2 billion in annual funding from the National Institutes of Health (NIH)
● 5,100 life sciences companies, with industry-leading firms attracting more than $1 billion in annual venture capital investment
● 150,000 related jobs
● 7,000+ graduate students and postdocs at universities
“The research is happening here, but then the tenants have to leave to go elsewhere for lab space,” Balestra said. “The vacancy rate for completed and occupiable lab space is practically zero in New York City, so obviously we saw an opportunity to create more space. The imbalance between supply and demand is extreme here.”
The scarcity is showing up in the numbers with the average asking rent for lab exclusive space in Manhattan rising to $122.23/SF NNN in the first quarter, up 19% from 1Q 2022, according toCBRE. In contrast, the overall average asking rent for office space in Class A & B buildings in Manhattan was $74.42/SF gross in 1Q 2023, Colliers reported. There are, however, a range of factors in pricing lab space, including an extensive specialized building infrastructure.
The New York City Economic Development Corporation (NYCEDC) recognizes the potential of the life sciences sector and is committed to seeing it flourish. Through LifeSciNYC, NYCEDC is making a $1 billion investment in life sciences research and development, allocating $430 million for lab and incubator construction and $450 million to spur new research.
Repurposed Buildings vs. New Development
Taconic Partners, which has developed and repositioned over 12 million square feet of office, mixed-use, and retail space, and close to 6,500 units of multifamily housing in the last 25 years, ventured into the life sciences sector after the New York Stem Cell Foundation Research Institute approached the firm about five years ago with a request for lab space.
The Research Institute was specifically interested in a 325,000-square-foot office building Taconic owned in the West 50s that was built in the 1930s as a film-editing house for Warner Brothers Pictures. Taconic agreed to repurpose space for the Research Institute and then constructed additional turnkey lab space and upgraded the building infrastructure to support life sciences tenants, creating what is now called the Hudson Research Center.
Balestra said Taconic Partners and Elevate Research Properties have since expanded their life sciences projects into three additional developments, including the following:
● West End Labs, New York’s newest Class-A research facility, was recently completed and announced its first tenant: Graviton Bioscience. Located at 125 West End Avenue, the $600 million, 400,000-square foot development features a state-of-the-art lab infrastructure, prebuilt lab suites, a 300-person conference and event space and a 15,000-square foot landscaped roof terrace with views of the Hudson River. Originally built by Chrysler as an auto service center and showroom, the property served as part of the New York City headquarters for Walt Disney Company/ABC from 1985-2021.
West End Labs, a $600 million, 400,000-square foot development at 125 West End Avenue, features a … [+] state-of-the-art lab infrastructure, prebuilt lab suites, a 300-person conference and event space and a 15,000-square foot landscaped roof terrace with views of the Hudson River.
Taconic Partners
● A third site, Iron Horse Labs at 309 East 94th Street on the Upper East Side, will combine ground-up construction with an existing structure and stitch the two together to create a brand new 200,000-square-foot, state-of-the-art, purpose-built research laboratory. The building will be near world-class research institutions on the Upper East Side including Memorial Sloan Kettering Cancer Center, Mt. Sinai, The Rockefeller University, and Weill Cornell Medicine.
Iron Horse Labs will be a brand new 200,000-square-foot, state-of-the-art, purpose-built research … [+] laboratory.
Taconic Partners
● Finally, Elevate Research Properties is the designated developer for a 550,000-square-foot, new ground-up facility in Kips Bay near the planned Science Park and Research Campus (SPARC), a 1.5 million-square-foot, state-of-the-art jobs and education hub that is being developed by the City and State in partnership with The City University of New York (CUNY). These new developments will join the premier research institutions in the area including NYU Langone Medical Center and NYC Health + Hospitals Bellevue, as well as lab space at the Alexandria Center for Life Sciences and CURE at 345 Park Avenue South.
Candidates for Conversion
So, is every half-empty commercial building in New York City a candidate for conversion to life sciences use? Not really. There is a more specific set of requirements that make these projects viable.
According to Balestra, the list of must-haves for life sciences buildings includes:
● Proper zoning
● The ability to support the addition of a robust infrastructure that includes adequate power, backup power and a sophisticated HVAC system
● Significant floor load ratings, far greater than what is needed for a typical office floor
● Ceiling heights that are in the 13- to 15-foot range
● Ideally, a building that is vacant
● A sufficient budget to cover buildout costs that are far greater than for traditional offices, and on top of that, higher expenses for installing supplemental systems
Decentralized Network
Unlike Cambridge, MA, or San Francisco where life sciences facilities are centralized, new or repurposed buildings in New York City are scattered throughout Manhattan and the boroughs. In addition to the West Side, Upper East Side and Kips Bay locations cited above, I’ve listed a few additional sites below:
● West Harlem has a growing cluster that includes over 500,000 square feet at three private developments: the Taystee Lab, Sweets and Mink buildings.
The 350,000-square-foot Class A, new construction Taystee Lab Building in West Harlem.
Taystee Lab Building
● The New York Genome Center’s headquarters at 101 Avenue of the Americas just north of Canal Street, offers over 170,000 square feet for research and development, including 30,000 square feet of sequencing lab space.
● Innolabs, Alexandria Bindery and additional new projects will bring a total of 1.25 million square feet of lab and office space online in Long Island City, Queens, by 2024.
● The Montefiore-Einstein Accelerated Biotechnology Research Center (EMBARC), a bio-manufacturing operation focused on cell, gene, and antibody therapy production is planned for the Bronx; as well as the Einstein Incubator, which will offer premier lab space for early-stage life sciences and biotech startups.
● A new 50,000-square-foot biotech incubator is planned for the Brooklyn Navy Yard that will be supported by a $20 million contribution from the LifeSci NYC initiative.
Evolving Sector
No doubt, the New York City office market is undergoing major structural changes because of post-pandemic occupancy declines and interest rate hikes. However, these challenges are bringing opportunities to investors and owner-users as the basis of the assets are well below replacement costs, and they are forcing owners and developers to see office buildings through a new lens, one that could lead to future conversions to life sciences or residential use.
In the latest Coffee & Cap Rates Podcast, Shimon Shkury, President and Founder of Ariel Property … [+] Advisors, interviews Chris Balestra, President and Chief Investment Officer of Taconic Partners, about how and why the firm began offering office space to life sciences companies and its existing and planned projects.
FTX founder Sam Bankman-Fried is surviving on bread, water and sometimes peanut butter because the jail where he’s housed continues to serve him a “flesh diet” despite requests for vegan dishes, his attorneys told a magistrate judge Tuesday. His limited diet and other issues are hampering his ability to prepare for his trial, they added.
Earlier this month, Bankman-Fried, once hailed as a crypto genius, had his bail revoked and was ordered jailed by a federal judge in New York after prosecutors alleged he was trying to influence witnesses in his fraud case.
His lawyers on Tuesday argued that Bankman-Fried requires proper access to computers, medications to help him concentrate, and a better diet in order to prepare for his October 3 trial. They made their complaints at a Manhattan federal court hearing after Bankman-Fried pleaded not guilty to seven charges he’ll face at the trial, including wire fraud and multiple conspiracy counts.
“There is no way for him to effectively prepare for his defense,” one of Bankman-Fried’s defense attorneys, Christian Everdell, told Magistrate Judge Sarah Netburn.
The 31-year-old Californian hasn’t been able to gain access to the internet or a laptop, according to CNBC.
Attorney Mark Cohen told Netburn that Bankman-Fried hadn’t received Adderall, a medication for attention-deficit/hyperactivity disorder (ADHD,) since he was jailed on August 12. The medication is needed for Bankman-Fried to concentrate, he added.
Cohen also complained about the lack of accommodation for Bankman-Fried’s vegan diet while in jail.
“Your Honor, that’s outrageous and needs to be remedied,” he said of Bankman-Fried who shuffled into the courtroom, his legs shackled.
Magistrate Judge Sarah Netburn, presiding over Tuesday’s hearing, told Bankman-Fried’s attorneys that she would not overrule another judge’s rulings about access to computers, but that she would see if she could get the Metropolitan Detention Center in Brooklyn to provide medications and a diet more closely aligned to the defendant’s vegan preferences.
Bankman-Fried’s charges
Bankman-Fried was extradited from the Bahamas in December after prosecutors said he stole billions of dollars in FTX customer deposits, spending tens of millions on his businesses, speculative venture investments, charitable donations and on illegal campaign contributions aimed at influencing cryptocurrency regulation in Washington.
The one-time crypto billionaire was making his first court appearance in a drab beige prison uniform since his $250 million bail was revoked 10 days ago by Judge Lewis A. Kaplan. The judge had granted a request by prosecutors to jail him after agreeing that the fallen cryptocurrency whiz had repeatedly tried to influence witnesses against him.
Before his bail was revoked, Bankman-Fried had been permitted to live with his parents in their Palo Alto, California, home with strict rules limiting his access to electronic devices.
Kaplan ordered him jailed after concluding that there was probable cause to believe he had committed the federal crime of attempted witness tampering.
He cited an attempt by Bankman-Fried to communicate with the FTX general counsel in January and his disclosure several week ago to a journalist of some private writings by Caroline Ellison, his former girlfriend and the ex-CEO of Alameda Research, a cryptocurrency trading hedge fund that was one of his businesses.
The judge said the writings were kinds of things that a former romantic partner was unlikely to share with anyone “except to hurt, discredit, and frighten the subject of the material.”
The migrant crisis in New York City is worsening as many asylum seekers waiting to be processed are forced to sleep on sidewalks outside of Manhattan hotels. The mayors of several major U.S. cities, including New York City Mayor Eric Adams, have asked the Biden administration for federal assistance. Meg Oliver reports.
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The migrant crisis in New York City is reaching a breaking point, with some asylum seekers now being forced to sleep on the streets.
In midtown Manhattan, asylum seekers are sleeping on the sidewalks outside the Roosevelt Hotel, which is now a migrant processing center for city shelters.
Adrian Daniel Jose is among the dozens of people waiting to get services. Leaving his wife and three kids in Venezuela, the 36-year-old said the journey to the U.S. was dangerous.
He said he was robbed in Mexico, forcing him to cross the border with just the clothes on his back and a pair of taped-together glasses.
New York City Mayor Eric Adams on Monday said of the crisis, “From this moment on, it’s downhill. There is no more room.”
Since last spring, more than 95,000 migrants have arrived in New York City, according to the mayor’s office.
Migrants wait outside the Roosevelt Hotel hoping for a place to stay on August 2, 2023, in New York City. City officials are considering housing the influx of migrants in tents in Central Park in Manhattan and in Prospect Park in Brooklyn as the numbers arriving daily overwhelm available facilities.
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To reduce the chaos, Adams and the mayors of Chicago and Denver are asking the Biden administration to expedite work permits for migrants coming to their cities.
Thousands have been bused from Texas to cities across the country as part of Texas Republican Governor Greg Abbott’s controversial Operation Lone Star.
According to the Houston Chronicle, Texas troopers have begun detaining fathers traveling with their families, while children and their mothers are turned over to Border Patrol. The move is reminiscent of the Trump administration policy that separated some families for years.
Back in New York City, Russia’s Natalia and Maksim Subbotina are seeking political asylum. They arrived in Mexico after months of waiting, crossed into the U.S. and arrived from Texas on Tuesday.
“It’s so hard. In my country, I was a famous professor. I have a home, but, uh, this is first day and I haven’t,” Natalia Subbotina said.
She told CBS News she hasn’t slept since she arrived because “I can’t sleep in this situation. I can’t sleep. It’s not safe for me. For him.”
To cut down on illegal border crossings, the Biden administration barred asylum claims from those who don’t first seek refuge in other countries. But a district judge halted that order last month, and officials must end that policy next week unless a higher court intervenes.
NEW YORK — A crane went up in flames Wednesday morning high above Manhattan, then partially collapsed onto the street below.
The fire broke out shortly before 7:30 a.m. 45 stories up in the air at a building that was under construction on 10th Avenue between West 41st and 42nd streets in Hell’s Kitchen.
Watch: Video shows moment crane came crashing down
Social media video captured the dramatic scene when the crane’s boom came down, smashing into a building across the street.
Twelve people were hurt, including three firefighters. All of the injuries were described as non-life-threatening.
The Department of Buildings said Wednesday afternoon that, following a preliminary inspection, the crane, building under construction and neighboring building that was struck are all structurally stable and not in danger of collapse.
The FDNY said the five-alarm fire started in the engine compartment as workers were lifting a load of concrete to the 36th floor. The crane operator tried to put it out with hand extinguishers, but it became too overwhelming, and he had to exit the crane.
The FDNY got the call around 7:25 a.m. and as firefighters responded, the partial collapse happened, and the building strike.
Mayor Eric Adams provided an update on the scene, along with the FDNY and Department of Buildings, saying the situation could have been a lot worse, especially considering the high-traffic area.
“We are extremely fortunate that we were not during the busy time of day,” Adams said. “As you know, Port Authority is here, many of the buses move through here.”
First Deputy Commissioner Joseph W. Pfeifer said the crane was lifting 16 tons of concrete when the fire started.
“There’s a beam that goes out, and that’s carrying the weight of concrete. And that weight of 16 tons is attached by a cable. As the fire heats the cable, the cable weakens to a point where it loses its strength, and that’s when the collapse occurred,” he explained.
Watch: Expert on fighting rooftop construction fire
Pfeifer credited the crane operator for spotting the fire and trying to put it out.
“That crane operator saw that the fire started and tried to extinguish it. So we give a lot of credit to the crane operator. But the fire overwhelmed that operator and had to exit the crane,” he said. “The crane operator was able to get out and is safe.”
FDNY units are currently operating at a crane collapse and fire at 550 Tenth Avenue in Manhattan. Please avoid the area of 10th Avenue and 11th Avenue from West 41 Street to West 42 Street. Please use alternate routes and expect traffic in the area. pic.twitter.com/lEc03WwnWd
— NYC Mayor’s Office (@NYCMayorsOffice) July 26, 2023
As they closed off the streets, firefighters had the difficult task of fighting the fire high above.
“The difficulty when you have a fire so high up is to be able to supply water to the building and stretch hose lines from inside the building and across the street,” Pfeifer said.
The site of the fire, 550 10th Ave., is currently under construction. It’s a mixed-use residential building around 47 stories high.
“We will look at the structural integrity of the building that was hit, the structural integrity of the building worked on,” said Department of Buildings Commissioner James Oddo.
ADVISORY: In regard to the crane collapse in Manhattan this morning, the following streets are currently closed.
10 Avenue – CLOSED between West 39 Street- West 42 Street
The DOB says an independent assessment will be conducted to figure out what happened. They have issued a stop work order at the tower project.
More than 200 fire and EMS personnel assisted.
The fire went to five alarms as they searched and evacuated nearby buildings.
Drivers are urged to avoid the area. Tenth Avenue is closed from 39th-42nd streets. West 30th Street is closed in both directions between Dyre and Galvin Avenues.
NEW YORK — A crane went up in flames Wednesday morning high above Manhattan, then partially collapsed onto the street below.
The fire broke out shortly before 7:30 a.m. on top of a 50-story building that was under construction on 10th Avenue between West 41st and 42nd streets.
Drivers are urged to avoid the area for the morning commute, as several roads are closed. Residents are also advised to shut their windows.
The FDNY says the crane’s arm caught fire and collapsed, sending debris falling onto the ground below.
Social media video shows the dramatic scene when the crane arm came down, crashing into a building across the street.
Four people were hurt, including one firefighter. All of the injuries are described as non-life-threatening.
FDNY units are currently operating at a crane collapse and fire at 550 Tenth Avenue in Manhattan. Please avoid the area of 10th Avenue and 11th Avenue from West 41 Street to West 42 Street. Please use alternate routes and expect traffic in the area. pic.twitter.com/lEc03WwnWd
— NYC Mayor’s Office (@NYCMayorsOffice) July 26, 2023
Mayor Eric Adams and FDNY officials are on the scene and expected to provide an update.
The cause of the fire is under investigation.
Watch the latest developments streaming live on CBS News New York in the player above and on our app.
Dozens of people were injured in a crash involving a double-decker tour bus and a city bus in Manhattan Thursday evening, officials said.
There was a tangled mess of metal and glass when a Metropolitan Transportation Authority bus and a TopView Sightseeing double-decker bus collided just after 7:15 p.m. Eastern time in the Kips Bay neighborhood.
New York City Fire Department officials said 27 people were hospitalized, including the tour bus driver, and about 50 others were examined at the scene. Injuries included fractures, cuts and bruises, the fire department said. None of the injuries were believed to be life-threatening.
“We’re all quite fortunate it was not much worse,” FDNY Deputy Chief Paul Hopper said.
Crews had to use “ladders and ropes” to extricate some of the passengers from the buses, FDNY Deputy Chief Kevin Murphy added.
“The impact felt like it was almost an earthquake,” Ishrak Jahan, who was on the city bus, told CBS New York. “The whole bus was rattling and shaking. I heard the lady next to me scream, so I looked up and I saw this bus barreling towards us…I just saw glass everywhere for a second. It was honestly like I was in a movie. And it took a couple of seconds to snap back into reality when everyone started screaming. I saw blood.”
FNDY officials said they were unsure on the circumstances which led up to the collision. However, New York City Transit President Richard Davey blamed the crash on the tour bus.
“This tour bus behind us seemed to have blown a red light and T-boned our bus,” Davey told reporters. “Hit it actually twice, it was going so fast, we think.”
Pillan, who was on the tour bus with his family, told CBS New York that “a lot of people” were “thrown out of their seats. Injured, a lot of injuries. A lot of old people injured.”
Some passengers, like Paulina Rychel, were hit by a wave of glass.
“I heard the boom and then I felt it,” Rychel said.
Firefighters had a challenge taking people off the second deck of the tour bus and going through windows to take people out.
Dick Brennan joined CBS2 in 2012 as an anchor and reporter. In addition, he anchors on our digital channel CBS News New York, which is also seen on the News at Nine on our sister station WLNY-TV.
He was charged with criminally negligent homicide and second-degree manslaughter.
He pleaded not guilty at State Supreme Court in Lower Manhattan.
Penny was arrested last month for second-degree manslaughter and has since been out on bond. His arrest followed protests and came 11 days after the deadly encounter.
The 24-year-old Marine veteran was seen on video holding Neely in a chokehold on the F train back on May 1 in SoHo.
Neely was a 30-year-old subway performer who had been homeless and had a history of mental illness.
Penny told investigators Neely was threatening passengers on the train and acting erratically. His lawyers say Penny was acting in self defense and never intended to kill Neely.
Sources say if found guilty of the initial manslaughter charges, Penny could face up to 15 years behind bars.
Actor Jonathan Majors‘ domestic violence case will go to trial Aug. 3, a Manhattan judge said Tuesday, casting him in a real-life courtroom drama as his idled Hollywood career hangs in the balance.
Majors’ accuser alleges he pulled her finger, twisted her arm behind her back, struck and cut her ear, and pushed her into a vehicle, causing her to fall backward, during a March confrontation in New York City. The woman was treated at a hospital for minor head and neck injuries, police said.
Majors’ attorney, Priya Chaudhry, said Tuesday that she provided prosecutors with video evidence showing the female accuser attacked her client, not the other way around. The woman has not been named in court records.
“Last week, we delivered additional compelling evidence to the District Attorney, clearly proving Grace Jabbari’s assault on Jonathan Majors and not the other way around,” Chaudhry said in a statement to CBS News. “This evidence includes videos of Ms. Jabbari’s frenzied attack on Mr. Majors and his running away from her.
“We also provided photographs illustrating the injuries she inflicted on Mr. Majors and photos of his clothing torn as a direct consequence of Ms. Jabbari’s violent actions,” Chaudhry said.
Chaudhry said that in light of the new evidence she is requesting the district attorney dismiss all charges against Majors and initiate proceedings against his accuser to hold her “accountable for her crimes.” In lieu of a decision, Chaudhry requested that Majors’ case go to trial as soon as possible.
Jonathan Majors attends the “Ant-Man And The Wasp: Quantumania” UK Gala Screening at BFI IMAX Waterloo on February 16, 2023 in London, England.
Lia Toby / Getty Images
Chaudhry has also accused police and prosecutors of racial bias against Majors, who is Black. She said a white police officer got in Majors’ face and taunted him when he tried showing the officer injuries that he said the woman caused.
Majors had been a fast-rising Hollywood star with major roles in recent hits like “Creed III” and “Ant-Man and The Wasp: Quantumania.” But in the wake of his arrest, the U.S. Army pulled TV commercials starring Majors, saying it was “deeply concerned” by the allegations. Disney last month postponed Majors’ upcoming Marvel film “Avengers: Kang Dynasty” from May 2025 to May 2026. He is also slated to appear in “Avengers: Secret Wars” in 2027.
Judge Rachel Pauley wished the actor “best of luck” as she scheduled his trial. “Yes, ma’am,” Majors said, standing with his lawyers in front of Pauley’s bench in Manhattan’s domestic violence court.
Majors, 33, is charged with misdemeanors, including assault, and could be sentenced to up to a year in jail if convicted.
Tuesday’s hearing was his first time in court since just after his March 25 arrest in Manhattan’s Chelsea neighborhood. He appeared by video at a hearing last month where prosecutors said they were revising the assault charge to reflect the accuser’s perspective. A police officer’s account was used in the original version.
Before his case was called Tuesday, Majors watched from the courtroom gallery with his lawyers and his girlfriend Meagan Good, who stars in the “Shazam!” movies, as two men in unrelated cases had their domestic violence charges thrown out.
Before scheduling Majors’ trial, the judge issued a sealed decision that prompted Chaudhry to withdraw court papers she’d filed challenging the case. Pauley handed copies of her ruling to Majors’ lawyers and prosecutors but did not discuss any details in open court.
Majors, who plays villain Kang the Conqueror in the Marvel films, carried his personal Bible and a poetry journal into court. He smiled at times, but said little other than his brief exchange with the judge, which lasted all of three minutes.
Majors must continue to abide by a protection order barring him from contact with his accuser. A warrant could be issued for his arrest if he does not show up for his trial date, the judge said.
NEW YORK, NEW YORK: Office buildings make up the heart of midtown Manhattan in New York City. Some … [+] companies are asking employees to return to the office. (Photo by Spencer Platt/Getty Images)
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There’s no doubt been a change in the way people work post-Covid, and many firms are embracing hybrid schedules. In certain sectors, this shift from remote to in-person has stirred demand for work areas. As WeWork’s Chief Revenue Officer Ben Samuels mentioned in a Yahoo!Finance interview, there’s been a real scramble for space in some of their markets.
Taking a closer look at these fluctuations, we can identify several factors that are impacting the return to office trends. The level of demand for workplaces is largely dependent on the industry, city, submarket, and building type, based on the findings in my company Avison Young’s State of the Market Q1 2023 report. Let’s review each of these as we consider how some office markets have performed better than others.
1. Some Industries Have Higher In-Person Work Rates
In Manhattan, in-person office visits at the end of 2022 were 90.9% of their 2019 levels for biotech, life sciences, pharma and healthcare sectors, per Avison Young’s report. Other industries had strong turnouts as well, with the media reaching an in-person rate of 71.6% compared to pre-pandemic levels, and banking and finance hitting 60.2%. These were all above the average for Manhattan’s overall office visitor showings, which was 55.7% at the end of 2022 relative to end of year 2019.
That figure has continued to climb in recent months. Visitation rates for all building classes and markets in Manhattan averaged 61% in Quarter 1 2023 compared to pre-pandemic 2019 baseline levels, according to the Real Estate Board of New York (REBNY). With CEOs like Jamie Dimon of JPMorgan & Chase Co calling workers back to the office, it’s possible that in-person rates for certain sectors like banking and finance will increase in the coming months.
While some industries such as healthcare and real estate lean toward in-person work, others have been slower to return to the office. In Manhattan, the segments of consulting and public relations had lower levels of in-person work during the end of 2022, perhaps due to digital channels and connections. Technology trailed the average rate, with just 47.4% of in-person visits in December of last year relative to 2019 levels, according to Avison Young data.
2. Cities Have Different Drivers
Manhattan, Fort Lauderdale, Dallas-Fort Worth, and Nashville all held higher in-person rates at the end of 2022 than the national average relative to the week of December 9, 2019, per Avison Young’s report. Places with lower return-to-office showings included Seattle and Chicago.
These percentages largely coincide with the labor pool in these areas and the type of work being carried out. In markets with low unemployment rates, companies may seek ways to attract and retain talent. For industries like technology, this could mean more relaxed stances on back-to-work policies. In segments where the unemployment rate rises, employers may be able to be stronger about their expectations on returning to the office.
3. Submarkets Matter Too
Within a city, different neighborhoods may lean more heavily into in-person work, while others remain remote. Taking a close lens to Manhattan reveals higher back-to-work percentages for Greenwich Village, Tribeca, and Chelsea, based on data presented by Avison Young. This tells us people want to live and work in these areas and are happy to come into the office. Job growth and neighborhood amenities, along with the type of office environment, will all play a role in submarket office performance.
4. Higher Quality Office Buildings Perform Well
Class A+ properties continue to outperform Class B properties, as well as A and A- buildings, according to data from REBNY. In New York City, Trophy and Class A properties have an inventory share of just 10%. However, these classes accounted for 71.8% of leasing activity in 2022. In 2023, their share increased to 73.6%, per Avison Young’s findings. Location visits were up for Class A+, A/A-, B, and C buildings during the first quarter of 2023, compared to 2019 levels, as reported by REBNY. Class A+ had the highest increase at 68%, followed by A/A- with 60%, and then B&C which had 57%.
Clearly, there’s a strong increase in demand for higher quality buildings. The data reflects a shift by companies looking to upgrade their work environments. ESG-compliant buildings that promote healthy conditions could be seen as a draw, especially in areas with tight labor pools.
If you’re an investor looking to get into the office market, you’ll have to be very specific about where you want to be and what type of product you buy. As you study a neighborhood, check the industries that operate there, along with the city and submarket drivers. Remember that return to office decisions are largely influenced by the type of building. Owners may opt for higher quality properties with better accommodations, outdoor spaces, and green environments to motivate workers to come back to the office.
