By Ilana Siyance

On Thursday, Gov. Andrew Cuomo finally released the complete list of New York State COVID-19 nursing home deaths. Following months of prodding, a Supreme Court judge ordered New York State’s Department of Health to comply with a Freedom of Information request. As reported by the Daily Mail, in compliance, the Governor’s updated list reveals 4,000 more deaths than the original released figure of 8,711.

The new COVID-19 death toll for NYS nursing home and assisted living residents is officially 12,743, which is 50 percent higher than the state had admitted till now. The new figure also includes those who died after being transferred from a nursing home to a hospital due to the novel Coronavirus. The new detailed list, with numbers for each nursing facility in the state, highlights that the highest number of deaths occurred in Suffolk County, which had 655 confirmed deaths and 267 presumed. The second highest number of COVID-19 nursing home casualties occurred in Erie County in Western New York, with 621 confirmed deaths and nine presumed.

The single nursing home that fared worse was Harris Hill Nursing Facility in Erie County, outside of Buffalo. As per the state’s figures, 117 residents from Harris Hill Nursing Facility were confirmed to have died of COVID-19, and 19 more died after being transferred to a hospital, and two more died presumably from COVID-19. Other homes with tragic results include the Father Baker Manor in Buffalo, the Absolut Center for Nursing and Rehabilitation in East Aurora. In Queens, the Parker Jewish Institute for Health Care and Rehab had 83 residents who died of COVID-19, plus 32 who died in the hospital after transfer.

Thursday’s new tally puts the state of New York in 13th place, for the highest COVID-19 nursing home mortality rate in the U.S., as per an Empire Center analysis. With the previous numbers, NYS was at 35th place. The calculation is made by evaluating the number of deaths relative to the percentage of the nursing home population for 2019.

For six months, law makers have been trying to pry the number out of the state’s Health Commissioner Howard Zucker. In January, Attorney General Letitia James released a report blasting the state and finding that the Cuomo administration misled the public about the actual number of COVID fatalities in nursing facilities, and that the state figure was undercounting deaths by some 50 percent. The Daily Mail reported that days after the AG’s report, Albany Supreme Court Justice Kimberly O’Connor ruled, in a 16-page decision, that the DOH must submit the full records to the Empire Center within five business days and pay their legal costs.

By Hadassa Kalatizadeh

Thousands of New Yorkers who were previously Republicans or independents have recently re-enrolled as Democrats, so as to be able to vote for the Democratic mayoral primary which will be held in June. As reported by the NY Post, some 15,000 New Yorkers switched or re-enrolled as Democrats recently, anticipating the party’s all-important primary, which may determine who the next New York City mayor will be.

In the city where the blue wave dominates, a group named Be Counted NYC has spent millions of dollars to persuade independents and Republicans to re-enroll as Democrats so that they can have more a say in the mayoral election. The group holds that a Republican candidate won’t stand a chance of winning the general election, so in essence, the Dem’s primary will decide the winner. By adding more moderates and conservatives into that pool of registered voters, the group hopes to affect the outcome of a close primary race, and prevent a candidate way to the left from being elected.

The city Board of Elections, related that 7,156 New York City voters switched to the Democratic Party between Jan. 2 and Feb. 4, 2021. Of those who switched, 2,426 were formerly registered as Republicans and 4,730 were formerly registered as “blank” or unaffiliated. The ‘Be Counted NYC’ group, however, maintains that the total tally will be much higher and that roughly 15,000 have switched over or enrolled as Democrats. “We are seeing a tremendous amount of momentum behind our effort to get people registered to vote in the Democratic primary, including a surge last week in a single day when thousands of voters returned their voter registration by mail,” said Be Counted NYC founder, founder, Lisa Blau, who is a wellness brand financier. Her husband is Jeff Blau, the CEO of Related Companies, a major real estate developer in NYC.

Since December, the group has been making phone calls, text massages, and mailing letters to Republicans and unregistered voters trying to persuade them to enroll as Democrats so as to vote in the June 22 Democratic primary. The deadline to enroll is Feb. 14.

Former Gov. George Pataki joined other Republican leaders who criticized the effort. “Don’t give in to those who say Republicans can’t win in New York,” said the former three-term GOP NYC Governor. “How did Bloomberg win? How did Rudy Giuliani win. How did I win,” he added.

NYC currently has 3,748,026 registered Democrats, and only 568,732 registered Republicans, with another 1,075,189 enrolled as “blank” or unaffiliated voters, as per the state Board of Elections.

By: Jared Evan

Two recent resignations at the NY Times are being described as “forced” and are creating a lot of controversy, as one reporter resigned after allegedly using racist language and a second reporter resigned after alleged predatory behavior.

Staff members at the New York Times are reportedly clashing after its longtime reporter Donald McNeil Jr. was forced to resign last week for using “racist language” in 2019.

In posts to a private Facebook group, the Washington Free Beacon reportedly discovered Times staffers heatedly arguing about whether the ousting of McNeil, a science reporter who had been at the paper for 45 years, was justified, Breitbart pointed out

Breitbart summarized: McNeil, who had emerged over the past year as a leading reporter on coronavirus for the paper, had, according to the Times, used a “racial slur” during a work trip to Peru in 2019 while serving as a guide to high school students, and the paper’s management had subsequently “disciplined” him for it. The Daily Beast provided further context, reporting that several students complained that McNeil had used the N-word specifically and two students alleged McNeil also rejected the concept of “white privilege.”

According to Breitbart, McNeil explained last week in an apology letter that a student during the trip had asked him if a classmate of hers should have been suspended for a video in which she used the word, and McNeil had replied to the student by repeating the word as he was clarifying her question.

In other words, McNeil was not using the word to degrade an induvial with the racial slur, he was repeating a question. Evidently context no longer means anything with political correctness infecting workplaces. Even more bizarre is that a reporter is not allowed to have an opinion of a vague social justice slogan “white privilege”, which in itself is simply an opinion or sociological theory, not a grounded fact.

“We do not tolerate racist language regardless of intent … and [we] will work with urgency to create clearer guidelines and enforcement about conduct in the workplace, including red-line issues on racist language”, Executive Editor Dean Baquet and Managing Editor Joe Kahn said in a statement.

Meanwhile reporter Andy Mills stepped down after alleged “predatory” behavior. The NY Post pointed out In his resignation published online, Mills admitted to bad behavior while working as a producer for the WNYC show “Radiolab” — including giving one colleague an unwanted backrub and pouring a drink on a coworker’s head at a party seven years ago — but said he was stepping down over an “online campaign” that had painted him as a “predator.”

“I look back at those actions with extraordinary regret and embarrassment,” he wrote Friday.

By: Rusty Brooks

New York lawmakers last September proposed the “No Citizen is Above the Law” legislation aimed at making it harder for Trump or any future president to avoid state prosecution if accused of criminal wrongdoing, and ironically during the week of Trump’s second impeachment trial, the bill is poised to pass.

Senate Deputy Leader Michael Gianaris and Assembly Member Nick Perry announced the New York No Citizen is Above the Law Act, in September of 2020 after a federal court granted President Trump another delay in his on-going legal maneuverings and stall tactics to keep hidden his subpoenaed tax returns from the Manhattan District Attorney. This bill ensures laws are equally applied to all citizens, even the President of the United States

“This President and any who follow should be held accountable for their illegal acts,” said Senate Deputy Leader Michael Gianaris at the time. “We must close the loophole that allows Presidents to exploit statutes of limitations coupled with Presidential immunity to forever escape culpability for malfeasance.”

“Clearly the privileges of the office of President were not intended to make the holder of the office above the law and was not intended to empower a President with the ability to thwart and sabotage an active, legitimate investigation as New York prosecutors have accused the president of doing,” said Assemblyman Nick Perry at the time.

“We must close the loophole that allows Presidents to exploit statutes of limitations coupled with Presidential immunity to forever escape culpability for malfeasance”, Perry demanded in September.

The bill will pass the state Senate this week and is on the calendar to be voted on in the Assembly at any time, the NY Post pointed out. Trump legal adviser Alan Dershowitz said the proposed state law is probably legal, as long as legislators do not extend the statute of limitations for criminal prosecution, typically five years.

The bill pauses statute of limitations for all crimes alleged to be committed by the President of the United States. If enacted, it would thwart all efforts by any sitting US President to impede on-going criminal investigations. Under current law the immunity enjoyed by Presidents can be used to run out the statute of limitations on criminal charges. The bill, if enacted, would take effect immediately allowing prosecutors in New York State currently pursuing investigations into the sitting President of United States to pursue charges if warranted, Senate Deputy Leader Michael Gianaris press release stated.

By Hellen Zaboulani

Amazon has some big changes in the horizon.

Andy Jassy will take over as CEO of the ecommerce giant, replacing founder Jeff Bezos. Jassy will step up to the position in the third quarter of this year.

The 53-year-old Harvard grad’s claim to fame in Amazon was building its highly successful cloud computing service, know as Amazon Web Services (AWS). AWS which Jassy founded in 2003, has evolved into an extremely profitable technology company, which dominates the cloud infrastructure market. As of mid-2020, Amazon controlled 33% of the global cloud infrastructure services market, followed by Microsoft holding 18% and Google at 9%, as per Synergy Research. CNBC reported, last week Amazon announced that AWS revenue in the fourth quarter increased 28% to $12.7 billion. Operating income jumped 37% to $3.56 billion, and the cloud company now accounts for 52% of Amazon’s total operating profit. Jassy has been CEO of AWS since 2016, and his name is well known on Wall St and among online business owners. Jassy owns about 85,000 shares of Amazon stocks, valued at roughly $281.5 million as of Tuesday’s open price of $3,312.49.

As reported by the Business Insider, as CEO Jassy’s best play may be stepping aside from AWS and spinning it off. In an interview with Insider on Thursday, former AWS exec Tim Bray said there are “a bunch of good reasons” for Jassy to spin off AWS. Bray was vice president at AWS and a prominent engineer for five years before publicly resigning in May 2020, as protest for the company firing warehouse workers who raised concerns about working conditions amidst the Coronavirus pandemic. Bray, who worked closely with Jassy has praised his leadership. “AWS has both higher growth and higher margin than the mainstream retail part of Amazon,” Bray said. “I think the likelihood that AWS does get spun off is not trivial at all.”

In the past, Jassy has brushed off any talk about spinning off AWS, a good source of income for the company. According to Bray, however, the company is starting to attract too much hostile scrutiny in the antitrust realm. “If [spinning off AWS] is going to happen, Amazon would be better off to do it under their own volition in a planned way as opposed to the Justice Department pointing a gun at their head,” said Bray. He adds that while Amazon isn’t on the top of lawmakers’ antitrust list, Amazon will in the future be increasingly at odds with AWS, which will provide computing and storage for ecommerce competitors. He also noted that an IPO now can fetch a good price, citing a valuation of roughly $500 billion reported in the summer by the Economist.

By Serach Nissim

As the value of Bitcoin has surged exponentially, the next step is to make it an easy to use currency.

Over the past year, the value of a single unit of Bitcoin jumped from under $10,000 to over $30,000.

As reported by the NY Times, big tech companies like Square and IBM are working to make the crypto-currency accessible for more purchases. The currency, which uses blockchain technology, can be used to make purchases on Amazon, using a third party service called Purse. The problem is that though Bitcoin is expanding its horizon as a method of digital payment, the process for users is not simple. To use Purse, a customer can select items to buy on Amazon and copy the URLs onto Purse’s site, to process the purchase, with Purse utilizing gift cards it’s acquired from people who want cryptocurrency. Purse guarantees its customers a minimum discount of five percent off Amazon’s list prices, and offers the option to negotiating for up to fifteen percent off—but getting that to actually work is not assured. Customer assistance in the form of chat is not always instantaneous either. It’s hardly a one click process. “Bitcoin is just not the most efficient currency yet,” said Henry Elder, the head of wealth management at Wave Financial, a digital assets company in California.

There are other quirks to using Bitcoins for purchases, says the chief executive of Overstock Jonathan Johnson. Overstock was one of the first to start accepting the cryptocurrency on their site in 2014. He noted that not a great deal of purchases are made using Bitcoin. “Our demographic skews hard towards women and Bitcoin purchasers tend to be men,” Johnson said. “It’s a different customer segment.” He also shared that the explosive valuation for Bitcoin complicates things like returns. Johnson said Overstock’s policy for Bitcoins has always been that the refund would match the dollar price of the item -not the quantity of Bitcoin spent. “We weren’t going to let people use their bedsheets as a hedge against a price decline in Bitcoin,” he said. “People would say ‘I bought my patio furniture for 0.1 Bitcoins and now you’re only refunding me 0.08 bitcoin?’ We were like ‘Yup.’”

Bitcoin was traditionally desirable in concealing the identity of users, and therefore choice for those buying and selling contraband, or other disconcerting purchases. That anonymity has not held up. Now though, many more retailers are setting up payment systems that enable Bitcoin transactions, and buying Bitcoin through companies like Coinbase and Bitpay, to enable their transactions.

By Serach Nissim

On Thursday, Jeffrey A. Zucker, the longtime executive heading CNN said that he expected to step down from his position at the end of 2021. Mr. Zucker, 55, took over CNN in 2013. With his relentless obsession to ratings, he enticed viewers by turning news stories into drama series. He played an important role in Donald J. Trump’s rise to presidency, and then turned on the president as a hostile foe.

As reported by the NY Times, in his three-decade career Mr. Zucker shaped the news and entertainment industries, intertwining them. In 1991, at age 26, Zucker began his journey, being named executive producer of NBC’s lucrative morning franchise, the “Today” show. He kept climbing to become chief executive at NBC Universal. Zucker was then picked to replace Jim Walton at CNN.

Under Zucker’s leadership, CNN has enjoyed a growth in profitability, making more than $1 billion annually over the past few years. CNN has seen a jump in viewership. Zucker’s announcement was made while his career is still in a high note. “I cannot imagine not being here right now,” Mr. Zucker told CNN employees on a call Thursday morning. He emphasized that he will wait out his contract, which is not up till the end of the year.

“The truth is, back in November and December I had basically decided that it was time to move on now,” Zucker said. “But since then I’ve had a change of heart. And I want to stay. Not forever, but for another year. And I feel really good about this decision.”

The far-away timeline for his departure also suggests that speculation will linger in regards to other options Mr. Zucker may undertake afterwards. Could he lead a buyout of CNN from AT&T? Might he replace Jason Kilar as head of AT&T’s news and entertainment division, WarnerMedia?

Mr. Zucker has survived two spells of cancer, open-heart surgery and other health woes, but those who know him don’t seem to think he’s ready to retire. “The story ain’t over till Jeff says it’s over,” said Ben Sherwood, a former head of Disney’s ABC Television Group and a longtime friend of Mr. Zucker’s. “A year is a very long time. More than a thousand news cycles, if not more. I would stay tuned.”

The sentiment was repeated by CNN anchor Don Lemon, who said, “I’m happy to get him for another year, which I will spend trying to convince him to stay longer. Stay tuned.”

By Ellen Cans

Jaime Rogozinski created the Reddit page WallStreetBets in 2012.

When he began the online community, he was a single man working as a consultant. The Reddit page is now a force to be reckoned with, taking on enormous Hedge funds on Wall Street. Rogozinski is still the founder, and a writer, but he is no longer associated with the virtual mob named WallStreetBets. The 39-year-old, now lives in Mexico City working as an IT consultant.

Last Thursday, the NY Post announced that Rogozinski has sold his life story to director Brett Ratner’s film production company. RatPac Entertainment, already has an impressive roster, which includes hits such as “Wonder Woman” and “Dunkirk”. RatPac paid somewhere in “the low six figures” for exclusive access to Rogozinski’s story and plans to turn the WallStreetBet Founder’s saga into a movie, podcasts and other projects, as per the WSJ. “This story is such a human story of power and uprising, capitalism and socialism, and so much more,” Ratner said.

In 2016, Rogozinski married Alejandra Uribe, a physician in Mexico. The next year, the couple had twin sons, Julian and Leonardo. Rogozinski is now unwittingly getting attention for the aggressive trading activity happening on Wall Street through the online community. But, while Jaime Rogozinski created the subreddit, he was removed from it in April 2020, and there has been no further association between him and the page.

The community grew into something beyond anyone’s control—expanding from a few hundred members to 8.5 million users, as per the NY Post. Last month, the message board squeezed hedge funds by banding together to spike up GameStop’s stock price. Rogozinski reportedly compared the online uprising to a “train wreck” or a horror movie.

In an interview with the WSJ, Rogozinski expressed no regrets as to having been forced to leave his own group. He noted a corner forming within the subreddit, which he at first tried to ignored but couldn’t tolerate for long. He spoke of a racist group that he found lurking outside of Reddit, semi associated with the community. The chat room on Discord had white supremacists who would engage in racist speech and spew hateful words. The group troubled Rogozinski, who is a Jew, which eventually led him to ban some individuals and delete the discord group. As per Celebs in Depth, this banning, as well as his constant promotion of his book, led the other page moderators to gang up against Rogozinski, and kick him off the community he created.

By Ellen Cans

Leon D. Black has been the chairman of the Museum of Modern Art since 2018. Now, some 150 artist and art workers are banding together calling for MoMA to cut its ties with Black.

The billionaire investor, art collector and philanthropist was formerly CEO and co-founder of global equity firm Apollo Global Management. Black, 70, recently stepped down from his company after an investigation found he paid $158 million to disgraced financier Jeffrey Epstein for unclear reasons. Now, with several different statements, over 150 artists and art workers are calling for MoMA to sever its ties with Black as well.

In a 2020 letter to Apollo investors, Black said that Epstein provided him with “estate planning, tax and philanthropic advice” to his “family partnership and other related family entities” between 2012 and 2017. An independent review by Dechert LLP, released on January 25, 2021, revealed that Epstein was able to save Black at least $1.3 billion in taxes. Black has never been personally accused of any inappropriate conduct or wrongdoing, and previously told Bloomberg News that he “deeply regrets” having any dealings with Epstein. In all, Black has donated over $40 million to the Museum of Modern Art.

“Beyond [Black’s] removal, we must think seriously about a collective exit from art’s imbrication in toxic philanthropy and structures of oppression, so that we don’t have to have the same conversations over and over, one board member at a time,” reads a statement signed by artists including Nan Goldin, Noah Fischer, Paddy Johnson, an anonymous feminist art collective named Guerrilla Girls and the organization Artists For Workers, saying museums must find a way to pull themselves away from big private donors.

“Museums and other arts institutions must pursue alternative models, cooperative structures, Land Back initiatives, reparations, and additional ideas that constitute an abolitionist approach toward the arts and arts patronage, so that they align with the egalitarian principles that drew us to art in the first place.”

As per Hyperallergic, there were multiple statements, many of them heated, calling for MOMA to oust Black. “We note that Leon Black’s corruption extends far as his ‘investment’ firm is also the owner of Constellis, formerly known as Blackwater, a private military firm which was banned from operating in Iraq after its staff were charged with war crimes,” reads a partial statement from the MoMA Divest Coalition. “Nothing short of a major reconstitution of the board, a change of directors, a public reckoning, and a reimagining of the institutional and curatorial mission of the museum is acceptable.”

By Hellen Zaboulani

Sleek luxury condominiums, tall office towers busy with employees for powerhouse corporations, a mall with international shops, and restaurants galore for every palate. That was the picture in store for Hudson Yards, opened in 2019 as the biggest private development in the history of the United States.

Now, due to the pandemic, the vision of Hudson Yards is incomplete— empty of the hustle and bustle it was built for. As reported by the NY Times, the $25 billion development at Hudson Yards is suffering due to the Coronavirus pandemic, so much so that its future is at risk. Hundreds of condominiums were left unsold. Restaurants are going out of business. The mall has no foot traffic, and its anchor tenant, Neiman Marcus, filed for bankruptcy and has shuttered. Other stores, and offices lay vacant. Tourists, buyers and even white-collar workers are all missing in action. The development’s centerpiece, the 150-foot-tall structure known as the Vessel, closed to visitors in January after serving its 3rd suicide for the year.

There was more to come for Hudson Yards. Developer Related Companies, led by billionaire founder Stephen M. Ross, had planned a second phase of development with 8 more buildings including a school and plenty of more residential and commercial space. Now those aspirations are on hold as the developer seeks federal financing for the nearly 10-acre platform. Related, which had estimated the entire project would be completed in 2024, now has no completion date for the second phase. Experts wonder if and when demand at the development will meet supply.

Related admitted that it is facing the financial difficulties, similar to those all across the city, all impacted by the pandemic. Still, it expressed confidence that Hudson Yards will ultimately rebound. Four office towers at Hudson Yards — including 50 Hudson Yards, which is still under construction — are 93 percent leased, a spokesman for Related told the Times. “Our strong office leasing, even during the pandemic, is why we’re well positioned to lead New York’s comeback from Covid and why the adjacent neighborhoods and the entire West Side will recover faster,” the spokesman, Jon Weinstein, said.

“The challenges facing Hudson Yards aren’t unique,” said Danny Ismail, an analyst and lead of office coverage for real estate research firm Green Street. “All commercial real estate in New York City has been impacted by Covid-19. However, I would argue that post-pandemic, Hudson Yards and the area around it will be one of the better office markets in New York City.”

By: Benyamin Davidsons

Romance is in the air, or is that sewage?

Valentine’s Day tours of a Brooklyn wastewater facility have been oddly popular annually, selling out soon after release. Now, with the pandemic, the NYC Department of Environmental Protection and Open House New York’s are offering the tour virtually, hoping they will continue to reap the benefits.

As reported by the NY Post, this year, the tours of the Newtown Creek Wastewater Treatment Plant, will take place on Zoom from 4:30 to 5:30 p.m. on Feb. 14. Tickets are going for $5 per person, and now that the event is virtual, there will be room to accommodate a larger crowd than usual. “Grab a date (or join solo) and take a peek inside the city’s largest sewage treatment plant, where wastewater — collected from storm drains and the toilets and sinks of more than 1 million New Yorkers — is cleaned each day in a complex system, including eight giant stainless steel digester eggs,” says the Eventbrite ticket page describing of the event. The program will delve into the plant’s architecture as well as “how the digester eggs got their shape, why you should not take a shower during a rainstorm and the real problem with ‘flushable’ wipes.” The tour will also include a behind-the-scenes video tour, a conversation with DEP director of public design outreach, Alicia West, and a Question and Answer session with participants. The DEP also has tours available in April and October.

Other ideas for Valentine’s Day events include the Edge, which is the highest outdoor observation deck in the Western Hemisphere. The site will open at 6 a.m. on Feb. 14, allowing couples to watch the sunrise together from 1,131 feet in the air in the COVID-19 safe, in-person setting. The deck offering 360° NYC views is located at 30 Hudson Yards on the 100th and 101st floors. Tickets for the “perfect date” are $100 for a sunrise slot. The tickets went on sale Feb. 8th and sold out by that evening. There are also general admission tickets available for $36, or $34 for NYC residents. There are also V-Day special options for sale including champagne, rosé champagne and “Cupid’s Cocoa” add-ons.

Other options include “GLASSHOUSES” at the WATERMARK WINTER WONDERLAND. Located at Pier 15 on South Street, waterfront dining inside heated “glasshouses” are being offered starting at $200.

By Ilana Siyance

The pandemic has led to what may turn out to be the city’s worst commercial leasing crisis in history.

As reported by the NY Post, Manhattan has close to 8 million square feet of prime office space begging for occupants in “trophy” towers which were recently opened or are slated to open by the end of 2022. According to figures by the Post and CBRE, three buildings’ worth of the Big Apple’s most expensive floors are awaiting tenants. Office space availability in Manhattan is at 15 percent, up from 11 percent early last year. Astoundingly though, physical occupancy is at just 15 percent, with employees still working remotely due to the pandemic.

The upcoming flush of new office space will be asking over $100 per square foot for rent, and the new buildings boast state-of the-art amenities and technology. The biggest available chunk is1.4 million square feet available at Two Manhattan West, the 58-story superstructure in Midtown West which has a total of two million sf of office space developed by Brookfield.

Another 1.2 million sf is up for grabs at Tishman Speyer’s The Spiral in Hudson Yards, which offers a total of 2.85-million-square-foot of office space, and at which pharmaceutical Pfizer has signed an early commitment to take on 800,000 square feet. About 500,000 square feet is available at Related’s mega project at 50 Hudson Yards, after 75 percent of the tower was pre-leased, with illustrious tenants including BlackRock. Other large openings also exist at 550 Madison Ave, and 660 Fifth Ave., both of which are undergoing major redesigns, as well as older buildings which are undergoing top-to bottom renovations including Three and Five Times Square.

“People have been talking about the death of cities since the Black Death,” said Real Capital Analytics senior vice president Jim Costello. “At some point, demand comes back. But at the same pace? That’s the big unknown. If it takes longer, then maybe some developers don’t have the wherewithal to get through it.”

Online research and operating platform VTS, in its VODI (VTS Office Demand Index), revealed that “demand [is] still 74 percent down from pre-COVID-19 levels,” adding that the new buildings are faring better with tenants seeking updated technological, sustainability and environmental amenities. “Leasing demand in New York City has shifted towards Trophy and Class A office space and away from Class B properties post-COVID-19.”

By Benyamin Davidsons

The real estate industry depends on its professionals and experts who have led the way in their fields and will be working to help New York City bounce back from its Coronavirus led fiscal woes. Crain’s NY has compiled its annual ‘Notable in Real Estate’ List.

Based on consultation with real estate industry sources and New York business world leaders, Crain’s 2021 list selected 83 honorees. Professionals named include developers, engineers, contractors, accountants, labor representatives, city planners, investors, lawyers, and brokers who helped shape the city, have helped buyers find homes and offices, and will help strengthened the Big Apple’s economy.

The list, which is in alphabetical order, includes profiles for each honoree. Among those named were Dottie Herman, CEO of Douglas Elliman, along with Scott Durkin, President and COO of Douglas Elliman. Mary Ann Tighe, CEO of CBRE was on the list, along with a handful of other top brass from the firm. Jonathan Miller, CEO of Miller Samuel Inc. was named. From The Corcoran Group, CEO Pamela Liebman was named. From Cushman and Wakefield Ethan Silverstein, Tara Stacom, and Nadine Augusta were named. Andrea Olshan, CEO of Olshan Properties was listed. Robert Nelson, President of Nelson Management Group was named.

Eli Weiss, the Principal of Joy Construction Corp made the list for his work in multifamily, commercial and hospitality properties. Anchin’s Marc Wieder and Robert Gilman were named. From Silverstein Properties Jason Kaufman and Lisa Bevacqua were named. Renowned geotechnical engineer Andrew Ciancia of Langan Engineering was on the list.

A few of the others who were honored in the list included: Jamar Adams, VP of NY for Related Cos; Matthew Astrachan of JLL; Caroline Burton, VP of Zillow Group; Helena Rose Durst of the Durst Org; Sam Einhorn Director of Colliers Int.; Adam Gordon, President of Wildflower Ltd; Barry Gossin CEO of Newmark Group; Grant Greenspan of Kaufman Org.; Aaron Jungreis CEO of Rosewood Realty; Jonathan Kaufman Iger President of Sage Realty; Lena Johnson, head of Marketing at Compass; Andrew Kimball CEO of Industry City; Stephen Kliegerman of Brown Harris Stevens; James Nelson, Principal of Avison Young; CEO of The Raisner Group, Remy Raisner; Samantha Rudin, Senior VP of Rudin Management company; Morris Sabbagh, President of Kassin Sabbagh Realty; Abe Schlisselfeld partner and tax adviser at Marks Paneth; Mechanical Engineer Dana Robbins Schneider of Empire State Realty Trust; Belinda Schwartz of Herrick Feinstein; Joseph Taylor, President of Matric Development Group; David Walker CEO of Triplemint; Seth Weissman, President of Urban Capital; and Michael Werner from Fried Frank;

In the full Crain’s list, there were a total of 83 honorees, which can be found on their website.

By: Fern Sidman

New York Attorney General Letitia James last week filed a lawsuit against a New York private equity fund manager and five co-defendants for defrauding investors across the country out of more than $700 million through a Ponzi-like scheme that offered to pay investors generous monthly distributions they could never deliver, according to a statement by the Office of the Attorney General.

The suit — filed against New York City based investment advisor GPB Capital Holdings, LLC; two related entities involved in marketing the funds, Ascendant Capital and Ascendant Alternative Strategies; and three individuals, David Gentile, Jeffry Schneider, and Jeffrey Lash — charges the defendants with devising and executing a fraudulent scheme to enrich themselves at the expense of investors without ever delivering a profit to those who invested in the funds.

Gentile, 54, of Manhasset, New York, Lash, 51, of Naples, Florida and Schneider, 52, of Austin, Texas were also criminally charged in Brooklyn federal court for allegedly engaging in the scheme to defraud investors, that the Attorney General addressed, according to a NY Post report.

Thousands of investors across the nation invested more than $1.8 billion in GPB funds, including more than 1,400 New Yorkers who invested more than $150 million, on promises of profits on private equity investments in portfolio companies that included automotive dealerships and waste management companies, as was reported by the Office of the Attorney General.

“Investors put in more than $1.8 billion into GPB funds but were left without a single cent of profit,” said Attorney General James. “GPB and its operators fleeced New Yorkers and investors around the country while subsidizing their own lavish lifestyles, which is why we are filing this lawsuit and fighting to hold these bad actors accountable. We won’t let Wall Street fat cats get away with breaking the rules, as they pilfer New Yorker’s wallets in the meantime.”

For their part, GPB spokesperson Nancy Sterling said in a statement to the media that, “GPB has been cooperating with government investigations and is extremely disappointed by these developments. GPB denies these allegations and intends to vigorously defend itself in court where, for the first time, the firm will be able to present significant evidence in its favor.”

The New York Post reported that Sterling added that, “GBP remains confident that the firm acted in good faith during many years of managing funds for investors. GPB will continue to work toward increasing asset values and cash flows, while ensuring that the operating companies, their employees, and their commercial partners continue to deliver excellent value to our customers, and ultimately to our investors.”

Robert Gottlieb, an attorney representing Jeffrey Lash, told the Post that, “Mr. Lash is a good man with a spotless record. He will plead not guilty when he returns to New York next week and the truth about what occurred will emerge in the courtroom.”

Last Thursday’s lawsuit filed in New York County Supreme Court — alleges that the defendants were aware of the shortfalls in portfolio company cash flows, but nevertheless fraudulently assured investors that distributions being paid were “fully covered” by the cash flow from portfolio company operations.

The OAG reported that GPB Capital offered investors an eight percent annual return on their investments. In reality, however, a Ponzi-like scheme was utilized where the distributions to existing investors were paid, at least in part, by monies received by new investors.

Attorney General James also alleges in the complaint, that, in furtherance of this scheme, GPB Capital and the other defendants created back-dated performance guarantees and falsified financial statements to generate fictitious income — all in an effort to cover up their shortfalls.

Further, the complaint charges the defendants with failing to disclose numerous conflicted transactions involving related parties, as well as misappropriations of fund assets, all of which served to benefit the defendants. Investor funds were spent to subsidize private planes and luxury travel for the three defendants, direct payments totaling millions of dollars into personal bank accounts, and payments to family members. Defendant Gentile even purchased a Ferrari sports car with investor funds, according to the statement released by the Attorney General’s office

Attorney General James specifically charges GPB Capital and the five additional defendants with violating the Martin Act and New York Executive Law § 63(12), as well as breaching fiduciary duty and aiding and abetting a breach of fiduciary duty laws. Attorney General James seeks restitution for investors of more than $700 million defrauded, as well as disgorgement.

Additionally, Attorney General James seeks to stop the defendants from further violations of New York law, a permanent injunction of defendants Schneider and Gentile from selling or offering for sale securities within New York state, and other equitable relief to redress the defendants’ violations of New York law, as well as costs and fees incurred by New York state.

This matter was investigated in parallel with multiple state securities regulators, the U.S. Securities and Exchange Commission (SEC) and the U.S. Attorney’s Office for the Eastern District of New York (EDNY).

Joining New York in filing separate but simultaneous actions against GPB Capital and other defendants are the states of Alabama, Georgia, Illinois, Missouri, New Jersey, and South Carolina, as well as the SEC. The EDNY unsealed indictments against Gentile, Schneider, and Lash this morning on related charges.