Edited by: Fern Sidman

In a monumental act of philanthropy, an anonymous Columbia University alumnus has donated an unprecedented $260 million to Bar-Ilan University, one of Israel’s leading public research institutions, as was reported by The New York Post on Monday. This generous donation, revealed by Bar-Ilan University, has sparked widespread speculation and discussion within academic and philanthropic circles.

Described as a “North American Jew and graduate of Columbia University who was active in World War II,” the anonymous donor’s identity remains a mystery. His motivations, however, have been partially illuminated by statements from Bar-Ilan University and reactions from various stakeholders. According to the information provided in The Post report, the donor, now approximately 100 years old, chose to redirect his immense wealth towards Bar-Ilan University due to its perceived capability to enhance Israel’s science-based technological resilience. This act of generosity is seen as a strategic investment in the future of Israel’s scientific and technological advancements.

The timing and nature of the donation have led many to speculate that the benefactor’s decision was influenced by recent anti-Israel and anti-Semitic protests at Columbia University, especially in the context of the ongoing Israel-Hamas conflict, as per the information contained in The Post report. These demonstrations have stirred significant controversy and discomfort among Jewish alumni and supporters of Israel. As per The Post, Hank Sheinkopf, a prominent political consultant, pro-Israel activist, and rabbi, characterized the donation as a “smack in the face” to Columbia University, suggesting it might be the start of a broader trend among disillusioned alumni.

Bar-Ilan University, located in Ramat Gan, Israel, is poised to benefit immensely from this donation. Known for its strong emphasis on integrating Jewish values with scientific research and education, the university has a history of contributing significantly to Israel’s academic and technological landscape, as was indicated in The Post report. The $260 million endowment will likely accelerate research, development, and innovation across various scientific disciplines, bolstering Israel’s position as a global leader in technology and science.

The announcement of this extraordinary donation was first reported by e-JewishPhilanthropy.com and has since captured the attention of numerous media outlets. The story has ignited a guessing game regarding the identity of the donor, with the only concrete clue being his advanced age and World War II service, so said the report in The Post.

Bar-Ilan University President Arie Zaban lauded the anonymous benefactor as a man of broad academic education who deeply understands the importance of science and technology in shaping a nation’s future. The Post report noted that during his numerous visits to Israel, the donor observed firsthand the significant strides Bar-Ilan University has made in key scientific areas. He recognized the university’s robust science-based infrastructure and its extensive connections across all sectors of Israeli society as vital components in driving technological innovation.

The unprecedented $260 million donation is earmarked for the advancement of “deep tech” sciences at Bar-Ilan University. Deep tech, which includes disciplines such as artificial intelligence, quantum computing, biotechnology, and advanced materials, represents the cutting edge of technological innovation, The Post report revealed. This investment is expected to not only bolster Israel’s scientific capabilities but also potentially influence global technological advancements.

President Zaban emphasized the transformative potential of this gift, stating that it will “positively influence the future of Israel and humanity,” as was noted by The Post. By channeling funds into pioneering scientific research, the university aims to make significant contributions that extend beyond national borders.

By: Hal C Clarke

Mohamed Khairullah, a mayor and congressional candidate in New Jersey, was denied security clearance to a White House event last year, raising questions about his inclusion on a terror watchlist, NY Post reported

Khairullah, who is challenging long-time incumbent Rep. Bill Pascrell, expressed his frustration over the lack of due process to clear his name. “I believe I am on a terror watchlist with no due process,” Khairullah told Politico.

Khairullah’s background includes an arrest for aggravated assault in 2002, following an alleged attack on his then-wife. The domestic violence charge was later dropped, but the incident has resurfaced amid his current political campaign.

As mayor of Prospect Park, a town near Paterson, Khairullah oversees a community with the largest Palestinian American population in the United States. The district also has a significant Jewish population, especially in Passaic, making the Israel-Hamas conflict a pivotal issue in the race.

Originally from Syria, Khairullah moved to the U.S. in 1980. He has criticized Pascrell for his support of a $26.4 billion military aid package to Israel, the New York Post reported.

“I have been a vocal critic of the Biden administration’s handling of the Israeli aggression and daily massacres against the Palestinians in Gaza,” Khairullah stated. He advocates for an immediate and permanent ceasefire and the end of Israeli occupation in Palestine. “I refuse to see our tax dollars go to fund genocide. It is unacceptable that our elected officials are prioritizing military aid over diplomatic solutions that could save lives,” he added.

Khairullah, who also serves as an assistant principal at Passaic County Tech-Vocational Schools, recently posted photos on Instagram with Rep. Jamaal Bowman and Rep. Ilhan Omar, both known for their critical stance on Israel.

In contrast, Rep. Bill Pascrell, an 87-year-old Army veteran and former mayor of Paterson, has defended his vote for military aid to Israel. “I voted in favor of fresh aid to Israel to protect itself and Israelis from terrorism, especially in light of Iran’s latest terror attack,” Pascrell said. He emphasized the need for peace, calling for a ceasefire and the release of remaining hostages. Pascrell also supports aid to Gaza but stresses that “ceasefire and freed hostages is the only path to peace and two permanent states living in security.”

Pro-Israel activists have criticized Khairullah for not condemning Hamas’ October 7 invasion of Israel, which escalated the conflict in Gaza. “I think he supports Hamas,” stated Rabbi Benjamin Kelsen.

Khairullah has previously claimed profiling and discrimination. He was denied access to a White House Eid al-Fitr celebration and believes he was unfairly placed on an FBI terror watchlist. He reported being detained and questioned about terrorism at JFK Airport after a trip to Turkey, attributing this to Muslim profiling.

Despite the controversies, Pascrell remains the favored candidate, with strong support from the Democratic establishment, including endorsements from House Democratic Minority Leader Hakeem Jeffries, Rep. Gregory Meeks, and Rep. Tom Suozzi. Pascrell co-chairs the Congressional Law Enforcement Caucus, further solidifying his position within the party.

By: Jared Evan

The chairman of the New York State Democratic Party, Jay Jacobs, recently gave glowing remarks about George Latimer, the primary opponent of far left extremist Rep. Jamaal Bowman, but notably refrained from commenting on Bowman himself, The NY Post reported.

Jacobs, who has a strong alliance with Governor Kathy Hochul and leads the Nassau County Democrats, expressed confidence in Latimer, the Westchester County Executive.

“If elected, George Latimer would make an excellent congressman,” Jacobs told The NY Post on Monday. When asked about Bowman, Jacobs simply replied, “No comment.”

Bowman, a former middle school principal from the Bronx, is running for a third term in the 16th House district, which includes southern Westchester and parts of the northern Bronx. Jacobs highlighted his long-standing friendship with Latimer, emphasizing their collaboration on various issues important to both suburban and urban New Yorkers.

Despite not formally endorsing Latimer, insiders suggest Jacobs clearly favors him in the upcoming June 25 primary. This comes amid increasing scrutiny of Bowman, who has faced backlash for his anti-Israel statements and other controversial actions, The NY Post noted

Bowman recently secured the endorsement of the Democratic Socialists of America (DSA), a group known for its anti-Israel, anti-white, anti-Jewish, anti-law enforcement, anti-ICE and pro crime positions, as well as support from the Working Families Party, another Marxist tinged group of radicals.

In response, pro-Israel organizations, including the American Israel Public Affairs Committee (AIPAC), are investing heavily to defeat Bowman, funding aggressive TV ads critical of the incumbent. Latimer has positioned himself as a strong supporter of Israel, contrasting sharply with Bowman’s contentious and Pro terrorist views, NY Post reported

Last November, Bowman sparked controversy by referring to Israel as an “apartheid” state and disputing reports of rapes and child murders during the October 7 attacks, which he labeled as “lies.”

He later under pressure from sane people retracted these comments after accusations of spreading Hamas propaganda. In a recent debate, Bowman defended the phrase “From the river to the sea,” often seen as a call for the eradication of Israel, while Latimer condemned it as antisemitic and genocidal.

Bowman has received backing from fellow “Squad” member Rep. Alexandria Ocasio-Cortez, whose district neighbors his, as well as from state Sen. Jamaal Bailey, the Bronx Democratic Party chairman. On the other hand, Latimer enjoys support from the Westchester Democratic Party establishment, as well as from pro-Israel and Jewish Democrats.

Bowman’s challenges are not limited to his political rhetoric and positions. The Republican-led House voted in December to censure him for pulling a fire alarm in a Capitol Hill office building on September 30 to delay a vote on averting a government shutdown. He pleaded guilty to a misdemeanor count on October 26 for falsely pulling the fire alarm and agreed to pay a $1,000 fine, asserting it was an accident.

Bowman is part of the far-left group of House members known as “The Squad,” which includes Ocasio-Cortez, Ilhan Omar of Minnesota, Ayanna Pressley of Massachusetts, Rashida Tlaib of Michigan, and Cori Bush of Missouri.

Despite repeated attempts, The Post did not receive an immediate response from Bowman’s campaign for comment.

As the primary approaches, the dynamics of this race underscore the broader tensions within the Democratic Party between its moderate and progressive wings.

By: Lieba Nesis

Held since 1964 the Israeli parade organized by the Jewish Community Relations Council of New York took place on June 2nd 2024 from 11:30-3:30 PM along 56-74th Street and Fifth Avenue. Pre October 7th this parade was called “Celebrate Israel Parade” and contained bands floats and music-post October 7th the toned-down version’s theme was “Israel Day on Fifth.” My first time marching I was not sure what to expect especially with the tightened security which included, barricades, metal detectors, K-9 units bike patrols, snipers and a heavy police presence. The expectation was for myriad loud protests and perhaps some aggression leading a fair amount of attendees to skip the festivities.

Despite one crazy masked man carrying a sign calling to “kill the hostages now” the parade largely went off without a hitch. As far as I could tell most of the crowd including the schools were orthodox as Ramaz, Moriah, JCRC, HAFTR along with 200 other participating synagogues and schools came out in droves. In fact there seemed to be many more marchers than spectators perhaps due to the closed off streets, the hot weather, and the fear of pro-Palestinian marchers. I had the privilege of accompanying Grand Marshal Harley Lippman on the route-and it was an experience I will never forget. Harley is a diehard lover and advocate of Israel.

After founding Genesis10, a professional technology consulting firm in 1999 his firm has grown organically with more than 2,000 employees and 20 sales and recruiting offices. Harley could be enjoying cocktails in his Miami Beach mansion, or hanging out in his Park Avenue pad-but that is not Harley. In typical Lippman fashion he not only headed the parade which included him flying over some of more than 70 hostage family members represented-but he went over to each individual crowd introducing those whose children had been kidnapped or killed and asking the crowd to advocate for Israel against the “New Nazis”-Hamas.

The hostage families were clad in black T-shirts as they carried posters of their loved ones and joined the crowds in chants of “Bring Them Home Now.” There were hosts of politicians including Chuck Schumer who began the parade as a heckler screamed “Go Home,” Governor Kathy Hochul, Mayor Eric Adams, Ambassador Gilad Erdan and others; however, this afternoon was all about the victims of October 7th-and yes as in any Jewish crowd their views were far from monolithic.

Standing next to Rabbi Zvika Mor from Kiryat Arba, whose son Eitan is being held by Hamas, was eye opening as he called for the crowd to not only bring back his son but to “win the war.” Zvika shot to fame when he told a Channel 14 interviewer “I love my son, but my country comes first” remarking that “he was ready to make sacrifices.” On the other end of the spectrum is Eli Shtivi whose son Idan was kidnapped from Nova and who has repeatedly called on Prime Minister Netanyahu to end the war so the hostages can return-even staging a hunger strike to call attention to their plight.

The lugubrious faces of Itay Chen’s parents, Hagit and Ruby, whose son was killed by Hamas was hard to bear; as was Dani Miran who is still waiting to hear the fate of his son Omri who was abducted from Kibbutz Natal Oz and has two young girls anxiously anticipating his arrival. The crowd listened to their stories with tears in their eyes as this year’s parade was almost too much to bear. Mayor Adams, an ardent advocate of Israel, stood near Israeli singer Eden Golan who recently represented her country at Eurovision despite death threats and fear of violence as Adams declared “destroy Hamas, bring home the hostages.”

Due to the ongoing grim circumstances there was little music, no bands or celebratory chanting at this year’s parade- and I am afraid that was a huge mistake as the afternoon lost its celebratory feeling. Despite the circumstances of the war the necessity of manifesting our joy at the miracle of the 1948 statehood remains and so the thousands marching lost their sense of purpose and excitement. This year’s parade also seemed more business oriented as it really was about getting the hostage families to the right politicians in order to make things happen.

As the steamy day concluded and more than a couple of parade goers were taken out in stretchers I bumped into hero Rami Gold from Kibbutz Beer a 70 year old war veteran who witnessed October 7th firsthand and who grabbed an M16 rifle from one of his dead friends and fought hundreds of terrorists for 12 hours-until he came down to his last bullet and two reserve soldiers came to save him-and this is what makes Israel so great-even when it appears they are down and out they come back ten times stronger-Am Yisrael Chai!

By: Carlton Fredericks

State lawmakers and Governor Kathy Hochul are nearing agreement on a groundbreaking bill that aims to regulate social media feeds for minors, multiple sources confirmed on Monday to the New York Post.

The proposed legislation, championed by Hochul, seeks to restrict social media companies from using addictive algorithms on users under 18 and to prevent these companies from profiting off their data.

If enacted, this bill would be the first of its kind in the United States. “I think we are waiting for ‘Is and Ts,’ but I think hopefully we’ll have something out pretty soon,” said Sen. Andrew Gounardes (D-Brooklyn), the bill’s sponsor, in a statement to the NY Post.

Sources involved in the discussions indicated that the exact text of the legislation could be released as early as Monday evening, potentially setting the stage for a vote by the end of the week.

The tentative agreement would prohibit social media companies from using algorithms to dictate the content that minors see, ensuring that their social feeds display posts chronologically from accounts they follow. Critics argue that these algorithms are designed to keep children glued to their screens, contributing to a mental health crisis among the nation’s youth.

Additionally, the bill proposes a ban on apps sending alerts between midnight and 6 a.m., unless parents opt in. It would also prevent companies from selling the data of users under 18. Assembly Speaker Carl Heastie withheld comment on the tentative deal, noting that it still needs to be discussed with all Assembly members in a closed-door conference. “I have to talk to members,” Heastie said. “When it comes to the work on something, there’s dialogue between the executive and the Assembly, you have something to go back and see that the members are OK.”

Governor Hochul, a mother and grandmother, has been vocal about the legislation at various events leading up to the tentative agreement. “The companies are responsible for this,” Hochul said at a recent event with the Mental Health Association in New York. “This is driven by profit. They also know there are negative effects on children, they don’t have to listen to the surgeon general who warned about the effects of this a year ago.”

This legislative effort in New York comes amid a broader national conversation about regulating social media companies, with several states considering similar measures and preparing for potential free speech battles. A comparable bill passed the California state Senate last month and may pass its lower chamber later this year, NY Post noted.

Tech firms and social media companies have been lobbying against these efforts, raising concerns about age verification for minors and broader issues related to the bill. One trade group, NetChoice, which includes Facebook’s parent company Meta, argued that New York’s bill would infringe on First Amendment protections, even though it doesn’t prevent minors from choosing which accounts to follow. “It is less unconstitutional,” said Carl Szabo of NetChoice, to the Wall Street Journal. “Unfortunately, when it comes to constitutionality, close doesn’t count. You either are or you aren’t. This legislation continues to violate free speech protections granted to New York citizens.”

Sen. Gounardes acknowledged that last-minute negotiations are focused on ensuring the bill stands on firm legal ground to avoid being invalidated by the courts amid expected challenges from opponents. “I think this is huge,” Gounardes said.

By: Rob Otto

Walking down West 38th Street in New York’s Garment District, one can still see the faded sign of Horn & Hardart, a long-gone self-service restaurant chain that once fed generations of New Yorkers. While many may not recognize it, others feel a pang of nostalgia for the beloved Automat that provided affordable weekday lunches for working-class citizens.

David Arena, a 35-year-old entrepreneur from Philadelphia, sees this “ghost sign” as a symbol of the future. He is determined to bring the Automat back to life and hopes to open the first location within a year. “We’re going back to the nostalgic 1920s, 1930s charm, to beaux arts, art deco, to the machines themselves — and we’re not going to modernize the recipes,” Arena told The NY Post. He envisions a place filled with comfortable seating where people can enjoy pie and hot coffee at all hours, just like in the old days.

The NY Post dove deep into Arena’s fascinating business idea, this story is a summary of their outstanding reporting.

Arena plans to open the first location in Philadelphia, followed by New York. Horn & Hardart, originally founded in Philadelphia in 1888 by Joseph Horn and Frank Hardart, became famous for its Automats, where customers could serve themselves from windowed lockers filled with prepared dishes. The concept was a hit, and by 1912, the chain had become a staple in New York, serving dishes like stews, baked beans, and beef with Burgundy sauce.

The last Horn & Hardart closed in 1991, well before Arena’s time. Yet, his detachment from its history, he believes, makes him the ideal person to revive it. Having sold a media company to focus on this project, Arena says it’s not about nostalgia or even the food, which he admits he’s not particularly passionate about. Instead, he sees the Automat as a timeless business idea. “This company was synonymous with innovation in its category for 100 years,” Arena said. “The original ideas of quality, innovation, convenience, caring about your customers, caring about the details — that’s lost in a lot of today’s businesses.”

While Arena is interested in automation trends, he emphasizes that his version of the Automat won’t rely on robots. “This isn’t about robots making food — when you look at self-service, what we’re doing is removing lines and waiting,” he explained. Customers will use modern technology to open cubbyholes with a tap of their credit card, but there will be no touch-screen ordering or machines replacing cooks.

“My main mission is to bring Horn & Hardart and the brand back into the modern age and create the world’s best self-service restaurant experience,” Arena declared. He has already started building buzz by launching a line of Horn & Hardart coffees and declaring June 9 as Automat Day, marking the anniversary of the first Automat’s opening in 1902.

Arena has also connected with the community of people who cherish the Automat’s legacy, including Lisa Hurwitz, director of the 2021 documentary “The Automat.” Hurwitz’s film features celebrities like Carl Reiner and Mel Brooks and brings the history of Horn & Hardart to life. “You have to be crazy to do what David is doing,” Hurwitz told The Post, admitting that her own project seemed crazy at first too. She believes Arena understands and appreciates what the Automat represented — wholesome entrepreneurship and a welcoming, affordable space.

By: Mario Mancini

Updated:

New York Gov. Kathy Hochul announced Wednesday that she would stop the planned June 30 rollout of a congestion pricing program, reportedly due to concerns about backlash at the voting booth, Fox News reports

“My commitment to a greener, more sustainable future is unwavering,” Hochul said at a press conference Wednesday, announcing that she directed the Metropolitan Transportation Authority (MTA) to “indefinitely pause” the congestion pricing program. “I have been more committed to combatting climate change and protecting our environment than any governor in our history.”

“We will continue to find strategies to address congestion, and we will continue to find solutions that benefit both our planet and our people,” Hochul said. “This decision is about doing what’s right for the people who make our city thrive. It’s about standing up for the hardworking men and women who get up every single day, do their jobs and just want a fair shake. The little guy who feels like no one listens to them. I’m here to say, we are listening. This decision is about you. And to those cynics who question my motivation, I approach every decision through one lens: what is best for New Yorkers.”

Initially due to begin  June 30, the MTA’s new $15 congestion toll will affect anyone entering Midtown, including residents who don’t drive. This move has sparked outrage among businesses and residents, as costs are expected to be passed on to consumers.

The NY Post spoke to a spectrum of New Yorkers on this contentious issue.

Mechanical East, a Brooklyn-based air-conditioning and ventilation service firm, has already informed its customers that it will impose a $15 surcharge for all work orders below 60th Street to offset the toll. “Starting June 30, all NYC calls below 60th Street will be charged a $15 surcharge for NYC congestion fee,” states a bill sent to a Manhattan customer after a service visit.

Daniel Flancraich, vice president of Mechanical East, explained the surcharge: “This announcement to my clients is self-explanatory.” Critics have long warned that the toll would lead companies to pass on additional costs to customers.

Car drivers will face a $15 toll, while large trucks will be charged between $24 and $36 per trip, depending on their size. “Hold onto your wallets, because the price of everything is about to go up even more in New York, especially within the congestion pricing tax zone,” Joshua Bienstock, spokesman for Keep NYC Congestion Tax Free, told the NY Post. His group obtained a copy of Mechanical East’s bill from a customer and highlighted that companies could exploit the toll by charging multiple customers for a single entry into the zone.

Bienstock accused the MTA of disregarding the toll’s inflationary impact on hardworking New Yorkers. “All they care about is squeezing more money out of hardworking New Yorkers; they could care less about the inflationary nature of their tax,” he said.

The congestion pricing initiative aims to reduce congestion and pollution in Midtown while generating revenue for mass transit improvements. The law, passed in 2019 and supported by former Gov. Andrew Cuomo and the Democrat-controlled legislature, has the backing of current Gov. Kathy Hochul, the NY Post pointed out,

Bienstock criticized the policy, claiming it will allow businesses and ride-share companies to profit at the expense of everyday citizens. “How can a customer know how many stops a delivery or service vehicle is making in the zone? [Businesses] will profit from this fiasco, as will Uber and Lyft, while everyday citizens are caught holding the bill as usual. This is Governor Hochul’s New York,” he said.

Kathryn Freed, a Manhattan resident and plaintiff in a lawsuit against the toll, expressed concerns about its impact on apartment dwellers, particularly those on fixed incomes in public housing. “There is no rail freight in Manhattan,” Freed told the NY Post. “Officials didn’t look at the economic impact of the congestion toll.”

Frank Arroyo, owner of Frank’s Bike Shop on Grand Street, expects his delivery costs to rise significantly due to the toll. “It’s going to increase the delivery costs. The bikes are all warehoused outside the zone.”

Queens Chamber of Commerce President Tom Grech pointed out the impracticality of service deliveries via public transit. “You can’t do service deliveries on the bus and subway,” he said.

The MTA argues that the new toll will generate $1 billion annually, funding new subway trains, signal overhauls, an expansion of the Second Avenue subway into East Harlem, and other major projects. John McCarthy, the MTA’s chief of policy and external relations, claimed the toll will ultimately save money.

By: Ellen Cans

Ryco Capital has purchased a mixed-use property in Williamsburg, Brooklyn. As reported by Crain’s NY, the Gowanus-based property investment firm purchased the 3-story building at 168 Wythe Ave. for $10.2 million from Chicago-based private equity real estate investment firm L3 Capital, as per the deed found in the city register Friday. Situated between North Sixth and North Seventh streets, the property boasts over 11,000-square-feet of space. It contains five residential units and previously housed the restaurant, Cafe Rosarito, until the owners announced in January that the restaurant would be shuttered.

L3, which specializes in institutional quality core-plus and value-add urban real estate opportunities in top tier urban markets, had purchased the property in 2019.

Before announcing this recent sale, L3 had made plans to renovate the building, per its website. Ryco has not announced its intentions or plans for the property. No demolition or construction permits have been filed yet for the lot.

Ryco Capital manages a total of $310 million in assets and operates 30 properties, including 270 residential units, 28 retail units and 800,000 square feet of office space primarily in New York City, as per its website. The firm focuses on multifamily and mixed-use assets in Manhattan and Brooklyn. “We renovate assets that have suffered from under investment and deficient management. RYCO implements cogent, tailored business plans to reinvigorate our properties, drive financial returns, and elevate our neighborhoods,”says the company website.

Ryco made waves in the news in early 2024 for having acquired the popular dive bar Lucy’s in the East Village. In January, Ryco purchased the building between St. Marks Place and East Ninth Street for $19.1 million, using a limited liability company named West Lake 135-139 Avenue A, per property records.

That property at 135 Ave. A, has been a beloved drinking establishment for four decades, having opened in the 1980’s. Per Crain’s, that East Village hot spot is now shuttered, as of December, and it’s not known what Ryco’s plan is for the building. The bar owner, 81-year-old Ludwika “Lucy” Mickevicius, previously said she is facing multiple hurdles including rent increase, a lack of staff and an insufficient supply of top-shelf liquor, per the Post. She said she doesn’t have plans to open the bar at a new location, and isn’t interested in moving, “because I’m not finished here,” she told the neighborhood blog EV Grieve.

She had said she was on the lookout for an investor to partner with, wherein she could keep a reduced role in the business, or she may consider selling Lucy’s and retiring.

Ryco, founded in 2018 and led by chief executive officer James Ryan, purchased the Williamsburg building under a version of the same liability company, as well as an assortment of other Manhattan buildings acquired over the past year and a half. Other properties purchased include: 217 Thompson St. in Greenwich Village for $31 million; and 414 West Broadway in SoHo for $13.2 million, per city records.

Ryco did not immediately respond to Crain’s request for comment.

By: Benyamin Davidsons

The late Sheldon Solow, who passed away during the pandemic in 2020 at age 92, left behind a real estate empire worth billions, which included New York City icons including the office tower at 9 W. 57th St., several luxury apartment buildings on the Upper East Side and close to seven acres of vacant land south of the United Nations building.

Per a recent article in the NY Post, his son, Stefan Soloviev, 48, was put in charge of the tremendous estate, as well as the responsibility for the heavy duty estate taxes. Soloviev, who changed his last name to follow his bricklayer grandfather, had moved away from Manhattan and moved to Arizona when he got married. There he built a large family and forged his own empire, becoming one of the largest landowners in the country— boasting 700,000 acres and numerous businesses around the United States. He told the Post that he never had trust funds and had to earn pocket money even as a teenager. Despite his success, he remains an enigma, especially in Manhattan real estate.

The Post got a rare personal interview with Soloviev, chairman of the rebranded Soloviev Group. Soloviev showed up with his 21-year-old son, Quintin, who reportedly goes everywhere with his father, as his right hand and advisor. Quintin is next in line to run the company. “He’s obviously not there yet,” Soloviev said. “But I do believe he has the ability to take this all over from me one day.” The expansive primary businesses include Crossroads Agriculture, Quintin City Ranch and Weskan Grain, which have operations in western Kansas, eastern Colorado and New Mexico, growing grains and raising beef.

They handle bulk grain transfers and storage, with two railroad spurs to facilitate moving the grain to mills and ports. There’s a metal mine in Nevada, a wine brand named after his daughter Krissie, an under-development hydroponic facility in Canada, upstate orange groves in Florida, and retail stores in Delray Beach, FL. “Ask anyone around the plains, from Wyoming to New Mexico, everyone’s heard of me,” Soloviev said.

Their Twelve Bridges construction company has plans to eventually build upscale homes on their 1,000 acres owned in the North Fork of Long Island, as well as a boutique hotel, a marina, wineries, a peach orchard, a Christmas tree farm and nurseries.

Despite his multiple dealings across the country, Soloviev says he is still focused on his family’s Manhattan holdings. When he first inherited the Manhattan estate, Soloviev was forced to sell all but one of his father’s luxury rental properties to pay the estate taxes, because there was no estate planning working into the trust. Now, though, things are moving forward smoothly. Per the Post, his office building at 9 West, overlooking Central Park, has reached nearly 100% occupancy. He is pouring $45 million into the trophy tower to add new amenities. He also opened the family foundation’s art museum to the public in the tower’s ground floor, as of May.

Plans for the mixed-use construction include affordable housing, two hotel brands, 4.7 acres of public park, and a “Freedom Museum”.

“I will continue to back up everything I say, and I will continue to thrive as a person and as a company,” Soloviev said.

By: Ilana Siyance

The New York Stock Exchange experienced a technical glitch on Monday which caused an erroneous reading of share prices of dozens of companies, including Warren Buffett’s Berkshire Hathaway. As reported by the NY Post, the stock price for Berkshire Hathaway

was displayed as down by over 99 percent. Other well-known companies affected in the glitch included Chipotle, Barrick Gold and Nuscale Power, which also saw their stock prices plummet due to the glitch. The stock price of Barrick Gold was shown to be down by more than 98 percent due to the glitch. Trading of shares of the affected company’s stocks were halted due to the unexpected and unwarranted volatility.

For almost two hours on Monday, Berkshire’s Class A stock, which had closed at $627,400 on Friday, was trading for just $185.10, devalued by 99.97%. The stock exchange said on Monday that it was investigating the glitch, and the stocks’ trading was halted in the meantime. The problems were apparently resolved later on the same day by 11:22 a.m. Eastern time, according to NYSE, and trading resumed for all impacted stocks. “All systems are currently operational,” NYSE said. The exchange announced on Monday that it has ruled that all erroneous trades in Berkshire and the other companies affected by the glitch will be null and void. The glitch did not appear to affect the wider market.

Intercontinental Exchange, the parent company of NYSE, said it did not find any indication that the glitch was caused by a cyberattack, a senior executive at a major bank told CNN. A NYSE spokesperson said there was a “technical issue” with industry-wide price bands that “triggered” trading halts on nearly 40 symbols listed on the NYSE exchanges. NYSE explained that price bands are published by the Consolidated Tape Association’s (CTA) Security Information Processor (SIP). CTA, an industry group, is the party responsible for publishing real-time trade and quote data. Per CNN, CTA said it experienced an issue that “may have been related to a new software release.” To fix the problem, it used a secondary data center operating on the software’s older version, the group said.

Trading was halted on those stocks thanks to the Limit Up-Limit Down mechanism built in – which is meant to prevent extreme volatility in the market in individual securities. The mechanism prevents trading from occurring outside of specific price bands that are constantly updated throughout the trading day. Each stock’s price bands are set at a percentage level above and below the average reference price of the stock for the immediately preceding five-minute period. “It’s erroneous trade reports and will get taken from the tape,” said Joe Saluzzi, co-head of equity trading at Themis Trading. “It’s somebody having a glitch whether it’s the exchange or a market maker.”

Trading glitches are rare, but they do occur. In January 2023, a glitch in the NYSE had led to wild price volatility in some 250 stocks, including Verizon, Wells Fargo and Nike— though those price changes were not as extreme as yesterday. Should technical issues on exchanges become a more frequent occurrence, they would impact traders’ confidence.

By: Hadassa Kalatizadeh

The latest analysis from the Real Estate Board of New York found that office building “visitations” present a less pessimistic view of the reportedly troubled commercial property market.

As reported by Realty Check, in the past few months, Manhattan saw office attendance continue to inch up towards recovery, as more companies are requiring employees return to their desks. Since the pandemic began, creating the work-at-home culture, industry experts have been worried about a commercial real estate crisis, predicting foreclosures and a long path to recovery. The recent REBNY data calculates office attendance as a percentage of pre-pandemic 2019, which accounts for the fact that offices were well below 100% full on any given day even before the pandemic.

The report from Keith DeCoster, REBNY director of market data and policy, found that Manhattan office attendance in March reached 74% of 2019 levels and 75% in April. Both rates were higher than 70% in March of 2023. The rates are based on Placer.ai location data in some 350 major Manhattan buildings, compiled using cell phone data.

Per the Post, the data revealed that Class A-plus properties saw 82% visitation rates in March, relative to 2019, and 89% in April. Visitation was also healthy at 72% in Class B and C buildings. The high occupancy in top “trophy” buildings was not a big surprise, as buildings including One Vanderbilt, One Bryant Park, One World Trade Center and several Hudson Yards towers have already reported up to 95% daily attendance. DeCoster said, “We are seeing office activity incrementally edge closer and closer to pre-pandemic levels, led by the highest quality properties.”

As expected, visitation was highest on average in Midtown Manhattan buildings, with 76% in March and 78% in April. In Downtown Manhattan, visitations improved too, reaching 66% in March and April, up from 54% in February.

Zach Steinberg, REBNY senior VP for policy, clarified that the attendance data includes visitors to retail stores inside office buildings. “We’re considering a building’s entire ecosystem,” Steinberg explained. While this factor was not previously clarified, it is the same way data for 2019 was compiled— also “included visitors to stores and restaurants in office buildings, so we’re still comparing apples and apples,” Steinberg said.

A recent survey by the Partnership for New York City found similar results. The nonprofit group found that between April 19 and May 6, office attendance was at 72% of pre-pandemic levels. Per the Post, the encouraging data brushes off doomsday claims that office buildings are at only at half the capacity compared to pre-pandemic levels. In March, one such article in the NY Times had said, “Even with more people physically returning to work, the office occupancy rate is still roughly 50 percent of pre-pandemic levels by one measure.”

The article referred to the Kastle Systems Back to Work Barometer, which tallies weekly office attendance, taking a tally using card swipes only in buildings that use Kastle’s security services. The barometer has since been largely discredited, being that it mainly only counts attendance at buildings owned by the city’s 11 largest landlords, many of which are prewar buildings in secondary neighborhoods.

It should be noted that landlords are also still struggling with high interest rates and companies downsizing and consolidating.

By: Hadassa Kalatizadeh

A federal program is reopening to applicants after 15 years, which may finally bring additional aid to New Yorkers struggling to pay rent.

As reported by the NY Times, the highly-sought-after federally funded section 8 housing vouchers is reopening its wait list, after having been shuttered at the end of 2009 with over 128,000 families on que. On Monday, the New York City Housing Authority reopened its waiting list, which now has a more workable-sized waitlist of 3,700 households. The choice housing vouchers help over five million people across the country, but is perhaps most needed and most expansive in NYC. Nearly 250,000 lower-income New Yorkers rent apartments on the private market using the vouchers.

The program allows the people to spend a maximum of 30 percent of their income on rent while the federal government picks up the rest of the tab. The vouchers can be a lifeline for lower-income families, but not only is there a long waitlist to get a voucher, qualifying apartments are also getting harder and harder to find. “Just finding housing in New York, even when you have this assistance, is difficult,” said Matthew Murphy, executive director of the New York University Furman Center. “On top of that, we know that voucher holders face discrimination.”

In 2018, over 70% of families with children could find an apartment to rent with their voucher within a year, as per an analysis by the Furman Center. In 2022, that percentage dropped to 58%. The drop reflects the NYC housing shortage, as well as landlords’ reluctance to rent to people with vouchers, the Furman Center analysis noted. The analysis found that in 2022, it took households with children over 160 days to find an apartment that they could use their voucher with. In the city, just finding an apartment that qualifies is a major task. “I had to treat it as a full-time job,” said Daniris Espinal, 38, who lives with two daughters, and who was given a voucher in 2021 but took two years to find a qualifying apartment.

Per the Times, a NYC survey showed that the overall vacancy rate for rentals was just 1.4% in 2023— the lowest level in over 50 years. More affordably priced apartments had an even lower rate of vacancy.

Aside from the federal section 8 program, NYC also issues its own vouchers through a similar program named CityFHEPS. Apartments that qualify for vouchers need to fall into certain guidelines, with the rent usually maxing out at about $3,000 for a two-bedroom apartment for a family of four.

NYCHA has a limited number of vouchers available. People on the waiting list can get a voucher when people who already have them become ineligible, by getting a higher-paying job, for example. Applications to join the wait list will be open until June 9.

NYCHA officials said they are bracing for a high number of applicants— possibly more than 500,000 applications. They hope to select 200,000 eligible households to add to the waiting list. In August, they are slated to begin giving out vouchers at a rate of about 1,000 households per month, the NY Times reported.

Jay Martin, the executive director of the Community Housing Improvement Program, a landlord group, expressed enthusiasm that the waiting list is reopening, but noted the housing shortage.

If President Trump won a second term, he could not pardon himself for the convictions he received in New York.

By: Bill Pan

New York Gov. Kathy Hochul is facing bipartisan calls to pardon former President Donald Trump for his recent felony convictions, a scenario she has signaled is unlikely to happen.

President Trump became the first U.S. president to be convicted of a crime after a 12-person New York jury returned a guilty verdict in a highly controversial trial stemming from a payment made to an adult film actress before the 2016 election. He pleaded not guilty and dismissed the roughly seven-week proceeding as a “rigged” and “very unfair” scheme to undermine his reelection campaign.

If President Trump won a second term, he could pardon himself if convicted in his two federal cases, but not for the convictions he received in New York.

The U.S. Constitution limits the presidential pardon authority to “offenses against the United States,” meaning that the president may only pardon federal offenses and offenses adjudicated in the Superior Court of the District of Columbia in the name of the United States. That leaves Ms. Hochul as the sole person with the power to pardon the convictions and subsequent sentences.

Rep. Nick LaLota (R-N.Y.), denouncing the verdict as “politically motivated,” said the Democrat governor should “immediately announce her intention” to pardon the presumptive Republican presidential nominee and “preemptively commute any sentence.”

“To not do so is to allow America to become a banana republic,” the Republican congressman wrote in a post on X on Thursday.

“President Trump’s fate, and the 2024 presidential election, should be decided by voters, not overzealous politically motivated prosecutors and an imbalanced jury.”

Also among those urging Ms. Hochul to pardon the former president’s historic felony conviction is Rep. Dean Phillips (D-Minn.), who ran a long-shot bid for the Democratic Party’s presidential nomination this year before endorsing President Joe Biden.

“Donald Trump is a serial liar, cheater, and philanderer, a six-time declarer of corporate bankruptcy, an instigator of insurrection, and a convicted felon who thrives on portraying himself as a victim,” Mr. Phillips wrote on Friday on X, before suggesting that Ms. Hochul should pardon him anyway, “for the good of the country.”

In a follow-up post on Saturday, Mr. Phillips expressed worries that the outrage over the verdict is being turned into a fundraising boon.

“You think pardoning is stupid? Making him a martyr over a payment to a porn star is stupid,” he wrote. “It’s energizing his base, generating record sums of campaign cash, and will likely result in an electoral boost.”

“Today’s verdict reaffirms that no one is above the law,” Ms. Hochul’s office said in a statement following the guilty verdict.

“In preparation for a verdict in this trial, I directed my Administration to closely coordinate with local and federal law enforcement and we continue to monitor the situation,” it continued. “We are committed to protecting the safety of all New Yorkers and the integrity of our judicial system.”

The conviction did appear to serve as a booster to the Trump campaign, which announced Friday that it had raised nearly $53 million.

“THAT’S MORE THAN $2 MILLION PER HOUR!” the Trump campaign said.

          (TheEpochTimes.com)