By: Mario Mancini

Curtis Priem, co-founder of the chip-making giant Nvidia, is spearheading a transformative initiative at Rensselaer Polytechnic Institute (RPI) by funding a groundbreaking quantum computer system. Priem, 64, has donated over $75 million to the Albany-area college to acquire the IBM-manufactured quantum computer, marking the first deployment of such a device on a university campus globally, as reported by the Wall Street Journal.

Priem’s vision extends beyond RPI’s campus in Troy; he aims to turn the surrounding Hudson Valley into a leading technology hub. “We’ve renamed Hudson Valley as Quantum Valley,” Priem told the Journal. “It’s up to New York whether they want to become Silicon State — not just a valley.”

Quantum computing, which uses subatomic quantum bits or “qubits,” promises to process data at speeds far exceeding those of conventional binary computers. These advanced systems are anticipated to significantly contribute to the development of cutting-edge AI technologies. Priem’s ambitious project includes covering the $15 million annual cost to rent the quantum computer, housed in a former chapel on RPI’s campus.

RPI President Martin Schmidt confirmed that the university will incorporate the quantum computer into its curriculum and ensure that students have access to this pioneering technology. This initiative positions RPI at the forefront of quantum computing education and research, providing students with hands-on experience in a rapidly evolving field.

Curtis Priem, an electrical engineer by training, co-founded Nvidia in 1993 alongside Jensen Huang, the current CEO, and Chris Malachowsky. Priem served as the company’s Chief Technology Officer until his retirement in 2003. Post-retirement, he sold most of his Nvidia shares and established a charitable foundation. As vice chair of RPI’s board, Priem has donated hundreds of millions of dollars to the university, demonstrating his long-standing commitment to advancing technology and education.

Nvidia, the company Priem helped establish, has become a cornerstone of the tech industry, particularly in the realm of artificial intelligence. Nvidia’s chips are essential for AI development, driving the company’s value to unprecedented heights. Since January alone, Nvidia’s stock has surged by 95%, reaching nearly $942 per share. The company’s market capitalization now exceeds $2.3 trillion, ranking it as the third-most valuable company globally, following Microsoft and Apple. In November 2023, Forbes estimated that if Priem had retained his Nvidia shares, his personal fortune would be around $70 billion, making him one of the world’s richest individuals.

Priem’s investment in quantum computing at RPI is a testament to his forward-thinking approach and dedication to fostering innovation. By establishing the first university-hosted quantum computer and promoting the Hudson Valley as a tech powerhouse, Priem is not only enhancing the educational landscape but also positioning the region as a leader in the next wave of technological advancement. This initiative promises to attract top talent and businesses, driving economic growth and cementing New York’s status as a technological epicenter.

As quantum computing becomes more mainstream, the Hudson Valley, now dubbed “Quantum Valley,” is poised to become a significant player in the tech industry, potentially rivaling other major tech hubs. Curtis Priem’s contributions and vision are set to transform the region, making it a beacon of innovation and technological progress

By: Benyamin Davidsons

An aide to Mayor Eric Adams, who served as his longtime liaison to the Turkish community, has turned against him and is cooperating with the corruption investigation into Mr. Adams’ dealings with the Turkish government. As reported by the NY Times, the aide, Rana Abbasova, may provide new insight into the corruption inquiry, which has questioned whether Mr. Adams’s campaign conspired with the Turkish government to funnel illegal foreign donations into his campaign coffers, and whether Mr. Adams pressured Fire Department officials to expedite approval of the high-rise Turkish consulate.

Ms. Abbasova, 41, who serves as the director of protocol for the Mayor’s Office for International Affairs, has been cooperating with the federal authorities in the probe. Emails show that she has been involved in some of Mr. Adams’s dealings with Turkish government officials and businessmen. Per the Times, she also helped coordinate meetings and events with members of the Turkish community in NY and abroad, arranged some of his travel plans, and accompanied him on two official trips to Turkey, per records.

Ms. Abbasova, originally from Azerbaijan, started working for Mr. Adams before he was mayor, having worked for about four years in the Brooklyn borough president’s office. On Nov. 2nd, the FBI had searched her home in connection with the corruption investigation, as well as the homes of Brianna Suggs, the mayor’s chief fund-raiser, and a former Turkish Airlines executive Cenk Öcal. Since that day, Ms. Abbasova started talks with the team of F.B.I. agents and federal prosecutors. While she has been providing information about the matter, it remains unclear whether she has signed a formal cooperation deal with federal prosecutors in exchange for leniency or whether she herself would potentially plead guilty to any crimes in relation to the alleged foreign donation scheme.

As of now, Mayor Adams has not been formally accused of any wrongdoing, and neither has Ms. Abbasova. Her lawyer, Rachel Maimin, declined to comment on Monday, as did spokesmen for the U.S. attorney’s office and the F.B.I. Mayor Adams has denied any wrongdoing and has repeatedly said that he always instructs his staff to follow the law.

One of Mayor Adams’ lawyers, Brendan R. McGuire, said in a statement that Ms. Abbasova’s cooperation was “not a new or meaningful development.” He told the NY Times that officials in the Adams administration had earlier shared information with federal prosecutors about what they described as improper actions taken by Ms. Abbasova after the search of her home. “It is our understanding that Ms. Abbasova has been talking to investigators since her improper conduct was reported by the administration in November,” the statement said.

No elaboration was made to clarify those actions, but sources for the Times say she her actions involved talking to another aide about communications. Ms. Abbasova was suspended from her position as the director of protocol in the days following the search of her New Jersey home. The mayor’s team had said that it acted proactively in putting her on leave after discovering the improper actions cited by Mr. McGuire.

After Mr. Adam’s became mayor in 2022, Ms. Abbasova’s role was “director of protocol for international affairs,” a position in which she “advises and assists the mayor” and others “on diplomatic protocol and etiquette matters,” according to her CityHall biography.

By: Benyamin Davidsons

Gov. Kathy Hochul’s administration has quietly put an end to a multimillion-dollar fund that was set up to loan money to help disadvantaged persons open up cannabis stores. The program, overseen by the state Dormitory Authority (DASNY), became the subject of a bombshell report last month, when an article in The CITY reported the loans were actually high interest loans— even allegedly predatory— and that the program was potentially bleeding state cash.

Per the NY Post, the DASNY entered into a financial agreement with a private equity firm for the program, and the company hiked up costs for potential store owners with high-interest loans backed by the state. State Sen. Liz Krueger (D-Manhattan), who had in 2021 been one of the main supporters of New York’s legalization of cannabis, told The Post Monday that the Dormitory Authority is no longer issuing loans to open cannabis shops through its $200 million Social Equity Cannabis Investment Fund. “It certainly seems predatory,” Krueger said of the program’s funding set-up. “DASNY is not doing any more of these deals at this point,” she added.

The funding project, which is now seen as a total flop, is expected to be at the forefront when NY Secretary of State Robert Rodriguez testifies in front of state senators on Tuesday. Rodriuez, a Hochul ally who formerly served in the NY Assembly, was appointed in April to serve as DASNY’s acting president and chief executive officer. The agency provides financing and construction services to public and private colleges and universities, non-profit health care facilities and other public institutions. Rodriguez, who became Secretary of State in 2021 and who was nominated for this new role in April, will still need to be confirmed by the state Senate to fill the new position in its full capacity.

Per the Post, the senate is expected to vote on his nomination sometime next week, but in the meantime, at Tuesday’s hearing, Rodriguez will be on the hook to answer questions about the alleged funding debacle, and how he will handle the matter.

“There will definitely be questions,” state Sen. Gustavo Rivera (D-Bronx) told The Post. “I’d like to know how he’s going to manage it,” Rivera said.

State Sen. Jeremy Cooney (D-Monroe) added, “I’d like to better understand what our current obligations are.” Cooney added optimism that new leadership at DASNY will lead to positive change for the cannabis equity program. “I’m hoping we can have a very frank conversation,” Cooney said.

The scorching report by the CITY alleged that the state made an agreement with a private equity fund to chip in $50 million to the $200 million fund meant to give out loans for people who needed it most to open cannabis shops. The $50 million was loaned at a 15% interest rate. The fund then issued loans to renovate storefronts, but sometimes loaned more than three times what contractors actually needed for the jobs and at interest rates above 10 percent, per the CITY report.

By: Serach Nissim

On Monday night, Ivan F. Boesky, the famed financier who was imprisoned in connection to a 1980s insider trading scandal, died in his home in the La Jolla neighborhood of San Diego, at age 87. As reported by the NY Times, his daughter Marianne Boesky announced that he died in his sleep. No cause of death was provided.

At the top of his game, in the mid-1980s, Boesky had boasted a net worth of $280 million (which translates into about $818 million in today’s currency), as well as a trading portfolio valued at $3 billion (roughly $8.7 billion today)— much of it financed with borrowed money. He and his wife had enjoyed a sprawling estate in Westchester County, N.Y., a Manhattan pied-à-terre, another retreat spot on the French Riviera, a lavish Paris apartment and a condo in Hawaii.

Limousines, private airplanes and helicopters were all part of the decor, and his name graced Forbes magazine’s list of the 400 richest Americans. It all went south though, when he was implicated in insider trading, having allegedly paid for stock tips which he bet on. Boesky cooperated with a young US attorney named Rudolph Giuliani in a bid for leniency, uncovering a huge scandal which included taking down other big fish in the industry. Boesky had worked undercover to secretly tape three conversations with Michael Milken, the so-called “junk bond king”.

In November 1986, Boesky pleaded guilty to insider trading, paying a $100 million penalty, a record at the time, and he spent 20 months in a minimum-security California prison beginning in March 1988.

As reported by the Associated Press, Boesky, the son of a Detroit delicatessen owner had worked his way up to formerly be considered one of the richest and most influential risk-takers on Wall Street. The son of Russian Jewish immigrants, he grew up with limited means and dropped out of college multiple times but ultimately received a degree in law. Boesky had married Seema Silberstein, the daughter of Ben Silberstein, a real estate developer and the owner of the Beverly Hills Hotel. In 1975, after struggling to meet success, Boesky had opened a small brokerage which eventually evolved into a sprawling group of investment companies boasting over 100 employees.

He worked grueling hours, often 18-hours a day, reportedly starting his days at 4:30 a.m. He also wrote a book in 1985 entitled, “Merger Mania.”

After Boesky’s arrest, accounts circulated that he had once addressed business students telling them, “Greed is all right, by the way.” “I think greed is healthy,” he reportedly said in a commencement speech in 1986 at the University of California, Berkeley. “You can be greedy and still feel good about yourself.” He had later said he did not remember having said it. The line was immortalized by Michael Douglas in the 1987 Oscar-winning Oliver Stone film “Wall Street”, in which he played the part of Gordon Gekko, a fictional character inspired by Boesky. “The point is, ladies and gentlemen, that greed, for lack of a better word, is good,” Douglas tells the shareholders of Teldar Paper, in the movie. “Greed is right. Greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit.”

Boesky was an active philanthropist and donated $20 million to endow a library at the Jewish Theological Seminary, which was later renamed.

By: Ilana Siyance

Google and Meta are leading a push to put an end to New York legislation aimed at protecting children online. As reported by the NY Post, the tech giants are poised to spend over $1 million in the controversial lobbying battle.

A group of Big Tech firms, advocacy groups and companies from other sectors have already spent a collective $823,235 lobbying Albany lawmakers through mid-March to fight against the two bills – the Stop Addictive Feeds Exploitation (SAFE) for Kids Act, and the New York Child Data Protection Act, per recent public disclosures.

“This is an astonishing amount of money to be spent to kill two reasonable bills,” said one longtime Albany insider who requested anonymity. The proposed SAFE Act would work to crack down on addictive recommendation algorithms used by social media apps by requiring them to provide default chronological feeds for users 18 or younger unless they receive parental consent. It would also allow parents to impose time limits on social media use and in-app notifications. The Child Data Protection Act would work to block apps from collecting or selling personal data or location for users under 18 unless they consent. Kids under 13 would require parental consent.

The lobby spending to fight the bills is expected to beat $1 million by the next round of disclosures come out next month, sources say. “This could be considered ‘historic’ in the sense that the bills are relatively low impact for the state compared with other issues that get a lot of lobbyist attention,” said Danny Weiss, a Capitol Hill veteran and chief advocacy officer at Common Sense Media, which supports the bills. Of course, lobbying is expensive in NY, and other bills also saw huge efforts in lobbying.

Those bills, however, included the lucrative cannabis industry, where millions of dollars were spent to lobby over a period of several years in a bid to legalize marijuana in the state of NY. In the real estate world, a group of landlords and their advocates reportedly spent $1.4 million in 2022 to lobby against passage of new protections for tenants. The big tech firms are spending these exorbitant funds to lobby the children’s protection acts. “They are spending a lot of money to oppose these bills, as if they pose an existential threat to New York,” Weiss said of the blitz from Big Tech.

Both of the online child protection bills were already endorsed last fall by Democratic NY Gov. Kathy Hochul and State Attorney General Letitia James. During a press conference in January, Hochul had described social media as “a silent killer of our children’s generation.” The bills are being supported by over 25 groups, including Mothers Against Media Addiction and the NYS United Teachers Union.

Per the Post, the Tech firms argue that the legislation would stifle freedom of speech, online privacy for teens, limit internet access for migrants and other underserved communities, and essentially disable algorithms that help to crack down on hate speech.

The two acts are slated to move through committee in the state assembly as early as this week, and then be followed by a floor vote. The state senate is also expected to vote on the bills in the near future.

State Sen. Andrew Gounardes, who co-sponsors the bills, said opponents have funded an aggressive “whisper campaign” in Albany to delay or defeat the legislation.

By: Rob Otto

Two state lawmakers are advocating for a faster timeline to award casino licenses in the New York City area, proposing legislation to accelerate the much-criticized process. Sen. Joseph Addabbo (D-Queens) and Assemblyman Gary Pretlow (D-Mount Vernon) are backing a bill that mandates bid submissions by July 31 of this year, with the New York State Gaming Commission required to approve the three licenses by March 31 of next year.

The NY Post updated the public on all the goings-on regarding casinos coming to NYC.

The current timeline set by the gaming commission pushes the awarding of casino licenses to December 31, 2025. This extended schedule has faced backlash, including from a senior Sands casino official aiming to establish a gaming venue at the Nassau Coliseum hub in Uniondale, Long Island.

Industry insiders suggest that the prolonged timetable benefits bidders who encounter political resistance or zoning and land-use issues. Notable figures among these bidders include Mets owner Steve Cohen, who envisions an $8 billion casino and entertainment complex near Citi Field in Queens, and the Related Companies/Wynn Resorts, proposing a $12 billion casino and office tower complex in Hudson Yards, Manhattan.

Conversely, the expedited timeline is seen as advantageous for existing slots parlors, such as Resorts World at Aqueduct racetrack and MGM Empire City at Yonkers Raceway, which would only need to expand to offer live card games.

Addabbo and Pretlow assert that their intention is not to favor any bidder but to expedite the process to generate significant employment and revenue for the state. “It’s taking too long. There are inefficiencies,” said Addabbo, whose district includes Resorts World at Aqueduct. “We have to move. There are 5,000 jobs on hold—minimally.”

The process delays, according to Addabbo, are stalling the creation of 5,000 jobs. Each bidder would be required to pay the state an upfront license fee of at least $500 million. The proposed legislation allows the winning bidder two years to address any land-use or legal issues, although it remains uncertain if siting boards would recommend bids with unresolved problems to the gaming commission.

Steve Cohen’s proposal, for instance, requires state legislative approval to reclassify vacant lots around Citi Field from parkland to commercial use. This hurdle has yet to be cleared, as State Sen. Jessica Ramos (D-Queens), who represents the Willets Point area where Cohen’s casino is planned, has not supported the bill or project thus far.

Assemblyman Pretlow emphasized the urgency of moving forward, noting the financial and employment benefits at stake. “I’ve been trying to get the process moving,” said Pretlow, whose district is near the Yonkers racino. “It’s taking too long. We’re leaving $2 billion on the table. Why are we stringing this along? We’re spinning our wheels here.”

Governor Kathy Hochul, who oversees the gaming commission, has yet to commit to the accelerated timeline. “Governor Hochul will review all legislation that passes both houses of the legislature,” a spokesman said. Hochul is up for re-election in 2026.

Other contenders for the casino licenses include a joint bid by SL Green, Caesars, and Roc Nation for a Times Square casino, Bally’s proposal for Ferry Point in The Bronx, Silverstein Properties’ plan for Hell’s Kitchen, and the Thor Equities consortium’s gaming facility along the Coney Island boardwalk.

By: Hal C Clarke

Mayor Eric Adams on Monday praised the NYPD’s handling of a disruptive anti-Israeli protest in Brooklyn, labeling their actions as “commendable.” Meanwhile, one protestor accused of kicking a cop was shockingly released without bail, despite prosecutors’ objections, the NY Post reported

Adams defended the police on various morning shows against claims of excessive force during the Bay Ridge protest. He acknowledged that authorities would review a singular incident where a cop was caught on video striking a demonstrator pinned to the ground.

“Those police officers did a commendable job under very difficult circumstances,” Adams stated on 1010 WINS radio.

The mayor condemned the protest as “a complete disruption of the Bay Ridge community,” citing that 60 emergency calls were delayed due to protestors blocking vital routes. In a later interview with NY1, he expressed his disdain for the event, noting the display of terrorist flags and calls for the destruction of America.

“I don’t like the fact that people can call for the destruction of America. I don’t like the fact that people can wave terrorist flags. I don’t like any of that,” Adams emphasized. However, he conceded that such actions are protected under constitutional rights.

“But what you don’t have a right to do is to ride on top of buses, spit in the face of police officers, destroy property, and resist arrest,” Adams added. “It’s not gonna happen in this city.”

The chaotic protest led to the arrest or summoning of 41 individuals. Among those detained were Ava Chinelli and Jakhi Lodgson-McCray, who faced arraignment. Many others were promptly released with future court dates.

Chinelli, 38, of Astoria, Queens, was accused of blocking the street and kicking a cop in the knee during the arrest. Manhattan prosecutors sought $20,000 cash bail or $40,000 bond, citing her charges of felony assault, resisting arrest, obstructing government administration, and disorderly conduct. Yet, Judge Dale Fong-Fredrick released Chinelli without bail, a move that outraged many.

Lodgson-McCray, 20, of Maplewood, NJ, faced charges of misdemeanor assault, resisting arrest, obstructing governmental administration, and disorderly conduct. Due to state criminal-justice reforms, these charges were not bail-eligible, leading to his release.

Chinelli had no prior arrests, while Lodgson-McCray had been arrested three times earlier this year, all related to protests and resisting arrest.

The NYPD faced criticism for its allegedly aggressive response to the Saturday afternoon protest, initially intended to mark Palestinian Nakba Day. This event commemorates the 1948 Arab Israeli conflict and the subsequent displacement of Palestinians.

However, NYPD Deputy Commissioner of Operations Kaz Daughtry defended the officers in a scathing post on X, condemning the protestors’ actions.

“We will never tolerate any unlawful, illegal, and non-peaceful protests,” Daughtry declared. “We will not accept the narrative that persons arrested were victims, nor are we going to allow illegal behavior.”

Of the 41 people detained, 24 were issued summonses for disorderly conduct with fines, while 17 were arrested and charged. The following individuals received desk-appearance tickets:

• Fairooz Abourya, 19, Staten Island: obstructing and disorderly conduct.
• Mohamed Bajo, 20, Manhattan: obstructing, disorderly conduct, resisting arrest.
• Samuel Seligson, 32, Brooklyn: obstruction and disorderly conduct.
• Andrew Firestone, 32, Manhattan: criminal mischief, resisting arrest.
• Shehab Alzouqari, 20, Brooklyn: reckless endangerment.
• Rohaan Gill, 28, Brooklyn: resisting arrest.
• Jalal Alfaqih, 27, Brooklyn: obstructing, resisting arrest.
• Ahmed Abdelbaki, 45, Clifton, NJ: resisting arrest, disorderly conduct.
• Mouhamad Beydoun, 34: obstructing, resisting arrest.
• William Nusbaum, 23, Kingston, NY: obstructing, resisting arrest.
• Alaa Khalil, 26, Clifton, NJ: obstructing, resisting arrest.
• Travis Sweatte, 42, Brooklyn: obstructing, resisting arrest.
• Jacob Gabriel, 28, Ridgewood, NJ: obstructing.
• Nagi Almthil, 18, Brooklyn: reckless endangerment, disorderly conduct.
• Essa Ejelat, 33, Yonkers, NY: obstructing.

Saturday’s protest quickly spiraled out of control, leaving a lasting mark of chaos and disorder in Bay Ridge. The protestors’ actions were nothing short of reprehensible, endangering public safety and disrespecting law enforcement in a flagrant display of lawlessness.

Edited by: TJVNews.com

In the bustling neighborhood of Gowanus, Brooklyn, a significant real estate development has become the center of a high-stakes financial skirmish. According to a report on Monday on The Real Deal web site, at the heart of this contention is the sprawling 827-unit multifamily project located at 175 Third Street, directly across from the local Whole Foods. This project, spearheaded by Aby Rosen’s RFR, has fallen into precarious waters due to a default on an $80 million mortgage.

RFR’s financial woes began after acquiring the site in 2018. The property, a block-long development stretching over three acres, was purchased from SL Green and Kushner Companies for $115 million. As was reported by The Real Deal, to finance this acquisition, RFR secured a loan from Union Labor Life Insurance Company. However, the developer soon found itself unable to meet the terms of the loan, resulting in a default.

The fallout from this default quickly attracted attention from opportunistic investors. Josh Zegen’s Madison Realty Capital, a notable player in real estate investment, recognized an opportunity in RFR’s misfortune, as per the information in The Real Deal report. In a strategic move, Madison Realty Capital acquired the distressed debt from Union Labor, aiming to seize control over the site by initiating a foreclosure on RFR’s interests.

This development is a significant indicator of the current turbulence within New York City’s real estate sector, particularly in multifamily developments. Indicated in The Real Deal report was that while construction across the city has seen a general slowdown, Gowanus has remained a hive of activity, making any major shifts in property ownership particularly noteworthy.

Madison Realty Capital’s acquisition of the debt was not done in isolation. The firm collaborated with Marvin Azrak’s Maguire Capital Group, calling attention to the potential value seen in this troubled asset, as was detailed in The Real Deal report. The partnership has scheduled a UCC foreclosure, which if successful, could dramatically alter the landscape of ownership and development in Gowanus.

This situation also casts a spotlight on the broader challenges facing RFR. Already having lost several properties, and with more facing foreclosure, the firm’s struggles are symptomatic of larger issues within the sector, including rising costs and a cooling market.

RFR’s financial difficulties have been mounting, with several of its trophy properties slipping from its grasp. Notably, RFR has lost control of iconic sites such as the Lever House and the Gramercy Park Hotel, landmarks that once symbolized the company’s prowess in the high-stakes arena of New York real estate, as was noted in The Real Deal report. Adding to the company’s woes, in March, the $104.5 million mortgage on its office building at 90 Fifth Avenue was transferred to special servicing due to payment failures. Shortly thereafter, Rialto Capital Partners reported that RFR had defaulted on $39 million in promissory notes, which were part of a loan sale by Signature Bank last year, according to the information provided in The Real Deal report.

In this turbulent real estate climate, Madison Realty Capital, in partnership with Maguire Capital Group, has emerged as a keen player, capitalizing on distressed properties. The report on The Real Deal also said that this partnership had previously manifested in March when they acquired a distressed loan on the Fifth Avenue Hotel in Nomad, marking a continued strategy of seizing opportunities amid others’ financial distress.

By: Don Driggers

Manhattan’s retail scene is a diverse landscape that resists simple characterization. According to the Real Estate Board of New York (REBNY), there are fewer available storefronts compared to last year and rising rents, but overall conditions vary widely. Some areas like Soho and Upper Madison Avenue are booming, while others, such as Broadway on the Upper West Side, are plagued with vacant spaces.

The New York Post reported on this good news in NYC. Often good news is overshadowed by rioting Hamas supporters, migrant chaos and crime.

One often overlooked but thriving corridor is Fifth Avenue between East 14th and East 23rd Streets. Unlike its more famous Midtown counterpart, this stretch is experiencing a significant retail boom with new leases and expansions.

Newmark Vice-Chairman Ariel Schuster, a retail specialist with 20 years of experience, played a role in 80% of recent deals on Lower Fifth Avenue, either representing the tenant, the landlord, or both. Schuster highlighted the underappreciated success of this area, stating, “The majority of the world doesn’t realize how much leasing takes place on Lower Fifth Avenue. Some occupancy numbers there are better than in Soho. The architecture on Lower Fifth is such that there’s more room for big stores.”

Sales have always been strong on Lower Fifth Avenue, making it an attractive market for retailers. Schuster emphasized that this is not an emerging market but a well-established one. The availability rate is an impressively low 5%, although asking rents can reach up to $400 per square foot, reflecting the high demand and prime location.

The NY Post compiled the list of several high-profile retail deals have recently been signed on Lower Fifth Avenue, demonstrating its robust health:

• Aritzia, a women’s fashion line, is moving from 89 Fifth Ave. to a larger, three-level store at 115 Fifth Ave., covering 15,000 square feet. This is the largest of the new leases.
• Hoka, known for its midsole-cushioned shoes, signed a long-term lease at 172 Fifth Ave. after finding success with a test location at 142 Fifth Ave.
• Arc’teryx, a Finnish-owned brand selling outdoor clothing and equipment, relocated and expanded to 149 Fifth Ave. from its previous spot at 139 Fifth Ave.
• Madewell, a women’s casual sportswear chain, tripled its space at 156 Fifth Ave.
• Rothy’s, a brand known for trendy men’s and women’s shoes, is opening a new store at 134 Fifth Ave.
• Buck Mason recently opened its largest Manhattan store for menswear at 170 Fifth Ave.
• Vuori, an “athleisure” brand, is taking over the former All Saints location at 120 Fifth Ave., according to the Commercial Observer.

“All these transactions took place over the past 12 to 15 months in this one submarket,” Schuster noted, highlighting the rapid and concentrated growth in the area.

The success of Lower Fifth Avenue stands out as a beacon of retail health amid the mixed fortunes of Manhattan’s broader retail scene. With a variety of new and expanded stores, this stretch between East 14th and East 23rd Streets proves to be a dynamic and thriving retail destination. The diverse mix of high-profile tenants and the low availability rate underscore the area’s appeal.