NEIL PATRICK HARRIS

25 Pages·2015·7.66 MB·English

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Volume 1 Issue 6 FREE INFORMATIVE GROUNDBREAKING March 2015
NEIL PATRICK HARRIS
MIDTOWN
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VOLUME 1
ISSUE 6 BRAVO We 1367 Broadway
CONTENTS D e l i v e r !
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FEATURES KOSHER
PIZZATM
6
A Golden Age For NYC Real Estate
8 Dietary Panel Suggests Sugar Tax CHOLOV
YISROEL
16 EAT IN • DELIVERY • TAKEOUT
Others Follow Wal-Mart In Raising Pay
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REAL ESTATE
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New York City's Real Estate - Golden Age For Capital
Recently, the marketplace for real estate capital has added When brothers Benjamin and Dan Miller launched
a number of new players — from crowdfunding platforms Fundrise in 2010, they faced little competition from other
to Asian insurance companies — and seen other sources real estate-focused crowdfunding platforms. Then came
ramping up their financial outlays. the JOBS Act in 2012, which eased federal restrictions on
fundraising for small companies. That was a major
“We’re in sort of a golden age of availability of capital for windfall for crowdfunding firms, which raise smaller
New York City real estate,” said Scott Singer, president of amounts of money from a large number of people,
the Singer & Bassuk Organization, which arranges debt typically on the Internet.
and equity financing. “There are lots of new sources,
structuring is very creative and pricing is extraordinarily Now Fundrise has about 50 competitors nationally in an
aggressive. It’s a good time to be a borrower or an increasingly, well, crowded space. In the past year, new
owner.” entrants have continued to flood the market. And along
with everyday investors, institutional players are getting
The economics of why investing in New York City real into the game.
estate is so popular is straightforward: Low interest rates
and low U.S. Treasury yields mean investors are search- While data is hard to come by, crowdfunding platforms
ing afield for profits. Throw in economic instability in have raised more than $65 million in debt and equity for
many parts of the world, and the strength of New York New York City real estate, according to a tally by The
real estate offers an increasingly compelling upside. Real Deal of publicly cited projects. That’s nearly half the
And players are pouring in from all over. roughly $135 million raised through crowdfunding for
real estate nationally, according to an estimate by the Wall
“Banks are still shying away from risky bets,” said Navish Street Journal.
Chawla, chief investment officer at the New York-based
real estate investment banking firm the Carlton Group. Beyond the sheer number of platforms, the influx of
“So you’re seeing capital come from private equity funds, institutional money is enabling crowdfunders to do larger
debt funds and other non-traditional lenders.” deals, and gives institutional lenders access to smaller
projects that they might not have known about. “They still
Singer pointed out that certain lenders, such as insurance see lots of deals everywhere, but the technology allows us
companies and pension funds, have an “absolute need” to and them to efficiently access the smaller scale,” said
generate yields in order to meet their own fiscal obliga- Fundrise’s Dan Miller.
tions. “There’s no yield in money market funds. There’s
an extremely low yield in government securities. The His firm, Korman Communities, has financed some
stock market is at an all-time high. So the investment projects through Prodigy’s platform, including extend-
options are limited; at the same time, real estate has ed-stay residences AKA Wall Street and AKA United
become a desired, and essentially necessary, component Nations.
of a diverse portfolio.”
“Frankly, some of the international capital that’s coming
Starwood Capital’s Barry Sternlicht echoed that sentiment in … is giving us, as an operator, a whole other group to
publicly in December, citing the growing number of talk to,” he said. “That’s how we’ve used crowdfunding, as
sovereign wealth funds looking to deploy capital here. a partner base for us and deals in New York.”
“Real estate guys are having to get used to the fact that
we’re seeing a lot of strange capital in our market that’s 6
here as a fixed-income investment,” he said.
ENHTERETAAINLMTENHT
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Dietary Guidelines Panel Suggests Tax On Sugary Foods
A tax on sugary drinks and other venues at 16 ounces, but legal challenges spearhead-
snacks is one way a govern- ed by the beverage industry brought down the effort in the
ment panel of nutrition courts.
experts thinks Americans
can be coaxed into Other ideas put forth by the committee were placing
eating better. Some nutrition labels on the front of food packages and
members of Congress requiring public buildings to serve healthier foods. The
are already pushing back committee also suggested incentives for eating fruits and
on the idea, saying the vegetables, though it didn't detail how that could work. MIDTOWN NYU
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TJ Maxx, Marshalls to Follow Wal-Mart In Raising Pay
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The owner of T.J. Maxx, Marshalls and Home Goods Wal-Mart, the world's largest retailer, is raising entry level 212.679.4238/32 www.KailashParbatNY.com
stores said that it will boost pay for its U.S. workers to at wages to at least $9 an hour in April and to at least $10 an
least $9 per hour. hour by February of next year. Wal-Mart said the change
will affect about 500,000 workers. Also this year, Swedish
The announcement by TJX Cos. comes a week after furniture seller Ikea gave workers at its U.S. division a 17
Wal-Mart Stores Inc. said it would increase wages for its percent average raise to $10.76 an hour. And clothing
employees and is a sign that more competitors may follow chain Gap Inc. raised its minimum hourly wage to $9 last
suit. Low-paying retailers are having a harder time year and to $10 this year.
retaining workers as the job market improves.
TJX, based in Framingham, Massachusetts, operates
"This pay initiative is an important part of our strategies to 3,395 stores, including six of its outdoor goods chain
continue attracting and retaining the best talent," CEO Sierra Trading Post.
Carol Meyrowitz said in a statement.
TJX spokeswoman Doreen Thompson declined to say
what workers currently earn. A recent Credit Suisse
report estimates TJX's current hourly pay at about $8.24.
The federal minimum wage is $7.25 per hour.
TJX said hourly workers will start to receive the pay
increase in June. In 2016, the company plans to pay all
associates who have worked at its stores for more than six
months at least $10 per hour.
The company's 191,000 associates around the world
restock shelves, greet customers and ring up purchases at
the cash register.
16
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OPEN 7 DAYS
Mon-Fri: 10am-11pm
Sat & Sun: 11am-10pm
Facebook Adds New Gender Option For Users: Fill In The Blank
Facebook users who don't fit any of the 58 gender identity Last year's changes created an online stir, with thousands
options offered by the social media giant are now being of comments — some grateful, others confused or hostile.
given a rather big 59th option: fill in the blank. But staff at Facebook said there was full support to take it
even further this year, from CEO Mark Zuckerberg on
"Now, if you do not identify with the pre-populated list of down. MON. SPECIAL:
gender identities, you are able to add your own.”
As of February 26, the free-form option rolled out to U.S. Baked Ziti $5.75
Facebook software engineer Ari Chivukula, who identifies users, while the custom gender identity option with a list
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as transgender and was part of the team that made the of words was available in the United Kingdom, Canada,
free-form option, thinks the change will lead to more Australia, France, Spain, Italy, Germany, Argentina and Can or Water
widespread acceptance of people who don't identify Denmark.
themselves as a man or woman.
One thing that has not
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Stanford University, said both options, one option or
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she/her or they/their.
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@ 39th St bet. 6th & Broadway
18
MARTHA MENDOZA