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The Most Influential Business Leaders in New York City, 2017

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New York is without a doubt the business capital of the world. The city has the nation’s third largest economy and its GDP is higher than the one produced by entire countries like Canada, Russia, or South Korea. In this article we take a look some of the most influential business people who are currently contributing to the city’s phenomenal success story.

1. Larry Fink, Blackrock

California-born Larry Fink currently serves as CEO and Chairman of New York-based investment management corporation BlackRock, also known as world’s largest money management company where managed assets are taken into account. After studying Political Science at UCLA and completing an MBA, Fink began a successful career in investment banking in New York. His business acumen is behind some of the largest deals in the city’s asset management history. Fink has acted as consultant to the Federal Reserve Bank of New York, Google, AT&T, and the United Kingdom’s Treasury. In addition to his role at BlackRock, his influence extends to other executive boards such as New York University, Langone Medical Center, and the Partnership for New York City.

2. Lee Bollinger, Columbia University

Lee Bollinger has been President of Columbia University since 2002 and is one of the most influential CEOs in New York’s not-for-profit sector. Although he has a legal background, Bollinger has been mainly involved in the management of higher education institutions. Under his leadership, Columbia made it to the top-5 business schools in the country. He also led Columbia’s expansion plan with a focus on green building practices and on accommodating some of the university’s most innovation-focused departments. Bollinger is on the board of directors of Graham Holdings and is a board member of Pulitzer Prize.

3. Lynne Doughtie, KPGM LLP

Lynne Doughtie has spent much of her career (approximately 30 years) working for KPGM, known as one of the Big Four accounting corporations. She was put in charge of the Advisory division in 2011, and was behind the team that achieved annual revenue growth rates of 17 per cent. Doughtie is considered to be behind one of the company’s most rapid period of revenue growth. She has been Chairman of the New York-based firm since 2015 and currently serves as KPGM’s Chief Executive Officer. Moreover, she is a member of KPGM’s Executive Committee and Global Board and plays an instrumental role in high-level decision making within the firm. Doughtie has received several awards in recognition of her professional caliber, including the 2015 Fortune’s Most Powerful Women in Business Award and the 2016 Accounting Today Top 100 Most Influential People Award.

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Kids in the City – Childcare in New York

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childcareCombining parenthood and a career can be quite a juggling act, and finding someone to care for your little one is of paramount importance. There are different types of childcare available in New York and finding a safe, reliable and licensed practitioner is vital. You need to be able to do your job knowing that your child is being taken care of, is happy and healthy. You, as the parent, know what is best for your child, and finding a warm, friendly environment requires some research.

The Bureau of Child Care provides a wealth of information and advice on childcare along with licensing and registration services for childcare workers. You should start looking a few months before the childcare needs to start, to give yourself time to check out what is available, and what would best suit you and your child’s needs.

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Keeping fit during the work day

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exercisesKeeping fit is important for your well being as well as being a great way to keep stress levels down. Fitting exercise into your work day can be a difficult task, but is well worth the effort. Decide what type of fitness training you would like to do – power walking, yoga, jogging, swimming, or a mixture. Even a short walk will do you good – try getting off a stop before you need to and walk the rest of the way, run up the stairs instead of using the elevator and take a walk in the park at lunch time instead of sitting hunched over your desk.

As far as gyms go, there fitness classes for all abilities, with times to suit office workers. You could take a pre breakfast yoga class, a lunchtime spinning class or go for an after work weight training session. If your office building has its own gym you could come into work a little early and spend twenty minutes using the facilities.

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Add some Green to your NY Office Space

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Office plants

One of the best ways to liven up offices, reception areas and conference rooms is adding a splash of color. If buying or renting colorful art is out of question, why not enhance the corporate space with plants?

Carefully selected indoor plants will soften the harsh effects of modern office decor; they are visually pleasing, soothing and keep up the positive image of your company, as well as help naturally improve the indoor air and are effective in decreasing tiredness.

With such a high density of business centers in New York, the city has an array of plant rental service providers covering Manhattan and surrounding areas. Here at NY Offices we decided to compile a list of companies that would be happy to revive any workspace, large or small.

Commercial plantscaping includes office plant rentals, seasonal plant displays, plant sales and, in some cases, on-going maintenance.

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The Best Co-Working Office Space Perks in New York

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As one of the world’s most creative and innovative cities, New York is certainly not alien to the concept of collaborative and shared working spaces. According to a recent real estate survey, Manhattan alone is home to more than 5 million square feet of shared office space, and the figures are also high (and continue to increase) in boroughs like Brooklyn, which has approximately 1 million square feet of such space.

Over the past five years, New York City has witnessed the significant growth of co-working spaces that cater to very specific niches, from female-only spaces to those exclusively created to attract graphic designers or writers. New spaces are constantly appearing across the city, offering a range of fabulous benefits in an effort to target specific niche communities and to bring real value and opportunities for growth to the professionals using these spaces.

In this article we take a look at some of the most interesting, cool, and quirky perks offered by some of the top co-working spaces in New York.

Spacious defines itself as a co-working-hospitality hybrid model that provides workspaces in select New York restaurants when they are closed to diners. Perks include high-speed WiFi, private dining rooms used to conduct private calls or meetings complimentary tea and coffee, and food and drink discounts at each restaurant.

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Businesses in the Bronx -Financing and Incentives

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For over 30 years, federal and private investment programs have focused on expanding the Bronx’s economic base and making this New York borough attractive to businesses large and small. For the most part, these programs have been successful, since according to the Center for Urban Culture, the Bronx comes out first in the list of New York boroughs in terms of business growth levels. It is estimated that this borough is currently home to more than 16,000 registered companies, and nearly 5,000 of those are small businesses.

Business growth in the borough continues to be promoted through a number of financial incentives and support programs, which are described below.

Financing and Incentives for businesses in the Bronx

The most popular loan programs available to those interested in setting up a business in the Bronx include:

Springboard mini loans, administered by the Springboard Mini Loan Fund in collaboration with the Bronx Overall Economic Development Corporation, available to local start-ups owned by women or those who belong to minority groups. Grants and loans are also available from Local Development Corporations, and are available to business owners who can commit to either creating jobs or attracting inward investment to the borough. For further information, please visit www.ci.nyc.ny.us/nyez.

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New York Labor Law and Minimum Wages in 2017

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Labor laws and the rights of individuals working in New York City are outlined in various laws at both state and city levels. New York State and New York City governments each have roles in defining rules that have an impact on employees. These rules include requirements related to how much a worker should earn and what benefits they are entitled to receive, including paid sick leave and overtime.

Minimum Wage

As part of the 2016-17 State Budget, Governor Cuomo signed legislation enacting a statewide $15 minimum wage plan that will lift the earnings of more than 2.1 million New Yorkers, in all industries across the state. The minimum wage may vary depending on the sector or industry. Regulations known as ‘Wage Orders’ establish industry-specific rates that differ from the general minimum wage rate.

General Minimum Wage Rate Schedule
Location 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 2021*
NYC – Big Employers (of 11 or more) $11.00 $13.00 $15.00
NYC – Small Employers (10 or less) $10.50 $12.00 $13.50 $15.00
Long Island & Westchester $10.00 $11.00 $12.00 $13.00 $14.00 $15.00
Remainder of New York State Workers $9.70 $10.40 $11.10 $11.80 $12.50 *

* Annual increases for the rest of the state will continue until the rate reaches $15 minimum wage (and $10 tipped wage). Starting 2021, the annual increases will be published by the Commissioner of Labor on or before October 1. They will be based on percentage increases determined by the Director of the Division of Budget, based on economic indices, including the Consumer Price Index.

*Tipped food service workers rate is unchanged at $7.50 until 12/31/2017.

 

Vacation and Sick Leave

Under the New York state law, employers are not required to pay workers for any time that is not actually worked or required. As a result, employees do not have a right to paid holidays, personal leave, sick days or vacation. It is up to each employer to establish a policy related to paid and unpaid vacation and sick leave, should they decide to do so. If there is a policy related to vacation and/or sick leave, the employer is free to attach any conditions.

In New York City, employers with five or more employees must provide paid sick leave to anyone working for more than 80 hours per calendar year. Employers with less than five employees must provide their workers with unpaid sick leave. Sick leave must also be given to domestic workers who have been employed for at least a year and worked for more than 80 hours in a calendar year. Some workers are not covered by this requirement, including employees subject to a collective bargaining agreement. More information about New York City’s sick leave requirements are available from NYC Consumer Affairs.

Work Hours and Over-time

There are no limits on the number of hours a person can work. Similarly, there are no limits on the number of hours someone can work in any given day except for children under the age of 18. There are also no limits on how early or how late an adult employee can work. Employees working in some occupations and industries must receive at least 24 hours rest in each week. This includes people working in factories, hotels (except resorts or seasonal hotels), restaurants (except small rural restaurants) and mercantile establishments. The requirement for 24 hour rest also applies to elevator operators, watchpersons, janitors and superintendents.

Overtime requirements in New York are based on hours your work in any given payroll week, although it is not mandatory simply because you are working outside of your eight hour work day or during the weekend. Live-in or residential employees are required to receive overtime if they work over 44 hours in a payroll week. Non-residential workers are required to receive overtime when they work over 40 hours in a payroll week. Covered workers must be paid at least one and one-half times their regular hour rate of pay when working outside of these weekly hours. Additional information about overtime pay is available from the U.S. Department of Labor.

Resources

More information about labor standards and employment laws in New York is available from the New York State Department, which also has helpful answers to frequently asked questions.

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Overview of the New York City Office Market – Expected Trends for 2017

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As one of the main gateway markets in the USA, the New York office market is closely connected to the performance of the US economy. During 2016, private sector job creation levels and stable employment growth underpinned the strong demand for office space, along with increased consumer confidence and a growing GDP.

Overall, the New York office market delivered a solid performance in 2016, with some indicators not only showing improvement over 2015, but also over the city’s 8-year average. This was especially true of leasing activity levels, net absorption rates, and average asking rates, according to statistics from CBRE.

New York City Office Market by Area

The Manhattan market showed notable levels of leasing activity, and more than 33 million square feet of office space were transacted in the borough during 2016. Availability rates across the borough were also up and currently stand at 10.3 per cent. Average asking rents experienced a 2.4 per cent year-on-year increase and currently average $73.24 / sq ft / year.

Rental values are clearly on their path to recovery and only a few cents below peak pre-recession levels. Rental price increases are evident for all office property types, but particularly for Class C offices, which are now priced at a record average of $57.33 / sq ft. Key occupiers include firms involved in finance, insurance, and real estate, which account for 31 per cent of all office leases in Manhattan, followed by the TAMI sector and to a lesser extent by professional services, the public sector, and consumer goods.

Manhattan sub-markets:

– In downtown Manhattan, overall asking rents currently average $59.01 and $60.25 for Class A offices. The World Trade Center has the highest rental values ($65.39), whereas the lowest are in City Hall (under $50)

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A Quarter of All Office Holiday Parties in New York City are Considered Flops

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Christmas Office Parties in New York

The most special time of the year is approaching fast, and many businesses are now busy preparing for their Christmas office parties. These end-of-the-year celebrations are often regarded as an effective way of rewarding staff for their hard work, boosting employee morale, and starting a new year with a positive frame of mind.

However, some have claimed that corporate holiday parties are not as popular as they once were, and that in many cases they are below staff expectations and fail to fulfil their purpose. Seamless (an online food ordering and delivery company based in New York) surveyed more than 1,000 companies and asked them about their Christmas celebration habits and plans. The data they collected showed some interesting trends, which are summarised below.

Lower overall expenditure

One of the main conclusions reached following the survey is that the belt-tightening measures taken by many companies have also affected the overall expenditure allocated to their annual Christmas parties. There seems to be an increasing preference among employers to organise office parties on a budget, since approximately 42 per cent of all firms surveyed said they were spending less than $25 per person on their corporate Christmas event. In fact, only 10 per cent of companies spent between $51 and $100 / employee, and a further 20 per cent opted for a mid-range budget of $25 to $50 / person.

Open bars are no longer the norm

The Seamless survey also revealed that only 50 per cent of the companies interviewed were planning on including an open bar during their corporate Christmas party. In 2012, the percentage of no-alcohol office parties in the city barely reached 21 per cent, but two years later that figure had more than doubled at 44 per cent. Moreover, the survey revealed other data related to the type of holiday entertainment offered at end-of-the-year office parties: up to 70 per cent of the businesses surveyed mentioned there would be no dancing at their annual Christmas event.

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Thanksgiving Ideas, Events and How Your Business Can Give Back to the Community in NYC

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Thanksgiving is an opportunity to show employees how much you appreciate them. It is also an occasion to encourage teams to give back to the community. Rather than organize an office feast with turkey and all the trimmings, giving back is a great way to commemorate the holiday. Employers can do this by encouraging employees and making it easier to volunteer. Giving back as a group helps build a community spirit in the office while promoting charitable causes.

What Can Your Business Do to Help the Less Fortunate at Thanksgiving?

There are many people in New York City that will celebrate Thanksgiving with very little. Businesses can show their appreciation for all their good fortunes by serving a meal at a local charity or church or helping to deliver meals. The Real Life Church at Hunts Point in the Bronx and Greenpoint Reformed Church in Brooklyn are just two community churches that serve meals during Thanksgiving. Bringing together colleagues to help with food preparation, serving or clean-up is a fulfilling opportunity to build your team while giving back.

There are dozens of organizations that are willing to partner with businesses to provide nutritional meals to less fortunate New Yorkers. City Harvest and the New York Food Bank welcomes volunteers as well as donations of canned foods and non-perishable items. Both organizations see volunteer positions fill up quickly during the holiday season, but there are smaller pantries and food banks that also need help. In addition to serving dinner to some 350 people on any given day, the Yorkville Common Pantry will also be offering a home-cooked meal on November 23. Located at 8 East 109th Street between Fifth Avenue and Madison Avenue, the pantry welcomes volunteers on weekdays during the lead up to Thanksgiving. Each day, God’s Love We Deliver delivers three-course meals to 1,500 New Yorkers that find themselves homebound. During Thanksgiving, the charity welcomes drivers to deliver specially decorated gift baskets along with their meals. New York Cares also distributes food to community centers and senior centers throughout the city.

Free, Fun Thanksgiving Events in New York City

From the Macy’s Thanksgiving Day Parade to the Rockefeller Center Christmas Tree Lighting, late November host some of New York’s most iconic events. Winter’s Eve at Lincoln Square is a holiday celebration that brings together more than 20,000 people. Free entertainment and live music are held alongside food tastings from over 30 area restaurants and eateries. First organized in 2000, the event includes the Upper West Side’s only tree lighting ceremony. Winter’s Eve at Lincoln Square offers businesses a fun opportunity to bring together coworkers and their families while giving back to the community. New York Cares is one of the organizations that use the event as an opportunity to help the less fortunate, including with a coat drive. The charity also welcomes volunteers to help during Winter’s Eve.

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