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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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Financing and Incentives for Businesses in the Bronx

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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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Financing and Incentives for Businesses in Manhattan

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Manhattan has one of the most dynamic economies in the United States. This New York City borough ranks high in terms of employment numbers and innovation, and is home to more than 125,000 firms. If you are looking to set up a business in Manhattan, this quick guide will provide you with information on the key support services available.

Financing and Incentives for businesses in Manhattan

The Upper Manhattan Empowerment Zone Development Corporation is a good starting point for local business owners in need of funding. This organization offers business investment loans, small business loans, and microloans ranging from $500 to $250,000.  Find out more information at www.umez.org/.

Sales & Use Tax Exemption applies to eligible Manhattan business owners who purchase equipment, furniture and/or fixtures for new office premises. The premises must be leased for at least 10 years and must be located at the World Trade Center Site, Battery Park City, or the World Financial Center.

A rent abatement program is available to tenants of office or commercial premises located in a specific area of Lower Manhattan (Zone 4 or the areas between Murray, Frankfort, South and West Streets and along Battery Place). This program applies to commercial premises built before 1975 and implies a rent reduction of $2.5/ square foot. For further information, contact the administering agency (the New York City Department of Finance). The CRP (Commercial Revitalization Program) is similar program also managed by the same agency. This scheme aims to boost commercial occupancy rates in designated parts of the Lower Manhattan area. Some of the incentives offered by this program include 3 and 5-year rent tax abatements on new, expanded, or renewed lease agreements.

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Business in the Bronx

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Business in the Bronx

One of New York City’s five boroughs, The Bronx is one of the most densely populated counties in the United States. The borough is also home to the New York Botanical Garden, Yankee Stadium, the Bronx Zoo, and other famous parks and attractions. With a population of more than 1.4 million people, the Bronx is a mix of European, African American and Caribbean cultures and the birthplace of hip hop. Since the late 1980s, the area has seen significant revitalization and development focusing on new housing. In more recent years, formerly vacant lots in South Bronx are being redeveloped for residential and commercial use.

The Bronx’s Economy

The Bronx is primarily a residential borough, and its economy is focused on local markets. The borough’s economy is service oriented with a majority of private sector sobs within the service sector. Health care, trade, education, and social services account for nearly half of all private sector jobs in the Bronx. In terms of population and employment, the borough is growing. After seeing significant decline up until the 1980s, the Bronx added 53,600 jobs between 1983 and 2012 – an increase of 33 per cent. Since 1980, the Bronx’s population has increased by 20 per cent.

The number of businesses also rose by 26 per cent between 1990 and 2011, with the largest growth in the South Bronx. Most businesses in the area are small, with about two-thirds employment less than five employees. Approximately 80 per cent of businesses in the Bronx employ less than ten employees. Most businesses are in the retail sector, followed by real estate.

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Business in Queens

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Queens, is a borough of New York City with well over two million residents, which continues to enjoy the second largest economy of the five New York Boroughs.

Main Economic Drivers In Queens

Queens boasts the most diversified economy in NYC, with no single dominant industry. One of the key drivers of the economy in Queens economy is the airline industry, which shows persistent growth year on year. Health and social care, busines services and  retail trade continue to boost the economy.

Like the other four boroughs of New York City, has benefited significantly from the Start-Up NY program. Thanks to the availability of state resources to technology and medical start-ups, Queens has seen a sharp rise in the number of new entrepreneurs who have come into the area.

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Business in Manhattan

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Manhattan been New York City’s most successful borough for a quite some time. One of the reasons for Manhattan’s success is its ports and trade businesses. Along with the incoming and outgoing trade, there are the associated business that pop up such as customs brokers and trade agents. Thanks to its seaports, Manhattan has always had a strong financial foundation to rely on.

Manhattan is also known for its skyscrapers and dynamic downtown region. The terrorist attacks of September 11, 2001 destroyed the World Trade center and its iconic Twin Towers. But in place of the destruction, another iconic Manhattan office complex has risen and stands as a testament to the durability of the Manhattan economy. With so much going for it at any given time, it is easy to understand why people are so excited about the economic future of Manhattan.

Main Economic Drivers In Manhattan

The seaports are always alive with activity, but the main economic driver in Manhattan is its downtown real estate. When the real estate values in Manhattan fell in 2011, the area experienced a financial challenge that saw a major part of its economy go stagnant. But as downtown property values increase, so do the fortunes of the Manhattan economy.

Another economic driver for Manhattan has been the significant success of the Start-Up NY campaign. This is an initiative by New York State to entice technology and medical start-ups to base themselves in New York State colleges and other parts of the state. The result has been a significant increase in technology companies in Manhattan’s downtown office spaces and this new influx of business is driving up the real estate prices.

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New York City’s CBDs (Central Business Districts)

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Updated 7th October, 2014 from Archive 2010

The City of New York is home to a number of CBD’s or Central Business Districts, each providing unique business opportunities and incentives.

Midtown Manhattan

Midtown Manhattan is located in the central portion of the city of Manhattan. It is home to some of the most important business centers in the world, including the Empire State Building and Chrysler Building. The majority of NYC’s skyscrapers and business buildings are located in Midtown Manhattan. Other popular areas in Midtown Manhattan include Times Square, Fifth Avenue and Broadway. The United Nations Headquarters and Rockefeller Center are also located in Midtown Manhattan.

Lower Manhattan

Lower Manhattan is home to the “Financial District” of NYC. Lower Manhattan is also known as the “financial capital” of the world. Anyone who is an investment banker in NYC likely works in Lower Manhattan. The Twin Trade Towers are located in Lower Manhattan, and the 9/11 memorial is now located there. Wall Street is another popular street located in Lower Manhattan. It is common to see busy investment bankers walking around the New York Stock Exchange during the day.

Surrounding Lower Manhattan, one can find areas like Greenwich Village, Little Italy, Chinatown, TriBeCa, West Village, the Meatpacking District and East Village. Beautiful, gated residential communities can also be found near the Financial District. These developments include Gramercy Park and Peter Cooper Village.

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Business in Brooklyn

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Brooklyn is the most highly populated of all of New York City’s boroughs along with being the second largest. In recent years the face of Brooklyn has changed from that of a hard-working blue collar employee, to a white collar professional. Thanks to some of the business initiatives started by New York City, the entire area has become a haven for technology start-ups. But Brooklyn is a borough that has added little something extra to its economic success and that has helped it to grow faster than many of the other boroughs.

Major Economic Drivers In Brooklyn 

The Start-Up NY program has enticed entrepreneurs and new technology companies to set up shop in all five of New York City’s boroughs and it has made technology a major economic driver in Brooklyn. The Brooklyn Tech Triangle has become a focal point for growth and development in the area and it is helping to create an abundance of high-paying jobs for the people in Brooklyn.

The new technology companies in Brooklyn are affecting several other economic drivers for the city. The real estate and construction trades are having a hard time keeping up with the demand of the new technology companies. The new tech start-ups are innovating the infrastructure of Brooklyn and creating a variety of new jobs in that area as well. Technology, more than anything else, is completely changing the look of Brooklyn’s financial future.

See our article on New York Central Business Districts (CBD’s)

Major Industries And Employers In Brooklyn 

Brooklyn is benefiting from the influx of technology revenue into the area, but the industries that have ruled in Brooklyn for generations are still going strong. The insurance and finance industries have always had a home in Brooklyn, and so have the transportation and food service industries.

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