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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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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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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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.
– 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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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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This summer, New York City will host a number of exciting business events. If you are looking for networking opportunities or forums to share ideas and innovations, these events are great for meeting potential business partners and investors.
The NYC Real Estate Summer Kickoff Networking Party is designed for real estate professionals and businesses to meet like-minded colleagues in a laid-back and fun environment. The free social event is planned for June 28 at 230 Fifth, a greenery-lined rooftop bar and restaurant with beautiful panoramic views of Midtown Manhattan.
Another networking event planned a week earlier on the of June 23 is the New York Social Summer Bash, a Be Social Change event at the Wix Lounge on 235 West 23rd Street. The evening is an opportunity to mingle with new business connections while kicking off the summer. Be Social Change is the city’s largest social impact community and professional development hub.
The NYC Professional Network is a creative forum for businesses and professionals to meet potential clients, business partners and investors. It also stages events throughout the year, including the New York Entrepreneurs, Start-up and Business Network on August 22. Billed as the largest event of its kind in New York City, the evening of networking brings together tech start-ups and entrepreneurs as well as professionals, freelancers and others from across the city. It is an ideal place for businesses and entrepreneurs to look for leads on co-founders, team members, partners, mentors and coaches. The event is being held at the Hudson Terrac in Hell’s Kitchen. Although it is free to attend, an RSVP is required.
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For several decades, the predominant corporate culture in the United States has been characterised by long working hours and a generalised reticence to taking vacations. However, in recent years flexible working practices have begun to be frequently implemented in companies around the globe in an attempt to provide employees with a better work-life balance. This trend has of course had a direct impact on US-based firms too, and it is estimated that more than 3 million US employees now benefit from flexible work arrangements.
As one of the most prosperous and forward-looking cities in the country, New York has led the way with regards to the implementation of flexible working practices. This article provides an overview of the progress made so far, as well as a review of the most flexible workplaces in New York.
Flexible Work Arrangements in New York: General Trends
According to data published by the Bureau of Labor Statistics, flexible work arrangements are particularly common among New York employees who hold managerial, executive, or administrative roles in the private sector. Within the public sector, New York employees who work for the federal government are more likely to have access to flexible working arrangements than their local or state government counterparts.
Another trend worth mentioning refers to the widespread adoption of flexible working practices across genders and age groups. For example, a New York Times article recently drew attention to the fact that telecommuting is no longer an option limited to mid-career employees, as the typical telecommuter profile has grown to include young graduates and employees close to retirement age irrespective of their gender.
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Conferences are opportunities for technology entrepreneurs and start-ups to look for co-founders, investors and partners. They also provide a forum for established businesses to showcase their services and products, as well as share best practice. An international centre for business and innovation, New York City hosts several technology conferences each year.
Social Media Week
Social Media Week spurs a worldwide conversation about connecting the world through technology. Events are held in 18 cities including London, Mumbai, Chicago, Sydney, Mexico City, Los Angeles, Milan and Jakarta. The theme for 2016 is ‘The Invisible Hand’, and events will delve into the hidden forces of technology and look at ways to harness them for good. Now in its eight year, Social Media Week New York attracts thousands of marketing, media and technology professionals. Held at The TimesCenter and the SVA Theatre from February 22 to 26, the expected line-up of 230 speakers include New York Times Company CEO Mark Thompson, CollegeHumor co-founder Ricky Van Veen, and Refinery29 co-founder Philippe von Borries. Go to http://socialmediaweek.org/newyork for more information. (Twitter: @smwnyc)
The fourth annual Techweek NYC takes place from October 10 to 16. At previous events, key note speakers included Reddit co-founder Alexis Ohanian and Buzzfeed founder Jonah Peretti. The event attracts businesses and innovators from every aspect of the technology sector, from Fortune 500 CEOs sharing their success stories to start-ups looking for investors. Techweek also includes events in Los Angeles, Dallas, Miami, Detroit, Chicago, Kansas City and Toronto. Speaker sessions showcase breakthrough trends and success stories to educate delegates on what is relevant and innovative. The Entrepreneur Expo is an opportunity for companies to present their services and provide advice to tech entrepreneurs and start-ups, while the launch Competition reveals the best new businesses in the New York area. Several events are also hosted by sponsors and partners. For further information go to www.techweek.com/newyork. (Twitter: @TechweekNYC)
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In a global mega city like New York, keeping up to date with the latest developments in the world of business is essential to keep your enterprise relevant and ensure continued success. Below is a list of just some of the top business conferences being held in the New York area in 2016.
Mobile Innovation Summit
March 10-11, 2016
The Sheraton in New York
Key Speakers include:
- Christophe Gillet (Vimeo)
- Steve Holland (Match.com)
- Jenny Gove (Google)
Companies looking to benefit from mobile computing advertising get the chance to talk to the companies that are creating new ways to utilize this growing marketing platform.
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Staten Island, although the smallest borough of New York City with a population of less than 500,000 people, has shown many positive signs of growth in recent times.
Major Economic Drivers For Staten Island
The slower acclimation of technology start-ups into the Staten Island community in comparison to the other four New York boroughs means that the area predominantly relies on other economic drivers to grow and sustain its economy, although this is starting to change.
One of the faster growing economic drivers for Staten Island is tourism. The VisitStatenIsland.com website was started in 2009 to help drive more tourism revenue to the area and the initial results indicate that visitors are responding.
The main economic driver for Staten Island remains its healthcare system. One of the more unique aspects of Staten Island is that it runs its own hospitals and is completely independent of the New York City government. Health research and healthcare remain a prime economic factor for Staten Island residents.
Primary Industries And Employers For Staten Island
The most prominent industry on Staten Island is healthcare. Richmond University Medical Center and Staten Island University Hospital are two of the larger employers on the island for a variety of trades and professions.
Running a close second as far as dominant industries on Staten Island is the financial sales and insurance industries. There are nearly as many people employed in the financial and insurance industries on Staten Island as there are in healthcare.
Business Funding Opportunities On Staten Island
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