Results tagged “wallst”

Sure Mongolia is a sparsely populated nation with a GDP just over 25% of what Wall St. alone pays out in bonuses, but this is New York City; and you gotta pay what you owe. So said a U.S. District Court judge Friday, when he ruled that India, Mongolia, and the Phillipines owed New York City tens of millions of dollars in back taxes.

• Today on the Gothamist Newsmap: a large fight at an election on Eldert Ln. in Brooklyn, a stolen DHL truck on Crown St. in Brooklyn, and a child stabbed on 220th St. and 133th Ave. in Queens.
• Brownstoner notes that the Brooklyn Chamber of Commerce is looking for nominations for the best buildings in Brooklyn.
• Staten Island Assemblyman Michael Cusick wants 17-year-olds to have the right to vote in elections. We'd be happy to see if we could enable over-18 registered voters to reliably cast ballots in elections.

• Today on the Gothamist Newsmap: a shooting on 120th St. and 3rd Ave. in Manhattan, a stabbing on West 31st St. in Brooklyn, and a fall victim at MoMA in Manhattan.
• The New York Yankees took first place in franchise spending, with a total payroll of $218.3 million last year. The World Series-winning Boston Red Sox payroll totalled $155.4 million to finish a distant second.
• The New York Water Taxi is terminating its South Brooklyn service between Sunset Park, Red Hook, and Wall St. at the end of this month.

THEATER: We saw Fiona Shaw in Samuel Beckett’s Happy Days on Saturday and highly recommend it. Shaw is mesmerizing in her performance as Winnie, crystallizing in her 90-minute virtuoso performance all the desperation, self-delusion and absurdity of an entire lifetime. (Her little-seen costar Tim Potter is also a hoot as Willie.) The production is as bitterly funny as it is affecting, and, as a metaphor, the blasted landscape that devours Winnie is as potent as it was in 1960, when the play was written. In our interview with Fiona Shaw she mentioned talk of a Broadway transfer, but don't take any chances; see it at BAM before it closes on February 2nd. – John Del Signore

After an ugly Monday in global financial markets while the U.S. markets were closed and Asian stock markets plunging today, the Federal Reserve lowered the interest rate by 0.75% in an "emergency move for the first time since 2001." From the Fed's press release:

The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth. While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets...

Continue reading "Fed Cuts Interest Rate by 0.75%, Following More Global Stock Tumult"

New York City's Department of Finance is projecting that real estate values in the city will remain nearly flat this fiscal (ending September) year. More precisely, it expects only a 1.4% increase in property values, versus an 18% climb this past year.

The Independent Budget Office of the City of New York released a five page report [pdf] yesterday projecting that beginning next year, the City will face a serious fiscal crisis when it runs a deficit of $3.1 billion. By 2011, that budget shortfall could more than double, to $6.3 billion. The projections merely take into account current trends in New York City and don't factor in the possibility of a widespread national recession.

• Today on the Gothamist Newsmap: a water condition at Surf Ave. and West 8th St. in Brooklyn, a car vs. building at 49th St. and 5th Ave. in Manhattan, and a fatality with a person under a subway train at Sutter and Snediker Aves. in Brooklyn.
• The editors at The New York Times apologize for asserting that Presidential candidate Ron Paul was allied with white supremacists and the American Nazi Party.
• Racked notes that the much-anticipated Uniqlo sample sale was a total bust because everything had already been sold in a pre-sale to PR types and members of the press.

• Today on the Gothamist Newsmap: a bank robbery on 1st Ave. in Manhattan, a possible abduction at 183rd St. and Webster Ave. in the Bronx, and a homicide on Cedarcroft Rd. and Home St. in Queens.
• A student at Stony Brook University was arrested for falsely reporting to police that he had been robbed at knife point on the Suffolk County school's campus.
• The newborn found by skateboarding teens on a Queens dumpster has been found a foster home for Christmas by the Administration for Children's Services. 'Christina Noel' was three hours old when discovered naked and stuffed in a paper bag with her umbilical cord still attached.
• Former State Attorney General and current Governor Eliot Spitzer issued the first pardon of his tenure in order to prevent the deportation of a man who was convicted and served time for robbing a payroll office. Gov. Pataki only issued one pardon his entire 12 years in office, and that was to comedian Lenny Bruce, after Bruce was dead.
• A stenographer reading back testimony in the case of a black man accused of killing a teenager he feared was going to lynch him or his son, had to leave a court room in tears. Deliberations in the racially charged trial continue with the jury saying it is deadlocked and the judge is threatening to to hold over the 12 through Christmas day.
• Dozens of buildings have to be re-inspected because city officials found that there were cracks in a pair of plumbers' resumes. The two men overstated their qualifications to install life-saving sprinkler systems.
• Profits may be down because of the sub-prime mortgage meltdown (excluding Goldman Sachs) and investment firm stocks may be in the toilet, but Wall St. bonuses are up 14% from last year. Bear Stearns CEO Jim Cayne didn't even bother showing up for an investor conference call, however, after he gave up his bonus for the firm's not-so-hot performance.
• The lawyer who is auctioning off one of the Knight Rider cars identified as KITT, suspended the auction because he found the interest overwhelming. Tasked with ameliorating the car's owner's debts, it was his first foray with eBay.

Mayor Bloomberg has made a big deal out of municipal belt tightening--stressing that the flush budgetary times funded by Wall St. bonuses and record real estate transaction fees can not last forever. Earlier this year, the mayor sent out a memo to the heads of city agencies that emphasized that flush times should not be taken for granted:

As you are aware, the City's economy depends in no small measure on the profitability and success of Wall Street and the financial services industry. Recent events in the financial markets are, therefore, a subject of deep concern. Capital market losses mean fewer tax revenues for our budget and fiscal plan. A slower real estate market means fewer transaction tax revenues – again, hurting our bottom line.

Today on the Gothamist Newsmap: a pedestrian struck at White Plains Rd. and 219th St. in the Bronx, an animal incident on Rochelle Pl. on Staten Island, and a hate crime at Columbia University in Manhattan. A tour of Jam Master Jay's studio, where the rap impressario was gunned down five years ago. A brief update on the unforgettable case where a man beat the bejeezus out of a grunting and yelping spin class...

For those not wanting to hit the big Halloween parade (led by today's interviewee) there are other options: Park Slope's Halloween Parade (info here), Clinton Hill's Halloween Walk (info here) Prospect Park South's Halloween Parade (info here) and Williamsburg's Witches Walk (info here).

Today on the Gothamist Newsmap: a white powder incident at 25 Beaver St. in Manhattan, report of a large crowd gathered at the center of the south side of the George Washington Bridge's upper level, and an explosion in the basement of a building at 77th St. and Lexington Ave. in Manhattan. Dedicated bike paths and fences separating them from traffic can only do so much when a cab driver really wants to take...

Today on the Gothamist Newsmap: a suspicious package at Broadway and Wall St. in Manhattan, a shooting at 158th St. and Linden Blvd. in Queens, and a homicide on Popham Ave. in the Bronx. Local One, New York's stagehands union, doesn't want Mayor Bloomberg to mediate in their negotiations with Broadway producers and theater owners. A 40-year-old Staten Island bus driver is accused of sexually assaulting a 16-year-old frequent passenger on his route. The...

A junior trader at one of the world's largest hedge funds, SAC Capital, is suing the company. Andrew Tong alleges that his boss Ping Jiang––the two men are 37 and 41 years old, respectively––forced him to take estrogen hormone pills and wear a dress to work. This was supposedly to feminize him and make him a better trader. Tong also alleges that he was sexually assaulted while at work. If this is the first you've heard of this affair, background can be found at the Wall St. tabloid DealBreaker.com.

Six years ago, the prospects for downtown Manhattan seemed uniformly bleak. A persistent fire that burned for months amidst the wreckage of the World Trade Center filled the air with an acrid smell that was a constant reminder of 9/11. Restaurants and shops shuttered for lack of business. And many firms considered moving across the river, fearing that every tower in the financial district had a virtual target painted on its facade. The New York Times has an article today, however, that not only has the area below Chambers St. recovered to 2001 levels, the neighborhoods of downtown Manhattan are thriving like they haven't in decades, if not centuries.

Reader Bill Leahy recently scanned a number of slides that his father took in New York City during the 1950s. Above is a picture of the intersection of Main St. and Northern Blvd. in Flushing, Queens. There are many more pictures that are fascinating looks at the city more than a half century ago. Looking westward up Wall St. at Trinity Church. City Hall when pedestrians could still stroll right past the front steps. St. Paul's Church from across Fulton St. The Manhattan Supreme Courthouse from across Lafayette St. Nuns on a quiet street in front of a church. A meeting house in Flushing. And Federal Hall on Wall and Broad Sts. in Manhattan. What's most striking about these photos is how little has changed in NYC from certain perspectives over the last 50 years. In many of these pictures, one could change the hats men wear and the cars on the street and they could have been taken last week. Thanks to Bill Leahy for making them available online.

• Today on the Gothamist Newsmap: a person struck by a police car at Canal St. and Broadway in Manhattan, an escaped prisoner at West 110th St. and 7th Ave. in Manhattan, and an amputation on Brewer Blvd. in Queens.
• A downturn in the markets will hurt more than those that work on Wall St. Mayor Bloomberg warns that a bear market will hurt the whole city as reduced tax revenues necessitate spending cuts.
• Woody Allen remembers filmmaker Ingmar Bergman in a Q&A with Time magazine.
• The Florida woman charged with abusing 11 adopted New York children managed to adopt eight of them in a four-month period in 1994, never once using her own name.
• The Gowanus Lounge looks at the feral dogs that used to reside in Red Hook, until they were rescued and spayed or neutered by an animal welfare organization.
• The Brooklyn Cyclones won the first politically-correct called baseball game in history against the home team Lowell Spinners in Massachusetts. Infielders were base persons and a vertically challenged stop. Errors weren't announced to spare the feelings of poor fielders.
• A Queens resident got in Mayor Bloomberg's face while on camera, telling him he can't take the borough for granted.
• Streetsblog clarifies the DOT's plan for bike traffic on 91st between 2nd and 3rd Aves., correcting misreporting by other media outlets that are getting the street's residents riled up -basically the DOT has no intention of painting or striping a bike lane on the street.

• Today on the Gothamist Newsmap: a construction accident on West 29th St. and 6th Ave. in Manhattan, a bank robbery on Atlantic St. in Brooklyn, and a shooting on Holland Ave. in the Bronx.
• The awards aren't for another two and a half weeks, but an informal poll has produced a shortlist of possible Emmy award-winning shows.
• A New Yorker who is heir to the Romanian castle of Vlad the Impaler, i.e. Count Dracula, is putting up the mountain-top fortress for sale.
• Get down on your knees and pray for approval on a $900/month 1 BR apt. in Williamsburg, Brooklyn. Parental Guarantors accepted, but "Reverences required."
• Some ardent recyclers are jumping the gun and skipping the step when New Yorkers read their newspapers, by just grabbing them in bulk off the sidewalk before they can be delivered.
• A doctor who has treated many sick first responders answers questions about former EPA head Christie Todd Whitman's recent Congressional testimony.
• Perhaps just snacking while waiting for The Wall St. Journal, News Corp. recently gobbled up two NYC weeklies––The Bronx Times and The Bronx Times Reporter.
• If you're going to be outside all day tomorrow, don't forget your sunscreen. Be careful if/when fooling around with fireworks. And otherwise have a happy and safe 4th of July!

Despite having been defeated in a City Council vote, where his chief of staff heckled Council Speaker Christine Quinn and threatened a black councilman with assassination, Councilman Charles Barron renamed a street in Brooklyn "Sonny Abubadika Carson Avenue" anyway, declaring that the renaming "is official whether they [presumably the city] take that sign down or not." Sonny Carson's name was struck from a list of people who would get honorary street signs earlier this spring. Council Speaker Quinn felt he was too divisive a figure in the city's history. This sparked a City Hall battle that frayed nerves and invoked additional police protection.

The New York Times looks today at the community of golf caddies who live in Harlem, and commute by public transportation to the many private golf clubs in the tri-state area to practice a trade that they've been doing for decades. Dozens of older men who live and socialize near Harlem mainstays like Sylvia's have been caddying almost their whole lives and represent the first-string of caddies who work at the nearly 200 private golf clubs within a 75-mile radius of Manhattan. Harlem is a favored neighborhood for these men due to its Metro-North stop that can take them out to Westchester and Connecticut.

• Today on the Gothamist Newsmap: a bank robbery on 101st Ave. in Queens, a boat in distress at the Gateway Marina off Flatbush Ave. in Brooklyn, and an "unusual occurrence" on Wall St. in Manhattan.
• Brownstoner notes the arduous bureaucratic effort to get DUMBO landmarked, and developers' rush to build before that can happen.
• The NYPD is initiating TOMS––Total Order Maintenance Sweeps––aboard Metro-North and LIRR trains to deter terrorists commuting from the suburbs, after examining the methods employed in places like Spain and London.
• A 17-year-old kid was shot once in the head and once in the chest in an East Harlem KFC last night. He was declared dead at the hospital.
• A short film showing the anonymous street artist known as Banksy installing his own works inside the Metropolitan Museum, along with identifying placards.
• An upstate teenager from Brewster would've been working double duty with his fake ID if he had one, because the 15-year-old was arrested for driving while intoxicated, and driving.
• Ironically, the itinerant Madison Square Garden that destroyed Penn Station (the good one), could wind up ruining the proposed Moynihan Station at the Farley Post Office building as well.
• Republicans hope to regain an Upper East Side seat, once held by liberal Republican and former Mayor John Lindsay but since surrendered to Democrats, in a special election tomorrow.

Elliot Spitzer has a whole new attitude about the financial companies inhabiting Wall St. now that he is governor. At one point in time and as state attorney general, Spitzer was a relentless critic, and his mere mentioning of a company's name was enough for tens of billions of dollars of market capitalization to disappear in a few hours. Spitzer strong-armed industry reform by threatening companies and individuals with prosecution while he was the state attorney general. These same companies became frequent and generous contributors to his political campaign when running for gubernatorial office. Now Governor Spitzer recognizes that New York's financial companies are an important tax- and job-generating source of economic strength in the state, and is committed to making the city the financial hub of the world.

ART: Artist Adrienne Leban (artwork pictured) has been a professor at the School of Visual Arts for almost four decades; her new work is done entirely free-hand, without sketches or instruments, in India ink on wood, watercolor paper, or canvas. (It’s terrific; check it out.) This weekend’s three-day exhibit inaugurates the new Corey Gallery; part of the proceeds will benefit the Susan G. Komen Foundation, the world’s largest grassroots network of breast cancer survivors and activists. - John Del Signore

The NYCTV program "Inside the Archives" features a weekly hour of archival New York images set to music. A collection of photographer Bernice Abbot's mostly architectural photography of the city from 1935-38 called "Changing New York" is viewable at the New York Public Library's site. And the library also hosts a series of photos by Lewis Wickes Hines of the Empire State Building's construction in 1930-31. NYC Then and Now is an interesting pool of photos at flickr that documents alterations––sometimes small, sometimes dramatic––in streetscapes around the city.

The intersection between gastronomy and eponymy can become a little clouded with time, after ambiguity muddies origins and vested familial or regional pride raises emotional stakes. In contentious days such as these, even seemingly innocuous table conversation can quickly become heated. That is why we find debates over the namesakes of food items highly entertaining.

Also entering its fifth year, Stereogum.com has been named Best Music Blog by Spin, Teen People and Forbes. Even Newsweek thinks it's hot. The site examines music through the prism of popular culture, and with over 500,000 unique visitors a month, it's safe to say it's the place for "indie yuppies" to discover the latest buzz bands. Site founder Scott Lapatine was recently ranked USAToday.com's 76th Top Person of 2005. Scott will be joined on the decks by co-bloggers Jim Jazwiecki and Jed Teres.

This weekend seems to be all about the music. Outside, in parks, on rooftops. It'll be everywhere, and here is where we would be if we were you...

My parents are always bugging me about renting an apartment in New York City, saying I am throwing money out the window by renting and that I should buy a place - But they don't seem to have a grasp of just how expensive real estate is in NYC. They keep telling me that I should take advantage of low interest rates, but I've got a three-digit bank account balance and a very modest salary. They've offered to help me with a down payment, but is it really a good idea?

Daisy May's BBQ turned one yesterday, and chef Adam Perry Lang plans to celebrate this Wednesday with champagne and by taking down the "grand opening" banner -- guess it's time, huh? Adam has grand plans for Daisy May's second year, including offering a football tailgating special this fall.