Power Player

Brooklyn Borough President Eric Adams is Meeting Change Head On

Eric Adams

If tasked with reading Eric Adams’ résumé, one might understandably feel lacking by comparison. The fourth child of six, son of a butcher and a housecleaner who called Brownsville, Brooklyn (and later Jamaica, Queens) home, he graduated first in his class with the New York Police Academy. Twenty-two years of service (and one master’s degree) later, he left as a captain to spend seven years in the State Senate, representing Brooklyn’s 20th District. In the year and a half that he’s been Brooklyn Borough President—the first African-American to fill the role—he’s been a strong champion of the affordable housing desperately needed for many of the 2.6 million people who live in Brooklyn.

New York State Senator Jesse Hamilton, who has worked with Mr. Adams in several capacities, including Superstorm Sandy relief efforts in Coney Island, describes the borough president as “a character of high moral fortitude, a rare commodity among elected officials.” Read More

In Brooklyn

Pratt Institute Launches Fashion/Design Incubator

(Photo: Vicky Chan, Avoid Obvious)

Brooklyn’s Pratt Institute announced yesterday the launch of The Brooklyn Fashion and Design Accelerator, a 15,000-square-foot space in the former Pfizer building at 630 Flushing Avenue in Williamsburg that will provide low-cost space resources to launch high-potential startup ideas into businesses.

“The Accelerator is Pratt Institute’s vision for creating a bridge to success – a place where Read More

ICSC

Fulton Maul: Culture Clash Ensues in Downtown Brooklyn

Armani Exchange at the City Point Development

With the long-awaited Barclays Center open and new residential and mixed-use development projects popping up across Downtown Brooklyn, a retail conundrum is growing along the 17-block Fulton Mall.

The national and in some cases high-end retailers moving onto the strip paint a stark contrast to the long list of mom-and-pops, local discounters and jewelry shops that once almost exclusively lined the street. Read More

Casino Gambling in the Empire State

Place Your Bets: Real Estate and Gaming Companies Jockey for Position

New York Governor Andrew Cuomo introduce

One would assume that owning two racinos would result in handsome profits for Jeffrey Gural.
Yet despite reports that the racino at the Aqueduct Racetrack in Queens made $57.5 million in May, outpacing Mohegan Sun as the country’s top slot-machine moneymaker, the Newmark Grubb Knight Frank chairman’s investment in Tioga Downs and Vernon Downs has not been so lucrative, in part because of unfavorable locations and a high tax rate.

“One problem I have is one racino is five miles away from an Indian casino that has table games—that was a terrible decision,” Mr. Gural said late last week. “My other racino is in Tioga County in a town of 1,000 people. Obviously, if you have a great location like Aqueduct and Yonkers, you’d make a lot of money. But the bulk of the money is going into state taxes.” Read More

the lead indicator

Can Innovation Be Reverse Engineered? If It Can Happen on Roosevelt Island, It Should Happen in Brooklyn Too. Right?

Blitt - Chandan

Mayor Michael Bloomberg has cited a dramatic transformation of the city’s economy as a primary motivator for the Applied Sciences initiative that might catapult New York to the fore of global technology hubs.

After a hard-fought contest, the initiative took a big step forward last December when the mayor announced that Cornell and Israel’s Technion would develop a new research and graduate education campus on Roosevelt Island. Read More