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.
Casino Gambling in the Empire State
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.”
the lead indicator
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.
Brooklyn Borough President Marty Markowitz, who, if nothing else, excels at boosterism, has made a video in which he pleads (via an email typed on an iPad purchased in Manhattan) for Apple to open a store in the Borough of Kings.
Gothamist has the footage.
Here’s a snippet from the email, addressed to “Mr. Read More