Knotel slashes its workforce again

Flex office provider Knotel is tightening its belt even more as Manhattan workers balk at the idea of returning to the workplaces. On a conference call Thursday afternoon, the company announced it has laid off about 20 people, bringing its total headcount to 250, Business Insider reported. Amol Sarva, Knotel’s CEO, said he hoped the company would achieve profitability by the end of the first quarter of 2021. During the call, Sarva said that Knotel

source https://therealdeal.com/2020/10/30/knotel-slashes-its-workforce-again/

Spinning crane at 111 West 57th Street casts debris on pedestrians

A wildly-spinning crane during high winds cast debris down on onlookers Thursday night. The Department of Buildings and the Fire Department were called to the scene, but it was not clear if anyone was injured during the ordeal, the New York Post reported. The crane was connected to JDS Development’s luxury condominium at 111 West 57th Street on Billionaire’s Row. On Oct. 28, ahead of the arrival of Hurricane Zeta, which battered the Gulf Coast,

source https://therealdeal.com/2020/10/30/spinning-crane-at-111-west-57th-street-casts-debris-on-pedestrians/

Cohen Brothers employees allege harassment, endangerment

In March, Charles Cohen, the billionaire head of Cohen Brothers Realty, complained that it was “ridiculous how the news was portraying the pandemic.” Instead of allowing employees to work from home, he allegedly told one of his executive assistants “we have to be a soldier and soldier on.” Two days later, he and his family took a private plane to Palm Beach, and later boarded a private yacht in the Caribbean, according to a lawsuit

source https://therealdeal.com/2020/10/30/cohen-brothers-employees-allege-harassment-endangerment/

Lost summer, failed plan haunt Coney Island

Coney Island was eerily quiet this summer. The Cyclone did not clickety-clack, no screams pierced the salty air and tourists who normally roam the boardwalk were nowhere to be found. The seasonal destination missed its season. Now businesses, like squirrels who failed to stash acorns for winter, are wondering how they will survive it. “I didn’t do this year what I would do in a summer week,” said Jimmy Kokotas, the owner of Tom’s Restaurant.

source https://therealdeal.com/2020/10/30/lost-summer-failed-plan-haunt-coney-island/

“We are erring on the side of having too much capacity”: Amazon reports massive Q3

How much capacity is too much? For Amazon, the limit doesn’t exist. At least not yet. The e-commerce giant — which has been adding warehouses at a dizzying clip across the nation — is on track to expand its fulfillment and transportation capacity by 50 percent, it said. The company has already spent $4.7 billion on property and equipment. The Jeff Bezos-led behemoth reported another massive quarter on Thursday. Third quarter net income grew to

source https://therealdeal.com/2020/10/29/we-are-erring-on-the-side-of-having-too-much-capacity-amazon-reports-massive-q3/

CBRE income falls nearly 10%

CBRE’s income fell nearly 10 percent during the third quarter as the pandemic forced large office tenants to put their leasing decisions on hold. Income for the world’s largest real estate services firm fell 9.2 percent from July through September compared to the same time last year to $245 million, the company reported Wednesday. CEO Bob Sulentic said revenue was being pushed down as large corporate occupiers kicked the can down the road on major

source https://therealdeal.com/2020/10/29/cbre-income-falls-nearly-10/

Paramount Group back at work, but tenants waiting until 2021

Paramount Group didn’t see a major improvement in its earnings in the third quarter, but there was one major change from the office landlord’s second-quarter earnings call. “We are back in the office,” said CEO Albert Behler during a Thursday call for analysts, although he added that most of the firm’s tenants are taking a slower approach. Behler noted that the “vast majority” of Paramount’s tenants expect to return to the office in early 2021,

source https://therealdeal.com/2020/10/29/paramount-group-back-at-work-but-tenants-waiting-until-2021/