NYC Business News

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Pace University Completes $200M NYC Arts Renovation

Pace University renovation, One Pace Plaza, Sands College of Performing Arts, Pace University performing arts center, $200 million Pace renovation, Lower Manhattan arts education, Kathy Hochul Pace University, NYC performing arts facilities, Empire State Development Pace, Pace University Manhattan campus

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NY Energy Rebate Checks: 5.2 Million More on the Way

Governor Kathy Hochul announced that 3 million New Yorkers have received energy rebate checks of up to $200, with another 5.2 million payments expected to be mailed in the coming weeks. The one-time Protecting Our Wallets Energy Rebate (POWER), funded through the state's $1 billion program, provides payments based on income and filing status. Eligible joint filers can receive $150 or $200, while qualifying single filers receive $100. Checks began being mailed September 21 and will continue through December. Residents do not need to apply, as the New York State Department of Taxation and Finance is automatically mailing payments to eligible taxpayers. The program is part of the state's broader efforts to address rising energy costs.

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NYC Invests $29.2M in NYU Quantum Technology Lab

New York City will award $29.2 million to New York University to establish a Quantum Fabrication Facility at 770 Broadway in Manhattan, backed by an additional $255 million commitment from NYU. Announced by Mayor Zohran Mamdani and the New York City Economic Development Corporation, the 23,000-square-foot facility is expected to open in 2030 and provide specialized equipment for quantum research, manufacturing and testing. The project is projected to support more than 100 companies and reach over 35,000 New Yorkers during its first decade. Planned partnerships with CUNY and New York City Public Schools will offer training and career pathways. Under the agreement, the city will also receive advisory board representation and a share of certain intellectual property proceeds.

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NYC Launches Fine Relief for Businesses, Homeowners

New York City has launched Debt Demolisher, a temporary program allowing eligible small businesses, homeowners and other residents to resolve outstanding city fines at reduced costs. Announced by Mayor Zohran Mamdani and Department of Finance Commissioner Richard Lee, the initiative waives accrued interest and offers discounted settlements on qualifying Environmental Control Board judgments. The program covers certain unpaid violations issued by agencies including the Departments of Buildings, Sanitation and Transportation. Participants must address the underlying violations to qualify for relief. Running from October 13, 2026, through January 10, 2027, the initiative is projected to recover $25 million in otherwise uncollected revenue. New Yorkers can check eligibility and apply through the city's official website.

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VOICES of NYC: Black Businesses Get NYC's Scraps

In this VOICES of NYC commentary, Sam Blackwell, lifelong Brooklynite and Political Director of NYCPolitics.com, argues that New York City's contracting system has consistently failed Black-owned businesses. Drawing on Comptroller reports and City Council testimony, Blackwell examines procurement disparities across multiple mayoral administrations and questions whether existing M/WBE programs deliver meaningful economic opportunities. He calls for stronger independent oversight, greater transparency, timely payments, and changes to city contracting practices to improve opportunities for Black entrepreneurs.

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NYC Expands Grant Program to Pay 800 Nonprofits Faster

New York City is expanding a grant program designed to accelerate payments to community-based nonprofits that provide essential services across the five boroughs. The expanded Discretionary Grant Pilot could benefit up to 800 organizations by removing nine administrative steps and allowing eligible providers to receive their full awards within 30 days after grant agreements are signed by both parties. During fiscal year 2026, the pilot distributed $1 million to more than 100 nonprofits, reducing average processing times from more than a year to approximately three months, according to the City. For fiscal year 2027, eligible organizations may include nonprofits receiving cumulative discretionary awards of $25,000 or less from mayoral agencies. Grant agreements are expected to begin going out in November.

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Cooper Union, Tishman Speyer Finalize Chrysler Building Deal

Tishman Speyer has finalized a 150-year ground lease for the Chrysler Building and plans a $235 million investment to restore and modernize the iconic Manhattan office tower. The agreement with The Cooper Union covers the 77-story, 1.3 million-square-foot landmark at 405 Lexington Avenue and includes institutional investors led by PSP Investments. Planned improvements include restoration of the building's façade and distinctive crown, modernization of mechanical and elevator systems, new fitness and wellness facilities, and an indoor-outdoor amenity space on the 61st floor. Tishman Speyer also plans to prebuild much of the tower's available office space. Ground lease payments will provide financial support to Cooper Union as the college works toward restoring full-tuition scholarships for undergraduate students.

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Man Gets 18 Months in NY for $8M AI Music Streaming Fraud

A North Carolina man was sentenced in Manhattan federal court to 18 months in prison for using AI-generated music and automated streaming accounts to fraudulently collect millions of dollars in royalties. Michael Smith previously pleaded guilty to conspiracy to commit wire fraud after prosecutors said he created thousands of accounts on major music streaming platforms and used bots to continuously play songs he controlled. Smith used hundreds of thousands of AI-generated songs to spread the fraudulent streams across a large catalog and avoid detection. His bot accounts ultimately generated billions of streams and more than $8 million in fraudulent royalty payments, according to the U.S. Attorney's Office for the Southern District of New York. Smith was also ordered to forfeit more than $8.09 million.

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NYC Transit Orders 92 New Buses for Express Routes

New York City Transit has ordered 92 new commuter buses to replace aging vehicles operating on the city's express bus routes. Motor Coach Industries, a subsidiary of NFI Group, announced that NYC Transit awarded the company a contract for its MCI D45 CRT commuter coaches. The vehicles are designed for high-capacity commuter and express operations and are intended to support more comfortable and efficient service for riders. Funding for the purchase is being provided through state, local and Metropolitan Transportation Authority sources. The order has been added to NFI's third-quarter 2026 backlog. NYC Transit is part of the MTA, which operates the largest bus fleet in the United States.