NYC Business News

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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.

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RPC Names Scott Schechter Partner in NY Expansion

International law firm RPC has appointed insurance coverage specialist Scott Schechter as a partner in New York as the firm expands its international insurance practice. Schechter will help develop a dedicated New York-based insurance team focused on complex claims involving U.S. exposures, including financial lines and cyber matters. The expansion is designed to connect RPC's New York capabilities with its existing insurance teams in the United Kingdom, Singapore and Hong Kong. RPC said the investment responds to growing client demand for cross-border advice involving high-value, multi-jurisdictional claims. Schechter's appointment follows several other insurance-focused hires by the firm and is part of a broader international growth strategy that includes the development of its New York office.

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ComicConnect Heads to NY Comic Con Oct. 8-11

ComicConnect and Metropolis Collectibles will bring rare comics, original comic book art and high-end collectibles to New York Comic Con, Oct. 8-11 at the Javits Center in Manhattan.

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Cooley Expands NY Securities Litigation With Nicholas Caselli

Cooley has added Nicholas Caselli as a partner in its securities litigation and enforcement practice and global litigation department in New York. Caselli represents clients in securities class actions, shareholder derivative cases and M&A-related disputes, including matters involving technology and life sciences companies. The firm said his recruitment is part of its effort to expand its securities litigation capabilities in New York, building on a practice historically prominent on the West Coast. Caselli joins Cooley from Freshfields, where he practiced in New York. His arrival follows several other additions to Cooley's New York litigation team as the firm's global litigation department continues to expand.

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Crowell & Moring Names NY’s Glen McGorty Next Chair

Crowell & Moring has elected New York managing partner Glen McGorty as the next chair of the firm's Management Board, with his three-year term beginning March 1, 2027. McGorty will become the first chair in the firm's history to be based outside Washington, D.C. He currently serves on Crowell's Management Board and Executive Committee and chairs its Litigation and Trial Department. McGorty joined the firm in 2012 following nearly 15 years as a federal prosecutor and has led the expansion of Crowell's New York office. According to the firm, attorney headcount in the New York office has increased by nearly 50% during the past six years.

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NYC Says 2026 World Cup Generated $2B Economic Impact

The 2026 FIFA World Cup generated an estimated $2 billion in economic impact for New York City, according to a preliminary analysis released by the city. The estimate includes $1.2 billion in direct visitor spending and $162 million in operational spending, while tournament-related activity supported an estimated 12,100 jobs. New York City accounted for 56% of the estimated $3.5 billion economic impact across the New York-New Jersey region and 70% of regional visitor spending. The city also reported a 16% year-over-year increase in foot traffic at sports bars during the tournament, while international Visa card spending increased in Manhattan, Brooklyn and Queens.