MLB owners and NYC approve sale of the Mets to Steve Cohen

The Mets’ Steve Cohen era has begun.

His purchase of the Mets from the Wilpon and Katz families was approved by MLB on Friday when franchise owners voted to accept Cohen into their club, then was given the OK by New York City Mayor Bill de Blasio, all but finalizing his takeover of his favorite childhood team.

The sale — which values the Mets at about $2.475 billion, a record for a North American sports franchise — is expected to close within the next 10 days.

“I am humbled that MLB’s owners have approved me to be the next owner of the New York Mets. Owning a team is a great privilege and an awesome responsibility,” Cohen said in a statement.

It continued: “My family and I are lifelong Mets fans, so we’re really excited about this. With free agency starting Sunday night we will be working towards a quick

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NYC Excavation Workers Say ConEd Contractor Owes Wages

Law360 (October 30, 2020, 7:39 PM EDT) — A contractor for New York City and ConEd failed to pay excavation workers for the time they spent picking up and returning equipment and traveling between job sites, a proposed class of workers has alleged in a federal lawsuit.  

In a proposed wage and hour collective action filed Thursday, the workers claim that Safeway Construction Enterprises LLC and its owner owe them straight pay and overtime pay for the hours it took them to report to headquarters in Maspeth, New York, twice a day and travel between headquarters and job sites, under the Fair Labor Standards Act and New York Labor…

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the

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NYC Executives Commuting to Work by Air From Vacation Homes

(Bloomberg) — To get a sense of how — and where — New York City’s financial executives are living these days, Rob Wiesenthal might be a better source than the Census bureau.

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Sometime around August, Wiesenthal, co-founder of a private helicopter and seaplane business, noticed an unusual travel pattern among clients, many with second homes in the Hamptons and the Hudson Valley, where they’d been living since pandemic-related lockdowns began in March.

Executives were suddenly filling planes into Manhattan on Friday mornings, an unusual choice for clientele that stays out of the city on weekends. They also booked quick midweek jaunts, arriving early morning, with no luggage, and staying only a day, maybe two.

“Imagine if, when it got cold, all the birds started going north,” said Wiesenthal, chief executive officer of Blade Urban Air Mobility. “It made no sense.”

What he soon realized was this: well-heeled New

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MLB owners, NYC Mayor Bill de Blasio approve sale of Mets to Steve Cohen (UPDATE)

It’s a done deal.

Major League Baseball owners voted Friday to approve the sale of the New York Mets to billionaire hedge fund manager Steve Cohen.

ESPN’s Jeff Passan and MLB Network’s Jon Heyman first reported the news. Cohen needed “yes” votes from 22 of the 29 MLB owners.

UPDATE (2:56 p.m.): MLB public relations confirmed the news in a press release on Friday afternoon:

Major League Baseball announced today that the owners of the Major League Clubs have approved the new ownership group of the New York Mets led by incoming control person Steve Cohen.  The vote was conducted during a conference call of all Major League Clubs.  The approval is contingent upon the closing of the sale transaction with the current owners of the Mets, which is expected within the next 10 days.

Commissioner Robert D. Manfred, Jr. said: “I extend my best wishes to Fred Wilpon, Saul

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Crane knocks debris off Billionaires Row condo tower in NYC

The crane’s spinning was not out of the ordinary, according to the DOB, but a loose part was hitting the building while the crane was in motion.

Numerous complaints have been filed against the project throughout the pandemic, including for nonessential construction when it was not allowed as well as for unsafe working conditions because construction workers were not wearing masks or distancing. 

In December 2019 and January of this year, two complaints were filed citing debris falling and hitting a taxi as well as falling onto the roof of the adjacent building, according to DOB records. 

Around that time, architect Erica Tishman was struck and killed by a piece of falling debris when she was walking by a Himmel + Meringoff building at 729 Seventh Ave. Her husband, Steven Tishman, sued the city and the property owner for his wife’s death, claiming negligence for proper sidewalk safety equipment not

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Excess Inventory and Sluggish Sales Mean Discounts for Buyers of Trophy Homes in NYC

Well before the outbreak of Covid-19, the luxury real estate sector in New York City was in trouble. The 2010s saw a boom in the construction of high-end new developments, but by decade’s end, apartments in expensive high-rises were lingering on the market.

The oversupply was particularly an issue in Manhattan: By the end of last year, 25% of the borough’s new condos built in the previous six years were still unsold, and that number climbed to 40% for the new construction along Billionaires’ Row, the stretch of super-prime new high-rises around the southern edge of Central Park.

The coronavirus lockdown has only exacerbated the issue: sales of homes priced at $4 million and above in Manhattan were down by 67% from March to August, compared to the same period the year before. Brooklyn’s luxury sector is struggling, too, with sales down by 36% in the third quarter of 2020

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Q3 Shows NYC Real Estate Pulling Out Of The Q2 Downturn

Real estate investment sales data is in from 2020 Q3 and the results are cautiously encouraging. There is still a great deal of market, political and public health uncertainty, but the real estate industry is climbing back up from the depths of Q2. I sat down with my partner Victor Sozio, Executive Vice President, to discuss the current situation and the outlook for Q4 and beyond.

The Current Outlook

Transaction volume, dollar volume and cap rates right now look very similar to 2009 and 2010. Higher cap rates generally signal more risk. If the rate goes up, the value of the property is less when compared to the potential income you can make from it. While this sounds like a good thing, it also signals that property is less of a sure investment.

The difficulty of drawing conclusions right now, though, is that

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NYC mayor Bill de Blasio conducting legal review of Mets’ sale to Steve Cohen ahead of Friday’s owner vote

Ahead of Major League Baseball owners’ vote Friday to approve the purchase of 95 percent of the New York Mets to hedge fund manager Steve Cohen, New York City mayor Bill de Blasio told reporters Thursday that the city’s legal department is legally obligated to review the sale since Citi Field in Flushing, Queens, is on city land, according to the Associated Press. The city owns the land Citi Field sits on and de Blasio must approve the lease transfer. 

“It’s our land,” de Blasio said in a press conference on Thursday. “There is a legal requirement that if there’s an ownership change it has to be evaluated. Our law department is doing that evaluation based on the law.”

The lease states the mayor can block the sale of the team to “any person that has been convicted in a criminal proceeding for a felony or any crime involving moral

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NYC mayor mum on review of proposed Mets sale to Steve Cohen

NEW YORK (AP) — New York City Mayor Bill de Blasio deflected questions Thursday about whether he wants to block the sale of the New York Mets to hedge fund manager Steve Cohen.

Asked about the proposed sale at a news briefing, de Blasio said the city law department is legally obligated to review the sale because Citi Field, where the Mets play, is on city land.

“It’s our land,” said de Blasio, a Boston Red Sox fan. “There is a legal requirement that if there’s an ownership change it has to be evaluated. Our law department is doing that evaluation based on the law.”

A provision in the city’s lease agreement says any new owner of the team cannot be someone who has been convicted of a felony or is an organized crime figure.

Cohen’s former company, SAC Capital Partners, pleaded guilty in an insider trading case in 2014

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NYC Mayor Bill de Blasio wants to stop Mets sale to Steve Cohen as MLB owners are set to vote

Do you want the good news or the bad news first?

Let’s start with the good. Major League Baseball owners are expected to vote Friday on the sale of the New York Mets to billionaire hedge fund manager Steve Cohen. That comes as little surprise, since the transaction already received approval from MLB’s ownership committee. Cohen is expected to receive at least 22 of the 29 votes coming from club owners.

Now for the bad news. And there’s no sugarcoating it. This is bad. Really bad, if you are hoping Cohen will be able to buy the club. The New York Post reports New York City Mayor Bill de Blasio is trying to kill the deal.

The Post has learned that Hizzoner called MLB commissioner Rob Manfred earlier this month and told him outright that he opposed the idea of a hedge-fund billionaire buying a local team and would be

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