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Education Section of Crain's New York Business ASKED & ANSWERED Dandapani on how the city can help save hotels PAGE 11 OFF SEASON Businesses near Yankee Stadium are struggling without fans PAGE 3 CRAINSNEWYORK.COM | JUNE 29, 2020 SPECIAL ISSUE NEXTNEW YORK As the city reopens, businesses large and small are plotting their comeback, making accommodations for workers and customers alike PAGE 13 GETTY IMAGES VOL. 36, NO. 24 © 2020 CRAIN COMMUNICATIONS INC. HALF-BAKED FAREWELL PPP PRIMER DON’T BANK e c i t y ’ s Fairway’s Here’s how to get ON IT $3 million Harlem store, your loan forgiven Banks may plan to help and possibly PAGE 6 shutter some restaurants others, is branches, giving INSIDE is getting bad closing landlords another NEWSPAPER reviews PAGE 5 headache PAGE 4 PAGE 10 P001_CN_20200629.indd 1 6/26/20 4:22 PM CN019756.indd 1 6/23/20 11:08 AM CORONAVIRUS ALERT OFF BASE: Many small businesses near sports venues such as Yankee Stadium are hurting. BUCK ENNIS Bars and shops near Yankee Stadium facing ‘extinction’ without baseball MLB, as well as Belmont and the U.S. Open, returning without spectators offers little local help BY RYAN DEFFENBAUGH restaurants near the stadium in business. ing. Gibson said on Twitter that her o ce was before and two weeks of the tournament,” he e 161 Street Business Improvement Dis- working to get o cials there soon. said. ankee Tavern has been around trict, which represents many of the merchan- City Councilman Mark Gjonaj of the Bronx, long enough that Babe Ruth occa- dise shops and bars near the stadium, re- who leads the small-business committee, is Hard ball sionally capped o a victory by ports there are at least 20 locally owned pushing for a $500 million fund to help busi- Back in the Bronx, the BID has pushed for buying a round for the bar. But af- businesses in the vicinity that are months nesses struggling during the pandemic. the Yankees to rescue the businesses fre- ter 93 years, the business is at risk behind on their rent. e SBS spokeswoman said the depart- quented by so many of the team’s fans. e of closing its corner location in the Bronx, “ ey are on the brink of extinction if they ment has distributed more than $73 million to team, valued at $5 billion by Forbes last stepsY from the stadium’s right- eld gate. don’t get help quickly,” said Cary Goodman, 4,000 rms since the start of the pandemic. month, could o er loans or help cover part of Joseph Bastone, whose family has owned executive director of the BID. “Most of these Bastone said he is pushing for the city to those businesses’ rent until games return. the tavern for half a century, said he is losing businesses make all their money in a short help businesses such as his by providing rent “ ese small businesses create the ambi- $5,000 a week without the Yankees home window in the assistance and for- ence and environment of coming to a ball- games that pack the bar. summer when giving the com- game,” Goodman said. “But they are on the “I’ll have 300 people in here before games there is baseball or “THESE SMALL BUSINESSES mercial rent tax verge of collapse, and the Yankees can help.” start,” Bastone said, “then another 150 to 200 soccer.” that is typically He said he had not received a response after. at’s all lost.” CREATE THE AMBIENCE OF passed along to from the team's management. As sports slowly return throughout the Little aid the tenant. e Yankees worked together with the busi- city—kicked o by the Belmont Stakes June e 161st Street COMING TO A BALLGAME” e U.S. Open is nesses at the end of 2019, when it appeared a 20—the events are unlikely to help the local businesses have still on for the end new merchandise deal with Nike would limit economy much until fans can safely return. received little aid during the shutdown, out- of August, but with none of the more than the ability of Bronx stores to sell jerseys. e From the days of Ruth, businesses on 161st side of 10 merchants who have received fed- 700,000 spectators who attend each year. team helped get Nike to make an exception Street could rely on the Yankees to show up eral Paycheck Protection Program loans. Minus the fans, this year’s tournament will for the local retailers to keep selling o cial each spring and play through to the fall, driv- Most did not qualify for the city’s Covid-19 generate nowhere near the estimated $400 gear—a huge win. ing enough visitors and revenue for the sea- small-business grants, Goodman said. million in spending it did in 2014. at loss But that victory has prompted some stores sonal arrangement to work. Yankees Opening e city’s Small Business Services commis- will sting Queens even more than missing to purchase thousands of dollars’ worth of Day alone can generate more than $11 million sioner, Jonnel Doris, was expected to visit the Mets home games and the visitors from Bel- new merchandise—and now they are without in local spending, according to estimates from district June 25, along with local Council- mont, local o cials say. customers to sell it to. the city. woman Vanessa Gibson, to discuss ways to “Most of the hundreds of thousands who Goodman said the Bronx Bombers need to Covid-19 has already cost the Yankees more help. But the visit was rescheduled the night come for the U.S. Open, they come from all step up for the sake of the businesses in the than 30 home games. Major League Baseball before, Goodman said, “typical of how the city over the world,” said Rob MacKay, director of borough. “We’ve been completely aban- and the players have reached a deal to return has treated the neighborhood for way too marketing and tourism for the Queens Eco- doned,” he said. for spring training by July 1, but games will re- long.” An SBS spokeswoman said the depart- nomic Development Corp. e Yankees did not respond to a request turn without the fans that keep the shops and ment is still working out details of the meet- “Every hotel is fully occupied for the week for comment. ■ JUNE 29, 2020 | CRAIN’S NEW YORK BUSINESS | 3 P003_CN_20200629.indd 3 6/26/20 2:36 PM FROM THE NEWSROOM | FRED P. GABRIEL | PUBLISHER New Crain’s data offering makes market research easier LET’S FACE IT: DATA IS KEY. We’ve also expanded our database by FOR DECADES ever before. Data helps us nd important connections—con- more than 145% to include hundreds of It’s also just the beginning. nections that lead to valuable insights and drive busi- additional executive and company con- CRAIN’S HAS Crain’s New York Business is commit- ness. With that in mind, Crain’s New York Business is tacts. ted to producing high-quality data and pleased to announce that we’re launching a new- And our data membership includes RANKED will continue to enhance our o ering to and-improved—in fact, an entirely reimagined— print and digital access to the award-win- COMPANIES IN data members. data o ering. ning journalism we produce. So if you’re looking to grow your busi- Found at CrainsNewYork.com/data-lists, the new For decades Crain’s has published lists A VARIETY OF ness by getting in front of the right peo- o ering allows data members to create and export ranking the largest companies across a INDUSTRIES ple and companies, I urge you to consid- their own custom lists from across the entire Crain’s variety of industries and categories. is er joining our enhanced data database. ey can lter those lists by executive title, enhanced o ering will makes lead gen- membership by visiting CrainsNewYork. industry, company size and more. eration and market research easier than com/data-lists today. ■ CORONAVIRUS ALERT Mayor’s restaurant rescue plan falls short of the mark Eateries in hard-hit neighborhoods say grant fund has too many aws BY SUZANNAH CAVANAUGH Angueira, who owns three Bronx e mayor said business owners restaurants. For an owner with a would receive reimbursement he reopening of Mark skeleton sta , such as Lu, the pro- within two weeks of request, but Lu’s South Bronx restau- gram’s maximum award can sus- many of them are leery of spending rant made for two mile- tain four full-time employees for when a sudden spike in cases could stones. June 15 marked just over two months. is doesn’t send business tumbling again. the three-year anniver- factor in rent, overhead and taxes. “We don't even know if the sec- sary for his Italian tavern, Porto Sal- “Underfunding is just as danger- ond wave is coming," Lu said. “It's Tvo, and the rst day in three months ous as not giving them any money,” just so much uncertainty for us to he had a customer. Angueira said. be putting so much money out of When other restaurants jumped If restaurants reopen without a pocket.” PORTO SALVO, to o er takeout following the city’s su cient stimulus and consumer For some restaurateurs, their an Italian tavern shutdown, Porto Salvo struggled to spending remains low, they could need outweighs the risk. in the South call back the workers that were laid be forced to close again, perma- Brooklyn restaurant owner Mu- Bronx o when the pandemic hit.
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