Aaron Elstein
Crain's New York Business
New York, NY, United States
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Past articles by Aaron:
Vornado delays Penn Station redevelopment, plans to cut dividend
CEO Steven Roth cites ‘economic headwinds’ for caution while maintaining his company’s stock is ‘stupid, stupid cheap’ → Read More
MTA chief urges quick movement on Penn Station overhaul
A new LIRR hub in Grand Central offers an opening for a less-disruptive overhaul Related: Hochul’s plan for Penn Station could cost taxpayers, city agency says → Read More
At long last, public bathroom relief is in sight
A new bill would require the city to install at least one public restroom in every ZIP code. Plus: A look at the week ahead → Read More
No place to go: The city’s public restrooms are scarce and dirty, posing a health and public safety quandary
New York ranks 93rd out of the 100 largest U.S. cities in public bathrooms per capita → Read More
How the business of swag became a multibillion-dollar industry
The National Rifle Association once sent a former federal financial-crimes investigator a gift to thank him for renewing his membership: an inert Browning machine gun cartridge bearing the organization's initials and a bottle-opener notch. "I have used it for many years and many beers," said the… → Read More
Peloton shares stumble after IPO
Peloton’s initial public offering received a wobbly reception on Thursday, with the stock opening two dollars below its offering price and trading around $26.60 a share at midday. Investors hoping for a post-IPO rally were surely miffed. But Peloton executives were pleased… → Read More
Peloton shares stumble in a discouraging day for IPOs
Peloton Interactive’s initial public offering skidded out of the box Thursday with the stock sinking by 11%, an ominous signal for the many other unprofitable companies hoping to hold their own IPOs. Endeavor Group, parent of the William Morris Agency, IMG and… → Read More
As streaming wars heat up, investors cool on Netflix
New York's film and TV production boom is showing no signs of slowing down, but investors are tapping the brakes on one of its pace setters: Netflix. The DVD-delivery provider turned streaming service began producing its own programing in 2012 and now spends a draw-dropping $15 billion a year on… → Read More
We out of Work: WeWork's Neumann steps down as CEO
In an effort to rescue its initial public offering and turn around the business depending on the deal, WeWork founder Adam Neumann is stepping aside as chief executive, effective immediately. He will remain non-executive chairman. → Read More
We Resign: WeWork's Neumann expected to step down as CEO
In an effort rescue its initial public offering and turn around the business depending on the deal, WeWork founder Adam Neumann is stepping aside as chief executive, the New York Times and Wall Street Journal reported. He will remain chairman. → Read More
FanDuel founder bets on love with new app
When folks look back at this decade's myriad fads and manias—from fidget spinners to Pokemon Go—odds are good they'll count fantasy sports betting among those that last. Airwaves were inundated with commercials talking about all the big bucks to be made, and millions of fans heeded the siren call… → Read More
Con Edison's stock hits an all-time high as critics jeer
Con Edison is a perennial punching bag. City Council Speaker Corey Johnson slammed the utility earlier this month for the power outage that turned the lights out on Broadway in July and for reducing voltage in poor Brooklyn neighborhoods during the miserable heatwave. Gov. Andrew Cuomo has toyed… → Read More
Tech firm Datadog roars out of IPO gate
Datadog Inc.'s initial public offering was a resounding success, providing a welcome bit of news for the New York tech scene. The Manhattan-based cloud-monitoring company’s stock jumped by 50% when it started trading on Nasdaq today, reaching above $40 a share. That big move came even after the… → Read More
Former top KPMG partner gets a year and a day in prison
First there was Arthur Andersen partner David Duncan, the Enron-enabler. Then there was David Friehling, who rubber-stamped Bernie Madoff’s filings with securities regulators. Now the accounting world has a new fallen figure: David Middendorf, the former national managing partner for… → Read More
A wave of layoffs looms for Wall Street
It’s been reported that up to 15% of Goldman Sachs partners are preparing to leave by year’s end. Truth is, firms across Wall Street are having a crummy year and lots of personnel are going to be purged soon. Investment-banking revenues had their worst first half since 2006, according to a… → Read More
ATM inventor tells how he did it (and why he's not rich)
Fifty years ago this week, the very first automated teller machine was installed outside a Chemical Bank branch in Rockville Centre, L.I. There are now more than 3 million ATMs around the world and a lot of people have never withdrawn money any other way. Today, JPMorgan Chase celebrated the… → Read More
Exec who helped rehab Goldman Sachs' image is leaving the firm
Martin Chavez, a key player in Goldman Sachs’ effort to rehabilitate its public image after the financial crisis, is leaving the firm. Chavez, one of Wall Street’s highest-ranking gay executives, is co-head of Goldman’s formidable trading division and formerly the bank’s chief financial officer… → Read More
Staffers on spectrum propel startup’s profitability
Six years ago, two friends who had roomed together at M.I.T. launched a tech startup and decided they would hire people to work remotely. Like many other entrepreneurs, they turned to the venture capital community for funding. They recently completed a $3.5 million round. What makes Manhattan… → Read More
On eve of U.S. Open, comptroller picks fight with tennis association
Just before the start of the U.S. Open, Comptroller Scott Stringer served up an audit saying the U.S. Tennis Association underpaid the city at least $311,000 in rent for the tournament venue in Flushing. The USTA shot back a return, saying it’s only on the hook for $143,000. Furthermore, it said… → Read More
Pressing the flesh in the city that never sleeps
Spoiler alert: This story does not have a happy ending. Some years ago Atsumi Kaneda, a Deloitte accountant in Japan, got so stressed by work that she developed insomnia. She looked far and wide for help getting a good night's sleep before discovering a head-massage treatment. She found it so… → Read More