5 stories to know this week

Welcome to Crain's New York Top Stories. From a former Morgan Stanley exec's new condo to a guilty plea in the HFZ saga, here's five stories we think should know about this week.

Ex-Morgan Stanley exec buys Upper East Side condo for $13M

Jonathan Pruzan, who retired as Morgan Stanley's chief operating officer last year, paid $13.2 million in an all-cash deal for a six-bedroom apartment at 117 E. 72nd St. The former exec is now the president of Pretium, a smaller investment company with a focus on single-family real estate. Click here to read the full story.

Local Law 97 faces shaky future

Local Law 97 is an ambitious plan to reduce greenhouse gas emissions by 80% by 2050 from the heaviest emitters in the city: large buildings. However, the very body that passed the law in the first place, the City Council, is now considering legislation that would erode its potency. Click here to read the full story.

Hotel bill battle exposes labor world rift

A City Council push to tighten hotel regulations continues to roil New York's hospitality industry and has exposed divisions within the orbit of the powerful labor union backing the bill.

The legislation would require hotels to have a license to operate; among other things, it would limit owners’ ability to hire subcontracted, non-union workers. Industry leaders insist the bill would force hotels to close, jack up prices and result in layoffs. Click here to read the full story.

Celeb-friendly UWS condo risks losing top retail tenant as cash flow slips

The Apthorp at Broadway and West 79th Street is a beautiful building with a long list of famous tenants. A 9-bedroom, 8-bathroom unit is on the market for $26 million.?

Yet beneath this land of plenty, trouble is brewing. Longtime tenant Chase, which leases more than half the Apthorp's retail space, pays seven times more rent than the neighborhood average. The building's finances could take a hit if the bank decides to decamp for cheaper pastures when its lease is up in 2029. Click here to read the full story.

HFZ pleads guilty in Manhattan criminal fraud case

Defunct luxury condo developer HFZ Capital Group has pleaded guilty to multiple charges of grand larceny and tax fraud in the sprawling criminal case brought against it by the Manhattan District Attorney's Office. The corporation was sentenced to an unconditional discharge, meaning it will not face any major fines or punishments apart from the conviction itself. Click here to read the full story.

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