Word: manhattanization
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When Wal-Mart CEO Lee Scott told the New York Times earlier this week that he was finished trying to build stores in New York City, one of his aides was quick to point out that he was only referring to Manhattan, where ground-floor space rents for about $500 a square foot, and not the city's other four boroughs. But when I talked to Scott the next day, he assured me that he said what he meant. The whole joint. He also pointed out that he was only one vote on Wal-Mart's real estate committee...
...make ends meet, since they can't afford to live in the city they protect. The same city where sweatshops thrive in Chinatown, immigrant Mexican help has been grossly underpaid by immigrant Korean deli owners, and immigrant African deliverymen had been getting $1.25 per hour at unionized Manhattan supermarkets (relying on tips) until authorities finally stepped in. "Wal-Mart's values are not New York's values," proclaimed Stuart Appelbaum, president of the Retail, Wholesale and Department Store Union/UFCW. You got that right. Wal-Mart's regulations stipulate that every employee be paid for every minute worked. (Enforcement, obviously...
...designation comes from the IRS, and nonprofits are expected to provide the government with such information as a mission statement, an idea of who will be assisted and by what methods, anticipated budget and board of directors, says Andrew Grumet, a lawyer representing nonprofits with the Manhattan firm Herrick, Feinstein, LLP. Accountants familiar with nonprofits can advise on how much of an investment can be made without affecting personal wealth. But even with the best of intentions, nonprofits have a high failure rate: only one-third survive beyond five years, says Stan Madden, director of the Center for Nonprofit Studies...
...Francisco, where the generally mild weather makes it easier to let your surroundings set your temperature. But what about a place like New York City, with its 100ºF summers and 10º winters? Bank of America is currently tackling that challenge, with a 945-ft. tower in the heart of Manhattan that will use recirculated heat and natural gas to produce some of its own energy and use it more efficiently. Higher ceilings and insulating glass will reduce temperature changes and maximize available sunlight. The basement will even be equipped with a thermal-control system that will manufacture...
After the original version of this story was published, Bank of America notified TIME that it is no longer considering the use of wind energy for its Manhattan tower...