COST OF LIVING

A new study from MagnifyMoney ranks the best and worst cities in the country to live on a six-figure salary and New York comes in as the 10th worst on the list. The price comparison and financial education website used a hypothetical couple with one child that earns a combined gross income of $100,000, then estimated monthly expenses and taxes to calculate the family’s disposable income in 100 metro areas. Read more at Philly Mag.

 

COMMERCIAL REAL ESTATE

According to research from Colliers International, the average asking rent for office space in Manhattan was $74.19 per square foot by the end of the first quarter of 2018, a new quarterly record. Read more at BisNow.

 

DEVELOPMENT

The Jay Group has plans to construct a 17-story, mixed-use project at 56 West 125th Street that would be one of the tallest buildings in the area. The proposal calls for replacing the current, four-story structure with 141 apartments, ground-floor retail, recreation spaces and parking for 71 bicycles. Read more at Curbed New York.

 

ENERGY

Albany-based Key Capture Energy LLC will build a $9-million-plus battery energy storage facility at the Luther Forest Technology Campus in Saratoga County. The 20-megawatt storage system inside a 32,000-square-foot building will house batteries that store and release power to and from the electric grid. Read more at the New York Business Journal.

 

TECHNOLOGY

Researchers from UK-based Wayve have successfully taught an autonomous car how to stay in its a lane over a period of 15-20 minutes using a “reinforcement learning” algorithm along with a human safety driver. Read more at CNET.

 

INNOVATION

Miami-based MyPark raised $2.1 million in seed financing in April, which it will use to support expansion of its app that allows users to reserve a parking space at their local mall. Shoppers can book spaces on demand for a few dollars an hour. Read more at Philly Voice.