New York City apartments are notoriously pricey. In fact, small units regularly rent for several thousand dollars a month. However, an actress managed to rent a two-bedroom apartment in trendy Greenwich Village for less than $30 a month for over 60 years, according to CNN.
In 1955, Patricia O’Grady moved into the apartment with three friends. The landlord told them that they could rent the place for the bargain price of $16 a month if they also swept the hallways and did some light cleaning.
While her friends eventually moved out, O’Grady stayed in the apartment, pursuing her dream of becoming an actress. Over a five-decade career, she appeared in several Off-Broadway plays and had a few small parts on TV soap operas. She also had an uncredited role in “Taxi Driver.”
O’Grady never made it big, but she made enough to keep her little rent-controlled apartment. In March, she was tragically struck and killed by a car at the age of 84. At the time of her death, her rent was $28.43, not even double what she originally started paying 63 years ago.
O’Grady apparently lucked into the low rent through a likable personality and New York City’s rent-stabilization laws. The previous owner of the building that houses her apartment became such good friends with her that he barely raised her rent over the years. When the current owner of the building, Adam Pomerantz, bought it in 2002, he learned that she was only paying $26.45 a month. Because of New York City’s rent-stabilization laws, he could only raise it to $1.98 per month. However, he also became good friends with her, so he didn’t mind.
Now that O’Grady has passed away, Pomerantz intends to refurbish the apartment, which friends called a “dump with character” in her obituary. The rent will also be raised to around $5,000 a month.
Drivers in New York City are always encountering various problems on the roads. There is the obvious high volume of traffic. This can cause massive delays at the bridges and tunnels that people use to get in and out of the city. There is also the issue of trucks double parking in the middle of busy streets so they will be able to make deliveries. This can block traffic and create chaos in the area. Construction is yet another regular headache for drivers in the city.
There is no question that driving in Manhattan on a regular basis can be very stressful. However, the stress level of drivers in the city went up a lot last Saturday morning at 5am. This is when the traffic lights at roughly 600 intersections stopped working as they should. Some of them turned off completely. Other lights began flashing. The problem was the result of a software upgrade that usually takes place on weekends when traffic in New York City is at its lightest. Drivers were warned on local radio stations to stay off the roads until the traffic lights were fixed. There were no accidents reported as a direct result of the traffic lights not working properly.
Police officers were dispatched to the busiest intersections to direct traffic until the software problem could be repaired. The city was very lucky. Local politicians said there could have been dozens of accidents and even fatalities if the traffic lights stopped working during a regular work day. There will be a full review of the software in order to determine exactly what went wrong and prevent it from happening in the future. People who live in some of the areas that had traffic lights malfunctioning said they were very concerned for the safety of motorists.
The problem with the traffic lights was eventually corrected at around 9pm on Saturday. Some of the police officers who were directing traffic said it was a minor miracle that there were no accidents during this crisis. Police will monitor the traffic lights at busy intersections in future weeks while the software upgrade is taking place. This will allow them to immediately start directing traffic if the traffic lights should have more problems. There will be also additional precautions taken by local authorities so that the city can be better prepared for a problem like this if it should happen again.
The use of Earnings Per Share, otherwise known as EPS, is a somewhat controversial means of paying employees. New York City lawyer Jeremy Goldstein, founder of Jeremy L. Goldstein and Associates, LLC, understands this controversy, and proposes a compromise between pro- and anti- EPS payment movements. The pro-EPS movement says that this form of payment has been shown to make companies more successful, whereas the anti-EPS movement say that this form of payment can be used unfairly, leading to favoritism of the CEOs of companies and an unreliable pay scheme.
Jeremy Goldstein does not believe that pay per performance/EPS should be done away with entirely. He understands that it can be a powerful motivation for performance, and can create an incentive for better workplaces. He does, however, understand that it must be used in moderation and not as the only form of payment. He believes that EPS should be balanced against ensuring that CEOs and other executives of companies remain accountable for their actions, which ensures long-term growth as well as measured share growth.
Jeremy Goldstein started out his law career at New York University School of Law, where he he earned a Juris Doctor. After graduating in 1999, he became an associate at Sherman & Sterling LLP, and a year later became a partner at Watchtell, Lipton, Rosen and Katz. His main area of expertise was executive compensation, specifically executive compensation issues that have to do with issues related to mergers, acquisitions and corporate governance. In 2014, Jeremy Goldstein left Watchtell, Lipen, Rosen and Katz, founding Jeremy L. Goldstein and Associates. As a prestigious lawyer in New York, Jeremy Goldstein has been involved in many large and important corporate transactions in the last decade. Some of the many transactions include the acquisition of Goodrich by United Technologies, Duke Energy, The Dow Chemical Company, Bank of America Corporation/MBNA Corporation, SBC Communications Inc/AT&T Corp, Cingular Wireless Corporation/AT&T Wireless Services, and Phillips Petroleum Company/Conoco Inc. Learn more: https://lawyers.justia.com/lawyer/jeremy-goldstein-1275422
Jeremy Goldstein is also involved in the American Bar Associates Business Section, a member of the Professional Advisory Board of the NYU Journal of Law & Business, and listed as a leading executive compensation lawyer in Chambers USA Guide to America’s Leading Lawyers, and The Legal 500, and even is a philanthropist and member of the Leadership Council of Make-a-Wish Foundation