Brooklyn's Progress
June/July 2007

Thompson Opens Foreclosure Hotline
New York City Comptroller William Thompson launched a helpline to assist homeowners who are at risk of facing foreclosure on their mortages. The hotline refers callers to community organizations that can offer assistance with mortgage payments and prevent foreclosure proceedings, according to Crain’s New York.

The numbers of foreclosures are rising in the city, most notably in the outer boroughs. Minority neighborhoods are often the hardest-hit, due to a rapid rise in subprime mortages, which are sold to home buyers with lower credit scores, a system that leaves low-income consumers targeted.

"Many homeowners around New York City may be facing foreclosure of their homes as a result of growing subprime sales in recent years," Mr. Thompson said in a statement.
RealtyTrac, an organization that tracks foreclosures nationwide, reported that foreclosures rose 24% to 3,697 in the Bronx; 25% to 9,734 in Brooklyn; and 47% to 3,170 in Staten Island. Queens foreclosures declined, dropping 8% to 6,767.

The hotline can be reached at 212-669-4600.

Brooklyn Office of Massey Knakal Celebrates $1 Billion in Commercial Sales
More than 200 well wishers converged on Massey Knakal’s Brooklyn office for a reception recently to congratulate the staff on selling $1 billion in commercial real estate in the four years the Brooklyn office has been in operation. The $1 billion worth of property sold in the Brooklyn market includes 400 separate sales transactions, more than 5,000 residential units in multi-family properties, and more than 10 million square feet of existing buildings and approximately ten million square feet of buildable space for residential and commercial development. At the reception, Brooklyn Borough President Marty Markowitz presented a proclamation declaring “Massey Knakal Realty Services, A Billion Dollar in Sales Celebration Day in Brooklyn USA” to Timothy D. King, senior partner, who opened the Brooklyn office four years ago as its first managing partner, Brian Leary, the Brooklyn office’s current managing partner, and firm founders, Bob Knakal and Paul Massey.

New York Enterprise Report Announces Advocates of the Year
The New York Enterprise Report will honor five small business advocates at their Small Business Awards Gala on Tuesday, Sep. 25, from 6:00 – 10:00 p.m. at the Metropolitan Pavilion in Manhattan. The advocates include Joe Connolly, editor/anchor, Wall Street Journal and WCBS Newsradio; Dr. Marsha Firestone, founder and president of the Women Presidents’ Organization; William Grinker, president and chair of Seedco Financial Services; Ellen Volpe, president of American Business Associates and Robert Walsh, commissioner of the New York City Department of Small Business Services.

“In a metropolitan area dominated by Wall Street, Fortune 500 companies and the real estate industry, it is especially important to recognize those who have so strongly supported more than 500,000 small businesses. These five individuals have made a lasting impact on the small business community,” said Robert Levin, editor-in-chief and publisher of The New York Enterprise Report.

Federal Minimum Wage To Increase, New York Already There
The Iraq War funding bill passed last week by both houses of Congress and signed by President George Bush came with a caveat one might not have expected. It included a federal minimum wage increase – the first in 10 years.
The increase will happen in three stages over the next two years, and up the federally-mandated pay from the present $5.25 an hour to $7.25.

As Congress wrangled over an increase for the last decade, many states stepped in and instated their own increases, including New York, which went to a $7.15 minimum wage in Jan. 1 of this year.

To ease the burden on small business, the bill also includes $4.84 billion in tax breaks, as the wage increases represents an economic burden to the small business owner.

Federal Contract Process to Get Overhaul
A bill recently passed by the House will overhaul the process by which $340 billion in federal contracts are handed out. The idea is to make the playing field accessible for small businesses. The most comprehensive reform of its kind in a decade, H.R. 1873, the Small Business Fairness in Contracting Act, “increases small business access to federal contracts, offers protections against contract bundling, and prevents large businesses from receiving small business contracts, passed by a wide margin of 409 to 13,” according to Crain’s New York.

The House’s Small Business Committee Chairwoman Nydia M. Velázquez said "Awarding federal contracts to small businesses creates jobs, develops companies, promotes competition and yields the best value for the taxpayer dollar," said Chairwoman Velázquez. "Congress acted today to guarantee that our entrepreneurs get the opportunities they deserve and to hold the federal government more accountable for how taxpayer money is spent."

Water Taxi to Governor’s Island
New York Water Taxi began June by running boats on the weekends from Red Hook and the Fulton Ferry Landing in Brooklyn to Governors Island.

The new service will run from the Red Hook pier off Van Brunt Street behind the Fairway supermarket.

Brooklyn sits a mere 400 yards from the shore of Governors Island, and now residents can travel directly to the Island to enjoy summer concerts and programming, tour the National Historic District, or take a car-free bike ride.

Previously, one could only get to the island by taking a ferry from the Battery terminal in Lower Manhattan. Brooklyn residents can connect to Governors Island using New York Water Taxi’s Hop-on Hop-off service, which stops in both Red Hook and at Fulton Ferry Landing in DUMBO. Adult fare from Red Hook is $5. From Fulton Ferry Landing, adults pay $10 and children under 12 are $6.

SBA Launches Free Online Course & Assessment
The U.S. Small Business Adminstration recently introducted a new online training resource for budding entrepreneurs to provide the fundamentals of starting a small business.

The business topics reviewed include business planning, legal aspects, financing and marketing. In addition, the course provides links to more than 40 targeted resources and small business tools, such as a business plan template and an automated balance sheet guide. The course also offers direct access to online counseling through SCORE, as well as to other SBA resource partners, including Small Business Development Centers, Women's Business Centers, and SBA district offices.

Participatnts who complete the online training have an opportunity to receive a Course Completion Certificate from SBA. To evaluate your business readiness, go to ww.sba.gov and click on "New Free Online Course."