New York City Economy Matters More Than Next Mayor: Muni Credit

New York to host 2015 All-Star Game in Knicks-Nets split

The city has an incredibly professional and experienced set of managers who are not going to change because of the election. Voting Battle Democrat Bill de Blasio, 52, the citys public advocate, faces Republican Joseph Lhota, 58, a top aide to former Mayor Rudolph Giuliani , in a battle to lead the city of 8.3 million. Bloomberg, an independent who is founder and majority owner of Bloomberg News parent Bloomberg LP, is legally barred from seeking a fourth term. New York is selling into the biggest rally for muni debt since 2012 after the Federal Reserve delayed plans to reduce its monthly bond purchases. The New York issue offered preliminary yields of 4.18 percent on 20-year debt, according to three people familiar with the sale who requested anonymity because pricing wasnt final. That was 0.31 percentage point more than benchmark munis, down from 0.72 percentage point in July. First Investors may buy some of the bonds, Wagner said. Moodys Investors Service and Standard & Poors assess New York two steps below top-rated bonds, after both companies raised the rating three times during Bloombergs tenure. New York had about $40 billion of debt as of June 30, compared with about $29 billion in June 2002, bond documents show. Expansion Expectation The metropoliss economy is projected to grow 1.1 percent this year to about $588 billion, and then expand through at least 2017, the documents show. Although there are certainly concerns on the horizon, some of them very significant, no ones expecting an immediate decline in credit quality , said Tamara Lowin, director of research for Belle Haven Investments, which manages $1.6 billion of munis in White Plains , New York. Democrats outnumber Republicans in the city by more than 6 to 1. In a Sept. 17 poll by the Poughkeepsie, New York-based Marist Institute for Public Opinion , de Blasio led Lhota 65 percent to 22 percent. Yet New Yorkers havent elected a Democrat mayor since 1989, when David Dinkins beat Giuliani.

New York Skyline

25, 2013 New York City has been selected to host NBA All-Star 2015, NBA Commissioner David Stern announced today. New York City Mayor Michael R. Bloomberg; James L. Dolan, Executive Chairman, The Madison Square Garden Company; Hank J. Ratner, President and CEO, The Madison Square Garden Company; Irina Pavlova, President, ONEXIM Sports and Entertainment Holding USA, Inc.; and Bruce C. Ratner, majority owner and developer of Barclays Center and Executive Chairman of Forest City Ratner Companies, joined Commissioner Stern and Deputy Commissioner Adam Silver for the announcement at the NBA Partner Forum held at Industria Superstudio in New York City. The 64th NBA All-Star Game will be played at Madison Square Garden, home of the New York Knicks , on Sunday, Feb.15. The BBVA Rising Stars Challenge, Sprint NBA All-Star Celebrity Game and State Farm All-Star Saturday Night – including the Sears Shooting Stars, Taco Bell Skills Challenge, Foot Locker Three-Point Contest and Sprite Slam Dunk – will be held at Barclays Center, home of the Brooklyn Nets . As part of NBA All-Star 2015, the NBA and its partners will host a variety of community, grassroots and fan events throughout the city’s five boroughs (The Bronx, Brooklyn, Manhattan, Queens and Staten Island). This will mark the fifth time that NBA All-Star will take place in New York, having been held previously at Madison Square Garden in 1954, 1955, 1968 and 1998. New York offers an extraordinary opportunity to host NBA All-Star events at two world-class venues, said Stern. We look forward to celebrating our game with basketball fans across the entire city, in all five boroughs. New York City is the basketball capital of the world and the sport’s biggest stage, said Mayor Bloomberg. We’re lucky enough to have two world-class arenas, and the only thing better than having All-Star weekend at Madison Square Garden or the Barclays Center is having it at both of them. The weekend’s activities mean tens of thousands of visitors to the City and lots of activity for local businesses, plus a week of community service events around the five boroughs led by the NBA, which has a terrific record of giving back.