Billionaire Adam Neumann, who was ousted from WeWork after the company’s botched attempt to go public last year, is selling a swanky penthouse in Manhattan’s Gramercy Park neighborhood for $37.5 million. The 41-year-old Israeli entrepreneur, whose unorthodox management style made shocking headlines in recent months, reportedly combined a four-bedroom penthouse and a three-bedroom apartment that he bought in 2017 into a massive three-story unit.

Some of the most infamous mobsters lived in South Florida neighborhoods we call home today, from Miami to Hollywood to Boca Raton.

As important as sober homes are to the effort to address a statewide crisis at the local level, many neighborhoods prefer not to be a part of that mission.

Demand for first-time homeownership is surging as many late-blooming millennials are finally seeking to settle down. But in some ways, their timing couldn’t be worse. That’s because entry-level homes are in severely short supply, and prices are still ascending.

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed as it continues to spread across the world. Here is a look at some of the latest developments Wednesday related to the global economy, particular economic sectors, and the workplace.

Thanks to virtual tours, online mortgage applications, remote notarization and tech tools like Facetime, real estate agents in South Florida are still conducting business these days.

Locally, the housing market got off to a great start at the beginning of the year, and all signs seemed to point to a bright spring season. And then the coronavirus struck.

U.S. sales of existing homes cratered 8.5% in March with real estate activity stalled by the coronavirus outbreak.

A look at how real estate in South Florida has been affected by the coronavirus pandemic, from virtual tours and technology playing larger in the home-buying process to how the market is expected to react.

Truss, a Chicago-based real estate technology firm, is seeing increased interest in its 3D virtual office tours during the coronavirus pandemic.

Real estate data suggests the market took a downturn in March that might already be rebounding. Here's what experts predict.

The organisers of the Galway Races have announced that this year's festival will not go ahead in its traditional form, in light of the ongoing coronavirus pandemic.

Playa Del Puente narrowly missed out in the Hong Kong Derby last time, but jockey Blake Shinn is hoping he can gain compensation in Sunday's FWD QEII Cup at Sha Tin.

Australian jockey Luke Tarrant has been given a six-month ban after head-butting fellow rider Larry Cassidy during an altercation at Doomben.

A restriction on field sizes to 12 runners per race and the use of only senior jockeys both feature in the latest plans for the potential resumption of racing in Britain.

France Galop has announced rescheduled dates for the French Classics, with the Guineas meeting set to be staged on June 1 at ParisLongchamp and the French Derby and Oaks to follow on 5 July at Chantilly.

Joseph O'Brien is keen to start off slowly with Rekindling after welcoming the 2017 Melbourne Cup winner back to his yard.

The Flat racing calendar in the northern hemisphere remains mired in uncertainty, but in one jurisdiction the first Classics of the season have been staged as the coronavirus pandemic rages.

Southern Legend denied Beauty Generation in a thrilling renewal of the FWD Champions Mile at Sha Tin.

Multiple Grade One-winning chaser Un De Sceaux left the yard of Willie Mullins for the final time on Monday.

Racing remains on course to return in France on 11 May despite French prime minister Edouard Philippe announcing on Tuesday that professional sport would not restart before September.

The Cheltenham horse racing festival should probably not have been allowed to go ahead last month shortly before Britain went into lockdown due to the Covid-19 pandemic, Horse Racing Ireland CEO Brian Kavanagh has said.

Ruby Walsh believes enforcing social distancing should not prove too much of an issue when racing eventually resumes.

Monday's planned resumption of racing in Germany has been delayed, with the opening eight-race card at Dortmund postponed.

Two bumper weekends of Classic trials could take place at the end of May under the "best-case scenario" planning for the resumption of racing in Britain.

Racing in France is poised to return as planned on Monday after the Paris police gave permission to resume racing at ParisLongchamp.

Irish jockey Shane Jackson achieved the biggest win of his eight-year Australian stint with victory in the Grand Annual Steeplechase at Warrnambool on Tuesday.

Racing in Germany will restart at Hanover on Thursday after being given clearance from the authorities.

Majestic Colt landed the first Listed prize of the German season as racing sparked back to life at Hanover on Thursday.

Horse and greyhound racing is not due to resume until 29 June according to the Department of Agriculture, though Horse Racing Ireland remains hopeful restrictions will be lifted earlier.

Netherlands manager Ronald Koeman is feeling "fit as a fiddle" after undergoing a heart procedure in Amsterdam at the weekend, the former Everton and Southampton boss confirmed.

Chris Wilder says he will respect the decision of any Sheffield United player opting not to play when football is given the go-ahead to resume.

The German Bundesliga is set to start again on 16 May.

Sporting events in the Netherlands will have to take place without fans in attendance until there is a vaccine for coronavirus, Health Minister Hugo de Jonge said.

Rangers have accused the Scottish Professional Football League executive of withholding vital information before clubs voted to end the lower-league season and potentially the Premiership campaign.

Four Sampdoria players, including one who had previously recovered, and three from Fiorentina have tested positive for coronavirus, the two Serie A clubs announced on Thursday.

The FAI have sought more clarity from Sport Ireland and the HSE as they look to nail down a return date for the game at all levels.

Former Manchester United and England defender Rio Ferdinand believes there is no viable resolution to the resumption of the 2019-20 season that will satisfy all 20 Premier League clubs.

Kyle Walker claims he is being "harassed" after admitting that he breached lockdown rules to visit his sister and parents.

Tottenham forward Son Heung-min will return to London next week after completing a three-week stint of national service in South Korea, where his aim with a rifle proved just as good as accurate as his shooting on the field.

European soccer leagues got a glimpse of what the future might hold after football finally returned with the start of the South Korean K-League on Friday.

Rangers managing director Stewart Robertson has been accused of making "baseless, damaging and self-serving attacks" by his fellow Scottish Professional Football League board members.

We develop a multi-risk SIR model (MR-SIR) where infection, hospitalization and fatality rates vary between groups—in particular between the “young”, “the middle-aged” and the “old”. Our MR-SIR model enables a tractable quantitative analysis of optimal policy similar to those already developed in the context of the homogeneous-agent SIR models. For baseline parameter values for the COVID-19 pandemic applied to the US, we find that optimal policies differentially targeting risk/age groups significantly outperform optimal uniform policies and most of the gains can be realized by having stricter lockdown policies on the oldest group. For example, for the same economic cost (24.3% decline in GDP), optimal semi–targeted or fully-targeted policies reduce mortality from 1.83% to 0.71% (thus, saving 2.7 million lives) relative to optimal uniform policies. Intuitively, a strict and long lockdown for the most vulnerable group both reduces infections and enables less strict lockdowns for the lower-risk groups. We also study the impacts of social distancing, the matching technology, the expected arrival time of a vaccine, and testing with or without tracing on optimal policies. Overall, targeted policies that are combined with measures that reduce interactions between groups and increase testing and isolation of the infected can minimize both economic losses and deaths in our model.

We construct a quantitative model of an economy hit by an epidemic. People differ by age and skill, and choose occupations and whether to commute to work or work from home, to maximize their income and minimize their fear of infection. Occupations differ by wage, infection risk, and the productivity loss when working from home. By setting the model parameters to replicate the progression of COVID-19 in South Korea and the United Kingdom, we obtain three key results. First, government-imposed lock-downs may not present a clear trade-off between GDP and public health, as commonly believed, even though its immediate effect is to reduce GDP and infections by forcing people to work from home. A premature lifting of the lock-down raises GDP temporarily, but infections rise over the next months to a level at which many people choose to work from home, where they are less productive, driven by the fear of infection. A longer lock-down eventually mitigates the GDP loss as well as flattens the infection curve. Second, if the UK had adopted South Korean policies, its GDP loss and infections would have been substantially smaller both in the short and the long run. This is not because Korea implemented policies sooner, but because aggressive testing and tracking more effectively reduce infections and disrupt the economy less than a blanket lock-down. Finally, low-skill workers and self-employed lose the most from the epidemic and also from the government policies. However, the policy of issuing “visas” to those who have antibodies will disproportionately benefit the low-skilled, by relieving them of the fear of infection and also by allowing them to get back to work.

What are the characteristics of workers in jobs likely to be initially affected by broad social distancing and later by narrower policy tailored to jobs with low risk of disease transmission? We use O NET to construct a measure of the likelihood that jobs can be conducted from home (a variant of Dingel and Neiman, 2020) and a measure of low physical proximity to others at work. We validate the measures by showing how they relate to similar measures constructed using time use data from ATUS. Our main finding is that workers in low-work-from-home or high-physical- proximity jobs are more economically vulnerable across various measures constructed from the CPS and PSID: they are less educated, of lower income, have fewer liquid assets relative to income, and are more likely renters. We further substantiate the measures with behavior during the epidemic. First, we show that MSAs with less pre-virus employment in work-from-home jobs experienced smaller declines in the incidence of `staying-at-home', as measured using SafeGraph cell phone data. Second, we show that both occupations and types of workers predicted to be employed in low work-from-home jobs experienced greater declines in employment according to the March 2020 CPS. For example, non-college educated workers experienced a 4ppt larger decline in employment relative to those with a college degree.

The lack of reliable electricity in the developing world is widely viewed by policymakers as a major constraint on firm productivity. Yet most empirical studies find modest short-run effects of power outages on firm performance. This paper builds a dynamic macroeconomic model to study the long-run general equilibrium effects of power outages on productivity. The model captures the key features of how firms acquire electricity in the developing world, in particular the rationing of grid electricity and the possibility of self-generated electricity at higher cost. Power outages lower productivity in the model by creating idle resources, by depressing the scale of incumbent firms and by reducing entry of new firms. Consistent with the empirical literature, the model predicts that the short-run partial-equilibrium effects of eliminating outages are small. However, the long-run general-equilibrium effects are many times larger, supporting the view that eliminating outages is an important development objective.

We show a causal impact of immigration on innovation and dynamism in US counties. To identify the causal impact of immigration, we use 130 years of detailed data on migrations from foreign countries to US counties to isolate quasi-random variation in the ancestry composition of US counties that results purely from the interaction of two historical forces: (i) changes over time in the relative attractiveness of different destinations within the US to the average migrant arriving at the time and (ii) the staggered timing of the arrival of migrants from different origin countries. We then use this plausibly exogenous variation in ancestry composition to predict the total number of migrants flowing into each US county in recent decades. We show four main results. First, immigration has a positive impact on innovation, measured by the patenting of local firms. Second, immigration has a positive impact on measures of local economic dynamism. Third, the positive impact of immigration on innovation percolates over space, but spatial spillovers quickly die out with distance. Fourth, the impact of immigration on innovation is stronger for more educated migrants.

We model optimal e-cigarette regulation and estimate key sufficient statistics. Using tax changes and scanner data, we estimate relatively elastic demand and limited substitution between e-cigarettes and combustible cigarettes. In sample surveys, historical smoking declines for high- and low-vaping demographics were unchanged after e-cigarettes were introduced; this demographic shift-share identification also suggests limited substitution. We field a new survey of experts, who report that vaping is almost as harmful as smoking cigarettes. In our model, these results imply that current e-cigarette taxes are far below the social optimum, but Monte Carlo simulations highlight substantial uncertainty.

The 17-year-old victim was entering the bathroom inside the lower level of the library at Kingsborough Community College in Manhattan Beach about 11:35 a.m. Monday when she felt someone coming in behind her, cops said.

The victim, believed to be in her 40s, was hit at the intersection of Atlantic Ave. and Pennsylvania Ave. in East New York about 4:30 a.m., cops said.