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Now Making Electric Bikes: Car and Motorcycle Companies
They see branding opportunities as the pandemic and a desire by cities to curb traffic propel e-bike sales to new heights.
Ogden Bolton Jr. of Canton, Ohio, was awarded U.S. Patent 552,271 for an “electrical bicycle” in 1895.
By Roy Furchgott
The transportation industry has seen the future, and the future is 1895.
That was the year Ogden Bolton Jr. of Canton, Ohio, was awarded U.S. Patent 552,271 for an “electrical bicycle.” A century and change later, electric bikes have gained new currency as car and motorcycle companies like Ducati, Harley-Davidson, Jeep, Mercedes-Benz, Porsche and Yamaha have horned into the market with their own designs.
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Crown, which owns one of New York’s biggest retail empires, was founded by the late Stanley I. Chera, who died in April 2020. Isaac and Richard Chera, two of Stanley’s sons, run the company. Their brother, Haim, moved over to Vornado when Crown acquired a 24 percent stake in the real estate investment trust’s retail portfolio. Crown also has a brokerage arm, Crown Retail Services.
Crown benefited from the city’s retail boom of the mid 2010s, leaving it exposed to retail’s subsequent downturn. After the Gap did not pay rent at 170 Broadway, Crown defaulted on the $70 million mortgage covering the retail condo at the Financial District property.
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