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INSIDE REPORT TOP STORIES SMALL BUSINESS Why eatery startups Gowanus Canal’s are booming. Plus: neighbors should our Restaurateurs dig in for 12 years ® Hall of Fame P. 13 (and counting) of EPA cleanup

PAGE 2 VOL. XXVI, NO. 10 WWW.CRAINSNEWYORK.COM MARCH 8-14, 2010 PRICE: $3.00 ’s M&A machine spewing profits once again Delta tries PAGE 2 to land Hmmm! new JFK terminal Airline in talks to secure $1.5 billion in The divorce math financing for project could soon multiply PAGE 3 BY HILARY POTKEWITZ Your doorman delta air lines’ terminals at John F. Kennedy International Airport rank expects a raise among the dingiest, most cramped fa- PAGE 2 cilities in the area—JFK’s “disasters,” according to one local official. After nearly a decade of on-again, off-again plans to demolish the 1960s relics and start anew, Delta is trying again. The airline is in talks with the Port Authority of & New Jersey, which owns New York’s airports, about moving forward with a new terminal, according to sources close to the nego- : tiations. Delta hopes to secure $1.5 bil- Fixing the state’s lion in financing for the project. Given budget mess will be the Port Authority’s capital budget his No. 1 mission. constraints—it’s embroiled in a multi- BUSINESS LIVES billion-dollar project to rebuild the World Trade Center site—the state GOTHAM GIGS See DELTA on Page 22

This teacher doesn’t zuma pull his punches P. 25 G ANNE FISHER on how to hire the right people, not the wrong ones P. 25 The home G MOVERS & SHAKERS Moveon.org’s Justin truth about Ruben moves in P. 26 G GAEL GREENE eats to the beat at Bagatelle P. 27 NEXT! St. Vincent If there’s one thing Paterson did better than Not the neighborhood INDEX hospital it claims to be, THE INSIDER ______8 Spitzer, it was choosing a lieutenant state health data show CRAIN’S ONLINE POLL ______10

NEIGHBORHOOD JOURNAL ______12 ingly inevitable, expectations were palpable that Mr. BY ERIK ENGQUIST BY BARBARA BENSON REAL ESTATE DEALS PLUS ______17 Ravitch would soon become governor—and just in time to rescue the state from fiscal disaster. FOR THE RECORD ______18 lt. gov. richard ravitch was in his element as he Should the 76-year-old pull off such a budgetary at a rally last month to save financial- CLASSIFIEDS ______20 worked the room last week at the Citizens Budget feat, it would not be the first time. He played a key ly troubled St. Vincent’s Hospital HOT JOBS ______25 Commission’s annual fundraising gala.At table after role in saving from bankruptcy in the , local politicians urged EXECUTIVE MOVES ______25 table,he was received like a rock star,and not just be- 1970s. “Apparently, these things happen in 35-year community members to place hun-

THE WEEK AHEAD ______27 cause he is a commission trustee and a former chair- cycles,” says an elected official who requested dreds of “Save St. Vincent’s” signs in man. With Gov. ’s resignation seem- See NEXT! on Page 22 the windows of businesses and homes across Greenwich Village, Chelsea, SoHo, Chinatown and the rest of low- 10

5 GREG DAVID: IF ONLY WE er Manhattan. The more posters dis- played,“the greater the opportunity we HAD ACTUALLY LISTENED have to show support for our neighbor- TO CHARLIE RANGEL hood hospital!” urged a Web site creat- ELECTRONIC EDITION ed by St. Vincent’s medical staff. But a closer look at market share

NEWSPAPER PAGE 11 See ST. VINCENT’S on Page 22 71486 01068 0 20100308-NEWS--0002,0003-NAT-CCI-CN_-- 3/5/2010 8:24 PM Page 1

COMING CLEAN ON THE GOWANUS Wall St. NOW THAT ’S GOWANUS CANAL is officially one of the most hazardous sites in the nation, development will take a backseat to cleaning up the toxins. Following last week’s Superfund designation by the Environmental Protection Agency, HOTELS regains developer Toll Brothers Inc. quickly did what it had long promised: It abandoned plans to build a sprawling residential complex along the canal’s banks. At least a dozen smaller resi- dential projects have also perished in the shadow of what the EPA says could be a 12-year cleanup, according to the Clean Gowanus Now Coalition, a business group that lobbied its mojo against the designation. Only city-backed Gowanus Green, a mixed-income development, remains on track. The EPA estimates it will cost as much as $500 million to clean up the 1.8-mile canal. M&A volume soars, Others argue that it will cost far more and take far longer. —AMANDA FUNG but don’t break out the champagne yet HOTEL LE BLEU Owner: Globiwest Hospitality OLD AMERICAN CAN FACTORY Group BY AARON ELSTEIN Description: 19th-century Open: 2007 industrial complex Rooms: 48 after running into the mother of all ditch- Tenants: Filmmakers, designers, es two years ago,Wall Street’s dealmaking ma- artists, manufacturers chine is back on the road. HOLIDAY INN EXPRESS Flush with record amounts of cash and em- Size: 130,000 square feet Owner: Sam Chang/ boldened by signs that the economy has bot- in six buildings LANDMARK InterContinental Hotels Group tomed out, corporations are on the prowl for Open: 2006 purchases. And elated Wall Street bankers are Rooms: 115 gearing up for a mergers and acquisitions feast rich enough to fatten not just themselves but legions of Manhattan lawyers, accountants and other finance professionals—many of whom are hiring for the first time in years. POLLUTANTS: Cancer-causing PCPs, “People are actually thinking about transac- heavy metals, mercury tions again,”says James Tanenbaum,chairman of global capital markets at law firm Morrison & Foerster. “Business is pretty good for us.” WHOLE FOODS And with reason.The volume of corporate Status: Unknown. The grocer began remediation of the site in January but mergers so far this year is up 43% over year- says it has yet to decide whether it will earlier levels in the and up 24% build the store, which was initially globally,according to Thomson Reuters.That scheduled for a 2007 opening See WALL STREET’S MOJO on Page 24 POLLUTERS Location: Third Street and Size: 64,000 square feet BROOKLYN UNION GAS (NOW NATIONAL GRID) Sources: Three manufactured-gas LOWE’S HOME Doormen plants IMPROVEMENT WAREHOUSE Timing: The 1890s through the early Open: 2004 1950s Location: 118 Second Ave. get ready Size: 136,000 square feet, plus a parking lot CITY OF NEW YORK RETAIL Sources: Asphalt plant, coal-burning power plants, garbage incinerators, to rumble other plants Timing: From canal opening in 1869 to present (asphalt plant) Forget the property bust: Union to demand raises U.S. NAVY GOWANUS GREEN DEVELOPMENTS Sources: Facilities for shipbuilding, Developers: The Hudson Cos., BY DANIEL MASSEY ship repair and naval support Jonathan Rose Cos., City of New York, Timing: World War I through 1960s others against the backdrop of a Location: Near intersection of Smith and Fifth streets sputtering economy, and with a new chief CONSOLIDATED EDISON Description: Nine buildings with 774 Sources: Power station, units of housing, 65,000 square feet negotiator doing the substation, service yard of community and retail space, park- bidding for the city’s Timing: 1925 to present (substation) ing, three acres of open space residential building Completion: To be determined in owners, talks will kick wake of Superfund listing off this week over a OTHER POLLUTERS new four-year contract Rapid American Corp. (now Burns Brothers Co. and Glen Alden Corp.); to cover 30,000 door- The Brink’s Co. (now Greason Son & TOLL BROTHERS GOWANUS men, superintendents Dalzell Inc., Pittston Co. and Metro- Developer: Toll Brothers Inc. and porters. politan Petroleum Corp.); Beazer Location: Two former industrial blocks Negotiators from East Inc. (now Beazer Materials & along the west bank from Second to the workers’ union, Services Inc. and Koppers Co.); Cibro Carroll streets 32BJ SEIU, say they Petroleum Products Inc. (now Cirillo Brothers Inc. and Cibro Petroleum Description: Mix of townhouses and will acknowledge that Brooklyn Inc.) low- and mid-rise apartment build- 2009 was a tough year ings, with 460 residential units; Sources: Coal yards, etc. for the real estate in- includes community facility, parking dustry,but they will ar- Timing: As early as 1910 to as late as Completion: Canceled after gue that one bad year AT YOUR SERVICE 2000 Superfund listing should not serve as the (from top): Manhattan apartment building foundation for a deal workers Carlos Sources: U.S. EPA, Clean Gowanus Now Coalition, that will be in effect long Pellecier, Salvador Baruch College’s Steven L. Newman Real Estate Institute after the economy recov- Gonzalez, Steve Kezchl See DOORMEN on Page 24 and Timothy Rivera

2 | Crain’s New York Business | March 8, 2010 20100308-NEWS--0002,0003-NAT-CCI-CN_-- 3/5/2010 8:25 PM Page 2

IN BRIEF I wonder if Brad thinks THE $1.2 BILLION LOAN ON KUSHNER COS.’ OFFICE TOWER AT 666 Fifth Ave. has been transferred to a special he can sell me short on servicer. Kushner acquired the 1.5 million- square-foot trophy office building for $1.8 billion alimony, now that he’s in 2007 in a transaction that, at the time, was the most expensive office building purchase ever. “The transfer of the 666 Fifth Ave. loan was done earning less. ... at the request of Kushner Cos., so that it could more easily engage in productive discussions with the lender,” said a spokesman for the firm in a statement.“The loan is not currently in default.” The move was expected since the building was bought at the height of the market and was highly leveraged, experts noted. DESPITE THE LINGERING EFFECTS OF THE RECESSION, NEW YORK CHARITIES BELIEVE the worst of the downturn is over and are getting ready to start hiring again, according to an annual survey conducted by staffing firm Professionals for Nonprofits. Roughly 60% of the nonprofits said they plan to hire staffers in 2010, and more than half expected salaries to increase, according to the survey. Most in demand are fundraising professionals and program personnel. “Nonprofits are looking ahead,” said Gayle Brandel, president of Professionals for Nonprofits, “and there seems to be a lot of optimism and activity in the sector.” Nearly 800 nonprofits responded to the survey this year, double the usual number. 

BY THE NUMBERS

Weekly shift of the city’s economy ALL SIGNS pointed up—with reports of the fastest growth in the service sector and chain- lou brooks  store sales since ’07. Then came Friday’s better- than-expected, flat jobless-rate number. Whew! 14 40,000 -5% MONTHS that NYC financial DROP in trips WLTW, Lite FM, jobs lost from taken on LIRR in Now, breaking up has topped NY August ’08 peak December, versus ratings, as of to January ’10 a year earlier January Source: Eastern Source: MTA Source: Arbitron Consolidated

PADDED LANDING: After falling steeply, year-to-year is easier to do drops in average room rates at Manhattan hotels are slowing. In January, the average rate stood at $208.

Big Apple divorce filings dropped to For the ultrarich, at least. With bonuses shrinking about 27,000 in 2009, from more than and recovery near, it might actually pay to divorce 32,000 in 2006, according to State Supreme Court data. Federal numbers Since most financial executives earned show a similar trend nationwide, with di- BY HILARY POTKEWITZ less over the past year or two than at any vorce filings dropping more than 25% from point in a decade, filing for divorce now 2006 to mid-2008. for most, dissolving a marriage has be- means a much lower income for calculating In the first quarter of 2009,divorce work come prohibitively expensive, and divorce alimony.The end of hefty cash bonuses on came to a virtual standstill in New York and rates nationwide have plummeted during Wall Street is also nudging unhappy cou- across the United States, attorneys report. Source: PKF Consulting the economic crisis.But for a subset of New ples into divorce, and the nearly 40% drop “I’ve been in this business 15 years, and it Yorkers, particularly high-tax-bracket fi- in investment portfolios since the 2007 was the slowest I’d ever seen,” says Nancy CORRECTIONS AND CLARIFICATIONS nancial and legal types, divorce is the latest peak means there’s less to divide. Chemtob, a partner at boutique law firm means of wealth preservation. Chemtob Moss Forman & Talbert. Cogswell Realty represented Piedmont Office Realty Trust, Dollars and sense landlord of 60 Broad St., in two deals that were omitted from “For those high-wage earners who are in Many took the divorce lull as a sign that CoStar Group Inc.’s Feb. 15 ranking of the largest Manhattan a marriage that they want to end, there has “unlike stocks, when it comes to divorce, the recession was bringing people together. office leases of 2009. New York state agencies renewed for never been a better time to get divorced,”says you want to buy high and sell low,” Mr. But that’s a fairy-tale interpretation, ac- 480,000 square feet at the financial district property in the Jason Marks, a partner with law firm Kluger Marks explains.“These are the low-earning cording to family lawyers, therapists and second-largest transaction of the year; New York City agencies Kaplan Silverman Katzen & Levine. years.” See BREAKING UP on Page 24 renewed for 313,000 square feet in the fourth-ranked deal. Attorney Edward Neiger worked on the Enron and WorldCom bankruptcies while he was at Weil Gotshal & Manges. This fact was not made clear in the March 1 “Executive Inbox.”

SEEKING TOP ENTREPRENEURS IN NEW YORK vol. xxvi, no. 10, march 8, 2010—Crain’s New York Business (issn 8756-789x) is published weekly, except for combined issues June CRAIN’S NEW YORK BUSINESS is seeking phenomenally successful details about their companies. Entrepreneurs can nominate 28/July 5, Aug. 30/Sept. 6, and Dec. 20/Dec. 27, by Crain Com- munications Inc., 711 Third Ave., New York, NY 10017. Periodicals businessmen and businesswomen for its annual top entrepreneurs themselves or be nominated by someone else. postage paid at New York, N.Y., and additional mailing offices. feature to run in May. Companies must have been in business for at Past winners have included Rob Kalin of Etsy, Mark Oldman and Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI least three years, and must have demonstrated innovation and rapid Hussam Hamadeh of Vault, Darius Bikoff of Energy Brands Inc., 48207-2912. for subscriber service: Call (888) 909-9111.Fax growth (current economic conditions will be considered). maker of Glacéau beverages, and Liz Lange of Liz Lange Maternity. (313) 446-6777.$3.00 a copy, $59.79 one year, $109.79 two years. To be eligible, a company must have revenue of less than $100 Fill out a nomination form at www.crainsnewyork.com/ (GST No. 13676-0444-RT) ©Entire contents copyright 2010 by Crain Communications Inc. million. Company owners must be willing to share revenue and other smallbiznominations. All rights reserved.

March 8, 2010 | Crain’s New York Business | 3 20100308-NEWS--0004-NAT-CCI-CN_-- 3/5/2010 8:10 PM Page 1

Phew! NYC economic recovery IN THE MARKETS to start just about any day now by Aaron Elstein

As recession ends, fered here during the last two reces- sharply nationwide during this sions and by the nation in this downturn,but the city’s long-shrink- modest job growth downturn. ing manufacturing sector makes up New proxy rules could rock vote seen here this year Ms. Lowenstein told council such a small portion of total employ- members that job losses in the city ment here that job losses in the field for these longtime board stiffs are expected to end this quarter, fol- did not have much of an impact. ast year’s annual stockholders meeting at Citigroup Inc. was a BY DANIEL MASSEY lowed by modest growth of 14,000 raucous affair, with investors howling at management and the positions through the rest of the year Recovery rests on “two shaky pillars” board for making such a mess of things. Yet after hours of ran- the recession in New York is es- and an additional 103,000 over the meanwhile, health and education cor, investors dutifully re-elected the board, even returning ma- sentially over,and despite continued next two years.Employment will re- jobs, which are often seen as reces- jorities of 70% for directors who apparently snoozed for years double-digit unemployment, it will turn to its prerecession peak of 3.8 sion-resistant, make up a growing Lwhile the bank careened into the abyss. be the mildest downturn in the city million by the middle of 2013. share of the city’s employment rolls. Why did directors get so much support in the face of such visible rage? since the Second World War. Economists credit the federal Ms. Lowenstein expects the health Blame (or credit) all the “broker votes.”These are shares held in the name of That’s the conclusion of the lat- and education sectors,which account a brokerage firm or mutual fund rather than the individual investor who ac- est economic forecast from the city’s for almost a quarter of private-sector tually owns them. The shares account for as much as 20% of votes in board Independent Budget Office, which City will finish employment in the city, to lead the elections and for years were blindly cast in favor of companies’director nom- predicts that job losses will peter out way out of the recession, accounting inees unless investors specifically dictated otherwise. by the end of the month. current fiscal for 31% of jobs added to the city No more. Starting this year, broker votes can only be counted in board IBO Director Ronnie Lowen- economy in the next three years. elections if investors expressly make their wishes known.This could deprive stein last Thursday presented her of- year with surplus But the city’s recovery “rests on hundreds of corporate directors of a crucial source of support—and make fice’s revised forecast to the City two shaky pillars,” Ms. Lowenstein them freshly vulnerable to being unseated at annual meetings this spring. Council Finance Committee. She just under $3B said. The strength of the rebound Those under the gun at Citigroup would have included directors Michael expressed surprise at the city’s relative here rests on the state of the fragile Armstrong and John Deutch, who both received less than 50% shareholder sup- financial health, reporting it would national economy and “the even port at last year’s election when broker votes are excluded. Both directors re- end the current fiscal year with a sur- creakier New York state budget,”she cently said they’d voluntarily leave Citi’s board. plus of just under $3 billion. said. Higher borrowing costs and fi- So, how many other directors could be unseated? Well, precisely 776 re- bailout of major financial firms and nancial industry reforms could also ceived less than 70% of shareholder votes cast at the annual meetings of Job losses half as bad as feared low interest rates for bolstering Wall cut into Wall Street profits and make thousands of companies last year, according to consulting firm Risk Met- the latest employment data, also Street profits and limiting job losses. for a less-than-robust recovery. rics.Take out the roughly 20 percentage points of favorable broker votes,and released Thursday, pegs total job And a new report by the Fiscal Pol- The latest employment data some of these directors could be thrown out this time. losses in 2009 at 147,000. Since the icy Institute shows that $10 billion in show that the city’s unemployment Based on Risk Metrics’ data and Crain’s research, below are some directors employment peak in August 2008, federal stimulus spending helped rate dipped to 10.4% in January, at New York-area companies who look most vulnerable under the new rules. the city has lost 160,300 jobs, ac- save or create 70,000 jobs in the city. from a revised 10.5% in December. cording to an analysis by real estate Ms. Lowenstein also stated that Despite the slight drop in unem- MORGAN STANLEY COACH services firm Eastern Consolidated. structural changes in the city econo- ployment, the city’s jobless rate re- Roy Bostock. The Ya- Irene Miller,the retail- That’s about half the number of jobs my that predated the recession con- mains well above the year-earlier hoo chairman and er’s lead director,and officials had predicted would be tributed to its mild nature. For in- level of 7.5%.The state’s unemploy- Delta Air Lines di- Michael Murphy, its shed—and well below the losses suf- stance, manufacturing declined ment rate was 8.8%.  rector got only 71% of audit commit- shareholder votes last tee chairman, year, and he, along with other direc- both attracted tors, could face substantial dissent less than 70% $12 million revolving credit line and a $1.5 million this spring after Morgan Stanley of shareholder term loan for a regional staffing services and posted a $1.1 billion loss in 2009. votes last year. consulting company Mr. Bostock also has to deal with nepotism issues: Some investors are VORNADO REALTY TRUST irked that his son-in-law is co-CEO Michael Fascitelli, the $4 million factoring facility to an importer of women’s sportswear & outerwear of a hedge fund owned by Morgan CEO, garnered just Stanley. 69% of shareholder votes last year, while $7 million line of credit to a wholesale GENERAL ELECTRIC director Russell Wight electrical supplier and distributor Alan Lafley. The former CEO of received 59%. Procter & Gamble had just 74% of votes cast ASSURANT $7.5 million working capital line of credit to a for him last year. He Charles John “Bud” multi-specialty group medical practice and other board Koch. This former members could be CEO of a Cleveland- $5 million factoring facility to an importer of under greater pres- based bank and mem- women’s legwear sure this year, consid- bers of the insurer’s Approved ering that GE’s earnings compensation com- fell by 40% in 2009, to their lowest mittee got just 49% of shareholder $14.0 million revolving credit line and a $1.5 million term level in a decade, due to problems in votes last year. loan for a temporary and project based staffing firm its finance division. NBTY OMNICOM Aram Garabedian,a GROUP longtime director, re- What credit crunch? All six members of ceived only 46% of the advertising shareholder votes at Sterling’s lending, big time. We offer a wide-range of innovative solutions designed to holding company’s this - improve your bottom line: working capital lines of credit, asset based financing, factoring, compensation com- based company that import trade financing and letters of credit, payroll funding and more. mittee received markets nutritional less than 70% of supplements under the shareholder votes Nature’s Bounty label Call now to speak to a Sterling Loan Officer: 212.757.1100 last year. and other brands. 

e Business Bank AMOUNT SPENT BY GENERAL ELECTRIC in 2009 to cover Chief www.sterlingnationalbank.com $201,335 Executive Jeffrey Immelt’s personal EST.1929. Member FDIC. use of corporate aircraft. Mr. Immelt was awarded $12.2 million in

bloomberg news compensation last year, according to last week’s proxy filing.

4 | Crain’s New York Business | March 8, 2010 CN013511 2/19/10 12:39 PM Page 1

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NEW YORK,NEW YORK edited by Valerie Block

#O LOCATEDWITH First glimpse of ballet set -ARCH s0IER amed spanish architect Santiago Calatrava is 3T7EST3IDE(IGHWAY #OMPLIMENTARYACCESSTOSHOW putting the finishing touches on the sets he is Fcreating for the New York City Ballet’s spring /VERBOOTHSECO EXHIBITS season, which runs from May 4 through June 27.The (OME"UILDINGs(YBRID#ARSs(EALTH"EAUTYs.UTRITION7ELLNESS spare, moving backdrops (right) will be featured in %CO &ASHIONs"ABY0ET0RODUCTSs/RGANIC&OODMORE five world premieres choreographed by artists including Benjamin Millepied, Christopher Wheeldon and Mauro Bigonzetti. “This was completely new for me,” says the architect, who also contributed a cover drawing (left) for the season’s brochure. -EETHEARFROM-ARIEL(EMINGWAY %D"EGLEY*R2OBIN7ILSO %D"EGLEY *RPRESENTEDBY7ATERFOR,IFE53!%NVIRO %NERGI Mr. Calatrava began the design process a year ago, at the invitation of NYC Ballet Master in Chief Peter Martins.The only other architect to design sets for the ballet was Philip Johnson in 1981.

Executive Ari Noe. Illinois Gov. Rod Blagojevich “a ,IMITEDBOOTHSPACESTILLAVAILABLE CONTACT"RADFORD2AND Changing Colors Some advertising clients even sweetheart.” He declined to say XOR"2AND 'O'REEN%XPOCOM colors restaurant, which plans take the posters back to use them what the business was paid, but he to reopen at the end of March again for different campaigns, does expect a payoff. “I think after a seven-month hiatus, has a Mr. Noe says. Paper billboards on tourists are going to come; I really new chef on the menu. the other hand, must be thrown do,” Mr. Cyprus says. “I think it’s a Financial difficulties forced away, since the glue and good thing for us.” the downtown eatery, launched in lamination make them unsuitable 2005 by former workers from for recycling. Windows on the World, to Converting to vinyl requires Assignment suspend its dining services. Most putting in a new steel frame and for Macy’s of its workers, who were also co- costs about $10,000 per location. owners, have since Though the vinyl looks better and macy’s is getting in touch with found other jobs. lasts longer than paper, Mr. Noe its inner child. On April 1, the Its majority hasn’t been able to raise his rates. retailer will unveil the winner of backer, Restaurant “Not in this economy,” he says. its “Design the Magic” contest, Opportunities which called on local art students Center New to create a poster for its famed York—a Cooking with Fourth of July fireworks display. worker the stars “These kids have so much advocacy energy and talent,” says Amy Kule, group— burger heaven is bracing for a producer of Macy’s fireworks. recently hired lunch rush.The 67-year-old Macy’s has used local artists Los Angeles chef Teresa Montaño family-owned restaurant chain before—its 2009 poster (below) (above), 28, who worked under will appear on the debut episode was designed by New York chefs Mary Sue Milliken and Susan of Donald Trump’s Celebrity illustrator Sarah Coleman—but this Feniger at Ciudad and Border Apprentice on Sunday. B-listers, is the first time that the retailer Grill. Ms. Montaño is developing from Cyndi Lauper and Sharon will use a student-created work. a less expensive, tapas-style menu Osbourne to comedian Sinbad, took The contest solicited submissions for Colors. over two of the chain’s six from Parsons The New School for Management also brightened Manhattan locations as part of Design, Pratt Institute and the decor, says Loretta Peng, Colors’ NBC’s reality TV competition. SUNY’s Fashion Institute of acting general manager. Ms. Peng The teams cooked, bused tables Technology. says ROC’s national arm hopes to and even mopped floors. The winning poster will be replicate Colors’ employee/owner “I thought I was going to deal displayed on Macy’s Web site, in concept in other cities, starting in with a celebrity attitude, but it magazines and newspapers, at Detroit later this year. was the exact opposite,” says more than 800 Macy’s stores, and Nicholas Cyprus, grandson of the on the Jumbotron at the retailer’s founder, who supervised the West 34th Street flagship.The Paperless men’s group at winner will receive billboards the East 53rd $10,000 and four Street location. “I VIP tickets to the billboards are going green. had to teach event.Three OTR Media Group, an them certain jobs, runners-up will independent outdoor advertising and nobody felt receive $250 Macy’s company, is converting its more above anything. gift cards and have than 200 New York City Everyone was their designs billboards from paper to vinyl, like, ‘Let me peel featured online. making them recyclable once an potatoes.’ ” ad campaign ends. He especially Contributors: “We have a broker who picks bonded with Kira Bindrim, up the vinyl [posters] from the Darryl Strawberry, Lisa Fickenscher, warehouse and ships them to a the onetime Matthew Flamm, couple of places where they’re baseball hero, and Miriam Kreinin made into handbags,” says Chief called fallen Souccar

6 | Crain’s New York Business | March 8, 2010 Project6:fp template.qxd 2/23/10 12:04 PM Page 1

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money,” says Mr. Meeks. “In New York, if your family is making $100,000, you’re not well-to-do. FORD’S RECALL A postmortem THE INSIDER You’re barely middle-class. Charlie HAROLD FORD JR. (below) decided he won’t run for Senate after all, on the understood that.” grounds that he wants to avoid a bloody Democratic primary that would help by Erik Engquist and Daniel Massey Several factors mitigate the Republicans capture ’s seat. But there are some holes in impact on New York of Mr. his claim. That danger was there from the day Ms. Gillibrand Rangel’s hiatus, pending the (left) was appointed—yet Mr. Ford pondered running for outcome of an ethics investigation. at least five months. He even considered running on the His Ways and Means staff will Independence Party line; that would have split the remain, and House leaders will Democratic vote in November, hurting the party’s exercise a good deal of control over chances as much as a brutal primary. Rangel’s demise the committee. No overhaul of its Mr. Ford wrote in a New York Times op-ed announcing his agenda is expected. decision, “The party bosses who tried to intimidate me so that I wouldn’t even However, the access to Ways think about running … are the same people responsible for putting a big blow to NY and Means that New York Democratic control of the Senate at risk.” But they were the ones who companies enjoyed will be lost, captured the Senate. Mr. Ford did not name Sen. Charles Schumer in his adds Mr. Meeks. op-ed, but the reference was clear. ep.’s leave of absence from the Another contradiction: The Tennessee transplant blamed unnamed House Ways and Means Committee puts New GOP state senators “Democratic Party insiders” for running “a campaign to bully me out of the York at greater risk of being shortchanged on key face the faithless race,” using “heavy-handed tactics” to “intimidate” him. Yet in the end, he legislation, notably health care reform, job-creation agreed with them that his candidacy would help the GOP. even with David Paterson’s troubles Ms. Gillibrand’s camp attributes Mr. Ford’s withdrawal to his own bills, tax-code changes and trade agreements. mistakes, the senator’s counterattacks, media coverage and YouTube. Mr. Gregory and recent Democratic election R“It’s a very serious blow to New York,” says Rep. losses, state Senate Republicans Ford’s people believe that the senator went after him with disproportionate Meeks, D-. “We send so much money to the federal know they are also at risk in the harshness, while a Gillibrand strategist says Mr. Ford’s press government and often don’t get back what November election, a GOP releases were “some of the nastiest I have ever seen. we need. He was our security blanket.” consultant says. Every attack felt personal, vitriolic.” Whatever the case, “Everyone’s worried,” says the he was sustaining more damage. The House health care bill, for consultant. “Voters are angry at Mr. Ford inexplicably pursued a general-election example, would bring several billion government.They have lost their strategy to win a primary, saying that he would block dollars more to New York per year faith in the people leading the the president’s health insurance overhaul and cut than the Senate version, largely due to country at the city, state and federal corporate taxes, and that Ms. Gillibrand was too levels, with very few exceptions. close to the popular Mr. Schumer. In his Mr. Rangel (right), a Washington Given that, an incumbent has to be introductory newspaper insider says. He also careful.” interview, Mr. Ford talked made sure the state got The most vulnerable about pedicures and Republican senators are Frank a decent cut of helicopter jaunts. Clips of Padavan of Queens and Owen Johnson him on YouTube provided a Kemp Hannon stimulus funding. and of Long Island, bonanza of opposition research. “In some states, because they are aging senators in because the median districts with many Democrats, bloomberg news says Doug Forand, a political income is so low, consultant who has worked with LaValle, R-Suffolk, has a credible credit and a homeless organization

$150,000 is a lot of bloomberg news the Senate Democrats. Kenneth challenger in Democrat Regina find funding.” Calcaterra. Can he remain in the public consciousness? $15 billion worth “I’ll find ways,” Mr. Gioia says. of city stimulus CONGRATULATIONS TO Sweet ending federal stimulus spending in for soda tax? New York City totaled about $10 billion in 2009 and had an overall state health commissioner Dr. BRYAN EURE impact of $15 billion, a Fiscal Policy Richard Daines is crisscrossing New Institute analysis shows.The funds York to promote the tax on sugary ON YOUR PROMOTION TO saved or created 70,000 jobs drinks in the governor’s in the city, which through proposed budget. A similar SENIOR VICE PRESIDENT December had lost 142,900 tax was defeated last year, positions since employment but Dr. Daines cites several AT peaked in August 2008.The reasons why this year will be city needs to add more than different. 400,000 jobs in the next five The budget forecast is

years to make up for those newscom dire, he says, making the losses and accommodate Dr. Richard Daines prospect of $450 million in growth in the labor market. revenue from the new tax more compelling to lawmakers, YOUR STEADFAST DEDICATION TO YOUR CLIENTS IS A TESTAMENT TO who abhor cutting programs. A YOU AND THE EXTRAORDINARY RELATIONSHIPS YOU HAVE BUILT. Staying relevant threat from the governor to cut HE SERVICES YOU AND THE AMAZING TEAM AT WILLIS UNDER OE to third estate specific funding lines in health care T - J if the drink tax does not pass has PLUMERI'S WORLD CLASS LEADERSHIP - ARE PROVIDING THEM HAVE former queens City Councilman brought support for the tax from Eric Gioia BEEN PHENOMENAL.YOUR GENUINE AND SINCERE , now in wealth manage- institutions that would be hurt by ment for J.P.Morgan Chase, says those cuts. CONCERN IN GETTING THEM THE BEST THAT THE INDUSTRY CAN he can maintain the identity he Dr. Daines also notes that public OFFER IS WHY THEY TRUST YOU AND STAY WITH YOU.YOU ARE A sought as a civil servant—an support for taxing sugary drinks has important consideration in case he broadened, much in the way that MAN OF GREAT INTEGRITY, ETHICS AND PROFESSIONAL LEADERSHIP. runs for office again. support for cigarette taxes grew WE ADMIRE AND LOVE YOU AND CANNOT SAY ENOUGH ABOUT “My job has changed, but who I until they were readily am remains the same,” he says. “I implemented by legislators. Voters HOW PROUD WE ARE OF YOU AND ALL THE GREAT PEOPLE AT WILLIS still care deeply about the same are increasingly aware that sugary WHO SUPPORT YOU IN THESE IMPORTANT ENDEAVORS. things, and I’m still working on drinks are linked to obesity and them. Yesterday, I was helping a diabetes, which eat up billions of JOE,DONNA,ADRIENNE,TODD,ALEXA,PATRICIA,BILL AND BILLY prominent museum secure a line of tax dollars.  For daily political and government news, subscribe to CRAIN’S INSIDER @ www.crainsnewyork.com/insider

8 | Crain’s New York Business | March 8, 2010 CN013516 2/23/10 4:45 PM Page 1 20100308-NEWS--0010-NAT-CCI-CN_-- 3/5/2010 2:10 PM Page 1

VIEWPOINT Lighting fire for cigarette taxes editor in chief Rance Crain publisher, vp Jill R. Kaplan ith the paterson administration treat indigent patients or pay for any number of worthwhile EDITORIAL disintegrating, the Legislature programs. Instead, it enriches smugglers who park vans at editor Xana Antunes managing editor Glenn Coleman nearly paralyzed and less than Indian smoke shops and stuff them with six figures’ worth of deputy managing editors Valerie Block, four weeks left for the state to tobacco. Erik Ipsen contributing editor close a $9 billion deficit, Albany The administration signaled in January that it will end Elizabeth MacBride will not be able to right its fiscal this madness. Regulations are being developed to allow for columnists Greg David, Alair Townsend politics editor Erik Engquist ship this month. Its immediate the collection of taxes from wholesalers upstream from the pulse editor Barbara Benson senior reporters Theresa Agovino, goal is to adopt a legal budget by April 1. Missing the Indians. But there are strong doubts that the state will follow Aaron Elstein, Lisa Fickenscher, deadline would trigger automatic 7.2% spending increases through, and not just because Gov. David Paterson was Matthew Flamm, Miriam Kreinin Souccar W reporters James Comtois, Amanda Fung, that would quickly exhaust state reserves. barely clinging to his job last week. Far stronger governors Daniel Massey, Adrianne Pasquarelli, One step, however, that does not require legislative have abandoned similar efforts in the face of political Hilary Potkewitz art director Steven Krupinski consent is to collect sales taxes on cigarettes sold on Indian pressure and protests. deputy art directors Carolyn McClain, land. New York’s failure to enforce the law has created a Tellingly, Mr. Paterson’s Daniel Mednick Enforcing the staff photographer Buck Ennis destructive black market that eats away at taxpayers’ wallets 2010-2011 budget copy desk chief Wendy Zuckerman law would bring copy editor Thaddeus Rutkowski and children’s futures. Roughly $1 billion in tax revenue is proposal assumes no research editor Denise Southwood lost annually. additional revenue assistant research editor Maia Blume in $1 billion in editorial/research interns Indians have the right to sell cigarettes tax-free on their from these tobacco Emily Laermer, Selena Shen reservations to other Indians. But they are not collecting revenue annually sales. www.crainsnewyork.com web editor Brian Tracey taxes from anyone. Smokers and bootleggers from far and Yet there is reason senior producer Elisabeth Butler Cordova wide are drawn to 180 Indian outlets, which critics say for optimism. A producer Kira Bindrim account for an incredible one-third of all cigarettes sold in campaign to pressure EDITORIAL AND ADVERTISING OFFICES New York. Another 23,000 honest retailers collect taxes as 711 Third Ave., New York, NY 10017-5806 the administration to editorial: 212.210.0277 Fax 212.210.0799 required. keep its promise was launched last week by interest groups, advertising: 212.210.0259 Cable craincom nyk There is no justification for this double standard.The including health care and teachers unions, who have lobbied Fax 212.210.0499 Seneca Nation, the primary beneficiary of this fundamental Albany effectively for years.They join advocates who have Entire contents ©copyright 2010 Crain Communications Inc. All rights reserved. breakdown of government, makes only a feeble attempt to documented that cigarette taxes are the most effective way to ®CityBusiness is a registered trademark of MCP defend the status quo.The Senecas say that they paid their deter children from getting started on nicotine. Business Inc., used under license agreement. “fair share” when they lost most of their aboriginal lands groups also back the effort, not just because it will boost sales TO SUBSCRIBE: Call 888.909.9111; fax 313.446.6777. hundreds of years ago, and that their economy is “treaty- for taxpaying retailers but because robust commerce requires $3.00 a copy, $59.79 one year, $109.79 two years. protected.” But no treaty allows them to sell cigarettes tax- uniform application of the law. www.crainsnewyork.com free to non-Indians. Mr. Paterson’s rocky tenure is ending, but the equally ADVERTISING AND MARKETING The cost to New Yorkers is immense.The forsaken applied collection of cigarette taxes would be a fine legacy for advertising director Trish Henry real estate sales manager Cornelius P. Gore revenue could be used to lower property taxes, hire teachers, him to leave New Yorkers. senior account managers Irene Irvill, Courtney McCombs, William E. Squitieri account executive Anthony Mowad sales manager, classified print & online John Gallagher CRAIN’S ONLINE POLL COMMENTS sales coordinator, print & online Lulé Haznedari newsletter product manager SHOULD REP. CHARLES RANGEL Alexis Barney GIVE UP HIS COMMITTEE credit Todd J. Masura 313.446.6097 CHAIRMANSHIP PERMANENTLY? He’s worn out our patience marketing director Amy Crossman director, audience development John LaMarca Date of poll: March 3 SORRY, CHARLIE: YOU GOTTA GO MANDATED SICK DAYS IS assistant circulation manager 337 votes ILL-THOUGHT-OUT POLICY Rosalie Ford how else can we begin to restore confidence general manager, interactive YES. The fact in the ethics of our government officials other i agree that the push to mandate paid sick Marc Minardo that he violated than to enforce the same standards of conduct days is thoroughly misguided (“Bill is web developer, interactive congressional Chris O’Donnell gift rules is that we average Americans are expected to unhealthy for businesses,” Opinion, March 1). enough to abide by? It’s time to clean house—and Mr. With New York City’s unemployment rate NEW YORK PRODUCTION permanently Rangel is as good a place as any to begin. skyrocketing 51% from December 2008 to production and pre-press director disqualify him. —katina harris December 2009, forcing employers to pay for Michael Corsi And it fits a this time off will hurt the very employees the advertising production manager pattern of Suzanne Fleischman Wies ethical lapses RICE IS RIGHT INGREDIENT FOR AG mandate purports to help. over the years. Research from Cleveland State University PUBLISHED BY CRAIN COMMUNICATIONS INC. NO. His “leave i am dismayed over The Insider column’s terse found a typical mandated sick days proposal chairman Keith E. Crain of absence” is dismissal of Nassau County District Attorney will increase employers’ direct and president Rance Crain sufficient, Kathleen Rice’s qualifications to be New York administrative costs by 5% to 7%. And no less secretary Merrilee Crain since his attorney general (Feb. 15). She has been an authority than Lawrence Summers, the treasurer Mary Kay Crain missteps were concerned about the welfare and treatment of director of the President’s National Economic executive vp, operations William Morrow deemed worthy senior vp, group publisher Gloria Scoby children; I see that as a recognition that there Council, once wrote that the extra labor costs group vp, technology, circulation, . . of no more 84% 16% than an official are few problems in the world that cannot be of mandated benefits can increase manufacturing Robert C. Adams reprimand. connected to the improper care of children. She unemployment among low-wage workers. vice president/production & New York needs has diligently maintained Nassau County’s low The economy is struggling. Policymakers manufacturing David Kamis Paul Dalpiaz Mr. Rangel to crime rate without fanfare, protecting us from should focus on promoting job growth instead chief information officer maintain his corporate circulation/audience influential role so many of the scams and frauds that rob us in of enacting mandates that create barriers to development director Kathy Henry subtle ways. For rivals to call her a one-issue entry-level employment. in Washington. founder G.D. Crain Jr. (1885-1973) candidate about drunk driving is to unjustly —michael saltsman chairman Mrs. G.D. Crain Jr. (1911-1996) For this week’s questions: Go to diminish who she is. Research fellow www.crainsnewyork.com/poll to have your say. —stefan mansella Employment Policies Institute

bloomberg news Merrick, N.Y. Washington, D.C.

10 | Crain’s New York Business | March 8, 2010 20100308-NEWS--0011-NAT-CCI-CN_-- 3/5/2010 2:12 PM Page 1

OPINION Setting precedent Denise O’Donnell who resigned last week because of the Paterson scan- in New York. Voters can end dal) in her race for attorney general? The Times never came to a conclu- sion, although that very story actual- ly made the answer clear. An obvi- the Spitzer cycle ously miffed Mr. Rangel told the paper that he was in no position to In a major expansion of our Real Estate, Real Estate contest the choice. “When Eliot Finance and Restructuring Practices, Haynes and Boone, LLP ew york wouldn’t be in its current mess if , the world’s smartest man, is Spitzer hadn’t decided that he would show the telling me he has picked a candidate is pleased to announce the addition of Six Partners and African-American leadership who was in charge. ... who am I to question the world’s Three Associates in our New York office who bring a Through much of 2005, 41-year-old Leecia smartest man?’’he asked sarcastically. Now, it’s easy to see that chal- wealth of experience in representing top-tier financial Eve toured the state campaigning for the job of lenging Mr. Spitzer was exactly institutions, real estate funds and private equity lieutenant governor with the almost unanimous support of what was required. While that N groups to the firm. black leaders, including Rep. Charles Rangel, power broker Times story portrayed Sen.Paterson as a master of the legislative process, and even Basil Paterson, David Paterson’s father. we now know that he had been an The partners joining the firm are: ineffective Senate minority leader. She certainly had the terson for the No. 2 po- The devastating Times story late last credentials: She’s a for- sition on the ticket. month about how Gov. Paterson Kenneth J. Friedman mer aide to Hillary Clin- governed traced the way his pen- Robert J. Grados ton,and,as the daughter story that broke the chant for not being straightforward of longtime Buffalo As- news contained wide- (a charitable term) extended back Steven Koch semblyman , ranging speculation for years,as he promised his support Lawrence Mittman she was steeped in New about why Mr. Spitzer first to one candidate and then to York politics from birth. chose Mr. Paterson. It others in the same competitive race. Walter F. Schleimer She had raised $500,000 could have been to so- With many people fearing that and won endorsements lidify support among Attorney General Carolyn E. Sullivan from an array of unions minority voters, al- will walk into the governorship and Democratic lead- GREG though why Mr. Pater- without sufficient scrutiny (Crain’s, The associates joining the firm are: ers. But the base of sup- DAVID son was better for this March 1),businesspeople who make port she was building purpose than Ms. Eve campaign contributions, and then was separate from that wasn’t addressed.Was it the voters, will have to remember Aaron Beim of Mr.Spitzer, who was accelerating because Mr. Spitzer expected a that they are the smartest people in Adam Feimer his campaign to become governor. strong primary challenge and want- the world.They will need to support In January 2006, Mr. Spitzer ed to get his ticket in order? Was it candidates who commit to solving Michael McCarthy shocked the state with the announce- because the move would somehow the budget crisis and reforming the ment that he had chosen David Pa- help Denise O’Donnell (yes,the same state, no matter what their party. These lawyers will continue to help clients in all aspects of their real estate, real estate finance and restructuring transactions, and guide them towards opportunities in and existing businesses. today’s changing market. The governor’s Executive Budget NY’s job: fostering includes several new incentives, the centerpiece being the Excelsior Pro- gram, designed to promote private- sector job growth.For businesses cre- the private sector ating 50 or more jobs within specific sectors—including manufacturing, technology and financial services— BY KENNETH ADAMS Excelsior will offer enhanced tax haynesboone.com credits for capital investments,R&D ast year’s federal stimulus package seems to spending and increased payroll re- ©2010 Haynes and Boone, LLP have made a terrible job-loss situation less bad.But sulting from the new jobs. The gov- we are not out of the woods.With national unem- ernor’s budget also proposes new loan funds for the small business and Austin Dallas Fort Worth Houston Mexico City Moscow New York ployment stuck at around 10%,the inevitable ques- technology sectors. Orange County Richardson San Antonio San Jose Washington, D.C. tion is: What should government do next? In many respects, Excelsior is on Lawmakers, especially here in New York, must remember the right track. It is far more target- L ed than Empire Zones, focusing the that the solution is not for government to “create jobs”itself.Sus- state’s “investments” on growing tainable jobs that add economic value and strengthen (rather business sectors with high-wage jobs that also produce many ancil- than tax) our communities come lish a more competitive business cli- lary positions. That strategy should from the private sector. A better mate, with lower taxes, lower state- produce significant economic re- question might be: What should imposed costs in areas like energy turns to the state. government do to encourage pri- and health coverage, and less bur- However,Excelsior falls short in a vate-sector job growth? densome regulations. But bringing few areas. Its basic eligibility thresh- In New York’s case, there are two about such improvements will take old of 50 new jobs would eliminate answers: Remove existing barriers to time. Until then, New York can take most businesses and all small busi- business investment and job growth, smaller steps by offering better-tar- nesses from participation. Also, it and provide targeted incentives to geted and more cost-effective eco- fails to provide meaningfulincentives support job retention and creation. nomic incentives to help offset our for reinvestment in existing busi- The high cost of doing business competitive burden. nesses—essential to retaining jobs in in this state discourages new invest- As the Empire Zones program key sectors like manufacturing. ments by businesses and smothers heads toward its sunset date, New These gaps in the plan must be entrepreneurs in emerging sectors. York should consider a multipart addressed to make Excelsior a As a result, New Yorkers, especially strategy. Incentives should be de- meaningful economic development the young and well-educated, con- signed to address specific develop- initiative for New York. tinue to leave for better opportuni- ment priorities, including capital ties elsewhere. reinvestment in existing businesses, Kenneth Adams is president and chief The biggest change needed to redevelopment of distressed urban executive of the Business Council of New foster job creation here is to estab- areas, and job creation at both new York State Inc.

March 8, 2010 | Crain’s New York Business | 11 20100308-NEWS--0012-NAT-CCI-CN_-- 3/4/2010 7:04 PM Page 1

NEIGHBORHOOD JOURNAL Fight to save condemned Queens HS

and has seen a former chemistry Queens school actually graduate Gateway Institute for Pre-College Backers say teacher go on to win the Nobel Prize four years later—far below the city- Education and the Academy of Fi- High not deserving for developing a leukemia drug. In wide average graduation rate of 60%. nance, had no dropouts whatsoever. June 2013, the school will hit its fi- Meanwhile, history teacher and of its failing grades nal milestone, graduating its last “Quality programs” United Federation of Teachers rep- class. residents of the Queens commu- resentative James Eterno doesn’t ENDANGERED SPECIES: Jamaica HS has a BY EMILY LAERMER In announcing its decision in late nity,as well as faculty and students of dispute the numbers so much as the graduation rate lower than the city’s average. January to shutter the school, the the school itself, are fighting back. cause.He blames the fact that 330 of ince opening its doors 118 city’s Department of Education not- School officials have combed this year’s 541 freshmen were either years ago, Jamaica High ed that the problem is that Jamaica through their records and deter- already behind by a year,bilingual or led more than 700 community School has graduated three HS simply boasts too few graduates. mined that last year’s graduation rate in special education classes. members in a protest to save Jamaica Pulitzer Prize winners and It cited statistics showing that just was actually 54%.They also point out “We know we run quality pro- HS. “The reasons for these statistics two Olympic medalists 44% of students who enroll in the that two of the school’s programs,the grams here,” says Mr. Eterno, who have to do with social factors way be- S yond the school’s ability to address.” He also notes that the school was seriously undercut by the DOE itself, when it put Jamaica HS on its “per- sistently dangerous”list because of se- vere discipline problems. Although the school was delisted a year later,the damage was done.Fewer top students wanted to enroll,and the city was less inclined to spend money there. The DOE disputes residents’ MORE BANK claims. For openers, it notes that when it comes to graduation rates,it judged the school alongside those with similar student populations. FOR YOUR “Jamaica has a longstanding in- ability to graduate students. We want to phase out those schools and put in new schools to attract,engage and prepare students for success,” says a spokesman for the DOE. BUSINESS. Breaking up large schools despite plans for demonstrations MORE CONVENIENCE. MORE SERVICE. MORE CONTROL. and letter-writing campaigns, the chances of saving Jamaica HS and the other 17 schools slated for clo- sure by the city are slim.That means that in three years’ time, the com- munity will be without a school in which area residents are guaranteed FREE High-Performance a place.Instead,they will have to ap- TD Bank BusinessDirect Online Banking ply to schools across the city; the only guarantee is that they will end up in one of their top 12 choices. Deposit ‘Til 6pm, Available Next Day Beginning in September 2013, the high school building,on Jamaica’s Open Early, Open Late Gothic Street,will house three small- er institutions: the High School for Community Leadership;the Hillside Live Customer Service 24/7 Arts and Letters Academy; and Queens Collegiate,a school with 163 ninth- and 10-grade students that al- ready occupies a wing on the school’s third floor. Students from around the city will be accepted. “It’s the ultimate goal of the THREE YEARS IN A ROW! DOE to break up large schools in “Highest in Customer Satisfaction with Small Business Banking” the city,” says Marc Haken, chair of – J.D. Power and Associates the youth, education and library committee of Community Board 8, which includes Jamaica. “But Par- Visit your nearest TD Bank, connect to ents want their kids close,not wind- www.tdbank.com ing up on Staten Island or the rear or call 1-888-751-9000 and open a business account today. end of Brooklyn.” The DOE says it is doing all it can to accommodate those dis- placed by the closure of Jamaica HS, which starting in the fall won’t have a ninth grade. A DOE spokesman points out that although the build- ing will have about 100 fewer fresh- men, the borough will have a net gain of 200 ninth-grade seats. Many locals insist they don’t want other schools. They want the one they’ve had for 118 years. TD Bank N.A., formerly Commerce Bank, received the highest numerical score in the proprietary J.D. Power and Associates 2007-2009 Small Business Banking Satisfaction StudiesSM. 2009 study based on 7,226 total “Jamaica’s a great school, with responses, measuring 27 financial institutions and measures opinions of small business customers with annual revenues from $100,000 to $10 million. Proprietary study results are based on experiences and perceptions of customers great teachers,” says Rebekah Se- surveyed in July-August 2009. Your experiences may vary. Visit jdpower.com. Some restrictions and fees may apply; check your account agreement for more information. | TD Bank, N.A. vere, a senior at the school. 

12 | Crain’s New York Business | March 8, 2010 20100308-NEWS--0013-NAT-CCI-CN_-- 3/4/2010 7:05 PM Page 1

SMALL BUSINESS +40% $27,760 200,000 Greater annual Average Number restaurant 2008 annual of people spending among restaurant working in the Manhattanites wage in restaurant sector vs. Americans Manhattan in NYC Source: ESRI Source: NYS DOL Source: NYS DOL

INSATIABLE CRITIC Gael Greene A tribute to those who feed us

CHEEKS GRAZE. Sables whip by. Titans claim their daily post in the Four Seasons Grill, eyeing familiars at the next table as a possible merger seduction. A line snakes around the corner for thin gray burgers. A small posse of moms with strollers sip diet smoothies. It’s jerk chicken day at the food truck parked on East 70th near the hospitals. And that’s just lunch in the world’s best city for dining out. There may be a chef with supernal artistry at work in Paris or Hong Kong, even Tokyo (note I said may), but no place I know has quite the variety, the ambition and the excellence of eating out that New York does. We have grown from a rough metropolis with- out restaurants, to the small French pastry shop and café on William Street opened in 1827 that would later evolve into the fabled Delmonico’s, to an al- Restaurateurs phabet of cuisines, the tourists’ treasury of options, blocks with restaurants on every corner— and many in between. A salute, then, to the battalions that feed us: the gifted and the solid Hall of Fame journeyman, the brave, the mystical, the bean counters restaurants used to be considered the riskiest small businesses. Running a restaurant was a near-crazy endeavor under- and the flighty, the business adepts, the emerging moguls, taken only by people who so loved the food and the (debatable) glamour that they were willing to put in long hours for what the accidental diner cooks, was almost always very little reward. ¶ It’s hard to pinpoint when that picture changed—but it has changed. Statistics sug- immigrant moms and pops, the gest that opening a restaurant in New York is no riskier than opening any other small business. Indeed, restaurants have done classic and academy-trained better during the recession than almost any other industry: Employment in the sector grew between 2008 and 2009. More professionals, scions of restaurant dynasties, those who than that, thanks to the success of celebrity chefs with multiple restaurants, TV shows and cookbook publishing contracts, fled from commodities, ambitious businesspeople with even a passing fancy for food see restaurants as the foundation for an empire. ¶ The entrepre- dentistry and the law to find neurs in the Crain’s Restaurateurs Hall of Fame have a lot to do with that expansive vision of the restaurant business.The 10 reward in hospitality, and the casual and not-so-casual people and one group that Crain’s chose for this first-ever Hall of Fame have often been recognized for their cooking skills investors. And let’s not forget and artistry.They land on Crain’s list for their business acumen.These men (and two women) reshaped the restaurant world the young innocents whose into a real industry, creating new paths for entrepreneurs to follow. Each, in his or her own way, also had a hand in creating dinner parties have moved into the dining mecca that is New York City today. —elizabeth macbride See RESTAURATEURS on Page 14 storefronts in not-yet-gentrified neighborhoods. And though the staggering INSIDE Laid-off workers are key ingredients in gastropub startup P. 16 economy has pulled down many stalwarts, veterans, ONLINE How-To: Business lessons from those kings of cash, restaurants amateurs, both unknown and highly revered, restaurateurs GO TO: www.crainsnewyork.com/smallbusiness announcing their new intentions

suggests yet another blooming. photos: buck ennis, istockphoto, getty images, redux

March 8, 2010 | Crain’s New York Business | 13 20100308-NEWS--0014-NAT-CCI-CN_-- 3/4/2010 7:06 PM Page 1

REPORT SMALL BUSINESS

Charming Host Restaurateurs Hall of Fame Star Brand after leaving his family’s farm in BY JOYCE HANSON with the 1985 opening of Union Tuscany, Sirio Maccioni made his way Square Cafe when he was 27, Danny to New York and in 1974 founded Le Smith & Wollensky, another of his the kitchen to cashing in on his cab in New York City and say,‘Take Meyer joined a new breed of restaura- Cirque at the Mayfair,one of the first successful restaurant chains. Mr. celebrity, Mr. Soltner missed cook- me to Sylvia’s,’ and they know how teur that brought an American-style independently owned restaurants to Stillman’s full-page newspaper ad, ing only a few nights in 40 years at to get you there,” says Lloyd business edge and brand identity to open in a hotel. Not only did Mr. which garnered vast media buzz,of- Lutèce. Since retiring, he has joined Williams, chief executive of the the world of hospitality. The Danny Maccioni introduce crème brûlée to fers strapped finance professionals the faculty of the French Culinary Greater Chamber of Com- Meyer brand pairs American diners, he also made his the chance to trade in blue-chip Institute and now trains a new gen- merce. Mr. Williams met with fine food and wine name by cultivating a rich and fa- stocks for porterhouses. (In another eration of American chefs in classic Sylvia 30 years ago when he was a with friendly waiters mous clientele. first, Smith & Wollensky Group French cooking techniques. Citibank banker to encourage her to trained to provide “My father’s phi- was itself a Nasdaq-traded stock be- market more to tourists.“Sylvia said impeccable service losophy is to give fore Mr. Stillman sold the company to me in her great in a relaxed setting. customers what they to an investment group three years accent, ‘Lloyd, why would any “As critically im- want,” says Sirio’s ago for $90 million.) Soul Food Queen tourists come to my restaurant to eat portant as it is that son Marco, adding “Advertising and marketing is a in 1962, Herbert and Sylvia Woods my neck bones?’ ” you serve somebody an incredible that either he or his hallmark of what I’ve done for the opened a little luncheonette on meal,it’s at least as important that the dad works every day industry,” he says. “I’ve made it with just enough person eating that meal truly believes at the restaurant on East 58th.“Fash- proper to do that. There’s nothing room to serve 35 soul food lovers that the restaurant is on their side,”he ions come and go. If you have a fol- wrong with press. It certainly helps from the neighborhood. Called Bistro Stylist says.“You can eat the greatest halibut lowing, they’ll get you through the put people in seats.” Sylvia’s, the iconic restaurant has “not listening to experts” is how you ever had in your life,but the gen- hard times.” since become arguably the greatest Keith McNally describes his most sig- erosity and the graciousness with While diners may savor Le soul food restaurant nificant contribution to the New which it was served will last longer Cirque’s foie gras ravioli, the real in the world and a York restaurant industry.He’s being than the flavor of that halibut.” show is off the menu—and features Early Celebrity Chef model for other eth- typically modest, of Today,Mr. Meyer is chief execu- Mr. Maccioni and son as they greet consistency is the great innova- nic restaurants,with course. Mr. McNal- tive of Union Square Hospitality celebrities by name and show them tion that French master chef André $5 million in annu- ly single-handedly Group, which includes Union to the best table in the house. Soltner brought to the New York al revenue. And it is created the city’s Square Cafe, Gramercy Tavern, restaurant scene when he created an anchor of the 1990s bistro craze Eleven Madison Park,Tabla, Shake Lutèce in 1961 with owner André second Harlem Re- by understanding Shack, Blue Smoke, the Jazz Stan- Surmain.“A restaurant or a chef can naissance. Sylvia’s now occupies what New Yorkers dard music club and several eateries Star Director be very good, but if nearly an entire city block and dish- want and serving it at the .The the late Joe Baum brought the the next day it’s only es up fried chicken and black-eyed to them on a stylish platter. group’s revenues were estimated at panache of a Hollywood director to so-so,it’s not a good peas to customers ranging from His buzzy openings, in neigh- $76 million in 2007 by Restaurants the dining world,inspiring an entire restaurant. You New York foodies to European tour borhoods that are out of the way un- & Institutions magazine. Along generation of restaurateurs. While have to be good groups to politicos like Rep.Charles til he gets there,read like a history of with his own brand, Mr. Meyer has working in the 1950s for Restaurant every single day,” Rangel and the Rev. Al Sharpton. Manhattan social life over the last helped launch celebrity chefs Tom Associates, he founded celebrated says Mr. Soltner, The 84-year-old Mrs. Woods few decades: Balthazar, Pastis, Colicchio and Floyd Cardoz. venues such as the Four Seasons who took full own- has seen her children and grandchil- Odeon, Pravda, Nell’s, Lucky (still located 50 years later in the ership of Lutèce in 1972. dren go on to grow the business with Strike, Café Luxembourg and ) and La Fonda As a master of haute French cui- updated comfort foods and other Schiller’s Liquor Bar.All restaurants del Sol.When over- sine, he has inspired chefs every- innovations that continue to pro- combined earned $70 million in New Italians seeing the creation where to demand fresh ingredients mote a sense of community. They revenues last year, according to Mr. considering all the pizzerias and of the Four Seasons, and forge relationships with small have launched a gospel Sunday McNally. mom-and-pop spaghetti joints that the city’s first food producers.Mr.Soltner has also brunch,opened a catering hall,pub- Known for his low-key—not to have called New York home,it’s only restaurant to feature earned critical acclaim, winning lished a family cookbook, made say schlubby—appearance, the ex- fitting that perhaps the city’s great- a seasonal menu, he Gael Greene’s esteem as “our town’s heart-healthy menu changes, start- pat Brit nevertheless has mastered est current contribution to the spent two years de- one pure chef ” in the 1990s as well ed a residential delivery service and the art of creating a sense of place American restaurant scene is the signing the space as New York Times critic Ruth begun to sell prepared foods online, and history. His new effort, the re- Italian food empire of Mario Batali with architect Philip Johnson, Reichl’s accolade as “the country’s including Sylvia’s Cookin’, Dippin’ cently revamped Minetta Tavern, is and mother-and-son team Lidia and weaving in Joan Miró tapestries and most famous chef.” & Moppin’ Sauce. just the latest must-go-to spot that Joseph Bastianich.Together,they have Eero Saarinen vanity chairs. A man who preferred working in “You could get in virtually any nobody can get into. introduced a wave of restaurants,tel- “His real passion was the deliver- evision programs and cookbooks ance of pleasure that would exceed that shows no sign of receding—and expectations,” recalls Mr. Baum’s has inspired imitators nationwide. son, Charlie. “He was very careful THE FOUNDING FATHERS B&B Hospitality Group oper- about details, whether it was table ates 17 restaurants, including Babbo heights,lighting,uniform design or, Ristorante e Enoteca,which is “forg- of course, the quality of the food.” ing the future of Italian cuisine,” ac- Fired when management felt he’d become too expensive, Mr. Baum got his revenge by restoring the and establish- ing Windows on the World at the World Trade Center in 1976.

LORENZO DELMONICO Hotelier CÉSAR RITZ, after TOOTS SHOR was an impre- The Rockefellers, Kennedys Clever Idea Man was “the most famous partnering in London and sario of the big restaurant and Vanderbilts flocked to cording to Gourmet magazine. The restaurateur and caterer in Paris with the father of scene in the 1940s and the 1941 opening of group has 1,400 employees in six Alan Stillman created America’s first this country,” according to modern French cuisine, 1950s. His swank eatery set HENRI SOULÉ’s Le states. Standing on the shoulders of singles-scene bar-restaurant in his 1881 obituary in The Auguste Escoffier, took the standard for clubby Pavillon. He perfected the Tony May’s refined Italian cuisine at 1965, when he opened T.G.I. Fri- New York Times. Borrowing New York by storm in 1910. venues that appealed to restaurateur’s fine art of San Domenico and SD26, Mr. day’s. His formula swiftly went na- Batali and the Bastianiches opened from the French concept of An early-20th-century booze-swilling men’s men, exclusivity—and New tional, with restaurants in 12 cities, Del Posto in 2006, elevating “cucina a restaurant, Delmonico’s model for grand hotels, the Mad Men and mafiosi he Yorkers loved him for it, and Mr. Stillman classica” to a fine art. sold T.G.I. Friday’s introduced New Yorkers to Ritz-Carlton hired chef affectionately referred to as begging for a table in the And yet the point of this achieve- to the Carlson Cos. the delights of dining at Louis Diat, who invented “crum-bums.” Mr. Shor back to get just a taste of ment remains what it was when The global chain individual tables and vichyssoise and served it to started out as a speakeasy the tripe or the caviar. Mr. Lidia opened her first restaurant in now has more than ordering freshly prepared high-flying steel magnate doorman, and his tough Soulé later opened La Côte Queens in 1971. “Food has to be 1,000 restaurants. foods from a continually Charles M. Schwab the first reputation at his eponymous Basque, calling it “Le generous,” she says, bringing diners Just this Febru- changing menu.The day it appeared on the restaurant appealed to Pavillon for the poor.” High a sense of home, family and comfort ary, Mr. Stillman downtown landmark is still menu. He reportedly customers like Frank Sinatra society wasn’t put off; they with simple and healthy ingredients. was at it again with his latest clever in business. ordered seconds. and Jackie Gleason. flocked to it as well. “I have given my life to this business, idea: a “Steak for Stock” program at but it has nurtured me as well.” 

14 | Crain’s New York Business | March 8, 2010 Project6:fp template.qxd 2/23/10 12:02 PM Page 1

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REPORT SMALL BUSINESS

on the restaurant scene for seven years.The kitchen staff also includes Restaurant success, boiled down chef de cuisine Travis Yuen, 25, laid off last year from his Yahoo Web an- alyst job,and sous chef Gregorio Pe- of New York’s restaurant kitchens. droza, 32, a former Brooklyn Mar- Young entrepreneur Contrary to the stereotype, restau- riott concierge. aims for a second rants are not the riskiest businesses. In New York, in fact, the restaurant Downside: low wages gastropub bull’s-eye industry has become a stalwart of the also on staff are 11 front-of-the- economy and a breeding ground for house servers and bartenders,most of small businesses. them young. The underbelly of the BY JOYCE HANSON Consider these surprising statis- high-flying restaurant business is the tics. In 2009, a total of 4,730 new low wages: an average of $27,760 in as dan warren lounges on a new- restaurant permits were granted in RAISING THE BAR: Manhattan in 2008,according to the ly built red-velvet banquette at his the five boroughs, a 10.9% increase Dan Warren expects state Department of Labor. Greenwich Village startup, West from 4,266 in 2008, according to the annual revenue of The low salaries help keep start- 3rd Common, he contemplates the Department of Health and Mental $1.5 million by 2012 up costs low. West 3rd Common is future of what he hopes will be his Hygiene. Meanwhile, only 166, or at his new gastropub, paying $14,500 a month for its second successful foray into New 0.5%, of the city’s 34,457 independ- West 3rd Common. space.The $500,000 in startup costs

York’s gastropub scene. ent restaurants went out of business buck ennis were covered by friends and family. “The recession is irrelevant in this in the past year, according to NPD Success, according to Mr. War- business,” says Mr. Group’s restaurant census,ReCount. ly endless supply of same, supple- ably grown produce. ren’s formula, requires pulling to- Warren, 33, a former ment with young workers, follow a West 3rd Common’s chefs, for gether enough operating capital for Standard & Poor’s Putting business first careful cash plan, and voilà! example, offer a menu of gourmet nine months of losses, plus an extra finance editor with mr. warren is typical of the new “At Common Ground, every wings, sliders, pulled pork and New $100,000 in capital reserves. He an- NEW EMPIRE- an MBA who entrepreneurs. He sees himself as a month is better than the month be- Orleans-style crayfish.“I would de- ticipates annual revenue of $1.5 mil- BUILDER opened his first gas- businessman first and a restaurateur fore,” Mr. Warren says of his first scribe us as a neighborhood pub lion by 2012, similar to Common tropub, Common second, and he’s well-aware that he restaurant. “January was our best with knock-your-socks-off food,” Ground’s. Ground,in the East Village in 2005. is following in the footsteps of peo- month ever. We made $22,000.” Mr. Warren says. As for the young chefs, they “If you run a restaurant in the low- to ple like Danny Meyer, who have Like Common Ground, West The three young men running would rather fixate on making excel- middle-price range in New York mastered the business of serving 3rd Common, which opened in his kitchen are recent graduates of lent duck sliders with kimchi and City, you’re almost immune to the food well enough to turn a restau- December, is partaking in the gas- the French Culinary Institute. sweet hoisin sauce than on cash flow. recession.” rant into an empire. tropub craze.The trend arises from “New York is the greatest culi- “This doesn’t feel like work,” says Grand illusions? Not really. Mr. Warren’s recipe goes like elements as diverse as recession- nary city in the universe,” says exec- Mr. Yuen, who with his fellow FCI Mr. Warren is one of a new gen- this: Get the food right, hire dedi- driven budget tightening and utive chef David Scott Walker, 33, a grads spends seven days a week from eration that has discovered the secret cated chefs from the city’s seeming- chefs’ growing interest in sustain- Memphis native who paid his dues 4 p.m. to 2 a.m. in the kitchen. 

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16 | Crain’s New York Business | March 8, 2010 20100308-NEWS--0017-NAT-CCI-CN_-- 3/4/2010 7:07 PM Page 1

REAL ESTATE DEALS PLUS

School finds space space,” says Mr. Cyphers. “Because DOWNTOWN Signs of life seen the commercial real estate market is SLUMP for new grad center so depressed, we were able to get great space at a competitive rate.” the new york school of Interior Founded in 1916, the school will in retail condos Design will open a new graduate cen- pursue a LEED Gold certification ter in . The for its space. It plans to 2.89M SQUARE FEET of space leased he market for retail space packaged as condo- college has have half of its space open signed a 20-year lease for by the fall and the entire downtown in 2009 miniums is showing signs of reviving, sort of. 40,000 square feet at 401 space by February 2011. “We see an uptick,” says Alan Miller, senior Park Ave. South. The asking Landlord 401 Park Av- director at real estate investment services firm rent was $45 per square foot. enue South was represent- “Ideally, they would ed by Mark Stein and Ja- -58% Eastern Consolidated. “But the CHANGE from market peak have liked to have been on son Vacker of Meringoff 401 Park Ave. South in 2006 problem is that there are not enough retail the Upper East Side, so Properties. T Source: Alliance for Downtown New York’s Lower condos on the market.” their second choice was to —amanda fung Manhattan Real Estate Market Year in Review Part of the reason may have something to do find something not more than 15 minutes from their main campus,” with the prices. Like virtually every other type says Neil Lipinski of Cassidy Turley, Pizza shop takes Steve Rappaport, the Sinvin Re- of property in the city—from raw land to who represented the tenant. a slice of Village alty broker who represented land- trophy office buildings—retail condos have The nonprofit NYSID is head- lord 259 Bleecker, thinks the 18- seen prices drop steeply from their peak. Many quartered in two adjacent 19th-cen- the west village, where brokers month decline in area rents that he tury buildings that it owns on East swear rents are now firming up after puts at under 15% has bottomed owners are holding on, hoping for a St. Regis New York 69th and East 70th streets between months of softness, has a new ten- out. “It’s not going to go down any Third and Lexington avenues. The ant.Italy-based Pizza Roma recent- further,” he says, noting that food rebound. from East : the city’s new facility will become the school’s ly signed a 10-year lease for 1,100 tenants such as Pizza Roma and Z There have been some notable most expensive retail strip. graduate center and will accommo- square feet at 263 Bleecker St. The Pizza are snapping up space. exceptions on the pricing front.The One of the problems is that a date up to 209 students. It will be asking rent for the space, which in- The new eatery, which has out- biggest of the lot came late last year slack economy has emptied many a used primarily for the school’s mas- cludes a 1,100-square-foot base- posts in Rome and Barcelona, is ex- when an investment group bought storefront and brought rents down ter of fine arts interior design pro- ment, was $175 a square foot. pected to open its first Manhattan the 25,000-square-foot luxury con- for virtually all of them. grams and will contain seminar Pizza Roma is taking over the branch within four months and do on the ground floor of the St. “We’re trying to sell vacant retail rooms, a lecture hall, exhibition former home of the famous Zito’s hopes to follow up with more New Regis New York for a whopping condos, but banks aren’t financing space, computer labs and other Bakery,which had been in the space York locations in coming months. $117 million. That deal, however, those,” says Mr. Miller. “They’re workspaces, according to Christo- for 85 years until the no-carb craze Marco Martini of Evans Real included not just the name of a fa- only going to finance income-pro- pher Cyphers, NYSID president. pushed it out six years ago. Since Estate represented the tenant in the mous hotel but several storefronts ducing properties.” “The benefit of leasing in this then, The Hershey Co. leased the transaction. running south along —james comtois economy far outweighs buying site but never opened a shop there. —adrianne pasquarelli

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March 8, 2010 | Crain’s New York Business | 17 20100308-NEWS--0018,0019-NAT-CCI-CN_-- 3/4/2010 7:37 PM Page 1

FOR THE RECORD

400 Chambers St. 450 Grand Concourse, room C391, in 3 p.m. on April 12 for the disbursement Filed for Chapter 11 bankruptcy . Questions about this bid of refunds and rebates by the Department ABOUT THIS SECTION protection on Feb. 23. The filing cites should be directed to Michelle Bent at of Finance. Contact April Silva at FOR THE RECORD is a weekly listing of information from the public record that estimated liabilities of $100,001 to (212) 541-0440 or (212) 669-4405 or [email protected] $500,000 and assets of $0 to $50,000. [email protected]. for more information. can help businesspeople in the New York area find opportunities, potential Among the creditors with the largest new clients and updates on competitors. unsecured claims are Carver Federal G School Construction Authority G Department of Health and Mental To ask questions or get more information on this section, contact Denise Bank, owed $31,000; and Con Edison, Seeks competitive sealed bids by 11 a.m. Hygiene Southwood at [email protected]. owed $2,300. on March 15 for low-voltage fire alarm Seeks proposals by 2 p.m. on April 16 and public-address systems at I.S. 193 in for a qualified vendor to provide G 304 West 18 the Bronx. For information, contact clinically proficient registered nurses on 130 Seventh Ave. Ricardo Forde at (718) 752-5288 or an hourly basis to Bureau of Filed for Chapter 11 bankruptcy [email protected]. Immunization clinics and adult outreach BANKRUPTCIES Marder, owed $26,000; and Crist Biorn protection on Feb. 24. The filing cites sites. For more information, contact Shepherd & Roskoph, owed $22,000. estimated liabilities of $1,000,001 to GOODS AND SERVICES Paula Chase at (212) 676-2244 or The following listings are selected from the $10 million and assets of $1,000,001 to G Department of Citywide Administrative [email protected]. most recent available filings by companies G J. Calderon Enterprises Inc. $10 million. Among the creditors with Services seeking bankruptcy protection in the 244-250 Pelham Road the largest unsecured claims are Stephan Requests proposals by 11 a.m. on April G Housing Authority Southern and Eastern Districts of New New Rochelle, N.Y. Quentzel, owed $400,000; and Ronald 20 for contractors to supplement the Seeks competitive sealed bids by 10:45 York. Information was obtained from U.S. Filed for Chapter 11 bankruptcy Courtney, owed $135,000. Bureau of Examinations staff. An a.m. on March 10 for paintbrushes and Bankruptcy Court records available on protection on Feb. 24. The filing cites optional preproposal conference will be rollers. For information about this Public Access to Court Electronic Records. estimated liabilities of $1,000,001 to held at 2 p.m. on March 9 at 1 Centre solicitation, contact Robin Smith at $10 million and assets of $1,000,001 to GOVERNMENT CONTRACT St., 18th-floor prebid room. For (718) 707-5446. G Bedford Communications Inc. $10 million. Among the creditors with OPPORTUNITIES information, contact Erkan Solak at 1410 the largest unsecured claims are Lourdes (212) 669-3530 or [email protected]. Filed for Chapter 11 bankruptcy Calderon, owed $194,000; and A.P. Following are selected contract REAL ESTATE DEALS protection on Feb. 22. The filing cites Plumbing Solutions, owed $20,000. opportunities recently announced by New G Department of Education estimated liabilities of $1,000,001 to York City agencies.To learn how to sell Requests competitive sealed bids by Companies that would like to have details $10 million and assets of $1,000,001 to G Nightlife Enterprises goods and services to city government, visit 5 p.m. on April 7 for professional of their recent transactions appear in these $10 million. Among the creditors with DBA China Club www.nyc.gov/selltonyc. For a searchable engineering services. A preproposal listings should e-mail descriptions the largest unsecured claims are World 268 W. 47th St. database of current procurement notices, conference will be held at 11 a.m. on following this format to Color (USA) Corp., owed $924,467.55; Filed for Chapter 11 bankruptcy visit www.nyc.gov/cityrecord. Listings are March 10 at 209 Joralemon St., second- [email protected], with and Gould Paper Corp., owed $770,000. protection on Feb. 24.The filing cites alphabetical by category and department. floor courtroom, Brooklyn. To obtain “Real estate transaction” in the subject line. estimated liabilities of $1,000,001 to $10 bid documents, send an e-mail to Deals are listed in order of square footage. G Bucephalus Alternative Energy Group million and assets of $1,000,001 to $10 CONSTRUCTION SERVICES [email protected] with the 1221 Sixth Ave. million. Among creditors with the largest G City University of New York bid number (#R0737040) and title in OFFICE Filed for Chapter 11 bankruptcy unsecured claims are New Gold Equities Requests competitive sealed bids by 11 the subject line. For more information, G New York Life Insurance Co. has protection on Feb. 24.The filing cites Corp., owed $419,359; and Biancone & a.m. on April 1 for the renovation of a e-mail [email protected] with the renewed its 87,944-square-foot lease on estimated liabilities of $500,001 to Willinsky, owed $127,883.21. sound studio at Hostos Community bid number and title in the subject line. the 14th and 15th floors of 420 $1 million and assets of $1,000,001 to College in the Bronx. A mandatory Lexington Ave. The 1.4 million-square- $10 million. Among creditors with the G Pan Latin Corp. prebid meeting and site visit have been G Department of Finance foot, 30-story building is owned by SL largest unsecured claims are Manning & DBA Pan Latin Cafe scheduled for 10 a.m. on March 16 at Requests competitive sealed bids by Green Realty Corp. A. Mitti Liebersohn

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18 | Crain’s New York Business | March 8, 2010 20100308-NEWS--0018,0019-NAT-CCI-CN_-- 3/4/2010 7:37 PM Page 2

FOR THE RECORD

of Cushman & Wakefield acted on transaction value.The information was stock at $27.15 on Feb. 23, in a behalf of the tenant, and the landlord obtained from Thomson Reuters. transaction worth $4,072,500. DEALS ROUNDUP was repped in-house by Steve Durels. The asking rent was $55 per square foot. G Sirona Dental Systems Inc. (SIRO) G L-3 Communications Holdings Inc. (LLL) TRANSACTION SIZE Sirona Holdings Luxco sold 7,000,000 Michael T.Strianese, chairman of the COMPANY (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE G Law firm Barton Barton & Plotkin shares of common stock at $35.00 on board, president and chief executive, has renewed its lease at 420 Lexington Feb. 22, in a transaction worth exercised options on 75,000 shares of Bowne & Co. (Manhattan) $481.9 R.R. Donnelley & Sons Co. SB M&A Ave. for 12,277 square feet on the 18th $245,000,000. It now indirectly holds common stock at prices ranging from Torus Insurance Holdings Ltd. $185.0 First Reserve Corp., Corsair Capital (Manhattan) GCI floor. Larry Swiger represented the 14,247,500 shares. $35.60 to $39.70 on Feb. 23, in a Enerkem Technologies Inc. $51.0 Rho Capital Partners Inc. (Manhattan), Waste GCI landlord in-house. There were no transaction worth $2,803,595. On the Management Inc., Braemar Energy Ventures brokers on the tenant side of the Nicholas W. Alexos, director and same day, he sold 75,000 shares at prices (Manhattan), Cycle Capital Management, transaction. The asking rent was chairman of the finance committee, sold ranging from $90.31 to $91.27 in a BDR Capital $55 per square foot. 7,000,000 shares of common stock at transaction worth $6,778,093. He now Jelf Group $29.3 Capital Z Partners (Manhattan), GCI $35.00 on Feb. 22, in a transaction directly holds 119,624 shares. individual investors OTHER worth $245,000,000. He now indirectly Buccaneer Energy Ltd. $22.8 UBS Global Asset Management U.S. Inc. GCI G Two five-story, mixed-use buildings holds 14,247,500 shares. G Becton Dickinson & Co. (BDX) (Manhattan) totaling 15,263 square feet at 16-18 N. Henry P.Becton, lead director, sold Chelsea Therapeutics $18.2 Venrock (Manhattan) GCI Moore St. were sold in an all-cash Timothy P.Sullivan, director and 47,320 shares of common stock at International Ltd. transaction valued at $8.1 million to chairman of the compensation $77.11 on Feb. 19, in a transaction Pinnacle Gas Resources Inc. $17.5 DLJ Merchant Banking Partners (Manhattan), FB M&A Shell Realty Co. Jonis Realty committee, sold 7,000,000 shares of worth $3,648,845. He now indirectly Scotia Waterous USA Inc.’s investment arm Management was the seller. Nick common stock at $35.00 on Feb. 22, in a holds 1,297,870 shares. Chemtura Vinyl Additives GmbH $16.2 Artek Surfin Chemicals Ltd., FB M&A Petkoff and Robert A. Knakal of Massey transaction worth $245,000,000. He Aterian Investment Knakal Realty Services handled the now indirectly holds 14,247,500 shares. G Moody’s Corp. (MCO) Partners (Manhattan) transaction exclusively. Mark E. Almeida, president of Moody’s Newport Media Inc. $15.0 Benchmark Capital, Oak Investment Partners, GCI Jeffrey T.Slovin, executive vice president Analytics, exercised options on 70,000 Venrock (Manhattan), Global Catalyst Partners, G A 14,000-square-foot, single-story and chief operating officer of U.S. shares of common stock at $14.06 on Pinnacle Ventures, DAG Ventures building at 1505 Albany St. in Brooklyn operations, sold 250,000 shares of Feb. 22, in a transaction worth Crystal River Capital Inc. $13.8 Brookfield Asset Management Inc. (92%) SB M&A was sold to Brooklyn Plaza in an all-cash common stock at $35.00 on Feb. 22, in a $984,375. On the same day, he sold (Manhattan) transaction valued at $1.85 million. transaction worth $8,750,000. He now 56,245 shares at prices ranging from Selected deals announced for the week ended Feb. 27 involving companies in metro New York. Morgan Guaranty Trust was the seller. directly holds 132,599 shares. $26.71 to $26.83 in a transaction worth FB M&A: Financial buyer M&A represents a minority or majority acquisition of existing Rene Santiago and Eric Greenfield of $1,504,861. He now directly holds shares of a company with the participation of a financial buyer. GCI: Growth capital investment Massey Knakal Realty Services handled G WebMD Health Corp. (WBMD) 106,872 shares. represents new money invested in a company for a minority stake. SB M&A: Strategic buyer the transaction exclusively. Martin J. Wygod, chairman of the M&A represents a minority or majority acquisition of existing shares of a company without the board, exercised options on 1,492,728 G Estée Lauder Cos. (EL) participation of a financial buyer. source: capitaliq shares of common stock at prices John Demsey, group president, exercised STOCK TRANSACTIONS ranging from $17.50 to $28.70 between options on 20,833 shares of common Feb. 22 and Feb. 23, in a transaction stock at $52.83 on Feb. 25, in a G Time Warner Cable (TWC) Feb. 18, in a transaction worth Following are recent insider transactions at worth $37,905,740. transaction worth $1,100,607. On the Carl U.J. Rossetti, executive vice $657,646. On the same day, he sold New York’s largest publicly held companies same day, he sold 20,833 shares at president and president of Time Warner 22,811 shares at prices ranging from filed with the Securities and Exchange Steven L. Zatz, executive vice president $60.00 in a transaction worth Cable Ventures, exercised options on $46.57 to $46.58, in a transaction worth Commission by executives and major of professional services, exercised $1,249,980. He now directly holds 20 22,811 shares of common stock at $1,062,354. He now directly holds shareholders. Listings are in order of options on 150,000 shares of common shares. prices ranging from$23.48 to $35.60 on 17,627 shares.  © 2010 American Express Company American Express Company © 2010

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March 8, 2010 | Crain’s New York Business | 19 nb10p20-21cl.qxp 3/5/10 3:09 PM Page 20

ACCOUNTING PUBLIC & LEGAL NOTICES

NOTICE OF FORMATION OF Play Name of Foreign LLC: VARADERO Notice of Qualification of Arlon Food NOTICE OF FORMATION OF Martin Me LLC. Article of Organization filed GP, LLC. App. for Auth. filed NY and Agriculture Partners LP. Authority Austin Cribbs Consulting LLC. with the Secretary of State of NY Dept. of State: 1/11/10. Jurisd. and filed with NY Dept. of State on Article of Organization filed with the (SSNY) on 12/15/2009. Office loca- date of org.: DE 7/13/09. Cty. off. 1/15/10. Office location: NY County. Secretary of State of NY (SSNY) on tion NEW YORK County. SSNY has loc.: NY Cty. Princ. bus. loc.: 1095 Princ. bus. addr.: c/o Continental Jan 11, 2010. Office location: NEW been designated as agent upon Ave. of the Americas, 26th Fl., NY, Grain Company, 277 Park Ave., NY, YORK County. SSNY has been des- whom process against it may be NY 10036. Sec. of State designated NY 10172. LP formed in DE on ignated as agent upon whom served. The Post Office address to as agent of foreign LLC upon whom 12/10/09. NY Sec. of State designat- process against it may be served. which the SSNY shall mail a copy of process against it may be served. ed as agent of LP upon whom The Post Office address to which the any process against the LLC served The Sec. of State shall mail copy of process against it may be served SSNY shall mail a copy of any upon him/her is C/O the LLC 11 process to: 1095 Ave. of the and shall mail process to: c/o CT process against the LLC served CORPORATE West , 15th Floor, New Americas, 26th Fl., NY, NY 10036. Corporation System, 111 8th Ave., upon him/her is C/O the LLC, Collen York, NY 10036. Purpose of LLC: to Addr. of foreign LLC in DE is: NY, NY 10011, regd. agent upon IP, Attn: Matthew C. Wagner, 80 MEETING VENUES engage in any lawful act or activity. National Corporate Research, Ltd., whom process may be served. DE South Highland Avenue. Ossining, Street address of Principal Business 615 S. DuPont Hwy., Dover, DE addr. of LP: c/o The Corporation NY 10562. Purpose of LLC: to location is: 11 West 42nd Street, 19901. Auth. officer in DE where Trust Co., 1209 Orange St., engage in any lawful act or activity. SoHoSoleil Locations: Creative Spaces 15th Floor, New York, NY 10036. Cert. of Form. filed: DE Sec. of Wilmington, DE 19801. Name/addr. Street address of Principal Business for Workshops: Strategy, Branding, State, Townsend Bldg., Dover, DE of genl. ptr. available from NY Sec. of location is: 445 West 23rd Street, Innovation, Training & Video Shoots Notice of Qualification of LionHedge 19901. Purpose: any lawful activity. State. Cert. of LP filed with DE Sec. Suite 17 D. New York, NY 10011. www.sohosoleil.com 212 431 8824 AGD Fund, LLC, App. for Auth. filed of State, 401 Federal St., Dover, DE Sec’y of State (SSNY) 11/18/09. Notice of Registration of M & C 19901. Purpose: any lawful activity. NOTICE OF FORMATION of Ripe Office location: NY County. LLC org. Saatchi Sport & Entertainment LLP. Catering LLC. Arts. Of Org. Filed with in DE 11/16/09. SSNY designated as Ctf of Reg. filed with Secy. of State of WCMG LLC, Articles of Org. filed N.Y. Secy. Of State of NY (SSNY) on agent of LLC upon whom process NY (SSNY) on 1/7/2010. Office loca- Sec. of State (SSNY) 10th day of 9/22/08. Office location: New York INVITATION against it may be served. SSNY shall tion: NY County. LLP formed in November, 2009. Office in New York County. SSNY designated as agent mail copy of process to 405 Park Delaware (DE) on 12/17/09. SSNY Co. at 130 West 42nd Street, Suite of LLC upon whom process against Ave., Ste. 803, NY, NY 10022. DE designated as agent of LLC upon 704, New York, NY 10036. SSNY it may be served. SSNYshall mail office addr.: CSC, 2711 Centerville whom process against it may be design. Agt. upon whom process process to principal business loca- Kingsborough Community College Rd., Wilmington, DE 19808. Cert. of served. SSNY shall mail process to: may be served. SSNY shall mail tion 210 E 36th St., Apt 12A, NY, NY Form. on file: SSDE, Townsend Davis & Gilbert LLP, , copy of process to 130 West 42nd 10016. Purpose: Any lawful activity. will host a site review for continuing Bldg., Dover, DE 19901. Purpose: NY, NY 10019. Address of LLP in DE: Street, Suite 704, New York, NY accreditation of its Associate in 160 Greentree Dr., Ste. 101, Dover, any lawful activities. 10036. Reg. Agt. upon whom Name of LLC: 170 East 83rd Street Applied Science: Nursing Program DE 19904. Cft of Reg.. filed with DE process may be served: Spiegel & Secy. Of State, 401 Federal St., Ste. LLC. Art. of Org. filed Dept. of State March 16 - 18, 2010. You are invited NOTICE OF FORMATION: Camden Utera, P.A., P.C. 1 Maiden Lane, NYC 4, Dover, DE 19901. Purpose: of NY on 12/11/2009. Off. Loc. in NY: and Cake LLC. Article of Organization 10038. 1-800-576-1100. Purpose: to meet with the visit team and Practice Law and any lawful activities. NY Cty. Secy. of State designated as share your comments about the filed with SSNY on 1/29/2010. SSNY Any lawful purpose. agent of LLC upon whom process has been designated as agent upon against it may be served. Sec. of program in person on March 17 in Notice of Qualification of EQR- whom process against it may be Notice of Qualification of State shall mail a copy of process to Rivertower B, LLC. Authority filed the Tapestry Room from 2:30- served and shall mail a copy of any Tiedemann/Pentagram Equity Fund, princ. bus. loc.: c/o Marjorie E. with NY Dept. of State on 1/29/10. 3:30pm. Written comments also process against the LLC to the NEW L.P., Authority filed Sec’y of State Nesbitt, 445 Park Ave., 10th Fl., NY, Office location: NY County. Princ. YORK County LLC: 321 West 51st (SSNY) 12/8/09. Office loc.: NY NY 10022. Purpose: ownership and welcome. Submit to: Dr. Sharon bus. addr.: 2 N. Riverside Plaza, Street. NY, NY 10019. County. LP org. in DE 12/7/09. SSNY operation of real estate. Tanner, Executive Director, Ste. 400, Chicago, IL 60606. LLC desig. as agent of LP upon whom NLNAC, 3343 Peachtree Road NE, formed in DE on 1/25/10. NY Sec. process against it may be served. Suite 500 Atlanta, GA 30326 or NOTICE OF FORMATION OF Global of State designated as agent of LLC SSNY shall mail copy of proc. to NOTICE OF FORMATION OF Funky [email protected]. All written Agora, LLC. Arts. of Org. filed with upon whom process against it may Attn: Michael Tiedemann, 535 But Elegant LLC. Arts. of Org. filed Secy. of State of N.Y. (SSNY) on be served and shall mail process to: Madison Ave., 36th Fl., NY, NY with the Secy. of State of NY (SSNY) comments due by March 10, 2010. 1/19/10. Office location: New York c/o CT Corporation System, 111 8th 10022. DE office addr.: CSC, 2711 on 10/05/09. Office location: NY Co. County. SSNY designated as agent Ave., NY, NY 10011, regd. agent Centerville Rd., Wilmington, DE SSNY has been designated as agent of LLC upon whom process against upon whom process may be served. 19808. Cert. of LP on file: SSDE, of LLC upon whom process against it may be served. SSNY shall mail DE addr. of LLC: 1209 Orange St., Townsend Bldg., Dover, DE 19901. it may be served. SSNY shall mail process to: 22647 Ventura Blvd., Wilmington, DE 19801. Arts. of Org. Name/addr. of each gen. ptr. avail. at process to: 230 Mulberry St., NY, NY TAX PREPARATION #323, Woodland Hills, CA 91364. filed with DE Sec. of State, 401 SSNY. Purp.: any lawful activities. 10012. Purpose: any lawful activity Purpose: any lawful activity. Federal St., Dover, DE 19901. Purpose: any lawful activity. Notice of Qualification of Mandalay Notice of Qualification of GSO Notice of Qualification of PRESTIGA Vision LLC. Authority filed with Secy. Targeted Opportunity Partners LP. MAXIMIZE YOUR TAX RETURN FUNDING, LLC. Authority filed with Notice of Qualification of TradeForce of State of NY (SSNY) on 2/2/10. Authority filed with NY Dept. of State Former “Big 4” CPA/MBA focusing on Small Secy. of State of NY (SSNY) on Staffing Solutions of Colorado, LLC. Office location: NY County. LLC on 11/20/09. Office location: NY 02/25/10. Office location: NY County. Authority filed with NY Dept. of State formed in California (CA) on 1/15/10. County. LP formed in DE on 10/21/09. Businesses & Individual Tax preparation. LLC formed in Delaware (DE) on on 1/13/10. Office location: NY SSNY designated as agent of LLC NY Sec. of State designated as Also a Quickbooks Pro Advisor who can help 02/24/10. Princ. office of LLC: 210 County. LLC formed in CO on upon whom process against it may agent of LP upon whom process make sure your business is maximizing Sylvan Ave., Englewood Cliffs, NJ 3/19/08. NY Sec. of State designated be served. SSNY shall mail process against it may be served and shall 07632. SSNY designated as agent of as agent of LLC upon whom process to: c/o National Registered Agents, mail process to the principal business profits & minimizing taxes. Reasonable rates. LLC upon whom process against it against it may be served and shall Inc., 875 Avenue of the Americas, addr. of the LP: c/o GSO Capital (212) 868-2511 - [email protected] may be served. SSNY shall mail mail process to: c/o CT Corporation Ste. 501, NY, NY 10001. Principal Partners LP, 280 Park Ave., 11th Fl., process to c/o Corporation Service System, 111 8th Ave., NY, NY 10011, office address: 380 Lafayette St., NY, NY 10017. DE addr. of LP: c/o Co. (CSC), 80 State St., Albany, NY regd. agent upon whom process may Ste. 202, NY, NY 10003. Address to The Corporation Trust Co., 1209 12207-2543. DE addr. of LLC: c/o be served. CO and principal busi- be maintained in CA: The LLC, 4751 Orange St., Wilmington, DE 19801. CSC, 2711 Centerville Rd., Ste. 400, ness addr.: 15660 E. Hinsdale Dr., Wilshire Blvd., 3rd Fl., Los Angeles, Name/addr. of genl. ptr. available TELECOMMUNICATIONS Wilmington, DE 19808. Arts. of Org. Centennial, CO 80112. Arts. of Org. CA 90010. Arts of Org. filed with CA from NY Sec. of State. Cert. of LP filed with Secy. of State of DE, 401 filed with CO Sec. of State, 1700 Secy. Of State, 1500 11th St., filed with DE Sec. of State, 401 Federal St., Ste. 4, Dover, DE 19901. Broadway, Ste. 200, Denver, CO Sacramento, CA 95814. Purpose: Federal St., Dover, DE 19901. Purpose: Any lawful activity. 80290. Purpose: any lawful activity. any lawful activities. Purpose: any lawful activity.

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20 | Crain’s New York Business | March 8, 2010 nb10p20-21cl.qxp 3/5/10 2:55 PM Page 21

PUBLIC & LEGAL NOTICES

NOTICE OF FORMATION OF Notice of Qualification of Balfour Notice of Qualification of MAFP Notice of Qualification of INLE CAPI- Spencer and Brooke LLC. Articles Beatty Communities, LLC. Authority Ventures LLC. Authority filed with TAL PARTNERS GP, LLC. Authority of Organization filed with the filed with NY Dept. of State on NY Dept. of State on 2/2/10. Office filed with Secy. of State of NY (SSNY) Secretary of State of NY (SSNY) on 2/1/10. Office location: NY County. location: NY County. LLC formed in on 02/08/10. Office location: NY Feb. 12, 2010. Office location: NEW Princ. bus. addr.: 10 Campus Blvd., DE on 12/18/09. NY Sec. of State County. LLC formed in Delaware (DE) YORK County. SSNY has been des- Newtown Square, PA 19073. LLC designated as agent of LLC upon on 02/01/10. Princ. office of LLC: ignated as agent upon whom process formed in DE on 3/18/08. NY Sec. of whom process against it may be Attn: Eran Penini, 85 4th Ave., #4KK, against it may be served. The Post State designated as agent of LLC served and shall mail process to: NY, NY 10003. SSNY designated as Office address to which the SSNY upon whom process against it may c/o CT Corporation System, 111 agent of LLC upon whom process shall mail a copy of any process be served and shall mail process to: 8th Ave., NY, NY 10011, regd. against it may be served. SSNY shall against the LLC served upon him/her c/o CT Corporation System, 111 8th agent upon whom process may be mail process to the LLC at the addr. is C/O the LLC US Corporation Ave., NY, NY 10011, regd. agent served. DE addr. of LLC: c/o The of its princ. office. DE addr. of LLC: Agents, Inc., 7014 13th Ave, Suite upon whom process may be served. Corporation Trust Co., 1209 c/o Corporation Service Co., 2711 202, Brooklyn, NY 11228. Purpose DE addr. of LLC: 1209 Orange St., Orange St., Wilmington, DE 19801. Centerville Rd., Ste. 400, Wilmington, of LLC: to engage in any lawful act Wilmington, DE 19801. Arts. of Org. Arts. of Org. filed with DE Sec. of DE 19808. Arts. of Org. filed with or activity. Street address of Principal filed with DE Sec. of State, 401 State, 401 Federal St., Dover, DE Secy. of State of DE, 401 Federal St., Business location is: 20 West 64 St., Federal St., Dover, DE 19901. 19901. Purpose: any lawful activity. Ste. 4, Dover, DE 19901. Purpose: NOTICE OF FORMATION OF New York, NY 10023. Purpose: any lawful activity. Any lawful activity. Patrimoine Vivant LLC. Arts. of Org. Notice of Formation of FIFTY WEST filed with Secy. of State of N.Y. (SSNY) Notice of Formation of Global Notice of formation of Manhattan MANAGEMENT LLC. Arts. of Org. filed Notice of Formation of FUTURE MIL- on 1/19/10. Office location: New York Ventures, LLC, Art. of Org. filed Sec’y Patient Advocates, LLC. Arts of Org with Secy. of State of NY (SSNY) on LENNIUM PARK LLC. Arts. of Org. County. SSNY designated as agent of of State (SSNY) 1/6/00. Office loca- filed with Secy of State of NY (SSNY) 12/30/09. Office location: NY County. filed with Secy. of State of NY LLC upon whom process against it may tion: NY County. SSNY designated on 1/5/10. Office location: NY SSNY designated as agent of LLC (SSNY) on 12/17/09. Office location: be served. SSNY shall mail process as agent of LLC upon whom process County. SSNY designated as agent upon whom process against it may be NY County. SSNY designated as to: 420 East 85th Street New York, NY against it may be served. SSNY shall of LLC whom process against it may served. SSNY shall mail process to: agent of LLC upon whom process 10028. Purpose: any lawful activity. mail copy of process to 503 be served and shall mail process to 40 W. 57th St., 23rd Fl., NY, NY 10019. against it may be served. SSNY shall principal business location: 323 E mail process to: Alex Li, P.O. Box 6, Broadway, PH, NY, NY 10012. Purpose: any lawful activity. Notice of Formation of RBP JOINT 21st ST, 1A, NY, NY 10010. Purpose: NY, NY 10159. Purpose: engage in Purpose: any lawful activities. VENTURE LLC. Arts. of Org. filed any lawful activity. any lawful activity. Notice of Formation of Assiusa, LLC, with Secy. of State of NY (SSNY) on Notice of Formation of G3 6NY LLC. Art. of Org. filed Sec’y of State NOTICE OF FORMATION OF Lil Foodie 01/20/10. Office Location: NY Arts. of Org. filed with Secy. of State (SSNY) 12/7/09. Office location: NY ABINGTON CHAMBERLAIN WH LLC. Arts. of Org. filed with Secy. of County. Princ. office of LLC: 60 of NY (SSNY) on 11/23/09. Office County. SSNY designated as agent CLASS A, LLC; Arts. Of Org., filed State of N.Y. (SSNY) on 11/24/09. , NY, NY 10023. location: NY County. Princ. office of of LLC upon whom process against with NY Sec. of State (“SSNY”) Office location: New York County. SSNY designated as agent of LLC LLC: 166 Elizabeth St., NY, NY 10012. it may be served. SSNY shall mail 11/05/2009. Office in New York SSNY designated as agent of LLC upon whom process against it may SSNY designated as agent of LLC copy of process to c/o Reinhardt County; SSNY designated agent for upon whom process against it may be be served. SSNY shall mail process upon whom process against it may LLP, 44 Wall St., 10th Fl., NY, NY service of process with copy mailed served. SSNY shall mail process to: to c/o Corporation Service Co., 80 be served. SSNY shall mail process 10005. Purpose: any lawful activities. to Attn: Todd E. Soloway, Esq., Pryor 80 John Street, #3G New York, NY State St., Albany, NY 12207. to Chet H. Olsen, 1880 Century Park Cashman LLP, 7 , New 10038. Purpose: any lawful activity. Purpose: Any lawful activity. East, Ste. 618, Los Angeles, CA Name: EXA MEDIA, LLC Art. Of Org. York, NY 10036; All lawful business 90067. Purpose: Any lawful activity. Filed Sec. of State of NY 102/23/09. purposes. NOTICE OF FORMATION of DENTAL Off. Loc.: New York Co. Corporation PASSION LLC. Arts. Of Org. filed NOTICE OF FORMATION of ALIOMI Service Company designated as NOTICE OF FORMATION of with Secy. Of State of N.Y. (SSNY) on LLC. Articles of Organization were agent upon whom process against it Manhattan Internal Medicine, PLLC 2/10/10. Office location: NY County. filed with The Secretary of State of may be served. SSNY to mail copy Art. of Org filed Sec’y of State SSNY designated as agent of LLC New York (SSNY) on 11/25/2009. of process to THE LLC, C/O CSC, 80 (SSNY) 1/28/10. Office location: upon whom process against it may Office location: New York County. State Street, Albany, NY 12207. New York County. SSNY designated be served. SSNY shall mail a copy of SSNY has been designated as agent Purpose: Any lawful act or activity. as agent of LLC upon whom process process to 164 W 96th St., NY, NY of the LLC upon whom process against it may be served. SSNY 10025. Purpose: To practice the pro- against it may be served. SSNY shall Notice of Formation of Joseph A. shall mail copy of process to 108 fession of Dentistry. mail a copy of any process to the LLC Notice of Qualification of Morgan Fiordaliso, LLC. Arts. of Org. filed East 96th St, New York, NY 10128. at 353 West 56th Street, Apt. 9B, New Stanley HedgePremier/FrontPoint with Secy. of State of NY (SSNY) on Purpose: practice of medicine. Name of Foreign LP: WestRiver RE York, NY 10019. Purpose: For any Financial Services Fund LP. Authority 11/6/09. Office location: NY County. Finance Fund (MM), LP. App. For lawful purpose. filed with NY Dept. of State on SSNY designated as agent of LLC Notice of Qualification of SILVER Authority filed with Sec. of State 1/28/10. Office location: NY County. upon whom process against it may LANE ADVISORS LLC. Authority filed 1/21/2010. LP formed in DE on Notice of Qualification of MPN LP formed in DE on 12/17/09. NY be served. SSNY shall mail process with Secy. of State of NY (SSNY) on December 16, 2009. NY State Office Capital Management, LLC. Authority Sec. of State designated agent of LP to: 155 W. 68th St., #512, NY, NY 02/09/10. Office location: NY County. loc.: NY County. Sec. of State of NY filed with Secy. of State of NY upon whom process against it may 10023. Purpose: any lawful activity. LLC formed in Delaware (DE) on designated as agent of LP upon (SSNY) on 1/28/10. Office location: be served and shall mail process to 08/09/07. Princ. office of LLC: Attn: whom process may be served. Sec. NY County. LLC formed in Delaware the principal business addr.: c/o Notice of Qualification of The Fifth Elizabeth Bloomer Nesvold, 565 Fifth of State of NY shall mail copy of (DE) on 4/10/07. SSNY designated Morgan Stanley HedgePremier GP Line, LLC. Authority filed with Secy. Ave., 22nd Fl., NY, NY 10017. SSNY process to: c/o WestRiver Capital, as agent of LLC upon whom process LLC, 522 5th Ave., 13th Fl., NY, NY of State of NY (SSNY) on 11/25/09. designated as agent of LLC upon LLC, 450 , Suite 1203, against it may be served. SSNY 10036. Regd. agent upon whom Office location: NY County. LLC whom process against it may be New York, New York 10022. Address shall mail process to: Michael P. process may be served: Todd Hand, formed in Missouri (MO) on 7/10/06. served. SSNY shall mail process to of LP in State of formation is: c/o Neely, 527 Third Ave., Ste. 200, NY, Morgan Stanley & Co., 2000 SSNY designated as agent of LLC the LLC at the addr. of its princ. Capitol Services, Inc., 615 South NY 10016, also the address of the Westchester Ave., Purchase, NY upon whom process against it may office. DE addr. of LLC: Corporation DuPont Highway, Dover, Delaware principal office. Address to be main- 10577. DE addr. of LP: 1209 Orange be served. SSNY shall mail process Service Co., 2711 Centerville Rd., 19901. Name and address of author- tained in DE: c/o National Registered St., Wilmington, DE 19801. to principal office address of LLC: Ste. 400, Wilmington, DE 19808. ized officer in DE where a copy of LP’s Agents, Inc., 160 Greentree Dr., Ste. Name/addr. of genl. ptr. available 116 W. 121st St., Ste. 2, NY, NY Arts. of Org. filed with Secy. of State cert. of limited partnership is filed is: 101, Dover, DE 19904. Arts of Org. from NY Sec. of State. Cert. of LP 10027. Arts. of Org. filed with MO of the State of DE, Div. of Corps., Sec. of State of the State of DE, John filed with DE Secy. Of State, 401 filed with DE Sec. of State, 401 Secy. of State, 600 W. Main St., Rm. John G. Townsend Bldg., Federal & G. Townsend Building, 401 Federal Federal St., Ste. 4, Dover, DE 19901. Federal St., Dover, DE 19901. 322, Jefferson City, MO 65101. Duke of York Sts., Dover, DE 19901. St., Suite 4, Dover, DE 19901. Purpose: any lawful activities. Purpose: any lawful activity. Purpose: any lawful activity. Purpose: Any lawful activity. Purpose: to engage in any lawful act.

March 8, 2010 | Crain’s New York Business | 21 20100308-NEWS--0022-NAT-CCI-CN_-- 3/5/2010 8:10 PM Page 1

sions in 2008 came from Brooklyn and Queens, compared with roughly 35% each for Beth Israel, New York Downtown, NYU St. Vincent’s Langone and Bellevue. Next! Ravitch “Our admissions from those boroughs reflect nothing more Continued from Page 1 than patients choosing to come to St.Vincent’s for unique,high- Continued from Page 1 data collected by the state suggests that St. Vincent’s isn’t much quality care,” the spokesman says. anonymity because Mr. Ravitch has not become governor of a neighborhood hospital. An overwhelming majority of resi- St. Vincent’s mental health, HIV and emergency services yet. “It would be the beginning and the capstone to his pub- dents in the affluent communities within a mile of the institution draw significantly from its immediate neighborhood in Manhat- lic career.” went elsewhere if they had to be hospitalized in 2008, according tan, the state data clearly show.Meanwhile, the hospital averages Of course, a governor Ravitch would have far more on his to the state Department of Health’s analysis of the latest available less than one Level 1 trauma registry a day—a figure comparable plate than steering through a budget for the next fiscal year, figures. For all its posturing about being a neighborhood facility, to that for other regional trauma centers, the St. Vincent’s but it would certainly be his most pressing—and consequen- St. Vincent’s isn’t even the market leader in its own backyard. spokesman points out.In about one-third of cases,people are vis- tial—task. Fans of Mr. Ravitch believe negotiations to close State data indicate that of the total inpatient hospital admis- iting its emergency department for medical problems or condi- the state’s $9 billion budget deficit would play out very dif- sions for residents of the 11 ZIP codes closest to the hospital,only tions that could have been handled in nonemergency settings. ferently from 2008, when Gov. Eliot Spitzer’s sudden resig- 14% were actually at St. Vincent’s. In other words, a whopping nation thrust Mr. Paterson into the governorship two weeks 86% of the area’s inpatient admissions flocked to other hospitals. Facts are facts before the budget was due. Unheralded and unprepared, Mr. The 14% who went to St. Vincent’s represented 37% of the “no matter which data you use, the fact remains that St. Vin- Paterson got rolled by the Legislature, and the state’s fiscal hospital’s total inpatient admissions. According to the DOH cent’s is not a market leader in its surrounding ZIP codes, and it picture has grown bleaker since. data, the remaining 63% came from Brooklyn, Queens and parts treats less than one trauma patient per day,” a DOH spokes- of Manhattan that are farther than a mile away. Indeed, St. Vin- woman says. Great expectations cent’s so-called catchment area resembles the footprint of the for- The realization that so many downtown New Yorkers head but if there’s one thing Mr. Paterson did better than Mr. mer Catholic Medical Centers of Brooklyn and Queens,the hos- elsewhere could foreshadow a dramatically reconfigured St.Vin- Spitzer,it was choosing a lieutenant governor.Mr.Ravitch has pital’s old merger partner, observes state Health Commissioner cent’s with few hospital beds—if the hospital survives at all. decades of management experience and has spent the past few Dr. Richard Daines. The struggling medical center received a cash infusion last months developing a blueprint for fundamental long-term A spokesman for St. Vincent’s calls the state’s interpretation week of $1 million from the state and $5 million from GE Cap- budget reform. He has been meeting with state legislators, of the data “ludicrous,” adding that the hospital draws from a ital and TD Bank, enough to get through another payroll period. union leaders, editorial boards and advocacy groups to gath- smaller catchment area than the 11 ZIP codes used in the state Parent system Saint Vincent Catholic Medical Centers was on er ideas and build support. “He’s casting the broadest possi- database. “We have consistently said that we are the hospital for the brink of bankruptcy before it secured the $6 million last Mon- ble net to try to deal with this situation,” says Ronnie Lowen- the West Side of Manhattan,” he says. day,acknowledges Manhattan Assemblyman Richard Gottfried. stein, director of the Independent Budget Office of the City “It’s absolutely a community hospital,” adds Sen. Thomas “The hospital is being kept going cycle to cycle,”he says.“The ar- of New York. Duane, a Manhattan Democrat and a St. Vincent’s supporter. gument about statistics detracts from how the hospital, the com- A former Metropolitan Transportation Authority chair- “The usage by the surrounding community has been enormous.” munity and the Health Department are trying everything possi- man, Mr. Ravitch approaches the budget problem with the Using the same state data, St. Vincent’s says its 2008 market ble to maintain the essential elements of St. Vincent’s.” same philosophy that Mr. Paterson spouted but was unable share of hospital discharges, a measure of patient volume, was In any event, the loan spigot may soon run dry. to apply—“that this is not just a short-term problem to wait 23.5% in Chelsea and Clinton, down 1.5 percentage points from Darren Alcus, president of GE Capital Healthcare Financial out,but a structural problem that’s been building up,and that the 2007 level, and 32.4% in Greenwich Village and SoHo, up Services, which is owed some $300 million, says in a statement we really have to control spending,” says Carol Kellermann, 4.3 percentage points versus the previous year.“We rank third in that it is “critical that the hospital achieves a successful collabora- president of the Citizens Budget Commission. market share in those ZIP codes,” the spokesman says. “It’s not tion in the very near term as it likely will be unfeasible for us to There are expectations that Mr. Ravitch would incorpo- as if there were 10 or 15 hospitals in front of us.” extend additional funds to stem … continued financial losses.” rate elements of his blueprint into negotiations with lawmak- Plenty of nearby hospitals also draw patients from other bor- To further slash costs and raise cash,St.Vincent’s signed a let- ers over next year’s budget. Mr. Ravitch is better-equipped oughs, the spokesman adds. According to St.Vincent’s interpre- ter of intent last week to sell three nursing homes,its White Plains for the task than Mr.Paterson,who long ago poisoned his re- tation of the state data,32.1% of its 21,917 total inpatient admis- mental health facility and its home-health agency.  lationship with legislators in a fruitless attempt to curb their spending and bolster his public image. Mr. Ravitch, who came out of retirement last summer to fill the vacant lieu- on business-class flights to London, Los Angeles and San Fran- tenant governor post,enjoys the respect and goodwill of law- Delta terminal cisco,and bulking up on international flights.But all those efforts makers.With no political or professional aspirations,he can- are sorely underserved by Delta’s ancient facilities—built nearly not be accused of having any agenda except the welfare of the 50 years ago. state,and will be unmoved by the usual budget-season adver- Continued from Page 1 “It’s a shame because they’ve done a lot to improve their on- tisements run by special interests seeking to preserve their agency is an unlikely financier for the project. board experience,” says Brett Snyder, founder of the Cranky Fli- state funding. Delta could also finance the project through what are called er industry blog. “But it is incredibly hard to win in New York “He’s got a thick skin,” Ms. Kellermann says. “He’s not passenger facility charges—fees that airports collect on each when you have a miserable facility. And they know that.” running for office. One would think that is liberating.” plane ticket—which would require approval from the Federal The terminals were built when carriers didn’t think about The budget Mr. Paterson proposed in January was influ- Aviation Administration.Such approval could open up the cred- maximizing efficiency for connecting passengers.And it was nev- enced by Mr.Ravitch,who disdains Band-Aids and gimmicks it markets to the airline, since bonds can be issued based on these er designed to be a hub in the post-Sept. 11 era. There aren’t that won’t lower the deficits projected for the next few years. passenger facility collections. enough security counters, lines often snake out the door, and “We are in active discussions with the Port Authority right waiting areas are cramped. Health care, education funding now regarding the expansion of our facilities at JFK in the near Delta has already poured $70 million into refurbishing its ter- state legislators, though, must face the voters this fall. term,”Delta says.“Any further comment ...would be premature.” minals, but Ms. Grimmett acknowledges that the effort barely Typically, that means they will try to preserve funding The Port Authority says its officials “continue to have discus- shows.She’s made it clear in numerous interviews that Delta does streams, particularly state aid for health care and education, sions with Delta to best meet their needs and the needs of the air not intend to throw money after an old problem. that they perceive to be favorable to their re-election chances. traveling public at JFK.” And that’s a step in the right direction, according to Craig Incumbents have lost only 1% of Assembly and Senate races But industry experts say the airline has been dropping hints Jenks, president of consultancy Airline/Aircraft Projects, who in New York since 1982. for several months now that a project is imminent. says that Delta needs to build itself a new terminal sooner rather To prepare his budget analysis,which he undertook at Mr. New York Senior Vice President Gail Grimmett said in a De- than later. “What’s at stake here,” he says, “is whether, and how Paterson’s request,Mr.Ravitch has been reading the Citizens cember interview with a trade magazine that the airline will make soon, the nation’s largest airline will have a proper state-of-the- Budget Commission reports from his days as chairman and an announcement by June outlining its JFK plans.And airline in- art facility at the main airport of the nation’s largest city.” quoting from them to legislators across the state. “If all we dustry blogs lit up last month with reports that Delta executives American Airlines completed its $1.3 billion terminal at JFK needed to do was give public officials a hearing device, we at an internal meeting said they hope to start demolition of Ter- in 2007—an eight-year project. JetBlue’s new Terminal 5, which could have had this solved,” has become a standard line in minal 3, the old Pan Am Worldport, sometime next summer. opened in September of 2008, took just three years to build at a Mr. Ravitch’s speeches, usually followed by, “But it’s a lot cost of about $850 million. harder to get this changed.” A replacement for Terminals 2 and 3 “Leisure travelers only care about price,”says Mr.Snyder.“You There are signs, however, that lawmakers are ready to “there’s reasonable speculation that Delta Terminals 2 and 3 can fly them out of a tin shed. But when you’re trying to get busi- make hard choices.The Assembly and the Senate have both would be razed, and a new terminal would be built in its place,” ness travelers, they’re not going to put up with crowded grungy released revenue forecasts that are less optimistic than Mr. says Henry Harteveldt, an airline analyst with Forrester Re- areas—especially when they have the option of American or Paterson’s. Insiders attribute their lower estimates in part to search. “When you consider that Delta is competing against Continental, which have great facilities.” Mr.Ravitch’s influence.He is especially well regarded by As- American Airlines and JetBlue, both of which have new termi- Back in May 2001, Delta and then-Gov. an- sembly Speaker . nals, Delta and the Port Authority have no choice.” nounced a $1.6 billion proposal to rebuild Terminals 2 and 3.The The budget will be the state’s priority for the next few The airport facilities are owned by the Port Authority,and the Sept. 11 attacks and the ensuing recession derailed those plans, weeks,but after that Albany will look to deal with other mat- individual terminals are operated by airlines and other business and Delta’s 2005 bankruptcy filing put the kibosh on a similar ters, such as ethics reform, where Mr. Ravitch’s positions are entities, under lease agreements. Delta is the terminal operator proposal that year. not well known. “What he would do on other issues is an for Terminals 2, 3 and 4. In the five years since, Delta has re-emerged from bankrupt- open question,” says Susan Lerner, executive director of The Atlanta-based carrier, the world’s largest airline by pas- cy, acquired Northwest Airlines and become a very different air- Common Cause/New York, a watchdog group. senger traffic, has been on a concerted campaign since last year line—with different needs—than the last time it proposed a new That said,if Mr.Ravitch accomplishes nothing but budg- to “win” New York. It lags Continental Airlines in the number of terminal.“Delta is a much larger airline than it was [in 2001],and et reform before a new governor takes over in January, New passengers it carries through area airports, and lags JetBlue at they’ve made it clear that they want to be the leading airline at York will have been well served. “Whatever Dick proposes JFK. It has plastered subways and buses with billboards and just JFK,” says Mr. Harteveldt. won’t be a ‘Why didn’t we think of that before?’ response,” signed a sponsorship agreement with Madison Square Garden in Still, he notes, “the age of airlines building Taj Mahals as ter- says Assemblyman Richard Brodsky. “It will be an intelli- an attempt to raise its profile in New York. minals are over. Nobody wants an ugly box for a building, but the gent,comprehensive workout of a structural problem.And it It’s been wooing corporate customers with premium offerings key is that the project has to be affordable and practical.”  will be done smartly and decisively.” 

22 | Crain’s New York Business | March 8, 2010 20100308-NEWS--0023-NAT-CCI-CN_-- 3/5/2010 2:18 PM Page 1

CORRECTION UPDATE Following are corrections to published Crain’s stories that were made online over the past year but never noted in print. These Fear CUNY Law to overpay for new digs updates were accurate as of the time they were posted on our Web site. when those numbers become available. little additional construction.” Finlay Enterprises is not in bankruptcy, but is downsizing its Some oppose deal to give store operations and undertaking staff layoffs. The facts were “They keep saying it would cost more to Real estate experts could not comment on misstated in the March 30, 2009, issue. Citigroup $155M for build a new building, but they haven’t pro- the sale price because there haven’t been any Chapter 11 business bankruptcy filings are reorganizations, duced documents or market data to prove it,” comparable deals recently to make a fair analy- and Chapter 7 cases are liquidations. Those facts were Long Island City building said Mr. Khosla, who claims that CUNY Law sis. Citigroup spent about $300 million to misstated in a graphic published in the “City Facts” section of is paying “above market value”for the space af- build 2 Court Square, a 526,000-square-foot the June 29, 2009, edition. ter conducting his own research. building, which was completed in 2007. Henry Hutcheson is a principal at consulting firm BY AMANDA FUNG When asked for comment, a CUNY ReGeneration Partners. The name of the firm was misstated in spokesman referred to a recent letter sent to Tough to find that much space an Aug. 17, 2009, article. the purchase of a new home in Long Island the student government by Iris Weinshall,vice but since commercial transactions in Long As of September, Forest City Ratner aimed to schedule the City, Queens, for the law school of the City chancellor for facilities planning,construction Island City are few and far between, data on Atlantic Yards development in time to take advantage of tax- free bonds. That fact was misstated in the Sept. 28, 2009, University of New York is expected to take and management. She wrote: “The university sale prices and how much values have fallen issue. place this month or next.But the debate about explored spending in ex- due to the recession is un- Daniel Baum is president of brokerage TDG/TREGNY, which whether the $155 million price tag for the cess of $255 million to known. In addition, since was created when The Real Estate Group merged with The Queens campus is too high rages on among build a new building from There are no the deal hasn’t been closed, Developers Group in June 2009. The name of the brokerage the administration, faculty and students. the ground up, a cost esti- it’s unclear what the pur- was misstated in the Oct. 12, 2009, issue. Last fall, CUNY Law said it will buy rough- mate that was confirmed recent deals chase price includes. Bro- Sue Downes, a potter, lives in Garrison, N.Y. Her hometown ly 260,000 square feet in the 14-story 2 Court by both an independent kers note that many factors was misstated in a Nov. 30, 2009, article. Square building in Long Island City from Cit- architect and prospective on which to base could explain the price. At the end of November 2009, unit sales of adult nonfiction igroup for about $596 per square foot. The developers. By compari- “It may sound expen- trade paperbacks had fallen 6% for the year to date compared with the year-earlier period, while sales of adult nonfiction school plans to relocate to the first six floors of son, the existing facility at a comparison sive on the face, but we hardcover books were down 9%, according to Nielsen the building from its current home in Flushing. Court Square is a much don’t know all the facts,” Bookscan, which tracks about 70% of the market. The But news of the move has generated a storm better deal for the law said Timothy King,princi- categories were misidentified in a Nov. 30, 2009, story. of criticism from students and faculty, largely school and the university.” pal of CPEX Realty, a The Red Mango store that remains open is at 507 Third Ave. over the seemingly high price being paid. According to the letter, commercial real estate The address was incorrect in the Dec. 14, 2009, issue. a draft appraisal valued the 2 Court Square firm. “It is difficult to find that size of space. The name of the Committee Encouraging Corporate No build-out needed space at roughly $150 million,including furni- And there are few choices.” Philanthropy was misstated in the Dec. 14, 2009, issue. on wednesday,the most vocal opponent,Di- ture, fixtures and equipment. CUNY Law be- Despite the sale price dispute, the adminis- Cablevision Chief Executive James Dolan’s father is Charles nesh Khosla, a professor at CUNY Law, reit- gan scouting for new space in 2006, when it is- tration, faculty and student body, including Dolan. The elder Mr. Dolan’s name was misstated in the Jan. 11, 2010, edition. erated his concerns and called for the admin- sued a request for proposals for potential sites. Mr. Khosla, agree that new space was neces- istration to publicly disclose how the price was “Citigroup came forward during our re- sary. CUNY Law will be getting an expansion Citigroup’s chief executive, Vikram Pandit, ordered lunch from Sylvia’s Restaurant for four bank employees in January. The determined. That memo follows similar ex- quest for proposal process with an existing, of 70,000 square feet over the size of its current number was misstated in the Jan. 25, 2010, issue. changes in late February between the student state-of-the-art building designed specifical- digs near Queens College, and the school will Janet Paskin was previously a staff writer with SmartMoney government and the school’s administration. ly for educational use,” said Ms. Weinshall in be easily accessible to public transportation. If and Money magazines. Her name and title were misstated in School officials pledged to provide the final a statement in September. “The building will the sale closes as expected, the school hopes to the Jan. 25, 2010, issue. appraisal value of the 2 Court Square space support the needs of the law school, with very move into the new space in fall 2011. 

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March 8, 2010 | Crain’s New York Business | 23 20100308-NEWS--0024-NAT-CCI-CN_-- 3/5/2010 8:11 PM Page 1

GROWING CROWD: The rising number of lucrative M&A deals has banks and law Breaking up is easier to do firms hiring.

Continued from Page 3 Lois Liberman, a partner in the tions usually require the executive to real estate agents who’ve witnessed matrimonial group at Blank Rome, stay put for several years, the asset is a major uptick in divorce-related which handles divorces for clients considered future earnings, rather work over the past few months. with assets of at least $2 million and than part of a marital estate to be di- “Love is not in the air,”reports Sue annual incomes of at least $500,000. vided in a divorce. Moss, a partner at Chemtob Moss. “People think, it’s a new year— “It’s become, ‘Let me get rid of “Since January,it’s been insane. We’re why don’t I get rid of my spouse?” her now, because this [stock] won’t the busiest we’ve ever been.” she says. This year, her group’s been vest for a while,’”Ms.Liberman says. New York County has the high- “going like gangbusters.” The firm For lawyers representing the est concentration of high-net- wives in these cases, the race is on to worth divorces, according to David craft a divorce agreement that cap- Aronson, a partner at Sheresky ‘Couples are tures some of that future income.

Aronson Mayefsky & Sloan, the “People are getting a lot less than istockphoto largest stand-alone matrimonial staying together, they would otherwise be entitled firm in the city. About half of his but not so they to,” Ms. Moss says. clients work in finance. Wall Street’s mojo Not much action Selling short can work it out’ to be sure,many unhappy New York the recent divorce boomlet, he couples earn less than $500,000,even Continued from Page 2 firm, Astellas Pharma, for $3.5 bil- explains, is being driven by what in a good year. And for them, divorce boomlet is helping spark a pickup in lion in cash, or $52 a share. The bid many in the business are calling rates are more closely mirroring the other lines of business. The volume was at a 40% premium over the mar- “short-sellers”: Spouses, usually national trend of inaction. Manhat- of money raised in equity markets so ket price. OSI coyly said it would men, who enjoy top positions at has seen 25 new matrimonial cases tan psychotherapist Irina Firstein has far this year is double last year’s lev- “review” the offer, triggering a clas- banks, hedge funds or law firms, are since January,compared with just 19 at least a dozen clients in such a hold- el, fed in part by companies raising sic Wall Street tug-of-war,complete deciding to divorce now, just as the new cases in all of 2009. ing pattern. cash for acquisitions. The gain is with entourages of bankers, lawyers economy is starting to recover. Looming large among her “Couples are staying together, but also forcing some corporations to and publicists all pocketing hefty Typically, when marriages sour clients, she says, is the bonus factor. not so they can work it out,” says Ms. make defensive acquisitions—buy- fees. in the high-net-worth set, the hus- Public outrage last year over bank Firstein,whose clients tend to be pro- or-be-bought moves that are Wall The battle could stretch on for band wants to avoid a costly bonuses and the resulting govern- fessionals earning $100,000-plus. Street’s version of a virtuous cycle. weeks, meaning plenty of work for breakup, Mr. Aronson says. “Now, ment crackdown caused banks to These are couples who want to get di- “It’s like fireworks on the Fourth Astellas’ advisers at Citigroup and he’s thinking, I may as well get di- pay most of their bonuses for 2009 vorced, she says, but either can’t sell of July,” marvels Sanford C. Bern- OSI’s at Bank of America Merrill vorced now, because half of nothing in stock grants and options, which their Manhattan apartments or feel stein & Co. analyst Brad Hintz. “At Lynch. Banks on average pocket is nothing. I’ve made a number of typically don’t vest for three to five they need to wait for a better price. first, there’s a pop here and a pop commissions equal to 0.35% of a fortunes in my life,and I’ll make an- years, rather than in cash. “It’s actually a really horrible there. Pretty soon, it’s pop pop pop takeover price,according to Sanford other one soon without her.” “If anything, it’s the bonus that’s thing,” says Ms. Firstein. “I predict pop pop everywhere.” C. Bernstein, suggesting more than The end of the holidays often impacting decision making,” Ms. that once things level out,there’s go- $12 million in fees are at stake. The ushers in a new crop of divorces,says Liberman says. Because stock op- ing to be a flood of divorces.”  Bleakest of backdrops contest also means more billable but one reason the M&A revival is hours for the law, accounting and shining so brightly is that it comes public relations firms involved. against such a dark sky—deal volume For the banks, however, merger Doormen get ready to rumble that over the past two years had run at fees are just the start of a takeover’s a third of peak 2007 levels. bounty. When the deal is WOO-HOO! Although deal activity has done,corporations typical- Continued from Page 2 cy rate and highest rental rate for res- age Prudential Douglas Elliman. picked up, it remains about ly need help with spinning ers. The landlords will counter that idential buildings in the nation. After hearing the union’s propos- 40% below 2007’s frenzied off units, raising fresh debt they are dealing with “unprecedent- They calculate that labor represents al on Tuesday for the contract that pace and is running about 43% and completing other ed economic times”and need to con- only 4.5% of a building owner’s total covers building service workers in 15% below 2006 levels. JUMP in U.S. transactions. tain costs at the 3,200 buildings cov- expenses and contend that workers Manhattan, Brooklyn, Queens and That’s because banks M&A volume so In anticipation of more ered by the contract, according to need raises to keep up with the rising Staten Island, Mr. Rothschild and remain reluctant to fi- far this year such work, Wall Street is lead negotiator Howard Rothschild, cost of living in the city. his team of negotiators will respond nance deals after getting so Source: Thomson Reuters beginning to hire again.Af- the new president of the Realty Ad- “This contract campaign is about with one of their own a week later. badly burned when the ter hitting 161,000 in No- visory Board on Labor Relations. keeping our city a place that work- merger mania flamed out vember, down 30,000 from The union will present a propos- ing families can still afford to call No strike since 1991 in the summer of 2007. In a power- 2008, the head count in the city’s se- al Tuesday that calls for annual cost- home,” says 32BJ President Mike “this is not going to be a typical ful sign of that reticence, syndicated curity industry is beginning to inch of-living increases in the new agree- Fishman. negotiation where we lay out in- lending—large loans involving mul- up again. Firms added 1,000 jobs in ment,which will replace a 2006 deal Mr.Rothschild insists that build- creases,”he says.“We need cost con- tiple banks that are used to finance December,the most recent month for that is set to expire April 20. And ing owners have been fair to workers, tainment and cost control.” mergers or other corporate activi- which data are available, according to they’ll make a case that the city’s real citing an 8.5% raise over four years in The two sides have been able to ty—is down 22% so far this year, ac- the U.S. Bureau of Labor Statistics. estate industry remains relatively the 2006 contract. The workers avert a strike in every negotiation cording to Thomson Reuters. healthy, despite the recent down- make $19.47 to $21.50 an hour, plus since 1991—when workers walked Fortunately, companies have Hiring mode turn, which has whittled away at benefits like employer-paid family off their jobs for 11 days. This time plenty of cash to fuel their urge to among those hiring is BofA rents and sale prices in the past year. health care, sick days, vacation time around, in addition to the slumping merge. Corporate America is sitting Merrill Lynch, which recently and pensions. The RAB president economy,the presence of Mr. Roth- on a record $820 billion pile of cash, brought back some well-connected Real estate values grew says that employers spend $68,600 a schild is a wildcard that could make according to Standard & Poor’s. dealmakers who left during last “even with the worst economic year for each porter or doorman. for tougher negotiations. That’s $200 billion more than it had year’s turmoil. Similarly, Morrison slump in decades, the value of resi- “While other people in New He replaces James Berg, who heading into the downturn.Also,the & Foerster, which sacked about 5% dential real estate grew by 28% over York have been hit hard,32BJ mem- died of cancer last November. Over dollar has lost so much value in recent of its lawyers early last year, just last the past four years,” says Matt bers’ wages and benefits have gone a span of 30 years, Mr. Berg led ne- years that U.S. companies are more week said it had hired a new co-head Nerzig, 32BJ’s chief spokesman. up in each year of the agreement,”he gotiations for the RAB, gaining the affordable for companies with euros of M&A. And at Japan’s Nomura “The New York real estate industry, points out. “When you have build- respect of union officials because of or yen to spend on acquisitions. The Securities, which acquired some of which is one of the wealthiest and ing owners who can’t get the rents his willingness to seek common combination has companies around ’ operations in most stable in the world, surely has they were getting and co-op and ground. He developed a strong rela- the globe behaving like flush con- 2008, a senior official last week said the capacity to ensure that the work- condo owners who have been laid tionship with Mr. Fishman that led sumers: They’re going shopping. that he plans to add significant ers who maintain their apartment off or had their wages frozen or cut, to years of labor peace. Just last week, American Inter- numbers of dealmakers and traders buildings and help residents can this is not just business as usual.” But Mr. Rothschild says the ne- national Group sold its Asia life in- in the United States over the next 12 support their own families.” Average rents in Manhattan de- gotiations won’t come down to per- surance division to Britain’s Pru- months, lifting its head count here Union officials cite Department clined 17.6% on three-bedroom sonalities, and that while Mr. Berg’s dential Plc for $35 billion. Closer to by a quarter, to about 2,000. of Finance data that show the total apartments,12.4% on two-bedroom “calming influence” will be missed, home, financial consulting firm Still, while Wall Street may be value of all residential real estate in apartments and 12.1% on one-bed- his absence won’t “be an overriding Risk Metrics agreed to be acquired rediscovering its mojo, it’s a bit ear- the city is $584 billion,up from $456 room apartments from 2006 to factor”in hammering out a new deal. by MSCI, a former Morgan Stanley ly to break out the champagne. billion in 2006—though there’s of- 2009, according to rental brokerage “It’s a business decision from unit, for $1.6 billion. “Certainly,this year is starting off ten a lag in assessed property values firm CitiHabitats. In the same peri- both points of view,” he says. “The Hostile takeovers are also back. better,” says Thomas Burnett, vice during recessions. And they point to od, the median sale price of a Man- union has to do what they think is Last week, OSI Pharmaceuticals, a chairman of research and trading an analysis by real estate brokerage hattan apartment rose 2.4%, to acceptable to their membership,and Melville, L.I.-based cancer-drug firm Wall Street Access.“But I don’t firm Marcus & Millichap that shows $850,000, according to data from we have to do what we think will be maker, got an unsolicited bid from want to crow about just one week’s New York City has the lowest vacan- appraiser Miller Samuel and broker- acceptable to ours.”  Japan’s second-biggest pharma activity.” 

24 | Crain’s New York Business | March 8, 2010 20100308-NEWS--0025,0026-NAT-CCI-CN_-- 3/5/2010 2:13 PM Page 1

82% of execs are confident of their companies’ growth prospects in the second quarter BUSINESS LIVES Source: Robert Half Professional Report HOT JOBS EXECUTIVE IN THE RING: INBOX Matt Ruggero says that, if taught correctly, boxing SENIOR VICE PRESIDENT, actually improves Anne Fisher PORTFOLIO CONSTRUCTION schoolkids’ behavior. SPECIALIST Hiring the right COMPANY Bank of America people (and not JOB DESCRIPTION Creating and recommending investment the wrong ones) portfolios MOST IMPORTANT TASKS ASK ANY BUSINESS OWNER about Contributing to portfolio the worst hire he or she ever construction; monitoring made, and most can tell you a quantitative risk analysis horror story or two. CREDENTIALS NEEDED 10-plus “Probably my biggest mistake years of experience; knowledge was a chief technology officer of financial software programs who seemed to have great SALARY Bank of America senior qualifications, but didn’t want vice presidents typically make to do anything,” says Gabriel over $100,000, sources say Shaoolian, chief executive of RECRUITER Internal Web design and online marketing firm Blue Fountain Media DOWNSIDE Bank of America’s (www.bluefountainmedia.com). continuing financial difficulties “Half the stuff on his résumé, it UPSIDE Working for a bank that turned out he didn’t know how to no longer needs government do. He was a disaster.” assistance With clients like the United Bank of America ran into Nations, Sotheby’s and the trouble after it agreed to absorb Yankees, Blue Fountain Media is Merrill Lynch during the height growing fast: Mr. Shaoolian has of the financial crisis. hired about 40 people in the past —EMILY LAERMER six months and is now seeking a Web designer and an account manager. He gets 200 to 500 applicants per opening. To narrow EXECUTIVE MOVES the field and ward off poseurs like the CTO he fired, he’s Deloitte & Touche: developed a rigorous technique. Robert O’Brien, 48, was promoted to U.S. “First, I write a description of real estate leader. He exactly what the job entails and was previously U.S. what attributes and experience audit and enterprise GOTHAM GIGS the right person would have,” he risk management says. “Based on that, I list five to leader. 10 questions that candidates EYP Architecture & Engineering: Ann Barolak, 46, was named project must answer by phone or e-mail executive in the education group. She before we schedule a meeting.” was previously a principal at Cubellis. Pulling No Punches Those who are passionate and Bliss World Inc.: Mike Indursky, 49, articulate enough to pass that joined the skin and body care products time-saving screening are given company as president. He was most forget kickball. Matt Ruggero spends his days teaching kids in further tests. Designers, say, are recently chief marketing and strategic ‘I am a grades six through 12 how to throw a right hook.The 55-year-old officer at Burt’s Bees. asked to explain how they would Makovsky + Co.: Frank surrogate teacher and school social worker started an after-school boxing improve a given Web site. Ovaitt, 62, was named program 10 years ago in the Bronx. ¶ Now he teaches the sport as Ron Fry, head of Career Press executive vice father to (www.careerpress.com), says this president at the public part of the physical education curriculum at Archimedes Academy in interviewing approach is spot-on. relations firm. He was many of the Bronx, the only school in the country to offer amateur boxing for “Most entrepreneurs are so previously president credit.Though critics say boxing is too violent for kids, Mr. busy that they don’t prepare and and chief executive of the Institute for these Ruggero—who as the school’s social worker deals with child abuse, spell out the nonnegotiables,” Public Relations. suicide, homicide and dropping out—says that, if taught correctly, Mr. Fry says. “So it’s too easy to Goldman Sachs Asset Management: children’ be charmed by a smooth talker.” Bill McDermott, 50, was appointed boxing actually improves behavior. ¶ “They have a positive release for Of course, even if you ask all head of the institutional defined their aggression, and they’re totally exhausted after the workouts,” he the right questions, you still have contribution business. He was only about a 75% chance of previously executive vice president, says. ¶ Mr. Ruggero, who grew up on Staten Island watching boxing corporate markets, at AXA Equitable with his dad, also judges professional boxing matches.Though two of getting a good hire, Mr. Fry Life Insurance Co. his students made it to the finals of the says. To address this issue, Mr. Imagination: John Menditto, 37, was Shaoolian puts all new hires on named head of investor relations in the Golden Gloves tournament, Mr. Ruggero, a divorcé with no children probation for three months. Americas at the global brand of his own, says he isn’t interested in these kids becoming champions. communications agency. He was WHAT WAS YOUR WORST hiring formerly director of investment “I am a surrogate father to many of these children,” he says. “I’m mistake? Do you have techniques for relations at Medco Health Solutions. interested in how [boxing] is going to improve their academic life.” picking the right candidates? Tell us See EXECUTIVE MOVES on Page 26 —miriam kreinin souccar at www.crainsnewyork/execinbox. buck ennis

March 8, 2010 | Crain’s New York Business | 25 20100308-NEWS--0025,0026-NAT-CCI-CN_-- 3/5/2010 2:14 PM Page 2

RÉSUMÉ REVIEW Moving grassroots to NYC Is your job search all it could be? We ask the experts. We need to make sure that the that seems important; here’s how NAME SEAN G. MACKELL Exec relocates, sets Democrats in Congress understand much it will cost.” If there’s energy SUMMARY MoveOn’s agenda that failing to pass comprehensive and enthusiasm for it, they’ll do- Music production professional with audio health care reform would potential- nate. We launched a campaign last engineering and marketing skills ly be political suicide. week to support Bill Halter, the from new home base PROFESSIONAL EXPERIENCE Democratic primary challenger of Are you taking on Wall Street? conservative Arkansas Sen.  The Orchard, 2009 BY HILARY POTKEWITZ People are concerned that Wall Blanche Lincoln, with a target of Producer, mobile content Street is back to the same practices $500,000. We raised $800,000 in Managed production and distribution of mobile ringtone content oveon.org Executive that led to the financial meltdown, the first 24 hours—that shows  SpiralFrog, 2007-2008 Director Justin Ruben and that government isn’t stopping energy. Manager, strategic music marketing relocated to New York it. There is no state where voters Supervised marketing campaigns, handled music intelligence and led City earlier this year would say they want their senator Why did you choose New York City over interoperability testing at media-distribution company Mfrom Austin,Texas,and is now run- carrying water for Wall Street, yet Washington, D.C.?  Carib World Radio, 2006-2007 ning the liberal grassroots advocacy conservative Democrats are amass- If you want to follow the minutiae of Director, programming and production group from his home base in Brook- ing huge campaign war chests from the legislative process, then D.C. is Produced editorial content, coordinated broadcast schedule, developed lyn.With health care reform stalling the financial industry. We focus on the best place to be. But that’s not and implemented social networking campaign, maintained Web site in Congress highlighting those links. what our members are doing, and and midterm that’s not what we want to be doing. EDUCATION elections just How do you decide where to spend Also, my wife just finished film  SAE Institute of Technology, audio engineering money?  MOVERS & months away, school, and New York is better for Fort Lewis College, Durango, Colo., fine arts SHAKERS Mr. Ruben’s We say to our launching a film career. Résumé appears in condensed form. job of har- members, EXPERT ADVICE nessing the “Here’s Is George Soros still funding you? Justin energy of 5 something This is amazing. If you watch Fox In a highly competitive job market, employers look to hire specialists, not million mem- News, the one thing they always say generalists. Take your highly technical skills and develop an elevator pitch Ruben bers is in high about MoveOn is that we’re some- about your areas of expertise. Sell your unique skill set, and distinguish gear. how backed by George Soros.The yourself from the crowd of candidates. Your résumé should tell the same truth is that he gave us a grant [of story, only in a longer form. This is the message you want to deliver while Do you still have faith in President $5 million] back in 2004, for a networking and during interviews. Stay active with all relevant industry Obama? Democratic ad campaign, and associations, from audio engineering to mobile. Use industry news and There’s a lot of disappointment that that was it.I have huge respect developments as a way to strike up conversations with former colleagues. he hasn’t fought harder to take on for him, but we are not con- Leverage your network to discover new projects and opportunities. insurance companies, banks and nected. At all. Though I do —ware sykes, director of career services, TheLadders.com lobbyists—and that’s why the like to joke about the “secret To contact this candidate or to be featured in “Résumé Review,” e-mail us Democrats are in trouble. Soros marching orders” at [email protected]. that I have to burn every Where is MoveOn on health care? morning. 

executive. She was previously a director 58, was promoted to president and will principal at the law firm. Independent Film EXECUTIVE MOVES at Mayer Brown. continue in his role as chief operating James H. Rowland, 40, was promoted to Channel: Dan Winston & Strawn: officer. He was previously executive vice principal from associate principal. Pasternack, 41, was Lawrence A. Larose, president. Collective: Jason Bigler, 36, joined the named vice president Continued from Page 25 51, joined the law firm Metro Networks Television: Wayne Lizzi, media and technology company as of development and DE Capital Mortgage: Richard J. Martin, as a partner in the 36, was promoted to senior vice president senior vice president of product production. He was 45, was named senior vice president and restructuring and of television sales. He was formerly vice management and strategy, a newly previously vice sales manager. He was most recently insolvency group, president of advertising sales. created position. He had been vice president of content at executive vice president at Stanley where he will lead the Rosen Seymour Shapss Martin & Co.: Jay president of product management at SuperDeluxe. Capital. financial restructuring B. Goldberg, 52, was named partner in Conductor Inc. National CineMedia: Ian Owen-Ward, 40, Seyfarth Shaw: Greg practice. He was charge of high-net-worth and family Y&R: Kevin Brady, 44, was named global joined as vice president of online and Yates, 53, was named previously a partner at Dewey & office services at the accounting firm. creative director for Dell at the mobile sales. He was vice president, partner in the law LeBoeuf. He was previously a partner at marketing communications company. digital, at Newspaper National Network. firm’s bankruptcy Saatchi & Saatchi X: Thierry Dumoulin, ParenteBeard. He was most recently at Droga5, where LIM College: Rick Lester, 54, was named practice group. He was 42, joined the shopper marketing agency Optimedia U.S.: Greg he had been creative director. dean of academic affairs at the business formerly a partner at as executive vice president and Kahn, 37, was McLaughlin & Stern: Michael S. Paradise, and fashion college. He was previously a Steptoe & Johnson. managing director of the New York promoted to executive 48, was named partner at the law firm. professor of management at the Cobra Legal Solutions: Office. He was most recently at vice president and He was previously counsel at Hartman University of North Alabama. Candice Hunter Corby, Imagination, where he served as client business development & Craven. Roberts & Holland: Ellen Seiler Brody, 36, 39, joined the document review and services director. director. He was ContextWeb Inc.: Peter Green, 50, was was promoted to partner from counsel at litigation support services firm as chief Ridgewood Savings Bank: Peter M. Boger, previously senior vice named executive vice president of sales the law firm. president and director at the advertising firm. He was most HITN-TV: Ricardo Sternbach, 50, was of strategic insights. recently at Undertone Interactive, named director of sales and marketing at CORPORATE LADDER Sesame Workshop: Daniel N. Lewis, 32, where he was senior vice president of the Hispanic information and was named director of new media national sales. telecommunications network. He most communications, a newly created Scarola Ellis: Daniel C. recently served as national account FINANCE EXECUTIVE TAKES CHARGE position. He was most recently an Malone, 52, joined the manager at Caribe Vision Networks. BRIDGET A. MACASKILL, 61, was promoted to chief executive at First Eagle independent consultant. law firm as a partner. [x+1]: Mike Dillon, 48, joined as vice Investment Management and will continue in her role as president. She had Angelo Gordon & Co.: Richard Leonard, He was formerly a president of sales for CPG Connect, at 40, was named managing director in the partner at Dechert. the online targeting platform. He was been the chief operating officer since joining the asset management firm in private equity group at the investment SheSpeaks: Cary vice president of brand activation January 2009. In her new role, she will help develop the adviser. He had been a managing director Munk, 42, joined the marketing at Pepsi Cola North America. strategic direction of the firm and will manage the day-to- at Bruckmann Rosser Sherrill & Co. marketing and social CNY Builders: Dennis Prude, 59, joined day operations. Ms. Macaskill has more than two decades STV: John Drygulski, 59, was promoted media platform as vice the construction and development of experience in asset management; she was formerly chief to senior vice president from vice president of business development. He services firm as director of field executive of Oppenheimer Funds for 10 years. She was president at the construction was previously at CafeMom, where he operations. He was previously senior management firm. served as East Coast sales director. vice president and director of field named one of the 50 Most Powerful Women in Business by Citrin Cooperman & Co.: Arnold J. Dahlman Rose & Co.: Darren Gacicia, 34, operations at Bovis Lend Lease. Fortune, serves as a non-executive director of Prudential Plc Herrmann, 47, was named partner and joined the investment bank as vice —maia blume and is a trustee and member of the investment practice leader in the accounting and president of equity research. He was a committee of TIAA-CREF funds. First Eagle consulting firm’s entertainment, media vice president at Morgan Stanley. Investment Management has approximately $39 and family office group. He was most Kleinberg Kaplan Wolff & Cohen: Robert EXECUTIVE PROMOTIONS billion in assets under management. recently a senior managing director at L. Berman, 59, was promoted to The fastest way to get an announcement into Starr & Co. member from of counsel at the law firm. —MAIA BLUME Crain’s is to submit details online. Fill out the form Zetlin & De Chiara: Bill Chimos, 36, was Jason P.Grunfeld, 33, was promoted to at www.crainsnewyork.com/submit. The promoted to principal from associate member from associate. Executive Moves column is also available online.

26 | Crain’s New York Business | March 8, 2010 20100308-NEWS--0027-NAT-CCI-CN_-- 3/5/2010 2:16 PM Page 1 chemex / INSATIABLE CRITIC ANALYSTS will host a program on the value flickr.com Gael Greene of an MBA degree in today’s market from THE 6 p.m. to 8 p.m. at , 10th floor. Admission is free for members and $35 for nonmembers. Call WEEK (212) 541-4530 for additional details. SEMINARS Fun, busy bistro TUESDAY, MARCH 16 AHEAD THE NEW YORK PUBLIC LIBRARY’S SCIENCE, INDUSTRY AND BUSINESS MARCH 15-21 LIBRARY will present a lecture on tax tips has late-night beat for your 2009 return from 6 p.m. to 7:30 WHAT HE’S p.m. at 188 Madison Ave., lower level CONFERENCES room 018. The event is free. For further READING If you visit Bagatelle TUESDAY, MARCH 16 information, call (917) 275-6975. THE NATIONAL REALTY CLUB will hold a LARRY KIRSHBAUM, founder of simply for the food, lunch on asset preservation for the real CULTURAL EVENTS LJK Literary Management, reads estate industry from 12 p.m. to 2 p.m. at WEDNESDAY, MARCH 17 Pick two to three books at once. “I bring your earplugs The Friars Club, 57 E. 55th St. Fees are Head to the MANHATTAN of the love reading. It’s my vocation and $55 for members and $125 for SCHOOL OF MUSIC for a week avocation,” says the former chief agatelle, an oddly nonmembers. Contact (212) 551-1013 concert of works by of Time Warner Book Group. “I’m or [email protected] for details. charming little bistro in Richard Wagner, Stephen a very dull boy, but well-read.” the meatpacking district, Sondheim, Wynton Marsalis and NETWORKING RECEPTIONS others, performed by the school’s brass Mr. Kirshbaum recently read The is a hive for noisy Euro- THURSDAY, MARCH 18 orchestra. The concert will take place at Evolution of God, by Robert Wright; peans and the voyeurs buck ennis Join THE NATURE CONSERVANCY’S YOUNG 7:30 p.m. in the John C. Borden Stephen King’s Under the Dome; Bwho like to breathe the same air and FAN OF LA PLANCHA: calamari & peppers PROFESSIONALS GROUP for its annual Auditorium, at Broadway and West and Noah’s Wife, by T.K. Thorne, a pretend they belong. It helps if you cocktail benefit from 7:30 p.m. to 10:30 122nd Street. Admission is free; tickets book that his firm handled. groove with the vibrating throb of p.m. at The Prince George Ballroom, are not required. For more information, Mr. Wright’s book “is a BAGATELLE 15 E. 27th St. Fees are $70 for members call (917) 493-4428 or visit disco, which gets louder as the night 409 W. 13th St. fascinating take on how religions goes on, and actually seemed to be and $90 for nonmembers. Preregistration www.msmnyc.edu. (212) 675-2400 have evolved, as opposed to all coming up through the seat of our se- is required. Contact (212) 381-2183 or www.bistrotbagatelle.com [email protected] for more information. SATURDAY, MARCH 20 the myths about them,” Mr. riously underpadded banquette. Visit THE FRICK COLLECTION at 1 E. 70th Not your kind of place? Obvi- Kirshbaum says. He calls Mr. King’s PROGRAMS & WORKSHOPS St. to see masterpieces of European ability to combine “literature and ously, not exactly mine. So, you ask, TUESDAY, MARCH 16 painting from London’s Dulwich a fast-paced plot” in his 1,074- why bother to write about it? CUISINE French CAMBA will host a workshop on develop- Picture Gallery.The exhibit is open page book—about a transparent Well,the truth is,the food can be PRICE RANGE Entrées ing a business plan from 3 p.m. to 5 p.m. through the end of May. Museum hours at 884 Flatbush Ave. in Brooklyn, second on Saturday are 10 a.m. to 6 p.m. dome engulfing a town in Maine— very good.There’s toast to pile with $25 to $42.50 whipped ricotta while you wait for floor. The event is free; preregistration is Admission is $18 for adults, $12 for amazing. And he was impressed your friends. The salade Landaise SERVING Dinner seven days; required. Call (718) 282-2500 or e-mail senior citizens and $5 for students. with the deep research done for with frisée, bacon lardons and a brunch Sat.-Sun. [email protected] for details. Children under 10 are not admitted. For Noah’s Wife. “Everybody knows more information, call (212) 288-0700 about Noah and his famous ark, poached egg is all that it should be. RESERVATIONS Suggested THURSDAY, MARCH 18 or visit www.frick.org. Half a truffled roast chicken arrives THE NEW YORK SOCIETY OF SECURITY —maia blume but no one knows about moist and juicy, wreathed with lus- NOISE LEVEL Disco fever Na’amah,” Mr. Kirshbaum says. cious country-style roasted potato I can’t wait to return. To view Crain’s full calendar listings, go to www.crainsnewyork.com/events —AMANDA FUNG chunks and buttery mushrooms.The romantic decorative relief and mold- I will definitely go back. ings on the white walls are quite I’ll let them simmer awhile. charming, the faux Warhols amus- NO HATS Never again. ing, and the staff not at all snooty. Nearly empty when we arrive at 9, the room starts to fill up about 10 My guy is pleased, though, with and is jammed by 11, with several fluted calamari à la plancha—a large groups: a squadron of guys in skimpy six small carcasses, to be one corner;a romantic couple eating sure—crisscrossed with a pair of at the bar;the clusters of good-look- deep-fried shishito peppers. As a ing women that you see in twos and macaroni-and-cheese chauvinist,I’m threes and fives in lively restaurants. not sure why the chef didn’t bake the Perhaps they followed Marseille- elbow pasta with milk and cheese in- born Aymeric Clemente from man- stead of tossing it with veal jus,French aging gigs at La Goulue,Le Colonial ham and Emmental. But it’s not like and Le Bilboquet, or man-about- anything we’ve eaten anywhere.I like town Remi Laba, the owners here. it. And my guy likes it even more. Now at Bagatelle’s two-year an- They’ve turned the lights down niversary, nocturnal fun-lovers re- and the sound is up to agitato,but we turn for chef Nicolas Cantrel’s are not giving up on dessert. An un- French bistro familiars: beef tartare, dercaramelized tarte tatin pales in charcuterie, pissaladière niçoise, comparison with the stellar version steak au poivre, pasta, even a veal I recently had at Benoit. I’m curious chop with Calvados sauce in the about Paris-Brest filled with Nutel- style of the Vallée d’Auge—every- la,but resist in favor of the chocolate thing pretty on the plate, as befits a tart—an amateurish version, sad to graduate of Alain Ducasse’s kitchen say, with big, fat, perfect raspberries at Aux Lyonnais in Paris and Le and wonderful lemon sorbet. Louis XV in Monte Carlo. As I said,that was a Tuesday.Such With starters from $10 to $20— fine distinctions matter little on most or a basket of crudités with dipping any other night,when DJs famous in sauces to share—and entrées from St.-Tropez and St. Barts stir up $25 to $42.50 ($85 for Côte de tropical reveries.They start the mu- Boeuf with pommes frites and salad sic with old classics at 8 p.m., heat- for two), it’s not cheap. But it’s not ing it up to a rolling boil about 11, too bad for a Tuesday night out. when revelers whipped into a frenzy Still, $18 seems aggressive for an of dancing are prancing on chairs appetizer of four small sea bass- and banquettes (where spike heels filled ravioli in a flutter of fried arti- would rip through any padding). choke leaves. And the endive salad Weekend brunch is even wilder. with walnuts, blue cheese and pear is missing something: oomph defi- Copyright © 2010 by Gael Greene. nitely,possibly a rousing vinaigrette. Syndicated by www.insatiable-critic.com.

March 8, 2010 | Crain’s New York Business | 27 CN013498 2/12/10 11:39 AM Page 1

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