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INSIDE HOW TO JUMP-START TOP STORIES AFFORDABLE Why the insider- HOUSING trading scandal BY STEVEN SPINOLA at McKinsey won’t ® easily go away PAGE 9 PAGE 3 Cuomo’s VOL. XXVII, NO. 10 WWW.CRAINSNEWYORK.COM MARCH 7-13, 2011 PRICE: $3.00 Medicaid savings: now the hard part PAGE 2 Hopes, not beams, rise at former movie palace in Flushing PAGE 2 David Barton can’t lift $66M debt load FISHED OUT PAGE 4

Yo! Staten Island says Joseph Sciabarra,owner of Mt.Sinai Fish wants its fair share Rising costs, sinking sales killing off Inc. “They pay rent on 15% of the building.” The wholesalers are in a vise, caught be- of city tourists vendors at the New Fulton Market tween declining sales and rising operation NEW YORK, NEW YORK, P. 6 costs. Since 2004, fish consumption in the New Fulton Fish Market. U.S. has fallen steadily, according to Nation- BY LISA FICKENSCHER The century-old firm is the largest tenant al Fisheries Institute, and the recession exac- of the Hunts Point market and the fourth in as erbated the falloff. LATE LAST MONTH IN THE BRONX, one of the many months to have hit a financial wall.The The result is a crisis for the city-owned city’s oldest and largest seafood wholesalers three previous casualties are gone for good, market, which moved to the Bronx from its filed for Chapter 11 bankruptcy protection. leaving the sprawling facility, which is run as a longtime home in lower Manhattan in 2005. The problems of M. Slavin & Sons Ltd. and cooperative, with a 30% vacancy rate. Some of At that time, the city projected that the $86 its 80-year-old patriarch, Herb Slavin, could the 30 or so remaining tenants fear that Slavin’s million, state-of-the-art, refrigerated facility affect far more than creditors and its 105 misfortune could drag them down, as they would actually help grow business. workers, who fillet fish, drive delivery trucks would have to pick up its share of the rent. “It was overbuilt to give us room for expan- and handle sales at its headquarters in the “If Slavin goes out, that will be a big hurt,” See FULTON FISH MARKET on Page 20 BUSINESS LIVES buck ennis GOTHAM GIGS Fox populi? Not Bronx pol Fixing old denims, by the. seat of his pants P 21 in housing ● ANNE FISHER on an online forum for student so much, lately entrepreneurs P. 21 hullabaloo ● MOVERS & SHAKERS Creating entertainment Cable juggernaut sees ratings slide intensify. Arroyo tried to steer for the small screen P .. 22 It’s hardly alone, as Web passes TV for news ● GAEL GREENE finds $1 HUD foreclosure fleeting joy P .. 23 year-olds declined by 49% in Jan- to campaign funder BY MATTHEW FLAMM uary and 32% in February, accord- ing to Nielsen. IN FEBRUARY, as rebellions spread Stalwarts Bill O’Reilly and Sean BY DANIEL MASSEY wide world photos wide INDEX across the Middle East and Madi- Hannity have also been taking dou- / ap LAST WEEK son, Wis., prime-time ratings ble-digit hits for months. MELTING MOJO: Glenn Beck’s February , tenants at a run-down IN THE MARKETS ______4 spiked on CNN and MSNBC. But while Fox News may be on ratings were down 32% versus a year earlier. 145-unit apartment building for VIEWPOINT ______8 That wasn’t the case at Fox News. the losing end of a news cycle that seniors in the South Bronx cut a

THE INSIDER ______10 The 800-pound gorilla favors international cover- cake to celebrate their new owner,

CLASSIFIEDS ______18 of cable news continues a age—never its strong ternet, and that’s been increasing a Manhattan-based nonprofit ratings slide that started 48% suit—larger trends could steadily for the last couple of years,” housing group that had just HOT JOBS ______21 last spring.Glenn Beck,the VIEWERS aged spell trouble for all cable said Tom Rosenstiel,director of the bought the property’s foreclosed EXECUTIVE MOVES ______21 30 to 49 who network’s fastest-rising star cited the Web as news outlets, according to Pew Research Center’s Project for mortgage for $1, promising to RÉSUMÉ REVIEW ______22 a year ago, has suffered the their primary analysts. Excellence in Journalism.“That is a make $8 million worth of desper- THE WEEK AHEAD ______23 greatest falloff among the news source “We are seeing a move challenge to cable news generally.” ately needed repairs.

WHAT HE’S READING ______23 Fox News talking heads. across the country of peo- The project’s State of the News And they gathered to breathe a His target audience of 25- to 54- ple getting their news from the In- See FOX NEWS on Page 20 sigh of relief that City Council- woman Maria del Carmen Arroyo failed in her efforts to deliver the REPORT SMALL BUSINESS seven-story property—known as Borinquen Court—to a politically Experts exhort: Export! P. 11 Why big banks connected team that did not have are suddenly into small biz lending P. 14 the experience needed to operate it,according to federal housing of- LIST P. 17 ficials.

NEWSPAPER Top conventions and events See BRONX on Page 7 20110307-NEWS--0002,0003-NAT-CCI-CN_-- 3/4/2011 8:06 PM Page 1

IN BRIEF Medicaid cuts’ devilish details NEGOTIATIONS OVER THE MACY’S THANKSGIVING DAY PARADE ROUTE ARE heating up as the city considers whether to keep Hospital Association and 1199 SEIU,who the event on Seventh Avenue for the third year Battle lines form over med-mal reform have in the past successfully killed cuts to straight or to move it to Sixth Avenue. Sources Medicaid reimbursements, are throwing said a meeting last week between city officials even as long-term fixes are ignored their considerable weight behind reform and the Times Square business community this time. On Saturday, they launched a reflected the city’s ambivalence over the route, Thursday afternoon, it had become clear statewide radio and television advertising which in 2009 was moved to Seventh Avenue, BY BARBARA BENSON that Mr. Cuomo will not back down on campaign that urges support of Mr. Cuo- crossing over to Broadway at Times Square. medical malpractice. He has proposed a mo’s effort. The campaign, which a Some nearby businesses stand to lose significant GOV. ANDREW CUOMO pulled off a political $250,000 cap on noneconomic damages GNYHA spokesman labels a “significant revenues if the route is moved again.The city miracle by getting powerful health care in- and an indemnity fund for neurologically buy,” runs for two weeks. and Macy’s declined to comment on the terests to hammer out a package of $2.3 impaired infants. The appropriation lan- There’s a second battle brewing. discussions, though a spokesman for the mayor billion in Medicaid cuts guage cleverly The governor’s Medicaid plan throws confirmed that no decision has been made. and reforms in a blazing links the two com- pharmaceutical manufacturers and pa- seven weeks. ponents, thereby tient groups into a political alliance, unit- TRINITY REAL ESTATE IS NEGOTIATING A DEAL As the package forcing lawmakers ed by proposed restrictions on drugs. In WITH PEARSON PLC UNDER WHICH THE makes its way through to keep both re- 2009, New York state spent $813 million British media giant would move its U.S. the legislative process, forms intact. on drugs whose use is exempt by state law operations on Sixth Avenue into 330 Hudson however, there are al- “This is a tactic from prior authorization. The deep- St., a stalled development property that the ready signs that key ele- where the gover- pocketed drugmakers will fight to keep landlord took back last year after a nasty legal ments could unravel. nor is saying,‘Take the Medicaid pharmaceutical guidelines battle.The discussions could still fall apart, as And while observers re- it or leave it,’ ” said intact. they are in the early stages and the transaction is main hopeful that re- Gary Fitzgerald, complicated. Sources said the deal was especially ductions in Medicaid president of the Punting on eligibility and benefits reform complex because it would mostly likely involve spending will still meet Iroquois Health- SOME OBVIOUS REFORMS never made it into an unspecified developer to complete the former the governor’s target, care Alliance, Mr. Cuomo’s Medicaid proposals, a fact printing facility. A Trinity spokesman declined some structural reforms which represents lawmakers were reminded of at a legisla- to comment, while a Pearson spokeswoman said considered vital to upstate health care tive hearing on Medicaid last week. she wasn’t aware of negotiations. Medicaid’s long-term interests. A Medicaid task force convened by the financial health were Trial lawyers governor,for example,made little attempt NEW YORK UNIVERSITY EXPECTS TO GET A not even addressed. are on the to address two issues considered untouch- GREEN LIGHT FROM THE CITY’S LANDMARKS newscom warpath. Stephen able by New York politicians: peeling Preservation Commission as early as next No backing down Younger, president back Medicaid eligibility and its generous month for its planned landscaping for the Silver THE MOST contentious Cuts and savings of the New York benefits. Towers block, in Greenwich Village. “We are piece of Mr. Cuomo’s State Bar Associa- “One in four New Yorkers are on Med- trying to find ways to make the blocks work Medicaid platform is have earned the tion, is lobbying icaid, and that is a figure that doesn’t seem better for the public and residents,” said Alicia medical malpractice re- the Legislature to right to us,”said Mr.Fitzgerald.State law- Hurley, NYU’s vice president of government form. The state’s hospi- hospitals and reject the med-mal makers should discuss changing eligibility affairs and community engagement. NYU tal lobby has pushed for proposal. guidelines,a policy move that requires fed- intends expand a playground and dog run, and an overhaul unsuccess- unions a key ally: “We’re going to eral approval, he said. restore historic features such as lamps. Ⅲ fully for years. This year, say it is improper With most of the state’s Medicaid pop- after committing to the governor to include proce- ulation concentrated in New York City, $400 million in hospital dural changes in upstate interests believe Medicaid’s op- BY THE NUMBERS cuts and $640 million in how the courts tional benefits should also be slashed. industry-wide Medicaid handle the cases in “We represent large employers upstate, Weekly shift of the city’s economy savings, the hospitals a budget bill,” Mr. and every one of them has had to cut ben- and unions have earned Younger said, efits with higher co-pays and deductibles,” EARLY SPRING Shoppers are buying. Employers themselves a key ally: the governor him- adding that the state’s hospital associations said Mr.Fitzgerald.“My board says they’ve are hiring. Unemployment is falling. Now if only oil prices would stop rising, the outlook would be self. were “given something they wanted so they gone through painful changes to employ- bright indeed. By the time lawyers and health care lob- would go along with Medicaid reform.” ee benefits packages.But the state has done Ⅲ byists finished poring over the bill late For their part, the Greater New York nothing with Medicaid.” newscom 3B 4.4% 8.9% NUMBER of TV RISE in same- JOBLESS RATE shows watched store sales in for the U.S.—the on websites in Feb. from year- lowest in nearly NEIGHBORHOOD JOURNAL Dec., up 96% earlier levels two years versus a year Source: Kantar Retail Source: U.S. earlier Department of Labor Source: comScore Inc.

PAIN AT THE PUMP The price of gas in NYC has been Rental building may be ticket rising steadily for more than two years, and lately, the increases have accelerated. to revival of Flushing RKO site

the theater, or at least to make use of the move forward after so many years of dete- Residents hope third try site,have come and gone.As the years have rioration and neglect,” said Queens Bor- to build on landmarked passed, proposals for the increasingly ough President Helen Marshall in a state- time-ravaged building have morphed from ment. “[The theater] has a rich history theater will work preservation efforts to plans to convert the filled with memories of vaudeville and site into a residential development. classic movies.” Source: Energy Information Administration Now, area residents and officials are BY AMANDA FUNG pinning their hopes on the third major re- All-too-familiar ground ADDICTED TO NUMBERS? development proposal. Last month, Com- THE CAVEAT is the fact that Flushing has GET A DAILY DOSE AT @STATSANDTHECITY FOR MANY PEOPLE in Flushing,Queens,the munity Board 7, which covers Flushing, been down this road before. Two earlier opulent former RKO Keith’s Theatre was approved a plan by Manhattan-based de- owners of the theater failed in their at- vol. xxvii, no. 10, march 7, 2011—Crain’s New York Business (issn more than a local landmark: It was a sec- veloper Patrick Thompson. He wants to tempts to revamp the property. These be- 8756-789x) is published weekly, except for double issues the weeks of July Fourth, Labor Day and Christmas, by Crain Communications ond home. preserve the ornate lobby of the 83-year- gan in 1986, when Queens developer Inc., 711 Third Ave., New York, NY 10017. Periodicals postage paid at Ed Tracey, whose boyhood house was old theater and build a 17-story, 357-unit Thomas Huang bought the already badly New York, N.Y., and additional mailing offices. Postmaster: Send just a block behind the theater, recalls rental apartment building at the site,locat- deteriorated property, planning to convert address changes to: Crain’s New York Business, Circulation Depart- ment, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber sneaking into the movie palace as a child. ed at the intersection of Main Street and it into a retail complex and hotel. He was service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a copy, $59.79 And he remembers seeing Star Wars there Northern Boulevard.The projected cost of accused of demolishing landmarked por- one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2011 by Crain Communications Inc. 25 years ago, just before the curtain came the project is $160 million. tions of the theater and hit with multiple All rights reserved. down for the last time. “We are delighted that there is a new building violations. In the end, he pleaded Since then, a series of proposals to save and attractive plan for this building to guilty to a misdemeanor and stopped work

2 | Crain’s New York Business | March 7, 2011 20110307-NEWS--0002,0003-NAT-CCI-CN_-- 3/4/2011 8:06 PM Page 2

Power Scandal surge taints for biz Firms rush to help McKinsey as deadline for green building law nears

Ex-CEO’s insider tip-offs put BY MARINE COLE firm’s rep, client roster at risk WITH A MAY 1 DEADLINE looming for New York City landlords to report energy and water usage at their BY AARON ELSTEIN buildings,dozens of firms are scram- bling to help property owners meas- IN NOVEMBER 2008, with the world’s financial system in free ure up. The businesses are hawking fall, Rajat Gupta made some strikingly prescient remarks. THE McKINSEY everything from sophisticated soft- “Every organization is vulnerable to a sudden shock,” the WEIGH: The famed ware tools to hotlines and seminars. former chief of McKinsey & Co.told an audience in Dubai. consulting firm’s Under Local Law 84—part of a many Fortune “There’s only one thing that’s predictable about crises: 1000 clients must package of laws known as the Green- Sooner or later, almost every organization will endure one.” decide if former er, Greater Buildings Plan—the It’s McKinsey’s turn. chief Rajat Gupta’s owners of more than 20,000 buildings The world’s most prestigious management consultancy insider trading was in the city are required to establish the was shaken to its core last week when federal authorities an anomaly. benchmarks for their energy and wa- charged Mr. Gupta with insider trading for giving a hedge ter consumption, with an eye toward fund manager confidential information about Goldman reducing both over time. An online Sachs and Procter & Gamble when he served on their tool, Portfolio Manager, lets owners boards. The allegations came a year after another McKin- track and manage water and energy sey executive pleaded guilty to passing along tips to the same use. Owners of large hedge fund. The cases are devastating for a blue-chip firm buildings must com- 20K+ whose reputation rests not merely on providing corporate ply or face fines. leaders with smart advice but also safeguarding their secrets. Among those NUMBER of buildings in “It’s sickening,” said former McKinsey partner Gary offering help is the New York City MacDougal, now an independent adviser to state govern- nonprofit Urban affected by ments. “For those who know and love the firm, whose lives Green Council, Local Law 84 were transformed by it, this is very, very hard to deal with. which is providing It’s like a death in the family.” free seminars by consultants to edu- McKinsey partners are the high priests of capitalism. cate owners on the finer points of the Armed with PowerPoint presentations, they tell businesses law and the ongoing reporting how to operate more efficiently or tell countries how to act process. more like companies. The terminology pioneered by what “Portfolio Manager is a pretty See McKINSEY SCANDAL on Page 20 straightforward system, but many owners haven’t had any experience

newscom with it,”said Anna Dengler,director of sustainability at Great Forest, a for-profit outfit that is participating in Urban Green’s program. might finally happen here,” said Mr. apartments in the project and what MEZZANINE FUNDING? Tracey,who last year formed Friends affect that will have on the already Somethin’ for nothin’ Even if it is OK’d, the A GOOGLE SEARCH development—which would of the RKO Keith’s,designed to save bustling Flushing community in for “Local Law 84” preserve the theater’s the landmark.The nonprofit folded terms of pedestrian traffic. and “consultant”returned more than lobby—requires financing. after Mr. Thompson bought the “It’s an emotional site,” said 9,000 results,a clear indication of the property and the group realized that Chuck Apelian, vice chairman of business opportunity that many see. taking possession of the building or Community Board 7, who voted Firms including Great Forest, Eco- reviving it as a theater were both im- against the new plans because of his logical and Bright Power are offering possible tasks. concerns over the volume of traffic to help with the reporting—some- “I’m excited that he [plans to the new apartments would generate. times for free,as a door-opener.Great turn] the building into something Next month, in a crucial vote, Forest has set up a free help line to usable,” Mr. Tracey said. the city’s Board of Standards and address building owners’ questions. Appeals will decide whether to ap- “If building managers know us as All about parking prove Mr. Thompson’s planned helpful consultants, they may come MR. THOMPSON hopes to begin con- number of apartments, an increase back to us,” Ms. Dengler said. struction before the end of the year, over the 200 that the BSA had ap- Three-year-old Ecological uses its but his progress depends on getting proved back in 2005 under the own proprietary system to help prop- the necessary approvals and financ- plans submitted by Mr. Boymel- erty owners and managers bench- ing. Since taking over the property, green. mark their energy use as a first step to- he has met with community mem- “There will always be people ward reducing it, along with energy bers about their concerns, ranging who have different viewpoints,” costs. In the past six months, Ecolog- from how much of the old theater Mr.Thompson said of the approval ical has been aggressively pitching its will remain to how many parking process. services through direct mailings and spaces the new building will provide. He does expect the BSA to OK follow-up phone calls to landlords. Responding to community rec- his plans, but notes that after that, The campaign has already paid off.

studio v ommendations, Mr. Thompson he will need to obtain financing to “In the past two months, we’ve added 25 parking spaces to the 360 actually proceed. doubled the number of clients for on the project. minium on its site. When he de- he had proposed. “We are moving forward, and I benchmarking to 300,” said Brian In 2002, then-high-flying faulted on his mortgage, Mr. “We feel that a lot of them will am very confident.” Ⅲ King, president and chief operating Brooklyn developer Shaya Boy- Thompson stepped in, paying Do- be unused,” he said. officer at Ecological. “I expect we’ll melgreen bought the theater and ral Bank $20 million for the loan. Some local representatives are LISTEN to a discussion at double again before the law comes released plans to build a condo- “I am hopeful that something worried about the high number of rk.com/audi CrainsNewYork.com/audioo into effect.” Ⅲ

March 7, 2011 | Crain’s New York Business | 3 20110307-NEWS--0004-NAT-CCI-CN_-- 3/4/2011 8:35 PM Page 1

David Barton Gym to get IN THE MARKETS spotting help from Chapter 11 by Aaron Elstein

sus a targeted increase of 20%. The company expects to emerge Will partner with “They’ve always been positioned from bankruptcy within four months. cheaper Calif. chain as a high-end, unique offering with “It’s important to note that all an unusual design that is very the- David Barton gyms will continue to No more Swiss miss for UBS? on new ventures atrical,” said Rick Caro, president of serve members as usual,” Mr. Barton, ACK IN 2000, Switzerland’s UBS consulting firm Management Vi- who is also chief executive, said in a BY ADRIANNE PASQUARELLI sion, which follows the fitness club statement.“All of our member agree- made a loud statement about its industry.“They spent a lot of money ments will remain in effect.” ambitions in the U.S. when it AFTER BULKING UP B too fast,David Bar- on atmosphere and environment.” Mr. Barton has formed an al- paid $11 billion to acquire brokerage ton Gym is trying to slim down. The company has three liance with Meridian Sports Club PaineWebber. Unfortunately,the bank The 19-year-old fitness New York locations and California. Meridian, which also chain filed for Chapter 11 uses the name Bodies in Motion, spent the second half of the decade just bankruptcy protection operates 12 health clubs in Califor- trying to survive. last week under the cor- ‘The nia and Hawaii. It also has a lease in UBS was socked by $58 billion in porate name Club Ven- Las Vegas, and under the terms of mostly mortgage-related losses and ture Investments. the partnership, a David Barton The company, known for its cash gym will open in that space in Sep- pink-slipped 20% of its staff.The fancy facilities, is looking to re- tember. The companies plan to Swiss government had to bail it out, structure its debt and is bringing flow is fine; launch two Los Angeles gyms under in a partner. As part of the filing, the same arrangement. while clients fled from its bedrock who joined in 2009 after running David Barton announced that it it’s just a business of managing money for Merrill’s best-in-class brokerage will team up with a lower-priced Good match rich people. Worse, the bank’s repu- business. California-based fitness chain on large debt THEIR DIFFERENT price structures tation was flogged in 2009 when it There are some signs of improve- future ventures. could make the two chains a good was fined $780 million by the U.S. ment. For example, UBS says clients Founder David Barton (right), a load match. David Barton’s membership government to settle charges that it have invested more money than nightclub-scene fixture in the fees are about $150 a month;Merid- helped thousands of American they’ve taken out for three consecu- 1980s, got into trouble with an am- to carry’ ian’s are significantly less. clients use Swiss accounts to evade tive quarters. Still, the division post- bitious retail expansion between “Meridian is more of a medium- U.S. taxes. Criminal charges were ed a pretax loss last year of about $120 2005 and 2009, when retail rents priced club,”said Mr.Caro.“The re- dropped last year—only after 18 million, compared to a $30 million peaked.Two years ago, for example, sources of the two companies might months of probation. profit in 2009. Exact comparisons the chain opened a 40,000-square- three outposts—in Chicago, Miami be shared so that there might be no But UBS is showing signs of with Merrill aren’t possible, but foot location at 4 Astor Place. and Bellevue, Wash. It said all opera- need to have two sets of back office, crawling out of the abyss.Client de- BofA’s global wealth management tions will remain open. if they decide to really get together.” fections have receded, and a new division generated $2.4 billion in High-end offering “The cash flow is fine; it’s just a Other gyms have filed for bank- regime is beginning to rebuild the pretax income last year. (The chief THE COMPANY ran up a debt load of large debt load to carry,” said Rivian ruptcy protection over the course of battered wealth-management and executive of UBS, Oswald Grubel, $65.5 million,far more than its 2010 Bell,a spokeswoman for David Bar- the recession.Bally Total Fitness and investment-banking businesses in won’t get a bonus for last year’s work.) revenues of $28.3 million.Revenues ton Gym, which has about 13,500 Crunch Fitness, for instance, have New York. Last month, UBS even One reason the UBS division is Ⅲ bloomberg news posted an 18% rise from 2009, ver- members nationwide. already emerged from Chapter 11. hired Louise Gunderson (above),a top- still in the red: Mr. McCann has to shelf adviser at Bank of America Merrill recruit costly big-time brokers like Lynch,where she managed $650 mil- Ms. Gunderson. In fact, personnel lion in client assets. She will work at costs rose by 4% last year in dollar UBS’s flagship branch in midtown. terms.Compensation costs are tick- “UBS is small enough to be nim- ing up at other firms, such as Morgan ble, large enough to be relevant,” Stanley Smith Barney, as big broker- said Ms. Gunderson, a 40-year vet- ages poach their rivals’ top produc- eran of Wall Street who has been ers with the biggest clients and the listed as one of the nation’s top 100 most commissions. female financial advisers by Barron’s As the business formerly known as in each of the past four years. PaineWebber fights for its share in With 6,800 financial advisers, this ultracompetitive market, the UBS’s retail brokerage operation is question is how badly the problems at only about a third the size of Mer- its Swiss parent will hinder its success. rill’s, but it appears to be a popular Ms. Gunderson, for her part, surveys destination for advisers unhappy the blows taken by her many financial about the Thundering Herd’s merg- services competitors and says she isn’t er with Bank of America during the worried about any lasting damage to financial crisis. her new firm’s reputation. UBS’s U.S. wealth-management “All the brands,” she said, “are division is run by Robert McCann, tarnished in some way.” This is of the highest interest

PRICES FOR SHARES of Hudson City Analysts at research firm FBR Bancorp took a hit of 14% last week Capital Markets soon spelled out after the New Jersey bank disclosed the problem a little more dramati- concerns by federal regulators that cally: Hudson City has $30 billion the bank might face significant loss- of borrowings, for which it pays an es if interest rates rise. interest rate of 4.07%. But under The parent of Hudson City Savings certain conditions—such as if inter- Bank noted in its annual report last est rates soared by 200 to 300 basis week that the Office of Thrift Supervi- points—Hudson City could be sion could require the fast-growing called upon to repay up to $15 bil- S&L to cut dividend payouts, raise lion of those borrowings at an inter- capital or shrink its asset base. est rate of as much as 11%. Ⅲ

e Business Bank Share of Revlon’s $369 million in revenue last year generated by sales at Walmart, according Sterling4Biz.com 212.757.1100 22% to Standard & Poor’s Leveraged Commentary & Data. The cosmetics company is owned by renowned dealmaker Ronald Perelman.

4 | Crain’s New York Business | March 7, 2011 CN014219 2/4/11 3:53 PM Page 1

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MARCH IS NATIONAL KIDNEY MONTH 26 million Americans — 1 in 9 adults — have kidney disease and most don’t know it. HIGH NEW YORK,NEW YORK edited by Valerie Block BLOOD PRESSURE. DIABETES. PROCRASTINATION.

THREE THINGS THAT CAN LEAD TO KIDNEY DISEASE. newscom S.I. dreams of drawing its share of city tourists HE CITY MAY BE FLOODED WITH TOURISTS, but few of them visit Staten Island. If Tthey do, it’s usually for as long as it takes to catch the next Manhattan-bound ferry. ¶ However, a plan by the city’s tourism bureau to give Staten Island’s attractions a big loveyourkidneys.org push this summer could change that. ¶ “It’s my personal goal to pump it up,” said George Fertitta, chief executive of NYC & Company.“We are currently investigating how we can This message is made possible with support from help program sporting, music, cultural and food events in the St. George section.” ¶ Among Mr. Fertitta’s tourist-friendly ideas is to hold special events at the Richmond County Bank Ballpark, home of the Staten Island Yankees, on the 17 summer days it isn’t hosting a game. James Molinaro © 2011 National Kidney Foundation, Inc. All rights reserved. 03-25-522B_BBB ¶ Borough President installed a visitors’ kiosk by the ferry dock last year. “Even residents weren’t aware of the things to do on Staten Island,” said Mr. Molinaro’s spokeswoman, adding that residents pick up a lot of literature at the kiosk.

to Mr. Stedman. Brooklyn loved ones,” Ms.Towers said. JOIN CRAIN’S Brewery, Starwood Hotels and the “We’re trying to get people to Brooklyn Museum have all placed think differently about aging and ADVISORY PANEL ads, he said, and “there’s not a disability and get it out of the single comped ad.” medical supply-store ghetto.” The publisher noted that a The trio put together nearly Looking for readers to share stack of Brooklyn glossies have $750,000 in seed capital and are views and opinions. come and gone over the past now in talks with private equity decade, but he believes that his firms for more funding.They title will be different. “They were project sales of $2 million to $3 Sign up for FREE today. ahead of their time,” he said. million this year. www.crainsnewyork.com/advisory Beauty before age What job BABIES ROUTINELY travel in $800 CRAIN’S NEW YORK BUSINESS strollers and sleep in designer shortage? cribs, so the three founders of UNEMPLOYMENT remains Omhu felt it was time to give stubbornly high overall, but one similar attention to another age local company is so hungry for Brooklyn gets the group. staff that it is giving an iPad to glossy treatment Launched this winter, the anyone referring Manhattan-based company a job candidate Small business, Big savings. THE BOROUGH that already has its specializes in good-looking, who’s ultimately own clothing retailer—Brooklyn functional items for the elderly and hired. DiDiscountsscounts up ttoo 40% Industries—is getting its own disabled. Its first product, the $135 Online Cut costs while still getting the coverage you need. From Business Insurance magazine. Omhu cane (below), is so high- physician to Employee Retirement plans, we make it our business to protect yours. Brooklyn Magazine, a full-color style that it’s carried in the Cooper- referral ZocDoc Like a good neighbor, State Farm is there.® glossy with photo-heavy features Hewitt Museum shop. Inc. is growing CONTACT AN AGENT TODAY. on illustrious local figures and a The merchandise is also faster than it can Brock Barrett, Agent Linda A Burchett Ins Agcy Inc Hector Camilo Jr, Agent fiction section to highlight its role sold online and in a find employees. “Over the next New York, NY 10036 Linda Burchett, Agent Bronx, NY 10468 Bus: 212-218-1222 Bus: 212-665-2657 Bus: 347-271-7166 as a literary capital, debuts next number of stores three months, we want to hire 150 week.The quarterly will launch nationwide. Omhu salespeople and 15 engineers,” Calvin Charles, Agent Erik Chiprich, Agent John Ciorra, Agent Bronx, NY 10462 New York, NY 10024 Bronx, NY 10471 with a 25,000-copy printing and is currently working CEO Cyrus Massoumi said.The Bus: 347-281-5000 Bus: 212-362-1112 Bus: 718-543-2400 will sell for $4.99. on a bedside table, a company, named the city’s best Julie De Rossi, Agent Joy Harvey-Washington, Agent Jim Hockemeyer, Agent “It will be the same as other shower seat and a place to work last year by Crain’s, New York, NY 10006 Bronx, NY 10469 Bronx, NY 10463 Bus: 212-514-8260 Bus: 718-547-8131 Bus: 718-884-9200 city magazines but through the walker. increased head count by 42% in

Kevin Leong Ins Agcy Inc Hielly Martinez, Agent Traci Menes, Agent cooler, hipper Brooklyn lens,” Former luxury- February and brought on its 100th Kevin Leong, Agent Bronx, NY 10451 New York, NY 10030 said Daniel Stedman, president brand executives staffer last week. Bus: 212-807-1700 Bus: 347-271-4444 Bus: 212-281-0100 and co-founder of Northside Rie Nørregaard, “We need the best people, and Dalila H Namy, Agent Anna Notaro, Agent Rey Polanco, Agent Media Group.The Dumbo- Susan Towers and the best people come from Bronx, NY 10461 New York, NY 10128 New York, NY 10033 Bus: 718-515-0053 Bus: 212-831-6695 Bus: 212-740-9300 based company publishes Susy Korb realized referrals,” Mr. Massoumi said.

Juan Rosario, Agent Robert Stevenson II, Agent Julio Tejada, Agent giveaway guide The L there was a market for In addition to the iPad, Bronx, NY 10457 New York, NY 10019 New York, NY 10032 Magazine, covering downtown such products while ZocDoc will donate $1,000 to the Bus: 347-590-8400 Bus: 212-397-0580 Bus: 212-568-8100 Manhattan and Brooklyn, and caring for family preferred charity of any individual Jeff Waddle, Agent Gilbert L Walton Agcy Inc New York, NY 10011 Gil Walton, Agent produces the annual Northside members. providing a successful referral. Bus: 212-253-2230 Bus: 718-655-1000 statefarm.com® culture festival. “More than 40 Brooklyn is already more million Americans are Contributors: Kira Bindrim, Lisa Fickenscher, State Farm Fire and Casualty Company, State Farm General Insurance Company, Bloomington, IL 0907513 than paying for itself, according taking care of elderly Matthew Flamm, Miriam Kreinin Souccar ari seth cohen 6 | Crain’s New York Business | March 7, 2011 20110307-NEWS--0007-NAT-CCI-CN_-- 3/4/2011 8:23 PM Page 1

meeting and asked the seniors people to live in a good come from outside the whom they wanted to own their environment and be county when we have capa- Bronx pol in fracas building. They voted in favor of the provided with social ble organizations inside the West Side Federation by 82-to-4. services,” Mr. Brinn county?’, I think it got tied Continued from Page 1 three phone calls seeking comment. “I intend to stand by their vote,” said. “All other stuff is up in that argument.” By inserting herself into the sit- Calls placed to Foxy Chief Execu- Mr. Díaz wrote to Mr. Carrión fol- ‘He said, she said.’ ” Laura Jervis, the West uation, Ms. Arroyo upended a tive Shelly Fox and Mr. LaGuerre lowing the August meeting. Mr. Carrión said in a Side Federation’s executive process established by federal law were not returned. Mr. Carrión’s role in the process separate interview that director, says her group will that gives local government agen- Ms. Arroyo persisted in pushing is murkier. He, too, has ties to Foxy, he didn’t know Mr. work to sustain the build- cies,such as the city’s Department of for the Foxy team even after anoth- whose executives donated $8,800 to Brinn was involved in Councilwoman Arroyo ing’s traditions while mak- Housing Preservation and Devel- er key Bronx politician reversed his campaigns for public office in the battle for Borin- ing much-needed repairs. opment, the power to ensure that course. Bronx Borough President the late 2000s. And the Foxy team’s quen. For tenants,who spent two years in- certain distressed buildings go to Rubén Díaz Jr. initially supported consultant on the Borinquen Court “We don’t pick horses in these terviewing potential owners, that qualified buyers. When properties Foxy and NAICA. But after tenants issue was Fernando Brinn,a lifelong races,” Mr. Carrión said of his role at was reason enough to party. like Borinquen—built in 1979 with claimed that they had been duped friend of Mr. Carrión’s who served HUD, which foreclosed on the Bor- “West Side is the best thing for a loan from a federal housing pro- into signing a petition in favor of on his 2001 transition team. inquen’s outstanding $3.8 million our building,” said William Anove- gram—go into foreclosure, the city that team—they said they were told Mr. Brinn said last week that he mortgage in 2009. “When people gas, president of the tenant associa- typically works with tenants and ad- by Foxy’s representatives to sign pa- never spoke with Mr. Carrión about saw a little bit of a delay and a local tion. “And we fought hard to bring vocates to choose a nonprofit group pers simply so their apartments the building. official jumping up and down saying, them here. We feel happy—very, committed to preserving the prop- could be inspected—he called a “At the end of the day, I want ‘Why are we allowing somebody to very happy.” Ⅲ erty. In this case, they chose West Side Federation for Senior and Sup- portive Housing, a 35-year-old nonprofit that focuses on Manhat- tan but has a presence in the Bronx. But Ms. Arroyo apparently reached out numerous times to City Hall, Bronx Borough Hall and the U.S. Department of Housing and Urban Development’s regional of- fice in New York—run by former Bronx Borough President Adolfo Carrión Jr.—to make her own case. She pressured officials to instead hand over the building to a Bronx- based team made up of real estate services firm Foxy Management Ltd.and the Neighborhood Associ- ation for Inter-Cultural Affairs, ac- cording to a dozen sources familiar with the situation. Executives and family members from Foxy donated at least $10,875 to Ms. Arroyo’s two City Council campaigns,according to filings with the Campaign Finance Board. The councilwoman had previ- ously pressed for the installation of South Bronx Community Corp., a nonprofit organization run by her nephew,as managing agent,accord- ing to Bronx political insiders. But that effort died last year when he pleaded guilty to stealing $115,000 from the group and was sentenced to a year in jail. The backstory FOR-PROFIT Foxy Management has run the building—which sits on a roomy 2.5-acre lot—for the past two years,a period during which the property “continued to deteriorate,” according to a letter from HUD to city housing officials earlier this year. The firm brought in NAICA, run by longtime community player Eduardo LaGuerre,to give it a non- profit partner that would offer social services to the tenants. The councilwoman raised such a ruckus on Foxy’s behalf that housing officials were forced to postpone a February auction at which HUD was scheduled to turn over the prop- erty to the city.Ms.Arroyo advocat- ed the idea that a Bronx asset like Borinquen should go to a Bronx- based group and not one from Man- hattan. “It was my impression that the councilwoman was expressing in- terest over who would ultimately own the property and that she was concerned about the issue of com- munity control,” said Marc Jahr, president of the Housing Develop- ment Corp., the city’s affordable- housing finance agency. Ms. Arroyo did not respond to

March 7, 2011 | Crain’s New York Business | 7 20110307-NEWS--0008-NAT-CCI-CN_-- 3/4/2011 3:15 PM Page 1

VIEWPOINT Time is ripe for pension reform editor in chief Rance Crain publisher, vp Jill R. Kaplan OURTESY OF WISCONSIN , collective Voters should be able to hold accountable the elected EDITORIAL bargaining by public employee unions has officials who negotiate public workers’ entire compensation editor Xana Antunes suddenly become a hot topic. While packages. If Mr. Bloomberg is given this authority, he should managing editor Glenn Coleman deputy managing editors Valerie Block, unions in the Cheese State are fighting to drive harder bargains with the unions than he has in the Erik Ipsen senior producer, projects Kira Bindrim keep their Legislature from usurping their past, when he handed out raises that were roughly twice the senior producer, news Elisabeth Butler Cordova bargaining rights, in New York, they have rate of inflation.The contracts he signed have played no contributing editor Elaine Pofeldt long done the opposite.This has paid off small role in driving the city’s pension costs from $1.5 billion columnists Greg David, Alair Townsend handsomely for the unions, as our Legislature has awarded in 2002 to a projected $8.4 billion next year. politics editor Erik Engquist pulse editor Barbara Benson Cthem all sorts of benefits.These sweeteners, as they are The city also deserves the right to collectively bargain with senior reporters Theresa Agovino, known, have helped drive up costs for localities large and Aaron Elstein, Lisa Fickenscher, its teachers on a layoff policy.The mayor’s goal is to change Matthew Flamm, Miriam Kreinin Souccar small, including New York City. the clumsy system of last in, first out, which axes teachers reporters Marine Cole, Amanda Fung, Daniel Massey, Adrianne Pasquarelli, Like sugar in batter, pension sweeteners, once added, are based on seniority rather than merit and undermines Jeremy Smerd virtually impossible to remove. But the Legislature can workplace management. He and the United Federation of art director Steven Krupinski deputy art directors Carolyn McClain, change the recipe that has proved rather unhealthful for Teachers should negotiate a bill that also establishes a fair Daniel Mednick New York’s taxpayers. One essential measure is the passage default in case contract talks fail. A bill that passed the Senate staff photographer Buck Ennis copy desk chief Wendy Zuckerman of a new pension tier, even though it would apply only to last month promised to goad teachers into coming to the copy editor Thaddeus Rutkowski workers hired in the future. Unfortunately, as Albany table, but Gov. Andrew Cuomo then muddied the waters by research editor Dana Gordon assistant research editor Suzanne Panara focuses on crafting a state budget, precious little progress introducing his own legislation. His bill is broader in scope research interns Anya Khalamayzer, Laura Shin editorial interns Benjamin J. Spencer, has been made on the pension problem. A Cuomo but would not take effect before the next school year—too Teresa Tomassoni administration task force last week trumpeted a new tier late for a city facing layoffs of several thousand teachers. that would save $50 billion over 30 years. However, there EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 were no specifics. Albany needs to get moving on a bill editorial: 212.210.0277 Fax 212.210.0799 while the momentum for fiscal reform is strong. In memoriam advertising: 212.210.0259 Cable craincom nyk The state government need not create a new tier for New NEW YORK LOST a passionate and devoted advocate a week Fax 212.210.0499 Entire contents ©copyright 2011 Crain York City. Instead, it should grant the mayor the right to ago when Dr. Richard Daines, who was state health Communications Inc. All rights reserved. negotiate one with its unions. Mayor Michael Bloomberg is commissioner from 2007 through 2010, died suddenly at age ®CityBusiness is a registered trademark of MCP Inc., used under license agreement. lobbying for this power, and he wants to collectively bargain 60. Dr. Daines worked tirelessly to improve children’s health, on other parts of city employees’ compensation packages as promote vaccinations and combat obesity. He championed a TO SUBSCRIBE: Call 888.909.9111; fax 313.446.6777. well. Surprisingly, some conservative watchdogs have tax on sugary drinks, taking on the well-heeled soda industry $3.00 a copy, $59.79 one year, $109.79 two years. objected to this, on the grounds that as generous as Albany and labor unions. We’re confident that the day will come www.crainsnewyork.com has been to the unions, mayors have occasionally been even when the price of unhealthful foods better reflects the costs ADVERTISING AND MARKETING more so. For us, the question is who should be responsible they impose on society. And that will be part of Dr. Daines’ advertising director Trish Henry senior account managers for the city’s finances.The answer is obvious: the mayor. proud legacy. Irene Bar-Am, Courtney McCombs sales manager, classified print & online John Gallagher sales coordinator, print & online Lulé Haznedari newsletter product manager CRAIN’S ONLINE POLL COMMENTS Alexis Sinclair credit Todd J. Masura 313.446.6097 marketing director Amy Crossman IS MAYOR BLOOMBERG assistant marketing manager Sabra Harrison BLUFFING ABOUT director, audience development In a badgered state John LaMarca LAYING OFF MORE THAN MOSES SUPPOSES A MAYORAL MISSTEP senior audience development manager Tarek Cotran 4,000 TEACHERS? SORRY, MICHAEL GROSS, but being bike-friendly AS A FINANCIAL MANAGER, the mayor gets a big is one of the things that makes New York City thumbs-up from me, but as a social manager, general manager, interactive Marc Minardo Date of poll: March 1 different from Wisconsin (“A Wisconsin state he and his staff are off the wall. You can’t 233 votes web developer, interactive of mind,” Feb. 28). Perhaps you might be sterilize New York City; it is what it is.The Chris O’Donnell happier driving to Wisconsin and staying there? hustle and bustle, the mad money, the wackos Yes. He’s just NEW YORK PRODUCTION putting on a This isn’t the first revamping of New and the fun: When you come here, or live here, York’s street scene, but to compare you want to feel that energy. production and pre-press director

show to get the . 57%

seniority law Transportation Commissioner Janette Sadik- This is the “product” that people visiting the Michael Corsi changed. In a 43%. advertising production manager Khan to Robert Moses is overblown and Big Apple are looking for, not Disney. For that, Suzanne Fleischman Wies $65 billion accidentally ironic. Robert Moses destroyed they can go to Orlando. budget, he’ll find $300 entire neighborhoods —literally bulldozed —carl turziano PUBLISHED BY CRAIN COMMUNICATIONS INC. million more for them—to make New York more car-friendly. chairman Keith E. Crain teachers. He wanted to bring a suburban ideal, then in MIGHT WE SUGGEST DECAF? president Rance Crain No. Whether the vogue, to our city. In effect, he wanted to secretary Merrilee Crain treasurer Mary Kay Crain Legislature remake us in the Midwestern mold. I LOVED EVERYTHING Michael Gross said. If you changes the executive vp, operations William Morrow seniority policy or I’m healthily happy that dramatically fewer don’t want dirt, grime and sin, go to the senior vp, group publisher Gloria Scoby not, the city still people are dead on our streets in recent years, suburbs, ride your bikes and live your smoke- group vp, technology, circulation, has to close a thanks to the Bloomberg administration’s free lives. manufacturing Robert C. Adams budget deficit of vice president/production & planning improvements. Streets with bike lanes This is New York City! We take no manufacturing David Kamis more than have 40% fewer accidents than those without. prisoners—get out of our way. Paul Dalpiaz $2 billion, and chief information officer As for the ideal of a car-free Broadway? —jonathan chiaro corporate circulation/audience Mr. Bloomberg development director Kathy Henry won’t raise taxes. Many native New Yorkers like me would love it to be a greenway for its entire Manhattan CRAIN’S WELCOMES SUBMISSIONS to its opinion founder G.D. Crain Jr. (1885-1973) length! Then it would truly be an aortic artery chairman Mrs. G.D. Crain Jr. (1911-1996) bloomberg news pages. Send letters to [email protected]. For this week’s questions: Go to of life at ground level—shopping, flirting, Send columns of 475 words or fewer to www.crainsnewyork.com/poll to have your say. performing, strolling. You know: city pleasures. [email protected]. Please include the writer’s —erik baard name, company, address and telephone number.

8 | Crain’s New York Business | March 7, 2011 20110307-NEWS--0009-NAT-CCI-CN_-- 3/4/2011 12:15 PM Page 1

OPINION

than half these amounts. Mean- while, apartments in new condo- Why NYC needs minium and rental buildings are as- sessed for tax purposes at 45% of market value, while a new compara- bly valued single-family townhouse breaks for builders would be assessed at 6% of market value. The prohibitively high tax bur- BY STEVEN SPINOLA dens and mind-boggling disparities in tax treatment are absolute deter- HE CITY’S 421-A Partial Tax Exemption Program rents to new housing development. expired at the end of 2010,leaving $1 billion in new New housing is critical so that our city can attract talent, retain its housing projects hanging in the balance. Without global competitiveness and upgrade 421-a, no multifamily housing will proceed. Six the quality of its housing stock— planned 80/20 projects are especially at risk, and 85% of which is more than 40 years with them the creation of 2,400 units of market-rate and 600 old, and 56% of which is more than T 65 years old. units of low-income housing, plus 9,300 construction jobs and Yet production has been crippled 225 positions related to building services. by the financial crisis and by dra- matic changes to the 421-a pro- Extending the 421-a program is with building operations, and gen- gram, which limited the benefits. imperative. 421-a is not only vital to erated more than $22 billion in Over the past two years, new hous- the development of new housing— economic activity. In all, 125,000 ing production has declined 80%, to both affordable and market-rate— units are now receiving 421-a tax an average of 6,000 units a year from but is also the bedrock of job cre- exemptions. approximately 30,000 annually. ation and economic activity across More important, 421-a is need- This steep drop has resulted in stag- CALLING FOR many sectors of the city’s economy, ed to offset a tax burden imposed on gering job losses in the construction and an essential counterbalance to new residential developments,espe- industry, cost New York new jobs in an unfair tax system. cially multifamily rentals, that is building services, and decreased Since its inception in the mid- widely acknowledged to be in- economic activity. NOMINATIONS 1990s, the 421-a program’s 80/20 equitable. As a city and an industry,we need provision (which offers a 20-year Residential rental properties, in- a 421-a program to build both af- tax exemption when 20% of a pro- cluding 80/20 buildings, must pay fordable and market-rate multifam- ject’s units are set aside for low- approximately 33% of their gross in- ily housing because of the jobs it will income households) has produced come,or 50% of their net income, in create, the economic activity it will nearly 25,000 units of new housing, property taxes. The tax bite for new generate and the social benefits it CRAIN’S 2011 including 5,000 affordable units. multifamily buildings ranges from will offer. These 80/20 buildings have created $18 to $25 per square foot. Compa- 84,000 construction-related jobs, rable co-op apartment buildings are Steven Spinola is president of the Real led to 2,000 positions connected paying property taxes that are less Estate Board of New York. TOPENTREPRENEUR found to have engaged in an extra- marital affair. Faithful to party The rebel Democrats also don’t AWARDS represent the views of most voters in the state. While polls show some support for the income tax sur- or to promises? charge, they also make it crystal clear that New Yorkers support AST WEEK downsizing state government and , a group of 40 Democrats called Gov. reducing the tax burden. If poll- Crain's New York is seeking phenomenally Andrew Cuomo for all practical purposes a traitor sters stated plainly that the “mil- successful businessmen and women for its annual to the causes and party he has long supported. If lionaire’s tax”begins at $200,000 for Top Entrepreneurs Awards. Entrepreneurs can Mr. Cuomo’s agenda of smaller government and an individual and $300,000 for a family, the results would be much nominate themselves or be nominated by ending the income tax surcharge on the wealthy is different. someone else. Past winners have included: Rob Lwhat it means to be a progressive,they said in a letter to the gov- The group of 40, however, may Kalin of Etsy, Darius Bikoff of Energy Brands Inc., accurately reflect the attitudes of ernor, “then something is very wrong.” maker of Glacéau beverages, and Liz Lange of Or as New York City Councilman Robert Jackson put it: “If committed Democrats nationally. Their rhetoric matches President Liz Lange Maternity. Barack Obama’s, as does their de- the new Democratic the governor to go back mand that the rich pay more in tax- Party is acting like con- on the promises he es. They also believe in his political To be eligible, a company must be located in servative Republicans, made to voters, who strategy,which is to assume that the New York City, must have been in business for at then I don’t want any awarded him a land- Republicans’ sweeping victory in least three years, must have revenue of less than part of it.” slide victory. Politi- the midterm elections reflected The restiveness over cians have been doing frustration with the economy, not $100 million and demonstrate innovation and the governor’s program that forever, of course, with the president’s policies. rapid growth (current economic conditions will has broken into the but the past two years In that analysis, an improving be considered). Please submit your nomination open in Albany, and have made it clear that economy will lead to Democrat- Democrats in the As- voters will no longer ic victories in 2012. If those Dem- by March 21. sembly are insisting on tolerate being treated so ocrats are right, Andrew Cuomo an extension of the in- GREG cynically. has no future politically. After all, come tax surcharge.The DAVID Think of the drub- what he says about the size and question at the heart of bing that Arlen Specter cost of government is even more the issue is who is cor- received in Pennsylva- applicable to Washington than to rectly reading the mood of voters— nia when he switched to the Demo- Albany. the traditional Democrats or Mr. cratic Party in a desperate effort to If they are wrong, he is exactly Cuomo? retain his U.S. Senate seat, or the the kind of Democrat the party will NOMINATE NOW AT In New York,the insurgents have complete intolerance shown an of- need. www.crainsnewyork.com/smallbiznominations most likely misread the political ficeholder who purports to be a In the meantime, don’t expect winds.Consider that they are asking good family person and then is him to abandon his promises.

March 7, 2011 | Crain’s New York Business | 9 20110307-NEWS--0010-NAT-CCI-CN_-- 3/4/2011 3:14 PM Page 1

Mr. Ahern manipulated the Central Labor Council constitution last year to double his stipend to BOND BID Banks eye $3.2B biz debt THE INSIDER $80,000 and to extend his term to WITH ATTENTION FOCUSED four years from three without on the effort to close the by Erik Engquist, Daniel Massey and Jeremy Smerd gaining approval from delegates. state’s $10 billion budget He is also the subject of an deficit, another investigation by the International multibillion-dollar Union of Operating Engineers’ obligation has been independent ethics officer into overshadowed: the $3.2 union scholarships given to his billion that businesses

children, an extra salary he receives across New York owe the buck ennis Leader’s conduct as chairman of the Northeastern federal government for unemployment insurance. Engineers Federal Credit Union, The state Department of Labor has not forgotten; it was ready to send and work performed on his house invoices to the half-million businesses that owe the money. But when it got roils labor group by a union member. word that the Obama administration’s budget might extend the two-year Late last month, George Miranda, waiver of interest on the $3.2 billion debt, the agency held off. secretary-treasurer of International HILE NATIONALLY, unions have rallied Brotherhood of Teamsters Local That decision seemed wise when the White House indeed proposed a two- year extension of the waiver, which was included in the 2009 stimulus bill against attacks on their rights, the New 210, reportedly quit his post as vice chairman of the Central Labor and expired two months ago. However, it is questionable whether the budget- York City Central Labor Council is Council, upset over its dysfunction. slashing Congress will approve it. In the meantime, the business community splintering amid internal discord over its But Mr. Ahern, whose day job is has extra time to look for an alternative. leadership. business manager for Local 30 of One possibility is to essentially refinance the loan by issuing bonds. That Two unions quit the 1.4 million- the operating engineers, remains has already been attempted in a few of the 35 states that owe money under W resolute. He contends that he has the Federal Unemployment Tax Act. Others are considering the plan, and this member labor coalition last week after done nothing wrong. week, New York will as well. On Thursday, bankers from J.P. Morgan Chase council President Jack Ahern (right) and Goldman Sachs will meet with the members of the Unemployment refused to step down. Sources say Insurance Committee of the Business Council of New York State. that more unions could abandon the Derelict landlords A council memo says the investment banks will lead a discussion, but in nailed for repairs fact, it figures to be a pitch, since banks would charge underwriting fees. The group if no change is made at the top. allure of issuing bonds is that the debtor businesses would control the The New York Hotel and Motel WITH THE SUPPORT of the interest expense and the repayment period. But would the plan save money? Trades Council and building service Bloomberg administration, the It is impossible to know whether Congress will extend the interest-free period workers union 32BJ SEIU bolted the City Council passed a law last week on the businesses’ debt, or what interest rates the federal government might making it easier to recoup money eventually charge. council, upset that the group has become from landlords of rent-stabilized The state Department of Labor will also have to decide when to send bills. virtually invisible during Mr. Ahern’s buildings repaired at taxpayer “If there’s no action on this by Oct. 1, an interest payment is due,” said tenure. Key personnel have resigned, expense. Intro. 26-a allows the city Margaret Moree, director of federal affairs at the business council. “The to sell liens associated with the Department of Labor will have to read the tea leaves.” and the once-mighty organization repairs. was missing in action during key The measure was opposed by the battles surrounding public-sector pro-landlord Rent Stabilization workers and Walmart’s potential Association, whose director of heating fuel, let alone make repairs. determine who operates and government affairs said 40% of the “People are not paying the rent,” regulates the exchanges, and

entry into the city. newscom group’s members can’t afford to buy said Frank Ricci. whether one could serve both small The outstanding liens could businesses and individuals. bring in about $31 million, he said. “No attention has been paid to The city can sell liens older than this yet,” said a health care industry two years valued at more than insider. $5,000. Deputy Secretary for Health James Introne is responsible for the Cuomo administration’s City to air new compliance with the federal reform. waterfront plans THE ECONOMIC DEVELOPMENT CORP. is Seeking stability readying two documents to advance in the wrong places the Bloomberg administration’s waterfront-development plans. MAYOR MICHAEL BLOOMBERG is fond The first is an “action agenda” of saying: “In God we that will serve as a blueprint trust. Everyone else, for the highest-priority bring data.” But if initiatives; it will be there’s data to released in the next week support the city’s or so.The agenda was decision to invest promised last year when $150 million of its the EDC released its police pension fund Waterfront Vision and with a basket of Enhancement Strategy.The hedge funds, city WAVES plan will also be updated Comptroller John Liu (left) soon, said Seth Pinsky, EDC’s could not provide it last week. president. The mayor’s appointees to the March 28, 2011 pension fund board supported the investment, which Mr. Liu said Albany behind would help provide reliable returns on Obamacare bill? and reduce volatility. But hedge funds’ returns tend to fluctuate THE STATE has been focused on wildly, and their annual fees are reforming Medicaid, but it also high—generally 2% of assets and needs a bill this year to authorize 20% of gains. And buying a fund of the creation of health insurance funds typically entails a bundler’s exchanges if they are to be up and fees on top of the hedge funds’ fees. running by the 2014 federal The pension fund board plans to deadline.The legislation would invest directly in hedge funds later. Ⅲ

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10 | Crain’s New York Business | March 7, 2011 20110307-NEWS--0011-NAT-CCI-CN_-- 3/3/2011 5:36 PM Page 1

MAL BUSINES INSIDE Major banks are returning to small business lending, but many companies aren’t benefiting yet PAGE 14 Entrepreneurship programs help businesses generate jobs PAGE 16

AGENCY AIMS TO EASE EXPORTING KEVIN EGAN, president of Global Export Marketing, knew it was going to be challenging to expand the company’s exports to African countries, often viewed as risky bets because of political and economic instability. His Manhattan company buys U.S. products—largely grocery items— and sells them overseas. Nonetheless, the 18-person company managed to expand into countries such as Cameroon and Tanzania recently. It got the export insurance it needed to protect itself from nonpaying customers through the Export- Import Bank of the United States, the nation’s official export credit agency, as well as the guarantees it needed to get a loan of more than $3 million from M&T Bank. EXPORTS PUSH: Mr. Egan said that without Ex- Arnon Rosan found Im’s support for small businesses overseas markets like his, “we never would have for his fencing and thought about venturing into flooring products. some of these markets.” In the five years that Ex-Im has worked with Global Export Marketing, the company has seen “strong double-digit growth” in sales, Mr. Egan said. He now aims to set up and run overseas factories for American companies making buck ennis food wraps and bags, which will require the purchase of millions of EXPORT RESOURCES dollars in manufacturing Ⅲ NEW YORK DISTRICT EXPORT equipment. COUNCIL Finding gold As the Obama administration This 30-member group, encourages entrepreneurs to try appointed by the secretary of exporting, it’s got plenty of work commerce, mentors small ahead. Less than 1% of the exporters: country’s small businesses www.buyusa.gov/nyc/dec.html in global sales currently export, according to the International Trade Administra- Ⅲ SBA OFFICE tion. One obstacle is the difficulty OF INTERNATIONAL TRADE they’ve proved to us they can deliver the sales,” he said. in obtaining financing for Exporters can get help with More revenues are Despite the headaches, his persistence has paid off. overseas endeavors as credit access to loans through this Thanks to these and other efforts, revenues for 2010 markets slowly thaw. federal office: out there, if you can were around $40 million, up from close to $30 million Ex-Im Bank is trying to change www.sba.gov/international the year before. that. Global Export Marketing’s Ⅲ SMALL BUSINESS get past the obstacles For an increasing number of small business owners in financing came through the DEVELOPMENT CENTERS New York,there’s gold in global sales.Exports from New bank’s Global Access for Small These eight centers provide York state grew 15.4% for the first 11 months of 2010 Business initiative, announced in compared with the same period the year before, accord- technical assistance and training BY ANNE FIELD January. The program aims to to small businesses in New York ing to the U.S.Department of Commerce.With growth help small businesses begin in the U.S. lackluster, the obvious place to look for in- City. The one closest to you is exporting or expand their efforts. FOR ARNON ROSAN, it’s been a constant challenge. Mr. creased revenues is other countries. listed here: www.nyssbdc.org/ “We can’t grow this economy Rosan, chief executive of a Manhattan company that “If you’re only operating domestically,it’s like leaving sitemap/sitemap.html sells flooring and fencing for special events, made a big money on the table,”said Carmela Mammas,director of unless we grow exports,” said Ⅲ U.S. COMMERCIAL SERVICE push into exports starting about five years ago.But find- the New York U.S. Export Assistance Center. “Export- Fred Hochberg, chairman and This federal agency provides ing distributors to sell his products hasn’t been easy. His ing means new revenue streams.” president of the agency, which services ranging from market 50-employee company,Signature Fencing and Flooring Certainly,small companies face a host of obstacles to has a Manhattan office. Many research to support for exhibitors Systems, went through several dealers in the U.K. and exporting, from pinpointing the right markets to adapt- small companies are afraid to at international trade shows and South Africa before he found partners he considered re- ing their products to the requirements of different coun- venture overseas because of an events: www.buyusa.gov/nyc liable enough to trust with an exclusive contract for the tries. Many companies simply don’t know how to get “exaggerated belief” in the regions. started. Close to 40% of respondents to a recent survey See AGENCY on Page 12 “We’ve learned not to OK these agreements until See FINDING GOLD on Page 12

March 7, 2011 | Crain’s New York Business | 11 20110307-NEWS--0012-NAT-CCI-CN_-- 3/3/2011 5:37 PM Page 1

REPORT SMALL BUSINESS

AGENCY EASES EXPORT FINANCING Finding gold in global sales Continued from Page 11 financial risks, he added. “We take the financial risk out of it.” Continued from Page 11 SBEA survey. global network of country and in- To be sure, Ex-Im Bank has set ambitious goals for five fiscal years, 2009- by the National Small Business As- When Mr.Rosan started export- dustry specialists in about 80 coun- 2014, including the production of $30 billion in small business activity and the sociation and the Small Business ing, for example, his first step was tries,the agency’s Gold Key Match- addition of 5,000 small businesses to its portfolio. At the end of fiscal 2010, Exporters Association said they into the U.K., then Western Eu- ing Service helps entrepreneurs Ex-Im was working with about 900 small businesses. Fully 85% of Ex-Im’s work haven’t gone global because they rope. Both language and infrastruc- research possible markets, vets po- is with small businesses through loan guarantees—which generally cover 90% lack the necessary information to ture considerations played a part in tential distributors and other part- of a bank loan, including principal and interest—and export insurance. do so. that decision. ners and makes appointments with Over the past five years, Ex-Im has supported $754 million in financing for But thanks to the global reach of “They already had stadiums, them in their home country for a 144 small businesses in New York City. One of them is Argosy International, a the Internet and a major govern- plenty of golf tournaments and the $600 fee. Manhattan distributor of high-performance composites used to build ment push through the National like,” said Mr. Rosan. More recent- “We save a lot of legwork,” Ms. commercial aircraft components. Export Initiative, aimed particular- ly,he’s moved into other countries in Mammas said. Argosy has been working with Ex-Im since 2005. Argosy’s revenue from ly at helping small businesses, inter- Eastern Europe and the Middle For companies that don’t have exports grew 30% last year, to $130 million, said Louis Maresca, president national expansion has become the resources to travel or aren’t inter- and chief operating officer of the firm. more doable than ever for small and ested in such an elaborate program, The 125-employee company was able to capitalize on a growing need for midsize firms. An exporter the U.S. Commercial Service will its composite materials in Asia—where large aircraft makers are doing more simply send a report with prequali- Smaller companies jump in manufacturing—by negotiating a new line of credit with Bank of America, a flew to France fied partners. Case in point: RMP partner in Ex-Im Bank’s Global Access program. ABOUT 55% of all exporters in New Travel.The 23-year-old Manhattan “Over the past five years, we’ve had double-digit growth, and to finance York state now have fewer than 500 to motivate company started hosting tours for that, you need a good credit line,” said Mr. Maresca. employees. The city’s entrepre- international visitors back in 1991 Ex-Im set a record for its fiscal year ended Sept. 30, giving $5 billion in neurial immigrants,often comfort- a distributor and now earns 60% of its $4.5 mil- small business loan guarantees, said Mr. Hochberg. More is expected in 2011. able working with far-flung cus- lion in revenues from such business. tomers, have contributed to the When RMP decided about a Business owners apply for loans at an Ex-Im regional office or through a growth. year and a half ago to expand to Ar- lending partner (see www.exim.gov/portals/lender/index.cfm). Exporters can “You have a head start if you’re gentina and Brazil, it opted to tap also apply through their own bank but may have to suggest working with Ex-Im. originally from a country or have the agency’s services rather than go Loans of any size qualify for Ex-Im financing. Interest rates are set by the connections there,” said Ivan East, as well as India, where there’s it alone, according to Nick Calder- lender, and the loan has a term of one to three years. Those loans give small Szanto, assistant district director a push to build more facilities. Mr. azzo, vice president of sales and businesses the ability to build inventory and buy production equipment, and in New York for Score, a nonprof- Rosan works through distributors, marketing. give overseas customers more time to pay. it group of working and retired ex- who help navigate regulations and With its financing nailed down, Argosy is now competing with other firms to ecutives and small business owners other red tape overseas. Adapting to different cultures supply composites to indigenous aircraft manufacturers throughout Asia. who provide advice to entrepre- Having a strong Web presence OVER A PERIOD of a week or so, Mr. “China expects to start commercializing the production of single-aisle neurs. also is essential.That’s been the case Calderazzo met with about 50 tour passenger airplanes by 2015, and we want to be part of that market,” said For many companies, the easiest for Urban Green Energy, a 90-em- operators and other potential part- Mr. Maresca. “We’re projecting about $150 million in export sales over the way to start exporting is by targeting ployee Manhattan seller of small ners, eventually striking deals with next three years.” a familiar region where there’s no wind turbines, with $2.5 million in 10. Now, if it’s going to accomplish its goals, Ex-Im Bank has to find language barrier. That’s one reason sales last year. In less than two years, “If I’d had to do it myself, it thousands more companies to follow Argosy’s lead. why the two top countries for small it has entered 47 countries, from would have taken me quite a while —EILENE ZIMMERMAN business exports are Canada and the Australia to Lebanon. to complete that research,” he said. U.K., according to the NSBA/ “We started selling overseas as Of course,New Yorkers used to a soon as we started up,” says Nick fast pace and no-nonsense attitude Blitterswyk, the chief executive. often find they have to adapt con- All of Urban Green Energy’s siderably to different cultures as distributors contacted the company they make contacts abroad. In many The place for through its website, which has a countries, meeting distributors and Spanish translation option. The re- business partners face-to-face often INSPIRATION sults of its exporting efforts have is essential to sealing a deal. been promising overall, although it “In some other cultures, they re- OCEAN PLACE THE PLACE FOR MEETINGS has experienced the disappointment ally want to get to know you,” said . . of shipping two turbines to a Span- Ms. Mammas. ish architectural firm that never paid Mr. Rosan, for example, recently for them and stopped returning e- flew to France to spend two days Our beachfront facility includes 40,000 square feet mails. motivating a distributor who had of indoor meeting space & endless possibilities of The company projects $12 mil- been dragging his heels for two breathtaking outdoor space, with 38 meeting rooms lion in sales this year, with the in- years.Mr.Rosan had met the man at crease coming mainly from overseas a trade show several years earlier,but and 254 overnight guest rooms. Unique team-building business. had never spent time with him at his activities, state-of-the-art A/V, award-winning F&B and Perhaps the most efficient way office. sandy beaches await you! for New York small businesses to “There’s a big difference between target a country and find distribu- shaking hands at a trade show and tors or sales reps is through the U.S. making the commitment to go to Commercial Service, with two of- their office,” he said. “By the time I Complete Meeting Packages fices in New York City.Relying on a left, I think he really got it.” Ⅲ FROM $179* PER PERSON WHAT’S HOLDING SOME FIRMS BACK

The National Small Business Association asked 450 of its members across the country CONTACT THE SALES DEPARTMENT FOR MORE INFORMATION in December 2010to name the biggest challenges to selling their products or services AT 732-571-5742 OR [email protected] to foreign customers. Here are their answers. Companies could choose all reasons that apply.

I have limited goods and/or services that are exportable. 31% I worry about getting paid. 30% It is confusing and difficult to do. 22% 12% LONG BRANCH, NEW JERSEY | WWW.OCEANPLACE.COM It is very costly. 800-411-6493 | 732-571-5742 It takes time away from my regular, domestic sales. 12% 7% *offer subject to change and based on select dates. visit website at I can’t get financing to offer foreign customers. www.oceanplace.com for full detials. Source: National Small Business Association 2010 Year-End Economic Report

12 | Crain’s New York Business | March 7, 2011 CN014255 2/25/11 5:08 PM Page 1

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REPORT SMALL BUSINESS

Dennis, whose firm advises banks with less than $15 billion in assets. Banks kick up “That has to be their focus, or they won’t get any volume. They have to lend to the bigger credits,the ones that lending, but with need small business lending the least.” Big banks’share of small business lending grew steadily and reached mixed results 37% of the market in 2008, accord- ing to a report by the Congression- al Oversight Panel in May 2010. for small business.” High-growth and Citi would not comment on its Stringent standards professional outfits relationship with Dr. Ng. NERVOUS AFTER the mortgage melt- Under pressure from Washing- down and under greater regulatory main beneficiaries ton to help create jobs, major banks scrutiny, however, big banks have have pledged to step up such lend- been hewing to traditional lending of renewed focus ing.They are hiring more small busi- standards, which many small busi- ness specialists,simplifying the cred- STRONG READING: nesses can’t meet. Analysts also BY JUDITH MESSINA Radiologist Dr. John it process and pumping more money Paul Tracy Ng has doubt whether banks have the ap- into community development fi- received loans for petite for the kind of hand-holding LAST YEAR, Citibank offered long- nancial institutions, or CDFIs, the two major projects that entrepreneurs often require. time customer Dr. John Paul Tracy nonprofit organizations that advise for his practice. Small business lending also took a

Ng a $3 million loan and a $500,000 and lend to small businesses that buck ennis dive during the crisis as potential line of credit to upgrade the equip- can’t get bank credit. borrowers, with their sales and cred- ment at his 6-year-old radiation “We’re doing everything we can for the 14 southernmost counties in that had applied for loans, lines of itworthiness evaporating, ditched practice on the Upper East Side. to say ‘yes’to small business owners,” New York—jumped 46%, to $356 credit and other forms of credit in the plans for expansion. Many of those In the end,Dr.Ng said,he decid- said John Cole, Northeast business million, in the fiscal year ended first half of 2010,75% got either none that did apply for loans complained ed to go with another bank’s offer for banking division manager for Wells Sept. 30, 2010. Nationally, SBA or only some of what they sought. that banks, in addition to not giving a loan on the project. But after a Fargo’s Wachovia division, which loan activity makes up only a tiny Moreover, some analysts are them,were canceling credit lines and two-year drought in small business has 21 branches in the city. fraction of big banks’ small business skeptical that banks are committed reducing credit card limits. lending, the competition for his It is unclear how that attitude is lending, less than 5% in most cases. to small business. Randy Dennis of Small business loan volume business indicates big banks’revived translating into lending action, DD&F Consulting in Little Rock, plunged 42% in 2009,and dollar vol- interest in that part of the market. however, since banks decline to dis- Only some or nothing Ark., called banks’ promises their ume was down 30%, the New York “It’s a renewed focus,” said Citi- close specifics. One benchmark— AN OCTOBER STUDY of 426 small busi- “business plan du jour.” Fed says. Even the volume of SBA bank small business lending head government-reported Small Busi- nesses by the Federal Reserve Bank “It’s as easy to make a $20 million loans, which are largely guaranteed Raj Seshadri.“We can do a lot more ness Administration loan volume of New York found that of the 250 loan as a $500,000 loan,” said Mr. by the federal government,fell 36%.

14 | Crain’s New York Business | March 7, 2011 20110307-NEWS--0014,0015-NAT-CCI-CN_-- 3/3/2011 6:33 PM Page 2

REPORT SMALL BUSINESS

In late 2009, as banks began to Ng’s success with his $12 million Bra Lady, had a similar experience. vices, a CDFI, to help fund his new “We’re seeing an increase in de- recover, President Barack Obama practice uptown. The $5 million lingerie retailer,with store on Third Avenue. mand,”said Thomas Carley,a senior met with bankers at the White “Startup lending is more difficult a shop on Lexington Avenue and a Banks say that while they are vice president at BofA. “The key is House and leaned on them to lend than lending to an established busi- website, is profitable and growing, loosening the purse strings some- for local small business to gain con- again. Some institutions set targets. ness,” Mr. DiCerbo said. But “they according to Mr. Manni. Last sum- what, demand is only beginning to fidence. It’s slow,but it does seem to These lenders included Bank of definitely had a strong track record,” mer, he tried to get additional cred- rebound. be picking up steam,” he said. America, which pledged to loan $5 he added. “That helped us get over it from his longtime bank, which In its October survey of senior Meanwhile, small businesses billion to small and midsize busi- the fact that it is a startup.” had pledged to increase its small loan officers, the New York Fed maintained that it’s the banks that nesses in 2010, and Wells Fargo, Other businesses are finding business lending. found that big banks had begun need to gain confidence—in them— which promised $20 billion to firms banks less enthusiastic. Ed Taylor, relaxing standards for small busi- for the money to start flowing again. with less than $20 million in annu- founder of Down East Seafood,says Loan demand increases ness.Between Oct.1,2010,and Jan. “They never took any time to find al sales. More recently, some banks that the 20-year-old wholesaler in “I COULDN’T EVEN GET a $10,000 or 7, 2011, a record $9 billion in SBA out about our business,” Mr. Manni have staffed up,in a few cases adding Hunts Point market makes a profit $20,000 line of credit—even though loans were approved nationwide. said.“[They looked] at my tax returns hundreds of lending specialists. on $17 million in sales. Yet his bank I had many times that on deposit Lending was bolstered by the stim- and put them into an algorithm, but The banks said they’re also try- turned him down when he tried to with the bank,” Mr. Manni said. ulus bill, which temporarily waived that’s not a good-enough picture of ing to streamline credit procedures increase his $400,000 credit line. Last fall,he closed on a $250,000 fees and raised guarantees on work- what we do. They took the people for small businesses. Citi, for in- Carl Manni, owner of Linda the loan from Seedco Financial Ser- ing-capital loans to 90%. part out of it.” Ⅲ stance, said that it now requires less paperwork, and has reduced the number of visits made to prospec- tive borrowers and the number of times it must examine tax returns. Many banks have “second look” American Airlines Flagship Lounge, JFK Terminal 8 programs, in which they review an application that was originally turned down. J.P. Morgan Chase said that in 2010, it lent about $250 million to customers who were ini- tially rejected. Last year, the bank launched a national program that cuts the interest on a loan by up to 2 percentage points if a company hires one to three new employees. Still, overall results of these ef- forts are mixed. J.P. Morgan Chase increased its new small business loans and other credit nationwide in 2010 by more than $10 billion, or ‘They looked at my tax returns and put them in an algorithm’

40%. Wells Fargo extended $14.9 billion in new credit to small busi- nesses in 2010, 3% more than in the previous year. Citi lent as much through September 2010 as it did in all of 2009: $4.5 billion. Bank of America reported that it lent small and medium-size businesses more than $92 billion in 2010, up $10.5 billion over 2009 levels.But that fig- ure includes loans to businesses with up to $50 million in sales—which hardly describes a small business. Premium Check-In. PriorityAAccessSM. Identifying the winners The Admirals Club® and Flagship Lounge®. THOUGH THREE BANKS stepped up SBA lending in southern New York First and Business Class cabins. Arrivals Lounges. in fiscal 2010—Wells Fargo, Citi and J.P. Morgan Chase—only Our premium travel experience gives you Chase had sizable volume, lending the luxury and convenience you expect. nearly $60 million. The beneficiaries are businesses And the comfort you deserve. with growing sales and professional services providers, such as Dr. Ng, who don’t depend on consumer spending. In another deal, Dr. Ng recently closed on $6.5 million of loans from Bank of America, including an SBA-guaranteed loan, to build and equip a second facility in TriBeCa. Senior Vice President Mario DiCerbo said the bank would have AmericanAirlines, PriorityAAccess, Admirals Club, Flagship Lounge and AA.com are marks of American Airlines, Inc. oneworld is a mark of the oneworld Alliance, LLC. © 2011 American Airlines, Inc. All rights reserved. made the loan even without its small business commitment, given Dr.

March 7, 2011 | Crain’s New York Business | 15 20110307-NEWS--0016-NAT-CCI-CN_-- 3/3/2011 5:37 PM Page 1

REPORT SMALL BUSINESS

EDUCATING Training programs jump-start jobs ENTREPRENEURS Ⅲ FastTrac companies automate account rec- New and veteran entrepreneurs ery,”noted broadcast journalist Gar- www.nyc.gov/html/sbs/nycbiz/html/ Local entrepreneur onciliations—the process of vali- alike are getting advice from a range rick Utley,now president of SUNY’s summary/course_catalog.shtml#ftnv courses generate dating month-end balances. To of local programs that focus on Neil D. Levin Graduate Institute of Ⅲ Goldman Sachs’ learn the ropes of business owner- launching and growing small firms. International Relations and Com- 10,000 Small Businesses growth, aid rebound ship, Ms.Malhotra enrolled in a free merce, at a recent event celebrating www2.goldmansachs.com/citizenship/ course that’s part of the Kauffman Driving force the 1,000 people who have graduat- 10000-small-businesses/ BY CARA S. TRAGER FastTrac entrepreneurial programs. GENERATING JOBS is the programs’ ed from Kauffman FastTrac pro- about/the-initiative.html “The class was very helpful in raison d’être.Administrators say the grams since March 2009. Ⅲ JumpStart NYC IN 2008, a merger brought Shagun critiquing my cold-call pitches, and courses attempt to drive the city’s Early data suggest that such pro- www.levininstitute.org/jumpstartnyc Malhotra’s full-time consulting gig I learned about building an organi- economic rebound by strengthening grams do help keep city residents off Ⅲ in banking to an abrupt end. She zation and delegating,” said Ms. the small business community,which the unemployment rolls.Take Fast- Strategic Steps for Growth www.nyc.gov/html/sbs/nycbiz/html/ soon launched a company offering a Malhotra, who launched SkyStem is responsible for creating many jobs. Trac—a partnership of The Levin In- summary/course_catalog.shtml#ssg product that would help public from her Manhattan apartment. “Entrepreneurship equals recov- stitute;the Ewing Marion Kauffman

Foundation,a champion of entrepre- neurship; and NYC Business Solu- tions, a city program offering free services to small business owners. Under the aegis of The Levin In- stitute, FastTrac runs two programs. NewVenture, aimed at newbie en- You Built Your Business trepreneurs, has graduated 834 par- ticipants who have created more than 330 businesses. GrowthVen- ture, for experienced business own- ers, has produced 342 alums. About with Customers’ Needs 100 grads have hired employees. Such programs can sometimes motivate entrepreneurs to take sig- nificant initiatives on their own. International Asbestos Removal in Mind. Inc. became a certified energy au- ditor after President Karen Grando enrolled last June in a program for city-certified minority- and women-owned businesses, called SO DID WE. Strategic Steps for Growth. Sales at the Woodside, Queens-based com- pany jumped 10% last year, to $10.3 million, and its employee roster swelled to 65 from 55. But the pro- gram alone didn’t spur the growth. “I already had work on the books,” • Dedicated Small Business Ms. Grando said. Relationship Manager Nurturing the newcomers WHILE ENTREPRENEURIAL TRAITS of- • Convenient Online Access ten seem genetic, experts say that with TD Bank BusinessDirect courses can be especially beneficial to newbies by providing know-how • Longer Hours that Work and networking opportunities. JumpStart NYC has contributed with Your Schedule to the city’s pool of new businesses and jobs by helping unemployed • We’re Ready to Lend professionals make the transition to the entrepreneurial arena. The pro- When You’re Ready to Borrow gram, offering a curriculum devel- oped by The Levin Institute, was initiated by the city’s Economic De- velopment Corp. in April 2009. PUT THE POWER OF TD BANK About 20% of JumpStart’s 300 TO WORK FOR YOU. alums have landed full-time posts, 15% have started businesses or partic- To speak with a Small Business ipated in FastTrac and are now con- Relationship Manager, call 1-888-751-9000 sidering self-employment, and 15% or visit www.tdbank.com/smallbusiness are working part-time,says Thomas Moebus, vice president of develop- ment at The Levin Institute.The re- maining 50% continue to seek work. Goldman Sachs’ 2-year-old en- trepreneurship-education program, 10,000 Small Businesses, has also helped create positions.Since the first New York group graduated last Sep- tember, 19 of the 23 business own- ers have added a total of 70 jobs;half have increased their revenues by an average of 28%,Goldman Sachs says. True, such results aren’t enough TD Bank, N.A. | Some fees and restrictions may apply. Loans subject to credit approval. | Equal Opportunity Lender | TD Bank Group is a trade name for The Toronto-Dominion Bank. Used with permission. For detailed credit ratings to end the unemployment crisis.But for The Toronto-Dominion Bank and TD Bank, N.A. visit https://www.td.com/investor/credit.jsp. Credit Ratings are not recommendations to purchase, sell, or hold a fi nancial obligation inasmuch as they do not comment on market price or suitability for a particular investor. Ratings are subject to revision or withdrawal at any time by the rating organization. they’ll likely inspire additional busi- ness and job-creation initiatives. Ⅲ

16 | Crain’s New York Business | March 7, 2011 20110307-NEWS--0017-NAT-CCI-CN_-- 3/4/2011 2:10 PM Page 1

REAL ESTATE Deals Plus Building buyers try postrecession

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March 7, 2011 | Crain’s New York Business | 17 nb10p18-19cl.qxp 3/4/11 3:30 PM Page 18

LUXURY PROPERTIES PUBLIC & LEGAL NOTICES

NOTICE OF PUBLIC AUCTION NOTICE IS HEREBY GIVEN that BRAVO REALTY CORP., a New York corporation (the “Pledgee”), will offer for sale at public auction the following property: all right, title and interest of Bijan Danialian, Navid Askarinam, and Deror Askarinam, (these individuals, collectively, “Pledgor”), in and to their membership interest in UNITED MARION LLC and UNITED WALTON LLC, New York limited liability companies (collectively, the “Company”), believed to constitute one hundred percent (100%) of the issued and outstanding membership interests in the Company, together with all of the other “Pledged Collateral,” as such term is defined in that certain Pledge and Security Agreement by the Pledgor for the benefit of BRAVO REALTY CORP. (the “Pledgee”), dated as of June 9, 2008 (the “Pledge and Security Agreement,” and such 100% membership interest of the Pledgor in the Company and such other Pledged Collateral hereinafter referred to collectively as the “Membership Interest”). The sale will take place beginning at 2:00 PM (New York Time) on March 14, 2011 at the offices of Goldberg Weprin Finkel Goldstein LLP, located at 1501 Broadway, 22nd Floor, New York, New York. At such sale, the Membership Interest will be offered as a single asset and not in parts or as separate assets. All interested prospective purchasers are invited to attend and bid at the sale. Based upon information provided by the Pledgor and the Company, and certain other persons and entities affiliated therewith, it is the understanding of the Pledgee (but without any warranty or representation by the Pledgee as to the accuracy or completeness of the following matters) that the Pledgor owns 100% of the membership interests in the Company, which, upon information and belief, owns a fee estate in the premises located at 2461-2463 Marion Avenue, Bronx, New York and at 2435-2447 Walton Avenue, Bronx, New York, upon which are situated certain improvements (the premises and improvements, together, the “Property”). The Pledgee reserves the right to accept or reject any bid and shall not be obligated to make any sale pursuant to this notice (but if FOR SALE / EAST HAMPTON any such sale is made, it will be made to the highest qualified bidder at the sale). The Pledgee reserves the right to bid and to become the purchaser at the sale to be made pursuant to this notice and to credit against the purchase price of the Membership Interest any and all indebtedness of the Pledgor to the Pledgee. The Membership Interest will be sold pursuant to appropriate transfer documents (the “Transfer Documents”) on an “as is, where is” STUNNING basis and without representations or warranties of any kind or nature whatsoever, including, without limitation, any representation or BEACH HOUSE warranty of merchantability or fitness. There will be no warranty relating to title, possession, quiet enjoyment, or the like in this disposition. IN THE DUNES A bid deposit of $10,000, in the form of one or more cashier’s checks or certified checks or other immediately available funds payable Amagansett. to “Goldberg Weprin Finkel Goldstein LLP, as attorneys” will be required in order to bid, which deposit shall be returned if the person Impeccable making the deposit is not the successful bidder. A total of 10% of the amount bid shall be due upon the conclusion of the sale in the 6,000 SF+/- form of one or more cashier’s checks or certified checks or other immediately available funds payable to “Goldberg Weprin Finkel summer cottage Goldstein LLP, as attorneys.” The balance of the amount bid will be due within 30 days of the conclusion of the sale. next to reserve. All bids must be accompanied by evidence satisfactory to the Pledgee in its sole and absolute discretion of the bidder’s ability to make Exclusive $11.8M payment of the balance of the purchase price. If the successful bidder defaults, then the Pledgee shall be authorized to reschedule the WEB# 35028 sale and to retain the bid deposit. Consummation of the sale will be made upon receipt of payment of the full bid price by delivery of Joseph DeCristofaro an Assignment of Membership Interest, specifying the transfer “as is, where is, with all faults” and without representation or warranty. Salesperson In the event that the Pledgee is unable for any reason to consummate the sale of the Membership Interest to the successful bidder, its 631.873.5362 sole obligation to the bidder shall be the return of the principal amount of the bidder’s deposit, without interest. Other terms and conditions may be announced at the time of sale, and any of the foregoing may be waived or modified by the Pledgee in its discretion. The Pledgee may adjourn or cancel the sale hereby noticed or cause such sale to be adjourned from time to time, without written notice or further publication, by announcement at the time and place appointed for such sale, or any adjournment, and, without further notice or publication, such sale may be made at the time or place to which the sale may have been so adjourned. The Pledge and BUSINESS OPPORTUNITIES Security Agreement and the Transfer Documents and information relating to the Membership Interest, the Pledgor, the Pledged Collateral, and certain other information are available for review by a qualified prospective bidder by contacting the person named below. Potential bidders are encouraged to perform such due diligence as they deem necessary. No information provided to a ACCOUNTING AND AUDITING SERVICES REQUEST FOR PROPOSALS prospective bidder in response to any such request shall constitute a representation or warranty of any kind with respect to such The New York City Educational Construction Fund (“ECF”) is seeking proposals from information, the Membership Interest, or the public sale. organizations that are capable of providing accounting and auditing services (“Proposer”) Scott D. Simon, Esq. for the examination of annual financial statements. A copy of the Request for Proposal Goldberg Weprin Finkel Goldstein LLP (RFP) may be obtained from ECF by contacting the Fund at (718) 472-8287. 1501 Broadway, 22nd Floor Responses to the RFP must be received at the Fund’s offices by 12 noon, April 11, 2011. New York, New York 10036 T: 212-221-5700 / F: 212-730-4518 New York City Educational Construction Fund 30-30 Thomson Avenue, 4th Floor Long Island City, New York 11101 Notice of Qualification of Ionic Capital URBAN MERCENARIES LLC App. Notice of Qualification of James H. (718) 472-8287 phone (718) 752-5222 facsimile Management Holdings LP. Authority for Auth. filed NY Sec. of State (SSNY) Coleman, LLC App. for Auth. filed http://www.nycenet.edu/offices/ecf/index.asp filed with NY Dept. of State on 2/22/11. 2/23/2011. LLC was organized in DE Sec’y of State (SSNY) on 2/1/11. Office location: NY County. LP formed on 2/17/2011. Office in NY Co. SSNY Office location: New York Co. LLC in DE on 2/15/11. NY Sec. of State NYS PARKS BUSINESS OPPORTUNITY desig. as agent of LLC upon whom org. in DE 12/9/10. SSNY designated designated agent of LP upon whom process may be served. SSNY to as agent of LLC upon whom process The New York State Office of Parks, Recreation process against it may be served and mail copy of process to 555 W. 23rd against it may be served. SSNY shall and Historic Preservation is requesting proposals shall mail process to the principal St., Apt. N6P, NY, NY 10011. Required mail copy of process to 40 W. 57th St, (“RFP”) for the operation of a Food and Beverage business addr.: 366 Madison Ave., office at 3500 S. Dupont Hwy., Dover, 20th Fl, New York, NY 10019. Office Concession at Roberto Clemente State Park, The 9th Fl., NY, NY 10017. DE addr. of DE 19901.Cert. of Org. filed with SSDE, address in DE 40 E. Division St, Ste A, Bronx, New York, RFP number X001030. LP: c/o The Corporation Trust Co., Dover, DE 19901. Cert. of Form. on 1209 Orange St., Wilmington, DE 401 Federal St., Ste. 4, Dover, DE For more information including financial obliga- 19901. Purpose: Any lawful purpose. file: SSDE, Jeffrey W. Bullock, tions and a bid form, please contact the New York 19801. Name/addr. of genl. ptr. Secretary of State, State of DE, 401 City Regional Headquarters at 212-866-3100 for available from NY Sec. of State. Federal St, #4, Dover, DE 19901 a copy of the RFP documents. All inquiries Cert. of LP filed with DE Sec. of Notice of Formation of Sharon Purpose: any lawful activities. should refer to RFP number X001030. State, P.O. Box 898, Dover, DE Sinclair, LLC. Arts. of Org. filed with 19903. Purpose: any lawful activity. Secy. of State of NY (SSNY) on Proposals in response to this RFP are due to Notice is hereby given that a license, 2/11/11. Office location: NY County. State Parks not later than: April 1, 2011 2:00 p.m. number 1251910, for liquor has been NOTICE OF FORMATION OF SSNY designated as agent of LLC applied for by Empire Delight Inc. to REGISTERED LIMITED LIABILITY upon whom process against it may be sell liquor at retail in a restaurant PARTNERSHIP. NAME: REID GLYNN, served. SSNY shall mail process to: under the Alcoholic Beverage Control VISIT OUR WEBSITE LLP. Certificate of Registration was 181 Seventh Ave., Apt. 5-C, NY, NY Law at 21 South End Avenue, New filed with the Secretary of State of 10001. Purpose: any lawful activity. York, NY 10280 in New York County CRAINSNEWYORK.COM New York (SSNY) on 01/06/11. for on premises consumption. Office location: New York County. Notice of formation of Sustainable SSNY has been designated as agent Energy, LLC Articles of Organization Notice of Formation of L’S KITCHEN, of the LLP upon whom process filed with NY Dept of State against it may be served. SSNY shall LLC. Arts. of Org. filed with Secy. of 07-26-2010. SSNY designated as ENTRANCE MATTING FINANCIAL SERVICES mail a copy of process to the LLP, State of NY (SSNY) on 1/5/11. Office 90 Park Avenue, New York, New York agent of LLC upon whom process location: NY County. SSNY designated 10016, which is also the location of against may be served for purpose as agent of LLC upon whom process the partnership. Purpose: For the of any lawful activity and shall mail against it may be served. SSNY shall practice of the profession of Law. process to: The LLC, c/o Brenda mail process to: The LLC, 333 E. Fazio, Mosa Management Group, 56th St., Ste. 12A, NY, NY 10022. Notice of Qualification of Candescent 1828 21st Drive, Astoria, NY 11105. Purpose: any lawful activity. Films, LLC. Authority filed with Secy. of State of NY (SSNY) on 2/15/11. BY CHANCE LLC, a domestic MK DEVELOPMENT HOLDINGS, Office location: NY County. LLC Limited Liability Company (LLC), filed LLC, a domestic Limited Liability formed in California (CA) on 6/2/10. with the Sec of State of NY on 6/3/08. Company (LLC), filed with the Sec of SSNY designated as agent of LLC NY Office location: New York County. State of NY on 12/15/10. NY Office upon whom process against it may be SSNY is designated as agent upon location: New York County. SSNY is served. SSNY shall mail process to: whom process against the LLC may designated as agent upon whom Advertise on The LLC, 34 Barrow St., NY, NY 10014. be served. SSNY shall mail a copy process against the LLC may be www.crainsnewyork.com Principal office address: 37 East 4th of any process against the LLC served. SSNY shall mail a copy of St., #1A, NY, NY 10003. Arts of Org. served upon him/her to c/o Marissa any process against the LLC served Call John Gallagher filed with CA Secy. Of State, 1500 Miglis, 300 Mercer St., Apt. 14G, NY, upon him/her to Eleanor Ma, 10 W. 212-210-0189 11th St., Sacramento, CA 95814. NY 10003 . General Purposes. Latest 10th St., #18G, NY, NY 10004. Purpose: any lawful activities. date to dissolve 12/31/2099. General Purposes.

18 | Crain’s New York Business | March 7, 2011 nb10p18-19cl.qxp 3/4/11 3:31 PM Page 19

PUBLIC & LEGAL NOTICES

Notice of Qualification of RPO FUND Notice of Qualification of Notice of Qualification of 25 Fifth Ave. Notice of Qualification of SUNGEVITY Notice of Qualification of Carlyle GP, LLC. Authority filed with Secy. of AllianceBernstein AIS - Holdings, LLC. Authority filed with SD, LLC. Authority filed with Secy. of Energy Mezzanine Opportunities Fund, State of NY (SSNY) on 01/07/11. Credit/Distressed Strategies LLC. Secy. of State of NY (SSNY) on 2/8/05. State of NY (SSNY) on 02/08/11. Office L.P. Authority filed with NY Dept. of Office location: NY County. LLC Authority filed with NY Dept. of State Office location: NY County. LLC location: NY County. LLC formed in State on 1/19/11. Office location: NY formed in Delaware (DE) on 12/10/10. on 12/21/10. Office location: NY formed in Delaware (DE) on 1/27/05. Delaware (DE) on 12/02/10. Princ. County. LP formed in DE on 8/30/10. Princ. office of LLC: 650 Madison County. LLC formed in DE on 12/17/10. SSNY designated as agent of LLC office of LLC: 66 Franklin St., Ste. 310, NY Sec. of State designated agent of Ave., 26th Fl., NY, NY 10022. SSNY NY Sec. of State designated agent of upon whom process against it may be Oakland, CA 94607. SSNY designated LP upon whom process against it may designated as agent of LLC upon LLC upon whom process against it served. SSNY shall mail process to: as agent of LLC upon whom process be served and shall mail process to whom process against it may be may be served and shall mail process c/o RFR Holding, LLC, 390 Park Ave., against it may be served. SSNY shall the principal business addr.: c/o The served. SSNY shall mail process to to the principal business addr.: 1345 NY, NY 10022, registered agent upon mail process to c/o Corporation Carlyle Group, 520 Madison Ave., NY, the LLC at the princ. office of the Ave. of the Americas, NY, NY 10105. whom process may be served. DE Service Co. (CSC), 80 State St., Albany, NY 10022. DE addr. of LP: c/o The LLC. DE addr. of LLC: Corporation DE addr. of LLC: The Corporation address of LLC: RL&F Service Corp., NY 12207-2543. DE addr. of LLC: Corporation Trust Co., 1209 Orange St., Service Co., 2711 Centerville Rd., Trust Co., 1209 Orange St., Wilmington, One Rodney Sq., 10th Fl., Tenth and c/o CSC, 2711 Centerville Rd., Ste. Wilmington, DE 19801. Name/addr. Ste. 400, Wilmington, DE 19808. DE 19801. Cert. of Form. filed with DE King Sts., Wilmington, DE 19801. 400, Wilmington, DE 19808. Arts. of of genl. ptr. available from NY Sec. of Arts. of Org. filed with Jeffrey W. Sec. of State, Townsend Bldg., Dover, Arts. of Org. filed with DE Secy. of Org. filed with Secy. of State, Div. of State. Cert. of LP filed with DE Sec. Bullock, Secy. of State of DE, Div. of DE 19901. Purpose: any lawful activity. State, 401 Federal St., Dover, DE Corps., PO Box 898, Dover, DE of State, 401 Federal St., Dover, DE Corps., PO Box 898, Dover, DE 19901. Purpose: any lawful activity. 19903. Purpose: Any lawful activity. 19901. Purpose: any lawful activity. 19903. Purpose: Any lawful activity. Notice of Qualification of WHW LLC. Authority filed with NY Dept. of State Notice of Formation of CALLIDA NOTICE OF FORMATION of DAVID NOTICE OF FORMATION OF LIMITED NOTICE OF FORMATION OF LIMITED on 1/26/11. Office location: NY County. ENERGY, LLC. Arts. of Org. filed with KAPLOWITZ, M.D., PLLC. Arts. LIABILITY COMPANY. NAME: RAPID LIABILITY COMPANY. NAME: PUNCH LLC formed in DE on 11/9/10. NY Sec. Secy. of State of NY (SSNY) on of Org. filed with Sec. of State of REALTY UPPER WEST SIDE LLC. PARENT LLC. Articles of Organization of State designated agent of LLC upon 09/29/10. Office location: NY County. N.Y. (SSNY) on 12/31/2010. Office Articles of Organization were filed with were filed with the Secretary of State whom process against it may be SSNY designated as agent of LLC location: New York County. SSNY the Secretary of State of New York of New York (SSNY) on 01/25/11. served and shall mail process to the upon whom process against it may be designated as agent of PLLC upon (SSNY) on 01/14/11. Office location: Office location: New York County. principal business addr.: 527 Madison served. SSNY shall mail process to whom process against it may be New York County. SSNY has been SSNY has been designated as agent Ave., 6th Fl., NY, NY 10022. DE addr. Corporation Service Co., 80 State St., served. SSNY shall mail a copy of designated as agent of the LLC upon of the LLC upon whom process of LLC: c/o The Corporation Trust Co., Albany, NY 12207, regd. agent upon any process to the principal business whom process against it may be against it may be served. SSNY shall 1209 Orange St., Wilmington, DE whom and at which process may be address: 527 East 84th Street, served. SSNY shall mail a copy of mail a copy of process to the LLC, 19801. Cert. of Form. filed with DE served. Purpose: Any lawful activity. Apartment 1A, New York, NY 10028. process to the LLC, c/o Eric Nelson, 1015 Madison Avenue, New York, Sec. of State, P.O. Box 898, Dover, DE Purpose: any lawful activity. Esq., 54 Florence Street, Staten LIMITED LIABILITY COMPANY New York 10021. Purpose: For any 19903. Purpose: any lawful activity. Island, New York 10308. Purpose: For lawful purpose. Notice of Formation of Limited Liability Notice of Formation of Tuition any lawful purpose. DS FLORIDA Notice of Formation of Family Office Company (LLC) Name: Payments, LLC. Articles of Org. filed LLC. with Secy. of State of NY (SSNY) on Name of LLC: Benet Les Designs LLC. Private Advisors LLC. Arts. of Org. Articles of Organization filed by Name: EASTERN SHINE HOLDING 02/24/11. Office loc.: New York Co. Arts. of Org. filed with NY Dept. of filed with Secy. of State of NY (SSNY) the Department of State of New York LLC Art.Of Org. Filed Sec. Of State of 12/31/2010 SSNY designated as agent of LLC State: 10/28/10. Office loc.: NY Co. on 1/21/11. Office location: NY Co. on . Office location: County NY 08/24/2010. Off. Loc.: New York New York. upon whom process against it may Sec. of State designated agent of LLC SSNY designated as agent of LLC of Purpose: any and all Co. SSNY designated as agent upon be served. SSNY shall mail process upon whom process against it may upon whom process against it may lawful activities. Secretary of State of whom process against it may be to the LLC, c/o RGS Holdings, LLC, be served and shall mail process to: be served. SSNY shall mail process New York (SSNY) designated as agent served. SSNY to mail copy of process 265 West 122nd St., Ste C, New c/o Business Filings Inc., 187 Wolf Rd., to: c/o CPCP I Management LLC, of LLC upon whom process against to THE LLC, 747 Third Avenue, 22nd York, NY 10027. Purpose: any lawful Ste. 101, Albany, NY 12205, regd. agt. Attn: R. Adam Smith, 1350 Ave of it may be served. SSNY shall mail a Flr., New York, NY 10017. Purpose: act or activity. upon whom process may be served. the Americas, 3rd Fl., NY, NY 10019. copy of process to: 1 Battery Park Any lawful act or activity. Plaza, 26th Floor, New York, NY 10004 Purpose: any lawful act. Purpose: any lawful activities. Name of LLC: Highview Capital Notice of Formation of HOT COCO, Holdings LLC. Art. of Org. filed Dept. Notice of Formation of COMITE LLC. Notice of Formation of KITAPART, LLC. Notice of Formation of Sixty-Three LLC. Arts. of Org. filed with Secy. of of State of NY on 1/18/11. Off. Loc. Arts. of Org. filed with Secy. of State Arts. of Org. filed with Secy. of State LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on 2/8/11. Office in NY: NY Cty. Secy. of State desig- of N.Y. (SSNY) on 12/9/10. Office of NY (SSNY) on 01/20/11. Office State of NY (SSNY) on 4/8/10. Office location: NY County. SSNY designated nated as agent of LLC upon whom location: New York County. SSNY location: NY County. Princ. office of location: NY County. SSNY designated as agent of LLC upon whom process process against it may be served. designated as agent of LLC upon LLC: 208 E. 32nd St., Unit A, NY, NY as agent of LLC upon whom process against it may be served. SSNY shall Sec. of State shall mail a copy of whom process against it may be 10016. SSNY designated as agent of against it may be served. SSNY shall mail process to: c/o Albert Jack process to: Levi Lubarsky & served. SSNY shall mail process to: LLC upon whom process against it mail process to: c/o The Parker Trust, Kassin, 20 W. 33rd St., 5th Fl., NY, NY Feigenbaum LLP, Attn: Terrence M. c/o David S. Lester, Esq., Cooperman may be served. SSNY shall mail process 140 E. 63rd St., Apt. 12C, NY, NY 10001. Purpose: any lawful activity. Bennett, 1185 Avenue of the Lester Miller LLP, 1129 Northern to the LLC at the addr. of its princ. 10065. Purpose: real estate ownership Americas, 17th Fl., NY, NY 10036. Blvd., Ste. 402, Manhasset, NY office. Purpose: Any lawful activity. and any other purposes permitted by ANGELS & EMERALDS, LLC, a Purpose: any lawful activity. 11030. Purpose: any lawful activity. applicable law. domestic Limited Liability Company Notice of Formation of IVAN GITTARDI (LLC), filed with the Sec of State of MIKE ROLLINS FINE ART LLC, a NOTICE OF FORMATION of Life CPA LLC, a Prof. LLC. Arts. of Org. Notice of Formation of Dialect - NY NY on 1/20/11. NY Office location: domestic Limited Liability Company Realty Gamma, LLC. Art. of Org. filed filed with the SSNY on 01/26/2011. LLC. Arts. of Org. filed with Secy. of New York County. SSNY is designated (LLC), filed with the Sec of State of with Secy. of State of NY (SSNY) on Office location: NY County. SSNY State of NY (SSNY) on 1/13/11. as agent upon whom process against NY on 1/21/11. NY Office location: 10/26/10. Off. loc.: NY County. SSNY has been designated as agent upon Office location: NY County. SSNY the LLC may be served. SSNY shall New York County. SSNY is desig- designated as agent upon whom whom process against it may be designated as agent of LLC upon mail a copy of any process against nated as agent upon whom process process against LLC may be served. served. SSNY shall mail a copy of whom process against it may be the LLC served upon him/her to against the LLC may be served. SSNY shall mail a copy of any process to: 234 West 39th St., FL 2, served. SSNY shall mail process to: BlumbergExcelsior Corporate SSNY shall mail a copy of any process process against the LLC served NY, NY 10018. Purpose: To Practice United Corporate Services, Inc., 10 Services, Inc., 62 White St., NY, NY against the LLC served upon him/her upon him to the principal business The Profession Of Certified Public Bank St., Ste. 560, White Plains, NY 10013. General Purposes. to Michael E. Rollins, Jr., 105 Bowery, loc.: C/O the LLC, 150 W 51st Street, Accountancy. 10606, registered agent upon whom Third Fl., NY, NY 10002-4900. #2019, NY, NY, 10019. Purpose: any process may be served. Purpose: Notice of Qualification of P6 SBCO 48 General Purposes. lawful act or activity. Notice of Qualification of MCR any lawful activity. St NYC Lodging LLC. Authority filed INVESTORS LLC, Authority filed with with NY Dept. of State on 1/27/11. Notice of Formation of Starec Services Notice of Formation of ANASTASIA the SSNY on 12/14/2010. Office loca- Notice of Formation of Y FOUR BY RSR, Office location: NY County. LLC LLC. Arts. of Org. filed with NY Dept. REAL ESTATE LLC. Arts. of Org. filed tion: NY County. LLC formed in DE LLC. Arts. of Org. filed with Secy. of formed in DE on 11/19/10. NY Sec. of State on 12/14/10. Name amended with Secy. of State of NY (SSNY) on on 05/03/2006. SSNY is designated State of NY (SSNY) on 01/27/11. of State designated agent of LLC to Lotus Star LLC on 12/24/10. Office 11/01/10. Office location: NY County. as agent upon whom process against Office location: NY County. Princ. upon whom process against it may location: NY County. Princ. bus. addr.: Princ. office of LLC: 15 Union Square W, the LLC may be served. SSNY shall office of LLC: 622 Third Ave., NY, NY be served and shall mail process to: 590 5th Ave., 19th Fl., NY, NY 10036. Apt. 4C, NY, NY 10003. SSNY desig- mail a copy of process to: 152 W 57th 10017. SSNY designated as agent of c/o CT Corporation System, 111 8th Sec. of State designated agent of LLC nated as agent of LLC upon whom St. 46th Fl , NY, NY 10019. Address LLC upon whom process against it Ave., NY, NY 10011, regd. agent upon whom process against it may process against it may be served. required to be maintained in DE: 160 may be served. SSNY shall mail upon whom process may be served. be served and shall mail process to: SSNY shall mail process to Greentree Dr. Ste 101, Dover DE process to c/o Zengo NYC, LLC at DE addr. of LLC: 1209 Orange St., c/o CT Corporation System, 111 8th Corporation Service Co., 80 State St., 19904. Cert of Formation filed with the princ. office of the LLC. Purpose: Wilmington, DE 19801. Cert. of Form. Ave., NY, NY 10011, regd. agent Albany, NY 12207, regd. agent upon DE Div. of Corps, 401 Federal St., Restaurant management services. filed with DE Sec. of State, 401 upon whom process may be served. whom and at which process may be Suite 4, Dover, DE 19901. Purpose: Federal St., Dover, DE 19901. Purpose: any lawful activity. served. Purpose: Any lawful activity. Any Lawful Purpose. Notice of Qualification of FBDC Purpose: any lawful activity. Investors Offshore, L.P. Authority Notice of Qualification of Notice of Qualification of Limited NOTICE OF FORMATION of Wild filed with Secy. of State of NY Notice of Qualification of SANFORD PricewaterhouseCoopers Advisory Brands Service Company, LLC. Brands, LLC. Article of Organization (SSNY) on 1/13/11. Office location: W. MORHOUSE LLC. Authority filed LLC. Authority filed with NY Dept. of Authority filed with NY Dept. of State filed with the Secretary of State of NY County. LP formed in Cayman with Secy. of State of NY (SSNY) on State on 12/6/10. Office location: NY on 2/7/11. Office location: NY County. NY (SSNY) on 09/10/10. Office loca- Islands (CI) on 1/6/11. SSNY desig- 02/09/11. Office location: NY County. County. Princ. bus. addr.: 300 Princ. bus. addr.: PO Box 16000, tion: NY County. SSNY has been nated as agent of LP upon whom LLC formed in Delaware (DE) on Madison Ave., NY, NY 10017. LLC Columbus, OH 43216. LLC formed in designated as agent upon whom process against it may be served. 03/20/08. Princ. office of LLC: 1301 formed in DE on 9/13/10. NY Sec. of DE on 1/29/11. NY Sec. of State process against it may be served. SSNY shall mail process to: 200 Ave. of the Americas, NY, NY 10019. State designated agent of LLC upon designated agent of LLC upon whom The Post Office address to which the West St., NY, NY 10282-2198. CI SSNY designated as agent of LLC whom process against it may be process against it may be served and SSNY shall mail a copy of any address of LP: c/o Walkers SPV Ltd., upon whom process against it may be served and shall mail process to: c/o shall mail process to: c/o CT process against the LLC served Walker House, 87 Mary St., George served. SSNY shall mail process to c/o CT Corporation System, 111 8th Corporation System, 111 8th Ave., upon him is C/O the LLC 162 E. 90th Town, Grand Cayman KY1-9002, CI. Corporation Service Co. (CSC), 80 Ave., NY, NY 10011, regd. agent NY, NY 10011, regd. agent upon whom St, Apt 5W, New York, NY 10128. Name/address of each genl. ptr. State St., Albany, NY 12207-2543. DE upon whom process may be served. process may be served. DE addr. of Date of Dissolution: n/a. Purpose of available from SSNY. Cert. of LP filed addr. of LLC: CSC, 2711 Centerville DE addr. of LLC: 1209 Orange St., LLC: c/o The Corporation Trust Co., LLC: to engage in any lawful act or with Registrar of Exempted LPs, Rd., Ste. 400, Wilmington, DE 19808. Wilmington, DE 19801. Cert. of 1209 Orange St., Wilmington, DE activity. Street address of Principal Elizabethan Sq., 4th Fl., Phase Four, Arts. of Org. filed with Secy. of State, Form. filed with DE Sec. of State, 19801. Cert. of Form. filed with DE Sec. Business location is: 162 E. 90th St, George Town, Grand Cayman, CI. DE, 401 Federal St., Ste. 4, Dover, DE 401 Federal St., Dover, DE 19901. of State, 401 Federal St., Dover, DE Apt 5W, New York, NY 10128. Purpose: any lawful activity. 19901. Purpose: Any lawful activity. Purpose: any lawful activity. 19901. Purpose: all lawful purposes.

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members are mulling a move to New Jersey—largely to save money. Ne- Fulton Fish Market vendors caught in a vise gotiations with the EDC are not go- ing well, according to the produce Continued from Page 1 third of that money and built some- just buying a space would cost be- According to the New York City vendors. sion, but at this point, [the growth thing [in lower Manhattan].” tween $675,000 to $3 million. He Economic Development Corp., the space] is not necessary,” said David Many restaurant owners in Chi- would then have to cover utilities, landlord,it is responding to the ven- Facing long odds Samuels, owner of Blue Ribbon natown can now get their fish more maintenance and a share of the ap- dors. “We are working with the fish MEANWHILE, M. Slavin & Sons Fish Co. cheaply and conveniently from dis- market to address the challenges the hopes to reorganize and emerge Instead,business at the 400,000- tributors who are as far away as the industry is facing,” an agency from Chapter 11. But with debts of square-foot market, which accounts Carolinas, Mr. Faicco said. And To some extent, spokeswoman said. nearly $25 million, its future is in for 5% of U.S. seafood sales, has some wholesalers now shop at the Mr.Samuels at Blue Ribbon Fish doubt, industry insiders said. The been shrinking. According to Local market less frequently than they did the market is said what the market needs is finan- amount includes $215,715 owed 359, which represents the vast ma- when it was downtown. cial help. The question is if the city the Fulton Fish Market Pension and jority of the workers at New Fulton still adjusting to can offer enough concessions to stop Welfare funds, and the union is su- Fish,more than 50 vendors employ- Pricey place to do business the slide. ing the firm and its principals for ing 500 people moved to Hunts “BECAUSE THE COST of doing busi- its shift to a Those negotiations may be com- back payments. Point; the union has just 350 mem- ness in the market is expensive, the plicated by the fact that not all ten- The cooperative needs M.Slavin bers there today. price of their fish is expensive,” said remote spot ants are hurting. Some companies & Sons but has mixed feelings about To some extent,the market is still David Cooper, president of Scandia have grown by acquiring weaker ri- its owners. The firm sued its fellow adjusting to its relocation to a remote Seafood, a wholesaler in Secaucus, vals. For instance, Blue Ribbon ex- members unsuccessfully last year for spot. It lost customers who balked at N.J. He said he often finds it more panded two years ago by buying the right to enclose its stall, socking having to drive to the Bronx or pay cost-effective to buy fish directly Wally’s Fish, though Mr. Samuels is them with hundreds of thousands in $10 to enter the market,which serves from the distributors and pick it up proximately $100,000 monthly rent concerned about the cooperative. legal fees. both retailers and wholesalers. at Hunts Point. the New Fulton Fish Market Coop- In many ways,the market’s prob- “Herbie is not a team player,”said “It cost the city millions of dol- Last year, Mr. Cooper wanted to erative pays the city. lems reflect those of its neighbor in Mt. Sinai’s Mr. Sciabarra. Ⅲ lars to build that atrocity up there,” set up his own stall in the market to “And they told me the city is the Hunts Point Food Distribution said Dennis Faicco,president of Lo- cut his travel expenses, but he aban- looking to increase the rent next Center, the produce cooperative. Its LISTEN to a discussion at cal 359. “They could have taken a doned the idea when he learned that year,” Mr. Cooper said. lease expires in May, and frustrated rk.com/audi CrainsNewYork.com/audioo

Median ages for the big three net- works range from 60 for MSNBC Fox News faces challenge from Web news and 61 for CNN,to 63 for Fox News. Advertisers are increasingly in- Continued from Page 1 Mr. Rosenstiel noted that losing most, but the medium of cable TV being hurt by the Web.In fact,while terested in reaching younger news Media 2011 report, to be released ground had been a rare occurrence for news is declining,” said television overall cable news ratings have viewers online. “Cable and network next week, looks in detail at issues Fox News before 2010.Through Feb- news analyst Andrew Tyndall. “As dropped from a record in 2008—a news tends to skew extremely old,so affecting cable news. ruary of this year,its prime-time audi- the Internet gets more mature and historic election year—they were a lot of advertisers are supplement- Mr. Rosenstiel emphasized that ence among 25- to 54-year-olds aver- video streaming improves,there’s no still higher in 2010 than they were ing television with [ads on] mobile, while cable news networks could aged 446,000, 23% below the reason to go to your TV set.” annually from 2004 through 2007, online and the iPad,” said Tracey again enjoy ratings growth spurts, year-earlier period, when the Whatever their long- according to Jack Wakshlag, chief Riener, group account director at long-term trends are not encourag- furor over health care reform term future, cable news net- research officer for Turner Broad- MPG North America. ing. A recent Pew study found that stoked its ratings. A Fox 23% works should remain enor- casting, parent of CNN. The cable networks may see their in 2010, the Internet overtook tele- spokeswoman did not respond DECLINE mously profitable for some audiences grow again with another vision as the prime source of news to a request for comment. for Fox News time, thanks to subscriber Oldest TV viewers presidential election in 2012. But among 25- to for people under 30. CNN, despite the Febru- 54-year-olds in fees that are unaffected by JANUARY WAS DOWN because of tough some analysts argue that the Web is ary surge around its Middle February ratings downturns.Fox News comparisons with last year’s earth- bound to continue chipping at cable Losing ground East coverage, grew its is projected to have revenues quake in Haiti, Mr. Wakshlag said. news’ influence. FORTY-EIGHT percent of those aged prime-time target audience by only of $1.6 billion this year, up 6% from Moreover, he added, the average “Once digital convergence 30 to 49 cited the Web as their pri- 3% through February, with an aver- 2010,according to research firm SNL number of hours that viewers watch comes along, news organizations mary news source, up 17 percentage age of 206,000 viewers aged 25 to Kagan. CNN and sister network cable news each month has grown that used to be the biggest fish in points from 2007. The study also 54. MSNBC was up 11% in prime- HLN will have combined revenues of since 2005, according to Nielsen. their ponds don’t look so big,” said found that the share of people who time, averaging 258,000 viewers in $1.3 billion, up 7%. MSNBC will “People are not turning away from Mr. Tyndall, the analyst. Ⅲ got their news from cable news that category. bring in $410 million, also up 7%. cable,” he said. channels fell to 36%, down from “MSNBC has got the least seri- Cable executives argue that cable But those sticking to cable news LISTEN to a discussion at 44% in 2002. ous problems, and CNN has the news viewership is not in decline or are among the oldest TV viewers. rk.com/audi CrainsNewYork.com/audioo

folios. But that was a mere blip. coined in 1997—as Wall Street pay have pleaded guilty to insider-trad- Between 1998 and 2010, Mc- reached the stratosphere. For in- ing charges brought as part of the McKinsey scandal Kinsey’s revenues tripled,to $6.6 bil- stance, New York University sweeping federal investigation.Two lion, and head count doubled to M.B.A.’s recently reported that former Deloitte & Touche partners Continued from Page 3 specialized in accounting and what 17,000, according to Forbes data. while those who went to consulting were also charged with insider trad- its employees reverentially call was then called “management engi- Not even the economic collapse of firms drew 17% higher salaries last ing last year. “The Firm” reaches deep into the neering.” Bower led it until 1967 2008 affected the firm, with rev- year than those who went to invest- McKinsey has always seen itself corporate realm: McKinsey was the and remained a presence until he ment banks or hedge funds, bonus- as special, however. “Fundamental- first to describe customers as died in 2003, at age 99. es for the latter were nearly double ly, what we have is our reputation,” “clients” and projects as “engage- “The thing that will cause people Revenues grew those of the former. Mr. Gupta, who worked at the firm ments.” Its 23,000 alumni include to come to us is because,like the doc- The lure of Wall Street-like pay for more than 30 years, told a Lon- Morgan Stanley CEO James Gor- tor, they can put themselves in our 36% between may be one reason that confidential don audience in 2003. man,former IBM CEO Louis Ger- hands and know we are going to treat client information began leaking out The alumni are watching anx- stner and former American Express them in their interest,” Mr. Bower 2007 and 2009, of McKinsey. According to his iously to see how much business CEO Harvey Golub. told partners in a 1964 speech. lawyer, Mr. Gupta didn’t profit from heads out the door. Some believe About two-thirds of the 1,000 thanks partly to passing along tips to hedge fund McKinsey should begin a public More like a master key than a job largest companies now put them- manager Raj Rajaratnam, whose tri- campaign to make clear that it un- “A JOB AT MCKINSEY is like someone selves in McKinsey’s hands for ad- its restructuring al is set to begin Tuesday. But, Anil derstands the seriousness of its prob- giving you a master key—there’s not vice on strategy and solving complex Kumar, the McKinsey executive who lems and is working to resolve them. a door in the world that doesn’t problems. The firm’s ethical com- business in January 2010 pleaded guilty to in- McKinsey declined to comment. open,” said Anat Lechner, a profes- pass steered it through the insider- sider trading, agreed to return $2.6 “This is not something you can sor of management at New York trading scandals of the 1980s un- million in investment profits and cash easily move past,” Ms. Lechner at University and a McKinsey alumna. scathed. It did take a public relations payments from Mr. Rajaratnam. NYU said. “It’s like your girlfriend “It’s like working for Goldman hit when Enron collapsed in 2001, lied to you. If she lied about one Sachs, maybe even better.” because the energy giant was a prize enues growing 36% between 2007 Other companies have strayed thing, maybe she’s lied about other McKinsey became a force under client and its CEO a McKinsey and 2009, thanks partly to its re- PLENTY OF PEOPLE at other highly re- things.” Ⅲ the legendary Marvin Bower, a alumnus who heartily endorsed the structuring business. garded companies have violated Cleveland lawyer who in 1939 ac- firm’s theories about “loose-tight” Yet McKinsey faced a challenge their clients’ trust for short-term LISTEN to a discussion at quired the 18-employee firm,which management and “asset-light” port- in “the war for talent”—a phrase it gain. Executives at IBM and Intel rk.com/audi CrainsNewYork.com/audioo

20 | Crain’s New York Business | March 7, 2011 20110307-NEWS--0021,0022-NAT-CCI-CN_-- 3/3/2011 5:34 PM Page 1

Average8% y-o-y rent increase for Manhattan apartments in Feb. BUSINESS LIVES Source: The Real Estate Group New York

HOT JOBS EXECUTIVE INBOX Anne Fisher ASSISTANT CONTROLLER ORGANIZATION The Metropolitan Opera A global forum JOB DESCRIPTION Ensure accurate and timely recording of for student financial activities entrepreneurs MOST IMPORTANT TASKS Maintain efficient internal WHILE LEWIS DRUMMOND was a financial operations within full-time student at NYU’s Stern nonprofit regulations; assist School of Business three years with management of annual audit and special-purpose ago, he also ran a consulting audits business, advising firms on their IT infrastructure. He had already CREDENTIALS NEEDED B.A. in worked as IT director for MySpace accounting, C.P.A. or M.B.A. required; nonprofit accounting in London and started a Internet- experience preferred hosting company, but combining school and entrepreneurship was SALARY $100,000+ new to Mr. Drummond and to RECRUITER Internal Josh Myers, then his roommate. DOWNSIDE Work evenings and “We found it really difficult to weekends as needed connect with other student UPSIDE Exposure to the opera entrepreneurs and find mentors,” house’s complex and varied Mr. Drummond recalled recently. financial activities So, on a hunch that other Now in its 127th season, the entrepreneurial students must be Met produces over 200 operas in the same boat, the two scraped each season for an audience of together $60,000 from four angel more than 800,000. investors and started FledgeWing. —SUZANNE PANARA Billed as a one-stop shop for students looking to build ON THE MEND: promising ventures, the free site Gordon Sims offers resources ranging from EXECUTIVE MOVES supervises the repair idea-pitch pages to a directory of of 300 to 400 pairs seed-funding sources. Most of New York magazine: of jeans weekly at the site’s financing comes from Frank Rich, 61, will Denim Therapy. join the magazine as a big corporate subscribers. politics and culture In the past two years, about essayist, writing buck ennis 3,000 students, hailing from monthly, effective in 289 colleges and universities June. He will also GOTHAM GIGS worldwide, have signed up to serve as editor at use the Manhattan-based site. large. He has been an op-ed columnist for The New York Times. Some 800 businesspeople have Intrepid Sea, Air & Space Museum: Susan joined as mentors. Marenoff, 45, was promoted to “Entrepreneurship is all about president. She is the first woman to hold It’s All in the Jeans doing it on your own, but you also that title at the 29-year-old museum. need support,” said Emery She was formerly executive director. Goossens, who is pursuing a MSG Entertainment: WHEN GORDON SIMS received an offer to work in waist management, master’s in economics and Phil Ernst, 54, was Luckily, appointed senior vice he didn’t suspect he’d have to dabble in knees and groins as well. ¶ business at Stern and started a president of special knowing “Ninety percent of our repairs are in the crotch,” said Mr. Sims, a recycling enterprise on the side. projects and events. 26-year-old Kentuckian who is director of operations for Denim For his part, Mike Grassotti, He oversees all of how to sew co-founder of online retailer MSGE’s development Therapy, a small garment district outfit that repairs cherished blue WeShop, gets a kick out of and execution of jeans. “We charge $7 an inch. Most repairs are 6 to 8 inches, so you’re advising his FledgeWing mentees. residency engagements, and special was not events bookings. He was previously looking at $40 to $50” to save your favorite pair.The firm mends 300 One is an M.B.A. student now senior vice president and lead booker for required to 400 pairs weekly. It also provides other services, such as replacing putting together a business plan; Live Nation in New York. worn hardware, dyeing and resizing. ¶ Mr. Sims, who arrived here in the other is a marketing major iN Demand: Emilio Nunez, 39, advanced whom Mr. Grassotti has advised to senior vice president of movies and 2008 to attend a birthday party and never left, graduated from Loyola on a couple of school projects. original programming. He oversees University Chicago with a degree in international business. He found FledgeWing serves a further content acquisition, strategic planning and scheduling for the Movies On his job on Craigslist and started in shipping, but within a year, he was purpose, Mr. Grassotti added: Demand service. He was promoted promoted to his current post, supervising five full-time employees. “It’s a way to get to know bright, from vice president of movies and enterprising students we might original programming. Fortunately, knowing how to sew was not a prerequisite. ¶ Most want to hire after they graduate.” Skidmore Owings & Merrill: Meredith jeans that come in for loving care are designer labels costing more Bostwick-Lorenzo Eiroa, 32, joined the than $150, yet beloved, aged $29 Gap denims arrive as well. “We get AS A STUDENT, did you know that you urban planning firm as a specialty lab wanted to start a business? How did planner and designer in the health and love notes all the time,” Mr. Sims said. you find a mentor? Tell us at See EXECUTIVE MOVES on Page 22 —alix strauss www.crainsnewyork.com/execinbox.

March 7, 2011 | Crain’s New York Business | 21 20110307-NEWS--0021,0022-NAT-CCI-CN_-- 3/3/2011 5:35 PM Page 2

RÉSUMÉ REVIEW Delivering digital diversity Is your job search all it could be? We ask the experts. ly of the same quality as that for tele- As programming and advertising move to NAME RODNEY V. DAWSON DBG exec creates new vision. And the webisodes will be the Web, won’t that take a toll on TV? SUMMARY Web, mobile content; available everywhere but television. It’s not about digital versus televi- Finance operations professional with big- What’s interesting about DBG is sion anymore. Advertisers are con- name experience scores Kiefer coup that it’s becoming a television net- stantly saying, “How do I reach work—but exclusively for digital. three screens?” That is: “How do I PROFESSIONAL EXPERIENCE reach the set-top box [television], l J.P. Morgan Chase, 2005-2010 BY MATTHEW FLAMM But The Confession isn’t really like a TV digital [computers] and mobile, and Senior finance operations associate show. For starters, it’s a lot shorter. make sure campaigns run across all Served as point person for consumers of data flowing through DAC. IGITAL BROADCASTING We’re grabbing the on-the-go audi- three of those?” It’s more a shifting Coordinated changes with the line-of-business suppliers of data to Group has just hired dig- ence with five- to seven-minute of resources than chipping away at ensure completeness, timeliness and quality. ital ad veteran Matthew bites.Fifteen to 30 minutes is a lot to one of them. l Independent consultant, 2002-2004 Corbin as its first chief watch,especially on a mobile device. Supervised the processing, collecting, maintenance and reconciliation Dproduct officer.He’ll work with me- How do you do most of your of static data for equity, fixed-income and government agency issues. dia companies, advertisers and pub- Why is DBG pushing into new areas now? television-watching? lishers to create custom program- Consumption models have changed. I spend quite a bit of time on l Alliance Capital Management Corp., 1999-2002 ming and deliver it to viewers on Folks are ready to view content on YouTube and on Netflix, Hulu and Manager/administrative officer, data administration their comput- digital platforms now more than ever. the ABC.coms of the world. It’s less Led the processing, collecting, maintenance, reconciliation and ers and mobile And we see an opportunity to create about the destination site. approval of security-indicative data for equity, fixed-income and devices. The that content,monetize it with brand- I’m consuming con- government agency issues. Responsible for quality assurance of MOVERS & 4-year-old ed advertising and syndicate it across tent on multiple outsourced vendor data. SHAKERS firm has lately multiple platforms. Our goal is to pathways, as l Merrill Lynch, Jersey City, 1994-1999 gotten into work with the Time Warners of opposed to Supervisor, coding unit, product data services the Web en- the world and aid in their viewing a Managed the processing, collecting, maintenance, reconciliation and Matthew tertainment [Web] distribution strategy. single approval of security-indicative data for equity, fixed-income and arena in a big [TV] government agency issues. Created, standardized and updated Corbin Ⅲ way with the Why are advertisers also interested station. operational/quality-assurance procedures. launch of The in creating programming? Confession, Advertisers are becoming more EDUCATION starring Kiefer Sutherland in his like content producers for specific l Hampton University, Hampton, Va., B.S. in finance, 1980 first project since the end of his hit audiences.That’s another arm of our Résumé appears in condensed form. 24. The series of 10 webisodes will company: marrying entertainment EXPERT ADVICE debut this month on Hulu. properties with large brands. In the digital space, viewers have Rodney has a great deal of experience working in large financial Why is The Confession such a big much more opportunity to institutions in data-integrity and technology roles. He should lead his deal for DBG? jump around than when résumé with a clear title and an executive summary to immediately give Creating Internet-only content is they’re watching TV, so ad- FPO the reader his scope of expertise. Rodney should also quantify his results. not new, but this is one of the first vertising needs to become Did his work save hours? Reduce expenses? If so, by how much? This times that the production is actual- much more engaging. would show immediate value to potential employers. —jason levin, district manager, Vault.com To contact this candidate or to be featured in “Résumé Review,” e-mail us managing director and chief U.S. equity was named director of investments, a at [email protected]. EXECUTIVE MOVES strategist at Fortress Investment Group. newly created position in which he is The New York Times: Joe opening LEG’s New York office. He Continued from Page 21 Nocera, 58, was added was previously an associate at KBR science studio. Previously, she was an as a columnist for the Capital Partners. associate principal at Hillier opinion pages. Indaba Music: J.J. Architecture, where she designed the Starting in April, he Rosen, 42, joined the Cohn & Wolfe: Jeremy Rosenberg, 33, was Professionals: Adam Cherney, 33, was Duke University Graduate Medical will write twice weekly independent online hired as a senior vice president of the named vice president. He will recruit School in Singapore. about business and music distributor as digital practice at the public relations and develop talented financial advisers. Dahlman Rose & Co.: Brian Rauscher, 45, financial policy topics. chief executive. agency within WPP.He was senior vice He was previously the agency’s sales was named chief portfolio strategist at Mr. Nocera has Previously, he was president of digital production at Porter director. the investment bank, which specializes written The Times’ Saturday “Talking executive vice Novelli. Mayer Brown: Keith Andruschak, 45, in energy, infrastructure and Business” column for six years. president of Sony Jones Lang LaSalle joined the law firm as a partner. He was transportation. Previously, he was Lincoln Equities Group: Robert Zalkin, 32, Music Entertainment’s Americas Inc.: Shawna previously a partner at Stroock & Commercial Music Group. Menifee, 43, was hired Stroock & Lavan. Dana Owens, 40, was named co-chair of as executive vice WNET: David Raphael, 37, joined the CORPORATE LADDER the board of directors. She is known president of the public broadcasting organization as professionally as Queen Latifah. professional and director of national advertising sales and CCH: Christian Wolfe, 46, was hired as financial services firm sponsorships. He was previously NEW LEADERSHIP ARRIVES vice president of business intelligence specializing in real national sales manager at WBEZ and strategy at the tax, accounting and estate. She had been a Chicago Public Media. AT MS. FOUNDATION FOR WOMEN auditing company, owned by Wolters senior director at Cushman & Brian Granath, 48, joined as director of ANIKA RAHMAN, 46, was named president and chief Kluwer. He was formerly senior Wakefield Inc. national advertising sales and executive of the Ms. Foundation for Women. A graduate of managing director of corporate strategy Reid Glynn: James W. Reid, 65, is a sponsorships. He was previously vice Princeton University and Columbia Law School, Ms. at Cushman & Wakefield Inc. founding partner at the newly formed president of advertising sales, Eastern Details magazine: Rahman practiced law and served as director of David Hamilton, 47, boutique law firm specializing in trusts region, at A&E Television Networks. was named associate publisher of the and estates. He was most recently a Bracewell & Giuliani: Michael C. Hefter, international programs for the Center for Condé Nast title. He joined from partner at Satterlee Stephen Burke & 45, joined the law firm as a partner. He Reproductive Rights, where she led global Interview magazine, where he was Burke. was most recently a partner at Orrick programs for women’s health, reproductive publisher. Carolyn M. Glynn, 44, is a founding Herrington & Sutcliffe. rights and justice. Alma Bank: George partner. She was most recently a partner Stan Chelny, 37, joined as a partner. He She comes to the foundation after six years Katsiaunis, 50, was at Satterlee Stephen Burke & Burke. was most recently a partner at Orrick as president of Americans for United Nations named president. He Mercury Radio Arts: Jeremy Price, 38, was Herrington & Sutcliffe. was previously promoted to vice president of digital Daniel E. Hemli, 34, joined as a partner. Population Fund, where she increased both executive vice media sales, a newly created position. He was most recently an associate at public and private funding from U.S president and chief Mr. Price was formerly the company’s Wachtell Lipton Rosen & Katz. sources. In her new position, Ms. Rahman banking officer at director of digital media sales. —anya khalamayzer will oversee the foundation’s assistance Marathon Bank. Hogan Lovells: Brian McCormick, 36, was Prudential Douglas promoted to partner in the law firm’s to more than 150 grassroots U.S. EXECUTIVE PROMOTIONS organizations focusing on social justice Elliman: Dennis Mangone, 50, joined the FDA/pharmaceuticals practice. He had for disadvantaged and low-income residential real estate firm as a managing been an associate. The fastest way to get an announcement into director, specializing in new- Lillian Tsu, 34, was added as a corporate Crain’s is to submit online. Fill out the form women and families. development residential sales. He was partner, focusing on corporate securities at www.crainsnewyork.com/section/ —ANYA KHALAMAYZER previously a senior vice president at and business law. She was an associate. executive_moves. The Executive Moves column Brown Harris Stevens. Penn Mutual Planning Center for is also available online.

22 | Crain’s New York Business | March 7, 2011 20110307-NEWS--0023-NAT-CCI-CN_-- 3/3/2011 5:36 PM Page 1 chemex / INSATIABLE CRITIC Gael Greene information, call (347) 464-0777. flickr.com THE WEDNESDAY, MARCH 16 SCIENCE, INDUSTRY AND BUSINESS LIBRARY invites you to learn how to WEEK enhance your interviewing skills with career counselor Karen Palevsky.This free event will take place at 188 Madison Catch this AHEAD Ave., room 018, from 6 p.m. to 7 p.m. Seating is on a first-come basis. For MARCH 14-20 more information, call (917) 275-6975. while you can URAL CULTURALT EVENTS THURSDAY, MARCH 17 CONFERENCES AND Latvian choir Kamer makes its New WHAT HE’S What Happens When SEMINARS York debut with a performance at MONDAY , MARCH 14 BARYSHNIKOV ARTS CENTER. The READING features a changing BARUCH COLLEGE presents “Banking on program, The Madrigals of Love, features the Future: A New Paradigm for compositions by contemporary Latvian THREE BOOKS LINGER near James menu and design Rebuilding Our Nation’s Infrastructure,” composers. The show starts at 8 p.m. in Sheehan’s bed. “It’s not the books; a conference examining national, the Jerome Robbins Theater, 450 W. it’s me,” said Mr. Sheehan, New ’M NOT SURE what the pop-up regional and state infrastructure 37th St. Tickets are $15 and can be York’s Medicaid inspector general. restaurant trend portends or investments. Speakers, including purchased by visiting www.smarttix.com “I get only 20 minutes in before I reveals: attention deficit dis- Manhattan Borough President Scott or calling (212) 868-4444. Stringer, will discuss clean energy, high- fall asleep.” Ferreting out Medicaid order in young chefs, per- speed rail, private and pension FRIDAY, MARCH 18 Pick fraud and abuse is exhausting. haps, or a gesture toward investments, and jobs creation. The free LINCOLN CENTER presents of the The Island at the Center of the IADD eaters.But I was excited to ar- buck ennis event will be held at the William and the New York premiere of week World, by Russell Shorto, assesses rive at What Happens When, even ON THE CHANGING MENU: Short rib Anita Newman Conference Center, 151 Songs of Wars I Have Seen, the Dutch colonial influence on though I couldn’t remember the E. 25th St., room 750, from 8:30 a.m. to the finale of its annual Tully New York. Mr. Sheehan learned 1:30 p.m. For more information, call Scope Festival. Music Director Heiner name for the life of me. It was a WHATT HAPPENS that the most important people of chance to revisit chef John Fraser’s (646) 660-6950. Goebbels combines text from Gertrude the period were “persuaders—like very personal cooking at $58 for WHEN Stein’s Wars I Have Seen with a score that TUESDAY , MARCH 15 pairs Baroque music with staccato Peter Minuit—who convinced three courses, a discount from the 25 Cleveland Place (212) 925-8310 CARDINAL TRADE GROUP INC. presents machine-gun fire.The performance others they were worthy of trust.” $35 and $40 entrées at his Dovetail. Trade Brooklyn, a trade show for begins at 7:30 p.m at Alice Tully Hall, 70 A three-star chef tweaking both www.whathappenswhennyc.com Also on the nightstand: James businesses from New York City, Long Lincoln Center Plaza. Patrons are Scudamore’s Heliopolis, a novel menu and decor every month on a Island and the greater metro area. invited to a preconcert discussion with shoestring in a rough 64-seat spot ATS 2 Guests will have the opportunity to Mr. Goebbels at 6:15 p.m.There will be depicting the dynamics of race and that would close in September—it CUISINE Contemporary network and attend seminars and panel a complimentary drink after the show. class in São Paulo; and Hospital, sounded like a trend on the front page discussions on topics such as franchising Tickets are $45 to $75 and are available Julie Salamon’s look at health care PRICE RANGE $58 prix fixe of Times Dining. Did Fraser sound a business. The show will take place at online at www.lincolncenter.org. They can through the microcosm of petulant as he explained how happy SERVING Dinner, Tues.-Sun. Stage 6 at Steiner Studios, 15 also be obtained by calling (212) 721- Maimonides in Brooklyn. “She Washington Ave., Brooklyn, from 9 a.m. 6500 or visiting the Avery Fisher Hall or did a good job of showing what a he was to escape extravagant archi- RESERVATIONS Yes to 3 p.m. Admission is free. Register at Alice Tully Hall box offices. tects and demanding investors to do www.brooklyntradeshow.com. For more —suzanne panara hospital is like from the viewpoint of something modest and short-lived? NOISE LEVEL Bearably noisy management,” Mr. Sheehan said. “It’s not a pop-up,” he insisted. I can’t wait to return. Tow view Crain’s classified events listings, go to w .crainsnewyork.com/events —GALE SCOTT The clever black-and-white de- sign—bemusing chandeliers, an I will definitely go back. outline of your chair stenciled on the I’ll let them simmer awhile. floor—is supposed to suggest a NO HATS Never again. blueprint. The abbreviated menu, the young servers in black, the gob- DATE: let of apricot liquor that arrives with make it a luscious duo. Lamb loin is BOARD GAMES: a trio of amusements: It feels like just lamb, beautifully cooked, a ges- HOW TO BUILD AND KEEP A STRONG BOARD Wednesday, March 16, 2011 off-Broadway. I like it. ture for the cautious eater. VENUE: A Crain's Arts & Culture Breakfast Even better, what we’re eating is We’ve been watching the dessert The Yale Club, 50 Vanderbilt Avenue pure Fraser, sophisticated and most- charioteer,and now it’s our turn.Be- The first installment of Crain's Business of Arts & Culture series will TIME: ly remarkable. Crunchy fried finger- fore we can choose, she announces explore how competition for strong and deep-pocketed trustees has never ling potato skins on wheat beer fon- the chef wants us to have one of each Networking Breakfast: been steeper as more potential board members are choosing to support 8:30am-9:00am due, tossed with pickled sausage and offering:perfect Brillat-Savarin and fewer organizations. We will also look at how to find new board members, Program: sorrel,so original and creative.Roast- Tomme de Berger on our cheese 9:00am-10:00am ed cauliflower is teamed with ham, plate and a dazzling trifecta of keep them, and use their expertise to help grow your organization. mushrooms, grapes, feta and shards sweets.Smooth vanilla rice pudding PANELISTS: of lentil crackers in another melee I with a chapeau of citrus marmalade. Alan Fishman, chairman of the can’t imagine anyone else doing. Popcorn crème brûlée with caramel Brooklyn Academy of Music If you don’t like it, you might call and salted butter. A dark chocolate Toni Goodale, chairman & CEO, it eccentric rather than original. An pudding on graham-cracker crust Goodale Associates amuse of sesame-flecked mystery with marshmallow pom-poms. Laveen Naidu, executive director, paste studded in a celery stick? “The “Credit cards only,” the menu says. Dance Theatre of Harlem chef ’s play on ants on a log,” the (“Paper money in a restaurant is George Steel, general manager and waiter says with a grin. No, it’s not cumbersome,” Fraser tells me.) artistic director of New York City Opera cheese; it’s an amalgam of duck fat It’s after 11 and What Happens powder with tapioca maltodextrin. is emptying when Fraser heads out MODERATOR: (I am sorry I asked.) the door to check in at Dovetail.“I’m Alair Townsend, Crain's columnist and chairwoman of City Center of A gift of foie gras comes with working around the clock,” he con- broken bread crisps on top. Alas, it fides. “But I have terrific teams. It Music and Drama, Inc. is fiercely salty. Sweetbreads coura- really is a dream project.” COST TO ATTEND: geously left in large chunks,braised, The chef isn’t sure What Hap- $60 for individual tickets cooled and then pan-roasted in but- pens will make money. “I’m really $600 for tables of ten ter, wearing disks of pear on a rub- not that concerned,” he says. “The PURCHASE TICKETS: ble of cabbage, ham hocks and wild fixed costs are large and so is the risk, rice, are sadly overcooked. but that’s what this is about: push- Go to www.crainsnewyork.com/events But richly moist guinea hen, ing the boundaries of what a restau- Or fax your business card and credit card information to "Arts & Culture cured before roasting and dressed rant can be.” Breakfast" at 212-210-0499. with a whole roasted carrot, radic- It won’t be easy to book. But if For more information, call the Events chio and flash-seared carrot greens in menu and design change monthly as Hotline at 212-210-0739.

an orange vinaigrette, is a triumph. promised,I’ll try now for a May table. You must be pre-registered to attend Layered buckwheat crêpes stuffed this event. No refunds permitted. with the bird’s lightly smoked leg, Copyright © 2011 by Gael Greene. Emmenthal and turnip on béchamel Syndicated by www.insatiable-critic.com.

March 7, 2011 | Crain’s New York Business | 23 CN014244 2/18/11 2:37 PM Page 1

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