20150223-NEWS--0001-NAT-CCI-CN_-- 2/20/2015 6:44 PM Page 1

PIXIE-DUST ALERT Bruce Eichner’s back with a huge project. A sure sign of a market CRAIN’S® top? PAGE 3 NEW YORK BUSINESS

VOL. XXXI, NO. 8 WWW.CRAINSNEWYORK.COM FEBRUARY 23-MARCH 1, 2015 PRICE: $3.00

CEO JAMES GORMAN has led a comeback that’s improved the NY’s best bank’s share price 55% in two years, the best on Wall Street. bank ain’t Goldman Left for dead during the crash, Morgan Stanley shows the rest of Wall Street how to get it done

BY AARON ELSTEIN James Gorman bet that he could remake Morgan Stanley with a strategy that had been a miserable failure for the firm before. Five years after he became chief executive, it’s clear that the revamp is paying dividends. Mr. Gorman dramatically shifted Morgan Stanley’s course by emphasizing retail brokerage, which is the business of making money for individual investors. Wealth management, as the firm prefers to call it, now accounts for nearly half of its sales and earnings. That has put the company in a sweet spot as people flock back to the market after a long hibernation. Morgan Stanley’s stock has returned 55% in the past two years—more than any other See MORGAN STANLEY on Page 24 bloomberg news

REPORT TECHNOLOGY Nicole Miller on Fashion Week Internet speed that’s 20 times faster than fatigue and manufacturing in NY anything you’ve ever experienced PAGE 11 loyal to her vision as a de- finding a home in New York—a place that BY ADRIANNE PASQUARELLI signer and as a New receives millions in direct spending as a Yorker—keeping the result of the event—been so tough? THE LIST ince founding her name- bulk of her production It’s only 10 days out of the year.First The most active venture-capital firms in the sake fashion label 33 years local, even when so we got thrown out of Bryant Park, ago, Nicole Miller has seen many competitors and then sent out of Lincoln Cen- New York area PAGE 13 her share of change—in- have outsourced to ter. Nobody knows where we’re

istock cluding the rise of social China. going next. If you live nearby, Smedia, copycat styles and overseas there’s stuff going on all the time labor. Earlier this month at New Last week marked at Lincoln Center,but maybe the 08 the final Fashion

5 York Fashion Week, she proved residents could never get taxis, she’s still got it by featuring an inno- Week at Lincoln who knows? Hudson Yards is a vative collection of her signature Center, and the little frightening, that whole con- prints that meshed a mythical Into event has yet to cept of a mini-city. I like the idea the Woods vibe with unique imagery. announce a new of being downtown. Through it all, she has remained venue. Why has See NICOLE MILLER on Page 26 NEWSPAPER 71486 01068 0 20150223-NEWS--0002-NAT-CCI-CN_-- 2/20/2015 6:44 PM Page 1

EXECUTIVE EDITOR’S NOTE

Don’t be shy FYICRAINSNEWYORK.COM When I was a reporter covering politics, my best sources were those who read Crain’s religiously: sharp- tongued, well-connected opinion- AmEx? You can istas immersed in the business and leave home without cultural life of the city.When I shifted to editing, I worried that I’d it, judge says lose contact with the people who Jeremy Smerd federal judge handed helped me understand how New down a David vs. York really works.Then two weeks Goliath ruling last week istockphoto ago, Crain’s Editor Glenn Coleman announced he’d A in a five-year-old case that elicited a cheer from small merchants. ¶ The judge said that be stepping into a new role as editor at large and that American Express Co.’s rules banning merchants from encouraging customers to use other credit I’d replace him. Up the masthead, out of the trenches, cards violate antitrust laws.The decision gives the 3.4 million restaurants and shops that accept out of touch? Reynold Levy, the former president of AmEx some much-needed leverage to cut costs. Merchants are now free to offer their own Lincoln Center, allayed my fears in the form of an perks, such as free shipping or lower prices, to consumers who use a lower-cost method of op-ed submission: a pointed criticism of the boards of payment. AmEx’s rules drive consumer fees higher and hurt competition, the judge said. AmEx the Metropolitan Council on Jewish Poverty and the plans to appeal the ruling. ¶ It’s another major setback for the credit-card giant, which has had Federation Employment and Guidance Service, two a rough year thus far. After announcing 4,000 job cuts in January, the Manhattan-based once-esteemed social-welfare organizations that company announced the end of multiyear partnerships with JetBlue Airways and Costco seemed to implode overnight. Mr. Levy was bold Wholesale Corp. earlier this month. ¶ The company is also facing encroaching competition from enough to ask the obvious: How did this happen and new tech-driven payment systems like Apple Pay, to which AmEx could lose out on lucrative who’s accountable? I immediately gave the piece the swipe fees from retailers. Such fees, about 2% of each transaction, amount to an estimated $40 green light (you can read it on Page 9) and emailed: billion a year for banks and card companies. ¶ AmEx’s share price hit a 52-week low of $77.12 “We should have written this story!”The op-ed was last week and has fallen 13% in the past 12 months. —adrianne pasquarelli an important reminder that you, dear reader, are our best resource, and we’re all smarter when you speak SILVER INDICTED. Former New York make hearings more open to the up.The problem—until now—is that the only way to state Assembly Speaker Sheldon Sil- public, and called for judges to pre- HOORAY! get your thoughts into Crain’s was an occasional 475- ver was indicted on federal corrup- side over hearings involving allega- A NEW DR. SEUSS BOOK, What Pet word hole in our newspaper’s op-ed page. We’re tion charges. He is accused of col- tions of homicide or felony assault Should I Get?, will be published by lecting nearly $4 million in bribes against police. … ILLEGAL CIGS. The Random House Children’s Books in July. changing that. Crain’s is—and will remain—a and kickbacks since 2002 and hiding state and city sued UPS for violating resource for New York business news and insight. But it as legitimate income. … GRIMM a 2005 agreement not to ship ciga- we’re also a trusted platform connecting New Yorkers SUCCESSOR. A special election has rettes to unauthorized recipients. been set for May 5 to replace Staten New York, which seeks to recover in the marketplace of ideas and action.That’s why in Island Rep. Michael Grimm, who more than $180 million in unpaid the coming months we’re going to launch online a resigned and pleaded guilty to tax cigarette taxes, claims that the ship- curated contributors’ network featuring in-the-know evasion. ... LAGUARDIA DELAYS. The ment company allowed 700,000 car- New Yorkers with expertise, ideas and opinions they $3.6 billion plan to overhaul La- tons to be sent to residents from Na- Guardia Airport’s main terminal tive American reservations. … OY VEY! simply cannot keep to themselves. We’re not the first building has been stalled again.This PROTECTING TENANTS. A joint state STATE GOP releases “50 Shades of Bill” media company to come up with this concept, but we time, the Port Authority of New and city task force was created to poster, portraying Mayor Bill de Blasio as the submissive character and the Rev. Al do think we’re best suited to steer the conversation in York and New Jersey wants to wait crack down on landlords suspected Sharpton as the dominant male. New York. If you’d like to apply to be a part of it, for the outcome of a of using renovation design competition ‘I do not and construction email [email protected]. C’mon, for all New York air- projects to force ten- you’re a New Yorker. We already know you’re not shy. ports before selecting believe … that ants out of rent- a developer to re- regulated apart- vamp the aging facil- the president ments. … GRISTEDES THIS WEEK IN CRAIN’S ity. … BANK CEO PAY loves America’ HQ SALE. Grocery CUTS. Citigroup and —Former New York Mayor mogul John Catsi- twitter@newyorkgop Bank of America Rudy Giuliani, during a matidis will sell SOURCE BREAKFAST ------1 Corp. have slashed private GOP dinner, Gristedes’ West Side with revitalizing the concert hall, is IN THE BOROUGHS------3 CEO salaries by 9% commenting on President corporate headquar- stepping down as chairman of and 7%, respectively. Barack Obama’s speech ters for $55 million Carnegie Hall’s board of trustees to SMALL BUSINESS ------4 Citi’s Michael Cor- about the fight against to developer Sumai- become board president. Financier THE INSIDER ------5 bat and BofA’s Brian violent extremism da Khurana. The Ronald Perelman will replace him. TOP DOG. REAL ESTATE ------6 Moynihan are each grocery chain will … Fifteen-inch Miss P be- expected to earn about $13 million likely relocate to Mr. Catsimatidis’ came the second beagle to win best in OPINION------8 this year.Both banks had to pay hefty building at 1790 Broadway. … LESS- show at the Westminster Kennel GREG DAVID ------9 settlements over mortgages and RISQUÉ MAXIM. The men’s magazine Club Dog Show—a shock to the foreign-exchange manipulation. … hit newsstands with a new look. It pooch world because the canine was, REPORT: TECHNOLOGY------11 GOTHAM GIGS GRAND-JURY OVERHAUL. New York has toned down nudity and raunchy well, an underdog. HEALTH CARE ------CARNEGIE HALL SHIFT. Jordyn Lexton’s Drive Change 14 state’s top judge proposed changes to humor. … —amanda fung and the grand-jury process that would Sanford Weill, who was credited emily laermer helps troubled youths. P. 25 CLASSIFIEDS ------20

CORRECTIONS (SEE PAGE 22)

vol. xxxi, no. 8, february 23, 2015—Crain’s New York Business (issn 8756-789x) is STORIES TO WATCH THIS WEEK published weekly, except for double issues the weeks of June 29, July 13, July 27, Aug. 10, Aug. 24 and Dec. 21, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. Periodicals postage paid at New York, N.Y., and additional mailing offices. Post- Feb. 24: Macy’s Feb. 25: Mayor Feb. 26: FCC Feb. 26: Confir- master: Send address changes to: Crain’s New York Business, Circulation Department, 1155 reports 4Q 2014 Bill de Blasio votes on Chairman mation vote for Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (877) 824-9379.Fax (313) 446-6777.$3.00 a copy,$99.95 one earnings. testifies in Albany Tom Wheeler’s B’klyn prosecutor year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2015 by Crain Communications Inc. All rights reserved. on city’s budget Internet public- Loretta Lynch as needs. utility proposal. U.S. AG

2 | Crain’s New York Business | February 23, 2015 20150223-NEWS--0003-NAT-CCI-CN_-- 2/20/2015 6:45 PM Page 1

IN THE BOROUGHS Bruce Eichner BRONX Industrial is back. Why park shifts that might be into gear Little-known haven a concern for manufacturers meets a growing need

Never mind his property busts BY THORNTON MCENERY

in the early 1990s and 2008. Krinos Foods Inc., a purveyor of caviar, olives and fine cheeses, stands This time is different, he says in the final stages of building a 100,000-square-foot state-of-the- BY DANIEL GEIGER art facility that will give it the room to innovate and grow. It is the sort of The last time the real estate market was at such a high space most small businesses in the city can only fantasize about. It also point, developer Bruce Eichner was on his way to one happens to be in a place few have ever of his biggest busts, defaulting on the $3.9 billion heard of—the Bathgate Industrial Cosmopolitan Resort and Casino in Las Vegas in Park, in the shadow of the elevated 2008, just as the economy was beginning to tank. Cross Bronx Expressway in that bor- ough’s East Tremont section. That was not the first occasion when Mr. Eichner’s “We’re moving because the site timing on a megaproject collided with a wider real was large enough to accommodate estate downturn. He handed back to his lenders two our needs and because of its access to major highways,” said Eric Mos- Manhattan towers, CitySpire Center and 1540 cahlaidis,president of Krinos,which Broadway, as the recession of the early 1990s was for nearly the past 30 years has called taking hold. Long Island City, Queens, home. Mr. Eichner is again tackling an ambitious In late 2015, Mr. Moscahlaidis will bring his business and its staff of project at the peak of a new boom. Now, 100 to the seven-city-block,20-acre however, he believes timing is finally on his industrial business zone that sud- side. denly is grabbing unaccustomed at- “There are people that were doing projects tention. It comes amid a possible shift in Bathgate’s management, when the 1987 stock-market crash hit and in and mounting encroachment from 2007, when the capital markets froze, who residential developments on indus-

See EICHNER on Page 22 harperfred See INDUSTRIAL on Page 14 More evidence Uber is wiping STATS AND THE CITY by Nicholas Wells STORMY FORECAST: By 2050, expect sea levels and air temperatures to rise by as much as 21 inches and 5.7 degrees, respectively. Last week, the mayor out city taxi industry’s value released a report outlining ways to make the city more resilient and sustainable. INCREASE, in MILES of NYS road that have been screaming that ride-share luxury purchases such as recreation- +1.1 feet, since 212 would be rendered Financials from top is going to destroy taxi medallions,” al vehicles and boats. Medallion Fi- 1990 of NYC sea level, unusable if sea levels rose two feet medallion lender said Larry Meyers of PDL Capital, nancial also provides financing to which rose at twice “yet despite hurricane-force head- Greek diners,Chinese laundries and the approximate NUMBER of heat waves expected reveal boats and RVs, winds, medallions show unyielding other immigrant-owned businesses. global rate of 6per year in the city in the 2080s, up not cabs, drive profits resilience.” What about the medallion loans about 0.6 from a predicted two this year Well, not exactly. A closer read- for which the company is named? inches per ing of Medallion’s financial state- “They’re a lower-yielding asset,” decade APPROXIMATE total cost BY ANDREW J. HAWKINS said Andrew Murstein, the firm’s $20Bof the city’s resiliency president. “Eleven or 12 years ago, program to strengthen infrastructure and A positive earnings report by ‘They’re a lower- we made an effort to diversify the protect the coastline Medallion Financial Corp., a major company, not because we saw Uber lender to yellow-cab owners, defied yielding asset,’ coming, but because we thought it the conventional wisdom that tech- was the prudent thing to do. And nology companies like Uber were exec says of taxi that area, the RV and marine area, is TARGETED REDUCTION taking down the taxi industry. 75% of our profits now, because TARGETED REDUCTION inin greenhouse-gas emissions through 2050, a goal set by the city’s PlaNYC program Heads turned in the business media medallion loans you’re borrowing at 1% and you’re 80%2050, a goal set by the city’s PlaNYC program and beyond. lending at 15%.” TOTAL CO2-equivalent-equivalent metricmetric tonstons ofof greenhousegreenhouse gasesgases “Medallion profits point to taxi By contrast, the firm borrows at emitted from Stuyvesant Town in 2012—highest level for fightback,” blared the Financial 1% and lends at 4% for its safe taxi- 22.4Mproperties tracked by the city Times. “Uber does little to hurt yel- medallion loans,he said,adding,“You Sources: City of New York, U.S. Global Change Research Program, low taxi profits,” crowed the New ments reveals that loans for taxi- have zero losses, so you make 3%.” Mayor’s Management Report, NYC OpenData York Post. medallion purchases account for less Indeed, Medallion Financial re- istockphoto Financial analysts seemed to than 20% of its profits. More than ported zero losses in its taxi portfo- ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY agree. “The media and short-sellers 75% are from high-interest loans for See CAB LENDER on Page 24

February 23, 2015 | Crain’s New York Business | 3 20150223-NEWS--0004-NAT-CCI-CN_-- 2/19/2015 6:31 PM Page 1

th 4 Annual Join Crain’s and New York SMALL BUSINESS real estate’s most impressive REAL ESTATE players to explore the next PERSONAL SERVICE: Bat mitzah student stage in the city’s development. Lexi Rosenbloom with Joel Cohen, a CONFERENCE head of Door to Door Tutoring, who will lead the PLANNING THE NEW NEW YORK ceremony.

OPENING DISCUSSION TUESDAY, MARCH 17, 2015 Chairman of the NYC Planning New York Athletic Club Commission Carl Weisbrod 180 Central Park South will unveil the de Blasio Networking Breakfast: 8:00a.m.-8:30a.m. administration’s latest zoning Program: 8:30a.m.-12:00p.m. policies and urban-planning Cost to Attend: initiatives. $300 for individual ticket(s) Carl Weisbrod $3,000 for table(s) of ten PANEL DISCUSSIONS $4,000 for a table of ten and a full page > Restaurant Tenants Tell All: journal ad in the event program.

Rohini Dey, Ph.D., Owner, Vermilion Restaurants (NYC & Chicago) You must be pre-registered to attend this event. gibbons catherine No refunds permitted. Wylie Dufresne, Chef and Owner, Alder restaurant Georgette Farkas, Founder & CEO, Rotisserie Georgette For more information: Jimmy Haber, Managing Partner, ESquared Hospitality Adrienne Yee Do-it-yourself > Affordable Housing: Phone: 212-210-0739 Joshua Barro, Domestic Correspondent, New York Times, The Upshot Email: [email protected] Lisa Gomez, Partner and COO, L+M Development Partners bar mitzvahs Seth Pinsky, Executive Vice President, Fund Manager, Metro Emerging Markets & Public Affairs Director, RXR Realty << REGISTER TODAY >> Steven Spinola, President, Real Estate Board of New York crainsnewyork.com/events-realestate2015 Families are forgoing the synagogue approach to design their own ceremonies

Platinum Sponsor: BY MIRIAM KREININ SOUCCAR

For sponsorship opportunities, contact Joanna Harp at 212-210-0278 or [email protected] his April, Lexi Rosenbloom will celebrate her bat mitzvah in front of more than a hundred friends and Tfamily members. Like most Jewish 12- or 13-year- olds, she will be called to read from the Torah before a backdrop of stunning stained-glass windows, a moment for which she has been studying for the past two years. But instead of having the service at the family’s synagogue, with clergy in tow, the Rosenblooms are creating a sanctuary at the Pierre Hotel.The Torah has been rented,

the stained-glass windows brought in temples’ efforts to attract mem- in by a lighting-and-design spe- bers. In order to have the ceremo- cialist, and Lexi has been working ny, families needed to spend thou- with a private tutor who will also sands of dollars to join a synagogue lead her service. and enroll their chil- Even the prayer dren in religious books are being MAZEL TOV school starting in made from scratch. third grade. “At our syna- But now, a grow- gogue we would ing number of fami- have had to share $2,000 lies are opting out of her service, and our Rabbi fee for bar mitzvah what some say has family wasn’t going become a factory ap- to be able to partici- proach that is un- pate in any way,” suited to the time said Melissa Rosen- constraints kids have bloom, Lexi’s mom. $500 these days. The “We wanted a very Cost of a weekend trend is creating a personal service.” Torah rental cottage industry of Welcome to the businesses and pro- DIY bat mitzvah. fessionals offering For decades,bar and everything needed bat mitzvahs have for the big day, from not only taken place rabbis-for-hire to in synagogues, but rented Torahs. also have been the “For a long time, most important tool See DIY on Page 26 istockphoto IN THE MARKETS BY AARON ELSTEIN IS TAKING THE WEEK OFF AND WILL RETURN MARCH 3. 20150223-NEWS--0005-NAT-CCI-CN_-- 2/20/2015 6:45 PM Page 1 THE Bloomberg plan, the mayor added, “I think the newer proposals are a INSIDER step in the right direction,but again, by Erik Engquist I’m not going to weigh in until we’ve fully assessed all of the options we have to stabilize the long-term fu- ture of the MTA.” Plan to toll drivers gets stealthy Manhattan parking-garage owners are likely to bankroll resist- ransportation wonks have known for decades the ance to the plan,as they did with Mr. solution for the city’s surplus of traffic congestion and Bloomberg’s, because it would re- duce by a projected 100,000 the Tdeficit of transit funding: tolls on the East River number of daily vehicle trips to the bridges. But for just as long, they had no clue how to enact borough.It also calls for ending a tax them—until they witnessed the slow-motion train wreck of buck ennis break for Manhattan parking- the Bloomberg administration’s congestion-pricing plan in garage customers. Andrew Cuomo into taking a position tion Authority’s $15 billion capital- But garage owners were not the 2007 and 2008. on its key component—the bridge budget deficit. decisive factor in the Bloomberg That effort, though ill-fated, left them with a political road tolls—until the moment was ripe. The praise at the beginning of plan’s demise seven years ago. Of map that they have been painstakingly navigating since traffic That moment came Wednesday, the governor’s quote suggests he is greater importance was the decision Sam Schwartz a day after the Move NY coalition aware of the changed landscape, ex- to ignore rank-and-file lawmakers engineer (pictured), better known as “Gridlock released a tweaked version of Mr. emplified by Councilman Mark or offer tangible benefits to many of Sam,” crafted a successor to the Bloomberg plan in 2010. Schwartz’s plan. Weprin, D-Queens, who had reject- their districts. This time, a good “The concept has merit,” Mr. ed the Bloomberg proposal but now number have been sold on the The Bloomberg administration A massive marketing campaign, Cuomo said. “I also understand the says,“We finally have a plan that my Schwartz plan’s benefits and its at- had rolled out its plan in coordination along with the expenditure of polit- practicality of it. The politics on it constituents can get behind.” tempt to be fair to all New Yorkers. with business organizations— ical capital by Mayor Michael were very, very difficult last time. The plan crossed another thresh- As for Mr. Cuomo’s handicap- notably, the Partnership for New Bloomberg, was enough to squeeze There was a lot of discussion, and it old Thursday, when Mayor Bill de ping of its chances, Mr. Schwartz York City, which released a study in his plan through the City Council. went nowhere. And I don’t think Blasio said, “I have not seen the de- was unconcerned. December 2006 showing the eco- But state legislators treated it as an anything has happened since then tails of the new proposal, but again, “The groundswell of support has nomic impact of traffic congestion. unwanted dinner guest.No vote was that would change that political I think it has to be taken seriously.” yet to reach the governor,” he said. But when the road-pricing plan was ever held in Albany. dynamic.” Recalling his opposition to the “It will.” Ⅲ unveiled the following April, mem- The coalition behind Mr. But something had happened: bers of the City Council and state leg- Schwartz’s proposal took the oppo- Elected officials had been clued into islature were shocked and outraged, site approach, quietly courting law- the plan and given reasons to em- QUOTE OF THE WEEK: ‘We can now begin to as New Yorkers typically are when makers and incorporating their brace it, such as a toll reduction on told that something free will no feedback. They begged reporters the Verrazano, Throgs Neck and fight for his total vindication’ —Statement from Assemblyman Sheldon Silver’s lawyers, longer be—in this case, driving into not to write about their plan so no five other bridges. It would also following the former speaker’s indictment on corruption charges Manhattan’s central business district. overeager scribe would corner Gov. close the Metropolitan Transporta-

Call today (212) 220-8500

February 23, 2015 | Crain’s New York Business | 5 20150223-NEWS--0006-NAT-CCI-CN_-- 2/20/2015 3:21 PM Page 1

REAL ESTATE

nearly $25 million, Mr. Rudin said. BARE BONES Though he declined to name the Condo sales at St. Vincent’s buyers, several high-profile pur- 136 MADISON AVE. chases have been cited in reports, ASKING RENT; including a three-bedroom apart- TERM: $55 per ment that was said to have been sold square foot; 10 site defy talk of high-end glut last month to fashion executive years Michael Kors for $17 million or SQUARE FEET: more. 18,600 hile debate rages over whether a glut of Aside from the project’s location, TENANT; ultrapricey apartments looms over the the developer said its design, incor- REPS: Peter Pennoyer city’s surging residential market, one of porating several architectural styles Architects; New York’s biggest landlords is prosper- and varied apartment layouts, en- David ing mightily. hances its value. Rosenbloom Rudin Management,developer of the Greenwich Lane, “Out of the 200 apartments, and Emily Weber of Cushman & W Wakefield a 200-unit condo complex rising on the site of the former there are 92 unique designs, so this St.Vincent’s Hospital in the West Village,announced that not a cookie-cutter tower going up,” LANDLORD; REPS: Madison as of this month 75% of the apartments at the project were Mr. Rudin said. International Realty; Michael T. Cohen and Andrew Roos of Colliers under contract. The news comes a little over a year after He also responded to controver- International launching sales. sy that erupted in the high-end res- The company also has topped out the tallest of the five BACK STORY: The architecture idential market following a series of firm will double its space in its properties that compose the development, a 17-story articles in The New York Times. move to the 11th floor at the ground-up building at 155 W. 11th St. Rudin Management Those stories revealed that rich for- NoMad property. said it will finish the approximately $1 billion development eigners, some with criminal ties and

by the middle of next year. will femia unseemly paths to wealth, are major 12th streets along Seventh Avenue. The complex is fetching some of cession that fol- buyers of the new wave of luxury Much of the space is new construc- the highest sums per square foot lowed. where we questioned our sanity apartments being built in the city tion, but Rudin Management is inte- ever seen for residential space “We always had confidence that moving forward.” and take pains to disguise their grating some of the former hospital downtown. Sale prices have aver- if we created the right product that Mr.Rudin said some of the com- identities by purchasing the units facility into the development as well. aged about $3,500 per square foot, had the right amenities and the plex’s best apartments have traded through holding companies. As part of the deal in securing the according to Bill Rudin, the com- right look and feel to it, we would for $5,000 to $6,000 per square “Ninety percent of our buyers are rights to build, Rudin Management pany’s chief executive. That far ex- achieve strong numbers,”Mr.Rudin foot, unprecedented figures for that domestic, and 70% are New York- donated $10 million, plus the ceeds original expectations for the said. He conceded, however, that neighborhood, where little new ers,” Mr. Rudin said. “It’s mostly O’Toole Building across Seventh property, which the developer be- there were some hiccups along the construction has taken place in been New Yorkers who see the val- Avenue that had been part of St. gan planning during the real estate way.“In 2008, when the market col- decades. Meanwhile, one of the ue of this development.” Vincent’s Hospital, to the North boom in 2007 and continued to lapsed and the hospital went bank- project’s five townhouses being The complex encompasses the full Shore-LIJ Health System. push forward during the deep re- rupt, there were points in time built has gone into contract for block between West 11th and West —daniel geiger

the price point of the Crown Chinese insurer Building. Cheap rent seals Third Avenue bags pricey trophy Retail space on the gilded stretch deal on Christopher bargains fade away of Fifth Avenue from 50th to 59th A Chinese insurance company is streets boasts the priciest retail rents The Japanese jewelry brand with the Third Avenue, once midtown’s dis- adding to its collection of prime in the city—and among the highest oddly occidental name of H.P. count corridor, is now an area where New York City commercial real es- in the world—and was a prime rea- France is coming downtown. The rents are rising and vacant space is tate, according to sources familiar son for driving the Crown Build- company recently signed on to sub- falling. with the deal. ing’s value to such exorbitant lease 500 square feet at 98 Christopher The latest example is a deal with Anbang Insurance Group, the heights. St., between Bleecker and Hudson philanthropic group JPB Founda- Beijing-based insurance company —daniel geiger streets, in the heart of the West Vil- tion, which took the top floor of the that last year agreed to buy the Wal- lage. The asking rent was $250 a 29-story, 720,000-square-foot of- handel architects handel 875 Third Ave. dorf Astoria for nearly $2 billion, is Essex Crossing square foot. fice tower at The or- now acquiring an office tower in the Huge LES complex This will be the second Manhat- ganization signed a 15-year lease for heart of midtown’s ultrapricey Plaza to be union-staffed tan location for H.P.France, which the 30,000-square-foot space, district. The training program will be im- signed a seven-year deal with the where the asking rent was a hefty The company is purchasing the The developers of Essex Crossing, the plemented by the developers, 32BJ leaseholder, MZ Wallace, a purvey- $86 per square foot. That’s more office space at 717 Fifth Ave., a 26- massive mixed-use project planned and the Lower East Side Employ- or of high-end handbags. than double the rates common on story, 350,000-square-foot tower, for the Lower East Side, have ment Network,a collection of work- Louis Puopolo, the Douglas El- the avenue during the recession a from the Blackstone Group for an agreed to staff the complex entirely force development agencies. While liman broker who represented MZ few years ago. undisclosed sum. Anbang is not with union workers, the firms an- job applicants do not need to be in Wallace, said H.P. France was “Third Avenue has seen a lot of buying the building’s 110,000 nounced Wednesday. the union before applying,the train- drawn by the lower rents. deals, and this is square feet of valuable retail space in BFC Partners, L+M Develop- ing program aims to impart some of “Since Bleecker Street an example of the deal.It wasn’t im- ment Partners and Taconic the skills that the development team is north of $300 a square how things have mediately clear if Investment Partners have will be looking for to fill the spots. foot, it’s hard to compete really turned Blackstone plans to inked an agreement with “We look forward to the thou- with major brands [for around there,” hold onto that store powerful building workers’ sands more jobs, hundreds of units space],” he said, noting said Paul Glick- space or if there are union 32BJ SEIU for up to 80 of affordable housing,and commer- that 98 Christopher St. is man, a broker plans to sell it in a jobs that will eventually be cial and community assets the proj- a nice alternative, because with Jones Lang separate transaction. part of the 1,000-unit devel- ect will bring to the neighborhood,” it’s just around the corner. LaSalle, who Late last year, the opment. Construction of the said city Economic Development Edgy fashion house Rag along with col- Crown Building, an first phase of the project, in Corp. President Kyle Kimball in a & Bone has a shop near- league Diana office and retail which half the units will be statement. by and is expanding into Biasotti repped property that is one affordable, is set to begin this The first phase of the project will the site next door as the landlord, block north, and is summer. include 561 apartments, along with Christopher Street tran- Eastgate Realty, about 80,000 square The partnership will also a relocated Essex Street Market and sitions to more recogniz- in the deal. 875 Third Ave. feet smaller than 717 help fund a training program an annex of Pittsburgh’s Andy able retailers from a mix Mr. Glick- Fifth Ave., sold for 717 Fifth Ave. designed to equip area resi- Warhol Museum. of psychics and mom- man said that $1.75 billion. dents with the know-how to The site has lain fallow since the and-pop stores. 875 Third Ave. has been able to CBRE and Eastdil arranged the apply for many of the posts being of- late 1960s,and was finally bid out by H.P.France, which also operates command higher rents because of its deal for Blackstone. fered before the development is the city for development in 2013. a location on West 20th Street, direct connection to public transit. Office towers in the neighbor- completed—a move that the union The developers have yet to de- should open for business in March. It is one of the few buildings on the hood command the city’s highest called the first of its kind. cide whether to use union labor to The jeweler was represented by Ravi avenue with a subway entrance. rents, with some fetching upward “After decades of community build, though when projects have a Idnani and James Famularo of East- David Rosenbloom and Emily of $200 per square foot for choice feedback,we’re crafting Essex Cross- considerable affordable-housing ern Consolidated. Weber, brokers at Cushman & penthouse-level spaces. But with- ing to reflect the soul of the Lower component, developers typically Douglas Elliman’s Alexander Wakefield Inc., represented JPB out the retail component, the sale East Side,” said Ron Moelis, chief opt for open-shop construction. Furst also represented MZ Wallace. Foundation. of 717 Fifth Ave. is likely not near executive of L+M, in a statement. —joe anuta —adrianne pasquarelli —daniel geiger

6 | Crain’s New York Business | February 23, 2015 5boros is a lifestyle and entertainment print, digital and event brand that taps into the excitement and vibrancy of ALL of New York City’s fi ve boroughs.

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OPINION CRAIN’S NEW YORK BUSINESS

School reform gets testy Rance Crain editor in chief publisher, vp Jill R. Kaplan eforming New York’s public schools is this encourage gaming of the system and yield unreliable grades. EDITORIAL executive editor Jeremy Smerd year’s most heated fight in Albany. Gov. And the statewide reading and math tests are useless for rat- editor at large Glenn Coleman Andrew Cuomo got it started by ing teachers of other subjects. deputy managing editors Valerie Block, ● Erik Ipsen proposing to raise state education aid by Charter schools vary from excellent to awful.Their ad- assistant managing editors Barbara Benson, $1.1 billion rather than the formula- vantage is attracting students whose parents are involved Erik Engquist senior news producer Amanda Fung driven $377 million, but only if the enough to enter them into admission lotteries, but their suc- contributing editor Elaine Pofeldt reforms he favors are enacted.Teachers’ cess still hinges on their leadership, as it does for all schools. columnists Greg David, Steve Hindy, Alair Townsend senior reporters Theresa Agovino, ● unions chided the governor for hostage-taking—then Teachers’ training, both before and after they begin their Aaron Elstein, Lisa Fickenscher, Matthew Flamm, demanded $2.5 billion more for New York City schools. careers, is abysmal. It’s a massive, overlooked problem.The Daniel Geiger, Adrianne Pasquarelli R reporters Joe Anuta, Chris Bragg, Charter schools joined the scrum, trying to build on their models that work must become the norm. Andrew J. Hawkins, Irina Ivanova, ● Jonathan LaMantia, Thornton McEnery win last year of guaranteed space and rent subsidies to Attacking Ms. Fariña is unhelpful. She’s stubborn but news producer Emily Laermer launch or expand schools.They want the statewide cap on smart, experienced and web reporter/producer Nazish Dholakia charter schools raised—and eliminated in the city—and to art director Steven Krupinski To fix education, determined. Her move deputy art director Carolyn McClain get capital funding, as traditional schools do.The unions to have successful staff photographer Buck Ennis copy desk chief Steve Noveck object because it would divert money to nonunion schools. Albany must sift schools and teachers copy editor Thaddeus Rutkowski Meanwhile, acrimony about standardized testing and help struggling ones is data editor Suzanne Panara the science from researchers Jessica Kramer, Nicholas Wells teacher evaluations is intensifying, while teacher tenure—the essential. She has raised editorial intern Yoona Ha most treasured benefit of unions and the greatest bane of the rhetoric standards for principals ADVERTISING advertising director Joanna Harp reformers—is being challenged in court. and empowered their sales manager Irene Bar-Am The emotional atmosphere is exacerbated by charter- superintendents; every- senior account managers Jill Bottomley Kunkes, Courtney McCombs, school advocates’ attacks on the city’s traditional school one needs a boss. Her Rob Pierce system and its charter-wary chancellor, Carmen Fariña. practice of urging hope- account managers Zita Doktor, Stuart Smilowitz sales coordinator LeAnn Richardson Sifting the science from the rhetoric is hard, but here are less teachers to find other work is welcome, but an inadequate credit manager Jason Hogan (313-446-0353) some key points for lawmakers to keep in mind: substitute for ending tenure. No job should be guaranteed. CUSTOM CONTENT, EVENTS AND PRODUCTION ● Statewide testing is needed to enforce academic stan- Fixing education is difficult, and complicated by noise director of custom content Trish Henry director of audience & content dards and track children’s progress. But students and teach- from self-interested parties. We cheer Mr. Cuomo for trying partnership development Michael O’Connor director of conferences & events ers get only scores back, not the tests, limiting their useful- and don’t blame him for tying funding to reforms, but he Courtney Williams ness. Weighting them too heavily in teacher evaluations can must focus on changes proven to succeed.They do exist. events coordinator Adrienne Yee events coordinator & scheduler Alexis Sinclair reprint account executive Alicia Samuel CRAIN’S ONLINE POLL COMMENTS media services manager Nicole Spell ONLINE AND INTERACTIVE SERVICES general manager Rosemary Maggiore TO SUBSCRIBE: WHY DID NYC For print and digital subscriptions or customer Lasso lawsuit lending service, e-mail [email protected] LOSE THE or call 877-824-9379 (in the U.S. and Canada) or Often, interest rates exceed businesses. 313-446-0450 (all other locations). $3.00 a copy for DEMOCRATIC LITIGATION FINANCE the print edition; or $99.95 one year, $179.95 two NEEDS REGULATION 100% annually, and many —scott w. hobson years, for print subscriptions with digital access. NATIONAL plaintiffs ultimately see their Manager of government affairs www.crainsnewyork.com/subscribe “Litigation-finance firms bet entire award consumed by in- Lawsuit Reform TO ADVERTISE:

CONVENTION? istockphoto on the little guy” (Feb. 9), terest and attorneys’ fees. Alliance of New York Contact Joanna Harp at [email protected] highlighting the litigation- Shockingly, lenders have suc- or call 212-210-0278. Brooklyn was the wrong choice. Madison finance industry’s involvement cessfully claimed their prod- www.crainsnewyork.com/advertise Square Garden should have been the venue. HALT TRAFFIC PLAN with small business, serves as a ucts are “investments,” not FOR INFORMATION ON OUR EVENTS: Corruption. Organizers didn’t want the event timely reminder of the rapid loans, and therefore are able to Re “City should get moving on Contact Courtney Williams at marred by simultaneous trials of New York growth of this questionable skirt New York’s usury and traffic plan” (Editorial, Feb. 6): [email protected] or 212-210-0257. politicians. industry. consumer-protection laws. Living and driving in Brooklyn, www.crainsnewyork.com/events New York is at the epicenter But the tide is turning. Re- why would I be for this? I’ll pay TO CONTACT THE NEWSROOM: Security concerns of lawsuit lending, and the cently, Colorado’s attorney extra to go to a Broadway show, 685 Third Ave., New York, NY 10017-4024 Mayor Bill de Blasio’s bad relationship with practice of lending directly to general forced lawsuit lenders or get to the Bronx or New editorial phone: 212-210-0277 the NYPD individual plaintiffs is on the to comply with its consumer- Jersey. But New Jersey drivers fax 212-210-0799 rise.Troublingly, we have protection laws, and legisla- pay nothing extra, and Entire contents ©copyright 2015 Crain Communications Inc. The irresistible charms of the City of All rights reserved. ®CityBusiness is a registered trademark virtually no regulations in place tion to curb the practice is Manhattan nondrivers get all of MCP Inc., used under license agreement. Brotherly Love to protect consumers from pending in a dozen states. the advantages without any CRAIN COMMUNICATIONS INC. BOARD OF DIRECTORS Date of poll: Feb. 13 predatory lawsuit-lending Yet New York regulators, commensurate cost.Talk about chairman Keith E. Crain 136 votes practices. among the most zealous in the a gated community. president Rance Crain 17% The practice of lawsuit nation, have utterly failed to —ginnie treasurer Mary Kay Crain lending, referred to as third- address this abusive practice, Cindi Crain party litigation financing, is il- which takes advantage of It all sounds so wonderful on executive vp, operations William Morrow legal in the vast majority of those most vulnerable and paper. But it’s just another tax executive vp, director of strategic 42% 11% Western nations. Lawsuit incentivizes speculative that will be used as a slush fund operations Chris Crain executive vp, director of corporate lenders seek out consumers litigation. instead of fixing the roads. operations K.C. Crain who have filed lawsuits and of- Absent the complete pro- With all the taxes on gas, autos, senior vp, group publisher David Klein fer cash advances on their hibition of lawsuit lending, tickets, bridges and tunnels, vp/production, manufacturing David Kamis claim in exchange for a per- New York should enact strict why should we believe that this chief financial officer Thomas Stevens 21% chief information officer Anthony DiPonio centage of whatever award regulations on this practice for will save the roads? Please. 9% they may later receive. the sake of consumers and —ed founder G.D. Crain Jr. (1885-1973) chairman Mrs. G.D. Crain Jr. (1911-1996) secretary Merrilee Crain (1942-2012) FOR THIS WEEK’S QUESTIONS: CRAIN’S WELCOMES SUBMISSIONS to its opinion pages. Send letters to [email protected]. Send columns of 475 Go to www.crainsnewyork.com/poll to have your say. words or fewer to [email protected]. Please include the writer’s name, company, address and telephone number.

8 | Crain’s New York Business | February 23, 2015 20150223-NEWS--0009-NAT-CCI-CN_-- 2/19/2015 6:30 PM Page 1

REYNOLD LEVY leadership. Who will explain their fate to the opera’s former musicians, vocalists Nonprofits in search and union members; to FEGS’ fired employees and abandoned clients; to Yeshiva students and faculty; to the benefactors of the 92nd Street Y; of accountability and to the indigent New Yorkers the Met Council serves? ne of the hallmarks of New York City’s social, These questions should weigh cultural and economic life is the multitude of heavily on the trustees of these insti- tutions; on the state attorney gener- high-quality nonprofits delivering services of all al, who has ultimate oversight re- kinds to residents and visitors.Hospitals,univer- sponsibility for nonprofits; on the sities, social-services providers, community cen- trustees and staff of the Federation ters, museums and performing-arts organizations are, in many of Jewish Philanthropies;and on the O auditing firms paid to examine the cases, world-renowned. books of these agencies. Yet, astonishingly, some beloved nonprofits have recently But not on them alone: Let these extraordinary acts of omission and vanished or might soon do so. The well-functioning finance, audit, in- commission serve as a wakeup call to 70-year-old New York City Opera vestment and executive committees? all professionals and volunteers who and the 80-year-old Federation Em- And what about government over- offer time, talent and treasure to ployment and Guidance Service sight for Yeshiva,FEGS and the Met nonprofit institutions and causes. (FEGS) declared bankruptcy. Tee- Council, all on the receiving end of The price to be paid for the inde- tering on the brink is Yeshiva Uni- major public grants and contracts? pendence of nonprofit agencies is vig- versity, together with its Einstein The Federation of Jewish Philan- ilance.If trustees and major donors do School of Medicine and its Cardozo thropies has been an important and not properly govern and monitor Law School. The Metropolitan longstanding provider of funds to them,then the heavy hand of govern- Council on Jewish Poverty is also FEGS, the Met Council and the ment is bound to enter that vacuum. struggling after its CEO was con- 92nd Street Y. Its distribution com- Self-discipline, self-regulation and victed of improprieties that cost the mittee supposedly monitors the fi- self-control are much to be preferred. agency millions of dollars. Allega- nancial integrity of the organiza- tions of mismanagement at the 92nd tions it supports. What are its Reynold Levy is a former president of Street Y have been widely reported. contributors to make of the turn of Lincoln Center, a former president of the How could this happen? How events at the Met Council and International Rescue Committee and a could these agencies’ board members FEGS that appear to have caught former executive director of the 92nd have failed to exercise basic fiduciary federation officials by surprise? Street Y. His book They Told Me Not to responsibilities? What explains the This breakdown is the conse- Take That Job: Tumult, Betrayal, Heroics apparent absence of due diligence and quence of gross neglect, manage- and the Transformation of Lincoln Cen- the checks and balances afforded by ment ineptitude and absent trustee ter will be published in May.

law could be burdensome.) Minimum wage, Claims like this get in the way of reasonable discussion, which is sure to intensify with Wal-Mart’s deci- sion to raise its floor to $9 (which maximum anxiety won’t mean much in New York). Here are the key points: ● Wage stagnation for low-income t is getting harder and harder to believe businesses when workers is a major problem. Period. they oppose increases in the minimum wage. ● Economic research is mostly on the Last week in the New York Post, for instance, an opin- side of the advocates. For years, some ion piece by the restaurant-industry-funded Employ- studies showed businesses did elim- inate jobs when their labor costs in- ment Policies Institute argued that business closings in creased. Other studies showed no San Francisco showed that increases in the minimum wage significant losses. Recent research I has been much more one-sided in eliminate jobs. Three entrepreneurs claimed they had decided failing to find any adverse effects. to shut down because they wouldn’t be able to afford the city’s ● But this time it’s different. Gov. Andrew Cuomo has proposed hik- $15-an-hour requirement when it’s ing the statewide minimum wage to fully implemented in 2018. $10.50 an hour at the end of the year Actually, read the piece closely, and New York City’s to $11.50. and the minimum wage becomes Mayor Bill de Blasio wants to make just one factor in their decisions. it $13 in the city at the end of this One business was a bookstore—a year and $15 by 2019. retail niche that’s collapsing. Oh, It was only 14 months ago when and there was no context: How the statewide minimum wage was many businesses operate in San $7.25, so even the Cuomo plan is a Francisco? About 32,000. 60% jump in the city in two years. Or consider the claims of city This is what is happening in other restaurateurs who told Crain’s earli- places around the country, like San er this month that a hike in the min- GREG DAVID Francisco and Seattle. imum wage for workers who make Such large increases in relatively tips would be so onerous that they short periods are unprecedented, so would have to impose a mandatory makes the restaurant pleasurable, previous economic studies aren’t European-style service charge. The and eliminating their incentive to do very relevant. New York City has money would then be shared among so would be counterproductive. never imposed a minimum higher the staff, raising compensation for These are many of the same owners than that of the suburbs,and the dif- kitchen workers at the expense of who also claimed the paid-sick-days ference could be substantial. the waitstaff. law would be onerous,although it has The bottom line: No one can Such a move would make no eco- been implemented with little disrup- predict what the impact will be on nomic sense because the waitstaff tion or pain. (Yes, I had thought the businesses and jobs.

February 23, 2015 | Crain’s New York Business | 9 9th Annual

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TECHNOLOGY INSIDE THE LIST The most active venture-capital firms in the NY area PAGE 13 ‘If I find one of our guys streaming a soccer game, with 1 gbps I don’t care’ REPORT —Craig Waldman, CEO, DeepTech Inc., Page 12 On broadband’s cutting edge Startups like Brooklyn Fiber offer Internet service 20X faster than typical fare—at 1/20th the price

BY MATTHEW FLAMM

Gigabit-speed broadband, which delivers Internet speeds that are 20 times faster than your typical connection, could one day make things possible that sound like science fiction: holographic conference calls or virtual-reality tours of foreign countries. But, for the most part, in New York the high-speed service has been reserved for banks, data centers, hospitals and other large-enterprise bandwidth hogs that can afford a monthly tariff of $3,000 to $10,000. Now that calculus is beginning to change with the help of several small, inde- pendent operators, most notably Red Hook-based Brooklyn Fiber. This month, the five-person startup began rolling out See BROADBAND on Page 12

SPEED DEMONS: Brothers and Brooklyn Fiber founders Eric and Rob Veksler larry ford

February 23, 2015 | Crain’s New York Business | 11 20150223-NEWS--0012-NAT-CCI-CN_-- 2/20/2015 2:54 PM Page 1

REPORT TECHNOLOGY

cial buildings have business-class broadband, and most of those are in On the cutting edge of broadband the financial district or midtown. The high cost of running fiber from the street into buildings and Continued from Page 11 loads, they wouldn’t have to. cated line,which many large compa- the uncertainty over whether gigabit service in Sunset Park’s In- PICKING UP “They were looking at tens of nies and some smaller ones require enough tenants will sign up have put dustry City complex at the break- SPEED thousands of dollars for this kind because it gives them greater consis- a brake on broadband deployment. through price of $500 a month—in of bandwidth before,” said Eric tency and reliability,and comes with the process demonstrating it is pos- Downloading (or uploading) a Veksler, chief executive of Brook- a service-level agreement that puts Hard digging in NYC sible to bring super-fast Internet to movie of 8 gigabytes file size: lyn Fiber,who founded the compa- strict limits on downtimes. “It’s so hard to dig in New York; the little guys. ny three years ago with his brother The providers say, however, that even getting 100 megs in a building And along with the growing Rob. “This is going to draw those their shared connections offer virtu- is hard,”said Joseph Stornelli,an in- number of affordable gigabit op- 100-mbps kinds of customers to these build- ally the same reliability as dedicated dependent consultant who helps tions, there will also soon be connection: minutes16 ings. It’s that important for them.” circuits, and that they can manage small and medium-size businesses LinkNYC, which will begin replac- Animation and artist studios,tech capacity so that customers never see with their IT needs. ing public pay phones with a free startups and financial and health care a slowdown.The cost to providers of The good news is that the gigabit Wi-Fi network by the end of 1 companies are among the other small transmitting data runs about 50 providers are watching each other. the year. 1-gbps minute, and medium-size businesses that cents per megabit—not counting Independent ISP Stealth Com- The quantum leaps in speed— connection: 36 seconds might be drawn to low-cost gigabit construction or labor—so having munications currently offers gigabit the result of advances in technology Source: MeridianOutpost.com bandwidth in Brooklyn. Firms like multiple users share the connection service in Manhattan for $2,000 a as well as the willingness of new those are already making use of it in is part of keeping prices low. month,with a dedicated circuit.Lat- players to experiment—are still lim- nection that’s 20 times faster than Manhattan,where startup Pilot is of- Pilot, which launched in August er this year, the 20-year-old compa- ited to small portions of the city.But the city’s average of 50 mbps. fering the service for $1,000 a month. with the gigabit product and a 100- ny will be extending its fiber network the new ventures will make it possi- “With all the extra bandwidth, mbps service for $500, is seeing the to Brooklyn,and is planning an even ble for some businesses to leapfrog Bandwidth bandwagon we can now offer additional servic- gigabit win out. But just offering it lower-cost option: a dedicated 100- from old copper lines to broadband’s For now,though,the high speeds es, and being able to bill additional makes a statement. mbps line that can offer “bursts” of cutting edge. could make a big difference in sales has more than paid for [the “We’re setting the bar high,”said bandwidth up to 1,000 mbps from a The question now becomes: Industry City, where Jamestown service],” said Craig Waldman, CEO Joseph Fasone, who created shared connection. What to do with the Ferrari of In- Properties has been welcoming CEO of DeepTech Inc.,an IT con- Pilot out of the startup accelerator “We’re conscious that businesses ternet connections? Internet service providers since it sulting firm on West 25th Street Techstars NYC last year. He con- in Brooklyn are more price- After Google Fiber brought $70- took control of the former ware- that switched to Pilot’s gigabit con- siders the company one of “a new sensitive,” said CEO Shrihari Pan- a-month gigabit broadband to house complex in 2013. nection three months ago. “And if I breed of Internet providers.” dit, who is looking to create prod- Kansas City in 2012,civic groups be- Postproduction studios, for in- find one of our guys streaming a soc- But while they may be shaking ucts in the $200 to $500 range.“We gan holding hackathons to figure out stance, spend time and money com- cer game,with that amount of band- things up, these new providers are a want to be competitive on capacity, what to do with it.LinkNYC will do pressing video files in order to trans- width I don’t care.” drop in the bucket in terms of serv- not just pricing.” Ⅲ something similar: The consortium mit them. With “symmetrical” Both Brooklyn Fiber and Pilot ing the city’s broadband needs. In behind the project is planning work- gigabit service, which provides the make some sacrifices to deliver these Manhattan, the most-wired bor- LISTEN to a discussion at shops around the potential for a con- same speed for uploads and down- low costs. Neither provides a dedi- ough, only about 10% of commer- CrainsNewYork.com/podcasts Radio advertisers know $50M funding what you’re feeling lifts Gilt Groupe The flash-sales site ued at $1.1 billion in October. And they’re using platforms alone. The company has also prided it- The ad agency’s research tracks a will use the money self on not needing to raise addi- that knowledge dozen moods, including “energetic, tional investment. As recently as calm, content, surprised, inspired to speed expansion October, founder and Chairman to sell you stuff and excited,” according to Lauren Kevin Ryan told Crain’s that Gilt Russo,Horizon’s managing director internationally has not raised equity since 2011 be- BY MATTHEW FLAMM of audio and promotions. cause it has not needed it. He also “We’ve always known audio has BY ADRIANNE PASQUARELLI noted that the company has more Mood rings are coming to radio ad- a deep emotional connection with employees now than it had during vertising. the consumer,” she said in an inter- Gilt Groupe has received some fresh its last funding round. Independent media-services view.“We thought mood was a great funding. The flash-sales site said Gilt is up against customers who giant Horizon Media is preparing to avenue to explore. Instead of [mak- last week that it raised $50 million, have grown weary of flash sales add how you feel to all the demo- ing investments] based solely on de- its first round in four bombarding their graphic information that marketers mographics or scale, we want to years. The new in- email inboxes. The use for targeting their messages. reach people by key moods through- vestment brings the shopping model, That means the ads they cook up out the day.” e-commerce compa- which emerged dur- will take into account the time of day The creative advertising side will ny’s total funding to ing the recession as you’re listening, whether it’s on ter- have to come up with spots that make $286 million since it an answer for bar- restrial radio or a digital platform use of knowing your mood, Ms. was founded in gain-hunting con- like Pandora,and what sort of mood Russo acknowledged. In addition, 2007. “The money sumers eager to save bloomberg news that puts you in. BOB PITTMAN of iHeartMedia weighed in on mood data will be combined with will be used to a buck on luxury It sounds a little flaky, but Hori- the many moods of radio listeners. ratings information from Nielsen. further accelerate items, has proved zon is dead serious. This “mood- A dedicated division at Horizon marketing as well as nearly impossible to based road map,” the company an- will build out this “mood-based pro- international expan- sustain. nounced last week, was developed in million-dollar research-and- prietary planning tool,” which will sions,” said a Gilt Designer-home- collaboration with iHeartMedia development budget during the past go live in September and be the ba- spokeswoman. The bloomberg news goods site Fab, once Kevin Ryan (formerly CC Media Holdings, par- year, according to a spokeswoman. sis for all of the company’s audio ad- company last month valued at $1 billion, ent of Clear Channel Radio) and re- What did it find out? vertising investment within a year, partnered with travel had several rounds of lies on a study conducted by London- AM/FM radio is likely to put lis- according to the spokeswoman. site Luxury Link on global hotel layoffs before it was spun off into based brand-strategy firm Sparkler. teners in a happy, outgoing mood, “We believe this will translate deals. Ikea-like single-branded furniture since it usually involves connecting into the way things are bought and Once an e-commerce darling for company Hem, based in Berlin, last Multimillion-dollar budget with a community or the DJ. sold,” said Sheri Roder, chief of its innovative sales of high-end de- fall. Gilt’s local competitor Ideeli Consumers and industry experts That’s in the evening.During the Horizon’s Why Group, which stud- signer goods, Gilt has struggled to was bought by Groupon last year, were also polled, including iHeart- day, the mood might involve “filling ies consumer behavior. “It won’t be remain relevant as competitors have and tried to rebrand as Ideel. And Media Chief Executive Bob a void”—as in getting through (or about the value of the demographic, fallen by the wayside. It has long Zulily, a flash-sale site for children’s Pittman and Pandora co-founder avoiding?) work. it will be the value of the psycho- been expected to go public—the goods, went public in 2013 and has Tim Westergren. Pandora or Spotify listeners tend graphic. That hasn’t happened yet, most recent speculation positioned seen its stock price fall 80% in the The project consumed a “sub- to be more inner-focused, since but we’re moving toward it, and this an IPO, for which Goldman Sachs past 12 months,plummeting to a re- stantial part” of Horizon’s multi- people usually listen to digital is another piece.” Ⅲ was hired,in late 2014.Gilt was val- cent 52-week low. Ⅲ

12 | Crain’s New York Business | February 23, 2015 20150223-NEWS--0013-NAT-CCI-CN_-- 2/19/2015 6:30 PM Page 1

THE The Most Active Venture-Capital Firms LIST Ranked by the number of investments in New York metro area startups in 2014 TRENDS

FUNDS INCREASING ALL AROUND MORE DOLLARS TO THE STAGE NET RESULTS West Coast VC funds nearly doubled in 2014. New York and New With an increasingly established tech scene, New York saw a shift in More of New York’s companies in the IPO pipeline are Internet-based England saw increases, but not as dramatically. (Figures in billions) venture-capitial funds to later-stage investments in 2014. than those in California and Massachusetts.

+85.5% % change 2014 % change number % change 87% California 2013 2014 $23.4 Dollars invested (in millions) from 2013 of deals from 2013 New York Massachusetts Seed stage 59% 59% $100.9 -2.8% 10 -37.5% Early stage $12.6 $1,545.7 +46.7% 270 +6.3% Expansion stage 14% 16% +58.9% +50.8% 7%11% 9% 8% 6% 11% $1,973.0 +33.4% 139 -1.4% 2% 3% 3% 3% $5.0 $5.0 0% 0% 0% $3.2 $3.3 Later stage Internet Mobile Computer Electronics Software Other $1,404.1 +167.6% 59 +1.7% and hardware and (non-Internet/ Silicon Valley New York metro New England telecom services mobile) Source: PwC/NVCA MoneyTree Report Source: PwC/NVCA MoneyTree Report Source: CBInsights

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February 23, 2015 | Crain’s New York Business | 13 20150223-NEWS--0014-NAT-CCI-CN_-- 2/19/2015 6:30 PM Page 1

IN THE BOROUGHS BRONX Industrial park shifts into drive Continued from Page 3 that December report,Bathgate was city limits is a goal of Mayor Bill de trial spaces all across the city. singled out as a prime example of a Blasio’s administration. How that Opened more than 30 years ago, property that should be a strong will mesh at Bathgate with the may- Bathgate Industrial Park today is generator of revenue, but instead is or’s top priority for this year—af- home to five companies, with a total overburdened by costs related to up- fordable housing—remains to be of more than 1,000 employees— keep and depreciation. seen. But for the city’s manufactur- many of them from the surrounding ers and their backers, Bathgate is area,where the un- City’s limits the model of a thriving IBZ,adding employment rate For the Port Authority, the jobs in an area that desperately 1982 stands at 9.3%. choice would be to rid itself of Bath- needs them. YEAR founded The land is city- gate by transferring ownership ei- “We believe the site to have more owned but is leased ther back to the city or directly to the potential as commercial than resi- by the Port Au- companies occupying the 540,000 dential,” said a spokesman for the 5 thority of New square feet of light industrial, man- city’s Economic Development RX MARKS THE SPOT: NUMBER Pharmaceutical manufacturer of tenants York and New Jer- ufacturing, office and distribution Corp., which administers the IBZ Perrigo is one of Bathgate’s sey,which has con- spaces there. The five current ten- program. “We believe in the poten- prosperous tenants. structed seven ants are an adult-education facility tial for this site to continue being a 1 buildings on the run by Bronx Community College, strong industrial zone, as evidenced CURRENT site and invested grocery wholesaler F&J Masters, by our selling vacant land to Krinos empty spaces just over $50 mil- pharmaceutical manufacturer Perri- for its headquarters.” lion between 1982 go, the city’s School Construction The spokesman hinted that if and June 2014.But now,under pres- Authority and healthy-snack maker anything, the zone might even be

sure from its overseers in Albany and Terrafina. The hope is that under expanded, noting, “There has defi- buck ennis Trenton, N.J., to focus on its core new, more-focused management, nitely been ongoing interest in mission of transportation, the Port Bathgate’s star will shine a lot other sites in the surrounding area.” sell and put its money to work else- tion of real estate holdings such as Authority’s 22-year relationship brighter. With the city-owned industrial where, closer to its mission. Bathgate Industrial Park,” said a with Bathgate might be coming to “There aren’t a lot of large sites in park at the Brooklyn Navy Yard full Port Authority spokesman in a an end. New York for us like you find in Jer- up—with 330 tenants and 7,000 Unloading zone statement to Crain’s. Late last year,a report on the Port sey or upstate,” Mr. Moscahlaidis employees—and with manufactur- “The Port Authority is commit- That would seem to suit Bath- Authority, commissioned by Govs. said. “But the city worked with us ing space increasingly in short sup- ted to divesting from its noncore as- gate’s newest tenant just fine. Andrew Cuomo and Chris and made Bathgate an attractive op- ply citywide, an expansion of Bath- sets in a manner that maximizes “I have no hesitation about mov- Christie, called for a major trim- tion.” gate seems like it could be part of the proceeds available to support trans- ing to the Bronx,”Mr.Moscahlaidis ming of the 12,000 acres of real es- In fact, keeping companies like solution. That could make this the portation infrastructure,and we will said. “We’re looking forward to tate that the agency manages. In Krinos alive and growing within ideal time for the Port Authority to continue to actively explore disposi- growing there.” Ⅲ

HEALTH CARE

Stephen Berger, former chair of the they signed up. crease. People who started the en- state health care restructuring body Donna Frescatore, executive direc- rollment process before Feb. 15 but $6.4 billion is nice. known as the Berger Commission. tor of insurance marketplace New didn’t finish will be able to sign up Still, Mr. Berger felt the private York State of Health,said last week that until the end of the month. hospital system was applying for the enrollment figures were “right The state is considering holding the pot of Medicaid money for the on target”and that she was develop- a special enrollment period for New Dividing it up isn’t right reasons. ing a plan to increase that rate even Yorkers who are facing tax penalties “I don’t believe for one second more during the next enrollment for not having insurance. that Presby is doing this to get their period in 2016. —irina ivanova an 27 people really pass judgment on a 1,000-plus page hands on [the] money,” he said. “This is about the stability of the document that chronicles the future of health care in New “They don’t need the money, quite enrollment base,” she said. York? Perhaps, but with difficulty, and lots of angst. frankly.” Most of the newly insured, how- $9 million gift for Last year, the federal government greenlighted a Cuomo ad- Eventually, one section of New Langone, Technion ministration plan to use billions of dollars in Medicaid savings York-Presbyterian’s application was Cto overhaul New York state’s health care system. For months, hospitals and docked two points. NYU Langone Medical Center and health care providers have been engaged in an intense effort to form new ge- New York-Presbyterian, which Technion-Israel Institute of Technology ographic networks called Performing Provider Systems.There are now 25 of them reported a healthy operating income have been collaborating on cancer statewide, all vying for a share of $6.4 billion to be spent over five years. of $232 million in its unaudited research thanks to a $9 million gift How to divvy up that pot of money is complicated. Upstate and down- 2014 financial statement, is hardly from NYU trustees Laura and Isaac state interests compete, and the process pits wealthy Manhattan health sys- dependent on Medicaid, and that Perlmutter. tems against cash-poor safety-net institutions. showed during the application NYU Langone and Technion State and federal health officials decided the best way to determine who process. will use $3 million of the gift to gets what was to create a panel to judge the 25 applications—each incredibly “Are they going to be a little more fund six cancer-focused research complex and consisting of hundreds of pages. Panel members must base their arrogant? Yes they are, and we all projects from their top researchers

decision on the scoring recommendations of the Public Consulting Group, an in- know it,” said Mr. Berger. “But they nystateofhealth.ny.gov at $500,000 each. To foster collab- dependent assessor hired by the state under a five-year, $50 million contract. have to do it right, because if they oration, the projects must have co- Most of an application is scored objectively. But the panel can adjust screw up,we will cut their heads off.” ever, enrolled in Medicaid. For tax- principal investigators from both —irina ivanova and payers, that means higher upfront institutions. the subjective portions. Last week, end, one of the Health and Hospitals jonathan lamantia costs, which health experts hope The remaining $6 million will on day one of deliberations, the Corp.’s projects got five more points. could save the system money by bet- be used to create a research facility panel at first mostly rubber- A one-point change can translate ter managing people’s health. on Technion’s campus in Israel, stamped PCG’s scores. to $1 million to $3 million,according Half-million NYers The number of people signing up with a principal focus on the emerg- But members increasing- to Jason Helgerson (pictured), enroll for insurance for private health insurance slowed ing field of cancer metabolomics. ly were emboldened to take the state’s Medicaid director. dramatically compared with the Mr. Perlmutter, the Israeli- away from rich hospitals and A heated discussion cen- More than 550,000 New Yorkers previous enrollment period, with American chief executive of Marvel give to the poor. One pan- tered on New York- signed up for health insurance in only 137,000 enrolling in private Entertainment Group, gave NYU elist suggested that the city’s Presbyterian’s commitment the three-month open-enrollment health plans this time—far fewer Langone more than $50 million last public-hospital system to Medicaid patients. The period that ended Feb. 15. That than the 350,000 new sign-ups Ms. year to advance its cancer research should get six more points. Manhattan system was not brings to 2.1 million the number of Frescatore predicted late last year. and treatment, for which the hospi- Cesar Perales,New York’s a safety-net hospital and New Yorkers who have enrolled in About 615,000 New Yorkers are tal renamed its NYU Cancer Insti- secretary of state,said he was hadn’t “played very well Obamacare since the exchange expected to enroll for private insur- tute the Laura and Isaac Perlmutter “scared to death”to do so,for fear that with those of us trying to make launched in late 2013, 88% of ance by the end of 2016. Cancer Center. other networks would suffer. In the changes to the system,”said panelist whom were not insured at the time This year’s figures could still in- —barbara benson

14 | Crain’s New York Business | February 23, 2015

Advertisement Executive Health and Wellness Better for Mind, Body and Productivity

BY CHRISTOPHER HOSFORD

orkplace health and wellness are paramount to each and every employee on an organization’s roster. Health and wellness are also critical to the organization itself: Staying well on the job can mean W superior performance, corporate benefi ts and effi ciencies, and more. “It’s a business appointment you make with yourself and with your company,” says Ed Gober, vice president of fi tness at New York Health and Racquet Club. Gober says an increasing number of high-tech companies putting down roots in New York have created an uptick in company-led health and fi tness activities, as well as heightened awareness surrounding corporate wellness. Corporate health and wellness often start at the top: Upper-level executives should strive to remain, or become, healthier themselves. According to Dr. Craig Dushey, assistant clinical professor of orthopedics at Mount Sinai Hospital in New York, older executives should know that maintaining health and productivity results in “increasing the good and decreasing the bad.” Among the “good” are better mental acuity, higher rates of optimism, less depression and protection against age-related diseases such as heart problems and arteriosclerosis. Dr. Dushey also notes that addressing muscular-skeletal issues is particularly important for middle-aged and older executives. “The American message has long been to get out and move for cardiovascular fi tness,” Dr. Dushey says. “But the new understanding is overall balance, muscular elasticity and bones. Bone is a living tissue. The more you use your muscular-skeletal system, the better it gets.”

The Workplace Benefi ts Effective executive functioning — and the effects of different forms of exercise on decision making — are explored in a recent study by the Institut Universitaire de Gériatrie de Montréal, affi liated with the University of Montreal. The researchers note business leaders rely on their abilities to manage time and space, remember details and organize and plan — and that all of these functions benefi t from a wide variety of exercise. One test group in the study was assigned high-intensity aerobic exercises, another intensive strength training and a third group tasks that targeted gross motor activities, such as coordination, balance, ball games, locomotive tasks and fl exibility. Aerobics and strength-training improved overall fi tness, but all three methods actually helped boost cognitive functioning. “As you go from decade to decade, you want to increase the amount of low impact, non-weight-bearing exercise, such as biking and swimming, and decrease the high- impact, high-weight-bearing things like distance running,” says Dr. Dushey, who was businesses on employee health and fi tness and creates customized programs. not involved with the University of Montreal study. “People appreciate it when their companies care about them. The biggest It’s a message being trumpeted by New York City’s Hospital for Special Surgery investment of any company is in its personnel.” and its new HSS Premiere corporate wellness program. The program involves a day- Ms. Singh notes that while many companies recognize this in theory, long physical and nutritional evaluation with an emphasis on the muscular-skeletal management often has to be educated on its benefi ts, from the standpoint of system, the development of custom programs and a number of follow-up sessions employee morale, well-being and productivity. And cost is a key factor, she says. with physicians. Launched in January, the program already has been embraced by executives at companies like Goldman Sachs Group and Morgan Stanley. “Executives who are making a decision about a company-wide wellness program need to look at both impact and cost,” Ms. Singh continues. “You can have a very “We’re fi nding out how much these executives don’t know about their own bodies,” impactful program for a reasonable cost, or a standard, one-size-fi ts-all program at says Dr. Jennifer Solomon, medical director of the new program. “Education is really the same cost. It can be diffi cult to know what to look for.” important, in particular for those older executives who are still very interested and motivated.” Employee insurance issues are often involved in a decision concerning corporate wellness. Some insurance companies offer online wellness programs, but the costs “Company fi tness trends over the past 10 years usually involve high-end gyms, but of these generic programs need to be weighed against their presumed effectiveness, we wanted to make it more medical, with data and research behind the program,” Dr. as well as any compensating premium reduction, Ms. Singh says. Solomon adds. She adds that self-insured companies in particular can benefi t from offi cial corporate health and wellness programs, since they can keep the money that isn’t Implementing Healthy Corporate Cultures spent on treating a healthier employee base. However, she is wary of “performance- While executives and managers can take the lead in assuring their own physical health based” incentives that reward employees with reduced insurance premiums if they and mental acuity, they have another decision to make, too: Whether to extend that enroll in a fi tness program on their own. philosophy throughout the company via offi cial health and fi tness programs. “It can involve a lot of money while giving people a reason not to be “It’s an attractive feature from the standpoint of the employees,” says Renu Singh, honest,” Ms. Singh says. “I caution companies to make sure such incentives CEO of the University of Rochester’s Employee Wellness Program, which counsels are aligned with people making real changes in their health.” ࡯

S1 ©2015 City National Bank City National WealthManagement y fi “ My City National.” the professionals at are complex, I trust Wealth Management advisornearyou. Call (917)tofi 322-5245 City National clients. Visit cnb.com/Tr Island Capital Group Executive Managing Director Bob Lieber nancial needs nancialneeds ustCNB to hearother nd a CNB MEMBERFDIC BAR & BAT MITZVAHS LECTURES APELLA™, EVENT SPACE AT BOARD MEETINGS LOCATION SHOOTS ALEXANDRIA CENTER™ CELEBRATIONS MULTIMEDIA 450 EAST 29TH STREET COCKTAIL RECEPTIONS PRESENTATIONS 2ND FLOOR CONFERENCES PRESS CONFERENCES NEW YORK, NY 10016 An Event Planner’s Guide to DINNERS PRODUCT LAUNCHES TEL 212.706.4100 FASHION SHOWS WEDDINGS [email protected] HOLIDAY PARTIES WWW.APELLA.COM Tech Trends of 2015

Welcome to 2015: Another There will be great tools to One-stop planning year of promise and poten- pull in data from multiple We’re always searching EXPERIENCE THE ALL-NEW tial with the opportunity sources to better inform us for that integrated event AMERICAN STEAKHOUSE to get back on top of the of the important details we technology company that from master chef Charlie Palmer, event planning game. need to make decisions. will help us tackle regis- rooted in the pursuit of the best For example: We’ll receive tration, event website, ingredients and a simplistic Like many event planners, influencer profiles that show planning process and approach in the kitchen. you’ve probably resolved to which event attendees are attendee management. @CPSTEAKNY figure out this “technology” driving the most market- Several companies have thing that everyone seems ing; we’ll track registration tried to create this process, to be talking about – and so patterns; and we’ll even be but since events are all so I’ve put together this guide able to access user behavior different, the products hav- to spotlight the major tech throughout the day of our en’t exactly met our needs. trends of 2015. Consider researching these topics and brainstorming how you can implement them at your 2015 will see the rise of great upcoming events. Testing out these trends is the most products... to pull in data from Charlie Palmer Steak 3 East 54th Street New York, NY 646.559.8440 CharliePalmer.com effective way to make tech- multiple sources to better inform nology a driving force at your events. us of the important details we need to make decisions Here are a handful of trends I predict will take a front row Next seat in the events industry this year. event. All of this data will However, I think 2015 will be then be used to help us a big year for this category. Edition Data market, plan and execute Companies have learned APRIL Thanks to robust registra- our events with more ease a lot about what planners tion systems, mobile apps, and precision. Sounds won- are looking for and how we social media analytics and derful, doesn’t it? work – so expect to find client relationship manage- more robust management ment systems, we have ac- Mobile payments tools in 2015. cess to more data than we If you haven’t been fol- 6 know what to do with. The lowing the news about (No more) paper challenge for us event plan- Apple’s new payment registration 2015 ners, though, is that we’re system or Google Wal- I know, I know – I’ve been let, know this: More and saying this for years. But I’m more attendees are going not giving up. Maybe this to be making purchases really is the year that event For more information on More and from their phones. We’ll planners embrace the pow- likely see users download er of tablets and stop using more attendees more brand apps to ease printed, outdated Excel lists OUT OF OFFICE the process of purchasing to check in attendees. are going to their favorite products, but Stu Smilowitz be making we’re also going to see purchases from more event ticket purchas- at (212) 210-0736 es happening on mo- their phones bile. This also applies to or [email protected] payments for all types of things: donations at fund- raisers, splitting the bill View the digital edition at sometimes overwhelmed by at dinner or ordering your crainsnewyork.com/OOO it. Pulling together all that Starbucks on the go. This data into a format that can means that our attendees’ Liz King be analyzed is a huge task, phones will be integral to and so many event planners events. By preparing for CEO, Chief Event Specialist, Liz King Events Co-Founder, PlannerTech Event Technology simply neglect it. However, mobile payments, you can Showcase 2015 will see the rise of arm your event to take Executive Producer, Event Alley Show products that will help us advantage of these Reach me, [email protected] manage our data. opportunities. Follow me, Twitter.com/lizkingevents

A Special Advertising Supplement to Crain’s New York Business BUSINESS DINING & VENUES

All Aboard An Interview with Cameron Clark, GM Hornblower

Tell us about Hornblower step onto any yacht and that deck, with LED lighting Cruises & Events. What becomes readily apparent. throughout. The lighting would you like event plan- offers several million color ners to know about the With cruises, the venue is combinations. spaces available? unique and the entertain- Hornblower Cruises & ment is built in. What are But the 148-foot, 600-passen- Events is the nation’s largest some other cruise benefits ger Hornblower Hybrid might private charter and public that event planners may be more impressive. Yes, it’s dining cruise company, not realize? a smaller yacht, but Hybrid operating more than 170 We encourage our clients leverages eco-friendly propul- vessels from the West Coast to think outside of the box sion technology, epitomizing to Memphis, Corpus Christi, when producing an event. our dedication to sustainable New York and beyond. We Clients will frequently have marine practices and inven- have entertained guests an event concept in mind tive water technologies. Utiliz- aboard our fleet for corpo- when they first approach ing two 10-foot wind turbines, rate outings, product launch- us — but when we give solar arrays spread across the es, concerts, weddings and them an intimate tour of our top deck’s awnings, and two everything in between for yachts, they quickly realize diesel engines, Hybrid’s ener- more than 30 years. there’s far more potential. gy sources are augmented by batteries that provide power Our operations in New York One misconception we for the navigation system, City began in 2012. New York often dispel is that hosting lighting and electronics on is unlike any city in the world: an event aboard a yacht is board. You can live here for decades somehow limiting. Here’s and still experience some- what we say: The 210-foot, Further, Hybrid’s bar coun- CLASSIC MEETINGS thing new every day. Our 1,200-passenger Hornblower tertops are made of recycled CALL FOR A CLASSIC HOTEL. cruises offer the unique op- Infinity is more than 30,000 glass bottles, its flooring portunity to take in the city’s square feet. Find us a venue is composed of recycled iconic skyline and landmarks in New York City of that plastic bottles, and the yacht’s — including the Statue of size that can match Infinity’s carpeting is fully comprised Liberty, Ellis Island and the intimacy, extravagance, full of post-consumer recycled Brooklyn Bridge — from an kitchen, outdoor space and materials. unparalleled vantage point. iconic views. The magnificent scenery also What is your favorite provides an amazing event The answer? You can’t. You productivity app? backdrop that no land-based won’t find this pairing of Events are about experi- venue can offer. versatility and elegance at ence, both for the client and any other event venue in the guests in attendance. At Hornblower’s motto is “We New York. Hornblower, it’s important 212.661.9600 theroosevelthotel.com Create Amazing Experi- that we effectively share ences.” In order to live up What kind of technology our success stories and the to that, we depend on our do you have on board? onboard experiences of our yachts to set the stage — Hornblower operates a guests via social media. each one is incredibly versa- dynamic fleet of yachts in tile, and we’re not shy about New York. Our state-of-the- To do so, we utilize Hootsuite, proving it. Having hosted ev- art technology — like LED the social media tool that erything from morning rave lighting, HDTV displays, allows us to seamlessly share concerts, reality TV episodes cutting-edge sound systems content and interact with our and association conferences and more — puts Hornblow- customers, clients and guests to departmental luncheons, er head and shoulders above throughout the entire event. art festivals and profes- other local cruise lines. Hootsuite allows us to en- sional sports fundraisers, gage with our audience and Hornblower passionately An example: Infinity features deliver our message across all embraces its ability to adapt three climate-controlled of our primary social media to all event needs. Take one decks and an exclusive sky accounts, which include Facebook, Twitter, Google+, Out of Office is published by Crain’s Custom Studio. For more information, please contact Instagram, Vimeo and others. Stu Smilowitz at (212) 210-0736 or [email protected]. So, be sure to connect with us for updates, event recaps, giveaways and other perks. And learn more at hornblowerny.com.

A Special Advertising Supplement to Crain’s New York Business P020-21CL_CN_20150223_B.qxp 2/20/2015 12:25 PM Page 20

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR EMAIL [email protected] BUSINESS POSITION PUBLIC & LEGAL NOTICES OPPORTUNITY AVAILABLE Notice of Formation PDM Fund IV, LLC Notice of formation of Assure Funding Notice of Formation of TYCHE, LLC. Jabil Circuit has an opening in Arts. of Org. filed with SSNY 12/9/14. LLC. Arts of Org filed with Secy of Arts. of Org. filed with Secy. of State Off. Loc.: New York Cnty. SSNY State of NY (SSNY) on 12/11/14. Office LOOKING FOR INVESTOR TO FUND IP CASE Poughkeepsie, NY, for Global Lean of NY (SSNY) on 01/02/15. Office worth tens of millions of dollars against designated as agent of LLC whom location: NY Co. SSNY designated location: NY County. SSNY designated movie studio for trademark infringement. Demand Planner responsible for process may be served. SSNY shall agent upon whom process may be as agent of LLC upon whom process Litigation over character name that is one demand mgmt., master planning & mail process to: c/o Wiggin and served & shall mail copy of process against it may be served. SSNY shall of the biggest international cartoons in the inventory activities for a global bus. Dana LLP, 450 Lexington Ave, Ste against LLC to principal business mail process to Wendy L. Schoen, history of the world. unit. Bachelor’s in Ind. Engg. or 3800, New York, NY 10017. Purpose: address:150 W28 St, Ste 403, NY NY 301 E. 62nd St., #14B, NY, NY 10065. They do not own the trademark, but I do. Supply Chain Mgmt. or related all lawful activities. 10001. Purpose:any lawful act. The regd. agent of the company Contact: 347-768-0883 field & 5 years exp. in materials upon whom and at which process mgmt. in electronic manuf. industry Notice of Articles of Organization 101 against the company can be served Notice of Qualification of TribeTats is Corporation Service Co., 80 State required. Up to 25% domestic LLC. Appl. for Auth. filed with Secy. W. 79th St. Holdings LLC filed with and/or global travel. Must have NY Secretary of State (SSNY) on St., Albany, NY 12207. Purpose: Any of State of NY (SSNY) on 10/30/14. lawful activity. EVENT legal auth. to work permanently in Office location: NY County. LLC 12/01/2014. Office location: New York the US. EOE. Apply at careers formed in Delaware (DE) on 10/20/14. County. SSNY designated as agent of LLC upon whom process against it page at www.jabil.com and must Princ. office of LLC: 79 Madison Ave., Notice of Formation of KASURA may be served. SSNY shall mail PARTNERS I LLC. Arts. of Org. filed reference job id 78307. Fl. 3, NY, NY 10016. SSNY designated BOXERS WANTED! as agent of LLC upon whom process process to: O’Hare Parnagian LLP, 82 with Secy. of State of NY (SSNY) on Wall Street, Ste 300, NY, NY 10005- 01/09/15. Office location: NY County. May at BB King's against it may be served. SSNY shall mail process to c/o Corporation 3686, Att: Christopher P. Parnagian. SSNY designated as agent of LLC PUBLIC NOTICE Service Co. (CSC), 80 State St., Purpose: Engage in any lawful activity. upon whom process against it may Albany, NY 12207-2543. DE addr. of be served. SSNY shall mail process Fighters4Life, in association with NOTICE IS HEREBY GIVEN, PUR- LLC: c/o CSC, 2711 Centerville Rd., Notice of formation of Assure Global to Seward & Kissel LLP, Attn: David Gleason's Gym, are looking for SUANT TO LAW, THAT THE NYC Ste. 400 Wilmington, DE 19808. Cert. LLC. Arts of Org filed with Secy of E. Stutzman, One Battery Park Plaza, people interested in boxing to raise DEPARTMENT OF CONSUMER of Form. filed with Secy. of State, State of NY (SSNY) on 12/11/14. NY, NY 10004. Purpose: Any lawful money for the 501C3 Foundation AFFAIRS WILL HOLD A PUBLIC John G. Townsend Bldg., 401 Office location:NY Co. SSNY desig- activity. “Give A Kid A Dream." HEARING ON WEDNESDAY, MARCH Federal St.-Ste. 4, Dover, DE 19901. nated agent upon whom process may 11, 2015 AT 2:00 P.M. AT 66 JOHN Purpose: Any lawful activity. be served & shall mail copy of process Notice of Formation of Pasha For eight weeks leading up to your against LLC to principal business STREET, 11TH FLOOR, ON A PETI- Funding, LLC. Art. of Org. filed with bout, the World renowned Gleason's address:150 W28 St, Ste 403, NY NY TION FOR INNOVATION KITCHENS Secy. of State of NY(SSNY) on Notice of Qualification of Bedrock 10001. Purpose:any lawful act. Gym will provide the training required LLC TO ESTABLISH, MAINTAIN, December 8, 2014. Office location: Manufacturing Company, LLC. to get you prepared for May 13, AND OPERATE AN UNENCLOSED New York County, SSNY designated Authority filed with NY Dept. of State 2015. The fight will take place in SIDEWALK CAFÉ AT 137 7TH AVE S Notice of formation of Tres Carnes as agent of LLC upon whom process on 1/12/15. Office location: NY IN THE BOROUGH OF MANHATTAN 391 8th Avenue LLC. Arts of Org filed against it may be served. SSNY shall Manhattan at the fabulous BB King County. LLC formed in TX on 5/30/14. FOR A TERM OF TWO YEARS. with Secy of State of NY (SSNY) on mail copy of process to: 401 Broadway Blues Club and Grill. NY Sec. of State designated agent of REQUEST FOR COPIES OF THE 11/20/14. Office location: NY Co. SSNY Ste 1712, New York, New York LLC upon whom process against it We will document your training and REVOCABLE CONSENT AGREE- designated agent upon whom process 10013. Purpose: any lawful activity. may be served and shall mail process progress on several websites and MENT MAY BE ADDRESSED TO: may be served & shall mail copy of to: c/o CT Corporation System, 111 social media sites. Your family, DEPARTMENT OF CONSUMER process against LLC to principal 8th Ave., NY, NY 10011, regd. agent AFFAIRS, ATTN: FOIL OFFICER, 42 business address: 150 W28 St, Ste 403, Notice of Formation of FoxHog friends and co-workers can follow upon whom process may be served. BROADWAY, NEW YORK, NY 10004. NY NY 10001. Purpose:any lawful act. PRODUCTIONS LLC. Arts. of Org. along as you get into fighting shape. TX and principal business address: filed with Secy. of State of NY (SSNY) If you are interested in being a part of 1039 E. 15th St., Plano, TX 75074. Notice of Formation of IMA Systems on 12/17/14. Office location: NY this or know someone who is, email Cert. of Org. filed with TX Sec. of LLC Arts. of Org. filed with Secy. of County. Princ. office of LLC: Sandra State, 1019 Brazos, Austin, TX Gotham Meehan, 220 E. 73rd St., Ste. Bruce at [email protected] or RFP State of NY (SSNY) on 12/19/14. 78701. Purpose: all lawful purposes. Office location: NY County. SSNY 5C, NY, NY 10021. SSNY designated Perry at [email protected] for more as agent of LLC upon whom process information. The 9/11 Memorial is seeking qualified designated as agent of LLC upon security guard companies that are NOTICE OF FORMATION OF Bernie whom process against it may be against it may be served. SSNY capable of providing security guard Young Entertainment Enterprises, served. SSNY shall mail process to shall mail process to the LLC at the services for the Memorial and Museum. LLC. Articles of Organization filed c/o Corporation Service Co., 80 addr. of its princ. office. Purpose: FINANCIAL A copy of the Request for Proposals with the Secretary of State of NY State St., Albany, NY 12207-2543. Any lawful activity. may be obtained at the 9/11 Memorial’s (SSNY) on November 11, 2014. Purpose: Any lawful activity. OPPORTUNITIES IN offices at 200 Liberty Street,16th Floor, Office location: NEW YORK County. Notice of Formation of Francmen MORTGAGE NOTES NY, NY 10281. The RFP must be SSNY has been designated as agent Notice of formation of Trrigr LLC. Jamaica Ventures LLC. Arts. of Org. picked up in person and will only be upon whom process against it may Articles of organization filed with the filed with Secy. of State of NY (SSNY) • Mortgages For Sale given to those who submit a Non- be served. The Post Office address Secretary of State of New York (SSNY) on 1/13/15. Office location: NY Disclosure Agreement (NDA) signed to which the SSNY shall mail a copy County. SSNY designated as agent • Ranging from $149K - $800K on September 29, 2014. Office located by an officer of the company. NDAs of any process against the LLC at 350 5th Avenue, Suite 731, New of LLC upon whom process against • Low Loan to Value should be requested via e-mail to served upon him/her is: 45 West York, NY 10118. SSNY has been it may be served. SSNY shall mail [email protected]. Inquiries 60th Street, #10D, New York, NY process to: c/o The LLC, 1412 • Accruing Default Interest @ 24% designated for service of process. may be directed to: Larry Mannion, 10023. The principal business SSNY shall mail copy of any LLC to Broadway, 3rd Fl., NY, NY 10018. Vice President-Chief Security Officer address of the LLC is: 45 West 60th Call: J. Hughis @ 888-377-3872 c/o Trrigr LLC 350 5th Avenue, Suite Purpose: any lawful activity. at [email protected]. Street, #10D, New York, NY 10023. 731, New York, NY 10118. Purpose: Purpose: any lawful act or activity. any lawful purpose. Notice of Qualification of Filterfresh Coffee Service, LLC. Authority filed PUBLIC & LEGAL NOTICES Notice of formation of IBP Group LLC. Notice of Qualification of KGS-ALPHA with NY Dept. of State on 12/9/2014. Articles of organization filed with the FINANCIAL SERVICES, LLC. Appl. for Office location: NY County. Princ. bus. Notice of Formation of LOPEZ & Notice of Formation of BEJO & LAPPAS, Secretary of State of N.Y. (SSNY) on Auth. filed with Secy. of State of NY addr.: 1101 Market St., Philadelphia, WARDLE LLP Cert. of Reg. filed with LLC. Arts. of Org. filed with Secy. of 10/28/2014. Office location: New York (SSNY) on 11/10/14. Office location: PA 19107. LLC formed in DE on Secy. of State of NY (SSNY) on 01/13/15. State of NY (SSNY) on 06/27/14. County. SSNY has been designated NY County. LLC formed in Delaware 9/10/1984. NY Sec. of State designated Office location: NY County. SSNY Office location: NY County. SSNY as agent of the LLC upon whom (DE) on 10/17/14. SSNY designated agent of LLC upon whom process designated as agent of LLP upon whom designated as agent of LLC upon process against it may be served. as agent of LLC upon whom process against it may be served and shall process against it may be served. whom process against it may be SSNY shall mail process to the LLC, against it may be served. SSNY shall mail process to: c/o CT Corporation SSNY shall mail process to Corporation served. SSNY shall mail process to 350 Fifth Ave, 59FL, Ste 5900, New mail process to c/o Corporation System, 111 8th Ave., NY, NY 10011, Service Co., 80 State St., Albany, NY Corporation Service Co., 80 State St., York, NY 10118. Purpose: Any lawful Service Co., 80 State St., Albany, NY regd. agent upon whom process may 12207-2543. Purpose: Law. Albany, NY 12207, regd. agent upon activity. 12207-2543. DE addr. of LLC: 2711 be served. DE addr. of LLC: 1209 whom and at which process may be Centerville Rd., Ste. 400, Wilmington, Orange St., Wilmington, DE 19801. Notice of Qualification of CRISPIN served. Purpose: Any lawful activity. Notice of Formation of DIYA REAL DE 19808. Cert. of Form. filed with Cert. of Form. filed with DE Sec. of INFERENTIAL PARTNERS, LP. Appl. HOLDINGS, LLC Arts. of Org. filed Jeffrey W. Bullock, Secy. of State, State, 401 Federal St., Dover, DE for Auth. filed with Secy. of State of NY with Secy. of State of NY (SSNY) on 401 Federal St., Dover, DE 19901. 19901. Purpose: all lawful purposes. (SSNY) on 02/13/15. Office location: Notice of Qualification of Barclays 02/11/15. Office location: NY County. Purpose: Any lawful activity. NY County. LP formed in Delaware Wealth Advisor Series - International SSNY designated as agent of LLC Notice of Qualification of CORE (DE) on 01/23/15. Princ. office of LP: Value Equity III L.P. Authority filed with upon whom process against it may Notice of Qualification of Avalon AMSTERDAM LLC. Appl. for Auth. 200 E. 79th St., 11th Fl., NY, NY NY Dept. of State on 1/8/15. Office be served. SSNY shall mail process Columbus Circle, LLC. Authority filed filed with Secy. of State of NY (SSNY) 10075. SSNY designated as agent of location: NY County. Princ. bus. addr.: to Corporation Service Co., 80 State with NY Dept. of State on 1/20/15. on 01/22/15. Office location: NY LP upon whom process against it may 200 Park Ave., NY, NY 10166. LP St., Albany, NY 12207-2543. Office location: NY County. Princ. bus. County. LLC formed in Delaware (DE) be served. SSNY shall mail process formed in DE on 11/17/14. NY Sec. of Purpose: Any lawful activity. addr.: 671 N. Glebe Rd., Ste. 800, on 01/14/15. Princ. office of LLC: 60 to the Partnership at the princ. office State designated agent of LP upon Arlington, VA 22203. LLC formed in Columbus Circle, NY, NY 10023. of the LP. The regd. agent of the whom process against it may be Notice of Formation of JSC Interiors, DE on 1/16/15. NY Sec. of State SSNY designated as agent of LLC company upon whom and at which served and shall mail process to: c/o LLC. Arts. of Org. filed with NY Dept. designated agent of LLC upon whom upon whom process against it may process against the company can be CT Corporation System, 111 8th Ave., of State on 11/7/14. Office location: process against it may be served be served. SSNY shall mail process served is Michael T. Cahill, 200 E. 79th NY, NY 10011, regd. agent upon NY County. Princ. bus. addr.: 575 and shall mail process to: c/o CT to c/o Corporation Service Co., 80 St., 11th Fl., NY, NY 10075. Name whom process may be served. DE Lexington Ave., 4th Fl., NY, NY 10022. Corporation System, 111 8th Ave., NY, State St., Albany, NY 12207-2543. and addr. of each general partner are addr. of LP: c/o The Corporation Sec. of State designated agent of LLC NY 10011, regd. agent upon whom DE addr. of LLC: c/o CSC, 2711 available from SSNY. DE addr. of LP: Trust Co., 1209 Orange St., upon whom process against it may process may be served. DE addr. of Centerville Rd., Ste. 400, Wilmington, 2711 Centerville Rd., Ste. 400, Wilmington, DE 19801. Name/addr. be served and shall mail process to: LLC: c/o The Corporation Trust Co., DE 19808. Cert. of Form. filed with Wilmington, DE 19808. Cert. of LP of genl. ptr. available from NY Sec. of c/o CT Corporation System, 111 8th 1209 Orange St., Wilmington, DE Secy. of State of DE, John G. filed with Secy. of State of the State State. Cert. of LP filed with DE Sec. Ave., NY, NY 10011, regd. agent 19801. Cert. of Form. filed with DE Sec. Townsend Bldg., Federal and Duke of DE, 401 Federal St., Dover, DE of State, 401 Federal St., Dover, DE upon whom process may be served. of State, 401 Federal St., Dover, DE of York Sts., Dover, DE 19901. 19901. Purpose: Any lawful activity. 19901. Purpose: all lawful purposes. Purpose: all lawful purposes. 19901. Purpose: all lawful purposes. Purpose: Any lawful activity.

20 | Crain’s New York Business | February 23, 2015 P020-21CL_CN_20150223_B.qxp 2/20/2015 11:34 AM Page 21

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR EMAIL [email protected] PUBLIC & LEGAL NOTICES

Notice of Qualification of 2403 Siegel/Ringler Family LLC. Arts. of Notice of Formation of Meridion MEADOWS SERVICE GROUP LLC. Notice of Formation of FOREST HILLS QUEENS PLAZA NORTH LLC. Appl. Org. filed with Secy. of State of NY Consulting LLP filed with the Secretary Art. of Org. filed with the SSNY on EYE, LLC Arts. of Org. filed with Secy. for Auth. filed with Secy. of State of NY (SSNY) on 09/13/13. Off. loc.: NY of State of New York (SSNY) on 01/21/15. Office: New York County. of State of NY (SSNY) on 02/02/15. (SSNY) on 01/08/15. Office location: Co. SSNY des. as agent of LLC upon 1/14/2015. Office location: New York SSNY designated as agent of the Office location: NY County. SSNY NY County. LLC formed in Delaware whom process may be served. SSNY County. SSNY designated agent LLC upon whom process against it designated as agent of LLC upon (DE) on 12/23/14. Princ. office of shall mail process to c/o Robinson upon whom process may be served may be served. SSNY shall mail copy whom process against it may be LLC: 152 W. 57th St., 60th Fl., NY, Brog, et al., Attn: Steve R. Graber, to 7014 13 Ave., #202, Brooklyn, NY, of process to the LLC, c/o Marissa served. SSNY shall mail process to the NY 10019. SSNY designated as Esq., 875 3rd Ave, 9th Fl., New York, 11228. Purpose: any lawful purpose. Allen, 201 West 89th Street, New York, LLC, 550 Park Ave., NY, NY 10065. agent of LLC upon whom process NY 10022. Purpose: General. NY 10024. Purpose: Any lawful purpose. Purpose: Any lawful activity. against it may be served. SSNY shall Magna Partners II, LLC. Appl. for mail process to the LLC at the princ. NOTICE OF FORMATION OF EP Interiors, LLC, a domestic LLC, Auth. filed with Secy. of State of NY SAC427 111414 LLC. Appl. for Auth. office of the LLC. DE addr. of LLC: PLETHORA LLC: Articles of Organi- filed with the SSNY on 9/16/2014. (SSNY) on 01/28/15. Off. loc.: NY Co. filed with Secy. of State of NY (SSNY) 2711 Centerville Rd., Ste. 400, zation filed with the Secretary of State Office location: New York County. Orig. juris.: DE. SSNY des. as agent on 01/14/15. Off. loc: New York Co. Wilmington, DE 19808. Cert. of Form. of NY (SSNY) on 1/13/15 . Office SSNY is designated as agent upon of LLC upon whom process may be Orig. juris: DE. SSNY des. as agent filed with DE Secy. of State, Div. of location: New York County. SSNY has whom process against the LLC may served. SSNY shall mail process to of LLC upon whom process may be Corps., John G. Townsend Bldg., been designated as agent upon whom be served. SSNY shall mail process c/o Robinson Brog, et al., Attn: David served. SSNY shall mail process to 401 Federal St., Ste. 4, Dover, DE process against it may be served. to The LLC, 140 West End Ave 17G E. Danovitch, 875 3rd Ave., 9th Fl., c/o Robinson Brog, et al., Attn: Roger 19901. Purpose: Any lawful activity. The Post Office address to which the NY, NY 10023. Purpose: Staging New York, NY 10022. Purpose: General. A. Raimond, 875 3rd Ave, 9th Fl., New SSNY shall mail a copy of any and interior design. York, NY 10022. Purpose: General. DIMES BIG TIME LLC, a domestic process against the LLC served upon Notice of formation of 817 Second LLC, filed with the SSNY on Solid Air Design LLC, Arts of Org him/her is: US Corporation Agents, Avenue TC LLC. Arts of Org filed with 11/26/14. Office location: New York filed with SSNY on 01/28/15. Off. Loc.: WMF 35E63 LLC, a domestic LLC, INC. 7014 13th Avenue, Suite 202 - Secy of State of NY (SSNY) on 8/12/14. County. SSNY is designated as agent New York County, SSNY designated filed with the SSNY on 1/16/15. Office Brooklyn, NY 11228. The principal Office location: NY Co. SSNY desig- upon whom process against the LLC as agent of LLC upon whom process location: New York County. SSNY is business address of the LLC is: 15 nated agent upon whom process may may be served. SSNY shall mail against it may be served. SSNY shall designated as agent upon whom William St. #32D - New York 10005. be served & shall mail copy of process process to The LLC, Attn: Ms. mail a copy of process to: The LLC, process against the LLC may be served. Purpose: any lawful act or activity. against LLC to principal business Sabrina Desousa, 143 Division St., 102 W 14th St, 2F, New York, NY SSNY shall mail process to Maidman address:150 W28 St, Ste 403, NY NY NY, NY 10002. General Purposes 10011. Purpose: to engage in any and Mittelman, LLP, 70 E. 55th St., Notice of Formation of GOLDEN 10001. Purpose:any lawful act. lawful act. NY, NY 10022. General Purposes. GUN, LLC. Arts. of Org. filed with Argo 613, LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on CLASSICALLY BEAUTIFUL, LLC, a 01/20/15. Office location: NY County. Secy. of State of NY (SSNY) on 01/20/15. NOTICE OF FORMATION of GOONSQUAD Name of LLC: Larry Chicane domestic LLC, filed with the SSNY on SSNY designated as agent of LLC Off. loc.: NY Co. SSNY des. as agent LLC. Arts. of Org. filed with Secy. of Industries LLC. Arts. of Org. filed 10/17/14. Office location: New York upon whom process against it may of LLC upon whom process may be State NY (SSNY) on DECEMBER 13, with NY Dept. of State: 2/2/15. County. SSNY is designated as agent be served. SSNY shall mail process served. SSNY shall mail process to 2013. Office Location: BX County. Office loc.: NY Co. Sec. of State upon whom process against the LLC to c/o BFFA, 1430 Broadway, Ste. c/o Robinson Brog, et al., Attn: Neil SSNY designated agent upon whom designated agent of LLC upon may be served. SSNY shall mail 1208, NY, NY 10018. Purpose: Any S. Goldstein, 875 3rd Ave, 9th Fl., process may be served and shall mail whom process against it may be process to c/o Alan Markle WMSHB, lawful activity. New York, NY 10022. Purpose: General. copy of process against LLC to principal served and shall mail process to: 101 Larkspur Landing Cir., Ste. 200, business address: 2156 CRUGER Business Filings Inc., 187 Wolf Rd., Larkspur, CA 94939. General Purposes. Notice of Formation of St. Nicholas AVENUE APT 4G, BRONX, NEW YORK Ste. 101, Albany, NY 12205, regd. Qualification of Blackstone Tactical Lemor LLC. Arts. of Org. filed with Secy. 10462. Purpose: Any lawful act. agt. upon whom process may be Opportunities Fund (KG Co-Invest) L.P. of State of NY (SSNY) on 2/3/15. Office Notice of Formation of BFV served. Purpose: any lawful act. Authority filed with the Sect of State location: NY County. SSNY designated Management LLC. Arts. of Org. filed of NY (SSNY) on 1/20/15. Office Loc: as agent of LLC upon whom process Notice of Formation of PBE LLC Arts. with NY Dept. of State on 11/17/14. Notice of Qualification of NY County. LP formed in Cayman against it may be served. SSNY shall of Org. filed with Secy. of State of NY Office location: NY County. Sec. of 52EEASUN2014, LLC. Authority filed Islands on 12/2/14. SSNY has been mail process to: 167 W. 145th St., NY, (SSNY) on 12/15/14. Office location: State designated agent of LLC upon with NY Dept. of State: 1/22/15. designated as agent of LP upon NY 10039. Purpose: any lawful activity. NY County. SSNY designated as agent whom process against it may be Office location: NY County. LLC whom process against it may be of LLC upon whom process against it served and shall mail process to the formed in DE: 11/7/14. NY Sec. of served and shall mail process to: 200 Notice of Formation: Greenpoint may be served. SSNY shall mail process principal business address: 254 W. 54th State designated agent of LLC upon Bellevue Pkwy, Ste 210, Wilmington, Pencil Works LLC, files with SECY of to c/o Yiannes Einhorn, 316 E. 22nd St., 10th Fl., NY, NY 10019, Attn: Tom whom process against it may be 19809. Cayman Islands address of State of NY on 11/19/14. Off. Loc.: St., 7th Fl., NY, NY 10010. Purpose: Viertel. Purpose: any lawful activity. served and shall mail process to: c/o LP: 190 Elgin Avenue, George Town, NY County. SSNY designated as Any lawful activity. CT Corporation System, 111 8th Grand Cayman, KY1-9005, Cayman agent of LLC upon process may be NOTICE OF FORMATION OF LIMITED Ave., NY, NY 10011, regd. agent Islands. Name/addr of genl ptr avail served. SSNY shall mail process to: Notice of Formation of JUJA LIABILITY COMPANY. 14 LEROY upon whom process may be served. from SSNY. Cert of LP filed with 160 6th Ave., #3, NY, NY 10013. SOUTHAMPTON LLC. Arts. of Org. STREET DARLING LLC Articles of DE addr. of LLC: 1209 Orange St., Registrar of Exempted Limited Purpose: Any Lawful Activity. filed with Secy. of State of NY (SSNY) Organization were filed with the Wilmington, DE 19801. Cert. of Partnerships of the Cayman Islands, on 01/22/15. Office location: NY Secretary of State of New York (SSNY) Form. filed with DE Sec. of State, 133 Elgin Ave, George Town, Grand NOTICE OF FORMATION OF CNY County. Princ. office of LLC: 109 1/14/15. Office location: NY County. 401 Federal St., Dover, DE 19901. Cayman, KY1-9000, Cayman Islands. Construction 701 LLC. Arts of Org filed Greene St., Apt. 5B, NY, NY 10012. SSNY has been designated as agent Purpose: all lawful purposes. Purpose: any lawful activity. with Secy of State of NY (SSNY 6/17/13). SSNY designated as agent of LLC of the LLC upon whom process Office Location NY County. SSNY upon whom process against it may against it may be served and shall Notice of Qualification of Mavis Notice of Formation of MIRACLE ON designated agent upon whom process be served. SSNY shall mail process mail a copy of process to 14 LEROY Skarloey LLC. Authority filed with NY 34, LLC Arts. of Org. filed with Secy. may be served and shall mail process to Jonathan J. Russo, Esq., Pillsbury STREET DARLING LLC, 708 Third Dept. of State on 2/4/15. Office loca- of State of NY (SSNY) on 10/09/14. against LLC to principal business Winthrop Shaw Pittman LLP, 1540 Avenue, 20th fl., New York, New tion: NY County. LLC formed in DE Office location: NY County. SSNY address: 214 West 39th Street, NY, Broadway, NY, NY 10036. Purpose: York, 10017, attention Rubin Ferziger. on 11/5/14. NY Sec. of State designated designated as agent of LLC upon whom NY 10018. Purpose: Any lawful act. Any lawful activity. Purpose: for any lawful purpose. agent of LLC upon whom process process against it may be served. against it may be served and shall SSNY shall mail process to Troutman mail process to: 60 Warren St., #6, Sanders LLP, Attn: Brett R. Baker, NY, NY 10007, principal business Esq., 405 Lexington Ave., NY, NY address. DE address of LLC: 1209 10174. Purpose: Any lawful activity. Orange St., Wilmington, DE 19801. Cert. of Form. filed with DE Sec. of State, 401 Federal St., Dover, DE NOTICE OF FORMATION OF Advance 19901. Purpose: all lawful purposes. Global Health, LLC. Articles of Organ- ization filed with the Secretary of State Do You Want To Get Your Company of NY (SSNY) on December 4, 2014. NOTICE OF FORMATION OF HEADWIN 140 7th INTERNATIONAL LOGISTICS LLC. Principal business address is Ave., NY, NY, 10011. SSNY has been Application for Authority filed with In Front Of New York City’s Influential designated as agent upon whom the Secretary of State of New York process against it may be served. (SSNY) on 11/13/2014. Office location: Purpose: any lawful act or activity. Business Professionals? NEW YORK County. LLC formed in TEXAS on 07/02/2014. SSNY has been designated as an agent upon Notice of Qualification of CORTEC whom process against it may be MANAGEMENT VI, LLC Appl. for Auth. served. The Post Office address to filed with Secy. of State of NY (SSNY) which the SSNY shall mail a copy of on 02/03/15. Office location: NY any process against the LLC served County. LLC formed in Delaware (DE) upon him/her is: 1271 AVENUE OF on 01/26/15. Princ. office of LLC: 200 THE AMERICAS, C/O RAYMOND Park Ave., 20th Fl., NY, NY 10166. Contact Joanne Barbieri COUNTER, 43RD FLOOR, NEW SSNY designated as agent of LLC upon YORK, NY 10020. The principal whom process against it may be served. business address of the LLC is: 756 SSNY shall mail process to c/o Cortec at 212-210-0189 for PORT AMERICA PLACE, SUITE 815, Group Management Services, LLC, GRAPEVINE, TX 76051. TEXAS Attn: David L. Schnadig at the princ. address of LLC is: 756 PORT office of the LLC. DE addr. of LLC: classified advertising opportunities. AMERICA PLACE, SUITE 815, 2711 Centerville Rd., Ste. 400, GRAPEVINE, TX 76051. Certificate Wilmington, DE 19808. Cert. of Form. of LLC filed with Secretary of State filed with Secy. of State of the State of of TEXAS located at: 1019 Brazos, DE, 820 N. French St., 4th Fl., Austin, TX 78701. Purpose: any Wilmington, DE 19801. Purpose: lawful act or activity. General partner of investment fund.

February 23, 2015 | Crain’s New York Business | 21 20150223-NEWS--0022-NAT-CCI-CN_-- 2/20/2015 6:46 PM Page 1

Bruce Eichner is back. Um, run? 50 Shades whips Continued from Page 3 1889 Corn Exchange, across the never came back,” Mr. Eichner said. street from 1800 Park Ave. up sex-toy sales “I’m appreciative that the gods “People would have thought you served up another chance for me.” lost your mind if you told them 10 The plucky investor, who grew years ago what Williamsburg looks As the book received more atten- up in Queens and still lives in the like today and the kinds of rents that Film arouses interest tion, so did the musical. The show, city, is about to begin construction landlords are now charging there,” in adult kink. Even now playing at the Elektra Theatre on his highest-profile projects in Mr. Eichner said. “It’s going to be through September, sold out on New York in nearly 30 years: a 330- the same thing in Harlem.” a musical parody is Valentine’s Day and is now touring foot, 670-unit rental-apartment in other cities, including Chicago, complex on a long-vacant strip of ‘I like iconic’ horning in on action Orlando and Kansas City, Mo. land in East Harlem, and a pencil- But he is also taking care to lessen Ms.Dorezas calls this the “ripple ef- thin and exorbitantly priced condo his risk. He is building 1800 Park BY YOONA HA fect of Fifty Shades” that some small tower on East 22nd Street. Ave.in two phases,the first of which businesses have been riding. Mr. Eichner faces challenges at will have 343 units and 87,000 When toys are made for movies, it’s In anticipation of the movie’s both sites. The property at 1800 square feet of retail space and cost usually children who get excited. premiere, James Bury, owner of Park Ave., on East 125th Street, is about $306 million to construct. But with the Valentine’s Day pre- Flatiron-based A&J Lingerie and one that two previous owners—in- Only after he leases the bulk of those miere of Fifty Shades of Grey, it was More, featured a wall of movie- ap images cluding Vornado, the city’s biggest apartments will he begin work on a the grown-ups who rushed to adult- related products. landlord—could not figure out how Street station and a block from the second tower, which will hold more toy stores—and a local musical par- to make profitable. The tower to go 4, 5 and 6 subways, has been vacant than 300 units. He is also using ody—to get their fix of ball gags, Chain reaction up at 45 E. 22nd St., meanwhile, for decades and is one of the neigh- Flintlock, a nonunion construction blindfolds and some tongue-in- “We saw sales go up about 25%, rests on the premise that demand for borhood’s most glaring reminders of firm, to help cut his costs. cheek humor. even when the book first came out. super-high-end condos will contin- blight. Both buildings will be 32 stories, “We’ve seen kink-related stuff We look forward to seeing sales in- ue to grow. “This site is a great metaphor for making them the tallest in the flying off the shelves, and dozens of creasing as time goes on, with more Mr. Eichner has broken ground Bruce and for Harlem,” said Debo- neighborhood. Twenty percent of people asking for our handcuffs,” and more people asking for nipple during balmy economic times in the rah Wright,a former chief executive the units in both will be set aside as said Brandon Bartland, the New clamps, whips, paddles, blindfolds past, only to hit calamity.This time of Harlem-based Carver Federal affordable housing. The first tower York district manager of Pleasure and bondage kits,” said Mr. Bury. will be different, he said, because Savings Bank. “The neighborhood will be done by mid-2017. Because Chest, an adult-toy store with loca- But like any talk of the town, both projects are founded on more- has a storied history. It has had its it’s uncertain how quickly it will be tions on the Upper East Side and in there’s worry that sales will decline conservative economic assumptions ups and downs, and Bruce has, too.” leased, Mr. Eichner said, he doesn’t the West Village. once the novelty wears off. that will gird him if there are bumps Expectations for the site also have know exactly when he would begin The city’s adult-toy industry has “There’s going to be a lot of explo- in the market. risen and fallen. Until last year, 1800 work on the second one. been banking on the hope that the ration on whether this lifestyle fits Park Ave. had been in the hands of “I like iconic projects where I Universal Pictures film will whip up people’s needs. We’ve seen an overall Bank of China a backer Vornado, the sprawling Manhattan- have the opportunity to have scale,” sales.It wasn’t just the sex shops that increase in customers over time,”said If you don’t believe him, just ask based real estate investment trust. he said. saw a huge leap in interest when the David Weiner, manager of the his backers, he said. Bank of China When it acquired the property seven Rental property in the city has book was published in 2011. Leather Man, a West Village-based is giving him a $200 million con- years ago, it unveiled plans to build a leased even during downturns and is Among those eagerly anticipating sex store that caters to novices and struction loan to build the first phase high-rise office building with a high- considered a less-risky venture by the film’s ripple effect was Emily veterans in the BDSM community. of 1800 Park Ave., while a package profile anchor tenant, Major League most developers. But 45 E. 22nd St. Dorezas, executive producer of 50 But Ms. Dorezas says she be- of loans and equity from Goldman Baseball. The real estate crash of appears to depend on the continued Shades! The Musical Parody. lieves that 50 Shades of Grey has im- Sachs, Dune Capital and invest- 2008 scuttled those plans, and Mr. strength of New York’s upper-end During the summer of 2012,Ms. mense staying power. ment firm Fortress is providing Eichner purchased the parcel from condo market, even as thousands of Dorezas and five others decided to “We originally thought that like $420 million for 45 E. 22nd St. Vornado last year for $66 million. competing units are set to come on create a Book of Mormon-meets- any other trendy topic, we would do “I think that a firm like Goldman Before Vornado, an investment line. Mr. Eichner likes his odds South Park show based on the [the musical] and move on to other Sachs has a pretty good idea of what group envisioned building a hotel there, too. The tower, at nearly 780 bondage love story. topics, but it’s quite shocking that it’s doing and who it is investing in,” there but never made headway. feet,will be the tallest in the area and “We were fascinated by the pop- we’ve been able to lock everyone in as Mr. Eichner said. “They’re reason- “People haven’t been able to fig- offer sweeping views. ularity of this super-dirty trend, and long as we have,” said Ms. Dorezas. ably confident that I’m a pretty good ure out the neighborhood and the “People are concerned about 2016 just put together a musical and ran “And we don’t see the public’s inter- developer or they wouldn’t be in- project that would truly fit in that and 2017,but I’ll be sold out by then,” with it,” said Ms. Dorezas. est going away any time soon.” Ⅲ vesting in me.” location,” said Blondel Pinnock, the said Mr. Eichner, who is selling units Neighborhood advocates in chief lending officer at Carver Bank. as he builds the property. “At this Harlem are hoping Mr. Eichner’s But, Mr. Eichner said, the 125th point, I’m only worried I’m selling CORRECTIONS past, like that of the 125th Street Street corridor revival has kicked the apartments too quickly.” Ⅲ Bentham US puts up a minimum of $1 million when providing third-party financing for the plaintiff in a corridor, is not prologue. The 1800 into high gear, especially with a lawsuit. This information was misstated in the Feb. 9 “Litigation-finance firms are betting on the little guy.” LISTEN Park Ave. site, across the street from Whole Foods on the way and the gut to a discussion at Attendees at New York Fashion Week in September 2014 consumed approximately 26,000 espressos. Metro-North’s elevated 125th renovation and rebuilding of the CrainsNewYork.com/podcasts This figure was misstated in the Feb. 9 Stats and the City.

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR EMAIL [email protected] PUBLIC & LEGAL NOTICES

500A E. 87th STREET LLC B. Art. of Notice of Formation of LEGUCA LLC. Notice of Formation PDM Fund III, LLC Barracuda II LLC. Arts. of Org. filed Notice of Formation of HILL HOUSE Org. filed with the SSNY on Arts. of Org. filed with Secy. of State Arts. of Org. filed with SSNY 12/9/14. with Secy. of State of NY (SSNY) on NY LLC. Arts. of Org. filed with Secy. 01/13/15. Office: New York County. of NY (SSNY) on 12/26/14, becoming Off. Loc.: New York Cnty. SSNY 01/30/15. Off. loc.: NY Co. SSNY des. of State of NY (SSNY) on 12/17/14. SSNY designated as agent of the effective on 01/02/15. Office location: designated as agent of LLC whom as agent of LLC upon whom process Office location: NY County. SSNY LLC upon whom process against it NY County. SSNY designated as process may be served. SSNY shall may be served. SSNY shall mail process designated as agent of LLC upon may be served. SSNY shall mail agent of LLC upon whom process mail process to: c/o Wiggin and to c/o Robinson Brog, et al., Attn: Neil whom process against it may be copy of process to the LLC, c/o against it may be served. SSNY shall Dana LLP, 450 Lexington Ave, Ste S. Goldstein, 875 3rd Ave, 9th Fl., served. SSNY shall mail process to Staffard Garson Properties, LLC, 747 mail process to c/o Zach Feuer, 548 3800, New York, NY 10017. New York, NY 10022. Purpose: General. c/o Paul Wrobleski, Clarfeld, 560 Central Park Avenue, Yonkers, NY W. 22nd St., NY, NY 10011. Purpose: Purpose: all lawful activities. White Plains Rd., Tarrytown, NY 10704. Purpose: Any lawful purpose. Any lawful activity. Notice of Formation of Royal Grey, 10591. Purpose: Any lawful activity. Notice of Formation of MANGO LLC. Arts of Org. filed with the Sec. of PAIGE PROPERTIES LLC, a foreign ZOE HICKS MARRIAGE AND FAMILY TANGO LLC. Arts. of Org. filed with State of NY (SSNY) on 12/10/14. HOV SHORT FILM, LLC, Arts. of Org. LLC, filed with the SSNY on THERAPY, PLLC, a domestic PLLC, Secy. of State of NY (SSNY) on Office location: NY County. Principal filed with the SSNY on 10/20/2014. 12/12/14 under the fictitious name Arts. of Org. filed with the SSNY on 01/12/15. Office location: NY County. business address: 250 E. 53 St, Apt. Office loc: NY County. SSNY has Paige Properties NY LLC. Office 9/25/14. Office location: New York Princ. office of LLC: c/o Rosenberg & 1801, New York, NY 10022. United been designated as agent upon location: New York County. SSNY is County. SSNY is designated as agent Estis, P.C., 733 Third Ave., NY, NY States Corporation Agents, Inc. desig- whom process against the LLC may designated as agent upon whom upon whom process against the PLLC 10017. SSNY designated as agent of nated as agent for service of process. be served. SSNY shall mail process process against the LLC may be may be served. SSNY shall mail LLC upon whom process against it may SSNY shall mail process to: c/o United to: 15 Broad St., #930, NY, NY served. SSNY shall mail process to process to: The PLLC, 521 S. Marks be served. SSNY shall mail process States Corporation Agents, Inc. at 10005. Reg. Agent: David Elfenbein, The LLC, 94 Sturge Ridge Rd., Ave., Apt. 4E, Brooklyn, NY 11238. to the LLC at the addr. of its princ. 7014 13th Ave. Ste. 202, Brooklyn, NY 15 Broad St., #930, NY, NY 10005. Wilton, CT 06897. General Purposes. Purpose: Marriage and Family Therapy. office. Purpose: Any lawful activity. 11228. Purpose: any lawful activity. Purpose: Any Lawful Purpose.

22 | Crain’s New York Business | February 23, 2015 20150223-NEWS--0023-NAT-CCI-CN_-- 2/19/2015 6:31 PM Page 1

FOR THE RECORD

(212) 306-4620 or sarah.barish@ Commission by executives and major ● MasterCard Inc. (MA) nycha.nyc.gov. shareholders. Listings are in order of MasterCard Foundation sold 70,664 ABOUT THIS SECTION transaction value.The information was shares of common stock at $84.32 per FOR THE RECORD is a weekly listing of information from the public record obtained from Thomson Reuters. share on Feb. 10, in a transaction worth that can help businesspeople in the New York area find opportunities, REAL ESTATE DEALS $5,958,156. It now holds 116,707,000 ● Hain Celestial Group Inc. (HAIN) shares. potential new clients and updates on competitors. Companies that would like to have details of Irwin D. Simon, chief executive, To ask questions or get more information on this section, contact their recent transactions appear in these exercised options on 395,342 shares of ● Automatic Data Processing Inc. (ADP) Crain’s research department at [email protected]. listings should email descriptions following common stock at $15.18 per share Carlos A. Rodriguez, chief executive, this format to [email protected], between Feb. 12 and Feb.13, in a sold 59,724 shares of common stock at with “Real estate transaction” in the subject transaction worth $6,001,292. prices ranging from $86.16 to $86.19 line, or enter them online at per share on Feb. 10, in a transaction NEW IN TOWN Filed for Chapter 7 bankruptcy on Feb. crainsnewyork.com/submitadeal. Deals are In the same period, he sold 250,000 worth $5,147,143. He now directly 16. The filing cites estimated assets of $0 listed in order of square footage. shares of common stock at prices holds 128,483 shares. Companies that would like to have details to $50,000 and estimated liabilities of ranging from $58.74 to $59.24 per of openings published should submit $50,001 to $100,000. A creditor with an COMMERCIAL share, in a transaction worth ● Dover Corp. (DOV) descriptions following this format to unsecured claim is EFPG, owed ● Estée Lauder signed a lease increasing $14,734,290. He now directly holds Michael B. Stubbs, director, sold 69,000 [email protected], with “New $5,036.33. its space by 100,000 square feet at 28-40 1,727,200 shares. shares of common stock at $72.73 per in Town” in the subject line. W. 23rd St. The beauty brand will now share on Feb. 5, in a transaction worth have a total of 166,000 square feet in the ● Celgene Corp. (CELG) $5,018,370. He now directly holds ● Lot 77 GOVERNMENT CONTRACT building. The tenant was represented by Mark J. Alles, president, exercised 1,216,710 shares. 77 Fulton St. OPPORTUNITIES CBRE’s Greg Tosko and Sacha Zarba. options on 107,859 shares of common The café opened in the financial district. The landlords, Colliers International’s stock at prices ranging from $25.77 to ● Nasdaq OMX Group Inc. (NDAQ) It features a variety of pastries with Following are selected contract Andrew Roos and the Cohen and $81.56 per share on Feb. 6, in a Robert Garfield, chief executive, sold French and Japanese influences, such as opportunities recently announced by New Carmel families, were represented in- transaction worth $4,503,114. In the 100,000 shares of common stock at a sweet cream roll infused with green York City agencies.To learn how to sell house by Mr. Roos. The asking rent was same period, he sold 117,099 shares of prices ranging from $48.40 to $48.75 tea, and a layer cake made with the goods and services to city government, visit not disclosed. common stock at $120.68 per share, in a per share between Feb. 5 and Feb. 6, in a Asian citrus fruit yuzu. www.nyc.gov/selltonyc. For a searchable transaction worth $14,131,156. He now transaction worth $4,860,863. He now database of current procurement notices, ● F. Schumacher & Co. signed a 10-year directly holds 79,101 shares. directly holds 738,631 shares. ● Pizza Beach visit www.nyc.gov/cityrecord. Listings are lease for 11,600 square feet at 875 Sixth 1426 Third Ave. alphabetical by category and department. Ave. The family-owned decorative textile ● SL Green Realty Corp. (SLG) ● Bed Bath & Beyond Inc. (BBBY) The surf-town-inspired pizza place supplier is moving from 79 Madison Stephen L. Green, chairman, sold Eugene A. Castagna, chief operating opened on the Upper East Side. It offers CONSTRUCTION SERVICES Ave. and will occupy the entire 14th 65,700 shares of common stock at officer, sold 59,621 shares of common a Neapolitan pie topped with butternut ● Department of Citywide Administrative floor in the building. The tenant was $127.52 per share on Feb. 7, in a stock at $78.29 per share on Feb. 6, in a squash, purple kale and beets, and a Services represented by Ryan Mandrell and transaction worth $8,378,064. He now transaction worth $4,697,789. He now pizza with Thai coconut curry and rock Seeks competitive sealed bids by noon Derek Myers of Newmark Grubb directly holds 820,954 shares. directly holds 134,761 shares. Ⅲ shrimp, as well as pasta, salad and wine. on March 4 for the installation of Knight Frank. The landlord, Lee & photoluminescent exit-path markings at Associates, was represented in-house by ● Via Vai various DCAS facilities throughout the Peter Braus, Mitchell Kunikoff and 31-09 23rd Ave., Queens five boroughs. Bid documents are Dennis Someck. The asking rent was DEALS ROUNDUP The Italian restaurant opened in available at nyc.gov/cityrecord. To make $53 per square foot. Astoria. It offers a variety of pastas, inquiries, contact Karen Allen at (212) Roman-style thin-crust pizzas, Italian 386-0453 or [email protected]. ● Quarto Publishing Group USA TRANSACTION SIZE wines and desserts such as an apple cake signed a 10-year lease for 7,900 square TARGET/SELLERS (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE with cinnamon, raisins, pine nuts and ● Department of Design and Construction feet at 142 W. 36th St. The U.S. division Interxion Holding NV $2,707.3 Telecity Group plc SB M&A English cream. Seeks competitive sealed bids by 2 p.m. of the British publishing and Inc./Baker Capital on March 4 for implementation aof distribution group will join three other (Manhattan), Eminence energy-conservation measures at four technology, advertising, media and Capital (Manhattan), North Run Capital Partners, COMPANY MOVES locations in the Bronx and on Staten information tenants in the building. The Pantheon Ventures (U.K.) Island. Bid documents are available at tenant was represented by Owen Hane Companies that would like to have details nyc.gov/buildnyc. To make inquiries, of Cushman & Wakefield.The Orbitz Worldwide Inc./ $1,878.4 Expedia Inc. SB M&A BlackRock Advisors, of recent moves published should submit contact Emmanuel Charles at landlords, Herald Square Properties and Contrarius Investment descriptions following this format to (718) 391-2200 or charlesm@ the Davis Cos., were represented by Management Ltd., [email protected], with ddc.nyc.gov. CBRE’s Paul Amrich, Lindsay Goddard HG Vora Capital (Manhattan), “Company Moves” in the subject line. and Neil King. Asking rents in the Luxor Capital Group Seeks competitive sealed bids by 11 a.m. building are between $58 and $60 per (Manhattan), PAR Capital ● Dirt Candy on March 5 for the construction of square foot. Management Inc. 86 Allen St. accelerated water-main replacement and Waldorf Astoria Orlando, $1,760.0 Hilton Worldwide Holdings Inc. SB M&A The vegetable-themed restaurant moved sewer rehabilitation and replacement in RETAIL Hilton Orlando Bonnet from the East Village to this new space Manhattan. Bid documents are available ● Balmain signed a five-year lease for Creek, The Reach, Casa 100 Wooster St. Marina, and Parc 55/ on the Lower East Side. It offers at nyc.gov/buildnyc. To make inquiries, 2,600 square feet at Blackstone Group unusual wines such as Goldmuskateller contact Emmanuel Charles at The international fashion house will (Manhattan) and Blaufränkisch, and vegetarian dishes (718) 391-2200 or charlesm@ occupy space on the main floor in the Rio Alto Mining Ltd./ $1,072.3 Tahoe Resources Inc. SB M&A including broccoli hot dogs, mushroom ddc.nyc.gov. five-story building as well as lower- Aberdeen International Inc., mousse, jalapeño hush puppies, level storage space. The deal was JPMorgan Asset Management Brussels-sprouts tacos and chocolate GOODS AND SERVICES brokered by Adam Dweck of Bluestar (U.K.) Ltd., Van Eck onion tarts. ● Economic Development Corp. Realty, with Crown Retail Services and Associates Corp. Requests proposals by 4 p.m. on March Sinvin Realty.The landlord is Crown (Manhattan) ● Flywheel Sports 6 for a consultant to develop and Acquisitions. The asking rent was $450 Anixter International Inc., $380.0 American Industrial Partners FB M&A 203 E. 60th St. implement a community-based outreach per square foot. fasteners segment/ (Manhattan) The gym opened its seventh Manhattan and assistance strategy to accelerate Anixter International Inc. location, on the Upper East Side. It energy and water efficiency retrofits in ● Recess signed a five-year lease for Uni-Select USA Inc., $340.0 Icahn Enterprises (Manhattan) SB M&A offers cycling and barre classes. small and midsize buildings within 2,200 square feet at 81 Washington St. in Beck/Arnley targeted neighborhoods. Proposals can Brooklyn. The new children’s play space Worldparts Inc./ ● Mexico 2000 be obtained at nycedc.com/RFP.To will occupy a ground-floor retail location Uni-Select Inc. 367 Broadway, Brooklyn make inquiries, contact Maryann in the residential building. There were Donahue Schriber Realty $250.0 JPMorgan Asset Management Inc. GCI The Mexican bodega opened a Catalano at (212) 312-3969. no brokers involved in the deal. The Group Inc./not disclosed (Manhattan), New York State Teachers’ restaurant in Williamsburg. It offers landlord is Two Trees Management. The Retirement System (NY) ● Housing Authority tacos, tortas and tostadas, appetizers, asking rent was not disclosed. Baccarat New York/ $230.0 Sunshine Insurance Group Co. SB M&A large platters such as molé with chicken, Requests proposals by 4 p.m. on March Starwood Capital Group ● and drinks such as margaritas and a 2 from construction-management firms Birch Coffee signed a 10-year lease for $140.0 432 Third Ave. Jet.com Inc./ Accel Partners, Bain Capital Ventures, GCI weekend bottomless brunch. to provide professional services to act on 450 square feet at The not disclosed Coatue Management (Manhattan), behalf of, and as an agent for, NYCHA Manhattan-based chain will open its General Catalyst Partners, for various construction-phase services. fifth location in the city.The tenant was Goldman Sachs Group, BANKRUPTCIES Proposals can be obtained at represented by Kyle Allen of Synapse Merchant Banking Division (Manhattan), nyc.gov/nychabusiness. To make Development Group. The landlord, Google Ventures, MentorTech Ventures, The following listings are selected from the inquiries, contact Meddy Ghabaee at Gramercy Construction Management New Enterprise Associates, Norwest Venture Partners, SVB Capital, most recent available filings by companies (212) 306-4539 or Corp., was represented by SCG Retail. Temasek Holdings (Private) Ltd., seeking bankruptcy protection in the [email protected]. The asking rent was $190 per square Thrive Capital (Manhattan) Southern and Eastern Districts of New foot. York. Information was obtained from U.S. Requests proposals by 2 p.m. on March Selected deals announced for the week ended Feb. 12 involving companies in metro New York. Bankruptcy Court records available on 6 for a consultant to provide services to FB M&A: Financial buyer M&A represents a minority or majority acquisition of existing Public Access to Court Electronic Records. NYCHA to analyze and manage the STOCK TRANSACTIONS shares of a company with the participation of a financial buyer. GCI: Growth capital investment Listings are in alphabetical order. risks and workplace liabilities of represents new money invested in a company for a minority stake. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing shares of a company without the NYCHA. Proposals can be obtained at Following are recent insider transactions at participation of a financial buyer. source: capitaliq ● Zone Delivery USA nyc.gov/nychabusiness. To make New York’s largest publicly held companies 189 Union Ave., Patchogue, L.I. inquiries, contact Sarah Barish at filed with the Securities and Exchange

February 23, 2015 | Crain’s New York Business | 23 20150223-NEWS--0024-NAT-CCI-CN_-- 2/20/2015 6:46 PM Page 1

HAIL NO TO UBER: Medallion Financial What drives cab lender’s business CEO Andrew Murstein questions Continued from Page 3 audience that yellow-cab ridership and other public-relations mishaps, the ride lio, which includes thousands of and revenue are also slipping. Daily Uber has been on a charm offensive service’s loans.The company’s net income for trips were down 5% from 2013 to with regulators, competitors and $40 billion 2014 was $28.7 million, up 11% 2014, and the fare box dropped 3%. the public. Uber even told Crain’s it valuation. from the previous year. Fourth- These numbers present a challenge didn’t want to replace yellow taxis quarter earnings were $8.1 million, to the industry, she said. and acknowledged it never will. up 23% over the same period in “In the yellow sector, they’re 2013. thinking differently about how to No fundamental changes The medallion portion of operate, which is a good thing,” Ms. Yellow-cab insiders remain bull- Medallion Financial’s business is Joshi said. ish about the medallion industry. “I shrinking, but only slightly. Medal- Meanwhile, Uber has been on a will say that in New York, nothing lion loans were $311.9 million at the money-raising tear. The company, has fundamentally been changed in end of 2014, up $14 million, or 5%, led by CEO Travis Kalanick, raised the law to diminish taxi medal- from $297.9 million a year before. $1.2 billion in financing in Decem- lions,” said Michael Woloz, a part- The loans represented 59% of the ber, which valued the firm at $40 ner at Connelly McLaughlin & investment portfolio, down from billion, one of the highest valua- Woloz, a lobbying and consulting 63% a year earlier, and were yielding firm that represents yellow-taxi 4.03%, compared with 4.02%. companies. Loans on luxury “Yellow medallions still have the Medallion values down 20% exclusive right to pick up street Last year, doubts were raised purchases hails—which is quicker and easier about the yellow-cab industry’s most times of the day in the densest ability to compete against the fast- account for 75% parts of Manhattan than any app— growing e-hail business that is cur- and still has exclusive rights at air- buck ennis rently dominated by Uber,with Lyft of Medallion’s port taxi stands,still has a large pres- the road, or about 3,000 fewer than chased one of the city’s first taxi also a factor. The average value of profits ence in New York City in general the number of yellow cabs. The medallions for $10. medallions sank for the first time in and can pick up anywhere,” he said. Daily News estimated that if Uber Last week’s surge in Medallion’s decades, down 20% from its 2013 Mr. Woloz added, “There is still provides 100,000 rides a day in the stock price could begin to alleviate peak of $1.3 million. Medallion Fi- a tremendous value to those privi- city, or about one-fifth of what yel- his frustration that investors soured nancial’s share price plummeted leges.” low cabs do, its fares would total on the company despite its healthy 42%, to $9.28, the lowest point in Nonetheless, yellow cabs’ long- about $130 million a year. profits, while Uber’s valuation three years. It has since recovered tions for a closely held technology dominant position has been chal- But Mr. Murstein, whose family soared. Goldman Sachs recently slightly, to $10.79. startup. lenged by Uber and the city’s green also owns some taxi medallions, helped raise $1.6 billion for Uber On Friday, Meera Joshi, chair- Earlier last year, Mr. Kalanick taxis, which can pick up street hails claims Uber is a paper tiger, and from wealth-management clients. woman of the city’s Taxi and Limou- infamously told a conference of in the outer boroughs and northern predicts it and other tech newcom- “The market has reached this sine Commission, told an industry technology experts, “We’re in a po- Manhattan. ers will implode in the next few boiling point where nobody cares litical campaign, and the candidate Uber, a private company, has not years. Medallion’s roots go back to about facts anymore,” Mr. Murstein LISTEN to a discussion at is Uber and the opponent is an ass- divulged its revenue and profit mar- the 1930s, when Mr. Murstein’s said. “They only care about percep- CrainsNewYork.com/podcasts hole named Taxi.” Since that quote gin. It says it has 13,000 drivers on Argentina-born grandfather pur- tions and projections.” Ⅲ

op portfolios of low-cost index loan-to-value ratio is a conservative Morgan Stanley’s big comeback funds for individuals and manage 65% or less. those investments automatically. But another thing the bank is But even the largest of this new pitching is a “nonpurpose margin Continued from Page 1 and did away with some in-house About nine months before Mr. breed, such as Manhattan-based loan.”Margin loans are used by bor- Wall Street bank. hedge funds.He tried to sell some of Gorman was named CEO, Morgan Betterment,has only a bit more than rowers to buy stocks or bonds, but “Gorman has delivered on his the firm’s commodity trading divi- Stanley made its shift in strategy $1 billion in assets. the “nonpurpose” variety is for any- promises,” said Brad Hintz, a sions, but a deal with Russia’s state- clear by acquiring Smith Barney for It’s worth noting that the em- thing but securities. Morgan Stan- finance professor at New York owned oil company was recently $13.5 billion. Integrating two mas- phasis on managing people’s money ley says the loans can be used for University and former banking- called off because U.S. officials sive brokerage operations with doesn’t appear to have come at the such purposes as investing in a busi- industry analyst at Sanford C.Bern- wouldn’t approve it. By dialing thousands of financial advisers was a expense of Morgan Stanley’s histor- ness, buying real estate, paying tu- stein & Co.“This is one transforma- down risk-taking, Mr. Gorman’s major undertaking. Mr. Gorman ically strong investment-banking ition or taxes, or even acquiring lux- tion that worked.” goal was to make Morgan Stanley franchise. The firm remains at or ury items. The bank describes the Such change is never easy, and less vulnerable to the shocks that near the top of many capital- loans as an “Express CreditLine” Morgan Stanley weathered some nearly killed it in 2008. ‘We are markets categories and led all banks and in marketing documents invites storms along the way. “We are unambiguously business- last year in initial public offerings, clients to “unlock the value of your In the fall of 2011, its stock price not-as-usual,” he told the Financial unambiguously according to Thomson Reuters, portfolio.” sank to a third of its current level Times. raising $22 billion in proceeds for There are risks to these loans, amid rumors that it was heavily ex- The changes have effectively re- business-not- Alibaba and 129 other fledgling which Morgan Stanley acknowl- posed to troubled European banks. made the firm to look a lot more like companies. edges. If the collateral falls in value, Analysts carped at how long it took his previous employer,Merrill Lynch. as-usual’ the borrower would have to pony up for promised synergies to be realized Morgan Stanley had tried to im- Getting in on hot IPOs more or face forced sales of invest- from the landmark deal for Citi- itate Merrill before, with dismal re- That pipeline of deals means ments. This is also riskier business group’s Smith Barney. And Mr. sults. Morgan Stanley’s 1997 merg- Morgan Stanley’s best retail clients for Morgan Stanley, which histori- Gorman, now 56, a former McKin- er with retail brokerage Dean can get a shot at IPOs and other po- cally has made much of its money sey consultant whom former em- Witter was a miserable cultural mis- tentially rich investment opportuni- from commissions and manage- ployees say is never to be called match that in 2005 led several vet- put wealth management in the ties that aren’t readily available else- ment fees but now must keep tabs on “Jim,” was dealing with so many eran Morgan Stanley bankers to or- hands of Greg Fleming, a former where. Yet in a sign of how times its borrowers. A spokesman said the grumbling staffers in 2012 that he ganize a revolt against CEO Philip Merrill president who is now seen as have changed, the focus is for bro- bank believes it has accounted for went on television to deliver the Purcell, a Dean Witter alum. a future CEO. (Mr. Fleming was a kers to gather more client deposits risks properly. message, “If you’re really unhappy, Mr. Purcell was replaced by John Crain’s 40 Under 40 in 2001.) and provide loans, rather than pitch “Since we have a full financial just leave.” Mack, a Morgan Stanley president It took a while, but the deal paid hot stocks or hedge funds. picture of the client and it is conven- Many did. Head count has in the pre-Dean Witter years. He off.The firm’s 16,000 brokers man- The revamped Morgan Stanley ient for them to consolidate their fi- shrunk by 10% in the past few years. nearly drove the institution into the age $2 trillion in assets, about the wants more stable sources of fund- nancial transactions with a single That’s not all that has changed. ground by trying to replicate Gold- same as Merrill. Pretax margins are ing and to hold assets that aren’t provider, this is an obvious area of Since 2010,the firm has made 70 di- man Sachs’ strategy of reaching for now 20% in the wealth management likely to plunge in value.The firm is growth,” he said. vestitures, according to Bloomberg outsize trading profits. In 2007, the division—double 2011’s level—and proud to say that nearly two-thirds Mr.Hintz observed that Morgan data. The company’s size, as meas- company lost $9 billion on a single its return on equity is 27%. That’s a of its financial advisers use at least Stanley has been building its loan ured by assets carried on its books, botched mortgage trade. stellar number at a time when big one “lending solution,” and it ex- book at a time when few borrowers has diminished by 20% since 2007. In late 2009, Mr. Mack gave way banks are struggling to generate pects its total portfolio of bank loans have fallen delinquent. Only when to Mr.Gorman,a native of Australia double-digit returns. to reach $75 billion this year, double the cycle turns will it become clear Dialing down risk who had run Merrill’s retail division It’s possible these figures could 2013’s level. just how careful the bank has really What also has shrunk is the before he joined Morgan Stanley in come under pressure from a new Many of these loans are residen- been. But that reckoning can wait. amount of risk taken by traders. Mr. 2006 and rose to co-president a year group of brokers called “robo- tial mortgages to borrowers with su- “For now,James and his team can Gorman ended proprietary trading later. advisers,”who use software to devel- perior credit histories. The average celebrate,” Mr. Hintz said. Ⅲ

24 | Crain’s New York Business | February 23, 2015 20150223-NEWS--0025-NAT-CCI-CN_-- 2/19/2015 6:33 PM Page 1

BUSINESS

27.6%Portion of NYS residents who identify as liberal, fourth- highest in the U.S. PEOPLE Source: Gallup

EXECUTIVE MOVES WHAT THE TRUCK: Jordyn Lexton raised $500,000 to Forensiq: Mike buy a food truck and start a Rosner, 45, joined nonprofit that helps formerly the advertising- incarcerated young people technology startup as find jobs in food services. chief revenue officer. He was previously vice president of sales for North America at Sizmek. Citrin Cooperman: Laura Kucera, 40, joined the accounting and consulting firm as chief marketing officer. She was previously chief marketing officer at Friedman. Globaloria: Richard Brand, 58, joined the K-12 learning platform as acting chief financial officer. He was previously chief executive and chairman at Point Capital Inc. Marymount Manhattan College: Kerry Walk, 53, will join the liberal-arts college as president, effective July 1. She is currently interim president at Otis College of Art and Design. Partnership With Children: Rachel Cytron, 42, joined the nonprofit as chief operating officer. She was previously associate executive director at Harlem RBI. PulsePoint: David Tannenbaum,38, joined the advertising-technology platform as chief technology officer. He was previously chief technology officer at BlueCava. Jack Dempsey Southerland III,36, joined as senior vice president of programmatic solutions. He was previously senior vice president of buck ennis programmatic solutions at Varick Media GOTHAM GIGS Management. STV: Tibor Menyhert, 46, joined the engineering, architectural, planning and construction-management services firm as vice president and chief information officer. He was previously vice president and She’s an engine of change chief information officer at Power Group. North Shore-LIJ Health System: Dr. Jordyn Lexton creates jobs for troubled youths Paul Wright, 49, was promoted to chair of neurology at North Shore University Hospital and LIJ Medical ‘A Shortly after graduating from Wesleyan caterer Great Performances. Snowday hit the road Center. He was previously attending University, Jordyn Lexton took a job with East on a high note, winning Rookie of the Year at the neurologist at North Shore University Hospital and LIJ Medical business River Academy, teaching literature to incarcerated Vendy Awards street-food competition. Center. youths on Rikers Island. ¶ “I grew up with every Gothamist and Time Out named it one of the top Music Choice: Mic Fox, 46, joined the that would multiplatform video and music opportunity in the world,” said the 28-year-old 10 food trucks in the city. ¶ On some days, Ms. network as director of programming be Upper East Sider.“So many things struck me Lexton works on the truck, talking to customers and strategy. He was previously senior about being on Rikers. I was overwhelmed by how about social-justice issues while also planning her director of global digital strategy at Vevo. practical many young people of color were there.” ¶ Three next big initiative: securing a commissary where Lebenthal Asset Management: years in, Ms. Lexton grew determined to make a food trucks can park overnight, get cleaned and August Wolf, 53, joined the firm as and managing director of asset difference in her students’ lives. Last year, she load up.“We have relationships with organizations management. He was previously engaging raised nearly $500,000 to buy a food truck (called that own real estate that would be perfect for this,” relationship manager at Credit Snowday) and launch Drive Change, a nonprofit Ms. Lexton said. ¶ The idea is also to provide Suisse Private Banking. at the Stantec: Maria that trains formerly incarcerated young people and back-end services to the food trucks parking there, Wilpon, 52, joined same helps them find jobs in the food-service industry. supplying them with employees as well. ¶ While the architecture and engineering time’ They all start out working on the truck, which she was teaching on Rikers, Ms. Lexton said, her professional- serves sweet and savory dishes, all featuring New students were most excited about the culinary-arts services company as principal. She was York maple syrup. ¶ So far, Drive Change has class. “I realized that we could create a business previously a trained eight men and two women, some of whom that would be practical,” she said, “and be principal at Aecom. have jobs at the sandwich chain ’wichcraft and the engaging at the same time.” —lisa fickenscher —nazish dholakia

February 23, 2015 | Crain’s New York Business | 25 20150223-NEWS--0026-NAT-CCI-CN_-- 2/20/2015 6:47 PM Page 1

SOURCE DIY bar mitzvahs BREAKFAST: Interview by Adrianne Pasquarelli

Continued from Page 4 Melissa Rosenbloom, an event NICOLE MILLER getty images people stayed in Hebrew school be- planner and executive vice president cause it was the easiest and most di- of Gourmet Advisory Services, also rect road to a bar mitzvah,” said Joy plans DIY bar mitzvahs for clients. Levitt, executive director of the Jew- She now handles 50 such events a ish Community Center on the Up- year, more than double the number Nicole Miller isn’t a follower per West Side, who has started a three years ago. new-model Hebrew-school experi- ence called Jewish Journeys, where More Torahs Continued from Page 1 and when you’re making too much elsewhere. Why? kids can choose ad hoc classes like And J.Levine Books and Judaica, What inspired the clothing you walked of the same thing, it can go against I have a great space with a wrap- Jewish cooking and conversational a Jewish gift store on West 30th down the runway at your show? you. I was always the kind of person around terrace.Why would I give it Hebrew. “Now, especially in cities Street, rents out Torahs, bimahs and I was inspired by a forest painting. I who never wanted the handbag up? It’s very accessible to a lot of the like New York, there is more access arks for the events, with a weekend tend to go through phases. At one everyone else had. I’m the only per- buyers, and there are so many to professionals, and you can even Torah rental going for $500. Shawn point, I was in my ancient-culture- son with an MCM bag right now. I buildings that have plenty of cloth- Google how to have a bar mitzvah Levine, the fifth-generation owner around-the-world phase. That always like things before they be- ing companies. I’m not aware of a for your kid.” of the store, said it rents out about 10 worked for a while, and then I de- come the “it” thing, and then after big exodus from the neighborhood. The reasons families choose this Torahs a month, up from one or two cided to do something else. I just they become the “it” thing, I’m off Our factories are right around the route vary. For some, it is the cost. rentals five years ago. move on to different things. Our them. corner. All of the trim shops and Membership at an established syna- “People don’t want to pay thou- show before that was Rio because I bead stores—everything is right gogue in the New York area costs sands of dollars to be a member of a was in a beach mood. With the rise of social media and there, and we still use all of those more than $3,000 a year, with He- synagogue anymore,” Mr. Levine technology, how do you handle making things. brew school adding $1,200 or so per said.“This is leading to an increase in New York Fashion Week has probably sure your distinctive child. Most synagogues also require DIY bar mitzvahs.” changed a lot during your years in prints and designs are WHERE How much production do you do a building fee of about $5,000 to be The trend is forcing synagogues to business. Do you miss anything from not copied? THEY here? paid over a number of years. rethink their business models. Re- the early days? All my prints are We do 70% local. We do In contrast, in-home tutors and cently, a number of synagogues an- When I first started, people copyrighted. We’ve DINED sweaters and knitwear over- teachers charge about $100 a lesson nounced they were switching to a “vol- showed in places all over the city, had a lot of lawsuits THE STANDARD seas and some silks. My and roughly $2,000 to lead the bar untary pledge” model to retain which is kind of a pain in the ass, over the years. When GRILL clothes are very complicated. 848 Washington mitzvah service. members who don’t but it was fun. It added to the at- we were doing the tie St. I use a lot of complicated Another issue is want to pay the stiff mosphere. You knew you could go prints, people copied (212) 645-4100 Italian fabrics with stretch, the time commit- In-home annual dues. And the to a show really late because noth- them. But in the end, thestandardgrill and they need a lot of care ment and the value tutors charge Union for Reform Ju- ing would start remotely on time, you don’t win that .com and attention. We check the of the hours the kids daism, which repre- and they still don’t. There were 40 much—it’s very hard AMBIENCE: production to make sure it put in.Most Hebrew sents 862 Reform con- shows a week, and only one per to make it worth your Leather booths fits really well. I’ve had lots schools require kids about $100 gregations, two years hour. There was never any double while, to collect and white come in from Asia where the to go two or three ago started a program booking. Now there are five shows enough money. You tablecloths offer whole [order] doesn’t fit,and a lesson downtown days a week for two called B’nai Mitzvah per hour.We’ve opened it up to Eu- need to prove dam- sophistication I don’t like to take those hours at a time. Par- Revolution, to help rope, and every other country is ages,and usually peo- along with kinds of chances. ents complain that synagogues offer more showing here because we’re the ple settle. window views. often kids just sit customized bar mitz- mecca. I don’t see how it’s going to The problem is Are there any technology there and watch a vah experiences. They get any smaller—it will only get when somebody who WHAT THEY ATE: partnerships ahead for you? Ⅲ Four-minute movie or read the same Bible story hope it will both encourage member- bigger from here. is a client has copied eggs with country I’m totally a technology numerous times. ship and retain families who see the you—you can’t sue bread and freak, and I always want the “A lot of these kids today are so event as a graduation from synagogue You’ve been in fashion a long time. somebody who is potatoes, latest gadget for myself. We overcommitted,” said Joel Cohen, life. What are some of the biggest changes buying from you.The cappuccino have phone chargers and one of the heads of Door to Door Tu- “For some people, the syna- you’ve seen in the industry in recent other thing is, people Ⅲ Steel-cut phone cases and all kinds of years, and how have they influenced oatmeal, orange toring and the teacher and service gogue’s requirements [to have a bar can say they had the juice and phone accessories. We were leader for Lexi Rosenbloom.“On top mitzvah there] are perceived as your business? idea at the same time. peppermint tea working with somebody on a of hours of homework, they are into cookie-cutter and arduous,” said The big influx of cheap fashion and Very often I’ll see device that counts calories, something like ice skating, which Rabbi Bradley Solmsen, director of the Internet. Educated consumers similarities in my PRICE but we have nothing signed takes up five days a week.How is He- youth engagement for the URJ. are just being bargain-minded. Be- clothes to somebody $51.55, including at this point. I love the tech- brew school going to fit in with that?” “That has led to families looking for fore, you used to cut [designs and else’s, and I don’t tip nology in clothing, alternatives. It’s the biggest chal- make more clothes] in anticipation know if we were in- though—we’re working Growing field lenge for synagogues today.” of reorders. Now you don’t antici- spired by the same thing or who had with 3-D printing fabric. Rather Statistics on the number of teens Still, Rabbi Solmsen said, being pate reorders the way you did be- it first. than a gadget, I’d like to do some- celebrating their bar mitzvah in a part of a synagogue and a bar mitzvah fore—you just cut closer to your thing innovative with clothing.I’ve synagogue versus on their own are class offers a sense of community that [actual] sales. It’s better to keep You’re still based on West 38th Street, done 3-D printing for jewelry at unavailable. But professionals creat- is lost in the DIY culture. Yet some things in demand and just have less. in the heart of the garment center, the fashion shows—I like all of that ing the DIY experiences say they are families find that the more personal A lot of people like individuality, though many designers have moved techy stuff. Ⅲ busier than ever. touch more than makes up for it. Mr. Cohen started with one stu- Michelle Silberstein had DIY bar dent more than a decade ago.Now he and bat mitzvahs for her older chil- has more than 20 tutors working for dren, ages 16 and 14, through Mr. PLAY/LIST People, places and things that make Nicole Miller tick him,and his company instructs more Cohen because she wanted to choose than 100 kids at a time, teaching their dates and times, among other HER double-stick IT’S ON THE problems are paper cup so it stays them Hebrew and Jewish studies in reasons. Her 9-year-old currently FASHION tape and WRIST: overblown. “It’s hot. She never has their homes.In the past few years,he studies Hebrew and religion with a WEEK glue dots. Thanks to a free will. If you one after a meal. “An says, the field has become a lot more tutor and will prep for his DIY bar EMERGENCY Once she Kickstarter don’t want to pay Italian friend of mine competitive. mitzvah when he gets older. KIT: forgot she program, she the price, don’t told me it was “People are looking for a person- Though Ms. Silberstein says she During still had the got a Pebble take it.” forbidden!” al touch with Judaism and Jewish ed- feels that hating Hebrew school is al- Fashion scissors Smartwatch a ucation,” Mr. Cohen said. most a rite of passage for American Week, Ms. when trying year ago. BEDTIME Other vendors are seeing the Jews,she is convinced her children are Miller fills to board an “Everybody READING: same trend. Ana Dolan, an upscale- getting much more out of their non- her bag with phone asks if it’s the She’s enjoying paper-goods designer who works out Hebrew-school religious education. chargers, extra [Apple] iWatch, of her Chelsea apartment, started “How often does your rabbi come the new memoir battery packs and and I say, ‘No, out creating wedding and bar mitz- to your home and have dinner with by Brooke vah invitations. Now half her busi- you?”she said.“By having the lessons cords, and Perugina it’s the Pebble Shields, There ness is creating personalized sid- at home, we got close to Joel. He was hard candies. watch!’ ” Was a Little Girl. durim, or prayer books, for bar like a role model for my kids.” Ⅲ mitzvahs. The books cost between airplane the ON UBER: PAPER, PLEASE: $13 and $25 apiece. To sign up for Crain’s next day. “I was Ms. Miller, who Whenever Ms. SMALL BUSINESS newsletter, go to so mad—they took often travels by Miller has a LISTEN to a discussion at www.crainsnewyork.com/smallbiz. Backstage, she my favorite Uber, said the cappuccino, CrainsNewYork.com/podcasts has scissors, scissors.” car service’s she drinks it in a

26 | Crain’s New York Business | February 23, 2015 20150223-NEWS--0027-NAT-CCI-CN_-- 2/20/2015 6:48 PM Page 1

OUT AND SNAPS Fashion bigs raise $2M for AIDS research ABOUT by Jessica Kramer

CULTURE FIX CAREER BUILDERS WEDNESDAY, MARCH 4 MONDAY, MARCH 2, Electronic-music pioneer MORTON AND TUESDAY, MARCH 3 SUBOTNICK’s 1967 album, Silver Apples of Columbia Business School hosts the the Moon, is considered to be the first BRITE CONFERENCE, where more than

large-scale electronic work created 500 leaders from the worlds of gettyimages specifically for vinyl. Tonight, he business, technology, media and / performs with Berlin-based visual artist marketing discuss how technology is Lillevan in a light-and-sound duet. The changing the ways companies build show is at 8 p.m. at the Kitchen, 512 W. brands. Speakers include Quirky 19th St. Tickets are $15 and can be President Doreen Lorenzo and the purchased at thekitchen.org. Metropolitan Museum of Art’s chief stephen lovekin digital officer, Sree Sreenivasan. The DANNY, ANGELA and RUSSELL SIMMONS at the Rush Philanthropic Arts Foundation’s SATURDAY, MARCH 7 event runs from 8 a.m. to 7 p.m. at jason carter rinaldi/gettyimagesjason Annual Rush HeARTS Education Valentine’s Jazz pianist VIJAY IYER (center) celebrates Columbia University, 2920 Broadway. LAURA OSNES and MARCO CANORA at the International Rescue Committee’s New York Fashion Luncheon. The Feb. 13 benefit raised the release of his trio’s new album, Break Tickets are $845 and can be purchased Week Pop-Up and Photo Exhibition. The event, which took place Feb. 13 and 14, featured photos $100,000 for Rush’s education programs for Stuff. He performs with bassist Stephan at briteconference.com. from Ethiopia by Nykhor Paul and bone broth cooked up by Mr. Canora. New York’s inner-city youth. Crump (left) and drummer WEDNESDAY, MARCH 4 Marcus Gilmore Crain’s hosts an ARTS & CULTURE (right) at the BREAKFAST to address the vision and Metropolitan priorities for New York’s arts industry Museum of and the role it plays in driving the city’s Art’s Temple of economy. Speakers include Jed Dendur. The Bernstein, president of Lincoln Center. concert is at 8 The event takes place from 8 a.m. to 10 p.m. Tickets are a.m. at the Con Edison Conference $40 and can be Center, 4 Irving Place. Tickets are $115 purchased at and can be purchased at

metmuseum.org. babinski bart crainsnewyork.com. mike moppola DON’T MISS SWANNING ABOUT AT MOMA / SUNDAY, MARCH 8,

THROUGH SUNDAY, JUNE 7 mccarthy/wireimage jamie gettyimages Eclectic Icelandic rock star BJÖRK is ANNA WINTOUR and PATRICK celebrated in a Museum of Modern Art DEMARCHELIER at the 2015 amfAR New York MELISSA SILVERSTEIN, SHEILA NEVINS, ROSIE O’DONNELL and KATHRYN KOLBERT at the retrospective culling visuals, film, sound, Gala. The Foundation for AIDS Research’s fifth annual Athena Film Festival. The event, which took place Feb. 5 to 8, honored women in the instruments and costumes from her two- Feb. 11 fete generated more than $2 million. film industry and showcased films that address women’s leadership. decade career. The exhibit includes an interactive audio experience through her See more of this week’s Snaps online at CrainsNewYork.com/galleries. albums. MoMA is located at 11 W. 53rd St., and is open daily from 10:30 a.m. to 5:30 p.m. (open until 8 p.m. Friday). Adult tickets are $25 and can be purchased at moma.org.

OPENING FUNDRAISERS WEDNESDAY, MARCH 4, MONDAY, MARCH 2 THROUGH TUESDAY, MARCH 10 AN EVENING OF SERIOUS FUN celebrates the The Canadian Opera Company legacy of Paul Newman with appearances by presents a modern-day Carole King, George Clooney, Meryl Streep, interpretation of George Tom Hanks, Danny DeVito and more. The Frideric Handel’s SEMELE, based night benefits the Newman-founded on Greek myth. Setting the SeriousFun Children’s Network, which offers stage are a Ming Dynasty camps and programs for youngsters with serious temple, an inflatable puppet, illnesses. The event takes place at 7 p.m. at sumo wrestlers and a donkey. Lincoln Center’s Avery Fisher Hall, 10 Lincoln Performances are at 7:30 p.m. on Center Plaza. Tickets are $35 and up for the March 4, 6 and 10, and at 3 p.m. show, and $1,500 and up for both the on March 8 at the BAM performance and party.They can be purchased Howard Gilman Opera House, at seriousfunnetwork.org/nycgala2015. 30 Lafayette Ave., Brooklyn. Tickets start at $35 and can be WEDNESDAY, MARCH 4 purchased at bam.org. The Bronx Academy of Letters presents its annual chefs’ tasting benefit, FOOD FOR THOUGHT. The event, hosted by Anthony Bourdain and James Patterson, features food and drink samples from top New York City chefs at Del Posto, the Spotted Pig, Pok Pok, Le Bernardin, Momofuku Milk Bar and more. The event takes place from 7 p.m. to 9:30 p.m. at the Edison Ballroom, 240 W. 47th St. Tickets are $125 and up and can be purchased at

michael cooper 501auctions.com/ bronxletters. MARK YOUR CALENDAR…

FRIDAY, JUNE 5, THROUGH SUNDAY, JUNE 7 SUMMER FESTIVAL SEASON is just around the corner, and in New York, the GOVERNORS BALL is the big kahuna. This year, the Randall’s Island event will host a diverse lineup of artists

including St. Vincent (pictured), the Black Keys, My Morning raksha renata Jacket, the Decemberists, Future Islands and “Weird Al” Yankovic. The festival takes place from 11 a.m. to 11 p.m. daily. Tickets are $260 and up and can be purchased at governorsballmusicfestival.com.

February 23, 2015 | Crain’s New York Business | 27 SWITCH YOUR BUSINESS TO VERIZON GET $150 ACCOUNT CREDIT for each smartphone line. Credit available for each port-in-eligible number brought to Verizon & activated on new 4G LTE smartphones. Requires new 2-yr. activation on $34.99+ plans. Offer expires 2/28/15.

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1Based on an average user profile that includes both usage and standby. Actual battery performance will vary and depends on signal strength, network configuration, features selected and voice, data and other application usage patterns. †Charging speeds vary based on battery emptiness; usage based on average user profile and may vary based on network signal, configuration and usage patterns. * Results based on third-party study. Activation/upgrade fee/line: $40. IMPORTANT CONSUMER INFORMATION: Corporate Subscribers Only. Subject to Major Acct Agmt, Calling Plan & credit approval. Up to $350 early termination fee/line. Offers & coverage, varying by svc, not available everywhere; see vzw.com. While supplies last. Restocking fee may apply. DROID is a trademark of Lucasfilm Ltd. and its related companies. Used under license. © 2015 Verizon Wireless. I4016