20140217-NEWS--0001-NAT-CCI-CN_-- 2/14/2014 4:00 PM Page 1

GOTHAM GIG BRONX BOOSTER She’s making the Grand Concourse grander CRAIN’S® NEW YORK BUSINESS PAGE 7

VOL. XXX, NO. 7 WWW.CRAINSNEWYORK.COM FEBRUARY 17-23, 2014 PRICE: $3.00 Wage bill may mean pricier shops

Push by de Blasio, City Council could scare off discounters

BY ADRIANNE PASQUARELLI

New York City has always had its share of pricey boutiques and upscale shops. And if a proposed expansion of the city’s living-wage law moves forward, it might see even more—hardly the re- sult its proponents intended. In his State of the City address last week, Mayor Bill de Blasio pledged to FLYING HIGH: extend the existing law,which current- Danny Meyer spends ly excludes tenants of city-subsidized more time globe- trotting as his development projects,to cover “tens of culinary company thousands of additional New Yorkers.” expands The law,enacted in 2012,forces devel- internationally. opers receiving substantial city subsidies for proj- $10 The HOURLY WAGE, ects to pay its with benefits, BY LISA FICKENSCHER workers at those required of some sites at least $10 an workers at city- Danny Meyer used to stroll through the Union hour plus benefits, backed projects Evolution Square neighborhood to visit all of his restau- or $11.50 without rants. These days, he has to hop on an airplane benefits. But com- mercial tenants— WAGE$8 OFFERED to keep tabs on his vast empire. Recently, he notably retailers— by Marshalls for traveled to London, where he visited the first are exempt,a major part-time jobs in of Danny Shake Shack to open in the United Kingdom, carve-out that now Queens last week one of 10 located abroad. faces elimination. But as the company he founded 29 years ago Experts say that continues to grow rapidly, Mr. Meyer does not would make projects harder, if not im- want to lose the values that have served Union possible, to put together, as stores would avoid leasing space where the Meyer Square Hospitality Group so well all this time. additional labor costs are required.De- Late last year, he hired two executives to help velopers would have to turn to retailers promote his philosophy of hospitality—cen- that already offer higher wages: luxury As Union Square Hospitality tered on superior customer service and a re- shops and high-end mass-market re- spectful workplace—throughout the 3,000- tailers,rather than the discounters that grows, its founder tries to hang employee company. sell the items that ordinary New York- redux / “I spend a lot of time thinking about how we ers can afford. onto the small-company culture “It can be a disincentive to develop- can use our growth to advance our culture,” ment,”said Herb Tyson,vice president See DANNY MEYER on Page 20 that keeps the business cooking of state and local government relations camera press / at the International Council of Shop- ping Centers.To finance their projects, builders often have to line up an an-

john careyjohn chor tenant or two,giving lenders con- fidence that the rest of the space will be leased later on. Mr.Tyson said that in- 07 creased labor costs could impair a ten- 5 ant’s ability to get financing to open. REPORT TECHNOLOGY Following a weak holiday season, New Yorkers pay more for broadband but the retail industry is already wary. “They’re watching costs across the get less for the money. Discuss PAGE 11 board because there’s so much uncer- NEWSPAPER See WAGE BILL on Page 18 71486 01068 0 20140217-NEWS--0002-NAT-CCI-CN_-- 2/14/2014 4:05 PM Page 1

EDITOR’S NOTE

Urge to purge FYICRAINSNEWYORK.COM

Oh, the things you learn when it’s time to move to a new office Derek Jeter’s farewell gift building. For instance: Altoids mints have expiration dates. (Best to the New York Yankees if used by February 2007, the tin erek Jeter has been the New York states, yet still curiously strong in Yankees’ shortstop for so long that only February 2014.) These past few the most fervent fans can remember Glenn Coleman weeks, my newsroom staff has D Tony Fernandez his predecessor ( ). So when the been filling Dumpsters with more most popular Yankee since Mickey Mantle said than 15 years’ worth of yellowed this season will be his last, the cash register reporter notebooks, dust-coated background files, quickly started ringing.Tickets for his final never-cracked-open blue-ribbon commission scheduled regular-season game at Yankee reports and all sorts of scraps in preparation for the Stadium on Sept. 25 soared to as high as

big move this past weekend from our longtime home world photos wide $11,000 each on StubHub.The price of his 1996 / at 711 Third Ave. all the way across the street to 685 rookie baseball card on eBay doubled, to $51. ¶ ap Third Ave. “What’s that?” a 30-year-old asked as a But here’s perhaps the most telling stat: When Mr. Jeter joined the Yankees in 1995, the team colleague held up a cassette that showed the little was worth $200 million, according to Forbes. It’s now worth an estimated $2.3 billion, and the brown ribbon of recording tape.The curled fax YES Network, created to broadcast Mr. Jeter and his teammates, is worth $3.8 billion. Mr. Jeter pages.The X-acto knife blades.The Bear Stearns deserves more credit than anyone for that. ¶ In 2011, he was rated the most marketable star in notepads.The “Honk if you’ve been threatened by baseball by E-Poll Market Research and Nielsen. His score of 165 dwarfed those of such stars as Eliot!” bumper sticker.The November 1999 issue of Alex Rodriguez (35), Boston’s David Ortiz (34) and former teammate Robinson Cano (23). Of Talk magazine (232 pages of pure stupid).The 1998 course, A-Rod may never play for the Yankees again, and Mr. Cano is now in Seattle.That only Forbes column that argued Michael Bloomberg magnifies Mr. Jeter’s importance. Attendance fell by 7% last year, but it looks sure to pick up with should sell his company because it probably had fans streaming in for one last look at a baseball legend. —aaron elsten peaked in value at $6 billion to $10 billion. (An expert quoted in the piece was one of Bernie CABLE LOVE TRIANGLE. Comcast City residents—49% of them—back HOORAY! Madoff ’s kids.) The pearls from our purge offered agreed to buy Time Warner Cable for Gov. Andrew Cuomo’s no-tax fund- $45 billion, which would create the ing plan, while 40% of them support TWELVE NEW younger staffers evidence that, yes, there once was a largest cable company in the U.S., Mayor Bill de Blasio’s tax-the-rich YORKERS, functioning world without Google and PDFs, and with about 30 million subscribers. proposal, according to a Quinnipiac including former AVON’S PRICEY MAKEUP. Mayor Michael reminded older hands here that, yes, we are old. My The merger is expected to take effect poll. … Bloomberg, by the end of the year.This comes af- Avon Products Inc.said it may end up made The favorite: an ancient memo from my predecessor ter Charter Communications’ earlier owing the feds $132 million relating Chronicle of Greg David, sternly reminding all reporters they Philanthropy’s attempts to purchase Time Warner to alleged bribes paid in 2008, when “Philanthropy “must file a Web news item each week.” One Web Cable failed.Though Comcast exec- the cosmetics giant was entering new 500” list of big utives project $1.5 billion in operat- markets, including China. The set- givers, donating news story a week? Most Crain’s reporters now file a cumulative ing efficiencies as a result of the deal, tlement could be one of the largest $1.6 billion. one story a day; some even more. And still we many analysts expressed skepticism ever paid by a U.S. company in a produce that newspaper, week after week after week. that it will pass regulatory hurdles. bribery case. … YOGURT GETS Goodbye, old 711 Third Ave. Hello, new 685 Third. OPPONENTS CRY ‘PARK.’ … Advoca- REROUTED.After more than a week of OY VEY! cy groups filed a lawsuit accusing de- detention in a fridge in New Jersey, SEVENTY NEW YORKERS were arrested velopers of the $3 mil- 5,000 single-serving after authorities seized 3,000 birds in THIS WEEK IN CRAIN’S lion multiuse project cups and large con- the city’s largest-ever cockfighting bust. in Willets Point, ‘I remain the tainers of Chobani DIGITAL NY ------3 Queens, of illegally luckiest guy I yogurt, once des- building on parkland. tined for U.S. IN THE BOROUGHS------3 Part of the project in- know’ Olympic athletes in —NBC News’ IN THE MARKETS------4 cludes a 1.4 million- Sochi until they fell square-foot mall to Tom Brokaw, revealing victim to a Russian THE INSIDER ------6 rise in a Citi Field he had been diagnosed ban on American with cancer BUSINESS PEOPLE ------7 parking lot that was dairy products, will originally designated instead be donated to include a 250-room hotel. … DE OPINION------8 as parkland but was leased to the New food banks in New York and New BLASIO’S CALL.After an ally of Bill de GREG DAVID ------9 York Mets. The developers say that Jersey. … SYNAGOGUE’S NEW HOME. Blasio was arrested last week, the the law permits the retail center. One Sharif El-Gamal, the developer be- mayor called the NYPD to inquire REAL ESTATE DEALS------10 of the project developers is Sterling hind the so-called Ground Zero about it. Bishop Orlando Findlayter NEW YORK, NEW YORK REPORT: TECHNOLOGY------11 Equities, whose co-founders are mosque in 2010, is planning a new had been taken into custody after he Todd Magazine (left) and Mets owner Fred Wilpon and team building for an 83-year-old syna- was pulled over for a traffic violation CLASSIFIEDS ------16 Dos Condon’s Blink gyms President Saul Katz. … SORRY, MR. gogue in the garment district. Plans and found to have outstanding war- are bulking up fast. P. 21 SOURCE BREAKFAST------22 MAYOR. State politicians have already call for the purchase of an existing rants from arrests at political protests. CORRECTIONS made their stance on funding univer- three-story building for $61.5 mil- Mr. de Blasio defended his call, say- sal prekindergarten. Now the people lion,followed by demolition and con- ing it was “appropriate.” The Times Square Alliance is featuring a monthlong promotion in February called “Love in Times Square.” The promotion’s title was misstated in the Feb. 10 “Times Square’s have spoken.Nearly half of New York struction of a new structure that will —emily laermer big NY valentine.” The New Museum’s “Neighbors” exhibit will end on Sunday, April 13. That fact was misstated in the Feb. 10 Out and About. STORIES TO WATCH THIS WEEK vol. xxx, no. 7, february 17, 2014—Crain’s New York Business (ISSN 8756-789x) is published weekly,except for double issues the weeks of June 23,July 7,July 21,Aug.4,Aug.18 and Dec. 22, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. Periodicals postage paid at New York, N.Y., and additional mailing offices. Postmaster: Send address changes to: Feb. 17: Jimmy Feb. 17: Feb. 17-22: Feb. 21: Online Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, Fallon takes the Restaurant Week Engineering Week auction ends for MI 48207-2912. for subscriber service: Call (877) 824-9379. Fax (313) 446-6777. $3.00 a copy, $99.95 one stage to host The begins, with dining at the New York Mayor Bill de year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2014 by Crain Communications Inc. All rights reserved. Tonight Show, now deals offered Hall of Science Blasio’s infamous based in NYC. through March 7. pizza fork.

2 | Crain’s New York Business | February 17, 2014 20140217-NEWS--0003-NAT-CCI-CN_-- 2/14/2014 4:02 PM Page 1

IN THE DIGITAL NY YOUNG AT HEART: Kapitall Chief Executive BOROUGHS Jarrett Lilien is trying to “reach an audience QUEENS that no one else does.” Library ups hopes for new story Makeover of Jamaica crown jewel seen as spark for retail revival

BY CARA S. TRAGER

At the Jamaica Colosseum Mall, a complex lined with small shops, Steve Nigoghosian stood idle just outside his store’s entrance on a re- cent morning. “Business has been slow,” lamented Mr. Nigoghosian, a part- ner in The New Look, a year-old men’s and women’s apparel shop.

buck ennis “But I’m hoping it will improve be- cause of the library.” Occupying a prime site just a block away for nearly 50 years, the Queens Central Library is certainly E*Trade vet’s Kapitall infusion no newcomer, but, inside, it’s begin- ning to look like one. Courtesy of a $20.2 million re- how come he still has to work?”Today,that band E*Trade president.“We’re going to reach an au- hab that began three years ago and Stock-trade website woos of renegades is back at it with a fledgling outfit dience that no one else does.” is now 75% complete, nearly every investment-shy millennials called Kapitall. For now,Kapitall is barely a blip on the screen. square inch of the facility has gotten Kapitall is a stock-trading site that targets mil- Although 175,000 people have registered on the a face-lift. Wide-open spaces have with an online ‘playground’ lennial investors using techniques borrowed from website,only 6,000 have signed up for brokerage been carved out, allowing natural the world of video games. The firm’s goal is to accounts, and Mr. Lilien won’t say how much light to reach far deeper into the make investing seem approachable and rewarding money they’ve put in or how often they trade. 217,000-square-foot building. BY AARON ELSTEIN so the young, and young at heart, will open ac- The firm employs about 15 people, squeezed Meanwhile, new technologies— counts and make Kapitall a viable competitor into an office in a SoHo apartment building. such as self-service check-in A generation ago, an upstart brokerage firm against such giants as Charles Schwab, TD Another challenge is that for many in Kapi- and checkout of borrowed materials called E*Trade shook up Wall Street by offering Ameritrade and, yes, even E*Trade. tall’s target audience of 20- and 30-somethings, and automated sorting of re- cheap online trades and sassy advertisements “We represent the next revolution,”said Kap- the stock market is the last place they would put turned books and other media— that asked investors, “If your broker’s so great, itall Chief Executive Jarrett Lilien, a former See KAPITALL on Page 20 See LIBRARY on Page 15 Far from saving hospitals, STATS AND THE CITY by Nicholas Wells WOOF! PRIZED POOCH: The Westminster Kennel Club awarded the 107th $8B grant will dismantle them Best in Show award to a wire-hair fox terrier named Sky. It was the 14th time the breed has won—more than any other.

COST to PORTION of Best in Show NY must use federal made as he pushed Washington to for New Jersey, California and enter the 43%awards that have gone to the approve the cash infusion he had Texas. DSRIP is meant to stabilize $2Westminster Kennel terrier group, beating out the other six money to reduce sought for 19 months. the health care safety-net system Club Dog Show in groups 46 times For the average New Yorker, the and to cut avoidable hospitaliza- 1878. That equals beds, make health $8 billion grant will actually chip tions and emergency-department $46.51 in 2013 care more efficient away at the beloved hospitals so use by 25% over the next five years. dollars, less than half SHARE of the many community groups have bat- Only half of DSRIP money in the $100 entry fee Manhattan- tled to protect in recent years. The the new grant will go to distressed this year based45% Westminster Kennel BY BARBARA BENSON blunt reality of the new federal institutions statewide. And none of Club’s total revenue of $2.5 funding is that community hospitals it can be siphoned off to save a New million that came from TV Disregard the political rhetoric pri- throughout the city will lose beds. York City hospital that does not RANK in rights in fiscal 2012 or to last week’s tentative approval Many will be a sliver of their former meet the payment program’s strict 98popularity of by federal health officials of an $8 selves, and newly anchored to big performance measures. wire-hair fox terriers in NYC, based on new billion grant to overhaul New York health care delivery systems. Access “It isn’t for propping up every- registrations with the NUMBER of dog state’s health care system. to more complex medical services thing we have now; it’s for funding American Kennel 56runs in New York The so-called Medicaid waiver is will require travel to another neigh- the next generation of health care Club in 2013. City public parks. not going to prevent every strug- borhood—or another borough. delivery,” said James Tallon, presi- Bulldogs were No. 1 There are an gling Brooklyn hospital from clos- In truth, what the $8 billion in dent of the United Hospital Fund. in the city additional 77 sites ing,let alone any specific hospital.It federal money will fund can’t be ex- “So by definition it can’t be viewed that have off-leash won’t keep New York City’s public plained in a soundbite. That is be- as bailing out the current system.” hours health system in the black. And the cause most of it will be funneled Once the Department of Health Sources: Westminster Kennel Club, American Kennel Club, Westminster waiver has nothing to do with New through the complex federal Deliv- and Human Services gave condi- Kennel Club 2011 Form 990, NYC Department of Parks and Recreation getty images York’s insurance exchange created ery System Reform Incentive Pay- tional approval for the $8 billion, under Obamacare, a connection ment program,embedded in similar Mr. Cuomo backed away from his ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY that Gov. Andrew Cuomo publicly waivers that Washington approved See WAIVER on Page 18

February 17, 2014 | Crain’s New York Business | 3 20140217-NEWS--0004-NAT-CCI-CN_-- 2/14/2014 4:01 PM Page 1 IN THE MARKETS by Aaron Elstein bloomberg tv Soaring gas costs put heat on Con Ed

ohn McAvoy, the new chief executive of Consolidated Edison Inc., is used to hearing complaints when the Jpower goes out or rates go up. Lately, he’s getting an earful from folks wondering why their monthly bills are 22% higher, on average, than they were a year ago. “I tell people that wholesale power rates are higher due to the colder weather,” said Mr. McAvoy (above). “It has nothing to do with us, and there’s nothing we can do about it.”

Indeed, the price of natural gas, There’s no question the region which Con Ed uses to fire up its will need access to more energy— power plants,has gone haywire this and how it should do that is a sub- winter. Spot prices—meaning the ject that keeps people burning the prices for gas needed right away— midnight oil. For instance, federal soared to $119.51 per million officials are reviewing a proposal British thermal units in mid- from a company called Liberty January for the New York area, ac- Natural Gas, which seeks to build an cording to Bloomberg data. Al- offshore facility south of the city though those prices had retreated where liquefied natural gas brought sharply to about $23 per million in by ship would be pumped into BTUs heading into last week’s cold the region’s pipelines. The project snap, they’re still high by historic would help ease demand bottle- standards. At about this point last necks but further tether the area’s winter, spot natural gas peaked at future to fossil fuels. $11.89 and typically fetched less Another idea under considera- than half that. tion is to build a large offshore wind You’re probably wondering how farm on more or less the same spot this can be, in light of the news as the proposed LNG site.Con Ed, about how fracking allows the en- the Long Island Power Authority and ergy industry to tap huge new sup- the New York Power Authority are ex- plies of natural gas. What’s more, ploring the idea, but Mr. McAvoy new pipelines have started serving said that at this point, the wind the city, including one that came farm isn’t economically viable.“We online in November under the support bringing more alternative West Village. But none of this is sources of energy into our portfo- enough to keep up with rising de- lio,” he said of Con Ed. “But with mand during a prolonged cold wind, the costs are still higher than spell. Last month, the U.S. Energy In- the benefits.” formation Administration reported Maybe it will take a few more that withdrawals from natural-gas winters of sky-high gas prices be- storage facilities nationally were fore people start demanding ener- the highest ever. gy alternatives. Ⅲ

NUMBER OF EMPLOYEES expected to lose their jobs now that the New York 1,200Stock Exchange has been acquired by Atlanta-based InterContinental Exchange. The combined company has 4,100 employees, and analysts at Bernstein Research say 30% of costs could be eliminated, with

bloomberg news much of that derived by letting staffers go.

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Activate new qualifi ed postpaid line of wireless service & receive $100 bill credit. GoPhone®, Machine-to-Machine, Enterprise on Demand and activations on Business Connect plans not included. Must be active & in good standing for 45 days. Credit rec’d w/in 3 bill cycles. May not be combinable w/other offers. Visit att.com/100credit for full req’s. General Wireless Svc Terms: Subject to AT&T Mobile Business Agreement or other qualifi ed business agmt. Activation fee $36/line may apply. Credit approval req’d. Geographic, usage & other restrictions apply & may result in svc termination. Coverage & svcs not avail everywhere. Other Monthly Charges/Line: May include applicable taxes, & fed. & state universal svc charges, Regulatory Cost Recovery Charge (up to $1.25), gross receipts surcharge, Admin. Fee, & other gov’t assessments (including without limitation a Property Tax Allotment surcharge), which are not taxes or gov’t req’d charges. © 2014 AT&T Intellectual Property. All rights reserved. AT&T and the AT&T logo are trademarks of AT&T Intellectual Property. All other marks are property of their respective owners. 20140217-NEWS--0006-NAT-CCI-CN_-- 2/14/2014 1:37 PM Page 1 THE operatives is looking to lock in that Senate GOP’s campaign arm, and in Ms.Del Percio and Mr.LaVigna. Republican majority. Claude LaVigna, a longtime consult- “We have confidence that Bal- INSIDER The group, Balance New York, has ant and pollster for that committee ance New York will play a critical by Chris Bragg no spending cap thanks to the U.S. who left its payroll last fall. role in providing balance to the Supreme Court’s 2010 Citizens Balance New York has already flood of outside money that comes United decision,and aims to serve as received $10,000 from the Republi- from these liberal groups in New a counterweight to deep-pocketed can State Leadership Committee,a York,” Mr. Walter said, adding that New GOP push for Senate majority labor unions. Labor’s millions in deep-pocketed, Karl Rove-tied group the state will be a priority for RSLC. outside spending would have helped that has helped the GOP gain con- Balance New York’s earliest he last bastion of Republican power in New York is in swing the Senate to the Democrats trol of state legislatures across the fundraising documents also show the state Senate, where GOP rule has been a bulwark in 2012 if not for an unusual post- country. The RSLC never had support from landlord groups: The election leadership coalition formed enough confidence in any outside Rent Stabilization Association and the against liberal legislation ranging from new rent between Republican leader Dean Ske- group in New York to invest in it for Neighborhood Preservation Political Ac- T Bill de Blasio regulations to Mayor ’s proposed income-tax hike los and breakaway Democrats led by the 2010 or 2012 elections, and in- tion Fund have both kicked in on the wealthy. But the 63-member chamber is run by a Bronx Sen. Jeff Klein. stead spent $3 million itself on indi- $25,000.Ms.Del Percio declined to tenuous coalition of 29 Republicans and five Democrats, in a The co-directors of Balance New vidual candidates. But RSLC Exec- share Balance New York’s ultimate York are two veterans of state Sen- utive Director Matt Walter is a fundraising goal, but it’s likely to be state where progressivism (or at least talk of it) is ascendant. A ate campaigns: Susan Del Percio, who longtime New York Republican in the millions. new and well-funded outside spending group led by top GOP has served as spokeswoman to the who last week stated he had full faith Balance New York’s goal for 2014 is to be a partisan voice for the GOP during the six-month legisla- tive session in the same way that lib- Actually, our Green Team will eral labor unions speak as partisans do most of the work for for Democrats. It also wants to use you. They’ll help make you social media to drive local press cov- more energy efficient, erage in key legislative districts,with targets likely including freshman profitable and competitive. Democrats in swing seats, such as In fact, one of the few times upstate Sens. Terry Gipson, Cecilia you’ll have to lift a finger is to Tkaczyk and Ted O’Brien. dial our phone number. “We want to be a voice that starts targeting voters much earlier on,” Ms. Del Percio said. Balance New York could even 1-877-797-6347 engage in online or radio advertising conEd.com/energysavings during the legislative session, which ends in June, although most re- sources will be marshaled for adver- tising closer to Election Day. Labor leaders said they doubt the GOP punch will produce a result anywhere close to the impact of union ground troops.“This spending by Karl Rove and his cronies is clear- ly designed to drown out the voices of average New Yorkers in service of the real estate industry,” said Bill Lipton, state director for the labor-backed Working Families Party. “It’s anything but a ‘grassroots’ effort.” A real estate-backed group that raised $8 million and played a siz- able role in last year’s city elections, Jobs for New York,has hinted at getting involved in the 2014 state races. Re- gardless, with porous state laws that allow donors to give $150,000 to candidates through limited-liability corporations, there’s likely to be plenty of money to go around. Balance New York’s goal is to elect at least 32 state senators solid- WHO SAYS YOU ly within the Senate Republican majority, although Ms. Del Percio would not rule out helping the four members of the breakaway Indepen- dent Democratic Conference, who could face primaries from regular Democrats upset with the power- HAVE TO EXPEND sharing deal in Albany. “We’ll be monitoring situations around the state,” Ms. Del Percio said. “Right now, we’re committed A LOT OF ENERGY to a Republican majority.” Ⅲ TO SAVE IT? QUOTE OF THE WEEK: ‘I am miffed’ —Mayor Bill de Blasio, on Sen. Dean Skelos’ blocking a vote on his tax-hike plan

6 | Crain’s New York Business | February 17, 2014 BUSINESS 38% Portion of new U.S. workers by 2030 who will be first- and second- generation immigrants PEOPLE Source: Center for American Progress

EXECUTIVE MOVES HOLLY BLOCK cut the admission fee at the Bronx Museum of Telemundo the Arts in 2012 and 47/WNJU: Cristina has since seen Schwarz, 54, joined attendance double. the Spanish- language television station as president and general manager. She was previously vice president at Univision Cable Networks. Carlton Group: Kevin Swill, 48, joined the real estate investment banking firm as chief operations officer, a newly created position. He was previously managing partner at JayJon Financial. 4A’s: Alison Fahey, 49, joined the advertising-agency trade association as chief marketing officer. She was previously executive director of content at Adweek. Raines International Inc.: Shami Anand, 49, was promoted to managing director at the executive-search firm. She was previously senior vice president. Supportive Children’s Advocacy Network New York: Bill Fink, 50, joined the nonprofit as associate executive director for development and external affairs, a newly created position. He was previously assistant executive director for external affairs at Northern Manhattan Improvement Corp. Tapad Inc.: Jim Clark, 41, joined as senior vice president of sales. He was catherine gibbons catherine previously vice president of sales, Americas, at Turn. GOTHAM GIGS Retrofit: Tanya Singer, 40, joined the weight-loss program as vice president of engagement. She was previously a freelance consultant at TRSinger Inc. Francis Cauffman: Stanley Stark, 65, joined the architecture firm as principal of science and technology. State of the arts in the Bronx He was previously director of strategic planning at Vanguard Construction & Development. Slate: Mike Pesca, 40, joined the media Museum chief helps make the Concourse grand company as podcast host. He was previously a reporter and host at NPR. Even while Holly Block enjoyed her autumn budget in 2013, and worked to make the Grand Kramer Levin Naftalis & Frankel: Tzvi Exhibiting Rokeach, 46, was promoted to partner strolls around the canals of Venice, her heart and Concourse, where the museum is located, a at the law firm. He was previously art that mind remained firmly in the Bronx. ¶ Ms. Block, destination. ¶ “Many contemporary artists use special counsel. Rogoff & Co.: Michael Maresco, 38, was executive director of the Bronx Museum of the their everyday life in their work,” she said. “That promoted to partner at the accounting ‘speaks to Arts, spent much of last year as co-commissioner speaks to the people in this community.” ¶ In firm. He was previously quality- control director. the people of the U.S. pavilion at the 55th Venice Biennale. addition to K-12 education programs, she has Marketing Werks: Her selection marked the first time that someone also created an advisory council of 29 volunteers, Matt Miller, 32, in this from a relatively small institution had been all of them Bronxites, who help design programs joined the consumer- engagement firm as community’ chosen for an honor that usually goes to curators to attract more art lovers. Most important, she did senior account from major museums with deep endowments. away with museum admission fees in March strategist. He was previously senior Despite the rarefied setting, Ms. Block remained 2012, and attendance has doubled, to 50,000 program manager at engaged with her day job, reminding reporters in annually. ¶ Ms. Block grew up in Washington, the Coca-Cola Co. Besen Group: Justin Ebersman, 73, Venice that the pavilion’s artist, Sarah Sze, would D.C., and graduated from Bennington College. joined the real estate company as soon be showing her work in the Bronx. ¶ After She lives in Chinatown and commutes to the senior broker. He was previously vice 18 years as executive director of downtown South Bronx when she’s not exploring for new chairman at Walter & Samuel. Evergreen Insurance and Risk nonprofit Art in General, Ms. Block took the artists in Africa or Cuba. ¶ “Museums are very Management: Esther Tauber, 26, joined reins of the Bronx Museum in 2006. She is special places,” said Ms. Block. “No other places as an account executive. She was previously account executive at weening the nonprofit off government funding, allow you to have a direct, personal experience Oxford Coverage. which accounted for 30% of its $3.2 million with an artwork.” —thornton mcenery —eva saviano

February 17, 2014 | Crain’s New York Business | 7 20140217-NEWS--0008-NAT-CCI-CN_-- 2/14/2014 1:43 PM Page 1

OPINION CRAIN’S NEW YORK BUSINESS

Budget spin: alive and well editor in chief Rance Crain publisher, vp Jill R. Kaplan hen Mayor Bill de Blasio students are treated more fairly,” a de Blasio press release EDITORIAL editor Glenn Coleman unveiled his first budget last explains).The honest explanation for the tax hike is that the managing editor Jeremy Smerd deputy managing editors Valerie Block, week, he deemed it progressive, mayor wants not one but two half-billion-dollar pots to Erik Ipsen responsible and honest. Well, shower on schools. assistant managing editor Erik Engquist senior news producer Amanda Fung two out of three ain’t bad. Mr. de Blasio chided his predecessor Michael Bloomberg contributing editor Elaine Pofeldt Progressive, yes (it’s $73.7 for being less than forthcoming with budgets. Certainly, columnists Greg David, Alair Townsend crain’s health pulse editor Barbara Benson billion). Responsible, perhaps. Mr. Bloomberg understated revenue projections and senior reporters Theresa Agovino, But honest? annually proposed cuts that he knew the City Council Aaron Elstein, Lisa Fickenscher, Matthew Flamm, Daniel Geiger, Adrianne Pasquarelli There is plenty of spin in this budget. As there always is. would insist on restoring.This so-called budget dance gave reporters Joseph Anuta, Chris Bragg, W Andrew J. Hawkins, Thornton McEnery Start with the $1 billion the mayor would put into a trust council members something useful—or at least harmless— reporter/videographer Ken M. Christensen fund for a massive future liability: covering 100% of city to do at budget time. news producer Emily Laermer web reporters/producers retirees’ health care. Although the city should have ended The new mayor said Nazish Dholakia, Irina Ivanova that overly generous benefit long ago, it makes sense to save his proposal stops the art director Steven Krupinski The mayor ends deputy art director Carolyn McClain for this possibly unavoidable obligation. But this $1 billion music.That’s fine. But staff photographer Buck Ennis will not be saved. It is destined for salary hikes for unionized the ‘dance’ but Mr. de Blasio did some copy desk chief Steve Noveck copy editor Thaddeus Rutkowski city employees, whose contracts have expired.They know it. fancy footwork of his data editor Suzanne Panara The mayor knows it.There are budgetary and practical does his own own, decrying a researchers Eva Saviano, Nicholas Wells reasons to stash the cash in a retirees’ fund, but if Mr. de fancy footwork “structural deficit” ADVERTISING, MARKETING AND PRODUCTION sales manager Irene Bar-Am Blasio were being honest, he would simply call this his because the city used a senior account managers Jill Bottomley Kunkes, Courtney McCombs, union-raises account. $1 billion surplus to Suzanne Wilson Then there’s his pre-K expansion allocation of $530 balance the current director of custom content Trish Henry account executive Lauren Black million, funded by a surcharge on city taxpayers that neither budget. Actually, it is sales coordinator Cynthia Hutchinson Senate Republicans nor Gov. Andrew Cuomo will approve. expected to end this fiscal year with $1.8 billion to spare. events coordinator & scheduler Alexis Sinclair Mr. de Blasio says he doesn’t want the money from the state, Of course, the mayor won’t credit Mr. Bloomberg for credit Todd J. Masura (313-446-6097) which he calls unreliable. Yet his budget also asks for an extra leaving a surplus or for letting union contracts expire rather director of audience & content partnership development Michael O’Connor $500 million in education aid from—you guessed it—the than caving in to outrageously inflated labor demands that senior marketing manager Catherine Schutten state. He would use it to hire more teachers and classroom would have left future administrations unable to fund their director of conferences & events assistants, apparently for schools with weak fundraising (“so own priorities.That would be too, well, honest. Courtney Williams reprint sales manager Lauren Melesio production and pre-press director Simone Pryce advertising production manager CRAIN’S ONLINE POLL COMMENTS Suzanne Fleischman Wies ONLINE AND INTERACTIVE SERVICES general manager Rosemary Maggiore web developer & digital sales The biggest loser strategist Chris Tumminello TO SUBSCRIBE: been broken for years, but follow CVS’ butt ban?” Feb. 10). For print and digital subscriptions or customer LICH NEARS ITS END service, e-mail [email protected] lowering the Verrazano Bridge Despite great progress over or call 877-824-9379 (in the U.S. and Canada) or Re “LICH sale in limbo as toll without rationalizing the the past 50 years, 42 million 313-446-0450 (all other locations). $3.00 a copy for losses mount” (Feb. 10): What broader toll system is a wasted American adults still smoke. It’s the print edition; or $99.95 one year, $179.95 two istock years, for print subscriptions with digital access. a sad commentary on how opportunity to reduce the leading preventable cause of www.crainsnewyork.com/subscribe SHOULD NYC ISSUE vested interests derail solutions congestion and increase cancer death in the U.S. ID CARDS TO to community and social investment in mass transit. Beyond the health benefits TO ADVERTISE: problems.Tying up the sale of Meanwhile, the governor’s of this decision, fighting cancer Contact Cynthia Hutchinson at UNDOCUMENTED [email protected] or call 212-210-0145. Long Island College Hospital family tax credit doesn’t help is smart business.The proven www.crainsnewyork.com/advertise IMMIGRANTS? in court is irresponsible the families in greatest need of deadly effects of tobacco are political posturing. It’s hard to assistance. As detailed by the diminishing its use, while FOR INFORMATION ON OUR EVENTS: Yes. They already live and work here. IDs believe that the community’s New York City Independent products and services that Contact Courtney Williams at would allow them to live outside society’s [email protected] or 212-210-0257. interest—in terms of health Budget Office, the credit will improve health are in demand, www.crainsnewyork.com/events shadow. care and cost—is being served. give $66 million to more than including from the more than No. In addition to condoning their illegal This is an example of the 190,000 city families with 80% of Americans who do not TO CONTACT THE NEWSROOM: players arguing over “Who children and adjusted gross smoke and the 22 million who 685 Third Ave., New York, NY 10017-4024 status, IDs would stigmatize undocumented editorial phone: 212.210.0277 immigrants without providing much benefit. moved my cheese? Did the incomes from $100,000 to try to quit each year. fax 212.210.0799 Date of poll: Feb. 11 cheese move? When will the $300,000, while 660,000 We thank CVS CEO Larry Entire contents ©copyright 2014 Crain Communications Inc. All rights reserved. ®CityBusiness is a registered trademark 323 votes cheese be restored?” Now is the families with AGIs under Merlo and encourage all time for innovative action to $40,000 will receive nothing. business leaders to work with of MCP Inc., used under license agreement. build, grow and act responsibly That’s the antithesis of a us to limit workplace access to CRAIN COMMUNICATIONS INC. BOARD OF DIRECTORS 32% in the face of major challenges. progressive tax policy. tobacco, create smoke-free chairman Keith E. Crain Yes —sandra —andrew l. kalloch workplaces, help employees president Rance Crain treasurer Mary Kay Crain stop smoking and join CEOs Cindi Crain Against Cancer to make a GUV’S GIVEAWAYS CHEERING CVS executive vp, operations William Morrow positive impact on their executive vp, director of strategic Gov. Andrew Cuomo’s election- CVS Caremark Corp. has businesses and communities. operations Chris Crain 68% year giveaways (The Insider, solidified its standing as a health —jeanne walsh senior vp, group publisher David Klein vp/production, manufacturing David Kamis No Feb. 10) are not only poorly care business devoted to the Vice president, corporate and timed, they are poorly designed. well-being of its customers distinguished partners chief information officer Anthony DiPonio The city’s toll structure has above all else (“Will rivals American Cancer Society 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 17, 2014 iting the conversion of manufactur- ing space.The result:The neighbor- City must stitch new hood lacks the kinds of restaurants,

bars and amenities that these com- Retailers Wholesalers Restaurants Hotels Oil Dealers Social Services panies’ often-young workers want. garment jobs policy Heroic efforts by the Fashion Cen- ter Business Improvement District have improved matters on some of ith Fashion Week in the media spotlight the streets, but too many landlords earlier this month, Mayor Bill de Blasio remain reluctant to pour money into Read Adam Friedlander’s traveled to the Fashion Incubator in the properties doomed to low returns on investment. How to $ave Big on Workers’ Compensation garment district to promise that the indus- Some of those supposedly bene- try would be a priority of his administra- fiting from the restricted zoning un- tion. This is welcome news—as long as Mr. de Blasio under- derstand it is well past time for the Call To Save Today W idea to be junked.“I have to be in the stands that the fashion industry and apparel manufacturing are garment center because most of my not the same thing and that what the city’s fashion business clients are around here,’’ Tina Adam Friedlander • 800-394-7004, ext. 206 • [email protected] Schenk, a pattern maker, told Capi- www.friedlandergroup.com • www.howtosavebigonworkerscomp.com needs most is some truly innovative tal New York earlier this month. *Underwritten by the NYS Insurance Fund, 199 Church St., NY, NY 10007 thinking. “But I don’t think there are enough There are about 46,000 fashion- businesses to fill up [the area]. … industry jobs in the city. Yet only Mixed use is a good idea.’’ about a third of them are in manu- Dispersion of the industry facturing.The rest are the designers throughout the city threatens to and marketing specialists and sup- loosen fashion’s ties to New York. port staff who make this city fashion So, step one in any de Blasio initia- central. Factory jobs have declined tive should be the more flexible precipitously since 1990, to about zoning so long promised and aban- 16,300 now from 90,000 then. The doned by the Bloomberg adminis- past three years have seen no further tration. Step two should be to em- decline in factory job counts, which brace an idea presented last suggests a bottom has been reached. GREG DAVID November at Crain’s Future of New Or maybe not, because there have York City conference by William been similar flat stretches in the past McComb,the now-former chief ex- before another drop. major names from Oscar de la Renta ecutive of Fifth and Pacific Cos., to While the total number of fash- to Erin Fetherston to Alice + Olivia build a fashion-industry museum in ion jobs has grown slightly, the sto- have defected to sexier districts. the heart of the district, re- ry in the garment center isn’t quite Even the Council of Fashion De- establishing the area’s identity and, as rosy. The number of fashion signers of America has left. with luck, capitalizing on a wave of jobs—both the white-collar posi- This is all the result of the ill- property investments and upgrades. tions and the manufacturing ones— conceived 1980s restrictive zoning That’s how to make the industry has continued to decline there, as designed to save factory jobs by lim- a priority.

LAURIE KERR AND ANGELA PINSKY the more we can make New York an even better place to live. GRASSI After all, in addition to slowing Real estate biz leads climate change, reducing emissions TECHNOLOGY CONSULTANTS, LLC has direct benefits that improve the lives of all New Yorkers.According to the city’s Health Department, soot on pollution curbs pollution causes more than 3,000 deaths and 6,000 emergency-room Streamlining your visits each year. Reducing emissions technology... s the city waits to see how Mayor Bill de Blasio will mean cleaner air for everyone. will tackle climate change, which Michael Increasing efficiency also helps Bloomberg made a top priority,a new report sug- buildings reduce energy bills and maintenance fees,slowing the rise in gests the last administration’s environmental ef- housing costs. Similar benefits have forts are paying off. been seen by earlier challenge part- The city’s annual inventory of greenhouse-gas emissions ners, such as New York University, A which has saved more than $11 mil- found that New York has cut them by 19% in the past seven lion annually. In just five years, years.Already,the city is nearly two-thirds of the way to its goal NYU—along with five other partic- to bring your ipating institutions—has achieved of cutting emissions by 30% from bon Challenge. They are commit- the goal of cutting emissions 30%. business to the 2005 levels by 2030. ting to cut emissions from their Now it’s aiming for 50% by 2017. That’s enormous progress that we portfolios of multifamily residential These success stories show that next level hope the de Blasio administration buildings by 30% in 10 years. deep carbon reductions in large will build on. Fortunately, the city is These firms have promised to building portfolios are possible. now looking to further curb carbon identify at least 200 multifamily These first 10 firms are paving the pollution from its largest source: its 1 buildings, representing roughly way for others in the multifamily million buildings, responsible for 20,000 apartments, to take part. sector. The more who join in, the nearly 75% of emissions. This has the potential to reduce car- more we can rein in housing costs, In December, the city an- bon emissions by at least 100,000 improve public health and make Specializing in: . . nounced a plan to work with local metric tons a year—the equivalent New York City a more sustainable Enterprise Resource Planning (ERP) System Implementation and Support Business Process Improvement.6\VWHP'HVLJQDQG&RQÀJXUDWLRQ. real estate industry leaders to boost of removing more than 20,000 pas- place to live. . energy efficiency in multifamily senger vehicles from the roads. Testing and Quality Assurance Regulatory Compliance properties,the largest chunk of New This buy-in from local real estate Laurie Kerr, an architect, is the director of York’s building stock. Ten leading leaders is critical.They will establish the City Energy Project at the Natural residential property-management a model for energy-efficient build- Resources Defense Council. Angela Pinsky is 488 Madison Avenue, New York, NY 10022 50 Jericho Quadrangle, Jericho, NY 11753 firms are joining a number of uni- ings that their peers can follow.The senior vice president of management services www.grassicpas.com/GTC versities, hospitals and commercial more the city’s real estate industry and government affairs at the Real Estate firms in accepting the Mayor’s Car- joins in and takes a leadership role, Board of New York.

February 17, 2014 | Crain’s New York Business | 9 REAL ESTATE DEALS

“Stone Harbor had a desire to wide expansion, a drive that in- stay at the building, but they need- cludes more stores in the U.S., Eu- Financial firm ed more space,” Mr. Martin said. rope and Asia. The transaction was arranged in a Eric Gelber of CBRE Group way that was mutually beneficial. Inc. represented the landlord. The landlord, the Paramount —joe anuta doubles up Group,agreed to terminate the lease for the 17th floor held by law firm n a bit of good news for New York’s landlords, Clifford Chance, the tenant that Blow-dryer aims to a financial-services firm is bucking the trend of subleased the floor to TD Bank. In heat up Chelsea recent years by expanding its office. Invest- turn, Stone Harbor agreed to renew BEFORE ment advisory company Stone Harbor is snap- its lease for its existing space; it is Chelsea residents will soon have the ping up the nearly 27,000 square feet at 31 W. committed to its new, expanded of- opportunity to look a bit more I52nd St. that another financial outfit is leaving behind. fice for another 15 years. coiffed and polished. This spring, In the process,Stone Harbor will double its footprint, The asking rent for the space was Blo Blow Dry Bar will open an out- to 53,400 square feet.The firm had been eager to grow in the $90s per square foot. post at 800 Sixth Ave. The salon chain, at the 30-story building for several years but had been Mr. Martin represented Stone which offers blow-dry services rather unable to find additional space. Hill with his JLL colleague Brad than traditional haircuts and dyes,re- The deal came about when TD Bank signaled that Lane. Paramount was repped in the cently signed a 10-year deal for 1,000 it was interested in leaving the offices it was subleas- deal by its in-house leasing execu- square feet at the building. The ask- ing on the 17th floor, an opening that Rob Martin, Stone Harbor’s broker tive Peter Brindley. ing rent was $175 per square foot. at Jones Lang LaSalle, had been on the lookout for. —daniel geiger Though Blo features 22 loca- tions, including two in Manhattan, AFTER and has several competitors includ- Korean shoe store firm’s target clientele:people willing men’s handmade-footwear firm al- ing Drybar and Blow, there are few Eyesore to get steps into NYC to drop up to $1,000 for a pair of ready has nine stores in South Ko- such shops anywhere near its newest makeover Suarte’s custom footwear. rea. In addition to the midtown east location in Chelsea. A high-end South Korean shoe Garry Steinberg, principal at the location, where the firm paid the “Their customer lives,works and Last week, Brookfield Properties store in the midst of a global expan- New York office of Lee & Associ- $207-per-square-foot asking rent, goes to school here,” said Brad Co- Group Inc. unveiled plans for a sion has stepped into the U.S. mar- ates Commercial Real Estate Ser- the company hopes to open another hen, the SCG Retail broker who $200 million makeover of its ket, signing a 10-year lease for vices, said the location fit perfectly store to launch its handmade men’s- represented landlord Equity Resi- hulking, 1960s-vintage, 1.8 ground-floor space at the Affinia 50 with Suarte’s strategy for establish- suit line. Mr. Steinberg has been dential Management in negotia- million-square-foot building just hotel at 818 Third Ave. In the deal, ing a foothold in the ultracompeti- scouring locations as the firm’s ex- tions. Blo, which replaces a PostNet west of Penn Station. Plans call Suarte Shoes took 1,000 square feet tive New York City market. clusive representative, and he hopes location, is expected to open for for 450 W. 33rd St. to be reborn on the corner of East 50th Street, “We determined rather quickly its next shop will be a step up in business in June. Deborah Hildreth as a handsome gateway to the where it plans to open its first state- that this location was going to be the terms of size, to between 2,500 and and Jeff Loren of Global Realty Op- developer’s $4.5 billion side shop on April 1. The corner is first Suarte,” said Mr. Steinberg, 5,000 square feet. portunities represented the tenant office/residential complex close to both residential and office who represented the tenant. The firm recently acquired new in negotiations. slated to rise next door. buildings chockablock with the Founded just three years ago, the factory space to support its world- —adrianne pasquarelli

SMALL BUSINESS Owners tweet for social-media-savvy talent

Kaltura, a 200-employee software a profitable public-relations firm Firms turn to Twitter, firm in Manhattan that was looking with under $1 million in annual rev- Snapchat, Instagram to hire a video producer and editor. enue, uses Twitter and Instagram to Iddo Shai, Kaltura’s director of advertise jobs, incorporating rele- and Tumblr to save product marketing,interviewed and vant hashtags, such as #prjobs, #pr, hired Mr. Morrison—impressed by #socialmediajobs and #socialmedia. on recruiting costs both his ability to shoot video well “In my business, the types of people and his proficiency with social me- we want to hire will be aggressively dia. “To see someone so young with following those hashtags—that’s BY EILENE ZIMMERMAN a great understanding of that land- often their main way of finding a scape and the ability to generate new job,” said Ms. Ruby. am Morrison moved to traction using those tools—that’s a Small Girls PR, a profitable 10- Brooklyn last July after big plus for any company,” said Mr. employee firm in Williamsburg, graduating from Syracuse Shai. Brooklyn,with more than $1 million University,hoping to find a in annual revenue, uses Instagram job creating and editing Hashtags matter and Tumblr to source candidates. Sonline videos. Using popular social-media plat- About six months ago, Small When he wasn’t hunting for forms like Instagram, Snapchat, Girls tweeted about an opening it TALENT MAGNET: Ruby Media Group’s ads target job-seekers who know the digital realm. work on job boards and LinkedIn, Twitter and Tumblr for hiring is be- had for a midlevel account executive. Mr. Morrison biked around the city coming increasingly common for After hearing from a woman who taking photos that he would then small businesses on tight recruiting had seen the retweet, the firm inter- the best way to source candidates,” seekers to follow up with him on post on Instagram, where he had a budgets. “It is especially well suited viewed and hired her, said co- said Ms. Blair. “And unlike re- Twitter,and,as of about two months few thousand followers. Finally, it to industries like founder Mallory Blair.That woman cruiters, who often take 25% to 30% ago, Snapchat. dawned on him that he could tap marketing and tracked down Ms. Blair’s personal of the first year’s salary,it’s free. I can One candidate sent a photo of that network to find a gig. public relations, 78% page on Facebook and sent her a take that money and offer someone himself pointing up at a Coney Island PERCENTAGE OF “I realized it was my greatest out- where being cre- RECRUITERS who clever message, complete with a higher salary,a signing bonus or use restaurant’s marquee, which read: let for communication,” said Mr. ative and profi- have made a hire emoticons—a proactive move that it toward other initiatives at the “Likeable Hire Me.” Mr. Murray Morrison. He posted one of his best cient in social through social underlined her initiative, in Ms. company.” brought him in for an interview.“I’ve media photos—the back of a taxicab in media is a re- Source: Jobvite survey, Blair’s eyes. These social platforms also serve probably spoken to about 15 people SoHo—and added a caption that quirement,” said 2013 as a screening tool. For the past year who have Snapchatted me,” he said. said he was looking for a job in on- Vicki Salemi, a Vetting tool and a half, Brian Murray,director of “About four are now top of mind.” Ⅲ line media. human-resources and recruiting Between its Instagram account, talent at social-media marketing Bingo! He soon heard from Kat veteran in Manhattan who is the au- company blog, Tumblr blogs and firm Likeable Media in Manhat- To sign up for Crain’s Irlin,a talent-development consult- thor of Big Career in the Big City. Twitter, Small Girls has about tan—a profitable 40-employee firm SMALL BUSINESS newsletter, go to ant and photographer.After the two Kristen Ruby, president of Ruby 40,000 followers. “Leveraging that with nearly $10 million in annual www.crainsnewyork.com/smallbiz. met, she put him in touch with Media Group in lower Manhattan, online audience has turned out to be revenue—has encouraged job-

10 | Crain’s New York Business | February 17, 2014 TECHNOLOGY INSIDE Stealth David A small broadband provider is competing with the Goliaths in Manhattan PAGE 12 The List The most active venture-capital REPORT firms PAGE 13 david junkin david How broadband lags in New York City

Four ideas to spur cost $365. Time Warner Cable Big corporations have built their GLOBAL VIEW OF INTERNET SPEEDS charges businesses $270 for 100 own networks, but other businesses better connections Mbps on a five-year contract. Go make do with middling speeds at with Cablevision’s business plans high prices and little to no choice of Median Median for businesses Download cost Download cost and the price starts at $79.95—for providers. City speed per Mbps Country speed per Mbps up to 101 Mbps. “It’s a problem for a city trying to BY JUDITH MESSINA Internet users here pay more for be the tech capital of the world,”said NEW YORK CITY Singapore 60.50 $2.89 less, compared with many cities Jonathan Bowles, director of the In Hong Kong, residents and busi- around the world that subsidize Center for an Urban Future, a local Bronx 29.20 $3.05 South Korea 50.40 n/a nesses can get high-speed Internet broadband service or control pricing. think tank. Brooklyn 27.50 $3.08 Netherlands 38.60 $2.76 service for $64 a month;in Seoul,the While New York appears to be hold- Take the situation faced by Pro- same service—downloads of 1,000 ing its own against some other big jective Space, a co-working facility Manhattan 23.80 $3.45 United Kingdom 23.40 $2.63 megabits per second—goes for $31 U.S. cities, others, even unlikely can- for tech companies. It moved into an and can be had from any one of five didates, like Chattanooga, Tenn.; old sewing factory on the Lowest Seattle 28.70 $3.74 United States 21.02 $3.67 providers. Meanwhile, in Amster- Austin, Texas; Kansas City, Mo. and East Side. The building had only dam, service with 500 Mbps costs Kan., are leaping ahead—Chat- copper wire and cable (already at ca- Washington, D.C. 23.67 $5.75 Canada 19.80 $3.42 $86, according to a recent report by tanooga with its own municipal fiber, pacity). Had it not lucked into an al- the New America Foundation. and the others with Google fiber of ternative (see story, Page 12), the co- San Francisco 20.90 $4.62 Worldwide 16.60 $6.67 Then there’s New York City. For speeds up to 1,000 Mbps. New York working space faced the prospect of n/a-Not available. Download speed is the rolling mean speed in Mbps over the past 30 days. businesses, 500 Mbps from Verizon will need to find a way to compete. See BROADBAND on Page 14 Data are as of Feb. 10, 2014. Source: Ookla.com

February 17, 2014 | Crain’s New York Business | 11 REPORT TECHNOLOGY

Shrihari Pandit, who with his wife started the company in 1995 as an Stealth David versus the Goliaths Internet service provider.Stealth for years resold Verizon service, first working space on the Lower East with Stealth Communications, a would fall and options would rise. dial-up and then T1 lines, the A small broadband Side, Timmy Wahba threw up his small broadband provider that in Notwithstanding a few hiccups, heavy-duty Internet connections of provider tests the hands. 2013 won permission from the city to the company hired four new em- the 1990s that at a speed of about 1.5 “Projective has a lot lay fiber in Manhattan. ployees last June and has now in- megabits per second seem positive- market, but will going on, and it’s grow- Other than the dominant stalled fiber along Sixth Avenue ly primitive today. ing,”said Mr.Wahba,who 33 players, Stealth is one of a from 60th Street to lower Manhat- underselling work? founded the business with NUMBER OF handful of companies— tan, reaching buildings from Third Benefits of competition SITES Stealth his two brothers in 2011. Communications and probably the small- Avenue to Eighth Avenue. So far, Mr. Pandit eventually concluded BY JUDITH MESSINA “The last thing any prin- has hooked up est—to lay fiber and offer it’s hooked up 33 sites and plans to that the only way to be competitive cipal of a business should so far wireline broadband service have at least 150 done by the end of was to lay his own fiber—using After spending a frustrating six be thinking about is a six- in the city. Critics of New the year.Many of Stealth’s end users money accumulated over the years months trying to negotiate a new month negotiation with a duopoly.” York’s broadband service say if it were are startups and nonprofits. as an ISP.The initial investment for deal with Time Warner for greater Instead of Time Warner or Veri- easier for more competitors such as “We are competitive for dedicat- a small company,a couple of million bandwidth for Projective, his co- zon, Mr. Wahba found new service Stealth to enter the market, prices ed business activity,” said founder dollars, is significant, but Mr. Pan- dit expects to turn a profit on it with- in the next few months. “They’re operating on a fairly unlevel playing field,” said Karl Bode, editor of Broadband Reports. “I’ve watched for a decade as [small competitors] have been crushed un- der heel. They can have success to a point and do pretty well on a small scale if they focus on a few key Give your employees neighborhoods.” Under FCC rules, bigger players don’t have to resell broadband capacity to competitors. the duck. Mr. Pandit said his technology guarantees speeds both on the up- load and download sides, from 100 Mbps to 100 gigabits. It’s not Anything else is just Small providers are ‘on a chicken. pretty unlevel playing field’ Almost 60 percent of employees wish their employers offered voluntary insurance1. cheap—$800 to as much as $80,000 a month for the top speed—but for dedicated access for businesses, Mr. The question is, who will you choose? Pandit said, it’s less expensive than service from the big providers. You could opt for a voluntary option from your Last fall, he signed on with Con- medical carrier, or you could offer coverage from nectNYC Fiber Challenge, a city program that offers free fiber instal- the number one voluntary provider2: Afl ac. lation to companies with fewer than 500 employees in underserved areas There’s no direct cost to you for offering it, and that can prove that reliable, high- getting started is as simple as adding a payroll speed broadband is essential to their deduction. That’s why business owners like you business. The city and the providers foot the bill for the installation. have chosen Afl ac for nearly 60 years. It’s also why we’re so confi dent Afl ac is the right partner Better deal for your business. “We’re hungry,” said Mr. Pandit. “We already had the budget set aside. ConnectNYC is a vehicle to You can bet the farm on it. get our name out there.” That is how Projective, which Call your local agent and visit has locations on the Lower East Side and in SoHo, found Stealth. afl ac.com/business According to Mr. Wahba, a ded- icated line from Time Warner would have cost him $2,100 a month, with early-termination fees if he canceled before the end of the three-year contract. His deal with Stealth is for a ded- icated 100 Mbps—both uploading and downloading—for $650 per month on a two-year contract. Stealth became his primary broad- band service this month. 12013 Afl ac WorkForces Report, a study conducted by Research Now on behalf of Afl ac, January 7 – 24, 2013. 2Eastbridge Consulting Group. U.S. Worksite/Voluntary Sales Report. Carrier Results “For every business that works out for 2012. Avon, CT: April 2013. Coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York. Worldwide Headquarters | 1932 Wynnton Road | Columbus, GA 31999 of this space, it’s a macroeconomic Z131175 11/13 issue that affects New York City and its ability to be competitive with Silicon Valley,” said Mr. Wahba. Ⅲ

12 | Crain’s New York Business | February 17, 2014

AFL3030 B2B ChickenJr ALT.indd 1 1/24/14 12:18 PM THE The Most Active Venture-Capital Firms LIST Ranked by the number of investments in New York metro area startups in 2013 THE SCOOP TRENDS DEALS AND DOLLARS NY ON THE RISE he venture-capital market was up in 2013, with its Fewer biotech deals were made in 2013, but other industries had more deals VC funds in the New York metro area saw a greater increase in best performance for New York-based companies and more dollars. 2013 than in other areas. in more than a decade.Total VC investment in the % change Number % change Dollars invested in 2012 (In billions) % change from 2012 metro area was $3.2 billion, up 35% over 2012, and Dollars invested (in millions) from 2012 of deals from 2012 Dollars invested in 2013 close to 2001’s total of $3.5 billion, according to +7.9% Software data from PricewaterhouseCoopers and the National Venture $12.1 T $978 +56% 159 +11% Capital Association’s MoneyTree Report. $11.2 Silicon Valley companies registered only an 8% increase, Media and entertainment according to PwC. $540 +60% 89 +11% Total funding and the number of deals increased in 2013 for New York companies at almost all funding rounds. Expanding Consumer products and services firms showed the greatest increase,garnering $1.6 billion in 136 $426 +10% 39 +3% deals, 17% more investments than in 2012. -2.9% The number of investments in seed-stage companies was Biotechnology +34.9% down by half, though the total funding increased 36%, thanks $326 +27% 27 -13% $3.2 $3.4 $3.3 to a $40 million deal for Oscar Health Insurance in the third $2.4 quarter. IT services “In the New York area, and nationally as well, the very early $273 22% 53 +29% New York metro Silicon Valley New England stage is being funded outside of the traditional VC network,” Source: PwC/NVCA MoneyTree Report Source: PwC/NVCA MoneyTree Report said David Silverman, a partner at PwC. Mr. Silverman pointed to a “fairly sophisticated angel- EXPANSIONS LEAD NET GAINS investor network”that has developed among entrepreneurs who Expansion-stage companies continued to command the majority of funding. New York has more Internet-based companies in the IPO have succeeded with their own startups and returned to fund pipeline than other areas. % change Number % change other companies. Dollars invested (in millions) from 2012 of deals from 2012 84% “As you have more companies that have exits and more peo- California ple that have made money, you have them coming back and Startup/seed New York funding at the pre-VC stage,” he said. +36% 11 -50% Massachusetts $83 Mr. Silverman said that New York is a ripe ecosystem for in- 55% 56% vestment with its focus on media, advertising and Early stage e-commerce—the kind of Internet- and software-based com- +33% 240 +10% panies that thrive as more industries shift to digital and service $1,015 software. “The trends favor New York because of its background and Expansion 16% diversity,” said Eric Hippeau, a managing director at Manhat- +47% 136 +17% 15% 13% 13% $1,578 10% 12% tan-based Lerer Ventures (No. 1 on Crain’s list).“New York is ex- 7% 7% 7% citing for us; it continues to be booming as a tech center.” 2% 2% 2% Later stage Lerer Ventures’ investments in 2013 included Betaworks Internet Mobile Software Computer Electronics +11% 54 +2% and (non-Internet/ hardware and Studio, the tech and startup studio behind TweetDeck, $516 telecommunications mobile) services Instapaper and Bitly. Percentages may not equal 100 owing to rounding. Source: CBInsights 2014 Tech —nicholas wells Source: PwC/NVCA MoneyTree Report IPO Pipeline Report

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February 17, 2014 | Crain’s New York Business | 13 REPORT TECHNOLOGY

hari Pandit of Stealth Communica- household in the city and over time tions, a small Internet service will likely provide access to nearby How broadband lags in NYC provider that has started to lay its businesses. own fiber in Manhattan.“We know “Along the way, small business how to get across the bridge, but we corridors will be integrated,” said Continued from Page 11 ter,” said Susan Crawford, a profes- have to get the fiber underground Chris Levendos,Verizon’s vice pres- rooms full of software engineers star- AID FOR sor at Yeshiva University’s Cardozo and into buildings.” ident of national operations. ing at spinning circles on their com- BUSINESS Law School and a noted critic of the The city has taken one step. It re- But that fiber may or may not puters or a deep dent in its budget. U.S. telecom market. cently approved a new, less costly cover industrial neighborhoods “We had a limited amount of COMPANIES with fewer than 500 In New York, would-be rivals to micro-trenching technique that cuts where more tech companies are set- bandwidth we could actually have,” employees and a demonstrated the giants have to make enormous down the time and cost required to tling. Even if there are multiple said Timmy Wahba, one of three need for dedicated fiber can investments to tear up streets and lay fiber. Once built, the trenches are providers in a neighborhood, they brothers who founded Projective. seek help from ConnectNYC, a sidewalks and snake fiber into old open to all providers. may not reach every building. “It was extremely expensive and very $14 million pot of city money buildings and up ancient risers. cost-prohibitive for something that that underwrites free broadband Wireless has fewer build-out ⅷ RAISE BUSINESSES’ NEEDS TO THE ⅷ BUILD, OPERATE AND/OR LEASE OUT was not that much to brag about.” installation. So far, 200 have challenges, and companies like Ver- LEVEL OF RESIDENTS’ NEEDS. THE CITY’S OWN DARK FIBER. Crain’sasked telecom experts and applied at www.nycedc.com/ izon and AT&T are focusing heav- Any public conversation on tele- New York could put into service tech companies what measures program/connectnyc-fiber- ily on that business. But tech com- com policy tends to focus on the its own dark,or unused,fiber,a possi- could be undertaken to speed serv- access. panies say its lower speeds,data caps needs of residents rather than busi- bility raised by city Comptroller Scott ice in New York City.Here are some and vulnerability to weather make it nesses. For instance, the franchise Stringer and Mr. de Blasio during of their suggestions. unsuitable for data-intensive tasks. agreements that Time Warner and their election campaigns. Along with an education issue,” said David The Bloomberg administration Verizon have obligate those compa- Chattanooga, Lafayette, La., has a ⅷ EDUCATE LANDLORDS AND PROVIDE Bronston,special counsel at law firm launched ConnectNYC, a $14 mil- nies to provide certain levels of serv- municipal fiber network, and other TAX BREAKS. EDUCATE TENANTS, TOO. Phillips Lytle. lion program that underwrites in- ice to residents, not businesses. cities are considering building one, As a matter of law,landlords can’t Companies concerned about the stallation for businesses with fewer Mayor Bill de Blasio has yet to including Los Angeles. In Chat- interfere with the installations of the issue need to be very focused with than 500 employees in underserved release a broadband plan, although tanooga,residents and businesses can wires that carry broadband, but their questions. Tech Meetup, for areas and with a demonstrated need he vowed on the campaign trail that get 1,000 Mbps for $70 a month. some, especially in Class B and C one, is starting that process. for high-speed broadband. every resident would have high- While some cities are apparently buildings, have yet to figure out that “Landlords love to say there’s fiber Five providers, who foot the bill speed broadband within five years doing it successfully, there are plen- high-speed broadband is the new in a building, but it may mean it’s in for the installation, are participating, and said that franchise agreements ty of cases of failure. Besides, is this heat and hot water. the basement, but not up in the risers and 200 businesses have applied. should provide greater oversight something the city has the expertise WiredNYC, a city program that or sometimes out on the street but not The city could help further, and accountability. to run? ranks buildings by their broadband pulled into a building at all,”said Arie when it is tearing up streets, by lay- As for the providers, Time “In a word,no,”said Michael San- capabilities, has posted broadband Barendrecht,director of WiredNYC. ing empty ducts to accommodate Warner Cable said that as of the end torelli, director of the Advanced information on 300 buildings, but fiber and allowing new providers to of last month, all of its business cus- Communications Law and Policy In- listing is voluntary, and there are ⅷ MAKE IT EASIER FOR NEW PLAYERS avoid costly construction. tomers in New York City had access stitute of New York Law School and thousands of commercial buildings TO ENTER THE MARKET. “We want to go to downtown to download speeds of 100 Mbps. a former state utility commissioner. in the city.“Landlords are becoming “With choice, the price could be Brooklyn and Long Island City,but And, by the end of the summer, “The last 10 years of debate have been more sophisticated, but there’s still much lower and service much bet- we’d have to do tren hing,”said Shri- Verizon fiber will “pass” every littered with failed attempts.” Ⅲ

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14 | Crain’s New York Business | February 17, 2014 IN THE BOROUGHS QUEENS

must not just offer shelter, but also FROM on-site services to help address men- Library sparks hope for revival AROUND tal health, employment and educa- THE CITY tional issues. Continued from Page 3 ONE FOR THE BOOKS: Jamaica BRONX have been added, as have designat- merchants are hoping that the ed areas offering job-search assis- library’s renovation will draw more BRONX Ag school is tance, including résumé writing, shoppers to the neighborhood. and help in securing health infor- Veterans welcome now in session mation and connecting to a health on Pelham Pkwy. When Ray Pultinas began teaching care professional. a community-activism class at De- “It’s about making the library a Bronx residents and elected officials Witt Clinton High School in the fun place for everyone to visit and alike are hoping to do better their South Bronx a few years ago, one of feel like they’re home and can third time around in trying to find a the things he emphasized was get- learn,” said Thomas Galante, chief new tenant for the vacant six-story ting people to eat healthier food. executive of the 62-unit Queens Li- building that once housed the Pel- “I wanted the students to feel brary system. “We want to be a des- ham Grand Hospital on Pelham they were making a difference in tination for the borough and a great Parkway South. some realm,” said Mr. Pultinas. To library for the community.” In recent years, the property, do that, the class opted to focus on which was converted to 57 apart- “food activism,” to learn not just Struggling area ments, has been used to shelter the how “real food” is grown, but also to While his plans for reimagining homeless and, later, to house men- take part in the process. the central library have met with tally ill patients displaced by Super- Together, they created a small widespread support, Mr. Galante storm Sandy. Local leaders want to garden alongside the faculty parking has stoked controversy on other attract ex-servicemen and -women. lot where they planted kale, corn, fronts. After overseeing the loss of Bronx Assemblyman Michael squash and more. Last year it yield- 130 jobs owing to budget cuts dur- Benedetto, chairman of the Assem- ed 155 pounds of vegetables, double ing the past five years, he has come bly Veterans’Affairs Committee,says the total in 2009. under fire for his annual salary of gensler courtesy of he is talking with veterans’ housing Through a partnership with $392,000. organizations. He has also reached Grow to Learn’s Garden to Café—a Meanwhile, the library’s pulling year, it attracted 1.4 million visitors, ment Association, which covers the out to Soldier On, a nonprofit that citywide public/private program that power has yet to be demonstrated. up 200,000 from the previous year. two blocks from Jamaica Avenue to aids veterans and their families. promotes school gardens—students Beyond the busy retail strips on Ja- Library officials credit some new 89th Avenue. The neighborhood has long been have worked with a chef to serve maica and Hillside avenues—both features—including a 6,100- Among those who believe that a home to police officers, meals prepared with their less than two square-foot area for teens featuring the library can make a difference is firefighters and veterans, vegetables to 4,000 fellow blocks from the everything from a video-game Ricardo Battle, a 55-year-old mor- noted Joe Oddo, treasur- students in the cafeteria. library on Mer- lounge to work stations and soft- tician, Jamaica resident and library er of the Pelham Bay In October, a harvest sale $20M rick Boulevard, ware for collaboratively editing mu- regular. He has noticed and appre- Taxpayers Association. racked up sales of $1,400, COST of renovation between 89th sic, video and other graphics—for ciated the improvements and, like “We as a community feel cash that will help fund and 90th avenues helping to boost attendance. many others, believes that once the we have a responsibility student activities. in downtown Ja- In addition, to lighten up its im- “slow, ongoing” renovation is com- to help first responders This fall, a greenhouse 98 maica—there is age a bit,the facility’s wide corridors plete, the new improved facility re-enter society,” he said. was added to extend the NEW computers little sign of any were christened “The Parkway,” will, as he put it, “revitalize” the He and Mr. Benedetto garden’s growing season. budding pros- “The Boulevard” and “The Board- area. Ⅲ agree that the building THE PELHAM GRAND —kerry murtha 2M perity. walk.” Similarly, a theater marquee BOOKS, other Instead, marks the entrance to the expanded media borrowed struggling shops media center, where vintage photos in 2013 and shuttered of Queens neighborhoods and their storefronts dot movie palaces are displayed at the the landscape. ends of the aisles, and where the Still, many share Mr. Nigoghosian’s number and diversity of DVDs,mu- Business Breakfast Forum: optimism that when finished,the li- sic CDs and talking books have brary will live up to its promise by been hugely expanded. There are attracting more people to the area, also multimedia materials available and a higher grade of eateries and in 17 languages, including Bengali, shops will follow. Urdu and Punjabi. First Deputy Mayor The central library not only “Libraries aren’t only about “contributes to the quality of life,” books, but about community and but also is “an exceptional anchor for technology,” said Keith Rosen, a downtown Jamaica,” according to principal and design director at Anthony Shorris Carlisle Towery, president of the Gensler, the architectural firm that Greater Jamaica Development designed the makeover.“We wanted Corp. Ultimately, he believes, it can to bring in the history and make the Photo Credit: Buck Ennis be a “huge economic-development library a much more welcoming and factor” for the area. accessible space than it ever was.” David Blumenfeld, a partner in That philosophy also guided the The First Deputy Mayor will discuss: Monday, March 10, 2014 Blumenfeld Development Group, design of the facility’s Children’s Li- New York Athletic Club is someone else who is convinced brary Discovery Center, which is •How he will execute Mayor de Blasio’s that the area already has a bright fu- housed next door in a site formerly 180 Central Park South ture—and he is even prepared to put occupied by a seedy nightclub. To- agenda while helping businesses 8:00 a.m. - 8:30 a.m. Networking Breakfast money behind it. day,the $38 million,25,000-square- 8:30 a.m. - 9:30 a.m. Program Next year, he hopes to begin •The culture change underway in foot, state-of-the-art venue in- $95 for individual ticket(s). work on a shopping mall and a four- cludes 14,000 square feet of public city government $950 for table(s) of ten. level parking garage around the areas for everything from science, corner from the library, on the site technology, math and engineering •The administration’s plan for the of two municipal parking lots programs to interactive exhibits. owned by the Greater Jamaica De- Shortly after it opened in 2012, budget surplus You must be pre-registered to attend this event. velopment Corp. He said he was the children’s center won an award No refunds permitted. drawn to the site because of the from the Municipal Art Society of For more information, contact area’s high “foot count,demograph- New York as Best Neighborhood Adrienne Yee at 212-210-0739 or email ics and population.” The area’s lack Catalyst of the year. [email protected]. of big-box stores like Target, the Sign of progress For sponsorship information, contact type of anchor he seeks for the mall, Sponsored by: also attracted him. “Anytime you replace a night- Cynthia Hutchinson at (212) 210-0145 Meanwhile, even before the club with a library, that’s progress,” or [email protected]. makeover’s completion, use of the said Derek Irby, executive director library has begun to pick up. Last of the 165th Street Mall Improve-

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Princ. bus. addr.: 825 3rd of State of New York on: 10/23/2013. SternAegis Ventures, LLC. Arts of York (SSNY) on 10/2/2013. Office any lawful purpose. Ave., Fl 37, NY, NY 10022. Sec. of Office location: County of New York. Org filed with Secy of State of NY loc: New York County. Registered State designated agent of LLC upon Purpose: any and all lawful activities. (SSNY) on 1/22/14. Office location: NY agent of LLC upon whom process Notice of Qualification of LoanCare, whom process against it may be Secretary of State of New York (SSNY) County. SSNY designated agent upon against it may be served is Just LLC. Authority filed with NY Dept. of served and shall mail process to: c/o designated as agent of LLC upon whom whom process may be served and Salad LLC, 663 Lexington Ave, 2nd State on 1/14/14. Office location: NY CT Corporation System, 111 8th process against it may be served. SSNY shall mail copy of process against Fl, New York, NY 10022. SSNY shall County. LLC formed in VA on 12/2/13. Ave., NY, NY 10011, regd. agent shall mail a copy of process to: c/o LLC to principal business address: mail copy of process to the LLC, 663 NY Sec. of State designated agent of upon whom process may be served. Perry Balagur, Esq. 19 Vanderbilt c/o Adam K. Stern, Registered Lexington Ave, 2nd Fl, New York, NY LLC upon whom process against it may Purpose: any lawful activity. Way, Valley Stream, NY 11581. Agent, 810 7th Ave, 18th Flr, NY, NY 10022. Purpose: Any lawful activity. be served and shall mail process to: 10019. Purpose: any lawful act. CT Corporation System, 111 8th Name of LLC: Plaza Retail Properties NOTICE OF FORMATION OF The Notice of Formation of Just Salad Ave., NY, NY 10011. VA and principal NY LLC. Arts. of Org. filed with NY Artful Baker LLC. Arts of Org filed Notice of Formation: SUN WAY Hudson Square LLC. Arts. of Org. business address: 3637 Sentara Way, Dept. of State: 1/7/14. Office loc.: NY with Secy of State of NY (SSNY) on INTERNATIONAL REALTY LLC Art. filed with the Secy. of State of New Virginia Beach, VA 23452. Cert. of Org. Co. Sec. of State designated agent of 1/6/14. Office location: NY County. Of Org. filed with Sec. of State of NY York (SSNY) on 10/1/2013. Office loc: filed with VA Clerk of the Commission, LLC upon whom process against it SSNY designated agent upon whom (SSNY) on 03/28/2013. Office Loc: New York County. Registered agent 1300 E. Main St., Richmond, VA may be served and shall mail process process may be served and shall New York County. SSNY designated of LLC upon whom process against 23219. Purpose: all lawful purposes. to: Business Filings Inc., 187 Wolf mail copy of process against LLC to: as agent of LLC upon whom process it may be served is Just Salad LLC, Rd., Ste. 101, Albany, NY 12205, c/o Sabin Bermant, 4 Times Square, against it may be served. SSNY shall 663 Lexington Ave, 2nd Fl, New York, NOTICE OF FORMATION OF LIMITED regd. agt. upon whom process may NY, NY 10036. Principal business mail process to: 148 MADISON NY 10022. SSNY shall mail copy of LIABILITY COMPANY. NAME: 1111 be served. Purpose: any lawful act. address: 320 East 72nd St, NY, NY STREET, NEW YORK, NY 10002. process to the LLC, 663 Lexington LEXINGTON TAQUERIA LLC. Articles 10021. Purpose: any lawful act. Purpose: Any lawful activity. Ave, 2nd Fl, New York, NY 10022. of Organization were filed with the NOTICE OF FORMATION OF LIMITED Purpose: Any lawful activity. Secretary of State of New York LIABILITY COMPANY. NAME: 668 6TH Notice of Formation: AMERICAN Notice of Formation: LAILAI & AB (SSNY) on 12/08/10. Office location: AVE TACOS LLC. Articles of Organization ZHOU DYNASTY LLC Art. Of Org. REALTY, LLC Art. Of Org. filed with Sec. NOTICE OF FORMATION OF LIMITED New York County. SSNY has been were filed with the Secretary of State filed with Sec. of State of NY (SSNY) on of State of NY (SSNY) on 01/03/2014. LIABILITY COMPANY. NAME: 11 designated as agent of the LLC upon of New York (SSNY) on 10/24/13. 01/29/2014. Office Loc: New York Office Loc: New York County. SSNY CARMINE TACOS LLC. Articles of whom process against it may be Office location: New York County. County. SSNY designated as agent designated as agent of LLC upon Organization were filed with the served. SSNY shall mail a copy of SSNY has been designated as agent of LLC upon whom process against whom process against it may be Secretary of State of New York process to the LLC, c/o Helbraun & of the LLC upon whom process it may be served. SSNY shall mail served. SSNY shall mail process to: (SSNY) on 09/23/10. Office location: Levey LLP, 110 William Street, Suite against it may be served. SSNY shall process to: 247 W 46th STREET, 50 BAYARD STREET, APT #2C, New York County. SSNY has been 1410, New York, New York 10038. mail a copy of process to the LLC, UNIT 2002, NEW YORK, NY NEW YORK, NY 10013. Purpose: designated as agent of the LLC upon Purpose: For any lawful purpose. c/o Dos Toros Taqueria, 11 Carmine 10036. Purpose: Any lawful activity. Any lawful activity. whom process against it may be Street, New York, NY 10014. NOTICE OF FORMATION OF served. SSNY shall mail a copy of Purpose: For any lawful purpose. NOTICE OF FORMATION OF LIMITED Notice of formation of Jamie Compton, process to the LLC, 11 Carmine PROFESSIONAL SERVICE LIMITED LIABILITY COMPANY. SUMIT CAPITAL LLC. Art. of Org. filed with Secy of Street, New York, New York 10014. LIABILITY COMPANY. NAME: THE HAYES LAW GROUP LLC filed STRATEGIES, LLC Articles of State of NY (SSNY) on 12/23/13. Purpose: For any lawful purpose. KOSSOFF, PLLC. Articles of Articles of Organization with the Organization were filed with the Office location: NY County. SSNY Organization were filed with the Department of State of NY on Secretary of State of New York (SSNY) designated agent upon whom NOTICE OF FORMATION OF LIMITED Secretary of State of New York (SSNY) 12/12/2013. Office Location: County of 1/10/14. Office location: NY County. process may be served and shall LIABILITY COMPANY. NAME: on 12/06/13. Office location: New York New York. The street address is 1180 SSNY has been designated as agent mail copy of process against LLC to DOWNTOWN TACOS LLC. Articles of County. SSNY has been designated Avenue of the Americas, 8th Fl. NY, NY of the LLC upon whom process principal business address: 640 West Organization were filed with the as agent of the PLLC upon whom 10036. The Secretary of State of NY against it may be served and shall End Ave, 12A, NY, NY 10024. Secretary of State of New York (SSNY) process against it may be served. ("SSNY") has been designated as mail a copy of process to SUMIT Purpose: any lawful act on 12/27/12. Office location: New York SSNY shall mail a copy of process agent of the PLLC upon whom process CAPITAL STRATEGIES, LLC, 708 County. SSNY has been designated to the PLLC, c/o Mitchell Kossoff, against it may be served. SSNY Third Avenue, 20th fl., New York, New NOTICE OF FORMATION OF The as agent of the LLC upon whom 217 Broadway, Suite 401, New York, shall mail a copy of any such process York, 10017, attention Rubin Ferziger. Allen Wilkinson Group (USA) LLC. process against it may be served. New York 10007. Purpose: For the served to: 3 Harding Lane, Westport Purpose: for any lawful purpose. Arts of Org filed w/Secy of State of NY SSNY shall mail a copy of process to practice of the profession of Law. CT 06880. Purpose: to practice law. (SSNY) on 11/20/13. Office location: the LLC, 11 Carmine Street, New Notice of Qualification of JCMC 251-253 NY County. SSNY designated as York, New York 10014. Purpose: For NOTICE OF FORMATION of City Of Notice of Qualification of ALVAREZ & LLC. Authority filed with Secy. of State agent for service of process. SSNY any lawful purpose. New York Early Stage Life Sciences MARSAL LIQUID ASSET MANAGE- of NY (SSNY) on 12/27/13. Office shall mail process to: 8857 Alexander Fund LLC. Articles of Organization MENT SERVICES, LLC. Authority location: NY County. LLC formed in Rd, Ste 100A, Batavia, NY 14020. Notice of Qualification of Pacific Sales were filed with the Secretary of State filed with Secy. of State of NY (SSNY) Delaware (DE) on 12/26/13. Princ. Purpose: any lawful act. Kitchen and Bath Centers, LLC. of New York (SSNY) on 12/20/13. on 01/10/14. Office location: NY office of LLC: Joseph Chetrit, c/o The Authority filed with NY Dept. of State Office location: New York County. County. LLC formed in Delaware (DE) Chetrit Group LLC, 512 Seventh Ave., NOTICE OF QUALIFICATION OF on 12/31/13. Office location: NY SSNY has been designated as the on 01/02/14. Princ. office of LLC: 15th Fl., NY, NY 10018. SSNY desig- ARLON ADVISOR LLC. Authority County. LLC formed in CA on 10/5/12. agent of the LLC upon whom process 600 Madison Ave., 8th Fl., NY, NY nated as agent of LLC upon whom filed with Secy of State of NY (SSNY) NY Sec. of State designated agent of against it may be served. SSNY 10022. SSNY designated as agent of process against it may be served. on 1/7/14. Office location: NY County. LLC upon whom process against it shall mail service of process (SOP) to LLC upon whom process against it SSNY shall mail process to the LLC LLC formed in DE on 9/15/11. SSNY may be served and shall mail process principal business address: c/o New may be served. SSNY shall mail at the addr. of its princ. office. DE designated agent upon whom to: c/o CT Corporation System, 111 York City Economic Development process to c/o Corporation Service addr. of LLC: Corporation Service process may be served and shall 8th Ave., NY, NY 10011, regd. agent Corporation, 110 William Street, New Co. (CSC), 80 State St., Albany, NY Co., 2711 Centerville Rd., Ste. 400, mail copy of process against LLC to upon whom process may be served. York, New York 10038. New York 12207-2543. DE addr. of LLC: c/o Wilmington, DE 19808. Arts. of Org. principal business address: 277 Park Principal office address: 7601 Penn City Economic Development CSC, 2711 Centerville Rd., Ste. 400, filed with Secy. of State of DE, Div. of Avenue, NY, NY 10172. Cert. of LLC Ave. S., Richfield, MN 55423. Cert. Corporation is designated as agent Wilmington, DE 19808. Arts. of Org. Corps., John G. Townsend Bldg., filed with Secy of State of DE: 401 of Org. filed with CA Sec. of State for SOP at 110 William Street, New filed with Secy. of State of DE, 401 401 Federal St. - Ste. 4, Dover, DE FEDERAL ST DOVER, DE 19901. 1500 11th St., Sacramento, CA York, New York 10038. Purpose: any Federal St., Dover, DE 19901. 19901. Purpose: Any lawful activity. Purpose: any lawful act. 95814. Purpose: all lawful purposes. lawful purpose. Purpose: Any lawful activity.

16 | Crain’s New York Business | February 17, 2014 TO PLACE A CLASSIFIED AD CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM PUBLIC & LEGAL NOTICES Notice of Qualification of PJT PARTNERS Notice of Qualification of LSREF2 Oreo Qualification of GSO E&P Holdings I LP. Notice of qualification of Emerald Notice of Qualification of First NY LLC. LLC. Authority filed with Secy. of State (Direct), LLC. Authority filed with NY Authority filed with the Sect. of State Investor 2012-01 LLC. Authority filed Authority filed with NY Dept. of State of NY (SSNY) on 01/17/14. Office Dept. of State on 1/23/14. Office of NY (SSNY) on 12/23/13. Office with Secy of State of NY (SSNY) on on 1/17/14. NYS fictitious name: First location: NY County. LLC formed in location: NY County. Princ. bus. addr.: Loc: NY County. LP formed in DE on Dec 5, 2013. Office location: NY NY I, LLC. Office location: NY County. Delaware (DE) on 01/15/14. SSNY 2711 N. Haskell Ave., Ste. 1800, Dallas, 12/19/13. SSNY has been designated County. LLC formed in Delaware (DE) LLC formed in DE on 7/5/13. NY Sec. designated as agent of LLC upon whom TX 75204. LLC formed in DE on as agent of LP upon whom process on July 20, 2011. SSNY designated of State designated agent of LLC upon process against it may be served. SSNY 6/17/13. NY Sec. of State designated against it may be served and shall as agent of LLC upon whom process whom process against it may be served shall mail process to c/o Corporation agent of LLC upon whom process mail process to: 345 Park Avenue, against it may be served. SSNY shall and shall mail process to: c/o CT Service Co. (CSC), 80 State St., Albany, against it may be served and shall 31st FL, NY, NY 10154. DE address mail process to Princ. Office of LLC: Corporation System, 111 8th Ave., NY, NY 12207-2543. DE addr. of LLC: mail process to: c/o CT Corporation of LP: 200 Bellevue Pkwy, Ste 210, c/o Emerald Development Managers NY 10011, regd. agent upon whom CSC, 2711 Centerville Rd., Ste. 400, System, 111 8th Ave., NY, NY 10011, Wilmington, 19809. Name/addr. of LP, 909 Third Avenue, NY, NY 10022. process may be served. DE address Wilmington, DE 19808. Arts. of Org. regd. agent upon whom process may genl. ptr. avail from SSNY. Cert. of DE address of LLC: Corporation of LLC: 1209 Orange St., Wilmington, filed with Secy. of State, Jeffrey W. be served. DE addr. of LLC: 1209 LP filed with DE Sect. of State, 401 Service Co., 2711 Centerville Rd., Ste. DE 19801. Cert. of Form. filed with DE Bullock, 401 Federal St., Ste. 3, Dover, Orange St., Wilmington, DE 19801. Federal St, Ste 4, Dover, DE 19901. 400, Wilmington, DE 19808. Cert of Sec. of State, 401 Federal St., Dover, DE 19901. Purpose: Any lawful activity. Cert. of Form. filed with DE Sec. of Purpose: any lawful activity. Formation filed with DE Secy of State, DE 19901. Purpose: all lawful purposes. State, 401 Federal St., Dover, DE LINCOLN PARK 65 LLC, a domestic 401 Federal St., Ste 4. Dover, DE Notice of Formation of GM 87 Realty Notice of Formation of RZR/58 19901. Purpose: all lawful purposes. ASSOCIATES LLC. Arts. of Org. filed LLC, filed with the SSNY on 1/2/14. 19901. Purpose: any lawful activity. LLC, Art. of Org. filed Secy. of State with Secy. of State of NY (SSNY) on CONCHOID CAPITAL LLC, Arts. of Org. Office location: New York County. Notice of Qualification of BLUELINE of NY (SSNY) on 11/08/2013. Office 1/7/14. Office location: NY County. filed with the SSNY on 01/21/2014. SSNY is designated as agent upon COMM LLC. Authority filed with Secy. location: New York County. SSNY SSNY designated as agent of LLC Office loc: NY County. SSNY has been whom process against the LLC may of State of NY (SSNY) on 01/27/14. Designated as agent of LLC upon whom upon whom process against it may be designated as agent upon whom be served. SSNY shall mail process to Office location: NY County. LLC process against it may be served. SSNY served. SSNY shall mail process to: process against the LLC may be Kristina Xiaomeng Pi, 29 W. 65 St., Unit formed in Delaware (DE) on 12/14/10. shall mail copy of process to: The 60 E. 56th St., 11th Fl., New York, NY served. SSNY shall mail process to: 2E, NY, NY 10023. General Purpose. SSNY designated as agent of LLC LLC, 87 Mulberry St, New York, NY 10022. Purpose: any lawful activity. 459 West Broadway, Ste. 4N, NY, NY Notice of Formation of A2 COLLEC- upon whom process against it may 10013. Purpose: any lawful activity. 10012. Purpose: Any Lawful Purpose. TIONS, LLC. Arts. of Org. filed with be served. SSNY shall mail process to NASHBAN MANSUR LLC, a domestic WASHINGTON MARKET PEDIATRICS, c/o Corporation Service Co. (CSC), NOTICE OF FORMATION OF Secy. of State of NY (SSNY) on LLC, Arts. of Org. filed with the SSNY PLLC, a Prof. LLC, Arts. of Org. filed 06/24/13. Office location: NY County. 80 State St., Albany, NY 12207-2543. with the SSNY on 11/18/2013. Office Vollmond Consulting. Arts of Org on 12/4/13. Office location: New York. SSNY designated as agent of LLC DE addr. of LLC: c/o CSC, 2711 SSNY is designated as agent upon loc: NY County. SSNY has been des- filed with Secy of State of NY (SSNY) Centerville Rd., Ste. 400, Wilmington, on 1/23/13. SSNY designated agent upon whom process against it may be whom process against the LLC may ignated as agent upon whom process served. SSNY shall mail process to DE 19808. Arts. of Org. filed with against it may be served. SSNY shall upon whom process may be served be served. SSNY shall mail process to: Corporation Service Co., 80 State St., Secy. of State, Div. of Corps., 401 David Mansur, 402 W. 45th St., #5C, mail process to: 50 Murray St, Apt and shall mail copy of process against Federal St., Dover, DE 19901. LLC: 311 E. 75th St, #1D, NY, NY Albany, NY 12207, regd. agent upon NY, NY 10036. Purpose: Fundraising. #1410, NY, NY 10007. Purpose: To whom and at which process may be Purpose: Any lawful activity. Practice The Profession Of Medicine. 10021. Purpose: any lawful act. NOTICE OF FORMATION OF LOLLY- served. Purpose: Any lawful activity. Notice of Qualification of Dropship HOP LLC. Arts of Org filed with Secy NOTICE OF FORMATION OF Jensen NOTICE OF FORMATION OF Vendor Group LLC. Authority filed Notice of Formation of SLATE 470 of State of NY (SSNY) on 12/11/13. Partners, LLC. Arts of Org filed with Pomeroy Law Group PLLC. Arts of with Secy. of State of NY (SSNY) on 4TH AVENUE PARTNERS LLC. Arts. Office location: NY County. SSNY Secy of State of NY (SSNY) on 1/21/14. Org filed with Secy of State of NY 1/15/14. Office location: New York of Org. filed with Secy. of State of NY designated agent upon whom Office location: New York County. SSNY (SSNY) on 12/9/13. Office location: County. LLC formed in California (SSNY) on 01/13/14. Office location: process may be served and shall designated agent upon whom process NY County. SSNY designated agent (CA) on 5/8/12. SSNY designated as NEW YORK County. SSNY designated mail copy of process against LLC to may be served and shall mail copy of upon whom process may be served agent of LLC upon whom process as agent of LLC upon whom process principal business address: 1919 process against LLC to principal busi- and shall mail copy of process against it may be served. SSNY shall against it may be served. SSNY Madison Ave, Ste 324, NY, NY ness address: 115 Mercer St., NY, NY against LLC to principal business mail process to: 1750 Howard Pl., address: 230 Central Park W NY, NY shall mail process to: The LLC, c/o 10035. Purpose: any lawful act. 10012. Purpose: any lawful act. Slate Property Group LLC, 850 Third Redlands, CA 92373, also address to 10024. Purpose: any lawful act. be maintained in CA. Arts of Org. NOTICE OF FORMATION OF LIMITED Notice of Formation of BRP CJ LLC. Ave., Ste. 16-B, NY, NY 10022, Attn: BROTHERS GRIN LLC, Arts. of Org. Martin Nussbaum. Purpose: any filed with the CA Secy. of State, 1500 LIABILITY COMPANY. NAME: SPIN Arts. of Org. filed with NY Dept. of 11th St., Sacramento, CA 95814. GLOBAL HOLDINGS LLC. Articles of State on 1/13/14. Office location: NY filed with the SSNY on 12/13/2013. lawful activities. Office location: NY County. SSNY has Purpose: any lawful activities. Organization were filed with the County. Princ. bus. addr.: 767 3rd Ave., Notice of Formation of Coin.Co Secretary of State of New York (SSNY) 33rd Fl., NY, NY 10017. Sec. of State been designated as agent upon whom Systems LLC. Arts. of Org. filed with Notice of Qualification of ORCHARD process against the LLC may be PLATFORM ADVISORS, LLC. Authority on 11/26/13. Office location: New York designated agent of LLC upon whom Secy. of State of NY (SSNY) on 01/16/14. County. SSNY has been designated process against it may be served and served. SSNY shall mail process to: Office location: NY County. Princ. filed with Secy. of State of NY (SSNY) 51 Mountain Ave., Hawthorne, NJ on 01/28/14. Office location: NY as agent of the LLC upon whom shall mail process to: CT Corporation office of LLC: One Penn Plaza, 36th process against it may be served. SSNY System, 111 8th Ave., NY, NY 10011, 07506. Purpose: Any Lawful Purpose. Fl., NY, NY 10019. SSNY designated County. LLC formed in Delaware (DE) on 01/17/14. SSNY designated as shall mail a copy of process to the regd. agent upon whom process may BSW Auto llc -New LLC, Rim as agent of LLC upon whom process LLC, c/o Andrew Gordon, 48 E. 23rd be served. Purpose: any lawful activity. Specialists - Contact - Phone: 1 646 against it may be served. SSNY shall agent of LLC upon whom process against it may be served. SSNY shall Street, New York, New York 10010. NOTICE OF FORMATION OF LIMITED 703 6346 Email: [email protected] mail process to c/o McLaughlin & Purpose: For any lawful purpose. Stern, LLP, 260 Madison Ave., NY, NY mail process to Angela Ceresnie, 902 LIABILITY COMPANY. NAME: VDG ECT Partners LLC. Arts. of Org. filed 10016. Purpose: Any lawful activity. Broadway, Ste. 1611, NY, NY 10016. Notice of formation of RTR Electronics, LLC. Articles of with NY Secy. of State (SSNY) on DE addr. of LLC: c/o Corporation Productions, LLC Arts. of Org. filed Organization were filed with the 01/13/14. Off. loc.: NY Co. SSNY BOGOBURR ENTERPRISES LLC, Service Co., 2711 Centerville Rd., with the Sect'y of State of NY Secretary of State of New York (SSNY) des. as agent of LLC upon whom Arts. of Org. filed with the SSNY on Ste. 400, Wilmington, DE 19808. (SSNY) on 1/17/2014. Office location, on December 10, 2013. Office location: process may be served. SSNY shall 01/06/2014. Office loc: NY County. Arts. of Org. filed with Secy. of State, County of New York. SSNY has New York County. SSNY has been mail process to LLC c/o Elizabeth SSNY has been designated as agent 401 Federal St., Ste. 4, Dover, DE been designated as agent of the LLC designated as agent of the LLC upon Tuminello, 325 W 71st St., #3F, New upon whom process against the LLC 19901. Purpose: Any lawful activity. upon whom process against it may whom process against it may be York, NY 10023. Purpose: General. may be served. SSNY shall mail NOTICE OF QUALIFICATION OF GSO be served. SSNY shall mail process served. SSNY shall mail a copy of process to: Maggie Gonzalez, 10 E. to: 497 Greenwich St., Unit 3C, NY Notice of Formation of LA CENTRAL 40th St., Suite 3203, NY, NY 10016. MMBU Acquisition LLC. Authority process to the LLC, VDG Electronics, OWNER LLC. Arts. of Org. filed with NY 10013. Purpose: any lawful act. LLC, at the LLC’s principal business Purpose: Any Lawful Purpose. filed with the Sect of State of NY (SSNY) Secy. of State of NY (SSNY) on on 12/19/13. N.Y. Office Loc: NY NOTICE OF FORMATION OF address at 430 West Broadway, #2B, 1/23/14. Office location: NY County. Notice of formation of FASCET India New York, New York 10012. Purpose: County. LLC formed in DE on 11/1/13. Siskopoulos Law Firm, LLP. Arts of SSNY designated as agent of LLC LLC. Arts of Org filed with Secy of SSNY has been designated as agent Org filed with Secy of State of NY For any lawful purpose. There is no upon whom process against it may State of NY (SSNY) on 10/18/13. predetermined dissolution date of LLC upon whom process against (SSNY) on 10/15/13. Office location: be served. SSNY shall mail process Office location: NY County. SSNY it may be served and shall mail NY County. SSNY designated agent Notice of Formation of TJ TSUKAH, to: The LLC, 826 Broadway, 11th Fl., designated agent upon whom process to: 345 Park Avenue, 31st FL, upon whom process may be served LLC. Arts of Org filed with Secy of New York, NY 10003. Purpose: any process may be served and shall NY, NY 10154. DE addr. of LLC: 200 and shall mail copy of process State of NY (SSNY) on 1/21/14. lawful activity. mail copy of process against LLC to Bellevue Pkwy, Ste 210, Wilmington, against LLP to principal business principal business address: 224 W Office location: NY County. SSNY Notice of Formation of NYSANDY5 19809. Cert of Form filed with DE Sect address: 33 West 19th St, 4th Flr, NY, designated agent upon whom process 30th St, Ste 203, NY, NY 10001. of State, 401 Federal St, Ste 4, Dover, NY 10011. Purpose: any lawful act. NBP34 LLC. Arts. of Org. filed with Purpose: any lawful act. may be served and shall mail copy of Secy. of State of NY (SSNY) on DE 19901. Purpose: any lawful activity. Notice of Formation of Hedgehouse process against LLC to principal 01/21/14. Office location: NY County. 70 West 36th Street LLC. Arts. of Notice of Formation of HUDSON LLC. Arts. of Org. filed with Secy. of business address: 185 E 85th St., #11H, Princ. office of LLC: 60 Columbus Org. filed with NY Secy. of State BANNER LLC. Arts. of Org. filed State of NY (SSNY) on 1/16/14. NY, NY 10028. Purpose: any lawful act. Circle, NY, NY 10023. SSNY designated (SSNY) on 01/09/14. Off. loc.: NY with Secy. of State of NY (SSNY) on Office location: NY County. SSNY Notice of Qualification of JCMC 245-247 as agent of LLC upon whom process Co. SSNY des. as agent of LLC upon 01/15/14. Office location: NY County. designated as agent of LLC upon LLC. Authority filed with Secy. of State against it may be served. SSNY shall whom process may be served. SSNY Princ. office of LLC: 826 Broadway, whom process against it may be of NY (SSNY) on 12/27/13. Office mail process to Corporation Service shall mail process to c/o McLaren NY, NY 10003. SSNY designated as served. SSNY shall mail process to: location: NY County. LLC formed in Co., 80 State St., Albany, NY 12207. Engineering Group, Attn: Malcolm agent of LLC upon whom process 8817 Wonderland Avenue, Los Delaware (DE) on 12/03/13. Princ. Purpose: Any lawful activity. McLaren, 100 Snake Hill Rd, West against it may be served. SSNY Angeles, CA 90046. Purpose: any Nyack, NY 10994. Purpose: General. office of LLC: Joseph Chetrit, c/o The Notice of Qualification of J.P. MORGAN shall mail process to the LLC at the lawful activity. Chetrit Group LLC, 512 Seventh Ave., U.S. POOLED CORPORATE FINANCE Notice of Qualification of THE LAST addr. of its princ. office. Purpose: Notice of Qualification of OrbiMed 15th Fl., NY, NY 10018. SSNY desig- INSTITUTIONAL INVESTORS V LLC. REZ, LLC. Authority filed with Secy. Any lawful activity. Global Healthcare Associates Fund, nated as agent of LLC upon whom Authority filed with Secy. of State of NY of State of NY (SSNY) on 01/21/14. Notice of Qualification of LL Q313, LLC. L.P. Authority filed with Secy. of State process against it may be served. (SSNY) on 01/21/14. Office location: Office location: NY County. LLC Authority filed with NY Dept. of State of NY (SSNY) on 01/21/14. Office SSNY shall mail process to the LLC NY County. LLC formed in Delaware formed in Delaware (DE) on 01/15/14. on 12/27/13. Office location: NY County. location: NY County. LP formed in at the addr. of its princ. office. DE (DE) on 12/11/13. Princ. office of LLC: Princ. office of LLC: Riccardo Princ. bus. addr.: 600 22nd St., Ste. Delaware (DE) on 01/17/14. SSNY addr. of LLC: Corporation Service 270 Park Ave., NY, NY 10017. SSNY Pellegrini, 955 Fifth Ave., Apt. 14B, NY, 306, Oak Brook, IL 60523. LLC formed designated as agent of LP upon Co., 2711 Centerville Rd., Ste. 400, designated as agent of LLC upon whom NY 10075. SSNY designated as agent in DE on 8/9/13. NY Sec. of State whom process against it may be Wilmington, DE 19808. Arts. of Org. process against it may be served. SSNY of LLC upon whom process against designated agent of LLC upon whom served. SSNY shall mail process to filed with Secy. of State of DE, Div. of shall mail process to c/o Corporation it may be served. SSNY shall mail process against it may be served and the Partnership, 601 Lexington Ave., Corps., John G. Townsend Bldg., Service Co. (CSC), 80 State St., Albany, process to the LLC at the addr. of its shall mail process to: c/o CT Corporation 54th Fl., NY, NY 10022. Name and 401 Federal St. - Ste. 4, Dover, DE NY 12207-2543. DE addr. of LLC: c/o princ. office. DE addr. of LLC: 2711 System, 111 8th Ave., NY, NY 10011, addr. of each general partner are 19901. Purpose: Any lawful activity. CSC, 2711 Centerville Rd., Ste. 400, Centerville Rd., Ste. 400, Wilmington, regd. agent upon whom process may available from SSNY. DE addr. of LP: Wilmington, DE 19808. Cert. of Form. New Castle Cnty., DE 19808. Arts. of be served. DE addr. of LLC: c/o The Corporation Service Co., 2711 To place your classified ad filed with Secy. of State of DE, Secy. Org. filed with Secy. of State of the Corporation Trust Co., 1209 Orange Centerville Rd., Ste. 400, Wilmington, of State Corp. Dept., Records Section, State of DE, DE Dept. of State, Div. St., Wilmington, DE 19801. Cert. of DE 19808. Arts. of Org. filed with call Joanne Barbieri Townsend Bldg., Loockerman & of Corps., John G. Townsend Bldg., Form. filed with DE Sec. of State, Secy. of State, State of DE, Dept. of Federal Sts., Dover, DE 19901. 401 Federal St. - Ste. 4, Dover, DE 401 Federal St., Dover, DE 19901. State, Townsend Bldg., Dover, DE @ 212-210-0189 Purpose: Any lawful activity. 19901. Purpose: Any lawful activity. Purpose: all lawful purposes. 19901. Purpose: Any lawful activity.

February 17, 2014 | Crain’s New York Business | 17 20140217-NEWS--0018-NAT-CCI-CN_-- 2/14/2014 4:03 PM Page 1

last year, up from 40 in 2012. “It’s in tion where management decisions Department of Health to New York the air,” he said. about pay are made far away,”she said. hospitals and nursing homes, Wage bill A recent bill in Washington, Ms. Ruetschlin added that there Waiver DSRIP applicants must show clear- D.C., for example, required that is a circular problem at play with dis- ly defined metrics for processes,out- Continued from Page 1 big-box retailers with corporate count retailers: “The low-end, dis- Continued from Page 3 comes and financial sustainability to tainty out there,” Mr. Tyson said. sales over $1 billion and stores in ex- count retailers are servicing a portion earlier statements—made to drum assess long-term viability. The gov- Two members of the City Coun- cess of 75,000 square feet pay their of the population that hasn’t seen any up public support—that the money ernment seems determined to avoid cil said this month that they’ll intro- workers $12.50 an hour. Wal-Mart, wage growth,and they don’t have the would save struggling hospitals. On throwing good money after bad. duce a bill to expand the living-wage the obvious target, vowed to stop sales numbers to increase wages.” radio station WNYC Friday, the law but did not reveal its details. At opening stores there if the legisla- However, Ms. Ruetschlin esti- governor avoided addressing how Reducing hospitalizations the very least, the bill would prohib- tion passed, and it was vetoed. mates that to offset the cost of wages, the money would keep open such There are 25 programs that facil- it retail tenants at city-subsidized Union opposition has kept Wal- most retailers would need to raise the troubled Brooklyn hospitals as ities can pursue,but all of them must developments from opposing efforts Mart out of New York City, but price of their goods by as little as 1%, Wyckoff Heights Medical Center, reduce avoidable hospitalizations. to unionize, in exchange for a union there are 11 Target stores and vari- passing on a smaller cost to con- Interfaith Medical Center and None is easily understood by anyone promise not to picket or stop work. ous other large retailers anchoring sumers than some might expect. Brookdale University Hospital. not immersed in new models of And given the January announce- subsidized developments here. Even so, some experts believe “Taken in totality, [the grant] health care built on community- ment by council leaders and Mr. de that requiring retailers to pay a liv- provides the care we need,” he said. based care and primary and outpa- Blasio that they would remove many From $8 to $18 an hour ing wage would lead to more unem- As for Long Island College Hospi- tient care. The programs require of the concessions businesses had Many larger chains pay no more ployment as stores resort to ma- tal in Cobble Hill, he made clear its fewer hospital beds, as care is deliv- won in the sick-pay law,a similar sce- than minimum wage, which in New chines such as automated checkout fate was up to its owner, SUNY ered outside hospital walls.Only the nario seems likely on living wage. York state is $8 an hour, for sales- kiosks to avoid higher employee pay. Downstate, and was “not directly sickest patients will be hospitalized. Their rationale is that city govern- associate positions.Discounter Mar- “If you have to pay $11.50 an connected to this waiver situation.” Last week’s state Department of ment should not subsidize projects shalls, which has 18 stores in New hour, you’ll get more machine cash The only hospitals that will get Health briefing spelled out specific that produce “poverty-wage” jobs. York City, recently posted an ad on registers,” said Diana Furchtgott- the new funding are public ones op- ways the federal money can be used “There’s no reason to believe all Craigslist offering $8 an hour, while Roth,a senior fellow at the Manhat- erated by the State University of to whittle down avoidable hospital- the naysayers,” said a spokeswoman a large pet-supply store on Long Is- tan Institute, a free-market think New York, the city’s Health and izations: providing better access to for the Retail, Wholesale and De- land offered about $9. But higher- tank. “There will still be retailers in Hospitals Corp. or public-benefit specialty care, including mental partment Store Union,which cham- end stores, including apparel chains those spaces [at developments], but corporations in Westchester, Nas- health; locating primary care servic- pioned the 2012 bill and is pushing G-Star and U.S. Polo Assn. and fur- they might just be more fancy retail- sau and Erie counties.Those hospi- es in emergency departments; its expansion.“Other cities similar to niture seller Modani, are advertising ers with more technology.” tals had together hoped for $1 bil- adding support programs for mater- New York City have robust living- positions at $10.50 to $18 an hour.A With more such stores in the city, lion from the waiver,but it is unclear nal and child health and high-risk wage laws and, as a result, the retail few offer sales commissions, too. many New Yorkers might do their how much they will get. pregnancies; expanding home- environment has never suffered.” Some smaller businesses or bou- bargain-hunting where goods are Also eligible are safety-net based asthma self-management Efforts to win wage increases for tiques might have more flexibility more affordable. In turn, expect in- providers such as hospitals, nursing programs, and so on. workers—either through minimum- over pay, said Christina Ruetschlin, a creased competition among low- homes, clinics, behavioral-health “This is about transforming hos- wage or living-wage legislation— policy analyst who studies retail end stores for space outside the city. providers and home-care agencies. pitals that are financially unstable,” have picked up nationwide in recent wages at the liberal Demos think “It’s not good for low-income The federal waiver allows no wig- said Mr. Cuomo.“Will it mean some years as Americans struggle to recov- tank.“You have a much more person- people,” Ms. Furchtgott-Roth said, gle room in how New York will dole hospital beds are reduced? Yes, be- er from the recession. Mr. Tyson es- al relationship with your employees “if we have the discount stores being out the money. According to a pres- cause that is the point of the exercise. timates he saw about 400 such bills than a large, multinational corpora- driven out.” Ⅲ entation made last week by the state You will have a decrease in beds.” Ⅲ

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM PUBLIC & LEGAL NOTICES Notice of Formation of SDF73 998 Notice of formation of KI-LO Cleaning NOTICE OF FORMATION OF LIMITED Notice of Qual. of Alpha Crest Capital NOTICE OF FORMATION OF AMERICA Atlantic LLC. Arts. of Org. filed with NY Services LLC. The County within this LIABILITY COMPANY. NAME: PM Management LLC, Auth. filed Sec'y HOLIDAY TRAVEL LLC. Arts of Org Dept. of State on 12/16/13. Office state in which the limited liability THIRD STREET PARTNERS LLC. of State (SSNY) 4/10/13. Office loc.: filed with Secy of State of NY (SSNY) location: NY County. Princ. bus. addr.: company is to be located is Bronx. Articles of Organization were filed with NY County. LLC org. in DE 4/9/13. on 11/12/13. Office location: NY 825 3rd Ave., Fl 37, NY, NY 10022. The secretary of state is designated as the Secretary of State of New York SSNY desig. as agent of LLC upon County. SSNY designated as agent Sec. of State designated agent of agent of the limited liability company (SSNY) on 01/21/14. Office location: whom process against it may be upon whom process may be served LLC upon whom process against it upon whom process against it may be New York County. SSNY has been served. SSNY shall mail copy of proc. and shall mail copy of process against may be served and shall mail process served. The address within or without designated as agent of the LLC upon to Att: Mika Toikka, 452 Fifth Ave., LLC to principal business address: to: c/o CT Corporation System, 111 this state to which the Secretary of whom process against it may be 25th Fl., NY, NY 10018. DE off. addr.: 1261 Broadway, Room 1105, New York 8th Ave., NY, NY 10011, regd. agent State shall mail a copy of any process served. SSNY shall mail a copy of CSC, 2711 Centerville Rd., Wilmington, NY 10001. Purpose: any lawful act. upon whom process may be served. accepted on behalf of the limited lia- process to the LLC, 515 Canal Street, DE 19808. Cert. of Form. on file: Purpose: any lawful activity. bility company served upon him or Ground Fl., New York, New York 10013. SSDE, Townsend Bldg., Dover, DE Notice of Formation of One South her is: c/o United States Corporation Purpose: For any lawful purpose. 19901. Purp.: any lawful activities. Broad Investors LLC, Art. of Org. Notice of Formation of 20 HENRY 4CS Agents, Inc., 7014 13th Avenue, Suite filed Sec'y of State (SSNY) 12/4/13. LLC. Arts. of Org. filed with Secy. of 202, Brooklyn, NY 11228. The name Notice of Formation: MANHATTAN Notice of Formation of NYRE/A LLC, Office location: NY County. SSNY State of NY (SSNY) on 02/04/14. and street address in this state of the GLORY – LINK 12D LLC. Articles of Art. of Org. filed Sec'y of State (SSNY) designated as agent of LLC upon Office location: NY County. SSNY registered agent upon whom and at Organization filed with Secretary of 7/29/13. Office location: NY County. whom process against it may be designated as agent of LLC upon whom which process against the limited lia- State of New York (SSNY) on SSNY designated as agent of LLC served. SSNY shall mail copy of process against it may be served. bility company may be served is: 12/26/2013. Office loc: New York upon whom process against it may process to Javeri Capital, 592 Fifth SSNY shall mail process to c/o United States Corporation Agents, Inc., County. SSNY designated for service be served. SSNY shall mail copy of Ave., 4th Fl., NY, NY 10036. Reg. Agt. Phillips Nizer LLP, 666 Fifth Ave., NY, 7014 13th Avenue, Suite 202, Brooklyn, of process. SSNY shall mail copies process to 3 E. 54th St., NY, NY upon whom proc. may be served is NY 10103. Purpose: Any lawful activity. NY 11228. Purpose: provide cleaning of any process served against the 10022. Reg. Agt. at such addr. upon NRAI, 111 Eighth Ave., NY, NY services. LLC to c/o: THE LLC, 7 SWALE LN, whom proc. may be served is Milesh 10011. Purpose: any lawful activities. Notice of Formation of AM Bar SHORT HILLS, NJ 07078. Purpose: Shah. Purpose: any lawful activities. Broadway LLC, Art. of Org. filed Sec'y NYIF Knickerbocker, LLC. Arts. of Any lawful purpose or activity. Notice of Formation of WEIRDO of State (SSNY) 10/2/13. Office loca- Org. filed with NY Secy. of State Nobleden LLC, Arts of Org filed with WORKSHOP, LLC. Arts. of Org. filed tion: NY County. SSNY designated (SSNY) on 05/15/12. Off. loc.: NY Notice of Formation of 1804-06 2ND SSNY on 01/10/14. Off. Loc.: New with Secy. of State of NY (SSNY) on as agent of LLC upon whom process Co. SSNY des. as agent of LLC upon REALTY LLC. Arts. of Org. filed with York County, SSNY designated as 02/05/14. Office location: NY County. against it may be served. SSNY shall whom process may be served. SSNY Secy. of State of NY (SSNY) on agent of LLC upon whom process Princ. office of LLC: WEIRDO mail copy of process to 36 W. 44th shall mail process to the LLC, 267 07/09/13. Office location: NY County. against it may be served. SSNY shall WORKSHOP, INC., c/o SKP, LLP, St., 5th Fl., NY, NY 10036. Purpose: Broadway, 2nd Fl., New York, NY SSNY designated as agent of LLC mail a copy of process to: The LLC, 1745 Broadway, 18th Fl., NY, NY any lawful activities. 10007. Purpose: General. upon whom process against it may be 196 Grand St., New York, NY 10013. 10019. SSNY designated as agent of served. SSNY shall mail process to the Purpose: to engage in any lawful act. LLC upon whom process against it may Notice of Qualification of GREYSTONE Notice of Qualification of Cerberus LLC, 111 Broadway, Rm. 1202, NY, NY be served. SSNY shall mail process CITY ISLAND DEVELOPMENT LLC. Institutional Associates CDP IC, L.L.C. 10006. Purpose: Any lawful activity. Notice of Qualification of SAGITEC to the LLC at the addr. of its princ. Authority filed with Secy. of State of NY Authority filed with NY Dept. of State SOLUTIONS, LLC. Authority filed office. Purpose: Any lawful activity. (SSNY) on 02/03/14. Office location: on 10/31/13. Office location: NY Notice of Qual. of Axel Opportunity I, LP, with Secy. of State of NY (SSNY) on NY County. LLC formed in Delaware County. Princ. bus. addr.: 875 3rd Ave., Auth. filed Sec'y of State (SSNY) 02/04/14. Office location: NY County. NOTICE OF QUALIFICATION OF (DE) on 11/04/10. Princ. office of LLC: 10th Fl., NY, NY 10022. LLC formed 6/13/13. Office loc.: NY County. LP org. LLC formed in Nevada (NV) on 1813 PARTNERS LLC. Authority filed 152 W. 57th St., 60th Fl., NY, NY 10019. in DE on 7/1/13. NY Sec. of State in DE 6/11/13. SSNY desig. as agent 09/19/03. Princ. office of LLC: 422 with Secy of State of NY (SSNY) on SSNY designated as agent of LLC designated agent of LLC upon whom of LP upon whom process against it County Rd. D East, Little Canada, 1/7/14. Office location: NY County. upon whom process against it may be process against it may be served and may be served. SSNY shall mail copy MN 55117. SSNY designated as LLC formed in DE on 11/21/13. served. SSNY shall mail process to the shall mail process to: c/o CT of proc. to Att: Anna Nikolayevsky, agent of LLC upon whom process SSNY designated agent upon whom LLC at the princ. office of the LLC. Corporation System, 111 8th Ave., 350 Park Ave., 25th Fl., NY, NY 10022. against it may be served. SSNY shall process may be served and shall DE addr. of LLC: 2711 Centerville Rd., 13th Fl., NY, NY 10011. DE addr. of DE off. addr.: CSC, 2711 Centerville mail process to c/o Corporation mail copy of process against LLC to Ste. 400, Wilmington, DE 19808. Arts. LLC: The Corporation Trust Co., 1209 Rd., Wilmington, DE 19808. Cert. of Service Co., 80 State St., Albany, NY principal business address: 277 Park of Org. filed with DE Secy. of State, Div. Orange St., Wilmington, DE 19801. LP on file: SSDE, Townsend Bldg., 12207-2543. Arts. of Org. filed with Avenue, NY, NY 10172. Cert. of LLC of Corps., John G. Townsend Bldg., Cert. of Form. filed with DE Sec. of Dover, DE 19901. Name/addr. of each Dept. of Taxation, 1550 College filed with Secy of State of DE: 401 401 Federal St., Ste. 4, Dover, DE State, Townsend Bldg., Dover, DE gen. ptr. avail. at SSNY. Purp.: any Pkwy., Carson City, NV 89706. FEDERAL ST DOVER, DE 19901. 19901. Purpose: Any lawful activity. 19901. Purpose: all lawful activities. lawful activities. Purpose: Any lawful activity. Purpose: any lawful act.

18 | Crain’s New York Business | February 17, 2014 20140217-NEWS--0019-NAT-CCI-CN_-- 2/14/2014 1:37 PM Page 1

FOR THE RECORD

a.m. on Feb. 20 for service and repair of lease for 4,000 square feet at 730 Fifth of common stock at prices ranging from HVAC systems at the Croton Water Ave. The gallery moved from the $83.61 to $86.43, in a transaction worth ABOUT THIS SECTION Filtration Plant. Bid documents are adjacent 724 Fifth Ave. The tenant was $4,250,651. He now directly holds FOR THE RECORD is a weekly listing of information from the public record that available for a fee of $40. To ask represented by Mitchell Waldman of 39,379 shares. can help businesspeople in the New York area find opportunities, potential technical questions, contact Project Cogent Realty Advisors Inc. The Manager Michael Keating at landlord, Winter Organization, was ● Time Warner Cable (TWC) new clients and updates on competitors. (646) 438-0759. To make inquiries or to represented by Stephen Eynon and Paul Glenn A. Britt, chairman and chief To ask questions or get more information on this section, contact Crain’s obtain bid documents, contact Fabian Milunec of CBRE Group Inc. The executive, exercised options on 30,000 research department at [email protected]. Heras at (718) 595-4472 or asking rent was $65 per square foot. shares of common stock at $34.24 on [email protected]. Jan. 27, in a transaction worth $1,027,200. On the same day, he sold ● Housing Authority STOCK TRANSACTIONS 30,000 shares of common stock at prices NEW IN TOWN Filed for Chapter 11 bankruptcy Seeks competitive sealed bids beginning ranging from $131.23 to $134.20, in a protection on Jan. 31. The filing cites at 10 a.m. on Feb. 27 for quarterly Following are recent insider transactions at transaction worth $3,964,971. He now Companies that would like to have details estimated liabilities of $1,000,001 to cleaning of kitchen range hood exhaust New York’s largest publicly held companies directly holds 158,976 shares. of openings published should submit $10 million and estimated assets of systems at various developments in all filed with the Securities and Exchange descriptions following this format to cnyb- $1,000,001 to $10 million. five boroughs. Bid documents are Commission by executives and major ● JPMorgan Chase & Co. (JPM) [email protected], with “New available for download at www.nyc.gov/ shareholders. Listings are in order of Matthew E. Zames, chief operating in Town” in the subject line. ● The Vincent S. Dimino Family Revocable html/nycha/html/business/business.sht transaction value.The information was officer and member of operating Trust Agreement ml. A print copy can be ordered for a obtained from Thomson Reuters. committee, sold 76,000 shares of ● All’onda 152 E. 84th St., Manhattan $25 fee, payable by check or money common stock at $55.25 on Jan. 27, in a 22 E. 13th St., Manhattan Filed for Chapter 7 bankruptcy order made out to the New York City ● Regeneron Pharmaceuticals Inc. transaction worth $4,199,069. He now The restaurant opened in Union Square. protection on Jan. 28. The filing cites Housing Authority.To obtain bid (REGN) directly holds 271,161 shares. The menu features Italian food. estimated liabilities of $500,001 to $1 documents or to make inquiries, contact Sanofi purchased 157,920 shares of million and estimated assets of $500,001 Erneste Pierre-Louis at (212) 306-3609 common stock at prices ranging from Gordon A. Smith, chief executive of ● Celessence Technologies to $1 million. or [email protected]. $269.77 to $279.26 between Jan. 27 and consumer and community banking and a 19 Fulton St., Manhattan Jan. 28, in a transaction worth member of the operating committee, The scent-technology company opened ● New York City Law Department $43,570,360. It now directly holds sold 71,953 shares of common stock at in the financial district. It is the first U.S. GOVERNMENT CONTRACT Seeks competitive sealed bids by 5 p.m. 15,974,900 shares. $55.26 on Jan. 27, in a transaction worth office for the U.K.-based company. OPPORTUNITIES on Feb. 24 for service of legal process $3,975,857. He now directly holds and legal papers. To obtain bid ● Forest Laboratories Inc. (FRX) 215,857 shares. ● Emily Following are selected contract documents or to make inquiries, contact Howard Solomon, nonexecutive 919 Fulton St., Brooklyn opportunities recently announced by New Sandy Carles at (212) 356-1024 or chairman and senior adviser, sold Daniel E. Pinto, co-chief executive of The restaurant opened in Clinton Hill. York City agencies.To learn how to sell [email protected]. 500,000 shares of common stock at the corporate and investment bank, chief The menu features Neopolitan-style goods and services to city government, visit prices ranging from $64.32 to $67.13 executive of the Europe, Middle East pizza. www.nyc.gov/selltonyc. For a searchable between Jan. 23 and Jan. 27, in a and Africa region, and a member of the database of current procurement notices, REAL ESTATE DEALS transaction worth $33,134,034. He now operating committee, sold 63,718 shares ● Little Lamb visit www.nyc.gov/cityrecord. Listings are directly holds 464,881 shares. of common stock at $55.35 on Jan. 29, 40-24 College Point Blvd., Queens alphabetical by category and department. Companies that would like to have details in a transaction worth $3,527,085. He The restaurant opened at The Shops at of their recent transactions appear in these ● MasterCard Inc. (MA) now directly holds 386,120 shares. SkyView Center in Flushing. The CONSTRUCTION SERVICES listings should email descriptions following MasterCard Foundation sold 404,760 flagship location is the first in the U.S. ● Department of Design and Construction this format to NDholakia @crainsnewyork shares of common stock at prices Mary Erdoes, chief executive of asset for the Mongolian-style restaurant. Seeks competitive sealed bids by 11 a.m. .com, with “Real estate transaction” in the ranging from $76.76 to $78.31 between management and a member of the on March 7 for installation of sidewalks, subject line, or enter them online at Jan. 27 and Jan. 29, in a transaction operating committee, sold 63,802 shares ● The Regency Bar & Grill adjacent curbs and pedestrian ramps at crainsnewyork.com/submitadeal. Deals are worth $31,466,744. It now directly of common stock at $55.25 on Jan. 27, 540 Park Ave., Manhattan locations in the Bronx. Bid documents listed in order of square footage. holds 120,024,000 shares. in a transaction worth $3,524,818. She The restaurant opened on the Upper East are available for a deposit of $35, payable now directly holds 261,536 shares. Side.The menu features Italian fare. by company check or money order, or can COMMERCIAL ● Tiffany & Co. (TIF) be downloaded at www.nyc.gov/buildnyc. ● Allied World Insurance Co. signed a Patrick B. Dorsey, senior vice president, Douglas B. Petno, chief executive of To make inquiries, contact Shameika 16-year lease for 143,300 square feet at general counsel and secretary, exercised commercial banking and a member of COMPANY MOVES Chappell at (718) 391-1016 or 199 Water St. The firm is currently options on 50,250 shares of common the operating committee, sold 21,110 chappelsh@ddc .nyc.gov. subletting the 24th and 25th floors of stock at prices ranging from $23.00 to shares of common stock at $55.26 on Companies that would like to have details the building, but when its direct lease $43.37 between Jan. 23 and Jan. 27, in a Jan. 27, in a transaction worth of recent moves published should submit ● City University of New York begins on Jan. 1, 2015, the company will transaction worth $1,678,080. During $1,166,446. He now directly holds descriptions following this format to cnyb- Requests qualifications by noon on expand to the 23rd and 26th floors. The the same period, he sold 50,250 shares 173,633 shares. Ⅲ [email protected], with March 4 for requirements contracts for tenant was represented by Paul Ippolito “Company Moves” in the subject line. construction management design/build and Joseph Zona of Newmark Grubb services at various sites. A copy of the Knight Frank. The landlord, Jack ● BoConcept solicitation can be downloaded at Resnick & Sons, was represented by DEALS ROUNDUP 136-17 39th Ave., Queens www.cuny.edu/cunybuilds and is also Brett Greenberg and Dennis Brady in- The Danish furniture company opened available for in-person pickup in house and Cushman & Wakefield’s John TRANSACTION SIZE at Queens Crossing Mall in Flushing. It CD/DVD format at the CUNY Office Cefaly and Robert Constable. The TARGET/SELLERS (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE is the company’s fifth New York City of Facilities Planning, Construction, and asking rent was $48 per square foot. location, and its first outlet store. Management, 555 W. 57th St., 16th Sedgwick Claims $2,400.0 Kohlberg Kravis Roberts & Co. FB M&A Management Services (Manhattan), management of Sedgwick floor. To make inquiries, contact ● Arden Asset Management signed a ● Inc. (unknown majority Claims Management Services Inc. Juice Press Michael Feeney at (646) 664-2759 or 10-year renewal lease for 17,500 square stake)/Hellman & 182 Mulberry St., Manhattan [email protected]. feet at 375 Park Ave. The firm will take Friedman, Stone The juice bar and vegan food shop space on the 32nd floor of the Seagram Point Capital opened in Little Italy. It is the 14th New GOODS AND SERVICES Building. The tenant was represented by FourPoint Energy/ $1,000.0 GSO Capital Partners (Manhattan) GCI York City location for the company. ● Department of Citywide Administrative Brian Goldman and Erik Harris of not disclosed EIG Global Energy Partners Services Newmark Grubb Knight Frank. The Hess Corp., 74,000 $924.0 American Energy Utica SB M&A Seeks competitive sealed bids by 10:30 landlord, RFR Realty, was represented acres of Utica dry BANKRUPTCIES a.m. on Feb. 27 for provision of in-house by A.J. Camhi and Steve gas acreage in Utica orthophosphoric acid. Bid documents can Morrows. The asking rent was in the low Shale/Hess Corp. The following listings are selected from the be downloaded from City Record Online $160s per square foot. (Manhattan) most recent available filings by companies at http://a856internet.nyc.gov/ Haas Group International $550.0 Wesco Aircraft Holdings Inc. SB M&A seeking bankruptcy protection in the nycvendoronline/home.asp or by RETAIL Inc./The Jordan Co. (Manhattan) Southern and Eastern Districts of New contacting Vendor Relations at ● Mototainment signed a 15-year lease (Manhattan) York. Information was obtained from U.S. [email protected] or for 8,300 square feet at 155 Sixth Ave. The International Plaza $336.8 Teachers Insurance and Annuity SB M&A Bankruptcy Court records available on (212) 669-8610.To make inquiries, motorcycle dealer was previously (49.9%)/Taubman Centers Association College Retirement Public Access to Court Electronic Records. contact Masha Rudina at (212) 386-6373 subleasing the space.The tenant was Inc. Equities Fund (Manhattan) Listings are in alphabetical order. or [email protected]. represented by Howard Rosen and Peter APG Asset Management U.S. Inc. (Manhattan) Shakalis of Lee & Associates.The ● CDG Virginia ● Department of Education landlord,Trinity Real Estate, was Jamieson Laboratories Ltd./ $270.8 CCMP Capital Advisors (Manhattan) FB M&A 546 Fifth Ave., Manhattan Seeks competitive sealed bids by 4 p.m. represented in-house by Tom Lynch.The not disclosed Filed for Chapter 7 bankruptcy on March 18 for a requirements contract asking rent was $175 per square foot. protection on Jan. 29. The filing cites for removal of plumbing obstructions. A One Kings Lane Inc./ $112.0 Institutional Venture Partners, GCI ● not disclosed Kleiner Perkins Caufield & Byers, estimated liabilities of $10,000,001 to prebid conference will take place at 1 Brooklyn Harvest signed a lease for Mousse Partners Ltd. (Manhattan), $50 million and estimated assets of p.m. on Feb. 18 at 65 Court St., 7,000 square feet at 206 Union Ave. in Scripps Networks Interactive Inc. $500,001 to $1 million. The creditors conference room 1201, Brooklyn. To Brooklyn. The new location will be the Tiger Global Management (Manhattan) gourmet food market’s second in with the largest unsecured claims are obtain bid documents, contact the Selected deals announced for the week ended Feb. 1 involving companies in metro New York. Larry K. Pritchett, owed $3,076.13; and Vendor Hotline at (718) 935-2300 or Williamsburg. The tenant and the FB M&A: Financial buyer M&A represents a minority or majority acquisition of existing the State Corporation Commission [email protected]. Bids landlord, Lindsay Park Housing Corp., shares of a company with the participation of a financial buyer. GCI: Growth capital invest- Clerk’s Office, owed $50.00. will be opened at 11 a.m. on March 18. were represented by Louie Hamdan of ment represents new money invested in a company for a minority stake. SB M&A: Strategic Kalmon Dolgin Affiliates. The asking buyer M&A represents a minority or majority acquisition of existing shares of a company with- ● Imperial Capital ● Department of Environmental Protection rent was $25 per square foot. out the participation of a financial buyer. source: capitaliq 721 Fifth Ave., Manhattan Seeks competitive sealed bids by 11:30 ● Ralph M. Chait Galleries signed a

February 17, 2014 | Crain’s New York Business | 19 20140217-NEWS--0020-NAT-CCI-CN_-- 2/14/2014 3:59 PM Page 1

Danny Meyer evolves

Continued from Page 1 empathetic and effective as mentors Mr.Meyer said via email from Lon- and coaches,” said Mr. Meyer. don. “So many businesses grow for It is also an acknowledgment the sake of growing.” that USHG has become one of the One lesson Mr. Meyer has five largest restaurant companies learned is that his corporate execu- based in New York City, according tives cannot simply sit in the Union to Technomic Inc., which estimates Square headquarters and delegate. the privately held group’s annual They are required to get their hands revenue at between $250 million dirty, quite literally. and $500 million. (USHG would Call it the “ultimate internship,” not comment on revenue.) as one of his new hires, Chief Its properties include fine- Restaurant Officer Sabato Sagaria, dining restaurants in the Big Apple, described his experience recently. a catering division, a line of health Mr. Sagaria has spent the past juices, 31 Shake Shacks—which two months working at USHG’s contribute a significant portion to nine full-service restaurants, trying the bottom line—and a consulting on every job, including busing ta- arm that coaches other organiza- bles, serving diners and cooking. tions on how to improve customer “Danny said to me,‘I want you to service, in part by becoming a bet- understand what makes each ter employer. restaurant unique and who brings it to life every day—just absorb it,’”re- Culture club called Mr. Sagaria, a veteran restau- “The culture at USHG is some- rant executive with a degree from thing they take very seriously; they Cornell University’s School of Ho- walk the walk,” said Katie Grieco, tel Administration. managing partner of Craft World- “We have found this wide Holdings, who catheriine gibbons catheriine approach works incredi- worked at USHG’s UNDERCOVER BOSSES: Union Square Hospitality Group’s new executive hires, Sabato Sagaria and Erin Moran, have gone through months of bly well and are replicat- TURNOVER19% RATE Gramercy Tavern before training, taking on jobs like busing tables and accepting meat deliveries in order to become more empathetic mentors and coaches. ing it with all senior lead- FOR FULL-TIME leaving with the restau- ers from our home employees at rant’s executive chef, Tom USHG, compared office,” said Mr. Meyer, with a 27% Colicchio. [them],” said Mr. Sagaria, pointing ago after long stints on Wall Street compensation,” said Ms. Moran, “I adding, “I only regret our annual average USHG’s staff will soon to increased competition. “Five at Goldman Sachs & Co. and don’t think people work here be- not having done this as for the industry swell even more, as the years ago, there weren’t restaurants JPMorgan Chase, also completed cause of money. You can’t buy peo- effectively and thorough- company hires seasonal in Brooklyn or Queens or even oth- four weeks of training at the ple’s loyalty.” She points to her own ly in the past.” workers in sports facilities such as er cities that could draw in graduates restaurants. hiring experience: “The company is Erin Moran, who became chief Citi Field and full-time staff for from the Culinary Institute of Part of Ms. Moran’s focus will be investing in my education.” culture officer in December,is going several venues opening this year America.” to develop new tools by which For the next four months, Ms. through the paces now.Her training and next—including Porchlight at USHG can measure itself based on Moran will split her time between will last six months because she has West 28th Street and 11th Av- Unusual titles her experience at Great Place to training in the restaurants and never worked in a restaurant. enue, eateries at King & Grove ho- Mr. Sagaria’s and Ms. Moran’s Work, where USHG was a client. working at her desk in Union “As a newbie to the industry, tels and a restaurant at the Whit- unusual titles belie the importance About 18 months ago, USHG in- Square. there is a huge vulnerability that I ney 2.0 downtown. of their jobs. In any other organiza- troduced an employee survey called One of her recent assignments had to put out there,” said Ms. The company declined to esti- tion, Mr. Sagaria would be the chief the Trust Index, which tracks met- was at Blue Smoke in Battery Park Moran, who was previously execu- mate how many employees it will operating officer. The restaurants’ rics like internal promotions and City, where she showed up at 7 a.m. tive vice president of the U.S. divi- be hiring. general managers and executive how long employees are in specific to receive the daily shipment of pro- sion of Great Place to Work, a con- Attracting and keeping top tal- chefs report to him. Ms. Moran positions. duce, meat and other fresh food. sulting firm. “I was asking some of ent is a major priority. USHG’s would likely be the director of hu- USHG offered health benefits to Her training over the past couple the most ridiculous questions.” turnover rate for full-time employ- man resources because that depart- hourly and part-time employees of months has been a big learning The training is more than an ex- ees is about 19% annually,compared ment reports to her. Both executives long before they became legislated, curve. “At the end of the day,” she ercise in humility.“We want Sabato with an industry average of 27%,ac- report to Jeff Flug, president and and its hourly workers are eligible said, “my muscles are sore.” Ⅲ and Erin to have walked in the shoes cording to the company. No. 2 at the company. for a 401(k) program with a match- of the very people who they’ll be “It becomes more of a challenge Mr. Flug, another industry out- ing investment. LISTEN to a discussion at leading in order to become more for us to find great people and keep sider, who joined USHG five years “Although we offer competitive CrainsNewYork.com/podcasts

“Play the market,”urges the site’s tomers’ money using computers to home page, called a “playground.” make investment decisions. Kapitall vies for young investors It’s not far from E*Trade’s mes- sage during the giddiest days of the Cutting-edge campaigns Continued from Page 3 among PlayStation and Game Boy monthly tournaments with real cash Nasdaq bubble, when Mr. Lilien Breaking out in this crowded whatever money they have. Data aficionados called Ready 2 Rumble, prizes. Customers who stick with the joined the company after it acquired field could come down to market- from the Investment Company Insti- and Serge Kreiker, formerly in site are awarded points that can be his institutional brokerage firm.But ing,and Kapitall might have an edge tute show that the percentage of peo- research and development at converted into “koins”and exchanged pitching the stock market as some with Mr.Lilien,who was at E*Trade ple 35 and younger who say they re- Bloomberg LP. The ranks also in- for free trades or services. sort of game got E*Trade and other when it came up with its clever baby fuse to take any risk with their clude some E*Trade alumni and a There are even diversions like a online brokers into hot water with commercials. investments is more than double the former Apple executive who de- the Securities and Exchange Com- Although he has nothing like the rate in 1999,while the portion willing signed Macintosh operating systems. mission at the time. budget he enjoyed there, he promis- to take substantial or above-average The CEO is the Mr. Lilien, at 52 the only person es Kapitall will soon unveil cutting- risk has declined to 37% from 52%. ‘Happy hour’ at Kapitall with gray hair,said he has edge marketing campaigns using “Millennials have seen what Mr. Lilien, a native New Yorker only person at spoken to regulators about his firm’s social media, YouTube and street happened in 2008 and the technol- with some 30 years of Wall Street approach, and the site avoids de- ads.Rather than sponsor a golf tour- ogy bust in 2000,so the idea that the experience, joined Kapitall in 2012 the firm with scribing investing as “fun.” nament, as big Wall Street institu- stock market is the best place to when his private-equity firm, “But there’s no reason it can’t be tions often do, Kapitall recently build long-term wealth doesn’t Bendigo Partners,invested about $5 gray hair enjoyable,” he added. sponsored online golf matches. make sense to a lot of them,” said million. (Kapitall has raised $25 Certainly, Mr. Lilien’s firm isn’t He thinks that his firm’s name Karen Wimbish, head of retail re- million since its inception in 2008.) the only new kid on the block appeal- will also help it stick out in people’s tirement at Wells Fargo. Kapitall’s website looks different ing to younger investors with tech- minds, even though some partners Of course, last year’s 30% rally in from those of most brokerages.The nology and innovative promotions. were initially spooked by the Marx- the stock market could change the home page isn’t dense with market “happy hour” (two-for-one trades) Motif Investing,for instance,en- ist reference. mood quickly—and just in case that data or news. and a campy game called Space In- courages customers to create baskets “It is a little irreverent,” he said. happens, Mr. Lilien is ready, along Newcomers are given play money vestors that involves shooting at of stocks focused on different strate- “I think it’s the perfect name.” Ⅲ with his crew. They include co- so they can experiment with research- rocket ships bearing the logos of gies or themes and pays them royal- founders Gaspard de Dreuzy, who ing and buying stocks until they’re corporate giants like Citigroup, ties when others buy in.Meanwhile, LISTEN to a discussion at designed a boxing game popular ready to do the real thing. There are Wal-Mart and Pfizer. Betterment offers to manage cus- CrainsNewYork.com/podcasts

20 | Crain’s New York Business | February 17, 2014 20140217-NEWS--0021-NAT-CCI-CN_-- 2/14/2014 4:04 PM Page 1

HELLUVA TOWN INSIDE Source Breakfast Shaking up Tom Shannon bowls over the gala circuit the competition PAGE 22 The Manhattan Center, home to Out and About the famed Hammerstein Ballroom, wants to be a bigger player on the Forbidden Broadway is gala circuit—nabbing events that back PAGE 23 are ordinarily booked at Cipriani or Gotham Hall. “We want to shake things up,” said Markus Karr, president of the Manhattan Center, located on West 34th Street. To that end, the venue is investing approximately $3 million to gussy up its 108-year- old building, adding new seating, a new marquee, and sound and lighting systems. It has already spent $250,000 to update its lobby, adding glass front doors to the manhattan center the manhattan showcase the changes. The investment is part of a bigger push by the venue’s owner, the Unification Church, to capitalize on the Hudson Yards development and other improvements in the neighborhood.The church owns the adjacent New Yorker Hotel, which is getting a $30 million makeover. “We want to be part of the new development in our neighborhood,” said Mr. Karr. The executive also expects its concert business to get a boost GETTING A LIFT: when the Roseland Ballroom closes Todd Magazine (left), in April. The Manhattan Center’s executive VP of new two ballrooms are booked about business at Equinox, 55% of the time. “We definitely and Dos Condon have room to grow the number of (right), VP of Blink events we book,” he said. Fitness, have added —lisa fickenscher six Blink locations in the past two months. Salon on a roll

Founded in 1995, Salon is one of the oldest online publications, and has been a launchpad for writers such as Glenn Greenwald, the former Guardian journalist who made Edward Snowden a household name. But the left- leaning publication has always lost Blink muscles in money, getting by with the support of benefactors. That losing streak isn’t over, Equinox’s rapidly expanding low-cost gym chain but it’s ebbing: On Friday, Salon Media Group reported that for the third fiscal quarter, revenue spiked is turning into an area heavyweight 82%, to $1.9 million. The company’s third breakout quarter in a row was fueled by double-

digit audience growth and an buck ennis aggressive approach to advertising adopted by new BY ROSALYN RETKWA GYM DANDY CEO Cindy Jeffers (left). Ms. Jeffers, link Fitness, with its bright blue-and-orange walls and lists of Blink-isms who is also (“Fitness in a blink”), is flexing its muscles in the low-cost gym industry.The Salon’s chief brand, owned by luxury outfit Equinox, is expanding so rapidly throughout the technology 24 officer, has five boroughs, Long Island, Westchester and New Jersey, you could say that NUMBER OF BLINK launched new every time you blink, another grand opening is announced. ¶ Six locations LOCATIONS in the metro content area. That number is daniel jackson daniel sections, such as have launched in the past two months alone, bringing the total to 24 gyms expected to double in the Tech and Sustainability, as well as since the rollout began in January 2011 with a club in NoHo. Blink plans on next 12 to 18 months sponsored-content advertising programs with the likes of Siemens doubling that number during the next 12 to 18 months, said Todd Magazine, and Cole Haan. “They’ve carved out executive vice president of new business at Equinox, which is best known for high-ticket fitness a niche for us,” Ms. Jeffers said of centers. Its “opening soon” list includes six more Blink locations during the first half of 2014, in the new ad sections. B Still, Salon lost $299,000 in the Brooklyn, the Bronx, Queens, and Union and Jersey City, N.J. ¶ By comparison, Equinox, which $25 quarter, compared with $806,000 has 21 locations in Manhattan and Brooklyn and five in Westchester and on Long Island, is TOP MONTHLY COST in the year-earlier period. “We’re on of a Blink membership, a path to profitability,” Ms. Jeffers scheduled to open just two new clubs this year in New York City, on West 41st Street near Bryant allowing access said. —matthew flamm Park and at 225 Liberty St. in lower Manhattan.The Blink gyms, which lack See BLINK on Page 22 to multiple locations

February 17, 2014 | Crain’s New York Business | 21 SOURCE BREAKFAST: TOM SHANNON

Blink gyms muscle in amf bowlmor by Adrianne Pasquarelli Continued from Page 21 Industry consultant Rick Caro, from friends, and said that they amenities such as swimming pools president of Manhattan-based have had good experiences. and saunas,are “scalable,and can be Management Vision, said Blink is “There’s so much equipment, you opened much more quickly” than “going into markets where typical- don’t have to wait,” Ms. Donneys the full-service Equinox gyms,said ly a high-end club would not go; it said, while Ms. Perez noted that No time to spare for Dos Condon, vice president of wouldn’t fit,”citing the Blink on St. “other gyms don’t have half the Blink Fitness. Ann’s Avenue in the Bronx. It is equipment they have here.” For $15 to $25 a month—de- also raising the population of gym Saving money Bowlmor expansion pending on the neighborhood and users beyond fitness buffs, which is whether users want access to single “what the industry should be all In the category,known in the in- or multiple locations—and an an- about,” Mr. Caro said. dustry as high volume/low price, nual maintenance fee of $29 or $39, This is not Equinox’s initial stab Blink has distinctions that should ince buying Union Square the next spate of growth. It’s difficult Blink offers a basic gym with a lot at diversification. In 2008, it estab- give it an advantage, Mr. Caro said. bowling alley Bowlmor in to grow organically because commer- of equipment,including treadmills, lished the first American branch of Rather than buying midlevel 1997, Tom Shannon has cial real estate has gotten so expen- ellipticals and weight-training ma- Asia’s Pure Yoga—which now has equipment like some of its competi- worked to change the sport sive.When AMF filed for bankrupt- chines, as well as sessions with per- tors, Blink—thanks to Equinox’s from gritty to upscale, leav- cy in November 2012, we decided to sonal trainers for an additional deep-pocketed parent, the Related Sing fries and cheap beer behind for get together with Cerberus Capital charge.Blink doesn’t offer classes or ‘Other gyms Cos., one of the country’s largest fancy cuisine and cocktails. Management, which controlled even towels—unlike its big sister, real estate development and prop- Now, with his July acquisition of AMF’s junior debt. They put in $55 Equinox, where memberships cost don’t have half erty management firms—has been AMF, the bankrupt bowling chain million of new money, and we con- a heftier $160 to $200 a month. buying “the newest and best” so it with more than 250 locations across tributed the equity of Bowlmor. When Equinox decided to the equipment won’t have to repair or replace it as the U.S. and Mexico, he’s in charge launch Blink, it was responding to often, Mr. Caro said, noting that of a $430 million bowling empire That was the second bankruptcy for AMF. industry research that showed “the they have here’ having a real estate parent also gives with 7,300 employees. What were its issues? explosive growth in this sector dur- it an edge with site acquisitions. They went on a massive acquisition ing 2008 and 2009,” Mr. Condon And many of Blink’s competi- Why is bowling more popular now, and spree in the ’90s, going from 300 said. “We looked at it, and we were tors are franchises, where the qual- how has the sport changed? properties to 528 properties in two stunned by what we saw.” ity of the clubs can differ, but Blink A bowling alley is a country club years, and most of that was financed Indeed, a November 2013 re- two locations in Manhattan, on the is owned and operated by Equinox, where everyone can be a member. with debt. They also went the up- port from global-business intelli- Upper East and Upper West which should make for more “con- People almost view them as public scale route but overspent, so they gence firm IBISWorld said that sides—and during that year, it also sistency,” Mr. Caro said. amenities, and you get to go and act abandoned that and hitched their during the recession, “consumers acquired cycling boutique Soul- One way that Blink is saving crazy and have fun, and they tend to star to the traditional side of the became more budget-conscious, Cycle. In 2012, it partnered with money is by automating the enroll- be big—put all that together and it’s business [and eventually down- which stimulated demand for low- the Union Square Hospitality ment process, Mr. Condon said. a very unique experience, particular- sized]. Then they compensated by cost gym memberships with few Group to launch Creative Juice, People can sign up online or go to a ly in a city. Bowlmor was the world’s driving the price down and rampant- amenities.”The example the report which currently operates cafés in 10 club and enroll via a kiosk with a first upscale bowling alley, ly discounting. What we cited is Planet Fitness, which had Equinox locations in Manhattan touch screen. so we changed the indus- WHERE inherited was a lot of prop- some clubs that were “signing up and in its Greenwich, Conn., club. According to Mr. Caro, that try. The Union Square lo- erties in good locations more than 1,000 new members Part of Blink’s formula is to put means that there are no commis- cation hasn’t changed be- THEY with potential where no each month in 2009,” at $10 to $19 its branches not just where people sioned salespeople, and “that takes a cause the product that we DINED money had been spent in a month. (Planet Fitness did not live, but also near transit stops and lot of cost out of the equation.” built back [in 1997] was MAIALINO NYC 20 years. respond to phone calls.) retail hubs. For instance, one of the The field is hardly wide open. perfect for the market 2 Lexington Ave. newest locations, in Astoria, Eric Casaburi, CEO of Retro Fit- now. We built five more, (212) 777-2410 How much are you spending New markets www.maialinonyc on renovations? Queens, is right next to the subway ness, noted that Blink “is trying to including Times Square. .com Because the business is highly station for the R and M trains, and play in a very crowded market with They each got nicer, and Our budget is $32 million AMBIENCE: competitive, Messrs. Magazine is also on Steinway Street, a major us, Planet Fitness and Crunch.” Times Square is incredibly French country a year for five years, and and Condon wouldn’t reveal shopping district. “The location in Retro Fitness is a franchise oper- nice—maybe too nice. meets urban chic that goes pretty far. Every Blink’s membership numbers, and Astoria checked all three boxes,” ation founded in 2004 and head- WHAT THEY ATE: renovation is a custom job, they wouldn’t say how much it costs Mr. Magazine said. quartered in Colts Neck, N.J. It has Do you mean too high-end? Poached eggs, so architects love me be- to open a Blink, or whether any of Conny Perez,an assessor for a car gyms in 13 states but is heavily con- Certainly no one objects squash puree and cause I give them a lot of their locations are profitable yet. dealer, joined the Astoria Blink on centrated in the Greater New York to how nice it is, but I roasted root work. The one statistic that Mr. Condon its opening day, Dec. 12, 2013. Her area,where it has about 80 locations. think that we, and others, vegetables, hot apple cider did share is that, so far, about 42% friend Joanne Donneys,a service co- The company expects to add 20 took bowling too seriously What are you changing? Soft scrambled of Blink’s members are joining a ordinator for the deaf, also joined. to 25 clubs in the metropolitan area at some point. The prop- eggs, pecorino We’re adding things like gym for the first time. Both heard about the chain this year,including its first Manhat- erties got so nice that the and black pepper, automatic scoring, updat- tan site.“We can compete better be- bowling part almost start- roasted potatoes, ing centers [that have] cause we know what we’re doing,” ed to take a back seat. green tea, glow-in-the-dark carpet he said. Asked about Equinox, he cranberry juice from the ’80s that’s WORKING OUT THE NUMBERS commented, “They’re newbies at How are you incorporating PRICE: $57.45, hideous and worn out, and GIVEN THE ONSLAUGHT of public-service campaigns about obesity and this part of the game. If they hired this new mentality into the including tip replacing signage that’s 15 health, the number of people signing up for gyms in the U.S. has been on me as a consultant, I would tell operation of the AMF or 20 years old.Some of the the rise during the past five years, to 52.6 million in 2013, from 47.7 million them not to leave the sandbox locations? signage is so faded that it looks like in 2008. Membership should continue to grow during the next five years, they’re familiar with because there The conversions are going to be the property is closed when in fact it’s according to global-business intelligence firm IBISWorld, which forecasts are tons and tons of sand crabs.” more whimsical and more delightful, not. We’re redoing the menus— that industry revenue will reach $29.9 billion by 2018, compared with Retro Fitness also started out as and less costly.There might be more going from everything being fried to $25.9 billion in 2013. a value gym, with a flat rate of grittiness, and there will be a process things like salads and grilled chick- “Demographic trends have helped drive industry growth,” the firm said, $19.99 a month, which allows of discovery so that when you walk en. We’re also investing in the train- and noted that “the aging of the baby-boomer generation and the members to use any of its locations. in, you won’t know what to expect. ing of the people from senior ranks maturation of their offspring, the ‘echo boomers,’ have broadened But during the past 12 to 18 We’re calling it Bowlero. There are all the way down. the market for gyms and fitness centers.” months, the chain has added group 245 traditional AMFs, and maybe Are you closing any locations? But profits slipped to an estimated 8.4% of revenue in 2013, versus classes at all its clubs. (Some clubs 80 of them will get converted to 9.8% in 2008, “as operators increasingly offered low-cost gym charge an extra $10 a month for un- Bowleros, and some will be convert- We haven’t closed any,but there might memberships without contracts in an attempt to attract budget-conscious limited classes, while others don’t.) ed to Bowlmors,too.The rest will re- be a handful closed. I won’t shutter main traditional. anything cash-flow positive. When consumers, cutting into industry profitability,” according to IBISWorld. The chain has also added the kinds of amenities that people always pay we took over, there were basically 50 The study also predicted that during the next five years, per capita extra for,such as child care and tan- How did the deal with AMF come about? cash-flow negative [units], but as we disposable income will rise by an annualized 2.5%, while leisure time will ning, Mr. Casaburi said. Bowlmor had grown and was very put in new disciplines, a lot of those decline by an annualized 0.2%, giving birth to another trend: “More His point of view is that if some- profitable, and we were looking for have swung to cash-flow positive. consumers will purchase high-cost gym sessions to achieve fitness one lives or works near a Retro goals in a shorter period of time, such as personal trainers or fitness Fitness, “of course you’re joining classes.” Therefore, the study concluded, profitability is expected to my gym.” WHO KNEW? Mr. Shannon’s bowling high is rebound a bit to 9% in 2018, “as operators offer more high-margin services.” —ROSALYN RETKWA LISTEN to a discussion at 236. The sport’s average score is 80. CrainsNewYork.com/podcasts

22 | Crain’s New York Business | February 17, 2014 20140217-NEWS--0023-NAT-CCI-CN_-- 2/14/2014 1:39 PM Page 1

OUT AND SNAPS Galas benefit NY Philharmonic, Lincoln Center ABOUT by Ali Elkin and Theresa Agovino

CULTURE FIX CAREER BUILDER THURSDAY, FEBRUARY 20 MONDAY, FEBRUARY 17, CREED BRATTON, an actor, singer and THROUGH FRIDAY, FEBRUARY 21 comedian best known for his work on This year’s SOCIAL MEDIA WEEK will The Office, will perform at the Marlin include 150 events, including speakers Room at Webster Hall at 8:30 p.m. from companies such as Buzzfeed, Doors will open at 6:30 p.m. Several acts Upworthy and Zipcar. The networking will perform first. Tickets cost $25 and and learning opportunity attracts are available online at www.ticketweb leaders and entrepreneurs from the .com. Webster Hall is at 125 E. 11th St. tech community in New York, as well For more information, visit as from around the world. Registration www.websterhall.com. is $399 and is available online at singuliere image HODA KOTB and LINDA TANTAWI at the sixth www.socialmediaweek.org. The events FRIDAY, FEBRUARY 21 annual Painting Wall Street Pink event, hosted will be held at various venues around by the Young Professionals Committee of Susan

Despite its the city. G. Komen Greater New York City affiliate on Feb. linsley lindekins bankruptcy filing and 6. The event raised more than $120,000 for OSCAR TANG, AGNES HSU TANG, ROSIE JOWITT and MATTHEW VANBESIEN at the New York likely liquidation, THURSDAY, FEBRUARY 20 Komen’s NYC breast-health programs. Philharmonic’s third annual Chinese New Year Gala on Feb. 1. The event raised $1 million. New York City Opera The Manhattan Chamber of will have at least one Commerce will host A NIGHT OF more show. It will NETWORKING AT RAYMOUR & FLANIGAN commemorate its on the Upper West Side. seven decades with Professionals and entrepreneurs are 70 YEARS OF THE invited to mingle and make PEOPLE’S OPERA.The connections. The event, which will performance, at New gorman losgreg angeles opera include a raffle, will run from 6 p.m. York City Center, will feature selections until 8 p.m. The Raymour & from operas such as Candide, Carmen, Le Flanigan store is located at 1961 Nozze di Figaro and Madama Butterfly, Broadway, between West 66th and and an appearance by Placido Domingo West 67th streets. The night is free (above). Tickets start at $25 and go up to for members of the MCC and $15 $175. They are available at www.nycity for nonmembers. Registration is omody whalen center.org. The show starts at 7:30 p.m. available online at www.manhattancc City Center is located at 131 W. 55th St. .org/events. kristen s TOM HANKS and RITA WILSON at the 11th annual Woman’s Day Red Dress Awards on Feb.

DON’T MISS FORBIDDEN BROADWAY kevin mazur-getty images 11. The event, hosted by Ms. Wilson, honors BRAD GREY, JERRY SPEYER, BRYAN LOURD, KATHERINE FARLEY and LORNE MICHAELS at those who have made significant contributions SATURDAY, FEBRUARY 22, Lincoln Center’s Annual American Songbook Gala on Feb. 10. The event honored Bryan Lourd for in the fight against heart disease. THROUGH SUNDAY, MAY 11 his philanthropic work and raised $2.75 million for Lincoln Center. Forbidden Broadway makes its return this week. The long-running parody series, this year titled ALIVE AND STILL KICKING, See more of this week’s Snaps online at CrainsNewYork.com/galleries. has been revamped to make fun of a different crop of Broadway musicals and plays, including The Book of Mormon, Kinky Boots and Matilda. The show is at the Davenport Theatre, 354 W. 45th St. Tickets start at $29 and go up to $110. They are available online at www.forbiddenbroadway.com. carol rosegg

OPENING FUNDRAISERS WEDNESDAY, FEBRUARY 19, FRIDAY, FEBRUARY 21 THROUGH SUNDAY, AUGUST 3 The Foundation of Orthopedics and The Asia Society Museum will exhibit Complex Spine will hold a BLACK & NALINI MALANI: TRANSGRESSIONS.The WHITE MASQUERADE BALL at Apella in the artist was born in Pakistan and now the Alexandria Center, 450 E. 29th St. works in Mumbai, India. Her work— The event will run from 9 p.m. until using painting, sculpture, installation midnight. The evening is organized by and performance—employs the Young Friends of FOCOS. Tickets symbolism to explore start at $100; VIP tickets are $150. For race, class and gender. more information, visit www.ortho The exhibition will focos.org. feature Transgressions II, a video/shadow SATURDAY, FEBRUARY 22 play, as well as a Society Ties, the Leukemia & Lymphoma selection of Ms. Society’s young professionals committee, Malani’s artist books. will host its BLACK TIE & BLACKJACK The museum is ANNUAL GALA at Pier 60 at Chelsea Piers located at 725 Park from 8 p.m. until midnight. The event will Ave. and is open Tuesday through include live music, a silent auction, and Sunday from 11 a.m. until 6 p.m. For roulette, blackjack and craps. Tickets start more information, visit at $200. A pack of 10 tickets is $1,750. www.asiasociety.org/ arts/asia-society- For more information, visit museum. www.nyc.blacktieblackjack.llsevent.org.

MARK YOUR CALENDAR… WEDNESDAY, MARCH 5, THROUGH SATURDAY, MARCH 8 THE NEW YORK PHILHARMONIC will stage Stephen Sondheim’s SWEENEY TODD: THE DEMON BARBER OF FLEET STREET. The cast includes Oscar winner Emma Thompson as Mrs. Lovett and operatic baritone Bryn Terfel in the title role. Tickets start at $75 and go up to $255. They are available online at www.nyphil.org.

Performances are at Avery Fisher Hall, 10 Lincoln Square. nick haddowsm

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