nb10p01.qxp 3/7/2008 7:28 PM Page 1 TOP STORIES SMALL BUSINESS The 5 breeds Israeli firm has of firms most bundle riding on likely to beat old Times building a recession PAGE 2 PAGE 17 Soured holdings, nervous bankers pull hedge funds VOL. XXIV, NO.10 MARCH 10-16, 2008 PRICE: $3.00 back to earth ROLLING STONES: PAGE 3 Devotees know it’s Coalition only rock ’n’ roll, but High Line condo they like it. gets museum draws up exhibition NEW YORK, NEW YORK P. 6 Starrett 2 key projects vital to the city City bid and the Village Will be lower than VIEWPOINT, PAGE 12 1983 1986 1999 2006 WPLJ WAPP WNEW WXRK getty images rejected offer; other flips to flips to drops drops rock Top 40 Hot 97 rock suitors are likely BUSINESS LIVES ROCK’S OFF NY FERRY TALES IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIll BY DANIEL MASSEY Commuters swear by 1965 1970 1975 1980 1985 1990 1995 2000 2005 their boat rides, but the a coalition of local labor, reli- 1967 1971 1982 1985 1993 2007 trips cost an arm and a WNEW-FM WPLJ-FM WAPP-FM WXRK-FM WAXQ-FM WXRK 2008 gious and community organiza- leg ... and then some launches rocks out rocks out becomes launches returns WRXP-FM tions is putting together a plan to PAGE 23 K-Rock to rock is newest rocker buy Starrett City,the largest feder- ROCK’S ON ally subsidized housing complex in the nation. The group—which includes the Central Labor Council, the Christian Cultural Center and the RADIO ROCKS NY Metropolitan Council on Jewish Poverty—says its proposal ensures that Starrett City, a 140-acre, 46- ings system that has shown the for- town” in which hip-hop, dance building complex on Jamaica Bay New station WRXP mat has more listeners than radio and R&B were the dominant in Brooklyn, will remain afford- joins 2 established executives had ever dreamed. sounds, New York is now more in able.They’ve met with representa- Devotees of the Rolling Stones, line with cities like Chicago and tives of the owner and with city, rockers in effort to the Black Crowes and even alter- Los Angeles,which each have sev- state and federal housing officials AT DEADLINE reach male listeners native band Radiohead may final- eral rock stations. to make a case for their plan. ly be able to stop complaining The city’s newest entry, month- “The most important thing is BANKERS APPEAR LIKELY TO about New York’s offerings. old WRXP-FM, replaced CD protecting affordability and raising LINE UP BEHIND A PROPOSAL BY MATTHEW FLAMM “The reality of rock radio is that 101.9,a smooth-jazz station popular the quality of life for Starrett as a by Gov. Eliot Spitzer requiring it’s a lot stronger than we gave it with African-Americans.It’s one of community,” says the Rev. A.R. negotiations with homeowners a battle of the bands has bro- credit for being,” says Bob Buch- a trio owned by Emmis Communi- Bernard, founder of the Christian facing foreclosure. While ken out on New York radio. mann, program director of classic cations that also includes urban stal- Cultural Center, which has 29,000 awaiting details of the For the first time in a decade, rock station WAXQ-FM, known warts Hot 97 and Kiss-FM. members,including 2,300 who live proposal before announcing New York City has three rock ra- as Q104.3. Newly rockin’RXP is hoping to in Starrett City.“We’ve put togeth- their support, New York dio stations, spurred by a new rat- Long considered a “rhythm See RADIO on Page 9 See COALITION on Page 8 bankers are seeking some way to derail growing calls for a moratorium on foreclosures. The governor’s bill would require lenders to notify Families feud over Clinton, Obama homeowners 60 days before filing for foreclosure and meet to negotiate a settlement. The bill would also force Sex withheld, friendships torn as once- lenders to determine that a united Democrats turn on each other potential borrower is able to repay a loan. Barack Obama—when matters BY ERIK ENGQUIST AND came to a head one night at their THE CHOCOLATE BAR, A WEST MIRIAM KREININ SOUCCAR home in Carroll Gardens, Brook- VILLAGE STAPLE SINCE lyn.Ms.Tyrk made it clear that her opening in 2002, is closing its howard graubard and his wife, husband’s advances would be for flagship Eighth Avenue store Sabina Tyrk, were on opposite naught unless he switched alle- See AT DEADLINE on Page 2 sides for months—he with Sen. giances. Hillary Clinton and she with Sen. “Sabina was unrelenting in try- ing to persuade me into voting for NEWSPAPER WWW.CRAINSNEWYORK.COM Obama, basically threatening me with a Lysistrata,” says Mr. 10 5 Graubard, referring to the ancient Greek comedy in which women See FAMILIES on Page 8 ELECTRONIC EDITION NINE LIVES SNL political skits put Clinton in catbird seat Page 13 neff david HEATHER JOHNSTON, a chef, and daughters Margo (left) and Erika are for Hillary Clinton. 71486 01068 0 CNYB 03-10-08 A 2 3/7/2008 7:06 PM Page 1 PRESSING AHEAD: Africa Israel USA’s AT DEADLINE Rotem Rosen sees value in creating Continued from Page 1 brokerage firm. Class A space at a on April 30. Its storefront space landmarked property. is being converted into a TAKE-TWO INTERACTIVE housing unit. Chocolate Bar SOFTWARE INC. IS EXPECTED TO owner Alison Nelson says she is report first-quarter earnings unlikely to open another store in Tuesday on target with analysts’ the neighborhood because rents expectations.The results are are so high. Ms. Nelson, a “40 likely to trigger higher takeover Under 40” honoree in 2006, has bids from Electronic Arts Inc. parlayed her chocolate into an or other suitors.The international brand. Manhattan-based maker of the popular Grand Theft Auto video NEW YORK MEDIA, PARENT OF game rejected EA’s $2 billion NEW YORK MAGAZINE, IS buyout attempt last month as launching an events division. undervalued.Take-Two stock The plan is to add another soared to a 52-week high of revenue stream by selling $27.61 on Feb. 28 after the sponsorships. Publisher Larry overture, but the stock has since Burstein also hopes to increase retreated.The company has sponsors’ presence in the forecast a loss of 50 cents to 60 magazine and nymag.com. cents a share, on revenue of Building on its Best Bets and $175 million to $225 million, Taste of New York events, the for the quarter ending Jan. 31. company will host four events this year, including one for POLYTECHNIC UNIVERSITY children’s shopping in PLANS TO EXPAND ITS Times change December. Future events will international reach now that its focus on culture and real estate. board has approved its merger with NYU. Polytechnic is IN THE LATEST IN A SERIES OF already advising NYU on EXITS FROM DOW JONES SINCE at newspaper’s establishing an engineering it was acquired by News Corp., school for NYU’s campus in Wall Street Journal General Abu Dhabi. A semester abroad Counsel, Stuart Karle was let go program through one of NYU’s last week after more than 15 affiliate programs is also in the old building years. News Corp. has installed works for the fall of 2009. In lawyer Mark Jackson in the addition, Polytechnic hopes to post. Mr. Karle led the legal use its NYU ties to increase Foreign firm ponies up for revamp; team that erased one of the national and international largest libel verdicts in U.S. enrollment, which has been flat side street could be a tough sell history, a $223 million award in for undergraduates.The buck ennis a case brought against the paper Brooklyn campus has capacity in 1997 by a now-defunct Texas for an additional 1,000 students. BY THERESA AGOVINO CORRECTIONS rotem rosen sounds like a journalism junkie. Wachovia has not yet opened its recently leased retail location on the Upper East Side. That fact was misstated in the March 3 story “Banks put brakes on branching out in NYC.” Standing in the dust-covered boardroom of The New York Times’ former headquarters, the A Feb. 4 “New York, New York” item about the Manhattan circulation of New York-based chief executive of Africa Israel USA wonders about the meetings that unfolded in the chamber, publications failed to mention that amNew York’s daily circulation of 247,049 copies whose floor-to-ceiling windows offer stunning views of Manhattan. surpasses the 176,500-copy total for Manhattan Media’s publications. Metro New York, which has audited Manhattan circulation of 200,020 copies, also surpasses that total. “Can you imagine the decisions made here?” asks the soft-spoken Israeli-born lawyer. The only judgments made at the building these days concern construction. AFI USA bought it last year for $525 million and is now spending about $200 million to gut and renovate THIS WEEK IN CRAIN’S the building, creating a top-of-the-line office property with a high-end retail component. This isn’t the company’s only notable acquisition in the city. Last year, AFI USA paid $426 REAL ESTATE DEALS--------------10 million for The Apthorp, a historic Upper West Side residential rental building that it is transforming into condos, and $200 million for the Clock Tower Building, a landmarked VALERIE BLOCK ---------------------------13 former office property that also will be converted. THE INSIDER------------------------------------14 AFI USA is among the foreign investors taking advantage of the depressed dollar, which NEIGHBORHOOD See NEW LIFE on Page 10 JOURNAL------------------------------------------15 WEEK IN REVIEW -----------------------16 25 REPORT: Finance still men’s club SMALL BUSINESS----------------17 CLASSIFIEDS ----------------------------------21 nancial Women’s Association found Blake, president of the association.