Big Tenants Getting Spaced out Improved John Leguizamo Goes P
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20110221-NEWS--0001-NAT-CCI-CN_-- 2/18/2011 9:05 PM Page 1 INSIDE TOP STORIES The five Beeps A patisserie sifts have their say. flour into gold, one How to boost our treat at a time ® boroughs PAGE 11 PAGE 3 Fur ever and ever, amen: VOL. XXVII, NO. 8 WWW.CRAINSNEWYORK.COM FEBRUARY 21-27, 2011 PRICE: $3.00 Retailers’ fashion prayers may be answered this fall PRIVATE SCHOOLS BOOM PAGE 2 Griffin’s departure New academies opening and established players expanding paves way for next at a clip that NYC parents (and kids) haven’t seen in years Time Inc. chief PAGE 3 BY MIRIAM KREININ SOUCCAR A number of new private schools are my is opening in the East Village, initial- finally entering the market in response to ly accepting children from nursery school The secretive trader ANXIOUS PARENTS—who just endured a the skyrocketing demand, while existing to fifth grade. A year later, another for- that beat the NYSE grueling, nerve-wracking week awaiting schools are expanding at a pace the city profit school called Avenues: The World PAGE 3 the arrival of the letters that revealed hasn’t seen in years. School, founded by education entre- whether their kids were accepted into at This September, a new 55,000- preneur Christopher Whittle and for- Focus on pensions, least one of the maybe 10 private schools square-foot for-profit private school mer president of Yale University Benno health reform they applied to—may soon get some relief. called the World Class Learning Acade- See IT’S A BOOM on Page 23 ACCOUNTING REPORT, P. 15 BUSINESS LIVES GOTHAM GIGS A man for this season at Paragon Sports P. 25 ● ANNE FISHER on how punchstock nonprofits can get help getting online P. 25 ● MOVERS & SHAKERS Big tenants getting spaced out Improved John Leguizamo goes P. 26 back to Broadway wouldn’t sign an agreed-upon deal finances no ● GAEL GREENE gets taste Fight for blocks of 250,000 sq. ft. or more for 200,000 square feet. The rea- of Naples in Bronx P. 27 as economy improves and supply tightens son? The landlord is negotiating with Nomura Holding America, panacea to rent 280,000 square feet. which needs nearly four times as BY THERESA AGOVINO Oops. A few weeks ago, Mr. much space. INDEX Saclarides got a call from the land- Similarly, as law firm Chad- City’s sound budget THERE ARE ABOUT 390 million lord telling him that the bank was bourne & Parke mulled the renewal THE INSIDER _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _8 square feet of office space and being bumped to accommodate of its lease at 30 Rockefeller Plaza,it may deter Albany GREG DAVID _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _12 nearly as many rumors in the noto- Bloomberg, which had lost the chance when the aid for long term NEIGHBORHOOD JOURNAL _ _ _ _ _ _ _ _ _ _ _ _ _13 riously gossipy New York real es- signed a lease for 400,000 landlord rented 436,000 tate industry. So Wells Fargo Se- square feet. square feet to Deloitte. SMALL BUSINESS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _14 29 nior Vice President John “I was on a train when NUMBER of A combination of the BY JEREMY SMERD REAL ESTATE DEALS PLUS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _14 Saclarides wasn’t all that con- the owner called, and I blocks of improving economy and CLASSIFIEDS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _20 250,000 square cerned when he heard that asked him to repeat it to feet or more lease expirations are push- THE BUDGET that Mayor Michael FOR THE RECORD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _22 Bloomberg LP was looking at make sure I heard him cor- available now ing more big tenants into Bloomberg unveiled last week EXECUTIVE MOVES _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _25 space at 120 Park Ave.—the same rectly,” said Mr. Saclarides. the market at a time when forecast bright economic news. THE WEEK AHEAD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _27 building where his bank had a “I’m extremely disappointed be- their options are limited by the Ironically, that could spell trouble signed letter of intent in December cause we had put a lot of time and city’s aging building stock and lack for the mayor’s reform agenda. effort into that deal.” of new construction. In the con- Tax revenue is now expected to These days,frustration is grow- stant power struggle between ten- be $2 billion higher than was orig- 08 5 ing among large tenants that are ants and landlords, the latter are inally predicted, fueled by a second discovering that there are more of gaining back the upper hand in the straight year of rebounding Wall them than there are desirable big market for spaces of more than Street profits. Another boom year blocks of space. WilmerHale 100,000 square feet. in tourism—following a record- found that out last month.The law The situation is particularly breaking 2010, when 48.7 million firm was blindsided when the acute in highly desirable midtown, people visited the city—would NEWSPAPER owner of 825 Eighth Ave. said it See BIG TENANTS on Page 23 See IMPROVED on Page 24 71486 01068 0 20110221-NEWS--0002,0003-NAT-CCI-CN_-- 2/18/2011 8:57 PM Page 1 RETAIL WRAP-UP IN BRIEF Liz Rodbell, executive vice president of ON FRIDAY, THE U.S. DEPARTMENT OF THE merchandising at Lord & Taylor. INTERIOR REJECTED THE WISCONSIN-BASED Luxury is fashion’s Returning luxury to the runways makes Stockbridge-Munsee Tribe’s plan to take sense now that those shoppers are back in control of 330 acres of land in the Catskills and action. Sales of high-end fashion skyrock- build the state’s first full-fledged casino with slot eted 72% between 2007 and 2010, and machines and table games.The decision is seen call for fall season were up 35% in 2010 alone, according to as major setback for the tribe and a win for half a recent data from American Express Busi- dozen New York racino operators who have ness Insights. been aggressively lobbying against the Indian Lord & Taylor, owned by private equi- tribe’s efforts, claiming the casino would cost the Stores expect shoppers to dig costly looks ty firm NRDC Equity Partners, reported state $400 million in lost gaming revenue. grown-up glamour not seen for a while. double-digit same-store sales increases for BY ADRIANNE PASQUARELLI But rather than just evoking the aesthetic the 12 months ended in October. A BAGEL MAKER RUN BY THE FOUNDER of old Hollywood, the presentations that OF NEW YORK’S H&H BAGELS FILED FOR TOUCHES OF FUR, spangled sequins and concluded at Lincoln Center last Thursday No mo’ Boho bankruptcy protection last week, citing the elaborate lacework dazzled on the runways appealed to contemporary shoppers. DESIGNERS RANGING from the tried and economy. Helmer Toro, who was sentenced to of New York Fashion Week as designers “It’s not like that old-ladies-who-lunch true,such as Donna Karan and Elie Tahari, jail last year for failing to pay taxes, also blamed infused their fall 2011 collections with feeling—it’s more about elegance,” said to ones newer to the scene, including litigation, the loss of rental income from a Stacey Bendet and Rebecca tenant and construction costs for the Taylor, featured sophisticated bankruptcy of Garden Operation Realty in a looks with costly fabrics and in- Chapter 11 petition filed Thursday. It listed tricate beadwork. Some, such as $1 million to $10 million in both assets and Michael Kors, added a twist debts. Randy Kornfeld, an attorney for the with minimalist silhouettes. company, declined to comment. Mr.Toro One unifying thread was the couldn’t be reached by phone for comment. Ⅲ bold,uplifting color—from acid pink to bright blue to fire-en- gine red—not traditionally as- BY THE NUMBERS sociated with fall that popped on catwalk after catwalk. Weekly shift of the city’s economy The glamorous styles are a marked departure from the SNOW JOB Disappointing retail sales and jobs Bohemian and activewear data were likely just the result of consumers shoveling snow instead of shopping.