An Insurer Reels from Market Beating
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20120220-NEWS--0001-NAT-CCI-CN_-- 2/17/2012 7:15 PM Page 1 INSIDE NEXT TOP STORIES WEEK How 3-D printers GREENING are reshaping NY NEW YORK Will the jobs be in manufacturing ® PAGE 3 solar? Maybe not VOL. XXVIII, NO. 8 WWW.CRAINSNEWYORK.COM FEBRUARY 20-26, 2012 PRICE: $3.00 An insurer reels from Linsanity fixed a cable dispute, market and that’s not all PAGE 3 beating Technology stars at Fashion Week Capital-poor SBLI PAGE 2 seen by some experts Genting gamble on as potential candidate convention center for state takeover off to rough start BY AARON ELSTEIN PAGE 2 About 35 years ago, Richard Hoffman stopped by his local bank and bought some life insurance from a company that for decades had served New York- ers of modest means. The policy from SBLI USA Mutual Life Insurance Co. wasn’t big at just $15,000, but the price—$18 a month—was right. “I thought SBLI was one of the greatest companies in the world,” said Mr. Hoffman, an accountant now in his mid-60s.“It was based on this won- derful idea that you shouldn’t have to BUSINESS LIVES be rich to afford life insurance.” Today, SBLI is gasping for air. It is paying dearly for investing its policy- GOTHAM GIGS See SBLI on Page 20 Drinking with Eataly’s wine director P. 25 ● ANNE FISHER Playing Cupid pays off for entrepreneur P. 25 B&N bans ● MOVERS & SHAKERS Beth Ellard is sweet istock photo P. 26 LAND RUSH on DailyCandy Amazon ● GAEL GREENE A North End Grilling P. 27 Developers return to ground, bulk up on Publishing INDEX building sites as economy begins to turn Chain shuts out REAL ESTATE DEALS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _5 meatpacking district. e-tailer’s books, THE INSIDER _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _8 BY THERESA AGOVINO “I was very happy because it was quite an effort,” hurting new effort NEIGHBORHOOD JOURNAL _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _9 said Mr. Sitt. “We see tremendous upside for retail, OPINION _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _11 Feverishly working to wrap up two deals during residential and hotel [projects] in the city.” Thanksgiving weekend, developer Joseph Sitt bare- Clearly, others share Mr. Sitt’s sentiments. Sales BY MATTHEW FLAMM SMALL BUSINESS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _12 ly had time to sit down for dinner with his family. of development sites in Manhattan below Harlem CLASSIFIEDS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _18 But by the following Tuesday, Thor Equities’ have skyrocketed during the past two years.The rise A major new publishing imprint will HOT JOBS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _25 chief executive had much to be grateful for.That day comes amid growing optimism about long-term be starting business this fall with a EXECUTIVE MOVES _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _25 he signed contracts to buy two Manhattan develop- prospects for the city’s economy, its booming debut list of big-ticket books, includ- THE WEEK AHEAD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _27 ment sites, one on Fifth Avenue and West 43rd tourism industry, its strengthening residential mar- ing the memoir My Mother Was Nuts, Street, and the other on Washington Street in the See DEVELOPERS on Page 22 by actress-turned-director Penny Marshall, and The 4-Hour Chef, by bestselling lifestyle guru Timothy Fer- TWO NEW CRAIN’S LISTS riss. And these titles from Manhat- tan-based Amazon Publishing will VENTURE CAPITAL FIRMS P. 16 likely arrive with all the marketing firepower available to parent compa- PRIVATE EQUITY FIRMS P. 17 ny Amazon.com Inc. There are, however, some things NEWSPAPER PLUS: Oh, to be the next Facebook P. 13 See B&N on Page 22 20120220-NEWS--0002,0003-NAT-CCI-CN_-- 2/17/2012 6:41 PM Page 1 IN BRIEF TWO TREES MANAGEMENT CO. STARTED THE Designers go high-tech FIRST PHASE OF A MULTIMILLION-DOLLAR renovation of 50 W. 23rd St. that will include adding new lighting and recladding the walls and floor of the lobby in white fiberglass-reinforced concrete. The 13-story to distinguish their looks building, the first Manhattan office property for the Brooklyn-focused developer, is in the Ladies’ Mile Historic District, so any week. Analysts are predicting a 6.8% rev- changes to its exterior must be approved by Growing use of enue rise. the Landmarks Preservation Commission. Meanwhile, computer technology is Two Trees Management expects to soon computer-generated helping designers create patterns and present plans to add glass canopies and glass prints that are more unique and complex— cladding to the exterior walls. It is prints helps to and less easy to replicate. Animals, hands anticipated that the initial phase of the and puzzle pieces took designs to the next renovation will cost $3 million. counter copycats level on the catwalks of Diane von FULL HOUSE UNEMPLOYMENT IN THE CITY HAS RISEN IN Furstenberg and Pe- THE PAST YEAR, AND MOST MAJOR PORTS BY ADRIANNE PASQUARELLI ter Som. nationwide have had flat or declining volume. Of course, not 232K But the Port of New York and New Jersey Science played a starring role on the run- everything was novel ATTENDEES moved a record amount of goods last year— way last week. Designers are trading in and original in the fall at Fashion Week 5.5 million 20-foot-long shipping containers their cotton and silk for rubber and 2012 lineups. Color- annually filled with imports from around the world. polyurethane. At New York Fashion blocking, menswear- Source: Bloomberg administration The 4% increase, announced last week, Week, the catwalks were awash with gar- inspired looks and surpassed the record set in 2007, just before ments made from new fabrics such as ’20s-style glamour- the start of the global downturn. Officials at rubber-coated polyurethane or laminated girl sequins have all appeared in previous the Port Authority of New York and New tweeds. seasons,and the trends evolved further last Jersey said the increase showed the ability of “We have to have textile innovation in week as designers played it safe. the port, the country’s third largest but the order to make fashion look fresh,” said larry ford biggest on the East Coast, to compete as a Catherine Moellering,executive vice pres- Runway versus mass market cargo destination. n ident at trend forecasting firm Tobe Re- But experts warn that designers need to port. “Designers are finally getting the widen the gap between their runway looks memo.” and mass-market collections if they want BY THE NUMBERS To gain an edge, many designers are to entice high-end shoppers.Even the rich turning to industrial materials to create are now accustomed to buying designer la- Weekly shift of the city’s economy trendy apparel like pencil skirts and turtle- bels at discount prices. British “It” girl necks.The majority of the textiles featured Alexa Chung, for example, was recently ABOUT-FACE Talk of President Obama’s in the runway shows of design houses Tibi photographed for Vogue’s “steal of the prospects being buoyed by the economy is the latest sign of mounting optimism amid falling and Alexander Wang, for example, were month” section wearing a dress from Jason jobless claims and rising housing starts. new scientific creations. Such innovative Wu’s capsule collection for Target. materials, though more costly, allow fash- “The consumer is a lot savvier,” said ion houses to gain an edge over mass- Maren Hartman, East Coast content di- 29 8.8% 231K market players like Target, which are at- rector at fashion consultancy WGSN. PRODUCT INCREASE in NEW YORK JOBS tracting shoppers with their lower-priced “The trick is protecting your core business recalls by tourists to lower created by MIT designer collections.