New TV Shows Bolster City's Film Business

Home , 200 Central Park South, 880 Fifth Avenue, Lever House, New Jersey Ironmen, Nightshirt, Seven TV

nb21p01.qxp 5/18/2007 7:48 PM Page 1

TOP STORIES A mayoral College kids give race too back, but not like soon —Greg David their hippie parents on the sudden PAGE 2 start of the ® 2009 election Bitter enemies Page 13 battle over futures contracts when they should merge VOL. XXIII, NO. 21 WWW.NEWYORKBUSINESS.COM MAY 21-27, 2007 PRICE: $3.00 PAGE 3 BARGAIN BASEMENT Asian art to take Circulation soared after the Post cut its weekday price New TV shows Manhattan with to 25 cents in 2000. Its Sunday edition costs 75 cents. first annual fair Monday-Friday Sunday 724,748 NEW YORK, NEW YORK, P. 6 620,080 bolster city’s

436,544 420,179 439,202 Schmooze fests 358,545 return as tech film business sector heats up PAGE 18 2000 2003 2007 A record seven TV shows for For six-month period ended March 31. Source: Audit Bureau of Circulations A record 7 programs next season will be filmed in New A dilemma: gut offer post-Sopranos York during the coming months, jobs or cosmetic and at least three of them are ex- pick-me-up; staying pected to be shot at Silvercup. improvements; two NY Post a paper tiger power a question “Last year, we had a record year, hot retail strips; and this year is going to be even latest deals better,” Mr. Suna says. after pricing misstep BY MIRIAM KREININ SOUCCAR The seven shows include Cash- REAL ESTATE, PAGE 19 mere Mafia, a Darren Star drame- a few months ago, New York’s dy about four successful female ex- Daily News and become profitable film production workers were won- ecutives in Manhattan; Lipstick BUSINESS LIVES Return to 25 cents has failed. dering how they would fill the gap Jungle, a series based on Candace COMMUTER LOVE keeps circulation The Post’s brief attempt to end left by The Sopranos, which recent- Bushnell’s book, starring Brooke the price war it started seven years ly ended its long run on television. Shields; and Damages, a legal dra- Marriages endure up, but millions ago and go back to charging 50 Now Silvercup Studios, where ma with Glenn Close, which has despite distance, PAGE 39 cents on city newsstands taught it the show was filmed for the past already started filming at Steiner absence of dollars are lost another lesson, too: Thousands of eight years, can’t dismantle the sets Studios in Brooklyn. readers like the paper only well fast enough. Production executives had high BY MATTHEW FLAMM enough to pay a quarter for it. “We have to rip everything up, hopes when a record 11 pilots for Sales have bounced back to pre- bring the carpenters in, put in new next season were filmed in New in recent weeks, as all eyes were vious levels since the Post returned dressing rooms, new floors, new York in recent months.But filming focused on Rupert Murdoch’s bid to its 25 cent price on May 10, ac- entrances,” says Alan Suna, presi- a pilot is no guarantee that a show for The Wall Street Journal, a small- cording to an industry insider’s dent of Long Island City,Queens- will be shot in New York—even if er drama was taking place at a preliminary poll of newsdealers. based Silvercup.“We have to com- it does get picked up. newspaper the News Corp. chair- But the paper’s two-week news- pletely transform the studio in a In fact,one New York-based pi- man already owns: The New York stand plunge left it trapped. matter of weeks for the next new lot that was green-lighted, Dirty Post found out its plan to beat the See POST on Page 8show coming in.” See NEW TV on Page 8 AT DEADLINE A SLIM MAJORITY OF SITTING PRETTY SHAREHOLDERS in Verizon Communications Inc. voted for a resolution seeking greater say in how top executives are paid.The company announced Remade J. Crew Friday that just over 50% were in favor of having shareholders approve a report in which the board explains the rationale scores stylishly behind top executives’ compensation.The vote Bolder fashions, keep up with business. represents the first victory at a That scene is typical.Four years blue-chip company for more sass wow after industry veteran Millard proponents of so-called say- new shoppers “Mickey” Drexler was brought in on-pay resolutions. as chief executive and given a man- date to remake the money-losing THE HANDFUL OF INDEPENDENT BY ELISABETH BUTLER retailer,J.Crew has hit its stride.Its ONLINE AD COMPANIES left in 176 stores are humming, and in- New York are expected to on a recent weekday evening, vestors are taking note—nearly go it alone following ad giant young blondes with armloads of doubling the company’s stock WPP Group’s acquisition bright sundresses queued up with price since the initial public offer- of 24/7 Real Media last gray-haired baby boomers clutch- ing of $20 per share in August. week.Tacoda, Quigo ing summery linen pullovers at the This year,J.Crew is expected to See AT DEADLINE on Page 2 J. Crew store in the Flatiron dis- ring up revenue of $1.3 billion, a trict. Four cashiers struggled to 13% increase over last year and an 88% leap from 2003, when Mr. Drexler arrived. Meanwhile, even 21

5 after deducting for heavy investments in new stores, analysts predict that profits will hit $78 million ELECTRONIC EDITION this year—compared with $50 million in losses in 2003. Behind the numbers stands a ON THE RACKS, AT REASONABLE PRICES: NEWSPAPER J. Crew shows off its flirty new personality with a See REMADE on Page 9 Talitha dress, swimwear and men’s patchwork shorts (clockwise from left). 71486 01068 0 CNYB 05-21-07 A 2 5/18/2007 7:16 PM Page 1

AT DEADLINE Continued from Page 1 of New York says the suit is College kids Technologies Inc., CheckM8 without merit. But Punk and Eyeblaster say they will Ziegel & Co. analyst Dick Bove position themselves as believes the matter could drain alternatives to the big providers. management’s attention and They concede that they are give Mellon executives second giving back receiving calls from potential thoughts about merging with suitors, however. Earlier this BONY. year, Google agreed to buy DoubleClick for $3.1 billion, THE ASIAN AMERICAN BUSINESS and Yahoo said it would buy DEVELOPMENT CENTER will set in record Right Media Inc. for $680 up a New York state pavilion at million. the China International Small and Medium Enterprise Fair SHANGHAI TANG, AN UPSCALE in Guangzhou, China, in WOMEN’S CLOTHIER numbers , is leaving September.The trade organ- its location at 714 Madison Ave. ization is lobbying 62 state The company hasn’t hired a chambers of commerce, as well broker yet, but a spokeswoman as the Brooklyn Chamber of Programs in burgeoning says executives are looking for Commerce and the U.S. new space in SoHo and other Commercial Service, to help neighborhoods. Shanghai Tang recruit companies to participate. nonprofit field expanding must vacate the building, owned by Leslie J. Garfield & Co., by ALINDA CAPITAL, THE PRIVATE- year-end. Asking rent at the EQUITY FIRM led by Christopher BY SAMANTHA MARSHALL prime retail spot will be $1,285 Beale, former global head of a square foot for the 1,400- project finance at Citigroup a social conscience is sweeping college square-foot ground floor, but Inc., leased the campuses across the city. Beyond marching the lease will include five floors top floor of 150 for peace or joining a kibbutz like their baby and nearly 7,000 square feet. E. 58th St. boomer parents, today’s students are taking (left), between FAIRWAY MARKET WILL OPEN ITS Third and courses and pursuing internships in order to FIFTH STORE, and its first outside Lexington turn smart, sustainable ways of helping New York, in Paramus, N.J., avenues.The others into careers. next summer.The new 50,000- private equity square-foot location will be on firm, which School may be out for summer, but Route 17, in a strip mall called recently bought educators are scrambling to tap into the Fashion Center. Canadian growing interest. At institutions ranging from company Union Baruch College to Columbia University, CHARITY PARITY: THE RUSSIAN GOVERNMENT’S Energy for City College LAWSUIT against the Bank of $1.74 billion, administrators are launching certificate student Rebecca New York Co. could disrupt the will move into programs and reporting higher enrollment in Pizarro learned practical building bank’s planned $16.5 billion the 13,000- courses on fund raising, nonprofit management skills while working merger with Mellon Financial. square-foot and social enterprise. in the Honduran The suit, which seeks $22.5 space on the 39th floor at the rain forest. billion in damages, contends end of the summer.The asking “These students want to work in an that the Bank of New York rent at the building is $90 a environment that makes money and does good buck ennis helped deprive Russia of billions square foot. Alex Chudnoff at at the same time,” says Jeffrey Trexler, a in tax revenue in the 1990s Cushman & Wakefield Inc. by taking part in a money- represented Alinda; landlord professor of social entrepreneurship at Pace laundering scheme.The Bank Vornado represented itself. I University, who was recently hired to beef up the program. Global warming, tragedies such as Hurricane THIS WEEK IN CRAIN’S Katrina, celebrity activists like Bono, and headline-grabbing donations by organizations See COLLEGE KIDS on Page 10 NEW YORK, NEW YORK------6

GREG DAVID ------13

THE INSIDER------14 WEEK IN REVIEW ------16 Hotel talks could be tough REPORT: REAL ESTATE ------19

DEALS------29 Small-property The process could be complicat- executive director of Associated 41 NEIGHBORHOOD ed because Local 758,which used to Hotels & Motels. group negotiating represent about 1,000 workers, dis- Meanwhile, the Hotel Associa- JOURNAL------31 solved last year. tion of New York City, which rep- with new union; The union’s contract was as- resents most large properties,is try- SMALL BUSINESS ------32 seeks cheaper pact sumed by Local 6—part of the New ing to recruit Ms. Maurizio’s York Hotel & Motel Trades Coun- members. CLASSIFIEDS ------34 cil, which represents about She says that some, in- THE WEEKS AHEAD ------37 BY LISA FICKENSCHER 85% of New York city’s ho- cluding the San Carlos Ho- tel workers. 30 tel, have recently switched BUSINESS LIVES------39 associated Hotels & Motels of Members of Associated PROPERTIES, and that about six, including both high-end CORPORATE LADDER------41 Greater New York, a group of 30 Hotels & Motels are aiming and budget, the Fitzpatrick, have dual small properties, and the hotel for a contract that is less ex- belong to the membership. EXECUTIVE MOVES------43 42 workers union will soon begin what pensive than the one cover- association But Ms. Maurizio, who BOB LAPE ------43 could be difficult negotiations on a ing larger hotels. has represented the small new contract. hotels since 1995,says she is not go- vol. xxiii, no. 21, may 21, 2007—Crain’s New York Business (issn 8756-789x) is published Recognizing economics weekly by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals The little-known organization ing anywhere. postage paid at New York, N.Y. and additional mailing offices. Postmaster: Send address represents such high-end proper- “hopefully, Peter Ward [head of “I will not under any circum- changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a ties as the Helmsley Middletowne Local 6 and the Trades Council] will stances give up this association,”she copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents and Hotel Wales, as well as budget recognize us as being different from vows. copyright 2007 by Crain Communications Inc. All rights reserved. hotels like the Travel Inn and the large hotels and give us some Americana Inn. concessions,” says Helen Maurizio, COMMENTS? [email protected]

2 | Crain’s New York Business | May 21, 2007 CNYB 05-21-07 A 3 5/18/2007 7:17 PM Page 1 Barreling to showdown Rival oil exchanges Nymex. ICE Chief Executive Jef- TALE OF THE TAPE frey Sprecher visited Nymex’s Nymex and ICE World Financial Center headquar- How the two big oil exchanges compare. ters during negotiations, outraging would rather fight NYMEX ICE traders who wanted to bar him from the building. than merge FUTURES Crude oil Crude oil TRADES Natural gas Coffee Nymex met ICE’s offensive by Precious metals Sugar agreeing to trade its futures con- BY AARON ELSTEIN tracts using the Chicago Mercantile MARKET $11.4 billion $9.8 billion Exchange’s computer systems. The next week,the New York Mercan- VALUE alliance solidified Nymex’s hold on tile Exchange will launch a new oil 2006 $640 million $314 million oil trading, where it currently has futures contract that experts say REVENUE about a 70% share of trading in its could become the new benchmark benchmark West Texas Intermedi- for crude. Thing is, Nymex’s arch- ate crude contract. rival,the Intercontinental Exchange, says Phil Flynn, an oil analyst at will beat it to the punch—it begins Alaron Trading, a customer of Major hurdle trading the new contract today. Nymex and ICE. “But I think they with both exchanges enjoying It’s just the latest power struggle want to inflict more pain on each robust times,neither is eager to cede between two institutions that are other first.” control. The CME alliance is also a the bitterest of adversaries.Since ar- Although Nymex and ICE trade major hurdle because it would con- riving on the scene seven years ago, the same kinds of things, they are tinue even if Nymex were acquired. Atlanta-based ICE has broken 135- different kinds of institutions. Until “It’s almost an implicit poison pill,”

year-old Nymex’s monopoly in oil it went public last year, Nymex was bloomberg news says an ICE official. trading, and its superfast computer owned by its 816 members, a rau- UNDER ATTACK: Hundreds of Nymex floor traders were made obsolete by ICE’s computer trading. That might not scare off the trading has made hundreds of cous group that made huge sums NYSE,which just merged with Eu- Nymex floor brokers obsolete. battling on the trading floor.The ex- ronext and now is keen to break into Nymex, still twice the size of ICE, change replaced OPEC in the ola to make the deal. “Vinny told floor in London, where ICE’s core futures trading, according to a J.P. has fought back, suing its upstart ri- 1980s to set the world price of oil. me, ‘We can’t afford it,’ ” Mr. Marks business is located. The venture Morgan analyst. Nymex or ICE val and aligning with the biggest fu- ICE, meanwhile, is an all-electron- recalls. “I said, ‘We can’t afford not failed and was closed last summer. would fit the bill nicely. tures exchange around to stem the ic exchange created in 2000 and to.’”Mr.Viola didn’t return a call for But all those skirmishes served In the meantime, Nymex and tide of lost business. backed by Wall Street firms,includ- comment. merely as a prelude to the all-out war ICE are set to wage war again as Given that exchanges are consol- ing Goldman Sachs. Nymex and ICE first talked about that broke out last year. ICE they both start trading sour crude idating globally and that the New merging in 2003, but negotiations launched a direct assault by offering futures. Traders say either the new York Stock Exchange wants to en- No big deal collapsed over control issues. In a computer version of the benchmark sour crude or ICE’s existing Brent ter the futures business, the two foes ice became a serious rival starting in 2004, Nymex launched a short-lived oil contract handled by Nymex’s crude contract could become the would be smart to lay down their 2001, acquiring the No. 2 oil mar- hostile bid. Meanwhile, the ex- floor traders.Within weeks,ICE had new benchmark for oil trading. arms and merge. But years of bad ketplace, London’s International changes duked it out in court:Nymex grabbed about a third of Nymex’s oil “There’s a real question as to blood mean that a merger between Petroleum Exchange, for about $70 sued in 2002, contending that ICE trading business. whether Nymex or ICE will be the Nymex and ICE is about as likely as million of cash plus equity. That stole its pricing data. ICE counter- Adding insult to injury, ICE be- dominant player,” says Alaron’s Mr. Yankees and Red Sox fans singing topped Nymex’s bid of about $60 sued. The cases were dismissed, but came Nymex’s tenant when it Flynn.“It’s going to be a fight to the “Kumbaya” around the fire. million,according to former Nymex Nymex’s appeal is pending. agreed last year to acquire the New death.” “It would make a lot of sense if director Michel Marks, who says he Foiled in court, Nymex attacked York Board of Trade,a commodities these two exchanges got together,” urged then-Chairman Vincent Vi- ICE in 2005 by opening a trading exchange renting space from COMMENTS? [email protected]

BY THE NUMBERS Growing globally UPWARD EMPLOYMENT operations hit 50%, largely due to trouble if they weren’t capturing a Local firms’ 1Q growth in China, according to the large share of that new purchasing MARCH earnings show firm’s first-quarter results. And power,” says Kathryn Wylde, presi- the city’s official Metropolitan Life Insurance Co.re- dent of the Partnership for New importance of ported a 63% jump in its interna- York City. economic forecast foreign markets tional operating earnings,to a record The boom in international sales predicts steady $124 million; that helped the insur- is even helping to close the nation’s growth in jobs er beat projections and boosted over- yawning trade deficit. BY SAMANTHA MARSHALL all profit 37.7%, to $983 million. through 2011, when “We’re looking for ways to ag- Years in the making the job figure is globalization has been the buzz- though earnings reached critical expected to approach 3.9 million. word for years, but first-quarter re- mass this quarter, New York opera- sults prove that the idea has become MetLife reports tions have been building their glob- a reality for New York businesses. al empires for years. Revenues gen- Analysts had predicted lousy a 63% jump in erated abroad accounted for well numbers for the period, but the lat- over half of all sales for some com- est earnings reports show that overseas profit, panies last year. emerging markets like India, China For example,Avon Products Inc. and South America are driving to $124 million raked in $6.2 billion overseas— profit gains here. 71.4% of its overall sales in 2006,ac- Better-than-expected sales fig- cording to a report by Standard & ures for a slew of locally based cor- Poor’s. The report, which is still be- porations, including PepsiCo Inc. ing finalized, estimates that S&P and International Flavors & Fra- gressively build this business,”says a 500 companies derive an average of grances,helped push the Dow Jones spokesman for MetLife, which has 48.6% of revenues from foreign Index past 13,000 last month and grown overseas at an annual com- markets. put global growth in the spotlight. pounded rate of 30% for the past five “Companies didn’t emphasize years. this as much until recently,” says Building aggressively Firms can’t afford not to make S&P index analyst Howard Sil- for the first time, Goldman the push into emerging markets. verblatt. “But we’re global now; Source: Mayor’s 2008 Executive Budget Sachs’ revenue from nondomestic “Our companies would be in real See LOCAL FIRMS on Page 8

May 21, 2007 | Crain’s New York Business | 3 CNYB 05-21-07 A 4 5/18/2007 7:17 PM Page 1

IN THE MARKETS HIGHLIGHTS REEL Powerful growth charges -0.5% The interest in PSEG shares Bloomberg/ Crain’s New

➡ York Index formance improved because of a merger ny will experience double-digit earnings fell 0.5% to Improved efficiency, that didn’t happen. Last September, Ex- gains for at least the next couple of years,” end the rate hikes spur profits; elon Energy Inc.called off its proposed ac- says Justin McCann, an analyst with week at quisition of PSEG, Standard & Poor’s. 395. The hot takeover target which would have cre- Ralph Izzo,PSEG’s S&P 500 ated the nation’s new chief executive, Index rose BY TOM FREDRICKSON largest utility. But be- predicts that operat- 1.1%, fore regulatory hurdles ing earnings will soar closing at ublic service employees quashed the deal, Ex- by 37% this year and 1523. Group Inc. has electrified elon took over man- will rise another 15% shareholders with recent agement of four next year. results. PSEG nuclear plants On the downside, Sharply higher operating and sharply improved the swift run-up in the Presults in recent months have sent the their efficiency,to bet- company’s shares have RISERS shares up 39% so far this year. The ter than 95% from be- left PSEG with a sub- 5-DAY 1-MONTH 3-MONTH CLOSING Newark-based utility is also benefiting low 80%. par dividend yield of % CHANGE % CHANGE % CHANGE PRICE from takeover speculation following the Those gains helped 2.5%, versus 4.5% for Bowne +7.7% +15.2% +23.0% $19.39 proposed $45 billion acquisition of a big to juice up PSEG’s re- Consolidated Edison, peer, TXU Corp., by two private equity sults last year. Higher for example. The Medco Health +4.6% +2.9% +25.9% $77.38 firms.Despite that rapid run-up,investors wholesale electricity shares, however, are PepsiCo +4.0% +5.4% +7.5% $69.48 looking for a jolt of energy in their port- prices also helped. In not overpriced. Trad- Assets $28 billion Citigroup +3.6% +3.8% +1.7% $55.00 folios should still plug into PSEG shares. the end, though, 2006 ing at about 15 times Warnaco +3.5% +18.8% +23.8% $33.51 Here’s why: By improving its operat- results were hurt by un- Employees 10,000 next year’s predicted ing efficiency and management, PSEG usually warm weather Electricity customers 2.1 million per-share earnings, has become a fundamentally better gen- during the heating PSEG’s stock is in line SINKERS erator of earnings. That means it gets to season and the absence with stocks of slower- 5-DAY 1-MONTH 3-MONTH CLOSING keep more of every dollar of revenue in its of a rate increase in the growing peers. % CHANGE % CHANGE % CHANGE PRICE unregulated business, which is surging face of higher costs.Operating income per What’s more, with unregulated busi- ImClone -11.73% -4.1% +33.8% $39.49 because of higher energy prices. Mean- share slipped 18% to $2.98 on flat revenue nesses accounting for two-thirds of oper- Sotheby’s -9.1% -8.8% +16.5% $45.30 while, even the regulated business— of $12 billion. Going forward, however, ating income, PSEG is a prime takeover which brings in a third of operating earn- the company’s unregulated power plants candidate. Many of the regulatory issues Loral Space -5.7% -8.7% -10.8% $46.29 ings and which provides natural gas and are expected to deliver big gains. that ultimately killed the Exelon deal Sterling Bancorp -5.6% -7.6% -17.9% $16.08 electricity to 70% of New Jersey—is ben- “We see growth being driven by expir- would not apply to private equity buyers. Sequa -4.9% -16.2% -16.9% $105.48 efiting from long-delayed rate hikes. ing power contracts being renewed at Ironically, PSEG’s management per- higher prices, and as a result, the compa- COMMENTS? [email protected]

STOCKS TO WATCH by Erik Ipsen Vornado investors discover elevator doesn’t reach to the sky after all In property the world trusts—or once did. Just look at Vornado, the real estate investment trust whose stock has tripled over four years. But investors seem to have developed a mild case of altitude sickness in the past three months. While broad market indices have soared to record highs, Vornado shares have slipped nearly 17%. Other big local REITs, including SL Green and Mack-Cali, are also off significantly in the period. The stars should be in perfect alignment. IAC/InterActiveCorp is run by media mogul Barry Diller and owns a grab bag of hot Web operations, including Ask.com. Unfortunately, some other stuff in that bag has developed all the hallmarks of a millstone. They pushed the shares down 1% last week and 11% in the past month. Worst of the lot is mortgage outfit LendingTree, where business is so bad that 440 staffers were laid off last week. John Wiley & Sons is just not acting its age. Last week, shares of the 200- year-old publisher jumped 9%, hitting an all-time record. The reason was J.P. Morgan’s strong buy call, based on the hope that the company’s recent $1 billion acquisition of a British publisher would boost earnings. With Wiley’s PE ratio of 26, investors are clearly signaling faith that solid management can triumph even in the most bookish of industries. charts: lindström bekka

4 | Crain’s New York Business | May 21, 2007 Project7 5/16/07 12:58 PM Page 1 CNYB 05-21-07 A 6 5/18/2007 5:15 PM Page 1 Berlin Boston BuenosAires

Chicago Rockefeller Center

Frankfurt NEW YORK,NEW YORK welcomes the following expansion edited by Valerie Block London

LosAngeles UBP Asset

Madrid Management, LLC

Milwaukee represented by MySpace boosts Brooklyn-based delivery service. “They were unhappy,” he says. David B. Glassman and book boosting The owner, who also has a NewYork Joseph A. Cabrera of myspace.com wants to be a wholesale business at the Fulton Cushman & Wakefield, Inc. bigger player in books.The social Fish Market, says the new unit

NorthernVirginia networking megasite, which has could reel in more than $10 million become a launching pad for annually. He hopes to hook top recording artists, will redesign its toques like Jean-Georges Vongerichten year-old MySpace Books section and Daniel Boulud. “I know them

Paris for leasing information, please contact: this summer with an all,” Mr. Guerrero says.

Philadelphia Peter R.C. Brindley eye toward doing the He expects his Theodore J. Koltis same with authors, name to carry weight Todd D. Silverman according to a among the top tier, but SanFrancisco David M.Taylor publishing industry he’s open to all comers. insider. “It depends on what The site has tender loving care they

SaoPaulo already had a want to put into their ASIAN INVASION: Festival to feature works dramatic effect on business,” he says.

Seattle like Nam Jun Paik’s Video Chandelier #5. Everybody Hurts: An 212.715.0300 Essential Guide to SiliconValley Emo Culture, WHERE TO STAY New age Asian art fair published last month check-in by HarperCollins. TWO NEW YORK hotels Sydney comes to NYC Within days of being made Travel + checking in at featured on Leisure’s “It List the front desk is so WashingtonDC ew york hosts MySpace, the 2007,” featuring the last year. Grand Hyatt about 10 art fairs a humorous look at top 25 hospitality New York will test a the wired generation newcomers. system this summer Nyear. It’s about to had climbed to 261 The Bowery Hotel that lets regular get a new one, highlighting from 3,243 in the gets kudos in the customers skip the works from the red-hot Amazon sales June issue for being a line. Those clients will Far East. rankings. “trailblazer,” while the receive personalized A MySpace Gramercy Park Hotel smart-card keys so The first annual Asian spokeswoman says makes the grade as a they can check in Contemporary Art Fair will Everybody Hurts has “comeback kid.” online and go straight be held in early November been the most to their rooms when popular book on the they arrive. at Pier 92, co-director site. MySpace and HarperCollins The system “allows our most- Thomas Arnold tells Crain’s. are owned by News Corp. frequent guests to check into their He estimates that 80 Anne Garrett, the agent for the rooms before they even get on an galleries will display art book, hopes to use MySpace to airplane and to bypass the front Long established coordinate a tour that will desk completely,” says Matthew from more than 10 combine readings by Everybody Adams, the hotel’s managing commitment countries. A special Hurts authors Lesley Simon and director. exhibition will feature pre- Trevor Kelley with performances by The Hyatt New York will be eminent works from the Emo bands. the first property in the city to use “A lot of kids don’t want to read radio-frequency identification region along with a lecture because they think of books as technology, which is currently series led by renowned homework,” says Ms. Garrett. employed in some Las Vegas Weiser LLP Certified Public Accountants curators and academics. “[The tour] will be part of creating hotels for security purposes. All a cool community.” Grand Hyatt New York rooms Mr. Arnold expects more will be outfitted with RFID by to the than 25,000 visitors, many New York City New York year-end. 135 West 50th Street from overseas, to attend the Citarella fishes New York, NY 10020 real estate community five-day event. He adds that for new business Contributors: Lisa Fickenscher, Matthew Tel 212.812.7000 Flamm, Miriam Kreinin Souccar Fax 212.375.6888 Weiser's Real Estate Services Group the fair will put about $11.5 provides personalized service and technical fishmongers, beware. Long Island expertise to real estate developers, owners, million into the local econ- Joe Guerrero’s Citarella has launched 3000 Marcus Avenue managers, and investors. a wholesale delivery business, Lake Success, NY 11042 omy, not including art sales. SAÚDE! making it easier for restaurants to Tel 516.488.1200 Our services include: “This will be the first get their fresh catch directly from SAGATIBA is the Fax 516.488.1238 • Tax planning and compliance time we’ve actually had so the posh purveyor.The latest premium • Accounting and auditing Westchester entrepreneur is especially tickled cachaça to hit New 660 White Plains Road • Cost segregation studies much Asian art from so by the title of his new business: Suite 430 • Valuations many different countries York, following the Tarrytown, NY 10591 Meat Without Feet.There’s no • Due diligence and litigation support under one roof,” he says. Leblon and Tel 914.333.0555 hint of the Citarella name. Cabana brands. Fax 914.333.0556 • Low income housing tax credits “The interest in Asian art • Management advisory services Five trucks emblazoned with The Brazilian rum New Jersey • Financial, economic, and market and culture has never been the fishy logo will compete with the is used in caipi- 399 Thornall Street risk analyses greater.” likes of M. Slavin & Sons, among rinhas and other Edison, NJ 08837 others. Mr. Guerrero made the cocktails. Sagatiba Tel 732.549.2800 We work together with our clients to Last season’s auctions in move after he nabbed a crew from a is poured at the Fax 732.549.2898 develop customized and integrated Hong Kong reaped record solutions to help them reach their goals. Gramercy Park www.weiserLLP.com sales, and prices of Chinese Hotel, Lotus, For more information, contact contemporary art have Brandy Library and Michael Zivotovsky or Ron Katz at 212.812.7000. increased tenfold in the past other hot spots. two years.

6 | Crain’s New York Business | May 21, 2007 Project3 4/30/07 11:06 AM Page 1 CNYB 05-21-07 A 8 5/18/2007 7:19 PM Page 1

falling in the most recent reporting same period, spiked 30%. By charging a quarter,the Post is for- period. The Post had average weekday going $8 million to $12 million in Post is a paper tiger These marketers also like the up- circulation of 724,748 copies in the annual circulation revenue. scale readership of the Post. “I want six months ended March 31, ac- For News Corp., that’s pocket Continued from Page 1 fully capitalize on its circulation to reach people who have the mon- cording to the Audit Bureau of Cir- change. But analysts say it could The Post must continue forgoing growth also points to another flaw in ey to buy my product,” says Sheldon culations. The News came in at mean the paper will not be able to millions of dollars in circulation rev- its strategy. Kawer, a partner at Media First In- 718,174 copies. make improvements. enue or risk losing its status as the With a large readership among ternational. “What matters to me is The Post insists it’s on track. “They have a hole to fill,” says city’s No. 1 tabloid. Advertising commuters,the paperhas had a hard that the Post’s demographics don’t “The Post strategy is well calculated Edward Atorino, media analyst at sales could suffer as well. time building circulation on Sun- fall apart.” the Benchmark Co. “If they’re run- “It will be difficult for the Post to day—the traditional stronghold of ning the paper like a business, and influence advertisers when it clearly the News, and the favorite edition But seriously, folks ... ‘The Post’s they were counting on this money, can’t provide a loyal readership for advertisers. however,the post has been mak- they’ll have to cut back.” base,” argues Marc Kramer, “The Post is a weekday ing a big push to bring in new adver- strategy is well- Mr. Murdoch, known as a news- chief executive of the News. paper,” says Audrea Fulton, tisers, both luxury brands and the paperman at heart, has a deep at- The Post’s ad revenue director of print at Carat large retailers that have traditional- calculated,’ the tachment to the Post and is famous growth has already slowed NUMBER8 of USA. “Sometimes it will be ly run in the News. Some observers for his patience with money-losing business days editor says from its hefty double-digit that the NY Post taken out of a media plan be- think that the price snafu hurt the properties. gains in 2004 and 2005. was selling for cause of its weakness on paper’s efforts to be taken seriously. But some observers think he 50 cents Sunday.” “For those who were paying at- might be less indulgent of the paper Competing with free papers The Post will soon be fo- tention, it was not confidence- if he were to get his hands on The in 2006, ad sales grew 3% at the Post cusing on growing circulation on building,” says August Fields, gen- Wall Street Journal. to $275 million, according to esti- Sunday, including launching a Page eral manager of the New York Sun. and is working as we had expected it “The Post offers a place at the mates from TNS Media Intelli- Six magazine, according to industry The Post’s failure to raise its price to,” editor in chief Col Allan says table,” says Everette Dennis, a pro- gence. The News was down about sources. hurt more than the paper’s image. through a spokesman. fessor of communications at Ford- 1%, to $531 million. Marketers say the Post’s circula- During the eight business days it was Sources say the Post might try to ham University.“I kind of doubt he’d The tougher market for both pa- tion climb still carries weight.They selling for 50 cents, newsstand sales cut its price again, if it builds a big- have the same enthusiasm about pers can be blamed on the migration also point out that the Daily News at high-volume outlets in Manhat- ger lead over the News. pumping money into it if he owned of ad dollars to the Internet and the needed to increase bulk sales—pa- tan dropped by 20%,according to an The strategy is still a costly one something more substantial.” growth of free dailies amNew York pers sold at a discount to spon- industry source. Sales of the News, for a paper that has been reported to and Metro. But the Post’s inability to sors—to keep its numbers from which cut its price to a quarter for the lose tens of millions of dollars a year. COMMENTS? [email protected]

of their business because it offers New TV shows bolster city’s film business steadier work. A TV show generally shoots from June through April and generates a minimum of $44 million Continued from Page 1 in business, creating the closest Sexy Money,is moving production to thing to job stability in the produc- Los Angeles. However,the pilot for tion sector. The Return of Jezebel James, starring Parker Posey, was filmed in L.A., Only 30 Rock survived but the show will begin shooting now film workers are hoping for a here in early July at Kaufman Asto- long-running hit. Five new shows ria Studios in Astoria, Queens. were filmed in New York this past Another L.A. pilot, Moonlight, season, but only one, 30 Rock, is still could move to New York as well. on the air.

hbo “We want all of these shows to be Two-year production boom TAKING DOWN TONY: Silvercup Studios is dismantling The Soprano’s sets to make way for new shows to be filmed there. huge hits, but replacing The Sopra- the surge in TV shows is part of a nos—in the sense of a show that lives New York production boom that has on for many years—that’s an un- occurred in the past two years, the 2005. “TV wants to be here,” says Hal Though moviemakers can spend known,” studio boss Mr. Rosen- result of a 15% city and state tax The number of people employed Rosenbluth, president of Kaufman a large amount of money in a short bluth says. credit that went into effect in 2005. in the motion picture and video in- Astoria. “New York’s incentive pro- period of time, production execu- The number of film production dustries here reached 34,300, ac- gram has allowed the talent to be tives say television is the backbone COMMENTS? [email protected] days on location in New York City cording to the New York State De- able to push for the shows to be done jumped nearly 10% last year, to partment of Labor, a 2.7% increase here, and for the locations to play a 34,718, breaking the record set in over year-earlier levels. large role in those shows.” THE CRAIN’S BEAT SHEET REPORTERS MIRIAM KREININ SOUCCAR Local firms’ growth is global SENIOR REPORTER AARON ELSTEIN SENIOR REPORTER e-mail: [email protected] e-mail: [email protected] Covers the business of arts, culture. Continued from Page 3 Covers Wall Street. we’re there.” BARBARA BENSON WORKING THE WORLD LISA FICKENSCHER SENIOR REPORTER REPORTER Though the bounty offsets U.S. New York companies that scored overseas in 2006. e-mail: [email protected] e-mail: [email protected] economic weaknesses and a mature Covers the tourism, restaurant Works on Health Pulse newsletter. domestic market,it doesn’t translate % OF TOTAL SALES TOTAL SALES, FOREIGN SALES, and hotel industries. COMPANY FROM FOREIGN MARKETS in billions in billions ELISABETH BUTLER into state revenues and more jobs at MATTHEW FLAMM SENIOR REPORTER REPORTER home. Altria Group 82.94% $70.3 $58.3 e-mail: [email protected] e-mail: [email protected] Covers media and entertainment. Covers retail and apparel. Tax dilemma Avon Products 70.86% $8.8 $6.2 TOM FREDRICKSON ERIK ENGQUIST complicated corporate tax struc- International Flavors & Fragrances 69.05% $2.1$1.5 SENIOR REPORTER REPORTER e-mail: [email protected] tures and international treaties American International Group 48.65% $113.5 $55.2 e-mail: [email protected] make it difficult for the state to take Covers banking, energy Covers politics and government, a cut. Sales booked in other coun- Pfizer 46.78% $48.2 $22.6 and the New York economy. works on Crain’s Insider newsletter. tries are almost always subject to Source: Standard & Poor’s SAMANTHA MARSHALL AMANDA FUNG taxation where the subsidiary is SENIOR REPORTER REPORTER e-mail: [email protected] based. Officials at the state Division e-mail: [email protected] Covers education, and international Covers technology and telecom. of the Budget say they aren’t worried regional offices, most global expan- where, New York’s position as the business and trade. yet. Corporate tax receipts are still sion hiring happens in that market. world’s financial and corporate cap- HILARY POTKEWITZ ANNE MICHAUD SENIOR REPORTER REPORTER rising from domestic revenues. But In particular, developing countries ital is by no means guaranteed. e-mail: [email protected] e-mail: [email protected] if the shift to global markets contin- need staff on the ground to navigate “The long-term threat—at least Covers politics and government, Covers legal issues and transportation. ues, state revenues may eventually foreign legal environments and con- 10 years out—is that the tax, litiga- works on Crain’s Insider newsletter. GALE SCOTT begin to erode. sumption patterns. tion and regulatory pressures placed JULIE SATOW REPORTER Likewise,the globalization trend “You need to have regional con- on U.S. businesses will make us less SENIOR REPORTER e-mail: [email protected] won’t increase the number of jobs at trol,” Mr. Silverblatt says. competitive,” Ms. Wylde says. e-mail: [email protected] Covers hospitals and insurers, headquarters. Apart from a sprin- And because companies can run Covers commercial real estate. works on Health Pulse newsletter. kling of staffers here to work with their global operations from else- COMMENTS? [email protected]

8 | Crain’s New York Business | May 21, 2007 CNYB 05-21-07 A 9 5/18/2007 2:55 PM Page 1

Remade J. Crew scores stylishly FASHIONABLE PERFORMANCE Weekly closing stock prices.

Continued from Page 1 hundreds of stores a year at the peak. ures of creativity and confidence. deft piece of repositioning. Mr. In 2000, that train hit a wall. “Mickey Drexler has done a great Drexler has given J.Crew a flirty new Turned off by too-trendy fashions, job with J. Crew,” says David N. personality with touches of luxury, shoppers took their business else- Deutsch, chief executive of an without alienating the preppy shop- where. Same-store sales plummeted eponymous investment firm that pers who helped make the brand a to 5% losses—reversing years of specializes in retailing.“He’s univer- success when it bowed 24 years ago. double-digit gains—and the com- sally hailed as a merchant prince.” These days, swarms of new, pany’s share price cratered. Two Such praise could pose a problem younger shoppers are drawn to the years after the decline began, Mr. for J. Crew, however. With his store’s fresh racks of accessories and Drexler left the company in disgrace. crown re-established, Mr. Drexler fun apparel, including tangerine- At far smaller J. Crew, Mr. has become the focus of much spec- colored linen Talitha dresses for Drexler has managed to restore ulation, and a series of larger firms

$300 and aquamarine flip-flops for much of his lost luster. He took over are rumored to be eyeing him for bloomberg news $15. Many of those customers have a company where morale had been their own makeovers. Mickey Drexler, come from rivals including Banana decimated by restructurings and set *Initial public offering date and price. chief executive Republic and Ann Taylor. about rebuilding it with equal meas- COMMENTS? [email protected] “People are looking at the price tags at J. Crew, and they’re saying ‘Wow,’”says Kirsten Sharett,a retail analyst with trend forecasting firm StyleSight. “Customers really know value when they see it.” Foreign invasion it remains to be seen how well those gains will hold up in the face of aggressive efforts by a host of trendy foreign retailers, including Japan’s Uniqlo, Sweden’s H&M and Spain’s Mango. More daunting is the sud- denly ominous American retail land- scape in which sagging home sales and soaring gasoline prices have bat- tered first-quarter earnings of cloth- iers from Liz Claiborne to Target. J. Crew executives declined to comment. Mr. Drexler aims to stay above the fray by leveraging J. Crew’s hip Viacom Tuned in new look. Led by stars like Jenna Lyons Mazeau, J. Crew’s head to Hudson Square women’s designer, the retailer has added more color and lively prints to its collection. This summer’s offerings feature fashionable seersucker blazers at $128 on the women’s racks and patchwork shorts selling for $70 in the men’s department.The stores have also beefed up their handbag, VIACOM INC. shoe and jewelry offerings. leased 400,000 SF for its MTV Network Entertainment Group “[ J. Crew] is picking the right - Comedy Central, Spike TV and TV Land - at things,fashionwise,”says Jamie Ross, 345 HUDSON STREET. Thanks to a creative director at fashion con- SCOTT GOTTLIEB, MICHAEL LAGINESTRA sulting firm The Doneger Group. and ANDREW SUSSMAN “It’s kind of foolproof fashion.” of CB RICHARD ELLIS Online, the company has had a for representing the tenant in this transaction. big hit with a new bridal line designed to appeal to budget-con- scious brides and women eager to find bridesmaid dresses that they can actually wear more than once. The matrimonial line helped J. Crew’s online and catalog sales soar by 22% to $309 million last year. @radical.media, New formats VIACOM joins CBS Radio, WNYC, Baron & Baron, Beggars Banquet, having rebuilt the company’s rep- nDemand, Putnam Penguin, utation,Mr.Drexler is now capitaliz- ond, Postworks, The Guggenheim Museum, I ing on that success with the planned Kirshenbaum B opening of 60 more outposts over the ings in the City’s newest creative hotspot. next two years. He recently added Starbucks and Weinstein Hold two retail formats:Madewell,a casu- al clothing chain that sells chinos and T-shirts, and Crewcuts, children’s stores that sell miniature versions of J. Crew’s offerings. Those efforts do not come cheap, however. Each new store costs about $844,000. Mr. Drexler, who achieved fame as the longtime head of The Gap Inc., risks reliving some painful 212.602.0867 memories as he expands J. Crew. At Carl Weisbrod, President hudsonsquare.com Gap, he oversaw massive growth that made him the toast of the in- Jason Pizer, Director of Leasing Availabilities updated weekly dustry.He made the chain into a national retailing phenom, adding

May 21, 2007 | Crain’s New York Business | 9 CNYB 05-21-07 A 10 5/18/2007 3:20 PM Page 1

ports that 35 students enrolled in the 2006-07 certificate program for College kids giving back in record numbers nonprofit management, up from 20 two years ago. Continued from Page 2 growth running at better than 3% a resources to provide a steady stream ditional business curricula. Many students who aren’t on the including the Bill and Melinda year. More than 500,000 workers are of qualified employees. More than half of the students nonprofit career track want to give Gates Foundation are sparking al- employed in nonprofits here. Much of the activity is at the pursuing their master’s of public ad- back the old-fashioned way, and truism among Generation Y stu- Philanthropy experts predict graduate level.Ray Horton,director ministration at Baruch are specializ- they are volunteering in record dents. Many students are devoting turnover of 50% to 80% in the non- of the social enterprise program at ing in nonprofit administration, numbers. vacation time to community proj- profit sector over the next five to six Columbia Business School,says en- versus just a handful a few years ago, At Long Island University’s ects and nonprofit internships. years as senior managers retire and rollment in the Master of Business the college reports. Brooklyn campus,the number of stu- rising donations create additional Administration program grew to Institutions’ continuing educa- dents involved with Common Resume builder jobs in the business of giving.Private 400 students this past school year tion and certificate programs are Ground, a supportive-housing non- the timing of this civic-minded corporations also are looking for from just 30 six years ago. Next year, also blooming. At New York Uni- profit, rose to 100 this past academic push also helps with the postgradu- community service expertise as they Columbia Business School will of- versity’s School for Continuing and year from 60 four years ago. Dental ation job hunt. incorporate more social enterprise fer three additional courses in social Professional Education, adminis- students at the City College of Tech- The nonprofits sector is one of the into their main businesses and use enterprise, a field in which the trators of the Master of Science pro- nology started selling toothbrushes to strongest areas of New York City’s cause-related marketing to push school’s average enrollment is gram in fund raising expect 50 stu- raise funds for oral hygiene packages economy, with about 30,000 organi- products. climbing at an annual rate of 10%— dents this fall, compared with 30 for soldiers in Iraq, and 800 under- zations based here and employment Educators are marshaling their a better clip than that for more tra- when it launched last fall. Pace re- graduates at Baruch raised $77,000 this school year for the American Cancer Society,up from 500 students who raised $48,000 two years ago. Some business, engineering and science majors are using what they’ve learned in the classroom to make a difference in concrete ways. For example, about two dozen students at Pace are organizing a trip to Tanzania next year to help small business owners draw up business plans and find funding. Practical education in return, such missions benefit students by allowing them to hone their skills in ways that don’t exist in academic settings. Lugging cinder blocks by pack mule up a muddy mountain in the Honduran rain for- Free Business Checking is now est helped teach civil engineering undergraduate Rebecca Pizarro how to meet the practical challenges available with good karma. of building from a blueprint. The City College of New York student—who took time out from her studies to help build a water fil- tration and distribution system Open a Free Business Checking account and get a through the nonprofit Engineers * Without Borders—also learned that “Green Business Kit” when you pay three bills online. she can have a real impact through her chosen profession by assisting As the world’s local bank, we know that working towards sustainability isn’t only a good people in underdeveloped countries. thing to do, it can also be profitable. Small changes can add up quickly, and with the “I plan to do this for many more right tools we can have a real impact on the environment. Of course, a Green Business years,” she says.

SM Kit isn’t the only reason to bank with us. Free Business Checking from BusinessSmart COMMENTS? [email protected] has exclusive benefits, like no minimum balance requirements, 300 free monthly transactions and free online banking. To open a business checking account, go to your local branch, call 866-427-2104 or visit us.hsbc.com/theresnosmallchange. SUMMER Ask us about our personal banking services. LOVIN’ THE SPIRIT OF PHILANTHROPY is spilling over into internships and there’s no small change campus recruitment strategies. Students are spending their summers working at nonprofits, and they’re demanding that the corporations that ultimately hire them give back to the community, too. Eager to impress the next generation of talent, PricewaterhouseCoopers is sending 86 students from across the country on a junket to New Orleans this summer, so that they can bond with executives and help rebuild a school destroyed by Hurricane Katrina. “Student focus groups are telling us they want to know how involved we are *To be eligible to receive the Green Business Kit, customers who open a new HSBC business checking account between April 9 and June 8, 2007 must pay three bills by July 25, 2007 using HSBC Online in Bill Pay. Qualified customers will be notified via BankMail within eight weeks of the third online bill payment. (BankMail is the secure e-mail service accessed within Business Internet Banking.) Notification community service,” says Amy will include instructions for redeeming the Green Business Kit, which will require customers to register an e-mail address and their preferred shipping address. The kit will be delivered within 4-8 weeks Van Kirk, head of campus after registration. Limit one kit per business customer. This offer cannot be combined with any other offers or promotions, is nontransferable, good while supplies last, and expires on November 30, 2007. recruiting at PwC. “It’s one of the Any kits not redeemed by November 30, 2007 will be forfeited. The cost of the Green Business Kit will be reported on IRS Form 1099. first things they ask.” Deposit products in the United States offered by HSBC Bank USA, N.A. or HSBC National Bank USA. Both banks are Member FDIC. ©2007 HSBC Bank USA. Equal Credit Opportunity Lender.

10 | Crain’s New York Business | May 21, 2007 Project9 5/15/07 4:17 PM Page 1

WHO EVER THOUGHT A ROUND OF GOLF COULD MEAN SO MUCH?

THANK YOU TO THE PRESENTING SPONSORS OF THE BOYS’ CLUB OF NEW YORK TRUSTEE INVITATIONAL GOLF TOURNAMENT. 18 holes will make a tremendous difference in the lives of 4,000 of our city’s boys. Your generous support will help us sustain an environment that nurtures individual talent, strengthens family and promotes strong citizenship while fostering a passion for learning. For that we and the boys’ are forever grateful.

For more information about The Boys’ Club of New York please visit us at bcny.org or call 212.677.1102 x1167

R. W. Pressprich & Co. INCORPORATED

Design by Sharp Communications, Inc. CNYB 05-21-07 A 12 5/17/2007 8:28 PM Page 1

VIEWPOINT Rx for medical liability crisis

editor in chief Rance Crain publisher Jill R. Kaplan y july 1, the New York Insurance To get one, it was willing to accept business demands for Department must decide whether to grant reforms that would reduce workers’ comp costs. EDITORIAL editor Greg David a 16.6% increase in malpractice rates Trial lawyers have no interest in reforms. Why should managing editor Richard Barbieri requested by the state’s largest insurer of they give up a legal environment that allows them to win deputy managing editors Valerie Block, Erik Ipsen doctors.There is little doubt that the full higher judgments and more money for themselves in fees columnist Alair Townsend amount is needed, and the question facing virtually year after year? Their many allies in the Legislature senior reporters Aaron Elstein, Lisa Fickenscher, Matthew Flamm, Superintendent Eric Dinallo is whether to stand ready to heed their views. Tom Fredrickson, Samantha Marshall, spotlight what everyone knows is a crisis in medical liability In other states, malpractice reforms were enacted only Anne Michaud, Julie Satow, or postpone it for another day. after the public became aware of the crisis, which could Miriam Kreinin Souccar B reporters Barbara Benson, Elisabeth Butler, The numbers speak for themselves. Reserves at the happen in New York if the full rate increase is granted.The Erik Engquist, Amanda Fung, Hilary Potkewitz, Gale Scott insurer, Medical Liability Mutual Insurance Co., have move could be accompanied by an endorsement from restaurant critic Bob Lape declined to less than $200 million from $1.4 billion six years Messrs. Dinallo and art director Steven Krupinski deputy art directors Carolyn McClain, ago.The company is insolvent in all but name.The financial Seven upstate Spitzer of the kind of Daniel Mednick straits are the result of the temporizing by Mr. Dinallo’s changes already staff photographer Buck Ennis counties have copy desk chief Wendy Zuckerman predecessors, who refused to approve needed increases. enacted in other states copy editors Michele Arboit, Meanwhile the median award in malpractice cases has with great effect.The Thaddeus Rutkowski no doctors research editor Denise Southwood soared to $1.3 million, the latest available figure, up 30% in most needed changes associate research editor two years. Neurosurgeons, one of the highest-risk specialties, to deliver babies are limits on pain and Adrianne Pasquarelli www.NewYorkBusiness.com would have to pay annual premiums of more than $315,000 if suffering damages and online editor Catherine Tymkiw the rate hike is approved. Obstetricians pay such stricter rules on when online reporter David Jones burdensome costs that seven upstate counties have no doctors will be held EDITORIAL AND ADVERTISING OFFICES doctors to deliver babies, and the number of obstetricians liable. Even with those 711 Third Ave., New York, NY 10017-5806 editorial: 212.210.0277 Fax 212.210.0799 statewide has declined in the past two years. changes, patients harmed by medical negligence will get fair advertising: 212.210.0259 Cable craincom nyk Superintendent Dinallo, taking a page from Gov. Eliot compensation. Fax 212.210.0499 Spitzer’s successful effort to broker a much-needed Of course, Mr. Dinallo could approve a small increase and Entire contents ©copyright 2007 Crain Communications Inc. All rights reserved. compromise on workers’ compensation insurance, is seeking delay the crisis for another day. But then the Spitzer ®CityBusiness is a registered trademark of MCP consensus from doctors, hospitals, insurers and trial lawyers. administration would be acting just like the Pataki Inc., used under license agreement. Unfortunately, the two situations have little in common. administration.That wasn’t why Eliot Spitzer was elected TO SUBSCRIBE: Call 888.909.9111; fax 313.446.6777. Labor badly wanted an increase in workers’ comp benefits. governor. $3.00 a copy, $59.79 one year, $109.79 two years. www.NewYorkBusiness.com

ADVERTISING AND MARKETING advertising director Vanessa Cognard LETTERS TO THE EDITOR business development manager Robert N. Grossman senior account managers Holly A. McKeown, William E. Squitieri account executives Andrew Carlin, Lisa Pearly, Derek Reese, More items for Albany’s to-do list Jennifer Siniscalchi, Brigitte Stieglitz western account manager Ellen Mazen (Los Angeles) 323.370.2477 SPECIAL ELECTIONS, district boundaries to prevent deliveries in less time; prices will discretion, and the supply quickly sales manager, classified REINING IN LAWMAKERS incumbents of both parties adjust.The mayor should be runs out. The common-sense print & online John Gallagher stacking the deck in their favor. commended for doing something solution is to assign a price or cost newsletter product manager please add three more larry penner to address the city’s traffic and to the good or service, which will Catherine Evans Gittens sales coordinator, print & online suggestions to Crain’s excellent pollution problems, while Mr. result in consumers’ prioritized use. Lulé Haznedari May 7 editorial, “Put campaign MCCAFFREY: GET McCaffrey and others continue to An additional benefit in this case is sales coordinator Anita Perrino reform over pay.” THE BIG PICTURE show that it is far easier to do the revenue that can be used to credit Pat Grondziak 313.446.6082 Why not amend the state nothing. maintain and improve capacity of marketing manager Jill H. Bottomley constitution to allow the governor former city councilman peter kostmayer roads and the mass transit system. circulation manager Andrea Richardson to call for a special election in the Walter McCaffrey’s claims that President The test for success will be the general manager, interactive event of a vacancy for state congestion pricing will hurt those Citizens Committee city’s economy after congestion Marc Minardo comptroller or attorney general, as who must travel to Manhattan for New York City pricing has been in effect for a NEW YORK PRODUCTION he can already do when a seat in hospitals from outer boroughs time.The great thing about the production and pre-press director the Legislature becomes vacant. (“Traffic-fee foes mobilize,” May TRAFFIC FEES policy is that it is so easily Michael Corsi That would let voters decide, 14) ignores the fact that handicap- A NO-BRAINER adaptable. Prices can be changed advertising production manager rather than have lawmakers select licensed vehicles would be rather easily, or the policy can be Marilyn DeMilta one of their own as a replacement. exempt—as would taxis, car congestion pricing is a viable canceled without considerable cost PUBLISHED BY CRAIN COMMUNICATIONS INC. Introduce a law requiring all services, and emergency and market approach to allocating the or loss of investment. chairman Keith E. Crain members of the Legislature who specialized-mobility vehicles. If use of a scarce resource—namely, Congestion pricing seems a no- president Rance Crain hold a second job to report both anything, congestion pricing will the use of Manhattan streets. brainer to try. secretary Merrilee Crain income and hours worked. help ensure that the elderly and When a good or service is in clifford sondock treasurer Mary Kay Crain In 1812, Massachusetts Gov. disabled arrive at Manhattan high demand and is free, President executive vp, operations William Morrow senior vp, group publisher Gloria Scoby Elbridge Gerry signed a hospitals quickly and efficiently. consumers use it without Land Use Institute group vp, technology, circulation, redistricting bill allowing his party Mr. McCaffrey also argues that manufacturing Robert C. Adams to rig the drawing of district because city stores will have to pay a vice president/production & boundaries in their favor—the fee when delivering to the northern manufacturing David Kamis practice now known as and western suburbs, Manhattan WHAT’S COMING UP IN CRAIN’S? chief information officer Paul Dalpiaz corporate circulation director gerrymandering. After the 2010 stores will raise their delivery prices, Patrick Sheposh census, remove the redistricting and suburbanites will quit shopping Area’s largest Small Health power from both the state Senate in the city. If one looks long-term, publicly held business care founder G.D. Crain Jr. (1885-1973) and Assembly leadership. Have however, deliveries could be companies report report chairman Mrs. G.D. Crain Jr. (1911-1996) the League of Women Voters or cheaper both in the city and to the May 28 June 11 June 18 some other impartial group redraw suburbs. Less traffic means more

12 | Crain’s New York Business | May 21, 2007 CNYB 05-21-07 A 13 5/18/2007 11:24 AM Page 1

ment and generally a compromiser, in the best sense of the word. The antidevelopment gay activist from the West Side seems to have a new persona, but it’s still hard to see her as the next coming of Mayor Mike. The most noise is coming from Mr.Weiner,whose surprise second- place finish in the 2005 Democrat- ic primary is attributable primarily to his sharp tongue.To give his campaign early visibility, Mr. Weiner is putting himself forward as the foremost opponent of the mayor’s congestion pricing plan, although that is sure to heighten tensions with Mr. Bloomberg. Whether a white Jew from Brooklyn can mobilize borough voters is unproven,and it would require a split in the minority vote. AN EXCEPTIONAL BLOCK OF SPACE Bronx Borough President Adol- IN A COVETED LANDMARK GEM. fo Carrión will attempt to build a Latino business coalition as the pro- development candidate, which will Three contiguous floors of headquarters space be difficult to achieve. Comptroller john h.john howard William Thompson is certain to in this 40-story historic landmark property. run, although it isn’t clear what agenda he will have. He’s very vulnerable to being marginalized • Immediate Availability Current Availabilities: by Ms. Quinn as the uninspired • New Building Installation Entire 5th Floor: 55,368 rsf Same ol’ same ol’ African-American candidate. • Ornate Marble Lobby Entire 6th Floor: 55,198 rsf with Vaulted, Gold-leaf Ceilings In the past,the mayor has named • World Class Tenant Roster Entire 7th Floor: 48,054 rsf alternatives. Police Commissioner • Lower Manhattan Incentive Programs TOTAL: 158,620 rsf in mayor’s race Ray Kelly is one, but he’s been bad- • Committed On-site Ownership Smaller units available from 4,000 rsf ly tarnished by the Sean Bell shooting and would face angry opposition n the good old days of New York politics, say, up un- from black voters. No one doubts For further information please call: til about four years ago, the mayoral campaign began that Deputy Mayor Daniel Docto- Catherine T. Giliberti roff is smart, and he’s too smart to Roger A. Silverstein Tel. 212.732.9700 Stuart A. Christie Fax 212.732.9708 right after the nation chose a president. Given the accel- think he would be effective in a po- www.silversteinproperties.com erated political schedule—17 months before the 2008 litical campaign.Time Warner boss elections, there have already been three presidential de- Richard Parsons is the best of the bates—the maneuvering to succeed Michael Bloomberg is esca- list, but he is supposed to want to I tend his Italian vineyards after he lating.The campaign may get under way in earnest early next year. retires next year. Meanwhile, hotel exec Jon Tisch A few weeks ago,the Either way, every is- seems to have toyed with the idea. mayor chose City Coun- sue is being weighed in Supermarket magnate John Catsi- cil Speaker Christine part for its impact on the matidis’ self-promotion for the job Quinn to help him an- 2009 elections,in which is just that. nounce the launch of the early handicapping There is a strong case to be made ferry service between the pits four middle-of- for finding an alternative to the pre- Rockaways and Man- the-road Democrats dictable four.But New Yorkers must hattan, though Queens against a speculative remember that Michael Bloomberg Rep. Anthony Weiner apolitical savior like the himself is an accidental mayor,elect- had worked hardest to mayor himself. ed by a mere 50,000-vote margin be- secure the necessary The smart money is cause of the Sept.11 disaster and the funds. It’s difficult to GREG already on Speaker many missteps of Democratic nom- know whether this is be- DAVID Quinn, who is acting as inee Mark Green. Only if the city is cause the mayor wants if she is the mayor’s in dire shape will someone like Mr. to anoint the speaker as clone—concerned about Parsons be dragooned into running, his rightful successor or because he keeping the city’s finances sound, or have a chance of winning.It is dif- dislikes Mr. Weiner so much. obsessed by efficiency in city govern- ficult to wish for such circumstances.

CRAIN’S ONLINE POLL DO YOU BACK GOV. ELIOT SPITZER’S PROPOSAL FOR EXPANDING NEW YORK STATE’S DNA DATABASE? MOST OF THE 306 RESPONDENTS support No, it’s a threat the terms of the proposed legislation, which to personal .14% would include collecting DNA samples from privacy Yes, it will people convicted of most crimes. Six in 10 59%. help catch say a bigger database will help catch Yes, it will help .27% more exonerate wrongly criminals lawbreakers; just over a quarter say it will convicted people help clear wrongly convicted people. A mere 14% oppose the legislation.

For this week’s question: Go to www.NewYorkBusiness.com/poll to have your say.

Member CNYB 05-21-07 A 14 5/18/2007 1:20 PM Page 1

Cemusa also says the first of 20 public toilets will be installed in Madison Square Park this summer. PLANYC 2030 Cool reception THE INSIDER The company will also build up to MAYOR MICHAEL BLOOMBERG’S trip to Albany to drum up support for PlaNYC 330 newsstands, 280 of which will 2030 last week made only modest progress. by Erik Engquist and Anne Michaud replace existing ones. Manufacturing Gov. Eliot Spitzer, whose is under way. approval is the key, is said to object to the SMART Authority—a proposed agency that would Columbia enrolls collect revenue to pay for mass- New bus shelters contractors transit projects. The agency would be a hybrid, columbia university has hired with both city and state financing drive ad traffic Bovis Lend Lease as construction and a board appointed by the he two-decade battle manager for the first phase of its mayor and the governor. Along Manhattanville campus—three with proceeds from congestion over new bus shelters, new buildings bounded by West pricing, city officials say, the plan newsstands and public 129th and West 130th streets, and could close a $31 billion gap for IN ALBANY: Mayor Michael Bloomberg (right) T by 12th Avenue and Broadway.The met with Sen. Joseph Bruno to push PlaNYC. toilets has faded from the McKissack Group, the oldest projects on the region’s priority headlines, and that’s fine with minority-owned construction firm list. However, the idea steps on Cemusa, the company that is in the country, was named the the toes of the Metropolitan Transportation Authority, a state agency. paying the city $1 billion to put primary subcontractor. The mayor’s meeting with the governor was reportedly difficult and they clashed over the SMART Authority issue. new street furniture in the five City approval remains at least a year away, but Columbia says the “The SMART Authority is one of the many aspects of the plan that we are boroughs and sell advertising companies will proceed with carefully reviewing,” says a spokeswoman for the governor. natalya rolbin natalya on the structures. It’s ramping planning.The new buildings are Meanwhile, Assembly Democrats have decided to hold hearings on the up its installations as advertising revenue soars. the Jerome L. Green Science mayor’s plan. But that isn’t necessarily a positive step, either. Cemusa says advertisers are buying space on its high-tech Center, the Columbia Business Cities Committee Chairman Jim Brennan of Brooklyn, who heads one School and an academic mixed-use committee involved, says PlaNYC won’t get the fast-track treatment that Mr. bus shelters just as fast as it can install them, and the company facility known as the Lantern Bloomberg seems to want. believes it will double the revenue generated by Viacom, Building. Columbia also plans to which formerly held the contract. move administrators into the nyc.gov: reed edward Studebaker Building on West 131st The Empire State Development alternative suggested by the Port The company has installed nearly 300 shelters and is adding Street next month. Corp., which is reviewing the hotel Authority of New York and New 120 per month. Manufacturers in the Bronx, Brooklyn and companies’ proposals, would not Jersey giving the authority more Queens are working triple shifts to build the $20,000 glass-and- comment. However, downstate power to reassign slots. steel shelters. Cemusa hopes to reach its goal of 3,300 to 3,500 Finalists check in chairman Patrick Foye said publicly for Javits hotel earlier this month that the three within three years, rather than the planned five-year rollout. finalists had submitted a total of AG questions the three finalists to build a five proposals.The state was acquisition In 10 old shelters, the company passersby. Cemusa is awaiting $200 million-plus hotel next to the seeking more detail, Mr. Foye said, has installed LCD screens that Department of Transportation approval Jacob K. Javits Convention Center adding that ESDC would make an the new york state attorney allow advertisers to beam to expand that pilot program if are Hyatt, Marriott and Hilton, says announcement soon. general’s office is weighing antitrust promotional messages to DOT decides the shelters don’t one insider, adding that a decision is action to block or modify Rite Aid’s Bluetooth-enabled PDAs of interfere with traffic. expected within three weeks. proposed acquisition of Brooks EDC revamp set Eckerd, a Canadian chain, according after departures to sources in Albany. If the deal is finalized, Rite Aid would own 532 the bloomberg administration stores in the New York is reorganizing the Economic metropolitan area, up from its Development Corp.’s senior staff current total of 304. following the departure of a second The Federal Trade Commission top executive. is also looking into the merger and Joan McDonald, senior vice could require Rite Aid to divest president of transportation, joined itself of some stores in markets the Rell administration in where it would dominate.The chain Connecticut just after Executive now has 3,300 stores in 27 states. Vice President Kate Ascher resigned. Ms. McDonald was named commissioner of the state NY groupies Department of Economic and gather for Gore Community Development. Insiders say she missed out on up to 100 Al Gore groupies are becoming city transportation expected to rally for a Gore commissioner. Ms. Ascher, now presidential bid across the street with Vornado Realty Trust, was from the 92nd Street Y when the passed over for several former vice president speaks there commissioner-level posts. May 24. Insiders say NY Draft Al Gore organizer Steve Cohen believes Gore has already decided to run, JetBlue, airports but planned the rally to nudge him in dogfight along and keep a Gore candidacy From brides to bulldozers, the port means business. in the public consciousness. Mr. Some of the most treasured moments in our lives are made possible through the port jetblue airways continues to look Gore has said he is not planning to of New York and New Jersey.Take a wedding, for instance – from bridal gowns to for more room at New York run but has not ruled it out. He bow ties, table settings to tuxedos, and virtually everything on a bridal registry – it airports, which are dominated by will be in town promoting his new all flows through the port. Consumers rely on the port to deliver older and larger carriers, but it book. I the products they want and need, just as businesses depend on the port as a key component in their logistics chain. has soured on an FAA Thanks to the port of New York and New Jersey, proposal that might help. AL GORE is scheduled to we all have a reason to celebrate! The FAA plan would yank speak at the 92nd Street Y. airport slots from carriers that don’t use them to full capacity The men and women of the port of New York and New Jersey... and “recycle” them to other carriers. Robert Land, a JetBlue .com senior vice president, says the FAA plan would create an

A STAR IS AIRBORNE

STARTING JUNE 26

Qatar Airways introduces award-winning 5 star service from New York to Doha*, with convenient connections to over 80 destinations in Europe, the Middle East, Africa, the Indian Subcontinent, and Asia. Visit www.qatarairways.com or call 1-877-777-2827.

* Departures from Newark Liberty International to Doha operate via Geneva. Daily nonstop service from Washington Dulles to Doha starts July 19. CNYB 05-21-07 A 16 5/18/2007 2:16 PM Page 1

WEEK IN REVIEW

remaining shares of auto insurer ECONOMIC SPOTLIGHT 21st Century International Group that AIG didn’t already own for $813 million.The deal tops AIG’s previous offer of $690 million. Bear charge bear stearns cos. slashed the value of its Bear Wagner specialist unit and said it would take a $225 million charge as the shift to electronic trading eliminates the need for floor brokers. Bear Stearns also acquired the 40% of the unit that it didn’t already own. Blackstone buying Alliance the blackstone group agreed Springtime on Broadway to purchase Alliance Data Systems for about $6.77 billion. Dallas- SPRING AWAKENING, a sexually charged rock musical based based Alliance Data, which runs on a 19th-century German novel (above), led the field of marketing programs and processes Tony Award contenders with 11 nominations, including best credit cards for retailers, gas stations and other companies, had musical, best original score and best leading actor. sales of $2 billion last year. THE COAST OF UTOPIA, Tom Stoppard’s epic trilogy about Economy Watch 19th-century Russian intellectuals, led all plays with 10 Merrill shuffle April marked the ninth straight month in which New York City’s jobless nominations, including one for the coveted best play award. merrill lynch & co. named rate was below 5%. The city has added 70,700 jobs since December 2005. The awards will air on CBS on June 10. Ahmass Fakahany and Gregory MARCH ’07 APRIL ’07 COMPARISON Fleming to the new posts of co- redux presidents, with Mr. Fleming seen NYC jobless rate 4.3% 4.4% 4.5%1 companies—may push for as a possible chief executive. Mr. NYC employment change +100 -700 +22,6002 24/7 selling changes at Citi, whose poorly Fakahany is currently Merrill’s NY area inflation change +0.7% +0.5% +2.5%3 to WPP Group performing stock has raised the ire chief administrative officer and 1-U.S. unemployment rate. 2-Change since December 2006. 3-Inflation rate for the latest of shareholders. Mr. Fleming is co-president of the 12-month period. 24/7 real media inc. agreed to be firm’s global markets and sold to London ad giant WPP investment banking group. ... Dow Group for $649 million in cash. Primedia unloading Kim, who now serves as co- NYC Hotel Stats Broadway Stats The deal leaves only a handful of enthusiast mags president with Mr. Fleming, will local online ad firms that are not leave at year-end to form his own Average room rates and occupancy Theaters posted slight gains in the owned by a traditional agency or primedia inc. agreed to sell the hedge fund firm. levels continued upward in March, week ended 5/13, The League of major Internet company. remainder of its enthusiast media PKF Consulting data show. The American Theatres and Producers titles to Source Interlink Cos., a averages for the year to date were says. Jersey Boys had the highest top distributor of entertainment and Marathon, Golub $247.55 and 79.2%, topping year- ticket price and highest average paid NBA calls media products, for $1.2 billion in earlier levels of $222.08 and 78.5%. admission—$351.50 and $120.93. file for IPOs on London cash.The unit, which publishes 70 special-interest magazines, marathon real estate finance, the national basketball had revenue of $524.8 million a newly organized real estate Association plans to open its first last year. investment trust, filed a London office this summer as part $200 million initial public of a larger Pace ouster offering. … Golub Capital initiative to raise Partners, formed by investment the league’s pace university said President firm Golub Capital to buy secured profile outside David Caputo will retire June 3. and subordinated loans, filed for a the United Mr. Caputo came under fire for $150 million IPO. States.The his $800,000 salary and other NBA has already issues related to free speech, the gained traction campus endowment and WaMu buys in China, where guaranteed tuition. Law school

getty images MSG rights basketball’s Dean Stephen Friedman was popularity has been helped by named interim president. cablevision systems corp.’s Capital IQ’s Weekly Deals Report well-known Houston Rockets Theater at Madison Square center Yao Ming. Garden (below) will be named for TRANSACTION SIZE Cuomo targets banking giant Washington COMPANY/LOCATION (in millions) BUYER/INVESTOR TRANSACTION TYPE Russia sues BNY Dell practices Mutual Inc.The sponsorship Thomson Corp., $7,750.0 Omers Capital Partners, FB M&A agreement marks the first Thomson Learning Apax Partners Worldwide russia’s Federal Customs Services new york state Attorney naming-rights deal for the 5,600- and Thomson Nelson Learning Manhattan sued the Bank of New York Co. General Andrew Cuomo sued seat venue in its 30-year history. for $22.5 billion over an alleged Dell Inc., the world’s No. 2 —from staff reports and Quadriserv Inc. $13.0 Bessemer Venture Partners GCI Manhattan money-laundering scheme that computer maker, for consumer bloomberg news reports Tutor.com Inc. $9.5 Ascend Venture Group, Dawntreader GCI took place in the 1990s. fraud and deceptive business Manhattan Ventures, Intel Capital, Kidron Corporate practices. He says Dell misled Advisors’ investment arm Citi stake customers with its financing offers WebCollage Inc. $3.6 Sierra Ventures, Cedar Fund, GCI and failed to honor warranties, Manhattan Gilde Investment Management billionaire hedge fund manager service contracts and rebates.The Mogulus $1.2 Not disclosed GCI Edward Lampert, who controls company denied the charges. Manhattan Sears Holdings, disclosed an Selected deals announced during the week of May 6 for companies headquartered in metro New $800 million, or 0.3% stake, in York. FB M&A: Financial buyer M&A represents a minority or majority acquisition of existing AIG buyout shares of a company with the participation of a financial buyer. GCI: Growth capital investment Citigroup Inc. Mr. Lampert— represents new money invested in a company for a minority stake. known for working with managers american international group bloomberg news bekka lindström bekka to turn around struggling Inc. agreed to buy out the

Your future customers in Beijing are closer than you think. FedEx has all the tools you need to make international shipping easy. FedEx Express ships to more than 220 countries and territories worldwide, including over 200 cities in China. And whatever your shipping needs are, FedEx has a solution that lets you focus on the things that really matter —like growing your business. For more information, go to fedex.com. Relax, it’s FedEx.® CNYB 05-21-07 A 18 5/17/2007 7:05 PM Page 1

people to a Columbia Business School lecture hall,where selected lo- Tech revives—so do schmooze fests cal entrepreneurs presented to a panel made up of venture capitalists,tech attorneys and industry experts. Next at venture firm Greenhill SAVP. month’s soiree will feature an all-fe- Link up firms, cash; INVESTORS David Larkin This time around, venture capi- male panel of investors and experts. presentation-style (far left) and talists are meeting seasoned entre- Bob Greene preneurs who are on their second or ‘Like American Idol’ events are popular backed George third startup—ones that actually “it was an opportunity to get in Kaltner’s generate revenue. And instead of front of multiple investors at one BY AMANDA FUNG Managed pitching wild ideas, more entrepre- time,” says Jay Levy, co-founder of Systems. neurs use the events to improve their Manhattan startup Trueview Ser- it was the inaugural Founders businesses, broker partnerships and vices,which presented its Web-based Club party in a triplex loft in tap into the investment community. monitoring product at the inaugural TriBeCa—an invitation-only affair The most popular event, New event. “On the flip side, it was like to promote the New York tech com- York Tech Meetup,has ballooned to American Idol, with six Simon Cow- munity. A hundred entrepreneurs, 500 attendees a month from just a ells sitting in front of me,” he says. media executives and investors ex- dozen when it was formed in 2004. Even gatherings with hefty ad- changed business cards and conver- Six entrepreneurs get five minutes mission fees have had a spike in sation at the February event. each to present their product. Audi- turnout. iBreakfast, which dates

The crowd included longtime buck ennis ence members tend to be brutally back to 1997,charges between $175 venture capitalist Bob Greene and honest—sometimes even heckling. and $245 for its monthly network- George Kaltner, founder of Man- to identify investors and connect al earnings, as in Google Inc.’s “One reason Silicon Valley is ing events in Manhattan. Atten- aged Systems Inc., which angel in- them with entrepreneurs. Atten- purchase of DoubleClick Inc., the successful is that they have a collab- dance is up 50% to 100% in the past vestor David Larkin—who lives in dance is soaring at established digital advertising pioneer, for orative culture,” says Jeff Stewart, year, says Alan Brody, president of the loft—had backed. events like New York Tech Meetup $3.1 billion and Yahoo Inc.’s an assistant organizer of the New TECHmarketing in Scarsdale, Within weeks, Mr. Greene had and iBreakfast. And newer ones, in- $680 million acquisition of online York Tech Meetup and serial entre- N.Y., which runs iBreakfast and agreed to invest in Managed Sys- cluding the Founders Club and The ad firm Right Media Inc. preneur, who has presented several other tech conferences. tems.The local firm,whose funding Hatchery’s Gauntlet, are popping times. New York is now developing “Any forum that brings tech en- target was $3 million,ended up rais- up all over Manhattan. Froth or bubble? such a culture, he says. trepreneurs together for real-time ing $3.4 million. It is reminiscent of the Silicon Al- but not everyone is confident Within the past year,Tech Meet- advice and feedback is a great “I didn’t go looking for money,” ley days, when there was a seemingly that the latest boom in financing ac- up has spawned half a dozen small- thing,” says Jed Katz, managing di- says Mr.Kaltner,who donated $500 endless supply of beer and money. tivity will last. And if the flow of er Meetups in Manhattan to target rector of venture capital firm Drap- worth of wine to the party. “I want- Last year,venture capitalists invested cash into startups doesn’t continue, niches like social networking and er Fisher Jurvetson Gotham Ven- ed to see what other businesses were $2 billion in 248 New York area tech the need for networking parties will online video. Those monthly gath- tures, a co-sponsor of New York out there.” companies.The number of deals rep- dry up as well. erings attract about 100 people. Tech Meetup. “People want to see The New York tech community resented a 44% increase over 2005. “Some of the activity is froth,but The Hatchery’s Gauntlet what others are working on.” is back, as evidenced by a growing In addition,local firms have been it’s too early to call it a bubble,” says launched earlier this month with a number of schmooze fests designed sold for at least 10 times their annu- Steve Brotman, managing director setup similar to Meetup’s. It drew 85 COMMENTS? [email protected]

ACCOUNTING • TAX • BUSINESS CONSULTING

“ I approach the game of golf the same way I approach my life – with focus, integrity and professionalism. These are the same qualities that attracted me to join Team RSM McGladrey – and why I wholeheartedly encourage you to consider their level of expertise. ” — Zach Johnson Team RSM McGladrey Champion, 2007 Masters

Call us today at 866.753.3761 or e-mail [email protected] Visit us at www.mcgladrey.com

Don Lipari Steven Mayer Executive Managing Director Executive Managing Director 750 Third Avenue 1185 Avenue of the Americas New York, NY 10017 New York, NY 10036 RSM McGladrey is the official accounting, tax and Tel 212.297.4817 Tel 212.372.1261 [email protected] [email protected] business consulting firm of The PGA of America.

RSM McGladrey Inc. and McGladrey & Pullen LLP are member firms of RSM International, an affiliation of independent accounting and consulting firms.

18 | Crain’s New York Business | May 21, 2007 CNYB 05-21-07 A 19 5/17/2007 2:35 PM Page 1

REAL ESTATE INSIDE Surging retail strips Vernon Boulevard in Long Island City; Bedford Avenue in Williamsburg PAGES 22-23 Newark New arena is a springboard for revitalizing downtown PAGE 28

Hotels find room to build downtown 2 dozen projects planned or under construction in growing area

BY KERRY MURTHA

by the end of the decade, downtown Manhattan will boast the city’s tallest building, a host of new parks, a pair of new transit hubs, the World Trade Center Memorial, scores of new shops and restaurants and thousands of new full-time residents. With all that in the works,it’s no wonder that developers are in the process of making the area shaver mark the city’s hottest market for new hotels.Two dozen such projects are currently either under construction or on the drawing boards. Together, they will add To gut or pretty up 3,000 hotel rooms south of City Hall within the next few years, more than doubling the current landlords are cashing in on the city’s red-hot commercial count of nine hotels with a total of 2,197 rooms,according to the property market by gussying up their buildings—and hiking their Alliance for Downtown New York. REBORN rents. Renovations range from remodeled lobbies and refurbished BUILDINGS Underserved market elevators to entire new facades. In some cases, owners are stripping “it’s an incredibly strong GUT REHABS: Huge risks pay off market and currently under- Page 24 buildings to their girders and starting over. The common theme is served,” says Rex Hakimian, RENOVATIONS: chief executive of The Hakimi- More is better that the more landlords are prepared to spend, the more they can an Organization, which is con- Page 26 See DOWNTOWN on Page 20 expect to charge. In some cases, rents have more than tripled.

ThanksThanks AA Billion,Billion, NewNew York!York! In just four years, Commerce has reached over $1 billion in real estate financing in the Metropolitan New York market.

Speak to a Commercial Real Estate Expert. Call Richard Cassin at 1-888-751-9000.

EQUAL OPPORTUNITY LENDER Member FDIC

May 21, 2007 | Crain’s New York Business | 19 CNYB 05-21-07 A 20 5/17/2007 2:39 PM Page 1

REPORT Downtown hotels

Continued from Page 19 verting the former J.P. Morgan CHECKING INNS headquarters at 75 Wall St.to an upscale hotel and condominium. HOTEL Global Hyatt Next year, the 43-story brick ADDRESS 75 Wall St. tower will reopen with a 250-unit SIZE 250 hotel rooms/350 condos Hyatt Hotel and 350 condomini- OPENING 2008 ums. The hotel will capitalize on HOTEL W New York-Downtown 360-degree views, 10-foot ceilings, Hotel & Residences large windows, and a landscaped ADDRESS 123 plaza between Pearl and Water Washington St. streets. SIZE 217 hotel On the other side of downtown, The Moinian Group is making a rooms/222 similar bet at 123 Washington St., residential units where it is building a 57-story tow- OPENING 2008 er that will house the W New York- HOTEL Wyndham Garden Hotel Downtown Hotel & Residences. ADDRESS 20 Maiden Lane The hotel, which is also slated to SIZE 113 rooms open next year, will be operated by OPENING 2008 Starwood Hotel & Resorts World- wide Inc. and will feature 217 hotel HOTEL Doubletree rooms and 222 residential units. ADDRESS 8 Stone St. SIZE 192 rooms Affluent audience OPENING 2008 the hotel’s front door sits just one HOTEL Holiday Inn Express block from the site of the Freedom ADDRESS Corner of Wall and Tower, which is expected to draw Water streets more than 5 million tourists a year. SIZE 112 rooms Among the W’s amenities will be a OPENING 2008 24-hour concierge who can provide guests with everything from a bed covered in rose petals to private jet BE service. As those amenities suggest, are a 113-room Wyndham Garden Special COOL bulk purchase downtown hotels are increasingly Hotel at 20 Maiden Lane, a 192- opportunities for multifamily catering to an audience of more than room Doubletree at 8 Stone St. and building owners and managers businesspeople. a 112-room Holiday Inn Express at replacing more than 10 units. “Five years ago, lower Manhat- the corner of Wall and Water streets. For more details, go to tan was a Monday-through-Thurs- All three are expected to open next GetEnergySmart.org or call 1-877-NYSMART. day hotel market primarily for busi- year. nesspeople,” says Noel Hecht, Capitalizing on downtown’s in- Offer valid April 15 - Sept. 30, 2007 for Con Edison electric service customers only. director of the hotel transactions creasing popularity with younger group for Cushman & Wakefield people,some developers are creating Inc. “Downtown’s shift to a 24/7 small boutique hotels. A classic example is the Wall Street Inn at 9 S. William St., which developer Nor- The W will offer man Rutta opened in 1999.The 46- room boutique is in the old head- amenities quarters of investment bank Lehman Brothers, and hints at its such as private former grandeur with a lobby that features mahogany paneling and a jet service granite floor. Vibrant market mitchell adelstein, president of CRG Realty Capital,a boutique ho- community is key to drawing week- tel financier, says he has been in- end hotel business.” volved in at least half a dozen bou- That transition is in full swing.In tique hotel projects downtown. recent years, downtown has become “The interest in creating this kind of the fastest-growing residential mar- destination here is a testament to ket in the city. Today, the area has a lower Manhattan’s shift from a population of 40,000, up from purely commercial base to a vibrant, around 25,000 just six years ago. hip, young hotel market,” he says. That burgeoning, affluent crowd In response to the changing has in turn attracted a number of downtown market, owners of some high-end retailers eager to serve existing hotels are pouring money them—including Cartier—and res- into upgrades of their facilities. taurants announcing plans to open LaSalle Hotel Properties, for exam- downtown. ple, recently lavished $60 million on “We are counting on the contin- a renovation of the Holiday Inn ued growth of downtown to increase Wall Street District. the guest room demand,” says Gary The hotel, located at the corner Wisinski, chief operating officer for of Gold and Platt streets, offers free Queens-based McSam Hotel PCs equipped with high-speed In- Group, which has several projects ternet access in every one of its 138 under way in the Wall Street area. rooms. Visitors are also offered ac- He notes that occupancy rates for cess to personal trainers and private downtown hotels are currently run- yoga classes. ning “in the mid-80% range.” Among McSam’s developments COMMENTS? [email protected] Project3 5/14/07 12:40 PM Page 1

YOU CAN’T MEASURE VISION IN ACRES OR SQUARE FEET.

TANNER & HALEY LMI AEROSPACE, INC. MONDRIAN SOUTH BEACH MAGAZINE MULTI-FAMILY RESORTS INDUSTRIAL PROPERTIES CONDOMINIUM HOTEL PORTFOLIO REAL ESTATE RESTRUCTURING $10,250,000 $41,500,000 Exclusive Real Estate Advisor Sale/Leaseback $25,000,000 Acquisition and Development Facility Purchaser Mezzanine Acquisition Loan

MULBERRY STREET VACATION VILLAGE HOTEL ROCK HILL ROAD CLEARWATER SUITES CONDOMINIUMS, NY IN LAGUNA BEACH, CA MULTI-FAMILY LAND, PA EXTENDED STAY HOTEL $24,475,000 $13,690,000 IN ALBERTA, CANADA $48,000,000 Senior Secured Senior Secured Construction Facility $36,000,000 Cdn Senior Secured Acquisition and Senior Secured Acquisition Loan Development Facility $3,560,000 Subordinate Debt Land Pre-Development Facility

It takes more than just money to succeed in today's real estate market. That’s why CIT Commercial Real Estate offers both financing and advisory services to operating companies, property owners and developers. At CIT, we create customized financial solutions that enhance the value of our clients’ commercial properties and multi-family assets. To learn more about how CIT can help you take advantage of new real estate opportunities, visit CIT.com.

BRIDGE & CONSTRUCTIONS LOANS MEZZANINE & EQUITY ADVISORY & RESTRUCTURING SERVICES SALE LEASEBACKS

©2007 CIT Group Inc., the CIT logo, and “Capital Redefined” are service marks or registered service marks of CIT Group Inc. Securities and investment banking services are offered through CIT Capital Securities LLC, an affiliate of CIT. CNYB 05-21-07 A 22 5/17/2007 2:42 PM Page 1

REPORT REAL ESTATE

month for a 450-square-foot studio to $6,200 for a two-bedroom,1,500- New towers lift Vernon Boulevard square-foot penthouse. Rockrose Vice President Patricia Dunphy says that the company will add another like mine,” he says. picked up by over 20%. In addition, six towers with a total of 2,500 Restaurants, shops In the last four years the restaurant has drawn an increas- rentals and condos, as well as retail open on LIC street alone, 10 establish- ingly young crowd, including many space, over the next few years. ments, including Thai people from Manhattan. Owner Rockrose’s development sits on a as waterfront restaurant Tuk-Tuk, Pascal Escriout is hopeful that those 22-acre plot that once housed a Pep- high-rises fill up bike shop Spokesman trends will only accelerate. si bottling plant. Today only the Cycles, and café and tea neon Pepsi-Cola sign remains, shop Communitea,have More apartments on the way standing in what will be a 2.5-acre BY LAURA KOSS-FEDER opened up along a six- “big projects with more apart- ribbon of greenery along the river- LONG ISLAND CITY is coming alive block stretch of Ver- ments will be very helpful to busi- front. Officially known as Gantry some call the Long Island City wa- at all hours of the day and night. non Boulevard. Vacancy ness owners like me on Vernon Plaza State Park, it will someday ri- terfront the next Battery Park City, buck ennis rates have fallen to 5% Boulevard,” he says. “Business is val Battery Park City’s esplanade. referring to lower Manhattan’s up- hours of the day and night. from double digits, according to good, but we could still use more Other projects range from Aval- scale welter of stylish residential tow- Nowhere is that change being Frank Zuckerbrot,president of Long customers on the weekends.” on’s 372-unit tower that opened four ers along the Hudson. Others hail greeted more eagerly than along the Island City-based Sholom & At this point, an army of new years ago to a 118-unit Toll Brothers Long Island City as the new Wil- area’s formerly sleepy commercial Zuckerbrot Realty. Most of the av- customers is not far away. Current- building scheduled to open next year. liamsburg, the area’s trendy neighbor spine: Vernon Boulevard. There, re- enue’s storefronts are small, ranging ly, 4,000 residential units are under As more people move in, ripples a mile down the East River. tailers and restaurateurs are already from 1,200 to 2,000 square feet. construction in the area. An addi- of prosperity are already racing out Whatever the case may be,a tow- vying for space,pushing up rents and Demand for space has driven re- tional 6,000 units in nearly 40 sepa- beyond Vernon Boulevard. ering wave of residential construc- dragging down vacancy rates. tail rents to $50 to $60 per square rate projects are planned by devel- “I’ve been living here since 1989, tion that began almost a decade ago foot, compared with just $15 to $20 opers including such heavy hitters as and I’ve seen the pace of develop- with the construc- Good timing as recently as five years ago, accord- Avalon Bay Communities Inc., ment accelerate rapidly,” says SURGING tion of the 520-unit “i couldn’t have gotten in here at a ing to Faith Hope Consolo, chair- Rockrose Development Corp. and Mitchell Hauser,co-owner of Court STRIPS City Lights apart- better time,before the rents really go man of the retail leasing and sales di- Toll Brothers, according to Gayle Square Wine & Spirits, which ment building has way up,” says Jimmy Powers, owner vision of Prudential Douglas Elliman. Baron, president of the Long Island opened in March on Jackson Av- accelerated hugely of Masso,a 35-seat Italian restaurant Veteran Vernon Boulevard re- City Business Development Corp. enue, about three blocks from Ver- in the last three that opened on Vernon in January of tailers say that rents are not the only Among the newest projects is non Boulevard. “This will become years. As more buildings are com- last year. Mr. Powers pays $3,500 a things that have gone up in that pe- Rockrose’s 32-story tower at 4720 the new neighborhood that will cater pleted and begin to fill up, thou- month for 700 square feet of space. riod. So too have pedestrian traffic Center Blvd., which opened in Au- to an upscale clientele of shoppers, sands of residents are being added to “With a growing population and a and revenues. In the five years since gust with 498 rental apartments— and now was the right time to open.” the local population and once-deso- diverse community, this area is just 38-seat French bistro Tournesol many with sweeping views of mid- late streets are coming alive at all tailor-made for smaller restaurants opened its doors, business has town. Rents range from $1,875 a COMMENTS? [email protected]

FIRST CLASS SPACE

Central Park views with six corner offices per floor FOUR TOWER FLOORS OF 16,858 SF EACH

Member

22 | Crain’s New York Business | May 21, 2007 CNYB 05-21-07 A 23 5/17/2007 2:46 PM Page 1

REPORT REAL ESTATE

tourist a day, in addition to shoppers from across the city and nation. Williamsburg’s miracle retail mile “This is very much a destination neighborhood,” Ms. Waldron says. Those who trek to her shop find Hipster influx drives Street. Rents on those blocks have many designs from Brooklyn BEDFORD AVENUE ARRIVISTES surged to $100 a square foot—dou- artists, including necklaces by growth toward high- G JUMELLE 148 Bedford; ble what landlords were seeking just Camille Hempel and dresses by end stores, rents fashion boutique; 2006 a year ago and four or five times the Caitlin Mociun. G BROOKLYN INDUSTRIES 162 Bedford; rates of five years ago. Residence Furniture owner Ser- clothing; 2001 hat Devecioglu says walk-ins have BY WENDY DAVIS Small packages surged at his store—which sells G SPIKE HILL BAR 184 Bedford; 2004 merchants are coming from out- midcentury sofas and desks, as well G when t-shirt store Brooklyn In- FORNINO 187 Bedford; BEDFORD AVE. side the neighborhood and outside as other pieces—since last year, dustries opened on the corner of artisanal pizza; 2004 the borough, according to David when he moved from several blocks Bedford Avenue and North Eighth G BAGELSMITH 189 Bedford; 2004 Tricarico, associate director of the away to a minimall with an entrance Street in 2001, the only local com- G WILD GINGER 212 Bedford; retail services group at Cushman & on Bedford Avenue. petition was the Salvation Army Pan-Asian vegan café; 2006 Wakefield Inc. “The foot traffic’s better here,” thrift shop a block away. G VERB CAFÉ 218 Bedford; Mr. Tricarico has been fielding Mr. Devecioglu says, adding that How things have changed. coffee and pastry shop; 2000 calls from banks and what he de- sales have doubled at the larger loca- Bedford Avenue between North scribes as “mall-type tenants,” all of tion.In addition,the avenue is busier G PEMA Third and North 10th streets,in the 225 Bedford; boutique; 2004 whom have one question: “Can you longer, in large part because of the heart of the Williamsburg neigh- lindström bekka get me something on Bedford?” thriving dining,bar and music scene. borhood of Brook- and $30 linen scarves to its product planning,” says David Rosenberg, For stores that need a lot of space, Brooklyn Industries is “quite lyn, has become lineup. “As the neighborhood has executive vice president at Robert including many national chains, the busy around 8 p.m.,” Ms. Funk says. SURGING one of the city’s gentrified and become more profes- K. Futterman & Associates, refer- answer is no. With few exceptions, Clearly, the street has become STRIPS hottest retail strips. sional,the stores are becoming more ring to the 2005 rezoning of 175 space on the avenue comes in pack- too much for some retailers,who are Shoppers can now high-end.” blocks in Williamsburg and Green- ages of 2,500 square feet or less, moving to side streets or to Driggs find everything point that paved the way for high- notes Mr. Rosenberg at Futterman. Avenue, which runs parallel to Bed- from a $318 silk muumuu at Jumelle Destination shopping rise apartment complexes along the What the area lacks in scale, ford one block east. to blue cheese wrapped in olive driving that transformation waterfront. “As the population however, it makes up for in traffic. “A lot of people are requesting leaves for $43 a pound at the Bed- has been a huge influx of young res- grows, the demand for retail grows The hub near the subway station Bedford,” says Neil Dolgin, execu- ford Cheese Shop. idents and—as the area’s reputation with it,” he says. draws the heaviest volume, and not tive vice president at Kalmon Dol- “After we opened, other stores has grown—visitors from as far Nowhere is demand hotter than just people going home. gin Affiliates. “But they also know started to crop up,” says Lexy Funk, away as England and China. the swath of Bedford Avenue a few Jumelle owner Candice Waldron they can’t afford it.” co-founder of Brooklyn Industries, “We’re really starting to see the blocks on either side of the L line says that since opening the boutique which has added $142 trench coats effects of the rezoning and overall subway stop on North Seventh last year,she has averaged one foreign COMMENTS? [email protected]

WORLD CLASS VIEWS

Central Park views with six corner offices per floor For leasing information, please call:

Christopher Gulden, Vice President I 212.356.4105 I [email protected]

Ashley Mays, Leasing Associate I 212.216.1618 I [email protected]

Larry Swiger, Senior Vice President I 212.216.1628 I [email protected]

May 21, 2007 | Crain’s New York Business | 23 CNYB 05-21-07 A 24 5/17/2007 2:50 PM Page 1

REPORT REAL ESTATE From ugly duck to phoenix: All-out rehabs revive sites

by the tower’s location,smack-dab in way—emptying out buildings for Landlords find it pays the heart of the Plaza district. Exec- months or even years as the loca- to start over with their utives reckon that after 545 Madison tions are rebuilt, from the steel su- is stripped down to its girders and perstructure out, into genuine tro- buildings, but risks rebuilt, it will become not just at- phy properties. can be significant tractive,but hugely lucrative as well. That’s why the new owner is Lever House leads the way pouring more than $55 million into while property owners have BY ANDREW MARKS a gut rehab designed to yield the been undertaking gut rehabs for a equivalent of a brand-new Class A long time, many experts point to GUT REACTION: Overhauling 545 Madison (shown before and after) is expected to triple rents. nobody loves 545 madison ave. building. Rents are expected to start RFR Holding’s redevelopment of “At best, you walk by it a thou- at $100 per square foot, up from the Lever House, a 21-story modernist sand times and never notice it,” says mid-$30s previously. landmark at 390 Park Ave., as the fetch top dollar for the building $409 million redevelopment of the David Sigman, a senior vice presi- “There are a limited number of first of the current crop of them.The when it was sold to Broadway Part- former Verizon headquarters tower dent at real estate investment firm so-called country club buildings in Lever project, completed in 2000, ners last fall for $550 million. at 1095 Sixth Ave., across from LCOR Inc. “At worst, it’s plain the Plaza district, and there’s so was followed by a gut renovation of “A new building at that loca- Bryant Park. When Equity Office ugly.” much demand that we think it’s 340 Madison Ave. The Macklowe tion would be getting $100-plus Properties Trust paid $505 million That didn’t stop LCOR execu- worthwhile to put the money into Organization lavished more than per square foot, because of higher for 80% of the 41-story blocklong tives from agree- this building in order to join that $100 million on a two-year-long re- ceilings and columns that give a box in September 2005, many peo- ing late last year club,” says Mr. Sigman. vamp and expansion that was com- better floor plan, but this is the ple were shocked. to shell out a In the process, LCOR is joining pleted in 2005. next best thing,” says Mitchell whopping $136 another club: that of New York The rationale for spending that Konsker, an executive vice presi- The price was right million for a 75- property owners opting for gut ren- kind of money is clear enough. dent at Cushman & Wakefield Inc. “i remember being at a real estate year ground lease ovations of their office buildings. Macklowe’s strip-down project took “And Macklowe did it at half the conference shortly after EOP REBORN for the 140,000- They’re not merely willing to pony the building from a low Class B to cost and half the time of starting bought the building, and people BUILDINGS square-foot prop- up the tens of millions of dollars re- Class A, hiked rents to between $80 from scratch.” were questioning the wisdom of the erty.The compa- quired for makeovers. They’re will- and $90 per square foot—triple pre- The largest and most famous ex- price it paid,” says Marcus Rayner, a ny was attracted ing to take the risk of going all the vious levels—and helped Macklowe ample of the phenomenon is the principal with Cresa Partners, a

Equal Opportunity Lender

Advantage: You

Introducing ADVANTAGE BANKING from Atlantic Bank.

Now you can create a Business Advantage Relationship by linking your Business or Commercial Checking to a Business Money Market Account. The combined balances make it easier to avoid monthly fees,reward you with preferred rates on your Business Money Market Account,and provide a host of value-added services.

• Avoid Checking Account Fees • No Application Fees • EARN Premium Money Market Rates • Financing Options • Cash Reserve for Business • Telephone Banking • Free Internet Banking • Plus, much more!

For additional information call: 1.800.535.2269 • www.abny.com

Your partner for success

Sixteen convenient locations • Brooklyn • Manhattan • Queens • Westchester

24 | Crain’s New York Business | May 21, 2007 CNYB 05-21-07 A 25 5/17/2007 2:56 PM Page 1

REPORT REAL ESTATE

300,000 of its 530,000 square feet. Despite the fact that the building is All-out rehabs turn ugly ducks to phoenixes closer to New Jersey than to Grand Central, the Hakimians are asking for rents of $50 per square foot. commercial property brokerage. amount. He then embarked on a foot—nearly triple previous lev- dential condominiums. Back at 545 Madison, Mr. Sig- Those questions have been an- $20 million gut renovation, which els—and the building is fully occu- “The strength of the commercial man expects rents to run as high as swered. 1095 Sixth is attracting ten- required vacating first the west half pied. Tenants include The Related office market convinced us to keep $160 per square foot by the time the ants willing to pay as much as $125 and then the east half of the build- Companies and Viacom. it as an office building,” says co- building reopens next year. per square foot, roughly comparable ing in order to relocate elevator founder Ben Hakimian. “A cosmetic renovation would to rents at the soon-to-be-completed shafts, add a new roof and electrical Sticking with office space Work at 636 11th Ave.—which have enabled us to double rents to Bank of America Tower on the other systems, and construct a new lobby. over on 11th avenue,The Hakimi- will include removing the second the low $70s, but what we’re doing side of West 42nd Street. MetLife “We did everything we could do, an Organization originally planned floor to create a soaring lobby,recon- is just short of new construction,”he has signed up for 411,000 square feet other than to move it to 57th and to gut the former Global Cross- figuring the floor plan and relocating says of the $400-per-square-foot at 1095 Sixth, which will open in Fifth,” Mr. Winter says. ing headquarters, located between the elevators—has yet to begin. But gut renovation. 2008, and law firm Dechert has As a result, asking rents have West 46th and West 47th streets, C&W’s Mr. Konsker says the build- agreed to take 234,000 square feet. soared to the low $30s per square and convert the property into resi- ing already has offers pending for COMMENTS? [email protected] Ownership of the 1.2 million- square-foot building passed to The Blackstone Group earlier this year, 101 HUDSON STREET IN JERSEY CITY, NJ when that company bought EOP. Another attractive prospect is the soon-to-be-vacated New York Times Co. headquarters. Early this ‘We did everything MOVE ACROSS. GET MORE. other than move the building 101 HUDSONSTREET to 57th and 5th’ Move to this 42-story Art Deco waterfront office tower and get more than just fabulous views. Located in the heart of Jersey City’s bustling business district, 101 Hudson offers month, Africa Israel USA paid all of Manhattan’s amenities while you save $525 million for the 94-year-old on occupancy costs, utilities and taxes. property. It is planning a gut renovation of the 770,000-square-foot Plus you can take advantage of New Jersey's building, which is expected to cost BEIP program and other incentives. in excess of $170 million. Available now: 140,000 square feet— Finesse on the fringes including two contiguous full floors—of prime, aging buildings in prime locations class A office space. aren’t the only ones getting the full treatment these days. So are struc- Exceptional public transportation: tures like 423 W. 55th St., which > Only 4 minutes to Manhattan’s WTC David Winter says was a Class C of- station on PATH (15 minutes to midtown) fice building “on a bright, shiny day > circa 1912.” Local bus and light rail Mr. Winter, a principal at The > Ferry service to New York Winter Organization, snapped up the 320,000-square-foot property On-site amenities: five years ago for an undisclosed > Restaurants and café > Banking facilities > Parking garage STORIES CAN > Security and property management BE REPRINTED, > Unobstructed waterfront views POSTED ONLINE Nearby: > The Hyatt Regency luxury hotel CRAIN’S OFFERS REPRINTS of > Fine dining published articles, which can > include black-and-white or color Retail shops and fitness club photos that accompany the story. > Business services To obtain an estimate, contact Lori Noffz at Reprint Management Services, (717) 399-1900, ext. 104, or [email protected]. Readers wishing to make their own reprints or to post a story on a Web site must pay $350 for the www.mack-cali.com use of the Crain’s copyright; the fee for nonprofits is $195. Move in. Get more. Send a letter describing the article and how it will be used, along with a check, to Jill 101 HUDSON STREET IN JERSEY CITY, NJ www.101hudsonstreet.com Bottomley at Crain’s New York 140,000 sq. ft. available for lease, Including two contiguous full floors Business, 711 Third Ave., New For further information, please contact: York, NY 10017. For more Tom Savoca at 201-261-0359 or [email protected] information, please call Ms. Christopher DeLorenzo at 201-986-1463 or [email protected] Bottomley at (212) 210-0282.

May 21, 2007 | Crain’s New York Business | 25 CNYB 05-21-07 A 26 5/17/2007 4:26 PM Page 1

REPORT REAL ESTATE Even skin-deep revamps reap outsize dividends

to less than 1%—a third of the pre- new lobby and striking glass facade. Landlords spruce up vious level. Since the work was completed last tired buildings, “By making the right changes, year, asking rents have risen 40%, to you can bring a building to a new $100 a square foot. inside and out, with level of performance,” comments Among buildings with similar value boost in mind Mr. Malkin. stories are 61 Broadway and 55 Broad St. downtown, and 1133 Guts and glory Broadway and 1400 Broadway in BY STAN LUXENBERG at 250 w. 57th, the renovations, midtown. from new elevators to new bath- “Most owners of older buildings TROPHY: W&H Properties slashed tenant rolls but increased rent rolls at 250 W. 57th St. a review of the rent rolls at 250 rooms, were confined to the build- in midtown have either done reno- W. 57th St. four years ago revealed ing’s interior. In other cases, land- vations or are planning them,” says a host of problems. The 500,000- lords are redoing heating and Augustus Field, executive vice pres- stepping up their efforts there, too. principal at Broad Street Develop- square-foot tower was chockablock air-conditioning systems, lobbies ident at Cushman & Wakefield Inc. The remaking of 370 Lexington ment.The building now boasts ask- with tiny ten- and common areas—and not stop- Ave. is a classic example. Rents av- ing rents of $50 a square foot and a ants—452 of ping until they have reclad the entire eraged $38 a square foot and vacan- vacancy rate of under 7%. them. Some had exterior. ‘In a hot market cies were running at 25% when SL Green Realty Corp., which as little as 200 Unlike the gut renovators (see Broad Street Development bought made its reputation by taking ordi- square feet, and story on Page 24), the more com- like this, it pays the 77-year-old, 300,000-square- nary Class C and B-minus buildings many had leases mon makeover artists are working foot building last year. and turning them into solid Class B REBORN as short as two around tenants rather than empty- to reposition or better, has been particularly busy BUILDINGS years. ing their properties for up to three Fired up the past few years. “It was as if we years—a move that a revved up real a building’ broad street development In one of its boldest projects, SL were running a estate market helps landlords avoid. dropped $10 million for a speedy Green is spending $72 million to re- hotel,” says Anthony Malkin, presi- “In a hot market like this, it pays makeover that included $1 million vamp its ungainly, 1960s-vintage dent of W&H Properties,the build- to reposition a building,” says David for new heating and air-condition- holding at 100 Park Ave. Work on ing’s owner. LaPierre, senior vice president at ing systems. the 940,000-square-foot building, It’s quite a different picture now. CB Richard Ellis. As a result, he Another factor behind the surge The company also launched a which began late last year, is sched- Thanks largely to a $50 million says, renovation volume has in- is the slew of lenders eager to finance $100,000 marketing campaign uled to be completed early next year. renovation that W&H completed creased significantly in recent years. such surefire projects, Mr. Field whose newspaper ads billed 370 The company ripped out 5,000 last year, the company has slashed For example, the Hippodrome says. Lexington as a “value proposition” square feet on the second floor to the tenant roster to 258, increased Building, on Sixth Avenue between Of course, it takes more than near Grand Central Terminal. create a stunning 25-foot-high lob- asking rents by $25 a square foot, to West 43rd and West 44th streets, physical improvements to trans- “Brokers get fired up when they by. A few of the other improve- more than $55, and managed to underwent an extensive interior ren- form a building’s image. It takes realize that there is a new opportu- ments: a new glass facade, granite reduce the amount of rent in arrears ovation that gave the tower a sleek marketing. Landlords have been nity to sell,” says Daniel M. Blanco, paving along the avenue, new air-

MIDYEAR Serving the Long Island Business Community for Over 100 Years ECONOMIC FORECAST BREAKFAST Editor Greg David will give an overview of the boom in the city and a panel of experts will examine the growth of private equity firms, national retailers, jobs and economic ties between New York and India.

Rajiv Khanna, PRESIDENT, INDIAN-AMERICAN CHAMBER OF COMMERCE

Michael Madden, PARTNER, BLACK EAGLE PARTNERS

Joshua Muss, DEVELOPER, MUSS ORGANIZATION

Rae Rosen, ECONOMIST, NEW YORK FEDERAL RESERVE BANK Meeting your I Real Estate challenges with I Financial and Professional Service Firms DATE: Tuesday, June 19, 2007 innovative I High Net Worth Individuals and Their Families PLACE: Waldorf=Astoria, 301 Park Ave. expertise in: I Manufacturing, Distribution and Retail (BETWEEN 48TH & 49TH STREETS) I Nonprofit Organizations TIME: Networking Breakfast 8:00-8:30 a.m. I Program 8:30-9:30 a.m. Litigation Services I Media and Entertainment COST TO ATTEND: $60 for individual ticket(s) $600 for table(s) of ten

IF PREPAID BY JUNE 12 IF PREPAID BY JUNE 12 $70 thereafter $700 thereafter You must be pre-registered to attend this event. All tickets are non-refundable. Register online by going to newyorkbusiness.com and clicking on “Events,” or fax your business card and credit card information to “Economic Forecast Breakfast” at 212-210-0499. For more information, call the Events Hotline at 212-210-0739. Certified Public 622 Third Avenue 88 Froehlich Farm Blvd. SPONSORED BY: Accountants and New York, NY 10017-6701 Woodbury, NY 11797-2921 Consultants Tel 212 503 8800 Tel 516 992 5900 Fax 212 370 3759 Fax 516 992 5800

26 | Crain’s New York Business | May 21, 2007 CNYB 05-21-07 A 27 5/17/2007 3:01 PM Page 1

REPORT

STORES OF VALUE IN A LANDLORDS’ MARKET, every dollar spent on renovations can be recouped Your plans are spectacular. in the form of higher rents. Nowhere is that truer or do the returns come faster than on the ground floor. Improvements made to street-level retail space sometimes pay for themselves in as few as three years. As good as the general commercial market But could your legal strategy has been, it pales in comparison with that for upgraded retail space. use a new blueprint? One of the most popular and impressive upgrades consists of enlarging windows. “Landlords can get so much more rent when there’s more glass,” says Faith Hope Consolo, chairman of retail leasing and sales at Prudential Douglas Elliman. A typical instance is a 50-year-old property that runs along the west side of Broadway between 58th and 59th streets. The landlord is doubling the size of the windows in the storefronts and renovating their 20,000 square feet of retail space. LensCrafters and a high-end wine shop have already signed Cohen & Perfetto: A personalized approach to real estate law. leases at asking rents of $250 a square foot. They are replacing five small Itʼs a simple, but profound, premise: Each client represents an important relationship. retailers that include a deli, a stationery store and a discount outlet—all of And every one of those relationships demands our complete attention and dedication. which paid less than $100 a square foot. At Cohen & Perfetto, this is the philosophy that drives us. We make the connections Harry Macklowe achieved one of the most successful retail renovations when he transformed the lackluster plaza on the Fifth Avenue side of the that build these relationships, adding depth and value to every partnership we forge, General Motors Building last year, adding a 32-foot-high glass cube bearing and every transaction that transpires. Whether your needs involve real estate, govern- just the familiar logo of Apple Inc. Pedestrians enter the cube and descend ment incentives, banking, zoning, or litigation, itʼs not just a deal to us: Itʼs your deal. stairs into the company’s gleaming, 21,000-square-foot store. Learn more at www.cohenperfetto.com. “For years, people couldn’t figure out what to do with this space,” says David LaPierre, senior vice president at CB Richard Ellis. “This is a great architectural piece and a great branding statement for Apple.” Even more remarkable is what Mr. Macklowe did with the Madison Avenue side of the building, where stores had been set back from the street. The storefronts were moved out to create a normal sidewalk width and more visibility. Rents have subsequently climbed to over $1,000 a square foot— among the highest on Madison and in the city. Current tenants include a Chase bank branch and a Bally shoe store. 444 Madison Avenue, 5th Floor New York, NY 10022

getty images C P COHEN & PERFETTO LLP Tel: 212-488-1300 Fax 212-813-0767 Attorneys at Law Little redo, big gains www.cohenperfetto.com

conditioning system, and eight lection of half a dozen properties watts per square foot of additional that includes the Empire State power to run state-of-the-art elec- Building and the Lincoln Building, tronic systems. on East 42nd Street—W&H has ATTENTION: “This building always had a great restored lobbies,put new lighting in location,” says Steven Durels, exec- hallways and installed miles of utive vice president at SL Green. fiber-optic cable. BUILDERS, DEVELOPERS, BANKERS... “We can now say that this is one of The firm’s earliest renovation ef- the best buildings in the Grand forts, which include 250 W. 57th The Commercial Real Estate Market is changing... Central area.” St., are helping to boost rents across And those changes can cost you a bundle. It boasts price tags to match:ask- its portfolio. ing rents of $80 a square foot. “People saw the renovations in Find out how you can profit from the current issues. the first buildings,and they are will- Pushing ahead ing to pay higher rents for leases in w&h properties is pushing ahead properties where the work is still go- Get Your with multiple renovation projects. ing on,” Mr. Malkin says. At what the landlord calls its Free Copy... “prewar trophy buildings”—a col- COMMENTS? [email protected] The Coming of the “Half-Builts”: by William “Billy” Procida In this concise report William Procida discusses the relevant issues as the commercial real estate boom cycle of the last decade comes to an end. Read the 9 precautions and risk mitigation approaches Procida stresses that management should undertake now and avoid financial problems later on. This is one report you should not miss! For a FREE copy please call 201-894-5000 or mail the order form below today!

YES! Please send me this FREE report: The Coming of the “Half-Builts”

™ 2160 North Central Road, Suite 308 • Fort Lee, NJ 07024 • 201-894-5000 • www.palfi.net

Name

Co. Name

Address Apt./Suite BEFORE (LEFT) AND AFTER: SL Green’s makeover of 100 Park Ave. will be completed next year. City State Zip

Home Phone Work Phone Email CNYB 05-21-07 A 28 5/17/2007 3:04 PM Page 1

REPORT REAL ESTATE

local economy. “If you’re a crazy Devils fan driv- New arena key to Newark downtown ing up from Princeton to see a game, you’re not likely to stick around for dinner in Newark afterward,” says of-the-art venue as a centerpiece. says Stefan Pryor, deputy mayor for Andrew Zimbalist, an economics City administration pushes zoning, He is not expecting the $375 economic development. “However, professor at Smith College who has other initiatives to help revitalize area million facility, nicknamed “the it is here,”he says.“It is an outstand- studied sports venues. Rock,”to transform Newark when it ing venue, and it is a great asset—if “There is example after example But his predecessor did, and Mr. opens in October as the new home we mobilize other initiatives.” of arenas built in downtown, and BY ERIK ENGQUIST Booker, who took office last July, is of the New Jersey Devils hockey nothing gets built around them,” gamely playing the hand that he was team. He is also rezoning to spur 24/7 community Mr. Zimbalist says. newark mayor Cory Booker dealt. apartment construction, investing foremost among those is adding Mr. Vanderbeek counters that would never have bet $210 million The 19,500-seat Prudential $44 million in streetscape improve- residents to create what Mr. Pryor arenas have contributed to down- in public funds on a new downtown Center will open in October,and the ments and marketing like mad. calls “a 24/7 community,” which in town revivals in Buffalo, Cleveland, arena to revive the long-struggling mayor has 34 staff members pushing “We are not sure we would have turn will attract retail and other Los Angeles and elsewhere. And New Jersey city. a redevelopment plan with the state- decided to build this arena this way,” commercial tenants. It’s a formula Mr. Pryor insists that the Rock “will that has helped alter other down- cement the notion that Newark is a town districts across the country. premier destination.” Deals for condominium towers, Despite his skepticism, Mr. stores, restaurants and bars within Zimbalist allows that even if fans blocks of the Prudential Center don’t linger in Newark, “sometimes have been made,and more are in the an arena can be iconic to the extent works, officials say. If nothing else, that it draws other investments.” THANK YOU, the arena will give Newark—still At the very least it will help the to our clients New Jersey’s largest city, even Devils. The team rarely sold out though its population of 280,000 is home games in its 25 years at the and partners. a fraction of what it was in the Meadowlands, even during three 1960s—much-needed visitors. Stanley Cup championship seasons. “What Newark needs is people Some question whether the sub- to enter the city, especially after urban fan base will venture into a 5:30, and spend money,” says Jeffrey city known for crime and poverty, but Mr.Vanderbeek says 95% of season ticket holders have renewed, ‘We need people and many upgraded their seats or to enter the city bought more. Lucrative markets after 5:30 and moreover, the convenient transportation from New York City—15 spend money’ minutes by PATH or New Jersey Transit trains—and arena amenities that cater to business have opened lucrative new markets to the Devils. Club seats, which are $150 a WORKING TOGETHER. Vanderbeek, chairman and manag- game, including food and drink, ing partner of the Devils. “We ex- sold out in a week and a half; 80 of pect 2.5 million to 3 million people 100 luxury suites have been snapped [annually] who wouldn’t necessarily up for the first year. otherwise come to Newark.” Though the economic impact on The arena, owned and operated Newark won’t happen as fast, opti- by the Devils, will host about 200 mism is definitely on the rise. events in its first year, including all “All told, I think [the new arena home games for Seton Hall Univer- can be a very positive thing,”says Jim GETTING IT DONE. sity’s men’s basketball and a new Cerny, assistant general manager of Major Indoor Soccer League team, the Newark Bears, a minor league the New Jersey Ironmen. baseball team whose seven-year-old It could eventually host 275 stadium has not proved the financial events a year, including boxing panacea that was envisioned. matches, ice shows and religious “But they’ve got a lot of work gatherings. ahead of them,” Mr. Cerny says. “A Critics say that revenues will lot of work.” largely go to athletes and perform- ers and will not recycle through the COMMENTS? [email protected]

WWW.CWCAPITAL.COM DONE DEAL: Mayor Booker For more information or to discuss your speciﬁc ﬁnancing needs, contact: intends to make the most of a MICHAEL COTLER | 646.253.8809 | [email protected] project approved MARC YOUNG | 646.253.8838 | [email protected] before his tenure.

28 | Crain’s New York Business | May 21, 2007 CNYB 05-21-07 A 29 5/17/2007 3:06 PM Page 1

REPORT

Real Estate Deals GetToThe Point! Bank nabs prime Union Square site

ed to open this summer. Institutions keep The Union Square area has be- beating out retailers come a very popular retail corridor in the past two years. Whole Foods, for choice locations; Filene’s Basement and DSW are among the national chains that have high-Water mark recently moved into the neighborhood, and fashion brands such as anks continueto dom- Diesel, Puma and Levi’s have also inate the city’s ground- opened stores there.Cosmetics pur- floor real estate, even in veyor Lush will open its fifth Man- hot neighborhoods that hattan store next to the Chase site,at are attracting national 7 E.14th St.,by the end of the month. Bretailers willing to pay top dollar for —elisabeth butler RIVERPOINT CENTER good space. Take the case of 69 Fifth Ave.,at Put Your Signature East 14th Street. Clothing and ac- Tapping Wachovia’s On New Jersey’s Finest, Most Accessible cessories stores jostled for the 10,000- Water Street space Corporate Headquarters square-foot corner location, which had housed five retail stores before wachovia corp. has subleased its Make A Powerful Impression being converted to a single unit. But remaining space at 199 Water St.,also On 500,000 landlord The Argo Corp. only known as 1 Seaport Plaza. Com- NJ Turnpike Commuters Every Week wanted to lease the space to a bank. putershare, a financial services and Exceptional Space Availabilities— EXTENSIVE EXTERIOR RENOVATIONS BRAND NEW LOBBY Retailers have watched this sce- technology provider, took the entire 235,000 sf. 85 Challenger Road Ridgefield Park, NJ riverpointcenter.com nario play out throughout the city. 26th floor at the building, between For years, banks have been going af- John and Fulton streets, or 33,000 Don Sperling 201-712-5686 David Sherman 201-712-5610 Sloane Rhulen 212-984-8299 ter prime retail locations, especially square feet.The sublease,which had [email protected] [email protected] [email protected] highly visible corner sites. Land- an asking rent of $34 a square foot, lords often choose banks over retail- runs through the end of 2014. ers because they offer impeccable Computershare—which man- credit and will pay higher rents. ages more than 90 million share- “I had every fashion tenant chas- holder accounts for 14,000 compa- ing this,” including Uniqlo and nies—is relocating from 17 State St., Brooklyn Industries,says Faith Hope between Pearl and Water streets, Consolo, the Prudential Douglas where it is spread across six floors. Elliman broker who negotiated the “We wanted to stay downtown in deal at 69 Fifth on behalf of the the financial district and wanted a One minute landlord. The asking rent for the modern, open floor plate,” says a space was $250 per square foot. spokesman for Computershare. to NJ... 30 to NYC! J.P.Morgan Chase & Co., repre- Executives also liked the space sented by Andrew Mandell, a bro- because it offers “attractive eco- Superior ker at Ripco Real Estate Corp.,took nomics,” says Christopher Krantz, a this space. The bank branch is slat- See REAL ESTATE DEALS on Page 30 Location Exceptional Amenities Outstanding Value Blue Hill Plaza On the Bergen/Rockland border Ideally situated close to Northern New Jersey, Manhattan – and your employee base –

Blue Hill Plaza offers so much more: New York • New First Class Dining Blue Hill Plaza • Fitness Center ✪ • On Site Child Care Bergen • Cutting Edge Fiber Optic Technology and Equipment County GW New Jersey Bridge Office units from 1,000 sf to potential 150,000 sf For leasing information, Leasing and management by call Carol McGuire Blue Hill Plaza is a Glorious Sun/Robert Martin 914.592.4800 www.mack-cali.com Company Property [email protected] buck ennis TURNING 69 FIFTH UPSIDE-DOWN: Five stores occupied the ground floor (above) before it was converted to a single unit. Now the space is waiting to be transformed into a Chase bank branch.

May 21, 2007 | Crain’s New York Business | 29 CNYB 05-21-07 A 30 5/17/2007 3:22 PM Page 1

REPORT

Real Estate Deals Continued from Page 29 nation’s largest consumer electron- broker at Jones Lang LaSalle who ics chain, and Circuit City’s chief represented Wachovia. Paul Ippoli- competitor. to, a broker at Newmark Knight “It is one of Best Buy’s best stores Frank, represented Computershare. in the chain,so that was a compelling Wachovia vacated 199 Water St. reason for Circuit City to move three years ago, after relocating to right next door,” says Jeffrey Rose- 250,000 square feet at the Seagram man, a broker at Newmark Knight Building,at 375 Park Ave.Last year, Frank who represented the tenant. MERIDIAN CAPITAL GROUP Aon Corp. subleased 220,000 While Best Buy reported an in- IS PLEASED TO ANNOUNCE THAT IT HAS ARRANGED square feet at 199 Water, taking the crease of 18.5% in its first-quarter FINANCING OF Meridian is one of America’s leading, fastest majority of Wachovia’s space. profits, Circuit City posted a first- growing mortgage brokers in multifamily, “We were holding this floor for quarter loss of $12.2 million, or 7 Aon, but they ended up not needing cents a share. Earlier this year, Cir- hospitality, healthcare, office, and retail it,” Mr. Krantz says. cuit City closed 55 stores in Canada $50,040,800 199 Water is now fully leased. and laid off 3,400 employees. financing. No matter the size of the loan, we Other tenants include SCOR Rein- —julie satow work with you on a personal, one-to-one surance, United States Aviation Underwriters and Euro Brokers. basis every step of the way, giving each —julie satow Z-Brand puts stamp

loan the same, industry-famous Meridian on fashion district Electronics store vicstar international inc. has attention. Your loan is that important to us. secured new headquarters for its FOR hits midtown circuit Because it’s that important to you. clothing line,Z-Brand.The compa- 85 FLATBUSH AVENUE EXTENSION the nation’s second-largest con- ny recently signed an 11-year lease BROOKLYN, NEW YORK sumer electronics chain is opening for 15,000 square feet at 42 W. 39th an outpost on Fifth Avenue. St.,between Fifth and Sixth avenues. GROUND UP CONSTRUCTION OF A 21-STORY, Circuit City Stores Inc. has The site,which will house offices, 108-UNIT CONDOMINIUM BUILDING signed a lease for 25,850 square feet showrooms and a design studio, will more than double Z-Brand’s current office space at 1385 Broadway, just a couple of blocks away. “We actually took a little more space than we need right now,” says Brad Goldstein, Vicstar’s vice president of operations.“But the timing It’s taken care of. and price were right.” The company, which started as a men’s clothier and added a full women’s line last year, is launching For loans from $500,000 to over $500 million, visit us at www.meridiancapital.com or call 212-972-3600 a children’s collection next spring. New York 212-972-3600 • New Jersey 732-301-3200 • Pennsylvania 215-227-7700 • Maryland 301-652-6000 The Z-Brand lines include graphic Florida 561-367-0005 • Illinois 773-439-1200 • California 310-867-2300 • Texas 972-385-7940 T-shirts, polos and denim. Upscale stores such as Nordstrom and Fred Segal sell the clothes. Vicstar’s executives spent about 10 months searching for the space. “We showed them a number of

getty images locations in SoHo, the Flatiron dis- HIGH-WIRED CORNER: Circuit City and Best trict and Chelsea,”says David Men- Buy will be neighbors on Fifth Avenue. aged, an Adams & Co. broker who helped negotiate the deal on the tenant’s behalf. “A lot of these guys at 521 Fifth Ave., at the corner of East look downtown, but it’s a lot more 43rd Street. It will be the fourth sensible to be in the fashion center.” Manhattan store for the company, David Levy, also of Adams, rep- which also has locations on the Up- resented landlord 42-52 West 39 per East Side and the Upper West Street in the deal. The asking rent Side and at Union Square. was about $34 per square foot. The new location will take up all —elisabeth butler of the building’s Fifth Avenue frontage and the entire second floor. The 15-year lease had asking rents of $350 a square foot on the ground floor and $100 a square foot on the second floor. Office Depot and Innovation Luggage formerly occupied the Fifth Avenue retail space.When landlord SL Green Realty Corp.acquired the property last year, it negotiated a lease buyout with the two tenants. “The building is undergoing a $25 million renovation, and as part of that, we are closing off our Fifth Avenue hallway entrance to consol- idate the space for Circuit City,”says Steven Durels, head of leasing for SL Green. Other upgrades include a new lobby and new elevator cabs. The Fifth Avenue Circuit City, which is set to open in November, will be adjacent to Best Buy—the FASHION SENSE: Z-Brand picks 42 W. 39th. CNYB 05-21-07 A 31 5/17/2007 4:33 PM Page 1

NEIGHBORHOOD JOURNAL City steamrollers Willets Pt. firms Mr. Walsh adds that the EDC is A court with appeal James Molinaro says it Fails to follow up “very much looking forward” to would do more than on convention center talking with Willets Point business- on Staten Island add court space. people. “This would be the RENDERING VERDICT: The city is reviewing the courthouse plan. dialogues, owners say; But for property and business a new design for a long-discussed entrance to Staten Is- courting favor on S.I. owners like Mr. Mina, those prom- Staten Island courthouse, including land,” he says, refer- ises ring hollow. a plaza and a garage, has been ring to the plaza. “It’s a great plan. apartments are being built in the area “They’re going through this hatched by the borough president’s There’s no downside.” and attendance is expected to grow ack in february, the process like Gen. Grant taking office and given to the Bloomberg The project would offer a lot at the minor league ballpark nearby. city announced its bold Richmond,” he says. “They’re forg- administration for consideration. more parking—as many as 750 The push for a new courthouse new vision for an 8.9 mil- ing ahead and ignoring the legalities The plan would add $25 mil- spaces, compared with 485 spots dates back to 1994. A final design is lion-square-foot con- of what they must do.” lion to what had been a $114 mil- currently. Mr. Molinaro is lobbying still months away, at least. vention center, retail —hilary potkewitz lion project, but Borough President for the extra parking because 1,780 —erik engquist Band hotel complex in a gritty industrial area of Willets Point, Queens. At that time, Mayor Michael Bloomberg announced his support for the project—which hinges on a plan for the city to take ownership of 61 acres now occupied by 250 businesses—and said that the city was “working with local business lead- ers” on the details. During the first official “scoping session” in early May, officials of the city’s Economic Develop- ment Corp. said they had been “en- gaging” business executives and re- sponding to their concerns about the project. The only problem is that local businesspeople—all of whom face the threat of having the land be- neath them seized under eminent domain—don’t recall having been “engaged.” “I have never received one letter from the city,” says G.L. Soni, chief executive of House of Spices. The food and spice maker ranks as one of the largest employers in Willets Point, with 175 workers there. “I think I would remember if I had a conversation, and I can tell you that nobody has called me or sat down with me since this whole thing started.” He’s not alone.Many other business and property owners in the area just north of Shea Stadium echo his story. “Nobody from the city has ever contacted me,” says Thomas Mina, president and owner of T Mina Supply, a piping supplier. Business owners claim that their first contact with anyone official was at the environmental scoping meeting in May. “It’s just BS,” says Dave An- tonacci, co-owner of Crown Con- tainer Co., a trash-hauling and waste-transfer company in Willets Point. “The mayor says he’s speaking to us? He’s not speaking to us. Nobody is.” The EDC insists that it has made several broad overtures to the Wil- lets Point business community over the past few years, and that it has contacted many owners individual- ly in recent months. “It just wasn’t appropriate to talk with them before we knew we had a plan that we could physically do— before we knew we had a developer that would build it and a bank that would finance it,” says Bill Walsh, vice president of real estate development at the EDC, which in Febru- ary asked eight real estate developers to submit proposals. “We do now.”

May 21, 2007 | Crain’s New York Business | 31 CNYB 05-21-07 A 32 5/17/2007 3:13 PM Page 1

SMALL BUSINESS Contest winners’ surprise rewards

Victors get mentors, AT A GLANCE loans and advice, PET but find big gains DREAMS come from network PROJECTED 2007 REVENUES Over $1 million BY ERIKA RASMUSSON JANES EMPLOYEES 4 ver the last 18 ON WINNING months, Pet Dreams What helped most Networking has more than dou- What helped least The loan. “I bled—to nine—the didn’t need it.” number of lines of pet You don’t need a crowd of lawyers. Biggest surprise beds it sells.This year, the Manhat- “I didn’t realize Just one partner’s undivided attention. O all the benefits I’d get out of the tan-based outfit plans to introduce two more lines, including a “cuddler community of winners.” style” bed with bumpers on three sides.That should help push sales to over $1 million, up more than 50% is also helping her arrange financing from 2006. for a second restaurant location. Most of the credit goes to An- “This award has increased my nette Grignard, the company’s confidence,” she remarks, “and my founder. But truth be told, she had a productivity.” lot of help. In December 2005, Pet For Ms. Grignard as well, win- Dreams hit the jackpot by becoming ning has paid off handsomely—just one of five New York winners in a not exactly as she expected. contest that aims to turn small, promising, women-owned busi- Mentor shows way nesses into million-dollar enterpris- “for a business owner,so much of es.To do that,the Make Mine a Mil- success is trial and error,” she says.“I lion $ Business Program offers an thought it’d be a wonderful thing to array of rewards, including a com- have a woman mentor there who bined loan and credit line of up to would know what I was going $50,000, mentoring, and expert ad- through and who could prevent me www.arentfox.com / Washington / New York / Los Angeles vice on everything from marketing from making mistakes and help get Attorney Advertising to technology. me where I was going a little faster.” “There are hundreds of thou- As it turned out, Ms. Grignard’s sands of women [entrepreneurs] mentor did connect her with key stuck in the $200,000 to $700,000 executives at retailers like Target, revenue range, who want to grow where Pet Dreams products are their businesses but aren’t sure how now sold. to do it,” says Nell Merlino, the Ms. Grignard also credits the DRIVE DOWN president of Count Me In for contest with getting her products in Women’s Economic Independence, front of millions of viewers on QVC. a nonprofit organization that pro- Ms. Grignard appeared on the YOUR PREMIUMS. motes women’s entrepreneurship shopping channel last May and sold and that co-founded the competi- 2,000 beds in five minutes. See one of us today and get the discounts and service you deserve. tion in 2005 with Open from Despite such successes, she says American Express. that the most valuable contribution the contest made was something Beyond prizes else entirely. It was connecting with but as her experience and that a community of like-minded of other winners proves, the best women.The winning entrepreneurs part about winning is not so much keep in touch via e-mail and attend the prizes as the status that victory group meetings and events. Linda Burchett, Agent Juliet De Rossi, Agent Dick Flanagan, Agent Meilee Fu Agcy Inc confers. “All of our businesses are very dif- 301 Cathedral Parkway 42 Broadway 146 East 78th Street Meilee Fu, Agent Nandini Mukherjee is a case in ferent, but we all have the same ob- New York, NY 10026-4066 New York, NY 10004-1617 New York, NY 10021-0351 299 Broadway Bus: 212-665-2657 Bus: 212-514-8260 Bus: 212-628-8810 New York, NY 10007-1970 point.She applied to the program in jective,” Ms. Grignard says. “We’re www.lburchettagency.com www.juliederossi.com Bus: 212-233-0606 the hope that having a high-pow- all rooting for each other, and there’s ered mentor and lots of excellent no jealousy. It’s very inspiring.” contacts would help her Manhat- It’s also very helpful. When Ms. tan-based eatery, Indian Bread Co. Grignard told the group that re- After being named one of the cruiting employees was a challenge, program’s 2006 winners, she found several women shared advice on that “a lot more came along with it.” how to interview and screen candi- James B Lavelle, Agent Kevin Leong, Agent Robert Stevenson II, Agent For openers, she says, winning dates. They also suggested she hire 420 Lexington Avenue 156 5th Avenue 200 Central Park South has improved the image of her interns—a recommendation that New York, NY 10170-2099 New York, NY 10010-7799 New York, NY 10019-1449 restaurant and her ability to land has saved Ms. Grignard thousands Bus: 212-687-1699 Bus: 212-807-1700 Bus: 212-397-0580 catering accounts from companies of dollars. that,she notes,“might not have gone “Now, whenever I get to a cross- with us before.” Ms. Mukherjee roads, I say,‘Who in the group can I catered one of the events for the re- reach out to?’ ” she says. “I’m grate- cent Tribeca Film Festival. Rev- ful for the community.” enues are already running 20% ahead of last year’s levels, which to- To enter the contest, see instructions ® P050352 9/05 statefarm.com taled $300,000. at www.makemineamillion.org. An executive from Count Me In State Farm Mutual Automobile Insurance Company, State Farm Indemnity Company – Bloomington, IL CNYB 05-21-07 A 33 5/17/2007 7:51 PM Page 1

LES QUÉBÉCOIS 3 top construction and engineering Quebec steps up NY construction jobs firms doing business in NYC. COMPANY LOCATION Beton Prefabrique creases of about 1% a month,accord- is cleaning up.In March,through its County Hospital Center in Brook- du Lac Alma Local boom paves ing to the New York Building Con- U.S. subsidiary, Structal, it landed a lyn. Around the same time, ADF way for Canadian gress, Quebec firms—just a seven- $90 million deal to build the steel Group Inc., which produces com- Canam Group Beauce hour drive away—offer lower labor, structure for the new football stadi- plex steel structures,completed work SNC-Lavalin Group Montreal firms; lower labor, power and operating costs. Much of um owned jointly by the Giants and on the U.S. District Court House at the manufacturing of massive con- the Jets. The firm already supplies Cadman Plaza in Brooklyn. The materials costs crete and steel structures is done at steel for the Yankees and Mets base- same company also provided steel SNC-Lavalin Group Inc., both home; then they are trucked here. ball stadiums, and it just put in a bid structures for the Bloomberg Tower based in Montreal, for example, BY SAMANTHA MARSHALL Several firms also have plants and for a contract to erect the iron beams and the Time Warner Center. have jointly invested $60 million in subsidiaries based stateside. for the Freedom Tower. the recently completed first phase of whether sitting in the bleachers “The involvement of these com- Beton Prefabrique du Lac Inc., Making investments the Astoria Energy project. The at Shea Stadium, flicking on their panies keeps costs more in check,” meanwhile, is producing the con- besides constructing buildings companies are looking to invest in lights in Queens or shopping at says Charles Murphy, senior vice crete reinforcement for the Yankees and stadiums, Quebec is pouring the second phase. Columbus Circle, New Yorkers are president of Turner Construction Co. stadium, and last year its concrete money into the city’s many infra- bound to brush up against a little Canam Group Inc. in particular went into the renovation of Kings structure projects.CDP-Capital and COMMENTS? [email protected] piece of Quebec. The French-speaking neighbor to the north is gobbling up some of the city’s most lucrative construction projects, picking up the slack left by local companies and helping to moderate runaway construction costs during New York’s biggest building boom in four decades. Projects vary, but most are huge, ranging from building the steel structural frames of the new Giants and Jets stadium to financing the 500-megawatt natural gas-fueled Bombardier has made 1 out of 3 subway and SO YOU CAN WORK WHERE YOUR BUSINESS TAKES YOU. commuter trains

Astoria Energy project in Queens. “Quebec is so close, so New York is a natural for us,” says Michel Ro- bitaille, delegate general of the province of Quebec, whose role in- PUT AMERICA’S MOST RELIABLE WIRELESS cludes promoting Quebec trade and BROADBAND NETWORK TO WORK FOR YOU. investment interests in New York. Of course, the province has al- With the enhanced speed of our BroadbandAccess ways been a part of the cityscape. network with EVDO Rev A, you get: New York state is Quebec’s largest Faster uploads — typical speeds about 8 times trading partner.The United Nations faster than standard BroadbandAccess (500 to 800 building was built with Quebec con- Kbps versus 60 to 80 Kbps) crete, and Bombardier has produced Faster downloads one out of every three subway and — typical speeds of 600 Kbps commuter trains in the metro area to 1.4 Mbps compared with 450 to 800 Kbps for over the past three decades. standard BroadbandAccess New opportunities but the latest construction boom LIMITED-TIME OFFER: has spurred unprecedented demand. GET THE PC5750 PC CARD FOR ONLY After a Canadian construction VZW PC5750 PC Card slump that caused heavy losses for $109.99 2 year price – $ 99 many of these companies, projects $50 mail-in rebate. after rebate With new 2 year activation. 59 here are boosting their profits to their highest levels in six years. To maintain momentum, Mr. Ro- bitaille has been aggressively organizing trade summits and delegations FOR SPECIAL CORPORATE PRICING, CALL of Quebec investors to introduce 1.800.670.0222 them to opportunities created, for example, by the Lower Manhattan VERIZON WIRELESS COMMUNICATIONS STORES See store for Return/Exchange Policy. Development Corp.’s master plan. MANHATTAN 57 W. 57th St. 100 Wall St. & Water Westbury Smith Haven Visit the Verizon Wireless Store 342 Madison Ave. btwn. 5th & 6th Ave. (Closed Sat & Sun) 49 Old Country Rd. 1 Smith Haven Mall “I can’t say with certainty we’ll be & 43rd St. 212-980-4860 212-510-6160 516-937-2960 631-382-3720 inside Circuit City and BJ’s. 212-856-6100 a major player in the rebuilding of 581 Broadway NASSAU SUFFOLK WESTCHESTER Staffed with Verizon Wireless employees. lower Manhattan, but we will cer- Union Square 1/2 block south of Rockville Centre Bay Shore White Plains Verizon Wireless 859 Broadway Houston 265 Sunrise Hwy. South Shore Mall The Westchester Mall in select locations. tainly try,” says the French-Canadi- 212-206-7587 212-431-4613 516-594-0346 631-968-5432 914-286-4100 an diplomat. Hablamos Español Far from taking business away Our Surcharges (incl. Fed. Univ. Svc. of 11.7% of interstate and int’l telecom charges (varies quarterly), 4¢ Regulatory and 70¢ Administrative/line/mo., and others by area) are not taxes (details: 1-888-684-1888); gov’t from local firms,which are unable to taxes and our surcharges could add 6%–34% to your bill. Activation fee/line: $35 ($25 for $59.99 BroadbandAccess plan). IMPORTANT CONSUMER INFORMATION: Subject to Customer Agreement, Calling Plan, keep pace with demand, Quebecois rebate form and credit approval. Up to $175 early termination fee. Speed claim based on our network tests with 5MB FTP data files without compression. Actual throughput speed varies. participation is helping builders BroadbandAccess is available to more than 202 million people in 242 major metropolitan areas in the U.S. Rev A is not available throughout the BroadbandAccess Coverage Area. A Rev A-compatible PC card will indicate presence in a Rev A coverage area. Offers and coverage, which varies by service, not available everywhere. Network details and coverage maps at vzw.com. See dampen rising costs. With the city vzw.com/bestnetwork for details. © 2007 Verizon Wireless. experiencing construction cost in-

May 21, 2007 | Crain’s New York Business | 33 nb21p34_35_36cls.qxp 5/17/07 4:17 PM Page 34

BOOKKEEPING SERVICES FINANCIAL PLANNER EXECUTIVE RECRUITER PUBLIC & LEGAL

POSITION AVAILABLE NOTICES

Notice of formation of Limited Partnership. Name: Selfhelp (KIV) Associates, L.P. (“LP”). Certificate of Limited Partnership filed with NY Secretary of State (“SSNY”) on January 26, 2007, NY office location is New York County. The SSNY has been designated as BUSINESS SERVICES agent of the LP upon whom process against it may be served. The SSNY shall mail a copy of any process to LP at 520 Eighth Avenue, New York, NY 10018. Purpose/character of SPEED DATING NO WONDER THIS CITY NEVER SLEEPS. LP is to engage in any lawful act or activity.

Notice of Formation of Carnegie Hill Con Edison, one of the nation’s largest investor-owned energy companies, with more Cardiology, PLLC. Arts. of Org. filed with than $12 billion in annual revenues and approximately $27 billion in assets, has earned Secy. of State of NY (SSNY) on 10/11/06. an excellent reputation for its safe, reliable, and environment-friendly performance. Office location: NY Co. SSNY designated as Con Edison will invest more than $7.5 billion in its electric, gas, and steam systems agent of LLC upon whom process against it over the next five years to accommodate continuing growth in our service area. may be served. SSNY shall mail process to: To place your classified This growth has created new opportunities and we present our first… The LLC, 162 East 95th Street, NY, NY 10128. ad call John Gallagher Purpose: any lawful activities. @ 212-210-0189 www.newyorkbusiness.com CAREER FAIR NOTICE OF FORMATION OF MUTED TRAX, LLC. Name: Muted Trax, LLC. Articles of Organization were filed on February 9, 2007 RELOCATION SERVICES Wednesday, June 6, 3pm-7pm, Metropolitan Pavilion with the Secretary of State of New York 125 West 18th Street, Manhattan (between 6th and 7th Avenue) (SSNY). Office location: New York County. SSNY has been designated as agent of the We are currently recruiting for talented and experienced professionals: LLC upon whom process against it may be served. SSNY shall mail a copy of process to the LLC, 418 W. 47th Street, #1FW, New York, ENGINEERING CENTRAL OPERATIONS NY, 10036. Purpose: any lawful activity. Street Electrical Project Specialist address of Principal Business location is: 418 Mechanical Chief Inspector W. 47th Street, #1FW, New York, NY, 10036. Civil & Architectural Designer Metallurgical District Operator Notice of Formation of MV Designs, LLC. Cost Estimator Energy Dispatcher Arts. of Org. filed with NY Dept. of State on Designer Operating Mechanic 4/6/07. Office location: NY County. Secy. of Environmental HUMAN RESOURCES State designated as agent of LLC upon whom SUPERVISORS process against it may be served. Secy. of Generalist State shall mail process to: Starr & Company, Operating Instructor LLC, 850 3rd Ave., 15th Fl., NY, NY 10022, Shift Performance Manager principal business address of the LLC. Maintenance EEO Specialist REAL ESTATE Purpose: any lawful activity. Customer Operations ELECTRIC OPERATIONS Accounting OFFICE SPACE Planner & Designer Notice of Qualification of Porthault NA, LLC. ATTORNEYS Customer Project Manager Authority filed with Secy. of State of NY Labor & Employment Electrical, Mechanical & Chemical (SSNY) on 4/30/02. Office location: NY IMMEDIATE OFFICE SPACE Corporate Financial Technician County. LLC formed in Delaware (DE) on Contracts & Transactions Survey Technician 10/23/01. SSNY designated as agent of Space by the day, week, month, year and even virtual. FINANCE INFORMATION TECHNOLOGY LLC upon whom process against it may be 212.573.0909 Accountant PeopleSoft Specialist served. SSNY shall mail process to: c/o National Registered Agents, Inc., 875 Ave VornadoFurnishedOffices.com Financial Analyst Systems Analyst & Specialist of the Americas, Ste 501, NY, NY 10001, A Rate Analyst Database Administrator 90 Park 909 Third 330 Madison 770 Broadway Project Auditor also registered agent. Address of principal COMPANY office: 18 East 69th St., NY, NY 10021. Arts. of Org. filed with DE Secy. Of State, OFFICE SPACE Con Edison offers an attractive salary and comprehensive benefits that include relocation assistance, medical, dental, vision, and life insurance; 401 (k); tuition 401 Federal St., Ste 4., Dover, DE 19901. reimbursement; childcare and eldercare assistance, plus paid vacations and holidays. Purpose: any lawful activities. Coming Up Interested candidates should submit their resume to: [email protected] 212-947-5500 on the Calendar PLEASE USE JOB CODE: Career Fair-07. An equal opportunity employer. Notice of Qualification of Axton Owner LLC. FOR ALL OFFICE, RETAIL & LOFT SPACES Authority filed with Secy. of State of NY (SSNY) on 1/22/07. Office location: NY New York City, Brooklyn, Queens County. LLC formed in Delaware (DE) on 500–50,000 SF UNDER MARKET SUBLETS – NO FEE! 1/3/07. SSNY designated as agent of LLC Search our listings @ www.midcomre.com May 28th upon whom process against it may be Call Paul 212 947-5500 x 100 served. SSNY shall mail process to: c/o Corporate Boards National Registered Agents, Inc., 875 Ave of SUBLEASE OPPORTUNITY the Americas, Ste 501, NY, NY 10001, also registered agent. Address required to be 110 East 42nd St, New York City maintained in DE: 160 Greentree Dr., Ste 101, 1 windowed and 1 interior office, Dover, DE 19904. Arts. of Org. filed with DE 2 workstations in historic building June 4th Secy. Of State, 401 Federal St., Ste 4., Dover, across from Grand Central. New space. PUBLIC & LEGAL NOTICES DE 19901. Purpose: any lawful activities. Call Ron Erikson at 800-772-4446 Retail Report or email [email protected] Notice of Qualification of Block by Block, Notice of Formation of Stowe Group, LLC, Art. Notice of Qualification of Hanover Group LLC., fict name of Brantley Block by Block, of Org. filed Sec'y of State (SSNY) 3/7/07. US, LLC. Authority filed with Secy. of State LLC Authority filed with Secy. of State of PENN STATION AREA CORPORATE SUITES Office location: NY County. SSNY designated of NY (SSNY) on 4/03/07. Office location: NY (SSNY) on 2/27/07. Office location: NY Bright, high quality, newly renovated office June 11th as agent of LLC upon whom process against NY County. LLC formed in Delaware (DE) County. LLC formed in Kentucky (KY) on suites, easily accessible 24/7. Conference it may be served. SSNY shall mail copy of on 3/8/06. SSNY designated as agent of 12/27/06. SSNY designated as agent of LLC Small Business upon whom process against it may be served. room, reception, IT phone system, high speed process to 57 West 57th St., Ste. 505, NY, NY LLC upon whom process against it may be 10019. Purpose: any lawful activities. served. SSNY shall mail process to: c/o SSNY shall mail process to: the LLC, 875 Ave. internet and Virtual Office services available. National Registered Agents, Inc., 875 Ave of the Americas, Ste. 501, NY, NY 10001. Phone: (646) 465-5909 of the Americas, Ste 501, NY, NY 10001. Address of LLC in jurisdiction of formation: www.wamdasuite.com Notice of Qualification of Blackstone Capital June 18th Partners (Cayman) V-B L.P. Authority filed Address required to be maintained in DE: 1325 S. 4th St, Louisville, KY 40208. Arts. of with NY Dept. of State on 3/8/07. Office 160 Greentree Dr., Ste 101, Dover, DE Org. filed with Secy. of State of KY, 700 Health Care location: NY County. LP formed in Cayman 19904. Arts. of Org. filed with DE Secy. Of Capital Ave, Ste 152, Frankfort, KY 40601. Islands (CI) on 9/26/06. NY Secy. of State State, 401 Federal St., Ste 4., Dover, DE Purpose: any lawful activities. LUXURY designated as agent of LP upon whom 19901. Purpose: any lawful activities. process against it may be served. NY Secy. Notice of Qualification of Blue Opportunity PROPERTIES of State shall mail process to the principal Notice of Qualification of D.B. Zwirn & Co., Fund, L.P. Authority filed with Secy. of State June 25th business address of the LP: c/o The L.P. Authority filed with Secy. of State of of NY (SSNY) on 3/12/07. Office location: NY County. LP formed in Delaware (DE) on 2/7/07. MIAMI BEACH/FLORIDA Blackstone Group, 345 Park Ave., NY, NY NY (SSNY) on 3/26/04. Office location: NY Executive Pay 10154. Registered agent upon whom process County. LP formed in Delaware (DE) on SSNY designated as agent of LP upon whom may be served: CT Corporation System, 111 3/24/04. SSNY designated as agent of LP process against it may be served. SSNY shall TRUMP OCEANFRONT CONDOS 8th Ave., NY, NY 10011. CI address of LP: upon whom process against it may be served. mail process to: c/o National Registered Agents, OWN YOUR LUXURY CONDO TODAY! c/o Walkers SVP Ltd., Walker House, 87 SSNY shall mail process to: The LP, 745 5th Inc., 875 Avenue of the Americas., Ste. 501, NY, TRUMP GRANDE & TRUMP TOWERS Mary St., P.O. Box 908GT, George Town, Ave., 18th Fl., NY, NY 10151. DE address of NY 10001, also registered agent. DE address of Buy directly from the Developer & Save $$ July 2nd Grand Cayman, KY1-9002, CI. Name/address LP: The Corporation Trust Co., 1209 Orange LP: 160 Greentree Dr., St 101, Dover, DE Furnished Condo Hotel units from $325k of genl. ptr. available from SSNY. Cert. of LP St., Wilmington, DE 19801. Name/address of 19901. Name/address of genl. ptr. available 1-4 Bedrm Residential Condos from $875k Market Facts filed with Registrar of Exempted LPs, Citrus genl. ptr. available from SSNY. Cert. of LP from SSNY. Cert. of LP filed with DE Secy. Ask for details on our FLY-BUY Program Grove Bldg., George Town, Grand Cayman, CI. filed with DE Secy. of State, Townsend Bldg., of State, Federal & Duke of York Sts., Dover, Call Exclusively Baronoff 305.213.3606 Purpose: any lawful activity. Dover, DE 19901. Purpose: any lawful activity. DE 19901. Purpose: any lawful activities.

34 | Crain’s New York Business | May 21, 2007 nb21p34_35_36cls_w_calendar.qxp 5/16/07 5:11 PM Page 35

PUBLIC & LEGAL NOTICES

NOTICE OF FORMATION OF LIMITED LIABILITY Notice of Formation of 165 William Street Notice of Qualification of Izara Focus Fund, Notice of Qualification of ETI Partners, LLC, Notice of Qualification of Primacy Relocation, COMPANY. NAME: BANNER AVENUE, LLC. Investor, LLC. Arts. of Org. filed with NY LP, App. for Auth. filed Sec'y of State (SSNY) App. for Auth. filed Sec'y of State (SSNY) LLC. Authority filed with Secy. of State of Articles of Organization were filed with the Dept. of State on 4/10/07. Office location: NY 12/26/06. Office location: NY County. LP org. 7/22/04. Office location: NY County. LLC org. NY (SSNY) on 1/23/07. Office location: NY Secretary of State of New York (SSNY) on County. Secy. of State designated as agent of in DE 12/19/06. SSNY designated as agent of in DE 7/21/04. SSNY designated as agent of County. LLC formed in Tennessee (TN) on 09/01/05. The latest date of dissolution is LLC upon whom process against it may be LP upon whom process against it may be LLC upon whom process against it may be 12/13/96. SSNY designated as agent of LLC 12/31/2099. Office location: New York County. served. Secy. of State shall mail process to: served. SSNY shall mail copy of process to served. SSNY shall mail copy of process to upon whom process against it may be SSNY has been designated as agent of the c/o Metro Loft Management, 67 Wall St., NY, Attn: John Raniolo, 747 Third Ave., 10th Fl., 535 Madison Ave., NY, NY 10022, the principal served. SSNY shall mail process to: c/o LLC upon whom process against it may be NY 10005, principal business address of the NY, NY 10017. DE office addr.: c/o CSC, 2711 office addr. of LLC. Cert. of Form. on file: National Registered Agents, Inc., 875 Ave of served. SSNY shall mail a copy of process to LLC. Purpose: any lawful activity. Centerville Rd., Wilmington, DE 19808. Cert. SSDE, Townsend Bldg., Dover, DE 19901. the Americas, Ste 501, NY, NY 10001. the LLC, c/o The J Companies, 711 Third of LP on file: SSDE, Townsend Bldg., Dover, Purpose: any lawful activities. Address required to be maintained in TN: Avenue, New York, New York 10017. Notice of Formation of Argot Partners, LLC. DE 19901. Name/addr. of each gen. ptr. avail. 6077 Primacy Pkwy, Ste 300, Memphis, TN Purpose: For any lawful purpose. Arts. of Org. filed with Secy. of State of NY at SSNY. Purpose: any lawful activities. Notice of Formation of Colen MD Plastic 38119. Arts. of Org. filed with TN Secy. Of (SSNY) on 2/07/07. Office location: NY Co. Surgery Suite, P.L.L.C. Arts. of Org. filed State, 312 Eighth Ave N., 6th Fl, William Notice of application for Authority of limited SSNY designated as agent of LLC upon whom Notice of Formation Whaley Consulting with Secy. of State of NY (SSNY) on 3/26/07. Snodgrass Tower, Nashville, TN 37243. liability company (LLC). Name: OIKOS process against it may be served. SSNY shall Services, LLC art. of org. filed Secy. of State Office location: NY Co. SSNY designated as Purpose: any lawful activities. VENTURES LLC. Application for Authority mail process to: National Registered Agents, NY (SSNY) 1/25/07. Off. loc. in NY Co. SSNY agent of LLC upon whom process against it filed with the Department of the State of New Inc., 875 Avenue of the Americas, Ste. 501, designated as agent of LLC upon whom may be served. SSNY shall mail process to: Notice of Formation 496 Broadway Realty, LLC York on September 30, 2003. The jurisdiction NY, NY 10001, also registered agent. Purpose: process may be served. SSNY shall mail The LLC, 742 Park Ave., NY, NY 10021. art. of org. filed Secy. of State NY (SSNY) of its formation is Delaware. The date of its any lawful activities. copy of process to: 402 E 83rd St #5A, NY, Purpose: any lawful activities. 11/9/06. Off. loc. in NY Co. SSNY designated formation is September 26, 2003. Office NY 10028. Purpose: Any lawful purpose. as agent of LLC upon whom process may be location: New York County. The Secretary of Notice of Formation of The Motion Picture Notice of Qualification of Blackstone T Fund served. SSNY shall mail copy of process to: State of New York (SSNY) is designated as Card Co., LLC. Arts. of Org. filed with NY 15TH STREET LLC Articles of Org. filed NY L.P., App. for Auth. filed Sec'y of State (SSNY) c/o Mark D. Mermel, Esq., 98 Cuttermill Rd, agent of LLC upon whom process against it Dept. of State on 4/17/07. Office location: NY Sec. of State (SSNY) 9/12/03. Office in New 12/21/06. Office location: NY County. LP org. Ste. 234, Great Neck, NY 11201. Purpose: Any may be served. The principal business location County. Principal business address: 137 York Co. SSNY desig. agent of LLC upon in DE 12/20/06. SSNY designated as agent of lawful purpose, managed by members, and the address SSNY shall mail copy of Varick St., 5th Fl., NY, NY 10013. Secy. of whom process may be served. SSNY shall LP upon whom process against it may be latest date: 11/6/2105. process to is c/o Steven K. Aronoff, 499 Park State designated as agent of LLC upon mail copy of process to c/o Leahy & served. SSNY shall mail copy of process to Ave., 6th Fl., New York, NY 10022. The whom process against it may be served. Johnson, P.C., 120 Wall St., NY, NY 10005. Attn: J. Tomilson Hill, 345 Park Ave., NY, Notice of Formation of NYC FILM PARTNERS, address of the office required to be maintained Secy. of State shall mail process to: c/o Mark Purpose: Any lawful purpose. NY 10154. DE office addr.: c/o CSC, 2711 LLC. Arts. of Org. filed with Secy. of State of in the jurisdiction of its formation is 203 NE Rosenblum, 37 Brighton 11th St., Brooklyn, Centerville Rd., Wilmington, DE 19808. Cert. N.Y. (SSNY) on 3/8/07. Office location: NY Front St., Ste. 101, Milford, DE 19963. The NY 11235. Purpose: any lawful activity. Notice of Formation of ROCKY MOUNT of LP on file: SSDE, Townsend Bldg., Dover, County. SSNY designated as agent of LLC name and address of the authorized officer in DEVELOPMENT LLC, domestic Limited DE 19901. Name/addr. of each gen. ptr. avail. upon whom process against it may be served. the jurisdiction of formation where a copy of Notice of Qualification of 1330 Mezz II LLC. Liability Company (LLC). Articles of at SSNY. Purpose: any lawful activities. SSNY shall mail process to: c/o Frankfurt its certificate of formation is filed is Delaware Authority filed with Secy. Of State of NY Organization filed with Secretary of State on Kurnit Klein & Selz, P.C., 488 Madison Ave., Division of Corporations, John G. Townsend (SSNY) on 12/19/2006. Office location: New 3/2/07. NY Office location: NEW YORK County. Notice of Formation of 1405 FIFTH AVENUE NY, NY 10022, Attn: Thomas D. Selz, Esq. Bldg., 401 Federal St., Dover, DE 19901. York County. LLC formed in Delaware(DE) on Secretary of State is designated as agent upon RETAIL, LLC, a domestic Limited Liability Purpose: any lawful activity. 12/18/2006. SSNY designated as agent of LLC whom process against the LLC may be Company (LLC). Articles of Organization Notice of Formation of JEH Ventures LLC. upon whom process against it may be served. served. Secretary of State shall mail a copy filed with Secretary of State on 12/01/2006. REQUEST FOR PROPOSALS Arts. of Org. filed with NY Dept. of State on SSNY shall mail process to: c/o Macklowe of any process against the LLC served upon NY Office location: NEW YORK County. 4/20/07. Office location: NY County. Secy. Properties, 767 Fifth Avenue, 21st Flr., NY, NY him/her to THE LLC, 69 E. 130TH STREET, Secretary of State is designated as agent REQUESTS FOR of State designated as agent of LLC upon 10153. Address required to be maintained in 2ND FLR., NEW YORK, NY 10037. Purpose: upon whom process against the LLC may whom process against it may be served. home jurisdiction: National Registered Agents, To engage in any lawful act or activity. PROPOSALS be served. Secretary of State shall mail a JetBlue Airways Corporation Secy. of State shall mail process to: 345 W. Inc.,160 Greentree Drive, Ste 101, Dover, Kent copy of any process against the LLC served invites proposals from 58th St., Ste. #9W, NY, NY 10019, principal County, DE 19904. Arts. Of Org. filed with DE Notice of Qualification of 85 Tenth NY upon him/her to C/O YUCO MANAGEMENT qualified persons and business entities that have business address of the LLC. Purpose: any Secy. of State, Townsend Building, Dover, DE Investors, L.L.C. Authority filed with NY Dept. INC., 295 MADISON AVE., 34TH FL, NEW demonstrated expertise in the development and operation lawful activity. 19901. Purpose: any lawful activities. of State on 4/5/07. Office location: NY County. YORK, NY 10017. Purpose: To engage in of food service and/or retail operations at airports or Principal business address: 60 Columbus any lawful act or activity. other types of transportation centers, shopping centers, Notice of Formation of Mid City Gym and Notice of Qualification of Pelagic Capital Circle, NY, NY 10023. LLC formed in Delaware malls, or downtown areas, to operate and manage the Tanning, LLC (limited liability company) Art. Advisors LP. Authority filed with Secy. of State (DE) on 4/4/07. NY Secy. of State designated Notice of Formation of 384 Broome Street, food service and retail concessions in Terminal 5 at of Or. filed with Sec. of State NY (SSNY) on of N.Y. (SSNY) on 4/9/07. Office location: NY as agent of LLC upon whom process against it LLC. Arts. of Org. filed with Secy. of State John F. Kennedy International Airport. The retail 4/10/2007, office located in the County of County. Principal business location: 101 Park may be served. NY Secy. of State shall mail of NY (SSNY) on 2/3/06. Office location: NY and food service RFP documents will be available on or New York. SSNY designated agent for service Avenue, 21st Fl., NY, NY 10178. LP formed in process to: c/o Corporation Service Co. (CSC), County. SSNY designated as agent of LLC about May 18, 2007. After the issue date, the RFP will be and shall mail a copy of any process to Delaware (DE) on 12/5/06. SSNY designated 80 State St., Albany, NY 12207. DE address of upon whom process against it may be available online at www.JetBlue.com or by contacting: Howard W. Segal P.C., 845 3rd Ave., #1740 as agent of LP upon whom process against it LLC: c/o CSC, 2711 Centerville Rd., Wilmington, served. SSNY shall mail process to: 270 Raymond Smyth, JetBlue Airways, NYC 10022. Latest date to dissolve may be served. SSNY shall mail process to: DE 19808. Arts. of Org. filed with DE Secy. of Lafayette St., 4th Fl., NY, NY 10012. Telephone: 718.709.3114 12/31/2087. Purpose: any lawful activity. c/o Corporation Service Company (CSC), 80 State, Townsend Bldg., Dover, DE 19901. Purpose: any lawful activity. Email: [email protected] State St., Albany, NY 12207. DE address of Purpose: any lawful activity. Notice of Qualification of Clark Wamberg, LP: c/o CSC, 2711 Centerville Road, Ste. 400, LLC. Authority filed with Secy. of State of Wilmington, DE 19808. Name/address of 50 MORTON STREET LLC, domestic Limited www.newyorkbusiness.com NY (SSNY) on 3/01/07. Office location: NY each genl. ptr. available from SSNY. Cert. of Liability Company (LLC). Articles of County. LLC formed in Delaware (DE) on LP filed with DE Secy. of State, 401 Federal Organization filed with Secretary of State on 10/24/06. SSNY designated as agent of LLC St., Ste. 4, Dover, DE 19901. Purpose: any 03/23/07. NY Office location: NEW YORK CHAUFFEURED TRANSPORTATION upon whom process against it may be lawful activity. County. Secretary of State is designated as served. SSNY shall mail process to: c/o agent upon whom process against the LLC National Registered Agents, Inc., 875 Ave Notice of Qualification of CAM-NMP GP, LLC. may be served. Secretary of State shall mail a DESTINATION? of the Americas, Ste 501, NY, NY 10001. Authority filed with Secy. of State of N.Y. copy of any process against the LLC served Address required to be maintained in DE: (SSNY) on 4/10/07. Office location: NY upon him/her to THE LLC, 50 MORTON ST., Anytime. Anywhere. 160 Greentree Dr., Ste 101, Dover, DE County. Principal business location: 2853 NEW YORK, NY 10014. General purposes. 19904. Arts. of Org. filed with DE Secy. Of Brandywine St., NW, Washington, DC 20008. State, 401 Federal St., Ste 4., Dover, DE LLC formed in Delaware (DE) on 3/22/07. Notice of Formation of 66 WEST BARCLAY Business Meetings and Events, 19901. Purpose: any lawful activities. SSNY designated as agent of LLC upon whom STREET, LLC, a domestic Limited Liability Road Shows, and 18-hour days; process against it may be served. SSNY shall Company (LLC). Articles of Organization filed mail process to: c/o Corporation Service with Secretary of State on 2/12/2007. NY we know where you’re coming from Notice of Formation of 176 East 3 Realty LLC. Company (CSC), 80 State St., Albany, NY Office location: NEW YORK County. Secretary and we know how to get you there. Arts. of Org. filed with Secy. of State of NY of State is designated as agent upon whom 12207. DE address of LLC: c/o CSC, 2711 Anytime. Anywhere. (SSNY) on 3/23/07. Office location: NY Co. Centerville Road, Ste. 400, Wilmington, DE process against the LLC may be served. SSNY designated as agent of LLC upon whom 19808. Arts. of Org. filed with DE Secy. of Secretary of State shall mail a copy of any process against it may be served. SSNY shall State, 401 Federal St., Dover, DE 19901. process against the LLC served upon him/her Commonwealth Worldwide provides mail process to: c/o The Icon Group, 433 Purpose: investment management services. to THE LLC, 498 7TH AVE., 8TH FLR. NEW W.14th St., Ste 429 3R, NY, NY 10014. YORK, NY 10018. GENERAL PURPOSES premium chauffeured transportation Purpose: any lawful activities. Notice of Qualification of RP Martin LLC. services for discriminating corporate Authority filed with NY Dept. of State on Notice of Qualification of Blackstone FS Fund clients including senior executives, Notice of Formation of 420 East 66 Realty L.P., App. for Auth. filed Sec'y of State (SSNY) 3/30/07. Office location: NY County. Principal and private aviation passengers. LLC. Arts. of Org. filed with Secy. of State of business address: 44 Wall St., 21st Fl., NY, NY 10/18/06. Office location: NY County. LP org. NY (SSNY) on 4/20/07. Office location: NY Co. 10005. LLC formed in Delaware (DE) on in DE 10/17/06. SSNY designated as agent of SSNY designated as agent of LLC upon whom 3/14/07. NY Secy. of State designated as agent LP upon whom process against it may be Celebrating Our 25th Year process against it may be served. SSNY shall of LLC upon whom process against it may be served. SSNY shall mail copy of process to mail process to: : c/o The Icon Group, 433 served. NY Secy. of State shall mail process Attn: J. Tomilson Hill, 345 Park Ave., NY, NY 1982-2007 West 14th St., Ste 429 3R, NY, NY 10014. to: c/o Thelen Reid Brown Raysman & Steiner 10154. DE office addr.: c/o CSC, 2711 Purpose: any lawful activities. LLP, 875 3rd Ave., NY, NY 10022, Attn: Centerville Rd., Wilmington, DE 19808. Cert. Richard S. Green. DE address of LLC: c/o of LP on file: SSDE, Townsend Bldg., Dover, Name: PRHC LLC Art. of Org. Filed Sec. of Corporation Service Co., 2711 Centerville Rd., DE 19901. Name/addr. of each gen. ptr. avail. State of NY 2/11/02 Off. Loc.: New York Co. Ste. 400, Wilmington, DE 19808. Arts. of Org. at SSNY. Purpose: any lawful activities. SSNY designated as Agent upon whom process filed with DE Secy. of State, 401 Federal St., against it may be served. SSNY to mail copy Dover, DE 19901. Purpose: any lawful activity. NOTICE OF FORMATION of MAURIEL & of process to THE LLC, James S. Klein, KAPOUYTIAN LLP, domestic Limited Liability Herzfeld & Rubin, P.C., 40 Wall Street, 54th NOTICE OF FORMATION OF LIMITED LIABILITY Partnership (LLP). Cert. of Registration filed Flr., NY, NY 10005. Purpose: Any lawful act. COMPANY. NAME: KIDVILLE FRANCHISE with Secy. of State of NY (SSNY) on 3/28/07. PARTNERS, LLC. Articles of Organization NY Office location: 168 Second Avenue, Box Notice of Formation of Added Opportunity were filed with the Secretary of State of New 352, New York, NY 10003, NEW YORK LLC. Arts. of Org. filed with Secy. of State of York (SSNY) on 04/03/07. Office location: County. SSNY designated as agent upon NY (SSNY) on 10/10/2006. Office location: NY New York County. SSNY has been designated whom process against the LLP may be as agent of the LLC upon whom process served. SSNY shall mail a copy of any County. SSNY designated as agent of LLC The World’s #1 Chauffeured Transportation Company upon whom process against it may be served. against it may be served. SSNY shall mail a process against the LLP served upon him/her SSNY shall mail process to: c/o Corporate copy of process to the LLC, 163 East 84th to the LLP at 168 Second Avenue, Box 352, Service Company, 80 State Street, NY, NY Street, New York, New York 10028. Purpose: New York, NY 10003. Purpose: To practice the 12207-2543. Purpose: any lawful activities. For any lawful purpose. profession of law. 866.770.1677 or 718.706.5500 • commonwealthlimo.com

May 21, 2007 | Crain’s New York Business | 35 nb21p34_35_36cls_w_calendar.qxp 5/16/07 4:58 PM Page 36

PUBLIC & LEGAL NOTICES

Notice of Formation of Hamptons 39 LLC. Notice of formation: Mark's Bookkeeping Notice of Qualification of Post Avenue Portfolio NOTICE OF FORMATION of Sprocket Films, NOTICE OF FORMATION OF LIMITED LIABILITY Arts. of Org. filed with NY Dept. of State on Services LLC a NYS LLC filed with SSNY on Investor, LLC. Authority filed with NY Dept. of LLC. Article of Organization filed with the COMPANY. NAME: KIDVILLE FRANCHISE 4/3/07. Office location: NY County. Secy. of 06/05/02. Off. Loc Co. SSNY designated as State on 3/16/07. Office location: NY County. Secretary of State of NY (SSNY) on 9/23/05. COMPANY, LLC. Articles of Organization were State designated as agent of LLC upon whom agent of LLC, upon whom process may be LLC formed in Delaware (DE) on 3/13/07. Office location: NEW YORK County. SSNY has filed with the Secretary of State of New York process against it may be served. Secy. of served. SSNY shall mail copy of process to: Secy. of State designated as agent of LLC upon been designated as agent upon whom process (SSNY) on 04/03/07. Office location: New State shall mail process to: c/o Kenilworth The LLC, 40 W 24 St #3F, NY, NY 10010. whom process against it may be served. Secy. against it may be served. The Post Office York County. SSNY has been designated as Equities Ltd., 825 3rd Ave., NY, NY 10022, Purpose: Any Lawful Activities. of State shall mail process to: The Dermot address to which the SSNY shall mail a copy agent of the LLC upon whom process against principal business address of the LLC. Company, Inc., 320 W. 57th St., 5th Fl., NY, NY of any process against the LLC served upon it may be served. SSNY shall mail a copy of Purpose: any lawful activity. NOTICE OF FORMATION OF PROFESSIONAL 10019, principal business address of the LLC. him is C/O of the LLC: 536 East Fifth St., New process to the LLC, 163 East 84th Street, SERVICE LIMITED LIABILITY COMPANY. DE address of LLC: c/o National Corporate York, NY 10009. Purpose of LLC: to engage in New York, New York 10028. Purpose: For Notice of Qualification of Solas Capital, LLC, NAME: SWEET DREAMS ANESTHESIOLOGY, Research, Ltd., 615 S. DuPont Hwy., Dover, DE any lawful act or activity. any lawful purpose. App. for Auth. filed Sec'y of State (SSNY) PLLC. Articles of Organization were filed 19801. Arts. of Org. filed with DE Secy. of 9/17/04. Office location: NY County. LLC org. with the Secretary of State of New York State, 401 Federal St., Ste. 4, Dover, DE 19901. Notice of Qualification of Tiedemann/Moross Notice of Qualification of FS Private in DE 9/15/04. SSNY designated as agent of (SSNY) on 03/02/07. Office location: New Purpose: any lawful activity. Partners, LLC, App. for Auth. filed Sec'y of Investments III LLC. Authority filed with Secy. LLC upon whom process against it may be York County. SSNY has been designated as State (SSNY) 2/16/06. Office location: NY of State of NY (SSNY) on 5/25/00. Office served. SSNY shall mail copy of process to agent of the PLLC upon whom process Notice of formation of Artware Editions, LLC. County. LLC org. in DE 1/19/06. SSNY location: NY County. LLC formed in Delaware Attn: Frederick Tucker Golden, 237 Park against it may be served. SSNY shall mail a Arts. of Org. filed with Secy. of State NY designated as agent of LLC upon whom (DE) on 3/1/00. SSNY designated as agent of Ave., 8th Fl., NY, NY 10017. DE office addr.: copy of process to the PLLC, c/o Segal, (SSNY) 4/19/06. Office in NY County. SSNY process against it may be served. SSNY LLC upon whom process against it may be c/o CSC, 2711 Centerville Rd., Wilmington, Tesser & Ryan, LLP, 509 Madison Avenue, desig. agent of LLC upon whom process shall mail copy of process to 535 Madison served. SSNY shall mail process to: c/o CT DE 19808. Cert. of Form. on file: SSDE, New York, New York 10022. Purpose: For may be served. SSNY shall mail process to: Ave., 37th Fl., NY, NY 10022. DE office addr.: Corporation System, 111 8th Ave., NY, NY Townsend Bldg., Dover, DE 19901. Purpose: the practice of the profession of Medicine. The LLC, 327 W. 11th St., NY, NY 10014. c/o CSC, 2711 Centerville Rd., Wilmington, 10011. DE address of LLC: The Corporation any lawful activities. Purpose: any lawful activity. DE 19808. Cert. of Form. on file: SSDE, Trust Co., 1209 Orange St., Wilmington, DE Notice of Qualification of POLYNOMA LLC. Townsend Bldg., Dover, DE 19901. Purpose: 19801. Cert. of Form. filed with DE Secy. of Notice of Qualification of Protégé Authority filed with Secy. of State of N.Y. any lawful activities. State, Townsend Bldg., Dover, DE 19901. Opportunistic Fund, LP, filed under the 2904 ATLANTIC AVE LLC Articles of Org. (SSNY) on 4/10/07. Office location: NY filed NY Sec. of State (SSNY) 12/18/06. Purpose: any lawful activity. original name Protege Strategic Fund, LP, County. LLC formed in Delaware (DE) on App. For Auth. filed Sec'y of State (SSNY) Office in NY Co. SSNY desig. agent of LLC Notice of Formation of 1540 Second Realty 4/4/07. SSNY designated as agent of LLC upon whom process may be served. SSNY 2/20/07. Office loc.: NY County. LP org. in upon whom process against it may be served. LLC. Arts. of Org. filed with Secy. of State of Notice of Qualification of Lusman Capital DE 2/14/07. SSNY designated as agent of LP shall mail copy of process to PO Box 20700, NY (SSNY) on 4/20/07. Office location: NY Co. Management, LLC, filed under the original SSNY shall mail process to: c/o Jack Gray, NY, NY 10009. Purpose: Any lawful purpose. upon whom process against it may be 201 W. 52nd St., 3rd Fl., NY, NY 10019. DE SSNY designated as agent of LLC upon whom name Magnum Opus Management, LLC, App. served. SSNY shall mail copy of process to address of LLC: c/o Corporation Service process against it may be served. SSNY shall for Auth. filed Sec'y of State (SSNY) 5/15/06. Attn: Jeffrey Tarrant, 25 W. 53rd St., NY, NY Company, 2711 Centerville Road, Ste. 400, Notice of Qualification of Old Square Capital mail process to: c/o The Icon Group, 433 West Office loc.: NY County. LLC org. in DE 10019. DE office addr.: CSC, 2711 Centerville Wilmington, DE 19808. Arts. of Org. filed with Advisors, LLC, filed under the original name 14th St., Ste 429 3R, NY, NY 10014. Purpose: 5/11/06. SSNY designated as agent of LLC Rd., Wilmington, DE 19808. Cert. of LP on DE Secy. of State, 401 Federal St., Dover, DE Old Square Advisers, LLC, App. for Auth. filed any lawful activities. upon whom process against it may be served. file: SSDE, Townsend Bldg., Dover, DE 19901. 19901. Purpose: any lawful activity. Sec'y of State (SSNY) 2/10/06. Office location: SSNY shall mail copy of process to Attn: Joel Name/addr. of each gen. ptr. avail. at SSNY. NY County. LLC org. in DE 2/7/06. SSNY Notice of Qualification of Needham Contrarian Lusman, 45 W. 67th St., #26A, NY, NY 10023. designated as agent of LLC upon whom DE office addr.: CSC, 2711 Centerville Rd., Purpose: any lawful activities. Notice of Qualification of SLG 48E43 LLC. (QP) Fund, L.P., App. for Auth. filed Sec'y of process against it may be served. SSNY shall Wilmington, DE 19808. Cert. of Form. on file: Authority filed with Secy. of State of NY State (SSNY) 5/5/04. Office location: NY mail copy of process to Attn: Kemal Ahmed, SSDE, Townsend Bldg., Dover, DE 19901. Name: ORIGINAL SAINT MARK’S PIZZA, (SSNY) on 3/21/07. Office location: NY County. LP org. in DE 5/3/04. SSNY designated 880 Third Ave., 3rd Fl., NY, NY 10022. DE Purpose: any lawful activities. LLC Art. of Org. Filed Sec. Of State of NY County. LLC formed in Delaware (DE) on as agent of LP upon whom process against it office addr.: c/o CSC, 2711 Centerville Rd., 3/1/07. Off. Loc. New York. Co. SSNY 3/20/07. SSNY designated as agent of LLC may be served. SSNY shall mail copy of Wilmington, DE 19808. Cert. of Form. on file: designated as agent upon whom process upon whom process against it may be process to Attn: Glen W. Albanese, 445 Park Notice of Formation of 1405 FIFTH AVENUE SSDE, Townsend Bldg., Dover, DE 19901. against it may be served. SSNY to mail served. SSNY shall mail process to: c/o Ave., NY, NY 10022. DE office addr.: CTC, APARTMENTS, LLC, a domestic Limited Purpose: any lawful activities. copy of process to The LLC C/O Morwin National Registered Agents, Inc., 875 Ave of 1209 Orange St., Wilmington, DE 19801. Cert. Liability Company (LLC). Articles of Schmookler, P.O. Box 1568, FDR Station, the Americas, Ste 501, NY, NY 10001, also of LP on file: SSDE, Townsend Bldg., Dover, Organization filed with Secretary of State on NY, NY 10150. Purpose: Any lawful activity. registered agent. Address required to be Notice of Qualification of FrontPoint Partners DE 19901. Name/addr. of each gen. ptr. avail. 12/18/2006. NY Office location: NEW YORK maintained in DE: 160 Greentree Dr., Ste 101, LLC. Authority filed with NY Dept. of State on at SSNY. Purpose: any lawful activities. County. Secretary of State is designated as Notice of Formation of 158 West 23 LLC. Arts. Dover, DE 19904. Arts. of Org. filed with DE 4/25/07. Office location: NY County. Principal agent upon whom process against the LLC of Org. filed with Secy. of State of NY (SSNY) Secy. Of State, 401 Federal St., Ste 4., Dover, business address: 2 Greenwich Plaza, OCCAMS RAZOR, LLC Articles of Organization may be served. Secretary of State shall mail a on 4/20/04. Office location: NY Co. SSNY DE 19901. Purpose: any lawful activities. Greenwich, CT 06830. LLC formed in filed with NY Sec. of State(SSNY) 3/13/07. copy of any process against the LLC served designated as agent of LLC upon whom Delaware (DE) on 10/12/00. NY Secy. of State Office is located in NY County. SSNY is upon him/her to C/O YUCO MANAGEMENT process against it may be served. SSNY shall INC., 295 MADISON AVE., 34TH FL, NEW Notice of Qualification of Cardinal Point Fund I designated as agent of LLC upon whom designated as agent of the LLC upon whom mail process to: c/o Rossrock LLC, Attn: YORK, NY 10017. Purpose: To engage in any LP, App. for Auth. filed Sec'y of State (SSNY) process against it may be served and shall process may be served. SSNY shall mail Mr.James Ross, 150 East 52nd St., 27th Fl, lawful act or activity. 1/22/04. Office location: NY County. LP org. in mail process to: c/o CT Corporation System, copy of process to c/o Joseph Zawadzki, NY, NY 10022. Purpose: any lawful activities. DE 1/20/04. SSNY designated as agent of LP 111 8th Ave., NY, NY 10011, registered agent 144 W. 27th St., #3F, NY, NY 10001. upon whom process may be served. DE Purpose: Any lawful purpose. Notice of App. of Auth. of Lime Brokerage Notice of Formation of CIP 55, LLC. Arts of upon whom process against it may be served. SSNY shall mail copy of process to Attn: Greg address of LLC: CT Corporation, 1209 Orange Holdings LLC, filed NY Secy of State (SSNY) Org filed with Secy of State of NY (SSNY) on St., Wilmington, DE 19801. Arts. of Org. filed 4-30-07; Organized DE 4-23-07; NY office: Elmlinger, 767 Third Ave., 14th Fl., NY, NY Notice of Qualification of Deister Capital 10/14/04. Office location: New York County. with DE Secy. of State, 401 Federal St., Ste. 4, NY Cty, 377 Broadway, NY, NY 10013; SSNY 10017, the principal office addr. of LP. Cert. of Onshore Fund, LP, App. for Auth. filed Sec'y SSNY designated as agent of the llc, upon Dover, DE 19901. Purpose: any lawful activity. Designated Agent For Service of Process, LP on file: SSDE, Townsend Bldg., Dover, DE of State (SSNY) 2/5/07. Office location: NY whom process against it may be served. copy to Lime Brokerage Holdings LLC, 377 19901. Name/addr. of each gen. ptr. avail. at County. LP org. in DE 2/1/07. SSNY SSNY shall mail process to: c/o Cipriani, Broadway, NY, NY 10013; Registered office SSNY. Purpose: any lawful activities. Notice of Qualification of Millenco, L.L.C. designated as agent of LP upon whom 110 East 42nd St., New York, NY 10017. DE: Corporation Service Company, 2711 Authority filed with Secy. of State of N.Y. process against it may be served. SSNY shall Purpose: To engage in any lawful business. Centerville Rd., Ste. 400, Wilmington, DE Notice of Qualification of Cardinal Point (SSNY) on 10/16/2006. Office location: NY mail copy of process to Attn: Hilmar 19808; Cert. Formation filed DE Secy State, Associates LLC, App. for Auth. filed Sec'y of County. LLC formed in Delaware (DE) on Schaumann, 1114 6th Ave., 37th Fl., NY, NY Name: ROKARA, LLC Art. of Org. Filed Sec. 401 Federal St., Ste. 4, Dover, DE 19901; State (SSNY) 1/21/04. Office location: NY 6/1/1989. SSNY designated as agent of LLC 10036. DE office addr.: CSC, 2711 Centerville Of State of NY 1/10/07. Off. Loc. New York. Purpose: any lawful activity. Co. SSNY designated as agent upon whom County. LLC org. in DE 10/9/03. SSNY upon whom process against it may be Rd., Wilmington, DE 19808. Cert. of LP on process against it may be served. SSNY to designated as agent of LLC upon whom served. SSNY shall mail process to principal file: SSDE, Townsend Bldg., Dover, DE 19901. mail copy of process to The LLC, 122 First process against it may be served. SSNY shall business location: The LLC, 666 Fifth Name/addr. of each gen. ptr. avail. at SSNY. Avenue, NY, NY 10009. Purpose: Any lawful mail copy of process to Attn: Greg Elmlinger, Avenue, 8th Fl., NY, NY 10103. DE address Purpose: any lawful activities. Advertise on activity. 767 Third Ave., 14th Fl., NY, NY 10017, the of LLC: Corporation Service Company, 2711 principal office addr. of LLC. Cert. of Form. on Centerville Road, Ste. 400, Wilmington, DE 19808. Cert. of Form. filed with DE Secy. of GEM FOR JOY, LLC, domestic Limited Liability Notice of Formation of 95WALLAB, LLC, a file: SSDE, Townsend Bldg., Dover, DE 19901. Company (LLC). Articles of Organization filed domestic Limited Liability Company. Arts. of Purpose: any lawful activities. State, Townsend Bldg., Dover, DE 19901. www.newyorkbusiness.com Purpose: any lawful activity. with Secretary of State on 02/22/07. NY Office Org. filed with the SSNY on 05/04/01. Office location: NEW YORK County. Secretary of location: New York County. SSNY has been Notice of Qualification of Lederer, Levine & State is designated as agent upon whom designated as agent upon whom process Associates, L.L.C., App. for Auth. filed Sec'y of Notice is hereby given that a license, number 1192087, for a liquor license has been process against the LLC may be served. Call John Gallagher against the LLC may be served. SSNY shall State (SSNY) 4/13/04. Office loc.: NY County. Secretary of State shall mail a copy of any mail a copy of process to: A & E Stores, Inc., LLC org. in NJ 1/3/01. SSNY designated as applied for by Clonmel Restaurant Corp. at retail in a restaurant under the Alcoholic process against the LLC served upon him/her 1000 Huyler Street, Teterboro, NJ 07608. agent of LLC upon whom process against it to GONZALEZ OBERLANDER & HOLOHAN Purpose: Any Lawful Purpose. Latest date upon may be served. SSNY shall mail copy of Beverage Control Law at 557 12th Street, @ 212-210-0189 New York, New York in New York County LLP, 170 BROADWAY, STE.1515, NEW YORK, which LLC is to dissolve: No Specific Date. process to c/o Ken Lederer, 20 E. 35th St., NY 10038. General purposes. #3M, NY, NY 10016. NJ office addr.: 1099 for on premises consumption. Notice of Formation of Santibanez LLC. Arts. Wall Street W., Lyndhurst, NJ 07071. Cert. of of Org. filed with NY Dept. of State on Form. on file: NJ Div. of Revenue, PO Box 308, Notice of Qualification of Mather Productions, 4/6/07. Office location: NY County. Secy. of Trenton, NJ 08646. Purpose: to practice the LLC. Authority filed with Secy. of State of State designated as agent of LLC upon profession of Certified Public Accountancy. N.Y. (SSNY) on 1/2/07. Office location: NY whom process against it may be served. County. LLC formed in Delaware (DE) on Secy. of State shall mail process to: Roberto Notice of formation of MRAJ Spring Street, 5/24/05. SSNY designated as agent of LLC Santibanez, 45 W. 60th St., Apt. 35G, NY, NY LLC. Art. Of Org. filed with Secy. Of State of upon whom process against it may be 10023, principal business address of the NY (SSNY) on 1/10/07. Office location: New served. SSNY shall mail process to: 309 LLC. Purpose: any lawful activity. York County. SSNY designated as agent of West 49th Street, NY, NY 10019. DE address the LLC upon whom process against it may of LLC: 874 Walker Road, Ste. C, Dover, DE HUDSON REAL ESTATE GROUP, LLC be served. SSNY shall mail a copy of any 19904. Arts. of Org. filed with DE Secy. of Notice of formation of the above Limited process to: c/o The LLC, 199 Duane Street, State, 401 Federal St., Ste. 4, Dover, DE 19901. Liability Company (“LLC”). Articles of 5th Floor New York, NY 10013 Purpose: To Purpose: any lawful activity. Organization filed with the Department of the engage in any lawful act or activity. State of NY on 3/27/2007. Office location, Notice of Formation of MEDPREP CONSULTING County of New York. The street address is: Notice of Formation of Saint Jane Jazz, LLC. GROUP, LLC. Arts. of Org. filed with Secy. 215 East 68th Street, Ste. 18Y, New York, NY Arts. of Org. filed with NY Dept. of State on of State of N.Y. (SSNY) on 1/25/07 as 10021. Secretary of State (“SSNY”) has been 4/30/07. Office location: NY County. Secy. of amended. Office location: NY County. SSNY designated as agent of the LLC upon whom State designated as agent of LLC upon whom designated as agent of LLC upon whom process against it may be served. SSNY shall process against it may be served. Secy. of process against it may be served. SSNY mail a copy of any such process served to: State shall mail process to: 329 W. 101st St., shall mail process to: Stuart B. Weiss, 160 The LLC, 215 East 68th Street, Ste. 18Y, Ste. 3E, NY, NY 10025, principal business W. 71st St., #8E, NY, NY 10023. Purpose: New York, NY 10021. Purpose: any lawful act. address of the LLC. Purpose: any lawful activity. any lawful activity.

36 | Crain’s New York Business | May 21, 2007 CNYB 05-21-07 A 37 5/17/2007 5:48 PM Page 1

THE WEEKS AHEAD 20-YEAR CRAIN’S STAFFER “But all that pales next to the THIS WEEK’S EVENTS courage we all saw for nearly five MAY 22 CYNTHIA RIGG, 57, LOSES BATTLE WITH CANCER years as she came to work day after BizNet, chapter 1, holds networking day, determined not to give in to reception. 8:00 a.m. to 9:30 a.m., cynthia rigg, who worked at ing its 1999 fea- 20th anniversary issue in 2005. her illness. She suggested and Association of the New York City Bar, Crain’s New York Business for some ture on “New “Cynthia’s career spanned edited a story about women like 42 W. 44th St. Free. (212) 918-0670. MAY 23 20 years as a reporter and editor, York’s 100 virtually the entire life of Crain’s, her—‘Managing cancer: Patients Five O’Clock Club’s Executive Job died on May 12 after a long battle Most Influen- and throughout that time, she was with advanced disease stay on the Search Group holds seminar on using with cancer. She was 57 years old. tial Women in a crucial force in shaping the job.’That article, which ran April search firms and ads. 6:30 p.m. to 8:30 Ms. Rigg joined the paper in Business.” She paper,’’ says editor Greg David. 17 of last year, was as compelling a p.m., 11 Penn Plaza, fifth floor. Fee: 1986 as a reporter, covering adver- left to work for “Her contributions were too many story as we have ever published.’’ $50. (914) 788-5482. tising and marketing. She was later McKinsey & to count. She was always pushing Ms. Rigg is survived by her MAY 23 promoted to assistant managing Co. in 2001 to make the paper more accessible husband, Abe Frajndlich, and their Score NYC holds seminar on financing editor in charge of special sections. and returned to Crain’s in early and to cover the texture of the city. son, Lucas. A funeral service was and business basics. 9:30 a.m. to 12:30 She became managing editor in 2003 as projects editor. In that As an editor, she mentored and held last week in Michigan, and a p.m., American Management 1996; in that role, she both ran the capacity, she edited many special shaped the careers of many of the memorial service in New York is Association, 1601 Broadway, eighth paper’s day-to-day operations and projects—including the most suc- young reporters who spent their tentatively planned for early floor. Fee: $40 in advance, $50 at door. (212) 264-4507 or [email protected]. directed its special reports, includ- cessful in the paper’s history, Crain’s formative years at Crain’s. September. MAY 23 U.S. General Services Administration holds networking reception. 4:00 p.m. to 7:00 p.m., Albella Restaurant, 10 Reade St. Fee: $20. (212) 264-8265 or [email protected]. MAY 23 Lower Manhattan Business Solutions Center holds workshop on starting a business. 2:00 p.m. to 5:00 p.m., 110 William St., fourth floor. Free. (212) 618-8914. MAY 23 Networking for Professionals holds networking reception. 1:00 p.m. to 3:00 p.m., Chin Chin, 216 E. 49th St. Fee: $44.90 members, $54.90 nonmembers. (718) 625-1369 or [email protected]. MAY 24 Queens Economic Development Corp. holds workshop on how to write a business plan. 6:00 p.m. to 8:00 p.m., Queens Library, Briarwood branch, 85-12 Main St., Queens. Free. (718) 263-0546 or [email protected]. MAY 28-JUNE 3 MAY 29 Seedco holds workshop on restaurant management. 2:00 p.m. to 4:30 p.m., Dept. of Small Business Services, 110 William St., seventh-floor boardroom. Free. (212) 618-8862 or [email protected]. MAY 30 New York Society of Security Analysts holds networking reception and program on negotiation strategies. 5:30 p.m. to 7:45 p.m., 1177 Sixth Ave., second floor. Fee: free for members, $20 nonmembers. (646) 871-3405. MAY 31 Hispanic Professionals Networking Group holds networking reception. 6:00 p.m. to 8:30 p.m., Elmo at The Lounge, 156 Seventh Ave. Free. (917) 860-5673 or [email protected]. JUNE 4-10 JUNE 4 Leadership Training Room holds workshop on careers. 6:30 p.m. to 9:00 p.m., 180 W. 80th St., room 203. Fee: $50. (212) 595-3225 or [email protected].

JUNE 5 2007 Consolidated Edison Arnell Company Inc. Ad: Group of New York, Crain’s New York Business holds © networking breakfast and program with Elliot Sander, CEO of the MTA.8:00 a.m. to 9:30 a.m., Hilton New York, 1335 Sixth Ave. Fee: $60. (212) 210-0739 or YOUR BUSINESS CAN BE GREEN IN MORE WAYS www.newyorkbusiness.com. JUNE 6 THAN ONE. PricewaterhouseCoopers holds seminar on employee health care costs. 8:00 a.m. to 10:00 a.m., 300 Madison Ave. Fee: $45. Space is limited. (646) 471-5537 or Your business can be lean, clean and green. Green Power is energy generated from renewable resources www.meetpwc.com/biphc. JUNE 6 like wind, water, sun or biomass. It’s great for the environment, reducing pollutants that contribute to New York Public Library’s Science, global warming. And it’s easy to choose a Green Power energy supplier. Call 1-800-780-2884 or visit Industry and Business Library holds us online. As always, Con Edison will deliver your energy safely and reliably, and will respond to any lecture on positioning a business. 5:30 problems or emergencies. p.m. to 7:00 p.m., 188 Madison Ave., room 018. Free. (212) 592-7000. —adrianne pasquarelli www.poweryourway.com/greenpower More meetings online at www.newyorkbusiness.com Click on “Events”

May 21, 2007 | Crain’s New York Business | 37 Project4 12/15/06 11:35 AM Page 1

Business Priorities.

Making hard decisions is a tough and We provide the hard news you can count on rigorous process. You get information from to make hard choices. We give you information all sides, much of it conﬂ icting and less then that’s fast and dependable, so you can take unequivocal. Your competitor seems to be action –now. We’re Crain Communications and putting up record numbers, but how can you we publish 30 newspapers and magazines, in a make counter moves without knowing for half-dozen key industries, dedicated to helping sure how they did it. You need an edge, from you make the difﬁ cult calls. Hard news for hard a source you can depend on. choices. That’s why we’re here – and why we have been for 90 years. That’s where we come in.

Publishing 30 Magazines and Newspapers Worldwide

Advertising Age American Coin-Op American Drycleaner American Laundry News Automobilwoche Automotive News Automotive News Europe AutoWeek BtoB Business Insurance Business Insurance Europe Creativity Crain’s Chicago Business Crain’s Cleveland Business Crain’s Detroit Business Crain’s New York Business Crain’s Mexico Crain’s Monterrey European Rubber Journal FinancialWeek InvestmentNews Modern Healthcare Pensions & Investments Plastics News RCR Wireless News Rubber & Plastics News TelevisionWeek Tire Business Urethanes Technology Waste News Workforce Management CNYB 05-21-07 A 39 5/17/2007 5:45 PM Page 1

BUSINESS CORPORATE LADDER New leader has line on The Drawing Center PAGE 41 buck ennis

GOTHAM GIGS Birdman STEVE BALDWIN, 50, leads walking tours year-round to the nests of an extended family of wild Quaker parrots—rare on the East Coast—in two different sections of Brooklyn. Mr. Baldwin, who works at an online marketing firm, conducts the free tours on the first Saturday of each month. DAY OUT Mr. Baldwin discovered the parrots in Midwood two years ago. He started reading up on them and joined the National Audubon Society. Soon, he was taking groups of 10 to 20 people—some even come from out of state—on his Wild Brooklyn Parrot Safaris. FREE BIRD The parrots escaped from a shipping crate at JFK International Airport in the late 1960s. One flock settled at Brooklyn College and one at Green-Wood Cemetery; their descendants have established satellite colonies in the Bronx and New Jersey.The birds live an average of 75 years. TAKING WING Mr. Baldwin has a blog, brooklynparrots.com. He is making a documentary about the birds and working to create sanctuaries.“I got stung by the passion virus, and this is what I’m doing,” he says. —adrianne pasquarelli

EXPERT OPINIONS ghs

BEST WAY TO LEARN rrou A FOREIGN LANGUAGE tbu scot a social environment with live interaction, like a class of about 10 students, is best. THE STATS Don’t place too much value on your instructor being a native 3.6 million speaker—his or her training is Commuter marriage married more important. Private tutors Americans are can also work because lessons living apart are tailored to your needs and Long-distance love survives spouse’s absence speed. Software should be The number of used as a supplement to a BY MIRIAM KREININ SOUCCAR married people course and primarily for living apart pronunciation correction. If n most nights, Nancy Smith would have to fly thousands of miles to give has increased you’re in New York, you can her husband a good-night kiss. 40% since also practice at your 1999 neighborhood grocery store. In fact, Ms. Smith and her husband, Julius, who met six years ago while —milena savova they were both on vacation in Scotland, have never lived in the same 10% of work Director house—or even the same country. relocations result in Center for The two fly between New York and Trinidad every couple of months for Foreign Languages commuter NYU School of Continuing and a rendezvous, or they meet up for vacations in Europe. marriages Professional Studies “We want to be together, but we both have See LONG-DISTANCE on Page 40 Source: U.S. Census Bureau O May 21, 2007 | Crain’s New York Business | 39 CNYB 05-21-07 A 40 5/17/2007 5:51 PM Page 1

BUSINESS LIVES

SO FAR, YET SO NEAR Long-distance marriages Keys to a successful commuter marriage. Continued from Page 39 exotic situation than most, the paying careers. 1 Trust in the relationship really good jobs, and it’s a hard sac- Smiths are not alone. The number Even when they don’t, they are 2 Equally appealing residences rifice to make a move right now,” of people in so-called commuter less willing to give up social and 3 Supportive bosses and colleagues says Ms.Smith,36,a gener- marriages has grown 40% community ties or uproot children 4 Enjoyment of time alone

al manager coordinator at since 1999, to an estimated to climb the corporate ladder,espe- istockphotos Microsoft Corp. in New Three 3.6 million, including mili- cially when there’s no guarantee Source: Linda Stroh, professor of business, Loyola University Chicago York. Her husband is a AVERAGE YEARS tary personnel, according to that a job will last. health and safety compli- people are willing the Census Bureau. to do a commuter Skip a relocation or two ance officer for British Gas. marriage It used to be that when hattan, whose husband (who does sor at Loyola University Chicago, “We’re both fiercely in- one spouse—typically the “companies are moving people so not want to be named) was trans- studied 200 such marriages. Partic- dependent and don’t want husband—had to relocate, often that it’s almost not worth it to ferred to a Midwestern city two ipants said they were willing to tol- to depend on the other financially,” the entire family was expected to disrupt your life to move,”says Cyn- years ago. erate commuting for about three she says. pack their bags.Now,both partners thia Stemler, a sales representative “You could live apart for a year or years on average, though most had Though they may have a more often have high-powered, high- for a large brokerage firm in Man- two and miss one of the relocations, gone into the situation thinking it and catch your spouse on the next would last six months to a year. one,” Ms. Stemler says. Ms. Smith hopes to be living Of course, living apart isn’t easy. with her husband in New York or Among the biggest drawbacks are Trinidad within the next 12 that it’s expensive and can quickly months. But neither is willing to strain relationships. move without a job.“We don’t want Ms. Stemler’s husband, for ex- to have a gap in our careers during ample, spends close to $500 almost the job search,” she says. every weekend to come home to Most commuters agree that the Connecticut.Otherwise,she flies to arrangement can be a career boon. him or they meet in resort areas like They can work 12-hour days with- Aspen or the Hamptons. This past out feeling guilty or pressured to get St. Patrick’s Day,Ms. Stemler spent home. It can even be good for the most of her weekend trying to get a marriage. flight out of La Guardia in bad “The chemistry and energy in weather. She finally gave up. some relationships may expand if Though she misses her husband, people have some time apart,” says Ms. Stemler says the spouse who Elana Katz, a family therapist and has to leave usually has a much divorce mediator at Ackerman In- harder time. stitute for the Family in New York. Quality time ‘We want to be that’s what happened with Gor- don Keil, who commutes from his together, but home in Morristown,N.J.,to his job as chief executive of Pump It Up in we both have Pleasanton, Calif. Mr. Keil was offered the job a really good jobs’ year ago, after the last of his four kids started college. His wife, Wendy, had just begun a career in fund raising at the Jewish National Fund in Manhattan. Though Ms. Keil will move to “The person in the original set- California eventually, the long-dis- ting continues their social and fam- tance relationship is going so well ily network,” she says. “The person that they aren’t rushing anything. that’s moving is the one that’s “We’ve been married for 35 alone.” years, and our marriage has never Being apart too much can also been stronger,” says Mr. Keil, who lead to jealousy. Ms. Smith says she calls his wife three times a day and gets a pang every time her husband typically comes home twice a goes to the beach with friends. month. “You want to spend time with “When I’m at home, whatever this person,” she says. “The last little quirks spouses have with one thing you want to hear is him hav- another aren’t important because ing a great time with other people our time is so precious,”he says.“My and not you.” falling asleep on the couch doesn’t Experts say that if commuting bother her, and her chomping her goes on too long, it can burden a gum doesn’t bother me.” marriage. Linda Stroh, a business profes- COMMENTS? [email protected]

EXPLORING CAREERS GROUPS SEEK HOST BUSINESSES THE GREATER NEW YORK COUNCILS’ Exploring program is seeking businesses to host sessions offering high school students the chance to explore various industries and make better decisions about career choices. Exploring puts together groups of 15 to 25 students. They meet at the host businesses after school for four or more sessions, learning about educational requirements, salaries and what people in their selected fields actually do. For more information, please call Exploring director Bob Hayes at (212) 651-2808, or visit www.nyexploring.org.

40 | Crain’s New York Business | May 21, 2007 CNYB 05-21-07 A 41 5/17/2007 7:59 PM Page 1

BUSINESS LIVES CORPORATE LADDER Brett Littman Realigning an institution Priorities for Drawing challenges. The 30-year-old SoHo museum has fallen from grace in the PERSONNEL FILE Center’s new leader: past few years. Critics stopped reviewing many of its shows, saying ORGANIZATION The Drawing Build new home, that quality had become spotty, and Center fill it with patrons attendance slipped. TITLE Executive director Search for a new site AGE 37 BY MIRIAM KREININ SOUCCAR the nonprofit then lost its covet- RÉSUMÉ Deputy director of P.S.1 ed spot for a new museum at the Contemporary Art Center; hen brett Litt- Ground Zero cultural site because of co-executive director of Dieu man worked at controversy over its programming. Donné Papermill P.S. 1 Contem- Now, after failing to land another porary Art Cen- high-profile space at the former Ful- FAVORITE RESTAURANT Nha ter, his first as- ton Fish Market,the center hopes to Trang Centre signmentW included developing an build at the South Street Seaport. HOBBY Collecting midcentury art-talk Web radio station. He had Art insiders say Mr. Littman is dishes six months to pull it off—and zero just what The Drawing Center radio experience. needs.Former colleagues say he is so The deputy director didn’t panic, astute at finance and project man- philosophy from the University of however. He took a crash course in agement that he could easily land a California at San Diego, is con- technology, developed a team and higher-paying job in a corporate vinced that The Drawing Center set out to create the infrastructure. environment. will return to its heyday as a visitor

On the morning of the well-publi- “This new move is a wonderful attraction and artist hangout. buck ennis cized launch four years ago, he opportunity for the center to regain Mr.Littman hopes to finalize the hadn’t even had time to see if the sta- its focus and visibility,” says John deal for a 5,600-square-foot lot at classes and demonstrations, and than 30 members. tion functioned. Perreault, an art critic and former Burling Slip by September and to is- that it will be able to show work Mr. Littman isn’t sentimental “It could have been an interna- director of Urban Glass, where he sue a request for architects’ propos- from museums around the world. about leaving the current neighbor- tional failure of epic proportions, was once Mr. Littman’s boss. “Brett als immediately after.As of now,the hood for the less trendy Seaport but in the end we pressed ‘play’ and is extremely focused and driven. I museum estimates it needs nearly Not for shoppers area. “SoHo is a shopping mall,” he it worked,” Mr. Littman says in know he will be able to pull all of this $60 million for the building and to in the meantime, Mr. Littman is says.“We can be nostalgic about this amazement. The station now has together.” establish an endowment; it already planning The Drawing Center’s building, but unless we put suits in listeners worldwide. Speaking with quiet confidence has about 25% of that amount. first-ever marketing campaign. He the window,our attendance isn’t go- As the new executive director of after just two weeks on the job, Mr. Museum officials envision that aims to boost annual attendance of ing to grow here.” The Drawing Center, the Brooklyn Littman, a onetime premed student the facility will have up to six floors, 55,000 by 15% next year and to dou- Heights native will face even bigger who earned a bachelor’s degree in allowing for artist studios, drawing ble the size of the board, to more COMMENTS? [email protected]

BUSINESS BREAKFAST FORUM MEET THE MTA’S NEW EXECUTIVE DIRECTOR Elliot G. Sander, Executive Director and CEO of the MTA, will share his experiences since being appointed to run the country's largest mass transit system earlier this year. Sander will discuss some Elliot G. Sander recent major accomplishments, longstanding challenges and the agency's looming operating deficit. He will be questioned by Crain's editor Greg David and another journalist.

DATE: JUNE 5, 2007

PLACE: HILTON NEW YORK 1335 Ave. of the Americas

TIME: Networking Breakfast 8:00–8:30 a.m. Program 8:30–9:30 a.m.

COST TO ATTEND: $60 for individual ticket(s) $600 for table(s) of ten if pre-registered by May 29th if pre-registered by May 29th Manhattan / Brooklyn / Queens / Bronx / Westchester Staten Island Nassau $70 thereafter. $700 thereafter. 275 Madison Ave. 205 Montague Street 118-35 Queens Blvd. (American Express, Visa or MasterCard only) 3rd Floor 3rd Floor 14th Floor To register go to newyorkbusiness.com and click on “Events,” or fax your New York, NY 10016 Brooklyn, NY 11201 Forest Hills, NY 11375 business card and credit card information to “MTA Breakfast” at 212-210-0499. P 212.696.2500 P 718.238.8999 P 718.275.3400 F 212.696.0333 F 718.238.6091 F 718.275.5478 YOU MUST BE PRE-REGISTERED TO ATTEND THESE EVENTS. ALL TICKETS ARE NON- REFUNDABLE. FOR MORE INFORMATION, CALL THE EVENTS HOTLINE AT 212-210-0739.