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Is This the New Wall Street? CRAINSNEW YORK BUSINESS Don’t be swayed by the Amazonphobes P. 4 | Navy Yard sets sail on another year of growth P. 8 | The List: Top retail leases P. 12 NEW YORK BUSINESS® FEBRUARY 5 - 11, 2018 | PRICE $3.00 IS THIS THE NEW WALL VOL. XXXIV, NO. 6 WWW.CRAINSNEWYORK.COM STREET? Behind this door in Bushwick, tech-savvy entrepreneurs are plotting the cryptocurrency revolution. And a growing number of New Yorkers are along for the ride PAGE 13 NEWSPAPER P001_CN_20180205.indd 1 2/2/18 6:56 PM An Advertising Supplement to Crain’s New York Business 2018 HERITAGE HEALTHCARE INNOVATION AWARDS Nominate an exceptional leader, pioneer or trailbazer PRESENTED BY in New York healthcare Dr. Richard Merkin President and CEO Heritage Provider Network Finalists will be awarded in the following categories: HERITAGE HERITAGE HERITAGE INNOVATION IN HEALTHCARE INNOVATORS IN HEALTHCARE LEADERSHIP HEALTHCARE DELIVERY HERITAGE AWARD AWARD AWARD RESEARCH HERITAGE INVESTIGATORS HEALTHCARE IN TRANSLATIONAL ORGANIZATIONAL LEADERSHIP MEDICINE AWARD AWARD Nominations open now Deadline March 23 2018 HELP US RECOGNIZE THE BEST of today’s healthcare clinicians, administrators and researchers in New York who are making measurable improvements in health status, improving access to healthcare, positively impacting patient quality of care and demonstrating long term affordability. Nominate a colleague, a peer or yourself. Finalists will be honored at a luncheon in NYC on May 21 Mark Wagar, President, Heritage Medical Systems, Master of Ceremonies For more information, visit crainsnewyork.com/heritage Awards open to applicants working in all five boroughs of New York City as well as Nassau, Suffolk, Westchester and Rockand counties. CN018517.indd 1 1/10/18 11:49 AM FEBRUARY 5 - 11, 2018 CRAINSNEW YORK BUSINESS ON THE COVER PHOTO: BUCK ENNIS FROM THE NEWSROOM | JEANHEE KIM | ASSISTANT MANAGING EDITOR Rising voices ONE MORNING last week, I found myself standing next to Muriel Siebert’s outrageously colorful fur coat. It was on display in Siebert Hall at the New York Stock Exchange, where I was attending a half-day conference on the lack of women on corporate boards and in executive suites. I have attended too many such confer- ences. Oen, they are a forum for complaints. We women laugh bitterly in recognition of all-too-common outrages. If we didn’t, we might scream. One attendee grabbed a mic to decry the notion of training to be board directors. Men have been sitting in boardrooms for centuries but only aer the push to include women did the necessity of training enter the zeitgeist. Women—and minori- ties—have to jump an extra hurdle, get that extra credential, always. is conference was led by the consuls general of France and Cana- da, who brought an interesting global perspective. Beginning in 2006, P. 13 several European nations, including more recently France, set quotas of 30% to 40% for women in boardrooms. e Gallic women in the IN THIS ISSUE room were fans of the regulation. In France today, any decision made by a board with less than 40% women is rendered invalid. UPFRONT Here in the United States, however, quotas would be a nonstarter. 4 EDITORIAL 20 GOTHAM GIGS I wondered what Siebert, who died in 2013, would think. I inter- Embrace Amazon HQ2; the This pediatrician is also a viewed her for Working Woman magazine 25 years aer she became worries are overblown female mohel the rst woman to own a seat on the NYSE in 1967. She had endured 5 IN CASE YOU MISSED IT years of rejection from male sponsors and banks, and then had to Schwarzman could be comply with harsh rules the exchange imposed solely on her. She per- America’s $1 billion CEO sisted. “ere’s still an old-boy network,” she said in 1992. “You just 6 ASKED & ANSWERED have to keep ghting.” Prince’s former manager I hear echoes of Siebert today. Aer enduring decades of sexual on always taking a meeting harassment and unequal pay, women are speaking up. It is as much 7 POLITICS a reaction as a realization. “Yes, we’re the victims,” one speaker said. Councilman’s scaffold bill hits a snag “Yes, it’s unfair. But we still have to x the problem ourselves.” 8 WHO OWNS THE BLOCK Anchors aweigh in the Brooklyn Navy Yard ARTS & CULTURE BREAKFAST 9 TRANSPORTATION MARCH 15 Uber, Lyft pledge to make city Finding funds from more “livable” nontraditional sources 10 VIEWPOINTS P. 20 Join Andrew Ackerman of the Children’s Where are the business Museum of Manhattan and other leaders? Plus, parking jacks up 21 SNAPS industry leaders to discuss strategies housing costs Pics from the city’s biggest for building supportive partnerships fundraisers and social events 12 THE LIST with noncultural agencies, such as Largest Manhattan retail leases 22 FOR THE RECORD the Sanitation, Transportation and Our tally of the week’s buys, Corrections departments. FEATURES busts and breakthroughs CON EDISON 23 PHOTO FINISH CONFERENCE CENTER 13 TALES FROM THE CRYPTO A museum inspires 8:30 a.m. to 10:30 a.m. The ups and downs of the kids to think like global [email protected] latest currency craze citizens Vol. XXXIV, No. 6, Feb. 5, 2018—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for double issues the weeks of Jan. 1, June 25, July 9, July 23, Aug. 6, Aug. 20 and Dec. 24, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing ofces. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, PO Box 433279, Palm Coast, FL 32143-9681. For subscriber service: Call 877-824-9379. Fax 313-446-6777. $3.00 a copy, $99.95 one year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2018 by Crain Communications Inc. All rights reserved. FEBRUARY 5, 2018 | CRAIN’S NEW YORK BUSINESS | 3 P003_CN_20180205.indd 3 2/2/18 7:29 PM FEBRUARY 5, 2018 AGENDAWho’s afraid of winning Amazon? Sadly, quite a few New Yorkers elieve it or not, a fair number of New Yorkers think the city would be better off scaring away tech workers and losing the competition to host Amazon’s second headquarters. Their rationale, as a former Brooklynite living in Amazon’s home- Btown of Seattle wrote, is that home prices there have grown faster than in any other metro area and Amazon would make New York’s housing even costlier, subways even more crowded and trafc even slower. Let’s begin with this: New York will never be a company town. Even if all 50,000 Amazon employees materialize over 10 years as promised, they would increase the city’s job count by just 1%. It’s true that their shopping for housing would push up home prices and rents, but much less so here than in the smaller cities wooing the e-commerce giant. e website Apartment List examined 16 of the 20 nalists for Ama- zon’s H2Q and calculated that the inux of workers would increase rents already built and limit the scale and type of new development. en he by 1% to 2% a year in the smaller cities with lower wages, such as Raleigh, called for aordable housing, which is disingenuous rhetoric because Columbus, Indianapolis, Pittsburgh and Nashville. e largest—New NIMBYists’ stiing restrictions only make housing more expensive. York, Dallas, Los Angeles, Washington and Chicago—would see rents rise e city has gained some 502,000 jobs in the past ve years, yet housing 0.6% or less per year above what would oth- costs have actually leveled o, thanks to a erwise happen. New York would have the The housing and subway crises call boom in residential construction. But home tiniest rent bump, at 0.1% to 0.2%, because prices remain extremely high because over 50,000 workers add just one home shopper for adding housing and xing transit, the decades supply has not kept up with de- for every 60 units in the city. not building a wall around the city mand. is has also exacerbated income dis- But some groups are trying to stymie parities and forced workers to live far from the growth of our tech industry and the city where they would be the most productive. itself. Steve Herrick, executive director of the Cooper Square Commit- As for gridlock and crowded subways, the answers are congestion tee, which is trying to stop a proposed tech hub in Union Square, said pricing and better subways, not building a wall to keep newcomers out. last week: “A booming tech industry can have unintended and undesir- Preparing for growth—which is inevitable anyway—brings improvements able consequences in cities, such as displacement, overdevelopment and that benet New Yorkers already here. Trying to prevent it is a recipe for change in community character.” He demanded the city preserve what’s inequality and decline. We’re better than that. — THE EDITORS FINE PRINT The stock market’s 666-point, 2.5% drop Friday was noteworthy because there hadn’t been a day like it in quite a while. Still, to qualify among the Dow Jones Industrial Average’s 20 worst days ever, it would have had to fall by 7%. The last time that happened was in 2008. BY GERALD SCHIFMAN STATS A SMALL FRACTION OF NEW YORKERS—and largely 25 WORDS OR LESS high-income ones at that—would be dinged by the EXCLUSIVE CLUB congestion fee proposed for Manhattan’s central business district. AND THE CITY He’s in Siberia PERCENTAGE OF COMMUTERS WHO WOULD INCUR FEE “ Portion of Assembly districts in 5.5% right now.
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