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
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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
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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. O en, 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 a er 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 a er 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. A er 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 of ces. 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 traf c 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 in ux 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 a ordable housing, which is disingenuous rhetoric because Columbus, Indianapolis, Pittsburgh and Nashville. e largest—New NIMBYists’ sti ing 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 bene t 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. In fact, the ve boroughs and Nassau 73% and Westchester counties Siberia is nice where solo drivers outearn mass-transit commuters 3.6% 3.4% 3.3% compared to where 3.0% 2.4% he is” Median income in those 2.3% —An insider describing Manhattan districts where more $44,251 than 1 in 25 commuters Democrat Ben Kallos’ status in the would pay the fee, 16% City Council under new Speaker Corey higher than districts with fewer drivers Johnson, whose election Kallos had Bronx opposed behind the scenes, according Brooklyn Nassau Queens *Manhattan to sources. See page 7. Staten IslandWestchester *Above 60th Street
GETTY IMAGES ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY. SOURCE Tri-State Transportation Campaign, Crain’s analysis
4 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 5, 2018
P004_CN_20180205.indd 4 2/2/18 8:06 PM IN CASE YOU MISSED IT CRAINSNEW YORK BUSINESS president K.C. Crain senior executive vice president Chris Crain group publisher Mary Kramer
EDITORIAL managing editor Brendan O’Connor Blackstone’s Schwarzman SCHWARZMAN assistant managing editors Erik Engquist, holds nearly Jeanhee Kim, Robin D. Schatz eyes $1 billion payday half of copy desk chief Telisha Bryan Blackstone’s shares. art director Carolyn McClain T LAST MONTH’S WORLD ECONOMIC FORUM in photographer Buck Ennis senior reporters Joe Anuta, Aaron Elstein, Davos, Blackstone Group CEO Steve Schwarzman ob- Matthew Flamm, Daniel Geiger served, “ e party is really so good.” But he wasn’t reporters Will Bredderman, A talking about the Champagne and caviar. “You are making Jonathan LaMantia, Caroline Lewis data reporter Gerald Schifman money, and it’s really not hard.” Despite recent warnings from web producer Chris Kobiella Bank of America Merrill Lynch that the current “extreme columnist Greg David contributors Tom Acitelli, Theresa Agovino, bullishness” in the market signaled the time to sell—and Fri- Yoona Ha, Miriam Kreinin Souccar, day’s 666-point sell-o would back that up—it’s understand- Cara S. Trager able why Schwarzman would say that making money is easy to contact the newsroom: www.crainsnewyork.com/staff these days. 212.210.0100 Last week his rm reported that its leveraged-buyout funds 685 Third Ave., New York, NY 10017-4024 returned $55 billion to investors last year, and the rm also ADVERTISING took in more than $100 billion of new money. at perfor- www.crainsnewyork.com/advertise advertising director Irene Bar-Am, mance means Schwarzman, who co-founded Blackstone in 212.210.0133, [email protected] 1985 and owns nearly half of its shares, could become the rst CEO of a publicly traded company to earn more senior account managers than $1 billion in a single year. Lauren Black, Zita Doktor, Rob Pierce, Stuart Smilowitz Schwarzman and other Wall Street titans certainly cheered the Trump administration’s tax overhaul, which pre- senior marketing coordinator serves the carried-interest loophole that sees their personal earnings taxed at the advantageous capital-gains rate Charles Fontanilla, 212.210.0145 [email protected] rather than as ordinary income. But the greatest gi Blackstone ever got actually came during the Obama adminis- sales coordinator Devin Arroyo, tration. A er the nancial crisis, regulators decided that owning volatile private-equity investments wasn’t a game 212.210.0701, [email protected] commercial banks should play, and the likes of JPMorgan and Citigroup got out. at may have been a sensible pol- CUSTOM CONTENT director of custom content icy, but it also meant that Blackstone had less competition when it came to landing the biggest deals. “We have fewer Patty Oppenheimer, 212.210.0711, really strong competitors than anyone else,” company President Tony James observed on a conference call last week. [email protected] Rougher times may loom. Interest rates have begun inching up—bad news for Blackstone, which typically bor- custom project manager Danielle Brody, [email protected] rows heavily to nance acquisitions. But for now, the party is on. – AARON ELSTEIN EVENTS www.crainsnewyork.com/events director of conferences & events Courtney Williams, 212.210.0257, Taking a powder DATA POINT All wet Revlon CEO Fabian Garcia is stepping e 21 Club is closed for renovations [email protected] ACCORDING TO RENTHOP, ONE- manager of conferences & events down a er only two years. Board mem- until at least next month, the result of Adrienne Yee, [email protected] ber Paul Meister will be the interim AND TWO-BEDROOM APARTMENTS ooding from sprinklers set o by bro- events coordinator Ashlee Schuppius, day-to-day honcho. Debra Perelman, ARE 5.4% AND 5.3% CHEAPER, ken pipes last month. Also damaged [email protected] Chairman Ron Perelman’s daughter, was a portion of its $3 million worth of AUDIENCE DEVELOPMENT was named chief operating o cer. RESPECTIVELY, IN FEBRUARY THAN paintings, drawings and photographs. group director, audience development IN JUNE. THAT EQUALS ANNUAL Jennifer Mosley, [email protected] Tunnel of loathe Withdrawal and deposit SAVINGS OF $2,000 AND $2,300. REPRINTS Vornado Realty Trust CEO Steve Roth Bank of New York Mellon is moving its reprint account executive Lauren Melesio, in an August email encouraged U.S. global headquarters for the second time 212.210.0707 Transportation Secretary Elaine Chao in four years. e restless bank’s em- PRODUCTION to renege on the Obama administra- Isn’t it Rich ployees at Brook eld Place will relocate production and pre-press director tion’s pledge to fund half the Gateway Jim Kirk was acting editor in chief of to nearby 101 Barclay St., where 4,500 Simone Pryce tunnel. Vornado is the biggest owner of the Daily News for all of 11 days before will work. BNY Mellon will sublet the media services manager Nicole Spell o ce space around Penn Station. parent Tronc placed him in the top spot vacated space. – CHRIS KOBIELLA SUBSCRIPTION CUSTOMER SERVICE at the Los Angeles Times to quell sta www.crainsnewyork.com/subscribe Tall order uproar there over its previous choice, [email protected] e Empire State Building has 50,000 Lewis D’Vorkin. Jim Rich replaces Kirk 877.824.9379 (in the U.S. and Canada). square feet of retail space to ll. Landlord in a role Rich was red from in 2016. $3.00 a copy for the print edition; or $99.95 one year, $179.95 two years, for print Empire State Realty Trust is banking on subscriptions with digital access. heavy foot tra c and the skyscraper’s Recipe for disaster iconic status to rise above Manhattan’s It was a mystery why Guy Fieri’s suc- Entire contents ©copyright 2018 Crain Communications Inc. All rights commercial vacancy problems. cessful Times Square eatery, Guy’s reserved. ©CityBusiness is a registered American Kitchen & Bar, closed at the trademark of MCP Inc., used under license Musical refrain end of last year. But the secret sauce is agreement. Mayor Bill de Blasio walked the Gram- out: e $1.8 million annual rent that CRAIN COMMUNICATIONS INC my red carpet at Madison Square Gar- Kushner Cos. was charging was too chairman Keith E. Crain den, then shued o to watch the event hard to swallow, and the restaurant fell vice chairman Mary Kay Crain on TV. City ethics rules kept him from behind on its payments. president K.C. Crain attending the show, considered a perk. Noise annoys senior executive vice president Chris Crain You can go home again Of the 1.6 million noise complaints secretary Lexie Crain Armstrong Public health e Village Voice is leaving the Financial called into 311 between 2010 and editor-in-chief emeritus Rance Crain e Health Department will spend District and coming back to 36 Cooper 2015, the most were made in chief nancial of cer Robert Recchia $1.8 million over three years to install Square, its address from 1991 to 2013, Inwood and Washington Heights. founder G.D. Crain Jr. [1885-1973] 300 kiosks in pharmacies for people to which still bears its name on the faade. The fewest were in a section of chairman Mrs. G.D. Crain Jr. [1911-1996] measure their own blood pressure. e is time around the Voice will take up Queens that includes Bayside, free service will transmit data to the de- less space because it’s now an online- Douglaston and Little Neck.
partment for analysis. only publication. BUCK ENNIS, BLOOMBERG
FEBRUARY 5, 2018 | CRAIN’S NEW YORK BUSINESS | 5
P005_CN_20180205.indd 5 2/2/18 7:19 PM ASKED & ANSWERED MUSIC INTERVIEW BY AARON ELSTEIN
L. LONDELL MCMILLAN THE NORTHSTAR GROUP
lawyer and entrepreneur who has represented You need to take Prince, Michael Jackson and Stevie Wonder, Londell the meeting if you McMillan now manages three of Prince’s heirs “ want to achieve and owns The Source, a music magazine nanced Athrough his investment rm The NorthStar Group. He and Jay Z things, no matter are in a public spat over Prince’s estimated $200 million estate. who you are dealing with, even your enemy Did growing up in Brooklyn in the 1970s make you a good negotiator? I got a Ph.D. in common sense and street development. I learned who to avoid and who to embrace. At Brooklyn Tech [High School], I learned to approach problems like an engineer.
Last year Jay Z mentioned you in a song on his album 4:44: “I sat down with Prince eye to eye/He told me his wishes before he died/Now, Londell McMillan, he must be color-blind/They only see green from them purple eyes.” Why is he angry with you? Jay Z and I went to junior high school together. I can’t imagine what would cause a wise, talented rapper to make such a statement.
Well, what does your gut tell you? Here’s the history: I once served as Prince’s manager. He died without a will, and I was initially selected by a judge to advise the administrator of Prince’s estate. Jay Z’s organization attempted to get the same role and didn’t. Then Tidal, a streaming service Jay Z has interests in, uploaded Prince’s songs. There was a con ict over who had the rights to do what and a lawsuit. By the way, I like the beat of the song and the Nina Simone sample. Is there anything you’d like to tell Jay Z? DOSSIER I’d like to tell him, “You’re a businessman. I’m a businessman. Make the call; I’ll take the meeting.” You need to take the meet- WHO HE IS Chairman, ing if you want to achieve things, no matter who you are dealing The NorthStar Group with, even your enemy. I understand that great artists are deeply troubled in many ways, and their genius can be a re ection of their AGE 51 troubled soul seeking some sense of harmony and resolution. RAISED Bedford-Stuyvesant RESIDES Midtown You’re doing less work in law and more investing in The Source and other EDUCATION Bachelor’s media and entertainment ventures. Why? in industrial labor relations, To not simply be an adult that pro ts from music and culture when Cornell University; J.D., New York I can make it a better tool for my community is something I’m very University School of Law committed to. Look, it’s a struggle in the media business, but I STAR SIGN: McMillan was a Crain’s 40 love the struggle because we’re all in it together. This is a very Under 40 honoree in 2001. interesting time commercially and culturally. MANY HATS In addition to representing musicians, McMillan has worked with How does having a media personality in the White House affect things? professional athletes such as basketball Trump has changed the bona des for the presidency. He has star Dwayne Wade. lowered the bar. You’ll see a number of celebrities run for of ce in ISLAND MUSIC McMillan said he would the future. And we will have to do more due diligence to gure out want Stevie Wonder’s Songs in the Key of what exactly these master pitchmen are offering us, because this Life, Michael Jackson’s Off the Wall and president wasn’t pitching straight to anybody. Prince’s Sign o’ the Times with him on a deserted island. You’ve had so much success, but what’s your biggest setback? WISH LIST Beyoncé, Rihanna and Jay Z Atlantic Yards and Barclays Center. I am an investor in that project, are performers he would like to work with and what was promised was not delivered. It was presented as a but hasn’t.
public-private partnership to create not just a sports facility but BUCK ENNIS housing—affordable housing—jobs and economic opportunities to bene t the community. Today the Nets are owned by a Russian industrialist, the property sold to a Chinese conglomerate, and the public of cials who advanced the project are nowhere in sight.
Do you go to Nets games? No. It breaks my heart to have been a part of the project. ■
6 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 5, 2018
P006_CN_20180205.indd 6 2/2/18 5:45 PM POLITICS
City Council power shift could stymie scaffold bill Kallos, trying to force shed removal, diminished by speaker ght BY WILL BREDDERMAN
Manhattan lawmaker last week reintro- month. e Progressive Caucus, to which Kallos be- duced his bill to eliminate unused scaf- longs and which was dominant under the previous WHAT GOES UP must come down if no work is underway, folding from sidewalks, but his descent in speaker, Melissa Mark-Viverito, is no longer a cohe- a bill on sidewalk sheds demands. the City Council’s hierarchy could make it sive political entity. Even worse, Kallos had argued be- Aeven harder than before to get it passed. hind the scenes against making Johnson the speaker. Councilman Ben Kallos’ legislation would force “He’s in Siberia right now,” one source said of Kallos. council administration,” the councilman told Crain’s. landlords to dismantle building sheds within seven “In fact, Siberia is nice compared to where he is.” “I think every New Yorker will agree: Sca olding days of the end of work except under extenuating cir- Johnson stripped Kallos of the Committee on needs to come down.” cumstances. e proposal has faced opposition from Governmental Operations chairmanship and put Kallos, who will be on paternity leave until next both the Real Estate Board of New York and Mayor him atop the relatively unimportant Subcommittee month, called the bill his top legislative priority. Bill de Blasio’s administration, but it received a hear- on Planning, Dispositions and Concessions. Johnson signaled openness to the bill but pro- ing late last year. Kallos nonetheless expressed optimism about his fessed ignorance of its details. “Sca olding goes up, and it doesn’t go down for bill, though only four of his 50 colleagues had signed “Sca olding has become a huge blight and eyesore months, years, even decades,” Kallos said at a Jan. 31 on to it. He said he has continued to discuss the legis- in neighborhoods across New York City,” the speaker council meeting. “Some of it is almost old enough to lation with REBNY and small-business groups. said, recalling complaints from his Greenwich Village vote.” “We’re trying to work with folks who are stake- constituents. “We have to make sure the public re- But sources said the councilman’s sway has shrunk holders to come to a consensus, and I honestly be- mains safe, while at the same time not allowing scaf-
drastically since Corey Johnson became speaker last lieve we’ll be able to move forward working with this folding to remain up longer than it needs to be.” ■ BUCK ENNIS Hotel workers ask: Crush Airbnb Union calls on city, state to regulate hosts We congratulate our client MORE THAN ANY OTHER UNION, the Hotel Trades Council got the new City Council speaker his job. Now it wants the council to drastically cut into the business of its enemy, Airbnb. e labor group, which secured crucial votes for Speaker Corey Johnson, is in talks to create a report- ing program that would force Airbnb to divulge its hosts’ addresses. Assemblywoman Linda Rosenthal is carrying a state bill to codify it, but the city would have to establish the system for logging unit locations. State law bars any apartment lease or sublet of less than 30 days unless a “permanent resident” remains on-site, and Gov. Andrew Cuomo signed into law in in addition to 2016 a bill banning advertising such lodging. “Hotels are required to provide their addresses to the public. What we’re saying is ‘provide your address of what is basically an illegal hotel to law enforce- ment,’ ” said Jason Ortiz, Hotel Trades Council po- litical director. “If they’re reporting addresses to law enforcement, people will stop doing it.” Ortiz said he believed half of Airbnb’s 40,000 city postings violate these statutes. A er San Francisco enacted a law last year obligating Airbnb hosts to reg- on the successful fi nancing of the ister with the city, nearly 75% of listings vanished. Hotel Trades will also ask the council to fund more acquisition and taking private of re and building inspectors, and push members to urge constituents to report potential illegal rentals. It will also seek higher nes and rigorous collection. Ortiz insisted he has no objections to bed-and- breakfast listings, only to landlords and tenants who warehouse apartments for short-term rentals. “You’ve got the grandma who’s living on the Lower East Side, and she’s in her house, and there are guests that come in and stay with her, and she wakes up in the morning, and she cooks them pancakes—that’s something we don’t have a problem with,” he said. “What’s illegal is taking that apartment and not living there and turning it into a hotel.” “ is industry-backed bill is just the latest attempt to scare everyday New Yorkers who share their own goulstonstorrs.com homes to make ends meet,” said Josh Meltzer, New York head of public policy for Airbnb. He favors crack- ing down on “bad actors” and taxing good ones. — W.B.
FEBRUARY 5, 2018 | CRAIN’S NEW YORK BUSINESS | 7
P007_CN_20180205.indd 7 2/2/18 5:59 PM REAL ESTATE WHO OWNS THE BLOCK 21 FLUSHING AVE.
Anchor tenants aweigh at Navy Yard Buzzing commercial hub will see big projects come on line this year
BY TOM ACITELLI
DOCK 72
he Brooklyn Navy Yard ended 2017 The trio of developers behind this project—Boston Prop- with wind in its sails, having opened 63 SHIP WAYS AVE. erties, Rudin Management and WeWork—say that the the 1 million-square-foot Building 77 16-story, 675,000-square-foot property is one of the Green energy entrepreneur Baldev Duggal largest commercial buildings to be constructed outside of in November and leasing nearly half reopened this 100,000-square-foot build- Manhattan in decades. Dock 72, which WeWork will anchor Tthe space before the end of the year. is year could ing in 2013 following more than $10 mil- with 222,000 square feet, will have oor plates of 40,000 lion in renovations. The so-called Duggal prove just as momentous, if not more so, as fresh to 60,000 feet and amenities such as a rooftop conference Greenhouse serves as both the headquar- center and a gym. The building is slated to be completed developments wrap up construction at the 300- ters of Duggal Energy Solutions and a this year. acre facility, which the U.S. Navy decommissioned 34,000-square-foot event space. in 1966 a er 160 years of shipbuilding. e most signi cant project is Dock 72, a ven- ture between Boston Proper- 25 WASHINGTON AVE. ties and Rudin Management, Steiner NYC nished renovating along with co-working gi- 399 SANDS ST. this 7-story, 230,000-square- ant WeWork, which has a foot building in 2013. It in- Steiner NYC is redeveloping what is currently a lot cludes Steiner Studios support 20-year lease, plus two ve- into a 412,030-square-foot, 9-story commercial space and Brooklyn College’s building with light manufacturing and creative of- year renewals, to anchor the graduate school of cinema . ce space on the upper ve oors and the bottom building. e partnership levels for parking. The building, which is sched- emerged from conversations uled to be completed in 30 to 36 months, is slated between Rudin Manage- to hold 430 vehicles and 46 bicycles. 15 WASHINGTON AVE. ment’s CEO, Bill Rudin, and Mort Zuckerman, executive Steiner NYC—an offshoot chairman of Boston Properties, stretching back to of Steiner Equities run by father-son team David and 2014. Rudin was already working with WeWork Doug Steiner—began open- on a co-living project at 110 Wall St., and WeWork ing Steiner Studios at the was working with the city-owned Navy Yard. e Navy Yard in 2004. Steiner NYC calls the facility the developers took over WeWork’s largest studio east of Los grounds and in return forged Angeles. It will have 30 a conventional lease with the 21 FLUSHING AVE. soundstages by the spring and 43 total within the next company for the anchor space at Steiner NYC is developing this 5-story, 10 to 15 years. When all Dock 72. 249,000-square-foot commercial built out, it will cover 1.8 Also on tap is an expansion of building as part of the redevelopment million square feet. Steiner Studios . It will help bring of the defunct Admiral’s Row, which the company acquired the rights to the production hub’s total square through a 96-year ground lease. The footage to 1.8 million, including building will host a 74,000-square- BUILDING 77 support space, Steiner NYC Pres- foot Wegmans, which is expected to open before the end of the decade. ident Doug Steiner said. The 16-story, 1 million-square-foot former naval ware- Steiner NYC, which holds a house reopened in November following a $185 million renovation. That work transformed Building 77 into a 96-year ground lease manufacturing hub and a gateway for the yard. The for its space at the Navy central feature is a 60,000-square-foot ground oor for 19 MORRIS AVE. Yard, is also erecting the food-related manufacturing. Ethnic food purveyor Russ & Daughters is the anchor tenant, with 14,000 square Macro Sea, a New York development rm that David steel frame for what will feet. Some rentable units in the building are as small as Belt founded in 2009, turned this former marine be the city’s rst Weg- 3,000 square feet. machine shop into an 84,000-square-foot commer- mans supermarket. e cial building. Reopened in 2016, it is now the site project is part of a rede- of New Lab, a co-working venture for technology velopment of Admiral’s companies that Belt co-founded. Row, a collection of pri- 63 FLUSHING AVE. vate dwellings for naval The 4-story building reopened in 2011 with o cers vacated in the 1970s. Wegmans will take a $25.6 million complex that included a over construction next year. ■ 23,500-square-foot glass- lled addition to the original 9,500-square-foot property. The build- ing features the Brooklyn Navy Yard Center at Building 92, a museum about the area. GOOGLE MAPS, S9 ARCHITECTURE
8 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 5, 2018
P008_CN_20170205.indd 8 2/2/18 11:15 AM TRANSPORTATION
Uber, Lyft pledge to help make the city ‘livable’ Ride-hail giants are facing blame for snarling traf c in Manhattan BY MATTHEW FLAMM
ber and Ly are self-driving cars and a poten- according to a recent report. speed, to 6 mph, since 2010. idea that the companies’ pooled leaders of an in- tial shi to shared vehicles in Asked how they would “ e No. 1 cause, full stop, services were the answer, not- dustry accused of place of personal ownership. square their pledge to support is people driving alone in their ing that they have yet to make a choking Manhat- e 10 Shared Mobility Princi- the e cient use of vehicles own personal vehicles,” said dent in Manhattan tra c. Utan with tra c. But they are ples for Livable Cities that the with a business model that Joseph Okpaku, vice presi- And if state lawmakers among 15 transportation and companies signed on to are a relies on ooding the streets dent of government relations approve congestion pricing— technology companies that sort of moral code for that new with cars, representatives from for Ly . He added that studies which is far from assured— just agreed to a set of princi- world. Ly and Uber said they would speci c to New York “over- Schaller predicts it would have ples aimed at ensuring that ey encourage cities and support congestion pricing to looked key factors, in particu- little eect on the number of innovations in mobility make companies to plan together, ease tra c. ey added that lar the [number of passengers ride-hail vehicles in the city’s cities livable. prioritize “people over vehi- their respective pooled-ride carried by] vehicles.” core, as the surcharges placed e agreement, announced cles,” support the shared and services, UberPool and Ly Not true, said Bruce on cars coming into Manhat- last week by a global nonpro t e cient use of vehicles, and Line, could play a role. Schaller, the transportation tan would likely not dissuade dedicated to sustainability, has “lead the transition toward a consultant who in two reports their customers. no enforcement provisions but zero-emission future.” e 15 Blame game over the past year has pinned “ e people using these means to provide a framework signatories range from Uber, e companies saw no need the blame for Manhattan’s traf- services are pretty insensitive of cooperation among local Ly and Zipcar to bike-share for other steps to reduce their c problems on the prolifera- to price,” he said. governments, private compa- companies Mobike, Ofo and numbers in the central busi- tion of ride-hail vehicles. ere is little doubt, nies and nongovernmental or- Motivate, parent of Citi Bike. ness district. Uber says the “Tell me, which produces though, that congestion fees ganizations. It’s unclear, however, that majority of its trips take place more vehicle miles: me, driv- would dissuade some drivers Led by the World Resources any of the rms will change outside of the most-congested ing by myself from point A to of personal cars from add- Institute, the initiative comes their behavior. Ride-hail com- areas. And both rms dispute B? Or me, calling Ly to pick ing to Midtown tra c, which as the transportation industry panies, for instance, have been that ride-hail vehicles are to me up and go from A to B?” would allow the Ubers of the races into uncharted territo- the chief contributor to Man- blame for the district’s rough- he asked. world to make faster trips and
ry with the development of hattan’s growing congestion, ly 15% drop in average vehicle Schaller also dismissed the possibly increase revenue. ■ BUCK ENNIS
FEBRUARY 5, 2018 | CRAIN’S NEW YORK BUSINESS | 9
P009_CN_20180205.indd 9 2/2/18 4:08 PM VIEWPOINTS
As subway goes down the tubes, business sits on its hands Years ago the city’s CEOs were civic leaders. No more Factors at work in the THE NEW CITY COUNCIL and—in front of two deputy mayors— who runs the local operation now. speaker, Corey John- called on the three university presidents Consolidated Edison CEOs Gene Mc- decline of business son, implored the in the room to ll the void. e sugges- Grath and then Kevin Burke seemed to involvement in public city’s business com- tion that the business community was be in leadership roles on virtually ev- munity last week to MIA on important issues raised the ery major task force tackling problems. life include campaign get behind congestion hackles of Kathryn Wylde, president Burke was a key player in the task force gifts, global interests pricing and save the and CEO of the Partnership for that pushed through the MTA transit system. is New York City, leading to more payroll tax, for example. and complacency GREG DAVID is all backward. It than a few tense moments. ree major factors are at should have been the Last month, at a meeting work in the decline of business business community coming up with of Crain’s Corporate Mem- involvement in city a airs. nies to gain access or favorable treat- 37YEARS since ● the solution and pressuring the politi- bers—many of whom work e biggest companies ment on parochial issues, not as an cians to do what is required. At least, at the intersection of business the rst MTA here are now global opera- entrée on broader civic concerns. it used to be that way; recall the suc- and government—attendees capital plan tions. eir CEOs are on the Ironically, the mass-transit melt- cessful push in 1981 for a Metropolitan were clearly frustrated with road constantly, have work- down is fueling civic involvement from Transportation Authority capital plan. the inability to marshal a forces scattered around the the city’s growing ranks of tech CEOs Declining civic engagement in the business-community response to the nation, if not the world, and are obli- for a simple reason: ey take the sub- city is a major factor in the decline of problems, beginning with the transit gated to keep tabs on all the places they way. But they are young, still building mass transit and in the stalemate over issue, they saw as needing solutions. have planted their ag. their companies and oen have chil- a solution. It is the cause of increasing Most of these people remember a ● e city is thriving, and while the dren at home. ere is reason to think tension within the business community di erent time. Consider the utilities. transit system’s crisis is important, it is they will ll the civic void in ve years and bodes ill for what will be needed if For two decades Brooklyn Union Gas not yet and may never be an existential or maybe 10. the city’s fortunes worsen. CEO Bob Catell was involved in virtu- threat to New York. No other problems For now it isn’t clear what will rouse Hand-wringing is giving way to ally every major city issue and time and loom as a signi cant danger. the business community. at makes a open con ict. At a dinner hosted by the again committed his company and its ● e campaign funds being raised transit solution very dicult. ■ president of NYU in the fall, civic lead- money to major projects, especially in by politicians from executives are now er Carl Weisbrod took as a given the Brooklyn. BUG has been subsumed by so large that they have become an in- GREG DAVID blogs regularly at lack of interest among businesspeople National Grid and I don’t even know vestment on behalf of their compa- CrainsNewYork.com.
Outdated parking policy jacks up housing costs Ending mandate would make city more affordable, livable BY PAUL STEELY WHITE
he city is facing a housing sioned. Population density is almost of constructing and maintaining garag- or doing away with them altogether. crisis. And yet whenever a 20% higher than in 1960. Most house- es leads developers to bundle it with res- Similar measures have proved success- residential development is holds don’t even own cars, and public idential costs, passing it on to everyone. ful elsewhere; Bu alo and Hartford built in the outer boroughs, transit remains the primary way New Non–car owners essentially subsidize eliminated parking minimums last year Tthousands of square feet are reserved for Yorkers travel. Subway ridership was car owners in residential buildings. to great fanfare and, ultimately, little vo- phantom users: cars. 1.75 billion in 2016, and annual bus rid- e rules increase driving and con- cal opposition. With few exceptions, new housing ership was 638 million. Approximately gestion. A study by transportation ex- In the interim, the city should change is required by zoning to include a mini- 1.6 million residents rode a bike last pert Rachel Weinberger found guaran- parking policy in rezonings planned mum number of o -street parking spac- year, and nearly half a million bike trips teed parking at home leads people to for this year, such as in Gowanus. In es per dwelling, regardless of demand are made every day. drive even to places well served by tran- place of parking, residential developers by residents or proximity to transit. e But city development is still gov- sit. Parking minimums create a small should fund transportation, streetscape expense is passed on to renters and buy- erned by parking requirements set 50- bene t to a few drivers, with enormous and environmental improvements, such ers whether they use the parking or not, plus years ago and more in line with social costs to everyone else. as bicycle racks and bus shelters. ere’s driving the astronomical cost of hous- midsize municipalities than the nation’s Transportation Alternatives, the or- precedent for this: Developers and the ing even higher, all to build garages that most transit-rich city. Downtown Sacra- ganization I lead, convened transpor- Gowanus Canal Conservancy hosted a largely sit empty. mento requires less parking per residen- tation, planning and environmental pop-up nursery and planted 10 “dump- Parking requirements were formu- tial unit than Queens. groups in 2008 to campaign for lower ster gardens” to keep runo out of the lated by Robert Moses during an era ese antiquated policies cost New parking minimums. is led to the halv- Gowanus Canal. Such investments ben- of peak automobile production and Yorkers nancially and environmen- ing of minimums in Downtown Brook- e t the whole neighborhood, rather use. As New York suburbanized in the tally. Aboveground structured parking lyn in 2012 and similar reductions in than a few drivers. 1950s, Moses and his City Planning costs more than $21,000 per space on the Zoning for Quality and A ord- Mayor Bill de Blasio’s desire to be Commission prioritized cars as the fu- average, not including the land—which ability amendment of 2016. City Hall a transformative leader of the arche- ture of transportation. Developers were even in the cheapest residential areas also reduced parking requirements for typal global city is laudable. Critical to required to build o -street parking to can exceed $100,000 for a ve-car lot. subsidized housing within walking dis- this vision are a ordable housing and meet the perceived increase in automo- Belowground parking costs even more. tance of subways. ese actions proved multimodal transportation. By reform- bility their projects would create. e ese estimates account only for di- that parking mandates can be reformed ing parking minimums, the mayor can demands they put on other transporta- rect costs. By using valuable space and without hurting neighborhoods and address both. ■ tion resources was disregarded. making it harder to build, parking min- drivers. Of course, the city today looks wild- imums restrict the supply of housing, is should be done citywide by Paul Steely White is executive director of
ISTOCK ly di erent from what planners envi- driving up costs citywide. e expense turning the minimums into maximums Transportation Alternatives.
10 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 5, 2018
P010_CN_20180205.indd 10 2/2/18 3:26 PM EMILY BLUNT’S new movie, A Quiet Place, was New York, take it from London: lmed in the Defend your film tax credit Mohawk Valley Bene ts could spread across the state, as they have in the U.K. BY ALISTAIR BAMBRIDGE
or millions of foreign visitors year through 2022. have been created every year, New York is the Any debate over tax breaks boils across the indus- movies. down to one key question: Are they try and the coun- From yellow cabs to sky- worth the cost to taxpayers? For Em- try. Yorkshire, not Fscrapers and the subway, movies have pire State Development, Cuomo’s main London, is the U.K.’s fastest-growing To ensure more lmmakers follow seared the cityscape into the world’s economic development agency, the region for lm and TV production. suit, the state could impose conditions popular imagination. Ever since King case is clear. It claims that since 2011, e new jobs span the supply chain, on its tax credits like those used in the Kong went on a rampage across the lm and TV productions have spent from caterers to carpenters, accoun- U.K., where productions must pass a Big Apple, the city’s movie glamour has $19.3 billion in the state and made 1.1 tants to hairdressers, and nail techni- test on their cultural importance, in- powered its tourist industry. million hires. cians to security guards. cluding assessments on the number Movies make a huge, direct contri- But to get a sense of the broader en there’s the boost to tourism. of actors employed and the lm’s rele- bution to the Empire State’s economy bene ts such tax incentives deliver, it’s A decade ago Northern Ireland was vance to British heritage and locations. too. Last year, movie and TV produc- worth looking at the example of my on few visitors’ itineraries. Since then But if the state cuts the subsidies, many tion in the state generated $3.8 billion hometown, London. Britain’s lm and its dramatic coastline and historic cas- lmmakers will opt for Vancouver’s, and created 227,561 jobs. TV production industry is a similar size tles—used as locations in HBO’s hit which are even more generous. But such success is subsidized by to New York’s, contributing $3.5 billion series Game of rones—have become Film tax credits have turned movies New Yorkers’ tax dollars. Movie and to the U.K. economy in 2016. As in this must-see destinations, netting the into a golden goose for New York, not TV producers get checks from the state state, tax incentives are central to this province more than $210 million in just with job and wealth creation, but for 30% of their production and post- success. British-made lms—regard- tourist revenue. also with the incalculable value of mak- production costs. At $420 million a less of budget—can claim a cash rebate Critics of the state’s tax credits argue ing the city a global tourist magnet and year, it is the most generous such pro- of up to 25% from the U.K. Treasury. that few outside the ve boroughs have the most visited city in the U.S. e last gram in the nation. In 2016 the government paid out bene ted. But while Manhattan’s skyline thing Albany should be doing is mess- at’s too much, some Republican $575 million to support 175 lms, and Brooklyn’s brownstones will always ing with them. ■ state senators say. Led by Sen. Robert which collectively took in $6.5 billion draw moviemakers, upstate cities are Ortt of Niagara County, they’re calling at the worldwide box o ce. increasingly being chosen as locations. Alistair Bambridge is the founder of for the measures to be scrapped. While London bristles with post- Steven Spielberg’s Oscar-nominated e Bambridge Accountants, which special- For his part, Gov. Andrew Cuomo is production facilities and is a perenni- Post was shot in White Plains, and Em- izes in lm, TV, theater and the creative a vocal supporter of the tax credits. He ally popular lming location, the pro- ily Blunt’s new movie, A Quiet Place, in industries. It has o ces in New York,
and the Legislature extended them last gram’s most obvious bene t is that jobs the Mohawk Valley. London and Vancouver. YOUTUBE.COM/A QUIET PLACE TRAILER
FROM OUR READERS The Writers Guild of America, East Insurers’ bad rap congratulates the winners and nominees of
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FEBRUARY 5, 2018 | CRAIN’S NEW YORK BUSINESS | 11
P011_CN_20180205.indd 11 2/2/18 11:50 AM THE LIST COSTAR’S TOP MANHATTAN RETAIL LEASES Biggest transactions in the second half of 2017 ranked by square feet
TENANT LANDLORD(S)/ LANDLORD(S)/SUBLANDLORD(S) ADDRESS SQUARE FEET TENANT REPRESENTATIVE(S) SUBLANDLORD(S) REPRESENTATIVE(S) SUBMARKET 1 11 Times Square1 47,892 Palace Entertainment RKF SJP Properties RKF Times Square 2 1290 Sixth Ave.2 29,767 JPMorgan Chase Direct deal Vornado Realty Trust/ Vornado Realty Trust Rockefeller Center Trump Organization 3 1 West End Ave.1 29,535 Morton Williams Lee & Associates El Ad US Holding RKF Columbus Circle Supermarket Commercial Real Estate 4 41 W. 57th St.1 27,744 BOB 57 Augenbaum Realty Corp. Asuman G. Polat Augenbaum Realty Corp. Midtown West 5 654 Madison Ave.2 25,318 Calvin Klein CBRE Sulzberger-Rolfe Avison Young Lenox Hill 6 147-155 E. 86th St.1 22,971 Old Navy RKF Ceruzzi Properties Ripco Real Estate Upper East Side 7 30 Rockefeller Plaza1 19,830 FAO Schwarz Cushman & Wake eld Tishman Speyer Tishman Speyer Rockefeller Center 8 1441 Broadway1 19,650 Champs Sports Retail Strategies Lechar Realty JLL Garment District 9 2839 Broadway1 17,008 CVS RKF CKMR Corp. RKF Morningside Heights 10 1535 Broadway1 16,714 Levi’s Cushman & Wake eld Vornado Realty Trust Vornado Realty Trust Times Square 11 375 W. Broadway1 16,700 Gucci Robin Zendell Pearlmark Real Estate Partners RKF SoHo 12 252 E. 57th St.1 16,588 Universal Pre-K Newmark Knight Frank World Wide Group RKF Turtle Bay 13 731 Lexington Ave.1 16,223 Aqua Restaurant Group JLL Alexander’s Vornado Realty Trust Turtle Bay 14 1535 Broadway1 16,146 Sephora Crown Retail Services Vornado Realty Trust Vornado Realty Trust Times Square 15 412 W. 14th St.2 15,000 Lexus CBRE Premier Equities Premier Equities Meatpacking District 16 70-72 Reade St.1 14,000 Kiddie Academy Colliers ML7 Tribeca RKF TriBeCa 17 30 Wall St.1 13,174 Nike USA Cushman & Wake eld e Pyne Cos. Winick Realty Group Financial District 18 500 Seventh Ave.1 13,170 Paci c Trimming Winick Realty Group Chetrit Group Winick Realty Group Garment District 19 117-127 E. 59th St.1 12,997 Muji Cushman & Wake eld 118 E. 60 Owners Inc. Newmark Knight Frank Lenox Hill 20 1681-1683 Third Ave.1 11,492 New York School Newmark Knight Frank Extell Development Co. Newmark Knight Frank Upper East Side Construction Authority 21 1495 Third Ave.1 11,296 Rumble Boxing RKF SMA Equities Winick Realty Group Upper East Side 22 7 Times Square Tower2 11,240 Ann Taylor CBRE/Cushman & Boston Properties Boston Properties Times Square Wake eld 23 140 W. 34th St.1 10,601 Vans Cushman & Wake eld Jenel Management Jenel Management Penn Plaza 24 350 Park Ave.2 10,300 Fidelity Investments CBRE Vornado Realty Trust Vornado Realty Trust Midtown East 25 128 W. 34th St.1 10,000 Absolute Hot New York Winick Realty Group Stahl Organization Newmark Knight Frank Penn Plaza 26 64 W. 48th St.1 9,810 Tsuru Ton Ton ABS Partners Real Estate Muss Development Newmark Knight Frank Rockefeller Center 27 1066 Lexington Ave.2 8,888 Bank of America Corp. CBRE EM Real Estate Newmark Knight Frank Lenox Hill 28 808 Columbus Ave.1 8,501 KinderCare Learning Centers CBRE MetLife Winick Realty Group Upper West Side 29 95-107 Horatio St.2 8,105 Vitra Winick Realty Group TF Cornerstone Winick Realty Group West Village 30 320-324 W. 37th St.1 7,472 e People’s Forum Savills Studley Milano CBRE Midtown West 31 225 Varick St.1 7,324 Shake Shack Cushman & Wake eld Trinity Real Estate Newmark Knight Frank West Village 32 1350 Sixth Ave.1 6,652 432 Fitness Direct deal SL Green Realty Corp. Cushman & Wake eld Midtown West 33 321 Columbus Ave.1 6,586 Tessa CBRE Eppol Realty Co. CBRE Upper West Side 34 779-783 Fifth Ave.1 6,545 Delvaux Lansco Corp. e Sherry-Netherland RKF Lenox Hill 35 220 E. 42nd St.1 6,508 Core Organic Direct deal SL Green Realty Corp. Newmark Knight Frank Murray Hill 36 41 White St.1 6,333 Church Street School Lee & Associates 41 White LP RKF TriBeCa of Music Commercial Real Estate 37 129 W. 29th St.1 6,200 Fella Restaurant Group Corbett & Dullea Samson Management Norman Bobrow & Co. Chelsea 38 62 Greene St.1 6,150 Korea Creative Content Colliers 62 Greene Street Owner’s Corp. CBRE SoHo Agency 39 512 Seventh Ave.3 6,055 HSBC Cushman & Wake eld Chetrit Group CBRE/Chetrit Group Garment District 40 341-347 Fifth Ave.1 5,800 Frame Gourmet Eatery Siderow Commercial Group Pitcairn Properties Douglas Elliman Murray Hill 41 50 E. 42nd St.1 5,450 Chick- l-A RKF Abramson Brothers Abramson Brothers Murray Hill 42 611 W. 129th St.1 5,395 Dear Mama Winick Realty Group n/d Winick Realty Group Harlem 43 250 W. 55th St.1 5,300 Chick- l-A RKF Boston Properties Cushman & Wake eld Midtown West 44 831 Madison Ave.1 5,200 Ghurka e Grayson Co. Myles Lowell RKF Lenox Hill 45 45 W. 45th St.1 5,190 Fournos eophilos Bakery Blackwell Intl. CRE Vanbarton Group RKF Times Square 46 255 W. 14th St.1 5,070 Bright Horizons Children Cushman & Wake eld Pan Am Equities RKF Chelsea Centers 47 249 Church St.1 5,050 NOVA Fitness RKF or Equities RKF TriBeCa 48 102 Franklin St.1 5,000 Jason Scott Atria Freund, Freund & Co. RKF TriBeCa 48 118-120 Duane St.1 5,000 Wynd Olmstead Tribeca Associates RKF TriBeCa 48 250 W. 125th St.1 5,000 Aldo CBRE Rockfeld Group Rockfeld Group Harlem
This list includes leases with terms of more than two years. 1-New lease. 2-Renewal. 3-Sublease. n/d-Not disclosed. In case of a tie in the total square footage, leases are listed in numerical order of address. CoStar Group conducts ongoing research to produce and maintain a database of commercial real estate information. Additional research by Gerald Schifman.
12 | CRAIN’S NEW YORK BUSINESS | JANUARY 15, 2018
P012_CN_20180205.indd 12 2/2/18 10:49 AM FINANCE | CRYTOPMANIA
BEHIND THIS BROOKLYN FACADE lies the nerve center of Ethereum, whose market value has hovered around $100 billion.
The digital-currency craze is a textbook investment bubble. But a growing TALES FROM number of New Yorkers are OK with that, so long as they keep making money THE CRYPTO BY AARON ELSTEIN BUCK ENNIS 13 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 5, 2018 FEBRUARY 5, 2018 | CRAIN’S NEW YORK BUSINESS | 13
P013_P016_CN_20180205.indd 13 2/2/18 4:16 PM FINANCE | CRYPTOMANIA
BANKING IN BUSHWICK: ConsenSys staffers conjure up ways to make Ethereum a global currency.
nside a gra ti-strewn lo building on be the next big thing. Enthusiasm is so high, Miley the last of it last month, but Hill’s phone is constant- a quiet Bushwick street lies the hub of a asked that the company’s address be kept secret, for ly buzzing with calls from investors the world over worldwide mania. It’s the headquarters of fear that people who have made big bets on its cur- looking to ride his crypto coattails by joining his ConsenSys, a three-year-old rm that’s the rency will decide to make pilgrimages. “ ere are a fund, which he reckons will have about $15 million brains behind Ethereum. It’s the most pop- fair number of crazies out there,” she said. under management by the end of this month. ular cryptocurrency this side of Bitcoin, and With a frenzy not seen since the dot-com boom, “ ere’s a lot of irrational exuberance,” Hill last year its value* soared by nearly 9,000%, from $8 New York is in the midst of an investment craze. It said, borrowing the phrase former Federal Reserve Ia unit to $723. e world’s supply of Ether, the cre- seems as if just about everyone knows someone with Chairman Alan Greenspan coined 22 years ago to ators’ preferred term for the currency that everyone a tale from the crypto. describe investors’ dot-com mania. But Hill believes else calls Ethereum, recently was worth about $120 While the current run will likely end with a pain- it’s all to the good. e bubble “is necessary to get billion—twice the market value of Bank of New York ful crash —last week the currencies fell — scores of everyone’s attention,” he said. “As people realize Mellon, founded by Alexander Hamilton in 1784. young entrepreneurs are busy using the blockchain there is value here, that will hopefully help create a e ConsenSys nerve center is a tech version technology that powers Bitcoin, Ethereum and other new global economic system.” of Willy Wonka’s chocolate factory, with computer cryptocurrencies to build new businesses. And they programmers spread throughout four rooms on two are starting to drag a somewhat wary nancial es- The new alchemists oors cooking up new ways to promulgate Ethere- tablishment along with them. Ethereum’s story began in Jamaica. Lubin, a for- um. e building is also residential, so a sign re- “Of course it’s a bubble,” Ethereum co-founder mer midlevel Goldman Sachs executive who had minds the 100 staers to keep the noise down and Joe Lubin declared in October, speaking about the built a business representing musicians, was on the not disturb sleeping babies. With luck, the kids are skyrocketing value of the nearly 1,500 cryptocur- island with a client when he read a white paper about deep sleepers because brigades of in- how Ethereum would work. He got vestors have been marching through in touch with the paper’s author, Vi- the hallways at a steady clip, hoping “OF COURSE IT’S A BUBBLE — talik Buterin, now 24 years old, and to team up with the hippest company in 2015 set up shop in Brooklyn. in nance as it adds sta, opens glob- HOPEFULLY IT’S ONE OF A SERIES OF Cryptocurrencies have been al o ces and expands into consult- INCREASINGLY LARGER BUBBLES” around since 2009, when the elusive ing, asset management and venture gure known as Satoshi Nakamoto capital. mined the rst block of Bitcoin, then “I’ve been here two months,” said went public by linking to a British Kara Miley, the rm’s 25-year-old co-head of public rencies trading on various markets. “Hopefully it’s newspaper article forecasting a second U.K. bank relations. “In ConsenSys years, that’s six months.” one in a series of increasingly larger bubbles.” His bailout. e rst Bitcoin bubble hit four years later, Ethereum is essentially a private payment net- candid assessment did nothing to dampen enthusi- and a much bigger one blew up last year, driven at work, like PayPal, where parties agree to pay for asm: Ethereum’s market value has since quadrupled, least in part by South Koreans’ worries that a nucle- things using the cryptocurrency. For example, a cus- even a er it fell 30% from its $1,389 peak in the past ar bomb might obliterate the nation’s banks. Ethere- tomer dining at a participating restaurant that can month. um was the rst digital currency rm to take hold be debited for the meal over the platform. ere’s no Morgan Hill, a hedge fund manager who special- in New York, where many business power brokers credit card involved, so the restaurant can dispense izes in cryptocurrencies, agrees there’s a bubble. Not remain highly skeptical of the entire enterprise. with cashiers—and bank processing fees. Multiply that he’s complaining. His rm’s investment of a few e most prominent critic is JPMorgan Chase scenarios like that by millions and you can start to thousand dollars in Ethereum and other crytpocur- CEO Jamie Dimon, who last year called Bitcoin a
BUCK ENNIS, ISTOCK understand why some people think Ethereum could rencies early last year netted him $5 million. He sold “fraud” and later said it has “no actual value.” One *All valuations of Ethereum and other cryptocurrencies are as of press time.
14 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 5, 2018
P013_P016_CN_20180205.indd 14 2/2/18 4:50 PM reason Dimon may feel that way is some investors CRYPTOSPEAK are now using credit cards and even mortgaging their homes to buy Bitcoin. So if the currency plung- BLOCKCHAIN The technology underpinning Bitcoin, es, there could be widespread defaults that sap the Ethereum and other digital currencies is essentially a earnings of his bank and others. ledger system that records transactions electronically. One commonly shared view was articulated in These ledger entries are sorted into blocks that are chained together so that they can be tracked over December by Dutch bank ING Group. “One day, be- time. The ledger is protected by cryptography, which makes it dif cult (but not impossible) for outsiders yond the hype, Bitcoin will return to being the niche to modify or hack it. The system is suf ciently robust that millions of users now trust blockchain to product that it was in its initial years,” the bank said record nancial transactions. That trust is the basis of Bitcoin’s value. in a client report, according to Business Insider. “Us- MINING The process of adding and validating new entries on the blockchain. It requires solving a ers will include tech nerds, people obsessed about complex math puzzle for which Bitcoin miners are paid 12.5 Bitcoins, or roughly $125,000, every time their privacy, people afraid for (hyper)in ation in they succeed. The process is called mining because the coins were created at Bitcoin’s inception, when traditional currencies, and people wanting to cir- the total inventory was capped at 22 million. To date, 17 million Bitcoins have been “dug up.” Other cumvent central banks for ideological or criminal cryptocurrencies have no limit on how many coins can circulate. re a s on s .” Still, the city’s nancial establishment is grudg- WALLET A digital account where users store digital currencies. Wallets are protected by a password ingly adapting. A Bitcoin futures market is now or a string of characters, but if the holder forgets or loses it, access to the currency inside is lost, as if it open, and the New York Stock Exchange’s owner were cash. recently said it is preparing to share Bitcoin trading MARKETPLACES There are hundreds of cryptocurrency exchanges, with CoinBase and Bitstamp prices with institutional investors. “My job is to get among the most popular. It’s also possible to make deals directly with other traders via platforms such that shiny new toy—Bitcoin—on our network,” one as BitQuick and BitBargain. Any pro ts from cryptotrading must be reported to the IRS, which considers trading executive said. the coins property, and thus subject to capital gains taxes. Digital currencies such as Bitcoin and Ethereum TRADING LINGO To “hodl” means to hold Bitcoin—the term’s origins trace back to a typo on a Bitcoin all rely on blockchain technology, a cryptography- web forum. “Fiat,” typically used derisively by Bitcoin a cionados, describes any government-issued protected electronic ledger of continuously main- currency. “#BTFD” stands for “buy the f---ing dip,” and it is usually employed by hodlers desperate to nd tained and veri ed transactions shared by users on someone willing to use at to buy a coin as it is losing value. — A.E. computer servers. Blockchain does have potentially useful applications for big databases, which explains why JPMorgan, despite Dimon’s dismissals of Bit- coin, is using the technology to help process certain global payments. Microso uses the Ethereum plat- form to help track supply chains. As a business proposition, blockchain is still in its infancy and enduring plenty of growing pains. Late last year, tra c on Ethereum slowed considerably af- ter an app called CryptoKitties debuted and gained a huge following among Asian teenagers. ey were taken with the cartoon cats, whose unique “cattri- butes” were useful for verifying Ethereum transac- tions. ough it disrupted trading, Miley said the craze helped introduce scores of new users to Ethe- reum. Only six cryptocurrency companies are licensed to do business in New York, and consulting rm Blockchain Driven estimated in December that just 932 people in the city work for blockchain-related businesses. But Blockchain Driven also said “it is fair to assume” that number will rise to 10,000 by 2027. at might sound like more irrational exuber- ance, but money is pouring in. Venture capitalists invested a record $1 billion in crypto startups last year, according to Pitchbook. Flatiron District– based Chainalysis, which specializes in tracking Bit- coin transactions for nancial institutions and law enforcement, has 60 employees and is looking to hire 40 more in the coming months, a spokeswoman said. Chronicled, which started out in the fashion HILL is attracting international business verifying the authenticity of sneakers and investors eager handbags, became a blockchain company two years to ride his ago and uses the technology to track pharmaceuti- coattails. cals. e rm now wants to expand into food and use blockchain to track items such as lobsters from shing boats to restaurants. “We have 30 employees,” said co-founder Saman- tha Radocchia, “and 25 job openings.” Of course, cryptomania has little to do with im- proving the nancial world’s plumbing. Instead, it’s largely seen as the magic formula that allows anyone with enough computing power to become a mod- ern-day alchemist turning code into currency be- yond any government’s control. Bitcoin and its brethren present a mass Ror- schach test. e community of believers is still pretty small—22 million people hold some amount of Bitcoin, according to blockchain.info—but it is growing fast, with the number of accounts doubling in the past year. Most are small investors passion- ate in their certainty that Bitcoin or something like
FEBRUARY 5, 2018 | CRAIN’S NEW YORK BUSINESS | 15
P013_P016_CN_20180205.indd 15 2/2/18 4:02 PM FINANCE | CRYPTOMANIA
LOCAL PROPHETS: Nicholas and Burrell preach the upside of New York Coin.
it represents the future of nance. e meet-up’s emcee, Blockchain ing cryptocurencies is the di culty of spending at group includes Sergeline Ber- MARKET Driven senior adviser Art Malkov, them, in large part because their underlying values nardeau, a songwriter and real estate GAINS opened by touting the potential of are so volatile. But another is a product of the craze it- broker in TriBeCa who in 2016 start- blockchain and asked how many in self: So much tra c is clogging Bitcoin’s network that ed learning about Bitcoin, or, as she the audience of 200 were involved its transaction fees have hit $10 or more, and trades put it, “going down the rabbit hole.” in Bitcoin a year ago. Ten hands take an average of 25 hours to con rm, according to “Some say it’s a bubble,” Ber- went up. When ConsenSys employ- blockchain.info. nardeau said, “and some say it’s the ee Jack Spallone inquired, “How A solution, at least to the latter problem, just may 26NUMBER of active biggest transfer of wealth in history.” many of you would be particularly have been found by pub owner Alex Nicholas and cryptocurrencies valued interested in this topic if there was attorney James Burrell. e two are promoting New Converting the masses at more than $1 billion no nancial incentive?” hardly any- York Coin, a cryptocurrency that has been mostly Michael Leung certainly admires one stirred. dormant since it was created in 2014. On the third blockchain technology. But he’s re- Wall Street trader Peter Borovykh Wednesday of every month, they hold court at ally most interested in how rich it later forecast that OPEC would one Keats, a Midtown bar Nicholas owns, to preach the might make him a er investing 10% day demand oil be paid for in Bit- bene ts of the coin, which they say is faster and less of his net worth in Bitcoin during 11,954 coin instead of dollars so it could expensive to use than Bitcoin. To prove their point, the summer. NUMBER of “nodes,” aka “kill” the U.S. shale and gas industry. Burrell used New York Coin to buy a Bud Light, and “Bitcoin is all anyone can talk computer networks, working It’s a weighty expectation, consid- the transaction was con rmed in about 30 seconds, about at work,” said the 29-year-old on Bitcoin worldwide ering that all the cryptocurrencies much to the delight of the crowd of 20 who came to accountant from Bay Ridge. combined are worth $425 billion, the meet-up. In the coming weeks, the coin’s advo- For now Leung is happy because about $400 billion less than Apple. cates plan to rent a storefront, preferably in SoHo, so he got in when a single Bitcoin was “ e future is humongous,” Bor- passers-by can learn more about its bene ts. Head- worth $3,000, roughly a third of its % ovykh said. “Amazing.” ing into last week, only Nicholas’ bar and a gym he current value. Of course, he was a Leung liked what he heard, al- owns accepted New York Coin, but its backers an- 108GROWTH in the number lot happier early last month, when it though he said he had hoped for nounced on Twitter that a Manhattan restaurant and was trading around $20,000. of nodes over the past more insight into what might hap- a Brooklyn recording studio would soon take it. e A er a recent four-week plunge year pen to the price of Bitcoin. His tweet was hashtagged #real. dropped Bitcoin to under $9,000, mother, who came along to learn Burrell said he would be thrilled if New York Coin Leung was looking for a little boost, more about what her children are traded for $1 each. e odds are poor, considering so he joined a blockchain meet-up up to, wasn’t sure what to make of it. 132 billion are in circulation and fetch about $0.0001 at eBay’s o ce in Chelsea. Leung “You can never know enough about apiece. But it isn’t totally out of the question. Many brought along his sister Megan, 26, $150B this,” she said. “It’s very challenging.” of the nearly 30 cryptocurrencies currently worth who works in social-media market- BITCOIN’S MARKET VALUE more than $1 billion were dead in the water until last ing and has also caught the Bitcoin Feb. 2, $50 billion more Spending trouble year. “I feel like I found a ’63 Mustang in a barn,” Bur-
BUCK ENNIS bug. “It’s like an addiction,” she said. than Goldman Sachs’ One of the biggest obstacles fac- rell said. “It works. It just needs a paint job.” ■
16 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 5, 2018
P013_P016_CN_20180205.indd 16 2/2/18 4:10 PM EXECUTIVE MOVES Advertising Section New hires, promotions and board appointments. Place your listing at crainsnewyork.com/execmoves or contact [email protected]
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FEBRUARY 05, 2018 | CRAIN’S NEW YORK BUSINESS | 17
P017_CN_20180205.indd 17 2/1/2018 10:08:26 AM TO PLACE A CLASSIFIED AD, CALL 1 212-210-0189 OR EMAIL [email protected]
HILTON HEAD REAL ESTATE PUBLIC & LEGAL NOTICES
Notice of Formation of Upper West Side Notice of Qualification of MORTON NOTICE OF FORMATION OF MULTIVARI- Medical Doctor PLLC. Purpose: Medical SOUTH, L.L.C. Appl. for Auth. filed with ATE SOLUTIONS, LLC. Articles of Organi- Doctor’s office. Arts of Org filed w/ Secy. of State of NY (SSNY) on zation filed with the Secretary of State Secy. of NYS (SSNY) on 12/4/2017. 12/01/07. Office location: NY County. of NY (SSNY) on 12/12/2017. Office Location: NY County. Principal Busi- LLC formed in Delaware (DE) on location: NEW YORK County. SSNY has ness Location: 46 W 86th ST STE 1A 11/29/17. SSNY designated as agent been designated as agent upon whom NY, NY 10024-3633. SSNY designated of LLC upon whom process against it process against it may be served. The agent of PLLC upon whom process may may be served. SSNY shall mail proc- Post Office address to which the SSNY be served and shall mail copy of proc- ess to c/o Corporation Service Co., 80 shall mail a copy of any process ess against PLLC to address above. State St., Albany, NY 12207-2543. DE against the LLC served upon him/her addr. of LLC: 251 Little Falls Dr., Wil- is: 121 MADISON AVE, SUITE 7H, NEW Notice of Qualification of FLIGHT CLUB mington, DE 19808-1674. Cert. of YORK, NY 10016. NEW YORK LLC Appl. for Auth. filed Form. filed with DE Secy. of State, Div. The principal business address of the with Secy. of State of NY (SSNY) on of Corps., 401 Federal St., Dover, DE LLC is: 121 MADISON AVE, SUITE 7H, 01/22/18. Office location: NY County. 1901. Purpose: Any lawful activity. NEW YORK, NY 10016. Purpose: any LLC formed in Delaware (DE) on lawful act or activity 10/05/17. NYS fictitious name: Notice of Formation of TBH BRAND FLIGHT CLUB NEW YORK (DE) LLC. HOLDINGS LLC Arts. of Org. filed with NOTICE OF FORMATION OF EMILY JER- 5 Bedroom Hilton Head, SC SSNY designated as agent of LLC Secy. of State of NY (SSNY) on OME ENTERTAINMENT, LLC. Articles of upon whom process against it may be Intracoastal Penthouse Condo 12/04/17. Office location: NY County. Organization filed with the Secretary of served. SSNY shall mail process to 4-bath, 3,374 sq. ft. furnished. Available 70’ Princ. office of LLC: 240 Madison Ave., State of NY (SSNY) on 12/13/2017. c/o Corporation Service Co. (CSC), 80 dock at your doorstep $849,000 Owner 15th Fl., NY, NY 10016. SSNY desig- Office location: NEW YORK County. State St., Albany, NY 12207-2543. DE (630) 235-7258 nated as agent of LLC upon whom proc- SSNY has been designated as agent addr. of LLC: c/o CSC, 251 Little Falls ess against it may be served. SSNY upon whom process against it may be Dr., Wilmington, DE 19808. Cert. of shall mail process to the LLC at the served. The Post Office address to Form. filed with Secy. of State, John addr. of its princ. office. Purpose: Any which the SSNY shall mail a copy of G. Townsend Bldg., 401 Federal St., POSITIONS AVAILABLE lawful activity. any process against the LLC served Ste. 4, Dover, DE 19901. Purpose: upon him/her is: 575 PARK AVENUE, Any lawful activity. Notice of Qualification of MIC CAPITAL NEW YORK, NY 10065. The principal Gucci America, Inc. seeks a Vice business address of the LLC is: 575 Notice of formation of Trufflery LLC. Arts PARTNERS (US) LLC Appl. for Auth. President Retail in New York City, NY to filed with Secy. of State of NY (SSNY) PARK AVENUE, NEW YORK, NY 10065. of Org filed with Secy of State of NY Purpose: any lawful act or activity direct all retail operations. Requires up to (SSNY) on 12/11/17. Office location: NY on 12/20/17. Office location: NY Coun- ty. LLC formed in Delaware (DE) on 40% intl./domestic travel. To apply send County. SSNY designated agent upon 11/09/17. SSNY designated as agent NOTICE OF FORMATION of Fresh Har- resume to [email protected] whom process may be served and shall mail copy of process against LLC to: US of LLC upon whom process against it vest Valley, LLC. Articles of Organiza- Corp Agents Inc 7014 13th Ave #202 BK may be served. SSNY shall mail proc- tion filed with Secretary of State of New NY 11228. Principal business address: ess to c/o Akin Gump Strauss Hauer & York (SSNY) on 12/26/2017. Office lo- 796 9th Ave 2 NYC 10019. Purpose: any Feld LLP, One Bryant Park, NY, NY cation: New York County. SSNY desig- PUBLIC & LEGAL lawful act. 10036. DE addr. of LLC: c/o Corpora- nated agent upon whom process may NOTICES tion Services Co., 251 Little Falls Dr., be served and shall mail copy of proc- Notice of Qualification of venBio Se- Wilmington, DE 19808. Cert. of Form. ess against LLC to its designated regis- lect Advisor LLC Appl. for Auth. filed filed with Secy. of State of DE, Dept. of tered agent: United States Corporation Notice of Qualification of VBG 990 AOA with Secy. of State of NY (SSNY) on State, Div. of Corps., John Townsend Agents, Inc., 7014 13th Ave., #202, MEMBER LLC Appl. for Auth. filed with 11/22/17. Office location: NY County. Bldg., Dover, DE 19901. Purpose: Any Brooklyn, NY 11228. Principal Busi- Secy. of State of NY (SSNY) on LLC formed in Delaware (DE) on lawful activity. ness address: 447 Broadway, 2nd 01/09/18. Office location: NY County. 09/24/09. SSNY designated as agent Floor, New York, NY 10013. Purpose: any lawful act. LLC formed in Delaware (DE) on of LLC upon whom process against it Notice of Qualification of venBio Select 12/01/17. SSNY designated as agent may be served. SSNY shall mail proc- Advisor L.P. Appl. for Auth. filed with of LLC upon whom process against it ess to the LLC, 120 W. 45th St., Ste. Secy. of State of NY (SSNY) on GREY HOUSE NYC LLC, Arts. of Org. may be served. SSNY shall mail proc- 2802, NY, NY 10036. DE addr. of 11/22/17. Office location: NY County. filed with the SSNY on 01/08/2018. ess to c/o Corporation Service Co., 80 LLC: Corporation Service Co., 251 Lit- LP formed in Delaware (DE) on Office loc: NY County. SSNY has been State St., Albany, NY 12207-2543. DE tle Falls Dr., Wilmington, DE 19808. 12/29/16. NYS fictitious name: venBio designated as agent upon whom proc- addr. of LLC: 251 Little Falls Dr., Wil- Cert. of Form. filed with Secy. of Select Advisor New York L.P. Duration ess against the LLC may be served. mington, DE 19808. Cert. of Form. filed State, State of DE, Dept. of State, of LP is Perpetual. SSNY designated as SSNY shall mail process to: The LLC, with DE Secy. of State, Div. of Corps., Townsend Bldg., Dover, DE 19901. agent of LP upon whom process 555 West 59th St., Unit 14C, NY, NY John G. Townsend Bldg., 401 Federal Purpose: Any lawful activity. against it may be served. SSNY shall 10019. Purpose: Any Lawful Purpose. St. - Ste. 4, Dover, DE 19901. Pur- mail process to the Partnership, 120 pose: Any lawful activity. NOTICE OF FORMATION OF James Seo W. 45th St., Ste. 2802, NY, NY 10036. Broome Street Penthouse, LLC. Arts. of Commercial, LLC. Articles of Organiza- Name and addr. of each general part- Org. filed with the SSNY on 01/11/18. Notice of Qualification of VILLAGE APTS tion filed with the Secretary of State of ner are available from SSNY. DE addr. Office: New York County. SSNY designat- 4DS LLC Appl. for Auth. filed with Secy. NY (SSNY) on 12/07/17. Office loca- of LP: Corporation Service Co., 251 Lit- ed as agent of the LLC upon whom proc- of State of NY (SSNY) on 09/27/17. Of- tion: NEW YORK County. SSNY has tle Falls Dr., Wilmington, DE 19808. ess against it may be served. SSNY shall fice location: NY County. LLC formed in been designated as agent upon whom Cert. of LP filed with Secy. of State, mail copy of process to the LLC, c/o Jer- Delaware (DE) on 09/20/17. SSNY process against it may be served. The State of DE, Dept. of State, Townsend ry Feeney, 33 East 33rd Street, 4th designated as agent of LLC upon whom Post Office address to which the SSNY Bldg., Dover, DE 19901. Purpose: Any Floor, New York, NY 10016, which also process against it may be served. shall mail a copy of any process lawful activity. serves as the registered agent address. SSNY shall mail process to c/o Gibson, against the LLC served upon him/her Purpose: Any lawful purpose. is: Registered Agent Solutions, Inc., 99 Dunn & Crutcher LLP, Attn: Steven Notice of formation of Bethel Road LLC Washington Ave., Suite 1008, Albany, Klein, 200 Park Ave., NY, NY 10166. Arts. of Org. filed with the NY Sect’y of Notice of formation of Andreas Gomoll NY 12260. The principal business ad- DE addr. of LLC: Corporation Service State (SSNY) on 11/1/2017. Office lo- LLC. Arts of Org filed with Secy. of dress of the LLC is: 30 W 60th Street, Co., 251 Little Falls Dr., Wilmington, cated in NY County. SSNY has State of NY (SSNY) on 12/7/17. Office Floor 2, New York, NY 10023. Purpose: DE 19808. Cert. of Form. filed with been designated as agent of the LLC location NY County. SSNY designated any lawful act or activity. Secy. of State of DE, Div. of Corps., upon whom process against it may be agent upon whom process may be John G. Townsend Bldg., 401 Federal GREEK MANAGEMENT LLC. Arts. of served. SSNY shall mail process to: served and shall mail copy of process St., Dover, DE 19901. Purpose: Any Org. filed with the SSNY on 10/13/17. CMT Portfolio Advisors, 150 W 56th against LLC to principal business ad- lawful activity. Office: New York County. SSNY desig- St., Apt. 4508, NY NY 10019. Purpose: dress: 350 E 79th Street, New York, nated as agent of the LLC upon whom any lawful act. NY 10075. Purpose: any lawful act. Notice of Formation of LARK WADS- process against it may be served. WORTH, LLC Arts. of Org. filed with SSNY shall mail copy of process to the Notice of formation of limited liability Notice of formation of Isaacson Search Secy. of State of NY (SSNY) on LLC, 529 Fifth Avenue, New York, NY company. Name: Park & Lex Brand, Company, LLC arts of org. Filed with 12/18/17. Office location: NY County. 10017. Purpose: Any lawful purpose. LLC. Articles of Organization were filed Secy. of state NY(SSNY) on Princ. office of LLC: 90 Park Ave., NY, with the Secretary of State of New York 11/15/2017. Office location: NY Coun- NY 10016. SSNY designated as agent Omit, LLC Art. Of Org. Filed Sec. of (SSNY) on 11/15/2017.Office loca- ty. Prin. Office of LLC: 205 Third Ave. of LLC upon whom process against it State of NY 9/28/2017. Off. Loc.: Rich- tion: New York County. SSNY has been NY, NY 10003. SSNY designated as may be served. SSNY shall mail proc- mond Co. SSNY designated as agent designated as agent of the LLC upon agent of LLC upon whom process ess to Corporation Service Co., 80 upon whom process against it may be whom process against it may be against it maybe served, SSN shall State St., Albany, NY 12207-2543, served. SSNY to mail copy of served. SSNY shall Mail a copy of proc- mail process to Registered Agent Inc. , regd. agent upon whom and at which process to The LLC, 248 London Rd, ess to the LLC, 1050 Park Ave, New 90 State Str., suite 700, office 40, Al- process may be served. Purpose: Any Staten Island, NY 10306. Purpose: Any York NY 10028. Purpose: for any lawful bany, NY 12207-2543. Purpose: Any lawful activity. lawful act or activity activity. lawful activity
18 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 5, 2018
P018-19_CN_20180205.indd 18 2/1/2018 12:56:39 PM TO PLACE A CLASSIFIED AD, CALL 1 212-210-0189 OR EMAIL [email protected]
PUBLIC & LEGAL NOTICES
Notice of Qualification of NEW APO NOTICE OF FORMATION of Cort Eagle, NOTICE OF FORMATION, PUNCHLIST Notice of Formation of CS 771 Ninth NYC OWNER, LLC Appl. for Auth. filed LLC. Arts of Org filed with Secy. Of PLUS LLC d/b/a PUNCH LIST PLUS LLC. Arts. of Org. filed with Secy. of with Secy. of State of NY (SSNY) on State of NY (SSNY) on 11/21/17. Of- LLC, Arts. of Org. filed with the Sec. of State of NY (SSNY) on 1/4/18. Office 12/21/17. Office location: NY County. fice location: NY County. SSNY desig- State of New York (SSNY) on location: NY County. SSNY designated LLC formed in Delaware (DE) on nated agent upon whom process may 10/23/17. Office location: New York, as agent of LLC upon whom process 12/04/17. SSNY designated as agent be served and shall mail copy of proc- Cnty. SSNY is designated for service of against it may be served. SSNY shall of LLC upon whom process against it ess against LLC to principal business process. SSNY shall mail a copy of any mail process to: c/o The LLC, 134 W. may be served. SSNY shall mail proc- address: 234 West 44th St., NY, NY process served against the LLC to, 307 29th St., 4th Fl., NY, NY 10001. Pur- ess to c/o Corporation Service Co., 10036 Purpose: any lawful act. West 38th Street, Suite 1218, New pose: any lawful activity. 80 State St., Albany, NY 12207-2543. York, NY 10018. Purpose: any lawful DE addr. of LLC: 251 Little Falls Dr., purpose. BASIL REALTY LLC. Arts. of Org. filed Notice of Qualification of G&S INVEST- Wilmington, DE 19808. Cert. of Form. ORS CONSTRUCTION MANAGEMENT filed with Secy. of State of the State with the SSNY on 12/22/17, with an Notice of Qualification of TRIBECA LLC Appl. for Auth. filed with Secy. of of DE, John G. Townsend Bldg., 401 existence date of 01/01/2018. Office: GROWTH FUND GP, LLC Appl. for Auth. State of NY (SSNY) on 01/24/18. Of- Federal St., Ste. 4, Dover, DE 19901. New York County. SSNY designated as filed with Secy. of State of NY (SSNY) fice location: NY County. LLC formed in Purpose: Any lawful activity. agent of the LLC upon whom process against it may be served. SSNY shall on 12/27/17. Office location: NY Coun- Delaware (DE) on 01/19/18. SSNY mail copy of process to the LLC, 51 ty. LLC formed in Delaware (DE) on designated as agent of LLC upon whom Notice of formation of Dean Fine Build- West 14th Street, New York, NY 12/21/17. SSNY designated as agent process against it may be served. ing LLC. Arts of Org filed with Secy. of 10011. Purpose: Any lawful purpose. of LLC upon whom process against it SSNY shall mail process to the LLC, State of NY (SSNY) on 11/8/17. Office may be served. SSNY shall mail proc- 211 E. 43rd St., 25th Fl., NY, NY location: NY County. SSNY designated ess to Brian Hirsch, 99 Hudson St., 10017. DE addr. of LLC: 251 Little agent upon whom process may be Notice of Qualification of THE OMARA 15th Fl., NY, NY 10013. DE addr. of Falls Dr., Wilmington, DE 19808. Cert. served and shall mail copy of process PROJECT LLC Appl. for Auth. filed with LLC: 251 Little Falls Dr., Wilmington, of Form. filed with Secy. of State, 401 against LLC to principal business ad- Secy. of State of NY (SSNY) on DE 19808. Cert. of Form. filed with Federal St., Dover, DE 19901. Pur- dress: 12 E 49th St., 11th Fl., NY, NY 01/10/18. Office location: NY County. Secy. of State, State of DE, Div. of pose: Any lawful activity. 10017. Purpose: any lawful act. LLC formed in Delaware (DE) on Corps., 401 Federal St., Dover, DE 10/19/17. SSNY designated as agent of 19901. Purpose: Any lawful activity. LLC upon whom process against it may KATHERINE BURGHARDT KRAMER LAW Notice of Qualification of EMERGING be served. SSNY shall mail process to OFFICE PLLC. App. for Auth. filed with VARIANT GP LLC Appl. for Auth. filed c/o Corporation Service Co. (CSC), 80 Notice of Formation of UNTIL ONE HUN- the SSNY on 12/01/17. Originally filed with Secy. of State of NY (SSNY) on State St., Albany, NY 12207-2543. DE DRED TWENTY, LLC Arts. of Org. filed with the Secretary of State of Vermont 11/10/17. Office location: NY County. addr. of LLC: c/o CSC, 251 Little Falls with Secy. of State of NY (SSNY) on on 11/04/2016. Office: New York LLC formed in Delaware (DE) on Dr., Wilmington, DE 19808. Cert. of 01/11/18. Office location: NY County. County. SSNY designated as agent of 11/09/17. Princ. office of LLC: Attn: Form. filed with DE Secy. of State Corps. SSNY designated as agent of LLC upon the PLLC upon whom process against it Santiago Jariton, 3 Columbus Circle, Div., 401 Federal St., Dover, DE 19901. whom process against it may be may be served. SSNY shall mail copy of 15th Fl., NY, NY 10019. SSNY desig- Purpose: Any lawful activity. served. SSNY shall mail process to c/o process to the PLLC, 79 Court Street, nated as agent of LLC upon whom Matthew H. Kamens, 1650 Market St., Suite 3, Middlebury, VT 05753. Pur- process against it may be served. Ste. 2800, Philadelphia, PA 19103. pose: For the practice of the profession SSNY shall mail process to the LLC at Notice of Qualification of BRIDGE IN- Purpose: Any lawful activity. of Law. the princ. office of the LLC. DE addr. VESTMENT GROUP LLC Appl. for Auth. of LLC: c/o Corporation Service Co., filed with Secy. of State of NY (SSNY) 251 Little Falls Dr., Wilmington, DE on 12/12/17. Office location: NY Coun- 19808. Cert. of Form. filed with Har- ty. LLC formed in Utah (UT) on riet Smith Windsor, Secy. of State of 12/02/11. Princ. office of LLC: 280 the State of DE, Div. of Corps., John Park Ave., 28th Fl., NY, NY 10013. G. Townsend Bldg., Federal & Duke of NYS fictitious name: BRIDGE IG (REAL York Sts., Dover, DE 19901. Purpose: ESTATE) LLC. SSNY designated as Any lawful activity. agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Serv- NOTICE OF FORMATION of Cort Coco- ice Co., 80 State St., Albany, NY nut, LLC. Arts of Org filed with Secy. Of 12207-2543. UT addr. of LLC: 111 E. State of NY (SSNY) on 11/21/17. Of- Sego Lily Dr., Ste. 400, Sandy, UT fice location: NY County. SSNY desig- 84070. Cert. of Form. filed with Dept. nated agent upon whom process may of Commerce Div. of Corps. and Com- be served and shall mail copy of proc- mercial Code, 160 E. 300 South, Box ess against LLC to principal business 146705, Salt Lake City, UT 84115- address: 234 West 44th St., NY, NY 6705. Purpose: Any lawful activity. 10036 Purpose: any lawful act. Notice of Qualification of EMERGING Notice of Qualification of THREE COURT VARIANT CAPITAL MANAGEMENT, LP SPECIAL OPPORTUNITIES I, L.P. Appl. for Auth. filed with Secy. of State Appl. for Auth. filed with Secy. of State of of NY (SSNY) on 11/09/17. Office loca- NY (SSNY) on 12/12/17. Office location: tion: NY County. LP formed in Delaware NY County. LP formed in Delaware (DE) (DE) on 11/08/17. Princ. office of LP: on 12/05/17. Duration of LP is Perpetu- Attn: Santiago Jariton, 3 Columbus Cir- al. SSNY designated as agent of LP upon cle, 15th Fl., NY, NY 10019. Duration whom process against it may be served. of LP is Perpetual. SSNY designated as SSNY shall mail process to the Partner- agent of LP upon whom process ship, 60 Madison Ave., Ste. 1101, NY, against it may be served. SSNY shall NY 10010. The regd. agent of the compa- mail process to the Partnership at the ny upon whom and at which process princ. office of the LP. Name and addr. against the company can be served is Ar- of each general partner are available thur Y. Roulac, c/o Three Court, LP, 60 from SSNY. DE addr. of LP: c/o Corpo- Madison Ave., Ste. 1101, NY, NY ration Service Co., 251 Little Falls Dr., 10010. Name and addr. of each general Wilmington, DE 19808. Cert. of LP filed partner are available from SSNY. DE with Secy. of State of the State of DE, addr. of LP: 251 Little Falls Dr., Wilming- Div. of Corps., John G. Townsend Bldg., ton, DE 19808. Cert. of LP filed with Federal & Duke of York Sts., Dover, DE Secy. of State of the State of DE, 401 19901. Purpose: Any lawful activity. Federal St., Dover, DE 19901. Purpose: Any lawful activity. NOTICE OF FORMATION OF NERVE Los Tres Preservation, LLC Application for DNY INTERNATIONAL, LLC. Art. of Org. Authority filed with the SSNY on 01-11- filed with the SSNY on 09/12/17. Of- 18. Office: New York County. SSNY fice: New York County. SSNY designat- designated as an agent of LLC upon ed as agent of the LLC upon whom whom process against it may be process against it may be served. served. SSNY shall mail a copy of proc- SSNY shall mail copy of process to the ess to 251 Little Falls Drive, Wilming- LLC, 235 E88th st., #3C, New York, NY ton, DE 19808. Purpose: any lawful 10128. Purpose: Any Lawful purpose. activity.
FEBRUARY 5 2018 | CRAIN’S NEW YORK BUSINESS | 19
P018-19_CN_20180205.indd 19 2/1/2018 12:56:48 PM GOTHAM GIGS
RUMBAK brings hospital-quality techniques and tools to a ceremony often performed at home.
BY LANCE PIERCE
Blending faith and medicine A pediatrician gets religious training to perform ritual circumcisions
s a pediatric surgical resident at the New York- Some older family members are surprised the bris will DR. DANIA RUMBAK Presbyterian Hospital in Washington Heights, be done by a woman—even though the Bible reports that Dr. Dania Rumbak circumcised more than Moses’ wife, Zipporah, circumcised their sons. And most BORN West Tampa, Fla. 2,000 baby boys in two years, honing her skills Orthodox Jews won’t use a female mohel. But Rumbak said Ain a highly delicate cra . being a woman—there are a handful of female mohels in AGE 35 But as the time approached this past April for the cir- New York—is actually a selling point. RESIDES Upper West Side cumcision of her own son, Rumbak was ner- “Many families prefer a woman, I guess EDUCATION Bachelor’s in English, vous. Raised in an observant Jewish family, she because they assume I’ll take a gentler ap- University of Florida; M.D., University of South Florida College of Medicine wanted a religious ceremony, known as a bris. “Many families proach than a man,” she said. “But many Traditionally, mohels perform the circumcision assume I’ll people are just happy that I’m a doctor.” BUSINESS OF BLESSING Rum- bak’s husband, Shachar Golan, a and attendant rituals. But they are not required Jewish families are the bulk of Rumbak’s take a gentler digital health care entrepreneur, to have extensive medical training. Rumbak approach than clients, even if they are not observant. “It’s a is her business manager. She was concerned. “You have a nonmedical pro- unifying tradition across all sections of Ju- charges about the same as hospi- a man fessional doing surgery,” she said. ” daism,” she said. She designs her ceremony tals—$800. Because it is a medical Rumbak sought out a pediatrician who had to include prayers and song, and she’s trying service, it is partially covered by most health insurance plans. also received training as a mohel, and the bris to work in a few jokes because she’s noticed was successful. Inspired, Rumback studied with a profes- the room becomes tense as the delicate surgery begins. BRIDGING DIVIDES Rumbak recalls that after one Friday bris, the sor at the Jewish eological Seminary, and a er several In multicultural New York, Rumbak’s clientele has in- parents were inspired to hold their months she was certi ed as a mohel last summer. cluded interfaith families, Korean Christians and a Muslim rst Sabbath dinner with extended Now she’s gone into business with Onemohel.com, of- father who thanked her for sparing his son the pain of the family. “There’s a lot of ghting go- fering hospital-quality procedures for in-home ceremonies. traditional Islamic rite of adolescent circumcision. ing on inside families as the country is divided,” she said. “This ceremony Rumbak starts with a full physical exam of the baby, then With all of her training, Rumbak said she’s a natural is a way for families divided by reli- uses the same tools and techniques she uses at NYU Lan- choice. “Who would you want ying your plane,” she gion or politics to draw closer. I love gone Medical Center. Unlike mohels who sterilize and re- asked, “a guy who’s own a few times or a licensed profes- being the agent of that.”
BUCK ENNIS use their equipment, she discards hers a er each use. sional pilot?” — PETER S. GREEN
20 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 5, 2018
P020_CN_20180205.indd 20 2/2/18 6:19 PM SNAPS
Supporting future collections e Fashion Scholarship Fund held a gala Jan. 9 that raised $2 million to help students pursuing a career in the industry pay for their education. During the evening, the fund distributed nearly $1.4 million in scholarships to college students across the country, including eight National Merit Scholarships of $10,000 or $30,000. Model Coco Rocha presented the Innovator of the Year Award to designer Christian Siriano.
Kenneth Wyse, president of licensing and public relations at PVH Corp.; Katia Beauchamp, co-founder and chief exec- utive of Birchbox; and Stephen Sadove, former chairman and chief executive of Actress Danielle Brooks, singer and Saks and founding partner of JW Levin producer Brad Walsh, Christian Management Partners, were all honored Siriano and Coco Rocha at the gala, at the party. held at the New York Marriott Marquis.
Research to build strength Planning a new center for ‘Satchmo’ e Louis Armstrong House Museum held a fundraiser at Capitale Jan. 23. Attendees included Ricky Riccardi, the museum’s archivist and curator, and his wife, Margaret.
Muscular Dystrophy Association Metro New York raised a record $1.2 million at its bene t at Pier 60. Jonathan Andrew, senior director of Gardiner & eobald; Greg Murphy, director of minority- and women-owned business enterprises at Skanska USA Building; and Daniel Maldonado, a Skanska senior vice president, at the event.
Ted Moudis, senior principal at his eponymous architec- ture and design rm, presented an award to Dennis Meehan, chief executive of his own e museum’s board chairman, David Ostwald, a partner at law rm Montgom- consulting rm, at the ery McCracken Walker & Rhoads, presented an award to jazz trombonist Wycliffe Jan. 9 party. Gordon. e event raised $230,000 for the museum, which is in the midst of build- ing an educational center that will house a jazz club, store, exhibit space and archives.
KAREN OBRIST PHOTOGRAPHY, GETTY IMAGES, EUGENE GOLOGURSKY/GETTY IMAGES KAREN OBRIST PHOTOGRAPHY, SEE MORE OF THIS WEEK’S SNAPS AT CRAINSNEWYORK.COM/SNAPS. GET YOUR GALA IN SNAPS. EMAIL [email protected].
FEBRUARY 5, 2018 | CRAIN’S NEW YORK BUSINESS | 21
P021_CN_20180205.indd 21 2/2/18 10:42 AM FOR THE RECORD*
NEW IN TOWN consignment shop opened and DJ sets opened a REAL ESTATE COMMERCIAL ■ USA Halal Foods inked a a SoHo boutique. Shoppers 16,000-square-foot indoor ■ UPS signed a lease for deal for 12,590 square feet ■ Barlovento can purchase gently used space with new food o er- RETAIL 475,000 square feet at 50-02 at 179-17 149th Ave. NAI 430 Third Ave. bags, including Chanel totes. ings and board games. ■ Tailor’s Inn signed a lease 55th Ave., Maspeth. It is Long Island represented the Puerto Rican chef Frank for 12,700 square feet at unclear if the owner, Solil landlord; Seagis JFK. Har- Maldonado opened a Kips ■ Suistudio ■ Tacombi 505 Eighth Ave. e Irish Management, was repre- vest International brokered Bay restaurant serving his 230 Vesey St. 23 W. 33rd St. restaurant plans to open this sented by a broker. e ask- the deal for the tenant. e specialty empanadas. e women’s suit company e Mexican restaurant month. e landlord, GFP, ing rent was $20 per square asking rent was $16 to $20 opened its rst U.S. store, at known for fresh tortillas was represented in-house. foot. Avison Young brokered per square foot. ■ Chick’n Cone Battery Park. opened a h city spot, in e tenant did not have a the deal for the tenant. 1000 Eighth Ave. the Empire State Building. broker. e asking rent was ■ Mikkeller NYC agreed No forks are needed at ■ The Freehand Hotel not disclosed. ■ Triangle Services is taking to take 7,500 square feet this eatery in the Turnstyle 23 Lexington Ave. over M. Fine Lumber’s at 51-40 58th Place. e Market beneath Columbus is Gramercy Park hotel BANKRUPTCIES ■ Uniqlo will take 8,000- 88,000-square-foot lease microbrewery, to open at Circle. It o ers fried chicken o ers nightly rates starting plus square feet at 200 at 1301 Metropolitan Citi Field, plans to use the wrapped in wa e cones. at $129 for a room with ■ Norfolk Street Baychester Ave., Bronx. It Ave., Brooklyn. Sholom & space for storage. e asking a queen bed. Bunk-bed Management plans to open its rst store Zuckerbrot Realty rep- rent for the ve-year deal ■ Function of Beauty options are approximately 60 Riverside Blvd. in the borough this spring. resented the tenant. All was $18 per square foot. 355 W. Broadway $70 per person. e real estate management Welco Realty represented Points Real Estate brokered Kalmon Dolgin Aliates e custom shampoo and rm led for Chapter 11 the owner, Prestige Prop- the deal for the landlord, represented the landlord, conditioner e-tailer debuted ■ Whole Foods 365 bankruptcy protection Jan. erties & Development. e Peabody Webster Holdings. RHK Associates. Buch- its rst showroom, in SoHo. 300 Ashland Place, 17. e ling cites estimated tenant worked with the e asking rent for the binder & Warren Realty Shoppers can take a quiz Brooklyn assets and liabilities of owner’s brokers. e asking seven-year lease was $12 per Group brokered the deal for about hair. e lower-priced Whole $10,000,001 to $50 million. rent was not disclosed. square foot. the tenant. ■ Foods o shoot opened its ■ Nusr-Et rst East Coast location. ■ Vicks Auto Repair Inc. GET YOUR NEWS ON THE RECORD 60 W. 53rd St. 60-17 Eliot Ave., Flushing * To submit company openings, moves or real estate deals, or to receive further “ ” e Turkish chef Salt Bae e repair shop led for ABOUTinformation,THIS email SECTION [email protected]. opened this steakhouse in MOVES AND EXPANSIONS Chapter 11 bankruptcy the Black Rock building. protection Jan. 18. e For the Record is a listing to help businesspeople in New York nd opportunities, potential new clients and updates on customers. Bankruptcy lings from the eastern and ■ Nowadays ling cites estimated assets southern districts of New York are listed alphabetically. Stock transactions are insider ■ Rebag 56-06 Cooper Ave. of $100,001 to $500,000 transactions at New York companies obtained from Thomson Reuters and listed by size. 390 W. Broadway e outdoor Bushwick and liabilities of $50,001 to Real estate listings are in order of square footage. e online handbag bar known for food trucks $100,000.
22 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 5, 2018
P022_CN_20180205.indd 22 2/2/2018 5:00:19 PM PHOTO FINISH
Model homes his eet of colorful oating houses isn’t a scene out of Disney Pixar’s Up, but an exhibit at the Sugar Hill Children’s Museum of Art & TStorytelling in Harlem. e installation, by Dominican artist Fernando Tamburini, is in- tended to inspire kids to think of themselves as global citizens and see everyone as universally connected. “ e work we exhibit is celebratory of a variety of cultures,” said Jennifer I l-Ryan, director of creative engagement at the muse- um. “ at includes the history of people who haven’t traditionally been shown in museum settings.” is approach is resonating with New Yorkers. Back when the museum opened in 2015, it averaged 60 to 70 visitors per day. at range has risen to 100 to 150 people. To date, it has had about 17,000 visitors from a host of di erent income brackets and backgrounds. “We’re very cognizant of the fact that we’re in an area that is undergoing gentri cation,” said I l-Ryan. “We think of ourselves as a nexus for di erent socioeconomic groups to meet and break across class lines. at’s a re- sponsibility, and it informs our programming.” — GERALD SCHIFMAN BUCK ENNIS
FEBRUARY 5, 2018 | CRAIN’S NEW YORK BUSINESS | 23
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