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INSIDE HOW A WEAK TOP STORIES UPSTATE Tea Room family THREATENS eyes opening a new DOWNSTATE GREG DAVID Russian restaurant ® PAGE 2 PAGE 11 Amazon, e-books find fresh ways to VOL. XXVII, NO. 14 WWW.CRAINSNEWYORK.COM APRIL 4-10, 2011 PRICE: $3.00 torment publishers PAGE 2 DEJA VU: Brought in to save Carver Federal Savings Bank Stilettos get in 1999, CEO Deborah Wright, pictured in 2003, is competition now dealing with similarly CARVER from the grave financial strains at the largest bank founded and kitten heel run by African-Americans. PAGE 3 Rising store rents ON THE spark a boomlet in retail condos PAGE 3 Nasdaq’s bid for BRINK rival NYSE: less than meets the eye Feds order Harlem bank IN THE MARKETS, PAGE 4 to raise new capital. Or else

BY AARON ELSTEIN

The parent of Carver Federal Savings Bank holds its an- nual stockholders meeting April 4 at The Studio Museum in Harlem, near the bank’s 125th Street headquarters. It could be the last. CRAIN’S LISTS Time may be running out for Carver, the na- TOP BANKS tion’s largest bank founded and run by African- TOP THRIFTS NY area’s largest Americans and an integral part of the city for 63 commercial lenders years.Staggering under a load of delinquent real es- PAGES 18, 19 tate loans, the bank is under orders from the U.S. BUSINESS LIVES Office of Thrift Supervision to raise $20 million in fresh capital by the end of this month.That’s a steep climb GOTHAM GIGS for a bank that at best posts annual profits of $5 million.Yet if Carver can’t raise the cash, regulators can either seize the A master barista spreads redux See CARVER on Page 22 the gospel of coffee P. 25 ● ANNE FISHER on how criticism is vital to a growing business P. 25 St. Vincent’s bankruptcy: one year later ● MOVERS & SHAKERS Kathleen Turner gets n n High on stage P. 26 THE DRAMA OVER ‘TRAUMA’ THE LINGERING IMPACT ● GAEL GREENE savors the pasta at Spasso P. 27 A new kind of ER looks to future, Shops, eateries still struggling but locals gripe it’s not enough with loss of 5,000 people a day

INDEX an artery and implanted a stent pointing out one shuttered store- BY BARBARA BENSON during an elective procedure. BY MIRIAM KREININ SOUCCAR front after the next, at one point THE INSIDER 8 ______The fact that Mr.Dowling was beginning to cry.“I lost 25% of my 10 VIEWPOINT ______Michael Dowling was at home not rushed to a Level 1 trauma It’s nearly impossible to keep business after they shut down St. 12 REAL ESTATE DEALS PLUS ______on Long Island last year when he emergency department speaks up with Nicky Perry as she races Vincent’s,but I said,‘I am not go-

NEIGHBORHOOD JOURNAL ______13 felt chest pains. At nearby Hunt- volumes about the routine “treat- through the West Village streets ing to let that hospital beat me.’ ” ington Hospital, doctors found it and-release” emergency care that surrounding the former St. Vin- A year after the April 2010 CLASSIFIEDS ______20 FOR THE RECORD 24 wasn’t a heart attack. He was sta- most New Yorkers need. cent’s Hospital Manhattan, rag- bankruptcy of St. Vincent’s Hos- ______bilized and transferred by ambu- Mr. Dowling, president and ing at anyone who will listen. pital, the sidewalks surrounding HOT JOBS 25 ______lance to North Shore University chief executive of the North “Gone, gone, gone, gone,” said its empty buildings on Seventh 25 EXECUTIVE MOVES ______Hospital in Manhasset, where Shore-LIJ Health System, pre- the owner of the British-style Avenue between West 11th and

THE WEEK AHEAD ______27 cardiologists detected blockage in See “TRAUMA” DRAMA on Page 23 restaurant Tea & Sympathy, See IMPACT on Page 23

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IN BRIEF THERE IS STILL A CHANCE THAT THE MACY’S THANKSGIVING DAY PARADE WILL PASS through Times Square next year. Robert Steel, deputy mayor for economic development, met last week with Times Square business leaders for the second time to discuss the issue, which erupted into a fight last month when Macy’s announced that the parade would proceed down Sixth Avenue next year and in 2013.The parade currently goes down Seventh Avenue and crosses over to Broadway at Times Square, finishing on Sixth Avenue at Herald Square, where Macy’s flagship store is located. Businesses along the current route fear a substantial loss of revenue from the switch. People who attended last week’s meeting said it was productive. A spokesman for the mayor described the meeting as “constructive” but declined to provide more details. Macy’s wants to move the parade to Sixth Avenue because, it MOSCOW BUREAU: says, it is safer and wider.The parade was Partners Seth Goldman moved to Seventh Avenue in 2009 from its and Ellen Kaye will longtime route along Broadway after the city decorate their spot with Ⅲ items from the original built pedestrian plazas in Times Square. restaurant, which her family owned for almost 50 years. BY THE NUMBERS

Weekly shift of the city’s economy WHAT’S NOT TO LIKE? Hiring gains pushed unemployment to a two-year low. Exports hit é record heights, plus consumers and businesses are loosening their death grip on their wallets. -11.4% 206,368 +16.3% FromFrom thethe RussianRussian DROP in NYC’s TWITTER RISE in imports local bus riders followers of into NY/NJ Port on average Jan. @BronxZoosCobra in January vs. weekday vs. on the day that a year earlier a year earlier the escaped viper Source: Port Source: Metropolitan Authority of TeaTea Room,Room, withwith lovelove was nabbed Transportation Source: Twitter.com NY & NJ Authority buck ennis open as soon as September, according to GAS ATTACK The price of gasoline at pumps across the city has soared 26% in the past year. The pace has only Former owner to create new restaurant investors in the project. accelerated in the past two months. After three years of planning, Ms. Kaye kitchen helping the chef make chicken and her business partner, Seth Goldman, BY LISA FICKENSCHER Kiev. are negotiating a lease for a theater district “I had the most amazing birthday par- space where they hope to put a 125-seat Ellen Kaye has many memories of the ties at the restaurant,” recalled Ms. Kaye, restaurant. They have lined up investors Russian Tea Room, the storied restaurant 51. “It was our home.” and written a 94-page business plan, and her family owned from 1947 to 1996. are currently vetting chefs. Ms. Kaye has As a tyke, she helped the staff fill salt Moscow 57 to evoke memories even begun wearing a gold necklace with and pepper shakers and count the money Ms. Kaye has worked for many other the Moscow 57 name, as if to ensure its ar- behind the bar while she popped eateries over the years but is now close to rival. maraschino cherries into her mouth. She opening her own place, inspired by her “Ellen was born with the kind of back- Source: Energy Information Administration got to meet many stars, including Sidney childhood. Moscow 57, a contemporary story that other restaurateurs would kill Poitier,a regular customer in the 1960s and version of the Russian Tea Room and a play for,” said consultant Clark Wolf, who is ADDICTED TO NUMBERS? her first crush. By age 10, she was in the on its address on West 57th Street, could See RUSSIAN TEA ROOM on Page 14 GET A DAILY DOSE AT @STATSANDTHECITY

CORRECTIONS Gabriel Stulman is from Virginia, and he graduated from college in 2003. These facts were misstated in his March 28 “40 Under 40” profile. Publishers approaching an e Binta Niambi Brown is the youngest trustee on the current Barnard College board and one of the youngest in the school’s history. The information was misstated in her March 28 “40 the heated auction for Ms. Hocking’s That isn’t all the bad news for New York Under 40” profile. Amazon muscles in on books, according to industry insiders. Ex- publishers. Taking an opposite tack from The start of the last paragraph of the March 28 editorial on plans ecutives at several houses said they knew of Ms. Hocking, thriller writer Barry Eisler for the former St. Vincent’s Hospital Manhattan should have read, traditional territory: “It is crucial, then, for politicians to judge the arguments on their no other instance in which the online be- announced that he was pulling out of a viability, not their volume.” The sentence was misworded because bidding in book auction hemoth had competed with major pub- $500,000, two-book deal with St. Martin’s of an editing error. lishers for a high-profile author. imprint Minotaur and planned to self- Jean Kim, 37, a partner concentrating on antitrust and general A spokesman for Amazon did not re- publish. commercial litigation at Constantine Cannon, was previously an BY MATTHEW FLAMM spond to a request for comment. Mr. Eisler said that in the long term he associate with the firm. The March 28 “Executive Moves” column The e-retailer made its move at a par- would do better with the higher royalties mistakenly said that she had moved from another firm. Two weeks ago, best-selling self-pub- ticularly vulnerable time for book publish- from self-published e-books. lished novelist Amanda Hocking came in ers. A bankrupt Borders Group is closing vol. xxvii, no. 14, april 4, 2011—Crain’s New York Business (issn 8756- out of the e-book cold and agreed to a four- more than 200 stores, and the No. 1 brick- Times a-changin’ 789x) is published weekly, except for double issues the weeks of July Fourth, Labor Day and Christmas, by Crain Communications Inc., book,$2 million deal with St.Martin’s Press. and-mortar book retailer,Barnes & Noble, Some observers say the industry is near- 711 Third Ave., New York, NY 10017. Periodicals postage paid at New Her decision to let an established house is focusing less on books and more on its ing a tipping point. York, N.Y., and additional mailing offices. Postmaster: Send address edit, produce and market her young adult Nook e-reader.Hardcover sales are falling, “Three years ago, if you had the choice changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: paranormal romances was seen by many while lower-priced e-books have yet to of being published by a major house or do- Call (888) 909-9111. Fax (313) 446-6777.$3.00 a copy, $59.79 one year, as an affirmation of traditional publish- make up the difference. ing it yourself, you would have been crazy $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2011 by Crain Communications Inc. ers. But even in that rare upbeat moment, not to go with the house,” said Mike All rights reserved. the ground was shifting beneath them: LISTEN to a discussion at Shatzkin, CEO of The Idea Logical Co., Amazon.com was one of the six bidders in CrainsNewYork.com/audio a digital strategy consultancy. “Now we’re

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Retail Sky-high condos’ heels? So renewed last month glitter Big deals multiply for best locations as Relief for the tottering classes, as designers recovery lifts rents push kitten heels and other low-slung shoes punchstock BY THERESA AGOVINO level of comfort, but also BY ADRIANNE PASQUARELLI something new for their ‘We are still Inditex, owner of Spanish retail- closet. In the past several er Zara, shattered local and nation- Young fashionistas are tottering seasons, competition among seeing al records in March when it agreed around Manhattan in sky-high luxury brands, and even to pay an astounding $8,300 a stilettos, hitting bars in trendy among mass-market retail- extreme square foot for a retail condomini- ’hoods, à la Lady Gaga, but there’s ers, grew heated as designers um at 666 Fifth Ave. a movement afoot this spring to tried to create the most out- shoes, and The deal is the latest example of bring heels back down to earth. landish footwear. the increasingly active market for “There’s a definitive direction Of course, heels aren’t we certainly Manhattan retail condos. In Febru- into a lower shoe,” said Roseanne leaving the scene anytime ary, a unit at 15 Union Square West Morrison, fashion director at trend soon. Higher styles, which buy them. But fetched about $4,000 a square foot. analysis firm the Doneger Group. lengthen legs and are often And late last year,two separate retail This season, ballet flats, low used in fashion magazines we may see condos on Bleecker Street com- wedges and kitten heels are getting for a sexier photo, are still in manded over $7,000 a square foot. a push from fashion designers in- demand—but lower styles more balance’ A dozen $2.5 million-plus deals cluding Donna Karan, Derek Lam are also getting their due,ac- were done through February,double and Michael Kors, and retailers cording to fashion experts. the number in the year-earlier period, such as Bloomingdale’s. Since “We are still seeing ex- according to Real Capital Analytics. footwear emerged from the reces- treme shoes, and we certain- The total value of transactions in the sion as one of retail’s bright spots, ly buy them,” said Colleen Sherin, pearing in the wake of so first two months many stores are trying to lure shop- fashion director at Saks Fifth Ave- much embellishment, was $790 million, pers through their doors with the nue.“But we may be seeing more of [such looks are] re- more than 11 times $1B promise of cool shoes.U.S.women’s a balance from designers.” freshing,”comment- that of a year earlier. TOTAL VALUE of the 59 fashion footwear sales jumped 8% ed Christene Bar- Momentum be- transactions in year-over-year in 2010, to $20.7 Pared-back elegance berich, editor in gan building in De- 2010, versus billion, according to research com- Several designers are indeed chief of style cember, when 14 $366M in 2009 pany NPD Group Inc. opting for more grounded looks. website Re- retail condo trans- “Our shoe business is very im- Many combine colors and materi- finery 29. shoes com- actions closed—about a quarter of portant—it’s a top priority,” said als to update fashion mainstays like On the department store plement the the year’s tally. In 2010, 59 proper- Brooke Jaffe, fashion director of lower wedges and kitten heels into front, both Bloomingdale’s and apparel trends ties with a total value of $1 billion accessories and footwear at a more contemporary style. Jack Saks Fifth Avenue are keen on low sweeping the shelves for sold, versus 2009’s total of 37 worth Bloomingdale’s. Ms. Jaffe attrib- Rogers, a design house known for heels. Via Spiga and Stuart Weitz- spring—including cropped, col- $366 million. The average price per utes lowered heights to an overall its Navajo-inspired flats, opened its man debuted kitten heels, while ored denim pants or longer, maxi- square foot rose 44%, to $1,588. demand for less aggressive looks first freestanding store on upper Cole Haan combined a sensible style dresses. “There is a tremendous amount and more classic, ladylike styles. Madison Avenue just last month. heel height with another popular “That updated [pairing] is a way of interest in retail condos right Flat or low-heeled shoes offer “On the heels of minimalism style—the wedge. Ms. Jaffe of to make a shoe like that look cool now,”said Douglas Heller, a partner consumers not only an increased and this pared-back elegance reap- Bloomingdale’s noted that such See SKY-HIGH HEELS on Page 22 at law firm Herrick Feinstein. Owners’ options In concept, owning a retail con- the bidding because of Ms.Hocking’s roots in e- do is almost identical to owning a publishing. But its interest also shows the residential one: the buyer owns a heightened importance of breakout best-sell- space in a building and can use it or n e-tipping point ers—for both e- and print books—in an over- lease it out. But with the economy crowded, unpredictable market. recovering and retail rents rising, in a transitional peri- lishing, which is Publishers are paying less and less for books leasing has become more attractive. od, when you could growing by triple dig- without obvious commercial appeal but as much In the past two years, retail rents make a case for going its but still accounts as ever for potential blockbusters, agents say. have risen an average of 10%, while either way.” for only about 20% of office rents have fallen an average of Bookstores’ weak- revenues. Size matters 23%, according to CoStar Group. ened condition is help- Meanwhile, their “If you can deliver the big hits, there’s still a “A retail condo in Manhattan is ing to drive the new competitor could strong print business,” said Larry Kirshbaum, a just like gold,” said Faith Hope change. Some pub- drive up the cost of former CEO of the Time Warner Book Group, Consolo, chairman of retail leasing, lishers lost up to 50% BOOKMARKS: acquisitions. Amazon who now runs his own literary agency.“But it’s a marketing and sales at Prudential of their Borders sales Houses have been hit has made plenty of business that’s going to be down each year.” Douglas Elliman Real Estate. when the No. 3 book- by lower sales as e-book deals with au- In January, e-books sold more than adult Buyers do run risks, however. seller ran into trouble Borders shuts stores. thors,usually for older hardcovers. Digital net sales rose 116% from The costs for choosing the wrong last year, and many are buck ennis titles. Participating in January 2010, to $70 million, while hardcover location or occupant can be high. reluctant to ship to its remaining stores. the Hocking auction, however, marked its most net sales slipped 11%, to $49 million, according Retailers may fail even in the best of Insiders say that initial orders from Barnes & aggressive move yet into publishers’ territory. to the Association of American Publishers. times and leave owners scrambling Noble have also been dropping—a function of “They don’t particularly care about the [pub- Publishers can’t yet take advantage of e-books’ to find new tenants. Additionally, the switch to e-books, the weak economy and, lishing] ecosystem we all participate in,” said a high margins, however, because they still have the relatively low price of retail con- for the past month and a half, competition from high-level industry executive.“They’re pursuing the fixed costs of their print business: warehous- dos versus other types of real estate, closeouts at Borders. their own vision.” ing, printing and trucking. such as office or apartment build- To adapt, houses are investing in e-pub- The executive believes that Amazon entered See E-TIPPING on Page 4 See RETAIL CONDO on Page 14

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between banks. financial center,” he promised. “It Here is where certainly is the best option to make IN THE MARKETS things could get trick- sure we retain our status.” by Aaron Elstein ier. Nasdaq promises While some political leaders to extract $610 mil- might want the NYSE to merge lion in cost reduc- with a New York-based company, tions, a hefty sum and Mr. Greifeld would surely enjoy considering a com- taking out his toughest competitor, bined Nasdaq and it isn’t clear why Nasdaq sharehold- The problem with NYSE would gener- ers should be so excited. The stock ate about $3.3 billion exchange business, simply put, is in revenue. Some of lousy stuff these days. Profits have the costs could come been squeezed for years,due to tech- a Nasdaq NYSE from closing redun- nological and competitive pressures, dant systems—like, and the reason NYSE wanted to elations between Nasdaq and the New York Stock um, that trading merge with Deutsche Börse in the Exchange have always been frigid.They’re now floor—but much first place was to turbo-boost its op- more would come tions-trading business. officially hostile, what with Nasdaq unfurling an from sacking staffers. Then there are the antitrust au- $11.3 billion bid last Friday to foil its archrival’s Between them, the thorities, who are bound to have a R two companies em- problem with a combined NYSE planned merger with Germany’s Deutsche Börse. ploy about 2,700 em- and Nasdaq dominating the busi- If Nasdaq prevails, there’d be no mistaking who would be in ployees in the U.S., ness of listing stocks for newly pub- charge: Nasdaq Chief Executive Robert Greifeld says the name and a fair guess is that lic companies. Mr. Greifeld tried to of the combined company would be Nasdaq NYSE Euronext. at least a quarter of make the point that the listings busi- Hostile bids are always tough to pull off, and in this case them would go. But ness is getting more competitive, the NYSE/Deutsche with upstarts like Kansas City-based even something as seemingly mundane as what to call the Börse deal envisions BATS getting into the field. But corporate combo could pose a big problem. After all, when ROBERT GREIFELD OF $400 million in cost BATS is less than a bit player here. NYSE and Deutsche Börse announced their merger in NASDAQ: A hostile cuts—and the opera- This hostile-merger saga is like- takeover of rival NYSE tional overlap is large- ly to change before it’s over.Don’t be February, Sen. Charles Schumer waved his hometown flag by “will directly benefit New York as a financial ly in Europe. surprised if the absolute giant of the warning that the words “New York” must come first in center.” “I’m concerned exchange world, the Chicago Mercan-

naming the new company, prompting the trans-Atlantic buck ennis about how this deal tile Exchange, decides the NYSE’s affects jobs in New derivatives business is juicy enough exchanges to mumble that they CEOs have been known to say all Under the deal terms, Nasdaq York,” said Mr. Schumer. “I have to blow everyone else out of the wa- hadn’t officially decided what their kinds of things to get deals done. would acquire the NYSE’s stock asked Mr. Greifeld and [ICE Chief ter with its own hostile bid.That, in new name would be. Names aside, Mr. Greifeld’s bid trading business. Its partner in the Executive] Jeffrey Sprecher to send turn, would make Nasdaq vulnera- Asked about this touchy subject seems compelling for NYSE share- deal, Atlanta-based Intercontinental me details on the jobs impact of ble to a hostile takeover. during a conference call Friday, Mr. holders. He’s offering $42.50 a Exchange, would get the real jewel in their proposed deal and what rami- Implausible? Well, Nasdaq’s Greifeld insisted that Nasdaq share, or 19% more than Deutsche the crown, the NYSE’s derivatives fications it would have for the New stock, which should have fallen on NYSE “is a proper name” and then Börse’s bid. What’s more, a third of trading business in London. That York work force.” news of its audacious takeover at- promised to keep the stock ex- Nasdaq’s bid is cold hard cash—and, unit has a promising future after last Not surprisingly, Mr. Greifeld tempt, rose 9% on Friday, not far change’s famed trading floor. Never of course, there could be more if a year’s Dodd-Frank financial reform law didn’t want to discuss such unpleas- from the NYSE’s 13% jump. Clear- mind that Mr. Greifeld has argued bidding war develops—while the called for more derivatives trades to antness during Friday’s call. “This ly,investors think Nasdaq is worth a for years that the floor is obsolete. Germans are offering a stock swap. be handled on exchanges instead of will directly benefit New York as a lot to somebody. Ⅲ An e-tipping point

Continued from Page 3 “I’m not sure that head fake But houses may prove more en- would have been enough,” the exec- during than other legacy players, utive said. such as the major music labels. St. Ms.Hocking’s agent,Steven Ax- Martin’s, for instance, won the auc- elrod, declined to comment. tion despite the fact that Amazon St. Martin’s Press argues that a bid more, according to insiders. traditional publisher delivers value While St. Martin’s will make deals that can’t be matched. with all sellers of e-books, Amazon “E-books are still a small per- insisted on an exclusive Kindle deal centage of the market, maybe 20%, for the electronic editions. so 80% of the people buying books St.Martin’s will also sell the print did not have the opportunity to buy books to everyone.Amazon planned [Ms. Hocking’s books],” said St. to use Houghton Mifflin Harcourt Martin’s Publisher Matthew Shear. to issue the print editions, but it was “We’ve got an awful lot of strengths doubtful that archrival Barnes & in many different areas, and I have Noble would carry them—even with no doubt that we will expand her the logo of a respected house. readership many times over.” Ⅲ CALLING ALL COMPANIES EXPLORING, A PROGRAM of the Greater New York Councils, is seeking businesses to host sessions offering students 14 to 20 an opportunity to explore different industries and make informed decisions about their careers. The program assembles groups of 15 to 25 students interested in specific fields, such as journalism, law or technology. They meet after school for several sessions at the host businesses to learn about educational requirements, career ladders and salary scales, and what workers in their selected fields actually do. Businesses often arrange projects, ranging from preparing marketing materials to designing the concept for a new restaurant. Programs start throughout the year, with times tailored to fit business e Business Bank schedules. Hosts include Brookdale Medical Center, Silvercup Studios, STV Construction, Credit Suisse and the American Management Association. Sterling4Biz.com 212.757.1100 For more information, please contact Director Will Montanaro at (212) 651-2883 or [email protected], or visit www.nyexploring.org.

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NEW YORK,NEW YORK Small business, edited by Valerie Block Big savings. Boyfriend’s got it goin’ on

omedian Mike Birbiglia, a darling of off- CBroadway, would love to perform his one- man show, My Girlfriend’s Boyfriend— about his journey from lonely loser to happily married—on the Great White Way. ¶ “I’d be thrilled to go to Broadway,” Mr. Birbiglia said. “If we get to the point where people are packing the % Discounts up to 40 house night after night, yeah, it’s definitely in the Cut costs while getting the coverage you need. From Business realm of possibility.” ¶ The 32-year-old has Insurance to Employee Retirement plans, we make it our business performed in Broadway-sized venues over his years to protect yours. Like a good neighbor, State Farm is there.® on the road, and he sees the advantages. “The CALL AN AGENT OR VISIT US ONLINE TODAY. laughs are bigger, and the silences are bigger,” he said. “I’ll say something emotional after a laugh line, and you can really feel that drop. I like that experience.” ¶ For now, his show is booked at the Barrow Street Theater through at least May 15, statefarm.com® and Mr. Birbiglia isn’t complaining.The theater

0907514 State Farm Fire and Casualty Company, State Farm General Insurance Company, Bloomington, IL was filled to the brim on a recent however. Hearst Magazines CEO startup funds and have just reeled Saturday night. “My wife likes it David Carey, who left Condé Nast in a big investor, Bris Rocher, better [than larger houses]. She last year, couldn’t hire from his old CEO of French cosmetics giant says it feels like being around a employer for six months—a Yves Rocher.They hope to roll campfire.” prohibition that ended in January. out Venugo.com in other cities. “Film star” is also in the realm Magazine executives expect For many of possibility.This summer, activity across the industry.“I’m shooting begins on the screen seeing some amazing résumés,” The real runners NYC youth, version of Sleepwalk With Me, the said one publisher at Condé Nast. of New York one-man show that launched the “People haven’t gotten a raise in comedian’s theater career in 2008. three years, and they’re [ready to JackRabbit Sports is about to this is the best To gear up for his movie role, Mr. move].” launch a major TV ad campaign to Birbiglia has been watching get New Yorkers pumped for opportunity classics like Terms of Endearment. spring.The retailer, with three “I laugh a lot, but I cry really hard, Negotiating shops in the Big Apple, has too,” he said. “That’s the kind of in clubland selected six runners to star in five they have for film that I want to make.” local commercials that will track Nightlife impresarios David their progress in training for the a summer job. Rabin, Will Regan and Eddie Sherman Hamptons marathon in Posh publisher gets have teamed up on a venture that September. Along the way, they’ll numbers to match could do for partiers what raise money for various charities. Priceline has done for travelers. “It’s a little bit like a reality Things are looking up at Venugo.com lets groups planning show, without the catfighting,” Condé Nast.The prestige a night out choose the best deal said Lee Silverman, JackRabbit’s magazine publisher, which was from at least five venues that vie owner. Sponsor summer employment beaten to a for their business. The campaign will cost more pulp during The site, quietly launched late than $200,000 and is expected to for motivated young people today the recession last year, is beginning a marketing generate up to $500,000 for and started to push. “We allow you to negotiate charity.The runners, who were by visiting nyc.gov or calling 311 limp back to what you want and to choose the selected from a pool of 328 and asking about the Summer life last year, is best offer,” said Ted Kirschner, an ad applicants, and their charities will enjoying a executive and partner. be announced at JackRabbit’s Youth Employment Program. revival, Users enter criteria that include first-ever trunk show on April 22. according to the size of their party and extras The two-day event will feature

CEO Chuck bloomberg news they want, for example, an displays from such brands as Why we need your help: in 2010, over 108,000 teens who Townsend. He expects print extended happy hour or a private Adidas and Saucony, as well as applied for jobs through the City’s Summer Youth Employment advertising revenue to grow by 7% space.The spots then submit seminars, panel discussions and to 9% this year. blind bids; the winner pays clinics on the sport. Program had to be turned down. You can change that. Not only Digital ad revenue, though still Venugo $1 a guest. Mr. Silverman plans to open will you give teens the jobs they need but you’ll also strengthen a fraction of print’s, will grow by Eighty-five venues have signed his newest store, on the Upper 25% to 35%, he added: “The on—from dive bars to chic clubs West Side, next month. the City—community by community. momentum is not only like Sutra Lounge and Mr. remarkable—it feels sustainable Sherman’s Union Bar.The Contributors: Lisa Fickenscher, To support the Summer Youth Employment Program, through the end of the year.” partners raised $140,000 in Matthew Flamm, Adrianne Pasquarelli visit nyc.gov or call 311. Not all magazines are up, but ad pages for top title Vogue have risen BICYCLE TIME 11% through April year-over-year, according to Media Industry SPEAKING OF SPRING, Bike New York is offering Office of the Mayor Newsletter. Wired is up 33%, education classes in all five boroughs to get New Glamour 4% and Vanity Fair 2%. Yorkers onto those bike paths. For a schedule, The publisher may soon have visit www.bikenewyork.org.

to fend off talent poachers, buck ennis

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The mayor will continue to pursue his agenda in Albany, backed up by his threat to lay off STATE BUDGET Winners and losers THE INSIDER 4,600 teachers. In his TV ads, the “WHO WON AND WHO LOST is Albany inside baseball,” Assemblyman Rory mayor tried to blame the layoffs on Lancman, D-Queens, declared last week in the wake of the state budget deal. by Erik Engquist and Jeremy Smerd tightfisted state lawmakers, but “All New Yorkers are winners because we have shown that the governor, the public has not proved Assembly and Senate working together can make very difficult choices ... and sympathetic. A NY1-Marist poll last get a budget done that’s not only on time, but early.” week showed that the mayor has a But who doesn’t enjoy baseball? 40% approval rating, with 59% of respondents rating his job WINNERS performance as “fair” or “poor”— ANDREW CUOMO It’s hard to see how the outcome could worse than the 51% disapproval have been better for the governor, who just wrote the first Quinnipiac poll rating cited by a two talking points of his potential presidential campaign and a half weeks ago. narrative. Next up: passing a property tax cap, pension Vulnerable or not, Mr. reform, mandate relief, an ethics bill and gay marriage. Bloomberg is increasingly a target. Cuomo 1199 SEIU The labor union, led by Public employee union District Council 37 is protesting budget President George Gresham, supported cuts by arguing that the city has a Medicaid reform and was rewarded with a “living wage” $3 billion surplus, a figure that guarantee for home health care workers. both the city comptroller and the BUSINESS INTERESTS The Business Council of New York Independent Budget Office State, Kathryn Wylde’s Partnership for confirm. But the IBO’s Douglas New York City, the National Federation of Gresham Turetsky points out that the mayor Independent Business, Unshackle Upstate plans to use the surplus to pay debt and others are deliriously happy with the budget deal. service early, which will save Whether capping state expenditures will unleash the Mike’s maneuvers economic surge they predict remains to be seen. money next year, when a $4.9 billion budget deficit is projected. Wylde DOWNSTATE EXECUTIVES About 90% of people who pay The mayor is hampered by his the personal income tax surcharge live in the city, in fail in Albany, NYC cool relationship with Assembly Westchester or on Long Island. The budget ensures that the surcharge will Democrats and Speaker Sheldon expire Dec. 31. ayor Michael Bloomberg’s campaign-style Silver, said Doug Muzzio, a public SENATE REPUBLICANS The budget deal has no tax increases, except for advertising and direct-mail blitz failed to affairs professor at Baruch one recommended by the health care industry, and it caps College. spending for two years. Now Majority Leader Dean Skelos improve his standing with Albany legislators “The mayor and his folks don’t can focus on killing independent redistricting. or the public. seem to get Albany,” he said. TRIAL LAWYERS They failed to stop an indemnity fund for The state budget that passed last week neurologically impaired newborns, but did defeat a cap on contained nothing from his wish list: no changes to the Wine will be damages for pain and suffering. M Skelos teacher seniority rule known as last-in, first-out; no relief from back on the table LOSERS the $600 million “Christmas bonuses” that the city must pay SHELDON SILVER The Assembly speaker issued statements retired police officers and firefighters annually; and not a dime The state budget deal was calling for a millionaire’s tax and rent regulation to be reached with barely a peep about a included in the budget. Neither measure was. The speaker of the city’s former $300 million state revenue-sharing proposal to allow wine sales in allocation, for the second straight year. grocery stores, which in recent is too astute to have believed he would succeed on either count; in all likelihood, he was trying to stick up for members—such as Mr. Lancman—who wanted higher taxes in order to stave off service reductions. But the appearance Silver is that Mr. Silver buckled. LEFT-WING ADVOCATES Their spirited campaign for new taxes to offset education and social services cuts resulted in minimal restorations.

years was advanced in budget talks treasured by party leaders who as a way to raise $300 million over control the process. Dick Dadey of Fitness leader two years. Citizens Union—which in 2008 But supporters of WIGS, as it calculated that a third of state is known, say the issue is far from legislators at the time had gotten dead. They expect legislation to their seats in special elections—said looking for space. be introduced, hearings to be the contests should be nonpartisan held and a major push made for and open to all candidates, like City passage before the session ends in Council special elections. New York Sports Clubs, a leader in the fitness industry late June. “The current way of picking the for 36 years strong, is interested in leasing additional Post-budget, the emphasis will certain winner in a low-turnout space in the Columbus Circle, Lincoln Center and be on the economic impact— election is backroom politics at its West End Avenue areas. backers say the measure would worst,” he said. create 6,300 jobs in the first Minimum 12-foot ceiling height and 15,000 – 25,000 year—rather than on revenue for square-foot spaces. the state. Kruger ignores elephant in room Special-election Last week, in his first debate redux constituent newsletter since his arrest on The retirement last week of corruption Assemblywoman Nettie Mayersohn, charges, state Carl Kruger Contact Cory Zelnik or Jason Turner at 87, D-Queens, ensures that there Sen. will be a special election to replace (left) made no (212) 223.2200 her. Each party’s nominees will be reference to the chosen by a vote of county case. Instead, he committee members in the district. reported on The arcane, insider-driven problem intersections, Plumb procedure has bothered good- Beach erosion and senior centers government groups for years but is targeted for closure. Ⅲ

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8 | Crain’s New York Business | April 4, 2011 CN014318 3/29/11 2:13 PM Page 1

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VIEWPOINT The way through rent madness editor in chief Rance Crain publisher, vp Jill R. Kaplan o tenant advocate, no landlord families who could not afford market rates. It’s not perfect, association, no sane policymaker would but it has steadily removed from regulation apartments that EDITORIAL editor Xana Antunes design a rent regulation system like the did not require it and tenants who did not deserve it. At the managing editor Glenn Coleman one afflicting New York City today. same time, affordable apartments strictly limited to low- deputy managing editors Valerie Block, Erik Ipsen Needy families struggle in vain to find income tenants have been built, keeping the number of assistant managing editor Erik Engquist affordable apartments, while regulated units at about 1 million. senior producer, projects Kira Bindrim senior producer, news Elisabeth Butler Cordova Manhattanites earning six figures linger Tenant leaders, pushing for the $2,000 threshold to be contributing editor for decades in spacious units at laughably low rents. Some raised, imply that the state’s failure to index the figure to Elaine Pofeldt columnists Greg David, Alair Townsend tenants shell out six times as much as their neighbors down inflation was some sort of devious oversight. But if the pulse editor Barbara Benson N senior reporters Theresa Agovino, the hall. threshold were continually raised, apartments would remain Aaron Elstein, Lisa Fickenscher, The system sets American capitalism on its head and regulated in perpetuity.This, of course, is what tenant Matthew Flamm, Miriam Kreinin Souccar reporters Marine Cole, Amanda Fung, instead has an obscure body called the Rent Guidelines advocates want—a Daniel Massey, Adrianne Pasquarelli, Board arbitrate for 2.5 million New Yorkers and their system that is not Jeremy Smerd We prefer rules art director Steven Krupinski landlords—after a cacophonous ritual of dramatic pleading just permanent but deputy art directors Carolyn McClain, and political pontificating (otherwise known as a hearing). that protect permanently Daniel Mednick staff photographer Buck Ennis Nonetheless, neither the state Legislature nor Gov. expanding. copy desk chief Wendy Zuckerman Andrew Cuomo has any intention of letting rent laws expire families, not We prefer rules that copy editor Thaddeus Rutkowski research editor Dana Gordon on June 15.Their mission, therefore, must be to make the apartments protect families, not assistant research editor Suzanne Panara best of the current system while easing the city toward a apartments. Locking research intern Laura Shin editorial interns Benjamin J. Spencer, more sensible one. Fortunately, they do not need to do much 1 million housing units Teresa Tomassoni to accomplish the latter goal. into endless regulation Eight years ago, when the rent laws last came up for artificially constrains EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 renewal, measures were kept in place to free vacant the housing market, creating two arbitrary classes: one with editorial: 212.210.0277 Fax 212.210.0799 apartments from the shackles of government control while regulated rents and the other competing for a limited supply advertising: 212.210.0259 Cable craincom nyk protecting tenants who depend on regulated rent.Tenants of market-rate apartments. Fax 212.210.0499 could stay in their apartments and pay the regulated rent (or The system is perpetuated by fear that without regulation, Entire contents ©copyright 2011 Crain Communications Inc. All rights reserved. an even lower “preferential rent” set by the landlord) as long rents would skyrocket and millions of New Yorkers would ®CityBusiness is a registered trademark of MCP as they wanted, unless the regulated rent reached $2,000 and find their city unaffordable. But landlords aren’t in the Inc., used under license agreement.

their income was $175,000 or greater for two consecutive business of charging more than people are willing to pay. TO SUBSCRIBE: years. If a $2,000-plus apartment became vacant, regulation Freeing the city’s housing market all at once, however, could Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. would cease. be rocky and is a political impossibility in any case. Simply www.crainsnewyork.com The point was to slowly excise expensive apartments and extending the current rules would accomplish that slowly— high-income tenants from the system without displacing without all the drama. ADVERTISING AND MARKETING advertising director Trish Henry senior account managers Irene Bar-Am, Courtney McCombs sales manager, classified print & online John Gallagher CRAIN’S ONLINE POLL sales coordinator, print & online OMENTS C Lulé Haznedari newsletter product manager Alexis Sinclair HOW IS THE U.S. credit Todd J. Masura 313.446.6097 HANDLING ITS ROLE marketing director Amy Crossman Having a senior moment assistant marketing manager IN LIBYA? Sabra Harrison ABOUT THOSE POOR ELDERLY CITIZENS landlord can never regain occupancy of the director, audience development Date of poll: March 29 apartment on account of rooms’ being rented John LaMarca IN RENT-CONTROLLED APARTMENTS senior audience development manager 265 votes out, because the tenant’s Legal Aid attorney Tarek Cotran Real estate attorney Stuart Saft offers an will come up with every excuse in the book. interesting suggestion for stabilizing New There must be a better way to protect those web developer, interactive Chris O’Donnell

We’re not . 8% York’s artificial apartment shortage in his Feb. who are truly entitled to public assistance. doing enough. 14, Opinion, column. But in describing some —name withheld NEW YORK PRODUCTION of the consequences of our rent control laws, he production and pre-press director We’re too . 40% Michael Corsi involved. writes: “This strange law also keeps underused, HAT TRICK larger apartments trapped by seniors who no advertising production manager Suzanne Fleischman Wies

We’re doing . 51% longer need large family-sized apartments, An item on The Bollman Hat Co. (“Real exactly what we while young couples have to leave the city Estate Deals,” March 14) mentions that the PUBLISHED BY CRAIN COMMUNICATIONS INC. should be. because they … cannot find adequate space.” company “bills itself as the nation’s oldest hat- chairman Keith E. Crain Let me assure you, the seniors are not maker.” While we respect Bollman as a worthy president Rance Crain trapped in these large, underused apartments. competitor, Stetson is the older name—founded secretary Merrilee Crain They are very well-used.The seniors rent out in 1865, while Bollman was founded in 1868. treasurer Mary Kay Crain individual rooms for $500 to $750 a room or Stetson’s claim to iconic status is based in executive vp, operations William Morrow senior vp, group publisher Gloria Scoby more, their “tenants” put a lock on their doors part on its longevity. As a New York City-based group vp, technology, circulation, and these poor senior citizens sit home all day company, we thought you should know that. manufacturing Robert C. Adams babysitting their “hotels.” —pamela fields vice president/production & As the president of a property company in Chief executive manufacturing David Kamis Brooklyn, I regularly visit buildings in the city. Stetson chief information officer Paul Dalpiaz corporate circulation/audience The supers complain to me that their, say, 50- development director Kathy Henry unit buildings have about 200 occupants. CRAIN’S WELCOMES SUBMISSIONS to its opinion G.D. Crain Jr. Do these senior citizens collect hotel pages. Send letters to [email protected]. founder (1885-1973) chairman Mrs. G.D. Crain Jr. (1911-1996) For this week’s questions: Go to occupancy taxes? Is it fair that the rent control Send columns of 475 words or fewer to www.crainsnewyork.com/poll to have your say. law should be protecting them? [email protected]. Please include the writer’s You know and I know that in court a name, company, address and telephone number.

10 | Crain’s New York Business | April 4, 2011 20110404-NEWS--0011-NAT-CCI-CN_-- 4/1/2011 1:03 PM Page 1

OPINION A CRAIN’S HEALTH CARE FORUM

HOW TO CURE NEW YORK’S smoothly, one welcome by-product will be the opportunity for a produc- Bravo on budget; tive legislative session. Important and contentious issues were deliber- ately left out of the budget, and rightly so, since they do not have a now to lawmaking direct impact on the budget: l Rent regulation in New York City, which will expire on June 15, BY CAROL KELLERMANN should be extended without expan- sions that would provide assistance ov. Andrew Cuomo and state legislative leaders to high-income families and harm deserve credit for agreeing on a budget that low- and middle-income house- holds whose rents are not regulated. breaks some bad habits. It was on time, reins in l Unfunded mandates imposed Medicaid cuts are dramatically changing the spending that was growing at an unsustainable by the state on localities and school survival outlook for New York City’s 90-plus pace, and minimizes the facile devices that districts, particularly unnecessary hospitals. Are hospitals really on the edge? Are checkered past budgets—deficit borrowing,tax hikes,one shots special education requirements, G should be removed so they are not there medical or economical reasons for the and other gimmickry.The $132.5 billion in approved spending forced to raise local taxes. state to continue bailing them out? Are payers reflects about $7.6 billion in cuts from a mushrooming set of l A property tax cap will need to be designed carefully to avoid hard- changing the way hospitals are compensated baseline commitments. Most of the ship for needy communities that do to drive better care and lower costs? Join cuts are in Medicaid and school aid. We have the not receive sufficient state aid to ad- Tough as those cuts are, New York equately fund services. Crain’s and a panel of key participants in this will continue to be a generous opportunity l A new pension tier should be complex scenario to discuss and debate these spender compared with other states, created for all state and local public spending 60% more than the na- for productive employees that raises the retirement questions, share best practices and evaluate the tional average in both areas. debate age, increases employee contribu- use of innovation to improve primary care and While the budget agreement is tions and ends the inclusion of over- preventative-oriented healthcare. praiseworthy, some of its anticipat- time in pensionable salary. ed savings are uncertain. These in- Instead of spending the next clude $450 million in planned sav- three months sparring over the ings to be negotiated with the public budget, the governor and the Legis- employee unions; if concessions are million,and almost $1 billion in un- lature can now engage in a serious, DATE not successfully negotiated,the gov- specified efficiencies in agency op- substantive debate about these is- Wednesday, ernor may have to impose layoffs or erations are to be developed. The sues and develop legislation that April 27, 2011 other harmful cuts. More than $640 “known unknowns” counted on to makes an important contribution to million is to come from an overall balance the budget total over $2 bil- the long-run strength and stability VENUE Medicaid spending cap, but its im- lion. If these savings do not materi- of our state and city. plementation is not detailed. In ad- alize as planned, midyear deficits The Yale Club dition,the closing of prisons that are will arise. Carol Kellermann is president of the not identified is counted on for $72 If the budget does roll out Citizens Budget Commission. TIME Networking Breakfast ers never had much to begin with. 8:00am-8:30am Few care.The New York Federal Upstate’s woes are Reserve closed its Buffalo office in Program 2008,and I have found no one track- 8:30am-9:30am ing the upstate economy in any de- tailed way since.And many initiatives city’s problem, too have failed. Unshackle Upstate, a movement to revive the region by exempting it from the high costs of “I think that proportionately, the cuts inflicted on New York City are an outrage. government rules on prevailing COST TO ATTEND We’re the one that is generating the money.” wages, workers’ compensation, un- PANELISTS —Mayor Michael Bloomberg on the state budget employment insurance and the like, Michael Dowling $75 for individual went nowhere. Likewise, Gov. Eliot President and CEO ticket(s) if Spitzer’s attempt to split the eco- he mayor has a beef with the governor and the Leg- North Shore-LIJ pre-registered nomic development apparatus into islature.The just-adopted state budget,while pain- Health System by April 20th; upstate and downstate components $80 thereafter. ful for many,is too hard on New York City.In par- produced only bureaucratic paralysis. Ronda Kotelchuck Downstate lawmakers have $750 for table(s) ticular,it eliminated some $300 million in direct aid, Executive director while maintaining similar aid for other localities. blocked the effort to free the state of ten if university system from Albany’s mi- Primary Care pre-registered TThis is outrageous, Mr. around,” she said, “it cromanagement—a move that Development Corp. by April 20th; Bloomberg says,because will become a welfare could unleash creative forces on $800 thereafter. it hurts the state’s eco- ward of the city.” campuses in Buffalo, Albany and Dan Sisto nomic engine and fur- Fighting over a few Binghamton. Could there be a bet- President ther widens the yawn- hundred million dollars ter example of downstate interests Health Care Association ing gap between what in this year’s budget is trumping upstate needs? of New York State New York residents and shortsighted; working The state budget is a step for- businesses pay to and on ways to turn upstate ward for upstate because it didn’t Mark Wagar President and CEO get back from Albany. around would be more raise taxes. A property-tax cap For more information, Though Mr.Bloom- productive. Unfortu- would assist, too, as those taxes are Empire BlueCross call the Events Hotline berg is correct, he misses nately, improving mat- an extra-heavy millstone upstate. BlueShield at 212-210-0739. a more important point. GREG ters is a daunting task. More will be needed, however. The It is precisely because it is DAVID Many areas are in Committee to Save New York, so doing better than others need: western New helpful in winning approval of the that the city can be—and York cities like Buffalo budget,could then turn its attention maybe should be—shortchanged. (which lost 10% of its population in to reinvigorating the upstate econo- PURCHASE TICKETS A leading New York City busi- the last decade) and Rochester; cen- my—a benefit for all New Yorkers. Go to www.crainsnewyork.com/events ness leader explained the problem tral New York; the North Country; You must be pre-registered to attend this event. No refunds permitted. succinctly several years ago. “Unless and the Southern Tier. Some have LISTEN to a discussion at the upstate economy can be turned lost their manufacturing base; oth- CrainsNewYork.com/audio

April 4, 2011 | Crain’s New York Business | 11 20110404-NEWS--0012-NAT-CCI-CN_-- 4/1/2011 12:54 PM Page 1

OPINION

son and Amtrak’s proposed $13.5 awarded for on-time, on-budget And in an economic environ- billion Gateway Project, which completion. ment where private and public enti- Hudson tunnel can would replace the ARC tunnel— Governmental agencies have long ties alike simply do not have a single doesn’t lie in discussing the project’s allowed contractors to pass along fi- extra dollar to waste on overruns, validity. nancial risk for large-scale projects by there is no better time than now to The key is to iron out—with permitting change orders based on institute policies that work and be done on-budget specificity—a plan for construction project uncertainties, or errors and make sense. cost certainty.That the ARC tunnel The ARC tunnel project should is essential for future transportation not proceed without these ironclad BY BARRY B. LEPATNER needs is not debatable. But it must Government, commitments because once con- be delivered on time and on budget, struction starts, it is too late. The ov. Chris Christie of New Jersey has been wide- with proven checks and balances contractors taxpayers are locked in, with no re- ly criticized for halting the long-planned ARC that absolutely work. America’s course when the budget is in- tunnel under the Hudson River because of his construction projects are assumed to must be held evitably blown and cost overruns deliver late and over budget because come out of their pockets. concern over construction cost overruns. But that’s what public officials have accountable To believe that the transporta- make no mistake: Flaws in the now-shelved pro- come to accept. But it no longer is tion agencies—i.e., the taxpayer— posal would have cost taxpayers billions of dollars in cost over- an excuse to halt our much-needed alone should absorb all such costs, G investment in new and remediated which typically add 30% to 100% runs beyond the budgeted amount. infrastructure. of the original contract price, is One industry spokesman (Richard T. Anderson, “Opinion,” For every public or private proj- omissions,in often-incomplete plans unacceptable. In these capital-con- ect, and in every part of the country, prepared by the architecture/engi- strained times, contractors must March 14) has suggested that the runs, no proposal will be financially there is no reason why negotiations neering team.But contractors are so- also be held accountable. main groups with a stake in the feasible. with bidding contractors cannot be phisticated enough to assess the risks project sit down together to voice The actual solution for the ARC undertaken to secure a true fixed- and calculate a true, fixed price— Barry B. LePatner is founding partner of their concerns and share their pro- tunnel—and other equally vital price contract—a guaranteed total one that includes precise line-item LePatner & Associates, a Manhattan con- posals to resurrect the project. Yet but similarly fraught infrastructure project cost, with penalties applied costs for specified contingencies of struction law firm, and author of Too Big to without a precise game plan to de- projects, like the new $18 billion to contractors for finishing late the anticipated conditions that ulti- Fall: America’s Failing Infrastructure and fine and limit exorbitant cost over- Tappan Zee bridge across the Hud- and/or over budget, and bonuses mately occur on most megaprojects. the Way Forward (Foster Publishing, 2010).

REAL ESTATE Deals Plus NY companies have capital idea

power, the government just keeps 11.2%, from 12.5% at the end of HAMMERED ast month, Rockrose Development Corp. did growing and growing,” said Justin 2009. That compares with an aver- Construction employment in NY state what growing numbers of its New York peers are Elghanayan,vice president at Rock- age vacancy rate for nation’s central doing. It bought an office building in rose. “Plus, like New York, it is a business districts of 14.4% and a rate Washington, D.C. space-constrained market.” of 10.5% in Manhattan. Mean- 293,300 The $43 million purchase of while, leasing activity in Washing- Jobs as of 2/11 In recent months,Tishman Speyer,The 1150 18th St. N.W., a 180,000- ton surged 30% last year, according LRockefeller Group,TF Cornerstone and TIAA-CREF have square-foot building in the city’s to Cushman & Wakefield Inc. -4.6% all purchased office towers in the nation’s capital as companies central business district, is Rock- When it comes to how far real es- Change from a year earlier, seek to own a piece of a market that, like New York, is rose’s first in the city since the three tate prices have come since the dark- a loss of 14,200 jobs brothers who ran the business split est days of the recession, however, recovering much faster than the rest of the country. 18 months ago. At that time, the Washington pales in comparison “People want to diversify out of New York,” said Dan two who left to form TF Corner- with New York. Here, prices are up -19% stone took the Washington portfo- 32.9% from their lows, while in Change from 2/08 peak, Fasulo, managing director of Real Capital Analytics. “And a loss of 70,800 jobs everyone is looking for stability.” lio with them. Washington,the rise is 21%,accord- Recent statistics underline Wash- ing to Moody’s/Real Commercial Figures are seasonally adjusted. In that regard, few markets can compare with Washington. ington’s attractiveness.Last year,va- Property Index. Source: Associated General Contractors of America “No matter whether the Democrats or Republicans are in cancy rates in the capital fell to —theresa agovino

partment of Buildings on Feb. 16, Hours, which as the name suggests Street for three years. ber, currently occupies 55,000 FedEx close according to DOB public records. stays open 24/7,has leased its second “They wanted a nearby location square feet at 237 Park Ave. to leasing in LIC Sources said that FedEx Ground in- Manhattan location,a 1,300-square- to accommodate the overflow of ap- In its new location in the Grace tends to either demolish the two foot ground-floor space between pointments,”said Young Byunn,the Building, across the street from FedEx is close to inking a lease buildings on the site, or rebuild East 30th and East 31st streets.The Winick Realty Group broker who Bryant Park, Torys will occupy the for approximately 12 acres on Bor- them to create a single structure of asking rent for the 12-year deal, represented the tenant. He added entire 30,100-square-foot 23rd floor, den Avenue in Long Island City, up to about 500,000 square feet. which includes a 1,500-square-foot that Hair Party is planning two ad- plus 4,200 square feet on the con- Queens,for a huge distribution cen- The second parcel is at 28-20 Bor- basement, was $220 a square foot. ditional Manhattan outposts. course floor. The asking rent wasn’t ter, sources close to the deal said. den Ave. and is owned by Charlie Za- Hair Party will open its new lo- Annie Shinn and Darrell Rubens, disclosed. The deal involves two properties haria, according to local residents. cation this fall. The company has also of Winick,represented landlord Mirek Fajt,a partner and head of near an elevated portion of the Long The parcel has an 80,000-square- operated an outpost nearby on the Moinian Group in negotiations. the real estate practice at Torys in Island Expressway.The larger site is foot building.It was listed for sale or Madison Avenue and East 28th —adrianne pasquarelli New York, represented the tenant a 10-acre parcel, with a 185,000- lease by Bel-Site Realty, with an in-house. He worked with Edward square-foot warehouse at 29-01 Bor- asking price of $10 million. Lederman of CB Richard Ellis and den Ave. It is owned by Richard Andrew Sitomer,a broker at Bel- Canadian law firm Harry Seherr-Thoss of Colliers In- Zirinsky Associates and is listed by Site Reality, which represents the leases from client ternational. Duncan McCuaig and Greiner-Maltz. owner at 28-20 Borden Ave., would Jerry Larkin represented the land- FedEx did not return calls for only say that a deal is “in the works” A Canadian law firm is moving lord in-house. comment, but Robert Corroon, for the property. to Sixth Avenue and reducing its “Brookfield is a client of theirs,” chief operating officer of Richard —andrew marks footprint by more than a third, Mr. Lederman said. As for the new, Zirinsky Associates, acknowledged thanks largely to space savings. smaller office, he noted that Torys that a deal with FedEx is being ne- Toronto-based Torys signed a has been at 237 Park Ave. for 25 gotiated. “All I can say is that this Korean hair salon 16-year lease for more than 34,000 years and that the type of space law deal is not completed, and that it is cuts 2nd NY deal square feet at 1114 Sixth Ave.,a build- firms need has changed in the past very complex,” he said. ing owned by another company with 25 years. “Now lawyers are using Applications for creation of a There will soon be a party at 450 Canadian roots, Brookfield Office smaller offices, and there’s a lot less new building permit at 29-01 Bor- Park Ave. South (right)—a hair party, Properties.The law firm, which will support staff and files are digital.” den Ave.were filed with the city De- that is. Korea-based Hair Party 24 move into the new space in Septem- —marine cole

12 | Crain’s New York Business | April 4, 2011 20110404-NEWS--0013-NAT-CCI-CN_-- 4/1/2011 12:55 PM Page 1

NEIGHBORHOOD JOURNAL

ing equipment, who has been on Williamsburg waterfront projects reborn Kent Avenue for 14 years, says that a lot of smaller industrial and com- mercial businesses have been forced Stellar Management announced out by residential development. Developers pick up that it has purchased the erstwhile INDUSTRIAL Others simply want to see the REVOLUTION: pieces, revive luxury seven-story condo and will revive it Locals’ opinions vary process slowed down a bit. as a 62-unit rental building. on the ideal pace of “There is always the danger of condos as rentals in Leasing will begin this week at transformation for rapid development,” remarked Mr. 175 Kent, a 113-unit project orig- the area. Levin, the local councilman. “I do new wave of activity inally conceived of as a condo. want to maintain Kent Avenue’s Owner Chetrit Group is hoping to character and some of the old funk- BY AMANDA FUNG duplicate the success of the condo- iness of the area.” cum-rental building across the street he seven-block stretch at 184 Kent. Its 340 apartments Creating a community of Kent Avenue run- were quickly snapped up last year at As rental developments pro- ning from North Third an average of roughly $50 per square gress, other pieces of the new resi- Street up to North 10th foot annually. Rent for units at 175 dential strip are also coming togeth- along the waterfront in Kent is expected to be comparable. er—including a soccer field in TWilliamsburg, Brooklyn, is making “Over the past year, more life has Bushwick Inlet Park along the wa- a comeback. Activity on the strip— been breathed into Kent Avenue,” terfront, which is expected to be which became one of the borough’s said City Councilman Stephen available to the public shortly.A fer- hottest areas for residential develop- Levin, who represents the neigh- up next door at The Edge, where transformation is only halfway com- ry line offering service to Manhat- ment during the boom years, and borhood, noting that it was an in- deals on 160 of the 565 units have plete: Many sites have yet to be de- tan is scheduled to launch in June. something of a ghost town during dustrial area just a decade ago. closed and 100 are in contract. veloped,and many planned residen- Meanwhile, the influx of new the recession—is picking up again. At this point, even the water- While the new mix of rentals and tial conversions have yet to happen. residents is attracting some retail- New landlords are replacing front properties that went forward condominiums was hardly develop- On the other hand, along Bed- ers—though not exactly of the those that were crushed by their as luxury condos are showing fresh ers’ first choice, some real estate ford Avenue—three blocks east, in funky variety. Duane Reade opened debts during the downturn, and signs of life. players see it as ideal. the heart of the hip and trendy Wil- at the base of Northside Piers in buildings designed as luxury condos “It has created a great com- liamsburg neighborhood—many 2009. And a CVS/pharmacy and a are now hitting the market as luxu- Some condo projects blossom munity that is excited about the longtime residents would be happy wine shop opened at the base of ry rental properties. Four years after the opening of future of not only Kent Avenue, to see the change go no further. The Edge late last year. One of the latest examples of the the Northside Piers luxury high- but Williamsburg as a whole,” said “Putting a lot of people in a small To reach trendy restaurants and phenomenon is 111 Kent Ave. Last rise—the first of Toll Brothers David Maundrell, president of area creates problems,” said David hip bars, however, the new crowd month, a couple of years after work Inc.’s planned three-building com- Aptsandlofts.com, the exclusive Reina, owner of David Reina De- still must walk over to Bedford Av- ground to a halt on the nearly com- plex—55% of the 180 units are sold marketing agent for 175 Kent. signs Inc. enue or North Sixth Street and min- pleted project, Manhattan landlord or in contract. Sales also are perking He points out, however, that the The manufacturer of papermak- gle with the old crowd. Ⅲ

Three born and bred New York supermodels are shown a selection of five pashminas at an exclusive Fifth

Avenue departmentt store. Three of the pashminass area deep cerulean and two,o, saffron.s The three supermodels are placed

in single file, facing forward, and then gently blindfolded . One pashminaa isi draped on each, with twoo returned to

the shelf. The blindfold is first removed from the supermodel in the back. She is asked if she can guess the color of her

pashminaa by looking at the two models .in front of her. “No,” she says. The blindfold is removed from the

supermodel in the middle , and she is asked the same question. (She can only look at the supermodel in front, not in back.)

“I can’t,” she says. Immediately the supermodel in front, still blindfolded , blurts out, “I’m wearing a ______pashminaa . Can I keep it?”

What color pashmina is she wearing?

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April 4, 2011 | Crain’s New York Business | 13 20110404-NEWS--0014-NAT-CCI-CN_-- 4/1/2011 3:05 PM Page 1

sian, Russian Samovar and, of course, The Russian Tea Room, Russian Tea Room 2.0 serve traditional Russian cuisine, Retail condo market which is known for its heavy dishes. Continued from Page 2 Co., she helped David Burke open a Ms. Kaye described the culinary Continued from Page 3 Mr.Kraus said.He believes that fig- helping with Moscow 57’s opening. number of eateries. tradition as “undiscovered” and said ings, can overshadow the fact that ure will jump to 8% when the lease Ms.Kaye’s mother,Faith Stewart- Mr.Goldman,a classmate of Ms. that Moscow 57 will vary its menu they’re expensive per square foot.By of the current tenant, British retail- Gordon, owned and operated the Kaye’s at Sarah Lawrence College, with tapas and lighter fare. comparison, the average price for er AllSaints, expires in 15 years. Russian Tea Room for 29 years after also earned a degree from the office space last year was $581 a her husband, Sidney Kaye, died. She French Culinary Institute and has A piece of history square foot. Investment vehicles nurtured its reputation as the spot for owned restaurants upstate. But,she added,“some people will Michael Brown,vice president of Bolstering the appeal of such in- the city’s elite and as the East Coast The partners are keenly aware of come to Moscow 57 because they the diversified real estate firm Ascot vestments, retail rents in some parts outpost for Hollywood celebrities. the venture’s risks. “I have a deep re- enjoyed my mother’s Russian Tea Properties, thinks the upside out- of town are rebounding from the Ms. Kaye, who was seven when spect for and a healthy fear of this Room, and they will find a piece of weighs the hazards. He recently slump. Rents in SoHo rose 7% last her father died,said,“I grew up with business,” Ms. Kaye said.“We’ve cre- that. They’ll find our blintzes and picked up two small, vacant retail year,to $277 a square foot,according a woman running a business that ated something that is extremely lean our blinchikis.” condos on University Place and on to Cushman & Wakefield Inc. And was extremely demanding, and in a based on what happened to the econ- The partners also hope to make West 23rd Street between rents jumped 13% on the world of men.” She and her family omy.We are not opening in fat times.” Moscow 57 a destination for live mu- Fifth and Sixth avenues. stretch of Fifth Avenue lived in the penthouse at the historic She declined to discuss financials, sic. Ms. Kaye, a professional cabaret Mr. Brown, who’s bullish 10% where Inditex purchased, to Osborne building, directly across but industry experts say that a place singer who has cut two CDs,and Mr. on the city’s economy, likes AVERAGE RISE $2,234 a square foot. in retail rents in the street from the restaurant. the size and location of Moscow 57 Goldman, who once had an artist that both properties are in past two years Most retail condos are Ms. Stewart-Gordon, an adviser could require an initial investment of management company, plan to offer heavily trafficked areas.“In a vs. a 23% fall in bought by investors rather on Moscow 57, sold the Russian Tea $2 million to $3 million. musical entertainment,as Ms.Stew- retail condo, even more than office rents than by companies for their Room in 1996 to restaurateur Warn- The final piece of funding fell art-Gordon did on the second floor in an office building, loca- own use, so Inditex’s deal is er LeRoy, who spent a stunning $30 into place recently,according to Ms. of the Russian Tea Room. And they tion is key,” he said. “You want that atypical. million to renovate it. It has since Kaye. Her investors include a will decorate with samovars, photo- foot traffic.” Other exceptions are the 10 units been sold twice and is now held by real cousin, Howard Kaye, who owned graphs and other memorabilia from at 139 Center St.,which were devel- estate firm RTR Funding Group. Kaye Insurance Associates and took the original restaurant and the Kaye Looking at the upside oped by Young Woo & Associates. it public in the 1980s, and Stacy family’s collections. Similar reasoning led Invesco Partner Margarette Lee said the Experienced restaurateur Bogdonoff, co-founder of the for- How does the Russian Tea Room’s Real Estate to shell out $55 million original plan was to lease out the Ms. Kaye brings more than her mer Neuman & Bogdonoff caterers. current owner feel about Ms. Kaye’s for a retail condo at 512 Broadway, storefronts, but no one was interest- family history to the table. She “Ellen’s preparation, experience leveraging her ties to the restaurant to on a prime shopping strip in SoHo. ed. Once they hit the sale market, earned a degree from the French and vision all really impressed me,” promote her new venture? “We think this is a tremendous however, demand was fierce from Culinary Institute, and has been a said Ms. Bogdonoff, who met Ms. “Although there is only one location,and it offers us tremendous local Chinatown merchants, who consultant and executive for some of Kaye several years ago. Russian Tea Room,we welcome ad- upside,” said Greg Kraus, senior di- bought eight of the units to house the most prominent names in the The owners are betting on a type ditional opportunities for New rector and head of acquisitions for their businesses. business,including Alan Stillman of of food not widely represented in the Yorkers and visitors to experience Dallas-based Invesco. Even at a “I think the Chinese see paying Smith & Wollensky and Tony May. city.According to the business plan, fine Russian cuisine and culture,” purchase price that works out to rent as a waste and view these as an As the East Coast director of mar- only a dozen Manhattan restau- Ken Biberaj, a vice president at roughly $2,600 a square foot, the investment to pass down,” Ms. Lee keting firm Andrew Freeman & rants, including Firebird, Petros- RTR, said in an e-mail. Ⅲ property yields a return of about 5%, said. Ⅲ

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14 | Crain’s New York Business | April 4, 2011 20110404-NEWS--0015-NAT-CCI-CN_-- 3/31/2011 7:12 PM Page 1

SMALL BUSINESS “At some point, you have to introduce concepts like middle management. But, we’re still in the first part of the story. And that’s my favorite part.” —Dennis R. Mortensen, CEO of Visual Revenue, Page 16

Overload of regs raises local ire Owners vexed by government rules, onerous compliance costs

BY CARA S. TRAGER

In January 2008, Zachary Kerr secured a permit to build a 51-unit apartment house in Brooklyn. CAPITAL-EFFICIENT: But as interior work was get- Joshua Niamehr founded LaundryLocal.com, a ting under way that summer, listing of service the city’s Department of Build- providers, in his ings audited the project and Brooklyn apartment. raised issues that Mr. Kerr con- tends his architect had already addressed.The builder was par- ticularly irritated that city ex- aminers limited follow-up meetings—where each ques- tion required an involved an- $10K swer—to 20 WHAT REGS minutes. As a cost small biz per employee, per result,Mr.Kerr year, says the said, resolving U.S. Chamber the audit took nearly a year and cost him about $750,000 in professional fees, as well as loss buck ennis of rental income. Bureaucracy-speak A spokesperson for the buildings department said New York’s lean, mean new-construction proposals are allotted 40-minute appoint- ments.If applicants,their engi- neers or architects can’t make startup machine those meetings with examiners, however, the agency will reschedule sessions, which such businesses dive right into selling, with little cash in their coffers and could be for just 20 minutes. Entrepreneurs launch with scant scant infrastructure, such as offices. Such rules have many To date, Mr. Niamehr, who has no outside investors, spent about $5,000 throughout the city fuming. getting LaundryLocal off the ground.For support,he turns to other lean en- Real estate developers, retail- outside investors, little overhead trepreneurs at NYC Lean Startup’s Meetup.com events, where he present- ers, restaurateurs and other ed his initial business plan. small business owners increas- BY EILENE ZIMMERMAN “I got a standing ovation,” he recalled, “and I decided to go with it.” ingly moan about regulation Sales at his one-person business are growing about 15% a month,he said. and bureaucracy. They lament year ago, Joshua Niamehr founded LaundryLocal.com, a list- He just launched the service in Los Angeles and plans to open in San Fran- the number of federal,state and ing of laundry service providers in New York City that cus- cisco by month’s end. local statutes governing their tomers use to schedule pickups and drop-offs. The self-taught Lean startups began appearing in New York City in 2007,and their num- startup, daily operation and ex- programmer,who was finishing an economics degree at Queens bers have multiplied significantly in the past few years. Graham Lawlor, pansion, and they say compli- College, simply put a desk in his Brooklyn apartment, built a founder of Ultra Light Startups in SoHo, which organizes monthly events ance can become a burdensome Awebsite and started lining up service providers. He now earns between 10% that address topics of interest to lean startups,says the first Ultra Light event investment of time and money. and 15% of each booking. in 2008 had 15 attendees; this past February, 250 came. Infractions carry stiff penalties, Mr. Niamehr considers LaundryLocal a “lean startup”—part of an en- Unlike many of the heavily financed dot-coms of yore, lean startups fo- and citations are dispensed trepreneurial movement that’s gradually taken hold in New York City dur- cus on being capital-efficient and avoiding waste. They minimize invest- See ANTI-REGULATORY on Page 17 ing the recession. Rather than waiting for the perfect moment to launch, See NY’S STARTUP MACHINE on Page 16

April 4, 2011 | Crain’s New York Business | 15 20110404-NEWS--0016-NAT-CCI-CN_-- 3/31/2011 7:13 PM Page 1

REPORT SMALL BUSINESS

platform for selling New York City der $250,000 are not worth it, be- mentality.“You sell a vision; you sell residential real estate, also has a ven- cause of the procedural and legal where you’re going. We spoke to NY’s startup machine ture capital fund as one of its initial work required, says Bruce Niswan- customers and asked what they investors, according to co-founder der, director of the Varick Street needed and baked it right into prod- and Chief Executive Doug Perlson. business incubator and two others in uct development.” Continued from Page 15 founder and president of digital me- RealDirect raised an initial $650,000 New York and an entrepreneurship Dennis R. Mortensen, chief ex- ments in overhead like office space, dia company OrganizedWisdom. to launch last June. professor at the Polytechnic Insti- ecutive and a co-founder of lean often working in any place with Wi- Its 14 employees work from various “I think a lot of venture firms tute of New York University. startup Visual Revenue, launched Fi or in cooperative working spaces locations throughout Manhattan or now realize there is an opportunity last summer with $113,000 and has or private clubs like SoHo House. remotely from other states,and there to be involved at the seed level and Getting in early taken no funding thus far. His com- Many of the ideas behind the are no assistants or formal meetings. “There’s no efficiency in that pany provides predictive analytics to movement come from lean manu- “Instead of spending money on process, so venture capitalists help online media organizations an- facturing, according to Eric Ries, an offices,chairs,desks and computers, LEAN MEET-UPS generally want bigger deals,” Mr. ticipate how well an article will per- entrepreneur who is widely consid- we’ve invested entirely in product Here are some hangouts for the Niswander said. Those looking at form on their front page. Although ered the founder of the movement. development,” Mr. Stoakes said. lean-startup set: lean startups are doing so because the company is profitable, none of “Waste in entrepreneurship is “By the time we needed outside in- competition to find good compa- Visual Revenue’s four founders harder to see, because you’re creat- vestment, we had a company that This group hosts events around the city. nies is intense right now, he added. takes a salary yet. ing an organization, not just a prod- was worth millions.” NYC LEAN STARTUP MEETUP “This way, they get involved with Mr. Mortensen says Visual Rev- uct,” said Mr. Ries, who is credited www.meetup.com/lean-startup promising companies earlier.” enue uses Amazon.com’s cloud- by lean entrepreneurs with coining Sources of seed money Many lean startups pride them- based servers, often renting them by Entrepreneurs like these lean-startup- the term “lean startup” in a Septem- Because these startups require so friendly co-working spaces. selves in a willingness to tinker with the hour.“If we want to run a test and ber 2008 blog post. His book The little money, many don’t need to tap their business model as they discov- need seven machines, we can do just Lean Startup will be released this fall venture capitalists, at least for a GENERAL ASSEMBLY er better ways of doing things and that,” he said. “If you go back three www.generalassemb.ly by Crown Publishing. while. They often rely instead on get feedback from the marketplace. or four years, that would have been In New York, the lean startup family and friends to provide seed DOGPATCH LABS Take OrganizedWisdom,which of- impossible for a small business. Sev- movement is the result of a conflu- money. Nevertheless, venture capi- http://dogpatchlabs.com fers readers a free, searchable data- en servers at $10,000 each? We rent ence of recent trends:the emergence talists and angels are showing in- base of health information that has those servers now for 20 hours and of a more “virtual” work force, the creasing interest in lean startups. been vetted by health practitioners then close them down.” rising cost of office space and, most OrganizedWisdom, which is have a great exit,” said Mr. Perlson. and patient advocates. Revenue Not all of the city’s lean startups important, the availability of cloud profitable, has raised $3.1 million to “It might not be a billion-dollar exit, comes from advertising. The com- expect to stay that way forever. technology,creating a host of free or date from venture capital firm Sev- but you can still get a 10- to 20- pany has grown 100% year-over- “If you really want to grow, at nearly free Web-based applications entySix Capital in West Con- times return on your investment.” year since its inception in 2007,with some point, you have to introduce for accounting, meeting and project shohocken, Pa., along with private Of course,it remains to be seen if nearly 2 million monthly users. concepts like middle management, collaboration. investors such as Esther Dyson and this startup trend will continue, es- “We started selling immediately, meetings and market research,” Mr. “Suddenly,you didn’t need an ex- former Time Warner Chief Execu- pecially as the economy improves even before we had a product,” Mr. Mortensen explained. “But, we’re pensive conference set up, or even tive Gerald Levin. and investment capital loosens up. Stoakes said, noting that such speed still in the first part of the story.And offices,” said Unity Stoakes, co- RealDirect.com, a Web-based For most venture firms,deals un- is part of the lean entrepreneur’s that’s my favorite part.” Ⅲ

16 | Crain’s New York Business | April 4, 2011 20110404-NEWS--0017-NAT-CCI-CN_-- 3/31/2011 7:14 PM Page 1

REPORT SMALL BUSINESS Anti-regulatory sentiment rising

Continued from Page 15 Michael Durant, interim direc- mented Mr. Durant. without mercy. tor of the New York state chapter of A spokesman for New York’s “I once suggested that city in- the National Federation of Inde- Department of Taxation and Fi- spectors apply the ‘Aw, c’mon’ test, ” pendent Business, said restaurant nance said, “If adequate books and said Dan Margulies, executive di- owners are often the object of tax au- records are not available to calculate rector of the Associated Builders ditors who base their assessments on the taxable sales, the law authorizes TIME AND MONEY: The unwieldy audit and Owners of Greater New York. data that don’t accurately reflect the the department to use estimates to process on a “Then they wouldn’t write [the earnings of a specific eatery. determine the tax due.” building project cost summons].” In most cases, he added, “the re- Zachary Kerr almost Frustration is spurring local Raising cash sults are agreed to by the taxpayer, a year and small businesses to take their case to “The state doesn’t have money, and in 30% of cases, the audit case is $750,000, he said. Ⅲ the public and elected officials. so it’s trying to raise cash,” com- closed.” buck ennis Groups sponsoring Stop Suffocat- ing Small Business, a Staten Island initiative, held a rally in November at the Staten Island Mall and host- ed a forum in mid-March with As- semblyman Michael Cusick. “We’re not looking to bash elect- ed [officials], but we want to know what we can do together about over- regulation,” said Robert Cutrona, the owner of Project-One-Services Inc.,a 30-year-old construction and maintenance company based in Staten Island. Mr. Cutrona, who has 36 em- ployees, is also on the board of the 70-member Bucks Business Net- work,one of the organizers of SSSB. The heightened consciousness comes as Washington politicians and lobbyists mobilize. Claiming that regulations cost small business- “I once suggested that city inspectors apply the ‘Aw, c’mon’ test”

es $10,000 a year per employee, the U.S. Chamber of Commerce is run- ning the Project on Regulatory Re- form. The organization calls for sweeping changes, including inde- pendent evaluation and public dis- closure of the economic impact of major rules. Terminal 8 at JFK. Speaking out On another front, the House Where New York Committee on Oversight and Gov- meets the world. ernment Reform has launched AmericanJobCreators.com. The And where the world website asks small business owners experiences a terminal to provide input and “speak out” about government red tape. like no other. Shop, dine, Rosario Palmieri, vice president of infrastructure, legislation and relax – expect the best regulatory policy at the National New York has to offer. Association of Manufacturers, points to a Department of Trans- portation proposal, which could be- come law in July,to further limit op- erating times for truck drivers. While the measure is intended to ensure drivers’ safety, the result would be longer delivery times, more trucks on the road and higher costs for “anyone who ships any- thing,” Mr. Palmieri said. Restaurateurs are especially dis- AmericanAirlines and AA.com are marks of American Airlines, Inc. oneworld is a mark of the oneworld Alliance, LLC. © 2011 American Airlines, Inc. All rights reserved. satisfied with government practices.

April 4, 2011 | Crain’s New York Business | 17 20110404-NEWS--0018-NAT-CCI-CN_-- 3/31/2011 7:34 PM Page 1

FINANCIAL New York Area’s Largest Commercial Banks Ranked by total assets

2010 loan types (% of each) 2010 2010 nonperforming 2010 2009 2010 2009 Non- total loans loans assets assets net income net income Commercial Residential residential outstanding % of Rank Bank Phone/website (in millions) (in millions) (in millions) (in millions) & industrial1 Consumer 2 real estate 3 real estate 4 Other 5 (in millions) 6 (in mil.) 7 assets J.P. Morgan Chase (212) 270-6000 $1,631,621.0 $1,627,684.0 $11,826.0 $8,422.0 16.34% 14.22% 47.23% 5.11% 17.10% $554,325.0 $29,376.0 1.80% 270 Park Ave. www.jpmorganchase.com 1 New York, NY 10017 Bank of America (212) 764-0694 $1,482,278.3 $1,465,221.4 $9,054.8 $4,756.6 20.26% 10.31% 51.14% 10.08% 8.20% $738,173.0 $34,646.4 2.34% 1 Bryant Park www.bankofamerica.com 2 New York, NY 10036 Citibank (212) 559-1000 $1,154,293.0 $1,161,361.0 $7,904.0 ($2,794.0) 21.10% 17.63% 30.77% 12.40% 18.10% $456,569.0 $28,790.0 2.49% 399 Park Ave. www.citibank.com 3 New York, NY 10022 Wells Fargo Bank (800) 869-3557 $1,102,278.0 $608,778.0 $10,712.0 $7,872.0 16.19% 12.14% 46.15% 16.15% 9.37% $729,578.0 $29,993.0 2.72% 12 E. 49th St. www.wellsfargo.com 4 New York, NY 10022 PNC Bank (212) 661-1064 $256,638.7 $260,309.8 $2,521.7 $1,535.8 26.66% 13.13% 36.07% 16.19% 7.95% $154,166.9 $5,172.6 2.02% 340 Madison Ave. www.pnc.com 5 New York, NY 10017 Bank of New York Mellon (212) 495-1784 $181,855.0 $164,275.0 $1,567.0 ($1,484.0) 8.51% 0.30% 18.95% 3.42% 68.82% $23,313.0 $330.0 0.18% 1 Wall St. www.bnymellon.com 6 New York, NY 10286 HSBC Bank USA (212) 525-5000 $181,118.5 $167,165.2 $1,623.2 ($21.7) 18.95% 33.93% 26.60% 9.37% 11.15% $74,544.8 $2,503.0 1.38% 425 Fifth Ave. www.us.hsbc.com 7 New York, NY 10018 TD Bank (212) 651-2700 $168,748.9 $140,038.6 $633.9 $31.3 17.21% 7.73% 32.93% 31.99% 10.15% $67,642.6 $1,496.6 0.89% 317 Madison Ave. www.tdbank.com 8 New York, NY 10017 Capital One (888) 755-2172 $126,901.3 $127,360.0 $732.9 $86.4 15.26% 28.78% 26.19% 17.96% 11.81% $71,401.7 $1,352.3 1.07% 90 Park Ave. www.capitalone.com 9 New York, NY 10016 Goldman Sachs Bank USA (212) 902-1000 $89,447.0 $91,016.0 $1,199.0 $3,677.0 18.84% 5.08% 22.57% 3.96% 49.55% $4,373.0 $0.0 0.00% 200 West St. www.goldmansachs.com 10 New York, NY 10282 Morgan Stanley (212) 761-4000 $68,180.0 $66,159.0 $450.0 $399.0 48.15% 31.09% 0.08% 0.02% 20.67% $11,673.0 $407.0 0.60% 1585 Broadway www.morganstanley.com 11 New York, NY 10036 Manufacturers & Traders Trust Co. (212) 350-2000 $67,054.5 $67,860.3 $815.8 $462.7 20.76% 9.61% 26.69% 37.42% 5.52% $51,277.3 $1,331.5 1.99% 350 Park Ave. www.mtb.com 12 New York, NY 10022 Deutsche Bank Trust Co. Americas (212) 250-2500 $45,504.0 $45,875.0 $529.0 $286.0 21.24% 7.54% 30.45% 7.08% 33.69% $13,457.0 $416.0 0.91% 60 Wall St. www.db.com 13 New York, NY 10005 UBS Bank USA (212) 821-3000 $30,852.9 $30,049.6 $240.8 $203.0 20.91% 72.35% 4.47% 0.01% 2.26% $17,644.9 $3.4 0.01% 299 Park Ave. bankusa.ubs.com 14 New York, NY 10171 First Republic Bank (877) 486-6700 $22,377.6 $19,940.6 $142.4 $346.6 5.70% 1.54% 79.01% 13.18% 0.57% $18,601.6 $20.0 0.09% 1230 Sixth Ave. www.firstrepublic.com 15 New York, NY 10020 Valley National Bank (800) 522-4100 $14,122.1 $14,262.6 $144.8 $135.5 17.99% 9.95% 31.06% 39.18% 1.82% $9,424.8 $185.3 1.31% 1455 Valley Road www.valleynationalbank.com 16 Wayne, NJ 07470 Signature Bank (646) 822-1500 $11,673.1 $9,146.1 $102.1 $62.7 22.63% 3.28% 38.68% 34.02% 1.39% $5,627.1 $41.5 0.36% 565 Fifth Ave. www.signatureny.com 17 New York, NY 10017 Israel Discount Bank of New York (212) 551-8500 $9,315.3 $9,514.1 $50.6 $43.1 60.11% 1.84% 2.42% 21.82% 13.81% $3,923.7 $64.5 0.69% 511 Fifth Ave. www.idbny.com 18 New York, NY 10017 Banco Popular North America (800) 377-0800 $8,995.0 $10,864.6 ($352.3) ($738.1) 19.21% 1.04% 38.45% 39.02% 2.28% $6,921.9 $642.0 7.14% 7 W. 51st St. www.bancopopular.com 19 New York, NY 10019 Bank Leumi USA (917) 542-2000 $5,212.4 $5,099.7 $15.8 $6.3 69.79% 0.02% 3.88% 17.05% 9.26% $3,574.9 $106.2 2.04% 579 Fifth Ave. www.leumiusa.com 20 New York, NY 10017 Amalgamated Bank (212) 255-6200 $4,574.7 $4,756.3 ($1.2) $7.0 24.09% 0.20% 48.40% 27.76% 0.00% $2,186.2 $179.3 3.92% 275 Seventh Ave. www.amalgamatedbank.com 21 New York, NY 10001 Safra National Bank of New York (212) 704-5500 $4,134.3 $3,767.6 $26.6 $21.0 66.21% 6.97% 2.55% 22.71% 1.56% $1,699.4 $1.1 0.03% 546 Fifth Ave. www.safra.com 22 New York, NY 10036 Bank of Tokyo-Mitsubishi UFJ Trust Co. (212) 782-4000 $3,451.2 $4,903.6 $53.0 ($27.5) 50.23% 0.00% 0.00% 0.16% 49.61% $1,536.1 $0.0 0.00% 1251 Sixth Ave. www.bk.mufg.jp/english 23 New York, NY 10020 Mizuho Corporate Bank (USA) (212) 282-3000 $3,253.1 $3,471.7 $6.7 $3.7 39.99% 0.00% 0.84% 0.00% 59.17% $1,856.8 $0.0 0.00% 1251 Sixth Ave. www.mizuhocbk.co.jp/english 24 New York, NY 10020 Hudson Valley Bank (914) 961-6100 $2,666.6 $2,529.8 $4.8 $19.7 14.18% 1.64% 26.92% 56.37% 0.90% $1,735.9 $57.4 2.15% 21 Scarsdale Road www.hudsonvalleybank.com 25 Yonkers, NY 10707

Source: SNL Financial, Charlottesville, Va., (434) 977-1600, www.snl.com/bank; additional research by Dana Gordon and Suzanne Panara New York area includes New York City and Nassau, Suffolk and Westchester counties in New York, and Bergen, Essex, Hudson and Union counties in New Jersey. To qualify for this list,institutions must meet the Federal Deposit Insurance Corp.’s definition of a commercial bank: a bank with a state or national charter that is supervised by the Comptroller of the Currency, the Federal Reserve or the FDIC. In addition, their U.S. headquarters must be in the New York area, or they must have a significant presence in the area. All figures are for the bank unit only—not the holding company—and are for the year ended Dec. 31. Figures other than those for loan types and nonperforming loans as a percentage of assets have been rounded to one decimal place. The figures for nonperforming loans as a percentage of assets are based on unrounded numbers. Loan type percentages may not add up to 100.00% in every instance because calculation components are reported in thousands in the regulatory filings and are calculated from total consolidated loans and leases (net of unearned income and gross of reserve). 1-Total consolidated com- mercial and industrial loans. Includes loans made to small businesses. 2-Total consolidated consumer loans. 3-Domestic office loans secured by one- to four-family residential properties and domestic office loans secured by multifamily residential properties (five or more units). 4-Con- solidated total real estate loans less residential real estate loans. 5-Loans to depository institutions, agricultural production loans, foreign government loans, loans to state and political subdivisions, all other loans and total leases. 6-Total loans and lease financing receivables (net of un- earned income). 7-Calculated as the sum of total nonaccrual and restructured loans.

18 | Crain’s New York Business | April 4, 2011 20110404-NEWS--0019-NAT-CCI-CN_-- 3/31/2011 7:35 PM Page 1

FINANCIAL New York Area’s Largest Thrifts Ranked by total assets

2010 loan types (% of each) 2010 2010 nonperforming 2010 2009 2010 2009 Non- total loans loans assets assets net income net income Commercial Residential residential outstanding % of Rank Bank Phone/website (in millions) (in millions) (in millions) (in millions) & industrial1 Consumer 2 real estate 3 real estate 4 Other 5 (in millions) 6 (in mil.) 7 assets Sovereign Bank (212) 656-9963 $72,255.4 $73,839.7 $720.5 $48.6 21.03% 4.61% 51.35% 23.01% 0.00% $48,778.3 $1,996.0 2.76% 551 Fifth Ave. www.sovereignbank.com 1 New York, NY 10036

Hudson City Savings Bank (201) 967-1900 $60,628.0 $60,167.8 $530.0 $517.7 0.04% 0.04% 99.76% 0.16% 0.00% $31,006.8 $823.8 1.36% West 80 Century Road www.hcsbonline.com 2 Paramus, NJ 07652

New York Community Bank (516) 683-4100 $38,864.7 $40,150.1 $556.5 $404.8 0.86% 0.07% 78.67% 19.84% 0.56% $27,916.9 $896.8 2.31% 615 Merrick Ave. www.mynycb.com 3 Westbury, NY 11590

People’s United Bank (203) 338-7171 $23,858.3 $20,637.3 $98.3 $112.1 29.79% 1.28% 31.73% 37.20% 0.00% $17,410.3 $650.2 2.73% 850 Main St. www.peoples.com 4 Bridgeport, CT 06604

Astoria Federal Savings and Loan Association (516) 327-3000 $18,048.4 $20,228.1 $93.6 $47.8 0.10% 0.09% 94.28% 5.53% 0.00% $14,260.9 $434.1 2.41% 1 Astoria Federal Plaza www.astoriafederal.com 5 Lake Success, NY 11042

Investors Savings Bank (973) 376-5100 $9,577.4 $8,358.0 $61.9 $33.7 0.75% 0.06% 79.77% 19.43% 0.00% $8,042.2 $167.5 1.75% 101 JFK Parkway www.isbnj.com 6 Short Hills, NJ 07078

Emigrant Bank (212) 850-4521 $8,754.7 $12,864.1 $74.3 ($190.9) 13.82% 0.14% 57.55% 22.74% 5.75% $3,812.9 $400.9 4.58% 5 E. 42nd St. www.emigrant.com 7 New York, NY 10017

Provident Bank (800) 448-7768 $6,825.1 $6,830.5 $49.2 ($123.5) 6.26% 1.79% 51.54% 39.36% 1.05% $4,409.8 $95.4 1.40% 239 Washington St. www.providentnj.com 8 Jersey City, NJ 07302

Apple Bank for Savings (914) 902-2775 $6,608.7 $7,291.3 $36.5 $20.5 20.34% 0.67% 41.18% 35.88% 1.92% $2,959.9 $5.6 0.08% 1395 Northern Blvd. www.applebank.com 9 Manhasset, NY 11030

Columbia Bank (201) 796-3600 $4,626.9 $4,577.5 $21.1 $20.4 4.42% 0.06% 61.23% 34.29% 0.00% $3,383.8 $119.7 2.59% 19-01 Route 208 North www.columbiabankonline.com 10 Fair Lawn, NJ 07410

Ridgewood Savings Bank (718) 240-4800 $4,561.0 $4,386.7 $14.3 $4.7 0.23% 0.20% 88.17% 11.36% 0.04% $2,514.9 $53.3 1.17% 71-02 Forest Ave. www.ridgewoodbank.com 11 Ridgewood, NY 11385

Flushing Savings Bank (718) 961-5400 $4,322.9 $4,143.0 $39.9 $28.6 8.72% 0.01% 68.64% 22.63% 0.00% $3,269.3 $112.4 2.60% 1979 Marcus Ave. www.flushingbank.com 12 Lake Success, NY 11042

Dime Savings Bank of Williamsburgh (718) 782-6200 $4,027.9 $3,938.2 $44.2 $31.8 0.00% 0.03% 75.53% 24.43% 0.01% $3,472.3 $26.2 0.65% 209 Havemeyer St. www.dime.com 13 Brooklyn, NY 11211

Kearny Federal Savings Bank (973) 244-4500 $2,857.0 $2,191.4 $5.1 $5.3 8.04% 0.28% 62.02% 29.66% 0.00% $1,313.9 $23.3 0.82% 120 Passaic Ave. www.kearnyfederalsavings.com 14 Fairfield, NJ 07004

Oritani Bank (201) 664-5400 $2,531.8 $1,975.7 $13.5 $9.7 1.35% 0.03% 40.54% 58.08% 0.00% $1,633.8 $41.0 1.62% 370 Pascack Road www.oritani.com 15 Washington Township, NJ 07676 Source: SNL Financial, Charlottesville, Va., (434) 977-1600, www.snl.com/bank; additional research by Dana Gordon and Suzanne Panara New York area includes New York City and Nassau, Suffolk and Westchester counties in New York, and Bergen, Essex, Hudson and Union counties in New Jersey. To qualify for this list, institutions must meet the Federal Deposit Insurance Corp.’s definition of a savings bank or savings institution: a bank or institution with a state or national charter that is supervised by the FDIC or the Office of Thrift Supervision. In addition, their U.S. headquarters must be in the New York area, or they must have a significant presence in the area. All figures are for the thrift only— not the holding company—and are for the year ended Dec. 31. Figures other than those for loan types and nonperforming loans as a percentage of assets have been rounded to one decimal place. The figures for nonperforming loans as a percentage of assets are based on unrounded num- bers. Loan type percentages may not add up to 100.00% in every instance because calculation components are reported in thousands in regulatory filings and are calculated from total consolidated loans and leases (net of unearned income and gross of reserve). 1-Total consolidated com- mercial and industrial loans. Includes loans made to small businesses. 2-Total consolidated consumer loans. 3-Domestic office loans secured by one- to four-family residential properties and domestic office loans secured by multifamily residential properties (five or more units). 4-Consolidated total real estate loans less residential real estate loans. 5-Loans to depository institutions, agricultural production loans, foreign government loans, loans to state and political subdivisions, all other loans and total leases. 6-Total loans and lease financing receivables (net of unearned income). 7-Calculated as the sum of total nonaccrual loans and restructured loans. ➚ SEE THE FULL LIST OF THE NEW YORK AREA’S 25 LARGEST THRIFTS AND ALL OF CRAIN’S BUSINESS LISTS @ WWW.CRAINSNEWYORK.COM/LISTS Let’s talk expertise, leader to leader. Hands-on partners. Industry-specific expertise. Unmatched integrity. Unsurpassed results. If that’s what you’re looking for in an accounting firm, talk to J.H. Cohn.

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April 4, 2011 | Crain’s New York Business | 19 nb14p20-22cl.qxp 4/1/11 2:02 PM Page 20

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Must have excellent Motobook LLC. Arts. of Org. filed with Notice of Formation of ACCOLA of NY (SSNY) on 10/7/10. Office Corporation Trust Co., 1209 Orange written and verbal communication skills. Secy. of State of NY (SSNY) on GRIEFEN GALLERY, LLC, a domestic location: NY County. SSNY designated St., Wilmington, DE 19801. Cert. of Strong administrative skills. Computer literate. 12/10/10. Ofc in NY Cty. SSNY LLC. Arts. of Org. filed with the SSNY as agent of LLC upon whom process Form. filed with DE Sec. of State, Experience working with executive level designated agent of LLC upon whom on 12/23/2010. Office location: NY against it may be served. SSNY shall 401 Federal St., Dover, DE 19901. management. Able to effectively manage process against it may be served. County. SSNY has been designated mail process to: Susan Shopmaker Purpose: any lawful activity. multiple tasks and work under pressure and SSNY shall mail process to 439 as agent upon whom process against Casting, 545 8th Ave., 11th Fl., NY, NY within time demands and deadlines. Lincoln Pl Apt 11, Bklyn, NY 11238. the LLC may be served. SSNY shall 10018. Purpose: any lawful activity. Notice of Qualification of RCPI 600 Outstanding organizational and interpersonal Purpose: General. mail a copy of process to: The LLC, FIFTH MEZZ, L.L.C. Authority filed skills. At least 3 years of experience in a C/O Accola, 760 Riverside Drive, Notice of Qualification of FBDC with Secy. Of State of NY (SSNY) on community based organization, not-for-profit, Notice of Qualification of Crestmark Investors Offshore, L.P. Authority 03/08/2011. Office location: New or governmental agency. Apt. 4G, NY, NY 10031. Purpose: Westgate LLC. Authority filed with Any Lawful Purpose. filed with Secy. of State of NY York County. LLC formed in Delaware Salary up to $70,000 commensurate Secy. of State of NY (SSNY) on 3/23/11. (SSNY) on 1/13/11. Office location: (DE) on 02/10/2011. SSNY designated with experience. Office location: NY County. LLC Notice of Qual. of 280P Mezz NY County. LP formed in Cayman as agent of LLC upon whom process formed in Michigan (MI) on 10/1/10. Holdings E LLC, Auth. filed Sec’y of Islands (CI) on 1/6/11. SSNY desig- against it may be served. SSNY shall Forward writing samples with cover letter SSNY designated as agent of LLC State (SSNY) 2/1/11. Office loc.: NY nated as agent of LP upon whom mail process to: National Registered and resume to (only resumes with cover letters will be considered): upon whom process against it may County. LLC org. in DE 1/28/11. process against it may be served. Agents, Inc., 875 Avenue of the be served. SSNY shall mail process SSNY desig. as agent of LLC upon SSNY shall mail process to: 200 Americas, Suite 501, NewYork, N.Y. LIAAC to: Jack McLaughlin, 25 W. 36th St., whom process against it may be West St., NY, NY 10282-2198. CI 10001. NRAI is the registered agent as 60 Adams Ave. 11th Fl., NY, NY 10018, also the served. SSNY shall mail copy of address of LP: c/o Walkers SPV Ltd., well. Address required to be maintained Hauppauge, New York 11788 principal office address. Address to proc. to NRAI, 875 Ave of the Walker House, 87 Mary St., George in home jurisdiction: 160 Greentree Attention: Robert Nicoletti - Human Resources be maintained in MI: 5480 Corporate Americas, NY, NY 10001, the Reg. Town, Grand Cayman KY1-9002, CI. Drive, St. 101, Dover, Delaware [email protected] Dr., Ste. 350, Troy, MI 48098. Arts of Agt. upon whom proc. may be Name/address of each genl. ptr. 19904. Arts of Org filed with Fax - (631) 656-7235 Org. filed with Al Schefke, Director of served. DE off. addr.: 160 Greentree available from SSNY. Cert. of LP filed Delaware Secretary of State, Div. Of Please check our website at www.liaac.org the Bureau of Commercial Services, Dr., Ste. 101, Dover, DE 19904. Cert. with Registrar of Exempted LPs, Corporations, John G. Townsend for other open positions and services. Corporations Division, PO Box of Form. on file: SSDE, Townsend Elizabethan Sq., 4th Fl., Phase Four, Building, Federal & Duke of York 30054, Lansing, MI 48909. Purpose: Bldg., Dover, DE 19901. Purp.: any George Town, Grand Cayman, CI. Streets. P.O. Box 898, Dover, DE LIAAC is an Equal Opportunity Employer any lawful activities. lawful activities. Purpose: any lawful activity. 19903. Purpose: Any lawful purpose.

20 | Crain’s New York Business | April 4, 2011 nb14p20-21cl.qxp 4/1/11 1:52 PM Page 21

PUBLIC & LEGAL NOTICES

Notice of Qualification of Passin NOTICE OF FORMATION OF Archa NOTICE OF FORMATION OF PPNY 7 Notice of Qualification of Limited Notice of Qualification of 515 EAST Management Limited Partnership III. Consulting, LLC. Articles of LLC. Article of Organization filed Brands Service Company, LLC. 72ND ASSOCIATES LLC. Authority App. for Auth. filed with Secy. of State Organization filed with the Secretary with the Secretary of State of NY Authority filed with NY Dept. of State filed with Secy. of State of NY (SSNY) of NY (SSNY) on 2/24/11. Office of State of NY (SSNY) on 02/08/2011. (SSNY) on 12/15/10 Office location on 2/7/11. Office location: NY County. on 03/01/11. Office location: NY location: NY County. LP formed in Office location: NEW YORK County. NEW YORK County. SSNY has been Princ. bus. addr.: PO Box 16000, County. LLC formed in Delaware (DE) Delaware (DE) on 2/11/11. SSNY SSNY has been designated as agent designated as agent upon whom Columbus, OH 43216. LLC formed in on 02/25/11. Princ. office of LLC: 220 designated as agent of LP upon upon whom process against it may process against it may be served. DE on 1/29/11. NY Sec. of State E. 42nd St., NY, NY 10017. SSNY whom process against it may be be served. The Post Office address The Post Office address to which designated agent of LLC upon whom designated as agent of LLC upon served. SSNY shall mail process to: to which the SSNY shall mail a copy the SSNY shall mail a copy of any process against it may be served and whom process against it may be 2112 Broadway, Apt. 7B, NY, NY of any process against the LLC process against the LLC served shall mail process to: c/o CT served. SSNY shall mail process to c/o 10023. DE address of LP: c/o served upon him/her is C/O the LLC upon him/her is C/O the LLC 1420 Corporation System, 111 8th Ave., Corporation Service Co. (CSC), 80 National Registered Agents, Inc., 160 300 E. 79th St., Apt. 7A. New York, Rocky Ridge Drive, Ste 100, NY, NY 10011, regd. agent upon whom State St., Albany, NY 12207. DE addr. Greentree Drive, Ste. 101, Dover, DE NY 10075. Purpose of LLC: to Roseville, CA 95661. Date of process may be served. DE addr. of of LLC: c/o CSC, 2711 Centerville Rd., 19904. Name/address of each genl. engage in any lawful act or activity. Dissolution: n/a Purpose of LLC: to LLC: c/o The Corporation Trust Co., Ste. 400, Wilmington, DE 19808. Cert. ptr. available from SSNY. Cert. of LP Street address of Principal Business engage in any lawful act or activity. 1209 Orange St., Wilmington, DE of Form. filed with Secy. of State of DE, filed with DE Secy. of State, 401 location is: 300 E. 79th St., Apt. 7A. Street address of Principal Business 19801. Cert. of Form. filed with DE Sec. Div. of Corps., John G. Townsend Bldg., Federal St., Ste. 4, Dover, DE 19901. New York, NY 10075. location is: 1420 ROCKY RIDGE DR of State, 401 Federal St., Dover, DE 401 Federal St., Ste. 4, Dover, DE Purpose: any lawful activity. STE 100. Roseville, CA 95661. 19901. Purpose: all lawful purposes. 19901. Purpose: Any lawful activity. NOTICE OF FORMATION of The Notice of formation of CHAIR NUMBER Noah Group LLC. Arts of Org filed Notice of Qual. of Mustaque LLC, QMA, LLC. Notice of Conversion of a Notice of Qual. of Vendor IQ LLC, 5 SALON, LLC. Articles of Organization with the Secy of State of NY (SSNY) Auth. filed Sec’y of State (SSNY) Partnership into the above Limited Auth. filed Sec’y of State (SSNY) filed with the Secretary of State of on 11/23/10. Office location: NY 1/18/11. Office loc.: NY County. LLC Liability Company (“LLC”). A Cert. of 1/18/11. Office loc.: NY County. LLC NY (SSNY) on 03/02/2011. Office County. SSNY has been designated org. in DE 1/14/11. SSNY desig. as Conversion was filed with the org. in DE 1/14/11. SSNY desig. as location: New York County. SSNY has as an agent upon whom process may agent of LLC upon whom process Department of State of NY on agent of LLC upon whom process been designated as agent upon whom be served and shall mail a copy of against it may be served. SSNY shall 2/18/2011. Office location: New York. against it may be served. SSNY shall process against it may be served. any process to: C/O United States mail copy of proc. to Att: Andrew The Secretary of the State of NY mail copy of proc. to Att: Andrew SSNY shall mail a copy of process to: Corporation Agents, Inc, 7014 13th Rechtschaffen, 733 3rd Ave., 11th Fl., (“SSNY”) has been designated as Rechtschaffen, 733 3rd Ave., 11th Fl., CHAIR NUMBER 5 SALON, LLC, 234 Avenue, Suite 202, Brooklyn, NY NY, NY 10017. DE off. addr.: CSC, agent of the LLC upon whom process NY, NY 10017. DE off. addr.: CSC, East 58th Street #11, New York, NY 11228. Principal business address: 2711 Centerville Rd., Wilmington, DE against it may be served. SSNY shall 2711 Centerville Rd., Wilmington, DE 10022. Purpose: Any lawful purpose. 100 Riverside Blvd, Apt 5B, NY, NY 19808. Cert. of Form. on file: SSDE, mail a copy of any process served 19808. Cert. of Form. on file: SSDE, Dissolution date: None 10069. Purpose: any lawful acts. Townsend Bldg., Dover, DE 19901. upon the LLC to: c/o J&R Electronics, Townsend Bldg., Dover, DE 19901. Purp.: any lawful activities. 23 Park Row, NY NY 10038. The Purp.: any lawful activities. BY CHANCE LLC, a domestic MK DEVELOPMENT HOLDINGS, purpose of the LP is any lawful act. Limited Liability Company (LLC), filed LLC, a domestic Limited Liability NOTICE OF FORMATION of profes- Notice of Formation of Figure 5 Art with the Sec of State of NY on 6/3/08. Company (LLC), filed with the Sec of sional limited liability company (PLLC). House Of Bacchus, LLC; App., for LLC. Arts. of Org. filed with NY Dept. NY Office location: New York County. State of NY on 12/15/10. NY Office Name: LAW OFFICES OF ALEXANDER Auth., filed with NY Sec. of State of State on 3/4/11. Office location: SSNY is designated as agent upon location: New York County. SSNY is HAKOPIAN, PLLC. Arts. of Org. filed (“SSNY”) 2/01/2011. Office in New NY County. Sec. of State designated whom process against the LLC may designated as agent upon whom with Sec. of State of NY (SSNY) on York County; LLC formed in DE on agent of LLC upon whom process be served. SSNY shall mail a copy process against the LLC may be 12/14/2010. Office location: NY Cty. 1/28/2011, SSNY designated agent against it may be served and shall of any process against the LLC served. SSNY shall mail a copy of Princ. bus. addrs: 2 Penn Plaza, Suite for service of process with copy mail process to: c/o Cohen Tauber served upon him/her to c/o Marissa any process against the LLC served 1500, New York, NY 10121. SSNY mailed to The LLC, Attn: One Spievack & Wagner P.C., 420 Miglis, 300 Mercer St., Apt. 14G, NY, upon him/her to Eleanor Ma, 10 W. designated as agent of PLLC upon Letterman Drive, Bldg C, Suite 420, Lexington Ave., Ste. 2400, NY, NY NY 10003 . General Purposes. Latest 10th St., #18G, NY, NY 10004. whom process may be served. SSNY San Francisco, CA 94129; Attn: Sean 10170, Attn: Adam Stein, Esq. date to dissolve 12/31/2099. General Purposes. shall mail copy of process to: Law Parker, All lawful business purposes. Purpose: any lawful activity. Offices of Alexander Hakopian, PLLC, Notice of formation of Redwood Notice of formation of Redwood 2 Penn Plaza, Suite 1500, New York, Notice of Formation of James Passin Notice of Formation of PIMP VE LLC. Growth, LP. Arts of Org. filed with Capital, LLC. Arts of Org. filed with NY 10121. Purpose: practice of law. Holdings LLC. Arts. of Org. filed with Arts. of Org. filed with Secy. of State Secretary of State of New York (SSNY) Secretary of State of New York (SSNY) Secy. of State of NY (SSNY) on of NY (SSNY) on 03/07/11. Office on 1/3/2011. Office is located in New on 1/4/2011. Office is located in New Notice of Formation of DELOS WEB 2/4/11. Office location: NY County. location: NY County. SSNY designated York County. SSNY is designated as York County. SSNY is designated as PROJECT, LLC. Arts. of Org. filed SSNY designated as agent of LLC as agent of LLC upon whom process agent upon whom process against agent upon whom process against with Secy. of State of NY (SSNY) on upon whom process against it may against it may be served. SSNY shall the LP may be served. SSNY shall the LLC may be served. SSNY shall 03/10/11. Office location: NY County. be served. SSNY shall mail process mail process to c/o Vella Group, LLC, mail any copy of any process to mail any copy of any process to Princ. office of LLC: 54 Thompson to: The LLC, 2112 Broadway, NY, NY 12 Mercer St., 3rd Fl., NY, NY 10013. Redwood Growth, LP, 1 Morningside Redwood Capital LLC, 1 Morningside St., 4th Fl., NY, NY 10012. SSNY 10023. Purpose: any lawful activity. Purpose: Any lawful activity. Drive, Suite 1210, New York, NY Drive, Suite 1210, New York, NY designated as agent of LLC upon 10025. Purpose: any lawful activity. 10025. Purpose: any lawful activity. whom process against it may be Notice is hereby given that a THECA, LLC; Appl., for Auth., filed The GP is Redwood Capital, LLC. served. SSNY shall mail process to license, number (PENDING) for on- with NY Sec. of State (“SSNY”) Name of Foreign LLC: Kicking Mule Vincenti & Vincenti, P.C., 80 Broad premises liquor, has been applied 02/14/2011. Office in New York Notice of Formation of Tuition LLC. Authority filed with NY Dept. of St., 12th Fl., NY, NY 10004. Purpose: for by the undersigned to serve County; LLC formed in DE on Payments, LLC. Articles of Org. filed State: 2/10/11. Office loc.: NY Co. Any lawful activity. liquor in a restaurant under the 12/10/09, SSNY designated agent for with Secy. of State of NY (SSNY) on LLC formed in DE: 12/22/10. NY Alcoholic Beverage Control Law at service of process with copy mailed 02/24/11. Office loc.: New York Co. Sec. of State designated agent of BE FIT PHYSICAL THERAPY, PLLC, 1468 St. Nicholas Avenue, New to Attn: Nathan F. Moser, 455 East SSNY designated as agent of LLC LLC upon whom process against it a domestic Professional Limited York, NY 10033 for on-premises 86th Street, Suite 26-B, New York, NY upon whom process against it may may be served and shall mail Liability Company (PLLC), filed with consumption. MI RANCHITO 10028; All lawful business purposes. be served. SSNY shall mail process process to: c/o Business Filings the Sec of State of NY on 2/24/11. MEXICAN RESTAURANT INC. to the LLC, c/o RGS Holdings, LLC, Inc., 187 Wolf Rd., Ste. 101, Albany, NY Office location: New York County. Notice of Qual. of Mavid Construction 265 West 122nd St., Ste C, New NY 12205. DE addr. of LLC: 108 W. SSNY is designated as agent upon NOTICE OF FORMATION OF CGM Services, LLC. Auth. filed with Sec of York, NY 10027. Purpose: any lawful 13th St., Wilmington, DE 19801. whom process against the PLLC HQ LLC. Article of Organization filed State NY (SSNY): 12/7/10. Ofc in NY act or activity. Cert. of Form. filed with DE Sec. of may be served. SSNY shall mail a with the Secretary of State of NY Cty. Formed in Arizona: 2/8/08. SSNY State, 401 Federal St., Dover, DE copy of any process against the (SSNY) on 06/02/2010. Office location: designated agent of LLC upon whom Notice of Formation of Starec Services 19901. Purpose: any lawful act. PLLC served upon him/her to The NEW YORK County. SSNY has been process against it may be served & LLC. Arts. of Org. filed with NY Dept. PLLC, 333 East 43rd Street, NY, NY designated as agent upon whom shall mail process to: National of State on 12/14/10. Name amended Notice of Formation of Magic Power 10017. Purposes: Physical Therapy process against it may be served. The Registered Agents, Inc, 875 Ave of the to Lotus Star LLC on 12/24/10. Office Home LLC. Arts. of Org. filed with Post Office address to which the Americas Ste 501, NY, NY 10001. location: NY County. Princ. bus. addr.: Secy. of State of NY (SSNY) on URBAN MERCENARIES LLC App. SSNY shall mail a copy of any process Principal office: 1039 W Mason St 590 5th Ave., 19th Fl., NY, NY 10036. 2/14/11. Office location: Queens for Auth. filed NY Sec. of State (SSNY) against the LLC served upon him/her Ste 118, Green Bay, WI 54303. Arts. Sec. of State designated agent of LLC County. SSNY designated as agent 2/23/2011. LLC was organized in DE is C/O the LLC 417 5th Avenue, 9th of Org. filed with Sec of State, upon whom process against it may of LLC upon whom process against on 2/17/2011. Office in NY Co. SSNY Floor, New York, NY 10016. Purpose Capitol Executive Tower, 1st Fl, 1700 be served and shall mail process to: it may be served. SSNY shall mail desig. as agent of LLC upon whom of LLC: to engage in any lawful act or W Washington St Ste 103, Phoenix, c/o CT Corporation System, 111 8th process to: The LLC, 168-08 69th process may be served. SSNY to activity. Street address of Principal AZ 85007-2888. Purpose: General. Ave., NY, NY 10011, regd. agent Ave., Fresh Meadows NY 11365. mail copy of process to 555 W. 23rd Business location is: 417 5th Avenue, upon whom process may be served. Purpose: any lawful activity. St., Apt. N6P, NY, NY 10011. Required 9th Floor, New York, NY 10016. Notice of Qualification of PIMCO Purpose: any lawful activity. office at 3500 S. Dupont Hwy., Dover, Investments LLC. Authority filed with Notice of Qualification of Mediant DE 19901.Cert. of Org. filed with SSDE, Notice of Qualification of Energia Secy. of State of NY (SSNY) on Notice of Qualification of Ionic Capital Communications LLC. Authority filed 401 Federal St., Ste. 4, Dover, DE Holdings, LLC. Authority filed with 1/20/11. Office location: NY County. Management Holdings LP. Authority with NY Dept. of State on 12/7/10. 19901. Purpose: Any lawful purpose. NY Dept. of State on 2/22/11. Office LLC formed in Delaware (DE) on filed with NY Dept. of State on 2/22/11. Office location: NY County. Princ. location: NY County. Princ. bus. 7/7/10. SSNY designated as agent Office location: NY County. LP formed bus. addr.: 17 State St., 7th Fl., NY, Notice of Qual. of 280P Mezz addr.: Perryville Corporate Park, of LLC upon whom process against in DE on 2/15/11. NY Sec. of State NY 10004. LLC formed in DE on Holdings A LLC, Auth. filed Sec’y of Clinton, NJ 08809. LLC formed in it may be served. SSNY shall mail designated agent of LP upon whom 9/6/02. NY Sec. of State designated State (SSNY) 1/18/11. Office loc.: NY DE on 10/26/07. NY Sec. of State process to: c/o National Registered process against it may be served and agent of LLC upon whom process County. LLC org. in DE 1/13/11. designated agent of LLC upon Agents, Inc., 875 Ave. of the shall mail process to the principal against it may be served and shall SSNY desig. as agent of LLC upon whom process against it may be Americas, Ste. 501, NY, NY 10001. business addr.: 366 Madison Ave., mail process to: c/o CT Corporation whom process against it may be served and shall mail process to: c/o Principal office address: 1345 Ave. of 9th Fl., NY, NY 10017. DE addr. of System, 111 8th Ave., NY, NY 10011, served. SSNY shall mail copy of proc. CT Corporation System, 111 8th the Americas, 49th Fl., NY, NY LP: c/o The Corporation Trust Co., regd. agent upon whom process may to NRAI, 875 Ave of the Americas, Ave., NY, NY 10011, regd. agent 10105. Address to be maintained in 1209 Orange St., Wilmington, DE be served. DE addr. of LLC: c/o The NY, NY 10001, the Reg. Agt. upon upon whom process may be served. DE: c/o National Registered Agents, 19801. Name/addr. of genl. ptr. Corporation Trust Co., 1209 Orange whom proc. may be served. DE off. DE addr. of LLC: 1209 Orange St., Inc., 160 Greentree Dr., Ste. 101, available from NY Sec. of State. St., Wilmington, DE 19801. Cert. of addr.: 160 Greentree Dr., Ste. 101, Wilmington, DE 19801. Cert. of Dover, DE 19904. Arts of Org. filed Cert. of LP filed with DE Sec. of Form. filed with DE Sec. of State, Dover, DE 19904. Cert. of Form. on Form. filed with DE Sec. of State, with DE Secy. Of State, 401 Federal State, P.O. Box 898, Dover, DE 401 Federal St., Dover, DE 19901. file: SSDE, Townsend Bldg., Dover, 401 Federal St., Dover, DE 19901. St., Ste. 4, Dover, DE 19901. 19903. Purpose: any lawful activity. Purpose: any lawful activity. DE 19901. Purp.: any lawful activities. Purpose: any lawful activity. Purpose: any lawful activities.

April 4, 2011 | Crain’s New York Business | 21 20110404-NEWS--0022,0023-NAT-CCI-CN_-- 4/1/2011 8:11 PM Page 1

has countersued. The avalanche of soured credits Carver Federal Savings on the brink hit Carver hard.It posted $7 million in losses for the fiscal year ended Continued from Page 1 Washington firm that tracks minor- lion in fresh capital from Morgan commercial real estate projects. March 31, 2009, and $34 million in institution and sell it to another ity-operated banks. “Carver faces Stanley and a private investment Between 2006 and 2008, the the nine months ended Dec. 31, bank, or dissolve it. real challenges, because the impact firm, and added branches, ATMs portfolio of construction and build- 2010. The bank also received Longtime Chief Executive Deb- of the financial crisis has hit the and a call center. Carver posted ing loans grew by 60%, to nearly $19 million under TARP, which it orah Wright has pulled Carver back communities that it serves especial- record earnings of $4.8 million in $400 million. Those loans account has not repaid. from the brink before and has many ly hard.” for about two-thirds of all the ones As the losses mounted, so did high-level business and political that are more than 90 days past due. management turnover. Carver had connections who could help the Part of the fabric ‘Carver is not too According to a spokesman for three chief financial officers in the bank get the needed funds. Carver has $740 million in assets Carver, most of the financing was 12 months that ended in September But backers would be buying into and nine branches in Manhattan, big to fail. But it used for affordable housing, whose 2009,and it had three different con- an institution where 12.3% of the Brooklyn and Queens, but its small developers were caught especially trollers in the course of that year. loan portfolio is more than 90 days size belies its significance. Since its is too important flat-footed when the housing mar- The spokesman said the bank is delinquent. The industry average is founding in 1948 as a lender to in- ket collapsed. The bank’s problems “pleased once again to have a strong 4.9%, according to Federal Deposit dividuals and businesses unable to to fail’ were exacerbated when the supply in-house financial team.” Insurance Corp. data. In addition, al- get loans elsewhere, Carver has wo- –Kathryn Wylde of mortgages for low-income apart- though $74 million of its loans are ven itself into its neighborhoods. ment buyers dried up. Residential support well overdue,Carver has just $21 mil- “It’s a true community institu- “The damage from this lengthy Regulators put Carver on notice lion in reserves to cover loan losses. tion,” said Lucille McEwen, CEO dislocation continues to negatively in February.They told it to raise the “It’s worrisome,” said William of Harlem Congregations for Com- impact Carver’s financial results,” required capital by April 30 and to Michael Cunningham, founder of munity Improvement, a coalition of the spokesman said. immediately halt commercial real Creative Investment Research, a 90 churches that helps provide low- 2004, and the accolades flowed. In addition, the bank got burned estate lending; they also restricted income housing and other services. In 2005, Ms. Wright added the by its effort to grow its reach by fol- its overall lending. “Carver partners with us on housing title of chairman and was invited to lowing its real estate clients to new With the deadline less than a EANYC members report counseling,home-ownership initia- join Time Warner’s blue-chip board. markets. month away, Ms. Wright is actively tives and financial literacy.It’s where Today, she also sits on the boards of For example, in March 2007, courting investors. And many families get their first mortgages Kraft Foods, the Partnership for Carver wrote a $6.1 million mort- Harlem residents are determined to and kids open their first bank ac- New York City and the company gage for a Brooklyn customer who do whatever they can to keep Carv- counts.” that produces Sesame Street. was buying an apartment complex er going. Prominent members of the busi- Carver’s assets have doubled dur- upstate, in Sullivan County. Carver “If we each have to put a dollar or ness community agree that the bank ing Ms. Wright’s tenure. For years, hasn’t collected a single interest pay- two in to get the bank’s accounts up, is vital.“Carver is not too big to fail,” the bank had specialized in mort- ment, according to a federal lawsuit we’ll do what’s necessary,” says Ms. said Kathryn Wylde, CEO of the gages for one- to- four-family homes, brought by a New Jersey bank that McEwen.“Hopefully,we’ll all pitch Partnership for New York City and but Ms. Wright expanded into larger purchased half of the loan. Carver in.” Ⅲ a board member of the Federal Re- serve Bank of New York. “But it is too important to fail.” year-old Manhattan retailer selling million dollars The problems Carver faces today shoes ranging in price from $100 to are similar to those it had in 1999. Sky-high heels $500,comfort is key,and that means in annual revenue & savings 17 That’s when the Harvard-educated tiny heels. Last April, the company, Ms. Wright, who had served as Continued from Page 3 “It has the comfort of wearing a which counts celebrities including housing commissioner in the Giu- and modern,” she said. flat shoe, but the height of a plat- Joan Rivers, Katie Couric and liani administration and president Ken Downing,the fashion direc- form,” she said, noting that the Meredith Vieira among its cus- of the Upper Manhattan Empower- tor at Neiman Marcus, which owns product ties into the 1970s clothing tomers,opened a comfort shoe store ment Zone Development Corp., Bergdorf Goodman, told fashion that is currently popular.“Ultimate- that focuses on trendy shoes that are was brought in to rescue the bank. blog Fashionista last week that he ly,designers realized that shoes have not overly high. Her predecessor had expanded would hunt down anyone wearing been taken to such an extreme that “Our customer is getting a bit Carver’s consumer lending business heels with a maxi dress and steal there might need to be a reality older,” said Randy Ochart, owner of by stepping up credit card offerings their shoes. He said such dresses re- check.” three-store French Sole. “They and subprime auto loans, and had quire a flat or wedge. The heels are coming down at want to look fabulous and be com- bought mortgages originated by Luxury department store Saks is Terra Plana, an eco-friendly shoe fortable.”He noted that the comfort other lenders.The results were dire. pushing a new style called the “flat- store with an outpost on Elizabeth shoe store now represents about Carver had a $4.4 million loss in form.” Unlike a platform shoe with Street. Thanks to new trends, the 40% of sales for the company,which 1999 and continued to bleed red ink a heel of 5 inches or more, this de- company has pushed aside 5-inch generates around $13.5 million in in 2000 and 2001. sign allows the foot to lay flat on 2- platforms and is now giving a front- annual sales. Ⅲ Ms. Wright, who declined to or 3-inch platform. Ms. Sherin said and-center position to 2.5-inch www.eanyc.com comment for this story, got Carver this style, from design houses such heeled dress shoes and ballet flats. LISTEN to a discussion at back on its feet.She raised $2.5 mil- as Fendi and Chanel, is a big seller. Similarly, at French Sole, a 24- CrainsNewYork.com/audio

PUBLIC & LEGAL NOTICES

Microembedded Software LLC. Arts. Notice of Formation of SWIMSUITS Notice of Formation of EL Brand Notice of Formation of M1 Internet Notice of Formation of L’S KITCHEN, of Org. filed with Secy. of State of DIRECT, LLC. Arts. of Org. filed with Management LLC. Arts. of Org. filed Marketing LLC. Arts. of Org. filed LLC. Arts. of Org. filed with Secy. of NY (SSNY) on 2/7/11. Ofc in NY Cty. Secy. of State of N.Y. (SSNY) on with Secy. of State of NY (SSNY) on with NY Dept. of State on 01/07/11. State of NY (SSNY) on 1/5/11. Office SSNY designated agent of LLC upon 3/16/11. Office location: New York 2/24/11. Office location: NY County. Location: NY County. Sec. Of State location: NY County. SSNY designated whom process against it may be County. SSNY designated as agent of SSNY designated as agent of LLC designated agent of LLC upon whom as agent of LLC upon whom process served. SSNY shall mail process to LLC upon whom process against it upon whom process against it may be process against it may be served and against it may be served. SSNY shall Incorp Services, Inc., 1 Commerce may be served. SSNY shall mail process served. SSNY shall mail process to: shall mail process to the principal mail process to: The LLC, 333 E. Plz, 99 Washington Ave, Ste 805-A, to: Office of Steven M. Gerber, 666 1370 Broadway, Ste. 1107, NY, NY business address: LLC, c/o Mitchell 56th St., Ste. 12A, NY, NY 10022. Albany, NY 12210. Purpose: General. Fifth Avenue, 26th Floor, New York, NY 10018. Purpose: any lawful activity. Malnati, 133 W. 126th St., Suite 3, NY, Purpose: any lawful activity. 10103. Purpose: any lawful activity. NY 10027. Purpose: any lawful activity. NOTICE OF REGISTRATION of KERR Notice of Formation of REBA Schools, Notice of Formation of DERMADVISOR, & KATZ, LLP. Notice og Reg. filed with Notice of Formation of GIREHBAN, LLC. Arts. Of Org. filed with NY Dept. Notice of Formation of Sharon LLC. Arts. of Org. filed with Secy. the SSNY on 08/18/2010. Off: loc: LLC. Art. Of Org. filed with SSNY of State on 2/24/11. NY Sec. of State Sinclair, LLC. Arts. of Org. filed with of State of N.Y. (SSNY) on 1/26/11. New York Co. SSNY designated as 11/24/10. Office Location: NY County. designated agent of LLC upon whom Secy. of State of NY (SSNY) on Office location: New York County. agent upon whom process against SSNY designated as agent for process against it may be served 2/11/11. Office location: NY County. SSNY designated as agent of LLC the LLP may be served. SSNY shall process. SSNY shall mail a copy of and shall mail process to c/o General SSNY designated as agent of LLC upon whom process against it may mail a copy of process to THE LLC, any process to: The LLC, 161 Hudson Counsel, 6 E 43rd Street, NY, NY upon whom process against it may be be served. SSNY shall mail process 14 Wall Street, 20th Fl., New York, Street, Apt. 6C, New York, NY 10013. 10017. Primary place of business is served. SSNY shall mail process to: to: The LLC, 350 West 43rd St., NY 10005. Purpose: To Practice The Purpose: To engage in any lawful act 6 E 43rd Street, NY, NY 10017. 181 Seventh Ave., Apt. 5-C, NY, NY Ste. 31E, NY, NY 10036. Purpose: Profession Of Law. or activity. Purpose: Education management. 10001. Purpose: any lawful activity. any lawful activity.

22 | Crain’s New York Business | April 4, 2011 20110404-NEWS--0022,0023-NAT-CCI-CN_-- 4/1/2011 8:12 PM Page 2

The drama over ‘trauma’ care

Continued from Page 1 donate $10 million to the O’Toole Times can vary because of weather sumably could have had a top-notch Building project. “This is a new conditions, call volumes, road clo- cardiac team at the ready.But instead model for an environment where sures and hospital closures, an WORKING FIVE he went to his community hospital’s there are limited public resources.” FDNY spokesman said,adding that PART-TIME JOBS: emergency room—for just the type Initiatives such as urgent care the agency also increased ambu- “These were the of services his health care system centers or a freestanding ED are lance runs after the hospital closed. cards we were dealt,” said EMT- hopes to deliver on the former cam- cheaper and more efficient than A state Health Department paramedic Eddie pus of St. Vincent’s Hospital in hospitals and old-school ERs. Mr. spokeswoman noted that if ambu- Moore, formerly of Manhattan’s Greenwich Village. Dowling believes the alternative of lances had trouble getting the sick- St. Vincent’s. Last month, North Shore-LIJ a full-service hospital to replace St. est patients to a hospital, the year- proposed a freestanding 24-hour Vincent’s is highly unlikely and eco- to-year figures would have varied by emergency department inside St. nomically unfeasible.Two years ago, more than six seconds.

Vincent’s landmarked, 1960s-era for instance, his system estimated “There is absolutely no evidence buck ennis O’Toole Building on Seventh Av- the cost of building a new hospital in an ambulance can’t get someone to enue. It will provide about 95% of Queens at $2 million per bed. an appropriate spot like Beth Israel the care provided by St. Vincent’s North Shore-LIJ said that while or Bellevue [hospitals],” said Stan- The lingering impact former ER, including the ability to its ED at the St.Vincent’s site would ley Brezenoff, CEO of Continuum treat such illnesses and injuries as operate at a loss, the proposed oper- Health Partners, whose similar pro- chest pain, respiratory troubles, ation would be profitable overall be- posal early last year to replace St. Continued from Page 1 we would like, but considering the fractures, cuts, flu, allergic reactions cause it includes a full-service imag- Vincent’s with an ambulatory-care West 13th streets often seem deso- economy, it’s not that bad,” said and psychiatric emergencies. ing center and a specialized facility soon died after a public out- late. More than 20 small businesses Deborah King, head of 1199 SEIU’s It won’t offer Level 1 trauma ambulatory surgery facility. When cry.“EMS has not given any indica- have closed. Many of the survivors Training and Employment Funds. services that require 24-hour avail- St.Vincent’s was open,business was tion there is geographic difficulty are struggling, reporting revenue ability of a variety of specialists, so it so slow that it used an average of for them to take patients to an ED.” plunges of 30%, 40% and more. Burned through savings can’t handle women in labor, pa- only 340 of its 727 certified beds on Neighborhood residents debate Still, nearly 300 of the union tients with severe trauma such as a daily basis.The hospital had oper- All-or-nothing politics whether a new proposal to build a workers who’ve found employment gunshot wounds or open fractures, ating losses of $81 million in 2008 Outside New York, there are 220 freestanding emergency-care center are working only part-time. Eddie or those requiring immediate sur- and $107 million in 2009. freestanding EDs in 16 states, 191 as part of a plan to transform the rest Moore, an EMT-paramedic, gery or cardiac interventions. But community attachments to of them sponsored or affiliated with of the closed medical campus into worked at St. Vincent’s for five “People have this idea that every local hospitals are strong, and the a hospital. Most were built in re- 300 condo units is better than noth- years. He was unemployed for two ER has a trauma center,”Mr.Dowl- Rudin/North Shore-LIJ plan is al- sponse to hospital overcrowding. ing—or if they should continue months and burned through his sav- ing said. “It’s a complete lack of in- ready encountering local resistance. “Freestanding emergency cen- fighting for nothing less than the ings before finding a part-time job formation.” Former City Councilman Alan ters serve as a vital resource for thou- restoration of a full-service hospital. as an EMT-paramedic at St.Luke’s- Gerson is part of a group trying to sands of people nationwide,” said Signs advertising an April 30 rally Roosevelt Hospital Center. Now, to ‘A new model’ for ERs put together a rival plan. “I grew up Dr. Sandra Schneider, president of dot storefront windows with slogans make ends meet—and save money On April 7—days before the in the vicinity of St. Vincent’s, and I the American College of Emer- like “Urgent care is not hospital for the baby he and his wife are ex- one-year anniversary of the bank- know how important it was to the gency Physicians. “[They] are prov- care” and “No doc in a box.” pecting in June—Mr. Moore has to ruptcy filing of Saint Vincent community to have that full-service ing successful because they are com- With 400 beds in use and a work work five part-time jobs at various Catholic Medical Centers—a court hospital,” Mr. Gerson said. “What munity-based and meet the force of more than 3,500 doctors, hospitals, putting in a total of 85 will consider North Shore-LIJ’s the community is looking for is the majority of the community’s emer- nurses and other personnel, not to hours a week. $110 million proposal as part of its equivalent; it needs to be the equiv- gency health needs.” mention the visiting family and “There are times when I don’t see review of Saint Vincent’s plan to sell alent of what was there.” Of the 15 Level 1 trauma centers friends of patients,the 160-year-old my wife for a week at a time,” Mr. its Village campus for $260 million Some neighborhood activists in New York City, four are in Man- St. Vincent’s brought around 5,000 Moore said. He is considering get- to the Rudin family for a 300-unit have claimed that St. Vincent’s clo- hattan,and the state Health Depart- people a day to its neighborhood be- ting a truck-driving license and condo project. If North Shore-LIJ sure has probably led to patients dy- ment describes capacity as adequate. fore it closed last April. leaving the medical field because it succeeds, it will create the first free- ing as a result of longer ambulance North Shore-LIJ’s proposed ED “It is a very different atmosphere doesn’t offer him security anymore. standing emergency department, or trips, with EMS travel slowed by will develop transfer relationships now,” said Kate Park, manager of “At St. Vincent’s, it was full-time ED, in the metropolitan area, ush- heavy east-west traffic. with Bellevue Hospital for major West Village Florists on West 11th and it was like family. But there are ering in a new era of health care de- That seems unlikely. Data from trauma, New York-Presbyterian Street, which has lost 35% of its no full-time positions available. livery in Manhattan that isn’t cen- the Fire Department of New York Hospital and Staten Island Univer- business since the hospital closed. These were the cards we were dealt.” tered on hospitals. show that for life-threatening emer- sity Hospital for burn patients, and “Before, there were a lot of people Some are holding out hope that St. Vincent’s shuttering last year gencies, the average response time Beth Israel for other services. walking down the street. Now, we the proposal for a new emergency “was a horrible event that triggered for EMS in Manhattan was 6 min- Still,one year after the bankrupt- don’t see people anymore.” department and residential develop- something positive,” said developer utes and 37 seconds in 2010, versus cy, the Coalition for a New Village ment will come to fruition. Though William Rudin, whose family will 6 minutes and 31 seconds in 2009. Hospital describes itself as “unwa- Finding work for former workers it’s a far cry from the full-service hos- vering in our position that the com- Ms. Park is actually considered pital that many area residents want, munity needs nothing less than a lucky by some. Petite Cafe used to it would at least bring people back MARKETPLACE MYTHS VS. REALITY full-service Level 1 trauma care hos- serve lunch to dozens of hospital into the neighborhood—and em- pital,” according to an e-mail blast workers each day at 70 Greenwich ploy 400 health care workers. NORTH SHORE-LIJ HEALTH SYSTEM’S proposed 24-hour emergency-care cen- last month to community residents. Ave. but closed shortly after the Roasted, a coffee bar kitty-cor- ter on Seventh Avenue is expected to handle 94% of the ER volume at now- And in a letter to North Shore- hospital’s demise. The Artepasta ner from the hospital, lost 40% of closed St. Vincent’s Hospital, or 20,000 treat-and-release visits a year. The LIJ’s Mr. Dowling last month, sev- restaurant on Seventh Avenue shut- its business after St. Vincent’s rest will be patients a freestanding center can’t handle: those in labor, with eral politicians who represent the tered its doors. Jesse’s Express Cafe closed and almost went under dur- severe trauma, or in need of immediate cardiac or surgical intervention. area,including City Council Speak- and Deli,practically next door to St. ing a difficult summer before new Beth Israel Medical Center, less than two miles away, has easily accom- er Christine Quinn and Manhattan Vincent’s, closed on March 1 after and returning students from near- modated emergency patients who would have gone to St. Vincent’s. Borough President Scott Stringer, more than 30 years. by New York University helped cut Indeed, many local patients headed there even before last year’s closure, stated that “our first priority for the The hospital’s neighboring busi- losses in half. An employee at the according to an analysis called the “West Side Community Health Needs neighborhood is to obtain a full- nesses weren’t the only collateral café said colleagues are feeling Assessment.” Conducted by North Shore-LIJ and the Hunter School of Urban service hospital and emergency damage. Although most of the doc- hopeful after hearing rumors in re- Public Health, the report is nearly completed. room to replace St. Vincent’s.” tors at the hospital have landed else- cent weeks about a new medical fa- Residents in the four ZIP codes nearest St. Vincent’s—defined as the hos- Mr. Dowling’s response is where,many of the hospital’s union- cility coming in. pital’s primary service area—clearly depended on the hospital in emergen- clear—if not what his would-be new ized employees, including medical “It would be great,” said Mark cies: St. Vincent’s had a 55% market share for treat-and-release patients in neighbors might want to hear. records personnel and ambulance Rennoldson, a barista at Roasted. 2009, according to state data. After St. Vincent’s shut in April 2010, nearly “While we admire the activism drivers, are still struggling. “Anything to get people back in the 30% of emergency patients in the four ZIP codes went to Beth Israel, com- of some local residents fighting to Nearly 60% of the 1,600 St.Vin- area.” pared with the 7% who went to Beth Israel before the closure. reopen the hospital,” he said last cent’s employees who were mem- Nearby at Bethel Gourmet, a 10- It was a dramatically different story for St. Vincent’s secondary service week, “their continued opposition bers of 1199 SEIU United Health- year-old deli on Greenwich Avenue, area, defined as the five ZIP codes slightly farther from the hospital, where to this proposal will only serve to de- care Workers East have found new owner Young Kim is also holding out its emergency-care market share was fourth among local hospitals, at rail any efforts to provide them and jobs in health care, union officials hope that something will change. tens of thousands of their neighbors report. Around 400 former St. Vin- Since the hospital closed, his busi- 7%, well behind Beth Israel’s 36% share. and workers on Manhattan’s West cent’s workers never even contacted ness is down about 30%. All told, St. Vincent’s ER market share in the combined service areas was Side with an alternative source for the union for help after the hospital “I don’t know how long I can 17%. The rest were treated elsewhere—mostly at Beth Israel, giving it a near- high-quality health care services.” Ⅲ closed. Right now, 1199 is trying to hang on, but I am trying to,” Mr. ly 30% market share in St. Vincent’s own backyard. place 205 people, 159 of whom are Kim said. “It used to be hard to find —BARBARA BENSON LISTEN to a discussion at in an interview process. a space to park on the street.Now it’s CrainsNewYork.com/audio “The situation is not as good as empty around here.” Ⅲ

April 4, 2011 | Crain’s New York Business | 23 20110404-NEWS--0024-NAT-CCI-CN_-- 4/1/2011 1:03 PM Page 1

FOR THE RECORD

component for approximately 1,000 RETAIL 73,625 shares at prices ranging from substitute paraprofessionals and 2,500 ● Staples signed a lease for 17,000 $56.35 to $56.50, in a transaction worth ABOUT THIS SECTION substitute teachers. To make inquiries, square feet at 442 Fifth Ave., a building $4,154,093. He now directly holds contact the vendor hotline at (718) 935- owned by Midtown Equities and IDB 26,074 shares. FOR THE RECORD is a weekly listing of information from the public record that 2300 or [email protected]. Group. The firm will occupy the ground can help businesspeople in the New York area find opportunities, potential and mezzanine floors. Chase Welles of ● Time Warner Cable (TWC) new clients and updates on competitors. ● Department of Law Northwest Atlantic Real Estate Services Glenn A. Britt, chairman and chief To ask questions or get more information on this section, contact Suzanne Requests proposals by 5 p.m. on May 2 represented the tenant, while David executive, exercised options on 47,507 Panara at [email protected]. for three qualified vendors to provide LaPierre of CB Richard Ellis shares of common stock at $23.48 on document scanning, coding, copying represented the landlord. The asking March 15, in a transaction worth and related services. Related services rent was $125 a square foot. $1,115,464. On the same day, he sold may include, but are not limited to, 47,507 shares at prices ranging from imaging, indexing, Bates stamping, file ● Swissmaker signed a 10-year lease for $66.65 to $67.19, in a transaction worth BANKRUPTCIES Goldenberg, owed $2,000. conversion services, productions to .tiff, 1,700 square feet at 732 Seventh Ave.,a $3,167,445. He now directly holds .pdf or other format, provision of building owned by Farmore Realty.The 60,266 shares. The following listings are selected from the ● Millwasp Realty blowbacks and professional services. To firm will occupy the ground floor, most recent available filings by companies 69-27 66th Road, Middle Village, make inquiries, contact Tom Dowling at mezzanine and basement. Brad Schwarz ● John Wiley & Sons Inc. (JW’A) seeking bankruptcy protection in the Queens (212) 788-1008 or of Sierra Realty represented the tenant, William J. Pesce, president, chief Southern and Eastern Districts of New Filed for Chapter 11 bankruptcy [email protected]. while Howard Aaron, Aaron Gavios and executive and director, sold 56,681 York. Information was obtained from U.S. protection on March 7. The filing cites Sam Zagoren of Square Foot Realty shares of common stock at prices Bankruptcy Court records available on estimated liabilities of $1,000,001 to ● Housing Authority represented the landlord. The asking ranging from $49.73 to $50.25 between Public Access to Court Electronic Records. $10 million and estimated assets of $0 to Requests proposals by 4 p.m. on April rent was $25,000 a month. March 22 and March 23, in a Listings are in alphabetical order. $50,000. Among the creditors with the 25 from qualified insurance brokers, risk transaction worth $2,827,903. He now largest unsecured claims is the New York management consultants, auditors and directly holds 785,582 shares. ● 47th Street Gourmet City Finance Department, owed risk control consultants for insurance STOCK TRANSACTIONS 215 E. 47th St., Manhattan $19,797.55. placement, consulting, loss control and ● Automatic Data Processing Inc. (ADP) Filed for Chapter 11 bankruptcy auditing services in support of Following are recent insider transactions at Gregory D. Brenneman, director, protection on March 10. The filing cites NYCHA’s Risk Management Program. New York’s largest publicly held companies exercised options on 49,385 shares of estimated liabilities of $100,001 to GOVERNMENT CONTRACT To make inquiries, contact Maria filed with the Securities and Exchange common stock at prices ranging from $500,000 and estimated assets of OPPORTUNITIES Manfredi at (212) 306-4666 or Commission by executives and major $34.45 to $44.06 on March 11, in a $100,001 to $500,000. Among the [email protected]. shareholders. Listings are in order of transaction worth $1,875,584. On the creditors with the largest unsecured Following are selected contract transaction value.The information was same day, he sold 49,385 shares at $50.19, claims are Mancini, owed $22,403; opportunities recently announced by New obtained from Thomson Reuters. in a transaction worth $2,478,446. He ZeZe Food, owed $7,799.75; and York City agencies.To learn how to sell REAL ESTATE DEALS now directly holds 17,064 shares. Harleysville Insurance, owed $5,151.65. goods and services to city government, visit ● Pall Corp. (PLL) www.nyc.gov/selltonyc. For a searchable Companies that would like to have details Eric Krasnoff, chief executive and ● ABM Industries Inc. (ABM) ● 699 Merrick Road Realty database of current procurement notices, of their recent transactions appear in these president, exercised options on 273,000 James P.McClure, executive vice 12 Wilbur St., Lynbrook, L.I. visit www.nyc.gov/cityrecord. Listings are listings should e-mail descriptions shares of common stock at prices president and president of ABM Filed for Chapter 11 bankruptcy alphabetical by category and department. following this format to ranging from $16.13 to $28.68 janitorial services, sold 70,000 shares of protection on March 3. The filing cites [email protected], with “Real between March 21 and March 22, in a common stock at prices ranging from estimated liabilities of $1,000,001 to CONSTRUCTION SERVICES estate transaction” in the subject line, or transaction worth $6,628,390. Between $25.01 to $25.18 on March 21, in a $10 million and estimated assets of ● Department of Citywide Administrative enter them online at March 21 and March 23, he sold transaction worth $1,756,327. He now $1,000,001 to $10 million. Among the Services crainsnewyork.com/submitadeal. Deals are 273,000 shares at prices ranging from directly holds 81,651 shares. creditors with the largest unsecured Seeks competitive sealed bids by 11:30 listed in order of square footage. $56.65 to $57.37, in a transaction worth claims are Douglas Payton and Amos a.m. on April 25 for general construction $15,589,802. He now directly holds ● Henry Schein Inc. (HSIC) Brotter, owed $10,000; Maria J. work in several DCAS-managed COMMERCIAL 92,818 shares. Louis W. Sullivan, director, exercised Armada, owed $6,000; and RPF buildings in Manhattan north of Duane ● DirecTV signed a lease for 52,800 options on 19,500 shares of common Architect, owed $4,800. Street. To make inquiries, contact Louis square feet at 1 Rockefeller Center, a 34- Roberto E. Perez, chief operating stock at $21.70 on March 15, in a Pastore at (212) 669-8557 or story, 640,000-square-foot building officer, exercised options on 73,625 transaction worth $423,150. On the ● Advanced Innovative Applications [email protected]. owned by Tishman Speyer Properties. shares of common stock at prices same day, he sold 19,500 shares at 396 Brooklyn Ave., Massapequa Arthur Mirante and Adam Rappaport of ranging from $22.65 to $34.07 on $65.60, in a transaction worth Park, L.I. ● Department of Parks and Recreation Cushman & Wakefield represented the March 18, in a transaction worth $1,279,200. He now directly holds Filed for Chapter 7 bankruptcy Seeks competitive sealed bids by 10:30 tenant, while the landlord was repre- $2,258,950. On the same day, he sold 17,712 shares. Ⅲ protection on March 11. The filing cites a.m. on April 14 for reconstruction of sented in-house.The asking rent in the estimated liabilities of $100,001 to the ball field, comfort station and building is in the mid-$70s a square foot. $500,000 and estimated assets of recreational lighting in Sunset Park in $100,001 to $500,000. Among the Brooklyn and the installation of security ● Outerstuff signed a lease for 34,000 DEALS ROUNDUP creditors with the largest unsecured lighting in Harry Maze Memorial Park square feet at 1412 Broadway, a 24-story, in Brooklyn. Bid documents can be 415,000-square-foot building owned by claims are Ladislav Kulisek, owed TRANSACTION SIZE $80,000; 38 West 39 Realty Corp., owed purchased in the blueprint room, Harbor Group International. The SELLER/TARGET (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE $63,688; and CNA Insurance, owed Olmsted Center, Flushing, Queens, company will move into the 18th and $33,592.11. from 8 a.m. to 3 p.m. To make inquiries, 19th floors. Simeon Weber of Norman CIT Group Inc. (Manhattan) $2,000.0 Not disclosed GCI contact Juan Alban at (718) 760-6771 or Bobrow represented the tenant, while The Goldman $1,400.0 Not disclosed GCI ● Heartland Distributors Inc. [email protected]. Brian Boehmcke and Jordan Slone Sachs Group Inc. 204 New York Ave., Huntington, L.I. negotiated on behalf of the landlord (Manhattan) Filed for Chapter 11 bankruptcy ● Department of Parks and Recreation in-house. The asking rent $47.50 a Unilever Plc/ $949.0 Colgate-Palmolive Co. SB M&A protection on March 16. The filing cites Seeks competitive sealed bids by 10:30 square foot. Unilever Plc, global (Manhattan) estimated liabilities of $500,001 to $1 a.m. on April 18 for the reconstruction Sanex business million and estimated assets of $50,001 of play equipment, safety surfacing and ● Steptoe & Johnson signed a lease for Union Bank of Nigeria Plc $750.0 ABC Holdings Ltd., The Rohatyn GCI to $100,000. Among the creditors with general site work in various locations in 31,000 square feet at 1114 Sixth Ave.,a Group (Manhattan), African Capital the largest unsecured claims are Oak Brooklyn and the reconstruction of a building owned by Brookfield Office Alliance, The Keffi Group, Fmo Netherlands Finance Tree Dairy, owed $76,026.92; Federal comfort station in Rachel Carson Properties. The firm will move to the Payroll Taxes, owed $46,000; and Bank Playground in Kissena Corridor Park in 35th floor. Daniel Horowitz and Jeffrey Business Development $525.0 Cephalon Inc. SB M&A Bank of Canada, ProQuest Investments, of America, owed $45,021.83. Queens. Bid documents can be Peck of Studley represented the tenant, Sanderling Ventures, VantagePoint purchased in the blueprint room, while Duncan McCuaig represented the Venture Partners, Merlin BioMed Group ● Holland Addison Olmsted Center, Flushing, Queens, landlord in-house. The asking rent (Manhattan), Matrix Asset Management Inc., 48 Sag Harbor Turnpike, East from 8 a.m. to 3 p.m. To make inquiries, wasn’t disclosed. SB Life Science Equity Management, Hampton, L.I. contact Juan Alban at (718) 760-6771 or Fonds de solidarité FTQ, Ontario Teachers’ Filed for Chapter 7 bankruptcy [email protected]. ● Bonobos signed a three-year lease for Pension Plan, Caxton Associates, HBM protection on March 16. The filing cites 10,000 square feet at 45 W. 25th St., an Partners Ltd., H.I.G. Ventures/Gemin X Pharmaceuticals Inc. estimated liabilities of $0 to $50,000 and GOODS AND SERVICES 11-story, 105,000-square-foot building estimated assets of $0 to $50,000. ● Department of Citywide Administrative owned by Bonafide Estates. Yvonne Weston Presidio, Ares $268.0 Schneider Electric S.A. SB M&A Among the creditors with the largest Services Chang and Howard Rosenblum of the Capital Corp. (Manhattan)/ Summit Energy Services Inc. unsecured claims are Mapes Electric Requests proposals by 12 p.m. on April Kaufman Organization represented the Inc., owed $28,000, and Ocean Electric, 20 from a qualified contractor and/or its tenant, while Alan Locker represented Ares Capital Corp. (Manhattan) $230.0 Not disclosed GCI owed $8,700. subcontractor to provide towing, the landlord in-house. The asking rent Colgate-Palmolive Co. $215.0 Unilever plc SB M&A storage, auctioning/salvaging and was $30 a square foot. (Manhattan)/ ● Miday Realty Corp. releasing services for all relinquished city Colgate-Palmolive Co., ● laundry detergent business 1439 41st St., Brooklyn vehicles. A copy of the RFP is available Electronic Arts signed a five-year lease in Colombia Filed for Chapter 11 bankruptcy at can’t find rest . To make inquiries, for 7,200 square feet at 1515 Broadway,a protection on March 15. The filing cites contact Erkan Solak at (212) 669-3530 56-story, 2 million-square-foot building Banco Indusval $173.8 Warburg Pincus (Manhattan), GCI Multistock S.A. individual investors estimated liabilities of $1,000,001 to or [email protected]. owned by SL Green Realty.The firm $10 million and estimated assets of will occupy the 36th floor. Natasha Selected deals announced for the week ended March 27 involving companies in metro New $500,001 to $1 million. Among the ● Department of Education Brown of Jones Lang LaSalle York. GCI: Growth capital investment represents new money invested in a company for a minority stake. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of creditors with the largest unsecured Requests proposals by 1 p.m. on April represented the tenant, while David existing shares of a company without the participation of a financial buyer. claims are the New York City Water 13 from experienced organizations Kaufman represented the landlord in- source: capitaliq Board, owed $3,500, and Wendel eligible to provide a new online training house. The asking rent wasn’t disclosed.

24 | Crain’s New York Business | April 4, 2011 20110404-NEWS--0025-NAT-CCI-CN_-- 4/1/2011 1:04 PM Page 1

58% of New Yorkers are finding it more difficult financially vs. six months ago; 5% are finding it less difficult BUSINESS LIVES Source: Empathica

HOT JOBS EXECUTIVE INBOX Anne Fisher PRESIDENT AND CEO ORGANIZATION Food Bank for New York City Customer gripes JOB DESCRIPTION Provide direc- tion, leadership and management power rapid of the multisite organization MASTER BARISTA: Giorgio Milos travels business growth MOST IMPORTANT TASKS Capital- the country for Illy ize on multifaceted strategy to teaching proper IT’S HUMAN NATURE to avoid solve the city’s food poverty issue coffee preparation. complaints whenever possible. and provide leadership But for business owners, CREDENTIALS NEEDED Significant “criticism is vital,” said Amanda senior executive leadership, Hofman, founder and CEO of fundraising and communication social networking group Urban skills, passion for solving hunger Girl Squad. “You need to hear and poverty issues what people don’t like in order to SALARY $250,000+ improve.” RECRUITER Sandler Search Ms. Hofman has been asking Associates for negative feedback since she DOWNSIDE Dealing with govern- launched her firm in 2008, after ment cutbacks and succeeding a quitting her job as a data analyst long-term president and CEO at Columbia Business School. UPSIDE Advancing an approach to The Barnard grad had always alleviating food poverty loved organizing events for her circle of friends—mostly, like her, Founded in 1983, the Food Bank distributes food to a network of young professional women who community-based member pro- want to explore everything New grams, helping to provide 400,000 York has to offer, but prefer not to free meals a day citywide. do so by themselves. Thus was —SUZANNE PANARA born Urban Girl Squad, a social club that offers members an average of nine events a month, like spa nights, chocolate EXECUTIVE MOVES tastings, nature hikes, cocktail parties, even shooting lessons at Madison Square the Westside Rifle & Pistol Range. Garden Arena: Alex Diaz, 38, was named Urban Girl Squad’s revenues senior vice president come from admission fees, most and general manager. ranging from $15 to $40. The He will oversee all group, which has about 7,000 facility operations for GOTHAM GIGS members, is growing, mostly Madison Square thanks to word-of-mouth. Ms. Garden, the Theater at Madison Square Garden and the MSG Training Center. Hofman credits “a culture of Mr. Diaz was most recently senior vice frankness. I’m constantly asking president and general manager of arena people, ‘What could we be operations for Brooklyn Sports & Mr. Perfect Coffee doing better?’ ” Entertainment. buck ennis When attendance was sparse Kidz Bop: Ilene at her first few events, Ms. Hofman Kennedy, 47, was Giorgio Milos remembers his first coffee. He was about 8, and his appointed vice “I want recalled, “I asked every young president of product mother, who worked at the Illy coffee factory in their hometown of professional woman I could find: for the kids’ music to say, Trieste, Italy, loaded the dregs of her cup with milk and sugar and let ‘Would you go to this type of brand. She will him taste. Good, though he hated it later when he drank it black. It’s party or workshop? Why not?’ ” manage the company’s ‘Where are Then she began designing online talent search a funny memory for the 36-year-old, who’s now a purist. ¶ Mr. gatherings based on their gripes. and oversee the strategic development Milos moved to New York last year as Illy’s master barista-in- of Kidzbop.com. She was formerly vice you going The biggest point people made president of truTV Online for Turner residence. He crisscrosses the country for the company to instruct was that “they needed to squeeze Broadcasting Systems. with that fine restaurants and cafés on proper preparation—and that’s the easy fun activities in around their long TD Bank: George S. Gnad, 50, has joined part. ¶ “I can train all the baristas in the U.S. to make a perfect workdays,” Ms. Hofman said. “So as senior vice president in commercial espresso? now, we rarely start an event real estate in New York. Previously, he espresso,” he said. “But if there’s nobody on the other side of the before 7 p.m.” served as head of U.S. Real Estate for Stay here’” counter who recognizes a good cup of coffee, it’s all for nothing.” ¶ Asking for criticism paid off. German lender BayernLB. Taproot Foundation: Robert B. Acton, 42, His goal is to teach people how to truly savor coffee, and Mr. Milos “Attendance is capped at 30 has been named executive director of talks about it the way others discuss wine. For example, it kills him to 40 for most events, except the New York office of the nonprofit cocktail parties,” Ms. Hofman firm that develops corporate pro bono that Americans use paper cups, which diminish aroma and flavor. ¶ said, “and we almost always sell programs. He was previously executive “Every time I see someone order an espresso to go, I want to ask out.” director of Cabrini Green Legal Aid. Co Collective: them, ‘Where are you going with that espresso? It’s one ounce! Take Conrad Lisco, 28, joined WHAT CHANGES HAVE YOU MADE as a the story-led innovation collective as 50 seconds. Stay here. Enjoy it.’ ” result of customer criticism? Tell us at See EXECUTIVE MOVES on Page 26 —hilary potkewitz www.crainsnewyork.com/execinbox.

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RÉSUMÉ REVIEW Reaching ‘High’ on stage Is your job search all it could be? We ask the experts. Actress talks about to feel so helpless. And that’s where Starbucks ordering a latte and NAME BETH RANNEY faith comes in. someone will say,“Oh, that voice.” SUMMARY latest Broadway role, Program management professional with You’re playing a nun on Broadway. Are What’s a typical day for you? memorable results notable earlier ones you a believer? After 18 years of getting a kid off I’m not a Catholic or member of to school and waking up early dur- PROFESSIONAL EXPERIENCE an organized church,but I believe in ing the years of filmmaking, I’m up BY ALIX STRAUSS l Consultant, 2009-present faith and the power of faith. by 7:30. My mornings are reserved For Thomson Reuters, handled all meeting logistics for West Law and for working out.I do two days of Pi- Federal Publications seminars and conferences. For New York Society for athleen Turner has played What’s the most monumental role you’ve lates, two days at the gym and one her share of famous fic- played? day of yoga.The other day is for gro- Security Analysts, researched and recruited sponsors for industry tional females on stage. Martha in Who’s Afraid of Vir- cery shopping, so I’m available to conferences. l There was Maggie in Ten- ginia Woolf? It was incredibly satis- work after noon. Gartner Inc., 2006-2009 Knessee Williams’ Cat on a Hot Tin fying doing that character. Senior program manager, Gartner Events Roof, which earned her a Tony nom- She was a woman of such in- What’s your favorite haunt? Served as manager for four to five annual conferences that produced $8 ination for best actress; Mrs. Robin- telligence and frustrated am- I love Cafe Fiorello and million in revenue for the company. Managed research and competitive son in The Graduate; and Martha in bition and deep-seated Cafe Luxembourg. I’ll take analysis. Edward Al- anger. She was an icon in my book and sit at the bar. l American Management Association, 2002-2006 bee’s Who’s my mind, and I wanted to They protect me. If any- Manager, conferences and special events Afraid of Vir- play her as long as I had body tries to talk too much Produce conferences, breakfasts and webcasts on leading-edge MOVERS & ginia Woolf?, ambitions to be an actor. to me or get a little too business topics to build the association’s brand and provide new SHAKERS which earned To finally get it, and do close, they’ll say, “There’s revenue stream. her a second it as well as I hoped I a seat for you right over EDUCATION Tony nod. would, was thrilling. there. …”They do it very Kathleen Though bet- well. l Le Moyne College, B.A., French and mathematics ter-known for What show have you seen Résumé appears in condensed form. Turner recently? What mantra do you live by? her film EXPERT ADVICE roles—Matty The Book of Mor- It came from my Walker in mon. I howled. At grandfather, who we’d call Beth’s summary should be strengthened to ensure that the résumé grabs Body Heat and the sultry voice of Jes- the end of the show Daddy Ross. Anytime we attention within an initial glance. An effective summary communicates a sica Rabbit, to name two—the Up- this guy behind me bitched or complained, he’d record of achievement, experience level, value, industry and immediate per West Sider returns to the stage told me he tweeted lean forward and say, “Well, career goal. This is an opportunity to show employers what makes you a this month in High, where she plays that “Kathleen Turner you just have to, don’t you?” uniquely strong candidate. Beth should include a brief profile for each place Sister Jamison Connelly,a recovering peed in her pants,” and There’s no answer to that. of employment. This gives the reader a clearer picture of the environments alcoholic nun trying to save a homo- I said, “Go ahead.” in which she has worked and a frame of reference for her achievements. sexual meth addict.Opening night is What’s up next? She should avoid including task-based duty bullets with her results and April 19 at the Booth Theatre. Is your voice still The Perfect Family is com- accomplishments. Task-based bullets dilute the most marketable recognized? ing to the Tribeca Film Festi- information. Were you drawn to this part because of Yes. Most often on val, and I’m doing a one- —ware sykes, vice president, résumé services, TheLadders.com your past trouble with alcohol? the phone—if they woman play about [liberal No.But I abused alcohol for a pe- don’t call me Sir, newspaper columnist] Molly To contact this candidate or to be featured in “Résumé Review,” e-mail us riod. What I’ve learned is that ad- which is the Ivins in 2012. I’d like to return at [email protected]. diction is not a question of will or first response. to directing or take High to choice—and it’s is a terrifying thing I’ll be on line at London. Ⅲ newscom

was hired as senior vice president and communications and branding agency, a director. She was formerly senior AHAVA North America: EXECUTIVE MOVES chief human resources officer and will newly created position. He was most research manager. Elana Drell Szyfer, 41, oversee legal matters related to labor, recently account director at Sarah McLoughlin, 29, was promoted to has been named Continued from Page 25 employment and employee benefits TBWA\Chiat\Day. associate director. She was previously a general manager and head of community experience. He was issues. He was most recently a partner at Rosen Seymour Shapss Martin & Co.: research associate. chief executive of the group director of social media at R/GA. Bond Schoeneck & King. Charles L. Friedman, 49, has joined the Duane Morris: Andrew Thomas Hahn Sr., skin care company. Sierra Realty Corp.: TerraCRG: Adam Hess, 36, joined as firm as principal of fiduciary services. He 49, has joined the law firm as a partner. Previously, she was Greg Brooks, 48, joined partner and senior vice president of the was formerly director of taxation at FTI. He was formerly a partner at Seyfarth senior vice president as director of retail commercial brokerage and advisory The 4A’s: Gerald Longo, 47, has been Shaw. of global marketing leasing. He was most firm, a newly created position. He was appointed vice president, conferences 1010data: Tim Negris, 56, was hired as for Estée Lauder. recently director of formerly first vice president at Massey and events, of the national trade vice president of marketing for the New York Lawyers for the Public Interest: leasing at ABC Carpet Knakal Realty Services. association for advertising agencies. cloud-based data analytics provider, a Miranda Massie, 44, was promoted to & Home. The Halo Group: Josh Mattes, 34, was Previously, he was vice president, newly created position. He had been a legal director of the nonprofit. She was Rainbow Apparel Cos.: appointed vice president and account conferences and event operations, for technology analyst and contributing most recently director of litigation and Adin C. Goldberg, 58, director at the marketing the Direct Marketing Association. editor for The Bloor Group. training. Carlton Advisory Services Inc.: Richard ZS Associates: Sanjay Peter J. Solomon Co.: Jeffrey A. Derman, Nordin, 57, was hired as a director for Joshi, 47, was named 41, was promoted to managing director the real estate investment banking firm. managing principal, in the retail M&A group of the CORPORATE LADDER He will be responsible for developing global operations investment banking financial advisory new business in Russia and Eastern practice, for the firm. He was previously a director. HEADING DIVERSITY EFFORT Europe. He was formerly a managing business consulting Scott Napolitano, 33, has been promoted partner at Lone Star Ventures. firm. He was most to managing director in the Global MILDRED QUINONES-HOLMES, 51, has been named AdLarge Media: Michelle Jennings, 48, recently managing Pharmaceutical and Life Sciences M&A New York chair of Thompson Hine’s diversity and was hired as executive vice president, principal of Joshi Group. He was formerly a director. Korn/Ferry International: inclusion initiative, the law firm’s effort to build and digital revenue. She was most recently Partners. Nels Olson, 44, director of interactive sales at Westwood Matiz Architecture & Design: Andre was appointed vice chairman and co- retain a diverse group of attorneys and staff. She will One. Gutierrez, 41, was promoted to director, leader, global board and CEO services oversee the initiative in and around the New York Insight Research Group: Steve Becker, 32, brand strategy and business practice. He continues as managing area. Ms. Quinones-Holmes has been with the firm joined as a director. He was previously development. He had been director, director of the Washington, D.C., office for three years and continues as a partner in the research director at Hall and Partners. brand strategy. and head of the government affairs firm’s commercial and public finance group. She focuses her practice on James Streit, 49, was hired as a director. Cozen O’Connor: Pang Zhang, 38, joined practice. He will split his time between corporate trusts, structured finance, project finance and financial regulatory He was formerly director of strategic as a member in the law firm’s corporate New York and Washington. planning for ML Rogers. practice group. She previously served as —laura shin markets around the world. Before joining Thompson Hine, she served as Sarah Chumsky, 43, has been promoted general counsel of Pharmaceutical managing counsel for the global agency and trust business of the Bank of to director of Insight Kids. She had been Services Corp. EXECUTIVE PROMOTIONS New York. She holds a bachelor’s degree from Yale University and a law ABC Television Network: an associate director. Adam Gerber, 42, The fastest way to get an announcement into degree from Boston College Law School. David Dyte, 42, was named director of has joined as vice president of sales Crain’s is to submit online. Fill out the form quantitative analytics. He was most development and marketing. He was —LAURA SHIN at www.crainsnewyork.com/section/ recently senior quantitative manager. previously with Quantcast, where he executive_moves. The Executive Moves column Supriya Sanyal, 34, has been named was chief marketing officer. is also available online.

26 | Crain’s New York Business | April 4, 2011 20110404-NEWS--0027-NAT-CCI-CN_-- 4/1/2011 5:49 PM Page 1 chemex / INSATIABLE CRITIC Gael Greene purchase tickets, visit www.cbsacny.org. flickr.com THERIDA , APRIL 5 F Y 1 REGIONAL PLAN ASSOCIATION presents “Innovation and the Global City,” a WEEK program highlighting innovations in technology, management and financing from cities around the world. Featured Sitting tight AHEAD speakers include Connecticut Gov. Dannel Malloy and Harvard professor, Ed Glaeser. The event will take place at APRIL 11-17 the Waldorf-Astoria, 301 Park Ave., in the Village from 8 a.m. to 4 p.m., with a cocktail reception to follow.Tickets are $250 for CONFERENCES AND association members and $275 for SEMINARS Spasso serves good nonmembers. To register, visit WHAT HE’S TUESDAY, APRIL 12 www.regionalassembly.org or call Italian food on tables MANHATTAN CHAMBER OF COMMERCE (917) 546-4309. READING invites you to “Local Marketing for UL URAL VENTSC T E crowded together Local Businesses: Leveraging Pick Dr. Oz Garcia’s idea of relaxing is Technology to Get Local Customers.” SATURDAY, APRIL 16 curling up with a book like The seminar will take place at Samsung THE AMERICAN MUSEUM OF of the t’s Italian. It’s the Village. NATURAL HISTORY week Looking for Spinoza: Joy, Sorrow, Some guys from Choptank. Experience, 10 Columbus Circle, from celebrates 8:30 a.m. to 10 a.m. Tickets are $15 for the opening of an exhibition, and the Feeling Brain, by Antonio That’s all I know.” Our chamber members and $25 for “The World’s Largest Dinosaurs.” Damasio. “Science is very friends are in the mood for nonmembers. To register, visit This special exhibition, which runs soothing,” Dr. Garcia said. “Great no-fuss. “Italian is perfect.” www.manhattancc.org. For more through Jan. 2, 2012, reveals how the minds attract me.” The parking spot right in front is an information, call (212) 473-7875 or long-necked and long-tailed sauropods The nutritionist to the stars I buck ennis auspicious sign,not far from Tratto- e-mail [email protected]. lived.Tickets for the exhibition, which reads at least five titles at once. ria da Alfredo, the late Alfredo Vi- STUNNING: Strascinari with duck leg include museum admission, range from WEDNESDAY, APRIL 13 $14 to $24 and can be purchased online Others on his nightstand include azzi’s pocket-size taste of Tuscany. COLUMBIA BUSINESS SCHOOL ALUMNI The Hidden Reality: Parallel My ex-husband and I shared joint at www.amnh.org or at the museum, SPASSO CLUB OF NEW YORK will hold a Universes and the Deep Laws of custody there after we split, when located on Central Park West at 551 Hudson St. conference on U.S. and global financial 79th Street. the Cosmos, by Brian Greene, downtown fun meant the Village, (212) 858-3838 markets with William H. Donaldson, and Social Intelligence: The New SoHo didn’t exist and TriBeCa had SUNDAY, APRIL 17 http://spassonyc.com former Securities and Exchange Science of Human Relationships, no name. Commission chairman and New York ORCHESTRE NATIONAL DE FRANCE We’re a few minutes early. Our Stock Exchange chief executive. Mr. performs at Lincoln Center. The by Daniel Goleman. table isn’t ready yet. The four of us Donaldson will offer insights and performance begins at 3 p.m. in Avery Dr. Garcia is also working on are salami’d into the windbreak en- CUISINE Italian answer questions at Cooley, 1114 Sixth Fisher Hall and features works by another book of his own, to be Ave., from 5:45 p.m. to 8 p.m. Tickets Beethoven, Strauss and Ravel. Tickets trance at Spasso, waiting for a quar- PRICE RANGE Pastas, entrées published next year. “I turned 60 tet to exit. I’m getting grumpy. At are $25 for CBSAC/NY and cost $35 to $75 and can be purchased by last month,” he said. “I’m thinking $15-$29 Manhattan Chamber of Commerce visiting www.lincolncenter.org, calling the wide marble counter of a bar, about the next 60 years and what SERVING Dinner Tuesday-Sunday members and $40 for nonmembers with (212) 721-6500 or stopping by the two young women on a corner take preregistration, or $60 for all at the door. Avery Fisher Hall box office. we all need to be thinking about if delivery of bowls stuffed high with RESERVATIONS Yes To get more information and to —suzanne panara we want to remain highly effective at 60, 70, 80.” mussels and wings of crusty grilled NOISE LEVEL Between bearable bread. Hard to believe it’s a $10 —VALERIE BLOCK and not To view Crain’s classified events listings, go to www.crainsnewyork.com/events starter, but so the menu says. Determined drinkers vie with I can’t wait to return. firmly established eaters at the bar I will definitely go back. as finally we’re dropped off at a post in the rear, a mere few inches be- I’ll let them simmer awhile. tween tables. Now I can see there is NO HATS Never again. another counter for eaters that butts into the chef ’s expediting sta- tion, at the head of the open fish tattooed with a staccato of fen- kitchen in the distance.That would nel and splotches of sea urchin,is el- Photos, Factoids & be Chef Craig Wallen. He worked egant and hip in this rough country at Convivio under Michael White collection. and Lupa before that. It could be a But then pastas arrive from a night for pasta. roster of seven, and I know why I’m Footage of the 40s Jacob announces himself and the here and why I’ll be back. My mac- daily specials. Bread arrives in a cheroni di busa with pork ragù brown paper bag and he pours a grandmother style, with fennel saucer of very good olive oil. The fronds and a pillow of satiny goat www.crainsnewyork.com/40under40 fried cauliflower caponata with cheese, is almost too rich. An ele- plumped raisins, pine nuts, and sliv- gant carbonara is fine, too. And a Log on today to explore the dedicated multi-media section with expanded information ers of peppadew peppers makes a gift of the chef, strascinari with on each honoree in the 2011 class. virtuous starter, maybe too chaste, braised duck leg and smoked scar- because I’m quickly distracted by morza, is a stunning toss of ricotta- Watch strings of house-made stracciatella flavored noodles with savory video interviews cheese in olio nuova to layer on clumps of meat and the smokiness with honorees grilled bread. Rather ugly, like of a cheese that I love. straight hair on a damp day, but the I know it’s my job that requires Read strands are richly steeped with heavy me to sample the secondi, but my interesting facts cream and luscious. The oysters, a work ethic falters with pastas like about what makes gift of the chef, are freshly fried, but these. them successful, too thickly breaded. Jacob urges us to consider including unique I’m glad we’re sharing, ignoring dessert. I think we are ordering the personal tidbits the house-cured meats and cheeses apple cake with maple crème everyone offers now. Half an egg- fraîche so as not to disappoint him. View plant arancini is enough for me, But maybe it’s to please me. The their photo gallery from a starter of three big globes chef decides we must have bom- and candids from with vibrant roasted tomatoes and a bolini,too,crusted with orange sug- their in-house smear of whipped house-made ri- ar. Alas, my sandy orb is oddly photoshoot cotta. Good enough, but not as tough, but I dip it in the spiked ...and more compelling as that splendid thick ri- chocolate crema anyway and take bollita, the rustic porridge of Tus- another bite. Just to be sure. cany, with black kale, soggy islands of bread and another plop of ricotta. Copyright © 2011 by Gael Greene. Amberjack crudo, cool ribbons of Syndicated by www.insatiable-critic.com.

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