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INSIDE NEXT WEEK TOP STORIES REAL ESTATE Return of the REITs What to read PLUS Top leases into Ron Burkle’s and property sales Barnes & Noble bid ® AND Bad landlords PAGE 2 Investor takes a VOL. XXVI, NO. 6 WWW.CRAINSNEWYORK.COM FEBRUARY 8-14, 2010 PRICE: $3.00 powder on ski resorts PAGE 2 Curtain Fashion Week rises on crowd discovers meatpacking Brooklyn district--again PAGE 3 arts center Can anyone save Saint Vincent’s? Construction to start THE INSIDER, PAGE 8 on 6 projects in BAM nabe totaling $100M+ Why Paterson’s Aqueduct choice BY MIRIAM KREININ SOUCCAR smells so bad after years of canceled projects and EDITORIAL, PAGE 10 false starts, the cultural district planned for the neighborhood around the Brooklyn Academy of Music is finally HOT TIP: Informed gaining momentum. of his legal rights by a co-worker, Tony Over the next year, construction on walked out on his six cultural and public projects worth a employers of 20 total of well over $100 million is slated years—and sued to begin in the area between Fulton and them. Lafayette streets in Fort Greene, Brooklyn. The projects include the long- awaited new building for Theatre for a New Audience; a renovation of the Strand Theater building;a third theater venue for BAM itself; a new park; and new sidewalks, trees and lighting BUSINESS LIVES throughout the area. In addition, BAM is expected to close this week on the GOTHAM GIGS See BAM GROWS on Page 20 Visit this shopgirl for Valentine’s Day P. 21 G ANNE FISHER says the boss should take a break buck ennis MSG spinoff every now and then P. 21 G MOVERS & SHAKERS She played surprise role no Garden in terrorist trial shift P. 22 G GAEL GREENE goes to Colicchio & Sons P. 23 PitytheDeliveryGuy party Underpaid, overworked, mugged. Don’t even start Renovation costs INDEX on those lousy tippers. Is anyone looking out for him? soar as sports arena NEIGHBORHOOD JOURNAL ______9 splits from Cablevision CRAIN’S ONLINE POLL ______10

OPINION ______11 be used because he doesn’t want to jeopardize his BY LISA FICKENSCHER BY AARON ELSTEIN REAL ESTATE DEALS PLUS ______12 new position. A Latino immigrant who speaks limited English CLASSIFIEDS ______17 tony was employed as a deliveryman by Adriatic and is only semiliterate in Spanish, Tony worked the new york knicks are asking fans to FOR THE RECORD ______19 Italian Restaurant & Pizzeria in midtown for 20 many 70-hour weeks for as little as $10 or $15 per “declare your allegiance” and purchase HOT JOBS ______21 years before he mustered the courage to leave his shift plus tips, according to his sworn statements. tickets to the struggling basketball EXECUTIVE MOVES ______21 job—and sue his former bosses for underpaying him. The four brothers who own Adriatic even forced team’s games. But this week, dedicated

THE WEEK AHEAD ______23 “I was tired of these people, who always insulted him to pay up front for each meal he delivered. fans can go even farther:For a fraction of me,”says Tony,who requested that his last name not See PITY on Page 20 the price of most seats, they can buy a piece of Madison Square Garden. On Tuesday, MSG will be spun off 06

5 REPORT SMALL BUSINESS from longtime parent Cablevision Sys- tems and begin life as a stand-alone Where’s the money? Crain’s guide public company.The move is designed ELECTRONIC EDITION to the new world of financing mostly to make the Cablevision enter- tainment amalgam appear simpler and Plus: Wall Street spinoffs PAGE 13 more attractive to big investors seeking NEWSPAPER See NO GARDEN PARTY on Page 20 71486 01068 0 20100208-NEWS--0002,0003-NAT-CCI-CN_-- 2/5/2010 8:00 PM Page 1

IN BRIEF MEMORIAL SLOAN-KETTERING CANCER Billionaire gets a good read CENTER GOT THE GREEN LIGHT LAST WEEK from the judge overseeing the bankruptcy of Cabrini Medical Center to purchase the former Cabrini site—a five-building complex on Barnes & Noble’s value at 227 E. 19th St.—for $83.1 million. Pending all approvals, MSKCC plans to renovate and convert the property into an outpatient cancer for those years.” center. Can Ron Burkle invigorate bookseller? A spokeswoman for the bookseller de- clined to comment. THE HELMSLEY MIDDLETOWNE HOTEL, ONE OF In the six months ended Oct. 31, 2009, FOUR MANHATTAN HOTELS IN THE LATE LEONA BY MATTHEW FLAMM Barnes & Noble posted a small net loss of Helmsley’s estate, plans to close its doors in $12 million on $2.3 billion in revenue. May, according to a filing with the New York private equity billionaire Ron With nearly 800 superstores around the State Department of Labor.The 192-room Burkle built his fortune betting on country, and more than 600 college book- hotel’s lease will expire after 82 years of businesses that other investors stores, the company will alone account for hospitality services at 148 E. 48th St., between shunned, starting with grocery-store 18% of the book industry’s projected $26.4 Lexington and Third avenues. It’s the first chains in low-income neighbor- billion in sales in 2010, according to re- major hotel closure since 2005, according to hoods. But his current play for search firm IBISWorld—a share roughly John Fox of PKF Consulting, and will affect 79 Barnes & Noble Inc. may be his on par with that of online giant employees, including 25 who are members of oddest yet. Amazon.com. the New York Hotel & Motel Trades Council. The share price for the na- The closure will not affect any of the other tion’s largest bricks-and-mortar Mystery man Helmsley brand hotels, including the New York bookseller has tumbled 50% in nobody knows what precisely Mr. Burkle Helmsley, which has 776 rooms, and the Park the past three years. Store sales and his Yucaipa Cos.investment firm have Lane, which has 587. have dropped for the last six in mind for Barnes & Noble. In his letter quarters in a row. And analysts, to the board, he claimed that the stock JUST IN TIME FOR VALENTINE’S DAY, THE BOW most of whom have a “sell”rating price was being hurt by the poison pill, BRIDGE HAS BEEN DECLARED THE MOST on the stock,expect e-readers like which limits his stake to 20%. He also ac-

romantic spot in Central Park, according to a the Kindle and the new iPad to eat cused members of being too cozy with Len buck ennis survey conducted by inexorably into what profits the Riggio, the company’s founder and chair- the Central Park company has. man, whose 37% stake Mr. Burkle would Conservancy. Mr. Burkle, who just raised his NEXT CHAPTER: Nobody knows precise- like to match. Throughout the stake to 19%, has a different read ly what Ron Burkle has in mind for B&N. He also complained about the compa- month of January, on Barnes & Noble. He sees a stock ny’s purchase last year of privately held more than 1,000 so undervalued that he asked the Barnes & Noble College Booksellers.The people voted on the company’s board in a recent letter to pal of former President Bill $600 million deal rubbed a lot of investors agency’s Web site, do away with a “poison pill” provision Clinton, brings a track record the wrong way, because the company was recounting their own romantic moment at the so that he could double his holdings. of turning around low-mar- owned by Mr. Riggio. spot.The Bow Bridge—built in 1862, making gin retailers. What Mr. Burkle has not said is what it the second-oldest cast-iron bridge in the Finding its Nook “Barnes & Noble is he wants to do with the bookseller. A Yu- U.S.—won out over other popular park spots he may not be crazy.The chain’s main bound to be the last man caipa Cos. spokesman did not return calls. such as Belvedere Castle, Bethesda Terrace and competitor, the Borders Group, has been standing in the sale of High on his list of priorities would like- the Conservatory Garden.
flirting with bankruptcy for years. Mean- books at bricks-and-mor- ly be cutting capital expenditures and re- while, book sales at Barnesandnoble.com tar retail,” says Mike structuring the College Booksellers deal. have been rising, and the company has es- Shatzkin, chief executive But he may also help the company just by BY THE NUMBERS tablished a foothold in the e-reader of consulting firm The making a lot of noise. market with one of its own—the Idea Logical Co. “If you “It’ll force the board to have more of a

Weekly shift of the city’s economy Nook.It offers some unique features, believe bookstores still spine when dealing with [Mr. Riggio],”

including wireless streaming of e-books have a few years to go, then says Whitney Tilson, a managing partner

GREECE IS THE LAST THING we need on the   inside the stores. Barnes & Noble is going to at hedge fund T2 Partners, which used to economic wheels right now. But that nation’s For his part, Mr. Burkle, a media-savvy be generating a lot of cash See BURKLE on Page 19 debts plus Spain’s plus ours—spooked investors last week. Luckily, the U.S. unemployment rate surprised on the upside by actually dropping. -4.2% $240 57,498 DROP IN 4Q THE AVERAGE TOTAL WEATHER- Ski you later: A PE player’s big in state income tax daily room rate in adjusted gigawatt withholding vs. Manhattan in hours used in year-earlier 2009, down 22% NYC in ’09, Calif. It also sold Copper Mountain, in period from 2008 lowest since ’06 Source: NYS Source: PKF Source: Consolidated Fortress-owned resorts, Colorado, in November. comptroller’s office Consulting Edison late on debt payments, The firm missed two extensions on a $524 million debt payment and defaulted STOCK SHOCK After a downbeat January, stocks began getting chilly reception in December. The debt was part of the February with a solid rally that morphed into a late-week jolt. leveraged buyout deal Fortress concocted Bloomberg/Crain’s NY stock index closing levels. from creditors, Canada when it acquired Intrawest four years ago for $2.8 billion. But the Fortress saga is more than just BY HILARY POTKEWITZ another story of ill-timed real estate in- vestment.It also exposes a major miscalcu- with just a week to go before the Win- lation by a financial giant that tried using ter Games, one would think the owner of strong-arm Wall Street tactics to get its the biggest ski venue in Vancouver—and way—and wiped out. site of the slalom and bobsled events—is “They really bought at the peak of the tingling with Olympic anticipation over market,” notes David Byrd, director of ed- the global media exposure. ucation and risk management for the Na- vol. xxvi, no. 6, february 8, 2010—Crain’s New York Business (issn Instead, Manhattan-based private eq- tional Ski Areas Association. “They were 8756-789x) is published weekly, except for combined issues June uity firm Fortress Investment Group, in part a victim of the recession and the 28/July 5, Aug. 30/Sept. 6, and Dec. 20/Dec. 27 by Crain Com- munications Inc., 711 Third Ave., New York, NY 10017. Periodicals which owns Olympic host resort Whistler drop in real estate prices.”

postage paid at New York, N.Y., and additional mailing offices. Blackcomb through its Intrawest Hold- getty images Postmaster: Send address changes to: Crain’s New York Business, ings, is scrambling to sell assets in an at- Hunting for deals Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111.Fax tempt to stave off foreclosure. ever since private equity firm Apollo agers have been hunting the back country (313) 446-6777.$3.00 a copy, $59.79 one year, $109.79 two years. In the last days of January, Intrawest Management took Vail Resorts public in to make their own tracks in ski resort (GST No. 13676-0444-RT) ©Entire contents copyright 2010 by Crain Communications Inc. shed two ski resort properties: Panorama 1997 for a then-spectacular $213 million deals. All rights reserved. Mountain Village in British Columbia (Managing Partner Leon Black had Apollo’s Vail deal is considered “the and the Village at Squaw Valley in Tahoe, snatched it out of bankruptcy), PE man- biggest home run of all time in the ski in-

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BEATING THE ODDS IN HIS RECENT budget speech, Mayor Michael Bloom- berg indicated that the city’s economy fared better in the recession than originally feared. He was guardedly optimistic that it could continue to surprise on the upside. Still, he noted that the city faces a yawning fiscal deficit. Below are some of his key indicators.

BETTER THAN EXPECTED

STEPPING IT UP: 203,000 Annie Washburn Projected NYC private job losses of the Meatpacking from ’08 peak to ’10 trough District Initiative 311,000

buck ennis Previous job loss forecast Fashion Week double BELOW AVERAGE

this Thursday, and designers look which has become a magnet for Epstein, a vice president at Aurora Meatpacking district for fresh spaces to host their runway fashion stalwarts like Diane von Capital Associates. “Luckily, that shows, the meatpacking district is Furstenberg and trendsetters like all changed with the Standard Ho- Share of private-sector jobs lost courts designer in recession to date crowd and reinvents becoming a likely alternative. Alexander McQueen, was in dan- tel and the High Line. They Indeed, event space Milk Stu- ger of losing its edge as it became a brought the cool factor back.” SINFULLY RICH itself yet again dios, located at 450 W. 15th St., is touristy spot filled with revelers hosting 32 fashion shows next looking for nightlife kicks. But the M.A.C. attack week, up from 30 last September. arrival of the High Line elevated the area’s standing as one of the BY ADRIANNE PASQUARELLI “As the tents move farther up- park and the Standard Hotel and Big Apple’s fashion bases was rein- town, we feel it’s our duty not to plans for a Whitney Museum out- forced last September when home to hog houses no more,the alienate the designers, showrooms post have helped revitalize the area M.A.C. Cosmetics, formerly the meatpacking district is gaining and people that are downtown,” and attract new visitors and tenants. official cosmetics sponsor of the ground as an edgy fashion hub. As says Mazdack Rassi,Milk’s founder “Two to three years ago, the IMG-produced shows at Bryant Mercedes-Benz Fashion Week cel- and creative director. neighborhood had become a bridge Park, instead partnered for Fashion $58.1 billion ebrates its last season at Bryant Park The meatpacking district, and tunnel destination,” says Jared See FASHION on Page 19 Profits of Wall Street firms in ’09, nearly triple previous record SOLD OUT $100 million, 45% less than the re- sort’s July valuation. g investment goes downhill Some speculate that Fortress has been trying to use the pending Olympics as a bargaining chip to Fortress did not return calls for “There’s a fair amount of postur- buy more time. BLAME CANADA: Whistler Blackcomb comment. Intrawest declined to ing going on,” says Mr. Shapiro. With creditors threatening to resort near Vancouver is the backdrop comment, noting that last month it Fortress’ creditors, led by foreclose, Fortress tried to shift re- for strong-arm financial tactics by a -97% Fortress Investments holding. issued a statement saying it was ac- Lehman Brothers Holdings, are sponsibility to the Canadian gov- Change in value of commercial tively engaged in refinancing dis- running out of patience. They are ernment for stalling on its reim- property sales from ’07 peak to ’09 cussions with lenders. threatening to start auctioning off bursement payment. It was an Actually, Intrawest also was en- its remaining ski resort assets, in- arm-twister’s tactic, based on the gaged in heated discussions with cluding Vermont’s Stratton Moun- idea that a host country would go to SIGHT FOR SORE EYES the Canadian government,pushing tain, Colorado’s Steamboat and great lengths to avoid potential em- for an up-front payment for the Winter Park, and Whistler Black- barrassment on such an interna- 45.3 million use of its resort for the Olympics in comb. tional stage. Number of tourists an effort to fend off imminent fore- “I guess the trump card they who visited NYC last closure. Trouble ahead thought they had was the Canadian year, off just 3.6% Typically, a ski resort suffers a the auction is scheduled for government,”says Hayley Wolff,an from ’08 drop-off in business during the Feb. 19 in Manhattan, the opening analyst with Rochdale Research Olympics because recreational day of the Olympic slalom compe- who covers ski resorts. MIND THE GAP skiers stay away. Vancouver’s tition on the slopes of—yes— It was another serious misjudg- Olympic committee agreed to re- Whistler Blackcomb. ment. Last week, the Vancouver imburse the resort for the estimat- The dispute with its lenders has Organizing Committee officially $4.9 billion ed revenue loss. But Intrawest is been going on for months but took declared that it would not calculate Projected threatening legal action against the on added urgency as the Games ap- Fortress’ payment until after the NYC budget Canadian Olympic authority if Ot- proached. Back in November, as Games were over, end of story. gap for FY dustry,” says Ken Shapiro, a princi- tawa doesn’t pay the nearly $100 part of the terms of its deadline ex- Ms. Wolff says the outcome was 2011

pal of money management firm million by next week. Canadian tension, Fortress sold Copper predictable, adding, “Which head- istockphotos, buck ennis Condor Capital, who follows the Olympic officials claim the agree- Mountain. line is worse: ‘Whistler in bank- GREG DAVID weighs in on city’s ski industry closely.“Since then, it’s ment was to reimburse the resort af- Terms were not disclosed, but ruptcy’ or ‘Canadian government prospects for recovery Page 11 been a mixed bag.” ter the games. estimates put the sale price at about bails out New York hedge fund’?”

February 8, 2010 | Crain’s New York Business | 3 20100208-NEWS--0004-NAT-CCI-CN_-- 2/5/2010 5:30 PM Page 1

Fairway staking a claim IN THE MARKETS on the Upper East Side by Aaron Elstein Grocery chain is in negotiations Making Lazard’s bonus math add up for E. 86th site he early leader in the category BY ADRIANNE PASQUARELLI of Wall Street understatement of Tthe year comes from investment fairway market’s expansion plans bank Lazard Ltd., which last week confided for the Big Apple are heating up. that it rang up $147 million in The popular grocer is negotiating to lease a space on the Upper East Side, compensation costs that it described as according to real estate sources, “special.” Special, indeed. At Lazard, bringing its Manhattan store count buck ennis bonuses were so high that the firm posted to three. BIG EXPANSION PLANS: Father and son Howard and Dan Glickberg, owners of Fairway an unexpected fourth-quarter loss and The nearly 60,000-square-foot barely made any money for all of 2009.

retail space at 240 E. 86th St., be- bloomberg news tween Second and Third avenues, some delay, the Pelham location is East 57th Street and Second Av- And there is more specialness yet to come. CEO Kenneth Jacobs formerly housed an outlet of the scheduled to open April 14. enue, a location considered too far Rochdale Securities analyst Dick Bove now-bankrupt Circuit City and a Three years ago, Sterling Invest- south to impact the neighborhood. estimates Lazard will incur another $135 million in similar Barnes & Noble that moved else- ment Partners acquired a control- It seems like a smart time to rent where in the neighborhood.Sources ling interest in Fairway for $150 on the Upper East Side strip: Retail compensation costs this quarter. say competition for the space was million and has since invested an- rents have dropped on the East 86th heated, with retailers including other $30 million to pay for addi- Street corridor, between Lexington Lazard’s are just the latest eye- bankers to join Lazard, which was Whole Foods and Nordstrom Rack tional stores and employees. Execu- and Second avenues, by as much as popping numbers in a banker bonus roiled by Mr. Wasserstein’s death in vying for a deal.The lease—still un- tives at Sterling are hoping for an 24% since 2008, according to a Re- season that will long be remembered, October. Trouble was, back in the der negotiation, the sources cau- initial public offering within the tail Board of New York report pub- for better or worse.For those keeping darkest days of 2008, Lazard had tion—is expected to be completed next five years. lished last fall,the most recent avail- score, Lazard’s bonus payouts come forced its employees to defer a within the next 40 days. able. Prices are currently near $360 to an average of about chunk of their cash Fairway, which has five stores in Good time to go in a square foot, compared with $475 a $565,000 per em- BONUS BABIES bonuses. So Mr. Ja- the New York area bringing in more the upper east side spot would of- square foot in the fall of 2008. ployee. Only Goldman Average compensation for cobs had to speed up than $500 million in sales, is grow- fer residents easy access to a leg- Neither Aaron Fleishaker, the Sachs paid higher av- investment bankers vesting of those de- ing at a rapid pace. Along with its endary supermarket alternative to vice president of real estate for Fair- erage bonuses per ferred cash bonuses existing New York area outposts,the Gristedes,D’Agostino and the Food way, nor Ariel Schuster, the Robert employee. (See the Goldman Sachs $770,000 to existing workers 75-year-old Harlem-headquar- Emporium. The area also has gour- K. Futterman & Associates broker chart.) Lazard $565,000 rather than risk a tered chain is developing locations met options Citarella and Agata & representing the owner of 240 E. Lazard’s huge flood of defections, in Douglaston, Queens; Pelham, Valentina.Whole Foods is planning 86th St., would comment on the bonus payouts were Bank of America $400,000 according to Mr. N.Y.; and Stamford, Conn. After to open in two years at the corner of lease negotiations.
driven by two factors. Bove. First, the firm paid J.P. Morgan Chase $379,000 A spokeswoman more than $80 mil- Morgan Stanley $235,000 said only that Lazard lion to the estate of had determined that former Chief Execu- Sources: Company filings deferred-cash tive Bruce Wasser- awards were “not an stein,whose holdings vested upon his effective means of aligning employ- death last October. The remainder ees’ interests with shareholders’.” seems to stem from an effort by his Other Wall Streeters, who it so successor, Kenneth Jacobs, to stave happens are getting paid bonuses off an employee revolt. largely in deferred stock instead of In recent months, Mr. Jacobs of- cash, seemed annoyed by Lazard’s fered pay packages that steered clear about-face. “You’ve done, like, a of the deferred-compensation and stunt twice in two years,” snapped a clawback clauses that competing Goldman Sachs analyst during a firms are insisting upon nowadays. conference call to discuss the num- It seems he was looking to persuade bers.

Look! Up in the sky! So what makes a director “super- independent”? No, it’s not an aver- It’s ... it’s ... super- sion to kryptonite. It means the board member accepts no other independence, man compensation from the bank be- as part of last week’s $150 mil- yond the amount routinely awarded lion settlement with the Securities to all directors. Typically, members and Exchange Commission for fail- of board committees get paid extra. ing to disclose big losses at Merrill Anyway, this scheme might be Lynch,Bank of America agreed that all foiled by the man who’s become members of its compensation com- BofA’s Lex Luthor: New York At- mittee would adopt a “super-inde- torney General Andrew Cuomo, pendence” standard. Not only that, who filed a suit against the bank but said directors must hire a pay concerning its Merrill disclosures consultant who also will be “super- on the same day the SEC tried to independent.” close the book on the matter.

PERCENTAGE OF investors who consider themselves “bullish” on the markets as of Feb. 4, according to the American 29% Association of Individual

istockphoto Investors. The figure was 41% at the start of the year.

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Download all of the information in the newly Supersize it published Book of Lists as an Excel file by purchasing for Valentine’s Day ize does matter this Valentine’s Day: CRAIN’S At least, that’s what 85-year-old Blossom 2010 SFlower Shops would have shoppers believe. The Westchester retailer, which has outposts in both BOOK OF LISTS Yonkers and White Plains, will begin selling 5.5-foot- ONLINE stemmed roses on Thursday. “The blossom is the size of your hand, and they last around two weeks,” says Blossom’s owner, Kevin Kegan. This is his second year selling the giant stems—last year’s This one-time download puts the information and contacts batch of 100, imported from Epic Farm in Quito, from Crain’s 2010 Book of Lists at your fingertips. Use this Ecuador, sold out on the first day. He ordered double that unique resource to get new business leads for 2009’s top ranked amount this year, but because of a freeze in Ecuador, he companies and to direct your outreach to the largest and most successful companies across New York’s business sectors. was only able to procure 100. The extraordinarily tall flowers are pricey—ranging To download now, go to crainsnewyork.com/lists. from $29.95 for a single stem to $395 for a dozen in a vase. But given the limited supply, Mr. Kegan expects they’ll be snapped up.

marketing muscle behind Luis Shalom from Jiménez, and didn’t do enough off-Broadway when the station moved to its new home. january and february are Univision did not respond to usually the slowest months of the requests for comment. year for theater, but a tiny off- Broadway production with a racy name has people lining up for Job hunting? tickets at the Bleecker Street Watch TV Theatre. Circumcise Me, a one-man with new york’s unemployment show written by and starring Battling Hispanic rate at 10.6%, Mayor Michael Yisrael Campbell (below), opened shock jocks Bloomberg, NYC Media president Nov. 18 and was just extended for Katherine Oliver and Department of the second time, to May 16. The when Luis Jiménez (above), called Small Business Services comedy covers the life of Mr. the Hispanic Howard Stern, Commissioner Robert Walsh last Campbell, a troubled Irish-Italian returned to New York radio’s week announced the launch of Job Catholic kid from Philadelphia morning drive two Hunt, a 10-part reality who ended up an Orthodox years ago, he set up series airing Tuesdays Jewish actor living in Israel. shop at Univision’s DIVEST at 9 p.m. on NYC Producer Eva Price decided to WCAA-FM, THYSELF Life, channel 25. develop the show after watching directly challenging The show, hosted a documentary of a comedy act his former home GROUPON.COM, a site by Tory Johnson, Mr. Campbell and longtime that offers daily founder and CEO of had created market leader, discounts on anything Women for Hire, will about his life. WSKQ’s El Vacilón from hotel rooms to feature expert panels She had to scrimp de la Mañana. But yoga classes, is asking sharing tips on on the set and the shock jock never one crazy individual to résumé building and other expenses jumped ahead of his give up everything, interview skills with because of a alma mater, despite including their job and job seekers of all ages limited great expectations. apartment, to live off and from all walks of performance When WCAA of Groupon deals for a life. Highlights will schedule. moved down the year. For their include footage of “Yisrael can dial in October, sacrifice, they will get New Yorkers at the only do five from 105.9 to the $100,000—which in city’s Workforce1 shows a week much stronger 96.3 New York City is not career centers. Mr. because of the FM, the station— exactly a fortune. The Bloomberg points Sabbath, so to now called unemployed, however, out that despite the make our nut WXNY—shot out may think this is a tough job market, the we’ve had to ahead of WSKQ, sweet deal. Groupon city’s 10 career create a very according to will, of course, centers helped place lean produc- Arbitron. But the chronicle the lucky 25,000 people in jobs tion,” she says. Luis Jiménez Show is last year. carol rosegg winner’s every move. Ms. Price still being beaten by To apply, head to expects the play El Vacilón. liveoffgroupon.com Contributors: to recoup its Insiders say that through Feb. 24. Matthew Flamm, investment Univision never put Adrianne Pasquarelli, by May. the required Miriam Kreinin Souccar

6 | Crain’s New York Business | February 8, 2010 Project2:fp template.qxd 1/27/10 11:48 AM Page 1

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SENATE RACE Challenging Chuck investment bankers to suggest NOT LONG AGO, it would have seen pointless to run against Sen. Charles restructuring options, and merging Schumer (left) , who boasted healthy approval ratings and a massive departments. campaign fund. But the inveterate politician has had a bumpy THE INSIDER One possible remedy, a pro- 2010 so far, and Republicans would like to add to his posed merger with Continuum problems by giving him a race. Health Partners, is now off the Economist and CNBC commentator Larry Kudlow by Erik Engquist and Daniel Massey table. Last week, Continuum Pres- (right), a former budget official in the Reagan ident Stanley Brezenoff revealed that administration, is emerging as the strongest possible he had withdrawn his proposal to challenger. He said in a radio interview that he is giving the take over St. Vincent’s Hospital matter “careful attention” and has been talking to Republican and cease inpatient operations. He leaders across the state, a GOP strategist says. Last week, the state cited opposition from the state’s Conservative Party publicly encouraged him to run. Working to save Department of Health and from “He understands how to grow the private sector and Saint Vincent’s own board. Mr. how to create jobs, and he would represent an alternative Brezenoff, however, added: “We to the borrow, tax-and-spend, big-government agenda that Saint Vincent stand ready to resume discussions we’re seeing in Washington right now,” says the strategist. and negotiations at any time if it “The fiscal issue is the issue facing this country.” appears that would be productive.” Saint Conservatives are excited at the possibility of running a he fate of The one thing that is clear is non-pushover candidate against Mr. Schumer, whose $19.3 Vincent Catholic that Saint Vincent’s is dangerously million war chest is the largest of any Senate candidate nationwide but whose Medical Centers is short on both time and money.“If public approval rating has slipped to 47%, a nine-year low, in a recent Marist [the task force] can’t find a solu- poll. The senator failed to push health care reform across the goal line and is in the hands of a tion, then perhaps the most feared facing backlash from Wall Street over his support for new taxes and regulations result may be inevitable,” Mr. Pa- new and large to rein in banks. task force, convened by Gov. terson said last week. He described T “a very grave situation” in which St. “A Kudlow challenge would force Mr. Schumer to defend not merely the David Paterson last week. It is Vincent’s Hospital, which lost $80 greasy deal-making he’s abetted in Washington, but the ruinous economic made up of the hospital million last year, “is teetering on calculus of the policies his deals are meant to prop up,” wrote Michael Knox system’s creditors and the verge of insolvency.” Beran, a City Journal contributing editor, on his blog. “It would be a fascinating—and enlightening—spectacle.” management, plus elected But Mr. Beran did not suggest Mr. Kudlow could win. Indeed, a closer look officials and executives from GOP ponders Levy at the Marist poll shows that a good number of voters who are dissatisfied various health unions, as candidate with Mr. Schumer are liberals. A third of liberals say he is doing a fair or poor including 1199 SEIU United job, presumably because Mr. Schumer is too conservative for them. But if state republican leaders have they vote in November, they would support Mr. Schumer if the alternative Healthcare Workers East, as had conversations with Suffolk were the more conservative Mr. Kudlow. Marist polled the hypothetical well as the Greater New York County Executive Steve Levy about matchup and found Mr. Schumer ahead, 67% to 25%. Hospital Association. the GOP ballot line for governor. Mr. Kudlow’s eyeing of Mr. Schumer rather than Sen. Kirsten Gillibrand, The governor has given the Mr. Levy is a Democrat, but he’s who is far more vulnerable, suggests that his goal is to make a splash, not conservative, and the GOP has necessarily to capture the seat. group just four weeks to come been unable to come up with a up with ways to keep the candidate any stronger than former schumer, bloomberg news; kudlow, newscom system’s Manhattan hospital Rep. Rick Lazio. Mr. Levy’s war Andrew Cuomo’s likely candidacy for York’s economy.” As it happens, open, including looking for chest of more than $4 million is governor makes Mr. Levy a long Goldman Sachs is by far the largest twice the size of Gov. David shot. Mr. Lazio’s backers say Mr. contributor to Mr. McMahon’s $1

outside partners, getting newscom Paterson’s, but Attorney General Levy does not have enough sup- million campaign fund. Its employ- port from Republican county ees and political action committee chairmen to run on the GOP line. gave him $26,800 last year, accord- ing to the Center for Responsive $12 million revolving credit line and a $1.5 million Politics. Bank of America’s PAC term loan for a regional staffing services and Pol says Paterson gave $10,000. consulting company boosts Jersey Rep. Gregory Meeks, D-Queens, who also opposes the tax, received the budget proposed by Gov. $132,000 for his campaign from $4 million factoring facility to an importer of David Paterson is “an economic the insurance, securities, finance women’s sportswear & outerwear development plan for New Jersey” and commercial banking industries says State Sen. Diane Savino, last year. $7 million line of credit to a wholesale D-Staten Island, because new tax- electrical supplier and distributor es on cigarettes and soft drinks would further encourage New Nearsighted Yorkers to shop there. While visionary $7.5 million working capital line of credit to a buying soda and smokes, they’ll multi-specialty group medical practice also patronize restaurants, gas former u.s. Treasury and State stations and department stores, Department official David Malpass, she says, causing “a great sucking who is considering a campaign on $5 million factoring facility to an importer of Kirsten women’s legwear sound over the Goethals and the the Republican line for Sen. Outerbridge.” Gillibrand’s seat, might appear to be Approved a fiscal expert who could benefit $14.0 million revolving credit line and a $1.5 million term from voters’ disenchantment with loan for a temporary and project based staffing firm Back bankers, the economy. He was chief econo- get cash mist for Bear Stearns, until it col- lapsed in September 2008. freshman rep. Michael McMahon, But appearances aren’t every- D-Staten Island, has emerged as thing. In January of that year, he What credit crunch? the most conser- appeared on Charlie Rose and said, Sterling’s lending, big time. We offer a wide-range of innovative solutions designed to vative member of “I think we’ll skirt a recession.” He improve your bottom line: working capital lines of credit, asset based financing, factoring, the city’s con- cited “lots of strengths in the U.S. gressional dele- economy,” adding that the Federal import trade financing and letters of credit, payroll funding and more. gation and a reli- Reserve Board was on top of able defender of things, “a tepid recovery” would be-

Call now to speak to a Sterling Loan Officer: 212.757.1100 Wall Street. He bloomberg news gin in the second quarter of the opposes Presi- Michael McMahon year, and unemployment would dent Barack Oba- peak at 5.2%. It finished the year at ma’s bank tax, which he says “could 7.4% and surpassed 10% the fol- e Business Bank have a crippling effect on New lowing October.

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8 | Crain’s New York Business | February 8, 2010 20100208-NEWS--0009-NAT-CCI-CN_-- 2/4/2010 7:38 PM Page 1

NEIGHBORHOOD JOURNAL

transportation chairman for the Brooklyn braces for loss of bus lines Carroll Gardens Neighborhood Association. Extending the other bus lines Carroll Gardens has dodged this “will make [the loss of the B71 and MTA cash crunch bullet before.Early last year,the B71 B75] hurt less, but of course we pre- comes home to roost and B75 briefly appeared on the fer to keep them running,” says Mr. agency’s hit list, only to be quickly Reilly. in Carroll Gardens removed. In December, when the MTA announced a $400 million Packed with students shortfall for the 2010 budget and in spite of the MTA’s ridership BY AMANDA FUNG unveiled possible new cuts, the two numbers, Carroll Gardens resi- bus lines were among them. dents insist that these bus lines are or phyllis straka, According to the agency, the av- always packed—especially with there’s just nothing like erage daily ridership of the B71 is kids—during peak hours, when the bus for getting 1,200, and the daily average for the students go to school and return around in Brooklyn. B75 is 3,200. MTA officials point home. The bus lines are also direct “I’m a senior citizen out that they have proposed an alter- links to the Grand Army Plaza li- Fon a pension, so a car service is too native service for each line, which brary, Long Island College Hospi- expensive,” says Ms. Straka. As for involves extending the B61 and the tal and Prospect Park. And they the F train stop on Smith and Ninth B77 to replace the B75 on Ninth provide residents access to a num- streets, it’s too far for her to get to Street and Prospect Park West, and BUS STOPPED: Residents protest proposed loss of two lines many view as vital transport links. ber of commercial districts and on foot. having riders use the B65 instead of restaurants along Fifth and Seventh Beginning this summer, she and the B71. avenues in Park Slope. her Carroll Gardens neighbors may option for many area residents— Ms. Straka relies on the bus to “Eliminating these buses will be have no other choice. As part of a No ready alternative namely young children and the eld- run errands such as paying bills or a killer,” says Maria Pagano, a resi- desperate attempt to save cash, the but the latter bus isn’t really all erly. What’s more, no less a source visiting her doctors in downtown dent of Carroll Gardens for 31 years. Metropolitan Transportation Au- that easy to replace. It is the only than New York City Transit just last Brooklyn and Borough Hall. Both “They connect us across Brooklyn; thority has put two popular area bus east-to-west connector from Car- October admitted in a report that bus lines also transport children when you’ve had knee surgery, it’s lines, the B71 and the B75, on the roll Gardens to Cobble Hill and the F train “does not have the capac- who travel outside of their immedi- not easy to walk from one side of the chopping block. Park Slope, according to Craig ity to absorb bus riders,” says Mr. ate neighborhood for school. Gowanus to the other.” “These buses are the lifeblood of Hammerman, district manager of Hammerman. Adding to the problem, the F The MTA says that it is mindful the neighborhood,”says City Coun- Community Board 6, which repre- “The B71 and B75 are all we train station at Smith and Ninth is of the effect of the potential cilman Brad Lander. “Carroll Gar- sents the neighborhoods, who adds have. We can’t go up and down currently under reconstruction, changes in service, and that “it is dens has a lot of seniors, and those that there is no subway alternative. stairs to get the subways,” says which will cause lengthy service dis- trying to minimize the overall im- seniors can’t ride the subway. These And while a good portion of the Agnes Caminiti, who has lived in ruptions and require closure of the pact and hopes to affect the fewest buses are also absolutely essential for B75 route actually runs parallel to Carroll Gardens for 80 years. “We subway station for the better part of number of riders while maximizing families.” the F train, the subway is just not an need the buses.” a year, according to Gary Reilly, cost efficiency.”

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February 8, 2010 | Crain’s New York Business | 9 20100208-NEWS--0010-NAT-CCI-CN_-- 2/5/2010 1:49 PM Page 1

VIEWPOINT Another also-ran at Aqueduct editor in chief Rance Crain publisher, vp Jill R. Kaplan ou can say this for our state government: The governor’s staff liked a proposal by commercial EDITORIAL It is full of surprises. Just when you think it landlord SL Green Realty and Hard Rock Café (endorsed editor|editor of the editorial board could not become any more unprofessional, by Crain’s in October). Mr. Sampson favored AEG but Xana Antunes managing editor Glenn Coleman it does. would have accepted SL Green. Mr. Silver blessed several of deputy managing editors Valerie Block, Gov. David Paterson and legislative the bidders approved by Mr. Paterson’s staff—SL Green, Erik Ipsen contributing editor leaders have botched, for the second time, Penn National, even Delaware North. His blessing did not Elizabeth MacBride the selection of a team to redevelop extend to AEG. columnists Greg David, Alair Townsend politics editor Erik Engquist struggling Aqueduct Racetrack into a “racino” with video Yet, just over a week ago, the governor picked AEG. pulse editor Barbara Benson lottery terminals. Flabbergasted, Mr. Silver insisted on a $300 million up- senior reporters Theresa Agovino, Y Aaron Elstein, Lisa Fickenscher, Albany’s initial choice, gaming company Delaware North front payment and other new conditions, which some Matthew Flamm, Miriam Kreinin Souccar reporters Amanda Fung, Daniel Massey, Corp., was unable to secure financing for the project and pay believe the group will not meet. Adrianne Pasquarelli, Hilary Potkewitz the state its promised pie-in-the-sky down payment of $370 Mr. Paterson’s choice smacks of crass political calculation. art director Steven Krupinski deputy art directors Carolyn McClain, million. Sixteen months and half a dozen frustrated bidders A week earlier, AEG’s Daniel Mednick later, Mr. Paterson has selected Aqueduct Entertainment Mr. Flake had openly staff photographer Buck Ennis Mr. Paterson’s copy desk chief Wendy Zuckerman Group, in a process even more flawed than the original. mused about backing copy editor Thaddeus Rutkowski AEG, whose team includes the Rev. Floyd Flake, a Attorney General research editor Denise Southwood choice of AEG assistant research editor Maia Blume politically influential pastor and former Queens Andrew Cuomo in the editorial/research interns congressman, insists that it will meet the state’s terms and smacks of crass Emily Laermer, Selena Shen gubernatorial race. www.crainsnewyork.com complete the project on schedule. Of course, Delaware North politics Days after awarding web editor Brian Tracey said the same thing, but a skeptical lending market killed senior producer Elisabeth Butler Cordova AEG the contract, the producer Kira Bindrim the plan. If history repeats itself, no one will be surprised. governor met with Mr. One of the administration’s most egregious mistakes was Flake and discussed an EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 opting not to use the time-tested, transparent request-for- endorsement, the editorial: 212.210.0277 Fax 212.210.0799 advertising: 212.210.0259 proposals process. Bidders instead had to chase a set of moving pastor said. Cable craincom nyk goalposts in a twisted game with ever-changing rules. Most Redeveloping Aqueduct would boost the state’s struggling Fax 212.210.0499 Entire contents ©copyright 2010 Crain of the talks were of the backroom variety.The sordidness horse-racing industry, which supports tens of thousands of Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP scared off casino magnate Steve Wynn, a promising bidder. jobs. Albany is also counting on the project to reduce the Inc., used under license agreement. Despite the missteps, state leaders ended up with several state budget deficit and eventually funnel $1 million a day TO SUBSCRIBE: strong proposals. Albany had an impetus to act, having passed into state coffers. Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. a budget amendment which assumed that the winner of the The selection of AEG portends delays and less-than- www.crainsnewyork.com Aqueduct contract would fork over $200 million by March optimal revenues, because of the lack of a brand like Hard 31. And for once, the “three men in a room”—Mr. Paterson, Rock to attract customers. Moreover, if the bidder doesn’t ADVERTISING AND MARKETING advertising director Trish Henry Senate Democratic Leader John Sampson and Assembly fulfill its requirements, the state will find itself back at the real estate sales manager Cornelius P. Gore Speaker Sheldon Silver—appeared headed for consensus. senior account managers starting gate. We wouldn’t bet against it. Irene Irvill, Courtney McCombs, William E. Squitieri account executives Anthony Mowad sales manager, classified CRAIN’S ONLINE POLL COMMENTS print & online John Gallagher sales coordinator, print & online Lulé Haznedari newsletter product manager SHOULD NYC REOPEN Alexis Barney BROADWAY TO credit Todd J. Masura 313.446.6097 Walkways a 2-way street marketing director Amy Crossman TRAFFIC? circulation manager Andrea Richardson PLAZAS SWEET … … OR SOUR assistant circulation manager Date of poll: Feb. 2 Rosalie Ford 389 votes i work along broadway and I can’t tell you the plazas have done little for the general manager, interactive how great it is to finally have room to walk people of New York, except to clog traffic and Marc Minardo Yes. If traffic flow around Times Square and Herald Square, make getting to Greenwich Village from 59th web developer, interactive . 51% Chris O’Donnell has not greatly where fighting off tourists and theater patrons Street next to impossible unless you take the improved after closing the heart on the sidewalks had made going out to lunch subway. NEW YORK PRODUCTION of Broadway to akin to a salmon swimming upstream to It now takes me almost one hour to get production and pre-press director

traffic, then the spawn. home from Lincoln Center—just so a few Michael Corsi experiment 49%. Cutting back on cabs and trucks with their people can loll around at lunch hour. It is advertising production manager should be pollution and noise on Broadway has been a inexcusable! Suzanne Fleischman Wies abandoned. great addition to our city.The plazas should —lois schwartz PUBLISHED BY CRAIN COMMUNICATIONS INC. definitely be preserved; New York City chairman Keith E. Crain desperately needs them to remain one of the it’s confusing, and the backed-up traffic is president Rance Crain No. The most walkable cities in the country. horrid, especially at 35th and 46th streets. secretary Merrilee Crain pedestrian plazas —mark london The usefulness of these pedestrian areas treasurer Mary Kay Crain have been executive vp, operations William Morrow welcomed by is limited to nice weather.The waste of senior vp, group publisher Gloria Scoby businesses, a true new york resident avoids going to money is incredible. We have greater needs group vp, technology, circulation, workers and Times Square unless he or she has to. But than this, which isn’t generating any income manufacturing Robert C. Adams tourists. Traffic having to walk up and down Broadway a few for the city. vice president/production & flow should not times a day, I’ve found the walk now enjoyable —martin o’neill manufacturing David Kamis be the only chief information officer Paul Dalpiaz deciding factor. instead of a hassle. corporate circulation/audience During temperate weather, I will actually bring back the traffic and stop this development director Kathy Henry eat out there and meet colleagues for foolishness. A cute little pit stop for tourists is founder G.D. Crain Jr. (1885-1973)

buck ennis impromptu “escape” sessions. As for taxis, who not what Broadway is all about.The area chairman Mrs. G.D. Crain Jr. (1911-1996) For this week’s questions: Go to the heck goes through there in a cab unless it is between 42nd and 25th streets has been www.crainsnewyork.com/poll to have your say. early in the morning or a Sunday? destroyed. —derek spisak —louise weiss

10 | Crain’s New York Business | February 8, 2010 20100208-NEWS--0011-NAT-CCI-CN_-- 2/5/2010 2:48 PM Page 1

OPINION

which there is already consensus. First,they should create a path to Immigration citizenship that permits undocu- mented immigrants to pay a fine and back taxes, pass a criminal back- ground check and earn legal status reform is critical and eventually U.S. citizenship. Second, they should establish a commission to determine future BY ESTER R. FUCHS levels of permanent and temporary immigration to the United States resident barack obama’s conspicuous inatten- based on the demand for labor. tion to immigration reform in his State of the Third,they should loosen the cap on professional H-1B visas to re- Union address suggests we will get no legislative ac- spond to market demand. tion on this important issue in 2010.The president Fourth, they should exempt stu- is focused on jobs, and apparently unwilling to get dents with higher degrees in science, sidetracked by the thorny politics of immigration.This is a mis- technology, engineering and math P from the H-1B cap. take. America will not be successful with its jobs agenda unless It would also be helpful to extend we get the immigration question resolved now. the term of Optional Practical Train- ing visas to 29 months from 12, in- The New York City economic grants’ contribution to the GCP in- crease the employment-based green data are much too compelling to ig- creased by 61% from 2000 to 2008, card cap, support visa policies that nore. The extraordinary period of indicating a high work force partici- make it easy for international busi- growth and regeneration the city has pation rate and growth in wages. nesses to hire and transfer employees, experienced in the past 15 years Immigrants are also starting a and establish guidelines for preclear- could not have taken place without greater share of new businesses than ing temporary business visas. immigrant workers and consumers. native-born residents, revitalizing Mr. Obama can learn from New

Between 1970 and 2008, the commercial districts in every city istockphoto York City’s experience and the strong city’s immigrant population more neighborhood.They are engaged in support Mayor Michael Bloomberg than doubled to 3 million, while the a broad range of occupations, with that 65% of respondents support about illegal immigration, 48% say, has given to our immigrant commu- native-born population declined by significant representation in health Congress’ passing comprehensive “They don’t pay taxes”and only 17% nity. Immigration reform is an im- more than 1 million.In 2008,36.4% and technology-related fields. immigration reform and prefer that say, “They are taking jobs away.” portant part of the city’s and Ameri- of the city’s population and 42% of What about the public’s views in it take up the issue in 2010. While Contrary to popular belief, the pub- ca’s path to economic recovery and its work force were immigrants. this contentious political season? the economy and health care remain lic recognizes that immigration re- sustained growth.Now is the time for According to a recent report by Most people assume the public the top issues, 55% believe “the eco- form is part of solving our nation’s the president and Congress to act. the state comptroller,New York City wants the president to focus on the nomic crisis we are in makes it more economic problems. immigrants accounted for $215 bil- economy.But a national poll of like- crucial than ever that we solve our The president and Congress Ester R. Fuchs is a professor at Columbia lion in economic activity in 2008, ly voters conducted in December by immigration problems.” When should seize the opportunity to fo- University and a senior policy fellow at 32% of the gross city product.Immi- Benenson Strategy Group found asked about their greatest concern cus on the economic issues around the Partnership for New York City.

which charges The Related Compa- nies with turning the area into a new Why bigs are bears residential and commercial neigh- borhood. Goldman’s action indi- cates that as far as its top brass can see, the project is not feasible. They on city’s recovery must have been reading the recent economic reports. Office rents in midtown now av- ew york’s recession—at least as defined by the erage $49 a square foot, according to loss of jobs—will come to an end sometime in the Eastern Consolidated—the same middle of the year, forecasters agree. The key level as in the third quarter of 2002, which arrived at virtually the same question now is when the economy will recover, point in the economic cycle. Rents and both Mayor Michael Bloomberg and Gold- continued to fall for another year, man Sachs believe that the answer is, not anytime soon. turning upward when the job count N began to rise. The good news is that the downturn was milder than virtually The Manhattan availability rate anyone expected (“How to put a label on this recession,’’Jan.4). is much higher today (13.7%) than it was in 2003 (less than 12%),Eastern The city lost about his recently released bud- Consolidated says, so a recovery in 200,000 jobs—the low- get, he points out that office rents is likely to lag the jobs re- est number for any Wall Street profits will bound.Vacancy rates downtown will downturn in the past fall as interest rates rise, almost double this year, reaching four decades. The bail- holding down securities 15%, and will remain there for years. outs of big banks kept hiring. He points to the In the residential market, sales of tens of thousands of damage to retail,and re- single-familyhomeshavefallen60%, people employed who tracts his administra- the mayor’s budget says, and prices could have been let go tion’s previous optimism won’t bottom out until late 2011, at otherwise, and low in- about manufacturing. 35% below their high. Co-op sales terest rates have fueled a And then there is will fall 40% by year’s end,with prices rebound in profits. GREG real estate. down 40%. Condo sales have de- Nevertheless, the DAVID Last week, Gold- clined 47%;prices have fallen by 20% city’s economy has been man Sachs withdrew as and will drop further this year. badly damaged. The the moneybags behind Is there any doubt about why mayor,for one,thinks the city will not the Hudson Yards project: the Goldman has become bearish on regain the lost jobs until 2014, or six biggest,most important initiative of Hudson Yards,and the city’s attrac- years after the last economic peak.In the Bloomberg administration, tiveness as an investment?

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February 8, 2010 | Crain’s New York Business | 11 20100208-NEWS--0012-NAT-CCI-CN_-- 2/4/2010 7:39 PM Page 1

REAL ESTATE DEALS PLUS

Buyers eye distressed apartments ON THE RISE 200 ft. Current height of he auction this spring of the Riverton Houses, Sweet deal at Richard Ellis Inc. broker Roshan 1 World Trade a rent-regulated apartment complex in Harlem, is Tootsie Roll plant Shah. He has inked leases that total Center, equivalent expected to draw a crowd, but one likely bidder roughly 23,000 square feet for four to 20 stories labor union District Council 1707 financial clients. already has a serious advantage. is about to take over a former Toot- “There is more life in the indus- Special servicer CW Capital controls the sie Roll factory on the West Side for try now,” says Mr. Shah. “I think 590 ft. $240 million mortgage on the property and has said it wants its new headquarters. there has been a lot of doom and Expected height T DC 1707 has signed a 20-year gloom about the hedge funds, but a at end of this year to keep the property so it can sell it when the market lease for 67,000 square feet at 414- lot of them are doing well and are (60 stories) improves. A judge ordered the auction, and CW Capital can 422 W. 45th St.,with an option to pur- quite active again.” use its credit to bid on the property, which has been appraised chase the space.The asking rent was London-based investment bank at anywhere from $80 million to $108 million. $22 per square foot. The union has Exotix leased about 5,400 square 1,368 ft. agreed to pay operating expenses of feet at 444 Madison Ave. for 10 years. Expected height Sources say CW Capital doesn’t want to sell for less than the three buildings,which will bring The asking rent for the deal was $70 at end of 2011 $150 million. its payment to $32 per square foot. a square foot. Landlord Westbrook (104 stories) The Rockpoint Group and Laurence Gluck of Stellar “They wanted a stand-alone Partners was represented by CBRE Source: Port Authority of New York and New Jersey Management bought the Riverton in 2005 for $135 million. building because it was very impor- broker Patrice Hayden. tant for them to preserve the viabil- In addition, Mr. Shah represent- A year later, they refinanced the property, getting a $225 ity of the organization,” says Paul ed three more financial companies ing rent for the deal was $70 a square million mortgage and a $25 million loan. They defaulted Wolf of Denham Wolf Real Estate with his colleague Keith Caggiano. foot. Landlord Otera Capital was Services, who with colleague Amy James Alpha Management leased represented by Jones Lang LaSalle on both. on more distressed properties. For Lawrence represented the tenant. 4,000 square feet at 515 Madison Ave. brokers Cynthia Wasserberger and “CW has said it is not interest- example, a portfolio of 1,142 apart- Landlord Newmark Knight The asking rent for the 10-year deal Frank Doyle. ed in taking a big loss and would ments owned by Dawnay Day is al- Frank was represented in-house by was $60 a square foot. Finally, Delta Private Equity prefer to sell in a better market,” ready in foreclosure. Eric Gural. The building is owned by the Partners renewed its lease for 5,000 says Stephen Meister, Mr. Gluck’s Similarly, last month the owners —amanda fung Gural family, and Eric Gural and square feet at 545 Fifth Ave. for five attorney. of Stuyvesant Town and Peter Corey Horowitz, both brokers at years. The asking rent on the deal CW Capital didn’t return a call Cooper Village announced they Newmark Knight Frank, represent- was $50 a square foot.The Moinian for comment. were relinquishing the property to CBRE broker inks ed the landlord. Group owns the building and was For losing bidders, there should lenders after missing a mortgage 4 deals in month Meanwhile, hedge fund Belstar represented in-house by Senior As- be plenty of other buying opportunities in payment. Group leased 8,500 square feet at sociate Director Kimia Shadrokh. coming months as lenders foreclose —theresa agovino it’s been a busy month for CB 1330 Sixth Ave. for 10 years.The ask- —theresa agovino

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12 | Crain’s New York Business | February 8, 2010 20100208-NEWS--0013,0016-NAT-CCI-CN_-- 2/4/2010 4:59 PM Page 1

SMALL BUSINESS INSIDE Wall Street spinoffs spring up after the financial crisis; these startups have unusually high profit margins PAGE 14 Niche marketer How one investment adviser found $5 million-plus clients PAGE 14 Where is the money?

In the new world WHO DOES WHAT of financing, it’s all GUIDE TO THE PLAYERS ADVISER about who you know Someone who specializes in helping BY ELAINE POFELDT companies raise capital or otherwise find he turmoil in financial services financing. has produced a bumper crop of Some advisers will laid-off bankers who have set up their own advisory companies and assist with the entire small investment banks. Many say process, from they can help entrepreneurs find financing. preparing a T business plan to closing a But beware: Not all of these bankers and oth- er consultants are as good as they may seem. deal. Others offer help with specific aspects, Just ask Paul King, chief executive of Her- such as making introductions to potential cules Networks, a manufacturer and distribu- investors. Individuals with expertise in finding tor of public charging stations for cell phones financing include investment bankers, and PDAs. consultants and CFOs who outsource Mr.King,who founded his Manhattan firm their services. Many financial advisers in 2008,went through three advisers who failed require a fee known as a retainer; some treat to help him raise any money. Another consult- such a charge as a down payment, but some ant he almost hired turned out to be “a complete require recurring retainers. An adviser who crook,”he says.“His whole business was getting has helped a company raise money is companies like ours to give him a retainer, and typically paid a percentage of the amount he would disappear.” Mr. King was tipped off raised, called a success fee. by conversations with business contacts. Last April, he finally found an investment ANGEL INVESTOR An individual banker, again through a business contact.The who invests in a small business, typically by banker spent five months assisting him in purchasing a share of the equity. Angels closing a round of angel financing in the often invest during the very early stages of a $500,000 to $1 million range. business, providing startup money before Mr. King isn’t the only entrepreneur who venture capitalists come on board. Some has had difficulty selecting the right adviser. arrange to get involved in the “Some people who have gotten into this management of the business. Many space have come out of big banks,” says attor- angels look for deals on their own or through ney Michael Littenberg, a partner at Schulte intermediaries such as broker/dealers; others Roth & Zabel, who helps small and midsize belong to organizations called angel networks, clients evaluate financial advisers. While they which arrange meetings where entrepreneurs may have impressive career pedigrees, “they can present their business plans. don’t necessarily have the contact base or ex- perience to raise capital,” he says. BROKER/DEALER Someone Furthermore, the bar is higher these days. engaged in making securities transactions “Just because someone was able to raise on behalf of himself and others, and to money in 2007 or 2008,it doesn’t mean he can whom entrepreneurs might turn if they want to issue securities to finance their raise money in 2010,” says William David To- getty images bin, a principal at financial advisory firm Mis- companies. Broker/dealers must register sion Capital Advisors. adviser may need to understand your personal Mr. Littenberg suggests that you ask con- with the SEC. They sometimes do private But as Mr. King’s story illustrates, there are financial situation as well. sulting candidates what sources they would placements: the sale of securities such as qualified consultants out there who can deliv- If your company needs cash because of approach, and how long it would take to reach stocks or bonds to a small group of er the goods.The best way to start your search shaky finances, consider engaging a consult- funding goals. investors—often individuals or venture is to ask your accountant and lawyer for leads. ing firm to provide an interim chief financial If you plan to sell securities, experts recom- capitalists. It is usually far less expensive Here are some other tips on finding assistance. officer, who can help get your house in order mend that you hire someone who has regis- to do a private placement than a public and point out alternative sources of capital. tered as a broker/dealer with the Securities and stock offering. Doing one requires a TIP 1 “Sometimes, you have to run the company Exchange Commission.You can check for any private placement memorandum about the Get your paperwork in order. as if you are in a turnaround situation,” says disciplinary actions against him or her by using investment opportunity, including an Frank Morelli, practice leader of financial the Financial Industry Regulatory Authority’s overview of the business, short bios of the a good adviser will ask detailed questions consulting for metro New York at Tatum, an free service at www.finra.org/brokercheck. management team, a description of the about your firm’s finances before taking you on executive services and consulting firm. Ask for the names of an adviser’s last five or securities for sale, the terms of the sale as a client and recommending a financing strat- 10 clients, not just a handpicked list of refer- and any related fees, historical financial egy. Being prepared will speed the process. TIP 2 ences, recommends attorney Edward Steven- statements, a list of potential risk factors, “We do not have to have three years of fi- Ask the right questions. son, chair of Herrick Feinstein’s venture capi- and other information to protect the issuer nancial statements to start, but we prefer to,” tal and emerging growth practice group. from liability. says Sandeep Thakrar, managing director of when you meet with potential advisers, “In most cases, they will give those names, Skada Capital in Columbia,Md.,which helps make sure they have raised capital for compa- unless they are under a confidentiality agree- FACTORING EXECUTIVE clients around the country find loans, equity nies the same size as yours, ideally in the same ment,” he says. A manager of a company that buys deals and alternative financing.For some types industry, says Mr. Littenberg. Make sure you check every reference. And businesses’ accounts receivable, typically at of financing, such as loans, you may have to “Broad-based experience is good, but in- ask your lawyer to do a formal background Continued on Page 16

give a personal guarantee, he points out, so an dustry experience is better,” he says. See MONEY on Page 16 fotolia

February 8, 2010 | Crain’s New York Business | 13 20100208-NEWS--0014,0015-NAT-CCI-CN_-- 2/4/2010 5:01 PM Page 1

REPORT SMALL BUSINESS Wall Street spinoff machine

Breakaway brokers Morgan Stanley Smith Barney, HIS OWN SHOP: Merrill Lynch, Wells Fargo and multiply in turmoil’s Ryan Payne, formerly UBS Wealth Management Ameri- of Merrill Lynch, cas, the firms most caught up in the wake; profit margins opened his own advisory firm in market turmoil. Of the total, 4,121 high and rising 2008. shifted to other Wall Street firms, and 1,156 went to independent companies, according to Discovery BY JEREMY QUITTNER Database. Most of the others went to smaller brokerages. starting an independent financial A spokeswoman at Morgan advisory business had long been a Stanley Smith Barney says many of dream for Ryan Payne, who worked the advisers who departed around at Merrill Lynch & Co. He stu- the time of the merger between diously read the financial trade pa- Morgan Stanley and Smith Barney pers, noting the introduction of were subpar producers. “We are trading and management software confident we are the best platform for independents and the success for the best advisers,” she says. stories of former Wall Streeters striking out on their own. Big budgets During the market crisis of 2008, the big companies still have plen- he saw an opening to pursue his ty of advantages, including vast dream.He thought that many of the marketing budgets to rebuild their clients he’d brought on during the brands. seven years he was at Merrill “We continue to attract and re- Lynch—he managed $130 million tain highly successful advisers—in- in client assets at the big firm— cluding many who were formerly would follow him to his own shop. independent—who are drawn by “Independent financial advi- our commitment to delivering per-

sories seemed to be the fastest- buck ennis sonalized advice and a culture of growing sector, and I saw this as the putting clients first,” says a spokes- future,” Mr. Payne says. next several years, is part of a long- objective than advisers who work for 2008 and 2012, market share for fi- woman for Bank of America, which He opened Payne Capital Man- term shift in the model for manag- traditional Wall Street firms. The nancial advisers handling client as- bought Merrill Lynch at the end of agement in July 2008.The firm cur- ing individual investors’ money. independents are mostly paid by fee, sets at companies such as Merrill 2008. rently has two employees, 300 Clients are leaving the big invest- rather than by commission. Lynch and UBS Wealth Manage- Part of the big firms’ strategy has clients and $170 million in assets ment banks that have long dominat- ment Americas will fall to 41% from been to pay huge retention and sign- under management. ed the scene in New York. 1,500 advisers in NYC 48%,while the share of independent on bonuses to top advisers. Many Advisers like Mr. Payne are cre- The startups are being helped charles schwab, the largest of the advisers will rise to 23% from 19%. would-be independents must shun ating a small business boom on Wall out the door of the major Wall firms serving independent invest- Small brokerages, insurance com- bonuses of three to four times their Street. Dozens of these breakaway Street firms by companies such as ment advisers,holds about $500 bil- panies and banks will make up the annual revenues. brokers are setting up shop as inde- Charles Schwab and Fidelity,which lion in assets for 6,000 small inde- remainder. Such was the case for David pendent financial advisers in the allow the small companies to out- pendent firms. Experts estimate “I don’t think we have seen a ma- Honigstock, principal at Honig- wake of the market meltdown that source services such as the reporting that the number of advisers in New ture acceleration of the trend [to- stock Group in Syosset, L.I. He re- damaged the big firms’ brands. The of portfolio results and trading.The York City is about 1,500. ward independents] yet,” says Bing ceived a seven-figure transfer bonus trend, which could accelerate to in- breakaway brokers win new clients Boston-based research firm Waldert, a director at Cerulli. to leave UBS for Morgan Stanley clude hundreds of advisers over the by marketing themselves as more Cerulli Associates says that between Almost 8,700 brokers have left Smith Barney in 2007. In 2009, Male-dominated universe gives way Today, Ms. Rosenband manages time, availability or willingness to and tells it like it is.” As niche marketer, assets of $50 million from a space go out and prospect for new Ms. Ashline says she also likes adviser sought 20 she sublets in a friend’s office on clients,” Ms. Rosenband says. supporting other women business East 55th Street and Park Avenue. Since opening, she has added owners. women fitting one In addition to Ms. Rosenband, one client, bringing her roster to specific profile &Wealth Partners has one employ- 20, and she is currently working on Useful suggestions ee, and less than $1 million in annu- three referrals. estate and trust attorney Sheri al revenues. As a woman, she is still a rarity E. Warsh, a partner at Levenfeld BY JEREMY QUITTNER in the investment advisory busi- Pearlstein in Chicago, collaborated The three A’s ness. with Ms. Rosenband on the estate as the financial services busi- ms. rosenband targeted her exist- “My intention going forward is plan of a woman who had two chil- ness splinters and companies be- ing clients and potential new ones to cater to the type of women dren who did not get along. Ms. come more specialized, many inde- by examining what she calls the who are at the center of their fi- Warsh says Ms. Rosenband eventu- pendent advisers are serving three A’s: assets, attitude and advo- nancial universe,” says Ms. Ro- ally suggested a family meeting, targeted groups of clients. In the cacy. senband. “These are people who then a meeting with a family coun- male-dominated world of financial The average investment of her are active participants in the con- selor.Finally,she proposed the solu- BUILDING TRUST: Dorie Rosenband says her advice, Dorie Rosenband saw a big clients, a majority of whom are versation, who want to be part of tion of adding a third trustee to the clients see her differently in her new role. opportunity to focus on take-charge women, has to be large enough to the process.” estate as an arbiter in case of future women like herself. merit her fees, she says. Currently, Connie Ashline of Kankakee, disagreements. Ms. Rosenband, who managed that investment is $5 million. Ill., was one of the clients who “She is able to add a certain touch she says her clients are more willing $200 million in client assets at She also looks for customers with transferred over to Ms. Rosenband and warmth that women can add to to open up to her, and consequently Smith Barney, left the big firm on a whom she has a rapport, and who when she left Smith Barney. In a situation like this,” Ms. Warsh she can make better planning deci- Friday last March. The following she is certain will be able to work 1950, Ms. Ashline, 75, started her says. sions for them. Monday, she began reaching out to constructively with her. Last, since own construction company, which Ms. Rosenband says that most “They started to see me in a the 20% of her clients she thought she does no advertising, she looks provided guardrails for the state’s financial planners rely solely on the much different light when I clarified would benefit most from her advi- for clients who are willing to talk up highway system. tactical, and therefore miss oppor- my true role [as a planner],”she says. sory services, asking them to come &Wealth Partners’ services to other “I liked her style,and I liked her,” tunities to use both personal and “If you are at a brokerage firm, you with her. potential clients. Ms.Ashline says of Ms.Rosenband. psychological strategies to build must be a broker, no matter how She says they all did. “I knew I would not have the “I feel she is very honest and open trust. Now that she’s independent, many different ways you say it.”

14 | Crain’s New York Business | February 8, 2010 20100208-NEWS--0014,0015-NAT-CCI-CN_-- 2/4/2010 5:01 PM Page 2

REPORT SMALL BUSINESS MONEY EXPERTS help them decide where to put their panache they used to.” Five largest NYC-based money, but New Yorkers have been The recession has made the tim- independent financial advisers more apt to park their assets with big ing even better for breakaway advis- SILVERCREST ASSET e at work investment banks—probably be- ers. Greg Kraut, vice president of MANAGEMENT GROUP cause of their physical presence real estate brokerage CB Richard Total assets $7.9 billion here. That may be changing now. Ellis, says he’s worked on half a Total accounts 2,874 however, he decided to ignore po- ship management and financial Joel Isaacson,president of adviso- dozen deals for breakaways in the Clients High-net-worth individuals, pension plans, charities, tential new offers when he set up his planning. Ongoing IT expenses are ry Joel Isaacson & Co., sees a much- past 18 months. He says landlords corporations, government entities own firm, which has six employees high,too,with some saying it is com- needed service niche that needs fill- are willing to be flexible on leases, ROCKEFELLER & CO. and manages $75 million in assets. mon to pay $20,000 to $30,000 a ing.“New York has had fewer inroads offering terms as short as three Total assets $5.6 billion year for software and in financial planning,” years,down from 10 years,with pre- Total accounts 2,030 Solo advantages licensing as well as IT Mr. Isaacson says. existing build-outs or offers to do Clients High-net-worth individuals, “this time around, I never enter- maintenance. Startups are “The marketplace is build-outs at no charge. Many en- other individuals, banks, pension tained going to another brokerage,” Tight regula- wide open.” trepreneurs, like Mr. Payne, are plans, charities, corporations Mr. Honigstock says. tion—which has big spenders Sensing blood in finding sublease arrangements. He GELLER FAMILY OFFICE Among the reasons were a desire grown tighter in the the water, advisers located 3,000 square feet for about SERVICES for greater flexibility and the bad wake of the Bernard right off from elsewhere in the $2,000 per month on Harrison Total assets $4.1 billion aura surrounding the “wire houses,” Madoff scandal— country are opening Street in TriBeCa. Total accounts 242 the bat Clients High-net-worth individuals, which he says made his clients leery means independents up shop in New York. Some breakaways are also turn- pension plans, charities of doing business there. also spend on lawyers Independent adviser ing to entities like Regus Group. The small businesses like Regus offers leases for as little as a KLINGENSTEIN FIELDS & CO. and compliance ex- Ric Edelman, whose Total assets $3.0 billion Honigstock springing up out of the perts. And though Edelman Financial year at its 16 office spaces, which Total accounts 1,609 Wall Street meltdown are very un- many find clients Services is headquar- come with receptionists and other Clients High-net-worth individuals, usual startups. through referrals,they do need to de- tered in Fairfax, Va., opened six of- support. Prices for a multi-person other individuals, pension plans, Because advisers are able to take vise careful marketing strategies to fices in Manhattan, Brooklyn and office range from $500 to $8,000 a charities, corporations their clients with them, they have reach high-net-worth individuals. New Jersey just after Labor Day last month. KLS PROFESSIONAL ADVISORS profit margins of 20% even in the The firms also spend money on year. All this adds up to a favorable GROUP first year, and 30% to 35% in later public relations and marketing, in- business atmosphere for the break- Total assets $3.5 billion years, according to Schwab. cluding press releases, financial A good time to grow away firms. Total accounts 6,126 Clients High-net-worth individuals, They are big spenders right off seminars for potential clients, and “this is the best environment to “I wanted flexibility and the abil- other individuals, pension and the bat. lists of names of possible customers. expand our firm,” Mr. Edelman ity to pursue my own vision rather profit-sharing plans, corporations Their technology needs are great. They can pay between $20,000 and says. “The wire houses are in the than the vision of a big firm,” Mr. Source: InvestmentNews, from RIA Database. Data A new adviser might drop a mini- $100,000 annually for such services. midst of unprecedented turmoil. Payne says, adding that this year, he are as of Sept. 30. Among the criteria for inclusion: Firms have more than 50% of their business in the mum of $10,000 to get started and The breakaways find surprising- There is substantial public outrage is positioned for 40% growth in both retail marketplace, they are not charging up to $100,000 or more for setups ly fertile ground in New York City. over the circumstances that led to his managed assets and revenues. commissions, and they are not working as that include portfolio management Americans elsewhere traditionally their present situation, and their Even better, he gets to keep all that broker/dealers. and accounting, customer relation- have used small advisory firms to brand names no longer carry the growth for himself.

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February 8, 2010 | Crain’s New York Business | 15 20100208-NEWS--0013,0016-NAT-CCI-CN_-- 2/4/2010 5:00 PM Page 2

REPORT SMALL BUSINESS

Mr. King of Hercules Networks firsthand what can go wrong. At his payment for each transaction. Some found that he got what he paid for previous company,AutoWraps.com, may also want warrants to buy com- Where’s the money? when he worked with his first few which enabled consumers to make pany stock at an attractive price. failed advisers,none of whom charged money by plastering ads on their Continued from Page 13 raised, notes Mr. Littenberg. a retainer. The investment banker cars, he paid a boutique investment TIP 4 check on the adviser. If you are trying to raise $5 mil- who succeeded did require one. bank about $5,000 a month for three Set a time limit. lion, for example, the retainer might Watch out for advisers who months to help him raise money. TIP 3 be $25,000 to $50,000, he says. Ide- charge a high monthly retainer, The bank couldn’t deliver. if you need to raise capital by a Aim for a fair deal, but be aware ally, you may be able to negotiate a whether they succeed or not, says “Frankly, I don’t know why they certain date, don’t tether yourself to you may need to pay up front. deal in which the retainer is credit- Herrick Feinstein’s Mr. Stevenson. were being rejected,” says Mr. Shif- an adviser who isn’t performing. ed against the success fee. “They’re living day to day off the rin, who instead raised $200,000 Make sure your contract includes an experienced investment bankers “If it is a choice between having retainers,” he says. “I don’t think from friends and family. “escape clause” in the form of a ter- will generally charge clients one-time to pay a retainer to an agent with they have the drive to finish a deal.” Most investment bankers expect mination right, Mr. Stevenson says. or recurring retainers, to make sure more of a track record and [working Daniel Shifrin, founder of 7% to 10% for a success fee,says Mr. “If you are in desperate need of they’re committed to raising capital, with] someone with no track record GroupedUP, a Manhattan-based Littenberg. They generally charge cash, you may want a short period, as well as larger “success fees”—a who charges no retainer,I’d general- Web site that helps investors form higher percentages for smaller deals, such as four months,” he says. percentage of the capital ultimately ly take the retainer,” he says. teams to back new ventures, learned to ensure that they get an adequate Bear in mind that many con- tracts include a “tail” period of six months to a year after you stop working with an adviser, during which you will still have to pay the consultant if you raise money—typ- ically from sources that the adviser has introduced.

Continued from Page 13 a discount, and collects the money itself. The factoring company provides businesses with fast access to cash and bears the cost of collections on its own. Factoring, which has long been used in the garment industry, is now popular in other industries as well. HEDGE FUND MANAGER A person who runs a type of private investment group that does not have to register with the SEC. Hedge funds often employ speculative methods to go after large profits in a relatively short period, though some use conservative strategies. Some hedge funds are now lending money to small businesses. Interest rates are usually higher than those businesspeople would pay on a traditional bank loan. In contrast, a private equity fund often makes investments for five years or more. It frequently invests directly in private companies or undertakes buyouts of distressed public companies. PURCHASE ORDER LENDER A bank or alternative lender that supplies financing for small and midsize businesses to buy raw materials or goods to fill an order. The borrower typically asks the company that placed the order to send its payment to the purchase order finance company. Purchase order loans usually have terms of 30 to 120 days. Interest rates tend to be higher than they are for traditional bank loans. VENTURE CAPITALIST A professional investor who buys equity in emerging companies. VC investments are often considered to have high risk, but also the potential for high returns.

Sources: Bank of America Business Capital, BusinessWeek, Commercial Finance Association, Crain’s research, Investopedia, Securities and Exchange Commission, VC Experts.com, Webster’s New World Finance and Investment Dictionary

16 | Crain’s New York Business | February 8, 2010 nb06p17-18cl.qxp 2/5/10 2:43 PM Page 17

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LLC with the Secy. of State of NY (SSNY) 70,000 sq. ft. Modern Industrial Building/Central Islip Vicinity formed in Missouri (MO) on 7/10/06. on 10/05/09. Office location: NY Co. $6.50 sq. ft. or possible sale, 3.05 acres, Notice of Formation of Melco Direct SSNY designated as agent of LLC SSNY has been designated as agent 5 loading docks, 2 drive-in doors, LLC filed with Sec. of State NY upon whom process against it may of LLC upon whom process against 5,000 sq. ft. office space, TELECOMMUNICATIONS (SSNY) on 11/20/09. Office Location: be served. SSNY shall mail process it may be served. SSNY shall mail Ceiling Height 16’ to 27’, Divisible, NY County. SSNY designated as to principal office address of LLC: process to: 230 Mulberry St., NY, NY 4,200 Amps, Ample Parking, agent of LLC upon whom process 116 W. 121st St., Ste. 2, NY, NY 10012. Purpose: any lawful activity 2 miles from Long Island Expressway against it may be served. SSNY shall 10027. Arts. of Org. filed with MO Call (516) 576-3165 mail process to: Melco Direct LLC, Secy. of State, 600 W. Main St., Rm. Notice of Formation of Joseph A. Attn: Jeff Meltzer, 70 W 36th St., Suite 322, Jefferson City, MO 65101. Fiordaliso, LLC. Arts. of Org. filed 1000, NY, NY 10018. Purpose: Any Purpose: any lawful activity. with Secy. of State of NY (SSNY) on OFFICE SPACE lawful purpose. 11/6/09. Office location: NY County. NOTICE OF FORMATION of ECE SSNY designated as agent of LLC PARK /54TH - large office in Notice of Formation of Assiusa, LLC, Policy Works, LLC Art. of Org filed upon whom process against it may tasteful law suite. 1-2 workstations Art. of Org. filed Sec’y of State Sec’y of State (SSNY) 1/5/10. Office be served. SSNY shall mail process (SSNY) 12/7/09. Office location: NY location: New York County. SSNY to: 155 W. 68th St., #512, NY, NY available. All amenities. County. SSNY designated as agent designated as agent of LLC upon 10023. Purpose: any lawful activity. 888.748.8748 ext. 109 of LLC upon whom process against whom process against it may be it may be served. SSNY shall mail served. SSNY shall mail copy of NOTICE OF FORMATION OF Play OFFICE copy of process to c/o Reinhardt process to c/o Hofheimer Gartlir & Me LLC. Article of Organization filed SUITES LLP, 44 Wall St., 10th Fl., NY, NY Gross LLP, 530 Fifth Avenue, New with the Secretary of State of NY FOR RENT 10005. Purpose: any lawful activities. York, N.Y. 10036. Purpose: any law- (SSNY) on 12/15/2009. Office loca- 50 West 17th Street, 80-100 sf, $600-$1200. ful activities. Work stations also available. tion NEW YORK County. SSNY has Shared conference room. Notice of Formation of G3 6NY LLC. been designated as agent upon Great loft building, newly renovated space. Arts. of Org. filed with Secy. of State Notice of Qualification of TradeForce whom process against it may be Lynn Whiting at 212-896-8624 of NY (SSNY) on 11/23/09. Office Staffing Solutions of Colorado, LLC. served. The Post Office address to [email protected] location: NY County. Princ. office of Authority filed with NY Dept. of State which the SSNY shall mail a copy of 33 East 33rd Street LLC: 166 Elizabeth St., NY, NY 10012. on 1/13/10. Office location: NY any process against the LLC served New York, NY 10016 SSNY designated as agent of LLC County. LLC formed in CO on upon him/her is C/O the LLC 11 RESTAURANT 212-532-7400 upon whom process against it may 3/19/08. NY Sec. of State designated West 42nd Street, 15th Floor, New FOR RENT www.metrocomradio.com be served. SSNY shall mail process as agent of LLC upon whom process York, NY 10036. Purpose of LLC: to to Chet H. Olsen, 1880 Century Park against it may be served and shall engage in any lawful act or activity. East, Ste. 618, Los Angeles, CA mail process to: c/o CT Corporation Street address of Principal Business RESTAURANT FOR RENT 90067. Purpose: Any lawful activity. System, 111 8th Ave., NY, NY 10011, location is: 11 West 42nd Street, Overlooking historic Goshen Race regd. agent upon whom process may 15th Floor, New York, NY 10036. Track. 4,000 sq ft with all amenities. Two bars within the restaurant, VISIT OUR WEBSITE Notice of Qualification of LEE EQUITY be served. CO and principal busi- ness addr.: 15660 E. Hinsdale Dr., 500 person capacity. See listing: STRATEGIC PARTNERS FUND RX Notice of Qualification of Morgan http://rentalsunlimitedofny.com AIV, L.P. Authority filed with Secy. of Centennial, CO 80112. Arts. of Org. Stanley HedgePremier/FrontPoint CRAINSNEWYORK.COM filed with CO Sec. of State, 1700 Contact owner at 845-294-6911 State of NY (SSNY) on 12/03/09. Financial Services Fund LP. Authority Email: cflebaron@yahoo Office location: NY County. LP formed Broadway, Ste. 200, Denver, CO filed with NY Dept. of State on in Delaware (DE) on 08/07/08. Princ. 80290. Purpose: any lawful activity. 1/28/10. Office location: NY County. office of LP: 650 Madison Ave., NY, LP formed in DE on 12/17/09. NY NY 10022. SSNY designated as agent Notice of Qualification of Little Lotta Sec. of State designated agent of LP of LP upon whom process against it Music, LLC. Authority filed with NY upon whom process against it may may be served. SSNY shall mail Dept. of State on 1/8/10. Office loca- be served and shall mail process to process to the Partnership at the tion: NY County. Princ. bus. addr.: 85 the principal business addr.: c/o princ. office of the LP. The regd. agent 5th Ave., 6th Fl., NY, NY 10003. LLC Morgan Stanley HedgePremier GP of the company upon whom and at formed in DE on 12/29/09. NY Sec. LLC, 522 5th Ave., 13th Fl., NY, NY which process against the company of State designated as agent of LLC 10036. Regd. agent upon whom can be served is Corporation Service upon whom process against it may process may be served: Todd Hand, Co. (CSC), 80 State St., Albany, NY be served and shall mail process to: Morgan Stanley & Co., 2000 12207-2543. Name and addr. of each c/o CT Corporation System, 111 8th Westchester Ave., Purchase, NY general partner are available from Ave., NY, NY 10011, regd. agent 10577. DE addr. of LP: 1209 Orange SSNY. DE addr. of LP: c/o CSC, 2711 upon whom process may be served. St., Wilmington, DE 19801. Centerville Rd., Wilmington, DE DE addr. of LLC: 1209 Orange St., Name/addr. of genl. ptr. available 19808. Arts. of Org. filed with DE Wilmington, DE 19801. Arts. of Org. from NY Sec. of State. Cert. of LP Secy. of State, State of DE, Div. of filed with DE Sec. of State, 401 filed with DE Sec. of State, 401 Corps., 401 Federal St., Dover, DE Federal St., Dover, DE 19901. Federal St., Dover, DE 19901. 19901. Purpose: Any lawful activity. Purpose: all lawful purposes. Purpose: any lawful activity. Let Crain's New York Business Help You Secure New Clients in 2010

February 8, 2010 | Crain’s New York Business | 17 nb06p17-18cl.qxp 2/5/10 2:44 PM Page 18

PUBLIC & LEGAL NOTICES

Notice of Registration of M & C Notice of Qualification of Alene NOTICE OF FORMATION OF Notice of Qualification of MORVEN GP, Saatchi Sport & Entertainment LLP. Candles, LLC. Authority filed with NY BAYVILLE OTC LLC. Article of LLC. Authority filed with Secy. of State Ctf of Reg. filed with Secy. of State of Dept. of State on 12/8/09. Office Organization filed with the Secretary of NY (SSNY) on 01/05/10. Office NY (SSNY) on 1/7/2010. Office loca- location: NY County. LLC formed in of State of NY (SSNY) on location: NY County. LLC formed in tion: NY County. LLP formed in NH on 12/2/08. NY Sec. of State 10/27/2009. Office location NEW Delaware (DE) on 12/23/09. Princ. Delaware (DE) on 12/17/09. SSNY designated as agent of LLC upon YORK County. SSNY has been des- office of LLC: Attn: Robert Heine, 2 designated as agent of LLC upon whom process against it may be ignated as agent upon whom process Beekman Pl., #13A, NY, NY 10022. whom process against it may be served and shall mail process to the against it may be served. The Post SSNY designated as agent of LLC served. SSNY shall mail process to: NH and principal business address: Office address to which the SSNY upon whom process against it may be Davis & Gilbert LLP, 1740 Broadway, 51 Scarborough Lane, Milford, NH shall mail a copy of any process served. SSNY shall mail process to the NY, NY 10019. Address of LLP in DE: 03055. Arts. of Org. filed with NH against the LLC served upon him/her LLC at the addr. of its princ. office. DE 160 Greentree Dr., Ste. 101, Dover, Sec. of State, 107 N. Main St., PO is C/O the LLC 145 EAST 17TH addr. of LLC: c/o Corporation Service DE 19904. Cft of Reg.. filed with DE Box 4989, Concord, NH 03301. STREET RM A4. NEW YORK, NY Co., 2711 Centerville Rd., Ste. 400, Secy. Of State, 401 Federal St., Ste. Purpose: any lawful activity. 10003. Purpose of LLC: to engage in Wilmington, DE 19808. Arts. of Org. 4, Dover, DE 19901. Purpose: any lawful act or activity. Street filed with Secy. of State of DE, 401 Practice Law and any lawful activities. Notice of Formation of Elyse Paris address of Principal Business loca- Federal St., Ste. 4, Dover, DE 19901. Designs LLC. Arts. of Org. filed with tion is: 145 EAST 17TH STREET RM Purpose: Any lawful activity. Notice of Formation of SOFOS ASSET NY Dept. of State on 12/15/09. Office A4. NEW YORK, NY 10003. MANAGEMENT, LLC, a domestic location: NY County. Princ. bus. addr.: Notice of Formation of FIFTY WEST LLC. Arts. of Org. filed with the SSNY 156 W. 56th St., NY, NY 10019. Sec. Notice of Qualification of LionHedge NOTICE OF FORMATION OF The Law MANAGEMENT LLC. Arts. of Org. filed on 11/18/2009. Office location: NY of State designated as agent of LLC AGD Fund, LLC, App. for Auth. filed Offices of Michelle R. Tepper PLLC. with Secy. of State of NY (SSNY) on County. SSNY has been designated upon whom process against it may Sec’y of State (SSNY) 11/18/09. Arts. of Org. filed with Secy. of State 12/30/09. Office location: NY County. as agent upon whom process against be served and shall mail process to: Office location: NY County. LLC org. of N.Y. (SSNY) on 9/2/09. Office loca- SSNY designated as agent of LLC the LLC may be served. SSNY shall c/o Windels Marx Lane & Mittendorf, in DE 11/16/09. SSNY designated as tion: New York County. SSNY desig- upon whom process against it may be mail a copy of process to: George LLP, 156 W. 56th St., NY, NY 10019, agent of LLC upon whom process nated as agent of LLC upon whom served. SSNY shall mail process to: Nikas, 145 E. 57th St. 8th Fl, NY, NY Attn: Bruce Bronster, Esq. Purpose: against it may be served. SSNY shall process against it may be served. 40 W. 57th St., 23rd Fl., NY, NY 10019. 10022. Purpose: Any Lawful Purpose. any lawful activity. mail copy of process to 405 Park SSNY shall mail process to: 817 Purpose: any lawful activity. Ave., Ste. 803, NY, NY 10022. DE Broadway, 5th Floor, New York, NY Notice of Formation of ANCONIA NOTICE OF FORMATION OF Lil Foodie office addr.: CSC, 2711 Centerville 10003. Purpose: any lawful activity. Name of LLC: SILK ACUPUNCTURE PARTNERS LLC. Arts. of Org. filed LLC. Arts. of Org. filed with Secy. of Rd., Wilmington, DE 19808. Cert. of LLC. Art. of Org. filed Dept. of State with Secy. of State of NY (SSNY) on State of N.Y. (SSNY) on 11/24/09. Form. on file: SSDE, Townsend Notice of Formation of eBooleant of NY on 8/14/09. Off. Loc. in NY: NY 12/11/09. Office location: NY County. Office location: New York County. Bldg., Dover, DE 19901. Purpose: Consulting, LLC. Arts. of Org. filed Cty. Secy. of State designated as SSNY designated as agent of LLC SSNY designated as agent of LLC any lawful activities. with NY Dept. of State on 12/30/09. agent of LLC upon whom process upon whom process against it may upon whom process against it may be Office location: NY County. Sec. of against it may be served. Sec. of be served. SSNY shall mail process served. SSNY shall mail process to: Notice of Registration of JUVELIER & State designated as agent of LLC State shall mail a copy of process to: to the LLC, Attn: Corporation Service 80 John Street, #3G New York, NY O’SULLIVAN, LLP. Certificate filed upon whom process against it may 47 West 13th St., NY, NY 10011. Co., 80 State St., Albany, NY 12207- 10038. Purpose: any lawful activity. with Secy. of State of NY (SSNY) on be served and shall mail process to: Purpose: acupuncture. 2543, regd. agent upon whom and at 6/23/09. Office location: NY County. c/o CT Corporation System, 111 8th which process may be served. SSNY designated as agent of LLP Ave., NY, NY 10011, regd. agent Purpose: Any lawful activity. upon whom process against it may upon whom process may be served. be served. SSNY shall mail process Purpose: any lawful activity. Name of LLC: 170 East 83rd Street to: 800 Third Avenue, 11th Fl., NY, LLC. Art. of Org. filed Dept. of State NY 10022. Purpose: practice the Notice of Formation of Underhill of NY on 12/11/2009. Off. Loc. in NY: profession of law. Holdings, LLC; Arts of Org., filed with NY Cty. Secy. of State designated as NY Sec. of State (“SSNY”) agent of LLC upon whom process Notice of Formation of limited liability 02/02/2009. Office in New York against it may be served. Sec. of company (LLC). Name: VINOS County; SSNY designated agent for State shall mail a copy of process to LIBRES LLC. Arts. Of Org. Filed with service of process with copy mailed princ. bus. loc.: c/o Marjorie E. the Dept. of State of NY on to Attn: Melissa Tomkiel, Esq., Pryor Nesbitt, 445 Park Ave., 10th Fl., NY, KAROON.COM LLC a domestic Limited Liability Company (LLC) filed November 16, 2009. Office loc.: New Cashman LLP, 410 Park Avenue, NY 10022. Purpose: ownership and York County. Secretary of State of 10th Floor, New York, NY 10022, All operation of real estate. with the Sec of State of NY on 12/22/09. NY Office location: New New York (SSNY) is designated as lawful business purposes. York County. SSNY is designated as agent of LLC upon whom process Notice of Formation of FOREMOST against it may be served. The princi- Notice of Formation of M Dance & CONSTRUCTION LLC. Arts. of Org. agent upon whom process against the LLC may be served. SSNY shall pal business and address SSNY shall Fitness LLC. Articles of Organization filed with Secy. of State of NY (SSNY) mail copy of process is to M.S. filed with Secy. of State of NY (SSNY) on 12/16/09. Office location: NY County. mail a copy of any process against the LLC served upon him/her to The Rapaport, Esq., 6th floor, 18 East on 12/17/09. Office location: NY SSNY designated as agent of LLC 48th St. New York, New York 10017. County. SSNY designated as agent upon whom process against it may LLC, 603 W. 115th St., Ste. 342, NY, NY 10025. General Purposes. Management of the LLC shall be by of LLC upon whom process against be served. SSNY shall mail process one or more members. Purpose: To it may be served. SSNY shall mail to: 40 W. 57th St., 23rd Fl., NY, NY engage in any lawful act or activity. process to the LLC, 350 West 57th 10019. Purpose: any lawful activity. HAPPY TEETH NY LLC Articles of Street, #16C, New York, NY 10019. Org. filed NY Sec. of State (SSNY) Notice of Formation of Tejabe Realty Purpose: any lawful act or activity. 40 WEST 69TH OWNERS LLC 7/3/09. Office in NY Co. SSNY desig. Holding, LLC. Articles of Organization Articles of Org. filed NY Sec. of State agent of LLC upon whom process filed with Secy. of State of NY (SSNY) Notice of Qualification of Hanover Notice of formation of REDLICH & (SSNY) 11/25/09. Office in NY Co. may be served. SSNY shall mail copy on 01/07/10. Office location: NY Acquisition II LLC. Authority filed COMPANY, LLC a domestic Limited SSNY desig. agent of LLC upon of process to 160 Riverside Blvd., County. SSNY designated as agent of with Secy. of State of NY (SSNY) on Liability Company (LLC). Articles of whom process may be served. Apt. #6E, NY, NY 10069, which is LLC upon whom process against it 12/22/09. Office location: NY County. Organization filed with the Secretary SSNY shall mail copy of process to also the principal business location. may be served. SSNY shall mail LLC formed in Delaware (DE) on of State on January 30, 2009, NY Cowan, Liebowitz & Latman, PC, Purpose: Any lawful purpose. process to the LLC, c/o Charles W. 12/21/09. SSNY designated as agent Office Location: New York County. 1133 6th Ave., NY, NY 10036-6799 Weiss, Esq., 225 Old Country Road, of LLC upon whom process against Secretary of State is designated as Attn: Peter Porcino. Purpose: Any Notice of Formation of limited liability Melville, NY 11747. Purpose: any it may be served. SSNY shall mail agent upon whom process against lawful purpose. company (LLC). Name: VINOS LIBRES lawful act or activity. process to the DE address of LLC: the LLC may be served. Secretary of WINE MERCHANTS, LLC. Arts. of Corporation Service Company, 2711 State shall mail a copy of any Org. Filed with Dept. of State of NY Notice of Qualification of OAKTREE Centerville Rd., Wilmington, DE process against the LLC served upon on November 19, 2009. Office loc.: PPIP FUND, L.P. Authority filed with 19808. Arts. of Org. filed with DE him/her to: 16 West 16th Street, New York County. Secretary of State Secy. of State of NY (SSNY) on Secy. of State, 401 Federal St., Ste. Apartment 14JN, New York, New of New York (SSNY) is designated as 12/16/09. Office location: NY County. 4, Dover, DE 19901. Purpose: any York 10011. Purpose: To engage in agent of LLC upon whom process LP formed in Delaware (DE) on lawful purpose. any lawful act or activity. against it may be served. The princi- 07/17/09. Princ. office of LP: ple business and address SSNY shall Oaktree/Arctic Slope PPIP Fund GP, Notice of Qualification of CF Inver Name of Foreign LLC: Orchard Hill mail copy of process is to M.S. L.P., c/o Oaktree Capital Mgmt. L.P., Grove III RE Holdco LLC. Authority Management GP LLC. App. for Auth. Rapaport, Esp., 6th floor, 18 East 333 S. Grand Ave., 28th Fl., Los filed with NY Dept. of State on filed NY Dept. of State: 11/19/09. 48th St., New York, New York 10017. Angeles, CA 90071. SSNY designated 12/11/09. Office location: NY County. Jurisd. and date of org.: DE 11/17/09. Management of LLC shall be by one as agent of LP upon whom process LLC formed in MI on 12/4/08. NY Cty off. loc.: NY Cty. Princ. bus. loc.: or more members. Purpose: To against it may be served. SSNY shall Sec. of State designated as agent of 623 Fifth Ave., 20th Fl., NY, NY 10022. engage in any lawful act or activities. mail process to Corporation Service LLC upon whom process against it Sec. of State designated as agent of Co., 80 State St., Albany, NY 12207- may be served and shall mail foreign LLC upon whom process 2543, regd. agent upon whom and at process to: c/o CT Corporation against it may be served. The Sec. of which process may be served. Name System, 111 8th Ave., NY, NY 10011, State shall mail copy of process to: Advertise on and addr. of each general partner are regd. agent upon whom process may The LLC, 623 Fifth Ave., 20th Fl., NY, available from SSNY. DE addr. of LP: be served. MI and principal business NY 10022. Addr. of foreign LLC in DE 2711 Centerville Rd., Ste. 400, addr.: 27777 Inkster Rd., Farmington is: National Corporate Research, Ltd., www.crainsnewyork.com Wilmington, New Castle Cnty., DE Hills, MI 48334. Arts. of Org. filed 615 S. DuPont Hwy., Dover, DE 19808. Arts. of Org. filed with Secy. of with MI Dept. of Energy, Labor & 19901. Auth. officer in DE where State of DE, John G. Townsend Bldg., Economic Growth, 2501 Wood Lake Cert. of Form. filed: DE Sec. of State, Call John Gallagher @ 212-210-0189 401 Federal St., Ste. 4, Dover, DE Circle, Okemos, MI 48864. Purpose: Townsend Bldg., Dover, DE 19901. 19901. Purpose: Any lawful activity. all lawful purposes. Purpose: any lawful activity.

18 | Crain’s New York Business | February 8, 2010 20100208-NEWS--0019-NAT-CCI-CN_-- 2/5/2010 7:28 PM Page 1

FOR THE RECORD

East 106th Street. For information, of Cogswell Realty Group repped the indirectly holds 10,213,600 shares. contact Alexander Han at (212) 360- landlord, and Robert Goodman of ABOUT THIS SECTION 1397 or [email protected]. FirstService Williams acted on behalf of G Estée Lauder Cos. (EL) FOR THE RECORD is a weekly listing of information from the public record that the tenant. The asking rent was in the Richard W. Kunes, executive vice G Health and Hospitals Corp. upper $30s per square foot. president and chief financial officer, can help businesspeople in the New York area find opportunities, potential Requests competitive sealed bids by 3 exercised options on 100,000 shares of new clients and updates on competitors. p.m. on Feb. 10 for arm-elevation foam G Hulu has leased 5,284 square feet for common stock at $43.10 on Jan. 21, in a To ask questions or get more information on this section, contact Denise pillows. Questions regarding this five years on the fifth floor of 276 Fifth transaction worth $4,310,000. On the Southwood at [email protected]. solicitation should be directed to Ave., an 11-story, 199,578-square-foot same day, he sold 100,000 shares at Melissa Cordero at (212) 562-2016 or building owned by 276 Managers. prices ranging from $53.00 to $53.09 in [email protected]. Winoker Realty Co.’s Elliot Klein a transaction worth $5,300,439. He now repped the owner, and Robert Waller directly holds 29,062 shares. G Police Department and Jason Frazier of CB Richard Ellis BANKRUPTCIES estimated liabilities of $100,001 to Requests competitive sealed bids by 11 acted on behalf of the tenant. The asking G Tiffany & Co. (TIF) $500,000 and assets of $0 to $50,000. a.m. on Feb. 17 for the manufacture of rent was between $35 and $42 per Beth O. Canavan, executive vice The following listings are selected from the Among the creditors with the largest male and female long-sleeve, gray square foot. president, exercised options on 88,601 most recent available filings by companies unsecured claims are Banco Popular, uniform shirts. Questions about this bid shares of common stock at prices seeking bankruptcy protection in the owed $130,335.97; and Pinnacle should be directed to Sgt. G. Molloy at RESIDENTIAL ranging from $31.49 to $34.02 on Jan. Southern and Eastern Districts of New Business Finance Inc., owed $21,784. (646) 610-5940. G Mo Vaughn’s Omni NY has purchased 22, in a transaction worth $2,913,006. York. Information was obtained from U.S. a 43,061-square-foot, 53-unit residential On the same day, she sold 88,601 shares Bankruptcy Court records available on building at 2059-71 Madison Ave. in an at $41.59, in a transaction worth Public Access to Court Electronic Records. GOVERNMENT CONTRACT REAL ESTATE DEALS all-cash transaction valued at $5.5 $3,684,880. She now directly holds Listings are in alphabetical order. OPPORTUNITIES million. The seller is a private investor, 23,155 shares. Companies that would like to have details whose name was not disclosed. Shimon G Gabrielle Portia Inc., aka Joseph Following are selected contract of their recent transactions appear in these Shkury and James Nelson of Massey G Phillips-Van Heusen Corp. (PVH) Christopher Salon opportunities recently announced by New listings should e-mail descriptions to Knakal Realty Services repped the seller Francis Kenneth Duane, vice chairman, 309 W. Park Ave., Long Beach, L.I. York City agencies.To learn how to sell [email protected], with and the buyer. wholesale, exercised options on 70,000 Filed for Chapter 11 bankruptcy goods and services to city government, visit “Real estate transaction” in the subject line. shares of common stock at prices protection on Jan. 26. The filing cites www.nyc.gov/selltonyc. For a searchable Deals are listed in order of square footage. ranging from $19.10 to $25.88 on Jan. estimated liabilities of $1,000,001 to database of current procurement notices, STOCK TRANSACTIONS 21, in a transaction worth $1,642,100. $10 million and assets of $500,001 to $1 visit www.nyc.gov/cityrecord. Listings are OFFICE On the same day, he sold 69,610 shares million. Among the creditors with the alphabetical by category and department. G Avon Products Inc. has signed a 15- Following are recent insider transactions at at $42.49, in a transaction worth largest unsecured claims are the Internal year, 246,500-square-foot lease on New York’s largest publicly held companies $2,957,381. He now directly holds Revenue Service, owed $1,200,000; and CONSTRUCTION SERVICES floors 2 through 11 at 777 Third Ave. filed with the Securities and Exchange 26,189 shares. the New York State Department of G Housing Authority The 583,185-square-foot building is 38 Commission by executives and major Taxation and Finance, owed $200,000. Seeks competitive sealed bids by 10 a.m. stories tall and is owned by the William shareholders. Listings are in order of G BlackRock Inc. (BLK) on Feb. 16 for the installation of smoke Kaufman Organization. Michael transaction value.The information was Robert S. Kapito, director and president, G Gujarat Times Inc. and carbon monoxide detectors and Lenchner of Sage Realty Corp. and obtained from Thomson Reuters. sold 8,500 shares of common stock at 14 Glenn Place, Hastings-on-Hudson, strobe lights at various locations in Peter Riguardi and Frank Doyle of prices ranging from $224.66 to $227.53 N.Y. Brooklyn and Staten Island. For Jones Lang LaSalle acted on behalf of G IAC/InterActiveCorp (IACI) on Jan. 25, in a transaction worth Filed for Chapter 11 bankruptcy information regarding this bid, contact the owner. CB Richard Ellis’ Jon Liberty Media Corp. sold 690,000 $1,925,551. He now directly holds protection on Jan. 28. The filing cites Gloria Guillo at (212) 306-3121 or Zuckerman and Leonard DiMicelli shares of common stock at prices 937,656 shares. estimated liabilities of $1,000,001 to [email protected]. and Cushman & Wakefield’s Dale ranging from $20.28 to $20.39 between $10 million and assets of $100,001 to Schlather negotiated on behalf of the Jan. 25 and Jan. 27, in a transaction G International Business Machines Corp. $500,000. Among the creditors with the GOODS AND SERVICES tenant. The asking rent was not worth $14,031,325. The company now (IBM) largest unsecured claims are Dr. Dhiru G Department of Parks and Recreation disclosed. indirectly holds 9,745,100 shares. Rodney C. Adkins, senior vice president Shah, owed $289,583.33; and Kokila Requests competitive sealed proposals of development and manufacturing, Patel, owed $107,116.67. by 11 a.m. on Feb. 26 for the renovation, G Water Quality Insurance Syndicate G Take-Two Interactive Software Inc. (TTWO) systems and technology group, sold operation and maintenance of a snack has signed a 10.5-year, 12,400-square- Carl C. Icahn, beneficial owner, 11,821 shares of common stock at prices G Midwood Chiropractic bar at the Harlem Meer in Central Park. foot lease for the 33rd floor of Piedmont purchased 1,055,073 shares of common ranging from $126.10 to $127.59 on 57 Front St., Brooklyn An on-site meeting and tour have been Office Realty Trust’s 60 Broad St. The stock at prices ranging from $9.21 to Jan. 26, in a transaction worth Filed for Chapter 7 bankruptcy scheduled for 11 a.m. on Feb. 9 at the 39-story building contains 1 million $9.24 between Jan. 26 and Jan. 28, in a $1,507,424. He now directly holds protection on Jan. 25. The filing cites northeast corner of Fifth Avenue and square feet of space. Anthony Stapleton transaction worth $9,721,873. He now 4,512 shares.
Fashion flirts with new hub Burkle’s good read

Continued from Page 3 at the meatpacking district because also stayed strong, at a hefty $300 to Continued from Page 2 from its largest shareholder, Persh- Week with Milk Studios, which they like the vibe and the energy it $400 a square foot. hold shares of Barnes & Noble and ing Square Capital Management. provides free venues for designers. sends,” says Robin Abrams, execu- currently has a position in Borders. As good as Mr. Burkle’s track In addition, while IMG has tive vice president at the Lansco Worth the extra dough The bigger question in many record may be, there’s no reason to Mercedes-Benz as a title sponsor, Corp. “it’s not for every tenant,” says people’s minds is what Mr. Burkle think he could do a better job at Milk now has rival BMW.This fall, To meet the growing demand for David Falk, president of the New can realistically do to grow the com- Barnes & Noble than Mr. Riggio, Milk, along with the Meatpacking space in an area that has few high-ris- York Tri-state region at Newmark pany—and its share price. who is something of a legend in the District Initiative, will hold various es and office-ready buildings, devel- Knight Frank Retail,who is market- industry. He founded the company promotional events with restaurants opers are stepping up.Romanoff Eq- ing a new space at 15 Little West while still a student at New York and retailers in the neighborhood to uities was approved in November to 12th St. “It’s for those with a strong It’s unlikely University in the mid-1960s and celebrate Fashion Week and draw in begin construction of a 10-story tow- balance sheet who want to make went on to pioneer book discount- traffic just as the IMG tents move er at 860 Washington St., which will their business all about the brand.” Burkle will get to ing and the superstore format.Both uptown to Lincoln Center. be one of the tallest in the neighbor- Gaby Basora, a fashion designer he and Chief Executive Steve Rig- “We’ll take on the downtown hood. Aurora Capital just received who makes blouses under the Tuck- make his case gio—Len’s younger brother—are fashion efforts as a community,”says landmark approval to redevelop er label selling at stores including generally regarded as smart opera- Annie Washburn,executive director 20,000-square-foot 21-27 Ninth Barneys New York, decided the rent to shareholders tors. of the seven-year-old neighborhood Ave., at 13th Street, which was once increase was worth it for her $3 mil- “I have no idea what [Mr. group, which has an annual operat- a hog-cutting plant and will house lion business. Burkle] thinks he could do that has- ing budget of about $500,000. tenants by January. The acquisition She moved her design studio n’t already been done or that current and redevelopment total about $150 from midtown to West 14th Street management isn’t doing,” says More designers moving in million, Mr. Epstein says. 18 months ago, and now pays about Barnes & Noble “remains struc- William Armstrong, a retail analyst while the area already houses All the action means that design- $10 more a square foot for her turally challenged, given eroding at CL King & Associates. boutiques belonging to the likes of ers seeking space will still have to 1,800-square-foot space,which also physical book sales,” wrote Gold- Finally,it looks unlikely that Mr. Tory Burch, Rag & Bone and Vince, contend with high rents, despite a acts as her headquarters. Similarly, man Sachs analyst Matthew Fassler Burkle will get to make his case to brokers say still more fashion firms punishing recession that has driven Alice & Olivia and Helmut Lang in a research note last week. He shareholders alongside Len Riggio, are sniffing out retail and design prices down in other Manhattan ar- have each recently signed leases for added that the real competition since there’s not much chance of space. Menswear house Canali, An- eas. While asking rents for the up- office space in the neighborhood. among e-readers was between Ap- overturning the poison pill provi- thropologie’s Leifsdottir label and per floors designers use as show- “The place where you’re walking ple’s just announced iPad and Ama- sion. Diesel’s Viktor & Rolf are rumored rooms in midtown are around $30 a to take your coffee break every day zon’s Kindle. “I don’t understand why he to be looking in the area, and Levi’s square foot, showroom space in the or to meet someone for a business In addition, hopes that archrival thinks he can change that,” says Ava recently signed for over 2,000 square meatpacking district ranges from lunch—that all plays into what Borders would quickly fade into Seave, who teaches finance at Co- feet on West 14th Street. $50 to $70 a square foot. Ground feeds you and drives you and inspires bankruptcy were dashed last week lumbia Business School. “You may

“We’ve seen many tenants look floor retail rents for the area have you,” says Ms. Basora. when it got a vote of confidence not agree with it, but it’s legal.”

February 8, 2010 | Crain’s New York Business | 19 20100208-NEWS--0020-NAT-CCI-CN_-- 2/5/2010 7:29 PM Page 1

money is in hand,and landmark and zoning issues have been resolved, BAM grows in B’klyn Ms. Hopkins says. Pity the delivery guy City money is also in place to fund Continued from Page 1 Theatre for a New Audience, which the renovation of the Strand Theater, Continued from Page 1 like to add delivery services. 4,000-square-foot retail space on has moved sites twice, has been de- which houses two nonprofit arts or- In 2008, after a new employee at In Harlem, for example, Fishers the ground floor of the luxury Forté layed numerous times. ganizations:UrbanGlass and Brook- the restaurant told Tony that he has of Men, a popular eatery located on condos across the street from the “[Creating the district is] a very lyn Information & Culture Inc. The rights under federal and state labor West 125th Street,is reluctant to of- BAM Opera House. It will use that complicated undertaking, and the revamp, on which the city is spend- laws, he contacted Make the Road fer such a service, even though the space to exhibit its archives and to recession has made it more compli- ing $24 million, is expected to begin New York, an advocacy group for owners of its famous neighbor produce other public programming. cated,” says Karen Brooks Hopkins, at the end of the summer, according low-wage employees. Tony is now Sylvia’s say there is a big demand for “You are going to see the begin- president of BAM. “But there is re- to Dawn Bennett, executive director one of four plaintiffs—including it. In fact, Sylvia’s plans to hire its nings of very significant, tangible newed momentum now.” of UrbanGlass. It will include a new one of his sons and one of his un- first delivery person later this change within the district this year,” Arts executives say they are con- theater for BRIC on the ground cles—who are suing Adriatic’s own- month. says Joe Chan, president of the vinced that the Brooklyn projects floor, and gallery and retail space for ers, the Camaj family.The case will “My main concern is the safety of Downtown Brooklyn Partnership, will come to fruition in the near UrbanGlass. be tried in federal court later this my workers,” says Jonathan Hatch- which is overseeing the cultural de- term.Even with the city anticipating Landscape architect Ken Smith, month. er,owner of Fishers of Men,a three- velopment project. “The city is very a major budget gap, officials say the who designed the sculpture garden Adriatic’s owners did not return year-old seafood restaurant. concentrated on getting projects money for these projects is secure. at the Museum of Modern Art, has calls for comment. According to into construction in 2010.” been hired to design a small park ad- court documents, the brothers say Taking a bite out of crime But the nascent arts neighbor- December ground-breaking jacent to Theatre for a New Audi- that they complied with labor law in brooklyn, some of the restau- hood has had so many setbacks, it’s the city signed off last month on ence and to create new sidewalks and that after Tony’s tips were fac- rants that were affected by the re- easy to question whether these proj- funding that will allow Theatre for a and lighting for the area. Those tored into his income, he earned cent crime spree have taken action ects will be completed as scheduled, New Audience to hire a construc- projects, expected to cost around $6 more than the minimum wage. on their own. especially during a major recession. tion manager and finish the final million in all, are slated to begin at It is no secret that restaurant de- Charlotta Janssen of Chez Os- Started more than a decade ago by stages of design.The theater is plan- the end of the year. livery people are among the lowest- kar on DeKalb Avenue is among former BAM chief Harvey Licht- ning to break ground for its 27,500- One factor that bodes well for paid workers on the food chain and the owners whose employees were enstein, development of the cultur- square-foot building on Ashland these projects is that they are stand- often face abysmal working condi- attacked. al district fell so far behind that it Place in December. It has raised alone cultural buildings, without tions rife with abuse, crime and “These guys get clocked over the was turned over to the city in 2006. 83% of the $56.5 million needed to any housing attached. A housing physical danger. head or beaten, and then their An Enrique Norten-designed construct the building and set up a and arts development planned by Their plight made headlines in phones and bikes are stolen,” she Visual and Performing Arts Library $10 million endowment. Two Trees Management, which is 2005, when a Chinese delivery- says. was put on hold after the Brooklyn “We now have sufficient funds to slated for the site where the per- man was robbed and murdered in After her employees were vic- Public Library pulled out of the proj- start construction,” says Dorothy forming arts library was supposed to Queens by two teenagers, and again timized, she added giant baskets ect in 2007. In a second disappoint- Ryan, managing director of the the- go, is moving more slowly. in 2008, when the owners of and commercial signs to her bikes ment, plans for the Brooklyn Arts ater company. “Many cultural proj- “Those projects that have had an Saigon Grill were ordered to pay “to make them less attractive” to Tower—a residential building and ects just take longer than you expect element of housing attached to $4.6 million in back pay to the thieves. cultural center anchored by Dan- they will.” them have been subject to the chal- grossly exploited delivery workers at To discourage crimes against de- space Project—were tabled last April BAM is scheduled to begin lenges in the residential market that their two Vietnamese eateries in livery people, Mr. Hynes is consid- after the real estate market tumbled. building its new $50 million proper- everyone has been subject to,” says Manhattan. ering increasing the jail time in cas- Construction on the new home for ty on Ashland Place in June. The Mr. Chan of the Partnership.
Now legislators, a restaurant in- es involving plea deals, says his dustry trade spokesman. group, and city The most Here, Cablevision has been of and state gov- Undocumented widespread threat No Garden party special help:It recently agreed to pay ernment agen- to their liveli- its soon-to-be-former subsidiary an cies are all try- immigrants are hood, however, extra $30 million to carry its pro- ing to protect is the employers Continued from Page 1 Gamco Investors, one of Cablevi- gramming this year and promised to this vulnerable reluctant to who underpay “pure plays” in the cable business. sion’s biggest shareholders and soon pay higher rates in coming years. group of em- them. Make the Yet the spinoff also comes just as the to be an investor in MSG. “And it’ll That translates to a 29% increase in ployees,many of report abuses Road New York Garden embarks on an ambitious make more money in the process.” fees to MSG, Mr. Newman says. whom are afraid is preparing to renovation whose costs are soaring. It might surprise anyone who has Many analysts believe MSG— to complain file lawsuits this Management last month dis- forked over big cash to attend a game which charges local cable customers about problems month against closed that the tab could reach $850 or concert at the Garden, but MSG $3.19 per month, three-quarters of at work because two more busi- million,or $350 million more than its barely makes any money: It generat- what industry king ESPN com- they are undoc- nesses, a pizzeria initial estimate. In essence, investing ed a slim $1 million in operating mands—now has leverage to com- umented immigrants. and a Chinese restaurant that are vi- in the Garden, which sits atop Penn profits through the first nine months mand big increases from Time Warn- They were galvanized in part olating wage and hour laws, accord- Station,is less a bet on the fortunes of of last year on $650 million in rev- er,Comcast and Verizon,which must by a series of crimes in Brooklyn. ing to the organization. its teams than on its skills as a man- enue. The sports division posted a show Knicks or Rangers games lest Over the past eight months, Brook- “It is very common for a restau- ager of a complex construction proj- $32 million operating loss, while the they lose their customers to satellite lyn District Attorney Charles rant to pay ‘shift pay,’ which is well- ect that’s akin to replacing an airplane entertainment division, which in- TV. The Garden would be in even Hynes prosecuted nine cases involv- below the minimum [hourly] engine in midflight. cludes Radio City Music Hall, re- better position to get higher rates if ing attacks on delivery workers, wage,” says Amy Carroll, legal di- “New York construction projects ported a $53 million operating loss. the Knicks signed superstar free- mostly in Fort Greene and Clinton rector of the advocacy group and that come in on time and on budget agent-in-waiting LeBron James. Hill. Tony’s co-counsel. are as rare as the C train after mid- Meet the cash cows “MSG is simply must-have pro- “This is something the district In fact, in November, the New night,”cracks Jake Newman,an ana- but cable channels MSG and gramming for cable operators,” says attorney is concerned about, and it York State Department of Labor re- lyst at debt research firm Credit- MSG+ are cash cows. With 16 mil- SNL Kagan analyst Derek Baine. will be an ongoing discussion with ported that in a random sweep of 25 Sights.“I worry that MSG enters the lion subscribers,the channels gener- “The rate Cablevision paid will go the community,” says a spokesman. restaurants in Park Slope,Brooklyn, game lacking balance-sheet muscle.” ated $107 million in operating earn- to anyone else who wants to carry City Councilwoman Letitia only two were found not to be violat- MSG declined to comment,citing ings through Sept. 30, thanks to the MSG.” James, whose district includes the ing wage and hour laws.The agency a “quiet period” before the spinoff. hefty fees they extract from cable Ultimately, some cable operator two hard-hit Brooklyn neigh- found that 207 workers of various The renovation project, which is operators for the privilege of show- might want to swallow hard and borhoods, is working on a safety types were underpaid nearly $1 mil- in its early stages,will force the Gar- ing Knicks and Rangers games. simply buy out MSG and its program with the city chapter of lion in all. Some of the worst viola- den to close during the summers of Yet MSG needs more cash. It teams—and the Dolan family’s con- the New York State Restaurant tions involved delivery people, who 2011 and 2012.(Yes,sports fans,the had $73 million in cash on hand as trolling stake in the enterprise— Association. worked as many as 70 hours per New York Liberty women’s basket- of the third quarter,plus a $375 mil- rather than pay ever-escalating rates “We want to warn the workers,to week and were paid a weekly salary ball team must find a new home.) lion bank credit line and $190 mil- to show the games. Comcast, after give them some instruction on the of $210 to $275. The biggest change will involve lion in loan repayments coming all, once made a run at ESPN. Re- best routes,” says Ms. James. Clearly, not all restaurants are 80 luxury suites: Currently near the from Cablevision. “MSG falls short cently spun-off Time Warner Cable underpaying their workers. It took roof, the corporate playpens will be of all the funds needed to pay for the also could enter the picture. With a Soothing workers, employers Tony four months to find a new job, moved much closer to the court or renovation,”Mr.Newman says,not- market value of about $1.5 billion, her staff recently met with An- but he finally landed a delivery po- rink. Robert Tilliss, CEO of invest- ing that $60 million already has based on an expected $19 per share drew Rigie,director of operations of sition with another pizzeria that ment bank Inner Circle Sports, es- been spent preparing for the project. price for MSG on Tuesday,the com- NYSRA, to discuss a pilot program treats him “really well,” he reports. timates MSG will look to charge up One way to raise the cash is to pany would be a bite-size deal for ei- slated to kick off in April. Tony is now putting in half the to $1 million annually for each new hike ticket prices. That could be a ther giant. Mr. Rigie hopes that the pro- hours he did at Adriatic and earning suite—about double the going rate. tough sell, given the teams’ disap- “I don’t think it will be long be- gram—the details of which are still about $200 in base pay a week, plus “The renovation will give MSG pointing performances in recent fore someone buys some or all of the being worked out—will not only as much as $400 in tips. an opportunity to offer fans an even years. So MSG’s strategy appears to teams and the network and arena,” protect existing workers, but also “I have more time to be with my better experience,”says Christopher be to extract more money from the says Lee Berke,a consultant and for- expand their ranks by addressing children,” says the father of eight. Marangi, a portfolio manager at fans who follow the games on TV. mer MSG marketing executive.
the concerns of owners who might “My life is different now.”

20 | Crain’s New York Business | February 8, 2010 20100208-NEWS--0021-NAT-CCI-CN_-- 2/5/2010 1:51 PM Page 1

43.6% of employees in the Northeast say they are fully committed to their jobs BUSINESS LIVES Source: Right Management HOT JOBS EXECUTIVE INBOX

VICE PRESIDENT, Anne Fisher ENTERPRISE SALES COMPANY Penton Media Inc. How breaks JOB DESCRIPTION Develop marketing solutions; manage from the office client relationships build a business MOST IMPORTANT TASKS Increasing revenue; strategizing ONE DAY IN APRIL 2008, Don with clients’ senior management Crocker, chief of the Support CREDENTIALS NEEDED 10-plus Center for Nonprofit Management years of relevant experience; bach- (www.supportcenteronline.org), elor’s in business administration, started feeling ill after he got home sales/marketing, or related field from playing racquetball. Two SALARY A sales VP usually earns days later, he was hospitalized about $120,000, databases show with a life-threatening case of RECRUITER Internal pancreatitis. He didn’t go back to work full-time for five months. DOWNSIDE The economy makes it tough to find new clients Did the Support Center GOOD MATCH: flounder without him? Nope. UPSIDE Getting to use one’s cre- At Agent Provocateur, Kim Vilyus has combined Everything ran pretty smoothly at ativity to develop marketing solu- a knowledge of physical the organization, which serves tions for multiple media platforms therapy with a passion New York City’s 42,688 nonprofits. Penton Media is a business-to- for fashion. The main reason: Mr. Crocker had business company producing digi- taken a three-month sabbatical tal and print content. It works with in autumn 2007, which gave his clients in over a dozen industries, including real estate, information staffers a chance to step up and technology and food services. run things on their own. —EMILY LAERMER “They were really well- prepared for my absence,” says Mr. Crocker, “because they had experienced it before.” A new 75-page report called EXECUTIVE MOVES Creative Disruption, available at www.compasspoint.org/creative Cushman & Wakefield Inc.: Glenn Rufrano, disruption, says organizations 60, was appointed may become stronger and more president and chief flexible if the boss goes away for

executive of the buck ennis a while. Bosses’ leaves give commercial real estate second-tier leaders a chance services company, GOTHAM GIGS to develop new skills and can effective March 22, serve as “dry runs” for upon the completion of his term as chief executive of Centro Properties Group. succession-planning purposes, Prior to his stint at Centro, he served as says the study, published by a the chief executive of New Plan Excel group of five foundations. Realty Trust Inc. Valentine’s Day Cupid “People did begin using their Jones Day: Scott Pierpont, 46, joined the talents to do great things while I law firm as a partner in the banking and was out on sabbatical, which finance practice. He was most recently a kim vilyus first shopped for fine lingerie with her mom in partner and member of the ‘Every they have continued to do,” says securitization, project finance, private Dallas, her hometown. “I loved going with her,” she says, recalling the Mr. Crocker. investment fund and collateralized debt woman playful girl-time as well as the beautiful lacy things she’d watch her Before his leave, for example, obligation affinity groups at Mayer mother buy. She bought her first matching set at age 16. ¶ “I thought Mr. Crocker used to handle all Brown. should try, dealings with the Support Chase: everyone did that,” shrugs the 28-year-old manager of upscale lingerie Priscilla Center’s funders. “Now that is Almodovar, 42, was boutique Agent Provocateur in SoHo. Maybe they should: Her appointed chief at least much more spread out across operating officer for parents have been married for 39 years. ¶ Not everyone is as comfort- the organization,” he says. the community once, able shopping for pretty underthings. Around Valentine’s Day, the Changes like that have helped development banking customer base shifts to about 70% men. ¶ “Some guys haven’t done free up his time for other business at J.P. to wear things, like strategic planning. Morgan Chase. She their homework.They don’t know their partner’s size,” she says. But Couldn’t the head of any was most recently at NYHomes, New a full set Ms. Vilyus insists she can find something for anyone, regardless of age enterprise use such a change? If York state’s housing finance agencies, where she had been president and chief of lingerie’ or shape. ¶ As a collegiate swimmer, Ms. Vilyus was studying for a you can’t take a sabbatical, what executive. career in aquatic physical therapy when she discovered a passion for about that re-energizing vacation Jefferies: Dan Decelles, 38, joined the you’ve been putting off? You securities and investment banking firm fashion. She now combines the supportive energy of a physical could come back to a business as a managing director in the global therapist, the body awareness of a swimmer and a shrewd marketing that is stronger than you left it. health care investment banking group. sensibility. ¶ “Every woman should try, at least once, to wear a full set He was most recently a managing HAVE YOU TAKEN a break from your director at J.P.Morgan. of lingerie, including suspenders and stockings,” she says. “Trust me.” firm? What were the effects? Tell us at See EXECUTIVE MOVES on Page 22 —hilary potkewitz www.crainsnewyork.com/execinbox.

February 8, 2010 | Crain’s New York Business | 21 20100208-NEWS--0022-NAT-CCI-CN_-- 2/5/2010 1:52 PM Page 1

RÉSUMÉ REVIEW Surprise role in terrorist trial Is your job search all it could be? We ask the experts.

in security,and there would be 2,000 lem with many community activists NAME KENNETH S. HENDERSON Community board checkpoints. It just didn’t make is that they oppose things without OBJECTIVE chair gives feds viable sense. offering solutions. Global sales and marketing executive seeks to engage in a high-profile growth business How did your effort start? What’s your reaction to The Times’ venue options that PROFESSIONAL EXPERIENCE editorial that said the trial should be I wrote an editorial in The New York  Henderson Consulting, 2001-2009 help spare downtown Times about using Governors Is- held here despite the inconvenience and Developed and implemented strategies for fledgling client’s land, because no one was talking the dangers—noting that democracy is sometimes inconvenient? entry into NYC market, building a several-million-dollar business about whether [the trial] should  BY THERESA AGOVINO really be held here. The editorial This isn’t a question of the trial U.S. Information Systems Inc., 1999-2001 got response from elected officials being merely inconvenient. It is a Sales and marketing ulie menin, chair of Man- and business leaders saying matter of putting the country’s fi- Combined four lines of business into a cohesive unit that grew from hattan’s Community Board 1, that it was a terrific idea, nancial capital and the citizens of $25 million to $40 million in three years didn’t want the trial of the al- but the mayor was downtown at risk [of another ter-  Anixter, 1983-1998 leged mastermind of the Sept. against it. rorist attack]. Vice president, global accounts (Anixter); vice president, national J11 terrorist attacks to be held accounts (Anixter USA); vice president, international operations (Anixter downtown. But rather than Why do you think you Do others in your community agree International); managing director, European operations (Anixter UK) simply op- succeeded? with The Times? EDUCATION pose the ven- I tried to put myself I haven’t heard from anyone  ue choice, she in the heads of fed- who wants the trial here. McGill University, Montreal, B.A. in business administration  gave credible eral officials who Montreal Institute of Technology, electrical engineering, drafting and MOVERS & alternatives, wanted to have a fed- Are you surprised that a specifications SHAKERS such as Gov- eral trial in New community board could Résumé appears in condensed form. ernors Island York’s South- wield such EXPERT ADVICE influence? Julie or a military ern District. The omission of the graduation date from McGill may give many base.Now, in a How could I’m so very companies pause; you want to avoid as many up-front obstacles as coup for com- they do pleased. I’ve Menin possible. Kenneth should attend as many conferences and trade shows munity activ- that[with- been pushing ists, federal out having for this 24 in his area as he can, picking up literature or business cards from officials have all but abandoned the it in Man- hours a day, sev- companies he’s interested in, and following up by sending letters and idea of holding the trial in lower hattan]? The en days a week. résumés. Also, he should emphasize on his résumé that he has a green Manhattan, and they are consider- military bases card or dual citizenship. If he doesn’t provide that key information, ing Ms. Menin’s idea of using a mil- offer a com- Are you continuing potential employers may assume that he doesn’t and disregard him. itary base instead. promise to your efforts? —jamie mccann, executive senior partner, Lucas Group those who I absolutely To contact this candidate or to be featured in “Résumé Review,” e-mail us Why shouldn’t the trial be held think it want to make downtown? should be a sure the trial at [email protected]. New York City’s police department military tri- doesn’t happen said it would cost $200 million a year al.Theprob- here.

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EXECUTIVE MOVES firm’s venture technology group. He was was named senior managing director at McGovern, 52, was promoted to partner Dahlman Rose & Co.: Paul Milcetic,43, most recently deputy managing partner the consulting and executive search from special counsel at the law firm. was named managing director of metals of Dickstein Shapiro’s New York office. firm. He was most recently president of WTAS: Efi Avigdor, 37, was promoted to and mining in the investment banking Continued from Page 21 Gayle P.Levy, 48, joined as a partner in The WhiteRock Group, which he also managing director from director at the division of the investment bank. He was Matthew Miller, 41, joined as a the insurance regulatory practice. She founded. independent tax firm. previously at Credit Suisse, where he managing director in the global health was most recently a partner at Edwards Kelley Drye & Warren: Andrea L. Calvaruso, Ellen Bonito, 35, was promoted to had been managing director of the care investment banking group. He was Angell Palmer & Dodge. 39, joined the law firm as a partner and managing director from director. mining practice. formerly a managing director at Bank of Marcum Financial Services: Steven D. chair of the trademark and copyright Matt Castagne, 45, was promoted to Troutman Sanders: James Moore Bollinger, America Merrill Lynch. Brett, 45, joined as president. He was practice group. She was most recently a managing director from director. 52, joined the law firm as a partner in the AXA Equitable Life most recently a financial adviser and partner at Donovan Calvaruso & Yee. Holzman Moss Bottino intellectual property practice group. He Insurance Co.: Andrew branch sales manager at Merrill Lynch. Marsh Inc.: Geoff Mills, 40, joined the Architecture: Nestor was most recently a partner, leader of the McMahon, 42, was ForeSite: Debbi Waters, 42, founded the insurance broker and risk adviser as Bottino, 52, joined the intellectual property practice and co-head named president of national planning firm. She was most managing director and product recall architecture firm as a of the financial patent initiative at the financial recently a principal at Holzman Moss practice leader. He was most recently a partner. He was most Morgan Lewis. protection and wealth Architecture. managing director at Aon. recently a partner at Anchin Block & Anchin: Jeffrey I. Rosen- management Wolf Haldenstein Adler Freeman & Herz: Porter Novelli: Joel R. Johnson, 35, was Bottino Grund thal, 47, was promoted to partner-in- business. He was Ilan Lerman, 37, joined the law firm as a named senior vice president of strategic Architects. charge of financial services from partner formerly chairman of partner in the real estate practice. He planning and research at the public Greenberg Traurig: at the accounting and advisory firm. AXA Advisors. comes from Paul Hastings Janofsky & relations company. He was most recently David M. Schwartzbaum, 48, joined Peter L. Berlant, 51, was promoted to Sonnenschein Nath & Rosenthal: Ira L. Walker, where he had been of counsel. with Sapient Nitro, where he had been the law firm as a shareholder in the associate partner-in-charge of financial Kotel, 45, joined as a partner in the law Accretive Solutions: Gustavo Dolfino, 42, director of digital strategy. New York corporate and securities services from partner. Quinn Emanuel Urquhart Oliver & practice. He was most recently a senior Intrepid Sea, Air & Space Museum: Hedges: Adam Abensohn, 40, was corporate partner at Latham & Tracy Sandford, 40, was named promoted to partner from of counsel at Watkins. director of marketing. She was most CORPORATE LADDER the law firm. Doremus: Laurie Schuster, 43, joined the recently vice president of marketing at Richard W. Erwine, 41, was promoted to business communications agency as OpenSkies. partner. He was formerly of counsel. head of digital strategy. She was most AlixPartners: David Johnston,36,was AD EXEC LANDS NEW POSITION Appssavvy: Todd Bowman, 34, was named recently director of digital strategies at promoted to managing director from David Cameron, 35, was named to the newly created senior vice president of sales at the direct (RED), New York. director at the business advisory firm. position of chief of strategic development at Dentsu sales team for a social media space. He Hirschen Singer & Epstein: Russell A. Robert Sullivan, 46, was promoted to Holdings USA Inc., an advertising agency owned by was most recently West Coast sales Kivler, 32, was promoted to partner. He managing director from director. Dentsu Inc. In his new role, Mr. Cameron will be director at Condé Nast Digital Media. had previously been an associate at the Paul Svindland, 39, was promoted to Helpern Architects: Lisa M. Chronister, law firm. managing director from director. responsible for business development and network 38, was promoted to principal from Davis & Gilbert: James Levine, 35, was Lloyd Staffing: Tina Ruark, 38, was integration throughout Europe and the Americas. senior associate. promoted to partner from associate at promoted to vice president of New York He was most recently managing partner of Pryor Cashman: Tracy the law firm. City operations from executive director McGarryBowen’s New York office, where he built and Green Landauer, 51, Stroock & Stroock & Lavan: Erez E. at the search firm. oversaw the Brand Voice practice and led the integration of the company’s joined the law firm as Gilad, 36, was promoted to partner from —maia blume specialized capabilities. He was also responsible for the development of a a partner in the tax, associate in the law firm’s financial trusts and estates restructuring practice. number of award-winning campaigns for clients such as Marriott Hotels & practice groups. She The McGraw-Hill Cos.: Terri Austin, 52, EXECUTIVE PROMOTIONS Resorts. Prior to his post at McGarryBowen, Mr. Cameron held positions at was most recently of joined as vice president of diversity and The fastest way to get an announcement into DDB San Francisco and JWT in New York and San Francisco. counsel at Greenberg inclusion. She was formerly chief Crain’s is to submit details online. Fill out the form —maia blume Traurig. diversity officer at American at www.crainsnewyork.com/submit. The Cadwalader Wickersham & Taft: Brian T. International Group. Executive Moves column is also available online.

22 | Crain’s New York Business | February 8, 2010 20100208-NEWS--0023-NAT-CCI-CN_-- 2/5/2010 1:53 PM Page 1 chemex / INSATIABLE CRITIC e-mail [email protected]. flickr.com Gael Greene THE Head to the NEW YORK PUBLIC LIBRARY’S SCIENCE, INDUSTRY & BUSINESS LIBRARY for a lecture on effective interview WEEK techniques from 6 p.m. to 7:30 p.m. at 188 Madison Ave., lower-level conference room 018.The event is free. Call A makeover AHEAD (917) 275-6975 for more information. THURSDAY, FEBRUARY 18 FEB. 15-21 THE NEW YORK CITY BAR ASSOCIATION will host a seminar on communications skills in meat district for the legal profession from 8:30 a.m. to NETWORKING RECEPTIONS 10 a.m. at 42 W. 44th St. The event is Colicchio & Sons MONDAY, FEBRUARY 15 free for members and $60 for WHAT HE’S FACETOFACENETWORKING.COM will host a nonmembers. Call (212) 382-6600 for offers rare sight: speed networking event for business more information. READING professionals from 5:30 p.m. to 8 p.m. at CULTURAL EVENTS a star chef cooking Select Office Suites, 116 W. 23rd St., AS CHAIRMAN FRIDAY, FEBRUARY 19 of the Battery Park suite 500. Fees are $37 for City Authority, Jim Gill spends ere’s a preview of a preregistration before Feb. 10 and $42 Join the PACIFICA QUARTET and the thereafter. For more information, call CHAMBER MUSIC SOCIETY for a most of his time on 92 acres of new reality show for lower Manhattan. But when the Bravo’s Top Chef war- (718) 757-6933 or e-mail performance of three of Beethoven’s [email protected]. string quartets. The concert begins at former Marine isn’t busy with his rior Tom Colicchio. 7:30 p.m. at Alice Tully Hall, 70 Lincoln Chopped, chewed up dual role as the authority’s PROGRAMS & WORKSHOPS Center Plaza, and tickets range from chairman and a partner at law and simmering in just three weeks: TUESDAY, FEBRUARY 16 H buck ennis $32 to $74. To purchase tickets and for firm Bryan Cave, he likes to settle Colicchio & Sons.Reality:His Craft- NEVER ENOUGH: Luscious gnocchi NEW YORK CITY COLLEGE OF more information, visit steak,in a warehouse on 10th Avenue, TECHNOLOGY’S SMALL BUSINESS www.chambermusicsociety.org. down with a stack of books. was wasting away. Inspired by need, DEVELOPMENT CENTER will hold a Pick Mr. Gill favors nonfiction and let’s suppose, and a desire to cook COLICCHIO & SONS workshop on business record keeping, SATURDAY, FEBRUARY 20 of the says he’s fascinated by history. again, he called in the original archi- 85 10th Ave. 6 p.m. to 8 p.m. at the Brooklyn Public Head to the BROOKLYN Some of his recent favorites MUSEUM week tects, Bentel & Bentel, to warm the (212) 400-6699 Library’s Business Library, 280 Cadman at 200 Eastern include Rick Atkinson’s An Army www.colicchioandsons.com Plaza West, conference room. The event Parkway to walk through the at Dawn, an exploration of the place up. For a new tap room up front is free. Call (718) 797-0187 or e-mail newly opened exhibit To Live Forever, he devised a discount menu; for the [email protected] for further details. which explores ancient Egyptians’ 1942-1943 Allied invasion of dining room, a reimagining of the beliefs about life, death and the afterlife. North Africa; and David SEMINARS bravura market-driven plates he used CUISINE American contemporary The exhibit is open through May 2. Halberstam’s The Coldest Winter, to do at Gramercy Tavern. And bold- WEDNESDAY, FEBRUARY 17 Museum hours are 11 a.m. to 6 p.m. on which details America’s role in ly, maybe rashly, stationed himself to PRICE RANGE Dining room, $27 NYC BUSINESS SOLUTIONS will hold a weekends. Suggested contributions are the Korean War. He also just tend the big wood-burning oven. to $36; tap room, $12 to $28 seminar from 8 a.m. to 10 a.m. at 110 $10 for adults and $6 for students and polished off Joyce Purnick’s I’m not really surprised to find William St., fourth floor, on how to buy seniors. Admission is free for members SERVING Dinner, seven days your first franchise or grow the one you and children under 12. For more biography of Mayor Michael Colicchio off for the evening on the Bloomberg. RESERVATIONS Advised have. The event is free. For additional information, call (718) 638-5000. fourth night after the three-week information, call (212) 513-6472 or —maia blume “Other guys chase women,” face-lift.But all of us,the profession- NOISE LEVEL Spirited jokes Mr. Gill, 78. “I’m a reader.” als and our pampered mates, are lov- To view Crain’s full calendar listings, go to www.crainsnewyork.com/events —KIRA BINDRIM ing almost everything we’re tasting I can’t wait to return. tonight. I would never have thought I will definitely go back. to pair thick slices of raw tuna with a I’ll let them simmer awhile. camouflaging thatch of raw green NO HATS Never again. apple,but the sharp citric tang of the fruit balances the fatty fish, nesting Pursuing a new career? in a complex apple-turnip-horse- Debating cheese or sweets, we radish gelée. Olive oil-poached settle on something from the lineup Seeking help with your resume? hamachi is ethereal in a tiny portion of $12 desserts. The chocolate Searching for tips on networking? tossed with slivers of artichoke heart espresso tart with bittersweet and pungent verjus,a pressing of un- chocolate parfait and blood orange ripe grapes. Whether you found sorbet is wonderfully grown-up, Look no further. Craft brilliant or confounding or with sharply tangy citrus and a pow- both, you might recall Colicchio’s dery bitter chocolate tuffet—eensy. mastery of sweetbreads. They are Almost a week later, I’m back presents voluptuous perfection here, too, be- with friends—no reservations—to side onion soubise with honey try the tap room menu. There he is, onions, shiitake, crisp pickled slinging a pizza into the oven. “You Jerusalem artichoke, and a “bacon came on the only night I’ve missed sherry vinegar.” since we opened,” says Colicchio. The winter salad described as Cozy enough on a banquette be- “raw root vegetables” is disappoint- hind the wall of firewood,we’re hap- ing, mostly arugula and greens, not py sharing the white pizzette scant- enough of the root vegetables. ily topped with onion, fontina, Penny-pinching or calorie- rosemary and potato,and devouring counting inspires me to order an ap- an order of rich baked ricotta with petizer-size gnocchi for my main roasted root vegetables and truffle course. A wee portion arrives, and I honey.Steven and I love a squid sal- want to eat every morsel—the lus- ad with chickpeas and radicchio, cious gnocchi nubbins, the chest- and the roasted clams with pork nuts,bone marrow blobs,the pump- shoulder and Fresno chile. kin bits, Brussels sprout leaves and It’s a challenge to separate the black truffle. But I have to share. meat from the fat of the lamb breast Roasted venison, rare as request- with lentils. And there’s some ele- Your Guide to Getting Hired ed, is a standout, surrounded with ment missing in the spare offering of parsnips,black trumpet mushrooms rigatoni baked with duck and black and quince—both diced and in a kale. I was happier in the dining purée. Only the overcooking of do- room. The upside-down banana- rade in a country ham broth (with a pecan cake with rum caramel and Tuesdays at 9 pm on flag of crisped country ham on top) malted milk ice cream does not cheer sabotages its ambitious design as a me up. Take these observations as NYC life is broadcast on channel 25 vehicle for pig’s trotters, sweet and first impressions. I’ll be back. Check nyc.gov/media for local cable and satellite listings sour shallots,pickled mustard seeds, tomato and mustard greens. Copyright © 2010 by Gael Greene.

February 8, 2010 | Crain’s New York Business | 23 CN013470 1/22/10 4:37 PM Page 1

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