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Hearts, Wallets Open for Haiti Bonuses G GAEL GREENE Finds a Hot New Taqueria P

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Hearts, Wallets Open for Haiti Bonuses G GAEL GREENE Finds a Hot New Taqueria P 20100118-NEWS--0001,0028-NAT-CCI-CN_-- 1/15/2010 8:26 PM Page 1 INSIDE OUT OF FASHION TOP STORIES Young Ex-Rep. Ford faces designers up-Hill battle for get the Senate PAGE 2 ® brush-off PAGE 3 Magazines make 2010 advertising comeback VOL. XXVI, NO. 3 WWW.CRAINSNEWYORK.COM JANUARY 18-24, 2010 PRICE: $3.00 PAGE 3 Penthouse to bare all in brazen IPO Tishman Speyer under fire PAGE 4 SPECIAL REPORT Fabled developer finds itself on losing end in several of era’s biggest deals REAL ESTATE Calculating the odds for 6 of the city’s biggest BY THERESA AGOVINO pending developments P. 13 G Jersey waterfront loses its last week, lenders signaled that they would competitive edge P. 13 push Stuyvesant Town/Peter Cooper Village into foreclosure unless the Tishman Speyer-led G Q&A: 2010 forecast from partnership that bought the massive apartment five real estate experts P. 18 complex for $5.4 billion comes up with an over- G Latest on deals P. 20 due mortgage payment.The threat marks a new G Largest blocks of available low for the deeply troubled deal. It’s also a ma- office space P. 21 jor embarrassment for Tishman Speyer, one of the city’s most successful and prolific develop- ers, which is led by billionaire art collector and power broker Jerry Speyer and his son Rob. BUSINESS LIVES This is not an isolated setback for the firm, which at the peak of the boom from 2005 to 2008 was the nation’s third-largest buyer of real estate, according to Green Street Advisors Inc. In fact, Stuy Town is one of five huge Tishman Speyer deals—including two of the largest res- idential transactions in American history— that have soured during the real estate collapse. Another of the disappointments is Arch- stone-Smith, a nationwide operator of apart- ment buildings that Tishman Speyer and part- FIRM FOUNDATION: Rob ner Lehman Brothers purchased in 2007 for $22 and Jerry Speyer (from left) GOTHAM GIGS billion. The overleveraged deal needed a $500 have defaulted on loans for million cash infusion within about 18 months. big deals, but they still have She really is the flavor investors’ support, they say. of the month P. 29 More recently,Tishman defaulted on loans tied See TISHMAN on Page 28 neff david G ANNE FISHER on the bonus furor P. 29 G MOVERS & SHAKERS Philanthropy’s next wave P. 30 Hearts, wallets open for Haiti Bonuses G GAEL GREENE finds a hot new taqueria P. 31 many as 50,000 people could be lack one NYC relief groups dead, the desire to help echoed report record rush across the city, from Haitian- INDEX owned radio stations in Brooklyn thing: cash of online donations that assisted desperate New York- THE INSIDER _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _8 from biz and labor ers looking for family members to Payouts will mostly NEIGHBORHOOD JOURNAL _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _9 giant corporations in Manhattan ALAIR TOWNSEND _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _11 that pledged millions of dollars in be in stock; long- BY DANIEL MASSEY donations. GREG DAVID _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _11 ap images Money flooded into New York term value in doubt FOR THE RECORD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _22 IN THE EARTHQUAKE’S AFTERMATH, as of last friday, Brooklyn psy- City-based aid groups at record CLASSIFIEDS almost every kind of firm has stepped up. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _24 chiatrist Georges Casimir had clips. And leaders of the city’s BY AARON ELSTEIN EXECUTIVE MOVES _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _29 been unable to reach five siblings in Haitian community—which num- THE WEEK AHEAD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _31 earthquake-ravaged Haiti. He was feeling that he had to do some- bers more than 122,000,including some eye-popping numbers are go- gripped by anxiety, but also by a thing to help. nearly 74,000 in Brooklyn— ing to be revealed this week when “People like me who are not threw themselves into relief-or- Goldman Sachs, Morgan Stanley sure what to expect are getting in- ganizing efforts via networks of and other banks report how much in 03 volved in whatever relief projects professional and community or- bonuses they’ve decided to shower 5 we can,” says Dr. Casimir, a past ganizations. on their fortunate employees. president of the Association of “Everybody is geared up for a But as infuriating as the payouts ELECTRONIC EDITION Haitian Physicians’ New York sprint, but this is not going to be a will be to most people, there’s one chapter. “That’s the only way I’m sprint,” says Dr. Stephen Goldfin- crucial mitigating factor to keep in dealing with it.” ger, chair of psychiatry and behav- mind: Most of the moola won’t be in NEWSPAPER As it became apparent that as See HEARTS on Page 28 See BONUSES on Page 27 71486 01068 0 20100118-NEWS--0002,0003-NAT-CCI-CN_-- 1/15/2010 8:10 PM Page 1 manager in charge of Citi’s 65 IN BRIEF Manhattan locations.To rebuild the shrunken Citi, he’s empha- CITY PROPERTY TAXES ARE SET TO RISE IN THE sizing things like local focus and FISCAL YEAR BEGINNING JULY 1, ACCORDING the personal touch—the unex- to a tentative assessment by the city’s citing, but essential, elements of Department of Finance on Thursday. It retail banking. He’s drilling his estimates that the total market value of staff to be more responsive to properties, including new buildings, will customers, renovating branches increase 0.12%, to $796 billion, between fiscal and extending their hours, and year 2010 and fiscal 2011.The state requires the experimenting with low-cost city to tax property based on a percentage of marketing campaigns. market value, known as assessed value.The law “We need to reintroduce our- limits how much taxes can rise in any given year, selves,” says Mr. Brown, who be- and therefore assessed value increases are phased gan working for Citi 14 years ago in, and often lag market trends. “Assessed values as manager of a Chelsea branch. went up for all classes of property, even in cases “What we do isn’t sexy.We chop where market values declined,” said Finance wood and carry water. How we Commissioner David Frankel. execute,the service we provide— KEY FACTOR: Bill Brown says that service will that’s what will change people’s AMONG THE SURPRISE BIDDERS AT THE change people’s minds minds about who we are.” TAVERN ON THE GREEN AUCTION LAST WEEK about Citibank. was the restaurant’s landlord, New York City. In Facing a steep climb a private transaction, the city if mr. brown succeeds in bought a number of items— changing minds about Citi in its including some it had most important U.S.metro mar- previously tried to obtain by ket, that achievement could go a force in court.The latter long way toward restoring the include rare chestnut wall bailed-out bank’s financial paneling from the Chestnut health and reputation. But he buck ennis Room, a 40-foot mural from faces a steep climb. Citigroup the Park Room and fixtures from the ceiling of became a symbol for banking the Crystal Room.The biggest-ticket items in gone amok after posting more the sale were three Tiffany glass pieces that sold than $27 billion in losses in 2008 He’ll take for $180,000, $120,000 and $75,000. and is still trying to regain its footing. In New York, the bank’s COSTAR GROUP INC. IS COMPILING DATA ON branches have been losing mar- THE LARGEST OFFICE LEASING DEALS IN ket share to nimbler competitors Manhattan during 2009, ranked by square Manhattan for years. And last week, Citi’s feet.The list of top transactions will be U.S. retail division chief, Terri published in Crain’s Feb. 15 issue. Brokers and levinekarjean Dial, was ousted after less than others with details on deals that may qualify two years on the job.
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