20120618-NEWS--0001-NAT-CCI-CN_-- 6/15/20127:53PMPage1 INSIDE THE INSIDER, PAGE 8 lot? parking world’s priciest NYPD give up Why won’t the PAGE 23 buildings for apartment going bonkers are Big investors PAGE 13 room screening $500,000 Moonves got a Why CBS’ Les parade: Perks on PAGE 13 chief exec $35 million unsung Wall St.’s NEWSPAPER HOT JOBS THE WEEKONWEB FOR THERECORD CLASSIFIEDS SMALL BUSINESS REAL ESTATE PLUS DEALS VIEWPOINT NEIGHBORHOOD JOURNAL NEW YORK,YORK FORTUNATE 100 FORTUNATE INDEX B is justtoobig Facebook small firms, ● ● ● mark Pencil execmakeshis GOTHAM GIGS TV amessage TV Aereo CEOsendscable plays aFrenchplays tune USINESS GAEL GREENE GAEL MOVERS &SHAKERS ANNE FISHER ______P. 25 ______P. 25 P. 26 Calliope For _ _ _ _ L _ _ _ IVES ______P. 27 25 22 21 18 17 12 10 9 6

daniel byrne VOL. XXVIII,NO.25 sdhscei-admcie opyfrrds too. to payforrides, used hiscredit-cardmachines Chancesare you’ve inoneofhisyellow cabs. ridden butyou’ve probably You don’t know RonSherman, BY JEREMYSMERD Ron Sherman and his pals control 40%ofNY’s andhispalscontrol Ron Sherman ALL HAILKINGCAB The 52-year-old owns nearly 200taximedal- The 52-year-oldowns nearly taxis. Andhe’s drivingthemayorupwall WWW.CRAINSNEWYORK.COM 5 0 ly insularandpowerful taxiindustry.ly influenceinthehigh- hintathisoutsize pire andonly Sherman’s business em- lions are of Mr. just a portion themedal- atmore each, than$1million hails.Valued upstreet topick right gives itsowner theexclusive that toacab lions—the pieceofaluminumattached fastest-growing private firms fastest-growing Crain’s FAST COMPANIES NEXT WEEK profiles 50 of the area’s 50 of the profiles e L ALonPage 23 See ALLHAIL colleague said. yellow,” oneindustry medallions, “bleeds in nearly200taxi stakes ownership with The city’scabking, SHERMAN’S TANKS: ® profits paper Stealing NYC biz midsize chases Citigroup beneath $500M with revenues in localcompanies Bank’s growthseen carters’ pockets thefts cutsholesin Rash ofcardboard small topopuponCiti’ssmall radar. enue—a numberoncedeemedtoo have lessthan$500millioninrev- with New York businessesthat ofbuildingrelationshipsin charge bankers veteran last weekputtwo the bank direction, its new scoring Under- corporations. worldwide bank to serve into a worldwide tobuilding itself over thedecades mostofitsenergy devoting after companies more andmidsize small sus ismakingamajorpushtoserve isnow thinkinglocally. bank,” self as “the world’s mostglobal it- describes which Citigroup Inc., ELSTEIN BY AARON aiainSrie “It’sterrible.” Service. Sanitation vicepresident ofChelsea talupo, Ican- saidDominick bubble gum,” storeyour candy andstealingallyour pickup.garbage for at curbside left cardboard ofcorrugated ing offwithbundles are Thieves mak- lions ofdollars: mil- industry commercial carting andit’s costingthe streets, city wave is sweeping over crime new A Forget aboutmanholecovers. BY SHANEDIXON KAVANAUGH ae11 Page David Greg was right Dimon Jamie Where “We want to take New York colos- The $2trillion-in-assets “It’s likesomeonecominginto “It’s e ADOR onPage24 See CARDBOARD e IIRU onPage22 See CITIGROUP JUNE 18-24, 2012JUNE 18-24, PRICE:$3.00 20120618-NEWS--0002,0003-NAT-CCI-CN_-- 6/15/2012 7:55 PM Page 1

COMMENTARY Designers say ‘I do’ A place to budget bridal gowns

attendants, most with prices around cluding accessories,bridesmaid dress- From Reem Acra $1,000. Similarly, Urban Outfitters es and shoes, exceeded sales projec- of one’s own Inc., the Philadelphia-based owner of tions by 20% in 2011, said Catalina to Vera Wang, they Anthropologie and Free People, Maddox-Wagers, executive vice pres- hen I moved to Manhattan af- launched BHLDN last year, a bridal ident of merchandising at David’s hitch with retailers line featuring the same contemporary Bridal. ter college, I rented a tiny West yet eclectic looks as its namesake Village studio apartment that to reach shoppers brand.BHLDN,which stands for be- “Clamoring for Vera Wang” cost considerably less than my holden, already has two stand-alone By offering Ms. Wang’s merchan- current parking space. I had a stores. dise, the store is able to draw a more BY ADRIANNE PASQUARELLI Yet experts note that many of these affluent consumer who might not friendW in a nearby co-op on lower Fifth Avenue, and offerings are geared toward brides- have previously shopped for David’s walking across town to visit, I’d window-shop for Budget-minded brides got a break this maid dresses—the retailers lack the thrifty wares. “Normally, they would places where I might one day live. month when Reem Acra,a popular de- specialized experience for producing not have come, had we not had her signer known for her luxury bridal full bridal gowns. “You can’t say name,” Ms. Maddox-Wagers said. Two stunning not “a.”Recently, gowns,began selling a lower-cost dress overnight, ‘I’m going to make wed- “The brides have been clamoring for townhouses the New York collection.The line, available at Nord- ding dresses’;you have to have a whole Vera Wang.” topped my list— Post’s Kyle strom, ranges in price from $2,400 to business,” Ms. Leonard said. Then there’s Kleinfeld, the New 40 and 50 W. Smith wrote a almost $4,000—about half the price of Several stores have partnered with York institution where gowns can be 10th St.The goal column compar- Ms. Acra’s signature dresses. big names to boost their offerings for priced as high as $32,000. Last Octo- of owning one ing New York “There’s demand for lower price penny-pinching brides. British fast- ber, the Chelsea-based store began will likely elude with London, points,” said Ms. Acra, who selling collections from Mr. me (32-year-old our main urban founded her Manhattan- Basso and Isaac Mizrahi Sean Parker of competitor. He based business in 1997 and HIGH END VERSUS LOW END priced from $2,500 to Napster and found that makes everything locally. Bridal gowns from Reem Acra’s collections. $4,000. Over the weekend, Facebook fame everything— “Brides relate to the name be- the company introduced a now owns No. MICHAEL from our frank- cause we dress so many less-expensive line from de- 40), but New ness to our side- celebrities, and they want to signer Mark Zunino for the York is about GROSS walks—is better be able to say, ‘I’m wearing a first time. dreaming, and here. “I can’t Reem Acra dress.’ ” “It was important for us to for many if not imagine why Designers from Dennis have designer lower prices,” most of us, a piece of this New Yorkers don’t go around Basso to Vera Wang are walk- said Kleinfeld co-owner rock is the focus of our boasting about it for three or ing cheaper bridal collections Mara Urshel. “Brides want dreams. four hours every day,” Mr. down the runway and part- something that looks like de- I’ve been fortunate, even if Smith concluded, quoting nering with retailers like signer, and designed with the not Parker-sized. My second the British novelist Martin Kleinfeld and Topshop to creativity of a designer, at a apartment, a sublet, a duplex Amis. Maybe it’s because reach even more consumers. price they can afford.” loft across the Bowery from we’re too busy living here. Their offerings arrive at a For Kristie Barker,an Ok- CBGB, was virtually unheat- Our city’s superiority cer- crucial time for the wedding lahoma resident who ed but huge and filled with tainly explains the success of industry, as shoppers contin- Dresses from the Dresses from the new shopped in New York for her art. My fourth, the first I Extell’s new One57, where, ue to pull back on spending in signature collection can Roses collection can be June 2011 wedding, being owned, was in that same low- brokers tell me, all the Cen- the wake of the recession. be as high as $11,500. as low as $2,400. able to afford a designer er Fifth co-op where my tral Park-view apartments The average cost of a wed- brand was huge. She pur- friend had lived. My fifth, the are now in contract, most ding last year was $25,631, a chased a $1,300 Vera Wang exception to the rule, was a signed by foreign buyers. 3.4% drop from 2010,according to re- fashion chain Topshop next month gown at David’s Bridal. lovely space, sadly haunted by Why do they come here? search firm Wedding Report. debuts a wedding line from Richard “I really wanted Vera Wang—her a succession of truly vile First of all,ever since the first “Girls today are walking in the Nicoll at its New York and Las Vegas gowns are so beautiful, but so expen- neighbors. Giuliani term, store with a set budget, and designers locations, with dresses as low as sive,” she said. “I was in shock that it But my current Having a New York’s been a found that they might lose a sale un- $150—an absolute steal in the catego- was so affordable.” home, in a land- safe place person- less they have a certain price point,” ry. The collection from Mr. Nicoll, By saving on brand-name dresses, mark, is a dream piece of NY ally and econom- said Rachel Leonard, fashion director who has dressed the likes of Keira brides like Ms. Barker are also able to come true,though is the focus ically, especially at Brides magazine. Knightley and Diane Kruger, expect- spend more on accessories like shoes I’ll admit it’s not for the newly rich ed to sell out. and jewelry. Unlike a white wedding in the same league of our from lands like Joining mass-market retail David’s Bridal, with an outpost on gown, such items can be worn again. as the buildings I dreams Russia, China These designers are joining the Sixth Avenue, is offering pricier According to the Wedding Report, write about— and South Amer- ranks of mass-market retailers—in- wares, but with the most recognizable women spent 2.8% more on acces- places like the ica,where the rule cluding Ann Taylor, J.Crew and name in bridal.The chain collaborat- sories last year than in 2010. subjects of my of law is often White House Black Market—that in ed with Manhattan-based Vera Wang “She is definitely transferring her 2005 book, 740 broken. Second, recent years have debuted bridal divi- last year on a collection priced from budget into the accessories,” said Ms. Park, and my next, on 15 it’s exciting.Third, we’re still sions with attire for both brides and $550 to $1,500. The entire line, in- Maddox-Wagers of today’s bride. Ⅲ Central Park West,where the creatively pre-eminent, even über-est of our über-wealthy if artsy types now probably live. can’t afford that Village stu- Those two buildings, and dio I once had for $175 a FRANCHISE PLAYERS others like them, whether month. TriBeCa lofts, Village town- Beijing and Singapore The International POOCHES: houses or midtown pent- may one day have their turn, Franchise Expo New York’s high houses, are perhaps reposito- but for now, you’d have to be rent and the tight ries of ambition more than as rootless as Facebook co- drew 300-plus credit market dreams, but they speak to founder Eduardo Saverin to exhibitors to the have made it what attracted me,my grand- choose not to live here. I’ll parents and probably you, take Manhattan—the Bronx Javits Center last popular to launch too, to New York, and why it and Sean Parker, too. week, after a 20-year franchise remains a magnet for poor Speaking of which, I’m businesses that and rich alike. staying here, but this is my run in Washington, operate from We come and stay despite last Crain’s commentary. I’m D.C. Here are some BURGERS: Smashburger and Mooyah are two owners’ homes— its infinite annoyances— taking a leave to write that 15 of the top categories burger franchises looking to grow in the New dog-walking and some of which have been CPW book for the Free Press York market. They hope to beef up their ranks, pet-sitting fodder for this column— at Simon & Schuster. With that want in on the like Five Guys, Goodburger and a host of services have very because it’s the center of the luck, it will be out, and I will Big Apple. others in the city. low overhead. world. Note that I said “the,” be back next year. Ⅲ

2 | Crain’s New York Business | June 18, 2012 20120618-NEWS--0002,0003-NAT-CCI-CN_-- 6/15/2012 7:55 PM Page 2

IN BRIEF

THE METROPOLITAN TRANSPORTATION AUTHORITY WILL ISSUE A REQUEST FOR proposals this week seeking a company to, in essence, take over the new 13-store, 11,500- square-foot retail complex at the newly renovated Columbus Circle station.The winning bidder will lease the market and then sublease out and manage the individual units. This marks the first time the MTA is using a private-sector firm to assume responsibility for filling and managing some of its space, according to a spokesman. At Grand Central Terminal, the agency leases its retail space but relies on Jones Lang LaSalle to manage it. Firms are expected to submit proposals by Sept. 14 at 3 p.m. CHRIST THE ROCK INTERNATIONAL, A 17-YEAR- OLD, 400-MEMBER CHURCH IN EAST NEW York, Brooklyn, filed for Chapter 11 bankruptcy Thursday. Bishop Jonathan Owhe, the church’s founder, chairman and general overseer, said filing for bankruptcy was necessary to avoid a takeover by its main lender, the Evangelical Christian Credit Union. “They want to increase their asset network,” Bishop Owhe said of the credit union. “And they see the church as a source of real estate for housing.”The church, which owes $480,000 and is worth $1.22 million, will stay open while it restructures its finances. Ⅲ BY THE NUMBERS

Weekly shift of the city’s economy BEAUTY ISN’T EVERYTHING: Andrés SO BAD IT’S GOOD A weak economy is driving Cortés’ Urban Umbrella may yet go up in down everything from mortgage rates to gas Toronto before it’s seen in New York.  prices and is prompting investors to bet governments will step in with stimulus. buck ennis 0.2% 52K $2.3B RISE IN NY STUDENTS 1Q PUBLISHERS’ area’s May who finished net sales, up consumer price high school in 6.2% from a index vs. 4 yrs. in 2011, year earlier A winner on ice a year earlier a record Source: Association Source: Bureau of Source: Bloomberg of American Labor Statistics administration Publishers new learning center at a local university. A stylish new street shed draws raves In many ways, the tale of the tardy ar- ARE WE THERE YET? NYC gas prices are barreling down rival of a much-ballyhooed replacement from their spring spike. for what many have long regarded as an but, alas, no takers in its hometown eyesore says much about how business gets Price per gallon $3.97 Amanda Burden called the newcomer done in New York City. $3.66 $3.82 $3.81 $3.66 BY AMANDA FUNG “gorgeous, innovative and safe.” “It’s a new, different product, so there “I’m longing to see this all over the city,” are a lot of question marks,” said Andrés In January 2010, city officials unveiled a Ms. Burden added. “After all, good design Cortés, chief executive of Manhattan- gleaming white alternative to the little- is good economic development.” based Urban Umbrella, a company whose loved blue scaffolding that landlords erect Maybe so, but 18 months later, the product was striking enough to earn it an to shield pedestrians from falling debris handsome new sidewalk sheds from a appearance in a recent TV commercial for 2/12 3/12 4/12 5/12 6/12 when work is being done on buildings.The company appropriately called Urban Um- Samsung’s latest Galaxy smartphone. Source: Energy Information Administration new approach resembled a delicately bal- brella Enterprises are nowhere to be seen “Building owners are interested, but the ADDICTED TO NUMBERS? anced umbrella, and a rather stylish one at in the city. Even more gallingly, Toronto hurdle is cost.” GET A DAILY DOSE AT @STATSANDTHECITY that.Mayor Michael Bloomberg trumpet- may yet beat New York to the punch. In On any given day,the sidewalks of New ed it as “the sidewalk shed of the 21st cen- September, an Urban Umbrella is expect- York’s five boroughs are littered with 6,000 tury,” while City Planning Commissioner ed to go up in front of the future site of a See COSTS on Page 20 CORRECTIONS A 450-car parking garage on West 125th Street can be transformed into a 363,000-square-foot retail, office and cultural complex. The size of the complex was misstated in the June 4 “Harlem’s wary eye on 125th St. growth.” Michael Fisher is menswear editor at trend forecasting firm Stylesight. The name of the company was misstated in the June 4 PIZZA: Russo’s Coal-Fired Italian Kitchen FRO-YO: Ten frozen-yogurt “E-tailer becomes retailer.” wants to open in New York. Anthony Russo, franchisers attended the expo. Stanley Jablonowski is the vice president of business development at Nelson Levine de Luca & Hamilton. The name of the founder, is a native of Paterson, N.J., Among them was New York- the firm was misstated in the June 4 Executive Moves. but grew his New York-style pizza business based 16 Handles, which Ironworkers’ locals besides Metallic Lathers and Reinforcing in Houston. expects to have 40 Ironworkers Local 46 handle traditional steel construction. That locations up and fact was misstated in the May 27 “Ironworkers bend on wages.” down the East vol. xxviii, no. 25, june 18, 2012—Crain’s New York Business (issn Coast by the end of 8756-789x) is published weekly, except for double issues the weeks of July Fourth, Labor Day and Christmas, by Crain Communications the year and Inc., 711 Third Ave., New York, NY 10017. Periodicals postage paid at KIDS: Childhood education double that by the New York, N.Y., and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Depart- franchises have been expanding end of 2013, including ment, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber recently. Kumon and Mathnasium outlets in all five service: Call (877) 824-9379. Fax (313) 446-6777.$3.00 a copy, $99.95 one year, $179.95 two years. (GST No. 13676-0444-RT) are two tutoring companies that boroughs. ©Entire contents copyright 2012 by Crain Communications Inc. have appeared in New York. —cara eisenpress All rights reserved. istockphotos

June 18, 2012 | Crain’s New York Business | 3 20120618-NEWS--0004-NAT-CCI-CN_-- 6/15/2012 6:48 PM Page 1

City confounds predictions, IN THE MARKETS gains 14K private jobs in May by Aaron Elstein

Growth tempered Street is growing.Defying recent lay- time involuntarily,the city’s true un- offs, the securities industry added employment rate is 16%—a crisis by by losses in public- 1,500 jobs in May, bringing its in- any definition,” he said. Who wins when crease for the year to 3,400. In the past year, most of the city’s sector employment One possibility could be that gains have come in leisure and hos- big banks merge? hedge funds are picking up the slack pitality,as well as in professional and BY DANIEL MASSEY from slimming banking giants, business services. From May 2011 veryone knows the nation’s while another explanation is that big to May 2012, the city added 75,700 banking system is dominated The city economy continued its re- banks are hiring more employees to private-sector jobs, more than by a handful of giant markable run in May,adding 14,100 handle ever-weightier regulatory is- three-quarters of which have come E private-sector jobs and bringing the sues. JPMorgan Chase Chief Exec- in those two sectors. institutions. To be precise: 63% of all total to 70,100 for the first five utive Jamie Dimon told the Senate “A lot of what drives the national bank assets belong to JPMorgan Chase, istock months of the year, according to an Banking Committee last week that numbers, we’re not directly tied to,” Bank of America and four others. analysis of state Department of La- said Mr. Brown, citing auto manu- Yet that figure actually understates the concentration of bor data released last week. facturing and export-related indus- F.M. The unemployment rate ticked We’re more tied tries as examples.“We’re more tied to financial clout in these institutions, according to up slightly, to 9.7% from 9.5%, but to business business profits and tourism.” Scherer, a professor emeritus at Harvard’s Kennedy School of that increase was because job growth While leisure and hospitality Government. His latest research shows that in international did not keep pace with a jump in the jobs can be low-paying, profession- lending and debt underwriting, the six biggest banks have city workforce, which expanded by profits and al and business services jobs tend to 11,000 in May. In total, after losses pay relatively high wages. Account- market shares in the neighborhood of 90%. For syndicated in the public sector, the city netted tourism ing, advertising and employment lending—the process of parceling out a big corporate loan to 12,300 jobs last month, according to services firms have all added signif- a group of banks—they have 86% of the business. a report by real estate services firm icant numbers of jobs this year. Eastern Consolidated. In May, professional and busi- Alarming as the data might just about taking deposits or making “A growing labor force shouldn’t ness services added 8,500 jobs,while sound, none of this should come as a loans anymore. It may be that the be a surprise when we keep coming the company spends $1 billion or leisure and hospitality posted a shock. After all, community banks right solution is for the banks to spin out every month saying how strong more a year on compliance. 3,800-job gain. Real estate, mean- don’t underwrite bonds or stocks, off their specialized services to insti- job growth is,” said James Brown, Despite the job growth, James while added 2,200 positions, nor do they lend much to multina- tutions that just serve the particular principal economist at the state De- Parrott,chief economist at the Fiscal and arts/entertainment/recreation tional companies. Still, the numbers clientele.” partment of Labor.When the econ- Policy Institute, said that the recov- gained 2,100. illustrate just how concentrated U.S. Stepping up to defend big omy improves, the workforce typi- ery wasn’t reaching all New Yorkers. After two solid months, con- banking has become over the past 20 banks—and antitrust officials— cally expands as those discouraged The average duration of unemploy- struction shed 3,600 jobs in May, years.(None of the data are secret,by was Thomas Barnett, a partner at law from looking for jobs begin hunting ment in the city is now nearly 10 the only industry with a significant the way. Mr. Scherer found them in firm Covington & Burling and again. months, with 110,000 workers out loss. Barbara Byrne Denham, chief the appendix to a study last year, head of the Justice Department’s The city added 7,800 more jobs of work for more than a year. economist at Eastern Consolidated, “Understanding the Economics of antitrust division from 2005 to in the first five months of the year “When you factor in discouraged said the loss is likely an aberration, Large Banks,” issued by a bank- 2008. Mr. Barnett said that when than it did in all of 2011. Even Wall workers and those working part- as building permits are on the rise. Ⅲ owned consortium in New York assessing bank mergers, regulators called the Clearing House.) examine more detailed informa- The concentration in banking tion than just local deposit share, also means federal antitrust authori- though such examinations are typ- ties have been asleep at the switch for ically kept confidential. He added years, Mr. Scherer said at a recent that Mr. Scherer’s work also failed conference at Columbia Law School to account for the rise of the Inter- to discuss his research.When weigh- net, which has increased competi- ing whether to let banks merge, he tion in banking by, among other observed that antitrust officials tend things,making it easier for savers to to focus most on such metrics as how park cash in banks far from where much of a region’s deposits the com- they live. bined bank will have,not whether the Mr. Scherer didn’t think the In- entity will dominate more esoteric ternet could do much to reduce the and lucrative niche businesses. power of big banks, though. “Could “We need a more systematic look a fledgling Steve Jobs or Steve Woz- at specialized bank services,” Mr. niak have gotten a loan over the In- Scherer said. “The business is not ternet?” he said. “I’m skeptical.”

Goldman, Morgan stock get euro-thrashed Ever since the debt crisis in Europe ly damaged by a collapse of the euro started gathering force, Morgan zone. Morgan Stanley’s stock, down Stanley and Goldman Sachs have 8% this year to about $14 last Friday, moved heaven and earth trying to has what market geeks call a “90% av- convince investors that a euro- erage stock price correlation”with the catastrophe would not be another largest European banks, while Gold- 2008 for them. man (around $94 last Friday) has a How well have those assurances 91% correlation, according to re- gone over? Not well at all. search by Sanford C.Bernstein & Co. It turns out that Morgan Stanley Bernstein noted the two U.S. and Goldman shares this year have firms have traded like “honorary traded in near-complete lockstep European banks” since the start of with big banks in Europe,the institu- the year.That’s one distinction they tions that presumably would be great- could do without. Ⅲ

THE MAXIMUM years in prison faced by Rajat Gupta, 65 the former McKinsey chief and Goldman Sachs board member convicted last week of insider trading. bloomberg news

4 | Crain’s New York Business | June 18, 2012 IT’S JUST BUSINESS. Whoever said that never owned one of their own.

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Crain’s New York Business Presents THE GUIDE TO HIGHER EDUCATION NEW YORK,NEW YORK A Special Advertising Section edited by Valerie Block Available in Print and Online

On August 6, Crain’s New York Business will publish a special guide devoted to higher education for professionals. If you are interested in climbing the Brooklyn Brewery launches music fest in ... Sweden career ladder through education, be sure not to wedes love all things miss this valuable resource. Brooklyn, especially the Sborough’s beer and music. ¶ Brooklyn Brewery, which sells The Guide to Higher Education will showcase more beer in Sweden than in programs and courses from schools throughout the neighboring New Jersey, is tapping New York City area, helping the business community into this devotion this summer by navigate the educational offering landscape. sponsoring Brooklyn, Sweden, its first music festival.The two-day event will take place in Stockholm Publication Date: 8/06/2012 and Malmö starting Aug. 31. ¶ “This is our first big promotion Materials Due Date: 7/19/2012 overseas,” said Ben Hudson, marketing director for the Williamsburg-based brewery.“We came up with a list of bands that we For advertising opportunities, please contact Trish Henry at (212) 210-0711 or love. Hopefully it’s something we can move to other cities around the world.” ¶ Brooklyn, [email protected]. Sweden will feature 16 bands—including Blonde Redhead, Dum Dum Girls, Cults and Crystal Stilts (above)—that will perform in four venues operated by Debaser, a Swedish events producer, which is the brewery’s local partner for the festival.The craft brewer is paying for the bands’ expenses. ¶ Tickets are being marketed primarily in Sweden, but if die-hard Brooklyn fans want to travel there, they can purchase tickets online from Debaser. ¶ It’s not the first time the suds maker has promoted local musicians. For the past two years it has sponsored a monthly free music series, Local X Local at Brooklyn Bowl, located next door to the brewery. —lisa fickenscher

approximately $100 million dailies, according to Daily News ICE cooks up company that is funding the CEO Bill Holiber. Russian venture operation, is hoping to open more The woes of the newspaper schools in Russia, including one in industry are making it easier for The Institute of Culinary Moscow. the News to find customers. “The Education on West 23rd Street is “This may be a model for trend for a lot of newspapers is to shipping its future growth for get out of the manufacturing know-how to St. ICE,” which has a business,” Mr. Holiber said. He Petersburg, similar but smaller added that the more publications Russia. The partnership in the company prints, the better for cooking school Istanbul,Turkey, everybody.“It gives us more recently formed a Mr. Smilow said. leverage in buying paper and ink,” joint venture to The extra revenue he said. open Hospitality will help ICE, The color presses couldn’t stem Business School peter letunovskiy whose enrollment the red ink that flowed from the SwissAm in the motherland, in New York has been flat this News during the advertising with partners Dve Palochki—a year. recession that began at the end of restaurant company with about —lisa fickenscher 2008.The paper’s circulation has 40 Pan-Asian eateries in St. also suffered, plunging nearly 20% Petersburg and Moscow—and over the past four years, to the International Hotel News presses 580,000 copies on weekdays, Management Institute of other papers according to the Audit Bureau of Lucerne, Switzerland. It will be Circulations. the first of its kind, according to Daily News owner Mort Zuckerman Mr. Holiber said the speed and Dve Palochki, which translates to (right) made a questionable bet efficiency of the presses are “two chopsticks.” four years ago when he decided to helping the paper in what “The opportunity in Russia is spend $200 million on three high- continues to be a tough time. “If fantastic,” said Rick Smilow, chief speed color presses—just before we didn’t have the executive of ICE. “Culinary the bottom fell out on newspaper presses, it would be a education is primarily offered by advertising. But maybe his timing more pronounced vocational schools, and none of wasn’t entirely off. financial challenge,” them would prepare someone for The Jewish Week has just joined he said, while a career outside of Russia.” 13 other weekly papers, including declining to provide ICE will send its own teachers The Forward and the New York specific numbers. to St. Petersburg to train the local Amsterdam News, that are now “This is definitely instructors, who will teach in using the Jersey City-based presses bringing a good English. It may even offer as part of the Daily News’ plan to contribution to internships for its New York build a production business around the bottom students.The school opens in its own printing schedule. And the line.” September. company is in talks with 10 to 12 —matthew Dve Palochki, an other papers, including a couple of flamm bloomberg news 6 | Crain’s New York Business | June 18, 2012 CN015203.qxp 6/1/2012 6:16 PM Page 1

No other industry takes your money and expects you to do all the work, aside from a “dude ranch”.

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undeveloped, inexpensive and available are virtually nonexistent. CUOMO and the mysterious age gap THE INSIDER Biz plays defense GOV. ANDREW CUOMO is very popular among New Yorkers of nearly all stripes, according to the latest Siena poll. But the by Andrew J. Hawkins and Shane Dixon Kavanaugh The business community is monthly survey generally finds one demographic beyond his sweating through the final days of reach: young people. session in Albany, worried that “There’s no gender gap; there’s no ethnic gap,” said legislators might raise the Siena pollster Steve Greenberg. “The only gap we really minimum wage, roll back workers’ Andrew Cuomo see is this age gap.” compensation reforms, extend Only 53% of voters 18 to 34 years old said they approve collective-bargaining rights to of the Democratic governor. Even Republicans of all ages liked him more World’s priciest doctors and stop call centers with state contracts from outsourcing. (65%). Last June, 61% of young people told Siena they had a favorable “We’re hoping the Legislature opinion of him, a number buoyed by the passage of the same-sex-marriage parking lot will leave town either doing things bill. Since then, Mr. Cuomo’s support among that group has hovered below that are positive, or do nothing,” 60%. It jumped to 66% in April but fell to 49% last month. said Michael Durant, the state Lincoln Restler, a Brooklyn Democratic state committeeman, said Mr. egislation that created the Hudson River Park Trust director of the National Federation Cuomo’s social policies have been popular among younger New Yorkers. “I of Independent Business. would imagine this [lower poll number] is a reflection of the economic in 1998 called for the organization to take partial He is battling bills that would hardships that young adults are facing,” he said. ownership of Pier 76, which was pitched last week extend prevailing-wage But Bill Samuels, founder and chairman of the New Roosevelt Initiative, as a possible hotel and casino site connected to the requirements to employees of said Mr. Cuomo “has never created excitement with young Democrats Jacob K. Javits Convention Center. private housing projects that because he doesn’t connect.” New York Police Department receive public financing and to It could be that Siena surveys too few young people to yield meaningful LBut the ’s tow pound remains on janitors and security guards. data. A May Quinnipiac poll of 1,504 voters—nearly double Siena’s 807—put the pier. Because of the enormous potential value of the real Another bill would increase Mr. Cuomo’s approval rating among young people at 64%. Quinnipiac estate, some call it the most expensive parking lot in the world. what businesses pay to injured interviewed 180 young voters, so Siena’s sample size was likely about 100. A source close to the trust said the organization is workers, said Ken Pokalsky, vice The two polls also phrased the question differently: Siena asked president of government affairs for respondents if they had a “favorable opinion or unfavorable opinion” of negotiating with the city about putting all of Pier 76 into the the Business Council of New York Cuomo, while Quinnipiac asked if they “approved or disapproved” of the trust so part of the land can be developed, generating revenue State. “Our defensive agenda is governor’s job performance. A Siena spokesman said its pollsters were “very for park maintenance. almost always long,” Mr. comfortable with our findings.” “The most important Pokalsky said, “and it’s not surprising that it’s longer newsbloomberg thing is the tow pound this year.” gets relocated,” the staffed up, hiring former personal income-tax rates. source said, “and [that] Republican Sen. Raymond Meier as a Brewers make lobbyist and SKDKnickerbocker, a Barron fact-check the property gets into the sausage, too strategic communications firm with park.” But the police are ties to Gov. Andrew Cuomo, to Charles Barron’s congressional generally loath to move Showing how deals get done orchestrate a campaign. campaign literature deems him their tow pounds. Doing in Albany, New York’s craft- They then organized a coalition “New York City’s Number One beer industry scored a tax of upstate hops farmers, label Councilmember” in building so is notoriously difficult. break from state lawmakers producers, glassmakers and others affordable housing. Mr. Barron is

Sites that are accessible, mario burger last week. Brewers first who do business with the beer referring to the number of industry in New York to make their affordable units created or preserved case to the Legislature. in his district by the Bloomberg Finally, knowing the state had administration, of which he has already passed its budget and was been a relentless unlikely to find money for a new critic on other subsidy, the brewers asked for a tax subjects. break no larger than one they While it is recently lost when it was deemed unclear what, if unconstitutional. In Albany, no anything, the words are sweeter than “revenue- councilman had to neutral.” do with the mayor’s housing “ Excellent business jump “It was a textbook campaign,” an program, one thing is certain: Mr. insider said. Barron’s district was sixth, not first, start for the day.” in the number of units built. It was Stringer vs. Liu only first in Brooklyn. Mr. Barron (above), who is “Good stuff.” There are now dueling tax plans in running against Assemblyman See what the 2013 mayor’s race. Comptroller Hakeem Jeffries in the June 26 “Love your new Morning10!” John Liu (below) last week unveiled a Democratic primary, told Crain’s he proposal to cut taxes for 99% of would correct his literature, only to all the fuss New Yorkers and raise them on reverse that position minutes later, is about. “Nice work!” annual earners of $1 million or saying he disagreed with the city’s more. Manhattan Borough definition of affordable housing. “ I love the new format! President Scott Stringer had released his own tax plan earlier this year. Bailouts for 1199 Great improvement.” Mr. Stringer called Mr. Liu’s plan costly and unrealistic. “My tax The benefits fund for 1199 SEIU plan is much more United Healthcare Workers East has revenue-neutral,” received two Albany-led bailouts “Fantastic!!!” he said. “Ours is a totaling around $115 million, yet . . . We couldn’t have said it much more the news has not stirred a protest. any better. “ This is exactly targeted, realistic “I can’t believe there’s not a hue what I needed!” tax cut.” A and cry about millions of dollars Crain’s morning10, the news you need spokesman for Mr. going to 1199’s incompetent to start your business day. Liu said the comptroller’s plan management of their benefits offers more relief for middle-class fund,” said one health care families. executive. “That should be going to REGISTER FOR FREE But neither man could enact his help old people and poor people.” www.crainsnewyork.com/newsletters plan as mayor.The state controls The union would not comment. Ⅲ For daily political and government news, subscribe to CRAIN’S INSIDER @ www.crainsnewyork.com/insider

8 | Crain’s New York Business | June 18, 2012 20120618-NEWS--0009-NAT-CCI-CN_-- 6/14/2012 6:54 PM Page 1

NEIGHBORHOOD JOURNAL Bushwick hatches an incubator

apartment,” he said. “But once I niture Co., out of Third Ward. piping manufacturers and counter Third Ward gives started the varnishing, I realized City officials, too, have come on coaters. Members need sources of artisans space to that I needed to find a studio.” board. In February, the Economic materials to make quantities of their He joined Third Ward last year Development Corp. chose Third products, explained instructor Jake make their products with an eye toward a career change, Ward to launch a $1.5 million incu- Antonelli, and he wants to involve taking classes every night,including bator for budding food entrepre- local companies in that supply chain. ROOM TO GROW: A Third Ward workspace BY HILARY POTKEWITZ photography to learn to take pic- neurs that will open next year, most But he realizes it may take a while tures of his work and Web design to likely in a nearby neighborhood. for some of the local businesses to ix years after it opened its market it online. Buoyed by the official vote of view Third Ward as anything other party club,”Mr.Antonelli said.“But doors, a shared workspace Recently accepted as a vendor in confidence, Third Ward is now try- than hipster artists colonizing their I’d like to introduce ourselves and and arts collective for crafts- a big local flea market, Mr. Finkel- ing to reach out to its industrial neighborhood. say, ‘We’re young and talented, we people in Bushwick, Brook- man quit his job and operates his neighbors, who include sheet-metal “I’m sure some of the people in respect your trades, and we’ve got lyn, has emerged as a grow- budding enterprise, Yorkwood Fur- fabricators, machinists, finishers, the neighborhood think we’re just a some business for you.’ ” Ⅲ Sing force in the creative community in the immediate area and beyond. Housed in a 30,000-square-foot space in a gut-renovated former warehouse in an industrial district on Morgan Avenue, Third Ward boasts a mix of workshops, class- rooms and offices where local arti- sans can craft their products and hone ideas for their own companies. “We’re not just a paid space for people to come and work.We’re also trying to help people successfully launch their business,” said real es- tate developer Matt Blesso, of Blesso Properties, who was im- pressed enough with Third Ward to buy a 50% interest in it in 2010. He is now scouting locations in Philadelphia to open a Third Ward there, and is working with officials in Brooklyn for a culinary version, possibly in Bedford-Stuyvesant. He is currently trying to raise nearly $5 million to fund further growth. “We realized this is a scalable Savvy investors are going places – business model,” Mr. Blesso added. The company’s role as an incuba- namely Indonesia, Vietnam and Turkey. tor and community sparkplug has been a few years in the making. It all began in 2006, when set designer You don’t have to be on the trading floor to know that the emerging and maker Jason Goodman failed to markets are changing the world economy. HSBC has global expertise and find the space he needed to craft his local solutions, which allow you to access opportunities in the developed, big projects. emerging and soon-to-be emerging markets.1 “There were places where you could rent a workshop space for a Does your portfolio cover these growing markets?

few days, but there wasn’t anywhere 2 makers could come together in a Fund an investment account as an HSBC Premier client today. community and share equipment or Call 866.959.8657 or visit hsbcpremierusa.com/wealth. collaborate,” said the 33-year-old. More than 100 classes So he created one: a member- based, creative business incubator and specialized school for what he calls the “maker” set: do-it- yourselfers who want to learn wood- working, metalworking and jewelry- making, and maybe pick up some marketing skills along the way. HSBC Securities (USA) Inc. Initially,Third Ward offered just Investments and Annuity products are provided by Registered Representatives and Insurance Agents of HSBC Securities (USA) Inc., member NYSE/ a couple of classes, but they filled up FINRA/SIPC, a registered Futures Commission Merchant, a wholly-owned subsidiary of HSBC Markets (USA) Inc. and an indirectly wholly-owned subsidiary fast. Caught off guard, Mr. Good- of HSBC Holdings plc. In California, HSBC Securities (USA) Inc., conducts insurance business as HSBC Securities Insurance Services. License #: 0E67746. man rushed to add more classroom Investments and Annuity products: space. Today, Third Ward holds ARE NOT A BANK DEPOSIT OR ARE NOT INSURED ARE NOT GUARANTEED about 115 classes per week, taught OBLIGATION OF THE BANK OR ARE NOT FDIC INSURED BY ANY FEDERAL BY THE BANK OR ANY MAY LOSE VALUE by nearly 200 professionals who ANY OF ITS AFFILIATES GOVERNMENT AGENCY OF ITS AFFILIATES teach on a freelance basis. Third Ward’s 2,500 members All decisions regarding the tax implications of your investment(s) should be made in connection with your independent tax advisor. 1 pay between $89 and $599 per International investing involves a greater degree of risk and increased volatility that is heightened when investing in emerging or frontiers markets. Foreign securities can be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political month for different levels of work- and economic instability, less publicly available information, and changes in tax or currency laws or monetary policy. shop membership. But the educa- 2To qualify for an HSBC Premier relationship, you need to open a Premier checking account and maintain $100,000 in combined U.S. personal deposits and/or tion program generates twice the investment balances. Business owners may use their commercial balances to qualify for a personal Premier relationship. A monthly maintenance fee of $50.00 will revenue of the membership fees. be incurred if minimum balance requirements are not maintained. You have up to 90 days after account opening to meet the full $100,000 balance requirement. Today,the programs draw young United States persons (including U.S. citizens and residents) are subject to U.S. taxation on their worldwide income and may be subject to tax and other filing craftsmen like Adam Finkelman, a obligations with respect to their U.S. and non-U.S. accounts — including, for example, Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts (“FBAR”)). U.S. persons should consult a tax advisor for more information. construction engineer. As a hobby, Deposit products in the U.S. are offered by HSBC Bank USA, N.A. Member FDIC. he had been making furniture in his ©2012 HSBC Securities (USA) Inc. Williamsburg living room. “There was sawdust all over the

June 18, 2012 | Crain’s New York Business | 9 20120618-NEWS--0010-NAT-CCI-CN_-- 6/15/2012 1:18 PM Page 1

VIEWPOINT Not quite ‘open for business’ editor in chief Rance Crain publisher, vp Jill R. Kaplan

n the months since the Legislature curbed pension was reformed in early 2007 by the Spitzer administration. EDITORIAL benefits for future government workers and passed Some of the promise of that overhaul has yet to be realized, editor Glenn Coleman deputy managing editors Valerie Block, a budget that holds down spending, there has been but business groups haven’t been able to devote enough Erik Ipsen little progress in Albany on pro-business measures. attention to getting the state to fully implement the changes. assistant managing editors Erik Engquist, Jeremy Smerd It appears unlikely that the business community’s Why? Because they are busy fighting bills that would weaken senior producer, news Elisabeth Butler Cordova top-priority bills will pass both houses before that landmark legislation. No doubt they will spend years news producer Lauren Elkies contributing editor lawmakers leave the capital this week. doing likewise with bills to roll back this year’s pension Elaine Pofeldt columnists Greg David, Michael Gross, This session has been a reminder that New York has a reform, which only trimmed a massive pension liability that Alair Townsend long way to go to live up to Gov. Andrew Cuomo’s “open for will bankrupt local governments if left unchecked. pulse editor Barbara Benson I senior reporters Theresa Agovino, business” sloganeering. Optimists have been disabused of the Companies are also working to defeat a bill that would Aaron Elstein, Lisa Fickenscher, Matthew Flamm, notion that longstanding economic obstacles would be swept allow doctors to collectively bargain. Physicians with Daniel Massey, Miriam Kreinin Souccar reporters Amanda Fung, Andrew J. Hawkins, away by a powerful, business-focused executive and an unionlike power would Shane Dixon Kavanaugh, Adrianne Pasquarelli Assembly that has embraced a modicum of fiscal restraint. extract more pay from art director Steven Krupinski Longstanding deputy art director Carolyn McClain Arcane measures like the Wicks Law, which nakedly insurance companies, staff photographer Buck Ennis transfers wealth from taxpayers to construction unions, and economic raising premiums.That copy desk chief Steve Noveck copy editor Thaddeus Rutkowski the Scaffold Law, which punishes property owners for obstacles haven’t would be bad for data editor Suzanne Panara accidents that are not their fault, will remain on the books businesses and workers, assistant data editor Emily Laermer researcher Amy Stern when the legislative session ends. been swept away who—unlike doctors— interns Esthena Brutten, Ken Christensen, Hopes are somewhat higher for the repeal of a provision Cara Eisenpress, Emily Lundeen, are already struggling. Eva Saviano, Mary Shell of the Wage Theft Prevention Act that could cost businesses The most powerful up to $100 million a year. But the provision, requiring that elements of the EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 employees sign off on their own pay every year, still has the business lobby have editorial: 212.210.0277 Fax 212.210.0799 advertising: 212.210.0711 Assembly leadership’s blessing. drawn a line in the sand on keeping the state’s minimum Cable craincom nyk As in past years, business groups have had to expend hourly wage at $7.25. Maybe that hard-core approach offers Fax 212.210.0499 energy playing defense to prevent the Legislature from room for some old-fashioned Albany bargaining: Agreeing Entire contents ©copyright 2012 Crain Communications Inc. All rights reserved. worsening the state’s fragile economy.Two controversial to the Assembly’s proposal to increase the wage floor to ®CityBusiness is a registered trademark of MCP bills, for example, would expand prevailing-wage mandates $8.50 and index it to inflation would take the issue off the Inc., used under license agreement. to the private sector. It’s bad enough that these mandates table, perhaps forever, and give Assembly Democrats cover TO SUBSCRIBE: inflate the costs of taxpayer-funded projects. Why any sane to reciprocate on vital business concerns like the painfully For subscription information and delivery concerns, please e-mail [email protected] lawmaker would force businesses to emulate government’s unfair Wicks and Scaffold laws, the needlessly bureaucratic or call 877-824-9379 (in the U.S. and Canada) or compulsive spending is beyond comprehension. Wage Theft Prevention Act, the long-overdue workers’ 313-446-0450 (all other locations.) $3.00 a copy, $99.95 one year, $179.95 two years. Business interests also have been pushing for further compensation reforms and the dubious notion of collective- www.crainsnewyork.com

improvement to the workers’ compensation system, which bargaining rights for doctors. ADVERTISING AND MARKETING advertising director Trish Henry senior account managers Irene Bar-Am, Courtney McCombs, Sheryl Rose, Suzanne Wilson CRAIN’S ONLINE POLL COMMENTS account executive Jill Bottomley Kunkes sales coordinator print & online Danielle Wiener HOW SHOULD LAWMAKERS newsletter product manager Alexis Sinclair HANDLE THE JPMORGAN credit Todd J. Masura 313.446.6097 Abacus Bank responds director, audience development CHASE CASE? Michael O’Connor THE DA IS CHASING HEADLINES and its work over the years, citing the bank’s senior marketing manager Date of poll: June 13 efforts to provide banking and credit options to Catherine Schutten 157 votes The June 4 In the Markets column gets the an underserved minority community.With this event producer Courtney Williams reprint sales manager Lauren Melesio headline right (“Does Abacus Indictment Add history, Crain’s should see the DA’s indictment Demand general manager, online & e-commerce regulators crack Up?”). But the rest of the column is dead wrong. for what it truly is: another example of a First, the indictment includes facts related to prosecutor chasing headlines rather than going strategy Kira Bindrim down on risky senior web developer, interactive . 62% trading at only 27 loans sold to Fannie Mae, not the after the real perpetrators of the mortgage crisis. Chris O’Donnell JPMorgan and vague “thousands” the Manhattan district —james f. haggerty

other institutions. attorney recklessly alleges.To repeat: There’s Spokesman, Abacus Federal Savings Bank NEW YORK PRODUCTION

The next time a production and pre-press director bank loses 38%. not a shred of evidence in the indictment relating to anything but 27 loans—any other Michael Corsi billions could JPMORGAN’S BIG, BAD BET advertising production manager really be a doozy. numbers contained in the DA’s indictment are Suzanne Fleischman Wies completely unsubstantiated. So banks aren’t allowed to lose money? In Second, the column suggests that Abacus 2009, people said banks were making too PUBLISHED BY CRAIN COMMUNICATIONS INC. Allow regulators to supervise the Federal Savings Bank’s low- to moderate- much. What exactly are they supposed to do? chairman Keith E. Crain banks as they have up to now. For Rance Crain big banks, occasional large losses income customers are more likely to misstate Break even without risk? Sorry, but no financial president their financial information to obtain a institution can function that way.Trading secretary Merrilee Crain are simply a cost of doing business. treasurer Mary Kay Crain mortgage.This, too, is unsubstantiated. It also derivatives is innately risky, and JPMorgan executive vp, operations William Morrow maligns an entire community. Chase is as good at it as anyone. It lost money senior vp, group publisher Gloria Scoby Finally, the column fails to ask: If these on one trade but made plenty on others.This group vp, technology, circulation, borrowers were unqualified, why are virtually all episode doesn’t demand government action. manufacturing Robert C. Adams of the loans performing? It is an uncontroverted vice president/production & —george bogdan manufacturing David Kamis fact that the vast majority of questionable chief information officer Paul Dalpiaz mortgage loans fail within the first year. Yet for CRAIN’S WELCOMES SUBMISSIONS to its opinion founder G.D. Crain Jr. (1885-1973)

bloombergews more than 25 years, less than half of 1% of pages. Send letters to [email protected]. chairman Mrs. G.D. Crain Jr. (1911-1996) For this week’s questions: Go to Abacus’ loans have defaulted. Compare that Send columns of 475 words or fewer to www.crainsnewyork.com/poll to have your say. with a current national default rate of nearly 6%. [email protected]. Please include the writer’s Crain’s has repeatedly reported on Abacus name, company, address and telephone number.

10 | Crain’s New York Business | June 18, 2012 20120618-NEWS--0011-NAT-CCI-CN_-- 6/14/2012 6:55 PM Page 1

OPINION

They also have built smaller spaces in town for high-end conferences. Knock down New York should do the same. There are numerous locations outside Manhattan that could house a world-class trade-show center. Javits? You bet The Farley Post Office, site of the future Moynihan Station, would be ideal for a smaller conference center. BY ROBERT D. YARO The creation of two new facilities would open up the Javits site for vi- fter the collapse of talks between the Cuomo ad- brant new purposes. ministration and casino operator Genting for a Large real estate redevelopment is daunting, but New York has done convention center at Aqueduct,it would be tempt- it before. In Times Square, Battery ing to drop the idea of relocating the Jacob K. Jav- Park City, Rockefeller Center and its Convention Center.That would be a mistake. the World Trade Center, large What the Aqueduct initiative’s failure revealed is that New swaths of land were successfully built A out to encourage economic activity. York needs to undertake a comprehensive review of how to fos- In a recent study, “Building the ter a successful convention industry that also underpins the Next New York,” the Regional Plan Association spelled out principles business-to-business activity central mix of commercial, retail and resi- for making big development work. to our economy.This moment is also dential uses. Instead, this rich parcel A key finding was that it is necessary a chance to examine how we can best adjacent to the country’s most dy- to maintain public oversight use one of the nation’s most valuable namic business district is occupied throughout the process. At the pieces of real estate. by a three-story complex that blocks state-owned Javits site, dividing the The right kind of convention people and traffic, precludes any land into smaller parcels and leasing center can be a boon to the local high-rise development and starves them to developers would allow economy, filling hotels and restau- the surrounding area of activity. continued civic input while ensur- rants while providing jobs and com- Some have suggested that Javits ing that a steady stream of revenue merce to areas with little vitality.Yet could be improved by attaching a is returned to the public. Javits has been a letdown as a con- casino to an expanded convention fa- Now that the Aqueduct propos- vention center. It’s too small for cility. But gambling facilities operate al has faltered,the city and state have large trade shows, and it lacks the like bunkers, intent on keeping cus- numerous options to consider. flexibility to host professional con- tomers inside. That doesn’t make That’s a good thing. If we get this ferences that require nimble spaces sense at the center of a city that de- right, we can meet the needs of the and breakout rooms. Those events pends on foot traffic to sustain both city’s vital convention industry and go elsewhere, taking their high- economic vitality and personal safety. the long-term growth potential of spending attendees with them. Other large cities have grappled midtown Manhattan. Javits sits on 27 acres that could with these issues. In many cases, net the state some $4 billion if it were they have opted to move their big Robert D. Yaro is president of the Regional developed to its full potential, with a trade halls outside the city center. Plan Association.

dollars. Mr. Dimon has to invest that money at a rate higher than he Dimon’s Capitol pays for it.The debacle occurred, to use Mr. Dimon’s word, when his traders were “stupid” in seeking to use some of that excess money to punishment hedge the bank’s many risks to broader economic problems. The Volcker Rule can’t prohibit JPMor- ubris.Greed.Unbending.Three words used last gan from investing this capital, nor week to describe JPMorgan Chase CEO Jamie can any regulation effectively pro- Dimon following his testimony before Con- hibit stupidity. What about crime and punishment? gress on the bank’s $5 billion trading loss. The lynch mob wants everyone in- Maybe so, but Mr. Dimon also spoke the volved in the scandal to be severely truth on three crucial points. punished.The executive in charge of H the traders,Ina Drew,has lost her job. Who was harmed?As Mr.Dimon has repeatedly said,no cus- Others are expected to follow her out tomer money was lost, no taxpayer money is involved here.The the door, and Mr. Dimon has testi- fied that the bank may “claw back’’ bank is solidly prof- the so-called Volcker Ms. Drew’s bonuses of recent years. itable—it made $17 bil- Rule, which would pro- He also noted it was Ms. Drew’s lion last year and is even hibit banks from specu- savvy oversight of the investment of expected to remain in latively trading with the bank’s excess capital that was a the black when it writes their own assets. Mr. major reason JPMorgan Chase sur- off the trading loss in Dimon was correct but vived the financial crisis. Doesn’t the second quarter— charitable when he said that count, too, in considering the and has plenty of capital he didn’t know if it ap- appropriate punishment here? to absorb the misstep. plied because it isn’t The real lesson of the JPMorgan The biggest losers at the clear what the still-in- trading loss is the opposite of what moment are (as it development rule will the bank haters want you to believe. should be) the bank’s GREG actually prohibit. It is a fact of life that banks will make shareholders, who have DAVID In fact, it is almost mistakes on trading, investments seen the value of their certain the Volcker and loans. They need to be able to stock fall 25%, and the Rule would not have withstand them and discipline their employees involved, who have lost had an effect.JPMorgan’s challenge employees as they see fit. The mar- their jobs and may have to return is this: It is so trusted by consumers ket should then make the share- bonuses from previous years. that they have poured their money holders pay. What Volcker Rule? The JPMor- into the bank to the point where de- This is what good policy looks gan loss is being used as support for posits exceed loans by billions of like. This is what happened here.

June 18, 2012 | Crain’s New York Business | 11 20120618-NEWS--0012-NAT-CCI-CN_-- 6/14/2012 7:26 PM Page 1

REAL ESTATE DEALS PLUS

The Krolls stick New York’s Silicon Subway line with the Rudins When Jules Kroll started his name- y the time Cornell’s new Roosevelt tech corridor” that arcs through campus, not just a new campus,” Mr. sake high-end security business 40 western Brooklyn, lower Man- Skorton said. “We think it’s impor- years ago, it was located in a build- Island technology campus is hattan and out to Queens—by tant to have industry with us on cam- ing owned by the Rudin family.Two completed in 2037, it will boast 2 way of a stop in Roosevelt Is- pus, right on Roosevelt Island.” successors of that original company million square feet of space. But its land. Companies will naturally The $2 billion development is ex- that are still in the Kroll family’s impact on the real estate market will be drawn to areas around the pected to create 600 spinoff compa- hands are moving to 845 Third Ave., subway line, which runs from nies, many within five miles of the another building owned by the Bgo far beyond its massive footprint, according to neighborhoods in Brooklyn, site. On Roosevelt Island itself, Rudins. Cornell University President David Skorton where many tech workers live,to where industry and academia will “Being in a Rudin building is

last week. buck ennis places where they work, such as feed off each other,preliminary plans something we feel really comfort- In his keynote address at Crain’s annual real estate Dumbo and Manhattan south. include three buildings for private- able with,” said Jeremy Kroll, who, On Roosevelt Island, new tech sector research and development, as together with his father, Jules, co- conference, he predicted that CornellNYC Tech, the graduate workers will be trained alongside in- well as a hotel and conference center. founded K2 Intelligence, a risk- school for applied sciences, will be at the heart of an “F-train dustry mentors. “It’s a new kind of —ken m. christensen management firm, and Kroll Bond Ratings after the original firm was sold to Marsh & McClennan in 2004. “We are a family business; they are a family business.” The two com- panies are taking over the entire fourth floor for 11 years in a sublease deal from The Conference Board. The asking rent for the transac- tion was in the high $40s per square foot, covering 25,000 square feet. That is almost double the amount of space the two firms shared at 599 Lexington Ave. “We are just packed to the gills,” Mr. Kroll said, noting the company had about 100 people in just 13,000 square feet in its old space. Studley broker David Carlos represented the Kroll family, while Studley brokers Erik Schmall and Tatiana Tarassenko negotiated on behalf of The Conference Board. —theresa agovino Financial tech firm triples downtown Broadway Technology, a financial trading technology and consulting firm, is moving up to 140 Broadway. The company signed a five-year sublease for the newly renovated 13,000-square-foot space between Liberty and Cedar streets.The ask- ing rent in the 51-story,45-year-old glass tower was unavailable, but rents in the area for similar spaces are in the mid-$50s per square foot, according to brokers. The new office is nearly triple the tenant’s current office at 11 Broadway, across the street from Bowling Green. “They’re hiring new people on a monthly basis,” said Paul Revson, who represented the tenant for Studley with colleague Zev Holz- man. CBRE Group Inc. represent- ed the sublandlord, Catlin Inc. Given its growth, the company needed a quick move-in.The prop- erty—with wraparound windows, high ceilings and few columns— needs only minor fixes compared with alternatives in the financial district and midtown south, Mr. Revson said. “It was already built to a high- quality standard,” he said. Broadway Technology will move in the first week of July. —ken m. christensen

12 | Crain’s New York Business | June 18, 2012 20120618-NEWS--0013-NAT-CCI-CN_-- 6/14/2012 6:57 PM Page 1

EXECUTIVE PAY INSIDE FORTUNATE 100 2011’s highest-paid chief execs PAGE 15 ‘It was a quick rush to fame after years of toil’ —Michael Farrell, CEO, Annaly Capital Management, Page 14

Perks can be lavish, even nowadays Leslie Moonves got a screening room, but will shareholders keep paying the bill?

BY AARON ELSTEIN

Leslie Moonves spends a lot of time watching television and movies, which makes sense considering he’s the chief executive of CBS.So,in an effort to make it even easier for Mr. Moonves to sample his network’s wares from the comforts of his home,CBS last year built him a per- sonal screening room. Cost to shareholders: $500,000. The perk came on top of the $68 million in pay awarded to Mr. Moonves, enough to make him New York’s best-paid CEO by a hefty margin of nearly $7 million. CBS wouldn’t comment on what exactly went into Mr. $500K Moonves’ COST of screening Mr. Moonves’ room, but Liz personal Kershaw has a few ideas. She screening room is the manufac- turers’ repre- sentative at the Society of Personal Cinema Architects and co-owner of Creative Marketing Associates, a Nashville-based firm that helps de- sign top-of-the-line screening

rooms. thompson darren “A state-of-the-art 3-D projec- tor,which I would imagine was used here, would cost at least $200,000,” Ms. Kershaw explained. She also noted that a high-quality screen, of The $35M nest egg the sort used at the Oscars or behind network news anchors, could run as also put him $12 million ahead of off the board those members re- and 20%, respectively. More impor- high as $30,000, and high-quality One of Wall St.’s JPMorgan Chase’s Jamie Dimon sponsible for setting Mr. Farrell’s tant,over the past five difficult years, leather seats can cost about $2,000 biggest payouts goes and $19 million in front of Gold- compensation. Indeed, last year a Annaly’s stock has soared by 92%, each.And then there’s the audio sys- man Sachs’ Lloyd Blankfein. Yet majority of shareholders opposed nearly double the S&P 500 and tem. to ... who? Meet Mr. Farrell’s firm, Annaly Capital re-electing one such director, but quadruple its peer group, lifting its “I’d say if you didn’t install a top- Michael Farrell Management, is a mere pipsqueak Mr. Farrell kept the person on the market value to $16 billion. of-the line sound system in this kind compared with the likes of those gi- board anyway. What’s more, Mr. Farrell has of room, it’d be like putting cheap ants. JPMorgan’s $19 billion in Still,there is a case to be made for successfully navigated through tires on a Ferrari,”Ms.Kershaw not- BY AARON ELSTEIN profits last year were 58 times more the extraordinary pay awarded to some of the most treacherous finan- ed. Labor costs and assorted inci- than Annaly’s $328 million. Gold- Mr. Farrell. For starters, his is one of cial terrain imaginable. His firm’s dentals,like ensuring that the whole Say hello to Michael Farrell, the man’s were 13 times higher. the few Wall Street firms to be specialty is investing in mortgages system can be operated from an best-paid Wall Street CEO you’ve So is this a case of another pig- growing nowadays, not to mention and related securities. Not only was iPad, make up the balance. never heard of. gish Wall Street executive stuffing rewarding shareholders. Revenue it untouched by the mortgage crisis “That,” she concluded, “is how He pocketed $35 million in himself silly? Some think so. Proxy jumped by 32% last year and the that nearly brought down the big how you build a $500,000 screening compensation in 2011, enough to advisory firm Glass Lewis gives An- stock returned 3%—quite impres- banks, but it emerged bigger than room.” place him fifth on Crain’s Fortunate naly an F for linking pay to perform- sive compared with the stock drops ever by deftly profiting from the See PERKS on Page 14 100 list. Mr. Farrell’s compensation ance and has urged investors to vote at Goldman and JPMorgan of 45% See MICHAEL on Page 14

June 18, 2012 | Crain’s New York Business | 13 20120618-NEWS--0014-NAT-CCI-CN_-- 6/14/2012 6:58 PM Page 1

REPORT EXECUTIVE PAY

It’s Michael, not Jamie or Lloyd THE RICH (MOSTLY) GOT RICHER Top 10 CEO earners, ranked by size of the change in their 2011 compensation. Continued from Page 13 how to type. tutions but few more so than An- Total 2011 Company Change (%) (in thousands) the government’s titanic efforts to “I was in the back office for a long naly. Its borrowing costs plunged by Rank CEO Name (in thousands) Change compensation rescue the mortgage system. time before becoming a trader, and two-thirds,which in turn gave it the “It’s true I made $35 million last in the process learned how Wall financial room to nearly double its 1 K. Rupert Murdoch News Corp. $12,621 75% $29,436 year,” said Mr. Farrell in an inter- Street really works,” he said. borrowings. Even better, ultralow 2 Leslie Moonves CBS Corp. $11,563 20% $68,422 view with Crain’s.“Half of that went In 1996, he launched Annaly, rates also meant that the average Michael A.J. Farrell Annaly Capital Mgt. Inc. $11,375 48% $35,000 to taxes and the rest to charity, buy- which offered a new twist on the spread Annaly earns on its invest- 3 ing Annaly stock and what I need to mortgage investing game Wall ments tripled. Finally, the big risk 4 Henry R. Kravis KKR & Co. $9,861 49% $29,992 live off. What part of that do you Street had invented in the prior for any mortgage investor—failing 5 George R. Roberts KKR & Co. $9,848 49% $29,938 have a problem with?” decade. Annaly is a real estate in- to get paid if the borrower goes vestment trust, which by law means bust—was effectively eliminated for 6 Mario J. Gabelli Gamco Investors Inc. $5,085 9% $61,693 Health scare it must pay out at least 90% of its Annaly when the government na- 7 Ralph Lauren Polo Ralph Lauren Corp. $2,001 7% $29,701 Yet there are questions about earnings as dividends to sharehold- tionalized Fannie and Freddie. how long Mr. Farrell can continue. ers. Mr. Farrell quickly showed suc- Perhaps best of all concerning 8 Philippe P. Dauman Viacom Inc. -$41,392 -49% $43,078 The 61-year-old executive, a non- cess, and in a few short months had Mr. Farrell’s personal bottom line, 9 Neil Cole Iconix Brand Group Inc. n/a* n/a* $37,425 smoker and teetotaler, earlier this dealmakers offering to take his firm the government is eager to see An- 10 Ian M. Cumming Leucadia National Corp. n/a* n/a* $29,251 year underwent chemotherapy public. naly and companies like it become treatment for lung cancer. He says “I just dusted off the prospectus even bigger players. In a February *Neil Cole and Ian Cumming were not on last year’s list. the disease was caught early and is in that I’d written in my garage,” re- 2011 report to Congress titled “Re- remission. called Mr.Farrell.“Soon we were on forming America’s Housing Fi- “He’s a rock and inspiration,” the floor of the stock exchange ring- nance Market,” the Treasury De- The fundraising is important could change at any moment. said Steve Reinemund, dean of ing the bell. It was a quick rush to partment said it wanted a “new, because it’s what drives Mr.Farrell’s The biggest risk to his firm Wake Forest University’s business fame after years of toiling.” predominantly private housing fi- pay to the stratosphere.While most comes when the Fed starts to boost school, to which Mr. Farrell is a ma- Mr. Farrell’s investing strategy nance market as soon as possible.” Wall Street executives are paid interest rates. Because Annaly uses jor donor. hasn’t wavered for years: Annaly “When I saw that report I based on some combination of short-term money to invest in assets Mr.Farrell is in many ways a clas- spends its capital buying mortgage- thought, ‘Wow, what an opportuni- earnings growth and stock appreci- that don’t mature for many years, sic Wall Street success story.He and backed securities issued by Fannie ty for Annaly,’”said Merrill Ross,an ation, Mr. Farrell’s bonus is tied en- when rates rise its funding costs his six siblings grew up in Bay Mae or Freddie Mac and then bor- analyst at Wunderlich Securities. tirely to how much cash his firm march up, too, and its profits figure Ridge, Brooklyn, the children of rows short-term money to buy some raises from investors. Specifically, to get squeezed hard. This is a clas- Irish immigrants. His father paint- more.That leverage has allowed the Quintupled kitty he gets 0.25% of any growth in the sic problem for many bond man- ed subway cars and worked in con- company to carry more than $100 Mr. Farrell wasted no time firm’s capital levels.That translated agers, and all the more complex be- struction, and as a small boy Mr. billion of investments on its books. pouncing on it. Four days after that into a $32 million cash bonus last cause Annaly has grown so much: Farrell sometimes worried his Mr. Farrell’s approach has also report’s release, Annaly raised $1.5 year, an unheard-of figure at a time Its investment portfolio last year mother by refusing to eat anything gotten a huge boost from a series of billion by selling shares to investors, when Wall Street pay is down across alone jumped by 33%.Since 2007,it except peas and bologna. “Money moves by the government in recent just a month after having generated the board, and cash awards for most has doubled. was tight,”Mr.Farrell recalls,whose years. First, in response to the 2008 an identical amount.Before the year people are being replaced by stock Mr.Farrell said his firm is already big break came in 1971 when he got financial crisis, the Federal Reserve was out, Annaly had raised $5 bil- grants.Mr.Farrell’s pay rose by 48% planning for the day when rates rise a clerical job at brokerage firm E.F. slashed interest rates to rock- lion in new cash to invest in mort- last year. by reducing its borrowings. “You’ve Hutton. His chief attribute: He was bottom levels. That was a tremen- gages—or five times more than the Yet Mr. Farrell in no small way is got to keep your powder dry,” he only the man at the firm who knew dous boon for a lot of financial insti- year before. hostage to government policies that said. “We’re being prudent.” Ⅲ

Lazard has paid Mr. Jordan’s rent CEOs’ home and office security. since 1999. Similarly, MSC Indus- American Express seems to take Perks can be lavish, even now trial Direct awarded its CEO,David matters a step further. It paid Sandler, a $43,000 housing al- $60,000 last year so CEO Kenneth Continued from Page 13 countable for compensation thanks focused on the overall relationship lowance so he could keep an apart- Chenault could have bodyguards Surprisingly,what Mr.Moonves’ to “say on pay”votes at annual meet- between pay and performance than ment near the construction- during his personal travels. screening room adds up to these ings, it seems as if companies have they are about the presence of perks,” equipment supplier’s Melville, L.I., days is a perk that is unusual only in concluded that perks simply don’t Hay Group consultants wrote. headquarters. It then paid him an- Inverse relation terms of its details. The fact is that make a difference to most share- Among the more prominent re- other $50,000 to cover taxes associ- While many of these perks may perks have stubbornly survived holders. maining local perk-payers is invest- ated with the housing gift and per- make sense, there is growing evi- years of assaults from outraged “Companies ment bank Lazard, which pays sonal use of the company plane. dence of a link between how gener- shareholders, and even a move by and their $24,000 each month for the Park One of the most popular endur- ous companies are in this regard and regulators six years ago to at least re- sharehold- Avenue apartment of Senior Man- ing perks—especially among Wall how well they deliver for their share- quire companies to disclose more ers are more aging Director Vernon Jordan. Street firms—is paying for their holders, in terms of share price ap- information about the gifts. Mean- preciation. while, research from leading aca- In a study last updated in 2008, demics is showing that stocks in the WHERE THE COMPANY PICKS UP THE TAB David Yermack, a professor at New biggest perk-paying companies sig- York University’s Stern School of nificantly underperform those of LESLIE MOONVES not only tops our list of best-paid CEOs with a salary of $68 Business, determined that compa- their industry peers. million, he also got a nifty perk from his company, CBS. They gave him a nies that allow their CEOs to use a In response, many companies $500,000 home screening room (below left). Other perks enjoyed by corporate jet for personal trips saw have either greatly reduced perks or corporate chiefs include a company jet and personal security guards. their stocks trail market bench- even eliminated them. For example, marks by 4% per year. Morgan Stanley CEO James Gor- “CEOs’personal use of company man is barred from using the com- aircraft is associated with severe and pany jet for his personal use unless significant underperformance of he pays for it. That’s a big switch their employers’ stocks,” he wrote. from 2008, when the bank’s then- In the use of company cars and boss, John Mack, logged $369,000 planes, Mr. Moonves also led the worth of personal flights on the pack by a mile last year, with a total bank’s dime. of $558,000 worth. That is nearly five times the amount that Jamie Complacent shareholders Dimon took at JPMorgan Chase. Still, only 10% of U.S. corpora- Perhaps coincidentally, through tions officially said they swore off all the end of last year CBS shares had perks last year, a figure that is actu- returned 7% since Mr. Moonves ally down sharply from the 16% who became CEO in 2006. Over the made that claim in 2010, according same period,the Standard & Poor’s to compensation consultants at the 500 returned 13% and the Hay Group. While investors have Bloomberg Americas Media Index

the tools to hold companies ac- photos: bloomberg news, istock rose 24%. Ⅲ

14 | Crain’s New York Business | June 18, 2012 20120618-NEWS--0015-NAT-CCI-CN_-- 6/14/2012 6:56 PM Page 1

REPORT EXECUTIVE PAY New York Area’s Fortunate 100 Chief executives ranked by 2011 compensation

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June 18, 2012 | Crain’s New York Business | 15 20120618-NEWS--0016-NAT-CCI-CN_-- 6/14/2012 6:56 PM Page 1

REPORT EXECUTIVE PAY

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16 | Crain’s New York Business | June 18, 2012 20120618-NEWS--0017-NAT-CCI-CN_-- 6/14/2012 7:04 PM Page 1

SMALL BUSINESS Are banks cutting back on lending?

And Biz2Credit shows that approvals and is the highest SBA lender in dol- Linda Allen,professor of economics BY ANNE FIELD by small banks dropped to 45.5% in lar amount and number of loans, a and finance at Baruch College’s May from 47.5% in January. spokesperson said. As for Bank of Zicklin School of Business. Her re- ate last year, Peter Representatives of several big America,its “small business approval search shows that when banks’ bal- Kocher decided it was banks also say they’ve heightened rates have been consistent through- ance sheets include a high exposure time to open a second their commitment to small business out the first four months of 2012 and to risk, as they do now, it tends to store. The founder of lending. Citibank plans to increase continue to be higher than last year’s foreshadow an economic slowdown. Ride Brooklyn, which its lending to small business from its numbers,” a spokesperson said. She has also found that big banks Lsells, repairs and rents bicycles, had $7 billion goal in 2011, which it ex- Still,some observers don’t expect have billions of dollars of unpaid started his first shop in 2009 and, ceeded, to $8 billion this year. to see a significant uptick in lending mortgages on their books.Her fore- with healthy sales and profit growth, JPMorgan Chase made nearly for at least another two to three cast: “They’re going to reduce their buck ennis figured he could expand. But he 60,000 new small business loans years. “For the foreseeable future, lending,” she said, “and small busi- BUMPY ROAD: Ride Brooklyn’s Peter Kocher needed to take out a $350,000 loan. worth more than $2.2 billion in 2012 we’ll see a dip in lending,” predicted nesses will be the first to go.” Ⅲ had to turn to an alternative lender. So Mr.Kocher tried his bank,JP- Morgan Chase. There, he was of- fered a $75,000 loan. Not enough. Next, his accountant connected him to a contact in another unit of the bank. Mr. Kocher then was of- fered $175,000, plus a $50,000 line KNOWLEDGE IS POWER. PASS IT ON. of credit.Trouble was, as part of the deal he had to close out an existing $100,000 credit line at another bank, money he needed to get him Here’s how to cut your cooling through the slow winter months. “It just wasn’t an option,” Mr. Kocher said. Ultimately,through Grow Amer- costs by 20 to 50 percent. ica Fund,a community-development lender financed largely by banks, Mr. Kocher, whose company had $1.6 Switch to a high-effi ciency million in revenue last year, was able to get a loan for $345,000 and keep his existing line of credit. He expects air conditioner and lower to open a second shop soon. Mr. Kocher is by no means the your air conditioning use. only small business owner finding it difficult—or,in many cases,impossi- Turn off the A/C whenever ble—to get a loan from a big bank. And, despite recent data indicating lending had loosened, there are signs possible and use fans the screws are beginning to tighten again. instead. Fans use a lot At banks with more than $10 bil- lion in assets, 10.2% of loan applica- less energy. tions from small businesses were approved in May, down from 10.6% in April—and from 11.7% in January and February, according to surveys 100+ energy saving tips of small business customers of Biz2Credit, a Manhattan-based at conEd.com company that matches small busi- nesses with lenders. Lending by small banks dips, too Although regional data aren’t available, according to Rohit Arora, Biz2Credit’s CEO, the trend is the same for the New York area.“Lend- ing by big banks has become consid- erably more sluggish,” he said, not- ing that at the same time, other lenders, especially alternative ones, are rushing in to fill the gap. Is reduced lending by big banks— approval levels should be on the or- der of 30% to 38%, according to Mr. Arora—a relatively fleeting phe- nomenon or the new normal? The answer: No one really knows yet. To be sure, studies showing a re- cent decrease in bank lending don’t just involve the big guys.According to research by John Paglia of Pepperdine University,31.8% of small businesses successfully got bank loans from in- stitutions of any size in April, com- pared with 48.5% back in October.

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June 18, 2012 | Crain’s New York Business | 17 nb25p18-20cl.qxp 6/15/2012 3:11 PM Page 18

VENTURE CAPITAL PUBLIC & LEGAL NOTICES Notice of Qualification of Sixth Notice of Qualification of Wisdom Avenue Restaurant Management Foods Carmine Street, LLC. App. for LLC. Authority filed with NY Dept. of Auth. filed with Secy. of State of NY State on 3/19/12. Office location: NY (SSNY) on 4/17/12. Off. loc.: NY County. Princ. bus. addr.: c/o County. LLC formed in Delaware BetaWest, Ltd., 1050 17th St., Ste. (DE) on 4/16/12. SSNY designated 350, Denver, CO 80265. LLC formed as agent of LLC upon whom process in DE on 3/9/12. NY Sec. of State against it may be served. SSNY designated agent of LLC upon shall mail process to: c/o Leith Hill, whom process against it may be 333 E. 53rd St., Apt. 8H, NY, NY served and shall mail process to: c/o 10022. DE address of LLC: c/o The CT Corporation, 111 8th Ave., NY, Corporation Service Company, 2711 NY 10011. DE addr. of LLC: 1209 Centerville Rd., Ste. 400, Wilmington, Orange St., Wilmington, DE 19801. DE 19808. Arts. of Org. filed with DE Cert. of Form. filed with DE Sec. of Secy. of State, Townsend Bldg., State, Townsend Bldg., Dover, DE Dover, DE 19901. Purpose: any and 19901. Purpose: all lawful purposes. all lawful act or activity.

NOTICE OF FORMATION OF Glacier Notice of Qual. of Two Hundred Capital LLC. Arts of Org filed with Lafayette Holdings LLC, Auth. filed Secy of State of NY (SSNY) on Sec’y of State (SSNY) 1/6/12. Office 3/16/12. Office location: NY County. loc.: NY County. LLC org. in DE 1/5/12. SSNY designated as agent upon SSNY desig. as agent of LLC upon whom process may be served and whom process against it may be served. shall mail copy of process against SSNY shall mail copy of proc. to LLC to principal business address: Kushner Companies, 666 Fifth Ave., 229 W 60th St, Apt 3R, NY, NY NY, NY 10103. DE off. addr.: 160 10023. Purpose: any lawful act. Greentree Dr., Ste. 101, Dover, DE 19904. Cert. of Form. on file: SSDE, EXECUTIVE EVENT NOTICE OF FORMATION OF Best Townsend Bldg., Dover, DE 19901. Fest LLC. Arts of Org filed with Secy Purp.: any lawful activities. RECRUITER ACG New York/EisnerAmper of State of NY (SSNY) on 2/15/12. Webinar: Office location: NY County. SSNY NOTICE OF FORMATION OF LVK LLC. Arts of Org filed with Secy of State of POSITIONS The Future of Dealflow designated as agent upon whom process may be served and shall NY (SSNY) on 3/20/12. Office location: Private Equity Rainmakers Discuss How AVAILABLE mail copy of process against LLC to NY County. SSNY designated as Investment Opportunities Will Be Sourced agent upon whom process may be and Closed in an Ever-More Competitive principal business address: 111 E. Quantitative Analyst 2nd St. Apt 3A NY NY 10009. served and shall mail copy of process Market against LLC to principal business (AllianceBernstein L.P. – New York, NY) You can’t do good deals unless you have good Purpose: any lawful act. address: 221 E. 33rd St, #6H; NY, NY Apply math techniques for detailed dealflow, and you can’t have good dealflow 10016. Purpose: any lawful act. mdling of equities, bonds, currencies, & unless your firm has made itself an industry Notice of Formation of 34TH STREET commodities. Reqs a Master’s degr in authority within the sectors in which it GP LLC. Arts. of Org. filed with Secy. Math, Finan, Econ or rel quant field & 1 invests. Join in this crucial webinar to learn of State of NY (SSNY) on 05/11/12. Notice of Qual. of Two Hundred yr of dvlp’g web & windows app exp incl from seasoned veterans about how winning Office location: NY County. Princ. Lafayette Kushner Manager LLC, Auth. filed Sec’y of State (SSNY) 1/10/12. util Matlab & C/C++ progrm’g languages, private equity firms will source deals in the office of LLC: c/o ID Real Estate Notice of Qual. of Laight Street Office loc.: NY County. LLC org. in future, and what this will mean for the profile Partners, LLC, 450 Seventh Ave., & SQL database query language. Must Project Owner LLC, Auth. filed Sec’y NY, NY 10123. SSNY designated as DE 1/9/12. SSNY desig. as agent of of the industry as well as the ability of companies also have exp in each of the follow’g: util of State (SSNY) 1/5/12. Office loc.: NY agent of LLC upon whom process LLC upon whom process against it to partner with private equity for growth. math techniques for detailed mdling; & County. LLC org. in DE 1/3/12. SSNY against it may be served. SSNY may be served. SSNY shall mail perform’g pricing of finan derivatives w/i How have GPs traditionally sourced investment desig. as agent of LLC upon whom shall mail process to the LLC at the copy of proc. to Kushner Companies, the finan srvcs industry. Resumes: T. opportunities? What is a “proprietary deal” process against it may be served. addr. of its princ. office. Purpose: 666 Fifth Ave., NY, NY 10103. DE off. Correa, AllianceBernstein L.P., 1345 and do these exist any more? What role do SSNY shall mail copy of proc. to Any lawful activity. addr.: 160 Greentree Dr., Ste. 101, Avenue of the Americas, New York, NY intermediaries play in the evolving landscape? Taconic Inv. Partners, 111 Eighth Ave., Dover, DE 19904. Cert. of Form. on NY, NY 10011, the Reg. Agt. upon 10105. JobID: NEWSKO. How does sector expertise facilitate better NOTICE OF FORMATION OF LIMITED file: SSDE, Townsend Bldg., Dover, DE deal flow? whom proc. may be served. DE off. LIABILITY COMPANY. NAME: 19901. Purp.: any lawful activities. When: Thursday, June 21, 2012, 1:00 - 2:00 pm. addr.: 160 Greentree Dr., Ste. 101, DENTAVERSE, LLC. Articles of General Price : $50 Member Price: $50 Dover, DE 19904. Cert. of Form. on Organization were filed with the NOTICE OF FORMATION OF DANGER file: SSDE, Townsend Bldg., Dover, DE For Crain’s Readers Only... receive 50% off the Secretary of State of NY (SSNY) on TV, LLC. Articles of Organization 19901. Purp.: any lawful activities. Webinar price when you register. 5/15/12. Office location: New York were filed with the New York County. SSNY has been designated Secretary of State (SSNY) on April Register at www.acgnyc.org Notice of Formation of 28-30 Avenue A, as agent of the LLC upon whom 24, 2012. Office Location: NY County. LLC. Arts. of Org. filed with NY Dept. process against it may be served. SSNY has been designated as an of State on 05/14/12. Office location: SSNY shall mail a copy of process to agent upon whom process may be TELECOMMUNICATIONS NY County. Principal business the LLC, c/o Siegelvision, 9 East served and shall mail a copy of any address: c/o Singh Equities, LLC, 22 40th Street, 17th Floor, New York, process to the principal business NYC'S MOTOROLA W. 27th St., NY, NY 10001. Secy. of New York 10016. Purpose: For any address: 10 East 92nd Street, New State designated as agent of LLC MOTOTRBO SPECIALISTS lawful purpose. York, New York 10128. Purpose: upon whom process against it may Any lawful activity. be served. Secy. of State shall mail 308 EAST 50TH STREET LLC, a process to c/o Singh Equities, LLC, domestic LLC, Arts. of Org. filed NOTICE OF FORMATION OF Beth 22 W. 27th St., NY, NY 10001. with the SSNY on 4/23/12. Office Purpose: Any lawful activity. Altschuler Interiors, LLC. Arts of Org location: New York County. SSNY is filed with Secy of State of NY (SSNY) designated as agent upon whom on 4/24/12. Office location: NY Notice of Formation of LFCI Capital process against the LLC may be County. SSNY designated as agent NYC LLC, Art. of Org. filed Sec’y of served. SSNY shall mail process to: State (SSNY) 12/20/11. Office location: Coopersmith & Coopersmith, Attn: upon whom process may be served NY County. SSNY designated as agent Richard D Coopersmith, 233 and shall mail copy of process of LLC upon whom process against it Broadway, Ste. 1800, NY, NY 10279. against LLC to principal business may be served. SSNY shall mail copy General Purposes. address: 150 E 69th St NY, NY of process to 207 W. 75th St., NY, NY 10021. Purpose: any lawful act. 10023. Purpose: any lawful activities. Notice of Formation of LS OPPOR- TUNITY, LLC. Arts. of Org. filed with Notice of Formation of Goldstein Hall Notice of Formation of Lawrence Debt Secy. of State of NY (SSNY) on PLLC filed under the original name LLC, Art. of Org. filed Sec’y of State 04/23/12. Office location: NY County. David A. Goldstein & Associates, PLLC, (SSNY) 1/31/12. Office location: NY SSNY designated as agent of LLC Art. of Org. filed Sec’y of State (SSNY) County. SSNY designated as agent upon whom process against it may 1/4/06. Office location: NY County. of LLC upon whom process against be served. SSNY shall mail process SSNY designated as agent of PLLC 33 East 33rd Street to Corporation Service Co., 80 State upon whom process against it may be New York, NY 10016 it may be served. SSNY shall mail St., Albany, NY 12207-2543, regd. served. SSNY shall mail copy of process 212-532-7400 copy of process to NRAI, 875 Ave of the Americas, NY, NY 10001. agent upon whom and at which to Tesser & Ryan & Rochman, 509 www.metrocomradio.com Purpose: any lawful activities. process may be served. Purpose: Madison Ave., NY, NY 10022. Purpose: Any lawful activity. to practice the profession of Law. Notice of Appl. for Auth. 30 East 20 PUBLIC & LEGAL NOTICES LLC, a foreign limited liability company NOTICE OF FORMATION of RAIN Notice of Qualification of RESIDUAL (LLC). Appl. for Auth. filed with SSNY Commercial Real Estate Advisors ACQUISITIONS MANAGEMENT, LLC. Notice of Qualification of KTR LP III Notice of Qualification of Commodore 2/1/12. LLC organized in DE 1/27/12. LLC. Article of Organization filed with Authority filed with Secy. of State of NY LLC. Authority filed with NY Dept. of Thompson Music LLC. App. for Auth. NY office location: NY County. SSNY the Secretary of State of NY (SSNY) (SSNY) on 05/04/12. Office location: State on 5/23/12. Office location: NY filed with Secy. of State of NY (SSNY) designated as agent for process. on 06/01/2012. Office location: NY NY County. LLC formed in Delaware County. LLC formed in DE on on 4/23/2012. Off. loc.: NY County. LLC SSNY shall mail copy of process to: County. SSNY has been designated (DE) on 03/26/12. Princ. office of 5/15/12. NY Sec. of State designated formed in Delaware (DE) on 1/7/1981. c/o Walter & Samuels, Inc., 419 Park as agent upon whom process LLC: 575 Lexington Ave., Fl. 4, NY, agent of LLC upon whom process SSNY designated as agent of LLC Avenue South, New York, NY 10016, against it may be served. The Post NY 10022. SSNY designated as against it may be served and shall upon whom process against it may be attn: Mr. David I. Berley. Office Office address to which the SSNY agent of LLC upon whom process mail process to: c/o CT Corporation served. SSNY shall mail process to: address of LLC in jurisdiction of shall mail a copy of any process against it may be served. SSNY shall System, 111 8th Ave., NY, NY 10011, WPP, 100 Park Ave., 4th Fl., NY, NY organization: c/o National Registered against the LLC served upon him is mail process to the LLC at the addr. regd. agent upon whom process may 10017. DE address of LLC: United Agents, Inc., 160 Greentree Dr., Ste. C/O the LLC 60 West 23rd Street, of its princ. office. DE addr. of LLC: be served. DE addr. of LLC: 1209 Corporate Services, 874 Walker Road, 101, Dover, DE 19904. A copy of the Ste. 842, NY, NY 10010. Purpose of 2711 Centerville Rd., Ste. 400, Orange St., Wilmington, DE 19801. Ste. C, Dover, DE 19904. Arts. of Org. Cert. of Form. on file with State of LLC: to engage in any lawful act or Wilmington, DE 19808. Arts. of Org. Cert. of Form. filed with DE Sec. of filed with DE Secy. of State, 401 Delaware, Div.of Corp., 401 Federal activity. Street address of Principal filed with Secy. of State, DE, 401 State, 401 Federal St., Dover, DE Federal St., Ste. 4, Dover, DE 19901. Street, Ste. 3, Dover, DE 19901. Business location is: 60 West 23rd Federal St., Ste. 4, Dover, DE 19901. 19901. Purpose: all lawful purposes. Purpose: any lawful activity. Purpose: Any lawful act or activity. Street, Ste. 842, NY, NY 10010. Purpose: Any lawful activity.

18 | Crain’s New York Business | June 18, 2012 nb25p18-20cl.qxp 6/15/2012 3:11 PM Page 19

PUBLIC & LEGAL NOTICES Notice of Qualification of RESIDUAL Notice of Qualification of Yonkers Notice of Qualification of Hedgeforum Notice of Qualification of Baltoro Notice of Appl. for Auth. Opportunity ACQUISITIONS GP, LLC. Authority 2012 Associates LLC. Authority filed Portfolios, LLC. App. for Auth. filed Capital Management LLC. Authority Shoes LLC, a foreign limited liability filed with Secy. of State of NY (SSNY) with NY Dept. of State on 5/14/12. with Secy. of State of NY (SSNY) on filed with NY Dept. of State on 4/20/12. company (LLC). Appl. for Auth. filed on 05/04/12. Office location: NY Office location: NY County. Princ. 3/21/12. Off. loc.: NY Cty. LLC formed Office location: NY County. Princ. with SSNY 3/23/12. LLC organized County. LLC formed in Delaware (DE) bus. addr.: 832 Germantown Pike, in Delaware (DE) on 3/9/12. SSNY bus. addr.: 888 7th Ave., 43rd Fl., NY, in FL 6/5/03. NY office location: NY on 03/26/12. Princ. office of LLC: 575 Ste. 5, Plymouth Meeting, PA 19462. designated as agent of LLC upon whom NY 10019. LLC formed in DE on County. SSNY designated as agent Lexington Ave., Fl. 4, NY, NY 10022. LLC formed in DE on 8/16/11. NY process against it may be served. SSNY 2/15/12. NY Sec. of State designated for process. SSNY shall mail copy of SSNY designated as agent of LLC Sec. of State designated agent of shall mail process to: c/o Citi Private agent of LLC upon whom process process to c/o NRAI, Inc., 875 Ave. upon whom process against it may be LLC upon whom process against it Advisory, LLC, 666 Fifth Ave., Fl. 12B, against it may be served and shall of the Americas, Ste. 501, NY, NY served. SSNY shall mail process to may be served and shall mail NY, NY 10103. DE address of LLC: c/o mail process to: c/o CT Corporation 10001. The registered agent of the the LLC at the addr. of its princ. office. process to: c/o CT Corporation National Corporate Research, Ltd., System, 111 8th Ave., NY, NY 10011, LLC upon whom process against it DE addr. of LLC: 2711 Centerville Rd., System, 111 8th Ave., NY, NY 10011, 615 S. DuPont Hwy., Dover, DE 19901. regd. agent upon whom process may may be served is: NRAI.,875 Ave. of Ste. 400, Wilmington, DE 19808. Arts. regd. agent upon whom process may Arts. of Org. filed with DE Secy. of be served. DE addr. of LLC: 1209 the Americas, Ste. 501, NY, NY of Org. filed with Secy. of State, DE, be served. DE addr. of LLC: 1209 State, Townsend Bldg., Dover, DE Orange St., Wilmington, DE 19801. 10001. Office address of LLC in 401 Federal St., Ste. 4, Dover, DE Orange St., Wilmington, DE 19801. 19901. Purpose: any lawful activity. Cert. of Form. filed with DE Sec. of FL,8501 NW 17th St., #102, Miami, 19901. Purpose: Any lawful activity. Cert. of Form. filed with DE Sec. of State, 401 Federal St., Dover, DE FL 33126. A copy of the Cert. of State, 401 Federal St., Dover, DE Notice of Qual. of Two Hundred 19901. Purpose: all lawful purposes. Conv. & Art. of Org. on file with NOTICE OF FORMATION OF W S B 19901. Purpose: all lawful purposes. Lafayette LLC, Auth. filed Sec’y of Florida Dept of State, Div of Corp., MANHATTAN LLC. Arts of Org filed State (SSNY) 1/6/12. Office loc.: NY PRESTITO LLC, a domestic LLC, Arts. Clifton Bldg, 2661 Executive Ctr Cr. with Secy of State of NY (SSNY) on NOTICE OF FORMATION OF Epoc County. LLC org. in DE 1/5/12. SSNY of Org. filed with the SSNY on 3/15/12. Tallahassee, FL 32301. Purpose: To 5/8/12. Office location: NY County. Partners LLC. Arts of Org filed with desig. as agent of LLC upon whom Office location: New York County. engage in any lawful act or activity. SSNY designated as agent upon whom Secy of State of NY (SSNY) on process against it may be served. SSNY is designated as agent upon process may be served and shall mail 4/13/12. Office location: NY County. SSNY shall mail copy of proc. to whom process against the LLC may MOTOU REALTY, LLC Art. Of Org. copy of process against LLC to prin- SSNY designated agent upon whom Kushner Companies, 666 Fifth Ave., be served. SSNY shall mail process Filed Sec. Of State of NY cipal business address: THE LLC 15 process may be served. PO address NY, NY 10103. DE off. addr.: 160 to: The LLC, c/o Antonino D’Aiuto, 03/31/2000. Off Loc.: New York Co. DIVISION ST 6th FL NY, NY 10002. to which SSNY shall mail copy of Greentree Dr., Ste. 101, Dover, DE Esq., 116 W. 23rd St., Ste. 500, NY, SSNY designated as agent upon process against LLC: Imelda Vasquez, 19904. Cert. of Form. on file: SSDE, NY 10011. General Purposes. whom process against it may be Notice of Formation of Odin’s 101 N Brand Blvd, 11th Fl, Glendale, Townsend Bldg., Dover, DE 19901. served. SSNY to mail copy of Hammer, LLC. Arts. of Org. filed with CA 91203. Principal business address: Purp.: any lawful activities. OPTIONS CAPITAL MANAGEMENT process to THE LLC, 246 East 44th Secy. of State of NY (SSNY) on 2373 Broadway, Ste 1628, NY, NY, LLC, a domestic LLC, Arts. of Org. Street, New York, NY 10017. 4/30/12. Office location: NY County. 10024. Purpose: any lawful act. Notice of Formation of OZ STUDIOS, filed with the SSNY on 5/4/12. Office Purpose: Any lawful act or activity. SSNY designated as agent of LLC LLC. Arts. of Org. filed with Secy. location: New York County. SSNY is upon whom process against it may Notice of formation of Evergreene of State of NY (SSNY) on 05/03/12. designated as agent upon whom Notice of Formation of A Canaan LLC, be served. SSNY shall mail process Music LLC. Arts of Org filed with Office location: NY County. SSNY process against the LLC may be Art. of Org. filed Secy. of State of NY to: 244 5th Ave., Ste. S-224, NY, NY Secy of State of NY (SSNY) on designated as agent of LLC upon served. SSNY shall mail process to: (SSNY) on 3/9/2012. Office location: 10001, Attn: Simon Czaplinski. 5/11/12. Office location: NY County. whom process against it may be The LLC, 233 W. 83rd St., Apt. 3C, New York County . SSNY Designated Purpose: any lawful activity. SSNY designated as agent upon served. SSNY shall mail process NY, NY 10024. General Purposes. as agent of LLC upon whom process whom process against the LLC may to the LLC, 519 Eighth Ave., 19th against it may be served. SSNY shall NOTICE OF FORMATION OF be served. SSNY shall mail process Fl., NY, NY 10018. Purpose: Any Notice of Formation of MERMAID mail copy of process to: The LLC, Shiftscope Entertainment LLC. Arts to 450 W 31st St, NY, NY 10001. lawful activity. PLAZA HOLDINGS LLC. Arts. of Org. 154 W 29th St, New York, NY 10001. of Org filed with Secy of State of NY General purposes. filed with Secy. of State of NY (SSNY) Purpose: any lawful activity. (SSNY) on 1/25/12. Office location: Notice of Formation of Quik Park 485 on 5/18/12. Office location: NY County. NY County. SSNY designated as Notice of Qual. of Two Hundred Garage LLC. Arts. of Org. filed with SSNY designated as agent of LLC Notice of Qualification of Sugar and agent upon whom process may be Lafayette Mezzanine LLC, Auth. filed Secy. of State of NY (SSNY) on upon whom process against it may be Plumm (Upper West), LLC. Authority served and shall mail copy of Sec’y of State (SSNY) 1/6/12. Office 5/8/12. Office location: NY County. served. SSNY shall mail process to: filed with NY Dept. of State on 5/8/12. process against LLC to principal loc.: NY County. LLC org. in DE 1/5/12. SSNY designated as agent of LLC The Company, c/o Martin Domansky, Office location: NY County. LLC business address: 10 Liberty #6F, NY, SSNY desig. as agent of LLC upon upon whom process against it may 19 West 34th St., NY, NY 10001. formed in DE on 12/2/10. NY Sec. of NY 10005. Purpose: any lawful act. whom process against it may be be served. SSNY shall mail process Purpose: any lawful activities. State designated agent of LLC upon served. SSNY shall mail copy of proc. to: The LLC, 247 W. 37th St., NY, NY whom process against it may be Notice of Formation of 225 LAFAYETTE to Kushner Companies, 666 Fifth 10018. Purpose: any lawful purpose. Notice of Formation of FEDCAP served and shall mail process to the STREET, LLC. Arts. of Org. filed with Ave., NY, NY 10103. DE off. addr.: SECURITY SERVICES, LLC. Arts. of principal business addr.: 146 Secy. of State of NY (SSNY) on 160 Greentree Dr., Ste. 101, Dover, Notice of Formation of LIGHTSEED Org. filed with Secy. of State of NY Redneck Ave., Moonachie, NJ 5/17/12. Office location: NY County. DE 19904. Cert. of Form. on file: CAPITAL, LLC. Arts. of Org. filed with (SSNY) on 04/20/12. Office location: 07074. DE addr. of LLC: 615 S. SSNY designated as agent of LLC SSDE, Townsend Bldg., Dover, DE Secy. of State of NY (SSNY) on NY County. SSNY designated as DuPont Hwy., Dover, DE 19901. Cert. upon whom process against it may 19901. Purp.: any lawful activities. 04/26/12. Office location: NY County. agent of LLC upon whom process of Form. filed with DE Sec. of State, be served. SSNY shall mail process SSNY designated as agent of LLC against it may be served. SSNY shall Townsend Bldg., Dover, DE 19901. to: c/o Ursula Bevan, 225 Lafayette NOTICE OF FORMATION OF Pure upon whom process against it may be mail process to the LLC, 211 West, Purpose: all lawful purposes. St., #12A, NY, NY 10112. Purpose: Development LLC. Arts of Org filed served. SSNY shall mail process to 14th St., NY, NY 10011. Purpose: any lawful purpose. with Secy of State of NY (SSNY) on Corporation Service Co., 80 State St., Any lawful activity. Notice of Qual. of Irongate Management, 2/16/12. Office location: NY County. Albany, NY 12207, regd. agent upon LLC with a fictitious name of Irongate NOTICE OF FORMATION of VIOLATOR/ SSNY designated as agent upon whom and at which process may be Notice of Formation of ASTOR Property Management, LLC, Auth. STIMULATED LLC. Arts of Org filed whom process may be served. PO served. Purpose: Any lawful activity. PROPERTY HOLDINGS LLC. Arts. of filed Sec’y of State (SSNY) 1/6/12. with SSNY on 5/1/12. Office location: address to which SSNY shall mail copy Org. filed with Secy. of State of NY Office loc.: NY County. LLC org. in NY County. SSNY designated as an of process against LLC: US Corp KATARZYNA A. HABERKO LCSW, (SSNY) on 05/31/12. Office location: DE 11/14/11. SSNY desig. as agent agent upon whom process may be Agents, Inc., 7014 13th Ave, Ste 202, PLLC, a Prof. LLC. Arts. of Org. filed NY County. Princ. office of LLC: 575 of LLC upon whom process against served. SSNY shall mail process to Bklyn, NY 11228. Principal business with the SSNY on 01/25/2012. Office Madison Ave., Ste. 7B, NY, NY 10022. it may be served. SSNY shall mail the LLC c/o Primary Wave, 116 E address: 70 Pine St, 63rd Fl, NY, NY, location: New York County. SSNY SSNY designated as agent of LLC copy of proc. to NRAI, 875 Ave of 16th St, 9th Fl, NY NY 10003. 10270. Purpose: any lawful act. has been designated as agent upon upon whom process against it may the Americas, NY, NY 10001. DE off. Purpose: any lawful act. whom process against it may be be served. SSNY shall mail process addr.: 160 Greentree Dr., Ste. 101, Notice of Formation of ROSE CAPITAL served. SSNY shall mail process to: to Kozusko Harris Duncan at the Dover, DE 19904. Cert. of Form. on ROBERT ROSENBERG LLC, a 104TH STREET LLC. Arts. of Org. Katarzyna A. Haberko, 1701 Earl St., princ. office of the LLC. Purpose: file: SSDE, Townsend Bldg., Dover, domestic LLC, Arts. of Org. filed with filed with Secy. of State of NY (SSNY) Union, NJ 07083. Purpose: To Any lawful activity. DE 19901. Purp.: any lawful activities. the SSNY on 4/16/12. Office location: on 5/9/12. Office location: NY County. Practice The Profession Of Lic. New York County. SSNY is designated SSNY designated as agent of LLC Clinical Social Worker. Notice of Qualification of IX 1372 Notice of Qualification of DIRECTLI LLC. as agent upon whom process against upon whom process against it may Mezz GP, L.L.C. Authority filed with Authority filed with Secy. of State of the LLC may be served. SSNY shall be served. SSNY shall mail process Notice of Qualification of Ria in a Box NY Dept. of State on 6/1/12. Office NY (SSNY) on 04/24/12. Office mail process to: DDK & Company to: 551 Fifth Ave., 23rd Fl., NY, NY LLC. Authority filed with NY Dept. of location: NY County. Princ. bus. addr.: location: NY County. LLC formed in LLP, One Penn Plaza, 54th Fl., NY, NY 10176. Purpose: any lawful activity. State on 2/10/12. Office location: NY 591 W. Putnam Ave., Greenwich, CT Delaware (DE) on 03/08/12. Princ. 10119. General Purposes. County. Princ. bus. addr.: 108 W. 39th 06830. LLC formed in DE on 5/23/12. office of LLC: 1400 Broadway, 15th Notice OF FORMATION OF The St., Ste. 604, NY, NY 10018. LLC NY Sec. of State designated agent of Fl., NY, NY 10018. NYS fictitious formed in DE on 11/21/11. NY Sec. of name: DIRECT FOR HER LLC. SSNY NOTICE OF FORMATION OF BIZ Physical Therapy Practice PLLC. LLC upon whom process against it ENTERPRISES LLC. Arts of Org filed Arts of Org filed with Secretary of State designated agent of LLC upon designated as agent of LLC upon whom process against it may be may be served and shall mail process whom process against it may be with Secy of State of NY (SSNY) on State of NY (SSNY) on 3/9/12. to: c/o CT Corporation System, 111 4/24/12. Office location: NY County. Office location: NY County. SSNY served and shall mail process to: c/o served. SSNY shall mail process to c/o CT Corporation System, 111 8th Ave., 8th Ave., NY, NY 10011, regd. agent Corporation Service Co., 80 State St., SSNY designated as agent upon designated as agent upon whom upon whom process may be served. whom process may be served and NY, NY 10011. DE addr. of LLC: c/o Albany, NY 12207-2543. DE addr. of process may be served and shall DE addr. of LLC: 1209 Orange St., shall mail copy of process against mail copy of process against PLLC The Corporation Trust Co., 1209 LLC: 2711 Centerville Rd., Ste. 400, Wilmington, DE 19801. Cert. of LLC to principal business address: to principal business address: The Orange St., Wilmington, DE 19801. Wilmington, DE 19808. Arts. of Org. 250 W 16th St, #4D, NY, NY 10011. Physical Therapy Practice PLLC, 361 Cert. of Form. filed with DE Sec. of Form. filed with DE Sec. of State, filed with DE Secy. of State, 401 Purpose: any lawful act. W 30 St, Apt 1B, NY, NY 10001. State, 401 Federal St., Dover, DE 401 Federal St., Dover, DE 19901. Federal St., Ste. 4, Dover, DE 19901. Purpose: any lawful act. 19901. Purpose: all lawful purposes. Purpose: all lawful purposes. Purpose: Any lawful activity. Notice of Qualification of ARTEAST, LLC. Authority filed with Secy. of Notice of Qualification of PLC SEVEN State of NY (SSNY) on 04/23/12. SPRINGS, LLC. Authority filed with Get connected with Crain’s New York Business. Office location: NY County. LLC Secy. of State of NY (SSNY) on formed in Delaware (DE) on 08/16/05. 05/23/12. Office location: NY County. Princ. office of LLC: 47 Ave. du Bois LLC formed in Maryland (MD) on de Boulogne, 92200 Paris, France. 05/23/12. Princ. office of LLC: 7 NYS fictitious name: ZVWEB, LLC. Spring St., NY, NY 10012. SSNY Promote your product or service to NY’s decision makers with an affordable SSNY designated as agent of LLC designated as agent of LLC upon upon whom process against it may be whom process against it may be business card size ad in our Business Connections section. served. SSNY shall mail process to served. SSNY shall mail process to Issue Dates for Business Connections: c/o Corporation Service Co., 80 State the LLC at the princ. office of the Crain’s Fast Fifty (6/25), City Facts (8/27), & Book of Lists (12/24) St., Albany, NY 12207-2543. DE addr. LLC. MD addr. of LLC: 526 Penny of LLC: 2711 Centerville Rd., Ste. 400, Ln., Cockeysville, MD 21030. Cert. of For more information on this powerful opportunity to showcase your business, Wilmington, DE 19808. Arts. of Org. Form. filed with Paul B. Anderson, filed with Secy. of State of the State of Dept. of Assessments and Taxation, contact Joanne Barbieri at 212-210-0189 or [email protected] DE, 401 Federal St., Ste. 4, Dover, DE 301 W. Preston St., Baltimore, MD 19901. Purpose: Any lawful activity. 21201. Purpose: Any lawful activity. Let Crain’s New York Business help you secure new clients in 2012.

June 18, 2012 | Crain’s New York Business | 19 20120618-NEWS--0020-NAT-CCI-CN_-- 6/15/2012 3:13 PM Page 1

Costs rain on Urban Umbrella

Continued from Page 3 property owners,” said Francis Labor costs, however, turn out to sheds, 1 million linear feet worth, Greenburger, chairman of Time be a far bigger hurdle. The scaffold- according to the city Department of Equities Inc., a real estate developer ing companies that install sheds esti- Buildings. That’s enough to stretch and investor in Urban Umbrella. mate it will cost four times more to from the Empire State Building to Even Mr. Greenburger has no im- install Urban Umbrella. Installation Baltimore harbor. What’s more, the mediate plans to use Urban Umbrel- costs run from $55 a foot to $1,000 sheds’ design hasn’t been updated la.Instead,he explains,its use will be depending on the design of shed since the days when Robert F.Wag- determined on a “case by case”basis. used, the complexity of the installa- ner was mayor. The big problem is the price tag, tion and whether the firm uses union which, in the grand scheme of New labor, according to industry profes- ‘Elegant alternative’ York real estate and $1 million apart- sionals. “We wanted to offer an elegant ments, might not seem like a lot but There are about two dozen scaf- and safe alternative to the standard folding contractors, union and sheds,” said Buildings Commis- nonunion, that install sheds in the sioner Robert LiMandri. ‘It’s a city. Among the larger players are To do that, Mr. LiMandri helped Everest Scaffolding, York Scaffold organize the urbanSHED Interna- complicated Equipment Corp., Safway Atlantic tional Design Competition in 2009 and Spring Scaffolding. that boasted the obligatory blue-rib- decision for Each Urban Umbrella “would nyc mayors office mayors nyc bon panel of nine judges.Mr.LiMan- have to be fabricated for each loca- SOARING HOPES: Mayor Bloomberg and others stand beneath the winning design in 2010. dri and Ms. Burden were joined on property owners’ tion,” said Dan O’Brien, co-owner the panel by David Childs, architect of All-Safe,which installed the pro- of the Time Warner Center and 7 totype downtown. “It’s very labor- For that reason, there is still hope decision will all come down to cost. World Trade Center,and Craig Dyk- intensive.” for Urban Umbrella in the city. In the fullness of time, of course, ers, director of Snøhetta, which de- George Beane, president of A.R. the expense of an Urban Umbrella is signed the 9/11 Memorial and is now in these still-uncertain economic Weighing the benefits Walker, the landlord of a residential certain to drop dramatically as the at work on new plans for Times times can be daunting. Experts note Mr.Cortés insists the higher cost building at the corner of West 82nd number of users rises and installa- Square’s plazas. Ultimately, they se- that it costs an average of $150 per is well worth paying, given the ben- Street and Amsterdam Avenue with tion firms become more familiar lected Urban Umbrella from a gaggle linear foot for a standard shed. That efits not just for pedestrians and five ground-floor retail tenants, said with it. But who will be the first? of 164 entries from around the globe. amounts to $22,500 for a 150-foot- street aesthetics, but for ground- he may use Urban Umbrella when he “All you need is one or two to be Since that triumph, however, long shed. Urban Umbrella, whose floor retailers as well. When scaf- begins repainting and repairing the put up, then people will demand it,” only one prototype has been seen. It curbside creations are of materials in- folding and sheds go up in front of a cornices of his building this summer. said Mr. LiMandri. He’s confident stood for nearly two months begin- cluding high-strength recycled steel, building, retailers’ sales and foot “It could be an advantage,” Mr. that at least one Urban Umbrella will ning last December at 100 Broad- translucent plastic panels and LED traffic typically plummet by as much Beane said. unfurl in the city by year’s end. way,a 24-story office building in the lights,cost as much as 25% more—in as a third, according to experts. He may yet become the first financial district. other words, roughly $5,600 more “They are low and ugly,”said Mr. landlord in the city to use Urban LISTEN to a discussion at “It’s a complicated decision for for the same-length shed. LiMandri. Umbrella, but he stresses that his CrainsNewYork.com/podcasts

PUBLIC & LEGAL NOTICES Notice of Qualification of Qship LLC. Notice of Formation of SOUTHEAST Notice of Formation of Limited Liability Notice of Qualification of IX 1372 Notice of Qualification of Digital Risk Authority filed with NY Dept. of State TOWERS PRESERVATION, L.P. Cert. Company (LLC) Name: APPLE SEEDS Holdings, L.P. Authority filed with NY Valuation Services, LLC. Authority filed on 5/3/12. Office location: NY County. of LP filed with Secy. of State of NY INTERNATIONAL LLC. Articles of Dept. of State on 5/29/12. Office with NY Dept. of State on 5/21/12. LLC formed in DE on 4/30/12. NY (SSNY) on 05/04/12. Office location: Organization filed by the Department location: NY County. Princ. bus. addr.: Office location: NY County. LLC Sec. of State designated agent of NY County. Princ. office of LP: 60 of State of New York on: 05/15/2012. 591 W. Putnam Ave., Greenwich, CT formed in DE on 4/27/12. NY Sec. of LLC upon whom process against it Columbus Circle, NY, NY 10023. Office location: County of New York. 06830. LP formed in DE on 3/26/12. State designated agent of LLC upon may be served and shall mail process Latest date on which the LP may Purpose: any and all lawful activities. NY Sec. of State designated agent of whom process against it may be to the principal business addr.: 424 dissolve is 12/31/2111. SSNY des- Secretary of State of New York LP upon whom process against it served and shall mail process to the West End Ave. Apt. 7K, NY, NY 10027, ignated as agent of LP upon whom (SSNY) designated as agent of LLC may be served and shall mail process principal business addr.: 2301 Attn: Anthony Lage. DE addr. of LLC: process against it may be served. upon whom process against it may to: c/o CT Corporation System, 111 Maitland Center Pkwy., Ste. 165, 1209 Orange St., Wilmington, DE SSNY shall mail process to c/o be served. SSNY shall mail a copy 8th Ave., NY, NY 10011, regd. agent Maitland, FL 32751. DE addr. of LLC: 19801. Cert. of Form. filed with DE Sec. Corporation Service Co., 80 State of process to: 10 West 25th Street, upon whom process may be served. 615 S. DuPont Hwy., Dover, DE 19901. of State, 401 Federal St., Dover, DE St., Albany, NY 12207. Name and New York, NY 10010. DE addr. of LP: 1209 Orange St., Cert. of Form. filed with DE Sec. of 19901. Purpose: all lawful purposes. addr. of each general partner are Wilmington, DE 19801. Name/addr. State, 401 Federal St., Dover, DE available from SSNY. Purpose: Any NOTICE OF FORMATION OF JEBS of genl. ptr. available from NY Sec. of 19901. Purpose: all lawful purposes. NOTICE OF FORMATION OF Anthem lawful activity. GROUP, LLC. Arts of Org filed with State. Cert. of LP filed with DE Sec. Advisory Services LLC. Arts of Org Secy of State of NY (SSNY) on of State, 401 Federal St., Dover, DE HEART-TUNE, LLC, a domestic LLC. filed with the Secy of State of NY (SSNY) Notice of Formation of 5/21/12. Office location: NY County. 19901. Purpose: all lawful purposes. Arts. of Org. filed with the SSNY on on 09/09/2011. Office location: NY KINGKONGBNB LLC, Art. of Org. SSNY designated as agent upon 04/16/2012. Office location: NY County. County. SSNY designated as agent filed Secy. of State of NY (SSNY) on whom process may be served and Cindy’s N.Y.C. Apartment Rentals SSNY has been designated as agent upon whom process may be served 5/14/2012. Office location: New York shall mail copy of any process against L.L.C. Arts of Org filed Sec. of State upon whom process against the LLC and shall mail a copy of any process County . SSNY Designated as agent LLC to principal business address: of NY on 5/2/12. Off loc: NY Co. may be served. SSNY shall mail to the principal business address: 88 of LLC upon whom process against 370 W 52ND STREET, NEW YORK, SSNY designated agent upon whom process to: 1755 York Ave 7A, NY, NY Leonard Street, Suite 605, NY, NY it may be served. SSNY shall mail NY 10019. Purpose: any lawful act. process against it may be served. 10128. Purpose: Any Lawful Purpose. 10013. Purpose: any lawful act. copy of process to: The LLC, 144 SSNY to mail copy of process to the Bowery St, 3rd Fl, New York, NY ENERGY ACCESS LLC filed Arts. of address: 531 W 145th St Apt. 21 NY LANDAU ABRAMS LLC, a domestic NOTICE OF FORMATION OF rose 10013. Purpose: any lawful activity. Org. with the Sect’y of State of NY NY 10031. Purpose: any lawful act. LLC. Arts. of Org. filed with the SSNY crownview LLC. Arts of Org filed (SSNY) on 3/20/2012. Office location, on 05/04/2012. Office location: NY with Secy of State of NY (SSNY) on NOTICE OF FORMATION OF THE County of New York. SSNY has FRANCINE WOLTERBEEK LLC, a County. SSNY has been designated 2/23/12. Office location: NY County. PROCTER GROUP LLC. Arts of Org been designated as agent of the LLC domestic LLC. Arts. of Org. filed with as agent upon whom process SSNY designated as agent upon filed with Secy of State of NY (SSNY) upon whom process against it may the SSNY on 06/04/2012. Office against the LLC may be served. whom process may be served and on 5/29/12. Office location: BRONX. be served. SSNY shall mail process location: NY County. SSNY has been SSNY shall mail process to: 190 E. shall mail copy of process against SSNY designated as agent upon to: The LLC, 80 Wall Street, NY NY designated as agent upon whom 72nd St Apt. 5C, NY, NY 10021. Reg LLC to principal business address: whom process may be served and 10005. Purpose: any lawful act. process against the LLC may be Agent: Michael Abrams, 190 E. 72nd 205 E. 78th St., APT 9B NY, NY shall mail copy of process against LLC served. SSNY shall mail process to: St Apt. 5c, NY, NY 10021. Purpose: 10075. Purpose: any lawful act. to principal business address: 780 Notice of Qualification of J.P. MORGAN 200 West 16th St, 5K, NY, NY 10011. Any Lawful Purpose. Saint Anns Avenue, Apt. 6G, Bronx, GLOBAL ACCESS PRIVATE Purpose: Any Lawful Purpose. Notice of Qualification of CMS Multi- NY 10456. Purpose: any lawful act. INVESTMENTS VINTAGE 2012, LLC. Notice of Qualification of Warburg Purpose Management Fund I LLC. Authority filed with Secy. of State of NY Notice of Qualification of 11 East Pincus Private Equity (E&P) XI-A, L.P. Authority filed with NY Dept. of State Notice of Qualification of DuPont (SSNY) on 06/05/12. Office location: 68th Street Property Manager LLC. Authority filed with NY Dept. of State on 5/10/12. Office location: NY Performance Coatings, LLC. Authority NY County. LLC formed in Delaware Authority filed with NY Dept. of State on 5/8/12. Office location: NY County. County. Princ. bus. addr.: 120 Wall filed with NY Dept. of State on (DE) on 02/29/12. Princ. office of LLC: on 2/9/12. Office location: NY County. LP formed in DE on 5/3/12. NY Sec. St., 16th Fl., NY, NY 10005. LLC 5/29/12. Office location: NY County. c/o Proskauer Rose LLP, Eleven Times Princ. bus. addr.: 600 Madison Ave., of State designated agent of LP upon formed in DE on 2/16/12. NY Sec. of LLC formed in DE on 4/17/12. NY Sq., NY, NY 10036-8299. SSNY 17th Fl., NY, NY 10022. LLC formed whom process against it may be State designated agent of LLC upon Sec. of State designated agent of designated as agent of LLC upon in DE on 12/22/11. NY Sec. of State served and shall mail process to the whom process against it may be LLC upon whom process against it whom process against it may be designated agent of LLC upon whom principal business addr.: c/o Warburg served and shall mail process to: c/o may be served and shall mail process served. SSNY shall mail process to process against it may be served Pincus LLC, 450 Lexington Ave., NY, CT Corporation System, 111 8th to: c/o CT Corporation System, 111 Corporation Service Co., 80 State St., and shall mail process to: c/o CT NY 10017, Attn: General Counsel. Ave., NY, NY 10011, regd. agent 8th Ave., NY, NY 10011, regd. agent Albany, NY 12207-2543. DE addr. of Corporation System, 111 8th Ave., NY, DE addr. of LP: c/o The Corporation upon whom process may be served. upon whom process may be served. LLC: 2711 Centerville Rd., Ste. 400, NY 10011, regd. agent upon whom Trust Co., 1209 Orange St., DE addr. of LLC: 1209 Orange St., DE and principal business addr.: 1007 Wilmington, DE 19808. Arts. of Org. process may be served. DE addr. of Wilmington, DE 19801. Name/addr. Wilmington, DE 19801. Cert. of Market St., D-13039, Wilmington, DE filed with Secy. of the State of DE, LLC: 1209 Orange St., Wilmington, DE of genl. ptr. available from NY Sec. of Form. filed with DE Sec. of State, 19898. Cert. of Form. filed with DE Sec. Corp. Dept., Loockerman & Federal 19801. Cert. of Form. filed with DE State. Cert. of LP filed with DE Sec. 401 Federal St., Dover, DE 19901. of State, 401 Federal St., Dover, DE Sts., Dover, DE 19901. Purpose: Any Sec. of State, P.O. Box 898, Dover, DE of State, 401 Federal St., Dover, DE Purpose: all lawful purposes. 19901. Purpose: all lawful purposes. lawful activity. 19903. Purpose: all lawful purposes. 19901. Purpose: all lawful activity.

20 | Crain’s New York Business | June 18, 2012 20120618-NEWS--0021-NAT-CCI-CN_-- 6/15/2012 12:59 PM Page 1

FOR THE RECORD

$68.17 in a transaction worth ● New York Police Department represented by Newmark Grubb Knight $4,532,641. He now directly holds Seeks competitive sealed bids by 11 Frank’s William Cohen. The asking rent 197,453 shares. ABOUT THIS SECTION a.m. on June 26 for ballistics testing. was $55 per square foot. The bid documents can be obtained for FOR THE RECORD is a weekly listing of information from the public record that free online at City Record, www.nyc RETAIL ● Scientific Games Corp. (SGMS) can help businesspeople in the New York area find opportunities, potential .gov/cityrecord. Paper copies of the bid ● International House of Pancakes Ronald Perelman, chairman and chief new clients and updates on competitors. can also be obtained at the Contract signed a lease for 10,500 square feet at executive officer of MacAndrews & To ask questions or get more information on this section, contact Suzanne Administration Unit at 51 Chambers 80 Carmine St. The restaurant will Forbes Holdings Inc., purchased Panara at [email protected]. St., Room 310, Manhattan. To make occupy space on the ground and lower 805,000 shares of common stock at inquiries or to obtain copies of the bid levels as well as covered outdoor space. prices ranging from $8.13 to $8.17 document, contact Stephanie Gallop at Salmon & Marshall Real Estate between June 4 and June 5, in a (646) 610-5225 or stephanie.gallop@ Investments’ Matthew Marshall and transaction worth $6,551,271. He now nypd.org. Kevin Salmon represented the landlord indirectly holds 32,528,100 shares. BANKRUPTCIES ● Department of Design and Construction investor, Alrose Group, and Triphop, Seeks competitive sealed bids by 2 p.m. which owns the tristate area franchise ● Verizon Communications (VZ) The following listings are selected from the on July 13 for the replacement of the REAL ESTATE DEALS rights for the pancake house. The rent is Marc Reed, chief administrative officer most recent available filings by companies chiller and associated piping at the about $300,000 per year. and executive vice president, exercised seeking bankruptcy protection in the Studio Museum of Harlem in Companies that would like to have details options on 81,698 shares of common Southern and Eastern Districts of New Manhattan. There is a mandatory prebid of their recent transactions appear in these stock at $33.92 on May 31. On the York. Information was obtained from U.S. walk-through on June 26 at 10 a.m. at listings should email descriptions following STOCK TRANSACTIONS same day, he sold 81,698 shares of com- Bankruptcy Court records available on the museum, 144 W. 125th St. Bid this format to ELaermer@crains mon stock at $41.75, in transactions Public Access to Court Electronic Records. documents are $35, payable by check or newyork.com, with “Real estate Following are recent insider transactions at worth $6,182,088. He now directly Listings are in alphabetical order. money order only and are available at transaction” in the subject line, or enter New York’s largest publicly held companies holds 2,931 shares. www.nyc.gov/buildnyc. To make them online at crainsnewyork.com/ filed with the Securities and Exchange ● 4th & Goal Enterprises inquiries, contact Ben Perrone at submitadeal. Deals are listed in order of Commission by executives and major ● Duff & Phelps Corp. (DUF) 21 Lyons Road, Armonk, Westchester (718) 391-2200. square footage. shareholders. Listings are in order of Jeffrey Lovell, director, sold 271,402 Filed for Chapter 11 bankruptcy transaction value.The information was shares of common stock at $14.25 on protection on June 4. The filing cites ● Department of Parks and Recreation COMMERCIAL obtained from Thomson Reuters. May 31 in a transaction worth estimated liabilities of $50,001 to Seeks competitive sealed bids by 10:30 ● Virgo Business Centers signed a lease $3,867,479. He now directly holds $100,000 and estimated assets of $0 to a.m. on July 5 for the reconstruction of for 27,300 square feet at 14 Penn Plaza. ● PVH Corp. (PVH) 1,840,990 shares. $50,000. Among the creditors with the the sitting area adjacent to the St. The firm will occupy the entire ninth Fred Gehring, CEO and largest unsecured claims are American John’s Recreation Center, located north floor. The tenant was represented by subsidiary/director, sold 116,863 shares Robert Belke, director, sold 271,402 Express, owed $15,295.58; Acura of Prospect Place between Troy and Dakota Realty Group’s Jay Futersak. of common stock at prices ranging from shares of common stock at $14.25 on Financial Services, owed $9,000; and Schenectady avenues in Brooklyn. Bid The owner was represented by Dakota’s $80.47 to $81.07 on June 6, in a May 31 in a transaction worth Adams Samartino & Co., owed documents are available for $25 in the Ephraim Elavary.The asking rent was transaction worth $9,410,431. He now $3,867,479. He now directly holds $2,462.32. blueprint room, Olmsted Center, $47 per square foot. indirectly holds 729,448 shares. 1,840,990 shares. Room 64, Flushing Meadows Corona ● A&A Management Co. Park, Queens, from 8 a.m. to 3 p.m. ● Jay Suites signed a lease for 21,700 ● PepsiCo Inc. (PEP) ● Och-Ziff Capital Management Group 577 New Lots Ave., Brooklyn The fee is payable by company check square feet at 1441 Broadway. The firm Zein Abdalla, chief executive at (OZM) Filed for Chapter 11 bankruptcy or money order to the City of New will occupy the entire fifth floor. Murray PepsiCo Europe, exercised options on Daniel Och, founder, purchased protection on June 6. The filing cites York, Parks and Recreation. To make Hill Partners’ Richard Doolittle 66,488 shares of common stock at 500,471 shares of common stock at estimated liabilities of $1,000,001 to inquiries, contact Juan Alban at represented the tenant and the owner, prices ranging from $39.75 to $47.25 prices ranging from $6.75 to $6.99 $10 million and estimated assets of (718) 760-6771 or juan.alban@parks Leon Charney.The asking rent was $46 on May 18, in a transaction worth between June 1 and June 5, in a transac- $1,000,001 to $10 million. .nyc.gov. per square foot. $2,783,771. On the same day, he sold tion worth $3,445,046. He now directly 66,488 shares of common stock at holds 1,957,070 shares. Ⅲ ● IFA Inc. ● Department of Parks and Recreation ● Stroz Friedberg signed a sublease for 1815-17 86th St., Brooklyn Seeks competitive sealed bids by 10:30 13,800 square feet to expand its space at Filed for Chapter 11 bankruptcy a.m. on July 12 for the reconstruction of 32 Sixth Ave. The firm will occupy space protection on May 30. The filing cites the roof, exterior façades and on the 13th floor. Cushman & Wakefield DEALS ROUNDUP estimated liabilities of $100,001 to miscellaneous structural work at the Inc.’s Glenn Markman and Danielle $500,000 and estimated assets of Bowne House, Weeping Beech Park, Zimbaro represented the tenant.The TRANSACTION SIZE $500,001 to $1 million. Queens. There is a prebid meeting sublandlord, Superstructures Engineers SELLER/TARGET (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE scheduled for June 22 at 11:30 a.m. Bid & Architects, was represented by ● Chesapeake Energy Corp. $2,000.0 Global Infrastructure Partners FB M&A Thanks 1B documents are available for $25 in the Newmark Grubb Knight Frank’s John /Chesapeake Midstream 297 10th Ave., Manhattan blueprint room, Olmsted Center, Room Brierty.The asking rent was in the high Partners (Manhattan) Filed for Chapter 11 bankruptcy 64, Flushing Meadows Corona Park, $30s per square foot. Bay Partners, Insight $745.0 Salesforce.com Inc. SB M&A protection on June 6. The filing cites Queens, from 8 a.m. to 3 p.m. The fee is Venture Partners estimated liabilities of $1,000,001 to payable by company check or money ● CCLC signed a lease for 5,500 square (Manhattan), Institutional $10 million and estimated assets of order to the City of New York, Parks feet at 4 New York Plaza. The firm will Venture Partners, KB Partners, $100,001 to $500,000. Among the and Recreation. To make inquiries, occupy space at the base of the building. Counsel RB Capital Inc., creditors with the largest unsecured contact Juan Alban at (718) 760-6771 or The tenant, a division of Knowledge GGV Capital, SoftBank claims are the New York State [email protected]. Universe-United States, was represented Capital, Greycroft Partners (Manhattan), WPP Digital/ Department of Taxation and Finance, by Newmark Grubb Knight Frank Buddy Media Inc. owed $90,000; the Internal Revenue GOODS AND SERVICES Retail’s Jonathan Krivine. The landlord, Service, owed $80,000; and Auto Tap ● Department of Citywide Administrative Harbor Group International, was CHL Medical Partners, $517.0 Universal Health Services Inc. SB M&A Services Polaris Venture Partners Corp., owed $2,600. represented by Winick Realty’s Lee Inc., Three Arch Partners, Seeks competitive sealed bids by 10:30 Block and Darrell Rubens. The asking Altos Health Management a.m. on July 2 for the provision of RC70 rent was $100 per square foot. Inc./Ascend Health Corp. GOVERNMENT CONTRACT liquid asphalt. Bid documents can be Korea Asset $400.5 Corsair Capital (Manhattan), Ontario FB M&A ● OPPORTUNITIES downloaded for free at the City Record Safra National Bank of New York Management Corp. site, http://a856-internet .nyc.gov/ signed a lease for 6,000 square feet to /Kyobo Life Insurance Co. (9.9%) Following are selected contract nycvendoronline/home.asp, or vendors expand its space at 152 W. 57th St., the BNY Mellon-Alcentra $272.5 C&J Spec-Rent Services Inc. SB M&A opportunities recently announced by New can request the bid by emailing vendor Carnegie Hall Tower. The firm will Mezzanine Partners York City agencies. To learn how to sell relations at [email protected], occupy space on the 52nd floor. The (Manhattan), Intervale goods and services to city government, calling (212) 669-8610 or faxing landlord, TF Cornerstone, was Capital/Casedhole visit www.nyc.gov/selltonyc. For a (212) 669-7603. To make inquiries, represented by Newmark Grubb Knight Holdings Inc. searchable database of current procurement contact Veronica Vanderpool at Frank’s Matt Leon. The asking rent was Walton Street Capital, $210.0 Brookfield Properties Corp. SB M&A notices, visit www.nyc.gov/cityrecord. (212) 669-8517 or $115 per square foot. Tishman Speyer Listings are alphabetical by category and [email protected]. Properties (Manhattan) department. ● Magus Entertainment signed a three- /Metropolitan Park East ● HEALTH AND HOSPITALS CORP. 158 W. and Metropolitan Park year lease for 2,250 square feet at West Buildings in Seattle CONSTRUCTION SERVICES Seeks competitive sealed bids by 4 p.m. 23rd St. The music management and ● City University of New York Undisclosed/XL $70.0 GCP Capital Partners (Manhattan), GCI on July 9 for QARR/HEDIS software representation firm will occupy the Marketing Corp. Madison Seeks competitive sealed bids by 11 and support services. To make inquiries entire third floor. ABS Partners’ Amy a.m. on July 19 for all labor, material or to request copies of the bid Murawski represented the tenant, while Clarion Partners Americas $64.8 The JBG Cos. SB M&A (Manhattan), Core Plus and equipment required for a roof documents, contact Kathleen Nolan Cast Iron Real Estate Co.’s Beth Chase Properties/The Lion Building replacement at Borough of Manhattan at (212) 908-8730 or nolank@ and Kim Skarvelis represented the Community College at 199 Chambers nychhc.org. landlord. The asking rent was $43 per Undisclosed/Two multi- $52.0 Wharton Equity Partners (Manhattan) FB M&A family communities in St. There is a mandatory prebid square foot. northwest Chicago meeting and site visit on June 20 at 10 ● Human Resources Administration a.m. Bid documents may be obtained Seeks competitive sealed bids by 3 p.m. ● QlikTech signed a seven-year lease for Selected deals announced for the week ended June 9 involving companies in metro New York. for $10 by check or money order only, on June 26 for the monitoring and 6,000 square feet at 292 Madison Ave. FB M&A: Financial buyer M&A represents a minority or majority acquisition of existing made payable to CUNY. To make maintenance of burglar-alarm systems The business software maker will occupy shares of a company with the participation of a financial buyer. GCI: Growth capital investment inquiries or to purchase bid citywide. To make inquiries or to space on the 18th floor. The tenant was represents new money invested in a company for a minority stake. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing shares of a company without the documents, contact Ines Eden at request copies of the bid documents, represented by a brokerage team from participation of a financial buyer. (646) 758-7882 or CUNY.builds contact Kanna Maragatham at Jones Lang LaSalle, while the owner, source: capitaliq @mail.cuny.edu. (212) 331-3424. Marciano Investment Group, was

June 18, 2012 | Crain’s New York Business | 21 20120618-NEWS--0022-NAT-CCI-CN_-- 6/15/2012 6:51 PM Page 1

A city spokesman accused the groups behind the suit of trying to derail the project. The New York City Economic Development Corp., which negotiated the deal, said the THE FreshDirect move would result in “hundreds of millions of dollars in economic activity.” Construction has yet to start, but WEEK the company is slated to move into the new digs in 2015. NY CASH-ING IN ON BANK VIOLATIONS. A $619 million settlement between ON THE the Treasury Department and ING Bank for violating U.S. sanctions with countries such as Iran and Cuba turned out to be a boon for New York.The WEB city and state are expected to receive half of the Dutch enterprise’s settlement, a record for U.S. sanctions violations. The Treasury said that JUNE 11-17 ING had illegally moved $1.6 billion through U.S. banks. ING claims it has ceased any suspicious conduct, and the CEO for parent company ING CRAINSNEWYORK.COM Group called the violations “serious and unacceptable.” … EAT THE RICH. City Comptroller John Liu called for raising local personal income taxes on households with income of more than $500,000. For example, a family earning $1 million would see an annual tax jump of $5,559, for a total of outh Bronx activists and $42,967. He said the move, coupled with a cut in tax rates for households other residents are earning $500,000 or less, would generate up to $1 billion annually for the city.For a family with $300,000 in taxable income, taxes would drop $765, Staking on FreshDirect to $9,967. The 2013 mayoral candidate also kept busy last week helping in a quality-of-life lawsuit the city’s pension funds file suit against current and former bigwigs at Wal- seeking to block the Queens- Mart Stores Inc. The suit accuses them of breach of fiduciary duty in connection with a bribery scandal at the company’s Mexico division. … based online grocer from HOSPITAL HONCHO STEPS ASIDE. Dr. John LaRosa, the president of SUNY relocating to their area.The Downstate Medical Center,threw in the towel last week.The hospital said city- and state-subsidized his sudden departure had nothing to do with his outspoken criticism of the project will create nearly state’s Medicaid Redesign Team, which recommended Downstate consolidate some of its services into fewer hospitals. The group was 1,000 permanent and 684 established by Gov.Andrew Cuomo, whose administration is trying to cut construction jobs in one of Medicaid and other health care costs. Sources say he didn’t play well with the nation’s poorest others. There’s no word yet on Mr. LaRosa’s replacement. … AGAIN WITH congressional districts. buck ennis THE PIPE DREAMS. For the third time, New York’s Democratic-led state Assembly voted to make medical marijuana legal, but again, the proposal The suit alleges that the move would create excessive pollution with what plaintiffs claim is going up in smoke, since the Republican-controlled Senate won’t let the will be 2,000 truck trips a day in an area where the asthma rate is nine times the national issue come up for a vote. average.Targeting the grocer, city agencies and developers, the suit also alleges that the city —lauren elkies failed to conduct a proper environmental impact study before committing more than $120 million in government subsidies to FreshDirect. A company spokesman argued that the suit’s 2,000-trips-a-day figure was off base. CEO HOORAY! OY VEY! Jason Ackerman separately touted the company’s greening efforts in a letter to the plaintiffs, EATING BRUNCH KIDS AT THE saying: “[Our] goal is to move toward a 100% green transportation fleet. … We have already alfresco on Sunday Blue Man mornings could Group’s purchased 10 electric delivery trucks.” become a reality as $32,000- lawmakers move to per-year Opposition to the FreshDirect relocation has been mounting since the agreement was legalize sidewalk private reached early this year to build the company a new 500,000-square-foot headquarters at the seating starting at 10 school aren’t learning to read. There are no a.m., two hours earlier books or tests, and students can determine Harlem River Rail Yards in the Bronx rather than have the grocer ditch the Big Apple for New than currently allowed. their own curriculum. See parents fume. Jersey and a package of Garden State relocation incentives.

and forints. Citigroup chasing midsize businesses in NY “Even though we’re a small busi- ness, we have goals to grow interna- tionally, and the people at Citi Continued from Page 1 ed the New York business-lending found commitment,Mr.Koar has in- The same idea, of course, has oc- grasped that right away,” Mr. back,” proclaimed Bob Koar, Citi’s scene for decades. creased the ranks of business bankers curred to plenty of competitors who Goldthwaite said. president for commercial banking in “Citi’s been in and out of the New by about 10% this year and plans to set up shop in New York in recent So far, Citi’s emphasis on small- the Eastern U.S. “Management has York business market many times,” add a similar amount annually for years to capture business from Citi business lending hasn’t translated made a major commitment to serv- said Charles Wendel,a former mid- years to come. Citi has 70 such and other giant banks. into many loans. In fact, Citi’s ing the needs of small and middle- dle-market specialist at Citi bankers in Manhattan and “Our message is, we’re one of the small-business loan portfolio market business.” who’s now president of Finan- 40 in the outer boroughs. only AAA-rated banks left, and we shrank in the first quarter by 0.75%, It sounds good,but Citi has sung cial Institutions Consulting. One reason Citi has stuck with small-business lending or $69 million, according to Multi- from this hymnal before. Early last “They’ve never been consistent, decided it loves New during the hard times,” said Fred Funding,a Pennsylvania-based firm decade, it acquired Long Island disciplined and focused.” York’s small companies is Graziano, head of regional com- that advises small companies. business lender European Ameri- Mr.Koar,who ascended to his that many of its other lines mercial banking at TD Bank. MultiFunding’s analysis of federal can Bank, which soon disappeared position in January, said he of business are shrinking regulatory data also showed declines into the conglomerate, leaving nary has heard such criticism or stagnant. Revenues An overseas edge at Chase and Wells Fargo. a trace. Citi tried again in 2005 with daily for years. Shortly at the Wall Street and Mr.Koar is betting that Citi’s ex- “A lot of big banks like to tout something called the National Cor- after joining the bank in U.S.corporate lending perience working in overseas mar- their commitment to small busi- porate Bank,but dropped that when 2006 from Wachovia, division fell by 20% kets will distinguish it from rivals. ness,” said MultiFunding CEO it was nearly overwhelmed by rot- he remembers getting last year, while U.S. That pitch won over Metem Corp., Ami Kassar. “But when you look at ting mortgages a few years later. an earful from an ac- ‘We want to credit-card revenue a Parsippany, N.J.-based manufac- the actual numbers, you have to ask, countant who refused take New York dipped by 10%. Nei- turer of gas turbine equipment that ‘Where’s the beef?’ ” A mere 1% market share to refer clients because ther seems likely to re- earlier this year decided to bank Mr. Koar acknowledged it will Citi wrote only 1% of the nation’s he angrily recalled Citi back,’ said bound soon, which with Citi. The 280-employee com- take time for Citi’s labors to bear fruit. middle-market loans last year, ac- withdrawing its small- Citi’s Bob Koar helps explain why pany has a factory near Budapest, With the economy so sluggish, he cording to Thomson Reuters, com- business lenders from Citi’s CEO of global and CEO Steven Goldthwaite said said, the bank is going to focus its ef- pared with 16% for Bank of Ameri- New Jersey back in consumer banking, Citi bankers understood not just the forts not so much on financing start- ca and 11% for JPMorgan 1989. “I understand Manuel Medina- dynamics of his industry but also ups but rather on poaching successful Chase—the bank that has dominat- the skepticism,” he Mora, wrote in a what it takes to operate in Central enterprises unhappy with the service said.“But we will not rest until we are memo this month that he sees the Europe. It also helped that the bank they’re getting from other banks. LISTEN to a discussion at a substantial player here.” “commercial banking business as a provided software that makes it easy “We have assembled a talented CrainsNewYork.com/podcasts To underscore the bank’s new- key growth opportunity.” to conduct transactions in dollars team,” he said,“and we are hungry.” Ⅲ

22 | Crain’s New York Business | June 18, 2012 20120618-NEWS--0023-NAT-CCI-CN_-- 6/15/2012 7:56 PM Page 1

Many other buildings have al- ready been scooped up. In January, Buyers queue up for apt. buildings real estate investment trust UDR Inc. and insurer MetLife together bought Columbus Square—paying $630 uncertainties, imagine what we That is why, after snatching up million for the 4-year-old,five-build- Prices per rental unit surpass 2007 peak would be seeing if those clouds 88 Leonard St., a 334-unit luxury ing complex on the Upper West Side the motive and the means to snap up cleared,”said Dan Fasulo,managing rental in TriBeCa, for $210 million with 710 units—from seller Chetrit BY AMANDA FUNG multifamily residential properties. director at Real Capital Analytics. last year, he says he hasn’t found any Group and Stellar Management. “The apartment building market The steep run-up in prices has more apartment buildings to buy. Even older buildings with rent- The Beatrice—a luxury apartment is very hot right now,”said Peter Von some people concerned. “There is With many buyers still in the mar- regulated apartments are flying off building atop the Eventi hotel on Der Ahe,a first vice president at bro- way too much money chasing few ket, however, sellers are having a the shelf. A 140-unit rental building Sixth Avenue and West 29th Street kerage Marcus & Millichap. “You assets,” said Peter Hauspurg, CEO field day, and many owners who between Central Park West and that boasts penthouse apartments have rent growth that doesn’t seem of Eastern Consolidated. have been sitting on the fence are Columbus Avenue at 21 W.86th St., fetching as much as $22,000 a to be going away anytime soon.” thinking about cashing in. built in 1927, is in contract less than month—will be getting a new own- Over the 12 months ended ‘It is pretty frothy’ Last month, Forest City Ratner three months after CBRE Group er. Equity Residential, a huge March 31,$5.2 billion worth of such He and others note that the high and partner National Real Estate Inc.began marketing it,according to Chicago-based real estate invest- properties sold, more than double prices make it difficult for would-be Advisors announced they were sources. In February, CBRE told ment trust, is in contract to buy the the amount over the same period a buyers to earn a decent return on weighing the sale of a minority inter- Crain’s that the building could fetch 301-unit Chelsea glass tower for year earlier, according to Real Cap- their investment, unless they start est in their Frank Gehry-designed, at least $90 million. nearly $250 million, sources said. ital Analytics. Although that sales banking on big rent increases for 899-unit luxury rental tower over- Rising rents are helping to stim- The seller is J.D. Carlisle Develop- volume is still far from the 2007 years to come. That is a bet many looking City Hall and the Brooklyn ulate buyers’ appetites. For a third ment Corp., which completed the peak, when $12 billion worth of buyers made in the boom years,with Bridge. It’s currently 79% leased, in- month in a row, average monthly building just two years ago. apartment building sales took place, disastrous consequences. cluding a penthouse renting for rents in Manhattan set a new record, When the deal closes, it will join prices have surpassed peak levels. “We have been looking, and it is $60,000 a month.There are 28 more hitting $3,438 in May, according to a lengthening list of big rental apart- During the first quarter, the average pretty frothy,”said David Schwartz, apartments on the highest floors that brokerage Citi Habitats. With a va- ment buildings that have recently price per unit worked out to co-founder of Waterton Associates, have not been marketed or built out. cancy rate of less than 1% and a traded hands. With rents in Man- $490,151—29% above the heights a Chicago real estate investment “It’s a rare trophy that will get big paucity of new rental buildings hattan setting records, and with va- reached in the first quarter of 2007. firm.“In the past 12 months, things money,” said Mr. Fasulo of the 76- scheduled to come to the market cancies and interest rates hovering “If values have come back this far have heated up as far as competition story tower, officially called New this year, Manhattan rents look like near historic lows, buyers have both this fast with current [economic] and supply and demand.” York by Gehry. they will continue to rise. Ⅲ

THE FIVE FAMILIES 2004,he’s managed to keep costs un- All hail King Cab usually low.He inked deals with Ford THESE NEW YORK-AREA FAMILIES have to buy thousands of stretch Crown the most ownership stakes in New Victorias for barely more than it cost Continued from Page 1 cabbies to lease their cars. The York City taxi medallions. A single the automaker to build them,accord- As president of the Metropolitan Bloomberg administration supports corporate taxi medallion is valued at ing to a source. He saves money Taxicab Board of Trade, an industry a 17% fare increase but only a $9 more than $1 million. An ownership through deals that let Shell and auto- group whose 35 member companies raise on leases. (A standard lease for stake represents at least 10% of a parts makers test their products in his operate about 40% of city cabs, Mr. a cabbie is capped at $129 for a medallion, and in most cases is taxis, which run 24 hours a day and Sherman works to keep power con- weekend night shift.) much greater than that. average 100,000 miles a year on some centrated among a collection of cor- The small lease increase does not of the roughest roads in the country. porate medallion owners that in- sit well with fleet owners.Sources said  THE WEINGARTENS 620 Every 12 hours, the cars return to dustry players routinely refer to as Mr. Sherman and his lobbyists at his blockwide garage in Long Island the “cabbie cartel.” Connelly McLaughlin & Woloz are  EVGENY FREIDMAN 232 City, Queens, for a shift change. He Mr. Sherman has fought off hoping to persuade a majority of the  THE YAKUELS 197 calls it “Ford country,” and on most threats to their clout for years, but nine taxi commissioners to oppose days it’s where he parks his Lincoln he’s in the midst of perhaps his any fare increase. (Mr. Sherman’s  THE SHERMANS 192 Navigator. Last week, drivers milled greatest challenge. Mayor Michael Metropolitan Taxicab Board ofTrade about smoking cigarettes as they Bloomberg, a free-market billion- and his company pay the lobbying  THE POPOVICS (cousins of the Weingartens) 147 waited to lease a taxi for the evening. aire who has clashed with the city’s firm a combined $12,000 a month.) Source: Taxi and Limousine Commission Many complained that they had to tip

tightly regulated taxi industry, per- Even when Mr.Sherman and the byrne,daniel buck ennis garage managers to get a car on a busy suaded the state Legislature to pass mayor have stood side by side, the night. (The practice is illegal but not a bill allowing livery cars in north- good will has been hard-bargained. have the clans that first got them.To- day, and because we’re so regulated, uncommon, as there are more than ern Manhattan and the outer bor- The two were together at last year’s day, five families have an ownership we are completely aboveboard.” three licensed cabdrivers per available oughs to pick up street hails. An in- announcement that Nissan would interest in 17.4% of the medallions That has not always been the vehicle. A sign in Mr. Sherman’s dustry veteran believes the mayor’s produce the Taxi of Tomorrow. Not owned by corporations, according to case. In 1987, Mr. Sherman, who garage reminds drivers they need not goal in part was to break the medal- a fan of Nissan, Mr. Sherman lifted city records reviewed by Crain’s. And declined to be interviewed for this tip to be assigned a car.)They moaned lion owners’ grip. “The mayor has his threat to sue only when the may- 22 individuals own a third of all cor- article, and his father were ensnared about the cost of gas. They worried never believed in the medallion sys- or agreed to approve the Ford Tran- porate medallions. in what federal and state authorities that any fare hike would be eaten by tem,” the insider said, citing past sit Connect as a city taxi.He has been The records show that the Wein- called an illegal scheme to net free higher lease payments to owners. comments by the mayor. a bulk buyer of Ford cabs for decades. garten family has the most.Fred and taxi medallions. Charges against But they came to Midtown Op- That has put Mr. Bloomberg in Victor Weingarten and their cousin Mr. Sherman were dropped, but his erating Corp. over other fleets for a frequent conflict with the city’s cab Medallion millionaires Jacob Popovic began as hacks before father, Donald, pleaded guilty in simple reason. “These are the best king. “Ron Sherman’s like a gnat “Ron Sherman feels he—not the buying loads of medallions in the 1989 and paid a $125,000 fine. taxis in the city,” said a cabbie with gnawing at the mayor,” said one taxi regulator—should be in the driver’s 1970s. They accumulated so many Some believe the case is one rea- the nickname “U.N.”(“Because I talk industry source. seat when it comes to making certain that they became known as the son Mr. Sherman has not been buy- to everybody,”he said).“The cars are Bit by bit, Mr. Sherman draws policy decisions,” said former TLC “Three Wise Men.” Around that ing many more medallions in recent clean;the suspension is always good.” blood.Last year,his lawsuit prevent- Commissioner Matthew Daus, now time,Mr.Sherman joined his father, years.After all,life is good.He owns Mr. Sherman refers to “my driv- ed the city from requiring all cabs to a partner at law firm Windels Marx. and together they expanded their a house valued at $1.5 million in ers” in TLC testimony, but his first be hybrids. Earlier this month, a “He’s been a persistent, respected holdings, building Midtown Oper- Tenafly, N.J., and a yacht that trav- loyalty is to his business. When the state Supreme Court judge—a for- adversary who can be very calculat- ating Corp. into one of the largest els the world. city changed a rule prohibiting fleet mer cabbie—sided with Mr. Sher- ing.He’s at the forefront of every ma- fleets in the city. But there may be another reason: owners from passing state sales tax man’s group, whose high-priced jor issue in the taxi industry and is a Today,the Weingarten family has Mr. Sherman doesn’t have to own on to cabbies,he sued and won.Now lawyers outclassed the city’s attor- very successful businessman.” ownership stakes in 620 medallions medallions to profit from them. He drivers must pay owners 4.5% tax on neys, and issued a temporary re- Like so many medallion million- and the Popovics in 147. Mr. Sher- is CEO of Creative Mobile Tech- the cars they rent. (Mr. Sherman’s straining order stopping the launch aires, Ronald Mark Sherman got man and his sister Debra Tiffenberg nologies,which has touchscreen TVs drivers grumbled about that, too.) of outer-borough livery cabs. It was started with the help of previous together own 192 through numer- in roughly half the city’s 13,237 cabs Industry representatives de- the latest in a string of legal victories generations. His grandfather, with ous limited-liability companies. and gets 5% of credit-card payments. scribe the lawsuits as a last resort, for the industry over the city. some high-school friends, bought “Ron Sherman bleeds yellow,” The card fees alone, after expenses, but because Mr.Bloomberg is one of Now Mr. Sherman wants the six medallions in the 1940s, shortly said Evgeny Freidman, whose 232 are worth tens of millions of dollars the few city politicians immune to Taxi and Limousine Commission to after the medallion system was put medallions are the most owned by annually. And even though he op- the industry’s influence, legal tactics increase fares—but only if fleet op- in place to tame streets teeming with any individual.“He understands the poses the borough cabs, he’s leaving may be employed to keep thorny is- erators like him can get a piece of the New Yorkers hoping to make a buck importance of the taxi industry to nothing to chance: His company is sues like borough cabs unresolved extra revenue by charging more for off a fare.They cost not much more New York City.” vying to put its TVs in those cars,too. until the next mayor takes office. than $10 apiece. Mr. Freidman, the son of a cab- Mr. Sherman’s savvy extends to “Mayors and taxi commission- LISTEN to a discussion at Since then, the number of medal- driver, added: “There’s no fat cats his fleet operations. Despite cabbies’ ers come and go,” Mr. Daus said. CrainsNewYork.com/podcasts lions has barely budged—and neither and no cash cows. I work 18 hours a lease rates having been frozen since “Ron is still here.” Ⅲ

June 18, 2012 | Crain’s New York Business | 23 20120618-NEWS--0024-NAT-CCI-CN_-- 6/15/2012 7:57 PM Page 1

Cardboard thieves steal profits

Continued from Page 1 prices soaring in the U.S., has fueled ed vans and box trucks, swiping Carters have so far swallowed the the surge in local cardboard crimes. bundles of cardboard left on curbs losses rather than raise rates on cus- Cardboard fetched as little as $40 a by restaurants and other businesses, tomers. Mr. Icantalupo said his ton just two years ago. In April, it according to city officials. Industry business now bleeds between $500 topped $120 and has continued to insiders speculate that a handful of and $600 a night on account of the hover above $100. theft rings have carved up the city’s paper pilferers, tearing a $150,000- “It’s an extremely valuable com- turf to avoid competing with one a-year hole in his revenues. City- modity right now,” said David another. wide, the industry took about a $10 Biderman, general counsel for the million hit last year,according to es- National Solid Waste Management Spotty enforcement timates by the National Solid Waste Association, based in Washington, Enforcement has been a persist- Management Association. D.C.“Carting companies often rely ent problem.The Business Integri- A red-hot market for recyclable on cardboard to break even or earn a ty Commission, which licenses and materials halfway around the world, small profit.” regulates the city’s 250 commercial buck ennis CASH CROP: When cardboard prices soared, thieves began snatching boxes from sidewalks where China’s appetite for paper, For thieves, cardboard is an easy carting companies, has a mere 15 before private carters or city crews like this one could arrive. Haulers’ revenues are suffering. plastic and scrap metal has sent score.They’ve hit the streets in rent- investigators canvassing the bor- oughs in search of illegal activity. The New York Police Department has bigger fish to fry.Cops with the Department of Sanitation are stretched thin busting crooks for looting residential recyclables that generate cash for the city and its contractor, Sims Municipal Recycling. “They have terrorism to deal with, murders to deal with. I get it,” said Ronald Bergamini, who esti- mates that his Action Carting is currently losing at least $25,000 a week from missing cardboard. “But if there were iPads on the street cor- ner being stolen, it would be a dif- ferent story.” Still,the city has taken steps to ad- dress the ongoing thefts,according to officials and industry executives.Last year, the Business Integrity Com- mission began keeping statistics on cardboard capers. In 2011, it logged 49 complaints, made 15 arrests and impounded 15 vehicles. But arrests can be a matter of luck. Commissioner Shari Hyman and staff members recently made a dramatic bust in lower Manhattan. En route to a meeting, Ms. Hyman noticed a white box truck in front of her vehicle stacked floor to ceil- ing with cardboard. She and her You expect an staff trailed the truck for several blocks before pulling it over. Ms. Hyman captured the scene with expert in capital photographs that she posted on Twitter. markets and also City Council action “Theft of recyclable materials, such as cardboard, is something in your market. that hurts both our licensed haulers and their customers,” she said. “With limited resources, we’ve That’s Key, where you get the best of both worlds. made a real dent in combating this We are KeyBank, the community bank you know with illegal activity.” local knowledge and expertise. Haulers, however, are hoping We are also KeyBanc Capital Markets Inc., a full for more. They’ve started lobbying service investment bank that in 2011 raised over City Council members to beef up penalties for those who boost recy- $125 billion in the capital markets, including debt, cled waste.The council has said it’s equity, and M&A advisory. drafting a bill to address the issue Together, we have the experience and the capabilities and plans to hold a hearing on June to help you succeed. We’re not just the expert you 26.But it remains unclear if the leg- deserve. We’re what you expect. islation will cover commercial waste in addition to residential waste, which is hauled by the city. To learn more, visit key.com/whatyouexpect. Letitia James, D-Brooklyn, who chairs the council’s Committee on Sanitation and Solid Waste Man- agement, did not return calls for comment. “This is a tough market,” said Mr. Bergamini. “And we’re losing a devastating amount of money.” Ⅲ LISTEN to a discussion at CrainsNewYork.com/podcasts

24 | Crain’s New York Business | June 18, 2012 20120618-NEWS--0025-NAT-CCI-CN_-- 6/15/2012 1:19 PM Page 1

40.2% Workers over 55 in 2010-2011, the highest level in 35 years USINESS IVES Source: Employee Benefit Research Institute BHOT JOBS L EXECUTIVE INBOX Anne Fisher ASSISTANT COMMISSIONER ORGANIZATION NYC Department of Finance In social JOB DESCRIPTION Oversee the media, small Center of Excellence for Payments and Receivables is beautiful MOST IMPORTANT TASKS INVESTORS IN FACEBOOK’S Provide payment services to IPO aren’t the only ones more than 30 city agencies, disappointed in the 800-pound lead research and create policy gorilla of social media sites. for collection services Gabriel Shaoolian, founder and CREDENTIALS NEEDED Master’s CEO of online branding and degree in economics, business, marketing firm Blue Fountain public administration or related Media, hears from lots of small- field; two years’ experience in financial management business owners that they’ve spent too much time and money SALARY $130,000-$150,000 on Facebook for too little return. RECRUITER Internal “For small businesses, huge DOWNSIDE Must navigate social media sites are a trap,” challenges presented by Mr. Shaoolian said recently. In guiding a new project and addition to working with big shaping new policy organizations, Blue Fountain UPSIDE Supervise a team Media—where revenues have tasked with a day-to-day focus skyrocketed 620% over the past on increasing and modernizing three years—advises small com- the city’s payment options panies. In a recent interview, Mr. The Department of Finance Shaoolian offered pointers on assists citizens in tax and how entrepreneurs can make revenue law compliance by PENCIL IT IN: Michael social media work for them. recording and maintaining Haberman’s nonprofit property records, providing has fostered 390 What’s wrong with promoting a business centers in each partnerships with local public schools. small business on Facebook? borough and posting up-to-date It’s fine—in fact, necessary—to information online. have a presence on Facebook. —EVA SAVIANO But you don’t want to make it the mainstay of your whole online

buck ennis strategy. For a small business, EXECUTIVE MOVES the scale doesn’t make sense. Staten Island Yankees: GOTHAM GIGS Jane Rogers, 56, was So what do you recommend promoted to entrepreneurs do instead? president. She was Think about who your target previously executive audience is and what they are vice president and interested in. You don’t need to continues as general Making His Mark go after gigantic numbers. This is manager. OpTier: Mark Thompson, 46, was about quality, not quantity. So promoted to chief executive at the The Pencil Throughout Michael Haberman’s career, mentors have helped him what works very well is to application- performance- management succeed. Now, as president of Pencil, a nonprofit dedicated to helping establish a strong presence on company. He was previously president. student achievement and public school improvement, he’s paying it niche social media sites. New York State Society of CPAs: chief helps If you want to reach the 61, was chosen as J. Michael Kirkland, forward. He oversees a program that pairs individuals and companies fashion design community, for president-elect of the accounting provide organization. He remains director at with local public schools to provide role models and needed example, you should be on a site Deutsche Bank. role resources. Since he started there in 2007, he has helped to foster 390 like Would You Rock This? There Style Coalition: Ted partnerships, and he hopes to move that number to 750 by 2016. ¶ are also social media sites for Nadeau, 47, has joined models for particular locations. Say you the online network as After graduating from the University of Wisconsin-Madison, Mr. have a bar or a restaurant in president and chief Haberman worked as a journalist on Long Island and in Manhattan. operating officer. He students Astoria. You’d want to participate was previously general He was also a member of former Mayor Rudy Giuliani’s re-election in an online network like Why manager at Elle campaign. His first brush with education came during a stint at Leave Astoria. Group Digital, Hearst Magazines. NYU’s department of community affairs. ¶ All those experiences Any other tips? Terra Capital Partners: Gregory Pinkus, prepared him for his current role, said the 41-year-old, who Building an online following 47, joined the real estate investment graduated from a public high school in Commack, L.I. “I’ve learned takes patience. ... This is a long management and finance company as chief financial officer. He was previously how to tell a story and communicate with people.” ¶ Mr. Haberman’s process. controller at W.P.Carey & Co. involvement in education doesn’t stop at work. Next month, he will GolinHarris: Ian Campbell, director of Read the full interview at digital. He was previously director of be sworn in to the school board in Briarcliff Manor, N.Y., where he http://mycrains.crainsnewyork.com/ See EXECUTIVE MOVES on Page 26 resides with his wife and two sons. —emily laermer blogs/executive-inbox/.

June 18, 2012 | Crain’s New York Business | 25 20120618-NEWS--0026-NAT-CCI-CN_-- 6/15/2012 1:00 PM Page 1

RÉSUMÉ REVIEW Sending cable a message Is your job search all it could be? We ask the experts. I started a company in late 1999 that from our side are threefold. One is Aereo’s streaming became the leading supplier of that the [broadcast] spectrum was NAME LAUREN M. BILASZ broadcast service viewership data from cable boxes. granted to broadcasters in the public PROFESSIONAL EXPERIENCE And the data [showed] that 30% of interest. All the consumer needs is an  Metro Terminals Corp., August 2011 upsets operators the households that had multichan- antenna.Consumers have sort of for- to present nel cable subscriptions pretty much gotten that, because the cable guys Associate counsel (temporary) watched just broadcast channels. have taught you, “Hey, it’s easier to Assist the general counsel in managing the legal affairs BY MATTHEW FLAMM The à la carte model would be bet- just call us.” The second is that con- of the energy company; prepare customer contracts, commercial leases, ter for consumers,but the [cable op- sumers have a right to private per- lease assignments, indemnification agreements and settlement ong Island City-based erators] weren’t going to get there. formances and have a right to their agreements; ensure compliance with corporate formalities; draft pleadings startup Aereo launched its own [DVR] recordings. And the and respond to discovery requests Aren’t you launching Aereo on the streaming TV service in mechanism by which you accomplish  New York City in backs of a relatively small audience? that could be remote-located, and Law Office of Thomas Torto, June 2010 to May 2011 LMarch—shortly after the major This is not intended for everybody. that’s perfectly legal. Law clerk broadcasters tried to stop it with But my bet is that consumers are go- Researched for and drafted appellate briefs; assembled records on appeal; lawsuits. Founder and CEO Chet ing to want to [watch television] on Right now you have 28 broadcast drafted motions for leave to appeal to NY Court of Appeals and memoranda Kanojia, backed by Barry Diller’s the Internet, and the Internet channels on the service. Can you of law in support; drafted pretrial pleadings, motions, discovery demands; IAC, won the first round in May model is a single-cast, “pull” see adding cable channels? filed papers at various courthouses; attended appellate oral arguments, when a judge model. So selling somebody a An à la carte [model] is the court appearances, preliminary and settlement conferences tossed out a bundle of 500 channels just ambition. Think of it as an EDUCATION claim of un- doesn’t make any sense. And app store. What I don’t  Benjamin N. Cardozo School of Law, J.D., May 2011 fair competi- frankly there’s a lot of anger want to do is re-create the  MOVERS & tion. Now toward this monopolis- cable-packaging model.The College of Arts and Sciences at New York University, B.A., politics, SHAKERS Aereo is fight- tic, shove-every- whole point of starting this minor in prebusiness, January 2008 ing copyright thing-down- was because I was sick Résumé appears in condensed form. Chet infringement your-throat of having to buy [a EXPERT ADVICE charges. In mentality. television package] Lauren has a great entry-level legal résumé. It is filled with impressive Kanojia the mean- only one way. Cable internships, strong academic performance, and solid post- and prelaw time, with the school experience. But it is unclear what direction she is pursuing— help of the operators pay If you lose in court, is in-house or law firm—and the areas of the law that are most interesting and service’s tiny remote antennas, New millions of there a plan B? Yorkers can watch local broadcast dollars to I go one step at a desirable. The résumé feels like an inventory without a unique point of stations on iPhones and iPads for broadcasters time. Entrepreneurs view. A summary at the top of the résumé would help the reader piece $12 a month. Subscribers can also to carry those who succeed have a together Lauren’s assignments into a single focused message. It would record up to 40 hours of program- local stations. core basis in their being also be helpful to know why her current position is temporary. Lawyers ming on a cloud-based DVR. What right do you about what they want to appreciate transparency. have to carry accomplish. I believe if —roy cohen, career counselor and executive coach What led you to invent Aereo—and them without you have a product that To contact this candidate, email [email protected]. potentially disrupt the cable-television paying? the consumer likes, there universe? The arguments will be a way. Ⅲ

EXECUTIVE MOVES MWBE Partners. the Kimpton property as hotel manager. LeBoeuf. Dewey & LeBoeuf. The Community He was previously hotel manager at Gerald Francese, 50, joined as a partner in Hearst Magazines International: Gina Preservation Corp.: Kimpton’s Hotel Marlowe. the corporate and finance practice. He Garrubbo, 51, joined as senior vice Continued from Page 25 Miriam Kulnis, 54, City Harvest: Raul Barrios, 54, joined the was previously counsel at Dewey & president, Hearst Global Women’s creative at the National Football League. joined the not-for- food-rescue organization as manager of LeBoeuf. Digital Advertising Network. She was Lung Cancer Research Foundation: profit mortgage food retail. He was previously Alexander Fraser, 52, joined as a partner previously executive vice president at Courtney de Balmann, 34, joined as lender as chief risk supermarket makeover specialist at the in the corporate and finance practice. He BlogHer. executive director. She was previously officer. She was city Department of Health and was previously a partner at Dewey & Aon Risk Solutions: director of development at University of previously executive Mental Hygiene’s healthy supermarkets LeBoeuf. Patrick Hickey, 50, California San Francisco Medical director in the special program. Jeffrey Rotenberg, 36, was promoted to joined the risk Center. credits group at JPMorgan Chase Bank. KPMG: Vinay Kapoor, 47, joined the audit, partner in the litigation practice. He was management services Ogilvy & Mather: Jonathan Sackett, 42, MEC: Jack Bamberger, 48, joined the tax and advisory firm as principal in the previously senior associate. firm as executive vice joined the marketing communications media agency as president of digital. He economic and valuation services practice. Pryor Cashman: Dennis Sughrue, 46, president and Metro company as senior partner and managing was previously chief consumer He was previously a managing director at joined the law firm as a partner in the real New York health care director of content strategy. He was engagement officer at Dentsu America. Duff & Phelps. estate group. He was previously a partner industry practice previously chief digital officer at DDB Susan Claxton, 43, joined as senior Sian Rayson, 35, joined as principal in the in the real estate practice at Herrick leader. He was Chicago. partner, content integration, of MEC federal tax practice for the accounting Feinstein. previously executive vice president at AKA: Doug Dator, 40, joined the Entertainment. She was previously methods and credit services team. She Nielsen: Crystal Willis of New York Inc. hospitality company as director of senior director of brand engagement for was previously head of quantitative Barnes, 29, was Sesame Workshop: Erica Branch-Ridley, corporate sales. He was previously Scratch. services at Ernst & Young. promoted to vice 46, was promoted to vice president and corporate sales manager at Furnished Erin Harvey, 37, joined as senior partner Richard Ruffing, 44, joined as managing president of industry executive in charge of production for Quarters. and senior director. She was previously director, tax, in the tax transformation relations. She was Sesame Learning. She was previously Con Edison: Michael Jones-Bey, 50, joined vice president and communications and outsourcing services practice. He was previously director of assistant vice president and supervising as director of the supplier-diversity director at MediaVest. previously senior manager at Ernst & industry relations. producer of The Electric Company program. He was previously president of Eventi Hotel NYC: Julian Miller, 31, joined Young. Wilson Elser: Kenneth Digital. Mayer Brown: Barbara Goodstein, 61, R. Reiser, 59, joined Gisela Abrams, 39, was promoted to joined the law firm as a partner in the the law firm as partner. He was previously assistant vice president of international banking and finance practice. She was a partner at Bartlett McDonough & licensing. She was previously CORPORATE LADDER previously a partner at Dewey & Monaghan. international licensing manager. LeBoeuf. Fried Frank Harris Shriver & Jacobson: Marie-Cecile Girard-Jones, 39, was HOUSING FINANCIER Sullivan & Worcester: Daniel C. Glazer, 38, joined the law firm promoted to assistant vice president of Gerry Silver, 46, as a corporate partner resident in the international licensing. She was SADIE MCKEOWN, 48, has been named chief operating officer joined the law firm as New York office. He was previously a previously international licensing of the Community Preservation Corp. Previously senior vice a partner. He was partner and a leader of the intellectual manager. president and director of the affordable-housing nonprofit’s previously a partner at property transactions group at Patterson Kerri Katz, 31, was promoted to director Hudson Valley region, Ms. McKeown in her new role will oversee all lending Chadbourne & Parke. Belknap Webb & Tyler. of licensing, strategic partner relations. activities and business operations, and CPC’s green financing DLA Piper: John Ernst & Young: Mark Besca, 52, was She was previously manager of licensing. Altorelli, 54, joined the promoted to office managing partner. He —eva saviano initiative. She will continue to manage the lending process from underwriting law firm as a partner was previously a partner. and construction supervision to conversion to permanent financing. in the corporate and finance practice. He Wilmer Cutler Pickering Hale and Dorr: EXECUTIVE PROMOTIONS The Fordham and Cornell graduate started her career at CPC as a was previously a partner at Dewey & James H. Carter, 68, joined the law firm as The fastest way to get an announcement into mortgage originator. Prior to that, she was assistant vice president at LeBoeuf. senior counsel in the international Crain’s is to submit online. Fill out the form Integrated Resources. Patrick Costello, 35, joined as a partner in arbitration group. He was previously co- at www.crainsnewyork.com/section/ —EVA SAVIANO the corporate and finance practice. He chair of the international arbitration and executive_moves. The Executive Moves column was previously counsel at Dewey & cross-border dispute resolution group at is also available online.

26 | Crain’s New York Business | June 18, 2012 20120618-NEWS--0027-NAT-CCI-CN_-- 6/15/2012 1:01 PM Page 1 chemex / INSATIABLE CRITIC workshop takes place from 7:30 a.m. to flickr.com Gael Greene 5 p.m. at the Hilton New York, 1335 THE Sixth Ave. Tickets are $50. To get more information or to register, call (510) 628-0345. WEEK NETWORKING RECEPTIONS TUESDAY, JUNE 26 Calliope plays Join Networking for Professionals for AHEAD SHAKERS AND STIRRERS NYC, for an evening of mingling. The organizers newscom JUNE 25-JULY 1 will email participants a list of the a French tune confirmed attendees to help them WHAT HE’S follow up with new contacts. The event CONFERENCES will take place at O’Brien’s Irish Pub READING Laid-back East Village AND SEMINARS and Restaurant, 134 W. 46th St., from 6 WEDNESDAY, JUNE 27 p.m. to 8 p.m. Preordered tickets are FORMER MAYOR David Dinkins bistro features Hodgson Russ presents NEW YORK $10 for members and $15 for keeps his schedule full with work SUMMER TAX SEMINAR SERIES: STATE AND nonmembers. At the door, all tickets on charitable boards, a professor- farmhouse fare CITY TAXATION OF FLOW-THROUGH will cost $20. Tickets include ship at Columbia and a Saturday- ENTITIES, a seminar for CPAs, CFOs, complimentary snacks. To purchase morning talk show on WLIB-AM. ric Korsh and his wife, corporate counsels and other financial tickets or to get more information, visit Recently he’s been reading My professionals to get up to date on state http://www.networkingforprofessionals Ginevra Iverson, had Song, a memoir by Harry been talking about an- and federal tax issues from industry .com/eventlistings.php?event=SSNY. experts. Two CPE credits are given to Belafonte that isn’t just about other place of their own attendees. The workshop takes place CULTURAL EVENT his life as an entertainer. “I since their Restaurant from 8:30 a.m. to 10:15 a.m., with FRIDAY, JUNE 29 Pick have the good fortune of having Eloise in Sebastopol, Calif., didn’t E buck ennis registration and continental breakfast Join FRIENDS OF THE of the known him for a long time,” Mr. quite work out. It would be French, EXUBERANT: Mascarpone agnolotti beginning at 8 a.m. at the Harvard FILIPINO INDEPENDENT FILM week Dinkins said. “The first couple of Club, 35 W. 44th St. Tickets are $55. INDUSTRY mostly serious farmhouse French, for a screening of chapters, he talks about his trip but fun and laid-back. And it is. Online registration is available at Busong (Palawan Fate). The to Mississippi [during Freedom Indeed, Calliope in the ever-so- CALLIOPE www.hodgsonruss.com/Home/ award-winning movie was named one of slightly dressed-up space that was 84 E. Fourth St. News_Seminars. For more information, the 10 most notable Asian films of 2011 Summer, 1964], arriving in the Belcourt is almost too laid-back (212) 260-8484 call (212) 751-4300 or email by The Wall Street Journal. It focuses on dead of night, Klu Kluxers out [email protected]. the concept of fate, or instant karma, and tonight. Chunky candles are burned www.calliopenyc.com there with guns and torches. And explores the effects of people’s disrespect how he got Sidney Poitier to go low on the deserted communal table, WEDNESDAY, JUNE 27 toward nature and their fellow humans. with him, and Sidney said, ‘Harry, and the place is nearly empty on its The Overseas Private Investment Corp. The screening will take place at the eighth night. Our threesome doesn’t CUISINE Farmhouse European presents OPIC EXPANDING HORIZONS Quad Cinema, 34 W. 13th St., at 1:30 don’t call me anymore!’ ” The first—and only—African- mind. We’re sipping $12 classic PRICE RANGE Entrées $17-$35 2012, a workshop for small businesses p.m. Tickets are $11. For more cocktails—Negronis and a Manhat- entering international markets. OPIC information or to buy tickets, visit American mayor in New York City tan—taking bites of spring radish SERVING Dinner, weekend staff will be available at the event to www.quadcinema history, Mr. Dinkins is also at from a basket with buttery toasted brunch discuss such topics as political risk .com/proddir/prod/124/1301?Redirect work on a memoir. “It’s not just insurance, small and medium enterprise URL=/proddir/archive/480//rating/0/50/ political,” he said. “It’s from when bread alongside. RESERVATIONS Doesn’t hurt finance and support for renewable type=Feature or call (212) 255-2243. It’s deliberately a very small menu energy and clean technologies. The —eva saviano I was a little boy. The working title to open, but larded with charcuterie, NOISE LEVEL Modest early on is Gorgeous Mosaic.” not typical East Village fare. Gleam- I can’t wait to return. To view Crain’s classified events listings, go to www.crainsnewyork.com/events —MATTHEW FLAMM ing thin slices of tête de porc scat- I will definitely go back. tered with circlets of onion and pars- ley have us in their thrall. Bits of I’ll let them simmer awhile. pickle play an acid note. Beef tongue NO HATS Never again. is thin-sliced, too, tender and bland with a sharp onion sweetness. I use a furl to wipe up a big dab of sauce seems pale and bland.The whole fish Which New York gribiche:chopped herbs and pickle in of the evening—a tiny turbot replac- a faintly mustardy, vinegary mayo- ing the fluke listed on the menu— like emulsion.Sauce gribiche? When comes paved with a lawn of parsley was the last time you saw that classic and herbs.The waiter carries it back Businesses Are Defining on a menu that isn’t Daniel Boulud’s? for the chef to debone,and I’m afraid Makes me wish the evening’s special it’s too cooked for my taste. pork-and-rabbit terrine wasn’t quite But the roast chicken breast is the Word Success? so firm and tight. amazingly moist, even for a dark- Charcuterie is Korsh’s depart- meat lover like me. The menu ment. Pastry and pastas are Iverson’s. doesn’t boast, but it’s an Amish air- The perfect pâte brisée of the chilled bird because the chef-owners On June 25th, Crain’s New York Business will announce the 50 Provençal tomato tart—swathed are hung up on product perfection. with the tang of cooked-down onions The slow-cooked leg has disappeared fastest growing New York companies in our new “Fast 50” print and and jeweled with oil-cured olives and into the accompanying stuffed cab- a hit of lemon zest under a toss of bage along with celery root and car- online feature. mâche—is all the advertisement the rots steamed in a parsley broth.Trian- two have had time for in the intense gles of carrot on the plate are cooked countdown to opening. No friends through.That’s French, too. New York is the city that never sleeps and neither do the businesses and family. No media preview. No And don’t overlook the gratins: a that call it home. Innovation constantly occurs as new industries, press release. Suddenly the door was new menu category for me. Nutty, simply opened. crusty, buttery potato and Swiss such as digital media, emerge and established companies devise They wanted Belcourt as soon as chard gratin arrives in a cast-iron new growth strategies. they knew it was for sale. It had been terrine.Of course,we’ll take the left- mostly French, too, and, as Korsh overs home for breakfast. notes, “it had good bones and it Rhubarb-and-strawberry gratin To find out which businesses made the cut, pick up a copy of the didn’t need much work.” As soon as is rich and wonderfully custardy, but they got approval for a liquor license, it makes me long for a taste of pure June 25th issue, or visit crainsnewyork.com/fast50. the lawyer negotiated the deal and rhubarb. The rustic apple tart could Korsh was on his knees scrubbing have more apple flavor, too. And the the floor. Both parents stepped in to baba au rhum fan at our table likes a take care of their kids.The accents of boozier baba—though this one is new paint are French Laundry blue. clearly just out of the oven. Perhaps Given the exuberance and flavor Diplomático Rum should count For advertising opportunities, please contact Trish Henry at (212) 210-0711 punch of Iverson’s mascarpone ag- extra. or [email protected]. nolotti in a lush stew of sweet and sour braised lamb, her properly Copyright © 2012 by Gael Greene. lumpy Swiss chard ricotta malfatti Syndicated by www.insatiable-critic.com.

June 18, 2012 | Crain’s New York Business | 27 CN015169.qxp 5/15/2012 4:20 PM Page 1