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Stealing Paper Profits Citigroup Chases Midsize NYC 20120618-NEWS--0001-NAT-CCI-CN_-- 6/15/2012 7:53 PM Page 1 INSIDE Where FORTUNATE 100 Jamie Wall St.’s Dimon unsung was right $35 million ® Greg David chief exec Page 11 PAGE 13 Perks on VOL. XXVIII, NO. 25 WWW.CRAINSNEWYORK.COM JUNE 18-24, 2012 PRICE: $3.00 parade: Why CBS’ Les Moonves got a Citigroup $500,000 screening room chases PAGE 13 midsize Big investors are going bonkers NYC biz for apartment buildings Bank’s growth seen PAGE 23 in local companies Why won’t the with revenues NYPD give up beneath $500M world’s priciest parking lot? BY AARON ELSTEIN THE INSIDER, PAGE 8 Citigroup Inc., which describes it- self as “the world’s most global SHERMAN’S TANKS: bank,” is now thinking locally. The city’s cab king, The $2 trillion-in-assets colos- with ownership stakes sus is making a major push to serve in nearly 200 taxi medallions, “bleeds more small and midsize companies yellow,” one industry after devoting most of its energy colleague said. over the decades to building itself into a worldwide bank to serve worldwide corporations. Under- scoring its new direction, the bank last week put two veteran bankers in charge of building relationships with New York businesses that have less than $500 million in rev- BUSINESS LIVES enue—a number once deemed too small to pop up on Citi’s radar. GOTHAM GIGS “We want to take New York Pencil exec makes his See CITIGROUP on Page 22 mark P. 25 ● ANNE FISHER For small firms, Facebook is just too big P. 25 ● Stealing MOVERS & SHAKERS daniel byrne daniel Aereo CEO sends cable TV a message P. 26 paper ● GAEL GREENE Calliope plays a French tune P. 27 ALL HAIL KING CAB profits INDEX Rash of cardboard NEW YORK, NEW YORK _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _6 Ron Sherman and his pals control 40% of NY’s thefts cuts holes in NEIGHBORHOOD JOURNAL _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _9 carters’ pockets VIEWPOINT _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _10 taxis. And he’s driving the mayor up the wall REAL ESTATE DEALS PLUS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _12 lions—the piece of aluminum attached to a cab that BY SHANE DIXON KAVANAUGH SMALL BUSINESS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _17 BY JEREMY SMERD gives its owner the exclusive right to pick up street CLASSIFIEDS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _18 hails.Valued at more than $1 million each, the medal- Forget about manhole covers. A FOR THE RECORD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _21 You don’t know Ron Sherman, but you’ve probably lions are just a portion of Mr. Sherman’s business em- new crime wave is sweeping over THE WEEK ON THE WEB _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _22 ridden in one of his yellow cabs. Chances are you’ve pire and only hint at his outsize influence in the high- city streets, and it’s costing the HOT JOBS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _25 used his credit-card machines to pay for rides, too. ly insular and powerful taxi industry. commercial carting industry mil- The 52-year-old owns nearly 200 taxi medal- See ALL HAIL on Page 23 lions of dollars: Thieves are mak- ing off with bundles of corrugated cardboard left at curbside for NEXT WEEK garbage pickup. “It’s like someone coming into FAST COMPANIES your candy store and stealing all your Crain’s profiles 50 of the area’s bubble gum,” said Dominick Ican- talupo, vice president of Chelsea fastest-growing private firms Sanitation Service. “It’s terrible.” NEWSPAPER 50 See CARDBOARD on Page 24 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.
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