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TOP STORIES BUSINESS LIVES Volunteer Credit crisis forces execs find NYC’s largest hotel a new way builder to retrench togiveback PAGE 2 ® PAGE 35 ‘For sale’ sign goes up on 7 VOL. XXIV, NO. 14 WWW.CRAINSNEWYORK.COM APRIL 7-13, 2008 PRICE: $3.00 Macklowe buildings FILM FESTIVAL PAGE 3 Big bankers Bad economy In search is slowing venture capital flow chase small PAGE 3 of a hit Must-see movie Tribeca revamps to focus on being M&A deals that’s hard buyer-friendly, finding a breakout to sit through VALERIE BLOCK, PAGE 13 BY MIRIAM KREININ SOUCCAR Even midsize pool is crowded as the tribeca film festival is desperately seeking a hit. megamergers REAL The popular event, which actor Robert De Niro launched after Sept. 11 to help revitalize lower Manhattan, become memories ESTATE has drawn A-list celebrities to its glamorous opening nights REPORT and attracted thousands of moviegoers. A few of its entries BY AARON ELSTEIN have gone on to win Oscars, including Transamerica, starring Construction Felicity Huffman. in the cohen family’s 80 years costs slowing Even so, the seven-year-old event hasn’t managed to in the eyewear business, about the make a name for itself as a competitive marketplace on the closest it ever came to Wall Street Ballfields in was the Lower East Side, where film festival circuit, whereas bidding wars at Sundance and Jack Cohen started out, selling short supply See TRIBECA on Page 10 spectacles from a pushcart. lindström bekka Q&A: job safety But that RECESSION changed last and First Data—thought it could Ranking of largest fall, when find a buyer for the company if Mr. architecture firms WATCH Robert Co- Cohen was interested in selling. hen, president “I was surprised to hear from Ranking of top of Cohen’s Fashion Optical Inc., Deutsche Bank,” Mr. Cohen says. property-sales firms got a call from someone at “Normally, I think they look for Deutsche Bank’s U.S. arm. The much larger clients.” PAGE 21 Frankfurt-based giant—best known How the mighty have fallen. for financing such multibillion- Nine months after the credit dollar buyouts as Hilton Hotels See BIGBANKERS on Page 8 AT DEADLINE DESPITE FEARS THAT THE THREE-MONTH STRIKE BY THE Traffic plan pared Writers Guild of America would permanently hurt the city’s film industry, New York in effort to save it is having a robust spring pilot season. Seven television pilots are filming at studios in the was changed by the Spitzer admin- city—five of them at Silvercup Fees would pay for istration so that the revenues it Studios.The shows include small improvements; generated would pay for a $4.5 bil- Nurse Jackie, an Edie Falco lion bond issue. But many legisla- comedy for Showtime, and back to a pilot tors want the option of canceling Exit 19, a detective drama the plan after three or five years. starring Geena Davis for CBS. As a result, driving fees would Last year, a record 11 pilots BY ERIK ENGQUIST pay for smaller, politically popular were filmed in New York. REEL TIME: enhancements such as new express New co-executive last-ditch efforts to save con- buses for underserved areas and THELADDERS.COM, A directors Nancy gestion pricing focus on making it subway service improvements, not MANHATTAN-BASED CAREER Schafer (left) and a temporary measure that would multibillion-dollar projects such as Paola Freccero lead site for jobs paying $100,000- the team making fund short-term transit improve- a new tunnel connecting the Long plus, has seen an increase of at changes at the ments rather than major projects Island Rail Road to Grand Central least 40% in traffic and new seven-year-old like the Second Avenue subway. Terminal. Congestion pricing is See AT DEADLINE on Page 2 festival. The Legislature must approve expected to generate close to $500

buck ennis the plan—which would charge million annually for mass transit. drivers to enter Manhattan’s cen- “I think it’s become clear that this

14 NEXT WEEK CRAIN’S tral business district between 6 has to be enacted as a pilot so that 5 a.m. and 6 p.m. weekdays—by people know that if it doesn’t work, SMALL BUSINESS Monday or the city will lose $354.5 it will sunset,” says plan proponent REPORT: CHRONICLE million in federal aid. Kathryn Wylde, president of the ELECTRONIC EDITION Initially proposed a year ago by Partnership for New York City. OF A SPEEDY SUCCESS Mayor Michael Bloomberg as a Gov. David Paterson, who suc-

NEWSPAPER three-year experiment, the plan See CONGESTION on Page 8 71486 01068 0 CNYB 04-07-08 A 2 4/4/2008 7:57 PM Page 1

AT DEADLINE Continued from Page 1 money would help pay for the Credit crunch slows membership from its 10-week new hospital.The Rudins would national-TV-ad campaign, replace the old buildings with an which concluded Sunday.The apartment building and campaign, created by ad agency townhouses.The plan has Fallon Minneapolis, is set to generated community hotelier’s juggernaut resume in a few weeks on opposition. national cable networks.The company has spent more than $1 million on the campaign so far. Sam Chang scrambles to finish projects in pipeline LOCAL COLLEGES AND UNIVERSITIES SAY THEIR BY LISA FICKENSCHER students aren’t feeling the sting PLAYING DEFENSE: Mr. of the credit crunch on college new york city’s largest yet least-known hotel Chang has 25 properties loans yet, but they are taking developer is hitting the brakes. under construction and steps to prevent problems. WITH A TOTAL OF EIGHT NEW Sam Chang—who has built or is building so another 15 on the drawing Columbia University, for FLIGHTS, AIR TRAVEL CAPACITY board, all in New York City. example, recently expanded to Europe from JFK and many hotels that he has to grab a scrap of paper financial aid for lower- and Newark airports will increase to calculate the exact number when a reporter middle-income undergraduates only about 6% this summer asks—suddenly finds his financial lifelines by replacing loans with grants. compared with last year, City University of New York is according to a report recently fraying.The Wall Street bankers advising families to apply for released by industry watcher who sent his hotel empire into direct federal, state and college- Airline/Aircraft Projects Inc. overdrive five years ago on a funded sources of financial aid Prices for economy seats are rich diet of loans are pulling before seeking out more expected to increase at about the expensive private loans. same rate. Only three of the back. CUNY’s financial aid directors eight new flights out of the New “The tightening credit say that while private education York area are a direct result of market is slowing me down,” loans may become scarcer, their the Open Skies Treaty, which Mr. Chang says. “Right now, students will have plenty of was supposed to ease travel access to loans funded or restrictions over the North we are playing defense, guaranteed directly by the Atlantic and lower prices. trying to finish what we federal government. Also, have in the pipeline.” CUNY participates in a direct RELIGION IS THE BIGGEST loan program that has not been GROWTH AREA FOR CATALOGS, Even that is an scaled back because of the according to Oxbridge enormous task. Mr. financial crisis. Communications, which has Chang’s McSam Hotel just published the 2008 edition Group will build as much as THE LANDMARKS of the National Directory of PRESERVATION COMMISSION Catalogs. Between 2004 and 40% of the 10,000 rooms will question executives from St. 2008, the number of religious expected to be added to the Vincent’s Hospital Manhattan catalogs grew 61%, to 329.The city’s inventory over the next and the Rudin family on April category with the biggest three years, according to PKF 15 about their controversial plan decline was manufacturing, to build a new hospital and which fell 48%, to 244 catalogs. Consulting, which tracks hotel apartment tower in Greenwich Books remained the biggest statistics. McSam owns 25 Village.The proposal calls for subject area of all, with 1,156 properties, seven of them in New St. Vincent’s to sell seven catalogs in 2008, an increase of buildings to the Rudins.The 8% over the number in 2004. York; it has another 25 hotels under construction and 15 more in the pipeline—all of them in the city. Compounding the credit crunch, larry ford THIS WEEK IN CRAIN’S Mr. Chang faces more competition and mounting worries about a VALERIE BLOCK ------13 37 See HOTELIER on Page 9 THE INSIDER------14

WEEK IN REVIEW ------16

SMALL BUSINESS ------19 REPORT: Crime spike brings worry REAL ESTATE ------21 beries rose 4.5%, according to the 1990s, says the NYPD may be REAL ESTATE DEALS------30 Robbery, homicides NYPD statistics. having trouble keeping up with re- NEIGHBORHOOD up from last year; “A low crime rate is one of the cent success. “Last year was a very most important attractions to good year,” he says. “It’s going to be 39 JOURNAL------31 impact on city’s business and visitors and people hard to match those statistics.” living in the city,” says Kathryn The sharpest rise in overall CLASSIFIEDS ------32 economy at issue Wylde, president of the Partner- crime, 25.6%, was in Staten Island. BUSINESS LIVES------35 ship for New York City. “Clearly, Criminologists say economic BY DANIEL MASSEY we cannot afford to ignore a warn- downturns don’t necessarily cause CORPORATE LADDER------37 ing signal.” increases in crime, although neigh- EXECUTIVE MOVES------38 first came the mortgage crisis. borhoods hit by foreclosures, where Then the announcements of Wall Too soon to tell houses are boarded up and lawns are THE WEEKS AHEAD ------38 Street layoffs. Now, in what could experts caution that three choked with weeds, could attract BOB LAPE ------39 be another blow to the city’s econo- months is too short a time to draw criminal activity. my,comes a report that major crime conclusions about what caused the But many are concerned that a vol. xxiv, no. 14, april 7, 2008—Crain’s New York Business (issn 8756-789x) is published weekly by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals skyrocketed in the first quarter of spike or whether crime will keep prolonged crime wave could dam- postage paid at New York, N.Y. and additional mailing offices. Postmaster: Send address this year. rising. age the city’s real estate and tourism changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a Murders jumped 24.7% com- Andrew Karmen, a criminolo- industries, further weakening a tee- copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents pared with the same period in 2007, gist at John Jay College and the au- tering economy. copyright 2008 by Crain Communications Inc. All rights reserved. to 111 from 89. thor of New York Murder Mystery, Rapes were up 13.8%, and rob- which examines the “crime crash” of COMMENTS? [email protected]

2 | Crain’s New York Business | April 7, 2008 CNYB 04-07-08 A 3 4/4/2008 8:00 PM Page 1 Harry’s other sale 2 firms All eyes are on GM, of Deutsche Bank-led lenders, recruit which is selling them to recoup the THE FLIP SIDE $5.8 billion loan made to the devel- but Macklowe’s The NYC buildings purchased by Harry 825 EIGHTH AVE. oper. Clearly, one of those lenders, Macklowe in 2007 that are now on the market: EOP buildings Vornado Realty Trust, doesn’t be- (Worldwide Plaza) at Bear lieve that the buildings will gener- 1.7 million sq. ft. will set the market 1301 SIXTH AVE. 47 stories ate that much money. In the fourth 1.8 million sq. ft. quarter, it wrote down $57 million 45 stories Preparing offers BY THERESA AGOVINO of its $66 million of risky debt on the Macklowe properties. for bankers, analysts; real estate insiders have been buzzing for weeks about how much Sales volume down 1540 BROADWAY layoffs within weeks Harry Macklowe will realize on the the company has good reason for 1.2 million sq. ft. sale of the General Motors Building, concern. In the first quarter of this 44 stories BY AARON ELSTEIN hoping that the deal will give them year, the number of sales of New insight into how the Manhattan of- York office buildings fell 59% from 850 THIRD AVE. with résumés flying out of Bear fice market is weathering the credit year-earlier levels, to 22, according 569,000 sq. ft. Stearns Cos. at a furious pace, a crisis and the economic slowdown. to RCA; the amount of space sold 21 stories few small brokerage houses are Now the seven midtown office plunged 87%, to 2.9 million square gearing up to take their pick of the buildings that Mr. Macklowe feet. The average sale price, $716 litter. bought last year for $7 billion—us- per square foot, was up modestly Jefferies Group Inc. and Stifel ing the GM tower as collateral— versus a year earlier but far from the 65 E. 55TH ST. Nicolaus are looking to hire Bear in- are being put up for sale, and they peak of $839 reached in the third (Park Avenue Tower) vestment bankers and research ana- should provide an even better per- quarter of 2007. 568,000 sq. ft. lysts, according to a recruiter. spective on office building values. Back in February 2007, when 36 stories Though relatively small, both firms While iconic towers like the GM Mr. Macklowe bought the seven have been growing quickly and Building sell for premium prices buildings, financing was cheap. should be able to hire Bear employ- that are often driven higher by buy- Midtown commercial rents had re- ees at bargain rates, since the hiring ers’ desire to own well-known tro- cently jumped 25%, according to climate on Wall Street is the bleak- phies, the purchase price of these CB Richard Ellis Inc., with all in- est in years. seven properties will be determined dications pointing to further 527 MADISON AVE. 215,000 sq. ft. Fast-growing Jefferies by market fundamentals. healthy increases. 26 stories “Everyone has been holding Now, thousands of workers are over the last five years,Jefferies back [on selling] assets, because being laid off from Wall Street has tripled its revenue, to $2.7 bil- they want to see what these build- firms, sublease space is creeping lion in 2007.The Manhattan-based ings will get,” says Dan Fasulo, onto the market and brokers predict firm is like Bear in that it specializes managing director of Real Capital that rents this year will be flat at 126 E. 56TH ST. in trading and has a relatively small Analytics, which tracks real estate best, and may be down as much as (Tower 56) investment banking business. Jef- transactions. “They’ll create a new 15%. 164,000 sq. ft. feries has grown by picking off baseline for office building sales.” “Buyers have to make much 33 stories. bankers from other Wall Street

Experts agree that the properties more conservative assumptions of buck ennis firms that met are all attractive and that the slump- rent increases,” says Andrew their demise, in- ing dollar will make them especially Singer, chairman of The Singer & from commercial banks, pension Mr. Macklowe’s spokesman de- cluding Drexel $2.7B alluring to foreign buyers. Still, the Bassuk Organization, a real estate funds or foreign sources. clined to comment, and Mr. Zuck- Burnham Lam- JEFFERIES deteriorating economy, New York’s financing firm. erman didn’t return a call. bert and Robert- weakening office rental market and Buyers are also facing far more GM Building negotiations Last week, Cushman & Wake- son Stephens. the credit crunch will make selling stringent lending conditions. the dearth of financing also has field started marketing two of the “Jefferies’ suc- the buildings a challenge. Some ex- Mr. Macklowe put down $50 made it difficult for Mr. Macklowe seven buildings: 850 Third Ave. cess comes in part $793M pect that current conditions will million to buy the seven buildings— to sell the GM Building—especial- and 65 E. 55th St. Eastdil Secured from taking the STIFEL push the buildings’ value 10% to less than 1% of the purchase price. ly since the initial asking price was began promoting 1301 Sixth Ave. best people after 15% below the price for which Mr. Now lenders are demanding that more than $3 billion. Two sources last week and is expected to start their employers Macklowe bought the properties, buyers put down as much as 40% of say Boston Properties Chairman marketing the rest of the properties collapse,” says Richard Lipstein, a known as the EOP portfolio. the purchase price, and far fewer in- Mortimer Zuckerman is negotiat- shortly. managing director at Boyden Glob- Mr. Macklowe was forced to re- stitutions are lending money at all. ing with Mr. Macklowe, with one al Search. turn the seven buildings to a group Loans for these sales will likely come putting the price tag at $2.8 billion. COMMENTS? [email protected] Stifel’s parent, St. Louis-based Stifel Financial Corp., bought New Jersey-based broker Ryan Beck & Co. last year. In 2005, it ac- looks like a recession. quired Legg Mason’s capital mar- “We are being more careful,” kets business, a move that greatly Startups to see less cash says Steve Brotman,a managing di- expanded its research analyst unit. rector at Greenhill SAVP, a Man- Revenue reached $793 million in hattan venture capital firm.“We are 2007. taking more time to evaluate com- Jefferies declined to comment, as VC funding slows panies,and we are more cognitive of and officials at Stifel couldn’t be our own portfolio companies.” reached. A Bear spokeswoman re- ferred calls to J.P. Morgan Chase, ital market is showing signs of money as venture firms hunker Fewer new investments the firm that has agreed to acquire IPOs, buyouts down; slowing down and is sure to get down and spend their time helping the number of initial public of- Bear at a bargain-subbasement firms tighten belts; worse. In the future, startups like the companies they’ve already in- ferings and buyouts—two ways price. Thumbplay will find it hard to raise vested in survive what increasingly that venture firms cash out of their not looking for investments—is down consider- Pink slips coming new investments ably from previous years, making it it is understood that up to 20% of FEWER EXITS unlikely that firms will be looking Bear’s 14,000 staffers will be let go First-quarter venture-backed IPOs First-quarter venture-backed M&A for new investments. in the next month or so. A J.P.Mor- BY AMANDA FUNG Nationwide,there were only five gan spokeswoman says it is prema- Year Deals Value Year Deals Value* venture-backed IPOs in the first ture to say how many people will be last month, Thumbplay, a New 2005 10 $721 million 2005 81 $4.4 billion quarter of 2008, less than a third of let go. York startup that sells ring tones 2006 10 $541 million 2006 104 $5.5 billion the number in the same period last Terminated Bear employees and other mobile phone entertain- 2007 18 $2.2 billion 2007 82 $4.5 billion year, according to a new report by stand to get severance packages ment, raised $18 million in venture 2008 5 $283 million 2008 56 $2.5 billion Thomson Financial and the Na- equal to as much as 30% of their capital. *Excludes deals that did not disclose value. tional Venture Capital Association. 2007 bonus, plus other benefits. It’s timing was good. As the Source: Thomson Financial and the National Venture Capital Association Likewise, there were just 56 ven- economy sputters, the venture cap- See STARTUPS on Page 8 COMMENTS? [email protected]

April 7, 2008 | Crain’s New York Business | 3 CNYB 04-07-08 A 4 4/4/2008 8:04 PM Page 1

IN THE MARKETS HIGHLIGHTS REEL News Corp. a better bet +4.7% than papers suggest The Bloomberg/ News Corp.’s ownership of newspapers, second quarter, to $403 million, the re- Crain’s New Double-digit growth ranging from the New York Post to the sults beat Wall Street expectations. York Index Times of London. But while the newspa- “We like the assets, and they’ve only rose 4.7% to makes stock appealing; per industry has been become more attrac- end the Dow Jones a mystery hemorrhaging ad dol- tively priced,” says Ja- week at ➡ lars, News Corp.’s son Helfstein, media 332. The newspapers and in- analyst with Oppen- S&P 500 BY MATTHEW FLAMM formation services di- heimer & Co. Index rose vision has kept grow- True,MySpace.com 4.2%, or news corp., it was the ing, buoyed largely by isn’t getting the buzz it closing at same old story. In its most re- good results for its was in 2005, when 1370. cent quarter, nearly every one Australian papers. News Corp. bought it of the international media gi- But investors are for a mere $580 mil- ant’s nine business segments still waiting to hear lion.Still,Fox Interac- RISERS Fproduced double-digit growth in operat- how Chairman Ru- tive Media, which in- 5-DAY 1-MONTH 3-MONTH CLOSING ing income. pert Murdoch plans cludes MySpace, had % CHANGE % CHANGE % CHANGE PRICE Oddly, the company’s share price has to turn a profit on last improved results in CIT +27.6% -28.1% -32.7% $14.80 yet to reflect the good news. The owner year’s $5.7 billion ac- the second quarter. Blackstone +21.4% +18.1% -8.2% $18.64 of movie studios, television networks quisition of Dow Jones The unit’s perform- and MySpace has seen its stock sink 19% & Co.Adding to their ance helped News Lehman Brothers +16.3% -8.9% -24.5% $44.05 over the past year.To put that in embar- anxieties, he is widely Corp.’s “other” seg- Merrill Lynch +15.8% -7.2% -8.0% $46.25 rassing perspective: The loss is two per- reported to be weigh- Market cap $61.5 billion ment generate rev- Citigroup +15.6% +9.0% -14.7% $24.08 centage points worse than that logged by ing adding another Long-term debt $12.1 billion enue of $798 million, the bruised and battered New York newspaper—News- Trailing 12 months P/E 18.9 an increase of 54%. Times Co. day—to his portfolio The company insists SINKERS Investors would be wise to read be- at a price as high as that MySpace will 5-DAY 1-MONTH 3-MONTH CLOSING tween the lines and give News Corp.’s $500 million. have revenue of $1 bil- % CHANGE % CHANGE % CHANGE PRICE shares a second chance.The stock is trad- News Corp.’s other businesses are do- lion in fiscal 2008, which ends June 30. Schering-Plough -17.2% -22.7% -36.9% $16.12 ing at 18.9 times last year’s per-share ing well. Fox Broadcasting continues to News Corp. is expected to post fiscal Pall -7.5% -7.9% -8.8% $35.37 earnings. That’s far more than Time dominate the television ratings race with 2008 earnings of $3.7 billion, up 17% Warner’s 12.5, but News Corp. is faster- Altria -4.7% -4.7% -6.0% $21.71 American Idol. Higher subscriber fees from last year, according to analysts sur- growing and, arguably, better-managed. from cable operators are helping drive veyed by Reuters. Revenues are expected MedcoHealth -1.7% +3.4% -19.1% $42.93 It’s also worth pointing out that the com- growth at the Fox News Channel and FX. to rise 14%, to $32.6 billion. Bank of NY Mellon -1.5% -8.2% -15.5% $40.68 pany’s PE stood at 23.4 a year ago. And though operating income at the Shareholders’ concerns center on filmed entertainment unit fell 14% in the COMMENTS? [email protected] Helped INNOVATE. STOCKS TO WATCH by Erik Ipsen Half-price sale on Sotheby’s shares Thank You, Town of Hempstead IDA. fails to draw bidders on Wall Street TO PUT IT ARTLESSLY, Sotheby’s “To create a 21st century building, we had to rebuild shares only look like a steal. Trading everything but the structural steel. Without the IDA at barely nine times 2007 earnings, benets, we could not justify the expenditure.” they’re at their lowest multiple in years, having fallen 50% in six -Russell Matthews, months. But investors are betting the Executive Vice President Albanese Organization credit crisis will slash global appetites for art. True, Sotheby’s just Unlike others, Albanese Organization and Castagna Realty saw the potential snared $3 million for a handwritten contribution a completely transformed 1001 Franklin Avenue could make to Garden letter by Abraham Lincoln and has a City’s thriving commercial corridor. Today, as Long Island’s 1rst environmentally pile of hot canvasses for its spring engineered commercial building, it shines as a beacon of sustainable development. It auctions, but the rich are reeling. also is a showcase of what’s possible when the public and private sectors collectively advance a vision. The package of tax Maybe it’s all about Eva (Mendez), the actress who was recently revealed as Hilton Garden Inn Hotel incentives and bene1ts created by the new star of ads for Calvin Klein Underwear, a unit of Warnaco. Other than Westbury that, there’s little that’s logical about the performance of the company’s the Town of Hempstead IDA made shares. They’re up 27% this year to stand a bra-strap away from their 52-week this project possible, creating jobs highs. In sharp contrast, Warnaco’s profits shriveled by a third in the final and fostering economic activity in quarter of 2007. First-quarter profits are expected to dip as well. Nassau’s 1nancial and legal center. So far this year, Curtiss-Wright has Each year, a host of businesses and institutions put the non-pro1t Town of Hempstead IDA to work to help them received orders from the Tennessee realize their plans to build, relocate, expand and innovate. Find out how to put the Town of Hempstead IDA to work for Valley Power Authority, Japan’s your business. Call (516) 489-5000 x 4200. Or visit us on the web at www.tohida.org defense ministry and the U.S. Navy— which tapped the company to make propulsion systems for the Jimmy TOWN OF HEMPSTEAD IDA BOARD Carter, its new attack sub. No wonder Kate Murray Theodore P. Sasso, Jr. Jonathan B. Kohan Supervisor Chairman Treasurer profits are still growing and shares in Paul Conte Al D’Agostino the precision-components maker are Frederick E. Parola Vice Chairman Member up 12% in the last year. Curtiss-Wright Executive Director/CEO Cheryl Petri Elizabeth Pessala can boast another distinction, 56- Secretary Member Put us to work for you. straight quarters of positive EBITDA. charts: lindström bekka

4 | Crain’s New York Business | April 7, 2008 Project8 4/1/08 4:38 PM Page 1

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W&H0374_QUAD2_Crains.indd 1 3/31/08 4:49:26 PM CNYB 04-07-08 A 6 4/4/2008 5:28 PM Page 1

NEW YORK,NEW YORK edited by Lisa Fickenscher

French chef cooks up new designs oodies will be deprived of dining at two Daniel Boulud restaurants that are closing this summer for renovations. F Daniel (below) will be shuttered in August, when everything from the lighting to the plush, deep-red chairs and sofas as well as the patterned gold-and-red carpeting will be replaced. The restaurant will reopen in September. “The color palate will be more neutral,” says the chef ’s spokeswoman. A white, taupe and beige scheme will be designed by Adam Tihany, who has worked on luxury eateries including Per Se, Jean Georges and Le Cirque. Sentimental fans of Daniel can buy a piece of its 10-year-old interior at an auction benefit after the restaurant closes. Café Boulud will also get a makeover when the adjacent Surrey Hotel does its renovation sometime this summer.The restaurant will close for lunch to

p. medilek avoid construction-related dust and noise.

Morgan Spurlock, Island Records “The boat is more modern and Lush movie theater founder Chris Blackwell and Walk hip,” says Liann Burggraf, director of coming attraction the Line movie director James sales for the New York division of Mangold. the company. kobe beef and waiters are The budding talk show host The changes included coming to a theater near you. says he likes the idea of chatting replacing a carpeted dance floor Australian cinema company over food. with wood and transforming the Village Roadshow Ltd. is scouring “A conversation over lunch is the city for real estate to open more intimate,” Mr. Kirshenbaum New York’s first luxury movie says. “In my work, a lot of what I theater. do takes place over breakfasts, The boutique theater will have lunches and dinners.” eight screens, each with 30 to 40 Plum is piped through cable reclining seats. For $35, upscale systems in eight wealthy vacation cinephiles will be able to prebook communities around the country, Long established their seats and order dinner before including Aspen, the Hamptons or during the movie at the and Miami Beach. commitment theater’s gourmet restaurant. During the movie, members of the audience can push a call Luxury yacht button on their chairs to request makes waves anything from a blanket to a box of Raisinets. for the past three months, red-and-black color scheme with Weiser LLP Certified Public Accountants The company, which has 15 luxury yacht Spirit of New York gold, blue and green. A third luxury cinemas worldwide, plans had been docked in a very dining deck was also added, to the to open 50 theaters in the United unglamorous setting: a shipyard increasing the number of New York City New York States over the next five years.The on Staten Island. passengers the boat can 135 West 50th Street first two will debut this year in Now the harbor tour vessel, accommodate to 600 from 400. New York, NY 10020 real estate community South Barrington, Ill., and which offers lunch and dinner The improvements did not Tel 212.812.7000 Fax 212.375.6888 Weiser's Real Estate Services Group Redmond, Wash. cruises accompanied by live music result in higher prices, says Ms. provides personalized service and technical “We’re bringing back a new and dancing, is sporting a $1.5 Burggraf. Dinner cruises start at Long Island expertise to real estate developers, owners, audience that stopped going to the million renovation. Its owner, $85 and lunch at $40 a person. 3000 Marcus Avenue managers, and investors. movies,” says Graham Burke, chief Chicago-based Entertainment Lake Success, NY 11042 Contributors: Matthew Flamm, Miriam Tel 516.488.1200 Our services include: executive of Village Roadshow. Cruises, hopes the investment pays Fax 516.488.1238 • Tax planning and compliance off by attracting more passengers. Kreinin Souccar Westchester • Accounting and auditing My lunch 660 White Plains Road • Cost segregation studies Suite 430 • Valuations with Richard TED’S GREEN TIPS Tarrytown, NY 10591 • Due diligence and litigation support Tel 914.333.0555 Richard MEDIA MOGUL-TURNED-RESTAURATEUR Ted Turner • Low income housing tax credits advertising guru Fax 914.333.0556 Kirshenbaum is getting his own 30- has a few things to say about global warming. On • Management advisory services Thursday morning, at Ted’s Montana Grill on New Jersey • Financial, economic, and market minute talk show, Creative Lunch, 399 Thornall Street Sixth Avenue in midtown, he will share his risk analyses which will begin airing this Edison, NJ 08837 summer on upscale mini-cable recommendations with chefs and other owners Tel 732.549.2800 We work together with our clients to on how to make their eateries more Fax 732.549.2898 network Plum TV. develop customized and integrated The co-chairman of ad agency environmentally friendly. Top on his list: solutions to help them reach their goals. www.weiserLLP.com Kirshenbaum Bond + Partners Recycle, repair leaky faucets, use will sit down with his guests at biodegradable paper straws and cornstarch to- For more information, contact local restaurants such as Da go cups, eliminate plastic water and soda bot- or at Michael Zivotovsky Ron Katz 212.812.7000. Silvano and Cipriani. He’s lined tles, and install waterless urinals. up documentary filmmaker

6 | Crain’s New York Business | April 7, 2008 Project2 3/31/08 11:29 AM Page 1

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Big bankers seek small deals

Continued from Page 1 trough, more bankers find them- with 39% a year earlier, according to crisis choked off the flow of easy selves driving along the Long Island Bloomberg data. Such deals ac- cash that had fueled merger-mania, Expressway to places like Cohen’s counted for nearly 70% at Credit Wall Street’s legions of investment Fashion Optical headquarters in Suisse, compared with 49% in the bankers are looking to grab any deal Garden City. year-earlier period. they can. Their new rallying cry: “We’ve seen a lot of larger banks Though small deals are keeping “No deal too small.” competing for small and midsize the Street’s pin-striped legions The reason is clear. The 28% deals in the past six months,” says busier than they would have been, first-quarter drop in U.S. merger ac- Howard Lanser, business develop- bottom-feeding doesn’t pay well in a tivity—one of Wall Street’s most im- ment director at investment bank business where fees are a percentage

portant businesses—marks its deep- Robert W. Baird & Co.“They focus of a deal’s value. buck ennis est slump in nearly a decade, on the middle markets when Gustavo Dolfino, president of COHEN’S FASHION OPTICAL sold itself to a supermarket chain through Deutsche Bank. according to research firm times are tough.” recruiting firm WhiteRock Group, Dealogic. 25% The good news is that estimates that the combination of PREDICTION the market for smaller deals fewer and smaller deals will reduce to take the company national. vestor relations. In February, Pfizer $4.2 billion at Goldman for the decline remains vibrant. Though the average pay of M&A bankers by Encysive Pharmaceuticals Inc. agreed to buy Encysive for $195 in M&A last year, mergers-and- bankers’ pay the number of mergers val- 25% this year. And that’s only for was also a beneficiary. Executives at million; Morgan Stanley pocketed acquisitions bankers gener- this year ued at more than $1 billion those lucky enough to keep their the small, unprofitable biotech firm $5.7 million when the deal closed, ated a record $4.2 billion in in the first quarter was half jobs when such firms as Citigroup, got a healthy response when they according to Bloomberg data. revenue for Goldman Sachs. Mor- of what it was a year earlier, the Lehman Brothers and Bear Stearns decided to put the company up for Though respectable, that is still gan Stanley pocketed a $13 million number valued at under $1 billion are undergoing extensive layoffs. sale last summer. Almost immedi- several steps below the fees that have fee for merely providing an opinion soared 25%, according to Dealogic. Ironically, hard times on Wall ately, they received offers of assis- made the Morgan Stanleys of the to the directors of HCA Inc. sup- That’s partly because the price of Street provide an opportunity for tance from a number of banks, in- world rich. Even worse, even those porting their decision to take the many deals has fallen along with the thousands of smaller firms, like Co- cluding J.P. Morgan Chase & Co. payments are coming under pres- company private in a $32 billion stock market, but investment banks hen’s Fashion Optical, to get first- and UBS. sure as more firms crowd into a leveraged buyout. also appear to be deploying more class advice. With help from space long populated by a herd of But those kinds of giga-deals people to generate smaller mergers. Deutsche Bank, Mr. Cohen agreed A deal with Pfizer banks specializing in middle-mar- have all but vanished. In response, Fifty-five percent of Goldman in March to sell to a Kentucky su- in the end, the firm chose Morgan ket deals. instead of jetting around the world Sachs’ first-quarter U.S. deals were permarket operator for more than Stanley, according to Ann Tanabe, to bid for a place at the mergers worth less than $1 billion,compared $50 million. The new owners hope Encysive’s vice president for in- COMMENTS? [email protected] Congestion pricing plan pared

Continued from Page 1 political allies, or vote yes and anger members to take any particular po- ceeded Eliot Spitzer on March 17 their constituents—which could sition. His conference includes 107 and endorsed congestion pricing 12 haunt them in the next election. Democrats and one independent. days later, appears willing to back a Assembly Minority Leader pilot program, as does Mr. Bloom- James Tedisco is calling for the pro- Monday deadline berg. Other modifications to the posal to be included in the state “the speaker has said that what- proposal were also expected to be budget, which would spare the 42 ever action is taken will be taken by made over the weekend to improve Republicans in his conference from the end of the day on Monday,” says its chances of passing Monday, the voting on congestion pricing by it- a spokesman for Mr. Silver, declin- last day for the city to qualify for the self.A number of those Republicans ing to elaborate. federal grant. represent suburban districts where Passage in the Senate should be the plan is not popular, and where easier,but the political calculus there Avoiding a vote they are at risk of losing their seats. is complicated as well. Senate Ma- strong opposition to the plan has Likewise, some Assembly Dem- jority Leader Joseph Bruno is an en- emerged in the Democratic-con- ocrats asked Speaker Sheldon Silver thusiastic backer of congestion

trolled Assembly, despite the fact during seven hours of private meet- pricing, whose champion, Mr. ap images the City Council endorsed the ings last week not to hold a vote at Bloomberg, has contributed hun- CROWD CONTROL: If the congestion pricing proposal is approved by the Legislature, driving fees scheme by a 30-20 vote. Albany in- all. But others in the conference ar- dreds of thousands of dollars to cam- are expected to generate close to $500 million annually for mass transit. siders say many legislators want to gued that a vote would show that paign accounts controlled by Mr. avoid taking a position by not allow- they, not the speaker, are deciding Bruno. But a handful of Republican ing a congestion pricing bill to be the issue, according to one person senators on Long Island fear that a majority in the chamber, cannot af- Malcolm Smith has not rallied his brought up for a vote. Some legisla- who was present. vote for congestion pricing could ford to put those members at risk. conference to the cause. tors fear that a vote would force Mr. Silver has said he is inclined make them even more vulnerable to Thus, congestion pricing probably them to make an unappetizing to support the plan with modifica- defeat in the November election. needs votes from Senate Democrats COMMENTS? choice: vote no in defiance of their tions, but has not pressured his Mr. Bruno, with a slim 32-30 to pass,but Senate Minority Leader [email protected]

the overall economic downturn by a year. Startups to see less cash as economy slows “What will happen is the num- ber of venture deals will dry up,”says Continued from Page 3 the past, to borrow money to fund investment offers. tion of Bebo, a United Kingdom- Mr. Grinda. “Once one venture ture-backed merger and acquisition transactions. Not everyone is pessimistic based social networking site, for capitalist becomes more conserva- deals in the past three months, one “Buyers are becoming more con- about the future. While there $850 million indicates that good tive and cuts back,they all will do the of the lowest quarterly levels of the servative,” says Mark Heesen, pres- deals can still take place during bad same. It happens fast.” past decade. ident of the NVCA. “If they have economic times. During a boom market, large cash, they are going to wait a year or ‘The number At the same time, some local en- Focus on mature companies companies are willing to buy start- two and ride out the economic trepreneurs say they have been able as the economy sours, venture ups at high premiums. Last year, downturn.” of venture to raise financing. In addition to capitalists will become more con- Google paid $3.1 billion for Thumbplay’s funding, TargetSpot cerned with their mature portfolio DoubleClick Inc., and Yahoo Harder to raise money deals will raised $8.6 million and Pando Net- companies and their fate, says Mr. shelled out $680 million for Right with the window closing on exit works raised $8 million. Heesen of the NVCA. Media. But with larger companies opportunities, venture capitalists dry up’ But Manhattan-based serial en- “If this economic uncertainty facing their own challenges— will value companies seeking funds trepreneur Fabrice Grinda says that continues, a lot of portfolio compa- shares of both Google and Yahoo more conservatively, making it some of his colleagues are in denial, nies will not leave the nest,” he says. are down sharply—those opportu- harder for entrepreneurs to raise the explaining that it takes them a little “More time will be spent on those nities will no longer be there. The money at levels they hoped for. In longer to accept the impact the companies as opposed to invest- troubled debt market will also some cases, entrepreneurs will not haven’t been any sizable exit events economy will have on their busi- ments in new upstarts.” make it harder for private equity accept the values placed on their among local tech firms recently, nesses. Mr. Grinda recalls the dot- shops, active buyers of tech firms in companies and will decline lower many say deals like AOL’s acquisi- com crash of 2001 and how it trailed COMMENTS? [email protected]

8 | Crain’s New York Business | April 7, 2008 CNYB 04-07-08 A 9 4/4/2008 2:04 PM Page 1

Hotelier’s roll hits financing wall MIDCAREER PROGRAM LOOKING FOR A FEW GOOD LEADERS Continued from Page 2 is being overbuilt,” he says. “We can still break even,” Mr. THE CORO NEW YORK LEADERSHIP CENTER is now accepting applications for possible room glut—and the down- If that’s indeed the case, McSam Chang says. Leadership New York, its midcareer leadership program. Leadership New York ward pressure on room rates that could be especially vulnerable. That might be harder to pull off seeks civic-minded candidates from the private, public and nonprofit sectors would result. Additionally, after About 35% of the hotels that it is in his newest hotels,however.Under who are committed to strengthening New York City. years of resisting the move, he has putting up are in other boroughs. pressure, McSam agreed last year to Participants challenge their own approaches to leadership by going recently begun using union crews on And experts predict that less conve- use union labor for most projects, behind the scenes to examine different perspectives of New York City’s most his projects. niently located properties will be the which are managed by his building complex urban issues, developing personal leadership skills and learning The most pressing problem, first to suffer if vacancy rates rise. division, Tritel Construction. from a diverse group of peers. funding, comes after Mr. Chang The upside is that “the union can Staying in the black The part-time program begins in September and concludes in May. Coro raised hundreds of millions of dol- build a hotel faster and nicer,” Mr. New York is hosting two information sessions, scheduled for April 14 and lars on Wall Street to build Comfort mr.chang expects that the market Chang says. The downside is that it May 8. Inns, Best Westerns and other will remain steady this year but start significantly raises his costs and To get more information, or to RSVP for an information session and to budget properties that investors had to cool in 2009. He says that occu- break-even point. apply, visit www.coronewyork.org or e-mail [email protected]. The shunned. pancy rates could fall to 75% next Mr. Chang’s main financier, year from 80% now but insists that COMMENTS? application deadline is May 30. Credit Suisse, has pulled back dra- McSam will stay in the black. [email protected] matically. The entrepreneur is now turning to community banks, which demand that he contribute 40% of the total project cost—double what his former lenders required. This represents a sea change for the 47-year-old hotelier, who was born in Taiwan.He built his first ho- tel here,a Comfort Inn,in 1997.The trappings of success—from a garage full of luxury cars to an eye-popping diamond-encrusted gold band on his ring finger—have grown along with his empire. But he has adopted a more conservative attitude lately. “We will have to be careful and Smaller banks demand that he put up 40% of the project cost

see where the market goes,” Mr. Chang says. Among other things, he plans to make most of his money running ho- tels rather than selling them quickly, as he has done. McSam will now op- erate most of the hotels he builds. Pioneered a niche his properties, most of which have fewer than 300 rooms, have filled a major niche by offering rates as low 295 Madison Avenue. Sold for $180 million. as $135 a night, compared with the city average of nearly $300. Mr. Chang was also a pioneer in building hotels in every borough, including Staten Island, and in places like Brooklyn’s Gowanus Canal. “Sam Chang began building We not only cover the market, [moderately priced] hotels when there weren’t that many in the city and when many investors didn’t we uncover it. think they could be built here,” says Mark Gordon, head of the U.S. ho- Gain access to the brokers who have seen every circumstance and tel group at Cushman & Wakefield Sonnenblick-Goldman. know precisely how to get the most for your deal. But in recent years, many others have followed Mr. Chang’s lead. His greatest rival is his former business partner, John Lam, whose epony- mous firm owns 18 affordable hotels www.easternconsolidated.com here and has another 13 in the 212.499.7700 pipeline.Mr.Lam,who worked with Mr. Chang from 1999 to 2004, says that “we’ll open 1,000 rooms here every year for the next four years.” That kind of competition has Mr. Chang and many others in the industry fretting about excess ca- pacity,a concern stoked by the dark- ening economic outlook. “The city

April 7, 2008 | Crain’s New York Business | 9 CNYB 04-07-08 A 10 4/4/2008 2:07 PM Page 1

STAR POWER: Robert De Niro founded the festival after Sept. 11 to Tribeca film fest tries to refocus help revitalize lower Manhattan. Continued from Page 1 In another move aimed at mak- “They need to raise their profile.” Cannes grab headlines. ing things easier for buyers, the Tom Bernard, co-president of “We’ve had a lot of films get no- number of features has been whit- Sony Pictures Classics, says Tribeca toriety, but we haven’t had that huge tled to 121 from 159.Tribeca is also comes at a bad time—just a few box-office hit,” says Nancy Schafer, setting up hospitality and press weeks before Cannes, the grand- one of the festival’s new co-executive lounges in various locations and is daddy of festivals. This year’s event directors, along with Paola Freccero. establishing a concierge service for starts on May 15. “That’s what we’re looking for.” executives. The festival has had a number of The new team is at the forefront Bad timing growing pains, and industry execu- of these changes. Ms. Schafer was “tribeca is a very weak festival tives have complained about the recently promoted from her posi- in terms of the hot movies that are screenings being spread around the tion as a festival programmer; Ms. available to buy,” Mr. Bernard says. city and difficult to get to. Freccero had been senior vice presi- “The position it’s in on the calendar In its most aggressive attempt yet dent of film programming at the puts it at a big disadvantage.” He to join the big leagues, Tribeca has Sundance Channel. points out that he is premiering David beefed up its staff and changed its To raise the quality of its feature Mamet’s Redbelt at Tribeca this year venues, and it’s being more selective entries, Tribeca hired Genna Terra- only because Cannes turned it down. in its film choices. nova, who was an acquisitions exec- Its broad range of offerings has utive at The Weinstein Co.,as a sen- also hindered Tribeca. Last year, for Nightmare logistics ior programmer. It also brought in example, the festival held an extrav- the two-week event, which runs Julia La’Bassiere, a longtime con- agant premiere for Spider-Man 3 on April 23 through May 4, will be re- sultant who recently worked with opening night, yet it claims to be a stricted to lower Manhattan and the the Edinburgh Film Festival, to run showcase for documentaries and Union Square area.That’s a relief to an office year-round as director of art-house films. the more than 800 film executives industry relations. “They need to create a focus for who are expected to attend this year. Despite the moves, film insiders the programming and then to stick

Last year, they had to traipse from say Tribeca faces an uphill battle. to it,” Mr. Bernard says. “They are getty images Battery Park City to St.John the Di- Though a record 34 movies were looking for an image.” vine, on West 112th Street, for sold at the festival in 2007, many Tribeca officials contend that to have a festival with that kind of in- Spider-Man. screenings. went straight to DVD or were New York is a tough place to hold a tensity because it’s very distracting.” Other titles are also building “Buyers will be able to get from picked up by television networks in major film festival. Still, they are optimistic that buzz. Insiders say buyers are eyeing a one venue to the other,” says Josh small deals. “When you’re in a small town for 2008 will be their year.The opening- number of entrants,including Truck- Braun, a sales agent.“[Festival man- “The buyers do go there, but it a festival, you’re locked in a con- night film—Michael McCullers’ er,starring Michelle Monaghan,and agement] has finally responded to could just be that the best films have tained space and you’re there for one Baby Mama, a comedy about a sur- Tennessee, with Mariah Carey. those concerns that have always been already been picked up by the other primary reason,” Ms. Freccero says. rogate mother starring Tina Fey and an issue with sellers and buyers.” festivals,”says film publicist Jeff Hill. “New York City is a really hard place Amy Poehler—is a far cry from COMMENTS? [email protected]

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10 | Crain’s New York Business | April 7, 2008 Project14 3/31/08 1:43 PM Page 1

The Durst Organization is pleased to announce the following transactions totaling 233,608 square feet

655 Third Avenue 675 Third Avenue lease with lease renewal with Vitamin Shoppe Industries Inc. The Permanent Mission of the Ross Kaplan and Jason Pruger of Newmark Knight Frank United Republic of Tanzania to the UN represented the tenant lease with lease renewal with Bonten Media Group Inc. Winick Realty Group LLC Michael Moorin of Newmark Knight Frank Jeff Winick of Winick Real Estate represented the tenant represented his firm lease with lease with Kinetic Partnership LLP Gabe Whitman of Buchbinder & Warren Realty Group LLC Marubeni-Itochu Steel America, Inc. represented the tenant Jonathan Fales and Bruce Surry of CB Richard Ellis represented the tenant lease renewal with lease renewal with Kramer, Love & Cutler LLP Joseph Costabile of J.G. Costabile Realty LLC CSS Petroleum Services LLC represented the tenant

lease renewal with 733 Third Avenue Prudential Douglas Elliman Jared Horowitz of Cushman & Wakefield lease with represented the tenant Continental Industries Group, Inc. Jonathan Schindler and Aron Schreier lease renewal with of Colliers ABR represented the tenant Blue Chip Partners

lease with lease renewal with Sivik Global Healthcare, LLC The Execu/Search Group Louis D’Avanzo and William Fressle Robert Stella of Cresa Partners New York LLC of Cushman & Wakefield represented the tenant represented the tenant lease with 205 East 42nd Street Caixa Geral de Depósitos Daniel Horowitz and Jeff Peck of Studley lease renewal with represented the tenant Prudential Douglas Elliman Jared Horowitz of Cushman & Wakefield lease renewal with represented the tenant Rodale, Inc. Richard Karson, James Robbins and Harly Stevens lease renewal with of CB Richard Ellis Osteria Laguna LLC represented the tenant 1133 Avenue of the Americas 1155 Avenue of the Americas lease with lease expansion with Northern & Shell North America, Limited White & Case, LLP Richard Berzine and Richard Fen Barry Gosin and Moshe Sukenik of Newmark Knight Frank of Richard Berzine & Company, Ltd. represented the tenant represented the tenant

212 .789.1155 www.durst.org CNYB 04-07-08 A 12 4/3/2008 7:53 PM Page 1

VIEWPOINT Responsible and irresponsible editor in chief Rance Crain publisher Jill R. Kaplan

ast week, state legislators and Gov. David City Council have agreed that it must be prepared to weather EDITORIAL Paterson labored to complete a budget that a downturn in the economy.The city put a limit on spending, editor Greg David deputy managing editors Valerie Block, would increase spending by 4.5%—proud so it will end its current year with a $2.7 billion surplus, which Erik Ipsen that they had pared back the original it can use in 2009. It also has socked away another $2 billion assistant managing editor Robert Hordt proposal because of economic storm to pay for future health care expenses for retired city workers, contributing editor–reports clouds. Of course, Albany’s budget has which could be tapped for current expenses. Elizabeth MacBride columnist Alair Townsend increased by 22%—twice the rate of Rather than use all that money next year, both the mayor senior reporters Aaron Elstein, Erik Engquist, inflation—over the past four years. While the increase may and Ms. Quinn want to hedge against even worse fiscal Lisa Fickenscher, Matthew Flamm, Samantha Marshall, Miriam Kreinin Souccar be less than initially proposed, New Yorkers can be sure this problems expected in 2010. Both are willing to reduce spend- reporters Theresa Agovino, Barbara Benson, L Elisabeth Butler Cordova, Amanda Fung, budget will be in the red almost as soon as the ink has dried ing further, so the city will end 2009 with money to spare. Daniel Massey, Hilary Potkewitz, Gale Scott, because of dwindling Wall Street tax revenue. The state will spend the rest of this year trying to plug Matthew Sollars In New York City last week, the response to difficult times restaurant critic Bob Lape widening gaps in its art director Steven Krupinski couldn’t have been more different. Council Speaker Christine New York City 2009 budget—aid to deputy art directors Carolyn McClain, Daniel Mednick Quinn called for cutting next year’s budget by some $160 New York City is sure staff photographer Buck Ennis million more than the mayor proposed a few months ago. And wants to hedge to be cut—while copy desk chief Wendy Zuckerman if the council wants to add any money to the final budget, she seemingly oblivious to copy editors Michele Arboit, against fiscal Thaddeus Rutkowski says, it will have to find other places to cut an equal amount. the bigger problems research editor Denise Southwood associate research editor This tale of two cities has been going on in New York for problems after that. Adrianne Pasquarelli some time now.The irony is that for all its prudence, the city Reformer Eliot www.crainsnewyork.com will suffer from Albany’s profligate ways. Spitzer may be gone online reporter Kira Bindrim During the recent boom years, city and state tax from Albany, and the EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 collections soared as a result of big Wall Street bonuses and atmosphere may be more cooperative, but with “three men editorial: 212.210.0277 Fax 212.210.0799 advertising: 212.210.0259 unprecedented real estate transaction revenue.The state in a room” making all decisions, New York is back to the Cable craincom nyk spent every dime it could find and borrowed a few billion kind of dysfunctional government that coined the phrase Fax 212.210.0499 Entire contents ©copyright 2008 Crain dollars more here and there. As a result, New Yorkers pay the “the mess in Albany.’’ Maybe the pain New Yorkers will Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP highest combined state and local taxes in the nation and bear endure will convince them that what’s needed is another, Inc., used under license agreement.

one of the highest debt burdens in the country. more able reformer. TO SUBSCRIBE: The city is actually only about half as dependent as the Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. state on Wall Street. But Mayor Michael Bloomberg and the COMMENTS? [email protected] www.crainsnewyork.com ADVERTISING AND MARKETING advertising director Jeff Adler senior account managers LETTERS TO THE EDITOR Robert N. Grossman, William E. Squitieri account executives Andrew Carlin, Robert Christiaanse, Irene Irvill, Courtney McCombs western account manager Ellen Mazen (Los Angeles) 323.370.2477 In Albany, lots to do besides drink sales manager, classified print & online John Gallagher newsletter product manager WAYWARD POLITICIANS tax breaks that the Garden is re- Catherine Evans Gittens CAN’T BLAME LOCATION ceiving (see Crain’s online poll, sales coordinator, print & online Page 13). Lulé Haznedari sales coordinator Anita Perrino i take exception to Alair henry chin credit Pat Grondziak 313.446.6082 Townsend’s remark in her March marketing director Amy Crossman 17 column that implies that the THAT SO FEW of those polled seem marketing manager Jill H. Bottomley recent sex scandals of certain New to think the project was doomed marketing coordinator Jenny Mashberg York politicians were partly the represents just how carefully and circulation manager Andrea Richardson assistant circulation manager result of the fact that “in Albany intelligently New Yorkers have Rosalie Ford there isn’t much to do in the followed the proceedings. general manager, interactive evenings except drink.’’ david fried Marc Minardo Ms.Townsend is apparently unfamiliar with Albany’s several WE SHOULD cancel our Cablevision NEW YORK PRODUCTION theaters, symphony orchestra, subscriptions to send the message. production and pre-press director Michael Corsi museums, galleries, and Times bloomberg news michael a. vari advertising production manager Union Center concert arena and MOYNIHAN STATION, shown in a rendering, won’t be Madison Square Garden’s new home. Marilyn DeMilta sports venue. While Albany is WRITE TO US PUBLISHED BY CRAIN COMMUNICATIONS INC. smaller than New York City, it Letters to the Editor: Crain’s New York Business, chairman Keith E. Crain POLL COMMENTS 711 Third Ave., New York, NY 10017. Fax letters to hardly lacks for attractions New York politicians’ sexual Rance Crain (212) 210-0799. Send e-mail to Crain’s staffers president unrelated to alcohol and escapades where they truly MADISON SQUARE GARDEN’S DECISION Merrilee Crain by using their first initial, their last name and secretary Mary Kay Crain prostitution. belong—farther south in every to renovate its facility rather than @crainsnewyork.com. For example, Editor Greg treasurer Rather, I would suggest Ms. sense of the word. move to Moynihan Station is all David is at [email protected]. Names executive vp, operations William Morrow Townsend place the blame for marcia lee metzger the more reason to take away the are in the list to the right. senior vp, group publisher Gloria Scoby group vp, technology, circulation, manufacturing Robert C. Adams vice president/production & manufacturing David Kamis WHAT’S COMING UP IN CRAIN’S? chief information officer Paul Dalpiaz corporate circulation director Small Wealthy Top Education Top Meetings Patrick Sheposh business New Yorkers banks, special M.B.A. and conventions founder G.D. Crain Jr. (1885-1973) report report top thrifts report programs report chairman Mrs. G.D. Crain Jr. (1911-1996) April 14 April 21 April 21 April 28 April 28 May 5

12 | Crain’s New York Business | April 7, 2008 CNYB 04-07-08 A 13 4/3/2008 7:48 PM Page 1

10-year sentence for his role. Ms. England was sentenced to three years and is on parole. We think we are familiar with the Abu Ghraib story. I can tell you, we are not. This film lays it out in gross de- tail.In riveting interviews,Spc.Sab- rina Harman says she photographed events so that the truth could come out. To her lover back home, Ms. Harman wrote that she smiled for the camera to fit in. Mr. Morris is known for his in- sightful war films. In his Oscar- winning The Fog of War, the film- maker conducts detailed interviews with former Secretary of Defense Robert McNamara, the so-called architect of the Vietnam War. The film is an overview of the unintend- ed consequences of military action. Standard Operating Procedure,by contrast, dissects a microcosm—a weird and dangerous world where

john h. howard madness has replaced reason. It questions whether that world was limited to a handful of rogue Army personnel or was authorized from above. www.amper-pc.com A must-see movie The trial never exposed a con- nection to the Bush administration, though in the film as in court,the in- that’s hard to watch terviewees contend that they were following orders. But the film exposes something e’ve all seen the pictures and recoiled. equally disturbing. Military lawyer Brent Pack, who is interviewed, was We’re all sure that what happened in Abu responsible for determining from Ghraib was tragic. the evidence—mainly the photos— But such knowledge can’t prepare us for which acts were criminal and which the feelings of shame and revulsion that were standard for interrogations. His conclusion: Stripping and comeW over us when watching Errol Morris’ latest documentary, hooding prisoners, handcuffing Standard Operating Procedure. them to jail bars, depriving them of sleep and other techniques used by That is why every The film leaves a guards at Abu Ghraib are consider- American should see it. lasting impression, far ing standard. Criminal acts include This is no Michael more so than the fleet- more serious forms of physical or Moore movie. There’s ing footage on the sexual abuse. no comic relief,no polit- evening news. Though I know that watching this movie, ical slant. Standard Op- the story hasn’t disap- which opens locally on April 25, erating Procedureis stark, peared, it’s no longer won’t be a pleasant way to spend an disturbing, relentless. top-of-mind. afternoon or evening. But making And it’s so simple. Of course, we all re- that sacrifice will be worthwhile. All Just shots of the now fa- member former Pfc. Americans should understand the mous photographs cou- Lynndie England, with full extent of the horrors that oc- pled with grainy videos VALERIE her ghoulish grin as she curred at Abu Ghraib. And no one taken by prison staff and BLOCK stood in front of stacks can get that from an article in a news- incredibly frank inter- of naked prisoners, or paper or a magazine or a five-minute views with those who so posed with her segment on the evening news. faithfully recorded their torturous boyfriend and ringleader, former behavior. Cpl. Charles Graner. He’s serving a COMMENTS? [email protected]

CRAIN’S ONLINE POLL There are other Executive Sedan SHOULD THE CITY TAKE AWAY MSG’s TAX EXEMPTION Companies servicing New York City SINCE IT ABANDONED THE PROPOSED MOYNIHAN STATION? and Boston, but not at our rates! ALMOST THREE-QUARTERS of the 384 Yes, Mr. Dolan No, the is thumbing Moynihan respondents think Madison Square Garden his nose at .49% project is should be punished for choosing to renovate New Yorkers doomed TOWN CAR INTERNATIONAL yet again anyway rather than move—because owner James Dolan 7%. Ready to upgrade to Premium? has a history of snubbing New Yorkers, or be- No, it’s Yes, the move .23% 21%. between cause a penalty might restart negotiations. But might pressure him and the Call: 212.727.7800 21% say his decision is a private business mat- him to station’s www.towncarinternational.com ter, and 7% think Moynihan never had a chance. negotiate developers ...See for yourself why we are Corporate America’s Ground Transportation Solution! For readers’ comments, see Letters to the Editor on Page 12.

April 7, 2008 | Crain’s New York Business | 13 CNYB 04-07-08 A 14 4/4/2008 2:10 PM Page 1

CONGESTION PRICING Gains & pains payments actually provide almost WHILE MAYOR MICHAEL BLOOMBERG no care to those without insurance. struggles to convince the state Legislature to give the go-ahead for THE INSIDER congestion pricing, the tough fight Javits’ incredible to win approval in the City Council anointed winners and penalized by Erik Engquist and Matthew Sollars shrinking plan losers. The scorecard: the state’s modest expansion of the Javits Center has become WINNERS ap images downright minimal. The General Contractors Association and other groups, such as the New York Modest health care The Empire State Development Building Congress and the Central Labor Council, that funded ad campaigns. Corp. is now looking at an One piece, conceived by GCA Managing Director Chris Ward, said mass reforms survive expansion plan that would add only transit would be funded by wealthy SUV drivers from Westchester. 50,000 square feet of exhibition Michael O’Loughlin of M+R Strategic Services. As the primary hile legislators space. In mid-January, outgoing lobbyist for congestion pricing at the City Council, he helped labored to complete Downstate ESDC Chairman obtain support from members who were largely against the Patrick Foye floated a plan that work on their budget plan. included 100,000 square feet of Kathryn Wylde, president of the Partnership for New York City, W O’Loughlin last week, health care reformers new exhibition and meeting space. delivered for her big-business members and, in the process, celebrated some modest changes forged a close bond with Mr. Bloomberg. There are worse friends that will move money from New Tax hike possible to have. York’s politically powerful StreetsBlog, a transit advocacy blog, has covered congestion istockphoto under new name hospitals. pricing obsessively for the past month, calling opponents to the Wylde mat and detailing when and why politicians changed positions. The health spending plan approved last week will reduce although the assembly has Medicaid rates dropped efforts to increase state LOSERS by $51.5 million and lays the groundwork for income taxes on wealthy Councilman Michael McMahon. His yes vote flies in the face of further reductions. It also shifts about $350 million from individuals as part of the next budget, the initiative is likely to be public sentiment on Staten Island and has led to speculation hospitals to clinics, emergency in the next. Hospital-based repackaged and brought up again, that he won’t seek the borough presidency in 2009. If Mr. rooms, ambulatory care centers, programs are regarded as much an insider says. Only next time, it McMahon does run, prospective opponent Councilman James Oddo could run negative ads highlighting his votes for community clinics, doctors, and more expensive than care provided will be marketed differently. McMahon diabetes and asthma educators. elsewhere. Branding it a “millionaire’s tax” congestion pricing and higher property taxes. It also tackles two previously Similarly, lawmakers agreed to was ineffective because many New Councilman Domenic Recchia, who cast a reluctant yes vote, politically taboo subjects: inpatient reform the formerly untouchable Yorkers know millionaires and faces the same risk in his race against Rep. Vito Fossella, R- detox rates and indigent care pool $847 million indigent care pool by aspire to be one, supporters believe. Staten Island. reform.The state will shave $5.8 tying 10% of payments to actual It was also a misnomer; the Councilman Kendall Stewart’s yes vote opens a line of attack for million from inpatient detox rates in charity care services. Some proposed hike would affect people Recchia state Sen. Kevin Parker, D-Brooklyn, who is being challenged by this budget year and $21.9 million hospitals that receive large with annual incomes of at least $1 Stewart in the primary. The Queens Chamber of Commerce, along with the Queens Civic Congress, the Parking Garage Association and AAA, vehemently opposed congestion pricing. But five of 14 Queens council members voted for the plan. The plan passed by a five-vote margin.

million, not those with a net worth New York Democrats who aspire to of at least $1 million. fill her shoes in the Senate. Rep. Joseph Crowley’s name has surfaced as someone who would Hopefuls line up welcome an appointment by Gov. for Clinton’s seat David Paterson to the job. Also frequently mentioned as hope springs eternal that Hillary possibilities are Rep. Nita Lowey, Clinton will somehow win the Rep. Jerrold Nadler and Riverkeeper’s White House, especially among Robert F. Kennedy Jr. PATERSON WATCH

GOV. DAVID PATERSON has gained a few degrees on the guv-o- HOT meter since its debut last week. Call it addition by subtraction: A slew of Spitzer administration officials resigned, clearing the way for Mr. Paterson to bring in more of his own team. Among those stepping down was communications director Christine Anderson, who had failed to stop Eliot Spitzer from undermining his own popularity even before a prostitution scandal forced him from office. Her replacement, Risa Heller, is well-schooled in media management, thanks to a stint with press-savvy Sen. Charles Schumer. Mr. Spitzer’s inspector general, Kristine Hamman, stained by the Troopergate scandal, quit last Thursday. Earlier in the week, Mr. Paterson replaced his predecessor’s counsel, David Nocenti, with state Supreme Court Justice James NOT Yates, and welcomed Dr. Jon Cohen, a forward-thinking health administrator, as a senior adviser. More than half a dozen other Spitzer insiders tendered their resignations, according to an Associated Press report. Meanwhile, Mr. Paterson continued to make progress toward a new state budget. He missed the March 31 deadline to finish it, but the outcry from legislators, the public and even good-government groups was nonexistent.

bloomberg news 14 | Crain’s New York Business | April 7, 2008 CNYB 04-07-08 A 15 4/3/2008 5:50 PM Page 1

Banking bear turns decidedly bullish

was that event.” banks. While the value of the dollar Mr. Bove has Among first to call The Fed’s unprecedented efforts has plunged, Mr. Bove argues that “buys” on money cen- crisis, Richard Bove to provide liquidity to both the com- foreign central bankers have no op- ter banks Citigroup mercial and investment banks has tion but to support the dollar and and Bank of America, now says worst is convinced Mr. Bove, in contrast to their export-dependent economies. as well as on six re- many of his colleagues in the analyst gional banks, includ- over for financials community,that the worst is over for Positive too soon ing PNC Financial, tim healy the financial sector. mr. bove actually began to go posi- U.S. Bancorp and DO THE MATH: Mr. Bove says the Fed’s moves have been key. BY ANDREW OSTERLAND “The only way that someone tive on the banks last November and Wells Fargo. He has could feel that the financial problems started upgrading stocks in Decem- only one buy— richard bove was one of the first aren’t over is if they think the regula- ber and January. “Clearly, I moved Lehman Brothers—in brokerage. much of his business poolside at his equity analysts to argue that sub- tors can’t deal with this,” he says. “I too soon,” he admits. Making waves is what the job is home in Lutz, Fla. prime mortgages would cause a think that they can deal with it.” But he insists that this will even- all about for Mr.Bove,who has been banking crisis. He’s now one of the He also believes that the Fed will tually be seen as a good time to have a stock analyst since his first job with Andrew Osterland is a reporter for first to call a bottom for banking receive the help of other central bought bank stocks. Wertheim in 1972. He conducts Financial Week, a Crain publication. stocks. With the range of actions taken by the Federal Reserve recently, the banking analyst says the financial crisis is over for banks and securities brokers, and he suggests that in- EMCOR is Here, in the World’s Most Competitive Market. vestors now have a “once-in-a-gen- eration opportunity to buy bank From fi nance to fashion, New York is the international proving ground for every kind of business. stocks.” EMCOR delivers world-class facility services—everything from electrical and mechanical construction “There are still problems with the economy, and we may still see to mobile services to transportation and energy infrastructure—to help these businesses win. eruptions at some of the banks,”Mr. Bove asserts. “But the financial cri- sis is over.” Mr. Bove’s willingness to make such calls has made him one of the more sought-after banking analysts, especially by the media. A database search shows Mr. Bove cited in 240 stories in major media outlets in 2007, up from 177 in 2006. He has been quoted 117 times so far in 2008. Institutional investors regularly rate the 35-year veteran of the field as one of the most influential banking analysts in the market. Not bad, considering that Mr. Bove plies his trade from the mod- est platform of Punk Ziegel & Co., a small Manhattan investment bank that was recently bought by Now is a ‘once- in-a-generation opportunity to buy bank stocks’ EMCOR in Greater New York City. Always on.

crosstown financial services firm Ladenburg Thalmann & Co. FOREST ELECTRIC WELSBACH ELECTRIC OF L.I. A couple of weeks ago, Mr. Bove Salvatore Caputo, President & CEO Joseph P. Florio, President & CEO issued a memo to media representa- Electrical Services Electrical Services tives stating that he would no longer make his research available to them WELSBACH ELECTRIC EMCOR SERVICES NEW YORK/NEW JERSEY or return calls to reporters because Keith D. Carney, President & CEO Frank Cooney, President on “news days” he was routinely Electrical Services Mobile Services fielding 30 calls or more from the media. But he had a change of heart PENGUIN AIR CONDITIONING EMCOR FACILITIES SERVICES for this story. Daniel P. Dubin, President & CEO Paul Asmar, Vice President Watershed event Mechanical Services Site-based Facilities Services his argument is that the collapse HERITAGE MECHANICAL EMCOR ENERGY SERVICES of Bear Stearns Cos. was a water- shed event. It convinced the Trea- Jeff Porrello, President & CEO Art Strenkert, President sury Department and the Federal Mechanical Services Energy Services Reserve that the entire financial sys- tem was at risk and that drastic measures were necessary. “In a financial crisis, you look for CALL: 866.890.7794 (US & Canada) EMAIL: [email protected] VISIT: www.emcorgroupny.com a crescendo event indicating that the fear and panic has become so se- HOW CAN OUR SOLUTIONS HELP YOU? vere that definitive action has to be taken,”Mr.Bove says.“Bear Stearns

| | 15 NYPeop_CrainsNY_Jr_3_31.indd 1 April 7, 2008 Crain’s New York3/7/08 Business 8:04:13 AM Process CyanProcess MagentaProcess YellowProcess Black CNYB 04-07-08 A 16 4/4/2008 2:35 PM Page 1

WEEK IN REVIEW For daily news updates, go to www.crainsnewyork.com Journal arrives ECONOMIC SPOTLIGHT in London rupert murdoch’s recently acquired Dow Jones & Co. will offer the U.S. edition of The Wall Street Journal in London starting April 16—part of an effort to ex- pand its international presence and compete with Pearson’s Financial Times.The U.S. edition will be sold by 250 newsagents, with an initial print run of 3,500 copies. Schering-Plough shears staff schering-plough corp. said it will cut 10% of its jobs and shut plants to save $1.5 billion annually and counter expected In the Garden of Dolan losses on cholesterol-lowering drug Vytorin.The Kenilworth, MADISON SQUARE GARDEN officials unveiled details of the N.J.-based company made the arena’s $500 million top-to-bottom renovation, to be paid announcement two days after a for entirely by MSG owner CABLEVISION SYSTEMS CORP. The panel of doctors said Vytorin shouldn’t be used as an initial renovations are scheduled for completion by the 2011-12 treatment. Economy Watch Knicks and Rangers seasons. City and state officials still The 12-month rise in area prices was the lowest in four months. The big drop hope to persuade Cablevision’s controlling Dolan family to News media cuts in NYC’s February jobless rate may mean that many people called off job hunts. forsake the plan in favor of building a new arena at the newsweek will lose 111 staffers, JANUARY ’08 FEBRUARY ’08 COMPARISON planned MOYNIHAN STATION across Eighth Avenue. including veteran film critic NY area inflation change +0.2% +0.5% +3.6%1 madison square garden square madison David Ansen and arts writer NYC unemployment rate 6.1% 4.4% 4.8%2 David Gates, after offering a NYC employment change n/a +2,300 +47,1003 and other retail items is causing buyout package to nearly 150 TIAA appoints confusion for consumers. employees. ... CBS Corp.’s CBS 1-Inflation rate for the latest 12-month period. 2-U.S. unemployment rate. 3-Change for the News division will cut about 1% latest 12-month period. n/a Not available. new CEO of its 1,200-employee workforce NYC Hotel Stats Broadway Stats the teachers Insurance and Shaken Citi amid earnings declines in Annuity Association named plans shake-up television and print news outlets. Average occupancy and room rate Figures for attendance and gross former Federal Reserve governor rose in February, PKF Consulting climbed in the week ended 3/30, The Roger Fergu- in a revamp of Citigroup Inc.’s The light choice? says. Year-to-date averages also rose League of American Theatres and son Jr. (right) consumer division, consumer for both measures, with this year’s re- Producers says. The percent of capac- its new presi- co-head Steven Freiberg will take a manhattan appeals court sults—78.3% and $263.89—topping ity filled, which was in the 70% range dent and chief over U.S. and international credit overturned the decision awarding 2007’s levels of 76.1% and $241.71. just a few weeks ago, reached 90.68%. executive, cards; the group’s other operations class-action status to a lawsuit succeeding will be led by former Lloyds TSB seeking at least $200 billion from Herbert bloomberg news Group executive Terri Dial, along tobacco companies for portraying Allison. Mr. Ferguson was most with four regional chiefs outside light cigarettes as less harmful recently head of financial services the United States. than regular cigarettes.The at Swiss Reinsurance Co.TIAA defendants, including Philip board member Ronald Thompson Morris and R.J. Reynolds will succeed Mr. Allison as Job cuts Tobacco, said there are various chairman. at DoubleClick reasons behind individual smokers’ choice of cigarettes. google inc. is cutting 25% of Lehman raises U.S. positions, or approximately $4 billion 300 jobs, at ad-technology Manhattan company DoubleClick, which it sale signs lehman brothers Holdings Inc. recently acquired.The Mountain raised $4 billion through a stock View, Calif.-based company also the number of Manhattan Capital IQ’s Weekly Deals Report sale aimed at quelling concerns put DoubleClick’s search engine apartment sales fell 34% in the that it is short on capital. marketing unit up for sale, and first quarter versus year-earlier TRANSACTION SIZE COMPANY/LOCATION (in millions) BUYER/INVESTOR TRANSACTION TYPE Separately, the company filed a suggested that job cuts will levels, as recession fears and job lawsuit against Japan’s Marubeni eventually affect the Manhattan- cuts made for wary buyers, Merisel Inc. $83.4 American Capital Strategies Ltd. FB M&A Manhattan Corp. to recover $353 million, based unit’s 300 overseas according to a WebCollage Inc. $10.0 Gilde IF Fund, Greylock Partners GCI saying it was the victim of fraud employees. Miller Samuel Manhattan Israel, Sierra Ventures, Cedar Fund involving employees at that Inc. report Miller Mathis & Co. $9.4 Rodman & Renshaw SB M&A company. prepared for Manhattan Capital Group Inc. Music deal Prudential Odyne Corp. $7.0 The Quercus Trust GCI Apples to apples for MySpace Douglas Hauppauge, L.I. Elliman. LICT Corp., certain assets $6.6 Not disclosed SB M&A steven job’s Apple Inc. filed an news corp.’s MySpace inked a Manhattan’s Rye, N.Y. official objection to NYC & deal with Sony BMG Music inventory of WePlay Inc. $4.4 Pequot Ventures, individual investors, GCI Company’s application to Entertainment, Universal apartments Manhattan management of WePlay Inc. trademark the apple-shaped logo Music Group and Warner rose 4.6%, to RichFX Inc. $3.1 ChannelAdvisor Corp. SB M&A of its new GreeNYC Music Group to form MySpace 6,194 units. Manhattan environmental campaign.The Music.The service, slated to be Nevertheless, ap images Selected deals announced during the week of March 23 for companies headquartered in metro New York. FB M&A: Financial buyer M&A represents a minority or majority acquisition of exist- Cupertino, Calif.-based company rolled out this year, will allow the average sale price jumped ing shares of a company with the participation of a financial buyer. GCI: Growth capital invest- says that the logo developed by users of the social networking 33.5%, to $1.7 million, spurred by ment represents new money invested in a company for a minority stake. SB M&A: Strategic buyer New York City’s marketing agency site to access, share and purchases at the high end. M&A represents a minority or majority acquisition of existing shares of a company without the is too similar to Apple’s, and that purchase the labels’ music and —from staff reports and participation of a financial buyer.

bekka lindström bekka its use on reusable shopping bags related merchandise. bloomberg news reports

16 | Crain’s New York Business | April 7, 2008 Project1 2/15/08 11:10 AM Page 1

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SOME OF NEW YORK’S MOST INSPIRING LEADING LADIES WON’T BE FOUND ON A BROADWAY STAGE.

WWW.TEACHNYC.NET

NYC DEPARTMENT OF EDUCATION CNYB 04-07-08 A 19 4/3/2008 4:58 PM Page 1

SMALL BUSINESS Incubator tenants prosper by design NY DESIGNS The incubator was essentially In another big step, NY Designs OPENED July 2006 Facility offers cheap rent and peer support, leaderless for almost a year, until is getting its first designer-in-resi- but Queens location is surprisingly tough sell Ms. Tabachnick signed on in Janu- dence, Paul D. Miller, of the epony- UNITS 19 of various sizes, up to ary. She is scrambling to step up mous Manhattan firm.He will offer 1,080 square feet designers, an estimated 175,000— marketing, and she plans to launch mentoring, as well as lead group cri- LEASES 6 months to 3 years BY ERNEST BECK NY Designs has struggled to fill its an e-newsletter about lectures and tiques and workshops. PREFERRED TENANTS Business- space. Six units remain vacant. events at the space and a blog about Ms. Tabachnick recognizes that es with growth potential that are ny good entrepreneur “Many businesses feel they must the business of design. She’s also the incubator hasn’t realized its full must be able to quickly be in Manhattan to meet with cli- building relationships with such potential.That will happen when all eager to join a design community convert opportunities ents,for the convenience and the ca- groups as the American Institute of the rooms are occupied “and there’s APPLY TO Natalia Arguello, into advances. Glass de- chet,” Ms. Tabachnick says. “Their Graphic Arts and the American In- a waiting list to get in,” she says. (718) 663-8402 or signer Andrew Hughes attitude is,‘If you’re not in Manhat- stitute of Architects, and with [email protected] Ademonstrated that ability nearly two tan, you’re not anything.’ ” schools, including Parsons. COMMENTS? [email protected] years ago. After landing a lucrative glass-blowing role in a Michelob beer ad, he converted his windfall into rent on a 300-square-foot space at NY Designs,an incubator that had just opened in Queens. “When I saw the space, I thought it was perfect,”says Mr.Hughes,who had previously run his business, AOH Design,out of his apartment in Long Island City. Unlike his resi- dence or the foundry where he works, the office is a place where he can bring clients to view his delicate creations. Mr. Hughes is one of 13 entre- preneurs who have set up shop in NY Designs, a 35,000-square-foot, loftlike facility run by CUNY’s LaGuardia College on the seventh floor of one its buildings in Long Is- land City.The $6 million incubator opened in 2006 after a gut “green” renovation that included laying car- pet made of recycled tires. It provides shared space for col- laborating, plus such goodies as free Internet hookups,discounted phone Beacon Capital Partners, LLC service and courses on topics like running a small design business and thanks the brokerage community for financial planning. But perhaps the biggest attraction is the rent: It runs the recent 244,000 sf of leases between $2.50 and $3 a square foot, which puts the cost of a real office at within reach of virtually any fledg- ling operation. Benefits from neighbors “many of the owners come here from working in their apartments,” says Jane Tabachnick, director of NY Designs. Several tenants acknowledge that they have benefited from hav- ing peers close by. Tribecca Designs, a graphics and branding firm, moved into the incu- 44 SOUTH BROADWAY bator in July 2006 and within weeks REDEFINING DOWNTOWN WHITE PLAINS began doing all the marketing for Eenamaria, an apparel and acces- sories designer just down the hall. We are pleased to welcome: Tribecca itself turns to another ten- ant, Fifth Line Group, for help on projects involving animation or 3-D. Disney Publishing Worldwide Cravath Swaine & Moore Cooperation also takes place on a less formal, more frequent basis. FAMM APS Healthcare “You can just go outside the door and ask someone for help,”says Lui- Loews Corporation Hogan & Hartson gi Laguna, owner of leather goods maker Bebu, which operates out of a 2,500-square-foot manufacturing space nearby. “It’s like a family or a 3,500 - 250,000 SF AVAILABLE AT THIS WHITE PLAINS PREMIER OFFICE TOWER team.” Since moving his office into two units at NY Designs last year,Mr.La- guna has gotten advice from neigh- GREG FRISOLI JOSH KURILOFF 203.326.5831 212.841.7894 bors on everything from marketing [email protected] [email protected] to using the Web more effectively. Despite all its advantages—in- www.WestchesterOne.com cluding a location close to the heart of the nation’s largest community of

April 7, 2008 | Crain’s New York Business | 19 CNYB 04-07-08 A 20 4/3/2008 4:55 PM Page 1

Banker to run St. Francis College

agenda initially will simply be to with Mr.Dugan for 27 years through New president plans make sure the work Frank has start- five different banks. “He recognizes to keep enrollment ed continues. He is leaving behind that good community relations make an infrastructure with tremendous for good business, and he’s always on upswing; expertise momentum,” he says. been involved in giving back.” With nearly 40 successful years will help raise funds in the banking business, Mr. Dugan His alma mater is all about momentum. After stints still, luring customers from ri- BY KIRA BINDRIM at NatWest Bancorp and EAB, he val banks isn’t quite the same as ap- was recruited by Alan Fishman, pealing to the college crowd,and Mr. brendan dugan knows numbers. then chief executive of Indepen- Dugan doesn’t doubt his new posi- But when the banking veteran takes dence Community Bank Corp., to tion will be a challenge.The Brook- over as president of Brooklyn’s St. help convert the thrift into a com- lyn native is no stranger to St. Fran- Francis College on July 1, he’ll have mercial bank. Within three years, cis, having gotten his undergraduate to convert that knowledge from Mr. Dugan and a handpicked team degree there in 1968.Mr.Dugan has profit margins and market share to also served on the school’s board of BRENDAN DUGAN has big shoes to fill. applications and acceptance rates. trustees for the past 12 years, the Currently chairman and chief Applications to length of Mr. Macchiarola’s tenure, executive of Sovereign Bancorp’s and used his financial expertise to New York University. metropolitan New York and New St. Francis have chair its $40 million Campaign for In the meantime, however, Mr. Jersey division, Mr. Dugan, 60, has Big Dreams fundraising effort. Dugan is alternating days between big shoes to fill.During the past five surged 45% in “Whether you’re talking about St. Francis and Sovereign, where years, President Frank Macchiarola an arts institution or a social servic- newly installed metropolitan retail presided over a 14% increase in the the past 5 years es institution or a cultural institu- and commercial chiefs will absorb size of St. Francis’ freshman class tion, all of them have at their heart his responsibilities in July. He says and a 45% surge in applications.The the need to fundraise,” he says. the transition has proven more en- school also boasts a new athletic In addition to bolstering St.Fran- couraging than chaotic. center, library and theater. This cis’ bottom line, Mr. Dugan hopes to “The more time I spend at the spring, the first graduates of its new led Independence to 20% growth in highlight the Brooklyn Heights col- college, and the more people I’ve bachelor’s/master’s accounting pro- commercial lending. Independence lege as a financially logical option been exposed to, ... the better this gram will get their degrees. was acquired by Sovereign in 2006. among schools in New York and lib- idea seems to me,” he says.“When I “He’s a visionary and a people per- eral arts colleges nationwide.During look at and meet the students, it’s Good momentum son,” says Tom Iadanza, Sovereign’s the 2007-08 academic year,St.Fran- like I’m seeing myself.” mr. dugan says he has no intention New York/New Jersey president of cis’ full-time tuition was $14,405, of reworking a good thing. “My commercial banking, who’s worked compared with more than $30,000 at COMMENTS? [email protected]

Is Pleased to Announce its Appointment of the Lincoln Center Garage

212.832.2066 Rafael Llopiz x200 Stan Kleger x213

20 | Crain’s New York Business | April 7, 2008 CNYB 04-07-08 A 21 4/3/2008 1:55 PM Page 1

REAL ESTATE INSIDE Q&A Head of union contractors group backs new work-safety rules PAGE 24 Largest architecture firms in the New York area PAGE 26 CoStar’s top property-sales firms PAGE 29 Less goes up; prices come down Construction slowdown could spell end to skyrocketing costs

BY STAN LUXENBERG

he clouds gathering over development in New York City do have a silver lining: Soaring construction costs are showing signs of slowing. After skyrocketing at an annual rate of T12% for the past three years, total construction costs are expected to rise between 7% and 9.5% this year. Though still double the rate of inflation, the slowdown could 14%REDUCTION in mark the beginning of a trend. Just as lumber prices over the past costs spiked along with the number and year due to size of projects, so they are expected to housing slump ease as development does. Construction activity is still brisk because many projects under way around the city were in the pipeline before the credit crisis hit last summer. But over the next few months, some contractors will probably find it difficult to line up more work. And See CONSTRUCTION on Page 22 buck ennis Ballfields become new community rallying point

games can be played simultaneous- Residents’ demands affect major projects ly, but it’s running out of options. “The fields are absolutely filled 800-player league doesn’t have to capacity,” says Chris McGinnis, RESTRICTING PLAY: BY WENDY DAVIS enough ballfields at Pier 40, where who is on the league’s board.“We’re Some leagues are it plays its games. beyond creative at this point.” turning players away the greenwich village Little The league has increased its ros- The ballfields recently became a because they don’t League is turning participants ter size to 13 from 12 and changed flash point as the Hudson River have enough fields.

away this spring. The reason: The field configurations so that more See BALLFIELDS on Page 23 buck ennis

April 7, 2008 | Crain’s New York Business | 21 CNYB 04-07-08 A 22 4/3/2008 1:57 PM Page 1

REPORT THE MTA decided that a dome designed for the Fulton Street Transit Center was too costly. bloomberg news Construction costs

Continued from Page 21 In January, the Metropolitan that could lead to more competitive Transportation Authority an- bidding and lower prices. nounced that it was abandoning “Everybody is busy this min- plans to place a glass dome in the ute,” says Barry LePatner, a Man- Fulton Street Transit Center—an hattan lawyer who specializes in architectural touch that was to make construction. “But in the months it a public space rivaling Grand ahead, contractors will be finishing Central Terminal.The MTA says it jobs and may not be able to find new had to revise its plan because the projects.” cost of the center had ballooned to The mortgage crisis is a double $1.15 billion from the original $750 whammy for real estate develop- million. Only one company bid on ment in the city, making it difficult the project. for developers to secure financing for major projects and creating Material difference heavy losses on Wall Street. That though overall cost increases has caused some financial firms to are expected to moderate, the out- reassess their plans for new office look for construction material pric- buildings. ing remains mixed. Just last month, after agreeing to The slump in home construction buy Bear Stearns Cos., J.P.Morgan nationwide has reduced lumber Chase & Co. said it was scrapping prices by 14% in the past year, ac- plans to move the investment bank- cording to the National Association ing unit into an office tower that it of Home Builders. Prices for dry- had planned to build at the World wall have also dropped. Trade Center site. The price of concrete has risen J.P.Morgan said that it would in- 11.3% in the past year, however, as stead locate the unit at Bear Stearns’ two large projects—new stadiums midtown headquarters. The bank for the Yankees and the Mets—are claims that it is still committed to putting pressure on supply in the the site, but what type of project it New York area. would develop there is unclear. In addition to strong regional de- Merrill Lynch & Co. is also re- mand, booming worldwide mar- thinking its plans for space.Late last kets, including those of China and year,the firm was ready to announce the Middle East, have nudged up that it would move to an office tow- prices on a range of basic materials, er that Vornado Realty Trust was including copper, steel and glass. going to build on the site of the Ho- “In the last few months, we have tel Pennsylvania.But Merrill,which seen copper prices go up 27% and reported major writedowns and re- aluminum rise 30%,” says John Liv- placed its chief executive in the ingston,president of Tishman Con- fourth quarter, is now considering struction Corp. less ambitious plans downtown. Labor costs in the city have risen Competition among contractors about 4% annually for the past few is already picking up, according to years.Much of those increases are the Raymond Quartararo, Northeast result of union contracts, including regional manager at Jones Lang some that will be up for renewal this LaSalle. year. Health insurance and other benefits are also boosting expenses. Ferocious bidding Construction experts forecast one landlord recentlyhad eight that labor costs will continue their contractors pursuing a job to reno- upward trajectory,as the demand for vate 50,000 square feet of office skilled workers remains high. Some space, and the ferocity of the bid- contractors are paying premiums ding was surprising,Mr.Quartararo over union rates to attract scarce says. help. “A year ago, you were lucky to “If someone down the block is have two people bidding,” he says. paying $2 an hour extra, then you “Contractors are bidding on more may have to match the price,” says jobs and trying to maintain their Christopher Zegler, vice president backlogs.” and manager of preconstruction Lower costs would be a welcome services at Turner Construction Co. relief to developers throughout the “Until demand really comes down, city, and especially for government it will be hard to negotiate lower rate agencies that have had to scale back increases.” their projects because of runaway increases. COMMENTS? [email protected] CNYB 04-07-08 A 23 4/3/2008 4:14 PM Page 1

REPORT REAL ESTATE

days for the next 20 years. Jon McMillan, former planning Asserting that private schools director for Battery Park City, says Ballfields become rallying point shouldn’t control public park space, downtown residents played a big role a group of East Harlem parents in shaping the neighborhood’s parks challenged the deal in court. In Jan- in the 1990s. The original design Continued from Page 21 mittee. The site will now include the need for such facilities,as well as uary, a State Supreme court judge called for more passive parks along Park Trust,which controls the crum- 19,000 square feet of active green the lengths people are willing to go blocked the proposal, saying that the waterfront, where people could bling pier,considered a $600 million space near East 35th Street and First to secure them. As part of a contro- the city had not followed the formal sunbathe or walk. But residents in- plan by The Related Companies to Avenue. versial agreement, 20 private land-use process. sisted that the plan be modified to in- build an entertainment and retail Councilman Daniel Garodnick, schools—including Dalton and clude some active playing fields. complex on the 14-acre site. The who helped broker the compromise, Spence,would donate $44.7 million No single formula “We would go to community community objected, partly because says that the park won’t necessarily toward building 27 new ballfields developers don’t possess a for- board meetings and say what we its ballfields would have been moved have a regulation soccer or baseball and renovating 36 existing ones on mula to calculate what portion of were planning to do, and everyone to the rooftop of a 40-foot-high field but will have enough green the island, which the city owns. In space should be devoted to ball- would start yelling at us,” Mr. building. space for practice games. exchange,the schools would get first fields, according to David Barth, a McMillan says. “They would be incredibly hot The city’s plan for new fields at dibs on use of 42 of the fields be- partner in design firm Glatting and exposed to the elements,” says Randall’s Island put a spotlight on tween 3 p.m. and 6 p.m. on school Jackson Kercher Anglin. COMMENTS? [email protected] Irene Kaufman,a neighborhood res- ident.The trust has shelved Related’s plan and is awaiting other proposals. Playing fields are taken for granted in the suburbs,but Manhat- tan parents are increasingly locking horns with developers and city offi- cials over the need for open spaces where kids can play sports. The problem is particularly acute now as more apartments are built, gobbling up land and creating more demand for recreational space for residents at the same time. The situation is worse in some neighborhoods than in others. Cur- ‘You will just see children all day long playing games’

rently, Little Leaguers and soccer players who live between East 14th and East 59th streets have three ballfields that they can use, all of them between East 15th and East 18th streets. Parents say these fields are always full. “Starting in April, from sunup to sundown on Saturdays and Sun- days,you will just see children all day long playing games,” says Mary Carol French,a local resident whose 12-year-old plays softball on the East Side fields. Overloading facilities peter stuyvesant Little League President Mike Conlon says that capacity is a problem and that if the situation worsens, players might be turned away—an unwelcome prospect. “A lack of organized sports in a child’s life has a negative impact,” Mr.Conlon says.“There’s a lot to be said for playing baseball and soccer in a nice open area.” East Side residents and others worry that Sheldon Solow’s new residential project on the Con Edi- son power plant site south of the United Nations complex will over- load existing recreational facilities. The development, comprising sev- en towers on nine acres, is expected to bring hundreds of additional school-age children into the area. The original blueprint didn’t in- clude ballfields.But last month,Mr. Solow agreed to modify the plans at the request of a City Council com-

April 7, 2008 | Crain’s New York Business | 23 CNYB 04-07-08 A 24 4/3/2008 2:00 PM Page 1

REPORT

A: Over the last six months to a year, you’ve been hearing more about the issue of safety. I think it initially started in the boroughs outside Manhattan, where there Q&A was concern about safety on jobs for buildings below 15 stories. Those are the jobs that are most unsafe. Last year, 75% of the Crane construction-related deaths in New York City occurred on nonunion jobs below 14 stories in Brooklyn collapse and Queens and primarily involved immigrants. puts focus The Buildings Department has recently put together a special enforcement unit that has on safety aggressively gone out to Brooklyn and Queens and issued an incredible number of stop-work orders. I Union contractors believe the department stats said there were currently 6,000 stop-work support new rules, orders in place. Only 40 of them training for trades were on jobs 15 stories or higher. Those jobs present a different set We Take Family Office ouis coletti is of challenges, and I’m not president and chief minimizing that number. But I Services to New Heights. executive of the think the accidents and the tragedies Building Trades we’ve had on the larger sites have Anchin, Block & Anchin LLP At Anchin, we make life easier and “richer” for our clients. We adopt a Employers’ Association, brought all of the concerns that have Accountants and Advisors strategic business management approach — from providing sound financial Lwhich represents 1,200 unionized been percolating out there full-force Family Office Services and tax advice; to buying and selling homes, autos, private jets, and art; to contractors in New York City. He right before the public. New York Westchester Long Island bill paying. Our goal is to maximize our clients’ dollar growth while lifting the spoke recently with Assistant When you look at comparative Managing Editor Robert Hordt. data, New York City, even with the 212.863.1384 www.anchin.com burden of daily tasks off their shoulders. We earn the right to be their Family latest accidents, is still the safest Office or to support their existing Family Office. And we deliver. Let Anchin Q: connect you with Your Expert Partner in Family Office Services. What has your group done to city in terms of construction address construction safety in the wake accidents in the country. When you of the crane collapse that killed seven look at construction-related people on the East Side of Manhattan fatalities, which is the only last month? common statistic you can get, the A: After the accident, unionized construction we immediately adopted industry in New York two initiatives. We asked City has had the least all of our members over amount of deaths that the next 24 to 48 hours to can be documented from inspect and reinspect all 2003 through 2006. those jobs where crane jumps [or extensions] Q: The city has already were scheduled.The city instituted reforms, most said there were 250 notably requiring that an permits out for cranes, and glassman ronald inspector be on site Louis Coletti we believe our members whenever a crane is erected, were doing about 200. jumped or dismantled. And by the way, this accident did What other kind of construction not involve one of our members; he reforms do you anticipate from the is a union contractor but not a city? member of our association. A: We support the changes We also are in the process of having to do with cranes. I’m sure retaining an outside consultant to that there will be other new come in and take a look at the proposals that come forth from the construction methods we are Buildings Department and City utilizing now to do crane jumps, Council. We will actively support hoist jumps and erect scaffolding. the ones that make sense. We are going to be looking at so- We’ve already had discussions called best practices. In other with the city about legislation that words, is there anything else that would require general contractors we could be or should be doing that and concrete contractors to register we’re not doing now? with the city. We testified before Our members already have a the City Council that there should strong safety program when it be provisions in the building code comes to crane operations, that require a contractor’s trade something that the city has now workforce to have specific training mandated. We do a pretask safety in order to get a building permit. plan, which means that before you go into that phase of the job you lay Q: I would think most union everything out—the logistics, who contractors have all those things in is going to do what, who is going to place. 49 west 32nd street (212) 277-2647 be responsible for what, etc. And A: To some degree. I’ll tell you new york, ny 10001 www.radisson.com/martinique then a second time—right before what scares me. When you see the you implement the jump you meet kind of tragedy that occurred and with your subcontractors and go recognize that it’s a job where over the plan. I don’t know if that workers were trained, you say to happened on this job because I’m yourself, “What in God’s name is not familiar with that company. going on those jobs where you don’t have a trained workforce?” Q: Do you think you are starting to see public backlash from the accident? COMMENTS? [email protected]

24 | Crain’s New York Business | April 7, 2008 Project1 4/1/08 10:03 AM Page 1

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REPORT REAL ESTATE

1,936 Gensler Architecture, Design & Planning Number of area architects employed by the top 26 firms in 2007 13% Growth in the number of NY area architects at top 26 firms versus 2006 bekka lindström bekka New York Area’s Largest Architecture Firms Ranked by number of area architects

2007 ’07 NY area worldwide projects NY area Worldwide construction Number of NY area total square Head of firm architects architects volume projects service mix footage Rank Firm Phone/Web site 2007/20061 2007/20061 (in millions)2 in 20073 (% of billings) (in millions)4 Selected NY area projects/clients

Perkins Eastman Bradford Perkins 182 290 $8,500.0 NY area: 267 Architecture: 80% 12.1 TKTS Booth, Sky View Parc 115 Fifth Ave. President 169 267 US: 522 Interiors: 12% 1 New York, NY 10003 (212) 353-7200/www.perkinseastman.com International: 57 Planning: 6% Restoration: 2% HOK Kenneth Drucker, Juliette Lam, Chuck Siconolfi 142 1,041 $10,516.7 NY area: 114 Architecture: 70% 0.3 New York Science Center at the 620 Sixth Ave. Senior principals 98 984 US: 1,632 Interiors: 20% Brooklyn Army Terminal, Blue Sky 2 New York, NY 10011 (212) 741-1200/www.hok.com International: 1,964 Planning: 10% Studios Gensler Architecture, Design & Planning Robin Klehr Avia, Joseph Brancato 139 561 $13,000.0 NY area: 973 Architecture: 38% 18.1 Bank of America Tower, JetBlue 1230 Sixth Ave. Managing principals 101 488 US: 4,207 Interiors: 54% 3 New York, NY 10020 (212) 492-1400/www.gensler.com International: 513 Planning: 8% Kohn Pedersen Fox Associates 5 Lee A. Polisano 139 198 $3,000.0 NY area: n/d Architecture: 80% n/dn/d 111 W. 57th St. President 139 198 US: n/d Interiors: 10% 4 New York, NY 10019 (212) 977-6500/www.kpf.com International: n/d Planning: 10% Ismael Leyva Architects Ismael Leyva 99 99 $18.0 NY area: 21 Architecture: 30% 8.6 Place 57, Heron & Pagoda Towers 48 W. 37th St. President 88 88 US: 24 Engineering: 10% 5 New York, NY 10018 (212) 290-1444/www.ilarch.com International: 4 Interiors: 40% Planning: 10% Restoration: 10% Skidmore Owings & Merrill T.J. Gottesdiener 92 186 n/a NY area: 249 Architecture: 86% n/a 7 World Trade Center, Moynihan 14 Wall St. Managing partner 88 177 US: 561 Interiors: 10% Station redevelopment 6 New York, NY 10005 (212) 298-9300/www.som.com International: 239 Planning: 4% RMJM Hillier 6 Sir Fraser Morrison 88 709 n/a NY area: 68 Architecture: 70% n/a East River Science Park, Gouverneur 275 Seventh Ave. Chief executive 50 118 US: 340 Interiors: 20% Healthcare Services 7 New York, NY 10001 (212) 629-4100/www.rmjmhillier.com International: n/d Planning: 6% Restoration: 4% Fxfowle Architects Guy Geier 74 79 $700.0 NY area: 28 Architecture: 75% 5.0 Jose E. Serrano Center for Wildlife 22 W. 19 St. Managing principal 55 57 US: 30 Interiors: 15% Conservation, 11 Times Square 8 New York, NY 10011 (212) 627-1700/www.fxfowle.com International: 8 Planning: 5% Restoration: 5% Cetra/Ruddy Inc. Nancy J. Ruddy 73 73 $740.8 NY area: 22 Architecture: 70% 2.7 1 Madison Park, Lincoln Square 584 Broadway President 56 56 US: 5 Interiors: 20% Synagogue 9 New York, NY 10012 (212) 941-9801/www.cetraruddy.com International: 1 Planning: 5% Restoration: 5% Mancini Duffy Anthony P. Schirripa 68 124 $885.0 NY area: 258 Architecture: 3% 1.8 Millennium Capital Partners, Lord 39 W. 13th St. Chairman, chief executive 65 116 US: 345 Interiors: 97% & Taylor 10 New York, NY 10011 (212) 938-1260/www.manciniduffy.com International: 242 Polshek Partnership Architects Joseph L. Fleischer, Timothy P. Hartung 67 67 $500.0 NY area: 50 Architecture: 85% 1.0 Weill Cornell Medical College’s 320 W. 13th St. Managing partners 65 65 US: 85 Interiors: 5% Weill Greenberg Center, new Staten 11 New York, NY 10014 (212) 807-7171/www.polshek.com International: 0 Planning: 6% Island Courthouse Restoration: 4% HLW Theodore Hammer, Susan Boyle, John Gering 65 117 $680.0 NY area: 205 Architecture: 48% 2.5 Google, Hilton Hotels 115 Fifth Ave. Managing partners 56 98 US: 300 Engineering: 14% 12 New York, NY 10003 (212) 353-4600/www.hlw.com International: 55 Interiors: 35% Planning: 3% Stephen B. Jacobs Group Stephen B. Jacobs 62 62 $1,200.0 NY area: 58 Architecture: 65% 1.1 The Edge, Gansevoort Park 677 Fifth Ave. President 56 56 US: 92 Interiors: 25% 13 New York, NY 10022 (212) 421-3712/www.sbjgroup.com International: 2 Restoration: 10% Cooper Robertson & Partners Alexander Cooper 58 58 $362.0 NY area: 21 Architecture: 53% 0.2 Ethical Culture Fieldston School, 311 W. 43rd St. Founding partner 72 72 US: 79 Interiors: 3% Whitney Museum of American Art 14 New York, NY 10036 (212) 247-1717/www.cooperrobertson.com International: 8 Planning: 44% expansion Spector Group Scott E. Spector, Marc B. Spector, Michael H. Spector 57 62 $580.0 NY area: 105 Architecture: 41% 4.1 Nasdaq Stock Market, Lighthouse at 19 W. 44th St. Principals 49 51 US: 119 Interiors: 41% Long Island 15 New York, NY 10036 (212) 599-0055/www.spectorgroup.com International: 6 Planning: 15% Restoration: 3% NBBJ Timothy Johnson 54 490 $9,300.0 NY area: n/d Architecture: 41% 0.01 Silvercup Studios, Eastview office 2 Rector St. Partner 36 442 US: n/d Engineering: 33% building 16 New York, NY 10006 (212) 924-9000/www.nbbj.com International: n/d Interiors: 16% Planning: 9% Restoration: 1% Robert A.M. Stern Architects Robert A.M. Stern, Robert S. Buford 53 53 $341.5 NY area: 33 Architecture: 90% 0.0 Museum for African Art, 460 W. 34th St. Senior partner, managing partner 50 50 US: 151 Interiors: 5% 99 Church St. 17 New York, NY 10001 (212) 967-5100/www.ramsa.com International: 28 Planning: 5% Continued

26 | Crain’s New York Business | April 7, 2008 Project5 3/25/08 1:07 PM Page 1 Building New York’s Landmarks

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REPORT REAL ESTATE

2007 ’07 NY area worldwide projects NY area Worldwide construction Number of NY area total square Head of firm architects architects volume projects service mix footage Rank Firm Phone/Web site 2007/20061 2007/20061 (in millions)2 in 20073 (% of billings) (in millions)4 Selected NY area projects/clients Perkins+Will Paul Eagle 52 517 $4,119.1 NY area: 31 Architecture: 79% 0.4 United Nations, New York 215 Park Ave. South Principal, managing director 40 300 US: 849 Interiors: 18% University’s Leonard N. Stern 18 New York, NY 10003 (212) 251-7000/www.perkinswill.com International: 73 Planning: 3% School of Business Swanke Hayden Connell Architects Richard S. Hayden 52 100 n/a NY area: 85 Architecture: 60% 2.0 Moody’s Corp., Harlem 295 Lafayette St. Managing principal 50 90 US: 105 Interiors: 29% Park-Vornado 19 New York, NY 10012 (212) 226-9696/www.shca.com International: 85 Planning: 5% Restoration: 6% Beyer Blinder Belle Architects Frederick Bland 51 62 $447.0 NY area: 141 Architecture: 70% 1.5 General Theological Seminary’s & Planners Managing partner 55 65 US: 203 Interiors: 11% Desmond Tutu Center, Apollo 20 41 E. 11th St. (212) 777-7800/www.beyerblinderbelle.com International: 7 Planning: 12% Theater New York, NY 10003 Restoration: 7% Costas Kondylis and Partners Costas Kondylis 51 51 $1,750.0 NY area: 50 Architecture: 73% 4.4 Plaza Hotel, 605 W. 42nd St. 31 W. 27th St. Principal, founder 51 51 US: 55 Interiors: 16% 21 New York, NY 10001 (212) 725-4655/www.kondylis.com International: 3 Planning: 11% Ehrenkrantz Eckstut & Kuhn Architects Stanton Eckstut 50 75 $150.0 NY area: 22 Architecture: 50% 0.4 Moynihan Station redevelopment, 161 Sixth Ave. Principal 51 78 US: 74 Planning: 40% Rego Park Center 22 New York, NY 10013 (212) 353-0400/www.eekarchitects.com International: 11 Restoration: 10% SLCE Architects Peter Claman 48 48 $1.6 NY area: 56 Architecture: 90% 8.6 Element, 15 Central Park West 841 Broadway Partner 48 48 US: 61 Interiors: 5% 23 New York, NY 10003 (212) 979-8400/www.slcearch.com International: 2 Planning: 5% Davis Brody Bond Aedas J. Max Bond Jr., Steven M. Davis, 42 44 $104.0 NY area: 22 Architecture: 80% 0.3 7 National September 11 Museum at 315 Hudson St. William H. Paxson 40 40 US: 38 Interiors: 5% the World Trade Center, Columbia 24 New York, NY 10013 Partners International: 12 Planning: 10% University’s Manhattanville (212) 633-4700/www.davisbrodyaedas.com Restoration: 5% expansion STV Architects Inc. David Miles Ziskind 39 81 $867.0 NY area: 92 Architecture: 44% 4.0 P.S. 201 addition, Engine Co. 277 225 Park Ave. South Senior vice president, chief architect 42 83 US: 938 Engineering: 38% 25 New York, NY 10003 (212) 777-4400/www.stvinc.com International: 3 Interiors: 2% Planning: 5% Restoration: 11% Gruzen Samton Architects Planners Michael Kazan 39 39 $385.0 NY area: 94 Architecture: 90% 1.0 Cooper Union, Port Imperial Ferry & Interior Designers Principal 39 39 US: 102 Interiors: 4% Terminal 26 320 W. 13th St. (212) 477-0900/www.gruzensamton.com International: 6 Planning: 6% New York, NY 10014 Urban Architects, which appeared on last year’s list with 46 New York area architects, declined to participate.

New York area includes New York City and Nassau, Suffolk and Westchester counties in New York, and Bergen,Essex, Hudson and Union counties in New Jersey. Crain’s New York Businuesssess taff research, extensive surveys and the most current referencesavailable to produce its lists, but there isnoguarantee that theselistingsare complete. To qualify for this list, firms must be architecture firms with an office in the New York area. All information was suppliedby the firms.In case of tied figures, firmsaranrekedb y number of worldwide architects. n/a Not available. n/d Not disclosed. 1-Full-time and full-time-equivalent registeredarchitects, as of Dec. 31. 2-Dollar amounts includeonly those projects completed in 2007. 3-Includes projects indesignstage, under construction or completed in 2007. U.S. numbers include the New York area.International numbersare for projects outside of the United States. 4-Total square footage for projects completed in 2007. 5-Firm declined to respond to this year’ssurvey. All information is based on 2007 survey response. 6-OnJune 19, 2007, Hillier Architecture merged with RMJM to become RMJM Hillier. 7-Includes both design and construction projects.Research: Denise Southwood, Adrianne Pasquarelli and Heather Holland

28 | Crain’s New York Business | April 7, 2008 CNYB 04-07-08 A 29 4/3/2008 2:04 PM Page 1

REPORT CoStar’s Top Property-Sales Firms Ranked by commercial sales volume in Manhattan in 2007

Total dollar volume Total dollar volume Percent change Number of sales Avg. dollars per sale Brokerage in 2007 in 2006 in dollar volume in 2007 in 2007

1 Cushman & Wakefield Inc. $12,329,213,115 $1,192,818,150 +933.6% 39 $316,133,670

2 CB Richard Ellis $6,323,267,632 $11,725,658,750 -46.1% 27 $234,195,097

3 Eastdil Secured $5,746,026,000 $4,945,500,000 +16.2% 11 $522,366,000

4 Eastern Consolidated $4,602,692,850 $2,920,841,990 +57.6% 74 $62,198,552

5 Massey Knakal Realty Services Inc. $2,144,585,020 $2,096,665,074 +2.3% 154 $13,925,877

6 RMB Properties $1,185,303,536 $1,266,200,000 -6.4% 12 $98,775,295

7 Capin & Associates $1,034,813,152 $717,088,500 +44.3% 57 $18,154,617

8 Studley $1,001,500,000 $329,450,000 +204.0% 8 $125,187,500 9 GFI Realty Services Inc. $904,747,962 $336,270,000 +169.1% 29 $31,198,206 Smart businesspeople rent plants, 10 Jones Lang LaSalle $595,000,000 $79,000,000 +653.2% 1 $595,000,000 copiers and a lot more. 11 Newmark Knight Frank $563,599,063 $193,295,762 +191.6% 20 $28,179,953

12 Itzhaki Properties $547,651,972 $191,322,456 +186.2% 22 $24,893,271 Really smart businesspeople rent

13 GVA Williams $475,589,000 $449,151,987 +5.9% 6 $79,264,833 their furniture too.

14 Besen & Associates Inc. $467,690,000 $449,881,036 +4.0% 21 $22,270,952

15 Robert K. Futterman & Associates $220,300,000 n/a n/a 3 $73,433,333 Don’t tie your dollars up by purchasing offi ce furniture. Renting from CORT is smart business. Buying leaves 16 Marcus & Millichap $212,987,174 $214,159,912 -0.5% 26 $8,191,814 you stuck with furniture that decreases in value and is 17 Prudential Douglas Elliman $162,004,568 n/a n/a 20 $8,100,228 hard to resell. Just call CORT, and we’ll deliver and install within 48 hours. 18 Sinvin Realty $154,925,668 n/a n/a 5 $30,985,134

19 Murray Hill Properties $130,625,000 $110,963,830 +17.7% 6 $21,770,833 Long Island 631.420.5802 20 Extreme Realty $109,557,000 n/a n/a 7 $15,651,000 Manhattan TOTAL FOR TOP 20 $38,912,078,712 $27,342,341,265 +42.3% 548 $71,007,443 212.867.2800 Connecticut TOTAL FOR ALL TRACKED SALES $45,663,780,401 $34,944,339,016 +30.7% 1,200 $38,053,150 203.353.0400 Central New Jersey TOTAL FOR 2006’s TOP 20 FIRMS 676 $40,877,863 CORT.com 732.729.4744 TOTAL FOR ALL TRACKED SALES IN 2006 1,103 $31,681,178 Northern New Jersey 201.459.1401 Includes transactions of $500,000 or more in Manhattan that were reported to and confirmed by CoStar as of Feb. 15, 2008. Firms are credited for repre- senting the buyer, the seller or both. The total sales figure for the top 20 in 2006 includes confirmed sales for companies for which full data were not avail- able. n/a Not available. CoStar Group Inc., a provider of information services to the U.S. and U.K. commercial real estate industries, offers customers access via the Internet to the most comprehensive verified database of commercial real estate information in the United States and the United Kingdom. For more information, visit www.costar.com or call (877) 7COSTAR.

REAL ESTATE AND MORE AT WWW.CRAINSNEWYORK.COM

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April 7, 2008 | Crain’s New York Business | 29 nb14p30.qxp 4/3/2008 1:51 PM Page 1

REPORT REAL ESTATE Deals dealership, will use 10,400 square feet as a showroom,where it will dis- Dish’s deal includes naming rights play six cars at a time. The remain- der will be used as an office. Dancy Power is a joint venture be- Mike Kelly, executive vice presi- cludes a basement of the same size. tween Macky Dancy, his business Landlord grants dent of the Englewood, Colo.- Mr.Ward’s store,Halvie,will sell partner Tyrone Hill, and Rick Cap- perk, believing that based Dish, says that the company rugs handmade by artisans in Pak- lan, owner of Power Motor Cars Co. needed an executive presence in istan, India and Afghanistan. Prices The Lenox has sold 91% of its tenant could take New York City because so many ad- for most carpets will range from available units since they went on vertising firms are based here. Dish $5,000 to $40,000,though some an- the market a year and a half ago. more space in future has some field service operations in tique rugs will be available for six “Originally,I wanted to put a su- the city already. figures. permarket into the retail space,”says ish network corp., Ira Rovitz and Lenny Gazda, “We’re catering to the top 2% of Lew Futterman of Uptown Part- a satellite TV brokers at Grubb & Ellis New York the market,” says Mr. Ward, a for- ners, the developers of The Lenox. provider, is not only Inc., represented Dish. mer buyer for ABC Carpet and a “But then Dancy sold me on the idea adding its presence to —theresa agovino previous chief executive of rug sell- of giving me a luxury car dealership 185 Varick St.;it’s er Obeetee. “The area is becoming instead.” Dadding its name to the building as Engineers sublease a great design district for New There were no brokers involved well. York.” in the transaction. The deal Dish inked for 29,000 iVillage space Mr. Ward already operates a —andrew buck and square feet of office space comes 500-512 SEVENTH AVE. will house a wholesale division of Halvie, which elisabeth butler cordova with naming rights—a rarity in the engineering firm Flack + Kurtz consolidated Flack + Kurtz. sells carpets to corporate clients. real estate business. will relocate to 50,000 square feet at Stephen Tarter, principal of The building’s owner, the Feder- 500-512 Seventh Ave., between West Tarter|Stats Realty, represented PR firm opts bush family, opted to grant Dish 37th and West 38th streets. ker David Rosenbloom represented property owners Juliette Gallant for side street naming rights because it is a finan- The company, which plans to iVillage. and Martin Bondell in the deal. cially stable company that may one move in July, is subleasing the space —theresa agovino Mark Simon of Isaacs & Co. nego- makovsky & co., a public relations day lease half of the property, ac- from iVillage Inc. The asking rent tiated on behalf of Halvie. and investor relations firm, signed a cording to Matthew Bergey, a bro- was $55 a square foot. —elisabeth butler cordova 10-year lease for about 18,500 ker at CB Richard Ellis Inc., who Flack + Kurtz is currently Rug wholesaler square feet—the entire 15th floor— represented the landlord with col- housed on three floors at 475 Fifth adds SoHo store at 16 E. 34th St., between Fifth and league Bruce Surry. Ave. One attraction of the new lo- Car dealer wheels Madison avenues. Under the current deal, Dish cation is that it allows the company after spending 15 years in the into uptown condo The deal brings the building to will lease the entire fifth and sixth to consolidate by taking over the luxury carpet business, Bill Ward is 100% occupancy. The asking rent floors and has the option to rent the 14th floor, says John Ryan, a broker finally opening his own store in the a luxury car dealer has signed a for the space, which Makovsky fourth floor of the building, locat- at Jones Lang LaSalle, who repre- city. 10-year lease for 11,200 square feet plans to occupy in July, was $47 a ed between King and Charlton sented Flack + Kurtz with col- He recently signed a 10-year in the lobby of The Lenox Condo- square foot. streets. league Jay Lapham.The firm is also lease at 75 Grand St., between Woos- minium at 380 Lenox Ave., at West Ken Makovsky, president and The asking rent was $46 a square saving money on construction by ter and Greene streets in SoHo.The 129th Street. The asking rent was founder of the firm, says he was foot. The lease extends for six and a using part of iVillage’s office lay- asking rent was about $80 per square $50 a square foot. attracted to the office because its half years. The company is moving out. foot for the 4,200-square-foot Dancy Power Automotive Group, wall of windows provides great light into the building in June. Cushman & Wakefield Inc.bro- ground floor. The space also in- which bills itself as an exotic car and views. Plus, the building is con-

Gregory P. Knoop has joined Somerset Partners as Executive Vice President and Director of Leasing and Asset Management. real estate developers. be part of the big picture.

SEEKING PROPOSALS FOR DEVELOPMENT AND LEASE New York City Economic Development Corporation (NYCEDC), in conjunction with the New York City Health and Hospitals Corporation (HHC), is seeking proposals for the redevelopment and long-term lease of the former Bellevue Psychiatric Hospital building. The structure will be transformed into a hotel and conference center catering to the surrounding medical and bioscience communities.

RESPONSES ARE DUE NO LATER THAN 4:00 p.m. on Friday, June 13, 2008. Submission guidelines and requirements are outlined in the RFP, which can be downloaded at www.nycedc.com/rfp, or picked up at NYCEDC, 110 William Street, 6th floor, New York, NY, Monday -Friday, between 9:30 a.m. and 4:30 p.m.

www.somersetpartnersllc.com REQUEST FOR PROPOSALS

30 | Crain’s New York Business | April 7, 2008 CNYB 04-07-08 A 31 4/3/2008 5:02 PM Page 1

NEIGHBORHOOD JOURNAL

venient to Penn Station and Grand Central terminal. Makovsky is currently located at Rough ride for Coney Is. development 575 Lexington Ave., but the land- lord was asking $75 a square foot to renew the lease, says Andrew Sachs, dog eating contest to the area. Any- a broker at Cushman & Wakefield Astroland stays open thing, she says, “to preserve Coney Inc., who represented the company as rezoning stalls; Island’s honky-tonk soul.” with colleague Bill Levitsky. The city has made some progress The building’s owner, Wohio uncertain future in carrying out its revitalization Holding Inc., was represented by plan. A designer has been selected Larry Swiger, a senior vice president for some projects for Steeplechase Plaza, a new park at the property’s managing agent,SL on the boardwalk that will feature a Green Realty Corp. ertha the hyper-elderly performance green. The plaza will —theresa agovino sand shark swam her fi- also house the refurbished B&B nal lap at the New York Carousel, a remnant of the area’s Aquarium last week, but heyday. Media company just down the Coney Is- No matter what happens, Coun- doubles square feet Bland boardwalk, life, surprisingly, cilman Domenic M. Recchia Jr., D- GROCERIES ON TAP: Queens West, shown here in a rendering, has offered residents little goes on. Thanks to the city’s stalled Brooklyn, says Coney Island will opportunity to fill their refrigerators. The arrival of a supermarket will change that. ultrabland inc. signed a 10-year rezoning and redevelopment plans not suffer during the transition. lease for 10,000 square feet at 39 W. for the area, the Astroland Amuse- “Coney Island is not going to be des- 19th St.,between Fifth and Sixth av- ment Park will be open this sum- olate as it’s going through revitaliza- joined it, offering a total of 2,350 cause there wasn’t any parking” says enues. The asking rent was $35 a mer—and who knows how many tion. We’re going to keep it up and units of housing—but offering resi- John McMillan,Rockrose Develop- square foot. more. Astroland’s owners say last going as best we can,” he says. dents little opportunity to fill their ment Corp.’s director of planning. The boutique media company, year’s farewell season drew large —matthew sollars fridges. Rockrose has built two towers in which creates promos and trailers for crowds—and they expect the same “Now that there is more infra- Queens West, the second of which TV networks, is nearly doubling its this year. structure, we are hitting the critical included a 570-car parking garage. space at the new location, according Elsewhere, though, the uncer- Amenities come mass needed for building a commu- Rockrose plans to erect five more to Perry Mesmer of GVA Williams, tainty is taking its toll. Carl Hum, to Queens West nity,” says Phil Wharton, vice presi- buildings, eventually boosting its who represented the landlord, Abn- president of the Brooklyn Chamber dent of development for Avalon Bay total number of apartments to er Properties. The company is now of Commerce, believes the plans for the blossoming high-rise neigh- Communities. Mr. Wharton’s com- 3,200. Construction on the next located at 27 W. 24th St. Coney Island are fantastic. But, he borhood on the Long Island City, pany has built a few towers there, in- building is scheduled to begin in Ultrabland joins several other art says, “if I were a developer there, I Queens, waterfront is about to get cluding the first, with a total of 1,450 2009. Others will be started at six- would hold off until the rezoning something it has never had—a su- apartments. The rent for studios month intervals until the project is happens.” permarket. A 20,000-square-foot ranges from $1,800 to $4,000. completed in 2012. One developer has already done Amish Market will open in the base Early on,the apartments attract- Meanwhile, the area is sprouting that. Taconic Investment Partners of one of the new towers. A Duane ed younger tenants looking for a infrastructure of a greener sort. plans eventually to turn the 1920s- Reade drugstore will follow nearby. cheaper alternative to Manhattan. Nearly four acres of parks have al- era Childs Restaurant building into a The arrivals are long overdue. Many families shied away because ready been opened along the water- high-end restaurant. But in the The first building in what is official- of the lack of amenities of all types. front, and an additional nine acres meantime, the firm reopened the ly known as Queens West went up “We had a lot of potential tenants are planned. space for one night last month as in 1998. Since then, five others have choose to not move to the area be- —andrew buck Lola Starr’s Dreamland Roller Rink. It is being run by Dianna Carlin, owner of Coney Island souvenir bou- tique Lola Starr. Ms. Carlin and Taconic are discussing ways to open the roller rink for more nights. Lisa Kersavage,of the Municipal Art Society, frets that even after the 39 W. 19TH ST. will provide media firm rezoning is approved, a long period Ultrabland with a larger space. when nothing is going on could re- sult in a sterilized neighborhood. She believes the city should wel- and creative firms, such as Dance come wacky roller rinks, concerts, Manhattan and The School for Film fairs and events like the Nathan’s hot and Television, in the loft building. “The firm wanted a creative space that would break the mold of your common office space,”says Joe McLaughlin of Capstone Realty Advisors, who with Thomas Murtha represented Ultrabland. The landlord customized the space to the tenant’s specifications. —andrew buck Toy retailer adds more space popular limited-edition toy re- tailer Kidrobot is renewing its lease and increasing its office space by 25% at 56 W. 22nd St., between Fifth and Sixth avenues. The retailer will now have a total of 10,000 square feet,taking up both the ninth and 10th floors in the Chelsea building. The asking rent was $41 a square foot.

Perry Mesmer of GVA Williams istockphoto represented both Kidrobot and the THRILLS: The owners of Coney Island’s landlord, Fifty Six Realty Corp. Astroland expect large crowds this season, —andrew buck which could be its last.

April 7, 2008 | Crain’s New York Business | 31 nb14p32_33cls.qxp 4/3/08 2:52 PM Page 32

BUSINESS SERVICES ORGANIZATION SERVICES Overwhelmed? Got clutter? PUBLIC & LEGAL NOTICES Knowledgeable and Helpful Organizers Confidential service. Tel: (888) 925-8883 Notice of Formation of PASTOURELLE LLC. Notice of Formation of CHAMPION PARKING Notice of Formation of LP-OREO, LLC. Arts. of Email: [email protected] Arts. of Org. filed with Secy. of State of N.Y. 74 LLC. Arts. of Org. filed with Secy. of State Org. filed with Secy. of State of NY (SSNY) (SSNY) on 2/4/08. Office location: NY County. of N.Y. (SSNY) on 1/30/08. Office location: NY on 1/23/08. Office location: NY Co. SSNY To place your classified SSNY designated as agent of LLC upon whom County. SSNY designated as agent of LLC designated as agent of LLC upon whom ad call John Gallagher process against it may be served. SSNY shall upon whom process against it may be served. process against it may be served. SSNY shall @ 212-210-0189 mail process to: Silverberg, Stonehill, Goldsmith SSNY shall mail process to: The LLC, 655 mail process to: The LLC, 120 Broadway, & Haber, P.C.,111 W. 40th St., 33rd Fl., NY, NY Third Avenue, NY, NY 10017. Purpose: any Ste. 1050B, NY, NY 10271. Purpose: any 10018. Purpose: any lawful activity. lawful purpose. lawful activities.

LUXURY PROPERTIES Notice of Formation of Mangan/Horan LLC. Notice of Qualification of Goldman Sachs Notice of Formation of MARJORIE A. LAU, Arts. of Org. filed with Secy. of State of N.Y. Vintage IV PMD QP Fund, L.P. Authority filed LLC. Arts. of Org. filed with Secy. of State of (SSNY) on 3/6/08. Office location: NY County. with Secy. of State of N.Y. (SSNY) on 1/11/08. NY (SSNY) on 2/22/08. Office location: NY GREENWICH, CONNECTICUT SSNY designated as agent of LLC upon whom Office location: NY County. LP formed in County. SSNY designated as agent of LLC process against it may be served. SSNY shall Delaware (DE) on 3/5/07. SSNY designated upon whom process against it may be served. Townhome for Sale / Greenwich, CT mail process to principal business location: as agent of LP upon whom process against it SSNY shall mail process to principal business The LLC, c/o Mona Mangan, 1025 Fifth Ave., may be served. SSNY shall mail process to: location: 15 W. 72nd St., Apt. 9-0, NY, NY NEW 2008, 2 Br / 2 full, 2 half bath with NY, NY 10028. Purpose: any lawful activity. 85 Broad Street, NY, NY 10004. DE address 10023. Purpose: any lawful activity. den, 2,400sf luxury custom home, spacious of LP: 2711 Centerville Road, Ste. 400, Name of Foreign LLC: W&M WEST 40TH Wilmington, DE 19808. Name/address of each Notice of Qualification of 835 6th Ave Master riverfront setting with terrace, 1 car garage, genl. ptr. available from SSNY. Cert. of LP filed Viking gourmet kitchen, granite counter STREET LENDER, LLC. App. for Auth. filed NY L.P. Authority filed with NY Dept. of State on Dept. of State: 1/11/08. Jurisd. and date of with DE Secy. of State, Townsend Bldg., Dover, 3/14/08. Name amended to 835 6th Ave tops, marble floors, tray, coffered and vaulted org.: DE 9/26/07. County off. loc.: New York DE 19901. Purpose: any lawful activity. Master LP. Office location: NY County. LP 9’ ceilings and more. Minutes to I-95 or County. Sec. of State designated as agent of formed in Delaware (DE) on 3/13/08. NY Secy. Merritt / Hutchison Parkway, 45 min train foreign LLC upon whom process against it NOTICE OF FORMATION of SYZYGY SOLUTIONS, of State designated as agent of LP upon may be served. The Sec. of State shall mail LLC. Articles Of Org. filed with Secy. Of State whom process against it may be served and to New York City, Greenwich beaches, golf copy of process to: Wien & Malkin LLC, 60 of N.Y. (SSNY) on 2/04/08. Office location: shall mail process to the principal business courses and high-end shopping. East 42nd Street, New York, NY 10165. Addr. New York County. SSNY designated as agent address: c/o J.D. Carlisle Development Corp., Starting at 899,000 USD or 575,400 Euro, of foreign LLC in DE is: c/o National Corporate of LLC upon whom process against it may be 352 Park Ave. So., 15th Fl., NY, NY 10010, served. SSNY shall mail process to: 48 W with 30-day occupancy. For private showing Research, Ltd., 615 South DuPont Hwy., Attn: John LaGratta. DE address of LP: 2711 Dover, DE 19901. Auth. officer in DE where 86th St., #2, NY, NY 10024. Principal business Centerville Rd., Ste. 400, Wilmington, DE by owner please call 203-531-8001. Cert. of Form. filed: Harriet Smith Windsor, location: 48 W 86th St., #2, NY, NY 10024. 19808. Name/address of genl. ptr. available Division of Corporations, P.O. Box 898, Dover, Purpose: Any lawful activity. from NY Secy. of State. Cert. of LP filed with DE 19903. Purpose: any lawful activity. DE Secy. of State, Corp. Dept., Loockerman & Notice of Qualification of Macquarie Equipment Federal Sts., Dover, DE 19901. Purpose: any PUBLIC & LEGAL NOTICES Notice of Formation of Mary Alice Orito Finance, LLC. Authority filed with NY Dept. of lawful activity. Psychotherapy Licensed Clinical Social Work State on 2/6/08. Office location: NY County. Principal business address: 2285 Franklin Rd., PLLC, a professional service limited liability NOTICE OF FORMATION of CHATSWORTH NOTICE OF FORMATION of Bryan Leder Name: Treadwell Farm LLC (LLC). Articles Bloomfield Hills, MI 48302. LLC formed in Talent, LLC. Article of Organization filed of Organization filed with Dept. of State of company (PLLC). Arts. of Org. filed with Secy. INDIA DIVERSIFIED FUND 1, LLC. Articles of of State of N.Y. (SSNY) on 10/22/07. Office Delaware (DE) on 11/27/07. NY Secy. of State with the Secretary of State of NY (SSNY) NY on 11/20/07. Office location: New York designated as agent of LLC upon whom Organization filed with Secretary of State of on 01/25/08. Office location: NY County. County. Secretary of State of NY (SOS) is location: NY County. SSNY designated as agent of PLLC upon whom process against process against it may be served and shall NY (SSNY) on 3/12/08. Office location: NY SSNY has been designated as agent upon designated as agent of LLC for service of mail process to: c/o CT Corporation System, County. SSNY has been designated as agent whom process against it may be served. it may be served. SSNY shall mail process process. SOS shall mail copy of process to 111 8th Ave., NY,NY 10011,registered agent upon whom process may be served. The Post The Post Office address to which the SSNY 530 Park Avenue, NY, NY 10021. Purpose: to: Corporation Service Company, 2711 Centerville Road, Ste. 400, Wilmington, DE upon whom process may be served. DE Office address to which the SSNY shall mail a shall mail a copy of any process against the Any lawful act or activity. address of LLC: 1209 Orange St., Wilmington, LLC served upon him is C/O the LLC 227 19808. Purpose: practice the profession of copy of any process against the LLC served Licensed Clinical Social Work. DE 19801. Arts. of Org. filed with DE Secy. upon him is C/O the LLC, 25 West 31st Street, Riverside Dr. N.Y., N.Y., 10025. No Specific Notice of Qualification of Tandem Global of State, 401 Federal St., Dover, DE 19901. 11th floor, New York, NY 10001. Purpose of Date of Dissolution. Purpose of LLC: to Partners Management, LLC. Authority filed Purpose: any lawful activity. engage in any lawful act or activity. with NY Dept. of State on 3/3/08. Office Notice of Qualification of Metropolitan Real LLC: to engage in any lawful activity. Street location: NY County. LLC formed in Delaware Estate Equity Management, LLC, App. for address of Principal Business location is: 25 Auth. filed Sec'y of State (SSNY) 10/25/04. Notice of formation of GG MEDIA LLC. Arts. Notice of Qualification of GGCP SEQUOIA (DE) on 2/4/08. NY Secy. of State designated of Org. filed with the Secy of State of NY West 31st Street, 11th floor, N.Y., N.Y., 10001. PARTNERS, L.P. Authority filed with Secy. as agent of LLC upon whom process against Office location: NY County. LLC org. in DE 7/18/02. SSNY designated as agent of LLC (SSNY)on 2/04/08. Office location: New York of State of N.Y. (SSNY) on 1/30/08. Office it may be served and shall mail process to: County. SSNY designated as agent upon Notice of Qualification of Creative Merchandise location: NY County. LP formed in Delaware c/o CT Corporation System, 111 8th Ave., upon whom process against it may be served. SSNY shall mail copy of process to 535 whom process against it may be served. Group LLC. Authority filed with Secy. of State (DE) on 12/19/05. SSNY designated as agent NY, NY 10011, registered agent upon whom SSNY shall mail process to: c/o the LLC, 91 of N.Y. (SSNY) on 3/13/08. Office location: NY of LP upon whom process against it may be process may be served. DE address of LLC: Madison Ave., 26th Fl., NY, NY 10022, the principal office addr. of LLC. Cert. of Form. on Fifth Avenue, 7th Floor, New York, NY 10003. County. LLC formed in Delaware (DE) on served. SSNY shall mail process to principal The Corporation Trust Co., 1209 Orange St., Purpose: all lawful activities. 11/20/07. SSNY designated as agent of LLC business location: 800 Third Ave., 23rd Fl., Wilmington, DE 19801. Arts. of Org. filed with file: SSDE, Townsend Bldg., Dover, DE 19901. Purpose: any lawful activities. upon whom process against it may be served. NY, NY 10022, Attn: Mr. Geoffrey Gwin. DE DE Secy. of State, 401 Federal St., Dover, DE SSNY shall mail process to: c/o The LLC, address of LP: 2711 Centerville Road, Ste. 400, 19901. Purpose: any lawful activity. Notice of Formation of 160 Montague LLC. 1375 Broadway, 15th Fl., NY, NY 10018. DE Wilmington, DE 19808. Name/address of each Notice of Qualification of GE Healthcare IITS Arts. of Org. filed with NY Dept. of State on address of LLC: c/o United Corporate Services, LLC. Authority filed with NY Dept. of State on 2/13/08. Office location: NY County. Secy. of genl. ptr. available from SSNY. Cert. of LP Notice of Formation of DELCAL HOLDINGS Inc., 874 Walker Road, Ste. C, Dover, DE filed with DE Secy. of State, Townsend Bldg., 12/31/07. Office location: NY County. Principal State designated as agent of LLC upon whom 19904. Arts. of Org. filed with DE Secy. of LLC. Arts. of Org. filed with NY Dept. of State business address: 540 W. Northwest Hwy., process against it may be served and shall Dover, DE 19901. Purpose: any lawful activity. on 2/22/08. Office location: NY County. Secy. State, Townsend Bldg., Dover, DE 19901. Barrington, IL 60010. LLC formed in Delaware mail process to the principal business address: Purpose: any lawful activity. of State designated as agent of LLC upon (DE) on 9/13/07. NY Secy. of State designated c/o Wharton Realty, 500 5th Ave., 54th Fl., NOTICE OF FORMATION OF 75 East 2 Street whom process against it may be served and as agent of LLC upon whom process against NY, NY 10110. Purpose: any lawful activity. LLC. Article of Organization filed with the shall mail process to the principal business it may be served and shall mail process to: c/o Notice of Formation of JC Sunrise LLC. Arts. Secretary of State of NY(SSNY) on 02/27/2008 address: 140 Franklin St., NY, NY 10013. CT Corporation System, 111 8th Ave., NY, NY Notice of Formation of RR REO II LLC. Arts. of Org. filed with NY Dept. of State on 3/20/08. Office location NEW YORK County. SSNY has Purpose: any lawful activity. 10011, registered agent upon whom process Office location: NY County. Secy. of State been designated as agent upon whom process of Org. filed with Secy. of State of N.Y. (SSNY) may be served. DE address of LLC: 2711 on 2/12/08. Office location: NY County. SSNY designated as agent of LLC upon whom against it may be served. The Post Office Notice of Registration of FXFowle Architects, Centerville Rd., Ste. 400, Wilmington, DE process against it may be served and shall address to which the SSNY shall mail a copy designated as agent of LLC upon whom process LLP. Certificate filed with Secy. of State of 19808. Arts. of Org. filed with DE Secy. of against it may be served. SSNY shall mail mail process to the principal business address: of any process against the LLC served upon NY (SSNY) on 2/28/08. Office location: NY State, 401 Federal St., Dover, DE 19901. him/her is C/O the LLC 182 Grand Street, 3E. process to principal business location: c/o The c/o Botsaris Realty Group, 358 5th Ave., County. SSNY designated as agent of LLP Purpose: all lawful purposes. LLC, 150 E. 52nd St., 27th Fl., NY, NY 10022. New York, NY 10013. Date of Dissolution: No NY, NY 10001. Purpose: any lawful activity. upon whom process against it may be served. Purpose: any lawful activity. specific date Purpose of LLC: to engage in SSNY shall mail process to principal business Notice of Formation of Numbers And Media any lawful act or activity. Street address of Notice of Qualification of Pequot Matawin location: 22 W.19th St., NY, NY 10011. Purpose: LLC, Art. of Org. filed with the Sect. of State Notice of Qualification of 224-232 Atlantic Principal Business location is: 182 Grand Fund, L.P. Authority filed with NY Dept. of practice the profession of architecture. of N.Y. (SSNY) on 12/12/07. Office location: Avenue Investor, LLC. Authority filed with Street, 3E. New York, NY 10013. State on 2/29/08. Office location: NY County. N.Y. Co., SSNY designated as agent of LLC Secy. of State of N.Y.(SSNY) on 2/8/08. Office LP formed in Delaware (DE) on 2/5/08. NY upon whom process against it may be served. location: NY County. LLC formed in Delaware Notice of Formation of Z Family Partners Secy. of State designated as agent of LP upon Notice of Qualification of IPC Realty, LLC. SSNY shall mail process to: C/O Numbers (DE) on 10/29/07. SSNY designated as agent LLC. Arts. of Org. filed with NY Dept. of State whom process against it may be served and Authority filed with Secy. of State of NY (SSNY) And Media LLC, 2266 5th Ave., Suite 136, of LLC upon whom process against it may be on 3/18/08. Office location: NY County. Secy. shall mail process to: c/o CT Corporation on 3/5/08. Office location: NY County. LLC New York City 10037. Purpose: Any Lawful served. SSNY shall mail process to principal of State designated as agent of LLC upon System,111 8th Ave., NY, NY 10011,registered Purpose. business location: The Dermot Company, Inc., formed in Delaware (DE) on 5/8/98. SSNY whom process against it may be served agent upon whom process may be served. DE 320 W. 57th St., 5th Fl., NY, NY 10019. DE designated as agent of LLC upon whom address of LP: c/o The Corporation Trust Co., and shall mail process to the principal address of LLC: c/o Corporation Service process against it may be served. SSNY shall Notice of Formation of RMG Marriage and 1209 Orange St., Wilmington, DE 19801. business address: Zeckendorf Realty, L.P., Company, 2711 Centerville Road, Wilmington, mail process to: c/o CT Corporation System, Family Therapy LLC. Arts. of Org. filed with Name/address of genl. ptr. available from 770 Lexington Ave.,NY, NY 10021, Attn: Arthur DE 19808. Arts. of Org. filed with DE Secy. 111 Eighth Ave., NY, NY 10011, also registered Secy. of State of NY (SSNY) on 12/18/07. NY Secy. of State. Cert. of LP filed with DE Zeckendorf. Purpose: any lawful activity. of State, 401 Federal St., Ste. 4, Dover, DE Office location: NY Co. SSNY designated as Secy. of State, Townsend Bldg., Dover, DE agent. Address to be maintained in DE: c/o agent of LLC upon whom process against it 19901. Purpose: any lawful activity. The Corporation Trust Company, Corporation 19901. Purpose: any lawful activity. Notice of Qualification of 101 West End may be served. SSNY shall mail process to: Trust Center, 1209 Orange St., Wilmington, Affordable GP LLC. Authority filed with NY The LLC, 49 Lambert Rd., Southport, CT Notice of Qualification of PlaneTechs, LLC. DE 19801. Arts. of Org. filed with DE Secy. Dept. of State on 3/6/08. Office location: NY 06890. Purpose: any lawful activities Authority filed with NY Dept. of State on Notice of Qualification of Tiger Europe LP, Of State, 401 Federal St., Ste 4., Dover, DE County. Principal business address: 9200 E. 2/14/08. Office location: NY County. LLC App. for Auth. filed Sec'y of State (SSNY) 19901. Purpose: any lawful activities. Panorama Cir., Englewood, CO 80112. LLC GOTHAM DIGITAL VENTURES, LLC, Articles of formed in Nevada (NV) on 12/28/07. NY Secy. 2/27/08. Office location: NY County. LP org. in formed in Delaware (DE) on 2/28/08. NY Org. filed N.Y. Sec. of State (SSNY) 30th day of of State designated as agent of LLC upon DE 2/26/08. SSNY designated as agent of LP Notice of Formation of Lombardy 1008, Secy. of State designated as agent of LLC October, 2007. Office in New York Co. at 92 whom process against it may be served and upon whom process against it may be served. LLC, Art. of Org. filed Sec'y of State (SSNY) upon whom process against it may be served Perry Street, Ste 4, New York, NY 10014. shall mail process to: c/o CT Corporation SSNY shall mail copy of process to Attn: System, 111 8th Ave., NY,NY 10011, registered 3/24/05. Office location: NY County. SSNY and shall mail process to: c/o CT Corporation SSNY desig. Agt. Upon whom process may be Elena Piliptchak, 448 Greenwich St., Apt. 3, served. SSNY shall mail copy of process to 92 agent upon whom process may be served. System, 111 8th Ave., NY,NY 10011, registered NY, NY 10013. DE office addr.: c/o CSC, 2711 designated as agent of LLC upon whom agent upon whom process may be served. DE Perry, Ste 4, New York, NY 10014. Reg. Agt. Principal business address: 1015 A St., P.O. process against it may be served. SSNY address of LLC: 1209 Orange St., Wilmington, Upon whom process may be served: Albert Box 2910, Tacoma, WA 98402. Arts. of Org. Centerville Rd., Wilmington, DE 19808. Cert. shall mail copy of process to c/o Shine & DE 19801. Arts. of Org. filed with DE Secy. Tucker & Associates, LCC 295 Madison Ave. filed with NV Secy. of State, 202 N. Carson of LP on file: SSDE, Townsend Bldg., Dover, Company, 9 East 40th St., 6th Fl., NY, NY of State, 401 Federal St., Dover, DE 19901. NYC 10017 212.686.3200 Purpose: Any St., Carson City, NV 89701. Purpose: any DE 19901. Name/addr. of each gen. ptr. avail. 10016. Purpose: any lawful activities. Purpose: any lawful activity. lawful purpose. lawful activity. at SSNY. Purpose: any lawful activities.

32 | Crain’s New York Business | April 7, 2008 nb14p32_33cls.qxp 4/3/08 2:41 PM Page 33

PUBLIC & LEGAL NOTICES

Notice of Qualification of Antecip Bioventures Notice of Qualification of 180 Madison LEX34 EQUITIES LLC, a domestic Limited Notice of Qualification of Monarch Alternative NOTICE OF FORMATION of Cactus and The LLC. Authority filed with Secy. of State of PRISA II LLC. Authority filed with NY Dept. of Liability Company (LLC) filed with the Sec of Capital LP. Authority filed with NY Dept. of Peach Productions LLC. Articles Of Org. N.Y. (SSNY) on 2/22/08. Office location: NY State on 1/9/08. Office location: NY County. State of NY on 2-14-08. NY Office location: State on 2/1/08. Office location: NY County. filed with Secy. Of State of N.Y. (SSNY) on County. LLC formed in Delaware (DE) on Principal business address: 8 Campus Dr., 4th NEW YORK County. SSNY is designated as Principal business address: 375 Park Ave., 2/19/08. Office location: New York County. 2/20/08. SSNY designated as agent of LLC Fl., Parsippany, NJ 07054. LLC formed in agent upon whom process against the LLC NY, NY 10152. LP formed in Delaware (DE) SSNY designated as agent of LLC upon whom upon whom process against it may be served. Delaware (DE) on 12/17/07. NY Secy. of State may be served. SSNY shall mail a copy of on 3/26/02. NY Secy. of State designated as process against it may be served. SSNY shall SSNY shall mail process to: c/o The LLC, 630 designated as agent of LLC upon whom any process against the LLC served upon agent of LP upon whom process against it mail process to: 603 W 148 St., #10B, NY, NY Fifth Avenue, Ste. 2074, NY, NY 10111, Attn: process against it may be served and shall him/her to Mark M. Altschul, 18 E. 12th St.,1A, may be served and shall mail process to: c/o 10031. Principal business location: 603 W Herriot Tabuteau. DE address of LLC: 2711 mail process to: c/o CT Corporation System, NY, NY 10003-4458. Latest date to dissolve: CT Corporation System, 111 8th Ave., NY, NY 148 St., #10B, NY, NY 10031. Purpose: Any Centerville Road, Ste. 400, Wilmington, DE 111 8th Ave., NY, NY 10011, registered 12-31-2036 General purposes. 10011, registered agent upon whom process lawful activity. 19808. Arts. of Org. filed with DE Secy. of agent upon whom process may be served. may be served. DE address of LP: c/o CT State, 401 Federal St., Ste. 4, Dover, DE DE address of LLC: The Corporation Trust Notice of Formation of 412 West 14 Realty Corporation System, 1209 Orange St., 19901. Purpose: any lawful activity. Co., 1209 Orange St., Wilmington, DE 19801. LLC. Arts. of Org. filed with Secy. of State of Wilmington, DE 19801. Name/address of Arts. of Org. filed with DE Secy. of State, NY (SSNY) on 9/18/07. Office location: NY Co. genl. ptr. available from NY Secy. of State. Coming Up Notice of Qualification of Arcoda Global 401 Federal St., Dover, DE 19901. Purpose: SSNY designated as agent of LLC upon whom Cert. of LP filed with DE Secy. of State, 401 Healthcare Fund, L.P. Authority filed with NY any lawful activity. process against it may be served. SSNY shall Federal St., Dover, DE 19901. Purpose: any Dept. of State on 12/26/07. Office location: mail process to: The LLC, c/o 433 West 14th lawful activity. on the Calendar NY County. Principal business address: NOTICE OF FORMATION OF LIMITED LIABILITY St., Ste 429, 3R, NY, NY 10014. Purpose: any 529 5th Ave., NY, NY 10017. LP formed in COMPANY. NAME: ANTIK BOWERY LLC. lawful activities. Notice of Formation of Urban Organizer, LLC. Delaware (DE) on 12/18/07. NY Secy. of State Articles of Organization were filed with the Arts. of Org. filed with Secy. of State of N.Y. designated as agent of LP upon whom Secretary of State of New York (SSNY) on 611 SHP LLC, a domestic Limited Liability (SSNY) on 1/25/08. Office location: NY County. process against it may be served and shall 10/25/07. Office location: New York County. Company (LLC) filed with the Sec of State SSNY designated as agent of LLC upon whom April 14th mail process to: c/o CT Corporation System, SSNY has been designated as agent of the of NY on 2-15-08. NY Office location: New process against it may be served. SSNY 111 8th Ave., NY, NY 10011, registered LLC upon whom process against it may be York County. SSNY is designated as agent shall mail process to: Helene A. Laval, 255 Small Business agent upon whom process may be served. served. SSNY shall mail a copy of process to upon whom process against the LLC may W. 84th St., #6D, NY, NY 10024. Purpose: DE address of LP: 1209 Orange St.,Wilmington, the LLC, c/o Lawrence Kramer, 66 Madison be served. SSNY shall mail a copy of any any lawful activity. DE 19801. Name/address of genl. ptr. available Avenue, Apartment 3F, New York, New York process against the LLC served upon him/her from NY Secy. of State. Cert. of LP filed with 10016. Purpose: For any lawful purpose. to The LLC, 11 W. 18th St., 2W, NY, NY 10011. NOTICE OF FORMATION of Perfect World DE Secy. of State, 401 Federal St., Dover, General purposes. Construction LLC. Arts. of Org.filed with Secy. April 21st DE 19901. Purpose: any lawful activity. Notice of Registration of JFK Engineers Of State of N.Y. (SSNY) on 8/8/07. Office LLP. Cert. filed with NY Dept. of State on location: New York County. SSNY designated Notice of Qualification of BE&K Construction Notice of Qualification of Andro Capital as agent of LLC upon whom process against Wealthy New Yorkers 3/26/07. Office location: NY County. Secy. Management, L.P. Authority filed with Secy. Company, LLC. Authority filed with NY Dept. of State designated as agent of LLP upon it may be served. SSNY shall mail process of State on 1/7/08. Office location: NY County. of State of NY (SSNY) on 3/11/08. Office to: 136 Bowery Street, #1511, NY, NY 10013. whom process against it may be served location: NY County. LP formed in Delaware Principal business address: 2000 International and shall mail process to: 15 W. 72nd St., Principal business location: 136 Bowery Park Dr., Birmingham, AL 35243. LLC formed (DE) on 2/20/08. SSNY designated as agent Street, #1511, NY, NY 10013. Purpose: any Apt 5E, NY, NY 10023. Purpose: practice the of LP upon whom process against it may be in Delaware (DE) on 12/31/07. NY Secy. of profession of engineering. lawful activity. 949281 j16-W f20 April 28th State designated as agent of LLC upon whom served. SSNY shall mail process to: c/o process against it may be served and shall Kirkland & Ellis LLP, Attn: John L.Budetti, Notice of Qualification of FC-CANAL LLC. NOTICE OF QUALIFICATION OF Energy Solutions Education mail process to: c/o CT Corporation System, 153 East 53rd St., NY, NY 10022. DE address Authority filed with Secy. of State of N.Y. International, LLC Application for Authority 111 8th Ave., NY, NY 10011, registered agent of LP: Corporation Service Company, 2711 (SSNY) on 1/17/2008. Office location: New filed with the Secretary of State of New York upon whom process may be served. DE Centerville Rd., Ste. 400, Wilmington, DE York County. LLC formed in Delaware (DE) (SSNY) on January 22, 2008. N.Y. Office address of LLC: 1209 Orange St., Wilmington, 19808. Name/address of genl. ptr. available on 12/6/2007. SSNY designated as agent of Location: New York County. LLC formed in DE 19801. Arts. of Org. filed with DE Secy. of from SSNY. Cert. of LP filed with DE Secy. LLC upon whom process against it may be Florida on 05/25/07 SSNY has been designated State, 401 Federal St., Dover, DE 19901. of State, Federal & Duke of York Sts., Dover, served. SSNY shall mail process to: c/o as agent of LLC upon process against May 5th Purpose: any lawful activity. DE 19901. Purpose: any lawful activities. United Corporate Services, Inc., 10 Bank 01/22/08 it may be served. The P.O. address St., Suite 560, White Plains, NY 10606. DE to which the SSNY shall mail a copy of any Meetings & Conventions Notice of Formation David Frank Real Estate Notice of Formation of SBG1 LLC, Art. of Org. process against the LLC served upon him/her address of LLC: 874 Walker Road, Suite C, filed Sec'y of State (SSNY) 1/31/08. Office LLC art. of org. filed Secy. of State NY (SSNY) Dover, Delaware 19904. Arts. of Org. filed is C/O the LLC: 488 Seventh Avenue, 5C, New 10/15/07. Off. loc. in NY Co. SSNY designated location: NY County. SSNY designated as York, NY 10018. The Principal Business with DE Secy. of State, Townsend Bldg., Dover, agent of LLC upon whom process against it as agent of LLC upon whom process may be DE 19901. Purpose: any lawful activity. Address of the LLC/LLP is: 488 Seventh served. SSNY shall mail copy of process to: may be served. SSNY shall mail copy of Avenue, 5C New York, NY 10018 Dissolution 300 Albany St, 9-C, NY, NY 10280. Purpose: process to c/o Salans, Attn: Francois Chateau, date: No Specific Date Purpose of LLC/LLP: May 12th Any lawful purpose. NOTICE OF FORMATION of 44th Street Esq., 620 Fifth Ave., NY, NY 10020. Purpose: Any lawful act or activity. Restaurant, LLC Arts. of Org. filed with the any lawful activities. Small Business Secy. of State of NY (SSNY) on 10/12/00. Notice of Qualification of HedgeForum Office location: NY County. SSNY designated Notice of Formation of THINKTHINKTHINK Criterion, LLC. Authority filed with NY Dept. A & T GOLDEN, LLC, a domestic Limited MUSIC, LLC. Arts. of Org. filed with Secy. as agent of LLC upon whom process against Liability Company (LLC), filed with the Sec of of State on 2/28/08. Office location: NY it may be served and shall mail a copy of of State of NY (SSNY) on 2/19/08. Office County. LLC formed in Delaware (DE) on State of NY (SSNY) on 1/23/08. NY Office location: NY County. SSNY designated as agent process to LLC, 16 East 40th St., New York, location:NEW YORK County. SSNY is designated 2/25/08. NY Secy. of State designated as agent NY 10016, LLC’s principal business location. of LLC upon whom process against it may be of LLC upon whom process against it may be as agent upon whom process against the LLC served. SSNY shall mail process to principal May 19th Registered agent of LLC upon whom process may be served. SSNY shall mail a copy of served and shall mail process to the principal against it may be served is Marcel Doron, 16 business location: 308 Mott St., Ste. 5A, NY, business address: 731 Lexington Ave., 25th any process against the LLC served upon NY 10012. Purpose: music/entertainment Real Estate East 40th St., New York, NY 10016. Purpose: him/her to TERRY F. KWONG, MANAGER, Fl., NY, NY 10022. DE address of LLC: c/o any lawful activity. company. National Corporate Research, Ltd., 615 S. 7-8 CHATHAM SQ., #C3, NY, NY 10038. General purposes. DuPont Hwy., Dover, DE 19901. Arts. of Org. Notice of Qualification of Highbridge Principal Notice of Qualification of IOC Project 4 LLC, filed with DE Secy. of State, 401 Federal St., Strategies-Offshore Mezzanine Partners App. for Auth. filed Sec'y of State (SSNY) Dover, DE 19901. Purpose: any lawful activity. NOTICE OF FORMATION OF LIMITED LIABILITY Master Fund, L.P. Authority filed with NY Dept. 2/11/08. Office location: NY County. LLC org. May 26th COMPANY. NAME: 21 SOUTH END AVENUE of State on 3/6/08. Office location: NY County. in DE 2/5/08. SSNY designated as agent of JEWELWEED LLC, a domestic Limited Liability UNIT 209 LLC. Articles of Organization were LP formed in Cayman Islands (CI) on 11/8/07. LLC upon whom process against it may be Biggest Companies Company (LLC) filed with the Sec of State of filed with the Secretary of State of New York NY Secy. of State designated as agent of served. SSNY shall mail copy of process to NY (SSNY) on 4/24/06. NY office Location: (SSNY) on 03/17/08.Office location: New York LP upon whom process against it may be 23-25 Greene St., NY, NY 10013. Reg. Agt. NEW YORK County. SSNY is designated as County. SSNY has been designated as agent served and shall mail process to the principal upon whom proc may be served is CSC, 80 agent upon whom process against the LLC of the LLC upon whom process against it may business address: 9 W. 57th St., 27th Fl., State St., Albany, NY 12207. DE office addr.: may be served. SSNY shall mail a copy of be served. SSNY shall mail a copy of process NY, NY 10019. CI address of LP: c/o Maples c/o CSC, 2711 Centerville Rd., Wilmington, any process against the LLC served upon to the LLC, c/o Dr. Joy Browne, 21 South End Corporate Services Ltd., PO Box 309, Ugland To place your classified DE 19808. Cert. of Form. on file: SSDE, him/her to C/O MARTIN SHAW, 350 5TH Avenue, Unit 209, New York, New York 10280. House, Grand Cayman, KY1-1104, CI. Townsend Bldg., Dover, DE 19901. Purpose: AVE, STE. 2816, NEW YORK, NY 10118. Purpose: For any lawful purpose. Name/address of genl. ptr. available from NY any lawful activities. ad call John Gallagher General purposes. Secy. of State. Cert. of LP filed with Registrar NOTICE OF FORMATION OF Derek Green LLC. of Exempted LPs, Citrus Grove Bldg., George @ 212-210-0189 Notice of Qualification of North American NOTICE OF FORMATION OF LIMITED LIABILITY Article of Organization filed with the Secretary Town, Grand Cayman, CI. Purpose: any Energy Alliance, LLC. Authority filed with Secy. COMPANY. NAME: CHELSEA IMAGING of State of NY (SSNY) on 11/29/07 Office lawful activity. of State of N.Y. (SSNY) on 3/5/08. Office HOLDINGS, LLC. Articles of Organization location New York County. SSNY has been location: NY County. Principal business location: were filed with the Secretary of State of New designated as agent upon whom process Times Square Tower, 7 Times Sq., 25th Fl., NY, York (SSNY) on 01/25/08. Office location: against it may be served. The post office NY 10036. LLC formed in Delaware (DE) on New York County. SSNY has been designated address to which the SSNY shall mail a copy 11/29/07. SSNY designated as agent of LLC as agent of the LLC upon whom process of any process against the LLC served upon upon whom process against it may be served. against it may be served. SSNY shall mail a him/her is C/O the LLC Derek Green.New York SSNY shall mail process to: c/o Corporation copy of process to the LLC, c/o Weltman & City, NY 10026. Purpose of LLC: to engage in Service Company (CSC), 80 State St., Albany, Moskowitz, LLP, 270 Madison Avenue, Suite any lawful act or activity. Street address of NY 12207. DE address of LLC: c/o CSC, 2711 1400, New York, New York 10016-0603. Principal Business location is: 100 W. 119th Centerville Road, Ste. 400, Wilmington, DE Purpose: For any lawful purpose. St., #3A. New York, NY 10026 19808. Arts. of Org. filed with DE Secy. of State, 401 Federal St., Ste. 4, Dover, DE 19901. Notice of Qualification of HIGHMOUNT Notice of App. for Auth. for foreign LLC named Purpose: any lawful activity. ADVISERS LLC. Authority filed with Secy. Ideal Glass Atelier LLC filed with NY Dep. State of State of N.Y. (SSNY) on 4/11/02. Office 3/5/08; formed in DE 10/26/06; NY Office, SIMPLY STACI LLC, a domestic Limited location: NY County. LLC formed in Delaware Principal Location and address to which Sec. Liability Company (LLC) filed with the Sec of (DE) on 3/15/02. SSNY designated as agent of State can mail copy of process: 6 West 9th State of NY on 3-11-08. NY Office location: of LLC upon whom process against it may be St., NY, NY 10011; NY Sec. of State designated New York County. SSNY is designated as served. SSNY shall mail process to: The LLC, as agent upon whom process against the 12 E. 49th St., 17th Fl., NY, NY 10017. company may be served; Office maintained agent upon whom process against the LLC Principal office/principal business location of in Juris. of Org.: Delaware Business may be served. SSNY shall mail a copy of LLC: 17 E. 49th St., 17th Fl., NY, NY 10017. Incorporators, Inc., 3422 Old Capitol Trail, Ste. any process against the LLC served upon Arts. of Org. filed with DE Secy. of State, 401 700, Wilmington, DE 19808; Arts. of Org. filed him/her to Staci Krell, 165 E. 32nd St., NY, NY Federal St., Ste. 4, Dover, DE 19901. Purpose: with DE Sec. of State, 401 Federal St., Ste. 4, 10016. General purposes. any lawful activity. Dover, DE 19901; Purpose: any lawful activity.

April 7, 2008 | Crain’s New York Business | 33 Project7 4/3/08 6:21 PM Page 1 CNYB 04-07-08 A 35 4/3/2008 2:12 PM Page 1

BUSINESS CORPORATE LADDER Publishing exec expands Rodale’s horizons PAGE 37 istockphoto

GOTHAM GIGS Spring forward Digging ditches is so last year the birds are singing, the flowers are blooming— Overseas volunteers now provide business expertise and closets are overflowing. Warm weather has finally arrived, so it’s time for serious spring-cleaning.These shops and organizations offer clutter relief. BEACON’S CLOSET This shop offers store credit for about one-half or immediate cash for about one-third of the price that clerks put on items. But be advised: These clerks are picky.Their selections are based on season and style, so your odds of selling last season’s turtleneck are slim. Appointments aren’t necessary, and anything not chosen for resale will be donated to charity. 88 N. 11th St. and 220 Fifth Ave., Brooklyn. DRESS FOR SUCCESS Give interview-appropriate XAVIER MADRID of clothing to this nonprofit, Ernst & Young went whose mission is to assist to Santiago, Chile, to economically disadvantaged work with a nascent women on their career path. IT company. Remember to include a list of items with your contribution to receive a tax write-off.The next donation day is April 19. 32 E. 31st St., suite 602, Manhattan, as well as locations in Brooklyn, Queens and the Bronx. JANE’S EXCHANGE The store accepts on consignment children’s apparel, furniture and accessories, along with maternity clothes. Appointments are required, and consignors receive 30% to 40% store credit of the price for items sold.The consignment period is 60 days, and unsold merchandise BY SAMANTHA MARSHALL must be picked up immediately. 191 E.Third St., olunteering overseas isn’t what it used to be. Instead of handing Manhattan. out mosquito nets or digging ditches, Ernst & Young business CORPORATE MICHAEL’S CONSIGNMENT consultant Xavier Madrid went to Santiago, Chile, to roll up his PEACE CORPS SHOP Known for its selection sleeves and teach a nascent information technology company how to TIME PEOPLE ARE AWAY of high-end labels and bridal boost profit margins and control costs. gowns, this spot accepts only “It’s so much more powerful for me to use my unique skills to help 8 DAYS seasonal merchandise in mint TO 12 MONTHS condition. Designer tags are a businesses and nonprofits than to cook meals in some village,” says must, and items cannot be Mr. Madrid, a 32-year-old Spaniard on the fast track to partnership in NUMBER OF VOLUNTEERS older than two years. Walk-ins E&Y’s New York headquarters. are accepted. Proceeds are split While corporate volunteerism is nothing new, sending executives abroad to donate 2 TO 500 50-50 with consignors. 1041 Source: September 2007 study by FSG Madison Ave., Manhattan. expertise—rather than elbow grease—is the latest twist on a time-worn tradition. Called Social Impact Advisors and Pfizer —adrianne pasquarelli “corporateV responsibility fellowships,” these programs help develop new See EXPERT on Page 36

April 7, 2008 | Crain’s New York Business | 35 CNYB 04-07-08 A 36 4/3/2008 2:15 PM Page 1

2008 Nonprofit Days BUSINESS LIVES Proactive Responses to the Economic Downturn

Explore the implications of the economic downturn for New York’s at-risk communities and neighborhoods. Gain practical tools that will help your organization assess and meet increased community needs and ensure Expert volunteers sustainability in a restrictive funding environment.

May 1, 2008 - Bronx, Manhattan, Westchester Continued from Page 35 “I’ve become more creative in Citi Center, 153 E. 53rd Street, NYC, NY 10022 markets, build new client bases and helping clients, and I’m not afraid to contribute to employee retention. take on new responsibilities,”he says. The initiatives are being adopted May 7, 2008 - Queens Job advancement Citi Center, One Court Square, Long Island City, NY 11101 by firms like E&Y, Accenture, Pfi- zer, PricewaterhouseCoopers and working six months in Kigali, IBM—which is the planning stages Rwanda, for drug giant Pfizer’s May 14, 2008 - Brooklyn of its own corporate peace corps. eight-year-old corporate fellowship Borough Hall, 209 Joralemon Street, Brooklyn, NY 11201 These assignments cost an aver- program—which now sends about age of $50,000 for each employee 40 executives abroad annually—led June 5, 2008 - Long Island posting, plus hundreds of billable to a big promotion for Alison Hager, Rexcorp Building, 68 South Service Road, Melville, NY 11747 hours. But they can provide almost 36. As a consultant for the Access as much professional training as a Project, a nongovernmental organi- Featuring economists Dr. James A. Parrott from the Fiscal Policy Institute, Dr. Pearl Kramer from the Long more costly three-year internation- zation run by Columbia University, al stint. The tough conditions force it was Ms. Hager’s job to help the Island Association and workshops provided by Nonprofit Connection. the executives to leverage all of their nonprofit run more efficiently. professional skills. She immediately bumped heads For more information and to register visit www.nonprofitconnection.org. So far, 11 major corporations with the country manager, a Rwan- have rolled out overseas volunteer dan doctor who treated her like an Presented by programs, including three major fi- intern.“In Rwanda everything is hi- nancial consulting firms. Accenture erarchical; what the boss says goes,” was the first. she says. “Our people are working in a SheS eventually learned to deal much more challenging and unfa- with colleagues from a vastly differ- miliar environment,” says Deborah ent culture, even becoming friends Holmes, director of the social re- with the country manager. Outside sponsibility program at E&Y, the capital, she also grew accus- which doubled to 10 place- tomed to being followed ments this year over last year. around as the only white High-caliber employees 11 woman in a mud-hut village. are competing fiercely for MAJOR FIRMS But she could not get have introduced the spots,which appeal most overseas used to the abject poverty. to the younger,civic-minded volunteer “You can’t know what it’s re- Multifamily Owners executives whom accounting opportunities ally like until you see it,” she firms in particular have gone says. to great lengths to recruit (see She wasn’t prepared for the re- Crain’s, April 23, 2007). verse culture shock of coming back Multifamily building owners in New York: to New York, either. In her job as a Shaping the trend manager in Pfizer’s comptroller of- e&y’s mr. madrid was already in- fice, she felt like little more than a volved in nonprofit work in his spare pencil pusher. That changed when time, mentoring underserved teens she was made director of global fi- the more energy you save, interested in pursuing business ca- nancial services for the Asia-Pacific reers. He yearned to do more but region, a post that requires constant didn’t want to lose his place on the travel to Asia, where her newfound career track.So when he was offered cultural sensitivity comes in handy. a three-month stint to help a strug- “I honestly feel there is no challenge the more you get paid. gling entrepreneur in South Amer- that’s too big now,” she says. ica with no risk to his income or job Even more senior staffers, like security, he jumped at it. PwC’s Griff Welton, 42, an audit When Mr. Madrid arrived in partner, are eager to prove them- Santiago last fall, he got more than selves in remote regions. The exec- he bargained for.The IT company’s utive spent two months working for directors were anxious to extract as the United Nations Development much as they could out of their Program in rural Madagascar, help- young mentor.They drew up a list of ing villages come up with environ-

SM 34 things they wanted him to do, mentally friendly microbusinesses. The New York Energy $mart Multifamily called him every weekend, and “It definitely made me aware of Performance Program worked him 60 hours a week. The what’s going on in the world,” he can help you make your building unstructured environment pushed says. more energy efficient. him outside his comfort zone, but he saw an immediate impact on the COMMENTS? Find out how: Chilean company and himself. [email protected] You can reduce your building’s energy bill by 20% and get $600 or more per apartment. Plus, you may be eligible CLOSE TO HOME for a reduced interest loan. OVERSEAS ORGANIZATIONS aren’t the only beneficiaries of corporate pro bono programs. Professionals are coming to the aid of struggling NGOs right here at Limited Time Offer: home. Gas customers in Con Edison Territory Former Deloitte & Touche senior manager Ingrid Floyd, 33, was a member receive additional incentives for gas of the board at Harlem-based Iris House when she decided to join the saving measures.* nonprofit full-time. Now she’s executive director of the organization, which serves women and children infected with HIV. Call 1-877-NY-SMART or visit “I could see how my skills were not only transferable but needed,” says GetEnergySmart.org/MultiFamilyHomes Ms. Floyd, who was three years away from making partner and took a pay for more information. cut on future earnings to make the switch. Ms. Floyd says she struggled with the decision, but she wanted to feel the Sponsored by the New York State Energy same passion about her work as the staff at Iris House did. “I can see the Research and Development Authority (NYSERDA) and Con Edison. benefit my work has in the lives of my clients and their children on a daily basis,” she says. * Eligible participants include all natural gas customers in the Con Edison Service territory who are on a non- interruptible, firm-rate structure, and pay the Monthly Rate Adjustment charge. Other restrictions may apply. CNYB 04-07-08 A 37 4/3/2008 2:19 PM Page 1

BUSINESS LIVES CORPORATE LADDER Karen Rinaldi Health gets a sexy slant Exec with knack for dale than her biography suggests. “A lot of my books would make PERSONNEL FILE finding hits, building perfect sense on the Rodale list,”she says.The several titles she names in- COMPANY Rodale Books business will pep up clude Field Notes from a Catastrophe, TITLE General manager and Rodale’s books unit a book about global warming by publishing director Elizabeth Kolbert, who writes for The New Yorker magazine. AGE 46 BY MATTHEW FLAMM RÉSUMÉ Publisher, managing Digit diva director, Bloomsbury USA; senior oming straight from most of all, Ms. Rinaldi is happy editor, Crown the literary publisher to be at Rodale because—in addi- Bloomsbury USA, tion to being a food-obsessed, envi- NIGHTTIME READING The Karen Rinaldi might ronmentally minded exercise fanat- Surfer’s Journal seem to be an odd ic who reads surfing magazines HOBBY Cooking Cchoice to fill the new position of pub- before she goes to sleep—she’s a lishing director of Rodale Books. “numbers nerd.” And Rodale boasts The books division of Rodale some appealing numbers. helped make her an appealing can- Inc., which puts out magazines Pre- Book division sales topped $190 didate for the Rodale job. vention and Men’s Health, is known million in 2007, a spokeswoman “Karen has deployed her talents for wholesome titles about the envi- says, making Rodale the nation’s in editing, marketing and managing ronment and healthy living—such as largest independent publisher. The the very best people and authors,”

The South Beach Diet, The Abs Diet privately held company expects 2008 says Richard Charkin, executive di- buck ennis and Al Gore’s An Inconvenient Truth. revenues to approach $225 million. rector at Bloomsbury Publishing. Ms. Rinaldi, on the other hand, That’s a far cry from the results at Ms. Rinaldi looks forward to anything if you can’t get it to peo- continue the division’s move toward got her start as an editor in 1991 Bloomsbury USA.The U.S.division working for Rodale, a firm that ple,” says Ms. Rinaldi. bigger, more distinguished books. with Close to the Knives, a profanity- of U.K.-based Bloomsbury Pub- arguably has greater access to its “I believe we’ll be able to evolve laced, sexually explicit, politically lishing suffered a disappointing customers than any other book pub- The next level to another level,”says Steve Murphy, charged “memoir of disintegration” 2007 and laid off seven employees in lisher. Key to Rodale’s success, its her arrival marks a turning point chief executive of the parent compa- by an artist and former male prosti- January.Sales last year fell 11% from executives say, is its ability to reach for Rodale Inc.,which has been step- ny.He likes the fact that his new hire tute. Her other hits include Kitchen 2006 levels, to $27 million. readers in bookstores,online and via ping up its book operations. Last has a head for business. “It’s a rare Confidential by bad-boy chef An- However, Ms. Rinaldi presided its magazines’ subscription lists. It’s year,it added the Modern Times im- person who has marketing,sales and thony Bourdain. over annual double-digit growth also famous for its 25 million-name print,under editorial director Leigh financial acumen, and with the oth- The publishing executive, who is during most of her nine years at the database, which has long made Ro- Haber, which aims to bring in more er half of her brain is a great editor.” married to novelist Joel Rose, ar- helm of her division, according to dale a direct marketing powerhouse. books by name authors. Company gues that she’s a better fit with Ro- company filings. That track record “EditorialCRAINS_1-28_ content unidata_brain_ad-outlined.ai doesn’t mean executives 63.2566.6770.71 lpi 71.57°18.43°0.00°45.00° say 1/23/2008 1/23/2008 that Ms. 4:00:02 4:00:02 Rinaldi PM PM will COMMENTS? [email protected] Process CyanProcess MagentaProcess YellowProcess Black

April 7, 2008 | Crain’s New York Business | 37 CNYB 04-07-08 A 38 4/3/2008 5:54 PM Page 1

BUSINESS LIVES

EXECUTIVE MOVES

ACCOUNTING & CONSULTING of Beyond Interaction U.S. joined as partner. He had been a partner ALaS: Erik DiGiacomo, 38, was named One Source Visual Marketing Solutions: at McKee Nelson. HOT JOBS managing director and vice president of Rahul Siddharth, 34, joined as executive Peter J. Rooney, 41, joined as partner. He global diversity services. He was creative director, OS39. He had been had been a partner at McKee Nelson. formerly first vice president, security vice president and creative director at Vladimir R. Rossman, 61, joined as WANTED: ONLINE MANAGING EDITOR operations manager at Washington Bernhard Hodes Group. partner. He had been a partner at Mutual Bank. McKee Nelson. Protiviti Inc.: Richard A. Collura,33, ARCHITECTURE & DESIGN Mintz Levin Cohn Ferris Glovsky and PUBLICATION Women’s Wear Daily, a unit of Condé Nast M Moser Associates: Popeo: joined as director of litigation, Robert Ma, 48, was James R. Hays, 47, joined as JOB DESCRIPTION Responsible for overseeing all content on WWD.com restructuring and investigative services. promoted to the new position of member. He was formerly a member at He was formerly a director at FTI international director, sustainability Heller Ehrman. and a staff of five Consulting. initiative, from principal. Sheppard Mullin Richter & Hampton: MOST IMPORTANT TASKS Managing budgets and interacting with the Real Data Management: Donald White, Russell L. Reid Jr., 46, joined as partner. print division 69, rejoined as chief executive. He had FINANCE & INSURANCE He had been partner at Heller Ehrman. been a managing principal at A/R Amalgamated Life Insurance Co.: Gabriel Carren B. Shulman, 41, joined as partner. CREDENTIALS NEEDED Three to five years’ experience leading an Environetics Group Inc. Vonleh, 43, joined as vice president of She had been partner at Heller Ehrman. online editorial team SimCorp USA Inc.: David Kubersky, 41, operations for fund administration and Sichenzia Ross Friedman Ference: joined as president. He had been senior membership services. He was formerly Andrew Smith, 55, joined as counsel. He SALARY Managing editors for the Web make an average of $145,500, vice president and general manager at director of enrollment and premium was formerly president and general according to salary.com Ness Technologies. billing at Blue Cross & Blue Shield of counsel at Getty Realty Corp. RECRUITER Internal Rhode Island. Vedder Price: Cameron A. Gee, 31, was ADVERTISING & COMMUNICATIONS Bank of America: Claire Costello, 46, was promoted to shareholder from associate. DOWNSIDE Working in the volatile publishing business Lippincott: Ewan Jones, 38, was appointed philanthropic management promoted to senior partner from national practice executive, a new MEDIA & ENTERTAINMENT UPSIDE Opportunity to actively develop online content for a title known partner. position. She had been an independent Active Marketing Group: Rich Abend, 37, as the bible of the fashion trade James Wright, 38, was promoted to consultant. was promoted to vice president, business The print edition of Women’s Wear Daily provides news and trend cover- RBC Capital Markets: senior partner from partner. Daniel Heimowitz, development, from director of business age to more than 43,000 readers a day. Its audience includes major Ryan Kovalak, 33, was promoted to 54, was appointed managing director. development. partner from senior associate. He had been a managing director at Audubon magazine: Greg P.Licciardi, 38, retailers and designers, as well as Wall Street analysts and advertising Adam Stringer, 37, was promoted to Lehman Brothers. was promoted to publisher, a new agencies. partner from senior associate. Savills Granite: Mark De Riemer, 51, position, from managing director of —ANDREW BUCK MediaCom: Kathleen Sheridan, joined as senior vice president. He had advertising for the National Audubon 40, was promoted to worldwide been a managing director at Jones Lang Society title. managing director, activation and LaSalle. Edward B. Whitaker, 42, was promoted measurement, from managing director to managing director, marketing and LAW publishing, from senior director of Dechert: EXECUTIVE PROMOTIONS Kevin P.Scanlan, 37, joined as marketing and publishing. appointed vice president and managing as executive vice president. He was partner. He had been a partner at Orrick BMI: Claudette Shand, 39, joined as director of ForbesTraveler.com and formerly an executive vice president at Crain’s lists the promotion and hiring of New York Herrington & Sutcliffe. promotions director. She had been a ForbesAutos.com. He had been SJP Properties. area senior executives on a space-available basis, Epstein Becker & Green: John E. Clark, freelance marketing consultant at Jive president of sales and marketing at LTB with priority given to positions in New York City. 51, joined as partner. He had been vice Records. Media. SERVICES The fastest way to get an announcement into president and chief counsel of New Elle magazine: Sheri Lapidus, 43, was Union Square Partnership: William Crain’s is to submit details online by filling out the Jersey Schools Development Authority. named executive director of public REAL ESTATE Kelley, 36, joined as director of economic form at www.crainsnewyork.com/submit. The Howrey: Gregory G. Ballard, 40, joined as relations for the Hachette Filipacchi Ball Construction: Lloyd Good,48,was development. He had been vice Executive Moves column is also available online. partner. He was formerly a partner at title. She had been vice president of promoted to president from general president for development at New York Crain’s cannot confirm receipt of listings or say Cadwalader Wickersham & Taft. media strategies at Kaplow. manager. City Economic Development Corp. when they will appear. McDermott Will & Emery: Todd Finger, 35, Forbes.com: Lawrence Kaplan, 40, was CB Richard Ellis: Peter Eppie, 33, joined —sarah studley

THE WEEKS AHEAD

THIS WEEK’S EVENTS Simpson. 8 a.m. to 9:45 a.m., Hilton APRIL 8 New York, 1335 Sixth Ave., Trianon Asian Women in Business holds Ballroom. Fee: $65 members, $85 workshop on financing and insurance. nonmembers. (212) 481-9230. 6 p.m. to 8 p.m., Microsoft, 1290 Sixth APRIL 10 Ave., sixth floor. Fee: $15 members, $25 NY County Lawyers’ Association holds nonmembers. (212) 868-1368 or workshop on immigration and corporate [email protected]. business law. 6 p.m. to 9 p.m., 14 Vesey St. APRIL 9 Fee: $125 members, $165 nonmembers if Hospitality Sales & Marketing preregistered by April 8; additional $25 Association International, Big Apple for all thereafter. (212) 267-6646, ext. 215. chapter, holds hospitality managers’ roundtable to assess the state of travel APRIL 14-20 and tourism in New York City. APRIL 15 11:30 a.m. to 2 p.m., Tavern on the Crain’s New York Business holds Green, Central Park West at West 67th networking breakfast and program with Street. Fee: $65 members and student Anthony Coscia, chairman of the Port nonmembers, $85 nonmembers, $55 Authority. 8 a.m. to 9:30 a.m., Hilton student members. (914) 762-1456 or New York, 1335 Sixth Ave. Fee: $65. [email protected]. (212) 210-0739 or APRIL 9 www.crainsnewyork.com/events. American Society of Training & APRIL 15 Development, New York chapter, holds Pace University Small Business networking reception. 5:30 p.m. to 8 Development Center holds workshop p.m., Deutsche Bank, 60 Wall St., 47th on business planning. 5:30 p.m. to floor. Fee: $35 members, $45 nonmem- 7:30 p.m., 163 William St., 15th floor. bers, $25 students. (646) 243-8513. Free. (212) 618-6655 or [email protected]. APRIL 9 APRIL 16 New York Investing Meetup holds Professional Women in Construction seminar on the Bear Stearns collapse holds forum on the future of energy and and what it means for your investments. power. 8 a.m. to 10:15 a.m., General 6:30 p.m. to 8:30 a.m., 1290 Sixth Ave. Society Library, 20 W. 44th St. Fee: $65 Fee: $5. (212) 255-7327 or members, $85 nonmembers. [email protected]. (212) 486-7745 or [email protected]. APRIL 10 —adrianne pasquarelli New York Building Congress holds forum with U.S. Department of Transportation Administrator James S. TO LIST YOUR EVENT Listings can be submitted only through the Crain’s More meetings online at Web site. Go to www.crainsnewyork.com and click www.crainsnewyork.com on “Events.” Sponsors have a choice of several free Click on “Events” or paid listing options. All business events will be posted online within two business days.

38 | Crain’s New York Business | April 7, 2008 CNYB 04-07-08 A 39 4/3/2008 2:17 PM Page 1

BUSINESS LIVES TABLE TALK by Bob Lape escargots persillade. A unique Wine director Daniel Johnnes wrought-iron server has 12 indents, points with pride to 70 wines under eight for snails in parsley and garlic, $50.That said, there are more wines and four for potato croquettes. The marked up 200% to 300% over retail idea is to tear each croquette in half than offerings that are priced below and put a snail inside to eat. Prob- those levels. lem is, the garlic-parsley butter re- As befits a Boulud restaurant, mains in the bottom of the indent. service is exceptionally knowledge- The result: flavorless snails. able and helpful. You’ll have better luck with the Bar Boulud entrées—plats de résis- COMMENTS? [email protected] tance,as they’re called.Steak frites,of BAR BOULUD course, oven-roasted char, sautéed BEST OF BOB LAPE 1900 Broadway (between skate with wild mushroom fricassee, West 63rd and West 64th streets) lamb stew with rosemary, and par- (212) 595-0303 ticularly tender, juicy roasted chick- More fare in the Lincoln Center area: www.danielnyc.com en breast perfumed with tarragon. Chef Boulud promises the return Picholine ½ of an exceptionally pleasing version www.picholinenyc.com CUISINE Brasserie/charcuterie of fish and chips. The fish is sweet, 35 W. 64th St. (between Broadway firm grouper, and the frites include and Central Park West), Manhat- WINES 330 choices, 37 by the a bevy of different tempura-like tan. (212) 724-8585. Terrance Bren- glass vegetables. The dish, a standout on nan’s temple of modern Mediterr- DRESS No code one visit,had vanished from the fare anean cuisine features an elegant design and an exciting menu. NOISE LEVEL Loud the next time I visited. Fruit figures in many desserts ($7 PRICE RANGE $19-$32; to $12), from a mini baba au rhum Dovetail charcuterie tastings, $22 and $46 draped in poached pineapple with www.dovetailnyc.com WINE MARKUP 120%-300% coconut-passion fruit sorbet, to 103 W. 77th St. (between Colum- brandied cherries providing added bus and Amsterdam), Manhattan. CREDIT CARDS All major kick to a Basque custard cake. (212) 362-3800. Seasonal American RESERVATIONS Essential Wine is a major part of the allure fare, with refined service and wines here,with some 5,000 bottles in met- to match the inspired cooking. HOURS Lunch, Mon.-Fri., noon- al racks downstairs and a deep list 3:30 p.m.; Dinner, seven days, classifying them as Discoveries, 5-11 p.m.; Brunch, Sat.-Sun., Classics, Legends and Heart-

e. laignel 11 a.m.-3:30 p.m. throbs—choices from around the STIRRING EXPERIENCE: Bar Boulud, near Lincoln Center, represents Daniel Boulud’s first effort = Outstanding world that the wine team loves.Some to prepare “a little more traditional” fare. Thomas Schlesser’s design is one element of its appeal. = Excellent wines are available in flights of three = Very good 2-ounce pours, and many by-the- = Good glass offerings may be sampled in the Throngs love smaller-taste format as well. new bar belle Boulud’s latest offers Thomas Schlesser, is whimsically wine-y. Barrel-like, the curved ceil- help develop the future of top-notch charcuterie, ing seems more like a wind tunnel (a wine tunnel?), and Vik Muniz’s coney island stillwell avenue. deep list of wines; photographs of abstract wine spills bring a shoehorn line the walls. Booths are comfort- able, and bar areas accommodate scores of guests as they eat and check aniel boulud in- out the wonderful world of wine. sists that his new Bar BB’s appeal is decidedly multi- Boulud near Lincoln faceted. A sensational charcuterie Center isn’t finished. selection crafted by Gilles Verot, He hopes to organize pâté prince of Paris, and his man- Da rear table for serious wine tastings. on-the-scene Sylvain Gasdon can It won’t be easy. The place is a be tasted in samplers. There are a New York City Economic Development Corporation smash hit, and there’s no extra space dozen lush, flavor-packed cold (NYCEDC) is seeking to put anything or anyone,including items. The more rustic choices are proposals for the purchase of an approximately 48,000 square foot site located the standees clustered inside the the better ones, with the Lyon Pâtés on Stillwell Avenue in Coney Island, Brooklyn to be developed as commercial front door.Management sometimes Grand-Père and Grand-Mère win- space with accessory parking. plies them with Champagne.Warm- ning highest marks. The first weds er weather will bring al fresco din- foie gras, truffle juice and port; the RESPONSES ARE DUE NO LATER THAN 4:00 p.m. on Friday, June 20, 2008. ing, which may free up degustation second blends chicken liver, pork Submission guidelines and requirements are outlined in the RFP, which can be room inside the 110-seat restaurant. and cognac. And, for the first time www.nycedc.com/rfp The world seems to share chef in my 12,000-restaurant prowl, I downloaded at , or pickedup at NYCEDC, 110 William Street, Boulud’s excitement about Bar richly enjoy the headcheese. 6th floor, New York, NY, Monday - Friday, between 9:30 a.m. and 4:30 p.m. Boulud—“the first time I go a little Backing up the fully accessorized more traditional in my food.” The pâtés, terrines, tartares, and pastry- standing-room crowds aside, this crusted and other meat stylings is a location is the most accessible of full range of warm bistro goodies. Boulud restaurants in every sense, First-course options—if charcu- including price and meal periods. terie is not your first wave—run to After just three months,reservations classic dishes ($11 to $22), such as for lunch, dinner and brunch are stews of smoked sausage over len- well into the plan-ahead category. tils, coq au vin, mussel bisque, as- REQUEST FOR PROPOSALS Bar Boulud’s look, by designer sorted salads and an unusual take on

April 7, 2008 | Crain’s New York Business | 39 Project5 3/25/08 1:05 PM Page 1