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TOP STORIES ACCOUNTING Redstone’s mess Battle for middle began long before market heats up the credit crisis as demand PAGE 3 ® cools down PAGE 21 Holiday parties will be stingiest in 20 years, survey says VOL. XXIV, NO. 43 WWW.CRAINSNEWYORK.COM OCT. 27-NOV. 2, 2008 PRICE: $3.00 PAGE 3 The silver lining in media industry’s Mayor’s critics many troubles VALERIE BLOCK, PAGE 11 will keep heat on Tallying up the winners and losers troller William Thomp- Bloomberg will son and Rep. Anthony in term limits vote have to make Weiner, who suddenly THE INSIDER, PAGE 12 find themselves running voters forget his against the mayor rather than each other. power play And they will have credibility. Mr. Bloom- BY ERIK ENGQUIST berg’s reputation for be- THE SPEYERS’ ing above politics is in forget next year. tatters. He is viewed Mayor Michael Bloom- with suspicion by good- berg’s re-election cam- ‘Bloomberg government groups, lib- RESIDENTIAL paign starts now. has opened eral activists, powerful His successful push unions,other elected of- to extend term limits Pandora’s ficials and a sizable per- has altered the mayoral box. He can centage of New Yorkers. HANGOVER landscape. Everything no longer Polls leading up to he does will now be seen be seen as last week’s term limits BUSINESS LIVES through the lens of his vote showed the mayor re-election bid. Re- the anti- was still popular with New Yorkers hit the Midas touch deserts firm in move porters covering him politician.’ 70% of the electorate, road to campaign beyond commercial real estate will readily seek critical —Councilman but nearly a third said for their candidates comments from the Bill de Blasio they viewed him more Democratic mayoral negatively because of his PAGE 39 BY THERESA AGOVINO candidates,City Comp- See MAYOR on Page 8 over the past two years, the owners of Stuyvesant Town AT DEADLINE and Peter Cooper Village have beautified the development, planting thousands of trees and shrubs, and adding a gym, a lounge and other amenities. Banks seeking ANXIOUS LANDLORDS ARE RESORTING TO INCREASINGLY Though the sprawling residential complex’s appearance generous deals to woo tenants. has improved dramatically, its finances have turned down- At least one building owner is right ugly. Expenses running above expectations and lag- accounting fix offering tenants a year of free ging revenues have combined to drain cash reserves to the rent in three of its office degree that Moody’s and Standard & Poor’s have down- SEC may suspend mark-to-market rule; towers.The deal is available at graded some of the complexes’ debt in recent weeks. 805 Third Ave. if a tenant pays The downgrades mark a rare public setback for real estate wild stock drops turn up the pressure at least $70 a square foot on a See SPEYERS on Page 8 10-year lease for either a full floor or half a floor. Landlord BY AARON ELSTEIN BLACK HOLES Cohen Brothers Realty Corp. Level 3 assets,* in billions. is also offering the option for slammed by tens of billions in the lower floors of 750 mortgage-related losses, banks in- J.P. Morgan Chase $144 Lexington Ave. and 135 E. cluding Citigroup and Morgan 57th St. As the market Stanley—both of which saw their Citigroup $133 deteriorates, brokers say, such shares tumble by more than 15% in Morgan Stanley $78 rent holidays are going to last week’s market rout—have become more commonplace. come up with a novel way to put an Goldman Sachs $68 end to them. They are asking per- Merrill Lynch $58 MORE THAN 25 LOCAL HEADS mission for their accountants to OF COMPANIES WILL BE put on their rose-colored glasses. Prudential Financial $28 THE PURCHASE running in the ING New York The institutions are lobbying *Assets whose value cannot be determined. City Marathon Sunday, of Stuyvesant Town the Securities and Exchange Sources: Company reports
bloomberg news (above) now looks including John Legere, chief / Commission and others to sus- ill-timed. executive of Global Crossing; pend the so-called mark-to-mar- See AT DEADLINE on Page 2 ket accounting requirement that ported by Wachovia, as well as in
buck ennis they contend has intensified the the steep losses logged by the credit crisis. The rule, which was shares of several major financial
43 enacted last year, requires banks firms. Banks argue they should be
5 COMINGNEXT WEEK and other companies to value secu- able to value those assets at what The Business of Law Report delves into rities on their books at current— they insist to be the assets’ true how firms are coping with THE now hugely depressed—market long-term worth. ELECTRONIC EDITION FINANCIAL PANIC. Also, Crain’s annual prices. Just last week, that require- The SEC is scheduled to hold a ranking of the Top 25 firms. ment was a key factor in the stun- meeting on the matter Wednes-
NEWSPAPER ning $24 billion quarterly loss re- See BANKS on Page 9 71486 01068 0 CNYB 10-27-08 A 2 10/24/2008 8:57 PM Page 1
$1,000. (Bleacher seats will still be AT DEADLINE available for $12.) And out of the 47 planned luxury suites, the team still Continued from Page 1 Corporate fans take has seven unsold boxes, according Joe Bastianich, New York to Bloomberg News Service, priced restaurateur and owner of Del around $600,000. A team spokes- Posto, Babbo and Becco; woman declined to comment. Michael Capiraso, head of a pass on season tix The Nets recently started offer- advertising agency WPP; James ing fans a “no money down”delayed LeFrak, managing director of payment plan for season ticket re- real estate firm The LeFrak newals at the Izod Center,allowing Organization; Susan Saideman, Teams offering incentive plans to move inventory fans to wait until January to fork president of Mars Retail Group; over the cash. The beleaguered Peter Harkins, CEO of proxy companies looking to unload empty New Jersey team, whose planned solicitation firm D.F. King & BY HILARY POTKEWITZ box seats, and fewer requests Brooklyn arena is on hold pending Co.; and Douglas Lebda, CEO from folks wanting to buy legal challenges,has lost about 20% of LendingTree. About 100,000 in this market, it’s not unusu- them.Sports attorneys have of its season ticket holders this year. people entered the lottery for al for a broker to get a phone clients exploring exit strate- the race, and more than 39,000 call from a client saying, “Sell gies for suite contracts. Jets make smart move are expected to run. everything!” The result is a con- the jets unveiled five- and 15- But when Tony Knopp got fused and scat- year financing plans for seat license THE NY LEAGUE OF the call last week, it wasn’t tered ticket fees in the $1.6 billion stadium CONSERVATION VOTERS IS from a nervous investor look- market. they’re building with the Giants.In trying to make a big splash in a ing to unload stock; it was from “I really a prescient move,the team had sur- Long Island race that could one of New York’s biggest law pity the veyed its season ticket holders ear- decide which party controls the firms telling him to sell all of the guys who lier this year and found that a fi- state Senate.The group is box seats and season tickets the have to sell [boxes and nancing option was in order. spending $175,000 on television firm holds—in every city where it season tickets] for Though markets were not yet in ads and direct mail in an attempt operates.That meant four luxury those teams in new sta- turmoil back then, the housing cri- to unseat Republican State Sen. suites in New York arenas alone. diums right now,” says sis was well under way. Caesar Trunzo, a 36-year “Some people are trying to get Robert Tuchman, pres- While teams are coming up incumbent who faces a strong out of renewing their boxes, but ident of sports consult- with ever-more-attractive sales challenge from Democrat Brian that’s the first time someone gave PRICES UP, ing firm TSE Sports & pitches, they are starting to hit real Foley. It is a key race for us their entire inventory,” says Mr. Entertainment. He advises resistance. Democrats’ hopes of taking Knopp, vice president of business SALES DOWN companies on long-term Embattled AIG may still be
control of the state Senate, development at Corporate Events getty images $495 suite deals and arranges cor- locked into a multiyear deal for a which currently has 31 Group Inc. In the past month, the Top ticket price per game porate trips.“The next six to $300,000-plus suite at Madison Republicans and 29 Democrats. consultant has seen a fivefold in- at Mets’ Citi Field 18 months are going to be a Square Garden, but the company The $175,000 campaign is one crease in the number of companies battle,” he adds. did not buy a box in the new Yankee of the largest in the league’s making their boxes available for $2,500 Teams are improvising in- Stadium, the team reported this history though it will be only a events. “We’re trying to talk some Top ticket price per game at new centive plans, and they need month. All of the insurance giant’s fraction of the total cost of the firms off the ledge,” he adds. Yankee Stadium them. Baseball tickets will other contracts for suites and season race, projected at $1 million. nearly double in the new sta- tickets are under review, according Corporations cut back $19,500 Average online auction price for one diums.Good seats at Citi Field will to a company spokesman.“We may CORRECTIONS the economic downturn is Jets personal seat license in range from $125 to $495 per just dump everything,” he says. AND CLARIFICATIONS starting to hurt New York area Coach’s Club section, 50-yard line, game—a sharp increase from prices Hedge funds are also offering up sports teams’ ability to claim top at the new Giants-Jets stadium at at Shea Stadium, where seats their box seats at a healthy clip, ac- The Last Lecture by Randy Pausch sold dollar from their strongest fan base, the Meadowlands.* Tickets are topped out at about $275. Though cording to Jim Zissler, vice presi- 38,315 copies in the week ended Oct. 5, $700 extra per game. according to BookScan. The sales figure was the city’s corporate sector. It could- the team was able to sell out its in- dent at Inside Sports & Entertain- incorrect in the Oct. 13 article “Books hit the n’t have come at a worse time.Three ventory of 49 luxury boxes earlier ment Group. He used to reach out skids as economy tanks.” $20,000 major stadiums are under construc- Set fee for one Giants personal seat this year, season ticket renewals to his contacts to find premium In the Oct. 13 article “Fearless fundraiser,” tion, two arenas are in the planning license in Coach’s Club section, 50-yard have been a tougher sell since the seats on an as-needed basis when- Robert Thompson’s stated goal of increasing stages, and one is only a year old. line. Tickets are $700 extra per game. credit crisis. ever clients called. “Now,” he says, annual giving to $500 million a year by 2013 for the U.S. Fund for Unicef includes both That means six teams need to sell *After first two days of auction. In an unprecedented move, the “more people are calling in to see if monetary donations and gifts in kind. higher-priced season tickets and Sources: Teams, StubHub Mets plan to announce a two-part I can sell their seats.” luxury suites to cover their costs, payment plan for season tickets. Mr. Zissler admits that he passes while their target customers—like The plan will allow people buying on tickets sometimes, because he banks,hedge funds and law firms— private financing programs or lay- full-season tickets to pay in two knows he won’t be able to sell them. THIS WEEK IN CRAIN’S are cutting back on extras. away plans for the first time to en- credit card installments, according “That’s how bad it is,” he says. As a result, the city’s pro teams tice seasoned customers to buy. to a team spokesman. COMMENTS? VALERIE BLOCK------11 are being forced to call an audible Meanwhile, entertainment bro- The best seats in the new Yankee on sales tactics. Some are trying kers are getting more calls from Stadium jumped to $2,500 from [email protected] THE INSIDER------12 SMALL BUSINESS ------16 REAL ESTATE DEALS------18 REPORT: ACCOUNTING------21 State won’t cut cancer screenings THE WEEKS AHEAD------32 NEIGHBORHOOD Five city programs the money,” a department spokes- ceived word that cancellation tion and primary care. Testifying at woman said. “This is a valuable would not be necessary. “The gov- a state budget hearing last week, JOURNAL ------35 that provide free program.” ernor says he is fully committed to Commissioner of Health Richard CLASSIFIEDS------36 That was welcome news at the seeing this program through until Daines spoke of the department’s testing get reprieve Columbia University Cancer the end of the fiscal year,” she said. mission as “focusing on reducing BUSINESS LIVES------39 Screening Partnership based at disparities in access and health out- CORPORATE LADDER------41 BY GALE SCOTT New York-Presbyterian Hospi- Uncertainty next year comes in underserved com- EXECUTIVE MOVES ------42 tal/Columbia, one of five in New despite the welcome re- munities.” BOB LAPE ------43 a plan by the New York state De- York City and 50 in the state. prieve, there is still much 15% During fiscal 2007-08, partment of Health to cut funding Director Karen Schmitt says uncertainty about what OFWOMEN the program provided vol. xxiv, no. 43, october 27, 2008—Crain’s for cancer-screening programs for that based on earlier conversations happens after March 31,the who are eligible screening to 80,500 New New York Business (issn 8756-789x) is pub- for the program lished weekly by Crain Communications Inc., the uninsured was derailed before it with the state, her program had end of the fiscal year. “We are actually Yorkers and found 3,537 711 Third Ave., New York, NY 10017. Periodi- took effect. Responding to mount- considered canceling a heavily pro- only screen 15% of the peo- screened cancers, including 424 cals postage paid at New York, N.Y. and addi- ing protest after Crain’s posted a sto- moted screening event this past ple who are eligible for the cases of breast cancer. tional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, ry on its Web site Thursday about weekend in recognition of National program now, and the state [earli- The Department of Health es- Circulation Department, 1155 Gratiot Avenue, state plans to make cuts in the $29 Breast Cancer Awareness Month. er] asked us to increase that to 20%, timates that the cost of the screen- Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446- million cancer screening program, About 220 uninsured women have which we can easily do,” Ms. ing program was offset by $46 mil- 6777.$3.00 a copy, $59.79 one year, $109.79 the department changed its mind made appointments for the screen- Schmitt says. “But we’ve got a long lion in savings due to early two years. (GST No. 13676-0444-RT) and vowed to continue funding. ings, which include tests for breast, way to go to get to 100%.” detection. ©Entire contents copyright 2008 by Crain Communications Inc. All rights reserved. “We are calling the programs cervical and colorectal cancers. The state’s change of heart is in and letting them know we will find But at the last minute, she re- keeping with a new focus on preven- COMMENTS? [email protected]
2 | Crain’s New York Business | October 27, 2008 CNYB 10-27-08 A 3 10/24/2008 9:18 PM Page 1 Redstone realm in ruins
price fell as cable ad Mercurial mogul made growth slowed. bad decisions for years The ruthless Mr. Redstone axed Mr. NOTHING ASSUMED: Freston, also blaming Lounge owner Mark BY MATTHEW FLAMM Grossich is offering a him for letting News 30% discount on Corp. win My- year-end parties. the financial world has suf- Space.com. fered many shocks in recent weeks. Now, CBS is the But none rattled media watchers one in deeper trou- more than Sumner Redstone’s ble. Despite prime- hasty sale of $233 million in Via- time hits like CSI,
com and CBS stock to meet the billings at its television buck ennis terms of a $1.6 billion loan that stations have cratered, hangs over his family’s and its ailing radio divi- holding company, Na- sion continues to lag. tional Amusements Inc. It turns out that the “Sell” rating Dire outlook old man is mortal. “long-term challenges “Never in the past would are mounting for both local I have said there is something television and radio,” wrote Pali Sumner can’t do,” says Alan Research analyst Richard Green- for holiday Gould, a senior analyst at Natixis field last week when he initiated Bleichroeder. “But in this environ- coverage of CBS with a “sell”rating. ment, you just don’t know.” Analysts are forecasting that Technically, the precipitous de- CBS’s per-share earnings in 2008 cline in the share value of Viacom will decline 9%, to $1.57. A CBS festivities Inc.and CBS Corp.during the mar- spokesman declined to comment. ket crash earlier this month forced The company releases third-quar- Mr. Redstone to dump stock. But it ter earnings results on Thursday. “People are not in the mood to was the mercurial mogul’s own ac- Meanwhile, Viacom’s ad revenue Firms downscale celebrate, given all the wealth that’s tions before the credit crisis that growth has consistently underper- or cancel outright; been lost,” says Dale Winston, chief led him to the brink. They in- formed its publicly traded cable executive of the recruiting firm. clude his failure to talk to network peers, according to SNL some doing lunch Nowhere is that felt more acute- his banks until after the Kagan senior analyst Derek Baine. ly than in the Big Apple, the eye of situation became an Insiders blame management BY LISA FICKENSCHER the financial storm and headquar- emergency,and his disas- turnover and turf wars be- ters for most of the firms surveyed. trous decision three years tween Viacom’s properties fabulous holiday parties are so Catering venues and restaurants ago to split his media em- as well as the limitations of last year. With the economy in the are the first casualties in this war on pire in two. its niche channels, which dumps, nearly 20% of companies holiday cheer.Many report that hol- Obsessed with boosting include BET and gay- will forgo a bash this year, accord- iday business is down by about 10% the old company’s stock themed Logo. These days, ing to a national survey to be re- from last year. Companies are aim- price, Mr. Redstone be- media buyers are leaning leased by Battalia Winston Amrop ing to cut costs by eliminating spous- lieved he could unlock val- more toward broad-reach Hever today. That’s the highest es and clients from guest lists,as well ue by dividing Viacom and networks. number of abstainers in the survey’s as bubbly and other goodies, and are CBS. He ended up expos- Not having a network 20 year history. See LOOKING BLEAK on Page 9 ing the weaknesses in each. like USA or TNT “prevents “Splitting the compa- Viacom from being looked nies did not work at all,” at [first] for almost any says Mr. Gould. campaign,” says Aaron Co- Mr.Redstone insists he hen of Horizon Media. won’t have to sell any more Analysts forecast 2008 MISERY METER shares of his media twins, earnings per share of $2.51, but the pair, particularly an 8% drop. Weekly reading on the direction of the city’s economy.
CBS, are still in trouble. klockenbrinkmyra Even so, each firm has positives to report.CBS Ra- Too dependent on ads some of the cable giant’s properties dio division will produce more than unlike its broadcast peers,all and the company’s struggle to $500 million in cash this year,and its of which are linked to cable net- achieve growth. CNET purchase will make CBS a CLOUDY works, CBS can’t rely on relatively It might have sounded like a good player on the Web, insiders say. recession-proof subscription fees idea to break off CBS’s slow-growth A Viacom spokeswoman points S and must depend on ads for more but high-cash-flow broadcast busi- to powerhouse network Nick- Y T than 70% of revenues.In the past 12 nesses and leave the cable networks elodeon’s overseas expansion and O N R N months, unnerved investors have to create double-digit growth on the fact that only 30% of the com- M driven down the firm’s stock, cost- their own. But the step backfired. pany’s revenues comes from ads. U Y ing the company 73% of its value— Mr. Redstone also pitted Via- The Paramount Pictures division S the steepest fall in the media arena. com veteran Tom Freston, the ar- had hits like Iron Man and the latest “No question CBS is in a tighter chitect of that company’s success, Indiana Jones sequel. spot than the other networks,” says against CBS’s Les Moonves,a brash “When the economy recovers, Larry Gerbrandt, principal of Me- relative newcomer, to goad them we’ll [come out of the downturn] dia Valuation Partners. “And Via- into producing outsize gains. But stronger than we were going into -10% -11.4% -10.4% com,though it has [cable’s] dual rev- that didn’t work as planned, either. it,” Chief Executive Philippe Dau- CHG. IN STAFFING CHG. IN MEDIAN BLOOMBERG/ - enue streams,is still going to get hit.” CBS’s stock price surged in the man said at the recent Media and LEVELS PRICE OF QUEENS CRAIN’S NY STOCK eyed by Goldman HOMES IN 3Q INDEX METER CHANGE Viacom’s 53% share-price drop, first year after the breakup as Mr. Money conference. Sachs (Pru. Douglas weekly drop from previous week while more in line with that of oth- Moonves made aggressive moves Elliman) er media companies,has focused at- that impressed investors. COMMENTS?
photos: bloomberg news; nick by tom cocotos illustration tention on the dimming luster of Meanwhile, Viacom’s stock [email protected]
October 27, 2008 | Crain’s New York Business | 3 CNYB 10-27-08 A 4 10/24/2008 8:08 PM Page 1
CRAINS_06-16-08_ unidata_Enterprise SLAs.ai 6/5/2008 3:49:29 PM Enterprise SLAs for middle market IN THE MARKETS companies edited by Erik Ipsen
Middle market companies are in a tough position.
The banks call you middle market—offering middle Winning design lacking at Liz market credit lines at middle market rates. But in the information technology (IT) world, customers, n fashion, makeovers routinely trading partners, and regulators expect you to operate produce dramatic results. But like an enterprise—with all the costly network access, Ishareholders of clothier Liz availability, backup, security, and application Claiborne Inc., which has been support that entails. struggling for two years to redesign both its business strategy and mainstay We’d like to help you outmaneuver this situation. collection, are still waiting for winning new looks. bloomberg news CallCall uuss ttodayodayy—we’llwe’ll givegive you a The company’s shares have shed 76% UNRAVELING complimentary network assessment, designed to of their value over the past 12 months outline your company’s best bets and recently hit a 13-year low. for service improvement and cost savings With a crucial holiday sales season nearing the runway, some analysts are We’re the brains behind New York’s best networks expecting Liz—which lost $23 million in its second quarter and on Friday revised its year’s earnings outlook downward by 7% to 10%—to have a very grim Christmas indeed. A Unity International Group Company Ever since former Johnson & Johnson executive William www.UniDataIT.com [email protected] (718) 445-5600 (opt.2) McComb took over in late 2006 and began selling off smaller brands,investors have been on edge.This month,Mr.McComb parted ways with designer Narciso Rodriguez over a difference in strategy and sold Enyce because next week are expected to show a of expected losses in the urban brand nearly 60% jump in profits.But with Did You Catch Today’s Breaking News Stories? segment. the global economy slowing and a Shareholders are pinning their soaring dollar crimping sales over- Go to crainsnewyork.com for the latest. hopes on Isaac Mizrahi’s new spring seas, where Avon generates 73% of collection for the Liz Claiborne sales, that pace will likely fall.There brand.The collection,which will hit is one plus in all this: Owing to the shelves in February,has already been recession, more women want to be favorably reviewed, in contrast to “Avon ladies.” months of widespread criticism of the brand as outdated and stuffy. “It’s called color therapy, created Holes appear Times Square - The Ultimate by Isaac with the idea that people in the Big Board need to be indulged with color at a time like this,” says Mr. McComb. next week, the world’s largest New York Location He also notes that the line’s pricing stock exchange owner is widely ex- will appeal to shoppers searching for pected to do something that it has value. not done —adrianne pasquarelli since it went public four years ago— Avon’s advance post a drop in hits a roadblock quarterly earnings.The nearly three months ago, shortly slide in prof- after Avon Products announced a its at NYSE doubling in its second-quarter prof- Euronext comes as a record number it, an analyst downgrad- of companies see their share prices ed the shares, saying fall below $1 and are delisted.So far that their then 12% this year, 40 companies have been year-to-date rise in erased from the Big Board, includ- the teeth of a bru- ing Circuit City and Vonage. tal market was NYSE shares have suffered as well. • Entire 5th floor 13,800 sf enough. Smart They are off 71% this year, versus a • Available December 2008 call. Since then, 42% drop for Nasdaq, which last the shares have • Work letter available to qualified tenants week suspended its delisting re- tumbled by 45%. quirement for the first time since • 100% commission paid on signing Earnings due out Sept. 11. • Across from the new New York Times Building • 24/7 building access and building security • Convenient to all transportation ALTERNATIVE INVESTORS HIT HARD FOR LEASING INFORMATION PLEASE CONTACT: Financial firms with Grant Greenspan strengths in alternative 212-471-4340 • [email protected] investments crashed last week as investors -28% -27% -27% turned increasingly antsy about exposures Fortress Blackstone Group Jefferies Group THE KAUFMAN ORGANIZATION to hard-to-price assets. Investment Group WWW.KAUFMANORGANIZATION.COM Project5 10/21/08 12:12 PM Page 1
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Murray Hill Properties llc NEW YORK,NEW YORK edited by Valerie Block
Real Estate Investment IV lp annually. But after spending nearly New brew $25 million to restore the 86th from two bros floor observatory and related areas Private Placement Fund to their Art Deco splendor, popular eatery Heartland management hopes to increase Brewery and coffee bar Oren’s that number. Daily Roast are teaming up to Updates include marble on the $98,000,000 produce a coffee-infused beer, walls, a mosaic tile floor and Oren’s Daily Porter. stainless steel finishes. The work But the partnership runs deep- is part of an ongoing $600 million er than a desire to create a concoc- overhaul of the building, which is tion with caffeine and alcohol. Jon owned by a partnership led by real and Oren Bloostein, proprietors of estate investor Peter Malkin. Heartland and Oren’s, respective- ly, are brothers—a fact little- known around town. Wanted: more The siblings will debut the bev-
nbc Carrie Bradshaws erage, selling for $6.95 a pint, next month at Heartland’s five New the recession is killing tourism, Familiar York restaurants. It will also be pro- but not On Location Tours.The moted at Oren’s nine locations. outfit that runs “Sex and the City” talking heads “My brewmaster collected the bus tours has seen demand surge beans as they got by 20% since the on the block? out of the roast- movie came out er,” Jon says. this summer— he grim reaper The supply of and business is might be gunning for Oren’s Daily still booming. In Channel 4’s news Porter is expect- fact, Marketing T ed to last only Director Cathy team. With NBC Universal about three Wilke says the Chief Executive Jeff Zucker weeks, but the biggest problem calling for $500 million in brothers might is finding spending cuts, insiders are make another enough guides. batch if it’s “Normally at convinced that nobody is popular. this time of the safe—even well-known fall things start anchors. Gussied- PINUP FARMERS to slow down, “The sense here is that but they up tower THEY’RE NOT FIREMEN, but haven’t,” Ms. the kind of [savings] they’re they’re still hot. The just- Wilke says. looking for can only be seeks to released 2009 Farmers of The firm achieved by cutting out the entice Columbia County Calendar hires actresses to top,” says a WNBC news was produced by catering all- run the outings, first the star Great Performances. Prof- which stop at veteran. tenants, now the its from sales will benefit the such places as Another insider says that tourists. After children’s nutritional education and the Pleasure We are pleased to announce there have been persistent launching an ad program of Greenmarket and Chest, made Sue Simmons campaign aimed The Sylvia Center. famous by the Tradition Financial Services, Inc. rumors that at attracting HBO series (Part of the Tradition Group) (above) was asked to resign companies to set starring Sarah and refused. up shop in the Empire State Building, Jessica Parker (below with co- has leased the entire 34th fl oor. “There is absolutely no its owners are spending $2 million stars). Ads placed in Backstage, to lure visitors to the tower. Playbill.com and elsewhere usually Scott Sloves & Marc Ravesloot of CBRE substance to those rumors,” A series of five ads with images net 150 to 200 résumés. But lately, a WNBC spokeswoman that include a kids’ soccer team only 50 or so are dribbling in. represented the tenant. responds. celebrating at the building to a “We’ve had to turn business away,” couple enjoying a romantic Ms. Wilke laments.The company Meanwhile, insiders moment debuted earlier this month has 22 guides on staff and would For leasing information, please contact: complain that WNBC’s in such titles as Time Out and on like to hire four more. On Bruce Surry new Web site, which the key cards of several hotels. Location also runs “The New 212-618-7044 launches today, gives The campaign will also appear York TV and Movie Sites” tour. [email protected] soon in New York magazine and short shrift to the local airport posters. Roughly 4 million Contributors:Theresa Agovino, David Maurer-Hollaender news team. Part of a people visit the skyscraper Lisa Fickenscher, Matthew Flamm 212-984-8024 [email protected] companywide online strategy, the site features Robert Alexander 212-984-8392 national and local news [email protected] from a range of sources, Douglas Lehman along with restaurant and 212-984-7137 entertainment options. “I [email protected] don’t know if that’s [a bad idea],” says the veteran, “but Exclusive Leasing Agent: Owner: An affi liate of if you only have about 25% local news, what do you
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BCP-1018 Crains_BW 4 x 7.indd 1 10/21/08 1:58:36 PM CN012455 10/17/08 5:39 PM Page 1
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team with him. Also coming along are several privately Surgeon’s move a coup funded clinical trials of med- ical devices. Working on smallpox for Mt. Sinai med school in addition, Dr. Rose will stay on as chief executive at SIGA, which has $100 million tion to his talent and prestige, he’s pointed, however. in federal grants.There,he and Leaving Columbia, bringing more than $50 million in “Dr. Rose was more than quali- colleagues in Israel are on a Rose will bring ongoing federally funded research fied, but Columbia likes to bring in quest for an antiviral drug to to Mount Sinai. new blood,” says one surgeon. treat smallpox, a potential bio- $50 million in To some, it is a mystery why Co- In 2007, Dr. Rose took a leave of logical warfare threat.“It’s very lumbia let him go. But former col- absence and became chief executive far along, very exciting,” says funded research leagues say they had been expecting of SIGA Technologies Inc., a Dr. Rose. his departure ever since he was biotech subsidiary of MacAndrews To make time for his fami- BY GALE SCOTT passed over for the medical school & Forbes Holdings Inc.,where he is ly, he has given up heart sur- dean’s post in 2006. University of also executive vice president of life gery.Dr.Rose and his anesthe- in an arena known for bitter rival- California-San Francisco’s Dr. Lee sciences. He gets a total compensa- siologist wife, Ellise Delphin, ries and fierce competition, Mount Goldman was chosen instead, suc- tion package of $1.2 million from DR. ERIC ROSE is known as a grant magnet. have four grown children,all in Sinai School of Medicine’s recent ceeding Dr. Gerald Fischbach. SIGA. Manhattan: a physician, a hiring of former New York-Presby- Meanwhile, he started talking to medical student,a marketer for terian Hospital/Columbia heart New blood Mount Sinai.“It was series of infor- ciate director for clinical outcomes the National Basketball Association surgeon Eric Rose is clearly a coup. dr.rose,57, says he never thought mal conversations, as these negotia- at Mount Sinai Heart.“It was a good and a banker. “I actually manage to The multifaceted Dr. Rose—a he was a shoo-in for the position. “I tions tend to be,” he says. fit. We’re both happy,” he says. see the kids a lot [now],” he says. medical pioneer, an inventor with was a candidate for dean, but that’s The deal struck with Mount Dr. Rose will continue to work “The time constraints that come three patents, a researcher and a like running for president before the Sinai has him wearing two hats at on four major federally funded re- with surgery are just too extreme.” biotech entrepreneur—is also New Hampshire primary,” he says. the medical school: chairman of the search projects he started at Colum- known as a grant magnet. In addi- Colleagues believe he was disap- health policy department and asso- bia,and has brought his 40-member COMMENTS? [email protected]
Street than the mayor’s manage- bility coming in, so he could proba- ment, Mr. Fisher suggests. And bly stand to lose some,” says Bruce Mayor’s critics turn up the heat many parents are still not sold on the Berg, chairman of the political sci- mayor’s school policies. ence department at Fordham Uni- Continued from Page 1 The mayor’s supporters dispute public opposition to the mayor’s bill versity and author of Governing push to change the law so he could this notion, saying that as the vote marshaled by the Working Families Position of strength Gotham. run in 2009. neared, he avoided the fray and let Party,civic leaders,health care work- until the mayor’s term limits re- Mr. Sheinkopf says that if the “Bloomberg’s opened Pandora’s the City Council take the heat. “He ers union 1199 SEIU, the United versal, Messrs.Weiner and Thomp- mayor shows compassion as New box,” says Councilman Bill de Bla- and [Deputy Mayor] Kevin Federation of Teachers and others. son had been praising Mr. Yorkers struggle through the down- sio, who fought the term limits ex- Sheekey and his other political ad- “Over these last weeks, you Bloomberg and pledging to contin- turn,he will be in good shape.Com- tension. “He can no longer be seen visers handled this masterfully,”says couldn’t miss the power of that ue his approach. But their tone has passion has never been Mr. as the anti-politician.In the space of Susan Del Percio, a Republican coalition,” Mr. Weiner said in a sharpened since then. Bloomberg’s strength, though, and a month, he went from reformist campaign consultant. “This did not statement. “I don’t believe those “For the first time since his re- his enemies are using the term lim- outsider to political hack.” look like it was about the mayor.” voices will fade away.” election, the mayor’s opponents can its imbroglio to resurrect his image Mr. Bloomberg himself has said Former City Councilman Ken- organize against the mayor as op- as an arrogant rich guy. Masterful handling the hubbub will be forgotten in a neth Fisher says the mayor may have posed to organizing against a may- “He is going to bring out a whole mr. de blasio points to the mayor year. But his critics vow to keep it in to carve out a new campaign ration- oral initiative,” notes Hank wave of activism against him as a re- reversing his position on term lim- the news. Legal challenges are being ale in the next 12 months, since Sheinkopf, a campaign strategist. sult of how he handled the term lim- its, asking city-funded nonprofits to launched to undo the vote or force a memories are fading of the city’s Mr.Bloomberg is hardly in a des- its situation,” Mr. de Blasio says. support his bill to extend them, and referendum, and candidates plan to comeback following the Sept. 11 at- perate situation, having entered the “The bloom is off the rose now.” cutting a deal to neutralize term campaign on the issue in 2009. In- tacks. With a recession at hand, term limits fight from a strong posi- limits supporter and fellow billion- deed, they already are, adopting a some voters will realize that the city’s tion. “The mayor has lost some COMMENTS? aire Ronald Lauder. populist tone and riding the wave of fortunes are more a function of Wall credibility, but he had a lot of credi- [email protected]
Tishman Speyer has historically rent-regulated units to market rate. Speyers’ residential hangover delivered 25% returns to investors. Moody’s says the conversion is be- Its expertise has been demonstrated hind schedule and that the reserve by the younger Mr. Speyer, who fund could be depleted within a year Continued from Page 1 peak. spearheaded an effort at the top of as a result. S&P estimates that the mogul Jerry Speyer, the chief execu- “Some people will question the market last year to sell $10 bil- complex’s value has slipped by 10%. tive of Tishman Speyer and con- whether [the Speyers] have enough lion worth of properties. Those in- A source close to Tishman Spey- summate New York power-player expertise in the residential market,” cluded 666 Fifth Ave., which sold er dismisses bondholder concerns, behind the $5.4 billion acquisition says Craig Leupold, president of ARCHSTONE, for $1.8 billion. That sum is double saying that the firm is managing of the property in 2006. The agen- Green Street Advisors Inc., a trad- headquartered on what the firm paid for the property Stuyvesant Town for the long term. cies’ moves come at a time when an- ing and research firm specializing in Sixth Avenue, owns originally. But the property’s performance other of his deals—last year’s $22 real estate businesses. apartment buildings might make investors wary of pony- billion purchase of Archstone All the challenges cast a shadow all over the country. Well-protected ing up the additional $250 million Smith—is also in trouble. over Mr. Speyer—billionaire art the speyers have also generally that it’s estimated Mr. Speyer will The deal for the apartment collector, board chair of the Muse- managed to insulate themselves eventually need. building owner, one of the largest um of Modern Art and major donor from undue risk by putting little of He will also require investors to residential transactions ever, was to many charities—as well as his son their funds’ cash into transactions. help him shore up Archstone’s fi- lauded at the time. But since then, and heir apparent, Robert, 39. The For example, Tishman Speyer-led nances. Raising those funds will be Mr. Speyer has had to write down scion was a driving force behind the funds put up only $112 million in especially challenging because of the value of his investment in Arch- deals, which has raised concerns the Stuyvesant transaction and con- that company’s size and Lehman’s stone by 25%.What’s worse,he now about his ability to step into his fa- tributed $250 million in the Arch- demise. finds himself saddled with a bank- ther’s shoes. stone deal. Additionally, neither Experts contend that Archstone, rupt partner—Lehman Brothers deal is collateralized by other of the which owns buildings nationwide,is Holdings—as his firm seeks new Market headwinds firm’s assets,let alone personal guar- worth anywhere from 10% to 30% capital for the deal. the worst residential market in antees. less than Tishman Speyer paid. Mr. Mr. Speyer’s timing for both decades contributed to the prob- Bond investors hoping to piggy- Speyer was counting on rising rents deals couldn’t have been worse. lems that have befallen these two back on the Speyers’ renowned and the sale of some of the portfo- Best-known for his firm’s ownership enormous deals. Alan Pomerantz, prowess by buying paper used to fi- lio’s properties to generate profits.
of such commercial properties as real estate partner at Orrick Her- buck ennis nance most of Stuyvesant Town But the credit crunch and weaken- Rockefeller Center and the Met rington & Sutcliffe, notes that have been burned. Tishman Speyer ing economy have compromised Life Building, Mr. Speyer decided chaotic financial markets have af- difficulties “have nothing to do with and its partners, which include that strategy. to make a major residential move fected a number of major deals in re- Jerry and Rob’s ability as real estate BlackRock, bought the complex to when the market was hitting its cent months and that the properties’ investors.” convert its 11,000-plus, largely COMMENTS? [email protected]
8 | Crain’s New York Business | October 27, 2008 CNYB 10-27-08 A 9 10/24/2008 3:58 PM Page 1
Looking bleak for year-end fetes
Continued from Page 3 who would not identify the busi- has also had an uptick in smaller scaling back to smaller spots. Some ness.“If you are a firm in trouble,you gatherings. A grand marble stair- We are pleased to have represented firms that have laid off workers are are being careful about your public case that bisects the Grand Central canceling parties altogether, even if image,” he says. Terminal spot allows it to handle it means sacrificing deposits that of- At such times, intimate spaces two parties at once. ten amount to tens of thousands of can have an advantage over their “We are doing more of these split Gucci America, Inc. dollars. larger rivals. Astra, a midtown event parties,” says Karla Vasquez, Mé- Earlier this month,one of Tavern space that accommodates 150 guests trazur’s catering manager. on the Green’s regular clients pulled the plug on its holiday party, which Size doesn’t matter in the lease of 20,000 SF to would have brought 1,500 revelers the big shops are also trying to at- to the Central Park landmark. tract smaller groups.The Plaza Ho- The restaurant gets to keep the tel plans to announce a one-day hefty fee, but it’s little comfort to package that it hopes will appeal to
Bryan Kalman,executive director of istockphoto clients who wouldn’t ordinarily private dining. Holiday bookings book the pricey property. With the are off 10% this year from 2007.Tav- HOLIDAY PARTY “communal luncheon” package, ern’s phone lines are usually jammed POOPERS available for the elegant Grand Ball- in October with desperate event room on Dec. 11, companies can planners trying to secure a room for book tables of 10 and save cash by a year-end event. Now, Tavern’s ex- 19% sharing the space. at ecutives are the anxious ones. forgoing an event “We recognize that current eco- “We are calling everyone we can nomic realities are revising many hol- think of,” says Mr. Kalman, who iday office parties and gatherings,” 685 Fifth Avenue adds that returning clients are ask- 29% says Liz Neumark,a principle of CPS New York, NY ing for deals. “If I had a $150-per- not serving alcohol Events,the Plaza’s catering company. person price in the past, I’m doing Whether large or small, most more $100-per-person events now.” venues are doing everything possi- 44% ble to drum up business. Mark Ballroom to conference room switching to lunch Grossich owns five upscale lounges James S. Downey, Eric Le Goff and faced with having to decide Source: Battalia Winston Amrop Hever in the city, including the World Bar Gene P. Spiegelman represented whether to host a party that seems in the Trump World Tower, across inappropriate now, some firms that from the United Nations. This year Gucci America, Inc. booked a venue earlier this year must or fewer, is holding its own. for the first time, he’s offering a 30% cancel outright or modify their “We have a strong calendar,”says discount on parties. plans. A large company that had catering director Gavin Murphy.The “People consider it out of the booked the Waldorf-Astoria’s leg- former Wall Street trader played a way,” Mr. Grossich says. “We don’t endary Starlight Roof for a 500-per- role in his firm’s fortunes.“Last year, want to leave to chance that the par- son bash is turning the event into a I actively cultivated clients outside ty business will roll in as it has in the business meeting instead. of banking and finance,” he says. “I past.” “The company has laid off em- saw this crisis coming and refocused ployees and is losing money,” says my marketing.” COMMENTS? Catering Director James Blauvelt, Astra’s sister property, Métrazur, [email protected] Banks seeking accounting fix
Continued from Page 1 capital of Merrill, which is in the as 85 cents on the dollar, even day. Many accounting experts and process of being acquired by Bank of though IBM has a stable A+ credit investors are aghast that the agency America. Even rock-solid insurer rating and net earnings have risen would even consider allowing finan- Prudential Financial carries $28 bil- 22% so far this year. Just last month, cial institutions to ignore the mar- lion of assets whose value can only the same bonds traded at more than kets and arbitrarily assign values to be guessed at, according to its most 95 cents on the dollar, according to mountains of deeply troubled mort- recent financial statements. Mean- Bloomberg data. gages and other assets. while the insurer has $22 billion in “Do you want accounting to re- capital. Discounting the Yankees flect reality, or do you just want to Faced with numbers of those similarly, bonds rated AA issued make it up?” asks Douglas Car- by the New York City Industrial michael,a professor of accounting at Development Agency to help fi- Baruch College’s Zicklin School of ‘If you allow nance the construction of the new Business and former chief auditor at Yankee Stadium have plunged by the Public Company Accounting people to fudge 15% in the past month and now Oversight Board. trade for less than 85 cents on the New York-based institutions numbers, you dollar. have the most at stake. Citigroup is “We’re talking about sound as- a prime example. Even after already suspend trust’ sets that are being subjected to taking nearly $70 billion in mort- write-downs,” Mr. Bartlett says. gage-related write-downs over the He and others suggest that regu- past year, it still has another $138 lators compromise by allowing billion in “problem assets” weighing banks to value assets as they see fit, heavily on its books, according to magnitudes, it’s no wonder that the so long as they fully disclose the brokerage firm Fox-Pitt Kelton. firms are lobbying for a temporary methods they use. That sum exceeds Citi’s total capital reprieve in assigning market values Many people are convinced that of $126 billion—its cushion to ab- to them. Joe Bartlett, a lawyer who such compromises would only exac- sorb potential losses. advises financial institutions at Sul- erbate a key problem in the current livan & Worcester, says it makes lit- crisis—investors’ loss of faith. Big potential hits tle sense to require that banks write “If you allow people to fudge the similarly, Merrill Lynch & Co.— down the values of securities that numbers,you suspend trust,”says Jay which has suffered nearly $60 bil- they believe will ultimately prove to Michalowski, an investor in dis- lion in write-downs—still has about be worth far more than the value tressed real estate. “Banks live on $30 billion of securities that could that panicked investors currently as- trust and once you pierce that bub- Manhattan • Grand Central 1-800-367-7701 be written down, according to secu- sign to them. ble,people don’t get over that easily.” rities firm Ladenburg Thalmann & The price of some IBM bonds, F G P S, Co.That sum is roughly equal to the for example, has declined to as little COMMENTS? [email protected] Take Note. CNYB 10-27-08 A 10 10/24/2008 2:22 PM Page 1
VIEWPOINT Mike’s next tough choice editor in chief Rance Crain publisher, vp Jill R. Kaplan ayor michael bloomberg won his first term were palatable because of the “We are in this editorial director Greg David the right to seek a third term last together’’ attitude that followed the Sept. 11 terrorist attacks. EDITORIAL editor Xana Antunes week in one of the toughest and The economic boom of the past four years allowed him to be managing editor Robert Hordt closest face-offs in the City Council fiscally conservative while increasing the size of the city deputy managing editors Valerie Block, Erik Ipsen in years. In doing so, he energized budget. contributing editor his opponents and spurred them to All good things come to an end, and the mayor now must Elizabeth MacBride columnist Alair Townsend create a coalition that is likely to carry out a new agenda in reaction to what could be a deep senior reporters Theresa Agovino, confront him repeatedly over the next year. He now faces a and painful recession.This agenda includes sharp reductions Aaron Elstein, Erik Engquist, Lisa Fickenscher, crucial decision that will determine nothing less than in city spending, moderate tax increases, the implementation Matthew Flamm, Miriam Kreinin Souccar M reporters Barbara Benson, Amanda Fung, whether he will be able to govern successfully in a third term. of East River bridge Daniel Massey, Adrianne Pasquarelli, Hilary Potkewitz, Gale Scott, Matthew Sollars It is clear that the take-no-prisoners campaign to extend The mayor must tolls and the revival of restaurant critic Bob Lape term limits has damaged the mayor. Supporters, former congestion pricing. art director Steven Krupinski rebuild bridges deputy art directors Carolyn McClain, aides and many of the best people on his current staff are These decisions will be Daniel Mednick unhappy at his hardball tactics, which included controversial and will staff photographer Buck Ennis with those he copy desk chief Wendy Zuckerman intimidation of council members and nonprofit groups that undermine his copy editors Michele Arboit, receive money from the city. Many who supported him on has alienated popularity, even if he Thaddeus Rutkowski research editor Denise Southwood an extension regret their decision, and others view the wins re-election next www.crainsnewyork.com mayor as just another politician for whom the ends justify November. web producers Kira Bindrim, the means. So the mayor is at a Elisabeth Butler Cordova This unseemly side of the mayor has rarely been on crossroads. He can EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 display before because he’s been able to stay above the fray divide the world into friends and enemies and seek to reward editorial: 212.210.0277 Fax 212.210.0799 advertising: 212.210.0259 for most of his political career. the former and punish the latter, as he did in the term limits Cable craincom nyk When a damaged Mark Green won the Democratic debate. Or he can seek to rebuild the consensus that he won Fax 212.210.0499 Entire contents ©copyright 2008 Crain primary in 2001, candidate Michael Bloomberg could take from the measured use of his power over the past seven Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP the high road in the general election. When he sought re- years. Inc., used under license agreement. election in 2005, he was so popular that he didn’t need to pay If he does not choose consensus, he—and the city—are in TO SUBSCRIBE: any attention at all to Democratic challenger Fernando for a rough ride ahead. Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. Ferrer. www.crainsnewyork.com COMMENTS? [email protected] The budget cuts and tax increases he imposed early on in ADVERTISING AND MARKETING senior account managers Cornelius P. Gore, William E. Squitieri commercial real estate sales manager LETTERS TO THE EDITOR Cory Marks account executives Irene Irvill, Courtney McCombs, Anthony Mowad western account manager Ellen Mazen (Los Angeles) 323.370.2477 sales manager, classified Term limits issue pushed boundaries print & online John Gallagher sales coordinator, print & online Lulé Haznedari Crain’s poll respondents comment on I WAS AT THE HEARINGS, and all the who were not looking at what talent and personal integrity for sales coordinator Anita Perrino whether Mayor Michael Bloomberg arguments for repealing term limits would be good for the city’s eight years, for only $1 per year! credit Todd J. Masura 313.446.6097 underestimated the public’s came down to the same thing: financial woes but wanted to fulfill Who else in the world would ever marketing director Amy Crossman opposition to extending term limits. “We’re in a financial crisis; we need their own ambitions to be mayor. do that for us? marketing manager Jill H. Bottomley marketing coordinator Jenny Mashberg the experienced mayor and the Shame on them for not terry grace circulation manager Andrea Richardson AS MUCH AS I OPPOSED term limits experienced council members.” acknowledging Mr. Bloomberg’s assistant circulation manager in both referendums, I find it That’s not an argument against genius. He has proven again and I NEVER BELIEVED that term limits Rosalie Ford utterly unacceptable that Mayor term limits.That’s an argument again what an asset to the city he is. should have been enacted.That’s general manager, interactive Michael Bloomberg and other against having an election at all! susan gersh why we have elections—to keep a Marc Minardo wealthy members of the city’s frank lovece person in office or to elect a new web developer, interactive community—not to mention the THE PREVIOUS referendums on term representative. However, I don’t Chris O’Donnell utterly unscrupulous Council IT SEEMS TO ME a lot of the limits were held more than a think the law should be overturned NEW YORK PRODUCTION Speaker Christine Quinn—would opposition came from the sour decade ago.This economic for the benefit of only one person. production and pre-press director decide that they can substitute grapes of would-be candidates, downturn is the worst since the And Mr. Bloomberg can help the Michael Corsi their wisdom for the will of the 1930s and far worse financially for financial recovery whether he is in advertising production manager people. Many people believe that New York than Sept. 11. Unlike his office or not. He has other ways Marilyn DeMilta Mr. Bloomberg’s extraordinary sleazy predecessor, who sought the and means to influence the PUBLISHED BY CRAIN COMMUNICATIONS INC. wealth renders us powerless, but spotlight and camera with every financial and governmental chairman Keith E. Crain this is not true: We may not be move he made, Mr. Bloomberg has communities. And a more president Rance Crain able to afford to wage the battle to worked for New York City in the important consideration: What in secretary Merrilee Crain overturn term limits, but we can second-hardest job in the world the world was Ronald Lauder’s treasurer Mary Kay Crain executive vp, operations William Morrow vote him out of office. with grace, focus, inclusiveness, relevance in the entire scenario? senior vp, group publisher Gloria Scoby rosemary kuropat immense intelligence, generosity, marie moser 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 Business The best Largest Patrick Sheposh MICHAEL BLOOMBERG of law places to work privately held founder G.D. Crain Jr. (1885-1973) may have underestimated report in NYC companies chairman Mrs. G.D. Crain Jr. (1911-1996) the public’s disapproval. Nov. 3 Nov. 17 Nov. 24 bloomberg news
10 | Crain’s New York Business | October 27, 2008 CNYB 10-27-08 A 11 10/24/2008 1:37 PM Page 1
going to get any better in the com- ing year. And there are questions even about 2010.” In the past month, The New York Sun shut down, and the Newark We are pleased to have represented Star-Ledger escaped death only by eliminating more than half of its jobs and getting union drivers to agree to a wage freeze. Last week, CRP/Crown Standard & Poor’s downgraded The New York Times Co.’s debt to 666 Fifth Retail, LLC BBB-, or junk status. Ad erosion continues at The Wall Street Journal, in the lease of 23,000 SF to despite the nation’s hunger for news about politics and their 401(k)s. Though TV is better off, all broadcast networks are watching their prime-time ratings decline precipitously as viewers increasing- ly turn to digital video recorders that skip ads. NBC Universal said last week that it would cut $500 million from its 2009 budget. Major layoffs are expected there. NBC is unlikely at to be the only broadcaster making john h.john howard such a move. 666 Fifth Avenue And radio? Fuggedaboudit! Rev- New York, NY enues fell 8% in September, contin- uing a months-long pattern. Once a money-minter, the business has Bad times may be lost its voice after a decade of con- solidation. But upheaval can bring renewal, David Green, Brad Mendelson, Arthur Mirante, good for the media and the media industry is in need Alan Schmerzler and Steve Soutendijk represented of fresh vision.Tough times are fer- CRP/Crown 666 Fifth Retail, LLC tile times for artists, and new ideas aturday night live’s audience surged as an astound- are germinating on the Web, in ing 14 million people tuned in to see vice presidential music studios and on college cam- puses. Creative juices are pumping candidate Sarah Palin spoof herself after weeks of Tina through social networks like My- Fey doing it for her.Ratings for SNL have jumped 50% Space and YouTube, as well as small this season. The stalwart’s success has been one of the networks like devour.tv. few high points for the media business recently. My nephew Scott, who’s 25, S finds new music by searching My- The lows? Endless.While television ratings for political news Space and alternative music sites. When he discovers a group he coverage and satire are acerbated by the adver- likes—mostly unsigned acts—he through the roof, view- tising downturn, pull- clicks on the tunes they recom- ership elsewhere is ing weak companies to mend.Scott doesn’t need a filter like down, down, down. So the edge of the abyss record labels or commercial radio is advertising revenue. and even threatening stations. He’s part of a growing For radio, newspa- stronger ones. Though group of digitally savvy consumers pers and magazines, the painful, these changes who have already adopted the new picture is even worse. are unavoidable if the paradigm. Fewer people listening, industry is ever to move Hey, even I am spending more reading; fewer advertis- to the next level. time on Facebook or updating my ers buying ads. Such a rebirth is still gardening blog. And that was before VALERIE a long way off. John Of course, traditional media the stock market crash. BLOCK Morton, a newspaper won’t crumble into dust overnight. In short,the industry industry analyst in Sil- But this downturn will be quite a is in deep doo-doo. The ver Spring, Md., says: sledgehammer. transformation brought on by tech- “From all indications,this is turning nology is accelerating and being ex- out to be a terrible year, and it’s not COMMENTS? [email protected]
CRAIN’S ONLINE POLL Did the mayor underestimate opposition to the term limits bill? 293 VOTES
Yes. The public outrage No. He knew the public was more than anyone would get upset. That’s expected, and why he made sure to changing the law 71% 29% get major newspapers without a public . . and several powerful referendum could people on his side damage his candidacy before announcing for a third term the plan bloomberg news For readers’ comments, see Letters to the Editor on Page 10. CNYB 10-27-08 A 12 10/24/2008 4:04 PM Page 1
Evenhanded trolling for dollars TERM LIMITS HEROES AND ZEROES THE INSIDER WinnersWinners … … if city comptroller William Thompson by Erik Engquist and Matthew Sollars decides to stay in the race Councilman Lew Fidler. He had no plans for next year, for mayor, wealthy New Yorkers but now will get a third term. And as a leader of the extension can rest easy: He is not in favor of push, he becomes a potential speaker should Christine targeting higher-income residents Quinn be ousted. for tax increases. Councilman Bill de Blasio. Though on the losing side of Will Mike’s move kill Bill? “A millionaires’ tax for New York the vote, the Brooklyn Democrat soaked up airtime as the City is not a good idea,” he says. face of the opposition and cloaked himself in good- ow that the City Council has passed a bill to allow “We will drive people out. … A tax governmentalism while colleagues seethed. Lew Fidler Mayor Michael Bloomberg to run for a third term, the increase should be across the board.” Good-government groups. Citizens Union, Common He says that any tax increase should Cause, the New Democracy Project and NYPIRG opposed candidates who had been lining up for the job must be “a last resort, not a first resort” N the bill. “This reminded everyone of why these groups exist and rules out a sales tax increase reassess their chances of unseating and improved their stature,” says one observer. because of its regressive nature. the popular incumbent. Working Families Party. The term limits fight allowed One of those candidates, City the labor-backed party to rally supporters and stand apart William Thompson from clubhouse Democrats. Nearly 30,000 people visited its ap images Comptroller Off voting rolls, Bill de Blasio (right), said at a Crain’s Breakfast but still registered anti-extension Web site. Forum last week the may- … and Losers reports last week that more … and Losers or might be than 1.5 million New Yorkers had Speaker Christine Quinn. Ms. Quinn’s independence been purged from the voting rolls vulnerable to a and ability to lead the council were impugned. One activist’s may be misleading. Many of them challenge because sign outside of City Hall yesterday read: “When Christine are people who have not voted in of the strong the past two federal elections.They Quinn opens her mouth, Mike Bloomberg’s words come public backlash are deemed “inactive” voters. But out.” Her speakership and her chances for a higher office they remain registered voters and are in jeopardy.
over his campaign getty images United Federation of Teachers. The union does not to change the will still be able to vote on an Christine Quinn affidavit ballot. Statewide, 625,000 relish another four years of Chancellor Joel Klein. It opposed term limits law. new voters have registered in 2008. the mayor’s bill but did not lobby against it. “I think the David Yassky. The Brooklyn councilman’s “yes” vote stains his reformer image and hurts his chances for higher voters of New York buck ennis Run, don’t walk, office. “He proposed an amendment he knows won’t pass, will be angry,” he said. “I think particularly in areas such as toward safety plan then turns around and votes for a bill he thinks is flawed,” a that’s the beginning of a education and affordable housing. consultant says. campaign.” But there is widespread belief the city Department of Transporta- Darlene Mealy. The Brooklyn councilwoman pledged to Still, running against the well- among political observers that after tion is touting a plan to make the David Yassky vote “no,” then reneged, making herself especially heeled Mr. Bloomberg will be diffi- doing some soul-searching, Mr. intersection of Atlantic and Flat- vulnerable in the 2009 election. Jimmy Vacca also flipped and voted “yes,” cult. Mr.Thompson acknowledged Thompson might conclude he’d be bush avenues in Brooklyn more pe- damaging his credibility. that the mayor has managed the better off running for a third term destrian-friendly.The heavy traffic Rudy Giuliani. He had wanted to run for a third term as mayor, but failed city effectively, although he sees as comptroller than taking on at the intersection has been one where Bloomberg succeeded. This “reaffirms that Bloomberg is more popular potential for improvement, Mayor Mike. argument against the Atlantic Yards and is a further erosion of Rudy’s legacy,” says a former City Hall aide.
project, which will attract more cars. than the 5% it budgeted months The new traffic plan would pre- ago. It was paying 4% some months YOU CAN’T GET vent cars from turning on to some ago, when buyers were plentiful. THE FASHION DISTRICT side streets and give pedestrians “It’s too early to know whether Times Square more time to cross the avenues.The or not we’ll need to devote more of MORE Port 42nd Street plan has been presented to the local our budget to financing costs,” an MIDTOWN Authority Bryant Park community board and will go to the MTA spokesman says. THAN THIS! City Council for approval. Racino plan When it comes to location, the Fashion District How Congress 5th Avenue 8th Avenue 8th wins by a nose has it all: a midtown Manhattan address, premiere spells relief tenants, convenient transportation, restaurants, as the aqueduct racino nego- congressional leaders are tiations came down to the wire, it theaters, shopping, galleries and more! Penn Station 34th Street discussing a stimulus package that began to look like the outcome was could send $50 billion in relief to predetermined. Senate Majority state and local governments. “New Leader Dean Skelos, R-L.I., had LOOK WHO’S HERE! York could get 10% of that, depend- been holding up the deal that Gov. ing on how it’s done,” says James David Paterson had reached with a Commercial Office Tenants Parrott of the Fiscal Policy Institute. developer to remake the fading Fashion Designers “If it’s done through Medicaid, racetrack into a gambling and hos- I.T. Firms New York would get more.” pitality venue. In came fellow Re- Public hearings on the 2009-10 publican Serphin Maltese—embroiled Non-Profits state budget began last week.The in a tight re-election race for his Artists projected deficit is about $5 billion. Senate seat—to rescue the project. Graphic Designers The deal, including 4,500 video Engineers MTA revamps slot machines and a $150 million Architects hotel and conference center, was bond-issue pitch not changed, but Mr. Maltese says Galleries he protected the community by Theaters the metropolitan Transporta- having the developer sign a Retailers tion Authority finally sold off a $550 guarantee for the build-out. Restaurants million bond issue after restructur- It might not help his campaign, ing it to appeal to institutional in- though. Members of the Ozone vestors.The MTA had pitched the Park Civic Association slammed bonds to individuals in radio com- the project at a meeting last week, mercials but changed course after saying it would create noise and
® selling only $88 million worth. traffic, and Senate Minority Leader www.fashioncenter.com The agency will pay 6.75% Malcolm Smith said the delay cost the ® interest on its 20-year bonds, higher state $13 million.
12 | Crain’s New York Business | October 27, 2008 CNYB 10-27-08 A 13 10/23/2008 8:58 PM Page 1
Queens housing market wilts during credit drought We are pleased to have represented
Sale prices, deals IN A SLUMP quarter, year over year. Co-op sales dropped 22.9%, to 1,107 deals. down for most Queens residential real estate, Two sections of Queens, the recent quarter third-quarter results. northwest and Rockaway markets, Change fared better than the rest of the bor- from ’07 ough. For the quarter, the median BY ELISABETH BUTLER CORDOVA Median $400,000 -11.4% sale prices of all property types in sales price northwest Queens, which includes the credit crunch continued to Astoria and Long Island City,slid to in the lease of 25,000 SF to West Elm Number grip residential real estate in Queens 3,240 -35.2% of sales $625,195, a decrease of 3.3% from and 11,000 SF to Chase Bank during the third quarter.The medi- the year-earlier period. an sale price there declined 11.4%, Anecdotally, large multifamily to $400,000, from the comparable apartment buildings seem to be period in 2007, according to a Pru- ed earlier than in Brooklyn or Man- holding their value in the Long Is- dential Douglas Elliman report re- hattan,” Mr. Miller says. land City area. leased last week. The borough has been leading “Income-producing properties at Sales also plunged to 3,240 the city in foreclosures this year. have remained constant,”says Thom- transactions for the quarter, down During the third quarter,there were as Donovan,a Massey Knakal Real- 1880 Broadway 35.2% compared with the year-ear- 665 new foreclosures,up 100% from ty Services broker who directs the New York, NY lier period. the third quarter of 2007, according firm’s Queens and Long Island di- The decline in transactions stems to PropertyShark.com. visions. “It’s still a very strong mar- from the continued credit contrac- One-to-three family homes are ket for investment properties.” tion, says Jonathan Miller, chief ex- bearing the brunt of the housing de- The Rockaway area also held its ecutive of real estate consultancy cline in Queens. That sector of the ground, for the most part. The me- Miller Samuel Inc., which prepared market, based mostly in southern, dian sales price,$465,132,rose 0.8% Gene P. Spiegelman and Michael J. O’Neill the report for Prudential. “It’s uni- central and eastern parts of the bor- from the same time last year. represented Zeckendorf Development, LLC. versal instead of being specific to one ough,saw the number of sales plum- “It’s a niche market, and there’s housing type or geographic area.” met 39.8% to 1,822 transactions, been only moderate new develop- Queens’ average sale price, a fig- year over year.The median sale price ment there,” Mr. Miller says. “That ure that includes the most and least for that type of home fell to market is generally moving side- expensive purchases, fell to $535,000, down 6.5% from the ways.” $436,575 for the quarter, a drop of same period in 2007. 8.8% from the same period of 2007. Condo sales in the borough fell COMMENTS? “The weakness in Queens start- 42%, to 311 transactions in the [email protected]
Now available on select routes. AmericanAirlines, AA.com and We know why you fl y are marks of American Airlines, Inc. oneworld is a mark of the oneworld Alliance, LLC. CNYB 10-27-08 A 14 10/24/2008 2:30 PM Page 1
WEEK IN REVIEW For daily news updates, go to www.crainsnewyork.com
million after having underpaid ECONOMIC SPOTLIGHT them for years. Simon Nget had reportedly paid his delivery workers substandard wages and required them to supply their own bicycles or scooters. Suits alleging exploitation of immigrants are becoming more common. IRS favors Nets new internal revenue Service tax rules allow sports teams to use billions of dollars in tax-exempt bonds to pay for their new stadiums. Developers plan to use up to $800 million of the bonds for the Nets basketball team’s arena in Brooklyn.
zuma press The news fit to Fox AIG freezes bonuses on probe former New York Times journalist Judith Miller joined the Fox News AMERICAN INTERNATIONAL GROUP INC. halted distribution of Channel as a contributor. She will funds from the $600 million deferred-compensation and give commentary on national security issues, counterterrorism bonus pools of its financial products subsidiary. The giant and international affairs. Ms. insurer agreed to stop payments as regulators, including Miller left the Times after serving New York Attorney General Andrew Cuomo, began 85 days in jail for refusing to name a source in the case concerning scrutinizing AIG’s spending and outsize compensation CIA operative Valerie Plame. Economy Watch packages after receiving $123 billion in emergency The NYC and U.S. jobless rates were both flat from August to September. government loans. AIG also agreed to stop former Chief Drugmaker’s pills Recent 12-month increases in area inflation were the highest since mid-2006. Executive MARTIN SULLIVAN’s $19 million pay package. AUGUST ’08 SEPTEMBER ’08 COMPARISON score wider use NY area inflation change +0.1% -0.2% +5.2%1 u.s. regulators approved NYC unemployment rate 5.8% 5.8% 6.1%2 Waterfalls showers Anthrax scares expanding use of Johnson & Johnson HIV drug Prezista to NYC employment change n/a -2,400 +17,5003 $69M over city at NYT, Chase include patients who have not n/a Not available. 1-NY area inflation rate for the latest 12-month period. 2-U.S. unemployment olafur eliasson’s Waterfalls in seemingly separate instances, been treated with other drugs to rate for the latest month. 3-NYC employment change year to date. installation (below), which letters containing white powder control the virus.The Food and included four manmade waterfalls were sent to the offices of the New Drug Administration previously in New York’s east harbor, York Times and to more than 30 allowed its use only in patients NYC Hotel Stats Broadway Stats generated $69 million during its Chase banks, including locations who had failed to respond to other nearly four-month run, according in New York City and in Newark, medications. It costs $740 a The occupancy rate rose above the Attendance and gross dipped in the N.J. Some of the letters included month. 90% level in August, PKF Consult- week ended 10/19, says The Broad- death threats, but the power was ing data show, while the room rate way League. Despite concerns about found to be harmless. stayed flat. Year-to-date averages the economy’s effects, figures for the FirstFlight lifts off remained above year-earlier levels, season are ahead of last year’s—up 3 lay Pier 57 plans firstflight won the right to at 86.7% and $295.57, respectively. 2.4% and 2.1%, respectively. operate the city’s downtown the hudson river Park Trust Manhattan heliport.The received three proposals to company, based in Horseheads, redevelop Pier 57 at West 15th N.Y., will pay $10 million for the bloomberg news Street.They were from The 10-year deal, as well as $2 million to a city report.That figure does Related Companies, Young Woo for immediate capital not count the Public Art Fund’s & Associates, and a partnership improvements. cost of hosing off waterfront between The Durst Organization foliage with fresh water. and C&K Properties.The pier now houses a 300,000-square-foot Ratings agencies building included in the National testify on their role BofA will thin Register of Historic Places. thundering herd members of a congressional WebMD stable committee questioned leaders of bank of america corp. is likely the major ratings agencies about to cut at least 10,000 jobs at hlth corp., which owns an 84% their role in the financial crisis. Merrill Lynch after its acquisition stake in WebMD Health Corp., Officials from Standard & Poor’s, Capital IQ’s Weekly Deals Report closes Dec. 1, a Ladenburg ended its effort to buy the rest of Thalmann analyst said. … Mean- the company after turmoil in the TRANSACTION SIZE while, Goldman Sachs Group Inc. financial markets soured the $2.3 COMPANY/LOCATION (in millions) BUYER/INVESTOR TRANSACTION TYPE is reportedly eliminating 10% of billion cash-and-stock merger. LimoRes Inc. $20.0 Not disclosed GCI its workforce, or 3,260 jobs. The companies cited a reluctance Manhattan to load WebMD’s balance sheet EuroGas Inc. $3.0 Not disclosed GCI Retailer cuts role with debt as a reason for their Manhattan mutual decision. Ignighter $1.2 Individual investors GCI ron ristau, the president and istockphotos Manhattan chief financial officer of New York Moody’s Investors Service and Westmont Acquisition Corp. $0.1 Individual investors FB M&A & Co., left the retail chain. It Café owner owes Fitch Ratings testified about their Manhattan tapped Chief Accounting Officer $4.6M in wages ratings of subprime-related debt Selected deals announced during the week of Oct. 12 for companies headquartered in metro New Sheamus Toal to fill Mr. Ristau’s and responded to criticism that York. FB M&A: Financial buyer M&A represents a minority or majority acquisition of existing post as CFO but did not appoint a a federal magistrate ordered they had put the financial system shares of a company with the participation of a financial buyer. GCI: Growth capital investment represents new money invested in a company for a minority stake. new president. It mirrors fellow the owner of the small Saigon at risk. retailer Liz Claiborne’s move to Grill chain of Vietnamese eateries —from staff reports and
bekka lindström bekka thin out senior ranks. to pay 36 former employees $4.6 bloomberg news reports
14 | Crain’s New York Business | October 27, 2008 CNYB 10-27-08 A 15 10/23/2008 8:59 PM Page 1
says the doctors want “a seat at the Continuum, doctors fight over B’klyn facility table” to ensure that LICH’s teach- ing mission is protected if Continu- um shuts departments and disrupts more months to rule on the compet- For now, the doctors are trying to doctors training in those programs. Job cuts at L.I. ing plans. Some believe cope with running a hospital with an College Hospital; In announcing the layoffs, Con- uncertain future. Feds involved tinuum said that no departments Continuum aims LICH’s nonunionized interns separately, the federal agency that docs have other plan were spared and that eliminated po- and residents have asked for repre- insures LICH’s $150 million mort- sitions included those filled by doc- to close LICH sentation by the Committee of In- gage has asked to meet with the hos- tors,nurses and administrators.One terns and Residents/SEIU. Staff pital and state officials “to discuss BY BARBARA BENSON hundred workers will lose their jobs, and sell the land doctors recently sent Continuum a what efforts can be undertaken to and 50 vacant positions will disap- petition signed by about 90% of the stabilize the hospital’s finances in the latest development in a pear. 220 interns and residents on while continuing to provide quality yearlong Brooklyn drama, Contin- Continuum says it will do every- LICH’s payroll. When they didn’t care to local residents,” says a uum Health Partners announced thing it can to find laid-off employ- hear back from Continuum about spokesman for the Department of last week that it was eliminating 7% ees positions at other hospitals in its to arrange a meeting with Gov. voluntary recognition, the doctors Housing and Urban Development’s of the staff of Long Island College system, which includes Beth Israel David Paterson. Mr. Markowitz filed an election request with the Hospital Insurance Program. Hospital. Medical Center and other facilities. suggested the strategy at a meeting National Labor Relations Board Continuum, parent of the finan- The doctors say the next step is with medical staff leaders last week. last week. A CIR/SEIU spokesman COMMENTS? [email protected] cially troubled facility, plans more cuts to right LICH’s finances and has applied to the state for permis- ADVERTISEMENT sion to close the obstetrics and pe- diatrics departments. The hospital’s medical staff has mounted a determined effort to wrest control from Continuum, DEVELOPING A WORKFORCE which some physicians have accused of making major governance errors. FOR THE 21ST CENTURY Some also contend that the Man- hattan health care company wants to close LICH eventually and sell its By Kathryn S. Wylde valuable Cobble Hill real estate. President & CEO, Partnership for New York City State must move this summer, after pooling their money to hire a lawyer and health care consultant, doctors sent a com- peting plan to the state calling for In New York City, nearly four of The good news is that many employers are already administrative cutbacks and efforts every 10 high school students making workforce development a key part of their to increase patient volume. don’t graduate on time and business strategy. One example is Microsoft, which is The announcement of the lay- offs, which Continuum attributed more than 200,000 young doing much to support skills training programs in the to Medicaid cuts and a decline in people between the ages of 7 ve boroughs. patient volume, came just after the 18 and 24 don’t go to school or have a job. Moreover, Microsoft provides 7 nancial support and software doctors hosted a rally attended by many working adults don’t have the skills they need to to NPower NY, which helps other nonpro7 t groups Brooklyn politicians, including succeed in the 21st-century knowledge economy. acquire the technology they need to better serve the Borough President Marty Mark- owitz, Assemblywoman Joan Mill- If our city is to remain a leader in global commerce community and delivers intensive IT training to young man and City Councilman Bill de and innovation, it’s vital that we give young people and people at risk. Microsoft also partners with Year Up, Blasio. adults the training they need to keep pace with the an education and apprenticeship program that trains “I’m less disappointed with the needs of a fast-changing workplace. low-income young adults and helps them 7 nd jobs with elected officials than with the [state] Department of Health,” says Dr. The Partnership for New York City, an organization businesses that need entry-level, knowledge workers. Toomas Sorra, the immediate past of the city’s corporate, investment and entrepreneurial A third program Microsoft supports is Per Scholas, president of LICH’s medical staff. leaders, recognizes that government and schools cannot based in the South Bronx. It is teaming up with area The department has several tackle this challenge on their own. Employers—especial- businesses to train low-income residents to become ly those that do business in the global marketplace— computer repair technicians. must be active partners in meeting these new workforce FREE TRIALS development demands. OF CRAIN’S ONLINE Toward this end, the Partnership has enthusiasti- Employers have a pivotal role to play in helping NEWSLETTERS cally joined in Mayor Michael Bloomberg’s initiative to prepare young people and unskilled adults for strengthen the city’s Career and Technical Education a fast-changing workplace. CRAIN’S OFFERS READERS FREE (CTE) system. A mayoral task force recently issued two-week trial subscriptions to its recommendations for changing how we prepare students online newsletters. An annual for technical careers. Those recommendations will be Microsoft also is partnering with business and subscription to piloted at up to four model CTE schools set to open next academic leaders in the tri-state region to create a Crain’s Health Pulse is $319. The Crain’s year. Many of the city’s top employers will help educa- longer-term strategy for meeting the needs of employ- Insider, which tors develop the new CTE curriculum and assessment ees and employers. On Oct. 30, Microsoft and the covers political standards Columbia University Center for Technology, Innova- gossip and The Partnership is also actively engaged in the tion and Community Engagement will launch a forum government and mayor’s “Children First” efforts to improve New York series called “The Future Development of the Digital political issues, costs $269. At www.crainsnewyork.com, City’s public school system. We’ve seen improvements in Workforce.” click on Insider or Health Pulse test scores and graduation rates, but it’s clear we have a By working together in public-private partnerships under “Newsletters” on the right ways to go. The Partnership is working with Congressman such as these, employers and local organizations can side of the page. Un- Charles Rangel on legislation to expand tax incentives to help strengthen New York’s economy by building a der “Insider Tools” or employers that hire and train disadvantaged youth. tech-savvy workforce for the future. “Health Pulse Tools,” click on “Request a Free Trial.” After registering, you will Learn more at microsoft.com/issues receive an e-mail on accessing the trial issues. © 2008 Microsoft Corporation
October 27, 2008 | Crain’s New York Business | 15 CRAINS_10_08.indd 1 10/20/08 8:58:02 AM CNYB 10-27-08 A 16 10/23/2008 7:21 PM Page 1
SMALL BUSINESS
AT A GLANCE Putting a pampered foot forward PROFOOT LOCATION Sunset Park, Brooklyn Brooklyn’s Profoot challenges Dr. Scholl’s, downturn—might help, too. ties include product development. PROJECTED 2008 REVENUE Mr. Feldman follows his in- He admits to spending the better $30 million stincts in competing with the cate- part of his day “in wonderment,” re- but will new products sell as recession hits? gory king, Dr. Scholl’s, owned by searching new ideas, and he’s known EMPLOYEES 63 But whether that can last in a re- Schering-Plough.That brand had a for delivering passionate sales pitch- PRODUCT DEVELOPMENT 5 to 7 BY ELIZABETH BERLINGER cession is the question facing Daniel 90% market share when Profoot was es to the more than 100 chains na- items annually; 2 to 3 shipped to Feldman, whose family co-owns founded in 1987.Today,Dr.Scholl’s tionwide that carry his products. stores mericans’ aching dogs Profoot. He believes that the bene- has 68% and Brooklyn-based Pro- Mr.Feldman says he gleans ideas have helped Profoot fits of his products, which include foot claims 10% to 12%. from many sources,including mate- TOP SELLERS Triad Insoles; achieve annual sales creams, gel cushions and insoles, are rials scientists, fashion blogs and Aero-3 Air-Cell Insoles growth of more than undeniable. The so-called lipstick Inspired by a chair furniture.For example,he’s current- 15% and a No. 2 posi- effect—which holds that consumers “we’ve built a tremendous reputa- ly working on an insole inspired by Ation in the foot care business. spring for affordable treats in a tion,” says Mr. Feldman, whose du- a chair’s look and feel of a chair. Profoot’s latest product is Flex- Tastic, a toe and ligament stretcher. Mr. Feldman expects to ship 300,000 to 400,000 in the first quar- ter. The item has a suggested retail price of $9.99. “It’s one of the strangest items ever produced,” says Mr. Feldman, who adds that he believes it will be a Take your cash management best-seller. Profoot evolved out of a health care mail order catalog that Mr. to the next level. Feldman’s father, chiropractor Leo- nard Feldman, started in the family living room in 1972. The catalog business was sold in 1993.Today,the Feldmans co-own Profoot and four other businesses—all in a Brooklyn warehouse and employing more than 90 people—with Robert No- tine and Larry Brown. The Feldmans began the brick- and-mortar foot care business in 1986, selling out of kiosks in Flori- da malls.Profoot,formally launched the following year, offered products that Dr. Scholl’s didn’t.
Citibank cash management tools can make a real difference for your business, starting with a great rate on Competing by not competing “we thought we’d be a comple- a business money market account. But at Citibank, you’ll get more than a great rate, you’ll get the solutions ment to them, and it got us into and tools that only Citibank can offer. We’ll take the time to understand your challenges and champion your chains,” Mr. Feldman says. “We competed against a multinational by business needs. Let our fl exible solutions and dedicated service help take your business to the next level. not competing against them.” Stop by a Citibank branch today or call 866.801.4705 to take advantage of these limited time offers. Excited by the cutting-edge look of Apple products, Mr. Feldman re- cently hired Pentagram Design to create bright packaging to contrast LIMITED TIME BUSINESS BANKING OFFER with what he calls Dr. Scholl’s “sea of yellow.” CitiBusiness Insured Money Market Account “We have a direct-mail philoso- APY phy of making the packaging an ad- vertising vehicle,”Mr.Feldman adds. The company has been aided by 3.00% the market’s overall growth.Accord- On balances of $25,000 to $3,000,000 ing to Information Resources, foot care sales totaled $677 million in the 12 months through August,up 9.8% from the year-earlier period. In- creased diabetes and obesity, as well A partner A champion as aging baby boomers, are helping boost sales, according to Bob is good. is better. Schwartz, president of Eneslow, a Manhattan-based footwear retailer. But such growth means that “more companies are coming into the category,” says Erin Clack, fea- tures editor at Footwear News. Smaller rivals include Spenco, Ae- trex and PediFix. Whether they can all flourish re- mains to be seen.Mr.Feldman is op- timistic—perhaps for good reason. Lynn Davis, a computer trainer in Manhattan, would rather walk to work than take the bus and will The CitiBusiness Insured Money Market Account (BIMMA) promotional rate is applied only to new money deposited into a new CitiBusiness Insured Money Market Account. New balances are funds not already on deposit with Citibank, N.A. or spend to ensure she’s able to do so. any affi liate. Annual Percentage Yield (APY) is variable, current as of 9/22/08, effective through 12/31/08 and subject to chan ge thereafter without further notice. The entire balance in your account earns the same APY, which is determined by “If your feet hurt, you really can’t the balance in your account. A balance under $25,000 earns a 0.75% APY; a balance between $25,000 and $3,000,000 earns a 3.00% APY; a balance above $3,000,000 earns a 2.00% APY. As of January 1, 2009, standard BIMMA pricing tiers and all other Terms and Conditions of the CitiBusiness Client Manual will apply to your BIMMA. Deposits are subject to Citibank’s standard availability policy. This offer is not valid for public funds. A business checking account is required to open a do anything,” Ms. Davis says. BIMMA with this promotional rate. Offer is not transferable, cannot be combined with any other offer, and can be discontinued at any time. All accounts are subject to approval. ©2008 Citigroup Inc. Citibank, N.A. Member FDIC. CitiBusiness and Citibank and Arc Design are registered service marks of Citigroup Inc. Citi Never Sleeps is a service mark of Citigroup Inc. COMMENTS? [email protected]
16 | Crain’s New York Business | October 27, 2008
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REAL ESTATE DEALS Automaker drives hard bargain
back to its new landlord and asking the entire 49th floor and $150 a Toyota signs deal for better lease terms, Toyota just square foot for the second five PR firm renews for Citigroup Center inked a 10-year deal for 30,000 years. It was originally slated to pay on Sixth Avenue square feet in the Citigroup Center at between $160 and $170 a square space; 10% lower rents around 10% lower than the foot to move onto the entire 55th public relations firm Robinson original agreement, sources say. It is floor at the Citigroup Center, at Lerer & Montgomery renewed its than original price one of the first major deals to be 153 E. 53rd St. lease for nearly 28,500 square feet signed as tenants and landlords The automaker is currently lo- at 1345 Sixth Ave. for three years. For enants’ push against scramble to come up with mutually cated at 9 West 57th St. Jones Lang five years, the company has been at landlords is gaining acceptable solutions. LaSalle represented both the land- the tower between West 54th and ground amid the ongo- The automaker agreed to pay lord, Boston Properties, and the West 55th streets that is also BIG GARAGE: Toyota is rolling into 30,000 ing turmoil in the finan- about $140 a square foot for the tenant. known as the Alliance Capital square feet of space in the Citigroup Center. cial markets.After going first five years of the deal to lease —theresa agovino Building. T There was no asking rent for the deal, which covers about two-thirds of the fourth floor,because the space was never officially put on the mar- ket. Rents in the building are about $100 a square foot, sources say. Robinson Lerer & Montgomery opted to stay in the building because it was happy with the space and the building’s location, according to Gregory Tosko, a broker at CB Because we only have one Earth.
Because future generations should inherit a cleaner world.
Because climate change affects us all.
Because the greatest natural resource is foresight.
STAYING IN: PR firm Robinson Lerer & Montgomery re-upped at 1345 Sixth Ave.
Richard Ellis Inc., who represented the company along with his col- league, Silvio Petriello. The building is owned by Fisher Brothers and was represented in- house by the company’s general manager, Jack Whalen. —theresa agovino Edgar’s Cafe brews new site upper west siders will soon get another chance to be grateful for au- The Port Authority of NY & NJ is striving to become the region’s first carbon neutral public agency. That means we will thor Edgar Allan Poe. Gothic- reduce our carbon dioxide emissions and offset the remainder. Sustainability is a massive endeavor. For us it means focusing themed Italian eatery Edgar’s Cafe our efforts on climate change, air quality, water quality, waste and open space: the essential elements in creating a cleaner recently signed a 10-year lease for its environment. second location, at 650 Amsterdam Ave. Investing in renewable energy and landfill gas capture are just two of the ways we plan to offset emissions. Plus, as part , between West 91st and West 92nd streets.The asking rent for the of our $29.5 billion Capital Plan, the Port Authority is earmarking $9 billion towards mass transit and the cleaner movement of 950-square-foot space was $150 a people and goods throughout the region. One of our goals is also to enable our customers and partners to follow our lead by square foot. offering the opportunity to purchase carbon offsets. The first Edgar’s is located on The Port Authority is committed to leaving future generations a cleaner world. West 84th Street—also officially known as Edgar Allan Poe Street— panynj.info and features a crumbling cathedral ceiling reminiscent of the setting in “The Fall of the House of Usher.” The Amsterdam Avenue location, called Edgar’s II Cafe, will be simi- larly themed. “We’re still working with the ar- chitect and going through some of
18 | Crain’s New York Business | October 27, 2008 CNYB 10-27-08 A 18,19 10/22/2008 5:57 PM Page 2
REAL ESTATE DEALS
who represented Richards Kibbe & While the Florida-based mon- Orbe. ey-transfer company already has an EXPLORING CAREERS The building is owned by Brook- outlet on Utica Avenue in Brooklyn, field Properties. this will be its first Queens location. GROUP SEEKS HOST BUSINESSES —theresa agovino General Manager Charles Spence THE GREATER NEW YORK COUNCILS’ Exploring program is seeking chose Merrick Boulevard because of businesses to host educational sessions offering high school students the Money-transfer firm its large Jamaican population. chance to explore various industries and make better decisions about “We facilitate transfers for folks possible career choices. finds fit in Queens who still have financial obligations The Exploring program puts together groups of 15 to 25 students in Jamaica,” he explains. interested in specific fields. The student groups meet at the host businesses proving that some financial insti- The company hopes to open for after school for four or more sessions, learning about career ladders, tutions are still alive and kicking,Ja- business on Dec. 1. Besen Retail maica National Overseas (USA) brokers Elliott Dweck and Mat- educational requirements, salaries and what people in their selected fields Inc. recently signed a five-year lease thew Mager negotiated on behalf of actually do. for 750 square feet at 233-16 Merrick Jamaica National and landlord 233 For more information, please call Exploring Director Nicholas Bogeatjes at Blvd. in Laurelton,Queens.The ask- Merrick. (212) 651-2808, or visit www.nyexploring.org. ing rent was $32 a square foot. —adrianne pasquarelli COFFEE FOR GOTHS: Poe-inspired Edgar’s II Cafe will open at 650 Amsterdam.
the poems,” says co-owner Joseph Di Benedetto. He hopes to open for business by the spring. Edgar’s II Cafe will provide in- side seating for about 50, as well as sidewalk tables. Neal Ohm, a broker with CitySites Commercial Group, rep- resented both the tenant and the landlord in the transaction. Redefining First-Class —adrianne pasquarelli WFC wins game designer oberon media inc., which makes games for computers and other plat- forms, is subleasing 18,000 square feet at 1 World Financial Center for two and a half years. The asking rent for the deal, which totals about 65% of the 27th floor, was $48 a square foot. Oberon OUR “BOUTIQUE-SIZED” FULL FLOORS plans to move from its current loca- tion at 1 Penn Plaza by the end of the OF month. 6,500 TO 8,600 SF “This deal was a lower-cost alter- native for them,” says Brad Gerla, a OFFER TENANTS A broker at CB Richard Ellis Inc., REDEFINED FIRST-CLASS ENVIRONMENT who negotiated for Oberon. The company is renting the AT AMADISON PRIME PLAZA DISTRICT space from law firm Richards Kibbe 54TH STREET LOCATION & Orbe, which is subleasing it from now-bankrupt Lehman Brothers. I The deal required Lehman to sign FULL FLOOR IDENTITY
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done.The transaction was being ne- gotiated amid rumors of the invest- ment bank’s demise. “We were fortunate that every- thing worked out,” say Mr. Rotante,
October 27, 2008 | Crain’s New York Business | 19 CN012395 9/25/08 4:03 PM Page 1 CNYB 10-27-08 A 21 10/22/2008 5:58 PM Page 1
ACCOUNTING INSIDE Big 4 eye layoffs, stepped-up competition in post-SOX slump PAGE 24 International rules will mean a big adjustment for midsize firms PAGE 25 Largest firms in the NY area PAGE 27 Battle of the middle market
Midtier outfits fight to keep clients lured from Big 4 accounting firms
BY CARA S. TRAGER life has been good for Amper Politziner & Mattia. Over the last six years,the midsize accounting firm picked up more than 20 publicly held firms as clients— including Computer Horizons and Speedus—and doubled revenues to more than $100 million. “We have had a great run,” says Peter Bible, managing partner of the firm’s New York office. So, too, have many others. All across the city, middle-tier accounting firms have signed on record numbers of big new clients following the 2002 passage of the Sarbanes- Oxley Act. With the Big Four firms work- ing flat-out to bring giant corporations into SOX compliance, smaller clients frequently found themselves left out in the cold,scram- bling to find new accountants. With SOX work now largely done, the battle of the middle market is beginning to gather steam. On one side are the medium- size firms that insist that the high ground is theirs—that they have not only grabbed a big slice of the middle market but have staffed up in recent years to service it.On the
other are the Big Four, which argue that philip anderson their global reach and bottomless reservoir of expertise give them a huge advantage. It is a contest that neither side can afford to lose. See BATTLE on Page 23 Spooked entrepreneurs force accountants to earn retainers
“I called my accountant for ad- Owners look more for management counsel vice,” Mr. Sherman says. Faced with rising energy costs, Memorial Chapel in Brooklyn. tight credit, retrenching consumers BY JEAN ENDE “People are living longer, and costs and a darkening economic environ- are going up.” ment, entrepreneurs are reaching many people might think that, in out to their accountants for guid- these somber times, at least some Cost-cutting guidance ance on a broad range of issues. One businesses—funeral homes, for in- rather than just bemoan his of the most common questions: stance—are doing just fine. Wrong. fate, the mortuary proprietor did Where should a company turn
“Things are tough,” says Joseph what more and more stressed-out when its traditional lender balks at istockphoto Sherman of Sherman’s Flatbush executives are doing. See TAKING on Page 22 SHERMAN’S FLATBUSH MEMORIAL CHAPEL turned to its accountant for help in cutting costs.
October 27, 2008 | Crain’s New York Business | 21 CNYB 10-27-08 A 22 10/22/2008 5:59 PM Page 1
REPORT CompaniesCompanies throughoutthroughout thethe worldworld relyrely onon Amper.Amper. AndAnd youyou cancan too.too. Taking meatier roles
Continued from Page 21 providing more credit? TIPS FOR SURVIVING In addition to pointing clients THE CATACLYSM toward a variety of alternative fund- Accountants’ advice to strapped ing sources—ranging from factors businesses: to leasing groups—accountants are helping to restructure employee ACCOUNTS benefits packages, revamp bill col- RECEIVABLE lection and payment practices, and G Get bigger even squeeze savings from manu- deposits facturing operations. G Be patient with “A good accountant will help loyal clients, but clients avoid costly errors and find avoid letting them creative ways to use all available re- get to the point istockphoto sources to get through the hard where their bills have become times,” says Jay Sanders, chairman unpayable of the personal financial planning G Don’t extend committee of the New York State credit to a client who’s unlikely to pay simply Society of Certified Public Accoun- because you need to post a sale tants. ACCOUNTS PAYABLE With over 600 people, Amper serves public and private companies around High anxiety G Take advantage of early- the globe by offering superior service at reasonable fees. Among the carmine nogara,a sole practition- payment discounts services provided are: er CPA with accounts in Manhattan G Pay bills to vital suppliers first and the Bronx, says calls from G Contact vendors about clients have risen by about 25% in arranging more favorable terms • Accounting and audit • Pension plan audits recent months. INVENTORY • Corporate benefits • Taxation In addition to having business • difficulties, many are concerned G Don’t overstock. Carry just International accounting and tax • Technology risk and assurance about their personal finances, Mr. enough merchandise to meet • Litigation and valuation • Wealth management Nogara says. They want to know if immediate requirements their savings are secure, if their in- STAFFING These companies depend on Amper and you can too. For more information about how vestments are safe or if they will be G Consider layoffs, as well as able to pay next year’s college tuition Amper can meet your needs, contact us today: their scope and timing bill. G Review benefits plans with an “These are hands-on business- Peter R. Bible CPA eye toward more cost-sharing people more involved in running with employees 6 East 43rd Street their stores than managing their in- vestments, and they’ve been espe- OUTSOURCING New York, NY 10017 cially hard-hit by the tightness of G Sometimes it’s actually 212.682.1600 credit,” says Mr. Nogara. cheaper to hire someone than to “Seeing Beyond the Numbers...” do it yourself [email protected] www.amper.com He has helped connect several clients with willing lenders. How- IF ALL ELSE FAILS ever, he has had to advise others to G Contact your landlord or banker put off planned expansions.And in to see if you can renegotiate a few cases,he is exploring whether leases or loans owners should sell their compa- nies. WITHOUTQUESTION Such expertise comes at a price. going management assistance and At small accounting firms, the been involved in all aspects of a ACCOUNTABILITYWITHOUT cost for services that aren’t covered client’s business and personal fi- by the retainer typically runs be- nances. What is unusual now, they tween $150 and $300 an hour. say, is that clients are calling more QUESTION Clients of larger firms are generally often and are more anxious.
provided with more extensive serv- Robert Sattler, audit partner at ACCOUNTABILITYWITHOUT ices, but those needing extraordi- Berdon, says the Manhattan group nary attention can face high fees. customarily has a team of advisers Most companies consider the go over a client’s complete financial QUESTION cash well spent. situation. He has noticed recently “While our help may increase a that “in light of the economy,people To succeed today, a business person must have complete faith in the advice that he or she receives in order client’s accounting fees, if we’re do- are listening a lot harder.” to act with confidence. At Rothstein Kass, our advice does not come pre-packaged or off the shelf. It is always ing our job properly, their costs specific, highly focused and grounded in the realities of your business. Whether the state of the economy should go down overall,” says Alan Comprehensive review is tranquil, fluid or turbulent, you can rely on Rothstein Kass to help identify, protect and advance your E. Weiner, senior tax partner at mr. sherman’s accountant per- company’s interest. Holtz Rubenstein Reminick in formed a comprehensive review of his funeral home business, which Rothstein Kass is a premier public accounting firm that has served privately held and publicly traded companies, Long Island. “Businesspeople un- individuals, and families for nearly 50 years. Beyond audit and tax services, the firm provides a full array of derstand that they have to spend has a 10,000-square-foot facility integrated services, including strategic business counseling, regulatory compliance and SEC advisory services, money to make money.” and seven employees. insurance and risk management consulting and family office services. Of course, even the toughest “You have to take a microscope economy isn’t hard on everyone. and look at each item that’s costing If you understand the value of a skilled and trusted advisor and would like to find out how Rothstein Kass can JoAnn Fleming, a partner in Flem- your client money before they have assist you, contact Steven Kass, Co-Managing Principal, at 973.994.6666 or [email protected]. ing & Associates in Manhattan,says no money left,” says Charles Sar- a few clients are making more mon- owitz of Sarowitz Milito & Co. in ey than ever. Brooklyn. For example, a costume jeweler “We showed Mr. Sherman how Beverly Hills enjoyed a spike in sales when shop- to improve his cash flow by not re- Dallas pers decided they could not afford placing an employee who was retir- Denver Grand Cayman fine jewelry. The owners have ing, rearranging executive compen- Irvine turned to Ms. Fleming for counsel sation, consolidating advertising New York on how to invest and shelter their costs and changing the deductible Roseland San Francisco earnings. on his health insurance plan.” Walnut Creek Some larger firms point out that they have traditionally offered on- COMMENTS? [email protected] www.rkco.com CNYB 10-27-08 A 23 10/22/2008 6:00 PM Page 1
REPORT ACCOUNTING Battle for the middle market Longcommitment established
Weiser LLP Certified Public Accountants Continued from Page 21 For their part, the Big Four have little choice but to regain those lost DEFENDING THE HIGH GROUND clients if they want to “feed their MIDDLE-MARKET ACCOUNTING FIRMS are stepping up their client retention and money machine” as their SOX work recruitment efforts in the face of stiffer competition from the Big Four firms. to the declines, says Arthur Bowman, who Three months ago, Eisner & Lubin launched an incentive New York City New York 135 West 50th Street publishes the Bowman Accounting program to reward workers for helping to shore up Report. New York, NY 10020 business community and expand the firm’s client roster. Tel 212.812.7000 As the Big Four see it, triumph Employees earn points for a myriad of Fax 212.375.6888 may take time, but it’s inevitable. For nearly a century,Weiser has provided activities, including joining a local civic “Does a firm that’s not the size of Long Island accounting, tax, and consulting services, such association, clipping an article from a 3000 Marcus Avenue as state and local tax planning, internal audit ours have the global reach, infra- Lake Success, NY 11042 structure and talent to be able to business newspaper that has client relevance, outsourcing, and business restructuring, Tel 516.488.1200 to private clients and business enterprises, meet the demands of its clients as or coming up with a better way of servicing Fax 516.488.1238 companies evolve and enter new accounts. Their rewards are prizes like a spa including closely-held and emerging entities, getaway. Westchester in a variety of industries including: markets?” asks Scot Guempel, 660 White Plains Road KMPG’s Northeast midmarket Anchin Block & Anchin, which focuses on privately Suite 430 • Real estate leader, based in the Short Hills, held companies, is seeking to protect its turf by Tarrytown, NY 10591 • Manufacturing and distribution N.J., office. introducing a wealth management consulting Tel 914.333.0555 • Auto dealerships service for business owners and an economic Fax 914.333.0556 • Media and communication Strong relationships development consulting service to help them New Jersey • Banking to state their case, the middle- access various municipal tax incentives and grants. 399 Thornall Street • Food and dairy tier firms simply say that such argu- Edison, NJ 08837 • Health care Tel 732.549.2800 • Financial services ments no longer make sense. The Fax 732.549.2898 firms point out that they have not aggressively,” says Dan Miele, thrown out,” says Bruce Rosen, a • Professional services only built strong bonds with their Northeast audit marketplace leader, partner at Eisner. www.weiserLLP.com • Not-for-Profit new clients; they have also built up for Deloitte & Touche. “If you’re a the expertise necessary to serve them. midsize firm and have growth aspi- COMMENTS? [email protected] For more information, contact Douglas Phillips at 212.375.6701. On top of that, they note that rations or are in multiple states, we they still enjoy the advantages can bring value and solutions to your they’ve always had: lower costs and business.” more hands-on, personal account What remains to be seen is how management. clients that have defected to and Bruce Foster’s experience illus- been well-served by the middle-tier Still waiting for advice trates one reason why they may be accounting firms will respond to the right. As the chief financial officer Big Four’s sales blitz. of Manhattan-based 4Kids Enter- The middle-tier firms insist from your accounting firm? tainment Inc., he says that he ended that their huge growth has given his company’s reliance on a Big Four them an advantage they’ve never firm, which he declined to name, had before—a rich helping of top- three years ago. The end came after level talent. the firm told 4Kids that it couldn’t Midmarket firm Weiser has meet an Securities and Exchange grown its partner roster by 40% over Commission deadline for filing a fi- the past five years, to 92 partners— nancial opinion. including more than half a dozen The fact that “larger clients were from Big Four firms. getting the A-team, and we were getting the fill-ins” didn’t help mat- Bringing expertise ters, he says. “the folks that came from the Big Today, the NYSE-listed chil- Four have subject matter expertise dren’s entertainment and licensing that enables us to deliver high-qual- company with $100 million in rev- ity service and at the same time ed- enues is a client of Manhattan- ucate and train our own people,” based accountant Eisner. says Douglas Phillips, the firm’s Anchin Block & Anchin is an- managing partner. other beneficiary of that sort of The other side of that argument, move. In recent years, it has added however, is all too obvious. The Big nearly a dozen large clients, mainly Four are awash in that sort of talent. private businesses that had been dis- They have specialists in everything satisfied with their Big Four’s post- from tax law in Russia to goodwill SOX service. accounting rules in Australia. “We help private companies with “We have the capacity to bring a their corporate and personal taxes multidisciplinary approach to cli- and estate planning and know every- ents,” says Deloitte’s Mr. Miele. thing about their business and fam- The fact is, says Joel Hochman, ily life,” says Marc Newman, An- associate dean of Yeshiva Universi- chin’s associate managing partner. ty’s Sy Syms School of Business, Does it feel like you’re not getting technical advice from your accounting firm in a timely The middle-market firms are that a Big Four firm boasts “10 times manner? Perhaps you should talk with Grant Thornton LLP. Easy access to technical also counting on their traditional the amount of people, each with advisors and hands-on partner attention have been the hallmark of Grant Thornton pricing edge of as much as 50% to specialized expertise.” in the U.S. for more than 80 years. Plus, you get the benefit of Grant Thornton firms in help glue clients in place. On that Such arguments, especially if ac- Jack Katz front, however, the Big Four are al- companied by a more competitive more than 100 countries. Give , Managing Partner, New York Cluster, a call at ready hitting back hard. rate schedule,will undoubtedly per- 212.542.9660, or email him at [email protected]. The big firms are not only dis- suade some midsize clients to return Find out how it feels to work with people who love what they do! counting their rates by 20% to 25%, to the Big Four fold. they are turning up the heat in their For other clients, however, it marketing efforts. That includes may take more than that for them setting up meetings with clients that to overcome the feeling that they have defected and spending more were abandoned in their hour of time attending various industry need. conferences. “These clients have long memo- “We want to grow our practice ries, and they remember being Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd. CNYB 10-27-08 A 24 10/22/2008 5:15 PM Page 1
REPORT ACCOUNTING
accountant who chaired the New York State Society of Certified Pub- Big 4 firms hit the minus button lic Accountants’ recent conference on the law.Now,Mr.Victor reckons, the industry is 15% overstaffed. tide has finally turned. Six years af- ward layoffs, retrain staff to tackle a total of 25,000. Maria Gorski saw the writing on With SOX growth ter Congress passed stiff corporate the next regulatory crunch, or lure Those cuts come on the heels of the wall firsthand. As a senior man- over, offices lay off, reporting rules under the Sarbanes- clients away from their peers. Over explosive growth. During the post- ager in the Houston office of Ernst Oxley Act and triggered a tidal wave time, most are likely to opt for a SOX rush, Ernst & Young added & Young, she witnessed what she seek new clients of demand for accountants, the combination of all three. more than 1,000 people in New York describes as “a lot of ramping up” as heavy lifting on compliance is over. In the biggest retrenchment to alone, a 40% expansion, bringing its the firm added talent over the last BY FRAN HAWTHORNE With demand for their services date, earlier this year Deloitte laid total here to more than 3,300. At the four years. In recent months, how- waning for the first time in years,the off 900 professionals out of a total same time, PwC added 20%. ever, the workload has stabilized, at the big four accounting Big Four find themselves facing U.S. staff of 35,065. Meanwhile, Overall, accounting firms of all and in August, Ms. Gorski ended firms—Deloitte & Touche,Ernst & some tough choices about staffing PricewaterhouseCoopers has cut sizes boosted staffing by 20% to 25% her 18-year career with E&Y and Young, KPMG and Pricewater- levels that have soared in recent 120 staffers nationwide—includ- in response to SOX, estimates signed on with accounting firm Eis- houseCoopers—the employment years. They can opt for straightfor- ing about 10 in New York—out of George Victor,a Melville,L.I.-based ner in New York. “With the economy the way it is,” she says, “you feel the opportu- nities are going to be a little less.” Looking to stay busy many at the big four firms are hoping that the never-ending stream of SOX revisions and other government regulations will keep them busy enough to hold on to their new hires. The switch over to International Financial Reporting Standards that the Securities and Exchange Commission is expected to require beginning in 2011 is like- ly to be especially labor-intensive. Rather than wait for that new business to fall into their laps, the gi- ants are stepping up their marketing efforts. The aim is to poach clients from each other and claw back scores of midsize corporations lost to mid- tier accounting firms. Back then,with too few bodies to go around, the Big Four were forced to focus on serving the largest cor- porations. That is changing fast. “We serve companies of all sizes,” says Brendan Dougher, managing partner of PwC’s New York office.
COMMENTS? [email protected] istockphoto JOB BONANZA THE BIG FOUR’S PROBLEMS are proving to be a mixed blessing for small and midsize accounting firms. On the one hand, they are facing more competition from the top-tier firms. On the other, they are seeing a lot more résumés flowing in from that quarter. “Some wonderful candidates are becoming available to us,” says Eisner partner Neil Goldenberg, who has witnessed a 10% surge in the number of job applicants—many of them from the Big Four—since the beginning of summer. Anthony Chan, a partner at Berdon, says that in the last nine months, headhunters that his firm uses have seen applications soar 20% to 30%. Those figures are noteworthy, given that stepping down from the Big Four to smaller firms typically means taking a pay cut of at least 10%.
24 | Crain’s New York Business | October 27, 2008 CNYB 10-27-08 A 25 10/22/2008 5:16 PM Page 1
REPORT ACCOUNTING International standards bring steep learning curve
At this point, the SEC is still sive,especially as it must occur in the New rules simpler, weighing comments on its propos- midst of doing everything else. To but mastering them al. Barring any last-minute hic- start training, small partnerships cups—credit crises included—the may need to hire consultants or send will be difficult for move to begin implementing the employees to outside seminars. small, midsize firms new rules could take place by the end “Many firms will be spending of this year. tens of thousands of dollars to re- train their entire staffs,” says Ehud BY STAN LUXENBERG An inevitable move Sadan, associate managing partner MASAKO DARROUGH of Baruch College says while the dates may yet shift, of Anchin Block & Anchin, a Man- there is pressure on U.S. all across the city, more and most accountants believe the move hattan accounting firm, which be- accounting firms to adopt more accounting firms are begin- is inevitable in part because of the gan holding three-day training pro- international standards on ning to ready themselves for the belief that adopting IFRS will help grams a year ago. clients’ behalf.
biggest change to hit the industry in U.S. companies compete more ef- At Amper Politziner & Mattia, buck ennis decades.They are gearing up for the fectively in global markets for capi- the process began nearly two years switch from the longtime U.S. stan- tal and customers. ago when three partners in the Man- weeks training someone to prepare The rub is that while most ac- dards in the Generally Accepted Ac- “The rest of the world is switch- hattan office hit the books.The part- for an audit.” countants agree that IFRS is sim- counting Principles to the system ing to IFRS, so there is pressure on ners, with a total of several decades pler,it also differs substantially from used in much of the rest of the world. us to join,” says Masako Darrough, of experience in accounting between A thinner volume GAAP in key respects. The change is being driven by chair of Baruch College’s account- them,went back to basics,boning up the good news is that by most ac- In fact, the differences between the Securities and Exchange Com- ing department. on the essentials of IFRS. Since counts, the international standards the two systems are numerous and mission. Under SEC proposals, For the big firms, which have then, the partners have been period- are simpler than GAAP. In the hy- large. Under GAAP, for example, about 110 big companies would be- worked with overseas subsidiaries of ically holding daylong classes to ed- per-litigious United States, GAAP companies can account for invento- gin using international standards in their American clients as well as with ucate other members of the firm. is codified in a 10-inch-thick book ry using last-in, first-out valuation. 2010. If that transition goes well, all foreign firms, IFRS is old hat. For “We are trying to prepare our crammed with minutely detailed This assumes that any sale recorded companies could be required to many medium-size firms and virtu- people gradually,” says Managing rules. In contrast, IFRS is a princi- came from the last inventory pur- adopt the International Financial ally all small ones, the switch to the Partner Peter Bible.“If you wait un- ples-based system summed up in a chased. Because the last item is typ- Reporting Standards by 2014. new rules will be painful and expen- til the last minute, you could spend two-inch-thick volume. See STEEP on Page 26
®
October 27, 2008 | Crain’s New York Business | 25 CNYB 10-27-08 A 26 10/22/2008 5:17 PM Page 1
REPORT Steep learning curve
Continued from Page 25 already beginning to offer help.The ically more expensive than earlier American Institute of Certified purchases, LIFO often results in Public Accountants provides a thinner profit margins—and lower monthly online report on IFRS.The taxes. Under IFRS, the LIFO New York Society of Certified Pub- method is barred. lic Accountants will begin offering The two systems also take op- daylong seminars on Oct. 29. posing views on how to treat write- No one has any illusions that downs that occur when the value of such sessions will suffice. an asset drops. Under the interna- “In one day, you can just touch tional standards, the value of a the surface,”says William Stocker,a building can be written down. partner of Marks Paneth & Shron Then if the value rebounds, it can and chair of the New York Society’s be changed to the higher level. Un- committee on international ac- der GAAP, the value cannot be counting. “We are going to have to marked up after it has been written increase training programs expo- down. nentially.” To help bridge some of those gaps,a variety of industry groups are COMMENTS? [email protected] ACADEMIC VOID ACCOUNTANTS EAGER to get a head start on mastering IFRS won’t get much help from local
colleges. Few offer courses on it, and most istockphoto textbooks include only a smattering of information on the subject. Help looks to be on the way, but not soon. Yeshiva University’s Sy Syms School of Business plans to offer a course in international accounting in the fall of 2010. The class is likely to become a fixture of the school, says Associate Dean Joel Hochman. “In a few years, you will not be able to become a CPA without studying international standards,” he says.
26 | Crain’s New York Business | October 27, 2008 CNYB 10-27-08 A 27 10/22/2008 5:18 PM Page 1
REPORT ACCOUNTING
THE TOP 25 accounting The Big Four’s Share Total NY Area Professionals Largest Gainer Newcomer firms employ more than The four largest firms account for nearly The number of area professionals at the top Marcum & Kliegman Raich Ende Malter and Co., 29,800 professionals in three-quarters of the professionals employed 25 firms on Crain’s list rose by 1,511 people posted the largest gain in new to the Crain’s Top 25, the New York area. Audit- by all the firms on this year’s list. versus year-end levels, or 5.3%. That marks a area professionals, which has increased its profes- sharp slowdown from last year, when the top Top 25 total: 29,824 rose by more than a third. sional staff in the area. ing and accounting are firms increased area staffing by 12.7%. the focal point for these +5.3% 29,824 firms, comprising 45.6% 28,313 of their total area 27.0% +37.5% +12.9% professional staff. 8,047 TO TO Management advisory All others 73.0% services is the second- 21,777 largest sector, employing Big four 2007 2008 550 105 23.4% of total staff. (as of Dec. 31) (as of June 30) PROFESSIONALS PROFESSIONALS New York Area’s Largest Accounting Firms Ranked by number of area professionals 2008 NY area 2008 NY area 2007 audit and 2008 management firmwide Managing partner(s) 2008 NY area 2007 NY area accounting NY area tax advisory services 2008 firmwide revenues Rank Firm Phone/Web site in New York area office professionals1 professionals2 professionals professionals professionals professionals1 (in millions)3
Deloitte 4 (212) 436-2000 Gregory T. Durant 7,868 7,439 3,963 1,692 2,213 35,068 $10,982.0 5 2 World Financial Center www.deloitte.com/us 1 New York, NY 10281
KPMG 6 (212) 758-9700 Robert F. Arning 5,237 7 5,022 1,180 926 952 115,900 $19,810.0 345 Park Ave. www.us.kpmg.com 2 New York, NY 10154
PricewaterhouseCoopers 4 (646) 471-3000 Brendan P. Dougher 4,600 4,688 2,400 1,400 800 22,500 $25,200.0 300 Madison Ave. www.pwc.com 3 New York, NY 10017
Ernst & Young 4 (212) 773-3000 Mark Manoff, 4,072 8 3,933 1,315 1,100 1,178 100,000 $21,104.3 5 Times Square www.ey.com Carmine DiSibio 4 New York, NY 10036
RSM McGladrey Inc./McGladrey & Pullen 9 (212) 372-1000 Donald A. Lipari 808 777 518 222 68 6,128 $1,467.6 10 1185 Sixth Ave. www.rsmmcgladrey.com 5 New York, NY 10036
Grant Thornton (212) 599-0100 Jack Katz 662 638 458 151 53 4,612 $1,036.0 10 666 Third Ave. www.grantthornton.com 6 New York, NY 10017
J.H. Cohn 11 (212) 297-0400 Robert DeMeola 650 604 369 156 125 815 $221.4 1212 Sixth Ave. www.jhcohn.com 7 New York, NY 10036
BDO Seidman 4 (212) 885-8000 Brian Eccleston, 604 524 n/d n/d n/d 2,406 $659.0 12 330 Madison Ave. www.bdo.com Robert Pedersen 8 New York, NY 10017
Marcum & Kliegman (212) 981-3000 Jeffrey M. Weiner 550 400 285 185 80 550 n/d 655 Third Ave. www.mkllp.com 9 New York, NY 10017
Weiser (212) 812-7000 Douglas A. Phillips 514 500 321 139 54 514 $125.0 135 W. 50th St. www.weiserllp.com 10 New York, NY 10020
Eisner 11 (212) 949-8700 Charly Weinstein 480 403 319 120 41 480 $124.0 750 Third Ave. www.eisnerllp.com 11 New York, NY 10017
Rothstein Kass (212) 997-0500 Steven Kass, 475 380 335 90 50 724 $125.0 1350 Sixth Ave. www.rkco.com Howard Altman 12 New York, NY 10019
Amper Politziner & Mattia 13 (212) 682-1600 Peter R. Bible, 468 411 272 94 102 503 $89.2 6 E. 43rd St. www.amper.com Philip H. Politziner 13 New York, NY 10017
Berdon (212) 832-0400 Stanley H. Freundlich 403 374 151 138 114 403 $85.0 360 Madison Ave. www.berdonllp.com 14 New York, NY 10017
Marks Paneth & Shron (212) 503-8800 Arthur E. Cannata, 352 14 330 231 86 0 352 $72.0 622 Third Ave. www.markspaneth.com Mark Levenfus 15 New York, NY 10017
Anchin Block & Anchin 6 (212) 840-3456 Frank A. Schettino 332 281 203 87 42 332 $99.0 1375 Broadway www.anchin.com 16 New York, NY 10018
Citrin Cooperman & Co. (212) 697-1000 Joel A. Cooperman 270 235 213 52 5 290 $62.0 529 Fifth Ave. www.citrincooperman.com 17 New York, NY 10017
Continued
October 27, 2008 | Crain’s New York Business | 27 CNYB 10-27-08 A 28 10/22/2008 5:18 PM Page 1
REPORT ACCOUNTING
2008 NY area 2008 NY area 2007 audit and 2008 management firmwide Managing partner(s) 2008 NY area 2007 NY area accounting NY area tax advisory services 2008 firmwide revenues Rank Firm Phone/Web site in New York area office professionals1 professionals2 professionals professionals professionals professionals1 (in millions)3
Mahoney Cohen & Co. 13 (212) 790-5700 Mark D. Garten 233 215 166 62 5 258 $62.4 1065 Sixth Ave. www.mahoneycohen.com 18 New York, NY 10018
O’Connor Davies Munns & Dobbins (212) 286-2600 Kevin J. Keane, 231 215 190 36 5 231 $40.5 60 E. 42nd St. www.odmd.com Thomas P. Dobbins 19 New York, NY 10165
Friedman (212) 842-7000 Bruce A. Madnick 213 206 159 48 6 213 $50.0 1700 Broadway www.friedmanllp.com 20 New York, NY 10019
Margolin Winer & Evens (212) 973-1000 Teddy Selinger 207 198 159 41 7 207 n/d 370 Lexington Ave. www.mwellp.com 21 New York, NY 10017
Rosen Seymour Shapss Martin & Co. (212) 303-1800 Fred Shapss 196 183 147 45 4 196 $34.5 757 Third Ave. www.rssmcpa.com 22 New York, NY 10017
Holtz Rubenstein Reminick 6 (212) 697-6900 Francis J. Candia 176 162 92 57 27 176 $41.0 1430 Broadway www.hrrllp.com 23 New York, NY 10018
Grassi & Co. (516) 256-3500 Louis Grassi 118 102 78 25 15 118 n/d 2001 Marcus Ave. www.grassicpas.com 24 Lake Success, NY 11042
Raich Ende Malter and Co. (516) 228-9000 Charles Raich, 105 93 80 25 0 105 $24.2 90 Merrrick Ave. www.rem-co.com Ellis Ende 25 East Meadow, NY 11554
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 Business uses staff research, extensive surveys and the most current references available to produce its lists, but there is no guarantee that the listings are complete. To qualify for this list, firms must have an office in the New York area. All information was supplied by the firms. n/d Not disclosed. 1-Full-time and full-time-equivalent, as ofJune 30. 2-Full-time and full-time-equivalent, as ofDec. 31. 3-Revenue figures for firms withfiscal years ending in May through December are for the year ended in 2007, and revenue figures for firms withfiscal years ending in January through April are for the year ended in 2008. 4-Fiscal year ends June 30. 5-For fiscal year ended June 30, 2008. 6-Fiscal year ends Sept. 30. 7-A total of 2,179 professionals practices in client support services. 8-A total of 479 professionals practices in transaction advisory services. 9-RSM McGladrey Inc., McGladrey & Pullen and Goldstein Golub Kessler are affiliated through an alternative practice structure. Fiscal year ends April 30. 10-Net revenue. 11-Fiscal year ends Jan. 31. 12-Net revenue for fiscal year ended June 30, 2008. 13-Fiscal year ends March 31. 14-A total of 35 professionals practices in litigation, business management, analytical performance and tailored technology. Research: Denise Southwood and Maia Blume
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28 | Crain’s New York Business | October 27, 2008 CNYB 10-27-08 A 29 10/23/2008 9:59 AM Page 1
REPORT THE PERFECT GIFT ACCOUNTING RESOURCES, MORE ON WEB FOR ANY BUDGET Largest accounting firms list in the Nov. 10 issue. The guide also online Readers can download the will be posted online and can be list of the area’s largest accounting accessed through the “Resources” firms by visiting Crain’s Web site, tab of the home page. www.crainsnewyorkbusiness.com/ Back issues Use the archives to find businesslists. The list is available in Crain’s stories in any previous PDF, Excel or edition of the paper. HTML form. In addition, the Subscribe Use the “Subscriptions” Book of Lists— link at the bottom of the home page a complete to order the compilation of weekly print Crain’s lists edition of covering more Crain’s New than 30 York Busi- sectors, ness as well ranging from airlines to women- as digital owned businesses—can be subscrip- Put your name and logo on the cover of our Deluxe downloaded in Excel format for $499. tions to the newspaper, Edition guides and create a powerful marketing Industry alerts Visitors to the the daily Crain’s site can sign up for e-mail Insider political newsletter and the tool that is loved, trusted and used all year long. alerts that provide news about daily Pulse health care newsletter. professional services firms. Events View a current listing of local meetings, seminars and other networking events of interest to accounting professionals. To order, call 800-540-9609 or visit us at www.zagat.com/corporate. Growing a Business Guide Crain’s To receive FREE IMPRINTING through 11/21/08 mention code CNY-08. new list of more than 600 This offer applies to Deluxe Edition guides purchased at full rate card price and cannot be combined with any other offers. organizations with resources to help Free imprinting is valued at $0.75 per book. Does not include die set-up fee. Additional charges may apply for custom options. small businesses will be published
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October 27, 2008 | Crain’s New York Business | 29 Project3 10/23/08 2:33 PM Page 1
Join Crain’s New York Business and Workforce Management for this critical morning conference in New York City exploring talent management for all seasons, including the art of retaining and finding key people while managing through the layoffs, cutbacks and workplace restructurings that are rippling through the current business environment. KEVIN RYAN Hear keynote speaker Kevin Ryan, founder and former CEO of DoubleClick, Founder and Former CEO DOUBLECLICK and his compelling message about how to manage talent through both good Managing times and bad. He'll also join our panel of experts—moderated by Crain’s editor, Greg David and Workforce Management editor, John Hollon—for a lively Talent panel discussion on this timely topic.
in a DATE Wednesday, October 29, 2008 JANET HANSON Turbulent Founder TIME 85 BROADS Economy 7:30 — 8:00am Registration 8:00 — 8:30am Networking Breakfast 8:30 — 9:15am Keynote–Kevin Ryan, founder and former CEO, DoubleClick 9:15 — 9:30am Networking Break 9:30 — 10:15am Panel Discussion 10:15 — 10:30am Q&A RON THOMAS VENUE Former VP, Organizational Development Roosevelt Hotel, Grand Ballroom, Madison at 45th Street, New York, NY MARTHA STEWART LIVING TICKETS $149 for tickets $1,500 for tables of 10
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You must be preregistered to attend this event. All tickets are nonrefundable. For more information, please call the Event Hotline at 212.210.0739. RENEE RUSSELL Executive Director, Global Talent Management AVON PRODUCTS
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The expansion comes amid a major filming boom in the city, Kaufman Astoria starts $20M expansion thanks to the state’s decision in April to triple its production tax in- centive to 30%. The break has THE NEW FACILITY will Queens studio will add 7th soundstage be kitty-corner from the helped a number of television shows current building. and movies to choose New York over as more productions move to New York other sites. This season, Ugly Betty—a TV show set in New York rent location. It will house an “The impor- that had been filmed in Los Ange- BY MIRIAM KREININ SOUCCAR 18,000-square-foot soundstage— tance of diversify- les—moved here. ABC’s Life on Astoria Kaufman’s seventh sound- ing our economy is Mars and Showtime’s Nurse Jackie after nine years of delays, Kauf- stage—as well as 22,000 square feet more obvious to- are filming at Kaufman Astoria. man Astoria Studios, one of New of office and other support facilities, day than ever, and Hal Rosenbluth, president of York’s largest film and television including dressing rooms and a car- continued invest- Kaufman Astoria, originally an- studios, broke ground Monday on a pentry shop. ment in New York nounced plans for the building in $20 million expansion. The project is being funded in nomic Development Corp., and $2 City’s entertainment industry is one 1999 but had to put them on hold The new building, in Astoria, part by a $5 million grant from the million in grants and loans from of the ways we’ve been doing it,” after Sept. 11. Queens, will be diagonally across city,administered through an agree- New York’s Empire State Develop- Mayor Michael Bloomberg said in a the street from the company’s cur- ment with the New York City Eco- ment Corp. statement. COMMENTS? [email protected] Yanks, Cowboys take field together Create catering and concession venture, Legends Hospitality
BY LISA FICKENSCHER
two of the nation’s wealthiest sports franchises are teaming up to save money on burgers and hot dogs. The New York Yankees and Dal- las Cowboys have announced a joint venture, Legends Hospitality Man- agement,to handle catering,conces- sions and retail merchandising at the teams’ new billion-dollar stadiums. Goldman Sachs and CIC Partners, a Dallas-based private equity firm, provided financing for the venture, based in Newark, N.J. “We expect to be very aggressive in competing for other teams and venues,” said Randy Levine, presi- dent of the Yankees. Good scouting the partners have already cherry- picked talent from rivals in sports catering. Chief Operating Officer Daniel Smith is a former senior vice president with Centerplate, which handled concessions at Yankee Sta- dium.Executive chef Rolf Baumann was executive corporate chef at Delaware North Cos., a major sports arena concessionaire. Chief Executive Michael Rawlings was president of Pizza Hut Inc. The unprecedented venture joins two family empires, the Steinbren- ners and the Joneses, that have won 26 World Series and five Super Bowls.A video of Yankees Chairman George Steinbrenner and Cowboys owner Jerry Jones shown at a press event announcing the deal featured the patriarchs congratulating each other on the partnership. The organizations borrowed $100 million to launch Legends,ac- cording to SportsBusiness Journal.
COMMENTS? [email protected]
October 27, 2008 | Crain’s New York Business | 31 CNYB 10-27-08 A 32 10/23/2008 7:23 PM Page 1
THE WEEKS AHEAD
THIS WEEK’S EVENTS OCTOBER 28 [email protected]. stage companies. 5:45 p.m. to 7:45 p.m., 405 Lexington Ave., second floor. Free. OCTOBER 28 F2F Speed Networking holds OCTOBER 29 Eaton & Van Winkle, 3 Park Ave., 16th Preregistration required. (212) 387-8134 Nationwide Equities Corp. holds networking reception. 5:30 p.m. to Crain’s New York Business holds 2008 floor. Fee: $25 members, $45 or [email protected]. networking reception. 6 p.m. to 8 p.m., 8 p.m., Commerce Bank, 469 Seventh Talent Management Conference: nonmembers. (609) 919-1895, ext. 100, OCTOBER 29 Social: Bar & Lounge, 795 Eighth Ave., Ave. Fee: $35. (718) 757-6933. Managing Talent in a Turbulent or [email protected]. Retail Marketing Society holds second floor. Free. Preregistration OCTOBER 28 Economy. 7:30 a.m. to 10:30 a.m. OCTOBER 29 conference on the economic outlook and required by e-mail. (917) 975-5985 or Northwestern Mutual Financial Roosevelt Hotel, 45 E. 45th St. Fee: Cardozo School of Law holds lecture on consumer trends during the Christmas [email protected]. Network holds seminar on asset $149 individual ticket, $1,500 table of insurance for public catastrophes. 6 p.m. holiday. 8 a.m. to 12 p.m., Fashion OCTOBER 28 protection. 4 p.m. to 5 p.m., Russo 10. Preregistration required. to 8 p.m., 55 Fifth Ave., moot courtroom. Institute of Technology, Seventh Avenue Pace University Small Business Financial Group, 875 Third Ave., 23rd www.crainsnewyork.com/events. Free. (212) 790-0258 or [email protected]. and West 27th Street, Building D, Katie Development Center holds workshop floor. Free. (212) 433-1280 or OCTOBER 29 OCTOBER 29 Murphy Amphitheater. Fee: $100 on business planning. 5:30 p.m. to [email protected]. Five O’Clock Club holds seminar on Dale Carnegie Training holds workshop members, $125 nonmembers. 7:30 p.m., 163 William St., 15th floor. OCTOBER 28, NOVEMBER 20, developing your campaign. 6:30 p.m. on sales skills. 6 p.m. to 8 p.m., (201) 692-8087 or retailmarketingsoci@ Free. (212) 618-6655 or [email protected]. DECEMBER 18 to 8:30 p.m., 11 Penn Plaza, fifth floor. 780 Third Ave. Free. (212) 750-4455 or retailmarketingsociety.org. Lower Manhattan Business Solutions Fee: $50. (914) 788-5482 or [email protected]. OCTOBER 29 More meetings online at Center holds seminars on restaurant [email protected]. OCTOBER 29 Neighborhood Entrepreneur Law Project www.crainsnewyork.com management. 2 p.m. to 4 p.m., 110 OCTOBER 29 American Business Women’s Association and South Bronx Overall Economic Click on “Events” William St., fourth-floor conference Business Development Academy holds holds seminar on women and retirement. Development Corp. hold legal clinic. room. Free. (212) 618-8914 or networking reception on valuing early- 5:45 p.m. to 8 p.m., Chrysler Building, 6 p.m. to 8 p.m., 555 Bergen Ave., Bronx. Free. Preregistration required. (212) 382-6633 or [email protected]. OCTOBER 30 iConcept Media Group and the New York Post hold executive networking reception. 5:30 p.m. to 9:30 p.m., Bayard’s, 1 Hanover Square. Fee: $49 in advance, $59 at the door. (212) 795-0706. OCTOBER 30 Gold Place Network holds networking reception. 6 p.m. to 8 p.m., 545 Eighth Ave., suite 18NE. Fee: $10. (212) 465-8080. OCTOBER 30 New York City Business Networking Group holds seminar on professional We go to the ends of the e-mail marketing. 7 p.m. to 8:30 p.m., Regus Suites, 11 Penn Plaza, fifth floor. Fee: $19.99. (212) 555-2121. OCTOBER 30 National Minority Business Council cearth for our clients holds breakfast on management strategy to improve your company’s profitability. 8:30 a.m. to 10:30 a.m., Science, Industry and Business Library, 188 Madison Ave., conference room 18. Fee: Jones Lang LaSalle merged with The Staubach Company $29 members, $35 nonmembers. Preregistration required. (917) 664-7301 or [email protected]. because that’s how they view the world, too. OCTOBER 30 Bosco Law Firm holds seminar on estate planning for small business owners. 4 p.m. to 5:30 p.m., 110 Wall St., 11th floor. Fee: $25. Preregistration required. (212) 709-8203 or [email protected]. OCTOBER 30, NOVEMBER 6, 13 Kane Street Synagogue holds program on managing ethics and compliance in organizations. 7:30 p.m. to 9 p.m., 236 Jones Lang LaSalle is known for providing comprehensive real estate services to owners, investors and Kane St., Brooklyn. Fee: $25 members, occupiers around the globe. The Staubach Company made a name for itself by offering strategic solutions $35 nonmembers. (718) 875-1550 or [email protected]. to users of office and industrial real estate across the United States. OCTOBER 31 Lower Manhattan Business Solutions Center holds workshop on business-to- Together, we offer the best of both worlds. Think of Jones Lang LaSalle as both a local company with business marketing. 9 a.m. to 12 p.m., global capabilities and a global company with true depth in local markets. 110 William St., seventh floor. Free. (212) 618-8914 or [email protected]. NOVEMBER 1 So no matter where in the world you have real estate needs, Jones Lang LaSalle has expert professionals SCORE NYC holds seminar on on the ground — who work as a team to go the extra mile. business plans. 1 p.m. to 4 p.m., Science, Industry & Business Library, 188 Madison Ave., lower level. Fee: $45 in To find out more about how we can serve you in over 700 cities around the world, visit our Web site, advance, $55 at the door. www.us.joneslanglasalle.com. Then we’d like to talk with you. You’ll discover our world begins in (212) 264-4507 or [email protected]. your backyard. NOVEMBER 3-NOVEMBER 9 NOVEMBER 3 NYHumanResources.com holds For more information, contact: seminar on taxes and recordkeeping for entrepreneurs. 6:30 p.m. to 8:30 p.m., Peter G. Riguardi 16 W. 23rd St. Fee: $65. Preregistration required. (917) 697-2063 or +1 212 812 5719 [email protected]. NOVEMBER 3 Brazilian-American Chamber of Commerce holds breakfast on investment opportunities in Brazil. 8 a.m. to
TO LIST YOUR EVENT
www.us.joneslanglasalle.com Listings can be submitted only through the Crain’s Web site. To submit a calendar listing, go to www.crainsnewyork.com and click on “Events.” Sponsors have a choice of several free or paid list- ing options. All business events will be posted online within two business days.
32 | Crain’s New York Business | October 27, 2008 CNYB 10-27-08 A 33 10/24/2008 10:24 AM Page 1
9:45 a.m., New York Yacht Club, NOVEMBER 11 1368 Fulton St. Free. (718) 636-6924. pharmaceutical companies market to ciation holds program on marketing in 37 W. 44th St. Fee: $50 members, $100 Sandler Training holds program on NOVEMBER 12 multicultural audiences. 8 a.m. to 2009. 6 p.m. to 8 p.m., 116 E. 27th St., nonmembers. Preregistration required. secrets of top sales producers. 9 a.m. to B’nai B’rith Real Estate Unit holds 10 a.m., 116 E. 27th St., sixth floor. Fee: sixth floor. Fee: $35 members, $55 (212) 751-4691 or [email protected]. 11 a.m., Hippodrome Building, 1120 lunch with H. Dale Hemmerdinger, $35 members, $55 nonmembers. nonmembers. (212) 687-3280, ext. 222, NOVEMBER 4 Sixth Ave., fourth floor. Free. chairman of the Metropolitan (212) 687-3280, ext. 222, or or [email protected]. Association of Real Estate Women and (888) 330-6452 or Transportation Authority. 12 p.m. to [email protected]. NOVEMBER 19 Metro New York Chapter of the Ap- [email protected]. 2 p.m., Cornell Club, 6 E 44th St., Ivy NOVEMBER 13 New York Society of Security Analysts praisal Institute hold lunch on NOVEMBER 11 Room. Fee: $60 in advance, $70 at the Citi Smith Barney holds forum on holds seminar on equity options residential, retail and hospitality Holtz Rubenstein Reminick holds door. (212) 885-7239 or public policy, diversity and immigration markets. 6 p.m. to 8:30 p.m., 1177 Sixth properties. 11:30 a.m. to 2 p.m., Club seminar on cutting costs for real estate [email protected]. in America. 8 a.m. to 2 p.m., 31 W. 52nd Ave., second floor. Fee: $75 members, 101, 101 Park Avenue, main floor. Fee: organizations. 8:30 a.m. to 10 a.m., NOVEMBER 12, 19 St., 23rd floor. Fee: $35 members, $55 $115 nonmembers. (212) 541-4530. Free for members, $120 nonmembers. Friars Club, 57 E. 55th St. Free. Business Networking International nonmembers by Oct. 31; $55 members, NOVEMBER 19 (212) 599-6181, [email protected] or (212) 697-6900 or [email protected]. holds networking reception. 7 a.m. to $85 nonmembers after. Preregistration Association for Strategic Planning holds [email protected]. NOVEMBER 11, 18, 25 8:30 a.m., Carr Business Systems, required. (212) 252-1100 or lecture on how to be a corporate heretic. NOVEMBER 5 Brooklyn Cooperative Federal Credit 112 W. 34th St., room 695. Free. [email protected]. 6:30 p.m. to 8:45 p.m., New York New York Software Industry Association Union holds seminar on the (212) 691-2323, ext. 229. Institute of Technology, 16 W. 61st St., holds seminar on sales and marketing. 8 fundamentals of starting a small NOVEMBER 12 NOVEMBER 17-NOVEMBER 23 11th floor. Fee: $35. Preregistration a.m. to 10 a.m., Cresa Partners, 100 Park business. 6:30 p.m. to 8:30 p.m., New York American Marketing NOVEMBER 19 required. (212) 261-1676. Ave., 24th floor. Free. Preregistration Bedford-Stuyvesant Restoration Plaza, Association holds program on how New York American Marketing Asso- —maia blume required. (212) 228-7468. NOVEMBER 5 Networking for Professionals holds networking reception. 6 p.m. to 8 p.m., Barna, 365 Park Ave. South. Fee: $10 members, $15 nonmembers, $20 at the door for all. (212) 227-6556 or [email protected]. My banker asked if I’d like to NOVEMBER 5 Workshop in Business Opportunities holds legal clinic. 6 p.m. to 8 p.m., 55 Exchange Place, fifth floor. Free. come to the bank less often. (212) 684-0854, ext. 0538, or [email protected]. NOVEMBER 5 Tracey Picon Communications holds This relationship is unique. seminar on how to get your business noticed. 6 p.m. to 8 p.m., TRS Inc. Professional Suites, 44 E. 32nd St., 11th floor. Free. (866) 898-7168. NOVEMBER 5 Sterling National Bank holds continuing legal education breakfast seminar. 8 a.m. to 10 a.m., 650 Fifth Ave., fourth floor. Free. Preregistration required. (212) 575-3404 or [email protected]. NOVEMBER 5 New York Public Library holds lecture on strategies to achieve financial success. 5:30 p.m. to 7 p.m., Science, Industry and Business Library, 188 Madison Ave., room 018. Free. (212) 592-7000. NOVEMBER 5 Five O’Clock Club holds seminar on getting the most out of your contacts. 6:30 p.m. to 8:30 p.m., 11 Penn Plaza, fifth floor. Fee: $50. (914) 788-5482 or [email protected]. NOVEMBER 6 Foundation for Accounting Education holds restaurant and hospitality breakfast Dr. Beth Miller conference. 8 a.m. to 5 p.m., 3 Park Ave., 19th floor. Fee: $100 members, $125 pediatric group practice nonmembers. (800) 537-3635. New York, NY NOVEMBER 6 State Bank of Long Island holds seminar on green tax credits.Two CPE credits. 8:30 a.m. to 10:15 a.m., 21-31 46th Ave., Queens. Free. (516) 495-5102 or [email protected]. NOVEMBER 6 Institute for Not-for-Profit Management at Columbia Business School Executive Education holds information session on nonprofit management. 5:30 p.m. to 7 p.m., Open a new account by November 21, 2008, to save up to Warren Hall, West 115th Street and 1 Amsterdam Avenue. Free. $500 with FREE installation of Remote Deposit Capture. Preregistration required. (212) 854-6018 or [email protected]. Ready to start depositing checks from your offi ce instead of at the bank? With NOVEMBER 6 Remote Deposit Capture from HSBC Business Banking, you’ll receive a scanner SCORE NYC holds seminar on small that lets you make deposits straight from your computer. Which means no more retail businesses. 10:15 a.m. to 1 p.m., Science, Industry and Business Library, letting checks pile up, and no more spending time at, ahem, the bank making 188 Madison Ave., lower level. Fee: $45 deposits. Don’t worry, we’ll still be close. Speak to a relationship manager today in advance; $55 at the door. (212) 264-4507 or [email protected]. about how we can tailor our solutions to support your success. Visit a local branch, call 1 866 427-2060 or go to us.hsbc.com/remotedeposit. NOVEMBER 10-NOVEMBER 16 NOVEMBER 10, 20 Federation of Employment and Guidance Services holds seminar on going back to business in unpredictable 1 Applies to new-to-bank HSBC business checking account customers who open an ExtraVantage Checking for Business or BusinessSmart for Professionals times. 5:30 p.m. to 7:30 p.m., UJA checking account by November 21, 2008, and is limited to single feed service only. Remote Deposit Capture service must be implemented at the customer Federation-New York, 130 E. 29th St., site within 90 days of the checking account opening date to be eligible. Limit one installation fee waiver per customer. seventh floor. Free. Preregistration In the United States, banking products are offered by HSBC Bank USA, N.A. or HSBC National Bank USA. Both banks are Member FDIC. required. (212) 366-9533. ©2008 HSBC Bank USA, N.A.
October 27, 2008 | Crain’s New York Business | 33 Project1 10/23/08 2:14 PM Page 1
smallbiz_story.eps 10/21/08 6:08:11 PM
Tell Us Your SMALL BUSINESS STORY
Is your small business a success? Here’s your chance to tell the editors of Crain’s New York Business.
Small Business is our business, that’s why Crain’s is giving readers the opportunity to DATE tell our editors their small business success stories. At the 2008 New York Xpo for Nov 19, 2008 Business, the largest business to business trade show in the New York area, Crain’s will LOCATION give you the opportunity to tell us about your company—in person, live on video. Share New York Xpo for Business your success, your inspiration, and maybe have your company profiled by Crain’s. Join River Pavillion, Jacob Javits Center us at Crain’s 13th Annual Small Business Awards Breakfast, the kick-off event of the TIME 2008 New York Xpo for Business. 7:30-8:00am...... Registration 8:00- 9:00am ...... Program Every year, Crain’s profiles and names 6 small businesses who are excelling in this COST competitive market. Come listen to the success stories of the 2008 winners and tell us $70 for individual tickets your story. Crain’s will be bringing a video booth so that small business $700 for tables of ten owners can record video clips, telling Crain’s about their small businesses.
TO REGISTER Go to crainsnewyork.com/sbevent Your ticket to the Small Business Awards event guarantees you a priority spot at the video booth. Reserve your ticket today.
PRESENTED BY: SPONSORED BY:
The 2008 NY Xpo for Business- Learn and network with 15,000 business people at New York’s largest business to business showcase. This New York sized business to business event is returning for its 3rd year with even more booths, education and networking opportunities. For more information about the show and full’s day’s events go to www.eventmanagement.org CNYB 10-27-08 A 35 10/23/2008 9:00 PM Page 1
NEIGHBORHOOD JOURNAL
mosque serves has swelled to more B’klyn area hits bull’s-eye with Target than 2,000 families in Brooklyn, Queens and the Bronx. The congregation has drawn area’s commercial rebirth. Mr. dwindling of conservative and re- from the large Caribbean and East Store brings more Clarke notes that one national chain form synagogues in recent years. African populations in nearby Ja- traffic to mall, spurs has already backed away from a deal Temple Israel’s congregation had maica, as well as its traditionally in the College Theater space. dropped to just 200 members. The South Asian base in Queens. retail development He insists that area property new mosque gives Imam Inalm “One of the wonderful things near college owners will weather the crisis be- Kauser the space he needs for his about Queens is that people from cause they’ve been around for a growing flock. different countries come here, and target, which opened while. “Our community is very special even if they’re from groups that in April at the junction “They’re not as debt-burdened,” and has prospered,”he says,explain- don’t get along in their own country, of Flatbush and Nos- Mr. Clarke says. “Once the credit ing his congregation’s move from its they get along in Queens,” says City trand avenues in IMPACT: Target is changing the junction. markets are loosened, we’ll get back original mosque, just two blocks Councilman David Weprin, who Brooklyn, is already on track.” away. At 5,000 square feet, the old grew up in Jamaica Estates and now Ahaving a dramatic impact on the —matthew sollars space was plenty big enough when it represents the area. His backyard is surrounding area.The new store has other stores in the new Triangle opened back in 1984, when the Ah- adjacent to the Ahmadiyya’s first inspired a burst of commercial ex- Junction mall surrounding the Tar- madiyya Muslim community con- mosque.“They’ve always been good pansion as developers seek to cash in get, including Circuit City and Queens temple sisted of just a few dozen families. neighbors,” he adds. on retail commercial rents that have David’s Bridal. A 500-car parking converts to mosque But since then, through both immi- The Ahmadiyya community doubled in the past year. garage is also a big plus. The whole gration and conversions, the Ah- paid $6.5 million for its new home. James Clarke, a vice president at complex, which has 300,000 square the queens neighborhood of madiyya community that the The Jewish congregation, mean- Fillmore Real Estate, says his client feet of retail, is just steps from Holliswood gained a Muslim while, has merged who owns the former College The- Brooklyn College and a busy subway mosque and lost a Jewish temple with nearby Temple ater across the street from the hub. early this month in a rare ceremony. Emanuel of New 225,000-square-foot Target is asking “The whole idea is to make the Temple Israel of Jamaica, a Hyde Park. The tim- for $100 per square foot for ground- junction a destination, and we 22,000-square-foot house of wor- ing worked out per- floor retail space—up from $50 to haven’t seen any evidence that the ship on the corner of McLaughlin fectly. The switch $60 per square foot previously. mall is hurting existing businesses,” Avenue and 188th Street, became came just after the “The Target has brought in a new Mr. Berk says. “If anything, it’s the Bait-Uz-Zafar Mosque in a cer- Jewish New Year at level of retail shopping that just bringing added traffic to the area, emony attended by rabbis, imams, the end of Septem- wasn’t there before,”says Mr.Clarke. but that’s just anecdotal at this Hindu priests, Buddhist monks, ber,and just in time to Alvin Berk,the chair of Commu- time.” Baptist ministers and Sikhs. The ANSWERED PRAYER: The Bait-Uz- celebrate the conclu- nity Board 14, says the Target has Mr. Berk also cautions that it re- conversion symbolizes a changing Zafar Mosque serves a growing flock sion of Ramadan. encouraged development through- mains to be seen what impact the fi- neighborhood. The traditionally inin Holliswood,Holliswood, Queens.Queens. —hilary out the area. He also points to the nancial downturn will have on the Jewish area of Queens has seen a potkewitz
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October 27, 2008 | Crain’s New York Business | 35 nb43p36-37cls.qxp 10/23/08 3:22 PM Page 36
REAL ESTATE PUBLIC & LEGAL NOTICES
AUCTION REQUEST FOR PROPOSALS NOTICE OF FORMATION of LORENCMD, SUN GARDEN RESEARCH & DEVELOP- LLC. Arts. Of Org. filed with Secy. Of State MENT LLC, a domestic Limited Liability of N.Y. (SSNY) on 5/29/08. Office location: Company (LLC) filed with the Sec of State New York County. SSNY designated as of NY on 9-10-08. NY Office location: New agent of LLC upon whom process against York County. SSNY is designated as it may be served. SSNY shall mail process agent upon whom process against the to: National Registered Agents, Inc. LLC may be served. SSNY shall mail a Principal business location: 983 Park Ave, copy of any process against the LLC NY, NY 10028. Purpose: any lawful activity. served upon him/her to The LLC, 594 Broadway, Ste. 1002A, NY, NY 10012. NOTICE OF FORMATION OF DANZ EMER- General Purposes. GENCEE. DanzEmergencee. Arts of Org filed with the SSNY on 4/21/2008. SSNY Notice of Qualification of BlackRock www.crainsnewyork.com designated as an agent of LLC upon Global Horizons I L.P. Authority filed with whom process against the LLC may be NY Dept. of State on 10/20/06. Office served. SSNY shall mail a copy of process location: NY County. LP formed in DE on to PO Box 45. New York, NY 10101. 5/11/93. NY Sec. of State designated as TELEPHONE EQUIPMENT Purpose: any lawful purpose agent of LP upon whom process against it may be served and shall mail process to WILL BUY ALL Notice of Qualification of Visium Equity the principal business address: 40 E. OFFICE TELEPHONE EQUIPMENT Global Fund, LP, App. for Auth. filed Sec’y 52nd St., NY, NY 10022. DE addr. of LP: Please Call: 212-Richard. of State (SSNY) 9/8/08. Office location: NY c/o The Corporation Trust Co., 1209 Please Call: 212-742-4273 County. LP org. in DE 9/3/08. SSNY desig- Orange St., Wilmington, DE 19801. nated as agent of LP upon whom process Name/addr. of genl. ptr. available from NY against it may be served. SSNY shall mail Sec. of State. Cert. of LP filed with DE copy of process to Attn: Dr. Jacob Gottlieb, Sec. of State, P.O. Box 898, Dover, DE PUBLIC & LEGAL 950 Third Ave., 30th Fl., NY, NY 10022. DE 19903. Purpose: any lawful activity. NOTICES office addr.: c/o CSC, 2711 Centerville Rd., Wilmington, DE 19808. Cert. of LP on file: Notice of Formation of Faria & Associates Fine Art LLC. Arts. of Org. filed with NY Notice of Qualification of VA Associates, SSDE, Townsend Bldg., Dover, DE 19901. Dept. of State on 9/19/08. Office location: LLC. Auth. filed with NY Dept. of State: Name/addr. of each gen. ptr. avail. at SSNY. NY County. Sec. of State designated as 8/22/08. Office loc.: NY County. LLC Purpose: any lawful activities. agent of LLC upon whom process against formed in NV: 6/2/04. NY Sec. of State it may be served and shall mail process to: designated agent of LLC upon whom TREND POT NY, LLC, a domestic Limited 1220 N. Market St., Ste. 850, Wilmington, process against it may be served and Liability Company (LLC) filed with the Sec DE 19801. Purpose: any lawful activity. shall mail process to: c/o CT Corporation of State of NY on 6-12-08. NY Office loca- System, 111 8th Ave., NY, NY 10011, regd. Notice of Qualification of Fortuna Notice of Formation of Dawson Sachs tion: New York County. SSNY is designated agt. upon whom process may be served. as agent upon whom process against the Notice of Formation of 11 Rector Street, Insurance Services, LLC. Authority filed Development LLC. Arts. of Org. filed with LLC. Arts. of Org. filed with Secy. of State Principal office addr.: 8775 Cloudleap Ct., with Secy. of State of NY (SSNY) on Secy. of State of N.Y. (SSNY) on 6/19/08. LLC may be served. SSNY shall mail a Ste P54, Columbia, MD 21045. Arts. of copy of any process against the LLC served of N.Y. (SSNY) on 7/24/08. Office loca- 9/216/08. Office location: NY County. Office location: NY County. SSNY desig- tion: NY County. SSNY designated as Org. filed Sec. of State, Carson City, NV LLC formed in Kentucky (KY) on 7/26/05. nated as agent of LLC upon whom upon him/her to The LLC, 30 W. 26th St., 89701. Purpose: any lawful act. 10th Fl., NY, NY 10010. General Purposes. agent of LLC upon whom process against SSNY designated as agent of LLC upon process against it may be served. SSNY it may be served. SSNY shall mail process whom process against it may be served. shall mail process to: The LLC, 111 Great Notice of Qualification of Siemens Notice of Qualification of D. E. Shaw Real to: The LLC, 11 Rector St., NY, NY 10006. SSNY shall mail process to: c/o National Neck Road, Great Neck, NY 11021. Purpose: any lawful activity. Electronics Assembly Systems, LLC. Registered Agents, Inc., 875 Avenue of Purpose: any lawful activity. Estate Holdings 4-A, L.L.C. Authority filed Authority filed with NY Dept. of State on the Americas, Ste. 501, NY, NY 10001. with NY Dept. of State on 6/23/08. Office 9/30/08. Office location: NY County. Address of the principal office: 120 North location: NY County. LLC formed in DE on Notice of Formation of NATROB, LLC. Principal business addr.: 170 Wood Ave. BRANDON INTERNATIONAL ADVISORS 3/27/07. NY Sec. of State designated as Arts. of Org. filed with Secy. of State of Mill St., Lexington, KY 40507. Arts. of LLC, a domestic Limited Liability Company So., Iselin, NJ 08830. LLC formed in DE Org. filed with KY Secy. Of State, 700 agent of LLC upon whom process against it NY (SSNY) on 10/2/08. Office location: on 7/30/08. NY Sec. of State designated (LLC) filed with the Sec of State of NY on may be served and shall mail process to: D. New York County. SSNY designated as Capital Ave., #152, Frankfurt, KY 40601. 6-22-07. NY Office location: New York as agent of LLC upon whom process Purpose: any lawful activities. E. Shaw & Co., L.P., 120 W. 45th St., 39th agent of LLC upon whom process against against it may be served and shall mail County. SSNY is designated as agent Fl., Tower 45, NY, NY 10036, Attn: John it may be served. SSNY shall mail process process to: CT Corporation System, 111 upon whom process against the LLC may to the LLC, 65 W. 36th St., 9th Fl., NY, NY Notice of Qualification of Focus Products Liftin, General Counsel, registered agent 8th Ave., NY, NY 10011, regd. agt. upon be served. SSNY shall mail a copy of any 10018. Purpose: Any lawful activity. Group, LLC. Authority filed with Secy. of upon whom process may be served. DE whom process may be served. DE addr. of process against the LLC served upon addr. of LLC: 1209 Orange St., Wilmington, State of NY (SSNY) on 9/18/08. Office him/her to The LLC, 227 E. 66th St., Apt. LLC: 1209 Orange St., Wilmington, DE DE 19801. Arts. of Org. filed with DE Sec. Notice of Formation of Twentywest 19801. Arts. of Org. filed with DE Sec. of location: NY County. LLC formed in 2C, NY, NY 10021. General purposes. Illinois (IL) on 7/26/01. SSNY designated of State, 401 Federal St., Dover, DE 19901. Properties, LLC, Art. of Org. filed Sec’y of State, 401 Federal St., Dover, DE 19901. Purpose: any lawful activity. State (SSNY) 7/15/08. Office location: NY Purpose: any lawful activity. as agent of LLC upon whom process against it may be served. SSNY shall mail Notice of Formation of STAR QUALITY County. SSNY designated as agent of LLC process to: c/o National Registered GENERAL CONTRACTING LLC. Arts. of Notice of Formation of The Film Cube LLC. upon whom process against it may be Notice of Qualification of Paramount Labor Agents, Inc., 875 Avenue of the Americas, Org. filed with Secy. of State of NY Arts. of Org. filed with Secy. of State of NY served. SSNY shall mail copy of process Leasing Eastern, L.L.C. Authority filed with Ste. 501, NY, NY 10001. Principal office: (SSNY) on 10/08/08. Office location: New (SSNY) on 8/20/08. Office location: NY to Reinhardt LLP, 44 Wall St., 10th Fl., NY, Secy. of State of NY (SSNY) on 9/25/08. 35 Peppermint Rd., NY 11725. Address to York County. Principal office of LLC: c/o County. SSNY designated as agent of LLC NY 10005. Purpose: any lawful activities. Office location: NY County. LLC formed in be maintained in IL: 120 Lakeview Corporation Service Co., 80 State St., upon whom process against it may be served. Ohio (OH) on 8/4/08. SSNY designated as Parkway, Vernon Hills, IL 60061. Arts. of Albany, NY 12207. SSNY designated as SSNY shall mail process to: Christopher Notice of Formation of GREENPORT agent of LLC upon whom process against Org. filed with IL Secy. Of State, 501 S. agent of LLC upon whom process against Sewall, 5619 Oak Place, Bethesda, MD DEVELOPER, LLC. Arts. of Org. filed it may be served. SSNY shall mail process Second St., Rm. 351, Springfield, IL it may be served. SSNY shall mail process 20817. Purpose: any lawful activity. with Secy. of State of NY (SSNY) on to: c/o CT Corporation System, 111 8th 62756. Purpose: any lawful activities. to the LLC at the address of its principal 09/16/08. Office location: New York Ave., NY, NY 10011, registered agent upon office. Purpose: Any lawful activity. Notice of Qualification of WILLIAMS County. Principal office of LLC: 60 whom process may be served. OH Columbus Circle, NY, NY 10023. SSNY address/principal bus. loc. of LLC: 600 Notice of Formation of Walton Building U.S.A. REALTY SERVICES, LLC. Authority Associates, LLC. Arts. of Org. filed with Notice of formation of a Limited Liability filed with Secy. of State of NY (SSNY) on designated as agent of LLC upon whom Gillam Rd., Wilmington, OH 45177. Cert. process against it may be served. SSNY of Org. filed with OH Secy. of State, 30 NY Dept. of State on 7/1/08. Office loca- Company (LLC): Name: KONTAIN LLC, 9/22/08. Fictitious name in NY State: tion: NY County. Principal business addr.: Articles of Organization filed with the WILLIAMS USARS, LLC. Office location: shall mail process to c/o Corporation East Broad St., 14th Fl., Columbus, OH Service Co., 80 State St., Albany, NY 43266. Purpose: all lawful purposes. 104 W. 70th St., NY, NY 10023. Sec. of Secretary of State of New York (SSNY) on NY County. LLC formed in Delaware (DE) State designated as agent of LLC upon 09/30/08. Office location: New York on 8/21/08. SSNY designated as agent of 12207. Purpose: Any lawful activity. County. SSNY has been designated as Notice of Formation of E-Brokerage LLC. whom process against it may be served LLC upon whom process against it may agent of the LLC upon whom process Arts of Org. filed with Secy. Of State of NY and shall mail process to: Steven Ebert, be served. SSNY shall mail process to: Notice of Formation of Clearwater against it may be served. SSNY shall mail (SSNY) on 11/30/01 Office Location: New Esq., Ebert & Associates, LLC, 350 5th 380 Madison Ave., NY, NY 10017. DE Construction Consulting LLC. Arts. of Org. a copy of process to: C/O KONTAIN LLC, York County. SSNY designated as agent of Ave., Ste., 4011, NY, NY 10118, regd. agt. address of LLC: c/o United Corporate filed with Secy. Of State of N.Y. (SSNY) on Attention: Legal, 80 Franklin Street #1, LLC upon whom process against it may upon whom process may be served. Services, Inc., 874 Walker Road, Ste. C, 8/07/08.Office location: New York County. New York, NY 10013. Purpose: Any be served. SSNY shall mail process to Purpose: any lawful activity. Dover, DE 19904. Arts. of Org. filed with SSNY designated as agent of LLC upon Lawful Purpose. Latest date upon which principal business location: 29 Broadway, DE Secy. of State, Townsend Bldg., Dover, whom process against it may be LLC is to dissolve: No specific date.” Suite 1510, NY, NY 10006. Purpose: Any Notice of Qualification of FASHIONOLOGY DE 19901. Purpose: to engage in the real served.SSNY shall mail process to princi- lawful business activity. GROUP, LLC. Authority filed with Secy. of estate management business. pal business location:1202 Lexington State of NY (SSNY) on 09/05/08. Office Notice of Qualification of New Mountain Ave., Suite 102, NY, NY 10028. Purpose: Notice of Qualification of 80 WEP-107 location: New York County. LLC formed in Vantage (California) II, L.P. Authority filed Notice of Qualification of 125 URBAN JV Any lawful activity. 1078927 w.o LLC. Authority filed with Secy. of State of Delaware (DE) on 02/27/08. Principal with NY Dept. of State on 9/15/08. Office PARTNERS LLC. Authority filed with Secy. NY (SSNY) on 08/19/08. Office location: office of LLC: c/o CJ Apparel Group, LLC, location: NY County. LP formed in DE on of State of N.Y. (SSNY) on 2/19/08. Office New York County. LLC formed in Delaware 1411 Broadway, NY, NY 10018. LLC 8/26/08. NY Sec. of State designated as location: NY County. LLC formed in (DE) on 07/30/08. SSNY designated as agrees to use fictitious name of FASH- agent of LP upon whom process against it Delaware (DE) on 11/30/06. SSNY desig- agent of LLC upon whom process against IONOLOGY GROUP (FG), LLC while con- may be served and shall mail process to nated as agent of LLC upon whom process To place it may be served. SSNY shall mail process ducting business in NY. SSNY designated the principal business addr. of the LP: 787 against it may be served. SSNY shall mail to Meister Seelig & Fein, LLP, c/o Matthew as agent of LLC upon whom process Seventh Ave., 49th Fl., NY, NY 10019. DE process to: c/o Thor Equities, LLC, 25 W. your classified ad E. Kasindorf, Esq., 2 Grand Central Tower, against it may be served. SSNY shall mail addr. of LP: c/o The Corporation Trust Co., 39th St., NY, NY 10018. DE address of 140 E. 45th St., 19th Fl., NY, NY 10017. process to c/o Corporation Service Co., 1209 Orange St., Wilmington, DE 19801. LLC: c/o National Registered Agents, Inc., call John Gallagher Arts. of Org. filed with Secy. of State of 80 State St., Albany, NY 12207. Arts. of Name/addr. of genl. ptr. available from NY 160 Greentree Drive, Ste. 101, Dover, DE the State of DE, Div. of Corporations, 401 Org. filed with DE Secy. of State, Div. of Sec. of State. Cert. of LP filed with DE Sec. 19904. Arts. of Org. filed with DE Secy. of Federal St., Ste. 4, Dover, DE 19901. Corporations, PO Box 898, Dover, DE of State, Federal & Duke of York Sts., Dover, State, 401 Federal St., Ste. 4, Dover, DE @ 212-210-0189 Purpose: Any lawful activity. 19903. Purpose: Any lawful activity. DE 19901. Purpose: any lawful activity. 19901. Purpose: any lawful activity.
36 | Crain’s New York Business | October 27, 2008 nb43p36-37cls.qxp 10/23/08 3:22 PM Page 37
PUBLIC & LEGAL NOTICES
Notice of formation of Healthy Inner THE FUTURES GROUP IT LLC, a domes- NOTICE OF FORMATION OF INTROPATH Notice of Formation of a Limited Liability Notice of Qualification of Manikay Onshore Beauty, LLC a limited liability company. tic Limited Liability Company (LLC) filed LLC. Article of Organization filed with the Company (LLC): Name: HARLEM TORCH Fund, LP, App. for Auth. filed Sec’y of State Articles of Organization filed with the with the Sec of State of NY on 2-5-08. NY Secretary of State of NY (SSNY) on MAGAZINE, LLC Articles of Organization (SSNY) 7/22/08. Office location: NY County. Secretary of State of New York SSNY on Office location: New York County. SSNY 07/11/2008. Office location NEW YORK filed with the Secretary of State of New LP org. in DE 7/18/08. SSNY designated as July 15, 2008. Office located in New York is designated as agent upon whom County. SSNY has been designated as York (SSNY) on 5/01/08. Office location: agent of LP upon whom process against it County. SSNY has been designated for process against the LLC may be served. agent upon whom process against it may New York County. SSNY has been desig- may be served. SSNY shall mail copy of service of process. SSNY shall mail copy SSNY shall mail a copy of any process be served. The Post Office address to nated as agent of the LLC upon whom process to 375 Park Ave., Ste. 2701, NY, NY of any process served against the LLC to against the LLC served upon him/her to which the SSNY shall mail a copy of any process againt it may be served. SSNY 10152. DE office addr.: c/o CSC, 2711 Healthy Inner Beauty, LLC 1325 fifth The LLC, 11679 Sunrise View Ln., process against the LLC served upon shall mail a copy of process to: C/O Centerville Rd., Wilmington, DE 19808. Cert. Avenue, suite 6H, New York, NY 10029. Wellington, FL 33647. General purposes. him/her is C/O the LLC 244 fifth Ave, HARLEM TORCH MAGAZINE, LLC, 1980 of LP on file: SSDE, Townsend Bldg., Dover, Purpose: any lawful purpose. Suite# D207. New York, NY 10001. Madison Avenue, New York, NY 10035. DE 19901. Name/addr. of each gen. ptr. Notice of Qualification of COASTAL PRO- Purpose of LLC: to engage in a any lawful Purpose: Any Lawful Purpose. avail. at SSNY. Purpose: any lawful activities. NOTICE OF FORMATION of Gravity Seven, TECTIVE SERVICES, LLC. Authority filed act or activity. Street address of Principal LLC. Article of Organization filed with with Secy. of State of NY (SSNY) on Business location is:244 Fifth Ave. Suite# Notice of Qualification of J.C. Flowers III Notice of Formation of Sale Proceeds the Secretary of State of NY (SSNY) on 8/26/08. Office location: New York County. D207. New York, NY 10001 L.P. Authority filed with NY Dept. of State LLC, Art. of Org. filed Sec’y of State 05/29/08. Office location: NY County. LLC formed in Delaware (DE) on 12/16/02. on 9/10/08. Office location: NY County. (SSNY) 8/12/08. Office location: NY SSNY has been designated as agent Principal office of LLC: 1 E. 57th St., NY, Notice of Qualification of Wriston Capital Principal business addr.: 717 5th Ave., NY, County. SSNY designated as agent of upon whom process against it may be NY 10022. SSNY designated as agent of Management, LP. Authority filed with NY 10022. LP formed in Cayman Islands LLC upon whom process against it may served. The Post Office address to which LLC upon whom process against it may be Secy. of State of NY (SSNY) on 9/3/2008. (CI) on 1/24/08. NY Sec. of State desig- be served. SSNY shall mail copy of the SSNY shall mail a copy of any served. SSNY shall mail process to the Office location: New York County. LP nated as agent of LP upon whom process process to c/o Nat. Reg. Agents, 875 process against the LLC served upon LLC at the address of its principal office. formed in Delaware (DE) on 8/28/2008. against it may be served and shall mail Ave of the Americas, NY, NY 10001, the him is C/O the LLC 149 E 23rd St.. N.Y., Addr. in jurisdiction of formation: c/o Principal office of LP: 230 Park Ave., 15th process to: c/o CT Corporation System, Reg. Agt. upon whom proc. may be N.Y., 10010. Purpose of LLC: to engage National Corporate Research, Ltd., 615 S. Fl. , NY, NY 10169. SSNY designated as 111 8th Ave., NY, NY 10011, regd. agt. served. Purpose: any lawful activities. in any lawful act or activity. Street Dupont Hwy., Dover, Kent County, DE agent of LP upon whom process against it upon whom process may be served. CI address of Principal Business location is: 19901. Arts. of Org. filed with Secy. of may be served. SSNY shall mail process addr. of LP: c/o Walker SPV Ltd., Walker Notice of Qualification of New Dimension 35 E. 21st Street, New York, NY 10010. State of the State of DE, Div. of to the LP, Attn: Stephen Brown at the House, 87 Mary St., George Town, Grand Human Capital Solutions, L.L.C. Authority Corporations, PO Box 898, Dover, DE principal office of the LP. Arts. of Org. Cayman, KY1-9002, CI. Name/addr. of filed with Secy. of State of NY (SSNY) on Notice of Formation of Global Care LLC. 19903. Purpose: Any lawful activity. filed with Secy. of State of DE, 401 genl. ptr. available from NY Sec. of State. 9/25/08. Office location: NY County. LLC Arts of Org filed with the Sec of State of NY Federal St., Ste. 4, Dover, DE 19901. Cert. of LP filed with Asst. Registrar of formed in MI on 8/28/02. SSNY designated (SSNY) on 08/06/08. Office Location: NY Notice of Formation of New York Phone Purpose: Any lawful activity. Exempted LPs, Citrus Grove Bldg., Goring as agent of LLC upon whom process County. SSNY designated as agent of upon Card LLC, Art. of Org. filed Sec’y of State Ave., George Town, Grand Cayman, CI. against it may be served. SSNY shall mail whom process against LLC may be served. (SSNY) 7/9/08. Office location: NY County. NOTICE OF FORMATION OF LIMITED LIA- Purpose: any lawful activity. process to: c/o National Registered Agents, SSNY shall mail process to: Joseph F. Lisa, SSNY designated as agent of LLC upon BILITY COMPANY. NAME: SERGIO MAN- BEDROCK CAPITAL GROUP, LLC, a domes- Inc., 875 Ave. of the Americas, Ste. 501, NY, 230 Park Avenue, NY, NY 10169-0005. whom process against it may be served. NINO LLC. Articles of Organization were tic Limited Liability Company (LLC) filed NY 10001. MI address of LLC: 625 E Big filed with the Secretary of State of New Beaver, Ste. 200, Troy, MI 48083. Arts. of Purpose: Any lawful purpose. SSNY shall mail copy of process to 37-13 with the Sec of State of NY on 8-11-08. NY York (SSNY) on 01/09/08. Office location: Org. filed with MI Secy. of State, Corp. Div., 74th St., Store #4, Jackson Heights, NY Office location: New York County. SSNY is 11372. Purpose: any lawful activities. New York County. SSNY has been desig- 7150 Harris Dr., PO Box 30054, Lansing, MI Notice of Formation of Cooper Square designated as agent upon whom process nated as agent of the LLC upon whom 48909. Purpose: any lawful activity. Contractors, LLC. Arts. of Org. filed with against the LLC may be served. SSNY shall Secy. of State of NY (SSNY) on 8/29/08. Name of For. LP: TOWERBROOK process against it may be served. SSNY INVESTORS III (PARALLEL), L.P. Appl. for shall mail a copy of process to the LLC, mail a copy of any process against the LLC Office location: NY County. SSNY desig- served upon him/her to The LLC, Attn: Notice of Formation of NEMO16, LLC. nated as agent of LLC upon whom Auth. filed with Sec. of State of NY: c/o Filippo Cinotti, 50 Broad Street, Suite Arts. of Org. filed with Secy. of State of 9/11/08. Jurisd. and date of org.: Alberta 1911, New York, New York 10004. Richard T. Cohen, 2 Fifth Ave., Ste. 17E NY, process against it may be served. SSNY NY 10011. General Purposes. NY (SSNY) on 02/02/06. Office location: shall mail process to: c/o Eric H. Seltzer, 3/17/08. Principal bus loc.: 430 Park Purpose: For any lawful purpose. New York County. Principal office of LLC: Avenue, 6th Floor, New York, NY 10022. Gilbride, Tues, Last & Spellane LLC, 708 Notice of Qualification of 1556-1560 39 W. 38th St., #6W, NY, NY 10018. The Third Ave., 26th Fl., NY, NY 10017. NY State office loc.: New York Cty. Sec. of Notice of Formation of HAIR FOR YOUR latest date on which the LLC may dissolve State designated as agent upon whom Flatbush Ave. LLC, App. for Auth. filed Purpose: any lawful activity. FUTURE, LLC. Arts. of Org. filed with Secy. Sec’y of State (SSNY) 8/25/08. Office loca- is 12/31/2026. SSNY designated as agent process against it may be served. Sec. of of State of N.Y. (SSNY) on 9/21/07. Office of LLC upon whom process against it may State shall mail copy of process to: 430 tion: NY County. LLC org. in DE 3/13/97. NOTICE OF FORMATION of Coaching For location: NY County. SSNY designated as SSNY designated as agent of LLC upon be served. SSNY shall mail process to Park Avenue, 6th Floor, New York, NY agent of LLC upon whom process against The LLC at the principal office of the LLC. Success, LLC. Arts. of Org. filed with the 10022. Addr. of LP in NY is TowerBrook whom process against it may be served. Secy. of State of N.Y. (SSNY) on 9/16/08. it may be served. SSNY shall mail process SSNY shall mail copy of process to 1556 Purpose: Any lawful activity. Investors GP III (Parallel), L.P., 430 Park to: The LLC, 620 Park Ave., NY, NY 10021. Office location: New York County. SSNY Avenue, 6th Floor, New York, NY 10022. Flatbush Ave., Brooklyn, NY 11210. DE Purpose: any lawful activity. Notice of Formation of RF West 129 LLC. designated as agent of LLC upon whom Name/addr. of GP avail. from Sec. of office addr.: 160 Greentree Dr., Ste. 101, Arts. of Org. filed with Secy. of State of process against it may be served. SSNY State. Authorized office in Alberta where Dover, DE 19904. Cert. of Form. on file: METRO REHABILITATION PARTNERS, N.Y. (SSNY) on 8/15/07. Office location: shall mail process to principal business Cert. of LP is filed is Alberta Registrar of SSDE, Townsend Bldg., Dover, DE 19901. LLC, a domestic Limited Liability NY County. SSNY designated as agent of location: 345 East 73rd St. # 8J, NY, NY Corporations, P.O. Box 1007, Station Purpose: any lawful activities. Company (LLC) filed with the Sec of LLC upon whom process against it may 10021. Purpose Any lawful activity. Main, Edmonton, Alberta, Canada T5J State of NY on 8-6-08. NY Office location: be served. SSNY shall mail process to: 1087791 w.o 4W6. Purpose: any lawful activity. Notice of Qualification of CPS 1 Realty Debt New York County. SSNY is designated as LLC, App. for Auth. filed Sec’y of State Royal Field LLC, 164 W. 128th St., #1C, NY, agent upon whom process against the NY 10027. Purpose: any lawful activity. Notice of Formation of July Ventures, LLC. “Notice is hereby given that a hotel liquor (SSNY) 9/19/08. Office location: NY County. LLC may be served. SSNY shall mail a LLC org. in DE 9/15/08. SSNY designated Arts. of Org. filed with Secy. of State of NY license for beer, wine and liquor has been copy of any process against the LLC (SSNY) on 8/29/08. Office location: NY applied for by the undersigned to permit as agent of LLC upon whom process Notice of Formation of 6408 NEW served upon him/her to The LLC, 4 E. against it may be served. SSNY shall mail UTRECHT AVE LLC, a domestic LLC. Arts. County. SSNY designated as agent of LLC the sale of beer, wine and liquor at retail 84th St., NY, NY 10028. General purposes. upon whom process against it may be rates for on-premises consumption at the copy of process to c/o Nat. Reg. Agents, of Org. filed with the SSNY on 09/11/08. 875 Ave of the Americas, NY, NY 10001, Office location: NY County. SSNY has served. SSNY shall mail process to: c/o Peter Hilton Garden Inn at 63-67 West 35th Notice of Formation of MPFC LLC. Arts. of the Reg. Agt. upon whom proc. may be been designated as agent upon whom L. Herb, Esq., 225 Broadway, Ste. 3504, Street, New York, NY, under the Alcoholic Org. filed with Secy. of State of NY (SSNY) served. DE office addr.: 160 Greentree Dr., process against the LLC may be served. NY, NY 10007. Purpose: any lawful activity. Beverage Control Law. RLJ III-HGN Manhattan Lessee, LLC d/b/a Hilton on 09/17/08. Office location: New York Ste. 101, Dover, DE 19904. Cert. of Form. SSNY shall mail a copy of process to: 37A Garden Inn 35th Street.” County. Principal office of LLC: c/o Milstein on file: SSDE, Townsend Bldg., Dover, DE Orchard Street, NY, NY 10002. Purpose: Notice of Formation of UPPER 90, LLC. Brothers, 6 East 43rd St., NY, NY 10017. 19901. Purpose: any lawful activities. Any Lawful Purpose. Arts. of Org. filed with Secy. of State of SSNY designated as agent of LLC upon Notice of Formation of 550 Watkins Street NY (SSNY) on 09/04/08. Office location: whom process against it may be served. Notice of Qualification of Goldman Sachs Notice of Formation of CROWN FIFTH Managers LLC. Arts. of Org. filed with NY New York County. Principal office of SSNY shall mail process to c/o Corporation Mount Kellett Capital Partners Employee RETAIL LLC. Arts. of Org. filed with Secy. Dept. of State on 9/8/08. Office location: LLC: 310 W. 47, Apt. 6K, NY, NY 10036. Service Co., 80 State St., Albany, NY Funds GP, L.L.C. Authority filed with Secy. of State of N.Y. (SSNY) on 3/14/08. Office NY County. Sec. of State designated as SSNY designated as agent of LLC upon 12207-2543. Purpose: Any lawful activity. of State of NY (SSNY) on 8/25/08. Office location: NY County. SSNY designated as agent of LLC upon whom process against whom process against it may be served. location: NY County. LLC formed in agent of LLC upon whom process against it it may be served and shall mail process to SSNY shall mail process to Wilson Egidio Delaware (DE) on 8/6/08. SSNY designat- may be served. SSNY shall mail process to: the principal business addr.: c/o CPC Notice of Formation of EDITIONS FAW- at the address of the principal office. ed as agent of LLC upon whom process c/o Crown Acquisitions, 362 Fifth Avenue, Resources, Inc., 28 E. 28th St., 9th Fl., NY, BUSH LLC. Arts. of Org. filed with Secy. Purpose: Any lawful activity. against it may be served. SSNY shall mail NY, NY 10001. Purpose: any lawful activity. NY 10016. Purpose: any lawful activity. of State of NY (SSNY) on 09/25/08. Office location: New York County. Principal office process to: 85 Broad St., NY, NY 10004. Notice of Formation of Tisserie 420 WB, Notice of formation of a Limited Liability of LLC: 448 West 19th St., #2G, NY, NY DE address of LLC: 2711 Centerville Notice of Qualification of AMC Wappinger, LLC. Arts. of Org. filed with Secy. of State Company: IMMO JCG LLC, Articles of 10011. SSNY designated as agent of LLC Road, Ste. 400, Wilmington, DE 19808. LLC. Authority filed with NY Dept. of State of NY (SSNY) on 8/14/08. Office location: organization filed with the Secretary of upon whom process against it may be Cert. of Form. filed with DE Secy. of on 9/15/08. Office location: NY County. NY Co. SSNY designated as agent of LLC State of New York (SSNY) on 10/01/08. served. SSNY shall mail process to Peter State,, P.O. Box 898, Dover, DE 19903. Principal business addr.: 3 W. 46th St., upon whom process against it may be Office location: New York County. SSNY R. Stern, Esq., c/o Mclaughlin & Stern, Purpose: any lawful activity. NY, NY 10036. LLC formed in DE on served. SSNY shall mail process to: c/o has been designated as agent of the LLC LLP, 260 Madison Ave., NY, NY 10016. 9/11/08. NY Sec. of State designated as St. Honore, LLC, 857 Broadway, NY, NY upon whom process against it may be Purpose: Any lawful activity. Notice of formation of SIMPLY SPOTLESS, agent of LLC upon whom process against 10003, also registered agent. Purpose: served. SSNY shall mail a copy of process LLC. Arts. of Org. filed with the Secy of it may be served and shall mail process any lawful activities. to: 60 Broad str - ste 3502, New York, NY Notice of Qualification of East 12th Street State of NY (SSNY)on 6/18/08. Office to: c/o CT Corporation System, 111 8th 10004. Purpose: Real Estate. JV LLC, App. for Auth. filed Sec’y of State location: Bronx County. SSNY designat- Ave., NY, NY 10011, regd. agt. upon Notice of Formation of Creative Print (SSNY) 8/7/08. Office location: NY County. ed as agent upon whom process whom process may be served. DE addr. of Technologies, LLC. Certificate of Merger Notice of Formation of MADE-BY-HAND, LLC org. in DE 6/4/08. SSNY designated against it may be served. SSNY shall LLC: 1209 Orange St., Wilmington, DE filed with Secy. of State of NY (SSNY) on LLC. Arts. of Org. filed with Secy. of State as agent of LLC upon whom process mail process to: c/o Sunita Jadusingh, 19801. Arts. of Org. filed with DE Sec. of July 28, 2008. Office location: New York of NY (SSNY) on 09/23/08. Office loca- against it may be served. SSNY shall mail 801 Tilden Street, #3J, Bronx, NY State, 401 Federal St., Dover, DE 19901. County. SSNY designated as agent of LLC tion: New York County. Principal office of copy of process to c/o Nat. Reg. Agents, 10467. Purpose: all lawful activities. Purpose: all lawful purposes. upon whom process against it may be LLC: 227 W. 11th St., #52, NY, NY 10014. 875 Ave of the Americas, NY, NY 10001, served. SSNY shall mail process to SSNY designated as agent of LLC upon the Reg. Agt. upon whom proc. may be Goldstein Rubinton Goldstein & DiFazio, whom process against it may be served. served. DE office addr.: 160 Greentree Dr., PC, 18 West Carver Street, Huntington, SSNY shall mail process to the LLC at the Dover, DE 19904. Cert. of Form. on file: NY, 11743, Attn: Arthur Goldstein, Esq. address of its principal office. Purpose: SSDE, Townsend Bldg., Dover, DE 19901. www.crainsnewyork.com Purpose: any lawful act or activity. Any lawful activity. Purpose: any lawful activities.
October 27, 2008 | Crain’s New York Business | 37 Project3 10/23/08 1:00 PM Page 1 Clear your calendar. Fill your mind.
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BUSINESS CORPORATE LADDER Bowling GM in strike zone PAGE 41 buck ennis
GOTHAM GIGS Intrepid innovator TORRENCE BOONE, 39, is the chief executive of Enfatico, a unit of WPP created to manage its Dell account. He’s now expanding the company “based on the true integration of all media types.” ON A WHIM Growing up, the native of Baltimore wanted to be a professional dancer but studied economics as “a backup plan.” He developed his advertising chops at Bain & Co., Avenue A|Razorfish and as president of Digitas Boston. JET-SETTER Mr. Boone spends LEV KUSHNER, of the about a quarter of his time in city Department of Enfatico’s New York head- Parks & Recreation, has been in Colorado quarters and the rest at its 12 since the beginning offices worldwide. He says of October. that “media fragmentation, technology proliferation and globalization” created the need to “redefine the client-agency relationship.” KEEPING UP Though challeng- ed by the threefold task of serv- ing Dell, building an agency brand from scratch and creating a radically new marketing model, Mr. Boone is making some serious headway. —sarah studley beth schneider EXPERT OPINIONS
BUDGET HALLOWEEN COSTUMES FOR KIDS every year, we see the same movie characters appearing in Voting with their feet children’s Halloween costumes. For something Executives hit the road for their candidates unique, search through popular storybooks, like Dr. Seuss’ and Where the Wild BY MATTHEW SOLLARS Things Are, for inspiration. It’s easy to make your own aura wood just couldn’t pass up the chance to become the deputy costume using a glue gun and voter protection coordinator for Sen. Barack Obama’s campaign in cheap fabric from a big box Pennsylvania. store. Or, use things your child The associate at Patterson Belknap Webb & Tyler asked for a leave already has, like pillow cases or of absence in August, and a week later, she was in Philadelphia. She’s old shirts. Get your child NEW VOTER involved in the decorating. grateful her supervisors were so accommodating, even though she now —risa crandall works until 2 a.m. most nights and her regular salary has been replaced REGISTRATIONS Vice president and publisher by a “teeny tiny” stipend. Colorado 298,000 Parent & Child magazine Ms. Wood started out by monitoring the state’s board of elections to ensure it properly registered thousands of new voters.This week, her New York 625,000 focus shifts to coordinating the campaign’s poll-watching effort statewide. North Carolina 580,000 L“I can’t imagine not doing this, quite frankly,” says Ms. Wood, 34, who volunteered on Bill Pennsylvania 397,000 Clinton’s re-election campaign in 1996 and later worked in his administration. “If I were sitting Wisconsin 187,000 behind my desk in New York, I’d be going crazy, because it’s such an important election.” Sources: Offices of the Secretaries of State Ms. Wood is one of the thousands of New Yorkers who have See EXECUTIVES on Page 40 istockphoto
October 27, 2008 | Crain’s New York Business | 39 CNYB 10-27-08 A 40 10/23/2008 9:15 PM Page 1
BUSINESS LIVES Executives vote with their feet UNIONS MOBILIZE NEW YORK’S UNIONS have been at the Continued from Page 39 Doug Muzzio, a professor of polit- has been organizing the Fort forefront of one of the largest-ever local traveled far and wide this election ical science at Baruch College. Collins canvassing operation to labor mobilizations for a presidential season for both candidates, hoping “But there’s also the fun, excite- identify potential voters. This election. More than 30,000 union to contribute to a victory in the all- ment and engagement of a com- weekend, he, too, will switch gears, members across the state—ranging from important swing states—as New petitive campaign.” making sure all of those voters get electricians to teachers to building-service York is firmly in Mr.Obama’s grasp. Certainly, the phenomenon cuts to the polls on Nov. 4. workers—have been deployed to a dozen Although rank-and-file volunteers Mr.Kushner,who is rooming for battleground states to campaign for Sen. Barack tend to be college students or grad- free with a family, volunteered for Obama. uates just starting their careers, this ‘Doing this gives John Kerry’s campaign in 2004. But “People are scared,” says Bruce Raynor, president of Unite Here. “They once-in-a-lifetime campaign has them potential to he has been struck by the passion for want to have strong leadership in Washington that is willing to address drawn established professionals the current Democratic candidate. problems of working people.” into taking time off, too. Many cite have an impact “I thought I would be the only one Health care giant 1199 SEIU has sent some 2,700 members on extended the historic nature of this election— who could take that much time, but stays or weekend visits to 11 battleground states and expects to send or that it is too important to lose— beyond their vote’ I’m one of seven out-of-state volun- 5,500 members out on Election Day. More than 200 Unite Here members will as reason to sacrifice. teers just in Fort Collins,” he says. head from the city to Pennsylvania on Nov. 4, while Local 32BJ says its “Lots of people feel powerless, Not all New Yorkers trekking to mobilization is five times the size of its 2004 effort. and going out and doing this gives swing states went through Camp Home care worker Vivian Smith took a leave of absence from her job and them the potential to have an im- Obama. Presidential fever con- has been in Pennsylvania the past month, knocking on doors as part of pact beyond their own vote,” says vinced Emmett Wolfe, a 71-year- 1199’s massive Obama effort. “We’ve had people that have changed their across party lines, and Sen. John old freelance corporate trainer, to minds,” she says. “I’m happy with that.” McCain’s supporters have made campaign for the first time in his sacrifices for him as well. But in life. The Obama supporter has —DANIEL MASSEY solidly blue New York, it is no sur- made two canvassing trips to Am- prise that Mr. Obama’s New York bler, Pa., on his own. He plans to go campaign apparatus has had more twice more before Election Day. group called McCain in Manhat- torney, will make the trek to Mil- success drawing volunteers. They Mr. Wolfe says he was drawn to tan, but in this bluest of boroughs waukee for Election Day. Mr. Ed- say they’ve trained more than 1,000 Mr. Obama because the candidate’s they often feel unwelcome. wards will be serving as a poll New Yorkers to send to Pennsylva- approach to energy and the envi- watcher, where his role, not unlike nia and other swing states through ronment is “overdue” and he seems Brotherly love Ms.Wood’s,will be to make sure the their Camp Obama program. The refreshingly forthright. “in manhattan, I get dirty looks election held on Nov. 4 is a fair one. McCain campaign claims to have “Many politicians are just awful and jeers,” says Mr. Hindin. “In “Both sides are full of well-in- an equal number of New York vol- tiresome, but he’s extremely intelli- Philly, I don’t get dirty looks, even tentioned people,” he says. “I’m SUPERIOR OFFICE unteers. gent and well-spoken,” says Mr. from the Obama supporters.” hoping to make sure that McCain AVAILABILITIES Wolfe. They have also organized week- wins, and that he wins honestly.” Struck by passion Mr.McCain’s supporters in New end trips to canvass in Philadel- Mr. Kushner also hopes his can- 212.594.2700 lev kushner, a special-projects York have just as much passion for phia. Perhaps because the cam- didate is victorious, but says his manager with the city Department their candidate. For many of them, paign is lively and more accepted 2008 experience in Fort Collins has of Parks & Recreation, has been in traveling out of state often turns out there,they feel less isolated.But the already been valuable,even if the re- Fort Collins, Colo., since the be- to be a blessing in disguise. goal remains getting McCain elect- sult goes sour. ginning of October, thanks to Chris Jeter, 33, and Matthew ed, not simply validating their own “In New York, you become very SLGREEN.COM Camp Obama. The 32-year-old Hindin, 27, organize events for a beliefs. cynical,but this campaign has made “What’s important is doing me realize once again that I don’t do something to help McCain-Palin nearly enough volunteering,” says and prevent Barack Obama from Mr. Kushner. “It’s like going to the becoming president,” says Mr. gym—you forget how awesome you Equal Opportunity Lender Hindin. feel when you do it.” McCain devotee Chris Ed- wards, a 35-year-old corporate at- COMMENTS? [email protected] At Atlantic Bank... Excellent service comes New baby names with a price. Zero. Zip. Zilch. arrive on top of list You’ve got to be passionate about your craft if you want to provide excellent service. At Atlantic Bank, our dedicated team of professionals is passionate about what they do. That dedication translates to excellent while Michael retained first place service for all our customers...at zero cost. For all your business City’s diversity shows for white families and Ryan was banking needs, visit a branch today. Our combination of service, in most popular most popular for Asian families. convenience, and a complete line of financial products can help Nationwide, the most popular names in 2007 were Jacob and Emi- ensure the ultimate success of your business. picks; hello, Daniel ly, according to the Social Security • Avoid Checking Account Fees • Financing Options†† isabella,sophia and daniel took Administration. The Big Apple’s • EARN Premium Money Market Rates • Telephone Banking top honors as the most popular baby top picks reflect the city’s diversity. • Free Internet Banking* • Plus, much more! names in the city in 2007, dislodg- While whites account for just over ing Ashley, Emily and Michael for 35% of the city’s population, His- • No Application Fees the first time in a decade. panics account for 27%, blacks Isabella and Sophia were tied for 23.5% and Asians nearly 12%. For additional information call: 1.800.535.2269 • www.abny.com first place and Michael—the city’s DOHMH saw a number of new- most popular boy’s name since er arrivals on its list as well,including *For your online security, information provided will be verified by the Bank. Once the verification process is 1956—lost its spot to Daniel in some more uncommon celebrity-in- complete, your Free Online Banking and Bill Payment Account will be activated and ready for your use. No 2007, according to a report released spired names. Charlize and Sienna monthly service charges apply. A separate fee applies for optional services such as Money HQ®. Please talk to a Wednesday by the city’s Department both ranked 84th for girls, followed †† branch representative or ask for our fee schedule for more details. Subject to credit approval. of Health and Mental Hygiene. by Keira (91st) and Scarlett (93rd). Ashley still took first place There were 83 baby girls named Suri among Hispanic families, while in the city last year, thanks to Tom Madison took the top rank for black Cruise and Katie Holmes. families. Sarah was most popular The rarest names in the city— with white families, and Sophia given to fewer than 10 babies last Your partner for success ruled with Asian families. year—were Unique and Miracle for For boys, Jayden (ranked second girls, and Achilles, Phoenix, Orion Nineteen convenient locations • Brooklyn • Manhattan • Queens • Westchester overall) was the most popular name and Wolf for boys. in both black and Hispanic families, —kira bindrim
40 | Crain’s New York Business | October 27, 2008 CNYB 10-27-08 A 41 10/24/2008 3:01 PM Page 1
BUSINESS LIVES CORPORATE LADDER Doug Novotny At bowling’s pinnacle Lucky Strike Lanes’ ployer Tom Shannon, chief execu- tive of Strike Holdings, was less PERSONNEL FILE GM joins contest for than amicable. “Doug made no growing market; tries meaningful contribution to Bowl- COMPANY Lucky Strike Lanes mor’s success,” says Mr. Shannon. TITLE General manager to lure cost-conscious Now, Mr. Novotny is getting a second chance to use his New York AGE 37 know-how in the highly competi- RÉSUMÉ General manager, BY ADRIANNE PASQUARELLI tive world of bowling.Lucky Strike, Bowlmor Lanes; manager, Jillian’s which had its grand opening on Oct. he summer that Doug 23, is just the latest arrival trying to MANAGEMENT STYLE Laid-back, Novotny turned 5, his take advantage of the sport’s new- but fiscally oriented aunt tried to keep him found popularity. The number of HOBBIES Playing with his kids out of trouble by taking entertainment bowlers—those who him bowling at every don’t belong to sporting leagues—is RESIDENCE Baldwin, L.I. Topportunity. Little did the native of on the rise, the United States Bowl- Lindenhurst,L.I.,know that he was ing Congress reports. gaining important career training. In the past 18 months,lanes have In addition to catering to the Fast-forward three decades, and opened in Harlem and in Williams- VIPs,Mr.Novotny handles all guest Mr. Novotny is one of the city’s top burg, Brooklyn. At the same time, services and management of 124 bowling-industry executives. He established facilities, like Leisure employees. In spite of the economy, was recently hired as general man- Time Bowl at Port Authority Bus he expects to rake in revenues of ager of Lucky Strike Lanes—Lucky Terminal and 300 New York at more than $10 million during Strike Entertainment’s first venue Chelsea Piers, have reinvented Lucky Strike’s first year in business.
in the city. themselves as upscale bars with buck ennis “In bowling, people can interact bowling on the side. Keeping the ball rolling with each other,” Mr. Novotny says Lucky Strike, which caters to he’s banking on having more New restaurant when he was 13 years old. lian’s, remembered Mr. Novotny for of his love for the game. “There’s so those on the Hollywood celebrity Yorkers around as they cut back on He then worked at 56th Fighter his management skills. About 10 much camaraderie.” circuit—like Quentin Tarantino, out-of-town vacations. To draw the Group, a Long Island restaurant minutes into the interview for the But trouble dogs him neverthe- Bruce Willis and Jodie Foster—is cost-conscious, Mr. Novotny set and Jillian’s amusement park. Lucky Strike position, he realized less. During his four years as an as- well-positioned to compete. Its prices—now $8 to $11 per person— “Doug chose a career in hospital- that Mr. Novotny was the best man sistant GM at Strike Holdings’ 33,000-square-foot spot on West that are lower than rivals’ fees. He ity at a very young age,”notes Steven for the job.“We had a whirlwind ro- Bowlmor Lanes, a New York insti- 42nd Street and 12th Avenue is one and his staff have been out in the Foster, founder of Lucky Strike En- mance,” Mr. Novotny jokes. tution, Mr. Novotny increased sales of only two Lucky Strike locations neighborhood to create buzz. tertainment, which had revenues of by more than 20%, he says. Yet his where high-rolling visitors have Mr. Novotny began his career in $70 million last year, he reports. COMMENTS? parting last40undr40_2x6.ai year with former 10/21/08 em- 6:08:36their PMown luxury rooms. the kitchen of a Cedar Beach, L.I., Mr. Foster, who also founded Jil- [email protected]
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October 27, 2008 | Crain’s New York Business | 41 CNYB 10-27-08 A 42 10/23/2008 7:25 PM Page 1
BUSINESS LIVES
Crestline Research EXECUTIVE MOVES Associates Inc. ACCOUNTING AND CONSULTING has leased Clear Asset Management: Maacha Le HOT JOBS 2,084 sf Blanc, 28, joined as vice president, business development. She was formerly an executive in investor services at Brown Brothers Harriman & Co. WANTED: Mario Cristofori, 29, joined as manager, EXECUTIVE business development. He was formerly an investment representative at Lehman DIRECTOR Brothers. Global Credit Services: Phil Gootee, 62, ORGANIZATION Association of joined as president. He was formerly a Art Museum Directors director at Midwest Independent We would like to thank Transmission System Operator. JOB DESCRIPTION Running a Robert Corbie trade group with a membership of The Staubach Company of NY, LLC FINANCE AND INSURANCE of about 180 AXA Distributors: Lee Small, 37, was MOST IMPORTANT TASK Entire 21st floor of 17,519 sf available promoted to senior vice president, national sales manager from divisional Expanding the mission to include Prestigious suites also available vice president. advocacy from 1,286 sf to 12,769 sf Deloitte Financial Advisory Services: CREDENTIALS NEEDED Leader- Constantine Korologos, 47, joined as director of real estate consulting. He was ship experience at a visual arts previously a managing director at institution or a trade association; Wachovia Securities. great interest in the arts ELX Electronic Liquidity Exchange: Neal SALARY Wolkoff, 53, joined as chief executive $150,000 to $200,000 officer. He was previously chairman and RECRUITER Phillips Oppenheim chief executive at the American Stock Exchange. DOWNSIDE Must accomplish a Jefferies & Co.: Perrin Arturi, 48, joined lot with a staff of just five as senior managing director, head of UPSIDE Being a major voice in agency pass-through trading. He was formerly a senior managing director at the arts Bear Stearns. Mimi Gaudieri is stepping down Chander Gupta, 46, joined as senior in December after more than 30 managing director, head of European years. The association, which has asset- and mortgage-backed securities trading. He was formerly a managing an annual budget of $1 million, director at Royal Bank of Scotland. organizes two annual confer- Jeffrey D. Greenip, 39, joined as ences, among other programs. It Looking to voice your opinion? managing director, financial sponsors also aims to be a key player on group. He was previously a senior such issues as government fund- 'OôTOôMYCRAINSCRAINSNEWYORKCOMTALKôTOôJOINôTHEô-Yô#RAINSôINTERACTIVEôCOMMUNITY managing director at Bear Stearns. ing for the visual arts. HEALTH CARE —MIRIAM KREININ SOUCCAR NYU Langone Medical Center: Michael P. Recht, 55, joined as chairman, radiology. He had been chairman, department of eRadiology, at the REAL ESTATE Cleveland Clinic. Corcoran Sunshine Marketing Group: Gordon Hoppe, 46, was promoted to LAW senior vice president, director of sales, Gibbons: Lawrence Cohen, 54, joined as from vice president, director of sales. director, corporate department. He had Lilly Schonwald, 30, was promoted to been a partner at Morrison & Cohen. marketing director from marketing Goodwin Procter: Kevin T.Collins, 54, manager. joined as partner. He had been a partner Studley: Tatiana Tarassenko, 45, was at Heller Ehrman. promoted to managing director from Stephen M. Davis, 54, joined as partner. associate director. He had been a partner at Heller Daniel Turkewitz, 35, was promoted to Ehrman. assistant director from associate. Wesley C. Fredericks Jr., 60, joined as partner. He was formerly a partner at SERVICES Heller Ehrman. Alvarez & Marsal: Carl Kiefer, 45, joined Jones Day: Paul Downs, 56, joined as as managing director, public sector partner. He had been a partner at Heller group. He was previously president of Ehrman. the Government Strategy Group Inc., Steven Koppel, 48, joined as partner. He which he founded. had been a partner at Heller Ehrman. Brandimage-Desgrippes & Laga: Jeremy Aviva Yakren, 36, joined as partner. She Dawkins, 40, joined as executive creative WWW.11WEST19STREET.COM had been a partner at Heller Ehrman. director. He had been a founding CHELSEA • FLATIRON • UNION SQUARE O’Melveny & Myers: Demetrios Xistris,48, partner at Ito Partners. joined as senior counsel. He had been MDU Advocate: Jeff Lichtenstein,51, legal head of U.S. equities and joined as executive vice president. He FOR LEASING INFORMATION derivatives at Société Générale. had been regional general manager and • 26,000 sf Tannenbaum Helpern Syracuse & business development manager at Pavlov PLEASE CONTACT: Hirschtritt: Ron Rubin, 45, joined as Media. • Full floor identity counsel. He had been general counsel Tatum: Robert Harman, 61, joined as Michael Kaufman and chief compliance officer at EQA managing partner. He was formerly a Partners. partner at Celerity. • Newly renovated lobby 212-471-4320 [email protected] MEDIA TELECOMMUNICATIONS • NBI for qualified Tenants ContentNext: Ernie Sander, 43, joined as IBM: Reilly Starr, 30, joined as global managing director. He was previously media relations lead, service product Grant Greenspan deputy editor, media and technology, at lines and research. She had been media • Close Proximity to 212-471-4340 The Wall Street Journal. relations manager at White & Case. Funtank: Scott J.Tannen, 30, joined as —maia blume [email protected] Transportation president. He had been director, global interactive marketing, at Wm. Wrigley Jr. Co. EXECUTIVE PROMOTIONS THE KAUFMAN ORGANIZATION Sayles & Winnikoff Communications: The fastest way to get an announcement into WWW.KAUFMANORGANIZATION.COM Jennifer Buglione, 23, was promoted to Crain’s is to submit details online. Fill out the form account executive from public relations at www.NewYorkBusiness.com/submit. The assistant. Executive Moves column is also available online.
42 | Crain’s New York Business | October 27, 2008 CNYB 10-27-08 A 43 10/23/2008 7:27 PM Page 1
BUSINESS LIVES TABLE TALK by Bob Lape Prime choice for steak in Rye
lonas’ iconic dad, Van Panopoulos. Satisfying meals are He is marking 45 years of restaurant impeccably prepared, ownership in New York, first at Van’s Hide-away and, since 1975, at if not innovative; F&J’s, which dates back to 1926. (Clearly a seminal year for steak- undeserving desserts houses,’26 is also the vintage of The Palm.) imes are tough, but Checks at Frankie & Johnnie’s in Frankie & Johnnie’s sol- Rye are the highest of the trio be- diers on, serving IN RARE FORM: Vas cause the location sells more and Mylonas (left) and Van Westchester residents better wines from a huge list. Mr. Panopoulos have a fine plate-bending portions Panopoulos says his core customers waitstaff and a wide Tof comfort food for adults. continue to wine and dine as usual, array of beverages to At the Rye location of the three- but some are not doing so as often as complement their menu.
unit steakhouse— they did a month or buck ennis two are in Manhat- two ago. tan—this means There are few cowboy rib-eye is another hefty hit lobster tails from Denmark are a $70 not flow for sodden-crusted Key massive,juicy steaks, surprises on the here. Those planning to order the expenditure. lime tartlet, a drab brownie or a so- 2-inch-thick veal menu.It begins with porterhouse steak or the double loin Steakhouse side dishes ($6 to so piece of Junior’s cheesecake.Even chops and one of the raw-bar shellfish lamb chops are advised to expect a $10) are so abundant—there are a chocolate soufflé fails in its effort county’s deepest items and segues to 35-minute wait. eight potato preparations alone— to excite.The palate positively rebels wine lists. large, fresh salads Beyond the lamb, veal, pork that tables threaten to overflow with at a pathetic assortment of commer- The seven-year- and appetizers ($15 chops, and calves’ liver with bacon side plates when four people hunker cial cookies, flavorless and dry. old restaurant is lo- to $18). Leading the and sautéed onions comes a good down to fully accessorized dining. The restaurant’s beverage array cated in a former charge are excellent roster of fresh seafood options. Frankie & Johnnie’s drops the is prodigious and commendable. bank building. It tuna tartare, shrimp Plump Dover sole is perfectly boned ball when it comes to desserts. One Cocktails are deftly prepared and generates high in- scampi, and crab at the table, and if patrons need help can make the argument that what generous,and the immense wine list terest from a tony FRANKIE & cakes made almost to sort out lobsters of up to 5 food comes before any sweets is offers something for everyone, at crowd deposited at entirely of rich jum- pounds, waiters will take care of large and good enough to numb the every price point. tables on the two JOHNNIE’S bo lump crabmeat. that as well. Salmon, sea bass and taste buds, as well as quench any ca- levels of the hand- STEAKHOUSE The soups are shrimp are offered as mains. Twin pacity to eat more. But the juices do COMMENTS? [email protected] some,high-ceilinged 77 Purchase St. French onion and a setting. Rye, N.Y. sweet, creamy lob- A skylight and a (914) 925-3900 ster bisque. The stained-glass arch www.frankieandjohnnies.com obligatory pastas window help illumi- ($24 to $28) are lob- nate midday meals. CUISINE Steakhouse ster-stuffed ravioli, You don’t even have to ask. Light levels at din- WINES 560 choices, 45 by the and linguini with ner are uneven; scat- glass shrimp and shiitake tered areas verge on mushrooms. Business direction you can actually use. the dim. Balcony DRESS Casual neat Prime, dry-aged seats afford views of NOISE LEVEL Loud steak is the name of the scene below, PRICE RANGE $23-$60 the game here. All where large mirrors WINE MARKUP 150%-340% five cuts are treated reflect a convivial to the Frankie & CREDIT CARDS All major waitstaff working Johnnie’s house sea- effectively to keep RESERVATIONS Recommended soning, and then the lively and loud HOURS Lunch, Tues.-Fri., 11:30 impeccably broiled clientele happy.That a.m.-3 p.m.; Dinner, Tues.-Thurs., to order. The fillet they will be well-fed 5-10 p.m., Fri.-Sat., 5-11 p.m., is served bone-in. is a given. Sun., 5-9:30 p.m. Many prefer the Jennifer and Vas = Outstanding lusty challenge of Mylonas run Frank- = Excellent the porterhouse,pre- ie & Johnnie’s based = Very good pared for two or on a tasty template = Good three hungry cus- created by Mrs.My- tomers;the so-called
BEST OF BOB LAPE
Other local high-steaks games: Fifth and Sixth), Manhattan. (212) 644-5623. The best cuts from Quality Meats ½ Japan, Australia and the U.S. in a 57 W. 58th St. (between Fifth sensuous, red-hot steakhouse. and Sixth), Manhattan. (212) 371-7777. Rustic New Primehouse American food, plus great 381 Park Ave. South (at service and wines, in a East 27th), Manhattan. playful setting. Down- (212) 824-2600. town style, uptown finesse. Steve Hanson’s spot serves beef spawned by its prize Kobe Club gibbons catherine bull. Doughnuts, soufflés 68 W. 58th St. (between KOBE: Worldwide flair. and killer chocolate cakes.
October 27, 2008 | Crain’s New York Business | 43 Project3 8/14/08 10:09 AM Page 1
This is huge.
Announcing the nation’s only assurance firm focused 24/7 on real estate. To meet the increasingly complex needs of the real estate industry, The Schonbraun McCann Group has spun off its Accounting & Attest practice into a separate new entity, Cornerstone Accounting Group. With over 35 years of experience behind it, and industry-leading CPAs running it, this power- house of talent will provide the most in-depth accounting services anywhere to public and private real estate companies. And that is huge.
A UNIQUE FOCUS ON REAL ESTATE.
New York ◆ New Jersey ◆ Florida 646.845.3533 ◆ 973.343.4477 www.cagllp.com Stanley R. Perla, Managing Partner [email protected]
Formerly the Accounting & Attest practice of The Schonbraun McCann Group