Wall St. Jobs Grow, Defying Forecasts
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NEW SECTION! Lauren Bush Lauren takes on hunger and grows a business CRAIN’S® PAGES 45-47 NEW YORK BUSINESS VOL. XXVIII, NO. 26, 27 WWW.CRAINSNEWYORK.COM DOUBLE ISSUE JUNE 25-JULY 8, 2012 PRICE: $3.00 Wall St. jobs grow, defying forecasts Surprising resilience, as employment rolls rise 2% in 12 months. Hot area: compliance BY DANIEL MASSEY AND AARON ELSTEIN ProShares, which creates securities traded by hedge fund managers and other sophisticated investors, was finding it difficult to persuade Wall Streeters to work at its headquarters in Bethesda, Md. So, on June 20, it opened its first office in New York. Only a handful of people are sta- tioned at its 3,000-square-foot office on 400 Madison Ave.But Chief Executive Chamber Michael Sapir is keen to get his firm’s products in front of the city’s multitude of investment professionals and is ea- gerly seeking experienced sales staffers. “We’re in a sweet spot as a busi- of horrors See WALL STREET on Page 43 No business group in the city is as odd (or oddly managed) as Memorial the Greater New York Chamber crowds BY SHANE DIXON KAVANAUGH spill over When it comes to the Greater New York Chamber of Com- merce and its chief, Mark Jaffe, business as usual is anything but. After years on the fringes of New York’s corporate com- Sept. 11 site gives munity, Mr. Jaffe’s chamber has allied itself with unions and nearby cultural spots left-leaning organizations—the traditional adversaries of his a much-needed boost fellow business associations, including two that let him go in decades past. Mr. Jaffe is sympathetic to mandatory paid sick days,for instance,and has come out swinging for bills to man- BY MIRIAM KREININ SOUCCAR date a “living wage” to boost the minimum wage, to the de- CONTROVERSIAL FIGURE: Mark Jaffe, More than 3 million people from 150 light of organized labor and liberal lawmakers,who have been head of the Greater countries have made a pilgrimage to trotting him out for press conferences and public hearings. New York Chamber the National September 11 Memorial of Commerce See CHAMBER on Page 42 since it opened last September. And they haven’t stopped there. Since the buck ennis memorial’s unveiling on the 10th an- niversary of the terror attacks,business has been strong at other cultural desti- INSIDE: 50 PROFILES nations in lower Manhattan. OF THE NY AREA’S 50 Some institutions, such as the Mu- FASTEST-GROWING seum of Jewish Heritage-A Living Memorial to the Holocaust, have wel- PRIVATE COMPANIES comed roughly 20% more visitors from September to June over the year- NEWSPAPER Pages 17-38 50 See MEMORIAL on Page 44 EDITOR’S NOTE Yep. We did FYICRAINSNEWYORK.COM a redesign Former North Fork bigwigs My former boss Xana Antunes fork over $20M penalty started this remake of Crain’s New wo bankers got busted for jumping back York Business, and I finished it after into the New York banking scene too being promoted into her job. Good soon. John Kanas (right), the former thing we both had the irreplaceable T North Fork Bancorp, chief executive of and his Steve Krupinski as our art director longtime deputy, John Bohlsen, had to pay $20 during the redesign process—and million for breaking a noncompete agreement bloomberg newsbloomberg Glenn Coleman have so many creatively minded they signed with Capital One Financial shortly reporters, editors and designers who after the Virginia-based bank acquired North Fork in 2006. helped the entire newsroom rethink, Under the terms of the agreement, Mr. Kanas, New York’s most successful community banker refresh and reinvent many of this paper’s longstanding over the past generation, and his former vice chairman agreed not to do business in the New features.The goal was to reboot the paper as it York market until August 2012. But in 2009, Mr. Kanas bought a failed thrift in Florida, inevitably transitions toward the digital page.There BankUnited Inc., which snapped up a small bank in New York last year. Pretty soon, Mr. Kanas were many, many meetings. Drinks were had one began signing leases for branches near Capital One locations, bidding for loan portfolios and night. OK, maybe two nights. More meetings, more posting want ads for New York jobs. In the face of a Capital One lawsuit, the banker buddies revisions and, ta-da, here it is: a Crain’s that showcases defended their actions, arguing that they were merely laying the groundwork to re-enter the our famously enterprising reporting and reaffirms our New York market when their agreements expired. A trial scheduled for July was pre-empted on commitment to covering—as no one else can—the June 19 when the parties announced an “amicable resolution.” local news, issues and personalities that matter most to Both bankers also agreed to extend their agreements to the end of January. Don’t feel too bad business owners and professionals in the five boroughs. for Mr. Kanas, though. He pocketed about $200 million when he sold North Fork to Capital Our strength at Crain’s has always been the middle One six years ago. —aaron elstein market, the midsize companies that link the city’s mighty Fortune 500 headquarters with its legions of PIER 40 BILL FAILS. Legislation data from the New York Police De- small businesses. (Check out pages 17 to 38, where we aimed at helping the five-mile partment. Most of the recorded HOORAY! profile 50 of the area’s fastest-growing private Hudson River Park, which will ex- crimes were burglaries, grand larce- THE MAYOR companies.) This redesigned Crain’s drives our readers haust its reserve fund in less than nies and robberies. Murders are INTRODUCED A three years, failed to pass before the down 15.6%, however. “People are PLAN TO deeper into the boroughs and gets inside the vital array STREAMLINE state legislative session ended June still getting shot,” a source ex- the city’s land-use of city businesses that other New York media ignore 21. The bill called for making Pier plained, “but they’re not dying as application process, 40, the park’s main commercial as- much.” … DAFFY’S DUCKS ITS BILLS? expecting within two (or simply don’t understand).Then there’s the years to allow two- reimagined New York, New York column, which we’ve set, more attractive to potential de- Discount clothing chain Daffy’s is thirds of all project velopers by expanding its uses and rumored to be in financial hot water. applications to be made an entire section. It’s a helluva town, as the old extending its lease term. … HOSPI- Facing an increase in competition reviewed 25% to 50% faster. song goes. Our mission here is to give you a helluva TAL LOVE TRIANGLE. Continuum from online retailers like Gilt paper to read all about it. Health Partners left NYU Langone Groupe and larger chains such as istockphoto —glenn coleman Medical Center standing at the al- Nordstrom Rack, the Secaucus, OY VEY! tar for another suit- N.J.-based company is SOME OF GOOD or: Mount Sinai having trouble paying HUMOR’S most Medical Center, vendors, according to popular ice- ‘People are cream bars, like which feared that a sources. A Daffy’s the chocolate THIS WEEK IN CRAIN’S potential Continu- still getting spokesman said the eclair, are um-NYU marriage, company has nothing missing from announced just two shot,’ a source to report. … ON TAP- the trucks this IN THE BOROUGHS-------------------------- 3 summer. Why? A weeks earlier, would told the Post, PAN ZEE, LABOR AND factory closure. IN THE MARKETS----------------------------------4 threaten its stand- CUOMO AGREE. Gov. ing as a premier ac- ‘but they’re Andrew Cuomo and THE INSIDER -----------------------------------------------6 ademic medical not dying as building trades unions GREG DAVID--------------------------------------------15 center. But having approved a labor spurned NYU for agreement for the and hotels united to launch a trade ALAIR TOWNSEND -------------------------15 much’ Mount Sinai, Con- Tappan Zee Bridge group that will fight for their inter- REAL ESTATE DEALS-------------------16 tinuum must now project, one of the ests in Gotham proper.The New seal the deal—and have it blessed largest public infrastructure projects York City Hospitality Alliance in- CRAIN’S FAST 50-----------------------------17 by state health and financing agen- in the country.The deal will save cludes some of the biggest names in FOR THE RECORD---------------------------39 cies and the Federal Trade Com- $452 million on the construction of restaurants and nightlife, including mission. … CRIME SPIKES. Crime a new bridge over the Hudson Riv- Stephen Hanson, president of BR CLASSIFIEDS -----------------------------------------40 NEW! BUSINESS PEOPLE rose in 49 of the city’s 76 precincts, er. All the state needs now is the es- Guest Hospitality, and Andrew NEW YORK, NEW YORK ----------45 and major crimes such as rapes and timated $6 billion it will take to Rigie, a veteran of the statewide Rachel Yeomans makes a MIGHTY HOS- SOURCE LUNCH--------------------------------46 robberies jumped 4.2% citywide, build the span. … New York Restaurant Association’s fashion statement with her the New York Post reported, citing PITABLE OF THEM. Restaurants, bars city chapter. —lauren elkies Working Wardrobe blog P. 8 OUT AND ABOUT ------------------------------47 ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY STORIES TO WATCH IN THE WEEKS AHEAD vol. xxviii, nos. 26, 27, june 25-july 8, 2012—Crain’s New York Business (issn 8756-789x) is published weekly, except for double issues the weeks of July Fourth, Labor Day and Christ- mas, by Crain Communications Inc., 711 Third Ave., New York, NY 10017.