20150615-NEWS--0001-NAT-CCI-CN_-- 6/12/2015 6:44 PM Page 1

THERE THEY GO AGAIN CITY COUNCIL’S LATEST ANTI-BIZ MOVES CRAIN’S® PAGE 3 NEW YORK BUSINESS

VOL. XXXI, NO. 24 WWW.CRAINSNEWYORK.COM JUNE 15-21, 2015 PRICE: $3.00 The Graffiti Paradox Born in New York, beloved by foreigners—but dismissed by the city’s collector class. Can this ‘art’ ever be worth millions? One Bronx biz owner is betting yes

BY AARON ELSTEIN Tastemakers at the city’s world-class museums or the art-world arrivistes who plunk down millions for a Picasso or Warhol give little respect to paintings sprayed on buildings, bridges or mailboxes. Vinny Pacifico wants to change that. “I love graffiti,” Mr. Pacifico said.“I love its energy.I love that it’s part of the fabric and history of New York.” The 60-year-old collector owns a meat-cutting and food- BRONX PAINT BOMBERS: distribution empire in the Bronx with an estimated annual Vista Food Exchange in Hunts revenue of $1.5 billion —and in a 2,000-square-foot room near Point is home to a massive collection of graffiti works by his office he maintains a private gallery packed floor-to-ceiling many of the city’s most with hundreds of spray-painted murals by dozens of artists.His famous creators of the genre. graffiti collection is surely one of the largest in the city, if See GRAFFITI on Page 26 buck ennis 24

5 REPORT REAL ESTATE THE LISTS Largest Help really wanted: Experienced architecture and engineering architects a scarce commodity P. 10 firms PAGES 13-15 NEWSPAPER 71486 01068 0 20150615-NEWS--0002-NAT-CCI-CN_-- 6/12/2015 7:03 PM Page 1

EXECUTIVE EDITOR’S NOTE

Minority report FYICRAINSNEWYORK.COM

Every year, taxpayers fund billions of dollars in capital projects across Wall Street horns in New York with the mandate that contractors hire minority- and on the unicorns women-owned business enterprises itbit, the app that so many to do some of the work—for the joggers can’t do without, is state, that goal is 20% participation; expected to price its initial the city’s is 37%. Getting more Jeremy Smerd F public offering on June 17, much contracts to these businesses is to the joy of the investment laudable, but in practice leads to bankers at Morgan Stanley, Bank of waste and fraud. Yet because the money and America Merrill Lynch and other mandates win support among politicians in minority financial firms helping to sell the communities, it is a sacred cow that no elected leader deal to investors. ¶ The interesting wants to slay. In a nutshell, this is how it works: thing is how rare IPOs like this are Contractors bid on projects knowing that a portion of istockphoto at a time when “unicorns”— the work must be performed by minority-owned startups valued at $1 billion or more—are the talk of Wall Street. Fledgling companies never businesses. Often these businesses don’t have the used to be valued at $1 billion. Google, for instance, hadn’t reached that fabled plateau before capital or the expertise to do the job, even though going public.Today, at least 80 companies supposedly have done it, according to Fortune. Yet IPO they are supposedly vetted as capable by the volume is down by 42% in the U.S. so far this year, reports Thomson Reuters. ¶ This suggests a few government agency putting out the contract. What things. ¶ First, companies like Uber are able to raise all the cash they need, and their venture- often happens next is a work-around that allows the capitalist backers are in no hurry to cash out. ¶ More important, the dearth of IPOs suggests job to get done, these so-called MWBEs to be paid most unicorns aren’t worth $1 billion, and if they started disclosing the sort of financial and the project to move forward. Investigators information required to complete an IPO—stuff like revenues, earnings, growth rates and so inevitably get wind that the subcontractor could not forth—then all the mystique and mystery surrounding them would disappear. ¶ And really, when do all or some of the work and turn the case over to there’s a great party going on, with lots of unicorn sightings, who wants to be the one to end it? prosecutors, who have made these fraud investigations into a cottage industry. Inevitably, companies settle —aaron elstein the criminal charges in order to clear their names and RUPERT MURDOCH ELEVATES SON sents one-tenth of his licenses. expects to save about $17 million a bid on future projects.Then the cycle begins anew. The 84-year-old media mogul is Citibank,which sued Mr.Freidman year from the cuts. The latest evidence of the broken system came in preparing to hand his son James the to recoup $31.5 million in debt, CEO title of 21st Century Fox—a wants to auction off the medallions. COOPER UNION PREZ RESIGNS April in the form of a damning report from the sign that he may finally be relin- Mr. Freidman plans to appeal the Jamshed Bharucha will step down as Metropolitan Transportation Authority’s inspector quishing power at his decision. the science and arts school’s presi- general.The audit looked at 17 federally funded media empire. Mr. dent at the end of the month amid a contracts and concluded that the MTA’s Department Murdoch will retain his ‘When I go to TUNE INTO APPLE probe by the state attorney general executive chairman po- New York, no The creator of into the management of its finances. of Diversity and Civil Rights failed to carry out its sition at the television iTunes, which The announcement followed the own oversight, such as confirming that subcontrac- and film giant as well as one ever asks pioneered sell- resignation of five trustees from the tors getting paid actually did the work or even at News Corp. ing music 23-person Cooper Union board. showed up at a construction site. Contractors have how you digitally, will AMTRAK ENGINEER launch a music- IN MEMORIAM been saying for years that the misguided system sets WASN’T ON PHONE compare them. streaming serv- Vincent Musetto,a former New York them up for failure. Now the government is failing Brandon Bostian, the But to answer ice to take on Post editor,died at 74.He was known us, too. Expect to hear more about this dysfunctional engineer of the Amtrak Spotify and for penning the famous “Headless train that derailed in your question: Pandora. Apple body in topless bar”headline that ac- system as new prosecutions come down the pike. Philadelphia May 12, Music will be companied a story about a vicious killing eight people and Chicago is a $10-per- crime in Queens on the cover of the injuring at least 200,was better’ month sub- paper’s April 15, 1983, issue. THIS WEEK IN CRAIN’S not using his cellphone —JPMorgan Chase scription-based —amanda fung at the time of the acci- streaming serv- IN THE BOROUGHS CEO Jamie Dimon, ------3 dent, investigators with at a Chicago luncheon ice. The tech- IN THE MARKETS------4 the National Trans- nology giant THE INSIDER------6 portation Safety Board found. It re- also unveiled a 24-hour global Inter- mains unclear why the New York- net radio station. HEALTH CARE ------7 bound train was traveling more than OPINION------8 double the speed limit. BLUE APRON’S PURSE STRINGS GREG DAVID ------9 Blue Apron raised $135 million in a MEREDITH WHITNEY SHUTS FUND round of funding led by Fidelity In- REPORT: REAL ESTATE ------10 The former banking analyst and Wall vestments. The SoHo-based recipe- THE LISTS ------13 Street star said she is done managing in-a-box startup will use the money GOTHAM GIGS CLASSIFIEDS ------22 money and shuttered her hedge fund, to expand nationally. Its latest cash No, you can’t eat Danielle 2 WTC DESIGN SOURCE MEETING Kenbelle Capital. Ms. Whitney re- infusion comes as rivals Hello Fresh Trofe’s biodegradable ------29 cently resolved a lawsuit against her and Plated recently raised their own Developer Larry Silverstein mushroom lamps. P. 28 SNAPS------30 fund by BlueCrest Capital Manage- funds. unveiled the Bjarke Ingels de- ment,which wants to get back its $46 sign for 2 World Trade Center, vol. xxxi, no. 24, june 15, 2015—Crain’s New York Business (issn 8756-789x) is published weekly, except for double issues the weeks of June 29, July 13, July 27, Aug. 10, million after months of losses. J.CREW SLIMS DOWN the 80-story, 1,340-square- Aug. 24 and Dec. 21, by Crain Communications Inc., 685 Third Ave., New York, NY The Manhattan-based retailer cut foot tower that 21st Century 10017. Periodicals postage paid at New York, N.Y., and additional mailing offices. Post- TAXI KING LOSES master: Send address changes to: Crain’s New York Business, Circulation Department, 1155 175 jobs and, in a move to revive Fox and News Corp. will call Gratiot Avenue, Detroit, MI 48207-2912. A Manhattan judge ordered the sales, replaced its women’s design home. The spire will be the for subscriber service: Call (877) 824-9379.Fax (313) 446-6777.$3.00 a copy,$99.95 one seizure of about 90 taxi medallions chief.Somsack Sikhounmuong,who second-tallest and final tower year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2015 by Crain Communications Inc. All rights reserved. Peri- and vehicles controlled by Gene had led design for its Madewell to be erected on the site of the odicals with ride-along enclosed in version 2 only. Freidman, the city’s largest yellow- brand, replaced Tom Mora as the 9/11 attacks. cab operator. The number repre- lead designer.The privately held firm

2 | Crain’s New York Business | June 15, 2015 20150615-NEWS--0003-NAT-CCI-CN_-- 6/12/2015 6:47 PM Page 1

IN THE BOROUGHS MANHATTAN Keeping Little Italy’s story alive Italian American Museum’s struggles mirror fading area

BY JUDITH MESSINA

First came the immigrants who gave Little Italy its name.Then came the wave of Chinese immigrants who began raising families, opening DRESS REHEARSAL: shops, restaurants and even small Olga Vidisheva gives factories in the neighborhood in the shoppers a marketplace 1980s. More recently, soaring prop- and owners a platform. erty prices have ushered in the era of affluent urbanites and hipsters. To- day, even Little Italy stalwarts con-

buck ennis cede that the name falls somewhere between “last vestige of a vanished time” and “total misnomer.” “Saving the neighborhood as a community—it’s not going to hap- Local boutiques, global reach pen,” conceded Joseph Scelsa, the founder of the Italian American Mu- seum at the crossroads of the old Lit- ity of reservation app Open Table with the vari- tle Italy—the corner of Mulberry and Model turned Harvard biz-school grad is making ety of Etsy. Grand streets.“It’s really about being Like Etsy,Shoptiques provides a marketplace able to save a piece of it so that we can it easier to shop brick-and-mortar stores online for limited-run goods. In her case, those are the tell the story of this great migration company, Shoptiques, will someday be a products carried by women’s boutiques in New from Italy to the United States and BY MATTHEW FLAMM multibillion-dollar business: There are retail York, San Francisco, London and Paris. In ex- what happened to its people.” categories of all kinds that could use her nuts- change for a commission on each sale, her com- These days, however, that takes Olga Vidisheva knew she had a good idea for a and-bolts help selling their goods online. pany showcases their clothing and accessories on money.Although the museum owns business once she understood how bad women’s For now, though, the former model, onetime its product pages and on the home page it creates its three-story building, it takes in fashion boutique owners were at e-commerce. Goldman Sachs analyst and Harvard Business for each store. about $500,000 in revenue a year, That was more than five years ago, but it’s still School graduate is carving out a niche in the And like Open Table, which is embedded in mainly from donations and rent paid true today. And it’s one reason she believes her e-commerce universe that combines the usabil- See BOUTIQUES on Page 25 See MUSEUM on Page 25

STATS AND THE CITY Rankled business community by Gerald Schifman FARE GAME feeling overbilled by council UBER’S SPRAWLING CAR SERVICE, which just turned five years old, has already swallowed up a huge chunk of NYC’s for-hire-vehicle (FHV) industry.

ty bonds in anticipation of wage- the Fair Chance Act. PORTION of city limos and PORTION of all city FHVs Latest worker-rights theft cases. And earlier this year, the “For those who have paid their 63%black cars affiliated with Uber 27%that are affiliated with Uber legislation seen council prevented employers from debt to society, we want them to be checking the credit scores of poten- rehabilitated;we want them to rein- And although the service—which Passengers’ gains are cabbies’ losses. Apart as adding cost and tial hires and authorized the city’s tegrate in society.They have to have now has 26,000 active drivers in from a brief surge in fare-box revenue—linked red-tape burdens Human Rights Commission to economic opportunity,” he said, ac- the five boroughs—has been in to the 17% price increase starting in cording to NY1. “This legislation operation in New York since September 2012—yellow cabs are making 2011, most of its expansion has fewer trips and less money as compared with seeks to actually open the door to been in the past two years. the same month from the prior year. ANDREW J. HAWKINS ‘This mandate jobs for people rather than damning them to no economic future.” ACTIVE NYC UBER DRIVERS YEAR-OVER-YEAR CHANGE The City Council is on a crusade presumes that But business leaders say the Trips Fare box that is delighting workers’advocates NYC employers measures will burden employers. 30,000 15% and rankling business owners. “This bill is more ideological 25,000 26,000 12 Last week, the council approved than fact-based,” Kathryn Wylde, 9 the Fair Chance Act, also known as are bad actors’ president and CEO of the Partner- 20,000 6 3 -6.8% the “ban the box” bill for the check ship for New York City,said of ban- 15,000 0 boxes where job applicants disclose the-box, which passed even though -3 past convictions. It would forbid it is already against state law to dis- 10,000 -6 -9 employers from digging up criminal criminate against ex-cons. “This 5,000 histories until they are about to ex- send fake applicants and tenants to mandate presumes that New York -12 -11.9% 0 -15 tend a job offer, and require them to see if businesses and landlords dis- City employers are bad actors.” May 2011 May 2015 May 2011 April 2015 explain in writing why they reject criminate against them. Ms. Wylde noted that the coun- Note: Average fare-box revenue per day includes credit-card tips and an estimate of cash tips. applicants who have records. Mayor Bill de Blasio signed the cil gave city agencies wide exemp- Sources: Uber; NYC Taxi & Limousine Commission; James Hickman, HVM Capital It also passed a bill requiring car- latter two bills into law and said last tions to ask about convictions and ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY wash owners to post six-figure sure- week that he would do the same for See OVERBILLED on Page 27

June 15, 2015 | Crain’s New York Business | 3 20150615-NEWS--0004-NAT-CCI-CN_-- 6/12/2015 7:03 PM Page 1 IN THE East Hampton homeowners MARKETS try to reclaim popular beach by Aaron Elstein

triumph over the Town of East 1973, some of it was bought by the A legal battle over Hampton and the East Hampton first of the homeowners’ associa- who owns land and Trustees in court, they will be offi- tions. In 2008, the fifth association cially recognized as the rightful acquired the last of it, and within a how it can be used owners of the property, allowing year, the group of five sued the town them to determine who can use the and its trustees, contending that beach—and how. they were the rightful owners of all BY MATT MCCUE To understand the fine points of 4,000 feet. this issue,you need to first know a lit- “We have a chain of title from If you’re heading out to East Hamp- tle about the history of this prime real Arthur Benson in 1882 to our plain- ton, remember to pack lots of water, estate. In 1686, England’s King tiffs in 2015,” said Stephen Angel, wear plenty of sunblock and take James II granted a group of trustees attorney for the plaintiffs. On June loads of selfies—because soon your authority over the common land of 2, Justice Jerry Garguilo denied the favorite public beach may not be the Town of East Hampton, includ- defendants’ request to dismiss the quite so public. ing the beaches, inland waterways complaint. A Suffolk County judge has con- and ponds. In 1882, those trustees The motivation for the action,

cluded that 4,000 feet of Atlantic sold 1,000 acres to developer Arthur property owners say, is what has be- newscom Ocean beachfront managed by the Benson.Part of that parcel was 4,000 come of the beach. With no rest- East Hampton Trustees is actually feet of beach between what is now rooms or garbage cans on the prem- deeded to a collection of homeown- Napeague Lane and the western bor- ises, the dunes have become ers’ associations that have been try- der of Napeague State Park, which bathrooms and the sand trash- Who are you calling ing for years to limit activities on Benson could have as long as fisher- strewn. And then there are the cars. their stretch of paradise. men still had the right to work it. The beach, nicknamed “Truck Now the case will go to trial. If Since then, individual tracts of Beach,” is the only one in town that a fuddy-duddy? the plaintiffs—five homeowners’ the beach have changed hands be- lets vehicles on it during the day. associations and four individuals— tween private owners 155 times. In See EAST HAMPTON on Page 27 et’s suppose you were one of the lucky few who invested in Twitter back in November 2013 and got in Lat the initial public offering price of $26 a share. Sure, you’ve had a few bumps and bruises along the way, but through it all Twitter’s business has grown pretty nicely, and its stock had risen 38% since the IPO, to about $36, when Chief Executive Dick Costolo (pictured) announced last week that he would resign. We congratulate our client Now,38% is a great return in less tive, Zeitgeist-changing company than two years.(Again,this assumes aren’t worth buying if they’re priced you bought at the IPO price. Most too high. Likewise, shares in fuddy- people couldn’t—and paid much duddy companies—even book- more that November day,about $45 sellers or old-school publishers— a share, because of all the hype sur- can pay off nicely if the price is right. rounding the Twitter offering.) What price is too high and But here’s the thing: You could what’s cheap? It’s hard to know.In- have made more money investing deed, only a few investors consis- elsewhere. In fact, people who in- tently figure it out. They tend to vested in old, allegedly dying busi- have names like Warren Buffett or on raising its $8 million series B round nesses like bookseller Barnes & Noble George Soros. or financial publisher Value Line The single hardest aspect of have done better than Twitter playing the markets is setting aside with lead investors shareholders since the tech dar- your personal feelings for a compa- ling’s IPO. B&N’s shares are up by ny or product and trying to fairly 75%, and Value Line’s by 48%. map out its future financial per- Truth be told, a quick trip to the formance. There were ample rea- Bloomberg terminal last Friday pro- sons to avoid Twitter from the get- duced a list of 37 companies head- go, starting with the fact that it was quartered in or near New York valued at 40 times revenue at its whose stocks have done better than debut, compared with 17 times for Twitter at its IPO price. They in- Facebook and seven for Google. clude G-III Apparel, a company based That means the stock was priced in the garment district since 1956 way too high relative to its growth that makes clothing under such capacities, and management has famous labels as Calvin Klein, struggled to meet the investment Kenneth Cole and Cole Haan.This world’s expectations ever since,even old-economy stock has risen though annual revenue more than 140% since Twitter’s IPO. Or doubled last year, to $1.4 billion. 1-800-Flowers.com,which is up 104%. The next time you consider Martha Stewart Living Omnimedia,up chasing the latest hot new- 65%. Avis Budget, 62%. Revlon, 59%. economy thing from Silicon Valley, OK,we’ve had our fun,but there’s ask yourself this:Is there something a message here, and it boils down to else I could buy for cheap, like, for this: Shares in even the most disrup- instance, a bookstore? Ⅲ 35,000,000,000,000,000: 1 AS IN 35 QUADRILLION TO ONE. That’s the exchange rate the government of goulstonstorrs.com Zimbabwe is offering citizens who trade old Zimbabwean dollars for each newly denominated dollar. The nation has been grappling with annualized hyperinflation of as high as 500 billion percent.

4 | Crain’s New York Business | June 15, 2015

20150615-NEWS--0006-NAT-CCI-CN_-- 6/12/2015 6:08 PM Page 1 THE Queens case do not want their action combined with that one. INSIDER The lenders argue that by letting by Erik Engquist and Andrew J. Hawkins ride-share companies such as Uber pick up passengers who hail cars using smartphone apps, the city is depriving medallion holders of their exclusive right to respond to street Clinton’s bash displaces Rangel’s hails. As Uber,Lyft,Via and others have f Rep.Charles Rangel feels a bit peeved that Hillary Clinton gained market share, yellow-cab rev- ap images is throwing a star-studded fundraiser for her presidential buck ennis enues and medallion values have fall- campaign June 27 at the Plaza Hotel, it would be en, putting medallion loans at risk of I his home borough,”said a New York Taxi lawsuit default, according to the lawsuit. understandable. It was supposed to be Mr. Rangel’s party. City-based operative close to the According to an insider, the longtime Harlem congressman Clinton campaign last week. venue contested MTA slow to spend had planned to throw his annual birthday fundraiser at the Lady The city is seeking to move a lawsuit Metropolitan Transportation Au- same venue, on the same night, with the same stars— White House, city by taxi interests out of Queens, argu- thority Chairman Thomas Prendergast Gaga, Tony Bennett and, yes, Hillary Clinton. get signals crossed ing that Manhattan is the mayor’s is predicting “deep trouble”if Albany But somehow it became a Hillary for America event, principal place of business and there- does not fully fund the agency’s $32 which was leaked to Page Six of the New York Post. Tickets An Obama administration initiative fore the right venue for the case. billion,five-year capital plan.But the begun last week to help businesses The plaintiffs,a quartet of lenders agency often lags in its spending any- start at $2,700. get up and running in 24 hours was who finance the purchase of taxi way, a budget watchdog reported. “They’re doing the Charlie Rangel birthday gala,” said the to include New York City, where six medallions, saw an ulterior motive. The Independent Budget Office, months is a typical startup time. “The administration should which analyzed two decades of the source, “without Charlie Rangel.” pass a sweeping trade deal called the If the notion of a one-day turn- spend less time judge-shopping and MTA’s capital spending, noted that For Mr. Rangel, it is not just a Trans-Pacific Partnership, which around seemed too good to be true,it trying to delay a hearing in this case through 2014 it had contracts for personal slight but a financial set- the mayor argued would weaken was. and more time considering the dam- $18 billion of its $31.9 billion capi- back. The veteran Democrat is des- regulation, empower corporations After further inquiry, the White age that it is inflicting on the taxi in- tal plan covering 2010 to 2014. perately trying to retire the last and drive up the price of pharma- House said New York had been in- dustry,” attorney Arthur Schwartz said. MTA supporters counter that $140,000 in campaign debt from his ceuticals. cluded by mistake. It is not among A spokesman for the city’s Law Albany funded that plan and others 2014 re-election bid. “I’d like to see a very clear state- the 11 cities participating in “Startup Department responded,“As our legal in piecemeal fashion, delaying their ment that this trade deal should be in a Day,” a joint effort of the White papers will make clear, New York execution. opposed and should be stopped,” House’s National Economic County,where there is already a sim- The MTA has spent 37% of its De Blasio skips out Mr. de Blasio said. Council and the U.S. Small Busi- ilar case pending, is the appropriate last capital plan’s funding.By the end on Hillary event Some supporters of Ms.Clinton, ness Administration. venue.” The reference was to a case of the two previous five-year capital whose campaign is based in Brook- A spokeswoman declined to say brought by medallion owners earlier plans, about 45% of each one’s total Hillary Clinton formally launched lyn, were perplexed by the mayor’s what caused the snafu,whether there this spring. The plaintiffs in the funds had been spent. Ⅲ her presidential bid on Roosevelt behavior. was any communication with City Island Saturday, but the city’s may- “It strikes me as surreal and Hall or whether New York would or and resident progressive Democ- bizarre that de Blasio will be miss- eventually join the program. QUOTE OF THE WEEK: ‘People believe that rat wasn’t there. ing in action when the presumptive The city does have a Business development means gentrification. It Instead, Mayor Bill de Blasio candidate of his party has chosen to Acceleration program. It has re- urged her to join him in opposing launch her candidacy in his city and duced startup times for hundreds of does not.’ —Brooklyn Borough President Eric Adams President Barack Obama’s effort to host her campaign headquarters in entrepreneurs to about four months.

JUNE 19 DEADLINE BEST PLACES TO WORK NOMINATIONS ARE OPEN

DOES YOUR COMPANY have what it takes to earn a coveted spot on Crain’s New York Business’ 2015 Best Caplin & Drysdale Welcomes Business Tax Veteran Places to Work list? It’s time to find out. Registration is now open to nominate companies for Crain’s eighth annual Best Places to Work competition. :ŽŶĂƚŚĂŶƌĞŶŶĞƌƚŽEĞǁzŽƌŬKĸĐĞ Registration closes on Friday, June 19. Crain’s will announce the rankings of the city’s best employers at a special event on Friday, Dec. 4, and the winning firms will be highlighted in a Caplin & Drysdale is pleased to announce that special feature in our print edition on Monday, Dec. 7, as well as on our Jonathan S. Brenner website. ͕ Ă ƐŬŝůůĞĚ ůĞŐĂů ƉƌĂĐƟƟŽŶĞƌ ǁŝƚŚ Nominated companies must be in existence for a minimum of one year ŽǀĞƌ ϯϬ LJĞĂƌƐ ŽĨ ĞdžƉĞƌŝĞŶĐĞ ĂƐ Ă ƚĂdž ĂƩŽƌŶĞLJ ĂŶĚ and have a New York City location with at least 25 full-time or part-time business adviser, joins the Firm as a Member in its employees. To find the city’s best employers, Crain’s is partnering with independent EĞǁ zŽƌŬ ŽĸĐĞ͘  Dƌ͘ ƌĞŶŶĞƌ ĐŽƵŶƐĞůƐ ďƵƐŝŶĞƐƐĞƐ ĂŶĚ research firm Best Companies Group, which will conduct surveys of ŚŝŐŚͲŶĞƚͲǁŽƌƚŚ ŝŶĚŝǀŝĚƵĂůƐ ŽŶ ƚŚĞ ŵŽƐƚ ƚĂdžͲĞĸĐŝĞŶƚ participating companies and their employees. Rankings are based on the results of employee questionnaires, which account for 75% of the final ƐƚƌƵĐƚƵƌĞƐĨŽƌƚŚĞŝƌĐŽŵƉůĞdžĚŽŵĞƐƟĐĂŶĚĐƌŽƐƐͲďŽƌĚĞƌ score, and employer surveys, which account for 25%. ƚƌĂŶƐĂĐƟŽŶƐ͘,ĞďƌŝŶŐƐƚŽŚŝƐƉƌĂĐƟĐĞĂďƌŽĂĚĂŶĚĚĞĞƉƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƚĂdžůĂǁ͕ Surveys will cover everything from corporate benefits and company culture to opportunities for employee advancement and professional ĂƐǁĞůůĂƐƚŚĞĂĐĐŽƵŶƟŶŐ͕ďƵƐŝŶĞƐƐ͕ĂŶĚůĞŐĂůŝƐƐƵĞƐƚŚĂƚĂīĞĐƚŚŝƐĐůŝĞŶƚƐ͛ŝŶƚĞƌĞƐƚƐ͘ training. Winners last year hailed from many industries, including law, technology, real estate and hospitality, with Abacus Group LLC, a financial-services firm, logging in at No. 1, followed by Elite SEM, a digital ϲϬϬ>ĞdžŝŶŐƚŽŶǀĞŶƵĞ͕ϮϭƐƚ&ůŽŽƌͮEĞǁzŽƌŬ͕EzϭϬϬϮϮͮϮϭϮ͘ϯϳϵ͘ϲϬϬϬ advertising and marketing firm. KŶĞdŚŽŵĂƐŝƌĐůĞ͕Et͕^ƵŝƚĞϭϭϬϬͮtĂƐŚŝŶŐƚŽŶ͕ϮϬϬϬϱͮϮϬϮ͘ϴϲϮ͘ϱϬϬϬ For more information or to register, visit bestplacestoworknyc.com. For ǁǁǁ͘ĐĂƉůŝŶĚƌLJƐĚĂůĞ͘ĐŽŵ additional questions, contact Cara S. Trager, Crain’s editor for the Best Places to Work project, at [email protected]. —CARA S. TRAGER

6 | Crain’s New York Business | June 15, 2015 20150615-NEWS--0007-NAT-CCI-CN_-- 6/12/2015 12:54 PM Page 1

HEALTH CARE

Raske’s salary package reflects his “re- down its operations. FEGS’ credi- location last week,on the Upper East sponsibilities and accomplishments” tors have been tackling the issue of Side, with a deep-pocketed investor: Correctional health during his 30-year leadership, as well how to get money out of real estate the Mount Sinai Health System. as his role with for-profit subsidiary assets.On June 3,lawyers for FEGS Cure Urgent Care’s new site is a GNYHA Ventures. The trade asked the bankruptcy court for per- joint venture with the hospital, group’s business arm recently applied mission to hire Cushman & Wake- which already was credentialing contractor dumped for a medical-marijuana license. field as the exclusive broker to un- Cure physicians for its network. —barbara benson load FEGS’ properties at 3600 Elan Katz, chief executive of Cure Jerome Ave.in the Bronx and 3312- Urgent Care, founded the chain in ayor Bill de Blasio announced last week that the New York 30 Surf Ave. in Brooklyn. 2014 with emergency physicians City Health and Hospitals Corp. will take over the admin- FEGS to sell off —barbara benson Joseph Feldman and Jake Deutsch. istration of health services at the city’s correctional system, its buildings The 2,900-square-foot clinic is a decision triggered by a scathing report that chronicled the located on the ground floor of an failures of a for-profit company contracted to deliver health Federation Employment & Guid- Urgent-care chain apartment building at East 96th Mcare services to the city’s prisoners. ance Services is gearing up to unload partners with Sinai Street and Third Avenue.The loca- A Department of Investigation report found that Corizon Health its real estate.The Manhattan-based tion has eight exam rooms and in- failed to screen employees and provided inadequate mental-health servic- social-service provider, which filed The owners of a startup chain of cludes a pharmacy. es for inmates. Most significantly, Corizon’s faulty care was tied to the for bankruptcy in March, is winding urgent-care centers opened a third —jonathan lamantia

deaths of at least two inmates who received inadequate mental health services. The city is not renewing a Using energy wisely saves three-year, $154 million contract you money, and lessens with Corizon that expires at year’s the load on our system. end. DOI’s review blasted the city’s So if that’s a catch, you Department of Correction and De- have to admit, it’s a pretty partment of Health and Mental good one. To learn more, Hygiene for their failures to super- call 1-877-797-6347 or visit vise Corizon’s hiring practices and commercial.conEd.com. the quality of its health care services for inmates. Corizon said it was un- fairly portrayed in the report and had acted in accordance with state law and city policies in hiring 1,000 Rikers Island staff members. —jonathan lamantia Nurses back at negotiating table Mediated negotiations between the New York State Nurses Association and New York City hospitals con- tinue on June 15 and 16 at the re- quest of federal mediators. Mount Sinai Hospital, Mount Sinai St. Luke’s Hospital, Mount Sinai Roosevelt Hospital, Monte- fiore Medical Center, New York- Presbyterian Hospital,Maimonides Medical Center and Staten Island University Hospital have put walk- out plans in place after a strike au- thorization vote this month by the union.NYSNA can issue hospitals a 10-day strike notice at any time through July. The union is pressing hospitals AN to make RN staffing ratios part of the contracts for the first time.Hos- pitals are bracing for what could be the city’s largest nurses’ strike ever. —barbara benson ENERGY COMPANY NYC hospitals’ $4 million men ENCOURAGING CUSTOMERS TO USE The chief executives of New York City’s medical centers routinely earn multimillion-dollar pay packages at their nonprofit institutions.Dr.Ken- LESS ENERGY? neth Davis,president and chief exec- utive of the Mount Sinai Health Sys- WHAT’S THE tem,was paid $4.1 million in 2013,as did his counterpart at Montefiore Medical Center, Dr. Steven Safyer. But there’s one exec who out- earned everyone: Kenneth Raske. CATCH? As chief executive of the Greater New York Hospital Association—a nonprofit trade group that lobbies at the state and federal levels—Mr. Raske raked in $4.2 million in 2013, up 20% over 2012. A GNYHA spokesman said Mr.

June 15, 2015 | Crain’s New York Business | 7 20150615-NEWS--0008-NAT-CCI-CN_-- 6/12/2015 6:10 PM Page 1

OPINION CRAIN’S Conservative by comparison NEW YORK BUSINESS editor in chief Rance Crain publisher, vp Jill R. Kaplan emember when then-candidate Bill de the job and unable to continue.They are still free to work in EDITORIAL executive editor Jeremy Smerd Blasio called himself a “fiscal conservative” other capacities or get federal disability pay. A key change assistant managing editors Barbara Benson, back in 2013? It may be time to stop was that heart and lung ailments were not automatically Erik Engquist senior news producer Amanda Fung snickering.The way other New York deemed to be job-related—a presumption that contributes copy desk chief Steve Noveck art director Carolyn McClain elected officials have been behaving lately, to abuse of the system. At times, the portion of city retirees staff photographer Buck Ennis suddenly the mayor looks like the only getting disability pensions has reached 40% among police senior reporters Aaron Elstein, Matthew Flamm, Daniel Geiger, Adrianne Pasquarelli adult in the room. and 60% among firefighters, far higher than for first- reporters Joe Anuta, Andrew J. Hawkins, responders elsewhere in the state or nation. Jonathan LaMantia, Caroline Lewis First, the City Council renewed its push to add 1,000 data reporter Gerald Schifman police officers despite crime being at historic lows.Then Mr. Cuomo’s first term was marked by fiscal restraint that editorial interns Carly Apar, Erica Davies, R Danni Santana Gov. Andrew Cuomo and state Senate Republicans helped return a modicum of respectability to Albany. But the editor at large Glenn Coleman lavish disability pensions he now favors would bring us back columnist Greg David seconded unions’ cries to expand prevailing wage for contributing editors Tom Acitelli, construction workers. Now state lawmakers want to jack up to the bad old days, Theresa Agovino, Paul Bennett, Erik Ipsen, saddling city taxpayers Elizabeth MacBride, Judith Messina, Elaine Pofeldt, public pension payments by undoing a modest reform Next to Cuomo Miriam Kreinin Souccar, Cara S. Trager Albany approved just a few years ago. with costs for decades. ADVERTISING On these issues, Mr. de Blasio has emerged as the voice of and the council, Mr. de Blasio, hoping advertising director Joanna Harp senior account managers reason. With overall crime still falling but millions of New to minimize the Jill Bottomley Kunkes, Rob Pierce the mayor looks account managers Zita Doktor, Stuart Smilowitz Yorkers struggling, the mayor sees plenty of better uses for damage, pushed a more marketing coordinator LeAnn Richardson the $100 million-plus it would cost annually to boost NYPD reasonable sweetener sales/events coordinator Tara Richmond fiscally sensible Jason Hogan through the council last credit manager (313-446-0353) head count, which is already high, relative to other cities. He ONLINE AND INTERACTIVE SERVICES has selectively ramped up educational and social programs week, but its chances in general manager Rosemary Maggiore while using most of the city’s $3 billion surplus to pay down Albany are poor.The CUSTOM CONTENT, EVENTS AND PRODUCTION mayor also asked state crain’s 5boros general manager debt, build reserves for the next downturn and save for the Irene Bar-Am massive liability of city retirees’ health care. lawmakers to end the 421-a tax-exemption program if they director of audience & content partnership development Michael O’Connor Six years ago, then-Gov. David Paterson donned the don’t fix it, but the governor and legislature seemed inclined director of conferences & events mantle of fiscal sanity to veto a too-generous pension to extend the old, inferior version.The mayor should at least Courtney Williams manager of conferences & events extender, leading to disability pensions being reduced for hold his ground on the council’s unjustified demand for Adrienne Yee events coordinator & scheduler police and firefighters hired after 2009.Those workers get 1,000 more cops—an issue that doesn’t involve Albany. Alexis Sinclair 50% of their salaries for life, rather than 75%, if injured on Adults, after all, are supposed to be the ones in charge. director, reprints and licensing Lauren Melesio production and pre-press director Simone Pryce media services manager Nicole Spell COMMENTS TO SUBSCRIBE: For print and digital subscriptions or customer service, e-mail [email protected] or call 877-824-9379 (in the U.S. and Canada) or 313-446-0450 (all other locations). $3.00 a copy for Leave education to teachers the print edition; or $99.95 one year, $179.95 two years, for print subscriptions with digital access. www.crainsnewyork.com/subscribe POLITICIANS PLOT the way in the education of our TO HAIL WITH OBJECTIVITY before the court.The eventual children. court decision will not hang on the TO ADVERTISE: SCHOOL TAKEOVERS Contact Joanna Harp at [email protected] —robert heizman Re “City seeks to move taxi- revenue and/or medallion values or call 212-210-0278. Tenicka Boyd advocates using the Bohemia, N.Y. industry lawsuit out of Queens” since Uber was born.The germane www.crainsnewyork.com/advertise teacher-evaluation method from (CrainsNewYork.com): I am con- issue will be: “Is the smartphone FOR INFORMATION ON OUR EVENTS: the very people who forced the HOUSING NEW YORK fident that Crain’s has seen previ- app identical to and does it serve Contact Courtney Williams at Common Core debacle on this ous attempts of individuals or the same purpose as a street hail? [email protected] or 212-210-0257. state (Op-Ed, CrainsNewYork Re “A real plan to build housing” municipalities throughout New If so, what will the remedy be?” www.crainsnewyork.com/events .com). Noneducators making edu- (Editorial, June 8): New York York and beyond to remove a spe- While none of us can predict FOR INFORMATION ON CRAIN’S 5BOROS: cation decisions. How can it not City is one of the most profitable cific issue or case from one juris- how a court will decide this case, Contact Irene Bar-Am at be a disaster? housing markets in the country. diction to another for reasons that suffice it to say that in the techno- [email protected] or 212-210-0133. There’s no balance here, except We don’t need more government would better serve the requesting logical world we are now living in, www.5boros.com the “balance” is in the state’s favor. involvement. The answer to our party. Put simply, it’s what lawyers it is apparent to me and many TO CONTACT THE NEWSROOM: These “standards”—as with all the problem is more market-rate do in the best interest of their others that a smartphone app 685 Third Ave., New York, NY 10017-4024 editorial phone: 212-210-0277 Common Core “standards”—are housing. Lots and lots of it. Hun- clients. It’s one of the tools in serves the identical purpose as a fax 212-210-0799 all about the teachers and not the dreds of thousands of units of it. their box. street hail, and therefore cannot Entire contents ©copyright 2015 Crain Communications Inc. students. They are set up for Get government out of the way, Given that, the judge will first be considered something else. All rights reserved. ®CityBusiness is a registered trademark teachers to fail, so the government and make it easier and quicker to have to decide on the city’s mo- Getting back to your article, I of MCP Inc., used under license agreement. can then swoop in and “save” the build by reducing the layers of tion. Should the judge decide in believe you should have presented CRAIN COMMUNICATIONS INC. BOARD OF DIRECTORS educational system with a com- bureaucracy. favor of the city, then the case will the issue in a manner that does chairman Keith E. Crain plete takeover. And we all know The Empire State Building be joined with the prior case filed not slant the reader to believe the president Rance Crain treasurer Mary Kay Crain how effective government is in was constructed in 13 months. in Manhattan. If the judge agrees lawsuit presented by the plaintiffs Cindi Crain managing these types of things. Today you can’t build a four- with the plaintiffs, then the case should be co-joined with the executive vp, operations William Morrow Any teacher evaluation that family home in the Bronx in that will be heard in Queens. Manhattan lawsuit. Your job is to executive vp, director of strategic includes so-called student growth amount of time. Also, your opinion that because present both sides of the issue in a operations Chris Crain is not an effective evaluation Get rid of rent stabilization. the taxi fare-box revenue is down nonprejudicial way. executive vp, director of corporate operations K.C. Crain method. As with all the Common Get rid of height requirements. about 5%—and that because a It is clear to this reader that senior vp, group publisher David Klein Core “standards,” this one-size- Let the builders build. Let’s just medallion sold recently for nearly your article was slanted to side vp/production, manufacturing David Kamis fits-all mentality just does not get out of their way and let them $700,000—proves that the indus- with Uber. chief financial officer Thomas Stevens work. This is what happens when do their thing. try is in no imminent danger of —artie carucci chief information officer Anthony DiPonio politicians shove educators out of —weneedmorehousing collapse is irrelevant to the issue North Haledon, N.J. founder G.D. Crain Jr. (1885-1973) chairman Mrs. G.D. Crain Jr. (1911-1996) secretary Merrilee Crain (1942-2012) CRAIN’S WELCOMES SUBMISSIONS to its opinion pages. Send letters to [email protected]. Send columns of 475 words or fewer to [email protected]. Please include the writer’s name, company, address and telephone number.

8 | Crain’s New York Business | June 15, 2015 20150615-NEWS--0009-NAT-CCI-CN_-- 6/11/2015 6:05 PM Page 1

REP. CAROLYN B. MALONEY Losing Ex-Im Bank credit agency provides about 1.5 times as much medium- and long- term financing as the U.S. bank. South Korea, with just one-sixth of would cost NYC biz our population, has an agency that provides more new medium- and n just over two weeks, on June 30, the charter for the long-term export credit financing Export-Import Bank of the United States will expire un- than ours. In fact,the top 10 exporting coun- less Congress acts to renew it.Some Republicans are de- tries in the world have export-credit termined to let the Ex-Im die. If they succeed, it will be agencies.If ours is killed off,the deals bad news for businesses across the country—including it would have facilitated will likely go about 350 here in New York state that depend on the bank. to foreign competitors, happily as- I sisted by their own ex-im banks. Between 2012 and 2014, it supported more than $1.1 billion Reauthorization of the U.S. Ex- in exports by New York City companies alone. It helped them Im Bank is strongly supported by the U.S. Chamber of Commerce expand business overseas by pro- The Ex-Im helped Met Weld and the National Small Business viding loans, loan guarantees, in- win the $6 million project. Partly Association.The National Associa- surance, expertise and other sup- because of that, the company tion of Manufacturers has stated,“If port. Across the country, the tripled its staff of highly skilled the bank is not reauthorized, people Ex-Im has supported an estimated workers, engineers, fabricators and are going to lose their jobs and man- 1.3 million jobs since 2009. Last craftsmen. ufacturers will be hurt.” fiscal year, it powered an estimated Critics say such deals would hap- Exports mean good jobs and $27 billion of U.S. exports at no pen without the Ex-Im, but fail to growth. Letting the bank die would cost to taxpayers. mention that the deals will go to be an act of unconditional surrender The Ex-Im helps companies like businesses in other countries helped that would cost New York City busi- Met Weld International of Alta- by their own export-credit agencies. ness and jobs.This should be an easy mont, N.Y., expand into new mar- Letting the bank die is asking choice. It is high time Congress kets. Met Weld makes skid- America to unilaterally disarm. voted to renew the charter of the mounted process systems for About 60 export-credit agencies Export-Import Bank. industries including oil and gas.The exist around the world, and they are company turned to the Ex-Im on a serious about grabbing a bigger Rep. Carolyn B. Maloney represents New deal with a Middle East buyer when share of global trade. York’s 12th Congressional District and is the its usual private bank said it would China’s new medium- and long- ranking Democrat on the Joint Economic take part only if the Ex-Im, with its term export financing volume is Committee and a senior member of the knowledge and experience in such more than three times that of the House Financial Services and Oversight matters, were involved. United States. Germany’s export- and Government Reform committees.

CITY’S BOOM Percentage increases in various When tax revenues bellwether categories from prerecession levels (2007-2008) to 2014: outpace the economy JOBS +8% VALUE OF REAL ESTATE SALES +14% PERSONAL INCOME +20% very time people peek into the city’s coffers— TOURISTS +20% whether it is the mayor preparing his latest finan- ALL NYC TAX REVENUE + 32% cial plan,or the Independent Budget Office check- Sources: NYS Department of Labor, NYC & Company, NYC ing his math, or the state comptroller providing an Office of Management and Budget, NYC Department of Finance extra set of eyes—they find more money. Last Eweek,the comptroller said the city would end its 2015 fiscal year est 10% of taxpayers provide more on June 30 with $3 billion left over. than three-quarters of the income- The comptroller also made a second, crucial point:The city’s tax revenue. Real estate taxes are in- flated by major commercial proper- total tax revenue is now 32% higher ty sales, such as office buildings. than it was before the recession. The result: What goes up rapid- Ah, the benefits of a strong econ- ly in a strong economy will come omy—and, yes, the city is now in crashing down in a recession. what can only be called a boom. So far, the mayor understands Here’s the kicker: Tax revenues are this.Though spending is up,his ad- increasing much faster than the ministration has put aside $1 billion economy itself. in a reserve for the operating budg- The chart compares the prereces- et and $500 million in a fund for the sion peak in key economic indicators capital plan, and increased its trust to the most recent data.(The first data to pay retiree health care costs to points are from 2007 or 2008;the sec- $2.6 billion. Michael Bloomberg ond are primarily 2014 numbers.) GREG DAVID was the first mayor to fund and de- Note the percentage gains. They’re fund the trust to balance his budg- real—and they’re spectacular. et, and Mayor Bill de Blasio is like- This does not happen in most the city piles on a progressive income ly to do the same. cities around the country. Munici- tax (one of just a few in the country, The City Council—no sur- palities tend to rely on the property according to the Independent Budget prise—wants to spend more than tax, which is a stable source of rev- Office), and it benefits from real es- the mayor,given the good times.We enue that typically goes up or tate transfer taxes that soar when will see who better understands down gradually. property markets are good. NYC Budgets 101 when the two The property tax is the largest sin- These taxes are paid by a relative- sides reach an agreement at the end gle source of money for New York,but ly small number of people.The rich- of the month.

June 15, 2015 | Crain’s New York Business | 9 20150615-NEWS--0010-NAT-CCI-CN_-- 6/11/2015 6:08 PM Page 1

REAL ESTATE INSIDE The Lists New York area’s largest architecture and engineering firms PAGES 13-15 Lender bender Developers want in on REPORT mezzanine-financing action PAGE 12

HELP WANTED. REALLY, REALLY WANTED: “This is the toughest [hiring] WhereWhere havehave allall thethe market I’ve seen in 20 years,” said architecture-firm owner Michael architectsarchitects gone?gone? Szerbaty. The field is finally booming again, but designers with five to 10 years of experience are rare commodities —and they command big bucks buck ennis He’d settle for architects with as new neighborhoods like Manhat- LESS IS ... LESS BY ERIK IPSEN little as one year of experience who tan’s Hudson Yards. simply knew their way around basic Yet firms have woken up to dis- For architecture execs, salaries are computer-aided design software. cover a hole in the talent pool:a miss- relatively low. That has led to a “This is the toughest [hiring] mar- ing generation of young architects dearth of talent in the industry. n October, Michael Szerbaty began searching for as 2014 top salary in NY: many as four seasoned architects to help his 13-person ket I’ve seen in at least 20 years.” whose careers failed to take root in the $150K Two years ago,architecture firms firm handle a surge in design work. More than six Great Recession, which began in were still clawing their way back 2008.Without those seasoned hands, $100K months later, he’s still at it. from the Great Recession, when many firms are making due with less- “Initially, I went looking for people with five to seven business all but dried up. Now con- experienced people, and as a conse- years of experience, then I expanded that to [as little as] three struction is booming,and demand is quence, are devoting more time, as sky-high for architects to design well as money, to training them. I Design-firm Project years,” he said. Last month, the founder of his namesake 30- new schools and high-end residen- Meanwhile, members of the president manager year-old Manhattan-based firm lowered his sights yet again. tial condominiums—even whole See ARCHITECT on Page 12 Source: Bespoke Careers

10 | Crain’s New York Business | June 15, 2015 Commercial Real Estate

WE MAKE THE IMPOSSIBLE POSSIBLE “We had a very short time frame to secure fi nancing for our multifamily acquisition. Capital One assured us they could do it – and they delivered.” - Russ Kindorf, Alliance Residential Company

We’re focused on delivering results, even when things get tough. Give us a call to fi nd out how we can go above and beyond for you.

CONTACT US [email protected] 855-we-do-more (855-933-6667)

Subject to credit approval. Additional Terms and Conditions apply. Products and services are offered by Capital One, N.A., NMLS ID 453156, Equal Housing Lender and Member FDIC. © 2015 Capital One. All rights reserved. capitalone.com/cre

CCB141028NY_35_RunningMan_CrainsNY.indd 1 2015-05-26 11:48 AM

CAPITAL ONE 10.875” X 14.5”—FULL PAGE CRAIN’S NEW YORK

CLIENT Capital One APPROVALS

CCB141028NY_35_RunningMan_CrainsNY CREATIVE TEAM CREATED May 15, 2015 35 MAC PRODUCER ACCOUNT CREATIVE David Niblick ( NY ) Amelia MacGregor ARTIST Hilary Guilliams ( NY ) Derek Anderson ( NY )

TAXI NY INSERTION PROOFREADER MAGAZINE Crain’s New York June 15 2015 230 Park Ave South, DATE(S) 12th Floor, New York, NY DPS PRODUCER TRIM 10.875” x 14.5” LIVE 10.25” x 14” BLEED 11.25” x 14.75” SPS USA 10003 / SPS T: 212.414.8294 COLORS CYAN MAGENTA YELLOW BLACK F: 212.414.8444 I I I I CLIENT / ACCOUNT MANAGER MAGAZINE INFO Job Number: CCB141028NY_35_RunningMan_CrainsNY XXXX All colors are printed as process match unless indicated otherwise. Please check before use. In spite of our careful checking, errors infrequently occur and we request that you check this proof for accuracy. TAXI’s liability is limited to replacing or correcting the disc from which this proof was generated. We cannot be responsible for your time, film, proofs, stock , or printing loss due to error. HIRES PDFX1A 20150615-NEWS--0012-NAT-CCI-CN_-- 6/11/2015 6:09 PM Page 1

REPORT REAL ESTATE

CLARION PARTNERS placed a $10M-plus Architect shortage mezzanine loan on behalf of a client on Continued from Page 10 the new Hilton Garden also made it harder for people who Inn. thinned ranks of the lost generation left the field in the lean years to find themselves in high demand. climb back into the game today, Not only can they have their pick of only adding to the talent shortfall. firms, but they also can expect to New tools like BIM are giving make up to 15% more than a year architects a bigger, more powerful ago—and then pile up lucrative role in the development process, overtime hours on top of that. one that adds to the need for talent. “Right now, there are plenty of Today, architects’ involvement in a architecture-school graduates avail- project can extend all the way from able,but people with five to 10 years advising developers on site selec- of experience are a different story,” tion and zoning requirements to said David Briggs, principal at Loci construction. Architecture. Vishaan Chakrabarti, who That’s proving a challenge for a teaches real estate development at growing industry. The American Columbia University and is a part- Institute of Architects index of ner at SHoP Architects, points to firms’ billings rose more than 1 his firm’s vision for the swooping point, to 51.7, in March from the Barclays Center in Brooklyn. “The previous month. Any reading above design for the façade went straight 50 indicates growth. Meanwhile, from our computers to the build- the AIA’s index for inquiries about ing’s fabricators,” he noted. “As ar- future projects hit 58.2. chitects in the 20th cen- Similarly, employment tury we had to sit at the in the hot residential con- 15% kiddie table, but now we struction market nation- INCREASE IN have moved up to sit with SALARY over buck ennis wide soared by 153,000 in the adults.” 2014 that the first four months of experienced the year, a gain of nearly architects can Lateral moves 7%, according to the Bu- expect That expanded role is Why buy when you can lend? reau of Labor Statistics. yet another reason why “Business is great,” said Scott some architects are making lateral MacTavish, managing director of moves within the profession to Bespoke Careers, a London-based larger or hotter firms willing to pay Mezzanine finance appeals architectural headhunting firm 10% to 15% more for talent. that opened in New York about 18 “Some members tell me that months ago. “Our clients are they are aghast at what people are The chance to lend The business is attracting other need to refinance are also turning to screaming for talent.” asking for—the more talented and big names in the city’s real estate in- mezzanine loans if other loans are To help them land it, he now seasoned they get, the more de- to others attracts dustry, many of whom have previ- not covering their costs. hosts regular parties to try to build manding they become,”said Tomas ously been buyers,not lenders.Scott Lenders have also generally bridges with coveted veteran de- Rossant, the current head of the some of city’s biggest Rechler, chief executive of RXR avoided piling multiple mezzanine signers. He said the Hong Kong New York chapter of the AIA, and names in real estate Realty, said a $2 billion investment loans into deals.That led to tumult and London design markets are a founding partner of Ennead Ar- fund recently raised by his firm and during the recession, when differ- similarly tight. chitects. Northstar—a Texas-based real ent lenders on the same property The collision of greater demand He said that in a business accus- BY DANIEL GEIGER estate investment trust—will dedi- grappled with one another, some- and a relative scarcity of talent is tomed to booms and busts,the nec- cate a portion of its activities to times in court, over who had the touching off a rare jump in the pro- essary adjustments can and will be Soaring real estate prices and fren- making mezzanine loans in the city. right to take control of a property fession’s notoriously modest wages. made. Not only are overtime hours zied competition to own every type Silverstein Properties, developer and whose interest was wiped out. A recent survey by Bespoke found at many firms soaring, but those of property in the city have left even of office towers at the World Trade that as of last year, income for a de- working long hours are also likely deep-pocketed investors unable to Center site as well as residential ‘Bigger hole to fill’ sign firm’s president in New York to find bonuses of 15% or so added get in on the action. A growing projects around the city,plans to of- “Whereas you saw banks loosen ranged from $100,000 to $150,000 to their year-end paychecks. number are finding an attractive al- fer mezzanine loans for construc- their lending restrictions during and from $70,000 to $100,000 for “Firms report they are very busy, ternative: switching from buying to the last property boom, the big in- a project manager. but architects have experience to lending. stitutions are being much more Those wages, considered rela- deal with this, and they will not Mezzanine loans in particular ‘We look at careful in extending as much debt tively low for people with advanced blow schedules or miss deadlines,” are becoming a hot business not just today,” said Peter D’Arcy, the re- degrees, are widely seen as con- he said. because interest rates on commer- alternatives gional president of M&T Bank.“It tributing to today’s talent shortage To pull that off, some are trim- cial properties are reaching into the leaves borrowers with a much big- as designers take their skills to in- ming their workload by turning double digits; they also allow if the market ger hole to fill.” dustries that pay more. Greasing down smaller, less-lucrative jobs. lenders to stand first in line should a But competition and rising that path is the increasing technical Others are hiring more aggressively. property foreclose. That has made is too frothy,’ property prices and interest rates sophistication of a profession that Mr. Briggs at Loci Architecture some lenders hopeful for the burst- may be pushing at least some has embraced computer-aided de- has done both. After an analysis of ing of a property bubble. said Bill Rudin lenders back to those riskier struc- sign, more recently 3-D CAD, and the firm’s projects during the past “There are a variety of situations tures. Developer Ziel Feldman was now something called Building In- year revealed that two-thirds of where investors are looking at the rumored to have arranged several formation Modeling, which them were small and that together price of buying something and aren’t mezzanine loans for his recent ac- among other things allows design- they accounted for 30% of fees, he comfortable with where the value quisition of an $870 million site ers to seamlessly work with shifted to larger projects. is,” said Drew Fung, an executive at tion projects. Even Bill Rudin, along the High Line.That could be builders. In another switch, in April he Clarion Partners who heads the in- whose family assembled a New York a worrying indication, said Alan and colleagues interviewed a prom- vestment firm’s debt investment real estate empire but has never been Weiner, a senior lending executive Tech skills an advantage ising candidate who had three years group.“We’re seeing some investors in the lending business, is consider- at Wells Fargo, who was not refer- “Certainly, anyone going into of experience in Virginia and none who decide they’d rather be in a ing getting into mezzanine debt for ring to Mr.Feldman’s reported deal tech industries is likely to find more in New York,where a mastery of the mezzanine loan where,if the project the first time. specifically . demand for their skills and greater city’s complex building codes and heads into foreclosure,they can take “Yes, we have looked at it,” Mr. And because many mezzanine income,” said Lance Jay Brown, a development process can be vital. ownership of the property at 75 or Rudin said.“We look at alternatives loans are pegged to short-term in- former president of the AIA’s New Nonetheless, they were im- 80 cents on the dollar.” if we feel that the market is too terest rates, rising rates could make York chapter who teaches at pressed. Instead of bringing her to frothy.” mezzanine debt a lot more expen- CUNY and heads his own name- the city for a second interview,they Silverstein, Rechler, Rudin Before the Great Recession, sive, causing defaults among own- sake design firm. “A lot of archi- Skyped one morning. Later that In April,Mr.Fung placed a mez- mezzanine loans could cover a prop- ers who can’t cover the higher pay- tects today have a much broader day, they made an offer. zanine loan worth more than $10 erty’s full purchase price or even be- ments. view of what the future might hold “She was bowled over,” he said. million on behalf of a client of Clar- yond, to help a new owner pay for “There are definitely signs the for them than they might have had “I’ve never hired anyone full time ion Partners on the recently com- improvements. Now most loans mezzanine market is returning to a 30 or 40 years ago.” off Skype, but in this market peo- pleted 35-story, 401-room Hilton rarely cover more than 90% of the repeat of the last property bubble,” The increasing technical so- ple are being hired very quickly and Garden Inn on West 54th Street. asset price. Property owners that Mr. Weiner said. Ⅲ phistication of the profession has you have to move fast.” Ⅲ

12 | Crain’s New York Business | June 15, 2015 20150615-NEWS--0013-NAT-CCI-CN_-- 6/11/2015 6:11 PM Page 1

THE New York Area’s Largest Architecture Firms LIST Ranked by number of area architects

(From left) 1 SOHO SQUARE, Gensler (No. 3); BACCARAT HOTEL, Skidmore Owings & Merrill (No. 5); WEILL CORNELL MEDICAL COLLEGE BELFER RESEARCH BUILDING, Ennead Architects (No. 7); 220 CENTRAL PARK SOUTH, Robert A.M. Stern Architects (No. 10); 432 PARK AVE., SLCE Architects (No. 13); FORDHAM UNIVERSITY LAW SCHOOL AND RESIDENCE HALL, Pei Cobb Freed & Partners Architects (No. 21).

 )BB5" @25)!@&!" 352'" 76) "! 6B2#BB5"B2##& " B5" 25)!@&!" 216758 7&21 80"5B2# B5" 727)B6485" 3%21" 5 %&7" 76 5 %&7" 76 92)80" 352'" 76 6"59& "B0&A #227$" 1( &50 @"6&7"     &1B0&))&216  &1B  'B2#B&))&1$6 &1B0&))&216  ")" 7"!BB5"B352'" 76 )&"176 0BSGFPT8TUI8P 8&8& '82159   0 6FHeRH! #ePUVgRPgheR!6    HVQRa4HaR" A3%% bfVR (VSgU#iR %UHVe`HaPUVRSRqRPhgViR    CA! aTVaRReVaT!6 @bIRegfbaAheTRer%RagRe 6RpFbeX6F ()* agReaHgVbaHY! agReVbef!6 cReXVafRHfg`HaPb` YHaaVaT!6  @RfgbeHgVba!6 %QEP0BABSTBP QXTTQ@F8UBT  '9B5 ' 7'8'8   aQ 6FHeRH! #ePUVgRPgheR! 6 aQ 0hQfbaFHeQf"DHaQReIVYg EaQAg eRfVQRag   CA! YHaaVaT!6 6RpFbeX6F () * agReaHgVbaHY!  XcSPb` !BPTHBS $15 '8B1 9'7 85   aQ 6FHeRH! #ePUVgRPgheR!6 aQ gfr"AbUbAdhHeR AVqgU#iR @RTVbaHY`HaHTVaTceVaPVcHYf   CA! aTVaRReVaT!6 6RpFbeX6F () * agReaHgVbaHY! agReVbef!6 TRafYRePb` YHaaVaT!6  @RfgbeHgVba!6 ")% 8 1   0 6FHeRH! #ePUVgRPgheR!6 aQ V`RfAdhHeRhefg erHagHeX HaHTVaTceVaPVcHY   CA! aTVaRReVaT!6 eTHaVsHgVba"4H)hHeQVH#Vecbeg 6RpFbeX6F ()* agReaHgVbaHY! agReVbef!6  UbXPb` 2GFAIQSB)WFPDT'BSSFHH    '9&1'5'8     aQ 6FHeRH! #ePUVgRPgheR!6 aQ HaUHggHaERfg"HPPHeHg0bgRY EHYYAg HaHTVaTcHegaRe   CA! aTVaRReVaT!6 @RfVQRaPRf 6RpFbeX6F () *  agReaHgVbaHY! agReVbef!6 fb`Pb` YHaaVaT!6  @RfgbeHgVba!6 2RB@UQS!SQVR   7'8 8 7'8   0  6FHeRH! #ePUVgRPgheR!6  RhgfPUaP"RHYRegeHPX  HQVfba#iR eVaPVcHYf   CA! agReVbef!6 URHQdhHegRef 6RpFbeX6F () * agReaHgVbaHY! YHaaVaT!6  fcRPgbeTebhcPb` @RfgbeHgVba!6 PPB8AS@EFUB@UT 85'89    0 6FHeRH! #ePUVgRPgheR!6  ERVYY%beaRYY RQVPHY%bYYRTR EgUAg ()*   CA!  RYSRe@RfRHePUhVYQVaT" HssHg 6RpFbeX6F RaaRHQPb` agReaHgVbaHY! 4VaPbYa%RagRe(eRQReVPX@bfR  chIYVPfcHPReRQRfVTa BUS81VAAYS@EFUB@UVSB 5 '8   0  6FHeRH! #ePUVgRPgheR!6   gUAgeRRgUbgRY0VTUTHgR ebHQpHr eRfVQRag   CA! agReVbef!6 @bPXcbVag"AgRYYHbpRe A 6RpFbeX6F () *  agReaHgVbaHY! YHaaVaT!6 RiRYbc`Rag)ebhcebcRegr PRgeHehQQrPb` @RfgbeHgVba!6 HeXRgf)ebhc 6 )5&  ! '1'8   0 6FHeRH!  #ePUVgRPgheR!6  0hQfbaYiQ"heiRfAgeRRg E gUAg HaHTVaTcHegaRe   CA! agReVbef!6 eRfVQRagVHYQRiRYbc`Rag 6RpFbeX6F ()* agReaHgVbaHY! YHaaVaT!6 SqSbpYRPb` @RfgbeHgVba!6 1Q9BSU ' 2UBSPS@EFUB@UT $'8   '85 !  0 6FHeRH! #ePUVgRPgheR! 6  HeX#iRGRPXRaQbeS EgUAg (bhaQReHaQfRaVbecHegaRe   CA!  agReVbef!6 RiRYbc`Rag"%RageHYHeX 6RpFbeX6F () * agReaHgVbaHY! YHaaVaT!6 AbhgUDbeaHQb@RHYgrehfg  eH`fHPb` 2UBREBP $8@Q9T!SQVR '7'5  $9   0  6FHeRH! #ePUVgRPgheR!6  0HpgUbeaHeX"VaRAg HeX#iRAbhgU eRfVQRag   CA! agReVbef!6 6RpFbeX6F ()* agReaHgVbaHY! @RfgbeHgVba!6  fIWTebhcPb` !BSPBS%SQPF@G$48H@8S@BH  5&7"'85'8 18& # 8512   0 6FHeRH! #ePUVgRPgheR!6  hefgeTHaVsHgVba")(%HcVgHY HeX#iRAbhgU 1$ ' %8'   CA! aTVaRReVaT!6 @RfbhePRf)ebhcaP 6RpFbeX6F eVaPVcHYf agReaHgVbaHY! agReVbef!6  () * YHaaVaT!6 TXiHePUVgRPgfPb` @RfgbeHgVba! 6 2&S@EFUB@UT  '9  &B1&95 2!'29   0  6FHeRH! #ePUVgRPgheR!6 aQ HeX#iR"@ViRefVQR%RagRe  ebHQpHr HegaRef   CA! hVYQVaTpb 6RpFbeX6F ()  * agReaHgVbaHY!  fYPRHePUPb` BYBSHFPABSBHHBS@EFUB@UT0H8PPBST  (8'&'8125&   0 6FHeRH! #ePUVgRPgheR! 6  %bbcRe0RpVggA`VgUfbaVHa ebHQpHr HaHTVaTcHegaRe   CA! aTVaRReVaT!6 RfVTa hfRh`"%UhePURafVba 6RpFbeX6F ()* agReaHgVbaHY! agReVbef!6 )ebhc IRrReIYVaQReIRYYRPb` YHaaVaT!6  @RfgbeHgVba!6 ($  1 !  595 5 $ !   aQ 6FHeRH! #ePUVgRPgheR!6 aQ 6FC4HaTbaR RQVPHY%RagRe" @RPgbeAg HegaRef   CA! agReVbef! 6 fgHgR(bhe 6RpFbeX6F () *  agReaHgVbaHY!   aIIWPb` Continued on Page 14

June 15, 2015 | Crain’s New York Business | 13 20150615-NEWS--0014-NAT-CCI-CN_-- 6/11/2015 6:12 PM Page 1

THE LIST Largest Architecture Firms

 )BB5" @25)!@&!" 352'" 76) "! 6B2#BB5"B2##& " B5" 25)!@&!" 216758 7&21 80"5B2# B5" 727)B6485" 6RpFbeX6F ()3%21" *  5 %&7" 76 5 %&7" 76 92)80" agReaHgVbaHY!352'" 76 6"59& "B0&A #227$" 1( &50 aIIWPb`@"6&7"     &1B0&))&216  &1B  'B2#B&))&1$6 &1B0&))&216  ")" 7"!BB5"B352'" 76 )&"176 8UUPBSS@EFUB@UT )11 '15 !  aQ 6FHeRH! #ePUVgRPgheR!6  %C6FebbXYra%bYYRTRAPUbbY ebHQpHr eVaPVcHY   CA! agReVbef!6 bS%VaR`H"0HYYRggfbVaghefg 6RpFbeX6F ()* agReaHgVbaHY! YHaaVaT!6 eTHaVsHgVbaHaQ4VaPbYadhVgVRf  QHggaRePb` )ebhc "&5#PUBSP8UFQP8H  95!' 5 '815$ !  0  6FHeRH! #ePUVgRPgheR!6  )bbTYR"pVggRe (VSgU#iR HaHTVaTcHegaRef   CA! aTVaRReVaT!6 6RpFbeX6F ()* agReaHgVbaHY! agReVbef!6  UYpPb` YHaaVaT!6 8PPQPBTFDP $15 % 1$85 !  aQ 6FHeRH!aQ #ePUVgRPgheR!6 aQ 6begUAUbeR*4 0RHYgUArfgR`"  HQVfba#iR eVaPVcHY   CA!aQ aTVaRReVaT!6 bhagAVaHVRgUfeHRY 6RpFbeX6F () *  agReaHgVbaHY!aQ agReVbef!6  PHaabaQRfVTaPb` 234S@EFUB@UT#P@  & 1512  '8B'&1 !*  0 6FHeRH! #ePUVgRPgheR!6 aQ ebaqfrPUVHgeVP#QhYgRUHiVbeHY HeX#iRAbhgU qRPhgViRPUHVe`Ha   CA! aTVaRReVaT!6 0RHYgUPHeR%RagRe#A6F" 6RpFbeX6F ()* agReaHgVbaHY! agReVbef!6 %hegVf0VTUAPUbbY#QQVgVba fgiVaPPb` YHaaVaT!6 6F%A%#  @RfgbeHgVba!6 )'  8197'8 * )8&   aQ 6FHeRH!aQ #ePUVgRPgheR!6 aQ ARPbaQ#iRahRfhIpHr"ERfg UVeQ#iR ARaVbeiVPRceRfVQRagPUVRSRqRPhgViR   CA!aQ aTVaRReVaT!6 bVagHegYRgg0HYYAPVRaPR%RagRe 6RpFbeX6F `Rgeb6RpFbeX agReaHgVbaHY!aQ agReVbef!6  () *  YHaaVaT!6 HRPb`Pb` 0BFQ99 SBBA08SUPBSTS@EFUB@UT '8$' " 1'8   0 6FHeRH! #ePUVgRPgheR! 6  erHagHeX0VaRf"HPbYRg VaRAg HaHTVaTcHegaRe   CA! aTVaRReVaT!6 VYYVXRa"YHpfPUbbYHaQeRfVQRaPR 6RpFbeX6F ()* agReaHgVbaHY! agReVbef!6 UHYY(beQUH`CaViRefVgr4VaPbYa cPS*cPb` YHaaVaT!6 %RagRePH`chf  @RfgbeHgVba!6 QQRBS1Q9BSUTQP '+5&'8 7'8   0 6FHeRH! #ePUVgRPgheR! 6  EUVgaRr hfRh`bS#`ReVPHa EVYYVH`Ag (bhaQVaTcHegaRe   CA! YHaaVaT!6 #eg"CccReHfgAVQRcRagUbhfR 6RpFbeX6F ()* agReaHgVbaHY!  PbbcReebIRegfbaPb` S8P@FT8VCCI8P  '9 819715   0 6FHeRH! #ePUVgRPgheR!6  (hYgbaAg"UR6RpAPUbbY EbegUAg eRfVQRag   CA! aTVaRReVaT!6 aabiHgVba%RagRe 6RpFbeX6F ** agReaHgVbaHY! agReVbef!6 SeHaPVfPHhSS`HaPb` YHaaVaT!6  @RfgbeHgVba!6 (%S@EFUB@UT   &8$   0  6FHeRH! #ePUVgRPgheR!6  bhagAVaHV,hRRaf RQVPHY ebHQpHr eVaPVcHY   CA! aTVaRReVaT!6 %RagRe#QQVgVba"%UHcVaAPUbbY 6RpFbeX6F () *  agReaHgVbaHY! agReVbef!6  aXHePUVgRPgfPb` YHaaVaT!6 0BSGFPT$5FHH   $'   0 6FHeRH!  #ePUVgRPgheR!6  6RpFbeXbYVPR#PHQR`r" HeX#iRAbhgU HaHTVaTQVeRPgbe   CA! aTVaRReVaT!6 Ub`fba@RhgRefV`RfAdhHeR 6RpFbeX6F ()* agReaHgVbaHY! agReVbef!6 cReXVafpVYYPb` YHaaVaT!6  @RfgbeHgVba!6

(BW 7QSG 8SB8 VaPYhQRf 6Rp FbeX %Vgr HaQ 6HffHh AhSSbYX HaQ ERfgPURfgRe PbhagVRf Va 6Rp FbeX HaQ ReTRa ffRq 0hQfba HaQ CaVba PbhagVRf Va 6Rp RefRr b dhHYVSr Sbe gUVf YVfg Pb`cHaVRf `hfg IR HePUVgRPgheR SVe`f pVgU Ha bSSVPR Va gUR 6Rp FbeX HeRH #YY VaSbe`HgVba pHf fhccYVRQ Ir gUR SVe`f aQ*6bg QVfPYbfRQ a PHfR bS H gVR Va gUR ah`IRe bS 6F HeRH HePUVgRPgf SVe`f HeR YVfgRQ HYcUHIRgVPHYYr RPHhfR bS ebhaQVaT cRePRagHTRf `Hr abg HQQ hc gb  *(hYY*gV`R HaQ ShYY*gV`R*RdhViHYRag eRTVfgReRQ HePUVgRPgf Hf bS RP  *bYYHe H`bhagf VaPYhQR baYr gUbfR cebWRPgf Pb`cYRgRQ Va  *aPYhQRf cebWRPgf Va QRfVTa fgHTR haQRe PbafgehPgVba be Pb`cYRgRQ Va  CA ah`IRef VaPYhQR gUR 6Rp FbeX HeRH agReaHgVbaHY ah`IRef HeR Sbe cebWRPgf bhgfVQR bS gUR CaVgRQ AgHgRf *bgHY fdhHeR SbbgHTR Sbe cebWRPgf Pb`cYRgRQ Va  *(VfPHY rRHe RaQf ARcg  *V`bgUr 0HeghaT haPHa 0HsHeQ )hr HqpRYY 3RiVa P%YheXHa bYYr P)bpHa @VPUHeQ YPbgg AhfHa @bQeVThRs b`Hf @bffHag bQQ APUYVR`Haa ba ERVaeRVPU HaQ Ub`Hf EbaT *(VfPHY rRHe RaQf haR  *(VfPHY rRHe RaQf(RI @RfRHePU!)ReHYQAPUVS`HaHaQ%HeYr#cHepVgUHQQVgVbaHYeRcbegVaTIr`VYr4HRe`Re

14 | Crain’s New York Business | June 15, 2015 20150615-NEWS--0015-NAT-CCI-CN_-- 6/11/2015 6:12 PM Page 1

NEXT WEEK: THE Largest Engineering Firms FORTUNATE 100 Top paid CEOs LIST Ranked by number of New York area engineers and non-CEOs

   &   # $%%  %          ' (          !  !  !  !                "   "  $$   " ) &$$ & % % $  % ' (  $  *+,-.,+/.0 +1- @018@F 055F  8!  bUWbSSfWbU"<   %IscbbS%fWRUSfIWgWbU#9IfY$pS 9Sbb9`ItI 9fSgWRSbhIbRQVWSTSrSQihWpSD    cbghfiQhWcbaUh"< 7SqGcfY7G! ./3! IQW`WhsIggSggaSbh"<  C5B3)3A(353&@F qgdUfcidQcaigI   2@3AB820@ B &@)    8! bR bUWbSSfWbU"!< !! SQcbR$pSbiSgiPqIs#cf`R fIRS  VWfR$pS SbWcfpWQSdfSgWRSbhQVWSTSrSQihWpS ! ! bR $fQVWhSQhifS" < SbhSfhfIbgdcfhIhWcbViP 7SqGcfY7G aShfc7SqGcfY cbghfiQhWcbaUh" <  C5B3)3A(353&@F ./!3! cbghfiQhWcbWbgdSQhWcb"< ISQcaQca IQW`WhsIggSggaSbh"< +,-., 0& D105&48A    8! bUWbSSfWbU" < ! 7G' 3 EWIRiQh#7G '9 %fcIRqIs SbWcfQcfdcfIhScTTWQSf  bR  $fQVWhSQhifS"< cbRcih ibbS`%sdIgg 7SqGcfY7G ./3  cbghfiQhWcbaUh"< C55A0@3(0 dIfgcbgQca cbghfiQhWcbWbgdSQhWcb"<  IQW`WhsIggSggaSbh"< .2..2/. +/.2.3/+-.4 .567+3 8/.2 &3) B 8(405   8  bUWbSSfWbU"< ! iRgcbGIfRg#7GDIbUcbS6SRWQI` ..,9 +1/5 57+ 9fSgWRSbhQVWSTSrSQihWpS    ! $fQVWhSQhifS"< SbhSfS`Sb6IfhWbWaaS` 9Sbb9`ItI ./!3 cbghfiQhWcbaUh"< 9IpW`Wcb 7SqGcfY7G `IbUIbQca cbghfiQhWcbWbgdSQhWcb"<  C5B3)3A(353&@F IQW`WhsIggSggaSbh"<   833(4 B 0@0)38   8!  bUWbSSfWbU"< ! %fcbr9gsQVWIhfWQ$Ri`h%SVIpWcfI` 9IfY$pScihV rSQihWpSQVIWfaIb    $fQVWhSQhifS"< SI`hVQIfS SbhSf'$7G#IhSqIs 7SqGcfY7G ./3 cbghfiQhWcbaUh"< 9fcXSQhiRgcbGIfRghibbS`$ahfIY  C55A0@3(0 ghpWbQQca cbghfiQhWcbWbgdSQhWcb"< +79 3105 3(855A   8    bUWbSSfWbU"< ! i`hcb SbhSf6 $ # Sh%`iS W IhSfh 9fWbQWdI`7SqGcfYUfcid`SIRSf !    $fQVWhSQhifS"< Sh%`iS$WfqIsg 7SqGcfY7G ./ !3 cbghfiQhWcbaUh"< C5B3)3A(353&@F IfidQca cbghfiQhWcbWbgdSQhWcb"<  IQW`WhsIggSggaSbh"< 1-+.5-.-4, 55/. 28&A !B (&@&10558 "8#0@B $B 0(0%&   8  bUWbSSfWbU"< ! iRgcbGIfRgS`IhSR cg#7SqGcfY3 6IRWgcb$pS VIWfaIbQVWSTSrSQihWpSdfSgWRSbh    $fQVWhSQhifS"< 9fSgPshSfWIbcgdWhI` 7SqGcfY7G .!/3  cbghfiQhWcbaUh"< B@C(BC@&5 hVcfbhcbhcaIgShhWQca cbghfiQhWcbWbgdSQhWcb"<  IQW`WhsIggSggaSbh"<  :!-+0.2/. +/.2.+1/5 57+ 3(2&05 &B '000F   8!   bUWbSSfWbU"!< ! qbSf(gSbUWbSSfhVSbSq IddIbHSS 9Sbb9`ItI SbWcfpWQSdfSgWRSbhQVIWfaIbcTdfcTSggWcbI`  !  $fQVWhSQhifS"< %fWRUSdfcXSQh#6 $7G pIfWcig 7SqGcfY7G gSfpWQSg cbghfiQhWcbaUh"< dfcXSQhg C55A0@3(0 ./!3! cbghfiQhWcbWbgdSQhWcb"< VbhPQca IQW`WhsIggSggaSbh"< " )CA& D2&)   8  bUWbSSfWbU"< !! dSQWI`WbgdSQhWcbgSfpWQSgTcfiRgcb I``h VIWfaIbQVWSTSrSQihWpS    $fQVWhSQhifS"< GIfRg#QcbghfiQhWcbgidSfpWgWcbgSfpWQSg 7SqGcfY7G ./3!! cbghfiQhWcbaUh"< dcqSf WbTfIghfiQhifSWadfcpSaSbhg C5B3)3A(353&@F VIYgbSh cbghfiQhWcbWbgdSQhWcb"< IbRiRgcbWbSgiPghIhWcbgIbR%fSqghSf IQW`WhsIggSggaSbh"< giPghIhWcbg ; ..:8 + 2&@50A B )8(431 #$  8 ! bUWbSSfWbU" < ! %Is9IfY 9DdUfIRS# fchcbIhSf ! SpSbhV$pS 9fSgWRSbhQVWSTSrSQihWpS !   $fQVWhSQhifS"< W`hfIhWcb9`Ibh7G '9 7SqGcfY7G ./3  cbghfiQhWcbaUh"<  C55A0@3(0 VItSbIbRgIqsSfQca +/, &82 ( &@B2F # bR 8 bR bUWbSSfWbU"<   bR#bR %fcIRqIs dSfIhWcbgRWfSQhcf  bR bR VWhS9`IWbg7G .!/!3  C55A0@3(0 IfQIRWg3igQca 5.5  *@3&+&@A8 $  8! ! bUWbSSfWbU" < ! cbSsg`IbRWbTfIghfiQhifS7G QcbcaWQ fRh SbWcfpWQSdfSgWRSbhD7cfhVSIgh  ! ! $fQVWhSQhifS"< 'SpS`cdaSbh cfd#3PWSbbWI` 7SqGcfY7G ./3 WbgdSQhWcbcT7SqGcfY cibhs%fWRUSg C55A0@3(0 ghIbhSQQca 7SqGcfYhIhS'SdIfhaSbhcT  fIbgdcfhIhWcb  5-./.2/. +/.2%7+3 8/.2-.,765.5, 8&5) DB *030   8! ! bUWbSSfWbU"!< !  6 $IghWRS$QQSgg#iffWQIbS  3,iSSbg%`pR 9fSgWRSbhQVWSTSrSQihWpS    $fQVWhSQhifS"< IbRsghcfafSQcpSfs cfSghW``g7G . /!3! cbghfiQhWcbaUh"< C55A0@3(0 hSQhcbWQSbUWbSSfWbUQca cbghfiQhWcbWbgdSQhWcb"<  IQW`WhsIggSggaSbh"<  /6/.2 +,,-/5 ,. "&F8) &))&%38   8 ! bUWbSSfWbU" < !! IQcP IpWhg cbpSbhWcb SbhSf I``h 9fSgWRSbhQVWSTSrSQihWpS !   cbghfiQhWcbWbgdSQhWcb"< fSbcpIhWcb# %fWRUSgSWgaWQIbRqWbR 7SqGcfY7G ./3 IQW`WhsIggSggaSbh"< pi`bSfIPW`WhsghiRs  B@C(BC@&5 qIWQca 7 , +&756 2 -.,765/.2.2/. +, $0B0@ B 031   8  bUWbSSfWbU"< ! IddIbHSS%fWRUSfSd`IQSaSbh#D $ 9Sbb9`ItIhVh SbWcfdIfhbSf    %W``WS SIbWbU7IhWcbI` SbbWg SbhSf 7SqGcfY7G .!/!3! ghfIhSUWQpWgWcbd`Ib$fhVif$gVShIRWia  335 afQSQca fShfIQhIP`SfccT +1/5 5,' .2/. +, "3(2&@) B )C& #  8  bUWbSSfWbU"< ! ,iSSbgUfcibRqIhSffSVIPW`WhIhWcb7Sq  %fcIRc``cqcIR 9fSgWRSbhQVWSTSrSQihWpS   ! $fQVWhSQhifS"< GcfY Whs'SdIfhaSbhcTbpWfcbaSbhI` 6S`pW``S7G ./3  cbghfiQhWcbaUh"< 9fchSQhWcb#IaIfWhIbEW``IUSWUVPfWRUS C5B3)3A(353&@F&@(23B0(B01300@ VaQca cbghfiQhWcbWbgdSQhWcb"< TIQW`WhsIRRWhWcbfSbcpIhWcbcT7SqGcfY  IQW`WhsIggSggaSbh"< hIhSTTWQScT$`QcVc`WgaIbRiPghIbQS $PigSSfpWQSg ( /4-. -.,765/.2.2/. +, B020-3(0B 0380 bR 8   bUWbSSfWbU"< !! Whs9cWbh# `igVWbU caacbg   hVh 9fSgWRSbhQVWSTSrSQihWpS    7SqGcfY7G ./3  B@C(BC@&5 RS3gWacbSQca -,: 66.2/. +/.2 B020B *8A'055  8!  bUWbSSfWbU"!< ! 7G' # SfgSs SbhfI`9cqSfWUVh 9VW``Wdg$pS 9fSgWRSbh    $fQVWhSQhifS"< cihVIQYSbgIQY7  ./3 cbghfiQhWcbaUh" < C5B3)3A(353&@F PcgqS``SbUWbSSfWbUQca cbghfiQhWcbWbgdSQhWcb"<  IQW`WhsIggSggaSbh"< 3/..2/. +, "B @33&A&@&12&&  8  bUWbSSfWbU"< ! 7G '9#SghQVSghSf cibhs  Iadig'fWpS 9fSgWRSbh    $fQVWhSQhifS"< 9`SIgIbhpW``S7G .!/!3 cbghfiQhWcbaUh"< C55A0@3(0 gIpWbSbUWbSSfgQca cbghfiQhWcbWbgdSQhWcb"<  IQW`WhsIggSggaSbh"< + ..2/. +/.2)+-79 &5(85 @&B(+&@0   8   bUWbSSfWbU" < ! 'caWbciUIfSTWbSfsfSRSpS`cdaSbh# hVh 9fSgWRSbhQVWSTSrSQihWpS    $fQVWhSQhifS"< Sbh$pS 7SqGcfY7G ./3 cbghfiQhWcbaUh"< C5B3)3A(353&@F aUaQ`IfSbQca cbghfiQhWcbWbgdSQhWcb"<  IQW`WhsIggSggaSbh"<

: !-+0 +  WbQ`iRSg 7Sq GcfY Whs IbR 7IggIi iTTc`Y IbR SghQVSghSf QcibhWSg Wb 7Sq GcfY IbR %SfUSb ggSr iRgcb IbR DbWcb QcibhWSg Wb 7Sq SfgSs @&3.A 0'/8@4 *CA30AA igSg ghITT fSgSIfQV SrhSbgWpS gifpSsg IbR hVS acgh QiffSbh fSTSfSbQSg IpIW`IP`S hc dfcRiQS Whg `Wghg Pih hVSfS Wg bc UiIfIbhSS hVIh hVSgS `WghWbUg IfS Qcad`ShS c eiI`WTs Tcf hVWg `Wgh Ib SbUWbSSfWbU TWfa aigh VIpS I 7Sq GcfY IfSI cTTWQS IbR aigh VIpS dfcXSQhg Wb hVS IfSI $`` WbTcfaIhWcb qIg gidd`WSR Ps hVS TWfagSpSbiS TWUifSg IfS Tcf TWgQI` sSIfg SbRWbU 'SQ ib`Sgg chVSfqWgS bchSRSpSbiS TWUifSg VIpS PSSb fcibRSR hc cbS RSQWaI` d`IQSIbYWbUg IfS PIgSR cb ibfcibRSR biaPSfg bR37ch RWgQ`cgSR 3 i``3gSfpWQS WbQ`iRSg IfQVWhSQhifI` gSfpWQSg 3 i``3hWaS IbR Ti``3hWaS3SeiWpI`Sbh `WQSbgSR dfcTSggWcbI` SbUWbSSfg Ig cT 'SQ3 WgQI` sSIfSbRgSdh 3'IhSTcibRSRU`cPI``s cibRSRWbhVSDWb!SgSIfQV"SfI`RQVWTaIbIbR If`s$dIfqWhVIRRWhWcbI`fSdcfhWbUPsaW`sISfaSf

June 15, 2015 | Crain’s New York Business | 15 ThuRSDAY, SEPTEmBER 17, 2015 Cipriani 42nd Street 12:00 P.m. – 2:00 P.m. 110 East 42nd Street

Join Crain’s and this year’s 50 Most Powerful Women in New York at a our celebratory luncheon. This year’s 50 Most Powerful Women in New York will be featured in our June 29, 2015, issue. RESERVE YOuR SEAT TODAY: crainsnewyork.com/events-mpw2015

EARLY BIRD PRICING: $275 for individual ticket(s) $2,750 for table(s) of ten $5,500 for table of ten and a full page journal ad in the event program You must be pre-registered to attend this event. No refunds permitted.

Gold Sponsor:

Event Twitter Sponsor: EisnerAmper

For more information, contact Tara Richmond, 212-210-0739 or [email protected] For sponsorship opportunities, contact Joanna harp at 212-210-0278 or [email protected] ON CRAIN’S THE MARKET

INSIDE CONFIDENT REAL ESTATE OUTLOOK S2 EMBRACING A GREENER, CLEANER CITY S4

An Advertising Supplement to Crain’s New York Business Commercial Real Estate Outlook Commercial, residential and retail markets continue strong By Christopher Hosford

ADVERTISING SUPPLEMENT

hile the specter of rising interest rates has record sales in Manhattan clearly had a big impact on dampened the forward-looking confi dence the data.” Wof New York City’s real estate industry, in In Manhattan, total In Manhattan, total consideration for residential particular in the commercial sector, the overall view from sales increased 21% year-over-year to $5.5 billion, brokers is still positive. consideration for while in Brooklyn total consideration for residential According to the latest fi gures from the Real Estate sales rose 29% year-over-year to $2.2 billion. Board of New York, the confi dence index among residential sales The average sales price of a New York City home— commercial brokers in the fi rst quarter of 2015 including co-ops, condos and one-to-three-family stood at 9.24, down slightly from 9.60 in the previous increased dwellings—increased 12% to $898,000, up from quarter. Financing was the main concern, with brokers 21% $801,000 in the first quarter of 2014, driven mainly by anticipating that the Federal Reserve Bank will begin vigorous sales in Manhattan and Brooklyn. raising interest rates before the end of the year. year-over-year to Sales of Manhattan condos had the greatest impact While there was also some concern about rising sales on the overall average sales price for a home in New prices, the consensus was that moderate rate increases, $5.5 billion, York City, with an average price of a Manhattan condo implemented at a reasonable pace, would not destabilize up 28% year-over-year to $2.3 million. This large the market over the short term even in the face of rising while in Brooklyn average price increase was partly attributed to recent sales prices. sale closings at 157 West 57th Street, which recorded This overall confi dence in New York City’s real estate total consideration for five sales exceeding $20 million and one sale exceeding market was reinforced by the latest employment fi gures $100 million. from the state’s Department of Labor. The number of residential sales rose Meanwhile, home sales prices in Brooklyn and jobs in real estate, rental and leasing in the city stood Queens were up 12% and 7% respectively year-over-year. at 123,400 as of February, up from 121,700 a year ago. year-over-year Construction jobs also rose year-over-year, to 119,200 29% from 117,900. to $2.2 billion. RETAIL SECTOR KEEPS PACE The retail market is keeping pace with both the RESIDENTIAL MARKET or contracted to be paid on residences—reaching commercial and residential markets. Ground floor $10.1 billion in the first quarter of 2015, up 21% from asking rents for available retail space in Manhattan’s POWERS ALONG the same quarter last year. prime shopping destinations increased in all but one “Following a robust year of sales activity, New of the 17 corridors surveyed, according to REBNY’s Meanwhile, residential brokers are even more positive York City’s residential market continues its positive Spring Retail 2015 Report. due to a surging sales market and the growing popularity momentum to spring forward into 2015 with healthy The average asking rent for ground floor space of multiple neighborhoods. Strong sales volume and gains across the board,” said Steven Spinola, president on Fifth Avenue, between 49th and 59th streets— rising average sales prices were experienced across of REBNY, in a press release. “While Brooklyn has been traditionally New York City’s most expensive all five boroughs, according to REBNY’s most recent getting a lot of attention, the strong activity and price corridor—increased 4% from the 2014 period, to quarterly residential sales market report, released in gains in Queens, and other areas of the city should $3,683 per square foot. Asking rents on the ground April, with total consideration—that is, monies paid be noted as well. Further, the significant number of floor on Madison Avenue between 57th and 72nd streets also saw an increase, with the average asking rent per square foot increasing year-over-year by 3% to $1,700. “Our retail advisory group reports asking rents stabilizing in some areas,” Mr. Spinola said. “Retailers both international and domestic continue to show interest and are making deals in the city’s most highly traffi cked shopping destinations on Fifth Avenue, Madison Avenue and in Times Square.” The steepest increases in asking rents were in other popular shopping destinations, some of which have concurrently seen an uptick in residential development, Mr. Spinola added. Other notable retail corridors included lower Fifth Avenue between 42nd and 49th streets, which saw rents jump 17% to $1,200 per square foot. The Meatpacking District along 14th Street between 9th and 10th avenues, saw a healthy 10% increase, with greater foot traffic brought in by the High Line, Chelsea Market, and still more to come with the recent reopening of the Whitney Museum of American Art. {

S2 ©2015 City National Bank City National WealthManagement “  City National the professionals at ar My financial needs Wealth Management advisornear you. Call (917) 32 City National clients. V Island Capital Group Executive Managing Director Bob Lieber isit F e complex, I trust indyourwayup.com/LieberCNY tohearother 2-5245 to find a tofind 2-5245

.” CNB MEMBER FDIC

Embracing a greener, cleaner, city By Christopher Hosford

ADVERTISING SUPPLEMENT

nvironmentally friendly practices and energy about the ingredients of their building materials—a Park, also manages, operates and leases the new One effi ciency are fi nding their way into the mainstream movement known as “healthy materials”; increasing World Trade Center, the tallest building in the nation to Eof New York’s real estate industry. Developers, efforts to recycle organic waste; local generation of achieve LEED Gold certifi cation. management companies and building owners are power by buildings themselves and a greater embrace of Among other prominent LEED-certifi ed buildings in doing their part to reduce the carbon footprint of their “passive house” principles aimed at air-tight construction New York City is the Empire State Building, whose recent properties, protect the environment and appeal to eco- and insulation, resulting in structures that require little $550 million renovation earned it gold-level status. The conscious leasees. energy for space heating or cooling. refi t included a central building energy management Last summer, Vornado Realty Trust became the “Related wants to lead by example,” Ms. Matthews said. system, sub-metering in every new space, new high- second U.S. real estate investment trust to issue a “We’re working on our own portfolio to execute on these effi ciency common-area lighting, and 6,514 new corporate green bond (the fi rst was shopping-center ideas, and once we fi gure it out, to work with the city to help windows which are 400% more effi cient than before. developer, Regency Centers, which operates Lake Grove change building codes to make it easier for others.” So far, over the past three years, the Empire State Commons in Long Island). With a green bond, the issuer Building refi t has cut $7.5 million in energy costs, with publicly states it is raising capital to fund projects with savings continuing to grow as more new spaces are installed. an environmental benefi t, such as renewable energy or Among other notable projects in New York that low-carbon transportation efforts. are helping to keep the city green is Tishman Speyer’s Vornado’s $450 million bond will be used to fund LEED, THE DE FACTO refi t of Rockefeller Center, which includes an ice- buildings and retrofi ts that meet a set of climate- STANDARD making chiller that provides enough energy storage conscious criteria. The effort is a joint undertaking of to signifi cantly reduce overall electricity costs. During Vornado, Jones Lang LaSalle and Malkin Holdings to Meanwhile, Leadership in Energy and Environmental peak periods, the ice-storage tanks provide cooling improve the energy effi ciency of the city’s buildings, the Design certifi cation is becoming the de facto standard instead of the electric chiller. { source of 80% of its carbon-dioxide emissions. in New York. Issued by the U.S. Green Building Council, LEED certifi cation is a points-based certifi cation system of increasing levels of approval awarded to new and renovated offi ce buildings, interiors and operations Crain’s on the Market is published based on how thoroughly they conform to best practices by Crain’s Custom Studio. PROACTIVE AND in energy, lighting, air quality, water usage and more. PROTECTIVE DESIGN The highest LEED certifi cation, the platinum level, For more information, please contact has been awarded to: One Bryant Park (Bank of America Joanna Harp at (212) 210-0278 or Also planning for the future—and the potential effects Tower) at 592 5th Avenue, the Hearst Tower at 300 W. of climate change—private real estate developer, Related 57th Street, and the renovation of the JPMorgan Chase [email protected]. Cos., has designed its mixed-use Hudson Yards project to headquarters at 270 Park Avenue. diminish the impact of a natural disaster such as 2012’s The 2.1 million-square-foot, 55-story One Bryant Hurricane Sandy. Hudson Yards, the largest private Park building features a cooling system that produces real estate development in U.S. history and the largest and stores ice during cheap off-peak energy hours, development in New York since Rockefeller Center, is and in turn, produces 750 tons of air-conditioning, being built on a platform 40 feet above sea level. supplemented by melting ice, during the expensive “The inherent design of the Yards is resiliency daytime peak load. toward fl ooding due to the fact that our platform The Durst Organization, developer of One Bryant puts our fi rst fl oor—and electrical and support systems—well above the fl oodplain,” said Joanna Rose, a spokeswoman for Related. “Since Sandy, we’ve made some minor adjustments to the design to make it even more fl ood-proof. The fuel pump was moved up, and the elevator pits waterproofed and sealed off below the 100-year fl oodplain.” The fi nished complex will utilize two on-site distributed generation plants to generate more than 13 megawatts of electricity using natural gas, while harnessing the excess engine heat to warm and cool the complex’s supply of air and water. The Real Estate Board of New York is working closely with the city and state to develop building codes that better refl ect these and other new technologies. Last fall, Mayor Bill de Blasio unveiled a commitment to reduce the city’s greenhouse-gas emissions by 80% by 2050. “We’re involved in the mayor’s program, in particular in helping revise energy and building codes,” said Charlotte Matthews, a member of REBNY’s sustainability committee. Matthews, who is also vice president of sustainability at Related, sees a number of trends that will impact future construction in the city, all of which REBNY supports. They include: greater transparency from manufacturers S4

P022-P023CL_CN_20150615.qxp 6/12/2015 10:53 AM Page 22

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR EMAIL [email protected] EVENT PUBLIC & LEGAL NOTICES

FEI's 2015 Revenue West 41 Property LLC. Arts. of Org. filed Notice of Qualification of Chori Perros Notice of Qualification of Energizer, LLC. Notice of Formation of EAST RIVER BMB, Recognition with Secy. of State of NY (SSNY) on Productions, LLC. Authority filed with NY Authority filed with NY Dept. of State LLC Arts. of Org. filed with Secy. of Conference and Live 03/09/15. Off. loc.: NY Co. SSNY des. Dept. of State on 4/28/15. Office location: on 5/14/15. Office location: NY County. State of NY (SSNY) on 05/05/15. Office Webcast as agent of LLC upon whom process NY County. LLC formed in DE on 3/24/10. Princ. bus. addr.: 533 Maryville location: NY County. Princ. office of may be served. SSNY shall mail process NY Sec. of State designated agent of University Dr., St. Louis, MO 63141. LLC LLC: c/o New York City Regional to the LLC, 244 Fifth Ave., Ste. 2234, LLC upon whom process against it may formed in DE on 3/9/15. NY Sec. of Center, LLC, 99 Hudson St., 15th Fl., NY, When: June 26, 2015, 8:00 AM - 5:30 PM. New York, NY 10001. Purpose: General. be served and shall mail process to State designated agent of LLC upon NY 10013. SSNY designated as agent Where: New York Marriott Marquis, New York, NY. the principal business addr.: c/o Home whom process against it may be served of LLC upon whom process against it This event will bring together financial executives with EAST 84TH STREET ANALYTIC$ LLC, Box Office, Inc., 1100 Ave. of the Americas, and shall mail process to: c/o CT may be served. SSNY shall mail process standard setters, regulators, accounting firm experts and a domestic LLC, filed with the SSNY NY, NY 10036, regd. agent upon whom Corporation System, 111 8th Ave., NY, to the LLC at the addr. of its princ. corporate preparers for a full, interdisciplinary look into on 4/13/15. Office location: New York process may be served. DE addr. of NY 10011, regd. agent upon whom office. Purpose: Any lawful activity. the impact of revenue recognition on a company’s financial County. SSNY is designated as agent LLC: 1209 Orange St., Wilmington, DE process may be served. DE addr. of LLC: picture and what it will take for companies to successfully upon whom process against the LLC 19801. Cert. of Form. filed with DE Sec. 1209 Orange St., Wilmington, DE Notice of Formation of IDC Compliance, implement the new revenue recognition standard. may be served. SSNY shall mail pro- of State, 401 Federal St., Dover, DE 19801. Cert. of Form. filed with DE Sec. LLC. Arts. of Org. filed with NY Dept. Contact: FEI Conferences, cess to The LLC, 119 E. 84th St., Apt. 19901. Purpose: all lawful purposes. of State, 401 Federal St., Dover, DE of State on 5/1/15. Office location: NY [email protected] or 973.765.1029. 8D, NY, NY 10028. General purpose 19901. Purpose: all lawful purposes. County. Sec. of State designated agent Notice of Qualification of Rivington of LLC upon whom process against it Notice of Qualification of EML Family Street Investors LLC. Authority filed with NOTICE OF FORMATION OF My may be served and shall mail process to: FINANCIAL Investments LLC. Authority filed with Secy. of State of NY (SSNY) on 06/01/15. Italian Destination, LLC. Art. of Org. Arthur D. Middlemiss, 405 Lexington Ave., NY Dept. of State on 5/21/15. Office Office location: NY County. LLC formed filed with the Secy of State of NY (SSNY) 62nd Fl., NY, NY 10174, principal business OPPORTUNITIES IN location: NY County. Princ. bus. addr.: in Delaware (DE) on 05/06/15. SSNY on 04/17/15. Office location: NY address. Purpose: all lawful purposes. MORTGAGE NOTES 135 E. 57th St., NY, NY 10022. LLC designated as agent of LLC upon whom County. SSNY designated as agent process against it may be served. SSNY formed in DE on 5/4/15. NY Sec. of upon whom process against it may be Notice of Qual. of 196 Orchard Funding State designated agent of LLC upon shall mail process to: c/o Slate Property served. SSNY shall mail process • Mortgages For Sale Group LLC, 850 Third Ave., Ste. 16B, LLC, Auth. filed Sec’y of State (SSNY) whom process against it may be served against the LLC to 7014 13th Avenue 3/19/15. Office loc: NY County. LLC org. • Ranging from $149K - $800K and shall mail process to: c/o CT NY, NY 10022, Attn: Martin Nussbaum. Brooklyn, NY 11228 The principal Address to be maintained in DE: National in DE 3/6/15. SSNY desig. as agent of • Low Loan to Value Corporation System, 111 8th Ave., NY, business address of the LLC is: 2 Tudor LLC upon whom proc. against it may NY 10011, regd. agent upon whom Registered Agents, Inc., 160 Greentree City Place Apt GHS New York, NY Dr., Ste. 101, Dover, DE 19904. Arts of be served. SSNY shall mail copy of proc. • Accruing Default Interest @ 24% process may be served. DE addr. of LLC: 10017 Purpose: any lawful act or activity. to NRAI, 111 Eighth Ave., NY, NY 10011, 1209 Orange St., Wilmington, DE 19801. Org. filed with the DE Secy. of State, 401 Federal St., Dover, DE 19901. the Reg. Agt. upon whom proc. may Call: J. Hughis @ 888-377-3872 Cert. of Form. filed with DE Sec. of Notice of Formation of Bullets Over Purpose: any lawful activities. be served. DE office addr.: 160 State, 401 Federal St., Dover, DE Broadway Musical Stock & Amateur LLC. Greentree Dr., Ste. 101, Dover, DE INDUSTRIAL 19901. Purpose: all lawful purposes. Arts. of Org. filed with NY Dept. of State 19904. Cert. of Form. on file: SSDE, Notice of Formation of SPG Bedford on 5/21/15. Office location: NY County. Townsend Bldg., Dover, DE 19901. Notice of Qualification of Granite 1717 Courts LLC. Arts. of Org. filed with Sec. of State designated agent of LLC Purp: any lawful activities. CONSULTING Sign LLC. Authority filed with NY Dept. Secy. of State of NY (SSNY) on 05/11/15. upon whom process against it may be of State on 6/2/15. Office location: NY Office location: NY County. SSNY served and shall mail process to: Joel Notice of Formation of 209 7th Debt LLC, County. Princ. bus. addr.: 214 W. 39th designated as agent of LLC upon whom Faden, c/o MLM, 250 W. 57th St., 26th C. W. JENNINGS Art. of Org. filed with Sec’y of State (SSNY) St., Ste. 1200, NY, NY 10018. LLC formed process against it may be served. SSNY Fl., Penthouse, NY, NY 10107, principal INDUSTRIAL EXCHANGE on 3/11/15. Office location: NY County. in DE on 1/22/15. NY Sec. of State shall mail process to: The LLC, c/o Slate business address. Purpose: all lawful SSNY designated as agent of LLC upon Global Expansion Consulting designated agent of LLC upon whom Property Group LLC, 850 Third Ave., purposes. Ste. 16-B, NY, NY 10022, Attn: Martin whom process against it may be served. Construction • Acquisitions process against it may be served and shall mail process to: c/o CT Corporation Nussbaum. Purpose: any lawful activities. SSNY shall mail copy of process to Exporting • Financing Notice of Qualification of LSREF4 Bluestone Group, 225 Broadway, NY, System, 111 8th Ave., NY, NY 10011, regd. Rebound, LLC. Authority filed with NY (855) 707-1944 agent upon whom process may be served. NOTICE OF FORMATION OF 45 NY 10007. Purpose: any lawful activities. BEEKMAN HOLDING LLC. Arts of Org Dept. of State on 5/8/15. Office location: DE addr. of LLC: The Corporation Trust NY County. Princ. bus. addr.: 2711 N. Co., 1209 Orange St., Wilmington, DE filed with Secy of State of NY (SSNY) Notice of formation of Bakehouse of on 422/15. Office location: NY County. Haskell Ave., Ste. 1800, Dallas, TX REQUEST 19801. Cert. of Form. filed with DE 75204. LLC formed in DE on 5/5/15. NY Rolls LLC. Arts of Org filed with Secy. Sec. of State, 401 Federal St., Dover, SSNY designated agent upon whom of state of NY(SSNY) on 3.25.2015. process may be served and shall mail Sec. of State designated agent of LLC FOR BIDS DE 19901. Purpose: all lawful purposes. upon whom process against it may be Office location: NY County. SSNY copy of process against LLC to principal designated agent upon whom process business address: 66 Pearl St. Ste 405, served and shall mail process to: c/o Notice of Qualification of Granite 1717 CT Corporation System, 111 8th Ave., may be served and shall mail copy of A nonprofit organization is seeking quotes Retail 5 LLC. Authority filed with NY Dept. NY NY 10004. Purpose: any lawful act. for equipment, materials, and subcontractor NY, NY 10011, regd. agent upon whom process against LLC to principal of State on 6/2/15. Office location: NY business address: 23 W 90 St #5A NY, services under Federal Funding. Work process may be served. DE addr. of LLC: County. Princ. bus. addr.: 214 W. 39th SSB2, LLC, Arts. of Org. filed with the NY 10024. Purpose : for any lawful act. includes: design and installation of Closed SSNY on 08/21/2014. Office loc: NY 1209 Orange St., Wilmington, DE 19801. St., Ste. 1200, NY, NY 10018. LLC formed Cert. of Form. filed with DE Sec. of Circuit Television equipment, design and in DE on 1/22/15. NY Sec. of State County. SSNY has been designated as State, 401 Federal St., Dover, DE Notice of Qual. of 196 Orchard Mezz installation of access control and ID systems, designated agent of LLC upon\ whom agent upon whom process against the 19901. Purpose: all lawful purposes. Funding LLC, Auth. filed Sec’y of State design and installation of electronic security process against it may be served and shall LLC may be served. SSNY shall mail (SSNY) 3/20/15. Office loc: NY County. systems, lock replacement and master key mail process to: c/o CT Corporation process to: C/O U.S. Corp. Agents, Inc., LLC org. in DE 3/12/15. SSNY desig. system, design and installation of entryway System, 111 8th Ave., NY, NY 10011, 7014 13th Ave., Ste 202, Brooklyn, NY NOTICE OF FORMATION OF THE as agent of LLC upon whom proc. door replacement, design and installation of regd. agent upon whom process may 11228. Reg Agent: U.S. Corp. Agents, CHORIPAN LLC. Articles of against it may be served. SSNY shall perimeter security lighting system, installation be served. DE addr. of LLC: The Corporation Inc., 7014 13th Ave., Ste 202, Brooklyn, Organization filed with the Secretary mail copy of proc. to NRAI, 111 Eighth of blast resistant film systems on exterior Trust Co., 1209 Orange St., Wilmington, NY 11228. Purpose: Any Lawful Purpose. of State of NY (SSNY) on 2/27/2015. Ave., NY, NY 10011, the Reg. Agt. upon glazing, design and installation of window DE 19801. Cert. of Form. filed with DE Office location: NEW YORK County. whom proc. may be served. DE office replacement, design and installation of Sec. of State, 401 Federal St., Dover, SSNY has been designated as agent Notice of Formation of Carnegie Properties addr.: 160 Greentree Dr., Ste. 101, perimeter security fencing, bollards, and DE 19901. Purpose: all lawful purposes. upon whom process against it may Holdings, LLC. Arts. of Org. filed with Dover, DE 19904. Cert. of Form. on planters, and design and installation of alarm NY Dept. of State on 4/30/15. Office be served. The Post Office address to which the SSNY shall mail a copy file: SSDE, Townsend Bldg., Dover, system. Notice of Qualification of Granite 230 location: NY County. Princ. bus. addr.: of any process against the LLC DE 19901. Purp: any lawful activities. Specification and bid requirements can be Residential LLC. Authority filed with NY HSBC House, Esplanade, St Helier, Jersey, obtained via email at: JE1 1GT. Sec. of State designated agent served upon him/her is: 100 MER- Dept. of State on 6/1/15. Office location: RICK ROAD, STE320E ROCKVILLE [email protected]. All interested NY County. Princ. bus. addr.: 214 W. 39th of LLC upon whom process against it may Notice of Formation of GREEN MOBILE CENTRE, NY 11570 The principal firms will be required to sign for proposal St., Ste. 1200, NY, NY 10018. LLC formed be served and shall mail process to: c/o RANGE SYSTEMS LLC Arts. of Org. documents and provide primary contact, CT Corporation System, 111 8th Ave., NY, business address of the LLC is: 214 filed with Secy. of State of NY (SSNY) in DE on 3/31/15. NY Sec. of State RIVERSIDE DRIVE APT602 NEW telephone, fax, and email address. designated agent of LLC upon whom NY 10011. Purpose: all lawful purposes. on 05/06/15. Office location: NY YORK, NY 10025. Purpose: any law- process against it may be served and County. Princ. office of LLC: 14 Horatio Quote/Proposal is required by June 29, 2015. ful act or activity. shall mail process to: c/o CT Corporation Notice of Formation of GLUCK+ St., Apt. 8C, NY, NY 10014. SSNY System, 111 8th Ave., NY, NY 10011, Rivington LLC. Arts. of Org. filed with designated as agent of LLC upon whom regd. agent upon whom process may be NY Dept. of State on 4/27/15. Office NOTICE OF QUALIFICATION OF FRM process against it may be served. SSNY PUBLIC & LEGAL served. DE addr. of LLC: The Corporation location: NY County. Sec. of State Investment Management GP (USA) LLC. shall mail process to Thomas G. Alfsen NOTICES Trust Co., 1209 Orange St., Wilmington, designated agent of LLC upon whom Authority filed with the Sect of State of at the princ. office of the LLC. Purpose: DE 19801. Cert. of Form. filed with DE process against it may be served and NY (SSNY) on 3/24/2015. N.Y. Office Mobile security training and general Sec. of State, 401 Federal St., Dover, shall mail process to: 423 W. 127th St., Loc: NY County. LLC formed in DE on purpose clause. Notice of Formation of Elyse Goldberg DE 19901. Purpose: all lawful purposes. 6th Fl., NY, NY 10027, principal business 3/24/15. SSNY has been designated Art Advisory, LLC. Arts. of Org. filed with address. Purpose: all lawful purposes. as agent of LLC upon whom process Notice of Qualification of DUCERA LLC Secy. of State of NY (SSNY) on 5/28/15. Notice of Qualification of Granite 230 against it may be served and shall mail Appl. for Auth. filed with Secy. of State Office location: NY County. SSNY Garage LLC. Authority filed with NY Dept. Notice of Qualification of J2 COM- process to: 200 Bellevue Pkwy, Ste 210, of NY (SSNY) on 05/22/15. Office designated as agent of LLC upon whom of State on 6/2/15. Office location: NY MERCIAL SERVICES, LLC Appl. for Auth. Wilmington, 19809. DE addr. of LLC: location: NY County. LLC formed in process against it may be served. SSNY County. Princ. bus. addr.: 214 W. 39th filed with Secy. of State of NY (SSNY) 200 Bellevue Pkwy, Ste 210, Wilmington, Delaware (DE) on 05/18/15. Princ. office shall mail process to: 37 W. 89th St., NY, St., Ste. 1200, NY, NY 10018. LLC formed on 05/08/15. Office location: NY County. 19809. Cert of Form filed with DE Sect of LLC: 499 Park Ave., NY, NY 10022. NY 10001. Purpose: any lawful activity. in DE on 3/31/15. NY Sec. of State LLC formed in New Jersey (NJ) on of State, 401 Federal St, Ste 4, Dover, SSNY designated as agent of LLC upon designated agent of LLC upon whom 04/24/15. Princ. office of LLC: 45 W. 45th DE 19901. Purpose: any lawful activity. whom process against it may be served. Notice of Formation of Bremond King process against it may be served and St., 17th Fl., NY, NY 10036. SSNY des- SSNY shall mail process to c/o Davis LLC. Arts. of Org. filed with Secy. shall mail process to: c/o CT Corporation ignated as agent of LLC upon whom process Notice of formation of Mindful Yoga Corporation Service Co. (CSC), 80 of State of NY (SSNY) on 5/29/15. Office System, 111 8th Ave., NY, NY 10011, against it may be served. SSNY shall mail Psychotherapy PLLC. Arts of Org filed State St., Albany, NY 12207. DE addr. location: NY County. SSNY designated regd. agent upon whom process may process to c/o Jeff Jagid at the princ. office with Secy. of State of NY (SSNY) on of LLC: c/o CSC, 2711 Centerville Rd., as agent of LLC upon whom process be served. DE addr. of LLC: The Corporation of the LLC. NJ addr. of LLC: 720 E. 04/06/2015. Office location: NY County. Wilmington, DE 19808. Cert. of Form. against it may be served. SSNY shall Trust Co., 1209 Orange St., Wilmington, Palisade Ave., Ste. 107, Englewood, SSNY designated agent upon whom filed with Secy. of State, DE Dept. of mail process to: c/o Asian Americans DE 19801. Cert. of Form. filed with DE NJ 07632. Cert. of Form. filed with NJ process may be served and shall mail State, Div. of Corps., PO Box 898, Dover, for Equality, Inc., 2 Allen St., NY, NY Sec. of State, 401 Federal St., Dover, DE Secy. of State, 50 Barrack St., Trenton, process to: 77 Bleecker St. #1115 New DE 19903. Purpose: Provide consulting 10002. Purpose: any lawful activity. 19901. Purpose: all lawful purposes. NJ 08608.Purpose: Any lawful activity. York, NY 10012. Purpose: any lawful act. services related to investment banking.

22 | Crain’s New York Business | June 15, 2015 P022-P023CL_CN_20150615.qxp 6/12/2015 11:04 AM Page 23

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR EMAIL [email protected] PUBLIC & LEGAL NOTICES

Notice of Formation of Mitty’s LLC, a NOTICE OF FORMATION OF BINDELA Notice of Qualification of KEC Management Notice of Formation of FRESH SPACE MILLS MARTINDALE, LLC Articles of domestic limited liability company. CONSTRUCTION II, LLC. Articles of L.P. Authority filed with NY Dept. of State OF NOMAD NORTH LLC Arts. of Org. Org. filed NY Sec. of State (SSNY) Articles of Organization were filed with Organization filed with the Secretary on 4/17/15. Office location: NY County. LP filed with Secy. of State of NY (SSNY) 05/12/2015. Office in NY Co. SSNY the Secretary of State of New York of State of NY (SSNY) on 08/15/2012. formed in DE on 6/23/14. NY Sec. of State on 05/06/15. Office location: NY County. desig. agent of LLC upon whom process (SSNY) on 04/07/15. NY Office location: Office location: Bronx County. SSNY designated agent of LP upon whom process SSNY designated as agent of LLC may be served. SSNY shall mail New York County. SSNY is designated has been designated as agent upon against it may be served and shall mail upon whom process against it may be copy of process to c/o Mills Martindale, as agent upon whom process against whom process against it may be served. process to the principal business addr.: served. SSNY shall mail process to c/o LLC, 7 W. 96th St. #7E, NY, NY 10025, the LLC may be served. SSNY shall The Post Office address to which the c/o KEC Management Holdings LLC, Corporation Service Co., 80 State St., which is also the principal business mail a copy of process to the LLC at SSNY shall mail a copy of any process 2317 Highway 34, Manasquan, NJ 08736. Albany, NY 12207-2543. Purpose: location. Purpose: Any lawful purpose. 106 Franklin Street, New York, NY against the LLC served upon him/her DE addr. of LP: c/o The Corporation Trust Any lawful activity. 10013. Purpose: For any lawful purpose. is: C/O Sabaj Law, P.C. 26 Court Co., 1209 Orange St., Wilmington, DE Notice of formation of Reinus Sena Street, Suite 2003 Brooklyn, NY 19801. Name/addr. of genl. ptr. available MCDW ARCHITECTURE, P.L.L.C. Holdings, LLC. Arts. of Org. filed with Notice of Formation of Warren Street 11242. Purpose: Any Lawful Purpose. from NY Sec. of State. Cert. of LP filed with Articles of Org. filed NY Sec. of State Secy. of State of NY (SSNY) on 5/27/2015. AARE Sub, LLC. Arts. of Org. filed with DE Sec. of State, 401 Federal St., Dover, (SSNY) 5/1/15. Office in NY Co. SSNY Office location: NY County. SSNY Secy. of State of NY (SSNY) on NOTICE OF FORMATION OF MONNA DE 19901. Purpose: all lawful purposes. desig. agent of LLC upon whom process designated agent upon whom process 04/16/15. Office location: NY County. LISSA, LLC. Articles of Organization may be served. SSNY shall mail copy may be served and shall mail copy of SSNY designated as agent of LLC upon filed with the Secretary of State of Notice of Formation of Corporate Art of process to 530 E. 84th St., Apt. 5S, process against LLC to principle business whom process against it may be served. NY (SSNY) on 06/19/2014. Office Solutions, LLC. Arts. of Org. filed with NY, NY 10028, which is also the principal address: 182 East 95th St. Apt. 9J, New SSNY shall mail process to: The location: Bronx County. SSNY has NY Dept. of State on 7/14/09. Office business location. Purpose: To practice York, NY 10128. Purpose: any lawful act. Company, c/o Adam America Real been designated as agent upon whom location: NY County. Princ. bus. addr.: Architecture. process against it may be served. Estate, 850 Third Ave., Ste. 13D, NY, 61 W. 9th St., NY, NY 10011. Sec. of Notice of formation of 2Brides2Be LLC. The Post Office address to which the NY 10022, Attn: Omri Sachs. Purpose: State designated agent of LLC upon Notice of Formation of Laura CS LLC. Arts of Org filed with Secy. of State of SSNY shall mail a copy of any process any lawful activities. whom process against it may be served Arts. of Org. filed with NY Dept. of State NY (SSNY) on 3/26/15. Office location: against the LLC served upon him/her and shall mail process to: c/o Alexander on 5/11/15. Office location: NY County. NY County. SSNY designated agent is: C/O Sabaj Law, P.C. 26 Court Notice of Formation of Brannon Realty Glauber, 135 W. 15th St., Apt. 3R, NY, Sec. of State designated agent of LLC upon whom process may be served and Street, Suite 2003 New York, NY 11242. LLC. Arts. of Org. filed with NY Dept. of NY 10011, regd. agent upon whom upon whom process against it may be shall mail copy of process against LLC Purpose: Any Lawful Purpose. State on 5/5/15. Office location: NY process may be served. Purpose: all served and shall mail process to: Laura to principal business address: 404 East County. Sec. of State designated agent lawful purposes. Scheu, 519 E. 86th St., Apt. 4F, NY, NY 79th Street 6B New York NY 10075. of LLC upon whom process against it BIRDBATH GAZETTE, LLC, App., for 10028, principal business address. Purpose: any lawful act. may be served and shall mail process Auth., filed with NY Sec. of State (“SSNY”) Notice of Qualification of ARES Purpose: all lawful purposes. to the principal business address: c/o 02/27/2015. Office in New York County; COMMERCIAL REAL ESTATE SERVICER LLC Formed in DE on 12/5/2013, SSNY NOTICE OF FORMATION OF 40 X Notice of formation of Siminou Consulting KLM Equities Inc., 155 E. 56th St., 6th LLC Appl. for Auth. filed with Secy. of LLC. Arts of Org filed with SSNY on Fl., NY, NY 10022, regd. agent upon designated agent for service of process State of NY (SSNY) on 05/08/15. Office HOLDING LLC. Arts of Org filed with with copy mailed to Birdbath Gazette, Secy of State of NY (SSNY) on 6/2/15. 3/5/15. Office location NY County. SSNY whom process may be served. location: NY County. LLC formed in designated agent upon whom process Purpose: all lawful purposes. LLC, 3 west 18th Street, New York, NY Delaware (DE) on 07/01/11. SSNY Office location: NY County. SSNY 10011., All lawful business purposes. designated agent upon whom process may be served and mailed to principal designated as agent of LLC upon whom business address: 501 E 79 St Apt 14A process against it may be served. SSNY may be served and shall mail copy of Notice of Qualification of Elmrox GP LLC. NY NY 10075. Purpose: any lawful act. Notice of Formation of MYNT 1792, LLC shall mail process to c/o Corporation process against LLC to principal Authority filed with NY Dept. of State Arts. of Org. filed with Secy. of State of Service Co., 80 State St., Albany, NY business address: 66 Pearl St. Ste 405, on 5/12/15. Office location: NY County. NY (SSNY) on 06/03/15. Office location: 12207-2543. DE addr. of LLC: 2711 NY NY 10004. Purpose: any lawful act. BIGULI, LLC Articles of Org. filed NY LLC formed in DE on 10/1/14. NY Sec. NY County. SSNY designated as agent Centerville Rd., Ste. 400, Wilmington, DE Sec. of State (SSNY) 04/28/2015. Office of State designated agent of LLC upon of LLC upon whom process against it 19808. Cert. of Form. filed with DE Secy. Notice of Formation of 103 HAND LANE, in NY Co. SSNY desig. agent of LLC whom process against it may be served may be served. SSNY shall mail process of State, 401 Federal St., #3, Dover, LLC Arts. of Org. filed with Secy. of upon whom process may be served. and shall mail process to: 660 Madison to Daniel I. Goldberg, 292 Madison Ave., NY, DE 19901. Purpose: Any lawful activity. State of NY (SSNY) on 05/27/15. Office SSNY shall mail copy of process to 401 Ave., 12th Fl., NY, NY 10065, principal NY 10017. Purpose: Any lawful activity. location: NY County. SSNY designated E. 64th St., Apt, 3B, NY, NY 10065. business address. DE address of LLC: as agent of LLC upon whom process Purpose: Any lawful purpose. NOTICE OF FORMATION OF 2279 3RD c/o The Corporation Trust Co., 1209 against it may be served. SSNY shall Orange St., Wilmington, DE 19801. Cert. Notice of Formation of Rockaway Ave AVE RETAIL LLC. Arts of Org filed with mail process to Kensico Properties, 509 Notice of Formation of WOODLAND of Form. filed with DE Sec. of State, Canarsie Storage LLC. Arts. of Org. filed Secy of State of NY (SSNY) on 5/8/15. Madison Ave., 2nd Fl., NY, NY 10022. TOWERS DEVELOPER, LLC Arts. of P.O. Box 898, Dover, DE 19903. with Secy. of State of NY (SSNY) on Office location: NY County. SSNY Purpose: Any lawful activity. Org. filed with Secy. of State of NY Purpose: all lawful purposes 03/11/14. Office location: NY County. designated agent upon whom process SSNY designated as agent of LLC upon may be served and shall mail copy of (SSNY) on 04/20/15. Office location: NY 167 West 72, LLC. Art. of Org. filed with whom process against it may be served. process against LLC to principal County. Princ. office of LLC: 60 Notice of Qual. of 184 Kent Mezz the SSNY on 11/17/11. Office: New York SSNY shall mail process to: 135 business address: 66 Pearl St. Ste 405, Columbus Circle, NY, NY 10023. SSNY Funding LLC, Auth. filed Sec’y of State County. SSNY designated as agent of Wooster St., 3rd Fl., NY, NY 10014, NY NY 10004. Purpose: any lawful act. designated as agent of LLC upon whom (SSNY) 3/26/15. Office loc: NY County. Attn: Adam I. Gordon. Purpose: any the LLC upon whom process against it process against it may be served. SSNY LLC org. in DE 3/17/15. SSNY desig. lawful activities. may be served. SSNY shall mail copy shall mail process to Corporation as agent of LLC upon whom proc. CHADAY, LLC. Art. of Org. filed with of process to the LLC, c/o Trinidad Service Co., 80 State St., Albany, NY against it may be served. SSNY shall the SSNY on 09/27/05. Latest date to Hidalgo, 80 Central Park West, 12207-2543. Purpose: Any lawful activity. mail copy of proc. to NRAI, 111 Eighth PITKIN ESTATES LLC Articles of Org. dissolve: 09/26/2025. Office: New York Apartment 22F, New York, NY 10023. Ave., NY, NY 10011, the Reg. Agt. upon filed NY Sec. of State (SSNY) 3/27/15. County. SSNY designated as agent of Purpose: Any lawful purpose. RF THOROUGHBREDS LLC. Art. of Org. whom proc. may be served. DE office Office in NY Co. SSNY desig. agent of the LLC upon whom process against filed with the SSNY on 04/27/15. Office: addr.: 160 Greentree Dr., Ste. 101, Dover, LLC upon whom process may be served. it may be served. SSNY shall mail copy Notice of Formation of Derby Copeland New York County. SSNY designated DE 19904. Cert. of Form. on file: SSDE, SSNY shall mail copy of process to of process to the LLC, c/o Edward B. Management, LLC. Arts. of Org. filed with as agent of the LLC upon whom process Townsend Bldg., Dover, DE 19901. Purp: Erol H. Bugdaykay, 267 E. 10th St., Safran, Esq., 750 Lexington Avenue, Apt#3, NY, NY 10009, which is also NY Dept. of State on 5/14/15. Office against it may be served. SSNY shall any lawful activities Fourth Floor, New York, NY 10022. location: NY County. Sec. of State desig- the principal business location. Purpose: Any lawful purpose. mail copy of process to the LLC, 151 Purpose: Any lawful purpose. nated agent of LLC upon whom process East 58th Street, PH 53E, New York, Notice of Qualification of DUCERA against it may be served and shall mail NY 10022. Purpose: Any lawful purpose. SECURITIES LLC Appl. for Auth. filed Notice of Qualification of Biosphere Notice of Qualification of NOVALTA GP, process to the principal business address: Davidoff Hutcher & Citron LLP, 605 3rd with Secy. of State of NY (SSNY) on Fuels, LLC. Authority filed with NY Dept. LLC Appl. for Auth. filed with Secy. of Notice of Formation of WOODLAND 05/22/15. Office location: NY County. of State on 5/28/15. Office location: NY State of NY (SSNY) on 04/20/15. Office Ave., NY, NY 10158, Attn: Larry Hutcher, Esq. Purpose: any lawful activity. TOWERS PRESERVATION GP, LLC Arts. LLC formed in Delaware (DE) on County. Princ. bus. addr.: 10601 N. location: NY County. LLC formed in of Org. filed with Secy. of State of NY 05/18/15. Princ. office of LLC: 499 Park Pennsylvania Ave., Oklahoma City, OK Delaware (DE) on 04/16/15. Princ. office Notice of Formation of JK21PHA LLC (SSNY) on 04/20/15. Office location: Ave., NY, NY 10022. SSNY designated 73126. LLC formed in OK on 5/5/14. NY of LLC: 196 E. 75th St., Apt. 3H, NY, NY NY County. Princ. office of LLC: 60 as agent of LLC upon whom process Sec. of State designated agent of LLC 10021. SSNY designated as agent of Arts. of Org. filed with Secy. of State of NY (SSNY) on 05/11/15. Office Columbus Circle, NY, NY 10023. SSNY against it may be served. SSNY shall upon whom process against it may be LLC upon whom process against it may designated as agent of LLC upon whom mail process to c/o Corporation Service served and shall mail process to: c/o be served. SSNY shall mail process to the location: NY County. SSNY designated as agent of LLC upon whom process process against it may be served. SSNY Co. (CSC), 80 State St., Albany, NY CT Corporation System, 111 8th Ave., LLC at the princ. office of the LLC. DE shall mail process to Corporation 12207. DE addr. of LLC: c/o CSC, 2711 NY, NY 10011, regd. agent upon whom addr. of LLC: c/o PHS Corporate Services, against it may be served. SSNY shall mail process to Corporation Service Service Co., 80 State St., Albany, NY Centerville Rd., Wilmington, DE 19808. process may be served. OK addr. of 1313 N. Market St., Ste. 5100, Wilmington, 12207-2543. Purpose: Any lawful activity. Cert. of Form. filed with Secy. of State, LLC: 1833 S. Morgan Rd., Oklahoma DE 19801. Cert. of Form. filed with Co., 80 State St., Albany, NY 12207- DE Dept. of State, Div. of Corps., PO City, OK 73128. Cert. of Org. filed with Jeffrey W. Bullock, Secy. of State, State 2543. Purpose: Any lawful activity. Box 898, Dover, DE 19903. Purpose: OK Sec. of State, 2300 N. Lincoln Blvd., of DE, Div. of Corps., John G. Townsend Notice of Qualification of NOVALTA Provide consulting services related to Oklahoma City, OK 73105. Purpose: Bldg., 401 Federal St., Ste. 4, Dover, Notice of Qualification of Mountainview PARTNERS I, LP Appl. for Auth. filed investment banking. all lawful purposes. DE 19901. Purpose: Any lawful activity. Property Holdings, LLC. Authority filed with Secy. of State of NY (SSNY) on with NY Dept. of State on 4/23/15. NYS 04/20/15. Office location: NY County. fict. name: Mountainview Property LP formed in Delaware (DE) on 04/16/15. Holdings of Delaware, LLC. Office Princ. office of LP: 196 E. 75th St., Apt. location: NY County. LLC formed in DE 3H, NY, NY 10021. SSNY designated as WANT TO GET YOUR COMPANY on 4/15/15. NY Sec. of State designated agent of LP upon whom process agent of LLC upon whom process against it may be served. SSNY shall IN FRONT OF 250,000 INFLUENTIAL against it may be served and shall mail mail process to the Partnership at the process to the principal business addr.: princ. office of the LP. Name and addr. of BUSINESS PROFESSIONALS? The Law Office of Mark R. Kook, 270 each general partner are available from Madison Ave., Ste. 1203, NY, NY 10016, SSNY. DE addr. of LP: c/o PHS Attn: Mark R. Kook, Esq., regd. agent Corporate Services, 1313 N. Market Contact Joanne Barbieri upon whom process may be served. St., Ste. 5100, Wilmington, DE 19801. at 212-210-0189 for classified DE addr. of LLC: 1209 Orange St., Cert. of LP filed with Jeffrey W. Bullock, Wilmington, DE 19801. Cert. of Form. Secy. of State, State of DE, Div. of Corps., advertising opportunities. filed with DE Sec. of State, 401 Federal John G. Townsend Bldg., 401 Federal St., Dover, DE 19901. Purpose: all St., Ste. 4, Dover, DE 19901. Purpose: lawful purposes. Any lawful activity.

June 15, 2015 | Crain’s New York Business | 23 : ‘Business of’ Series Wednesday, July 22, 2015 John Jay College of Criminal Justice 524 West 59th Street 8:30 a.m. – 9:00 a.m. Registration and Networking Breakfast 9:00 a.m. – 10:00 a.m. Program Cost to Attend: $80 for individual ticket(s) $800 for reserved seats of 10 You must be pre-registered to attend this event. cybersecurity No refunds permitted. For more information: Tara Richmond Join Crain’s as we examine the innovations and opportunities of cybersecurity and its impact on Phone: 212-210-0739 New York’s most important industries, from banking and e-commerce to travel and technology. Email: [email protected] We’ll review the best ideas for protecting critical infrastructure and fending off cyberattacks For sponsorship opportunities: and explore the demand for skilled workers who can help businesses and institutions fend off cybercriminals. Joanna Harp Phone: 212-210-0278 PANELISTS: Email: [email protected] Nasir Memon, Professor, CSE, NYU Polytechnic School of Engineering Timothy P. Ryan, Managing Director, Cybersecurity, Kroll Register Today >> Additional panelists to be confirmed. crainsnewyork.com/events-bizcybersecurity Host Sponsors: 20150615-NEWS--0025-NAT-CCI-CN_-- 6/12/2015 6:09 PM Page 1

IN THE BOROUGHS MANHATTAN Museum, Little Italy struggle Continued from Page 3 only got worse when that effort fell a $6.5 million mortgage. by tenants in the six apartments up- short and the museum moved to Although only a few hundred stairs. That modest income leaves evict her, quickly touching off people currently living in the area the operation with an annual deficit demonstrations by outraged mem- can now claim any kinship to Italy, of more than $250,000. bers of several community groups. many people are drawn to the muse- To close the In late April,the two sides cut a deal, um, which attracts nearly 80,000 gap and ensure the details of which Mr. Scelsa said visitors each year. They range from 10K its future, the he cannot disclose. In addition, an- senior citizens to school groups, as PEAK population museum plans other tenant, a restaurant that had well as tourists from around the to sell its 130- occupied space in the building since world—including many Italians $250K year-old prop- 1980, closed at the end of March, eager to discover where so many of ITALIAN erty, the former unable to afford a rent hike. their countrymen landed. AMERICAN home of Banca “I’ve seen so many things here MUSEUM’s Stabile, to a de- Raising funds that remind me of when I was annual deficit veloper that Even getting this far has been a young,” said Victor Buonocore, a would likely battle.To put together the $9.4 mil- neighborhood resident whose fam- 500 convert the lion to buy the building in 2008— ily emigrated from Naples in the AREA RESIDENTS apartments to close to the peak of the real estate 1960s and who grew up to work as a buck ennis with roots in Italy condominiums. market—the museum’s board raised singing waiter at Puglia, on Hester KNIGHT LIFE: Italian American Museum founder Joseph Scelsa with two of the institution’s State agencies about $4 million, including Street, a neighborhood mainstay works of art. would have to approve a sale, which $725,000 from the federal govern- that dates back to 1919. would give the museum 4,200 ment and the New York State Dor- In recent years, he has con- square feet of ground-floor space— mitory Authority that went toward tributed his father’s trove of Frank like Japanese-Americans, were days survive, such as Most Precious four times its current allotment— renovations. Mr. Scelsa scraped to- Sinatra 78s to the museum.The in- treated harshly as security risks— Blood Church, which has hosted rent-free. Mr. Scelsa said he and the gether $800,000 by mortgaging his stitution’s collection comprises have also been popular. the annual San Gennaro Feast since museum’s eight-member board are home and that of his late mother— more than 3,000 objects, including 1926; restaurants like Ferrara Bak- talking to several developers and ex- whose father had emigrated from a century-old Madonna statue and a Landmarks survive ery, which has offered cannoli since pect to come to an agreement by Italy in 1895—in the Bronx. Other small mountain of documents from For Mr. Scelsa, these are stories 1892; and, of course, the museum. year’s end. directors also made substantial con- Banca Stabile’s own vault— that need retelling, especially in a “It is important that people un- The move to firmer financial tributions. telegrams, steamship receipts and neighborhood that was once any- derstand who they were and what footing, which has been explored “It was $100 here, $100 there,” financial records, which offer in- thing but small—in its heyday span- contributions they made,” said Mr. since 2012, has not endeared it to said Maria Fosco, a board member sights into how three generations of ning 50 blocks and housing 10,000 Scelsa, former director of CUNY’s some of its neighbors, however. It who is also director of administra- newly minted Italian-Americans Italian immigrants—but now in- Calandra Italian-American Insti- got pushback in March when news tion and special events in the office conducted their lives. cludes merchants such as Malia tute.“This is what the museum is all got out that the museum wanted to of student affairs at Queens College. Special exhibits—one highlight- Mills Swimwear, the laid-back about.” Ⅲ raise the rent of one of its long-term “Because of the location,it tugged at ing the experiences of Italian- Tartinery bar and McNally Jackson, tenants: an 85-year-old Italian- people’s hearts.” Americans in law enforcement and purveyor of “goods for the study.” LISTEN to a discussion at American woman, no less. Things In the end, the museum took out during World War II, when they, Still, a few landmarks of the old CrainsNewYork.com/podcasts

company that does something sim- The company does not disclose how ilar, mainly works with larger fash- many unique visitors it has. Local boutiques, global reach ion brands, as does Amazon’s It will also have to make the boutiques marketplace, Shopbop. stores’ expanding roster of products Continued from Page 3 according to a person familiar with runs an online marketing firm, Meanwhile, eBay has a program for “findable for the customers,” said restaurants’ reservation systems, the numbers. A Shoptiques spokes- Champagne Omni Media. “They local businesses in Brooklyn that in- Gartner analyst Jason Daigler. Shoptiques has integrated its woman said the company does not would much rather outsource.” cludes same-day delivery,but it’s not Ms.Vidisheva says the company is inventory-management software disclose how much it charges but geared toward fashion. working on Netflix-like recommen- with that of its boutique partners,so that the percentages vary from ven- Underserved segment Analysts say Ms. Vidisheva dation software,which should roll out that a shopper can see when an item dor to vendor. Ms. Champagne, who opened seems to have a solid business, but by the end of the year.There will also isn’t in stock. One key to the company’s suc- her store in December and went on- there’s some skepticism about how be additional international expan- Last month, three-year-old cess is that, in addition to lacking line with Shoptiques in January,says big it can grow working exclusively sion. She thinks her focus on small Shoptiques marked two turning digital skills, brick-and-mortar e-commerce sales now make up 15% with brick-and-mortar shops. sellers will pay off,and points to Etsy’s points. It passed the 2,000-store shopkeepers typically don’t have the to 20% of her revenue.That might be “This is a very nascent, undevel- nearly $2 billion in gross merchandise threshold, doubling the number time or staff to work on their at the high end of what Shoptiques’ oped marketplace,” said Sucharita sales as a model for growth. from six months ago and setting it up e-commerce business.Starting with partners do. Elliot Dejmal, an own- Mulpuru, an e-commerce analyst “There are so many businesses for its 5,000-store goal for the year. $2 million in seed funding following er of Dor L’Dor, which has eight with Forrester Research.“The aver- around the world that really need It also launched a partnership with a stint at West Coast incubator Y stores in the New York area,has been age physical store does maybe 5% to these services,” Ms. Vidisheva said. Yelp that puts Shoptiques’ “Shop Combinator,Ms.Vidisheva focused working with Shoptiques for a year, 15% of its sales online.” “There’s no reason Shoptiques Now” buttons on Yelp’s review on developing the technology and and says e-commerce sales fluctuate She added that the challenge for shouldn’t exist for children, and for pages—and introduces the massive systems that would allow Shop- from 2% to 8% of his total. Shoptiques will be to generate signif- furniture, and for all sorts of stuff.” Ⅲ review site to the shopping category. tiques to do everything for them. Shoptiques also has the advan- icantly more traffic for its growing “For us, this is a way, whenever At its Bowery offices,a freelance tage of targeting an underserved inventory.Right now its traffic is too LISTEN to a discussion at CrainsNewYork.com/podcasts anyone thinks ‘boutique,’ they think photographer working with two segment. Farfetch, a London-based small to be measured by comScore. ‘Shoptiques dot-com,’ ” Ms. Vidi- models shoots 800 products a sheva said. week.The company provides pack- JULY 17 DEADLINE aging and shipping materials, and $20M in sales runs everything from customer- IS YOUR COMPANY FAST 50 MATERIAL? APPLY NOW The company has already had re- service operations to the stores’ CRAIN’S IS SEEKING ENTRIES FROM LOCAL COMPANIES nearly 8,000% revenue growth in the three-year period markable growth, according to its e-marketing programs. for its annual Fast 50 ranking of the region’s rapidly surveyed, to $14.7 million. 29-year-old founder and chief exec- The combination of services, growing businesses. These are companies that are setting  Tough Mudder utive, who came to the U.S. from along with the integration into bou- , the organizer of obstacle-course races, the pace for the rest of New York. Kyrgyzstan when she was 17.It does tiques’ inventory systems, would with 4,738% revenue growth for the three years and entrants must have outsize annual not give out revenue numbers, but make it hard for owners to move to To qualify, annual revenue surpassing $107 million. this year it expects to have $20 mil- a competitor. (While they’re work- revenue of at least $10 million and demonstrate  BuzzFeed, the news and entertainment website famed lion in gross merchandise sales— ing with Shoptiques, shops cannot rapid three-year growth. Accounting firm Anchin Block for its cheeky quizzes. Estimated three-year revenue the sum of all transactions on the sell their goods on any other plat- & Anchin will help Crain’s editors evaluate this year’s growth was 2,900%, to $60 million. site—up from $3 million in 2014. form apart from their own sites.) entries, which can include public and private companies. The deadline for submitting entries is July 17, and Ms. Vidisheva says Shoptiques has There’s also not much chance Previous Fast 50 honorees include last year’s first- winners will be profiled in the Oct. 12 issue of Crain’s and been profitable for the past year. they’ll want to do these things them- place company, Cantor Commercial Real Estate. featured on www.crains newyork.com/fast50. For more The company takes a 25% com- selves. “People in fashion are super- Founded in 2010, it saw annual revenue soar 24,591% information on eligibility, go to mission on each sale if the customer behind in technology,” said Laurie in three years, to $226 million. Others in 2014 were: www.crainsnewyork.com/fast50faq for answers to the comes through its channels and 15% Champagne, owner of UB Boho in  NeoStem, a publicly traded biotech startup that saw feature’s most frequently asked questions. if the store makes the connection, Williamsburg, Brooklyn, who also

June 15, 2015 | Crain’s New York Business | 25 20150615-NEWS--0026,0027-NAT-CCI-CN_-- 6/12/2015 7:04 PM Page 1

VINNY PACIFICO: ”One day, people here are going to wake up to all this,” said the Bronx Is NYC graffiti a valued art form? collector of hundreds of graffiti works. Continued from Page 1 scheduled for July 20. not the nation. Meanwhile, historic preserva- “One day, people here are going tionists don’t see the art adding to a to wake up to all this, just like they building’s historical value.A famous woke up 10 years ago and decided graffiti site in Long Island City they wanted Kobe or organic beef,” called 5 Pointz was demolished last he said.“And when that time comes, year to make way for condos after I want the kind of market share in the city’s Landmark Preservation art that I now have in meat.” Commission declined to save the Graffiti may well be the city’s true building, saying it lacked architec- indigenous art form, yet it remains tural distinction and the art was less shunned by New York collectors who than 30 years old.

regularly pay huge sums for contem- getty image Even the Brooklyn Museum porary works inspired by graffiti backed away from a commitment to imagery. Indeed, the edgiest of art PAINT (OR AIN’T) display a retrospective this summer, patrons can be fans of what’s called organized by mega-dealer and cura- street art and at the same time be foes THE MOST EVER PAID for a work tor Jeffrey Deitch, called “Art in the of graffiti. That’s because street art by an artist associated with Streets.” It drew 200,000 people tends to look less improvised and is graffiti is $48.8 million in 2013 three years ago to the Museum of more politically minded, with cri- for a piece by the late Jean- Contemporary Art in Los Angeles. tiques of state and corporate power. Michel Basquiat, who spray- The Brooklyn Museum said it Taggers, meanwhile, spray-paint painted downtown buildings in changed its mind because of fund- their names on surfaces in acts that the 1970s using the pseudonym ing problems, but a portion of the seem less about self-expression and Samo. Other graffiti writers don’t show will be exhibited at Coney more about self-absorption, an urban approach such rarefied air, Island this summer. update on the World War II street however. Here are the record It didn’t help that the Daily News scribble “Kilroy was here.” amounts paid for the artists bitterly opposed bringing the show The main reason graffiti art sales mentioned in the article, when here. “Museum mavens will be

have taken off elsewhere but not pricing data are available. sticking their thumbs in the eyes of buck ennis here may be psychological:To many every bodega owner and restaurant New Yorkers,it symbolizes an era of manager who struggles to keep his original masters,” said Mr. Pacifico, graffiti artists have been invited to blighted subways and decaying $48.8M or her property graffiti-free,” the whose collection includes works by the Hunts Point rooftops is to re- neighborhoods they’d rather forget. Jean-Michel Basquiat paper snarled in an editorial,“not to Tracy 168, Tats Cru and others. place the art that Mr. Pacifico said Ironically, gentrification may actu- Dustheads (above) mention the eyes of all New Yorkers He won’t speculate on what his he had to destroy last summer for ally help the art form make a com- Christie’s, New York, 2013 who cringe recalling the days of collection is worth, and says it has commercial reasons. The roof out- mercial impact as developers pay for graffiti-covered subway cars.” never been appraised, but it’s clear side his office had started to leak, a piece of New York’s grittier past. that it didn’t cost much to build. In threatening the massive refrigera- $4.87M ‘Put this art in any office’ “There’s still a stigma to this art in Keith Haring many cases,all he had to do was pro- tors below and forcing him to bury New York because so many people Untitled (September 14, 1986) Mr.Pacifico said he didn’t care for vide street artists with cans of paint his beloved graffiti under layers of here lived through the hard times that Sotheby’s, New York, 2014 early graffiti that he saw as a youth and let them loose. foamy white sealant. spawned it,” said Angelo Madrigale, on trips to visit his grandmoth- In recent weeks, he has sum- Much of the covered-up work director of contemporary art at auc- er in Brooklyn from his home moned about 50 of the city’s top graf- was made by CES, a Bronx native tioneer Doyle New $1.87M in Plainview,L.I.But as the art fiti artists to do their thing on the who started painting subway tun- York and organizer of Banksy became more colorful and ex- walls of six rooftops atop Hunts nels and cars in 1983 and these days Keep It Spotless (right) the city’s first graffiti Sotheby’s, New York, pressive, he found himself ad- Point warehouses. The walls are serves as Mr. Pacifico’s artist in res- auction three years 2008 miring the courage of the about the same height as subway cars, idence. He is described as a “long- ago. “The art is a very artists who risked arrest mak- giving artists the chance to work on revered master” by Baruch College New York thing, but ing it and trying to decipher the mes- their preferred size of canvas. The sociologist Gregory Snyder, author it’s maligned.” $114,675 sages they were conveying. “This is first wall, painted to Mr. Pacifico’s of Graffiti Lives. Not so in other Dondi White abstract art that communicates in specifications, reads: “Art iz life.” CES, whose fame overseas is global art capitals. Dark Continent of Kings (left) color, like Picasso, but it also uses Art may be life, but business is such that his name and art adorn a Graffiti began cross- Artcurial, Paris, 2015 language,” he said. “The business, and the reason so many brand of spray paint sold in Spain, ing over to the commercial main- art is constantly evolving stream at a 1984 exhibition in Basel, $30,440 and turning into some- Switzerland. Earlier this month, a Crash thing that’s accessible. I IS IT GRAFFITI OR STREET ART? painting by the notorious artist Notes in the Wind (right) get excited when I see Banksy on a side of a trailer in Sotheby’s, Amsterdam, 2010 things evolve, whether it’s IT CAN BE HARD TO TELL SOMETIMES. Graffiti, in its purest sense, is art that Britain fetched about $680,000 at a art or a business.” centers around the writer’s name, though there may be plenty of other Paris auction. $23,750 But he also knows first- imagery, too. In street art, the image is the most important thing, though of One of the top collectors is U.S. Tracy 168 hand how hard it is to change people’s course the artist could sign his or her name. businessman John Axelrod, whose Untitled minds about the art.Twelve years ago, Confused? You’re not alone. “It’s a real nuance thing and it’s debated, townhouse is decorated with works Fine Art Auctions, Miami, 2014 he closed a West Village gallery that sometimes rather fiercely,” said Sean Corcoran, a curator at the Museum by such New York artists he opened in 1995 to showcase his fa- of the City of New York who organized a show last year about graffiti called as Crash, Dondi White vorite artists because sales dried up af- “City as Canvas.” (The show will move to the Amsterdam Museum this year, and Lee Quinones,who in $16, 25 0 ter the World Trade Center attacks. Cope2 underscoring how the audience for graffiti is primarily overseas.) the 1970s painted more Six Works: NYC Transit Authority Today, Mr. Pacifico oversees a Even experts can’t agree on what graffiti is and isn’t. For instance, the than 100 entire subway Subway Maps with Graffiti beef- and poultry-processing compa- Museum of Modern Art doesn’t collect graffiti, said Leah Dickerman, cars.The thing is, Mr. Ax- and Tag (left) ny,Vista Food Exchange,based in the curator in the department of painting and sculpture. “But graffiti, with all its elrod lives in Boston. Phillips de Pury, New York, 2010 vast Hunts Point marketplace.It sup- associations—its graphic look, transgressive quality, gritty urban character In New York, preser- plies restaurants and supermarkets. and subject matter—has served as a point of inspiration for many artists vationists are indifferent to the val- He expects Vista and four other food in our collection, including Jean Dubuffet, Cy Twombly, Aaron Siskind, ue of the art, and most museums are $14,760 distributors he runs to collectively Lee Quinones Jean-Michel Basquiat, Christopher Wool and Sue Williams,” she said. On reticent to show it. Police remain Jealous Eyes generate $1.5 billion in revenue this the other hand, British art critic Jonathan Jones wrote that Mr. Twombly “is vigilant, with an internal directive Artcurial, Paris, 2015 year—and he readily credits graf- the only graffiti artist I care about.” fiti with playing a role in his success calling on officers to paint over graf- Graffiti artists tend to not only emphasize their tags in their work, but also fiti, for instance. In the past 12 because its bright, swirling colors pride themselves on their ability to create using aerosol paint and no tools. months, they have made 1,347 ar- $11,875 emit waves of energy that animate rests. The most prominent was a Cost his staffers. “Put this art in any of- “Street art is for people who use stencils,” said the veteran Bronx artist who graffiti artist with the tag name Showpaper Box (right) fice,”he said,“and I guarantee it will uses the name CES. Because the name is the thing in graffiti, artworks tend Cost, who sold a work through Doyle, New York, 2013 wake people up.” to be more limited in scope than street art, which may well be a reason Doyle New York in 2013 for Visitors to his personal office why collectors haven’t embraced the genre. Yet CES’ Instagram page $11,875. Cost, whose real name is $4,688 are greeted by a portrait showing demonstrates how he manages to creatively disguise his tag in his work. Adam Cole,was charged with crim- CES half the face of a young African- The simplest definition comes from Mr. Pacifico, who’s been collecting inal mischief,making graffiti,intent Speed Racer American woman by a German graffiti for around 30 years. “If it looks like it belongs on a subway, that’s to damage property and possession Doyle, New York, 2013 artist who goes by the moniker graffiti,” he said. —AARON ELSTEIN of graffiti instruments. A hearing is Source: Blouin Art Sales Index Klark Kent. “I enjoy the best of the

26 | Crain’s New York Business | June 15, 2015 20150615-NEWS--0026,0027-NAT-CCI-CN_-- 6/12/2015 7:05 PM Page 2

the event of wage theft. Business feeling overbilled Owners told the council that many of them would be unable to come up with $150,000, and that Continued from Page 3 them to hire any particular appli- Federal Bureau of Investigation, broad action against their industry should do the same for private em- cant,” said Councilman Jumaane and studies show that individuals was not justified by a handful of ployers. But the bill’s authors said it Williams, D-Brooklyn, the bill’s with criminal histories are less like- cases. They said council members merely matches existing state and lead sponsor. ly to attend college and that they passed the bill to pressure them to federal exemptions for such agen- According to a 2012 survey by typically earn lower salaries than become union shops. cies as the Police Department and the Society for Human Research those with clean records. departments of investigations and Discrimination complaints filed A washout correction. with the city’s Human Rights Com- “This is going to be a disaster,” Still, employment-law experts ‘They don’t mission totaled 497 in fiscal year said Steve Rotlevi,a car-wash entre- say the bill could drag out the hiring 2014, down slightly from 522 the preneur and president of the Asso- process, preventing businesses from listen to you. previous year but well above the 335 ciation of Car Wash Owners.“They quickly filling positions. in fiscal 2012. Of the 602 discrimi- don’t listen to you.They just want to They just want nation cases closed last year, 45% do whatever they want.” Pros of ex-cons were dismissed, while 26% resulted Legislation opposed by business “This is just the latest expansion to do whatever in a settlement (average size: interests used to be bottled up by of the city’s Human Rights Law,” $15,250) for the complainant. City Council speakers, but those said Keith Gutstein,a partner at law they want’ Owners of car washes, mean- days appear to be over. Ms. Wylde firm Kaufman Dolowich & Voluck while,were incensed by the council’s said passage of bills such as ban- and co-chair of its labor and em- sweeping action on their industry. the-box and the car-wash regula- ployment practice, noting a 2014 The bill requires them to post a tion was possible because the coun- provision adding unemployment to $150,000 surety bond for each car- cil last year made it easier for the list of factors that can’t be held Management,about 69% of compa- wash location, get a Department of individual members to bring meas- against applicants. “It applies fur- nies reported performing criminal Consumer Affairs license and sub- ures up for a vote. ther red tape to the hiring process.” background checks on job appli- mit to background checks—an ob- “The rules have been changed,” But supporters of the bill said it cants, primarily to reduce legal lia- ligation generally restricted to in- she said. “And the result of that is will help ensure that ex-convicts, bilities and improve workplace safe- dustries with suspected mob ties or that anyone who gets a bee in their who are more likely to be minorities, ty. About 58% allow candidates to posing a security threat. Car washes bonnet … can get a piece of legisla- are not unlawfully shut out of the job explain negative results of back- whose workers are unionized would tion to the floor.” Ⅲ market. ground checks. have to post only a $30,000 bond. “The legislation would not hurt One in three American adults The bond is to ensure that money is LISTEN to a discussion at CrainsNewYork.com/podcasts shrugged when asked if he was sad employers and it does not require has an arrest record,according to the available to compensate workers in that his patron had obliterated his art. “You go into this knowing your work could disappear,” he said, ob- serving that it’s nice to be outdoors in a private space with a very large, East Hampton homeowners storm beach clean slate on which to paint. The graffiti oasis on Mr. Pacifi- co’s rooftop comes amid signs that Continued from Page 4 meanwhile, get a free beach-driving that’s true, there is a three-year Hampton Star that the town would the city may at last be coming to Residents have counted as many as permit. Despite the June 2 ruling, statute of limitations,” said Mr. pursue condemnation of the beach- terms with the art form so many 600 of them coming and going to the town believes the homeowners Rikon. The defense has tried to front portions of all the properties people around the world perceive as load and unload beachgoers and can’t control what happens on the make this argument before in court; without regard for the outcome of synonymous with New York. their wares on summer weekends. beach. the lawsuit. Last month, the New York City This, the plaintiffs argue, goes well “As far as the town is concerned Until a verdict is rendered, the Department of Transportation hired beyond the fishermen’s waiver. in this particular area in Napeague, ‘It’s not an disputed part of the beach remains graffiti writer Cope2 and five other the trustees have the right to control open to the public. Mr. Silverman artists to help with a subway “tunnel Beach access and manage that beach,” said attor- access issue,’ said the plaintiffs have not decided beautification” project in Washing- “It is not an access issue,” said ney Michael Rikon, special counsel what will happen to the beach ton Heights. Mr. Quinones, the Kenneth Silverman, president of to the Town of East Hampton. one homeowner should they win the suit. He did artist who covered 100 subway cars one of the homeowners’ associa- Now that the case has been cer- point out that sitting adjacent to the decades ago,had his works displayed tions. “It is about the trucks. What tified to be ready for trial, Mr. Sil- said. ‘It’s about disputed grounds is the 10,000 feet in a recent show at a Lower East Side we object to is the Town of East verman said his side will push for of beach of Napeague State Park, pop-up gallery run by veteran dealer Hampton and the East Hampton one as soon as possible. (A member the trucks’ and it allows cars, charging residents Nicole Klagsbrun. Trustees asking us to host an activi- of one of the homeowners’ associa- and nonresidents $65 for a beach- ty that they don’t allow on other tions that are plaintiffs in the case is vehicle permit. Developers hire taggers beaches, including beaches they Cindi Crain, who is on the board of Goldman Properties, which de- own.” Crain Communications Inc., which Go elsewhere velops luxury apartments in SoHo The Town of East Hampton owns Crain’s New York Business.) “The town has plenty of and the financial district,has invited charges nonresidents to drive on its “The plaintiffs have been com- it was rejected. In a separate inter- beachfront-property alternatives top-shelf graffiti writers to make beaches; this year’s annual fee at plaining that their property has been view, Mr. Rikon, an eminent- where it could relocate the activity,” their mark on a wall at the corner of Truck Beach is $275. Residents, taken for over 20 years, but even if domain specialist, told The East Mr. Silverman said. Some followers Houston and Bowery made famous of these proceedings think a settle- nearly 40 years ago by Keith Haring. EAST HAMPTON residents who are ment that keeps the beach open to “Graffiti is now being used for plaintiffs in the lawsuit also say they want the public is a more likely outcome. gentrification purposes,” Doyle to protect the environment from vehicles. Meanwhile, a patch of beach on auctioneer Mr. Madrigale said. “Its the eastern side of Napeague State presence is meant to signal that a Park is the subject of its own suit. neighborhood is welcoming to In 2009, the White Sands Motel artists.” filed a complaint against the East Perhaps most important, the Hampton Trustees and Town of arrival of the Whitney Museum in East Hampton, claiming owner- the meatpacking district may signi- ship of 220 feet of shoreline, which fy that uptown grandees are ready to was also included in the Benson embrace the grittier side of New deed. York art. A spokeswoman said the The trustees claim they own that, museum has significant works in its too. Unfortunately for them, they collection by Jean-Michel Basquiat have long since been unable to con- and others who originally were graf- vince everyone of that.“I don’t know fiti artists,“but not graffiti art itself.” how you do that with property that Mr. Pacifico hopes that will soon you sold,” Mr. Silverman said. change. “Maybe others,” he said, “That’s like people getting together “will now start to see what I’ve been and saying they own your house.”Of seeing all these years.” Ⅲ course, for a New Yorker the only thing worse than losing your house LISTEN to a discussion at is being denied your summerlong CrainsNewYork.com/podcasts ap images right to fun in the sun. Ⅲ

June 15, 2015 | Crain’s New York Business | 27 20150615-NEWS--0028,0029-NAT-CCI-CN_-- 6/12/2015 12:55 PM Page 1

BUSINESS 36% Share of NYC fast-food venues surveyed that are ‘very likely’ to close if minimum wage rises to $15 PEOPLE Source: Employment Policies Institute

EXECUTIVE MOVES

WeWork: Artie Minson, 44, joined the provider of shared workspace for entrepreneurs, freelancers, startups and small businesses as president and chief operating officer. He was previously chief financial officer at Time Warner Cable. Innovid: Beth-Ann Eason, 48, joined the video-advertising company as president. She was previously senior vice president, digital development, at Condé Nast. New York Restoration Project: Ronald Miller, 59, joined the nonprofit as SPROUTING UP: chief development officer. He was Danielle Trofe plans previously chief development officer to make her organic at Phoenix Art Museum. lamps more widely CA Technologies: Otto Berkes, 52, available. joined the software company as chief technology officer. He was previously chief technology officer at HBO. DealNews: Jared Blank, 43, joined the online shopping aggregator as chief marketing officer. He was previously vice president of e-commerce at Tommy Hilfiger. National Basketball Association: Oris Stuart, 49, joined the league as chief diversity and inclusion officer. He was previously a senior partner at Korn Ferry and led its inclusion and diversity practice. B2R Finance: Matt Malanga, 46,

buck ennis joined the financial-technology company as chief marketing officer. GOTHAM GIGS He was previously director of marketing operations and Web enablement at BMC Software. Otterbourg: Melanie Cyganowski, 62, was promoted to chair of the restructuring and bankruptcy department at the law firm. She was Made from mushrooms previously chair of the insolvency litigation services, ADR and fiduciary appointments practice area. The Atlantic: James R. Gaines, 67, Her biodegradable-lamp business is ready to grow joined the publisher’s creative marketing group, Atlantic Re:think, as “Can you eat it?” ¶ For Danielle Trofe, an interior and hydroponic, self-watering planters may add director of content. He was previously ‘I came global editor-at-large at Reuters. designer who makes biodegradable lamps in a an earthy touch to an urban apartment, but for No Longer Empty: Lindsay Smilow, 29, across 350-foot studio in Brooklyn’s Industry City, this her, sustainability comes naturally. Growing up on joined the nonprofit arts organization as is the most frequently asked question about her a farm outside Austin,Texas, Ms.Trofe said, she director of external this work. ¶ The answer is yes, but she wouldn’t was “immersed in nature and understood the affairs. She was previously an material recommend it.To craft her line of chic Mush- delicate balance of the ecosystem.” ¶ She said that associate manager at Lume lamps and lighting fixtures, Ms.Trofe, 31, as a designer, she has a responsibility to produce the Guggenheim and I knew combines agricultural waste, such as corn husks, goods sustainably. ¶ Ms.Trofe has done limited- Museum. Rachel Gugelberger, I had with hemp and injects the mulch-like mixture production runs, selling her wares for $300 to 45, joined as an associate curator. She with a fungal product called liquid mycelium. $2,500 in holiday shops and online. Last year, she was previously an interim curator at Exit Art. to work After allowing the material to grow in custom created the 14-foot-high vertical gardens greeting Lua: Shannon Johnson, 40, joined the lamp-shaped molds, she heats and dries her visitors at the Brooklyn Botanic Garden. ¶ Next, business-communications company as with it’ director of inside sales. He was creations to stop them from sprouting. ¶ “I came she’ll make her creations more widely available. previously vice president of sales at across this material and I knew I had to work with She hopes to bring in about $20,000 from retail rFactr. it,” said Ms.Trofe, who has a master’s in interior sales, and at least $10,000 from custom work in The Beekman: Robert Andrews, 36, joined the hotel, scheduled to open design from the Florence Design Academy.Two 2015. She’s also in talks with her Industry City in lower Manhattan this winter, as years ago, she began partnering with Ecovative, neighbors about collaborating. ¶ “It’s good to be managing director. He was previously director of operations for an upstate New York firm that produces grow-it- at the forefront of new production techniques and the four New York City Kimpton yourself materials. ¶ Ms.Trofe’s organic lamps materials,” she said. —caroline lewis hotels.

28 | Crain’s New York Business | June 15, 2015 20150615-NEWS--0028,0029-NAT-CCI-CN_-- 6/12/2015 12:56 PM Page 2

SOURCE

Allison Ante, 37, joined as director of MEETING: GLENN RUFRANO sales and marketing. She was previously director of sales and marketing for the Interview by Daniel Geiger Soho Grand and Tribeca Grand hotels. Shopping Center Group: Pamela Strauss, 39, joined the retail real estate advisory firm as senior adviser. She was previously After fraud, CEO tries to regain the trust president at Retail Strategies. Moonrocks What’s next in the turnaround? International: Sherri Goldstein, 48, joined n April 1, Glenn around specialist helped land him If you go back to the New Plan days the consulting and communications firm Rufrano, the former the job at ARCP.He helmed Cen- in 2000,they were a combination of We announced we will have a busi- as director of integrated strategy and head of Cushman & tro Global Property Group as it two companies, and that merger ness plan for ARCP in the second- U.S. operations. She was previously Wakefield and a weathered an accounting misstep. didn’t go very well. At ARCP,we’re quarter earnings call in the first director of client services at Publicis Life longtime real estate He led New Plan Excel Realty a combination of two companies week in August. The first step is a Brands Medicus. executive, became CEO of Ameri- Trust, another REIT, through its and probably five or six portfolios. full analysis of the portfolio. My Univision Communications Inc.: Carlos O can Realty Capital Properties. The acquisition by Centro. He also is This is a company that was put to- guess is there’s stuff we should cull. Deschapelle, 51, was promoted to executive job will be a challenge for the 65- credited with helping strengthen gether and went from $2 billion in So we’re going through the culling vice president of network and digital sales year-old. Cushman’s balance sheet, setting June 2013 to almost $20 billion in process. at the media company serving Hispanic America. He was previously senior vice Late last year, the commercial the foundation for the company’s June 2014. president of sports sales. real estate investment trust revealed pending sale this year for $2 billion. How much will it sell? ID Media: Ben Chua, 38, joined the media it had committed accounting fraud. Earlier this year, ARCP revealed it had I don’t know. Whatever happens agency as vice president of digital It was a huge blow to the $20 bil- There’s confusion about ARCP. It’s a committed accounting fraud. Will it be will not happen right away. We investment. He was previously media lion company and triggered an in- public company that also operates tough to get the company past that? have no reason to have to sell any- director at Moxie. vestigation by the FBI and lawsuits nontraded investment funds? That’s a challenge that can be dealt thing.So whatever we decide,there Smartling Inc.: Kevin Cohn, 31, was among the REIT’s shareholders. One of the questions I’ve had is,what with.There’s $20 billion of assets in will be a reasonable process where promoted to vice president of operations Nick Schorsch, ARCP’s founder is ARCP? We are a full-service real this company, and the cash flow is we can maximize value. at the translation management software provider. He was previously senior and chairman, was forced to resign. estate operating company. We have terrific. The good thing about $20 You headed Cushman before coming to director of product marketing. Mr. Rufrano’s skills as a turn- people who buy,sell,finance,manage billion of assets is it doesn’t care.We Hoffmann Architects: Graziano Meniconi, assets, manage properties and lease. have a stable enough base here that ARCP. What are your thoughts on the 46, joined as project manager. He was Retail is 64% of income. We also I’m pretty comfortable we’ll live recent deal to sell to DTZ, a commercial previously a founder and partner at have an investment-management through it. real estate services firm? Oikos Progetti. arm called Cole Capital that raises What’s happening now is really Willis North America: Michael O’Connell, capital outside the public [market] Were you worried about putting your good for Cushman and for DTZ. 49, joined the insurance and reinsurance by accessing the nontraded REIT own reputation on the line at ARCP? [Commercial real estate services brokerage as financial-institutions investor. Not at all,because it has such a good and investment firm] CBRE industry leader. He was previously financial-institutions practice leader at asset base and good people. The Group is doing $9 billion in rev- How did you wind up at ARCP? AON. biggest issue is credibility.The board enue. Jones Lang LaSalle is doing EVO Real Estate Group: Christopher They called and asked if I has taken over. It has done a very $6 billion. Cushman was, like, Hagerup, 26, joined the commercial real was interested. I had been good job of starting to gain credibil- $2.5 billion. It didn’t have enough estate firm as a real estate adviser. He at a number of compa- ity back by having all the financials girth in Asia, and it needed more was previously director of commercial nies that had circum- recertified. That’s a big chore. You strength in Europe. DTZ is very real estate at Tungsten Property. stances like ARCP’s. have all of 2013 and the first two strong in Asia and really pretty DJK Residential: Judy Steinfeld, 68, joined quarters of 2014 pulled, and it trips good in Europe. But it doesn’t the full-service real estate brokerage and every covenant in every piece of debt have a good presence in North relocation firm as a licensed real estate salesperson. She was previously a you have.We continue to gain cred- America, where Cushman is salesperson at Weichert Realtors. ibility. We have brought on new, strong. Now they’re a $5 billion Waratek: Anand good board members. company on the world stage with Chavan, 38, joined the CBRE and JLL. application-security company as senior Are you based in NYC? vice president of It’s a combination. We have a ma- financial services. He jor office in Phoenix and a major of- was previously co- head of the U.S. fice in New York City.I’ll be options market wherever I need to be. making system at UBS. Warburg Realty: Gabe Leibowitz, 35, ARCP’s dividend was suspended. joined the luxury residential real estate Dividends are a key reason why firm as a licensed associate real estate investors buy REITs. broker. He was previously president at We’ll be paying a dividend. We Skygroup Realty. have plenty of cash flow. We have Stroock & Stroock & Lavan: Marc Hurel, to determine when and how much. 55, joined the law firm as a partner. He was previously a partner at DLA ARCP owns a mall in Canarsie, Piper. Bracewell & Giuliani: Douglas Koff, 50, Brooklyn. Are you looking for more joined the international law firm as a assets like that? partner. He was previously a partner at If we could find more at reasonable Paul Hastings. prices in the boroughs,we could be Goldberg Segalla: Todd D. Kremin, 34, a buyer. I’m bullish on New joined the law firm as a partner in its buck ennis York. Asia is a little wob- global insurance-services practice group. bly. Europe has a long He was previously a member of the insurance-coverage and monitoring way to go. New practice group at Kaufman Dolowich & York is a great Voluck. place to be. Ⅲ Kleinberg Kaplan Wolff & Cohen: Richard Guidice, 36, joined the law firm as a partner. He was previously a partner at K&L Gates. PLAY/LIST People, places and things that make Glenn Rufrano tick —carly apar SHOPPING RETAIL: CONVENTIONAL: ON THE RUN: FOOD-AVERSE: EXECUTIVE PROMOTIONS Mr. Rufrano loves the retail side of the Mr. Rufrano was a fixture at Cushman To adapt to long days at the Years ago, Mr. Rufrano gave up eating The fastest way to get an announcement into real estate business. He has gone to & Wakefield’s large booth on the convention—and longer nights at social lunch because he found it too Crain’s is to submit online. Fill out the form the International Council of Shopping Vegas convention-center floor when he events——Mr. Rufrano jogs down the disruptive to his intense work style. at www.crainsnewyork.com/section/ executive_moves. The Executive Moves column Centers’ annual Las Vegas real estate was chief executive from 2010 to Las Vegas Strip at 6 a.m. “I’ll see other “I’m not into food,” he said. “If they is also available online. conference, where we chatted, every 2013, getting personally involved in real estate executives out there jogging could invent a pill that you could take year since the early 2000s. deal-making. as well. It’s a great way to catch up.” instead of eating, I would use it.”

June 15, 2015 | Crain’s New York Business | 29 20150615-NEWS--0030-NAT-CCI-CN_-- 6/12/2015 12:58 PM Page 1

SNAPS

Sanctuary for Families, which provides wide-ranging services to the victims—and their children—of domestic violence and sex trafficking, marked its 30th anniversary on June 2 with a benefit that raised a record $2.1 million. Aside from providing services such as education and legal advice for its tens of thousands of clients, Sanctuary is also an advo- cacy organization that promotes legal and public policies to end the violence and help those affected by it.

BARRY SCHWARTZ, co-founder of Calvin Klein Inc., NICOLE SAYFIE PORCELLI, co-chair of Sanctuary’s Mothers Council, SHERYL SCHWARTZ, Mr. Schwartz’s wife, and SUZANNE SAYFIE, executive director of the Miami Project to Cure Paralysis, at the Sanctuary benefit at Pier Sixty/Chelsea Piers.

photos jdz photography photos CHRISTOPHER NORDQUIST, creator of lifestyle WILLIAM GORIN, president of Sanctuary for Families’ board of directors and senior counsel at Cleary Gottlieb Steen & Hamilton, STEPHANIE FERDMAN, website Domestic Daddy, and DAVID DUPLANTIS, chair of Sanctuary’s President’s Council, Judge JUDY KLUGER, the group’s executive director, and ANDREA BERNSTEIN, a partner at Weil Gotshal & Manges, Coach’s president of global marketing and digital at the fundraiser. and customer experience, at the Sanctuary gala.

Brooklyn Borough President ERIC ADAMS and honoree CHRISTOPHER M. CONLON, chief operating officer of Acadia Realty Trust, at the Brooklyn Hospital gala. The event raised $1.4 million for the institution’s expansion of its pediatric emergency-care services. new york citynew ymca york ALEX SVETLAKOU, a director in Cushman & Wakefield’s Capital Markets Group, ROBERT KNAKAL, C&W chairman, and RON LO RUSSO,the firm’s executive vice president, at the YMCA’s 41st Annual Dodge Award Dinner at Cipriani 42nd Street June 3.

ROBERT LIEBER, honoree and executive managing director of Island Capital Brooklyn Hospital Center President and CEO JONATHAN Group, and ALAN SUNA, CEO of WELD and New York City Councilwoman LAURIE CUMBO Silvercup Properties, at the Y event, at a June 4 fundraiser for the hospital at the Marriott

which raised $1.3 million. Brooklyn Bridge. rickphotos schwab

See more of this week’s Snaps online at CrainsNewYork.com/galleries.

30 | Crain’s New York Business | June 15, 2015 20150615-NEWS--0031-NAT-CCI-CN_-- 6/12/2015 12:59 PM Page 1

FOR THE RECORD

GOODS AND SERVICES ● Kenneth Cole signed a 10-year lease ● Broadridge Financial Solutions Inc. ● Department of Citywide Administrative for 4,114 square feet at 328 Bowery. The (BR) ABOUT THIS SECTION Services designer’s store will occupy 2,510 square Charles J. Marchesani, corporate vice FOR THE RECORD is a weekly listing of information from the public record Seeks competitive sealed bids by 3 p.m. feet on the ground level and 1,604 president of global technology and that can help businesspeople in the New York area find opportunities, on July 8 for the installation, operation square feet in the basement of the six- operations solutions, exercised options and maintenance of about 25 beverage story residential building, Bond Street on 85,750 shares of common stock at potential new clients and updates on competitors. and snack vending machines at various Lofts Condominium. The building’s prices ranging from $13.79 to $20.87 To ask questions or get more information on this section, contact DCAS facilities throughout the city. An official address is 57 Bond St. The space per share on June 3, in a transaction Crain’s research department at [email protected]. optional site visit and prebid conference will be shared with the clothing store worth 1,507,913. On the same day, he will be held at 2:30 p.m. on June 19, 1 Curve. The tenant was represented by sold shares of common stock at $54.36 Centre St., 18th-floor prebid conference Matthew Seigen and Skye Taylor of per share, in a transaction worth room. To make inquiries, contact Karen Thor Retail Advisors. The landlord, $4,055,863. He now directly owns NEW IN TOWN $1,000,001 to $10 million and estimated Allen at (212) 386-0453 or RWN Real Estate Partners, was 48,643. liabilities of $1,000,001 to $10 million. [email protected]. represented by Ariel Schuster, Brian Companies that would like to have details The creditors with the largest unsecured Segall and Taryn Talmadge of RKF. ● Goldman Sachs Group Inc. (GS) of openings published should submit claims are United Water District 2, ● Economic Development Corp. The asking rent was $300 per square Edith W. Cooper, executive vice descriptions following this format to cnyb- owed $1,211; and the Village of Port Requests proposals by 4 p.m. on July 31 foot. president and global head of human [email protected], with “New Chester, owed $618. for the development and operation of capital management, sold 16,659 shares in Town” in the subject line. food and beverage co-packing facilities of common stock at a price of $206.89 ● R&R Westchester Home Improvement in the city. An optional information STOCK TRANSACTIONS per share on May 29, in a transaction ● Blushington Inc. session will be held at 10 a.m. on June 25 worth $3,446,514. She now directly 119 W. 56th St. 50 Beaver Hill Road, Elmsford, N.Y. at NYCEDC, 110 William St. RSVP to Following are recent insider transactions at owns 67,663 shares. The makeup and beauty lounge will Filed for Chapter 7 bankruptcy on May [email protected] before New York’s largest publicly held companies open at the end of July in Le Parker 26. The filing cites estimated liabilities 5 p.m. on June 23. To make inquiries, filed with the Securities and Exchange ● Ralph Lauren Corp. (RL) Meridien hotel’s underground retail of $100,001 to $500,000. Estimated contact Maryann Catalano at (212) 312- Commission by executives and major David R. Lauren, executive vice destination in midtown, its first New assets were not listed. The creditors with 3969 or at the above email address. shareholders. Listings are in order of president of advertising, marketing and York City location. Blushington the largest unsecured claims are transaction value.The information was corporate communications, exercised specializes in makeup applications but Mahopac Bank, owed $42,994; obtained from Thomson Reuters. options on 14,010 shares of common also offers a range of services including Home Depot Credit Service, owed REAL ESTATE DEALS stock on May 29 at prices ranging from brow and lash tinting, waxing and $15,475; and Chase Card Services, owed ● CBS Corp. (CBS) $43.04 to $57.76 per share, in a lash extensions. $14,150. Companies that would like to have details Leslie Moonves, president and chief transaction worth $671,148. On the of their recent transactions appear in these executive, exercised options on 255,000 same day, he sold 14,010 shares of ● McGettigan’s Irish Pub ● Solera Corp. listings should email descriptions following shares of common stock at a price of common stock at a price of $130.74 per 70 W. 36th St. 1070 Nine Acres Lane, Mamaroneck, this format to cnyb-research@crainsnew $23.19 per share on June 1, in a share, in a transaction worth The Irish pub chain opened its first U.S. N.Y. york.com, with “Real estate transaction” in transaction worth $5,913,450. Between $1,831,667. He now directly owns outpost in midtown west. McGettigan’s, Filed for Chapter 11 bankruptcy the subject line, or enter them online at May 29 and June 1, he sold 607,444 9,854 shares. with locations in Ireland, Asia and the protection on June 4. The filing cites crainsnewyork.com/submitadeal. Deals are shares of common stock at prices Middle East, aims to provide a “modern estimated assets of $0 to $50,000 and listed in order of square footage. ranging from $61.79 to $61.87 per ● Becton Dickinson and Co. (BDX) Irish experience,” giving a taste of Irish estimated liabilities of $100,001 to share, in a transaction worth Stephen Sichak, chief integrated supply food, culture, sports and music. The $500,000. The creditors with the largest COMMERCIAL $37,567,484. He now directly owns chain officer and executive vice Manhattan location offers lunch and unsecured claims are JMVS, owed ● The Yard signed a 15-year lease for 1,687,070 shares. president, exercised options on 16,970 dinner daily and live musical $167,500; and the New York State 33,000 square feet at 246 Fifth Ave. The shares of common stock on June 1 at performances on various nights Department of Taxation and Finance, co-working-space provider has four ● Cognizant Technology Solutions (CTSH) prices ranging from $62.50 to $75.63 throughout the week. owed $52,458.47 and $52,000. other locations in New York City.The Lakshmi Natarajan Narayanan, vice per share, in a transaction worth tenant was represented by Lance chairman, sold 100,000 shares of $1,190,008. On the same day, he sold ● Skin Laundry Leighton and Evan Margolin of Savills common stock at prices ranging from 12,188 shares of common stock at prices 3 W. 16th St. GOVERNMENT CONTRACT Studley.The landlord, HH Realty $64.42 to $64.75 per share between May ranging from $140.94 to $140.95 per The facial clinic opened its first New OPPORTUNITIES Equities, was represented in-house by 27 and May 28, in a transaction worth share, in a transaction worth York City location in the Flatiron one of its principals, Ariel Akkad. The $6,456,179. He now directly owns $1,717,813. He now directly owns district. It offers a laser skin treatment Following are selected contract asking rents were in the $50s per square 185,210 shares. 10,541 shares. Ⅲ with a signature 10-minute medical- opportunities recently announced by New foot. grade treatment for deep skin cleaning York City agencies.To learn how to sell and improvement. goods and services to city government, visit ● Vince Camuto Shoes signed a lease www.nyc.gov/selltonyc. For a searchable for 5,600 square feet at 1370 Sixth Ave., DEALS ROUNDUP database of current procurement notices, expanding its existing lease at the COMPANY MOVES visit www.nyc.gov/cityrecord. Listings are location, bringing its total space to alphabetical by category and department. 33,000 square feet. The footwear design TRANSACTION SIZE Companies that would like to have details company will now occupy the entire TARGET/SELLER (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE of recent moves published should submit CONSTRUCTION SERVICES eighth, ninth and 15th floors of the Altera Corp./ $18,220.5 Intel Corp. SB M&A descriptions following this format to cnyb- ● Department of Parks and Recreation 311,500-square-foot building. The BNY Mellon Fund [email protected], with Seeks competitive sealed bids by 10:30 expansion was for the rest of the ninth Advisers (Manhattan); “Company Moves” in the subject line. a.m. on July 14 for plumbing, electrical, floor. The tenant was represented by TIG Advisors (Manhattan) heating and ventilization work in Jeffrey Rosenblatt of Coldwell Banker OM Group Inc./ $1,090.1 Apollo Global Management FB M&A ● Birchbox connection with the construction of a Commercial Alliance. The landlord, SSgA Funds Management Inc.; (Manhattan) 60 W. 34th St., 1988 Broadway and playground and comfort station at a Principal Real Estate Investors, was FrontFour Capital Group 122 Fifth Ave. location bounded by Vandalia Avenue represented by Paul Amrich, Jackie New York Palace Hotel $805.0 Hotel Lotte Co. SB M&A The beauty company opened three pop- and Berriman Street, and Erskine Street Marshall and Patrice Meagher of (Manhattan)/Northwood Investors up shops in the Herald Square, Flatiron and Schroeders Avenue in Brooklyn. A CBRE. The asking rents were in the low (Manhattan) and Lincoln Center Gap stores. The prebid meeting will be held at 11 a.m. on $70s per square foot. The length of the 160 Spear St., San Francisco/ $197.7 Tishman Speyer Properties SB M&A pop-up shops, which will be open June 18 at the Olmsted Center Annex, lease was not disclosed. Legacy Partners Inc. (Manhattan) through July, offer a summer-oriented Flushing Meadows Corona Park, Sheplers Inc./ $147.0 Boot Barn Inc. SB M&A selection of the beauty and grooming Queens. Bid documents are available ● JDX Consulting Inc. signed a lease BBH Capital Partners products offered on the store’s website between 8 a.m. and 3 p.m. in the for 2,500 square feet at 12 W. 37th St. (Manhattan); Gryphon Investors and in the flagship store. The locations Blueprint Room, Room 64, Olmsted The London-based firm will relocate Ecom Express Pvt. Ltd./ $132.9 Warburg Pincus (Manhattan) GCI also will offer special Birchbox + Gap Center, Flushing Meadows Corona from its former office at 1441 Broadway not disclosed boxes, as well as a Build Your Own Park, for a $25 fee payable by company to the midtown office building. The JPS Industries Inc./ $114.3 Handy & Harman Group Ltd. SB M&A Birchbox station exclusively in the check or money order to City of New tenant was represented by Greg SPH Group Holdings Herald Square store. The brand’s York, Parks and Recreation. To make Lafayette and Elliot Zelinger of Savitt (Manhattan) flagship store is on West Broadway in inquiries, contact Michael Shipman at Partners. The landlord was represented Fig Garden Village shopping $106.1 Rouse Properties Inc. (Manhattan) SB M&A SoHo. (718) 760-6705 or michael.shipman@ by Daniel Breiman of Olmstead center, Fresno, Calif./not disclosed parks.nyc.gov. Properties. The asking rent was $46 per Multitenant retail site in $104.0 W.P. Carey Inc. (Manhattan); SB M&A square foot. The length of the lease was Oslo, Norway/ Winta Eiendom AS BANKRUPTCIES Seeks competitive sealed bids by 10:30 not disclosed. Coop Norge Eiendom AS a.m. on June 30 for the construction of a Wheelock Portfolio/ $92.5 American Realty Capital Hospitality SB M&A The following listings are selected from the synthetic turf field and walking track, RETAIL Wheelock Street Capital Trust Inc. (Manhattan) most recent available filings by companies and the reconstruction of the basketball ● Blue Bottle Coffee signed a 15-year Ardelyx Inc./not disclosed $77.8 New Enterprise Associates; RA Capital GCI seeking bankruptcy protection in the courts at Heckscher Playground, lease for 15,800 square feet at 279 Management; Broadfin Capital Southern and Eastern Districts of New Brooklyn. Bid documents are available McKibbin St. in Bushwick, Brooklyn. (Manhattan); Foresite Capital York. Information was obtained from U.S. between 8 a.m. and 3 p.m. in the The coffee company will use the Management; Cormorant Asset Management; Rock Springs Capital; Bankruptcy Court records available on Blueprint Room, Room 64, Olmsted warehouse for a café and to roast its Sabby Capital Public Access to Court Electronic Records. Center, Flushing Meadows Corona coffee. It also will be used as a baking Listings are in alphabetical order. Park, for a $25 fee payable by company facility for its Tartine brand. The tenant Selected deals announced for the week ended June 4 involving companies in metro New York. check or money order to City of New was represented by Matthew Seigel of SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing shares ● of a company without the participation of a financial buyer. FB M&A: Financial buyer M&A Grace Church Realty Corp. York, Parks and Recreation. To make Thor Retail Advisors. The landlord was represents a minority or majority acquisition of existing shares of a company with the participa- 40 Grace Church St., Port Chester, N.Y. inquiries, contact Michael Shipman at represented by Andy Clemens of Ripco tion of a financial buyer. GCI: Growth capital investment represents new money invested in a Filed for Chapter 11 bankruptcy on June (718) 760-6705 or michael.shipman@ Real Estate. The asking rent was $40 per company for a minority stake. source: capitaliq 4. The filing cites estimated assets of parks.nyc.gov. square foot.

June 15, 2015 | Crain’s New York Business | 31 B:11.125” T:10.875” S:10.25”

Get a $150 credit* for your business for each smartphone line. Plus, qualifying Small Business Customers can receive a Corporate Service Discount of 10% or more.** *New 2-yr. activation on $34.99+ plan req’d. Offer exp 7/31/15. **New 2-yr. Major Acct Agmt req’d. Offer exp 7/31/15. B:14.75” T:14.5” S:14”

Get the coverage, speed and reliability your business needs on the largest, most reliable 4G LTE network. Experience why more small businesses choose Verizon than any other wireless carrier.†

1.800.VZW.4BIZ | vzw.com/business-bill-credit | findmyrep.vzw.com

† Results based on third-party study. Account credit applied within 2-3 billing cycles. Credit will be removed from account if line is suspended or changed to non-qualifying price plan after activation. Offer expires 7/31/15. Activation/upgrade fee/line: $40. IMPORTANT CONSUMER INFORMATION: Corporate Subscribers Only. Subject to Major Acct Agmt, Calling Plan, & credit approval. Up to $350 early termination fee. Offers & coverage, varying by svc, not available everywhere; see vzw.com. While supplies last. Restocking fee may apply. © 2015 Verizon Wireless. I6703

Project Title: New York Crains Team Proof Approval Job Number New York Crains Inks Side 1 CMYK Full Size (W” X H”) Reduced Size (W” X H”) (Initial and Date)

Job Type Ad Inks Side 2 n/a Scale 1” 1” Art Director None

Project New York Crains Finishing None Resolution 300 dpi 300 dpi Copywriter None

Version Code None Template None Bleed 11.125” x 14.75” 11.125” x 14.75” Studio None

125 E. Broad St. Greenville, SC 29601 Pages/Panels 1 of 1 Paper Stock MG Trim 10.875” x 14.5” 10.875” x 14.5” Prod. Mgr. None P: 864.271.0500 | F: 864.235.5941 622 Third Ave, New York, NY 10017 Hardware or Component None Safety 10.25” x 14” 10.25” x 14” Acct. Exec. None P: 212.905.7000 | F: 212.370.0781 Equipment None Finished Identifier None 10.875” x 14.5” Size Comments: PDFx1a with bleed. Include marks, slug. Inks: Cyan, Magenta, Yellow, Black Fonts: Myriad Pro, Apex Sans, Verizon Apex Images: RM_BC_VZ_logotab_p.ai, RM_AlcatelLucent_collaboration_CMYK.ai, RM_ML_SS_GS6Edge_GS6Wht_June19COMP-R6in-MG.psd (274 ppi), SS_Galaxy_S6_S6Edge_Lockup.ai