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INSIDE TIMES SQUARE skirmish over city’s TOP STORIES impromptu Cut the bonus bull: park the truth about P. 3 Goldman Sachs ® EDITORIAL, PAGE 10 Shadow units cast pall over city’s VOL. XXV, NO. 32 WWW.CRAINSNEWYORK.COM AUGUST 10-16, 2009 PRICE: $3.00 residental market PAGE 2 Paterson has Überpatron to the rescue of struggling local arts groups no place to PAGE 3 go ... but out SPECIAL REPORT With low ratings, he’s caught between a rock (Cuomo) and a hard place SMALL BUSINESS Entrepreneurs keep a sunny disposition when the sales BY ERIK ENGQUIST are grim P. 13 can gov. david paterson G How to kick-start your save himself? That is the credit P. 16 question on the lips of the G Hits & Misses: city’s power elite, as Demo-

Restaurateur delivers the cratic leaders and union offi- buck ennis goods P. 17 cials signal that they will find another candidate for gover- ademics cannot recall a nor if the incumbent does not politician rescuing himself lift his approval rating soon. from such a predicament, let BUSINESS LIVES The answer, according to alone one with Mr. Pater- political experts, is almost son’s shortcomings. certainly no. “Has anybody ever come The governor’s poll num- back from this low? Proba- bers have been dreadful for bly. But I can’t think of any,” six months,a sign that public says Maurice Carroll, direc- opinion is solidifying. Barely tor of the Quinnipiac Uni- one in five voters think he’s versity Polling Institute and doing a good job. Pollsters, a former political reporter. GOTHAM GIGS campaign operatives and ac- See GUV on Page 32 Smithy shoes horses for police patrols P. 33 G ANNE FISHER on getting better pay P. 33 stephen munday G MOVERS & SHAKERS Look who’s eyeing Wynn has a vision for Aqueduct P. 34 Dead-tree crowd desperately NYC: Wal-Mart G GAEL GREENE finds the best chef no one’s ever heard of P. 35 seeking a profit rewrite Retailer that gave up on Big Apple BY MATTHEW FLAMM INDEX renews push; like a lot of newspapers,The New York Times has endured a rough year.But there’s THE INSIDER ‘just looking’ ______8 little evidence of that inside the paper’s soaring Eighth Avenue headquarters. REAL ESTATE DEALS ______9 The walk to Executive Editor Bill Keller’s office proceeds around an atrium that NEIGHBORHOOD JOURNAL ______9 casts so much natural light a visitor feels half-outdoors.There are high ceilings,wide- BY DANIEL MASSEY GREG DAVID open spaces and sleek furnishings with accents of blond wood. ______11 DRAWING IRE: As long as unions Just two years old, the Renzo Piano-designed building belongs to an era when more than two years after CRAIN’S ONLINE POLL ______11 object, the City Council is unlikely to newspapers had 20% profit margins and the Times was the undisputed ruler of the Wal-Mart’s bruised chief ex- back a Wal-Mart store. CLASSIFIEDS ______27 news business. Those days may be over, but according to Mr. Keller, the paper won’t ecutive wrote off opening a EXECUTIVE MOVES ______33 have to find a new address. New York City store as not RÉSUMÉ REVIEW ______34 He is bullish on print, while also recognizing that the industry is being blasted by “worth the effort,” the New York City residents

SeeTHE ATWEEK DEADLINE AHEAD _on ______Page ______2 ______35 forces that have left news publishers in tatters and unsure where to turn. Arkansas-based giant is back want and need better access See NEWSPAPERS on Page 31 in the hunt, scouting out po- to our stores so they are not tential locations. forced to travel to New Jersey

32 The company’s search is or Long Island to benefit

5 ON THE WEB citywide, with a focus on the from the savings Wal-Mart Sign up to receive Crain’s award-winning daily outer boroughs. Executives provides for working fami- e-mail alert containing breaking news feel the recession makes this lies,” wrote a spokesman, impacting the New York City business an ideal time to enter the city. Philip Serghini, in an e-mail ELECTRONIC EDITION community at www.crainsnewyork.com. “Now,more than any oth- message. “Hopefully we will

NEWSPAPER er time in recent memory, See WAL-MART on Page 32 71486 01068 0 20090810-NEWS--0002-NAT-CCI-CN_-- 8/7/2009 7:12 PM Page 1

IN BRIEF BID ADIEU TO WAMU. J.P. MORGAN CHASE & Shadow units cast pall CO. IS RENAMING THE 223 WASHINGTON Mutual branches in the tristate area today, as many as 7,000 shadow units. giving them the Chase logo, a spokesman says. Not-yet-marketed condominiums mean An analysis conducted by Crain’s, with That move means there will be more than help from Mr. Miller and brokerage firm 1,000 Chase branches here, giving the bank a apartment glut is worse than it looks Aptsandlofts.com, shows the scope of the 52% share of the local market, according to a problem in two bellwether neighbor- SNL Financial study.The federal government shadow inventory that is not reflected in hoods: Williamsburg and Manhattan’s fi- seized WaMu last fall in the biggest bank BY AMANDA FUNG the data. This includes units that are held nancial district. failure ever and sold it to J.P.Morgan Chase for by developers in soon-to-be In the latter, there are currently 410 a paltry $1.9 billion. new york city’s condominium completed buildings, as well as condominiums for sale. But according to market may be in even worse those kept off the market by Crain’s research—which involved tabulat- IN THE FACE OF PRESSURE FROM NEW YORK shape than the commonly used banks and by individual owners ing all the units in a dozen financial district SEN. CHARLES SCHUMER AND CITY HOUSING yardsticks show. who are waiting for conditions to condo buildings—there are also nearly officials, Fannie Mae decided to cancel an In Manhattan in the first improve before they tack up “For 1,000 units lurking in the shadows. In online auction of 19 Bronx apartment buildings quarter, sales were halved from Sale” signs. Williamsburg, meanwhile, feverish build- that had fallen into foreclosure.The officials year-earlier levels even as more ing has helped put 2,820 units on the block had worried that the auction would attract apartments flooded onto the Flawed inventory count this year, according to Aptsandlofts.com. speculators who would overpay for the market, leaving it choking on an SWAMPLAND “we are undercounting the But there are almost as many again not yet properties, which were purchased for a hefty 18.6-month supply of units. housing stock,” says Jonathan accounted for; 2,760 units will come on $36 million in 2007 by Ocelot Capital. Instead, Meanwhile, in the recently red- Miller, chief executive of ap- line next year. officials will work with Fannie Mae to find an hot neighborhood of Williams- praisal firm Miller Samuel Inc. “The financial district and Williams- owner who will keep the 519 units affordable. burg in Brooklyn,sales in the pe- 18.6 “And when you have more in- burg were overbuilt,” says Jorden Tepper, riod plummeted by 70% as even MONTHS’ SUPPLY ventory than the market can ab- executive director of sales at Century 21 APPLE-METRO, THE EXCLUSIVE FRANCHISEE OF more units expanded the proper- of Manhattan sorb,it places pressure on prices.” NY Metro. “It will take these neighbor- APPLEBEE’S NEIGHBORHOOD GRILL & BAR ty glut there. condos, 1Q 2009 In a report on Manhattan res- hoods longer to correct themselves in this in the New York metro area, is on an expansion As bad as those figures look, idential real estate this spring, depressed market.” tear in the city, opening two restaurants this they may actually overstate the Mr. Miller estimated that in ad- The bulk of the city’s shadow invento- month in the Bronx alone. Capitalizing on a health of the market. Industry experts dition to the 10,445 condominiums that ry of condos is in buildings nearing com- weakened real estate market, Apple-Metro point to a growing mountain of so-called showed up in unsold inventory, there were See SHADOW on Page 32 plans to open six restaurants in total this year, investing about $15 million to do so.The company has a bank loan and is using its own cash to fund the projects.
For back to school, BY THE NUMBERS PERENNIAL STYLE: J.C. Penney and Weekly shift of the city’s economy others are MIRACLES HAPPEN. But twice? In one day? it’s all uniform offering more Unemployment’s fall and AIG’s profit certainly classic  qualify; lesser shockers—including yet another separates. up week on Wall Street—also augur well. neger Group. Kids’ retailers expand Kidswear retailers need an edge. Sales offerings of cheaper of children’s apparel have dropped steadi- -12.9% -32.6% -4.6% ly over the last two years, most recently FALL IN B’WAY DECLINE DROP mix-and-match pieces falling 2%, to $19.5 billion, for the 12 attendance in in NYC’s average in same-store months ended in May,according to NPD week ended daily hotel room sales for BY ADRIANNE PASQUARELLI Aug. 2 vs. year- rate in June vs. July vs. Group Inc. Furthermore, 75% of shop- earlier week a year ago a year ago pers surveyed by WSL Strategic Retail The Broadway PKF Consulting Retail Forward to get ahead this back-to-school season, plan to spend the same or less than they League kidswear retailers are moving uniforms to did last year on back-to-school pur- the head of the class. chases. THE NUMBER of Chapter 7 and Chapter 11 bankruptcy The crucial selling season is already un- cases filed in Manhattan and Brooklyn. der way, and many children’s clothing sell- Year-round option ers, including The Children’s Place Retail after a nearly 20% increase in Stores Inc. and J.C. Penney Co., are turn- sales in its uniform business last year ing to their uniform divisions to boost rev- compared with 2007, Secaucus, enue. While many consumers associate N.J.-based The Children’s Place is uniforms with plaid skirts and parochial considering offering uniforms schools, stores from Target to Macy’s now throughout the year,instead of just be- separate their basics—blazers, polo or ox- tween July and September. The retailer, ford shirts, khaki bottoms and classic with $1.6 billion in sales, may also add a cardigans—into one “uniform shop” spring uniform division, which would tails to certain where parents can mix and match everyday include seasonal products such as pieces to increase va- Source: U.S. Bankruptcy Court, Southern and Eastern districts of New York wear.Their children,typically 5 to 11 years Bermuda knit shorts. riety. For example, Penney’s now sells flat- old, might not even attend schools with “Each year, the demand grows a little front khaki trousers and Capri-length CORRECTIONS dress codes. bit more,” says senior director of apparel pants for children, in addition to the regu- “Before, you had to hunt for it, but now A.K. LaMonica, adding that The Chil- lar pleated and full-length versions. The The 395,000 square feet of space at 277 Park Ave. is available via sublease, not direct from landlord Stahl Real Estate Co. This each store is putting a small section in and dren’s Place sells coordinated items, from Children’s Place adds Peter Pan collars or fact was misstated in the July 27 story on Park Avenue rents. calling it uniform,”says Lisa Walters,prin- headbands to shoes. Same-store sales for cap sleeves to its girls’ shirts to make them The July 27 article “Eateries say biz is cooking” gave an incorrect cipal of consultancy Retail Eye Partners. the chain were down 4% in July. more hip. explanation for restaurant “covers.” The term is industry jargon “There’s definitely a push to put it in every Meanwhile, according to Penney’s, referring to the number of meals or customers served. store.” which last month opened its first Manhat- Gymboree plays along The classic items, usually priced under tan store, kids are wearing its uniforms for another retailer, Gymboree, which vol. xxv, no. 32, august 10, 2009—Crain’s New York Business (issn $10, are budget-friendly, making them an both school and play.The retailer partners has three Manhattan shops, is empha- 8756-789x) is published weekly, except for combined issues the especially compelling buy in the current with clothier Izod in its uniform business sizing uniforms in its stores this year and 5th week of June and the 1st week of July, the 2nd and 3rd weeks of July, the 4th week of July and the 1st week of August, the 4th economic climate. Several stores have ex- and has benefited from the liquidation last has also expanded its boys’ uniform bus- and 5th weeks of August, the 3rd and 4th weeks of November, panded their in-store divisions this season. fall of Mervyn’s, a department store chain iness. Many shoppers like to accessorize and the 3rd and 4th weeks of December by Crain Communica- tions Inc., 711 Third Ave., New York, NY 10017. Periodicals postage Others are adding more colors and offer- heavily focused on uniforms. the division’s items, such as a cardigan or paid at New York, N.Y., and additional mailing offices. Postmas- ing more fashionable elements to entice “We’ve been ramping up our uniform polo shirt, with jeans to make a more fash- ter: Send address changes to: Crain’s New York Business, Circula- tweens who are starting to assert their own business because our customers tell us ionable outfit, according to a company tion Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446-6777. sense of style. that’s what they want,” says Clark Mc- spokesman. $3.00 a copy, $59.79 one year, $109.79 two years. (GST No. “Uniforms are classic,basic pieces par- Naught, senior vice president of Penney’s “Uniforms leave it up to the consumer 13676-0444-RT) ©Entire contents copyright 2009 by Crain Communications Inc. ents can invest in and wardrobe a lot of children’s division. to style items how they see fit,” says Kha- All rights reserved. things around,” says Jamie Ross, creative Though uniforms are by nature simple, lym Schell,children’s editor at trend track- director at fashion forecaster The Do- many stores are adding small fashion de- er Stylesight.

2 | Crain’s New York Business | August 10, 2009 20090810-NEWS--0003-NAT-CCI-CN_-- 8/7/2009 8:11 PM Page 1 An überpatron for the arts

best art to survive and learn how to cepting a job far from the limelight. Who ya gonna call? manage themselves well.” He joined the struggling Kansas Arts ‘rock star’ Turning deficits into surpluses is City Ballet as general manager, and nothing new for Mr. Kaiser, who within two years had reenergized shows nonprofits previously led the Alvin Ailey the troupe’s fundraising and at- Dance Theater and the American tracted critical attention through how to survive Ballet Theatre away from the brink ambitious programming initia- of bankruptcy. tives.The company was able to pay BY MIRIAM KREININ SOUCCAR The 55-year-old native New off debts that had nearly led to its Yorker was surrounded by the arts as closure. on a tuesday night last month, a child. He studied vocal music and Now it seems that every time a the hottest scene in the New York had a grandfather who was a violin- major arts institution hits a rough cultural world wasn’t at the latest ist in the New York Philharmonic. patch, Mr. Kaiser is tapped to re- gallery opening or at a Lincoln Cen- Even so,he started out as a business- vive it. In 2004, he helped the ter performance. man, getting a master’s degree in Dance Theatre of Harlem raise It was in an auditorium in management from MIT and found- $1.6 million to reopen its school, Chelsea, where hundreds of cultur- ing a consulting company whose pay off its debts, and restructure. al executives sat in rapt attention, clients included General Motors When the New York City Opera listening to Michael Kaiser, presi- and IBM. began imploding last fall, Mr. JEFFREY KATZ AND dent of the John F.Kennedy Center Kaiser developed a plan to save it. HARRY COGHLAN for the Performing Arts. The exec- Back to the future He created a new budget and coun- (from left) control utive, who has become a rock star in the detour was short-lived. seled George Steele, the opera’s more than three dozen the arts world for his ability to fix After just four years, Mr. Kaiser new general manager and artistic signs in Times Square. struggling cultural organizations, is sold his company to follow his pas- director. “He’s incredibly generous on a mission to help hundreds of sion of working in the arts,even ac- with his time and his mind,” says

buck ennis groups survive the economic crisis. He’s traveling to all 50 states and NEW DANCE Puerto Rico in the next year to lead STEPS: arts management workshops. Michael Kaiser New York was his first stop, is credited with Group fights for saving the where after doling out advice, the Dance Theatre soft-spoken arts maven shook of Harlem (inset, hands with throngs of admirers vy- right) and the signs of Times ing for a minute of his time and New York City signed copies of his book on how to Opera (below). create healthy organizations, which grabbing signs, including sun um- was on sale. Ad coalition doesn’t brellas and plants the city is con- “There wasn’t an empty seat in

want billboards sidering for the pedestrian plazas. the house,” says Rosalba Rolon, getty images artistic director of Teatro Pregones blocked in Times Sq. Rivals unite in the Bronx. “I’ve known Michael Mr. Steele, who still speaks pedestrian plaza mr. coghlan, chairman of for six years and I still take notes.” with Mr. Kaiser at least every TSAC, is joined by his arch-com- The cultural world needs a sav- two weeks. Mr.Kaiser is con- petitor, Jeffrey Katz, chief execu- ior. The recession could force more fident the group will survive. BY LISA FICKENSCHER tive of Sherwood Equities Inc., than 10,000 arts groups out of busi- In the competitive arts which owns 1 and 2 Times Square ness in 2009 alone,according to the world, one would think Mr. the 150 flashing signs in Times as well as 1600 Broadway, includ- advocacy group Americans for the Kaiser—who earns more Square share more than tight real ing the rental space for 24 signs on Arts. Even healthy institutions than $1 million a year, ac- estate these days.Their owners are those buildings. The executives such as the Brooklyn Museum of cording to the Kennedy now part of an advocacy organiza- mobilized their major advertisers Art and the Metropolitan Muse- Center’s most recent 990 tion that will pro- and some retailers in um of Art have been forced to cut filing—could be jeopard- mote the outdoor the district. Coca- staff or reduce programming. izing his own institution sign industry at a ‘Our Cola,Yahoo,Toshiba by helping so many oth- time when it feels agenda is and Anheuser- Groups get counseling ers. But the Kennedy threatened by the Busch and others mr. kaiser and his staff are al- Center doesn’t suffer.Mr. city’s plans to trans- to promote have signed on with ready counseling more than 350 Kaiser raises $75 million form the Crossroads the coalition, as well organizations on an individual- each year and manages a of the World into an Times as retailers like Wal- ized basis,though he wouldn’t re- $150 million budget. The urban park. greens and Olive veal their names. “What’s scary Kennedy Center has A group of adver- Square’ Garden. about this economic climate is that trimmed its budget by just 2.7%,and tisers, retailers and Harry Coghlan, The idea for the the best-run groups financially will Mr. Kaiser did it without cutting media companies group gelled in April survive—and those aren’t always the staff or programming. Clear Channel Spectacolor with huge financial when the city was groups that produce the best art,” stakes in the neigh- mulling a plan to says Mr. Kaiser, who wakes up at 4 Interesting works pay off borhood have move the Macy’s a.m.and eats lunch at his desk in or- he achieved this using the same formed the Times Thanksgiving Day der to fit in his extracurricular con- arts management principles that he Square Advertising Coalition and Parade off Broadway.That’s when sulting. “I want the ones that do the shares with other groups. Most or- plan to kick off their initiative next the two executives met for the first ganizations, Mr. Kaiser says, pro- month during Advertising Week. time and joined a chorus of Times duce fewer programs or make them “Our agenda is to promote Square businesses opposed to the safer when times get tough. The Times Square and to have a voice rerouting of the parade. Kennedy Center,by contrast,put on in the area,” says Harry Coghlan, a major festival of Arab culture in president of Clear Channel Spec- Squeaky wheels the winter, selling 92% of the tacolor, which owns the JVC and their complaints resulted in a seats—double their estimate—and Paramount Pictures signs as well compromise. This November the bringing in new donors. as 13 others. parade will start on Seventh Av- newscom “When there is less money to go Among TSAC’s chief priorities enue, but will continue onto West around, you have to compete harder is ensuring that nothing impedes 42nd Street and Broadway before for it by doing more interesting

peoples’ view of the attention- See SIGNS on Page 32 bloomberg news work,” he says.

August 10, 2009 | Crain’s New York Business | 3 20090810-NEWS--0004-NAT-CCI-CN_-- 8/7/2009 7:34 PM Page 1

Thundering herd eyes exits IN THE MARKETS at made-over Merrill Lynch by Aaron Elstein

BofA.Long the financial industry’s with Merrill employees of all stripes New owner creates most productive retail sales force, looking for jobs elsewhere.“They anxiety; rivals gear Merrill brokers carried the firm come in by the hour,” he says. during last year’s crisis, generating Similarly,Mr.Schutz reports that FLASH: NYSE catches a break up for poaching $2.3 billion in pretax earnings, during a recent visit to a UBS office while its well-heeled dealmakers in Chicago, he stumbled onto four he New BY AARON ELSTEIN racked up the $40 billion in mort- Merrill brokers negotiating a move. York Stock gage losses that cost Merrill its 94 last december’s acquisition of years of independence. In other Rival makes hay TExchange’s Merrill Lynch & Co. has caused words, the brokers were the reason in fact, UBS says that so far this parent has massive headaches for Bank of BofA was still willing to pay a year it has snapped up 38 Merrill struggled in recent America Corp.,but throughout the princely $50 billion for what was brokers, each of whom generated turmoil at least the bank has been otherwise deeply damaged goods. more than $1 million in commis- years as longtime able to count on one key thing: sta- Despite the turmoil,surprising- sions over the past 12 months.UBS foes like Nasdaq bility within Merrill’s “thundering ly few brokers fled in the months is also reportedly close to hiring and upstart herd” of retail brokers, its crown that followed BofA’s arrival.Reten- former Merrill brokerage chief electronic jewel. Robert McCann. Although virtually all ADDED PRESSURE: In the face of such de- exchanges like of Merrill’s top managers New Bank of America velopments,BofA is fight- BATS have have been sacked or have exec Sallie Krawcheck ing back, offering top dol- pecked away at fled of their own accord in lacks ties to Merrill lar to lure rival firms’ top Lynch. the NYSE’s core recent months, the firm’s brokers. Mark Elzweig, 15,000 brokers have president of an eponymous trading business. largely stuck with their recruiting firm, says Mer- Today only 40% of firm’s new owner. That rill is luring top prospects trades in NYSE- may be about to change. with a sign-on bonus equal With the stock mar- to as much as 140% of their listed stocks take ket rebounding, oppor- prior year’s commissions, place via the tunity is again knocking plus long-term incentives exchange’s own computer networks or on its floor, down from for Merrill’s brokers as ri- that make the bonus pack- 80% as recently as 2005. val firms restart their hir- age worth as much as ing engines. Adding to 300%. The going rate at That halving of market share is one reason the exchange the pressure, last week bloomberg news competitors, he says, is a posted a $182 million net loss last quarter as net revenue fell brokerage chief and 30-year Mer- tion bonuses helped keep brokers sign-on bonus equal to 125% of 14%, to about $600 million. Heading into last week, its stock rill veteran Dan Sontag abruptly in harness, but BofA also benefited commissions and sweeteners that was flat for the year. quit. The move came shortly after from the problems of others. The bring the package up to 200%. BofA tapped Sallie Krawcheck to logical stomping grounds for de- “Merrill’s package is signifi- But NYSE got a rare bit of good news last week when be his boss as head of the bank’s camping Merrill brokers—Smith cantly higher than anyone else’s,” Nasdaq and others said they would stop offering “flash global wealth management opera- Barney,UBS and Wachovia—were Mr. Elzweig says. A BofA spokes- tions. While Ms. Krawcheck once also in turmoil. Meanwhile, bro- woman says that brokers coming in orders,”a service in which exchanges give certain clients—hedge funds and headed another big brokerage— kers inclined to hang out their own are twice as productive as those the like—an advance peek at trades. The Securities and Exchange Com- Smith Barney—she lacks ties to shingle were shaken by the after- who left, adding that hiring is run- mission is considering an outright ban after pressure from Sen. Charles Merrill and its unique culture. Her shocks of the Madoff cataclysm. ning 20% over last year’s pace. Schumer. In response to the news, shares of NYSE, which has been high- loyalty is to bank management in “Post-Madoff, there’s concern While BofA maneuvers aggres- ly critical of flash trading, had their best week in months, climbing 6% to Charlotte, N.C. among individual investors about sively to maintain Merrill’s ranks, it close on Friday at $28.77. the safety of their assets,” says Brad faces troubles on another front. Ac- In a conference call last month, NYSE executives attributed some of Better off untouched Hintz, a banking analyst at Sanford cording to research last month from their market share loss to flash orders, so the end of these trades could be “they’re going to lose some C.Bernstein & Co.“Brokers say that J.D. Power and Associates, Merrill good news indeed. Shareholders shouldn’t get too excited, however. Flash good people out of this,” laments traditionally up to 75% of clients ranked next to last in a customer- orders are estimated to represent only about 3% of all trading. Anton Schutz, manager of the would move their assets when the satisfaction survey of 4,500 clients What would really help the NYSE is a rebound in overall trading activ- Burnham Financial Services Fund, broker moved firms, but now they’re of 14 major banks and brokerage ity. Failing that, the NYSE, still the nation’s largest exchange by a consid- a BofA shareholder. “I’d rather see not so sure, in light of the scandal.” firms.Last year,Merrill ranked No. erable margin, could always snap up one of the electronic upstarts that have BofA leave the company alone.” Last week’s management chang- 5 in customer satisfaction. David made life so difficult. Asked for comment, a BofA es, coming as they do as the markets Lo, director of investment services spokeswoman referred to a press continue to rebound strongly and ri- at J.D. Power, attributes the drop to release welcoming Ms.Krawcheck. val firms regain their footing, gives merger-related complications. Wall Streeters back “Fashion Meets Finance has re- The fact that Mr. Schutz refers the brokers the motive and the “Merrill never was at the top be- turned to let the women of fashion to the brokers, who after all consti- means to take their talent—and fore,” Mr. Lo says. “But it was nev- as belles of ball know that the recession is offi- tute only about a quarter of Mer- clients—elsewhere. er at the bottom like this.” cially over,” read the invitation rill’s employees, as “the company” Gustavo Dolfino,president of re- The BofA spokeswoman says as the stock market re- to the shindig, which was underscores just how crucial they cruiting firm WhiteRock Group, its surveys show clients are quite bounds and banks regain sponsored by marketing are to making the deal pay off for says his midtown office is inundated pleased with the firm’s service.
their mojo, a perhaps re- firms Clientique and Pocket grettable side effect is the Change. comeback of the Wall “We fear that news of Street party—and its at- shrinking bonuses, banks tendant swagger. closing and the Dow plum- Lessons from the other side Look, if you can bear meting confused the gor- to, at last Thursday’s geous women of the city who WHAT BOFA WANTS TO AVOID on the retail side of Nonetheless, a BofA spokesman points out the “Fashion Meets Finance” understood that their shelf Merrill Lynch is what has happened on its 18.7% firm still ranks as the leading underwriter of U.S. fete. Organizers claimed life is quick and fleeting like investment banking side, where scores of senior MARKET junk debt. What’s more, in a move widely hailed that about 900 people at- a senator’s South American staffers have decamped in the past eight months. SHARE by Merrill dealmakers, BofA replaced investment tended the party, allegedly love affair,” it went on. “It Those defections seem to have cost the firm of U.S. junk banking chief Brian Moynihan last week with Tom bond sales open exclusively to men might be a year before business. In U.S. junk bond sales, for example, held by Montag, a highly regarded executive who joined from finance and women bonuses start inflating BofA/Merrill’s market share as of last week stood BofA/Merrill Merrill last year from Goldman Sachs. from fashion. Bolstering themselves again, but it at 18.7%, compared with 22.3% for the two firms One of Mr. Montag’s key tasks will be to restock all-important claims of will happen.” combined last year, according to data from Thomson Merrill’s ranks. But paying top dollar for talent could be exclusivity, the sponsors If you missed out, Reuters. tough, given that as a recipient of $45 billion in bailout proudly noted that 150 don’t fret. Organizers “As they lose talent, it’ll be hard to pop back,” says Brad money, compensation must be approved by the Obama lesser mortals had been say the next event Hintz, a banking analyst at Sanford C. Bernstein & Co. administration’s pay czar. turned away at the vel- should be held next

vet ropes. January or February.
photos: bloomberg news

4 | Crain’s New York Business | August 10, 2009 Project3 8/4/09 11:21 AM Page 1

www.cbre.com/nyc 212.984.8000 20090810-NEWS--0006-NAT-CCI-CN_-- 8/7/2009 6:22 PM Page 1

Want to STAND OUT from the crowd? NEW YORK,NEW YORK Promote your coverage with edited by Valerie Block Crain’s Custom Reprints

What are the benefits of reprints? Seafood? Sure. • Offer a unique opportunity to co-brand your company with a Drinks? Maybe reputable news source ceana’s managing • Help underscore your PR efforts director, Paul by including in press kits and OMcLaughlin,is recruitment pieces frantically preparing for the • Digital reprints boost your three-star eatery’s rebirth in news/press web pages and help the McGraw-Hill Building Reprint Plaque drive traffic to your site on Sixth Avenue. After 17 years on East 54th Street, Oceana closed on July 25; buck ennis Mr. McLaughlin is hoping to soft-open Oceana in its bigger digs next week. ASK ABOUT OUR REPRINT PRODUCTS: But there’s one little hitch. Mr. McLaughlin is still waiting for necessary documents from HARD COPY REPRINTS • EPRINTS • PLAQUES the city and state to arrive, including a certificate of occupancy and a liquor license. Caught BANNERS/BUTTONS • TRADE SHOW COLLATERAL • POSTCARDS in the same government snafu that’s tripping up other restaurants, he says he plans to “open without the liquor license,” if necessary. Contact Lauren Melesio at 212.210.0707 or “This is a huge project,” says Mr. McLaughlin, who moved the contents of an entire wine [email protected] for information on how to turn cellar and vetted 700 job applications for just 50 additional staff positions. “I have been your Crain’s press coverage into great marketing. making lists for the past year.” Some lucky VIPs in the building will be beneficiaries of the move.The eatery is inviting them to test out the menu gratis. “They are neighbors, and they will be a major priority for us,” he explains. In fact, the freebies could equal as much as 5% of opening costs.

Beauty firm’s the Urban Land Institute’s instead of just searching for jobs prestigious J.C. Nichols Prize, themselves.The site has ugly truth given for outstanding thousands of jobs and internships concealer won’t mask the achievement in responsible from companies such as American troubles at Paula Dorf Cosmetics. development. She will be the first Express and DuPont. Last week, the company, which woman to receive the prize and The site is free for job seekers. sells to stores like Sephora and the second New Yorker.The late Employers can post job openings Henri Bendel, filed for Chapter Sen. Daniel Patrick Moynihan was free for the next six months; then Missed Crain’s 11 bankruptcy protection. honored in 2001. Ms. Jenkins plans to charge them. Without naming banks, Chief Ms. Burden was vacationing She also hopes to make money Small Business Webinar? Executive Sandy DeKovnick, and couldn’t be reached for from advertising. husband of founder Paula Dorf,a comment. But James De Francia, makeup artist for ’80s rock stars, who led the jury that selected Ms. insists that the filing was a way to Burden, praises her vision for the Reliving get out of one lending agreement city.“She can see the big picture Woodstock Crain’s New York Business hosted a small business and into another, and not a sign of while still focusing on the small weakness. “We certainly weren’t details,” he says. a 40th anniversary Woodstock webinar featuring officials from small business put into this [by the economy],” concert may be off, but a series of assistance programs offered by the city, state and he says. Job seekers celebrations will go federal government. Beauty experts disagree.They on—with the say Dorf hasn’t released an catch a break blessing of original innovative product in years. “The Woodstock Find out how to tap into these programs to access brand didn’t evolve,” says Jeanine finding a job out of promoter Michael money for your small business. Recckio, head of beauty trend college isn’t easy these days, Lang. Mr. Lang said forecaster Mirror Mirror but a new Web site could last week that he Imagination Group. help. SpotJobs101.com is couldn’t raise Go to crainsnewyork.com/webinars to watch the designed specifically for enough cash to webinar anytime. college students and recent revive the festival Prize picks up graduates. in a big way. But Burden “When you go to sites this weekend, Event Title: like Monster.com, it’s filled with students of the Paul Green School city planning a lot of upper- and middle- of Rock Music will stage tribute Money for Your Small Business Commissioner management positions,” says concerts in 40 cities around the Amanda Burden founder Natasha Jenkins. country, including New York. (right) has “Students were complaining In a small park next door to Sponsored By: endured some there was no place for luxury rental Ritz Plaza on West bitter battles as them.” 48th Street, kids wearing love she presided over Ms. Jenkins, a 26-year-old beads and tie-dye will perform the rezoning of about 20% of the whose eponymous Brooklyn- songs by original Woodstock city in her eight-year tenure. But based consulting firm gives artists like Jimi Hendrix.The her accomplishment—which workshops to students about the festivities will kick off on Sunday comes on top of spending more work world, launched Spot Jobs in at 12 noon with a free yoga class. www.crainsnewyork.com/webinars than 30 years in urban planning— April with $20,000. will not go unrewarded. Starting this month, job Contributors:Theresa Agovino, Lisa This fall, Ms. Burden will seekers will be able to post their Fickenscher, Adrianne Pasquarelli,

getty images receive $100,000 when she gets résumés on the site for employers, Miriam Kreinin Souccar

6 | Crain’s New York Business | August 10, 2009 Project5 7/28/09 4:23 PM Page 1

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PAY-TO-PLAY 101? Senator’s advice IN A FRANK MONOLOGUE about pay-to-play politics and politically connected The other bidders include well- Eric Adams known developer R. Donague lobbyists, state Sen. chided the real estate industry last week for Peebles, along with MGM Mirage, supporting Senate Republicans until the bitter end of their 40-year reign. He Penn National Gaming and suggested that is why the industry can’t get the time of day from Democrats THE INSIDER who want to reform rent regulation in favor of tenants. Delaware North.The state has declined to release information on Mr. Adams views himself as a pro-business Democrat, and his remarks at by Erik Engquist and Daniel Massey the bids, though that has not the Brooklyn Real Estate Roundtable luncheon seemed intended as advice. stopped individual bidders from But in suggesting that industry people hire lobbyists to establish relationships talking publicly about their offers. with Senate Democrats, he went so far as to recommend one: Jacqui “Releasing specific information Williams, who was sitting at his table. on the bids will impair the integrity “Because you failed to nurture the relationships, you found yourself out of of the evaluation process and the conversation” when Senate Democrats took over in January, he told the hamper the state’s ability to reach a gathering of developers, brokers and land-use attorneys. Mr. Adams timely decision based on a bidder’s appeared to be referring to campaign contributions when he said, “How many first and most sincere offer,” a of you made investments in the Democrats when we were two seats away spokesman for Mr. Paterson says. [from controlling the Senate]?” But the secrecy surrounding the As a result, he said, some Senate Democrats don’t know the business process prompted criticism from PULLING AHEAD: Three bidders community well enough to properly consider the impact of legislation. Mr. are seen as front-runners for good-government groups. Adams cited the expanded bottle bill, which was suspended after bottlers sued. Aqueduct development. “Leaving a contracting decision “Right now we’re making decisions with blinders on,” Mr. Adams said.

bloomberg news up to political leaders inevitably Common Cause/NY Executive Director Susan Lerner was not amused. invites suspicion that politics will She says some businesses “are tired of feeling like they are being shaken play a role,” says Blair Horner, down for campaign contributions.” Dick Dadey, executive director of The race to win legislative director at the New York Citizens Union, says, “The senator’s comments show the existence of a pay- Public Interest Research Group. to-play mind-set in Albany.” “They should make this decision as Mr. Adams says his words HOW IT’S open a process as possible so the DONE: Sen. were misconstrued. “The last Aqueduct project public can rest assured that the Eric Adams thing I would say is that decision was made on the merits said that real and not on the politics.” someone needs to [give estate people alf a dozen bids to revive the Aqueduct money],” he says. “Look at should hire The state is expected to pick a lobbyists. racetrack in Ozone Park, Queens, were winner in early September. my file and you’ll see I’m a formally submitted to Gov. David Paterson’s terrible fundraiser. I was office late last month as part of a closed saying you need Power play to invest in selection process, raising eyebrows among relationships.” good-government groups. for state post H newscom Of the six bids, three have generated the most buzz, thanks the decision by Ed Cox late last to their local connections and name recognition. Insiders say month to pursue the Republican seeking to replace him next month. They were separated in the July state chairmanship could bring The well-connected Mr. Cox agreement Mr. Espada made with the leading contenders so far are offers by Manhattan’s largest some big names into the internal will ask the former governor and Malcolm Smith, who had held both landlord, SL Green; the Aqueduct Entertainment Group, party struggle. So far, influential mayor to support his candidacy, a titles. made up of The Navegante Group and other New York area GOP figures George Pataki and Rudy Cox ally says. He may need to. A Senate source says Mr. builders; and casino mogul Steve Wynn (see Movers & Giuliani have avoided the tussle Despite widespread belief that the Espada’s appointments will be between the current chairman, party has underperformed under scrutinized. Mr. Espada may be the Shakers, Page 34). Joseph Mondello, and three others Mr. Mondello, the chairman still least trusted man in Albany. has significant support from state committee members in his home county of Nassau and neighboring Recession hits Suffolk.The chairmanship vote is city ridership weighted in favor of the Long Island counties. the number of people riding city But support for Mr. Cox from subways and buses continues to Messrs. Pataki and Giuliani would drop, but the Metropolitan trump Mr. Mondello’s local appeal. Transportation Authority says the latest Niagara County GOP declines are in line with its forecasts Chairman Henry Wojtaszek is also and won’t blow a hole in its revenue running, as is long shot Dan Isaacs,a projections. Weekday ridership for Manhattan attorney. May was down 3% on subways and Mr. Cox’s election as party 1% on buses compared with May chairman would increase the 2008 levels.Total ridership fell 7% likelihood that his friend John Faso on the Long Island Rail Road and would run for elected office— 4% on Metro-North. probably state comptroller—in 2010. Bird talk Espada’s picks strikes out to draw scrutiny attempts by two Queens congressmen to block a proposed in a fluke of state law, state waste transfer station near La Sen. Pedro Espada Jr. (below) gained Guardia Airport have hit a dead the power to end. Reps. Gary Ackerman and Joseph make 35 Crowley met with Transportation appointments to Secretary Ray LaHood and Federal authority and Aviation Administration commission administrator J. Randolph Babbitt and boards when he were told the FAA won’t change its became majority determination that the facility leader in the deal would pose no air-travel hazard, an that ended the newscom insider says.The congressmen and Senate stalemate. Laws awarding local businesses have said a transfer that power were written when the station less than 2,000 feet from La majority leader and president pro Guardia’s eastern runway would tempore positions were combined. attract birds that threaten planes.
For daily political and government news, subscribe to CRAIN’S INSIDER @ www.crainsnewyork.com/insider

8 | Crain’s New York Business | August 10, 2009 20090810-NEWS--0009-NAT-CCI-CN_-- 8/6/2009 8:07 PM Page 1

REAL ESTATE DEALS PLUS

Joanne Podell of Cushman & sented the landlord in this deal. PREMIUM Wakefield Inc. represented the ten- “There is a certain level of synergy.” B’way building PROPERTIES ant in negotiations. Michael Yadgard of Millennium —adrianne pasquarelli Realty represented Beverly Jeans. FARE WORST “There is still activity in the Change in asking rent for Manhat- doldrums of summer and this eco- extends streak Clothing firm nomic environment,” says Mr. tan office space, 7/09 vs. 7/08. moves up in world Greenspan. aris accessories is consolidating its two CLASS A —amanda fung franco apparel is moving to new Manhattan offices into one. digs a few blocks north in Manhat- The company, which designs and manufactures tan’s garment district. Platinum swaps accessories like hats and scarves, has signed a 15-year -36.1% The children’s wear company has Vacancy rate: 12.1% for ritzy bargain lease for 40,000 square feet at 1385 Broadway,at signed a 10-year lease for 13,800 square feet of space on the top floor platinum equity loves Park Av- CLASS B PWest 38th Street. of 1407 Broadway, between West enue and wasn’t anxious to leave the The New York State Health Foundation is also moving into 38th and West 39th streets. The gilded boulevard.But the promise of the 23-story building. The private foundation, which works asking rent was $42 per square foot. a wood-burning fireplace, soaring -27.2% Franco will move out of its simi- ceilings and a roof deck—all at an to improve New York’s Mr. Serko. Vacancy rate: 15.5% larly sized office and showroom space affordable rent—was simply too health care system by ex- Thomas Sullivan of located at 100 W. 33rd St. sometime much to pass up. So within the next panding health coverage, Hunter Realty represent- CLASS C during the fourth quarter,according four months the private equity fund containing care costs, in- ed Paris Accessories in the to Grant Greenspan of the Kauf- is moving from 250 Park Ave. to the creasing access to servic- transaction, while Lau- man Organization, who represent- penthouse of 52 Vanderbilt Ave. es and addressing public rence Briody and Susan ed the landlord, 1407 “Platinum was only go- and community health Kahaner of CB Richard -23.0% Broadway Real Estate, ing to accept Park Avenue Vacancy rate: 12.3% issues, has signed a 15- Ellis Inc. represented the in the transaction. until I found this new space year for 17,000 square New York State Health Source: Colliers ABR Inc. The tenant liked the for them,” says Richard feet of space.It will be re- Foundation. new space for its “full- Duryea, president of an locating from 1412 Since taking over the floor exposure and views eponymous real estate Broadway. Paris Acces- leasing for 1385 Broad- This is the second Manhattan lo- of the Statue of Liberty firm. He represented the sories, meanwhile, has way in the beginning of cation that that the bank has added and Hudson River,” company along with Kathy offices at 1385 Broadway 1385 Broadway the year, Cushman has since the Commerce deal. Set to says Mr. Greenspan. Bellinger of Jackson & and the Empire State leased more than 150,000 open next year after an extensive Franco was repre- Cooksey. Building. square feet of space in the building, makeover of the space,the TD Bank sented by David Men- The Beverly Hills-based The asking rent for both deals according to Mr. Serko. branch will replace a Duane Reade aged of Intrepid Real firm signed a seven-year ranged from $38 to $42 per square —amanda fung drugstore that vacated the space al- Estate. 52 Vanderbilt Ave. lease for the 21st floor of the foot. most two years ago. In addition, Beverly building, located between “There is a tremendous amount “Over the next 18 months, we’ll Jeans has signed a five-year lease for East 44th and East 45th streets.The of space and options on the Broad- Bank snaps up see more banks putting their toes 1,500 square feet at 1407 Broadway. asking rent for the 8,000-square-foot way corridor. The tenants selected prime corner back in the water,” says Robert Sass, The asking rent in this transaction deal was $68 a square foot. Mr. 1385 for the ownership,the building the FirstService Williams broker was $42 per square foot. Duryea says that even though Park itself and its modernization pro- not all banks are in retrenchment who, along with colleague Ed The West Coast company will Avenue is awash in vacant space,Plat- gram,” says Jonathan Serko of mode. Canada’s giant TD Bank, Brock, represented landlord M1 use the new 11th-floor space as an inum would have paid $30 a square Cushman & Wakefield Inc. Mr. which swallowed up Commerce Real Estate. office and showroom for its new foot more to match the luxurious digs Serko, with colleagues Gary Green- Bank last year, is still growing. It re- However, Messrs. Sass and denim line, Mr. Greenspan says, it is moving into. “The space is real- span and Diana Gaines,represented cently signed a 20-year lease for Brock do not believe that banks will adding that the landlord is building ly unique,” says Mr. Duryea. landlord Bloomingdale Properties 4,700 square feet at 224 W. 57th St.,on ever return to the frenzied leasing the space to suit Beverly Jeans’needs. Newmark Knight Frank brokers in both transactions. the corner of Broadway,in a building pace of two years ago. “There are other denim compa- David Falk and Jason Greenstein The building is undergoing a $60 known as the Argonaut.The asking “Those days are gone,” says Mr. nies in the building,” says Mr. represented the building owner, million capital improvement sched- rent was around $400 a square foot, Brock, adding that today, landlords Greenspan, who along with Mi- Brause Realty Inc. uled to be completed by winter, says according to real estate sources. are focused on more diversification. chael Heaner of Kaufman repre- —theresa agovino

dustrial firms and at least as many auto-body shops—don’t see the city High Line brings Chelsea new friends as the beneficiary. “We look forward to finally hav- ing sewers in Willets Point so that In contrast, business at nearby Friends of the High Line is our streets and businesses will no Park visitors boost NEIGHBORHOOD JOURNAL Mexican restaurant Los Dados pushing for creation of a business longer be flooded after a rainstorm,” eateries’ revenue; soared 83% in July from the same improvement district, which would says Jerry Antonacci, owner of co-owner of Appellation Wine & time a year ago, according to co- collect an assessment fee from local Crown Container Co. retailers’ traffic rises Spirits, located near the High Line’s owner David Rabin.If this keeps up, businesses and residents that would The city owns about 65% of the West 18th Street entrance. His store Mr. Rabin expects his two-year-old go toward upkeep of the park. land in the area. But the rest is ight weeks after the has seen a 20% uptick in visitors, but restaurant to meet its goal of gener- —amanda fung owned by Mr. Antonacci and a High Line opened, “that hasn’t impacted our revenue.” ating $3 million to $4 million in rev- handful of other businesspeople traffic is running well At Shelly Steffee Inc.—at the enue this year. who make up Willets Point United, ahead of expecta- southern end of the High Line— “I’m thrilled,” he remarks. “The Dashing cold water which has been fighting the city’s tions—much to the de- owner and fashion designer Ms. High Line has dragged us out of the on Queens firms? development project. Elight of restaurant owners operating Steffee estimates that traffic at her recession.” A spokesman for the EDC, not- in the shadow of the half-mile-long nine-year-old boutique is up as At Moran’s, on 10th Avenue at late last month, the city’s Eco- ing that “this area has been unplugged elevated park. much as 25%. But she, too, notes the corner of West 19th Street,busi- nomic Development Corp. allocat- from the infrastructure of the rest of Every weekend, about 23,000 that sales are little changed. ness is up by between 35% and 45%, ed $15.5 million toward creating in- Queens,” says the agency aims to people visit the new park, according according to Tom frastructure in Willets Point that the start digging by the end of the year. to Friends of the High Line, the HI, THERE: The High Murphy, the restau- Queens neighborhood has never had: The businesses see these plans as nonprofit that founded the park. Line’s 23,000 weekend rant’s general manager. sewers.But it’s not yet clear who will a boon for their cause. They may Many Chelsea eateries say they’ve visitors bode well for “It is exciting to see enjoy that tardy upgrade, which will need a reality check. seen business rise by more than 10%. local businesses. all the businesses that also include other city amenities, “These improvements will sup- Area retailers, however, have a took a leap of faith in such as drains and paved streets. port the development that is going different story to tell: They report locating here reap the The EDC says the funding marks to be built,” says the EDC spokes- that increased foot traffic in their benefits,” says Joshua the first step toward developing the man. “Those sewers will help create stores is not translating into in- David, co-founder of massive retail,hotel,condo and con- 5,500 housing units,500,000 square creased sales. Friends of the High vention center project that was OK’d feet of office space, 1.3 million “The High Line has drawn peo- Line.“Tenth Avenue is for the site last year.But the business- square feet of retail, open space, ple outside of the neighborhood to populated in a way we’ve es of Willets Point’s so-called Iron parks and playgrounds.”

the area,”acknowledges Scott Pactor, buck ennis never seen before.” Triangle—more than a dozen in- —hilary potkewitz

August 10, 2009 | Crain’s New York Business | 9 20090810-NEWS--0010-NAT-CCI-CN_-- 8/7/2009 2:13 PM Page 1

VIEWPOINT The truth about Golden Sacks editor in chief Rance Crain publisher, vp Jill R. Kaplan oldman sachs is minting money again, because the bank is so much bigger than Goldman. Because editorial director Greg David on pace to produce a record profit this of J.P.Morgan’s size and its operations in many lower-profit EDITORIAL year. It’s also putting aside enough lucre businesses, its per employee bonus in 2008 was $39,000, or a editor Xana Antunes managing editor Glenn Coleman to award bonuses even larger than the quarter of the average payout at Goldman that year. But deputy managing editors Valerie Block, unprecedented payouts of 2007. Should when the bonus focus is narrowed to both firms’ highest- Erik Ipsen contributing editor Goldman be allowed to richly paid employees, primarily investment bankers and traders, Elizabeth MacBride compensate the people who produce there aren’t many differences. Both paid bonuses surpassing columnist Alair Townsend senior reporters Theresa Agovino, those huge profits? Of course. But it must do so within the $3 million to more than 200 people. Both paid astronomical Aaron Elstein, Erik Engquist, Lisa Fickenscher, more restrictive parameters of its new role as a commercial sums to four or five stars.There’s one telling divergence, Matthew Flamm, Miriam Kreinin Souccar G reporters Barbara Benson, Amanda Fung, bank. One might be however: Only half of Daniel Massey, Adrianne Pasquarelli, surprised to learn how Goldman’s bonuses are Hilary Potkewitz Much of the art director Steven Krupinski conservative Goldman composed of cash (stock deputy art directors Carolyn McClain, actually is on this matter. criticism of grants and stock options Daniel Mednick staff photographer Buck Ennis It’s not clear yet what Goldman is make up the rest), copy desk chief Wendy Zuckerman exactly Goldman intends compared with almost copy editor Thaddeus Rutkowski research editor Denise Southwood to do at year’s end. CEO simply unfair three-quarters at J.P. www.crainsnewyork.com Lloyd Blankfein Morgan. web editor Brian Tracey senior producer Elisabeth Butler Cordova pointedly reminded his Much of the talk of producer Kira Bindrim photos: bloomberg news minions recently that Blankfein Cuomo Goldman’s greed is EDITORIAL AND ADVERTISING OFFICES bonuses would be based simply unfair. It also is 711 Third Ave., New York, NY 10017-5806 on the firm’s profits for the full year and that no one should not true that outrageous pay has returned throughout Wall editorial: 212.210.0277 Fax 212.210.0799 advertising: 212.210.0259 take the first half ’s expectations to the bank. Meantime, Street.The Cuomo report clearly shows that compensation Cable craincom nyk other Goldman officials have pooh-poohed the idea that the will be sharply reduced this year at Citigroup, Morgan Fax 212.210.0499 Entire contents ©copyright 2009 Crain firm has a responsibility to reduce its compensation because Stanley and Bank of America. (So much for Wall Street Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP it was rescued by a government bailout. saving the city’s economy.) Inc., used under license agreement. Debating those points doesn’t really lead anywhere. Better The size of bonuses isn’t the real issue; people on Wall TO SUBSCRIBE: to just compare Goldman to the other institution that has Street should be rewarded for their ability to make their Call 888.909.9111; fax 313.446.6777. survived the financial crisis intact: J.P.Morgan Chase. Both firms money. But bonuses should not encourage short-term $3.00 a copy, $59.79 one year, $109.79 two years. www.crainsnewyork.com banks remained profitable during the toughest times. Both risk-taking that can undermine the financial system.The have repaid their bailout money. Both are crucial to New way to avoid that is to pay most of the money in stock. ADVERTISING AND MARKETING advertising director Trish Henry York’s future. Goldman is already well along that road, and it is within the senior account managers According to Attorney General Andrew Cuomo’s recent current powers of federal regulators to push everyone further Cornelius P. Gore, Courtney McCombs, William E. Squitieri report, J.P.Morgan Chase’s total bonus pool is much larger in that direction. account executives Irene Irvill, Anthony Mowad sales manager, classified print & online John Gallagher sales coordinator, print & online LETTERS TO THE EDITOR Lulé Haznedari newsletter product manager Alexis Barney credit Todd J. Masura 313.446.6097 marketing director Amy Crossman Protect postal service for the poor marketing manager Jill H. Bottomley circulation manager Andrea Richardson assistant circulation manager POLL COMMENT airlines to service their planes at La million-dollar compensations Rosalie Ford Guardia (not our own planes— while your company is going broke general manager, interactive WE SHOULD NOT CLOSE POST OFFICES that would be scabbing). We could and has to come, hat in hand, to Marc Minardo if they are in poor neighborhoods. work longer hours for half-pay, or the taxpayers. web developer, interactive The neighborhood post office take a leave and get unemployment —terry grace Chris O’Donnell serves a dual purpose, since many until the strike was over—although NEW YORK PRODUCTION people use them as a bank and pay our jobs might not necessarily be PUT AN END their bills with postal money there when we came back. production and pre-press director TO PAY INEQUITY Michael Corsi orders. I worked for half-pay and advertising production manager —susan meeker learned a lot about how the folks cut bankers’ pay to $200,000 Suzanne Fleischman Wies on the airport grounds do their annually. Stop the bonuses. No DOUBLE DUTY: Some sites are multipurpose. TAKE CARE OF EMPLOYEES, jobs.The unions learned a lot one is worth that kind of money. PUBLISHED BY CRAIN COMMUNICATIONS INC. NOT BONUS BABIES about how women can do jobs that What about all the starving and chairman Keith E. Crain A MANAGER’S LESSON only men did before. And they homeless people? What about president Rance Crain americans in top positions learned how fast amateurs can turn those of us taxpayers making less secretary Merrilee Crain FROM THE TRENCHES treasurer Mary Kay Crain in all companies, both private and a plane around—which is money than $30,000 who can’t afford the executive vp, operations William Morrow public, have become too greedy. those bankers reaping large in the bank in that business. medicines we desperately need? senior vp, group publisher Gloria Scoby None of them are worth the bonuses took risks, played in the So don’t talk to me about —mark moore group vp, technology, circulation, millions they are paid in bonuses. high-stakes leagues, and lost. Why manufacturing Robert C. Adams Instead of paying out million- should they be paid at all, and why vice president/production & dollar bonuses, banks and do I have to pay them through manufacturing David Kamis WHAT’S COMING UP IN CRAIN’S? chief information officer Paul Dalpiaz securities firms should be retaining taxpayer bailouts? corporate circulation director employees who desperately need When I worked in the airline Patrick Sheposh their jobs to take care of their business years ago and our Top airlines Health care Real estate at New York report, including report, including founder G.D. Crain Jr. (1885-1973) families.They also need to use the company’s machinists went out on chairman Mrs. G.D. Crain Jr. (1911-1996) money to hire Americans to do the strike, we middle-management area airports top insurers top REITs jobs they are sending overseas. folks had the “privilege” of fulfilling August 17 August 24 September 7 —eva ogle the contracts we had with other

10 | Crain’s New York Business | August 10, 2009 nb32p11.qxp 8/7/2009 1:57 PM Page 1

Newmark Knight Frank

cutor who took on the Mob, Wall is pleased to announce the leasing of Street miscreants and drug dealers. But when he first ran for mayor, 200,190 square feet to he was clearly a neophyte regard- ing most of the subjects impor- tant in the city. He knew he would have to do better if he intended to run again. So he spent the next four years educating himself, meeting with the powerful and the not-so-pow- erful to improve his understand- ing of the city. He met with the editors of Crain’s twice at a small Italian restaurant called Pietro’s in for its Middle and High School location the Pfizer building,and he appeared twice at Crain’s Breakfast Forums. to open in September 2010 at Each time, his mastery of the issues grew. 25 Broadway In 1993, having convinced New York, NY enough New Yorkers that he was ready,he beat David Dinkins in a re- Howard J. Kesseler of Newmark Knight Frank match. represented MetSchools, Inc. in this transaction. john h.john howard There’s no similar boning-up under way now, even though the Aaron Wolfson, Eli Levitin and Sam Saegh represented Republicans are recruiting Rudy to 25 Broadway Properties a unit of The Wolfson Group. run for governor and he is ponder- John D. Benson, Esq. of Sirin, Gallogy ing the possibility. and Lesser acted as legal counsel on behalf of the tenant. At a Crain’s Breakfast Forum late Roberta F. Colton, Esq. of Akin, Gump, Strauss, Hauer last month, the former mayor didn’t and Feld acted as legal counsel on behalf of the owner. Rudy not ready know the current size of the city budget and was shocked to find out that it had increased by 50% since he to be right’s knight left office. His prescription to solve the ills of the state consisted simply of cutting the budget. He seemed he usual way to illustrate the difficulties fac- not to know that the governor has taken billions out of state agencies, ing New York Republicans is to point out that the and that significant spending reduc- Democrats hold all five statewide offices, that tions will have to come from health they control both houses of the Legislature and and education. that they have won so many congressional slots in Mr. Giuliani didn’t even take the time to detail his own plan for a con- Trecent years that the GOP now clings to seats in just two of 29 stitutional convention to reform districts. state government. That’s an odd omission, if he is indeed serious Here’s another way Here’s the coup de about the proposal. to make the same point. grâce. Former New The former mayor said that he In the 2006 election, York City Mayor Rudy will run only if he feels the fire to do the best GOP candi- Giuliani—who’s re- so. Since he used his 20-minute date in the race for at- garded as the Republi- opening statement to discuss na- torney general, Jeanine cans’ best hope in the tional issues, he left little doubt Pirro, lost to Andrew 2010 governor’s race— about where his passions lie. Cuomo by 800,000 not only seems ambiva- The nearly 300 Rudy loyalists in votes. The Republican lent about running, but attendance gave him a rousing candidate for governor also is woefully unpre- thank-you at the end of the forum, that year was trounced pared to do so by the even as the GOP political insiders by 2 million votes. GREG standards he set for walked away thinking of other po- There will be huge DAVID campaigning two de- tential candidates. If the Republi- numbers for the GOP cades ago. cans don’t want a repeat of Mr. Giu- to overcome, no matter In the 1980s, Mr. liani’s abortive Senate campaign, how unpopular Gov. David Pater- Giuliani built his reputation they don’t have much time to find an son is. in New York as a crusading prose- alternative.

CRAIN’S ONLINE POLL Should the U.S. Postal Service close

certain NYC post offices? No. Cuts in 252 VOTES operating costs Date of poll: Aug. 5 Yes. We have to cannot come at start cutting the expense of somewhere to basic service in make a dent in the targeted the deficit. .62% 38%. neighborhoods. It’s a minor Other measures, inconvenience including rate to travel a little hikes and farther and use redeployment of another branch labor, should in the city. come first.

For readers’ comments, see Page 10. bloomberg news

August 10, 2009 | Crain’s New York Business | 11 Project3 7/7/09 12:22 PM Page 1

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SMALL BUSINESS INSIDE How to burnish your credit credentials in penny-pinching era PAGE 16 Hits & Misses Restaurant veteran learns ins and outs of meal delivery PAGE 17

PUT ON A

How to muster that all-important positive attitude in tough times

port from a small circle of confidants, including a freelance fashion stylist, who have been BY ELAINE POFELDT self-employed for years and have weathered difficult economic cycles. “They’re close friends,”she says.“I don’t call any acquaintances who might become clients.” SYL TANG CAN TELL YOU PLENTY ABOUT THE HIGHS AND LOWS of running a business in New York Even for inveterate optimists who built their small businesses by finding opportunity in City. The former Accenture consultant started multimedia style bible HipGuide in 1999, adversity, the recent downturn has been emotionally trying. during the dot-com boom, but found herself living on fumes of hope during the bust that A July survey released by the National Small Business Association found that 75% of own- soon followed. ers considered the economy to be much worse off than it was five years ago, compared with “We went through a year,” she recalls, “where no one wrote me a check.” 64% who said so in a survey last December. Many reported last month that they are hurting The fact that she survived that slump—and has since created sites for nine cities and built financially: 62% had seen revenue dip for the year to date, and 66% had watched profits drop. annual sales to nearly $500,000—gives her strength now that the economy has tanked. A whopping 80% described themselves as negatively impacted by the credit crisis. That doesn’t mean she wasn’t anxious earlier this year while she waited to learn if Yahoo, “It’s the most volatile emotional roller coaster I’ve ever been on in my life,” says Jessi Wal- her biggest client, would in the midst of its corporate reorganization renew its contract to use ter, owner of Cupcake Kids, a service that runs children’s parties and events. her content. (Phew, it did.) Nor does it Ms. Walter enjoyed a strong start keep her from getting deeply discour- when she launched her business in aged on the days when every call she FRIEND OR FREUD? April 2007, after being laid off from makes to a potential client ends in a “no.” Bear Stearns.But during the slow sum- WORK USED TO FEEL LIKE PLAY; now it’s a ball and chain. You’re worried about money. You’re hardly alone. Friends and “You wake up some days, and you’re advisers can aid business owners in stressful economic times, but some symptoms indicate that it’s time to seek help mer of ’09,she has been developing new just tired in a way you aren’t when you from a mental health professional, advises business psychologist Debra Condren, author of Ambition Is Not a Dirty Word. sources of revenue, such as running a work for a company,” she explains. children’s camp. But Ms.Tang learned a thing or two SEEK HELP FROM FRIENDS AND ADVISERS WHEN: SEEK HELP FROM HEALTH PROFESSIONALS WHEN: She’s hardly alone on the roller about keeping herself motivated back
You are behind on your bookkeeping or filing taxes.
You feel apathetic about activities, hobbies or social coaster. Manhattan-based business in the dark days after Sept. 11. Now she You don’t bill clients on time; you don’t pay your bills on events that used to give you pleasure. You isolate yourself psychologist Debra Condren reports avoids immersing herself in negative time. Your credit is starting to become a mess, too. from friends, family and colleagues. that she spends about 30% more of her articles about the economy, and she
You start thinking you’re not as good as your peers,
You have a hard time getting out of bed and starting time than she used to helping entrepre- keeps away from doomsayers. even though you used to believe that you are good at what work; you lack energy and focus while on the job. neurial clients cope with stress related “You know that Saturday Night Live you do.
You’ve missed annual physicals, important screenings to the economy. sketch about Debbie Downer?” she
You obsess about whether or not to take a vacation; you (such as mammograms) and dental checkups. Under such tough conditions, tap- says. “You don’t want to be surrounded stress when you do take time off, constantly checking e-mail.
You’re under the weather more often. ping reservoirs of strength, motivation by those people.”
You’re eating unhealthily, or not enough, or too much;
You’re drinking too much, abusing other substances and outside support can be just as Instead, Ms. Tang seeks moral sup- you’ve stopped exercising. or binge-eating. See PUT ON A HAPPY FACE on Page 14 istockphotos

August 10, 2009 | Crain’s New York Business | 13 20090810-NEWS--0014-NAT-CCI-CN_-- 8/6/2009 6:38 PM Page 1

REPORT Put on a happy face

Continued from Page 13 important as locating new sales streams and capital. “If you intend to stay in business, you need to go out there every day with a smile on your face and a pos- itive attitude, sending a message to your customers that you’re here to stay,” says Rosalind Resnick, chief executive of Manhattan-based Ax- xess Business Consulting and author of Beating the Bailout Blues. Calling all ostriches while it may be tempting to avoid professional contacts when there’s little good news to share, it’s not a good idea, says Dr. Condren. “The No. 1 sign that one is not LOW-FRET SNACKS: Gourmet treat-monger Jill reacting in a healthy way to poor Frechtman networks to stay on an even keel. business conditions is when one iso- lates,” she notes. Recognizing the perils of giving in ule them when last-minute orders to fear and discouragement,many en- from small clients poured in.To find trepreneurs have come up with do-it- a sounding board, the former adver- yourself systems for staying positive. tising art director participated last Adam Bergman,a former corpo- spring in a four-week course run by rate lawyer who founded MyLLC Collective-E, a group for women Agreement.com in March to help entrepreneurs. There, she made a small businesses incorporate, finds couple of contacts whom she now that sticking to a strict daily routine is calls frequently for business advice. a hedge against worries that he should “It’s hard for people who are not be doing more to build the business. entrepreneurs to understand what we He makes sure to work between 9 go through,” Ms. Frechtman says. a.m.and 7 p.m.every day,so he won’t After branching out into whole- be tempted if a sale,she gave her- friend calls in the “If you intend to self the challenge late afternoon and of exhibiting at the suggests grabbing stay in business, recent Fancy Food a beer. Show. “I came up “I’m trying to send that message with new packag- teach myself good to customers.” ing, which is habits. I don’t —Rosalind Resnick, Axxess something I enjoy want to fail,” Mr. Business Consulting that keeps me mo- Bergman says. tivated,” she says. He also starts each day with three Getting a positive response to goals: one challenging and two sim- her products didn’t hurt, either: pler. “I try to keep my list small so it “That helped boost my enthusiasm feels like every day, I am accom- for the business,” she says. plishing something,” he says. When all else fails, escapism— It’s helping: His site already has within limits—can be a great remedy more than 12,000 users, he says. for the recession blues. Ms. Tang Principal David Langton of 15- learned early on to take walks, go year-old Chelsea design firm Lang- window-shopping or escape to a ton Cherubino Group says his chal- midday comedy movie at times when lenge is to keep his own mind-set in she wasn’t in the right frame of mind growth mode and to make sure his to make sales calls for HipGuide. office is humming, even when busi- “On bad days,” she says, “you’re ness is down slightly. Mr. Langton not going to be able to push the rock and partner Norman Cherubino al- up the hill.” ways assign deadlines for internal projects, such as upgrades to the Hanging loose helps firm’s Web site,and they also request ran assaf,founder of four-year-old frequent presentations on work that Didiom—which enables customers employees are doing for clients. to stream music, podcasts and au- “We run a creative business, so a diobooks from their home comput- lot of it is trying to keep everyone on ers to their phones—has discovered their toes,”Mr.Langton says.“If you that playing piano and hanging out don’t have deadlines, you don’t have in art museums has helped him cope momentum.” with tough times. This became es- Other entrepreneurs find that pecially important when his bank networking can help keep stress at reduced the 10-person business’s bay. That’s true for Jill Frechtman, credit line without warning about founder of Fretzels by Jill, a four- six months ago. year-old company that manufac- Many times, he says, taking an tures chocolate-covered pretzels opportunity to relax has sparked and other gourmet treats in Long ideas that helped him with product Island City, Queens. design at work. After cancelling several produc- “It’s easy to get depressed in this tion runs last holiday season when economy,” Mr. Assaf explains, “but corporate business dropped off, Ms. we have no choice: We have to keep Frechtman had to abruptly resched- moving.”
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REPORT SMALL BUSINESS BEND OVER BACKWARD: Lyn-Genet Recitas pays HOW-TO 20.99% on a loan despite a good credit history.

ances that are significantly lower than what’s report- Spruce up credit caliber ed,” says Mathew Sheldon, a New York City debt relief attorney. If your report is 12 months, making this the most out-of-date, immediately Manage personal debt, build business’s popular type of financing, and 79% write a letter to the credit rating to prepare for tightfisted lenders of respondents reported worsening bureau to correct it. terms over the past five years. The a $12,500 loan at 7.99% interest, proportion of those using credit TIP 2

BY ELAINE POFELDT which she used to pay down her cards rose from 49% of those sur- Hold on to older cards. buck ennis bank debt.But she still has to pay off veyed in December 2008. yn-genet recitas, the rest of her outstanding credit “It’s very risky money for small if you decide to close cards you no Should you need to conserve owner of Neighborhood line at the higher interest rate. businesses,” says Columbia Law longer need,it may be better to spare cash, get credit cards from gas sta- Holistic, never expected Ms. Recitas learned the hard way School professor Ronald Mann, the ones you’ve had the longest, says tions or from stores such as Home to find herself paying that a stellar credit history isn’t who has written about credit mar- Mr. Sheldon. “You want to show a Depot, Lowe’s and Wal-Mart to 20.99% interest on the enough to protect a small business kets in the books Charging Ahead history to lenders,” he says. avoid maxing out your personal L$40,000 she borrowed to build out from punishment in the credit mar- and Insufficient Funds. bank cards, Mr. Ginzberg advises. her yoga studio in Central Harlem. kets.Many battered banks are raising In this climate, even entrepre- TIP 3 In addition,spread out your debt. She left $15,000 of her credit line interest rates and fees to shore them- neurs who have been scrupulous Don’t max out personal credit “If you have one card that has $5,000 untouched,she says,adding that she selves up. Other traditional sources about managing debt may need to do cards. of debt against a $5,000 limit, that’s stays current on her loan and credit of financing are disappearing: Ad- some fine-tuning of their credit pro- worse than if each of five cards has card payments and pays more than vanta,a major issuer of credit cards to files to win more credit or hold on to debt on personal cards will show $1,000 in debt,” says Jim Randel, a the monthly minimums. Her credit small businesses, stopped new lend- the terms they have.Those who have up on your credit reports, while bal- real estate and publishing entrepre- score is 770, she says. ing in June, and CIT Group, an im- built up large amounts of debt or ances on business cards usually won’t neur and the author of The Skinny on “That wasn’t enough,” she ob- portant source of small-business fi- who have less-than-perfect payment if you pay on time, says Izzy Credit Cards. serves. With no warning, her bank nancing, is struggling for survival. histories need to be more proactive. Ginzberg, a small business consult- raised her interest rate from 9.99% Legions of entrepreneurs are Here are some tips on how to im- ant who is chief executive of Mone- TIP 4 in December. finding that credit cards with less- prove your ability to get credit. tized Intellect in Flatbush,Brooklyn. Spring for a business phone “Merry Christmas,” she says than-attractive terms are their only When possible, move debt from number. ruefully. option. A survey by the National TIP 1 your personal cards to your business Ms. Recitas recently turned to Small Business Association in late Make sure your credit report is cards, so you are using less than 50% if you run a very small or home- Acción USA, a microlender that April and early May found that 59% current. of the credit available on your per- based business, using your personal had previously loaned her $10,000 of small business owners had used sonal cards. “Your credit score will landline or cell phone number is for her business. Acción offered her credit cards for financing in the past “some people have outstanding bal- get a boost,” Mr. Ginzberg says. Continued on Page 17

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REPORT Our Past Experience Ensures Your Future Success HITS & MISSES A fledgling firm’s key moves by Tina Traster To Do List: Restaurateur finds the Zone 1. Get reliable, affordable Business Class Phone teve lindner approaches business like the good chef 2. Add High-Speed Internet and/or Cable TV that he is: He understands basic cooking concepts, but he Sknows when it’s time to shake up the ingredients. 3. Enjoy the convenience of After Sept. 11 decimated client traffic at a French restaurant he opened with his wife in 2000 in Greenwich Village, he Time Warner Cable Business Class SUSTENANCE: reinvented his business as an upscale food Steve Lindner delivery service. Zone Manhattan, says customers are trickling back launched in 2005, took off just as the after business hit economy was bottom in the winter. heating up and busy executives and high- profile people like Edie Falco and Charlie Gibson were willing to pay $32.95 a day for three dietary-tailored healthy meals. By 2008, Mr. Lindner, a 25-year notice via e-mail to suspend and www.twcbc.com/NYC 1.877.227.8711 restaurant veteran, and his staff of 30 roll over delivery.”

were preparing meals for about 1,000 Zone Manhattan also keeps 17485-17754-BScraines_jnl customers in the five boroughs and costs down by contracting private the suburbs using fresh ingredients delivery men who are paid on a per procured daily from Hunts Point bag basis. Cooperative Market. Annual revenue was $3 million. MISSES “Food is what I know,” says Mr. Not enough staff Lindner, the company’s chief mr. lindner discovered the hard executive, who admits Zone way that a company needs to be Manhattan’s client list has been prepared when a new advertising slashed in half due to the souring and PR blitz is surprisingly economy.Things hit rock bottom effective. When Zone Manhattan this past winter. Now, the hemor- got a big media push in 2007, it lost rhaging seems to have abated, and business because it did not have customers are trickling back slowly. enough staff. Within six weeks, the Meanwhile, Mr. Lindner plans to company doubled its workforce to expand Zone Manhattan, starting 45 and worked 24/7 to train its with service in Los Angeles, San prep cookers, chefs and packers. Diego, Miami and Vancouver. It took a few months for Mr. Lindner, who trained at the HITS Culinary Institute of America and Adaptability pays worked in top kitchens including flexibility, Mr. Lindner says, is the one at Sign of the Dove, to critical to food delivery for folks realize that people who order who have highly demanding travel delivered meals are looking for schedules. “Most of the competi- simplicity: “I learned seared diver tion locks customers into monthly scallops with simple herbs are a subscriptions; we require two days’ better bet than bouillabaisse.”

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Continued from Page 16 “If you have 30 days to pay for an cheaper than getting a business line, order but pay the bill in five days,you but it could prevent you from getting will have a major boost in your cred- credit, says Mr. Ginzberg. it score,” he points out. “One of the first things a bank or vendor will do to check out the legit- TIP 6 imacy of businesses is to call 411 and Reconsider. ask for them,” he says. if your business has been strug- TIP 5 gling for survival for a while, it may Build your business’s credit be time to stop seeking credit and rating. look for an exit strategy, says Cate Williams, vice president of financial get a free Data Universal Number- literacy for Money Management In- ing System number from D&B. If ternational, a nonprofit credit coun- you buy from at least five vendors that seling agency. report your payment history to D&B, “Never borrow money from fam- having this code to identify your firm ily and friends to support a failing will enable you to get a Paydex score, business,” she warns. “You’ll lose a measure that shows your business’s your business—and your family and creditworthiness, Mr. Ginzberg says. friends.”

August 10, 2009 | Crain’s New York Business | 17 New York Area’s Highest-Paid CFOs Project1 8/5/09 2:43 PM Page 1

Advertising Supplement to Crain’s New York Business

The Partnership for New York City Business Acting in the Interest of the Community

The Partnership for New York City is a nonprofit organization of international Among the early initiatives Rockefeller had the Partnership undertake was a and regional business leaders who share a commitment to maintaining New massive housing program with the Koch Administration and the Central Labor York’s status as the global center of commerce, finance and innovation. The Council. The Partnership recruited banks and builders to finance and develop af- Partnership provides business expertise and resources to inform public policy fordable, owner-occupied housing in neighborhoods where the city owned acres decisions and to promote regional economic growth and job creation. of vacant land, generating the renaissance of communities from the South Bronx and Southeastern Queens to Harlem, Central Brooklyn and the North Shore of David Rockefeller called for the Partnership to be created in 1979, following the Staten Island. The Partnership also brought dozens of minority contracting firms near bankruptcy and severe decline of the city and its neighborhoods. It was a into the affordable housing industry, helping to build their capacity to contribute time when America’s urban centers had been largely written off as viable places to rebuilding of their own communities and employ local residents. to live and do business. Many companies and much of the professional labor force had relocated to the suburbs. Rockefeller believed fervently that strong cit- Rockefeller’s daughter, Peggy Dulaney, led the Partnership education effort that ies were essential in order for America and its multinational companies to remain got corporations to “adopt” many of the city’s most troubled public schools. The powerful in the emerging global economy. He pulled together the CEOs of the Partnership launched Crime Stoppers to encourage business and the public to city’s largest corporations, investment and real estate firms to form an organiza- cooperate with the police in reporting and preventing criminal activity. Most im- tion of business leaders who were determined to help the city rebuild and thrive. portantly, Rockefeller worked to build bridges between business and the African American community, helping to create a path out of poverty for many who had The Partnership organized around the principle of working together with govern- been excluded from education and employment opportunities because of race. ment and organized labor to address the biggest challenges facing the city. At the time, the big issues were crime, loss of the middle class, racial strife, neighbor- Today, New York is well established as a great world city, but it still remains vul- hood abandonment, a troubled public education system and desertion of the city nerable. This was brought home by the destruction of the World Trade Center on by major private sector employers. Rockefeller insisted that the focus not just be 9/11 and again during the global financial crisis of 2008. The challenges the city Manhattan, but all five boroughs. faces are different than thirty years ago, but they still require business leaders who are knowledgeable about the city and committed to keeping it strong. The David Rockefeller Fellows Program

After David Rockefeller In order to provide a first-hand view of some of the issues affecting the city, site retired as Partnership visits and tours are scheduled to complement meetings. Recent classes have vis- Chairman in 1989, a ited City Hall; One Police Plaza; the Office of Emergency Management; NYC’s fellowship program was water supply reservoir and third water tunnel; affordable housing and com- launched in his honor. munity development sites in the Bronx and Harlem; Rikers Island Jail; public The purpose of this high schools and charter schools; Manhattan Family Court, and various arts and program was to ensure cultural institutions. that new generations of In recent years the Fellows have met with President Bill Clinton, Congress- business leaders would man Charles Rangel, Chancellor Joel Klein, Speaker Christine Quinn, be as dedicated to the Commissioner Raymond Kelly, Glenn Lowry, and Randi Weingarten. The city as he has been. Fellows have also met with Rupert Murdoch, Howard Rubinstein, Steven The fellowship does Schwarzman, Jeff Zucker, Richard Parsons, Steven Roth, and Henry Kravis. not involve money, but David Rockefeller speaks with Susan Hayes, President & CEO rather a “crash course” of Cauldwell Wingate Company, LLC, and Alan Haines, Vice on how the city works “ The high quality and impressive level of achievement of President of Commodore Construction, Inc. and a 2004–2005 from the perspective of the David Rockefeller Fellows over the years has been DR Fellow, at the ceremony celebrating the graduation of the top leaders in govern- very impressive and personally gratifying. I enjoy meeting Fellows Class of 2005. ment, not-for-profit and business sectors. them each year and try very hard to attend their annual graduation ceremony. More than 200 senior executives have served as David Rockefeller Fellows since the program began. Every year, a new class of Fellows is nominated by CEOs I am most impressed that these very busy people are who are members of the Partnership. They participate in a variety of meetings willing to make the time in their high pressure careers and field visits that are designed to give rising executives an insider understand- to learn how New York City functions and how it can be ing of what makes the city tick and how they can make a difference here. Most improved. The fact that so many of them have also made Fellows say that they come away from this experience with a new appreciation important contributions to the City is a source of great for the city and, in particular, the talent and contributions of those who work in government. satisfaction to me.” — DAVID ROCKEFELLER Project1 8/5/09 2:44 PM Page 1

Advertising Supplement to Crain’s New York Business The 2008–2009 Class of

PETER J. BESHAR JAMES COLE, JR. ERIC EVE Vice President & General Counsel Partner, Corporate Senior Vice President, Global Marsh & McLennan Companies, Inc Wachtell, Lipton, Rosen & Katz Community Relations, Citi

Peter J. Beshar is Vice President and General Counsel James Cole, Jr. is a Partner at Wachtell Lipton Rosen Eric Eve heads Global Community Relations for for Marsh & McLennan Companies, Inc. For Beshar, & Katz in the Corporate Department. Mr. Cole says Citigroup, Inc. For Mr. Eve, the relationships he has the economic downturn of 2008 was a striking back- the program has “broadened my understanding of the developed with his classmates are of singular impor- drop to the David Rockefeller Fellows Program. “The numerous opportunities for the private sector to assist tance. “In all honesty, the Fellows themselves have interdependency between industry and government has government and public interest organizations in im- been the most remarkable part of the program.” He been powerfully demonstrated by the financial crisis,” proving the quality of life of all New Yorkers. From our adds: “to engage New York City’s most influential lead- he says, adding: “the essence of the DR Fellows Pro- meeting with Chancellor Klein of the NYC Department ers alongside peers across multiple sectors has been of gram — and indeed the Partnership for NYC — is the of Education to our participation in the LIFT Family great value.” fusion between the private and public sectors.” Court Judge for a Day Program, the DR Fellow experi- ence was invaluable.”

DAVID A. FALK ROBERT P. GARRETT BRIAN F. GAVIN President, New York Tri-State Region Partner Senior Managing Director, The Blackstone Group Newmark Knight Frank KPMG LLP Chief Operating Officer, Blackstone Alternative Asset Management

David A. Falk is President of the New York Tri-State Robert P. Garrett is the Partner-In-Charge of KPMG’s Brian F. Gavin is a Senior Managing Director of Region for Newmark Knight Frank. Mr. Falk cites edu- New York Financial Services Audit Practice. For Mr. The Blackstone Group and Chief Operating Officer cational benefits as highlights of the experience. “The Garrett, the Fellows’ meeting with Chancellor Joel of Blackstone Alternative Asset Management. “The DR Fellows Program provides a diverse group of rising Klein stands out. The meeting “provided great insight program has helped me better appreciate the dedication New York City leaders the opportunity to delve into is- into the significant challenges — and opportunities — involved in running this City,” says Mr. Gavin. “Our sues they might otherwise never experience. From con- in educating and preparing New York City’s children involvement in causes extending beyond our work versations with Stephen Schwarzman and Barry Diller for the future. These children are our most important responsibilities is critical for the success of the City and on the private side to discussions with Anthony Coscia resource, and the tough decisions being made today the future of our children.” and Joel Klein on the public, the program’s events offer will directly impact New York City’s ongoing status as exceptional learning opportunities. The program is a the world capital of finance, innovation, and culture.” gift from the Partnership to New York City.”

S-2 Project1 8/5/09 2:44 PM Page 1

Advertising Supplement to Crain’s New York Business David Rockefeller Fellows

JONATHAN GOLDSTICK DAVID G. KNOTT PETER MCGUINNESS Senior Vice President Senior Vice President Chairman & CEO Halcrow, Inc. Booz & Company Gotham, Inc.

Jonathan Goldstick is a Senior Vice President of David G. Knott is a Senior Vice President at Booz & Peter McGuinness is the Chairman and Chief Execu- Halcrow, Inc. “As an engineer,” he says, “I am greatly Company and Managing Partner of the firm’s Global tive Officer of Interpublic Group’s Gotham, Inc. “Being influenced by the way the City government makes its Health Practice. “The DR Fellows Program provides a Fellow has given me an eye-opening perspective decisions and allocates its resources.” The Fellows Pro- invaluable insight into the most pressing issues and op- and deep appreciation of what it’s like to lead a city of gram has provided him special insight into the people, portunities facing New York across private, public, and NYC’s scale,” says Mr. Guinness. “It’s incumbent upon processes, and policies that directly affect his work. NGO sectors,” says Knott. “It also offers access to the us all to help make a difference. The program taught “Best of all,” he adds “I have really enjoyed getting to leaders we can work with to continue making our city me that public duty and private responsibility must be know the other Fellows - a fascinating cross-section of the best place in the world.” mutually inclusive if a city this size is to continue to professionals who will be tomorrow’s leaders.” evolve and advance.”

DONNA M. MILROD TIMOTHY L. PORTER MARCY L. REED Managing Director Chief Client Relationship Counsel Senior Vice President Head of Regional Oversight & Strategy Proskauer Rose LLP US Public Affairs Deutsche Bank Americas National Grid

Donna M. Milrod is Managing Director, Head of Timothy L. Porter is the Chief Client Relationship Marcy L. Reed is the Senior Vice President for US Regional Oversight and Strategy at Deutsche Bank. For Counsel at Proskauer Rose LLP. Mr. Porter emphasizes Public Affairs at National Grid. She says: “the DR Fel- Ms. Milrod, two experiences stand out: the Fellows’ the importance of the access the program provides lows Program has provided me the opportunity to in- meeting with Dr. Harold Varmus, the head of Memorial to “New York’s brightest minds and most influential teract with leaders in business and government I might Sloan-Kettering; and the day the class spent in LIFT’s leaders on the pressing issues affecting the city and the never have met otherwise. This aspect of the program Judge for a Day Program. These, she says, “encapsulate world: education, health care, infrastructure moderniza- has greatly enlightened my understanding of New York what the Partnership for NYC is about. Each shows dif- tion, entertainment, communication, the arts, finance City’s workings.” ferent parts of the vibrancy of NYC and the importance and public sector service delivery.” Of the Fellows’ of the public-private partnership in two different fields: regular meetings, he adds: “these conversations have one a private, best-in-class research hospital, the other influenced my thinking about the development of col- a grind-it-out judicial system that is critically important laborative approaches for the purpose of more closely to the underserved families of NYC.” aligning the work of the private sector with local, state and federal government initiatives.”

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Advertising Supplement to Crain’s New York Business

CHUCK SAIA MICHAEL SCHWERDTMAN KEVIN SERVICE Partner Senior Vice President & Controller Vice President Deloitte & Touche LLP InterActiveCorp (IAC) Regional Operations, NYC Verizon Communications

Chuck Saia is a Partner at Deloitte & Touche LLP. For Michael Schwerdtman is the Senior Vice President Kevin Service is Vice President of Regional Opera- Saia, the meeting with Glen Lowry, Director of the Mu- and Controller for InterActiveCorp (IAC). A visit tions for New York City at Verizon Communications. seum of Modern Art, stands out. Before the meeting, to family court is a particularly memorable experi- The program reinforced for him the importance of pub- Saia was skeptical. “To my surprise, Glenn validated ence. “The judge for a day visit to Family Court in lic and private interactions in delivering public service. the strategy we use at our firm. The MoMA strategy Manhattan poignantly illustrated for me the reality “Being a DR Fellow has afforded me the opportunity is focused on its products — top quality art — and its that too much of society’s pain and suffering is borne to gain a much better understanding of the critical customers, which is similar to our strategy, which fo- disproportionately by the most vulnerable among linkages between various government agencies and the cuses on our clients and our people. Glenn’s discussion us – children.” He adds: “The program has given me private sector, and the importance to all New Yorkers of reminded me that if you focus on your clients and your insight into the diversity and depth of need in NYC that strengthening those linkages.” people, you will have business success. Validation like government alone cannot address.” this demonstrates the power of the program.”

“David Rockefeller Fellows reflect the unique diversity, talent and civic commitment of New York City’s business community. These men and women help to ensure that successive generations of New Yorkers are prepared to advance the best interests of the city in government, non- profit organizations, and private enterprise. During this time DANIEL H. WEINER of economic and fiscal challenge, knowledgeable leadership Partner Hughes Hubbard & Reed LLP is more important than ever. The Partnership is delighted that the Fellows Program provides a vehicle to identify and Daniel H. Weiner is a Partner at Hughes Hubbard & Reed LLP. He says: “the highlight of the program has cultivate young people who share the values of our founder, been the opportunity to learn directly from the City’s movers and shakers — and to ask them pointed ques- David Rockefeller, and so many other business leaders in tions and hear unfiltered, unrehearsed answers.” New York who devote time and resources to making this a more successful and caring community.”

— KATHRYN WYLDE President & CEO Partnership for New York City

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Advertising Supplement to Crain’s New York Business Notable David Rockefeller Fellows Alumni

Monica Azare is Senior Vice President of Peggi Einhorn is Chief Financial Officer and Corporate Communications at Verizon Com- Treasurer of the Robert Wood Johnson Foun- munications, Inc. She leads a team charged dation. She works to ensure that the foundation with creating compelling vertical and interac- fulfills its financial obligations as a private, tive communications; identifying performance tax-exempt foundation and that it acts as a goals; and using innovative communications good steward of the private resources entrusted tools to reach 225,000 employees around the to it in the public’s interest. globe. Ms. Einhorn was a Senior Vice President at Ms. Azare was a member of the 2006–2007 JP Morgan Chase when she participated in the Class of David Rockefeller Fellows. The program in 1999. The experience played an experience improved her understanding of the important role in her transition to the non-prof- inner-workings of New York City government it sector. “The DR Fellows program opened Monica Azare and its philanthropic community. She calls it Margaret (Peggi) Einhorn my eyes to the broad array of public policy Senior Vice President “the most amazing tutorial on how the city Chief Financial Officer and Treasurer challenges New York City leaders face,” she Coporate Communications functions.” Robert Wood Johnson Foundation says. “As I became more familiar with the Verizon Communications challenges, I also became more determined Ms. Azare credits the relationships she than ever to dedicate my career to those chal- developed during the program with “elevat- lenges.” She joined the Robert Wood Johnson ing her advocacy on behalf of Verizon to new Foundation in 2004, in particular because of heights.” The program also, she says, “helped its commitment to improving the health and solidify many philanthropic relationships be- health care of all Americans. tween the Verizon Foundation and non-profits located throughout the City’s five boroughs.” Long active in civic affairs, Ms. Einhorn is a trustee (and former chairwoman) of the Brook- Ms. Azare remains in touch with the Partner- lyn Children’s Museum. ship and with other DR Fellows alumni. She sits on the board of the New York City Partner- ship Foundation, the Louisiana State Univer- sity College Advisory Board, the LHC Group, and Evidence — a Dance Company. She is also a member of the Executive Leadership Council.

Jonathan D. Gray is Senior Managing Director Carla Hendra is Chairman of Ogilvy & of The Blackstone Group. He is also a mem- Mather’s New York office and CEO of Ogilvy ber of the firm’s Management and Executive & Mather Group, North America. She spear- Committees and serves as Co-Head of Real heads OgilvyInteractive, one of the leading Estate. Mr. Gray has led Blackstone’s efforts digital marketing agencies in North America. in the privatization of many public real estate companies, including Extended Stay America, Ms. Hendra is a long-time advocate for public Carr America, Equity Office Properties and education. In 2002, she served as Principal Hilton Hotels. for a Day at P.S. 123 in Harlem through the Public Education Needs Civic Involvement Mr. Gray calls his participation in the 2005 in Learning (PENCIL) Program. This experi- Fellows Program “an invaluable experience,” ence led to a long-term relationship between which provided “exposure to many leaders of the school and Ogilvy, including the creation Jonathan Gray New York City’s civic, corporate, political and Carla Hendra of the Future Marketers Program, a ten-month Senior Managing Director charitable organizations.” During the pro- Chief Executive Officer program to teach sixth graders the fundamen- The Blackstone Group gram Mr. Gray became particularly aware of Ogilvy & Mather Group, tals of marketing and communications. the need to expand educational opportunities North America for underprivileged students. This awareness The 2006 Fellows Program was a natural led to his involvement with Harlem Village extension of the advocacy and non-profit work Academies, which is one of the city’s leading which had sparked Ms. Hendra’s interest in charter school groups. civic affairs. It gave her a first-hand look at how New York City addresses “the educational In addition to his voluntary work with Harlem system and the many social issues facing Village Academies, Mr. Gray serves as a board women and children.” member of the Trinity School, the Pension Real Estate Association, and the National As- Today, Ms. Hendra continues her work with sociation of Real Estate Trusts. PENCIL. In 2007, she joined the Board of Dress for Success, which helps provides women the training, development, and clothing needed to re-enter the workforce in New York City. She chairs the Marketing Committee.

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Advertising Supplement to Crain’s New York Business

Partnership for New York City

Many Fellows consider the experience a turning point at which they decided to pursue a greater public purpose in their careers or their voluntary activities.

Edward P. Henry is President of the Doris Jason Stewart is the Senior Vice President Duke Charitable Foundation. He is responsible and Chief Administrative Officer of InterAc- for establishing and directing the activities tiveCorp (IAC), the eighth largest internet of the foundation, which is dedicated to the company in the world and parent firm of performing arts, environmental preservation, Ask.com, Match.com, Evite, Citysearch, medical research and prevention of child and others. He is responsible for information abuse. Mr. Henry also serves as President of technology, real estate, strategic sourcing and the Duke Farms Foundation, which is focused corporate services. Mr. Stewart managed the on environmental stewardship, and the Doris development of IAC’s new headquarters, a Duke Foundation for Islamic Art, which oper- building designed by Frank Gehry which has ates a center for the study of Islamic art and made a striking impact on the West Side of culture and a related grants program. Manhattan.

Edward P. Henry A member of the Class of 2000, Mr. Henry Jason Stewart Mr. Stewart was a member of the Class of President says the program “crystallized the necessity, Senior Vice President and 2007. He credits the program with giving him Doris Duke Charitable Foundation opportunities, and power of the public-private Chief Administrative Officer “unparalleled access to City and State lead- partnership” in his mind. He credits the expe- InterActiveCorp (IAC) ers and New York-based CEOs.” He says the rience for his decision to teach a course in non- program “helped shape my appreciation for profit leadership at Columbia Business School. the issues that affect the future of New York — The purpose of the class is to educate business social, cultural and economic — and cemented professionals about mission-driven nonprofit my desire to contribute.” organizations; the responsibilities and chal- lenges of serving as board members; and the Mr. Stewart has continued his work with the specific management challenges for executives Partnership, serving on the Board of the New of these organizations. York City Partnership Foundation. He has served on the Executive Steering Committee Before joining the Duke Foundation, Mr. of the Entertainment Industry Foundation and Henry served as an Associate Dean at Colum- was a member of the Academy of Television bia Business School; Chief Operating Officer Arts and Sciences. He is also on the board of of the Museum of the City of New York; and the Friends of the High Line. has held senior administrative positions with the American Museum of the Moving Image, the New York Foundation for the Arts and the New York Council for the Humanities.

Glenn Markman is an Executive Vice Presi- Anish Melwani is a Principal of McKinsey & dent of Cushman & Wakefield, Inc., where Company in the Corporate Finance Practice. he is a recognized leader in commercial real A leader of the East Coast Industrials group, estate brokerage activities across metropolitan he advises large manufacturing companies New York. The Real Estate Forum has named and private equity firms on transactions and him one of the top tenant representative bro- corporate strategy. He also plays an active kers in the country. role in the Firm’s efforts to serve public sector institutions. Mr. Markman frequently works with public and nonprofit clients such as the European Mr. Melwani was a member of the Class of Union. He initiated the idea of a National Bas- 2007–2008. He says the program offered “the ketball Association theme retail store and ne- chance to meet inspirational leaders in all as- gotiated the NBA’s lease at 666 Fifth Avenue. pects of New York City life — from the public Glenn Markman schools to the prison system.” The experience Executive Vice President A native New Yorker, Markman has a life-long Anish Melwani Principal also revealed “many of the trade-offs that non- Cushman & Wakefield, Inc. interest in community service. He is currently McKinsey & Company, profits and government institutions wrestle on the Boards of the Trevor Day School, The Corporate Finanace Practice with every day.” Brain Tumor Foundation, the Brooklyn Navy Yard Industrial Park, Horizons at Brooklyn Mr. Melwani brings this knowledge to his Friends School, and the Downtown Brooklyn ongoing work with civic organizations. Since Partnership. completing the Fellows Program, he has remained active in the Partnership for New Markman was a David Rockefeller Fellow in York City and has stayed in close touch with the Class of 2007–08. “The opportunity to hear many of his fellow alumni. He is also active in Howard Rubenstein, Shelly Lazarus, Terry the non-profit community through the Robin Lundgren and Chancellor Joel Klein speak Hood Foundation and the Council on Foreign candidly about their experiences and their love Relations. for New York City inspired me. Each provided a different roadmap for how to accomplish things as a leader in business and in the very complicated and competitive environment of the city.”

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Advertising Supplement to Crain’s New York Business

Partnership for New York City

Sanjay Mody is Senior Advisor to the Chair- Lisa Quiroz is Senior Vice President for man of the Port Authority of New York & Corporate Responsibility at Time Warner, Inc. New Jersey, the nation’s largest and oldest bi- and President of the Time Warner Foundation. state public authority. In that role, Mr. Mody Through an emphasis on broadening public ac- advises the Chairman on major transportation cess to the performing arts, democratizing arts and infrastructure projects in the New York/ experiences, and nurturing a new generation of New Jersey region, including the rebuilding of talent, Ms. Quiroz has brought strategic focus the World Trade Center site and construction to Time Warner’s community outreach and of new trans-Hudson rail tunnel. philanthropic programs. A member of the 2007-2008 Class of Da- For Ms. Quiroz, the program was an opportu- vid Rockefeller Fellows, Mr. Mody says the nity to pursue her passion for New York City experience reinforced his decision to under- and its inner workings. “The Fellows Program Sanjay Mody take public service after a number of years in Lisa Quiroz gave me direct and substantive experience private legal practice. Over the course of the Senior Advisor to the Chairman Senior Vice President for in how New York City government serves program’s 11 months, he met key leaders and Port Authority of New York & Corporate Responsibility its diverse population” says Quiroz. “It has decision-makers involved in rebuilding the New Jersey Time Warner, Inc. reinvigorated my interest in city politics and City’s essential infrastructure. He also devel- has motivated me to be an active and engaged oped a better understanding of how the public leader.” and private sectors work together in creating a modern transportation network for the New To that end, she was recently appointed by York/New Jersey region. Governor David Patterson to the New York State Business Development Corporation. The Mr. Mody’s civic commitment goes beyond corporation provides small business loans to his work: he is currently Secretary and board businesses throughout the city and state. She member of Network 20/20, a non-profit group has also served on the New York City Com- based in New York City that helps prepare mission on Human Rights and as Co-Chair young professionals to participate meaning- of the NYC Latino Media and Entertainment fully in U.S. foreign policy and global security. Commission. He has also remained active with the Partner- ship, serving on the Alumni Committee that helps select future participants in the David Rockefeller Fellow Program.

Michael J. O’Neill is Senior Vice President, John B. Rhea is Chairman of the New York Corporate Affairs & Communications, Ameri- City Housing Authority (NYCHA). NYCHA can Express Company. He heads the com- is the largest public housing authority in North pany’s communications group and is a member America, providing affordable housing for of the American Express Global Management over 402,000 New Yorkers with low- and Committee. moderate-incomes within the five boroughs. Mr. O’Neill was first involved with local gov- Mr. Rhea has a background in investment ernment immediately after 9/11 when damage banking, with over twenty years experience to its headquarters building forced American at companies including Barclays Capital and Express to relocate out of New York City for Lehman Brothers. A member of the Class of the first time in its 150 year-plus history. 2003-2004, Mr. Rhea credits the program with While the company operated out of temporary helping him gain an appreciation for the com- Michael J. O’Neill offices for nearly a year, he and his colleagues John Rhea plexity of managing a city such as New York. “I developed a particular interest in keeping Senior Vice President worked with state and local officials to expe- Chairman the city affordable and accessible to a diverse Corporate Affairs & Communications dite recovery and bring the corporate HQ back New York City Housing Authority American Express Company to lower Manhattan. After returning to the population and encouraging resident input restored World Financial Center, Mr. O’Neill on employment and quality of life issues in became involved with downtown revitalization their communities,” says Mr. Rhea. “Ensuring efforts. access to affordable housing is a fundamental component to address these concerns.” The 2005 DR Fellows Program provided a year-long opportunity to meet many of the Throughout his career Mr. Rhea has been a City’s leaders and see first-hand how they were strong supporter of diversity initiatives. He tackling the financial, social, infrastructure and was a member of the Diversity Committee educational issues that shape life in New York. at JPMorgan, and received the “Champions” award from the firm’s Inclusive Leadership Mr. O’Neill continues his involvement with Council. He also helped to establish the Janina the City through American Express commu- Montero Scholarship at Wesleyan University, nity sponsorships and, since completing the his alma mater, which is given annually to DR Fellows Program, has focused his personal economically-disadvantaged students of Latino efforts in the area of education. He serves as heritage. an advisor to Archbishop Molloy High School in Queens and chairs the NYC Host Commit- Mr. Rhea is a member of the Executive Lead- tee of the Lagrant Foundation, a non-profit that ership Council and a founding member and provides scholarships and mentoring to minor- director of the Council for Urban Profession- ity students in communications and marketing. als. He also serves on the boards of the New York Business Development Corporation, the He has remained active with the Partnership, Rush Philanthropic Arts Foundation, and is serving on the Alumni Committee that helps to Chair of the Board of the Children’s Museum select future participants in the David Rock- of Manhattan. efeller Fellow Program.

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Advertising Supplement to Crain’s New York Business

Partnership for New York City

Janette Sadik-Khan is Commissioner of the James Singer is a Partner at A.T. Kearney, the New York City Department of Transportation. global management consulting firm. He is also She is responsible for 6,000 miles of streets the head of the firm’s New York Office and the and highways, nearly 800 bridges, 1.3 million director of North American Marketing. street signs, 300,000 streetlights and 12,000 signalized intersections, as well as the Staten In 2007, Mr. Singer led A.T. Kearney’s Island Ferry. work for the State of New York to develop a long-term economic growth strategy for the Ms. Sadik-Khan was a member of the Class of State. The final report outlined how $1 billion 2000. The experience provided her “the oppor- in annual spending by New York State on tunity to meet with many of New York City’s economic development programs could be top agency heads.” She adds: “the lessons reprogrammed for more strategic use. learned from in-depth discussions about chal- James Singer As a management consultant, Mr. Singer was Janette Sadik-Kahn lenges and opportunities have proven invalu- Partner trained to view problems and solutions from Commissioner able in my current position where coordination A.T. Kearney his client’s perspective. Those clients, how- New York City Department of amongst agencies is critical to accomplishing work on the streets of NYC.” ever, were almost always corporate executives. Transportation As a member of the 2007 Class of DR Fel- Ms. Sadik-Khan is active on several national lows, Mr. Singer had the benefit of hearing a boards and transportation organizations. She diverse array of first-hand perspectives on the serves as President of the National Association most important issues affecting all New York- of City Transportation Officials, Chair of the ers. One week, he recalls, the group would Transportation Research Board’s Committee meet with a CEO; the next week, an elemen- on Transportation Issues in Major U.S. Cities, tary school principal. The experience raised his and Chair of Reconnecting America. She also awareness of the forces affecting not just his works with the Rockefeller Foundation on de- clients but all New Yorkers. veloping a progressive urban agenda for cities in the federal transportation program. Following his participation in the program, Mr. Singer has continued to work with the Partner- ship for New York City to develop a set of incentive programs that would invest state eco- nomic development funds more productively, leading to much needed job creation and R&D investment statewide.

John H. Josephson is a Managing Director of many of City’s key agencies, closely In addition to his work with VOA, Mr. at the privately held merchant bank Allen & examining the interaction between the City’s Josephson currently serves as Chairman of Company LLC. He concentrates on invest- political, business and public sector leader- the Finance Committee of Literacy Part- ment banking, including corporate finance, ship, and acquiring a detailed understanding ners, a non-profit organization that provides mergers and acquisitions, in- and out-of- of the financial, social, infrastructure and basic literacy instruction to approximately bankruptcy restructurings, financial advisory educational issues confronting the City.” 1,250 adults in New York City. He has also services, and direct investments. remained active with the Partnership, partici- While a Fellow, Mr. Josephson was appoint- pating in forums and discussion groups. A member of the 2005 Class of DR Fellows, ed Chairman of Volunteers of America — the program provided Mr. Josephson the Greater New York (VOA), a social services opportunity to build on his past experience agency that is one of the largest providers as a supporter of nonprofit organizations. He in metropolitan New York of services to the says the program “broadened his understand- homeless, victims of spousal abuse, learning John H. Josephson ing of public-private partnerships,” and he disabled children and the elderly. Managing Director cites the importance of “meeting the leaders Allen & Company, LLC

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PUBLIC & LEGAL NOTICES ANNOUNCEMENT SEEKING ALL SUBCONTRACTORS Who have been Severely Financially Notice of Formation of 35 W. 124TH I-GENESIS, LLC, a domestic Limited REQUEST FOR PROPOSALS STREET LLC. Arts. of Org. filed with Liability Company (LLC) filed with Damaged by the N.Y. school Secy. of State of N.Y. (SSNY) on June the Sec of State of NY on 6/9/09. NY construction authority on projects 5, 2009. Office location: New York Office location: New York County. within the past 4 years. County. SSNY designated as agent SSNY is designated as agent upon 718-845-1076 of LLC upon whom process against whom process against the LLC may Leave message it may be served. SSNY shall mail be served. SSNY shall mail a copy process to: The LLC, 304 Hudson of any process against the LLC Street, 3rd Floor, New York, NY served upon him/her to The LLC, 10013. Purpose: any lawful activity. 121 E. 24th St., 12th Fl., NY, NY COLLECTION SERVICES 10010. General purposes Notice of Formation of BEARCITY LIMITS, LLC. Arts. of Org. filed NOTICE OF QUALIFICATION OF UNABLE TO COLLECT with Secy. of State of N.Y. (SSNY) Medialation LLC Application for Authority ON A JUDGMENT? on 8/4/08. Office location: New filed with the Secretary of State of New York County. SSNY designated as York (SSNY) on 6/17/2009. LLC formed NO RECOVERY, NO FEE agent of LLC upon whom process in Georgia on 4/29/2009 NY office ATLANTIS ASSET against it may be served. SSNY location: New York County. SSNY has RECOVERY LLC shall mail process to: The LLC, 630 been designated as agent of the LLC 9th Avenue, #208, New York, NY upon whom process against it may be (718) 819-2912 10036. Purpose: any lawful activity. served. The P.O. address to which the SSNY shall mail a copy of any process against the LLC served upon him/her LAW OFFICE OF JOHN GLEACHER, is C/O the LLC, 124 W 109th St, Apt EXECUTIVE PLLC, a domestic Professional Limited 1A, New York, NY 10025. 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SSNY shall mail a copy of office space to sub-let LLC upon whom process against it St., Ste. 2100, NY, NY 10168. State shall mail a copy of process to: process to: Howard Luks, PO Box NYC Middle Market Accounting Firm has may be served. SSNY shall mail General purposes. National Corporate Research, Ltd., 10 226, Mt. Freedom, NJ 07970. office space to sub-let. Sub-lease space in Top process to: 140 Riverside Drive, Suite East 40th Street, 10th Fl., New York, NY “A” Building w/7 windowed offices, 11 Purpose: Any Lawful Purpose. 17E, NY, NY 10024. Principal business Notice of Formation of OURI 10016. Purpose: any lawful activity. Cubicles, use of Conference Rooms, Reception location: 281 St. Nicholas Ave., NY, NY SPORTS KOSHER CATERING LLC. Area, Kitchen, Full Office Support available. NOTICE OF FORMATION of Terra 10027. Purpose: Any lawful activity. For further information Arts. of Org. filed with Secy. of State Notice of Qualification of Kushner IP Please contact (212) 404-5403. Productions LLC. Arts. Of Org. filed of NY (SSNY) on 4/28/09. Office Holdings LLC, App. for Auth. filed with Secy. of State of N.Y. (SSNY) on Notice of Qualification of Metalskin location: NY County. SSNY designat- Sec’y of State (SSNY) 6/2/09. Office 12/10/08. Office location: New York LLC. Authority filed with Secy. of ed as agent of LLC upon whom location: NY County. LLC org. in DE County. SSNY designated as agent of State of NY (SSNY) on 7/17/09. process against it may be served. 3/27/09. SSNY designated as agent LLC upon whom process against it Office location: NY County. LLC SSNY shall mail process to: The LLC, of LLC upon whom process against it TELECOMMUNICATIONS may be served. SSNY shall mail formed in Delaware (DE) on 7/9/09. 100 W. 33rd St., Ste. 911, NY, NY may be served. SSNY shall mail copy process to principal business location: SSNY designated as agent of LLC 10001. Purpose: any lawful activity. of process to c/o Nat. Reg. Agents, 308 East 72nd Street, Ste 15B, NY, NY upon whom process against it may 875 Ave of the Americas, NY, NY 10021. Purpose: Any lawful activity. be served. SSNY shall mail process Notice of Formation of LMJ 2, LLC. 10001, the Reg. Agt. upon whom to: c/o Capitol Services, Inc., 1218 Arts. of Org. filed with Secy. of proc. may be served. DE office addr.: Notice of Formation of T.P. DUFFY Central Ave., Ste. 100, Albany, NY State of NY (SSNY) on 07/23/09. 160 Greentree Dr., Ste. 101, Dover, RESEARCH & CONSULTING LLC, a 12205. DE address of LLC: 615 S. Office location: NY County. SSNY DE 19904. Cert. of Form. on file: domestic LLC. Arts. of Org. filed with DuPont Hwy., Dover, DE 19901. Arts. designated as agent of LLC upon SSDE, Townsend Bldg., Dover, DE the SSNY on 06/29/2009. Office loca- of Org. filed with DE Secy. of State, whom process against it may be 19901. Purpose: any lawful activities. tion: NY County. SSNY has been 401 Federal St., Dover, DE 19901. served. SSNY shall mail process Purpose: any lawful act or activity. designated as agent upon whom to Jay Seeman, Esq., c/o Morrison NOTICE OF QUALIFICATION OF process against the LLC may be Cohen LLP, 909 Third Ave., NY, NY Investors of America, Limited Partnership served. SSNY shall mail a copy of Notice of Qualification of JENNIFER 10022. Purpose: Any lawful activity Application for Authority filed with the process to: Thomas P. Duffy, 450 W. CREEL, LLC. Authority filed with Secretary of State of New York (SSNY) 17th St. #1602, NY, NY 10011. Secy. of State of NY (SSNY) on NOTICE OF FORMATION OF on 6/22/09. N.Y. Office Location: New Purpose: Any Lawful Purpose. 07/14/09. Office location: NY County. Scientific & Regulatory Solutions LLC. York County. The limited partnership LLC formed in Delaware (DE) on Article of Organization filed with the was formed in Nevada on 6/18/1996. Notice of Qualification of Axiodyn 07/06/09. Princ. office of LLC: 155 E. Secretary of State of NY (SSNY) on SSNY has been designated as agent of Capital Partners LLC, App. for Auth. 72nd, #7A, NY, NY 10021. SSNY 06/26/09. Office location NEW YORK the limited partnership upon process filed Sec’y of State (SSNY) 5/20/09. designated as agent of LLC upon County. SSNY has been designated against it may be served. The address to Office location: NY County. LLC org. whom process against it may be as agent upon whom process against which the SSNY shall mail a copy of any in DE 12/9/08. SSNY designated as served. SSNY shall mail process to it may be served. The Post Office process against the limited partnership agent of LLC upon whom process the LLC at the princ. office of the address to which the SSNY shall served upon him/her is C/O Tax Depart. against it may be served. SSNY shall LLC. DE addr. of LLC: Corporation mail a copy of any process against MC 019, 600 James S. McDonnell mail copy of process to Attn: Anthony Service Co., 2711 Centerville Rd., the LLC served upon him/her is C/O Blvd., Hazlewood, MO 63042. The Birbilis, One North End Ave., Ste. 1117, Ste. 400, Wilmington, DE 19808. the LLC P.O. Box 4755, Middletown, Principal Business Address of the NY, NY 10282. DE office addr.: c/o Arts. of Org. filed with Secy. of State NY 10941. Date of Dissolution: N/A, limited partnership is: 135 N. Meramec, CSC, 2711 Centerville Rd., Wilmington, of DE, Div. of Corps., John G. Purpose of LLC: to engage in any Clayton, MO 63105 Dissolution date DE 19808. Cert. of Form. on file: Townsend Bldg., 401 Federal St., lawful act or activity. Street address 12/31/2020. Purpose of the limited VISIT OUR WEBSITE SSDE, Townsend Bldg., Dover, DE Ste. 4, Dover, DE 19901. Purpose: of Principal Business location is P.O. partnership: To engage in any lawful act 19901. Purpose: any lawful activities. Design and sale of eyeglass wear. Box 4755, Middletown, NY 10941 or activity. CRAINSNEWYORK.COM

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PUBLIC & LEGAL NOTICES

Notice of Qualification of South Notice of Formation of GS COES Notice of Qualification of D. E. Shaw AQ- NOTICE OF FORMATION OF LIMITED Notice of Formation of Elmont Winston LLC. Authority filed with NY (MGB I), LLC. Arts. of Org. filed with SP Series 6-04, L.L.C. Authority filed with LIABILITY COMPANY. NAME: Amusements L.L.C. Articles of Org Dept. of State on 3/13/09. Office loca- Secy. of State of NY (SSNY) on NY Dept. of State on 5/11/09. Office DEVIANT LLC. Articles of filed with Secretary of State of NY tion: NY County. LLC formed in DE 07/02/09. Office location: NY County. location: NY County. LLC formed in DE on Organization were filed with the (SSNY) on 5/14/2009. NY Office on 2/26/09. NY Sec. of State desig- Princ. office of LLC: One Penn Plaza, 4/3/07. NY Sec. of State designated as Secretary of State of New York Location: New York County. SSNY nated as agent of LLC upon whom Ste. 1612, NY, NY 10119. SSNY des- agent of LLC upon whom process against (SSNY) on 01/13/09. Office location: designated as agent of LLC upon process against it may be served and ignated as agent of LLC upon whom it may be served and shall mail process New York County. SSNY has been whom process against it may be shall mail process to the principal process against it may be served. to: D. E. Shaw & Co., L.P., 120 W. 45th designated as agent of the LLC served. SSNY shall mail process to business addr.: 116 W. 23rd St., 5th Fl., SSNY shall mail process to Robert St., 39th Fl., NY, NY 10036, Attn: John upon whom process against it may Elmont Amusements L.L.C 440 Kent NY, NY 10011. DE addr. of LLC: 615 Brantl, Esq., 52 Mulligan Ln., Liftin, General Counsel, regd. agt. upon be served. SSNY shall mail a copy Ave. Suite PH 2D Brooklyn NY S. DuPont Hwy., Dover, DE 19901. Irvington, NY 10533. Purpose: Any whom process may be served. DE addr. of process to the LLC, 7136 110 St., 11211-5928. The Principal place of Arts. of Org. filed with DE Sec. of lawful activity. of LLC: 1209 Orange St., Wilmington, 3K, Forest Hills, New York 11375. Business address is 440 Kent Ave State, P.O. Box 898, Dover, DE DE 19801. Arts. of Org. filed with DE Purpose: For any lawful purpose. Suite PH2D Brooklyn, NY 11211- 19903. Purpose: any lawful activity. Sec. of State, 401 Federal St., Dover, DE 5928. Purpose: any lawful activity. Notice of Formation of Shade of Braun 19901. Purpose: any lawful activity. LLC. Arts. of Org. filed with the Sec. of NOTICE OF FORMATION of HWM Notice of Formation of DG RIVER- State of New York (SSNY) on 02/27/09. Capital Management LLC. Arts. Of Name: 10BIOSYSTEMS LLC Art. Of SIDE REALTY, LLC. Arts. of Org. filed NY Office location: NY County. SSNY MINE FOR NINE, LLC App. for Auth. Org. filed with Secy. Of State of N.Y. Org. Filed Sec. Of State of NY with Secy. of State of NY (SSNY) on has been designated as agent of LLC filed NY Sec. of State (SSNY) (SSNY) on 6/16/09. Office location: 04/29/09. Off. Loc.: New York Co. SSNY 05/15/09. Office location: NY County. upon whom process against it may 6/17/09. LLC was organized in DE on New York County. SSNY designated designated as agent upon whom Princ. office of LLC: 240 Riverside be served. SSNY shall mail process 5/22/09. Office in NY Co. SSNY desig. as agent of LLC upon whom process process against it may be served. Blvd., Apt. 17B, NY, NY 10069. SSNY to principal business location: 30 as agent of LLC upon whom process against it may be served. SSNY shall SSNY to mail copy of process to THE designated as agent of LLC upon Waterside Plaza 13H, NY, NY, 10010. may be served. SSNY to mail copy of mail process to principal business LLC C/O Sebastian Jayaraj, 430 East whom process against it may be Purpose: Any lawful activity. process to 12 E. 86 St., Apt. 703, NY, location: 524 East 72nd St., Suite 63rd Str eet, Apt 3E, NY, NY 10065. served. SSNY shall mail process to NY 10028, which is also the principal 23B, NY, NY 10021. Purpose: Any Purpose: Any lawful act or activity. Adam B. Kaufman & Associates, NY business location. Required office lawful activity. PLLC, 585 Stewart Ave., Ste. 302, SIMCO CAPITAL HOLDINGS LLC, a at 3500 S. DuPont Hwy., Dover, DE NOTICE OF FORMATION of Engle Garden City, NY 11530. Purpose: domestic Limited Liability Company 19901. Cert. of Org. filed with SSDE, LLC, Arts of Org. Filed with Secy. of Any lawful activity. (LLC) filed with the Sec of State of NOTICE OF FORMATION of Altius 401 Federal St., Ste. 3, Dover, DE State of N.Y. (SSNY) on 6/11/09. NY on 4/15/09. NY Office location: Enterprises LLC. Arts. Of Org. filed 19901. Purpose: Any lawful purpose. Office location: New York County: New York County. SSNY is designat- with Secy. Of State of N.Y. (SSNY) on Notice of Formation of Tali Capital SSNY designated as agent of LLC ed as agent upon whom process 05/27/09. Office location: New York Advisors LLC. Arts. of Org. filed with Notice of Formation of RI Catalogue upon whom process against it may against the LLC may be served. County. SSNY designated as agent of Secy. of State of NY (SSNY) on Raisonne LLC. Arts. of Org. filed with be served. SSNY shall mail process SSNY shall mail a copy of any LLC upon whom process against it 5/15/09. Office location: NY Co. NY Dept. of State on 7/8/09. Office to principle location: 15 East 26th St., process against the LLC served upon may be served. SSNY shall mail SSNY designated as agent of LLC location: NY County. Princ. bus. addr.: Suite 9F, NY, NY 10010. Purpose: him/her to The LLC, Attn: Mr. Todd process to principal business location: upon whom process against it may 45 E. 80th St., NY, NY 10021. Sec. of Any lawful activity. Hollander, 147 Waverly Pl., NY, NY 111 Worth St., Suite 19K, NY, NY be served. SSNY shall mail process State designated as agent of LLC 10014 General purposes 10013. Purpose: Any lawful activity. to: National Registered Agents, Inc., upon whom process against it may be 875 Avenue of the Americas, Ste. served and shall mail process to: Notice of Formation of DHJM Development, LLC. Articles of 501, NY, NY 10001, also registered Notice of Formation of 501 1/2 East Cohen Tauber Spievack & Wagner P.C., Notice of Formation of Turtle Rock Organization filed with Secy. of State agent. Purpose: any lawful activities. 83 Street LLC. Arts. of Org. filed with 420 Lexington Ave., Ste. 2400, NY, NY Group LLC. Arts. of Org. filed with of NY (SSNY) on 06/17/09. Office NY Dept. of State on 7/9/09. Office 10170. Purpose: any lawful activity. Secy. of State of NY (SSNY) on location: NY County. SSNY designated location: NY County. Sec. of State 5/4/09. Office location: NY Co. Notice of Formation of Douglas as agent of LLC upon whom process designated as agent of LLC upon SSNY designated as agent of LLC Elliman Referral, LLC. Application for Notice of Formation of ZT Realty against it may be served. SSNY shall whom process against it may be upon whom process against it may Authority filed with Secy. of State of NY Management LLC. Arts. of Org. filed mail process to the LLC, c/o Harry J. served and shall mail process to: be served. SSNY shall mail process (SSNY) on 07/08/09. Office location: with Secy. of State of NY (SSNY) on Makris, Esq., Milber Makris Plousadis Mystic Brokerage Inc., 330 to: Robert W. Jones, 1585 Broadway, NY County; orig. jurisdiction: Delaware. 5/20/09. Office location: NY County. & Seiden, LLP, 1000 Woodbury Rd, McGuinness Blvd., Brooklyn, NY 32nd Fl., NY, NY 10036. Registered SSNY designated as agent of LLC SSNY designated as agent of LLC Ste 402, Woodbury, NY 11797. upon whom process against it may 11222. Purpose: any lawful activity. agent: Capitol Services, Inc. 1218 upon whom process against it may Central Ave., Ste. 100, Albany, NY Purpose: any lawful act or activity. be served. SSNY shall mail process be served. SSNY shall mail process to the LLC, 474 Madison Avenue, 12205. Purpose: any lawful activities. Notice of Formation of Noema NYC to: The LLC, 919 Third Ave., Ste. Suite 406, New York, NY 10022. LLC. Articles of Organization filed 2307, NY, NY 10022. Purpose: any Notice of Qualification of ALLIED LEGAL Purpose: any lawful act or activity. with Secy. of State of NY (SSNY) on lawful activity. Notice of Formation of Cape Sag FUNDING LLC. Authority filed with Secy. 06/30/09. Office location: NY County. Management, LLC; Arts of Org., filed of State of NY (SSNY) on 06/19/09. Notice of Formation of E. VILL. LABS with NY Sec. of State (“SSNY”) Office location: NY County. LLC formed SSNY designated as agent of LLC Notice of Formation of Viceroy LLC, a domestic LLC. Arts. of Org. 04/15/2009. Office in New York in Delaware (DE) on 06/16/09. Princ. upon whom process against it may be Partners LLC. Arts. of Org. filed with filed with the SSNY on 05/12/09. County; SSNY designated agent for office of LLC: 24 Fifth Ave., #705, NY, served. SSNY shall mail process to Secy. of State of NY (SSNY) on Office location: NY County. SSNY has service of process with copy mailed NY 10011. SSNY designated as agent of the LLC, 1 Morton Square, Apartment 5/28/09. Office location: NY Co. been designated as agent upon to Attn: Thomas J. Malmud, Esq., LLC upon whom process against it may Loft #5BW, New York, NY 10014. SSNY designated as agent of LLC whom process against the LLC may Pryor Cashman LLP, 410 Park be served. SSNY shall mail process to Purpose: any lawful act or activity. upon whom process against it may be served. SSNY shall mail a copy of Avenue, 10th Floor, New York, NY the LLC at the addr. of its princ. office. be served. SSNY shall mail process process to: The LLC, 526 E 11th St. 10022, All lawful business purposes. The DE addr. of LLC and regd. agent of to: Faust Oppenheim LLP, Attn: #18, NY, NY 10009. Purpose: Any NOTICE OF FORMATION of Voltaire the company upon whom and at which Steven D. Oppenheim Esq., 488 Lawful Purpose. Legal Management Consulting, LLC. process against the company can be Arts. of Org. filed with the Secy of Madison Ave., 17th Fl., NY, NY UNIT 4 AT 133 WEST 4TH STREET, LLC served is Corporation Service Co., 2711 State of NY (SSNY) on 12/17/08. 10022. Duration: 12/31/2059. Articles of Org. filed NY Sec. of State Centerville Rd., Ste. 400, Wilmington, 2nd STORY SOUND RECORDS LLC, Office location: NY County. SSNY has Purpose: any lawful activities. (SSNY) 5/8/09. Office in NY Co. SSNY DE 19808. Arts. of Org. filed with Jeffrey a domestic Limited Liability Company been designated as agent upon whom desig. agent of LLC upon whom process W. Bullock, DE Secy of State, Townsend (LLC) filed with the Sec of State of NY process against it may be served. may be served. SSNY shall mail copy of Bldg., 401 Federal St., Ste.3, Dover, DE Notice of Formation of NEAL STREET on 4/27/09. NY Office location: New SSNY shall mail process to principal process to 133 W. 4th St., Unit 4, NY, NY 19901. Purpose: Any lawful activity. York County. SSNY is designated as business: 509 E. 78th St., #4G, NY, NEW YORK, LLC. Arts. of Org. filed 10012. Purpose: Any lawful purpose. agent upon whom process against the NY 10075. Purpose: Consulting. with Secy. of State of NY (SSNY) on LLC may be served. SSNY shall mail 03/18/09. Office location: NY County. PILATES MULTI-TONER LLC Articles a copy of any process against the Princ. office of LLC: c/o Starr & 182 Mulberry LLC. Arts of Org filed of Org. filed NY Sec. of State (SSNY) LLC served upon him/her to NOTICE OF FORMATION of Company, LLC, Attn: Sanford Miller, with NY Sec of State (SSNY) on 6/26/09. Office in NY Co. SSNY desig. Alexander Grasso, 2 Lincoln Ave., (parenthetical) productions llc. Arts 850 Third Ave., 15th Fl., NY, NY 10022. 07/15/09. Office: New York County. agent of LLC upon whom process Hasting, NY 10706 General purposes of Org. filed with Sec. of State of NY SSNY designated as agent of LLC SSNY designated as agent of LLC may be served. SSNY shall mail copy (SSNY) on 6/18/2009. Office Location: upon whom process against it may upon whom process may be served. of process to c/o R. Anthony Goldman, New York County. SSNY designated be served. SSNY shall mail process SSNY shall mail copy of process Goldman Properties, 119 Greene St., Please take notice that PR/PR LLC as agent of LLC upon whom process to the LLC at the addr. of its princ. to: 185 Canal Street, New York, NY NY, NY 10012. Purpose: Any lawful was formed on Feb.19, 2009 and arti- against it may be served. SSNY shall office. Purpose: Any lawful activity. 10013. Purpose: Any lawful activity. purpose. cles of organization were filed with the mail process to principal business department of state on Feb. 25, 2009. location: P.O. Box 1448. NY, NY The principal business location is 185 10159. Purpose: Any lawful activity. NOTICE OF FORMATION OF Notice of Qualification of NATIONAL NOTICE OF FORMATION OF West Houston Street, #2H, New York Gotham Artists LLC. Article of METALS, LLC. Authority filed with W12LLC. Article of Organization filed City, in New York county, New York Organization filed with the Secretary Secy. of State of NY (SSNY) on with the Secretary of State of NY 10014. The Secretary of State is des- Notice of Qualification of Crispin of State of NY (SSNY) on 4/7/09 06/11/09. Office location: NY County. (SSNY) on May 22, 2009. Office loca- ignated as agent of the limited liability Capital GP, LLC, App. for Auth. filed Office location NEW YORK County. LLC formed in Delaware (DE) on tion NEW YORK County. SSNY has company upon whom process against Sec’y of State (SSNY) 5/22/09. Office SSNY has been designated as agent 05/04/09. Princ. office of LLC: 130 E. been designated as agent upon it may be served. The post office location: NY County. LLC org. in DE upon whom process against it may 75th St., NY, NY 10021. SSNY desig- whom process against it may be address within the state to which the 5/21/09. SSNY designated as agent be served. The Post Office address to nated as agent of LLC upon whom served. The Post Office address to secretary of state shall mail a copy of of LLC upon whom process against it which the SSNY shall mail a copy of process against it may be served. which the SSNY shall mail a copy of any process against it served upon may be served. SSNY shall mail copy any process against the LLC served SSNY shall mail process to the LLC any process against the LLC served him or her is 185 West Houston of process to Attn: Michael Cahill, upon him/her is C/O the LLC 23-09 at the addr. of its princ. office. DE upon him/her is Martin Klein c/o Street, #2H, NY., NY 10014.There is 375 Park Ave., Ste. 1305, NY, NY 33rd Street. Astoria, NY 11105. addr. of LLC: Corporation Service Co., Coastal Development LLC. 1 East no other registered agent for the LLC. 10152. DE office addr.: c/o CSC, Date of Dissolution: N/A Purpose of 2711 Centerville Rd., Wilmington, DE 57th Street, New York, NY 10022. The purpose of the LLC shall be for 2711 Centerville Rd., Wilmington, DE LLC: to engage in any lawful act or 19808. Arts. of Org. filed with DE Purpose of LLC: to engage in any the off-field marketing and represen- 19808. Cert. of Form. on file: SSDE, activity. Street address of Principal Secy. of State, Div. of Corps., PO Box lawful act or activity. Street address of tation of athletes and celebrities and Townsend Bldg., Dover, DE 19901. Business location is: 1178 Broadway, 898, Dover, DE 19808. Purpose: Principal Business location is: 1 East other activities associated therewith. Purpose: any lawful activities. 3rd Floor. New York, NY 10001. Sale and distribution of metals. 57th Street, New York, NY 10022.

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PUBLIC & LEGAL NOTICES

Notice of Qualification of Spring Hill Notice of Qualification of ETF SECU- Notice of Qualification of HMX NOTICE OF QUALIFICATION of Notice of Qualification of Rivermist Investment Advisors, LLC. Authority RITIES USA LLC. Authority filed with OPERATING CO., LLC. Authority filed Dental Network of America, LLC. Shipping Company Limited, App. for filed with NY Dept. of State on Secy. of State of NY (SSNY) on with Secy. of State of NY (SSNY) on Application for Authority filed with the Auth. filed Sec’y of State (SSNY) 7/17/09. Office location: NY County. 06/03/09. Office location: NY County. 07/13/09. Office location: NY County. Secretary of State of New York (SSNY) 6/19/09. Office loc.: NY County. LLC LLC formed in DE on 5/21/09. NY LLC formed in Delaware (DE) on LLC formed in Delaware (DE) on on 03/24/09. NY Office location: New org. in Gibraltar 7/3/08. SSNY desig- Sec. of State designated as agent of 11/24/08. Princ. office of LLC: 06/16/09. Princ. office of LLC: 750 York County. LLC formed in Delaware nated as agent of LLC upon whom LLC upon whom process against it Rockefeller Group Business Centers, Seventh Ave., NY, NY 10019. SSNY on 01/01/09. SSNY has been desig- process against it may be served. may be served and shall mail 48 Wall St., 11th Fl., NY, NY 10005. designated as agent of LLC upon nated as agent of LLC upon whom SSNY shall mail copy of proc. to c/o process to the principal business SSNY designated as agent of LLC whom process against it may be process against it may be served. CTC, 111 8th Ave., NY, NY 10011, addr.: 30 Rockefeller Plz., 41st Fl., upon whom process against it may served. SSNY shall mail process to The P.O. address to which the SSNY Reg. Agt. upon whom proc. may be NY, NY 10112, Attn: Patrick Quinn, be served. SSNY shall mail process c/o Corporation Service Co., 80 State shall mail a copy of any process served. Gibraltar office addr.: Helen regd. agt. upon whom process may to c/o Corporation Service Co. (CSC), St., Albany, NY 12207-2543. DE addr. against the LLC served upon him is: Bonavia, 10 Blackwood Tower, be served. DE addr. of LLC: c/o The 80 State St., Albany, NY 12207-2543. of LLC: 2711 Centerville Rd., Ste. C/O the LLC 875 Avenue of the Brympton, S. Barrack Rd., Gibraltar. Corporation Trust Co., 1209 Orange DE addr. of LLC: c/o CSC, 2711 400, Wilmington, DE 19808. Arts. of Americas, Suite 501, New York, NY Art. of Org. on file: Registrar of St., Wilmington, DE 19801. Arts. of Centerville Rd., Ste. 400, Wilmington, Org. filed with DE Secy. of State, 10001.The Principal Business Companies, Companies House Org. filed with DE Sec. of State, 401 DE 19808. Arts. of Org. filed with DE Div. of Corps., 401 Federal St., Ste. Address of the LLC is: Two TransAm Gibraltar, 1st Fl., The Arcade, 30-38 Federal St., Dover, DE 19901. Secy. of State, Div. of Corps., P.O. 400, Dover, DE 19901. Purpose: Plaza Dr. Suite 500, Oakbrook Main St., Gibraltar. Purpose: any law- Purpose: any lawful activity. Box 898, Dover, DE 19903. Purpose: Any lawful activity. Terrace, IL 60181. Purpose of LLC: To ful activities. Any lawful activity. engage in any lawful act or activity.

NOTICE OF FORMATION of Notice of Qualification of Eileen K. Notice of Qualification of D. E. Shaw CF- Lovepump United Records LLC. Arts. Notice of Qualification of Physician Murray LLC. Authority filed with NY Notice of Qualification of CRUTHIN SP Series 8-01, L.L.C. Authority filed with Of Org. filed with Secy. Of State of Reliance, LLC. Authority filed with Dept. of State on 4/6/09. Office loca- CAPITAL LLC. Authority filed with NY Dept. of State on 5/11/09. Office N.Y. (SSNY) on 11/18/08. Office loca- NY Dept. of State on 7/15/09. Office tion: NY County. LLC formed in DE Secy. of State of NY (SSNY) on location: NY County. LLC formed in DE on tion: New York County. SSNY desig- location: NY County. Princ. bus. on 3/20/09. NY Sec. of State desig- 06/02/09. Office location: NY County. 9/11/07. NY Sec. of State designated as nated as agent of LLC upon whom addr.: 10101 Woodloch Forest, The nated as agent of LLC upon whom LLC formed in Delaware (DE) on agent of LLC upon whom process against process against it may be served. Woodlands, TX 77380. LLC formed process against it may be served and 02/13/09. SSNY designated as agent it may be served and shall mail process The Post Office address to which the in DE on 6/13/07. NY Sec. of State shall mail process to: c/o CT of LLC upon whom process against it to: D. E. Shaw & Co., L.P., 120 W. 45th SSNY shall mail a copy of any designated as agent of LLC upon Corporation System, 111 8th Ave., may be served. SSNY shall mail St., 39th Fl., NY, NY 10036, Attn: John process against the LLC served upon whom process against it may be NY, NY 10011, regd. agt. upon whom process to the LLC, 152 Reade St., Liftin, General Counsel, regd. agt. upon him/her is C/O the LLC PO BOX 1182. served and shall mail process to: c/o process may be served. DE addr. of NY, NY 10013. DE addr. of LLC: 2711 whom process may be served. DE addr. New York, NY 10159. Street address CT Corporation System, 111 8th Ave., LLC: The Corporation Trust Co., 1209 Centerville Rd., Ste. 400, Wilmington, of LLC: 1209 Orange St., Wilmington, of Principal Business location is: 100 NY, NY 10011, regd. agt. upon whom Orange St., Wilmington, DE 19801. DE 19808. Arts. of Org. filed with DE 19801. Arts. of Org. filed with DE Freeman St., #F107, Brooklyn, NY process may be served. DE addr. of Arts. of Org. filed with DE Sec. of State of DE, Secy. of State, Div. of Sec. of State, 401 Federal St., Dover, DE 11222. Purpose: Any lawful activity. LLC: c/o The Corporation Trust Co., State, 401 Federal St., Dover, DE Corps., John G. Townsend Bldg., 401 19901. Purpose: any lawful activity. 1209 Orange St., Wilmington, DE 19901. Purpose: any lawful activity. Federal St., Ste. 4, Dover, DE 19901. 19801. Arts. of Org. filed with DE Sec. Purpose: Any lawful activity. Notice of Qualification of HF Services of State, 401 Federal St., Dover, DE BALLYMENA ADVISORS LLC, a for- LLC. Authority filed with NY Dept. of 19901. Purpose: all lawful purposes Notice of Formation of RYPE SCC LLC. eign Limited Liability Company (LLC) State on 6/24/09. Office location: NY Arts. of Org. filed with Secy. of State of Elite Monk Media, LLC. Arts of Org filed with the Sec of State of NY County. Princ. bus. addr.: 31 W. 52nd NY (SSNY) on 12/31/08. Office loca- filed with NY Sec of State (SSNY) on (SSNY) on 6/25/09. NY office St., NY, NY 10019. LLC formed in DE 14 East 45th LLC. Arts of Org filed tion: NY County. SSNY designated as 03/20/09. Office: New York County. Location: New York County. SSNY is on 5/19/09. NY Sec. of State desig- with NY Sec of State (SSNY) on agent of LLC upon whom process SSNY designated as agent of LLC designated as agent upon whom nated as agent of LLC upon whom 12/31/08. Office: New York County. against it may be served. SSNY shall upon whom process may be served. process against the LLC may be process against it may be served and SSNY designated as agent of LLC mail process to: c/o Conway Capital, SSNY shall mail copy of process to: served. SSNY shall mail a copy of shall mail process to: c/o CT upon whom process may be served. 115 Broadway, Ste. 302, NY, NY 10 West 46th Street, New York, NY any process against the LLC served Corporation System, 111 8th Ave., SSNY shall mail copy of process to: 10006. Purpose: any lawful activity. 10036. Purpose: Any lawful activity. upon him/her to c/o Atlantic (USA), NY, NY 10011. DE addr. of LLC: 1209 c/o Smith & Shapiro, 116 East 27th Inc., 17 State St., 23rd Fl., NY, NY Orange St., Wilmington, DE 19801. Street, New York, NY 10016. 10004-1501. General purposes. Arts. of Org. filed with DE Sec. of Purpose: Any lawful activity NOTICE OF FORMATION OF LIMITED Notice of Qualification of Spring Hill State, 401 Federal St., Dover, DE LIABILITY COMPANY. NAME: SOKOBE Capital Markets, L.L.C. Authority filed 19901. Purpose: any lawful activity. LLC. Articles of Organization were filed with NY Dept. of State on 5/19/09. Notice of Qualification of Financial Notice of Formation of Next Block Over with the Secretary of State of New York Office location: NY County. LLC Federal Funding II, LLC. Authority LLC. Arts. of Org. filed with Secy. of (SSNY) on 07/16/09. Office location: formed in DE on 4/22/09. NY Sec. of filed with Secy. of State of NY (SSNY) Notice of Formation of THE HEDAYA State of NY (SSNY) on 5/28/09. Office New York County. SSNY has been State designated as agent of LLC on 5/18/09. Office location: NY EQUITY GROUP LLC. Arts. of Org. filed location: NY County. SSNY designated designated as agent of the LLC upon upon whom process against it may County. LLC formed in DE on 2/5/09. with Secy. of State of NY (SSNY) on as agent of LLC upon whom process whom process against it may be served. be served and shall mail process to: SSNY designated as agent of LLC 1/13/09. Office location: NY County. against it may be served. SSNY shall SSNY shall mail a copy of process to the Patrick Quinn, 30 Rockefeller Plz., upon whom process against it may be SSNY designated as agent of LLC upon mail process to: Damon Craig, 487 LLC, 555 Madison Avenue, 33rd Floor, 41st Fl., NY, NY 10112, principal served. SSNY shall mail process to: whom process against it may be served. Greenwich St., 5th Fl., NY, NY 10013. New York, New York 10022. Purpose: business address. DE addr. of LLC: Capitol Services, Inc., 1218 Central SSNY shall mail process to: The LLC, 32 Purpose: any lawful activity. For any lawful purpose. c/o The Corporation Trust Co., 1209 Ave., Ste. 100, Albany, NY 12205. DE Broadway, Ste. 1211, NY, NY 10004. Orange St., Wilmington, DE 19801. address of LLC: 615 South DuPont Purpose: any lawful activity. Arts. of Org. filed with DE Sec. of Hwy., Dover, DE 19901. Arts. of Org. Notice of Qualification of COMPETI- Notice of Qualification of TRIMARAN State, 401 Federal St., Dover, DE filed with DE Secy. of State, 401 TIVE MEDIA REPORTING, LLC. CREDIT MANAGERS BDC LP. 19901. Purpose: any lawful activity. Federal St., Dover, DE 19901. Notice of Qualification of Morgan Authority filed with Secy. of State of Authority filed with Secy. of State of Purpose: any lawful act or activity. Creek Capital Management, LLC, N.Y. (SSNY) on 5/15/00. Office loca- NY (SSNY) on 07/30/09. Office loca- App. for Auth. filed Sec’y of State tion: New York County. LLC formed in tion: NY County. LLC formed in HAMID BEHZADI, MD, FCCP, FCCM, (SSNY) 12/26/08. Office location: NY Delaware (DE) on 1/4/00. SSNY des- Delaware (DE) on 06/02/09. Princ. PLLC, a domestic Professional Limited Notice of Qualification of ReGen County. LLC org. in NC 8/19/03. ignated as agent of LLC upon whom office of LLC: 1325 Ave. of the Liability Company (PLLC) filed with the Partners II, L.P. Authority filed with SSNY designated as agent of LLC process against it may be served. Americas, 34th Fl., NY, NY 10019. Sec of State of NY (SSNY) on 5/31/07. Secy. of State of NY (SSNY) on upon whom process against it may SSNY shall mail process to: c/o United SSNY designated as agent of LLC NY office Location: New York County. 6/19/09. Office location: NY County. be served. SSNY shall mail copy of Corporate Services, Inc., 10 Bank St., upon whom process against it may SSNY is designated as agent upon whom LP formed in Delaware (DE) on process to Attn: Neil T. Kuyper, 100 Ste. 560, White Plains, NY 10606. DE be served. SSNY shall mail process process against the PLLC may be served. 6/11/09. SSNY designated as agent Park Ave., 28th Fl., NY, NY 10017. address of LLC: 874 Walker Road, to the Partnership at the princ. office SSNY shall mail a copy of any process of LP upon whom process against it NC office addr.: 301 W. Barbee Suite C, Dover, Delaware 19904. Arts. of the LLC. DE addr. of LLC: 2711 against the PLLC served upon him/her may be served. SSNY shall mail Chapel Rd., Ste. 200, Chapel Hill, NC of Org. filed with DE Secy. of State, Centerville Rd., Ste. 400, Wilmington, to c/o National Registered Agents, Inc., process to: The LP, c/o ReGen 27517. Cert. of Form. on file: SSNC, Townsend Bldg., Dover, DE 19901. DE 19808. Arts. of Org. filed with 875 Ave. of the Americas, Ste. 501, NY, Capital Partners LLC, 2109 PO Box 29622, Raleigh, NC 27626. Purpose: any lawful activity. Secy. of State of the State of DE, Div. NY 10001. Purpose: Medicine. Broadway, 2nd Fl., NY, NY 10023, Purpose: any lawful activities. of Corps., John G. Townsend Bldg., Att: Elliot H. Herskowitz. DE address 401 Federal St., Dover, DE 19901. of LP: c/o United Corporate Services, Notice of Qualification of AG TALF Purpose: Any lawful activity. Notice of Qualification of YYC CAPI- Inc., 874 Walker Road, Ste. C, Dover, Notice of Qualification of VeraPoint GP LLC. Authority filed with Secy. of TAL MANAGEMENT LLC. Authority DE 19904. Name/address of each LLC. Authority filed with Secy. of State of NY (SSNY) on 06/29/09. filed with Secy. of State of NY genl. ptr. available from SSNY. Cert. State of NY (SSNY) on 06/09/09. Office location: NY County. LLC Notice of Qualification of Soho (SSNY) on 07/24/09. Office location: of LP filed with DE Secy. of State, Office location: NY County. LLC formed in Delaware (DE) on Properties General Partner, LLC. NY County. LLC formed in Delaware 401 Federal St., Dover, DE 19901. formed in Delaware (DE) on 05/22/09. Princ. office of LLC: c/o Authority filed with Secy. of State of (DE) on 05/21/09. Princ. office of Purpose: any lawful activity. 04/23/09. Princ. office of LLC: 825 Angelo, Gordon & Co., L.P., 245 Park NY (SSNY) on 7/8/09. Office location: LLC: 399 Park Ave., NY, NY 10022. Third Ave., 32nd Fl., NY, NY 10022. Ave., 26th Fl., NY, NY 10167. SSNY NY County. LLC formed in Delaware SSNY designated as agent of LLC SSNY designated as agent of LLC designated as agent of LLC upon (DE) on 7/7/09. SSNY designated as upon whom process against it may upon whom process against it may whom process against it may be agent of LLC upon whom process be served. SSNY shall mail process be served. SSNY shall mail process served. SSNY shall mail process to against it may be served. SSNY shall to c/o Juan Trujillo, Arnold & Porter Advertise on to the LLC, Attn: Stephen M. Waters c/o Corporation Service Co. (CSC), mail process to princ. bus. loc.: c/o LLP at the princ. office of the LLC. at the princ. office of the LLC. DE 80 State St., Albany, NY 12207. DE The LLC, 552 Broadway, Ste. 6N, NY, DE addr. of LLC: c/o Corporation www.crainsnewyork.com addr. of LLC: c/o Corporation Service addr. of LLC: c/o CSC, 2711 NY 10012. DE address of LLC: c/o Service Co., 2711 Centerville Rd., Co., 2711 Centerville Rd., Ste. 400, Centerville Rd., Wilmington, DE United Corporate Services, Inc., 874 Ste. 400, Wilmington, DE 19808. Arts. Wilmington, DE 19808. Arts. of Org. 19808. Arts. of Org. filed with Secy. of Walker Road, Ste. C, Dover, DE of Org. filed with Secy. of State: Div. Call John Gallagher filed with DE Secy. of State, 401 State, Div. of Corps., John G. 19904. Arts. of Org. filed with DE Secy. of Corps., 401 Federal St., John G. Federal St., Ste. 4, Dover, DE 19901. Townsend Bldg., Dover, DE 19901. of State, Townsend Bldg., Dover, DE Townsend Bldg., Dover, DE 19901. @ 212-210-0189 Purpose: Any lawful activity. Purpose: Any lawful activity. 19901. Purpose: any lawful activity. Purpose: Any lawful activity.

August 10, 2009 | Crain’s New York Business | 29 Project5 6/24/09 1:14 PM Page 1

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The paper is consider- my. He likes the “freemium” ap- ing a metered system along proach for newspapers. Newspapers’ hybrid future the lines of FT.com,where Newspaper companies, includ- registered users can read 10 ing the Times, did gain some relief Continued from Page 1 customized solutions articles a month before in the second quarter, as extensive On one side, the recession has to newspapers look- having to pay. A member- cost cuts paid off with an improved devastated print and digital adver- ing to wring dollars ship pass, with access to profit picture.Some analysts believe tising. On the other, the Web’s vast from Web users. premium content, is an- the worst may be over, for now. inventory and low ad rates have Launched in other possibility. There is also the view that the dashed hopes that newspaper sites April, Journalism Mr. Keller believes newspaper industry, with its high can recapture the ad dollars that Online has already readers can be convinced to costs, doesn’t need to survive in its have followed readers online. signed up hundreds fork over money online, current form for journalism to re- Faced with competition from the of news properties, and points to the steady in- main healthy. likes of Google and Yahoo, some helped no doubt by creases the paper has made publishers are betting on cost the pedigree of its in its newsstand and home A new landscape cuts and the eventual revival of the founders. delivery prices over the r. keller sees the land- economy. Others are partnering Mr. Brill, who past decade. In the second scape 10 years from now with Web-based operations, like looks the part of a quarter, revenue from cir- Mfilled with “innovators and Politico.com, which have the ex- media tycoon, creat- culation was $166 million, survivors.” These would include pertise of traditional news organiza- ed Court TV and The 44% of the New York philanthropically funded news- tions without the high fixed costs. American Lawyer Times Media Group total. rooms like ProPublica.org, low- Hoping to regain some of what magazine. He’s had “It costs you $700 to budget ventures like foreign news newspapers have lost to news aggre- misses, too—he subscribe to the New York supplier GlobalPost, local sites like gators, the Associated Press is founded the recently Times, and a million sub- the nonprofit Voice of San Diego, adding digital trackers to its stories shuttered Clear, scribers think it’s worth opinion-oriented upstarts like The to prevent unauthorized use and set which aimed to that,” he says. “Obviously, Huffington Post—and newspapers. the stage for claiming a share of any speed fliers through the Web is different, but I Traditional news sites will contin- ad revenue they generate. And there airport security. True think the principle ue to develop new sources of income. are plans at the Times and other pa- to reputation, he applies.” “There will be a range of differ- pers to finally force readers to cough holds on to a large ‘Newspapers Charging online ent business models,” says Alisa up money for articles they currently unlit cigar through- have a future’ can help only so Bowen, head of consumer publish- don’t pay a dime for on the Web. out an interview in —Bill Keller much. Journalism ing for Thomson Reuters, which is Journalism Online’s The New York Times Online projects $80 stepping up development of pay- Weathering the storm midtown offices. million in annual op- per-use and subscription products

owever the media land- Mr.Crovitz,a for- buck ennis erating income from for free site Reuters.com. scape shakes out, Mr. Keller mer publisher of the a paid model for a Publishers will also fine-tune the Hsees newspapers still standing Journal and top Dow Jones execu- ers that special something—and newspaper the size of the Times. paid model. Dow Jones & Co. plans when the dust settles. tive, oversaw WSJ.com in the days that the paid model will help pro- “It’s a partial answer,”says Lauren to add a micropayment system to “I get invited to talk to editors when its paid model raised eye- duce more of whatever that is. Rich Fine, a former Wall Street an- WSJ.com and premium subscrip- and reporters, and I hate talking brows.Since leaving the Journal two “It puts the burden back on the alyst who now teaches in the journal- tions for niche content this fall.The about the state of the business be- years ago,he has been advising tech- editors to invest in and create con- ism school at Kent State University. site currently charges users around cause my line boils down to newspa- nology companies. tent that’s really distinctive and not She believes papers can grow local $150 a year, and promotional rates pers have a future, just not necessar- Deep-pocketed media investor simply fungible,” Mr. Brill says. online advertising, despite the in- make the Journal free with an online ily your newspapers,” he says with a Leo Hindery Jr. is also a founder. roads of sites like Craigslist. subscription. pained laugh.“It’s kind of like being To ensure that its affiliated sites Twice burned The paid model may also work Rob Grimshaw,managing direc- a motivational speaker in a hospice. don’t drive away traffic—and ad he new york times co., better for some publications than for tor of FT.com, says the site is also But I do think that newspapers are dollars—Journalism Online plans which saw revenue drop 21%, others.“The only papers we think looking to expand its payment op- going to weather this time and come to target only the most loyal 10% of T to $585 million, in the second could be very successful at charging tions with the aim of growing sub- out of it healthy.” a site’s audience. Those core users quarter, has its own plans for a paid online would be national publica- scriber fees to 40% of its total rev- For the past few years,publishers will be offered premium content or model at NYTimes.com. tions like The New York Times and enue from the current 30%. worked at drawing millions of visi- bundled packages tailored to their The Times is moving cautiously, then small papers in markets that And as long as there is news to tors to their sites and attracting dis- interests and accessible via a range of having tried twice before to charge don’t have local TV coverage,” says link to, Web outfits like The Huff- play and video advertising. Now easy-to-use payment systems. online, most recently with Times Fitch Ratings analyst Mike Simon- ington Post will have a role. Run on their chief hope for survival lies in These engaged readers will also Select, which walled off Op-Ed ton. a relative shoestring, with 60 paid finding ways to charge for online be attractive to advertisers. By Jour- columnists. The program brought The Times, too, has only modest staffers and more than 3,000 unpaid content—a practice that until re- nalism Online’s calculations, sites in just $10 million in annual revenue hopes for a pay system. bloggers, the four-year-old Huff- cently was thought to work only for that employ a “freemium” strate- and was abandoned in 2007. “There doesn’t seem to be this im- Post will soon add to its list of local targeted publications with moneyed gy—combining free and premium The publisher has a lot at stake. mense pot of gold at the end of that editions with pages dedicated to readers, like The Wall Street Journal content—may lose slightly more NYTimes.com had 17.4 million rainbow,”Mr.Keller says.“The point Denver and Los Angeles. and the Financial Times. than 10% of page views, but will unique visitors in June,making it the would be that you’ve got a foot in the In addition, its recently launched WSJ.com is the king of subscrip- keep more than 90% of ad revenue. fifth-largest news site, according to door of something that could grow.” nonprofit investigative fund is hir- tion news sites, with more Nielsen. The Some observers, like author and ing journalists with the help of foun- than 1 million subscribers. Times Co. does new media guru Clay Shirky,see lit- dation money. FT.com,with 117,000 sub- not break down tle chance of newspapers surviving Though the privately held com- scribers, has charted steady numbers by prop- no matter what they do, and argue pany doesn’t comment on whether growth since becoming a erty, but digital that the iTunes model is a distrac- it’s profitable, ad revenue is up “sig- paid site in 2002, even as it revenues for the tion, since free news will win out nificantly” this year, co-founder Ar- has boosted its subscription entire company, over the paid kind. ianna Huffington writes in an e-mail price. which includes “This is not a stoppable thing,” from the coast of Greece, where she Publishers are looking at About.com and says New York University journal- is vacationing on The Rising Sun,a these models and others. the Boston Globe’s ism professor Jay Rosen,referring to yacht co-owned by David Geffen. “Six months ago, people Web site, came to what he calls the “ruthless efficien- She also notes that HuffPost now said it couldn’t happen,” re- $352 million in cies”of the Web.“There’s still a need produces “well over 200 original calls Walter Isaacson, who 2008, or 12% of for professional journalism, but I pieces a day,”counting both staff-re- wrote a Time maga- the company’s don’t see a business [in newspapers]. ported stories and blog posts. zine cover story in The paid $2.9 billion. And I don’t think anyone in the Like other aggregators, Huff- February proposing model ‘puts Online ad rev- business does, either.” Post has been criticized for profiting an iTunes-like pay the burden enue has only be- It doesn’t help that the industry’s from the work of news organiza- system for news sites. come more im- transition is happening when credit tions that pay for extensive report- “Now they’re saying, back on the portant as print is tight and many newspaper pub- ing operations—and praised for ‘What are the possi- editors’ advertising has lishers, including The McClatchy driving traffic to their sites. bilities?’ ” —Steven Brill suffered a steeper Co., Gannett Co. and the Times Ms. Huffington argues that put- New ventures are Journalism Online decline in the re- Co., are saddled with debt. ting content behind walls won’t popping up to answer cession. “I’m worried we’re going to break work. She also believes that obituar-

that question, most buck ennis “We’re trying some really valuable things before ies for the newspaper industry are notably Journalism to determine we can remake them in a new form,” premature. “I firmly believe in a hy- Online, the brainchild of two Messrs. Brill and Crovitz, what’s the best way to charge that says Chris Anderson, author of the brid future,”she writes.“But the dis- prominent names from traditional sounding a little like the matchmak- doesn’t jeopardize our advertising recently published Free and the cussion needs to move from ‘How do journalism,Steven Brill and L.Gor- er in Fiddler on the Roof, insist that base,” says Scott Heekin-Canedy, best-seller The Long Tail, which we save newspapers?’ to ‘How do we don Crovitz.The startup is offering every news publisher can offer read- general manager of the Times. both address the new media econo- save and strengthen journalism?’ ”

August 10, 2009 | Crain’s New York Business | 31 20090810-NEWS--0032-NAT-CCI-CN_-- 8/7/2009 8:12 PM Page 1

meager. “The only thing I could imagine that could help him is if the Guv faces few options economy really turns around in the next year,” he says. Continued from Page 1 week, he threatened to oust develop- That cannot happen soon George Pataki and Brendan er Larry Silverstein from the World enough, since Senate Democrats, ANTI-UMBRELLA Byrne, former governors of New Trade Center site, a dubious legal unions and other groups are itching ORGANIZATION: The ad group York and New Jersey, were able to strategy that promptly hardened po- to replace Mr. Paterson on the 2010 wants nothing rebuild their images after taking sitions on all sides. Last month, he Democratic ticket with Mr. Cuo- impeding views. hits, the pollster says, but they were named a new Metropolitan Trans- mo.They worry about losing control

never as unpopular as Mr. Paterson. portation Authority chief, but Jay of the executive branch and of the buck ennis Former mayor Rudy Giuliani’s sag- Walder’s confirmation is being held Senate to Republicans, especially if ging rating shot up after Sept. 11, up by the governor’s new Senate ene- Mr. Giuliani runs for governor. but Mr. Carroll notes, “It’s unlikely mies.He has also been doling out fed- Mr.Cuomo has raised more than that anything as dramatic as that eral stimulus money across the state. $10 million, twice as much as Mr. Signs of the Times happens. History says those lousy Paterson, but has resisted challeng- numbers doom you.” Budget negotiations loom ing his fellow Democrat, which Continued from Page 3 pilot is moving quickly. Over Mr. Paterson’s popularity started next month, Mr. Paterson will try would be a breach of party etiquette. ending on Sixth Avenue. “I don’t Memorial Day Weekend,the pedes- slipping late last year when the pub- to plug a state deficit that has bal- Insiders say Mr. Giuliani would think the city understood the im- trian plazas sprouted after crosstown lic began to see him as disorganized looned past $2 billion since he ap- probably defeat Mr. Paterson but has portance of preserving the sight traffic in Times Square was elimi- and ineffective. While potential proved a record-high $131.8 billion not committed to running because lines to the signs,” says Mr. Katz. nated. The experiment will last successor Andrew Cuomo was budget in April.The governor needs that would prompt Democrats to ush- Advertisers pay millions of dollars through the end of the year,when the compiling an impressive, scandal- lawmakers’ consent to cut health er their weak incumbent aside in favor a year to be exposed to the 356,000 city will evaluate the project. free record as state attorney general, care and education, the largest of Mr. Cuomo. Polls show Mr. Cuo- people who visit the area each day— Some benefits are already clear. Mr. Paterson was portrayed as inde- chunks of state spending. mo would defeat Mr. Giuliani, who a number that jumps exponentially There is more foot traffic in the area, cisive, lazy and frivolous. Between “It will be really difficult for the prefers to run only if he is likely to win. on Thanksgiving—not to mention which is generally good for retailers. that and his aides anonymously governor to overcome the mistakes “Giuliani, I think, won’t run if the millions of television viewers The pedestrian plazas “may turn trashing U.S. Senate hopeful Caro- that have already been made, given Cuomo is his opponent,” says a who tune in to watch the parade. out to be a stroke of genius,”says Mr. line Kennedy, his approval rating the fractious nature of the Legisla- Democratic operative, noting that Katz. But he also believes the proj- plunged 40 points. ture and because people don’t see him the former mayor’s flameout in the Parade as catalyst ect is being rushed forward. “The He’s trying to fight back. Recent- as the strong leader who can get us presidential race dimmed the luster “the immediate catalyst may city has created an enormous park in ly, Mr. Paterson helped his public out of this fiscal crisis,” says Richard on his consulting business and law have been the Macy’s Day Parade Times Square, but DOT is not a standing by berating state senators Lipsky, a lobbyist for small business. firm.“The last thing he needs for his situation,” says Tim Tompkins, parks agency,” he adds. during a month-long period of grid- Mr. Paterson was an obscure businesses is another lost campaign.” president of the Times Square Al- In the meantime, sturdier metal lock. But he made enemies of 32 politician when he inherited the gov- That leaves a scenario in which liance and a TSAC board member. furniture will be arriving in a week or Democratic senators, notably the ernorship from Eliot Spitzer in Mr. Paterson survives—if Messrs. “But the bigger story is that a key in- so to replace the much maligned African-Americans, who had been March 2008. “If you’re relatively un- Cuomo and Giuliani swerve aside. dustry in Times Square is becoming temporary beach chairs. Umbrellas among his few remaining supporters. known and you start off badly, it’s re- To just stand there is a lousy option, more formalized.” have been installed below West 42nd Last week,when publicly asked if Mr. ally hard to recover,” says Jeffrey but perhaps Mr.Paterson’s only one. While TSAC is planning to Street, but not yet in Times Square. Paterson would run for re-election, Stonecash, who teaches political sci- “I don’t think he has a place to sponsor an awards ceremony for the “There are still some discussions state Sen. Eric Adams, D-Brooklyn, ence at Syracuse University. “He’d go,” one lobbyist says. “No one is best signs and an economic impact with the city about how many or bluntly replied, “I hope not.” have to create a whole new image.” taking him seriously, and they don’t study, its immediate aim is to have a whether the umbrellas will be Mr. Paterson is struggling to find Mr. Stonecash says the gover- see him as having the power to do say in the city’s Green Light Mid- brought in,” says Mr. Tompkins. other ways to show leadership. Last nor’s opportunities to do that will be anything. And they’re right.”
town initiative.Spearheaded by De- A spokesman for DOT says the partment of Transportation Com- agency is considering the addition missioner Janette Sadik-Khan, the of umbrellas.
the retailer is likely to focus on poor neighborhoods where there is a Wal-Mart eyes NYC pent-up demand for jobs and super- markets. Data from advocacy group Shadow space looms Continued from Page 1 these economic times to slither in.” The Food Trust shows the city has be able to bring a store to New York Union officials insist company 137 too few supermarkets when in the near future.” officials have repeatedly declined to compared with the rest of the na- Continued from Page 2 be added to the financial district’s But the company’s attempts ear- meet with them to discuss their tion. City residents already spend pletion.In better times,units in new housing stock. lier this decade to open outlets in stance on unionization—clearly the $125 million a year at area Wal- condo developments typically hit the “The city has a lot of sources con- Queens and on Staten Island were tipping point if labor were ever to Mart stores, according to the com- market as much as a year before the tributing to this shadow inventory,” quashed by labor unions and com- support a move by Wal-Mart into pany. official ribbon-cutting. The 62-unit says Sofia Kim, vice president of re- munity members who worried that the city. Opposition to Wal-Mart has boutique condo-to-be at 111 Kent search at StreetEasy.com. “All of the store’s low prices and modest “You’re not going to get into this tended to be stronger in middle- Ave. in Williamsburg is among them will ensure that supply levels wages would eat into the market city unless you come forward and talk class communities, where residents them. The developer actually began remain bloated [for some time].” share of unionized retailers like to the players, and in New York City, worry the store would erode their promoting the units late last year but Pathmark, Key Food and Duane like it or not, the labor movement is a neighborhood’s character. took them off the block earlier this Switching gears Reade and put mom-and-pop major player,” says Pat Purcell, assis- “Wal-Mart will look for support year,according to industry observers. with shadow inventory adding shops out of business. That led tant to the president of United Food among communities of lower-in- Two of its larger neighbors along downward pressure to prices, some then-CEO H. Lee Scott to say that and Commercial Workers Local come consumers who are eager to the waterfront—The Edge, a 575- developers are abandoning hopes of he had essentially given up on New 1500. have them in the city,” says Kathryn unit condo, and Two Northside selling their units and are offering York City. Union support could be a critical Wylde, president of the Partnership Piers, a 270-unit condo—are also them as rentals instead. Rather than Officials in Bentonville have issue for Wal-Mart because it would for New York City, of which Wal- nearing completion, yet a majority collect lump sums at sale, as worked hard to overhaul Wal-Mart’s most likely require land-use approval Mart is a member. of their apartments aren’t actively planned, they will collect monthly image. The retailer has launched a from the city to build here. And City “We need jobs,”Ms.Wylde says. listed, according to StreetEasy.com, rents—and rack up big losses.But at slew of green initiatives, improved Council members, many of whom “If Wal-Mart is prepared to come in which tracks condos for sale. this point, even the rental market is employees’health care coverage and, rely heavily on labor’s support, are and make the investment,we should Developers commonly release glutted, and the stream of new units most recently, signed a joint letter unlikely to back a Wal-Mart store as all welcome that, and the unions units in phases,rather than flood the shows little sign of slowing. with the Service Employees Inter- long as unions are opposed. should make their case for why market and risk pushing down “More inventory will continue to national Union supporting a man- “While Wal-Mart claims to workers need to organize.” prices and pushing up the average lower rents,” says Marc Lewis, pres- date for employers to provide health have improved corporate practices, Observers say the company is time it takes to nail down a sale. ident of Century 21 NY Metro,who care to their workers. these efforts appear to be little more likely to be on the lookout for an as- Manhattan condos are already tak- believes that Manhattan vacancy “Wal-Mart,for sure,is a very dif- than window dressing,” said City of-right site that would not require ing longer to sell than they did last rates are closer to 5% than the 2% re- ferent company than we were five Council Speaker Christine Quinn City Council approval. Plus, it year. A second-quarter report re- ported by most industry players. years ago,” wrote Mr. Serghini. in a statement.“Until they make ac- would need to partner with a small vealed that it took an average 181 Given the dismal market and a But local labor leaders and elect- tual changes, providing a living developer that does not have other days to sell an apartment, 46 days lack of financing, few new build- ed officials warn that the company wage and ending the practice of projects in the city requiring the more than the average time just a ings—if any—will be started in com- will face the same level of blistering preying on small businesses, I will council’s imprimatur. year earlier,according to Mr.Miller. ing months. But scores of properties opposition here if it tries again. block any attempt to locate in the Union leaders promise a fight. Another reservoir of shadow in- that were already under construction “The reality remains the same,” five boroughs.” “The day they open their doors in ventory lies in the growing number before the credit crisis of 2007 will hit says Stuart Appelbaum,president of the city, you will see a historic labor of distressed properties.Kent Swig’s the market in the next few years. the Retail, Wholesale and Depart- Poor neighborhoods a likely focus battle the likes of which has not been huge condo conversion at 25 Broad “It is hard to keep steady watch ment Store Union. “Wal-Mart is so where does that leave Wal- seen since the [1990-91] Daily St., The Exchange, is stalled due to on how much shadow there is in the not welcome in New York City, and Mart? Mr.Serghini would not com- News strike and the [2005] transit legal disputes.But after those are re- city,” explains Mr. Miller. “The it should not try to take advantage of ment on the company’s strategy,but strike,” Mr. Purcell says.
solved, its 346 units will eventually number is constantly moving.”

32 | Crain’s New York Business | August 10, 2009 20090810-NEWS--0033-NAT-CCI-CN_-- 8/7/2009 11:20 AM Page 1

31% Jump in announced nationwide job cuts in July versus June BUSINESS LIVES Source: Challenger Gray & Christmas STEED SERVICE: Jim HOT JOBS Murtagh has been with the NYPD for five years, making EXECUTIVE sure horses are ready. INBOX

VP OF INTEGRATED Anne Fisher SALES MARKETING COMPANY NBC Universal Sidestep ‘old JOB DESCRIPTION Oversee the development and implementation pay’ trap to win of ad sales and marketing strate- gies for the company’s health and salary you want green brands at a new job MOST IMPORTANT TASKS Create new revenue opportunities and Not so long ago, you could boost operating income assume that a new job would CREDENTIALS NEEDED Minimum mean a bump up in salary. But of 15 years of marketing experi- lately, says career coach Ford R. ence, plus at least 10 years of Myers, that’s changed. agency or client contact “In this recession, employers SALARY Recruiters estimate a are playing more games with minimum of $200,000 money than ever,” he says. “When they ask you what you’re RECRUITER Internal: www.nbcunicareers.com earning now or what you earned in your last job, it’s often DOWNSIDE Media and ad indus- because they want to match it try are hit hard by the recession exactly, or even pay you less, with UPSIDE It’s a newly created job in the promise that they’ll ‘work you the growing green-marketing area up’ to your most recent salary NBC Universal operates cable net- when the economy improves.” works, a motion picture company, Happily, Mr. Myers says, you NBC stations and theme parks. can get what you’re really The media conglomerate is 80% worth—if you’re willing to wiggle owned by General Electric. out of what he calls “the ‘old pay’ —AMANDA FUNG trap.” Mr. Myers, head of execu- tive coaching firm Career Poten- tial (www.careerpotential.com) EXECUTIVE MOVES and author of Get the Job You Want Even When No One’s American International Hiring, says that the standard Group: Robert “How much did you make in your Benmosche, 65, was last job?” interview question appointed chief “has nothing to do with what you executive of the troubled insurer and is can contribute in a different expected to begin his position at a different company.” term on Aug. 10. He He recommends deflecting was formerly chief executive of MetLife that query by asking, “What is the Inc. salary range for this job?” Then New York City Department of Finance: GOTHAM GIGS you’ll know where the floor is. David M. Frankel, 56, was appointed commissioner and will be replacing Next, defer any further discussion Martha E. Stark, who resigned in April. of money until you’ve wowed the His term is expected to begin Sept. 8. interviewer with your achieve- Mr. Frankel was formerly a managing ments and your potential. director at Morgan Stanley and has held The horseshoe fits “By negotiating properly, you positions within city government in the shift the tenor of the discus- Koch and Dinkins administrations. Murray Hill Properties: to hear jim murtagh tell it, the year begins on St. Patrick’s Day, sion from ‘What’s the minimum Neil H. Siderow, 68, ‘People and that’s not just Irish pride talking. It’s the first parade of the sea- compensation we need to offer you?’ to ‘What will it take to get was promoted to son, when things start getting busy for Mr. Murtagh and the two chairman. He was think all you on board?’ ” says Mr. Myers. formerly a principal. other blacksmiths who work for the New York Police Department. Don’t be shy, he urges. Deutsch New York: Eve horses It’s their job to make sure all the horses are ready. ¶ “New York is one “Lots of otherwise self- Kornblum, 38, was of the few cities in the country that still patrols on horseback,” says confident people are afraid to promoted to co- director of broadcast production and will are the Mr. Murtagh, who hails from County Leitrim, Ireland. “The urban haggle over salary, because they continue in her role as executive vice blacksmith is a dying breed.” He’s been with the NYPD for five think it makes them seem too president at the ad agency. She previously same, years. ¶ City horses require different care from farm horses, and the pushy,” Mr. Myers observes. “But was director of content production. 110 NYPD animals are much bigger than racehorses. “People think employers expect you to Dewey & LeBoeuf: but each all horses are the same, with straight legs, but each one is different. negotiate and will often think Marshall C. Stoddard twice about hiring you if you don’t Jr., 57, joined the law Some walk a little funny; some need special shoes,” says the 43-year- one is know how to play the game.” firm as U.S. head of old Mr. Murtagh, who forges custom horseshoes regularly. ¶ He bank and institutional different’ started out as an apprentice with a blacksmith for the Central Park finance. He was most HAVE YOU NEGOTIATED A COMPENSA- recently co-chair of carriage horses. He never thought he’d be a career farrier—with the TION PACKAGE RECENTLY? Tell us the global finance NYPD, no less. “But then again, I never thought I’d meet my wife how you got what you wanted at

See EXECUTIVE MOVES on Page 34 and end up staying here 21 years, either.” —hilary potkewitz buck ennis www.crainsnewyork.com/execinbox.

August 10, 2009 | Crain’s New York Business | 33 20090810-NEWS--0034-NAT-CCI-CN_-- 8/7/2009 11:21 AM Page 1

RÉSUMÉ REVIEW A Wynn win at Aqueduct? Is your job search all it could be? We ask the experts. Mogul bids to revamp The tracks just are not compelling do the same.” We laugh. NAME STEPHEN M. STARENSIER places.I’m in the business of making OBJECTIVE racetrack, but keeps people happy. If racing is to be reju- You financed the Mirage largely with To return to conventional real estate markets venated, it has to be joyful. bonds issued by Mr. Milken. Did he get a EXPERIENCE gaming in perspective bad rap?  Hope Community Inc., Jan. 2005 to Forbes says you’re worth $1.5 billion, Terribly bad rap. Everything they present, director of real estate development down from $3.9 billion. Do you feel accused him of was false. Reorganizing nonprofit real estate BY ERIK ENGQUIST poorer? organization. Responsible for financial underwriting, due diligence, What relevance has your degree in It’s total malarkey. Every year, capital needs assessment, construction, contracts, general management otel and casino they make me a little richer than English literature had to your career? magnate Steve Wynn Mike Milken. I call Shmilken on Paradise Lost,The Rape of the Lock …  Gryphon Development Co., May 1999 to Dec. 2004, operations manager is pitching a proposal the phone—he’s my buddy—and I exactly what you need to be a casino Planned, directed and built high-end residential and retail projects to transform Aque- say: “Hey, Mike, I see that you’re operator. [But] it teaches you this:  SMS Consulting, April 1993 to April 1999, principal duct Racetrack in worth $3.5 and I’m worth $3.9. Pride,according to John Milton and Improved financial analysis, construction-tracking techniques and HQueens into a posh “racino.” He re- I’ve got a deal for you:I’ll sign every- Alexander Pope, is the most de- financial models for $140 million in developments portedly has offered the state $75 thing I own over to you, and you structive of all characteristics.  New York Equity Fund, Sept. 1990 to March 1993, senior underwriter million up front,while other bidders Lead financial analyst and development officer for joint-venture federal Complete this analogy: Steve Wynn is to are dangling tax syndication developing affordable-income multifamily housing $100 million Donald Trump as. ... or more. But Uh-uh. No, no, no. EDUCATION he’s betting  Columbia University, master of architecture/M.S. in historic MOVERS & that Gov. Da- Your father was a compulsive gambler preservation, M.S. in real estate development SHAKERS vid Paterson, who died with $350,000 in debts. What  University of Pennsylvania, B.A. Senate Presi- did you learn? Résumé appears in condensed form. Steve dent Malcolm If you want to make any money in Smith and As- casinos, own one. EXPERT ADVICE Wynn sembly Speak- Seek out recruiters and check job boards geared toward your industry. er Sheldon Do you gamble? Research the types of companies you would like to work for, and send Silver will No. cover letters and résumés to them, even if you haven’t seen ads posted. select him because his cachet in the Most will keep good résumés on file. Make sure to network within your field. gaming business is unsurpassed. You’re losing your vision to an A great place to communicate with other real estate professionals, eye disease. What is your showcase your work and be alerted to industry events is www.upworld.com. What distinguishes you from other attitude toward your condition? —terry thiele owner,Transept Recruiters bidders? I’ve got news for you: You’re go- , No partners. Lots of cash. And an ing to die. Now you can fret about To contact this candidate or to be featured in “Résumé Review,” e-mail us absolutely flawless track record. that, go home and get in bed in the at [email protected]. fetal position. Or you can go on and What’s wrong with Aqueduct, and how concentrate on the part of your life can you fix it? that you’ve still got.
newscom

EXECUTIVE MOVES nonprofit that provides advice on micro- residential asset management division He most recently served as chief of BDO Seidman: Rob Trinchetto, 35, was loans and business. He was formerly from vice president of operations. the securities and commodities fraud promoted to assurance partner from executive director at Macquarie Bank. Salmon & Marshall: task force in the U.S. Attorney’s senior manager. Continued from Page 33 Barak Realty: Fumiyo Hayashi, 36, was Kevin M. Salmon, 35, Office for the Southern District of Traxi: Paul M. Fried, 48, was named practice at Mayer Brown. promoted to vice president from sales co-founded the real New York. managing director at the business BDO Seidman: Bridget Goris-Klein, 38, associate. estate investment firm Swiss Post Solutions Inc.: Dan advisory firm. He was formerly a was promoted to tax partner from Project 250: Bobbito Garcia, 42, was and will serve as Moscatiello, 43, was appointed chief principal at AFC Realty Capital. director. appointed creative chief at the branding principal. He was executive, North America, at the Karabus Management Inc.: Michael ING Clarion Partners: and marketing agency. He was most formerly vice on-site outsourcing company. He Unger, 41, joined the retail advisory Amy Luparella Boyle, recently co-anchor of Summerball Weekly president of was formerly managing vice president of subsidiary of PricewaterhouseCoopers 31, rejoins as senior for MSG-TV. investments at Marcus North American business development as managing director of merchan- vice president and Sullivan & Worcester: & Millichap. at Siemens IT Solutions and Services. dising optimization. He had been chief financial officer James R. Silkenat, 61, WMG/Rhino Entertainment & Frank TheLadders.com: Thilo principal of the consumer products for one of the asset joined the law firm as Sinatra Enterprises: Sara Nemerov, 33, Semmelbauer, 43, was and retail practice at Archstone manager’s core- partner in the was named senior vice president of appointed executive Consulting. strategy products. She corporate group. He consumer products and brand licensing. vice president, North Greenberg Traurig: Candace Quinn, 54, was formerly vice was formerly a partner She was most recently vice president of America, consumer joined the law firm as shareholder in president and controller at GoldenTree at Arent Fox. global licensing at The Trump business, at the online the global benefits and compensa- InSite Partners. Kaled Management Organization. executive search firm. tion practice. She was most recently of The Mentor Fund Inc.: Angus Dobbie, 39, Corp.: Jordan Platt, 30, Debevoise & Plimpton: Gregory Lyons, 43, He was formerly counsel at Seyfarth Shaw. was named executive director at the was promoted to president of the joined the law firm as partner and co- global chief operating New York Life Insurance chair for the Americas in the financial officer at Weight Watchers Co.: Angela Kyle, 47, institutions group. He was most recently International. was appointed senior vice president and CORPORATE LADDER partner and co-chair of the financial Anderson Kill & Olick: Todd E. Duffy, services group and chair of the banking 40, joined as head of the law firm’s head of the company’s practice at Goodwin Procter. bankruptcy and restructuring practice. individual annuity FASHION EXEC REMODELS CAREER TitleVest: Robert He was formerly a principal at Duffy & department. She joins Jamieson Karson, 52, was named special counsel in the corporate, Buzard, 38, was Atkins, which he co-founded. the firm from TIAA- Booz & Co.: CREF, where she had securities and financial institutions practice at law firm McCarter & English. named managing Kenneth Favaro, 52, joined director of business the management consulting firm as been vice president His practice covers corporate matters, corporate governance and issues development at the senior partner. He was formerly chief and head of pension product relating to the retail and fashion industries. Mr. Karson title insurance and real executive at Marakon Associates. management. spent the past eight years as chairman and chief estate services firm. TM Capital Corp.: Robert C. Grien, 49, AccuWeather Inc.: Bill Stephen, 59, was executive at Steve Madden Ltd. During his tenure at He was most recently was named managing director and head named vice president of global the shoe retail and design company, sales and profits of counsel at Paul of the finance and restructuring advisory advertising sales. He previously served as senior vice president of global increased dramatically. The company boasted Hastings Janofsky & Walker. group at the investment banking firm. YAI/National Institute for People with He joins from Deerfield Capital advertising sales at JumpTV. second-quarter profits that were higher than expected, Disabilities: Sheldon Kwiat, 62, was Management, where he had been senior —maia blume with sales up 6.5%. Mr. Karson began his law career elected vice chair of the nonprofit’s managing director and head of the at Shea & Gould. Prior to joining Steve Madden, he was board of trustees, replacing Paul Levitz. leveraged finance group. a partner at Tannenbaum Helpern, where he Mr. Kwiat is the president of diamond AlixPartners: Dennis Yeskey, 58, joined EXECUTIVE PROMOTIONS practiced real estate and corporate law. jewelry company Kwiat. as managing director. He had been The fastest way to get an announcement into —maia blume Fried Frank Harris Shriver & Jacobson: national director of the real estate Crain’s is to submit details online. Fill out the form William F.Johnson, 43, joined the law capital markets practice at Deloitte at www.crainsnewyork.com/submit. The firm’s litigation department as partner. Consulting. Executive Moves column is also available online.

34 | Crain’s New York Business | August 10, 2009 20090810-NEWS--0035-NAT-CCI-CN_-- 8/7/2009 2:12 PM Page 1 chemex / INSATIABLE CRITIC OF COMMERCE hosts a free Occupational flickr.com Gael Greene Safety and Health Administration THE training course from 12 noon to 5 p.m. at Saatchi & Saatchi, 375 W. Houston St. For more information, call WEEK (212) 491-9640, ext. 108. Zen and the art THURSDAY, AUGUST 20 PACE UNIVERSITY’S Small Business AHEAD Development Center hosts a free workshop on business planning from of frontier dining AUG. 17-23 5:30 p.m. to 7:30 p.m. at 163 William St. Contact (212) 618-6655 or [email protected] for more details. WHAT SHE’S Sho Shaun Hergatt LECTURES CULTURAL EVENTS READING TUESDAY, AUGUST 18 TUESDAY, AUGUST 18- brings Asian accents SUMMER SCOOPS LIVE With The Wall SATURDAY, AUGUST 22 CABLE TELEVISION veteran Street Journal hosts a lecture with Stew THE CENTRAL PARK FILM FESTIVAL , Geraldine Laybourne doesn’t to financial district and Heidi Rodewald, creators of rock featuring free screenings of Sex and the watch much TV these days. She’s musical Passing Strange, and Bill T. City, Ocean’s 11 and Shaft, among others, too busy traveling the globe since was warned that the block Jones, Janet Wong and Bjorn Amelan of begins each night at 8 p.m. at the she sold her cable startup, in front of Sho Shaun Her- the Bill T.Jones/Arnie Zane Dance Rumsey Playfield off Fifth Avenue and Oxygen, to NBC in 2007. Instead, gatt looked like downtown Company on the ups and downs of East 69th Street. The events are artistic partnerships. At 7 p.m. at the free. Call (212) 360-1311. she’s reading—a lot. “When I was Baghdad. So we swing into a Walter Reade Theater, 165 W. 65th St., Pick in Botswana, I read The No. 1 parking spot on Beaver plaza level. For tickets ($25), call FRIDAY, AUGUST 21, AND Ladies’ Detective Agency, by buck ennis of the Street, navigate the scaffolding in (212) 721-6500. SATURDAY, AUGUST 22 Alexander McCall Smith, which is I TASTY TASTING: Salmon belly in a “tuile.” front of the new Setai condominium LOUIS LANGRÉE conducts week set in Botswana. I got into the and take the elevator to the restau- PROGRAMS & SEMINARS Lincoln Center’s Mostly whole series.” THURSDAY, AUGUST 20 rant,entering a muted world of dark Mozart Festival Orchestra in Franz In Scotland she read the SHO SHAUN LEARN TO PICK STOCKS with the New Joseph Haydn’s The Creation at 8 p.m. wood, black and red Thai silk, and author’s Sunday Philosophy Club, mother-of-pearl. We walk past the HERGATT York Society of Security Analysts from on Friday and Saturday at Avery Fisher The Setai, 40 Broad St. 5:30 p.m. to 8 p.m. at 1177 Sixth Ave. set in that land. Since she got a bar and a narrow infinity pool with Hall. A preconcert lecture begins at 6:45 (212) 809-3993 The seminar is $75 for members and on Friday in the Stanley H. Kaplan Kindle e-reader, she says, “I’m candles seeming to float on water. www.shoshaunhergatt.com $115 for nonmembers. For more Penthouse, Rose Building, 70 Lincoln reading twice as much and twice The hush. The lush. The Zen. information, call (646) 871-3405. Center Plaza. Tickets range from $35 to as fast.” Sho Shaun Hergatt.It’s the chef ’s $85. For tickets and information, call Ms. Laybourne does watch name. No, I never heard of him, ei- WORKSHOPS (212) 721-6500. ther. But he has recognized me and CUISINE Contemporary with TUESDAY, AUGUST 18 some TV when in town. “I’m a comes out to introduce himself. Asian accents JOIN CAMBA for tips on buying a home, SATURDAY, AUGUST 22 time shifter,” she admits. She’s from 6 p.m. to 8 p.m. at 884 Flatbush LINCOLN CENTER OUT OF DOORS presents into The No. 1 Ladies’ Detective Obviously Setai Hotel’s Miami PRICE RANGE Prix fixe: $57, $69 Beach splash and Hergatt’s triumph Ave., second floor, in Brooklyn. The free its annual Roots of American Music free Agency on HBO and The Daily workshop requires preregistration. Call in its restaurant there must have sug- SERVING Breakfast, lunch, dinner concert with singer Lizz Wright and Show on Comedy Central. (718) 282-2500. musician Allen Toussaint at 7 p.m. at the Recently, she sat through the gested New York was ripe, even te- NOISE LEVEL Like a spa Damrosch Park Bandshell at Lincoln pidly gentrified Wall Street. Setai’s WEDNESDAY, AUGUST 19- Center. The event is free, and no tickets movie Annie three times with her I can’t wait to return. move might have looked sage in the THURSDAY, AUGUST 20 are required. Call (212) 721-6500. granddaughter. —VALERIE BLOCK

real estate bubble that seemed to I will definitely go back. NEW YORK CITY WOMEN’S CHAMBER —maia blume getty images promise revival for residential Wall I’ll let them simmer a while. Street and prompted the company to NO HATS Never again. spend $154 million on a 166-unit condo conversion.Even now,they ex- pect to “invigorate one of Manhat- tan’s last uncharted restaurant fron- freshness,scarcely needing a baptism tiers,” as the press release puts it. of ginger soy.They come alongside a So it’s a bit desolate, but there is colorful necklace of “live” geoduck good reason to brave the exterior as- (dead by the time it gets to the table, sault. Hergatt, an Australian who of course), with young ginger and worked under Gabriel Kreuther at daikon-tomato-cucumber brunoise. Atelier in the Ritz-Carlton, is stand- Three tabs of uni ride on three little ing tall here, fighting the odds. This ovals of peekytoe crab, painted with is not just a three-course prix fixe for galangal gelée. Blue prawn-stuffed $69 or two courses at $57—it’s a gift- squash blossoms are crisp, cleanly ed chef ’s tasting that begins with fried.And we’re choosing reasonably caviar and sour cream beggar’s purs- priced wines by the taste and by the es, aflutter with gold leaf, alongside glass, poured into crystal goblets. salmon belly wrapped in a faux Much ado is made of poussin mar- “tuile”and duck-and-foie-gras terrine inated in yogurt and smoky Turkish on toast, climaxing in silver foil dap- pepper, with Japanese azuki beans. pled macaroons,pistachio financiers, The legs cut back like lollypops come raspberry gels rolled in yuzu sugar, in a separate bowl. I don’t really mind and a three-star ration of truffles. the pretension, just wish the chicken Hergatt’s six-course tasting, similar- was moister. And I need to scrape ly endowed with preambles and af- away the sticky over-reduced sludge terthoughts, is $95. You can also to get at delicious Thai dusted beef, check it out over a $30 prix fixe lunch. tender and rare. Caramelized Scot- For our $69 menu, the caviar tish salmon with tiny shemiji mush- purses et al. are “amusettes,” a pre- rooms and tatsoi is quite perfect,nice- amuse. It’s the amuse proper that ly rare and full of flavor. knocks our socks off—a small cup of Sho Shaun Hergatt may not fall deeply powerful lobster bisque so trippingly from the tongue but, we intoxicating that not even a layer of agree,it is a discovery.Can it survive? fennel foam can dilute the intensity. The clock ticks slowly. Hergatt is There are appetizers here you waiting for the scaffolding to come don’t find on every upscale menu in down.He is waiting for fall when the town:spiced double duck consommé city fires up again. And he is waiting with chicken truffle ravioli, salt- for the pall of recession to lift.At least pressed Tasmanian ocean trout with he is not waiting for Godot. nashi pear and kalamansi dressing— points for bravado. Sculpted rounds Copyright © 2009 by Gael Greene. of raw kampachi scintillate with Read more at www.insatiable-critic.com.

August 10, 2009 | Crain’s New York Business | 35 CN013079 8/4/09 4:56 PM Page 1

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