Crainsnew York Business

\ \ \ \

CN018770.indd 1 8/16/18 11:12 AM

CRAINSNEW YORK BUSINESS

Bitcoin’s wilting fortunes P. 4 | NY bankers look to land LGBT clients P. 5 | VR heads to the OR P. 17

NEW YORK BUSINESS® AUGUST 20 - SEPTEMBER 2, 2018 | PRICE $3.00 DOUBLE ISSUE

HITTING PAY DIRT With commercial carting bracing for change, Sandy Nurse and other microhaulers are turning the city’s organic waste into a growing business PAGE 14

P001_CN_20180820.indd 1 8/17/18 5:21 PM AUGUST 20 - SEPTEMBER 2, 2018 CRAINSNEW YORK BUSINESS

ON THE COVER

PHOTO: BUCK ENNIS

FROM THE NEWSROOM | BRENDAN O’CONNOR | MANAGING EDITOR We hear you

IT HAS BECOME a constant refrain. Whenever business leaders from companies large or small attend our events, visit our o ce or contrib- ute opinion pieces to our print and digital editions, a common theme rings through: We need a voice! ose collective concerns are understandable. With soaring rents, rising wages, increased regulations and an ever-tightening jobs market, the cost of doing business here has never been higher. We get it. For more than three decades, Crain’s has covered New York businesses ranging from the largest global conglomerates to the tiniest startups. We have seen cycles and trends come and go, not to mention several mayors, gover- P. 17 nors and presidents. We know we don’t have all the answers, but we do have a keen understanding of the biggest issues that confront the IN THIS ISSUE business community. 17 THIS WON’T HURT A BIT at said, business here is very big indeed, and we are committed UP FRONT Hospital for Special Surgery to doing a better job of addressing the issues its leaders are concerned residents use virtual reality 3 EDITORIAL to prepare for operations with most. To that end, Crain’s is inviting select business executives Knock down the New York City from across industries to join the new Crain’s Research Panel. Housing Authority 22 FOR THE RECORD Our tally of the week’s buys, We value your time and opinions. By joining the panel, you’ll be 4 IN CASE YOU MISSED IT busts and breakthroughs able to share your insights about Crain’s coverage, current events, pub- The cryptocurrency craze lic policy, local and global trends, and more. From time to time you’ll is wilting like old tulips 23 SNAPS Photos from the city’s biggest be invited to participate in online surveys targeted to your expertise, 5 FINANCE fundraisers and charity events interests and professional experience. Your participation will give you Banks are working to attract the opportunity to shape the voice of your industry and inuence de- more LGBT clients cision makers at major corporations, at large nonprots and in local 6 WHO OWNS THE BLOCK government. Rezoning is just the latest in a string of Inwood developments Your opinions matter, and your voices must be heard to help us serve you—and the city—better. 7 REAL ESTATE Leading city planner leaves Join us at crain.com/researchpanel. the agency after 28 years 8 ASKED & ANSWERED COO re ects on the ve-year, $650 million revamp of CONFERENCE CALLOUT the US Open tennis center 10 VIEWPOINTS SEPT. 20 The media is wrong about Crain’s 2018 Business Cuomo vs. Nixon; x ood Breakfast Forum: U.S. House of insurance; readers weigh in on Representatives for New York Uber and the MTA P. 24 12 THE LIST Reps. Hakeem Jeffries GOTHAM GIGS The New York area’s largest 24 and Jerrold Nadler will discuss A Rudin heir stakes his ground architecture rms their agendas in Washington, the in the Brooklyn Navy Yard midterm elections and how New York is faring under Trump. FEATURES CORRECTION The coworking company Nomadworks will Congressman CON EDISON 14 A FUTURE IN GARBAGE of cially launch in September. The month HAKEEM JEFFRIES CONFERENCE CENTER Microhaulers towing organic was misstated in “Startup takes over nal 8:30 to 10:30 a.m. waste by bike grab a foothold remnant of coworking pioneer,” published CrainsNewYork.com/events-BKRep2018 in the carting industry Aug. 6.

Vol. XXXIV, Nos. 34 and 35, AUG. 20, 2018—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for double issues Jan. 1, June 25, July 9, July 23, Aug. 6, Aug. 20 and Dec. 24, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing ofces. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, PO Box 433279, Palm Coast, FL 32143-9681. For subscriber service: Call 877-824-9379. Fax 313-446-6777. $3.00 a copy, $99.95 one year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire

2 | CRAIN’S NEW YORK BUSINESS | AUGUST 20, 2018

P002_CN_20180820.indd 2 8/17/18 5:23 PM AUGUST 20, 2018

AGENDAKnock down the projects and bring in the cranes

o bring New York City Housing Authority properties to a state of good repair would cost $31.8 billion, according to an assessment released last month. at is 23 times greater than the agency’s capital budget and more than 100 times the federal capital Tfunding it gets in a year. e city won’t allocate that kind of money, which is as much as it costs to operate the entire Police Department for ve years. Albany has pledged $550 million, less than 0.2% of what’s needed. A HOUSING AUTHORITY But even if $31.8 billion fell from the sky, patching up Nycha’s 326 proj- development in the Soundview section of ects and 176,000 apartments would waste money and human potential. the Bronx First, at $181,000 per unit, the repairs would cost more than half as much as building new. O cially, 7,000 units are already in such bad shape that xing them is not cost-e ective. In reality, tens of thousands more are or will be beyond repair by the time work could be done. Even if rebuilding costs more than renovating, over time it would save money because violent or join gangs, Jeremiah Bourgeois wrote, “Re ecting on the public the new units would be energy-e cient and cheaper to maintain. housing project that was our territory, I cannot imagine where any of us Second, the housing authority’s organization is unworkable. No pol- could have found acceptance, a ection and guidance. It was nowhere to be iticians are accountable for the decrepit system, so they invest sporad- seen.” Now 39, he has been serving a life sentence since age 14. ically and insu ciently. Rent goes up Beyond the shootings, stabbings and in- when a household’s income does, so about Even if $31.8 billion fell from the sky, carcerations, Nycha is making people sick. 200,000 tenants live there secretly (as trash- Mold and vermin cause asthma and who collection data show) while others work o patching up the system would be a knows what else. Lead paint damages brains. the books. Maintenance crews get away with waste of money and human potential Archaic equipment renders units frigid or shoddy work and, seeing their task as Sisy- sweltering. Who could thrive in such places? phean, have marked un nished jobs as com- e authority has enough space for new plete. Union rules impede progress and raise costs. mixed-income, street-grid housing for its residents and others. is would Worst of all are the authority’s social costs. Concentrating poverty in ultimately cost less than xing old buildings, and the market-rate units massive, insular, isolated developments has been a humanitarian disas- would generate revenue. Millions more people would reach their potential. ter. Young people struggle to nd role models and mentors in a milieu e awful toll that our public housing is taking on New Yorkers must of deprivation and crime. In a powerful essay on why these kids become end. It’s time to build something better. — THE EDITORS

FINE PRINT On July 25, 120 speed cameras in city school zones stopped registering violations because state senators declined to vote on the renewal of the four-year-old program. Still collecting data during the two-plus weeks that followed, the cameras detected 132,253 motorists exceeding the speed limit by at least 10 miles per hour during school hours.

BY GERALD SCHIFMAN STATS

25 WORDS OR LESS DRUG DRIVER NEW YORK DOCTORS with nancial ties to the opioid

industry prescribed more narcotics to Medicare AND THE CITY We brought together patients than other physicians did, a report found. “ Average value of lled opioid prescriptions from physicians organizations from who received industry payments in 2015; comparable opposite sides of the $36,841 doctors without such ties averaged $27,076. Rise from 2013 to 2015 in Medicare spending on fence. But it turns out % opioids prescribed by practitioners paid by the industry, 71 versus 18% for comparable physicians who were not. the fence wasn’t as Doctors in the top 1% of opioid industry–paid high as we thought” New York physicians; they received $85,000 on 33 average and 79% of the total payout. —Russell Unger of Urban Green Council Opioid-related fees from 2013 to 2015 paid to on an agreement by environmentalists, New York doctors by Insys Therapeutics, more landlords and other stakeholders to $1.9M than half of the industry total. reduce buildings’ energy use

SOURCES: New York State Health Foundation, Center for Medicare and Medicaid Services ISTOCK, BUCK ENNIS

AUGUST 20, 2018 | CRAIN’S NEW YORK BUSINESS | 3

P003_CN_20180820.indd 3 8/17/18 3:47 PM IN CASE YOU MISSED IT CRAINSNEW YORK BUSINESS president K.C. Crain senior executive vice president Chris Crain group publisher Mary Kramer

EDITORIAL Crypto craze wilting managing editor Brendan O’Connor assistant managing editors Erik Engquist, like old tulips Jeanhee Kim, Robin D. Schatz copy desk chief Telisha Bryan ARLY THIS MONTH the publisher of High Times maga- art director Carolyn McClain photographer Buck Ennis zine announced that investors in its upcoming $50 mil- digital editor Gabriella Iannetta lion initial public oering could purchase shares using senior reporters Joe Anuta, Aaron Elstein, E Matthew Flamm, Daniel Geiger bitcoin. en the buzz wore o. Last week the company said reporters Will Bredderman, it had made an “error” and would not accept cryptocurrency Jennifer Henderson, Jonathan LaMantia when its IPO hits the market sometime before mid-September. data reporter Gerald Schifman digital fellow Lizeth Beltran It’s understandable why the publisher wouldn’t want bitcoin, columnist Greg David considering it has lost about two-thirds of its value since peak- contributors Tom Acitelli, Cara Eisenpress, Cheryl S. Grant, Yoona Ha, Chris Kobiella, ing in December. Last year’s mania is fast becoming a distant Miriam Kreinin Souccar memory as prices for all cryptocurrencies dive with startling to contact the newsroom: speed, prompting even the truest believers to express some www.crainsnewyork.com/staff 212.210.0100 doubts. Fred Wilson, the city’s leading venture capitalist and an 685 Third Ave., New York, NY 10017-4024

early bitcoin bull, last week wrote that “the idea that an investor ADVERTISING should hold on no matter what has always seemed ridiculous www.crainsnewyork.com/advertise advertising director Irene Bar-Am, to me.” He said it might even be a good thing if more folks threw in the towel so their coins could be purchased by 212.210.0133, [email protected] savvier buyers—perhaps Wilson himself?—at cheaper prices. senior account managers Lauren Black, Ethereum co-founder Joseph Lubin described the drop as “not unexpected” in an interview with Bloomberg TV Rob Pierce, Stuart Smilowitz integrated marketing manager Jonathan Yan, last week, adding that his Brooklyn-based rm’s 1,100 employees are diligently working to make crypto more robust 212.210.0290, [email protected] in advance of the next wave of enthusiasm. But crypto still has a long way to go before it’s ready for prime time: Ethe- associate art director/marketing Charles Fontanilla, 212.210.0145 reum’s network can process only about 20 transactions per second;Visa’s can handle more than 24,000. [email protected] e fact remains that values of cryptocurrencies are so volatile that few merchants will accept them. In December sales coordinator Devin Arroyo, New York magazine listed some half-dozen local retailers who accepted bitcoin, but a few of those places say they’ve 212.210.0701, [email protected] CUSTOM CONTENT given up. Lean Crust, a Brooklyn pizzeria, doesn’t take it anymore. Melt Bakery, an ice-cream-sandwich shop on the director of custom content Lower East Side, still accepts it, but an employee said it’s rarely used. “ e other day I got a regular customer using Patty Oppenheimer, 212.210.0711, it,” she said, “but most people using it are reporters.” – AARON ELSTEIN [email protected] custom project manager Danielle Brody, [email protected] EVENTS Beverage leverage Overplaying its hand? www.crainsnewyork.com/events DATA POINT director of conferences & events Coca-Cola Co. is buying into Queens- Empire Resorts, which operates casi- AS THE L-LINE SHUTDOWN Courtney Williams, 212.210.0257, based sports-drink startup BodyArmor nos at Monticello Raceway and Resorts [email protected] in a bid to compete with Gatorade. LOOMS, APARTMENT INVENTORY World Catskills, the largest of the state’s manager of conferences & events Coke’s minority stake eventually could IN WILLIAMSBURG HAS SHOT four new casinos, lost $58 million in its Ashlee Schuppius, extend to full ownership. e nancial rst ve months of operation. An over- [email protected] terms of the deal were not disclosed. UP 25%, ACCORDING TO saturated market was cited as a reason. AUDIENCE DEVELOPMENT STREETEASY. HALF THE WEBSITE’S group director, audience development Same old story Open kitchen Jennifer Mosley, [email protected] LISTINGS IN THE AREA HAVE New York Media’s New York magazine Aer a two-year absence, the Four Sea- REPRINTS is the latest local print title to go on DIPPED TO 2015 PRICES. sons Restaurant reopened at 42 E. 49th reprint account executive Lauren Melesio, the block. e 50-year-old magazine, St., not far from its previous location. 212.210.0707 now controlled by the family of the e eatery was forced to leave the Sea- PRODUCTION late Bruce Wasserstein—who bought doctors and patients on the addictive- gram Building two years ago, when the production and pre-press director it for $55 million and relaunched it in ness of the opioid. e suit was led landlord would not renew its lease. Simone Pryce 2004—switched from a weekly to a bi- in the state Supreme Court in Suolk – CHRIS KOBIELLA media services manager Nicole Spell weekly print schedule four years ago. County and seeks nancial penalties SUBSCRIPTION CUSTOMER SERVICE and money for treatment and educa- www.crainsnewyork.com/subscribe Cheap date tion programs. [email protected] 877.824.9379 (in the U.S. and Canada). Barry Diller’s IAC Group was hit with $3.00 a copy for the print edition; or $99.95 a $2 billion lawsuit in state Supreme Not that Tiffany Trump one year, $179.95 two years, for print Court in Manhattan by the founders Luxury jewelry retailer Tiany & Co. subscriptions with digital access. of the Tinder dating app, which IAC next year will temporarily move its Entire contents ©copyright 2018 owns. e suit accuses the media and agship operations to a space attached Crain Communications Inc. All rights internet company of undervaluing the to Trump Tower while its 78-year-old reserved. ©CityBusiness is a registered app to avoid paying out stock options. Fih Avenue location gets a major face- trademark of MCP Inc., used under license li. e jeweler will lease the new space agreement. Scanning the masses from SL Green Realty and Je Sutton CRAIN COMMUNICATIONS INC. e Port Authority of New York and rather than directly from the Trump Soaked to the bone chairman Keith E. Crain New Jersey last week tested ruvision Organization. The American Museum of Natural vice chairman Mary Kay Crain president K.C. Crain at its Eighth Avenue bus terminal. e History’s titanosaur Patagotitan Bronx cheer mayorum, a 19-foot-tall, 122-foot- senior executive vice president Chris Crain technology uses cameralike devices to secretary Lexie Crain Armstrong long dinosaur that roamed near create a “computer-generated avatar” of A new city ferry service, the Sound- editor-in-chief emeritus Rance Crain passers-by that can detect hidden ob- view line, debuted last week. It links Argentina and Patagonia about 102 chief nancial of cer Robert Recchia million years ago, got its annual jects, such as guns and explosives. the Soundview section of the Bronx founder G.D. Crain Jr. [1885-1973] to Manhattan with stops at East 90th cleaning last week. The scrubbing chairman Mrs. G.D. Crain Jr. [1911-1996] On the hook Street, East 34th Street and Wall Street/ and vacuuming of the skeleton was e state is suing Purdue Pharma, the Pier 11. A single ride costs $2.75, and open to the public for the rst time.

AP IMAGE, ISTOCK maker of OxyContin, for misleading the trip takes 45 minutes.

4 | CRAIN’S NEW YORK BUSINESS | AUGUST 20, 2018

P004_CN_20180820.indd 4 8/17/18 3:57 PM FINANCE

Bankers put out welcome mat for LGBT customers Growing client base, shot at public funding drive emerging trend BY AARON ELSTEIN

or years bankers who served gay-owned ble businesses, he said, comes chiey from those that companies would typically describe their qualify under existing MWBE rules. jobs as catering to a “diverse” or “multicul- “ey don’t want more competition,” Lovitz said. tural” clientele. But in a sign of changing e LGBT community’s growing economic clout Ftimes, last month TD Bank’s New York o ce an- was on vivid display last week, when more than 1,300 nounced a new job title: vice president for business business leaders attended the National LGBT Cham- development, LGBTQ2+. ber of Commerce’s annual conference in “It’s denitely the rst time I’ve heard of Philadelphia, which the group dubbed “the a bank with this position,” said Todd Sears, city of brotherly love and sisterly aection.” founder of business advisory group Out Conference attendance grows by about Leadership. $1B 15% annually, and the 16-year-old chamber Steven Garibell, TD’s newest vice presi- VALUE of city now has 250 corporate partners, including dent, said his role is intended to signal to the contracts award- most of New York’s big nancial institutions, business community and to employees that ed to MWBEs media conglomerates and drugmakers, the bank values working with the more than in 2017 but also Major League Baseball, Northrup 750,000 New Yorkers who identify as lesbi- Grumman and Turner Construction. position serving LGBT business owners in its native an, gay, bisexual and transgender. e popu- JPMorgan Chase’s global head of supplier di- market of Canada four years ago. He noted TD has lation is the nation’s largest, according to Gallup data. versity was recognized by the chamber as a “champion branches from Maine to Florida, and he hopes success “We want to be a part of the community 365 days of enterprise” for supporting LGBT-owned businesses. in New York will show “how scalable this idea can be.” a year,” Garibell said, “not just during Pride Month.” Rich Jeanneret, Northeast region managing at could prove to be a substantial test. As wel- partner at Ernst and Young, said adding LGBT coming as places like New York and Philadelphia A change in status and female employees to the rm’s merger-and- are for LGBT business owners, it’s not that way ev- Banks have long tailored services to the needs of acquisitions practice was key to improving a poorly erywhere. at was an issue for Jeanneret when his particular groups, creating “urban” teams to draw performing unit. “We tripled the bottom line in seven son began looking for colleges about four years aer African-American and Latino clients or shariah- years and turned it into somewhere people want to transitioning from female to male. compliant products to attract Muslims. e business work,” he said. “It means we can recruit from consult- “We decided to stay in the Northeast,” he told last of catering to LGBT clients took o aer the state le- ing rms we couldn’t before, like Bain and McKinsey.” week’s conference. “For those of you who have to live galized same-sex marriage in 2011 and private bank- As for TD, Garibell said the bank is looking to re- in the Southeast and the central part of the country,

ers began oering trust and estate-planning services peat the success it had aer creating a vice president it’s not as easy to be LGBT.” ■ ISTOCK, COMPOSITE DANIELLE SLADEK to couples whose legal status suddenly changed. Now bankers who have specialized in serving niche businesses or individuals are targeting LGBT customers more directly than ever because a lot of money may soon be owing to the community in the form of contracts for city and state services. e National LGBT Chamber of We want to be Commerce, whose part of this members include “ many of the city’s community 365 top employers, is lobbying City Hall days a year, not and Albany to give just during Pride LGBT business owners the same Month” consideration af- forded to minority- and women-owned business enterprises when bidding for city and state contracts. e stakes are high, considering the city alone awarded $1 billion to about 1,200 MWBEs last year, according to the city comptroller’s o ce, and Mayor Bill de Blasio has said his goal is to award $16 billion in city contracts to these enterprises by 2025. MWBEs took in $2.2 billion from state contracts last year. “We don’t want set-asides, just a seat at the table,” said Jonathan Lovitz, LGBT chamber senior vice president. He added that he has reached out to City Council Speaker Corey Johnson, who is gay, and a bill is pending in the state Senate. A de Blasio spokesman said the city is engaged in “extensive outreach to LGBT businesses and other communities to ensure that they have resources that speak to their needs.” ere are only 108 LGBT-certied businesses in the state, according to the chamber’s gures, but Lo- vitz said thousands more are ready to apply if it means getting a shot at city and state funds. Opposition to adding LGBT-owned companies to the list of eligi-

AUGUST 20, 2018 | CRAIN’S NEW YORK BUSINESS | 5

P005_CN_20180820.indd 5 8/17/18 5:49 PM WHO OWNS THE BLOCK

Rezoning is just the latest in a string WEST 207TH STREET of big Inwood developments Change was afoot in the Upper Manhattan enclave long before the City Council’s vote this month

BY TOM ACITELLI

433 W. 218TH ST.

he de Blasio administration’s ve 4790 BROADWAY A Tempe, Ariz.–based compa- neighborhood rezonings so far— ny specializing in tax-deferred The New York Public Library, the city Department of from East New York in Brooklyn exchanges purchased this Housing Preservation and Development, and a team of 22,068-square-foot garage to Jerome Avenue in the Bronx— community groups are moving forward with a plan to for $3.5 million in 2012. Thave proved contentious but none more so redevelop the Inwood Public Library. A new branch will be incorporated into the project, a 14-story residential than its plan for Inwood. e neighborhood building with 175 affordable units and a prekinder- at Manhattan’s northernmost tip is oen de- garten space. The project recently nished the city’s 5120 BROADWAY scribed as the borough’s last truly aordable land-use review process and is expected to close on one. Fears that the rezoning—part of Mayor nancing next year, an HPD spokesman said. Time Warner Cable bought this 2-story, 43,522-square- Bill de Blasio’s pledge to create or preserve foot commercial building for 300,000 aordable-housing units $15.2 million in 2003. Char- by 2026—would spur market-rate ter Communications acquired development and thus displace 4650 BROADWAY Time Warner Cable in 2016 and maintains of ces here. longtime residents had dogged Developers Washington Square Partners the proposal. When the bill nal- and Acadia Realty Trust, which acquired the ly passed Aug. 8, demonstrators site for $18.3 million in 2005, proposed a 15-story building with 175 affordable apart- inside City Hall tossed Monopoly ments and 180 market-rate ones. The de money at legislators. Blasio administration supported the project, But Inwood has seen its share as it would be the rst under its Mandato- ry Inclusionary Housing program. But local of development in recent years Councilman Ydanis Rodriguez insisted that it as well as sales of sizable proper- be 100% affordable, a nonstarter for devel- ties, including several within the opers because the project would not pencil out. Per custom, the council deferred to Ro- rezoning’s footprint. e plan is driguez and rejected it in 2016. In April Aca- 4055 10TH AVE. likely to accelerate investment dia sold the site to FBE Ltd., a Manhattan Fairbridge Properties, a private real estate investment rm, for $26 million. in the area, but one of its chief real estate–investment com- It is unclear what FBE has planed for the site, selling points is a commitment pany based in Princeton, N.J., which is currently a 2-story garage. to build some 1,600 aordable bought this 65,781-square- foot of ce building for $30.6 units on publicly owned sites and million in September 2017. through the mayor’s Mandatory The seller, Acadia Realty Trust, Inclusionary Housing program, which requires had the year before failed to private developers to incorporate aordable get the necessary approval for an apartment project at nearby apartments into market-rate projects. 4650 Broadway. e $200 million in public investment also will help fund many improvements meant to make Inwood that much more desirable. Two new waterfront parks—plus better 1769 FORT GEORGE HILL 488 W. 207TH ST. connectivity between the neighborhood and its waterways—and several safety The South Bronx Overall Economic Development A partnership of investors from Taconic Investment Corp. acquired this vacant lot and two adjoining Partners and Cogswell-Lee Development Group ac- upgrades for streets are baked in the plan. ones for $275,000 in 2007. The organization led quired the ground lease for this 80,000-square-foot But a key commitment to securing the plans for a 123-unit, 12-story affordable-housing site for an undisclosed sum in early 2016. It includes last-minute support of local Councilman complex in October 2017. The nonpro t’s pre- a 34,000-square-foot Super Associated supermarket. vious plan for a 14-story building there faltered Ydanis Rodriguez was to keep the neigh- because of concerns about its scope. borhood’s business corridor as is. e city originally wanted to increase density along the so-called commercial U and require 118 POST AVE. developers to include permanently aordable housing in projects. Many of the 1-story retail Bronstein Properties, a private real estate– structures likely will be developed anyway— investment and management company based in Forest Hills, Queens, bought this 5-story, 80-unit without the aordability quotas—but opponents apartment building for $3.1 million in 2009. argued that any new incentives to build there Most of the units are rent-stabilized. only would hasten the ouster of longtime local businesses. ■ GOOGLE MAPS, BUCK ENNIS

6 | CRAIN’S NEW YORK BUSINESS | AUGUST 20, 2018

P006_CN_20180820.indd 6 8/17/18 3:09 PM REAL ESTATE

Leading city planner leaves de Blasio administration Kapur embraced expanded powers as executive director to craft some of the mayor’s most signi cant housing achievements BY JOE ANUTA

high-ranking city planner who is leaving “To have the opportunity and privilege to shape the de Blasio administration at the end of the skyline of New York is not something I had ever the month had a key role in shaping some dreamed of,” Kapur said. of the biggest rezonings and policy initia- Atives of the mayor’s tenure. Purnima Kapur le her Rezoning and gentri cation post as executive director of the Department of City One of the most contentious elements of her tenure Planning a er carving out a more powerful role that at the department was the administration’s push to re- will likely be embraced by successors. zone neighborhoods for more density while requiring “No single person has had a bigger impact on the aordable housing and committing to infrastructure skyline of New York than Purni- improvements through a newly ma Kapur,” said David Greeneld, created investment fund. e ini- a former City Council member To remain the tiatives have been focused thus far KAPUR will go into teaching and consulting after 28 who negotiated with the de Blasio “commercial and in lower-income neighborhoods, years at the agency. administration for four years as where residents associate greater head of the Committee on Land cultural beacon to the density with gentrication. Use, particularly on the rezoning rest of the nation, we Kapur noted that many neigh- of 8.6 million people and growing,” she said. “If you of Midtown East. borhoods the city hasn’t rezoned want to remain the commercial and cultural beacon Kapur worked at the depart- have to be the kind of are gentrifying as well because to the rest of the nation, we have to continue to be ment for 28 years, rising from an of general population and job that kind of city.” entry-level planner to the head of city that promotes as- growth. She said the city can help Kapur plans to teach at Columbia University and the agency’s Bronx and Brooklyn of-right development” mitigate these eects by rezoning serve as a planning consultant for Harvard University, oces. She was tapped for the ex- to control what is built while re- which is working on a large expansion project in Bos- ecutive director position in 2014 quiring aordable housing. ton’s Allson neighborhood. a er Mayor Bill de Blasio took oce and promised a e rezonings are helpful, she said, because they While the city has not named a replacement, many more community-based planning process. then allow for as-of-right development, which is es- observers expect the department to promote some- At the time former Director Carl Weisbrod had sential to keeping the city dynamic, competitive and one from within. Howard Slatkin, deputy executive just shaken up the leadership structure by creating a welcoming to diverse groups of people. director for strategic planning, is rumored to be in the

chief operating ocer position to professionalize the “I think [as-of-right building] is essential for a city running for the job. ■ OF CITY PLANNING DEPARTMENT organization and oversee some of the more admin- istrative tasks, allowing Kapur to focus on planning and policy goals. Some staers bristled at what they saw as a more The ﬁrst annual CREFC CRE CLO Conference will feature the leading corporate structure, but they were glad to see some- practitioners in the industry as they discuss the reemergence of one with extensive experience overseeing the depart- CRE CLOs, which are on pace to well exceed the nearly $8 billion in ment’s activities. issuance last year. Panel topics will include how the current crop of “She totally redened the role of executive direc- CRE CLOs differ from CMBS and from pre-crisis CRE CDOs, the credit tor,” Weisbrod said. characteristics of the underlying loans, issuer and investor motivations, During her time in the boroughs, Kapur developed as well as thoughts on what is next in for the market. zoning that is now shaping development in several Topics: Early Registration Bronx neighborhoods. In Brooklyn, she was a key CRE CLOs 2.0 Deadline: negotiator on the contentious Domino Sugar rede- Bridge Loans: The Raw Materials Behind CRE CLOs SEPTEMBER 14 velopment, which caused an unusual amount of acri- CRE CLO - Issuer Focus mony between the Walentas family and the de Blasio CRE CLO - Investor Focus administration. State of the Market & Emerging Trends A er assuming the executive director role, Kapur worked on translating into actual zoning text an idea from de Blasio’s campaign—an initiative that would require developers who receive zoning bonuses to dedicate a portion of their projects to aordable housing. e resulting policy, Mandatory Inclusionary Housing, survived a politically fraught public review process before its approval in 2016. A concurrent proposal, Zoning for Quality and Af- CRECLOCRECLO fordability, which was approved the same year, orig- inated from within the Planning Department under the leadership of Kapur and Weisbrod. e extremely

technical policy made changes throughout the zoning PARTNER SPONSOR code that included reducing parking space require-

ments for residential projects near transit lines and PLATINUM SPONSOR relaxing building shape restrictions to allow develop- CREFC’s FIRST ANNUAL ers using modern construction techniques to employ GOLD SPONSOR better design. CRE CLO CONFERENCE Kapur also played a large role in the negotiations BRONZE SPONSORS of the Midtown East rezoning, Greeneld said. It was OCTOBER 4, 2018 approved last year and allows for the construction of SHERATON HOTEL, NEW YORK CITY bigger and more modern oce towers around Grand www.crefc.org/events MEDIA SPONSOR Central Terminal in exchange for public realm and transit improvements.

AUGUST 20, 2018 | CRAIN’S NEW YORK BUSINESS | 7

P007_CN_20180820.indd 7 8/17/18 4:18 PM ASKED & ANSWERED SPORTS INTERVIEW BY STUART MILLER

DANNY ZAUSNER UNITED STATES TENNIS ASSOCIATION

s chief operating of cer and managing director of the USTA Billie Jean King National Tennis Center, Danny Zausner oversees everything about the US Open experience, from the merchandise to the Players are on the Anumber of bathrooms. For the past ve years, he has been “road 40 weeks a year. focused on a $650 million renovation of the grounds, high- I want their New York lighted by a retractable roof for Arthur Ashe Stadium and the experience to be rebuilding of the Grandstand and Louis Armstrong Stadium. The latter will debut Aug. 27, when the main draw of this unlike anything else” year’s tournament begins.

You had been a concert promoter. How did that help you in this role? My former boss Jon Scher always said we’re really there to make sure the artist has an experience at our venue unlike anywhere else. The similarities are pretty striking. Here are players on the road for 40-odd weeks out of the year, and once they set foot in New York, I want their experience to be unlike anything else.

What were your rst moves when you came to the US Open in 2001? The rst couple of years were really about upgrading the whole experience. They were doing about $35 million in ticket revenue, and I saw a lot of opportunity—not just charging more but where we could put more seats. Also, for food and merchandise, I said, “If we gave these people more customer service, they might come back more often, enjoy it more and spend more money.” Within 10 years we took it to $110 million annually. DOSSIER The nal plan for the grounds included more land. How did you get it? We gured out with the city that we needed an extra half-acre, WHO HE IS Chief operating of cer and managing but it’s the same process as if you were looking for 100 acres. director, USTA Billie Jean We had one meeting with Mayor Michael Bloomberg’s senior King National Tennis Center staff. They knew the economic bene ts of taking us to the GREW UP Monsey, N.Y. next level. We did ask for some nancing and didn’t get it, but they said, “We’ll help you through the process.” LIVES Tena y, N.J. EDUCATION Bachelor’s You had to work with six community boards. Was that dif cult? in economics and manage- It was a strip of asphalt we were turning into a green space, ment, SUNY Binghamton but there was speculation we were cutting down thousands GOING LIVE Zausner has of trees, putting people out of work, creating monstrous park- spent his entire career working lots. None of it was true. At the meetings I was yelled at, ing in live events, including spit on. as a concert promoter for Metropolitan Entertainment and then on the venue side for What will fans be most excited about when Armstrong opens? Ogden Entertainment. Both concourses have every amenity imaginable, and by cantilevering the upper bowl, the fans up top are just as close DEAD AHEAD Early in his career he spent one summer to the action as those below. When the roof is open, fans will on the road with the Grateful be amazed at just how many seats are in the shade. Dead, visiting cities to nd ven- ues or corn elds to set up from What’s next? scratch. At each location he had Now I help gure out where to take the Open for the next to sell the tickets. “No doubt that couple of decades. There are 12,000 more seats to ll. We are was good training.”

going to build a new broadcast compound for 2019. I’m going BUCK ENNIS back to those tier-C projects we put aside, prioritizing and pricing them.

What about when the Open is not in session? There’s now over a billion dollars in infrastructure and roofs on Ashe and Armstrong. We can start thinking about this as a festival site that can be used in the spring, summer and early fall. ■

8 | CRAIN’S NEW YORK BUSINESS | AUGUST 20, 2018

P008_CN_20180820.indd 8 8/15/18 5:54 PM CN018777.inddEventCalendar_fullpage_8.20issue.indd 1 1 8/16/20188/16/18 2:58:09 3:46 PM PM VIEWPOINTS

No contest: The media is wrong about Cuomo vs. Nixon Don’t expect another election surprise in the race for governor

CUOMO’S BIG LEAD LIKE GENERALS, jour- embarrassing rebuke to Mr. Cuomo,” nalists o en ght e New York Times wrote the next day. Poll Date Cuomo Nixon Other the last war, which is e lesson of 2014 was ampli ed Siena July 31 60% 29% 11% the best explanation in June by Alexandria Ocasio-Cortez’s of the mismatch be- shocking defeat of Rep. Joseph Crow- Quinnipiac July 18 59% 23% 18% tween their coverage ley, the No. 4–ranked House Democrat. of the Democratic gu- e Times’ news pages had mentioned bernatorial primary her exactly three times before the elec- progressive voters. An upset is possible. as the state’s defender against the evils GREG DAVID and the data on it. tion—twice in national roundups of “ e problem,” noted veteran poll- of President Donald Trump. If angry Four years ago candidates like her and once in a single ster Lee Miringo of Marist, “is that Democrats want to send a message to none of the leading pollsters even paragraph of an Election Day preview. there is nothing in the data to support Trump on Sept. 13, Miringo said, they bothered to assess the race Suddenly journalists decid- such thinking.” e two most recent are likely to do so by voting for Cuomo, between insurgent Zephyr ed there was a new dynamic polls, by top-rated survey organizations not against him. Teachout and Gov. Andrew to focus on in the primary be- Siena and Quinnipiac, put Cuomo’s It is true a month can be a long time Cuomo, who was seeking tween Cuomo and actress-ac- lead at more than 30 points. in politics, especially in the Trump election to a second term. $7M tivist Cynthia Nixon. Progres- If Cuomo ignored Teachout four era. e Aug. 29 debate between AMOUNT Cuomo When voters went to the has spent on sives in the Democratic Party years ago, he certainly has learned his Cuomo and Nixon could always be a polls Sept. 9, they shocked campaign ads do seem red up. Cuomo has lesson. He’s using the advantages of in- game-changer. But the battleground the experts and journalists taken some hits, especially cumbency, traveling around the state is not Queens, Cuomo is not Crow- by giving Teachout 35% of with the recent federal crimi- announcing new projects and money ley, and history is not preordained to the vote, ve percentage points more nal convictions of a top aide and his go- for communities. With some $30 mil- repeat itself. ■ than the supposedly impossible thresh- to economic development person. e lion to burn, he’s spent $7 million of old she had set for herself. “ e strong primary is unusually on a ursday, so it to blanket the airwaves with cam- GREG DAVID writes a regular column performance by Ms. Teachout was an turnout will be low and skew toward paign ads, most of which portray him for CrainsNewYork.com.

Fix flood insurance before New York gets swamped again Federal program leads to risky building and poor preparation BY ROB MOORE

s we head into the height of ners to decide where to build. But they hurricane season, the Na- are o en decades out of date and may tional Flood Insurance Pro- not be based on the best data available. gram is in sorry shape. It Moreover, these maps, which will in- Aexpires in three months and requires form development and urban planning more than another renewal. It needs for years to come, say nothing about an overhaul before more New Yorkers future ood risks. Accurate maps allow su er the consequences of its misman- communities to gauge whether people agement and dysfunction. will be safe when the water rises. During years of rebuilding a er Su- perstorm Sandy, New Yorkers learned BREEZY POINT was Congress on the hook hit hard by Super- the program’s shortfalls. Today nearly storm Sandy. Many e insurance program plays an es- 200,000 homeowners here pay month- city homes lack sential role in New York’s ood-prone ly premiums for disaster coverage, but ood protection. areas, protecting homeowners and its long-term solvency is far from as- providing nancial recourse to those sured. Meanwhile, rising costs mean at risk of losing everything. Congress that many more New Yorkers cannot now has a golden opportunity to re- a ord the program’s premiums and are form the program by enacting risk- denied needed coverage. repairing houses that repeatedly ood, Congress needs to make the pro- based policies, investing in mitigation and it does too little to help owners gram’s data public. New Yorkers living and ensuring accurate, transparent Loopholes abound who want to move out of harm’s way or in ood-prone areas have a right to communication of ood-risk data. A laundry list of loopholes threat- elevate their homes and communities know where disaster is likely to occur, Sen. Charles Schumer, who has ens the environment and New York seeking to reduce their exposure. the cost of the damages and what com- been calling attention to the program’s homeowners. By providing subsidized e insurance program must o er munities are doing to reduce their vul- failings, and his colleagues need to pro- insurance in areas vulnerable to ood- homeowners more assistance to reduce nerability to ooding. Very little of that tect homeowners and sustain crucial ing, the program encourages environ- the risk of ooding. Too o en the only information is available today, which coverage for hundreds of thousands of mentally hazardous construction that timely assistance it provides is to re- denies the public, policymakers and New Yorkers before it’s too late. ■ puts homeowners at risk. Yet it does build in a location likely to ood again. researchers the facts they need to make not ensure that susceptible households at’s a recipe for disaster. neighborhoods safer. Rob Moore is the director of the Wa- buy ood insurance, even when they Owners also must have the right to e ood maps produced by the ter & Climate Team at the Natural are legally required to do so. It relies on know their home’s history. O en peo- program must be improved not only to Resources Defense Council, headquar- outdated or inaccurate ood maps that ple buy a house just to nd out later re ect today’s ood risks, but also to- tered in New York, and a member of leave property owners unprepared for that it is susceptible to ood damage morrow’s. ese maps are used by gov- SmarterSafer, a coalition focused on

GETTY IMAGES disasters. It has spent billions of dollars and requires ood insurance. ernment o cials, developers and plan- federal disaster policies.

10 | CRAIN’S NEW YORK BUSINESS | AUGUST 20, 2018

P010_CN_20180820.indd 10 8/17/18 10:58 AM FROM OUR READERS What’s really going on with Uber, congestion and the MTA

LAST MONTH a Metropol- relying upon reports that of adding hundreds of vehicles, construction turn lanes (with safety part of a sensible plan itan Transportation show declining speeds miles of bike and turning and other hazards has in mind), streets are that makes all driving in Authority report found while Uber, Ly and oth- lanes. Take a rush-hour become a tightened strip clogged at all hours. high-congestion zones that Uber and other ers have gained populari- drive up ird Avenue or where trucks resort to e problem is trucks more expensive and ride-hailing services ty. In fact, the connection down Columbus Avenue double-parking in the blocking cars as deliver- watch how much of our had contributed to is virtually nonexistent. and the bottlenecks are center of the road. ies are made to keep this trac problems disap- a decline in subway What trac stud- readily apparent. What With a lane removed city running. Change the pear. It’s that simple. ridership. I don’t think ies have conveniently was once a wide street for bicycles and many price of making deliver- MATTHEW SILPE anyone is surprised le out is the impact with room to pass parked parking spaces lost to ies during rush hour as New York City to hear that increased competition is likely a cause of the MTA’s declining share of riders. What reveals more are the omissions in the report and management’s conclusions about the problems a icting the agency. Other transit systems Who Says You have faced competition Who Says You from ride-hailing apps yet have fared better Can’t Change the and have not had their Can’t Change credit rating downgrad- Skyline of NYC ed (“S&P lowers MTA’s credit rating, orthe Vistas Skyline? Around citing political dysfunction,” CrainsNewYork .com). Contrary to the the World? beliefs at the MTA and those of local politi- cians, Uber is not neces- sarily the main culprit. e study and the MTA ignore other signicant factors such as exible work schedules and telecommuting, which have contributed to declining ridership. e result is that the impact of Uber on MTA ridership is overstated One of the world’s largest centers of real estate teaching and research, the NYU School of Professional (as Airbnb’s impact on Studies Schack Institute of Real Estate brings together the brightest minds in the industry. Our non-degree rents was overstated in WYVNYHTZ[H\NO[I`HMHJ\S[`VMSLHKPUNL_WLY[ZPU[OLPYÄLSKZWYV]PKLH^LHS[OVMVW[PVUZ[VRLLW`V\HOLHK another study). VM[OLWHJRHUKWYLWHYLKMVY[OLUL_[THQVYPUK\Z[Y`ZOPM[Z If MTA management can’t gure out the causes of declining rid- > CERTIFICATES – Open-enrollment credentials > COURSES – Open-enrollment, professionally ership or wrongfully at- VɈLYPUNHIYVHKIHZLKL_WVZ\YL[V[OLTHQVY MVJ\ZLKJSHZZLZ[OH[WYV]PKLTH_PT\TÅL_PIPSP[` tributes it to other fac- areas of the real estate industry, supporting your to create a personalized educational experience. tors, the policies sought HK]HUJLTLU[PU`V\YYLHSLZ[H[LJHYLLYVYH )\PSKPUN+LZPNUₔ*VUZ[Y\J[PVUₔ9LHS,Z[H[L to address it (capping career change to real estate. Uber, for instance) will be ineective. )\PSKPUNZHUK*VUZ[Y\J[PVUₔ+L]LSVWTLU[HUK3HUK DIPLOMAS – Admissions-based credentials for MTA and policymakers. YLHSLZ[H[LWYVMLZZPVUHSZZLLRPUN[VKL]LSVW Schack Institute of Real Estate DAVID BRODY ZWLJPÄJHYLHZVML_WLY[PZL Upper East Side (\[V*(+ₔ*VTTLYJPHS7YVWLY[`4HUHNLTLU[ₔ*VTTLYJPHS9LHS ,Z[H[L-PUHUJPHS4VKLSPUN

NYUSPS Of ce of Strategic Marketing and Communications Job Number: a1718-1459 Pub/Issue Date: Crains NY 8/20/18AUGUST 20, 2018 | CRAIN’S NEW YORK BUSINESS | 11 Product: Pathways - Real Estate / Construction Date 08/09/18 Size: 7.625” x 9.875” Artist: pw Bleed: N/A Proof #: 3 Color/Space: 4C Note:

P011_CN_20180820.indd 11 8/17/18 10:28 AM THE LIST NEW YORK AREA’S LARGEST ARCHITECTURE FIRMS Ranked by number of architects

(From left) 1 SOHO SQUARE by Gensler (No. 1); ESSEX CROSSING SITE 3 by CetraRuddy Architecture (No. 7); THE LANE AT BOERUM PLACE by Ennead Architects (No. 8); 250 W. 81ST ST. by Robert A.M. Stern Architects (No. 9); SEAPORT RESIDENCES by Hill West Architects (No. 21)

5#04 2&)7A0" 58&6) 7"4$"95

7"%'57% &71048

WILLIAMS NEW YORK, HILL WEST ARCHITECTS

COURTESY OF GENSLER, CETRARUDDY ARCHITECTS, ENNEAD 12 | CRAIN’S NEW YORK BUSINESS | AUG UST 20, 2018

P012_P013_CN_20180820.indd 12 8/17/18 11:05 AM

5#04 2&)7A0" 58&6) 7"4$"95

7"%'57% &71048

'RTThBI`ah YGQRaIGa` 'RTThBI`ah YGQRaIGa` 5IRh"WFFh%YIIHh 5IRh"WFFh%YIIHh 5EYaVIY`h YGQRaIGa` 5EYaVIY`h YGQRaIGa` 3!!) 3!!) 30h YGQRaIGa` 30h YGQRaIGa` 5IYSRV`h hBRTT 5IYSRV`h hBRTT

AUGUST 20, 2018 | CRAIN’S NEW YORK BUSINESS | 13

P012_P013_CN_20180820.indd 13 8/16/18 3:42 PM WASTE MANAGEMENT

PLOTTING A FUTURE IN GARBAGE Microhaulers, who tow organic waste by bicycle, have grabbed a foothold in carting—an industry that’s about to be turned upside down

BY MATTHEW FLAMM

BACK TO THE LAND: Nurse (right) and Peperone (left) make a living turning food scraps into soil. BUCK ENNIS

14 | CRAIN’S NEW YORK BUSINESS | AUGUST 20, 2018

P014_P016_CN_20180820.indd 14 8/16/18 4:21 PM andy Nurse and Renée Peperone launched BK Rot in 2013, hiring young people in their Bushwick neighborhood to ride around on bicycles, collecting residential food scraps that they would turn into compost. Realiz- ing that local eateries and o ces also wanted to keep their food waste out of land lls— Sbut didn’t trust commercial carters to do it—Nurse and Peperone began serving businesses about three years ago. ey now serve commercial clients exclusive- ly—16 of them, with 30 more on a waiting list. “At least ve of our accounts were composting with a large hauler and weren’t sure where the material was going,” Nurse said. Every month BK Rot collects 10,000 to 15,000 pounds on two trailers towed by bicycle, each of which can haul up to 600 pounds at a time. e nonpro t composts the material at the lush community garden Know Waste Lands on Myrtle Avenue and sells the soil nutrient to residents and other gardens for a nominal fee. It’s a niche operation, but Nurse sees it as just the beginning. BK Rot belongs to a loose alliance of microhaulers, waste-reduction experts and food- rescue groups that envisions a role in the re-formed commercial waste-collection industry planned by the de Blasio administration. Opportunities and pitfalls e mayor’s controversial proposal would create 20 franchised zones throughout the city, each served by three to ve carters. e Department of Sanitation says it would make collection safer, more e cient and less polluting by trimming private carters’ routes and drivers’ shi s. Carters and real estate executives say it would sti- e competition, raise customers’ rates and put many of the city’s 80 haulers out of business. e carters also argue that microservices, including BK Rot, are better o in the open market, where they could partner with big haulers looking to o er services their competitors don’t. ECO-FRIENDLY: But the zoned plan also would o er subcontract- Danberg-Ficarelli ing opportunities and likely include recycling man- helps eateries and of ces dispose of dates that microhaulers could help franchisees meet. organic waste. Keeping organics out of land lls is of particular con- cern because methane emissions from decomposing food waste are a major contributor to climate change. Micro or small haulers—de ned by the state as gath- ering less than 1 ton per trip—could play an essential role, whether in recycling electronics, plastics or food. Reclaimed Organics, a microhauler based on the serve. A typical restaurant’s waste stream can be from “We could be a subcontractor or we could con- Lower East Side, is already trying a version of that 50% to 70% organic, she said. If its black trash bags tract with haulers to pick up our stu ,” Nurse said. model. e four-year-old operation, part of the food- no longer contained rotting food, a restaurant would “We do know we have a role to play. If we had willing waste consultancy Common Ground Composting, not have to put them out every day. at could mean partners on the other side—meaning large hauling picks up around 12,000 pounds of organic waste a fewer stops for its carter. companies—I think we could scale up and t nicely month from about 35 clients. It uses a recently ac- “ e commercial hauler’s costs could actually in a zone system.” quired pedal-assist electric tricycle, which can carry fall,” Danberg-Ficarelli said. “Maybe a small business Microhaulers o en provide services carters don’t 800 pounds on its trailer. has six-day-a-week land ll pickup. It could fall to have time for, such as helping restaurants order sup- About 2,000 pounds a month are processed into three days a week.” plies more e ciently and educating clients on keep- compost at its community garden on East 11th Street. She sees the zone plan as a path to growth, but she ing contaminants out of the organic waste stream. e rest is consolidated for thrice-weekly pickup by acknowledges the franchised system could change More important, microhaulers’ customers include commercial hauler Avid Waste Systems, which ar- the market. “If we’re in a zoned system, commercial those that produce too little waste to haulers’ routes would be more dense, ll the standard 64-gallon bins that and, potentially, serving these small trucks pick up. ese clients might “IN A ZONED SYSTEM, HAULERS’ businesses wouldn’t be as much of a have a few 5-gallon buckets at a challenge [for them],” she said. “But time—of little value to haulers using ROUTES WOULD BE MORE DENSE. BUT I still believe a truck will not want to two-man crews and $300,000 trucks. I STILL BELIEVE A TRUCK WILL NOT stop for a 5-gallon bucket.” “For a truck to go to these small food producers doesn’t make sense,” STOP FOR A 5-GALLON BUCKET” A loss leader Nurse said. “ ere’s a lot of room e carting industry agrees that for allowing fossil-fuel-free types of there’s a role for microhaulers but BACK TO THE LAND: Nurse (right) hauling to collect material and consolidate it—mov- ranges for its transport to composting facilities up- contends zones will neither make it easier for start- and Peperone (left) make a living ing from 100 small stops done by a large diesel truck state or on Long Island. turning food scraps into soil. ups nor solve the chief obstacle to organics recycling: to one or two stops and the rest being done by bike. Such arrangements, said Common Ground Di- a shortage of composting facilities near the city. ere’s opportunity for job creation and an opportu- rector Meredith Danberg-Ficarelli, could bene t car- O cials at Avid, which has been working with nity to divert more material from land ll.” ters as well as the small customers that microhaulers Danberg-Ficarelli for about a year, say, for them, the

AUGUST 20, 2018 | CRAIN’S NEW YORK BUSINESS | 15

P014_P016_CN_20180820.indd 15 8/16/18 12:58 PM WASTE MANAGEMENT

DIRT CHEAP: STRATEGIES FOR FOOD SCRAPS

FOOD WASTE, NEARLY EVERYONE agrees, should be kept out of land lls, where it produces methane that warms the planet. The hard part is nding places for it, particularly in New York, which just expanded the number of businesses that must recycle organic waste. Most disposal options require long trips outside the city. Potential solutions include microfacilities being developed by Industrial/Organic, a Brooklyn startup planning to begin service next summer. The company uses its own fermentation system and expects each facility eventually to turn 100 tons of food waste per day into fertilizer without yielding methane, co-founder Amanda Weeks said. The process is unobtrusive enough for urban industrial areas, she said. Other entrepreneurs are approaching the problem on an even smaller scale. “We need to start reducing waste at the source,” said Marc de Konkoly Thege, co-founder of RoHo Com- post, a Manhattan nonpro t that picks up organic waste and trucks it to composters upstate. RoHo helps customers reduce food orders and diverts waste through food donations. “We know we can shave off 10% to 20% of what’s being generated,” de Konkoly Thege said. “Composting should be the last resort.” Microhauler Vandra Thorburn wants to grow her nine-year- old business, Vokashi, which processes about 4 tons of organic waste a month on city-owned land near the Marine Park Golf Course in Brooklyn. She easily could handle 10 tons. “That’s where we want to get to,” Thorburn said. Employing bokashi, the Japanese composting method, she gives her clients a microbial culture to mix with their waste, THORBURN uses enzymes then picks up the 5-gallon buckets in her SUV. Once buried and to compost 4 tons of food waste per month. covered with sawdust, the pickled waste emits virtually no odor and turns into a useful landscaping product. She would like to see lots of community recycling operations, including those using high-tech composting. “There are dozens of old garage spaces we could convert,” Thorburn said. “I’m very much about making this as open as possible.” — M.F.

partnership is not about economics. Any e ciencies waste disposal—13.6 cents a pound—recently set by Microhaulers say they provide services besides Avid gains from working with the microhauler are the Business Integrity Commission, the New York hauling, such as waste-reduction planning and o set by the expense of transferring food waste to City agency that oversees the industry (but mostly bin-cleaning. But others are skeptical that their trucks for transport to its nal destination. Instead, ignores trash-towing bicycles). model could work under the zone plan. the partnership is mainly about raising the compa- “Why would customers be willing to pay more for ny’s pro le and landing new clients. a service they don’t have to have and that the hauler, “At this point, it’s kind of a loss leader for us,” said under the franchise agreement, would be obligat- Anthony DelBroccolo, president of the Bronx-based ed to provide—and at a lower cost?” asked Kendall carter. “We do it to help them and to get our foot in Christiansen, executive director of New Yorkers for the door of this market, which is growing and could Responsible Waste Management, a carting industry become important.” group formed to ght the zone plan. In a zone system, he added, working with Re- e Department of Sanitation believes claimed Organics would make even less sense. If he microplayers will have a role within commercial had a franchise and its captive market of customers, waste zones, particularly in furthering the city’s he would not need to lose money looking for new zero-waste goals through “partnerships and innova- accounts. And if the microhauler became a subcon- tion,” a spokeswoman said. tractor, rather than a customer, its cost structure But both large and small operators “will still need would change along with the relationship, starting to meet all safety, cost and environmental require- with higher insurance rates. BIN WORKING ments,” she said. “In the zone, I’m responsible for my subcontrac- Zone supporters say it is too early in the process tor,” said Ben Velocci, secretary-treasurer of Avid. to know exactly how subcontracting will work or “ ese niche players aren’t going to have the insur- % what insurance will cost. But they expect the system ance we’re going to be required to have. ey would to set ambitious recycling goals, and microhaulers also have to follow the standards and procedures we 13.6 60 could be crucial in that e ort. CENTS PER POUND, APPROXIMATE PORTION set for them. My experience is, there’s not enough the maximum rate of a restaurant’s waste “You have to have the hauler in each zone actu- money there to make that happen.” carters can charge for that is organic ally on the hook for some diversion requirements Avid’s contracts require subcontractors to have at trash pickup so both parties will be motivated and the prima- least $1 million in liability coverage plus a $5 million ry hauler is actively promoting the microhauler to umbrella policy. businesses,” said Justin Wood, director of organizing 64 and strategic research at New York Lawyers for the Pros and cons 30 GALLON BINS picked Public Interest, a liaison between microhaulers and Critics of the zone plan point out that CENTS PER POUND, up by carters versus the Sanitation Department. “Right now it’s a bou- microhauling is a premium service. Clients might the rate some 5-gallon buckets by tique service. In a city of 200,000 commercial [trash] save money by reducing waste, but some of them microhaulers charge microhaulers generators, it’s a drop in the ocean. e zone system

BUCK ENNIS are paying at least double the maximum price for is the only way to scale this up.” ■

16 | CRAIN’S NEW YORK BUSINESS | AUGUST 20, 2018

P014_P016_CN_20180820.indd 16 8/17/18 11:24 AM HEALTH TECH

KAHLENBERG performs VR surgery to test her skills at HSS.

THIS WON’T HURT A BIT At Hospital for Special Surgery, he procedure was over in a matter of manage pain. (See “Virtual Healing,” page 18.) e minutes. technology’s proponents wax enthusiastic about its residents can practice virtual Dr. Cynthia Kahlenberg, a fourth- potential to provide on-demand training. But others operations before they ever year medical resident at Hospital for Spe- say it still has a long way to go to replicate a real-world touch a live patient cial Surgery, had done her best to get her medical environment. Tbearings in the cavernous operating room. She initial- Virtual-reality simulations could prove particularly dropped a surgical rod before successfully placing ly useful in many procedure-based areas of medicine, BY JONATHAN LAMANTIA it in the tibia of a sedated patient with a broken leg. such as anesthesia, to introduce new physicians to the e patient had been jogging in Central Park and steps needed to complete a task, said Dr. Mathias Bo- was struck by a cab, explained Dr. Anil Ranawat, an strom, a hip and knee surgeon and the vice chairman orthopedic surgeon and director of the sports med- of education and academic aairs at HSS. icine fellowship at Hospital for Special Surgery. He Bostrom rst spotted Osso VR at a trade show and chided Kahlenberg for making the surgical hole too was impressed when the company came to the hospi- large, although he was impressed with her speed. tal to demonstrate the technology. “Certain industries But under the bright surgical lamp on the stainless such as aviation have been doing simulation for many steel table in front of her, there was no patient with decades,” he said. “It’s been relatively late in coming a broken leg—only a laptop running the soware into medicine and surgery.” projected into Kahlenberg’s headset. When she took For decades HSS has been using sawbones—arti- o her virtual-reality goggles, she was back in the cial bones that residents can practice on—as well as Bioskills Education Lab on the eighth-oor of HSS in cadavers in its simulation lab. Manhattan. “Cadavers are still the gold standard of how to e orthopedic specialty hospital is testing new teach young surgeons,” Ranawat said. soware from Palo Alto, Calif.-based Osso VR. e But cadavers can be expensive. Brokers sell human technology could oer a way for residents at HSS and bodies for $3,000 to $5,000 apiece, although they of- other hospitals to hone their surgical skills before ten sell them in parts. A torso with legs runs $3,575; progressing to other types of simulations, such as op- a head costs about $500, according to a 2017 Reuters erating on cadavers. investigation. Virtual reality is emerging in health care as a high- e prep and cleanup for VR simulations is tech solution to problems as varied as training doc- simpler too. “I don’t have to thaw the computer,”

tors, reducing medical errors and helping patients joked Justin Dufresne, manager of the Bioskills lab, BUCK ENNIS

AUGUST 20, 2018 | CRAIN’S NEW YORK BUSINESS | 17

P017_CN_20180820.indd 17 8/17/18 4:30 PM VIRTUAL HEALING HEALTH TECH

VIRTUAL REALITY IS more than just a training tool for doctors. Some gesturing to a nearby cadaver lying on a dissection health systems are deploying the technology to help patients cope with table under a blue sheet. post-traumatic stress disorder, pain management and even the nausea A few weeks earlier Osso’s co-founder, Dr. Justin caused by chemotherapy. Barad, had given a demonstration at a medical tech- Research on VR-based treatment is continuing at several New York nology conference at the Javits Center. To date, the medical centers. Weill Cornell is recruiting patients for a study on using company’s clients mostly have been medical device it to treat social anxiety among teens. While VR isn’t a new technology, makers that use VR to help surgeons practice im- decreasing costs are making it more accessible than ever. planting their products. Barad, who worked as a vid- JoAnn Difede, director of Weill Cornell Medicine’s program for anxiety eo game developer before he became an orthopedic and traumatic stress studies, rst began using it to treat patients with surgeon, said the simulation can save device makers PTSD after the 9/11 terrorist attacks. Back then, the head-mounted the expense of sending sales reps around the country display cost $25,000. Today she’s using equipment for her research that or ying in doctors for demonstrations. is about $1,500. Osso has raised $2.4 million in venture capital “With costs coming down, ease of use improving and companies funding thus far. It also won $480,000 in cash and interested in developing better products, it is just really taking off,” Difede said. “It has gone from an idea prizes at an EdSim Challenge held by the U.S. De- to a well-funded industry.” partment of Education. Many medical VR compa- Earlier this month, Monte ore launched a study using virtual reality with pediatric patients to see if nies, including Osso, are using o-the-shelf goggles they report less pain and discomfort from chemotherapy, bone marrow transplants and other painful treat- ments. Its new Children’s Hospital Innovation Zone will experiment with various technologies to treat pain. and other hardware such as Oculus’ Ri. Adriana Lugo, a 10-year-old Monte ore patient, recently used the hospital’s virtual reality headset to Practice before practice enter an interactive scene from Beauty and the Beast during chemotherapy. The experience helped ease her nausea during treatment, said her mother, Abel Aragon. Barad said training for novice surgeons can be Monte ore commissioned artist Tim Christopher to create virtual paintings for its VR experience. One inconsistent. For example, one of his co-residents at work, made with Google Tilt Brush, depicts Fordham Road at Grand Concourse. Another shows the Bronx UCLA nished a hand surgery rotation without ever Botanical Garden during the Holiday Train Show. operating on a wrist fracture, a common surgery, “The rst line of defense should be virtual reality, not oxycodone or Vicodin,” said Olivia Davis, assistant because no one had broken a wrist during that two- curator of Monte ore’s Fine Art Program and Collection. “There’s a lot of fear right now that people will month period. “We’re just relying on chance for how stop giving out opioids and there’s no replacement. We want there to be an option beyond that.” — J.L. we’re training this highly skilled population,” Barad said. “ere’s no standardization for what they’re ex- posed to, so people don’t have a common foundation to build upon when they’re out in practice.” “How do you scale this?” said Kathleen Gallo, me through it step by step with the instrumentation, Barad hopes that experienced surgeons will use chief learning ocer at Northwell. “Do you order it’s positive,” he said. VR to learn new procedures or practice operations 66,000 goggles?” But not everyone is sold. For Kahlenberg, who they seldom perform. e company recently released As VR technology becomes more immersive, it had previously trained in the operating room and on a feature that allows multiple users in dierent loca- will become a more eective tool, Gallo said. It’s also cadavers, the experience of training through virtual tions to work together in a virtual operating room. important that health systems test these types of tech- reality was less useful than other methods. She noted In a company-run pilot study of two groups of nologies, she said, and work with companies to adapt the knee joint in the simulation never varies, and the rst-year medical students, those who were trained their products to meet the industry’s needs. weight of the tools in her hand didn’t feel accurate. with Osso VR performed a procedure nearly twice “Every human knee is a little bit dierent, and as prociently as those who underwent traditional Getting to 10,000 there’s variability in the so tissues and the feel of the training using the Global Rating Scale, a scoring sys- As Kahlenberg completed the VR simulation, so tissue,” she said. “You have to adjust if it’s a really tem for surgery. e grader was not aware of which rst-year resident Dr. Ameer Elbuluk watched. He hard bone versus a so old-lady bone.” students had used each training method. had started at HSS just weeks earlier aer graduating e sensation the controllers delivered as she was HSS isn’t alone in experimenting with VR. Osso’s from UCLA medical school. drilling and nailing also was dierent. product is in use in seven other orthopedic residency Repeating a procedure is important for learning. “You get some very slight feedback, kind of like training programs around the U.S., including North- Author Malcolm Gladwell has said it takes 10,000 when you’re playing Xbox and your car crashes,” she well Health’s Long Island Jewish Medical Center in tries to master a new skill. But the operating room said. “I think it has potential to be helpful in the fu- Queens and Columbia University. Companies such experience doesn’t always make that possible, Elbuluk ture, but it has a long way to go before it becomes a as Chicago-based ImmersiveTouch oer competing said. “e fact that I can come in here and it will walk realistic training tool.” soware for surgical simulation and a e HSS lab also has a VirtaMed sim- program that allows doctors to view CT ulator that is equipped with an upper tor- scans and MRI images in a virtual setting so, poked with small holes in the model’s with a 3D view of the patient. shoulder. It is mounted on a display cart At NYU Langone’s Institute for In- with a video screen. Trainees can use a novations in Medical Education, devel- probe to perform arthroscopic surgery, opers are building virtual-reality expe- removing any damaged tissue through a riences to help medical students study small incision while learning to use the anatomy using higher-end VR devices camera to view a patient’s joint. Elbuluk such as the HTC Vive and the lower-cost learned to adjust the camera while strug- Google Cardboard. Elsewhere within gling to suck out damaged cartilage. NYU Langone, neurosurgeons have used While the VirtaMed simulator is well Cleveland-based Surgical eater’s so- suited for arthroscopy, it can’t simulate ware to plan and rehearse for brain sur- fractures like Osso’s VR soware, which geries. allows users to drill into virtual bone, Northwell is working with Visual Lab providing feedback that simulates cutting 360 on a simulation for medical students into tissue. and new nurses at its Center for Learning “Right now [VR] is just another in- and Innovation in Lake Success, Long Is- strument or tool to give younger resi- land, to help identify medical errors. e dents—not older residents because older trainees use a VR device and receive a residents are going to use more cadaver clinical report from a physician before and live surgery—the basic surgical skill entering a “room of horrors,” where they sets, such as understanding anatomy, tac- need to spot the safety traps. Aerward tile feel and understanding the steps of the user receives a performance report. the procedure,” Ranawat said. Northwell runs 20 such clinical scenar- Speaking of Elbuluk, Ranawat said, “I ios. KAHLENBERG, Ranawat, can’t let him experiment on my patient. But the hospital network has strug- Elbuluk and Dufresne in the We have to train them in more modern gled with how to extend its program to Bioskills lab. techniques to get 10,000 hours,” he said.

COURTESY OF MONTEFIORE, BUCK ENNIS more areas of the health system. “It’s all about reps.” ■

18 | CRAIN’S NEW YORK BUSINESS | AUGUST 20, 2018

P017_CN_20180820.indd 18 8/17/18 4:31 PM TO PLACE A CLASSIFIED AD, CALL 1 212-210-0189 OR EMAIL [email protected]

PUBLIC & LEGAL NOTICES BUSINESS FOR SALE

Notice of Formation of The Waglan Notice of Formation of LNS CAPITAL V, HKS Harlem’s Finest LLC Arts of Org Group LLC. Articles of Organization filed LLC Arts. of Org. filed with Secy. of filed with NY Sec of State (SSNY) on 2/ Business For Sale. with the Secretary of State of NY State of NY (SSNY) on 06/11/18. Of- 23/18. Office: New York County. SSNY Owner seeking retirement. Niche (SSNY) on 05/24/2018. Office loca- fice location: NY County. SSNY desig- designated as agent of LLC upon whom tion: New York County. SSNY has been nated as agent of LLC upon whom proc- process may be served. SSNY shall business, major Department Store designated as agent upon whom process against it may be served. SSNY mail process to: 218 Lenox Ave, NY, customers, LIC Factory Phone 212- ess against it may be served. The Post shall mail process to c/o Timothy P. NY 10027. General Purposes. 736-8390. Office address to which the SSNY shall Terry, 667 Madison Ave., 24th Fl., NY, mail a copy of any process against the NY 10065. Purpose: Any lawful activity. Notice of Qualification of PARIAN GLOB- LLC served upon him/her is: United AL MANAGEMENT LP Appl. for Auth. POSITION AVAILABLE States Corporation Agents, Inc. 7014 NOTICE OF FORMATION of 140 FUL- filed with Secy. of State of NY (SSNY) 13th Avenue, Suite 202, Brooklyn, NY TON ASSOCIATES LLC. Art. of Org. on 06/14/18. Office location: NY Coun- 11228. The principal address of the filed with the Secy of State of NY ty. LP formed in Delaware (DE) on 02/ Business Response Analyst (Cita- LLC is 245 E 63rd St, #21N, NY, NY (SSNY) on 6/28/18. Off. Loc.: New 20/18. Princ. office of LP: 43 E. 10th del Americas LLC – New York, NY) 10065. Purpose: any lawful act or activ- York County. SSNY has been desig. as St., 5B, NY, NY 10003. Duration of LP ity. agent upon whom process against it is Perpetual. SSNY designated as Provide 1st level execution support

Business For Sale. Owner seeking retirement. Niche business, major Department Store customers, LIC Factory Phone 212- may be served. The address to which agent of LP upon whom process 736-8390. against it may be served. SSNY shall IRUWUDG·JGHVN IURQWRIÀFHVWDIIWR Notice of Qualification of SONY IN- the SSNY shall mail a copy to is: c/o Hidrock Properties, 40 Wall Street, mail process to Corporation Service Co. UHVROYHV\VLVVXHV HQVXUHFRQWLQXLW\ TERACTIVE ENTERTAINMENT LLC (CSC), 80 State St., Albany, NY 12207- Appl. for Auth. filed with Secy. of 45th Floor, New York, NY 10005 Pur- of business. Assist in deployment, pose: Any lawful act . 2543. Name and addr. of each general State of NY (SSNY) on 06/15/18. partner are available from SSNY. DE FKHFNRXW TXDOLW\DVVXUDQFHWHVW·J Office location: NY County. LLC addr. of LP: CSC, 251 Little Falls Dr., of apps. F/T. Resumes: ER/EM, Attn: formed in California (CA) on 12/ Notice of Qualification of GELLER Wilmington, DE 19808. Cert. of LP filed 21/16. SSNY designated as agent MULTI-VINTAGE III, LLC Appl. for Auth. with DE Secy. of State, Div. of Corps., 8014-515, Citadel Americas LLC, 131 of LLC upon whom process against filed with Secy. of State of NY (SSNY) 401 Federal St., Ste. 4, Dover, DE 6'HDUERUQ6WQG)O&KLFDJR,/ it may be served. SSNY shall mail on 06/08/18. Office location: NY Coun- 19901. Purpose: Investment manage- 60603. process to c/o Corporation Service ty. LLC formed in Delaware (DE) on 06/ ment. Co., 80 State St., Albany, NY 05/18. Princ. office of LLC: 909 Third 12207-2543. DE addr. of LLC: Ave., NY, NY 10022. SSNY designated 2207 Bridgepoint Pkwy., San Mar- as agent of LLC upon whom process Notice of Formation of 8 THOMAS LLC TELECOMMUNICATIONS co, CA 94404. Cert. of Form. filed against it may be served. SSNY shall Arts. of Org. filed with Secy. of State of with Secy. of State, 1500 11th St., mail process to the LLC, Attn: Edward NY (SSNY) on 06/21/18. Office loca- Sacramento, CA 95814. Purpose: Hornstein at the princ. office of the tion: NY County. SSNY designated as Any lawful activity. LLC. DE addr. of LLC: c/o Corporation agent of LLC upon whom process Service Co., 251 Little Falls Dr., Wil- against it may be served. SSNY shall mington, DE 19808. Cert. of Form. filed mail process to the LLC, 70 Little West NOTICE OF FORMATION OF NextGen with Secy. of State of the State of DE, St., Unit 12E, NY, NY 10280. Purpose: Strategic Advisors, LLC. Articles of Or- Div. of Corps., John G. Townsend Bldg., Real estate ownership. ganization filed with the Secretary of Federal and Duke of York Sts., Dover, State of NY (SSNY) on 2/21/2018. Of- DE 19901. Purpose: Any lawful activi- Notice of Formation of formalighting fice location: NEW YORK County. SSNY ty. LLC Arts. of Org. filed with Secy. of has been designated as agent upon State of NY (SSNY) on 05/31/18. Of- whom process against it may be fice location: NY County. Princ. office served. The Post Office address to Notice of Qualification of BRIZO GP, of LLC: 164 W. 25th St., 12th Fl., Man- which the SSNY shall mail a copy of LLC Appl. for Auth. filed with Secy. of hattan, NY 10001. SSNY designated any process against the LLC served State of NY (SSNY) on 06/01/18. Of- as agent of LLC upon whom process upon him/her is: 333 East 43rd Street fice location: NY County. LLC formed in against it may be served. SSNY shall #814 NY, NY. The principal business Delaware (DE) on 05/29/18. SSNY mail process to Corporation Service address of the LLC is: 730 Lawrence designated as agent of LLC upon whom Co., 80 State St., Albany, NY 12207- Ave, Westfield NJ 07090. Purpose: any process against it may be served. 2543. Purpose: General trading. lawful act or activity SSNY shall mail process to the LLC, Attn: Benjamin Isaac, 142 W. 57th St., 11th Fl., NY, NY 10019. DE addr. of Notice of Formation of Rosie Filmwaze LLC: c/o Corporation Service Co., 251 LLC. Arts. of Org. filed with NY Dept. of Notice of Formation of SAProp Associ- State on 4/12/18. Office location: New ates, LLC Arts. of Org. filed with Secy. Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State York County. NY Sec. of State designat- of State of NY (SSNY) on 06/15/18. Of- ed agent of the LLC upon whom proc- fice location: NY County. SSNY desig- of the State of DE, Div. of Corps., John G. Townsend Bldg., Federal and Duke ess against it may be served, and shall nated as agent of LLC upon whom proc- mail process to 426 W Broadway, #2G, PUBLIC & LEGAL ess against it may be served. SSNY of York Sts., Dover, DE 19901. Pur- pose: Any lawful activity New York, NY 10012. Purpose: any NOTICES shall mail process to c/o Holland & lawful activity. Knight LLP, Attn: M. James Spitzer, Jr., Esq., 31 W. 52nd St., NY, NY 10019. NOTICE OF FORMATION OF Samuel Notice of Formation of MP REAL ES- NOTICE OF FORMATION OF LIMITED LIA- Purpose: Any lawful activity. Borinsky, LCSW, Psychoanalyst, PLLC. TATE CAPITAL, LLC Arts. of Org. filed BILITY COMPANY. NAME: TIFFANY Articles of Organization filed with Secre- with Secy. of State of NY (SSNY) on 06 LENTZ LLC. Articles of Organization tary of State of NY (SSNY) on 06/ were filed with the Secretary of State of Notice of Formation of MERCANTILE /13/18. Office location: NY County. 11/2018. Office location: NEW YORK New York (SSNY) on 04/30/2018. Of- MERGER SUB I, LLC Arts. of Org. filed Princ. office of LLC: 220 E. 42nd St., County. SSNY has been designated as fice Location: 321 E 43rd St, Apt 608, with Secy. of State of NY (SSNY) on 05 29th Fl., NY, NY 10017. SSNY desig- agent upon whom process may be New York NY 10017. New York County. /25/18. Office location: NY County. nated as agent of LLC upon whom proc- served, and shall mail copy of process SSNY has been designated as agent of SSNY designated as agent of LLC upon ess against it may be served. SSNY against the PLLC to 34 W. 22nd St., the LLC upon whom process against it whom process against it may be shall mail process to Federman 2H, NY, NY 10010. The principal busi- may be served. SSNY shall mail a copy served. SSNY shall mail process to Cor- Steifman LLP, Attn: Andrew Lampert at ness address of PLLC is: 34 W. 22nd of process to the LLC 321 E 43rd St, poration Service Co., 80 State St., Alba- the princ. office of the LLC. Purpose: St., 2H, New York, NY 10010. Purpose: Apt 608, New York NY 10017. Pur- ny, NY 12207, regd. agent upon whom Any lawful activity. any lawful act or activity. pose: any lawful activity. and at which process may be served. Purpose: Any lawful activity. Notice of Qualification of BROOKFIELD Notice of Qualification of WASABI SU- RENEWABLE ENERGY MARKETING US Notice of Qualification of WASABI SU- SHI BENTO FULTON STREET LLC Appl. LLC Appl. for Auth. filed with Secy. of SHI BENTO 1014 SIXTH AVENUE LLC NOTICE OF FORMATION OF 15 Hudson for Auth. filed with Secy. of State of NY State of NY (SSNY) on 06/25/18. Of- Appl. for Auth. filed with Secy. of State Yards 28D LLC. Articles of Organization (SSNY) on 11/30/17. Office location: fice location: NY County. LLC formed in of NY (SSNY) on 03/21/17. Office loca- filed with the Secretary of State of NY NY County. LLC formed in Delaware Delaware (DE) on 04/14/08. SSNY tion: NY County. LLC formed in Dela- (SSNY) on 06/21/2018. Office loca- (DE) on 09/05/14. SSNY designated designated as agent of LLC upon whom ware (DE) on 03/04/16. SSNY desig- tion: NEW YORK County. SSNY has as agent of LLC upon whom process process against it may be served. nated as agent of LLC upon whom proc- been designated as agent upon whom against it may be served. SSNY shall SSNY shall mail process to c/o Corpo- ess against it may be served. SSNY process against it may be served. The mail process to c/o Pavia & Harcourt ration Service Co. (CSC), 80 State St., shall mail process to Pavia & Harcourt Post Office address to which the SSNY LLP, 230 Park Ave., Ste. 2401, NY, NY Albany, NY 12207-2543. DE addr. of LLP, 230 Park Ave., Ste. 2401, NY, NY shall mail a copy of any process 10169. DE addr. of LLC: Corporation LLC: c/o CSC, 251 Little Falls Dr., Wil- 10169. DE addr. of LLC: Corporation against the LLC served upon him/her is Service Co., 251 Little Falls Dr., Wil- mington, DE 19808. Cert. of Form. filed Service Co., 2711 Centerville Rd., Ste. 7014 13th Avenue, Suite 202 Brook- mington, DE 19808. Cert. of Form. filed with Secy. of State, Div. of Corps., John 400, Wilmington, DE 19808. Cert. of lyn, NY 11228 The principal business with Secy. of State, 401 Federal St., G. Townsend Bldg., 401 Federal St., Form. filed with Secy. of State, 401 Fed- address of the LLC is 15 Hudson Ste. 4, Dover, DE 19901. Purpose: Ste. 4, Dover, DE 19901. Purpose: eral St., Ste. 4, Dover, DE 19901. Pur- Yards, Apt 28D NY,NY 10001. Any lawful activity. Any lawful activity. pose: Any lawful activity.

AUGUST 20, 2018 | CRAIN’S NEW YORK BUSINESS | 19

P019-20_CN_20180820.indd 19 8/16/18 12:40 PM TO PLACE A CLASSIFIED AD, CALL 1 212-210-0189 OR EMAIL [email protected]

PUBLIC & LEGAL NOTICES

Notice of Formation of ELEMENT22 NOTICE OF FORMATION of JAW 12T- Notice of formation of AMY NOTICE OF QUALIFICATION of Asentiv GROUP, LLC Arts. of Org. filed with 53rd LLC. Art. of Org. filed with the PERLMUTTER MD PLLC. Articles of Or- Manhattan, LLC. Authority filed with Secy. of State of NY (SSNY) on 07/ Secy of State of NY (SSNY) on 5/ ganization filed with the Secretary of Secy. of State of NY (SSNY) on 6/ 19/18. Office location: NY County. 30/18. Off. Loc.: New York County. State of New York SSNY on 05/ 1/18. Office loc: NY County. LLC Princ. office of LLC: 33 Irving Pl., NY, SSNY has been desig. as agent upon 15/2018. Office located in New York formed in CA on 3/20/17. SSNY desig- NY 10003. SSNY designated as agent whom process against it may be County. SSNY has been designated for nated agent upon whom process may of LLC upon whom process against it served. The address to which the SSNY service of process. SSNY shall mail be served and shall mail copy of proc- may be served. SSNY shall mail proc- shall mail a copy to is: The LLC, c/o copy of any process served against the ess against LLC to 25 Broadway, 9th ess to the LLC at the addr. of its princ. Joyce West, 411 East 53rd Street, New LLC 240 E 86TH ST, APT 11K, NEW Fl, NY, NY 10004. Cert. of LLC filed office. Purpose: Any lawful activity. York, NY 10022. Purpose: Any lawful YORK, NY 10028. Purpose: any lawful with Secy. of State of CA loc: 3888 act . purpose. Petaluma Hill Rd, Santa Rosa, CA 95404. Purpose: Any lawful activity. NOTICE OF FORMATION OF DEEPER MAGIC STUDIOS LLC. Arts. Of Org. filed NOTICE OF QUALIFICATION of S3 CAPI- NOTICE OF FORMATION of QUANTUM with Secy of State of NY (SSNY) on 4/ TAL III GP LLC. Authority filed with NY RADIANCE CAPITAL LLC. Arts. of Org. SHEVA STREET, LLC. Arts. of Org. filed 13/18 Office location: NY County. Secy of State (SSNY) on 6/14/18. Of- filed with Secy. of State of NY (SSNY) with the SSNY on 01/21/05. Office: SSNY designated agent upon whom fice location: NY County. LLC formed in on 06/01/18. LLC formed in New York New York County. SSNY designated as process maybe served and shall mail DE 6/11/18. SSNY designated agent (NY) on 06/13/18. Office Location: agent of the LLC upon whom process copy of process against LLC to Jona- upon whom process may be served. New York County. SSNY has been des- against it may be served. SSNY shall than Coleman, 408 W 57th St, Apt 6I SSNY shall mail process to: c/o Spruce ignated as agent of the LLC upon whom mail copy of process to the LLC, c/o NY, NY 10019 Purpose: any lawful act. Capital Partners, 444 Madison Avenue, process against it may be served. Jonathan Israel, 366 East 8th Street, Floor 41, New York, NY 10022. DE ad- SSNY shall mail a copy of process to No. 4, New York, NY 10009. Purpose: dress of LLC: 160 Greentree Dr., Ste the LLC, 305 2nd Ave, Ste. 306, NY NY Any lawful purpose. NOTICE OF FORMATION of limited liabili- 101, Dover, DE 19904. Cert of Form. 10003. Purpose: any lawful activity. ty company (LLC). Name: GABRIELLE filed with DE SOS, 401 Federal St. Ste HURWITZ BRIDAL STYLING, LLC. Arti- 4, Dover, DE 19901. Purpose: any law- Notice is hereby given that a license, Notice of Qualification of ACG CON- cles of Organization filed with Secretary ful activity. number Pending, for beer, liquor, and of State of New York (SSNY) on 05/ STRUCTION MANAGEMENT LLC Appl. wine has been applied for by The Nitti 18/2018. Office location: New York for Auth. filed with Secy. of State of Group, Inc. d/b/a Nittis to sell beer, liq- Notice of Formation of USA BET LLC NY (SSNY) on 06/27/18. Office loca- uor, and wine at retail in a restaurant County. SSNY designated as agent of Arts. of Org. filed with Secy. of State of LLC upon whom process against it may tion: NY County. LLC formed in Dela- under the Alcoholic Beverage Control NY (SSNY) on 06/06/18. Office loca- ware (DE) on 06/07/13. Princ. office Law at 523 9th Avenue, New York, NY be served. SSNY shall mail copy of tion: NY County. SSNY designated as process to: GABRIELLE HURWITZ, 242 of LLC: 450 Park Ave., 4th Fl., NY, NY 10018 for on premises consumption. agent of LLC upon whom process 10022. SSNY designated as agent of Applicant: The Nitti Group, Inc. d/b/a E 26TH STREET APT 2, NEW YORK, NY against it may be served. SSNY shall 10010. Purpose: any lawful purpose. LLC upon whom process against it Nittis mail process to Jeremy P. Kleiman, may be served. SSNY shall mail proc- Esq., 18 Columbia Tpke., Ste. 200, ess to the LLC at the princ. office of Notice of Qualification of 1360 Florham Park, NJ 07932. Purpose: Any the LLC. DE addr. of LLC: c/o Corpora- SCHERMERHORN, LLC Appl. for Auth. lawful activity. tion Service Co., 251 Little Falls Dr., filed with Secy. of State of NY (SSNY) Wilmington, DE 19808. Cert. of Form. on 07/17/18. Office location: NY Coun- J A CONTI ASSET MANAGEMENT, LLC filed with Secy. of State, John G. Town- ty. LLC formed in Delaware (DE) on 06/ Art. Of Org. Filed Sec. of State of NY send Bldg., 401 Federal St. - Ste. 4, 25/18. SSNY designated as agent of 5/16/18. Off. Loc.: 53 Dawson Circle Dover, DE 19901. Purpose: Any law- LLC upon whom process against it may Staten Island, NY 10314. NRAI Serv- ful activity. be served. SSNY shall mail process to ices designated as agent upon whom c/o Corporation Service Co., 80 State process against it may be served. St., Albany, NY 12207-2543. DE addr. NRAI to mail copy of process to The NOTICE OF FORMATION OF RUE SAINT of LLC: 251 Little Falls Dr., Wilmington, LLC,160 Greentree Dr. Ste 101 Dover, PAUL LLC. Arts. Of Org. filed with Secy DE 19808. Cert. of Form. filed with DE 19904 . Purpose: Any lawful act or of State of NY (SSNY) on 6/19/18. Of- Secy. of State, 401 Federal St., Ste. 4, activity fice location: NY County. SSNY desig- Dover, DE 19901. Purpose: Any lawful nated agent upon whom process may activity. be served and shall mail copy of proc- Notice of Qualification of ALLYNIUM ess against LLC to 1967 Wehrle Drive, BRAND SOLUTIONS, LLC Appl. for Auth. Suite 1 #086, Buffalo, NY 14221. Pur- Notice of Qualification of TerraForm filed with Secy. of State of NY (SSNY) pose: any lawful act. Power, LLC Appl. for Auth. filed with on 06/27/18. Office location: NY Coun- Secy. of State of NY (SSNY) on 07/ ty. LLC formed in Ohio (OH) on 06/ 12/18. Office location: NY County. LLC 22/18. Princ. office of LLC: 118 Herit- Notice of Qualification of PAPER formed in Delaware (DE) on 02/14/14. age Dr., Pataskala, OH 43062. SSNY BOATS, LLC Appl. for Auth. filed with Princ. office of LLC: 200 Liberty St., designated as agent of LLC upon whom Secy. of State of NY (SSNY) on 08/ 14th Fl., NY, NY 10281. NYS fictitious process against it may be served. 06/18. Office location: NY County. LLC name: Terraform Power of New York, SSNY shall mail process to c/o Corpo- formed in Delaware (DE) on 08/02/18. LLC. SSNY designated as agent of LLC ration Service Co., 80 State St., Alba- SSNY designated as agent of LLC upon upon whom process against it may be ny, NY 12207-2543. Cert. of Form. whom process against it may be served. SSNY shall mail process to c/o filed with Secy. of State of OH, 180 E. served. SSNY shall mail process to the Corporation Service Co. (CSC), 80 Broad St., 11th Fl., Columbus, OH LLC, 520 W. 28th St., Unit 1, NY, NY State St., Albany, NY 12207-2543. DE 43215. Purpose: Any lawful activity 10001. DE addr. of LLC: c/o Corpora- addr. of LLC: c/o CSC, 251 Little Falls tion Service Co., 251 Little Falls Dr., Dr., Wilmington, DE 19808. Cert. of Wilmington, DE 19808. Cert. of Form. Form. filed with Secy. of State of DE, NOTICE OF QUALIFICATION Zenith Mar- filed with DE Secy. of State, John G. 401 Federal St., Dover, DE 19901. Pur- keting Group, LLC. Fic. Name: Zenith Townsend Bldg., 401 Federal St., Ste. pose: Any lawful activity. Insurance Agency. Application for Au- #4, Dover, DE 19901. Purpose: Any thority filed with the Secretary of State lawful activity. Notice of Formation of ACREAGE NEW of New York (SSNY) on 7/6/2018. Of- YORK, LLC Arts. of Org. filed with Secy. fice Location: New York County. LLC ELKHORN MEDIA LLC, Arts. of Org. filed of State of NY (SSNY) on 06/29/18. Of- formed in Indiana on March 26, 2018. with the SSNY on 06/07/2018. Office fice location: NY County. SSNY desig- SSNY has been designated as an loc: NY County. SSNY has been designated as agent of LLC upon whom proc- agent upon whom process against it nated as agent upon whom process ess against it may be served. SSNY may be served. The Post office ad- against the LLC may be served. SSNY shall mail process to the LLC, 366 Mad- dress to which the SSNY shall mail a shall mail process to: Corporation Serv- ison Ave., 11th Fl., NY, NY 10017. Pur- copy of any process against the LLC ice Company, 80 State St., Albany, NY pose: Any lawful activity. served upon him/her is: CT Corpora- 12207. Purpose: Any Lawful Purpose. tion, 111 Eighth Avenue, New York, NOTICE OF FORMATION of 85 Quay NY 10011. The principal business ad- Street Holder, LLC. Art. of Org. filed dress of the LLC is: 303 W Main Str, Notice of Formation of HOLY MACHINE with the Secy of State of NY (SSNY) on Ste 200, Freehold, NJ 07728. Indiana LLC Arts. of Org. filed with Secy. of 7/11/18. Off. Loc.: New York County. address of LLC is: 888 S Harrison State of NY (SSNY) on 08/07/18. Of- SSNY has been desig. as agent upon Str, Ste 900, Fort Wayne, IN 46802. fice location: NY County. SSNY desig- whom process against it may be Certificate of LLC filed with Secretary nated as agent of LLC upon whom proc- served. The address to which the SSNY of State of Indiana located at 200 W ess against it may be served. SSNY shall mail a copy to is: The LLC, 256 Washington Street, Ste 201, Indianap- shall mail process to Corporation Serv- West 116th Street, New York, NY olis, IN 46204. Purpose: any lawful ice Co., 80 State St., Albany, NY 10026 Purpose: Any lawful act. act or activity. 12207. Purpose: Any lawful activity.

20 | CRAIN’S NEW YORK BUSINESS | AUGUST 20, 2018

P019-20_CN_20180820.indd 20 8/16/18 12:41 PM Advertising Section EXECUTIVE MOVES To place your listing , visit crainsnewyork.com/execmoves or for more information contact Debora Stein at [email protected]

ADVERTISING & MARKETING NONPROFITS PROFESSIONAL SERVICES PROFESSIONAL SERVICES

Bully Pulpit Interactive AHRC New York City Gotham Government Relations Cahill Strategies LLC Danny Franklin has AHRC New York City The Honorable Gary Cahill Strategies is joined Bully Pulpit is pleased to announce Ackerman joins pleased to welcome Interactive (BPI) as a the appointment Gotham Government Robert D’Alessio, partner, based in the of Elizabeth Relations as a former New York “Betsy” Lynam agency’s New York Partner. Effective City Department as Chief Program of ce. He will help immediately, he will of Buildings Of cer. Betsy has bridge traditional message assist all Gotham clients and Senior Executive Director of an exceptional range of research with next-generation will work with the entire team Construction Safety as the experiences working with analytics and marketing in enhancing the goals of the newest member of our team. special populations, including capabilities to create a robust rm. He will also lead a talented For 26 years Mr. D’Alessio held people with developmental message strategy offering. group of former diplomats in various positions within the disabilities. Most recently, Betsy its foreign affairs practice. Prior city’s construction regulatory was Subject Matter Expert for to joining Gotham, Gary was a arm. His experience in the KPMG, developing strategy for member of the New York State industry is unmatched, having implementation of Value-Based FINANCE Senate from 1979 to 1983. He experienced many of the Payment models for New York’s was then elected to the United City’s developmental phases $70 billion Medicaid program. Iron Birch Advisors, a States House of Representatives, in modern-day construction. subsidiary of Ameriprise Betsy was previously VP of the where he represented Queens As our Construction Code and Citizens Budget Commission and parts of Long Island until Safety Consultant, Bob brings an This partnership was and Deputy Director for the retiring in 2013. unparalleled level of knowledge established for Mr. NYC Department of Education’s Gregory Manto and practical experience to our Of ce of Special Education. to build a home growing construction practice Betsy will play a key role in whereby both clients area. ensuring exceptional services and advisors alike for people with IDD and their feel welcomed and enriched. families. Looking forward to watching this investment grow and a new NONPROFITS meaning to the franchise. PROFESSIONAL SERVICES NorthLight Foundation The Bachrach Group LTD Kate Sinding Daly has been named Executive Carmelie Arthur Director of NorthLight has joined TBG/The Foundation, Dan Bachrach Group as and Sheryl Tishman’s an Associate Director philanthropic for our Hospitality PROFESSIONAL SERVICES LAW organization. Sinding Daly, who Division. Carmelie The Bachrach Group LTD previously served as Senior has been a successful Staf ng Windels Marx Lane & Advisor to the President of industry professional for 20+ Annmarie Anderson, Mittendorf, LLP the NRDC, will lead efforts to years with experience in many an Industry veteran, Arlene Koutras shape the Foundation’s mission areas including Hospitality, has joined TBG/ The advises on a range and strategies and advance its Conventions, Of ce Support, and Bachrach Group, a of real estate matters commitment to economic and Healthcare. top nationally based with a particular environmental justice. recruiting rm in focus on representing NYC as an Associate Director. institutional lenders Annmarie has over 25 years in the origination of mortgage of experience in the Staf ng loans in market rate and industry specializing in Hospitality. affordable housing transactions. Annmarie will be leading the She also has experience with newly formed Hospitality division portfolio and cross-collateralized ANNOUNCE CAREER for TBG. loans, affordable housing and many related matters. MILESTONES WITH NEW LAW CRAIN’S Latham & Watkins LLP GIG? Jane Greyf has Preserve your career change joined the New York EXECUTIVE MOVES for years to come. of ce of Latham & Watkins as a partner Plaques • Crystal keepsakes in the Corporate Frames • Other Promotional Items Department and For more information, contact Mergers & Acquisitions Debora Stein at [email protected] Practice. She represents private or submit online at crainsnewyork.com/execmoves Lauren Melesio equity clients and their portfolio Director, Reprints & Licensing companies in leveraged buyouts, private M&A transactions, joint [email protected]

ventures, and growth equity CONTACT (212) 210-0707 investments.

AUGUST 20, 2018 | CRAIN’S NEW YORK BUSINESS | 21

P020_CN_20180820.indd 21 8/16/18 10:00 AM FOR THE RECORD*

NEW IN TOWN ■ The Butcher’s Daughter ■ e Related Cos. inked a ■ Undertone signed a ■ Alvarez & Marsal inked for 19,025 square feet at 271 Metropolitan Ave., lease for two retail condos, seven-and-a-half-year lease an expansion lease for an 711 Third Ave. e non- ■ AC Hotel Brooklyn which together span 10,600 for 25,550 square feet at 1 additional 22,000 square prot, which raises money 260 W. 40th St. e vegetarian restaurant square feet, at 505 W. 19th World Trade Center. e feet at 600 Madison Ave. for heritage trips to Israel, e Marriott-owned hotel with a surprising name has St. e developer plans to digital advertising company e business-management plans to occupy the 10th brand opened its rst city expanded to Williamsburg. open a showroom by the plans to relocate from 340 consultant company will oor of the building. e location, in Times Square. New to the menu is the High Line. e asking rent Madison Ave. e asking now occupy almost 150,000 asking rent for the deal was ere are 290 guest rooms, option to add a dash of was not disclosed. e land- rent was $69 per square square feet. e asking rent not disclosed, but asking a rooop bar and, in a nod cannabidiol oil—a non- lords, HFZ Capital and the foot. e landlords, the was not disclosed. New- rents for other oors range to its European roots, a psychoactive derivative of Carlyle Group, were repre- Durst Organization and mark Knight Frank handled from $54 to $66 per square Spanish restaurant. marijuana—to foods and sented by CBRE, which also the Port Authority of New the lease for the landlord, foot. Newmark Knight drinks. handled the transaction for York and New Jersey, were Ruben Cos. JLL brokered Frank handled the lease for ■ Atomix the tenant. represented by an in-house for the tenant in the trans- the tenant. It was unclear 104 E. 30th St. ■ Viking Wafes team from the Durst Orga- action. if the landlord, SL Green is Korean ne-dining 137 Ave. C ■ CVS signed a deal for nization as well as Cushman Realty Corp., worked with a establishment serves a e maker of protein- 10,550 square feet at 387 & Wakeeld. JLL brokered ■ Birthright Israel Founda- broker in this transaction. 10-course tasting menu packed waes sold in Park Ave. South. e for the tenant. tion signed a 15-year lease – YOONA HA that will change quarterly. grocery stores and gyms pharmacy chain plans to Servers present a selection opened a café that serves occupy 7,550 square feet of chopsticks in a glass case the food with a variety of at ground level and 3,000 for diners to choose from. toppings. square feet in the basement DEALS ROUNDUP of the 12-story building. ■ ■ TRANSACTION SIZE BUYERS/ Paradise Lounge Vin Sur Vingt Wine Bar e asking rent was $225 TARGET/SELLERS [IN MILLIONS] INVESTORS TRANSACTION TYPE 678 Woodward Ave., 100 Riverside Blvd. per square foot. Newmark Queens e wine bar has opened its Knight Frank brokered for The Dun & Bradstreet Corp. $6,804.4 Cannae Holdings Inc.; FB M&A CC Capital Management is tropical cocktail bar sixth city location, on the the tenant. Winick Realty LLC (Manhattan); Thomas opened in Ridgewood, with Upper West Side. It serves Group handled the trans- H. Lee Partners LP live music and happy hour only French wines. action for the landlord, TF WeWork Cos. Inc. $1,000.0 SoftBank Group Corp. GCI from 4 to 8 p.m. daily. Cornerstone. (Manhattan)

Peloton Interactive Inc. (Manhattan) $550.0 Balyasny Asset Management GCI ■ Vegan Love COMMERCIAL STOCK TRANSACTIONS LP; BlackRock Inc. (Manhattan); 263 E. 10th St. ■ e Carlyle Group agreed Felix Capital Partners LLP; Fidelity is East Village restau- ■ Yext (YEXT-N) to take 94,367 square feet at Investments; Kleiner Perkins Cau eld & Byers; NBCUniversal Media 1 Vanderbilt rants plant-based menu Tom Dixon, chief technolo- . e private- LLC (Manhattan); Technology Crossover includes burgers, soups and gy ocer, sold 25,000 shares equity rm has oces at Ventures; Tiger Global Management salads. of common stock from July 299 Park Ave. and 520 LLC (Manhattan); True Ventures; Wellington Management Group LLP; 24 to July 31 at prices rang- Madison Ave., and it is relo- Winslow Capital Management LLC ing from $18.98 to $22.26 cating the latter. e status MOVES AND EXPANSIONS per share. e transactions of the former is unclear. e Alchemy Systems LP/The Riverside $480.0 Intertek Group plc SB M&A Co. (Manhattan) were worth $506,337. He average rent was reportedly ■ Ample Hills Creamery now holds 37,764 shares. around $145 per square foot Eagle Creek Renewable Energy LLC/ $298.0 Ontario Power Generation Inc. SB M&A 421 Van Brunt St. Hudson Clean Energy Partners LP in this deal. CBRE brokered (Manhattan) e ice-cream shop ■ AmerisourceBergen the 15-year lease for the founded in Prospect (ABC-N) landlord, SL Green Realty PaxVax Holding Co. Ltd./ $270.0 Emergent BioSolutions Inc. SB M&A Cerberus Capital Management LP Heights, which has multiple CEO Steven Collis sold Corp. JLL represented the (Manhattan); Ignition Capital locations in Manhattan and 21,350 shares of common tenant. Brooklyn, has combined a stock Aug. 1 for $81.25 per Klook Travel Technology Ltd. $200.0 Boyu Capital Consultancy Co. GCI Ltd; Goldman Sachs Group, shop, museum and factory share in a transaction worth ■ Atlassian has signed a 10- Merchant Banking Division in its new, 15,000-square- $1,734,688. He now holds year deal for 34,000 square (Manhattan); individual investors; foot Red Hook space. e 266,575 shares. feet at 888 Broadway. e Matrix Partners China; OurCrowd Ltd.; Sequoia Capital China; Technology owners expect to produce Australian enterprise so- Crossover Ventures 500,000 gallons of ice cream American Express Co. ware maker, which created (AXP-N) Beijing Moviebook Technology Co. Ltd. $199.2 Paci c Advantage Capital GCI each year, plus all its baked the project-management (Manhattan); SB China Venture Capital; mix-ins. ■ CFO Jerey Campbell platform Jira, plans to move SenseTime Group Ltd.; Shanghai sold 9,000 shares of com- from 55 Broadway. CBRE Lang Sheng Investment; Shanghai Oriental Pearl Group Co. Ltd.; Shenzhen ■ J.Crew mon stock Aug. 1 at prices handled the lease for the Qianhai Wutong Buyout Investment 55 Water St. ranging from $99.53 to landlord, Normandy Real Fund Management Co. Ltd. e American clothing $100.34. e transactions Estate Partners. JLL repre- 838 West End Ave. Apartments $72.0 Akelius Real Estate SB M&A brand opened its second were worth $897,552. He sented the tenant. (Manhattan)/Emerald Equity Group Management LLC outpost in Brooklyn, a mens now holds 59,768 shares. SQZ Biotechnologies Co. $72.0 GF Securities Co. Ltd., GCI store in Dumbos Empire ■ National Debt Relief investment arm; GV; Illumina Ventures; Stores. It features a suit shop agreed to take an addi- Juvenile Diabetes Research Foundation and the grooming oering REAL ESTATE tional 30,810 square feet International Inc., endowment arm; Fellow Barber. at 180 Maiden Lane. e NanoDimension Management Ltd.; Polaris Partners; Quark Venture Inc.; RETAIL consumer debt-settlement The Invus Group LLC (Manhattan) ■ Maui Onion ■ e Science, Language company already occupies Selected deals announced for the week ending Aug. 9 involving companies in metro New 135 W. 37th St. and Arts International 95,000 square feet in the York. “SB M&A”: Strategic buyer M&A represents a minority or majority acquisition of exist- Korean restaurateur Donna School signed a 10-year Financial District building. ing shares of a company without the participation of a financial buyer. “FB M&A”: Financial Kang opened another loca- lease at 9 Hanover Place, e asking rent for the buyer M&A represents a minority or majority acquisition of existing shares of a company with the participation of a financial buyer. “GCI”: Growth capital investment represents new tion of her poke, fresh juice Brooklyn. e private 13-year lease was in the money invested in a company for a minority stake. SOURCE: CAPITALIQ and infused-tea shop, in the school, which teaches high $60s per square foot. Garment District. French and Mandarin, e landlords, MHP Real plans to relocate from 126 Estate Services and Clarion GET YOUR NEWS ON THE RECORD * ■ Stumptown Coffee St. Felix St. e landlord, Partners, were represented To submit company openings, moves or real estate deals, or to receive further information, ABOUTemail [email protected] SECTION . Roasters Crown Acquisitions, was by Cushman & Wakeeld 212 Paci c St., Brooklyn represented by its aliate, along with an in-house For the Record is a listing to help businesspeople in New York nd opportunities, potential e Portland, Ore.–based Crown Retail Services. team from MHP Real Estate new clients and updates on customers. Bankruptcy lings from the eastern and southern coee company opened its Vicus Partners brokered for Services. It was unclear if districts of New York are listed alphabetically. Stock transactions are insider transactions at New York companies obtained from Thomson Reuters and listed by size. Real estate listings third café in the area, in the tenant. e asking rent the tenant had a broker in are in order of square footage. Cobble Hill. was $55 per square foot. this deal.

22 | CRAIN’S NEW YORK BUSINESS | AUGUST 20, 2018

P022_CN_20180820.indd 22 8/16/18 4:04 PM SNAPS BY CHERYL S. GRANT

Pink ribbon affair e Breast Cancer Research Foundation held its seventh annual Hamptons Paddle & Party for Pink on Aug. 4. e all-day aair, which raised more than $1.4 million, began with a paddle race and ended with a sunset soiree. is year the foundation will award $63 million to 300 scientists at medical and academic institutions across 15 countries, making it the largest private funder of breast cancer research worldwide. “Death rates from breast cancer have decreased by 40% since BCRF was founded 25 years ago,” said Myra Biblowit, the group’s president, “and research is the reason.”

Among the 400 guests at the party at Haven’s Beach in Sag Harbor were Bippy Siegal, founder of Modern Bank and Raycli Capital, and Maria Baum, founder of the event and CEO of Splash Premium Mixers, with her Fashion brand Lilly Pulitzer was a lead sponsor of the event. husband, Larry Baum, Heather Van Der Mije, manager of brand collaborations, founder and managing part- promotions and events; Michelle Kelly, CEO; and Eleni ner of Bay Street Advisers. McCready, director of media and community development, represented the company at the party.

Creating future whiz kids

Paint the town red Her Justice held its Red Party at City Winery on July 18. e event, hosted by the Junior Advisory Board, raised a record-breaking $190,000 to provide free legal help All Star Code held its h annual summer benet July 28. It was its most success- for women living in poverty in New York City. Kira Whitacre, litigation associate at ful event, raising $900,000 to support programs that expose young men of color to Fried, Frank, Harris, Shriver & Jacobson, with board members Ally Love, master of the tech industry. Honorees Van Jones, host of CNN’s e Van Jones Show and ceremonies and Barclays Center host for the Brooklyn Nets, and Denise Kaloudis, co-founder of Dream Corps, and Reshma Saujani, founder of Girls Who Code, senior vice president of JLT Specialty USA. with master of ceremonies Christina Lewis, founder and CEO of All Star Code, and journalist Soledad O’Brien, CEO of Starsh Media.

Catherine Curry, director of institutional relations at Her Justice; Joe Kennedy, director of legal managed services at omson Reu- ters; and Amy Barasch, executive director of Her Justice, were among the Former Mayor David 400 guests, who wore red to Dinkins and Paul Osie, symbolize the strength and sta member at the Lewis reliance of the women Her estate, during the event, Justice works with yearly. held at Lewis’ home in East Hampton.

ROB RICH, SAMANTHA NANDEZ/BFA.COM, PASHA KALACHEV/HER JUSTICE PASHA ROB RICH, SAMANTHA NANDEZ/BFA.COM, SEE MORE OF THIS WEEK’S SNAPS AT CRAINSNEWYORK.COM/SNAPS. GET YOUR GALA IN SNAPS. EMAIL [email protected].

AUGUST 20, 2018 | CRAIN’S NEW YORK BUSINESS | 23

P023_CN_20180820.indd 23 8/15/18 5:51 PM GOTHAM GIGS

RUDIN AT DOCK 72: “Once you bring people here,” he BY LANCE PIERCE said, “the light bulb goes on.”

Selling the waterfront A young Rudin leads commercial leasing for a new development in Brooklyn

ver four generations, the Rudin family grew centives, such as the 1-mile trek to the nearest subway. (e into one of the city’s powerhouse real estate Navy Yard runs a free shuttle bus to the F train.) He paints MICHAEL RUDIN dynasties by investing in prime Manhattan a romantic portrait of the setting—the historic, working locations such as Times Square, Park Avenue dockyards—pointing on a recent tour to a giant lock from AGE 33 Oand the Upper East Side. which the East River is drained to allow the hulls of massive BORN Upper East Side Now Michael Rudin, a senior vice president and heir ships to be painted. RESIDES Greenwich Village apparent at Rudin Management Co., has “Once you bring people here, the light EDUCATION Bachelor’s in environ- set his sights on the Brooklyn waterfront to “You have to bulb goes on,” Rudin said. “ey realize why mental design, planning and real make his mark. He is leading the commercial look to new it’s so special.” estate, the University of Colorado- leasing e ort for Dock 72, the rst privately frontiers and If Rudin is the picture of calm un- Boulder; master’s in real estate controlled oce property in the walled-o , der the pressure of leasing the 15-story, development, NYU Schack Institute of Real Estate 200-acre Brooklyn Navy Yard. e rm is de- opportunities 675,000-square-foot property, it may be be- ” TECH TASK Rudin is marketing a veloping the site with Boston Properties. cause he’s endured worse, having entered the proprietary operating system to help “It denitely bucks the trend of what we’ve done,” Rudin family business 17 years ago at a moment of crisis. landlords manage their properties. said. “But to continue to grow, you have to look to new fron- Aer the 9/11 terrorist attacks, Rudin Management, It can be used to control building tiers and opportunities.” which still owns oce towers near the World Trade Center, functions such as heating and venti- e project has allowed Rudin to take a more visible role was grappling with the viability of Lower Manhattan and, lation and track energy use. in the company run by his father, Bill, since 1993 and learn nine days later, the death of Rudin’s grandfather Lew. PANNING FOR GOLD The Rudins about managing large-scale development. His mother suggested he take a semester o from high were early investors in coworking giant WeWork, which will be Dock “e company has always favored quality over quantity, school to help his father get the rm on better footing. He 72’s anchor tenant. The rm con- and I’m not here to change that,” Rudin said. “But new de- sat in meetings with government ocials and other major tinues to look for other promising velopment is denitely one of the areas I’ll be focused on.” landlords to gure out how to restore the neighborhood. investments for Rudin Ventures. When showing potential tenants around the under- “Until then I had no real concept of what the business “We always judge an idea from the construction property, Rudin encourages them to envision was about,” Rudin said. “Suddenly I was in the middle of perspective of whether it would be useful for our own business.”

BUCK ENNIS the state-of-the-art features to come and minimizes disin- it—and I was hooked.” — DANIEL GEIGER

24 | CRAIN’S NEW YORK BUSINESS | AUGUST 20, 2018

P024_CN_20180820.indd 24 8/16/18 10:32 AM SHAPE INDUSTRIES. INFLUENCE DECISIONS. DRIVE RESULTS.

Crain Communications is recruiting thought You’ll be invited to participate in online leaders across industries to participate in a surveys targeted to your concerns, interests or new and exclusive online advisory panel. experience. Your participation will give you the By joining the panel, you'll be able to tell us opportunity to shape the voice of your industry what you think about the coverage you’re and inuence decision makers at major reading in print and online as well as current corporations, in local government and those events, business trends, attitudes toward involved in nonprot organizations. business brands and more.

Participation in Crain’s online surveys makes you eligible for select opportunities, including: complimentary tickets to select Crain’s events, cash rewards/gi cards and additional branded premiums.

CN018773.indd 1 8/14/18 11:40 AM Undertone Joins a Growing Community of Technology and Media Trailblazers at OneWTC.

One World Trade Center Proudly Welcomes

“We are thrilled to call One World Trade Center our new home, a space that truly supports Undertone’s spirit of innovation, collaboration and inclusion.”

Mike Pallad President, Undertone

Eric Engelhardt David Falk Peter Shimkin Travis Wilson +1 (212) 667 8704 +1 (212) 372 2271 +1 (212) 372 2150 +1 (212) 233 8167 [email protected] [email protected] [email protected] [email protected]

Karen Kuznick Jason Greenstein Hal Stein +1 (212) 667 8705 +1 (212) 372 2349 +1 (212) 233 8185 [email protected] [email protected] [email protected]

CN018774.indd 1 8/14/18 2:50 PM