20130408-NEWS--0001-NAT-CCI-CN_-- 4/5/2013 6:44 PM Page 1

CORRUPTION: INSIDER Après Bloomberg? P. 6 EDITORIAL Rx: non- standard reforms P. 10 GREG DAVID Blame CRAIN’S® powerlessness P. 11

NEW YORK BUSINESS istockphoto

VOL. XXIX, NO. 14 WWW.CRAINSNEWYORK.COM APRIL 8-14, 2013 PRICE: $3.00 Monster REPORT BANKING fight looms at Garden Pols and others choose sides in growing arena vs. Penn Sta. controversy

BY MATT CHABAN

Nearly half a century after Madison Square Garden was built atop Penn- sylvania Station, time may be running out for “the world’s most famous are- na.” On Wednesday, the Garden’s op- erators go before the City Planning Commission to renew the special per- mit that allows them to run the facili- ty in the heart of Manhattan.MSG ex- See MONSTER on Page 23 BIGBIG TROUBLE,TROUBLE, REBUILDING NY LITTLELITTLE CHINATOWNCHINATOWN BANKBANK Eateries newscom stuck with Abacus has served community for decades; now the DA says Sandy bill its lending practices are illegal Insurers use flood BY DAVE LINDORFF MANHATTAN DA excuse to deny biz When Manhattan District Attorney Cyrus Vance Jr. invited Cyrus Vance Jr. local media last May to watch 19 employees of Chinatown’s announcing interruption claims indictment last May

Abacus Federal Savings Bank being led together in chains out redux of the bank for arraignment, he no doubt failed to imagine BY LISA FICKENSCHER Loan that the spectacle would remind more than a Nearly six months after Superstorm conditions few city residents of a Chinese road gang in the improve for Sandy, George Forgeois is still strug- local U.S. over a century ago. gling to pay the rent and other bills for business. The DA claims to have acted in response to his French bistros in the city. BANKING a police complaint by a disgruntled Chinese The owner of Café Noir, Bar Tabac REPORT: and Cercle Rouge blames his difficul- PAGE 13 mortgage customer of Abacus. He had the 19 ties on the $160,000 in sales he said he employees arrested and indicted the bank, lost during the weeks after the storm. charging it, but not its senior officials, with mortgage fraud. CHAINED GANG: Four of his six restaurants were closed Among the 19 because of the power blackout in low- The bank, for its part, said that it uncovered the improper Abacus employees led out under arrest

See INSURANCE on Page 22 See CHINATOWN on Page 18 redux LARGEST LARGEST THE COMMERCIAL THRIFTS LISTS BANKS P. 15 P. 16 NEWSPAPER 20130408-NEWS--0002-NAT-CCI-CN_-- 4/5/2013 6:45 PM Page 1

EDITOR’S NOTE

Powerless, indeed FYICRAINSNEWYORK.COM Nearly six months after Superstorm Sandy, the ripples continue to surprise. Senior Corruption cases Reporter Lisa Fickenscher’s Page 1 story dives into the anger and roil NY politics frustrations of downtown ithin three days last week, federal restaurateurs and other business investigators nabbed a state owners who lost substantial sales Glenn Coleman senator, two assemblymen, a city and inventory not because they W councilman, a suburban mayor and her were flooded but because the deputy, as well as a host of shady business landov image power went kaput. Well, thank goodness for types who believed a few greased palms would buy them influence and power. business-interruption insurance, right? Not so fast. The first of two indictments against corrupt politicians that Preet Bharara, the U.S. attorney Turns out insurers are telling business customers the for the Southern District, unsealed last week targeted two Queens pols: state Sen. Malcolm lights went out because Sandy flooded the Smith, a former majority leader and current vice chairman of a dissident group of Democrats who Consolidated Edison substation on East 14th Street, share control of the chamber with Republicans, and Councilman Daniel Halloran, a Republican sparking a blackout that left nearly every property and outspoken libertarian who allegedly sought to trade discretionary funds for a job promotion. south of 39th Street powerless for almost a week. So The two are charged with orchestrating a scheme involving corrupt real estate brokers and party you could be operating from the top of a tower, dry bosses to bribe Mr. Smith’s way onto this year’s mayoral ballot. as a Sunday in old Connecticut, but according to The second case involved two Bronx Democrats: Assemblyman Eric Stevenson, who allegedly your insurance company, your business interruption accepted $20,000 from day-care operators to sponsor helpful legislation, and Assemblyman was caused by a flood miles away that knocked out a Nelson Castro, who resigned after cooperating with the federal government for four years on this third-party vendor. Your business-interruption and possibly other corruption cases. Add them to the long list of rotten New York pols, which insurance doesn’t apply during a flood—why, it says will no doubt grow longer soon enough. —andrew j. hawkins so right here in this footnote, clear as day, once you break out the bifocals—so your claim is denied. SEC’S THUMBS-UP TO SOCIAL MEDIA. ny can charge subscribers a mere $8 a HOORAY! Thanks for paying your policy premiums all these Tweets and Facebook status updates month. Currently, its service is avail- are now legitimate communication able only in New York City,but Aereo THE OLD SOUTH FERRY subway station years. We’re talking thousands of businesses more or tools in corporate America. The Se- plans to expand to two dozen cities reopened. For the first time since Sandy, BIKE TOUR HITS THE commuters in lower Manhattan can take less screwed in plain daylight—many of them small curities and Exchange Commission this year. … the 1 train to the Staten Island Ferry. operations with five- and even six-figure claims for said businesses can announce corpo- BRAKES. The producer of the TD their lost week in the dark. Lisa reports that the New rate news on social-media sites as long Five Boro Bike Tour is suing the city as they inform investors which outlets a month before its big event. Bike York Department of Financial Services, which they intend to use. Several major New York no longer wants to foot the oversees insurance companies operating in this state, companies,like eBay Inc.and Dell,al- nearly $1 million fee the city is charg- is reviewing more than 100 complaints over ready use Twitter to release financial ing for providing police traffic- information to investors. … control services to close off the streets business-interruption claim rejections by insurance JPMORGAN CHASE RELIEF. After for the annual 40-mile bike tour.Bike companies.Trust me, we will be following this story. weeks of getting slammed,JPM saw a New York said since its event is non- OY VEY! Watch for updates at CrainsNewYork.com. federal judge dismiss claims by competitive and supports charities, it PATTYCAKE, the French-Belgian bank Dexia that the should be exempt from the fee. The first gorilla born in New York bank duped investors into city argues that because the event, New York City and a beloved Bronx Zoo buying troubled mortgage-backed which attracts 32,000 participants attraction, died at THIS WEEK IN CRAIN’S securities. Dexia sued annually, requires cy- the age of 40. She the bank giant last clists to pay to partic- had suffered from ‘I don’t think cardiac issues. IN THE BOROUGHS------3 year over losses on ipate, it can’t claim $1.6 billion in 65 res- that paying is unrea- IN THE MARKETS------4 $15 an hour is idential mortgage in- sonable . … BYE-BYE, THE INSIDER ------6 vestments. … AEREO asking too LUCKY AND JUICY. Center site in search of any human re- FREE TO AIR TV. Media The company for- mains from the 9/11 terrorist attacks. BUSINESS PEOPLE ------7 mogul Barry Diller’s much. I do it merly known as Liz The effort will continue for about two SMALL BUSINESS ------9 Aereo startup won a all. I do three Claiborne is unload- and a half months. … CREDIT LURES TALENT. OPINION ------10 federal appeals court ing its Lucky and NBC’s America’s Got Talent, ruling allowing it to or four jobs’ Juicy Couture featuring Howard Stern as a judge, is GREG DAVID------11 stream live television —Tabitha Verges, a Burger brands. That would crossing the Hudson to Radio City King worker in Harlem, REPORT: BANKING ------13 online.The win was a leave Fifth & Pacific Music Hall, where it will tape its blow to broadcasters participating in a fast-food Cos. with just one eighth season. The move from THE LISTS ------15 worker protest on that sued Aereo for minimum wage major brand: Kate Newark will generate 500 jobs and FOR THE RECORD------19 airing programs with- Spade. Last year, more than $100 million in economic out permission.The court said Aereo Fifth & Pacific’s sales shrank to $1.5 activity.The show will get a tax cred- CLASSIFIEDS ------20 NEW YORK, NEW YORK does not violate copyright law because billion, from $5 billion in 2006. … it for the move. Also, The Tonight REAL ESTATE DEALS------streaming doesn’t count as “public 9/11 REMAINS SOUGHT. The city’s Show’s Jay Leno is officially out as host Ingrid Kopp of the Tribeca 23 performances.” Unlike cable opera- medical examiner has started sifting and Jimmy Fallon is in.The talk show Film Institute is taking SOURCE LUNCH------26 tors,Aereo doesn’t pay retransmission will move to New York next year. audience participation to a through 60 truckloads of construc- OUT AND ABOUT ------new level at this year’s film 27 fees to access stations, so the compa- tion debris from the World Trade —amanda fung festival. P. 25 SNAPS------27 CORRECTIONS (SEE PAGE 24) STORIES TO WATCH THIS WEEK vol. xxix, no. 14, april 8, 2013—Crain’s New York Business (issn 8756-789x) is published week- ly, except for double issues the weeks of July Fourth, Labor Day and Christmas, by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals postage paid at New April 8: First April 10: CBRE April 10: City April 11: B’klyn York, N.Y., and additional mailing offices. Postmaster: Send address changes to: Crain’s New annual spring gala releases 1Q Planning hearing Beep Marty York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (877) 824-9379. Fax (313) 446-6777.$3.00 a copy, $99.95 one to raise funds for commercial real on MSG’s special Markowitz delivers year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2013 by Crain Communications Inc. All rights reserved. West Side YMCA estate report. permit to remain at final State of the current location Borough address.

2 | Crain’s New York Business | April 8, 2013 20130408-NEWS--0003-NAT-CCI-CN_-- 4/5/2013 7:20 PM Page 1

IN THE BOROUGHS Reviving a trailblazer QUEENS

CEO tries to make Court Sq. Ms. Foundation relevant to a new boom now generation of women in session BY THERESA AGOVINO Markets, eateries and As the head of the Ms. Foundation for Women, Anika Rahman was under- art bloom in shadow standably interested in attending a pri- of new apt. towers vate meeting where Sheryl Sandberg would be discussing her controversial book,Lean In:Women,Work and the Will BY KERRY MURTHA to Lead. In a postsession interview,Ms.Rah- On a recent weekend afternoon, man echoed the critics who chastised scores of people once again packed Ms. Sandberg for suggesting that M. Wells Dinette, the cafeteria- women’s failure to take more responsi- style restaurant nestled in MoMA’s bility at work is why they haven’t con- PS1 in Long Island City’s Court quered the C-suite. Square neighborhood. It’s been like “She lets government and employers this most days since husband-and- off the hook,” said Ms. Rahman, the wife team Sarah Obraitis and foundation’s president and chief execu- Hugue Defour opened their eatery’s tive. But, the 47-year-old added,“she is doors six months ago, a success that getting 20-year-old women to think has inspired them to start up a steak- about how our culture shapes the work- house a few blocks away. place. She started a conversation.” “The neighborhood is very excit- It’s a dialogue the Ms. Foundation ing,and we’re looking forward to our might have started back in the 1970s new restaurant,” said Ms. Obraitis. when it was co-founded by Gloria More than 20 years after Citi- Steinem,a mother of the feminist move- group opened its 59-story office ment.But over the years the foundation’s tower in the quiet Queens backwa- importance has waned amid a wave of ter, Court Square suddenly is catch- new groups and changing politics. ing fire with all sorts of folks. In just Ms. Rahman is striving to bring the the past year, nearly a dozen shops See MS. FOUNDATION on Page 24 and businesses have opened up. ANIKA RAHMAN is Meanwhile, JetBlue has set up its rolling out a 200,000-square-foot headquarters rebranding campaign here, CUNY has invested $155 mil- and fundraising plan for the 40-year-old lion in a brand-new six-story home Ms. Foundation. for its law school, and a sculpture center housed in a former warehouse has made its dramatic bow. What’s See COURT on Page 12 buck ennis

Stadium manager steps up STATS AND THE CITY NO MORE AREA in area codes? 212 would no longer be Manhattan-only its act at 1 WTC observatory under a plan to give Internet providers direct access to unused numbers.

Jersey,the agency that owns the tow- pay the Port Authority $60 million 1999 5 Home-field success YEAR the 646 area code NUMBER OF CLICKS it takes to dial 212 on er and tapped the trio of Jerry Jones a year—nearly as much as the Em- was introduced in a rotary phone, the lowest number possible with Cowboys and Jr., Hal Steinbrenner and Dave pire State Building rakes in each Manhattan under number assignment guidelines when Checketts and the company they year from its observatory. area codes were introduced in 1947 Yankees promises operate, Legends, to run the obser- What also helped was the com- high-tech experience vation deck, which encompasses the pany’s record. In recent years it has made millions for the owners of 1985 Yankee Stadium,Cowboys Stadium YEAR Queens, Brooklyn 43 AREA CODES named in the Ludacris song BY DANIEL GEIGER ‘This is in Dallas and others by managing and Staten Island were given the 718 area code “Area Codes” (including both 212 and 718) their venues. Last week, after unveiling the definitely not While no one doubts the observatory-in-the-making on the achievements of Legends’ bosses, or 102nd floor of 1 World Trade Cen- going to be their fortitude, questions remain as 19.1% $19.99 ter, the three men who will run it to how that will translate to running PERCENTAGE of adults MONTHLY PRICE quote for climbed the scaffolding surround- Times Square’ an international tourist draw nearly in New York City living in Time Warner’s nationwide ing the spire’s 400-foot-plus anten- a quarter of a mile above ground lev- wireless-only households unlimited landline service na to get an alfresco look at the spec- el. In its newest gig, Legends will as of 2011 Sources: Centers for tacular view they’d just staked their have to have to get hundreds of vis- Disease Control, Musixmatch, company on. itors per minute at peak periods,not The New York Times “That they wanted to do that 100th, 101st and 102nd floors. through the grand entrances of highlights why they were the right Legends won the hotly contest- sports stadiums but via the tight choice [for us to make],” said Scott ed bid in March to design and oper- confines of a high-security office

Rechler, vice chairman of the Port ate the city’s highest observatory for building, to a destination and expe- istockphoto Authority of New York and New the next 15 years with a pledge to rience that they will want to tell ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY See 1 WTC on Page 24

April 8, 2013 | Crain’s New York Business | 3 20130408-NEWS--0004-NAT-CCI-CN_-- 4/5/2013 7:34 PM Page 1 IN THE The decline of newspapers MARKETS has been a boon for j-schools by Aaron Elstein

Tech skills give venues, not just fancy journalism Columbia—like its Manhattan schools.But the presence of all those peers,New York University’s Arthur students an edge companies in Morningside Heights L. Carter Journalism Institute and suggests that graduate journalism the CUNY Graduate School of in cutthroat market programs may be more helpful to a Journalism—has gone to great career than ever before. As technol- lengths to prove its worth in the BY MATTHEW FLAMM ogy continues to tear apart the news marketplace, adding subjects like industry and the once smooth career data visualization and digital news Between 2003 and 2012,media giant path of the newspaperman, digital design. And the marketplace has Gannett Co. shed more than 20,000 skills gained from reputable schools been returning the favor. employees, some of them journalists may be the edge journalists need to “Our employment numbers are at its television stations, local news- compete in a shrinking job market. actually up considerably,” said papers and flagship daily USA Today. Not that j-schools aren’t still be- Nicholas Lemann, dean of the jour- Still, the publisher recently sent re- ing derided as useless. Media critic nalism school for a decade who will NEW YORK cruiters to the Columbia University COMMUNITY Michael Wolff recently wrote that be stepping down in July.“That’s in BANCORP Graduate School of Journalism an- Columbia ought to “just shut its part because of happy things, like CEO Joseph nual jobs fair—which drew a record doors,” rather than send its students our graduates are very talented and Ficalora, 65. 135 companies. “into a world of ever-bleaker skilled, and in part unhappy things,

“Clearly, we want people who prospects.” He also mocked the like a 27-year-old coming out of this newsbloomberg have multimedia skills and under- school for picking two-time school is more desirable in the labor stand the transition from print to Pulitzer Prize winner Steve Coll as force than a 55-year-old who digital,” said Virgil Smith, Gan- the new dean, because he doesn’t doesn’t have any digital skills.” nett’s vice president of talent acqui- tweet. Last week, New York Times Statistics for how many journal- How bank sales, sition and diversity. media columnist David Carr de- ism graduates find jobs are not uni- Mr. Smith emphasized that fended Mr. Coll—but called most formly available among the city’s Gannett recruits from a range of programs “escalators to nowhere.” See JOURNALISM on Page 24 CEO ages relate

ast week, Sterling Bancorp agreed to be acquired by Provident New York Bancorp for $344 million.The Lhappy couple declared that the corporate marriage We congratulate our client was struck to “create a combined financial services firm specializing in serving small- to middle-market commercial and consumer clients in the Greater New York metropolitan area.”They promised a blissful postmerger existence in which the combined company’s operating costs would be 18% lower than if the banks had remained apart. And so on

and so on. (See story on Page 13, munity Bancorp, a Long Island- “Putting your accounts in hock,” based bank that’s been expanding for more on Sterling’s business.) for years via acquisitions. along with But here’s one major reason why According to reports, it is again Sterling decided to sell: Chief on the hunt to buy. Still, CEO Executive Louis Cappelli is only two Joseph Ficalora is 65, and his stake years younger than the bank,which in the bank, where he’s worked was founded in 1929. since 1965, is worth about $70 It turns out that a bank CEO’s million. age is a useful indicator for figuring Another could be BankUnited, and out when the institution will be the Florida-based thrift run by for- sold.According to analysts at Keefe mer North Fork chief John Kanas Bruyette & Woods, CEOs who that has just started opening have sold their banks recently are branches in New York. on average 64 years old, compared Mr. Kanas has made it clear he’s with 58 for the average CEO of a keen on expanding,but he’s also 66, small or midsize bank. and KBW analysts said in a report It doesn’t hurt if the CEO has a last week that the Sterling- on closing their $35M financing of a large slug of stock that he can cash Provident merger means two of the out in a merger, the KBW analysts bank’s “most likely” targets are slip- said, although in the case of Mr. ping away. 12.3 megawatt solar installation for a Cappelli this doesn’t appear to have As a consolation prize, Mr. been a significant factor. Kanas might try to acquire Astoria public-private partnership (PPP) at Over his lengthy career at Ster- Financial Corp. for less than its mar- ling, beginning in 1949, Mr. Cap- ket price of $900 million,the KBW Joint Military Base McGuire-Dix-Lakehurst pelli amassed 773,000 shares for a analysts speculated. stake that’s worth $8.5 million. His Astoria CEO Monte Redman is in Burlington County, New Jersey pension benefit, however, is valued 62, and his shares in the bank are at $23 million, according to the worth $9 million, according to company’s most recent annual Bloomberg. He took the top job proxy statement. only two years ago, but if he can’t So who’s next? One possibility, turn around the struggling bank according to KBW,is New York Com- soon, his hand could be forced. Ⅲ

THE NUMBER OF ROUNDS of venture capital raised by Business Insider, the website run by former Wall 5Street analyst Henry Blodget (left). The company said last week that Amazon CEO Jeff Bezos had invested in its latest $5 million cash injection. When he was a Wall Want more info on our donedeals? Scan the QR Code with your smart phone. Street analyst during the dot-com boom, Mr. Blodget won his reputation by singing early praises of Amazon’s stock.

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CN015817.indd 1 4/2/13 12:39 PM 20130408-NEWS--0006-NAT-CCI-CN_-- 4/5/2013 6:46 PM Page 1 THE Big Brother wants to hail cabs INSIDER by Andrew J. Hawkins and Chris Bragg VeriFone have operated the in-taxi New York,” he said.“I think TLC is Tech firm says payment systems used in the city’s very encouraged, and they’re very software will track 13,000-plus cabs.Even though both encouraging to us.” companies’contracts expired in Feb- Post-Bloomberg taxi whereabouts for ruary, the firms will most likely con- Political roadblocks regulators and riders tinue to dominate.But new rules will A spokesman for CMT said the anxiety increases give smaller tech firms that meet the Manhattan-based firm “welcomes TLC’s standards a chance to step any competition.” In addition to any New Yorkers have BY ANDREW J. HAWKINS into what was a closed market. technical hurdles, politics further “I don’t know how many times complicates the task of breaking long fretted about the Despite the lawsuits and the red people have come to us and said,‘Hey, into this tightly regulated market.A impending departure of tape, some tech startups still see op- I’m a tech company’or ‘Hey,I’m a data state judge last month blocked the M Michael billionaire Mayor portunities in New York’s $7 analytics company’ or ‘Hey, I’m a TLC from creating a pilot program Bloomberg, whom they view as million-a-day taxi industry. Case in credit-card processing company— for e-hail apps,arguing the software point: In mid-March, a Las Vegas- how do I break into this business?’ ” illegally duplicates the call-ahead the rare politician immune to based tech company began the said TLC Deputy Commissioner service that is the sole domain of liv- bribery or intimidation by

process to test its “cloud-based” ve- Ashwini Chhabra. ery cars. powerful special interests. newscom hicle monitoring software in hun- “We’ve always had to Mr. James said he The unfolding last week of two dreds of yellow cabs,a move that has say, ‘Contracts run For the first wasn’t discouraged by the potential to upend the city’s re- through February the litigious environ- corruption scandals, one of which touched the race to calcitrant taxi industry. 2013. Stay tuned.’ ” time, the ment of the city’s taxi succeed Mr. Bloomberg, has exacerbated those fears, Using the new software, taxi reg- If approved, FTi industry, arguing that conjuring up images of city government as a den of ulators would be able to monitor cab- would become the taxi TV things are still trending bies’whereabouts in real time,as well third vendor for the positively. patronage and backroom deal-making. as help some riders summon cabs. Taxicab Passenger market FTi, a technology “You’re seeing this kind of brazenness almost in The technology would also enable Enhancements Pro- company operated by anticipation of a new day coming,” said Bill Cunningham,a the city to investigate complaints ject.Though the TLC opens up the Frias Transporta- former Bloomberg administration official and the managing about cabdrivers taking riders on cir- uses its own regulato- tion Group—which cuitous routes. ry software, a runs the largest group director of Dan Klores Communications. “It’s almost like spokesman said it was of taxicab companies these guys are warming up, getting ready for it.This is like Ending a duopoly “glad to see them in Clark County, spring training for the end of the Bloomberg era.” Frias Transportation Infrastruc- jumping into the New Nev.—has spent three ture, or FTi, says its RideIntegrity York market. … They have an excit- years developing the software. His reference was to a slate of directed his criticism to the billions software can give the Taxi & Lim- ing product to offer the taxi and [for- RideIntegrity was recently ap- charges against local officials,one of in “no-bid contracts” issued by the ousine Commission access to data hire vehicle] industries.” proved for pilots in San Francisco whom allegedly bribed Republican Department of Education and Eco- that the agency only gets in bits and FTi CEO Mark James said the and Las Vegas. leaders to run in their party’s may- nomic Development Corp. pieces from Creative Mobile Tech- company aims to install the software “We want to be part of the meta- oral primary. While there has been The candidates, though, did nologies and VeriFone Media, the free in a limited number of taxis to morphosis of New York’s regulatory no shortage of crooked politicians not address what they would do as two companies that control the TV test all the features with the hopes of system as it accommodates new tech- during Mr. Bloomberg’s tenure— mayor to stem corruption, perhaps screens and credit-card machines in eventually moving into more cabs. nology,” Mr. James said. “We know three councilmen are currently in knowing that any promises of in- the back of taxis. “We’re going to try to get up and it’s going to change, and we want to jail, as are a slew of state legisla- dependence would ring hollow in a For almost eight years,CMT and running in as many cabs as we can in be part of it as it changes.” Ⅲ tors—the mayor’s wealth helped race already dominated by a mad immunize City Hall from the cor- dash for partisan endorsements ruption that now seems endemic in and union support. Albany and the five boroughs. In all of the Democrats’ current To be sure, the mayor’s adminis- offices,there has been some degree tration was no stranger to criminal- of political hiring. When she as- ity, but at the agency level. The sumed the speakership in 2006, CityTime project saw a contractor Ms. Quinn fired 61 City Council Suzanne and Lee, AC&C Adopters bilk the city for more than $500 mil- staffers who had been working for with Stan and George lion.A housing official was arrested the previous speaker, Gifford Miller, in 2011 for receiving $600,000 in and replaced them with her own al- graft, and two more were hit with lies, noted Dick Dadey, executive di- bribery charges the next year. rector of Citizens Union, a good- But would-be successors need government group. to make the types of deals and al- “We’ve been enjoying a period liances to get elected that Mr. where political clubs haven’t had Bloomberg’s pocketbook helped much sway at the mayor’s office him avoid.That has led to much of like they have in past years,” said the hand-wringing in the business Mr. Dadey. “We’re at risk of a re- community, Mr. Cunningham newal of clubhouse politics.” said. The mentality, he said in the Meanwhile, Republican candi- wake of last week’s scandals, is date George McDonald, who calls “Bloomberg’s leaving. Now they’re himself the only political outsider trying to buy City Hall.” in the race, is struggling to gener- At a recent forum in Brooklyn ate the money and support he Heights, the first question for the needs to remain in the contest. five Democrats running to replace Only one contender, Republi- Mr. Bloomberg wasn’t about the can grocery magnate John Catsima- economy or education, but corrup- tidis, is independently wealthy. Mr. Meet Suzanne and Lee, two of New York’s Kindest with bff’s Stanley and George. Shy guy Stan watches tion. The candidates haven’t exactly Catsimatidis says his $3 billion the world from his windowsill while dapper George stalks ping-pong balls in his tux, but they all love calmed those fears:Public Advocate fortune and self-funded campaign movie night on the couch! Bill de Blasio sought to connect the will allow him to run City Hall as Our nonprofit organization rescues thousands of New York’s homeless and abandoned animals each year. scandal to Council Speaker Christine Mr. Bloomberg does, without be- Our goal is to place every dog, cat and bunny in a new loving home. But we can’t do it without your help. Quinn’s management of council ing beholden to special interests. members’ discretionary funds, “The fact that I’m wealthy gives BE ONE OF NEW YORK’S KINDEST: ADOPT VOLUNTEER DONATE which prosecutors said Councilman me some independence,” Mr. Cat- Daniel Halloran tried to exploit. simatidis said. “If a big developer Comptroller John Liu, however, throws a fundraiser for you and pointed out that such funds make up raises $150,000, you’re going to do Ⅲ nycacc.org a tiny fraction of the city budget and what he says.”

Photo by Donna Svennevik © 2013 OUR CITY, OUR SHELTER. Crain’s Insider, our award-winning politics newsletter, is now a blog. Read it every day at www.crainsnewyork.com/insider

6 | Crain’s New York Business | April 8, 2013 20130408-NEWS--0007-NAT-CCI-CN_-- 4/5/2013 2:42 PM Page 1

BUSINESS 6.9% Columbia University’s 2013 undergraduate acceptance rate, down from 7.4% in 2012 PEOPLE Source: Columbia University

EXECUTIVE MOVES

HIRE CALLING: BankUnited: Joe David Klar quit religion Roberto, 54, joined and eventually started as president of New Just Solutions, which York banking makes home gadgets. operations and senior executive vice president. He was previously senior vice president at Capital One. Kelly Sheehan, 32, joined as senior vice president, team leader of commercial private banking, New York. She was previously senior vice president at Capital One. ChaCha: Dan Hodges, 59, joined the technology company as president. He was previously chief revenue officer at Verve Mobile. A.T. Kearney: Gary Singer, 58, joined the consulting firm as chief marketing officer and partner in its strategy, marketing and sales practice. He was previously founder and chief executive of Redline Results, and chief executive and founding partner at Buyology. Brickman: Steve Klein, 52, joined the real estate firm as chief investment officer. He was previously managing partner at JOSS Realty Partners, which he co-founded. Havas Worldwide: Laura Maness, 36, joined the integrated marketing communications agency as U.S. chief growth officer. She was previously senior vice president at Propane Studio.

buck ennis New York Institute of Technology: Alan Guarino, 53, was appointed trustee. GOTHAM GIGS He will continue his role as vice chairman of global financial markets at Korn/Ferry International. Hearst Digital Media: Fernanda Pucheu, 38, joined the publishing company as executive director of marketing services. She was previously vice Design inspiration president, interactive sales development and strategy, at Univision Communications Inc. Advance Realty: Michael Sommer, 39, Rabbi seeks earthly riches in the good of small things joined the real estate development, investment and management David Klar’s spiritual journey begin at 14, when cereal bowl that keeps flakes from getting soggy, a company as managing director of Patents community development. He was he left his New Jersey home to attend yeshiva, toilet-seat handle that protects hands from germs, previously senior vice president at are good. volunteer in Ukraine and eventually graduate and a blow-up leg that maintains the shapes of Premier Development & Affiliates. Year Up New York ‘But from rabbinical school in Sydney. But the son of a boots. Another five inventions are coming out Alicia Guevara, 40, rabbi answered a different calling. Now he over the next three months at retailers like Duane joined the nonprofit as executive director. ultimately designs toilet levers. ¶ “I wanted to experience the Reade and Bed Bath & Beyond. ¶ Each item She was previously world in a different way,” he said. “If I found my costs between $5 and $20, and Mr. Klar expects to executive director at it’s about calling indeed was to be a rabbi, then I would rake in $3 million in sales for 2013. ¶ “Yes,we Peace First. KPMG: Nader being first come back to it, and it would be a more educated have patents in some cases, but ultimately it’s Karimi, 39, joined decision.” ¶ Mr. Klar, 31, quit religion nine years about being first to market,” he explained. ¶ He the accounting firm as managing to market’ director. He was previously global ago to try his hand at business.The rabbi turned and his team of six employees are in talks with head of tax and product development inventor earned his business chops with stints at digital sites Zulily and Groupon, along with at Goldman Sachs Fund Services. shopping mall developer Westfield, and helped discounters Walmart and Kohl’s. ¶ “One of the Grant Thornton: Kenneth Simon, 66, joined the accounting firm as grow the popular organic beauty label Yes to most difficult aspects of the retail chains is they’re managing director, a newly created Carrots from its small Israeli roots. When Yes to hard to get into—they don’t just take calls from position. He was previously managing director at Loughlin Management Carrots was bought by private-equity investors anybody, even if you’re their brother,” said Mr. Partners + Co. five years ago, Mr. Klar decided to start Just Klar. “You have to have strong relationships that Ryan Maupin, 33, joined as director. He was previously director in the Solutions, which makes home gadgets. ¶ The take years to develop. I had a head start there, and special-situations advisory group at company has 15 fix-it projects in the pipeline: a we’re plowing along.” —adrianne pasquarelli See EXECUTIVE MOVES on Page 8

April 8, 2013 | Crain’s New York Business | 7 20130408-NEWS--0008-NAT-CCI-CN_-- 4/5/2013 2:42 PM Page 1

CORPORATE LADDER EXECUTIVE MOVES

Continued from Page 7 HITTING THE RIGHT NOTES AT SCHOOL OF MUSIC KPMG. Sandy Chu, 42, joined as partner and LINCOLN CENTER, the Today show and Carnegie Hall are just a few venues where James Gandre, 53, has performed. leader of its China business group. She After 13 years honing his administrative skills as provost and executive vice president at the Chicago College of was previously leader of the greater Performing Arts at Roosevelt University, Mr. Gandre is coming home to take the helm of the Manhattan School of Music in China desk at Ernst & Young. May as president, where he previously worked for 15 years. Westin New York at He hits the skills trifecta: He is a Ph.D.-educated musician and singer, an adept manager and an experienced fundraiser. Times Square: Ravin Berera, 55, was Peter Robbins, chairman of MSM’s board, said that during Mr. Gandre’s first stint with MSM as dean of enrollment and promoted to area alumni he elevated the reputation of the 900-student school to a position of prominence. managing director of MSM blends music education, technology and entrepreneurship programs, Mr. Gandre said. “We give students travel industry sales. entrepreneurial skills while they’re in school, so they don’t wait passively around for an orchestra audition,” said He was previously area Mr. Gandre, who will lead the school’s Center for Music Entrepreneurship, in addition to his duties as president. managing director of “What draws students is a particular program, professor or musician,” said Mr. Robbins, “and Jim, and the center, are travel industry sales, Walt Disney World Swan and Dolphin the vanguard.” —EVA SAVIANO Hotel. Advanced Clinical Concepts: Tina Vitelli, 38, joined the medical communications company as strategic partnerships director, a newly created position. She was previously an independent contractor. Carl Marks Advisory Group: C. Scott Chabina, 30, was promoted to director at the consulting and investment banking advisory firm. He was previously a vice president. Jon Roberts, 39, was promoted to director. He was previously a senior associate. Dave Endo, 27, was promoted to associate. He was previously an analyst. Stony Brook Hospital: Kristie Golden, 45, joined as administrator. She was THE MOBILE PHONE previously vice president of ambulatory services at North Shore-LIJ’s South Oaks Hospital. DeVries Global: Jessica O’Callaghan, 37, JUST GOT MOBILER. was promoted to executive vice president at the public-relations firm. She was previously managing director. Cumulus Media: Steve Shaw, 53, joined BOOK YOUR NEXT FLIGHT the radio broadcaster as senior vice president for national sales. He was WITH THE FLY DELTA APP. previously president at Cox Digital Solutions. B.R. Fries Constructors: William Brody, 56, joined the construction services company as vice president of business development. He was previously vice president, marketing and sales, at IBEX Construction. First Capital: Eric Serenkin, 57, joined the financial firm as Northeast regional business development manager. He was previously senior vice president at Wells Fargo & Co. Vanderweil Engineers: Ernest Schirmer, 67, joined the technology design company as senior engineer and project manager. He was previously managing director of the mid-Atlantic office at Acentech Inc. The Bridgespan Group: Paul Carttar, 59, joined the nonprofit adviser and collaborator as partner. He was previously director of the Social Innovation Fund for the Obama administration. Gilbane Building Co.: Peter McCabe, 43, joined the construction and facilities- related services company as project executive, a newly created position. He was previously project executive at Structure Tone. Crowe Horwath: Joe Macina, 42, joined the accounting firm as partner. He was previously a partner at KPMG. Jones Day: Scott Greenberg, 36, joined the law firm as a partner. He was previously a partner at Cadwalader Wickersham & Taft. —eva saviano

DELTA.COM/APP EXECUTIVE PROMOTIONS The fastest way to get an announcement into Crain’s is to submit online. Fill out the form at www.crainsnewyork.com/section/ executive_moves. The Executive Moves column is also available online.

8 | Crain’s New York Business | April 8, 2013 20130408-NEWS--0009-NAT-CCI-CN_-- 4/5/2013 2:43 PM Page 1

SMALL BUSINESS

Hardware Meetup is on that list.” One reason that hardware com- Hardware Meetup hooks up talent panies are proliferating, noted Jeff Glasse, CEO and founder of 10- employee Kogeto in SoHo, is that Founders of future Makerbots, and investors, the spread of low-cost technologies has lowered the barriers to develop- come together in fast-growing group ing prototypes.Kogeto makes Lucy, a 360-degree, stand-alone camera founded with engineer John Sarik used mostly in education and the BY EILENE ZIMMERMAN and Columbia engineering professor television industry, and Dot, an John Kymissis.The latest iteration of iPhone camera attachment that en- hree years ago,Marshall his device, which is wireless, is being ables 360-degree video. Cox was a graduate stu- tested in a 100-unit student apart- dent in electrical engi- ment building at Columbia. Sharing resources neering at Columbia Mr. Cox belongs to the fast- Mr. Glasse said he attends the University, sharing a growing New York Hardware Start- Hardware Meetup because it’s Tbedroom with his brother. The up Meetup, where he often ex- “heartening to see other people steam radiator in their room left him changes ideas with fellow members. swimming in the same uncertainty sweating at night, while his brother, “It’s great knowing people work- as you do.” sleeping across the room, froze. “It ing on the same kinds of stuff,” he The group can be a source of hard- was a constant battle,”Mr.Cox said. said.“People are always introducing to-find talent. Ask Ryan Rzepecki, To fix the problem, he created an each other to investors and other en- CEO of four-employee Social Bicy- insulating blanket—much like an gineers and connections.” cles, a Manhattan-based bike-share oven mitt—and wrapped it around A year ago, the Hardware Meet- company whose vehicles come with the radiator. The blanket prevented up didn’t exist. Robotics engineer TINKERER: Marshall Cox’s an integrated locking system, on- heat from rising up or spreading out Haytham Elhawary started it last frustration with a steam board computer and cellular connec- radiator spawned his into the room. Attached to it was a June to connect engineers,entrepre- startup. tion.After a referral from Mr.Cox,he

thermostatically controlled fan. neurs and hardware hobbyists. To- buck ennis recently hired a techie he met at the When the room cooled to a certain day, it has more than 450 members, Meetup. point, the fan would turn on and mirroring an expanding hardware nesses in this niche also has fueled in- hardware is more credible than the The Hardware Meetup, he said, push out hot air. startup scene in the city. It hasn’t vestors’interest.Last August,Brook- average team who just build a Web “is a great way to share and find re- hurt the Meetup’s cachet that in De- lyn’s Makerbot, which produces 3-D service,” said Charlie O’Donnell of sources—like electrical engineers.” Ⅲ Vital connections cember, Mr. Elhawary became di- printers, attracted $10 million in Brooklyn Bridge Ventures,a $10 mil- This was the first version of the rector of the new Zahn Center for funding,and LittleBits,a Manhattan lion fund that invests in early-stage To sign up for Crain’s “thermostatic radiator enclosure”de- Entrepreneurship at City College of firm that makes tiny magnetic circuit companies.“If I’m ranking the top 25 SMALL BUSINESS newsletter, go to vice that became the cornerstone of New York, an incubator. boards, raised $3.6 million. sources of where an interesting deal www.crainsnewyork.com/smallbiz. Mr.Cox’s startup,Radiator Labs,co- The success of high-profile busi- “A team of people who have built might come out of in the next year,the

April 8, 2013 | Crain’s New York Business | 9 20130408-NEWS--0010-NAT-CCI-CN_-- 4/5/2013 2:54 PM Page 1

OPINION CRAIN’S NEW YORK BUSINESS Lessons from the scandals editor in chief Rance Crain publisher, vp Jill R. Kaplan ast week’s corruption scandals produced with being a conduit for Mr. Smith’s bribes. EDITORIAL editor Glenn Coleman ⅷ the usual calls for reforms. Obviously, it’s Bronx Assemblyman Eric Stevenson was charged with managing editor Jeremy Smerd accepting cash-filled envelopes to advance legislation.Anoth- deputy managing editors Valerie Block, time for change. But while some proposed Erik Ipsen reforms would have deterred the er indicted assemblyman helped the feds to avoid jail himself. assistant managing editor Erik Engquist The question is how to prevent these timeworn schemes. senior producer, news Elisabeth Butler Cordova conspiracies that federal authorities news producer Amanda Fung exposed, others are examples of advocates Some suggest public financing of campaigns and stricter contributing editor Elaine Pofeldt columnists Greg David, Alair Townsend seizing an opportunity to promote long- limits on contributions. But those practices can actually crain’s health pulse editor Barbara Benson held agendas irrelevant to the cases at hand. encourage corruption.Two associates of City Comptroller senior reporters Theresa Agovino, Aaron Elstein, Lisa Fickenscher, Matthew Flamm Prosecutors allege that Democratic state Sen. Malcolm John Liu face trial for using straw donors to evade reporters Chris Bragg, Matt Chaban, L Daniel Geiger, Andrew J. Hawkins, Annie Karni, Smith offered payoffs to Republican Party officials to allow contribution limits. Former Councilman Sheldon Leffler Adrianne Pasquarelli his entry into the GOP mayoral primary. He needed three of was convicted after a big donor funneled smaller amounts web reporter, producer Nazish Dholakia the city’s five Republican county chairmen to say yes, thanks through fake donors to generate public matching funds. art director Steven Krupinski deputy art director Carolyn McClain to an old state law that grants that power to these obscure Investigators cannot tap the phones of our 213 state staff photographer Buck Ennis officials. Clearly, that statute is an invitation to abuse and legislators, 51 City Council members and countless copy desk chief Steve Noveck copy editor Thaddeus Rutkowski should be stricken—or rendered moot by allowing candidates municipal officials. Reforms must instead focus on limiting data editor Suzanne Panara to run in primaries regardless of their party affiliation. the opportunities and temptations to cheat.That means assistant data editor Emily Laermer researchers Eva Saviano, Amy Stern That’s not enough, however. Federal complaints laid out getting rid of member items and other funding pools that intern Ali Elkin five other corrupt schemes pervasive in New York politics: individual lawmakers largely control. Ballot access—notably ONLINE AND INTERACTIVE SERVICES ⅷ To approve a Rockland County development, town offi- for special elections for the Assembly and Senate—should senior web developer, interactive cials allegedly demanded a piece of the action. not be essentially decided by party bosses, lest they “sell” Chris O’Donnell ⅷ Councilman Daniel Halloran, R-Queens, allegedly ac- seats. Zoning should be geared to encourage as-of-right ADVERTISING, MARKETING AND PRODUCTION director of sales and marketing cepted donations from “straw donors” via an undercover FBI development, so projects cannot be held hostage by town Nancy Adler agent who had reimbursed the donors. officials or council members with their hands out. senior account managers Irene Bar-Am, David Harkey, Jill Bottomley Kunkes, ⅷ Mr.Smith dangled state funding for a road project impor- Finally, advocates for public financing and donor limits Courtney McCombs, Suzanne Wilson tant to a builder,who in return was to bribe party leaders to sup- should stop portraying these reforms as anticorruption director of custom content Trish Henry sales coordinator Danielle Wiener port Mr. Smith’s mayoral candidacy, prosecutors charged. measures. Mr. Halloran is a publicly financed city newsletter product manager Alexis Sinclair ⅷ Mr. Halloran allegedly sought kickbacks for providing councilman, after all, and Mr. Smith allegedly was trying to credit Todd J. Masura (313-446-6097) director of audience & content public funds, known as member items. He was also charged bribe his way into a publicly financed mayoral race. partnership development Michael O’Connor senior marketing manager Catherine Schutten director of conferences & events COMMENTS Courtney Williams CRAIN’S ONLINE POLL reprint sales manager Lauren Melesio production and pre-press director Simone Pryce advertising production manager Ode to the 212 code Suzanne Fleischman Wies TO SUBSCRIBE: were to have no geographic link, new law will undoubtedly be a For print and digital subscriptions or customer IT’S NOT JUST ABOUT service, e-mail [email protected] BRAGGING RIGHTS it would hurt businesses, and major consideration. or call 877-824-9379 (in the U.S. and Canada) or not just in New York. This new class of 313-446-0450 (all other locations). $3.00 a copy for Your April 2 online poll asked, —paula unemployment lawsuits will the print edition; or $99.95 one year, $179.95 two SHOULD CONGRESS “Should the coveted 212 area lead to widespread nuisance years, for print subscriptions with digital access. www.crainsnewyork.com/subscribe OFFER UNDOCUMENTED code be sold outside of JOBLESS BILL litigation—benefiting neither IMMIGRANTS A CHANCE Manhattan and even out of WILL BACKFIRE job-seekers nor employers. TO ADVERTISE: state?” Remember: 212 once Perhaps the only silver lining is Contact Nancy Adler at TO BECOME CITIZENS? belonged to the whole city. It’s The New York City Council’s that lawmakers will soon have [email protected] or call 212-210-0278. www.crainsnewyork.com/advertise Yes. The nation has long served as a beacon no longer a question of just recent enactment of a law to ample evidence that such a of hope for immigrants seeking a better life Manhattan anymore; rather, if allow rejected job applicants to proposal should not be adopted FOR INFORMATION ON OUR EVENTS: and has thrived on their energy and area codes are widely distribu- sue for alleged discrimination statewide. Contact Courtney Williams at [email protected] or 212-210-0257. entrepreneurialism. ted, we lose a way of knowing based on employment status —thomas b. stebbins where most calls originate. I can (“Lawsuits feared from new Executive director www.crainsnewyork.com/events No. Immigrants who enter the country without see greater opportunities for unemployment law,” March 14) Lawsuit Reform Alliance TO CONTACT THE NEWSROOM: documents should not be rewarded for fraud—just imagine what will do more harm than good. of New York 711 Third Ave., New York, NY 10017-4036 breaking the law, especially when they take overseas boiler-room operators In aiming to protect the jobless, editorial phone: 212.210.0277 jobs from U.S. citizens. will be scamming up next with this new law will actually make A SEXIST POLL? fax 212.210.0799 Date of poll: April 1 their 212 area codes! it more difficult to find a job. Entire contents ©copyright 2013 Crain Communications Inc. All rights reserved. ®CityBusiness is a registered trademark 689 votes —aaron biller Faced with the threat of Re “Will City Council Speaker litigation, many companies will Christine Quinn’s bad temper of MCP Inc., used under license agreement. ONE OF THE REASONS for keeping simply hire fewer people or trip up her mayoral bid?” (poll, CRAIN COMMUNICATIONS INC. BOARD OF DIRECTORS area code and geography linked seek to fill positions internally. April 1): How dare you offend chairman Keith E. Crain is that you can identify a caller For small businesses on a tight 51% of the population with president Rance Crain 37% by the area code. When I get budget, the threat of litigation that sexist question! Would you treasurer Mary Kay Crain Yes Cindi Crain marketing calls, I see on my will have a significant impact have asked that about a man (as caller ID that the call is from on hiring and will compromise though Michael Bloomberg executive vp, operations William Morrow 63% senior vp, group publisher Gloria Scoby No Omaha or Dallas, and I know to their ability to grow. And for and Rudy Giuliani don’t have vp/production, manufacturing David Kamis let the machine pick it up. Also, companies already considering tempers)? I think not. Shame chief information officer Paul Dalpiaz it allows businesses to identify leaving New York for greener on you, Crain’s. founder G.D. Crain Jr. (1885-1973) the calling area. If area codes (and less litigious) pastures, this —susan meshberg chairman Mrs. G.D. Crain Jr. (1911-1996) secretary Merrilee Crain (1942-2012) FOR THIS WEEK’S QUESTIONS: CRAIN’S WELCOMES SUBMISSIONS to its opinion pages. Send letters to [email protected]. Send columns of 475 Go to www.crainsnewyork.com/poll to have your say. words or fewer to [email protected]. Please include the writer’s name, company, address and telephone number.

10 | Crain’s New York Business | April 8, 2013 20130408-NEWS--0011-NAT-CCI-CN_-- 4/5/2013 2:52 PM Page 1

Rotten to the core: why NY is so corrupt

ew York is much more corrupt than other places, as U.S. Attorney Preet Bharara suggested last week in announcing the arrests of state Sen. Malcolm Smith, City Councilman Daniel Hal- loran,two Republican county chairmen and two Nsuburban officials in a brazen scheme to corrupt the GOP may- GREG DAVID oral primary and make money on a real estate deal. And that was before Mr. Bharara announced the arrest of a state assem- New York to Des Moines. blyman, caught in a sting with another Bronx assemblyman ⅷ It’s because New York spends so who was cooperating with authorities to avoid prosecution. much money. It is true that projects in The question that isn’t getting enough attention is why.Here New York are big,like the Aqueduct is a guide to some of the usual answers and the ones that make casino, where Mr. Smith previously tried to pull some fast ones, though the most sense. he was never charged with a crime. So this one has some validity. ⅷ It’s because we don’t have public ern District, which Mr. Bharara ⅷ It’s because New York’s election financing of elections. This is the fa- heads, is the most prestigious for laws are so stupid. This is Mr. vorite of the do-good groups, which young prosecutors. But the Eastern Bloomberg’s explanation, and he’s held a press conference to make District, which covers Brooklyn, on the money. New York is the only their case right after the scandal Queens and Long Island, and is large city without nonpartisan elec- broke. They say that the way candi- tions, which creates the kind of op- dates raise campaign funds is cor- portunity that two city GOP chair- rupting.New York City proves them Pols who have men used to allegedly solicit bribes. wrong. All the members of the City Allowing candidates to run on more Council are elected by participating no say in than one party’s line is also corrupt- in what the experts say is the best ing, as the mayor’s manipulation of system of public financing in the important the Independence Party shows. So country. And many of them have does the way Liberal Party patron- gone to jail anyway. Meanwhile, issues are prone age led to corruption under Rudy Mayor Michael Bloomberg, who Giuliani. shunned the system, has run the to wrongdoing ⅷ It’s about power and, more impor- most honest administration in tant, powerlessness. No one is less in- history. fluential than a City Council mem- There may be a case for public fi- ber, except maybe a New York state nancing, though New York City’s assemblyman or senator. The City system stacks the deck in favor of a combined in the chart below, does- Charter not only makes the mayor few groups (like unions) at the ex- n’t have the same cachet. The U.S. more powerful than his counter- pense of others (like businesses). It attorney for the Northern District parts elsewhere in the country, but will not end corruption. of Illinois can attract the best young Christine Quinn has made the ⅷ It’s because New York prosecutors lawyers in the Midwest, too. Ditto council speaker more powerful than are better than their peers elsewhere. If for the U.S. Attorney’s Office for before. only this were true. Yes, the South- L.A. It’s not like we are comparing Once, the chairman of the coun- cil’s Land Use Committee mat- tered; now I don’t know who that SHADY AREAS person is, nor do I need to. Council people matter only when there is a Ranked by federal public corruption convictions controversial land-use project in their district, which happens only rarely.So they spend their time pos- 1,963 turing and trying to get as much dis- cretionary money to hand out as the speaker will give them,which makes 1976-2010 them completely dependent on the 2002-2011 speaker. 1,531 It’s the same in Albany,where the legislative leaders and the governor decide all issues in small confer- 1,275 ences. While the leaders can’t com- pletely ignore the views of their 1,005 members, they don’t have to pay much attention because they con- trol money for member items and committee assignments that boost legislators’ pay. Would you want a job like that, in which you had no say in all the 391 370 375 important budget and policy issues? 333 I don’t think so. So the people who run for these jobs are either happy to be involved in doing what little they can to help their districts, or Downstate Northern Illinois Central California District of they are interested in using their New York (Chicago) (L.A.) Columbia jobs to help themselves. Either way, Sources: Study by University of Illinois at Chicago professor Dick Simpson; U.S. they are so far from being the best Department of Justice Public Integrity Section annual report and brightest.

April 8, 2013 | Crain’s New York Business | 11 20130408-NEWS--0012-NAT-CCI-CN_-- 4/4/2013 5:19 PM Page 1

IN THE BOROUGHS QUEENS

speakeasy atmos- begin this summer. Among the phere, was recently amenities are a tenant lounge with a Court Square boom expanded to ac- Manhattan skyline view, a squash commodate rising court, a coffee lounge and valet Continued from Page 3 open for dinner, hiring a new chef, demand. Steve parking. more, a huge wave of residential applying for a liquor license and Senkiw, who has buildings is only beginning to hit doing good business seven days a worked there for Attractive unit pricing the area. week. Weekend brunch offerings three years, said Another 975 units on Hunter “It’s going to be an artsy place, range from tomato, basil and goat he’s seen business Street will open in 2016, and 700 but with a cool, edgy, cheese soup with cayenne quadruple in that rental lofts are expected to be carved gritty mix of residential croutons at $5, to tarragon time. out of the old Eagle Electric Manu- and commercial build- 3,500 chicken salad on Pain “The boom of facturing building on Queens Street ings,” said Modern HOUSING UNITS D’Auvignon seven-grain the apartments go- beginning next year, according to to be added by Spaces founder Eric Be- 2018 bread at $10. ing up and more Rockrose President Justin El- naim, a local real estate “We are going with the office workers ghanayan. broker and Court Square changes in the neighbor- coming into the One of the big attractions of the resident. hood,” said owner Leslie area has really budding area is price. Rents in the

$2,700 philip murtha New and old restau- AVG. RENT for Nilsson. changed the face of neighborhood average $2,700 for a 1-bedroom apt. THREE SQUARE MEALS: Sage has added dinner as well as rants, tucked in among Recent additions to the weekend hours as the surrounding area has sprung to life. the neighbor- one-bedroom apartment, and con- aging warehouses and ac- foodie scene include LIC hood,” he said. do prices are around $850 per square tive construction sites, 2 Market, which promises the “And it’s just the foot, according to Mr. Benaim of are filling up as residents BIG best local fish, as well as Meanwhile,older establishments beginning.” Modern Spaces. That is well under NEWCOMERS: are streaming in. JetBlue, CUNY house-made sauces, condi- are changing their fare to meet the The biggest driver of that change what’s available in comparable Law ments and jams; the Inkan, a needs of the new crowd. Vinny Ro- at this point is Rockrose Develop- neighborhoods in Manhattan and Going with the flow Peruvian spot; and the criti- mano, manager of the 123-year-old ment. Of the 3,500 residential units Brooklyn—or just a few blocks west Among them is the Sage Gen- cally acclaimed John Brown neighborhood institution Brooks expected to be completed in the next along the Long Island City water- eral Store on Jackson Avenue. Smokehouse, famous for its barbe- Restaurant, said his business is up three to five years, the majority of front. When it opened 10 years ago, Sage cue. Even longtime fixture PS1 is more than 15% in the past year.“We them will be done by Rockrose. More amenities are planned for catered strictly to a weekday break- doing its bit for Court Square’s re- now have a happy hour, and are get- Most prominent is the compa- Court Square.Rockrose is hoping to fast and lunch crowd, with most of birth. It has been hosting music ting more business from JetBlue and ny’s Linc LIC project on Crescent bring in a beer hall and a music ven- its patrons walking over from near- events in its outdoor courtyard in the law school,” he said. Street. The 42-story tower will ue, as well as a high-end supermar- by office towers.Today, the place is the warmer months. Nearby,Dutch Kills Bar, with its boast 709 rental units. Leasing will ket, slated for Linc LIC. Ⅲ FROM AROUND THE CITY BROOKLYN Church returns to historic roots The Holy Name of Jesus Church in Windsor Terrace, which turns 135 TIMELY PAD: The long-vacant Clocktower years old this year, has raised half of apartment in Dumbo has had a big price cut. the $1.5 million it needs to bring the church back to its original look by undoing a renovation/modern- One Main Street is on the market ization undertaken in the ’80s. The again.This time, though, it is being new look and colors never resonat- offered at a new low, low price of ed with the community, said Mea- $18 million—which is still nearly gan Tenety, director of the 50% higher than Brooklyn’s record campaign. holder, a Brooklyn Heights man- At the centerpiece of the restora- sion that sold last year for $12.5 tion is an ornate altar designed by million. James Renwick Jr., the architect of Brokers from the Corcoran St. Patrick’s Cathedral and the orig- Group have taken over the listing for inal Smithsonian Museum. It was the unit, which hit the market in originally designed for St. Patrick’s 2009 with an asking price of $25 but ended up in Williamsburg’s St. million after landlord Two Trees Vincent de Paul Church, and is be- Management lavishly fleshed out ing donated to Holy Name by the the space. diocese. “It was a fun, whimsical side “We see this as a unique oppor- project for us,but now we’re focused tunity to preserve a historic piece of on selling it,” said Asher Abehsera, art in Brooklyn,” said lifelong Two Trees’ general manager. parishioner and active project par- The 6,800-square-foot apart- ticipant Nick Sisto. “There’s a huge ment boasts a panoramic 360-de- secular following around Renwick gree view of Manhattan and that will inspire people to be inter- Brooklyn through four 14-foot-tall ested in Holy Name on a different glass clock faces. It also has a large level.” deck. The church will continue to raise To date,the potential buyers who money for another month and hopes have stopped by to take a look have the project will begin by the end of been less interested in living in July. Brooklyn than in a truly singular —anika anand space, according to Aaron Lemma, one of the Corcoran brokers. BROOKLYN “We see loft condos in great ’hoods,but this home,because of the Dumbo’s Clocktower clocks, the views and the ceiling heights—there is literally nothing takes price cut like it,” said Mr. Lemma. “There’s A never-lived-in, often-marketed nothing comparable.” triplex penthouse atop Dumbo’s —cara eisenpress

12 | Crain’s New York Business | April 8, 2013 20130408-NEWS--0013-NAT-CCI-CN_-- 4/4/2013 5:20 PM Page 1

BANKING INSIDE The Lists NY area’s largest commercial banks and the region’s biggest thrifts PAGES 15 AND 16 The Scoop Commercial and industrial REPORT loans jump sharply at biggest banks PAGE 14 Putting your accounts in hock Lending against receivables no longer just a garmento thing

BY HILARY JOHNSON

Asset-based lenders specializing in receivables financing and fac- toring gained prominence during the financial crisis and recession. They’re fighting to keep it that way. As the economy improves and big banks seek to increase lend- ing, they’re moving back into the territory of such New York-based specialty lenders as CIT, Rosen- thal & Rosenthal and Sterling National Bank, cherry-picking the most creditworthy cus- tomers. “Banks are STATS aggressive, and we asset- based lenders 3% BETTER MONTHLY RATE are feeling the ON MONEY PROSPECTS: Tyga- pressure,” said Box Systems CEO extended in return Nadine Cino’s new Gerald for accounts loan makes for Joseph, presi- receivable turned brighter days. dent of Ger- over to “factors” for collection ber Finance Inc., another New York- 14% based lender. MAXIMUM Gerber,which ANNUAL RATE on bank loans buck ennis has $70 mil- collateralized by lion in loans, receivables recently lost a customer or two to banks, Mr. Joseph noted. In New York City, borrowers A borrower again be? can choose from a full spectrum of asset-based lenders offering receivables lending and factoring. Banks are back to pany will likely double revenue this Small-business loan approval rates at Some of the biggest, like CIT, year to $22 million. big banks, those with $10 billion and have many hundreds of cus- lending to businesses, “The banks are all coming back to more in assets, rose to 15.9% in Feb- tomers and provide tens of bil- us,” Mr. Zoldan said. “They’re offer- ruary, up from 15.3% in January. The lions of dollars in loans; others, and their terms are ing really competitive rates to get our 5.7% February rate was 35% higher than it INCREASE IN THE AMOUNT like Gerber, count about 30 to 40 surprisingly favorable business.” of all loans and leases by was a year earlier, according to an customers. The situation is somewhat bitter- commercial banks in analysis of loan applications by The situation all these lenders sweet, he added, since he had to turn 2012 over 2011 Biz2Credit.com. are facing, however, is the same. BY HILARY JOHNSON to American Express for the credit he Banks still have a long way to go. It’s the reverse of what happened needed in the lean years. Mr. Zoldan Loans remain a smaller percentage of during the financial crisis. Then, What a difference four years makes. hasn’t bitten on a bank loan yet, their balance sheets, at about 61%, asset-based lenders moved “up- The banks that rejected Ari Zoldan though he’s thinking about using the than they were three years ago, ac- stream,” gaining more stable cus- when he started Quantum Networks, easier money to order more inventory cording to an analysis by SNL Finan- tomers who had been dropped by a wireless equipment distributor, are and to hire. 3.9% cial. Cash and low-yielding securities banks. now clamoring to lend to him, espe- All over New York, banks are get- INCREASE by thrifts constitute a larger portion of assets At Rosenthal & Rosenthal, cially as his Times Square-based com- ting back into the business of lending. Source: SNL Financial See BORROWER on Page 14 See HOCKING on Page 17

April 8, 2013 | Crain’s New York Business | 13 20130408-NEWS--0014,0015-NAT-CCI-CN_-- 4/4/2013 5:21 PM Page 1

REPORT BANKING

more than 7%. Though five banks competed, including Citibank, THE SCOOP A business borrower again be Tate’s ended up sticking with its lo- cal institution, Bridgehampton Na- s the economic re- tional Bank—which matched the covery gathers Continued from Page 13 3.85%—where it already had a good steam, banks are re- than they did even three years ago, relationship. covering their will- SNL reports,and that’s held back net BANKS’ NEW FOCUS ON BIZ ingness to lend. And interest margins, the spread between SMALL AND MIDSIZE BUSINESSES can exploit attractive pricing, bundling and Willing to listen Ain no place is this more evident the rate at which banks lend and the new attentiveness to their needs on the part of banks, says the Aite Group, a “I was surprised,” Mr. Naimy re- than in their commercial and in- rate they provide to depositors. Boston-based consulting firm. With regulations limiting fee-based revenue on counted. “I didn’t realize that the dustrial loan portfolios, where To boost those margins, banks the retail side, banks are working to repair lingering dissatisfaction among market had become so lending- the dollars lent jumped by 13.6%, are urging their loan officers to get corporate customers, who saw retail get priority in innovation and service for heavy.I thought it was still very tight to $842.8 billion, between 2011 out and get busy. many years. Demand for such services among businesses with less than $10 from the recession. I was surprised and 2012 at the 25 largest local For Nadine Cino, chief executive million in annual revenue is apparent in Aite’s recent findings shown below. at how competitive everyone was, banks, well outpacing their over- and co-inventor at Tyga-Box Sys- and the deals they had to offer.” all 5.7% loan growth. —HILARY JOHNSON tems Inc., this expansiveness on the Carl F.DelPrete, owner of R Best All but one of the city’s largest part of banks has been “nothing short How would you prefer to pay for services from your primary financial institution? Produce,a wholesale produce distrib- banks, ranked by assets, saw an of transformative”for her $2 million- utor based in the Bronx, said he, too, increase in these types of loans, in-revenue office-moving company, was happy to discover how good and designated for businesses and based in the garment district.Bank of 17.2% easy credit was when he needed mon- corporations, according to SNL 27.1% Monthly fee for America offered a rate “a few points Don’t know each service used ey for new space: “The access to get Financial data provided to above prime,” she said, and most im- funds, and the terms, were the best Crain’s. Just Bank of New York 13.7% portant, an amount, $750,000, that Fee for each that I’ve seen in my business career.” Mellon, No. 6, saw a decline—a for the first time allowed her and her transaction And that’s 35 years’ worth, he noted. measly 0.6%, to $1.6 billion. Na- partner to put into action a long- Still, by all accounts, banks are tionwide, these loans made up planned electronic tracking system. 21.6% 20.3% looking mostly for the best (most 19.6% of all loans at the end of Bundled pricing Relationship- profitable) customers and are un- last year, their highest level since Smiling at work based pricing likely to quickly abandon all the les- 2002. Other banks offered $500,000, Source: Aite Group sons that they learned from the fi- At Signature Bank, No. 24, and though they rushed to match nancial crisis. where dollars Bank of America’s terms, Ms. Cino But banks do have more flexibil- loaned grew said she stuck with Bank of Ameri- one of 1,000 small-business special- said Ellen Marshall, Northeast re- ity in how they can structure a loan, 40%, commer- ca because its offered loan also in- ists whom Bank of America has gional market executive at Capital using asset-based pieces if neces- cial and indus- 13.6% cluded the flexibility to increase it hired in the past year or so. He is one One Bank. “The environment is sary. Bankers are expressing a will- trial loans GROWTH FROM 2011 to 2012 in when the company met certain of more than 80 in New York and better than many people think. It’s a ingness to hear borrowers’ stories jumped by commercial and benchmarks. As a result, she is more 140 in the tristate region. Currently, good time to be a borrower in the and find ways to help. 55.4%, to $1.9 industrial loans at optimistic about her prospects than he’s helping another client buy com- tristate area.” “You don’t have to be that ‘A+++’ billion. region’s 25 largest she was a few years ago. mercial space for the first time, after To which Michael Naimy, busi- customer with pristine credit,” HSBC, No. 9, banks “We are smiling every day we renting for many years.“Lending has ness manager of Tate’s Bake Shop in BofA’s Mr. DeOrio said. “There are saw total loans come to work,” Ms. Cino said. gotten a big uptick for the first quar- Southampton, L.I., can attest. The ways to go outside that box and get drop 21.8%, “There are still the day-to-day is- ter this year,” Mr. DeOrio noted. fast-growing cookie company things done for our clients.” while commercial consumer and sues, but they have less of an impact The picture is similar at other in- closed on a refinanced loan for some Daniel Greene, New York City industrial loans grew 34%, to on our mood.” stitutions. new space in December, cutting the division head for Citibank Com- $22.5 billion. Her banker, Joseph DeOrio, is “Banks have gone back to work,” rate roughly in half, to 3.85% from mercial Bank, said his bankers are “For a lot of banks, the econ- taking more time to talk with poten- omy is more stable, so they feel tial customers.“We’re more ready to more comfortable lending, and

TM listen,” he said. “Relaxing under- they get a higher yield for C&I Included: Superior service from a Type Personality. writing standards is not the right loans,” said Tyler Hall, manager path, but investing the time and ex- of the research team at SNL. In- deed, the median 2012 yield for ‘I didn’t realize these loans was 5.91%,compared We share your with 5.79% across all loan types. This, in turn, can increase banks’ that the market profits, assuming, of course, that . the loans don’t go sour. PASSION FOR SUCCESS had become so Interestingly, residential lend- ing,which was primarily responsi- lending-heavy’ ble for the recent financial crunch, increased by just 3% at the largest banks, half the overall growth. Nine banks reported declines NORWALK, CT PAWTUCKET, RI BENSALEM, PA PORT WASHINGTON, NY in one- to four-family residential REVOLVING REVOLVER/ SENIOR SECURED REVOLVING pertise to understand the customer’s loans, while five reported fewer CREDIT FACILITY TERM LOAN/ REVOLVING CREDIT CREDIT FACILITY situation is always a good idea.” multifamily loans. EQUIPMENT LINE FACILITY Translation: Ask, and you just Yet total assets at these top $10,100,000 $25,000,000 $4,000,000 $81,000,000 may receive. banks increased by 6.1%, bol- In fact,there’s some worry that the stered by several large mergers and opportunity may not last very long. acquisitions. Capital One, No. 7, ASSET-BASED FINANCING “We went from pretty easy cred- saw an 88% increase, to $251 bil- it to hard-to-get, and back to easier lion,thanks to its $9 billion acqui- At Webster, we care about helping local businesses succeed. That’s why we credit,”said Greg Wank,a partner at sition of ING Direct. Similarly,at provide accessible financing that your business needs to achieve its goals. accounting firm Anchin Block & First Republic Bank, No. 20, as- Talk with us today and together, we’ll find a way to make it happen. For more Anchin who advises many New sets increased 23.7%,to $34.4 bil- information about our asset-based financing solutions, contact Warren Mino York area companies in the food and lion after it purchased Los Ange- beverage industries. “The natural les-based Luminous Capital at 212.806.4500, or go to websterbcc.com for an application. progression is that standards will Holdings in November. At the tighten up again.Now is a great time time,Luminous had wealth man- NEW YORK BOSTON HARTFORD PHILADELPHIA LONG ISLAND to act—it really is.” agement assets of $5.5 billion. Then again, the latest from the Mergers and loan growth Federal Reserve is that, given per- both reflect improving condi- NYSE:WBS sistent economic weakness in most tions,said Mike Smith,president ® regions of the country,it sees no rea- of the New York Bankers Associ- Business Credit Websterbcc.com son to start raising interest rates un- ation. “We are beginning to see til 2015. In other words, prospective an improving market for the All credit facilities are subject to the normal credit approval process. *The NYSE ticker symbol of WBS is assigned to Webster Financial Corporation and does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party business borrowers who spend time banks.We are seeing a significant ©2013 Webster Bank, N.A. and is meant purely for information purposes. Member FDIC. All rights reserved. shopping around for the best deal amount of pent-up demand.” Webster Business Credit Corporation is a subsidiary of Webster Bank, N.A. The Webster Symbol and Webster Business Credit are registered in the U.S. Patent and Trademark Office. may face little risk. Ⅲ —emily laermer

14 | Crain’s New York Business | April 8, 2013 20130408-NEWS--0014,0015-NAT-CCI-CN_-- 4/4/2013 5:21 PM Page 2

THE New York Area’s Largest Commercial Banks LIST Ranked by total assets

2012 loan types (% of each)  2012 nonperforming     Non- 1(1%4%('0 loans 0010 0010 '14#'(& '14#'(& Commercial Residential residential (2101'#'! "4( '$ '$ "(' 30#1 #'4&#%%#('0 #'4&#%%#('0 #'4&#%%#('0 #'4&#%%#('0& industrial (&& 1 Consumer('02 2 real estate0#3 real(')0 estate4 1")  #'4&#%%#('0  #'4&#%!  0010

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

FOR ANY CRAIN’S LIST, GO TO WWW.CRAINSNEWYORK.COM/LISTS

April 8, 2013 | Crain’s New York Business | 15 20130408-NEWS--0016-NAT-CCI-CN_-- 4/4/2013 5:22 PM Page 1

THE New York Area’s Largest Thrifts LIST Ranked by total assets

2012 loan types (% of each) 52)2& 2012 nonperforming   Non- &)(15)32 loans 511 21 511 21 ( 25$()' ( 25$()' Commercial Residential residential 12($(" $5)! (% #0$!2 #)( 4 1$2 $(5'$&&$)(1 $(5'$&&$)(1 $(5'$&&$)(1 $(5'$&&$)(1& industrial )'' 1 Consumer)(13 2 real estate 1$ 3 real)(0 estate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16 | Crain’s New York Business | April 8, 2013 20130408-NEWS--0017-NAT-CCI-CN_-- 4/4/2013 5:22 PM Page 1

REPORT BANKING

Asset-based lenders often have ever since his company was formed But the longevity of old firms, as significant expertise in specific in- in 1929. He avers customers well as the success of new entrants, Hocking receivables dustries, especially retail, noted Jon shouldn’t be lured away from a $2.6 speaks to their role in New York Lucas, president of CIT Trade Fi- billion-asset lender like his for 10 ba- City economics. That role has nance, the factoring unit of CIT sis points at a $1 trillion-asset bank. evolved well beyond its traditional Continued from Page 13 phone every day or two, and regular Group Inc. one as a garment district mainstay. one of the oldest factoring and visits are the norm. “We’re selling a lot more than the Service like Bergdorf’s? Russell Hackmann, co-founder asset-based lending companies, “We’re a lot more entrepreneur- lending and factoring service,” Mr. “You want cheaper? You can al- and president of Harborcove Finan- they’re still seeing lending opportu- ial, a lot faster,” said Andrew Lucas said. “We’re really selling ways buy cheaper,” Mr. Cappelli cial, got into the business of asset- nities, but anticipate stiffer compe- Murstein, president of Medallion what’s in our hearts and in our minds. said. “You can shop at JCPenney or based lending after he lost his job as tition when banks inevitably further Financial Corp., which has an $80 We understand retail credit better you can shop at Bergdorf. At a derivatives trader at Lehman in loosen their standards. million asset-based loan portfolio in than our customers do, frankly.” Bergdorf, if you lose the button off 2009. Reading the many stories “The banks definitely dictate addition to $688 million in loans to Though all asset-based lenders your coat, they fix it. We provide about tight credit at that time, he how the market works,” said James holders of city taxi medallions. are girding for competition, Louis J. service like Bergdorf, so you have to saw a niche and was interested. Occhiogrosso, manager of asset- “We’ll help small businesses grow, Cappelli, chairman of Sterling Na- pay a higher price.” “There’s almost a permanent based lending at Rosenthal & open doors for them, give them ad- tional Bank, a legacy asset-based To be sure,borrowing from these shortage of credit and investment Rosenthal. “All of us below banks vice. It’s almost like being a partner, lender that bought a bank in the firms requires a full understanding capital at the small end of the mar- have gotten better deals. If they without taking equity.” 1960s, insists that’s been a constant of complex lending models and fees. ket,” Mr. Hackmann said. Ⅲ loosen up their credit, I’ll have to go downstream.” Receivables financing uses con- solidated invoices as collateral, and the cost of borrowing runs about 8% to 14% annually, depending on the borrower’s credit. Borrowers with poor credit, or who have just one or two customers, sometimes choose You don’t get to be the leader in factoring, the system of transferring all invoices wholly to the factor for management and collection. The voluntary benefi ts by just winging it. factor does the work, and assumes the risk of nonpayment. It’s the most expensive option, at about 3% Rate stability, fast claims processing and high claims satisfaction.1 Those are just some of the things that have made us the leader2 in voluntary ‘You want benefi ts—Afl ac’s sole focus since 1955. cheaper? You Learn more at afl ac.com/business can always buy cheaper’

a month, including the service fees. Enticed by higher interest rates than those on other types of com- mercial loans,many large banks,such as Wells Fargo and BB&T,have de- veloped asset-based lending expert- ise. Other players have gotten into the business, too. American Express started lending to its merchants in 2011 for the first time, citing cus- tomer need in a difficult credit envi- ronment. Electronic marketplaces, like the Receivables Exchange and Biz2Credit.com, have come on the scene. Hedge funds have been dip- ping in, and two former derivative traders formed Harborcove Finan- cial, which follows a merchant bank- ing model, lending to some cus- tomers and investing in others. All of this activity has helped re- move the old stigma that asset-based lenders often fought against—as be- ing lenders of last resort. Credits banks may never want To ward off the pressure and hold onto good customers, asset-based lenders are touting the benefits of their more high-touch service, which they say justifies the higher rates, as well as an ability to help “storied credits”that banks may nev- er want, no matter how pressing the mandate to lend. Borrowers at these specialty 1 Competitor Loyalty Study, June 2012, Prince Market Research. 2 U.S. Worksite Sales Report Carrier Results for 2009, Eastbridge Consulting Group, Inc., Avon, Connecticut, lenders get their money faster, and April 2010. Afl ac’s family of insurers includes American Family Life Assurance Company of Columbus, American Family Life Assurance Company of New York, and Continental they get more personalized service American Insurance Company. when they have to deal with an or- Z130070 der that outpaces current resources, or another issue that comes up. Lenders say they are often on the

April 8, 2013 | Crain’s New York Business | 17 20130408-NEWS--0018-NAT-CCI-CN_-- 4/4/2013 5:23 PM Page 1

REPORT BANKING

have continued to deposit funds and seek mortgages and loans as usual. Big trouble, little Chinatown bank Timothy Wong has been an Abacus customer for more than eight years. A former JPMorgan in- Continued from Page 1 vestment banker, he turned to Aba- behavior itself,fired the employee in cus for critical lending during the question and reported the situation startup phase of his Chinatown- to the then-regulatory authority,the based company, M&M Environ- Office of Thrift Supervision. mental, which specializes in pest The dispute between the DA’s control and air-quality control. office and Abacus is more than a le- “The big banks aren’t interested gal battle.In a larger sense,it reflects in a company like ours,” he said. different cultural views of how “They don’t understand what we do banking should be done. As a result, because while we have plenty of the unique nature and role of the contracts, which is our cash flow,we Chinese-owned community banks don’t have many hard assets. But in New York’s Chinatown is being Abacus worked hard, asked the tested. right questions and got to under- The two-square-mile area in stand us.” lower Manhattan—along with Mr. Wong added, “When I some seven other neighborhoods in heard that the DA had indicted the the region, including Flushing, bank, I thought, ‘What is the DA Queens;Sunset Park,Brooklyn;and thinking, going after a small bank Edison, N.J.—is home to a number like this for the actions of a few of of Chinese community banks be- its employees, when the big banks sides Abacus, among them Asia in this city brought down the whole Bank, Chinatown Federal Savings economy?’ ” Bank, Chinatrust Bank, United Orient Bank, East Bank, Great Bad apples Eastern Bank and Global Bank, the Is he worried about his money newest institution, which was with the bank under indictment? founded in 2007. “No, because I think it is ridiculous. The area is also well stocked with If you read the local Chinese- branches of much larger Chinese- language papers, people all support owned institutions and overseas the bank.” banks that made their name in Chi- Anthony Moi, co-owner of a na, Taiwan or Hong Kong. Among small limousine service in China- karjean levinekarjean them are Cathay Bank, which since LABOR OF LOVE? Abacus Federal founder and CEO Thomas Sung said he has never taken a salary from the bank. town that has gotten several loans its founding in Los Angeles in 1962 from Abacus, said he has no con- has become the largest bank based in cerns about the indictment, either. that city, with more than $10.2 bil- Abacus, and plowed the bank’s div- have continued to favor lending to by then were for investment purpos- “It was not the bank,it was a few em- lion in assets, and East West Bank, idends back into the institution. people who are known to the partic- es and involved significantly larger ployees,” he said. “They have been which, with 120 branches nation- In a way, the community banks ular institutions. “We still prefer to sums. At that point, Mr. Sung said, very committed to us, and we are wide and in China, is the largest in Chinatown have taken the place lend to known people, or to people people were turning to the bigger committed to them.” bank based in Southern California of the old tongs, or “associations,” who were referred to us by cus- banks—especially the Bank of Chi- Even the head of one of Abacus in terms of assets. that sprang up during the years tomers of our bank,” said C.C. Lee, na. “But the Bank of China would Bank’s local competitors in New Most of the community banks, when Chinese immigrants were CEO of United Orient Bank,a two- hold the money for four weeks or York said, “I don’t know why the which continue to be favored by not allowed to become citizens branch Chinatown institution with more,” he said, “so we made a deal DA is going after Abacus. It is a many Chinese residents long after (they were uniquely barred from $100 million in assets that was with the Agricultural Bank of Chi- strong bank, and the Sungs are im- they and their children have moved naturalization by the 1882 Chinese founded in 1981. na to receive people’s money from portant people in the Chinatown away to the suburbs and the Amer- Exclusion Act, which was repealed While in recent years his bank us, so that it would get to the right community.” ican melting pot, continue to thrive only in 1943). has started getting African- person or organization quickly.” Asked for comment regarding despite having to confront the same During those early years, when American and Italian-American These days, the investment the Manhattan DA’s indictment of challenges all community banks and other white customers, Mr. Lee money is flowing from China to the Abacus—an institution with only have faced in the wake of the finan- said, “Of course, the majority of our U.S.,but not through the communi- $250 million in assets—and his un- cial crisis, including tighter lending Banking was customers are still Chinese. These ty banks. “The wealthy people in willingness to date to seek indict- rules,stricter regulation and compe- days the big money-center banks all China today are familiar with the ments against any of the city’s tition from the ever-larger too-big- ‘a frightening have Chinese-speaking staff, but big global banks,” explained Mr. largest banks, Chief Assistant Dis- too-fail global banks. Nonetheless, our customers like us because we Sung, “and they are comfortable us- trict Attorney Daniel Alanso cited those challenges threaten the way thing’ for many have a relationship. They are never ing them for their business deals.” the indictment’s allegations, which banking is traditionally done in this just a number. It means we cannot He said there is even a kind of prej- claim that mortgage fraud was “per- particular community more so per- in Chinatown grow too large.” udice against small Chinatown vasive and commonplace”in Abacus haps than in any other. Mr. Sung said his customers are banks among mainland China’s new Bank’s loan departments for years, also generally well known to the wealthy investors. and that employees were “specifical- ‘Ill served’ bank. He said that in the early days The DA’s office insists it is acting ly trained to originate fraudulent Thomas Sung, a Chinese immi- it wasn’t even necessary to get proof against Abacus because its investi- mortgages.” Mr. Alanso added that grant from Guangdong who came of a borrower’s income or assets. gation shows that the bank was al- the indictment came after extensive to the U.S. as a teenager via Hong Chinese people in America were de- Later, the regulators got more de- lowing loan applicants to lie about discussions with the bank’s Kong in 1952, founded Abacus in nied access to credit, and even to the manding about proof of assets and their income and assets on as many representatives, in accordance with 1984 after spending several decades rights and protections of citizen- income, but he said it was still more as 50% of their loans, and that the written policy. in Chinatown as an immigration ship, tongs—traditional groups in of a formality because bank officials problem was “systemic.”Abacus,for An Abacus Bank spokesman, lawyer. He said he and a group of China—were organized in China- would know the borrower. Besides, its part,counters that it has a default Jim Haggerty, said the District At- other Chinese businesspeople es- town to serve those roles. he said, Chinese borrowers rarely rate of just 0.5%, which is a tenth of torney’s office went after Abacus be- tablished the bank “to provide bank- Often these clanlike organiza- default because of the shame in- the national average for mortgage cause it is an easy target and that the ing services for local immigrants tions, whose members shared roots volved; family members step in to lending, and has never been in- allegations are baseless. “The DA and residents,” who he contends going back to specific cities or prevent that from happening. volved in the kind of subprime lend- went after a small, minority-owned were “ill served” by the other banks provinces in China, made loans to After the Chinese communist ing and fraudulent packaging of community bank with one of the in the city. aspiring businesspeople, even col- revolution of 1949 and the chaos of mortgage securities that led to the lowest default rates in the nation— “Going to the bank was a fright- lecting “taxes” and settling disputes the Cultural Revolution of the financial crisis. a bank that discovered the fraud, ening thing for many Chinatown like an unofficial government. 1960s and early 1970s, many resi- Whatever the merits of the DA’s launched an investigation and noti- residents,”recalled Mr.Sung.“They (They were also associated with in- dents in Chinatown sent money case, the response of the local com- fied regulators,” Mr. Haggerty couldn’t speak English and usually ternal gang violence, a result of their back to relatives in China. This munity to the indictment has been asserted. had no credit record, so they could being based upon linguistic, family practice continued into the ’80s and almost like a scene from Frank In the old days,a dispute like this deposit money but couldn’t get and geographical connections that ’90s,and Chinese community banks Capra’s It’s a Wonderful Life. Instead would have been resolved by a con- loans. We were able to do that for led to rivalries.) were able to help handle those flows. of its mostly Chinese customers ference of the tongs. Today, it looks them.” He said he never took a The community banks that arose But by the late ’90s, China was pulling their money out of the in- as though it is going to wind up in a salary in all his years as the head of in the ’70s and ’80s in Chinatown booming, and the money transfers dicted bank, Abacus reports, they courtroom. Ⅲ

18 | Crain’s New York Business | April 8, 2013 20130408-NEWS--0019-NAT-CCI-CN_-- 4/4/2013 5:23 PM Page 1

FOR THE RECORD

● Hudson River Park Trust filed with the Securities and Exchange 88,274 shares of common stock at prices Seeks competitive sealed proposals by Commission by executives and major ranging from $61.94 to $62.31, in a ABOUT THIS SECTION 3 p.m. on April 9 for a restaurateur to shareholders. Listings are in order of transaction worth $5,489,340. He now FOR THE RECORD is a weekly listing of information from the public record that plan, design and operate an outdoor beer transaction value.The information was directly holds 53,729 shares. can help businesspeople in the New York area find opportunities, potential garden and restaurant as a summer obtained from Thomson Reuters. concession. To make inquiries or to ● ACI Worldwide Inc. (ACIW) new clients and updates on competitors. obtain bid documents, contact Nicole ● Tiffany & Co. (TIF) Philip G. Heasley, chief executive, To ask questions or get more information on this section, contact Crain’s Dooskin at (212) 627-2020 or Qatar Investment Authority purchased president and director, exercised options research department at [email protected]. [email protected]. 867,614 shares of common stock at on 152,593 shares of common stock at prices ranging from $68.61 to $68.71 $22.65 between March 15 and March ● Human Resources Administration between March 12 and March 18, in a 19, in a transaction worth $3,456,232. In NEW IN TOWN ● Property Equity Holding Corp. Seeks competitive sealed bids by 3 p.m. transaction worth $59,570,528. It now the same period, he sold 152,593 shares 1513 E. 96th St., Brooklyn on April 30 for asbestos abatement indirectly owns 15,809,900 shares. of common stock at prices ranging from Companies that would like to have details Filed for Chapter 11 bankruptcy services on an as-needed basis. A $47.76 to $48.41, in a transaction worth of openings published should submit protection on March 6. The filing cites nonmandatory prebid conference will be ● C.R. Bard Inc. (BCR) $7,352,874. He now directly holds descriptions following this format to estimated liabilities of $1,000,001 to held on April 12 at 2 p.m. at 180 Water G. Mason Morfit, director, sold 176,072 308,260 shares. [email protected], with $10 million and estimated assets of St., seventh-floor conference room. To shares of common stock at prices “New in Town” in the subject line. $100,001 to $500,000. make inquiries or to obtain bid ranging from $101.12 to $101.33 ● Steven Madden Ltd. (SHOO) documents, contact Donna Wilson at between March 18 and March 20, in a Steven H. Madden, beneficial owner, ● Han Kjøbenhavn ● Tovi Tovi Bespoke Corp. (212) 331-4843 or wilsond@ transaction worth $17,837,272. He now sold 100,000 shares of common stock at 27 Prince St., Manhattan 43-15 Queens St., Long Island City, hra.nyc.gov. indirectly owns 3,626,160 shares. $44.73 on March 15, in a transaction The Scandinavian retailer opened in Queens worth $4,473,000. He now directly NoLita. The shop carries eyewear, Filed for Chapter 11 bankruptcy ● Starwood Hotels & Resorts Worldwide holds 4,574,030 shares. denim and Danish workwear. protection on March 6. The filing cites REAL ESTATE DEALS Inc. (HOT) estimated liabilities of $1,000,001 to Simon M. Turner, president of global ● MasterCard Inc. (MA) ● OTB $10 million and estimated assets of Companies that would like to have details development, exercised options on MasterCard Foundation sold 8,318 141 Broadway, Brooklyn 100,001 to $500,000. of their recent transactions appear in these 169,117 shares of common stock at shares of common stock at $517.21 on The tavern opened in Williamsburg. It listings should email descriptions following prices ranging from $11.39 to $38.24 on March 18, in a transaction worth serves classic cocktails and has a full ● Velour this format to ELaermer@crainsnewyork March 18, in a transaction worth $4,302,128. It now directly holds food menu and a racetrack theme. 297 10th Ave., Manhattan .com, with “Real estate transaction” in the $2,781,241. On the same day, he sold 12,153,100 shares. Filed for Chapter 7 bankruptcy protection subject line, or enter them online at 169,117 shares of common stock at ● Tørst on March 18.The filing cites estimated crainsnewyork.com/submitadeal. Deals are prices ranging from $61.93 to $62.29, in ● Cognizant Technology Solutions Corp. 615 Manhattan Ave., Brooklyn liabilities of $0 to $50,000 and estimated listed in order of square footage. a transaction worth $10,515,108. He (CTSH) The bar opened in Greenpoint. It serves assets of $0 to $50,000.The creditor with now directly holds 104,218 shares. Gordon J. Coburn, president, exercised cheese, charcuterie and more than 20 the largest unsecured claim is Five Over COMMERCIAL options on 28,750 shares of common draft beers. Ten Condominium, owed $25,392. ● Platinum Underwriters Reinsurance Sergio Rivera, co-president of the stock at $18.21 on March 15, in a signed a 10-year lease for 26,200 square Americas, exercised options on 71,335 transaction worth $523,538. On the feet at 140 Broadway. The company will shares of common stock at prices same day, he sold 28,750 shares of COMPANY MOVES GOVERNMENT CONTRACT take the entire 42nd floor of the 52- ranging from $11.39 to $48.61 on common stock at $78.82, in a OPPORTUNITIES story building. The tenant was March 18, in a transaction worth transaction worth $2,266,075. He now Companies that would like to have details represented by John Johnson and Marc $964,479. On the same day, he sold directly holds 60,621 shares. Ⅲ of recent moves published should submit Following are selected contract Shapses of Studley.The landlord, 140 descriptions following this format to opportunities recently announced by New BW, was represented by Bob Constable [email protected], with York City agencies.To learn how to sell and Willard Overlock of Cushman & “Company Moves” in the subject line. goods and services to city government, visit Wakefield.The asking rent was in the DEALS ROUNDUP www.nyc.gov/selltonyc. For a searchable mid-$50s per square foot. ● Cadet database of current procurement notices, 305 E. Ninth St., Manhattan visit www.nyc.gov/cityrecord. Listings are ● Metropolitan Pavilion signed a lease TRANSACTION SIZE The menswear shop opened in the East alphabetical by category and department. for 639 W. 46th St. The special-event SELLER/TARGET (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE Village. It is the brand’s first location in venue and production company will take Henderson Global $70.0 The Orbach Group SB M&A Manhattan. Its flagship store is in CONSTRUCTION SERVICES the entire building, which consists of Investors (North America) Williamsburg, Brooklyn. ● Department of Design and Construction 25,000 square feet over two floors. The Inc., Dermot Realty Seeks competitive bids by 11 a.m. on tenant was represented by John Belitsky Management Co. ● Cynthia Rowley April 9 for the reconstruction of the and Michael Duncan of Abraham + (Manhattan)/Three 43 E. 78th St., Manhattan Gateway Estates area (Nehemiah Martin. The landlord, MKF Group, was contiguous six-story The luxury designer opened a store on Creek), phase D, in Brooklyn. Bid represented by Jesse Rubens of Murray buildings between the Upper East Side. It is the second documents are available for a $35 Hill Properties. The asking rent was Broadway and Amsterdam avenues shop for the brand. The first is located at deposit, payable by company check or approximately $45 per square foot. 376 Bleecker St. in the West Village. money order only, and are available at The Madison Square $44.0 Not disclosed (2.07%) SB M&A www.nyc.gov/buildnyc. For more RETAIL Garden Co. ● Muji ● (Manhattan)/Live information, contact Ben Perrone at TGI Friday’s signed a lease for 10,900 Nation Entertainment Inc. 52 Cooper Square, Manhattan (718) 391-2200. square feet at 147-149 W. 46th St. The The Japanese home-goods store opened restaurant chain will move less than a Not disclosed/ $35.0 Longwood Founders Management, GCI OvaScience Inc. Cycad Group, Hunt BioVentures, RA in the East Village. It is the company’s Seeks competitive bids by 11 a.m. on block away from its current location. Capital Management, Blackwell Partners, fourth Manhattan location. April 16 for safe routes to schools, phase The tenant was represented by Brad Adage Capital Management, Deerfield one, for various schools in Queens and Schwarz of Lee & Associates. The Management Co. (Manhattan), Manhattan. Bid documents are available landlord, SBP 46th St., was represented EcoR1 Capital Fund, Jennison Associates BANKRUPTCIES for a $35 deposit, payable by company in-house. The asking rent was $900,000 (Manhattan), BioBrite, Dafna Capital check or money order only, and are per year. Management, Deerfield Capital The following listings are selected from the available at www.nyc.gov/buildnyc. For (Manhattan), El Chichon Partners, Franklin most recent available filings by companies more information, contact Ben Perrone ● Hudson Jeans signed a 10-year lease Resources Inc., Janus Capital Group, 231 W. 39th St. Pacific Life Insurance Co. asset management seeking bankruptcy protection in the at (718) 391-2200. for 7,000 square feet at arm, Prudential Investments, individual investors Southern and Eastern Districts of New The apparel company renewed and York. Information was obtained from U.S. ● Department of Homeless Services expanded its lease, adding 2,700 square Not disclosed/ $30.0 Accel Management Co., Glynn GCI Seeks competitive sealed bids by 11 a.m. feet to its showroom. The tenant and the Bonobos Inc. Capital Management, Nordstrom Inc., Bankruptcy Court records available on Lightspeed Venture Partners, Mousse Public Access to Court Electronic Records. on April 10 for boiler replacement at landlord, 231 and 249 West 39 Street Partners Ltd. (Manhattan), Forerunner Ventures Listings are in alphabetical order. 8 E. Third St. in Manhattan. Bid Associates, were represented by Jeffrey documents are available free of charge Buslik of Adams & Co. The asking rent Hillwood Investment $24.7 Gramercy Capital Corp. (Manhattan) SB M&A ● Benchmark Solutions Inc. Properties/Hacks from the department at the 13th-floor was $35 per square foot. Cross Logistics Center 101 Park Ave., Staten Island bid desk, 33 Beaver St. Bid opening will Building 1 Filed for Chapter 7 bankruptcy be at 11 a.m. on April 10. To make ● Pie Face signed a 10-year lease for 729 Eighth Ave. Laurus Capital $24.0 Integrated Electrical Services Inc. SB M&A protection on March 15. The filing cites inquiries, contact Josiane Destra at 1,125 square feet at The Management (Manhattan), estimated liabilities of $1,000,001 to $10 (212) 361-8498 or [email protected]. Australian meat-pie purveyor will take Tontine Capital Management/ million and estimated assets of $500,001 500 square feet on the ground floor and MISCOR Group Ltd. to $1 million. The creditors with the GOODS AND SERVICES 625 square feet of basement space. The ● Global Asset Capital, $17.4 LaunchEquity Partners (remaining 72.22%) FB M&A largest unsecured claims are UBS AG, Department of Citywide Administrative tenant was represented by Rob Bonicoro Bandera Partners owed $110,726.80; Computer Design & Services of CBRE Group Inc. The landlord, (Manhattan)/ Integration, owed $87,980.41; and Seeks competitive sealed bids by 10:30 Clinton Housing Development Inc., MakeMusic Inc. CDW, owed $50,936.22. a.m. on April 10 for the provision of was represented by Howard Aaron of Not disclosed/ $12.0 Index Ventures, Union Square SB M&A medical examination tables. A copy of the Square Foot Realty.The asking rent was Auxmoney GmbH Ventures (Manhattan) ● Cafe Pomidor Group Inc. bid can be downloaded from City Record $14,000 per month. Selected deals announced for the week ended March 16 involving companies in metro New 721 Flushing Ave., Brooklyn Online at http://a856-internet York. FB M&A: Financial buyer M&A represents a minority or majority acquisition of existing Filed for Chapter 11 bankruptcy .nyc.gov/nycvendoronline/home.asp or shares of a company with the participation of a financial buyer. GCI: Growth capital investment protection on March 6. The filing cites can be obtained by contacting vendor STOCK TRANSACTIONS represents new money invested in a company for a minority stake. SB M&A: Strategic buyer estimated liabilities of $50,001 to relations at (212) 669-8610.To make M&A represents a minority or majority acquisition of existing shares of a company without the $100,000 and estimated assets of $0 to inquiries, contact Lydia Sechter at Following are recent insider transactions at participation of a financial buyer. source: capitaliq $50,000. (212) 386-0468 or [email protected]. New York’s largest publicly held companies

April 8, 2013 | Crain’s New York Business | 19 nb14p20-22cl.qxp 4/5/2013 2:41 PM Page 20

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM EVENT PUBLIC & LEGAL NOTICES NOTICE OF FORMATION OF Aaron Notice of Qualification of UTILITY NYC Notice of Qualification of BH Notice of Qual. of PVF - AB, LP, Auth. Farenback-Brateman LLC. LLC. Authority filed with Secy. of State INVESTMENTS FUND, L.L.C. filed Sec’y of State (SSNY) 8/31/12. The Northeast Industrial Real Estate Summit will Articles of Organization filed with the of NY (SSNY) on 02/19/13. Office Authority filed with Secy. of State of NY Office loc.: NY County. LP org. in DE convene 300+ of the region’s most active and innovative Secretary of State of NY (SSNY) on location: NY County. LLC formed in (SSNY) on 02/21/13. Office location: 8/27/12. SSNY desig. as agent of LP executives for important discussion and debate into real 2/07/2013. Office location: NEW Delaware (DE) on 02/07/13. Princ. NY County. 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Arts. any lawful activities. http://cre-events.com/industrial/ LLC is: 1546 2nd Avenue, Apt 4B, Federal St., #3, Dover, DE 19901. of Org. filed with Secy. of State, State A limited number of exhibit and sponsorship New York, NY 10028. Notice of Formation of 801 AJAX, LLC. opportunities are available. Please contact Brian Purpose: Purpose: Any lawful activity. of DE, Dept. of State, Townsend Klebash, [email protected], 917-460-3572 any lawful act or activity. Bldg., 401 Federal St., Dover, DE Arts. of Org. filed with Secy. of State Notice of formation of LLC. Name: 19901. Purpose: Any lawful activity. of NY (SSNY) on 02/20/13. Office NOTICE OF FORMATION OF SMTNY FlipIntros LLC. Arts. of org. filed with location: NY County. Princ. office of LLC. Articles of Organization filed Sec. of St. of NY (SSNY) 3/8/13. Office Notice of Qual. of 245 Partners LLC, LLC: 200 Park Ave. South, 8th Fl., NY, (RFEI) REQUEST with the Secy of State of NY (SSNY) loc. NY County. SSNY designated Auth. filed Sec’y of State (SSNY) NY 10003. SSNY designated as agent on 08/06/2012. Office location: NEW as agent of LLC upon whom process 12/13/12. Office loc.: NY County. LLC of LLC upon whom process against FOR EXPRESSION YORK County. SSNY has been against it may be served. SSNY org. in DE 12/5/12. SSNY desig. as it may be served. SSNY shall mail designated as agent upon whom shall mail copy of process to: The agent of LLC upon whom process process to the LLC at the addr. of its OF INTEREST process against it may be served. LLC, 201 W 72nd St, 8I, NY, NY against it may be served. SSNY shall princ. office. Purpose: Real Estate. The Post Office address to which the 10023. Purpose: Any legal purpose. mail copy of proc. to NRAI, 111 RFEI Title: Instrument and Scope Management Program SSNY shall mail a copy of any Eighth Ave., NY, NY 10011, the Reg. Notice of Qual. of 245 West 25th Document Control Number: DCN# 2072 Proposal Due Date: no later than 3 PM on 04/12/2013. process against the LLC served Notice of Qual. of 305 East 61st Agt. upon whom proc. may be served. Street Building Owner LLC, Auth. filed The New York City Health and Hospitals Corporation is upon him/her is: The LLC 59 East Holdings LLC, Auth. filed Sec’y of DE off. addr.: 160 Greentree Dr., Ste. Sec’y of State (SSNY) 12/18/12. issuing a Request For Expression of Interest (RFEI) to 101, Dover, DE 19904. Cert. of Form. Office loc.: NY County. LLC org. in DE determine whether a qualified supplier for Laparoscopic / 72nd Street #3C, New York, NY State (SSNY) 12/17/12. Office loc.: Endoscopic Video Equipment, Instruments, Rigid Scopes, 10021 The principal business NY County. LLC org. in DE 11/13/12. on file: SSDE, Townsend Bldg., Dover, 12/10/12. SSNY desig. as agent of LLC Flexible Scopes, Disposable Supplies and management address of the LLC is: 59 East 72nd DE 19901. Purp.: any lawful activities. upon whom process against it may and repair. SSNY desig. as agent of LLC upon A copy of the RFEI can be obtained on the HHC website Street #3C, New York, NY 10021. whom process against it may be be served. SSNY shall mail copy of (http://nyc.gov/hhc) under “Contracting Opportunities” Purpose: any lawful act or activity. served. SSNY shall mail copy of STAGE LEFT PARTNERS, LLC. proc. to NRAI, 111 Eighth Ave., NY, between 9:00 AM - 3:00 PM beginning April 1, 2013. EOE proc. to NRAI, 111 Eighth Ave., NY, Articles of Organization filed NY 10011, the Reg. Agt. upon whom Notice of Formation of Kinograph NY 10011, the Reg. Agt. upon whom 5/29/2012. Location: NY County, proc. may be served. DE off. addr.: Studios, LLC. Arts of Org filed with proc. may be served. DE off. addr.: New York. SSNY designated as 160 Greentree Dr., Ste. 101, Dover, TELECOMMUNICATIONS Secy of State of NY (SSNY) on 160 Greentree Dr., Ste. 101, Dover, agent of LLC upon whom process DE 19904. Cert. of Form. on file: 2/15/13. Office location: NY County. DE 19904. Cert. of Form. on file: may be served. Address for mailing SSDE, Townsend Bldg., Dover, DE copy of process: 805 Third Ave, 8th 19901. Purp.: any lawful activities. NYC'S MOTOROLA SSNY designated as agent upon SSDE, Townsend Bldg., Dover, DE whom process may be served and 19901. Purp.: any lawful activities. Fl, New York, NY 10022. Purpose: MOTOTRBO SPECIALISTS shall mail copy of process against any lawful purpose. Perpetuity. Notice of formation of CERES MOTOTRBOTM LLC to principal business address: Notice of Formation of Map-Tac-LLC. MARKETING LLC Arts. of Org. filed Professional Digital Two-way Radio 798 Osprey Point Circle, Boca Raton, Articles of Organization filled with Name of LLC: Adoro Lei, LLC. Arts. with the Sect’y of State of NY System provides significant productivity of Org. filed with NY Dept. of State: gains - reliably and affordably. FL 33431. Purpose: Any lawful act. Secretary of State of New York (SSNY) on 1/3/2013. Office location, • Clearer voice capability and enhanced (SSNY) on 1/22/13. Office location: NY 2/22/13. Office loc.: NY Co. Sec. of County of New York. SSNY has battery life Notice of Formation of ABRIEL MGS County. SSNY has been designated State designated agent of LLC upon been designated as agent of the LLC • Integrated voice and data for better whom process against it may be productivity and privacy LLC. Arts. of Org. filed with Secy. of as an agent upon whom process upon whom process against it may • Text messaging State of NY (SSNY) on 03/15/13. against the LLC may be served. The served and shall mail process to: c/o be served. SSNY shall mail process • Doubles channel call capacity for Office location: NY County. SSNY address to which SSNY shall mail a Business Filings Inc., 187 Wolf Rd., to: 41 Perry St. #3C, NY NY 10014. the price of one license designated as agent of LLC upon copy of any process against the LLC Ste. 101, Albany, NY 12205, regd. Purpose: any lawful act. *$100 TRADE-IN PER RADIO whom process against it may be is to: Eric Tanner, 245 E. 44th St. agt. upon whom process may be Call to learn more or to New York, NY 10017. Purupose: Any served. Purpose: any lawful act. NOTICE OF FORMATION OF MOND schedule a professional, served. SSNY shall mail process to c/o Friedberg Pinkas PLLC, 767 lawful act or activity. MANAGEMENT, LLC. Articles of no-obligation survey or Notice of Formation of ArtBond LLC. on-site demo. Third Ave., 31st Fl., NY, NY 10017. Organization filed with the Secretary Arts. of Org. filed with Secy. of State Purpose: Real estate. BOCHINGO LLC, Arts. of Org. filed of State of NY (SSNY) on 2/1/13. of NY (SSNY) on 03/15/13. Office Office location: NY County. SSNY with SSNY on 02/22/13. Off. Loc.: location: NY County. Princ. office of NOTICE OF FORMATION OF SEXGOAT New York County, SSNY designated designated as agent upon whom LLC: 66 Crosby St., #6D, NY, NY process may be served and shall mail LLC. Arts of Org filed with Secy of as agent of LLC upon whom process 10012. SSNY designated as agent of State of NY (SSNY) on 2/12/13. against it may be served. SSNY shall copy of process against the LLC to EI LLC upon whom process against it KOIKE, 57 GREAT JONES ST, NY, NY 33 East 33rd Street Office location: NY County. SSNY mail a copy of process to: The LLC, may be served. SSNY shall mail New York, NY 10016 10012. Purpose: any lawful purpose. designated as agent upon whom 109 Lafayette St. #804, New York, process to Corporation Service Co., 212-532-7400 process may be served and shall NY 10013. Purpose: to engage in www.metrocomradio.com 80 State St., Albany, NY 12207-2543. mail copy of process against LLC to any lawful act. Purpose: Any lawful activity. Notice of Formation of CRM HIGHLINE, principal business address: 182 LLC. Arts. of Org. filed with Secy. of MULBERRY ST, APT 5, NY, NY 10012. Notice of Formation of KIPU MANAGE- MANHATTAN DAILY LIFE LLC, a State of NY (SSNY) on 02/15/13. PUBLIC & LEGAL Purpose: any lawful act. MENT LLC. Arts. of Org. filed Secy. domestic LLC, Arts. of Org. filed Office location: NY County. Princ. of State of NY (SSNY) on 2/21/13. with the SSNY on 2/13/13. Office office of LLC: 503 W. 28th St., NY, NY NOTICES Application For Authority of Owens Office location: NY County. SSNY location: New York County. SSNY 10010. SSNY designated as agent of Realty Network, LLC. filed with designated as agent of LLC upon is designated as agent upon whom LLC upon whom process against it may Notice of Qual. of PVF - AJ, LP, Auth. Secretary of State of NY (SSNY) on whom process against it may be process against the LLC may be be served. SSNY shall mail process filed Sec’y of State (SSNY) 8/31/12. 2/4/13. Office location: NY County. served. SSNY shall mail process to: served. SSNY shall mail process to: to the LLC at the addr. of its princ. Office loc.: NY County. LP org. in DE LLC formed in FL on 2/4/10. SSNY 715 W. 180th St., Basement, NY, NY Terri Amerkick, 80 John St., Apt. 4I, office. Purpose: Any lawful activity. 8/27/12. SSNY desig. as agent of LP designated agent upon whom process 10033. Purpose: any lawful activity. NY, NY 10038. General Purposes. upon whom process against it may may be served and shall mail copy of NOTICE OF FORMATION OF Jattia be served. SSNY shall mail copy of process against LLC to: Davis & NOTICE OF FORMATION OF NOTICE OF FORMATION OF JMC LLC. Arts of Org filed with Secy of proc. to Att: Michael Van Biema, 745 Davis, LLP 675 West End Ave, Suite Charney Research LLC. Articles of Funds LLC. Arts of Org filed with Secy State of NY (SSNY) on 9/25/12. Fifth Ave., 14th Fl., NY, NY 10151. 1B, New York, NY 10025. Principal Organization filed with Secretary of of State of NY (SSNY) on 3/1/13. Office location: NY County. SSNY DE off. addr.: CSC, 2711 Centerville business address of LLC: 228 North State of NY on 12/13/12. Office Office location: NY County. SSNY designated as agent upon whom Rd., Wilmington, DE 19808. Cert. of Park Ave, Suite L; Winter Park, FL. location: NY County. SSNY designated designated as agent upon whom process may be served. PO address LP on file: SSDE, Townsend Bldg., Articles of Organization filed with as agent upon whom process may be process may be served and shall to which SSNY shall mail copy of Dover, DE 19901. Name/addr. of Secretary of State of FL located: 400 served and shall mail copy of process mail copy of process against LLC to process against LLC: US Corp each gen. ptr. avail. at SSNY. Purp.: S Monroe St, Tallahassee, FL 32399. against LLC to principal business principal business address: 55 Fifth Agents, Inc., 7014 13th Ave, Ste 202, any lawful activities. Purpose: any lawful act. address: 1133 Broadway, Ste 1321, NY, Ave, Ste 1807, NY, NY 10003. Bklyn, NY 11228. Principal business NY 10010. Purpose: any lawful act. address: 395 S End Ave, 23K, NY, Notice of Qualification of 200 WEST NOTICE OF FORMATION OF GLT Notice of Qualification of Ahtna NY 10280. Purpose: any lawful act. 72 BUILDING SERVICES LLC. Medical Health Services PLLC. Notice of Qualification of BlueMeridian Support and Training Services, LLC. Authority filed with Secy. of State of NY Articles of Organization filed with the Capital, LLC. App. for Auth. filed Authority filed with NY Dept. of State Notice of Qualification of Stoli Group (SSNY) on 03/08/13. Office location: Secretary of State of NY (SSNY) on Secy. of State of NY (SSNY) on on 2/15/13. Office location: NY (USA), LLC. Authority filed with NY NY County. LLC formed in Delaware 01/18/2013. Office location: NEW 3/5/13. Off. loc.: NY County. LLC County. LLC formed in AK on 7/13/05. Dept. of State on 2/28/13. Office (DE) on 03/08/13. Princ. office of LLC: YORK County. SSNY has been formed in Delaware (DE) on 1/17/13. NY Sec. of State designated agent of location: NY County. LLC formed in 810 7th Ave., 40th Fl., NY, NY 10019. designated as agent upon whom SSNY designated as agent of LLC LLC upon whom process against it may DE on 2/1/13. NY Sec. of State SSNY designated as agent of LLC process against it may be served. upon whom process against it may be served and shall mail process to: designated agent of LLC upon whom upon whom process against it may be The Post Office address to which the be served. SSNY shall mail process c/o CT Corporation System, 111 8th process against it may be served served. SSNY shall mail process to SSNY shall mail a copy of any to: 280 Park Avenue, 5th Fl., NY, NY Ave., NY, NY 10011, regd. agent upon and shall mail process to: c/o Nixon c/o Corporation Service Co., 80 State process against the PLLC served 10017. DE address of LLC: c/o whom process may be served. AK Peabody LLP, 437 Madison Ave., NY, St., Albany, NY 12207-2543. DE addr. upon him/her is: 7014 13th Avenue, Corporation Service Company, 2711 and principal business addr.: 406 W. NY 10022, principal business address. of LLC: 2711 Centerville Rd., Ste. 400, Ste 202 Brooklyn, NY 11228. The Centerville Rd., Ste. 400, Wilmington, Fireweed Lane, Ste. 103, Anchorage, DE address of LLC: 615 S. DuPont Wilmington, DE 19808. Arts. of Org. principal business address of the DE 19808. Arts. of Org. filed DE AK 99503. Cert. of Org. filed with AK Hwy., Dover, DE 19901. Cert. of Form. filed with Secy. of State, DE, 401 PLLC is: 373 Bleecker Street Apt 4C, Secy. of State, 401 Federal St., Ste. Commissioner of Commerce, 333 filed with DE Sec. of State, P.O. Box Federal St., Ste. 4, Dover, DE 19901. New York, New York 10014. 4, Dover, DE 19901. Purpose: any Willoughby Ave., Juneau, AK 99811. 898, Dover, DE 19901. Purpose: all Purpose: Any lawful activity. Purpose: any lawful act or activity. lawful act or activity. Purpose: all lawful purposes. lawful purposes.

20 | Crain’s New York Business | April 8, 2013 nb14p20-22cl.qxp 4/5/2013 2:41 PM Page 21

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM PUBLIC & LEGAL NOTICES Notice of Qualification of Orley LLC. Notice of Qualification of Vendata LLC. NOTICE OF APP. FOR AUTH. of Notice of Qualification of MNH SUB I, NOTICE OF FORMATION OF Authority filed with Secy. of State of NY Authority filed with Secy. of State of Getting Out Our Dreams Management, LLC. App. for Auth. filed Secy. of ELVIDGE CONSULTING, LLC. (SSNY) on 2/21/13. Office location: NY (SSNY) on 2/20/13. Office location: LLC, a foreign LLC. App. for Auth. State of NY (SSNY) on 3/8/13. Off. loc.: Articles of Organization filed with NY County. LLC formed in Delaware NY County. LLC formed in Delaware filed Sec’y of State (SSNY) 8/23/2012. NY County. LLC formed in Delaware the Secretary of State of NY (SSNY) (DE) on 3/29/11. SSNY designated (DE) on 5/21/12. SSNY designated as LLC organized in DE on 8/16/12. NY (DE) on 12/10/12. SSNY designated on JAN 18 2013. Office location: as agent of LLC upon whom agent of LLC upon whom process office location: New York County. as agent of LLC upon whom process NEW YORK County. SSNY has process against it may be served. against it may be served. SSNY SSNY designated as agent of LLC against it may be served. SSNY shall been designated as agent upon SSNY shall mail process to: c/o shall mail process to: The LLC, 40 upon whom process against it may mail process to: 1303 Avocado Ave., whom process against it may be National Registered Agents, Inc., 111 Fulton St., 11th Fl., NY, NY 10038, be served. SSNY shall mail copy of #200, Newport Beach, CA 92660. The served. The Post Office address to Eighth Ave., NY, NY 10011, also the also the principal office. Address to process: 1790 Broadway, 20th Fl, registered agent upon whom process which the SSNY shall mail a copy of registered agent. Principal office be maintained in DE: The Corporation New York, NY 10019, Attn: R. Cohen, may be served: National Corporate any process against the LLC served address: 648 Broadway, Ste. 1003, NY, Trust Company, Corporate Trust princ. ofc. address of LLC. Purpose: Research, Ltd., 10 E. 40th St., 10th upon him/her is: 15 BROAD STREET, NY 10012. Address to be maintained Center, 1209 Orange St., Wilmington, any lawful activities. Fl., NY, NY 10016. DE address of UNIT 3522, NEW YORK, NY 10005. in DE: 160 Greentree Dr., Ste. 101, DE 19801. Arts of Org. filed with the LLC: 615 S. DuPont Hwy., Dover, DE The principal business address of the Dover, DE 19904. Arts of Org. filed DE Secretary of State, 401 Federal NWG ADVISORS, LLC Art. Of Org. 19901. Arts. of Org. filed DE Secy. of LLC is: 15 BROAD STREET, UNIT with the DE Secretary of State, John St., Dover, DE 19901. Purpose: any Filed Sec. of State of NY 12/14/2012. State, 401 Federal St., Dover, DE 3522, NEW YORK, NY 10005. G. Townsend Bldg., 401 Federal St., lawful activities. Off. Loc.: New York Co. Corporation 19901. Purpose: any lawful activity. Purpose: any lawful act or activity. Ste. 4, Dover, DE 19901. Purpose: Service Company designated as any lawful activities. NOTICE OF FORMATION OF Twitcast, agent upon whom process against it STAGE LEFT-SOUNDVIEW RG I, LLC. NOTICE OF FORMATION OF JMC LLC. Arts of Org filed with Secy of may be served. SSNY to mail copy Articles of Organization filed Asset Management LLC. Arts of Org NOTICE OF FORMATION OF EBS State of NY (SSNY) on 10/23/12. of process to The LLC, c/o 5/29/2012. Location: NY County, New filed with Secy of State of NY (SSNY) International, L.L.C.. Arts of Org filed Office location: NY County. SSNY Corporation Service Company, 80 York; SSNY designated as agent of on 3/11/13. Office location: NY County. with Secy of State of NY (SSNY) on designated as agent upon whom State Street, Albany, NY 12207. LLC upon whom process may be SSNY designated as agent upon 1/4/13. Office location: NY County. process may be served and shall Purpose: Any lawful act or activity. served. Address for mailing copy of whom process may be served and SSNY designated as agent upon mail copy of process against LLC to process: 231 E 48th St., Apt 2, New shall mail copy of process against LLC whom process may be served and principal business address: 340 S Notice of Formation of Maestro York, NY 10017. Purpose: any lawful to principal business address: 55 shall mail copy of process against Lemon Ave, #6151, Los Angeles, CA Parking LLC. Arts. of Org. filed Secy. purpose. Perpetuity. Fifth Ave, Ste 1807, NY, NY 10003. LLC to principal business address: 91789. Purpose: any lawful act. of State of NY (SSNY) on 2/13/13. Off. 435 W 23rd St 1BB NY, NY 10011. loc.: NY County. SSNY designated Notice of Formation of PGH Notice of Formation of Sanjay Patel, Purpose: any lawful act. NOTICE OF FORMATION OF Les as agent of LLC upon whom process Management LLC. Arts. of Org. filed MD PLLC. Arts. of Org. filed Secy. of Artisans Partners LLC. Arts of Org against it may be served. SSNY shall with Secy. of State of NY (SSNY) on State of NY (SSNY) on 1/24/13. Off. Notice of Qual. of 305 East 61st LLC, filed with Secy of State of NY (SSNY) mail process to: c/o Icon Parking 3/19/13. Office location: NY County. loc.: NY County. SSNY designated Auth. filed Sec’y of State (SSNY) on 10/9/12. Office location: NY County. Systems, 211 E. 38th St., NY, NY SSNY designated as agent of LLC as agent of PLLC upon whom 12/17/12. Office loc.: NY County. LLC SSNY designated as agent upon 10016. Purpose: any lawful activity. upon whom process against it may process against it may be served. org. in DE 11/13/12. SSNY desig. as whom process may be served and be served. SSNY shall mail process SSNY shall mail process to: Rodin agent of LLC upon whom process shall mail copy of process against LLC 432 PARK 50C, LLC, a domestic LLC, to: 104 Charlton St., #6E, NY, NY Legal, P.C., 151 Lexington Ave., Ste. against it may be served. SSNY shall to principal business address: Dong Arts. of Org. filed with the SSNY on 10014. Purpose: any lawful activity. 3E, NY, NY 10016. Purpose: practice mail copy of proc. to NRAI, 111 Eighth Yang 212 W 91st St Apt 716, NY NY 1/14/13. Office location: New York the profession of medicine. Ave., NY, NY 10011, the Reg. Agt. 10024. Purpose: any lawful act. County. SSNY is designated as Notice of Formation of 14 Overlook upon whom proc. may be served. DE LLC. Arts. of Org. filed with NY Dept. Notice of Formation of 22w11 LLC. TOWER SEVENTH, LLC, a domestic agent upon whom process against off. addr.: 160 Greentree Dr., Ste. 101, of State on 2/28/13. Office location: Arts. of Org. filed Secy. of State of LLC, Arts. of Org. filed with the SSNY the LLC may be served. SSNY shall Dover, DE 19904. Cert. of Form. on NY County. Sec. of State designated NY (SSNY) on 3/1/13. Office location: on 12/19/12. Office location: New mail process to: The LLC, 432 Park file: SSDE, Townsend Bldg., Dover, DE agent of LLC upon whom process NY County. SSNY designated as York County. SSNY is designated as Ave., Unit 50C, NY, NY 10016. 19901. Purp.: any lawful activities. against it may be served and shall agent of LLC upon whom process agent upon whom process against General Purposes. mail process to the principal business against it may be served. SSNY shall the LLC may be served. SSNY shall NOTICE OF QUALIFICATION of address: c/o Bessemer Trust, 630 mail process to: 1301 Ave. of the mail process to: c/o PF Financial Notice of Formation of Gotham Street LLC. Authority filed Fifth Ave., NY, NY 10111, Attn: William Americas, Floor 41, NY, NY 10019. Services, Inc., 708 Third Ave., 19th Brandthropologie Consulting, LLC. with Secy of State of NY (SSNY) on Weber. Purpose: any lawful activity. Purpose: any lawful act or activity. 2/28/13. Office location: NY County. Fl., NY, NY 10017. General Purposes. Arts. of Org. filed with NY Dept. of LLC formed in DE on 2/15/13. SSNY State on 3/15/13. Office location: NY Notice of Formation of The Namdex County. Sec. of State designated agent NOTICE OF FORMATION OF 6PS CITY PRACTICE GROUP OF NEW designated as an agent upon whom Group, LLC. Arts of Org filed with Secy YORK, LLC, a foreign LLC, filed with process may be served and shall mail Group, LLC. Arts. of Org. filed Secy. of LLC upon whom process against it of State of NY (SSNY) on 12/14/12. may be served and shall mail process of State of NY (SSNY) on 10/23/12. the SSNY on 3/20/13. Office location: copy of process against LLC to: 100 Office location: NY County. SSNY New York County. SSNY is designated West Rockland Rd, Montchanin, DE Office location: NY County. SSNY to: 220 E. 57th St., Apt. 19A, NY, NY designated as agent of LLC upon 10022, principal business address. designated as agent upon whom as agent upon whom process against 19710. Principal business address: 160 process may be served and shall the LLC may be served. SSNY shall Greentree Dr, Ste 101, Dover, DE 19904. whom process against it may be Purpose: all lawful purposes. served. SSNY shall mail process to: mail copy of process against LLC to mail process to: The LLC, 336 E. 86th DE address of LLC: 160 Greentree principal business address: 340 S St., NY, NY 10028. General Purposes. Dr, Ste 101, Dover, DE 19904. Cert of The Namdex Group, LLC 44 Wall Notice of Formation of Urban League Street, 12th Fl., NY, NY 10006. Empowerment Center LLC. Arts. of Lemon Ave, #6151, Los Angeles, CA LLC filed with Secy of State of DE 91789. Purpose: any lawful act. located: 401 Federal St, Dover, DE Purpose: any lawful activity. Org. filed with NY Dept. of State on DONDA MEDIA LLC, Arts., of Org., 19901. Purpose: any lawful act. 2/21/13. Office location: NY County. filed with NY Sec. of State NOTICE OF FORMATION OF Sec. of State designated agent of NOTICE OF FORMATION OF P.Glia, (“SSNY”) 02/08/2013. Office in New Notice of Qualification of 2 Rector HAIRODD’S LLC. Arts of Org filed LLC upon whom process against it LLC. Arts of Org filed with Secy of York County; SSNY designated Street (NY), LLC. Authority filed with with Secy of State of NY (SSNY) on may be served and shall mail process State of NY (SSNY) on 1/10/13. agent for service of process with Secy. of State of NY (SSNY) on 1/18/13. Office location: NY County. to the principal business addr.: c/o Office location: NY County. SSNY copy mailed to Pryor Cashman LLP, 3/21/13. Office location: NY County. SSNY designated as agent upon Windels Marx Lane & Mittendorf, LLP, designated as agent upon whom 7 Times Square, New York, NY LLC formed in Delaware (DE) on whom process may be served and 156 W. 56th St., NY, NY 10019, Attn: process may be served and shall 10036, Attn: Brad D. Rose, Esq.; 3/20/13. SSNY designated as agent shall mail copy of process against Charles J. Hamilton, Jr. Purpose: mail copy of process against LLC to All lawful business purposes. of LLC upon whom process against LLC to: US Corp Agents Inc., 7014 any lawful activity. principal business address: 1825 it may be served. SSNY shall mail 13TH AVE, STE 202 BKLYN, NY Madison Ave, Ste 7i, NY, NY 10035. Notice of Qualification of V & C process to: The LLC, 6922 Hollywood 11228. Principal business address: NOTICE OF QUALIFICATION of 34-36 Purpose: any lawful act. BOATING, L.L.C. Authority filed with Blvd., Ste. 900, Los Angeles, CA 400 W 56 ST, #1G, NY, NY 10019. WEST 38th STREET, LLC. Authority Secy. of State of NY (SSNY) on 90028, also the principal office. Purpose: any lawful act. filed with Secy. of State of NY (SSNY) NOTICE OF FORMATION OF Rehash 02/21/13. Office location: NY County. Address to be maintained in DE: 2140 on 1/14/13. Office location: NY County. LLC. Arts of Org filed with Secy of LLC formed in Delaware (DE) on Dupont Hwy, Camden, DE 19934. Arts NOTICE OF FORMATION OF Fuel LLC formed in Delaware (DE) on 11/7/12. State of NY (SSNY) on 3/25/13. 02/19/13. SSNY designated as agent of Org. filed with the DE Secretary of Resources Edventure Division LLC. Arts SSNY designated as agent of LLC Office location: NY County. SSNY of LLC upon whom process against State, John G. Townsend Bldg., 401 of Org filed with Secy of State of NY upon whom process against it may be designated as agent upon whom it may be served. SSNY shall mail Federal St., Ste. 4, Dover, DE 19901. (SSNY) on 12/26/12. Office location: served. SSNY shall mail process to: process may be served and shall process to c/o Corporation Service Purpose: any lawful activities. New York County. SSNY designated c/o Corporation Service Company, 80 mail copy of process against LLC to Co. (CSC), 80 State St., Albany, NY as agent upon whom process may be State Street, Albany, NY 12207-2543. principal business address: James 12207-2543. DE addr. of LLC: c/o Notice of Formation of GENESIS served and shall mail copy of process DE address of LLC: c/o Corporation Calhoun, 40 Waterside Plaza 7M, NY, CSC, 2711 Centerville Rd., Ste. 400, NEIGHBORHOOD PLAZA II, L.P. against LLC to principal business Service Company, 2711 Centerville NY 10010. Purpose: any lawful act. Wilmington, DE 19808. Arts. of Org. Cert. of LP filed with Secy. of State address: 38 E. 21st. St., Apt. 9, NY, Road, Suite 400, Wilmington, DE filed with DE Secy. of State, Div. of of NY (SSNY) on 07/10/07. Office NY, 10010. Purpose: any lawful act. 19808. Purpose: any lawful activity. Notice of Qualification of APOLLO Corps., 401 Federal St., Dover, DE location: NY County. Princ. office of ADVISORS (MHE), LLC. Authority filed 19901. Purpose: Any lawful activity. LP: c/o Genesis Neighborhood Plaza Notice of Qualification of Wicked Tour Notice of Qualification of C-Bridge with Secy. of State of NY (SSNY) on II Apartment, Inc., 5 Hanover Sq., Managing Partner LLC. Authority filed Capital Partners Holdings LLC. 02/28/13. Office location: NY County. Notice of Qualification of Orchard 17th Fl., NY, NY 10004. Latest date with NY Dept. of State on 3/19/13. Authority filed with NY Dept. of State LLC formed in Delaware (DE) on Square Partners GP, LLC. Authority on which the LP may dissolve is Office location: NY County. Princ. bus. on 12/13/12. Office location: NY 02/26/13. Princ. office of LLC: Attn: filed with NY Dept. of State on 12/31/2058. SSNY designated as addr.: 100 Universal City Plz., County. Princ. bus. addr.: 300 N. Main John J. Suydam, 9 W. 57th St., 43rd 12/18/12. Office location: NY County. agent of LP upon whom process Universal City, CA 91608. LLC formed St., Ste. 402, Greenville, SC 29601. Fl., NY, NY 10019. SSNY designated LLC formed in DE on 11/7/12. NY against it may be served. SSNY in DE on 4/10/02. NY Sec. of State LLC formed in DE on 12/12/12. NY as agent of LLC upon whom process Sec. of State designated agent of shall mail process to c/o HELP USA designated agent of LLC upon whom Sec. of State designated agent of LLC against it may be served. SSNY shall LLC upon whom process against it at the princ. office of the LP. The process against it may be served and upon whom process against it may be mail process to the LLC at the addr. may be served and shall mail regd. agent of the company upon shall mail process to: c/o CT Corporation served and shall mail process to: c/o of its princ. office. DE addr. of LLC: process to: National Corporate whom and at which process against System, 111 8th Ave., NY, NY 10011, CT Corporation System, 111 8th Ave., c/o Corporation Service Co., 2711 Research, Ltd. (NCR), 10 E. 40th St., the company can be served is regd. agent upon whom process may NY, NY 10011, regd. agent upon whom Centerville Rd., Ste. 400, Wilmington, 10th Fl., NY, NY 10016, regd. agent Genesis Neighborhood Plaza II be served. DE addr. of LLC: c/o The process may be served. DE addr. of New Castle Cnty., DE 19808. Arts. of upon whom process may be served. Apartments, Inc., c/o HELP USA, 5 Corporation Trust Co., 1209 Orange LLC: Corporation Trust Co., 1209 Org. filed with The Secy. of State of DE addr. of LLC: NCR, 615 S. Hanover Sq., 17th Fl., NY, NY 10004. St., Wilmington, DE 19801. Cert. of Orange St., Wilmington, DE 19801. the State of DE, Dept. of State, Div. DuPont Hwy., Dover, DE 19901. Cert. Name and addr. of each general Form. filed with DE Sec. of State, Cert. of Form. filed with DE Sec. of of Corps., John G. Townsend Bldg., of Form. filed with DE Sec. of State, partner are available from SSNY. 401 Federal St., Dover, DE 19901. State, 401 Federal St., Dover, DE 401 Federal St., Ste. 4, Dover, DE 401 Federal St., Dover, DE 19901. Purpose: Any lawful activity. Purpose: all lawful purposes. 19901. Purpose: all lawful purposes. 19901. Purpose: Any lawful activity. Purpose: any lawful activity.

April 8, 2013 | Crain’s New York Business | 21 20130408-NEWS--0022-NAT-CCI-CN_-- 4/5/2013 7:21 PM Page 1

REBUILDING NY

“I understand there are exclu- CONFERENCE SNAPS CRAIN’S REBUILDING NY Insurance sions to policies, but it seems to me that they had to dig down in the trash pile to find this exclusion,”said Executives from around the city discussed the storm’s big lessons. Continued from Page 1 Ken Sofer, co-owner of eight fast- er Manhattan. Even after they re- food eateries, including Block- opened, many of the surrounding heads. Two of Mr. Sofer’s restau- buildings remained closed, and cus- rants were closed for a week because tomers were scarce. of the blackout, resulting in about a Although Mr. Forgeois has busi- $100,000 loss in sales and spoiled ness-interruption insurance, his car- food. He’s challenging the denial. rier has denied his claim.He was told “According to New York state law, that the power failure at his restau- explosions are covered even if they rants was caused by a flood at the Con are caused by a flood,” Mr. Jean said. Edison substation on East 14th At a Jan. 18 City Council hear- Street and that his policy excluded ing, a Con Ed senior vice president, flood damage—even though his John Miksad, acknowledged that places weren’t flooded. He’ll be ab- the widely viewed videotape “looked sorbing the loss until June or July. “I and sounded like an explosion,” but got nothing from my insurer,”he said. he stopped short of calling it one. Thousands of restaurants and The New York State Restaurant Heat waves, wind, drought worry Economic MARGARETTE PURVIS, CEO of the Food Bank for New York City, and BILL SMITH, president of other retail businesses in the city Association’s city chapter is refer- Development Corp. President SETH PINSKY. AT&T Solutions. “The first thing people want to do [in a crisis] is communicate,” Mr. Smith said. have been turned down by their in- ring many of the complaints it re- surers, who say the interruptions ceives to the Department of Finan- were caused by flood, according to cial Services with the hope that the lawyers who are helping owners state will find “a pattern of improp- fight back. These attorneys argue er denials,” said James Versocki, le- that a widely publicized explosion at gal counsel to the association. Con Edison shut down the power Meanwhile, many restaurateurs instead. The energy distributor, face a dilemma: Pay legal fees to meanwhile, blames saltwater that fight their insurers or simply move penetrated its substation as the on. Their losses can be staggering, cause for the outage. particularly for businesses with slim The distinctions may seem slight profit margins between 2% and 6%. but could prove crucial if the fight to Heartland Brewery owner Jon assign—and avoid blame—for the Bloostein recently submitted a millions of dollars lost by business- claim for $370,000 to cover lost sales es moves to the courts. for seven restaurants—excluding The New York Department of one that was totally destroyed at the ANDREW RASIEJ (left) and CARL WEISBROD discussed how to rebuild after Sandy. Mr. HOWARD GLASER, state operations director, Financial Services said it is investi- South Street Seaport, which will Weisbrod recommended a coordinating agency between different levels of government. recalled an ordeal with a rogue oil operator. gating more than 100 complaints cost more than $1 million to rebuild. related to business-interruption in- Although he insured the brewery surance denials.That number could there with two policies, his primary represent a fraction of the denials insurer has already informed him because many business owners like that the restaurant does not qualify Mr. Forgeois have been too over- for business interruption. whelmed to challenge their insurers Jeffrey Zurofsky, chief executive or don’t have the resources to do it. of sandwich chain ’wichcraft, said “My firm is handling about 30 of he has already spent more money on these cases,”said Joseph Jean,a part- legal fees than he has received from ner at Lowenstein Sandler. “But his insurer for the eight restaurants nearly every business south of 39th affected by the storm. His policy in- Street was affected by the power out- cluded flood insurance, but his in- age,” which occurred on Oct. 29 and surer cut a check equal to about 10% lasted about a week in Manhattan. of his six figure-plus claim. Most maddening to business “How many people have the owners is that the flood that trig- time,money and knowledge to fight photos: buck ennis gered their denial didn’t occur on this?” he said. “I need to get back to Con Edison CEO KEVIN BURKE said securing JONATHAN ROSE: Public-private partnerships JED WALENTAS: “We thought basements were their premises. work.” Ⅲ the city’s fuel supply remains a challenge. are key to rebuilding the city’s infrastructure. rational places to put electrical services.”

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Coolabah Ventures LLC - Arts. of Org. Notice of Formation of GHB PARAGON ADVISORS LLC; Arts., of NOTICE OF FORMATION OF KC NOTICE OF FORMATION OF Tessler filed with Secy. of State of NY (SSNY) MANAGEMENT LLC. Arts. of Org. Org., filed with NY Sec. of State (SSNY) Craft LLC. Arts of Org filed with Events, L.L.C.. Arts of Org filed with on 1/16/13. Office location: New York filed with Secy. of State of NY 12/11/2012. Office in New York Secy of State of NY (SSNY) on Secy of State of NY on 2/4/13. Office County. SSNY designated as agent (SSNY) on 03/22/13. Office location: County. SSNY designated agent for 1/22/13. Office location: NY County. location: NY County. SSNY designated of LLC upon whom process against NY County. SSNY designated as service of process with copy mailed SSNY designated as agent upon as agent upon whom process may be it may be served. SSNY shall mail agent of LLC upon whom process to: Paragon Outcomes Management whom process may be served and served and shall mail copy of process process to c/o Ganfer & Shore, LLP, against it may be served. SSNY shall LLC, 509 Madison Ave., New York, shall mail copy of process against against LLC to principal business 360 Lexington Ave., 14th Fl, NY, NY mail process to the LLC, 512 E. 81st NY 10022, Attn: Frank Tripoli. All LLC to principal business address: address: 229 East 5th St. #6 NY, NY 10017. Purpose: any lawful activities. St., Ste. 1W, NY, NY 10028. Purpose: lawful business purposes. 342 E 8th ST, NY, NY, 10009. 10003. Purpose: any lawful act. Any lawful activity. Purpose: any lawful act. Notice of Formation of CITY EXTRA Notice of Formation of CCK NY Notice of Formation of COHEN PRESIDENTIAL, LLC. Arts. of Org. NOTICE OF FORMATION OF VMP Waste-Away Service, LLC. Arts. of Org. NOTICE OF FORMATION OF RevInMo FASHION OPTICAL STORE NO. 235, filed with Secy. of State of NY (SSNY) GROUP, LLC. Articles of Organization filed with NY Dept. of State on 3/27/13. TSQ LLC. Arts of Org filed with Secy LLC. Arts. of Org. filed with Secy. of on 02/27/13. Office location: NY filed with Secretary of State of NY Office location: NY County. Princ. bus. of State of NY (SSNY) on 2/8/13. State of NY (SSNY) on 02/13/13. County. Princ. office of LLC: 200 (SSNY) on 10/25/12. Office Location: addr.: 707 N. Wildwood, Elkhart, IN Office location: NY County. SSNY Office location: NY County. SSNY Madison Ave., 5th Fl., NY, NY 10016. NY County. SSNY designated as 46515. Sec. of State designated designated as agent upon whom designated as agent of LLC upon SSNY designated as agent of LLC agent upon whom process may be agent of LLC upon whom process process may be served and shall whom process against it may be upon whom process against it may served and shall mail copy of against it may be served and shall mail copy of process against LLC to: served. SSNY shall mail process to be served. SSNY shall mail process process against LLC to principle mail process to: c/o CT Corporation 187 Wolf Rd, Albany, NY 12205. Susan Goldberg, c/o Cohen’s Fashion to Attn Mr. John A. Gacinski at the business address: 1500 Broadway, System, 111 8th Ave., NY, NY 10011, Principal business address: 555 8th Optical, 100 Quentin Roosevelt princ. office of the LLC. Purpose: Suite 2013, NY, NY 10036. Purpose: regd. agent upon whom process may Ave, Ste 902, NY, NY 10018. Blvd., Ste. 400, Garden City, NY Any lawful activity. Any lawful act. be served. Purpose: all lawful purposes. Purpose: any lawful act. 11530. Purpose: Any lawful activity.

22 | Crain’s New York Business | April 8, 2013 20130408-NEWS--0023-NAT-CCI-CN_-- 4/5/2013 7:21 PM Page 1

REAL ESTATE DEALS

cater to the neighborhood’s Hispan- BARE BONES ic population, is subleasing space Mad. Ave. spire from a self-storage company that has occupied the majority of the 100,000-square-foot property for nets towering rent two years. Though the area used to be heav- ily dominated by industrial users,re- outique private investment firm Ellis Lake Capital signed a tail activity has increased in recent triple-figure lease at Westbrook Partners’ 444 Madison Ave., in a years, according to Grant Dolgin, deal that shows the sharp divide in leasing between pint-size- the Kalmon Dolgin Affiliates Inc. but-active tenants and the jumbo variety, who broker who represented landlord have been rather quiet of late. Boss Realty Co. BEllis Lake took the 42-story building’s entire 40th floor, “There were a lot of auto-body a roughly 5,400-square-foot space overlooking St. Patrick’s shops up and down Jerome Avenue, 570 LEXINGTON AVE. 284 NORMAN AVE., 1400 BROADWAY BROOKLYN Cathedral across the street. The lease spans seven years at but now you have some new retail ASKING RENT; TERM: ASKING RENT; TERM: rents of more than $100 per square foot. developments,” he said, noting that $300 per square foot; 15 ASKING RENT; TERM: $46 per square foot; 10 The deal follows on the heels of TD Bank’s recent expansion there are more residents in the area years $6,000 per month; five years years in the building.The bank just took the entire 20th floor,a rough- as well. SQUARE FEET: 3,000 SQUARE FEET: 86,000 SQUARE FEET: 4,300 ly 11,000-square-foot space,at rents in the $70s per square foot. Antillana, a word that refers to TENANT; REP: TENANT; REP: Interpublic TD Bank will occupy its space until 2022,when its lease on two being of the Antilles islands in the Schnipper’s Quality TENANT; REP: Goldstone Group of Cos.; Scott other floors, totaling about 40,000 square feet, expires. Caribbean,should open for business Kitchen; Steven E. Baker Granite Corp.; Grant Panzer of Jones Lang “You’re still seeing a lot of tenants that have smaller space by June. of Winick Realty Group Dolgin of Kalmon Dolgin LaSalle Affiliates Inc. requirements who are very active,” said Paul Amrich, a broker It operates another market on LANDLORD; REP: The LANDLORD; REPS: W&M at CBRE Group Inc. who handles leasing in the building. West Fordham Road and is plan- Feil Organization; in- LANDLORD; REP: 284 Properties; in-house by Larger tenants, meanwhile, especially those in the financial sector, have ning to open an outpost in Mount house representation by Norman Avenue; Mr. Tom Durels and Fred Brian Feil Dolgin Posniak of Newmark continued to proceed slowly in filling out their leasing requirements. Vernon, in Westchester County, ac- Grubb Knight Frank Mr. Amrich has also been busy leasing smaller spaces at other buildings cording to Victor Angelillo,the VIP BACK STORY: The eatery, BACK STORY: The marble that he and his leasing team represent. At 660 Madison Ave., he just fin- Realty broker who represented the created by Hale & Hearty manufacturer more than BACK STORY: The Big Soups founders Andrew quadrupled its space by Four advertising agency ished a deal with Trevi Capital,which just signed an 8,000-square-foot lease tenant. and Jonathan Schnipper, leasing an additional signed a lease for the for roughly half of that building’s 15th floor.The rent in that deal was in the Mr. Dolgin was assisted in nego- will open in the fourth 3,300 square feet at the lower floors of the low $90s per square foot. Ellis Lake was represented by Michael tiations by Dmitri Gourianov, also quarter of 2013. 19,500-square-foot garment district building, Movschovich of CBRE Group Inc.TD Bank was represented by Matt Sak- of Kalmon Dolgin. property in Greenpoint. according to The Wall Street Journal. er, who is also a broker at CBRE. —daniel geiger —adrianne pasquarelli L.A. clothier Hispanic market recently signed a 10-year deal for clothier opened its showroom in the cipal James Buslik. He, along with 12,000 square feet at 1339 Jerome Ave., gets comfortable building a dozen years ago.Now the Jeff Buslik, represented both the to bow in Bronx at Marcy Place, in the Mount Eden outfit has signed on for another four tenant and the landlord, 231/249 section of the borough. Like a pair of its signature, oh-so- years in the 12-story building. West 39 Street Associates, in the It’s bienvenido for a supermarket of- The asking rent was $18.50 per comfy roll-down pants, Hard Tail “It’s just a beautiful space; they deal. The asking rent was $40 per fering Spanish-American foods in square foot. has found just the right fit at 231 W. love it and they didn’t want to go square foot. the Bronx. Antillana Supermarket The market,which is expected to 39th St. The Los Angeles-based anywhere,” said Adams & Co. prin- —matt chaban

“It is indeed a very special case, and the commission is going to con- Monster fight looms for Madison Sq. Garden sider this matter very, very careful- ly,”a spokeswoman for the commis- Continued from Page 1 tion for the second time in a decade, “We were all in,” Madison Garden continues to operate.” sion said. ecutives fully expect the permit to be with the final round likely to take Square Garden Chief Executive Crucially, two of the Garden’s Adding to the urgency of the renewed in perpetuity.But suddenly, place in the summer, when the per- Hank Ratner last week recalled of most powerful neighbors, landlords matter is Amtrak’s huge Gateway it looks like that might not happen. mit application finally comes before the planned move. Vornado Realty Trust and the Relat- project for the Northeast rail corri- After decades of complaints the City Council for a decision. But after rounds of negotiations ed Cos., have yet to jump on the 10- dor, which includes a plan to bring about increasingly cramped condi- The first matchup went to the with city, state and federal authori- year bandwagon, despite the fact new high-speed rail to Penn.Tens of tions in Penn Station, a loose coali- Dolans, who in 2005 successfully ties on building a new arena went that moving the Garden could open billions of dollars in federal aid hang tion of civic groups, transit advo- torpedoed the administration’s nowhere,he gave up and instead be- the door to millions of square feet of in the balance. cates and political leaders is gaining plans to build west of the Garden, gan a $980 million renovation of the new development in the area. traction in its efforts to force the on the Hudson River, an existing facility that is expected to be Vornado has the most directly at No way around it Garden to move so that the station Olympics-grade sports stadium— completed in a year’s time. It in- stake. Its 2 Penn Plaza shares the “Over the next decades, if Penn down in its basement can expand.In one that could have competed with block with the Garden, to which 2 Station is not prepared to accom- recent weeks, an effort to limit the the arena. This time, the ball is in Penn functions as the main gateway. modate the increasing demand for permit to 10 years has been em- the administration’s court. Sources ‘It is an Related, meanwhile, owns prop- transit, it will have an adverse im- braced by a group snowballing in said that City Hall initially was erties in the area and is working with pact on the economy of New York size, ranging from The New York leaning toward letting the Dolans extraordinarily Amtrak on its long-planned move City and its ability to compete,”said Times editorial page to Manhattan have their perpetual permit. But into Farley.Nonetheless,a company Mr. Stringer, who officially sup- Borough President Scott Stringer that was before the renewal bal- critical site spokeswoman simply said, “We ported a 10-year timeline in late and some powerful builders. looned into a major popular and don’t have a horse in this race.” March. “It is an extraordinarily critical political issue. for the city’ The Dolans also enjoy key back- One unknown is Council Speak- site in the city,and it cannot contin- ing in Albany, from Assembly er Christine Quinn, who was in- ue to be used as is,” developer The stat that matters Speaker Sheldon Silver and local volved with the Dolans in the cam- Jonathan Rose said. His cousin Joe For those who want the Garden Assemblyman Richard Gottfried, paign against the West Side Rose,the former city planning com- to eventually go, a key number is both of whom worked with the fam- stadium, a victory that helped missioner, also supports moving the 650,000.That is the number of peo- cludes widening concourses, adding ily in opposition to the West Side launch a political career that cur- Garden. ple who pass through Penn Station luxury boxes and improving sight stadium. rently has her as a leading candidate The commission, which sources each day, more than triple the lines. MSG also would like to add Mr. Ratner, however, insisted to succeed Mayor Michael said had been leaning toward simply amount when the arena was built billboards to the exterior and im- that his biggest asset is the strength Bloomberg. rubber-stamping MSG’s request, back in 1968.Today,the station is by prove the plazas surrounding the of the Garden’s legal case in pursu- For the time being,she,too,is re- may yet decide to add a time stamp far the busiest transit hub in the arena, proposals that will also re- ing a perpetual stay, like the one the serving opinion, according to a to it. Whatever happens, this could hemisphere, but it has little room to quire the commission’s approval, city granted to the Staten Island spokesman. “As with all ULURP well become the most titanic contest grow as long as the Garden remains and could serve as bargaining chips Yankees stadium a few years ago. [land use] applications that come the Garden has seen since Ali vs. in place. during negotiations. Anything less, he argued, would be before the council,” he insisted, Frazier went into the history books Ironically, MSG spent three The key sticking point, however, tantamount to the city’s seizing the “Speaker Quinn looks forward to there in 1971. years and tens of millions of dollars is the duration of the special permit. property. reviewing the proposal and to work- This heavyweight bout pits the last decade trying to engineer a “We generate jobs, host events, On Wednesday, the planning ing to ensure that an open dialogue Dolans, owners of the Garden, move across Eighth Avenue into the bring in tourists,” Mr. Ratner said. commission will consider the in- with all interested parties is main- against the Bloomberg administra- old Farley Post Office location. “It’s for the good of the city that the creasingly contentious issue. tained.” Ⅲ

April 8, 2013 | Crain’s New York Business | 23 20130408-NEWS--0024-NAT-CCI-CN_-- 4/5/2013 7:42 PM Page 1

Mr. Malkin, for example, points out that the Empire State Building 1 WTC observatory has about 70,000 square feet of space Ms. Foundation in its base dedicated to marshaling Continued from Page 3 the space’s “See Forever” theater, people to the top, far more than the Continued from Page 3 while she follows the group on Face- their friends about. where the screen will rise at the end roughly 5,000 square feet dedicated Ms. Foundation back to the fore- book and Twitter, she finds its mes- “Any observatory attraction has of the presentation to reveal the to that task at 1 World Trade Center. front by launching a major rebrand- sages uninspiring. unique challenges, and 1 World building’s views for the first time. Others fret that Legends’experi- ing campaign and fundraising ini- Others insist the foundation plays Trade Center’s will have more than “We didn’t want people to come ence in sports stadiums, where it tiative.To increase its influence, she a vital role, and applaud Ms. Rah- most,”said Anthony Malkin,whose up and just sort of stumble on the seems every square inch can become has pared its focus to three main is- man’s efforts to expand its influence. family controls the Empire State view,” said Phil Hettema, a former a digital advertising opportunity, sues: prevention of child sexual “The foundation has been incred- Building,which currently boasts the Universal Studios executive who is could lead to an experience that abuse; reproductive rights; and ac- ibly important in sustaining the city’s most-visited observation designing the space’s theatrical and might turn off some visitors. Mr. cess to safe, affordable child care. In women’s movement,” said Lourdes deck. “We look forward to compet- display elements for Legends. Checketts’ advice is: Don’t worry. the past year, the foundation has Rivera,a program officer for the Ford ing against them.” “We’re taking advantage of the lat- “This is definitely not going to be started a social-media campaign,re- Foundation, which has been funding Legends now has a year and a est advances in technology to create Times Square,” he said. vamped its website,replaced its logo the Ms. Foundation for 35 years. She half to get ready for opening day, a storytelling experience in a way This will be the highest-profile and hired an executive to lead a said it funds organizations like Cali- and, not surprisingly, company ex- that has never been done before in contract that Mr. Checketts’ and his state-level lobbying effort. fornia Latinas for Reproductive Jus- ecutives insist they’ll be ready. In an observatory.” partners’ five-year-old firm has un- tice, which has been especially help- fact, they predict 1 WTC will draw dertaken since its birth as a sports-fa- Raising its profile ful to women of color.Ms.Rivera and between 3 million and 4 million vis- Data in view cilities consulting and management At its May fundraising gala cele- others suggested that some might itors a year—as much as the Empire On the building’s 100th floor,the venture owned by the Cowboys, the brating its 40th anniversary, the have a skewed idea of the foundation State Building brings in now. huge windows will have displays Yankees and a well-known financial foundation will give awards to because of its early success. “We’ll stand out because we put mounted in front, augmenting the player, Goldman Sachs. Last year, young feminists for the first time as “Maybe what they do now is not together the most compelling tour view with a stream of facts, data and Mr. Checketts led a private-equity it kicks off a campaign to raise $40 as exciting as breaking down the and because of how incredible this news about the city. group that bought out Goldman million in five years. barriers for women,” said building is,” said Mr. Checketts, the “Just like at our sports venues, Sachs’ stake, at which point he be- “We need to raise our national Ms. Rivera. “Many people don’t company’s chairman and chief exec- the emphasis is on fan engage- came CEO and pushed the compa- profile,” said Ms. Rahman, who notice them because it’s not so sexy utive. ment,” said Mr. Jones, whose fa- ny to grow in new directions. took the helm of the advo- to address poor women’s To turn that boast into a reality, ther owns the Cowboys. “The Mr. Checketts first achieved cacy group, which also issues.” Legends will pour nearly $60 mil- screens will serve the purpose of fame in 1983, when he became the provides funding to small- Yet she has been im- DECLINE42% in lion into the project, and about enhancing the view, just like when youngest-ever general manager of a er organizations, in 2011. fundraising for the pressed with Ms. Rah- $2 million a year just to update and you watch a football game and it’s National Basketball Association That’s crucial because foundation for the man’s attempts to reach a maintain it. Its plans, unveiled last third down and the commentator team, the Utah Jazz. He went on to donations are falling, espe- four years ended more diverse audience. week, envision an experience that tells you how many they’ve made become president of the Knicks in cially from other founda- last June 30 “She’s trying to bridge the will rely heavily on the latest tech- that season.” the early 1990s, overseeing a string tions, its traditional base of gap,” said Ms. Rivera. nology to heighten the experience of How such a treatment will sit of playoff runs for the team before support. Fundraising fell Recently, the Ms. the building’s jaw-dropping views. with tourists from Nepal to Norway rising to become an executive at 42%,to $5.5 million,for the four years Foundation attempted to connect to Visitors will ride up to the observa- to Nebraska remains to be seen.The Madison Square Garden. ended June 30, 2012. Meanwhile, younger women while rebuking the tory in five high-speed elevators company also must overcome “I look at myself as a team support from foundations dropped to senators who voted against the Vio- with wall-to-wall digital screens daunting logistical hurdles. It ex- builder,” Mr. Checketts said. “And 52% of its total fundraising in fiscal lence Against Women Act by creat- that will trace three centuries of the pects to ferry an average of 11,000 for the observatory, I’ve built the 2012, from 79% in fiscal 2009. ing a music video that parodies a site’s history, from a pastoral terrain people a day—perhaps triple that best team.” Ⅲ Raising more money will be a Taylor Swift song. Meanwhile, on- to modern city, as the cars soar during peak seasons—more than challenge, and not just because of line voters will select the winner of upward. 1,200 feet skyward while keeping a LISTEN to a discussion at the fragile economy.The number of its first emerging-leader award.The Guests will then be brought to tight lid on security. CrainsNewYork.com/podcasts organizations supporting women nominees are a 15-year-old who has multiplied exponentially since successfully petitioned Seventeen to the foundation was started in 1973, alter its airbrushing policy, a Businessweek, Mr. Shepard also will there “with the speed of a Florida a year after trailblazing Ms. maga- 26-year-old fighting to ensure ac- be stepping down, after nine years, box turtle,” Mr. Newton said. “The zine was co-founded by Ms. cess to emergency contraception on Journalism in December. Though it’s the other 50% should be ashamed of Steinem. The foundation’s seed Native American reservations, and newest of the graduate journalism themselves, yet, amazingly, they money was provided by proceeds a collective of hip-hop feminists. Continued from Page 4 programs,CUNY can compete with aren’t.” from the landmark book Free to Be graduate journalism programs, but NYU and Columbia for top stu- But even prospective applicants …. You and Me, by Marlo Thomas, Lobbying strategy the vaguely defined numbers that dents partly by virtue of a tuition and to top programs may be having sec- another co-founder. “We want to bring in the Columbia puts on its website show a fees bill for its three semesters that is ond thoughts.Estimates for fall 2013 Many still associate the founda- 70-year-old African-American, the steady upward trend. On graduation less than half—and for New York applications show drops of 12% at tion with Ms. Steinem, leading 20-year-old Latina and the 50- day in 2012, 74% of a 354-person state residents, a quarter—of the NYU and 14% at CUNY, compared some to think of it as a group for old- year-old WASP,”said Ms.Rahman. class were going into internships, nearly $60,000 the more established with the prior year. Columbia would er white women. In actuality, the “We need everyone’s support.” fellowships, full-time jobs, part- schools charge. not provide figures. magazine and foundation no longer Currently, the foundation is de- time employment—such as free- Costs could be playing a role, es- have any connection; Ms. Steinem veloping a state lobbying strategy lancing—or further academic study. Tending bar pecially as more online courses be- hasn’t been involved in the founda- around its three main program ar- That compares with 52% in 2006. It hasn’t always been the case that come available. “Everyone who en- tion’s daily operation for years; and eas. States are the focal point be- CUNY provided more specific students at the city’s elite journalism ters this program knows that it stays Ms. Rahman is from Bangladesh. cause laws and policies implement- numbers:92% of the 85-person 2011 programs come away with the skills with you long after you graduate— Even so, 25-year-old Dior Var- ed at that level could be more of a class—the most recent for which fig- they need. “Its program was for a the skills and [the debt],” said Tim- gas views the foundation like an old hindrance to women. ures are available—are employed former era,” said Wayne Myers of othy Bella, Columbia Journalism warrior who fought a great fight but For example, the foundation will full-time, with all but five landing Columbia Journalism School’s School Class of 2011. doesn’t understand that the look to make sure that states aren’t staff jobs, and the rest freelancing or Class of 2003. Though he landed a A Web producer at CBS.com, weapons of combat have changed. setting up barriers to reproductive working paid internships.The NYU position as an editor of The Oneida and a freelance contributor to The- “It’s the same old stuff;they want health care insured through Oba- graduate program consists of 10 Daily Dispatch,he lost his job in No- Atlantic.com, Mr. Bella, 26, earns you to sign petitions,” said Ms. Var- macare. Another effort will be de- small divisions. Its Business and vember 2008; now he bartends. enough to pay for his Upper West gas, who sits on the boards of the signed to extend the statute of limi- Economic Reporting has had an 84% Columbia has revamped its cur- Side apartment and—with a little Third Wave Foundation and the lo- tations on child sexual-abuse cases. success rate over six years. riculum more than once since Mr. family help—cover a monthly stu- cal branch of National Women’s The aim of the child-care lobbying Bloomberg, The Huffington Lemann took over as dean in fall dent loan bill of “less than $1,000.” Liberation. “They need to step it effort hasn’t been decided. But she Post,ABC News and The Wall Street 2003, and a major overhaul that Professors acknowledge that up.” said that if women don’t have a safe Journal are among the major New breaks down media format distinc- they’re sending students out into a Ms. Vargas applauds some of place to leave their children,it is dif- York media employers that have tions will go into place with the next tough environment. Ms.Rahman’s upgrades,noting that ficult for them to find jobs, let alone hired recent j-school graduates. school year. But New York’s schools “What I’m trying to do is give the foundation’s website looks ask for more responsibility. Ⅲ “There is something new to learn may be the exception rather than the journalism school a place in the in- “fresher.” But she added that it still [at journalism schools] for the first rule. There are more than 500 jour- dustry that is closer to R&D,” said doesn’t appear especially welcoming LISTEN to a discussion at time since the advent of broadcast nalism and communication schools Jay Rosen, director of Studio 20, a to women of all ethnicities. And CrainsNewYork.com/podcasts journalism in the 1950s,” said Steve and departments around the coun- graduate division at NYU. “[ Jour- Shepard, founding dean of CUNY’s try,pointed out Eric Newton,senior nalism schools] should be a place CORRECTIONS school,which enrolled its first class in adviser to the president of the where new problems in practice get Rudin Management Co. ranks as the city’s seventh-largest commercial landlord, with 10.1 million 2006. “And it’s much harder to learn Knight Foundation. solved, and we graduate people who square feet of space, moving Silverstein Properties Inc. and Paramount Group Inc. down one notch to it on the job—if you can get a job— Of those—most of which are un- can make journalism smarter.” Ⅲ eighth and ninth place, respectively. These facts were misstated in Crain’s March 18 list of top NYC because there’s much less mentoring dergraduate—about 10% are “mov- landlords, owing to problems encountered by CoStar in compiling the data. going on compared to my day.” ing assertively in the right direc- LISTEN to a discussion at CrainsNewYork.com/podcasts Gary Linder of Newmark Grubb Knight Frank helped negotiate a lease at 1350 Sixth Ave. His surname A former longtime editor of tion,” and another 40% are getting was misspelled in an April 1 Real Estate Deals item.

24 | Crain’s New York Business | April 8, 2013 20130408-NEWS--0025-NAT-CCI-CN_-- 4/5/2013 3:45 PM Page 1

HELLUVA TOWN INSIDE Source Lunch Taxman’s BID guru looks for more holiday improvements PAGE 26 At first glance, Spider-Man has Out and About little in common with certified public accountants. Yet, just as New York Antiquarian Spidey keeps us safe from evil Book Fair PAGE 27 forces, good CPAs protect our money from the Internal Revenue Service. That’s why the producers of Spider-Man:Turn Off the Dark are honoring accountants for surviving tax season with a pair of free tickets to the show.To qualify, interested CPAs must show up when the box office opens on April 16 with proof of their profession. The first 50 will get the goods. “Who better to honor this time of year than those working so tirelessly to make sure we can all take as many deductions as possible?” asked a show spokesman. This isn’t the first time the producers have bestowed free tickets on a select few. Last year, on Tony Awards Sunday, folks with a variation of the name Tony—say, Anthony, Antoinette or Toni—got free tickets. And on Halloween, early birds dressed as characters from the musical got in. But are the freebies considered income? The accountants can figure that out. —theresa agovino Keeping phishers at bay

There is an upside to the growing FLICKS OF THE threats from phishing operations FINGER: Ingrid Kopp and online identity theft: They’ve is director of the given a bump in business to festival’s Digital companies that try to keep high- Initiatives arm. net-worth individuals from becoming high-tech victims. “There is more crime, and that crime is occurring on the Internet,” said Anthony Roman (below), founder of Manhattan- based Roman & Associates, a 36- year-old investigations firm whose Lights, camera, interaction billings have grown between 15% and 20% annually for the past two years. His advice to clients Tribeca Film Festival exhibits explore how technology can includes never using nonencryp- ted Wi-Fi networks, cross- checking hotel networks that are reshape storytelling and engage the audience supposedly secure, and keeping all

antivirus programs up to date. buck ennis But the biggest danger for busy executives turns out to be that they’re busy.“The last thing they BY THERESA AGOVINO MORE REEL want to be bothered with is cross- Submissions to the checking methods,” Mr. Roman oing to the Tribeca Film Festival? Get ready for your close-up. ¶ For the Tribeca Film Festival said. “The client has the final first time in its 12-year history, the festival will showcase five interactive are on the rise. responsibility. Omissions make them terribly vulnerable.” exhibits that incorporate audiences. So those longing to channel their —matthew flamm inner Luke Skywalker will have an opportunity to act out a Star Wars 3,090 3,137 scene, while others can share their innermost thoughts to a robotic therapist and have their musings included in a documentary. ¶ The aim of the exhibits isn’t to find the next Jennifer Lawrence or Daniel Day-Lewis. The project, called Storyscapes, was designed to showcase ways that Web- based interactive or cross-platform approaches can be used to tell a tale. ¶ “I’m interested in the storytelling, and film is one way to do it,” said Ingrid Kopp, director of Digital Initiatives at the GTribeca Film Institute, the nonprofit affiliate of the popular festival. “What we are doing is showing the full spectrum of how stories can be told.” ¶ Storyscapes is TFI’s latest attempt to study how technology is changing the film industry. It grew out of a two-year initiative between TFI and the Ford Foundation to support filmmakers working on social- See LIGHTS on Page 26 2012 2013

April 8, 2013 | Crain’s New York Business | 25 20130408-NEWS--0026-NAT-CCI-CN_-- 4/5/2013 3:46 PM Page 1

SOURCE LUNCH: Lights, camera, interaction DAN BIEDERMAN newscom by Annie Karni Continued from Page 25 lower Manhattan. year, however, is meant solely for media projects that go beyond tra- “To me, focusing on technology education. None of the Storyscapes ditional screens. Six of those docu- is a sign that the festival is forward- exhibits were designed for theatri- mentaries will be shown at the fes- thinking,” said Josh Braun, co- cal release.Each already existed,but tival, which runs from April 17 president of Submarine, which is festival sponsor Bombay Sapphire Public park, meet through April 28.There also will be representing six films at Tribeca. Gin paid an undisclosed amount to workshops and panel discussions Even without the new program- underwrite new elements of each about new filmmaking trends. ming, the festival highlights how especially for Tribeca. “As a film festival, we have to be much technology has transformed In fact, some question whether private partnership part of the conversation about how these new interactive methods of technology is changing and how storytelling will ever find a way to we [filmmakers] use it creatively,” ‘People really make money. With funding from ryant Park Corp. Presi- neighborhood. Bryant Park could said Jane Rosenthal, one of the fes- the National Film Board of Cana- dent Dan Biederman still be done in another borough, tival’s founders. just want da, Hugues Sweeney and his team was just 26 and a recent but it would be harder. Here, the to be part of video-recorded people talking Harvard Business Durst Organization [which runs 1 Distinguishing features about their insomnia. For Tribeca, School graduate when Bryant Park] is the single biggest The increased emphasis on non- the process’ they used some of those experiences Bhe started his career in 1980. Over contributor in terms of money it traditional filmmaking is one way to create A Journal of Insomnia, the past 33 years,he has expanded his gives to the park.The Grace Build- the festival—which was started by which invites festivalgoers to sam- empire of business improvement ing on Sixth Avenue is the second- Robert De Niro and Ms.Rosenthal ple someone else’s specific struggle districts—public-private partner- biggest contributor. The second after the Sept.11 terrorist attacks to with sleeplessness via the Internet. ships that fund upgrades in neigh- thing is you have to have someone bring people back downtown—can He was uncertain if it would have borhood retail strips—to most of doing the day-to-day work that re- set itself apart from others.Over the filmmaking. At least 10 of the attracted independent financing or midtown Manhattan: the 34th ally wants to be private. Govern- years, it has experimented with its movies that will be shown were if viewers would pay to watch it. Street Partnership, Chelsea Im- ments spend in a way that the pri- size and breadth of offerings in an made using funds raised through the “We are still looking for the eco- provement Co. and the Grand Cen- vate sector wouldn’t. effort to find its niche in the crowd- Internet. And for one movie, called nomic model, and there is no mag- tral Partnership. His latest idea is a ed film festival circuit, and the Tricked, director Paul Verhoeven ic recipe,” Mr. Sweeney said. “We plan to create Boulevard 41, a pri- Do you have a favorite Business mammoth event has been criticized wrote only the first four minutes, wanted to build an audience.” vately funded effort to transform the Improvement District, like a favorite in the past for lacking a distinct per- and used crowdsourcing to find 85 Drawing interest seems to be block of West 41st Street between child? sonality. This year, the festival will different writers to finish the rest. the easy part.All of the Storyscapes Broadway and Bryant Park into a My favorite is the 34th Street screen 89 feature films—the same Much of the experimentation initiatives triggered significant leafy green space with bistro tables Partnership. number as last year—at theaters in with technology at Tribeca this outside participation. In one, a and chairs. team created a multimedia archive Has the loss of Fashion Week of people’s Superstorm Sandy ex- In your opinion, what’s the advantage of hurt Bryant Park? periences, which will offer festival- private management of public space? It’s been great, actually. We insisted WHAT TO WATCH AT TRIBECA goers a chance to add their own rec- I like to do things without they move. We had them There are 89 feature films set for screenings at the Tribeca Film Festival. ollections. Meanwhile, thousands any public money. Our WHERE for 15 years, but we Here are some with big names attached that are generating buzz. of people have added their imprint sanitation workers never couldn’t run the park the to The Exquisite Forest. Started by a leave voluntarily, and we THEY way we wanted to, includ- Before Midnight. The third chapter in a popular saga of two lovers, played Google creative director and an in- know this is the best- DINED ing the long winter ice sea- by Ethan Hawke and Julie Delpy, who met on a train in Europe when they dependent filmmaker, it is a user- paying job they can get. BRYANT PARK son. They also came back were young in the first installment and reunited years later in the second. generated online gallery of anima- They start a little above the GRILL in August, and it didn’t Distributor: Sony Pictures Classics tion. Its popularity already has led minimum wage, and they 25 W. 40th St. work with our summer Big Men. A documentary produced by Brad Pitt that explores the toll of oil to having it on display at the Tate go up very quickly. We On the west side season.We gave up $3 mil- exploration by big corporations in Africa. Modern in London, and wannabe have guys in Bryant Park of Bryant Park, lion in revenue a year when next to the New Distributor: In the market for one artists will be able to add to it at who are making close to they left,but we made it up Tribeca. $20 an hour, plus benefits York Public Library from other sources, so it’s Bridegroom. Former President Bill Clinton will introduce this timely headquarters and overtime.We don’t cap (212) 840-6500 been good. documentary about the ongoing debate over the right of same-sex couples ‘Luke, I am your tabby’ the salaries. That’s still arkrestaurants to marry. Similarly,when Casey Pugh put lower than what the city .com/bryant_ Do you feel competitive with Distributor: In the market for one out a call on the Internet for people would have to pay for park.html other parks? Byzantium. The latest film by Interview With the Vampire director Neil to re-create a 15-second portion of equivalent jobs because the AMBIENCE: The Yes. Worldwide, we want best seats offer a Jordan, which has the undead wreaking havoc on mere mortals. Star Wars in any way they wanted, [city] pension plans are so view of the park to be thought of as better Distributor: IFC Films he got 900 responses, with fans expensive. That’s the ge- and office towers than Luxembourg [in using everything from their cats to nius of privatization. behind it. The Paris] and the Queen’s Gasland Part II. The follow-up to the Oscar-nominated Gasland, which crowd is a mix of continues to explore the controversy around hydraulic fracturing. liquor bottles as stand-ins for char- Park and Hyde Park in What are you doing there tourists and Distributor: HBO acters. The film now has a cult fol- businesspeople. London. lowing on YouTube. Star Wars Un- instead? I Got Somethin’ to Tell You. Oscar winner Whoopi Goldberg makes her WHAT THEY ATE: cut will be shown at the festival,and We’re talking with the Ⅲ Bryant Park Are you concerned about who directorial debut with a documentary about the late comedian Moms people also will get a chance to act French about an event chicken Cobb will be the next mayor? Mabley. The presumably wealthy co-host of The View generated controversy out a scene. called the Taste of France. salad Mayor Bloomberg had by using Kickstarter to help raise funds for the movie. “People really just want to be It’s looking very likely that Ⅲ Pan-roasted very strong commissioners. Distributor: In the market for one part of the process,” Mr. Pugh said. the event will locate in salmon filet We’re quite worried In God We Trust. A documentary about swindler extraordinaire Bernie That’s what Alexander Reben Bryant Park this year. Last TAB: because all the decisions $52.26, plus tip Madoff’s longtime personal secretary, Eleanor Squillari, and her obsession hopes. He will bring to the festival year, we had square danc- could be made out of City with the case. about 20 cardboard robots that ask ing for three nights, and it Hall,and that’s not the case Distributor: In the market for one pointed questions, in hopes that was hugely successful. That will be now. Reversing the work [city people will divulge some interesting expanded to seven nights this year. Department of Transportation Lenny Cooke. A documentary about one of the most hyped basketball stories. At the end of the festival, a We have 65 programs here a year. Commissioner] Janette Sadik-Khan players ever, who was supposed to be an NBA star but never played in the film will be created from the That’s a lot of programming for a and [former Department of Parks league. It is the first documentary by brothers Bennie and Joshua Safdie, footage. public park. Commissioner] Adrian Benepe did whose fictional films like Daddy Long Legs have won critical praise and Experts say that there always would be very bad. There are people been shown at other festivals, such as Cannes. will be people who simply want to Could another borough sustain a out there still ranting about bike lanes Distributor: In the market for one sit back and watch a film, but that privately managed park like Bryant Park? and plazas, and those have been Mistaken for Strangers. This documentary, which follows the rock band The finding ways to engage an audience First, you have to be in an area immensely good for the city. I can’t National on the road, will open the festival. It’s directed by Tom Berninger, a in the process is critical for the new where there’s some concentration see them taking the plazas out, but generation. of real estate and where the com- I’m a little worried it will go back in roadie with the band and the younger brother of its lead singer. Ⅲ Distributor: In the market for one “This generation has been mercial [interests] care about the the other direction. brought up on being able to control Reluctant Fundamentalist. The latest film from director Mira Nair (Monsoon the medium where they get their in- Wedding, The Namesake) who adapts the best-selling book about how a formation,” said Albie Hecht, INSIDE TIP: Request a table by the window young Pakistani-born man’s cushy life is upended after 9/11. founding director of the Macaulay Distributor: IFC Films —THERESA AGOVINO Honors College New Media Lab at for gorgeous views of Bryant Park. the City University of New York. Ⅲ

26 | Crain’s New York Business | April 8, 2013 20130408-NEWS--0027-NAT-CCI-CN_-- 4/5/2013 6:47 PM Page 1

OUT AND SNAPS Crain’s celebrates 40 Under 40 honorees ABOUT by Emily Laermer and Miriam Kreinin Souccar

CULTURE FIX CAREER BUILDERS WEDNESDAY, APRIL 10, WEDNESDAY, APRIL 10 TO FRIDAY, APRIL 12 Join entrepreneurs and business owners Internationally at the TRADE BROOKLYN business renowned dance conference. It will feature a panel, company NEDERLANDS “5 Borough Business Breakfast,” with DANS THEATER will Robert Walsh, commissioner of the city’s return to New York Department of Small Business; Carlo City with pieces set to Scissura, president and CEO of the Beethoven’s Piano Concertos Nos. 3 and Brooklyn Chamber of Commerce; and 4 and excerpts from Symphony No. 5. Howard Glickberg, vice chairman of The avant-garde performances, which development, Fairway Markets. The contain nudity, will include a spinning daylong trade show, which starts at 9 room with a man and woman trapped a.m., is free with preregistration and $10 inside. Performances begin at 7 p.m. on at the door; the 7:30 breakfast is $25 buck ennis buck ennis Wednesday and 8 p.m. on Thursday and with preregistration. It is at Stage 6 at CLAIRE CHASE, JIMMY SONI and MARISSA SHORENSTEIN at Crain’s APRIL BLOOMFIELD, LAURA MANIEC, ZOË SAKOUTIS and Friday at the David H. Koch Theater, 20 Steiner Studios in Brooklyn. For more 40 Under 40 fete. See entire list at CrainsNewYork.com/40under40. ERICA HUSS at Crain’s 40 Under 40 celebration. Lincoln Center Plaza.Tickets start at information, visit www.tradebklyn.com. $50. For more information, visit www.davidhkochtheater.com. THURSDAY, APRIL 11 The geothermal industry will come FRIDAY, APRIL 12 together with the financial and investment The New York Pops will celebrate lyricist communities at the GEA INTERNATIONAL and composer Stephen Schwartz’s 65th GEOTHERMAL ENERGY FINANCE FORUM. birthday at THE WIZARD AND I: THE The full-day event will provide an update MUSICAL JOURNEY OF STEPHEN SCHWARTZ. and outlook on U.S. and international The concert also will commemorate the geothermal development and the state of 10th anniversary of Wicked, and will geothermal technology, plus a discussion include performances by Jeremy Jordan, of project financing. It is at 8:30 a.m. at Norm Lewis and Julia Murney. It is at the Marriott Marquis New York, 1535 8 p.m. at Stern Auditorium/Perelman Broadway, at West 45th Street.Tickets Stage, 881 Seventh Ave., at West 57th start at $50 for students, $525 for Street.Tickets start at $37 and can be members and $695 for the general purchased by calling (212) 247-7800 or public. For more information, visit visiting www.carnegiehall.org. www.geo-energy.org. gettyimages yinka aj of chocolate photography chocolate yinka aj of VALENTINO CARLOTTI and REGINALD VAN LEE at MICHELLE MILLER, MARC MORIAL, SARAN KABA JONES and KEMAH DON’T MISS A FAIR AMOUNT OF BOOKS Evidence a Dance Company’s Torch Ball on March 25. The DENNIS-MORIAL at the FACE Africa Clean Water gala on March 23. The THURSDAY, APRIL 11, TO SUNDAY, APRIL 14 gala raised more than $325,000 for the troupe. event raised $75,000. Meet more than 200 American and international dealers at the NEW YORK ANTIQUARIAN BOOK FAIR. The See more of this week’s Snaps online at CrainsNewYork.com/galleries. selection will include rare books, maps, manuscripts, illuminated manuscripts and ephemera. It runs Friday from noon to 8 p.m., Saturday from noon to 7 p.m. and Sunday from noon to 5 p.m. at the Park Avenue Armory, 643 Park Ave., between East 66th and East 67th streets. Daily admission is $20 for adults and $10 for students. For more information, visit www.sanfordsmith.com. Join New York’s Business Community

OPENING FUNDRAISERS SUNDAY, APRIL 14 TUESDAY, APRIL 9 See depictions of everyday objects Get books signed while supporting God’s at CLAES OLDENBURG: THE STREET Love We Deliver at AUTHORS IN KIND, a literary AND THE STORE and CLAES luncheon. Authors include John Schwartz and OLDENBURG: MOUSE MUSEUM/RAY Sandra Brown. Danny Meyer, CEO of Union GUN WING. The exhibitions explore Square Hospitality Group, will discuss Family the beginning of the artist’s career Table: Favorite Staff Meals From Our Restaurants and include objects made from to Your Home. It is at 11:30 a.m. at the cardboard, burlap and newspaper. Metropolitan Club, 1 E. 60th St., between Fifth They run through Aug. 5 at the and Madison avenues.Tickets start at $300, and Museum of Modern Art, 11 W. tables start at $5,000. For more information, 53rd St., at visit www.godslovewedeliver.org. Fifth Avenue. The museum is SUNDAY, APRIL 14 open Sunday, See a live-action performance of the sci-fi Monday, graphic novel series The Intergalactic Nemesis at Wednesday, THE 12TH ANNUAL NEW VICTORY FAMILY BENEFIT. Thursday and Saturday from 10:30 Proceeds will go to the New Victory a.m. to 5:30 p.m., and Friday from Education Programs and the New Vic/New 10:30 a.m. to 8 p.m. Admission is 42 Youth Corps. It is at 1 p.m. at 209 W. 42nd $25 for adults, $18 for seniors, $14 St., between Seventh and Eighth avenues. for students and free for children Tickets start at $300. For more information or 16 and under. For more to purchase tickets, call (646) 223-3082 or information, visit www.moma.org. visit www.newvicfamilybenefit.org. MARK YOUR CALENDAR

STARTING MONDAY, MAY 13 The AMERICAN BALLET THEATRE’S 2013 SEASON opens at the Metropolitan Opera House. Shows include the world premiere of a three-part work by artist-in-residence Alexei Ratmansky, the Follow @CrainsNewYork on twitter! company premiere of Sir Frederick Ashton’s A Month in the Country and the revival of George Balanchine’s Symphony in C. The season opens with a gala performance and runs through July 6. For more information, visit www.abt.org.

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