Lies, Damned Lies, and Jobless Statistics

20120820-NEWS--0001-NAT-CCI-CN_-- 8/17/2012 6:12 PM Page 1

REPORT REAL ESTATE ROOFTOP FARMS yield profit and PR CRAIN’S® P. 13 NEW YORK BUSINESS

VOL. XXVIII, NO. 34 WWW.CRAINSNEWYORK.COM AUGUST 20-26, 2012 PRICE: $3.00

GREG DAVID Lies, damned lies, and jobless statistics 10% unemployment? Bogus number masks city’s true job growth BAM! New York City added 10,000 jobs in Fundraising wonder July, according to the people who track the city’s economy, continuing Karen Brooks Hopkins an economic expansion that has been as strong as that in any area of the has turned Brooklyn country. The unemployment rate remained Academy of Music stuck at just over 10%,the highest rate among the largest cities in the coun- into a cultural empire. try, signaling a deeply troubled job market. She’s still not satisfied Could both these statistics be true? No. This is a story of lies, damned lies BY MIRIAM KREININ SOUCCAR and statistics, and of the government officials who have screwed up, the Karen Brooks Hopkins expects the worst and journalists who don’t make the effort leaves nothing to chance. Upon landing a to understand what’s going on, and multiyear corporate grant, the president of the politicians and advocates who are the Brooklyn Academy of SWEET MUSIC: misleading New Yorkers about the Music starts wondering BAM raised a record state of the city, intentionally or not. how she will replace the $51.6 million in If you really need to know the bot- fiscal year 2012. tom line now, here it is: The unem- funds when the money runs ployment rate lies.The city’s economy out. She frequently bemoans the fact that in- is creating tens of thousands of new dividual donors are skittish about giving these jobs for people with education and days and that corporations and foundations skills, and even more jobs for those are abandoning the arts. And when she talks with few credentials. See BAM! on Page 20 This story begins with the nature of economic statistics. Each month,

See UNEMPLOYMENT on Page 20 buck ennis RUSSELL’S NEW LINE Phat Farm founder Russell Simmons ELECTRONIC EDITION teams up with designer Joseph Abboud NEWSPAPER PAGE 3 20120820-NEWS--0002-NAT-CCI-CN_-- 8/17/2012 6:26 PM Page 1

STATS AND THE CITY

FAST-TRACKING THE BROOKLYN BRIDGE A City Council trio wants to widen the upper boardwalk level of the bridge, where pedestrians and bicyclists are often elbow to elbow. Any changes to the city’s best-loved span will be hotly debated, but here’s where things stand: FYICRAINSNEWYORK.COM

120,000+ MOTOR vehicles cross the bridge daily 4,000+ PEDESTRIANS cross the bridge daily Lawsky scores $340M 3,100+ CYCLISTS cross the bridge daily ust eight days.That’s all it took for the New York Department of Financial 1984 YEAR bike lane added to the boardwalk JServices to transform itself from an 1¢ TOLL 150K pedestrians paid to cross opening day, 1883 unknown regulatory fledgling into a heavy hitter. Eight days was all it took for Britain’s Standard Chartered Bank to cry wide world photos wide uncle and settle with the department after / its superintendent, Benjamin Lawsky, ap accused the bank of handling $250 billion worth of banned transactions for Iranian clients—and threatened to pull its New York license. Critics, including The Wall Street Journal, called Lawsky a grandstander for jumping the gun on a posse of other regulators on the bank’s trail, but in the end he was the guy with the badge who got the bank to cough up $340 million in fines. The question now, of course, is what other sorts of market abuse Mr. Lawsky has his eyes on. Considering his department oversees the local operations of many of the world’s biggest banks buck ennis Sources: NYC Dept. of Transportation, WGBH, BrBridge.com and insurers, the pickings are potentially rich. Meanwhile, another New York regulator was throwing his weight around. Attorney General PRICES ON PAUSE Eric Schneiderman served subpoenas to seven large banks for information regarding possible The pace of hikes in the consumer price index heated up a bit this manipulation of the benchmark global interest rate, LIBOR.The banks served are reported to summer in the local area, but is still far below the level of a year ago. include JPMorgan Chase & Co. and UBS. In other words, a roundup of the usual banking giants. 3.8% 3.8% % change in local CPI, y-o-y Mr. Schneiderman, it’s worth noting, is conducting his investigation in concert with his 3.3% Connecticut counterpart. —aaron elstein 3.0% 2.8% 2.7% 2.6% 2.6% 2.4% NAVAL-GAZING IN B’KLYN. It may take of sitting idle, a revamp of the place a dozen years to pull off, but plan- will take another year. On a more HOORAY! 1.6% ning is underway for a 50-acre me- savory note, the city wants Tavern 1.1% 0.2% dia campus in the Brooklyn Navy to cater more to New Yorkers’ A 2.9% ’12 Yard, according to The New York tastes, using more locally sourced AVERAGE GRAY LADY TRIES raise is in A SOND J FMAMJ J Times. It is to be a joint effort of the ingredients. … store for Source: Bureau of Labor Statistics yard’s largest tenant, Douglas BRITISH ACCENT. Looking for a leg New Yorkers Steiner of Steiner (TV and film) up in the digital realm, The New at larger firms next ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY Studios, and his landlord, the city- York Times Co. is bringing in an year. It’s the owned development corporation executive who did just that for a far biggest in that runs the 300-acre place. It larger organization across the pond. four years. comes at a time when TV and film In November, departing BBC Di- THIS WEEK IN CRAIN’S production is booming in the city. rector-General Mark Thompson … GOOGLE’S TRAVEL PLANS. The will become the Times Co.’s CEO. OY VEY! IN THE BOROUGHS------3 search-engine giant is snapping up His track record is superb but a bit THE CITY’S bike-share program has Frommer’s, creator of the famous odd—the state-owned BBC, af- IN THE MARKETS------4 been delayed yet again—this time until travel guidebooks, from ter all, has no shareholders spring, if we’re lucky. THE INSIDER ------6 Hoboken-based publish- nor advertisers, much less er John Wiley & Sons a controlling clan like OPINION ------10 for a reported $25 mil- the Sulzbergers. … ALAIR TOWNSEND ------11 lion. Frommer’s will BACK AT THE INN. FROM AROUND THE CITY----12 join Zagat, publisher Chicago-based Strate- of the ubiquitous gic Hotels & Resorts is REPORT: REAL ESTATE------13 restaurant guide, which checking back into the REAL ESTATE DEALS------14 Google bought late last 509-room Jumeirah year. Google aims to draw Essex House big-time. Sev- THE LIST: more eyeballs and ads by been years after selling the property TOP AIRLINES------16 coming the go-to source for travel to a Dubai-based group, Strategic is ever “yogurt summit,” even the nor- and local business info. It’s also buying the place back for $362 mil- mally crusty Assembly Speaker CLASSIFIEDS ------17 drawing attention from antitrust lion. That looks to be a bit less than Sheldon Silver proclaimed such a GREEN REVOLUTION. BUSINESS PEOPLE NEW YORK, NEW YORK ------21 authorities. … it sold the Central Park South thing entirely doable “if we make it Surprise, surprise—the city is hostelry for back in 2005, and is less our mission.” … AND NOW A WORD Amy Smilovic raised prices SOURCE LUNCH------22 bringing in a small Philadelphia- than many predicted. ... CUOMO’S FROM OUR PARENT. Crain Commu- during the recession to stand OUT AND ABOUT ------based firm to run Central Parks’ DAIRY DREAM. Gov. Andrew Cuomo nications Inc. is investing in Inter- out. Her risky strategy led to 23 Tavern on the Green, once the is hoping to make the Empire State net Week NY, and will take over higher sales. P. 8 SNAPS------23 highest-grossing restaurant in the nothing less than the nation’s yo- day-to-day management of the 5- CORRECTIONS nation. After more than two years gurt capital. At New York’s first- year-old event. —lauren elkies City Councilman Dan Garodnick has $1.1 million cash on hand for his 2013 campaign for comptroller. That amount was misstated in the Aug. 13 Insider item “Brooklyn contender bides his time.” Howard Glickberg is Fairway’s vice chairman of development. That fact was misstated in STORIES TO WATCH THIS WEEK the Aug. 13 “Fairway’s IPO feeds growth.” vol. xxviii, no. 34, august 20, 2012—Crain’s New York Business (issn 8756-789x) is published Aug. 20: U.S. Aug. 20: City Aug. 21: Barnes & Aug. 22: Michael weekly, 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 Open qualification Planning expected Noble booked to Jordan co-hosts New York, N.Y., and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. rounds begin, but to certify Hudson release quarterly Chelsea Piers for subscriber service: Call (877) 824-9379. Fax (313) 446-6777.$3.00 a copy, $99.95 one year, $179.95 two years. (GST No. 13676-0444-RT) without injured Square’s 50-acre earnings. Red ink dinner for Rafael Nadal. rezoning proposal. likely. President Obama.

2 | Crain’s New York Business | August 20, 2012 20120820-NEWS--0003-NAT-CCI-CN_-- 8/17/2012 6:16 PM Page 1

IN THE GOOD FIT: Joseph BOROUGHS Abboud is the third designer to work on MANHATTAN Russell Simmons’ Argyleculture line.

Hooray for Hamilton’s old hood Overlooked area gains new currency just like its hunky namesake

BY AMANDA FUNG

When Andrew Ding moved into a studio apartment on West 149th Street in Hamilton Heights two years ago, he was frustrated to dis- cover that he had to travel beyond his neighborhood to find a nice café. So he decided to do something about it.The former classical violist turned real estate agent teamed up with a partner and opened the Chipped Cup on Broadway, right around the corner from that apartment. On opening day last month, a half-dozen people were queued up outside waiting. “It wasn’t a large crowd, but ODDS it was impres- & ENDS sive for 7 a.m.on a Saturday,” he said. “People in 6 the neighbor- HOURS it took to hood are hungry move Alexander Hamilton’s house for businesses 131 feet to its like ours.” new home And that is why more of them—ranging 16K from childrens- ENROLLMENT at CCNY’s Hamilton wear boutique Heights campus Shoeganza to

buck ennis restaurant and bar Harlem 1842 Public—have YEAR 23-acre either opened in Trinity Church Cemetery the area or are founded Tag team to fix fashion brand planning to do so soon.They and others are part of a broader revival of the long-over- “Having a designer like Joseph at New York Fashion Week, had took Argyleculture with him, re- looked section of northwest Designer Abboud makes all the difference in the huge success in the 1990s with his cruiting Li & Fung to design, dis- Harlem.Today,people from all over created new fall world,” said Mr. Simmons, famous streetwear label Phat Farm. Ar- tribute and manufacture the brand. the city are flocking to the hilly for his Phat Farm brand. gyleculture has not followed suit. But the relationship ended badly— mile-long stretch that runs from collection for The new fall collection, which Targeting a grown-up hip-hop Li & Fung’s looks were too main- West 135th to West 155th streets Mr. Abboud and his four designers stream and not high-end enough. between Edgecombe Avenue and Simmons’ venture injected with bursts of burnt or- Mr. Simmons sued Li & Fung for the Hudson River.They are coming ange, oversize plaids and, of course, Sales are breach of contract and fraud in for rents that average $1,600 a BY ADRIANNE PASQUARELLI argyle sweaters, has already re- 2010, quickly settling out of court. month for a one-bedroom, for the ceived mixed reviews. Department expected to Now it’s up to Mr. Abboud, handsome housing stock and for a The third time’s the charm.At least stores Macy’s and Belk have lined president of clothing company spot in an up-and-coming neigh- that’s what hip-hop mogul turned up to sell the brand, and other po- reach $10M HMX Group, to find success. Un- borhood. fashion entrepreneur Russell Sim- tential deals are in the works. But der the partnership, HMX, which The area is also benefiting from mons is hoping when Argylecul- some critics worry that Mr. Sim- in the first year owns retailers such as Hickey Free- the stirrings of some of its longtime ture, his menswear brand, re- mons, who has invested an undis- man, has the long-term license for linchpins. For openers, its biggest launches next month. closed amount of his own money Argyleculture sportswear and will tourist attraction—the handsome Over the past five years, he’s into Argyleculture’s relaunch,is not share an undisclosed percentage of 210-year-old home of its namesake, partnered with two different man- showing enough originality to at- revenue. Total sales for the brand Alexander Hamilton—was recently ufacturers but struck out with contract a loyal fan base, despite Mr. are expected to be $10 million in renovated and shifted to a com- sumers.Now Mr.Simmons has en- Abboud’s contributions. In addi- consumer, he launched the brand the first year. Like Mr. Simmons, manding corner of St. Nicholas listed Joseph Abboud, a designer tion,he needs to step up the brand’s five years ago with clothing con- HMX has quite a bit at stake here; Park at a cost of $15 million. It also whose classic wares might give the marketing so shoppers know it glomerate Kellwood Co., which last week, the firm’s existing fund- doesn’t hurt that the great man’s preppy Argyleculture the snap it’s exists. had purchased Phat Farm in 2004. ing expired, after it found new fi- reputation itself has seen something previously lacked. Mr. Simmons, a regular fixture He left Kellwood shortly after, and See TAG TEAM on Page 19 See HAMILTON on Page 12

August 20, 2012 | Crain’s New York Business | 3 20120820-NEWS--0004-NAT-CCI-CN_-- 8/17/2012 6:14 PM Page 1 IN THE WOR-AM purchase turns NYC MARKETS into battleground of radio war by Aaron Elstein

“Having WOR allows us to com- confrontational and didactic. Clear Channel vies pete in New York even better than we “We want to expand the audience with Cumulus for do today,”said John Hogan, CEO of for talk radio,and we’re going to make Clear Channel Media and Enter- programming moves that achieve national dominance tainment, a division of CC Media that objective,” said Chief Executive Holdings.“For our syndication busi- Lew Dickey in an interview.“Our re- BY MATTHEW FLAMM ness, WOR is a nice thing to have, search indicates that many 25- to 54- but it’s not the reason we bought it.” year-old listeners have drifted away, Clear Channel’s acquisition last Cumulus, meanwhile, has been and we plan to re-enfranchise them.” week of WOR-AM from family- looking to its syndicated talk pro- The face-off could also add to owned Buckley Broadcasting Corp. gramming as an area of potential the bidding war for the Yankees’ ra- turned the city’s oldest radio station growth as radio stations battle for lis- dio rights, which is expected to into a key piece in a New York-based teners with digital newcomers like erupt next year when the Bombers’ chess match between industry giants. Pandora and Spotify. The company contract with WCBS-AM expires. Clear Channel owns the most ra- Radio experts say there’s a down- dio stations in the country, and its side to syndication giants fighting top two hosts, Rush Limbaugh and Fight may bid up over New York.“There’s a fear you’re Sean Hannity, are syndicated via its going to end up with a lot of syndi- Premiere Radio Networks.They air Yankees’ radio cated [programs] that are great for

in New York on WABC-AM. the national network but not really mcmullan patrick But last year, Cumulus Media be- rights in 2013 great for New York radio,” said came the nation’s No. 2 radio opera- Robert Unmacht, a partner with tor in a deal that brought WABC into iN3 Partners,a media advisory firm. its portfolio, raising the possibility WABC has Don Imus’ morning- A QB sack? that Clear Channel’s biggest names drive-time show,a local hit that’s also would be booted off the New York has been inserting its talk hosts into a national show. It also recently went airwaves in favor of Cumulus hosts. its stations wherever possible. It has national with Geraldo Rivera’s show. ne of Wall Street’s major players in last decade’s Mr. Limbaugh’s contract with also positioned former Arkansas Gov. Mr.Hogan said that WOR will have housing mania has waved the white flag in a battle WABC expires next year. Mike Huckabee’s syndicated show as a mix of local and national programs. with securities regulators. Thomas Priore, CEO of Industry analysts say the threat of an even-tempered alternative to The “The important thing is creating OICP Asset Management losing its perch in the nation’s biggest Rush Limbaugh Show. The Mike new content,” said Joel Hollander, and a former Harvard quarterback, market spurred Clear Channel to ac- Huckabee Show launched in April. head of media investment firm 264 has agreed to a settlement with the Securities and Exchange tion, because syndicated shows need Cumulus argues that the estab- Echo Place Partners. “One of these Commission, which two years ago charged him with a New York presence to attract na- lished talk shows have turned off lis- companies is going to have to come defrauding clients by improperly pocketing “tens of millions tional advertisers. teners in the 25- to 54-year-old up with the next Rush Limbaugh Clear Channel says that purchas- bracket, the category favored by ad- and the next Howard Stern.” Ⅲ of dollars” in fees and undisclosed profits by inflating the ing the 90-year-old WOR allows it to vertisers. To attract a younger audi- value of mortgage-related bonds his firm had sold them. beef up its New York holdings,which ence to the talk format, the compa- LISTEN to a discussion at include five FM music stations. ny is embracing shows that are less CrainsNewYork.com/podcasts The agreement’s existence was The SEC also said ICP awarded it- disclosed in a Manhattan federal self “massive, risk-free, undisclosed court filing earlier this month. Its profits” by directing brokers to can- precise terms couldn’t be learned. cel trades made weeks earlier and An attorney for Mr. Priore, Nathan rewrite the orders so that Mr.Priore’s Kitchens, declined to comment, firm was the buyer. and the SEC, whose commission- A handful of Wall Streeters have Gearing Up for Your Next ers must still approve the agree- been charged criminally with inflat- ment, also wouldn’t comment. ing the value of complex mortgage- Corporate Event or Holiday Party? People like Mr. Priore were im- related securities.Two Credit Suisse portant middlemen during last employees, for instance, pleaded decade’s housing bubble, when the guilty earlier this year to overstating Crain’s New York Business Special Section name of the game for banks was to the value of mortgage-backed secu- sell off mortgages as quickly as they rities on their books to hide losses. wrote them. Mr. Priore’s role was A spokeswoman at the federal Corporate Events & CDO manager, which meant that prosecutor’s office in Manhattan he helped select the mortgages that wouldn’t comment on whether Mr. investment banks pooled to create Priore is the subject of a criminal Holiday Parties 2012 the complex bonds (known as col- investigation. lateralized debt obligations) and In any case, 10 days after SEC helped parcel them out to institu- staffers notified Mr.Priore in March tional buyers. By 2008, Mr. Priore’s 2010 that they intended to file fraud Expert Tips firm managed $25 billion in assets, charges, he sold his Martha’s Vine- according to Bloomberg News, up yard, Mass., house for $1 to trusts Advice from $5 billion two years earlier. controlled by himself, his spouse When the housing bubble and a third person.At the same time, popped, the SEC said, Mr. Priore’s he sold his residence in Chappaqua, Vendor Options firm “repeatedly” cheated customers N.Y., to the trusts for $10. The by causing some to overpay for bonds SEC contends the transfers were And More acquired from other ICP clients. In done to limit the amount of money one instance, ICP sold a client $22 it could collect from Mr. Priore. million worth of mortgage bonds at In an answer filed in court, Mr. a price of $75 each,even though ear- Priore’s wife said the sales were Issue Date: September 10, 2012 Close Date: August 23, 2012 lier in the day it had bought the same made “pursuant to ongoing estate bonds for another account at $63.50. planning.” Ⅲ For advertising opportunities, please contact Trish Henry at [email protected] or (212) 210-0711. THE PERCENTAGE of this year’s class of Harvard Business School graduates who landed Wall Street jobs, accord- 32% ing to Harvard alum and former banking analyst Raphael Soifer. He says his 47 years of research suggest that any time the number is higher than

bloomberg newsbloomberg 30%, it’s a signal to sell stocks.

4 | Crain’s New York Business | August 20, 2012 CN015291.qxp 7/31/2012 12:17 PM Page 1

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Immigration policy Nancy Ploeger, president of the Manhattan Cham- shift seen as boost to ber of Commerce. talent pool, economy It will enable businesses to hire people like Mubashar Ahmed, a 23- BY DANIEL MASSEY year-old Staten Islander about to graduate from Since arriving in New York from the City College of New South Korea as a 15-year-old, York with a degree in Emily Park has taken whatever jobs chemical engineering. In she could find—cashier, reception- the past, when the Pak- ist, interpreter, tutor. She graduated istani native spoke with from college but had little hope of his career adviser, he was getting very far because she is told to make a list of com- undocumented. panies he’d want to work Threading the needle on Medicare Now, with changes in immigra- for abroad because he tion policy that took effect last week, would not be able to work Paul Ryan Mitt Romney newscom he selection of Rep. as ’s Ms. Park, 23, is thinking about a ca- UP TO 60,000 undocumented New Yorkers have new hope. here legally. Now he is running mate has made the wonkish Wisconsinite’s reer in public health or bioethics. planning to submit his Medicare plan a central campaign theme in New “Finally, I get to use my college paperwork to U.S. Citi- T degree to do something I want,” The move, expected to affect up zenship and Immigration Services York’s congressional races. said the Queens resident, who ma- to 60,000 undocumented immi- and to look for companies locally to In Staten Island, volunteers for Democrat Mark Murphy jored in neuroscience at Queens grants in New York City,was round- pursue a career in renewable energy. (above right) have been phoning seniors without even College. “I’m going to be able to ly applauded by local business lead- “Going abroad would have meant build my career instead of working ers, immigration advocates and giving up on my life here—my work, mentioning his opponent—Rep. Mike Grimm (above day-to-day jobs.” elected officials, who said it would my research, my family,” he said. left)—by name. “With radical politicians like Paul Ryan The Obama administration an- help boost the city’s economy, “Now I’m able to not only continue trying to privatize Medicare and jeopardize the health of nounced last spring that undocu- though they all cautioned that the to support my community and fami- mented immigrants who came to change only scratched the surface of ly,but also to do what I love over here. seniors, Murphy will fight for seniors by protecting and the U.S. under the age of 16, and what needs to be done to make the It’s definitely a newfound hope.” strengthening Social Security,” their script reads. who meet several guidelines,can ap- city and nation more competitive. Tens of thousands of New York- Democratic Rep. Kathy Hochul’s surprise victory in a ply for so-called deferred action, ers like Mr. Ahmed are expected to GOP-heavy upstate district last year was powered by her which will allow them to remain in Diving in follow his path. More than 1,200 the country without fear of deporta- “Allowing deferred action will showed up last week at a deferred- hanging Mr. Ryan’s Medicare reforms around her tion for two years, subject to renew- enable young people to seek out em- action information session organ- opponent’s neck. al. They would also be eligible to ployment and offers businesses a ized by the New York Immigration This year, Republicans are trying to turn the tables. Ms. work legally. larger pool of legal employees,” said See IMMIGRANTS on Page 19 Hochul’s opponent, Chris Collins, has avoided commenting on the Ryan plan while attacking Patrick Maloney, is accusing her of the incumbent over her party’s wanting to “end Medicare.” vote to help pay for “Obamacare” CRAIN’S Business Breakfast Forum: by slowing Medicare’s projected growth. “That’s right—she’s the De Blasio not only candidate in this race who sustaina-Bill? voted to cut Medicare—by $700 Meet billion,” Mr. Collins wrote in a Transportation Alternatives fundraising appeal. GOP Executive Director Paul Steely consultant Bill O’Reilly said White knocked Public Advocate Joseph Lhota Republican candidates shouldn’t Bill de Blasio for promising to slow be afraid of the Medicare issue, the rollout of the Bloomberg despite the persistent drumbeat administration’s CHAIRMAN AND CEO, MTA from Democrats that Mr. Ryan’s new street voucher plan would end the designs. Join Crain’s New York Business for a program “as we know it.” In the DATE: discussion with Joseph Lhota, Chairman “If you’re not proactively trying advocacy group’s Wednesday to save the entitlements, you’re magazine, Mr. and CEO, Metropolitan Transportation September 12, 2012 proactively destroying them,” Mr. White reacted Authority (MTA). Mr. Lhota will discuss the O’Reilly said. But trusting voters Bill de Blasio with a “Yikes!” to PLACE: to understand the Ryan plan’s Mr. de Blasio’s MTA’s mounting debt, the upcoming fare The Plaza nuances, he admitted, would be “a talk of a more “incremental” hike and his plans to upgrade the nation’s 768 5th Avenue leap of faith.” approach to bike lanes and It’s a leap that many pedestrian plazas, a component of largest transit system. He will be TIME: Republicans in tight races across the mayor’s sustainability plan. questioned by Crain’s Assistant Managing Networking Breakfast: the state concede they must make. “What’s worse is that Bill is a 8:00 - 8:30AM Editor Erik Engquist and another journalist “Doing nothing is not an option,” good guy, a neighbor of mine and, Program: said an operative with the Grimm until recently, a livable-streets from the media. 8:30 - 9:30AM campaign. “We are willing to step stalwart,” he wrote, adding that up to the plate and have a serious critics of the new designs have “an discussion on how to save outdated view of our streets.” SPONSORED BY: COST TO ATTEND: Medicare. Ryan’s budget is a A de Blasio campaign $95 for individual ticket(s). starting point.” spokeswoman said, “Bill supports $950 for table(s) of ten (10). Rep. Nan Hayworth went further. making our neighborhoods’ streets You must be pre-registered to attend this event. No refunds permitted. Pre-register online by going In an interview with CNN last safer—that’s always been the case. to crainsnewyork.com/events. For more information, call the Events Hotline at 212-210-0739. week, the Hudson Valley But he takes a more community- REGISTER HERE: www.crainsnewyork.com/events-jlhota Republican praised Mr. Ryan’s focused approach to these issues HOST SPONSOR: reforms. Her opponent, Sean than the mayor.” Ⅲ

For sponsorship opportunities, please contact Trish Henry at 212-210-0711 or For daily political and government news, subscribe to [email protected] CRAIN’S INSIDER @ www.crainsnewyork.com/insider

6 | Crain’s New York Business | August 20, 2012 CN015312.qxp 8/14/2012 10:51 AM Page 1

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INTERNET | PHONE | CABLE TV | ETHERNET 20120820-NEWS--0008-NAT-CCI-CN_-- 8/17/2012 12:38 PM Page 1

BUSINESS 46% of New Yorkers say they swear at work PEOPLE Source: CareerBuilder

MATERIAL FACT: Since increasing prices more EXECUTIVE MOVES than 50%, revenue at Amy Smilovic’s Tibi has Studley: Heidi climbed steadily, even Learner, 40, joined during the recession. the real estate services firm as chief economist. She was previously vice president at State Street Corp. JBFCS: David Rivel, 50, was promoted to chief administrative officer and associate executive vice president at the human- services agency, a newly created position. He was previously chief strategy officer. Citi Private Bank: Steven Young, 58, joined as managing director and ultra- high-net-worth private banker, effective in October. He was previously managing director and senior private banker at Deutsche Bank AG. Movieclips: Chip Russo, 38, joined the content network as global head of sales. He was previously senior vice president of video at Collective. Brian Aucoin, 35, joined as vice president, branded entertainment and packaging. He was previously vice president, client partnerships, at 4D, Publicis. Time Inc.: Solomon Masch, 33, joined the publishing company as mobile sales director in its branded solutions team. He was previously director of mobile advertising at Viacom Media Networks. Andrew Reedman, 31, joined as regional director, digital advertising sales, in its branded solutions team. He was previously director of sales at Mashable. Robins Kaplan Miller buck ennis & Ciresi: Jeffrey Alan Hovden, 53, joined GOTHAM GIGS the trial firm as a partner. He was previously a partner at Wilson Sonsini Goodrich & Rosati. Eastern Union Commercial: Jake Gluck, 24, joined the Charging more pays off mortgage company as director of lending relations, a newly created position. He was previously a freelance A bold strategy helps a fashion label stand out consultant. Foley & Lardner: Brian M. Cohen, 42, When the bottom fell out of the economy four new retail concept—about which Ms. Smilovic is was promoted to co-chair of the law Others cut firm’s senior living industry team. He years ago, Amy Smilovic, the founder of apparel sworn to secrecy—is also in the works for 2013. ¶ was previously of counsel. prices, but label Tibi, quickly realized she needed to make From an early age, Ms. Smilovic knew she wanted Mercer: Michael Vaccaro, 45, joined the human-resource consulting firm as some snappy alterations in order to stay in to be an entrepreneur, and in 1997 the Indiana principal. He was previously specialist Tibi raised business. While other fashion houses were native got her wish. Living in Hong Kong while leader at Deloitte. Perkins+Will: John Sadlon, 42, joined them slashing prices, she raised hers—elevating the her husband was working there, she launched the architecture and design firm as average price to $430 from nearly $280. ¶ “Why Tibi, naming the label after the grandmother of a principal and corporate practice leader. would you buy a young designer making cheap friend who helped her start the business. She He was previously managing principal at Mancini Duffy. clothing—why not just buy at Zara?” asked the moved the company to New York in 2000 and Vince: Beth Cohn, 44, joined the fashion 44-year-old entrepreneur. “We wanted things to opened a 3,000-square-foot flagship store in company as senior vice president of retail. She was previously senior vice stand out.” ¶ The strategy worked. Revenue for SoHo six years later.Tibi also operates an outlet president of retail for Theory and Tibi, which sells its wares at 450 stores such as in St. Simons Island, Ga., where Ms. Smilovic Helmut Lang. Gilda’s Club New York Saks and Neiman Marcus, has steadily climbed grew up. ¶ Despite the debate among some of her City: Rob Bochicchio, since a flat 2008. Ms. Smilovic expects to finish New York colleagues regarding the garment 44, joined the this year with $30 million in wholesale worldwide center and local manufacturing, she makes no nonprofit’s board of directors. He is also sales—excluding Japan, where the firm has a excuses about where her product is made— executive vice licensing agreement. Later this year, the brand primarily in China. “I love the idea of producing it president and chief media investment will partner with a high-end jeweler for its first here, but it’s so inefficient and really very officer at ID Media. foray into the baubles business. And a mysterious unrealistic,” she said. —adrianne pasquarelli —emily laermer

8 | Crain’s New York Business | August 20, 2012 20120820-NEWS--0009-NAT-CCI-CN_-- 8/16/2012 1:51 PM Page 1

SMALL BUSINESS Small bank spies hiring opportunity A boutique financial “They get to lead in a way they firm’s brand. through TRACE, the Trade Re- didn’t before, because at the larger In exchange, Cantor has a finan- porting and Compliance Engine. firm finds that now banks there were 20 other people just cial stake in CastleOak, and that in- The firm was fined $27,500 in July; like them,” said Ms. Thanasoulis- vestment “has had a positive return in 2010 it was fined $12,500.Due to is an ideal time to Cerrachio. for them,” Mr. Jones said. company policy,Mr.Jones could not A partnership that CastleOak comment on the issue. snap up top talent forged with investment bank Cantor Growing pains Regardless, CastleOak has con- Fitzgerald in 2006 has added to the Nonetheless, CastleOak has ex- tinued hiring aggressively, adding BY EILENE ZIMMERMAN young firm’s credibility. CastleOak perienced some growing pains. It talent that Mr. Jones hopes will sublets space from Cantor and out- was fined twice for regulatory grow with the firm. “Those we hire hile giant banks sources many of its human-resources “events” reported to the industry- get in on the ground floor. That buck ennis like Bank of needs to the larger firm, and the as- funded regulator FINRA, both for doesn’t happen much in finance, TALENT SCOUT: CastleOak’s David Jones is America, Gold- sociation has enhanced the smaller failing to correct unmatched trades other than at small firms,” he said. Ⅲ always on the lookout for great people. man Sachs and Morgan Stanley areW cutting staff, the 60-employee boutique investment bank CastleOak Securities is adding jobs. The midtown Manhattan firm has found that now is an ideal time to snap up bankers who were down- sized or voluntarily walked away from Wall Street, growing its team substantially since 2006. “We’re not just hiring,” said David Jones, a CastleOak co- founder and its CEO. “We’re up- grading our talent.” Founded in 2006 by four investment bankers, the minority-owned firm—three of the four co-founders are African-American—now has OWN OR MANAGE A RESIDENTIAL BUILDING WITH 5 TO 75 UNITS? offices in Atlanta, Chicago, Cleve- land, Los Angeles, Portland, Ore., and Columbus, Ohio. * Fueling its expansion, in part, PLUG INTO SAVINGS 14% has been the $$$ SAVING INCENTIVES ON LIGHTING, HEATING AND COOLING UPGRADES ESTIMATED firm’s focus on DECLINE in Wall fixed-income se- IT’S FAST AND EASY. THE GREEN TEAM WILL HELP YOU GET IT DONE. Street cash curities. “For the bonuses for last six years, 2011 fixed-income Source: Office of New Up to $15,000 for a high-efficiency condensing boiler plus York State Comptroller markets have been really grow- additional incentives for insulation ing for us,” Mr. Jones said. CastleOak is hiring fixed- income, equities and municipal- Up to $20,000 for an energy management system finance sales professionals and recently began building a municipal- bond team. New hires have been attracted to Up to $50 each for most high-efficiency light fixtures in the bank because it doesn’t have lay- common areas ($150 for bi-level fixtures) er upon layer of management, so its bankers have a closer working relationship with clients than they would at a larger bank, noted Mr. In-unit improvements worth over $100 per unit to help Jones. And unlike the JPMorgans residents save money and energy and Merrills of the world, CastleOak pays its bonuses in cash, not stock that can wind up devalued. Expert advice and energy surveys to determine eligible And, of course, more than a few job applicants may not see many energy-saving opportunities for your building prospects elsewhere in the industry in the near term.“We’re expecting a reduction in staff [in the next year] anywhere from 10% to 15% from CONNECT WITH THE GREEN TEAM AT what it is now,” said Michael Karp, managing partner of executive search firm Options Group in CONED.COM/GREENTEAM Manhattan. OR CALL 1-877-634-9443TO SPEAK TO AN ENERGY REPRESENTATIVE Talented professionals are also attracted to smaller firms like *Based on eligibility CastleOak because of opportunities for advancement, said Connie Thanasoulis-Cerrachio,a partner at SixFigureStart, a career coaching firm in Manhattan.

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August 20, 2012 | Crain’s New York Business | 9 20120820-NEWS--0010-NAT-CCI-CN_-- 8/17/2012 12:39 PM Page 1

OPINION CRAIN’S NEW YORK BUSINESS Bronx plan has nice rink to it editor in chief Rance Crain publisher, vp Jill R. Kaplan fter the City Council rejected a more visitors—and money—from other states and nations. EDITORIAL editor Glenn Coleman Kingsbridge Armory redevelopment plan The Kingsbridge National Ice Center, pitched by banker deputy managing editors Valerie Block, because it lacked a “living wage” guarantee Kevin Parker and other businesspeople who love hockey, Erik Ipsen assistant managing editors Erik Engquist, for every job, members dropped their would feature nine rinks and be the largest ice sports center Jeremy Smerd demand for such a far-reaching policy. As on the planet. Its economic foundation is that ice time in the senior producer, news Elisabeth Butler Cordova news producer Lauren Elkies a result, the mayor’s office sought new city is woefully insufficient to meet the demand of hockey contributing editor Elaine Pofeldt proposals for the 650,000-square-foot players and figure skaters—to the point where adult hockey columnists Greg David, Alair Townsend crain’s health pulse editor Barbara Benson Bronx building.Two came in, and while they couldn’t be leagues pay up to $750 an hour and teenagers skate at 3 a.m. senior reporters Theresa Agovino, more different, both are promising.The administration’s School teams schlep to New Jersey, visiting National Hockey Aaron Elstein, Lisa Fickenscher, Matthew Flamm, A Daniel Massey, Miriam Kreinin Souccar chosen plan would again be subject to council approval. League teams have nowhere in the city to practice, and reporters Amanda Fung, Andrew J. Hawkins, Shane Dixon Kavanaugh, Adrianne Pasquarelli One proposal, by developer Young Woo & Associates, recreational skaters crowd into private and municipal rinks. web reporter, producer Ian Thomas would reinvigorate the long-abandoned armory by creating a The Kingsbridge art director Steven Krupinski lively market akin to town squares in Europe and South complex would serve deputy art director Carolyn McClain A skating center staff photographer Buck Ennis America.The cavernous indoor space of the century-old those customers and copy desk chief Steve Noveck copy editor Thaddeus Rutkowski building, with its column-free design and 110-foot ceilings, or community also host national and data editor Suzanne Panara would be kept largely intact. A deck would be built at one international hockey assistant data editor Emily Laermer market? The researchers Eva Saviano, Amy Stern end to accommodate two traditional retail tenants and a tournaments and interns Emily Lundeen, Mary Shell

fitness center. Other components include a basketball arena, money matters figure-skating events. ONLINE AND INTERACTIVE SERVICES a rock-climbing area, arts and cultural programming and Its main community general manager, online & e-commerce incubator space for entrepreneurs. But the “open-air” (yet component would be a strategy Kira Bindrim senior web developer, interactive temperature-controlled) market would be the centerpiece, youth hockey program Chris O’Donnell

and would surely draw Bronx residents by the thousands. where kids skate for ADVERTISING, MARKETING AND PRODUCTION The $100 million project would be a bonus for the free and get discounted equipment. advertising director Trish Henry Hockey and figure skating might seem less appealing to senior account managers Irene Bar-Am, borough, which has scant retail offerings and nothing quite Courtney McCombs, Sheryl Rose, Suzanne Wilson like the gathering site that Young Woo envisions. Bronx residents than a mixed-use project with a market and account executive Jill Bottomley Kunkes fun amenities, but the ice-rink complex would add more to sales coordinator Danielle Wiener Nonetheless, the market may be an underdog in the newsletter product manager Alexis Sinclair armory competition because its rival, a massive ice-skating the city economy.That should give it an edge when the credit Todd J. Masura (313-446-6097) director, audience development complex, would sink $275 million into the space and pull in Bloomberg administration makes its choice later this year. Michael O’Connor senior marketing manager Catherine Schutten event producer Courtney Williams CRAIN’S ONLINE POLL COMMENTS reprint sales manager Lauren Melesio production and pre-press director Michael Corsi advertising production manager Suzanne Fleischman Wies The next mayor TO SUBSCRIBE: For print and digital subscriptions or customer POLITICS VS. BUSINESS decades.” During Michael and for the 30 years that I have service, e-mail [email protected] Bloomberg’s first term, there owned it. Some of us or call 877-824-9379 (in the U.S. and Canada) or Your Aug. 15 online poll asked: were early reports he would not businessmen have a heart. I 313-446-0450 (all other locations). $3.00 a copy for bloomberg newsbloomberg the print edition; or $99.95 one year, $179.95 two “Should the next mayor have run for a second term. I said at have not sold the company years, for print subscriptions with digital access. IS NY FINANCIAL SERVICES business experience or the time, “If the mayor does not because it would mean 2,000 www.crainsnewyork.com/subscribe government experience?” It run, I may consider it.” In July jobs lost; some people have SUPERINTENDENT doesn’t matter because the city’s 2008, I funded an exploratory worked here for 30 years or TO ADVERTISE: lucky years under Rudy committee in case the mayor more. I am sure the employees Contact Advertising Director Trish Henry at BENJAMIN LAWSKY A [email protected] or call 212-210-0711. Giuliani and Michael chose not to run again; when of Gristedes are offended by www.crainsnewyork.com/advertise REGULATORY HERO? Bloomberg are over. Crime is he decided on a third term, I Mr. David’s comments. on the rise and the party is over. wholeheartedly endorsed him. I hope the 2013 race will be FOR INFORMATION ON OUR EVENTS: Yes. He forced a $340 million Iranian-money- The next mayor will be an anti- Yes, I take pride in my about the future of New York Contact Event Producer Courtney Williams at laundering settlement with Britain’s Standard police liberal. Bye-bye! accomplishments: immigrant and not personal blips. I have [email protected] or 212-210-0257. Chartered Bank within a week of going public —nyc native family, growing up poor in always supported candidates, www.crainsnewyork.com/events with his charges. Harlem, and now No. 634 on Democrats and Republicans, if TO CONTACT THE NEWSROOM: No. He’s blatantly grandstanding, seeking We have been fortunate for the Forbes’ list of world billionaires. they are capable of doing the 711 Third Ave., New York, NY 10017-4036 publicity by jumping ahead of other regulators past 20 years to have had two of I am also very proud of the right thing for the city and editorial phone: 212.210.0277 fax 212.210.0799 who were jointly investigating the bank. the best mayors in the history company I built and what it taxpayers, who are sometimes Entire contents ©copyright 2012 Crain Communications Inc. Date of poll: Aug. 16 of New York City.They will says about my abilities. I have forgotten in the process. All rights reserved. ®CityBusiness is a registered trademark 110 votes not be fully appreciated until not personally managed Because of the leadership of of MCP Inc., used under license agreement. some political hack takes over. Gristedes for the past 10 years; Mayor Bloomberg and Police PUBLISHED BY CRAIN COMMUNICATIONS INC. —paul although it now contributes less Commissioner Raymond Kelly, chairman Keith E. Crain than 4% of my companies’ sales, we have created a city attractive president Rance Crain 66% CATSIMATIDIS WEIGHS IN it accounts for 99% of my to national and international secretary Merrilee Crain Yes headaches. Friends tell me I investors and avoided the worst treasurer Mary Kay Crain Greg David is 100% should sell the supermarkets of the recession. Whoever executive vp, operations William Morrow senior vp, group publisher Gloria Scoby misinformed about me in his and enjoy life. follows Mayor Bloomberg group vp, technology, circulation, Aug. 6 column (“GOP’s 2013 The number of food must continue this leadership manufacturing Robert C. Adams 34% savior nowhere to be found”). companies in New York City is and instill confidence if the city vp/production, manufacturing David Kamis No First, I have not been dwindling, but Gristedes has is to progress. chief information officer Paul Dalpiaz “running for mayor for been a staple here since 1888 —john catsimatidis founder G.D. Crain Jr. (1885-1973) chairman Mrs. G.D. Crain Jr. (1911-1996) 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 | August 20, 2012 20120820-NEWS--0011-NAT-CCI-CN_-- 8/16/2012 1:51 PM Page 1

MATTHEW GOLDSTEIN data analysis. Colleges must adapt In addition to specific industry findings, “Jobs for New York’s Fu- ture” also outlines more broadly the to evolving workforce skills employers look for in new graduates. This includes what are known as “T-shaped” skills—a deep understanding of a specific area and broad mployment trends in New York City are always knowledge across a range of areas— evolving. Job patterns predicted in finance, media as well as strong written and oral and technology a decade ago—sometimes even a communication and analytical skills. year ago—may defy expectations today. Tracking The task force’s report is tremen- dously valuable as CUNY faculty and those changes is important to anyone interested in staff review and refine academic pro- Ethe city’s future. It’s of particular importance to universities grams, counsel students and develop educating students eager to join the city’s workforce. student internships and other work Preparing college graduates to be industry leaders and inno- experiences. As the city increasingly looks to higher-education and in- vators requires a thorough under- mary-care providers are anticipated, dustry partnerships to maximize standing of the fields they enter. To as are shortages of laboratory tech- New York’s economic growth and job effectively meet their educational nologists; respiratory, occupational creation—most notably through its mission, universities must monitor and physical therapists; and phar- inspired Applied Sciences NYC ini- changes in key industries, job trends macists and pharmacy technicians. tiative—universities must take a and evolving practices and expecta- In higher education (outside of leading role in understanding local tions in the workplace. faculty positions), professionals are and global marketplaces and prepar- That’s why the City University of needed in development, information ing students who have the skills and New York recently issued “Jobs for technology, human resources and capacity to drive discovery. New York’s Future,” the report of the registrars’ offices. Today, CUNY serves the major- CUNY Jobs Task Force that I assem- In information technology,there’s a ity of undergraduates who enroll in bled last year.The report (available at growing need for programmers and college in New York City. Eighty www.cuny.edu/jobstaskforce) focus- developers and,given the explosion of percent of our bachelor’s graduates es on jobs and skills in demand in five what the industry calls “big data,” for remain in the city after commence- key city sectors. Its findings include: those who can effectively analyze ment. Our students are New York The finance, insurance and ac- large data sets. City’s future. Ensuring that they are counting sector reports openings in In media and advertising, publish- ready to build a vibrant future for all sales and private banking, and growing has experienced employment de- New Yorkers is our No. 1 priority. ing demand for workers in risk man- clines,but the rise of digital media has agement and those who are bilingual. created a need for employees skilled Matthew Goldstein is chancellor of the City In health care, shortages of pri- in postproduction visual effects and University of New York.

around London are nice—and com- Olympics excess: pose a significant part of the estimated $17 billion to $19 billion cost of the Games. One issue is whether they Enough already! will be actively used in the future,gen- erating more bang for the buck.That hasn’t happened in Athens or Beijing, admit it. I spent hours watching the Olympics. I got where many of the facilities lie caught up in the women’s gymnastics drama, the tri- moldering and deteriorating. Or maybe the cost of the Games umphant returns of Michael Phelps and Usain Bolt, the will be recouped from increased dazzling Chinese divers, women’s beach volleyball and tourism,foreign investment and oth- the decathlon, among other sports. And I cheered the er economic activity. Most studies huge number of women competing at the highest levels of conclude this hasn’t happened in the I recent past,however,even taking into sport. I thanked Rep. Edith Green and Sen. Birch Bayh for account such infrastructure upgrades getting Title IX passed 40 years ago,bringing girls and women as housing and transit that go along with hosting the Games. onto the elementary, secondary and The International Olympic college sports fields as athletes, not Committee encourages wasteful just cheerleaders.My high school of- spending by vastly preferring newly fered no competitive sports for built sporting facilities to existing women;my all-women’s college,only ones.The IOC needs to start consid- COLLECTION LITIGATION & JUDGMENT ENFORCEMENT fencing. Today these institutions of- ering the facts of economic life today. fer female students a wonderful array Perhaps it’s time to limit the hosting of opportunities to test their mettle. competition to the handful of cities As much as I was engrossed, the that already have all the needed ven- All types of debt collection matters and general voice in my head that began with the ues,or to have the Games in the same commercial litigation, trials, and appeals. 2008 Beijing Olympics grew louder ALAIR TOWNSEND location for two Olympics in a row to and louder. I’m finally ready to say give the winners a better chance to re- out loud what’s been bothering me: coup their enormous investments. AGGRESSIVE - RESOURCEFUL - EXPERIENCED - RESPONSIVE The Olympics are out of control. monies in London were charming As much as the IOC needs to I could not watch the Beijing clos- and not quite as over the top,but they change its outlook, local boosters of ing ceremony to the end.The excess- were more extravagant than neces- Olympic bids must be held more es grew offensive.There are still starv- sary. These ceremonies—indeed the closely to account by their taxpaying ing children in China, especially in Games themselves—are turning into citizens. These bids take on a life of 100 LAFAYETTE STREET - SUITE 601 | NEW YORK, NY 10013 the rural areas.How could this display exaltations of national pride rather their own and become the vehicle 212-608-5300 | WWW.DORAZIO-LAW.COM be tolerated? How could the huge ex- than athlete-focused events. It’s time for promoting new facilities and penditure be thought worthwhile? to stop the era of “Top this!” promising benefits that don’t seem The opening and closing cere- All those new facilities in and to materialize in the end.

August 20, 2012 | Crain’s New York Business | 11 20120820-NEWS--0012-NAT-CCI-CN_-- 8/16/2012 7:10 PM Page 1

IN THE BOROUGHS MANHATTAN

kid, waiter or artist to live there.” Harlem rezoning that includes Henry,a Community Board 9 mem- Hamilton Heights For those looking for a place to roughly 27 blocks in Hamilton ber and community liaison person buy,there are turn-of-the-previous- Heights and neighboring Sugar Hill for Heritage Health and Housing, a Continued from Page 3 southern border. Meanwhile, City century townhomes on quaint, tree- is going through public review. It local development organization that of a rebirth. BusinessWeek recently College of New York,whose campus lined streets that rival those found in would allow taller buildings on West has been encouraging businesses to hailed the Founding Father as a “fed- extends 11 blocks south from West brownstone Brooklyn, but at a frac- 145th Street and on Broadway,bring- spruce up storefronts. eralist hunk,” and noted that others 141st Street, will complete a two- tion of the cost—around $1 million. ing more foot traffic to the area. Even though the area’s relatively are calling him a “stud.” building, $600 million science com- Even the turreted mansion once “Shops, restaurants and cafés are high commercial rents make it diffi- Meanwhile, Trinity Cemetery, plex next year.With all that going for owned by James Bailey of Barnum & in demand,” said Lee-Ann Pinder, a cult for smaller operators to succeed, home of John James Audubon and it, the area is getting some attention. Bailey Circus fame fetched only a re- broker at Citi Habitats. some are finding a path around that John Jacob Astor, up on West 153rd “People are moving there in ported $1.4 million in 2009. But In May, Hamilton Heights na- obstacle. Mr. Ding of the Chipped Street, is drawing ever more visitors. droves,” said Timour Shafran, man- prices are creeping up. A three- tive Maria DeJesus answered that Cup got his landlord to give him a More concretely, Hamilton aging partner at commercial broker- bedroom,four-and-a-half-bath Ro- call, opening Shoeganza on West break on the rent in the hope that his Heights is getting a boost from Co- age Citicore, who helped his family manesque Revival house with eight 149th Street, in an area otherwise success will be a plus for the area. lumbia University’s $6.3 billion ex- manage properties in the area more fireplaces on Convent Avenue hit bereft of apparel shops. Others are simply throwing pansion, which will take the school than a decade ago.“Back then it was the market at a price of $3.5 million. “I have seen more avant-garde themselves into the competitive right up to the neighborhood’s a dream come true to get a college Meanwhile, a proposed West businesses in the area,” said LaQuita fray.Susan Yang,for example,added vegan items to her menu at Café One to cater to changing neighborhood tastes. “Any new shops that open in the area will create more traffic and bring more business to us,” said Ms. KNOWLEDGE IS POWER. PASS IT ON. Yang, who took over the restaurant eight months ago. “There is a lot of Still mailing your Con Edison opportunity here.” Ⅲ FROM bill? Online payment is simple AROUND THE CITY and convenient. ROOSEVELT ISLAND FDR memorial Con Edison e*bill is 40 years late A memorial at the southern tip of an easy, fast and secure Roosevelt Island,in honor of the man the island was named after in 1973, will finally open Oct. 24—some four way to pay. And for every decades after it was first proposed. Plans for the four-acre park ded- customer who enrolls, icated to Franklin Roosevelt were revived in 2004. It will boast a half- Con Edison donates a dollar ton bronze bust of FDR, a granite- clad plaza, and a forest of five copper beaches and 120 little-leaf lindens. to plant trees in New York. Officials of Cornell University, which will open its tech campus just to the north in 2017,give the memo- Go to conEd.com/ebill rial the thumbs-up.“It uses the site in the way we’re trying to,”said Andrew Winter, director of capital projects and planning at Cornell NYC Tech, “to connect Roosevelt Island [visual- ly] to the rest of the city.” —cara eisenpress BROOKLYN Cutting the cord Finishing touches are being made in Brooklyn’s Carroll Gardens on what is being billed as the city’s first fully self-powered building. The five- story,residential building,called the Delta, will generate its energy from an exoskeleton chockablock with sun receptors,as well as a rooftop so- lar panel that doubles as an awning. Meanwhile, a wind turbine is expected to generate 5% of the building’s 11,700 kilowatt hours of energy each year. To save as much of that energy as possible, the six LEARN MORE small units will boast super-insulated windows ©2012 Consolidated Edison Company of New York, Inc. Ad: Arnell Group Ad: Inc. York, ©2012 Consolidated Edison Company of New facebook.com/powerofgreen and energy-efficient appliances. —ken m. christensen

12 | Crain’s New York Business | August 20, 2012 20120820-NEWS--0013-NAT-CCI-CN_-- 8/17/2012 12:40 PM Page 1

REAL ESTATE INSIDE SECOND CHANCE for Second City firm at Essex House PAGE 14 ‘Rooftop farms are good for creating jobs ... and they’re good publicity’ REPORT —Brian Coleman, CEO, Greenpoint Manufacturing Design Center

DONALD CAPOCCIA and his Farmville partners hit the Williamsburg market at the right on the time with the two- tower Schaefer Landing. Hudson Landlords seek bumper crops of gains from rooftop farms

BY TINA TRASTER

Salmar Properties is taking a uniquely top-down approach with the 1.2 million-square-foot warehouse in Sunset Park, Brooklyn,that it bought from the city last year for $10 million and is now renovating at a cost of $35 million. Keen to earn LEED cer- tification—gold, if possible—the owner plans to add a bright green feature to the top of the eight-story property: a sprawling rooftop farm. “We wanted to plan the roof for the 21st century,” said Ian Siegel, project manager on the property for the landlord. “We want to be those people BIG who are breaking the mold.” 200K He did just SQUARE FOOTAGE of that in April, proposed rooftop when he farm in Hunts signed Point food rooftop grow- distribution center er Bright- in the Bronx Farms to a

buck ennis minimum 10-year lease to operate a 100,000-square-foot hydroponic greenhouse atop what will be called Liberty View Industrial Plaza after the building opens next summer. The farm, in turn, has landed a contract to supply 500 The miracle makers tons of organic produce annually for supermarket giant A&P. These pioneers helped transform Williamsburg from an industrial wasteland to a Salmar may be one of the city’s largest agricultural land- residential oasis. Some have since moved on to more promising pastures lords, but the list of others is growing almost daily. Acumen year did his luck,as well as his 13-year PRICEY years ago, when the city rezoned 200 Capital Partners leases an acre of BY AMANDA FUNG lease, run out. With average rents in blocks of north Williamsburg and its office building’s roof in Long the area around $55 per square foot, Average monthly residential Greenpoint along the waterfront to Island City,Queens—the former In 1998,Chaskiel Strulovitch leased a he lost his lease. rents per square foot in residential from manufacturing.That Standard Motor Products facto- three-story former loudspeaker facto- Mr. Strulovitch is one of a handful Williamsburg threw open the door to deeper- ry—to Brooklyn Grange for cul- ry on the Williamsburg waterfront of people who laid the groundwork pocketed players like Toll Brothers tivation. Nearby, in Greenpoint, and then spent $3 million converting for the transformation of a gritty, and Douglaston Development. Brooklyn, Broadway Stages, a it into 46 loft apartments, betting postindustrial wasteland in the city $55 One of the pioneers who has film and TV production-facility people might pay as much as $16 per into a thriving residential oasis chock- picked profits is Louis Silverman, company,leases 6,000 square feet square foot to live there. ablock with towers and hipster hang- who began buying up cheap land in of its roof to Eagle Street “I live in the neighborhood, and I outs. But while he still owns a dozen Williamsburg so he’d have someplace Rooftop Farm, and a few blocks had a vision,” he said. “People like to rental properties in Williamsburg, to park and service vehicles for his away, the Greenpoint Manufac- live in loft space,close to Manhattan.” like most of the other pioneers, he has family’s truck-leasing company. In turing Design Center has A swarm of eager renters soon balked at expanding there in recent $16 2005, with the winds of development Gotham Greens farming a proved Mr. Strulovitch right, snap- years as prices skyrocketed. clearly gathering, he sold the 15,000-square-foot hydroponic ping up all his apartments. Only this The turning point came seven 1998 2012 See BROOKLYN’S MIRACLE on Page 14 See FARMVILLE on Page 15

August 20, 2012 | Crain’s New York Business | 13 20120820-NEWS--0014-NAT-CCI-CN_-- 8/16/2012 1:52 PM Page 1

REPORT REAL ESTATE DEALS

of the year. The Madison outpost, BARE BONES owned by landlord Fernbach LLC, Chicago firm buys includes a 100-square-foot mezza- nine. Its asking rent was $450 a square foot. The asking rent at West Broad- Essex House again way was $600 a square foot. “These were two very attractive neighbor- trategic Hotels & Resorts likes the Jumeirah Essex House so much that hoods for us for two very different it has purchased the Central Park South hostelry for the second reasons,” said Giovanni Lepori, time, sources familiar with the deal said. general manager for the Americas at The Chicago-based company paid between $350 million and Aesop. $400 million to buy the 509-room establishment from Dubai In- Christopher Owles, a Sinvin Real Svestment Group. Even the top end of that spectrum would still put the price Estate broker, along with colleague below what Dubai paid Strategic for the place in 2005—about $440 mil- Sarah Shannon, represented Aesop 399 PARK AVE. 1001 SIXTH AVE. 535 FIFTH AVE. lion. What’s more, Dubai reportedly spent about $90 million renovating it. and its respective landlords in both ASKING RENT; TERM: ASKING RENT; TERM: ASKING RENT; TERM: However, some of the best rooms in the hotel have been converted to con- leases. Undisclosed; 15 years $44; 10 years $56; undisclosed dominiums, which drove down the price. —adrianne pasquarelli The sale price is also below initial expectations cited in published reports SQUARE FEET: 25,000 SQUARE FEET: 8,715 on SQUARE FEET: 7,300 21st floor earlier this year, when it was disclosed that the hotel was on the market. At TENANT; REP: The Jordan TENANT; REPS: Sandeep the time, experts predicted the Essex House could fetch between $375 mil- Film firm inks Co.; David Hoffman Jr. of TENANT; REPS: R.G. Diamond Corp.; Michael lion and $500 million. Cassidy Turley Vanderweil Engineers; Heller and Michael Starrett-Lehigh deal Bret Varricchio and Garett Rudder of Rudder Dubai handed control of its real estate portfolio to Silverpeak Real Es- LANDLORD; REPS: Varricchio of Murray Hill Property Group tate Partners, a firm that includes Mark Walsh, the former head of Lehman A24 Films,a fledgling film-distribu- Boston Properties; Adam Properties Frazier of Boston LANDLORD; REPS: The Brothers Holdings Inc.’s real estate group, published reports said. Real es- tion firm, has inked a five-year deal Properties and Peter LANDLORD; REP: Moinian Group; Andrew tate executives are closely watching Mr.Walsh’s moves at Silverpeak because for 3,100 square feet at the vast Star- Turchin of CBRE Undisclosed; Douglas Sachs and Ben Shapiro bad real estate deals played a major role in Lehman’s bankruptcy. rett-Lehigh Building, sources familiar Regal of ABS Partners of Cushman & Wakefield BACK STORY: The Real Estate A Silverpeak spokeswoman didn’t return a call for comment. A Strategic with the deal said.The company is at private-equity firm is one BACK STORY: Cushman spokeswoman declined to comment. —theresa agovino least partially funded by Guggen- of the three recent leases BACK STORY: The & Wakefield is also heim Partners,a private global finan- signed at the 1.75 Boston-based marketing two blocks of cial-services firm, the sources said. million-square-foot tower engineering consulting 13,000 square feet and for space that opened up firm will double its space one of 19,000 square Aussie brand adds Street, recently signed deals for two A24 is currently housed in tem- when law firm in its move from 499 feet in the building, additional shops. It has porary space in the building, which WilmerHale moved to Seventh Ave. according to The two locales agreed to 10-year leases of takes up an entire block in Chelsea 7 World Trade Center. Commercial Observer. Australian skin-care brand 250 square feet at 1070 between 11th and 12th avenues and Aesop is soaking up two Madison Ave. and 400 square West 26th and West 27th streets. more locations in Manhat- feet at 438 W. Broadway The asking rent for the deal in by the end of the year. lor Scheinman negotiated for A24. tan. The company, which (left), between Prince and couldn’t be determined, but sources RXR Realty, the building’s own- Representatives from RXR, New- already boasts two stores Spring streets. said the price for other transactions er, represented itself in the transac- mark and A24 either didn’t return here and has another one Both new spots are ex- there have been about $50 a square tion, while Newmark Grubb Knight calls or declined to comment. on the way on Bleecker pected to open by the end foot.The company is slated to move Frank brokers E.N. Cutler and Tay- —theresa agovino Brooklyn’s miracle makers A BROKER RIDES W’BURG WAVE LANDLORDS AND DEVELOPERS may be among the biggest beneficiaries of the Continued from Page 13 Manhattan to Williamsburg for a burg’s biggest, longest-running suc- Williamsburg boom, but they are far from the only ones. Just ask David majority of his interest in a two- few years. cesses, Louis Kestenbaum. Nearly Maundrell, who started out as a broker for a small Queens real estate firm a block stretch of land along the East “The water taxi contributed to 30 years ago, he paid $4 million for dozen years ago. In those days, he was renting out basement apartments for River to Douglaston Development, sales in a major way,”he said,adding a long-vacant 500,000-square-foot $600 a month. which built the Edge, a 565-unit that condos there sold for an average industrial property on the water- “It all started with me cold-calling landlords from Village Voice ads,” said luxury condo development there. of $600 per square foot in 2003. “It front at 184 Kent Ave. He installed Mr. Maundrell. The second phase of the Edge is still ended up being a profitable project. his sportswear company in part of it Encouraged by what he clearly in the works. We hit the market at the right time.” and rented out the remainder to a sensed was a fast-rising market, Since Schaefer Landing, howev- mix of garment-makers, houseware two years later the St. John’s Good timing er, Mr. Capoccia has moved on to outfits and metalworking shops for University graduate started his “You had to believe at some point other emerging parts of the city. In up to $4 a square foot. own brokerage, Aptsandlofts.com, the waterfront would have a higher downtown Brooklyn, he recently “It was a bargain [to buy] at the close to home. Its first office was a and better use than as industrial,” completed the Toren, a 38-story, time,” said Mr. Kestenbaum. “We 650-square-foot storefront on said Mr. Silverman, now a principal 240-unit luxury condominium, were able to fill it up and make Wythe Avenue, a 15-minute walk BRANCHING OUT: The future Cobble Hill office at G4 Capital Partners, a real estate where sales are still going on. He is money off of it.” away from his grandparents’ bridge-financing firm he formed af- currently eyeing development on three-family house on Conselyea Street, where he grew up. Tripled income ter selling the truck company.“I was Staten Island. “It made sense for me to do business in the neighborhood I have fortunate that the city shared my vi- Meanwhile, back in Williams- In 1999, he realized that his connections in,” said Mr. Maundrell, who moved out of Williamsburg himself sion. The rezoning was where the property’s proximity to the L train 10 years ago. These days, he and his wife and their 5-year-old daughter live in luck came in.” ‘I live in the and Manhattan would make it an another hot Brooklyn area, Dumbo. Donald Capoccia, principal of attractive place to live. So he emp- Today, Aptsandlofts boasts 45 agents in space at 482 Driggs Ave. that is BFC Partners, has a similar story. tied the building and converted it to 10 times the size of its first office, and is selling homes in other parts of He and his partners made their wa- neighborhood, apartments—a step that quickly gers farther inland,assembling a site tripled his rental income. Brooklyn and even Manhattan. Most recently, Mr. Maundrell has branched on the south side of Williamsburg and I had a From there, things only got bet- out into brokering commercial real estate. He will also open a new office in beginning in the late 1990s.In 2001, ter for the neighborhood and for his Brooklyn’s Cobble Hill. —AMANDA FUNG they started work on Schaefer vision’ pockets. In 2007, after the rezoning Landing, a two-tower project made and close to the peak of the market, up of 210 condo units and 140 af- he was approached by several com- builder constructed One North- bought in at the top of the market five fordable rentals on Kent Avenue. panies and funds. In the end, he side Piers,a 29-story,180-unit lux- years ago, has a different perspective, Mr. Capoccia still recalls how agreed to sell. ury condo. one that many of Williamsburg’s old- difficult it was to persuade banks to “I would have kept it if I was not Mr. Kestenbaum, now chairman timers can well appreciate. finance the project. Not only was burg, people pay $550,000 to approached,” said Mr. Kesten- of Fortis Property Group, a real es- “We have given up on the mar- the area untested for residential de- $575,000 for a one-bedroom condo. baum, who two years earlier had tate developer in Dumbo,Brooklyn, ket,” said Jason Halpern, managing velopment, but it was dangerous. As a result,the price of development done well just down the street at 2 is busy developing half a dozen con- partner at JMH Development, The closest subway was a 10- sites has soared well beyond the N. Fifth St., rezoning and then do and rental projects in the area. which along with co-investors minute walk away. To help tip the comfort level of most of the pio- selling land that he had purchased “We were there in the beginning bought 184 Kent and then upgrad- odds in his favor,he and his partners neers. only five years earlier for a report- and we want to continue to be ed it further into 340 luxury rentals. spent $1 million to create, operate The clearest exception is the de- ed $23 million to Toll Brothers. there,” he said. “It is overheated and too expen- and subsidize a water taxi from veloper behind one of Williams- There, the big Pennsylvania-based His successor at 184 Kent,having sive.” Ⅲ

14 | Crain’s New York Business | August 20, 2012 20120820-NEWS--0015-NAT-CCI-CN_-- 8/17/2012 12:37 PM Page 1

REPORT REAL ESTATE

MATERIAL REWARDS THE GOOD NEWS is that investments in rooftop farming yield some important gains. A green roof membrane protects the roof from weather, temperature fluctuations and UV damage. As a result, such plantings can double or even triple a roof’s lifespan, resulting in major savings for landlords. In addition, a study conducted by Columbia University and City University of New York found green roofs cut the rate of heat gained through the roof in summer by 84% and the rate of heat lost through the roof in winter by 34%. “Having a green roof has lowered our tenant’s electricity bills,” said Brian Coleman, CEO of Greenpoint Manufacturing Design, Gotham Greens’ landlord. “That adds value to our building.” By capturing excess water during heavy storms, green roofs also reduce the amount of water flushing into the city’s sewer system, which is one reason why the city offers landlords who lease to farmers a one-year tax abatement, or tax relief of $4.50 per square foot (up to $100,000 or the building’s tax liability, whichever is less). Finally, a rooftop farm typically yields a rich harvest of PR. Despite all RAISING THE ROOF: the red tape involved in starting a farm on a roof, landlords agree it’s time Acumen’s Jeff and energy well spent. Jeff Rosenblum, Acumen Capital Partners’ Rosenblum finds managing member, said his building’s search for hip, progressive tenants farming yields a bumper crop of benefits. was made easier because of the farm on its roof and the farmers’ market in the lobby. Such an asset allows a landlord to charge higher rents. “Tenants would rather be here than in the building across the street,” he said. istockphoto buck ennis Farmville, NY Continued from Page 13 simply too modest to make the ef- greenhouse up on the roof. fort worthwhile. In the absence of The city’s Economic Develop- those middlemen, landlords and ment Corp. may yet steal the agri- tenants typically meet via network- cultural show. It is sifting proposals ing, and the deals are getting done for a 200,000-square-foot rooftop directly. farm at 600 Food Center Drive at Make no mistake, however: Hunts Point in the Bronx. Landlords can reap sizable gains by farming out their rooftops. What’s Uncharted territory more, those gains are derived from All appearances to the contrary, collecting rents on square footage however, leasing out a roof is a that never delivered any income, as tricky walk into uncharted legal well as from energy savings gained territory. For openers, with few if by the insulation such mini-farms any comparable deals to judge by, provide—not to mention the figuring out a fair rent can require bushels of good green PR they quite a bit of guesswork. The city’s attract. RFP for the Hunts Point farm, for “We look at the farm as an example, calls for prospective ten- experiment—a successful experi- ants to propose both a lease rate as ment,” said Brian Coleman, CEO well as a duration. of Greenpoint Manufacturing What’s more,with rents running Design Center. “Apart from found from $1 to $4 per square foot for the rent, though not very much, it’s few deals that have been inked, bro- good for creating jobs, it’s good kers have been slow to study up on for the environment, and it’s good the market, as the commissions are publicity.” Ⅲ SOLVING STRUCTURAL HURDLES ADDING TONS OF PLANTINGS to the roof is not to be done lightly. An engineer or an architect must do a structural analysis to determine if the roof can bear the added load—something various city agencies want to be confident about. Prewar industrial behemoths built of masonry brick with heavy timber framing or concrete frame structures work best. Both are in plentiful supply in the city. Acumen Capital Partners found all that out when it signed with Brooklyn Grange to farm its roof in Long Island City, Queens. “We had to deal with the Building Department, the Fire Department and several agencies,” said Jeff Rosenblum, Acumen’s managing member. “They’d look at our permits three or four times, and we had several stop-work orders. We had to make the case that everything was in order.” While the city’s permitting process is labyrinthine, a recently passed zoning amendment designed to make the city greener will make it easier to add rooftop greenhouses by excluding them from certain height and floor-area restrictions. Price can also be a hurdle. It costs $2 million to $2.5 million to install a 43,000- square-foot hydroponic rooftop, for example. istockphoto

August 20, 2012 | Crain’s New York Business | 15 20120820-NEWS--0016-NAT-CCI-CN_-- 8/16/2012 1:53 PM Page 1

THE New York Area’s Top Airlines LIST Ranked by total passengers at major local airports SPOTLIGHT Hire ground 2011 employment at NY area’s airports TURKISH AIRLINES DELIGHTS IN STRONG MARKET GROWTH Total employees John F. Kennedy International (JFK) hances are the next time a New Yorker books a flight ternational Airport. 36,352 abroad, it could well be with Turkish Airlines. “Until 2003, we were a relatively small regional airline, about one- The Istanbul-based company is the fastest-growing third the size of what we are now,” Mr. Baytan said. Newark Liberty International (EWR) carrier in the New York area that has not been acquired or In 2007, the Turkish government relinquished majority ownership 20,716 merged with another airline. The number of passengers of the carrier, which is now a publicly held company.The government CTurkish Airlines transported into and out of New York-area airports still owns 49.4% of the airline, Mr. Baytan said. La Guardia (LGA) grew 45% in the 12-month period ended in May, compared with the Turkish Airlines’ competitors are surely noticing its rapid rise. In 10,284 same time a year ago. July, United introduced nonstop flights from Newark Liberty Interna- Although tourism to Turkey has increased steadily over the past few tional Airport to Istanbul.Delta is the only other U.S.carrier with non- Source: Port Authority of New York and New Jersey years, it is not driving the carrier’s dramatic growth, said Ihsan Baytan, stops to the ancient city. general manager of Turkish Airlines in New York. According to a Bloomberg TV interview in June with the compa- Top domestic destinations The company is adding flights and new destinations at a dizzying ny’s chief executive,Temel Kotil,Turkish Airlines has an “urgent” need clip—six in just the month of July,including Edinburgh, Scotland, and for larger aircraft to keep up with the surging traffic through its Istan- Total domestic origin and destination Ulan Bator, Mongolia. It flies to more than 200 destinations globally. bul hub. The carrier may get more planes—a lot more—if its negotia- (in thousands) In the U.S.,Turkish Airlines flies directly to New York,Chicago,Los tions with an unnamed airline progress. EWR JFK LGA Total Angeles and Washington, D.C., and is adding Houston next year. In “We have some plans that are not officially announced yet regard- 838 2,846 218 3,902 May, it inked a deal with JetBlue to connect the carriers’ networks at ing negotiations for an acquisition,” Mr. Baytan said. John F. Kennedy International Airport and at Washington Dulles In- —lisa fickenscher Los Angeles 1,030 352 2,187 3,569 Chicago 2012 2012 2012 2012 2012 2012 2012 total % change domestic international 2012 % change domestic international 938 1,042 1,464 3,444 Rank Airline passengers from 2011 passengers passengers total flights from 2011 flights flights Fort Lauderdale, Fla. 1 United Airlines1 27,701,850 -0.3% 19,914,152 7,787,698 322,626 -0.9% 258,832 63,794 1,324 1,304 760 3,388 2 Delta Air Lines 20,745,781 -0.6% 16,546,985 4,198,796 242,601 +0.7% 214,873 27,728 Orlando, Fla. 3 American Airlines 14,348,790 +1.5% 10,593,072 3,755,718 153,243 +1.1% 118,884 34,359 714 1,199 1,074 2,987 4 JetBlue Airways 14,099,934 +3.9% 11,815,411 2,284,523 125,537 +5.5% 105,932 19,605 Miami 5 US Airways 6,023,780 +0.3% 6,023,780 0 122,005 -1.8% 122,005 0 Includes flights that originated from or landed at John F. Kennedy 6 Southwest Airlines2 2,967,712 +47.9% 2,967,712 0 31,418 +59.8% 31,418 0 International, La Guardia and Newark Liberty International airports in 2011. Source: U.S. Dept. of Transportation T-100 7 British Airways 1,537,530 +11.2% 0 1,537,530 8,130 +6.4% 0 8,130 8 Air Canada 1,215,622 +6.0% 0 1,215,622 21,999 +3.9% 0 21,999 Economic impact of the 9 Spirit Airlines 1,199,736 +10.5% 1,199,736 0 7,860 +0.3% 7,860 0 aviation industry 10 Lufthansa 1,152,113 +2.8% 0 1,152,113 4,736 +1.1% 0 4,736 Wages (in millions) 11 Virgin America 1,029,397 +10.2% 1,029,397 0 8,364 +11.9% 8,364 0 EWR JFK LGA TOTAL 12 Air France 969,923 -8.9% 0 969,923 3,679 -12.2% 0 3,679 Passenger operating impact 13 Virgin Atlantic Airways 902,334 +1.4% 0 902,334 3,513 +0.6% 0 3,513 $3,472 $4,978 $2,406 $10,856 14 Cathay Pacific Airways 717,446 +23.0% 0 717,446 2,925 +35.9% 0 2,925 Visitor economic impact 3 15 Caribbean Airlines 682,489 +2.0% 0 682,489 5,026 -4.0% 0 5,026 $2,442 $4,121 $2,511 $9,074 16 Frontier Airlines 610,621 +23.7% 610,621 0 6,595 +15.9% 6,595 0 Cargo impact 17 El Al Israel Airlines 557,613 -2.4% 0 557,613 1,831 0.0% 0 1,831 $1,370 $2,224 $18 $3,612 18 Emirates Airlines & Sky Cargo 514,728 +10.3% 0 514,728 1,456 -0.2% 0 1,456 Capital spending impact 19 Alitalia Airlines 491,187 +1.4% 0 491,187 2,326 +1.4% 0 2,326 $33 $16 $14 $63 20 Swiss International Air Lines 454,776 +1.6% 0 454,776 2,796 +1.4% 0 2,796 Total economic impact 21 SAS 424,856 +31.9% 0 424,856 1,934 +27.8% 0 1,934 $7,317 $11,339 $4,949 $23,605 Source: 2011 Airport Traffic Report, Port Authority of New York 22 KLM Royal Dutch Airlines 416,813 +5.7% 0 416,813 1,450 +1.1% 0 1,450 and New Jersey 23 Korean Air Lines 411,140 +6.2% 0 411,140 1,462 -0.1% 0 1,462 24 Aer Lingus 406,448 +1.8% 0 406,448 1,677 -3.1% 0 1,677 By the numbers 25 Tam Brazilian Airlines 393,565 +10.6% 0 393,565 2,058 +9.4% 0 2,058 26 Iberia Airlines of Spain 343,995 -3.1% 0 343,995 1,310 -1.5% 0 1,310 27 Turkish Airlines 333,778 +45.4% 0 333,778 1,336 +46.2% 0 1,336 28 Porter Airlines 326,453 +33.8% 0 326,453 7,245 +14.1% 0 7,245 INTERNATIONAL23.9M PASSENGERS at JFK in 2011, 29 Air India 305,991 -14.8% 0 305,991 1,408 -24.9% 0 1,408 a record 30 Aeromexico 295,288 +16.7% 0 295,288 2,390 +7.1% 0 2,390 31 Jet Airways 280,745 +3.2% 0 280,745 1,425 -2.0% 0 1,425 32 Singapore Airlines 276,722 +3.0% 0 276,722 1,446 -0.3% 0 1,446 33 LAN Airlines 270,231 -13.6% 0 270,231 1,456 -15.9% 0 1,456 NO. OF TIMES THE22 INDUSTRY tried to raise ticket prices in 2011, a record. It succeeded nine times. 34 Avianca 249,817 -8.2% 0 249,817 1,598 -17.7% 0 1,598 35 Air Berlin4 229,444 +100.8% 0 229,444 870 +102.3% 0 870 Combined data on arrivals and departures for airlines flying into and out of John F. Kennedy International, La Guardia, Newark Liberty International and Stewart International airports for the 12 months ended May 30. For this year’s list, regional affiliates are included with their parent airlines. 1-In October 2010, United Airlines and Continental Airlines completed a merger. 2-In May 2011, Southwest Airlines acquired AirTran Holding Inc. AirTran Airways ranked 12th on last year’s list. 3-In May 2011, Caribbean Airlines acquired Air Jamaica, which ranked 44th on last year’s list. 4-Air Berlin expanded its seasonal operations in Source: 2012. Port Authority of New York and New Jersey, www.panynj.gov/airports, with additional research by Suzanne Panara and Emily Laermer AIRLINE8.8M PASSENGERS accessing airports via bus and rail in the New York area in 2011 PURCHASE THE FULL LIST OF THE NY AREA’S TOP AIRLINES @ WWW.CRAINSNEWYORK.COM/LISTS Source: Port Authority of New York and New Jersey

16 | Crain’s New York Business | August 20, 2012 nb34p17-19cl.qxp 8/17/2012 2:37 PM Page 17

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Articles of Organization Services.NET, Infragistics, Windows Services & historical & current quant analysis County. SSNY designated as agent filed with NY Dept. of State on filed with the Secretary of State of Web Services; util of dsgn patterns, object- techniques & trends; derivatives trading; upon whom process may be served. 6/4/12. Office location: NY County. NY (SSNY) on 6/26/2012. Office oriented progrm’g (OOP), Service Oriented util SAS, SQL, MatLab, Excel, PO address to which SSNY shall Princ. bus. addr.: 340 Pemberwick location: NY County. SSNY has been Architecture & Object Relational Mapping Bloomberg & other data mgmt & mail copy of process against LLC: Rd., Greenwich, CT 06831. Sec. of designated as agent upon whom using NHibernate; & project mgmt, web/UI progrm’g languages in support of C/O US CORP AGENTS, INC. 7014 State designated agent of LLC upon process against it may be served. The dsgn, & database architecture util standard invstmnt mgmt objectives; & working 13TH AVE, STE 202. BKLYN, NY whom process against it may be Post Office address to which the 11228. Principal business address: dsgn notations incl UML & ER mdling. Must w/ lrg scale datasets such as CRSP or served and shall mail process to: c/o SSNY shall mail a copy of any 105 DUANE ST., APT 51E. NY, NY also have exp w/ asset mgmt invstmnts & ops, COMPUSTAT. F/T/. CT Corporation System, 111 8th process against the LLC served upon 10007. Purpose: any lawful act. incl mutual funds invstmnts. F/T. Resumes: T. Correa, AllianceBernstein Ave., NY, NY 10011, regd. agent him/her is: 425 West 23rd Street Resumes: T. Correa, AllianceBernstein L.P., L.P., 1345 Avenue of the Americas, Notice of Qual. of SM SoHo Promote upon whom process may be served. Suite 1EE New York, NY 10011. The 1345 Avenue of the Americas, New York, NY New York, NY 10105. LLC, Auth. filed Sec’y of State (SSNY) Purpose: any lawful activity. principal business address of the 10105. JobID WHISAS JobID: NEWCHU. 4/9/12. Office loc.: NY County. LLC LLC is: 425 West 23rd Street Suite org. in DE 4/5/12. SSNY desig. as NOTICE OF FORMATION OF CHZ 1EE New York, NY 10011. Purpose: agent of LLC upon whom process Partners, LLC. Arts of Org filed with any lawful act or activity. TELECOMMUNICATIONS against it may be served. SSNY shall Secy of State of NY (SSNY) on 4/4/12. PUBLIC & LEGAL Office location: NY County. SSNY Notice of Formation of JENED mail copy of proc. to NRAI, 875 Ave of NOTICES NYC'S MOTOROLA the Americas, NY, NY 10001, the Reg. designated as agent upon whom PRODUCTIONS LLC. Arts. of Org. Agt. upon whom proc. may be served. process may be served. PO address filed with Secy. of State of NY MOTOTRBO SPECIALISTS NOTICE OF FORMATION OF DE off. addr.: 160 Greentree Dr., Ste. to which SSNY shall mail copy of (SSNY) on 5/10/12. Office location: INCLUED LLC. Arts of Org filed with 101, Dover, DE 19904. Cert. of Form. process against LLC: c/o US Corp NY County. SSNY designated as Secy of State of NY (SSNY) on on file: SSDE, Townsend Bldg., Dover, Agents, Inc., 7014 13th Ave, Ste 202, agent of LLC upon whom process 9/27/10. Office location: NY County. DE 19901. Purp.: any lawful activities. Bklyn, NY 11228. Principal business against it may be served. SSNY address: 792 Columbus Ave, Apt 17-O, shall mail process to: The LLC, 312 SSNY designated as agent upon Notice of Qual. of International NY, NY 10025. Purpose: any lawful act. W. 23rd St., #4U, NY, NY 10011. whom process may be served and Sources LLC, Auth. filed Sec’y of Purpose: any lawful activity. shall mail copy of process against State (SSNY) 2/12/09. Office loc.: NY MERCHANT HOUSE HOSPITALITY LLC to principal business address: County. LLC org. in DE 10/3/08. SSNY LLC, a domestic LLC currently known Notice of Formation of WHITE OAK 35 E 35th St., NY NY 10016. desig. as agent of LLC upon whom as Merchant Hospitality Group LLC, SECURITIES LLC. Arts. of Org. filed Purpose: any lawful act. process against it may be served. Arts. of Org. filed with the SSNY on with Secy. of State of NY (SSNY) on SSNY shall mail copy of proc. to 6/13/12. Office location: New York 07/17/12. Office location: NY County. Notice of Qual. of SM SoHo LLC, Auth. CTC, 111 Eighth Ave., NY, NY 10011, County. SSNY is designated as SSNY designated as agent of LLC filed Sec’y of State (SSNY) 4/9/12. the Reg. Agt. upon whom proc. may agent upon whom process against upon whom process against it may Office loc.: NY County. LLC org. in DE be served. DE off. addr.: CSC, 2711 the LLC may be served. SSNY shall be served. SSNY shall mail process 4/5/12. SSNY desig. as agent of LLC Centerville Rd., Wilmington, DE mail process to: Mark Zeff, 515 West to c/o Robert P. Wessely, Esq., upon whom process against it may be 19808. Cert. of Form. on file: SSDE, 20th St., Ste. 4W, New York, NY Withers Bergman LLP, 430 Park Ave., served. SSNY shall mail copy of proc. Townsend Bldg., Dover, DE 19901. 10011. General Purposes. 10th Fl., NY, NY 10022. Purpose: Any to NRAI, 875 Ave of the Americas, NY, Purp.: any lawful activities. lawful activity. NY 10001, the Reg. Agt. upon whom Notice of Qualification of iVillage proc. may be served. DE off. addr.: 33 East 33rd Street Notice of Formation of SinglePoint Parenting Network LLC. Authority Notice of Qualification of SP FULL 160 Greentree Dr., Ste. 101, Dover, DE New York, NY 10016 IPA LLC. Arts. of Org. filed with Secy. filed with NY Dept. of State on STACK COMMERCIAL CAPITAL LLC. 19904. Cert. of Form. on file: SSDE, 212-532-7400 of State of NY (SSNY) on 06/11/12. 6/11/12. Office location: NY County. Authority filed with Secy. of State of Townsend Bldg., Dover, DE 19901. www.metrocomradio.com Office location: NY County. Princ. Princ. bus. addr.: 30 Rockefeller NY (SSNY) on 08/01/12. Office Purp.: any lawful activities. office of LLC: 315 Hudson St., NY, NY Plaza, NY, NY 10112. LLC formed in location: NY County. LLC formed in 10013. SSNY designated as agent DE on 5/15/00. NY Sec. of State Delaware (DE) on 06/27/12. Princ. Notice of Qual. of SDR Partners, LLC, PUBLIC & LEGAL of LLC upon whom process against designated agent of LLC upon whom office of LLC: 1330 Ave. of the Auth. filed Sec’y of State (SSNY) it may be served. SSNY shall mail process against it may be served Americas, Ste. 1200, NY, NY 10019. 12/23/11. Office loc.: NY County. LLC NOTICES process to the LLC at the addr. of its and shall mail process to: c/o CT SSNY designated as agent of LLC org. in DE 12/22/11. SSNY desig. as Notice of Formation of 750 Jalanbo princ. office. Purpose: To arrange for Corporation System, 111 8th Ave., upon whom process against it may be agent of LLC upon whom process Holdings LLC, Art. of Org. filed Sec’y the provision of health care services NY, NY 10011, regd. agent upon served. SSNY shall mail process to against it may be served. SSNY shall of State (SSNY) 5/16/12. Office by licensed health care professionals whom process may be served. DE c/o Corporation Service Co., 80 mail copy of proc. to Att: Jeffrey location: NY County. SSNY designated and entities under contracts with addr. of LLC: c/o The Corporation State St., Albany, NY 12207-2543. DE Jacobowitz, 6 E. 43rd St., 23rd Fl., as agent of LLC upon whom process managed care organizations and to Trust Co., 1209 Orange St., addr. of LLC: 2711 Centerville Rd., NY, NY 10017. DE off. addr.: CSC, against it may be served. SSNY shall conduct all other acts that may be Wilmington, DE 19801. Cert. of Ste. 400, Wilmington, DE 19808. Arts. 2711 Centerville Rd., Wilmington, DE mail copy of process to c/o Greenberg done by a company under Section Form. filed with DE Sec. of State, of Org. filed with DE Secy. of State, 19808. Cert. of Form. on file: SSDE, Traurig, Att: Joshua Hager, Esq., 200 202 of the New York Limited Liability 401 Federal St., Dover, DE 19901. 401 Federal St., Ste. 4, Dover, DE Townsend Bldg., Dover, DE 19901. Park Ave., NY, NY 10166. Purpose: Company Law. Purpose: all lawful purposes. 19901. Purpose: Any lawful activity. Purp.: any lawful activities. any lawful activities.

August 20, 2012 | Crain’s New York Business | 17 nb34p17-19cl.qxp 8/17/2012 2:38 PM Page 18

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM PUBLIC & LEGAL NOTICES Notice of Qualification of 4615 East Notice of Qual. of Metropolitan Real Notice of Qualification of iVillage Notice of Qualification of GoldenTree Notice of Qual. of LF Accessories Coast Owner LLC. App. for Auth. Estate Partners International V-T, L.P., Publishing LLC. Authority filed with CLO Debt Investment Partners 2012 Group LLC, Auth. filed Sec’y of State filed with Secy. of State of NY (SSNY) Auth. filed Sec’y of State (SSNY) NY Dept. of State on 6/11/12. Office LP. Authority filed with NY Dept. of (SSNY) 7/21/10. Office loc.: NY on 7/24/12. Office location: NY 1/13/12. Office loc.: NY County. LP location: NY County. Princ. bus. State on 7/24/12. Office location: NY County. LLC org. in DE 7/16/10. County. Principal business location: org. in DE 1/11/12. SSNY desig. as addr.: 30 Rockefeller Plaza, NY, NY County. LP formed in DE on 6/11/12. SSNY desig. as agent of LLC upon 387 Park Avenue South, 7th Floor, NY, agent of LP upon whom process 10112. LLC formed in DE on NY Sec. of State designated agent of whom process against it may be NY 10016. LLC formed in Delaware against it may be served. SSNY shall 5/15/00. NY Sec. of State designated LP upon whom process against it served. SSNY shall mail copy of (DE) on 7/20/12. SSNY designated mail copy of proc. to Att: Felipe agent of LLC upon whom process may be served and shall mail process proc. to CTC, 111 Eighth Ave., NY, as agent of LLC upon whom process Dorregaray, 135 E. 57th St., 16th Fl., against it may be served and shall to the principal business addr.: 300 NY 10011, the Reg. Agt. upon whom against it may be served. SSNY shall NY, NY 10022. DE off. addr.: CSC, mail process to: c/o CT Corporation Park Ave., 20th Fl., NY, NY 10022. DE proc. may be served. DE off. addr.: mail process to: 387 Park Avenue 2711 Centerville Rd., Wilmington, DE System, 111 8th Ave., NY, NY 10011, addr. of LP: c/o National Corporate CTC, 1209 Orange St., Wilmington, South, 7th Floor, NY, NY 10016, Attn: 19808. Cert. of LP on file: SSDE, regd. agent upon whom process may Research, Ltd., 615 S. DuPont Hwy., DE 19801. Cert. of Form. on file: General Counsel. DE address of Townsend Bldg., Dover, DE 19901. be served. DE addr. of LLC: c/o The Dover, DE 19901. Name/addr. of SSDE, Townsend Bldg., Dover, DE LLC: c/o Corporation Service Name/addr. of each gen. ptr. avail. at Corporation Trust Co., 1209 Orange genl. ptr. available from NY Sec. of 19901. Purp.: any lawful activities. Company, 2711 Centerville Rd., Ste. SSNY. Purp.: any lawful activities.. St., Wilmington, DE 19801. Cert. of State. Cert. of LP filed with DE Sec. 400, Wilmington, DE 19808. Arts. of Form. filed with DE Sec. of State, of State, Townsend Bldg., Dover, DE DIGITAL MEDIA PARTNERS LLC, a Org. filed with DE Secy. of State, Notice of Qual. of TIG Arbitrage 401 Federal St., Dover, DE 19901. 19901. Purpose: all lawful purposes. domestic LLC. Arts. of Org. filed with John G. Townsend Bldg., 401 Enhanced, L.P., Auth. filed Sec’y of Purpose: all lawful purposes. the SSNY on 06/27/2012. Office Federal St., Ste. 4, Dover, DE 19901. State (SSNY) 12/8/11. Office loc.: NY SMK ADVISORS LLC, Arts. of Org. filed location: NY County. SSNY has been Purpose: any lawful activity. County. LP org. in DE 12/5/11. SSNY HD BLUE PRODUCTIONS LLC with the SSNY on 07/06/2012. Office designated as agent upon whom desig. as agent of LP upon whom Articles of Org. filed NY Sec. of State loc: NY County. SSNY has been process against the LLC may be NOTICE OF FORMATION OF FSCSR - process against it may be served. (SSNY) 6/25/2012. Office in NY Co. designated as agent upon whom served. SSNY shall mail process to: YU, LLC. Arts of Org filed with Secy SSNY shall mail copy of proc. to Att: SSNY desig. agent of LLC upon process against the LLC may be served. 708 Third Ave 14th Fl, NY, NY 10017. of State of NY (SSNY) on 3/15/12. Michael Tiedemann, 520 Madison whom process may be served. SSNY SSNY shall mail process to: Sandra Purpose: Any Lawful Purpose. Office location: NY County. SSNY Ave., 26th Fl., NY, NY 10022. DE off. shall mail copy of process to c/o Kostel, 15W 20th St., #8A, NY, NY designated as agent upon whom addr.: CSC, 2711 Centerville Rd., U.S. Corporation Agents, Inc., 7014 10011. Purpose: Any Lawful Purpose. POST STUDIO 4A, LLC, Arts. of Org. process may be served and shall Wilmington, DE 19808. Cert. of LP 13th Ave., Ste.202, Brooklyn, NY filed with the SSNY on 07/03/2012. mail copy of process against LLC to on file: SSDE, Townsend Bldg., 11228, which is also the registered TRELLIS LLC, a domestic LLC. Arts. Office loc: NY County. SSNY has been principal business address: 622 3rd Dover, DE 19901. Name/addr. of agent of the LLC upon whom of Org. filed with the SSNY on designated as agent upon whom Ave, 14th Fl; NY, NY 10017. Purpose: each gen. ptr. avail. at SSNY. Purp.: process against the LLC may be 04/30/2012. Office location: NY process against the LLC may be any lawful act. any lawful activities. served. Purpose: Any lawful purpose. County. SSNY has been designated served. SSNY shall mail process to: as agent upon whom process 508 West 26th St. #7A, NY, NY 10001. NOTICE OF FORMATION OF Notice of Formation of William E. Notice of Formation of Lin and against the LLC may be served. Reg Agent: Andrew Zuckerman, 508 BARTLETT STREET L.L.C. Arts of Bernstein LLC. Arts. of Org. filed with Rodriguez LLC. Arts. of Org. filed with SSNY shall mail process to: C/O West 26th St. #7A, NY, NY 10001. Org filed with Secy of State of NY Secy. of State of NY (SSNY) on NY Dept. of State on 2/7/12. Office Business Filings, Incorporated, 187 Purpose: Any Lawful Purpose. (SSNY) on 3/20/12. Office location: 11/29/11. Office location: NY County. location: NY County. Sec. of State Wolf Rd, Ste 101, Albany, NY 12205. NY County. SSNY designated as SSNY designated as agent of LLC designated agent of LLC upon whom Purpose: Any Lawful Purpose. NOTICE OF FORMATION OF LIMITED agent upon whom process may be upon whom process against it may process against it may be served and LIABILITY COMPANY. NAME: JUST BE served. SSNY shall mail process to: be served. SSNY shall mail process shall mail process to the principal NOTICE OF FORMATION OF Kenyon FAIR, LLC. Articles of Organization c/o US CORP AGENTS, INC., 7014 to: c/o Leonard Rosen & Co. P.C., 15 business addr.: 270 W. 17th St., Apt. Capital Investment Holdings, LLC. Arts were filed with the Secretary of State 13th Ave., Suite 202, Brooklyn, NY Maiden Lane, Rm 505, NY, NY 3C, NY, NY 10011, Attn: Felicia Lin. of Org filed with Secy of State of NY of New York (SSNY) on 07/18/12. 11228. Purpose: any lawful acts. 10038. Purpose: any lawful activity. Purpose: any lawful activity. (SSNY) on 3/26/12. Office location: NY Office location: New York County. County. SSNY designated as agent SSNY has been designated as agent Notice Of Formation Of QuietContent, CATALYST CONSULTING GROUP NOTICE OF FORMATION OF ST upon whom process may be served of the LLC upon whom process LLC. Arts of Org filed w/ the Secy LLC, a domestic LLC, Arts. of Org. Group LLC. Arts of Org filed with and shall mail copy of process against it may be served. SSNY shall of State of NY (SSNY) on 2/15/12. filed with the SSNY on 6/19/12. Secy of State of NY (SSNY) on against LLC to principal business mail a copy of process to the LLC, Office location: NY Co. SSNY Office location: New York County. 5/31/12. Office location: NY County. address: 142 Duane St; Unit 4B; NY, 152 Madison Avenue, 21st Floor, designated agent upon whom SSNY is designated as agent upon SSNY designated as agent upon NY 10013. Purpose: any lawful act. New York, New York 10016. process may be served and shall whom process against the LLC may whom process may be served and Purpose: For any lawful purpose. mail copy of process against LLC to be served. SSNY shall mail process shall mail copy of process against Notice of Formation of Wall Street principal business address: Carey to: The LLC, 1 Bond St., Ste. 6D, NY, LLC to principal business address: Mobile Development LLC. Arts. of Org. NOTICE OF FORMATION OF Yingke Gattyan, 104 W 29th St, 5th Fl, NY, NY 10012. General Purposes. 244 E 79th St (Sojourn), New York, filed with Secy. of State of NY (SSNY) Law Firm LLC. Arts of Org filed with NY 10001. Purpose: any lawful act. NY 10021. Purpose: any lawful act. on 4/23/12. Off. loc.: NY County. the Secy of State of NY (SSNY) on Notice of Qualification of Purpose SSNY designated as agent of LLC 06/28/12. Office loc: NY Cty. SSNY NOTICE OF FORMATION OF Global, LLC App. for Auth. filed Sec’y upon whom process against it may designated as agent upon whom SIANEY, LLC. Arts of Org filed with T & L MANAGEMENT, LLC, a domestic of State (SSNY) on 7/17/12. Office be served. SSNY shall mail process process may be served and shall Secy of State of NY (SSNY) on LLC. Arts. of Org. filed with the SSNY location: New York County. LLC org. to: Annaline Dinkelmann, 382 Central mail process: 630 Fifth Avenue, Suite 6/12/12. Office location: NY County. on 06/08/2012. Office location: NY in DE 9/29/11. SSNY designated as Park West, Ste. 7V, NY, NY 10025. 1912, New York, NY 10111. Principal SSNY designated as agent upon County. SSNY has been designated agent of LLC upon whom process Purpose: any lawful activity. business address: New York City. whom process may be served and as agent upon whom process against it may be served. SSNY shall Purpose: any lawful acts. shall mail copy of process against against the LLC may be served. mail copy of process to 224 Centre St, Notice of Formation of Richman Tax LLC to principal business address: SSNY shall mail process to: 55-59 6th Fl., New York, NY 10013. Office Credit Advisors LLC. Arts. of Org. CROWN GROUP HOSPITALITY, LLC 153 ESSEX ST., STE 5D, NY, NY Chrystie St. Ste 407, NY, NY 10002. address in DE – Incorporating filed with NY Dept. of State on 5/7/12. a domestic LLC, Arts. of Org. filed 10002. Purpose: any lawful act. Purpose: Any Lawful Purpose. Services, Ltd. 3500 S. Dupont Hwy, Office location: NY County. Princ. bus. with the SSNY on 1/25/11. Office addr.: 1010 Ave. of the Americas, location: New York County. SSNY is Dover, DE 19901. Cert. of Form. on NOTICE OF FORMATION OF New York MFP HOLDING LLC, a domestic LLC, file: SSDE, Div. of Corps, PO Box Arts. of Org. filed with the SSNY on Ste. 301, NY, NY 10018. Sec. of designated as agent upon whom Gallery LLC. Arts of Org filed with State designated agent of LLC upon process against the LLC may be 898, Dover, DE 19903. Purpose: any Secy of State of NY (SSNY) on 7/18/12. 4/30/12. Office location: New York lawful activities. County. SSNY is designated as whom process against it may be served. SSNY shall mail process to: Office location: NY County. SSNY served and shall mail process to: c/o Lion Restaurant Group, LLC, 54 W. designated as agent upon whom agent upon whom process against Notice of Qualification of Zoomdojo CT Corporation System, 111 8th 21st St., Ste. 904-905, NY, NY process may be served and shall the LLC may be served. SSNY shall LLC. Authority filed with Secy. of State Ave., NY, NY 10011, regd. agent 10010. General Purposes. mail copy of process against LLC to mail process to: The LLC, Edward J. of NY (SSNY) on 07/13/12. Office upon whom process may be served. principal business address: The Minskoff, 730 Park Ave., Apt. 8C, NY, location: NY County. LLC formed in Purpose: any lawful activity. SPEAK INTERNATIONAL LLC. Arts Dontzin Law Firm LLP, 6 E 81st St, NY 10021-4945. General Purposes. Delaware (DE) on 07/09/12. Princ. of Org. filed with SSNY on 6/6/12. NY, NY 10028, Attention: Matthew S. office of LLC: 40 E. 78th St., 5C, NY, Notice of Formation of Limited Liability Notice of Qualification of Jamaica Office loc.: NY County. SSNY desig- Dontzin. Purpose: any lawful act. NY 10075. SSNY designated as agent Company (LLC) Name: NISSAN 700 Asset Management LLC. Authority nated as agent upon whom process of LLC upon whom process against VIAPRE LLC, a domestic LLC, Arts. LLC. Articles of Organization filed by filed with NY Dept. of State on may be served and shall mail it may be served. SSNY shall mail of Org. filed with the SSNY on 7/11/12. the Department of State of New York 6/28/12. Office location: NY County. process to: 29 W 76th St #3, NY, NY process to the LLC at the princ. office Office location: New York County. on: 04/06/2012. Office location: County LLC formed in DE on 10/4/10. NY 10023. Purpose: Any lawful act. of the LLC. DE addr. of LLC: SSNY is designated as agent upon of New York. Purpose: any and all Sec. of State designated agent of Corporation Service Co., 2711 whom process against the LLC may lawful activities. Secretary of State of LLC upon whom process against it NOTICE OF FORMATION OF Centerville Rd., Ste. 400, Wilmington, be served. SSNY shall mail process New York (SSNY) designated as agent may be served and shall mail MISTAHLE, LLC. Arts of Org filed New Castle Cnty., DE 19808. Arts. of to: The LLC, Attn: Mr. Federico of LLC upon whom process against process to: c/o CT Corporation with Secy of State of NY (SSNY) on Org. filed with Secy. of State of DE, Manfredi, 11 Bleeker St., 4th Flr., NY, it may be served. SSNY shall mail a System, 111 8th Ave., NY, NY 10011, 6/12/12. Office location: NY County. Div. of Corps., John G. Townsend Bldg., NY 10012. General Purposes. copy of process to: 115 Broadway, regd. agent upon whom process may SSNY designated as agent upon 401 Federal St. - Ste. 4, Dover, DE Suite 302, New York, NY 10006 be served. DE addr. of LLC: 1209 whom process may be served and 19901. Purpose: Any lawful activity. Notice of Qualification of Citadel Orange St., Wilmington, DE 19801. shall mail copy of process against Securities Global Trading LLC. Notice of Qualification of VNO 340 Cert. of Form. filed with DE Sec. of LLC to principal business address: NOTICE OF QUALIFICATION of Authority filed with NY Dept. of State West LLC. Authority filed with NY State, 401 Federal St., Dover, DE 153 ESSEX ST., STE 5D, NY, NY Herakles Capital Trend Fund LLC. on 7/17/12. Office location: NY Dept. of State on 7/11/12. Office 19901. Purpose: all lawful purposes. 10002. Purpose: any lawful act. App for Authority filed with Secy of County. Princ. bus. addr.: 131 S. location: NY County. Princ. bus. State of NY (SSNY) on 5/29/12. Dearborn St., Chicago, IL 60603. LLC addr.: 210 Route 4 East, Paramus, Office location: NY County. LLC formed in DE on 6/29/12. NY Sec. of NJ 07652. LLC formed in DE on Get connected with Crain’s New York Business. formed in DE on 5/21/12. SSNY State designated agent of LLC upon 7/10/12. NY Sec. of State designated designated as an agent upon whom whom process against it may be agent of LLC upon whom process process may be served. PO address served and shall mail process to: c/o against it may be served and shall Promote your product or service to NY’s decision makers with an affordable to which SSNY shall mail copy of CT Corporation System, 111 8th Ave., mail process to: c/o CT Corporation business card size ad in our Business Connections section. process against LLC: Barton LLP, NY, NY 10011, regd. agent upon whom System, 111 8th Ave., NY, NY 10011, Issue Dates for Business Connections: 420 Lexington Ave, 18th Fl. NY, NY process may be served. DE addr. of regd. agent upon whom process may City Facts (8/27), & Book of Lists (12/24) 10170. Principal business address: LLC: The Corporation Trust Co., 1209 be served. DE addr. of LLC: 1209 277 Park Ave, 40th Fl. NY, NY 10172. Orange St., Wilmington, DE 19801. Orange St., Wilmington, DE 19801. For more information on this powerful opportunity to Cert of LLC filed with Secy of State Cert. of Form. filed with DE Sec. of Cert. of Form. filed with DE Sec. of showcase your business, call Joanne Barbieri at 212-210-0189 of DE located: PO Box 898, Dover, State, 401 Federal St., Dover, DE State, 401 Federal St., Dover, DE or email Joanne at [email protected] DE 19903. Purpose: any lawful act. 19901. Purpose: all lawful purposes. 19901. Purpose: any lawful activity. Let Crain’s New York Business help you secure new clients in 2012.

18 | Crain’s New York Business | August 20, 2012 nb34p19.qxp 8/17/2012 6:20 PM Page 1

well as specialty chain Casual Male, fashions as generic. Oversize logos, Matt Hogan,an independent brand according to Mr. Farraye, who ex- for example, have been done before consultant. Tag team to fix brand pects to expand the brand into by the likes of Ralph Lauren and La- womenswear and home goods. coste. “It’s a sprinkle of Nautica Social-media strategy needed Continued from Page 3 of what this overpreppy line does,” “The updated Argyleculture Argyleculture’s social-media and nancing from Salus Capital Part- he said. brand will be an impor- marketing strategies also may be ners. Michael Fisher, trend director of tant part of our [men’s ‘I’m sure it’s lacking. Although it’s active on “Sometimes you’re just a little bit menswear and lifestyle at Fashion offerings] at Macy’s, Twitter, it has only 31 Facebook early, and it takes a little while for Snoops, a trend-analysis firm, said appealing to active going to work fans—a far cry from Ralph Lauren’s people to comprehend and believe it that streetwear customers have be- millennial guys in 5 million.The clothes hit stores in a and understand it,” said Glen Far- come much more sophisticated— their 20s,” said Jeff now. If it few weeks, yet the brand’s website is raye, president of Simmons Design “and that’s why Argyleculture is rel- Gennette, Macy’s not going live until October.The la- Group, which owns Argyleculture. evant right now.” chief merchandising doesn’t, I’ll do bel is dedicating about 20% of sales “Now with Joseph, we have a real officer, noting that to marketing and advertising, Mr. designer.” Retailers hop on board the 800-unit de- it again’ Farraye said. With Mr. Abboud, a design vet- Some big retailers are embracing partment store Mr. Simmons remains confident eran known since the 1980s for Mr. Abboud’s additions. Argylecul- may expand in his latest venture.“I don’t quit,”he bringing classic suits and sport coats ture was in about 25 Macy’s stores the line to ad- said. “I’ve had some partners who to American men, Argyleculture last year; next month, it will re- ditional out- weren’t as good a fit as I have here. boasts more polish. Mr. Abboud launch in more than 100. Con- posts. I’m sure it’s going to work now, and noted that his latest collection, sumers also can find the label’s wares However, here, a spoonful of Ralph Lau- if it doesn’t, I’ll do it again.” Ⅲ chiefly aimed at 25- to 45-year-olds, in Charlotte, N.C.-based Belk, and some are ren there, a dash of Sean John is grittier than other menswear la- talks are underway at department deeming Ar- here—it doesn’t look dissimilar LISTEN to a discussion at bels: “We’ve really pushed the limit stores Bon-Ton and Nordstrom, as gyleculture’s from those other brands,” said CrainsNewYork.com/podcasts

family situations or country alloca- many in New York, can’t recruit the “Those who are legally here or seek- Immigrants tions, said Kathryn Wylde, presi- best people available for a job being to enter legally—there hasn’t dent of the Partnership for New cause U.S. immigration policy does been an awful lot the administration York City. not support that effort.” has been able to do about them,” he Continued from Page 6 work?’ It takes away that dead-end “[Deferred action] is an important David Grunblatt, head of law said. “They make it too much of a Coalition—three times the number feeling.” step in the right direction,” said Ms. firm Proskauer’s immigration and burden to bring people in.” who had preregistered. While business leaders cited the Wylde, whose corporate members nationality group, said the adminis- Mayor Michael Bloomberg also “People are seeing it as a power- talent pool that deferred action include such global powerhouses as tration’s move to help undocument- went on the offensive last week. He ful incentive to do a lot more with would provide, they also said that Alcoa Inc., News Corp. and Viacom ed immigrants contrasts markedly said, “The No. 1 thing everybody their lives,” said Chung-Wha much more is needed to increase Inc. “But the larger issue is that this with its lack of progress on legal im- talks about is jobs and the economy,” Hong, executive director of the their competitiveness. Many of the country is falling behind in its attrac- migration. He said his clients are and fixing the immigration system is New York Immigration Coalition. city’s largest global companies need tiveness to global talent because of hamstrung by extended processing “a relatively cost-free way to im- “A lot of people felt, ‘What’s the “across-the-board reform” based on our immigration policies. Employ- times,quotas and arbitrary interpre- prove our economy dramatically in point of getting a degree if I can’t labor-market needs and not on ers in the international economy,like tation of regulations for visas. the long term.” Ⅲ

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August 20, 2012 | Crain’s New York Business | 19 20120820-NEWS--0020-NAT-CCI-CN_-- 8/17/2012 6:15 PM Page 1

campaign. After it launched, the number of Facebook “likes” BAM! It’s a culture-biz knockout more than doubled to 37,000. Ticket sales for BAM’s main Continued from Page 1 Hopkins is the management and a crimp in some of the ambitious cul- stage increased 15% for the about winning a mid-six-figure fundraising guru behind BAM, she tural undertakings, like the Brooklyn year ended June 30, compared grant for her organization (of which isn’t the only chief behind its success. Public Library’s canceled plan to with the previous year; and she wins many), she often calls it a In an unusual setup for a perform- build a performing arts library across membership grew 20%. “miracle.” ing-arts organization, she leads the street from BAM. Perhaps that’s how the longtime BAM jointly with Joseph Melillo, Ms. Hopkins acknowledges that Excitable ploy BAM chief has turned the once the academy’s executive producer. the neighborhood is far from what it The anniversary and pro- under-the-radar performing arts Mr. Melillo, 65, who scours the could be. But some pieces are com- gramming plans also built ex- center into the reigning queen of world looking for the cutting-edge ing together. The nearby Barclays citement with major funders. Brooklyn—and one of the most suc- artists and programs that have made Center—for which BAM serves as The American Express Foun- cessful cultural institutions in the BAM famous, is the architect of the an “artistic consultant”—opens dation made an unusual three- world. “She is the ultimate pes- organization’s artistic mission, pre- Sept.28.The Theatre for a New Au- year commitment to BAM for simist,” said William Campbell, senting thought-provoking and in- dience’s new home is finally under $600,000, its biggest gift to the vice chairman of BAM and a senior novative work from the worlds of construction adjacent to BAM,and, organization ever. Tim Mc- adviser at JPMorgan Chase. “But drama, music, opera and dance. of course, the Fisher Building is Climon, president of the Karen’s dogged determination is The two executives worked as about to open. American Express Foundation, buck ennis legendary. She always protests the deputies in their respective fields The $50 million Fisher Build- JOSEPH MELILLO supplies the artistic-mission edge has known Ms. Hopkins for 33 most and then produces the most.” under the legendary Harvey Licht- ing—for which the city put in $32 in the “sister-and-brother act” running BAM. years and calls her one of the And how.During the past year— enstein, BAM’s previous leader, un- million—will allow BAM to bring top fundraisers in the business. which was the start of BAM’s 150th til he retired in 1999, and then took in emerging artists for the first time “Karen maintains relationships anniversary—the cultural center has over the reins together. and will give them the chance to the 150th anniversary celebration. whether they can be of immediate raised a record $51.6 million and at- “It’s really a sister-and-brother present their work in any format A few years back,when the planning help to her or not,” Mr. McClimon tracted its largest audi- act, very much,” Mr. they want.That is because its theater started,Ms.Hopkins saw the sesqui- said. “She is always thinking about ence ever, with 657,000 RECORD Melillo said.“We are both is small and its 250 seats can be centennial as a rare opportunity to what the possibility is down the line.” people attending its per- building an institution electronically and manually config- make major gains in fundraising and Her fundraising prowess will formances. Its operating here from our various ured in any format. marketing for BAM. come in handy because BAM’s ex- budget has jumped to $50 FANS657K ATTENDED sides of the equation with “It’s a game-changer for BAM,” Central to the effort was BAM’s pansion plans in both programming million, a 25% increase the Brooklyn a shared vision of the said Mr. Melillo, who presented the first branding campaign, and one of and real estate are far from finished. from two years ago.And it cultural org’s BAM of the 21st century.” need for a theater of this size to the the few ever created for a cultural or- The number of productions at both is getting ready for the productions Their vision is much board eight years ago. ganization. Ad agency mcgarry- BAM’s 1908 opera house and the during the past Sept. 5 opening of its year, the biggest broader than boosting The theater will be used every fall bowen developed pro bono a mas- Harvey Theater increased 48% dur- third theater, the Richard audience ever BAM’s prestige alone. For as one of the venues for BAM’s Next sive campaign with the tagline ing the last fiscal year,and that num- B. Fisher Building, fur- years, BAM has been the Wave festival, which this year starts “BAM and then it hits you,” depict- ber should jump significantly with thering a growing empire in its gen- lead organization trying to create a on Sept. 5.Tickets to festival shows ing real BAM members going about the new Fisher theater. trifying Fort Greene neighborhood. cultural district in its immediate there will be only $20, allowing their daily lives with images of BAM BAM is also looking for a site to On top of that, Ms. Hopkins neighborhood, with numerous cul- BAM to attract new audiences. performances creeping into their build more cinemas in the neigh- said, BAM is close to completing tural institutions and activities to- For the rest of the year, it will be- thoughts. JPMorgan Chase put up borhood.Its current screens bring in the $300 million fundraising cam- gether in a five-block radius. come more of a community venue. the funds to run the ads in subways more than 200,000 people a year paign it launched during the height “We see the district as the cultur- BAM is planning to double its edu- and other places around the city. and attract coveted younger audi- of the recession in 2009. al district of the 21st century,” Ms. cation programs, start hosting sum- Bill Borrelle, chief executive of ences. It needs to find a home for its “Everybody is impressed by how Hopkins said.“It has both small and mer art camps and begin presenting the New York office of mcgarry- archives, which are roughly 3,000 much is happening with BAM,”said large, black and white, visual and shows geared to families. bowen and a longtime BAM loyal- linear feet of material dating from Kristin Lemkau, head of corporate performing arts, and everything “We built this building to answer ist, said his firm jumped at the 1856 to the present. And it wants to brand at JPMorgan Chase, which looks different and individual. This the question of how can we make an chance to create the campaign. help bring in privately owned ho- recently gave the institution $1.5 is what urban 21st-century New impact on our community,” “BAM has a very powerful brand, tels, restaurants and art galleries. million and is the corporate sponsor York City looks like and what this Ms. Hopkins said. She estimates which comes from Joe Melillo’s cura- “I’m not just fundraising,” Ms. of the 150th anniversary season, as district represents.” that she will have to raise only an ad- torial approach,” Mr. Borrelle said. Hopkins said. “We are building an well as the inaugural sponsor of the ditional $3 million a year to operate “People don’t go to BAM to be enter- institution. It’s about looking at Fisher Building. “People don’t feel An area going hungry the Fisher. tained; they go to BAM to be chal- what this place can be.” Ⅲ the need to go to Manhattan any- That dream has yet to be achieved. Opening the Fisher Building this lenged. We chose to celebrate that.” more. BAM is a destination.” Restaurants haven’t flocked to the year was critical to the BAM team’s Ms. Hopkins attributes at least LISTEN to a discussion at While the 60-year-old Ms. area as expected,and the recession put plans to generate excitement during part of BAM’s success this year to the CrainsNewYork.com/podcasts

numbers of jobs. Ms. Denham and I If all the obvious possibilities are that it is flawed and that jobs are the believe commuters are actually tak- untrue, then what is happening? best measure of the city economy. Unemployment rate ing a smaller percentage than usual. It turns out the unemployment Politically liberal groups like the Fis- The other two possibilities are rate isn’t merely the local slice of the cal Policy Institute and the Commu- Continued from Page 1 working today than in September equally far-fetched.Theoretically, if national household survey, as Ms. nity Service Society mislead both the U.S. Bureau of Labor Statistics 2009. The only way these numbers 50,000 people took two part-time Denham explained in a paper pub- the politicians and the journalists. conducts two surveys.The more reli- could both be accurate is if com- jobs, the business survey would lished last week. Since the actual Last week, for example, The Wall able one contacts more than 400,000 muters were taking most of the jobs, show an increase of 100,000 jobs, number of people contacted is too Street Journal published a story about businesses nationwide to see if they that all the new positions were part- and the household survey would small, the department takes nation- the worsening unemployment rate have created or eliminated jobs. The time or that many thousands of self- show half that many employed. al and state numbers and runs them for women based on a Community second one surveys 60,000 house- employed people suddenly landed through a model to estimate the un- Service Society report, which of holds to ask if people are working or jobs with companies. No way. employment rate.The reason for the course used only the household sur- looking for work. The first produces Many mayoral huge gap between the two surveys, vey.A few months ago,another CSS the number of jobs in the country, Commuters vs. city workers Ms. Denham believes, is the house- study resulted in a prominent New and the second, the unemployment The most politically explosive candidates want hold model has been recalibrated York Times story claiming soaring rate. New York City’s numbers are idea is that commuters are taking with faulty data from the controver- unemployment for African-Ameri- derived from those surveys. jobs from city residents.A report last to paint a sial 2010 census.It no longer reflects cans. Don’t believe either. This is a The business survey shows New week from the New York Federal the changes in the city’s economy. harsh but accurate assessment of York has added more than 205,000 Reserve Bank shows employment portrait of a city both: garbage in, garbage out. jobs since the recession ended in Sep- among suburbanites hasn’t increased A factor in mayor’s race So if anyone points to the city’s tember 2009. That is an exceptional much.Eastern Consolidated econo- in trouble So take your choice: The unem- unemployment rate without also number. It means the city has re- mist Barbara Denham has compared ployment rate is a lie, a damned lie discussing the number of jobs, ig- placed all the jobs lost in the down- both surveys’ results from the sub- or a completely unreliable statistic. nore them. They don’t know what turn,while the country is barely more urbs and believes the number of I think it’s a damned lie, because they are talking about. New York than halfway to that goal. At more commuters has actually declined. I the state of the city economy is an City’s economy is expanding, with than 3.8 million, jobs in the city have tore into ridership statistics for the There is no city breakdown, but the important issue for the 2013 mayoral very strong gains in business servic- reached an all-time high, surpassing three commuter railroads, and at Fed report sees no sign of any such race. Many of the Democratic can- es and technology for the skilled, the previous record, set in 1969. best the number of weekday com- trend nationally. Something similar didates want to paint a picture of a and tourism and retail for the un- The household survey claims not muters into the city has increased by could be taking place if self-em- city in trouble.Making it possible for skilled. Take heart. Ⅲ only that one-tenth of those in the 10,000 in the past three years. The ployed people were landing corpo- them to do that are the many jour- city who want to work can’t find jobs, Fed, Ms. Denham and I agree that rate jobs,but there isn’t a shred of ev- nalists who report the unemploy- LISTEN to a discussion at but also that fewer New Yorkers are commuters are not taking large idence that is happening either. ment rate alone without any sense CrainsNewYork.com/podcasts

20 | Crain’s New York Business | August 20, 2012 20120820-NEWS--0021-NAT-CCI-CN_-- 8/17/2012 12:42 PM Page 1

HELLUVA TOWN INSIDE Source Lunch Web Publisher goes exec makes right turn blue with Yellow PAGE 22

Digital publisher Open Road is Out and About getting in on the mommy-porn Crowds flock Into the craze sparked by the mega- best-selling Fifty Woods PAGE 23 Shades of Grey. The literary e-house founded three years ago by former HarperCollins CEO Jane Friedman has just acquired U.S. rights to Eighty Days Yellow. The first title in a kinky trilogy, the novel has been heating up U.K. best-seller lists since its release earlier this month. Both the e-book and a trade paperback edition will come out here Sept. FOR THE PRICE OF 18. Written by two anonymous A SONG: Composer- British writers who go by the lyricist Jeff Bowen moniker Vina Jackson, Yellow tells funded a cast album the story of a young female through Kickstarter. violinist who is, um, dominated by a man with “powerful desires.” Open Road has been known mainly for publishing e-book editions of older titles. But lately it’s been building up its romance line under new publisher Tina Pohlman, and it’s accustomed to bringing out books—and rolling out marketing campaigns—in a hurry.That gave the new house an edge, despite the fact that it doesn’t pay advances (though it does split profits 50-50). “With the phenomenon that is happening not only with Fifty Shades but in the genre itself, we felt the faster, the better,” said Carrie Kania of literary agency Conville & Walsh, who handled the U.S. sale. —matthew flamm Spanish firm hams it up

New Yorkers will be spending mucho dinero on ham if a Spanish company makes its mark here. Osborne, one of the oldest food and beverage companies in Spain, opened an office in Manhattan a couple of months ago to sell its pricey ham—it costs about $160 per pound—to New York chefs Another opening and gourmet markets. “We are the Ferrari of hams,” boasted Saul Sola, who heads up Small theaters’ turn to crowdfunding may mean Osborne USA, which imports Cinco Jotas 5J-branded Ibérico edgier shows find an audience ham. The “black-footed” pigs that

Ibérico ham is derived from are buck ennis fed mostly acorns and by law are required to have two acres in which to roam. BY SIMI HORWITZ The ham is already on several RAISING menus in the city, including those THE CURTAIN of Fig & Olive, Daniel and the omposer-lyricist Jeff Bowen was tired of dealing with a producer who did not Standard Grill, and is sold at Dean share his goals. He and his partners, book writers Hunter Bell and Susan Amounts raised by theater & DeLuca, among other specialty Blackwell, wanted to record a cast album of their latest musical, Now. Here. companies on grocers. crowdfunding site Mr. Sola said he is working on This., a lighthearted, self-referential piece about young artists attempting to Indiegogo some “huge” initiatives, including live in the moment.The show made its Off-Broadway debut at the Vineyard a celebrity partnership and pre- packaging 5J to sell in Theatre in March. ¶ The producer felt a cast album should follow a supermarkets at about $20 for 1.5 commercial staging, but Mr. Bowen argued that you build an audience ounces. At those through a recording, thereby making a commercial run more viable and, prices, it’s a good $10K thing that 5J is equally relevant, paving the way for licensing the show. ¶ For Mr. Bowen and his team—creators FOR The Groove Factory generally served of the 2009 Tony-nominated musical [Title of Show]—the solution was Kickstarter, a as an appetizer with some bread Ccrowdfunding website where artists and entrepreneurs ask the world for money. Contributors— and olives, Mr. mostly friends, relatives and other grassroots supporters—dole out as little as $1 in return for a Sola joked. sense of satisfaction and perks such as access to cast parties or special events or CDs. ¶ Mr. Bowen —lisa $23K fickenscher decided he would need $75,000 to do a top-notch cast album.Three See RISE on Page 22 FOR Secret Survivors

August 20, 2012 | Crain’s New York Business | 21 20120820-NEWS--0022-NAT-CCI-CN_-- 8/17/2012 12:42 PM Page 1

SOURCE LUNCH: The rise of crowdfunding BETSY MORGAN by Matthew Flamm Continued from Page 21 starter for The Magical History new theatergoers. Now. Here. This. weeks ago, he started a monthlong Tour: Theater! On a Boat! With boasted 488 angels on day five of its campaign and generated half Pirates! The musical recounts the campaign. the money within the first three adventures of legendary pirates; it It helps if the artists have track days. raised enough money for several records or their projects have al- Over the past few years, crowd- performances on a 158-foot-long ready generated some buzz. The Web executive funding websites such as Kick- tall ship as it sailed around New Groove Factory has been in develop- starter and Indiegogo have become York Harbor. ment for 10 years and was recently increasingly popular among small There are different guidelines accepted as part of the highly com- makes a right turn theater groups that have had little for joining Kickstarter and In- petitive New York Musical Theatre access to mainstream donors or, in diegogo, but both insist artists es- Festival,often a precursor to a com- the case of Mr. Bowen and his tablish financial goals and time mercial run. ast year, former Huffing- cussion.One of the things that was re- team, disagreements with their frames within which to achieve Still, for co-writer Chad ton Post CEO Betsy ally frustrating for me in my years backers. them. Social media is the key to Kessler, who has been the primary Morgan startled media with CBS was that, as a legacy brand, Some say crowdfunding may al- success. producer up until this point, going watchers when she they were never in a position to take a ter the theater scene permanently, online posed some new conflicts. signed on as president of perspective.We did that at The Huff- enabling smaller, more experimen- He needed $45,000 to $50,000 to Lanother high-profile news site, The- ington Post, and it’s a much more in- tal shows to be produced, with ‘Each campaign pay Equity actors and present a Blaze.com. The 2-year-old site— teresting place to start a dialogue than dozens of backers involved in the high-quality production that which draws 3.4 million unique visi- if you never come to any conclusions. process. is almost like a might appeal to serious investors at tors monthly, according to the festival. But he was afraid a comScore—is part of the conserva- The Huffington Post pioneered tech tools Social media is key narrative in $50,000 online campaign would tive media empire that Glenn Beck that let you track and anticipate reader The Phantom Limb Company turn off potential contributors who has been focused on since he left Fox behavior. Now everybody does that. How raised $46,022 for 69S, a piece itself’ might only have $25 to throw into News in 2011 and launched his sub- do you get an edge? about the early 20th-century ex- the pot. He settled on an initial scription streaming network,GBTV. The tools are ubiquitous; the differ- plorer Ernest Shackleton’s ill-fated $10,000 campaign. “We felt if we Recently,the controversial media star entiator is how you use them and how expedition to Antarctica.The show succeeded, we’d ignite the fire for announced he would be dropping the much your team is engaged with married experimental aesthetics future campaigns,” he said. GBTV name and making the net- them.We happen to be a very flat or- with environmental themes. “This turned out to be a full- He hated the public display of work part of The Blaze— ganization where every- Creators of the musical The time job,” said Jessica Grindstaff, his fundraising. “I was afraid signaling its arrival as a WHERE body in the newsroom can Groove Factory, centering on the artistic director of the Phantom [Equity actors would] see we had stand-alone media brand. THEY suggest stories and tell demise of the club scene at the turn Limb Company. “Every time made $4,000 and decide we DINED everyone else what’s trend- of the 21st century, raised $10,251 someone made a contribution, I’d couldn’t pay them.” You spent 10 years at CBS ing, and because of that on Indiegogo. Similarly, Ping go to their Facebook page and Soliciting money from friends and two years at The THE BAR ROOM empowerment there is Huffington Post in its heyday AT THE MODERN Chong & Company also generated thank them and add a link to my and relatives can be awkward. Mr. 9 W. 53rd St. much more real-time itera- $23,065 on Indiegogo to fund the Kickstarter page. Then their Kessler was grateful to his Aunt as a liberal site. What made (212) 333-1220 tion of the product and the filming of Secret Survivors, written friends would see it and could link Harriet, who made a modest con- you join a conservative site? www.themodern business. and performed by adult survivors of to our page.” tribution, but he felt slightly un- I’d seen The Huffington nyc.com What role does Mr. Beck play sexual abuse. Mr.Bowen said social media has comfortable. Post start left and [evolve] AMBIENCE: At the opposite end of the aes- a “Saturning”effect.“Your fan con- into a big,mainstream site. Elegant, with a at The Blaze? thetic spectrum, the Floating The- tributes, and so does his mother.” ‘Biggest challenge’ I thought that Glenn and spare, informal Glenn is the majority own- ater rolled up $20,811 on Kick- These investors may then become By contrast, Ms. Grindstaff Chris [Balfe, president of aesthetic. Lively er, but he reads The Blaze didn’t mind. “I never asked my Mr. Beck’s production without being like everyone else,and there frenetic. friends and relatives for anything,” company, Mercury Radio Moderate noise are stories he loves and sto- A DRAMATIC SECOND ACT she said. “When I did, they under- Arts] also saw an enor- level, attentive ries he doesn’t. He has his stood how much we needed it.” mous opportunity with an waitstaff. own website, it does very FROM THE OUTSET, director Jonathan Solari and producer Sarah Wolff knew Mr.Bowen said raising funds on audience that was “under- well, and it’s appropriately they were entering a hornet’s nest in their effort to obtain Bedford- WHAT THEY ATE: his own has been empowering be- satisfied” with its media Atlantic cod, named GlennBeck.com. Stuyvesant’s historic Slave Theatre in Brooklyn, a space on Fulton Street cause it eliminates the middleman, outlets. And it looked like arugula and that had fallen into disrepair and is caught in a legal maze—from questions who may not even understand what another amazing, fun, ad- watercress salad, What’s accomplished by of ownership to a tax lien on the property. The original owner, Judge John C. the show is about. He added, “The venturous, innovative ride. coffee, beignets consolidating everything Phillips, left no will. Many parties, including Judge Phillips’ nephew and biggest challenge is communicat- Arugula and inside The Blaze? You’ve said that you’re not a watercress salad, executor, the Rev. Samuel Boykin, and the Bank of New York have a stake in ing to your fans that what they’re tomato and It gives us a lot more conti- it. An auction of the property was slated to take place at Brooklyn Supreme investing in is really good even be- political person. But your almond nuity as a business. There’s Court on Aug. 9, but with an alleged buyer in the wings, the auction was fore it exists. It’s like being a vacu- husband is a Democrat. What gazpacho, coffee, subscription-supported aborted. um cleaner salesman without the was his reaction? cheesecake content,ad-supported con- Nonetheless, Mr. Solari and Ms. Wolff are determined to purchase the vacuum cleaner.” He was enormously sup- Tab: $139.59, tent and e-commerce, and building. They hope to raise a down payment of $200,000 on Kickstarter, In the end, crowdfunding is not portive, and that was very including tip putting all that under one and transform the building into the New Brooklyn Theater. Its mission will unlike a telethon, creating a sense important to me. But any- umbrella makes it easier for be to serve local audiences and artists representing a range of of community among contributors body who knows me professionally the consumer and easier for us inter- aesthetics from the traditional to the avant-garde, “regardless of their and observers, especially as dead- and personally knows that I’m a risk- nally.We feel we’re well on our way to medium or previous exposure,” said Mr. Solari. lines loom. “When we had taker, that it’s all about the opportu- being this disruptive media brand, The Kickstarter campaign, launched on Aug. 5, within a week garnered $37,000, people started panicking nity to reinvent the [online news] and we’ve done it in a short time. 111 backers who had collectively pledged $17,538. The pair’s initial for us and felt they had to give space.I saw a lot of qualities in Glenn You’ve more than quintupled the number outreach included social media and personal emails to colleagues and money so that we’d make our [goal that I saw in Arianna [Huffington]. of sponsors in the past year. Are you artistic collaborators, but the duo is now casting a wider net, engaging of ] $45,000,” said Ms. Grindstaff. One happened to be on one side of Crowdfunding may make it the political spectrum, and the other worried that the controversial Glenn members of the community and organizations that have an interest in easier for small theaters in the long on the other side. Beck brand will hurt The Blaze with seeing the project succeed. run. Sara Zatz, associate director larger advertisers? George Panagi, a Bedford-Stuyvesant resident, said that when he read of Ping Chong,said the Ms.Foun- It doesn’t matter whether you agree with Any time you’ve got a specific point about the brouhaha on local real estate websites, he became a backer on dation made an additional finan- the site? of view, whether it’s left, right, blue, Kickstarter. He hopes his modest contribution will help serve as a catalyst cial commitment for Secret Sur- What’s most interesting to me about green, purple, you’re going to have to clarify the issues and show his support for a theater, as opposed to vivors, and 272 new contributors where news and information is going advertisers who say this will not res- condos or some retail establishment, he said. can now be tapped for funding en- on the Web is that when you take a onate [with their clients]. Once you Despite the challenges, including an executor who will no longer answer deavors. stand on something and have a point reach a certain scale, those issues go the director’s calls, Mr. Solari is optimistic about the theater’s future. He Some believe crowdfunding of view, dialogue gets created around away. You didn’t see a lot of oil and talked about buying the building from the Rev. Boykin, “but we will be happy will attract young investors, who that. Most people understand it’s not gas advertising on The Huffington to do business with the Bank of New York if they exercise their right to will change theater’s aesthetic. necessarily everybody’s point of view. Post early on; you see a lot of oil and foreclose on the building.” “Each crowdfunding campaign is But you have a starting point for a dis- gas advertising there now. Looking past that transaction, Mr. Solari is already planning the next almost like a narrative in itself,”said fundraising phase, which will include seeking monies from grants and Slava Rubin,founder of Indiegogo. political discretionary funds, among other sources. “There’s a beginning, middle and INSIDE TIP Try the bar area for a livelier —SIMI HORWITZ end, and all the participants are actors in a production.” dining experience.

22 | Crain’s New York Business | August 20, 2012 20120820-NEWS--0023-NAT-CCI-CN_-- 8/17/2012 12:41 PM Page 1

OUT AND SNAPS Paddleboarding for breast-cancer research ABOUT by Emily Laermer and Miriam Kreinin Souccar

CULTURE FIX CAREER BUILDERS WEDNESDAY, AUGUST 22 WEDNESDAY, AUGUST 22 OpenHouseNewYork will host OTHER ISLANDS The I Feel Experience will host BOAT TOUR, a cruise with journalists Sharon Seitz DEVELOPING SKILLS FOR and Stuart Miller. The ENTREPRENEURSHIP, a tour will highlight some development and training of the 42 islands within session that helps emerging the boundaries of the fashion entrepreneurs navigate city.The boat leaves the industry.The event is at promptly at 6:30 p.m. 3 p.m. at WeCreate NYC, 58 from Pier 16, South E. 11th St., between Broadway Street Seaport, 89 South and University Place. Tickets St., and attendees are are $55 for students and $150 asked to arrive 20 for fashion entrepreneurs. For minutes early to check more information, visit in. Tickets are $36 in www.theifeel experience.com. MARIA BAUM, a portfolio manager and an advance or $40 at the door. Snacks, beverages owner of the Hamptons restaurant Tutto Il and alcohol will be available for purchase on the THURSDAY, AUGUST 23 Giorno, finishes the paddleboard race at the boat. For more information, visit www.ohny.org. Empire City Casino will host a Breast Cancer Research Foundation’s inaugural VETERANS-ONLY JOB FAIR. This Hamptons Paddle & Party for Pink fundraiser on STARTING SATURDAY, AUGUST 25 event is part of an effort to Aug. 11. The race and after-party, held in honor (From left) WILLIAM LAUDER, executive chairman of the Estée Lauder Cos., Breast Cancer The Metropolitan Opera will host its SUMMER HD ensure that local military of Ms. Baum—a breast-cancer survivor—raised Research Foundation President MYRA BIBLOWIT and LYOR COHEN, North American chairman FESTIVAL, an event with 10 free outdoor screenings veterans have access to more than $615,000 for breast-cancer research. and CEO of recorded music for Warner Music Group, at the Paddle & Party for Pink fundraiser. from its “Live in HD” series. It kicks off with a employers looking to fill open showing of The Enchanted Island. Other shows positions. Participating include Mozart’s Don Giovanni and Verdi’s Il employers are from New York Trovatore.The Lincoln Center Plaza screenings City, Westchester and the occur on 10 consecutive evenings. Start times Hudson Valley.The event is at range from 7:30 p.m. to 8 p.m. No tickets are 11 a.m. at Empire City Casino, required, and seating is on a first-come, first- 810 Yonkers Ave., in Yonkers. served basis. For more information, including a For more information, visit schedule of events, visit www.metoperafamily.org. www.empirecitycasino.com/careers. DON’T MISS THROUGH SEPTEMBER 1 Despite some poor reviews for the show, audiences are flocking to the Public Theater’s Shakespeare in the Park production of INTO THE WOODS. The revival of the Stephen Sondheim

and James Lapine musical has been extended for images: mcmullan patrick a week. It features Amy Adams as the Baker’s Drs. BARRY and BOBBI COLLER at the New Wife and Donna Murphy as the Witch. All BETH OSTROSKY STERN, holding Blossom the Opossum, at the Evelyn Alexander Wildlife Rescue York Academy of Medicine’s Celebratory performances are at 8 p.m. at Delacorte Theater Center’s “Get Wild” Summer Gala in Hampton Bays. The event raised $40,000. Naming Ceremony on Aug. 15. in Central Park, accessible by entering at 81st Street and Central Park West or at 79th Street and Fifth Avenue. Tickets are free. For more information, visit www.shakespeareinthepark.org or call (212) 539-8750.

OPENING FUNDRAISERS SATURDAY, AUGUST 25 WEDNESDAY, AUGUST 22 HOUDINI, a traveling exhibition The Bright Lights International Foundation will by Bráulio Amado, will open at host its FUNDRAISER PARTY. Proceeds will benefit Gallery Brooklyn. The pieces, the organization, which provides medical inspired by the magician, evoke assistance and hydrotherapy for children and the unexpected. The exhibition adults.The event is at 6 p.m. at Hudson Terrace has traveled Roof Bar, 621 W. 46th St., between 11th and 12th to a avenues.There is an after-party at 8 p.m.Tickets different for the event start at $150, and tickets for the city every after-party only are $75. For more information, month. It is visit www.brightlightsinternational.blogspot.com. open through FRIDAY, AUGUST 24 Sept. 16 at Women LEAD will host a FUNDRAISER OPEN BAR. 351 Van Proceeds will help raise money for the Brunt St. in organization, which empowers young women to Brooklyn. take leadership positions in Nepal by providing The gallery them with skills to pursue their vision for change. is open Thursday through For every $100 raised, the organization will send Saturday, noon to 6 p.m., and one girl to the LEAD leadership institute.The Sunday, noon p.m. to 5 p.m. For event is at 6 p.m., at 121 Fulton St., Manhattan. more information, visit Tickets are $10 and include a one-hour open bar. www.gallerybrooklyn.com. For more information, visit www.women-lead.org. MARK YOUR CALENDAR… SATURDAY, SEPTEMBER 29 THE GLOBAL POVERTY PROJECT will host Global Festival 2012, an event celebrating achievements made toward eradicating extreme poverty. It will culminate with a concert featuring Neil Young with Crazy Horse, Foo Fighters and the Black Keys. Tickets to the concert are free, but they must be earned by completing cause-related actions using the online platform Global Citizen. A limited number of VIP tickets will be available, starting at $189.50. The concert begins at 5 p.m. at the Great Lawn in Central Park. For more information, including how to qualify for tickets, visit www.globalfestival.com.

August 20, 2012 | Crain’s New York Business | 23 CN015229.qxp 6/15/2012 5:16 PM Page 1

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