Stars Rock Memories Strike Authorization Vote Sunday

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TOP STORIES REPORT Bloomberg moves HEALTH CARE to push through How aging boomers his 2030 plan will force changes PAGE 2 in the system ® Smith & Wollensky PAGE 19 eyes new outposts and fresh menu in big growth push VOL. XXIII, NO. 43 WWW.CRAINSNEWYORK.COM OCTOBER 22-28, 2007 PRICE: $3.00 PAGE 2 SCORING WITH READERS Number of copies sold* Business is Times Sq. booming in NYC for collection agencies 52,000 39,000 48,000 businesses PAGE 3 Spitzer is behind fear strike the right agenda; how he can win the on B’way Albany game Walkout could cost EDITORIAL, PAGE 12 $5 million a day; Behind the scenes negotiations have at the MTA as it reached impasse decides whether to raise fares BY MIRIAM KREININ SOUCCAR THE INSIDER, PAGE 14 a strike on broadway could cost the city $5 million a day, devastate restaurants and stores in the theater district, and even hamper the city’s new international tourism drive. Theaters could go dark as early as Monday,as the League of Amer- ican Theatres and Producers begins imposing parts of its final offer on the stagehands. Contentious con- BUSINESS LIVES tract negotiations between the two FANTASY FOOTBALL groups reached an impasse last *Accounts for approximately 70% of total sales. As of Oct. 14, 2007. Source: Nielsen BookScan week over producers’ demands for Fans’ passions know work rules changes that would low- no bounds; employers er costs. The union, Local One of PAGE 35 try to set them the International Alliance of The- atrical Stage Employees, held a Stars rock memories strike authorization vote Sunday. AT DEADLINE A strike would affect 22 of the Autobiographies offer another chance to climb charts 39 Broadway theaters owned by SHOEMAKER STEVEN MADDEN Jujamcyn Theaters and the Shu- MAY BE SOLD, following treme living,today’s anthem might ers who themselves are a little creaky. bert Organization. Those theaters approaches from unnamed BY MATTHEW FLAMM be, “Hope I can remember enough Clapton: The Autobiography is currently house hits like Jersey Boys suitors who want to buy the to finish my memoirs.” the current No. 2 best seller. Won- and Spamalot. firm, which sells its shoes and forty-odd years ago, The Who As the music gods of yesteryear derful Tonight, a memoir by Pattie The Nederlander Organiza- accessories in department could sing “I hope I die before I get move into their twilight, they’re Boyd—ex-wife of guitar legends tion, the third major theater owner stores and its own retail chain. old” and mean it. But for the rock spilling the beans on the wild days Eric Clapton and George Harri- on Broadway, has been observing Industry insiders say that stars who survived decades of ex- of long ago—delighting book buy- See ROCKING on Page 8 See TIMES SQ. on Page 8 potential buyers include St. Louis-based Brown Shoe Co.; London-headquartered TowerBrook Capital Partners, which earlier this year bought Loan mess will yield big payday for banks a footwear firm; and Deckers Outdoor Corp., the Goleta, Calif.-based maker of Ugg cleaning up a mess of its own mak- boots and Teva sandals. Steven $650 million in fees as they finance fund ing,” says Michael Shedlock, a ON THE HOOK Madden shares recently hit a to stop panic in subprime, other debt money manager at Sitka Pacific 52-week low amid concerns Capital Management. Holdings of Estimated asset-backed assets over declining sales. banks to plug a gaping hole in the The fund would buy hard-to- commercial paper in SIVs BY AARON ELSTEIN financial system. sell assets from a group of about 30 CITIBANK INCREASED RETAIL The proposal, announced last so-called structured investment CITIGROUP DEPOSITS in New York City by bankers are already beginning week, envisions a $100 billion vehicles, sparing them from hav- 12% in the year ended June 30, to queue up for what could be a ma- fund to soak up mortgage-related ing to resort to fire sales to raise $99B $100B See AT DEADLINE on Page 2 jor opportunity spawned by the and other hybrid securities that needed cash.The SIVs’ combined J.P. MORGAN CHASE plan by the nation’s three largest investors now shun as too risky. holdings are estimated at as much Even though the plan is a shot as $400 billion. $98B $0

43 in the dark, just raising the vast Though much remains unclear BANK OF AMERICA

5 sums required to create the fund about the fund—including what will take a small army of bankers. other banks might participate and $76B $0 The prize: fees that could total as precisely how big it would be—it BANK OF NEW YORK MELLON ELECTRONIC EDITION much as $650 million,according to would be financed by a mountain experts. of medium- and long-term debt, $5B $0 “Leave it to Wall Street to fig- according to Brad Hintz, an ana-

NEWSPAPER Source: CreditSights See LOAN MESS on Page 8

71486 01068 ure out a way to make a killing from 0 CNYB 10-22-07 A 2 10/19/2007 7:10 PM Page 1

AT DEADLINE PlaNYC moves proceed, Continued from Page 1 THE NET COST MARKET according to SNL Financial, SUPERMARKET CHAIN, which which adjusted recently released caters to Eastern European FDIC branch totals so only residents, will open its first store with or without state OK retail branch deposits would be in Staten Island as early as this considered. It was the only week.The company signed a institution of the 10 largest 15,000-square-foot lease at that could be reused. of international and public affairs at banks in the city to gain market 3155 Amboy Road in the Focus on results Chaired by Deputy Mayor Columbia University, argues that share. In the process, it Oakwood Heights section of rather than format; Daniel Doctoroff, the Sustainabili- the city and upstate economies are increased its market share to the borough; the site formerly ty Advisory Board will try to un- so different that the city should be 16.71% from 16.14%. J.P. housed a Foodtown backups in place leash the persuasive power of the allowed to set its own standards to Morgan Chase is the market supermarket. Net Cost has four to deal with Albany city’s most effective advocacy and make energy planning workable. leader with a 22.24% share. stores in Brooklyn. Kalmon business groups. Yet Mr. Doctoroff “When it comes to tax policy, in Citibank had lost market share Dolgin Affiliates represented says he has fallback options if recent the case of cigarettes, the state has in recent years. Net Cost in the transaction, and BY ANNE MICHAUD history repeats itself and the Legis- been perfectly willing to separate the landlord, AVR Realty, lature or Gov. Eliot Spitzer defeats out the city and tax us more,” says THE NUMBER OF LIQUOR represented itself. six months after Mayor Michael the package. Ms. Fuchs, who served in the LICENSES FOR BARS, nightclubs Bloomberg announced his ambi- For example, the city is creating Bloomberg administration for four and restaurants has dropped LONG ISLAND UNIVERSITY HAS tious plan to limit greenhouse gas an Office of Environmental Reme- years. “Local governments do some since the end of 2005, a decline AGREED TO PROVIDE a nurse- emissions and prepare for 25 years of diation and seeking a director for it. things better. They’re closer to the business owners say is due to education program at Kings population growth, his ad- If the state grants local con- ground; they can get a lot more stricter policies at the New York County Hospital to help address ministration is laying the trol of brownfields, the of- done.” State Liquor Authority.“There a severe nursing shortage in groundwork to accomplish 127 fice would administer the should be some growth during a Brooklyn. As part of the as much as possible without INITIATIVES program; if not, it would Congestion pricing panel contained period of time when the city’s agreement, the New York City the help of Albany law- in the plan’s serve as a guide to shepherd mr. bloomberg kicked off economy has done well,” says Health and Hospitals Corp. will makers. vision for applicants through the com- PlaNYC on Earth Day, April 22, Robert Bookman, a lawyer for spend more than $7 million to Today, as PlaNYC 2030 the city plex state program. and the spotlight was quickly stolen the New York Nightlife renovate an area in King’s celebrates its six-month an- “We’re much more fo- by the most controversial part of the Association, which represents County for the new program. niversary, momentum is building cused on the results than getting agenda: congestion pricing to re- bars and clubs. to codify many of its goals into city everything in the form we’re pro- duce traffic. City and state officials WFAN-AM’S NEW MORNING law. The 16-member board that is posing,” Mr. Doctoroff says. “We created a separate panel to consider VENTURE CAPITAL INVESTMENTS DRIVE-TIME SHOW, Boomer & spearheading the plan is also want to engage in conversation with congestion fees, and some form of IN NEW YORK AREA companies Carton, seems to be working preparing to lobby Albany for a leg- the Legislature and the governor.” traffic mitigation seems likely to dropped 17% during the third better than Imus in the Morning. islative package that includes city Board members are willing to emerge. PlaNYC contains 126 oth- quarter from the same period According to Arbitron, for the control of energy planning and fight for the plan they helped craft, er initiatives, however, and Mr. last year, according to a recent period Sept. 5 through Sept. 19, cleanup of brownfields—7,600 however. Doctoroff estimates that, “in one survey. Fifty-seven firms Boomer & Carton ranked No. 5 acres of toxic former industrial sites Member Ester Fuchs,a professor See PLANYC on Page 8 received $385 million in in the show’s target financing, according to The demographic of men aged 25 to MoneyTree Report from 54, with a 4.6 share. During PricewaterhouseCoopers and roughly the same period last the National Venture Capital year, when Don Imus hosted the Association. Quarterly 6 a.m. to 10 a.m. slot, WFAN investment numbers are volatile. was No. 9, with a 3.2 share. I Grilling up growth CORRECTIONS Ogilvy & Mather Worldwide employs more than 15,000 people in 497 offices across 125 Smith & Wollensky plans menu revamp, more outposts countries. The numbers were misstated in the profile of Shelly Lazarus in the Oct. 1 section on 100 Influential Women. The amounts listed in an Oct. 15 chart on equity investment in Israeli tech companies were in billions of dollars. The units were misstated. BY LISA FICKENSCHER for the last three years of its life as a public company, restaurant group Smith & Wollensky sat like a forgotten steak in THIS WEEK IN CRAIN’S the back of the warming oven—going nowhere. Today, two months after the venerable eatery was taken private, NEW YORK, NEW YORK------6 that has all changed.The cash-rich new owner, Patina Restaurant ALAIR TOWNSEND ------13 Group, is aggressively moving forward with plans to expand the THE INSIDER------14 30-year-old chop house. Patina has already brought in a new executive chef and is readying plans to revamp the WEEK IN REVIEW ------16 menu and open the first new outpost for the chain— REAL ESTATE DEALS------18 its 10th—since 2004. Other openings are expected to REPORT: HEALTH CARE----- 19 follow in 2009. “Since we closed this deal, we have been busy 37 SMALL BUSINESS ------25 looking at new locations around the country,” NEIGHBORHOOD says Nick Valenti, chief executive of JOURNAL------26 Manhattan-based Patina. “I believe there are opportunities for us internationally, too.” THE WEEKS AHEAD ------29 Mr. Valenti’s bicoastal company, CLASSIFIEDS ------32 See SMITH & WOLLENSKY on Page 10

BUSINESS LIVES------35 CORPORATE LADDER------37 39 EXECUTIVE MOVES------38 BOB LAPE ------39 NEW SITES: NIck Valenti, CEO of Smith & Wollensky vol. xxiii, no. 43, october 22, 2007—Crain’s New York Business (issn 8756-789x) is pub- owner Patina, says, “We lished weekly by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Period- wouldn’t have bought the icals postage paid at New York, N.Y. and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, company if we couldn’t MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a expand the full restaurant.” copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2007 by Crain Communications Inc. All rights reserved. david neff david

2 | Crain’s New York Business | October 22, 2007 CNYB 10-22-07 A 3 10/19/2007 7:05 PM Page 1 Thriving on debtors’ woes

141 in 2005, data brought in $500,000 in its first year Collection firms from the Department in the debt-acquisition business; col- expand in New York of Consumer Affairs lections hit $4 million this year. show.The higher fig- Meanwhile, heavy competition as foreclosures mean ure stems in part from is pushing down commissions for other debts go unpaid expanded efforts by businesses that handle third-party the city to license debt collection. debt collectors, but it Collectors traditionally have BY TOM FREDRICKSON also reflects a large in- earned about 35% of the amount crease in the number they recover from debtors. Some the worse it gets for consumers of new players. firms are offering to do the work for straining under staggering levels of as little as 25%. debt,the better it gets for the collec- Law firms buy debt “The lowballers are a problem,” tions industry. debt-buying firms— says Vincent Belfiore, president of In the past two years,the number companies that pay Staten Island-based collection of firms licensed to collect debts in pennies on the dollar agency CMB Associates. “Unless New York City has nearly doubled, for debt, mostly of the you know what you are doing, you with law firms and hedge funds credit card variety— cannot continue to survive.” joining big publicly traded firms in account for a lot of the CMB has managed to hold the going after consumers who have growth. Wall Street line on commissions by providing fallen behind on debt payments. As has taken half a dozen consistent service, according to Mr. the housing market declines and companies public in Belfiore. The firm has increased its foreclosures increase, the industry’s recent years. Seeing revenues by about 20% in the past 12 prospects are getting even brighter. the success of these months.

“Let’s face it: Debt collection is a firms, law firms and bloomberg news lindström bekka Mr. Belfiore—who represents growth industry,” says Jonathan hedge funds also are doctors, architects, building inspec- Mintz, commissioner of the De- buying debt. and other credit issues climbs, says negotiating a settlement with the tors, contractors and others—says partment of Consumer Affairs. “There is a place for a whole dif- Mitchell Nathanson,a partner in the debtor’s lawyer right now.” that a few years ago, his collection Sharply rising debt levels are driv- ferent variety of debt buyers,” says general practice firm. The debt-collection industry has balance for an typical client was ing the trend. Credit card debt for Michael Klozotsky, analyst at Mr. Nathanson attributes the attracted so many competitors that about $5,000. Today, balances of New York area consumers has in- Kaulkin Ginsberg, which advises growth primarily to better techno- the prices collectors have to pay to $11,000 or $12,000 are common. creased 34% since 2000, reaching the collections industry. logical tools with which to pursue acquire debt are rising. Mr. Belfiore expects CMB’s col- $29.4 billion in the second quarter of Among traditional third-party debtors, which is enabling creditors lections to climb, because when this year, according to Moody’s debt collectors,The Nathanson Law to go after older and older debt. In Increased competition consumers fail to pay their mort- Economy.com and credit-rating Firm, based in Lynbrook, L.I., has the past, debtors who evaded their when manhattan lawyer Michael gages, they stop paying all other company Equifax.Home equity debt increased its collections revenues by creditors for a few years got off scot- Lewis expanded his firm’s operations debt as well. has surged 376% during the same pe- about 20% in the past two years.The free because the trail of evidence was from third-party collection into debt “Mortgages are No. 1 in a chain riod, to $27.7 billion. Since a per- firm has hired three additional para- long gone. acquisition in 2004, he paid 4 cents of payments,” Mr. Belfiore says. centage of debt is always delinquent, legals and collectors to handle the “We recently restrained a bank for every dollar of debt he bought. “When you are losing your house, climbing levels of debt create oppor- higher volume. Nathanson, which account that we were able to locate With the influx of players, the price who cares about a $700 doctor pay- tunities for the collections industry. represents banks and medical indus- thanks to recent information on the has increased to 7 cents. Mr. Lewis ment?” There are now 274 firms licensed try clients, is looking to hire more Internet,” Mr. Nathanson says. “Af- has battled shrinking margins by to collect debts in the city, up from people as business from foreclosures ter a judgment 20 years ago, we are buying more and more debt.His firm COMMENTS? [email protected] Magazine publishers CRAIN’S RELAUNCHES WEB SITE, go mobile for readers STRENGTHENS LOCAL COVERAGE CRAIN’S NEW YORK BUSINESS renames and relaunches its Web site Monday with a reader-friendly design and new features. Launch sites for cell 2011, up from an estimated $2.8 entertainment magazine Premiere The new site, www.crainsnewyork.com, strengthens the daily billion this year. and auto magazine Car and Driver. report on top local business stories and offers a much more readable phone screens to win “All the big publishers are real- Similarly, Hearst has rolled out 4 p.m. e-mail news alert izing that investing in mobile sites nine mobile sites for hot titles in- share of ad market; is critical,” says Olivier Griot, who cluding Esquire, Cosmopolitan and with the most important enough eyeballs? joined Hachette Filipacchi Media Seventeen this year. Last month, stories. The home page will U.S.18 months ago to spearhead its CondéNet, Condé Nast’s digital include expanded video mobile strategy. division, unveiled its fifth mobile interviews with newsmakers BY AMANDA FUNG Since February, Hachette has site,Style.com.All three publishers and Crain’s staffers launched four mobile Web sites for are developing mobile sites for oth- interpreting the news; new as readers fled the printed page fashion titles Elle and ELLEgirl, See MAGAZINE on Page 9 links to additional for the Internet, savvy publishers expanded followed them to the computer, information; and creating Web versions of their resources, including magazines. Now they are following statistics, charts, lists and them to their cell phones. facts on New York, and In the last year,several magazine better research tools. An publishers have launched Web sites easy-to-use restaurant list designed specifically for cell phone will also be available. screens and consumers on the go. My Crain’s will provide a Most publishers are not charging anything to access their mobile new community forum for New Yorkers to share their thoughts and sites, hoping to grab a share of the make connections to others with similar interests or in similar sectors. emerging mobile advertising mar- Use My Crain’s to let us know what you think of our changes. ket. That market is projected to

generate revenue of $16.2 billion in lindström bekka

October 22, 2007 | Crain’s New York Business | 3 CNYB 10-22-07 A 4 10/19/2007 7:32 PM Page 1

IN THE MARKETS HIGHLIGHTS REEL Bank of NY Mellon mines -4.3% The Bloomberg/ quiet corners to profit Crain’s New York Index

➡ fell 4.3% to lyst Dick Bove in a research report last more trades to process. But in order to end the Stock is a buy as peers week in which he upgraded his rating on grow,it needs to win more contracts to act week at take hits; big gains from the stock to “buy.” He also contrasted the as a custodian of assets. Fortunately, it is 375. The bank with virtually all doing just that. Last S&P 500 merger boost profits of its peers, noting, quarter, it gained $500 Index fell “Clearly the new billion in these con- 3.9%, company does not tracts. closing at BY AARON ELSTEIN have to worry about Excluding merger 1501. negative impacts from and integration ex- ast week ranked as down- real estate, subprime penses, Bank of New right dismal for most big or off-balance sheet York Mellon posted banks. Citigroup, Bank of SIVs.” income of 66 cents a America and Wachovia all re- Instead, Bank of share on revenue of ported steep drops in quarter- New York Mellon $3.6 billion in the RISERS Lly earnings due to the credit market tur- serves primarily as third quarter, com- 5-DAY 1-MONTH 3-MONTH CLOSING moil. Wall Street’s back of- pared with per-share % CHANGE % CHANGE % CHANGE PRICE Amid all the gloom,The Bank of New fice. It warehouses income of 50 cents on Steven Madden +25.9% +20.6% -33.0% $22.04 York Mellon Corp. shone brilliantly, $21 trillion of securi- revenue of $1.6 billion Saks +7.1% +15.3% -12.1% $19.33 posting surprisingly strong results.While ties and processes mil- for Bank of New York other banks stumbled over rising loan and lions of stock, bond, alone in the year-earli- OSI Pharmaceuticals +5.7% +5.1% +6.2% $36.68 trading losses, Bank of New York Mellon and currency trades er period. Arbitron +5.2% +1.5% -12.2% $47.41 raced onward. Happily, it makes most of every day. Market cap $52 billion Next year, analysts Hain Celestial +4.6% +6.8% +20.3% $33.50 its money processing securities transac- The company is so Assets in custody $20.8 trillion surveyed by Reuters tions. Its lending business is relatively dedicated to that Mellon acquisition $18 billion Fundamentals expect small. business that it profits to grow by 14% SINKERS With big gains still to come as BoNY swapped its New York over earnings for the 5-DAY 1-MONTH 3-MONTH CLOSING digests its July acquisition of Pittsburgh- area retail bank combined companies % CHANGE % CHANGE % CHANGE PRICE based Mellon, this would be a good mo- branches last year for J.P.Morgan Chase’s this year. E*Trade -21.4% -24.3% -53.2% $10.71 ment for investors to switch their bank- international corporate trust department. At this point, the stock still looks CIT Group -15.0% -18.1% -29.4% $34.30 ing bets to Bank of New York Mellon. Similarly, the key reason for snapping up cheap. It is trading at 16 times next year’s The long-sought merger with Mellon J. Crew -13.4% -18.9% -25.9% $39.03 Mellon was that it focused on much the per share earnings, well below the bank’s alone is expected to lift earnings by 150% same businesses as BoNY. 10-year average of about 19 times earn- Citigroup -11.5% -12.2% -17.2% $42.36 by 2009. So long as the markets remain volatile, ings, according to Deutsche Bank. Lehman Bros. -11.5% -10.8% -18.8% $57.22 “A new,very strong company has been the new Bank of New York Mellon will created,” wrote Punk Ziegel & Co. ana- thrive, since at the very least there will be COMMENTS? [email protected]

THIS IS OUR MARKET... STOCKS TO WATCH by Erik Ipsen Liz Claiborne’s profits and shares undergo unfashionable shrinkage Next week, Liz Claiborne is expected to extend its losing streak to three quarters by posting an earnings drop of almost 30%. The company says it’s focusing on core brands and may shear others off, but talk is cheap and so, increasingly, is Liz’s stock. The entire industry has fallen out of fashion, though. Even longtime star Polo Ralph Lauren has slipped 29% since the spring, versus 33% for Liz. In recent days, Merrill Lynch has fired two key executives; flagged a $5.5 billion write-down of assets, including subprime mortgages; and, not surprisingly, seen its chief executive called a lousy risk manager. This week the firm finally makes its fall from grace official by announcing its first quarterly loss in three years, an expected 45 cents a share. The stock has fallen 26% in the past six months, and reached a 52-week low last week. Admit One, the trusted source for the acquisition and sale of live event tickets for over 20 years… Three years after emerging from On the Buy side and Sell side — we offer our clients true market value, secure transactions and dependable service. bankruptcy, Atlas Air Worldwide Let Admit One connect you and your clients to the events that matter. has gained a lot of altitude. Shares of the air-freight services provider are up 26% this year. Atlas Air has been (646) 307-4239 adding Asian routes and recently www.admitone.com landed a tiny but prestigious email: [email protected] contract with the Air Force—a five- 1412 Broadway, New York, NY year deal to train Air Force One pilots. But a softening economy may SPORTS •THEATER •CONCERTS bring freight volumes and Atlas’ shares back to earth. On the Bloomberg Terminal: Type TIXX or email [email protected] charts: lindström bekka

4 | Crain’s New York Business | October 22, 2007 Project7 10/17/07 1:06 PM Page 1

Thanks a Million.

1,000,000sf of recent lease transactions. Special thanks to the following brokers and firms they represent for their participation. CB Richard Ellis James Ackerson Paul Amrich Keith Caggiano Anthony Dattoma Howard Fiddle Zachary Freeman Benjamin Friedland Robert Hill David Hollander Sanford Kunkel Michael Laginestra Rocco Laginestra Sinclair Li John Maher Silvio Petriello Kenneth Rapp Craig Reicher Gregg Rothkin Mary Ann Tighe Fernando Urrutia Sacha Zarba Jon Zuckerman Cushman & Wakefield Matthew Astrachan Steven Bauer Melissa Bazar Haley Klein Fred Smith Paul Milunec Alexander Chudnoff Mitchell Konsker David Rosenbloom Neil Schwartz Jonathan Tootell Newmark Knight Frank Kyle Ciminelli David Falk Joshua Friedman Neil Goldmacher Brian Goldman Ryan Kass David Kaplansky Matt Leon Daniel Levine John Moran Dan Segal GVA Williams Jan Sigmon Jones Lange LaSalle Cynthia Wasserberger Randy Abend Frank Doyle Andrew Flint Lisa Kiell Peter Riguardi Amanda Saltzman Ken Siegel Studley Nicholas Farmakis Robert Goodman John Johnson Travers Realty Dennis Smith Scott Scharlach James Travers USI Real Estate Dana Moyles Wharton Property Advisors Ruth Colp-Haber PBS Realty Advisors Stephen Gordon Bostick Realty Francis Pollaro Williamson, Picket, Gross James Gross Peter Gross Cornerstone Property Group Stuart Polinsky NAI Adam Schultz

www.macklowespace.com CNYB 10-22-07 A 6 10/19/2007 4:34 PM Page 1

NEW YORK,NEW YORK edited by Valerie Block

day after the prize was announced. A compendium That’s a far cry from the first of daily laughs printing of 7,000, or even from the 12,000 copies that Grove/Atlantic new yorkers in need of a ordered after The Gathering was morning laugh don’t have to short-listed for the prize on Sept. search YouTube anymore.They 6. Bookies had favored Chesil can sign up for free e-mails from Beach, by heavyweight Ian McEwan, John Mayer ComedySmack—a company that and put Ms. Enright’s chances at and his wants to be the DailyCandy for all 12-to-1. father things funny. Grove/Atlantic novelist Kiran ComedySmack launches Oct. Desai won the 2006 Booker for 22 with a daily missive for The Inheritance of Loss soon after subscribers that includes links to the paperback came out. Almost

getty images video clips and tips on what to 500,000 copies are in print. check out live or on TV. Dessert is “We have eight comedy insomniacs searching for the Taking stock a wonderland best,” says David Moore, serial of indie bands entrepreneur and ComedySmack’s ow sweet it is,a founder, whose nighttime gig is as want to help a band become new bakery on the a stand-up comic. “There is great famous? Buy shares through Lower East Side, is comedy out there. Few people SellaBand.The Dutch company, H have the time to look through which has just established a U.S. off to a grand start. Last more than 100 comedy sites.” presence at 575 Madison Ave., Tuesday, the shop, owned by Mr. Moore, who also runs invites music lovers to buy stock in Beth Pilar and Ellen Sternau, private equity firm Sonostar emerging artists—a concept John Mayer Ventures, says ComedySmack cost inspired by the popularity of helped singer and $50,000 to create. shows like American Idol. his father celebrate The company will make its “Record labels are taking fewer their 30th and 80th money from banner ad sales, he risks to sign bands, and with the birthdays, says. “The e-mail will be valuable Internet, many acts out there want real estate for advertisers,” says to shape their own destiny,” says respectively, at the Mr. Moore, adding that he expects Johan Vosmeijer, SellaBand’s chief Rainbow Room a subscriber base of at least executive and co-founder. with a red-velvet 10,000. Groups upload three songs, as well as photos and bios, to the cake decorated SellaBand Web site in the hope in black-and-white Art Long shot pays that fans will buy shares, at $10 Long established Deco style. big for publisher each. When the kitty hits “We personally delivered $50,000, groups can commitment lightning has struck record an album with a it, carrying it through again for independent production team from Rockefeller Center,” says publisher the company’s network. Ms. Pilar, a food stylist who Grove/Atlantic: For the Shareholders get a copy launched the business last second year in a row, a of the release, and any novel published by the profits from sales are year with Ms. Sternau, a Weiser LLP New York house has split among the group, Certified Public Accountants prominent pastry chef. won the Man Booker shareholders and The duo began by baking Prize.The British SellaBand. literary award is such a The 14-month-old to the for private parties, caterers big deal that bookies lay business has produced Health Care and restaurants. On odds on the nominees. three albums and is now recording community Halloween, they will expand The publisher is cashing in on two New York artists. “There are New York City the latest winner, Irish writer Anne so many bands in the New York 135 West 50th Street For nearly a century, Weiser has provided their business by opening a New York, NY 10020 Enright’s novel The Gathering. area that we had to be here,” says health care organizations with accounting, Tel 212.812.7000 retail shop at 157 Allen St., “We’ve published Anne more or Mr. Vosmeijer, who is also tax, and consulting services, including: Fax 212.375.6888 just a few doors from their less from the beginning of her working on building a U.S. Long Island Operation Improvement current kitchen. career, and we were never able to distribution network. 3000 Marcus Avenue • Revenue cycle improvement get sales traction,” says Lake Success, NY 11042 • Risk management, compliance, and From 2000 to 2004, Ms. Morgan Tel 516.488.1200 internal controls Grove/Atlantic Publisher Contributors: Lisa Fickenscher, Fax 516.488.1238 Sternau honed her baking Entrekin, who ordered a 75,000- Matthew Flamm, Amanda Fung, Transaction Based Support skills as executive pastry copy printing of The Gathering the Samantha Marshall Westchester • Mergers/acquisition analysis 660 White Plains Road • Strategic planning chef at the River Café, the Tarrytown, NY 10591 • Medical staff planning and development Tel 914.333.0555 romantic waterfront Fax 914.333.0556 • Financial planning BBQ FOR THE CURE • Valuations restaurant in Brooklyn New Jersey • Due diligence SUPERCYCLIST AND AUSTIN NATIVE Lance Armstrong 399 Thornall Street Heights. She then became a • Capital access options (left) chose restaurant Hill Country on West 26th Edison, NJ 08837 pastry instructor at the Art Tel 732.549.2800 • Regulatory submissions Street—where executive chef Elizabeth Karmel and pit Fax 732.549.2898 Litigation Support Institute of New York City. master Robbie Richter dish up authentic Texas www.weiserLLP.com Sarbanes-Oxley Compliance Ms. Pilar has her own barbeque—for a special fundraising effort. For the pedigree: She’s a former week of Oct. 22, the restaurant will donate a portion of its receipts to the Lance Armstrong Foundation, For more information, contact at recipe writer who has held Douglas A. Phillips, CPA, 212.375.6701. which supports people with cancer. Patrons can make editorial positions at Martha additional donations when they pay their checks.

Stewart Living. getty images

6 | Crain’s New York Business | October 22, 2007 Project2 10/15/07 11:20 AM Page 1

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dining room manager at Sardi’s. “If the death knell for.” we don’t have that, it will impact us The battle between the stage- Times Sq. businesses fear strike greatly.” hands and the producers league, much of it played out in the press, Continued from Page 1 down of the Great White Way for the city. Even if everything gets 51 employees on the edge is already confusing theatergoers. the negotiations, but has a “me too” would be detrimental to the city, resolved, once you have had a shut- toney edwards, owner of Le Mike Connolly, general manager at contract with Local One, which which recently launched a $30 mil- down and have a lot of disappointed Madeleine on West 43rd Street, is Carmine’s on West 44th Street, says means the Nederlanders will get lion international tourism cam- tourists here for a show, that mes- just as worried. His restaurant— he has been getting calls from the- the exact same contract the league paign, business experts say. sage travels.” which counts on theater traffic for at ater groups asking if Broadway is negotiates. Businesses around Times Square least 50% of its business—lost still open. Late last week, the stagehands Uncertainty is bad are on pins and needles.Restaurants around $10,000 a day during the A spokesman for Local One announced they would not walk out “broadway theater is the No. 1 like famed eatery Sardi’s are making four-day Broadway musicians strike says the union will give the pub- from Nederlander theaters because reason tourists cite for coming into contingency plans to cut staff and in 2003. lic “ample notice” before calling a that company is not going to impose New York City,” says Kathryn food orders by 50% if theaters go “I have 51 employees, and we’re strike but concedes that “anything new work rules on the union in the Wylde, president of the Partnership dark. all marginally living on the edge,” can happen.” interim. for New York City. “Having that be “Pretheater is obviously our Mr.Edwards says.“There are a large However, even a partial shut- perceived as unreliable is a bad thing busiest time,” says Sean Ricketts, number of people that this will be COMMENTS? [email protected]

sets to a market that can’t absorb them, you’re looking at immediate Loan mess will yield big payday for banks write-downs of 30%, and more to come,” says Christopher Whalen, Continued from Page 1 says the department won’t have any SIVs, J.P. Morgan and Bank of managing director at consulting lyst at Sanford C. Bernstein & Co. say about commissions. Two of the A source at one America are not in as bad a pre- firm Institutional Risk Analytics. Wall Street firms typically three big banks, Citigroup and J.P. dicament. But as of September, While the bankers frantically try charge commissions of 0.35% for Morgan, declined to comment. A bank says the they held a total of about $175 bil- to avert a larger crisis, at least one raising medium-term debt and spokesman for the third, Bank of lion of SIV short-term debt, largely group of people is feeling good 0.65% for long-term debt, he notes, America,didn’t respond to a request fees ‘will be through their own money market about things: short-sellers like Matt for a likely total tab of about half a for comment. funds, according to CreditSights. Luckett, a partner at hedge fund billion dollars. Commissions are Large as the commissions may healthy enough Balestra Capital in Manhattan.The among the many details to be be, they would pale in comparison Widespread losses $270 million fund has gained 130% worked out. But a source at one of to the losses faced by the banks if to get people even firms with no direct links to this year, 80% of which has come the participating banks, who asked the SIV crisis isn’t solved quickly. SIVs have much to lose. Merrill from betting that the value of sub- not to be identified, says those fees The stakes are by far the highest for involved’ Lynch, Lehman Brothers, and Bear prime mortgages will continue “will be healthy enough to get peo- Citi, which pioneered the instru- Stearns, for example, have large falling.The superfund is designed in ple involved.” ments two decades ago. As of last holdings of mortgages and other hy- part to stop that slide, Mr. Luckett month, the company had nearly brid securities similar to those on doubts that can succeed. Hands off $80 billion of direct exposure to Sights. Citi has said in recent days the books of the SIVs and have al- “We aren’t changing out bets,”he a spokeswoman for the Treasury SIVs, plus about $100 billion via that it has reduced its exposures ready written down their value by says. Department, which has been heavi- holdings of their short-term debt, significantly. about $5.5 billion. ly involved in setting up the fund, according to research firm Credit- Because they never set up any “If SIVs have to kick out their as- COMMENTS? [email protected]

for a book to work, [the star] has to raphy on his own, taking over a co- have sold at least 50 million records authored version. Mr. Richards is Rocking memories worldwide,” says William Shinker, working with an author and old publisher of Penguin Group im- friend, James Fox, and is “very in- Continued from Page 1 best-seller right now with The Hero- print Gotham Books. Mr. Shinker volved,” according to Mr. Victor. son—debuted this summer at No.1. in Diaries, and Guns N’ Roses gui- published the first book about Jim That book will be out in 2010. Hard-partying Rolling Stone Keith tarist Slash has an eponymous Morrison and The Doors, No One Richards recently sold rights to his memoir due out next week. Here Gets Out Alive, in 1980. More intimate view autobiography for $7 million. Booksellers say all of these artists Even memoirs by the biggest part of the appeal of the current “In the case of people like Eric have one thing going for them:They names are a gamble. Some book ex- titles is that they provide a more in- and Keith, you don’t want to wait came of age before a rock star’s every ecutives wonder if Little Brown,Mr. timate view of the artists’ lives than much longer than this,”says Ed Vic- move could be posted on the Inter- Richards’ publisher, will make back readers have ever gotten. tor, literary agent for Messrs. Clap- net.“The weakest sales are for books its $7 million advance, estimating “They’ve always exposed them- getty images ton and Richards, who recently sold on current or emerging bands,prob- that the house would have to sell half KEITH RICHARDS recently sold rights to his selves musically, and they’re now a memoir by Jerry Hall, Mick Jag- ably because they are very well cov- a million copies. autobiography for $7 million. baring their souls in a different way,” ger’s ex-wife. “It’s amazing that ered on the Web,” says Kim Corra- Little Brown, which bought says Charlie Conrad, the Broadway these guys remember anything.” dini, a buyer for Barnes & Noble. world English rights, including Books executive editor who worked The rock memoir has re- those for paperback and audio, in- Dylan’s 2004 best-seller, Chronicles, with Mr.Clapton.“Readers respond emerged with a first-person authen- Risky bet sists its bet was a good one. which marked a turning point. Mr. to that.” ticity that sets it apart from the rock but publishers still have to keep “Keith Richards is the totemic Dylan, the most publicity-shy and Aging readers also like filling in books of years past. The titles also their fingers crossed every time they figure in all of rock ’n’ roll, and elusive of all music greats, wrote it the details of their own youth. give artists another chance to climb publish a big-ticket title. For every there’s a vast audience that’s hungry himself. “These are people we grew up with, the charts—while they still can. Clapton, there’s at least one Dirty to hear about his life in his own That very personal, idiosyncratic who never talked about their lives,” Mr. Richards isn’t the only Blonde:The Diaries of Courtney Love, words,” says Publisher Michael memoir helped revive interest in a says Shaye Areheart, publisher of Rolling Stone with a book deal. which came out last year to no ac- Pietsch.He cites the example of Bill genre whose thunder had been Harmony Books, which put out Lead guitarist Ronnie Wood has an claim and meager sales.There’s also Clinton’s My Life. The autobiogra- stolen by cable television shows like Wonderful Tonight. “This is a way of autobiography coming out Oct. 30. a limit to how far publishers can go phy sold far more copies than any VH1’s nostalgia-driven Behind the finally having a conversation and Some next-generation rockers with aging rockers:There are only so book about the former president. Music. The book also influenced finding out what happened.” are also telling their tales of ex- many of them worth publishing. Some of these rocker memoirs other rockers. cess. Mötley Crüe’s Nikki Sixx has a “I have a rule of thumb now that, can trace their beginnings to Bob Mr. Clapton wrote his autobiog- COMMENTS? [email protected]

progress. Hybrid cabs are cruising major changes to that program. els and accelerate grid upgrades. the streets. Mr. Bloomberg planted Most city projects are not deemed Mr. Doctoroff believes that the PlaNYC moves ahead the first of his desired 1 million ad- eligible for tax credits, and a few city can make strides even if it does ditional trees this month. Schools large projects are eating up the pool not get the planning board. Mr. Continued from Page 2 His proposal is expected to at least have begun opening their sports fa- of available state funding. Spitzer’s appointment of Gil Quin- form or another, we’ve made signif- include incentives to retrofit build- cilities to neighbors. And the De- The city also needs state law- iones, a former city energy policy icant progress on 80% [of them].” ings with new furnaces,on-site gen- partment of Environmental Protec- makers’ approval to create the New chief, as a New York Power Author- Before year-end,says City Coun- erators and green roofs. tion is seeding mollusks around York City Energy Planning Board. ity executive is a good sign, he says. cilman James Gennaro, D-Queens, “We’ve got to make sure this filtration plants so that the gas- Eight entities are now involved in The appointment should more he will introduce legislation to cod- whole thing lives on, because it’s tropods can help clean the water. energy matters. PlaNYC would, closely align the city’s and NYPA’s ify PlaNYC recommendations and bigger than us,” says Mr. Gennaro, Albany remains a stumbling among other things,consolidate de- objectives, particularly in siting will concentrate on buildings,which chairman of the council’s Environ- block. City Hall is trying to enlist cision-making in the board, pro- power plants, Mr. Doctoroff says. account for 79% of the global- mental Protection Committee. the Spitzer administration to sup- mote long-term power contracts, warming gases produced in the city. City agencies are also making port local control of brownfields and create tax abatements for solar pan- COMMENTS? [email protected]

8 | Crain’s New York Business | October 22, 2007 CNYB 10-22-07 A 9 10/19/2007 1:58 PM Page 1

on banner ads to appear on mobile Magazine publishers go mobile for readers phones. Counting on growth Continued from Page 3 Research also shows that the av- publishers believe their numbers er print titles next year. erage length of time a consumer GET THE PICTURE will increase as consumers become Publishers say they are reacting will subscribe to an application like educated on how to use their cell InStyle has adapted its content for cell phones. to consumers’ desire for Internet InStyle Mobile is two months. phones to access Internet content. content that can be accessed any- Only navigation applications, like And companies like Time Inc. have where, and the cell phone has al- mobile versions of the popular on- the fat wallets to promote their new ready emerged as much more than a line direction tool MapQuest, have mobile offerings. communications device. proven to generate money for com- “We are committed to being on “Consumers want complete panies, according to research firm the cutting edge and offering control of where and when they Telephia Inc. something so much richer than consume content,’’ says Boris Frid- In addition, only half of the con- what is out there,” says Amy Keo- man, chief executive of Crisp sumers who pay their wireless carri- hane, Time’s vice president of In- Wireless, a Manhattan-based tech er for Web services actually log on to Style.com and creative develop- company that helps build and oper- the Web from their phones,the firm right now, Mr. Griot of Hachette advertisers such as auto giant Ford ment. ate mobile Web sites for media points out. says they are increasing 20% each and electronic retailer Best Buy are companies. While the page views are low month. And he notes that blue chip already spending millions of dollars COMMENTS? [email protected] “We want to reach women wher- ever they are,” adds Sophia Stuart, director of mobile for Hearst’s digital media group. “Women [would] rather leave home without lipstick than a cell phone.” Because of the challenges of small cell phone screens, publishers have to design content that is different from their regular Web pages in both style and substance. Stories are shortened because consumers typically spend only about five minutes at a time reading text on their mobile devices, versus 30 minutes in front of their computers. The average length of a mobile subscription is two months

“On your mobile phone, you snack on information,” says Mr. Fridman. While most publishers have their eyes on mobile advertising dollars, a few have gone in a different direction. In December, Time Inc. launched a mobile application linked to its popular fashion magazine InStyle. Mobile subscribers are required to pay $3.99 a month to use the cell phone program, which puts photos of the latest celebrity outfits and hairstyles at consumers’ fingertips. InStyle Mo- bile currently has 20,000 subscribers. Tough task but publishers have their work cut out for them. Making money from these mobile offerings won’t be easy, as industry observers question whether these tiny sites will lure enough eyeballs. For example, the four Hachette mobile sites are collectively drawing 2.5 million page views a month, a fraction of the 40 million monthly page views each of its corresponding Web sites receives. CondéNet and Hearst say it is too early to disclose traffic. “We still haven’t seen a significant demand for information on the mobile phone,” says Barry Parr, media analyst at Jupiter Research. “It will be a difficult path.”

October 22, 2007 | Crain’s New York Business | 9 CNYB 10-22-07 A 10 10/19/2007 12:48 PM Page 1

Smith & Wollensky’s big plans

Continued from Page 2 house, which already operates with- market where the Smith & Wollen- which also owns 61 food-service op- in most Smith & Wollensky restau- sky name is best known.In addition, erations and restaurants, including rants.Mr.Valenti thinks that is aim- the contract calls for Patina to pro- Sea Grill at Rockefeller Center and ing too low. vide back-office functions for Mr. Patina in Los Angeles, dished out Stillman, who also owns such local $79.5 million in a long battle to land Ambitious strategy restaurants as Maloney & Porcelli Smith & Wollensky and had plenty “we wouldn’t have bought the and the Post House, which compete of time to plan for its future. company if we couldn’t expand the with Patina’s restaurant. In a major pair of departures, full restaurant,” says Mr. Valenti. “Alan and I have cooperated on a Patina plans to focus more on lunch The new owner’s ambitions are lot of things outside of business for and women. The new chef, Lou also complicated by the fact that the over 25 years,” says Mr. Valenti. Piuggi, a 17-year veteran of Res- chain’s flagship remains firmly in “We’ll certainly cooperate now that taurant Associates and Patina, plans Mr. Stillman’s hands. That outpost, we are in business together.” to add salad entrées, smaller steaks, on the corner of Third Avenue and David Burke,who once served as upscale sandwiches and new side East 49th Street,is not just the most Mr. Stillman’s culinary director, dishes. famous, it’s also the most lucrative. notes that the New York flagship has Patina executives are also quietly It generates an average of $26 mil- always been run more independent- shelving the growth plan pushed by lion in annual sales,more than twice ly of its siblings. Menus have varied Alan Stillman, Smith & Wollen- the average for other restaurants in from city to city. As a result, there sky’s founder and former chief exec- the chain. would be no reason for a close coor- SMITH & utive. He envisioned an expansion The terms of the deal also bar dination now. WOLLENSKY’S spearheaded by Wollensky Grill, a Patina from expanding within 100 flagship restaurant, smaller, casual version of the steak- miles of the Manhattan eatery, the Site-seeking on Third Avenue and for now, Mr. Valenti is focusing East 49th Street.

his efforts on finding new loca- buck ennis tions.He is looking at cities includ- REPRINTS FROM CRAIN’S ing Charlotte, N.C., San Antonio, creasing number of Americans. chief executive of the Palm restau- CRAIN’S NEW YORK BUSINESS offers reprints of the articles it publishes. Denver and Kansas City, Mo. Meanwhile, the number of steak- rant. “In the next couple of years, For an estimate, please contact Dana Warfel at Reprint Management Someday, he may even open closer houses has surged all across the some major chains will change di- Services, (717) 399-1900, ext. 118, or [email protected]. to home. country. In New York City alone, rection, and some may go out of Readers wishing to make their own reprints or to post a story on a Web “We can always try to negotiate a the number of beef shrines listed by business.” site must pay $350 for the use of the Crain’s copyright; the fee for nonprofits change [in the contract],” he says. the Zagat Survey rose to 80 last year, Mr. Ganzi, for one, is counting The expansion plans, however, nearly three times as many as in on steakhouse-starved Europe to is $195. Contact Jill Bottomley at Crain’s New York Business, come at a difficult time. Beef prices 1993. deliver future growth. (212) 210-0282 . have soared in the last year, pushing “This is a very precarious time for big steaks off the menu for an in- our industry,” says Walter Ganzi Jr., COMMENTS? [email protected] HEADROOM. LEGROOM. 16 9 DAILY DAILY DEPARTURES DEPARTURES — TO — — TO — WASHINGTON, DC* BOSTON*

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10 | Crain’s New York Business | October 22, 2007 Project2 9/12/07 3:47 PM Page 1

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VIEWPOINT Spitzer’s agenda tells the tale editor in chief Rance Crain publisher Jill R. Kaplan ometimes lists can make an important has also repeatedly said that he opposes any tax increase. EDITORIAL point. True, his economic development efforts got off to a editor Greg David deputy managing editors Valerie Block, The day he assumed office, Gov. Eliot disappointing start, and the Javits Center expansion plan has Erik Ipsen Spitzer summoned business and labor leaders to been botched. Some of his ideas, like letting illegal assistant managing editors Carmen Fleetwood, Robert Hordt jump-start negotiations that led to immigrants get driver’s licenses, are controversial.The upshot columnist Alair Townsend senior reporters Aaron Elstein, breakthrough reform of the workers’ for executives is that their agenda is the same as Mr. Spitzer’s, Lisa Fickenscher, Matthew Flamm, compensation law, lowering costs for employers which is why his constant missteps are so disheartening. Tom Fredrickson, Samantha Marshall, Anne Michaud, Miriam Kreinin Souccar and providing more benefits for employees. His insurance In the past two weeks, the governor or his aides reporters Theresa Agovino, Barbara Benson, commissioner is now hard at work trying to do the same maneuvered to get the Internal Revenue Service to Elisabeth Butler Cordova, Erik Engquist, S Amanda Fung, Hilary Potkewitz, Gale Scott with medical malpractice. investigate state Senate Majority Leader Joseph Bruno’s restaurant critic Bob Lape The governor proposed measures to restructure the state’s possible use of state vehicles for nongovernmental purposes, art director Steven Krupinski deputy art directors Carolyn McClain, bloated health care system, and he wrung small but even though Mr. Daniel Mednick significant improvements from a recalcitrant Legislature. He Spitzer could be staff photographer Buck Ennis Each overbearing copy desk chief Wendy Zuckerman vows to continue the effort next year even as he works on a accused of the same copy editors Michele Arboit, move diminishes Thaddeus Rutkowski plan to provide medical coverage to the state’s 3 million lapses. He lambasted research editor Denise Southwood uninsured residents. the top Senate associate research editor his chances Adrianne Pasquarelli Mr. Spitzer’s first budget also tried to ensure that the Democrat for telling www.crainsnewyork.com neediest schools—rather than those in wealthy suburban for success the truth about the IRS online editor Catherine Tymkiw Kira Bindrim districts—get the most money. He had to compromise to get scheme, then withdrew online reporter EDITORIAL AND ADVERTISING OFFICES a budget passed but extracted approval of a formula that health care funds for 711 Third Ave., New York, NY 10017-5806 could achieve his goal in the future. In addition, the governor the Assembly minority editorial: 212.210.0277 Fax 212.210.0799 advertising: 212.210.0259 pushed through an increase in the number of charter leader’s district because Cable craincom nyk schools, and he remains committed to tax credits for parents of his criticism of the immigrant licensing plan. Is it any Fax 212.210.0499 Entire contents ©copyright 2007 Crain who send their children to private schools—both key steps wonder why the governor is losing support? Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP in enhancing educational competition. It’s long past time for Mr. Spitzer to stop trying to bully Inc., used under license agreement. He is steadfastly behind campaign finance reform, which his way to success. Implementing his agenda depends on TO SUBSCRIBE: Call 888.909.9111; fax 313.446.6777. would put an end to campaign contributions’ determining winning control of the Republican-dominated Senate, and $3.00 a copy, $59.79 one year, $109.79 two years. the legislative program. He supports nonpartisan to do that he’ll have to defeat Republicans in elections. www.crainsnewyork.com redistricting and many other steps that would curtail the Every attempt to steamroll opponents or undercut them ADVERTISING AND MARKETING advertising director Jeff Adler power of legislative leaders and special interests. Mr. Spitzer using devious methods only lessens his chances. business development manager Robert N. Grossman senior account manager William E. Squitieri account executives LETTERS TO THE EDITOR Andrew Carlin, Lisa Pearly, Jennifer Siniscalchi, Brigitte Stieglitz western account manager Ellen Mazen (Los Angeles) 323.370.2477 sales manager, classified print & online John Gallagher Corporate welfare or civic boost? newsletter product manager Catherine Evans Gittens sales coordinator, print & online LOWER MANHATTAN NEEDS Lulé Haznedari all the important, viable means of DON’T PLAN TO LIVE sales coordinator Anita Perrino help it can get to stay vibrant and keeping major companies in the AT TRUMP SOHO credit Pat Grondziak 313.446.6082 relevant, and other cities will city. Let’s not be shortsighted. marketing director Amy Crossman gladly grab Wall Street’s mantle if jeffrey b. kraut the oct. 8 “Crain’s Life” section marketing manager Jill H. Bottomley marketing coordinator Jenny Mashberg resolve for [rebuilding] lower characterized the Trump SoHo circulation manager Andrea Richardson Manhattan weakens (see Crain’s INSTEAD OF GIVING huge tax breaks Hotel Condominium as a assistant circulation manager online poll, Page 13). Let’s to a few select companies, we residence. Rosalie Ford safeguard this unique business should give every company a Trump SoHo will be for general manager, interactive district, including incentives for smaller tax break. transient occupancy only; units Marc Minardo Merrill Lynch to remain doug peterson cannot be used as residences. technical producer Danny Porter downtown. We owe it to the past Trump SoHo is carefully designed NEW YORK PRODUCTION and to the future. IT’S TIME FOR STATES and to satisfy both the city’s zoning production and pre-press director turlough mcconnell municipalities to wean themselves framework and need for additional Michael Corsi from beggar-thy-neighbor, race- transient accommodation. advertising production manager buck ennis Marilyn DeMilta MORE CORPORATE WELFARE? Isn’t to-the-bottom [policies]. EMERALD CITY: Goldman Sachs’ new The restrictive declaration it long overdue that NYS reduced david arnow headquarters will have green features. executed in connection with the PUBLISHED BY CRAIN COMMUNICATIONS INC. the overall tax burden on all its issuance of the permits required chairman Keith E. Crain citizens, instead of providing huge AS ONE OF THE PEOPLE responsible for its construction, the declara- president Rance Crain secretary Merrilee Crain windfalls for the wealthy and for spearheading the campaign to well but ignored one extremely tion of condominium, and the treasurer Mary Kay Crain politically connected? save the Hotel Pennsylvania, I important fact: Almost 50% of the bylaws require careful adherence to executive vp, operations William Morrow gene de santis want Merrill Lynch to stay [Leadership in Energy and the established occupancy senior vp, group publisher Gloria Scoby downtown. We don’t want to see Environmental Design]-registered restrictions of no more than 120 group vp, technology, circulation, AS LONG AS manufacturing Robert C. Adams Merrill Lynch is our history lost forever to yet buildings and nearly 100% of the days a year and no more than 29 vice president/production & headquartered in New York and another big, faceless corporation. certified buildings in NYC receive days within a 36-day period. manufacturing David Kamis stays in New York, then incentives gregory jones financial incentives from the New The mischaracterization of chief information officer Paul Dalpiaz shouldn’t be a problem. York State Energy Research and Trump SoHo may have confused corporate circulation director Patrick Sheposh anthony drummond Development Authority for the public and prospective STATE AGENCY HELPS . WITH BUILDING GREEN achieving energy efficiency and purchasers. founder G.D. Crain Jr (1885-1973) WHILE MANY COMPANIES that LEED. ashley wall chairman Mrs. G.D. Crain Jr. (1911-1996) obtain incentives may be quite the oct. 15 articles on green hamilton s. mclean General counsel profitable, incentives remain an buildings covered the trend very Science Applications International Bayrock/Sapir Organization

12 | Crain’s New York Business | October 22, 2007 CNYB 10-22-07 A 13 10/18/2007 7:37 PM Page 1

in Westchester, and $173,061 for an obstetrician/gynecologist in Brook- lyn or Queens. You have to deliver a lot of babies to crack that nut. These steep rates have serious consequences. They cause some doctors to refuse to establish or con- We are pleased to announce the promotion of tinue a practice in our state. Some OB/GYN specialists give up deliv- ering babies, since they are sued most often for birth defects. High malpractice insurance rates add to health-cost escalation, raising insurance premiums for you and me and causing some employers and employees to drop coverage. They lead doctors to employ waste- ful defensive medical measures, because of the fear of being sued. A study by PricewaterhouseCoopers Michael Stone in 2006 estimated that the cost of liability and defensive medicine made up about 10% of health insurance premiums nationwide. All but 15 states have set some

john h.john howard limits on medical damage awards. to Senior Director We are one of the 15 that have not, thanks to the power and campaign contributions of the trial lawyers in Albany. Most observers believe we Fixfor high medical have a plethora of frivolous lawsuits www.cushmanwakefield.com and outsized awards.Reform is long overdue. malpractice rates Gov. Eliot Spitzer appointed a task force in late summer to study the problem.Members include peo- aybe there’s something in the water that ple from organizations representing makes so many key New York policymakers consumers, businesses, hospitals, skeptical about the importance of costs. They health practitioners, health plans, malpractice insurers, the state Leg- can’t or won’t connect the dots to acknowledge islature and the state Health and In- that if they reduce the cost of doing business, surance departments. It’s a motley more business will be done here. crew, but all the power players are at M the table. I thought of that when I read the recent New York Times What the governor wants, how badly he wants it and how much po- story about how the Other than applicants litical capital he has left to spend number of applications from Texas, the largest will determine the outcome. He to practice medicine in number of applicants will face implacable opposition Texas shot up after the for Texas licenses comes from the trial lawyers, Shelly Silver state Legislature estab- from New York. It’s a and Joe Bruno. We need the gover- lished a $250,000 cap variant of “If you build nor’s leadership to take New York on awards for pain and it, they will come.” into the mainstream in this and suffering. Malpractice This should surprise many other areas. But he is under- insurance rates fell by no one.The state insur- cutting his power with self-inflict- more than 20%. ance commissioner reed wounds from name-calling and We are pleased to announce the promotion of Demand for Texas li- cently announced a 14% inappropriate use of the state police censes is especially high ALAIR increase in physician and the IRS. for three groups that TOWNSEND medical liability insur- It is a shame that he is squander- typically have the high- ance premiums that will ing his moral high ground so unpro- est malpractice insur- raise rates to $309,311 ductively. We will all be the worse ance rates—obstetricians, orthope- for a Long Island neurosurgeon, for it, and the reforms he cam- dic surgeons and neurosurgeons. $108,670 for an orthopedic surgeon paigned on will die quiet deaths.

CRAIN’S ONLINE POLL SHOULD MERRILL LYNCH GET INCENTIVES TO KEEP Danielle Zimbaro ITS HEADQUARTERS IN LOWER MANHATTAN? NEARLY THREE-QUARTERS of the 466 respondents to a Crain’s poll don’t think the No, profitable No, companies there’s to Senior Director city and the state should offer incentives to shouldn’t get no harm tax breaks .38% 36%. if Merrill keep Merrill Lynch downtown. Half of those moves to midtown oppose tax breaks for profitable firms, and Yes, for New York to half say there is no harm if Merrill moves to stay competitive, it’s www.cushmanwakefield.com vital for financial .26% midtown. Only a quarter say it’s important firms to be for financial firms to be clustered downtown. clustered together

For readers’ comments, see Letters to the Editor on Page 12.

October 22, 2007 | Crain’s New York Business | 13 CNYB 10-22-07 A 14 10/19/2007 2:26 PM Page 1

how to expand health coverage. The Spitzer administration has launched an effort to explore FARE HIKES Guv plays the game THE INSIDER options. THE INNER WORKINGS of the Metropolitan Transportation Authority are an “The traditional divide between enigma to most New Yorkers, and that is how governors generally like it: They DOI DOH by Erik Engquist and Anne Michaud and is, do you build it on can distance themselves from MTA private markets, [which is] what fare hikes—such as the one now being DOI wants, or on public programs, considered—yet take credit when the DOH’s view,” says one former agency does something popular. administration official. “This is It’s a game that Gov. Eliot Spitzer Making Farley something the departments do not is about to play for the first time. see eye to eye on.” But there should be no confusion MSG-friendly about the provenance of MTA MTA executive decisions, according to insiders. “Who

he dolan family, zuma pulls the strings at the MTA? The which owns Madison tapped for city? Peter Kailkow and Lee Sander governor, the governor, the governor,” says Gene Russianoff, senior Square Garden, is city hall insiders say Deputy T attorney for the Straphangers Campaign. “He’s like the Wizard of Oz—the man requesting significant Mayor Daniel Doctoroff is talking behind the curtain.” alterations to the James A. about creating an office of construction and asking Mysore The agency is guided by a 22-member board. The governor appoints six Farley Post Office interior as part of an agreement to move Nagaraja, a longtime Metropolitan members, including the chairman—Spitzer nominee H. Dale Hemmerdinger MSG into the building’s western annex, say two people who Transportation Authority is expected to assume the role this week from Peter Kalikow—as well as the participated in a state-sponsored tour last week. executive, to lead it. agency’s chief executive. Power on the rest of the board is diffused among The most striking change would involve installing a glass As a division president, Mr. seven county executives’ appointees, who cast four votes combined, and the Nagaraja is in charge of the mayor of New York’s four appointees. Five members are nonvoting. wall between the proposed train hall and MSG, which its agency’s capital construction Moreover, the governor holds the trump card: money. The MTA is beholden management wants in order to better promote events. Garden program. Any move could signal a to him for hundreds of millions of state dollars each year. Thus, plots by the changing of the guard at the MTA. mayor and county executives to amass their eight votes and marginalize the officials also want to expand two the National Park Service decides Michael Lombardi, senior vice governor’s six simply don’t happen. large interior arches leading into the that the changes trample on president for subways for New York So far, Mr. Spitzer hasn’t overtly intervened in the fare-hike debate, letting train hall. historic preservation rules.The City Transit, will retire next month MTA Chief Executive Elliot “Lee” Sander do the talking instead. That could Peg Breen, president of the New building’s exterior would remain after 45 years. change if the governor sees political upside in a more public role, as his York Landmarks Conservancy, says largely unchanged. predecessor sometimes did. George Pataki’s favorite pronoun was “they” the changes would move the An MSG spokeswoman says when MTA officials were raising fares, but “I” when discounts were at hand. In project away from its public MSG hasn’t decided to move and Legislators get November 1997, Mr. Russianoff recalls, Mr. Pataki called a press conference purpose. continues to explore the option of rated for green and “unilaterally and appropriately took credit for pushing the MTA to offer “Neither one of these things is renovating its facility. unlimited-ride cards.” necessary for the Garden to have a assemblyman Robert Sweeney,D- With Mr. Spitzer’s popularity sinking, postponing a hike could boost his successful move,” she says. “This Departments not Lindenhurst, was named Legislator approval rating. started out as a project to provide a of the Year by Environmental But if the governor decides an increase is required, he could remain great gateway to New York, and it seeing eye to eye Advocates for New York in its behind the curtain and let Mr. Sander take the blame. is turning into a lobby for the annual scorecard ratings last week. Garden.” insiders say the state Insurance Mr. Sweeney became chairman Federal tax credits of $250 and Health departments are on of the Environmental Conservation million could also be in jeopardy if opposite sides when it comes to Committee three months into the last session but still managed to end of 2008, sources say. While the steer green groups’ top four bills massive project cannot be through the Assembly. completed before Mayor Michael Senate Minority Leader Malcolm Bloomberg leaves office, he must at Smith, D-Queens, received the least make substantial progress for second-lowest grade in his it to be seen as part of his legacy. conference, just above Carl Kruger, D-Brooklyn.The group’s Oil Slick Award went to New Yorkers for Rudy takes time Real Recycling Reform, a group to lend his name funded by beverage makers and convenience stores to oppose rudy giuliani (below) always paid expanding the nickel deposit to attention to Staten Island as mayor noncarbonated drinks. and, it seems he keeps a soft spot for the borough and its politicians despite a Project faces crushing financial snag presidential campaign queens west—the centerpiece of schedule. the Bloomberg administration’s Mr. Giuliani middle-class housing agenda— will headline a faces a financing hurdle.The fundraiser for project must be exempted from an Staten Island

income cap on tax-exempt bonds, District ap images which are limited to developments Attorney Daniel Donovan at 1 p.m. for residents with much lower Oct. 24 at Bayard’s, at 1 Hanover In the automotive business, logistics is everything. incomes than those being targeted Square in Manhattan. “The mission of NJ CAR is to serve the essential business needs of automotive retailers for Queens West. Tickets are $250 or $1,000, throughout New Jersey.This state has a large and vibrant network of vehicle dealers Most of the massive project’s which includes a photo with Mr. and they all rely on the port to get the cars here on time.With nearly 750,000 cars entering or leaving the port every year, logistics is everything.You may not give 5,000 units will be for families Giuliani. much thought to the port, but it is truly the engine that keeps our economy earning $50,000 to $100,000 a year. The former mayor is revved up. For the automotive industry, the Port of Administration sources say they concentrating almost entirely on New York and New Jersey means business.” believe an exemption can be fundraising for his presidential James B.Appleton President secured from Washington; if not, campaign but agreed to help Mr. NJ Coalition of Automotive Retailers (NJ CAR) they are considering several Donovan as a favor to Giuliani alternatives to get around the cap. campaign official Guy Molinari,a Insiders say the administration Donovan ally and former borough The men and women of the port of New York and New Jersey... hopes the state-owned site will be president. Sources say it took transferred to the city in December months to arrange a date and .com or January. venue. The uniform land-use review Mr. Donovan, a Republican, New York Shipping Association, Inc. © 2007 procedure could begin in the spring faces Democrat Michael Ryan in and ground could be broken by the November. I

14 | Crain’s New York Business | October 22, 2007 Project6 10/16/07 3:58 PM Page 1

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WEEK IN REVIEW For daily news updates, go to www.crainsnewyork.com

plans to develop technology to ECONOMIC SPOTLIGHT keep copyright-protected material from being illegally posted online and wants to create new, legal distribution channels. Con Ed eyes city lawsuit consolidated edison inc. filed a $25 million notice of claim that preserves the utility’s right to sue the city if an investigation finds that negligence on the city’s part contributed to the July 18 steam pipe blast in midtown. Bloomberg upset

istockphoto with OTB take mayor michael bloomberg Raising the bar on bars threatened to shutter the THE NEW YORK POLICE DEPARTMENT NEW YORK Off-Track Betting Corp. because and the too much of its profit goes to the NIGHTLIFE ASSOCIATION unveiled a seven-page best state. OTB has revenues of about practices document containing a set of voluntary guidelines $250 million and expenses of $125 aimed at improving bar and nightclub safety. After years of million.The mayor wants more of the profits for city coffers. Economy Watch bickering over protocol at nightlife establishments, the two NY area prices held steady in September after two months of little change. groups agreed on a series of recommendations that include The city’s jobless rate remained above the U.S. level, but narrowed the gap. hiring guidelines for security guards, using identification- Torre balks AUGUST ’07 SEPTEMBER ’07 COMPARISON scanning machines, and maintaining a current list of and walks 1 NY area inflation change -0.1% 0.0% +2.4% banned customers. In return, police will use more discretion yankees manager Joe Torre NYC unemployment rate 5.7% 5.1% 4.7%2 in issuing violations. rejected a one-year, $5 million SEPTEMBER JOB TOTAL3 12-MONTH CHANGE contract offer, with a $3 million NYC employment 3,635,600 +48,400 bonus for taking the team to the Buyout battle acquiring Saks Inc., sending the 2008 World Series. Mr.Torre 1-Inflation rate for the latest 12-month period. 2-U.S. unemployment rate. 3-End-month figure, retailer’s stock up 12% in one day. led the Yankees to the playoffs not seasonally adjusted. cablevision systems corp.’s Citigroup Investment Research in all 12 seasons he was the NYC Hotel Stats Broadway Stats controlling Dolan family refused said Saks’ managers are more manager. to raise its $36.26-per-share offer likely to accept a buyout than to Room rates and occupancy levels rose Attendance and gross edged up in to take the company private amid continue turnaround efforts. in August, pushing occupancy above the week ended 10/14, The League rising shareholder opposition. Freedom Tower the 90% mark for the first time since of American Theatres and Produc- Gamco Investors Inc. and gets broker June ’05, PKF Consulting data show. ers reports. Young Frankenstein, ClearBridge Advisors, who own a Fox introduces Averages for the first eight months which is in previews and opens on combined 22.3% stake, oppose the CNBC rival real estate firm Cushman & of ’07 were $269.06 and 86.0%. 11/8, has a top ticket price of $450. deal. Shareholders will vote on Wakefield Inc. was selected by the Oct. 24. rupert murdoch’s News Corp. Port Authority of New York and launched its Fox Business New Jersey to be the main leasing Network as a rival to business company for the remaining 1.5 Morgan no longer news stalwart CNBC, but only the million square feet of office space behind the Times 1.4 million New Yorkers who in the Freedom Tower. subscribe to Time Warner cable morgan stanley investment can tune in. Cablevisions Systems Management Corp., which dominates the Long Moonves paid executive Hassan Island and Westchester County on performance Elmasry sold the markets, isn’t carrying the company’s 7.2% network. cbs corp. Chief Executive Leslie stake in The New Moonves agreed to accept a lower York Times Co. Wall St. job cuts cash salary in exchange for after unsuccessfully compensation based on the Capital IQ’s Weekly Deals Report lobbying the morgan stanley said it will cut performance of the company’s Times to change 300 jobs in its institutional stock. TRANSACTION SIZE its voting securities division, including COMPANY/LOCATION (in millions) BUYER/INVESTOR TRANSACTION TYPE structure.The move sent nearly 200 at its Manhattan-based Imus’ comeback Oxygen Media $925.0 NBC Universal Inc. SB M&A the Times’ stock to a 10-year low. fixed-income, equities and Manhattan investment banking units. … New don imus will debut his Traiana Inc. $247.0 ICAP plc SB M&A New media venture York Stock Exchange specialist revitalized Imus in the Morning Manhattan firm Van der Moolen program in December Morgans Hotel Group Co. $150.0 Not disclosed GCI former Wall Street Journal editor Specialists USA plans to on New York City’s Manhattan Paul Steiger is creating a nonprofit reduce its U.S. workforce WABC-AM. Mr. Imus Sapphire Industrials Corp. $10.0 Lazard Funding Ltd. GCI media outlet dedicated to by 25%. was fired last spring Manhattan investigative journalism. Pro from CBS Radio and SWN Communications Inc. $8.5 Ascend Venture Group, GCI Publica will launch in January MSNBC after he made Manhattan Southpaw Asset Management Online rights with 24 full-time reporters and an disparaging remarks Planet Payment Inc. $4.9 Not disclosed GCI Long Beach, L.I. operating budget of $10 million. It a group of media about the successful plans to give its work away to companies, including Rutgers University Outside.in Inc. $1.5 Village Ventures, Milestone Venture GCI Manhattan Partners, Union Square Ventures, media venues. CBS Corp. and Viacom women’s basketball individual investors Inc., announced team. Selected deals announced during the week of Oct. 7 for companies headquartered in metro New Saks for sale? guidelines aimed at —from staff York. GCI: Growth capital investment represents new money invested in a company for a minority enforcing copyright landov reports and stake. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing shares of a company without the participation of a financial buyer. speculation grew that private- protection on the DON IMUS is back, on a bloomberg news

bekka lindström bekka equity firms are interested in Internet.The group different station. reports

16 | Crain’s New York Business | October 22, 2007 Project2 10/15/07 11:18 AM Page 1

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REAL ESTATE

Deals WellCare expands in Flatiron district

When he was a broker with The Insurer takes space Jansizian Group, Max Lu repre- on West 16th Street; sented Mr. Liu in the deal. Mr. Lu has since left the firm to start Japanese products his own brokerage, M. Properties Group of Manhattan. to hit the Village —elisabeth butler cordova ellcare Man- agement Group Inc. inked a 10- Investment firm year lease for moves uptown 33,000 square feetW at 110 Fifth Ave., at West 16th wisdomtree investments inc. is Street, leasing the building’s second leaving Wall Street for midtown. and third floors. The investment firm signed a deal The health care insurer plans to to sublease the entire 21st floor, move during the second quarter of nearly 20,000 square feet, at 380 next year,according to Sacha Zarba, Madison Ave., between East 46th and a broker at CB Richard Ellis Inc., East 47th streets. who represented the tenant. His The asking rent for the space was firm also represented the landlords, $65 a square foot, and the lease ex- Rabina Properties Inc. and Gold- pires in 2014,says Glenn Markman, mick Realty. The asking rent was a broker at Cushman & Wakefield $58 a square foot. Inc., who represented the landlord, WellCare currently leases about Realm Business Solutions Inc., the 25,000 square feet at 11 W.19th St., primary leaseholder. between Fifth and Sixth avenues. WisdomTree is located at 48 Mr.Zarba says the company out- Wall St., at William Street,in a busi- grew its former space and was drawn ness center that provides office suites to the new site by the oversized win- to startup companies. It is expected dows,terrific light and high ceilings. to move uptown later this year. —theresa agovino The company had outgrown its current space, says Paul Ippolito of Newmark Knight Frank, who rep- Internet retailer resented the tenant. The midtown opens first store location was attractive because many of the company’s executives an internet retailer that spe- commute through Grand Central cializes in electronic accessories and Station, Mr. Ippolito says. toys normally found only in Japan —theresa agovino has chosen Greenwich Village for its first store. AudioCubes.com has signed a Furniture designer 10-year lease for 900 square feet at coming to TriBeCa 69 E. Eighth St., between Broadway and University Place, for its new furniture company Paul Kohn Design is bringing its unique mesquite chairs and tables to TriBeCa. Owners Elaine Paul and Barbara Kohn signed a 10-year lease for 2,000 square feet at 50 Hudson St.,at Thomas Street.The asking rent was $95 per square foot. The shop will carry the Paul Kohn line of upholstered and raw furniture designs,as well as high-end AUDIOCUBES.COM is coming to East Eighth gifts such as cashmere throws, vases Street in Greenwich Village. and linens from other companies. Ms. Paul, a former trial attorney, started producing mesquite furni- shop, AC Gears. The asking rent ture out West years ago, but this is was $125 per square foot. her first foray into New York City The store, slated to open by ear- retail. When looking for a home for ly December,will stock a wide range the shop, she only wanted to be in of trendy Japanese headphones, TriBeCa. electronic toys and digital watches. “We didn’t even consider SoHo “Nothing like this exists in the because it’s so touristy now,” Ms. U.S. right now,” says Bill Bergman, Paul says. Her daughter Amanda, a the Rose Associates Inc.broker who recent graduate of New York Uni- negotiated the deal for landlord versity, will manage the store when Uniway Partners.“You can’t get this it opens early next year. stuff in Best Buy or Circuit City.” Jason Pruger, a broker with New- AC Gears owner Kohn Liu says mark Knight Frank Retail, negotiat- the shop will use clean white shelves ed the deal for the tenant, and Neil and fixtures to show off the colorful Joffee of Newmark Knight Frank products. “It’s a mix of design and represented landlord 50 Hudson. technology,” he says. —elisabeth butler cordova CNYB 10-22-07 A 19 10/18/2007 2:24 PM Page 1

HEALTH CARE “I could see, in the next five to 10 years, tremendous pressures on the system in terms of demand. We want to keep people moving.” —Dr. Thomas Sculco, Hospital for Special Surgery, Page 22 paris and hart photos by buck photos ennis and hart paris david neff david Dr. Barbara Paris Gerald Hart Dr. Joseph Zuckerman Maimonides exec isn’t surprised by geriatrician shortage PAGE 20 A nursing home director who’s spending on improvements PAGE 20 Joint replacements may outstrip Medicare support, he fears PAGE 22 Here come the boomers A demanding generation will need more care and support, for longer time

BY JUDITH MESSINA Boomers will almost certainly live longer than previous generations and, in the process, consume more health care resources, especially as medical BABY BOOMERS, whose brashness and energy powered the discos of the ’70s, science turns killer diseases into chronic conditions. Many boomers, reinvented SoHo in the ’80s and made Wall Street the power hub of especially those in low-income communities, already suffer from the ’90s, are, believe it or not, approaching late middle age and will BABY potentially disabling problems, such as hypertension and diabetes. soon descend on the city’s health care system. BOOMERS The ramifications for providers, from hospitals to nursing homes The numbers are daunting: More than 2 million residents in New Plastic surgeries to physicians, are many, and experts say they must get out in front of York City alone were born between 1946 and 1964. And boomers, surge, as do the boomer wave before it overtakes them. better-educated and more health-conscious than their parents, are regs PAGE 24 “We are facing this potential tsunami of increased utilization as also more demanding. Likely to be divorced or never married and to the baby boomer generation ages,” says Alan D. Aviles, chief have fewer children, they will depend heavily on institutions not only for executive of the city’s Health and Hospitals Corp. “[It] is going to be one of health care, but also for social and emotional support. the central challenges of the next couple of decades.”

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October 22, 2007 | Crain’s New York Business | 19 CNYB 10-22-07 A 20 10/18/2007 2:27 PM Page 1

REPORT HEALTH CARE

NY seeks Rx for shortage DR. BARBARA PARIS of Maimonides Medical Center says working as a geriatrician of health care workers is very labor-intensive.

supply. The state has a scant 745 services will be in demand for baby Hospitals, nursing certified geriatricians among its boomers vowing to “age in place” homes scramble nearly 80,000 licensed physicians. rather than enter a nursing home, is Nationally,a bare 3% of medical stu- getting tougher as health care to find geriatricians, dents even elect to take a course in providers compete with retail stores other staffers geriatrics. and fast food restaurants for un- In the meantime, the average skilled and largely immigrant work- nurse in New York is 47 years old ers. And while New York has more BY JUDITH MESSINA and a boomer herself. Looming physicians per capita than many

holes in the workforce have the city’s other states, they aren’t lining up to buck ennis the new york eye and ear Infir- hospitals, nursing homes and home be geriatricians. mary is one of the nation’s premier health care agencies scrambling to “It’s one of the lower-paying atrics. Maimonides, where 38% of in home care programs rather than training grounds for ophthalmolo- keep workers on the job longer and jobs, compared to other specialties,” the patients are already over the age institutional settings.To keep critical gists. The largest specialty find ways to attract—and says Dr. Barbara Paris, chief of geri- of 75, has a geriatric fellowship pro- home health care workers on the job, hospital in the country,it at- hold on to—health care atrics and vice chair of the depart- gram that it hopes will help build up VNSNY and other home health care tracts top medical school BABY workers to care for the city’s ment of medicine at Maimonides staff for the boomer horde. agencies, such as the Metropolitan graduates. But that is little BOOMERS more than 2 million boom- Medical Center in Brooklyn. “It’s Jewish Health System, are trying to comfort at a time when the ers,who will start hitting re- not glamorous, and it’s very labor- More enrollment create career-advancement opportu- horde of baby boomers beginning tirement age in 2011. intensive.” nursing schools are experiencing nities for such workers. to experience the vision problems of “It isn’t as if there’s some great Geriatricians earn a median teacher shortages, but those that are Even as providers staff up in tra- aging could overwhelm the na- mystery about what’s going to hap- salary of about $160,000 each year, able to are expanding their capacity. ditional specialties, experts warn tion’s—and potentially the city’s— pen,” says Jim Tallon, president of compared with other specialists, New York University’s College of that they also need to think more health care resources. the United Hospital Fund. “We such as cardiologists, who earn on Nursing enrolls 1,100 nursing stu- broadly about how to care for aging “We’re on the edge,” says the will need more nurses and more average about $300,000. dents annually,compared with 800 a boomers, such as using more nurses chief executive of NYEEI, D. skilled, better compensated and With the first tranche of baby few years ago. The school is seeking and physician assistants to deliver McWilliams Kessler, who is already better trained home health care boomers already on their doorstep, ways to encourage experienced nurs- primary care and some specialized seeing an annual patient growth of workers.” hospitals are scrambling to get es to continue working and is also ex- services. 7%.“We are not training enough fu- ahead of the curve, developing their panding its geriatric nursing pro- “We’re headed for a disaster if we ture ophthalmologists to meet the Nursing is hurting own cadre of elder-care specialists gram with a $5 million grant from don’t think about new ways and bet- rate of age advancement in the gen- gaps in parts of the health care rather than waiting for other insti- the John A. Hartford Foundation. ter ways to get the job done,” says eral population.” workforce are long-standing, espe- tutions to provide them. The city’s The Visiting Nurse Service of Jean Moore, director of the Center Ophthalmologists are just the tip cially in nursing, where the long Health and Hospitals Corp., which New York, which last year saw a 27% for Health Workforce Studies at the of the iceberg. Nurses, home health hours and physical demands have has been seeing upticks in its jump in its client rolls, is trying an- University at Albany School of Pub- care workers, geriatricians and oth- made for early retirements and fre- Medicare patients for three years other tack,recruiting nurses right out lic Health. er doctors who are trained to deal quent shortages. Similarly, compe- now, has created a program to train of school and enticing them with op- with the elderly are already in short tition for home health aides, whose its primary care physicians in geri- portunities to be more autonomous COMMENTS? [email protected]

ing home directors say they are putting more money and effort into cre- Nursing homes target boomers ating attractive facilities and improving food choices. “Boomers have more desires,” sooner and many boomers not hav- says Gerald Hart, executive director Will need to offer ing extended families to help them of Margaret Tietz. more services for out, more will need rehabilitation While the shift to serving more before going home. For the nursing rehab patients might seem a good short-term patients; homes, it’s a salvation because solution for financially strapped funds for renovations short-term patients are generally nursing homes, more long-term far more lucrative than long-term care facilities will be needed as residents. boomers start approaching 80, Ms. BY CARMEN FLEETWOOD Barkan and others say. The sheer Grants for improvements number of patients could make for a at a time when fewer New York- the state is encouraging facilities crisis situation. ers are living out their final years in to offer more of these services by pro- nursing homes, the surging baby- viding funding for the necessary ren- Intensive care boomer generation might ovations. Margaret Tietz about half of people 85 and older be the best hope for the fi- Center for Nursing Care in GERALD HART of the suffer from some form of dementia. nancially troubled facilities. BABY Queens and Cobble Hill Margaret Tietz nursing While at-home care and assisted BOOMERS home, which has But nursing homes will Health Center in Brooklyn received state funding living make sense in the early need to offer a much broad- are among the first city nurs- for renovations. stages, sufferers in advanced stages

er array of services to take advantage ing homes to receive those grants. buck ennis require intensive 24-hour care that of New York City’s 2 million baby Some critics say,though,that the can be hard to find outside a nurs- boomers. move out of long-term care is pre- nursing homes that started in the age-related ailments is expected to ing home. For the city’s nursing homes in mature. They say the sheer size of 1980s as new options, such as adult quadruple in less than 25 years as There is a risk of not having particular,the trend means more pa- the baby-boomer generation will day care, assisted living and at-home more boomers pass the 60-year enough long-term care facilities tients will only be staying for a max- create demand for long-term care care, emerged. In New York, more mark. Other conditions often need- when needed, according to Robert imum of 90 days. About 50 facilities over the next 20 years, with more than 63 nursing homes have closed ing recuperation time include Herrick, president of the New York in the metropolitan area already people suffering from dementia-re- since 1983. strokes and heart surgeries. Boost- State Health Facilities Association, provide short-term care,and experts lated ailments such as Alzheimer’s. About 4% of New York residents ing the need for post-hospital care is which represents for-profit nursing see that number growing substan- “It’s shortsighted,” says Lou- who are 65 and older lived in a nurs- the fact that more boomers re- homes. He suggests that there has tially in the next few years. Ellen Barkan, chief executive of the ing home in 2005, according to the mained single than people of earlier been too much of a rush to cut back New York City’s nursing homes New York City chapter of the Kaiser Family Foundation. That generations or had fewer children, a the number of long-term care beds are banking on a growing number of Alzheimer’s Association.All servic- figure declined from about 9% two phenomenon accented in urban at this point. people getting medical procedures es will be needed as baby boomers decades ago. markets such as New York. “It remains to be seen who’s that become more common with age, she insists. Meanwhile, the number of baby But nursing homes will have to right,’’ he says. aging, such as hip replacements. Baby boomers are likely to con- boomers who need operations such make adjustments to draw boomers With hospitals releasing patients tinue the shift away from traditional as hip or knee replacements due to as short-term rehab patients. Nurs- COMMENTS? [email protected]

20 | Crain’s New York Business | October 22, 2007 Project2 10/15/07 11:21 AM Page 1

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REPORT Coping with need Vision Wellness for hips, knees for Better Health Hospitals work to manage rising costs At EyeMed, we see of joint replacements the impact of vision BY CAROLYN COLWELL wellness in employees bionic parts,such as new knees and who enjoy better hips, are likely to become the sym- bols of old age for baby boomers, overall health through as canes and rocking chairs were for their great-grandparents. In the annual eye exams. next two decades,one of the biggest If your company has challenges for New York City’s hospitals will be meeting the 10 or more employees, swelling demand for joint-replacement surgeries. see how an EyeMed vision The increase in procedures will

be spurred primarily by aging boom- neff david care program can help ers who desire to stay active as sen- JOINT EFFORT: New materials mean longer- iors. By 2015, hospitals nationwide lasting implants, Dr. Joseph Zuckerman notes. your employees lead could be billing about $53 billion for these procedures, up from $19 bil- healthier, more lion in 2005, according to Philadel- Techniques that delay or stop the phia consulting firm Exponent.The progression of osteoarthritis,such as productive lives. need for hip and knee replacements the injection of some kind of stem could quadruple by 2030. cell or growth factor, could be forms New York City hospitals are of early intervention that will sup- strategizing about how to deal with plant or delay surgery, he says. To learn more about how the surge. They are striving to keep For now, hospitals are exerting vision wellness leads to costs down by using improved tech- more control over the expenses of nologies and surgical techniques, as replacement procedures. The Hos- better health for your well as nonsurgical alternatives. pital for Joint Diseases has cut im- They are also trying to be more effi- plant costs by 20% by introducing employees, contact your cient with resources. competitive bidding and negotiat- “I could see, in the next five to 10 ing prices with implant vendors. broker or call EyeMed at years, tremendous pressures Area physicians are on the system in terms of playing their part by moni- 888-4-EyeMed. demand,” says Dr. Thomas BABY toring their utilization.They Sculco, surgeon in chief at BOOMERS will no longer give a 70- the Hospital for Special year-old a device designed Surgery in Manhattan.“We want to to handle the activity level of a 35- keep people moving.” year-old,which costs twice as much. In the long run, whether hospi- Less-invasive surgical tech- tals can keep pace may depend upon niques help, too. When smaller in- the Medicare system’s response to cisions are used, hospital stays are the cost crunch. The demographic shorter, rehab is quicker and pain deluge will begin in 2011, when the management is easier. oldest baby boomers turn 65 and be- As the need to increase proce- come Medicare-eligible. Medicare dure volume and revenues collides has historically reimbursed less than with budget constraints, hospitals half the cost of hip and knee re- are working even harder to create ef- placements,according to Exponent. ficiencies. North Shore-Long Is- land Jewish Health System, which Facing the future also serves Queens and Staten Is- meanwhile,New York City hospi- land, is setting up dedicated ortho- tals are looking to medical advances pedic operating rooms, says Nina and greater efficiencies to help them DePaola, executive director of or- cope with demand. thopedics and rehabilitation. Improved technology may offset But these efforts might not be the need for joint-replacement re- enough to overcome the growing repairs as boomers age.In the past,hip imbursement problem. Medicare replacements usually lasted 20 years. payments now cover less of the pro- Thanks to new and stronger mate- cedures’ costs. Over the past 16 rials, “I expect a lot of the implants years, the proportion of the expense I’m putting in patients in their 50s that’s covered has dropped 39% on will be lasting the rest of their lives,” average, the American Association says Dr.Joseph Zuckerman,chair of of Orthopaedic Surgeons says. For orthopedic surgery at New York 2007,the reimbursement is $10,544, University’s Hospital for Joint Dis- which in some cases covers just half eases in Manhattan. the cost of the implant device alone. Biomedical advances could even “I’m worried about the system diminish the need for replacements. being able to support [the de- “I predict that over the next 20 years, mand],” says Dr. Zuckerman. we will develop ways to resurface joints biologically,” Dr. Sculco says. COMMENTS? [email protected]

22 | Crain’s New York Business | October 22, 2007 Project12 8/23/07 6:19 PM Page 1

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76762r1_GHI259_creativeA.indd 1 8/21/07 01:24:36 PM CNYB 10-22-07 A 24 10/18/2007 2:31 PM Page 1

REPORT HEALTH CARE

SCALPEL OF YOUTH Closer look at cosmetic procedures Physician/surgeon fees in 2006. Surgical Average fee dures were performed in the United and lower overall costs. Today, all cosmetic procedures require gen- procedure nationwide* As numbers surge, States last year, 40% more than in more than half of all cosmetic sur- eral anesthesia, but those most pop- so do regs on office- 2000, and most on patients born geries are done in offices, which re- ular with boomers, including eye- Abdominoplasty between 1946 and 1964, according ceive far less regulatory scrutiny and face-lifts, typically do. (tummy tuck) $5,263 based surgeries to the American Society of than ambulatory centers Plastic Surgeons. and hospitals. More consumer security Blepharoplasty BY WENDY DAVIS BABY (eyelid surgery) $2,882 The rise in the number BOOMERS That situation is chang- because it’s legal for any doc- of cosmetic surgeries over ing in New York, which last tor—regardless of specialty—to Chin augmentation $2,788 baby boomers are increasingly the past 15 years tracks summer joined 15 other perform cosmetic surgery, inde- turning to cosmetic surgery to stave both the aging of boomers and the states in imposing new rules for all pendent certification provides some Face-lift $6,532 off wrinkles and the other visible ef- increase in doctors performing of- office-based surgeries. By 2009, extra protection for patients.Board- Forehead-lift $3,255 fects of aging. fice-based surgery, which gives pa- physicians using more than a local certified plastic surgeons have faced Almost 11 million such proce- tients easier access, more privacy anesthetic must be accredited. Not these mandates for several years,be- *Does not include fees for anesthesia, surgical facilities or other items. Source: American Society for Aesthetic Plastic Surgery

cause the American Society for Aesthetic Plastic Surgery and the American Society of Plastic Sur- geons already require that members certify their operating facilities. “There will be compliance costs, to the extent that doctors’ offices need to be upgraded,” says Andrew Roth, a partner in the health practice at Mintz Levin Cohn Ferris Glovsky and Popeo. Those costs will include higher maintenance expenses and will most likely be passed on to patients, particularly in the case of procedures, such as elective cosmetic surgery, not covered by insurance. New York legislators have been considering regulating the growing office-based surgery field since 1999,but the issue took on new momentum in 2005, after Dr. David Haim Ostad lost his medical license following several botched plastic surgeries. The state Department of Health hasn’t yet chosen an accrediting group, but industry watchers and doctors think the agency will prob- At the Maimonides Cancer Center, ably select the American Associa- tion for Accreditation of Ambu- latory Surgery Facilities, the we believe it takes a lot of people to Accreditation Association for Am- bulatory Health Care and The Joint treat a person as an individual. Commission. Building, retrofitting expensive the aaaasf, the largest of the groups, already has layout require- ments for physicians’ offices where surgery is performed.The operating facility must have a perimeter of at least four feet to allow for wheel- In a recent issue of The New York Times, the highly respected on- structured sessions that can include spirited discussions among the chairs and stretchers in case of cologist John H. Glick was quoted as saying, “In cancer, there is fre- various disciplines. emergency. The location must also quently no best doctor and no one best treatment.” These exchanges are well worth the effort because they contrib- have a backup power system, and At the Maimonides Cancer Center, not only do we embrace this ute to a more precise diagnosis and individually tailored treatment temperature and humidity controls. philosophy, we put it into practice each and every day. for the patient. Dr. Alan Gold, a plastic surgeon We refer to it as our multidisciplinary approach: This means the Of course, at Maimonides, in addition to offering our patients in Great Neck, L.I., and president needs of our patients and their diseases are considered by many the very latest approaches in the treatment of cancer, we also offer of the AAAASF, paid $350,000 to specialists from many perspectives. some old-fashioned TLC. Whether it’s lending an ear, uttering a com- build his office to meet those speci- Every week, physicians from radiology, surgery, pathology, ra- forting word or offering a well-timed pat on the back. fications. Costs vary depending on diation oncology, and medical oncology meet to discuss patient In essence, at the Maimonides Cancer Center, when it comes to the area,and retrofitting can be even treatment at our case management meetings. treating our patients, we believe many heads and many hearts are more expensive. Mr. Roth predicts that the rules These meetings aren’t social teas. They are very better than one. will cause at least a small portion of doctors to stop performing office- based surgeries. “Those offices that may not be Maimonides. well-capitalized, or where the prac- CancerCancerCancer Center CenterCenter Passionate about medicine. Brooklyn’s only dedicated cancer center. titioner doesn’t have the wherewith- Compassionate about people. al or the desire to go the accreditation route—those will be the ones that won’t be in a position to offer For more information, visit www.maimonidesmed.org or call (718) 765-2500. office-based surgery,” he says. COMMENTS? [email protected]

24 | Crain’s New York Business | October 22, 2007 CNYB 10-22-07 A 25 10/18/2007 2:35 PM Page 1

SMALL BUSINESS Health savings accounts pay off

Complexity aside, WHERE TO LOOK We’re pleased to announce plans offer firms For more information on health an affordable option savings accounts, go to: HSA for America J www.health-savings-accounts. F Sciame Construction BY STEVE GARMHAUSEN com/hsa-info.htm Company, Inc. othing comeseasy for Information Strategies small business own- www.hsafinder.com ers—certainly not sav- has leased a full floor ing money on health U.S. Treasury totaling 37,000 RSF. insurance. www.treas.gov/offices/ NAngelo and Antonio Gnerre, public-affairs/hsa/ owners of Da Vinci Pizza, found An aggressive program has resulted that out two years ago when they in over 130,000 SF of new leases ditched their HMO plan in favor of ums or medical care through the in- signed since May 2007. a newfangled alternative. surance plan. The deposits can be Right away, they noticed that rolled over from year to year, invest- there was more paperwork. ed in mutual funds, and eventually “It’s a little more complicated,” used to provide a health-care nest says Angelo Gnerre. But he quickly egg for retirement. 14Wall.com adds that Da Vinci’s new health sav- For leasing information, please contact: Diluted advantages ings account plan is well worth the Howard Fiddle Bradley P. Gerla Jonathan A. Cope Michael Higgins hassles. He reckons that it has cut in new york state, HSAs face an- 212.984.6525 212.618.7066 212.618.7015 212.618.7011 the insurance premiums that he and other hurdle. Their cost advantages howard.ﬁ [email protected] [email protected] [email protected] [email protected] his brother pay for themselves at are diluted by the state’s community their Bensonhurst, Brooklyn-based ratings system, which prohibits in- Exclusive Leasing Agent: eatery by a total of over $10,000 in surers from adjusting their rates de- little more than two years, while pending on customers’ health histo-

everyone else’s health insurance bills ry and applies to employers with CSE-1042 Sciame Tombstone CRAINS 6x6.indd 1 10/15/07 1:44:51 PM have been soaring. fewer than 50 workers. Touted as an affordable health Philip Fina,a partner in Fiducia- insurance alternative—and an ideal ry Intermediary Ltd., a Manhattan- solution for small businesses that based insurance broker, predicts could not otherwise afford to offer that HSAs will gain in popularity as coverage to their employees—four- a gap widens between soaring pre- year-old health savings accounts are miums for conventional insurance catching on fast. plans and steady costs of HSAs. By the end of this year, there will “That’s going to force more em- be 8 million such accounts, accord- ployers to take a look at them,” Mr. ing to Information Strategies Inc., a Fina says. His own firm started of- Ridgefield,N.J.-based research firm fering health savings account plans that tracks the plans.That is up from at the beginning of the year. 3.6 million accounts last year. Richie Lombardi, president of Initially, acceptance was held AZ Container Freight Station Inc., back by the plans’ complexity: Al- a trucking and warehousing firm in though they are referred to simply as Linden, N.J., made that move three HSAs, the plans actually involve years ago. He signed his 30 office two separate elements. employees up for high-deductible health plans offered by Staten Is- Main components land-based PerfectHealth Insur- the first is a health insurance plan ance Co. Since then, his premiums with deductibles around $5,000 per have barely budged. family per year and premiums that “The fact that they didn’t go up average 30% to 40% below those of 15%, that’s amazing,” he says. most HMOs and PPOs. The sec- PerfectHealth partners with ond is a health savings account into Leesport Financial Corp., a Wyo- which an account holder and an em- missing, Pa.-based bank that pro- ployer can place as much as $2,850 vides the health savings accounts. for an individual and $5,650 for a But high-deductible health insur- family annually. ance policyholders can use any bank IS MONEY The money is tax-exempt as long that offers the accounts. as it is used for expenses such as pre- COMMENTS? scription drugs, insurance premi- [email protected] Everyone who runs a business knows that time is a precious commodity. Business Banking from HSBC has solutions to help you make the most of BALKING BROKERS your time and money. SOME INSURANCE INDUSTRY OBSERVERS say that one reason why many small >Visit your local branch businesses in New York have shunned health savings accounts is that some >1-866-427-2103 brokers shy away from them in favor of pushing more lucrative plans. >us.hsbc.com/business “Part of the brokerage community in New York looks at them as generating lower premiums and requiring more work,” says Robert McCord, vice president of sales and marketing for Staten Island-based PerfectHealth Insurance Co., which offers the high-deductible plans that are the backbone Products in the United States offered by HSBC Bank USA, N.A. or HSBC National Bank USA. Both banks are Member FDIC. of HSAs. He also notes that brokers are traditionally the gatekeepers to the ©2007 HSBC Bank USA, N.A. small business market.

October 22, 2007 | Crain’s New York Business | 25 CNYB 10-22-07 A 26 10/18/2007 6:59 PM Page 1

NEIGHBORHOOD JOURNAL

BROOKLYN Brooklyn, Bronx go on health kicks HEALTHWORKS

ing from the state, the boroughwide With new funding now in place, stacles to business growth.” CURRENT12/31/08 Insurance plan helps program reopened this month to the chamber expects to more than Small businesses in Brooklyn ENROLLMENTPROJECTIONS small business in one new enrollees. triple the number of businesses and consistently lose staffers to big firms 125 405 When the Brooklyn Chamber of employees in the plan by the end of that offer benefits, and Health- Businesses enrolled borough; sports club Commerce and insurer GHI next year. Works is seen as a way to help level launched the plan,offering coverage “It’s a revolution in many ways the playing field. 640 2,040 comes to the other subsidized by the federal govern- that we are subsidizing health care “Health insurance premiums are Employees covered ment and a private foundation,busi- and providing it for a very vul- very, very expensive, and unless you PREMIUMS START AT: rooklyn healthworks, nesses quickly queued up.The crush nerable population,” observes Carl work for a major company, you’re an all-too-popular was so great that the subsidies were Hum, president of the chamber. not going to get a good deal,” says $199 for individual coverage health insurance plan for exhausted within two years;new ap- “In our membership surveys, [the Assemblyman Joseph Lentol, who $587 for family coverage small businesses, is back. plicants have been turned away cost of ] health insurance has con- worked with state Sen. Martin BCourtesy of fresh fund- since March 2006. sistently ranked in the top three ob- Golden to fund HealthWorks for Source: Brooklyn Chamber of Commerce their borough. “So subsidies, unfor- tunately, are required.” To be eligible for HealthWorks, businesses must have between two and 50 employees, 30% of whom earn less than $36,500 annually.The businesses must not have provided more than minimal coverage for workers in the past year. —erik engquist Sports club throws its weights around it’s taken years, but residents of the Bronx will soon have their very own New York Sports Club.The fitness company will open its first location in the borough next month in Morris Park, at a 29,000-square- foot former salsa club on Bronxdale Avenue. Town Sports International, the club’s parent, had been looking for suitable space in the Bronx for three years, according to Gerard Buckley, director of development. “More and more of our members were moving to the Bronx and ask- MARKET PRICE FOR ELECTRICITY ing for a sports club,” he says. The company has 39 locations in YEARS Manhattan, six in Brooklyn and Queens, and one on Staten Island. Morris Park, viewed by many as a rival to Arthur Avenue for the title of the borough’s Little Italy, has changed over the past decade. Its Hispanic population has doubled and now makes up nearly 40% of the total. Italian restaurants are starting to give way to other international cuisine; however, pizza parlors still dominate the local streetscape. The arrival of the sports club is a step in a more healthful direction. “We were ecstatic when we heard they were moving in,” says John Nobody knows what energy prices will do. But your business, large or small, can take firm control of your energy costs with a Fratta, district manager for Bronx Community Board 11. He says Constellation NewEnergy long-term purchasing plan. This kind of innovative thinking is working for two thirds of the Fortune 100. many residents travel outside the neighborhood to find an all-inclu- See how it can work for you. Visit newenergy.com/control or call 1-877-CNE-8100. sive gym. For years, the Bronx has performed poorly in citywide assess- ments of health, recording high rates of obesity, diabetes and asth- ma. Morris Park has a slight edge in health care, since it’s home to Jaco- bi Medical Center and the Albert Einstein College of Medicine. However, fitness options are few and far between. When the NYSC opens in November, it will have the only indoor pool in the district. “The pool will be a huge draw,” predicts Mr. Fratta. —hilary potkewitz

26 | Crain’s New York Business | October 22, 2007 CNYB 10-22-07 A 27 10/18/2007 7:02 PM Page 1

CBS stations knock Lite FM from No. 1 slot

Return of oldies Aside from two reporting peri- Additionally, a portion of Not all the news been an all-local ods in 2001, when it placed No. 2 WLTW’s younger listeners have was bad for Clear LOWERING lineup and to al- hurts longtime among total listeners, WLTW had migrated to WWFS, better known Channel. For the ter its established been the No.1-rated station since at as Fresh FM. first time since at THE VOLUME morning show. leader, but sister least 1999. The station, which switched to a least the 1980s,Top 106.7 Lite FM’s audience. “If you make station fills the void soft-rock format in January and 40 station WHTZ, Share* Rank changes, even if Wave has crashed changed its call letters from or Z-100,was No.1 they’re not devas- “ltw has ridden a wave that was WNEW, came in 17th with a 2.5 with a 5.1 share, Summer ’06 6.0 1 tating changes, it BY MATTHEW FLAMM bound to crash at some point,” says share.Though better than last sum- Mr. Poleman says. gives people the Fall ’06 7.1 1 Peter Gusmano, U.S. director of mer’s showing, it is down from 11th chance to go out the long-reigning champion of client services at media buying place in the spring. Risky changes Winter ’07 6.2 1 and sample other the New York airwaves, Clear agency MindShare. “The market Clear Channel predicts that some observers stations—and at Channel’s WLTW-FM, has lost its became saturated with the Lite WLTW will soon be back on top. blame WLTW’s Spring ’07 5.4 1 just the wrong No. 1 position, and resurgent CBS format.” “WLTW was hit with a two- declining numbers Summer ’07 4.3 3 time,” says radio Radio stations WCBS-FM and Radio observers also note that pronged attack,” says Tom Pole- on marketing and consultant Robert WWFS-FM can take some of the WLTW now has stronger competi- man, senior vice president of pro- programming al- *Average quarter-hour share for listeners Unmacht. aged 12 and over. credit. tion. The biggest challenger is gramming for Clear Channel’s New terations. Arbitron’s sum- WLTW, also known as 106.7 WCBS-FM, which in July reverted York cluster. “When there’s some- For a while, for Source: Arbitron Inc. mer survey marked Lite FM, dropped to third place to its oldies format from Jack FM. thing new, people want to check it example, the sta- the last time that among listeners aged 12 and over, WCBS has grabbed some of out.” tion stopped marketing itself as Lite paper diaries will be used to deter- according to Arbitron’s summer Lite FM’s older listeners as its 3.7 Mr. Poleman points out that FM, though it has since brought mine ratings for the New York survey. The easy-listening station share put the revitalized station in WLTW’s numbers got better in back the moniker. market. The system has been re- had a 4.3 audience share, down 20% sixth place, compared with the No. September, the final month of the And last fall, cost-cutting pres- placed by Portable People Meters. from the spring ratings period and 20 spot it held in the summer of summer ratings period, and he ex- sures led Clear Channel to add syn- down 28% from summer 2006. 2006. pects continued improvement. dicated show Delilah to what had COMMENTS? [email protected]

The restaurant group has been ap- loans. As of Oct. 14, the agency had proved for an SBS loan of $10,000 two dozen requests.It had granted a Many businesses turn down and has applied for $300,000 in total of $263,300 in loans to four SBA loans. businesses;17 applications had been “We need the cash to pay the denied, and three businesses had rent,” Mr. McKenna says. withdrawn. offers of disaster relief Rather than making loans, the Just a trickle SBS is offering $1,000 “emergency who wished to avail themselves of Street, was closed for two months, businesses in brooklyn and grants” to commercial victims of the Largely avoiding this program had the opportunity to had to investigate every source of Queens that were affected by the tornado. So far, the city agency has federal, city loan do so,” says a spokeswoman, noting help. August tornado and subsequent awarded three grants in Brooklyn.It that agency representatives went “We used up our reserves trying flooding are similarly reluctant to continues to encourage eligible programs; don’t door-to-door. to pay employees,and repair and buy assume additional debt. Those op- businesses to apply. Meanwhile, just eight midtown equipment,” says Jim McKenna, erations have until Oct. 30 to apply want more debt businesses applied to the U.S. Small Sophie’s chief development officer. for the SBA’s physical-damage COMMENTS? [email protected] Business Administration for physi- BY AMANDA FUNG cal-damage loans; only one company received the aid, in the form of a though thousands of city busi- $10,000 low-interest loan. The nesses were hit hard by natural dis- deadline for applying for those loans asters this summer, few have turned was last month, but businesses have to city and federal loan programs for until April 28, 2008, to apply for economic relief. economic-injury loans. The New York City Department Some have no choice SAVE of Small Business Services has is- sued a total of $583,500 in no-inter- many owners say they didn’t apply est loans to 76 businesses affected by for either city or federal aid because the midtown Manhattan steam pipe they don’t want to take on more explosion in July. The application debt.But some,like Sophie’s Cuban deadline was Sept. 28. Cuisine, a chain whose location at “We are satisfied that all [those] 369 Lexington Ave., near East 41st

NO, THANKS: Fewer than 100 businesses affected by the midtown steam pipe accident have filed for aid.

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¹For all checks correctly scanned using Remote Deposit Capture scanner and transmitted to HSBC by 8:00 pm Eastern Time, customer will receive same-day ledger credit of funds. All checks scanned after 8:00 pm will post the following business day. The Bank’s policy is to make funds from customers’ deposits quickly available to the customer according to a schedule which is based on where the check is drawn. Certain fees and charges may apply. For details, please contact an HSBC business representative at 877-HSBC-BIZ option 3. Products in the United States offered by HSBC Bank USA, N.A. or HSBC National Bank USA. Both banks are Member FDIC. ©2007 HSBC Bank USA, N.A. buck ennis

October 22, 2007 | Crain’s New York Business | 27 Project5 10/19/07 2:32 PM Page 1 CNYB 10-22-07 A 29 10/18/2007 8:13 PM Page 1

THE WEEKS AHEAD

THIS WEEK’S EVENTS Fashion Institute of Technology, $10 thereafter. (212) 679-1201 or OCTOBER 23 Seventh Avenue and 27th Street, [email protected]. Strategies for Growth and Gotham City building D, Katie Murphy NOVEMBER 8 Networking hold program on Amphitheater. Fee: $100 members, $125 Employment Line holds seminar on the optimizing business growth. 6 p.m. to nonmembers. (201) 692-8087 or necessity of employee background 8:30 p.m., Friar’s Club, 57 E. 55th St. retailmarketingsoci@retailmarketingsociety checks. 8:30 a.m. to 10:30 a.m., Hotel J. Binn J. DiGioacchino M. Gordon W. Cai Free. Advance registration required. .org. Madison Towers, 22 E. 38th St. Free. (800) 226-2428 or NOVEMBER 1 (212) 931-6430 or ONLINE NOMINATIONS [email protected]. Crain’s New York Business holds [email protected]. OCTOBER 23 networking breakfast and program on NOVEMBER 8 40 UNDER 40 NOMINATIONS DUE BY OCT. 31 New York State Society of Certified the business of arts and culture. 8 a.m. to Business Marketing Association, New Public Accountants holds tax planning 9:30 a.m., Grand Hyatt, East 42nd York chapter, holds conference on CRAIN’S SEEKS the best and the brightest of New York’s businesspeople for its seminar. 8:30 a.m. to 12:30 p.m., 3 Park Street and Grand Central Terminal. Fee: building brand loyalty. 8 a.m. to 9:30 annual “40 Under 40” special report. Nominate your candidate today at Ave., 19th floor. Free. (212) 618-8862. $65. (212) 210-0739 or a.m., Harvard Club, 27 W. 44th St. Fee: www.crainsnewyork.com. The deadline for submissions is Oct. 31. OCTOBER 23 www.crainsnewyork.com/events. $55 members, $75 nonmembers, $10 Seidbet Associates holds workshop on NOVEMBER 1 students. (973) 962-6300. Candidates must be under 40 when the issue appears on March 3, 2008. networking. 7 p.m. to 9 p.m., 45 E. 33rd Magazine Publishers of America holds NOVEMBER 9 St., room 209. Fee: $65. (212) 260-2026 forum on digital matters and online ASIS International, New York chapter, or [email protected]. content duplication. 12 p.m. to 2 p.m., holds lunch on the role of the United Fee: $35 members, $45 nonmembers. NOVEMBER 26-DECEMBER 2 OCTOBER 24 810 Seventh Ave., 24th floor. Fee: $125 States in Iraq. 12 p.m. to 2:30 p.m., (718) 230-1469 or NOVEMBER 28 Business Network International, chapter members, $225 nonmembers. University Club, 1 W. 54th St. Fee: $65. [email protected]. Yeshiva University holds course with 37, holds networking breakfast. 7 a.m. to (212) 872-3733 or [email protected]. (212) 729-0202. NOVEMBER 14 Jacky Teplitzky on becoming a New 8:30 a.m., Pera Brasserie, 303 Madison NOVEMBER 3 Crain’s New York Business holds lunch York City real estate broker. 7 p.m. to Ave. Free. (201) 289-2208 or Greater Harlem Chamber of Commerce NOVEMBER 12-18 program with city’s most influential 8:30 p.m., 500 W. 185th St. Free. [email protected]. holds workshop on business plans for NOVEMBER 12 women. 12 p.m. to 2 p.m., Cipriani, 110 (212) 960-5400. OCTOBER 24 urban entrepreneurs. 9 a.m. to 3 p.m., Merrill Lynch holds workshop on estate E. 42nd St. Fee: $150. (212) 210-0739 NOVEMBER 28 New York Public Library’s Science, Adam Clayton Powell State Office planning and credit and asset protection. or www.crainsnewyork.com/events. Event Management holds business Industry and Business Library holds Building, 163 W. 125th St., second 6:30 p.m. to 8 p.m., AJ Maxwell’s NOVEMBER 15 expo. 7 a.m. to 7 p.m., Jacob K. Javits lecture on how investors can achieve floor. Fee: $30. (212) 862-7200 or Steakhouse, 57 W. 48th St. Free. Score NYC holds seminar on importing Convention Center, 655 W. 34th St. financial success. 5:30 p.m. to 7 p.m., [email protected]. (212) 382-8436 or and exporting. 9 a.m. to 4 p.m., Free. (860) 658-5700 or 188 Madison Ave., room 018. Free. [email protected]. American Management Association, [email protected]. (212) 592-7000. NOVEMBER 5-11 NOVEMBER 13 1601 Broadway, eighth floor. Fee: $40. NOVEMBER 29 OCTOBER 25 NOVEMBER 7 Banco Popular holds networking (212) 264-4507 or [email protected]. New York Public Library’s Science, Score NYC holds seminar on business Foundation for Accounting Education reception on the 15-second pitch. 6 p.m. NOVEMBER 15 Industry and Business Library holds plans. 1 p.m. to 4 p.m., American holds conference on restaurant and to 8 p.m., 441 Second Ave. Free. Institute of Management Accountants, seminar on maximizing your media. Management Association, 1601 hospitality. 8:30 a.m. to 12 p.m., 3 Park (212) 679-1201 or New York chapter, holds seminar on tax 5:30 p.m. to 7 p.m., 188 Madison Ave., Broadway, eighth floor. Fee: $40 in Ave., 19th floor. Fee: $100 members, [email protected]. strategies for individuals and room 018. Free. advance, $50 at door. (212) 264-4507 or $125 nonmembers. (800) 537-3635 or NOVEMBER 13 corporations. 5:30 p.m. to 8:30 p.m., (212) 592-7000. [email protected]. www.nysscpa.org. Camba’s Small Business Services holds Robert Half International, 33 Whitehall —adrianne pasquarelli NOVEMBER 7 workshop on choosing a home-based St., 11th floor. Fee: $40 members, $45 OCTOBER 29-NOVEMBER 4 North Fork Bank holds breakfast business. 10 a.m. to 4 p.m., 884 Flatbush nonmembers, $25 students. OCTOBER 29 program on small business. 7:30 a.m. to Ave., second floor, Brooklyn. Free. Space (347) 643-6185 or [email protected]. TO LIST YOUR EVENT Foley & Lardner holds conference on 10 a.m., New York Marriott at the is limited. Advance registration required. Crain’s lists meetings online and includes them in the intellectual property valuation and Brooklyn Bridge, 333 Adams St., (718) 282-2500, ext. 242, or NOVEMBER 19-25 print edition as space permits. NYC events with fees remedies. 7 a.m. to 5 p.m., Westin New Brooklyn. Fee: $35 members, $45 [email protected]. NOVEMBER 19 under $300 are considered for the print publication. NOVEMBER 13 York at Times Square, 270 W. 43rd St. nonmembers. (212) 975-6653 or Manhattan Chamber of Commerce Listings can be submitted only through the Crain’s Free. Registration required. [email protected]. Women’s Wellness Society, New York holds networking reception. 6 p.m. to 8 Web site. Go to www.crainsnewyork.com and click (312) 832-4507 or NOVEMBER 7 chapter, holds meeting on energizing a p.m., Park Avenue Bank, 350 Park Ave. on “Events.” Sponsors have a choice of several free www.foley.com/guardingthetreasure. RE Speed Network holds commercial business. 6:30 p.m. to 9 p.m., Sarabeth’s Free. Space is limited. (212) 473-7805 or or paid listing options. All business events will be OCTOBER 30 real estate speed-networking event. 5:30 CPS Restaurant, 40 Central Park South. [email protected]. posted online within two business days. Retail Marketing Society holds p.m. to 8 p.m., Morgan Lofts, 11 E. conference on the economic outlook for 36th St., Oak Room. Fee: $50 in Christmas 2007. 8 a.m. to 12 p.m., advance, $75 at door. (212) 532-8378. NOVEMBER 8 More meetings online at NYC Business Networking Group holds www.crainsnewyork.com event for small business owners. 6 p.m. Click on “Events” to 8 p.m., Banco Popular, 441 Second Ave. Fee: free if registered before Nov. 5; AND LET THE Manhattan next stop for L.I. bank State Bank opening The institution is pursuing two CASH main opportunities in Manhattan, office to serve says State Bank Chief Executive Tom O’Brien. business customers First, the move gives former customers of Atlantic Bank of New York—which Mr. O’Brien ran be- BY TOM FREDRICKSON fore New York Community Ban- state bank of Long Island is mov- corp bought it—the chance to rejoin him and other Atlantic bankers. FL W ing up in the world—to the 16th floor of 780 Third Ave.,to be precise. Personal touch A dedicated business relationship manager from HSBC has solutions that The $2 billion bank, based in can help save you time and money. 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October 22, 2007 | Crain’s New York Business | 29 Project4 10/19/07 12:53 PM Page 1 CNYB 10-22-07 A 31 10/18/2007 8:12 PM Page 1

Building Airline deal adds nonstops to Europe boom is Delta gets more slots in London, France; Heathrow Airport. Delta will also fly nonstop to Lyon, France. may upset business-class balance of power The airlines will share cost and revenue on a 50-50 basis and will expected airlines access to airports in both the combine their frequent-flier pro- BY HILARY POTKEWITZ United States and the European grams. Union. Since emerging from bank- The move is significant for DELTA AIR LINES has to slow delta air lines and Air France- ruptcy in April, Delta has focused Delta, which had no access to beefed up its JFK hub.

KLM entered into a 50-50 joint on beefing up its Northeastern hub Heathrow and limited access to getty images Nonresidential venture for their transatlantic at JFK by adding 14 international Charles de Gaulle. The venture flights, which will add more non- routes. was designed to challenge British upset the balance of power at Eu- spending still rising; stop flights to Europe from John F. Starting in April, Delta will be Airways, Virgin Atlantic and rope’s busiest airport and may lower Kennedy International Airport. able to add nonstop flights by using American Airlines,which dominate fares in the pricey London business- housing leveling off The merger is one of the first Air France’s landing slots at Paris- the transatlantic market. class market. deals to come out of the Open Skies Charles de Gaulle International Airline analysts expect that agreement, designed to allow more Airport and at crowded London Delta’s entrance to Heathrow will COMMENTS? [email protected] BY THERESA AGOVINO

the torrid pace of construction spending in New York City—up 18.3% last year—is expected to moderate in the next few years, with housing construction slowing down the most, according to a report released last week. Spending is expected to jump 6.5% this year to $26.2 billion and A Special Offer increase 5% in 2008 to $27.5 billion, according to the New York Building Congress report. In 2009, spending is anticipated to jump 5.5% to $29 for Small billion. Nonresidential building, which includes office towers, has been powering the surge in construction Businesses spending.It nearly doubled last year to $7.9 billion and is projected to increase 5% this year to $8.3 billion.But spending in that sector hasn’t peaked with Big and is expected to reach $9.5 billion in 2008 and $11.2 billion in 2009. However, spending on housing Ambitions. construction, which is expected to jump 14% this year to $5.6 billion,is Grow your business with BroadbandAccess. Get high-speed wireless access to ﬁles, e-mail and the Web, Construction so you can stay productive in or out of the ofﬁce. With 24-hour spending is support and America’s Most Reliable Wireless Network behind expected to rise you, your small business can be bigger than you think. 6.5% this year

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October 22, 2007 | Crain’s New York Business | 31 nb43p32_33cls.qxp 10/18/07 2:06 PM Page 32

BUSINESS MANAGEMENT SECURITY Business Management Services Jay Richards Security, Inc. PUBLIC & LEGAL NOTICES Cash Management Services ● Bill Payment Voted #1 Hands on Security Operation in NYC! Notice of Qualification of Waldo’s $1 Mart, Notice of Formation of Integrated Technology Notice of Qualification of Centurion Global Tax & Financial Services ● Financing Assistance LLC. Authority filed with NY Dept. of State on Systems NYC LLC. Authority filed with New Partners, L.P. Authority filed with Secy. of (212) 631-9500 ● www.mayercpa.com Security Guards • Bldg Security 8/30/07. Office location: NY County. Principal York Dept. of State 1/10/06. Office location: State of N.Y. (SSNY) on 8/30/07. Office Bonded & Insured • NYS Lic. business address: 831 Pearl St., Boulder, CO New York County. LLC formed in Delaware location: NY County. LP formed in Delaware Offices in NYC, Brooklyn & L.I. 80302. LLC formed in Delaware (DE) on (DE) on 12/21/05. Sec. of State designated (DE) on 8/22/07. SSNY designated as agent of LP upon whom process against it may be Cash Management & CFO Services Call 718-858-1180 11/17/98. NY Secy. of State designated as as agent of LLC upon whom process against agent of LLC upon whom process against it it may be served. Sec. of State shall mail served. SSNY shall mail process to principal may be served and shall mail process to: c/o process to: 509 Madison Ave. Suite 1200, NY, business location: 101 Park Ave., NY, NY BUSINESS SERVICES VIDEO PRODUCTION CT Corporation System, 111 8th Ave., NY, NY NY 10022. DE address of LLC: 3500 South 10178. DE address of LP: c/o Corporation 10011, registered agent upon whom process DuPont Highway, Dover, DE 19901. Cert. of Service Company, 2711 Centerville Road, Ste. may be served. DE address of LLC: 1209 Formation filed with DE Sec. of State, P.O. 400, Wilmington, DE 19808. Name/address Orange St., Wilmington, DE 19801. Arts. of Box 898, Dover, DE 19903. Purpose: Any of each genl. ptr. available from SSNY. Org. filed with DE Secy. of State, P.O. Box 898, lawful activity. Cert. of LP filed with DE Secy. of State, 401 CM A Merchandise & Dover, DE 19901. Purpose: any lawful activity. Federal St., Dover, DE 19901. Purpose: any Notice of Qualification of HFS REALTY NEW lawful activity. Television Production Company Notice of Qualification of WMT Investors LLC. YORK 6, LLC. Authority filed with Secy. of Authority filed with Secy. of State of N.Y. State of N.Y. (SSNY) on 9/21/07. Office Notice of Qualification of JWS Partners I, Creating Concerts with (SSNY) on 9/21/07. Office location: NY location: NY County. LLC formed in Delaware L.P. Authority filed with Secy. of State of NY County. LLC formed in Delaware (DE) on (DE) on 9/12/07. SSNY designated as agent (SSNY) on 09/11/07. Office location: New sponsorship & combining York County. LP formed in Delaware (DE) HOUSEKEEPING SERVICES Television Production & 9/12/07. SSNY designated as agent of LLC of LLC upon whom process against it may be upon whom process against it may be served. served. SSNY shall mail process to: c/o CT on 09/07/07. SSNY designated as agent of recording on sight. SSNY shall mail process to principal business Corporation System, 111 8th Ave., NY, NY LP upon whom process against it may be Employees are Seeking Jobs as: DVDs & Cds. location: One Penn Plaza, Ste. 2805, NY, NY 10011, registered agent upon whom process served. SSNY shall mail process to: c/o 10119. DE address of LLC: 2711 Centerville may be served. DE address of LLC: 1209 Northeast Securities, 100 Wall St., NY, NY Housekeepers, Cleaners or Maids 10005, Attn: Jon W. Salmanson. Address 347-242-7612 Road, Ste. 400, Wilmington, DE 19808. Orange St., Wilmington, DE 19801. Arts. of They are Honest & Reliable. Arts. of Org. filed with DE Secy. of State, Org. filed with DE Secy. of State, 401 Federal required to be maintained in home jurisdiction: Serving all Boros [email protected] P.O. Box 898, Dover, DE 19903. Purpose: St., Ste. 4, Dover, DE 19901. Purpose: all 160 Greentree Dr., Ste., 101, Dover, DE any lawful activity. lawful purposes. 19904. Name/address of genl. ptr. available Call Home Helper from SSNY. Cert. of LP filed with DE Secy. (212) 768-9758 www.crainsnewyork.com of State, John G. Townsend Bldg., 401 Federal Notice of Formation of Triad Boys II, LLC. Arts. Notice of Qualification of Dollar Land St., Ste. 4, Dover, DE 19901. Purpose: any of Org. filed with Secy. of State of N.Y. (SSNY) Associates LLC. Authority filed with NY Dept. lawful activities. RELOCATION SERVICES on 9/17/07. Office location: NY County. SSNY of State on 5/18/07. Office location: NY County. designated as agent of LLC upon whom LLC formed in Delaware (DE) on 4/30/07. NY Name of LLC: Bismarck Furnishings & process against it may be served. SSNY shall Secy. of State designated as agent of LLC Decorative Objects, LLC. Arts. of Org. filed mail process to principal business location: upon whom process against it may be served NY Dept. of State 9/27/07. County off. loc.: c/o United American Land, LLC, 430 West and shall mail process to: c/o CT Corporation New York Cty. Principal bus. loc.: 270 Broadway, NY, NY 10012. Purpose: any System, 111 8th Ave., NY, NY 10011, Lafayette Street, NY, NY 10012. Sec. of State lawful activity. registered agent upon whom process may be designated as agent of LLC upon whom served. DE address of LLC: 1209 Orange St., process against it may be served. Sec. of Notice of Qualification of GII Fund L.P., App. Wilmington, DE 19801. Arts. of Org. filed with State shall mail a copy of process to 270 for Auth. filed Sec'y of State (SSNY) 6/13/07. DE Secy. of State, Townsend Bldg., Dover, DE Lafayette Street, Ste. 1302, NY, NY 10012. Office location: NY County. LP org. in DE 19901. Purpose: any lawful activity. Purpose: any lawful activity. 6/11/07. SSNY designated as agent of LP upon whom process against it may be served. 212 EAST 85TH STREET, LLC. Articles of Org. Notice of Formation of BNS Varick St. LLC. SSNY shall mail copy of process to Attn: J. filed NY Sec. of State (SSNY) 09/21/07. Office Arts. of Org. filed with Secy. of State of NY Tomilson Hill, 345 Park Ave., NY, NY 10154. in New York Co. SSNY desig. agent of LLC (SSNY) on 9/27/07. Office location: NY Co. DE office addr.: c/o CSC, 2711 Centerville Rd., upon whom process may be served. SSNY SSNY designated as agent of LLC upon whom Wilmington, DE 19808. Cert. of LP on file: shall mail copy of process to JAS Management process against it may be served. SSNY shall REAL ESTATE EXECUTIVE SSDE, Townsend Bldg., Dover, DE 19901. Co., Inc., 216 E. 85th St., Ste. 1A, NY, NY mail process to: c/o Paracorp Inc., 2804 Name/addr. of each gen. ptr. avail. at SSNY. 10028. Purpose: Any lawful purpose. Gateway Oaks Dr., Ste #200, Sacramento, CA Purpose: any lawful activities. 95833-3509. Purpose: any lawful activities. OFFICE SPACE RECRUITER Notice of Qualification of QSG Management, EPOLOGY LLC, a foreign Limited Liability L.L.C. Authority filed with Secy. of State of NOTICE OF FORMATION OF LIMITED LIABILITY POSITION AVAILABLE Company (LLC) filed with the Sec of State of N.Y. (SSNY) on 7/13/07. Office location: NY COMPANY. NAME: 26 EAST SECOND STREET, NY (SSNY) on 5/04/07. NY office Location: County. Principal business location: 11th Fl., LLC. Articles of Organization were filed with 212-947-5500 for NEW YORK County. SSNY is designated as 350 Park Ave., NY, NY 10022. LLC formed in the Secretary of State of New York (SSNY) Market Research Analyst agent upon whom process against the LLC Delaware (DE) on 3/13/07. SSNY designated FOR ALL OFFICE, RETAIL & LOFT SPACES Manhattan-based real estate firm. on 09/21/07. Office location: New York County. New York City, Brooklyn, Queens may be served. SSNY shall mail a copy of any as agent of LLC upon whom process against SSNY has been designated as agent of the 500–50,000 SF Analyze trends, comparable sales process against the LLC served upon him/her it may be served. SSNY shall mail process to: LLC upon whom process against it may be UNDER MARKET SUBLETS – NO FEE! & appraisals. Research potential to THE LLC, 261 BROOME ST., APT. 3A, NEW Corporation Service Co., 80 State St., Albany, served. SSNY shall mail a copy of process Search our listings @ www.midcomre.com buyers/owners. Manage database. YORK, NY 10002. General purposes. NY 12207, registered agent upon whom to the LLC, c/o Nancy Chan, 252 Front Street, Call Paul 212 947-5500 x 100 F/T, M-F, BA in bus. admin/finance, process may be served. DE address of LLC: New York, New York 10038. Purpose: For NOTICE OF FORMATION OF BMDB Enterprise 2711 Centerville Rd., Ste. 400, Wilmington, any lawful purpose. OFFICE SPACE RE license plus 2 years exp req'd. Fax resume to: LLC. Article of Organization filed with the DE 19808. Arts. of Org. filed with DE Secy. Secretary of State of NY (SSNY) on 5/8/07 of State, Townsend Bldg., Dover, DE 19901. Realty Marketing Associates, Ltd NOTICE OF FORMATION of Petrie Point Professional Office Space Office location NEW YORK County. SSNY Purpose: any lawful activity. Designs LLC. Arts. of Org. filed with Secy. (646) 478-9640 has been designated as agent upon whom of State of NY (SSNY) on 9/28/07. Office NO FEE • AVAILABLE 11/01/07 Attention Shimon Shkury process against it may be served. The Post Notice of Formation of Dorian May LLC. Arts. location: New York County. SSNY designated Ideal for a start-up or small business Office address to which the SSNY shall mail of Org. filed with Secy. of State of N.Y. (SSNY) as agent of LLC upon whom process against quiet, boutique bldg on 41st between a copy of any process against the LLC served on 8/21/07. Office location: NY County. SSNY it may be served. SSNY shall mail process 5th & Madison. Beautiful ground floor Advertise on upon him/her is C/O the LLC 585 Leonard St designated as agent of LLC upon whom to: 140 Sullivan Street, #6, NY, NY 10012. lobby with security and 24 / 7 access. #3. Brooklyn, NY 11222. Date of Dissolution: process against it may be served. SSNY shall Principal business location: 140 Sullivan Newly renovated floor & office, brand www.crainsnewyork.com Purpose of LLC: to engage in any lawful act mail process to principal business location: Street, #6, NY, NY 10012. Purpose: Any or activity. Street address of Principal c/o Dorian May, 160 E. 65th St., NY, NY lawful act. new furniture Clean, open floor plan (no 10021. Purpose: any lawful activity. columns) Externally facing with large Call John Gallagher Business location is: 585 Leonard St #3. Brooklyn, NY 11222 Notice of Conversion of Rainier Northwest windows, Central A/C, tenant-controlled. NOTICE OF FORMATION OF Cocktail Caterers JFK Associates, a partnership, to Rainier LLC. Arts. of Org. filed with the Secy. of State Call Cristin at 212 679 2509 @ 212-210-0189 Notice of Qualification of Richland Towers Northwest – JFK L.L.C. Certificate filed with of NY (SSNY) on 6/8/2007 Office location NYC Distributed, LLC. Authority filed with Secy. of State of NY (SSNY) on 9/21/07. NEW YORK County. SSNY has been designated NY Dept. of State on 10/2/07. Office location: Office location: NY County. SSNY designated as agent upon whom process against it may NY County. Principal business address: 400 as agent of LLC upon whom process against be served. SSNY shall mail process to: 875 PUBLIC & LEGAL NOTICES N. Ashley Dr., Ste. 3010, Tampa, FL 33602. it may be served. SSNY shall mail process to: Avenue of the Americas, Suite 501. New York, LLC formed in Delaware (DE) on 3/10/05. The LLC, c/o Rainier Northwest Development NY 10001. Principal business Location: 416 NY Secy. of State designated as agent of Corporation,1411 Fourth Ave., Ste. 901, Seattle, Notice of Formation of a Limited Liability Notice of Formation of The 157 East 72nd West 23rd Street, 4B , NY, NY 10011. Purpose: LLC upon whom process against it may be WA 98101. Purpose: any lawful activities. Partnership known as Brosius Trask LLP; Street L.L.C. Arts. of Org. filed with NY any lawful act. 891443 Articles of Incorporation filed with the Dept. of State on 9/20/07. Office location: served and shall mail process to: CorpDirect Secretary of State of New York on 6/13/07; NY County. Secy. of State designated as Agents, Inc. (CDAI), 225 W. 34th St., Ste. Name of LLC: Safari Global Consulting LLC. Notice of Formation of Trident Communications Office location: New York County; SSNY has agent of LLC upon whom process against it 910, NY, NY 10122. DE address of LLC: Arts. of Org. filed NY Dept. of State 8/7/07. LLC. Arts. of Org. filed with Secy. State of NY been designated as agent of the LLP upon may be served and shall mail process to: 201 CDAI, 615 S. DuPont Hwy., Dover, DE 19901. County off. loc.: New York Cty. Sec. of State (SSNY) on 8/22/07. Office location: New York whom process against it may be served. E. 79th St., Apt. 20E, NY, NY 10075, principal Arts. of Org. filed with DE Secy. of State, designated as agent of LLC upon whom County. SSNY designated as agent of LLC SSNY shall may a copy of process to Brosius business address of the LLC. Purpose: any 401 Federal St., Ste. 4, Dover, DE 19901. process against it may be served. Sec. of State upon whom process against it may be Trask LLP, 420 Lexington Avenue, Suite 2800, lawful activity. Purpose: any lawful activity. shall mail a copy of process to Brian Fortune, served. SSNY shall mail process to: Trident New York 11021-2808; Purpose: Law Firm. c/o Hunter Global Investors L.P., 485 Madison Communications LLC, 20 West 22 St., 12th Notice of Qualification of Enclave Capital Notice of Qualification of BON ALLER NEW Ave., 22nd Fl., NY, NY 10022. Purpose: any Floor, NY, NY 10010. Purpose: Any Lawful Notice of Formation of Bridge Revitalization, LLC. Authority filed with NY Dept. of State YORK, LLC. Authority filed with Secy. of State lawful activity. act. 905020 w.o. L.P. Cert. filed with NY Dept. of State on on 7/6/2007. Office location: NY County. of N.Y. (SSNY) on 8/20/07. Office location: NY 9/25/2007. Office location: NY County. Secy. LLC formed in Delaware (DE) on 5/31/1995. County. LLC formed in Delaware (DE) on Notice of Formation of HUSA Go Grid Holding, 44 WALKER LLC, a domestic Limited Liability of State designated as agent of LP upon NY Secy. of State designated as agent of 7/30/07. SSNY designated as agent of LLC LLC. Arts. of Org. filed with NY Dept. of State Company (LLC) filed with the Sec of State of whom process against it may be served and LLC upon whom process against it may be upon whom process against it may be served. on 10/3/07. Office location: NY County. Secy. NY (SSNY) on 8/17/07. NY Office location: shall mail process to the principal business served and shall mail process to the principal SSNY shall mail process to: c/o Corporation of State designated as agent of LLC upon NEW YORK County. SSNY is designated as address of the LP: 248 W. 108th St., NY, NY business address of the LLC: 708 3rd Ave., Service Company, 80 State St., Albany, NY whom process against it may be served and agent upon whom process against the LLC 10025, Attn: Bridge 202 Revitalization, Inc., NY, NY 10017. DE address of the LLC: 1209 12207. DE address of LLC: 2711 Centerville shall mail process to the principal business may be served. SSNY shall mail a copy of registered agent upon whom process may be Orange St., Wilmington, DE 19801. Arts. of Road, Ste. 400, Wilmington, DE. Arts. of address of the LLC: c/o Gotham Organization, any process against the LLC served upon served. Name/address of genl. ptr. available Org. filed with DE Secy. of State, 401 Federal Org. filed with DE Secy. of State, Federal & Inc., 1010 Ave. of the Americas, 4th Fl., NY, him/her to THE LLC, ATTN: MICHAEL MARVISI, from Secy. of State. Term: until 12/31/2058. St., Ste. 4, Dover, DE 19901. Purpose: any Duke of York St., Dover, DE 19901. Purpose: NY 10018, Attn: David Pickett. Purpose: any 332 CANAL ST., 2ND FLR., NY, NY 10013. Purpose: any lawful activity. lawful activity. any lawful activity. lawful activity. General purposes.

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PUBLIC & LEGAL NOTICES

Notice of Formation of NY GO 72nd LLC. Arts. Notice of Formation of Axelrod Energy Notice of Qualification of NY Credit Operating Notice of Qualification of Clutch Group LLC. Notice is hereby given that a license of Org. filed with Secy. of State of N.Y. (SSNY) Projects, LLC, Art. of Org. filed Sec'y of State Company LLC. Authority filed with Secy. of Authority filed with Secy. of State of N.Y. (#TBA) for Liquor has been applied for by on 6/1/07. Office location: NY County. SSNY (SSNY) 6/22/07. Office location: NY County. State of N.Y. (SSNY) on 8/8/07. Office location: (SSNY) on 9/5/07. Fictitious name in NY State: Chipotle Mexican Grill of Colorado, LLC, at designated as agent of LLC upon whom SSNY designated as agent of LLC upon whom NY County. Principal business location: 230 Clutch Group Acquisition Company LLC. retail, in a Restaurant, under the ABC Law, process against it may be served. SSNY shall process against it may be served. SSNY shall Park Ave., Ste. 1160, NY, NY 10169. LLC Office location: NY County. LLC formed in at 269 Amsterdam Ave. NY, NY 10023 for mail process to: c/o Gotham Organization, mail copy of process to c/o Lawrence Axelrod, formed in Delaware (DE) on 4/5/07. SSNY Delaware (DE) on 7/31/07. SSNY designated on-premises consumption. 1010 Ave. of the Americas, 4th Fl., NY, NY 214 West 96th St., NY, NY 10025. Purpose: designated as agent of LLC upon whom as agent of LLC upon whom process against 10018. Purpose: any lawful activity. any lawful activities. process against it may be served. SSNY shall it may be served. SSNY shall mail process Notice of Dissolution mail process to: c/o Corporation Service to principal business location: c/o The LLC, Midtown Medical Plus, P.C. (a New York Professional Notice of Qualification of Betsey Johnson Notice of Qualification of PowerQX LLC. Company (CSC), 80 State St., Albany, NY 370 Lexington Ave., Ste. 1410, NY, NY 10017. Corporation) hereby publishes notice of its dissolution effective July 2, 2007. Any persons who have LLC. Authority filed with Secy. of State of Authority filed with NY Dept. of State on 12207. DE address of LLC: c/o CSC, 2711 DE address of LLC: c/o United Corporate Centerville Road, Ste. 400, Wilmington, DE claims against the Corporation should provide NY (SSNY) on 8/1/07. Office location: NY 11/8/06. Office location: NY County. Principal Services, Inc., 874 Walker Road, Ste. C, written evidence of the claim with supporting County. LLC formed in Delaware (DE) on business address: 375 Park Ave., NY, NY 19808. Arts. of Org. filed with DE Secy. of Dover, DE 19904. Arts. of Org. filed with documentation to: State, 401 Federal St., Ste. 4, Dover, DE 19901. DE Secy. of State, Townsend Bldg., Dover, 6/29/07. SSNY designated as agent of LLC 10152. LLC formed in Delaware (DE) on Midtown Medical Plus, P.C. 10/26/04. NY Secy. of State designated as Purpose: any lawful activity. DE 19901. Purpose: any lawful activity. 7399 N. Shadeland Avenue #125 upon whom process against it may be agent of LLC upon whom process against it Indianapolis, IN 46250 served. SSNY shall mail process to: c/o may be served and shall mail process to: c/o Notice of Formation Vvensta LLC art. of org. Notice of Qualification of GAIA USA, LLC. Any claim against the corporation will be barred National Registered Agents, Inc., 875 Ave CT Corporation System, 111 8th Ave., NY, NY filed Secy. of State NY (SSNY) 6/14/07. Off. Authority filed with Secy. of State of N.Y. unless a proceeding to enforce the claim is of the Americas, Ste 501, NY, NY 10001. 10011, registered agent upon whom process loc. in NY Co. SSNY designated as agent of (SSNY) on 9/27/07. Office location: NY commenced within six (6) months after the Address to be maintained in DE: 2711 may be served. DE address of LLC: c/o The LLC upon whom process may be served. County. LLC formed in New Jersey (NJ) on publication of this notice. SSNY shall mail copy of process to: Hang 5/31/07. SSNY designated as agent of LLC Centerville Rd., Ste 400, Wilmington, DE Corporation Trust Co., 1209 Orange St., Notice of Dissolution 19808. Arts. of Org. filed with DE Secy. Of Wilmington, DE 19801. Cert. of Form. filed Guo, 51-29 72 St, Woodside, NY 11377. upon whom process against it may be served. with DE Secy. of State, Townsend Bldg., Purpose: Any lawful purpose. SSNY shall mail process to the principal office Midtown Medical, P.C. (a New York Professional State, 401 Federal St., Ste 4., Dover, DE Corporation) hereby publishes notice of its dissolution Dover, DE 19901. Purpose: any lawful activity. address/principal business location of LLC: 19901 Purpose: any lawful activities. effective July 5, 2007. Any persons who have Notice of Qualification of 655 FIFTH OWNER Mr. Martin Manuel, 400 Madison Ave., NY, NY claims against the Corporation should provide Name of LLC: ELISABETH HAHN LLC. Arts. of LLC. Authority filed with Secy. of State of N.Y. 10017, registered agent upon whom process Notice of Qualification of BRS Coinvestor written evidence of the claim with supporting Org. filed NY Dept. of State 8/15/07. County (SSNY) on 8/29/07. Office location: NY may be served. Cert. of Form. filed with NJ documentation to: GP III, L.L.C. Authority filed with Secy. of off. loc.: New York Cty. Principal bus loc.: 76 County. LLC formed in Delaware (DE) on Dept. of Revenue, 225 West State Street, Midtown Medical, P.C. State of NY (SSNY) on 9/6/07. Office loca- W. 86th St., #3D, NY, NY 10024. Sec. of State 8/27/07. SSNY designated as agent of LLC Trenton, NJ 08625. Purpose: any lawful activity. 7399 N. Shadeland Avenue #125 tion: NY County. LLC formed in Delaware designated as agent of LLC upon whom upon whom process against it may be served. Indianapolis, IN 46250 process against it may be served. Sec. of State Notice of Qualification of Hawkes AP, LLC. Any claim against the corporation will be barred (DE) on 8/29/07. SSNY designated as SSNY shall mail process to: c/o Hiro Real shall mail a copy of process to c/o Elisabeth Estate Company, 650 Madison Ave., NY, NY Authority filed with NY Dept. of State on unless a proceeding to enforce the claim is agent of LLC upon whom process against Hahn, 76 W. 86th St., #3D, NY, NY 10024. 10022, Attn: Frank Ward. DE address of LLC: 10/9/07. Office location: NY County. LLC commenced within six (6) months after the it may be served. SSNY shall mail process Purpose: any lawful activity. c/o Corporation Service Company, 2711 formed in California (CA) on 9/12/01. NY publication of this notice. to: The LLC, 126 East 56th St., NY, NY Centerville Road, Ste. 400, Wilmington, DE Secy. of State designated as agent of LLC Notice of Formation of NewQuest Manager REQUEST FOR PROPOSALS 10022. Address to be maintained in DE: 19808. Cert. of Form. filed with DE Secy. upon whom process against it may be served LLC. Arts. of Org. filed with Secy. of State and shall mail process to: 11726 San Vicente 2711 Centerville Rd., Ste 400, Wilmington, of State, 401 Federal St., Ste. 4, Dover, DE of N.Y. (SSNY) on 8/31/07. Office location: 19901. Purpose: any lawful activity. Blvd., Ste. 300, Los Angeles, CA 90049, Attn: Request for Proposals DE 19808. Arts. of Org. filed with DE Secy. NY County. SSNY designated as agent of Llewellyn Werner. CA and principal business THE OPERATION & MAINTENANCE Of State, 401 Federal St., Ste 4., Dover, DE LLC upon whom process against it may be Name of LLC: Uphook filed Ny. dept of state address: 11150 Santa Monica Blvd., Ste. 400, OF A HIGH-QUALITY RESTAURANT served. SSNY shall mail process to: c/o The Los Angeles, CA 90025, Attn:Marc S. Primiani. 19901 . Purpose: any lawful activities. 05/31/07. County of New York sec. of state & BANQUET FACILITY AT 201-10 CROSS LLC, 275 Madison Ave., Ste. 702, NY, NY designated agent of LLC Upon whom process Arts. of Org. filed with CA Secy. of State, 1500 NOTICE OF FORMATION OF LIMITED LIABILITY 10016. Purpose: any lawful activity. against it may be served, secretary of state 11th St., Sacramento, CA 95814. Purpose: ISLAND PARKWAY, BAYSIDE, NY 11360: COMPANY. NAME: 203 E. 45th MANAGEMENT Shall mail copy of process to Ice: aka Gayle any lawful activity. The City of New York Department of Parks & Recreation Notice of Formation of EIC HOSPITALITY requests proposals for the operation and maintenance of a LLC. Articles of Organization were filed with CONCEPTS LLC. Arts. of Org. filed with Secy. Johnson 130 Jane St. New York 10014. the Secretary of State of New York (SSNY) on Purpose: any lawful activity. Notice of Formation of Stelle By Gilber high-quality restaurant and banquet facility at 201-10 of State of N.Y. (SSNY) on 9/17/07. Office Gilmore, LLC. Arts. of Org. filed with Secy. Cross Island Parkway, Bayside, NY 11360, Queens. 08/31/07. The latest date of dissolution is location: NY County. SSNY designated as of State of NY (SSNY) on 9/11/07. Office All proposals must be submitted no later than Friday, 12/31/2099. Office location: New York County. agent of LLC upon whom process against it Notice of Qualification of SG Mortgage location: NY Co. SSNY designated as agent December 7, 2007 at 3:00 p.m. Parks will hold a proposer SSNY has been designated as agent of the may be served. SSNY shall mail process to: Securities, LLC. Authority filed with Secy. of LLC upon whom process against it may be State of N.Y. (SSNY) on 6/6/07. Office of LLC upon whom process against it may meeting on Wednesday, October 31, 2007 at 11:00 a.m. at 145 E. 84th St., #2C, NY, NY 10028. Purpose: be served. SSNY shall mail process to: The the proposed concession site, which is located at 201-10 Cross served. SSNY shall mail a copy of process to any lawful activity. location: NY County. LLC formed in Delaware the LLC, 121 West 45th Street, New York, New (DE) on 5/17/05. SSNY designated as agent LLC, 307 West 38th St., Ste 804, Ny, NY Island Parkway, Bayside, NY 11360, off the Cross Island York 10036. Purpose: For any lawful purpose. of LLC upon whom process against it may be 10018. Purpose: any lawful activities. Parkway between 201st and 202nd Streets in the Borough Notice of Qualification of Haven Avenue of Queens. All interested parties are urged to attend. Owner LLC. Authority filed with Secy. of State served. SSNY shall mail process to: c/o CT Notice of Formation of ALBERT 2 LLC. Arts. of N.Y. (SSNY) on 6/18/07. Office location: Corporation System, 111 8th Ave., NY, NY Notice of Formation of Datafloat, LLC, Art. of For more information, contact: Joel Metlen, Senior Project of Org. filed with NY Dept. of State on 9/5/07. NY County. Principal business location: c/o 10011, registered agent upon whom process Org. filed Sec'y of State (SSNY) 9/17/04. Manager, Parks & Recreation, Division of Revenue and Office location: NY County. Secy. of State Vantage Properties, LLC, 750 Lexington Ave., may be served. DE address of LLC: 1209 Office location: NY County. SSNY designated Concessions, 830 Fifth Avenue, the Arsenal-Central Park, Room designated as agent of LLC upon whom NY, NY 10022. LLC formed in Delaware (DE) Orange St., Wilmington, DE 19801. Arts. as agent of LLC upon whom process against 407, New York, NY 10021 or call (212) 360-1397 or download process against it may be served and shall on 3/19/07. SSNY designated as agent of LLC of Org. filed with DE Secy. of State, 401 it may be served. SSNY shall mail copy of the Request for Proposals document at www.nyc.gov/parks. mail process to the principal business upon whom process against it may be served. Federal St., Dover, DE 19901. Purpose: all process to Ben Clarke, 26 Broadway, Ste. 745, You can also email him at [email protected]. address of the LLC: c/o United American SSNY shall mail process to: c/o Corporation lawful purposes. NY, NY 10006, the Reg. Agt. upon whom proc. TELECOMMUNICATION DEVICE FOR THE DEAF Land, LLC, 430 W. Broadway, 3rd Fl., NY, NY Service Company, 80 State St., Albany, NY may be served. Purpose: any lawful activities. (TDD) 212-504-4115 10012. Purpose: any lawful activity. 12207. DE address of LLC: The Corporation Notice of Qualification of GS Capital Notice of Qualification of Perella Weinberg Trust Company, 1209 Orange St., Wilmington, Partners 2000 Employee Fund, L.P. Partners Capital Management LP. Authority Notice of Formation of JASON 2 LLC. Arts. of DE 19808. Arts. of Org. filed with DE Secy. of Authority filed with Secy. of State of N.Y. Org. filed with NY Dept. of State on 9/6/07. filed with NY Dept. of State on 6/19/07. Office State, 401 Federal St., Dover, DE 19901. (SSNY) on 7/27/07. Office location: NY Coming Up Office location: NY County. Secy. of State Purpose: any lawful activity. location: NY County. LP formed in Delaware designated as agent of LLC upon whom County. LP formed in Delaware (DE) on (DE) on 2/28/07. NY Secy. of State designated on the Calendar process against it may be served and shall 4/5/00. SSNY designated as agent of LP as agent of LP upon whom process against it Notice is hereby given that a license (#TBA) may be served and shall mail process to: 767 mail process to the principal business address for Eating Place Beer has been applied for by upon whom process against it may be of the LLC: c/o United American Land, LLC, 5th Ave., NY, NY 10153, principal business H & B Sheth Inc, at retail, in a Restaurant, served. SSNY shall mail process to: 85 address of the LP. DE address of LP: c/o 430 W. Broadway, 3rd Fl., NY, NY 10012. under the ABC Law, at 1013 6th Ave NY, NY Purpose: any lawful activity. Broad St., NY, NY 10004. DE address of National Corporate Research, Ltd., 615 S. 10018 for on-premises consumption. LP: Corporation Trust Center, 1209 Orange DuPont Hwy., Dover, DE 19901. Name/address October 29th of genl. ptr. available from NY Secy. of State. Notice of Qualification of Blackstone TT Fund St., Wilmington, DE 19801. Name/address Notice of Formation of 135 LLC. Arts. of Org. Cert. of LP filed with DE Secy. of State, 401 Meetings & Conventions L.P., App. for Auth. filed Sec'y of State (SSNY) of each genl. ptr. available from SSNY. filed with Secy. of State of N.Y. (SSNY) on Federal St., Dover, DE 19901. Purpose: any 5/24/07. Office location: NY County. LP org. in 10/20/06. Office location: NY County. SSNY Cert. of LP filed with DE Sec. of State, P.O. lawful activity. DE 5/21/07. SSNY designated as agent of LP designated as agent of LLC upon whom Box 898, Dover, DE 19903. Purpose: any upon whom process against it may be served. process against it may be served. SSNY shall lawful activity. Notice of Qualification of R-Roof IV, LLC. SSNY shall mail copy of process to Attn: J. mail process to principal business location: Authority filed with Secy. of State of N.Y. November 5th Tomilson Hill, 345 Park Ave., NY, NY 10154. c/o Kramer Levin Naftalis & Frankel LLP, 1177 (SSNY) on 8/2/07. Office location: NY County. Business of Law DE office addr.: c/o CSC, 2711 Centerville Rd., Avenue of the Americas, NY, NY 10036, Attn: Notice of Formation of Rising Development – Principal business location: 5847 San Felipe, Wilmington, DE 19808. Cert. of LP on file: Jay A. Neveloff. Purpose: any lawful activity. 38 Main, LLC. Arts. of Org. filed with Secy. Ste. 4650, Houston, TX 77057. LLC formed in SSDE, Townsend Bldg., Dover, DE 19901. of State of N.Y. (SSNY) on 9/6/07. Office Delaware (DE) on 6/11/07. SSNY designated location: NY County. SSNY designated as Name/addr. of each gen. ptr. avail. at SSNY. Notice of Conversion of 148 West 10th Street as agent of LLC upon whom process against Purpose: any lawful activities. agent of LLC upon whom process against it it may be served. SSNY shall mail process to: Company, a partnership, to 148 West 10th may be served. SSNY shall mail process to: November 12th Street Associates, LLC. Certificate filed with c/o Corporation Service Company, 80 State Notice of Formation of 180 BROADWAY The LLC, 3261 Broadway, NY, NY 10027. St., Albany, NY 12207. DE address of LLC: Secy. of State of NY (SSNY) on 9/13/07. Purpose: any lawful activity. Guide to Growing a LLC. Arts. of Org. filed with Secy. of State of Office location: NY County. SSNY designated 2711 Centerville Road, Ste. 400, Wilmington, as agent of LLC upon whom process against DE 19808. Arts. of Org. filed with DE Secy. of Business N.Y. (SSNY) on 6/15/07. Office location: NY Notice of Qualification of HY 707 LLC. County. SSNY designated as agent of LLC it may be served. SSNY shall mail process to State, 401 Federal St., Ste. 4, Dover, DE Authority filed with Secy. of State of N.Y. upon whom process against it may be principal business location: c/o The Brodsky 19901. Purpose: any lawful activity. (SSNY) on 9/11/07. Office location: NY served. SSNY shall mail process to: c/o Organization, LLC, 400 W. 59th St., NY, NY 10019. Purpose: any lawful activity. County. LLC formed in Delaware (DE) on Notice of Qualification of Dynamis ETF, LLC. Eastern Property Associates, LLC, 194 W. November 19th 6/20/07. SSNY designated as agent of Authority filed with Secy. of State of N.Y. 10th St., L-1, NY, NY 10014, Attn: Joseph (SSNY) on 8/22/07. Office location: NY Notice of Conversion of 231-235 West 13th LLC upon whom process against it may Technology Edery. Purpose: any lawful activity. Street Associates, a partnership, to 231-235 County. LLC formed in Delaware (DE) on West 13th Street Associates, LLC. Certificate be served. SSNY shall mail process to: 7/25/07. SSNY designated as agent of LLC Notice of Formation of Paramount Fee Mezz, filed with Secy. of State of NY (SSNY) on c/o KMM Telecommunications, 9 Law upon whom process against it may be served. LLC, Art. of Org. filed Sec'y of State (SSNY) 9/25/07. Office location: NY County. SSNY Drive, Ste. 13, Fairfield, NJ 07004. DE SSNY shall mail process to principal business 8/21/07. Office location: NY County. SSNY designated as agent of LLC upon whom address of LLC: Trolley Square, Ste. 20C, location: 75 Rockefeller Plaza, 18th Fl., NY, NY To place your classified designated as agent of LLC upon whom process against it may be served. SSNY Wilmington, DE 19806. Arts. of Org. filed 10019. DE address of LLC: c/o Corporation shall mail process to principal business Service Co., 2711 Centerville Rd., Ste. 400, ad call John Gallagher process against it may be served. SSNY shall with DE Secy. of State, 401 Federal St., mail copy of process to Nat. Reg. Agents, 875 location: c/o The Brodsky Organization, LLC, Wilmington, DE 19808. Cert. of Form. filed @ 212-210-0189 Ave of the Americas, Ste. 501, NY, NY 10001. 400 W. 59th St., NY, NY 10019. Purpose: Ste. 4, Dover, DE 19901. Purpose: own & with DE Secy. of State, Townsend Bldg., Dover, Purpose: any lawful activities. any lawful activity. develop real property. DE 19901. Purpose: any lawful activity.

October 22, 2007 | Crain’s New York Business | 33 Project6 10/16/07 1:54 PM Page 1 CNYB 10-22-07 A 35 10/18/2007 4:40 PM Page 1

LEISURE TIME BUSINESS CORPORATE LADDER Saddle up J Records’ et out your jodhpurs A&R chief while the weather’s succeedswith Gstill good! Despite the loss last April of Claremont selectivity Riding Academy, Manhattan’s last working horse stable, New PAGE 37 York City still has a number of riding schools, all of which offer services for both FIRST-STRING: Charlie Fersko seasoned veterans and first- forged a winning fantasy team, time trailblazers. Here’s a thanks to a great day for a player sampling: on a last-place NFC team. BRONX EQUESTRIAN CENTER Prepare for the show ring or the dude ranch with English or Western lessons, available by appointment. Rates are $65 an hour. Guided trail rides daily, $30 an hour; www.bronxequestriancenter. com KENSINGTON STABLES Ride with a group for $40 an hour, or splurge on a private session for $50 an hour.The facility has exclusive use of “The Shoe” bridle path in Prospect Park. Kids’ pony parties are hot sellers, so be sure to book in advance. Brooklyn; www.kensingtonstables.com LYNNE’S RIDING SCHOOL Forget Buffalo Bill, Lynne’s concentrates on English- style riding. Lessons are $65 an hour, and packages are available.There’s an indoor ring, so you can ride protected from the elements year-round. Forest Hills, Queens; www.lynnesriding.com RIVERDALE EQUESTRIAN CENTER This kid-friendly

school has after-school buck ennis programs, including transportation from certain BY AARON ELSTEIN Manhattan schools. Also offers small-group and private sessions for adults, from $65 to harlie fersko still remembers Jan. 2, 2005—the $85 an hour. Bronx; Fa nt a s y day Dallas Cowboys running back Julius Jones rushed www.riverdaleriding.com for 149 yards, caught five passes and scored one touch- SEGUINE down. Dallas lost that day to the New York Giants EQUESTRIAN and finished the season tied for last place in the NFC CENTER football East. But for Mr. Fersko, Mr. Jones’ heroics were key. Located on In addition to playing for the Cowboys, the run- the historic grounds of ning back was a starring member of Mr. Furious, Seguine Mr. Fersko’s fantasy football team.That one-game Mansion, in maniacs performance was all it took to propel Mr. Furious to the top of its league, Staten Island’s Lemon Creek Players risk job productivity, after a dismal start to the season. As a result, Mr. Fersko scored the first Park, the center has ocean championship of his nine-year career as a fantasy football manager. views and 10 acres of pasture. C Private lessons are $60 to $80 spouses’ scorn to get fix “What a huge comeback!” recalls Mr. Fersko, See FANTASY on Page 36 an hour, depending on age and ability. Beginners start on ponies, and it’s English riding THE STATS only. Group lessons available; Top fantasy football Web sites’ (718) 317-1121. 4.6M 2.2M 1.5M 1.1M number of unique visitors in August. —adrianne pasquarelli Source: comScore Media Metrix YAHOO ESPN.COM NFL.COM FOXSPORTS.COM

October 22, 2007 | Crain’s New York Business | 35 CNYB 10-22-07 A 36 10/18/2007 4:43 PM Page 1

BUSINESS LIVES

Fantasy football maniacs A TEAM BY ANY OTHER NAME … PICKING A TEAM NAME ranks Continued from Page 35 In fact, people spend so much “I watched a game with a girl- as a key part of the fantasy an actor who earlier this month per- time at work following their teams friend at a sports bar in Hoboken, sports experience. Names formed in an off-Broadway play that they cost employers an esti- but it wasn’t that great,” she says.“It range from the vaguely clever called Fetus Envy and who has ap- mated $275 million each week in was actually kind of dull.” to the plainly obscene. peared on Law & Order:Special Vic- lost productivity, according to con- For most participants, the fanta- Jarred Weisfeld calls one tims Unit. “I went into the game sulting firm Challenger Gray & sy game inspires the kind of passion of his teams Big Schlong. He thinking I was screwed, and Jones Christmas. and commitment that they once re- insists that the name refers to came through!” In New York, the problem is so served for real teams. With the 2007 football season in acute that Wall Street firms have his loud mouth and his love full swing,Mr.Fersko devotes hours had to come up with special policies Family huddles of insulting league-mates, every week to sifting through play- to deal with it. Lehman Brothers, phil nemecek, a 42-year-old law- and has nothing to do with a er injury reports,scouring Web sites for example, officially bans fantasy yer in Manhattan, has been playing part of the male anatomy. Kevin Fagan, Phil

like ESPN.com and listening to football from its plush premises— against his brothers, uncles and in- istockphoto podcasts for news and gossip that unless, of course, a client specifical- laws for nearly 30 years. Every La- Nemecek’s brother-in-law, could affect his fantasy team. ly invites a staffer to play. bor Day weekend, the family gath- makes no excuses for his choice. He calls his team The Neuticles, which are “My wife thinks I’m an idiot,” Not every office bans the diver- ers for their annual draft—hosted prosthetic testicles for neutered pets. says Mr. Fersko, a father of sion. Fusion Public Rela- by the previous year’s winner, who Charlie Fersko named his 2005 champion team Mr. Furious after a two and a real-life Pitts- tions’ employees are so into graciously supplies the beer. wannabe superhero played by Ben Stiller in the nearly forgotten 1999 burgh Steelers fan who’s in $275M the game that even people After hours of sorting through comedy Mystery Men. his late 30s. “She says that WEEKLY COST who aren’t football fans have players and trying to sabotage each “It’s a movie that deserves more attention,” Mr. Fersko says. “So I gave it of lost fantasy is not reality, but I productivity on gotten hooked. other’s concentration by waving some.” don’t drink or use drugs, so the job due to Julia Graham, a 23-year- around adult magazines, the guys this is my habit.” fantasy football old account executive, de- perform a ritual they call a “swimsuit Author Aaron Elstein is a devoted but mediocre fantasy baseball player. His He has stadiums full of cided to join her 25-team of- contest,” in which they judge who teams have been called The Elsteinbrenners, Scott Rolen Blunts and Pete company. Nearly 14 million people fice fantasy league to get to know drafted best. Gray’s Anatomy. He has yet to put together a champion team—indeed, he’s in the United States play fantasy her colleagues better. Much to her “It’s like Christmas, Thanksgiv- never finished higher than fifth in a 16-team league—but nevertheless firmly football, according to the Fantasy surprise, her team is in first place— ing and New Year’s all rolled into believes that next year will be the year. Sports Trade Association.They lav- thanks in part to the strong per- one,” says Mr. Nemecek. ish $1.5 billion in real dollars on re- formance of New England Patriots Others take pride in assembling lated books, magazines and Web receiver Randy Moss, who’s enjoy- a winning team, but admit that the noon until the last game ends at Mr.Weisfeld says he regularly sends subscriptions. ing a comeback year. Ms. Graham most appealing part of the game is around midnight. text messages and e-mails to his stands to pocket as much as how much money they can make in Mr. Weisfeld notes that his fi- friends telling them how much their Going deep $100,000 if her team wins a nation- the process. ancée has a vested interest in letting teams stink. while virtually all professional fantasy football contest. Jarred Weisfeld, a 28-year-old him cultivate his obsession. “On the basketball court, if al sports have spawned fantasy She gleans much of her informa- literary agent and a former manag- “The deal we have is that in order someone says, ‘I’ll slap you,’ he leagues, football seems to resonate tion from two male roommates who er for late hip-hop artist Ol’ Dirty for me to watch the games,I’ve got to might really do it if the trash-talk- especially intensely with its fans. constantly watch ESPN and talk Bastard, stands to collect $2,800 if give her half my winnings,” he says. ing gets bad enough,” Mr. Weisfeld Participants say that’s because the sports. In Ms. Graham’s opinion, he wins one fantasy league, and Even when there’s no monetary observes. “On the Internet, there’s sport is played only once a week, taking in real football games isn’t $800 in another league.To track his payoff,fantasy football rewards play- much less pain.” giving them ample time to fuss over nearly as much fun as drafting play- players’ performances, he watches ers by allowing them to lambaste their fantasy squads. ers and running a virtual team. football from early Sunday after- opponents for their sheer stupidity. COMMENTS? [email protected]

CONTACT INFORMATION THE NEW YORK CITY DEPARTMENT OF HOUSING PRESERVATION AND DEVELOPMENT’S THE CRAIN’S BEAT SHEET ALTERNATIVE ENFORCEMENT PROGRAM REPORTERS BARBARA BENSON REPORTER AARON ELSTEIN SENIOR REPORTER e-mail: [email protected] LANDLORDS e-mail: [email protected] Works on Health Pulse newsletter. Covers Wall Street. ELISABETH BUTLER CORDOVA LISA FICKENSCHER SENIOR REPORTER REPORTER e-mail: [email protected] e-mail: [email protected] Covers the tourism, restaurant Covers retail and apparel. and hotel industries. ERIK ENGQUIST MATTHEW FLAMM SENIOR REPORTER REPORTER e-mail: [email protected] e-mail: [email protected] Covers media and entertainment. Covers politics and government, works on Crain’s Insider newsletter. TOM FREDRICKSON SENIOR REPORTER AMANDA FUNG e-mail: [email protected] REPORTER Covers banking, energy e-mail: [email protected] and the New York economy. Covers technology and telecom. SAMANTHA MARSHALL HILARY POTKEWITZ SENIOR REPORTER REPORTER e-mail: [email protected] e-mail: [email protected] Covers education, and international Covers legal issues and transportation. THE LAW REQUIRES THAT YOU business and trade. GALE SCOTT MAKE ALL NECESSARY REPAIRS. ANNE MICHAUD SENIOR REPORTER REPORTER e-mail: [email protected] e-mail: [email protected] Covers politics and government, Covers hospitals and insurers, IF YOU HAVE OPEN CODE VIOLATIONS, OWE THE CITY FOR REPAIR CHARGES AND HAVEN’T works on Crain’s Insider newsletter. works on Health Pulse newsletter. REGISTERED YOUR MULTIPLE DWELLING, YOUR BUILDING COULD BE GOING INTO THE NEW MIRIAM KREININ SOUCCAR WEB STAFF ALTERNATIVE ENFORCEMENT PROGRAM. EXPECT LARGE FEES, EMERGENCY REPAIRS, FULL SENIOR REPORTER SYSTEM REPLACEMENT (ROOF, PLUMBING, ETC.) AND POSSIBLE LITIGATION. e-mail: [email protected] CATHERINE TYMKIW Covers the business of arts, culture. ONLINE EDITOR e-mail: [email protected] For more information about HPD’s Alternative Enforcement program THERESA AGOVINO visit www.nyc.gov/hpd or call 311. REPORTER KIRA BINDRIM e-mail: [email protected] ONLINE REPORTER NYC Department of Housing Preservation and Development Covers commercial real estate. e-mail: [email protected]

36 | Crain’s New York Business | October 22, 2007 CNYB 10-22-07 A 37 10/18/2007 7:05 PM Page 1

BUSINESS LIVES CORPORATE LADDER Peter Edge Making music with care J Records’ new A&R seems to be working for J Records, which Mr. Davis founded in 2000. PERSONNEL FILE head handpicks The label’s roster, which also includes Jamie Foxx, Angie Stone and COMPANY J Records special talent, then Carrie Underwood, has domestic TITLE President, A&R unit sales of more than 73 million. sticks with them Most of the artists have released AGE 46 multiplatinum-selling albums. RÉSUMÉ Executive vice presi- BY SAMANTHA MARSHALL dent, A&R, J Records; vice presi- Staying power dent, A&R, Arista Records; senior hen the 15-year- “i’ve created a lane for myself director, A&R, Warner Bros. old songstress sat working with people who have the down at the piano, potential to be around for a few MANAGEMENT STYLE it was obvious to years, and I’m trying to continue Collaborative Peter Edge that this,” says Mr. Edge. HOBBY Designs houses sheW had something special, though It’s not easy to maintain such ex- still unformed.The music maven de- acting standards when record sales cided that it would be well worth it to are declining by double digits every time with on visuals and produc- invest his time nurturing this unique year.Overall album sales were down tion,” he says. talent. 14.2% for the nine months ended Though not a musician, the Nine Grammys later, Alicia Keys Sept. 30, according to Nielsen youthful-looking, fair-haired exec-

is still working closely with Mr.Edge, SoundScan. Label executives are utive has always been obsessed with buck ennis who introduced her to the legendary desperate to maximize revenues music. “I’ve worked with Peter for Clive Davis and eventually brought through ringtones and other digital 14 years,and I am still amazed at his brought Mr. Edge to New York. By Krista, whose album is expected to her to J Records. platforms (see Crain’s, June 4), as knowledge of music,” says Jeff 1996, with the young Ms. Keys in come out next year. She is just the “We’ve been collaborating to this well as to sign acts that don’t neces- Robinson, Ms. Keys’ manager. tow,he joined forces with Mr. Davis kind of performer Mr. Edge likes to very day,as a matter of fact,”says the sarily have a long shelf life but can Mr. Edge started out as a DJ in at Arista. sign: an accomplished musician soft-spoken Mr. Edge, a native of generate immediate buzz. nightclubs around his hometown of who writes her own songs and the Midlands region in England. Mr. Edge, known for his golden Coventry and quickly moved into Right formula brings something unique to popular The newly promoted president of ear and ability to find serious musi- radio. After a brief stint as a music- mr.edge was quickto join his men- music.It’s as much a recipe for com- A&R at J Records has made a point cians who can balance artistic in- television producer in London, he tor when Mr. Davis was ousted from mercial success as good tunes. of signing a carefully selected stable tegrity with wide commercial ap- helped found a joint venture label, Arista and established J Records.The “If you build a career, you build a of artists and shepherding them from peal, won’t succumb to such Cool Tempo, with Chrysalis, intro- label is now part of RCA Music brand, and brands are worth lots of the earliest stages of their careers. It’s pressure. “I find it disappointing ducing such hip-hop pioneers as Group, a unit of Sony/BMG. money these days,” Mr. Edge says. a quaint notion in this era of labels personally that we have to cherry- Slick Rick and Erik B. & Rakim. Next on Mr. Edge’s list of rising seeking quick hit singles but one that pick a few key artists we can spend In 1993, Warner Bros. Records stars is a young Brooklyn woman, COMMENTS? [email protected]

October 22, 2007 | Crain’s New York Business | 37 CNYB 10-22-07 A 38 10/18/2007 4:45 PM Page 1

BUSINESS LIVES

EXECUTIVE MOVES

ACCOUNTING & CONSULTING Alvarez & Marsal Business Consulting: HOT JOBS Kurt Babe, 52, joined as senior director. He was formerly managing principal at Harborplace Consulting. WANTED: PUBLISHER Anchin Block & Anchin: Peter D. Baum, 45, was promoted to partner from tax COMPANY Travel & Leisure magazine director. Sharon T. Brenner, 47, was promoted to JOB DESCRIPTION Oversee advertising sales for the American Express partner from accounting and audit Publishing title director. Michael W. Meehan, 43, was promoted to MOST IMPORTANT TASK Boost ad pages. The magazine saw a 16.4% partner from accounting and audit decline from January through September, according to Publishers director. Information Bureau. PricewaterhouseCoopers: R. Carter Pate, CREDENTIALS NEEDED Previous experience at a consumer magazine 53, was named leader, global health industries, and continues as U.S. RECRUITER Internal managing partner, federal government practice. SALARY Between $400,000 and $500,000 annually, recruiters say Jon R. Cohen, 53, was appointed DOWNSIDE Print advertising is in decline, and archrival Condé Nast managing director, health industries Traveler has taken the lead in ad pages. advisory services. He had been chief medical officer and senior vice president UPSIDE Chance to rejuvenate an established travel magazine at North Shore-Long Island Jewish Health System. Earlier this month, Julie McGowan stepped down after a year as Travel Prophet: Chris Lederer, 41, joined as & Leisure’s publisher, citing personal and professional reasons. The partner. He was formerly president of 35-year-old magazine has a circulation of 950,000. Helios Consulting Group, which he —AMANDA FUNG founded. Rosen Seymour Shapss Martin & Co.: Michael Lang, 43, joined as principal. He had been a manager at Marcum & Kliegman. UHY Advisors FLVS Inc.: Philip Ratliff, 42, marketing. He was formerly senior vice appointed vice president of digital sales, joined as managing director. He had president at Marketing Technology a newly created position. He had been been national litigation practice leader at Solutions. regional sales director at AOL. Protiviti. New York-Presbyterian Hospital: Phyllis Nickelodeon/MTVN Kids and Family Lantos, 56, was promoted to executive Group: Doug Cohn, 37, was named senior ADVERTISING & COMMUNICATIONS vice president from senior vice president. vice president, music marketing and Jack Morton Worldwide: David Israel, 37, She continues as chief financial officer talent. He had been a senior vice joined as senior vice president and and treasurer. president at Atlantic Records. executive creative director. He had been Universal Motown Records Group: Cameo executive creative director at Desgrippes HIGH TECH & NEW MEDIA Carlson, 36, was appointed senior vice Gobé. Avenue A|Razorfish: Daniel Chen, 30, was president of digital business Krupp Kommunications Inc.: Robin promoted to art director from senior development. She had been manager of Applebaum, 33, joined as director of designer. music programming and label relations publicity. She was formerly director of Kevin Kearney, 31, was promoted to at iTunes. public relations at Dogmatic Inc. experience director from experience Viacom: Denise White, 53, joined as Mktgpartners: David Arnold, 45, joined lead. executive vice president, human as executive vice president, production. King Digital: John Soppe, 38, joined as resources and administration. She was He had been president of Parallel managing director for the new unit of formerly general manager, human Production Services Inc., which he King Features Syndicate. He was resources, at Microsoft Corp. founded. formerly supply chain systems manager at ACP Magazines. REAL ESTATE ARCHITECTURE & DESIGN Tacoda Inc.: Daniel Jaye, 42, was Apollo Real Estate Advisors: Cindy Wenig, Costas Kondylis & Partners: Steven promoted to president from executive 41, joined as general counsel. She had Bonora, 37, was promoted to partner vice president. been a partner at Chadbourne & Parke. from project architect. YCD: Barry Salzman, 44, joined as chief SL Green Realty Corp.: Lawrence J. George Drallios, 37, was promoted to executive. He was formerly chief Thomson, 42, joined as senior vice partner from project architect. operating officer at ShopWiki. president and director of operations. He VIP Clients was formerly a managing director at FINANCE & INSURANCE LAW Sussex Bancorp. Guy Carpenter & Co.: Peter Zaffino, 40, Baker & McKenzie: William R. Wagner, Andrew J. Vander Veen, 43, was promoted was promoted to executive vice president 46, joined as partner. He had been to senior vice president and director of VIP Events and head of U.S. treaty operations from counsel at Kaye Scholer. construction from vice president. head of the Eastern region. Chadbourne & Parke: Lawrence R. Swig Equities: Philip Jones, 65, was Investor Relations Group Inc.: J. Kevin Plotkin, 46, joined as partner. He had promoted to executive vice president VIP Venues Moran, 55, was appointed chief been special counsel at Willkie Farr & from senior vice president. operating officer. He is a retired U.S. Gallagher. Weiser Realty Advisors: Peter F.Korpacz, Navy vice admiral. Kirkland & Ellis: Patricia E. Betterly,31, 64, joined as executive managing Jefferies & Co.: Rhys Brooks, 37, joined as was promoted to partner from associate. director. He had been director, global Audio • Video • Lighting managing director and head of Lauren Oland Casazzo, 31, was strategic real estate research, at consumer trading. He had been co-head promoted to partner from associate. PricewaterhouseCoopers. of cash trading at Thomas Weisel Albert S. Cho, 35, was promoted to Partners. partner from associate. SERVICES Stephen D. Gray, 54, joined as managing Michael J. Frishberg, 32, was promoted to Downtown Staten Island Council: director, Helix Associates division. He partner from associate. Kamillah Hanks, 35, was promoted to had been managing director at Henniker Stephen E. Hessler, 33, was promoted to executive director from acting executive River Advisors. partner from associate. director. Joseph “Trey” E. Laird III, 37, joined as Andrew G. Horne, 29, was promoted to iQor: Vijay Tharani, 44, joined as chief senior vice president and sales trader. He partner from associate. financial officer. He was formerly chief had been a managing director at Piper Orrick Herrington & Sutcliffe: Howard L. financial officer and treasurer at Baldwin 1.800.862.3210 Jaffray. Shecter, 64, joined as partner. He had Technology Co. Michael A. Spataro, 36, joined as senior been senior leader of business and —adrianne pasquarelli www.kvlav.com vice president and research salesperson. finance at Morgan Lewis & Bockius. and sarah studley He had been an institutional salesperson Reed Smith: Marvin A. Artis, 45, joined at A.G. Edwards. as partner. He had been a partner at We rent peace of mind. Offit Capital Advisors: Todd E. Petzel, 55, Sonnenschein Nath & Rosenthal. EXECUTIVE PROMOTIONS was named chief investment officer. He Crain’s lists the promotion and hiring of New York Nationwide rental, staging, sales and installation of was formerly chief investment officer at MEDIA & ENTERTAINMENT area senior executives on a space-available basis, state-of-the-art audio visual equipment at Azimuth Trust Management. The Knot Inc.: Janet Scardino, 48, joined as with priority given to positions in New York City. president and chief marketing officer. She The fastest way to get an announcement into the most competitive rates. HEALTH CARE was formerly executive vice president and Crain’s is to submit details online by filling out the MediZine: Michael G. Rowsom, 43, joined managing director at Reuters. form at www.crainsnewyork.com/submit. The Depend on KVL like CRAIN’S as executive vice president, interactive MSG Media: Frank Minishak, 45, was Executive Moves column is also available online. CNYB 10-22-07 A 39 10/18/2007 7:35 PM Page 1

BUSINESS LIVES TABLE TALK by Bob Lape ray Hill,and her family owns a num- were lukewarm and bland. Far more (212) 754-5454. Perhaps New York’s ber of other pizza palaces—is a 250- dishes flopped than flew. purest Florentine food in a casual seater, its main dining room in what Table attention was nil. Wine 38-seat hideaway. used to be the ballroom of an Art and water glasses weren’t refilled, Deco hotel. The building’s over- and pepper and cheese were not Marchi’s ½ hang, plus a canopy, affords gener- offered. 251 E. 31st St. (between Second and ous al fresco dining space. Strollers Having had great Sandro mo- Third avenues), Manhattan. often line one wall as families troop ments in eight restaurants and dis- (212) 679-2494. The “quiet legend” to Dean’s for food that is offered for mal ones in two, I thought the odds of Kips Bay provides no-menu, Ital- individual consumption as well as were in my favor. I was wrong. ian family-style dining, with a lavish for sharing. five-course spread for $42.75. In the grand dining room, with COMMENTS? [email protected] décor featuring Greco-Roman columns and stained glass, a large open oven sends forth 10-slice rec- BEST OF BOB LAPE tangular thin-crust pizzas and thicker round ones. Crusts are tasty, Following are a few more of New and toppings are plentiful and well- York’s myriad Italian eateries. dispersed. And if too much for one sitting,the pies will live to satisfy an- L’Impero other day. 45 Tudor City Place (between East Salads are fresh, crisp and color- 42nd and 43rd streets), Manhattan. ful. Portions of the fourteen pastas (212) 599-5045.Chef Michael White are sometimes startlingly generous. brings his full-flavored contempo- Luganica sausage, chicken breast rary Italian cooking to this hand- and broccoli outweighed the riga- some East Sider. House-made pas- toni in the $10 Mezza Calabra. ta and seafood dishes are standouts, Herb-crusted sole, pan-roasted and backed by smooth service and a deep drizzled with warm lemon-caper wine list. vinaigrette, is a steal at $12. Dean’s is already a neighborhood hit. ’Cesca ½ 164 W. 75th St. (between Amster- SANDRO’S (no stars) dam Avenue and Central Park 306 E. 81st St. West), Manhattan. (212) 787-6300.

buck ennis (east of Second Avenue) New chef Kevin Garcia (of Del BROOKLYN FAVORITE: Al Di La’s Venetian-influenced cuisine and cozy atmosphere attract (212) 288-7374 Posto) keeps this popular Upper scores of locals. The restaurant’s wine bar around the corner serves as a waiting area. WINES 40 choices, seven by the glass West Sider in the top tier of con- WINE MARKUP 85%-200% temporary neighborhood Italians. dd a belligerent chef to a La Cantina Toscana ½ brutally noisy and under- 1109 First Ave. (between East 60th staffed restaurant and you and East 61st streets), Manhattan. Itinerary for an Ahave Sandro’s, the latest stop for Sandro Fioriti, a chef who has been in almost as many New York kitchens as a Garland range. His Italian trifecta new location is a slender, 50-seat A MATTER OF rectangle of no visual distinction on Perspective packed with felicitous flavors. the Upper East Side. Al Di La and Dean’s Fresh mint sparks homemade As one waiter tried vainly to cope hit the spot with food, ravioli with sweet peas and mascar- with a full house, guests justifiably pone, chitarra pasta is tossed with complained that no food was forth- service; Sandro’s rich lamb ragu and pecorino, and a coming. They were promptly con- is kind of scary blast of pepper flakes lifts the taste fronted by a very large and angry program of black risotto studded chef bellowing that their dishes in baseball, two out of three is with minced sepia. Swiss chard- were being made to order. Sandro good. So, too, with this trio of Ital- and-ricotta gnocchi napped with stomped back to his kitchen and lat- ian neighborhood restaurants, in- brown butter and sage melt in the er would try to make nice. cluding Brooklyn’s most respected mouth. I also love the homey good- The fare, however, was far below Italian kitchen, a pizza-based new- ness of braised rabbit with black Sandro’s standards. His signature comer to the Upper West Side and olives and polenta. rosemary grissini were stale; luke- the return of the peripatetic Sandro, The intelligent service team warm porchetta was served over cold, now on the Upper East Side. struggles to rise above a wicked tasteless rapini; and fried artichokes All three are moderately priced, sound level, and the chef ’s husband, M&K takes a closer look. casual and loud, and take plastic. Emiliano Coppa, displays bound- less charm as host, deftly detouring As certified public accountants and business consultants, AL DI LA ½ or seating new arrivals. Though the we understand that the difference is in the details. From number - 248 Fifth Ave. dining room could stand some dec- crunching to strategic business planning, M&K looks at your (at Carroll Street) orative refreshing, no one eating in business and financial situation from every point of view. It’s not just Brooklyn it seems to care. (Note: Al Di La (718) 783-4565 does not take reservations and is about the bottom line, but how you get there. That’s the M&K Way. WINES 70 choices, 22 by the glass closed Tuesdays.) WINE MARKUP 120%-175% DEAN’S PIZZERIA s al di la nears age nine, its RESTAURANT mealtime melody entices a 215 W. 85th St. Abumper crop of patrons to (east of Broadway) overflow its modest Park Slope digs (212) 875-1100 AL DI LÁ offers a range of delicious Marcum & Kliegman LLP at every opportunity. The first- WINES 55 choices, 12 by the glass and satisfying dishes. come, first-served policy means Certified Public Accountants & Consultants WINE MARKUP 100%-300% NEW YORK many guests end up pleasantly cool- = Outstanding Can you guess ing their heels in the restaurant’s ean’s is now on the Upper = Excellent MELVILLE www.MKLLP.com 800.921.0777 what this image is? cozy wine bar around the corner. West Side. The pizzeria = Very good GREENWICH Email your answer to: Chef Anna Klinger’s thoughtful, restaurant, owned by Mir- = Good GRAND CAYMAN D [email protected]. Venetian-inspired cooking is ene Angelis—she has one in Mur-

October 22, 2007 | Crain’s New York Business | 39 Project1 10/18/07 1:07 PM Page 1

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