Daily News G ANNE FISHER Suggests Holiday Greetings As Biz Icebreakers P

20091214-NEWS--0001-NAT-CCI-CN_-- 12/11/2009 7:26 PM Page 1

INSIDE Why Street’s TOP STORIES easy Bankers seek riches money inrubbleof property will end market crash ® PAGE 2 P. 11 City housing agency powers ahead as VOL. XXV, NO. 50 WWW.CRAINSNEWYORK.COM DECEMBER 14-20, 2009 PRICE: $3.00 others fall back PAGE 2 A tough act Zhu Zhus peddled! Could be wonderful for biggest life at Toys ‘R’ Us PAGE 3 nonprofit theater

Hedgie whoshorted After major expansion, real estate bubble Roundabout stares into is now long on ... recession’s harsh lights IN THE MARKETS, PAGE 4 BY MIRIAM KREININ SOUCCAR NYC big-biz group as it struggles through the recession, lobbies for DC dough New York’s renowned Roundabout THE INSIDER, PAGE 8 Theatre Company must rewrite its own script for success. The company expanded during the boom,creating an empire of five theaters BUSINESS LIVES and overtaking Lincoln Center Theater WARNER’S DAUGHTER: as the largest nonprofit theater in the Jennifer LeRoy inherited, country.But the past year has seen drops at age 22, the top post at in fundraising and membership sub- Tavern on the Green and scriptions. The fall season’s box office the Russian Tea Room. sales were a disappointment. And now the renewal of Roundabout’s biggest corporate sponsorship is in doubt. Last week, Roundabout announced it would rent out its newly renovated, See ROUNDABOUT on Page 24 GOTHAM GIGS Macy’s elf-made seasonal worker P. 25 len irish Daily News G ANNE FISHER suggests holiday greetings as biz icebreakers P. 25 sees quite G MOVERS & SHAKERS Chairman has a horse in Green was her valley a photo op race to save OTB P. 26 G GAEL GREENE on civilly And red is her legacy. How LeRoy lost family jewels staid Café Boulud P. 27 Zuckerman’s colorful youngest of his four children, to run his restaurant vision faces long odds BY LISA FICKENSCHER empire. Eight years later, the skeptics turned out to be in a newspaper slump INDEX when a 22-year-old Jennifer LeRoy assumed con- right. Just 17 months after she took over the family trol of Tavern on the Green and the Russian Tea business,crushing debt forced her to close the Russ- BY MATTHEW FLAMM REAL ESTATE DEALS PLUS ______5 Room in 2001, she was stepping into a role that few ian Tea Room.Her father had bought the restaurant NEW YORK, NEW YORK ______6 people expected her to succeed at. in 1996, and borrowed money for a lavish $30 mil- earlier this month, SMALL BUSINESS ______7 Many saw an untested, beautiful heiress who lion renovation. And this September,Tavern on the the Daily News

FOR THE RECORD ______12 liked to ride horses and spend weekends in the Green filed for bankruptcy.It is closing Dec.31,hav- flipped the switch on Hamptons—not someone who would toil or be a ing lost the bid for a new 20-year lease from the city. the third of three new CLASSIFIEDS ______22 leader in such a demanding industry. The Tavern outcome would have been impossi- $200 million high- HOT JOBS ______25 “She was young, never finished college and never ble to imagine while her flamboyant father was alive. speed presses. The EXECUTIVE MOVES ______25 went to business school,” says Gary Coyle, who was But Ms. LeRoy’s failure to keep the Russian Tea paper can now RÉSUMÉ REVIEW ______26 executive chef of Tavern on the Green at the time. Room and Tavern on the Green in the family may in print every one of

THE WEEK AHEAD ______27 Her father, Warner LeRoy, didn’t see it that way. fact be an opportunity.For the first time,she can step its pages in color. Shortly before his death, he chose Jennifer, the See LEROY on Page 24 Next month, a new photo editor will ar- 50 SPECIAL REPORT

5 rive from Lon- CORPORATE PHILANTHROPY don with a sweeping man- ELECTRONIC EDITION CHARITY CASES Broad-based nonprofits cope best; date to help cre- focus on essentials slams cultural groups P. 13, 14 ate photogra- phy sections and NEWSPAPER CRAIN’S LIST Top 25 nonprofits in NY area P. 18 Mort Zuckerman

Continued on P. 24 buck ennis 71486 01068 0 20091214-NEWS--0002,0003-NAT-CCI-CN_-- 12/11/2009 7:27 PM Page 1

IN BRIEF Cleaning up after HERE’S A SLIVER OF POSITIVE SPIN FOR THE BELEAGUERED PUBLISHING BUSINESS: THE pace of magazine killings appears to have slowed in 2009 from the bloody levels of 2008 real estate debacle and 2007. Preliminary numbers from MediaFinder.com show that 367 magazines ceased publication this year, while 247 ships or sell assets. magazines were launched. More titles could New crop of “There is certainly going to be a fold in the last weeks of the year, but both need for specialized knowledge,” numbers are down from 2008 (526 magazines investment banks says Tom Geurts,director of folded, 342 titles started) and 2007 (573 closed, economic affairs at New 411 launched). “There has been a winnowing of poised to fill a need York University’s Schack the weak ones,” says Trish Hagood, president of Institute of Real Estate. MediaFinder’s corporate owner, Oxbridge “A lot of the big banks Communications. BY THERESA AGOVINO have been marginalized, REINCARNATED: so there is an opportunity Old Lehman hand UPSCALE GRAMERCY PARK RESTAURANT veteran real estate investment banker for [the new entrants] to David Lazarus has OLANA, OPENED LESS THAN TWO YEARS Alexander Rubin says he’s working harder create a niche.” set up shop at EdgeRock. and charging an average check of $61 per today than he has in years.Back in June,he person, filed for Chapter 11 bankruptcy joined boutique investment bank Moelis Best of old and new protection last week. Court documents list & Co. to start a real estate banking prac- to establish a toehold, liabilities of between $100,000 and $500,000 tice.Since then,he’s been working 12-hour the upstarts are trumpeting and fewer than 100 creditors. Olana is owned days that regularly start with 5 a.m.confer- their small size and freshness by brothers William and Patrick Resk, who ence calls to Australia. as advantages. They’re also only last year were negotiating a deal to create a “We are building a business from contrasting their objectivity three-acre farm next to the Olana State scratch,” he says. with older rivals’ tangled alle- Historic Site in the Hudson Valley to produce Little more than a year after the great giances and piles of bad loans. seasonal vegetables for their restaurant. real estate crash, a whole new crop of spe- The catch is that most of the cialized investment banks like Moelis are banks’ personnel are veterans of bulking up to help property investors and those big institutions. owners survive the avalanche of soured real EdgeRock Senior Managing BY THE NUMBERS estate deals that is only just beginning. Director David Lazarus probably Over the next five years, nearly $1.5 tril- carries the heaviest baggage. He Weekly shift of the city’s economy lion in real estate loans will come due. Ac- was a top banker in Lehman MIRACLE ON WALL ST.: As of Friday’s close, the cording to Richard Parkus, head of com- Brothers’ huge real estate arm— Dow had risen 19% in ’09 and the Bloomberg/ mercial real estate debt research at the unit whose collapse played a Crain’s NY Stock Index by 31%. A year ago, few Deutsche Bank Securities Inc., there will key role in the bank’s bankruptcy. would have thought such things possible. be only enough capital to refinance 40% to “Being from Lehman is not buck ennis 50% of those. without its collateral damage,” says Among the firms jumping into the Mr.Lazarus.“But when clients make a de- be high on anyone’s priority list,” he says. 64% 1.86% 21% game are Cantor Fitzgerald and Broad- cision about coming here, they are making EdgeRock is the only completely new SHARE of APARTMENT SHARE of B’way point Gleacher Securities Group. In addi- a decision about me as an individual.” firm. Its peers are all new divisions of employers VACANCY RATE tickets bought by planning to give in Manhattan int’l visitors in the tion, business advisory firm FTI Consult- Tim Callahan, president of Callahan broader, existing businesses, and as such holiday bonuses, in October, vs. ’08-’09 season, a ing and investment bank Compass Capital Partners, real estate investors, is are able to pitch not only their new hires vs. 54% in ’08 1.71% a year record Advisers have joined forces to launch among them. but their old strengths. Source: Challenger earlier Source: The EdgeRock Realty Advisors, a real estate- “I view Lehman experience as a posi- Gray & Christmas Source: CitiHabitats Broadway League only investment bank. Meanwhile, giant tive, because the company was in the thick Hiring spree real estate brokerage CB Richard Ellis Inc. of everything,” says Mr. Callahan, who in the last year, Moelis, for example, HOLDING STEADY: Despite the recession, and with a bit has expanded its London-based invest- hired EdgeRock to provide strategic con- has hired 100 professionals to expand into of help from the stay-cation phenomenon, new data show that America still loved New York last year. ment banking business to America. sulting services. Mr. Callahan also signed new service lines including real estate. Mr. The new entrants see a gold mine in up because he wanted attention from top Rubin points out that not only can he tap helping clients restructure loans, find al- executives. the firm’s other professionals to help han- ternative sources of capital, form partner- “We are a small firm,so I can’t expect to See REAL ESTATE on Page 9 Despite recession, city housing a

CORRECTIONS of Housing Preservation and Develop- buildings on Dec. 2 to Omni New York, a HPD rescues big Bronx ment—is on a surprising roll. Under group led by former Mets first baseman The Park Columbus residential condominium is on West 87th Street. The street number was dropped in the Dec. 7 article on portfolio; plans to rehab Commissioner Rafael Cestero, it is press- Mo Vaughn. In the summer, HPD began condo king Yair Levy due to a printing error. or create thousands ing ahead aggressively on two major working with Fannie Mae, which held The following corrections are for the Dec. 7 “Best Places to Work fronts even as most private developers re- the $29 million loan on the buildings.The in NYC” feature: of affordable units main sidelined by the credit crisis. HPD goal was to replace the owners, units of No. 12, SBLI USA Mutual Life Insurance. The chief executive is is helping to refinance overleveraged af- the Ocelot Capital Group, which had Vikki Pryor, and the company is 70 years old. fordable housing properties and to create abandoned the buildings and eventually BY AMANDA FUNG No. 24, Hachette Book Group. The publishing house this year or rehabilitate 165,000 will continue its tradition of giving employees a year-end bonus. affordable apartments The nature of the bonus was mischaracterized. this summer, construction began on by 2014. No. 34, Alston & Bird. The law firm does not offer free backup three affordable housing developments in “The scale of our ef- child care. Harlem and one in East New York,Brook- forts will allow us to see lyn—the first in the nation to use new fed- an increase in afford- vol. xxv, no. 50, december 14, 2009—Crain’s New York Business eral stimulus funds. Early this month, 14 able housing stock,” (issn 8756-789x) is published weekly, except for combined issues deteriorating South Bronx apartment says Mr. Ces- the 5th week of June and the 1st week of July, the 2nd and 3rd weeks of July, the 4th week of July and the 1st week of August, buildings were auctioned off to an afford- tero. “We are the 4th and 5th weeks of August and the 3rd and 4th weeks of able housing developer that promised to spending a lot December by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals postage paid at New York, N.Y., and completely rehabilitate them. By the end of time chasing additional mailing offices. Postmaster: Send address changes to: of this month, a massive effort to build or after deals.” Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call rehab affordable housing in the city is like- A case in (888) 909-9111. Fax (313) 446-6777.$3.00 a copy, $59.79 one year, ly to hit a major milestone when the point is HPD’s $109.79 two years. (GST No. 13676-0444-RT) 100,000th unit is completed. successful en- ©Entire contents copyright 2009 by Crain Communications Inc. All rights reserved. In the face of one of the deepest re- gineering of the

cessions in decades,the city agency behind sale of the 14 larry racioppo/hpd all those developments—the Department South Bronx HPD WAS HERE: Former Ocelot properties refinanced with the agency’s help.

2 | Crain’s New York Business | December 14, 2009 20091214-NEWS--0002,0003-NAT-CCI-CN_-- 12/11/2009 7:27 PM Page 2

Toys ‘R’ Everywhere Hospital Chain gaining share surveys at big rivals’ expense with pop-up shops suitors and, yes, Zhu Zhus Lenox Hill set to give BY ADRIANNE PASQUARELLI up independence geoffrey the giraffe, the en- as its losses mount dearing talking mascot from retail giant Toys “R” Us Inc., is taking a chomp out of the market this holi- BY BARBARA BENSON day season. Toys “R”Us has spent the past six lenox hill hospital’s 152-year months aggressively expanding, history as an independent institu- both locally and nationally, opening tion will likely end this week, as hundreds of pop-up shops across the trustees meet to choose a merger country and buying up flailing com- partner. petitors such as Fifth Avenue’s ven- Until a few years ago, the Upper erable FAO Schwarz. The push East Side facility thrived as a low- comes as other retailers are cutting frills hospital that stuck primarily to back on orders,allowing Toys “R”Us profitable services in orthopedics, to gain market share at the expense maternity and cardiovascular care. of bigger rivals,including Wal-Mart But after years of losing surgeons and Stores Inc., this holiday season. market share to larger rivals,it faces a $20 million operating loss in 2009. Who’s scared of Black Friday? In an effort to turn the hospital “this is the right climate to ex- around, trustees will consider bids pand their brands and expand their from North HISTORY Web presence,when everybody else HI, HOLIDAYS: Crowds Shore-Long Is- is pulling back,” says Sean Mc- at Toys “R” Us’ Times land Jewish Gowan,a retail analyst at Needham Square flagship store. Health System

buck ennis & Co. and NYU Lan- 152 Wayne, N.J.-based Toys “R” Us buck ennis gone Medical YEARS that currently has about 18% of the toy Center. Either Lenox Hill market, compared with Wal- season.Overall,U.S.toy sales are ex- back on is the holiday present for Meanwhile, Wal-Mart and Target would supply operated as an Mart’s estimated 30% share. After pected to hold steady, following an their kids.” have both cautiously retrenched by deeper pockets independent acquiring FAO Schwarz and bank- auspicious Black Friday weekend reducing their toy orders this year, and newer tech- hospital rupt mall chain KB Toys last spring, during which 13% more consumers Debt remains a concern according to analysts. nology. Lenox Toys “R” Us introduced eight tem- purchased toys, according to a Na- in the past, Wal-Mart and Target Though Toys “R” Us is forging Hill neighbor porary holiday stores in New York tional Retail Federation survey. took business from Toys “R” Us by ahead,the chain,which has 849 do- Mount Sinai Hospital, which is also City—and 350 nationwide. “We had positive same-store offering competitive prices. But in mestic and over 700 international interested and which has close ties The chain saw sales slip 3.6%, to sales in December last year, and recent years, Toys “R” Us has stores, still has plenty of concerns. with many Lenox Hill medical $2.7 billion, for the quarter ended once again, we’ll do well,” says stepped up its merchandising The retailer currently has $5.5 bil- staffers, is a dark horse candidate. Oct. 21, compared with the year Gerald Storch, chief executive of strategies. It began selling products lion in long-term debt—almost earlier, but expects things to Toys “R” Us and a former Target from its Babies “R” Us stores at its nine times its operating earnings, a Two courses strengthen in the final quarter dur- Corp. executive. “We’ll show that toy outlets,and vice versa,in a move ratio that is considered high by an- lenox hill officials have visited ing the crucial holiday shopping the last thing customers will cut to appeal to more customers. See TOYS ‘R’ on Page 9 North Shore-LIJ and NYU in recent days. The latter is offering a full merger, under which many current Lenox department heads would be- even in tough economic times because of its stel- come site chiefs,while North Shore- lar credit rating, according to Mr. Cestero. Earli- LIJ’s plan would make Lenox Hill an g agency pushes ahead er this month, HDC approved $850 million in affiliate, leaving it with considerable tax-exempt and taxable multifamily housing autonomy. bonds for the construction and permanent fi- “North Shore-LIJ would be best defaulted on the mortgage. Mr. Cestero, who took over HPD in March nancing of affordable housing. [for Lenox Hill], because the doc- Before this month’s sale, HPD had already when his predecessor,Shaun Donovan,left to be- “HPD and HDC have been highly effective in tors would be left alone,” says a per- spent more than $1.3 million on the buildings come secretary of Housing and Urban Develop- getting complicated financing deals done in this son familiar with the talks. simply to repair hazardous areas. Omni has al- ment in Washington, has worked in community market.” says Abby Jo Sigal, vice president and Health policy experts take a ready committed $1 million for emergency re- development and housing for 21 years. He spent New York director at Enterprise.“Their ability to somewhat different view. They say pairs at the 2,937-unit buildings. most of that time at Enterprise Community work with banks and the private market is un- that only a true merger would save Mr. Cestero hopes to replicate that success Partners, a Columbia, Md.-based nonprofit that matched.” money,because it would lead to con- elsewhere. builds affordable housing nationwide. solidation of clinical departments “We want to help private sector partners sta- In 2005, as an HPD deputy commissioner, Pricier funding and staff. Furthermore, either NYU bilize properties,” he says. Mr. Cestero played a critical role in crafting the still, hpd is hardly immune to the recession. or Mount Sinai could avoid having city’s $7.5 billion affordable-housing plan, with Budget cuts have resulted in 53 layoffs to date, and to build new facilities by taking over Working with big Mo its bold 165,000-unit goal.Now,he is orchestrat- while HDC is faring better at raising money than Lenox Hill’s underutilized operat- to do that, HPD is dedicating $750 million to ing the effort to rescue overleveraged properties its peers, the price of those funds is still well above ing rooms and space. help rescue overleveraged properties, according like Ocelot. precrash levels. “A Manhattan-based partner to Mr.Cestero.He estimates that such properties Crucially, he has also been very adept at se- Then, too, initiatives like the inclusionary might offer greater opportunities to contain 20,000 to 30,000 units across the city. curing funding for his initiatives. Earlier this zoning program, under which builders were re- produce efficiencies,” notes David The agency is currently working on refinancing year, he secured $60 million in federal stimulus warded for making 20% of their apartments af- Sandman, former executive director four distressed building portfolios with a total of dollars to build 739 affordable units in Harlem fordable,have ground to a complete halt amid the of the Berger commission, which several thousand units in upper Manhattan and and East New York. Just last month, his agency construction drought. Meanwhile, a new pilot streamlined the state’s health system. the Bronx. In each case, he is working with af- handed out $29 million in federal funds to con- program to convert unsold condominium apart- He adds, however, that North fordable housing groups like Mr. Vaughn’s. struct and rehab another 604 units in the Bronx, ments to affordable housing has gone nowhere as Shore-LIJ is a creditworthy system “Rafael understands the impact of policies on Brooklyn and Manhattan. developers hold on, hoping to be bailed out by a with “a strong track record of ration- people on the ground,” says Sheena Wright, chief Mr. Cestero credits much of his agency’s suc- rebound in the market. alizing services” at its Long Island executive of Abyssinian Development Corp., a cess to the city’s Housing Development Corp., “Our challenge is to figure out how to contin- affiliates. “The board of Lenox Hill

larry racioppo/hpd nonprofit group founded by the Abyssinian Bap- the nation’s largest issuer of bonds for multifam- ue to construct and preserve affordable housing,” will have a difficult choice to make,” tist Church.“He has reached out to solicit ideas.” ily affordable housing. HDC has raised money says Mr. Cestero. Mr. Sandman says.

December 14, 2009 | Crain’s New York Business | 3 20091214-NEWS--0004-NAT-CCI-CN_-- 12/11/2009 7:05 PM Page 1

Brooklyn, Queens lead boros IN THE MARKETS in stalled building projects by Aaron Elstein

Elsewhere in the city,stalled sites Construction work more than doubled in Staten Island has ground to a halt over the past few months, to 34, A short goes long. Not just any short, while the tally in the Bronx re- on 515 properties mained steady at 24. mind you, and not just any long “To have all these sites just sit around the city there is not encouraging—they do obody made more money from the housing collapse not generate jobs and tax revenues,” than John Paulson, the hedge fund manager who BY AMANDA FUNG Mr.Anderson says.“There is a great deal of construction activity Ncoined $15 billion—that’s right, billion—back in 2007 construction work has halted on throughout the city that can hope- by shorting both subprime mortgages and the companies 515 properties—mostly residential fully be unleashed with the right foolish enough to guarantee the junk. So when Mr. Paulson ones—across the five boroughs, ac- kind of programs.” makes a rare public appearance, like he did last week at the cording to an analysis of inspection records from the city Department of Need more incentives Japan Society, he’s worth listening to. It turns out our era’s Buildings. buck ennis the city recently passed a law most renowned short-seller is actually quite bullish nowadays. Hardest hit: Brooklyn, home to that allows developers to more “Today, our long exposure is perhaps the highest it has ever nearly half, or 46%, of the stalled The number of quickly renew building permits at projects, the New York Building stalled sites up to four years after been,” Mr. Paulson said. Congress reported last week in its silent work sites they’ve expired if the developers Even in light of the analysis. North Brooklyn’s Wil- is up 30% since submit comprehensive site-safety market’s strong rally liamsburg and Greenpoint neigh- plans to the DOB. since March, “We still borhoods, locus of a housing boom July’s tally At least half a dozen developers in the years leading up to the mar- have submitted their plans under find a lot of compelling ket collapse, together constitute the new law and are awaiting ap- long investments on the 30% of the 237 idle sites in the en- proval so they can become eligible equity side.” tire borough. for the faster permit renewal, ac- His favorite stock: Queens ranks second among the cording to a DOB spokesman, not- boroughs, with 140 stalled sites, many new projects in the works ing that it could not be determined Bank of America, the 27% of the total. since last summer. “You need them when approvals will be made. biggest position in his to get started before they can be “The program is certainly a step firm’s $33 billion Jobs and tax revenue stall, too stalled,” notes Richard Anderson, in the right direction,” Mr. Ander- the number of silenced construc- the building congress’s president. son says. “In the midst of this portfolio. He thinks the JOHN PAULSON bloomberg news tion sites thoughout the city has in- In Manhattan, 80 projects were credit crunch, we need a lot more bank’s worst problems creased 30% since the DOB began listed as stalled, up 40% from July, incentives like tax credits, zon- are in the past and that its mortgage, credit-card and other tracking them in July. The good with a dozen of them identified to ing modifications and land-use loan losses will ease over the next two or three years. news is that their ranks aren’t ex- be in the Turtle Bay-East Midtown changes to jump-start these stalled pected to grow, since there aren’t neighborhood. projects.” That, in turn, will allow the bank to generate $60 billion in earnings in 2012 before loan-loss provisions,for “normalized”earnings of $2.79 a share. Put a multiple of 10 on those earnings, and he figures the stock can trade at $28 a share, or more than 80% above its current price. Mr. Paulson said he’s no longer shorting any kind of debt, and in fact recently acquired some GMAC bonds yielding 10.7%. While the auto lender is clearly struggling, it’s equally clear to him that the government won’t let the company fail (GMAC recently asked for a third dose of bailout money), so he considers the bonds to be about as safe as U.S.Treasury securities—with the benefit of a substantially higher yield. But his preferred safe haven is gold rather than government bonds. Mr. Paulson fears that the Federal Reserve will be unable to contain inflationary pressures, which will erode the value of the bonds.“It’s going to be very difficult politically,”he said,“to withdraw federal stimulus from the economy.”

Seems the Citimath doesn’t add up tired of being seen as the weakest cording to Sanford C. Bernstein & link in banking, Citigroup is lobbying Co. Upon returning those presum- the government to loosen its bailout ably-still-crummy assets to its bal- shackles. Here’s why Uncle Sam ance sheet, the bank would need to might refuse: raise anywhere from $10 billion to Buying back the government’s $20 billion in cash so it has the $20 billion preferred stake would means to survive another economic deliver a $5 billion hit to Citigroup’s downturn. capital,according to Deutsche Bank In other words, the unprofitable research,which would have to be re- bank must find $25 billion in the placed for Citi to maintain the lev- open market—or $10 billion to $15 els of capital deemed necessary by billion more than the amount being the government. floated around late last week.Even if But that’s only the start. Getting Citi raised all that cash, it wouldn’t rid of the bank’s $250 billion loss- get the government out of its hair. sharing agreement with the feds The feds, after all, would still hold could cost the bank $1 billion, ac- 7.7 billion common shares.

NEW YORK AREA COMPANIES that plan a “significant reduction in staff” next year, according to a survey by consultancy Towers Perrin. However, 18% of companies surveyed plan to increase hiring, compared with just 3% 11%this time last year. 4 | Crain’s New York Business | December 14, 2009 20091214-NEWS--0005-NAT-CCI-CN_-- 12/10/2009 7:40 PM Page 1

REAL ESTATE DEALS PLUS

Korean retailer Corp. was represented in-house. Goodman. The landlord, Cohen Foreign buyers —adrianne pasquarelli Brothers Realty Corp., which was follows in footsteps represented in-house by David Nevins, recognized that, he adds. the large retail space left be- Cohen Brothers —amanda fung seize opportunity hind by now-bankrupt Russian lands prime tenant child fashion designer Kira Plastin- ina is paving the way for a Korean pfizer spin-off Minerals Tech- GM tower space ore foreign buyers are dipping into the apparel company’s entry into the nologies has decided to ditch its long- fetches $130-plus market, taking advantage of the weak dollar New York market.WHO.A.U.Cal- time home at the Chrysler Building and New York’s depressed property prices. ifornia Dream recently signed a 10- for new space on Third Avenue. in what could be the priciest deal year lease for its U.S. flagship— The company has signed an 11- of the year, Brazil’s Banco Itau is Most recently, an Argentine business owner 12,000 square feet, split evenly year lease for 14,000 square feet at paying more than $130 a square foot snagged 33 W. 46th St. for $11 million, a 45% between the ground and basement 622 Third Ave. The asking rent was for space on the top floor of the discount from the asking price, according to Paul Walker, a CB levels at 22 W. 34th St.,between Fifth $55 per square foot. General Motors Building. M and Sixth avenues. The asking rent Minerals Technologies wanted Sources say the bank agreed to a Richard Ellis Inc. broker who represented the buyer with for the ground floor portion was to create a more collaborative and 15-year lease for 25,000 square feet of colleague Rand Pear.The seller was Extell Development Co. around $400 a square foot.The ask- dynamic work environment, ac- the tower on Fifth Avenue between “The buyer sees opportunity and is very interested in ing rents on that block have declined cording to Robert Goodman of East 58th and East 35% over the past year, according to FirstService Williams, who along 59th streets. growing here,” says Mr. Walker. the Real Estate Board of New York. with Seth Hecht represented the Sources also SLOWDOWN The sale follows at least two other deals WHO.A.U.—which stands for tenant in its search for space in the say Itau plans to involving foreign buyers in the past four Who Are You—already has mall Grand Central area. The available use the space in months. A Spanish investor bought 901 outposts in Connecticut and New space at the Chrysler Building that the GM Building Broadway from Thor Equities for $24.5 mil- Jersey. The West 34th Street store, met the tenant’s needs didn’t fall as its New York 14.6M lion,just below the asking price,and a Japan- which is expected to open by April, within its price range, he explained. headquarters. Ac- Manhattan leasing activity ese investor snapped up 115 W. 57th St. will be part of an expansion slated to “The [pillar-free] floors at 622 cording to its Web in square feet in 2009 from Extell for $5.7 million, after a 10% dis- extend to Broadway in SoHo. Third provide great visibility,” says site, the bank has through November count.None of the buyers specialize in real estate, “West 34th Street offered them Mr. Goodman. That makes com- two offices and according to Robert Knakal, chairman of not only the neighbors that they like, munications easier. one branch in the GM Building Massey Knakal Realty Services, which rep- but also being between Macy’s and Minerals will move in early 2010. city. resented the sellers in all three of the deals. the Empire State Building was a The New York office is the interna- Cushman & Wakefield Inc. rep- -13.4% “I haven’t seen these types of foreign in- home run,” says Faith Hope Conso- tional headquarters for the company, resented Itau. CB Richard Ellis Inc. Change from same period vestors since the mid-1980s,” says Mr. lo, the Prudential Douglas Elliman which operates in 40 countries. brokers John Maher, John Powers in 2008 Knakal, who reports that he is working with broker who, with colleague Joseph “The tenant was also highly and Ben Friedland represent the Source: CB Richard Ellis Inc. more than a score of overseas-based buyers. Aquino, represented the tenant. sought-after. It is a strong company GM building. —amanda fung Landlord Solil Management with tangible assets,” says Mr. —theresa agovino

We know. Three generations later, there’s still nothing better than a day at the ofﬁce. Capital One® Business Banking. We know business. It’s not just a family business. The business is the family. The family is the business. There’s no separating the skill, dedication and relationships that sustain them both. We know – we’re Capital One Bank. And skill, dedication and relationships are why so many New York and New Jersey businesses work with us. With Capital One as one of the 10 largest banks in the country, we have an ever-growing list of hundreds of locations in the New York and New Jersey area and a team of banking professionals, passionate about their local markets. Professionals ready to consult with you on a variety of checking, savings and cash-management tools. Tools that’ll help keep your business growing for generations to come. Now that you know, contact Lisa Galante at [email protected] or visit www.capitalonebank.com.

Products and services offered by Capital One, N.A., Member FDIC. Capital One Bank is a trade name of Capital One, N.A., and does not refer to a separately insured institution. ©2009 Capital One. All rights reserved.

December 14, 2009 | Crain’s New York Business | 5 20091214-NEWS--0006-NAT-CCI-CN_--template: 12/11/2009 New York 4:22 New PM YorkPage 1ver B Reminder: rag right text

NEW YORK,NEW YORK Chrysler East edited by Erik Ipsen

is pleased to welcome

FIRST UNUM LIFE INSURANCE COMPANY represented by Rachel and Keith beat out CNN around $170 with tax. Martin Horner and Joseph Pollaci “We often make available to snbc is getting ready to pop open the our employees opportunities for of products and services that they Jones Lang LaSalle champagne.The cable news network, which for might find enjoyable and helpful,” years ran a distant third in the category, says a spokesman for Random M House Inc., which duly passed the is expecting to hold on to its slim prime-time for leasing information, please contact: offer along to employees. lead over CNN and finish 2009 in second Amazon’s relations with Gregory W. Conen place among viewers 25 to 54 years old, an publishers have frayed over the Calvin A. Farley audience prized by advertisers. online giant’s $9.99 e-book pricing, If its lead holds, credit would go to which many believe will undermine 212.715.0300 the economics of the industry. popular hosts Rachel Maddow (right) Insiders view the Kindle discount and Keith Olbermann and an offer as part of a charm offensive aggressive strategy that cast that included flying out top literary MSNBC as the left-leaning agents for a day of meetings at Amazon’s HQ last month. answer to middle-of-the-road “They’ll need to do a helluva CNN and right-leaning Fox lot more than offer discounted News. Kindles,” says one publishing exec. Amazon did not respond to a Through Dec. 6, MSNBC request for comment. drew a weekday average of 309,000 viewers 25 to 54 years Larry Silverstein old, giving it a lead of just 9,000 over CNN. Both goes global at 78 networks have come down from he’s 78 years old, a devoted their giddy record-breaking election- grandfather of eight and a man in the midst of an epic eight-year year heights. But MSNBC held its battle to rebuild parts of Ground drop to 25%, while CNN tumbled 43%. In the same period, Zero, but developer Larry Silverstein Fox News’ viewership in the category actually rose by 11%— (below) apparently feels he needs hitting 655,000, according to Nielsen. more projects to fill his days. Last week, he hired real estate veteran “It’s the one-two punch of Keith plus Rachel,” says an Marty Burger as executive vice MSNBC executive of the network’s success. president charged with expanding A spokeswoman for CNN notes that the 2009 audience the company not just is still bigger than 2007’s. CNN and sister network HLN’s nationally but also overseas, which would be 2009 ad revenue is also about triple MSNBC’s estimated a first. Mr. Silverstein $365 million, according to research firm SNL Kagan. won’t discuss what parts of the globe he’s phone calls for comment. targeting or why he Red Mango “We have worked with dozens has this sudden itch to in legal fandango of national chains and franchisors spread his wings when over the years, and nothing like he’s already fabulously the chilling frozen yogurt wars this has ever happened,” says BCD wealthy, not to that erupted last year have taken a Chief Executive Andrew Moger. mention approaching shocking new twist. Pinkberry, 80. Yolato and Red Mango are still “There are two ways Pier A locked in competition for Amazon launches to deal with difficult New Yorkers’ palates, charm offensive times: One way is to but Red Mango now hunker down, and seems to have made amazon.com is trying to buy a the other is to find a new enemy. little love from the New York value and create photos: buck ennis Korean publishing community. opportunities and grow the import Red Earlier this month, the Seattle organization by investing in new Mango, and based e-tailer offered employees at initiatives,” he says in a statement. one of its New the major houses a Christmas “We prefer the second approach.” Incomparable New York City Waterfront Opportunity York City present of 40% off the purchase franchisees, are price of the company’s Kindle e- Contributors:Theresa Agovino, The Battery Park City Authority invites responses to a being sued by reader.That cut the price to Lisa Fickenscher, Matthew Flamm local real estate Request for Qualifications for a tenant/operator. and restaurant development Pier A is a 38,725 square foot historic pier with firm BCD, which alleges that BOSSES, BEWARE surrounding promenade and adjoining plaza, located franchisee signed two leases for THE RECESSION may have given spaces it showed them—and never employers the upper hand, but a sur- at the southern tip of Manhattan between historic paid the company for its services. vey from Right Management, an arm 60% Yes 21% Maybe Battery Park and Battery Park City. Unrivaled views of The legal dispute has already of Manpower, last week revealed that resulted in the closing of the down in the ranks, discontent is grow- the Statue of Liberty and Ellis Island. chain’s store at 688 Sixth Ave.The other Red Mango outlet in ing. Asked if they would jump ship if the economy picks up next year, 900 RFQ is available at www.batteryparkcity.org. question is located at 115 E. 23rd 13% No 6% Not St. It remains open. workers responded as follows: likely Red Mango did not return

6 | Crain’s New York Business | December 14, 2009 20091214-NEWS--0007-NAT-CCI-CN_-- 12/10/2009 12:13 PM Page 1

SMALL BUSINESS

the afterlife; among other services, Funeral homes’ less grave image Joseph Farenga & Sons holds a can- dlelight ceremony each year for families of those buried. pricey caskets amid the growing As cremations rise, popularity of cremation. Free counseling funeral directors At Joseph Farenga & Sons Funer- at f. ruggiero & sons,Mr.Rug- al Home in Astoria, Queens, owner giero brought in a social worker to offer wider range of Gus Antonopoulos says customers manage three year-round bereave- ‘concierge’ services often arrive with laptops in tow. In- ment counseling groups. So far, he deed, 19% of New York area funeral hasn’t charged for them.“If you don’t home directors say video tributes or do it with sincerity,” he explains, BY KIRA BINDRIM personalized slide shows are the most “people are going to smell a rat.” popular service they offer, according CUSTOMIZING Compassion is a tough business COMPASSION: hen customers to a report from accounting firm Cit- Funeral home co- model, but funeral directors have the asked Richard rin Cooperman & Co. Seventeen owners Richard benefit of an undeniably steady trade. Ruggiero to dis- percent of directors say personalized Ruggiero (left) and Citrin’s Mr. Horton says he hasn’t play their recently services are the industry’s most posi- Michael Ruggiero seen any negative effect on the indus-

deceased moth- tive change and more than a third of buck ennis try from the recession.Sure,he notes, er’sW cookware during her viewing, families used such custom services some customers may be scaling down the co-owner of two F. Ruggiero & this year, up from 24% in 2008. New York area funeral homes’ busi- 2008.The average cost of direct cre- flower arrangements,but few are will- Sons funeral homes didn’t bat an ness in 2009, compared with 20% mation rose 17% this year, while the ing to skimp on a loved one’s service. eye. A common event five years ago, according to the Cit- cost of a direct burial increased 16%. For Mr. Ruggiero, whose family “Our position has always been “a funeral is an event like any- rin Cooperman report. Mr. Ruggiero concedes that spe- started F. Ruggiero & Sons in that this is your funeral,” he says. thing else,” says Mr. Antonopoulos. “If you went back 20 years,funer- cial services have helped offset the 1875, keeping services affordable is “We’re here to direct you, not take “After knowing someone for 20 or 30 als were to an extent one-size-fits- increasing popularity of cremation. as important to the business plan as over.” years, you’re celebrating their life.” all,” says Ed Horton, managing “You’d be amazed how many people profits: Most of his customers are In a shift away from the stuffy Personalized services are also a partner of the funeral services prac- don’t even realize you can have a vis- by referral. services of yesteryear, a growing way to grow revenues as lower-cost tice at Citrin Cooperman. “We’ve itation with a cremation,” he says. “People recognize value,”he says. number of funeral homes are touting burial options gain favor. Nearly a been telling funeral directors to Funeral homes are also expand- “I’m here to help families, not sell personalized ceremonies,where cus- third of local funeral homes say di- price for their services, because ing what the industry calls “knowl- goods.” tomers can exhibit anything from a rect cremation and burials, which that’s what’s special and unique.” edge-based services,” which can in- loved one’s treasured frying pan to typically don’t include embalming The average price for basic fu- clude everything from bereavement To sign up for Crain’s their favorite Christmas decor. The or visitation and are priced lower neral services rose to $1,745 this counseling to assistance with Social twice-weekly SMALL BUSINESS trend is a welcome reprieve for fu- than traditional services, are the year. That’s up about 12% from Security or veterans’ paperwork. NEWSLETTER, go to neral home directors,who are raising biggest issues facing the profession. $1,555 last year, compared with an Mr. Antonopoulos says he likes to www.crainsnewyork.com/smallbiz service costs and de-emphasizing Cremations accounted for 30% of increase of 2% between 2007 and think of it as a “concierge service”for

All the world’s a stage. Performances daily. 250 cities. 40 countries.

The Triumph of Aemilius Paulus, 1789 Carle Vernet, gift of Darius O. Mills, 1906 image. © The Metropolitan Museum of Art. Service totals include American Eagle.® AmericanAirlines, American Eagle, AA.com and We know why you ﬂ y are marks of American Airlines, Inc. oneworld is a mark of the oneworld Alliance, LLC.

December 14, 2009 | Crain’s New York Business | 7 20091214-NEWS--0008-NAT-CCI-CN_-- 12/11/2009 4:38 PM Page 1

strikes me as dangerous. Does that mean any time the city is involved even as a minor partner, it will be FEDERAL FUNDS Businesses’ requests THE INSIDER pressured to set up a similar fund?” BIG CITY BUSINESSES ARE ASKING New York’s congressional delegation to On the left, Bettina Damiani, fund four proposals with the next windfall from Washington—which will be by Erik Engquist and Daniel Massey project director at Good Jobs New billed as a job-creation (not stimulus) package, to better sell it to the public. York, doesn’t like the precedent for a The Partnership for New York City, in a letter to different reason: “Isn’t this an delegation members, called for a program to spur low-interest NO TRUCE: A controversial incentive for companies to pay its loans for small businesses, funding for a new air-traffic control fund would subsidize wages at employees less, assuming the system, the inclusion of commercial buildings in an energy- the Kingsbridge Armory mall. taxpayer will pick up the rest?” efficiency retrofitting initiative, and stronger protection for Another question is whether the intellectual property to spur exports of movies and music. proposed fund is permissible under Funding presumably would come from $200 billion in state law. unspent money from the Troubled Assets Relief Program, better Supporters of a living wage known as the bank bailout. That money can be reallocated if believe they’ve moved the ball the new use complies with the original TARP legislation, but down the field, though not into the the Partnership for New York City’s proposals would require end zone. “The difficulty of new bills. negotiating this deal will be seen “The rescue of the banks was phenomenally successful,” among the advocates as the rationale for why we need citywide says Kathryn Wylde, president of the business group. “Not legislation,” says lobbyist Richard only are the banks repaying the money, but they’re paying buck ennis Lipsky. “It will be a spur to mandate huge dividends on the government’s investment. The money a living wage on all projects that are should flow back to Main Street so the people see it.” taxpayer-subsidized.” The group wants the Treasury to make money available to Armory agreement The council appears inclined to banks at low interest rates on the condition that they lend it to small make a deal, even if it bends on businesses on favorable terms. “We think that’s a great way to reposition Wall living-wage guarantees. One thing Street and to combat the anger people feel,” Ms. Wylde says. “The public is angers both sides the Bronx delegation insists on, angry about the bailout, feeling they’ve lost their homes and their jobs and all though, is a ban on supermarkets in their tax dollars have gone to bail out the banks.” the mall to protect a neighboring The proposed new nationwide air-traffic control system, called NextGen, he kingsbridge armory shopping mall food market from subsidized would cost $22 billion. It would reduce flight delays that cost travelers $1.7 compromise, in which the city would create a fund competition. billion and airlines $836 million annually in the New York metropolitan region to subsidize wages of mall employees, would be a alone, according to the partnership. Energy-efficiency retrofitting has focused on housing, but commercial buildings account for 21% of the city’s first. But if the Bloomberg administration and OTB bets greenhouse gas emissions. Better protection for digital content would benefit City Council nail it down by the Dec. 14 deadline, on Albany thousands of New York companies in an industry hamstrung by piracy. it probably would not be the last. T new york city Off-Track Betting That worries people on the right and left sides of the inadvertently delivered a mixed political spectrum. message in announcing a bankruptcy with reporters. preserving legislative districts that “City government already has its tentacles in so many filing this month. Its press release There’s an explanation for the otherwise would not exist. previously 100% private enterprises,” says Julia Vitullo Martin, said OTB would not ask to reduce discrepancy, insiders say: OTB its payments to the city and state, officials originally planned to hold director of the Center for Urban Innovation at the Regional but agency officials indicated the city and state harmless but later Revisiting Plan Association. “For it to embark on this particular road otherwise during a conference call changed their minds.Their new the election position should strengthen their negotiating hand with state an election postmortem at the lawmakers, who must pass a bill to New School last week elicited enable OTB’s proposed insights from the consultants who restructuring. If legislators don’t, the ran the mayoral campaigns. agency would shut down in the Bloomberg media guru Howard spring, leaving taxpayers with a Wolfson said his team focused on $600 million obligation to OTB pushing Rep. Anthony Weiner (below) employees’ health care and pension out of the race because “Anthony funds.The city and state disagree would have engaged the race much on which one is stuck with the bill. earlier and more aggressively” and “the inevitability factor wouldn’t have been there.”That is, the Key reasons Bloomberg campaign narrative of to close jails certain victory—never true— wouldn’t have been credible. new york state’s prison Consultants on both sides said population fell by 2,273 inmates in polls showing Mayor Michael 2008, the largest drop in the nation— Bloomberg leading City Comptroller well ahead of second-place William Thompson by 12 to 18 points Georgia’s 1,537.The data, released were misinterpreted. It was last week, bolsters the case being Bloomberg’s total support, not the made by city Democrats in the gap, that was significant.The gap Legislature to close some upstate closed to 4.6 points because prisons. One Senate Democrat, in undecided voters ultimately chose fact, recently guaranteed to Crain’s the challenger, as they almost editorial board that prisons would always do. But Karen Persichilli be consolidated. Keogh of Team Bloomberg noted It is a bellwether issue for that Mr.Thompson got about Albany because it reveals whether the same number of votes as logic or pork barrel politics is Fernando Ferrer carrying the day. In recent years, it’s did in 2005. been politics: Half-empty prisons were The margin was kept open at the behest of their closer in 2009 senators and prison employee because many unions.The costly jails provide jobs Bloomberg in depressed upstate areas and backers failed inflate population counts, to vote.

For daily political and government news, subscribe to CRAIN’S INSIDER @ www.crainsnewyork.com/insider

8 | Crain’s New York Business | December 14, 2009 20091214-NEWS--0009-NAT-CCI-CN_-- 12/11/2009 2:10 PM Page 1

Real estate debacle

Continued from Page 2 openness to listening to new ideas,” dle the real estate transactions, but says Mr. Hentschel. the company has $2 billion to invest. Cantor Fitzgerald also enters the “We can offer advice and capi- real estate market with a formidable tal,” says Mr. Rubin, who notes that range of offerings, after eight years Moelis had done a few real estate of bulking up beyond its traditional deals before, but it wasn’t a focus. strength in the bond markets. Former Wachovia banker Steve “We will offer full service,” says Hentschel, who was hired to lead Anthony Orso, one of three former Broadpoint Gleacher’s real estate Credit Suisse real estate bankers practice, also plans to tap his new hired within the last three months at employer’s existing talent to serve Cantor. clients. He says that while the bank For CB Richard Ellis, the key ad- can offer a full range of capital mar- vantage is the firm’s globe-straddling kets services, its immediate empha- network of brokerage offices.To cor- sis will be on restructuring, mergers ral that strength, CBRE hired three and acquisitions, and raising private bankers from J.P.Morgan in the past equity. Broadpoint has already been three months to launch its bank. hired by deeply troubled REIT “We wanted to provide a broad Crystal River Capital to develop a class of services to our clients,” says strategic plan that could include Greg Vorwaller, chief operating of- selling assets or even selling the ficer of the company’s capital mar- company outright. kets group.“We need an investment “In a market like this, there is an bank to do that.” Toys ‘R’ Everywhere

Continued from Page 3 hattan Mall and at 30 Rockefeller alysts. The high debt stems from a Center. The temporary holiday leveraged buyout of the chain in shops offer affordable convenience 2005 by Bain Capital Partners, to parents unwilling to trek up to the Kohlberg Kravis Roberts & Co. and chain’s Times Square megastore or Vornado Realty Trust. While Stan- its Fifth Avenue FAO Schwarz. dard & Poor’s recently upgraded “The temporary stores can be a some Toys “R” Us debt to “stable,” great way to maximize consumer the notes still carry a B+ rating, reach during the busiest time of the which is considered junk grade. year,”says Anita Frazier,a toy analyst The $13.7 billion retailer must at research firm NPD Group Inc. also contend with increased compe- Crucially, Toys “R” Us seems to tition from Kmart, have bet big on the which has begun to right merchandise. place greater em- Temporary In addition to stock- phasis on selling ing enough Zhu toys. The value stores are a Zhu hamsters and chain hired toy vet- accessories to last eran Julia Fitzger- great way to through Christmas, ald in June, inaugu- the retailer also or- rated its list of “Fab maximize Toys dered an ample sup- 15” toy recommen- ply of Barbie dolls, dations earlier this ‘R’ Us’ reach which are making a fall and expanded strong comeback on in-store promo- gift lists this year. tions with events Toys “R” Us’ May like the Littlest Pet acquisition of finan- Shop scavenger hunt. cially struggling FAO Schwarz al- “People are just starting to real- lowed the toy purveyor to diversify its ize they can get toys at Kmart,” says merchandise assortment into the Ms.Fitzgerald,noting that the store higher-priced specialty realm popu- still has Zhu Zhu Pets—this sea- lated by Karl Lagerfeld teddy bears, son’s must-have item—in stock. hand-painted Miss Piggys and more. In Manhattan, however, Kmart’s “They’ve done a really good job two stores can hardly hold a candle of predicting what’s going to sell,” to Toys “R” Us’ multiple outposts, says Chris Byrne, content manager which include pop-ups in the Man- for TimeToPlayMag.com. SMALL SHOPS KEEP IT PERSONAL TOYS “R” US’ NEW YORK GROWTH has forced small, independent toy shops here to step up their offerings to stay afloat. As a multibillion-dollar retailer, Toys “R” Us gets first dibs on most merchandise from manufacturers, muscling aside small shops from the latest must-have items. To stay in the game, Mary Arnold Toys on the Upper East Side offers services such as free gift wrapping and delivery for time-strapped shoppers. Though store manager Judy Ishayik hasn’t given up hope for her back order of Zhu Zhu pets, her emphasis on the little extras seems to be working—she expects holiday sales to be between 20% and 25% better this year than last. “With Toys ‘R’ Us and FAO Schwarz, some customers just don’t want to deal with the craziness that goes on down there,” Ms. Ishayik says. “Our customers like to deal with someone personally.” 20091214-NEWS--0010-NAT-CCI-CN_-- 12/11/2009 2:04 PM Page 1

VIEWPOINT Law should be eminently clear editor in chief Rance Crain publisher, vp Jill R. Kaplan editorial director Greg David ast month, the state’s highest court ruled and, most important, that the courts should not second- that eminent domain was eminently guess a state agency’s decision to declare an area blighted, EDITORIAL editor Xana Antunes justified to remove the holdouts at the except in the most extreme cases. managing editor Glenn Coleman controversial Atlantic Yards project in The majority in the Manhattan appellate court seemed to deputy managing editors Valerie Block, Erik Ipsen Brooklyn.The following week, an appeals ignore the direction of the state’s highest court.The majority contributing editor court in Manhattan ruled against the use in the 3-2 decision disparaged the public benefit of the Elizabeth MacBride columnist Alair Townsend of that doctrine in Harlem, where Columbia project and clearly second-guessed the blight senior reporters Theresa Agovino, Columbia University is about to build a major new campus. finding in a way that would seem to directly contravene the Aaron Elstein, Erik Engquist, Lisa Fickenscher, Matthew Flamm, Miriam Kreinin Souccar These two rulings are completely at odds on appropriate instructions of the higher court. reporters Barbara Benson, Amanda Fung, L Daniel Massey, Adrianne Pasquarelli, use of eminent domain.The Court of Appeals should take The Manhattan court ruling is certain to be appealed, Hilary Potkewitz up the Columbia ruling expeditiously to clarify the law and because legal confusion will paralyze projects where eminent art director Steven Krupinski prevent this vital deputy art directors Carolyn McClain, domain may be an Daniel Mednick project from being issue. Even more staff photographer Buck Ennis harmed by months The public copy desk chief Wendy Zuckerman damaging may be the copy editor Thaddeus Rutkowski of uncertainty. benefit issue effect on Columbia. research editor Denise Southwood assistant research editor Maia Blume Consider the two The university has editorial/research intern Selena Shen decisions, both of especially needs spent seven years www.crainsnewyork.com web editor Brian Tracey which center on rethinking planning and senior producer Elisabeth Butler Cordova whether eminent winning approval for producer Kira Bindrim domain can be used this project and is EDITORIAL AND ADVERTISING OFFICES to aid private now in the middle of 711 Third Ave., New York, NY 10017-5806

buck ennis editorial: 212.210.0277 Fax 212.210.0799 developments, how ATLANTIC YARDS gets court OK; Columbia does not. intensive design and advertising: 212.210.0259 the public benefit of fundraising efforts to make it a reality. Cable craincom nyk Fax 212.210.0499 such a project should The public benefit issue especially needs rethinking. Entire contents ©copyright 2009 Crain be evaluated, and how the courts should consider disputes Higher education represents one of the sectors that can Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP about whether an area is blighted, which is the legal standard diversify the city’s economy and produce the middle-class Inc., used under license agreement. in New York when someone’s property is to be forcibly jobs politicians are constantly saying the city needs. It now TO SUBSCRIBE: purchased. employs as many people as manufacturing. Columbia can’t Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. In the Atlantic Yards case, the Court of Appeals ruled that compete with its rivals, because it needs more space. A www.crainsnewyork.com

long-established precedents allowed the use of eminent vibrant Columbia is crucial to the city’s future. ADVERTISING AND MARKETING domain to aid a private development, that the public benefit The appeals court should understand the urgency and advertising director Trish Henry required of such a project should be regarded in a broad way, clarify the law as soon as possible. real estate sales manager Cornelius P. Gore senior account managers Irene Irvill, Courtney McCombs, William E. Squitieri account executives Anthony Mowad sales manager, classified John Gallagher CRAIN’S ONLINE POLL COMMENTS print & online sales coordinator, print & online Lulé Haznedari newsletter product manager SHOULD FORMER NY Alexis Barney SENATE MAJORITY credit Todd J. Masura 313.446.6097 How far they’ve fallen marketing director Amy Crossman LEADER JOSEPH BRUNO circulation manager Andrea Richardson assistant circulation manager GO TO JAIL? AN UNSEEMLY SCRAMBLE Rosalie Ford the fact that joe bruno could argue that general manager, interactive Date of poll: Dec. 8 Marc Minardo 280 votes he did nothing wrong shows precisely how web developer, interactive wrong things have gone in Albany (and Chris O’Donnell Yes. He Washington, for that matter).The business of concealed government has degenerated into an unseemly NEW YORK PRODUCTION . 81% payments he got scramble to grab whatever you can for yourself in return for production and pre-press director state business. and your friends, the public interest be Michael Corsi damned. advertising production manager

Prison time Suzanne Fleischman Wies

would send a —peter collery 19%. clear message to PUBLISHED BY CRAIN COMMUNICATIONS INC. Albany to clean up its act. … AND THEIR LITTLE DOGS, TOO! chairman Keith E. Crain president Rance Crain secretary Merrilee Crain send bruno and the rest of Albany to jail! buck ennis No. He was found Mary Kay Crain —tina gray FREED BY RECESSION: Michael Zenreich pursues painting. treasurer not guilty on most executive vp, operations William Morrow of the charges senior vp, group publisher Gloria Scoby brought against CREATIVITY VS. COMPENSATION group vp, technology, circulation, him, and there other arts, artists will still be struggling against manufacturing Robert C. Adams was no real former corporate slaves freed by the the economic tide. vice president/production & evidence that he recession to pursue artistic dreams (Crain’s, —judilee reed manufacturing David Kamis delivered any Nov. 30) may be in for a rude awakening when Executive director chief information officer Paul Dalpiaz special favors for corporate circulation/audience money. it comes to compensation for their creative Leveraging Investments in Creativity development director Kathy Henry output. A recent survey by our organization, Leveraging Investments in Creativity, shows founder G.D. Crain Jr. (1885-1973) TIME FOR SMALL-BIZ BAILOUT? chairman Mrs. G.D. Crain Jr. (1911-1996)

getty images that most artists—even those holding multiple For this week’s questions: Go to jobs—make less than $40,000 annually. When should bank bailout funds be used to help www.crainsnewyork.com/poll to have your say. society emerges from the recession, hungry for small businesses (Online Poll, Dec. 9)? No. excellence in design, graphics, performance and See COMMENTS on Page 11

10 | Crain’s New York Business | December 14, 2009 20091214-NEWS--0011-NAT-CCI-CN_-- 12/11/2009 1:47 PM Page 1

ing volume has been inflated by all those secondary stock issues by the big banks, not exactly lucrative work. The asset-based securities sector is dead (read: subprime housing securitization), which is probably a good development, with the figure for the third quarter at less than $200 billion. In the second quarter of 2007, $930 billion in asset-based securities were issued. So how can profits be approaching $60 billion? It’s all about the spread. Wall Street is in debt to Federal Reserve Chairman Ben Bernanke and his decision to keep interest rates at zero. Remember, traders use borrowed money to make their bets, and almost anyone

john h.john howard can make money on someone else’s dime. Mull over this statistic: In the second quarter of this year, interest expense at Wall Street firms was a puny $5 billion, compared with $76.3 billion in the second quarter of 2007.It is so easy to see where the Audit Tax Advisory big profits are coming from and to grasp that this cannot continue. At Wall Street’s some point,and the best guess is later in 2010, the Fed will have to raise Steve Mayer CPA interest rates. 212.682.1600 ephemeral rebound The IBO, for one, knows this. It www.amper.com projects that Wall Street profits will fall to $16 billion in 2010. It’s a very ycles are an inescapable fact of life on Wall healthy figure,but a far cry from $59 billion. Street,but the ride of the last two years is unprece- Many issues remain unclear dented. Last year, securities firms lost some $27 about the Wall Street rebound. No billion. This year, the city’s Independent Budget one knows how big bonuses will be Office estimates, firms’ profits will reach $59 bil- given public anger and government Join the Crain’s Community lion, a turnaround the IBO’s staff calls “dizzying.”The rebound pressure to restrain them. The split C between cash and stock is also un- Subscribe to Crain’s New York Business— has been so great that earnings this year will be slightly certain; cash will boost spending and tax collections, stock bonuses New York’s must-read resource for the more than double the Business for Gold- will not. city’s business leaders previous record. man Sachs, Morgan What hasn’t changed at all is With the New York Stanley, even Citi- the city’s reliance on Wall Street. economy and the state group is better—but In the 1960s, the securities indus- and city government not that much better. try accounted for about 3% of em- still dependent on the While some high-pro- ployment and 6% of all the wages Print Edition sector, this is good file mergers are domi- in New York. By 1987, at the peak One year subscription – $59.79 news. It means the re- nating the headlines in of the first major Wall Street cession will soon be over the business press, fees boom, the figures were 4% and • Weekly news analysis of New York’s and good times could from M&A activity at 10%. In 2007, which featured the most important business issues return quickly, right? the five largest firms largest bonuses of all time, Wall • In-depth reports and trend stories Well,not exactly.To un- GREG will be down anywhere Street accounted for 28% of all the derstand why,one needs DAVID from 50% to 75% this income in the city. Even with last • Crain’s annual Book of Lists to examine the reason year. There is very lit- year’s plunge, the figure was still why securities firms are tle activity in initial 24%. Economic diversification re- so profitable these days. public offerings;equity underwrit- mains a wish, not a reality.

Digital Edition COMMENTS One year subscription – $35 • Anytime access to comprehensive Continued from Page 10 to 22,000 of New York’s largest could guide subsidies to building and late breaking business news Excess TARP funds should be used buildings voluntary rather than owners making required changes. to reduce the fiscal deficit.There is mandatory (Online Poll, Dec. 7). Subsidies could be paid in part • Crain’s Daily Alert delivered to plenty of money in the stimulus Becoming an inspiring leader in through specific taxes on the your inbox each business day package for small business if green urban living would be immediate beneficiaries of the • FREE unlimited access to Crain’s archives Congress makes the effort to fix economically valuable changes (the contractors that legislation. So far, many for the city and push and builders) as well as a projects financed as “stimulus” are the world that much small, short-term, just an absurd waste of money. further in a direction progressively stepped Subscribe today to gain membership to the —george bogdan that is crucial for our increase in general most powerful business community in New York. seaside city’s long- taxation. GREEN MACHINE? YES. term survival. At the True, nobody likes MEAN GREEN MACHINE? NO same time, no one higher taxes, but that is industry or group the mechanism for Go to www.crainsnewyork.com/subscribe re: mayor michael bloomberg should bear the making sure that the recently changing his citywide exclusive burden. burden doesn’t fall upon

energy-efficiency plan to make Formulas based buck ennis just one group. extensive “green” renovations for up on fairness and need Michael Bloomberg —david arnow

December 14, 2009 | Crain’s New York Business | 11 20091214-NEWS--0012-NAT-CCI-CN_-- 12/10/2009 7:38 PM Page 1

FOR THE RECORD

their real estate transactions to appear in major shareholders. It’s believed that G Dun & Bradstreet Corp. (DNB) this section should e-mail descriptions and insiders may time transactions to their Steven W. Alesio, chairman of the board ABOUT THIS SECTION information that follow this format to personal advantage, and that these and chief executive at the information FOR THE RECORD is a weekly listing of information from the public record that [email protected] with transactions are frequently associated with services company, exercised options on “Real estate transaction” on the subject line. future stock price performance. Information 64,300 shares of common stock at can help businesspeople find opportunities in the New York area by providing and data were obtained from Thomson $34.17 between Nov. 30 and Dec. 1, in a leads for clients, potential new business and competitors. OFFICE Reuters. transaction worth $2,196,810. Between To ask questions or get more information on this section, contact Denise Orrick Herrington & Sutcliffe has Nov. 30 and Dec. 2, he sold 114,915 Southwood at [email protected]. signed a 15-year, 213,231-square-foot G IAC/InterActiveCorp (IACI) shares at prices ranging from $78.15 to lease for nine floors of 51 W. 52nd St. Liberty Media Corp. sold 947,800 $79.09 in a transaction worth The building, owned by CBS shares of common stock at prices $9,038,603. He now directly holds Broadcasting Inc., totals 980,000 square ranging from $19.39 to $19.88 between 112,811 shares. feet. Peter Riguardi, Frank Doyle, Nov. 24 and Dec. 1, in a transaction BANKRUPTCIES the Olmsted Center in Flushing Barbara Winter and Andrew Flint of worth $18,578,610. The company Patricia A. Clifford, senior vice president Meadows Corona Park, Queens. Jones Lang LaSalle represented the now indirectly holds 12,437,600 and chief human resources officer, The following listings are selected from the Questions should be directed to Juan owner. Barry Gosin and Moshe Sukenik shares. exercised options on 44,524 shares of most recent available filings by companies Alban at (718) 760-6771 or of Newmark Knight Frank repped the common stock at prices ranging from seeking bankruptcy protection in the [email protected]. tenant. The asking rent was between $60 G American Express Co. (AXP) $34.61 to $71.28 on Nov. 30, in a Southern and Eastern Districts of New and $70 per square foot. Kenneth I. Chenault, chairman of the transaction worth $2,083,779. On the York. Information was obtained from U.S. Department of Environmental Protection board and chief executive at the financial same day, she sold 45,845 shares at Bankruptcy Court records available on Seeks request for proposals by 4 p.m. on The Metropolitan Opera has signed a services company, exercised options on prices ranging from $78.10 to $78.59, in Public Access to Court Electronic Records. Jan. 11, 2010, for engineering- five-year, 13,500-square-foot lease on 462,673 shares of common stock at a transaction worth $3,581,158. She consultant services to direct part of the second floor of 80 West End $38.22 on Nov. 30, in a transaction now directly and indirectly holds 19,765 G Barrett’s Cool Spot Beverage Inc. construction-related tasks. A Ave. Howard Kesseler and Cory worth $17,685,212. shares. 655 Montauk Highway, Lindenhurst, L.I. preproposal conference has been Horowitz of Newmark Knight Frank Filed for Chapter 11 bankruptcy scheduled for 10 a.m. on Dec. 21 at represented the tenant, and David G Pepsi Bottling Group Inc. (PBG) G Medco Health Solutions Inc. (MHS) protection on Dec. 1. The filing cites 96-05 Horace Harding Expressway, Berley of Walter & Samuels Inc. repped Alfred H. Drewes, senior vice president Brian T.Griffin, group president of estimated liabilities of $100,001 to Flushing, Queens. For additional the ownership. The building is co- and chief financial officer at the health plans at the pharmaceutical $500,000, and assets were not disclosed. information, contact James Garin at owned by David Berley and Jared beverages company, exercised options on company, sold 118,208 shares of Among the creditors with the largest (718) 595-5501 or [email protected]. Kushner. The asking rent was $35 per 443,011 shares of common stock at common stock at $63.07 on Nov. 30, in a unsecured claims are Somma Associates square foot. prices ranging from $23.50 to $34.33 transaction worth $7,454,941. He now Inc., owed $15,150.00; and Long Island GOODS AND SERVICES between Nov. 30 and Dec. 1, in a directly holds 127,800 shares. Power Authority, owed $1,954.45. G Department of Citywide Administrative Left/Right Inc., a reality television and transaction worth $12,265,030. During Services film production company, has signed a the same period, he sold 443,011 shares G ITT Corp. (ITT) G Mangia 57 Inc. Seeks competitive sealed bids by 10:30 10-year, 10,000-square-foot lease on the at prices ranging from $38.05 to $38.31 Donald E. Foley, senior vice president 50 W. 57th St. a.m. on Dec. 29 for the solicitation of ninth floor of 39 W. 19th St. The 12- in a transaction worth $16,945,748. He and treasurer at the defense systems and Filed for Chapter 11 bankruptcy ballots for primary elections. Proposal story, 130,000-square-foot building is now directly holds 61,083 shares. services company, exercised options on protection on Dec. 2. The filing cites documents can be obtained at 1 Centre owned by Abner Properties Co. Perry 32,000 shares of common stock at estimated liabilities of $1,000,001 to St., room 1800. Contact Anna Wong at Mesmer of FirstService Williams Steven M. Rapp, senior vice president, $16.66 on Nov. 30, in a transaction $10 million and assets of $100,001 to (212) 669-8610 for further information. repped the landlord, and Michael general counsel and secretary, exercised worth $533,120. On the same day, he $500,000. Among the creditors with the Rozenrouch of Miyad Realty acted on options on 270,329 shares of common sold 32,000 shares at $51.25 in a largest unsecured claims are Vornado G Department of Education behalf of the tenant. The asking rent was stock at prices ranging from $25.25 to transaction worth $1,640,000. He now Realty Trust, owed $335,708.76; and Seeks competitive sealed bids by 5 p.m. $30 per square foot. $30.85 on Nov. 27, in a transaction directly holds 41,283 shares. Borax Paper Products Inc., owed on Dec. 16 for the rental of bottled- worth $7,638,015. On the same day, he $211,193.19. water coolers, both hot and cold, and the A commercial loft building at 112 sold 270,329 shares at $37.89 in a G SL Green Realty Corp. (SLG) purchase of five-gallon and three-gallon Stanton St. was sold in an all-cash transaction worth $10,242,766. He now Gregory F. Hughes, chief financial G Verified Identity Pass Inc. reusable plastic bottles. To obtain bid transaction valued at $2.4 million. The directly holds 50,265 shares. officer and chief operating officer at the 600 Third Ave. documents, send an e-mail to building is six stories and is real estate investment trust, sold 33,762 Filed for Chapter 11 bankruptcy [email protected] with the approximately 10,000 square feet. The John L. Berisford, senior vice president shares of common stock at $43.05 on protection on Dec. 1. The filing cites bid number (#B1222040) and title in the names of the buyer and seller were not of human resources, exercised options on Nov. 30, in a transaction worth estimated liabilities of $10,000,001 to subject line. For more information, disclosed. Michael F. DeCheser and 50,794 shares of common stock at prices $1,453,454. He now directly holds $50 million and assets of $1,000,001 to e-mail [email protected] with Philip Huang of Massey Knakal Realty ranging from $23.50 to $25.25 on Nov. 81,221 shares. $10 million. Among the creditors with the bid number and title in the subject Services worked on both sides of the 30, in a transaction worth $1,219,995. the largest unsecured claims are GE line. transaction. On the same day, he sold 50,794 shares G Barnes & Noble Inc. (BKS) Homeland Protection Inc., owed at $38.05 in a transaction worth J. Alan Kahn, president of the $1,813,868.00; and Superior Technical, Requests competitive sealed bids by 5 Zero Point Zero Production Inc. has $1,932,712. He now directly holds publishing group at the bookstore, owed $1,400,362.52. p.m. on Dec. 15 for CPR mannequins signed a 10-year, 9,600-square-foot 53,833 shares. exercised options on 52,788 shares of and accessories. To obtain proposal lease at 758 Sixth Ave. The 26-story common stock at $16.52 on Nov. 30, in a G Y & Y Best Farm Inc. dba Park’s Orange documents, send an e-mail to building is owned by 875 LLC. Glenn Yiannis Petrides, president of PBG transaction worth $872,058. On the Tree [email protected] with the Teyf and Yossi Geigenson of ORB Real Europe, sold 45,000 shares of common same day, he sold 52,788 shares of 67-45 Myrtle Ave., Glendale, Queens bid number (#Z1301040) and title in Estate Professionals negotiated on stock at $38.04 on Nov. 30, in a common stock at $23.52, in a Filed for Chapter 7 bankruptcy the subject line. For more information, behalf of the tenant, and Peter Braus of transaction worth $1,711,800. He now transaction worth $1,241,542. He now protection on Dec. 1. The filing cites e-mail [email protected] with Sierra Realty Corp. represented the directly holds 136,030 shares. directly holds 21,885 shares. estimated liabilities of $100,001 to the bid number and title in the subject landlord. $500,000 and assets of $50,001 to line. $100,000. Among the creditors with the FedEx has signed a lease for 3,557 DEALS ROUNDUP largest unsecured claims are Chase’s G Health and Hospitals Corp., Coney square feet on part of the second floor at small business loan, owed $19,850.00; Island Hospital W&H Properties’ 501 Seventh Ave. The and Chase’s business credit card, owed Seeks competitive sealed bids by 11 a.m. building is 18 stories and approximately TRANSACTION SIZE $14,644.95. on Dec. 30 for window-cleaning services 500,000 square feet. Lee Miller of COMPANY (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE for the Main, Hammett and Tower Cushman & Wakefield represented the Financial Federal Corp. $730.9 People’s United Financial Inc. SB M&A buildings at Coney Island Hospital. A tenant in the negotiations, and Jonathan (Manhattan) GOVERNMENT CONTRACT mandatory walk-through will be held at Fales of CB Richard Ellis acted on Capmark Financial Group Inc., $515.0 Berkshire Hathaway Inc., SB M&A OPPORTUNITIES 10 a.m. on Dec. 22 in room 1N45 at behalf of the landlord. The asking rent North American servicing and Leucadia National Corp. (Manhattan) 2601 Ocean Parkway, Brooklyn. For was $42 per square foot. mortgage banking businesses Hundreds of potential government questions or to obtain a copy of bid Century Peak Metals $42.5 Global Emerging Markets (Manhattan) GCI contracts are available in our area.The documents, contact Nadine Patterson at RETAIL/SHOWROOM Holdings Corp. following are selected contract opportunities (718) 616-4271. NYC Knitwear, a sweater manufacturer, Receptos Inc. $25.0 Arch Venture Partners, Flagship Ventures, GCI recently announced by New York City has signed a 10-year, 14,000-square-foot Venrock (Manhattan), Lilly Ventures G Health and Hospitals Corp., Coler- 525 Seventh agencies.To learn how to sell goods and lease for showroom space at Dow Jones & Co., $13.5 Interactive Data Corp. SB M&A services to city government, visit Goldwater Memorial Hospital Ave., a 23-story, 520,000-square-foot online financial solutions business www.nyc.gov/selltonyc. For a searchable Requests competitive sealed bids by 3 building owned by Olmstead Properties. (Manhattan) database of current procurement notices, p.m. on Dec. 29 for boiler refractory Marc Schoen of Savitt Partners Asian Plantations Ltd. $8.6 Steadfast Advisors (Manhattan) GCI visit www.nyc.gov/cityrecord. Listings are repair. Prebid meetings and site tours are negotiated on behalf of the tenant, and Industrial building in $8.2 Griffin Land & Nurseries Inc. (Manhattan) SB M&A alphabetical by category and department. scheduled for 10:30 a.m. on Dec. 21 and Bob Savitt and Brian Neugeboren also Breinigsville, Pa., and a 51-acre Dec. 22 at 1 Main St., Roosevelt Island. of Savitt Partners and Steven Marvin of parcel of undeveloped land CONSTRUCTION SERVICES Attendance is mandatory at one Olmstead Properties acted on behalf of G Department of Parks and Recreation mktg Inc. (Manhattan) $5.0 Individual investors, management GCI meeting. For questions, contact Starr the ownership. The asking rent was not of mktg Inc. Requests competitive sealed bids by Kollore at (212) 318-4260 or available. CloudFlare Inc. $2.1 10:30 a.m. on Jan. 28, 2010, for the [email protected]. UV Partners, Venrock (Manhattan) GCI reassembly and reconstruction of the Pixable (Manhattan) $0.4 Individual investors GCI Wyckoff Durling Barn located in STOCK TRANSACTIONS Selected deals announced during the week of Nov. 22 involving companies in metro New York. Hillsborough, N.J., for use as an REAL ESTATE DEALS GCI: Growth capital investment represents new money invested in a company for a minority education center at the Wyckoff The following are recent insider stake. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing Farmhouse Museum. A prebid meeting The latest real estate deals are provided by transactions at New York’s largest publicly shares of a company without the participation of a financial buyer. is scheduled for 11:30 a.m. on Jan. 4, brokers and/or their representatives. held companies filed with the Securities and source: capitaliq 2010, at the design conference room at Companies that would like information on Exchange Commission by executives and

12 | Crain’s New York Business | December 14, 2009 20091214-NEWS--0013-NAT-CCI-CN_-- 12/10/2009 12:12 PM Page 1

CORPORATE PHILANTHROPY INSIDE Charity cases: Corporate dollars focus on organizations providing essential services PAGE 14 Largest nonprofits in the New York area, ranked by operating expenses PAGE 18

FOCUSED GROUP: The Educational Alliance, headed by Robin Bernstein, is now raising money through social media and raising awareness through a PR director. buck ennis Battling mission attrition

Virtually every nonprofit in the city is profits are feeling the pain.The Metropolitan To outlast the downturn, nonprofits hurting as funding dries up and demand for Museum of Art, for example, has cut 14% of services increases. But some are holding up its work force, frozen salaries and closed some need diverse funding and broad appeal better than others (see sidebar, Page 16). Be- of its retail outlets this year. ing large and having diverse funding sources Nevertheless, experts agree that when it helps, as does having a mission that comes to survival, bigger is better. BY JUDITH MESSINA resonates with a broad spectrum of Large institutions tend to have re- donors. The nonprofits that have serves,multiple revenue streams and IN THE MIDST OF AN ECONOMIC RECESSIONthat has most nonprofits slashing programs been hit hardest tend to be smaller 62% boards of trustees they can turn to. and staff, City Harvest this year distributed more food than ever before, raised organizations and those that rely of social services The Metropolitan Council on record amounts of money and added thousands of donors to its rolls. Its success heavily on government funding. groups have lost Jewish Poverty, which has an annu- “Organizations with good real budget of $150 million, laid off is a testament to its intense focus on its mission, but also serves as an example of public funding serves that are taking measures to Data are for New York City, 2008. workers when it lost $1 million in the staying power of some of the city’s largest and most visible charities. cut costs are going to survive,” says Sources: Baruch College School government money last year. But it of Public Affairs, Human Services “Food is very basic, and [donors] respond to it very easily,” says City Harvest Michael Clark, president of the Council of New York City was able to increase private dona- Inc.’s executive director, Jilly Stephens. “It doesn’t take much for people to Nonprofit Coordinating Commit- tions by 20% in 2009 and recently tee of New York Inc. “Organizations that raised $500,000 from its board, allowing it to imagine how they might find themselves scrambling to put food on the table don’t are going to have a tough time.” rehire about half of those staffers. after a couple of unlucky turns.” Even the largest, most prestigious non- See BATTLING on Page 17

December 14, 2009 | Crain’s New York Business | 13 20091214-NEWS--0014-NAT-CCI-CN_-- 12/10/2009 12:13 PM Page 1

REPORT

P N--P’        .

JOE TORRE, MANAGER

T    TIM MCCLIMON says AmEx’s charitable arm THE UNPRECEDENTED. has fewer resources at a time of greater need. buck ennis Corporations aim at the essentials

grams they funded in the past, like Call 1-212-297-0400 or visit www.jhcohn.com Arts, museums hurt New York City, White Plains, and Jericho the arts and higher education. Other oﬃ ces in New Jersey, Connecticut, and California as funders focus “It’s been a challenging year for nonprofits and funders,” says Tim tighter budgets on McClimon, president of the Amer- ican Express Foundation. “We’ve hunger, shelter had to change our own cost struc- tures and have fewer resources at a BY MIRIAM KREININ SOUCCAR time of greater need.”

though the International Rescue Fewer dollars, greater impact Committee does some work in the american express gave away $29 United States resettling refugees, million in 2008, an increase of near- it’s mostly known for helping dis- ly 7% from 2007. This year, howev- placed people fleeing wars in the er, the financial services company is world’s hot spots, like Afghanistan. cutting its philanthropy budget be- So with a domestic financial cri- tween 10% and 15%.The company, sis that has left thousands hungry which funds programs in the arts, and homeless, it leadership training comes as little sur- and community prise that the Donors want service, isn’t reduc- renowned nonprofit ing the grants’ dollar is getting less atten- to be seen amounts since it tion these days, es- wants to make an pecially from corpo- as socially impact; instead, rate funders with AmEx is cutting reduced budgets responsible down on the number that are looking to of grants it makes. burnish their image Mr. McClimon de- as socially responsi- clined to list any of ble neighbors. the funding requests “It has been difficult,” says Janet that the foundation has turned Harris, vice president of develop- down. ment at IRC, where corporate sup- At Citigroup, the cut in its phil- port has dropped 30% in the past anthropic budget has been much two years.“We don’t run food banks greater.The Citi Foundation,which or homeless shelters.” focuses on the economic empower- ment of low-income families, is re- Scaling back programs ducing its budget by about 30%, to as the recession drags on, many around $65 million.Though the loss corporations whose earnings have in funding hurt,Pam Flaherty,pres- suffered are scaling back their giving ident of the foundation, says the programs. At the same time, some foundation had already decided to are reallocating part of what is left to narrow its focus in 2007,even before respond to newly unemployed the recession began, eliminating Americans in need of food, shelter former causes such as after-school and clothing, at the expense of pro- See CORPORATIONS on Page 21 Project6 12/8/09 12:46 PM Page 1

Now is the time to look ahead.

Gramercy Surgery Center IVYREHAB Network, Inc. New York, NY Harrison, NY

$3,000,000 $2,400,000 Working Capital Financing Working Capital Financing Line of Credit

Sole Bank/Lead Lender Sole Lender

July 2009 October 2009

XO Communications, LLC All Tech Electronics Herndon, VA Elmsford, NY

$2,500,000 Comprehensive Payables Line of Credit Solution Term Loan

Treasury Services Provider Sole Lender

August 2009 April 2009

You have a seasoned banker to back you up.

Bank of America Merrill Lynch understands what drives business in New York City. Our local client managers offer proven experience in your market and tailored financial solutions that match your unique goals. Fresh thinking. Global strength. Personalized service. That’s our commitment to you.

Draw on the strength of Bank of America Merrill Lynch.

Contact Thomas Carley at 1.646.855.2807 to learn more.

“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. ©2009 Bank of America Corporation. 20091214-NEWS--0016-NAT-CCI-CN_-- 12/10/2009 12:12 PM Page 1

REPORT

QUEENS PERFORMANCE SPACE FINDS SWEET SPOT Years AS LEGIONS OF SMALL NONPROFITS 5 scramble for cash to stay alive, Sheila Lewandowski is happily sitting on a of Making a $60,000 reserve—a small sum in the scheme of things, but a safety net that provides security for her Queens Difference in performance space, The Chocolate Factory. 7 A veteran of 20 years of nonprofit management, Ms. People’s Lives Lewandowski has always insisted that The Chocolate Factory build a cushion into its budget for just such times as these. If F•E•G •S has made “We do this to be prudent, because [unexpected] a difference in your life things happen,” she says. Co-founded by Ms. Lewandowski in 1999, The Chocolate Factory provides stipends and rehearsal, Tell Us Your Story performance and exhibition space to independent artists. The group moved into a renovated commercial garage Be part of our history — in Long Island City in 2005 on a 15-year lease. It puts on about 100 performances annually, and over the years, its inspire others popularity and reputation have grown. SUCCESSFUL EVENT: Taste of Long Island City grossed $60,000. Visit www.fegs.org/stories In May, it won an Obie grant from the Village Voice, the organization behind the Obie Awards for off-Broadway rather than more expensive entertainment. or call 212.366.8138 artists and productions. As well as The Chocolate Factory is doing, Ms. The Chocolate Factory survives on corporate, Lewandowski is nonetheless cautious and is bracing for F•E•G•S, founded in 1934, operates a diverse network of health and human services that assists 100,000 people each year,10,000 each day – helping foundation and government funding; ticket sales; and an difficult times ahead. them achieve greater dignity and independence at work, at school, at home, and in the community. annual event, Taste of Long Island City, that attracted “Even though we’re fine right now, we’re concerned that 1,000 people this year and grossed $60,000. the coming year is the year that’s going to be very tough,” Ticket sales are up nearly 15% in 2009 as more people she says. A Beneficiary of elect to spend $15 for a Chocolate Factory performance —JUDITH MESSINA

HEALTH AND HUMAN SERVICES SYSTEM of New York

Moving into 2010, the YMCA of Greater New York continues to be shaped by a three-part vision for the kids, families and communities of New York City:

I. To strengthen our position as the leading youth-serving organization in New York City; II. To strengthen our presence in New York City neighborhoods; and III. To become a destination for talented staff, top civic leaders and major funders.

We thank the hundreds of private, corporate, foundation and public sector supporters for helping the YMCA bring its mission of building strong kids, families and communities to reality, now and in the year ahead. 20091214-NEWS--0017-NAT-CCI-CN_-- 12/10/2009 12:11 PM Page 1

REPORT REFI RESCUE: Alan Goodman had to refinance BBCS’s mortgage to raise cash. buck ennis Battling attrition

Continued from Page 13 That forced BBCS to eliminate the Similarly, the Educational Al- program and lay off 50 people. Its liance—which over the past two fis- annual gala raised only $150,000, cal years has cut its work force by which was $100,000 lower than last 10%—raised more money from in- year’s take.To raise cash,it had to re- dividuals this year than ever before, finance its mortgage. as it reached out to new donors through Twitter and Facebook. Un- Public funding’s problems like smaller organizations,it also had one issue for the bureau, and many the wherewithal to hire its first pub- other publicly supported groups, is lic relations director, who has raised that often,government funding is de- its media profile. Stories about its layed and doesn’t support overhead. work have appeared recently on tel- “The salvation for many organiza- evision and in major publications. tions is private support, but we have Trustees came through,too,rais- to do business in a whole different ing their total contributions to way,” says BBCS’s executive director, $750,000, which was $100,000 Alan Goodman. “We’re undercapi- more than they gave last year. talized in some critical areas that oth- “We got extremely focused about ers take for granted, such as market- what we thought was important,and ing and fundraising.” we have a diversified fund- Smaller organizations, ing stream, which allows which are thinly staffed us more flexibility,” says and often have few re- Robin Bernstein, chief ex- 70% serves, are finding it even New York Residence Inc. ecutive of the Educational of social services more difficult to operate Alliance, which offers a groups have lost during tough times. The range of programs serving private funding 33-year-old Association all ages. Data are for New York City, 2008. of Hispanic Arts, which Congratulates Sources: Baruch College School City Harvest, with its of Public Affairs, Human Services promoted and funded easy-to-sell mission, is even Council of New York City Latino artists, quietly shut bucking the layoff trend and its doors this past summer. Chief Financial Officer and Real Estate Broker hiring people.Its first event of the season, High 5 Tickets to the Arts, Bid Against Hunger, was sold-out two which offers teens $5 tickets to weeks in advance and raised $750,000, events, was in danger of going out of beating its revenue goal by 20%. business as well if it had not inked a Mr. Richard E. Pino Among arts institutions,support- merger agreement with another arts ers rallied behind beleaguered New education organization, ArtsCon- York City Opera, helping it raise $2 nection. Often, however, nonprofits On his award from St. Christopher’s Inc. million at its gala reopening in Oc- find that conflicting missions stand for five years of service and dedication as tober. That institution is no doubt in the way of potential mergers. Board Member and Chairman of the Audit Committee benefiting from the desire of opera As the recession wears on, some lovers to see it survive and thrive un- big funders are providing a safety der its new leader, George Steel, af- net. The New York Community ter it was so close to going under. Trust, a community foundation, handed out an additional $10 mil- Blow to underserved lion this year to organizations that other organizations, large and provide food, housing and legal small, have fared worse. This is es- services to the needy. And stimulus pecially true for groups that are money yet to be distributed could highly dependent on public monies, help prop up many ailing charities. such as the Brooklyn Bureau of Even so, say experts, the next Community Service, which runs couple of years will continue to test programs for children, the homeless the durability of many nonprofits. and the unemployed. “2010 is going to be more of the This year, the organization, same, because of almost-certain city which receives 94% of its $28 mil- and state budget cuts,” says Nancy lion budget from government Wackstein, executive director of www.newyorkresidence.com sources, lost $3 million that under- United Neighborhood Houses of New York Jamaica Berlin Dublin Seoul Shanghai wrote its welfare-to-work program. New York. 20091214-NEWS--0018-NAT-CCI-CN_-- 12/10/2009 7:38 PM Page 1

REPORT CORPORATE PHILANTHROPY

Highest-paid officers at nonprofits Growing expenses Total operating expenses By the At the top 25 organizations Percent changes in operating expenses from at top 25 numbers 2009 2008 to 2009 Name/title/organization compensation In 2009, the top 25 nonprofits on the Crain’s list Glenn D. Lowry, director $2,111,882 1 increased their operating expenses by 6.9%, $3.8B Museum of Modern Art compared with 8.6% a year ago. In millions of dollars. Amount of private Peter Gelb, general manager $1,215,000 support received Metropolitan Opera Association by the top 25 Gary E. Knell, president/CEO $956,000 organizations Sesame Workshop Robert L. Jones, M.D., president/CEO $806,132 +6.9% New York Blood Center $5.1B Amount allocated to Ellen V. Futter, president $684,000 American Museum of Natural History program services by the top 25 1-Organization did not provide 2009 compensation. Compensation for fiscal year ended June 30, 2008 was obtained from the organization’s latest available Form 990. organizations New York Area’s Largest Nonprofits Ranked by 2009 total operating expenses

2009 fundraising expenses 2009 income !& ! && #! &&!! $ & &! " ! $"!#& ! #! !& ! " & " & ! & ! %! & ! & & " ! # & " " & !

$409,+"9(9,8:4+-57$ )/$ +)& ",4/09!,90 BBB @94.01@>, :=2 %=0>4/09?.34010C0.@?4A0 #0B+:=6#+ ,<&571255+,49,74* ')+ '&* ?3'? BBB 9D-7::/.09?0= :=2 %=0>4/09?.34010C0.@?4A0 #0B+:=6#+ ,97565209(4:8,:35-79 !"$"(( '&+$$' 41?3A0 BBB 80?8@>0@8 :=2 4=0.?:=.34010C0.@?4A0 #0B+:=6#+ 48909:9,5-49,74(9054(2+:*(9054 $$& ''%& )94?0/#,?4:9>%7,E, BBB 440 :=2 %=0>4/09?.34010C0.@?4A0 #0B+:=6#+ 49,74(9054(2!,8*:,533099,,4* ') ,(( 9/'? BBB ?304=. :=2 %=0>4/09?.34010C0.@?4A0 #0B+:=6#+ (9/520*,+0*(20880545(7+4* '!& $)"+! * ?3'? BBB .88- :=2 %=0>4/09?.34010C0.@?4A0 #0B+:=6#+ ,97565209(4 6,7(885*0(90544* +) $ !49.:7909?0= BBB 80?:;0=, :=2 090=,78,9,20= #0B+:=6#+ ,:1,30(=36/53("5*0,9=4* '!& $+) ",8,=:90.6A0 BBB 77> :=2 %=0>4/09?.34010C0.@?4A0 *34?0%7,49>#+ ,<08/533:4(2:4+ ,*& "#%& ",/4>:9A0 BBB 50B4>3.:88@9,71@9/ :=2 C0.@?4A0A4.0;=0>4/09? #0B+:=6#+ (+(88(/#/,%53,48'054089 7.(40>(9054 ))/ $,% 5-3,70*(4* BBB 3,/,>>,3 :=2 3401:;0=,?492:114.0= * ?3'? #0B+:=6#+ 3,70*(4,<08/504908970):9054533099,,4* +-& !. ) (34=/A0 BBB 5/. :=2 C0.@?4A0A4.0;=0>4/09? #0B+:=6#+ (9054(2:29062,"*2,75808"5*0,9= '/ $*'& (34=/A0 BBB 9,?4:9,78>>:.40?D :=2 %=0>4/09?.34010C0.@?4A0 #0B+:=6#+ (7*/5-03,85:4+(9054 &&" ) '.* ",8,=:90.6A0 BBB 8,=.3:1/480> .:8 %=0>4/09?.34010C0.@?4A0 *34?0%7,49>#+ $,+,7(90545-,<08/ /02(49/7560,8 '!& ,*#/ 5-,<&5714* BBB @5,10/9D :=2 C0.@?4A0A4.0;=0>4/09? ?3'? .34010C0.@?4A0 #0B+:=6#+ :)20*,(29/"52:90548 $$& ,+&) 3@=.3'? BBB 30,7?3>:7@?4:9> :=2 %=0>4/09?.34010C0.@?4A0 #0B+:=6#+ ,.(20+"5*0,9= $"& "& ' *,?0='? BBB 702,7,4/ :=2 %=0>4/09?.34010C0.@?4A0 #0B+:=6#+ %02+20-,548,7;(9054"5*0,9= +-& &)*'& ':@?30=97A/ BBB B.> :=2 %=0>4/09?.34010C0.@?4A0 =:9C#+

Continued on Page 20

18 | Crain’s New York Business | December 14, 2009 CN013369 12/8/09 3:21 PM Page 1 20091214-NEWS--0020-NAT-CCI-CN_-- 12/10/2009 7:39 PM Page 1

REPORT CORPORATE PHILANTHROPY

2009 fundraising expenses 2009 income !& ! && #! &&!! $ & &! " ! $"!#& ! #! !& ! " & " & ! & ! %! & ! & & " ! # & " " & !

+:*(9054(275(+*(8904.576 $ !(")' * =/'? BBB B90? :=2 %=0>4/09?.34010C0.@?4A0 #0B+:=6#+ 3,70*(4:8,:35-(9:7(208957= $$& ,++) ?3'?=00?,9/09?=,7%,=6*0>? BBB ,893 :=2 %=0>4/09? #0B+:=6#+ :8,:35-5+,7479 $&& '.)/ * =/'? BBB 8:8, :=2 4=0.?:= #0B+:=6#+ ",8(3,%5718/56 )/ &$$ !49.:79%7,E, BBB >0>,80B:=6>3:; :=2 %=0>4/09?.34010C0.@?4A0 #0B+:=6#+ ,<08/5(7+5-(302=/02+7,48",7;0*,84* ,$ -"& * ?3'? BBB 5-1.> :=2 C0.@?4A0A4.0;=0>4/09? #0B+:=6#+ .34010C0.@?4A0 &5-7,(9,7,<&571 # ,& * =/'? BBB D8.,9D. :=2 %=0>4/09?.34010C0.@?4A0 #0B+:=6#+ 5;,4(495:8, %* !"+ %099%7,E, BBB .:A09,9?3:@>0 :=2 3401:;0=,?492:114.0= #0B+:=6#+ /02+7,480+"5*0,9= "!) ,)/) 9/'? BBB .347/=09>,4/>:.40?D :=2 %=0>4/09?.34010C0.@?4A0 #0B+:=6#+

,< &571 (7,( 49.7@/0> #0B +:=6 4?D ,9/ #,>>,@ '@11:76 ,9/ *0>?.30>?0= .:@9?40> 49 #0B +:=6 ,9/ 0=209 >>0C @/>:9 ,9/ )94:9 .:@9?40> 49 #0B 0=>0D )"&* . ')# ,*"&** @>0> >?,11 =0>0,=.3 0C?09>4A0 >@=A0D> ,9/ ?30 8:>? .@==09? =010=09.0> ,A,47,-70 ?: ;=:/@.0 4?> 74>?> -@? ?30=0 4> 9: 2@,=,9?00 ?3,? ?30 74>?492> ,=0 .:8;70?0 (: <@,741D 1:= ?34> 74>? :=2,94E,?4:9> 8@>? -0 ?,C0C08;? . 9:9;=:14?> 30,/<@,=?0=0/ 49 ?30 #0B +:=6 ,=0, )94A0=>4?40> .:77020> 74-=,=40> ,9/ 30,7?3 49>?4?@?4:9> ,=0 0C.7@/0/ 77 9@8-0=> 3,A0 -009 =:@9/0/ ?: :90 /0.48,7 ;7,.0 %0=.09?,20> ,=0 -,>0/ :9 =:@9/0/ 9@8-0=> 77 491:=8,?4:9 B,> >@;;740/ -D ?30 :=2,94E,?4:9> @970>> :?30=B4>0 9:?0/ 9 / #:? /4>.7:>0/ #:92:A0=9809?,7 >@;;:=? 4>.,7 D0,= 09/> @90 (:?,7 49.:80 49.7@/0> 49A0>?809? =0,74E0/ 7:>>0> 4>.,7 D0,= 09/> ",=.3 $=2,94E,?4:9 /4/ 9:? ;=:A4/0 .:8;09>,?4:9 :8;09>,?4:9 1:= 14>.,7 D0,= 09/0/ B,> :-?,490/ 1=:8 ?30 :=2,94E,?4:9> 7,?0>? ,A,47,-70 :=8 4>.,7 D0,= 09/> '0;? 77 142@=0> ,=0 1:= 14>.,7 D0,=> 09/0/ ,9/ 4>.,7 D0,= /,?, B0=0 9:? ,A,47,-70 ,? ?480 :1 >@=A0D (:?,7 49.:80 49.7@/0> 49A0>?809? @9=0,74E0/ 7:>>0> :8;09>,?4:9 1:= 14>.,7 D0,= 09/0/ .:8;09>,?4:9 B,> 9:? ,A,47,-70 4>.,7 D0,= 09/> '0;? 77 142@=0> ,=0 @9,@/4?0/ 4>.,7 D0,= 09/> @7D 77 142@=0> ,=0 @9,@/4?0/ (:?,7 ,99@,7 49.:80 49.7@/0> .:9?=4-@?4:9> =0.04A0/ ,9/ 49A0>?809? ;0=1:=8,9.0 9 14>.,7 .:9?=4-@?4:9> /0.=0,>0/ -D 84774:9 ,9/ 3,/ , 7:>> :1 84774:9 $=2,94E,?4:9 .3,920/ 4?> 14>.,7 D0,= 1=:8 ",D ?: 0. 77 142@=0> ,=0 1:= ?30 8:9?3> 09/0/ ",D :;0=,?492 0C;09>0> ,=0 1:= ?30 8:9?3> 09/0/ ",D 9 14>.,7 D0,= ,/,>>,3 =0.04A0/ , 7,=20 /:9,?4:9 1:= , 8,5:= -@47/492 ;=:50.? ?3,? >429414.,9?7D 49.=0,>0/ 4?> =0A09@0> 9 14>.,7 D0,= ?30 49.=0,>0 49 ;=:2=,8 0C;09>0> =07,?0/ ?: 0C;09/4?@=0> 4> 1:= ?30 >,80 ;=:50.? $=2,94E,?4:9 :;0=,?0> :9 , .,709/,= D0,= 77 142@=0> 0C.0;? 1:= .:8;09>,?4:9 ;,4/ ,=0 1:= ?30 D0,= 09/0/ 0. :;0=,?492 0C;09>0> ,=0 1:= ?30 D0,= 09/0/ 0. 4>.,7 D0,= 09/> '0;? :8;@?0/ ,> , ;0=.09?,20 :1 ?:?,7 0C;09>0> :1 84774:9 @9/=,4>492 ,.?4A4?40> ,7>: 2090=,?0/ 84774:9 :9 -03,71 :1 -09014.4,=D ,209.40> "= :22 4> 9:? .:8;09>,?0/ 4>.,7 D0,= 09/> @90 77 142@=0> ,=0 @9,@/4?0/ :8;09>,?4:91:=.,709/,=D0,= .:8;09>,?4:9B,>9:?,A,47,-70 9$.?:-0= *,==09":>0>=0?4=0/,9/&4.3,=/& @0=D = B,>,;;:49?0/;=0>4/09?,9/.34010C0.@?4A0 &0>0,=.3094>0':@?3B::/",4,7@80,9/'0709,'309 ➚➚ PURCHASE THE NONPROFIT SALARY SURVEY AND ALL OF CRAIN’S BUSINESS LISTS @ WWW.CRAINSNEWYORK.COM/LISTS

20 | Crain’s New York Business | December 14, 2009 20091214-NEWS--0021-NAT-CCI-CN_-- 12/10/2009 12:11 PM Page 1

REPORT CORPORATE PHILANTHROPY

But as corporations rush to help such groups, causes like the arts are Corporations pare giving down to essentials suffering. A recent survey by the Alliance for the Arts and the Arts & Business Continued from Page 14 ment goal in 2008, expects to give much. The money will be coming fort the foundation has abandoned Council of New York found that a programs. away around $200 million this out of the pot that in the past was for now. whopping 71% of the corporate “Even though our grants’ budget year, the same as last year. donors planned to decrease their is down this year, I think we have General Electric Co.’s founda- Bucking the trend arts giving, while 29% said it would more impact because we are so fo- tion announced last December that ‘The needs are “the demand for basic human stay the same. Not one company in cused,” Ms. Flaherty says. because of the recession, it was redi- services, even feeding, is dramatical- the survey said its arts giving would Nonprofit executives admit recting $20 million,about 20% of its different now, ly up,and funding is down,”Ms.Sul- increase. that they feared much worse. Cor- annual philanthropic giving, to help livan says.“These things are pivotal.” “The needs are different now, porations—which typically ac- people with basic needs like food and we have Organizations that deal with es- and we have to reprioritize the count for 5% of charitable giving and shelter. The company did not sential social services are indeed be- needs,” says Charles Moore, execu- nationwide, according to Giving say which causes might lose out as a to reprioritize’ coming more prominent among tive director of the Council to En- USA—are not abandoning their result. funders. At City Harvest—a New courage Corporate Philanthropy.“I philanthropic efforts, just scaling Kerry Sullivan, president of the York charity that picks up food from am a big fan of the Brooklyn Muse- back. Some, like the Met Life Bank of America Charitable Foun- restaurants and delivers it to soup um, for example, but when we have Foundation, are even increasing dation, says the bank is reallocating kitchens—corporate donations are a lot of people starving in the their giving budgets this year.Bank a greater portion of funds for health used by BofA to fund capital proj- up 14% so far this year, and the or- streets, we have to deal with the of America, which began a 10- and human services charities, ects at large institutions like muse- ganization recently received a special homeless before we come back to year, $2 billion charitable invest- though she declined to say how ums, hospitals and libraries—an ef- $100,000 grant from Citibank. the museums.” 2 groups become allies Storah Telling partners with Educational Alliance

BY JUDITH MESSINA

while most big nonprofits are likely to outlast the grim economy, smaller organizations now have to create new operational models to weather the increasingly tough fundraising environment. When the recession hit, Storah Telling—a Jewish organization that creates educational programs around Torah stories—was already struggling to raise money as it shift- ed its mission from performance to education. The implosion of Bernard Madoff ’s investment empire landed another blow to the tiny nonprofit, killing $500,000 in support from foundations and individ- uals caught in Madoff ’s Ponzi scheme.Storah Telling cut its budget by 50% and laid off four people, nearly half its staff,including the director of development. Fortunately, the organization had a well-heeled ally in the Educa- tional Alliance, with which it had collaborated in the past.The two organizations began to discuss their potential synergies and ended up with a formal partnership while still remaining independent. Today, Storah Telling has its headquarters at the Educational Alliance’s 14th Street Y, saving it $65,000 annually in rent. It gets office, training and rehearsal space, while the Y gets staff training and programs for its early childhood education center. “We’re calling it a strategic alliance,” says Storah Telling founder and Executive Director Amichai Lau-Lavie. “It should be seen as a model [for others].”

December 14, 2009 | Crain’s New York Business | 21 nb50p22-23cl.qxp 12/11/09 3:42 PM Page 22

EXECUTIVE RECRUITER PUBLIC & LEGAL NOTICES

POSITION AVAILABLE Notice of Qualification of 16th Notice of formation of limited liability Notice of formation of HEIDARI LIM- Amendment Advisors LLC, App. for company (LLC). Name: STUYVESANT ITED PARTNERSHIP, a domestic The New York City Educational Construction Fund, a public benefit corporation, seeks an Auth. filed Sec’y of State (SSNY) CAPITAL MARKETS, LLC Arts. of Limited Partnership (LP). Certificate Operations Associate to perform a variety of financial, accounting and administrative tasks to sup- 5/21/09. Office location: NY County. Org. filed with the Dept. of State of of Limited Partnership filed with the port the daily operations of the Fund and advance its mission to finance and construct public LLC org. in DE 5/18/09. SSNY desig- NY on October 13, 2009. Office loc.: Secretary of State on November 23, school facilities. The Operations associate will perform accounting functions including posting of nated as agent of LLC upon whom New York County. Secretary of State 2009, NY Office Location: New York transactions to the Fund’s accounting system. Other tasks include preparation of invoices, mainte- process against it may be served. of New York (SSNY) is designated as County. Secretary of State is desig- nance of insurance claim logs, reconciliation of banking and investment accounts, and management SSNY shall mail copy of process to agent of LLC upon whom process nated as agent upon whom process of daily office operations. The Operations Associate reports to the Director of Finance. John J. Lee, 630 Fifth Ave., 27th Fl., against it may be served. The princi- against the LP may be served. The successful candidate will have proven financial accounting skills at the bookkeeper level, strong NY, NY 10111. DE office addr.: 160 pal business location and address Secretary of State shall mail a copy communication skills (oral and written), knowledge of government accounting software and famil- Greentree Dr., Ste. 101, Dover, DE SSNY shall mail copy of process to is of any process against the LP served iarity and skill in the Microsoft Office Suite software. 19904. Cert. of Form. on file: SSDE, Michael Whitman, 120 Broadway, upon him/her to: 30 Sutton Place, New Qualifications: Townsend Bldg., Dover, DE 19901. Ste. 2010-10, New York, NY 10271. York, New York 10022. Purpose: To A baccalaureate degree from an accredited college in accounting, business, public administration, Purpose: any lawful activities. Management of the LLC shall be by engage in any lawful act or activity. economics or finance or a closely related field and two years of satisfactory full-time professional experience in one or a combination of the following areas: working with in a large public or private one or more members. Purpose: To concern in business, accounting, economic or financial administration, or in a related area. Notice of Qualification of AgencyWorks, engage on any lawful act or activity. SULTAAN J. MOKAL CPA PLLC, Salary: Negotiable and commensurate with education and experience. LLC. Authority filed with NY Dept. of Articles of Org. filed N.Y. Sec. of Benefits: Paid vacation, holiday and sick leave. Excellent medical and dental benefits paid by the State on 11/12/09. Office location: NY Notice of Qualification of Basepair State (SSNY) 30th day of November, Fund. New York State retirement (pension) plan. County. LLC formed in DE on 5/18/99. Holdings, LLC, App. for Auth. filed 2009. Office in New York Co. at 1 Sec’y of State (SSNY) 9/21/09. PLEASE INCLUDE A RESUME WITH SALARY HISTORY WITH A COVER LETTER EXPRESSING NY Sec. of State designated as agent Maiden Lane, 5th Floor, New York, INTEREST IN THE POSITION AND SEND VIA U.S. MAIL OR FACSIMILE TO: of LLC upon whom process against it Office location: NY County. LLC org. New York 10038. SSNY desig. agt. ASSOCIATE, OPERATIONS may be served and shall mail process in DE 9/15/09. SSNY designated as upon whom process may be served. New York City Educational Construction Fund to: c/o CT Corporation System, 111 agent of LLC upon whom process SSNY shall mail copy of process to 1 30-30 Thomson Avenue, 4th Floor 8th Ave., NY, NY 10011, registered against it may be served. SSNY shall Maiden Lane, 5th Floor, New York, Long Island City, NY 11101 agent upon whom process may be mail copy of process to Attn: Jeffrey New York 10038. Reg.Agt. upon (718) 752-5222 FACSIMILE served. DE address of LLC: 1209 A. Ferrell, 400 W. 55th St., #11B, NY, whom process may be served: The Fund will contact only applicants it qualifies for an interview. Orange St., Wilmington, DE 19801. NY 10019. DE office addr.: NCR, 615 Spiegel & Utrera, P.A., P.C. 1 Maiden Arts. of Org. filed with DE Sec. of S. DuPont Hwy., Dover, DE 19901. Lane, NYC 10038 1 800 576-1100 State, 401 Federal St., Dover, DE Cert. of Form. on file: SSDE, Purpose: Any lawful purpose. 19901. Purpose: any lawful activity. Townsend Bldg., Dover, DE 19901. Purpose: any lawful activities. Notice of Formation of AZTEC REAL ESTATE NOTICE OF FORMATION of DFUZE ASSOCIATES, LLC. Cert. of Entertainment Media, LLC. Articles Notice of Formation of Anna Conversion filed with Secy. of State of COMMERCIAL COMMERCIAL of Organization filed with the Brisighello, LLC. Arts. of Org. filed NY (SSNY) on 11/24/09, converting Secretary of State of NY (SSNY) on with NY Dept. of State on 11/13/09. AZTEC ASSOCIATES to AZTEC BROOKLYN INVESTMENT 11/04/09. Office location: NY County. Office location: NY County. Princ. ASSOCIATES, LLC. Office location: SSNY has been designated as agent bus. addr.: 122 Greenwich Ave., NY, NY County. Princ. office of LLC: C/O 7th Ave. & 64th St.-Brooklyn upon whom process against it may NY 10011. Sec. of State designated United American Land, LLC, 430 W. Subway & Bus on the block be served. The Post Office address to as agent of LLC upon whom process Broadway, NY, NY 10012. SSNY des- Parking available which the SSNY shall mail a copy of against it may be served and shall ignated as agent of LLC upon whom any process against the LLC served mail process to: David J. Borkon, process against it may be served. upon him is C/O the LLC, 222 Esq., c/o Vedder Price P.C., 1633 SSNY shall mail process to the LLC Riverside Drive, N.Y., N.Y., 10025. Broadway, 47th Fl., NY, NY 10019. at the addr. of its princ. office. 17,500 SF Office Avail Feb 2010 Purpose of LLC: to engage in any Purpose: any lawful activity. Purpose: Any lawful activity. • Move-in Condition • 24/7 Access lawful act or activity. Street address of Also new construction avail. Spring 2011 Principal Business location is: 222 NOTICE OF FORMATION OF U & V Notice of Formation of SANCTUARY 50K sf offices, 4th & 5th Flr. OFFICE Riverside Drive, N.Y., N.Y., 10025. Events LLC. Arts. of Org. filed with BOOKS, LLC. Arts. of Org. filed with Call Andy Kohen SPACE Secy. of State of N.Y. (SSNY) on Secy. of State of NY (SSNY) on Ph:718-258-2782 Cell:718-974-6044 Notice of Formation of Mill 07/14/2009. Office location: New York 10/6/09. Office location: NY County. Condominiums LLC, Art. of Org. filed County. SSNY designated as agent of SSNY designated as agent of LLC OFFICE PARK/54TH-TOP LOCATION! Sec’y of State (SSNY) 11/17/09. LLC upon whom process against it upon whom process against it may be Large, corner partner size office, Office location: NY County. SSNY des- may be served. SSNY shall mail served. SSNY shall mail process to: SPACE 2 walls of windows and adj. work- ignated as agent of LLC upon whom process to: 309 W. 30th Street, Suite Corporation Service Company, 80 station. Also available, furnished “mini- process against it may be served. 2C, New York, NY 10001. Purpose: State St., Albany, NY 12207, registered suite” with private window office and SSNY shall mail copy of process to any lawful activity. agent upon whom process may be adjoining room with 2 workstations and c/o Nat. Reg. Agents, 875 Ave of the served. Purpose: any lawful activity. file space. Both within plush offices of Americas, NY, NY 10001, the Reg. WIREFRAME SOLUTIONS LLC a OFFICE SUITES FOR RENT Agt. upon whom proc. may be domestic Limited Liability Company Notice of Formation of Saw Storage 50 West 17th Street, 80-100 sf, $600-$1200. quality law firm. All amenities available inc. video conference; internet; phone served. Purpose: any lawful activities. (LLC) filed with the Sec of State of Holdings LLC. Arts. of Org. filed with Work stations also available. NY on 10/23/09. NY Office location: Secy. of State of NY (SSNY) on Great loft building, newly renovated space. and vm system; conf. room; kitchen. Below market. Must see. New York County. SSNY is designat- 11/20/09. Office location: NY Co. Lynn Whiting at 212-896-8624, Notice of Formation of PROP ME UP ed as agent upon whom process [email protected] 888.748.8748 ext. 109 SSNY designated as agent of LLC LLC. Arts. of Org. filed with Secy. of against the LLC may be served. SSNY State of N.Y. (SSNY) on 10/8/09. upon whom process against it may shall mail a copy of any process be served. SSNY shall mail process Office location: New York County. against the LLC served upon him/her SSNY designated as agent of LLC to: c/o BTP Real Estate Ltd., Attn: to The LLC, 244 5th Ave., Ste. 2435, Jessica Sillins, 224 West 49th St., BUSINESS TELECOMMUNICATIONS upon whom process against it may NY, NY 10001. General Purposes. FOR SALE be served. SSNY shall mail process Ste. 411, NY, NY 10019. Purpose: to: The LLC, 601 West 26th St., any lawful activities. BODHAN BROTHERS LLC a domes- PRACTICES FOR SALE: Room 1233, New York, NY 10001. Purpose: any lawful activity. tic Limited Liability Company (LLC) Notice of Formation of GURION 4 Active PIP Clinics (Automobile filed with the Sec of State of NY on HOLDINGS LLC. Arts. of Org. filed Accident Therapy Clinics) for sale in 9/18/09. NY Office location: New York with Secy. of State of NY (SSNY) on Miami-Dade County, Florida. Notice of Formation of SL Holdings I, County. SSNY is designated as 12/02/09. Office location: NY County. In practice for over 30 years. LLC. Arts. of Org. filed with NY Dept. of agent upon whom process against Princ. office of LLC: c/o Sukenik Gross Annual Income is $3 million State on 9/29/09. Office location: NY the LLC may be served. SSNY shall Segal & Graff, P.C., 404 Fifth Ave., dollars. Only qualified buyers please. County. Sec. of State designated as mail a copy of any process against 5th Fl., NY, NY 10018. SSNY desig- Call Juan Gonzalez at 305-665-5902. agent of LLC upon whom process the LLC served upon him/her to nated as agent of LLC upon whom against it may be served and shall mail Poppe & Bhouraskai, LLP, 350 5th process against it may be served. process to the principal business Ave., Ste. 7315, NY, NY 10118-7315. SSNY shall mail process to the LLC address: 580 5th Ave., Ste. 501, NY, NY General Purposes. at the addr. of its princ. office. 10036. Purpose: any lawful activity. Purpose: Any lawful activity. Name of For. LP: BOWH MANAGE- To place your ad Name of LLC: Imperial Capital LLC. MENT LP. Appl. for Auth. filed with NOTICE OF FORMATION OF KREZ Auth. filed with NY Dept. of State: Sec. of State of NY: 7/20/09. Jurisd. & FLORES, LLP. Articles of 1/30/09. NYS fict. name: Imperial and date of org.: DE 7/10/09. NY Organization filed with the Secretary Call John Gallagher Realty Holdings LLC. Office loc.: NY State office loc.: New York Cty. Sec. of State of NY (SSNY) on 9/28/2009. Co. LLC formed in NV: 3/31/06. NY of State designated as agent upon Office location: New York County. Sec. of State designated agent of whom process against it may be SSNY has been designated as agent LLC upon whom process against it served. Sec. of State shall mail copy upon whom process against it may 212-210-0189 may be served and shall mail of process to: 1172 Park Avenue, NY, be served. The Post Office address to process to: c/o Mel Cooper, 721 5th NY 10128. Addr. of LP in DE is: which the SSNY shall mail a copy of Ave., #45K, NY, NY 10022, regd. agt. National Corporate Research, Ltd., any process against the LLP served upon whom process may be served. 615 S. DuPont Hwy., Dover, DE upon him is C/O the LLP 225 NV addr.: 6100 Neil Rd., Ste. 500, 19901. Name/addr. of GP avail. from Broadway, New York, NY 10007. The Reno, NV 89511. Arts. of Org. filed: Sec. of State. Authorized office in DE purpose of the LLP is to engage in NV Sec. of State, State Capital where Cert. of LP is filed is: DE Sec. the practice of law. Street address of VISIT OUR WEBSITE CRAINSNEWYORK.COM Complex, Carson City, NV 89710. of State, Duke & York St., Dover, DE Principal Business location is 225 Purpose: any lawful activity. 19901. Purpose: any lawful activity. Broadway, New York, NY 10007.

22 | Crain’s New York Business | December 14, 2009 nb50p22-23cl.qxp 12/11/09 3:42 PM Page 23

PUBLIC & LEGAL NOTICES

Notice of Qualification of IQUE Notice of Formation of 26 E. 63rd NOTICE OF QUALIFICATION OF Notice of Qualification of AKPD Notice of Qualification of THE ABER- Information CC. Authority filed with STREET LLC. Arts. of Org. filed with CRYSTAL, SHAPIRO & DWORKIN Message and Media LLC. Authority NATHY GROUP II, LLC. Authority NY Dept. of State on 11/6/09. Office Secy. of State of N.Y. (SSNY) on April LLP Application for Authority filed filed with Secy. of State of NY filed with Secy. of State of NY location: NY County. LLC formed in 15, 2008. Office location: New York with the Secretary of State of New (SSNY) on 10/14/09. Office location: (SSNY) on 11/03/09. Office location: South Africa (SA) on 9/11/97. NY County. SSNY designated as agent York (SSNY) on 10/20/2009. N.Y. NY County. LLC formed in Illinois (IL) NY County. LLC formed in Delaware Sec. of State designated as agent of of LLC upon whom process against it Office Location: NEW YORK County. on 3/24/09. SSNY designated as (DE) on 10/27/09. Princ. office of LLC upon whom process against it may be served. SSNY shall mail LLP formed in New Jersey on agent of LLC upon whom process LLC: c/o The Abernathy Group, LLC, may be served and shall mail process to: The LLC, c/o Vittorio 12/01/2006. SSNY has been desig- against it may be served. SSNY 17 State St., 16th Fl., NY, NY 10004. process to: 15 W. 26th St., 7th Fl., Assaf, 26 East 63rd St., Apt. 12B, nated as agent of LLP upon process shall mail process to: c/o National SSNY designated as agent of LLC NY, NY 10010. SA addr. of LLC: PO New York, NY 10021. Purpose: any against it may be served. The P.O. Registered Agents, Inc., 875 Avenue upon whom process against it may Box 201512, Durban North 4016 SA. lawful activity. address to which the SSNY shall mail of the Americas, Ste. 501, NY, NY be served. SSNY shall mail process Arts. of Org. filed with Registrar, a copy of any process against the 10001. Address to be maintained in to the LLC, Attn: Steven Abernathy at Companies and Intellectual Property Notice of Formation of Joel de Wayne, LLP served upon him/her is C/O the IL: 730 N. Franklin St., Ste. 404, the princ. office of the LLC. DE addr. Registration Office, The Dti campus LLC. Arts. of Org. filed with Secy. of LLP: 101 Barkalow Ave., Freehold, Chicago, IL 60654, also the address of LLC: c/o Corporation Service Co., (Block F - Entfutfukwenf), 77 State of NY (SSNY) on 10/30/09. NJ 07728. The Principal Business of the principal office. Arts of Org. 2711 Centerville Rd., Ste. 400, Meintjles St., Sunnyside, Pretoria, Office location: NY County. SSNY des- Address of the LLP is: 101 Barkalow filed with IL Secy. Of State, Room Wilmington, DE 19808. Arts. of Org. SA. Purpose: all lawful purposes. ignated as agent of LLC upon whom Ave., Freehold, NJ 07728. Purpose 531 Howlett Bldg., Springfield, IL filed with Jeffrey W. Bullock, DE Secy. process against it may be served. of LLP: Any lawful act or activity. 62756. Purpose: any lawful activities. of State, Townsend Bldg., 401 CENTRAL PARK RESTAURANT, LLC SSNY shall mail process to Connell Federal St., Ste. 3, Dover, DE 19901. Articles of Org. filed NY Sec. of State Foley LLP, c/o Angela A. Iuso, Esq., Notice of Qualification of ASN Key NOTICE OF FORMATION of Bruzina Purpose: Any lawful activity. (SSNY) 11/6/09. Office in NY Co. 85 Livingston Ave., Roseland, NJ West LLC. Authority filed with NY PLLC. Articles of Organization filed SSNY desig. agent of LLC upon 07068. Purpose: Any lawful activity. Dept. of State on 11/3/09. Office loca- with the Sec. of State of NY (SSNY) LUMINARY LLC, a domestic Limited whom process may be served. tion: NY County. Princ. bus. addr.: on 09/24/09. Office location: NY Liability Company (LLC) filed with the SSNY shall mail copy of process to NOTICE OF FORMATION OF 9200 E. Panorama Cir., Ste. 400, County. Street address of Principal Sec of State of NY on 9/11/09. NY c/o LePatner & Assoc., LLP, 600 Professor LLC. Arts. of Org. filed Englewood, CO 80112. LLC formed in Business location is: 110 Wall St., Office location: New York County. Lexington Ave., 21st Fl, NY, NY with Secy. of State of N.Y. (SSNY) DE on 8/30/06. NY Sec. of State des- 11th Flr., N.Y., N.Y., 10005-3817. SSNY is designated as agent upon 10022. Purpose: Any lawful purpose. on May 6, 2009. Office location: ignated as agent of LLC upon whom SSNY has been designated as agent whom process against the LLC may New York County. SSNY designated process against it may be served and upon whom process against it may be served. SSNY shall mail a copy EDUPROFILE LLC Articles of Org. as agent of LLC upon whom process shall mail process to: c/o CT be served. SSNY shall mail a copy of of any process against the LLC filed NY Sec. of State (SSNY) 8/17/09 against it may be served. SSNY Corporation System, 111 8th Ave., any process against the PLLC at C/O served upon him/her to Stempel as EDUPROFILE LLC. Office in NY shall mail process to: 34 W. 13th NY, NY 10011, regd. agt. upon whom Bruzina PLLC, 130 Water Street 8D Bennett Claman & Hochberg, P.C., Co. SSNY desig. agent of LLC upon Street #4N New York, NY 10011. process may be served. DE addr. of N.Y., N.Y., 10005. Date for 675 Third Ave., 31st Fl., NY, NY whom process may be served. SSNY Purpose: any lawful activity. LLC: c/o The Corporation Trust Co., Dissolution: None. Purpose of PLLC: 10017. General Purposes shall mail copy of process to 170 West 1287556 w.o. 1209 Orange St., Wilmington, DE to engage in the practice of law and End Avenue, Apt. 15H, NY, NY. 10023. 19801. Arts. of Org. filed with DE Sec. any lawful act or activity. Notice of formation of PIRA DESIGN, of State, 401 Federal St., Dover, DE Purpose: Education consulting. Notice of Formation of NEW AMS- LLC a limited liability company. 19901. Purpose: any lawful activity. Notice of Formation of WEST 135th TERDAM INTERNATIONAL TRAD- Articles of Organization filed with the APARTMENTS, LLC. Arts. of Org. filed ING LLC. Arts. of Org. filed with Secy. Secretary of State of NY SSNY on NOTICE OF FORMATION OF with Secy. of State of N.Y. (SSNY) on of State of NY (SSNY) on 10/28/09. Notice of Formation of CANTO PRO- 10/07/09. Office located in NY Livingstone Partners LLC. Arts. of 10/29/09. Office location: NY County. Office location: NY County. Princ. DUCTIONS, LLC. Arts. of Org. filed County. SSNY has been designated Org. filed with Secy. of State of N.Y. SSNY designated as agent of LLC office of LLC: NYMEX Bldg., One with Secy. of State of NY (SSNY) on for service of process. SSNY shall (SSNY) on 9/29/09. Office location: upon whom process against it may North End Ave., Ste. 1235, NY, NY 11/09/09. Office location: NY County. mail copy of any process served New York County. SSNY designated be served. SSNY shall mail process 10282. SSNY designated as agent of Princ. office of LLC: 304 Hudson St., against the LLC to PIRA DESIGN, as agent of LLC upon whom process to: c/o Jonathan Rose Companies, LLC upon whom process against it 6th Fl. North, NY, NY 10013. SSNY LLC 2 Washington Sq Village, Ste against it may be served. SSNY shall 551 Fifth Ave., 23rd Fl., New York, NY may be served. SSNY shall mail designated as agent of LLC upon #7J, NY, NY 10012. Purpose: any mail process to: 32 West 128th Street 10176. Purpose: any lawful activity. Apt. 4 New York, NY 10027. Purpose: process to the LLC at the addr. of its whom process against it may be lawful purpose. any lawful activity. princ. office. Purpose: Financial. served. SSNY shall mail process to the LLC at the addr. of its princ. NOTICE OF FORMATION of LL BRIT- Notice of Formation of Frye Retail, Notice of formation of Chumley’s 86 NOTICE OF FORMATION OF LIMIT- office. Purpose: Any lawful activity. TON PLLC. Article of Organization LLC. Arts. of Org. filed with NY Dept. LLC, (LLC) a limited liability company. ED LIABILITY COMPANY. NAME: filed with the Secretary of State of NY of State on 11/12/09. Office location: Articles of Organization filed with the LIPPMAN HUTT REAL ESTATE LLC. Notice of Qualification of LionHedge (SSNY) on 09/17/09. Office location: NY County. Sec. of State designated New York State Secretary of State Articles of Organization were filed with BH Fund, LLC, App. for Auth. filed NY County. SSNY has been designat- as agent of LLC upon whom process (SSNY) on 8/31/2009. Office location the Secretary of State of New York Sec’y of State (SSNY) 8/26/09. Office ed as agent upon whom process against it may be served and shall in New York County. SSNY has been (SSNY) on 09/28/09. The latest date location: NY County. LLC org. in DE against it may be served. The Post mail process to: c/o CT Corporation designated for service of process. of dissolution is 12/31/2035. Office 8/25/09. SSNY designated as agent Office address to which the SSNY System, 111 8th Ave., NY, NY 10011. SSNY shall mail a copy of any location: New York County. SSNY has of LLC upon whom process against it shall mail a copy of any process Purpose: any lawful activity. process served against the LLC to been designated as agent of the LLC may be served. SSNY shall mail copy against the LLC served upon him is the LLC c/o Poppe & Bhouraskar, upon whom process against it may be of process to 405 Park Ave., Ste. 803, C/O the PLLC 640 WEST END AVE Commercial Online Services LLC filed 350 Fifth Ave, #7315, NY, NY 10118. served. SSNY shall mail a copy of NY, NY 10022. DE office addr.: CSC, 8A, NY, NY 10024. Date of Dissolution: articles of organization on 10/26/2009 Purpose: any lawful purpose process to the LLC, 136 West 2711 Centerville Rd., Wilmington, DE N/A. Purpose of PLLC: to engage in in New York County, Secretary of Broadway, New York, New York 10013. 19808. Cert. of Form. on file: SSDE, any lawful act or activity. Street address State has been designated as agent Name: 37 EAST 28th STREET LLC Purpose: For any lawful purpose. Townsend Bldg., Dover, DE 19901. of Principal Business location is: 640 for the LLC and process may be Art. Of Org. filed Sec. Of State of NY Purpose: any lawful activities. WEST END AVE 8A, NY, NY 10024. served to 84 Old Drift Way Wilton, CT 06897. Purpose: any lawful activity 09/30/09. Off. Loc.: New York Co. Notice of Qualification of G-TRADE Masum Ahmed designated as agent SERVICES LLC. Authority filed with Notice of Qualification of MINA II GP, Notice of Qualification of Covepoint upon whom process against it may Secy. of State of NY (SSNY) on LP. Authority filed with NY Dept. of Commodity Currency Fund, L.P. Name of Foreign LLC: Mrs. John L. be served. SSNY to mail copy of 11/04/09. Office location: NY County. State on 10/29/09. Office location: NY Authority filed with NY Dept. of State Strong, LLC. App. for Auth. filed NY process to THE LLC, C/O William A. LLC formed in Delaware (DE) on County. Princ. bus. addr.: 200 Liberty on 8/18/09. Office location: NY Dept. of State: 10/16/09. Fictitious De Lorenzo, 420 Lexington Ave., Ste 11/30/05. Princ. office of LLC: 1633 St., 25th Fl., NY, NY 10281. LP County. LP formed in DE on 8/14/09. name in NY State: Mrs. John L. Strong 303, New York, NY 10170. Purpose: Broadway, 48th Fl., NY, NY 10019. formed in DE on 10/22/09. NY Sec. of NY Sec. of State designated as agent I, LLC. Jurisd. and date of org.: NV Any lawful act or activity. SSNY designated as agent of LLC State designated as agent of LP of LP upon whom process against it 10/2/09. County off. loc.: NY Cty. Sec. upon whom process against it may upon whom process against it may may be served and shall mail process of State designated as agent of foreign Notice of Formation of Christina be served. SSNY shall mail process be served and shall mail process to: to the principal business addr: c/o LLC upon whom process against it Tontini Design LLC, Art. of Org. filed to c/o Corporation Service Co. (CSC), c/o CT Corporation System, 111 8th Melissa Ko, Covepoint Capital GP II may be served. The Sec. of State Sec’y of State (SSNY) 8/21/09. Office 80 State St., Albany, NY 12207-2543. Ave., NY, NY 10011, regd. agt. upon LLC, 152 W. 57th St., 41st Fl., NY, shall mail copy of process to: The location: NY County. SSNY designat- DE addr. of LLC: c/o CSC, 2711 whom process may be served. DE NY 10019. DE addr. of LP: 1209 LLC, 3737 Willowick Rd., Houston, TX ed as agent of LLC upon whom Centerville Rd., Ste. 400, Wilmington, addr. of LP: 1209 Orange St., Orange St., Wilmington, DE 19801. 77019. Addr. of foreign LLC in NV is: process against it may be served. DE 19801. Arts. of Org. filed with Wilmington, DE 19801. Name/addr. of Name/addr. of genl. ptr. available from 3737 Willowick Rd., Houston, TX SSNY shall mail copy of process to Secy. of State, DE Div. of Corps., genl. ptr. available from NY Sec. of NY Sec. of State. Cert. of LP filed 77019. Auth. officer in NV where Cert. 747 Third Ave., 32nd Fl., NY, NY John G. Townsend Bldg., 401 Federal State. Cert. of LP filed with DE Sec. with DE Sec. of State, Federal & of Form. filed: NV Secy. of State, 202 10017. Purpose: any lawful activities. St., Ste. 4, Dover, DE 19903. of State, 401 Federal St., Dover, DE Duke of York Sts., Dover, DE 19901. North Carson St., Carson City, NV Purpose: Any lawful activity. 19901. Purpose: any lawful activity. Purpose: any lawful activity. 89701. Purpose: any lawful activity. Notice of Qualification of Lumentus LLC. Authority filed with Secy. of State of NY (SSNY) on 10/15/09. Office location: NY County. LLC formed in Delaware (DE) on 9/29/09. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: Davis & Gilbert LLP, 1740 Broadway, NY, NY 10019. Address to be maintained in DE: 160 Greentree Dr., Ste. 101. Dover, DE 19904. Arts of Org. filed with DE Secy. Of State, 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: any lawful activities.

December 14, 2009 | Crain’s New York Business | 23 20091214-NEWS--0024-NAT-CCI-CN_-- 12/11/2009 6:36 PM Page 1

Green is shocking, given its storied past nancially for the restaurant last December, LeRoy loses Tavern and its distinction for many years as the says Mr. Desiderio. Around that time, he Daily News photo op top-grossing restaurant in the country, and Ms. LeRoy pulled the plug on a two- Continued from Page 1 generating at its peak just under $40 mil- year-old Tavern on the Green in Welling- Continued from Page 1 out of her legendary father’s shadow and lion in revenues. ton, Fla., located at an equestrian club. stand-alone supplements that readers will start to see by create something of her own. Mr. Coyle, whom Mr. LeRoy hired as There had been other attempts over the the spring. “Jenny is fully committed to being in- head chef in 1999, was around for some of prior two years to expand the brand that In the midst of the worst downturn the newspaper involved in the hospitality business,” says those heady years. never took off, in large part because industry has known, Daily News owner Mort Zuckerman Michael Desiderio, chief operating officer “Tavern made an incredible profit,”says vestors wanted reassurances that Tavern is remaking his daily tabloid.He plans to bring it back to of the Central Park eatery. “Maybe we’ll Mr. Coyle, adding that top managers on the Green’s lease would be extended for its “picture paper” roots while giving it the modern look open a Tavern on the Green hotel or a Tav- “earned hundreds of thousands of dollars another 20 years. Ms. LeRoy and her of European papers,whose eye-popping color photos of- ern on the Green [restaurant] in Brooklyn.” in bonuses,” and that his bonus allowed mother Kay, who ran the gift shop at Tav- ten rival those in luxury magazines. Her next move will depend,however,on him to purchase a Porsche. ern on the Green, traveled to Las Vegas to At the same time, the changes will allow marketers to the outcome of a legal battle over whether The bonuses were based on a generous meet with business partners interested in see their ads integrated into the paper’s pages in bold new the restaurant’s name belongs to the city or profit-sharing plan implemented by Mr. opening a replica restaurant there. ways and with the polish that high-end brands prefer. to the LeRoy family. Mr. LeRoy obtained LeRoy, who was known for his excesses. “I have a vision of doing an over-the- “We are going to be able to do stuff which we were a trademark for it in 1981. The matter Ms.LeRoy can be credited with a more fis- top Tavern in Las Vegas, with moving to- not able to do,” Mr. Zuckerman says. “We have had to could be settled as early as this week,but le- cally conservative approach to running the piaries and real trees. My father would concede some advertising ground [in recent years], but I gal appeals could drag on for months. business. Shortly after she took over, the have loved it,” said Ms. LeRoy in a 2007 think we’re going to recover that very, very quickly.” It is this lawsuit that has turned Ms. bonus program was restructured. Man- interview.There were also meetings in San News Editor-in-Chief Martin Dunn already is plan- LeRoy’s bitter disappointment at losing agers were given a guaranteed amount Francisco and tentative agreements there. ning some of the projects he’ll be working on with the Tavern on the Green into anger. She finds based on their salary,not on the restaurant’s But in the end, Tavern remained a new photo editor, Gretchen Viehmann, a former New the city’s rejection of her family cold- profits. It would be the first of several ma- stand-alone restaurant inexorably tied to a York Postphoto editor who most recently was head of con- hearted and ungrateful. The LeRoys have jor moves as Ms. LeRoy put her stamp on city that no longer wants the LeRoy fam- tent at London agency Rex Features. Mr. Dunn declines operated Tavern on the Green since 1976 the restaurant and grew into her role. ily operating it—a reality for which the to say what the new sections will be, but points out that and turned it into a destination like no oth- family was unprepared. the paper has had success in the past year with souvenir er restaurant in the country.The city even “We will regroup” Ironically, Warner LeRoy passed on supplements like those for President Barack Obama’s in- named West 67th Street Warner LeRoy as she gained confidence, Ms. LeRoy opportunities to open a Tavern in Las Ve- auguration and the Yankees’World Series victory. Place. These days, Ms. LeRoy rarely steps fired several top executives, including Mr. gas. “He didn’t think Vegas was the right “The new year will bring significant changes,” Mr. inside the restaurant. As of Nov. 1, at the Coyle, Managing Director Allan Kurtz, environment,” says Mr. Kurtz, who Dunn says. “They will be true to the Daily News brand, request of Tavern’s creditors, she stopped and President Alan Garmise—not be- worked for Mr. LeRoy for 12 years. but a modernized version.” receiving her $250,000 annual salary. cause the business wasn’t successful, but It wouldn’t be the only contrast in styles The new presses are already making a difference, ac- The 31-year-old feels betrayed by the because she was asserting her own vision and visions between father and daughter. cording to News Chief Executive Marc Kramer. Since it city, according to close associates, and she for the restaurant. Interior designer Charles Damga,who has launched in October,the “Your New York”section is do- is considering business opportunities as far “When Warner was alive, he wanted done work on Kay’s and Jennifer’s apart- ing on average 33% better in ad revenue than what the away from New York as Florida. me to treat Jennifer like another employ- ments in Greenwich Village, says their Sunday “Now” section did in 2009, he notes. “Her frame of mind is fragile,” says Mr. ee,” says Mr. Kurtz, now the director of taste is nothing like Warner’s. Unlike the The boost is due partly to color ads from companies Desiderio, with whom Ms. LeRoy main- Gotham Hall. “That doesn’t bode well mirrored walls and statues of lions that de- Mr.Kramer says the News could never have attracted be- tains daily contact. “Tavern’s closing is when she becomes your boss.” fined Tavern’s interior, the LeRoy women fore, including American Express Vacations and South heartbreaking for the LeRoy family.” Ms. Mr. Desiderio, who had been running favor “white with big splashes of color. African Airways. In addition, tabloid stalwarts Modell’s LeRoy declined to comment for this article. the Russian Tea Room and had previously There are no pretenses about them. They Sporting Goods and Macy’s have upped their spending. It is the end of an era for New Yorkers worked at Tavern, replaced Mr. Kurtz. like very simple and clean designs.” “If you look crisp, more people pay attention,” says as well.The incoming operator,Dean Poll, “Jenny and I grew up in the restaurant Jennifer LeRoy’s professional future Gregg Truman, vice president of marketing at South who runs the Boathouse in Central Park, business together,” says Mr. Desiderio, may be clouded at the moment,with all the African Airways. plans to spend $25 million on a complete who describes himself as the “pseudo- uncertainty surrounding the restaurant’s renovation of the restaurant.An auction in LeRoy” who sits in bankruptcy court rep- name, but Mr. Desiderio maintains she Yesterday’s war today early January will remove Tavern’s signa- resenting the business. will resurface. some media observers have their doubts about the ture artwork from the building forever. Even as Ms.LeRoy matured in her role, “We will regroup,” he says. “I’d like to strategy.They say that the News is fighting the last war— For some, the demise of Tavern on the she fell short. Things began to unravel fi- think we’ll do something else together.” that better color reproduction will at best slow the paper’s slide as readers and advertisers continue their march to the Web. Levy, took salary cuts. interested in staging the play for a while, “Color presses are an answer to an old problem,” says Roundabout Annual membership subscriptions, the but as the recession reared last season, the Mike Simonton, a media analyst at Fitch Ratings. lifeblood of nonprofit theaters, are falling production’s relatively small budget of- The numbers are not encouraging. The News’aver- Continued from Page 1 as well. Roundabout had about 43,000 fered special appeal for the fall. He de- age weekday circulation,more than 700,000 in 2004,was 1,055-seat Henry Miller Theatre on West subscribers last season, paying an average clined to say how much the production down to 544,000 copies in the six months ended Sept. 43rd Street this spring to the producers of of $300 to $400 each,but subscriptions for cost, but the show was not a huge box-of- 30, according to the Audit Bureau of Circulations. Ad Dame Edna and Michael Feinstein’s show, this season are down 5% to 10%,executives fice success. revenue has also fallen. All About Me, putting the nonprofit in the report. Prestigious nonprofits like Round- Mr. Zuckerman concedes that the once-profitable pa- untested role of landlord. “This was the toughest fundraising year about and Manhattan Theatre Company per lost money in 2008 and will end 2009 in the red as well. The long-dark Henry Miller reopened I’ve ever seen in my career,” says Ms. Levy, have long created buzz by producing plays But he also insists that some circulation losses are tied this fall with a Roundabout production of a 20-year company veteran. “People didn’t with big-name celebrities. Now, that’s to changes in ABC rules that prohibit the counting of pro- Bye Bye Birdie, the high-school musical want to talk about giving money at all, nor about all there is on the Great White Way. motional copies. He also points out that newsstand sales staple that the theater company’s execu- did we want to ask anybody.” This fall, a dozen Hollywood stars, like in the New York market actually rose 2%, or 6,400 copies. tives thought could generate the cash to An even bigger source of income is now Hugh Jackman and Jude Law, competed Mr. Zuckerman, known primarily as a real estate get them through the economic crisis. But at stake:The company’s 10-year, $8.5 mil- for theatergoers, leaving little excitement mogul, adds that the News has cut costs. Its newsroom is the poorly reviewed show, despite playing lion sponsorship contract with American for the likes of Ms. Miller. down to about 300 staffers, down approximately 100 to more than 90% capacity most weeks, Airlines for the naming rights of Round- “It’s very much about who is the biggest from six years ago. More important, he believes that the didn’t generate enough advance ticket sales about’s theater on West 42nd Street ex- star now,” says Virginia Louloudes, execu- paper is on track to make money in 2010. And he sees to continue past January. pires in a few months. tive director of the Alliance of Resident the improved color opening the door to higher cover “We’ve never been in the position of Roundabout is awaiting an answer on Theatres in New York. “All these celebrities prices, which would help offset lost ad revenue that may [finding tenants] for our theaters before,” whether the sponsorship will be renewed. have made for a crowded marketplace at a never come back. says Todd Haimes, artistic director of A spokeswoman for the airline declined to time when the market is reducing the num- “There is going to be a rebalancing of the revenue Roundabout. “But the Henry Miller The- comment, saying only that “we have en- ber of times [theater fans] are going to pur- stream, with more of it borne by the readers,” Mr. Zuck- atre will hopefully be a source of addition- joyed our relationship with Roundabout chase tickets.” erman says. al revenue, since fundraising is so difficult Theatre.” But if any theater company knows In addition, it looks like the News may encounter less in this economy.” about bouncing back, it is Roundabout, resistance from longtime rival the New York Post.Own- Just about all nonprofit theaters are Scaling back which was bankrupt when Mr. Haimes er Rupert Murdoch is launching a New York section for struggling these days. Not helping matters funding losses have already forced took over 27 years ago. The Wall Street Journal as he battles The New York Times, at Roundabout is the fact that many of its Roundabout to scale back on the costs and This spring, he’s hauling out the big and may not be inclined to spend more money on the board members—and biggest contribu- perhaps the ambitions of some of its pro- guns: a much-anticipated new musical, Post, which is rumored to lose more than $70 million a tors—hail from Wall Street. ductions, although it is still committed to Sondheim on Sondheim, about the life of year. (A Post spokeswoman did not respond to a request Donations to Roundabout fell 9% dur- producing its usual nine shows per year. Stephen Sondheim, written by the musi- for comment.) ing the fiscal year that ended Aug.31,forc- The fall play at American Airlines cal artist himself and starring Vanessa Some longtime newspaper observers say that despite ing Mr.Haimes to cut $1 million out of his Theatre, After Miss Julie, had just one set Williams. Roundabout also is producing the migration of ad dollars to the Web,it still makes sense $43 million operating budget.The compa- and only three characters, one of whom the Noël Coward classic Present Laughter, for Mr. Zuckerman to invest in his paper’s print edition. ny laid off seven staffers last February, was played by British film actress Sienna starring Victor Garber. “As important as the Internet is, 90% of [the newspa- about the time Mr.Haimes and his top two Miller. Lead actors at Roundabout are “We’re hoping in the spring something per’s] revenue comes from the print product,” says inde- deputies, Managing Director Harold paid the same, whether they’re movie will do much better than projected,” Mr. pendent analyst John Morton. “That’s what needs to be Wolpert and Executive Director Julia stars or not. Mr. Haimes says he had been Haimes says. protected.”

24 | Crain’s New York Business | December 14, 2009 20091214-NEWS--0025-NAT-CCI-CN_-- 12/10/2009 12:10 PM Page 1

$65 million Amount JetBlue Airways expects to collect this year from passengers willing to pay extra for seats with more legroom BUSINESS LIVES Source: The New York Times (quoting a JetBlue official) HOT JOBS EXECUTIVE INBOX

WANTED: DEAN Anne Fisher INSTITUTION Fordham University JOB DESCRIPTION Running the ’Tis the season graduate business school MOST IMPORTANT TASKS to nudge your Increasing the school’s stature and customers visibility in New York and around the world; strengthening the MBA JUST GETTING around to sending curriculum; and fundraising out holiday cards to customers, CREDENTIALS NEEDED A Ph.D. suppliers and multitudinous or comparable degree in a busi- other business acquaintances? If ness field; comfort in academic so, Dawn Tsien is way ahead of and corporate sectors; leadership you. An executive vice president and research experience at Prudential Douglas Elliman SALARY Sources say around Real Estate (www.prudential $200,000 elliman.com) in Manhattan, Ms. DOWNSIDE Difficult environment Tsien starts cranking up the for fundraising postage meter as soon as the UPSIDE Chance to shape the calendar flips to December, and school as it enters a growth mode sends out as many as 1,000 cards. The reason it takes so In 2005, Fordham began a $500 million fundraising campaign, long (and doesn’t get delegated $277.9 million of which has been to an assistant): Ms. Tsien writes raised. Forthcoming additions to a personal note in each one. the school’s Lincoln Center cam- “Some years, I do more pus include a new graduate e-mail than paper cards, but school of business administration either way I think people are with residential space. JULIA DARDEN more touched by a personal —MIRIAM KREININ SOUCCAR has such a high- note,” she says. “I know I am.” pitched voice that What does she write? “Just it’s hard to tell if she’s being her something conversational, like real self or ‘Haven’t spoken with you in a EXECUTIVE MOVES speaking in while, I’d love to get together and character. talk,’ or ‘What are you doing Kapitall: Stephan these days?’ ” says Ms. Tsien. “If Roche, 40, was named president of the online you ask a question, often that brokerage platform. leads the other person to ask

He was previously buck ennis one, and then you’ve got a chief executive at dialogue going.” Guidant Financial In this economy, that’s a good Group. GOTHAM GIGS Parsons Brinckerhoff: start. Ward Mahowald, CEO of George Pierson, 48, was promoted to CardsDirect (www.cardsdirect chief executive at the engineering firm. .com), which makes custom- He was previously president and chief printed greetings for business, operating officer of the firm’s Americas says the $7.5 billion-a-year card division. Knows Her Inner Elf industry is more recession-proof American Express Co.: Ed Jay, 37, was than he expected. “We forecast a appointed senior vice president of American Express Business Insights. spend just a minute speaking with Julia Darden and it’s easy to decline in sales for this year, but He was most recently at Thomson The best see why Macy’s snatched her up three years ago to work as an elf in its that hasn’t happened,” he says. “I Reuters, where he had been global head think it’s partly because sending of product management and part of Christmas “Santaland.” In fact, Ms. Darden—who goes by the elf cards is a ready-made excuse for development for the investment and name Spritz—has such an enthusiastic, high-pitched voice and love contacting customers you advisory division. her job is haven’t heard from in a while, in a Newmark Knight Frank: for her job, that it’s hard to tell if the 24-year-old actor and puppeteer very low-key way.” Jeffrey A. Rosenblatt, is being her real self or speaking in character. ¶ Asked if she ever has hearing all Mr. Mahowald theorizes that 53, has rejoined the to deal with unruly customers, Ms. Darden replies,“Honestly, you real estate firm as a his customers think of holiday senior managing the funny can’t really be upset in Santaland.There’s so much happiness, and the greetings as a cheery, decorative director. He was things elves are so cheerful.” Ms. Darden looks forward to her Christmas gig direct-mail campaign. The big formerly an executive all year, where she spends 40 hours a week escorting children to meet difference, he points out, is that managing director at only about 2.6% of most direct- Grubb & Ellis. kids say Santa.The best part of the job is listening to the funny things the Flightpath: Cliff Medney, 52, was mail items actually get opened. appointed chief creative strategist at the children say. Last week, a six-year-old asked Santa to bring him a foot Over 90% of Christmas cards do. digital marketing agency. He was most massager because his feet get tired at school. ¶ Despite all the cheer, Ho ho ho! recently chief marketing officer at Ms. Darden—who also works nights as a bartender at the Henry Eastwest Marketing Group. ARE YOU SENDING many cards this AION Partners: Miller Theatre and weekends as a performer at Literally Alive Peter Smith, 44, was year? Do you enjoy receiving them, or named principal and managing director Children’s Theatre—admits she sometimes feels tired.“My cheeks regard them as seasonal junk mail? at the real estate investment and asset Tell us at www.crainsnewyork/ See EXECUTIVE MOVES on Page 26 start to hurt by the end of the day from smiling so much,” she says. —miriam kreinin souccar execinbox.

December 14, 2009 | Crain’s New York Business | 25 20091214-NEWS--0026,0027-NAT-CCI-CN_-- 12/10/2009 4:33 PM Page 1

RÉSUMÉ REVIEW Betting on a turnaround Is your job search all it could be? We ask the experts.

its money to city and state govern- thing as a free shutdown: We have NAME BRET I. PARKER OTB chairman likes ments and the racing industry for 40 $200 million in pension and benefit SUMMARY the odds on emerging years, so it’s never had the capital it obligations to employees that have Trademark and copyright counsel needed to improve the business be- built up over the years, and those PROFESSIONAL EXPERIENCE from bankruptcy cause it was at the end of the food pension benefits are constitutional- Wyeth (now part of Pfizer Inc.), Madison, chain. So what you’re left with is a ly guaranteed. N.J., 2004-present static bricks-and-mortar business Chief trademark and copyright counsel and assistant BY AARON ELSTEIN How are you going to change how the model with parlors declining in ap- general counsel (also vice president as of 2008) pearance,amenities and technology. OTB works? Lead 19-person department; control significant internal and external urnaround expert It will be difficult because there are Why even bother trying to rescue the budgets; devised, implemented strategies that improved IP protection Meyer “Sandy” Frucher so many interconnected interests, faces one of his toughest OTB business? but it’s doable. The racing industry Colgate-Palmolive Co., 1997-2004 projects in trying to re- It’s a good question,and supports 40,000 jobs directly or in- Assistant general counsel-trademark (and various previous positions) vive the New York City my answer is that directly, and a lot of those jobs are Handled worldwide trademark, copyright matters for various products; Off-Track Betting Corp.,which op- this business,even upstate, where there are 500 farms helped in policy-setting as member of Colgate Global Legal Council T erates 66 betting parlors and filed in its current that raise horses. We have to con- Dorsey & Whitney, 1994-1997 for bankruptcy earlier this month. state,is still pro- vince people it’s not business as Associate He brings a viding $100 usual anymore. In the old days Litigated cases involving media, IP, employment and more wealth of ex- million a year there was enough money, people The Hon. K. Michael Moore, U.S. District Court, Miami, 1993-1994 perience, hav- to the city, would line up and go to legisla- Law clerk MOVERS & ing served as state and rac- ture and come up with a solution. EDUCATION the state’s ing industry. I That’s over. SHAKERS chief labor would add that Fordham University School of Law, J.D., 1993 negotiator, there’s no such Are you a racing fan? University of Pennsylvania, B.A., political science, 1990 Sandy chief execu- I’ve been to the track five times Résumé appears in condensed form. tive of the in my life, and three of PROFESSIONAL ASSOCIATIONS Frucher Battery Park those were last sum- City Authori- mer when I visited International Trademark Association, New York City Bar Association, New ty, and was tracks to see if I could Jersey Corporate Counsel Association, Volunteer Lawyers for Justice CEO of the Philadelphia Stock Ex- understand the busi- EXPERT ADVICE change before selling the institution ness. I don’t wager on Your breadth and depth of experience make you a candidate for general last year to Nasdaq,where he’s a vice horses. I’ve enjoyed counsel at a Fortune 500 consumer products or pharmaceutical company. chairman. As chairman of the NYC movies like National OTB, he’s working for free. Velvet. Your leadership role in various associations gives you a high-level network to use in making key contacts aware of your availability. Contact the How did a gambling business ever get What sort of odds partners responsible for the legal practice at several executive search firms. into such financial trouble? would you put on this Send a letter indicating your intent plus your résumé, following up with a Everyone likes to joke, “How can a turnaround? call to the people you have selected, requesting a personal meeting. bookie operation lose money?”Well, I think I’d give it —andrew sherwood, managing director, Stanton Chase International the bookie didn’t lose money. But better than 4-1. To contact this candidate or to be featured in “Résumé Review,” e-mail us this operation has been distributing landov We’ll see. at [email protected].

EXECUTIVE MOVES

Continued from Page 25 previously senior vice president at Eisner: Yan Zhang, 34, was promoted to Zehnder. Richard Siegmeister, 42, was promoted to management firm. He was previously a Parallels. partner from director at the accounting Blank Rome Government Relations: director of business development and managing director at Credit Suisse. Sierra Realty Corp.: and business advisory firm. Dwayne M. Andrews, 39, was promoted institutional strategy from senior New York Society for Physical Medicine & Shane Neuringer, 38, LBi: Cedric Devitt, 38, was appointed to principal at the affiliate of law firm counsel. Rehabilitation: Alan Lambert M.D., 47, joined the real estate executive creative director, a newly Blank Rome. He was previously a Russell Investments: was appointed special health law firm as senior vice created position at the digital marketing member. Rolf Agather, 45, was counsel. He will remain at law firm president of and technology agency. He was iVillage: Catherine Balsam-Schwaber, 38, promoted to director Butzel Long, where he was recently acquisitions and previously creative director at Tribal joined the online site for women as of index research and appointed chair of the health care finance. He was DBB. senior vice president of marketing. She innovation, a newly practice. previously vice SheSpeaks: Josh McKay, 38, was was most recently at MTV Networks, created position. He WorkLight: Kurt Daniel, 36, was president of appointed senior vice president of where she had been vice president of was most recently appointed chief operating officer at the acquisitions and development at CB strategic development at the word-of- integrated marketing. director of business technology company. He was Developers. mouth marketing agency. He was Sonnenschein Nath & development for previously senior vice president in the Rosenthal: Eli Curi, Russell Indexes. growth ventures group at Citi. 42, joined the law firm Brooklyn Community Foundation: Dara TPN: Tracy Faloon, 43, joined the retail as a partner in the Lehon, 35, was appointed vice president CORPORATE LADDER marketing agency as senior vice corporate practice. He for communications. She was previously president and retail strategist. She was was previously a an independent consultant and media previously senior vice president and partner at Dickstein relations and public affairs manager at INDUSTRY VETERAN JOINS REAL ESTATE FIRM managing partner at Rivet Global Shapiro. the American Jewish Joint Distribution RICHARD CASSIN, 61, has joined Newmark Knight Network. Pryor Cashman: Committee and deputy executive Frank’s Capital Group as a senior managing director. Bovis Lend Lease: James Stawniczy, 35, Donald Lockhart Schuck, 56, joined the director of the Lower East Side BID. He will be in the structured finance group and will was promoted to senior sustainability law firm’s family law group as a partner. Morris Visitor Publications New York: manager for the U.S. at the construction He was previously a name partner at Lauren Alperin, 38, was promoted to vice be responsible for real estate consulting services services and general contracting firm. Bronstein Van Veen & Schuck. president of sales development at the and mortgage placement. He was previously a He was previously senior sustainability Tremor Media: Mukund Ramachandran, travel information company. She was senior vice president and head of the commercial manager for New York. 33, was appointed senior director of previously sales development director. real estate division at Commerce Bank. Mr. Cassin Weil Gotshal & product marketing, a newly created Gazelle Global Research Services: Donna has built and managed commercial real estate Manges: Ronit position. He was most recently director Krasner, 44, was named director of teams throughout Canada and the United States and Berkovich, 33, was of product marketing at Yahoo’s Media business development at the business has worked with retail, residential and commercial promoted to partner in Group. services firm. She was vice president and the law firm’s business, Wnet.org: Dan Goldman, 38, was recruiting director at MPG. developers. He also managed a commercial real estate portfolio of finance and promoted to executive director of —maia blume close to $4 billion for TD Bank. Earlier in his career, he worked at restructuring practice. finance from executive director of Washington Mutual and Chase Manhattan Bank. Newmark Knight Frank She had been an interactive and broadband at the parent manages 40.5 million square feet in New York City, and was ranked fourth on associate. company of New York’s public television EXECUTIVE PROMOTIONS Crain’s 2009 list of the area’s largest commercial property managers. EMI Music: Chris Montgomery, 45, joined stations. The fastest way to get an announcement into —maia blume as vice president of EMI Classics in Dan Greenberg, 37, was promoted to Crain’s is to submit details online. Fill out the form North America. He was previously a senior director of interactive from at www.crainsnewyork.com/submit. The management consultant at Egon director of interactive. Executive Moves column is also available online.

26 | Crain’s New York Business | December 14, 2009 20091214-NEWS--0026,0027-NAT-CCI-CN_-- 12/10/2009 4:33 PM Page 2 chemex / INSATIABLE CRITIC INTERNAL REVENUE SERVICE will host the flickr.com Gael Greene ninth annual IRS tax seminar for tax THE professionals from 8:45 a.m. to 5 p.m. at Long Island University’s Brooklyn Campus, 1 University Plaza, Health WEEK Science Building, room 107. Admission is $125. Call (718) 780-4062 or e-mail [email protected] for additional Hobnobbing AHEAD information. CULTURAL EVENTS JAN. 5-9 TUESDAY, JANUARY 5 Head to the JOYCE THEATER, 175 Eighth with grown-ups getty images Ave., at 7:30 p.m. for the Pacific PROGRAMS & WORKSHOPS Northwest Ballet’s East Coast premieres Café Boulud satisfies TUESDAY, JANUARY 5 of dances created by renowned WHAT HE’S PACE UNIVERSITY’S SMALL BUSINESS choreographers Twyla Tharp and with good food, DEVELOPMENT CENTER holds a workshop Benjamin Millepied. The show runs READING from 5:30 p.m. to 7:30 p.m. on business through Sunday, Jan. 10. Tickets range dose of stodginess planning at 163 William St. The event is from $10 to $59 and can be purchased GORDON CAMPBELL, president free. For more information, call by calling (212) 242-0800. and chief executive of United Way hen daniel (212) 618-6655 or e-mail [email protected]. of New York City, grew up in Boulud created FRIDAY, JANUARY 8 THE WOMEN’S VENTURE FUND PEARL THEATRE COMPANY Seattle and moved to Manhattan Bar Pleiades, a will hold a Join the at 7:30 workshop beginning at 6 p.m. on the p.m. at the New York City Center, 130 in 1986. After 23 years in the Big dark and sexy lit- first steps to starting and growing your W. 56th St. as it stages Misalliance,a Apple, Mr. Campbell has become tle chiaroscuro business. The workshop is free and takes comedy about love, marriage and such a consummate New Yorker denW off the Surrey Hotel lobby, he place at 305 Seventh Ave. children. Tickets range from $30 to $90 that he likes to read only books also gained space for a dozen more Preregistration is required. For more and can be purchased online at about the city. tables at his Café Boulud.Closed for buck ennis information, call (212) 563-0499 or www.nycitycenter.org. Recently, Mr. Campbell read FABULOUS: Black spaghetti e-mail [email protected]. the revamp and reopened now with E.L. Doctorow’s new novel, Homer chef de cuisine Gavin Kaysen back SATURDAY, JANUARY 9 SEMINARS Pick & Langley, about the infamous in the kitchen, this Upper East Side Head to BAM at 30 TUESDAY, JANUARY 5 Collyer brothers, the wealthy pack clubhouse feels rather stodgy by CAFÉ BOULUD Lafayette Ave., of the 20 E. 76th St. Join top career coach JOHN CRANT, Brooklyn, for a screening week rats who lived in squalor for comparison with the chef ’s cheeky (212) 772-2600 SELFRECRUITER.COM and the YMCA OF of the Met’s presentation new canteen,with only its collection decades in a Fifth Avenue www.danielnyc.com NEW YORK CITY for a seminar on of Der Rosenkavalier, an opera brownstone. He also dove into a of inoffensive artwork to brighten organizing and managing your job about the Viennese aristocracy. An the essence of beige. search. The seminar is free and will run optional brunch will begin at 11 a.m., biography, A Kind of Genius: Herb But isn’t a nice healthy dose of from 10 a.m. to 11 a.m. at the West Side and the screening will start at 1 p.m. Sturz and Society’s Toughest stodginess exactly what I crave? CUISINE French-American YMCA, 5 W. 63rd St. For further Tickets for the film are $22, and Problems, by Sam Roberts. How benign it feels tonight, with- PRICE RANGE Entrées $26-$42 details, call (212) 372-9878 or e-mail tickets for the brunch are $23. To His all-time favorites are out elevator music or disco fever to [email protected]. purchase tickets and for more Time and Again, by Jack Finney, SERVING Breakfast, lunch, information, call (718) 636-4100, ext. and The Power Broker: Robert drown out the discrete buzz of the THURSDAY, JANUARY 7 brunch, dinner 1, or e-mail [email protected]. Moses and the Fall of New York, well-bred bourgeoisie. I can actual- LONG ISLAND UNIVERSITY and the —maia blume ly read the menu without a flash- RESERVATIONS Recommended by Robert A. Caro. —MIRIAM KREININ SOUCCAR light and gossip across the table NOISE LEVEL Civilized To view Crain’s full calendar listings, go to www.crainsnewyork.com/events without shouting. I feel pleasantly grown up, almost junior compared I can’t wait to return. with some of the faces around me. I will definitely go back. Lulled by such comforts, I de- I’ll let them simmer awhile. cide I can afford dinner,about $100 per person, with modest wines, tax NO HATS Never again. and tip. I’m charmed by the mushroom and barley soup with garlicky herb chutzpah. And marvelous hoisin- croutons and the lush wild mush- glazed duck for two is tender and room ravioli with aged parmesan in rare as requested, with scallion pan- mushroom broth from the Potager cakes and Bibb lettuce at ($42 per (kitchen garden) section of the person), though not to be confused menu, though the $20 starter por- with Peking duck. tion of squash risotto with ricotta It is only fair to note that Daniel salata seems a bit stingy. and I share a mission:helping to feed La Saison (fall favorites) and the the city’s frail, needy homebound daily changing menu of market spe- elderly through our work for cials prove irresistible to our six- Citymeals-on-Wheels. So no sur- some:Fabulous black spaghetti with prise that pastry chef Raphael Haasz bouchot mussels and rock shrimp covers our table with desserts. fra diavolo bewitches me. A tremu- The hazelnut gâteau with vanil- lous plump cut of poached halibut la hojicha tea ice cream and the with lentils, brussels sprouts, gala evening’s special pear medley we or- apples and the inevitable bacon is a dered are joined by the mint choco- marvel of perfect timing. And co- late palet and apple tarte Tatin. conut sticky rice, bok choy, shiitake Frankly I’m bored, even annoyed, mushrooms and green curry sauce is with dessert medleys. But I must lively company for “slowly baked” admit I’m content with these bits loup de mer. and pieces.The dried fruit compote Gifts from the kitchen, two por- and the just-made dark chocolate tions of Burgundy snails in parsley and pecan-bourbon ice creams are purée under gorgeous balloon wonderful. crackles of puff pastry,are perfect for I’m the only one of us still game sharing,though definitely shy in the for a chocolate truffle. And, of garlic department. course,the inevitable Daniel signa- Le Voyage has been the weakest ture Madeleine, warm in its napkin menu category. Certainly, tonight’s cozy.I’ve even managed not to spill flavors of Asia are elusive in the anything on my jacket. First time seared Arctic char with Szechuan all week. Another joy of being long beans. Pan-seared short rib grown up. dumplings in their steamer are pricey; the six delicately wrapped Copyright © 2009 by Gael Greene. packages at $20 rival Mr. Chow’s in Syndicated by www.insatiable-critic.com.

December 14, 2009 | Crain’s New York Business | 27 CN013381 12/2/09 1:48 PM Page 1