NEW YORK BUSINESS City and state squeeze nonprofits P. 6 | Build more without spending a dime P. 8 | Don’t worry about Wall Street’s decline P. 10 CRAINS
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TOUGH MEDICINE It’s never been harder for doctors to own and operate their small practices. Six providers describe the hard choices they’ve made PAGEPAGE 1616
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P001_CN_20161107.indd 1 11/4/16 7:47 PM Welcome to the Majors
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Scott Gottlieb Ken Meyerson Chris Corrinet Brendan Herlihy Daniel Wilpon www.1271AoA.com
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FROM THE NEWSROOM | JEREMY SMERD IN THIS ISSUE Small A less crowded subway 4 AGENDA theater 5 IN CASE YOU MISSED IT companies A SIMPLE TECHNOLOGY upgrade that is widely used by transit get a new 6 NONPROFITS venue on systems the world over is all that stands between you and a the cheap far less crowded subway. So said Metropolitan Transporta- 7 ENTERTAINMENT tion Authority Chairman Tom Prendergast at our “Getting 8 REAL ESTATE Ready for 9 Million New Yorkers” conference last week. 9 ASKED & ANSWERED Communications-based train control uses computers, 10 VIEWPOINTS not humans, to identify where trains are at any moment, al- 14 THE LIST lowing them to run more closely together. The results can be transformational. Today, our stations see no more than 26 to FEATURES 28 trains per hour. New signals could increase throughput 16 TOUGH MEDICINE by as much as 50%. “With communications-based train Politicians don’t control they’re getting up to 36 and 39 trains per hour in see a benefit in London, something that was unheard of 10 to 15 years “ ago,” Prendergast said. spending money Unfortunately, that optimism is not matched by reality. to fix what you’ve The MTA chief said upgrading the signal system would already got cost $4 billion—chump change in the context of a system with a five-year capital plan of about $26 billion. But that doesn’t include the cost of upgrading switches and stations to accommodate more P. 16 trains. “Every line has different constraints,” said Rich Barone of the Regional Plan DR. PATRICIA MCLAUGHLIN Association. “Some lines are better positioned to take advantage of the technology.” The L train, for example, already has the new signals, but the line can handle only 20 25 GOTHAM GIGS trains per hour because of bottlenecks that occur at the terminus, where there’s not 26 SNAPS enough room to turn around. The RPA has estimated that it would cost $20 billion 27 PHOTO FINISH to make all the necessary systemwide upgrades. CORRECTION The problem, as New Yorkers know all too well, is political will. “Politicians don’t The Rudin Organization ranks 13th on the list of see a benefit in spending money to fix what you’ve already got,” said fiscal watchdog the largest commercial property managers in New and panelist E.J. McMahon. “That’s not fun to spend money on.” York City, published Oct. 31. The state has in the past two years received $8.7 billion from banks that have paid fines to settle legal troubles. But only $200 million went to public transit. Instead, Gov. Andrew Cuomo allocated $2 billion to the Thruway Authority; $1.7 billion to the Upstate Revitalization Initiative, a program modeled on the now infamous Buffalo Billion, which is under federal investigation for how the state awarded con- tracts; and $250 million to rehab Penn Station, a worthy goal if only the governor’s plan offered more than just a cosmetic upgrade. ON THE COVER The MTA at one point said it would take 100 years to implement communica- PHOTOS: BUCK ENNIS tions-based train control. The RPA has outlined a more aggressive timetable for the new signal system: 30 years. Both are far too long to wait. The city needs less crowded subways now, not when we’re well on our way to 10 million New Yorkers. DIGITAL DISPATCHES Go to CrainsNewYork.com CONFERENCE CALLOUT NOVEMBER 14 n Bridget Kelly and Bill Baroni, former aides Crain’s Hall of to New Jersey Gov. > Fame Luncheon Chris Christie, were JOIN THIS YEAR’S INDUCTEES, convicted on all including Geoffrey Canada, counts last week for for a luncheon honoring their involvement in the their contributions Bridgegate scandal. to New York’s n Virtual reality is coming to the Westfield business and World Trade Center mall. Visitors will have civic life. free access to eight 360-degree viewing THE PLAZA stations through Nov. 20. HOTEL n A trove of personal items once be- Noon to 2 p.m. longing to Alexander Hamilton will be [email protected] auctioned by Sotheby’s in January. The collection, which includes love letters to Vol. XXXII, No. 45, November 7, 2016—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for his wife, Eliza, and a lock of his hair, had double issues the weeks of June 27, July 11, July 25, Aug. 8, Aug. 22 and Dec. 19, by Crain Communications Inc., 685 Third been handed down by his family. One doc- Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Ave., Detroit, MI 48207-2912. For ument detailing Hamilton’s appointment subscriber service: Call (877) 824-9379. Fax (313) 446-6777. $3.00 a copy, $99.95 one year, $179.95 two years. (GST No. as Gen. George Washington’s aide- 13676-0444-RT) ©Entire contents copyright 2016 by Crain Communications Inc. All rights reserved. de-camp could fetch up to $250,000. BUCK ENNIS
November 7, 2016 | CRAIN’S NEW YORK BUSINESS | 3
P003_CN_20161107.indd 3 11/4/16 7:49 PM WHAT’S NEW November 7, 2016
AGENDAWhen police padlock businesses without due process
bout once per day, the Police Department hits a small busi- ness somewhere in New York City with a nuisance abatement action. For store owners, though, it is often far more than a nuisance. Their establishments can have restraining orders Aor even padlocks slapped on the front door by the NYPD for minor infractions committed on the premises—even if the culprits were nei- ther employees nor customers. Judges commonly approve these pun- ishments without the merchants being notified, let alone given a chance UNEQUAL Nine to respond. of 10 nuisance The practice stems from a law passed nearly four decades ago to abatement actions occur close houses of prostitution. The statute was not intended to shut down, in minority for example, a laundry just because a loiterer there buys a purportedly neighborhoods. stolen laptop from an undercover cop. But that is exactly what the Daily News and ProPublica found was happening during a joint investigation that it took an examination by journalists to get mom-and-pop shops that was detailed in the spring. some protection after years of overzealous enforcement. Stores should The story got the City Council’s attention. Last week a council com- never be closed for alleged nuisance violations before the owners are mittee held a hearing on a bill to prevent police and judges from inflict- alerted or given a chance to respond. The NYPD claims that imminent ing draconian punishments and ignoring danger required the shut-downs, but the due process under the 1977 statute. Legislation would right a decades-old analysis found that police sat on cases for The new legislation would prohibit an average of five months before acting. So police from ganging up on a business wrong that assumes business owners much for urgency. already being charged for similar conduct are guilty until proven innocent Also troubling is that the probe found by a different agency such as the state 90% of nuisance abatement actions were Liquor Authority. It would require that in minority neighborhoods. When the defendants be notified before being evicted. And it would prohibit the NYPD routinely sends mature-looking 20-year-olds into bodegas to closing of a business for illegal activity of which the owner was unaware. buy beer but never tests wine shops, it perpetuates the widely held Those are reasonable and necessary reforms. Police officials say they belief that the law is not equally applied across the city. But, for mer- support them in concept but are negotiating to keep some powers. chants at least, the bigger problem is when the law is applied unjustly. Although the prospects for an agreement seem good, it is unacceptable That must stop. — THE EDITORS
FINE PRINT Mayor Bill de Blasio last week banned city agencies from asking prospective employees about their salary history. The mayor said the goal is “to ensure fair employment practices and close the pay gap for women and people of color.” But the practical impact will be limited because 90% of the city workforce is unionized and is paid based on collective bargaining agreements.
BY GERALD SCHIFMAN STATS
IN A GIVEN YEAR, more than one in five female and minority attorneys at New York law firms 25 WORDS OR LESS FIRM DEPARTURES leave their jobs, thinning the ranks of candidates
who could improve diversity at the partner level. AND THE CITY
Portion of law partners at NYC Portion of partners who are “A lot of times, 19.7% firms who are women 8.4% minorities regulation is a Portion of 2015 first-year lawyers identifying as a tool to protect NYC LAW FIRM RESIGNATION RATES, 2015 30.8% racial/ethnic minority, down White Minority 2.2 percentage points from 2014 the incumbents 25% 21.5% —Philip Krim, co-founder and chief 20.0% executive of Casper, the New York 15% 17.1% 12.9% City–based online mattress seller, on government obstacles faced 0% by startups Men Women
ISTOCK ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY SOURCE New York City Bar Association
4 | CRAIN’S NEW YORK BUSINESS | November 7, 2016
P004_CN_20161107.indd 4 11/4/16 7:48 PM AGENDA ICYMI CRAINSNEW YORK BUSINESS EDITOR IN CHIEF Rance Crain publisher, vp Jill R. Kaplan assistant to the publisher Devin Arroyo, 212.210.0701 EDITORIAL editor Jeremy Smerd After long, hard fight, MMA assistant managing editors Erik Engquist, Jeanhee Kim, Robin D. Schatz web editor Amanda Fung to score big in NYC debut art director Carolyn McClain photographer Buck Ennis HE FIRST PUNCHES and kicks won’t be thrown senior reporters Joe Anuta, Aaron Elstein, Matthew Flamm, Daniel Geiger until Nov. 12, but the debut of mixed martial reporters Rosa Goldensohn, Jonathan LaMantia, Caroline Lewis, arts in New York City is already a big hit. The Addie Morfoot T data reporter Gerald Schifman Ultimate Fighting Championship, the Las Vegas-based web producer Peter D’Amato fight league that was purchased by a group of investors columnist Greg David contributing editors Tom Acitelli, for $4 billion in July, will hold its first New York City Theresa Agovino, Yoona Ha, Erik Ipsen, Brendan O’Connor, Cara S. Trager event Saturday night at Madison Square Garden, fea- ADVERTISING turing a card topped by featherweight champion Conor www.crainsnewyork.com/advertise PUNCHING ABOVE HIS WEIGHT: Featherweight champ Conor McGregor. advertising director Irene Bar-Am McGregor will headline the city’s first MMA fight. [email protected] or 212.210.0133 With ticket sales predicted to hit $15 million, UFC senior account managers President Dana White has declared it will be the highest- Zita Doktor, Jill Bottomley Kunkes, Rob Pierce, Stuart Smilowitz, Debora Stein grossing UFC event to date. If actual sales match expectations, it will also be the top-selling sporting event in the senior marketing coordinator LeAnn Richardson Garden’s history, beating out the record-setting 1999 title bout between heavyweight boxers Lenox Lewis and sales/events coordinator Ashlee Schuppius Evander Holyfield, which reaped $10.8 million. A representative for ticket reseller StubHub said average secondary- 212.210.0282, [email protected] market prices had reached $965, roughly double what a hot-selling Knicks or Rangers ticket would command. ONLINE general manager Rosemary Maggiore Those big dollar signs confirm why the UFC lobbied for years to bring the once-fringe sport to New York, where 212.210.0237 it had been banned since 1997. The state Senate passed legislation legalizing MMA six times in seven years, but the [email protected] CUSTOM CONTENT measures all died in the Assembly, thanks mainly to opposition from former Speaker Sheldon Silver. But in 2015 director of custom content Andrew Patty Oppenheimer 212.210.0711 he lost his leadership post in a corruption scandal. That opened the way for a legalization bill, which Gov. [email protected] Cuomo signed in April, making New York the last state to officially sanction the sport. multicultural sales manager Giovanni Perla [email protected] UFC said it plans to hold at least four New York events a year, both in the city and upstate, that are expected to senior custom marketing manager Sonia David, [email protected] generate $135 million of annual economic activity. Other, smaller MMA fight leagues, including the World Series EVENTS of Fighting and Bellator, also plan to break into the market. “New York is the biggest city,” Bellator President Scott www.crainsnewyork.com/events director of conferences & events Coker said. “Being here gives the sport more respectability and credibility.” — DANIEL GEIGER Courtney Williams, 212.210.0257 [email protected] manager of conferences & events Adrienne Yee AUDIENCE DEVELOPMENT Guv in talks to revive 421-a DATA POINT Producer-writer Gavin Purcell left director of audience & content Gov. Andrew Cuomo, developers and NBC’s Tonight Show to jump to Vox partnership development NYS, WHICH FINED AGRICULTURAL Michael O’Connor, 212.210.0738 labor leaders met to negotiate the re- Media, and showrunner Josh Lieb took [email protected] instatement of 421-a, a property-tax BANK OF CHINA $215M ON NOV. 4, a Universal Television deal. Three staff CRAIN’S 5BOROS exemption that expired 10 months producers are stepping in to fill the www.5boros.com HAS COLLECTED $8.7B IN SETTLE- Irene Bar-Am, 212.210.0133 ago. The revised tax break could last void. The election season has boosted [email protected] 45 years and require hourly labor MENTS SINCE APRIL 2014. buzz for The Tonight Show’s rivals. REPRINTS wages to average $60 or more on de- reprint account executive Krista Bora velopments with at least 300 apart- Time Inc. digital revenue up 63% 212.210.0750 PRODUCTION ments in most of Manhattan and Digital advertising revenue grew production and pre-press director parts of the Brooklyn and Queens charge of $200 million to $250 million. 63%, to $129 million, in Time Inc.’s Simone Pryce waterfront. The cuts affect about 4% of its work- third-quarter earnings report, thanks media services manager Nicole Spell force of 50,000 but will not change the to its acquisition of data platform Viant. SUBSCRIPTION CUSTOMER SERVICE www.crainsnewyork.com/subscribe Bronx Barnes & Noble closes editorial head count. The gains were not enough to offset a [email protected] Residents of the Baychester area of the $288 million decline in print revenue. 877-824-9379 (in the U.S. and Canada). Bronx are irate over plans to close a FanDuel to merge with DraftKings Time has lowered expectations and now $3.00 a copy for the print edition; or $99.95 one year, $179.95 two years, for print Barnes & Noble, the borough’s last gen- The two biggest daily fantasy sports projects full-year revenue to be flat. subscriptions with digital access. eral-interest bookstore. Facing a rent companies are close to joining forces. to contact the newsroom: www.crainsnewyork.com/staff increase, the site will shutter in January DraftKings co-founder Jason Robins is 685 Third Ave., New York, NY 10017-4024 and become a Saks Off 5th store. Two expected to serve as CEO of the com- phone: 212-210-0100 fax: 212-210-0799 years ago, city officials had helped bro- bined, as-yet-unnamed firm. Nigel Ec- Entire contents ©copyright 2016 ker rent negotiations between the land- cles, FanDuel’s co-founder, would be Crain Communications Inc. All rights reserved. ©CityBusiness is a registered lord and bookstore. chairman of the board, which will draw trademark of MCP Inc., used under license members evenly from both companies. agreement. City’s third pot shop opens CRAIN COMMUNICATIONS INC. BOARD OF DIRECTORS PharmaCannis opened a medical mar- Extell to demolish Harlem Pathmark chairman Keith E. Crain ijuana dispensary in the Hunts Point After a two-year delay, Extell Devel- president Rance Crain section of the Bronx on Nov. 7. It re- opment filed for permits to demolish treasurer Mary Kay Crain, Cindi Crain senior executive vp, William Morrow placed a topless bar and is on a well-lit a former Pathmark supermarket and executive vp, director of strategic commercial strip, pleasing community U.S. Post Office building that occupy operations Chris Crain The why and where of the new W activists who objected to its initial, nearly a full block near the East 125th executive vp, director of corporate Anticipating the new Second Ave- operations K.C. Crain more remote location. PharmaCannis Street station on the Nos. 4 and 5 sub- senior vp, group publisher David Klein aims to serve both New York City and way lines. The location is included in nue subway, the MTA has brought vp/production, manufacturing David Kamis W trains back into service. The W chief financial officer Bob Recchia lower Hudson Valley residents. the city’s East Harlem rezoning plans chief information officer Anthony DiPonio and is expected to sprout a residential now runs weekdays, making local founder G.D. Crain Jr. [1885-1973] Thomson Reuters cuts 2,000 jobs or mixed-use project. stops in Queens and along the chairman Mrs. G.D. Crain Jr. [1911-1996] Thomson Reuters Corp. is eliminating Broadway line in Manhattan. Q and secretary Merrilee Crain [1942-2012] 2,000 jobs worldwide as the news and Major staff changes at ‘Tonight Show’ N train service in Manhattan and information provider restructures. The Late-night TV’s top-rated show lost Astoria have been altered as well.
company will take a fourth-quarter two longtime power players last month. BUCK ENNIS, GETTY IMAGES
November 7, 2016 | CRAIN’S NEW YORK BUSINESS | 5
P005_CN_20161107.indd 5 11/4/16 7:48 PM AGENDA NONPROFITS
Government is making offers that these organizations must refuse Low-paying contracts and burdensome audits are squeezing social-services providers BY ROSA GOLDENSOHN
urning Point Brooklyn, a 40-year-old $250,000 deficit in her THE TURNING POINT: nonprofit in Sunset Park, provides organization’s $10 million A Brooklyn nonprofit is trying to education, housing and services to annual budget. Traore-Rog- back out of deals. needy Brooklynites, including those with ers has been cutting corners substance-abuse issues. Such work is in to save money, such as hav- Thigh demand. ing one social worker over- But director Tata Traore-Rogers gave up three see five or six contracts, or housing contracts last year, two from the city and a program director double one from the state, and is trying to jettison five more. as an on-call social worker. Government agencies paid so little that Turning Point She has also been laying could not continue the programs. off people and hiring less, “Either increase funding or decrease the number watching talent depart as of people served,” Traore-Rogers said she told the compensation dwindles. agencies, including the city Department of Health and “People have great hearts,” Mental Hygiene and the state Office of Alcoholism she said, “but they have to and Substance Abuse Services. “And they all said no.” live, too.” Nonprofits deliver social services on the govern- Such stories are com- ment’s behalf to 2.5 million New Yorkers annually. mon in the industry. At the Most have long relied on donations and other reve- Jewish Child Care Associa- nue to pay for underfunded public programs, but now tion of New York, which has a $107 million budget help vulnerable people, and when you say we’re not many say they are increasingly dropping or refraining and provides out-of-home child care and preventive- going to help some of those people, it feels really incon- from bidding on city and state contracts because the and mental-health services for families, government sistent with our purpose,” said Richter, who headed gap between funding and costs is growing. contracts regularly pay 80% of actual program costs, the Administration for Children’s Services during the The state deal discarded by Turning Point paid according to CEO and Executive Director Ronald Bloomberg administration. “But what can you do if $400,000 a year to provide housing and social services Richter. He recently backed out of two contracts to you request additional funding and the answer is no?” to 25 individuals. At roughly $1,300 per person per provide mentorship, public-service opportunities and month, it barely covered the rents in East New York a journal-writing program to teen juvenile offenders. Underfunding at historic levels and Flatbush. “After I paid all of the apartments, I had The program, which sought to rent space in Browns- Fred Shack of Urban Pathways, which serves $596 left of the whole contract,” Traore-Rogers said. ville, would have cost more than the city was offering. homeless adults, said social-services organizations Low funding and rising rents helped open a “Since 1822, this agency has been in business to have operated in the red throughout his four decades in the sector. But with underfunding “at historic lev- els,” he said, “the ability of organizations to continue to exist is really threatened.” His group gets foundation money to complement government funding, but he echoed others’ com- plaints that what is being paid for housing and pro- grams barely covers the rent, let alone services and administration. One agency approached him about taking over some units, offering $16,200 a year per client. “The fair-market rent for a studio apartment far exceeds that,” Shack said. “We’ve just opted out.” It’s unclear if government contracts are increas ingly going unfilled or if program quality has suffered as nonprofits scrimp to balance their books. New York City Nonprofit leaders said contracts come up espe cially short on covering administrative costs, includ- has a plan to ing the growing task of audit compliance. create affordable Traore-Rogers estimated that her 75-person orga- housing for all. nization loses 30 workdays a year to uncoordinated government audits. Turning Point usually has 15 to 19 contracts at any given time, and each is separately audited, requiring different forms and repeated visits by the same agencies. Centralizing the task would not Williamsburg’s be “rocket science,” she said. empty Pfizer site “When you come in for a surprise audit, every- body’s day is upside down,” she said, citing “an incred- can help fulfill it. ible amount of time wasted.” Find out more at The Human Services Council, which represents williamsburgforward.com nonprofits, raised that issue and others in a report last winter. City Councilwoman Helen Rosenthal held a hearing on the contracting challenges, and the de Bla- sio administration formed a committee in September to examine them in conversation with service provid- ers. Michael Owh, the director of the Mayor’s Office of Contract Services, said the administration is eager to keep nonprofits “sustainable and healthy.” “If we can streamline the audit process, well, that frees up people to do more of the program delivery,” Owh said. “Those are the kinds of opportunities that
TURNING POINT BROOKLYN FACEBOOK TURNING POINT BROOKLYN we’re looking for.” n
6 | CRAIN’S NEW YORK BUSINESS | November 7, 2016
P006_CN_20161107.indd 6 11/4/16 5:07 PM AGENDA ENTERTAINMENT
Small theaters find cheap space City and state grants enable A.R.T./New York to subsidize rental costs BY MIRIAM KREININ SOUCCAR
e w York’s Mori, and has two flexible will cost $3,300 a week to York. Louloudes said the brand-new, modern the- them are kind of scuzzy,” small, theaters: one with seating rent, and the larger the- free sound and lighting ater was even better than Bernfield said. nonprofit capacity of 87, and anoth- ater will go for $4,800. represents $10,000 or so the financial savings. Louloudes said that theater er with 149 seats. Standard rents for the- in savings. “We’ve performed in with two other theaters compa- A.R.T./New York has aters of those sizes run Susan Bernfield, pro- almost every single the- opening nearby, she hopes Nnies are about to get raised 88% of a $3.1 mil- around $4,500 and $6,900 ducing artistic director ater available to compa- the area on the far West state-of-the-art stages— lion, 25-year rent subsidy a week, respectively, ac- at New Georges, said the nies like ours over the Side will turn into a new with subsidized rents. fund. The smaller theater cording to A.R.T./New chance to perform in a last 25 years, and some of theater hub. n A.R.T./New York Theatres, comprising two stages on West 53rd Street and 10th Avenue, will open Nov. 27. Run by the service and advocacy organization Alliance of Resident Theatres/ New York, the complex will offer discounted rentals and free lighting NEXT and sound equipment to nonprofit theaters with operating budgets below $1 million. “More than 300 of these companies are the lifeblood of New York’s theatrical ecosystem, but they are poorly financed LEVEL and mostly itinerant, without rehearsal or per- formance spaces of their own,” said Virginia Lou- loudes, executive direc- tor of A.R.T./New York. Her group’s 2012 study showed that the theater groups spend 56% of their total oper- ating budgets on perfor- mance space and labor. And finding a space to perform in is becoming more difficult. In the past 15 years, more than 80 small spaces have closed, the League of Indepen- dent Theater found. IN OUR CLASSROOMS, INDUSTRY PROFESSIONALS Twenty-one groups TELL IT LIKE IT IS. Construction Management • Global Affairs have been chosen to Hospitality Industry Studies • Human present new work at At the NYU School of Professional Studies, you acquire real- Resource Management and Development A.R.T./New York The- world, practical experience from renowned industry experts atres for its first season. and thought leaders in their fields. Our graduate programs Integrated Marketing • Management and The roster includes the provide an insider’s view to an education that is immediately Systems • Professional Writing • Project Ma-Yi Theater Compa- applicable in the workplace. Immersed in the heart of NYC, Management • Public Relations and ny, which produces plays you benefit from an unmatched global perspective, invaluable Corporate Communication • Publishing: by Asian-American networking opportunities, and professional experiences at top Digital and Print Media • Real Estate writers; the New York companies and organizations. Fifteen career-focused master’s Real Estate Development • Sports Business City Children’s The- degrees prepare you for the challenges that lie ahead and the Tourism Management • Translation ater; and New Georg- successes within and beyond your reach. es, which presents new plays written by women. New Georges’ show Alli- gator will be the first in ATTEND: A Graduate Information Session on Wednesday, November 16, 6 p.m. the new complex. REGISTER: sps.nyu.edu/graduate-events1g VISIT: sps.nyu.edu/graduate1g CALL: 212-998-7100 The 12,600-square- REQUEST INFO./APPLY TODAY: sps.nyu.edu/gradinfo1g foot facility was built with a $16.67 million FIND YOUR grant from the city. FUTURE SELF The state gave $400,000 to purchase seats and New York University is an affirmative action/equal opportunity institution. ©2016 NYU School of Professional Studies. equipment. The complex
TOSHIKO MORI ARCHITECT was designed by Toshiko
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P007_CN_20161107.indd 7 11/4/16 5:09 PM AGENDA REAL ESTATE
City could house tens of thousands with stroke of pen Experts call for new laws and more efficient use of regulated units BY JOE ANUTA
he city has been ignoring reason the administration has not acted. policy solutions that could The city’s public housing also substantially ease the hous- could accommodate tens of thousands ing crisis without costing a more people if its units were occu- Tdime, housing experts said last week at pied more efficiently. About 56,000 a panel discussion during Crain’s “Get- Housing Authority units are “under ting Ready for 9 Million New Yorkers” occupied,” including 11,000 with two conference. or more extra bedrooms. Filling them With the population expected to with more appropriately sized families reach 9 million by 2040—an increase could boost the system’s population by of roughly 600,000 people—the city roughly 67,000 people, though turn- has proposed denser development and over is low and tenant lists at public more than $8 billion in subsidies. housing developments undercount the “If you believe in an inclusive city, actual number of people living there. we have to create affordable housing,” Jeffrey Levine, chairman of Doug- Mayor Bill de Blasio said at the event. laston Development, said during the “And the only way we get affordable Crain’s event that he recently took his housing is through development.” children to see where he grew up in the But panelists said the city also could authority’s Linden Houses in Brooklyn. house hundreds of thousands of people “It’s quite on point,” he said. “The apart- with a few pen strokes. ment where I lived with my mother, my Allowing owners to legalize base- father and three siblings is now occu- ment apartments, for example, could pied by one elderly gentleman.” bring 50,000 to 100,000 units onto the MAYOR BILL DE BLASIO called for more development, while housing experts including market, the nonprofit Citizens Housing The empty-nester problem Jeffrey Levine (above, center) said policy changes could better utilize existing buildings. and Planning Council estimates. Many Levine said the mismatch in occu- are already rented illegally, but those pancy also applies to the city’s 1.3 mil- units could house more than 200,000 lion rent-regulated apartments, which buildings on the agency’s land. without allowing bigger buildings. people. make up about half of the city’s total The household-size discrepancy in And while a city-sponsored pilot “We speak about building bigger … dwellings. Parents tend to stay in large subsidized housing is part of a larger project for micro-units began leasing and we get angry if communities don’t rent-regulated units after their kids phenomenon: a dearth of small apart- last year, a sweeping piece of housing like it or raise questions, but we don’t move out, because they are getting such ments in the city. For instance, one- legislation passed in February barely speak about creating a path for legal- a good deal. third of New York City’s housing units altered rules that ban very small units. izing basements in small homes,” said But ousting residents from apart- are occupied by single households, A developer wanting to build them Jerilyn Perine, head of the planning ments that are too big for them— according to Perine’s group, yet only must still apply for a special permit— council and former commissioner of which only the Housing Authority 7% of dwellings are studios. which is a cumbersome and unpredict- the city’s Department of Housing Pres- has the power to do—is a political hot Several laws could be changed to able process. ervation and Development. potato. Overhoused tenants tend to be promote the construction of smaller Those laws, like many of the legisla- Legalizing these so-called granny elderly, longtime community mem- apartments and get singles out of tive solutions, are politically thorny due flats—mentioned in de Blasio’s hous- bers who can easily rally a sympa- units meant for families, experts said. to community opposition to denser ing plan in 2014—has taken a backseat thetic elected official to their side. The This year the city tweaked a long- development, which can crowd schools, to other policy objectives. The pro- authority has downsized more than standing rule that prevented devel- streets and subways. posal faces resistance in places such as 400 households this year—less than opers from including more studios or “We’re a city that has become Queens, where many residents in low- 1% of its underoccupied units—as part one-bedrooms in their projects. If the addicted to incremental changes in rise neighborhoods vehemently oppose of its NextGeneration program, which so-called density ratio were relaxed fur- the regulatory framework, and not big additional density. That could be one includes plans for new apartment ther, the city could get more apartments changes,” Perine said. n
LAST WEEK’S “Get Ready for 9 Million New Yorkers” conference pulled together business and political leaders. Three panel discussions focused on the challenges the city will face employing, housing and transporting New Yorkers as we approach the population milestone. Visit CrainsNewYork.com/9million for more insights.
JOBS: Moderator Winston Fisher, Small Business Services Commissioner Gregg Bishop, Crain’s columnist Greg David, Casper CEO Philip Krim and Hunter College President Jennifer Raab. HOUSING: Douglaston Development’s Jeffrey Levine, Partnership for New York City’s Kathryn Wylde, film studio head Stuart Suna and fiscal watchdog E.J. McMahon.
BUCK ENNIS TRANSPORTATION: Former Lt. Gov. Richard Ravitch, Port Authority Executive Director Pat Foye, city DOT Commissioner Polly Trottenberg and MTA Chairman Tom Prendergast.
8 | CRAIN’S NEW YORK BUSINESS | November 7, 2016
P008_CN_20161107.indd 8 11/4/16 7:50 PM AGENDA ASKED & ANSWERED WORKFORCE INTERVIEW BY CATHERINE FREDMAN
CAROL FISHMAN COHEN iRELAUNCH
s co-founder and CEO of iRelaunch, Carol Fishman You are Cohen advocates for second chances: the unique connecting with value that returning professionals bring to the “ workforce. Her company, which has been pro table a talent pool Asince inception and whose revenue has grown by more than that’s ready to 230% since 2012, works with employers to develop paid re-entry re-engage with internship programs; it estimates more than half of relaunching the workforce, interns get permanent jobs within a year. IRelaunch also not trying to ‘ nd produces an annual Return-to-Work Conference in New York that has become the leading external source for women to re-enter themselves’ at Wall Street. A record-high 600 people attended this year’s event. an employer’s expense
Who is a typical “relauncher”? Someone who takes a voluntary career break, usually for child care or elder care, although it could be for personal health or to pursue a personal interest. The primary subset is women who are on breaks for child care reasons, but my guess is there will be more men. A recent Manpower survey said that 84% of millennials anticipate a career break at some point. The age range is typically 35 to 55, with a big cluster in their early to mid-40s.
There have always been professionals who stepped out of the workforce and returned. Why are formal re-entry programs necessary? Formal programs are scalable: Companies can engage with larger DOSSIER numbers of people returning after career breaks. They’re com- petitive—more than 1,000 people applied for Goldman Sachs’ WHO SHE IS Co-founder and CEO of iRelaunch program the last time around. And individuals know they have pro- fessional support and can engage with other people returning from BORN Long Beach, Calif. a career break. An internship lets employers evaluate individuals RESIDES Boston based on their actual work, instead of interviews, and they don’t AGE 57 have to make that hiring decision until the end of the internship. EDUCATION Pomona College, B.A. in economics; Harvard What does a typical relaunch program look like? Business School, MBA Each company structures its program in the way it feels is the IRELAUNCH MYSELF right match for its business. At MetLife, for example, the intern- Cohen’s own career break ship is the actual permanent role the person would be in if she’s began in 1990, when she successful at the end of the program. Other companies might took maternity leave from the assign the intern to a project in an area where there’s an open investment bank Drexel Burnham head count, and the intern may or may not convert to a role in Lambert, which went bankrupt that year. that area after “graduation.” “I thought it would be two years,” she said. “The next thing I knew, it was 10 years.” How successful are these programs? TALKING IT UP Cohen’s TED Talk, “How to The percentage of interns who become permanent hires is Get Back to Work After a Career Break,” has unbelievably great. Goldman’s program started in 2008 and is been viewed more than 1.3 million times and on record as converting 50%. MetLife’s initial pilot in 2014 hired translated into 26 languages. Her 2012 Harvard Business Review article “The 40-Year-Old Intern” 11 of 12 participants, and the numbers were similar in 2015. was selected as a reader favorite. Why is a 40-something “relauncher” more valuable to a company than a THE NEXT FRONTIER IRelaunch created recent college grad? the STEM Re-entry Task Force with the Society of Women Engineers. IBM debuted its program in The caliber of the candidates is so high. They’re highly educated the spring and converted 100% of its interns into and bring work experience. You are connecting with a talent pool permanent hires. at the life stage when they’re ready to re-engage with the work- BUCK ENNIS force, not trying to “ nd themselves” at an employer’s expense. Their elder care or child care responsibilities are over. They have a more stable lifestyle, with less partner relocation; a more mature perspective; and enthusiasm about returning to work precisely because they have been away from it for a while.
Why has Wall Street been particularly keen about re-entry internships? I believe the impetus was that the Wall Street rms didn’t have enough women in senior-level roles. But as the programs have evolved, we’ve seen men in them, too. I
NOVEMBER 7, 2016 | CRAIN’S NEW YORK BUSINESS | 9
P009_CN_20161107.indd 9 11/3/16 5:30 PM AGENDA VIEWPOINTS
% OF WAGE GAINS % OF HIGH-PAYING JOB GROWTH Wall Street will never be 1990–2007 1990–2007 what it was—but that’s OK Wall Wall Street 39% Street 25% Other sectors have replaced the lost jobs, diversifying city economy Rest of Rest of private 61% private 75% sector sector IN JOURNALISM it the gains during economic expansions. is often necessary to From 1990 to 2007, the sector account- 2010–15 2010–15 decide whether the ed for 39% of city wage growth. Not this Wall 11% Wall 6% glass is half empty or time. Since 2010, it has accounted for Street Street half full. The recent only 11%. annual Wall Street Aaron and I agree that Wall Street Tech, media, Tech, media, 20% 48% pulse-taking by the remains a crucial part of the economy, advertising advertising state comptroller is maybe still the most important part. Business Business GREG DAVID a classic example of Because salaries are so high, it provides 20% 34% that, with important 21% of all private-sector compensation services services implications for the city’s economy and in the city despite accounting for only for the mayor and governor. 5% of jobs. It is responsible for just un- Other 49% Other 12% My Crain’s colleague Aaron Elstein der 20% of the state’s tax revenue and read the report late last month and de- 7% of the city’s. SOURCE: New York state comptroller cided the glass was half empty. He noted But where Aaron sees the glass half that securities firms are likely empty, I see it as half full. Since media and information (sometimes those jobs in New York with similar to see their sixth annual profit I moved to New York in 1985, called TAMI) are filling the void with incentives. The Cuomo administration decline in the past seven years. % the No. 1 priority of city of- high-paying jobs, making up for what seems more interested in relocating The number of Wall Street ficials and civic leaders has Wall Street is not doing. them elsewhere in the state than keep- jobs in the city hasn’t returned always been to diversify the Wall Street jobs will continue to ing them in the city. 21WALL STREET’S to the levels seen before the fi- economy. The report shows contract as a result of all the efforts In other times, I would be inclined share of NYC’s nancial crisis; they total about that has been achieved. to constrain the big firms following to support incentives to keep them private-sector 172,000, down from 190,000 The securities sector ac- the financial crisis. As a result, those here. But with other sectors doing compensation in 2007. New York once had counts for a lower share of em- companies are moving many of their well, the case for tax breaks is much more than 30% of all Wall ployment, private-sector wag- midlevel jobs to lower-cost areas, often less compelling. n Street jobs in the U.S.; today it has less es and taxes paid than it did in 2007. receiving lucrative tax incentives to do than 19%, which is the lowest number As the charts show, business services so. The de Blasio administration is on GREG DAVID blogs regularly at ever. The securities sector usually leads and a combination of tech, advertising, record as opposing any moves to keep CrainsNewYork.com.
Business leaders can help fix homelessness in the city Cuomo, de Blasio should seek fresh ideas from outside of government BY KAREN HINTON
or every homeless person in rent freeze, legal assistance to prevent gentrifying, where New York City, about six mil- unlawful evictions, more supportive we are arguing lionaires walk the streets here. housing, job training, mental health about what an That’s about 60,000 homeless services and funding to address domes- affordable apart- Fpeople and 389,000 millionaires. tic violence. ment is, and where Manhattan houses 70 billionaires, What is missing is buy-in and par- salaries and wages more than anywhere else in the world. ticipation from a cross section of New have not kept up With so much wealth, one would Yorkers, including the business com- with housing costs. think the number of homeless could munity. It is time for fresh ideas from More afford- be reduced dramatically through both other than the usual suspects. able housing for public and private means. Yet that has New York City benefits from the homeless is not been the case. engaged business and civic sectors. being funded by After Gov. Andrew Cuomo elimi- Leaders from the two sectors are speak- the city and state. nated a rental subsidy program in 2011, ing out about the problem. They need However, the impact of these apart- The point is, New York is blessed and former Mayor Michael Bloomberg to speak out about solutions, too. ments will not be felt anytime soon— with more wealth, intelligence and followed suit, the city’s homeless pop- The mayor and governor should one reason why Queens Assemblyman know-how than any city in the world. ulation exploded to 60,000 from just seek out not only new approaches from Andrew Hevesi recently proposed we Why should any child here be homeless? below 40,000 in five years—up 50%. them but also offers for assistance. For subsidize rental payments for tenants Perhaps it is paradoxical that as the Despite sound and serious efforts example, Uber and Airbnb—hugely about to be evicted. He argues correctly number of homeless has risen in the city, by both Mayor Bill de Blasio and Social successful members of the “sharing that it would cost less than placing peo- so has the number of millionaires and Services Commissioner Steve Banks, economy”—could share algorithms to ple in shelters or hotels. multimillionaires. Or, perhaps it is the the homeless number is not dropping. help the city house homeless families Other types of subsidies might make ultimate indicator of income inequality. De Blasio and Banks are following near their workplaces and schools. sense, too. The government could give Either way, it is a problem. And New an award-winning blueprint for reduc- The New Yorkers protesting home- tax breaks to businesses that train and Yorkers—who rarely fail to rally for ing the homeless population—a strat- less hotels say homeless children hire homeless people. It also could people who need their help—should egy largely developed by and put into deserve better. No one disagrees that directly subsidize the salaries of home- heed the call. n place across the country by Cuomo the best place for children is in a safe less people. These policies are at least when he was U.S. housing secretary in home. Unfortunately, we live in a city as worthy as subsidizing the salaries of Karen Hinton is chief strategic officer the administration of Bill Clinton. The with a huge deficit of affordable hous- construction workers who build afford- at Fenton Communications and former
BUCK ENNIS components include rental assistance, a ing, where neighborhoods are quickly able housing, as Cuomo has proposed. press secretary for Mayor Bill de Blasio.
10 | CRAIN’S NEW YORK BUSINESS | November 7, 2016
P010_CN_20161107.indd 10 11/3/16 7:06 PM AGENDA VIEWPOINTS
One Robert Moses was more than enough Readers weigh in on megaprojects and minorities in real estate
RE “DO WE NEED ANOTHER land-use process which, ONE DIVERSE Norman Bobrow & Co./ kers in the industry. We brokers. We pride our- Robert Moses?” (Oct. too often, sees develop- BROKERAGE First New York Realty is have brokers from India, selves on inclusivity and 31): What never seems ments rammed through Re “Commercial bro- a tenant-leasing firm in Afghanistan, London, open-mindedness. to be discussed in like the Robert Moses kerages remain a sea of New York City, and we Israel, Morocco, Iran and NORMAN BOBROW any reflection on why projects of yesteryear. whiteness” (Oct. 24): have one of the highest Korea, as well as African- President T:8.125” we don’t have any PAUL GRAZIANO I’m pleased to say that number of minority bro- American and Hispanic Norman Bobrow & Co. Inc. Moses-scale projects occurring today is the lack of available land and financing, and the change of political structure. Many of Moses’ early parkways, parks and Health plans infrastructure projects were completed on vacant land, railroad rights-of-way and other relatively innocuous that stand out. land-use categories, much of it in public or quasi-public hands. By the time of the 1939 Competitively priced with the stability you need. World’s Fair, Moses used the powers of It’s time to switch to Oxford. quasi-private authori- ties, eminent domain, political intimidation and financial largess from the federal and state governments to displace more than 1 million New Yorkers, often through brazenly illegal land-transfer
schemes that financially T:10” benefited his friends and allies and caused unrelenting misery to many neighborhoods— some of which are still suffering. Thankfully, no person has since With Oxford, you get the choices you’re looking for — with health plans you’ll prefer, prices amassed the aggregate you’ll like and the peace of mind that comes from working with a market leader. And now your power that Robert business can take advantage of new lower rates on many Oxford plans across all three of our Moses did. Otherwise, networks. Explore Oxford and experience the advantages of working with a local carrier that many more neighbor- hoods throughout the has spent the last 30 years serving businesses like yours. city would have been obliterated during the past few decades. New, lower-cost As an urban planner, Freedom Network Liberty Network thinking big can seem Metro Network exciting and great on a theoretical level. However, the physical world—including peo- It’s time Find out why many businesses are switching to Oxford. ple, buildings and our Call your broker or visit uhc.com/OxfordNY today. natural environment to switch. (or what’s left of it)—is not theoretical at all. Significant projects that have long-lasting im- pacts—whether positive 1059735.0 10/16 Oxford insurance products are underwritten by Oxford Health Insurance, Inc. or negative—must go Oxford Health Plans LLC. All rights reserved. 16-2438 NY-16-483 through neighborhood and community review for years, not just the UEI160061_NY_JnrPg-Crains 1 10/19/16 9:07 AM typical rubber-stamping Client Alts Internal & External Team Project Details Color Dimensions Date: 10-19-2016 9:07 AM Depot #: Cyan, Magenta, Flat: 8.125" x 10" Creative Prod. Mgr: Name: NY Junior Page for Crains Yellow, N oBlackvember 7, 2016 | CFolded:RAIN’S NEW YORK BUSINESS | 11 Job Number: UEI160061 Stage: IR Reading Level: Software: CS6 1 File Name: UEI160061_NY_JnrPg-Crains Notes:
P011_CN_20161107.indd 11 11/3/16 7:05 PM Create an Event Dream Team Finding the Right Combination of Skill, OFF-SITE Savvy and Sass SUCCESS events | expos | entertainment Virtual Reality Integrating VR into Meeting and Events More Than Just a Rock Venue. perfect for any event. there’s nothing we can’t do. Virtual reality is a computer tech- Virtual Site Inspections nology that is gaining a lot of trac- Being able to visit a potential venue or destina- tion without leaving your desk can save event tion today. The immersive nature of planners both time and money. According to computer-simulated virtual environ- Successful Meetings and Events magazine, ments is transforming the way we destinations and venues can use VR to market themselves to meeting planners, and in turn, view the world. meeting planners can use VR to market their events to meeting attendees. WHAT IS VIRTUAL REALITY? According to explainthatstuff.com, unlike the Virtual Marketing actual world in which we live, virtual reality “The promotional process is where event means simulating bits of our world (or com- planners can really take advantage of what pletely imaginary worlds) using high-perfor- VR has to offer,” said Abi Mandelbaum, CEO mance computers and sensory equipment to and co-founder of YouVisit, a provider of Come see us. We'd love to show you. create artifi cial worlds we can see and interact interactive VR experiences. By capturing Jessica Rothstein Berman | 212-279-7740 x214 | [email protected] with such as with VR headsets and gloves. previous events in VR, organizers can better www.mceventsnyc.com According to an article titled “Virtual Reality market to potential event attendees, speak- for Beginners,” from PCWorld magazine, “An ers and sponsors in a way that still photos 311 W. 34th Street, New York, NY 10001 image or video is rendered in 3-D and viewed and videos cannot. through fancy lenses, tricking you into believ- Virtual Keynotes ing you’re looking at a real environment and In an era of TED Talks, virtual reality may also not a screen mere inches from your eyes. The provide an alternative to live keynote speak- effect is aided by a number of sensors in and/ ers. This may impact both the quality and or around the device that promote a feeling cost of your speaker budget. that you’re actually in the virtual world instead of standing in a room with a headset on.” Virtual Attendance Advances in web and virtual-meeting tech- CREATING THE RIGHT VR EXPERIENCE nology are making it easier for people to For VR to truly function as a transformative attend events remotely and in a more inter- medium, it must be: active manner. While events are always best Believable: Using computer-generated experienced live and in person, if travel costs, graphics and animation, VR makes illusion weather or other factors are prohibitive, reality through incredibly lifelike 3-D imagery. remote participation can work to extend the reach and audience of your programming. Interactive: In the world of VR, the surrounding 3-D environment moves and Virtual Product Demonstrations reacts with you. When booth space is at premium, virtual demonstrations save on square footage and Expansive: A successful VR world needs can provide individualized presentations. Au- to be vast and detailed enough that it can tomakers are already working on VR show- be explored be explored by users in a non- room experiences that will allow consumers linear way. and trade show attendees to experience their brands via VR headset. Immersive: A full-blown VR experience is both believable and interactive, engaging Interactive Education both body and mind. Microsoft’s HoloLens has generated buzz for creating a mixed reality that layers holo- As VR technology progresses, it is applied graphic 3-D images on top of a physical envi- in more and more to professional fi elds as ronment. This technology has great applica- well as science and education. It also has the tion for conference visual aids and training potential to change the future of meetings tools. Learning becomes more immersive and and events. multisensory, aiding in comprehension and retention. VR FOR MEETINGS AND EVENTS As events continue to embrace new forms Virtual reality in meetings and events allows of media and technology, event organizers participants to be transported to a different should think about how they can design world, to learn operational skills in a safe, experiences that can help attendees interact risk-free environment and to see the world more effectively with one another, engage through another’s eyes. This new experience with content and speakers, and be acquaint- will not only create more memorable engage- ed better with sponsors and exhibitors. Here ment for any audience, but will also become are a few ways in which VR can impact your a powerful tool for meeting planners to build meetings and events: their brands in the coming years.
An Advertising Supplement to Crain’s New York Business
Offsite_Success_Nov_2016.indd 1 11/3/16 12:20 PM Create an Event Dream Team A NEW SETTING FOR LONG ISLAND’S MODERN CLASSIC Finding the Right Combination of Skill, BIG IDEAS Savvy and Sass
According to businessdictionary.com, a team is “a group of people with a full set of complementary skills required to complete a task, job, or project.” Team members operate with a high degree of interdependence, share authority and responsibility for self-management, and are accountable for THE GARDEN CITY HOTEL
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Today, event teams need to be all that and Travel Coordinator more. From ideation to execution, the event Whether your event is in the offi ce or across dream team of 2017 is more diverse and spe- the country, a travel coordinator handles cialized than one of fi ve years ago. Technolo- all aspects of transportation, housing and gy, data, sustainability and safety now impact transfers. Someone with a background in cor- how events are created and carried out. porate travel or a former executive assistant OFF-SITE will have the skill set needed to research and As a manager you’ll want to assemble the best negotiate the best routes and accommoda- SUCCESS combination of event professionals to meet tions at the best prices. the event needs of your company. To help you achieve your objectives, Crain’s Custom Studio Sales Person offers the following list of event-team job titles, More and more event groups are employing along with an explanation of the role each a dedicated event sales person to generate plays. While the positions are diverse, common revenue and offset costs by obtaining spon- denominators for all event positions include sorship sales. Someone adept in advertising a sense of urgency, an attention to detail, sponsorship sales in a media company would superior communication skills and an ability to be a good fi t for this role. maintain grace under fi re. PR or Social Media Manager TEAM MEMBERS AND TITLES The individual in this role can be on staff within Director of Event Marketing/Director of the company’s dedicated event department Special Events/Director of Corporate or operate as a liaison from a public relations/ Events/Director of Meetings and Events corporate communications department within As leader of an event department a direc- the company. On the social media side, college tor benefi ts from a background in meeting interns offer a great pool of tech savvy and and event coordination as well as in mar- affordable help as your company tests out the keting. These individuals are largely respon- viability of adding this position to the head- sible for refi ning the vision and overseeing count. On the PR side, beyond looking for a cross-functional team to implement an someone with general PR experience, you can event or meeting strategy, execute plans also search out individuals with specifi c exper- and successfully meet objectives. They are tise to conduct B2B and B2C outreach locally, also charged with building and growing the regionally and nationally to generate buzz and brand, both from an industry-awareness press pick-up for your event efforts (and those perspective as well as from the prospective of your sponsors). of profi tability. Art Director Event Manager An internal company event department bene- The event manager position actively supports fi ts from a qualifi ed art director. This position the Director to develop, produce, and deliver solidifi es the visual identity of the brand in all projects from proposal right up to delivery. collateral for both internal meetings and exter- With limited supervision, the manager over- nal events. Look for someone with strong print, sees all aspects of detail, quality manage- and an even stronger digital background, as ment, time management and coordination today’s communications are across all devices of the team. A background in experiential and highly visual or interactive. events, as well as trade shows and meetings, gives this candidate the experience and skill Operations and Facilities Manager to manage everything from a conference or If you have the budget, an important position in trade show to a pop-up event. an event department is the operations manager. Often these skills are found under the Project Project Manager Manager, but a dedicated person who under- The project manager on an event-planning stands labor laws, is A/V-savvy, can do the team is the glue that connects the big picture heavy lifting (literally), and who is hands-on pre, to the detailed, fl awless execution of mar- during and post event is a welcome addition. Build your brand among corporate keting events. An ability to handle multiple logistics such as internal processes, vendor Of course, in addition to having the right event and meeting planners. management, on-site execution, project plan- background and skill set, a fully functioning ning, and problem solving are critical. The PM event department is all about attitude and For information to advertise contact energy. The event-planning profession is a also acts as the bridge between clients, ac- Stu Smilowitz at 212.210.0736 count managers, creative teams, and all other widely recognized as one of the world’s most members of the department – in addition to stressful according to Forbes magazine, so it outside sources and vendors. Someone from may ultimately be a candidate’s personality a fast-paced agency or hospitality venue, and positive attitude that will make the differ- who is database-savvy would be a good ence between a good team member and a great one. candidate. Issue: 2/6/2017 Closing Date: 1/19/2017
An Advertising Supplement to Crain’s New York Business
Offsite_Success_Nov_2016.indd 2 11/3/16 12:20 PM AGENDA THE LIST NY AREA’S LARGEST TECHNOLOGY EMPLOYERS Ranked by number of local employees
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P014_P015_CN_20161107.indd 14 11/3/16 5:32 PM
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November 14, 2016 | The Plaza Hotel | 12:00pm-2:00pm
Stephen Berger Geo rey Canada Chairman President Odyssey Investment Partners Harlem Children’s Zone Kenneth Langone Bruce Ratner Chair Kathryn Wylde Executive Chairman Invemed Associates President & CEO Forest City Ratner Cos. Partnership for New York City
REGISTER TODAY crainsnewyork.com/events-hof2016 Cost to attend: For event information: For sponsorship information: $300 for Individual ticket(s) Ashlee Schuppius Irene Bar-Am $3,000 for table(s) of ten (212)-210-0739 (212) 210-0133 You must be pre-registered to attend this event. No refunds permitted. [email protected] [email protected]
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November 7, 2016 | CRAIN’S NEW YORK BUSINESS | 15
P014_P015_CN_20161107.indd 15 11/3/16 5:33 PM HEALTH CARE| DOCTORS IN DISTRESS Vital signs Changes in the way medicine is practiced—and paid for—are putting the doctor-as-entrepreneur out of business. Here’s a look at some NYC docs and the hard choices they’ve had to make
BY CAROLINE LEWIS AND ROBIN D. SCHATZ PHOTOGRAPHY BY BUCK ENNIS
OCTORS in private practice have always had to balance the demands Dof running a small business with providing the best care for their patients. But the challenges of keeping the waiting room open are growing amid declining reimbursement rates from insurers, rising overhead costs and a torrent of new regu- lations that have come into play in recent years. Industry consolidation also has given large practices an edge when it comes to negotiating with insurers and creating economies of scale. “The fact that all of these trends are occurring simultaneously Pump up the volume makes for a very turbulent time for phy- sicians,” said Dr. Walker Ray, president of Dr. Bingjing Roberts is committed to her Chinatown patients, but rising costs from increased the Physicians Foundation, which conducts regulations mean she has to serve more of them than ever before a biennial survey of doctors across the country. “To be a physician now, the ground t was 10:30 a.m. on a recent weekday, and in Ridgewood, Queens. Mai, 54, first came to Rob- is shaking under your feet.” already a dozen patients sat in Dr. Bing- erts shortly after arriving in New York from China The experiences of the six doctors pro- jing Roberts’ Canal Street waiting room, two years ago with blurred vision, caused by his filed here highlight the range of responses reading Chinese newspapers or chat- diabetes. He said he wouldn’t have felt comfortable to the challenges faced by physicians, many ting quietly while their pupils dilated. going to a hospital for care, because of the potential of whom fill a specific niche in New York’s “This is actually not crowded,” Roberts, an oph- language barrier. medical ecosystem. I thalmologist, said with a laugh. “You have to see a lot “When my patients have other problems and I Although all but one of the doctors of patients to make this work.” need to send them out to other specialists, if they Crain’s interviewed remain independent, Roberts used to be employed at a nearby group don’t have Chinese practitioners, they just don’t go,” the experience of Dr. Sidney Stein, who sold practice but, wanting to experience the risks and Roberts said. his small practice to a large health system, rewards of entrepreneurship, she struck out on her About a third of New York City’s small practices is increasingly common. Three decades own in 2009. mainly serve patients whose primary language isn’t ago, 76% of all U.S. doctors owned their “I really like the neighborhood and the patient English, said Sarah Shih, assistant commissioner for practice, according to the American Medi- the city Health Department’s Primary Care Infor- cal Association. By 2008, their ranks had population, because I’m Chinese and it’s actually an shrunk to 61%. Today, between a third and underserved area,” said Roberts, 47, who lives with mation Project. “Small practices are a very import- one-half of physicians nationwide own their her family in Westchester. ant group of providers and caretakers for an often practice. And a recent Physicians Foun- It hasn’t vulnerable popu- dation survey of 1,000 New York doctors been easy. lation,” said Shih, pegged ownership in the state at just 26%. Many of her “YOU HAVE TO SEE MORE who works with The trend is partly a generational shift, patients rely NYC REACH, as newly minted doctors now often prefer on Medicare PATIENTS, BUT YOU HAVE TO BE a city program to find a job that offers a regular salary and and Medicaid, REALLY CAREFUL ABOUT THAT, that helps doc- predictable hours, according to health care which reim- tors adapt to fed- staffing firm Merritt Hawkins. Some older burse doctors BECAUSE YOU ARE GOING TO eral technology doctors, meanwhile, would rather retire at lower rates BURN OUT AT SOME POINT” requirements. or join a large health system than try to than do pri- The support transform their practice to accommodate vate insurers. helps practices sweeping changes in the way health care is Meanwhile, in like Roberts’, delivered and paid for. order to keep up with new requirements, including which play an important role in connecting immi- “The holdouts are managing to make it mandates to use electronic medical records, Roberts grant communities with the care they need. “I feel work,” said Dr. Eric Schneider, senior vice has bulked up her staff, increasing her fixed costs and like everything you do, there are pros and cons, but president for policy and research at the filling her small Chinatown office almost to bursting. I’m glad that I set up my own practice,” Roberts said. Commonwealth Fund, a national health Payroll for her 15 employees is her biggest expense. “You have to see more patients, but you have to be care research foundation. “But it’s hard to But her presence makes a big difference to really careful about that, because you are going to imagine how they will be able to continue.” patients like ZeAn Mai, a home health aide who lives burn out at some point.” — C.L.
16 | CRAIN’S NEW YORK BUSINESS | November 7, 2016
P016_P020_CN_20161107.indd 16 11/3/16 7:26 PM Sacrificing to stay the course Dr. Peter Agho doesn’t make as much money as he could, but what he gives up in pay he makes up for in professional satisfaction
r. Peter Agho still makes house calls medical care or, in to his elderly and disabled patients some cases, not paying in the Bronx and Manhattan, and he their bills at all. For never rushes office visits—even if it the first time, he said, means that wait times might be lon- he’s considering hiring Dger for other patients. a collection agency. Maintaining an old-fashioned solo practice in Financial stresses one of the most expensive cities in the country might also prompted Agho appear quaintly out of step with the times, but Agho, to shut down his Astoria, Queens, clinic. “I wasn’t “IT GIVES ME MORE FREEDOM. 65, wouldn’t have it any other way. going to keep pouring money into it and not having “It gives me more freedom,” said the Nigerian-born it grow as quickly as I expected,” he explained. IF I WANT TO TRAVEL OR GO physician, who runs two clinics specializing in fam- Agho’s two remaining clinics employ about 17 ily medicine and pediatrics. “If I want to travel or go people, including two physician assistants, an office TO A CONFERENCE OR WORK to a conference or work from home, I don’t have to manager and a receptionist. His older son, 27, man- FROM HOME, I DON’T HAVE TO ask anybody.” ages billing. He brings in additional revenue by But in recent years, the financial and regulatory renting out space to several physical therapists and ASK ANYBODY” pressures of running his own show have intensi- mobile ultrasound operators. fied, leading Agho to cut expenditures and slow Lately, Agho, whose wife is a nurse, is dreaming Benin City, Nigeria, with two physicians. Costs there expansion. about hiring another doctor to run his New York are lower, and demand is strong. Agho said his practice grosses more than $2 mil- City practices so he can devote more time to singing Agho said he doesn’t regret his career choices. lion a year. But his income of $200,000 has remained and playing guitar with his group, Stetts Band, which In fact, he’s trying to talk his younger son, 23, who flat, due partly to declining reimbursement rates from plays West African highlife music. wants to be an athletic trainer, into applying to med- insurers and the proliferation of high-deductible Agho doesn’t see growth prospects in the city, so ical school: “I suggested he be a sports physician, but plans, which often result in patients postponing he has gone international: He opened an office in he hasn’t agreed.” — R.S. Giving up his independence After three decades in private practice, Dr. Sidney Stein and his partners sold to Weill Cornell. Turns out trading autonomy for peace of mind was worth it
fter more than three decades in inde- a more viable alternative for us than to try to stick pendent practice as a Manhattan it out, dealing with the problems of managed care.” internist, Dr. Sidney Stein knew he Weill Cornell built the doctors a state-of-the art couldn’t stay in business much longer. office in midtown Manhattan and installed an elec- His small practice was nearing the tronic medical records system they couldn’t have Aend of its lease, and Stein and his partners at Hori- afforded on their own. The doctors also got a new zon Medical Group weren’t happy with the new digital X-ray machine to replace their old analog terms. Setting up a new office could cost as much as one. Another advantage is less tangible: the “brand $300,000, he said. appeal” of the Weill Cornell affiliation, which has Dealing with real estate hassles was just the lat- brought in new patients and heightened the doctors’ est in a long string of mounting business pressures, prestige, Stein said. including falling reimbursement rates from man- There are trade-offs, of course. For one thing, aged health plans, new regulations, rising malprac- things are a lot more bureaucratic now. tice insurance rates and the hefty costs of technology “Let’s say I wanted a new accoutrement for the upgrades. “Wherever you turn, you’re hemorrhag- practice, a new laptop or a piece of equipment,” ing cash,” said Stein, 66. Stein said. “It was a lot easier to decide among four In January, he and his partners joined the other people, as opposed to having to run it by an 79-physician Weill Cornell network, part of the administrator.” Weill Cornell Physician Organization, which has And in the past, when the partners wanted to give more than 1,400 doctors on staff. out bonuses, it was their decision. “Now we have to In a flash, Stein and his colleagues went from get approval,” Stein said. business owners to employee-doctors, trading All in all, though, is he glad he made the move? autonomy for peace of mind. “I think so,” he said. “It would’ve been nice if I “We had no place to turn, and we felt by join- didn’t have to change things—we were very happy ing with one of the university hospitals, they take with our five-person group—but I think you have to over your expenses, and there are certain economies read the handwriting on the wall and see what the of scale we don’t have,” Stein said. “It just became future has in store.” — R.S.
November 7, 2016 | CRAIN’S NEW YORK BUSINESS | 17
P016_P020_CN_20161107.indd 17 11/3/16 7:27 PM HEALTH CARE | DOCTORS IN DISTRESS Keeping an eye on quality Dr. Patricia McLaughlin upset some patients by refusing to take Medicare, but her decision has paid off in unexpected ways
r. Patricia McLaughlin, an ophthal- under Medicare’s new regulations, the move has mologist on the Upper East Side, turned out to be a blessing in disguise. said she believes the high-stakes “I had a very hard time coming to that decision, stress of eye surgery makes her a because I love my seniors,” said McLaughlin, who better practitioner. “Every time initially stopped taking Medicare in 2008. “I knew Dyou have a patient encounter, you want to do the they could still come to me, but many felt they were right thing,” she said. “The degree of responsibil- entitled to pay through Medicare and were angry.” ity and expectation always keeps you on your toes.” With an overhaul of Medicare’s payment system But the stress of keeping her private practice afloat coming next year, McLaughlin is now fully confident is something she could do without. Her overhead that she made the right call. The new system, which has been bal- aims to reward looning, while higher-quality reimbursements “WHEN I CAN’T PRACTICE care, will require from insurers doctors to report have not been MEDICINE THE WAY I WANT TO, on a wide range keeping pace. I’M GOING TO LEAVE IT” of performance Reluctant to metrics, or face make up for stiff penalties. comes from being able to listen to patients,” she said. the shortfall by Some doctors “Let them talk, read between the lines and have a simply seeing more patients, McLaughlin instead are already saying they’d rather pay the fines than dialogue that establishes trust.” made some tough decisions—including cutting ties incur the high costs of tailoring their practices to That level of attentiveness has kept Carol Cot- with Medicare. Although the move initially cost meet the new regulations. ton, a 67-year-old Upper East Sider, coming back her patients—a known risk, as the need for eye care For McLaughlin, taking care of patients isn’t for more than a decade. Although she acknowledges tends to increase with age—she has since found that about checking off boxes. “The quality of care really that not everyone can afford it, she said the eye care No margin, no mission After his Bronx-based practice couldn’t make ends meet, radiologist Sid Prakash found a new neighborhood to serve
r. Sid Prakash, a diagnostic radiol- in a poor community,” said Prakash, who lived until ogist whose job is to interpret the age of 3 in Ranchi, a city in eastern India where X-rays and other medical images, many homes lacked indoor plumbing and reliable opened his first brick-and-mortar electricity. “I stayed open as long as I could.” practice north of the New York The expansion of public insurance under the DBotanical Garden in the Bronx in late 2011. A lit- Affordable Care Act has led to a 12% increase in the tle over four years later he was out of business. number of New Yorkers covered by Medicaid and It was a stinging defeat. After finding success the Children’s Health Insurance Program. But many early in his career by launching a low-overhead doctors say those programs don’t pay enough to cover business remotely reviewing radiology exams from costs. In an attempt to get more health care provid- around the coun- ers to accept try, Prakash Medicaid, the wanted to serve “BASICALLY, YOU’RE DOING Obama admin- the local com- CHARITY IF YOU KNOW FOR A istration tem- munity. He built porarily raised a practice where FACT YOU’RE GOING TO LOSE reimbursement doctors could rates for pri- refer patients for MONEY EVERY TIME YOU SEE A mary care in X-rays, MRIs and PATIENT” 2013. But the other tests close higher rates to home. lasted only However, serving the Norwood section of through the end of 2014 in New York, and weren’t the north Bronx—where the median household available to specialists like Prakash. “Basically,” he income of the majority-Latino population is around said, “you’re doing charity if you know for a fact $36,000—came at a cost. Most of his patients were you’re going to lose money every time you see a 10% paying through Medicare. insured through Medicaid, which typically pays doc- patient.” Prakash, who commutes from the apartment he tors less for the same services than private insurance Luckily, Prakash had a fallback plan. Before clos- shares with his wife in the West Village, says the new or Medicare. With reimbursements of less than $200 ing his Bronx practice, he bought AMDS Radiology, practice, along with his scaled-back image consult- per MRI, Prakash said, he was losing about $10,000 an imaging center in the New Springville neighbor- ing services, allows him to take home “significantly each month. That made staying open impossible. hood of Staten Island, where only about 5% of his more” than $375,000 a year—the average income for “It was very difficult for me, because I was born patients are insured through Medicaid, with 5% to a U.S. radiologist, according to Medscape.
18 | CRAIN’S NEW YORK BUSINESS | November 7, 2016
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November 7, 2016 | CRAIN’S NEW YORK BUSINESS | 19
P016_P020_CN_20161107.indd 19 11/3/16 7:34 PM HEALTH CARE | DOCTORS IN DISTRESS Embracing change Dr. Inderpal Chhabra has re-engineered his practice to take advantage of incentives that pay doctors for improving patient health and reducing costs
or the majority of his 15 years as a pri- not properly managing patients’ mary care doctor, when a patient missed health conditions. an appointment, Dr. Inderpal Chhabra Chhabra can now better track a was likely to reschedule and move on. patient’s health and coordinate care But when an 85-year-old patient who among their various doctors, but Frecently underwent a knee replacement didn’t come the changes he’s implemented have in a few weeks ago, a call center contacted her on severely strained the solo practice Chhabra’s behalf and discovered that her daughter he runs out of a house in New Hyde was no longer able to take her to the office. So the Park, L.I., just over the Queens doctor arranged for her transportation. border. His income has dipped That kind of extra effort doesn’t come cheap, about 20% since 2013, in large part but Chhabra has invested in support services for because his staff now spends about patients because of changes in the way Medicare as much time on reviewing elec- tronic medical records and other administra- “IF I’M WORKING WITH tive tasks as on direct patient care. Meanwhile, SOMEBODY ELSE, IT’S JUST the bonus payments A JOB. THIS WAY, IF I SINK OR Medicare dangles as incentive for his efforts SWIM, IT’S ENTIRELY BECAUSE are not guaranteed. Chhabra could un- OF ME” burden himself of the financial risk of partic- ipating in Medicare’s new payment rules plenty of doctors nearby get scooped up by Pro- and other insurers pay doctors. The goal is to reward and take advantage of more resources for coordi- Health, a megapractice that has grown to 900 physi- doctors for keeping patients in good health, saving nating patient care by joining one of the health care cians at 200 locations in New York City and on Long money for the health care system down the line by giants that surround him. He’s been recruited by Island. avoiding expensive hospital stays that result from the Northwell Health hospital system, and has seen But Chhabra said running his own practice makes him more invested in his work. “If I’m working with somebody else, it’s just a job, watching the clock and seeing how quickly I could get DYING BREED out,” he said. “This way, if I sink or swim, it’s entirely because of me.” Chhabra has found 76%PORTION OF U.S. DOCS CELEBRATE! a way to mitigate the risk of being his who owned their own boss. In 2010, practice 30 years ago he became a found- ing member of Bea- con Health Partners, a physicians association that allows members 61%PORTION OF U.S. DOCS to retain ownership of their practices while who owned their benefiting from some practice in 2008 of the advantages of larger groups, includ- ing the ability to refer patients and negotiate collectively with insur- 26%PORTION OF DOCS ers. The association has in New York state since taken on a larger who own their role by allowing mem- practice today bers like Chhabra to participate in new qual- Choose from one of our six prized New York City venues for your upcoming holiday event, ity-based payment programs that are designed for from our flagship, Michelin-starred showcase, Aureole, to our midtown craft cocktail lounge, Crimson & Rye. larger physician networks. Chhabra said he still sees many issues with Medi- care’s new pay-for-performance model, but is glad CHARLIE PALMER GROUP · NEW YORK he adapted early, because participation will become mandatory next year. “Some of my friends who did not join Beacon are still out in the cold,” Chhabra said. “They have no WWW.CHARLIEPALMER.COM · [email protected] clue and don’t even want to know what’s coming.” — C.L.
20 | CRAIN’S NEW YORK BUSINESS | November 7, 2016
P016_P020_CN_20161107.indd 20 11/3/16 7:28 PM
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Office loc.: NY Co. 1209 Orange St., Wilmington, DE Notice of Formation of B&B ATLANTIC Notice of Qualification of Lexington Co- LLC formed in DE: 8/1/16. NY Sec. of 19801. Cert. of Form. filed with DE LLC Arts. of Org. filed with Secy. of Investment Partners IV-C, L.P. Authority State designated agent of LLC upon Sec. of State, 401 Federal St., Dover, State of NY (SSNY) on 09/15/16. Of- filed with NY Dept. of State on whom process against it may be served DE 19901. Purpose: all lawful purpos- fice location: NY County. Princ. office 10/4/16. Office location: NY County. and shall mail process to: c/o Busi- es. of LLC: 419 Park Ave. South, 7th Fl., Princ. bus. addr.: 660 Madison Ave., ness Filings Inc., 187 Wolf Rd., Ste. NY, NY 10016. SSNY designated as 23rd Fl., NY, NY 10065. LP formed in 101, Albany, NY 12205. DE addr. of agent of LLC upon whom process DE on 7/27/16. NY Sec. of State des- Notice of Qualification of LLC: 108 W. 13th St., Wilmington, DE against it may be served. SSNY shall ignated agent of LP upon whom proc- ASSUREDPARTNERS OF TEXAS, LLC 19801. Cert. of Form. filed with DE mail process to B&B Urban, Attn: Alan ess against it may be served and shall Appl. for Auth. filed with Secy. of State Sec. of State, 401 Federal St., Dover, Bell at the princ. office of the LLC. Pur- mail process to: c/o CT Corporation of NY (SSNY) on 09/30/16. Office loca- DE 19901. Purpose: any lawful act. pose: Any lawful activity. System, 111 8th Ave., NY, NY 10011, tion: NY County. LLC formed in Texas regd. agent upon whom process may (TX) on 02/16/16. SSNY designated Notice of Formation of EdgeFunding be served. DE addr. of LP: c/o The Cor- NOTICE OF FORMATION of FLOAT DE- as agent of LLC upon whom process LLC Arts. of Org. filed with Secy. of poration Trust Co., 1209 Orange St., SIGN STUDIO, LLC. Arts. of Org. filed against it may be served. SSNY shall State of NY (SSNY) on 08/15/16. Of- Wilmington, DE 19801. Name/addr. of with Secy. of State of NY (SSNY) on mail process to c/o Corporation Serv- fice location: NY County. Princ. office genl. ptr. available from NY Sec. of 9/21/2016. Office location: NY Coun- ice Co., 80 State St., Albany, NY of LLC: 14 Wall St., Ste. 2078, NY, NY State. Cert. of LP filed with DE Sec. of ty. SSNY designated agent upon whom 12207-2543. TX addr. of LLC: 211 E. 10005. SSNY designated as agent of State, 401 Federal St., Dover, DE process may be served and shall mail 7th St., Ste. 620, Austin, TX 78701. LLC upon whom process against it 19901. Purpose: all lawful purposes. copy of process against LLC to: 7014 Cert. of Form. filed with TX Secy. of may be served. SSNY shall mail proc- 13th Avenue, Suite 202, Brooklyn, NY State, Carlos H. Cascos, James E. Rud- ess to Corporation Servce Co., 80 Notice of Qualification of SGH Old 11228. Principal business address: 65 der Bldg., 1019 Brazos, Austin, TX State St., Albany, NY 12207. Purpose: House LLC. Authority filed with Secy. E 11th Street, 6D, New York, NY 78701. Purpose: Any lawful activity. 10003. Purpose: any lawful act. Any lawful activity of State of NY (SSNY) on 10/07/16. Of- fice location: NY County. LLC formed in Notice of Formation of 1400 Broadway Delaware (DE) on 09/16/16. SSNY Notice of formation LIMITED LIABILITY Bakery, LLC. Arts. of Org. filed with NY Notice of Formation of NYCJLH, LLC designated as agent of LLC upon whom COMPANY, ANGELA LASALLE, LLC. Arti- Dept. of State on 10/4/16. Office loca- Arts. of Org. filed with Secy. of State process against it may be served. cles of Org. filed with NY Secretary of tion: NY County. Princ. bus. addr.: 921 of NY (SSNY) on 10/11/16. Office SSNY shall mail process to: Susan State (SSNY) on 8/5/2016. Office lo- Broadway, NY, NY 10010. Sec. of location: NY County. SSNY designat- Helman, 17 Berkeley Pl., Montclair, NJ cation: New York County. SSNY has State designated agent of LLC upon ed as agent of LLC upon whom proc- 07042. Address to be maintained in been designated as agent of LLC upon whom process against it may be served ess against it may be served. SSNY DE: c/o United Corporate Services, whom process against it may be and shall mail process to: CT Corpora- shall mail process to Corporation Inc., 874 Walker Rd., Ste. C, Dover, DE served. SSNY shall mail a copy of proc- tion System, 111 8th Ave., NY, NY Service Co., 80 State St., Albany, 19904. Arts of Org. filed with the DE ess to the LLC: 7014 13th Avenue 10011, regd. agent upon whom proc- NY 12207, regd. agent upon whom Secy. of State, 401 Federal St., Ste. 4, Suite 202 Brooklyn, NY, 11228. Pur- ess may be served. Purpose: any lawful and at which process may be Dover, DE 19901. Purpose: any lawful pose: for any lawful purpose. activity. served. Purpose: Any lawful activity. activities.
22 | CRAIN’S NEW YORK BUSINESS | NOVEMBER 7, 2016 TO PLACE A CLASSIFIED AD, CALL 1 800 444 6007 OR VISIT CRAINSNEWYORK.COM
PUBLIC & LEGAL NOTICES
THE LANPHIER GROUP LLC, Arts. of 27 EAST 11TH STREET NY LLC. App. for Notice of Formation of 86TH RETAIL Notice of Qualification of Penn ADW, Org. filed with the SSNY on Auth. filed with the SSNY on 05/16/16. LLC LLC. Authority filed with NY Dept. of 10/27/2016. Office loc: NY County. Originally filed with Secretary of State of Arts. of Org. filed with Secy. of State of State on 7/11/16. Office location: NY SSNY has been designated as agent Delaware on 05/11/16. Office: New York NY (SSNY) on 04/28/15. Office loca- County. Princ. bus. addr.: 825 Berk- upon whom process against the LLC County. SSNY designated as agent of the tion: NY County. SSNY designated as shire Blvd., Ste. 200, Wyomissing, PA may be served. SSNY shall mail proc- LLC upon whom process against it may agent of LLC upon whom process 19610. LLC formed in DE on ess to: Janet Lanphier, 136 W. 16th be served. SSNY shall mail copy of process against it may be served. SSNY shall 9/25/15. NY Sec. of State designat- St., Apt 3E, NY, NY 10011. Purpose: to the LLC, c/o Brian Cuneo, AYCO Co LP, mail process to Corporation Service ed agent of LLC upon whom process Any Lawful Purpose. 321 Broadway, Saratoga Springs, NY Co., 80 State St., Albany, NY 12207- against it may be served and shall 12866. Purpose: Any lawful purpose. 2543. Purpose: Any lawful activity. mail process to: c/o CT Corporation EAST 56TH STREET MEDICAL, PLLC, a System, 111 8th Ave., NY, NY 10011, regd. agent upon whom process may Prof. LLC. Arts. of Org. filed with the NOTICE OF FORMATION of Mi Casa Up- be served. DE addr. of LLC: 1209 Or- SSNY on 08/26/2016. Office loc: NY Notice of Formation of A.R Community town LLC. Art of Org filed with Secy. of ange St., Wilmington, DE 19801. Cert. County. SSNY has been designated as Consultants LLC. Arts of Org. filed with State of NY (SSNY) on 05/11/2016. of Form. filed with DE Sec. of State, agent upon whom process against it Secretary of State of NY (S.S.N.Y.) on Office location: NY County. SSNY desig- 401 Federal St., Dover, DE 19901. may be served. SSNY shall mail proc- 09/27/16. Business location: New nated agent upon whom process may Purpose: all lawful purposes. ess to: The PLLC, 60 East 56th St., York county. S.S.N.Y. designated as be served and shall mail copy of proc- NY, NY 10022. Purpose: To Practice agent of LLC upon whom process ess against LLC to principal address: The Profession Of Medicine. against it may be served. LLC shall 5030 Broadway NY, NY 10034. Pur- Notice of Qualification of JWL ACQUISI- mail copy of process to 444 E. 86th pose: any lawful act. Street, 10F, NY NY 10028. Purpose: TION PARTNERS I, L.P. Notice of Formation of 21 WEST Any lawful activity. Appl. for Auth. filed with Secy. of State 88TH STREET ASSOCIATES LLC Notice of Qualification of EBTH.COM of NY (SSNY) on 08/12/16. Office loca- Arts. of Org. filed with Secy. of State tion: NY County. LP formed in Delaware Notice of Qualification of 39-89 50TH LLC. Authority filed with NY Dept. of of NY (SSNY) on 10/13/16. Office (DE) on 08/10/16. Princ. office of LP: STREET LLC Appl. for Auth. filed with State on 8/4/16. Office location: NY location: NY County. SSNY designat- 650 Fifth Ave., NY, NY 10019. SSNY Secy. of State of NY (SSNY) on County. Princ. bus. addr.: 4650 Wilm- ed as agent of LLC upon whom proc- designated as agent of LP upon whom 10/12/16. Office location: NY County. er Ave., Cincinnati, OH 45226. LLC ess against it may be served. SSNY process against it may be served. LLC formed in Delaware (DE) on formed in DE on 4/18/12. NY Sec. of shall mail process to Blake Spahn, SSNY shall mail process to the LP at 09/12/16. SSNY designated as agent State designated agent of LLC upon The Dwight School, 291 Central the addr. of its princ. office. Name and of LLC upon whom process against it whom process against it may be Park West, NY, NY 10024. Purpose: addr. of each general partner are availa- may be served. SSNY shall mail proc- served and shall mail process to: c/o Any lawful activity. ble from SSNY. DE addr. of LP: c/o Cor- ess to the LLC, Attn: Maggie CT Corporation System, 111 8th Ave., poration Service Co., 2711 Centerville McCormick, 1065 Ave. of the NY, NY 10011, regd. agent upon Notice of Qualification of MSG TG, LLC Rd., Ste. 400, Wilmington, DE 19808. Americas, 34th Fl., NY, NY 10018. DE whom process may be served. DE Appl. for Auth. filed with Secy. of State Cert. of LP filed with Jeffrey W. Bullock, addr. of LLC: Corporation Service Co., addr. of LLC: 1209 Orange St., Wil- of NY (SSNY) on 10/19/16. Office lo- Secy. of State, Div. of Corps., 401 Fed- 2711 Centerville Rd., Ste. 400, Wil- mington, DE 19801. Cert. of Form. cation: NY County. LLC formed in Dela- eral Dr., Ste. 4, Dover, DE 19901. Pur- mington, DE 19808. Cert. of Form. filed with DE Sec. of State, 401 Feder- ware (DE) on 10/17/16. Princ. office pose: Any lawful activity. of LLC: 2 Pennsylvania Plaza, NY, NY filed with State of DE, Secy. of State, al St., Dover, DE 19901. Purpose: all 10121. SSNY designated as agent of Div. of Corps., 401 Federal St., Ste. 4, lawful purposes. LLC upon whom process against it Dover, DE 19901. Purpose: Any law- Notice of Formation of Sherri Sklar may be served. SSNY shall mail proc- ful activity. NOTICE OF FORMATION OF 305 WEST Strategies LLC amended to ess to c/o Corporation Service Co., END NORTHWIND LLC. Arts of Org filed GROWTHTERA LLC. Arts. of Org. filed 80 State St., Albany, NY 12207-2543. LANDMARK REGAL LLC, Arts. of Org. with Secy of State of NY (SSNY) on with Secy. of State of NY (SSNY) on DE addr. of LLC: 2711 Centerville Rd., filed with the SSNY on 07/28/2016. 9/29/16. Office location: NEW YORK 4/4/03. Office location: NY County. Ste. 400, Wilmington, DE 19808. Office loc: NY County. SSNY has been County. SSNY designated agent upon SSNY designated as agent of LLC upon Cert. of Form. filed with DE Secy. of designated as agent upon whom proc- whom process may be served and shall whom process against it may be State, Div. of Corps., John G. Town- ess against the LLC may be served. mail copy of process against LLC to served. SSNY shall mail process to: send Bldg., 401 Federal St., Ste. 4, SSNY shall mail process to: The LLC, 2 principal business address: 40 EX- c/o Sherri Sklar, 181 E. 73rd St., #15- Dover, DE 19901. Purpose: Any law- River Terrace Apt. 10S, NY, NY 10282. CHANGE PLACE, Ste 1201,NY NY A, NY, NY 10021. Purpose: any lawful ful activity. Purpose: Any Lawful Purpose. 10005. Purpose: any lawful act. activity.
NOVEMBER 7, 2016 | CRAIN’S NEW YORK BUSINESS | 23 EXECUTIVE MOVES ADVERTSING SECTION To place your listing, visit crainsnewyork.com/execmoves
ACCOUNTING FINANCE NON PROFITS
Anchin, Block & Anchin LLP Eisner Amper LLP Bizfi Four Freedoms Park Conservancy Ling Ou, was promoted Michael Breit, has been Bizfi announced its Howard Axel, was pro- to Partner. She previously named Partner-in-Charge board of directors has moted to Chief Executive appointed John Dono- held the position of of the New York office. Officer. He previously van as the Company’s In addition to his firm- held the position of Vice Director. Ling brings her chief executive officer wide roles as Managing President of Develop- nearly 15 years of (CEO). He was formerly Partner – Regions, ment. Former CEO and experience in public Chief Operating Officer, Board Member and Partner-in-Charge of the Sports & founding President, Sally accounting and audit to and Executive Vice President of Corporate Entertainment practice, Michael will take Development at Lending Club. Donovan Minard, will become Vice Chair of the serve Anchin’s Technical Review Depart- on a range of responsibilities encompassing is a 30-year veteran in the payments and Board of Directors. Four Freedoms Park ment, focusing on quality control, financial revenue growth, personnel, office manage- alternative finance industry serving both Conservancy is the 501(c)(3) not-for-profit reporting, and work paper reviews. ment, marketing and business development small businesses and consumers. organization responsible for maintaining in New York. and operating FDR Four Freedoms Park Metropolitan Capital under a cooperative agreement with the Anchin, Block & Anchin LLP WeiserMazars Kevin Costello, joined New York State Parks Department. Metropolitan Capital as Michael Halpert, CPA, George Moffa, was Vice President – Head is a partner in Anchin’s promoted to Partner. He of East Region. He was TECHNOLOGY Technical Review De- previously held the posi- formerly Director of partment. He has more tion of Senior Manager. Trustpilot Finance & Administra- than 20 years of public George joined Weiser- Global online reviews tion, Tri-State Area at Avison Young. He Mazars in 2006, and has platform Trustpilot accounting experience focuses on providing creative financial announces the appoint- in both audit and quality more than 15 years’ experience providing solutions tailored to the unique needs of ment of Don Ross as control positions, and his practice at Anchin tax compliance, tax planning and advisory business owners, family offices, and high- President of Americas. focuses on quality control, financial report- services to high net worth individuals and net-worth individuals throughout the East Based in the New York privately-held businesses in the real estate ing and work paper reviews. He previously region. Kevin also provides deal structuring office, Ross will focus on further growing held the position of Director. and financial services industries. for debt and equity solutions, helps clients Trustpilot’s business and revenue in North secure and manage capital, and solves for America as the company expands its focus the challenges associated with high-growth on financial services. Ross was formerly the www.crainsnewyork.com/execmoves companies. CEO of BankRate.com.
24 | CRAIN’S NEW YORK BUSINESS | NOVEMBER 7, 2016
P024_CN_20161107.indd 24 11/2/2016 11:27:18 AM GOTHAM GIGS
EYES ON THE PRIZE: Santopietro with his border collie BY LANCE PIERCE Chip eyeing pesky Canada geese.
Strictly for the birds The founder of Geese Relief uses four-legged friends to rid city gardens and golf courses of fowl players
hris Santopietro has nothing but praise for his and spring, migrating geese also show up there. team: They follow orders without question, Fees range from $500 to $2,800 per month, depending CHRIS SANTOPIETRO and they always show up for work bright-eyed on a property’s size, location, water features and ease of and bushy-tailed. “That’s the great thing about access. Revenue exceeded $1 million last year. AGE 51 Cborder collies,” he said. “They love to work.” Growing up in a family of entrepre- BORN Norwalk, Conn. Santopietro owns Geese Relief, a company “That’s the neurs—his father owned a flower shop and RESIDES Wilton, Conn. in Greenwich, Conn., that uses herding dogs greenhouse—Santopietro said he knew EDUCATION B.A. in consumer to move wild geese from city golf courses, great thing he’d eventually start his own business. affairs, University of Rhode Island parks, and other spaces. about border In the 1990s, while working for a com- JOB FOR LIFE His dogs work until His eight full-time employees and 10 bor- collies: They pany that sold golf course maintenance about age 11. “Retirement” means der collies—ages 2½ to 13—conduct daily love to work equipment, he noticed that some country tagging along on client visits. “We property patrols for more than 120 clients in ” clubs kept border collies to chase geese off let them think they’re working. Or they hang with me in the office,” New York City, Westchester and Connecticut. the links. He started seeing geese every- Santopietro said. “They’re my family; Working individually or in pairs, the border collies where, and recalls thinking, I wonder what people would I could never give them up.” stalk the geese until they fly away. “We don’t use the word be willing to pay to keep the geese away? SIXTH SENSE His daughter Alex- chase,” he said. “My dogs want to herd the geese and move Plus, he was good with dogs. “They always liked me; I andra, who has Down syndrome, will them somewhere else.” The border collies are trained to always liked them,” he said. sit with all 10 dogs. “They’re gentle pay attention only to Canada geese, which congregate near Santopietro found a breeder who had just started train- with her; they don’t jump,” he said. bodies of water, ripping up turf and depositing mountains ing dogs for geese control. In 1997 he bought his first bor- “It’s as if they know she’s special.” of waste. The dogs leave ducks and swans alone. der collie, Laine, for $3,000, and made a Geese Relief decal OTHER BIG APPLE CLIENTS The New York Botanical Garden in the Bronx is a for his truck. He kept the full-time job, and he and Laine Fordham University and Mount St. Michael Academy in the Bronx typical client: Geese Relief stops by twice a day Monday would visit clients in the early mornings, during his lunch THE POOP SCOOP On average, through Saturday, plus once on Sunday, on a year-round hour and on holidays. “Lucky for me, geese don’t take a Canada goose produces 2 pounds basis. The Bronx has a “resident population” of geese that vacations,” he joked. After about a year, he quit his day job of droppings every day.
BUCK ENNIS decades ago stopped flying south for the winter. In the fall to herd geese full time. — HILARY POTKEWITZ
November 7, 2016 | CRAIN’S NEW YORK BUSINESS | 25
P025_CN_20161107.indd 25 11/3/16 7:05 PM SNAPS
Care to dance Movie stars, models and other glitterati gathered on Oct. 20 to celebrate the American Ballet Theatre’s 2016 fall season. The evening featured the premiere of a new ballet by choreographer Benjamin Millepied and a reprise of Alexei Ratmansky’s 2014 ballet Rondo Capriccioso, performed by students of ABT’s Jacqueline Kennedy Onassis School. The gala raised more than $1.1 million to support the company’s education and community outreach programs.
Model Damaris Lewis and ABT principal dancer Misty Copeland at the ABT gala, held on the promenade of the David H. Koch Theater at Lincoln Center.
Gala co-chairwoman Lauren Santo Domingo, co-founder of Moda Operandi, and Dasha Zhukova, founder of the Garage Museum of Contemporary Art and Garage magazine.
Stemming the tide
Supporting the performing arts
At a benefit for New York City Center on Oct. 24, Honored during an Arlene Shuler, president Oct. 20 fundraiser for and CEO of NYCC, and the New York Stem Cell Broadway producer Luigi Foundation’s Research Alan Caiola, an NYCC board Institute were Cohen member. The event raised , an execu- $2.6 million. tive vice president at Goldman Sachs; David A. Carmel, head of immunotherapy at Atara Biotherapeutics; and Victoria Gordon, a health and wellness advocate.
Tommy Tune and Bernadette Peters at the NYCC gala, which included a concert performance of Sunday in the Park With George followed by dinner at the Plaza Hotel. Peters was in the original cast of Jewelry designer Kara Ross and her husband, Related Cos. chairman Stephen the musical when it opened Ross, an institute board member, flankSusan Solomon, CEO and co-founder of on Broadway in 1984. the foundation. The event, in Jazz at Lincoln Center’s Frederick P. Rose Hall, raised a record $1.95 million for research.
JOE SCHILDHORN/BFA.COM, KELLY TAUB/BFA.COM, PATRICK MCMULLAN/PMC, KAREN CATTAN/SUGAR STUDIO, STEPHANIE BERGER MCMULLAN/PMC, KAREN CATTAN/SUGAR PATRICK TAUB/BFA.COM, KELLY JOE SCHILDHORN/BFA.COM, SEE MORE OF THIS WEEK’S SNAPS ONLINE AT CRAINSNEWYORK.COM/SNAPS GET YOUR GALA IN SNAPS. EMAIL THERESA AGOVINO, [email protected]
26 | CRAIN’S NEW YORK BUSINESS | November 7, 2016
P026_CN_20161107.indd 26 11/4/16 6:11 PM PHOTO FINISH
Fleeting glimpse
n a warm November afternoon, Bill Hain, a chauffeur from Long Island, left his Cadillac idling on Greenwich Street to snap a quick photo. He was right to rec- Oognize the rare view. The esw tern façade of Trinity Church in lower Manhattan hasn’t gotten much exposure during the past 100 years. But thanks to the recent demolition of a pair of buildings at 68-74 Trinity Place, which had stood since 1915 and housed the church’s parish of- fices, the 1846 Gothic Revival cathedral is once again basking in the sun. The vista won’t last long, as construction on a mixed-use building, which will feature 150,000 square feet of community space, topped off by 17 stories of offices, is slated to begin early next year. “I’ve driven downtown so many times since 9/11,” said Hain, 52. “I was just amazed, as the sun came over the building, how beautiful it looked.” — PETER D'AMATO BUCK ENNIS
November 7, 2016 | CRAIN’S NEW YORK BUSINESS | 27
P027_CN_20161107.indd 27 11/4/16 6:11 PM WE HEAR YOU, MARIO.
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Untitled-11 1 8/30/2016 12:13:11 PM