GETTING on TRACK How a Little-Noticed Freight Line Plans to Help Free the City from Its Traf C Nightmare PAGE 18

Home , 4 World Trade Center, Mark Sultan

CRAINSNEW YORK BUSINESS

A blue Albany could have businesses seeing red P. 8 | Gearing up for e-bikes P. 10 | The List: Top-paid hospital execs P. 16

NEW YORK BUSINESS® APRIL 9 - 15, 2018 | PRICE $3.00 GETTING ON TRACK How a little-noticed freight line plans to help free the city from its traf c nightmare PAGE 18

VOL. XXXIV, NO. 15 WWW.CRAINSNEWYORK.COM CUSTOM CONTENT *2018’s Notable Women in Finance P. 21

NEWSPAPER

P001_CN_20180409.indd 1 4/6/18 7:50 PM APRIL 9 - 15, 2018 CRAINSNEW YORK BUSINESS

ON THE COVER

PHOTO: BUCK ENNIS

FROM THE NEWSROOM | BRENDAN O’CONNOR | MANAGING EDITOR Healthy conversations

ONE OF THE PRINCIPAL PLEASURES of working in the Crain’s newsroom is when some of the city’s top business and political leaders stop by to meet our editorial board and discuss the issues that matter to them most. Whether with aspiring politicos or trade group reps, real estate developers or special-interest lobbyists, the conversations— parts of which are on the record, others o —are consistently lively, occasionally contentious but always edifying. Last week brought Northwell Health CEO Michael Dowling, who has been I’m a big believer at the helm of the state’s largest health in creating a and hospital system—and, with 66,000 “ workers on the payroll, its largest pri- culture of vate employer—since 2002. e discus- continuous P. sion touched on a wide range of topics, 18 learning from research advances in bioelectron- ic medicine to the invaluable insights IN THIS ISSUE that Dowling gleans from talking to hospital valet parkers. UP FRONT FEATURES roughout the roughly 90-minute meeting, Dowling, who hails from Limerick, Ireland, displayed his signature candor—“Food is 3 EDITORIAL 18 TRAINING DAYS a big part of health, and we suck at it”—as well as his competitive Lessons from Albany’s history How freight rail can ease bent—“If you stick with the traditional ways of making money, you’re of chaos and corruption congestion dead.” But he also underscored that regardless of the industry, busi- 4 IN CASE YOU MISSED IT ness leaders contend with many of the same underlying issues: man- By any measure, shelter in old Park Savoy is a bargain aging supply chains, improving customer service, developing new products and retaining talent. 5 HEALTH CARE New home-care rules could Among the leaders of New York’s biggest health systems, Dow- hurt small agencies ling is the only one who isn’t an M.D. As such, he may take a more 6 WHO OWNS THE BLOCK business-centric approach to running his $11 billion operation. But A stream of development is while he acknowledges there are obstacles to collaborating closely taking shape in the Rockaways with competitors, he also sees the inherent need to work together 7 REAL ESTATE P. 48 to improve public health. “I’m a big believer in creating a culture of New hotel at JFK is a model of 48 GOTHAM GIGS continuous learning.” ef ciency; Hudson River Park A designer’s acrylic bags at’s a conversation we are keen to keep going. nancing battle evoke the glamorous 1950s 8 POLITICS 49 SNAPS Solid-blue Albany could have Photos from the networking business owners seeing red reception for Crain’s 40 Under Middle-Market Breakfast 9 ASKED & ANSWERED 40 class of 2018 MAY 15 Hunter College’s computer 50 FOR THE RECORD Reaching the Tipping Point science coordinator on the Our tally of the week’s buys, state’s new certi cation Join Crain’s as we bring together busts and breakthroughs Chieh Huang of Boxed and 10 TRANSPORTATION 51 PHOTO FINISH other founders of fast-growing Electric bicycles could soon Helping blind toddlers mid-market companies. The be out of legal limbo; subway learn to walk panel will discuss innovation, riders on commuter rail lines risk and capitalizing on trends to 15 VIEWPOINTS CORRECTIONS successfully build companies in Governors and mayors always The price of Jim Munson’s Kestrel coffee- New York. ght, but not like Cuomo and roasting machine was misstated in “Early de Blasio riser builds a fresher cup,” published April 2. NEW YORK Jason Goldman is Council Speaker Corey ATHLETIC CLUB 16 THE LIST Johnson’s deputy chief of staff. His title 8:30 to 10:30 a.m. The top-paid hospital execs was misstated in “Connecting the dots,” [email protected] and employees published April 2.

Vol. XXXIV, No. 15, April 9, 2018—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for double issues the weeks of Jan. 1, June 25, July 9, July 23, Aug. 6, Aug. 20 and Dec. 24, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing of ces. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, PO Box 433279, Palm Coast, FL 32143-9681. For subscriber service: Call 877-824-9379. Fax 313-446-6777. $3.00 a copy, $99.95 one year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire

2 | CRAIN’S NEW YORK BUSINESS | APRIL 9, 2018

P002_CN_20180409.indd 2 4/6/18 8:04 PM APRIL 9, 2018

AGENDALessons from Albany’s history of chaos and corruption

o one should have been surprised last week when the Real Estate Board of New York gave $115,000 to a group trying to elect a Republican state Senate candidate in a Westches- ter County special election set for this month. Money has Nbeen pouring into that race, as it will to other Senate contests seen as competitive later this year. Business interests will predominantly support Re- publican candidates, seeing a GOP-controlled Senate as a rewall against legislation that favors workers over employers and tenants over landlords. e possibility of a Democratic takeover of Albany gained currency last week, when the party’s two Senate factions reunited six years aer an ugly split (see “Solid-blue New York could have business owners seeing red,” page 8). With Democratic voters highly motivated to respond to the Trump presidency, predictions abound of a blue wave sweeping their candidates into oce in November. History supports that notion; the GOP had previously blocked at the business community’s behest. down- ballot Democrats bene ted when their base turned out to elect e lessons here are several. Should Democrats again nd themselves Eliot Spitzer governor in 2006 and Barack Obama president in 2008. Be- in charge of the Legislature and the governorship, they must be deliberate. fore Senate Republicans knew what hit them, the majority they had held If they rush to pass bills for fear of quickly losing their hold on Albany, for most of four decades was gone. that’s exactly what will happen. Senate Re- What happened next became Albany The ascoes of a decade ago could publicans should resist recruiting unscrupu- lore. Suddenly ush with power and lever- lous Democrats to recapture their majority age, a few Senate Democrats ran amok, repeat if legislators put their own outside of the electoral process; dance with dragging Albany’s reputation as corrupt and interests ahead of New Yorkers’ the devil and he will lead you to hell. self-serving to unprecedented depths. De- And business groups, rather than panic, fections to the Republican conference led to should examine whether the bills Demo- chaos, and ve scheming Democrats ended up in prison. When the dust crats passed during their brief period in power did the damage that oppo- cleared, Senate Republicans were back in charge, aided by a partnership nents predicted. One measure—a 12-county payroll tax—was later pared with breakaway Dems that ended with last week’s reconciliation. back but remains a crucial funding stream for the transit system. Others Largely forgotten now is that just before all the drama, Democrats— are uncontroversial today. What the state needs most is for legislators to during their brief period of total control—enacted a number of laws that put New Yorkers’ interests ahead of their own. — THE EDITORS

FINE PRINT The LinkNYC kiosks that are replacing pay phones across the ve boroughs will soon be doubling as bus countdown clocks. Over the next few weeks, kiosk screens will begin posting arrival information for the surrounding neighborhood. In 2014 a group of 11 City Council members set aside $2.8 million for bus countdown clocks despite the implementation of GPS tracking technology available on smartphone apps.

BY GERALD SCHIFMAN STATS

25 WORDS OR LESS LOW WAGES, BAD BOSSES

NEW YORK CITY’S home-care industry is adding workers quickly, but many of the AND THE C I jobs are low-quality. Hi, Donald. Please Portion below poverty threshold “ Growth of the city’s paid-care 35.4% send us money for % workforce over the past decade, 15 5 percentage points above the 29.2% urban mass transit” overall increase 26.1%

—Alicia Glen, deputy mayor for housing TY Portion of city households and economic development, interrupt- % employing paid-care ing her interview with a Daily News 19 workers transportation reporter to plead with the Trump administration for more federal funding. The president has lobbied Portion of care workers surveyed % who reported experiencing sick-time against congressional grants to build 50 violations, wage theft, harassment, Nannies discrimination or fear of retaliation and repair passenger-rail tunnels to House cleaners Home-care aides Penn Station.

SOURCE: NYC Department of Consumer Affairs ISTOCK

APRIL 9, 2018 | CRAIN’S NEW YORK BUSINESS | 3

P003_CN_20180409.indd 3 4/6/18 8:01 PM IN CASE YOU MISSED IT CRAINSNEW YORK BUSINESS president K.C. Crain senior executive vice president Chris Crain group publisher Mary Kramer

EDITORIAL By any measure, shelter in managing editor Brendan O’Connor assistant managing editors Erik Engquist, old Park Savoy is a good deal Jeanhee Kim, Robin D. Schatz copy desk chief Telisha Bryan AST WEEK MANHATTAN RESIDENTS protested a men’s art director Carolyn McClain photographer Buck Ennis homeless shelter set to open inside the former Park Sa- senior reporters Joe Anuta, Aaron Elstein, voy Hotel on West 58th Street. One of their arguments Matthew Flamm, Daniel Geiger L reporters Will Bredderman, is that the de Blasio administration is spending more than Jonathan LaMantia, Caroline Lewis usual to convert this location—nestled among luxury condo data reporter Gerald Schifman towers and just one block north of Billionaires’ Row—to make web producer Chris Kobiella a political point about sticking it to the rich. e Department columnist Greg David contributors Tom Acitelli, Yoona Ha, of Homeless Services has in turn questioned opponents’ math, Cara Eisenpress, Miriam Kreinin Souccar arguing that the costs are below average. But no matter whose to contact the newsroom: numbers you use, the city seems to be getting a deal when the www.crainsnewyork.com/staff 212.210.0100 high cost of Midtown real estate is taken into account. 685 Third Ave., New York, NY 10017-4024 158 W. 58TH ST. e department said it is proposing a $61 million, nine- ADVERTISING year contract with a Yonkers-based nonpro t to rent space www.crainsnewyork.com/advertise and provide services for 150 homeless men. at comes out to around $45,000 per person annually, which the advertising director Irene Bar-Am, 212.210.0133, [email protected] department said is below the typical $54,000 rate. Opponents say the contract is actually for more money and senior account managers covers fewer people, and the typical cost of a singles shelter is $36,300 per person. at would make the Park Savoy Lauren Black, Zita Doktor, Rob Pierce, Stuart Smilowitz location 38% more expensive than the average. Even if that is the case, it would still be below the premium for the senior marketing coordinator area. Median home prices and rents in Midtown are around 100% and 60% more than citywide gures, respective- Charles Fontanilla, 212.210.0145 ly, according to U.S. Census data. at means the city is getting a relative bargain under the scenario outlined by [email protected] sales coordinator Devin Arroyo, the shelter’s critics and a steal according to its own numbers. 212.210.0701, [email protected] Granted, the department would get the most beds for its money by putting them all on the cheapest blocks in CUSTOM CONTENT the city. But ocials here and across the country are already grappling with past decisions to concentrate low-in- director of custom content Patty Oppenheimer, 212.210.0711, come housing and jails in a few far-ung locations, and Mayor Bill de Blasio has said he plans to distribute home- [email protected] less shelters more widely to serve needy New Yorkers in their own neighborhoods. at will require the city to custom project manager Danielle Brody, spend more. And if last week was any indication, de Blasio will meet heavy resistance along the way. – JOE ANUTA [email protected] EVENTS www.crainsnewyork.com/events director of conferences & events All the same DATA POINT tions that under state law make them Courtney Williams, 212.210.0257, Publisher Modern Luxury is folding its eligible to receive it. [email protected] THE DEPARTMENT OF SANITATION Gotham title and turning it into a sec- manager of conferences & events tion of Manhattan magazine. Gotham’s SAYS 68% OF HOUSEHOLD Condense Nast Adrienne Yee, [email protected] events coordinator Ashlee Schuppius, editor-in-chief, Sarah Bray, will oversee GARBAGE COULD BE RECYCLED To cut down on its operating costs, [email protected] the section In Manhattan and continue Condé Nast will reduce its oce space as the editor-in-chief at Beach. OR COLLECTED AS ORGANIC WASTE. in 1 World Trade Center. e publisher AUDIENCE DEVELOPMENT group director, audience development signed a deal in 2011 to take 1 million NEW YORKERS ARE PRODUCING Jennifer Mosley, [email protected] Behind in the count square feet over 23 oors and is now Quinnipiac University has the Mets LESS TRASH THAN THEY USED TO, looking to sublease space made avail- REPRINTS reprint account executive Lauren Melesio, playing second ddle in a poll that THOUGH. able by its recent consolidation. 212.210.0707 asked city adults which local ballclub they prefer. e Yankees hammered Random occurrence PRODUCTION production and pre-press director their Queens counterparts, 53% to 34%, Penguin Publishing Group President Simone Pryce and even came out on top in a bor- rst. en it did so again in March. Madeline McIntosh has been elevated media services manager Nicole Spell ough-by-borough breakdown. But it could be a blip. London ocials to CEO of Penguin Random House US, SUBSCRIPTION CUSTOMER SERVICE pointed to a surge in stabbings as a ma- the ve-year-old merger of Penguin and Exit pol www.crainsnewyork.com/subscribe jor contributor to its “violent scourge,” Random House. Allison Dobson will [email protected] — CHRIS KOBIELLA Democratic Brooklyn Assembly- but last year it had just 116 homicides ll the vacated position. 877.824.9379 (in the U.S. and Canada). woman Pamela Harris resigned from to New York’s 290. On a per-capita ba- $3.00 a copy for the print edition; or $99.95 the Legislature some four months before sis, the Big Apple’s murder rate was 2.8 one year, $179.95 two years, for print she is to go on trial for wire and bank- times greater. subscriptions with digital access. ruptcy fraud, making false statements, Entire contents ©copyright 2018 witness tampering and conspiracy. Moving pictures Crain Communications Inc. All rights e Metropolitan Museum of Art will reserved. ©CityBusiness is a registered End of the line relocate 700 paintings to begin a $150 trademark of MCP Inc., used under license e Metropolitan Transportation Au- million project to replace skylights, agreement. thority’s grand plan to renovate 32 sub- ducts, pipes and cables, and undertake CRAIN COMMUNICATIONS INC way stations is ending 13 stops shy of masonry repairs. is is the largest chairman Keith E. Crain the goal. e agency has blown through renovation of its kind in the museum’s vice chairman Mary Kay Crain almost all of the $936 million budget- history. The passing of a TV titan president K.C. Crain senior executive vice president Chris Crain ed for the program. e unrenovated Television writer-producer Steven secretary Lexie Crain Armstrong stations will have to be budgeted into Lighting up on 4/20 Bochco died April 1 at 74. Bochco, a son of immigrants, was born editor-in-chief emeritus Rance Crain the next ve-year spending plan, which Los Angeles cannabis brand Med- chief nancial of cer Robert Recchia begins in 2020. Men will open a medical marijuana and raised in New York and won founder G.D. Crain Jr. [1885-1973] dispensary at 433 Fih Ave. on April 10 Emmy Awards for such shows chairman Mrs. G.D. Crain Jr. [1911-1996] A ‘violent scourge’ 20. e dispensary, billed as the “Bar- as Hill Street Blues, L.A. Law and London’s murder count surpassed New neys of weed,” will serve only New NYPD Blue.

GETTY IMAGES, BUCK ENNIS York City’s in February—a historic York residents with medical condi-

4 | CRAIN’S NEW YORK BUSINESS | APRIL 9, 2018

P004_CN_20180409.indd 4 4/6/18 7:47 PM HEALTH CARE

New home-care rules could hurt small agencies Provisions in the state budget aim to spur consolidation BY CAROLINE LEWIS

er working 14 years petitive home-care indus- iting the number of agencies as a home health try— let alone prosper. New with whom each Medicaid care administrator regulations passed as part of plan can contract. It will also and consultant for the state’s 2019 budget prom- require regulators to weigh the Amultiple rms, Jing Wang de- ise to make it even tougher for public need for a new home- help weed out smaller for-prof- Assistance Program. It allows cided to take the plunge and newcomers and small players care agency before issuing a it agencies that provide inade- people to use their Medicaid start her own agency. In Jan- by encouraging consolidation license. quate care and allow for better benets to pay someone of uary she paid $2,000 to apply in the industry, which is made For Bronx-based Indepen- state oversight. But smaller their choosing to care for for a state license to estab- up of almost 1,500 registered dence Care System, a Medicaid agencies o en ll a specic them. His organization serves lish Live Long Home Care in agencies statewide. managed long-term care plan, niche serving a segment of many Spanish-speaking and Jamaica, Queens. the new formula would cut its New York’s diverse, multilin- Guyanese New Yorkers, and As baby boomers age and Funding stream network from about 150 agen- gual population, said Al Car- he hopes to continue to serve the health system moves away Each year the state pays bil- cies to 65 by October 2019, dillo, executive vice president those communities with his from institutional care, en- lions of dollars for low-income President Rick Surpin said. of policy and program ser- new agency. trepreneurs such as Wang elderly and disabled New “ere will be some agen- vices at the state Home Care While some may be looking see a business opportunity. Yorkers to receive home care. cies that go out of business Association. to bulk up to survive, Adelman But she is not out to make a e money ows through spe- because they don’t have that Hillel Adelman, who is said,“Our model is to narrow quick buck. “I’m more mis- cial Medicaid plans for peo- much volume with any one awaiting nal state approval to our focus and work as hard as sion-based,” said Wang, whose ple who need long-term care, plan,” Surpin said, “although if buy an inactive home-care li- we can within that focus.” pending application touts en- which in turn contract with that’s true, they probably were cense for $250,000, sees a win- Adelman said he’s glad to hanced training for home-care home-care agencies. going to have trouble making dow of opportunity before the be embarking on the process workers. “I have a very clear In a move that’s likely it no matter what.” rules take eect. He’s the CEO now. “It’s going to be a lot picture of where I want to go.” to turn o this key funding Proponents say that consol- of Cocoon Homecare, which harder for any new licensed Still, she knows it can be stream for some small busi- idation will reduce Medicaid’s helps administer the state’s home-care agency to get o

tough to break into the com- nesses, the state proposes lim- administrative ineciencies, Consumer Directed Personal the ground.” ■ ISTOCK

APRIL 9, 2018 | CRAIN’S NEW YORK BUSINESS | 5

P005_CN_20180409.indd 5 4/6/18 3:05 PM WHO OWNS THE BLOCK

51-15 BEACH CHANNEL DRIVE A steady stream of development in Rockaways enclave damaged by Sandy Edgemere, Queens, is a focus of the city’s revitalization efforts

BY TOM ACITELLI

he site of the former Peninsula Hos- 51-15 BEACH CHANNEL DRIVE pital Center in Edgemere, Queens, is A partnership between the Arker Cos.— nally getting redeveloped aer six a privately held rm based in Nassau County that specializes in developing years of dormancy. Pri- affordable housing—and the North- 420 BEACH 51ST ST. Tvate developer the Arker Cos. and east Brooklyn Housing Development 51-45 ALMEDA AVE. the nonpro t Northeast Brooklyn Corp., a nonpro t, acquired the former The city owns this nearly 177,000-square-foot build- Housing Development Corp. unveiled The New York City Housing Peninsula Hospital Center site for $19 Authority owns this 9-story, million in May 2016. They announced ing and surrounding prop- plans last month for a 2,200-unit af- 582-unit affordable-housing a proposal to redevelop the site into a erty, which is the site of el- fordable-housing complex there. complex. 2.29 million-square-foot complex with ementary Public School 105, which has 823 pupils. e proposal was the latest re- 2,200 housing units, nearly all of them designated as affordable. covery eort for a neighborhood so damaged by Superstorm Sandy in 2012 that the city agreed to revitalize it and protect it from future harsh storms. Just last year the Department 4419 ROCKAWAY BEACH BLVD. of Housing Preservation and Development announced it had begun what it called the Resilient This affordable-housing project with Edgemere Community Plan. environmentally friendly features, such as bioswales and a natural gas- e plan’s storm-protection highlights include red cogeneration plant, opened with elevating 41 attached homes totaling 107 units to a December 2016 lottery that saw above ood-level risk, a $14 million berm to pro- all of its 101 units lease quickly. The Bluestone Organization and Triangle tect Edgemere from 30-inch sea surges, and re- 50-15 BEACH CHANNEL DRIVE Equities developed the approximately turning 16 acres to open space as a buer against $32.5 million property in conjunction The roughly 200-bed Penin- with the city. rising tides. sula Center for Extended Care e city is planning $68 million in upgrades to and Rehabilitation, a for-prof- the Beach 41st Street Houses, which are managed it nursing home, was once af liated with the now-demolished by the New York City Housing Authority, and the hospital next to it. Beach 41st Street Cornerstone Community Cen- ter. Collaboration with city agencies and ocials, private development rms and residents underpins the 53-07 ROCKAWAY BEACH BLVD. whole plan. A holding corporation based in Far “e outcomes of this col- Rockaway, Queens, bought this laboration will serve as a model 1-story, 2,950-square-foot retail 4519 ROCKAWAY BEACH BLVD. for other coastal neighbor- building, which includes a bodega, and the adjacent lot for $600,000 hoods not only in New York, The city and private developer L&M in April 2015. but in vulnerable communities 50-04 ROCKAWAY BEACH BLVD. Development Partners led plans in September for the second half of throughout the United States,” This vacant lot was included in the what’s been dubbed Beach Grand Deputy Mayor Alicia Glen said last year. $19 million Peninsula Hospital Dunes. The 101-unit complex at Center sale in May 2016. Public-private partnerships have been a linch- 44-19 Rockaway Beach was the rst phase. It is to be 8 stories high pin of Mayor Bill de Blasio’s platform to add or pre- with 127 affordable-housing units, serve 300,000 aordable-housing units by 2026— and construction is expected to an eort that Glen heads. e city has embarked on be nished in December 2019, an 51-17 ROCKAWAY BEACH BLVD. L&M spokesman said. at least two such partnerships in Edgemere since October 2015. Both are on vacant lots along Rock- A partnership between the Arker away Boulevard—one a 101-unit development that Cos. and the Northeast Brooklyn Housing Development Corp. bought opened in late 2016 and quickly leased, the other a this 2-story industrial property for 127-unit project about to start construction that is $650,000 in June 2016. expected to be completed by 2020. Others may follow. e city has started a drainage study tied to the plan that will deter- mine whether certain areas can host residential development. ■ GOOGLE MAPS, BUCK ENNIS

6 | CRAIN’S NEW YORK BUSINESS | APRIL 9, 2018

P006_CN_20180409.indd 6 4/6/18 2:57 PM REAL ESTATE

With its futuristic design, JFK hotel is a model of efficiency MCR Development’s project will be off the city’s electrical grid BY DANIEL GEIGER

rchitect Eero Saarinen designed the TWA bines and engines that supplement their power con- terminal at John F. Kennedy International sumption. e TWA Hotel will be the rst to deliver Airport to usher in the future. But, ironi- its own electricity without any connection to the city’s cally, by the time the terminal opened in power grid. Athe early 1960s, the introduction of larger aircra like Completely cutting out Con Ed, which builds and the Boeing 747 made the design obsolete. operates the city’s electrical delivery network and e developer now in the process of converting related infrastructure, has been a step other owners the property plans to avoid that fate and build a state- have been unwilling to take in the event their systems of-the-art, energy-ecient hotel. fail or cannot produce enough energy during peak MCR Development is equipping the property periods of demand. e eciency comes in large part from a design with what it says is a rst-of-its-kind power system Tyler Morse, CEO of MCR Development, said that allows waste heat from the generators to warm that generates its own electricity more eciently and eliminating Con Ed was a key step in realizing eco- water for the property’s plumbing and heating and stores it for peak hours of consumption using large nomic savings from the system. Properties that pro- ventilation systems. e plant will be inside a roughly batteries—all without the help of Con Edison. MCR duce much of their own power, but are plugged into 9,000-square-foot shed on the roof. says the system could serve as a model for the city’s the grid, are charged he y fees by Con Ed for that e generators will be set to run at a steady pow- future energy grid, connection, so the utility can recoup the cost of its er output 24 hours a day to maximize their lifespan, e TWA Hotel will consist of two newly built investment installing the infrastructure necessary to which is shortened by producing spurts of high- buildings housing 505 rooms that will sit adjacent provide power to that customer. er power. During hours of low usage, excess will be to the Saarinen-designed terminal. Hotel guests will “Con Ed is allowed to charge power consumers stored in a huge battery—a key component in the enter through the landmarked terminal, which will enough fees to reap a 12% return on the investments system—which will then augment the power supply also contain dining and retail space. e $265 million it makes,” Morse said. “at’s a terric return for during peak hours without requiring the generators project will be completed in spring 2019. them. If you look at your electrical bill, 60% to 75% of to ramp up. Powering the 6-story hotel will be four the cost equates to these fees.” MCR Development didn’t initially set out to take Austrian-made, natural gas–red electrical genera- e TWA Hotel’s projected bill from Con Ed the TWA Hotel o the grid. But Morse said he real- tors and a truck-size battery that together will be able would have been $5 million, Morse continued. With ized that the various components for a self-sustaining to deliver up to 1.5 megawatts to the hotel, about 50% its more-ecient power system, which cost about $15 system had become more reliable and aordable in more than its projected needs. million to install, the property will save $4 million an- recent years. Many residential and commercial buildings in the nually, Morse estimates. Plugging into the grid would “It’s a bit of being in the right place at the right city have installed backup power generators to guard have wiped away about $3 million of those savings in time,” Morse said, “and we were willing to spend the against electrical outages and natural gas–driven tur- fees to Con Ed, Morse said. $15 million, which is a barrier to entry.” ■ BUCK ENNIS

Guv to finish park with aid from city Project is 15 years past due BY WILL BREDDERMAN

IT WASN’T JUST MONEY for the MTA. Gov. Andrew Cuomo last week crowed that the new state budget not only obligates the city to cough up $400 million for the subways—“a beautiful idea,” he said—but also $50 million for Hudson River Park, an unnished joint venture between the state and the city. e governor, who noted that the park’s original planned completion date was in 2003, told a business group, “It requires an additional $100 million. e state budget passed [March 30] has $50 million from the state and mandates that the city pay $50 million.” Cuomo’s push to nish the West Side project, which would rebuild and redevelop derelict piers, grew out of a bitter battle between top city business FINE ART LOANS leaders. Media mogul Barry Diller bankrolled an island project separate from the original plan, while developer Douglas Durst nanced a lawsuit to stop Diller’s endeavor, deeming it a distraction. Variety of flexible loan structures Cuomo brokered a truce in October by vowing to fund the park’s completion, which satised Durst. But Discreet & professional service no one expected that Cuomo would extract money from the city to fulll his promise. While the subway funding was a strong-arm move Museum-quality storage facilities by Cuomo, a spokeswoman for Mayor Bill de Blasio said the administration was “fully engaged” in nego- Call 888.897.9610 | Visit Borro.com/Crains tiations on nishing the park. In a NY1 interview, the mayor said, “We believe in the idea of parity funding © Borro 2018. Borro and its logo are registered trademarks of Borro Limited. Borro Inc., Borro L1 Inc., BL2 Inc., BL3 for Hudson River Park.” It’s not clear he had a choice: Inc., and BL4 Inc., are doing business as Borro. Borro L1 Inc. (license no. 1412743), BL2 Inc. (license no. 1435947), Maintenance-of-eort clauses dating back to the cre- and BL3 Inc. (license no. 1467736), are licensed by the City of New York under the Collateral Loan Brokers Law, ation of the park require the state’s contributions to be Article 5 of the New York General Business Law. matched by the city, an insider said. ■

APRIL 9, 2018 | CRAIN’S NEW YORK BUSINESS | 7 POLITICS

Solid-blue New York could have business owners seeing red Reuni cation gives Senate Democrats path to power BY WILL BREDDERMAN

eunited Democrats in Alba- ● CAMPAIGN FINANCE REFORM ny could soon have the busi- Stewart-Cousins has repeatedly spon- ness community shaking in sored the Fair Elections Act, which its boots. would lower fundraising caps and cre- RLast week, pushed by Gov. Andrew ate a public- nancing system for state Cuomo, the long-estranged Demo- campaigns similar to New York City’s. cratic delegations of the state Senate - is is the holy grail for activists who nally kissed and made up. e shotgun say deep-pocketed campaign donors wedding between the mainline Demo- wield too much inuence over state crats, led by Minority Leader Andrea aairs. But polls show it is a low prior- Stewart-Cousins, and the breakaway ity for voters, and when contributions Independent Democratic Conference begin pouring in to newly empowered of state Sen. Jerey Klein puts the state Democrats, they may be disinclined to capital nearer to one-party rule than it turn o that spigot and open one that has been in almost a decade. allows insurgent candidates to receive e uni ed conference has 29 public funds. members, and it is favored to pick up But the real estate industry might two more in special elections April 24 still see its contributing power cur- and at least one more in November, tailed because both factions of Senate STEWART-COUSINS, CUOMO AND KLEIN aim to restore Democratic control of the Senate. which—absent defections or felony Democrats have called for closing the convictions—would give it a majority LLC loophole, by which limited liabil- of the chamber’s 63 seats in January. ity companies can donate as much to itan Transportation Authority. is Board of New York and other busi- Wresting control of the Senate from a campaign as an individual can. e would raise the city income tax rate on ness interests are backing the GOP the GOP, which has run it for near- provision allows a landlord or devel- individuals earning $500,000 a year or candidate. Winning both seats would ly all of the past four decades, would oper who controls multiple LLCs to more and households raking in at least give Democrats a technical majority, position Democrats to enact the most give many times over, buying enor- $1 million to 4.41% from 3.876% (an but Democratic Sen. Simcha Felder of liberal policy agenda New York has mous inuence in Albany. increase of $53,400 on a $10 million Brooklyn has caucused with the Re- ever seen. Another Democratic bill would ob- earner) and funnel the proceeds to the publicans since his election in 2012. Here are the areas where the private ligate corporations to seek sharehold- MTA. e canny, conservative-leaning law- sector could see signi cant changes. er approval for any political spending, But Klein’s animus toward Gianaris maker might not defect from Major- but its prospects are uncertain. is legendary in Albany, and Cuomo ity Leader John Flanagan’s side before ● RENT REGULATION e price controls and Assembly Speaker Carl Heastie next year—if he ever does. on about one-third of New York City’s ● HEALTH INSURANCE Last month the have voiced doubts about the plan. Cuomo acknowledged the di- dwellings come up for renewal next Assembly passed the Comprehensive Cuomo is fond of saying New Yorkers culty in wooing Felder and indicated year. Because of rules insisted upon by Contraception Coverage Act at the beat every income level pay a lower tax that the party needs to emerge from Senate Republicans as a condition of hest of Democratic state Attorney Gen- rate today than when he became gov- the November election with at least 33 extending rent regulation in the past, eral Eric Schneiderman. It would obli- ernor, and would likely veto any bill members to enjoy a working majority. the number of rent-controlled and gate insurers operating in New York to that deprives him of that talking point. Even if Felder switched camps im- rent-stabilized apartments has eroded cover the cost of birth control methods mediately, it’s uncertain the Demo- for decades, leaving many tenants to approved by the Food and Drug Ad- Upside crats could take power this year. Sen- navigate the tides of the free market. ministration, including the so-called Not all of the Democrats’ proposals ate rules state that a simple majority Democrats have dreamed of elim- morning-aer pill. Blanket policies are so foreboding for business. ey vote is not enough to oust leadership inating the vacan- would also have to in- have put up numerous bills to make midsession. Democrats argue that this cy bonus, whereby a clude sterilization ser- New York more friendly toward un- rule would not withstand a constitu- landlord can increase Wresting control of vices, and consumers documented immigrants—a source of tional challenge, but a court battle a unit’s rent by 20% if the chamber would would have the right to low-wage labor for employers, espe- could stretch well past the Legisla- a tenant leaves, and obtain a yearlong sup- cially in the retail and service sectors. ture’s adjournment in June, rendering vacancy decontrol, position Democrats ply of contraceptives at e Democratic Senate factions the point moot. Republicans contend which allows landlords once. Religious exemp- have also both advocated for the Dream that Flanagan is entitled to remain in to charge whatever to enact the most tions, however, would Act, which would extend the state’s his post for the rest of this year. they want for an emp- liberal policy remain intact. college tuition assistance program to Despite signs of a blue wave in No- ty apartment once the Klein’s former con- unauthorized foreign nationals. e vember powered by Democratic vot- regulated rent reaches agenda the state ference and the main- proposal has repeatedly cleared the ers’ disenchantment with President $2,733 or more. e has ever seen stream Democrats have Assembly, only to die in the GOP-con- Donald Trump, most Republican state same rent level per- endorsed Assembly- trolled Senate. senators are entrenched in their dis- mits deregulation if passed legislation that Also passed by the Assembly this tricts, and a few Democratic ones hold the tenants’ household income totals would establish universal single-payer year and endorsed by Senate Dem- vulnerable seats, so the GOP may re- $200,000 two consecutive years. health care in New York. But Albany ocrats: “sanctuary state” legislation, tain power next year in any event. A Democratic Senate is likely to faces yawning annual budget de cits, which would prohibit local law en- Also, Democratic unity is far from push those thresholds higher or stop and it is dicult to see how it could forcement from making immigration- guaranteed on these issues. Mainline units from leaving the program al- implement such a plan without sub- related arrests or cooperating with U.S. Democratic state Sen. Joseph Addab- together, as well as limit landlords’ stantially raising taxes. authorities under most circumstances. bo and Klein-allied state Sen. Tony ability to pass the cost of major capi- Still, many questions remain. Avella represent conservative dis- tal improvements on to their tenants. ● TAXES State Sen. Michael Gianaris Mainstream Democrats saw two of tricts in outer Queens. ey might e even more pro-tenant Assembly of Queens—Stewart-Cousins’ deputy their members—in the Bronx and back away from their leaders’ le- would be no obstacle to such chang- until Klein assumed that post in the Westchester—exit early this year to leaning agenda once it actually stands es. If a bill enacting them were passed, reuni cation deal—has championed take municipal positions. e Repub- a chance of becoming law, rather than any Democratic governor would come Mayor Bill de Blasio’s proposed “mil- licans have a ghting chance to win give ammunition to potential Republi-

GOVERNORANDREWCUOMO/FLICKR under tremendous pressure to sign it. lionaires tax” to fund the Metropol- in Westchester, where the Real Estate can challengers for their seats. ■

8 | CRAIN’S NEW YORK BUSINESS | APRIL 9, 2018

P008_CN_20180409.indd 8 4/6/18 7:25 PM ASKED & ANSWERED TECHNOLOGY INTERVIEW BY MATTHEW FLAMM

MIKE ZAMANSKY HUNTER COLLEGE

hen the Board of Regents approved the I had no idea how certi cation of computer science for K-12 hard teaching teachers last month, Union Square Ventures’ “ would be. Working Fred Wilson—a longtime advocate for comput- on Wall Street was erW science schooling—gave credit to Mike Zamansky. The onetime Stuyvesant High School teacher, whose former students now a walk in the park” populate tech companies on both coasts, jumped to Hunter College two years ago to develop a curriculum for K-12 instruc- tion at its School of Education. Zamansky’s work helped Hunter President Jennifer Raab push Albany to make computer science a state-sanctioned teaching subject.

Right now high school computer science teachers are generally math teachers with some computer science training. What’s wrong with that? One of the issues is that kids come in at different levels. There’s a smorgasbord of curricula out there and very little consistency.

Certi cation will change that? It’s a game changer. We’re going to be able to create really good teachers. And they’re going to be career jobs like in any other certi cation. My biggest frustration at Stuyvesant was we were never a computer science department; we were always considered math teachers, and we didn’t have a seat at the table.

But in the past two years, the city has created a thousand computer science teachers under the mayor’s Computer Science for All program. What the city is doing is wonderful. But you can’t really prepare a teacher with a couple of weeks of summer training. They’re doing the best they can, but it’s not the same as what we’re developing at Hunter, where computer science teachers will really know their content and really know how to teach it. DOSSIER

Will it be hard to attract computer science graduates to teaching? WHO HE IS Coordinator of computer science education, Hunter People say, “You’re never going to get teachers because of the College [high] salaries in the tech industry.” I don’t agree. Math teachers BORN Manhattan could all go to Wall Street, and yet we still have math teachers. There are people who want to go into education who love comput- RESIDES Chelsea er science—like me. I loved being a teacher. EDUCATION Bachelor’s and mas- ter’s in computer science, NYU How did you end up becoming a teacher? BASICS “In the late ’90s, I designed In the late ’80s in New York City, computer scientists either did an introductory course for students niche consulting or worked for one of the banks. I ended up as a who were not superachievers. I wanted programmer at Goldman Sachs. It just didn’t do it for me. My mom a student, regardless of what they do, and my grandma were teachers. My dad died when I was 11, and to be able to look at the world as a some of my male role models were my junior high and high school computer scientist.” teachers. I got a job teaching math at Seward Park High School. FULL CIRCLE “My rst exposure to computer science was around sixth How was it? or seventh grade. Hunter College had a Saturday class for kids in computer I had no idea how hard it would be. Wall Street is a walk in the programming. I knew early on I wanted park [by comparison]. You’re giving ve different presentations to do something with it, but I never every day to what I jokingly call a hostile captive audience. For- imagined I would go into teaching.” tunately, we had a great faculty, and the other teachers took me BUCK ENN IS under their wing. I would not have survived without them.

For years you were trying to get computer science recognized as a certi ed subject. Then you met Jennifer Raab. I was thinking of leaving Stuyvesant, and she was telling me what she wanted to do. And I thought, These people are going to be talking to Albany. And Hunter produces 10% of New York’s teachers. Maybe an institution that is so important for preparing teachers—maybe that can make the difference. And maybe I can be part of that. ■

APRIL 9, 2018 | CRAIN’S NEW YORK BUSINESS | 9

P009_CN_20180409.indd 9 4/5/18 6:23 PM TRANSPORTATION

E-bikes could soon be free from legal limbo DOT changing rules to allow for pedal-assist bikes BY MATTHEW FLAMM

edal-assist electric bicycles are and who live and work far from bus and plaud the mayor’s decision to embrace Pedal-assist bikes are classi ed dif- getting the legal clari cation train options.” pedal-assist e-bikes as another form of ferently under state and city laws and they need to become part of Jump could soon have competition. sustainable, active transportation,” a Citi fall into gray areas. e announcement the city’s biking scene, accord- Ofo, the Chinese dockless operator that Bike spokeswoman said in a statement. noted that bills to legalize them are ac- Ping to an announcement last week by is expanding into the U.S., plans to de- “We are eager to explore ways to incor- tive in Albany and that the city is open Mayor Bill de Blasio. Until now they but an e-bike later this year. porate pedal-assist e-bikes into the Citi “to further clari cation.” e state bills have been caught in regulatory limbo. Citi Bike wants in too. “We ap- Bike system and be part of the solution.” have languished for a while, however. ■ Unlike illegal “throttle” e-bikes com- monly used by delivery people, the pedal- assist version requires human power. Only when they are pedaled does a rechargeable battery provide a boost. e bikes also cannot go faster than 20 mph, the legal speed limit for bike riders. According to the announcement, the Department of Transportation has begun the rule-making process to clarify that pedal-assist bicycles are legal to operate. It added that under state and local law, riding throttle e-bikes is prohibited. e mayor’s concession did not sat- isfy advocates for delivery workers, A New Medical School whose throttle e-bikes are occasionally con scated by police. “Until City Hall establishes a way for workers to convert their bikes to comply with the new law, buy back or legalize their bikes, workers will continue to be criminalized,” a coa- For A New State Of lition including the Biking Public Proj- ect, Transportation Alternatives and the Asian American Federation said in a statement. ose groups held a rally at City Hall in December, demanding the may- or end what they called the NYPD’s Health Care. “crackdown” on e-bikes. “Many delivery cyclists are immigrants, undocument- ed, and rely on low-wage jobs for their livelihood,” the protesters said in a statement at the time. While nes are issued Dynamic health care changes require a new approach to employers, the businesses oen pass on the penalties to their delivery people, to medical education. That’s why two powerful forces the groups claimed. joined to create the Hackensack Meridian School of Pilot program coming Medicine at Seton Hall University. The next generation Pedal-assist cycles could be part of a dockless bike-share pilot program ex- of physicians will take health care beyond healing to pected to launch this summer. Dockless bikes, which self-lock, are not con ned the promising science of prevention. Connecting with to stations as Citi Bikes are. e DOT people in health, not just illness, inside both hospitals is reviewing proposals from dockless operators. and communities. Our rigorous academic curriculum e rule change is good news for Brooklyn-based Jump Bikes, a leading combines traditional science with a focus on the new maker of pedal-assist e-bikes, which is frontiers in medicine – genetics, population health and taking part in dockless bike-share pilot programs in San Francisco and Wash- team-based care delivery. We are proud to take this ington, D.C. Founder Ryan Rzepec- ki, a former DOT employee, had been holistic approach and forge a new path. The future of among the advocates pushing New York health care depends on it. to follow the lead of other cities and re- vise its rules. “If biking is to become a more via- LEARN MORE AT SHU.EDU/MEDICINE ble transportation option, it’s got to be HACKENSACK MERIDIAN SCHOOL OF MEDICINE accessible to people no matter their ZIP AT SETON HALL UNIVERSITY code, age or physical ability,” Rzepecki said in a statement. “Pedal-assist will do just that, opening up access for individuals who haven’t been on a bike in years

10 | CRAIN’S NEW YORK BUSINESS | APRIL 9, 2018

P010_P011_CN_20180409.indd 10 4/5/18 4:52 PM City looks to divert subway riders to commuter rail LIRR, Metro-North lines eyed to ease crowding BY JOE ANUTA

he Department of Transpor- e department has tapped giant tation is studying ways to engineering rm AECOM to look at get more New Yorkers to use potential changes that would boost rid- commuter rail lines in an ef- ership on Long Island Rail Road and Tfort to take pressure o the beleaguered Metro-North lines running within the subway system, public documents ve boroughs. show. Reducing commuter rails’ fares within city limits, for example, would entice more residents to use them in the same way they do the subways and would connect more neighborhoods to transit hubs like Grand Central Terminal and Penn Station in Manhattan, Atlantic Terminal in Brooklyn and the Jamaica and Woodside stations in Queens. “AECOM is under contract to … investigate service and policy strategies for the city zone of the commuter rail network to connect residents to more frequent and a ordable regional rail service,” a spokesman for the department said in a statement, “and potentially re- A New Medical School duce crowding on nearby subway lines.” In particular, the de Blasio administration has oated the idea of running trains more frequently between Atlantic Terminal and Jamaica Station so that Queens commuters could then transfer For A New State Of to a wide variety of subway lines at the Brooklyn hub. e Department of Transportation and the Economic Development Corp. are jointly spending around $787,000 on the study, which began in January and will end in October. e initia- Health Care. tive grew out of Mayor Bill de Blasio’s 2015 OneNYC plan, which supports the state’s idea of building several new Metro-North stations in the Bronx. e administration has also touted Dynamic health care changes require a new approach the Long Island Rail Road station in East New York as a reason for developers to to medical education. That’s why two powerful forces invest in that neighborhood, which the city just rezoned. But many of its resi- joined to create the Hackensack Meridian School of dents cannot a ord to take the LIRR. Medicine at Seton Hall University. The next generation Any changes to commuter rail networks would need to be made by the of physicians will take health care beyond healing to Metropolitan Transportation Authori- ty, a state agency facing an avalanche of the promising science of prevention. Connecting with criticism for its mismanagement of the people in health, not just illness, inside both hospitals city’s subway system. e MTA also operates Metro-North and the LIRR. Last and communities. Our rigorous academic curriculum year the latter experienced its worst on- time performance in 18 years. combines traditional science with a focus on the new Fares for travel within the city on the frontiers in medicine – genetics, population health and commuter railroads are more than twice the $2.75 riders pay to use the subway, team-based care delivery. We are proud to take this bus or both, and one fare is not credited against the other when riders transfer holistic approach and forge a new path. The future of between the lines. e commuter rail- health care depends on it. roads do not accept MetroCards. Complicating matters for commuters, the MTA has di erent ticket- LEARN MORE AT SHU.EDU/MEDICINE vending machines for the LIRR, Metro-North and New York City HACKENSACK MERIDIAN SCHOOL OF MEDICINE Transit, which operates the subway AT SETON HALL UNIVERSITY and bus system. e MTA does plan to adopt a universal fare-payment system for use across all its services, although

implementation is several years away. ■ BUCK ENNIS

APRIL 9, 2018 | CRAIN’S NEW YORK BUSINESS | 11

P010_P011_CN_20180409.indd 11 4/5/18 6:13 PM SPOTLIGHT ON NEW JERSEY business to meet demand in the sector. Recent changes in New Jersey’s regulations governing gaming and alcohol sales now allow Dave & Buster’s to expand aggressively in the state.

The Simon Property Group, which owns the Livingston Mall and Menlo Park, took the upscale Shops at Riverside and added valet parking and a new dining and entertainment component called Grand Court to a list of luxury retailers that include Hermès, Louis Vuitton, Ferragamo and Coach.

Triple Five Group’s beleaguered American Dream project underway in the Meadowlands Malls, once-thriving shopping-only also will have a luxury retail wing, in addition to being the mother of all experiential meccas, turn experiential shopping centers.

espite a proliferation of store closings people marrying later, moving to the suburbs Saks Fifth Avenue’s New Jersey flagship and record surges in e-commerce, later and having children later, leaving them store has forsaken The Mall at Short Hills for Ddevelopers and managers of enclosed time to develop diff erent habits. American Dream, and an Hermès store will shopping centers around New Jersey are not be alongside an extensive list of theme-park running for their lives. Malls in the Garden “They want their grocer a walk away, the attractions. They include a DreamWorks State are alive and well, although shifting fi tness center 30 seconds away and to be able water park, an observation wheel, an NHL- dramatically in their scope. to walk to a number of restaurant options on a size ice rink, a ski slope, an aquarium, a Saturday evening,” Dinenberg said. Nickelodeon theme park and a Legoland, They are turning away from a predictable, among others. primarily retail, formula and embracing a The recession that began in December 2007 livelier mix that includes fewer stores and is credited with bringing fi tness centers and Retail stores at American Dream will be more entertainment venues. Going beyond grocery stores into the mall mix. The Norwalk, shuttered on Sundays because of local blue the traditional multiplex, these venues Conn.-based Stew Leonard’s supermarket laws, but entertainment venues will remain include fi tness centers, rock-climbing walls, that’s about to open in the Paramus Park mall open. In an ironic mall industry twist, customers trampoline parks, bowling alleys, grocery is a case in point. will compete for parking with sports fans at the stores and many more restaurant options. adjacent MetLife Stadium, home to the Jets The old mall model called for retail; like and Giants football teams. American Dream is Millennials, who spend more money eating out anything else, it was feared patrons might expected to open next year. than any other age group, are driving the move linger too long without shopping and cause a to experiential malls, said Steve Winters, a vice parking problem. Saks’ defection from Short Hills, meanwhile, president at CBRE Group Inc. is viewed as a mere blip for the facility, whose A lot of vacant space during the recession remaining anchors are Bloomingdale’s, “They want to be where the action is,” Winters proved to be a good reason for letting other Nordstrom and Neiman Marcus. Such Class said. “As a group, they love convenience, and venues into the mix, CBRE’s Winters said, A malls, defi ned as having luxury brands, want to work and play and eat without going leading to the discovery that a “number of high rents and high occupancy levels, are out of their way. They want to live in a condo, uses could co-exist with peak hours.” “bulletproof,” one broker said. not own a home, and walk to the movies or maybe to a park they’ve created. They want Medical facilities, doctor’s offi ces and While stores like Toys R Us have closed diff erent food options.” urgent-care centers are part of some new completely, other mainstream retailers seek mall confi gurations, particularly where a to shrink their footprint to stay the course in Rouse Properties and Kushner Companies are department store has left the space and an e-commerce-driven economy. They see in the process of repositioning and refurbishing support services like labs or alternative the solution in omnichannel retailing, which the 1.5 million-square-foot Monmouth Mall in practitioners can share it, Winters said. incorporates retail, online and rapid delivery to Eatontown, a $500 million project that will be end consumers. renamed the Heights at Monmouth when it “Doctors off er a service, and being on a major opens in 2020. Apartments, offi ce facilities and highway with constant traffi c is a plus,” he added. Some experts speculate that major retailers landscaped grounds will be added to create a would love small “showroom”-style, $400-per- true “lifestyle center,” where patrons can live, Other malls around the state being square-foot selling floors with only samples on work, shop and play year-round. repositioned include Woodbridge Center, display, website-style, attached to warehouses owned by GGP Inc., where part of a former — on adjacent site fulfi llment centers — for The move is in response to the urban Sears store will be replaced by a Dave & $30 per square foot. sensibilities and the habits that mall Buster’s restaurant and entertainment customers developed while living in cities arcade. Mall managers hope Dave & Buster’s That model may evolve, but for the moment when the Great Recession shifted jobs there will generate traffi c by attracting families in New Jersey’s malls are changing with the times. from the suburbs, said Eric Dinenberg, the afternoon and, with a lively dining and bar executive vice president of development, scene, adults at night, said Wayne Kasbar, a “It is a question of integrating old and new and operations and anchor leasing for Rouse. The managing director at Colliers International, how to capture both,” said Kasbar of Colliers timeline got pushed back, he explained, with which is building up its retail brokerage International. “Malls are not going away.

An Advertising Supplement to Crain’s New York Business

Crain's Spotlight on New Jersey MECH.indd 1 4/5/18 12:59 PM living in Jersey City and Hoboken, said Mike Shifting oﬃce, industrial markets on DeMarco, the chief executive oﬃcer at Mack Cali.

N.J.’s Gold Coast to impact price, supply Mack Cali is seeking a lead tenant for a planned ffice and industrial markets on New In what is considered a mature market, Gold new office building at Harborside. Rents there will Jersey’s Gold Coast are seeing important Coast properties traditionally housed back-office be in the low $50-per-square-foot range, DeMarco Oshifts in the landscape that will affect price operations for Manhattan-based insurance and said. In the sector, rents are said to have stagnat- and supply in both sectors for months to come. financial services companies, and they remain a ed in the high $30-per-square-foot range for 10 part of the mix, but footprints are changing. years, but they are now averaging $40 to $45 per Large chunks of warehouse space have been square foot, said John Obeid, New Jersey senior scooped up by e-commerce giants Amazon, JPMorgan Chase and AIG are undergoing signif- director of research for Colliers International. Wayfair, Ikea, and Wal-Mart with Jet.com, putting icant retrenchments as is the Zurich Insurance a squeeze on available space with little new space Group. It has split its operation between the New Rents on industrial properties have increased available anytime soon. Jersey waterfront and 4 World Trade Center, said markedly in the past five years. They are now Adam Foster, an executive vice president at CBRE. approaching about $12 per square foot for Many leases in the 20 million-square-foot new products, up from between $2 and $4 per office market that were signed in 2007 are Such shifts are typical along the river, he said, square foot in 2013, said Andrew Judd, a senior coming to an end, creating a shift in the but the area remains robust. “It will continue to managing director for Cushman & Wakefield. kinds of tenants coming to Jersey City have its ups and downs but will continue to be complexes like Harborside and the build- a viable part of the office market,” he said. Prices will undoubtedly rise as more of the “last ings along River Street. The vacancy rate for mile” e-commerce operations jockey for posi- individual buildings swings between 7% and Last year accounting giant EY, formerly known tion in a tight market that has 22 million con- 30%, brokers say, with the average for the as Ernst & Young, leased 168,000 square feet sumers with $800 billion of disposable income region around 21%. of space at the Waterfront Corporate Center in within a two-hour drive of New Jersey’s distribu- Hoboken. Increasingly fashion brands like Tory tion centers, said Noah Balanoff, an executive The Hudson River waterfront market has Burch and Kate Spade are moving over, as are managing director at Colliers International. been up and down since 2015, but it has media companies like Omnicom and manufac- picked up this year, said Stan Danzig, a vice turers like Newell Rubbermaid. Prospective tenants can’t afford to wait. chairman at Cushman & Wakefield. “We had two unprecedented leasing years in 2015 The technology sector also is booming, and that’s “They will have to be proactive, not reactive, and and 2016, then it got quiet,” he said. “But we in large measure because of the talent pool of make some pretty quick decisions,” Balanoff said. seem to be rebounding in 2018.” young professionals and immigrant groups now “High-quality space is not sitting around long at all.”

CUSHMAN & WAKEFIELD IS THE LEADER IN THE NEW JERSEY COMMERCIAL REAL ESTATE MARKET

WE ARE PROUD TO BE THE #1 FIRM BY: Number of Transactions Square Footage Leased/Sold Production Per Broker *Source: NJBIZ 2017 Data

EAST RUTHERFORD ISELIN MORRISTOWN To learn more, contact: One Meadowlands Plaza, 7th Floor 99 Wood Avenue South, 8th Floor 1150 Headquarters Plaza, West Tower Andrew Judd East Rutherford, NJ 07073 Iselin, NJ 08830 Morristown, NJ 07960 Managing Principal, 201 935 4000 732 623 4700 973 993 1200 New Jersey Market Leader [email protected]

cushmanwakeﬁ eld.com

Crain's Spotlight on New Jersey MECH.indd 2 4/5/18 12:59 PM Center, a three-building, 1.1 million-square-foot indus- An insider’s look at New Jersey’s trial park that is 100% leased today. Another method of getting into the market is through acquisition. In New Jersey, owners rarely want to sell industrial real estate boom their valuable and hard-to-replace properties. When properties are placed on the market, buyers must act quickly and have the financial wherewithal to complete t’s a great time to own industrial real estate over the past few years. Amazon first came to town the transaction. in New Jersey. With e-commerce booming approximately five years ago and the e-commerce behemoth now occupies approximately 10 million It’s still possible to make deals, however. Duke Realty Iand demand exceeding supply, rents for in- square feet of Class A space in New Jersey. recently closed the market’s largest transaction in many dustrial space are accelerating. On top of this, years, purchasing a 3.1 million-square-foot industrial portfolio, comprised of six buildings and two land sites industry experts expect 2018 to be the stron- In turn, the ‘Amazon effect’ has indirectly driven industrial demand as companies with businesses related to along the I-95 corridor, starting at exit 8A and continu- gest year of construction activity in this space Amazon, such as product suppliers and 3PLs (third- ing north to the Meadowlands submarket. since the early 2000s. party logistics providers), also seek space. Besides Amazon, many other e-commerce companies, tradition- There is no denying that the entitlement process in Meanwhile, the state of New Jersey has made major al retailers growing their e-commerce platforms, and New Jersey is longer than in other parts of the coun- infrastructure improvements that will benefit the in- meal delivery services also have chosen New Jersey. try. The good news is that some municipalities in New dustrial market, such as a recent expansion of the New Jersey have realized that the advantages new development and the businesses they bring are beneficial to Jersey Turnpike between Exits 6 and 9 and the raising Crain’s: New Jersey is considered a Tier 1 of the Bayonne Bridge to allow the world’s largest con- market because of, as you mentioned, its excellent their communities in terms of taxes and jobs. Devel- tainer ships to pass beneath it on their way to shipping highway access and proximity to a large per- opers who want to build in New Jersey need to work terminals in Newark and Elizabeth. centage of the U.S. population. How do you see hand-in-hand with local governments. commercial and industrial property developers and To gain insight into the market, Crain’s Custom recently owners making the most of this? Does the high- Crain’s: What types of buyers and develop- interviewed Ben Rosen, vice president of leasing and way access affect decisions about infrastructure? ers of industrial properties have you been seeing development for commercial real estate firm Duke recently, and what factors are shaping their needs for real estate right now? Realty in New Jersey. Ben Rosen: Properties with immediate highway access are still the most desirable for users because of the costs associated with transportation. Their owners Ben Rosen: There are more interested investors can command higher rents or a higher purchase price. than ever before, and they come from all ends of the It follows that development sites near the highway also buyer spectrum. The boost from e-commerce is just will command a higher price. getting started, the population is growing, the supply constraints are real and the lack of liquidity is only As far as decisions about infrastructure, developers going to get worse. Given these factors, the prospect will continue to pursue projects with excellent access of long-term rent growth in New Jersey is promising, to the interstate system, and infrastructure improve- and when a well-located, functional building becomes ments are a powerful way for the government to available for purchase, there is truly feverish competi- spur additional development. In addition to the port tion—and that shows no signs of slowing. infrastructure improvements and Ben Rosen I-95 widening projects, major Vice President, interchange upgrades at exit Leasing and 15X (2005), exit 8A (2006), exit 12 Development for (2010), exit 8 (2013) and exit 7A New Jersey (2013) all precipitated significant industrial development.

Crain’s: New Jersey is considered a high-barrier to entry Crain’s: The industrial real estate market in New Jersey has been thriving in recent years. market due to limited devel- What is driving the trend? opable land and challenging entitlement procedures. How are developers finding creative Ben Rosen: New Jersey is one of the leading industrial markets in the country, thanks to its immediate prox- ways to avoid these obstacles? imity to the densely populated New York metropolitan area. New Jersey industrial users also can access more Ben Rosen: Unfortunately, than 35% of all U.S. consumers within a 300-mile radius. limited developable land, environ- In recent years, major tailwinds have included port and mental remediation and lengthy highway infrastructure improvements, New York City bor- entitlement processes are unavoid- ough users’ search for lower rents and better buildings able. Therefore, developers have and—most conspicuously—a significant proliferation of to be prepared to take on highly e-commerce demand tied to the local population. complex multiyear redevelopment projects, pay premium prices and New Jersey has had an especially strong run as an go up against intense competition. industrial market in recent years, resulting in all-time- low vacancy rates and some of the highest rents in Brownfield redevelopment is one INDUSTRIAL the country. Given an acute lack of existing modern way to get into the market. How- buildings and extended development time frames, a ever, developers must be aware of STRENGTH majority of new buildings are leasing prior to comple- potentially complex environmental tion. As a result of the accelerated demand for modern issues and know that it will be three For solid, dependable and long-lasting industrial space, space, there are currently zero immediately available to five years at a minimum before work with the industry powerhouse. Duke Realty has been delivering high-quality, eciency-enhancing facilities for Class A buildings with 300,000 square feet or more in they can even break ground on a more than 45 years. northern New Jersey. new building. For more information about Duke Realty’s New Jersey Duke Realty purchased a former industrial properties, contact Ben Rosen at 201.248.4262. Crain’s: How important has e-commerce been in sparking the growth of industrial real estate in GM brownfield site in 2007. It took New Jersey? nearly seven years for the remedi-

ation and entitlement process, but dukerealty.com/new-jersey eventually the company success- Ben Rosen: E-commerce has been one of the main drivers of industrial real estate demand in New Jersey fully completed Legacy Commerce

An Advertising Supplement to Crain’s New York Business

Ask_The_Expert_Duke.indd 1 4/5/18 1:55 PM VIEWPOINTS

Governors and mayors always fight, but not like this The Cuomo–de Blasio feud is the worst ever—and has no chance of ending

GOVERNORS and may- nors and mayors are institutionally des- (When de Blasio hired ors have been at odds tined to struggle over how much power Karen Hinton, whose in New York for at each has. When they belong to the same husband was a top least a century. Gov. political party and both have national Cuomo aide, to be his Nelson Rockefel- aspirations, the tension escalates. press secretary, Cuomo ler and Mayor John Rockefeller twice put Stephen Berg- was reportedly livid.) Lindsay disliked each er in charge of commissions essentially e early years of other intensely and to prove that Lindsay was as incompe- the Pataki–Giuliani era GREG DAVID fought over a series of tent as the governor believed. But Berg- were lled with snip- issues. Mario Cuomo er remembers that they did not person- ing aer the mayor’s and Ed Koch ran against each other in alize their disputes. Others add that the decision to endorse two crucial elections and both nurtured top aides to both stayed in touch to Mario Cuomo, and the grudges for a long time. Gov. limit damage. Republican governor George Pataki did not readily Koch never forgave Ma- and mayor did see each other as rivals. able housing, the Rikers Island jail com- forgive Mayor Rudy Giuliani rio Cuomo for the anony- e back-and-forth subsided in part plex and homelessness. Cuomo and de for endorsing Cuomo in their mous “vote for Cuomo, not because Pataki, especially aer his rst Blasio aides ght each other just as their 1994 race. the homo” smear iers that term, was not much for confrontation. bosses do. e personal animosity is far 4YEARS of Last month, when Gov. surfaced during their mayor- e 12 years of Mayor Michael greater than ever before. Andrew Cuomo used the state Cuomo and al face-o in 1977. But when Bloomberg saw lots of behind-the- I began this exploration of the his- budget to extract many pounds de Blasio’s war Cuomo decisively beat Koch scenes tension with the four governors torical record when I was asked if there of esh from Mayor Bill de Bla- in the 1982 governor’s race, who served during his tenure, but it isn’t were any way to persuade the mayor sio, some observers said their the two men decided that they really possible to bully a billionaire or and the governor to put aside their dif- feud is just more of the same. But par- were even and retired to their respec- nd allies in any such eort, so public ferences. I believe the answer is no—the ticipants in the earlier squabbles say the tive corners of government—and even ghts were about policy. ght is too deeply rooted in the aws Cuomo–de Blasio war goes well beyond cooperated at times. Cuomo elevated a Today New Yorkers are the victims of the two men. No one I talked to last what has happened before—to the det- Koch appointee, Carl Weisbrod, to run of an all-out war encompassing virtually week disagreed. ■ riment of all New Yorkers. the crucial Times Square development all our most pressing problems, includ- Because the city is a creature of the eort, something that would never hap- ing the transit crisis, the poor state of GREG DAVID writes a regular column

state with very limited powers, gover- pen with Andrew Cuomo and de Blasio. public housing, the shortage of aord- for CrainsNewYork.com. GETTY IMAGES

NY fails on scams New bill will make biz schemers think twice BY ARIANA LINDERMAYER

debt collector seizes a senior’s Social Se- curity. A student-loan servicer steers bor- rowers to detrimental options instead of /ŶĐŽŶŶĞĐƟŽŶǁŝƚŚƚŚĞĂĐƋƵŝƐŝƟŽŶŽĨ&ŝƌƐƚEŝĂŐĂƌĂ&ŝŶĂŶĐŝĂůŽƌƉŽƌĂƟŽŶďǇ<ĞǇŽƌƉ͕ĂŶĚƉƵƌƐƵĂŶƚƚŽĂŶ income-based repayment plans. A credit ĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞh͘^͘ĞƉĂƌƚŵĞŶƚŽĨ:ƵƐƟĐĞ͕<ĞǇĂŶŬEĂƟŽŶĂůƐƐŽĐŝĂƟŽŶŽīĞƌƐƚŚĞƉƌŽƉĞƌƟĞƐůŝƐƚĞĚ Aagency lets hackers pilfer millions of consumers’ sen- ďĞůŽǁĨŽƌƐĂůĞ͕ĂƐƐŝŐŶŵĞŶƚŽƌƐƵďůĞĂƐĞƚŽŝŶƚĞƌĞƐƚĞĚĚĞƉŽƐŝƚŽƌǇŝŶƐƟƚƵƟŽŶƐŽīĞƌŝŶŐĚĞƉŽƐŝƚĂŶĚĐƌĞĚŝƚ sitive data. A social media site releases its users’ per- ƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐ͘dŚĞƐĞƉƌŽƉĞƌƟĞƐĂƌĞĐƵƌƌĞŶƚůǇƵƟůŝǌĞĚĂƐďĂŶŬďƌĂŶĐŚĞƐǁŚĞƌĞĞǆŝƐ Ɵ Ŷ ŐďƌĂŶĐŚ sonal information without their consent. ŽƉĞƌĂƟŽŶƐĂƌĞ͕ƐƵďũĞĐƚƚŽƌĞŐƵůĂƚŽƌǇĂƉƉƌŽǀĂů͕ĐĞĂƐŝŶŐĂƐŽĨƚŚĞĐůŽƐĞŽĨďƵƐŝŶĞƐƐŽŶ:ƵŶĞဒ͕ϮϬϭဒ͘ Such behavior is unfair and poses a public threat. It should be illegal. In 39 states, it is. <ĞǇĂŶŬEĂƟŽŶĂůƐƐŽĐŝĂƟŽŶ͕ƚŚƌŽƵŐŚůŽĐĂůďƌŽŬĞƌƐĚĞƐŝŐŶĂƚĞĚďĞůŽǁ͕ǁŝůůĞŶƚĞƌƚĂŝŶŽīĞƌƐŽŶƚŚĞƐĞ But New York bans only “deceptive” acts and prac- ƉƌŽƉĞƌƟĞƐ ĨƌŽŵ ƋƵĂůŝĮĞĚ ĚĞƉŽƐŝƚŽƌǇ ŝŶƐƟƚƵƟŽŶƐ ĂŶĚ͕ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ŽĨ :ƵƐƟĐĞ ĂƉƉƌŽǀĂů͕ tices. Its General Business Law was singled out by the ĨƌŽŵ ŶŽŶͲĚĞƉŽƐŝƚŽƌǇ ďŝĚĚĞƌƐ ƐŚŽƵůĚ ŶŽ ĐŽŵŵĞƌĐŝĂůůǇ ĂƉƉƌŽƉƌŝĂƚĞ ŽīĞƌƐ ĨƌŽŵ ƋƵĂůŝĮĞĚ ĚĞƉŽƐŝƚŽƌǇ National Consumer Law Center as “toothless.” ŝŶƐƟƚƵƟŽŶƐďĞƌĞĐĞŝǀĞĚ͘ My nonprot represents low-income New Yorkers KeyBank Branch Lease Local Contact Company who have fallen prey to unfair schemes that devastate Branch Address City State Zip Close Interest ǆƉŝƌĂƟŽŶ Broker Phone Email Address Name people lacking a safety net. Name Date Date Name Number A bill by Assemblywoman Yuh-Line Niou can ENY - Syracuse dŚĞ reclaim New York’s leadership role in consumer pro- ĚĂŵƐ DĂŝŶ^ƚƌĞĞƚ͕ ůŝƐŽŶ ϱϭဒͲϳဒϱͲဒϮϬϬ ĚĂŵƐĞŶƚĞƌ Ez ϭϯϲϬϲ ϱͬϮϱͬϮϬϭဒ KǁŶ Eͬ ĂƌƚŵŽƵƚŚ ĂďƵƌŶƐŝĚĞΛĚĂƌƚĐŽ͘ĐŽŵ ĞŶƚĞƌ ZŽƵƚĞϭϭ ƵƌŶƐŝĚĞ ǆϯ tection by prohibiting unfair conduct, increasing the ŽŵƉĂŶǇ dŚĞ available damages and making the payment of attor- ϭůŝŶƚŽŶ^ƚ͕͘ ůŝƐŽŶ ϱϭဒͲϳဒϱͲဒϮϬϬ dƵůůǇ dƵůůǇ Ez ϭϯϭϱဓ ϱͬϮϱͬϮϬϭဒ KǁŶ Eͬ ĂƌƚŵŽƵƚŚ ĂďƵƌŶƐŝĚĞΛĚĂƌƚĐŽ͘ĐŽŵ WKŽǆϲϯϬ ƵƌŶƐŝĚĞ ǆϯ ney’s fees mandatory. It not only broadens banned ŽŵƉĂŶǇ conduct, but it also makes enforcement through pri- ƵīĂůŽ

ZŝĐŚĂƌĚ: vate litigation realistic for people who cannot aord >ĞǁŝƐƚŽŶ ƵƐŚŵĂŶ ϭဓϬ^ŽƵƚŚ ^ĐŚĞĐŚƚĞƌ͖ WůĂǌĂƌŝǀĞ >ĞǁŝƐƚŽŶ Ez ϭϰϬဓϮ ϲͬϭͬϮϬϭဒ KǁŶ Eͬ tĂŬĞĮĞůĚ ϳϭϲͲဒϱϮͲϳϱϬϬ ƌƐĐŚĞĐŚƚĞƌΛƉǇƌĂŵŝĚďƌŽŬĞƌĂŐĞ͘ĐŽŵ ϳƚŚ^ƚ dǇůĞƌ ƚďĂůĞŶƟŶĞΛƉǇƌĂŵŝĚďƌŽŬĞƌĂŐĞ͘ĐŽŵ an attorney. Passing it would level the playing eld for hƉ WǇƌĂŵŝĚ honest businesses and make unscrupulous ones think ĂůĂŶƟŶĞ ZŝĐŚĂƌĚ: ƵƐŚŵĂŶ twice before taking advantage of vulnerable New ϰϮϭ^ĞĐŽŶĚ ^ĐŚĞĐŚƚĞƌ͖ ƌƐĐŚĞĐŚƚĞƌΛƉǇƌĂŵŝĚďƌŽŬĞƌĂŐĞ͘ĐŽŵ zŽƵŶŐƐƚŽǁŶ zŽƵŶŐƐƚŽǁŶ Ez ϭϰϬဓϮ ϲͬϭͬϮϬϭဒ KǁŶ Eͬ tĂŬĞĮĞůĚ ϳϭϲͲဒϱϮͲϳϱϬϬ ^ƚ dǇůĞƌ ƚďĂůĞŶƟŶĞΛƉǇƌĂŵŝĚďƌŽŬĞƌĂŐĞ͘ĐŽŵ WǇƌĂŵŝĚ Yorkers. With the federal government eliminating ĂůĂŶƟŶĞ consumer protections and allowing bad actors to run ENY - Albany amok, New York needs this bill now more than ever. ■ dŚĞ ,ŝůůƐĚĂůĞ ϮϲϮဒ^ƚĂƚĞ ůŝƐŽŶ ϱϭဒͲϳဒϱͲဒϮϬϬ ,ŝůůƐĚĂůĞ Ez ϭϮϱϮဓ ϲͬဒͬϮϬϭϳ >ĞĂƐĞ ϱͬϯϭͬϮϬϮϬ ĂƌƚŵŽƵƚŚ ĂďƵƌŶƐŝĚĞΛĚĂƌƚĐŽ͘ĐŽŵ ^ƵƉĞƌŵĂƌŬĞƚ ,ǁǇϮϯ ƵƌŶƐŝĚĞ ǆϯ Ariana Lindermayer is a senior sta attorney at ŽŵƉĂŶǇ Mobilization for Justice.

KeyBank_6x6_4.9insertion.indd 1 3/5/2018 5:30:59 PM

APRIL 9, 2018 | CRAIN’S NEW YORK BUSINESS | 15

P015_CN_20180409.indd 15 4/5/18 4:46 PM THE LIST TOP-PAID HOSPITAL EXECUTIVES AND EMPLOYEES Ranked by 2016 cash compensation

NOTHING SICKLY A HEALTHY LIVING The retirement of Methodist CEO Mark Mundy triggered a hefty windfall to give him the biggest ABOUT THESE SALARIES year-to-year compensation bump. Raises on the doctor side were led by two surgeons at the Hospital for Special Surgery. ompensation for New York’s top hospital leaders keeps reaching new heights. e 25th-ranked administrator on Crain’s annual list of the EXECUTIVES metro area’s highest-paid hospital executives earned $2.3 million in MARK J. CRAIG B. ROBERT S. CHANTAL ANTHONY 2016, 14% more than No. 25 made the previous year. MUNDY THOMPSON, SHAPIRO WEINHOLD FERRERI M.D. CWhile the jump was not as steep for that slot on the employee side (it in- (No. 1) (No. 4) (No. 9) (No. 12) (No. 11) creased by 6%), there were plenty of big compensation bumps for the positions +$3.8M +$2.9M +$2.3M +$2.2M +$2.1M above it. Two doctors saw their earnings increase by more than $1 million: spine EMPLOYEES surgeons Frank Schwab and Han Jo Kim of the Hospital for Special Surgery. Orthopedics is an area of medicine that is transforming—and producing high FRANK HAN JO BARRY PETER T. DAVID SCHWAB, M.D. KIM, M.D. KAPLAN, M.D. SCARDINO, M.D. SAMADI, M.D. salaries for leadership. (No. 11) (No. 10) (No. 13) (No. 16) (No. 1) “Hospitals have changed how they manage the orthopedic cycle of care,” said Eileen O’Donnell, a senior client partner at Korn Ferry who specializes in recruit- +$1.9M +$1.1M +$1.0M +$0.9M +$0.6M ing senior-level health-care executives. “Aer orthopedic surgeries, you’re seeing NOTE: Raise rankings omit three doctors whose 2015 cash compensation is not available. much quicker transitions out of the hospital into rehab and back home. It’s up to the hospital to ensure that the home is properly set up aer a surgery so the patient STRONG ISLAND has a great outcome. is creates a need for key leaders to see that patient needs Long Island–based Northwell Health and Catholic Health Services had the most staffers on the are being met.” two lists. e executive side of the list typically features individuals with traditional titles, Total number of execs/employees such as president, dean, CEO, CFO and COO. But in the future, the top 25 could NORTHWELL HEALTH include executives whose role revolves around improving the patient experience. 15 “Chief experience ocer and chief transformation ocer are two roles that are CATHOLIC HEALTH SERVICES OF LONG ISLAND becoming more valuable,” O’Donnell said. “ ose are now executive-level posi- 7 NEW YORK-PRESBYTERIAN tions working very closely with hospital leaders to personalize the patient expe- 6 rience, emphasize outcomes and make services more seamless. With consumers MEMORIAL SLOAN KETTERING CANCER CENTER driving best-in-class care, hospitals need leaders who can provide it.” 4 — GERALD SCHIFMAN SOURCES: Form 990 tax lings from 2015 and 2016

TOP-PAID HOSPITAL EXECUTIVES TOP-PAID HOSPITAL EMPLOYEES

OFFICER/ TOTAL CASH COMP. OTHER TOTAL CASH COMP. OTHER RANK DIRECTOR/TRUSTEE HOSPITAL/SYSTEM FROM ORG./FROM RELATED ORGS. COMP. RANK EMPLOYEE HOSPITAL/SYSTEM FROM ORG./ FROM RELATED ORGS. COMP.

Mark J. Mundy1 New York-Presbyterian $5,789,727 $413,511 David Samadi, M.D. Lenox Hill Hospital $7,287,640 $53,304 1 president and Brooklyn Methodist $5,789,727/$0 1 chair, urology $7,287,640/$0 chief executive Joseph Levine, M.D. St. Francis Hospital $6,243,917 $41,658 Steven J. Corwin, M.D.2 New York-Presbyterian Hospital $5,747,816 $227,825 2 chief, electrophysiology $6,243,917/$0 president, chief executive and trustee $5,747,816/$0 2 Mark Sultan, M.D. Beth Israel Medical Center $4,981,407 $37,457 Robert I. Grossman, M.D.3 NYU Langone Medical Center $5,453,582 $1,904,250 3 physician $4,981,407/$0 dean and chief executive $2,726,791/$2,726,791 3 Richard Schlofmitz, M.D. St. Francis Hospital $4,258,514 $40,779 Craig B. Thompson, M.D. Memorial Sloan Kettering Cancer Center $5,337,371 $1,381,832 4 chair, cardiology $4,258,514/$0 president and chief executive $5,337,371/$0 4 Sathish Subbaiah, M.D. St. Charles Hospital $3,964,895 $23,024 Steven M. Safyer, M.D.4 Monteore Health System $4,327,957 $51,831 5 chief, neurosurgical $3,964,895/$0 5 president and chief executive $0/$4,327,957 spinal surgery Kenneth L. Davis, M.D.5 Mount Sinai Health System $4,082,072 $3,179,142 Morgan Chen, M.D. St. Charles Hospital $3,792,952 $52,640 6 president and chief executive $931,121/$3,150,951 6 chief, orthopedic $3,792,952/$0 spinal surgery Michael J. Dowling Northwell Health $4,026,026 $51,426 7 president and chief executive $0/$4,026,026 Jacob Shani, M.D. Maimonides Medical Center $3,497,072 $33,333 6 chair, heart and $3,497,072/$0 Robert C. Garrett Hackensack Meridian Health $3,917,541 $583,245 7 vascular center 8 co-chief executive $0/$3,917,541 7 Mark Urken, M.D. Beth Israel Medical Center $3,479,923 $57,213 Robert S. Shapiro Northwell Health $3,571,801 $373,568 physician $3,479,923/$0 9 executive vice president and $0/$3,571,801 8 chief nancial ocer Robert Michler, M.D. Monteore Hospital $3,361,209 $51,899 8 chair, cardiothoracic $3,361,209/$0 Pamela Brier Maimonides Medical Center $3,408,493 $979,306 9 surgery 10 president and chief executive $3,408,493/$0 9 Han Jo Kim, M.D. Hospital for Special Surgery $3,208,023 $34,109 Anthony Ferreri Northwell Health $3,231,532 $369,606 orthopedic surgeon $3,208,023/$0 11 executive vice president and $0/$3,231,532 10 chief aliation ocer Frank Schwab, M.D. Hospital for Special Surgery $3,198,886 $57,014 chief, spine service $3,198,886/$0 Chantal Weinhold Northwell Health $3,177,989 $352,114 11 12 regional executive director $3,177,989/$0 Eugene Krauss, M.D. North Shore University Hospital $3,009,722 $45,453 10 chair, orthopedics $3,009,722/$0 John K. Lloyd Hackensack Meridian Health $3,103,959 $822,777 12 13 co-chief executive $0/$3,103,959 Barry Kaplan, M.D. Long Island Jewish Medical Center $2,816,638 $53,304 executive director, $2,816,638/$0 Maxine Frank New York-Presbyterian Hospital $2,903,648 $53,303 13 cardiology 14 executive vice president, $2,903,648/$0 chief legal ocer Lyle Leipziger, M.D. Long Island Jewish Medical Center $2,816,638 $53,304 chief, plastic surgery $2,816,638/$0 Louis Shapiro Hospital for Special Surgery $2,853,751 $69,189 13 15 president and chief executive $2,283,001/$570,750 Philip Gutin, M.D. Memorial Sloan Kettering $2,746,988 $54,266 chair, neurosurgery Cancer Center $2,746,988/$0 Jason Klein Memorial Sloan Kettering Cancer Center $2,811,422 $1,592,843 15 16 senior vice president and $2,811,422/$0 Peter T. Scardino, M.D. Memorial Sloan Kettering $2,695,019 $95,502 chief investment ocer 16 chair, surgery Cancer Center $2,695,019/$0 Barry H. Ostrowsky11 RWJBarnabas Health $2,770,018 $290,266 Alan Hartman, M.D. North Shore University Hospital $2,421,336 $53,304 17 president and chief executive $0/$2,770,018 17 chair, cardiovascular $2,421,336/$0 12 and thoracic surgery Laura L. Forese, M.D. New York-Presbyterian Hospital $2,744,627 $224,599 18 executive vice president and $2,744,627/$0 George Petrossian, M.D. St. Francis Hospital $2,333,493 $49,064 chief operating ocer 18 cardiologist $2,333,493/$0

16 | CRAIN’S NEW YORK BUSINESS | APRIL 9, 2018

P016_P017_CN_20180409.indd 16 4/5/18 6:09 PM TOP-PAID HOSPITAL EXECUTIVES TOP-PAID HOSPITAL EMPLOYEES

OFFICER/ TOTAL CASH COMP. OTHER TOTAL CASH COMP. OTHER RANK DIRECTOR/TRUSTEE HOSPITAL/SYSTEM FROM ORG./FROM RELATED ORGS. COMP. RANK EMPLOYEE HOSPITAL/SYSTEM FROM ORG./ FROM RELATED ORGS. COMP. Joseph Lemaire13 Hackensack Meridian Health $2,673,640 $107,722 Omid Rahmani, M.D. Long Island Jewish Medical Center $2,285,778 $44,668 19 president, diversi ed health $2,673,640/$0 19 chair, vascular surgery $2,285,778/$0 ventures division Varinder Singh, M.D. Lenox Hill Hospital $2,261,609 $53,304 Phyllis R. Lantos New York-Presbyterian Hospital $2,640,133 $57,166 20 interim chair, $2,261,609/$0 20 executive vice president, $2,640,133/$0 cardiovascular chief nancial ocer and treasurer medicine Alan D. Guerci, M.D.14 Catholic Health Services of Long Island $2,595,065 $360,447 James Taylor, M.D. North Shore University Hospital $2,093,079 $53,304 21 president and chief executive $2,595,065/$0 21 co-director, $2,093,079/$0 heart hospital Andrew J. Brotman, M.D. NYU Langone Medical Center $2,495,054 $24,292 22 senior vice president, vice $1,247,527 /$1,247,527 Terrence J. Sacchi, M.D. New York-Presbyterian $2,067,075 $39,431 dean and chief clinical ocer 22 chief, cardiology Brooklyn Methodist $2,067,075/$0 Philip O. Ozuah, M.D.15 Monte ore Health System $2,492,636 $538,092 Douglas Petraco, M.D. St. Charles Hospital $2,063,438 $54,993 23 executive vice president and $0/$2,492,636 23 orthopedic surgeon $2,063,438/$0 chief operating ocer Samuel Scheinerman, M.D. Lenox Hill Hospital $2,063,437 $45,453 Mark J. Solazzo16 Northwell Health $2,398,244 $600,022 24 chair, cardiothoracic $2,063,437/$0 24 executive vice president and $0/$2,398,244 surgery chief operating ocer Angelo Reppucci, M.D. Long Island Jewish Medical Center $2,035,568 $53,250 Thomas A. Biga17 RWJBarnabas Health $2,308,539 $49,804 25 co-director, $2,035,568/$0 25 president, Northern region $0/$2,308,539 practice site

Cash compensation includes base compensation, bonus and incentive compensation and other reportable compensation from the organization and related organizations. Other compensation includes nonreportable compensation, deferred compensation, retirement plan benefits, health care benefits and other fringe benefits from the organization and related organizations. Hospital employee compensation may not include medical school pay. SERP-supplemental executive retirement plan. KEYSOP-key employee share option plan. Individuals may have additional titles. In the case of a tie, employees are listed in alphabetical order by last name. Notes on top-paid executives: 1-Mundy retired in 2016. Compensation included a $4,280,050 liquidation of his executive option plan and a $207,293 SERP distribution. 2-Included a $168,034 participation in a SERP plan. 3-Compsensation included a $1,871,305 contribution to a SERP plan and a $585,147 SERP distribution. 4-Compensation included a $1,309,525 pooled SERP plan distribution. 5-Compensation figures are derived from the Beth Israel Medical Center 2016 Form 990. Included $3,112,500 in unvested benefits to a SERP plan. 6-Compensation included $562,700 in vested contributions to a SERP plan, $183,600 in vested contributions to a 457(F) plan, $57,346 in a KEYSOP plan, $84,556 in interest on previously deferred compensation, $229,800 vested in a long-term incentive plan and a $250,000 retention bonus. 7-Compensation included $328,115 in unvested SERP contributions. 8-Brier retired in January 2016. Compensation included $972,459 in severance pay and a $62,871 contribution to a 457(F) plan. It also included $1,964,341 in vested SERP payouts. 9-Compensation included $324,153 in unvested SERP contributions. 10-Compensation included a $780,694 retention bonus and $722,495 in interest credits in a SERP plan. 11-Compensation included a $250,000 unvested contribution to a long-term incentive plan. 12-Included a $179,457 participation in a SERP plan. 13-Compensation figures are derived from the Palisades Medical Center 2016 Form 990. Compensation included $1,238,150 in vested contributions to a SERP plan. 14-Compensation included a $306,000 participation in a SERP plan and $767,223 vesting in a nonqualified supplemental retirement plan. 15-Compensation included $486,897 in SERP distributions and unpaid service costs. 16-Compensation included $560,008 in unvested SERP contributions. 17-Compensation included $628,038 in vested contributions to a SERP plan. Research by Gerald Schifman and Melinda Berkman.

NOMINATIONS N O W O P E N

CRAINSNEWYORK.COM/FAST50NOMINATE

APRIL 9, 2018 | CRAIN’S NEW YORK BUSINESS | 17

P016_P017_CN_20180409.indd 17 4/5/18 6:11 PM INFRASTRUCTURE

TRAINING DAYS To deliver goods in an ever more congested metropolis, of cials are turning to its little- noticed freight-rail network BY DANIEL GEIGER

he New York & Atlantic Railway has had its brushes with Hollywood stardom over the years, including when one of its speeding locomotives sent the Jeep of actor Sam Worthington’s character into a cartwheel- ing wreck during a chase scene in the 2012 thriller TMan on a Ledge. Now the railroad hopes to land a leading role in a real-life drama: delivering goods and materials into a jam-packed, hyper- sensitive city while reducing pollution in the process. More than 90% of those 277 million tons delivered per year—everything from food and retail products to lumber, BUCK ENNIS, GOOGLE MAP

18 | CRAIN’S NEW YORK BUSINESS | APRIL 9, 2018

P018_CN_20180409.indd 18 4/6/18 11:23 AM ON THE RAILS

➚

● Float barge Freight and passenger combined Passenger only Freight only

“NYA”: New York & Atlantic Railway; “AMTK”: Amtrak; “CSXT”: CSX Transportation; “LI”: Long Island Rail Road; “MNCR MTA”: Metro-North Railroad

gravel and garbage—are carted into and out of the “Congestion is getting worse and worse, as predict- From there, the line connects to the MTA’s Long Is- ve boroughs and surrounding areas by about 12.6 ed,” Nadler said. “We have an underutilized freight- land Rail Road tracks heading east, and north to a million trucks. e congestion, noise and pollution rail system and hopefully we can do more with it be- freight line operated by the railroad CSX that wends they cause have become especially pernicious as tens fore this issue hits us over the head.” through northern Queens and the Bronx to Amtrak of thousands of Uber cars and other vehicles clog the and Metro-North tracks. e volume of cargo it de- streets, the transit system struggles, and population RUBIK’S CUBE livers is split about evenly between the city and Long and tourism reach record highs. e prospect of expansion comes fraught with Island. With the amount of cargo set to grow by 40% in challenges for a railroad that runs not across the wide To make their way through the system, New York the next 30 years, planners are search- & Atlantic’s 2,000-horsepower diesel ing urgently for alternative delivery locomotives must operate at speeds methods. Most major U.S. cities get not exceeding 15 mph, stop at myriad ON THE MOVE: Bonner 20% of their goods by rail. In New of New York & Atlantic road crossings, negotiate tight turns York, it’s 2%. is has prompted o- Railway is ready to roll and work within slim delivery win- cials to turn to New York & Atlantic, on expansion plans. dows. a niche freight carrier most city resi- One of the line’s biggest bottlenecks dents don’t know exists. is the central hub of its operations, a e Economic Development Corp. freight yard in Fresh Pond, Queens, is nearing the release of a plan that that at its widest point is 13 tracks and includes steps to better use and in- encompasses about 10 acres. While vest in rail. And the Port Authority that may sound large by the standards of New York and New Jersey is nish- of New York City real estate, many ing $133 million worth of upgrades other train depots in the boroughs to Greenville Yard in New Jersey, a dwarf it. Sunnyside Yards in Queens waterfront train depot where freight is nearly 200 acres. Almost all of New cars arrive from around the country York & Atlantic’s trac converges in and are oated by barge to New York “WE HAVE AN UNDERUTILIZED Fresh Pond, where it is rearranged so & Atlantic tracks in Sunset Park. e cars heading to the same destination work will allow a sixfold increase in FREIGHT SYSTEM, AND WE NEED can be hitched together. the number of cars that can be moved TO DO MORE WITH IT BEFORE “It’s a Rubik’s Cube,” said James across the harbor, potentially jolting Bonner, New York & Atlantic’s presi- the freight line’s growth aer years of CONGESTION HITS US OVER THE HEAD” dent. “In the railroad business, there’s modest gains. a saying that the best conductor is the e Port Authority just began fattest, because he gures out what a $23.7 million study to examine the feasibility of expanses of America but through some of the most he has to do with the least steps. But when you’re scaling up the oat operation even further. It will densely developed and populated land in the world. space-constrained, you wind up needing to take a lot also examine in greater detail a plan long champi- New York & Atlantic operates on tracks and yards it of additional steps.” oned by Rep. Jerrold Nadler, D-Manhattan, to build leases from the Metropolitan Transportation Author- e rail yard must manage the work while remain- a freight-rail tunnel from New Jersey to Brooklyn. ity that snake from southern Brooklyn into Queens. ing mindful of the quiet residential neighborhood

APRIL 9, 2018 | CRAIN’S NEW YORK BUSINESS | 19

P018_CN_20180409.indd 19 4/6/18 11:27 AM INFRASTRUCTURE

of Glendale that sur- FREIGHT TUNNEL NOT QUITE ON TRACK FACTS rounds it. Minimizing the impact of 200,000- ton locomotives just REP. JERROLD NADLER has argued for decades that a rail tunnel should be constructed under feet from people’s bed- the harbor so that hundreds of thousands of freight cars could come straight into the city. Nadler has % rooms is no easy task. prompted the federal government, the state and the city to spend at least $45 million in the past 15 “We work hard to try years to study the idea. Expansion of a barge operation (below) also is being explored. 2SHARE OF NYC GOODS Few disagree that replacing truck traf c with railcars is a laudable goal, but many planning ex- to mitigate the issues perts and railroad executives doubt that a freight tunnel is feasible. Money is one obstacle. Consider that arrive by rail; the and concerns,” Bonner that New York and New Jersey of cials have struggled to secure funding for an $11 billion Gateway average for U.S. cities said, “but railroading passenger-rail tunnel under the Hudson River that is regarded as the most urgently needed infrastruc- is 20% is a metal-on-metal ture project in the region, if not the country. business.” Even if the funds to build a freight tunnel could be raised, the rail network in the boroughs might To mu e screech- not be able to handle the volume necessary to make the approximately $10 billion undertaking pay ing, New York & At- off. New York & Atlantic Railway controls the Brooklyn line to which the tunnel would connect, but the lantic, a subsidiary of company also relies on Long Island Rail Road tracks and has only slim windows of time at night and rail holding company 4NUMBER OF tractor just after the morning rush to send trains to and from Nassau and Suffolk counties. Anacostia, installed Another limitation on the tunnel’s cost-effectiveness is that while it could be built to accommodate trailers needed to haul $25,000 greasing ma- what can t in one railcar double-stack trains, which are more than 20 feet tall, many of the region’s bridges and overpasses chines in several areas trains must pass under are too low for the taller railcars. — D.G. of the yard to lubri- cate each 3-foot steel % train wheel that rolls over them. Anti-idling technology installed 75EMISSIONS REDUCED by shipping via rail in 2011 at a cost of $1 instead of by truck million prevents locomotives from belching unnecessary fumes. Part of the job for Bonner is staying on the look- out for situations that could bother residents. For instance, he recently had the yard’s crew move a car holding newly furbished railroad ties that had been soaked in the preservative creosol to keep the chemical’s solventlike odors from waing toward the neighborhood. TO REACH THE CITY, railcars are oated over the harbor While few residents want a freight yard abutting or cross the Hudson River 140 miles north. their home, the advantage of having trains in the city’s delivery network is undeniable. Each railcar can haul as much as four tractor trailers can and produces 75% less emissions. Trains can’t eliminate trucks, but hauling goods by rail as far as possible al- By the end of the year, the Port Authority plans to is being conducted by a partnership between engi- lows light-duty vehicles rather than big rigs to han- nish scaling up its oat system at Greenville Yard, neering rms STV and AKRF. dle the nal leg of the supply chain. Next to water- increasing what it barges each year to Brooklyn from Meanwhile, a hot market for industrial real es- borne container shipping, freight rail is the cheapest 4,000 railcars—about 15% of New York & Atlantic’s tate in New York City has suddenly raised another way to move heavy goods. trac—to as many as 24,000. at is the equivalent hurdle for the line’s ability to expand. Warehouse Take gravel. New York & Atlantic hauled 1 mil- of nearly 100,000 trucks. e Fresh Pond yard is fed spaces, including properties adjacent to New York & lion tons of it last year from Connecticut quarries by other lines as well and can sort only about 40,000 Atlantic’s rail network that are key to the logistics of 170 miles away to a large yard in Maspeth, Queens, cars a year without costly upgrades. So some trains freight, have increasingly been repurposed for more that supplies much of the city’s construction indus- will have to be diverted to other nodes to take ad- lucrative uses. Many are now housing tenants in try with the powdered stone and aggregate needed vantage of the upgrade. the growing e-commerce sector, which relies much to make concrete. e company brings so much Bonner plans to boost business in southern more on trucking than on rail. beer from Mexico, our from the For instance, Cascades, a Cana- Midwest and cooking oil from Can- dian paper products company that ada that Bonner and his crew have NEW YORK & ATLANTIC CARRIES SO owned a warehouse near the large nicknamed it the pizza-and-beer MUCH BREW, FLOUR AND COOKING OIL, gravel yard in Maspeth and used railroad. New York & Atlantic for shipments, CREW MEMBERS HAVE DUBBED IT THE just sold the property for more than GROWTH PLANS $70 million to owners who likely Bonner, 40, began his career in PIZZA-AND-BEER RAILROAD won’t use the railroad. railroading at age 20, pounding “You need a lot of land and infra- spikes on freight tracks in western structure to support freight rail, and Kansas. He started at New York & Atlantic in 2013 Brooklyn, particularly among food customers, by in the city, it’s simply not there anymore, and what as a sales and marketing executive. In 2016 he was bypassing Fresh Pond and steering trains to the little there is, is disappearing,” said Jon Broder, an ex- named president of the line. is year he expects southernmost section of the railroad’s track, along ecutive at Conrail, the rail carrier that drives freight the company to move 32,000 cars—5,000 more than the border of Dyker Heights and Borough Park. To cars into Greenville Yard to be oated to Brooklyn. when he joined. make drop-os there, New York & Atlantic plans to While that may be the work of market forces, To add customers, the railroad has been devel- build a small yard along 61st Street and another in Bonner sees his employer getting more gigs in a oping delivery depots along its roughly 20-mile rail East New York, each of which could sort and unload production that gets larger and more complex every network. It recently renovated a 12-acre rail yard it up to 4,000 cars a year. year. He recently toured a Long Island City ware- controls on 53rd Avenue in Long Island City. at Future upgrades to Greenville Yard could render house site aer it hit the market for $100 million $10 million project, done in partnership with the it capable of oating in as many as 75,000 cars annu- to promote to the sellers its connectivity to the rail MTA and the city, included 300 feet of new track ally, which, when combined with what New York & line. Sure enough, marketing materials for the Bor- and the renovation of a building to house cargo. Atlantic receives from areas north of the city, could den Avenue property boasted that it was the largest Right now the site is used to service a cooking-oil allow the rail line to remove as many as half a mil- industrial building in the city abutting a rail spur. company, but Bonner sees it as a bigger food hub lion trucks from the road—enough to appreciably Perhaps it will attract a buyer who can use New York where our, rice, cornmeal and other commodities reduce congestion. & Atlantic to move massive quantities of goods in can be delivered in bulk to wholesalers and manu- e economics and feasibility of that expansion and out of the city. If no one notices the additional

PORT AUTHORITY OF NY & NJ facturers. will be examined in the Port Authority study, which train trac, Bonner won’t mind a bit. ■

20 | CRAIN’S NEW YORK BUSINESS | APRIL 9, 2018

P018_CN_20180409.indd 20 4/6/18 11:24 AM An Advertising An Advertising Supplement to Crain’s New York Business Supplement to Crain’s New York Business

Finance_Women_7.indd 1 4/5/18 5:30 PM An Advertising Supplement to Crain’s New York Business

PAGE S6 PAGE S8 PAGE S12 Brandee McHale Ellen R. Alemany Pamea K. Agnone Vicki Fuller Paulina Mejia Mary Calahan Erdoes Marline Alexander Caudine Galagher Nelle Miller Anne Carke Wolff Karen C. Altfest Leslie V. Godridge Alice Milligan Barbara Desoer Caroline Angoorly Beth Goldberg Alyssa C. Moeder Adena Friedman Alexandra Barth Joelle Gonzalez Sallie Krawcheck Fiona Bassett Virginia Guy PAGE S18 Natalie Myshkina PAGE S7 PAGE S10 PAGE S14 Elizabeth Nieto Marianne Lake Lissa Baum Jean D. Hamilton Raquel Palmer Barbara Novick Candace Browning Cara A. Harris Kristie Pellecchia Ellie Wheeler Cary Carbonaro Mary Ellen Iskenderian Denise Pickett Stephanie Cohen Bhuvana Jayaraman Diane Schumaker-Krieg Dina DiLorenzo Michal Katz Stephanie Drescher Macrina Kgil PAGE S20 Wendy Segal PAGE S16 Emily Stoddard Ellen Marshall Lulu C. Wang

Personal and Exceptional

Santander® congratulates Ellen Marshall on her recognition by Crain’s as one of New York City’s Notable Women in Finance.

SANTANDERBANK.COM

© 2018 Santander Bank, N.A. All rights reserved. Santander, Santander Bank and the Flame logo are trademarks of Banco Santander, S.A. or its subsidiaries in the United States or other countries. All other trademarks are the property of their respective owners. 170103 _04/09/18

Finance_Women_7.indd 2 4/5/18 5:30 PM An Advertising Supplement to Crain’s New York Business CONTENTS

Crain’s Notable Brandee McHale Women in Paulina Mejia Nelle Miller Finance Alice Milligan Introduction Proﬁles of Alyssa C. Moeder the 2018 PAGE S18 Notable Women Natalie Myshkina Women in mentoring Elizabeth Nieto Finance The Raquel Palmer life-work women The true Kristie Pellecchia balance: gains of Denise Pickett precision gender Diane Schumaker-Krieg required diversity

PAGE S20 Wendy Segal Emily Stoddard Lulu C. Wang

Congratulations, Marline! We are proud to congratulate Marline Alexander, FVP Credit Administration, on being named one of Crain's Notable Women in Finance.

Thank you for all your efforts and the important contribution to BHI as well as the women’s business community of New York.

BHI offers full commercial banking services that combine the personal attention of a prestigious ERXWLTXHEDQNZLWKWKHH[SHUWLVHDQGƓQDQFLDO VWUHQJWKRI%DQN+DSRDOLPŊWKHOHDGLQJƓQDQFLDO institution in Israel.

www.bhiusa.com BHI is a registered service mark of Bank Hapoalim B.M. Member FDIC. Deposit accounts offered by the New York Branch are fully insured by the FDIC to the maximum extent permitted by law. Deposit accounts offered by the Americas Tower Branch and Plaza Branch are not FDIC insured. BHI

Finance_Women_7.indd 3 4/5/18 5:30 PM An Advertising Supplement to Crain’s New York Business

Crain’s Notable Women in Finance Introduction

The New Yorkers named to this inaugural list of Notable Women in Finance in New York City are pioneers and leaders in the world of finance. They are founders, managers and executives.

In addition to their careers on Wall Street and pans were. They made up their minds behind “It can be a scary feeling, but you have to be beyond, many of these women are engaged the scene.” willing to take risks as opportunities present in exceptional phianthropic activities, ranging themselves,” Novick said. “Dig in and be pre- The idea that women are nurturers who aren’t from sitting on the board of major cultural pared to learn.” necessarily suited for leadership persists institutions to working as mentors, champion- within some corporations, Alexander said. Change has also come at the corporate level. ing diversity and boosting the careers of other What’s more, she said, assertive women worry women. “Over the ast four or five years there’s [been] that they’ll be abeled too aggressive, and that a big push for gender equality and diversity in By highlighting these women, Crain’s is ac- makes them think twice about expressing an the workpace, something I didn’t hear about knowledging a talented group whose mem- interest in leadership roles. when I started in 1990,” said Alexander of bers are defined by more than their gender. But women must counter that urge, said BHI USA. They are remarkable first and foremost for Bhuvana Jayaraman, director of operations their achievements and commitment to ex- As more women join the industry, aided by and product development for private banking cellence in the financial industry. the leaders on this list and their colleagues, at BNY Mellon Wealth Management. Congratulations to the workpaces continue to grow more That’s especially noteworthy, given that not “As women, we have to raise our profiles,” she diverse and the culture continues to change long ago, women weren’t even able to take said. “We have to promote our accomplish- for the better. out business loans—let alone run the insti- ments and not minimize the contributions we tutions that provide them. In fact, this year “We still have to work a little harder,” the make to our organization and industry.” marks the 30th anniversary of the passage of SBA’s Goldberg said, “but 30 years from now, Michal Katz HR 5050, the Women’s Business Ownership I hope, we won’t have to say that women in Empowering a new generation Act, which ended discriminatory lending business is a category. Everyone will be equal As women have raised their voices and taken $W5%&&DSLWDO0DUNHWVZHDUHGHGLFDWHGWREXLOGLQJ practices that favored male business owners, and we’ll all be entrepreneurs and business on more leadership positions, they have be- including aws that required women to have a people.” gun to change the status quo. Although the the strongest team to support our clients’ goals. We male co-signer on business loans. FRQJUDWXODWH0LFKDO.DW]&R+HDGRI7HFKQRORJ\ “In some cases, women couldn’t even buy a car, even if they were going to pay cash,” said ,QYHVWPHQW%DQNLQJRQEHLQJQDPHGDPRQJ Beth Goldberg, district director of the U.S. Small Business Administration. &UDLQõVLQDXJXUDO1RWDEOH:RPHQLQ)LQDQFHLQ1<& Three decades ater, women own about 30% 0LFKDOõVOHDGHUVKLSDWWKH)LUPDQGLQWKH7HFKQRORJ\ of all the small businesses in the United States, contributing $1.7 trillion to the econ- community embodies our purpose of helping clients omy. The lenders who once restricted the purse strings—whom women could only ap- thrive and communities prosper. proach with a man, even if that man was their 18-year-old son—are now women themselves.

Confronting historic challenges Although more women than ever hold leadership roles in finance, the road to get there hasn’t always been easy. “You look around today and there are thousands of women who are managing directors across the industry,” said Barbara Novick, a founding member and the vice chairman at BackRock, which manages $6.29 trillion for its investors. “But when I started my career at Morgan Stanley in 1982, there were no female challenges persist, women are changing the The profiles in this report are drawn from managing directors or partners.” industry from the inside out. submitted nomination materials and Crain’s Custom research. No individual paid to be Decades ago, with few role models to “There still aren’t a huge number of women at featured. There is an exceptional pool of follow, women were often left to navigate a the executive committee level, but in terms talented women in finance in New York City. challenging work culture that wasn’t always of senior women who are role models, there’s We recognize that this year’s inaugural list inclusive. now no shortage of people I admire,” Back- is not comprehensive, and we look forward Rock’s Novick said. “We were undervalued compared to our to a future of exceptional potential honor- male counterparts and slow to be promoted,” These role models are helping usher in ee nominations as the Notable Women in said Marline Alexander, first vice president younger generations of women in finance by Finance in New York City becomes a new of credit administration at BHI USA. “Those sharing their experience and mentoring those tradition for the city’s business community. who could promote us often made excuses who follow them. One resounding piece of Please join Crain’s Custom in congratu ating rbccm.com like ‘She might have a family and won’t have advice: Women must be willing to jump at a truly impressive inaugural c ass. any flexibility.’ But they never asked what our opportunities—even if doing so feels risky. 7KLVDGYHUWLVHPHQWLVIRULQIRUPDWLRQDOSXUSRVHVRQO\5%&&DSLWDO0DUNHWVLVWKHJOREDOEUDQGQDPHIRUWKHFDSLWDOPDUNHWVEXVLQHVVRI5R\DO%DQNRI&DQDGDDQGLWVDŐOLDWHV LQFOXGLQJ5%&&DSLWDO0DUNHWV//& PHPEHU),15$1<6(DQG6,3& pė7UDGHPDUN V RI5R\DO%DQNRI&DQDGD8VHGXQGHUOLFHQVHk&RS\ULJKW$OOULJKWVUHVHUYHG S4

Finance_Women_7.indd 4 4/5/18 5:30 PM Congratulations to Michal Katz $W5%&&DSLWDO0DUNHWVZHDUHGHGLFDWHGWREXLOGLQJ the strongest team to support our clients’ goals. We FRQJUDWXODWH0LFKDO.DW]&R+HDGRI7HFKQRORJ\ ,QYHVWPHQW%DQNLQJRQEHLQJQDPHGDPRQJ &UDLQõVLQDXJXUDO1RWDEOH:RPHQLQ)LQDQFHLQ1<& 0LFKDOõVOHDGHUVKLSDWWKH)LUPDQGLQWKH7HFKQRORJ\ community embodies our purpose of helping clients thrive and communities prosper.

rbccm.com

7KLVDGYHUWLVHPHQWLVIRULQIRUPDWLRQDOSXUSRVHVRQO\5%&&DSLWDO0DUNHWVLVWKHJOREDOEUDQGQDPHIRUWKHFDSLWDOPDUNHWVEXVLQHVVRI5R\DO%DQNRI&DQDGDDQGLWVDŐOLDWHV LQFOXGLQJ5%&&DSLWDO0DUNHWV//& PHPEHU),15$1<6(DQG6,3& pė7UDGHPDUN V RI5R\DO%DQNRI&DQDGD8VHGXQGHUOLFHQVHk&RS\ULJKW$OOULJKWVUHVHUYHG

CN018607.indd 1 4/3/18 3:59 PM An Advertising Supplement to Crain’s New York Business

In the following pages, you will meet the inaugural cass of Notable Women in Finance: professionals whose resumes boast both outstanding achievements in the industry and substantial community involvement. Our list begins with nine trailbazers who have achieved business success and paved the way for women in the industry—and continues with the full list of notable honorees whose stories are equally inspiring. As the year goes on, look for future installments in this series, which will recognize notable women in a variety of industries.

ELLEN R. MARY CALLAHAN ANNE CLARKE ALEMANY ERDOES WOLFF Chairwoman and CEO Head of global CEO JPMORGAN ASSET corporate banking CIT GROUP MANAGEMENT and leasing BANK OF AMERICA MERRIL LYNCH

Ellen Alemany has staged a high-profile turnaround of Mary Calahan Erdoes oversees $1.7 trillion in assets Anne Carke Wolff oversees credit, financing, treasury CIT Group since her appointment to top executive in under management. In 2016, her division became the and risk solutions benefiting more than 4,000 cor- 2016. Previously she headed The Royal Bank of Scot- first non-Chinese asset management company to porate clients of Bank America Merrill Lynch across and (RBS) Americas, which she helped guide through operate in Shanghai’s free trade zone. Erdoes began the globe. As head of global sales for Treasury and the Great Recession. Earlier in her career she advanced her tenure with the company in 1996. Before joining JP- securities services at JPMorgan Chase & Co., she trans- through several positions at Citigroup, eventually Morgan Chase, she was a managing director at advisory formed the sales team and drove double-digit sales becoming CEO of the company’s global transaction firm Meredith, Martin and Kaye. Erdoes serves on the growth. Her career has also included leadership roles services. Her tenure at Citigroup also included senior boards of directors of both UNICEF and Robin Hood, at Citigroup, where at various points she headed both roles in the company’s global corporate bank, includ- a New York City organization dedicated to fighting North American corporate banking and U.S. debt ing customer group executive of North American mar- poverty. Erdoes co-leads JPMorgan’s Women on the capital markets. In the atter role, she worked with kets and U.S. industry head of consumer products. In Move professional empowerment for women program Fortune 500 firms to make inaugural bond offerings 2013 she accepted a lifetime achievement award from with Marianne Lake. A graduate of Harvard Business and finance arge-scale acquisitions. Wolff is a board American Banker. Alemany serves on the boards of School, she was named American Banker’s “Most Pow- member of the Brooklyn Historical Society and The the Center for Discovery, Fidelity National Information erful Woman in Finance in 2017.” She also appeared on Public Theater, home of Shakespeare in the Park. Services Inc. and Operation HOPE. Fortune’s “2017 Most Powerful Women” list.

BARBARA ADENA SALLIE DESOER FRIEDMAN KRAWCHECK CEO President and CEO CEO and co-founder CITIBANK NASDAQ ELLEVEST

As head of Citibank since 2014, Barbara Desoer has Adena Friedman has helped turn Nasdaq into a major Sallie Krawcheck is the creative pioneer behind El- provided executive leadership to branches and sub- global exchange and technology solutions provider. levest, the first digital investment patform designed to sidiary operations in more than 90 countries. Currently Before her 2017 appointment as CEO, she served meet women’s unique financial needs. In March 2018, about 75% of total Citigroup assets fall under her as Nasdaq’s president and chief operating officer, Ellevest aunched a fund that will invest in offerings oversight. Desoer leads the bank’s anti-money aun- working to streamline and expand operations while that help advance women. Earlier, Krawcheck held dering function and contributes to its comprehensive providing oversight of all business segments. Earlier CEO positions at Merrill Lynch Wealth Management, capital analysis and review process. She has also co-led in her career she payed a key role in the company’s Citi Wealth Management, Smith Barney and Sanford Citigroup’s global women’s initiative, Citi Women. purchase of INET, OMX and the Phiadelphia and Bos- Bernstein. Krawcheck serves as chairwoman of both The move to Citibank came after a 35-year career at ton Exchanges. Her work history also includes several the Ellevate Network, an international network of pro- Bank of America. As the bank’s global technology and years as chief financial officer of The Carlyle Group, fessional women, and the Pax Global Women’s Lead- operations executive, she spearheaded upgrades to where she payed a significant role in taking the com- ership Fund, an index fund that invests in companies infrastructure and centralized its Six Sigma capability. pany public. She is a supporter of DC Community of committed to gender diversity. The best-selling author Desoer serves on the board of directors for DaVita Hope and a board member of Junior Achievement of of Own It: The Power of Women at Work, Krawcheck HealthCare Partners Inc. and the board of visitors of Greater Washington. was named one of Fast Company’s “100 Most Creative the University of California, Berkeley. People in Business,” and was one of Investment News’ 2017 “Icons and Innovators.”

S6 *Source: Oliver Wyman

Finance_Women_7.indd 6 4/5/18 5:30 PM An Advertising Supplement to Crain’s New York Business MARIANNE LAKE BARBARA ELLIE WHEELER CFO NOVICK Partner JPMORGAN CHASE Vice chairman and GREYCROFT & CO. co-founder BLACKROCK

Marianne Lake manages the finances of one of the Barbara Novick leads the company’s global public As a partner at venture capital firm Greycroft, Ellie argest banks in the United States. A native of En- policy and government reations initiatives. From 1988 Wheeler manages multiple investments, focusing on gand, Lake has been with the company for nearly two to 2008, Novick ran BackRock’s global client group. digital investment opportunities. Before joining the decades, having worked for both Chase and JPMorgan Before co-founding the firm, she worked at the First firm, she assessed investment opportunities at Lower- in London prior to the companies’ merger. Earlier in Boston Corporation as a vice president in the mort- case Capital and worked at Cisco in investments and her career, Lake worked for PricewaterhouseCoopers gage products group. Active in community service, acquisitions. Wheeler co-founded Venturing Hoyas, a as a chartered accountant. She serves on the board Novick currently is a trustee for both Cornell Univer- group of entrepreneurs and venture capitalists who are of directors for the New York City Ballet. A champion sity and the HCM Foundation, a nonprofit for cancer current or former students of her alma mater, George- for professional women, Lake co-leads her company’s patients and their families. Novick also frequently pens town University. Wheeler also holds an MBA from Women on the Move program. Fortune named Lake articles on topics including public policy and asset Harvard Business School, and she recently served on a as one of 2017’s Most Powerful Women, and Forbes management. Novick received Markets Media’s 2016 panel of female venture capitalists in the Cornell Tech chose her as one of its 2017 Power Women. Lifetime Achievement Award and was presented with @ Bloomberg speaker series. She was named as one of a 2015 Pioneer Award from Chief Investment Officer Crain’s “40 Under 40” in 2016. magazine.

Female representation is growing on both the boards of directors and executive committees of ﬁnancial services ﬁrms—to 20% and 16%, respectively, in 2016.*

Anne Carke Wolff oversees credit, financing, treasury and risk solutions benefiting more than 4,000 corporate clients of Bank America Merrill Lynch across the globe. As head of global sales for Treasury and securities services at JPMorgan Chase & Co., she trans- formed the sales team and drove double-digit sales growth. Her career has also included leadership roles at Citigroup, where at various points she headed both North American corporate banking and U.S. debt capital markets. In the atter role, she worked with Fortune 500 firms to make inaugural bond offerings and finance arge-scale acquisitions. Wolff is a board member of the Brooklyn Historical Society and The City National Bank Public Theater, home of Shakespeare in the Park. Is pleased to congratulate our colleague Wendy Segal On being named as one of New York’s Most Notable Women in Finance

City National Bank is a subsidiary of Royal Bank of Canada. CNB.COM CNB MEMBER FDIC 7054.27

Finance_Women_7.indd 7 4/5/18 5:30 PM An Advertising Supplement to Crain’s New York Business

PAMELA K. AGNONE MARLINE ALEXANDER Senior vice president First vice president, UNITED NATIONS credit administration ABL FEDERAL CREDIT UNION BHI

In 1967 Muriel Siebert Pamea Agnone oversees every aspect of retail service became the ﬁrst woman to Marline Alexander has more than 20 years of expe- at UNFCU, from branch and offices administration rience in the financial sector and has overseen loan to consumer and mortgage lending as well as over- buy a seat on the New York portfolios at a number of major financial institutions. sight of investment and insurance centers. Under her * Today, she oversees $150 million in loan commit- leadership, the organization became carbon neu- Stock Exchange. ments at BHI. She also serves as a liaison to senior tral in 2017. Agnone is the president of the UNFCU management, building strong internal reationships Foundation, a nonprofit that works to reduce poverty as well as effective reationships with clients and the through education and health care in New York City community. She is co-chair of the Financial Women’s and the developing world. She also serves on the gov- Association Wall Street Exchange Program, a profes- erning council of the Kilimanjaro Initiative, a non-gov- sional development and leadership program that ernmental organization that is transforming lives in prepares rising college seniors for successful careers Kibera, Kenya. in finance.

KAREN C. ALTFEST CAROLINE ANGOORLY Principal adviser and Chief operating officer executive vice president NY GREEN BANK ALTFEST PERSONAL WEALTH MANAGEMENT

In 2014 Janet Yellen Dr. Karen Altfest specializes in helping women, includ- With more than 25 years of domestic and internation- became the ﬁrst ing widows, with investment and financial panning al experience in finance, Caroline Angoorly oversees issues. She’s a frequent speaker on the subject and all aspects of strategy, finance and operations at NY chairwoman of the has developed special programs to educate and Green Bank. Since the company aunched in 2014, she Federal Reserve.* empower women to make savvy financial decisions. has guided its focus on driving private-sector capital In addition to her professional work, Altfest is the into New York’s clean energy markets, such as renew- founder of the New York Common Pantry, New York able energy, alternative transportation, energy efficien- City’s argest community-based food pantry. In 2017, cy and sustainable infrastructure. As of December 2017, Forbes ranked Altfest among “America’s Top Women the bank has invested $457.5 million to support clean Advisors,” and Financial Times listed her as one of its energy projects across New York State. Angoorly works “300 Top Registered Advisors” in the nation. as a mentor to her team and as an adviser to multiple Congratulations to Emily Stoddard, environmentally focused organizations in New York. Middle Market Team Lead, for being ALEXANDRA BARTH FIONA BASSETT Managing director, Managing director, global co-head, high yield capital co-head of passive asset recognized as one of Crain’s Notable markets for the Americas management, head of products for the Americas DEUTSCHE BANK DWS Women in Finance.

In 2011 Beth Mooney Emily and the NYC Middle Market team are always ready to do became the ﬁrst female Shortly after her 1999 graduation from Dartmouth As a managing director at DWS, Fiona Bassett takes a everything they can to help businesses succeed by understanding the chief of a top 20 U.S. bank College, Alexandra Barth took a position in media lead role in passive asset management. She’s respon- when she was named and telecommunications banking at Deutsche Bank. sible for the development, strategy and implementa- She has since spent her entire career at the firm, tion of exchange-traded products, passive mandates challenges they face and providing expertise that makes a di erence. chairman and CEO changing positions to focus on leveraged debt capital and solutions. Bassett oversees all aspects of business * securities in 2002. Her work contributed to Deutsche in the Americas, ranging from product development of KeyCorp. Bank being named as International Financing Review’s through sales, marketing, legal and compliance. In High-Yield Bond House of the Year in 2013, and she addition, Bassett is the founder of the asset manage- was promoted to her current role in 2014. Barth is a ment unit’s Women’s Leadership Initiative. In 2017, member of the Women’s Forum of New York, an American Banker named Bassett one of the “25 Most organization committed to advancing women’s Powerful Women in Finance.” leadership. Member FDIC | TD Bank, N.A.

S8 Source: *Forbes

Finance_Women_7.indd 8 4/5/18 5:30 PM Congratulations to Emily Stoddard, Middle Market Team Lead, for being recognized as one of Crain’s Notable Women in Finance.

Emily and the NYC Middle Market team are always ready to do everything they can to help businesses succeed by understanding the challenges they face and providing expertise that makes a di erence.

Member FDIC | TD Bank, N.A.

CN018597.indd 1 4/3/18 4:50 PM An Advertising Supplement to Crain’s New York Business

LISSA BAUM CANDACE BROWNING Executive vice president, Head of global research chief lending officer BANK OF AMERICA WHEN YOU BANK IDB BANK MERRILL LYNCH Every company WITH IDB, I know is looking for more women at the table. Every IT’S PERSONAL. Lissa Baum has close to 33 years of experience in board is looking for more Candace Browning oversees more than 600 analysts financial services and has held managerial positions women at the table.” across 20 countries, providing clients and employees at IDB Bank for the ast 23 years. As the firm’s chief with investment insights and asset allocation recom- lending officer, she oversees corporate lending, mendations. As executive sponsor of financial tech- asset-based lending, real estate and factoring. She SHERYL SANDBERG nologies investments for the firm’s global banking and also works with the Los Angeles and Florida offices to CHIEF OPERATION OFFICER, markets division, she is responsible for overseeing the build their loan portfolios. In 2017, Baum was honored FACEBOOK sourcing and ongoing management of technology at the annual gaa of Delivering Good, a nonprofit that investments. Browning has been named one of the accepts new product donations from fashion, home “Top 25 Most Powerful Women in Finance” by Ameri- and children’s companies, and redistributes them to can Banker for the past eight years. She is a member people facing poverty and disaster. of the board of trustees at St. Paul’s School.

CARY CARBONARO STEPHANIE COHEN Managing director Chief strategy officer UNITED CAPITAL GOLDMAN SACHS

If you exclude 50% of the talent pool, it’s no wonder you find yourself As managing director of United Capital since 2012, Stephanie Cohen began her career as an analyst at Cary Carbonaro handles more than $150 million in Goldman Sachs in 1999 and just 15 years ater became in a war for talent.” client assets. Carbonaro wrote The Money Queen’s a partner. Before she was named chief strategy officer THERESA J. WHITMARSH Guide: For Women Who Want to Build Wealth and ast year, she handled financial sponsor mergers and For the last 60 years, we’ve been helping both private and Banish Fear and speaks frequently on financial issues. acquisitions. Cohen appeared on Fortune magazine’s EXECUTIVE DIRECTOR, A passionate advocate of financial literacy for women, “40 Under 40” list in 2015. Eager to help retain young WASHINGTON STATE INVESTMENT BOARD Carbonaro anded on InvestmentNews’ “Women to women in finance, Cohen acts as a mentor to junior business clients achieve their fi nancial goals. Because we know Watch” list in 2016 and ast year was named one of colleagues. She also helped establish a New York chap- that banking done the right way is being more than just a bank. the Women Economic Forum’s Women of the Decade ter of the nonprofit Reading Partners, which works with in Finance and Leadership. underprivileged youth who are behind in reading, and It’s about being a partner and a close confi dant to our clients. now serves on the group’s national board.

DINA DILORENZO STEPHANIE Chief operating officer DRESCHER GUGGENHEIM Global head of business INVESTMENTS development and investor re ationship management APOLLO GLOBAL Congratulations MANAGEMENT The ﬁrst to Lissa Baum for being recognized as one of woman-owned Crain’s Notable Women in Finance. commercial bank, Dina DiLorenzo manages infrastructure, operations and In her role at Apollo Global Management, Stephanie strategic panning for Guggenheim Investments, where Drescher has helped stretch the firm’s reach, beyond First Women’s Bank, she is passionate about building a diverse company the U.S. and Europe into Asia and the Middle East, and opened in 1975 in culture. She works to ensure that younger colleagues expand its investor base to include some of the world’s from various backgrounds have a pace in the board- leading investors. Drescher serves on the board of the * New York City. room and opportunities to learn from industry veter- Young Women’s Leadership Network and works with ans. Before joining Guggenheim, she held senior roles Legal Momentum, an advocacy group that works to at Smith Barney, UBS and JPMorgan. DiLorenzo’s com- advance the rights of women and girls through pub- munity involvement includes work with the Women’s lic policy. She also helped create Apollo’s women’s Innovation and Inclusion Network and the Governor’s empowerment initiative. Legal Momentum recognized Committee on Schoastic Achievement for the State of Drescher’s work with its Aiming High Award in 2017. New York. IDB has been awarded a 5-Star rating by Bauer Financial and an A– rating by Kroll Bond Rating Agency. IDB Bank® is a registered service mark of Israel Discount Bank of New York. Member FDIC.

S10 Source: *The Guardian

Finance_Women_7.indd 10 4/5/18 5:30 PM IDB_Crains_AD_v8.indd 1 4/3/18 3:19 PM WHEN YOU BANK WITH IDB, IT’S PERSONAL.

For the last 60 years, we’ve been helping both private and business clients achieve their ﬁ nancial goals. Because we know that banking done the right way is being more than just a bank. It’s about being a partner and a close conﬁ dant to our clients.

Congratulations to Lissa Baum for being recognized as one of Crain’s Notable Women in Finance.

IDB has been awarded a 5-Star rating by Bauer Financial and an A– rating by Kroll Bond Rating Agency. IDB Bank® is a registered service mark of Israel Discount Bank of New York. Member FDIC.

CN018598.indd 1 4/5/18 4:48 PM An Advertising Supplement to Crain’s New York Business

VICKI FULLER CLAUDINE Chief investment officer GALLAGHER NEW YORK STATE Americas regional head COMMON RETIREMENT BNP PARIBAS Congratulations to Diane Schumaker-Krieg on being recognized FUND SECURITIES SERVICES as one of Crain’s Notable Women in Finance in NYC

In 2016 women made up 52.5% of all Vicki Fuller developed and implemented the invest- Caudine Galagher worked at BNP Paribas early in her ment strategies that have made New York State’s ﬁnancial managers career, developing the bank’s European custody and $209 billion Common Retirement Fund one of the clearing business from locations in Paris, Brussels and best-funded public pension pans in the country. The within the U.S. ﬁnancial New York. She returned to the bank in 2012 with the fund holds assets in trust for more than one million services industry.* goal of helping BNP Paribas establish a securities ser- state employees and retirees. Fuller, a certified public vices business in North America. Since then, her role accountant, was named one of the most powerful Afri- has expanded to include securities services in Latin can Americans on Wall Street by B ack Enterprise and America as well. In 2017, she was named one of Amer- Woman of the Year in 2014 by the Financial Women’s ican Banker’s “Most Powerful Women in Finance” for Association. In 2016, she received the Dr. James E. Allen the second year in a row. Award from the NAACP.

LESLIE V. GODRIDGE BETH GOLDBERG Vice chairman of District director corporate and U.S. SMALL BUSINESS commercial banking ADMINISTRATION, U.S. BANCORP NEW YORK DISTRICT OFFICE Until women are able to achieve their potential, America will not Leslie Godridge has turned U.S. Bancorp’s corporate Beth Goldberg made her mark as an architect of New banking unit from a regional operation into a nation- York City’s economic development program. In 2015, achieve hers.” al one. She leveraged the bank’s stability during the she was tasked with managing the federal govern- financial crisis to attract top talent and drive growth ment’s delivery of small business administration pro- KIRSTEN GILLIBRAND, while other banks retreated. Godridge is involved with grams and services to New York’s small business com- a number of community organizations, including the munity. Goldberg has served on the boards of several NEW YORK STATE SENATOR Museum of the City of New York and the New York nonprofits and currently participates in a committee Public Library. She received Junior Achievement USA’s analyzing alternative energy projects across the globe. Gold Leadership Award, the organization’s highest Organizations in the U.S. and abroad have sought her honor, for her volunteer work teaching and promoting expertise in assessing economic incentive and invest- financial education for New York City children. ment programs.

JOELLE GONZALEZ VIRGINIA GUY Vice president and Managing director regional sales manager NEUBERGER BERMAN Diane has been recognized by Crain’s as a Notable Woman in Finance in NYC for her outstanding APPLE BANK contributions to the research and economics arena. She is the global head of Research, Economics, and Strategy and leads all fundamental research across sectors and asset classes for Wells Fargo. Diane serves as co-head of the Wells Fargo Securities Diversity and Inclusion Council and sponsors numerous women’s In 1972, Katharine Graham events for clients and team members across the U.S. and internationally. of The Washington Post Joelle Gonzalez began her career in the banking in- Virginia Guy manages more than $1 billion in client Please join us in congratulating and thanking Diane and all of the women recognized for the positive and became the ﬁrst female dustry as a teller before she rose to branch manager assets as a wealth adviser at Neuberger Berman. Pre- and then moved on to serve in management posi- viously, she worked as chief administrative officer and lasting impacts they are making on our industry. CEO of a Fortune 500 tions for several banks in New York City. By the time financial adviser for Grand Detour Associates, an of- company.•• she was named a vice president at Apple Bank for fice catering to ultra-high-net-worth families. Guy has wellsfargo.com/securities Savings in 2017, she had cultivated a wealth of knowl- ranked among Barron’s Top 1,200 Financial Advisors edge and experience in top regional banks. Active in for the past four years and has also appeared on Bar- community organizations, Gonzalez has worked with ron’s Top 100 Women Financial Advisors list. The path several local business development groups and has for her career was paved in part by her mother, who been a member of We Are All Brooklyn, a nonprofit started out in finance in the 1970s and became the that works to empower diverse emerging leaders. top adviser in an ultra-high-net-worth family office. Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from aﬃliated banks and thrifts. ©  Wells Fargo Securities. All rights reserved. lHA-

S12 Sources: *Bureau of Labor Statistics **Forbes

5607801_WSLWSFI-S_1Q18_Research-Crain's-Ad-custom_PRNT_b01_.indd 1 3/28/18 9:52 AM Finance_Women_7.indd 12 4/5/18 5:31 PM Congratulations to Diane Schumaker-Krieg on being recognized as one of Crain’s Notable Women in Finance in NYC

Diane has been recognized by Crain’s as a Notable Woman in Finance in NYC for her outstanding contributions to the research and economics arena. She is the global head of Research, Economics, and Strategy and leads all fundamental research across sectors and asset classes for Wells Fargo. Diane serves as co-head of the Wells Fargo Securities Diversity and Inclusion Council and sponsors numerous women’s events for clients and team members across the U.S. and internationally. Please join us in congratulating and thanking Diane and all of the women recognized for the positive and lasting impacts they are making on our industry. wellsfargo.com/securities

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from aﬃliated banks and thrifts. ©  Wells Fargo Securities. All rights reserved. lHA-

CN018595.indd 1 4/3/18 11:29 AM An Advertising Supplement to Crain’s New York Business

JEAN D. HAMILTON CARLA A. HARRIS Board director, member Vice chairman, managing BROCK CAPITAL GROUP director and senior client advisor MORGAN STANLEY After being denied admission into the Young Morgan Stanley Men’s Investment Jean Hamilton spent much of her career at Prudential Association on Wall Street Cara Harris works to promote reationships between Financial and its subsidiaries. As CEO of Prudential in 1956, eight women advisers and clients in service of revenue generation is proud to Institutional, she grew the organization’s revenues to across Morgan Stanley. Harris has 30 years of experi- more than $6 billion. She then joined Brock Capital formed the Young Women’s ence in the technology, media, retail, telecommunica- Group, which offers investment banking, advisory and tions, transportation, industrial and health care sectors. fiduciary services. Hamilton is a board or committee Investment Association, She was appointed by President Barack Obama to member at companies including RenaissanceRe Hold- chair the National Women’s Business Council and congratulate * ings Ltd., First Eagle Funds and First Eagle Variable which still thrives today. was named to Fortune’s list of the “50 Most Powerful Funds. She also serves on the investment committees Back Executives in Corporate America.” Harris is an for the Liz Caiborne and Art Ortenberg Foundation accomplished singer who has sold out four concerts in and the Thomas Cole National Historic Site. Carnegie Hall, released several albums and published Carla A. Harris two books. Named one of Crain’s MARY ELLEN BHUVANA ISKENDERIAN JAYARAMAN Notable Women in Finance President and CEO Director of operations – New York City WOMEN’S WORLD and product development BANKING for private banking BNY MELLON WEALTH MANAGEMENT Being recognized on Crain’s inaugural Geraldine Weiss, known Notable Women in Finance list is a testament to Carla’s achievements, as “the Grand Dame of In her role at Women’s World Banking, Mary Ellen Bhuvana Jayaraman’s commitment to diversity, men- ®¯®³«¾³¹¸«¸®³¸ǧ¿¯¸¯³¸¾²¯³¸®¿½¾¼Ãʧ Iskenderian aims to provide low-income women toring and inclusion has defined her career at BNY Dividends,” was the ﬁrst access to the financial resources and tools they need Mellon Wealth Management for the ast 10 years. In ²«¸µÃ¹¿ʦ«¼¶«ʦ°¹¼¾²¯Á¹¼µÃ¹¿®¹ to achieve security and prosperity. She also serves as addition, she helped build a new technology sys- woman to become a a member of the organization’s investment commit- tem to provide better client support and recently licensed investor.** ¯«²®«Ã«¸®°¹¼«¼¼Ã³¸±°¹¼Á«¼®¾²¯ tee, overseeing its $50 million impact investment aunched a digital banking strategy and cash man- ¿¶¾¿¼¯¹°¯Â¯¶¶¯¸¯«¾¹¿¼Ǥ¼·ʧ fund. Iskenderian is an adviser to the Clinton Global agement product in partnership with Pershing. She Initiative and a permanent member of the Council is involved in BNY Mellon’s IMPACT and Women’s on Foreign Reations. She is a passionate advocate for Initiatives Networks. Jayaraman also volunteers at the morganstanley.com/people women’s leadership and microfinance, and is cited Trenton Area Soup Kitchen and founded the Special frequently in the media. Needs Community Tennis Club with her family.

MICHAL KATZ MACRINA KGIL Co-head and managing Managing partner and director, global technology chief financial officer investment banking GPB CAPITAL RBC CAPITAL MARKETS I don’t feel that I’ve faced discrimination. I’ve had every chance to succeed and more, and Michal Katz has helped put RBC Capital Markets on Since joining GPB Capital in ate 2016, Macrina Kgil has I think that’s what all the map as a leading payer in technology investment helped nearly triple the firm’s assets under manage- women should have.” banking. She has increased the firm’s market share ment, to more than $1.6 billion, in part by managing Carla Harris across market segments as measured by Dealogic. In the firm’s growth through acquisitions. Prior to joining Vice Chairman addition, she was a founding member of RBC’s Inno- GPB Capital, she was the executive vice president and JANET YELLEN vation Council and established the firm’s Silicon Valley chief financial officer of OneMain Holdings Inc., an Managing Director Senior Client Advisor CHAIR, U.S. FEDERAL RESERVE ab, which conducts research and development in Indiana-based consumer finance company. A certi- data, security and client experience. Katz is a board fied public accountant, Kgil earned her Bachelor of member and chairs the finance committee of the Science in mineral and petroleum engineering from GRAMMY Museum, founded RBC’s Women’s Profes- Seoul National University in Seoul, South Korea. sional Development Mentorship Program and sits on the Leadership Council of Tech:NYC. ʽȱȯȰȷ¹¼±«¸¾«¸¶¯Ã́¹ʧ«¸®¹¼±«¸¾«¸¶¯Ã ·³¾²«¼¸¯Ãʧ¯·¬¯¼½ ʧȱȯȶȲȵȯȲȯȲʵȰȷ S14 Sources: *Financial Women’s Association **Wall Street Survivor

Finance_Women_7.indd 14 4/5/18 5:31 PM Morgan Stanley is proud to congratulate Carla A. Harris Named one of Crain’s Notable Women in Finance – New York City

Being recognized on Crain’s inaugural Notable Women in Finance list is a testament to Carla’s achievements, ®¯®³«¾³¹¸«¸®³¸ǧ¿¯¸¯³¸¾²¯³¸®¿½¾¼Ãʧ ²«¸µÃ¹¿ʦ«¼¶«ʦ°¹¼¾²¯Á¹¼µÃ¹¿®¹ ¯«²®«Ã«¸®°¹¼«¼¼Ã³¸±°¹¼Á«¼®¾²¯ ¿¶¾¿¼¯¹°¯Â¯¶¶¯¸¯«¾¹¿¼Ǥ¼·ʧ

morganstanley.com/people

Carla Harris Vice Chairman Managing Director Senior Client Advisor

ʽȱȯȰȷ¹¼±«¸¾«¸¶¯Ã́¹ʧ«¸®¹¼±«¸¾«¸¶¯Ã ·³¾²«¼¸¯Ãʧ¯·¬¯¼½ ʧȱȯȶȲȵȯȲȯȲʵȰȷ

CN018602.indd 1 4/3/18 11:26 AM B:11.125” T:10.875” S:10.25”

An Advertising Supplement to Crain’s New York Business

ELLEN MARSHALL BRANDEE MCHALE Metro New York regional Director of corporate market executive citizenship SANTANDER CITI President CITI FOUNDATION Research shows that companies with A big round of applause Ellen Marshall brings more than 30 years of commer- well-rounded and inclusive Brandee McHale directs Citi’s efforts to add social and cial banking experience to Santander’s middle market economic value to society. She oversees the Citi Foun- for making Crain’s Notable business in Manhattan, Long Isand and New Jersey. work environments can dation’s global grant-making strategy and leads the Her appointment in August 2017 was part of the see higher returns company’s citizenship efforts, including volunteerism bank’s efforts to strengthen its commercial banking and environmental sustainability. Under her leadership, Women in Finance list. division. Prior to Santander, she worked at Capital on investment.* Citi is expanding its environmental finance activities, One as the regional market executive for the New developing innovative sustainable financing solutions York metropolitan area. Marshall has also worked and establishing environmental and social risk due for CIT Group and Sovereign Bank. She is a member diligence processes. In 2017, McHale received the Lisa of the Masterwork Chorus, an auditioned chorus in & Dick Cashin Champion of Community Development Morristown, NJ. Award for her leadership, innovation and vision for an And another. inclusive New York City. And another. PAULINA MEJIA NELLE MILLER Regional managing Managing director and director and trust counsel Co-CEO Congrats to Alice Milligan, Barbara Desoer and FIDUCIARY TRUST JPMORGAN NEW YORK PRIVATE BANK Brandee McHale. Your relentless dedication to progress is an inspiration to us all. B:14.75” T:14.5” There is no limit S:14” to what we, as women, From your Citi Family Paulina Mejia serves as office leader for Financial Nelle Miller leads a team of more than 75 finance pro- Trust’s New York City office, working to develop fessionals who provide wealth management advice can accomplish.” complex trust and estate strategies with clients. and services to executives, founders and families in Mejia received her aw degree from Boston College the New York area. Miller also serves as a banker and MICHELLE OBAMA Law School and serves on the board of the American adviser to some of New York’s wealthiest and most FORMER FIRST LADY Bar Association’s Section of Real Property, Trust and well-known families, overseeing more than $15 billion Estate Law. She co-founded the Public Preparatory in assets. Miller joined JPMorgan in 2002 as a research Networks Leadership Council in New York City, and salesperson covering New York-based hedge funds is a member of the panned giving advisory councils and mutual funds. She sits on the board of directors at both New York Presbyterian and the New York of the National Center on Addiction and Substance Historical Society. Abuse and serves on its investment committee.

ALICE MILLIGAN ALYSSA C. MOEDER Chief customer and digital Managing director of experience officer investments CITI GLOBAL CARDS MERRILL LYNCH If you look at what PRIVATE BANKING AND INVESTMENT GROUP this country accomplished only using half of its talent, just think of the potential for the future… we, by some At Citi Global Cards, Alice Milligan manages all aspects A financial services professional since 1991, Alyssa of customer experience and engagement for more Moeder joined Merrill Lynch in 2001. Moeder, who rather stupid decisions, than 55 million card accounts worldwide. She joined served as chair of the Private Banking and Investment essentially put half of our the bank in 2014 with more than 25 years of experience Group Advisory Council to management, specializes in curating the customer experience at American Ex- in providing wealth panning and investment man- talent on the sidelines.” press, Coach and AT&T. Today, she heads a team of 450 agement to multigenerational families, ultra-high-net- staff who are working to redefine the bank’s custom- worth individuals and institutions. Moeder founded the WARREN BUFFETT er-centric culture and set the bar for the next gener- Women’s Exchange, a networking and mentorship pro- ation of digital banking. Milligan has been recognized gram serving more than 5,000 women at Merrill Lynch. CEO, BERKSHIRE HATHAWAY by American Banker as a Digital Banker of the Year She was recognized as one of America’s Top Women finalist and by PaymentsSource as one of its 2018 Most Wealth Advisors in 2017. Influential Women in Payments.

S16 Source: *WOMEN IN THE ECONOMY, 2015 Citigroup © 2018 Citigroup Inc. All rights reserved. Citi, Citi and Arc Design and other marks used herein are service marks of Citigroup Inc. or its afﬁliates, used and registered throughout the world.

Finance_Women_7.indd 16 4/5/18 5:31 PM

STUDIO#: B1122-009811-00.3 CLIENT: CITIBANK Name WC OK Date Agency Job #: B1111-014314-00 Bleed: 11.125” x 14.75” Colors: 4CP VENDOR: PRODIGIOUS in NY Art Director: Lane Mott 4700175903 APP: CS6 PO #: Trim: 10.875” x 14.5” Creative INK: -- ENT 014314 Crains NYC Notable Director: File Name: Live: 10.25” x 14” Women.indd FONTS: Interstate (Light, Copy Writer: -- Magazine Light Italic, Bold, Regular; Scale Ratio: Media Type: 1” : 1” Type 1) Trafﬁc: Joann Wong 04.09.2018 LINKS: Citi_PLT_LO_ Issue Date: Layout DPI: DPI Logo_Tagline_CMYK.ai Production: Joann Wong M_offset_comp_248959. Creation Date: 3-27-2018 2:18 PM Effective DPI: DPI Account tif Laura Traffet Citi_WelcomeWhats- Manager: Last Modiﬁed: 3-29-2018 2:09 PM Deliverable: PDFx1a Next_lockup-out- Proofreader: CRAIN’S lined-v2.ai Publications: Studio: Joaquin David Job Desc: Notable Women PDG_Publicis:Volumes:PDG_Publicis:Citicorp:Mechanicals:2018:ENT:ENT AE OK Rel: File Location: 014314:Documents:ENT 014314 Crains NYC Notable Women.indd -- Proofed @ Notes: None

Proof ROUND ENT 014314 Crains NYC Notable Women.indd Stock: Epson 133 SWOP #: 1.2 A big round of applause for making Crain’s Notable Women in Finance list. And another. And another.

Congrats to Alice Milligan, Barbara Desoer and Brandee McHale. Your relentless dedication to progress is an inspiration to us all.

From your Citi Family

CN018603.indd 1 4/3/18 11:26 AM An Advertising Supplement to Crain’s New York Business KPS

NATALIE MYSHKINA ELIZABETH NIETO CAPITAL PARTNERS, LP First senior vice president Senior vice president and for Bank Leumi USA and global chief diversity and head of strategy inclusion officer LEUMI METLIFE Nothing changes the gender equation more signiﬁcantly than women’s CONGRATULATIONS TO Since joining Leumi in 2014, Natalie Myshkina has economic freedom.” Since Elizabeth Nieto was named global chief helped the bank aunch key initiatives, such as its water diversity and inclusion officer in 2012, MetLife has division. Officially aunched in March 2017, the water implemented its first global D&I strategy, focusing division provides banking services to water-focused GLORIA STEINEM on the development of women globally, along with companies looking to expand internationally. Earlier AMERICAN FEMINIST MOVEMENT regional initiatives and accountability metrics. A in her career, she worked at McKinsey & Company ACTIVIST native of Argentina, Nieto is currently a board mem- and Société Générale Group Bank. She serves on the ber at The Opportunity Network and president of the advisory board of Reach the World, a nonprofit orga- board for A Fair Shake for Youth, which offers New nization inspiring youth to become curious, confident York City middle school students an opportunity to RAQUEL PALMER global citizens by connecting travelers with cassrooms work hands-on with therapy dogs. In 2017, she was in global digital exchanges. In 2017, Myshkina received recognized by El Museo del Barrio for excellence in a Gold Stevie Award for Female Executive of the Year. phianthropy.

RAQUEL PALMER KRISTIE PELLECCHIA Partner, Investment Managing director, Committee Chairperson loan syndications YOUR BRILLIANCE, CREATIVITY, KPS CAPITAL PARTNERS SUMITOMO MITSUI BANKING CORPORATION TENACITY AND LEADERSHIP

Women’s investments ARE AN INSPIRATION! With her partners, Raquel Palmer has helped build KPS Kristie Pellecchia oversees Sumitomo Mitsui Banking from the ground up. She has helped the firm complete Corporation’s syndications of U.S. corporate, middle tend to earn 0.4% more more than 60 controlling investments through four market and Latin American loans. In 2016, her team * institutional investment funds, and she now sits on the significantly increased the bank’s position in the Latin annually than men’s. board of directors of several KPS portfolio companies. American League Tables—an industry ranking—to No. 1. Before joining KPS in 1997, Palmer was an investment The bank ranked second in 2017. Pellecchia received banker in the paper and forest products group at International Finance Review’s Syndicated Loan of the WE ARE SO PROUD OF YOU! Kidder Peabody & Co. In 2017, she was named one of Year award in Latin America in 2015 and 2016. Latin the most influential women in mid-market M&A by Finance named one of her loans “Loan of the Year” in Mergers & Acquisitions. Palmer was also recognized 2015. Pellecchia serves on the board of Riverkeeper, a as one of 10 women “smashing PE’s gass ceiling” by nonprofit dedicated to protecting New York’s water- Buyouts magazine. ways and drinking water.

DENISE PICKETT DIANE SCHUMAKER- Chief risk officer and KRIEG president, global risk, Global head of research, banking and compliance economics and strategy KPS CAPITAL PARTNERS, LP AMERICAN EXPRESS WELLS FARGO SECURITIES A middle market private equity limited partnership focused on Globally, women make constructive investing in highly complex corporate carve-out up almost half of all Denise Pickett oversees control and compliance for Diane Schumaker-Krieg’s division provides research to transactions, restructurings, turnarounds and other special situations. American Express, and is responsible for developing investors worldwide and to all Wells Fargo team mem- employees in the the firm’s risk appetite and ensuring its safety. Previ- bers, including the 35,000-person wholesale banking ﬁnancial services ously, she served as the company’s president of U.S. group and 16,000 financial consultants. She has also consumer services, reaching strategic co-brand agree- held international and domestic corporate treasury 485 LEXINGTON AVENUE, 31ST FLOOR ** industry. ments with Marriott and Hilton and closing 2017 with positions at PepsiCo, Primerica and ExxonMobil. For EW ORK a record number of Patinum Card members. She also the past eight years, American Banker has included N Y , NY 10017 serves as vice chair on both the board of directors of Schumaker-Krieg on its list of the 25 most powerful TEL: 212.338.5100 the United Way of New York City and the Card Policy women in finance. In 2014, Harvard’s Smart Woman Council of the American Bankers Association. Securities named her Woman of the Year. The organization gives undergraduate women the opportunity to learn more about investing.

S18 Sources: *Fidelity Investments **International Labour Organization www.kpsfund.com

Finance_Women_7.indd 18 4/5/18 5:31 PM fullpage copy.indd 1 4/2/18 10:17 AM KPS CAPITAL PARTNERS, LP

CONGRATULATIONS TO

RAQUEL PALMER

YOUR BRILLIANCE, CREATIVITY, TENACITY AND LEADERSHIP ARE AN INSPIRATION!

WE ARE SO PROUD OF YOU!

KPS CAPITAL PARTNERS, LP

A middle market private equity limited partnership focused on constructive investing in highly complex corporate carve-out transactions, restructurings, turnarounds and other special situations.

485 LEXINGTON AVENUE, 31ST FLOOR NEW YORK, NY 10017 TEL: 212.338.5100

www.kpsfund.com

fullpageCN0185601.indd copy.indd 1 1 4/2/184/2/18 10:17 5:18 PMAM An Advertising Supplement to Crain’s New York Business

WENDY SEGAL EMILY STODDARD LULU C. WANG Senior vice president and Middle market team lead– Founder and CEO team leader, commercial New York City TUPELO CAPITAL banking TD BANK MANAGEMENT CITY NATIONAL BANK

Responsible for the New York metropolitan region, Emily Stoddard leads a commercial banking team Lulu Wang has held senior positions in money manage- Wendy Segal delivers customized financial solutions that aims to grow TD Bank’s loan portfolio through ment since 1982. Wang founded Tupelo Capital Man- to mid-sized businesses. Prior to joining City Nation- deposits, products and services offered to mid- agement, a private hedge fund, in 1997. Prior to that she al Bank in September 2016, Segal spent 24 years at dle-market businesses throughout the five boroughs. was a director and executive vice president at Jennison JPMorgan Chase, most recently as a market executive She serves on TD Bank’s Metro New York Regional Associates Capital Corporation, where she managed as- in the commercial bank. Earlier in her career, she was Diversity Council and co-leads TD Bank’s Metro New sets for pension, endowment and mutual funds. Wang’s a reationship executive in the firm’s corporate client York women in leadership business resource group. professional and nonprofit work has included serving banking group, covering public and private compa- Stoddard was also recently selected to steward new on the boards of MetLife Insurance Company, Columbia nies with $250 million to $5 billion in annual revenue. women in leadership development program for top Business School and the Metropolitan Museum of Art. She holds a bachelor’s degree in biochemistry from talent women in TD Bank’s commercial bank. She Her achievements have been honored by the American Barnard College. is an active board member and the treasurer of the Women’s Economic Development Corporation, the Boys and Girls Club of Northern Westchester. New York City Commission on the Status of Women and the New York Women’s Agenda.

“We will go forward... we will never go back.” MICHAEL BLOOMBERG, CEO, BLOOMBERG

Proud to celebrate

U.S. Bank applauds Leslie Godridge

We’re proud to recognize our own Congratulations, Leslie Godridge, Leslie Godridge among Crain’s and all Crain’s NY honorees. NY Notable Women in Finance. Your commitment to effective Godridge brings more than 30 years leadership is an inspiration to of banking experience to her role as women across the industry. vice chairman and co-head of Corporate & Commercial Banking at U.S. Bank. Over the years, she has been honored numerous times for her social responsibility, expertise and leadership.

S20

Finance_Women_7.indd 20 4/5/18 5:31 PM An Advertising Supplement to Crain’s New York Business The life-work baance: precision required

Industry leaders say that excellence at work The power of presence beers. But she said she feels confident about her and at home is a juggling act that requires For Emily Stoddard, a senior vice president at TD Bank, choices, knowing she finishes her work and she’s trans- achieving a work-life baance is less important than parent about her priorities. careful attention to detail. achieving presence: When she’s at home, she wants to Her workdays revolve around a short-term, prioritized be present for her young son. And when she’s at work, Brandee McHale wakes each morning before her hus- to-do list. After her son’s early bedtime, she’ll crank out running a four-person team of reationship managers, band and children. She pours a cup of coffee and lets more work if needed. If something doesn’t get done, it she aims to be focused and to power her two small dogs outside as she watches the sun rise moves to the next day’s list. through her task list. over the Empire State Building. When she comes inside, Since becoming a mother, Stoddard in those first quiet moments of the day, she studies the The ticket to juggling her work and Top women in finance said, she’s had to turn down some family calendar. She uses it to track her teenagers’ pans personal life, she said, comes down to often juggle heavy community commitments when it’s and to ensure her husband, a stay-at-home dad, knows catching the same 5 p.m. train home clear they’ll take away from her other her upcoming events and travel schedule. to Westchester at the end of each day. workloads with an array priorities. She continues to serve “That helps me stay on target,” she of competing demands By 7:30 a.m., she’s headed from her home in Glen Ridge, as treasurer for the Boys and Girls said. “If I don’t get that train, I could be N.J., to her Manhattan office, where she works as Citi’s di- Club of Northern Westchester, and here all night.” outside of work rector of corporate citizenship and president of the Citi she still makes it to weekend spin Foundation. This intentional start to the day, McHale said, Her husband stays at home with the casses—“My brain drain, as I call it.” is a habit developed over years—and it’s critical if she’s to couple’s 3-year-old son, so for Stoddard, the evenings But her chief interest right now is spending time with keep her life and work running smoothly. and weekends take on a special importance. Part of her young family. being present as a mom, she said, means leaving the Top women in finance often juggle heavy workloads Browning and McHale agree that it’s crucial to identify office early enough to make dinner and spend time with an array of competing demands outside of work: the important obligations and activities and to commit with her family. social obligations, partners and families, household to them—and to let go of the less important ones. upkeep and personal interests. “My organization is very understanding of that,” she “I was raised in a generation and a time when I was told, said. “No one ever questions it.” Domestic abor, including housework and caring for ‘You can have it all,’” McHale said. “And you can have it children, still falls disproportionately to women, even Women can sometimes be self-conscious about leav- all; you can work to have it all. But you can’t always have if they also have a full-time job, the Bureau of Labor ing work for the day, she said, when it seems their male it all equally at the same time. I’ve had to give myself a Statistics has found. In 2016 one in every two wom- colleagues stay ate and then go out for after-work break and say, ‘What’s the priority right now?’” en reported doing housework on an average day, compared with one in five men. Women with young children spent more than an hour per day feeding or bathing their children, while men spent less than 30 minutes on the same tasks. Women mentoring women

McHale and other leading women in the industry say organization is paramount to handling their extensive In conversations with lead- formal structure that in- As Kgil sees it, mentorship For example, Drescher of commitments. ing women in the industry, volves steering committees is an activity that benefits Apollo Global Manage- one theme persists: One of and regu arly scheduled the mentee and the men- ment volunteers with the Strict panning reigns supreme among Candace the best ways to increase meetings; others empha- tor—and the company as Young Women’s Leader- Browning’s tools for managing her busy days. Her women’s participation in size more informal points a whole. ship Schools, a network of children are now 30 and 24, so the challenge of caring finance is by mentoring of connection. all-girls schools in under- for school-age kids is behind her. But Browning, the female employees earlier “Through mentorship, we’re served communities that head of global research for Bank of America Merrill in their careers. Formal Stephanie Drescher, the helping our own people seeks to prepare girls for global head of business grow,” she said. “We’re a Lynch, said handling her obligations still requires her programs, informal con- college. YWLS serves more development and investor high-growth company, and to be “extremely disciplined.” versations and community than 2,000 students, involvement are helping to re ationship management our people are critical to many of whom will be the Her day starts with an early morning trip across the shape the next generation at Apollo Global Man- our continued success.” first in their families to agement, is a co-chair of street to her gym. She takes a cab and subway from of female leaders. attend college. the company’s Women’s Mentorship over lunch her home on the Upper East Side to arrive at her Many leading women have Empowerment Network. Mentorship success stories For years, Karen Altfest, Midtown office by 8 a.m. She then starts in on a packed had mentors who p ayed The program pairs women the principal adviser and schedule, followed by frequent evening commitments. a key role in their own early in their careers with While mentorship pro- executive vice president Adhering to a written pan for each day is the essential career advancements, and more senior mentors, both grams can help foster of Altfest Personal Wealth ingredient to fitting it all in. they want to give back by male and female. strong ties within a com- Management, has hosted providing a simi ar form of pany, many women agree quarterly lunch meetings “I try not to make changes, and I try not to waste any assistance. The goal of the program that the ultimate reward time,” Browning said. “I treat it as a precious commodity.” is to help Apollo hire, de- for a group of about a doz- is watching the change “I’ve had phenomenal velop and retain talented en women at her firm. The they bring to individual Browning’s and McHale’s approaches to time mentors over the course of women. events serve as opportuni- women’s lives. management have evolved throughout their careers. my life,” said Macrina Kgil, ties for informal mentor- Browning has become more careful about and atten- a managing partner and “We want to encourage ship and discussion. “We have a woman here the chief financial officer long-term careers and who started off as an in- tive to her schedule, while McHale and her husband “These meetings encour- at GPB Capital. “I’ve been provide leadership and tern around 17 years ago,” had to adjust when they decided almost a decade age younger women to get fortunate to connect with advancement opportuni- Altfest recalled. “Now she’s ago that he should stay home. more confident in sharing amazing people I could al- ties at the firm,” Drescher a leader and very self- their perspectives,” Altfest ways go to for an objective said. Through the net- confident—but she wasn’t “It didn’t automatically alleviate the stress we both said. “I’ve seen people view on my problems and work, she said, Apollo has always that way. Some had been feeling as we tried to stay on top of all the start off not wanting to concerns. What I’d like to aunched initiatives aimed of that, I’m sure, is a part growing demands in our lives,” McHale said. offer anything, and after do is to be who they were at helping women network of growing up, but I like and engage with industry a few months they’re in to also think that our Eventually, the couple determined how to share re- for me.” groups, external leaders there, participating with mentorship had some- sponsibilities to achieve the greatest benefit. Corporate mentorship and the wider community. everyone.” thing to do with it.” programs “We really have a partnership in how we’re going to At GPB Capital, more For many women, mentor- “We were willing to manage our family, personal and professional There are many different senior employees are ship extends outside the include her in things, to commitments,” McHale said. approaches to mentorship encouraged to mentor not office. Through community- let her pick things up and in the workp ace, all aimed only their immediate team focused mentorship initia- run with them,” Altfest She and her husband had to work out arrangements at the same goal of help- members, but also people tives, women serve as role said. “And look where it between them, McHale said, likening the process to ing women thrive. Some outside their own areas of models for girls, or for wom- took her.” an office setting in which roles must be established. companies have a more specialization. en outside the industry.

S21

Finance_Women_7.indd 21 4/5/18 5:31 PM An Advertising Supplement to Crain’s New York Business

The true gains of gender diversity

As it turned out, the piece was commissioned by asset based on criteria such as having at least three women Boards with more female manager State Street Global Advisors to call attention on the board—delivered 36.4% greater average return to the growing importance of gender diversity in cor- on equity on an equal-weighted basis. MSCI noted that leaders can help boost porate leadership. SSGA coupled the gesture with new firms with more female leaders experienced fewer gender diversity guidance for the 3,500 companies in governance-reated controversies. which it invests. financial performance “Having broad perspective on the board is valuable to The firm’s message: More female leadership “provides a business,” said Jean D. Hamilton, a senior managing companies with new perspectives and approaches that director of Brock Capital Group and a board member Last year on International Women’s Day, a may lead to better business results.” at RenaissanceRe Holdings Ltd., among other organizations. “Women’s differing personal and business SSGA’s move was timely: A growing body of research new symbol of female leadership popped experiences can help a company find tools to develop suggests better representation of women in leadership and implement a better corporate strategy.” roles correates to stronger corporate performance. up in New York’s Financial District. A stat- Diane Schumaker-Kreig, the global head of research, In a 2014 analysis of 3,000 organizations, Credit Suisse economics and strategy for Wells Fargo, finds in- ue, of a girl with her hands on her hips found that publicly traded companies with more than creased leadership diversity is a key driver of what one woman on the board had a 3.7% greater annual re- she said is most important for successful businesses: and a confident smile facing the iconic turn than companies without female board members. diversity of thought. The same research determined that companies with Wall Street bull, got Wall Street suits greater overall representation of women in leadership “Women have unique knowledge and perspective, had higher valuations and payout ratios. and they make or influence a majority of household talking—and tourists snapping selfies. purchases, so they can bring better insight into how More recently, MSCI research found that firms in the products could be developed or improved,” Schumak- MSCI World Index with strong female leadership— er-Kreig said. Drawing on that deeper pool of insight

GPB Capital is proud to be named 2017 Best Places to Work in NYC

GPB Capital is proud to represent a culture where individuals thrive, and inﬂ uential leaders are recognized.

GPB Capital Holdings, LLC is an investment adviser registered with the SEC.

S22 GPBC_Crains_Best Places Ad_v2.indd 1 4/3/18 4:55 PM

Finance_Women_7.indd 22 4/5/18 6:08 PM An Advertising Supplement to Crain’s New York Business

The true gains of gender diversity

can allow a company to have a more comprehensive understand the multiple SSGA isn’t alone. A 2017 debate over its panning issues and options, she said. reasons why that’s oc- global study by the curred, and go specifically Wharton School identified A push to diversify after those issues and not nearly 60 private equity, But in today’s corporate America, a dearth of women generalize the problem. It venture capital and private in senior leadership remains. may well be different by debt funds that explicitly company or industry.” operate through a gender As part of a follow-up study in 2017, MSCI found that lens. Almost half of the while the numbers are slowly increasing, only 17% of In technology, for instance, funds had been aunched directorships are held by women. Nearly every com- the reative ack of women that year, for $1.3 billion pany in the index has a majority male board, and more leaders with operating in capital invested with than one in five company boards have no women at experience can make it an eye toward greater all. These facts fly in the face of an ever-narrowing particuarly hard to diversi- opportunity for women in qualification and education gap. fy at the board level, leadership. Hamilton said. The same study found that while female directors have Back in corporate board- less C-level or chief-level experience on average, they While the problem is rooms, progress on the tend to surpass men in attaining advanced degrees. nothing if not complicated, diversity front can be frus- One bright spot MSCI found was a rapid increase in recently there’s been an tratingly slow. But it’s still worth celebrating. women-held chief financial officer positions. increased push to diversify corporate boards, not just by the companies themselves but by investors. The “When I first started, it was less common for women Hamilton of Brock Capital cautions against attributing “Fearless Girl” statue marked the first anniversary of the to serve on boards,” Hamilton said. “The challenge the disparity solely to a bias or an inclination to hire SPDR SSGA Gender Diversity Index ETF (SHE), a fund was greater when there weren’t many women working men first. “It is true that growth has been slower than that invests in companies with high gender diversity for in the industry. But in more recent years that’s been people would like,” she said. “But it’s also important to their sector. changing quite nicely.”

We congratulate Paulina Mejia and all of 2018’s Notable Women, for their notable achievements and dedication to the New York City community.

More than 85 Years of Truly Personalized Wealth Management.

fiduciarytrust.com

S23

FTCI_BIGWORD_MAG_9.125x6.875_CRAIN_0318.indd 1 28/03/18 10:46

Finance_Women_7.indd 23 4/5/18 5:31 PM PROMOTION

Extended Do you know a Notable Woman deadline: in Real Estate? April 18 …someone who through professional achievements, leadership skills and impact on the local community is taking a bite out of the big apple?

Join us in our year-long series that celebrates and lauds accomplished women across different industries.

Crain’s is recognizing NOTABLE WOMEN in commercial or residential real estate, construction, architecture and engineering in a print section in the Crain’s New York Business May 28 issue.

Nominate by April 18 Crainsnewyork.com/NotableWomenRE

CN018611.indd 1 4/5/18 1:08 PM EXECUTIVE MOVES Advertising Section New hires, promotions and board appointments. Place your listing at crainsnewyork.com/execmoves or contact [email protected]

❚ CONSTRUCTION ❚ LAW ❚ LAW ❚ PROFESSIONAL SERVICES Clune Construction Jenner & Block Jenner & Block West Monroe Partners Michael Amron has Laura P. MacDonald David C. Lachman is a Lou Brothers has been been promoted to Senior is a litigator who focuses litigator whose practice promoted to a director Vice President. Michael in the M&A practice, her practice on complex focuses on represent- has worked in the New based in NYC. Applying York real estate and commercial litigation, fi- ing corporations and more than 15 years of construction market nancial services litigation individuals in high-stakes experience in enterprise for 31 years and for the and international arbitra- government enforcement assessment and improve- past 16 years has led tion. She represents companies in complex actions and internal investigations, with a ment, he works with business development for national general commercial disputes and class actions in a particular emphasis on complex cross-bor- financial and strategic buyers to generate contractors. Clune is a national, full-service new revenue, increase profits, and deliver broad range of industries. der matters. general contractor with offices in New York; value to customers and shareholders. Chicago; Los Angeles; San Francisco and Washington, DC. Smith, Gambrell & Russell, LLP Romer Debbas HBR Consulting James Lotito, SGR Romer Debbas LLP, a HBR Consulting has ele- Partner and Head of New New York City-based vated Nick Quil to CEO. York Litigation, practices law firm specializing As a co-founder of HBR, in construction law and Clune Construction in commercial and Quil’s contributions have commercial litigation. residential real estate been integral to the devel- Sean Clune has been James has significant promoted to Senior Vice transactions, announced opment and success of the experience litigating President, Team Leader. attorney Daniel Gershburg joins the firm Firm. During his tenure Sean has more than 12 domestic and international disputes in state as a partner specializing in bankruptcy law. as president, Quil led operations, practice years of construction and federal courts as well as arbitrations Gershburg will also head Romer Debbas’ group and strategy initiatives. Christopher management experience and mediations administered through the new Brooklyn office in Williamsburg that Petrini-Poli, co-founder and current CEO, and has played an integral International Chamber of Commerce and will open April 1st. becomes executive chairman. role in the establishment American Arbitration. and growth of Clune’s New York office. He leads a large project team and has managed multiple projects of more than 100,000-square-feet for high-level clients ❚ REAL ESTATE in Manhattan. He holds a Bachelor of Arts degree from Tulane University. Clune is Trinity Place Holdings Inc. a national, full-service general contractor In this role Mr. Charles with offices in New York; Chicago; Los An- Gans will primarily geles; San Francisco and Washington, DC. oversee the development and construction of CRAIN’S 77 Greenwich Street, a EXECUTIVE MOVES new 300,000 square foot mixed-use building in Clune Construction Lower Manhattan that will feature 90 luxury condominium homes, neighborhood retail, Chris Nangano has been promoted to Vice Presi- and a public elementary school. A seasoned dent. Chris has 12 years of real estate industry professional, he brings overall construction expe- over a decade of real estate development, rience and eight years of construction, transaction and public-private experience specializing in partnership experience to Trinity. Prior Mission Critical projects. to joining Trinity, he served as Executive He holds a Bachelor of Science degree in Business Management Vice President and co-head of the NYC’s from Seton Hall University. Clune is a na- Economic Development Corporation’s tional, full-service general contractor with Real Estate Transactions Department and offices in New York; Chicago; Los Angeles; spent several years at Bovis Lend Lease as a San Francisco and Washington, DC. construction manager.

❚ HEALTH CARE

Truveris Structure Tone Truveris appointed Sally Structure Tone has pro- Welborn, former head moted Stacey Dackson of Walmart global to Vice President & Di- benefits to the Truveris rector of Special Projects. Board of Directors. With Dackson joined Structure more than 30 years of ex- Tone in 2005 after work- perience, Sally has a deep perspective of the ing for several NYC-based construction and health care industry, an in-depth knowledge real estate firms. Her signature projects of retirement plans and significant experi- include high-profile interior build-outs for ence in managing total rewards programs. such clients as Bank of America, A&E TV and Pearson Education.

Placement Guaranteed

APRIL 2, 2018 | CRAIN’S NEW YORK BUSINESS | 45

P045_CN_20180409.indd 45 4/4/2018 2:41:34 PM TO PLACE A CLASSIFIED AD, CALL 1 212-210-0189 OR EMAIL [email protected]

POSITION AVAILABLE PUBLIC & LEGAL NOTICES

NOTICE of OF LAW OFFICES FORMA- NOTICE OF FORMATION OF 8870 LINK, Notice of Formation of POETIC Solutions Principal for Verint Systems, TION OF JARRETT ADAMS, PLLC, Arts of LLC. Articles of Organization filed with GROUP LLC Arts. of Org. filed with Inc. - (telecommuting position -- can be Org filed with Secy. of State of NY the Secretary of State of NY (SSNY) on Secy. of State of NY (SSNY) on 02/ (SSNY) on 11/16/17. Office location: performed from anywhere in the U.S.) to February 26, 2018. Office location: 06/18. Office location: NY County. NY County. SSNY designated agent NEW YORK County. SSNY has been SSNY designated as agent of LLC establish and drive enterprise software upon whom process may be served and designated as agent upon whom proc- upon whom process against it may shall mail copy of process against PLLC sales strategy. Requires: ten years of ess against it may be served. The Post be served. SSNY shall mail process to 561 10th Ave, Unit 310, NY. NY, Office address to which the SSNY shall to c/o Adam Berkowitz, 1330 Ave. experience with enterprise software 10036. mail a copy of any process against the of the Americas, 14th Fl., NY, NY sales or deployment, including customer 8870 LINK, LLC served upon him/her 10019. Purpose: Any lawful activity. PARKER MARTIN VENTURES LLC filed is: 10091 Park Run Drive Ste 200 Las engagement solution or, alternatively, Arts. of Org. with the NY Sect’y of Vegas, Nevada 89145.The principal Notice of Qualification of PINZ CAPITAL Bachelor’s degree in computing science, State (SSNY) on 2/5/2018. Office lo- business address of the LLC is: 10091 SPECIAL OPPORTUNITES USA, LP Appl. information technology or related ﬁeld cated in NY County. SSNY has been Park Run Drive Ste 200 Las Vegas, Ne- for Auth. filed with Secy. of State of NY designated as agent of the LLC upon vada 89145. Purpose: any lawful act or (SSNY) on 03/07/18. Office location: (willing to accept foreign education equiv- whom process against it may be activity. NY County. LP formed in Delaware (DE) alent) and eight years of work experience served. SSNY shall mail process to: on 02/27/18. Duration of LP is Perpet- 176 E. 71st St. Apt 10B, NY NY Notice of formation of KH 205 Smith as noted above. To apply, sent resume ual. SSNY designated as agent of LP 10021. Purpose: any lawful act. LLC. Arts of Org filed with Secy of State upon whom process against it may be to [email protected] with Job ID of NY (SSNY) on 11/10/17. Office loca- served. SSNY shall mail process to the tion: NY Cnty. SSNY designated agent 025025-1176. Notice of Formation of TRIPLE D LEND- Partnership, 150 E. 52nd St., 29th Fl., ER LLC Arts. of Org. filed with Secy. of upon whom process may be served and NY, NY 10022. The regd. agent of the We are an equal opportunity employer. State of NY (SSNY) on 03/23/18. Of- shall mail copy of process against LLC company upon whom and at which proc- fice location: NY County. SSNY desig- to principal business address: 511 Ca- ess against the company can be served nated as agent of LLC upon whom proc- nal St. 6th Fl. NY, NY 10013. Purpose: is Matthew Pinz, c/o Pinz Capital Man- PUBLIC & LEGAL ess against it may be served. SSNY any lawful act. agement, LP, 150 E. 52nd St., 29th NOTICES shall mail process to the LLC, Attn: Fl., NY, NY 10022. Name and addr. of General Counsel, One Bryant Park, NY, Notice of Formation of EGS CAPITAL, each general partner are available from LLC Arts. of Org. filed with Secy. of SSNY. DE addr. of LP: 251 Little Falls ALL PRO OPERATIONS LIMITED LIABILI- NY 10036. Purpose: Any lawful activity. State of NY (SSNY) on 03/05/18. Of- Dr., Wilmington, DE 19808. Cert. of LP TY COMPANY, Arts. of Org. filed with fice location: NY County. SSNY desig- filed with Secy. of State of the State of the SSNY on 01/23/2018. Office loc: Notice of Qualification of SOVEREIGN nated as agent of LLC upon whom proc- DE, 401 Federal St., Dover, DE 19901. NY County. SSNY has been designated VALUE-ADD & INCOME STRATEGY, LLC ess against it may be served. SSNY Purpose: Any lawful activity. as agent upon whom process against Appl. for Auth. filed with Secy. of State shall mail process to c/o Timothy P. the LLC may be served. SSNY shall of NY (SSNY) on 02/21/18. Office lo- Terry, 667 Madison Ave., 24th Fl., NY, mail process to: Fawwaz Ali, 451 Shep- cation: NY County. LLC formed in Dela- Notice of Formation of 174-176 1st Ave- NY 10065. Purpose: Any lawful activity herd Avenue, Brooklyn, NY 11208. Pur- ware (DE) on 02/01/18. SSNY desig- nue Investors LLC. Arts. of Org. filed pose: Any Lawful Purpose. nated as agent of LLC upon whom with Secy. of State of NY (SSNY) on 03 process against it may be served. Notice of Formation of ARTEMESIA SPE /14/18. Office location: NY County. Notice of Formation of BLUE BOAT DA- SSNY shall mail process to the LLC, c LLC Arts. of Org. filed with Secy. of SSNY designated as agent of LLC upon TA LLC Arts. of Org. filed with Secy. of /o Sovereign Partners, LLC, 747 Third State of NY (SSNY) on 02/15/18. Of- whom process against it may be State of NY (SSNY) on 03/15/18. Of- Ave., 37th Fl., NY, NY 10017. DE fice location: NY County. SSNY desig- served. SSNY shall mail process to: c/ fice location: NY County. SSNY desig- addr. of LLC: 251 Little Falls Dr., Wil- nated as agent of LLC upon whom proc- o Highpoint Property Group, 20 West nated as agent of LLC upon whom proc- mington, DE 19808. Cert. of Form. ess against it may be served. SSNY 22nd St., Ste. 1601, NY, NY 10010, ess against it may be served. SSNY filed with DE Secy. of State, 401 Fed- shall mail process to c/o Royalton Capi- Attn: Drew Popkin. Purpose: any lawful shall mail process to Corporation Serv- eral St., Ste. 4, Dover, DE 19901. tal, LLC, 18 E. 48th St., 19th Fl., NY, activities. ice Co., 80 State St., Albany, NY NY 10017. Purpose: Any lawful activity. Purpose: Any lawful activity . 12207-2543, regd. agent upon whom Notice of Qualification of BROOKFIELD and at which process may be served. Notice of Formation of 4EN CHARLES Block Party Films LLC. Art. of Org. filed STRATEGIC REAL ESTATE PARTNERS III- Purpose: Any lawful activity. HOLDINGS LLC Arts. of Org. filed with with the SSNY on 01/16/18. Office: A L.P. Appl. for Auth. filed with Secy. of New York County. SSNY designated as State of NY (SSNY) on 02/14/18. Of- NOTICE OF FORMATION OF HUT CON- Secy. of State of NY (SSNY) on 03/ agent of the LLC upon whom process fice location: NY County. LP formed in SULTING LLC. Articles of Organization 27/18. Office location: NY County. against it may be served. SSNY shall Delaware (DE) on 07/11/17. Princ. of- filed with the Secretary of State of NY SSNY designated as agent of LLC upon mail copy of process to the LLC, 140 W fice of LP: Brookfield Place, 250 Vesey (SSNY) on 1/26/18. Office location: whom process against it may be 70th St, Apt 3R, New York, NY 10023. St., 15th Fl., NY, NY 10281. Duration NEW YORK County. SSNY has been served. SSNY shall mail process to c/o Purpose: Any lawful purpose. of LP is Perpetual. SSNY designated as designated as agent upon whom proc- Corporation Service Co., 80 State St., agent of LP upon whom process ess against it may be served. The Albany, NY 12207, regd. agent upon Notice of Qualification of LIBREMAX GP against it may be served. SSNY shall Post Office address to which the whom and at which process may be HOLDINGS, LLC Appl. for Auth. filed mail process to the Partnership at the SSNY shall mail a copy of any process served. Purpose: Any lawful activity. with Secy. of State of NY (SSNY) on 03 princ. office of the LP. Name and addr. against the LLC served upon him/her /19/18. Office location: NY County. of each general partner are available is: C/O HARUMI URATA-THOMPSON Notice of Formation of BRIDGETON DE- LLC formed in Delaware (DE) on 03/ from SSNY. DE addr. of LP: Corporation 200 WEST 54TH ST., APT. 7 NEW VELOPMENT GROUP LLC Arts. of Org. 14/18. Princ. office of LLC: 600 Lexing- Service Co., 251 Little Falls Dr., Wil- YORK, NEW YORK 10019. The princi- filed with Secy. of State of NY (SSNY) ton Ave., 19th Fl., NY, NY 10022. mington, DE 19808. Cert. of LP filed pal business address of the LLC is: C on 03/27/18. Office location: NY Coun- SSNY designated as agent of LLC upon with DE Secy. of State, Dept. of State, /O HARUMI URATA-THOMPSON 200 ty. Princ. office of LLC: 220 5th Ave., whom process against it may be Div. of Corps., John G. Townsend Bldg., WEST 54TH ST., APT. 7 NEW YORK, 19th Fl., NY, NY 10001. SSNY desig- served. SSNY shall mail process to the P.O. Box 898, Dover, DE 19903. Pur- NEW YORK 10019. Purpose: any law- nated as agent of LLC upon whom proc- LLC, Attn: Fred Brettschneider at the pose: Any lawful activity. ful act or activity ess against it may be served. SSNY princ. office of the LLC. DE addr. of shall mail process to Corporation Serv- LLC: c/o Corporation Service Co., 251 Notice of Formation of PAUL ARNHOLD ice Co., 80 State St., Albany, NY Little Falls Dr., Wilmington, DE 19808. GLASS, LLC Arts. of Org. filed with 12207. Purpose: Any lawful activity. Secy. of State of NY (SSNY) on 03/ Cert. of Form. filed with Secy. of State 06/18. Office location: NY County. of the State of DE, Div. of Corps., John Notice of formation of The Center for In- Princ. office of LLC: 500 W. 21st St., G. Townsend Bldg., Federal & Duke of tegrative Therapies, LLC. Arts of Org #4A, NY, NY 10011. SSNY designated York Sts., Dover, DE 19901. Purpose: filed with Secy. of State of NY (SSNY) as agent of LLC upon whom process Any lawful activity. on 10.12.17. Office location: NY Coun- against it may be served. SSNY shall ty. SSNY designated agent upon whom mail process to Paul Arnhold at the Notice of Qualification of 30 PARK process may be served and shall mail princ. office of the LLC. Purpose: Any PLACE UNIT 74A-1 LLC Appl. for Auth. copy of process against LLC to 1201 lawful activity. filed with Secy. of State of NY (SSNY) Broadway, Suite 1003 NY, NY 10001. on 02/28/18. Office location: NY Coun- Notice of Formation of 174-176 1st Ave- ty. LLC formed in Delaware (DE) on 11/ nue Sponsor LLC. Arts. of Org. filed RD REAL ESTATE DEBT NEB II LLC. 01/17. SSNY designated as agent of with Secy. of State of NY (SSNY) on 03 Arts. of Org. filed with the SSNY on 02/ LLC upon whom process against it may /14/18. Office location: NY County. 08/18. Office: New York County. SSNY be served. SSNY shall mail process to SSNY designated as agent of LLC upon designated as agent of the LLC upon c/o Corporation Service Co., 80 State whom process against it may be whom process against it may be St., Albany, NY 12207-2543. DE addr. served. SSNY shall mail process to: c/ served. SSNY shall mail copy of proc- of LLC: 251 Little Falls Dr., Wilmington, o Highpoint Property Group, 20 West ess to the LLC, c/o RD Advisors LLC, DE 19808. Cert. of Form. filed with DE 22nd St., Ste. 1601, NY, NY 10010, 341 West 38th Street, Suite 800, New Secy. of State, John G. Townsend Attn: Drew Popkin. Purpose: any lawful York, NY 10018. Purpose: Any lawful Bldg., 401 Federal St., Dover, DE activities. purpose. 19901. Purpose: Any lawful activity.

46 | CRAIN’S NEW YORK BUSINESS | APRIL 9, 2018

P046-47_CN_20180409.indd 46 4/6/2018 4:22:39 PM TO PLACE A CLASSIFIED AD, CALL 1 212-210-0189 OR EMAIL [email protected]

PUBLIC & LEGAL NOTICES

Notice of Qualification of EMERGING Notice of Qualification of HARVEST Notice of Qualification of TG 29 HOSPI- Notice of Qualification of LIBREMAX CAPI- VARIANT PARTNERS A LP Appl. for EDGE GLOBAL RISK PREMIA EQUITY, TALITY, LLC Appl. for Auth. filed with TAL HOLDINGS, LP Appl. for Auth. filed Auth. filed with Secy. of State of NY LP Appl. for Auth. filed with Secy. of Secy. of State of NY (SSNY) on 03/ with Secy. of State of NY (SSNY) on 03/ (SSNY) on 02/16/18. Office location: State of NY (SSNY) on 03/05/18. Of- 23/18. Office location: NY County. LLC 19/18. Office location: NY County. LP NY County. LP formed in Delaware (DE) fice location: NY County. LP formed in formed in Delaware (DE) on 02/21/18. formed in Delaware (DE) on 03/14/18. on 02/12/18. Princ. office of LP: 3 Co- Delaware (DE) on 02/28/18. Princ. of- Princ. office of LLC: 2 Pennsylvania Pla- Princ. office of LP: 600 Lexington Ave., lumbus Circle, 15th Fl., NY, NY 10019. fice of LP: Harvest Volatility Manage- za, 19th Fl., NY, NY 10121. SSNY des- 19th Fl., NY, NY 10022. Duration of LP Duration of LP is Perpetual. SSNY desig- ment, LLC, The Graybar Bldg., 420 Lex- ignated as agent of LLC upon whom is Perpetual. SSNY designated as agent nated as agent of LP upon whom proc- ington Ave., Ste. 2620, NY, NY 10170. process against it may be served. of LP upon whom process against it may ess against it may be served. SSNY Duration of LP is Perpetual. SSNY desig- SSNY shall mail process to c/o Corpo- be served. SSNY shall mail process to c/ shall mail process to Attn: Santiago nated as agent of LP upon whom proc- ration Service Co., 80 State St., Alba- o LibreMax GP Holdings, LLC, Attn: Fred Jariton at the princ. office of the LP. ess against it may be served. SSNY ny, NY 12207-2543. DE addr. of LLC: Brettschneider at the princ. office of the Name and addr. of each general part- shall mail process to the Partnership, 251 Little Falls Dr., Wilmington, DE LP. Name and addr. of each general partner are available from SSNY. DE addr. Attn: Curtis F. Brockelman, Jr., 420 Lex- 19808. Cert. of Form. filed with DE ner are available from SSNY. DE addr. of of LP: c/o Corporation Service Co., 251 ington Ave., Ste. 2656, NY, NY 10170. Secy. of State, Div. of Corps., John G. LP: c/o Corporation Service Co., 251 Lit- Little Falls Dr., Wilmington, DE 19808. Name and addr. of each general part- Townsend Bldg., 401 Federal St., Ste. tle Falls Dr., Wilmington, DE 19808. Cert. of LP filed with Secy. of State of ner are available from SSNY. DE addr. 4, Dover, DE 19901. Purpose: Any law- Cert. of LP filed with Secy. of State of the the State of DE, Div. of Corps., John G. of LP: c/o Corporation Service Co., 251 ful activity. State of DE, Div. of Corps., John G. Town- Townsend Bldg., Federal & Duke of Little Falls Dr., Wilmington, DE 19808. send Bldg., Federal & Duke of York Sts., York Sts., Dover, DE 19901. Purpose: Cert. of LP filed with Secy. of State of Formation of First Tracks Management, Dover, DE 19901. Purpose: Any lawful Any lawful activity. the State of DE, Div. of Corps., John G. LLC filed with the Secy. of State of NY activity. Townsend Bldg., Federal & Duke of (SSNY) on 1/10/18. Office loc.: NY York Sts., Dover, DE 19901. Purpose: County. SSNY designated as agent of Notice of Formation of FP NEW CITY LLC Notice of Qualification of 30 PARK Any lawful activity. LLC upon whom process against it may Arts. of Org. filed with Secy. of State of be served. The address SSNY shall PLACE UNIT 74A LLC Appl. for Auth. NY (SSNY) on 01/31/18. Office location: mail process to 750 Third Ave., 33rd filed with Secy. of State of NY (SSNY) NY County. Princ. office of LLC: 270 Notice of Qualification of CS ADJACENT Fl., New York, NY 10017. Purpose: on 02/28/18. Office location: NY Coun- Madison Ave., Ste. 1801, NY, NY INVESTMENT PARTNERS GP, LLC Any lawful activity. ty. LLC formed in Delaware (DE) on 05/ 10016. SSNY designated as agent of Appl. for Auth. filed with Secy. of State 31/17. SSNY designated as agent of LLC upon whom process against it may LLC upon whom process against it may of NY (SSNY) on 03/02/18. Office loca- NOTICE OF FORMATION OF be served. SSNY shall mail process to be served. SSNY shall mail process to tion: NY County. LP formed in Delaware ChampionsEdge, LLC. Articles of Or- the LLC at the addr. of its princ. office. c/o Corporation Service Co., 80 State (DE) on 02/09/18. Duration of LP is ganization filed with the Secretary of Purpose: Any lawful activity. St., Albany, NY 12207-2543. DE addr. Perpetual. SSNY designated as agent State of NY (SSNY) on 2/16/18. Of- of LLC: 251 Little Falls Dr., Wilmington, of LP upon whom process against it fice location: New York County. SSNY DE 19808. Cert. of Form. filed with DE E. 8th St. Associates LLC-Arts. of Org. may be served. SSNY shall mail proc- has been designated as agent upon Secy. of State, John G. Townsend filed with Secy. of State of NY (SSNY) ess to c/o CapitalSpring, 575 Lexing- whom process against it may be Bldg., 401 Federal St., Dover, DE on 2/1/18. Office location: NY Co. ton Ave., NY, NY 10022. Name and served. The post office address to 19901. Purpose: Any lawful activity. SSNY designated as agent of LLC upon addr. of each general partner are availa- which SSNY shall mail a copy of proc- whom process against it may be ble from SSNY. DE addr. of LP: Corpora- ess against LLC served upon him/her served. SSNY shall mail process to: c/ tion Service Co., 251 Little Falls Dr., is: 7014 13th Avenue, Suite 202, Notice of Formation of YU-KING WONG o Myles Horn, 152 W. 57th St., NY, NY Wilmington, DE 19808. Cert. of LP filed Brooklyn, NY 11228. The principal; D. C., PLLC. Arts. of Org. filed with 10019. Principal address: 152 W. 57th with Secy. of State, State of DE, Dept. business address of the LLC is 411 Secy. of State of NY (SSNY) on 3/ St., NY, NY 10019. Purpose: Any law- of State, Townsend Bldg., Dover, DE East 57th Street. Purpose: any lawful 13/18. Office location: NY County. ful activities. 19901. Purpose: Any lawful activity. act or activity. SSNY designated as agent of LLC upon whom process against it may be Notice of Qualification of KISMET LIFE served. SSNY shall mail process to: c/ LLC Appl. for Auth. filed with Secy. of Notice of Qualification of HIPPOCRATES NOTICE OF FORMATION OF Little Light- o Yu-King Wong, 1441 Broadway, Ste. State of NY (SSNY) on 02/20/18. Office VENTURES, LLC Appl. for Auth. filed house Licensed Behavior Analyst and 5052, NY, NY 10018. Purpose: to prac- location: NY County. LLC formed in Dela- with Secy. of State of NY (SSNY) on 03 Psychologist Support, PLLC. Articles of tice the profession of Chiropractic. ware (DE) on 10/31/17. Princ. office of /15/18. Office location: NY County. Organization filed with the Secretary of LLC: 227 W. 77th St., Apt. 5B, NY, NY LLC formed in Delaware (DE) on 03/ NY (SSNY) on 2/26/2018. Office loca- 10024. SSNY designated as agent of 07/18. SSNY designated as agent of tion: New York County. SSNY has been NOTICE OF FORMATION OF DANY & LLC upon whom process against it may LLC upon whom process against it may designated as agent upon whom proc- XANDER, LLC. Articles of Organization be served. SSNY shall mail process to be served. SSNY shall mail process to ess against it may be served. The prin- filed with the Secretary of State of NY the LLC at the princ. office of the LLC. c/o Corporation Service Co., 80 State cipal business address of the PLLC and (SSNY) on 02/13/18. Office: NEW DE addr. of LLC: c/o Corporation Service St., Albany, NY 12207-2543. DE addr. the Post Office address to which the YORK County. SSNY designated as Co., 251 Little Falls Dr., Wilmington, DE of LLC: 251 Little Falls Dr., Wilmington, SSNY shall mail a copy of any process agent upon whom process against it 19808. Cert. of Form. filed with Jeffrey DE 19808. Cert. of Form. filed with against the PLLC is Dr. Ivana may be served. SSNY shall mail a copy W. Bullock, Townsend Bldg., Federal St., Secy. of State, Div. of Corps., 401 Fed- Krstovska-Guerrero, 99 Hillside Ave, of any process to the LLC, 1636 3rd #4, Dover, DE 19901. Purpose: Any law- eral St., Ste. 4, Dover, DE 19901. Pur- Apt 16 J, New York, NY 10040. Pur- Ave, STE 101 New York NY 10128. Pur- ful activity pose: Any lawful activity. pose: Any lawful act or activity pose: any lawful act or activity POST YOUR EVENT WITH CRAIN’S

Share your event with the Crain’s audience of inﬂuential NYC business executives with our new and improved Events Calendar

■ Three levels of event postings, each with unique beneﬁts ■ Events are promoted on the crainsnewyork.com website and in our weekly events calendar newsletter ■ Ability to post multiple photos, event logo, speaker info and agenda plus links to your site

To discuss opportunities, contact Debora Stein at [email protected] or visit crainsnewyork.com/events

APRIL 9, 2018 | CRAIN’S NEW YORK BUSINESS | 47

P046-47_CN_20180409.indd 47 4/6/2018 4:22:50 PM GOTHAM GIGS

HEYMAN found factories that produce her bags using a midcentury process.

BY LANCE PIERCE

Clutch pitcher A designer specializes in small acrylic handbags that recall long-ago glamour

rett Heyman’s obsession with vintage clothing clutches and other accessories. and handbags began when she was a teenager e learning curve was steep. “I felt strongly about BRETT HEYMAN in Los Angeles. On weekends she frequented keeping production in the United States and looked on- thri shops on Melrose Avenue, looking for line at every plastic manufacturer in the country,” she said. BORN Upper East Side Bripped jeans and old evening bags. Over time Heyman “Nobody would touch it because the process is still much RESIDES Upper East Side amassed a collection of more than 100 acrylic bags from like it was in the midcentury.” Heyman nally found a fac- EDUCATION Bachelor’s in the 1950s and 1960s. tory in New Jersey to pour the acrylic sheets communication and art history, “ere’s something very romantic about “I had the and another in Illinois to make the bags. Syracuse University them,” she said. “ey were popular with every- con dence Today Edie Parker is a multimillion-dollar PRICE TAGS Bags cost from $595 one from showgirls to socialites.” company. It beat sales projections by 60% in to $2,000; accessories from $125 Acrylic bags, rst introduced a er World and money its debut year and doubled revenue in each of to $400. War II, are made from the same plastic that to start a its rst ve years. To supplement department CONFESSION “I was the teen who was used in auto and airplane parts. “While store and online sales, Heyman opened a ag- couldn’t remember what I learned business in biology but could tell you the the 1950s wasn’t the most liberated decade for ” ship location, on Madison Avenue, a year ago. name of every model, designer, women, it was a period of innovation in areas as “We realized it was impossible to grow our stylist and hairdresser.” disparate as our space program and fashion,” she said. “We business without our own distribution channels,” she said. FAVORITE VINTAGE PIECE A were setting trends globally.” Currently Heyman is focused on expanding Edie Park- ’50s caramel-color acrylic bag re- A er college, Heyman worked as a public relations as- er’s jewelry and home categories. sembling a Chinese takeout carton sistant at Gucci, where over eight years she rose to become Heyman borrows her design ideas from art and fashion. A STAR IS BORN A very pregnant director. A er the birth of her rst child, in 2009, she re- e colorful spring line pays homage to painters David Kate Hudson was the rst celebrity signed. “I wanted to work full time but to do something Hockney and Wayne iebaud. As the business matures, to sport an Edie Parker bag, which she brought to the Met Gala in May more creative,” she said. “I had the condence to start a the whimsical designs are becoming more sophisticated. 2011, before the company had even business and had made some money to do it.” e autumn collection will marry English tweeds and tap- shipped to Barneys, its rst depart- She founded Edie Parker, named a er her daughter, estries with red plastic. “ere’s an irreverence that will ment store. “It was a moment.”

BUCK ENNIS making and selling bright, statement-making acrylic box always be there,” she said. “It’s my personality.”— DIANE HESS

48 | CRAIN’S NEW YORK BUSINESS | APRIL 9, 2018

P048_CN_20180409.indd 48 4/6/18 11:36 AM SNAPS

Laurels and leads Crain’s held its annual networking reception April 3 to celebrate the 40 Under 40 class of 2018. More than 31 honorees attended with their guests and mentors for a lively meet and greet at the Apella at the Alexandria Center.

Honorees Aneliya Crawford, partner at Schulte Roth & Zabel; Clea Chang, COO of Intelligence Squared U.S.; and David Chubak, global head of retail banking and mortgages at Citigroup. e 40 Under 40 class of 2018

Director and playwright Lila Neugebauer and Marcella Sapone, CEO Sheena Wright, president and CEO of the United Way and class of 2006 40 Under 40 of Hello Alfred, honoree; Albert Kakudji , COO of Made in Brownsville; honoree Jen Hensley, pres- checking out ident of Link, and her husband, Vincent Taddoni, vice president at Bank of America; the feature. and honoree Quardean Lewis-Allen, founder and CEO of Made in Brownsville.

Michael Letta, CFO and COO of Human Ventures, and his wife, honoree Lauren Letta, COO of Charity: water, discuss e Daily podcast with its host, honoree Michael Barbaro of e New York Times.

Honoree Jeffrey Perlman, founder and CEO of Bright Power; Crain’s senior reporters Joe Anuta and Daniel Geiger; and honoree Chad Tredway, co-head of real estate banking at JPMorgan Chase.

BUCK ENNIS SEE MORE OF THIS WEEK’S SNAPS AT CRAINSNEWYORK.COM/SNAPS. GET YOUR GALA IN SNAPS. EMAIL [email protected].

APRIL 9, 2018 | CRAIN’S NEW YORK BUSINESS | 49

P049_CN_20180409.indd 49 4/6/18 3:10 PM FOR THE RECORD*

NEW IN TOWN bles as a venue for astrology ■ RU Cab Corp. keep its oce on part of the represented the tenant. e tenant was represented by a workshops and yoga classes. 2743 E. 66th St., Brooklyn 17th oor of the 42-story landlord, the Durst Organi- broker in the transaction. ■ Foundrae e taxi company led for building. e landlord, zation, was represented in- 52 Lispenard St. ■ Urbanspace at 570 Lex Chapter 11 bankruptcy Fisher Brothers, and the house and by a team from ■ Morton Williams signed e ne jewelry brand 570 Lexington Ave. protection March 28. e tenant were each represent- Cushman & Wakeeld. a 30-year lease for 13,000 carried by luxury retailers e city’s food hall craze ling cites estimated assets ed in-house. e asking rent square feet at 1251 Third Net-a-Porter and Moda continues. is three-oor of $500,001 to $1 million was $95 per square foot. RETAIL Ave. e family-owned Operandi opened its rst hall in Midtown features and liabilities of $1,000,001 ■ Time Out Market New supermarket chain will shop in the city, on the 16 vendors, including Tuck to $10 million. e creditor ■ Aaptiv signed a ve-year York signed a 10-year deal open its 17th location in a Lower East Side. Owner Shop, which serves Austra- with the largest unsecured lease for 16,962 square feet for 21,000 square feet at 55 space previously occupied Beth Bugdaycay plans to lian meat and veggie pies, claim is Progressive Credit at 1 World Trade Center. Water St. e food hall will by the retailer Talbots. e add a men’s clothing line. and Roberta’s, which makes Union, owed $500,000. e workout app maker have 520 seats of indoor and asking rent was just under wood-red pizzas. plans to move from 1140 outdoor seating. e devel- $2 million per year. Creative ■ La Maison de Makoto Broadway by the end of the opers, Midwood Equities, Leasing Concepts brokered 74–76 Seventh Ave. ■ Variety Coffee REAL ESTATE month and into the 49th Rockwood Capital and HK for the tenant. Douglas is French-Japanese 1269 Lexington Ave. oor of the 104-story tower. Organization, were repre- Elliman represented the dessert bar specializing in e popular coee shop, COMMERCIAL e asking rent for the deal sented by an in-house team. landlord, 203 East 72nd mochi (chewy rice desserts) based in Bushwick, opened ■ Jay Suites signed a was $73 per square foot. JLL It was undisclosed if the Street Corp. ■ doubles as a cocktail lounge its h location, on the sublease for 90,000 square at night. e beverage menu Upper East Side. feet at 15 W. 38th St. e at the 63-seat location in the shared-oce-space provider West Village features con- plans to open its eighth and DEALS ROUNDUP coctions such as sake and STOCK TRANSACTIONS largest location and has TRANSACTION SIZE BUYERS/ gin–infused horchata. plans to move its headquar- TARGET/SELLERS [IN MILLIONS] INVESTORS TRANSACTION TYPE ■ Michael Kors Holdings ters from 369 Lexington RSP Permian Inc./RSP Permian $9,627.1 Concho Resources Inc. SB M&A ■ Lymbr (KORS-N) Ave. e sublandlord, Holdco LLC; Silver Hill Energy 11 Jay St. CEO John Idol sold 150,000 Hudson’s Bay, was brokered Partners Holdings LLC; Silver Hill Energy Partners II LLC; e one-on-one stretching shares of common stock at by Cushman & Wakeeld. TIAA-CREF Investment Management studio with locations in prices ranging from $62.15 BLACKre represented the LLC (Manhattan); Wellington Management Boca Raton, Fla., and Los to $62.17 per share March tenant. e asking rent was Group LLP Angeles is open to new 20 and March 21 in trans- $45 per square foot. Tallgrass Energy Partners LP/Harvest $3,305.5 Tallgrass Equity LLC (65.03%) SB M&A clients in TriBeCa. Stretch- actions worth $9,430,016. Fund Advisors LLC; Kayne Anderson Capital Advisors LP; Kelso & ■ ing sessions last from 30 He now holds 2,082,546 Rockefeller Capital Co. (Manhattan); OFI SteelPath minutes to an hour and cost shares. Management agreed to Inc.; Salient Capital Advisors LLC; $55 and up. take 64,445 square feet The Pritzker Organization LLC ■ Apollo Commercial Real at 630 Fifth Ave. e Polycom Inc./3M Co.; Brentwood $1,986.6 Plantronics Inc. SB M&A ■ Mama Fox Estate Finance Inc. (ARI-N) wealth- management, asset- Venture Capital; Siris Capital Group LLC (Manhattan); 327 Stuyvesant Ave., Board member Michael management and advisory- Whitman Capital LLC Brooklyn Salvati sold 5,659 shares of services rm plans to move In a Bedford-Stuyvesant common stock for $18.25 from 10 Rockefeller Plaza 50% stake in Indiabulls Properties $731.2 The Blackstone Group LP FB M&A Private Ltd. and Indiabulls (Manhattan) space vacated by family- per share March 26 in a by the fourth quarter of the Real Estate Co. Private Ltd./ operated Southern restau- transaction worth $103,276. year. Cushman & Wakeeld Indiabulls Real Estate Ltd. rant McDonald’s Dining He now holds 70,647 shares. represented the tenant. e A25 Toll Road And Bridge in Montreal/ $653.1 Transurban Group SB M&A Room, there’s now a com- landlord is Tishman Speyer. Macquarie Infrastructure Partners fort food and cocktail spot ■ Inter Parfums Inc. e asking rent for the Inc. (Manhattan) that oers an American, (IPAR-N) 15-year lease was in the low Cannon Bridge House in London/ $353 FG Asset Management; SB M&A Italian and Latin American Philippe Santi, executive $80s per square foot. The Blackstone Group LP (Manhattan) The Valesco Group menu. vice president and chief Cadiz Inc. $165.4 Water Asset Management FB M&A nancial ocer, sold 4,600 ■ IBM signed a lease for LLC (Manhattan) (12.8%) shares of common stock for 27,699 square feet at 19 Oscar Insurance Corp. $165 CapitalG; Eight Partners; GCI MOVES AND EXPANSIONS $48 per share March 23 in a Union Square West. e (Manhattan) Fidelity Investments; Founders transaction worth $220,800. tech giant plans to occupy Fund; General Catalyst Partners; Khosla Ventures; Thrive Capital ■ Blue Dog Café He now holds 15,750 shares. the ninth through 11th (Manhattan); Verily Life Sciences LLC 155 W. 56th St. oors of the building. e Blue Dog, which has three asking rent was $80 per Icon Bioscience Inc./Signet Healthcare $125 pSivida Corp. SB M&A Partners (Manhattan) restaurant-bars in the city, BANKRUPTCIES square foot. e landlord, opened its fourth eatery, an Walford Co., was represent- 1,594 rental apartments in Finland/ $119.3 Morgan Stanley Real Estate SB M&A Kojamo Oyj Investing (Manhattan); Premico ■ Baha Lounge Corp. all-day breakfast place in ed by ABS Partners. CBRE Group Oy; Renger Investment Midtown. 83-38 Woodhaven Blvd., represented the tenant. Management AB Ridgewood Saavn LLC (Manhattan)/ $104 Reliance Industries Ltd. SB M&A ■ Coco Pazzo Kitchen and e Latin American ■ Yotpo inked a Bertelsmann India Investments; (unknown minority stake) Coco Pazzo Trattoria restaurant led for Chapter 23,332-square-foot deal Liberty Media Corp.; Tiger Global 160 Prince St. 11 bankruptcy protection to double its oce space Management LLC (Manhattan) Chef Pino Luongo reopened March 27. e ling cites at 33 W. 19th St. e Santa Fe Lofts $68.5 GreenOak Real Estate LP SB M&A his Tuscan restaurant in estimated assets of $0 to content-marketing startup (Manhattan); M West Holdings LLC

SoHo aer a 10-year hiatus. $50,000 and liabilities of previously occupied 11,666 Selected deals announced for the week ending March 29 involving companies in metro New During the day it operates $50,001 to $100,000. ere square feet, which amounts York. “SB M&A”: Strategic buyer M&A represents a minority or majority acquisition of exist- as Coco Pazzo Kitchen, were no creditors with to the entire h oor. e ing shares of a company without the participation of a financial buyer. “FB M&A”: Financial buyer M&A represents a minority or majority acquisition of existing shares of a company serving sandwiches, pasta unsecured claims. asking rent was $70 per with the participation of a financial buyer. “GCI”: Growth capital investment represents new and salads, and at night it square foot. ABS Partners money invested in a company for a minority stake. SOURCE: CAPITALIQ becomes Coco Pazzo Trat- ■ Mezcal Dos Rest. Corp. Real Estate represented the toria, which serves main 7508 Third Ave., Brooklyn tenant. e landlord, Pan

courses big enough to share. e restaurant led for Asian Properties, was repre- GET* YOUR NEWS ON THE RECORD Chapter 11 bankruptcy pro- sented in-house. To submit company openings, moves or real estate deals, or to receive further information, ABOUTemail [email protected] SECTION . ■ Jill Lindsey tection March 28. e ling 104 Reade St. cites estimated assets of $0 ■ e National Bank For the Record is a listing to help businesspeople in New York nd opportunities, potential e Brooklyn-based home to $50,000 and liabilities of of Kuwait extended its new clients and updates on customers. Bankruptcy lings from the eastern and southern goods and handmade $100,001 to $500,000. ere 18,688-square-foot lease districts of New York are listed alphabetically. Stock transactions are insider transactions at New York companies obtained from Thomson Reuters and listed by size. Real estate listings 299 Park Ave. apparel boutique expanded were no creditors with at for an are in order of square footage. into TriBeCa, where it dou- unsecured claims. additional 10 years. It will

50 | CRAIN’S NEW YORK BUSINESS | APRIL 9, 2018

P050_CN_20180409.indd 50 4/6/18 11:30 AM PHOTO FINISH

A way forward oon a er birth, Léa, now 3½, was visually impaired by a stroke. Given her trouble seeing the path ahead, she would o en fall. But with the toddler cane, a new invention from CUNY professors Grace Ambrose-Zaken and Marom Bikson, Léa has been making progress. Toddlers with poor eyesight are too young to use a traditional white cane, so injuries are Scommon as they learn to walk. With the 3-D–printed toddler cane, which extends two steps in front without needing to be clutched or swung, kids are warned of impending obstacles. “is illuminates the path that’s inaccessible to a blind child,” Ambrose-Zaken said. “ey get feedback through the cane and have two steps to gure out how to avoid bumping into something.” Prototypes for the device were funded by the U.S. Department of Education. Ambrose-Zaken is now seeking additional backing to ramp up production and create an app that tracks changes in physical activity. Ultimately the benets could range beyond walking. “Kids who are severely blind and have no other disabilities o en have developmental delays,” Ambrose-Zaken said. “ey know it’s not safe to walk or run. If they don’t explore, they don’t learn.” — GERALD SCHIFMAN BUCK ENNIS

APRIL 9, 2018 | CRAIN’S NEW YORK BUSINESS | 51

P051_CN_20180409.indd 51 4/6/18 7:50 PM Imagine a world where employees feel their best. Where care is personalized and every person is treated as an individual.

With Aetna, that world is possible. Our approach to health care is different. We meet your employees where they are — and find out their unique health needs and ambitions. Then we work together to achieve them. Personalized care. Lower costs.

See how we’re getting there. Visit our website at discoveraetna.com.

CN018604.indd 1 4/3/18 11:27 AM