GAMING the SYSTEM Landlords Are Exploiting a Key Loophole to Raise Rents on Thousands of Apartments by DANIEL GEIGER

ASKED & ANSWERED Tina Brown on hosting “Woodstock for women” PAGE 11

ROBO GARAGES The future of parking CRAINSNEWYORK.COM | APRIL 8, 2019 | $3.00 PAGE 3

SPECIAL REPORT GAMING THE SYSTEM Landlords are exploiting a key loophole to raise rents on thousands of apartments BY DANIEL GEIGER

n the fall of 2013, when apartment 1E at 171 W. 81st St. was vacated, the owner did what landlords have done with tens of thousands of other rent-regulated units in the city. Stellar Management claimed it had spent a bundle Ion renovations, which—combined with the 20% rent increase permitted when a tenant leaves—allowed it to push the $647 regulated monthly rent above $2,500—to the threshold at the time to make it a BUCK ENNIS market-rate unit. A few months later Stellar

See RENT REGS on page 20 HARRY PULVER HARRY FINANCE

Chief Financial O cer John Weisenseel said. Mutual funds pivot to VC and PE, PDQ It’s a sign of the times. Although the stock market has gone pretty much straight up Even biggest asset managers are making substantial changes since the nancial crisis, the fortunes of Wall Street’s asset-management rms have gone in the opposite direction. Investors are pour- BY AARON ELSTEIN as investors continued to yank money out of e rm managed to secure temporary o ce ing money into low-fee passively managed

mutual funds that try to beat the market, a space, so the majority of employees slated for index funds and have little patience for high- BUCK ENNIS llianceBernstein’s February confer- trend that last year prompted the Manhattan transfer will be moved before the permanent er-fee funds that aim to beat the market but ence call to discuss 2018 results was investment manager to cut costs by moving Nashville headquarters is ready next year. typically don’t. pretty somber. Assets under manage- its corporate headquarters to Tennessee. “Our relocation is going very well and pro- Ament fell by nearly $40 billion, to $516 billion, On that front, at least, there was good news: ceeding faster than we originally expected,” See MUTUAL on page 17

P001_CN_20190408.indd 1 4/5/19 7:53 PM IN CASE YOU MISSED IT

ity Leader Andrea A bridge too far? Outside the box Cuomo Stewart-Cousins to A $2 MTA toll increase makes the Former Pandora CEO Roger Lynch nominate him to the Verrazzano-Narrows Bridge the is set to become chief of Condé still fuming Public Authorities most expensive in the U.S. e $19 Nast’s domestic and international Control Board, where one-way non-E-ZPass price sur- operations April 22. He is replac- over HQ2 he would have had the passes the Chesapeake Bay Bridge- ing Bob Sauerberg, who has been power to block the Tunnel’s by a buck. e E-ZPass with the company for 18 years. GOV. ANDREW CUOMO says the col- project. Cuomo previ- rate is $12.24. Staten Islanders with lapse of Amazon’s Long Island City ously called that “a E-ZPass still pay $5.50. ‘Cause I’m the tax man’ headquarters has the private sector form of government Come June, Albany will require all scared of entering into economic- corruption.” Empire in waiting out-of-state online retailers to hit development deals with New York. His response was to For the fth time, the grand open- New Yorkers with the state sales “It cost us 25,000 jobs, and it cost update the PACB law ing of the Empire Outlets mall on tax. Major merchants such as us credibility,” Cuomo told a gath- to allow the chief Staten Island has been pushed Amazon have been applying the ering of the Association for a Better executive to remove back, to May 15, giving retailers levy since 2008. e projected rev- New York, a nonpro t business any member who another month to prepare. enue is $280 million annually. advocacy group. “I can’t tell you blocks a state initiative how many businesses that I’m try- for non nancial rea- Booking tables Cash and carry ing to bring to New York now say to sons—a power grab by Zagat’s restaurant guide will be With the statewide ban on plastic me, ‘Am I going to get Amazoned?’” the governor from the THE GOVERNOR back in book form in the fall, bags slated for next year, six mem- A question from an audience Legislature. blames local Democrats according to new owner e Infat- bers of the City Council plan to member about the possibility of Cuomo’s rant left for wrecking Amazon’s uation. Last year the restaurant- introduce legislation for a 5-cent “coalition building” around future unanswered what Long Island City plans. recommendation website bought fee on paper bags. For each bag, 3

projects triggered the extended rant JOHN KKUCZALA steps he plans to take Zagat from Google, which discon- cents would go to the state’s Envi- from the governor, who lashed out to allay the alleged tinued the print version in 2016. ronmental Protection Fund. at a pair of fellow Democrats with- state—instead go toward schools fear of being “Amazoned,” and he out mentioning their names. and subways. “It was just knee-jerk dismissed the entire notion of Worse for where Push pause First he lambasted Rep. Alexan- politics, and ‘Amazon is rich’ and future coalition building. “You Tommy Hil ger closed its 22,000- e Union Square area’s Irving dria Ocasio-Cortez, who once sug- ‘We’re anti-corporate’ and ‘We’re can’t reason with people who don’t square-foot Fifth Avenue agship, Plaza concert hall is set to close gested that the $3 billion incentive anti–rich people,’” Cuomo said. want to reason,” he said. joining the ranks of Lord & Taylor in July for extensive renovations. package—which consisted of e governor reserved special ire As ever, the only solution Cuomo and Henri Bendel in retreating Owner Live Nation plans to reopen roughly $2.5 billion in long-term tax for state Sen. Michael Gianaris, o ered was to increase his power. from the corridor’s high rents. e the venue early next year. relief from the city and who persuaded Democratic Major- — Will Bredderman closure a ects 79 employees. — Chris Kobiella

Vol. 35, No. 14, April 8, 2019—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for double issues 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 contents copyright 2019 by Crain Communications Inc. All rights reserved.

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P002_CN_20190408.indd 2 4/5/19 7:22 PM TECHNOLOGY

GOLDBERG’S U-Tron automated garages can hold more than THE RISE OF THE 300 cars. ROBO GARAGE They save space and cost, and someday they’ll house self-driving cars

BY MATTHEW FLAMM BUCK ENNIS

n 2006 Yair Goldberg was sure automat- e systems o ered convenience to custom- has installed seven robotic garages across the ground to development or else struggling ed parking was about to take o . As an ers and let developers build garages that country and has orders for more than 20 oth- with rising labor costs and reduced business, executive at Israeli industrial-automa- could accommodate twice as many parking ers, including 15 in the metropolitan area. as visitors leave their car at home rather than tion rm Unitronics, he had just led its spots as a conventional arrangement in the e automated system, which moves a car grapple with congestion. rst project in the United States, a retro- same footprint. on a palette like a package in a warehouse, is For residential developers, there’s the ques- t of a troubled robotic garage in Hoboken. After the nancial crisis hit, Unitronics did becoming a prized amenity for builders at a tion of whether millennial residents will need I e technology had gained notoriety for not sign contracts for new systems until 2012. time when urban garages face uncertain parking, as the growth of ride-hail services snafus including cars being dropped o plat- Today, operating under the brand name prospects and a limited shelf life. Commer- forms. But the kinks were being ironed out. U-tron, the Hackensack, N.J.–based company cial parking in Manhattan’s core is losing See GARAGES on page 15

POLITICS Panel-ing over infrastructure problems De Blasio and Cuomo of oad politically fraught projects to commissions BY WILL BREDDERMAN the Metropolitan Transportation wonks, civic leaders and trade- Authority’s plan to close the Canar- group heads to evaluate recon- t’s one of the oldest tricks in pol- sie Tunnel between Brooklyn and struction of the Brooklyn-Queens itics: When you want a problem Manhattan to demolish and rebuild Expressway. to go away, appoint a panel. walls containing corroded cables, e mayor assembled the com- I e tactic is getting a new life this construction workers will spend mission roughly six months after year. Gov. Andrew Cuomo in Janu- weekends patching up cracks with endorsing his Department of ary canceled the long-dreaded epoxy and hanging new electrical Transportation’s plan for the proj- shutdown of the L train after a panel lines from the ceilings. ect: renovation of a decrepit 1.5- of Columbia and Cornell professors en last week Mayor Bill de Bla- mile stretch of the BQE. His agency that he had convened came up with sio debuted his own “expert” panel:

an alternative approach. Instead of a conclave of academics, transit See PANEL-ING on page 4 ISTOCK

APRIL 8, 2019 | CRAIN’S NEW YORK BUSINESS | 3

P003_CN_20190408.indd 3 4/5/19 7:24 PM panel might reach a consensus, WEEK ON THE WEB PANEL-ING which the city’s transportation o - FROM PAGE 3 cials had already failed to do. Schwartz—who coined the term Old cinemas had proposed constructing a tem- “gridlock” while working in the porary elevated roadbed above it— Koch administration and became which would have shuttered the known as Gridlock Sam—said his keep meeting beloved Brooklyn Heights Prome- rm had a small contract with the nade for up to six years. e plan city to gather data on the BQE. He caused an outcry among the well- sought to avoid remarking speci- gloomy end heeled locals. cally on panels or projects. But he A day after the mayor’s noted that both the L-train closure And news outlets follow announcement, Cuomo declared and the expressway reconstruction he was reuniting his Ivy League threatened auent and politically off-label-drug story team to review an MTA money pit voluble communities—which ele- known as East Side Access. e vated them in the news media and BY GABRIELLA IANNETTA price tag for the project, to bring in the minds of the mayor and the Long Island Rail Road trains into governor. lans to demolish the Sunshine Grand Central Terminal, has soared Schwartz, however, suggested Cinema on the Lower East

from $2.2 billion in the 1990s to the Canarsie Tunnel project was BUCK ENNIS Side to build a 9-story, $11.2 billion last year, and simpler by orders of mag- FINKELPEARL controls the largest cultural budget of any municipality in the U.S. P68,000-square-foot o ce building the deadline has crept nitude than rebuilding the continue the citywide trend of from 2012 until 2022. “triple cantilever” section ARTS & CULTURE knocking down old theaters, no According to the gover- of the BQE, a piece of matter how beloved. nor, only his whiz kids can highway infrastructure In “Old movie theaters are hoping break the sclerotic prac- that is not only architec- for a Hollywood ending,” published tices of what he called the turally unique but crucial Museum chiefs in November, Crain’s examined the “transportation-industrial to the borough’s only trend. Reporter Stuart Miller looked

complex.” GETTY IMAGES major truck route. at aging movie palaces as battle- But tra c engineer CUOMO “e L train didn’t seem work the crowds grounds that pit developers against Sam Schwartz, a veteran it was a tough construc- communities. Assemblyman Ron of both government and blue- tion job; it was just a matter of con- BY AARON ELSTEIN annual visitors and a $320 million Kim said there was a desperate ribbon commissions, said that’s venience,” Schwartz said. “e budget—lift revenue by $10 mil- need for neighborhood cultural true only some of the time. BQE, on the other hand, is a really In the years after the nancial cri- lion, some of which is shared with spots where residents could gather. “e key is who the chair of the tough construction job. e more sis, the cash-strapped city slashed other museums around town. ere have been some successes, panel is, and the composition of minds working on solutions there, the $160 million Department of “We think we got it right,” Weiss like Kings eater in Flatbush, the better.” Cultural Aairs budget by a third. said of the admission-fee structure. revived as a live-performance “I’VE SEEN PANELS DO e three proj- Last year the agency was allocated But not all museums want a venue. But the majority have been ects are also in dif- $198 million. whole lot more visitors. e Isamu failures, like American eater in GOOD WORK, AND I’VE SEEN ferent stages of “We’re nally back above 2008,” Noguchi Foundation and Garden the Bronx, turned into a Marshalls. development. e Cultural Aairs Commissioner Tom Museum in Long Island City is of PANELS DO NOTHING AT ALL. city has yet to issue Finkelpearl said of the current course happy when people come, Anxious about meds IT’S OFTEN A WAY OF DELAYING a request for pro- funding at Crain’s Arts & Culture but admission-revenue accounts Crain’s rst reported about the posals for the BQE breakfast last week. When asked if for only 8% of its budget. Director backlash against San Francisco DECISIONS” rebuilding. By con- there’s any downside to such a large Brett Littman said it’s important startup Hers for plastering ads on trast, the MTA budget, Finkelpearl answered, that the museum remains a quiet, New York subways, touting an the panel. Does anybody know already had a half-billion-dollar “No,” without hesitation. contemplative space. o-label use for beta-blocker pro- anything about the subject mat- contract with construction rm With city allocations up and cor- “We want to be a place where you pranolol. e millennial-focused ter?” Schwartz said. “I’ve seen pan- Judlau to gut and renovate the porate donors ush after the long can think and be emotionally company pitched the blood pres- els do good work, and I’ve seen a L-train tunnel. And East Side bull market on Wall Street, repre- involved in the work,” Littman said. sure medication to people nervous lot of blue-ribbon panels do noth- Access is already 90% complete. sentatives at some of the city’s lead- “We value engagement.” about a rst date and other ing at all. It’s often a way in many Schwartz argued that panels do ing museums said they have time to e other museum directors on performance-anxiety situations. cases of just delaying decisions. their most thoughtful and eective think beyond the next fundraiser the panel, including the Transit e New York Times and e upside is maybe you will get work when gathered at the outset of and examine ways to make sure Museum’s Concetta Anne Ben- Bloomberg published their own some good ideas.” an endeavor—when tempers are their institutions are welcoming to civenga and the Bronx Museum of articles last week questioning the e BQE project was shaping up calm, politicization is low and New Yorkers of all backgrounds. Art’s Deborah Cullen, all said they legality of such startups—which as a major headache for de Blasio. schematics are undrawn. Daniel Weiss, chief executive of spend a lot of time trying to lure depends on whether they’re selling After his agency pitched two unpal- “It’s better if it’s in the early the Metropolitan Museum of Art, new members, especially younger the services of a physician who can atable options, alternatives ooded phases, rather than in the late said attendance at the Met has con- people, who may not be in the habit prescribe drugs for o-label use or in, including from the Brooklyn phases, before everybody is yelling tinued to rise even after its long- of patronizing cultural institutions. are directly advertising a drug that Heights Association, City Comp- and taking sides,” he said. “at’s standing “everyone pays what they “You could be Al Roker, whose comes with benets and risks. troller Scott Stringer, the Regional when everything is an option. You wish” admissions policy was dad was a bus operator and do a “It’s restaurant-menu medicine,” Plan Association and the Bjarke don’t have contractors yet. You scrapped last year. Doing that lovely segment on the Today show,” Arthur Caplan, a medical ethics Ingels Group, an architecture rm. don’t have a set design. You don’t helped the museum—which boasts Bencivenga said. “Or you can be a professor at the NYU School of Litigation seemed inevitable. e have a set geometry.” ■ 2 million works of art, 7.5 million museum member.” ■ Medicine, told the Times. ■

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P004_CN_20190408.indd 4 4/5/19 7:27 PM LEGAL NOTICE To merchants who have accepted Visa and Mastercard at any time from January 1, 2004 to January 25, 2019: Notice of a class action settlement of approximately $5.54-6.24 Billion. Si desea leer este aviso en español, llámenos o visite nuestro sitio web, www.PaymentCardSettlement.com. Notice of a class action settlement authorized by the U.S. $40 million and (ii) up to $250,000 per each of the eight Rule on the identical factual predicate doctrine. District Court, Eastern District of New York. 23(b)(3) Class Plaintiffs in service awards for their efforts on The release does not extinguish the following claims: behalf of the Rule 23(b)(3) Settlement Class. This notice is authorized by the Court to inform you about • Claims based on conduct or rules that could not have an agreement to settle a class action lawsuit that may affect HOW TO ASK FOR PAYMENT been alleged or raised in the litigation. you. The lawsuit claims that Visa and Mastercard, separately, • Claims based on future rules that are not substantially and together with certain banks, violated antitrust laws and To receive payment, merchants must fill out a claim form. similar to rules that were or could have been alleged or caused merchants to pay excessive fees for accepting Visa and If the Court finally approves the settlement, and you do not raised in the litigation. Mastercard credit and debit cards, including by: exclude yourself from the Rule 23(b)(3) Settlement Class, you will receive a claim form in the mail or by email. Or you may • Any claims that accrue more than five years after the • Agreeing to set, apply, and enforce rules about merchant ask for one at: www.PaymentCardSettlement.com, or call: court’s approval of the settlement and the resolution of fees (called default interchange fees); 1-800-625-6440. any appeals. • Limiting what merchants could do to encourage their The release also will have the effect of extinguishing all customers to use other forms of payment; and LEGAL RIGHTS AND OPTIONS similar or overlapping claims in any other actions, including • Continuing that conduct after Visa and Mastercard Merchants who are included in this lawsuit have the legal but not limited to the claims asserted in a California state court changed their corporate structures. rights and options explained below. You may: class action brought on behalf of California citizen merchants The defendants say they have done nothing wrong. They • File a claim to ask for payment. Once you receive a and captioned Nuts for Candy v. Visa, Inc., et al., No. 17- say that their business practices are legal and the result of claim form, you can submit it via mail or email, or may 01482 (San Mateo County Superior Court). Pursuant to an competition, and have benefitted merchants and consumers. file it online at www.PaymentCardSettlement.com. agreement between the parties in Nuts for Candy, subject to The Court has not decided who is right because the parties • Exclude yourself from the Rule 23(b)(3) Settlement and upon final approval of the settlement of the Rule 23(b) agreed to a settlement. The Court has given preliminary Class. If you exclude yourself, you can individually sue (3) Settlement Class, the plaintiff in Nuts for Candy will approval to this settlement. the Defendants on your own at your own expense, if request that the California state court dismiss the Nuts for you want to. If you exclude yourself, you will not get Candy action. Plaintiff’s counsel in Nuts for Candy may seek THE SETTLEMENT any money from this settlement. If you are a merchant an award in Nuts for Candy of attorneys’ fees not to exceed Under the settlement, Visa, Mastercard, and the bank and wish to exclude yourself, you must make a written $6,226,640.00 and expenses not to exceed $493,697.56. Any defendants have agreed to provide approximately $6.24 request, place it in an envelope, and mail it with postage fees or expenses awarded in Nuts for Candy will be separately billion in class settlement funds. Those funds are subject to prepaid and postmarked no later than July 23, 2019, funded and will not reduce the settlement funds available to a deduction to account for certain merchants that exclude or send it by overnight delivery shown as sent by members of the Rule 23(b)(3) Settlement Class. themselves from the Rule 23(b)(3) Settlement Class, but in July 23, 2019, to Class Administrator, Payment Card The release does not bar the injunctive relief claims or the no event will the deduction be greater than $700 million. Interchange Fee Settlement, P.O. Box 2530, Portland, declaratory relief claims that are a predicate for the injunctive The net class settlement fund will be used to pay valid OR 97208-2530. Your written request must be signed relief claims asserted in the pending proposed Rule 23(b)(2) claims of merchants that accepted Visa or Mastercard credit by a person authorized to do so and provide all of the class action captioned Barry’s Cut Rate Stores, Inc., et. al. v. or debit cards at any time between January 1, 2004 and following information: (1) the words “In re Payment Visa, Inc., et al., MDL No. 1720, Docket No. 05-md-01720- January 25, 2019. Card Interchange Fee and Merchant Discount Antitrust MKB-JO (“Barry’s”). Injunctive relief claims are claims This settlement creates the following Rule 23(b)(3) Settlement Litigation,” (2) your full name, address, telephone to prohibit or require certain conduct. They do not include Class: All persons, businesses, and other entities that have number, and taxpayer identification number, (3) the claims for payment of money, such as damages, restitution, accepted any Visa-Branded Cards and/or Mastercard-Branded merchant that wishes to be excluded from the Rule 23(b) or disgorgement. As to all such claims for declaratory or Cards in the United States at any time from January 1, 2004 (3) Settlement Class, and what position or authority injunctive relief in Barry’s, merchants will retain all rights to January 25, 2019, except that the Rule 23(b)(3) Settlement you have to exclude the merchant, and (4) the business pursuant to Rule 23 of the Federal Rules of Civil Procedure Class shall not include (a) the Dismissed Plaintiffs, (b) the names, brand names, “doing business as” names, which they have as a named representative plaintiff or absent United States government, (c) the named Defendants in this taxpayer identification number(s), and addresses of any class member in Barry’s, except that merchants remaining in Action or their directors, officers, or members of their families, stores or sales locations whose sales the merchant desires the Rule 23(b)(3) Settlement Class will release their right to or (d) financial institutions that have issued Visa-Branded to be excluded. You also are requested to provide for each initiate a new and separate action for the period up to five (5) Cards or Mastercard-Branded Cards or acquired Visa-Branded such business or brand name, if reasonably available: the years following the court’s approval of the settlement and the Card transactions or Mastercard-Branded Card transactions legal name of any parent (if applicable), dates Visa or exhaustion of appeals. at any time from January 1, 2004 to January 25, 2019. The Mastercard card acceptance began (if after January 1, The release also does not bar certain claims asserted in the Dismissed Plaintiffs are plaintiffs that previously settled 2004) and ended (if prior to January 25, 2019), names class action captioned B&R Supermarket, Inc., et al. v. Visa, and dismissed their own lawsuit against a Defendant, and of all banks that acquired the Visa or Mastercard card Inc., et al., No. 17-CV-02738 (E.D.N.Y.), or claims based on entities related to those plaintiffs. If you are uncertain about transactions, and acquiring merchant ID(s). certain standard commercial disputes arising in the ordinary whether you may be a Dismissed Plaintiff, you should call • Object to the settlement. The deadline to course of business. 1-800-625-6440 or visit www.PaymentCardSettlement.com object is July 23, 2019. To learn how to object, For more information on the release, see the full mailed Notice for more information. visit www.PaymentCardSettlement.com or call to Rule 23(b)(3) Settlement Class Members and the settlement 1-800-625-6440. Note: If you exclude yourself from agreement at: www.PaymentCardSettlement.com. WHAT MERCHANTS WILL GET the Rule 23(b)(3) Settlement Class you cannot object to FROM THE SETTLEMENT the settlement. THE COURT HEARING ABOUT Every merchant in the Rule 23(b)(3) Settlement Class that For more information about these rights and options, visit: THIS SETTLEMENT does not exclude itself from the class by the deadline described www.PaymentCardSettlement.com. On November 7, 2019, there will be a Court hearing to decide below and files a valid claim will get money from the class whether to approve the proposed settlement. The hearing also IF THE COURT APPROVES THE settlement fund. The value of each claim will be based on will address the Rule 23(b)(3) Class Counsel’s requests for the actual or estimated interchange fees attributable to the FINAL SETTLEMENT attorneys’ fees and expenses, and awards for the Rule 23(b) merchant’s Mastercard and Visa payment card transactions Members of the Rule 23(b)(3) Settlement Class who do not (3) Class Plaintiffs for their representation of merchants in from January 1, 2004 to January 25, 2019. Pro rata payments exclude themselves by the deadline will be bound by the terms MDL 1720, which culminated in the settlement agreement. to merchants who file valid claims for a portion of the class of this settlement, including the release of claims against the The hearing will take place at: settlement fund will be based on: released parties provided in the settlement agreement, whether United States District Court for the • The amount in the class settlement fund after the or not the members file a claim for payment. Eastern District of New York deductions described below, The settlement will resolve and release claims by class 225 Cadman Plaza • The deduction to account for certain merchants who members for monetary compensation or injunctive relief Brooklyn, NY 11201 exclude themselves from the class, against Visa, Mastercard, or other defendants. The release bars You do not have to go to the Court hearing or hire an attorney. • Deductions for the cost of settlement administration and the following claims: But you can if you want to, at your own cost. The Court notice, applicable taxes on the settlement fund and any • Claims based on conduct and rules that were alleged or has appointed the law firms of Robins Kaplan LLP, Berger other related tax expenses, money awarded to the Rule raised in the litigation, or that could have been alleged or Montague PC, and Robbins Geller Rudman & Dowd LLP as 23(b)(3) Class Plaintiffs for their service on behalf of the raised in the litigation relating to its subject matter. This Rule 23(b)(3) Class Counsel to represent the Rule 23(b)(3) Class, and attorneys’ fees and expenses, all as approved includes any claims based on interchange fees, network Settlement Class. by the Court, and fees, merchant discount fees, no-surcharge rules, no- UESTIONS • The total dollar value of all valid claims filed. discounting rules, honor-all-cards rules, and certain Q ? other conduct and rules. These claims are released if they For more information about this case (In re Payment Card Attorneys’ fees and expenses and service awards for the already have accrued or accrue in the future up to five Interchange Fee and Merchant Discount Antitrust Litigation, Rule 23(b)(3) Class Plaintiffs: For work done through final years following the court’s approval of the settlement and MDL 1720), you may: approval of the settlement by the district court, Rule 23(b) the resolution of all appeals. (3) Class Counsel will ask the Court for attorneys’ fees in an Call toll-free: 1-800-625-6440 amount that is a reasonable proportion of the class settlement • Claims based on rules in the future that are substantially Visit: www.PaymentCardSettlement.com fund, not to exceed 10% of the class settlement fund, to similar to – i.e., do not change substantively the nature Write to the Class Administrator: compensate all of the lawyers and their law firms that have of – the above-mentioned rules as they existed as of Payment Card Interchange Fee Settlement worked on the class case. For additional work to administer preliminary approval of the settlement. These claims P.O. Box 2530 the settlement, distribute the funds, and litigate any appeals, based on future substantially similar rules are released if Portland, OR 97208-2530 Rule 23(b)(3) Class Counsel may seek reimbursement at their they accrue up to five years following the court’s approval Email: [email protected] normal hourly rates. Rule 23(b)(3) Class Counsel will also of the settlement and the resolution of all appeals. Please check www.PaymentCardSettlement.com for request (i) an award of their litigation expenses (not including The settlement’s resolution and release of these claims is any updates relating to the settlement or the settlement the administrative costs of settlement or notice), not to exceed intended to be consistent with and no broader than federal law approval process.

www.PaymentCardSettlement.com • 1-800-625-6440 • [email protected]

Untitled-2 1 3/18/19 4:25 PM POLITICS Congestion pricing costs city control of streets Think tank calls plan’s oversight committee another power grab by Cuomo

BY MATTHEW FLAMM “If we had a stronger mayor who was more engaged on these issues, DISCOUNTS Last week’s passage of a congestion we could have started out in a bet- pricing plan was the very de nition ter place,” said Nicole Gelinas, a SOUGHT FOR of a heavy lift—a years-long joint senior fellow at the Manhattan e ort by transportation advocates Institute, who wrote about the sub- NEW TOLLS and elected o cials combined with ject last week in City Journal. “It Gov. Andrew Cuomo’s celebrated would have been reasonable [for political skills. But for all the city the city] to have at least half of those TRUCKERS WANT out of will gain from its new source of appointees on the tra c review congestion pricing. So do ad- funding for subways and buses, it board.” vocates for the disabled, taxi might be paying a high price. drivers and suburbanites. According to one view of the Control over exemptions Whether they’ll be groundbreaking legislation, it will Gelinas said her concern is exempted hinges on Gov. grant the state an unprecedented whether the board will hold the Andrew Cuomo, Mayor Bill degree of control over what hap- line on exemptions from conges- de Blasio and a six-member pens on its streets, at least those tion pricing surcharges—especially panel that will decide who south of 61st Street in Manhattan. because she believes a bad prece- pays what under the state’s e problem lies in the creation dent has been set by an exemption new law to raise $15 billion of a tra c mobility review board. in the legislation for people who for the Metropolitan Trans- e board will advise the Tribor- live within the congestion zone and portation Authority. ough Bridge and Tunnel Authority make less than $60,000 a year. The tolls will start no on how congestion pricing will She pointed out that the sooner than Dec. 31, 2020, work: how much it will charge driv- Bloomberg administration’s con- south of 60th Street, with ers to enter the core business dis- gestion pricing attempt more than a exemptions for the FDR Drive

trict, who will get discounts or decade ago kept more power with GETTY IMAGES and West Side Highway. exemptions and what kinds of vari- the city—although, she acknowl- GOING WITH THE FLOW: A stronger mayor would have insisted on more power over Pricing and hours will be set able pricing there will be based on edges, that could have been one appointments to the new traf c review board, a critic says. by an MTA review board, which the hour or the season. reason it failed. will consider exemptions for Even so, “people should be Matthiessen, a leading gure in the delivered, and now the MTA can x disabled motorists and credits aware,” she said, that the city coalition that helped push the bill its broken subway system.” for tolls on bridges and tunnels “THE CITY HAS CEDED has “given up a lot” to the state. over the nish line. “ e MTA and A spokesman for Cuomo pointed paid prior to entering the zone. “Having some say over who the state already control tolling on out that the legislation calls for a Though a study last year CONTROL OF ITS OWN gets exemptions, variable roads and bridges into the core memorandum of understanding proposed at daily charges pricing for seasonality and business district.” between the MTA and the city’s of about $11.50 for cars and STREETS” times of day—these are things Matthiessen said Mayor Bill de Department of Transportation. $25 for trucks, the legislation that really a ect city resi- Blasio has to ensure that the (Gelinas argued that the MTA will doesn’t specify fees. The lack But the city might have limited dents,” she said. “ e di erence remaining three members of the have the upper hand.) of detail is “concerning,” said in uence on that board, which will between prices could mean a lot of tra c review board—those not e bill was passed with the sup- Kendra Hems, president of consist of a chairperson and ve tra c or a little bit of tra c on busy already determined by location— port of a broad coalition, Cuomo’s the Trucking Association of members. e mayor can recom- streets, or weekends.” be from the city. spokesman added. New York, whose members mend only one member. One other Or, as she wrote in City Journal, e congestion pricing plan is “Central Business District tolling include United Parcel Service member will come from the Metro “ e city has ceded control of its “the best hope at getting the trains has clear bene ts for all New York- and FedEx. North region. A third will come from own streets.” moving again,” the mayor’s o ce ers,” the spokesman said in a state- “We feel very strongly that the Long Island Rail Road region. Some longtime advocates for said. “ e mayor has been clear all ment, “such as easing congestion, commercial vehicles should e bridge and tunnel author- congestion pricing said Gelinas along that it had to include a guar- helping the environment and gen- be exempt,” said Hems. “They ity—an agency of the Metropolitan made some good points but went anteed lock box for New York City erating billions of dollars for our provide a critical service to Transportation Authority, which is too far in saying the bill gives the riders, fairness for the outer bor- mass transit system. As it moves for- New York City.” itself controlled by the governor— state control of city streets. oughs and carve-outs for people ward, the spirit of cooperation that — BLOOMBERG gets nal say over all six appointees. “It’s hyperbolic,” said Alex experiencing hardships. He led to its passage will continue.” ■ New housing czar promises to ‘move the needle’ Back at City Hall, Been pledges units for poorest New Yorkers

BY DANIEL GEIGER ary housing has spurred the con- govern the city’s rent regulation. ing deserve a lot better. And for the struction of thousands of a ordable Housing advocates say landlords rst time in decades, there’s a plan Upon being named deputy mayor housing units, many of them are exploit the system to pull units out in place to achieve that change.” for housing and economic develop- geared for renters with an annual of regulation and raise rents. Been, who grew up in a small min- ment last week, Vicki Been prom- income of $87,000 or more. “Rent regulation is up for reform ing town in Colorado, said she could ised to energize the city’s e orts to “I took this position because the in Albany,” Been said. “It’s a relate to the need for a ordable create and preserve a ordable mayor and I see eye to eye about once-in-a-generation chance to housing because of the role it played apartments, arrest the decline of the need to go deeper, to push fur- end failed policies, like the current in her own journey from an impover- public housing and challenge poli- ther to meet the needs of those vacancy decontrol rules, and to ished childhood to a prominent ca- cies that have contributed to the most vulnerable New Yorkers,” stop the irrevocable loss of those reer in government and academia. a ordability crisis. Been said. “We raised the bar in precious rent-stabilized units.” She was able to take an intern- “I’m here to move the needle,” 2014 in pledging to make many Been was commissioner of the ship that brought her to the city as a Been said at a news conference, more of our subsidized homes city’s Department of Housing Pres- young adult only because she was anked by Mayor Bill de Blasio. “I more a ordable to those with ex- ervation and Development during able to nd a room at an all-women didn’t take the job just to stay the tremely low and very low incomes. de Blasio’s rst mayoral term. She boarding house at West 34th Street course. I want to take it up a notch.” It wasn’t enough. e mayor … left that role in 2017 to return to and Ninth Avenue, where she paid

Been appeared to concede that raised the bar again in 2017, but it New York University, where she BUCK ENNIS $50 a month, she said. the housing policies of de Blasio’s still isn’t enough. We need to raise was a professor at the law school, SHE CAN RELATE: Been recalled her “ at was what allowed me to administration, such as mandatory the bar again.” an a liated professor of public pol- own search for low-cost housing. come here, to have this incredibly inclusionary housing, which grants icy at the Wagner Graduate School rewarding career,” Been said. “I development projects added bulk Albany agenda of Public Service and faculty direc- Housing Authority. want all New Yorkers to have that in exchange for a ordable units, Been, who o cially assumes the tor at the Furman Center for Real “Vicki will be a central architect kind of experience—to look back have fallen short of accommodat- deputy mayor role May 6, said the Estate and Urban Policy. of all we do from this point forward on the city as a place that allowed ing the city’s poorest residents. city should challenge state rules As part of her new role, she plans to turn around NYCHA,” de Blasio them to make the kind of life that Although mandatory inclusion- that are up for renewal in June that to work to revive the New York City said. “ e residents of public hous- they wanted to make.” ■

6 | CRAIN’S NEW YORK BUSINESS | APRIL 8, 2019

P006_CN_20190408.indd 6 4/5/19 7:31 PM IN THE MARKETS The upshot of being the lowest-paid CEO Banker’s deal suggests lavish compensation isn’t necessary

pring is when baseball sea- It’s especially startling consider- to a bit more than $30 million. Bok, son starts, the swallows ing that Greenhill & Co. has been a who has been at the rm since return to Capistrano and cor- highly regarded investment bank- 1997, has an 8% stake. porate America starts divulg- ing boutique since it was launched To break the tailspin, Greenhill Sing how much it pays its top in 1996 by former Morgan Stanley and Bok both agreed in 2017 to executives. But instead of another President Robert Greenhill. e invest $10 million in their rm, story about a CEO making an rm, which went public in 2004, has which also borrowed $300 million eye-popping sum, let’s look at who’s no trading desk or investing arm from Goldman to buy back stock. working for the least. with goals that might con ict with e dividend was sharply reduced, Although new informa- the advice whispered by and Bok—the rm’s sole CEO since tion might come to light its bankers into the ears of 2010—agreed to cut his $600,000 as more companies leaders at such corpora- annual salary by 90% through 2022. release pay data in the tions as GlaxoSmithKline To help ease his pain, Bok was coming weeks, it’s fair to and Walmart. “Advising awarded nearly $2.8 million worth say we can crown a win- clients is our only busi- of restricted stock and was allowed ner now: Scott Bok, CEO ness,” Greenhill declares to pocket cash dividends on the of investment bank on its website. shares before they vested. Such div- Greenhill & Co. is prob- But although corporate idend payments, which used to be a ably isn’t an honor he’ll merger-and-acquisition fairly common form of stealth pay appreciate very much. AARON ELSTEIN activity just had its busiest but are pretty rare now, accounted Bok’s salary last year year since 2015, according for the majority of Bok’s pay last was $50,000, and he took home a to Dealogic, and boutique banks year. For those who like to track this total of $116,277 when other forms managed to get a record 40% share sort of thing: e CEO made 40% BOK

of compensation were included. of that work, Greenhill & Co. execu- less than the median annual com- BLOOMBERG at means his pay was about a tives didn’t get a seat at the negoti- pensation of Greenhill & Co.’s 365 quarter of what the average Wall ating table very often. Revenue employees. Last week Greenhill & Co. that lavish CEO pay is necessary in Street worker makes—$422,500 in sank by nearly 30% in 2017, and the Bok’s turnaround e ort looks announced plans to open an o ce order to attract top people and spur 2017. At Bok’s current rate, he would rm’s stock price fell to $14 per promising so far. e rm’s reve- in Singapore and an agreement to them to perform well. But Bok’s have to work 198 years to match share, well o its 2009 high of $64. nues jumped by nearly 50% last work with an investment bank recent success at Greenhill & Co. what Goldman Sachs’ CEO David e value of its founder’s 11.5% year, to $352 million, and its stock in Israel. suggests CEOs may not need to be Solomon hauled in last year alone. stake sank from about $140 million now trades for about $22 per share. For years the argument has been paid so handsomely after all. ■

ON NEW YORK Real estate’s great escape How the industry blocked a tax that looked like a done deal

nly a month ago a New especially TAX FOES’ York Times headline read Martha Stark, BILLIONAIRES “Lawmakers Support a former city PLAN B ROW: Condo owners Pied-à-Terre Tax” as all nance commis- will pay more in Othe key players in Albany—over the sioner. Stark taxes when they sell, vociferous opposition of the city’s argued in a $2M but not every year. real estate industry—said they series of media SALE PRICE backed a plan to levy a new annual appearances just at which a new tax on expensive homes occupied how di cult the state tax on by part-time residents. tax would be to home purchases But when the new state budget administer. kicks in was approved April 1, no such tax It’s worth not- was enacted. To paraphrase Mark ing that e % Twain, reports of the demise of the Related Cos.— 1.25 real estate industry’s clout appear which aims to MINIMUM greatly exaggerated, or at least sell hundreds of RATE of that tax, premature. pricey apart- rising gradually e key to ments at Hudson to 4.15% on the real estate Yards, some of sales exceeding industry’s suc- which are sure to $25 million cess was be second attacking the homes—backs rationale for an e ort led by Stark and others to the new tax: reform New York City property to generate taxes. at would have the e ect of

money to x raising taxes on posh condos and BUCK ENNIS the subway lowering them on rentals, which GREG DAVID system. e Related also owns. increasing gradually to 4.15% on contention of the industry: that the (Gyory was not involved in the Real Estate Crucially, the industry also sales exceeding $25 million. A sep- tax would decimate the already lobbying.) Board of New o ered an alternative it found arate state transfer tax was raised to weak market for high-end condos. For the industry, however, there York, which led the e ort, was able acceptable: an additional transfer 0.65% from 0.4% for properties that “I think this was less a case of is no rest for the weary. In another to convince the governor and the tax on sales, which it said would be sell for more than $3 million. e clout in the way pundits usually test of real estate’s clout, there will Democrats leading the Assembly more predictable. So instead of increases are expected to generate gauge clout,” said Bruce Gyory, an be an even more intense ght in the and the Senate that the projections adding a recurring tax, Albany $365 million per year, although his- adviser to two Democratic gover- next three months over Democrats’ of how much money the tax would piggy backed on an existing 1% tax torically such revenues are cyclical. nors and now senior adviser at desire to tilt the rent-regulation sys- raise were unreliable. on property sales of $1 million or Proponents of the tax apparently Manatt, Phelps & Phillips. “I think tem in favor of tenants. ■ REBNY found allies in the Part- more. e state plans to add a tax were overly con dent of their suc- this was a case where John Banks nership for New York City, the Citi- of 1.25% for all home sales of cess. In particular, they failed to and his team at REBNY outhustled Greg David writes a regular column zens Budget Commission and between $2 million and $3 million, counter another, more tenuous this win [by] working the issue.” for CrainsNewYork.com.

APRIL 8, 2019 | CRAIN’S NEW YORK BUSINESS | 7

P007_CN_20190408.indd 7 4/4/19 5:14 PM VIEWPOINTS president K.C. Crain senior executive vice president Chris Crain group publisher Mary Kramer EDITORIAL publisher Thomas F. Curtin

EDITORIAL managing editor Brendan O’Connor Albany’s also-rans make a assistant managing editors Erik Engquist, Jeanhee Kim senior editor Telisha Bryan case for staying that way art director Carolyn McClain photographer Buck Ennis digital editor Gabriella Iannetta erhaps no group in e Assembly GOP whined that data editor Gerald Schifman Albany is more frustrat- the budget “reinforced the senior reporters Aaron Elstein, ed than Republicans in pro-criminal priorities of liberal Matthew Flamm, Daniel Geiger the state Assembly. Democrats” by “fast-tracking” reporters Will Bredderman, Relegated by gerryman- criminal-justice reforms, eliminat- Jennifer Henderson, Jonathan LaMantia dering of an already blue state to a ing cash bail and making proce- digital reporter Ryan Deffenbaugh Phopelessly overwhelmed and dural changes “vehemently digital fellow Lizeth Beltran perhaps permanent minority, all opposed by local prosecutors.” columnist Greg David they can do to change policy is ese reforms have been dis- contributors Tom Acitelli, Cara Eisenpress, Cheryl S. Grant, Yoona Ha, Chris Kobiella, rally the public to in uence cussed for years and would have Miriam Kreinin Souccar lawmakers with actual power. passed long ago if legislators had to contact the newsroom: at is not impossible, but it stopped grandstanding as “tough www.crainsnewyork.com/staff takes good arguments—which the on crime” and stood up to district 212.210.0100 Assembly minority rarely makes. attorneys who did the same. 685 Third Ave., New York, NY 10017-4024 Take, for example, some of its e minority moaned that complaints about the state budget Mayor Bill de Blasio got a three- ADVERTISING passed last week. It lamented that year extension of mayoral control www.crainsnewyork.com/advertise the legislation “bans single-use of public schools “despite schools senior account managers Lauren Black, Rob Pierce, Stuart Smilowitz plastic bags and allows counties to underperforming on his watch.” integrated marketing manager Jonathan Yan, opt in to a program that would Actually, schools overall have 212.210.0290, [email protected] charge 5 cents on paper bags, improved, but that’s not even the associate art director/marketing point. e Charles Fontanilla, 212.210.0145 ASSEMBLY REPUBLICANS’ debate over [email protected]

mayoral BUCK ENNIS account executive Devin Cavallo, GRIPES ABOUT THE STATE control is long 212.210.0701, [email protected] over, as for 17 Politicians often lament that creates a panel to review public people on the move manager Debora Stein, BUDGET MAKE LITTLE SENSE years no one government cannot operate more nancing of campaigns, “setting in [email protected] has proposed a like a business. Would Assembly motion the potential for taxpayers CUSTOM CONTENT adding costs onto consumers’ better alternative. e only Republicans support legislation to fund political mailers, advertise- director of custom content grocery bills.” is outdated view problem with Albany’s action is requiring businesses to give one ments and robocalls.” at does Patty Oppenheimer, 212.210.0711, assumes New Yorkers won’t that it failed to make mayoral year’s notice before closing? We sound distasteful, but the current [email protected] remember to bring reusable bags control permanent. assume not, unless they feel system produced the very legisla- senior custom project manager Danielle Brody, to the store, which everyone in Assembly Republicans further entrepreneurs who are losing tors that the Assembly GOP [email protected] localities with bag fees or bans has whined that the budget authorizes money should be forced by the complains about—the ones who EVENTS been able to do, and which all the state to close three prisons government to keep losing it for manage to keep the chamber’s www.crainsnewyork.com/events Americans did before plastic bags with “only 90 days’ notice” as another 12 months. minority irrelevant. With a lot of director of conferences & events came into use last century. opposed to the usual 365. Another gripe is that the budget help from the conference itself. ■ Courtney Williams, 212.210.0257, [email protected] manager of conferences & events OP-ED Ana Jimenez, ajimenez@crainsnewyork AUDIENCE DEVELOPMENT group director, audience development How to get ferry service right Jennifer Mosley, [email protected] REPRINTS After a recent chorus of criticism, some remedies director, reprints & licensing Lauren Melesio, 212.210.0707, [email protected] PRODUCTION BY TOM FOX accountable, and it operates the ● Require concessionaires to own production and pre-press director Staten Island Ferry—the world’s the ferries. One model that could Simone Pryce YC Ferry has hit rough busiest passenger-only ferry ser- be emulated: the National Park media services manager Nicole Spell waters. vice. It should oversee NYC Ferry. Service, which is restricted to Just in the past month, ● Revise the fare structure. e 10-year concession agreements in SUBSCRIPTION CUSTOMER SERVICE Ncity Comptroller Scott Stringer former East River ferry cost $4 on parks such as Yellowstone and www.crainsnewyork.com/subscribe hammered the city’s oversight of weekdays and $6 on weekends, mandates that winning bidders [email protected] its ferry service and blocked the de and operated on a modest $1.63 buy assets from operators they 877.824.9379 (in the U.S. and Canada). Blasio administration’s purchase per-ride subsidy. NYC Ferry replace. at worked here, too; it’s $3.00 a copy for the print edition; or $99.95 one year, $179.95 two years, for print of 19 new vessels. e Citizens should be priced like an express how Hornblower acquired the fer- subscriptions with digital access. Budget Commission documented bus, with trip length a factor, rather ries it operates to the Statue of Entire contents ©copyright 2019

an alarming per-ride operating NYC FERRY than match the subway fare. Rock- Liberty. subsidy of $10.73. And the New away residents would pay $6 to get ● Integrate ferries with the Metro- Crain Communications Inc. All rights York Post reported 12 of 19 ferry can reach a reasonably subsidized to Lower Manhattan more e - politan Transportation Authority. Pri- reserved. ©CityBusiness is a registered trademark of MCP Inc., used under license stops are in areas with above- stasis and make signi cant contri- ciently. Weekend beachgoers vate ferry operators have requested agreement. average incomes, indicating the butions to our city’s growth, liv- should pay a premium. this idea for two decades. subsidies are poorly targeted. ability and sustainability. Here are ● Charge tourists more. Residents e city has invested heavily in CRAIN COMMUNICATIONS INC. e service is important to the six ways to improve it. of Venice can buy low-cost NYC Ferry. e payo should be chairman Keith E. Crain city, however. Ferries support ● Change the oversight. e city’s monthly passes for the vaporetto great. To succeed, it must be mod- vice chairman Mary Kay Crain growth on our former industrial Economic Development Corp., service on the main canals. Tour- eled after systems that have worked president K.C. Crain waterfront, strengthen our emer- which planned and manages the ists must buy more expensive day and be operated only by experi- senior executive vice president Chris Crain gency preparedness and create service, should step aside as the passes, as they should on NYC enced maritime professionals. secretary Lexie Crain Armstrong ■ editor-in-chief emeritus Rance Crain jobs plus recreational and educa- lead agency and turn the job over Ferry and the Staten Island Ferry. chief nancial of cer Robert Recchia tional experiences. In addition, to experienced professionals. We ● Modify the schedules. Slowing Tom Fox serves on the Worldwide they reduce tra c congestion and can’t let ferries go the way of the operating speeds by 5% to 10% Ferry Safety Association board. founder G.D. Crain Jr. [1885-1973] enhance the city’s image as a place New York Wheel and Amazon would save fuel, ease crew fatigue He was a founding partner chairman Mrs. G.D. Crain Jr. [1911-1996] to live, work and visit. It’s impera- HQ2, two other failed EDC proj- and reduce breakdowns, mainte- of New York Water Taxi and tive that we get ferry service right. ects. e city’s Department of nance and capital replace- president of Interferry, an Operated properly, NYC Ferry Transportation is transparent and ment costs. international trade association.

8 | CRAIN’S NEW YORK BUSINESS | APRIL 8, 2019

P008_CN_20190408.indd 8 4/4/19 6:53 PM OP-ED Moratorium on natural gas is wake-up call Builders, lenders and government must shift toward sustainability

BY SADIE MCKEOWN having rejected many proposals for measures could create, and provid- gas lines. Amid criticism from ing additional low-cost, long-term ast month Con Edison stopped environmental advocates, a new capital in the mortgage, giving granting applications for pipeline has not been approved owners a realistic nancial pathway natural-gas hookups in West- since 2013. to include the measures in new Lchester County, sending shock ere’s enough nger-pointing construction and retro ts. waves through the development to go around. e moratorium On the supply side, the morato- community and roiling local should be a wake-up call, however, rium highlights the urgent need for elected leaders, a ordable-housing not a free-for-all. It should force us utility-scale renewables. Clean advocates and other stakeholders. to examine how we got here, what energy combined with demand- With only two months’ notice and immediate actions we could take to side energy management would an unde ned moratorium period, alleviate the supply/demand prob- dramatically relieve pressure on many developers, nanciers and lem and how we can avoid such cri- the supply of natural gas and help government partners putting ses in the future. the state meet its ambitious clean- together projects are being forced Short-term solutions we could energy goals while supporting to overhaul them or abandon them implement today would reduce the municipalities that invest in the altogether. demand for natural gas. For exam- sustainability of their build-

Now National Grid is threatening ple, new developments could IMAGE COMPOSITE ing stock. a moratorium on new gas hookups install dual-fuel burners, which Regardless of whether those

in New York City and Long Island if it allow buildings to switch from gas CRAIN’S moratoriums are contrived “emer- doesn’t get permits from the state by to oil on the coldest days. ere are gencies” aimed at pushing the state

May 15 for a new undersea pipeline. also proposals to increase supply by ISTOCK/ to approve new gas pipelines, they In Westchester, the problem is trucking gas in and storing it locally. likely will have very real, disruptive easy to understand. On the coldest ose solutions are neither per- e ciency HVAC equipment, codes and regulations. Local gov- e ects on local revitalization and days of the year, the demand on manent nor sustainable, however. updating hot-water distribution ernments need to consider changes community development. New Con Ed’s gas system stretches its Government, development agen- systems, creating a tighter building to zoning laws and building codes Rochelle, Yonkers and other West- capacity. e company claims the cies, energy suppliers and advo- envelope through insulation and to encourage or require developers chester cities are dealing with the current system won’t be able to cates should take the long view and air-sealing, xing water leaks and to adopt common-sense e ciency fallout, and if National Grid meet future demand without access focus on comprehensive solutions using energy-e cient appliances. measures. As the saying goes, the imposes its own ban, Long Island to more supply. with the goal of improving the Barriers still exist for many own- cheapest unit of energy is the one and New York City also will have to At its root, the problem stems energy e ciency and sustainability ers, however, when it comes to con- not used. scramble. from three things: signi cant of future development while structing energy-e cient buildings Owners also need access to pri- Had a comprehensive approach growth in natural-gas demand cre- addressing the e ciency needs of and upgrading existing ones. State vate capital to help make e ciency to reducing energy consumption ated by the current development our existing built environment. and local governments must pro- projects nancially feasible. Given been implemented a few years ago, boom, increased demand from A growing body of research indi- vide guidelines and incentives to the role lending institutions play in the moratorium issue could have existing buildings converting to gas cates that 25% or more of a build- ensure changes are economically the nancial and physical health of been avoided. It’s a lesson we can— from dirtier energy sources such as ing’s energy and water is wasted sound and don’t place an undue our buildings, the lenders ought to and must—apply today. heating oil, and more extreme heat- through correctable ine ciencies. nancial burden on building own- innovate and lead the industry ing needs as climate change brings Simple retro ts of multifamily ers, particularly owners of small toward greater e ciency. Some Sadie McKeown is executive vice more extremely cold winter days. buildings can reduce annual energy buildings. lenders, including my organization, president and chief operating o cer It appears as if the supply issue is use by 15% to 30%. at includes In addition, state and local policy are using a new method of under- at the Community Preservation at an impasse, with New York state upgrading lighting, installing high- agendas need to align with building writing the cost savings e ciency Corp.

LETTER TO THE EDITOR No a-voiding this loophole

YOU ARE RIGHT to support the editorial, 249 E. 62nd St., which has potential to cure many of the about the increasing likelihood closure of the mechanical-void 150 feet of empty space in a central zoning loopholes in one fell swoop. of natural-gas shortages in the loophole, but it is a mischaracteri- column that acts as a booster seat RACHEL LEVY extended New York area (New zation to say all advocates working for the luxury units at the top, will Executive director England too) because of the lack of to close zoning loopholes re ex- be una ected by the city’s pro- Friends of the Upper East Side pipelines and the related attempts ively oppose height, as suggested posed x because the void is now Historic Districts by mulchyheads to block new in “ is time, the NIMBYists are characterized as outdoor space. ones, described the cuto s already right: Close the mechanical-void But there is another way. NOT ON MY DIME a ecting some customers. loophole” (Crain’s editorial, Proposed amendments to the Re “De Blasio slams brakes on BQE You mentioned “the price spikes published April 1). Multiple Dwelling Law have been reconstruction” (CrainsNewYork during cold snaps that push some In many cases height is simply introduced in the state Legislature .com): large customers to switch tempo- a product of exploitation of zoning by Assemblywoman Linda Can the di erence in costs rarily to oil.” But many of those loopholes that render meaningless Rosenthal and Sen. Robert between the opposing plans be customers are bene ciaries of hard-won regulations designed to Jackson. e amendments are a determined? If protecting the view special, lower rates than their create predictable development. more complete solution to for the well-heeled costs double, neighbors. ey get the discounts Predictability in our development common zoning loopholes. ey I’m all for it, as long as they pay the speci cally by signing up for environment is good for advo- set a hard cap on “free” mechani- additional costs. natural gas as an “interruptible cates, real estate interests and cal spaces up to 5% of the total Education and environment supply,” where they’d have to communities. building, count open-air voids as should be the only issues that have switch to oil at the request of No one is denying the need for oor area, limit free mechanical a scal priority in this city, not the utility. more housing, particularly units oors to 20 feet and force buildings the aesthetics for a small minority. Accordingly, they’re making a CITYREALTY that are a ordable for all, but the with unusually tall ceiling heights We need every cent we can nd to bet that the winter will be mild and voids we are ghting are unusable to count those areas as oor area address those two priorities. they’ll save more money by getting spaces serving no civic purpose. It doesn’t take a zoning expert to multiple times. Signi cantly, the RODNEY SEELIG the cheaper rate than the addi- Soaring buildings composed of a see that huge empty spaces are amendments would not hinder tional expense of converting to oil. few residential units and one-third inconsistent with objectives of a ordable housing, which rarely OIL SWITCHERS So there’s no need to cry tears for empty space do nothing to address balanced, livable urban growth. uses such tactics. Your article “Business groups say them when the cold waves hit. the housing crunch or the adminis- Astonishingly, the design of Although the city’s proposal is a natural-gas delivery has reached a DANNY BURSTEIN tration’s a ordable-housing goals. the project you featured in your step forward, the state bill has the crisis point” (published March 4), Ypsilanti, Mich.

Write us: Crain’s welcomes submissions to its opinion pages. Send letters to [email protected]. Send op-eds of 500 words or fewer to [email protected]. Please include the writer’s name, company, address and telephone number. Crain’s reserves the right to edit submissions for clarity.

APRIL 8, 2019 | CRAIN’S NEW YORK BUSINESS | 9

P009_CN_20190408.indd 9 4/4/19 6:33 PM SPOTLIGHT A recipe for building a pizza and burger empire Pizza Loves Emily keeps dining low-maintenance

BY CARA EISENPRESS

aking pizza at one of the two New York City locations of Emmy Squared follows a standard procedure: Dough for the thick, “Detroit style” square slices rises on baking sheets, then is topped with quality ingredients and cooked on Mconveyor belts in a gas oven with consistent heat. Likewise, the recipe for the double-stack burger at the 84-seat Emily in the West Village is structured so cooks can “produce a lot, and consis- tently,” said Matt Hyland, co-owner and executive chef. “If I walk away, people can follow simple instructions to make it,” said Hyland, who runs the restaurants with his wife, Emily Hyland, and two other partners. Contrast that with the culinary approach at the original Emily restaurant in Clinton Hill, Brooklyn, where Matt says the burger, served with melted cheddar and a proprietary sauce on a pretzel bun, needs love and attention. “We treat it more like a steak,” he said. Same idea at Violet on East Fifth Street, the newest restaurant in the group, where Matt does the cooking himself. “It’s [our] rst restaurant with a grill and seafood,” he said, “toys I didn’t get to play with before.” At their six restaurants— ve in New York and one in Nashville—the Hylands haven’t just cracked the code on tasty burgers and pizza that trend on Instagram. By balancing scalable restaurant concepts with smaller, hands-on eateries, the group, Pizza Loves Emily, is establishing a new model for culinary businesses at a time when running a mom-and- pop spot isn’t easily pro table. Food by formula e Pizza Loves Emily story starts like many creative journeys. In 2013 the Hylands drove by a shuttered storefront on Fulton Street in Brooklyn and decided to follow a dream: running a neighborhood restaurant. ey opened Emily, which got critical attention for pies that featured both standard toppings such as pepperoni and unlikely pairings, like tomatillo sauce with olives. “IF I WALK AWAY, As Emily Hyland, a former teacher, gured out how to hire and train sta EMILY AND MATT PEOPLE CAN and welcomed regulars at the front of the HYLAND started with house, Matt, an Institute of Culinary pizza but now have FOLLOW SIMPLE Education–trained chef who had worked six restaurants and at Pizza Moto, added a burger to the more menu options. INSTRUCTIONS menu. BUCK ENNIS In early 2015 the food media discov- TO MAKE THE ered the Emily burger. Soon customers ooded the restaurant and the Instagram PIZZA AND account @pizzalovesemily, which now has 67,000 followers. So many foodies BURGERS” lined up that the Hylands decided to open a bar next door to ease the wait. at’s when the next breakthrough happened: As Matt developed a square pie to sell by the slice at the bar, he designed the process so that he could delegate the pizza-making to other sta . ( e deal for the next-door space fell through, however, and the rst bar and pizzeria, Emmy Squared, actually opened in Williamsburg in 2016.) In the process of making his own life easier, Matt had stumbled on a smart business idea: Making great pizza didn’t have to be an artisanal process. Along with the customers and social-media followers, investors heard the buzz. In 2016 the couple brought on two equal partners, Ken Levitan and Howard Greenstone, experienced restaurant operators who saw something scalable in the square pizzas and double burgers. e Hylands took on new roles, with Matt overseeing chefs at each location and Emily becoming COO. A business strategy developed: Optimize the food, keep real-estate and build-out costs low by leasing spaces already out tted for food service, and turn over tables quickly. e goal, Greenstone said, is to open each restaurant for less than $1 million. e group’s largest location, Emily on Downing Street, serves 500 to 600 guests on a busy Saturday, making it one of the highest-turnover restaurants in the city. “It’s not coursed service—we’re a pizza restaurant,” Greenstone said. FOCAL POINTS e restaurants, which average 50 employees each, bring in about $1,500 NAME Pizza Loves Emily Group per square foot annually, on average, he said. A lot of that revenue gets reinvested; Emmy Squared is planning to expand to Boston, Philadelphia FOUNDED 2014, as just Emily and Washington, reaching a pace of four openings per year. RESTAURANTS Emily in Clinton Hill, Brooklyn, and in the West Village; Emmy Squared Even as the company grows, the Hylands, who separated in 2017, are in Williamsburg, the East Village and Nashville; Violet in the East Village taking a step back. “We always thought, What would it be like if one day we could do just what we wanted to do?” Emily said. For her, that has FULL-TIME EMPLOYEES 300 meant ceding the operational duties. She now oversees just the group’s OWNERS Emily Hyland, Matt Hyland, Howard Greenstone and Ken Levitan beverages as well as its cultural initiatives. She has begun teaching 2018 REVENUE “North of $15 million” again—yoga and English at CUNY’s College of Technology. And Matt is grateful to be back in the kitchen at Violet. “To have a PROJECTED THREE-YEAR GROWTH About 40% annually 50-seat restaurant, it’s tough to do unless you have something scalable WEBSITE pizzalovesemily.com making money,” he said. “ e fact that we have others generating income makes a passion project easier to pull o .” ■

10 | CRAIN’S NEW YORK BUSINESS | APRIL 8, 2019

P010_CN_20190408.indd 10 4/4/19 7:03 PM ASKED & ANSWERED

Tina Brown Live Media search. If Apple can be the place you can go, knowing it’s TINA BROWN DOSSIER going to be quality, that could be huge. INTERVIEW BY AMY CORTESE WHO Founder and CEO, Tina It also said it plans to take half the pro ts from a news subscription service with 300 media partners. Brown Live Media/Women in ina Brown, former Vanity Fair and New The digital medium has feasted upon journalism for the World Yorker editor, has produced events and too long. And one hopes that [the media] won’t end up podcasts focused on women’s issues BORN Maidenhead, England once again feeling bullied to do it. That’s what happened RESIDES Upper East Side with Facebook. I would urge Apple to start its own globally for the past decade. She expects news platform and hire journalists and proper editors. T2,500 attendees daily for her 10th annual Women EDUCATION Bachelor’s in English It has the funds. I always felt that’s something Mark in the World Summit, a “Woodstock for women’s literature, University of Oxford Zuckerberg could have done: pledged $2 billion to local ideas,” at Lincoln Center April 10 through 12. ENTRY Tickets for Women in the journalism. He would have had much better press. World range from $75 to $400. The theme of Women in the World is “Can women What is Tina Brown Live Media? OPTIONED Brown’s memoir, Vanity save the world?” Are you optimistic about that? We focused for the rst few years on live events; that’s Fair Diaries, is being made into a We’re moving into an interesting moment when you’re our specialty. We now want to grow our newsletter, digital streaming series by writer Rachel seeing a new respect for women’s wisdom. Women do team and podcast [TBD With Tina Brown], and we’re Caris Love of Blindspot fame. seem to have that kind of grown-up gene that tries, at moving into other kinds of content as well. I have a BEST POWER-LUNCH SPOT? “My house.” any rate, to be responsible. We need that right now, wonderful partner, Marisa Farina. She’s a whiz. She has because it’s a very volatile world. increased our revenue by 28% this year. How has the summit changed since you started it? Who are your competitors? What does that mean for print? In 2009 there was so little happening in this space. We compete with pretty much every live idea thing out Screens have won, no doubt American feminism was in a fairly torpid state. I was there. But there really isn’t anything quite like Women in about it. I don’t know whether our excited about global feminism, which I saw as the real the World. It’s a platform that is about the intersection kids, who are digital natives, will activator in the world and something that American of women and news. My team are journalists. They’re not start to feel that print has vintage women should learn about because it would energize conference producers. fascination. But I wouldn’t want to them too. Since #MeToo, it’s now become Topic A, and say print is dead. I feel we’ve been very much at the forefront of that. So many media companies now produce live events. They’re also using the term live journalism, which I invented! What do you make of Apple’s latest How has the broader environment for women People are hungry to have experiences. We all scroll through foray into content? evolved? the news, but when you’re actually talking to someone Apple has always stood for quality. I’m It’s made huge strides, and there are places where it who’s telling you what it’s actually like to live in one of these a complete and utter Net ix-Amazon- seems unchanged. There are actually fewer [female] places behind the headlines, people nd it really riveting. It Hulu vulture. I watch everything! At the same Fortune 500 CEOs this year than last year. You have to

goes back to the whole personal luxury of an experience. time, the volume is intense, so you still have to ask how that could be, given all the noise about it. ■ BUCK ENNIS

APRIL 8, 2019 | CRAIN’S NEW YORK BUSINESS | 11

P011_CN_20190408.indd 11 4/4/19 4:16 PM THE LIST TOP-PAID HOSPITAL EXECUTIVES AND DOCTORS Ranked by 2017 cash compensation

RAISE CRAZE Good prognosis for salaries Mount Sinai’s retirement plan payment propelled Kenneth Davis to the top of the execu- Shakeups at the top, but earnings still set records tives ranking. Three other administrators also received raises of more than $2 million. At the same time, the jumps in doctors’ pay were more muted. $234K AVERAGE AMOUNT of EXECUTIVES ompensation for city hospital executives and doctors climbed “other” compensation, Kenneth Barry Susan Dennis Andrew in 2017 for the fourth straight year. Hospital employees had to such as deferred pay Davis, M.D. Ostrowsky Green-Lorenzen Connors Racine, M.D. and health care earn more than $2.1 million to rank on Crain’s lists. e most (No. 1) (No. 4) (No. 12) (No. 14) (No. 20) notable increase came at the top of the executives list: Kenneth bene ts, by the 50 CDavis, Mount Sinai Health System president and chief executive, took +$8.3M +$2.9M +$2.2M +$2.1M +$1.5M doctors and executives home nearly $12.4 million in cash compensation—the most any execu- on the lists DOCTORS tive had received in ve years. For Davis, who had earned nearly $4.1 million in each of the previous Mark Frank Angelo Han Jo Richard four years, the rise was a one-time deal. He collected a supplemental Bilsky, M.D. Schwab, M.D. Reppucci, M.D. Kim, M.D. Shlofmitz, M.D. executive retirement plan benet of $8.3 million, a sum intended to fund (No. 12) (No. 6) (No. 20) (No. 8) (No. 3) the longtime CEO’s retirement after four decades at Mount Sinai. Not all hospital employees stay in their role long enough to make it +$1.5M +$0.6M +$0.3M +$0.3M +$0.3M onto Crain’s rankings annually. ere are six new doctors and seven new NOTE: Raise rankings omit four doctors whose 2016 cash compensation is not available. executives in this edition. e appearance of one new executive will be short-lived: José Baselga (No. 24) resigned in September from his post as BUSINESS AS USUAL Memorial Sloan Kettering’s physician-in-chief and chief medical ocer. Maintaining its lead from previous years, Northwell Health employed the most staffers Baselga stepped down after an investigation by e New York Times on Crain’s lists again in 2017. Memorial Sloan Kettering ascended to No. 2 after placing and ProPublica revealed that his nancial ties to the drug industry were rarely disclosed in his research articles. e oncologist and researcher $3.4M fourth last year. Total number of execs/doctors had lucrative corporate relationships with pharmaceutical giants Bris- AMOUNT José Baselga Northwell Health tol-Myers Squibb and Roche as well as small biotech startups investigat- reportedly received 12 from outside medical Memorial Sloan Kettering Cancer Center ing new cancer therapies. 7 Baselga’s place on the top-paid executives list may be tenuous, but companies between Catholic Health Services of Long Island he has landed on his feet. In January AstraZeneca named him execu- 2013 and 2016 6 tive vice president of research and development in oncology—a role the New York–Presbyterian Hospital 6 European drugmaker created in order to expand its research in cancer SOURCE: ProPublica Dollars Monte ore Health System treatments. for Docs database 5 — Gerald Schifman SOURCE: Crain’s analysis of Form 990 2016 and 2017 tax lings

TOP-PAID EXECUTIVES TOP-PAID DOCTORS TOTAL CASH COMP. OTHER TOTAL CASH COMP. OTHER RANK NAME/TITLE HOSPITAL/SYSTEM FROM ORG./FROM RELATED ORGS. COMP. RANK NAME/TITLE HOSPITAL/SYSTEM FROM ORG./FROM RELATED ORGS. COMP. Kenneth Davis, M.D.1 Mount Sinai Health System $12,390,588 $67,326 David Samadi, M.D. Lenox Hill Hospital $6,793,426 $58,123 1 president and chief executive $4,134,739/$8,255,849 1 chair, urology $6,793,426/$0 Steven Corwin, M.D.2 New York–Presbyterian Hospital $7,255,558 $151,894 Joseph Levine, M.D. St. Francis Hospital $6,421,284 $44,457 2 president, chief executive $7,255,558/$0 2 chief, electrophysiology $6,421,284/$0

and trustee Richard Shlofmitz, M.D. St. Francis Hospital $4,523,903 $42,979 Robert Grossman, M.D.3 NYU Langone Health $5,674,384 $2,084,520 3 chair, cardiology $4,523,903/$0 $2,837,192/$2,837,192 3 dean and chief executive Sathish Subbaiah, M.D. St. Charles Hospital $4,054,986 $23,449 Barry Ostrowsky RWJBarnabas Health $5,659,339 $39,736 4 chief, neurosurgical $4,054,986/$0 4 president and chief executive $5,659,339/$0 spine surgery Steven Safyer, M.D.4 Monteore Health System $5,417,628 $43,471 Morgan Chen, M.D. St. Charles Hospital $3,840,001 $54,861 5 president and chief executive $0/$5,417,628 5 chief, orthopedic spine surgery $3,840,001/$0 Michael Dowling Northwell Health $4,041,927 $54,840 Frank Schwab, M.D. Hospital for Special Surgery $3,820,321 $58,408 6 president and chief executive $0/$4,041,927 6 chief, spine service $3,820,321/$0 Craig Thompson, M.D. Memorial Sloan Kettering Cancer Center $3,878,482 $1,443,976 Mark Urken, M.D. Beth Israel Medical Center $3,526,026 $51,557 7 president and chief executive $3,878,482/$0 7 chief, head and neck $3,526,026/$0

Robert Garrett5 Hackensack Meridian Health $3,847,854 $847,578 surgical oncology 8 co-chief executive $3,847,854/$0 Han Jo Kim, M.D. Hospital for Special Surgery $3,513,618 $50,062 $3,513,618/$0 Alan Guerci, M.D.6 Catholic Health Services of Long Island $3,776,985 $400,495 8 orthopedic surgeon 9 president and chief executive $3,776,985/$0 Robert Michler, M.D. Monteore Medical Center $3,505,333 $43,538 $3,505,333/$0 John Lloyd7 Hackensack Meridian Health $3,509,320 $883,921 9 chair, cardiothoracic and vascular surgery 10 co-chief executive $3,509,320/$0 Jacob Shani, M.D. Maimonides Medical Center $3,499,544 $39,342 Laura Forese, M.D.8 New York–Presbyterian Hospital $3,491,555 $259,302 chair, cardiology $3,499,544/$0 11 executive vice president and $3,491,555/$0 10 chief operating o cer Sheeraz Qureshi Hospital for Special Surgery $3,236,769 $46,902 a $3,236,769/$0 Susan Green-Lorenzen9 Monteore Health System $3,344,342 $41,544 11 ssociate attending orthopedic surgeon 12 senior vice president, operations $3,344,342/$0 Mark Bilsky, M.D. Memorial Sloan Kettering Cancer Center $3,209,703 $367,921 Maxine Frank10 New York–Presbyterian Hospital $3,215,185 $56,527 neurosurgeon $3,209,703/$0 13 special adviser to the president $3,215,185/$0 12 and chief executive Eugene Krauss, M.D. North Shore University Hospital $3,007,574 $48,848 $3,007,574/$0 Dennis Connors11 Northwell Health $3,186,626 $485,641 13 director, orthopedic surgery 14 senior vice president, $3,186,626/$0 Lyle Leipziger, M.D. Long Island Jewish Medical Center $2,961,345 $58,123 regional executive director 14 chief, division of $2,961,345/$0

Thomas Biga RWJBarnabas Health $3,083,626 $45,311 plastic surgery 15 president, hospital division $3,083,626/$0 Bernard Bochner, M.D. Memorial Sloan Kettering Cancer Center $2,842,055 $70,417 $2,842,055/$0 Andrew Brotman, M.D. NYU Langone Health $2,967,244 $50,666 15 chair, surgery 16 senior vice president, vice dean $1,483,622/$1,483,622 Philip Gutin, M.D.1 Memorial Sloan Kettering Cancer Center $2,828,868 $57,489 and chief clinical o cer 16 chair, neurosurgery $2,828,868/$0 Louis Shapiro Hospital for Special Surgery $2,935,758 $75,336 Hedvig Hricak, M.D. Memorial Sloan Kettering Cancer Center $2,520,184 $93,569 17 president and chief executive $2,348,606/$587,152 17 chair, radiology $2,520,184/$0 Kathryn Martin Memorial Sloan Kettering Cancer Center $2,816,680 $584,614 Neil Tanna, M.D. Long Island Jewish Medical Center $2,479,400 $58,081 18 chief operating o cer $2,816,680/$0 18 chief, plastic surgery $2,479,400/$0

12 | CRAIN’S NEW YORK BUSINESS | APRIL 8, 2019

P012_CN_20190408.indd 12 4/4/19 5:21 PM Presenting the most prestigious medical building bordering the Upper East Side & Midtown

110 EAST 60TH STREET 8 leases signed encompassing appro y 40,000 square feet 4 leases pending encompassing appro y 33,000 square feet

Units of 2,051 RSF - 100,000 RSF can be made available - Article 28 amenable

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Paul L. Wexler | Lic. Assoc. RE Broker | 212.836.1075 | [email protected]

Real estate agents a liated with e Corcoran Group are independent contractor sales associates and are not employees of e Corcoran Group. Equal Housing Opportunity. e Corcoran Group is a licensed real estate broker located at 660 Madison Ave, NY, NY 10065. All listing phone numbers indicate listing agent direct line unless otherwise noted. All information furnished regarding property for sale or rent or regarding nancing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice.

CN019092.indd 1 4/3/19 3:02 PM THE LIST TOP-PAID HOSPITAL EXECUTIVES AND DOCTORS

TOP-PAID EXECUTIVES TOP-PAID DOCTORS TOTAL CASH COMP. OTHER TOTAL CASH COMP. OTHER RANK NAME/TITLE HOSPITAL/SYSTEM FROM ORG./FROM RELATED ORGS. COMP. RANK NAME/TITLE HOSPITAL/SYSTEM FROM ORG./FROM RELATED ORGS. COMP. Edward Dinan12 New York–Presbyterian Lawrence Hospital $2,810,487 $19,661 Alan Hartman, M.D. North Shore University Hospital $2,389,426 $58,123 19 president and chief executive $2,810,487/$0 19 chair, cardiovascular and $2,389,426/$0

Andrew Racine, M.D.13 Monte ore Health System $2,701,699 $43,538 thoracic surgery 20 senior vice president and $2,701,699/$0 Angelo Reppucci, M.D. Long Island Jewish Medical Center $2,342,416 $58,081 chief medical o cer 20 co-director, practice site $2,342,416/$0 Philip Ozuah, M.D.14 Monte ore Health System $2,578,552 $1,226,969 George Petrossian, M.D. St. Francis Hospital $2,311,249 $51,840 21 president $0/$2,578,552 21 director, interventional $2,311,249/$0

Mark Solazzo15 Northwell Health $2,473,309 $782,518 cardiovascular procedures 22 executive vice president and $2,473,309/$0 Mark Sultan, M.D. Beth Israel Medical Center $2,298,573 $15,188 chief operating o cer 22 chief, plastic and $2,298,573/$0

Andria Castellanos16 New York–Presbyterian Hospital $2,432,809 $72,293 reconstructive surgery 23 group senior vice president and $2,432,809/$0 Varinder Singh, M.D. Lenox Hill Hospital $2,265,476 $58,123 chief operating o cer 23 chair, cardiovascular $2,265,476/$0

José Baselga, M.D.17 Memorial Sloan Kettering Cancer Center $2,427,171 $250,816 medicine 24 physician-in-chief and $2,427,171/$0 David Langer, M.D. Lenox Hill Hospital $2,218,652 $58,123 chief medical o cer 24 chair, neurosugery $2,218,652/$0 Phyllis Lantos18 New York–Presbyterian Hospital $2,409,839 $60,883 Samuel Scheinerman, M.D. Lenox Hill Hospital $2,143,860 $48,848 25 special adviser to the president $2,409,839/$0 25 chair, cardiovascular and $2,143,860/$0 and chief executive thoracic surgery

SOURCE: 2017 Forms 990 of New York area hospitals and health systems. Area includes the city’s five boroughs plus Nassau, Suffolk and Westchester counties in New York and Bergen, Essex, Hudson and Union counties in New Jersey. Research by Melinda Berkman and Gerald Schifman. Total 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. Individuals may have additional titles. SERP-supplemental executive retirement plan. KEYSOP-key employee share option plan. Notes on top-paid executives: 1-Figures were drawn from Mount Sinai Hospital’s Form 990. Compensation includes a one-time SERP payment of $8,300,000. This includes contributions reported in previous years. 2-Compensation included a $88,645 participation in a supplemental nonqualified retirement plan, with $2,045,724 reported on the W-2. 3-Compensation included a $2,052,365 contribution to a SERP, with costs shared between NYU Hospitals Center and NYU School of Medicine. 4-Compensation included a pooled SERP distribution of $1,696,025. 5-Compensation included a $596,700 SERP participation, $77,476 in vested KEPSOP benefits, a retention bonus and benefits in a nonqualified deferred compensation plan. 6-Compensation includes a $342,000 participation in a supplemental nonqualified retirement plan, with $1,568,553 vesting in the plan. 7-Retired on December 31, 2018. Compensation included a $516,500 SERP participation along with benefits in a nonqualified deferred compensation plan. 8-Compensation included a $213,319 nonvested participation in a supplemental nonqualified retirement plan, with $432,403 reported on the W-2. 9-Compensation included a pooled SERP distribution of $2,163,042. 10-Frank was previously the executive vice president, chief legal officer and general counsel at New York-Presbyterian Hospital. Compensation included a $1,161,764 participation in a supplemental nonqualified retirement plan as reported on the W-2. 11-Connors retired Dec. 31, 2017. Compensation included an unvested $446,067 SERP contribution. 12-Dinan retired Sept. 11, 2015. Compensation included $753,741 in severance pay. W-2 includes $2,061,884 in a supplemental nonqualified retirement plan. 13-Compensation included a pooled SERP distribution of $1,492,377. 14-Ozuah was previously executive vice president and chief operating officer. Compensation included $1,183,675 in SERP accrued and unpaid service costs. 15-Compensation included $741,285 in unvested SERP contributions. 16-Castellanos left in August 2017 and received 282,692 in severance pay. Compensation included a $97,753 participation in a supplemental nonqualified retirement plan as reported on the W-2. 17-Resigned in September 2018. 18-Lantos was previously executive vice president, chief financial officer and treasurer. Compensation included a $114,653 participation in a supplemental nonqualified retirement plan as reported on the W-2. Notes on top-paid doctors: 1-Retired in December 2017.

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Paul L. Wexler | 212.836.1075 | [email protected] Licensed Assoc. RE Broker | Healthcare-Properties.com

Real estate agents a liated with e Corcoran Group are independent contractor sales associates and are not employees of e Corcoran Group. Equal Housing Opportunity. e Corcoran Group is a licensed real estate broker located at 660 Madison Ave, NY, NY 10065. All listing phone numbers indicate listing agent direct line unless otherwise noted. All information furnished regarding property for sale or rent or regarding nancing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice.

14 | CRAIN’S NEW YORK BUSINESS | APRIL 8, 2019

P014_CN_20190408.indd 14 4/4/19 5:20 PM “If it was not an automated ga- works with its aliate, Automotion GARAGES rage, I might be able to get eight or Parking Systems, to build automat- FROM PAGE 3 nine parking spaces,” said Gordon ed garages. “I can show developers Gemma, a Jersey City–based real I can run a more pro table parking and short-term rentals à la Zipcar estate executive who represents the business,” Stelzer said. have made it easier to get around project’s Argentinian owner, Clau- He added that the rm, which op- without a car. And in another de- dio Soifer. “I now have 22.” erates residential and commercial cade or so, self-driving cars could For reasons of location and the systems, expects to roughly double change the parking equation alto- lot’s size—less than 15,000 square the number of garages it operates in gether and highlight another bene- feet—the Park Slope project is not the metro area to 15 by 2021. t of automated operations: ey’re required to include o-street park- at number may not include the uniquely equipped to serve auton- ing for its 59 condos. Gemma con- massive Willoughby Square Park omous vehicles. siders the garage a high-end attrac- robotic garage in Downtown Brook- For now, however, robotic- tion for the auent homeowners lyn, a proposed commercial project system operators say they give the project wants to attract—which that American Development Group developers a solid return on invest- makes the system worth its roughly was working on with the city’s Eco- ment. $50,000-per-unit cost. nomic Development Corp. e “You’re able to provide parking He and the owner will be looking project, originally slated to serve capacity within a much smaller vol- to sell o both the residential and 700 cars (the company later pro- ume and get revenue generation parking units—another reason the posed downsizing it to 470), ap- from the volume you free up,” said garage could be a good investment. peared to fall through last year over Goldberg, who is U-tron’s executive If the property were a rental and problems with nancing. vice president of sales and market- they were planning to hold on to Stelzer said conversations about ing. In addition, the systems are the building for years to come, the project were ongoing but de- now streamlined operations that let parking would not be Gemma’s rst clined to say with whom. According users deposit and pick up their car choice for that basement space. to an EDC ocial, there are no con-

with the swipe of a chip or the tap of “Demand for parking is going to BUCK ENNIS versations taking place with the city. a phone app. diminish,” he said. “I’d probably see TIGHT FIT: Nash of Gotham Parking Systems brought this 5BY2 Puzzle Parking “At the end of the day, parking what I could do in terms of the System to 152 Elizabeth St. Room for growth becomes the dierentiator the de- things that people who rent units Stelzer sees the greatest room for veloper is looking for,” he said. today nd more attractive, such as a much better than in the United Nash is the U.S. rep for Dutch growth in the outer boroughs. He larger gym or more States,” said Jerry Marcus, president automated-parking manufacturer pointed out that parking is still re- storage space.” of the Parking Advisory Group, a 5BY2, which last year was acquired quired for developments in most “DEVELOPERS WANT TO He has already consulting rm outside Houston, by German materials-handling outer-borough neighborhoods, the dealt with slowing Texas. Where space is not at a pre- rm Lödige Industries. He does area has more drivers, there is less ATTRACT BUYERS. THAT’S demand for parking mium, as in much of the country most of his business in New York, congestion than in Manhattan, and in Jersey City prop- aside from a few major cities, it’s far where 5BY2 has systems operating construction is on the rise. WHERE WE COME IN” erties in which he cheaper to build a conventional at 152 Elizabeth St. and 24 Leonard “Brooklyn and Queens and Jer- has an interest: garage. St., and has systems under con- sey City are where transportation at was the thinking behind a Some of those residential garages “I live in Texas. We have nothing struction at four other projects, in- trends are still a lot more attractive,” 12-story residential condo develop- are now renting parking spots to but land,” Marcus said. “If I can put cluding three in SoHo and one in Stelzer said. “e outer boroughs ment in Park Slope that will feature Hertz and Enterprise, whose cars in a ramp, I’m going to beat that au- Williamsburg. are also seeing density increasing an automated system at its expect- the buildings’ millennial residents tomated garage every time.” With the increase in New York massively. You’re going to see a lot ed completion in 2021. Located at take out for weekend trips. But if robotic garages are lling a state’s minimum wage to $15 an more automated garages there.” 167-174 Fourth Ave., the project niche, it’s a niche with a lot of op- hour, robotic systems make for a And when cars are driving them- will have a 22-car garage inside a Filling a niche portunity. Just like the Park Slope stronger pitch to developers look- selves—whether as personal vehi- 3,500-square-foot basement. Robotic-parking companies such condo developers, luxury-building ing to partner with a commercial cles or as part of shared eets—the Users will drive their car onto a as U-tron may now be seeing record landlords in Manhattan want to of- garage operator. robotic garages will be ready to re- palette on a ground-oor bay—es- growth, but there could be limits to fer parking as a high-end amenity, Labor costs make up 30% to 50% ceive them. sentially an elevator that lowers the how big they can get as a business. and they need the garage to t in a of operating expenses for valet ga- “A computer-controlled vehicle vehicle to a basement conveyor Experts say the appeal of the sys- tight space. rages, said Samuel Stelzer, head of communicating with a computer- belt, which moves the palette to a tems is pretty much limited to the “Developers want to attract buy- investments and acquisitions at controlled system allows for auton- storage spot. e modular system more densely populated parts of ers, and they want to do it without American Development Group. omous parking and payment,” does not need a ramp, room for a the world. losing their gym,” said Woody Nash, e West Hempstead, Long Island, U-tron’s Goldberg said. “We are at driver to turn the car or—as there “ey do particularly well in president of Gotham Parking Sys- company is the parent of work on that from our angle, as are are no exhaust fumes—space for places where space is at a premium, tems in Morristown, N.J. “at’s automated-parking operator Wil- some of the autonomous vehicle ventilation. like Japan, where they’re doing where we come in.” loughby Operating Co., which manufacturers.” ■

TRANSPORTATION Lyft launches pooled-ride service Shared Saver has users walk a few blocks for pickups

BY MATTHEW FLAMM Uber as its Express Pool service. According to Lyft’s announce- e short walk at each end of the ment, drivers will be paid the same Lyft has rolled out a pooled-ride trip allows the service to gure out as they are for standard rides service in New York that aims to the most ecient route for the “while bene ting from the in- undo some of the damage the com- greatest number of passengers. creased demand for riders.” pany has suered from new regula- ere is an added bene t to e congestion-pricing sur- tions while potentially cutting con- Shared Saver in New York: e charge is also eating into overall gestion. city’s congestion-pricing sur- hired-car ridership, according to Last week the company said that charge, which is levied on for-hire taxi industry representatives and Shared Saver—Lyft’s “most aord- trips in Manhattan below 96th driver groups, which have been able shared-ride service yet”—had Street and ordinarily adds $2.75 to ghting the state-imposed fee. launched here following its intro- a ride-hail fare, drops to 75 cents (Both Lyft and Uber support con- duction in Denver and San Jose in per rider if the trip is pooled, even if gestion pricing because they be- February. the car ends up with only one pas- lieve they ultimately will bene t In exchange for a cheaper fare, senger. from less congestion.) users will have to walk a few blocks Lyft could use the help of a low- Taxi groups have decried the 75- to their pickup point; destinations er-priced service: It is currently su- cent fee on pooled rides, saying it will be a short walk from where ing the city’s Taxi and Limousine gives e-hail operators an advantage they’ll be dropped o. Commission over new mini- and is open to abuse. Taxis are e model is essentially the mum-wage regulations that the charged $2.50 per ride under con- same one pioneered by Via and in- company says have led to higher gestion pricing regardless of how troduced in New York in the fall by fares and decreased ridership. many passengers they carry. ■

APRIL 8, 2019 | CRAIN’S NEW YORK BUSINESS | 15

P015_CN_20190408.indd 15 4/4/19 6:50 PM FOR THE RECORD*

NEW IN TOWN fruits, sandwiches and ice cream, which designed the Ikea store in the tenant. e landlord, Cohen nine-year lease for 17,613 square there is kombucha on tap and Brooklyn, plans to move from 44 Brothers Realty, was represented feet at 1 Grand Central Place in ■ Brain Food self-serve açaí bowls. Shoppers W. 28th St. e landlords, HSP by an in-house team and by a team Midtown East. Newmark Knight 967 Bedford Ave., Brooklyn checkout on automated registers. Real Estate Group and Marciano from Colliers International. Frank represented the landlord. A fast-casual vegan café opened in Investment Group, were repre- CBRE brokered for the tenant, a Bedford-Stuyvesant, where it o ers BANKRUPTCIES sented by Newmark Knight Frank. ■ Isaac Morris Ltd. nabbed 23,050 ntech platform. e asking rent mostly grab-and-go options. Colliers International represented square feet at 48 W. 37th St. The was $68 per square foot. ■ Bay Terrace Plaza the tenant. e asking rent was $58 licensed apparel manufacturer ■ Citiva d/b/a Allora Italian per square foot. for brands including Disney, Lego ■ Starwood Capital signed a 202 Flatbush Ave., Brooklyn Kitchen & Bar and Marvel plans to move from 20 10-year lease for 14,258 square Brooklyn’s rst medical-marijuana 210–35 26th Ave., Queens ■ ai Sliders inked a 15-year lease W. 33rd St. Adams & Co. repre- feet at 40 10th Ave. in the dispensary landed in Prospect e Italian restaurant led for for 5,765 square feet at 27 Cliff sented the landlord, Forty Eight Meatpacking District. e invest- Heights. Medical-marijuana card- Chapter 1 bankruptcy protection St. in the Financial District. e Thirty Seven Associates. Intrepid ment rm plans to move from holders can stock up on a variety March 21. e ling cites estimated restaurant plans to move from 108 Real Estate Group brokered for 1140 Sixth Ave. JLL represented of products and other goods such assets of $100,001 to $500,000 and John St. Meridian Capital Group the tenant. The asking rent for the landlords, Aurora Capital as vape tools and T-shirts. liabilities of $1,000,001 to $10 mil- brokered for the tenant and the the 11-year lease was $45 per Associates and William Gottlieb lion. ere were no creditors with landlord, Greenroad Capital. e square foot. Real Estate, as well as the tenant. ■ Golden Diner unsecured claims. asking rent was $80 per square foot. e asking rent was $185 per 123 Madison St. ■ Icapital Network inked a square foot. — Yoona Ha Momofuku alum Samuel Yoo ■ Café Service Co. Inc. ■ Grit Bxng nabbed a 5,500-square- opened a restaurant in Chinatown 11–06 Broadway, Queens foot lease for 15 years at 9 E. 16th that fuses Asian and diner foods. e taxi-repair shop led for St. The boutique boxing studio e menu o ers breakfast go-tos Chapter 11 bankruptcy protection plans to open in Union Square. It DEALS ROUNDUP including omelets and homemade March 22. e ling cites estimated will occupy 3,500 square feet on the TARGET/ TRANSACTION SIZE BUYERS/ TRANSACTION granola with yogurt but also items assets of $100,001 to $500,000 and ground floor and 2,000 square feet SELLERS [IN MILLIONS] INVESTORS TYPE such as chicken katsu sandwiches. liabilities of $1,000,001 to $10 mil- on the lower level. Meridian Capital lion. e creditor with the largest Group brokered for the boxing eFront S.A., Bridgepoint Advisers $1,300.0 BlackRock Inc. SB M&A ■ Shibuyala unsecured claim is Mega Funding studio and the landlord, AD Real Ltd. (Manhattan) 37 St. Marks Place Corp., owed $1,014,692. Estate. The asking rent was $250 Portfolio of seven cold storage $442.5 Not disclosed SB M&A e Los Angeles–based beauty- per square foot. properties, iStar Inc. store chain expanded to the city. ■ Peeq Media (Manhattan) e East Village shop sells more 30–00 47th Ave., COMMERCIAL 521 Fifth Ave. (Manhattan) $381.0 Savanna Partners SB M&A than 6,000 products. Long Island City ■ Gunderson Dettmer Stough Plaza Global Real Estate (Manhattan) e graphics and imaging company Villeneuve Franklin & Hachigian Partners; SL Green Realty Corp. ■ Tailfeather led for Chapter 11 bankruptcy agreed to take 44,718 square feet (Manhattan) 581 Myrtle Ave., Brooklyn protection March 19. e ling at 220 W. 42nd St. in Midtown HS Orka hf., Innergex Renewable $304.8 Macquarie Infrastruc- SB M&A e new Clinton Hill wine bar cites estimated assets and liabili- West. e Silicon Valley–based Energy Inc. ture and Real Assets serves natural wines as well as ties of $0 to $50,000. ere are no international law rm plans to (Manhattan) (53.9%) craft beers and bar snacks such as creditors with unsecured claims. occupy the 20th through the Identi ed portfolio of arbitration $253.6 BlackRock Inc. SB M&A charcuterie and cheese boards. 22nd oors. e asking rent for awards and claims of Hindustan (Manhattan) Wine ights are $10 on Tuesdays. STOCK TRANSACTIONS the 15-year lease was $88 per Construction Co. Ltd., Hindustan square foot. JLL brokered for Construction Co. Ltd. MOVES AND EXPANSIONS ■ Tiffany & Co. (TIF-N) the landlord, Global Holdings MM CAN USA Inc. $250.0 Gotham Green GCI Director Lawrence Fish sold Management Group, alongside Partners LLC (Manhattan) ■ Big Alice Brewing 8,128 shares of common stock for an in-house team. Savills Studley 52 34th St., Brooklyn $103.58 per share March 26 in a represented the tenant. Noble Midstream Partners LP $200.0 Global Infrastructure GCI e Long Island City brewery transaction worth $841,934. He Partners (Manhattan) branched out to Sunset Park, now holds 14,016 shares. ■ Fortune signed a 10-year lease Casper Sleep Inc. (Manhattan) $100.0 Individual investors; GCI where it opened a barrel room in for 43,352 square feet at 40 Fulton Institutional Venture Industry City. On the menu are ■ Verizon Communications (VZ-N) St. in the Financial District. e Partners; New Enterprise Associates; seasonal selections such as sweet General counsel Craig Silliman publication plans to move from Norwest Venture potato farmhouse ale and a jala- sold 1,349 shares of common stock 225 Liberty St. CBRE handled Partners; Target Corp. peño rye brew. for $60.39 per share March 29 in a the transaction for the landlord, Leasehold interests in Operating $86.9 Goldman Sachs SB M&A transaction worth $81,344. He now Vornado Realty Trust, alongside an Solar Photovoltaic electric- Renewable Power LLC ■ BLT Prime holds 33,388 shares. in-house team. It was unclear if the generating projects, SunPower (Manhattan) 1032 Lexington Ave. tenant had a broker. AssetCo LLC e once-shuttered, upscale ■ Scholastic Corp. (SCHL-O) 1stdibs.com Inc. (Manhattan) $76.0 Allen & Co. Inc. GCI Gramercy-based steakhouse was CEO Richard Robinson sold 500 ■ Maesa Group took 34,119 investment arm resurrected in a new space on the shares of common stock for $39.95 square feet at 225 Liberty St. The (Manhattan); Artemis SA; Foxhaven Asset Upper East Side. e eatery can per share March 27 in a transac- cosmetics manufacturer behind Management LP; seat 140 people on its two oors of tion worth $19,973. He now holds Banana Republic’s fragrances will Individual investors; diner space. 4,013,018 shares. move from 40 Worth St. The asking So na Société rent for the 10-year lease was $75 Anonyme; T. Rowe Price Associates Inc. ■ Pepper Lunch REAL ESTATE per square foot. The landlord, 243 W. 54th St. Brookfield Property Partners, was Vlocity Inc. $60.0 Accenture plc; GCI One of Midtown’s Ikinari Steak RETAIL represented in-house. CBRE han- Bessemer Venture ■ Partners; New York locations is now a Japanese fast- Collective Arts Brewery agreed dled the lease for the tenant. Life Insurance Co. casual teppan restaurant. Diners to take 16,000 square feet at (Manhattan); can cook their own dishes on a 519–529 Third Ave., Brooklyn. ■ OTC Markets Group nabbed Salesforce Ventures; small iron platter. e Canadian beer-maker plans to 33,000 square feet at 300 Vesey Sutter Hill Ventures open its rst brewery in Gowanus. St. in Battery Park City. e mar- Selected deals announced for the week ending March 28 involving companies in ■ Serra Fiorita e asking rent for the 15-year ketplace for trading unlisted com- metro New York. “SB M&A”: Strategic buyer M&A represents a minority or majority 200 Fifth Ave. lease was $49 per square foot. panies moved from 304 Hudson acquisition of existing shares of a company without the participation of a financial buyer. “GCI”: Growth capital investment represents new money invested in a Eataly’s summer-only rooftop spot, ere were no brokers involved in St. e asking rent for the 10-year company for a minority stake. SOURCE: CAPITALIQ once known as Serra by Birreria, the transaction between the land- sublease was $56 per share. Savills has rebranded itself and is already lord, Serbijt Singh, and the tenant. Studley represented the subtenant. open. Spritz cocktails, natural Sage Realty and JLL represented wines and farm-to-table fare are ■ Streetwear boutique Woodstack the sublandlord, Virtu Financial. GET YOUR NEWS ON THE RECORD on the menu. took 7,500 square feet at 1357 Flatbush Ave., Brooklyn. TriState ■ Shinhan Bank America signed To* submit company openings or real estate deals, or to receive further ■ Whole Foods Market Commercial Real Estate Services on to take 32,250 square feet at information, email [email protected]. Daily Shop brokered the deal for the tenant 475 Park Ave. South in Midtown. For the Record is a listing to help businesspeople in New York nd opportuni- 250 Seventh Ave. and the landlord, Hello Living. South Korea’s second-largest bank ties, potential new clients and updates on customers. Bankruptcy lings e former Whole Body adja- plans to relocate from 330 Fifth Ave. from the eastern and southern districts of New York are listed alphabetically. cent to the Chelsea Whole Foods ■ GreenbergFarrow signed an in the third quarter of the year. e Stock transactions are insider transactions at New York companies obtained Market has been transformed into eight-year lease for 7,077 square asking rent was $70 per square foot. from Thomson Reuters and listed by size. Real estate listings are in order of a bodega-like convenience store. feet at 251 W. 30th St. in Norman Bobrow and First New square footage. But aside from grab-and-go fresh Chelsea. e architecture rm, York Realty Brokers represented

16 | CRAIN’S NEW YORK BUSINESS | APRIL 8, 2019

P016_CN_20190408.indd 16 4/4/19 4:23 PM Advertising Section To place your listing, visit crainsnewyork.com/people-on-the-move PEOPLE ON THE MOVE or for more information contact Debora Stein at [email protected]

ARCHITECTURE FINANCIAL SERVICES INFORMATION TECHNOLOGY TECHNOLOGY TECHNOLOGY

Cooper Carry Valuation Research Computer Design & Pryon Inc. IBM Corporation (VRC) Integration LLC Design rm Cooper Greg Pelton is Chief Susanne Tedrick has Carry has promoted Sanjay Chandran, Vincent Collado Product Of cer joined IBM’s Cloud Alexandra “Alex” CFA rejoined VRC’s has been promoted (CPO) of Pryon. Platform technical Lopatynsky to New York of ce as to Executive Vice His world-class solutions team as Principal of the New Vice President. He President, Digital executive experience a Client Technical York Of ce. She had been a member Transformation at Cisco, Polycom, Specialist. In her role, joined the rm in July 2018 of the professional staff since Strategy, CDI. In this role, and Avaya provides Pryon the Susanne will collaborate with as an Associate Principal and 2008 and recently returned to Vincent will be responsible for leadership required to deliver media, telecommunications Managing Director. As Principal, VRC after earning a Master of increasing revenue growth for its Augmented Intelligence and utility companies in solving she will continue to lead Cooper Arts in Economics at New York CDI’s ServiceNow and Hybrid platform to market, enabling complex technical issues Carry’s growth in the Northeast, University. A Chartered Financial Cloud Automation Framework enterprises to easily and quickly surrounding cloud-native manage its New York presence, Analyst (CFA), Chandran also (HCAF) business, expanding its leverage the power of AI to application development and and direct the design of projects holds a Bachelor of Science digital transformation product boost competitiveness and application modernization - that span numerous building in engineering management portfolio, driving demand performance. Greg will lead ultimately to help them become types and design disciplines. and operations research from for new service-led product Pryon’s engineering team and more innovative, productive and Columbia University. offerings, and growing CDI’s product development efforts, cost-ef cient. sales presence and focus into applying Pryon’s technological new geographical markets. advantages to transform enterprise collaboration and productivity. ENGINEERING FINANCIAL SERVICES

McLaren Engineering Group Mariner Investment Group INSURANCE McLaren Engineering Curtis Arledge Group has has joined Mariner HUB International Northeast announced that Investment Jeremy Billig, P.E., Group, LLC, the James Hutchinson PUT A SPRING has been named global alternative will be responsible for president. Billig, most investment manager the management of IN YOUR recently the rm’s vice president and subsidiary of ORIX internal efforts within and New York City regional Corporation USA (ORIX USA), as HUB International STAFF’S STEP director, will lead McLaren Chairman and Chief Executive Northeast’s Announce new hires, promotions and board along with Malcolm McLaren, Of cer. In addition to his role commercial lines division, appointments in Crain’s People on the P.E., CEO and founder. During at Mariner, Arledge will serve including the oversight of Move. Placement guaranteed in print, online his 15-year tenure at McLaren, as head of ORIX USA asset marketing efforts and working and our e-newsletter. Ask about our new Billig has directed a range of management, responsible for closely with client service 6x and 13x bulk commitments. engineering projects while driving the company’s overall departments to maximize starting and growing the New strategy in the space, including their support, with a focus Advertising Section York City of ce to over 40 staff. facilitating opportunities for on operating ef ciently and growth across ORIX USA’s effectively to best serve our PEOPLE ON THE MOVE enterprise. clients and insurance company partners. James previously held For more information, contact a variety of marketing roles at Debora Stein at [email protected] HUB Northeast from 1996 - CrainsNewYork.com/People-On-The-Move 2014, including Chief Marketing Of cer & SVP.

agement business. and real estate in- BOOK ON biggest opportunity in a decade” to MUTUAL Bank of New York Mellon, which vesting. dierentiate the rm. FROM PAGE 1 manages money and acts as a vault “We need to be BLACKROCK Blackstone Group, a private- for other money managers, also is able to adapt equity giant, is raising money for its Historically robust pro t margins cutting costs. “While we’re looking quickly as the latest buyout fund, which currently in the investment-management to automate many of the manual world changes $6T stands at $22 billion and could world eroded last year to levels tasks we perform, we also see around us,” CEO ASSETS under become the largest such fund ever unseen since the dark days of 2008, broader opportunities to continue Larry Fink and management compiled. according to consulting rm Casey to drive eciency,” CEO Charles President Rob e current record holder is Quirk. (Although at 29%, they Scharf said in January. Kapito wrote in an Apollo Global’s $24.6 billion haul in remain the envy of just about every Even the fund industry’s biggest internal memo, 2007—just in time for the nancial other sector.) kahuna—BlackRock, with $6 tril- saying that the 14,900 crisis. It’s possible the likes of Black- lion in assets under moves “simplify HEADCOUNT Rock are jumping into the pri- management—is our organization worldwide vate-equity pool rather late in the “WE NEED TO ADAPT QUICKLY feeling the eects. so that we can be game, although Blackstone did AS THE WORLD CHANGES e rm’s stock more efficient and make huge sums by acquiring com- trades 20% below its effective.” % panies at bargain prices shortly AROUND US” peak, and $300 bil- BlackRock and -21 BLOOMBERG NEWS after the Great Recession. lion in assets disap- others see “alterna- STOCK performance FINK SEES “alternatives” as key Mike McLaughlin, a partner at “A secular change is occurring,” peared late last year, when the tives” as the ticket off 52-week high differentiators. consulting rm Naissance, said he Amanda Walters, senior manager at markets turned stormy. out of their woes didn’t think BlackRock is too late. Casey Quirk, observed in a recent is year the rm said it would let because the fees “ey could make alternative report. “Fee pressure intensi es, 500 employees go, and last week top associated with such investments Leveraged buyout funds raised investments more accessible to and costs continue to rise.” management got shaken up for the haven’t been squeezed yet. What’s $432 billion last year, according to huge swaths of investors,” he said. e pressure also explains why second time in a matter of months. more, although investors have research rm Preqin, the most ever And given the relentless pressure rivals JPMorgan Asset Management Regional chiefs were granted more given up on fund managers outper- except for 2017’s haul. Since 2012, faced by the rm in its core busi- and State Street are cutting sta authority, and the rm named a new forming the universe of publicly investors have poured nearly $3 tril- ness, it needs to look for fresh elds. and, as Bloomberg News reported chief of BlackRock Alternative Inves- traded stocks, they are convinced lion into private equity worldwide. “Even for someone as huge as last week, UBS is weighing whether tors, a division that focuses on private there’s big money to be made by All the action explains why Black- BlackRock,” McLaughlin said, “it’s to sell all or part of its asset-man- equity, venture capital, hedge funds investing in private companies. Rock ocials called the trends “the going to get tougher.” ■

APRIL 8, 2019 | CRAIN’S NEW YORK BUSINESS | 17

P017_CN_20190408.indd 17 4/4/19 5:45 PM Advertising Section Advertising Section CLASSIFIEDS To place a classified ad, Call 212-210-0189 CLASSIFIEDS To place a classified ad, Call 212-210-0189 or Email: [email protected] or Email: [email protected]

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Sr. Java Developer needed by Verizon in Aeonic Partners, LLC. Art. of Org. filed Notice of Qualification of BATON NOTICE OF FORMATION BroadWest Global Signature LLC Arts. of Org. Capital Management, LLC.Application filed w/ SSNY on 3/8/19 Off. in NY Spring Valley, NY. Design, develop micro- with the SSNY on 02/13/19. Office: HOLDING, LLC Appl. for Auth. filed New York County. SSNY designated with Secy. of State of NY (SSNY) on 1 for Authority filed with the Secretary Co. SSNY desig. as agt. of LLC whom services using Spring Boot and deploy as agent of the LLC upon whom proc- 2/28/18. Office location: NY County. of State of New York (SSNY) on Janu- process may be served. SSNY shall in AWS Cloud. To apply, mail resume to ess against it may be served. SSNY LLC formed in Delaware (DE) on 04/ ary 30, 2019. Office location: NEW mail process to the LLC, 244 Madi- Mehrdad Sanai, Sr. Manager, Verizon, 239 shall mail copy of process to the LLC, 13/11. Princ. office of LLC: 1423 YORK County. LLC formed in DE on son Ave., Ste. 523, NY, NY 10016. W Rte 59, Spring Valley, NY 10977. Please 150 E. 58th St., 34th Floor, New Red Ventures Dr., Fort Mill, SC October 4, 2018. SSNY has been des- The reg. agt. is Accumera LLC, 911 refer to Job #DS1-L. York, NY 10155. Purpose: Any lawful 29707. NYS fictitious name: BATON ignated as an agent upon whom proc- Central Ave, #101, Albany, NY purpose. TECH SERVICES, LLC. SSNY designat- ess against it may be served. The 12206. Purpose: any lawful activity. ed as agent of LLC upon whom proc- Post Office address to which the PUBLIC & ess against it may be served. SSNY SSNY shall mail a copy of any proc- Notice of Formation of JULIA SANCHEZ shall mail process to c/o Corporation ess against the LLC served upon him Notice of Qualification of LEGAL NOTICES LLC Arts. of Org. filed with Secy. of Service Co. (CSC), 80 State St., Alba- /her is: 85 Broad St. 17th Floor New OUTERBRIDGE CAPITAL MANAGE- State of NY (SSNY) on 03/15/19. Of- ny, NY 12207-2543. DE addr. of LLC: York, NY 10014 The principal busi- MENT, LLC Appl. for Auth. filed with fice location: NY County. Princ. office ness address of the LLC is: 85 Broad Secy. of State of NY (SSNY) on 02/ Notice of Formation of HIDDEN c/o CSC, 251 Little Falls Dr., Wilming- of LLC: 333 W. 56th St., NY, NY St. 17th Floor New York, NY 10014 13/19. Office location: NY County. GROVE HOUSING GP, LLC Arts. of ton, DE 19808. Cert. of Form. filed 10019. SSNY designated as agent of DE address of LLC is: EasyCorps, LLC LLC formed in Delaware (DE) on 12/ Org. filed with Secy. of State of NY with DE Secy. of State, Div. of Corps., LLC upon whom process against it may 341 Raven Circle Wyoming, DE 03/18. Princ. office of LLC: 125 Maid- (SSNY) on 02/22/19. Office location: John G. Townsend Bldg., 401 Federal be served. SSNY shall mail process to 19934 Certificate of LLC filed with en Ln., Ste. 506, NY, NY 10038. NY County. Princ. office of LLC: 60 St., Dover, DE 19901. Purpose: Any the LLC at the addr. of its princ. office. Secretary of State of DE located at: SSNY designated as agent of LLC Columbus Circle, NY, NY 10023. lawful activity. Purpose: The purpose of the company 401 Federal Street Dover DE 19901 upon whom process against it may be SSNY designated as agent of LLC shall be to take any and all actions and Purpose: any lawful act or activity served. SSNY shall mail process to c upon whom process against it may be Notice of Qualification of SP MERGER enter into any and all agreements, and /o Outerbridge GP, LLC, Attn: Rory served. SSNY shall mail process to SUB, LLC Appl. for Auth. filed with transact any and all lawful business for Wallace at the princ. office of the Corporation Service Co., 80 State St., Secy. of State of NY (SSNY) on 03/ which a limited liability company may KASTEEL ASSET MANAGEMENT, LLC LLC. DE addr. of LLC: c/o The Corpo- Albany, NY 12207-2543. Purpose: 13/19. Office location: NY County. be organized under the laws of the filed Arts. of Org. with the Sect’y of ration Trust Co., 1209 Orange St., Any lawful activity. LLC formed in Delaware (DE) on 02/ State of NY. 28/19. SSNY designated as agent of State of NY (SSNY) on 2/1/19. Of- Corp. Trust Center, Wilmington, DE LLC upon whom process against it fice: NY County. SSNY has been des- 19801. Cert. of Form. filed with Secy. Notice of Formation of Limited Liabili- may be served. SSNY shall mail proc- ignated as agent of the LLC upon of State of the State of DE, Div. of Notice of Formation of MALT MON- ty Company (LLC). NAME: David Pat- ess to the LLC, 80 State St., Albany, whom process against it may be Corps., John G. Townsend Bldg., Fed- KEY, LLC Arts. of Org. filed with Secy. terson LLC.Articles of Organization NY 12207. The regd. agent of the served and shall mail process to: The eral & Duke of York Sts., Dover, DE of State of NY (SSNY) on 03/11/19. filed with the SSNY on November 5th, company upon whom and at which LLC, 155 E. 34th St., Apt. 11H, NY, 19901. Purpose: Any lawful activity. Office location: NY County. SSNY des- 2018. Office location: NY County. process against the company can be NY 10016. Purpose: any lawful act. ignated as agent of LLC upon whom SSNY shall mail a copy of process to: served is Corporation Service Co., 80 process against it may be served. Notice of formation of NYC PDL LLC David Patterson LLC, 393 W. 49th State St., Albany, NY 12207. DE Notice of Qualification of SSNY shall mail process to Corpora- Arts. of Org. filed with the Secy. of Street, #5D, New York, NY 10019 addr. of LLC: 251 Little Falls Dr., Wil- OBJECTIVIZATION, LLC tion Service Co., 80 State St., Albany, State of New York (SS NY) on 2/ Purpose: Any lawful purpose. mington, DE 19801. Cert. of Form. Appl. for Auth. filed with Secy. of NY 12207-2543. Purpose: Any lawful 15/2019. N.Y location: NY County. filed with Jeffrey W. Bullock, DE Secy. State of NY (SSNY) on 03/28/19. Of- activity. SSNY has been designated as an Notice of Formation of UES SERV- of State, Townsend Bldg., 401 Feder- fice location: NY County. LLC formed agent upon whom process against it ICES, LLC Arts. of Org. filed with al St., Dover, DE 19901. Purpose: in Delaware (DE) on 02/07/19. SSNY may be served. The Post Office ad- Secy. of State of NY (SSNY) on 02/ Notice of formation of a domestic Lim- Any lawful activity. designated as agent of LLC upon dress to which the SSNY shall mail a 25/19. Office location: NY County. ited Liability Company ("LLC"). whom process against it may be copy of any process against the LLC to SSNY designated as agent of LLC BRITTONY PRODUCTIONS LLC, with Notice of formation of Crux Creative, served. SSNY shall mail process to 350 5th Ave., Suite 5911 New York, upon whom process against it may be its principal business location at 27 LLC. Arts. of Org. filed with Secy of Gregory Francis Hold, 10 W. 46th St., NY. Purpose: Any lawful activity served. SSNY shall mail process to c West 90th St., Apt 3, New York, New State of NY (SSNY) on 2/11/19. Of- Ste. 1407, NY, NY 10036. DE addr. . /o Corporation Service Co., 80 State York County, New York, filed Articles fice location: NY County. SSNY desig- of LLC: 251 Little Falls Dr., Wilming- nated agent upon whom process may St., Albany, NY 12207, regd. agent of Organization with the Secretary of ton, DE 19808. Cert. of Form. filed Notice of Formation of CP 94TH be served and shall mail copy of proc- upon whom and at which process State of New York on March 4, 2019. with DE Secy. of State, DE Div. of STREET ASSOCIATES, LLC Arts. of ess against LLC to 80 John St, Apt may be served. Purpose: Any lawful The Secretary of State of New York Corps., 401 Federal St., Ste. 4, Do- Org. filed with Secy. of State of NY 6D, NY, NY 10038. Purpose: any law- activity. has been designated as agent of the ver, DE 19901. Purpose: Any lawful (SSNY) on 03/04/19. Office location: ful act. LLC upon whom process against it activity. NY County. Princ. office of LLC: 60 may be served. The LLC address to NOTICE OF FORMATION of COLLEC- Columbus Circle, NY, NY 10023. which the Secretary of State of New Notice of Qualification of WT TIVE EFFORT LLC. Arts. Of Org. filed SSNY designated as agent of LLC York shall mail process is 27 West LOANCO, LLC Appl. for Auth. filed with Notice of Qualification of DF FUND 2, with Secy of State of NY (SSNY) on 1 upon whom process against it may be 90th St., Apt 3, New York, NY, Secy. of State of NY (SSNY) on 03/ LLC Appl. for Auth. filed with Secy. of /18/19. Office location: NY County. served. SSNY shall mail process to 10024. The purpose of the LLC is to 27/19. Office location: NY County. State of NY (SSNY) on 03/04/19. Of- SSNY designated agent upon whom Corporation Service Co., 80 State St., engage in any lawful activity for which LLC formed in Delaware (DE) on 12/ fice location: NY County. LLC formed process may be served and shall mail Albany, NY 12207-2543. Purpose: LLCs may be formed. 05/18. Princ. office of LLC: c/o Cape in Delaware (DE) on 10/09/17. Princ. copy of process against LLC to 515 E Advisors, Inc., 483 Broadway, Fifth office of LLC: c/o Greystone & Co., Any lawful activity. 72nd St. Ste 6J NY, NY 10021. Pur- Fl., NY, NY 10013. SSNY designated Inc, 152 W. 57th St., 26th Fl., NY, NY pose: any lawful act. Notice of Formation of MATTHEW as agent of LLC upon whom process 10019. SSNY designated as agent of ROFOFSKY, LCSW PSYCHOTHERAPY against it may be served. SSNY shall LLC upon whom process against it Notice of Formation of STRATFORD Notice of formation of ATHLEISURIE CONSULTING SERVICES, PLLC mail process to Attn: Craig Wood, may be served. SSNY shall mail proc- DATA AND DESIGN, LLC Arts. of Org. LLC field with NY Secretary of State Arts. of Org. filed with Secy. of State Pres. at the princ. office of the LLC. ess to the LLC at the addr. of its filed with Secy. of State of NY (SSNY) on 2/12/2019. Office location: New of NY (SSNY) on 02/20/19. Office lo- DE addr. of LLC: c/o Corporation Serv- princ. office. DE addr. of LLC: Corpora- on 02/14/18. Office location: NY York County. SSNY has been designat- cation: NY County. SSNY designated ice Co., 251 Little Falls Dr., Wilming- tion Service Co., 251 Little Falls Dr., County. SSNY designated as agent ed as agent of the LLC upon whom as agent of PLLC upon whom process ton, DE 19808. Cert. of Form. filed Wilmington, DE 19808. Cert. of Form. of LLC upon whom process against it process against it may be served. against it may be served. SSNY shall with Secy. of State, Div. of Corps., filed with Secy. of State, State of DE, may be served. SSNY shall mail proc- SSNY shall mail a copy of process to mail process to the LLC, 39 W. 32nd John G. Townsend Bldg., 401 Federal Dept. of State, Townsend Bldg., Do- ess to Louis Market, 57 W. 93rd St. - the LLC. 275 w 10 St. 6c, NY, NY St., Ste. 1500, NY, NY 10001. Pur- St., Ste. 4, Dover, DE 19901. Pur- ver, DE 19901. Purpose: Any lawful 1A, NY, NY 10025. Purpose: Any law- 10014 Process: Any lawful activity. pose: Licensed clinical social work. pose: Any lawful activity. activity. ful activity.

18 | CRAIN’S NEW YORK BUSINESS | APRIL 8, 2019

P018_P019_CN_20190408.indd 18 4/4/19 3:19 PM Advertising Section Advertising Section CLASSIFIEDS To place a classified ad, Call 212-210-0189 CLASSIFIEDS To place a classified ad, Call 212-210-0189 or Email: [email protected] or Email: [email protected]

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Global Signature LLC Arts. of Org. Notice of Qualification of CAPE WT Notice of Qualification of RGN-LAKE Application for Authority of MS Fran- The Articles of Organization of Notice of Qualification of ALTENEX, HOLDCO, LLC Appl. for Auth. filed SUCCESS I, LLC Appl. for Auth. filed chise, LLC filed with the Secy. of PSYCHOBABEL PRODUCTIONS LLC LLC Appl. for Auth. filed with Secy. of with Secy. of State of NY (SSNY) on 0 with Secy. of State of NY (SSNY) on 02 State of NY (SSNY) on 1/22/19. were filed with the Secretary of State State of NY (SSNY) on 02/14/19. Of- 3/27/19. Office location: NY County. /19/19. Office location: NY County. Formed in DE 1/16/19. Office loc.: of New York on July 2, 2018. The reg- fice location: NY County. LLC formed LLC formed in Delaware (DE) on 12/ LLC formed in Delaware (DE) on 02/ NY County. SSNY is designated as istered office address in New York is in Delaware (DE) on 12/31/15. Princ. 03/18. Princ. office of LLC: c/o Cape 07/19. Princ. office of LLC: 15305 Dal- agent of LLC on whom process 35 Fort Washington Avenue, Apt. 5C, office of LLC: 53 State St., Ste. Advisors, Inc., 483 Broadway, Fifth las Pkwy., Ste. 400, Addison, TX against it may be served. The ad- New York, NY, 10032. The jurisdic- 3802, Exchange Place, Boston, MA Central Ave, #101, Albany, NY Fl., NY, NY 10013. SSNY designated 75001. SSNY designated as agent of dress SSNY shall mail copy of proc- tion office location is New York Coun- 02109. SSNY designated as agent of as agent of LLC upon whom process LLC upon whom process against it may ess to 484 Broome St., New York, NY ty. The principal place of business ad- LLC upon whom process against it against it may be served. SSNY shall be served. SSNY shall mail process to 10013. The office address in DE is dress is 35 Fort Washington Avenue, may be served. SSNY shall mail proc- mail process to Attn: Craig Wood, c/o Corporation Service Co., 80 State Registered Office Service Company, Apt. 5C, New York, NY, 10032. The ess to Corporation Service Co., 80 Notice of Qualification of Pres. at the princ. office of the LLC. St., Albany, NY 12207-2543. DE addr. 203 NE Front St., (101), Milford, DE Secretary of the State of New York is State St., Albany, NY 12207-2543. OUTERBRIDGE CAPITAL MANAGE- DE addr. of LLC: c/o Corporation Serv- of LLC: 251 Little Falls Dr., Wilmington, 19963. Cert. of formation filed with designated as agent upon who proc- DE addr. of LLC: 251 Little Falls Dr., ice Co., 251 Little Falls Dr., Wilming- DE 19808. Cert. of Form. filed with Jeffrey W. Bullock, DE Secy. of State, ess against PSYCHOBABEL PRODUC- Wilmington, DE 19808. Cert. of Form. ton, DE 19808. Cert. of Form. filed Secy. of State, 401 Federal St., Ste. 4, Div. of Corporations, PO Box 898, Do- TIONS LLC may be served. The Secre- filed with Secy. of State, 401 Federal 13/19. Office location: NY County. with Secy. of State, Div. of Corps., Dover, DE 19901. Purpose: Any lawful ver, DE, 19903. Purpose: Any lawful tary of the State of New York shall St., Dover, DE 19901. Purpose: Any John G. Townsend Bldg., 401 Federal activity. activity. mail process to: Chandler Clemens, lawful activity St., Ste. 4, Dover, DE 19901. Pur- 35 Fort Washington Avenue, Apt. 5C, en Ln., Ste. 506, NY, NY 10038. pose: Any lawful activity. Notice of Formation of HIDDEN Notice of formation of Lord Knows Art New York, NY, 10032. Purpose: SSNY designated as agent of LLC GROVE HOUSING, L.P. Cert. of LP LLC. Articles of organization filed with Any Lawful Purpose. NOTICE OF QUAL. of WB SJC Residen- filed with Secy. of State of NY (SSNY) Secretary of State of NY(SSNY) on 10 tial Investor, LLC. Auth. filed Sec’y of Notice of Qualification of Spring Delta on 02/22/19. Office location: NY /03/2018. Office location: NEW State (SSNY) 2/7/19. Off. Loc: NY /o Outerbridge GP, LLC, Attn: Rory Asset Management, LLC. Authority County. Princ. office of LP: 60 Colum- YORK County. SSNY has been desig- Notice of Formation of JEBEZ APPA- Co. LLC org. in DE 2/5/19. SSNY Wallace at the princ. office of the filed with Secy. of State of NY (SSNY) bus Circle, NY, NY 10023. Latest nated as agent upon whom process REL LLC Arts. of Org. filed with Secy. desig. as agent of LLC upon whom on 8/28/18. Office loc: NY County. date on which the LP may dissolve is against it may be served. The Post Of- of State of NY (SSNY) on 03/14/19. proc. against it may be served. SSNY ration Trust Co., 1209 Orange St., LLC formed in DE on 7/5/18. SSNY 12/31/2118. SSNY designated as fice address to which the SSNY shall Office location: NY County. Princ. of- shall mail copy of proc. to NRAI, 28 Corp. Trust Center, Wilmington, DE designated agent upon whom process agent of LP upon whom process mail a copy of any process against fice of LLC: c/o FIT 4U, 1410 Broad- Liberty St., New York, NY 10005, the may be mailed to: 125 Park Ave. against it may be served. SSNY shall the LLC served upon him/her is 7014 way, Ste. 2903, NY, NY 10018. Reg. Agt upon whom proc. may be of State of the State of DE, Div. of 25th floor, NY, NY 10017. Cert. of mail process to Corporation Service 13th Avenue, Suite 302 Bk, NY SSNY designated as agent of LLC served. DE off. Addr.: 160 Greentree LLC filed with Secy. Of State of DE Co., 80 State St., Albany, NY 12207- 11228. The principal business ad- upon whom process against it may be Dr., Ste 101, Dover, DE 19904. Cert loc: 300 Delaware Ave, #210 A, Wil- 2543. Name and addr. of each gener- dress of the LLC is: 414 W. 44th served. SSNY shall mail process to of Form. on file: SSDE, Townsend mington, DE, 19801. Purpose: Any al partner are available from SSNY. Street # Suite B NY, NY 10036 Pur- Brent Beesley at the princ. office of Bldg., Dover, DE 19901. Purpose: lawful activity. Purpose: Any lawful activity. pose: any lawful act or activity the LLC. Purpose: Any lawful activity. any lawful activity.

Notice of formation of NYC PDL LLC Arts. of Org. filed with the Secy. of State of New York (SS NY) on 2/ 15/2019. N.Y location: NY County. SSNY has been designated as an agent upon whom process against it may be served. The Post Office address to which the SSNY shall mail a

350 5th Ave., Suite 5911 New York, NY. Purpose: Any lawful activity .

Notice of Formation of CP 94TH STREET ASSOCIATES, LLC Arts. of Org. filed with Secy. of State of NY

Columbus Circle, NY, NY 10023. SSNY designated as agent of LLC

Albany, NY 12207-2543. Purpose: Any lawful activity.

Notice of Formation of STRATFORD on 02/14/18. Office location: NY

ful activity.

APRIL 8, 2019 | CRAIN’S NEW YORK BUSINESS | 19

P018_P019_CN_20190408.indd 19 4/4/19 3:19 PM RENT REGS FROM PAGE 1

rented the Upper West Side pad to massage therapist Jonathan Saballos for $3,300 a month. It seemed like a routine example of the steady exodus of such units from the city’s pool of about 900,000 rent-regulated apartments. Except that in January, after Saballos lost his roommate and then his job and was taken to housing court by Stellar for failing to pay rent, a judge ruled that apartment 1E shouldn’t have been deregulated at all. In the written ruling, Judge Sabrina Kraus of Manhattan Civil Court determined that Stel- lar had in ated its renovation costs of more than $71,600 by almost $45,000—including $3,500 for a bathtub that was never installed— and had overcharged Saballos at least $41,193. e judge ordered the owner of the 20-unit building to pay triple damages—$123,578— and place the apartment back into regulation with a monthly rent of $1,524. Housing advocates say such episodes are common in a system where loopholes and lax oversight practically invite owners to pull units out of regulation. A review of several lawsuits against Stellar reveals how expensive or dubious renovations enabled the owner to convert rents to market-rate. “ e city or the state doesn’t even know FERRARA and his law how many illegally deregulated apartments partner are representing are out there, because they’re only really ex- tenants in three amined when cases like this come up in class-action suits. court,” said Mark Hess, an attorney who represented Saballos in the eviction proceeding. “Stellar thought it was going to be business as usual and they were going to throw my client out of his apartment. Instead we called them out.” Stellar is appealing and will not comment on ongoing litigation, said a spokeswoman for the company, which owns roughly 100 buildings, most of which are in the city. Allegations of abuses by landlords are not new. In one high-pro le case last year, the As- sociated Press reported, the family business of White House adviser Jared Kushner failed to disclose rent-regulated units in buildings it other programs that allow for rent increases. “A landlord can replace kitchen Cost of living abuses and helping more renters. vating apartments 1A in 2012 and 5H in 2013, owned, then began disruptive renovations at’s roughly 50,000 units more than Mayor cabinets, a stove and fridge for a Landlords say that’s how it raising their rents to $2,700 a month each, ac- that some of those tenants saw as an e ort to Bill de Blasio’s signature a ordable-housing few thousand dollars or $20,000 should be. cording to listings. Mayra Mahmood, who push them out. Kushner Cos. blamed a initiative aims to create over 12 years. But and who’s to know?” said James “ is is proprietary informa- lived in 1A, and P.G. Lyne of 5H sued Stellar in third-party document preparer for the erro- many housing advocates and lawyers suspect Fishman, a tenant attorney. $2,775 tion, and owners don’t necessari- 2017 as part of an ongoing class-action suit by neous ling and said its renovations were the volume of apartments deregulated via “Landlords have long known they Rent threshold at ly want the whole world knowing 59 renters in 18 Stellar-owned buildings. which units are proper, but the episode led to a ne, a lawsuit IAIs is far greater than state records show. can do whatever they want, and removed from their business—and that’s under- According to invoices provided by Stellar by tenants and City Council legislation to de- “Many people believe HCR’s numbers are even if they get caught one out of regulation standable,” said Mitch Posilkin, during the discovery process of the suit, in ter harassment by construction. low,” said Ronald Languedoc, a tenant attor- 50 times, it’s still worth it. You an attorney with the Rent Stabili- apartment 1A the landlord paid $2,200 to in- ney at Himmelstein, McConnell, Grib- have to be nuts not to be breaking zation Association, a trade group stall a kitchen sink, $4,500 for a granite coun- “YOU HAVE TO BE NUTS NOT ben, Donoghue & Joseph. “ ey’re the law, because the chances of that represents landlords, includ- tertop, $1,500 for a toilet and $500 for door- based on the number of exit registra- getting caught are so slim.” 167,000 ing many who own regulated knobs. In 5H the kitchen sink cost $2,500; the TO BREAK THE LAW, BECAUSE tions, but not all landlords le those A tenant who suspects fraud Number of units units. “We don’t believe the sys- granite countertop, $7,500; the toilet, $4,000; registrations, because the law doesn’t faces a tedious, unfamiliar and estimated to have tem is fundamentally awed. We and the doorknobs, $1,350. been deregulated THE CHANCES OF GETTING penalize them if they don’t. In my potentially costly process to ex- since 1993 due lived through a time that predates In total, the invoices show Stellar spent practice, I would have to say that only pose it. e rst step is inquiring to rent increases many people’s memory, in the $52,000 upgrading apartment 1A and $98,500 CAUGHT ARE SO SLIM” about half the apartments taken out of whether an apartment has a regu- prompted by IAIs 1970s and ’80s, when there was on 5H, vastly more than its own architects es- regulation have histories that show lated rental history with HCR and widespread abandonment of timated the renovations would cost, accord- Less focus, however, has been given to the they exited.” whether rent increases might be housing. You need to encourage ing to lings with the city’s Department of method used in Saballos’ case, which may IAIs have been a potent tool for landlords justi ed by renovations—a di cult evalua- owners to invest.” Buildings. WAW Architects pegged the work have allowed landlords to improperly deregu- because they allow as much spending as is tion for any tenant. Pressing a case can in- Posilkin said scaling back or doing away in 1A at about $35,000, and Atelier New York late tens of thousands of city apartments— necessary to boost an apartment’s rent past a volve legal fees of thousands of dollars and with IAIs would sour landlords on investing in Architecture estimated that upgrading 5H to- and even more of them legally. threshold known as high-rent deregulation, may sully a renter’s relationship with the rent-regulated buildings. e result, he said, gether with similar work in another apart- which permits a unit to become market-rate. landlord, who might choose not to renew would be that thousands of properties could ment in the building would cost $78,870. Big x at tipping point was $2,000 before 2011, their lease. Tenants also fear ending up on a slip into the kind of disrepair common in the Saballos’ unit on West 81st Street, where After neglect brought a ordable-housing when state lawmakers raised it to $2,500 and blacklist of problematic renters. city’s public housing system, which is tens of Stellar reported installing a bathtub for $3,500, stock in some neighborhoods to the point of then $2,700. Built-in annual escalations have “Putting the burden on the tenant isn’t a billions of dollars behind on maintenance only had a shower, said his attorney, who vis- dilapidation, laws were passed in the 1970s since lifted it to $2,775. fair or e ective way of having a watchdog for and capital investment. ited the apartment. Stellar’s architect for that permitting owners to raise regulated rents if But housing experts say deep aws in the the system,” said Oksana Miranova, a housing job estimated in a DoB ling that the work they spent money on upgrades. A vacant, IAI program allow it to be not only the most policy analyst with the Community Service Doorknobs and countertops would cost $26,000, a bit more than a third of rent-stabilized apartment’s monthly rent can common way to bring a unit out of regulation Society of New York. “I do this work every sin- e opacity of individual apartment im- what Stellar said it ultimately spent. be lifted by one-sixtieth of the cost of renovat- but also the most prone to manipulation. One gle day, and there are times where this system provements, however, makes them ripe for Some tenant advocates say IAI regulations ing the unit, or one-fortieth in buildings with big reason is that a landlord need not prove doesn’t make any sense even to me.” exploitation. Tenants, advocates and attor- are counterproductive to the goal of preserv- 35 or fewer units. Such upgrades are called up front that the work it claims to have done Privacy rules further hinder policing of the neys say it can take a court battle to unearth ing a ordable housing because they allow individual apartment improvements, or IAIs. was actually completed. Instead, the state re- system. Per state law, HCR can release an the details of a purported improvement. In even legitimate renovations to raise rents far According to the state’s Division of Homes lies on tenants to sni out impropriety and apartment’s rental history only to its current the case of Stellar, which owns 12,000 units, more than necessary to ensure units are ade- and Community Renewal (HCR), the agency initiate a challenge. at rarely happens, be- occupant. e lack of a public database of reg- some of that information has come to light quately maintained. responsible for monitoring rent-regulated cause a renter who leases a newly market-rate ulated units and their rents means there is during recent litigation and appears to “I always had to meet a target renovation apartments, some 167,000 units have been unit may not be aware it was previously usually no way to know when, where or how demonstrate how ordinary upgrades can budget, and so, yeah, I would get the better pulled out of regulation in the past 26 years rent-stabilized let alone whether any sup- an apartment was pulled from regulation. boost rents by extraordinary amounts. stove and things like that to add to the cost of using IAIs, often in combination with build- posed upgrades match up with what the own- Tenant advocates say the lack of transparency At 1795 Riverside Drive, a 70-unit building the work,” a landlord who used to own a port- ingwide major capital improvements and er reported to the state. prevents them from proactively ferreting out in Upper Manhattan, Stellar reported reno- folio of rent-regulated apartment buildings in

20 | CRAIN’S NEW YORK BUSINESS | APRIL 8, 2019

P020_P021_CN_20190408.indd 20 4/5/19 7:35 PM the city told Crain’s. “Our business plan was, spend enough to achieve fair-market rents. But we were following the rules, and the ten- RENT REGS ON THE TABLE ants got a better unit.”

Inside jobs THE STATE LAWS GOVERNING RENT REGULATION expire June 1, but there is a broad Another point of contention is that in sever- consensus in the Legislature to renew them. So the debate this year will be about al Stellar apartments where IAIs have been how much to tilt them in favor of tenants. That’s a change from years past, when challenged, the contractors who did the work pro- landlord Republicans controlled the state Senate and had plenty of leverage in appear to be owned the company. negotiations with the pro-tenant Democrats who dominated the Assembly. The GOP CMS Renovation, listed in records as based lost its Senate majority in the November election. However, Assembly Speaker Carl in Fresh Meadows, Queens, was used to reno- Heastie said last month that he agrees with landlords’ argument that they must have vate apartment 5H at 1795 Riverside Drive and an incentive to invest in their properties. 1E at 171 W. 81st St. In the lawsuit involving the For market-rate rentals, that is generally not a legislative issue, because owners who latter unit, the judge noted in her ruling that a keep their housing in good shape can attract higher-paying tenants. Rent-regulated Stellar employee acknowledged the contractor units, on the other hand, don’t stay vacant long even when they are run-down, because was owned and controlled by Stellar. demand for inexpensive apartments is strong in most New York City neighborhoods. “ese landlords are inating costs and If maintaining and upgrading buildings had no effect on regulated rents, some if creating sham contracting companies so they not most landlords would do the bare minimum to keep them habitable. That is the can do it,” said Hess, who is a supervising at- prevailing narrative for what happened in the 1970s. So lawmakers routinely include torney for tenants’ rights at the New York Le- provisions in the statutes that allow for rent increases when landlords make building gal Assistance Group. “When the contractor improvements. and the landlord [are] essentially one entity, Tenant advocates have complained for years that landlords take advantage of those they’re not driving down costs. e incentive provisions for two reasons: Landlords can continue collecting the higher rent even after is to inate the costs.” it has paid the full cost of the improvements. And if the regulated rent surpasses a Apartment 1A at 1795 Riverside Drive was certain amount, the apartment can be rented for whatever the market will bear. Tenant renovated by Wurtsboro Construction Corp. groups are certain to push the Legislature during the next two months to change both of Wurtsboro, New York, about 70 miles north of those dynamics. of the city. e rm has done several jobs for Most of the public debate about landlords’ investments has been about building- Stellar, according to lings with the Depart- wide improvements, such as a new roof or boiler. Individual apartment improvements ment of Buildings. A search of agency records have received less attention, but tenant advocates could try to limit landlords from for Wurtsboro found only work it did for Stel- using expensive, luxurious appointments such as granite countertops, Viking stoves and lar. Wurtsboro Construction’s director is Se- Hansgrohe faucets. How lawmakers could draw the line between posh and functional lim Srdanovic, according to his LinkedIn is unclear. And there has been no indication that they will even address landlords’ use page. He shares a surname with Smajlje of in-house contractors. Property owners are not allowed to make rent-raising improve- Srdanovic, a director of facilities management ments by taking money out of one pocket and putting it into another, but policing that at Stellar. A call to Smajlje was referred to takes resources, which are not unlimited at Homes and Community Renewal, the state Amanda Gluck, the daughter of Stellar agency that enforces rent-regulation laws. — Erik Engquist co-founder Larry Gluck, but she did not return calls or emails. Another contractor used by the company ee was paid for the work separately from and man for the agency said; landlords had simply for several renovations, MJA Services, has the in addition to his/her normal salary.” deregulated the units without justi cation. same Manhattan address as Stellar’s corpo- But it’s unclear how often or thoroughly au- To better regulate IAIs, HCR says it has in- rate oces: 156 Williams St. And, according to thorities check if a contractor is in-house, and creased audits and now does an average of Department of Buildings lings, it is con- perhaps harder if the company’s name chang- 600 annually. On the list of those audits were trolled by Stacey Ruggeri, a vice president of es, as it did twice in the case of the apartment units held by A&E Real Estate, Stellar and construction and development at Stellar. City Saballos rented. Bronstein Properties, another large landlord records show Smajlje Srdanovic also has ap- HCR maintains that it has stepped up en- that has been accused in a class-action suit of

BUCK ENNIS plied for permits on behalf of MJA. Stellar de- forcement. In 2012 the agency created a using IAIs to improperly increase regulated clined to comment. tenant-protection unit that has completed rents. e state agency said 74 audits found 10 abuses and helping more renters. vating apartments 1A in 2012 and 5H in 2013, Other landlords accused in separate litiga- more than 4,000 targeted reviews, helped ten- instances of Bronstein inating IAI costs that Landlords say that’s how it raising their rents to $2,700 a month each, actions of exploiting IAIs also appear to use in- ants recover $4.8 million in overcharges and raised rents by as much as $162.28 a month should be. cording to listings. Mayra Mahmood, who house contractors. Large residential landlord led to 76,000 illegally deregulated apartments more than permitted. It’s unclear if those in- “is is proprietary informa- lived in 1A, and P.G. Lyne of 5H sued Stellar in A&E Real Estate, for instance, seems to exclu- being returned to rent regulation. But those creases were sucient to push any units out tion, and owners don’t necessari- 2017 as part of an ongoing class-action suit by sively use JW Development Group Holdings cases did not involve renovations, a spokes- of regulation, but the class-action suit against ly want the whole world knowing 59 renters in 18 Stellar-owned buildings. for renovation work, according to a the company claims it said it spent their business—and that’s under- According to invoices provided by Stellar Crain’s review of Department of six gures on renovations to con- standable,” said Mitch Posilkin, during the discovery process of the suit, in Buildings permit applications. City vert other units in its portfolio to an attorney with the Rent Stabili- apartment 1A the landlord paid $2,200 to in- records show JW Development is market rents. Crain’s wasn’t able to zation Association, a trade group stall a kitchen sink, $4,500 for a granite coun- controlled by Mark Ericksen, whose nd a single permit led with the that represents landlords, includ- tertop, $1,500 for a toilet and $500 for door- LinkedIn pro le identi es him as a Department of Buildings for a ren- ing many who own regulated knobs. In 5H the kitchen sink cost $2,500; the senior construction project manag- ovation in the Bronstein apart- units. “We don’t believe the sys- granite countertop, $7,500; the toilet, $4,000; er at A&E Real Estate. e rm is ments cited in that lawsuit. tem is fundamentally awed. We and the doorknobs, $1,350. being sued by tenants in another “If the landlord really did lived through a time that predates In total, the invoices show Stellar spent class-action case that accuses it of $100,000 improvements on some many people’s memory, in the $52,000 upgrading apartment 1A and $98,500 faking or inating IAIs to push up of these apartments, there should 1970s and ’80s, when there was on 5H, vastly more than its own architects es- regulated rents. be permits,” said Lucas Ferrara, widespread abandonment of timated the renovations would cost, accord- According to an HCR audit, the who is representing the tenants housing. You need to encourage ing to lings with the city’s Department of company inated IAI costs in six of with his colleague Roger Sachar. owners to invest.” Buildings. WAW Architects pegged the work eight apartments reviewed. In one “Does that mean the work wasn’t Posilkin said scaling back or doing away in 1A at about $35,000, and Atelier New York case, the landlord could substanti- really done? Now we’re going to with IAIs would sour landlords on investing in Architecture estimated that upgrading 5H to- ate only $24,710 of an improvement nd out.” rent-regulated buildings. e result, he said, gether with similar work in another apart- on which it had claimed to have Ferrara and Sachar also are would be that thousands of properties could ment in the building would cost $78,870. spent $37,053. It was forced to re- pressing the class-action cases slip into the kind of disrepair common in the Saballos’ unit on West 81st Street, where imburse the tenant $21,522. A against Stellar and A&E Real city’s public housing system, which is tens of Stellar reported installing a bathtub for $3,500, spokeswoman for A&E declined to Estate. billions of dollars behind on maintenance only had a shower, said his attorney, who vis- comment. HCR audits of seven Stellar units and capital investment. ited the apartment. Stellar’s architect for that Using an in-house contractor is found no wrongdoing by the com- job estimated in a DoB ling that the work not illegal, but the practice aords pany, but watchdogs say the Doorknobs and countertops would cost $26,000, a bit more than a third of landlords an opportunity to report breadth of those examinations was e opacity of individual apartment im- what Stellar said it ultimately spent. higher renovation costs than were insucient. provements, however, makes them ripe for Some tenant advocates say IAI regulations actually incurred. For example, an “Instead of auditing a few apart- exploitation. Tenants, advocates and attor- are counterproductive to the goal of preserv- in-house contractor could use sala- ments, why not audit the whole neys say it can take a court battle to unearth ing aordable housing because they allow ried employees on a project but portfolio of a landlord like Stellar?” the details of a purported improvement. In even legitimate renovations to raise rents far claim labor costs in excess of what asked Aaron Carr, the founder and the case of Stellar, which owns 12,000 units, more than necessary to ensure units are ade- they were actually paid. HCR warns executive director of Housing some of that information has come to light quately maintained. against this, stating on its website Rights Initiative, a nonpro t. “If the during recent litigation and appears to “I always had to meet a target renovation that if renovations are found or al- government investigates a bank, demonstrate how ordinary upgrades can budget, and so, yeah, I would get the better leged to have been performed by do they con ne it to just one cubi- BUCK ENNIS boost rents by extraordinary amounts. stove and things like that to add to the cost of an employee of the landlord or BUCK ENNIS cle? HCR treats these cases of fraud At 1795 Riverside Drive, a 70-unit building the work,” a landlord who used to own a port- managing agent, “the owner will be INSTALLING A NEW TOILET in one apartment at 1795 Riverside Drive cost as if it’s not a systemic problem. in Upper Manhattan, Stellar reported reno- folio of rent-regulated apartment buildings in required to prove that the employ- $4,000, according to the landlord. New doorknobs were $1,350. But it is.” ■

APRIL 8, 2019 | CRAIN’S NEW YORK BUSINESS | 21

P020_P021_CN_20190408.indd 21 4/5/19 7:36 PM SNAPS

Photos from the city’s biggest charity galas, fundraisers and other events BY CHERYL S. GRANT Boosting knowledge Literacy Partners held its annual Evening of Readings and dinner dance March 14 at Cipriani Wall Street. e gala raised $1 million to continue the organization’s mission of providing educational services to adults and their families, which it has done for the past 45 years. BFA Writer Arthur Levine presented the Champion of Literacy Award to New York Times bestselling author Andrea Davis Pinkney. In her acceptance speech, Pinkney spoke of the importance of reading during her childhood. Among the 500 attendees were Emmy Award–winning journalist Diane Sawyer, writer Aaron Latham and his wife, 60 Minutes correspondent Lesley Stahl, who was honored with the Lizzie Award. e award is given to those who exemplify late gossip columnist Liz Smith’s passion for the written word and her commitment to improving the lives of those who cannot read or write.

Fighting Feeding needy for a cure New Yorkers Pietro’s Fight, an organization New York Common Pantry held dedicated to raising aware- its 11th annual Fill the Bag ness and funds to nd a cure benet March 5. It raised more for Duchenne muscular than $800,000 to help provide dystrophy, raised $250,000 at meals and services to at-risk its seventh annual fundraiser individuals. Master of ceremo- March 15. e 600 guests nies Willie Geist, co-host of included Monsignor David MSNBC’s Morning Joe; his wife, Cassato, pastor of St. Christina Geist, founder of Athanasius Church, and Boombox Gifts; Shannon Tyree Investors Bank Staten Island’s Brown, chief strategy ocer of Joy Overton, assistant branch Boombox Gifts; and Seamus manager, and Brian Gomez, Brown, strategist at Moore vice president and senior Capital Management, were market manager, who were among the 350 guests at the entertained by the cast of event at Ziegfeld Ballroom. Jersey Boys, Fatman Scoop and Chubb Rock.

Honoree Sal Strazzullo, president of the Strazzullo Law Firm, and his wife, Allison Strazzullo, ank the co-founders of the nonprot, Dayna and Manni Scarso, during the party at El Caribe Country Club, in Mill Basin, Brooklyn. e Scarsos started the organization in 2012 after learning their son Pietro, then 3 years old, had been diagnosed

with DMD. PANTRY COMMON YORK NEW FOR IMAGES SAVENOK/GETTY S. ILYA Susan Merrill, partner at Sidley Austin, was presented with the 2019 Corporate Partner Award on behalf of her law rm by Rene Jocelyn, managing director at Morgan Stanley,

SEAN ZANNI/PMC SEAN last year’s recipient of the award.

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

22 | CRAIN’S NEW YORK BUSINESS | APRIL 8, 2019

P022_CN_20190408.indd 22 4/4/19 5:35 PM GOTHAM GIGS

MONROSE caught the volunteer bug as an associate board member of Row New York. BUCK ENNIS

RHODEN MONROSE Matchmaking for nonpro ts BORN St. Lucia RESIDES Greenwich Village A former trader links young professionals to charitable boards EDUCATION Bachelor’s in economics, Trinity College BY JEANHEE KIM high-paying jobs and was sure the months to their choice that is hope- “I WANT TO long hours spent on a single occu- fully accepted by its associate board. DREAM ACHIEVED After hat do millennials pation was the culprit. He thought e bene t to the company is HARNESS THAT Monrose and his sister left for want? Rhoden volunteering could help and began more leadership development and boarding school, their mom went Monrose, 32, a former developing his idea after hours. networking for young employees. ENERGY OF back to school. She graduated Wall Street trader, Within two years he left Citigroup, “If that helps you advance your ca- with a master’s in social work in saysW it’s to make a di erence in the using his bonus to devote himself to reer,” Monrose said, “that means MILLENNIALS TO 2009, the year her son received world. To that end, in 2016 Monrose the startup full-time. Citigroup be- you can write a bigger check.” So the his college diploma. launched Cariclub, an online plat- came Cariclub’s pilot customer. nonpro ts gain too. GET INVOLVED IN ON THE WATERFRONT Monrose form to engage high-performing “A lot of things I learned from the What Monrose gets out of Cari- said he discovered rowing as a professionals in volunteer work on pilot shaped Cariclub into what it club is the chance to pay forward PHILANTHROPY student at the Middlesex School nonpro t junior boards. became,” he said. In 2016 KKR be- the assistance he received in his in Concord, Mass. and became “I want to harness that energy of came its rst paying client—which own life. He emigrated from St. Lu- BECAUSE I KNOW team captain his senior year. millennials to get involved in led to angel funding by its execu- cia to Harlem at age 12, when his THE IMPACT IT philanthropy,” he said, “because I tives Henry Kravis and Paul Raether. mother, a nanny, was able to send WHAT’S IN A NAME Cariclub know the impact it will have.” Cariclub works like a dating for him and his sister. Prep for Prep, takes its root from caritas, the WILL HAVE” While working at Citigroup as an app—“a Tinder for nonpro t board a New York City organization that Latin word for charity. interest-rate derivatives trader, his members.” Companies o er Cari- helps underprivileged kids get into FEES Cariclub charges clients rst job, Monrose joined the associ- club to high-potential sta ers— private school, supported the sib- a four- gure annual fee, and ate board of Row New York, a non- usually with 10 years’ work experi- lings in getting admitted to board- Monrose said the average pro t that introduces underprivi- ence or less—as a bene t. e ing schools. Monrose attended high company signs up for 100 leged youth to the sport of rowing. employees ll out a pro le that school and college in New England licenses in its rst-year tryout “It changed the course of my life,” helps match them to any of the on full scholarships. and even more after renewal. Monrose said. What clicked for him 1,000-plus nonpro ts worldwide in “I was supposed to become the Cariclub now has 24 clients. was how much his life improved by Cariclub’s database. e employees doctor in my family,” he said. “But having more going on in it. get to check them out by attending then I decided I would become a He saw his peers quitting their events, making an o er after a few doctor to the economy.” ■

APRIL 8, 2019 | CRAIN’S NEW YORK BUSINESS | 23

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