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TENSION BUILDING at HUDSON YARDS Related’S Lawsuit Looks to Break a Union Leader’S Grip on City Construction PAGE 17

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TENSION BUILDING at HUDSON YARDS Related’S Lawsuit Looks to Break a Union Leader’S Grip on City Construction PAGE 17 CRAINSNEW YORK BUSINESS CRAINNEW YORKS BUSINESS NEW YORK BUSINESS® MARCH 12 - 18, 2018 | PRICE $3.00 TENSION BUILDING AT HUDSON YARDS Related’s lawsuit looks to break a union leader’s grip on city construction PAGE 17 VOL. XXXIV, NO. 11 WWW.CRAINSNEWYORK.COM GENIUS THE LIST SECRET IDEAS LARGEST CEO FOR THE MINORITY-OWNED COMPANIES PAY MTA P. 20 P. 4 P. 15 NEWSPAPER P001_CN_20180312.indd 1 3/9/18 7:40 PM MARCH 12 - 18, 2018 CRAINSNEW YORK BUSINESS ON THE COVER PHOTO: BUCK ENNIS FROM THE NEWSROOM | AARON ELSTEIN | SENIOR REPORTER Party of one LAST WEEK WeWork acquired Conduc- tor, a search-engine-optimization company. Now the oce-sharing rm’s tenants can call WeWork for advice on making their busi- ness rank higher on Google searches. It could prove to be such a useful perk that big land- lords all over town will be compelled to oer the service. SEO rms, your ship truly has come in. I mention that deal because it helps explain why the stock market continued to roll along even as President Donald Trump drove every- one nuts with his “Will he or won’t he?” tari policy, which led to the resignation of Gary Cohn. A number of advisers have le this White House—of the 14 New Yorkers Crain’s identied as having an “inside track” to Trump in advance of his inauguration, ve have since le the administration or decided not to join it—but the departure of the P. 17 chief economic adviser marked the rst exodus by someone consid- ered a mainstream policy expert. IN THIS ISSUE Many predicted markets would be roiled by Cohn’s departure, as he was widely seen as the key check on the Trump White House’s 9 VIEWPOINTS UP FRONT Cuomo has failed on climate protectionist instincts. But aer some initial wobbles, the Dow Jones change; blacks are doing better Industrial Average ended the week up 3%, and memories of last 3 EDITORIAL Rethinking the city’s elite 15 THE LIST month’s correction are fading. at’s because the economy is unde- high schools The metro area’s largest niably strong, and it’s rare for the stock market to have a down year minority-owned companies 4 IN CASE YOU MISSED IT when that’s the case. e last time the economy was good and markets “Genius” winners offer big bad was 1994, when the Federal Reserve was raising interest rates. ideas for xing the MTA FEATURES It doesn’t mean stocks will go up from here; they have been on 5 HEALTH CARE a nine-year-long rally, and the Fed is poised to continue raising the 17 HUDSON BARBS Who benets from Cigna’s A lawsuit could derail the still ultralow lending rates. But so long as the economy is robust and planned merger? city’s biggest development the likes of WeWork are expanding, the nancial community really 20 STEALTH WEALTH doesn’t seem to care who’s in the room with Trump. How some rms pad At least for now. executives’ paychecks 24 GOTHAM GIGS A writer grew a friendly scavenger hunt into a REAL ESTATE FORUM big business 25 SNAPS APRIL 13 Photos from the city’s biggest RETAIL REALITY CHECK fundraisers and charity events WITH RETAIL RENTS on the decline P. 26 FOR THE RECORD but still high by historical 6 Our tally of the week’s buys, standards, landlords and tenants busts and breakthroughs 6 ASKED & ANSWERED are in a bind. Hear from Saul 27 PHOTO FINISH Scherl of the Howard Hughes New York Times’ podcast editor on building a brand A local bagpiper gears up for Co., as well as owners, brokers the St. Patrick’s Day season and tenants, about strategies for 7 POLITICS survival and success. Actress Cynthia Nixon’s unlikely CORRECTION bid to take down Cuomo NEW YORK Daniel Biederman is no longer associated with ATHLETIC CLUB 8 WHO OWNS THE BLOCK the Grand Central Partnership. His role was 8 to 10 a.m. The ripple effects of misstated in “The future of food carts is [email protected] NY-Presbyterian’s expansion corporate,” published March 5. Vol. XXXIV, No. 11, March 12, 2018—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for double issues the weeks of Jan. 1, June 25, July 9, July 23, Aug. 6, Aug. 20 and Dec. 24, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing ofces. 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 2018 by Crain Communications Inc. All rights reserved. 2 | CRAIN’S NEW YORK BUSINESS | MARCH 12, 2018 P002_CN_20180312.indd 2 3/9/18 6:36 PM MARCH 12, 2018 AGENDADebate over diversity at test-in high schools misses big picture he numbers were predictable, as was the reaction. Only 10% of seats at the city’s eight test-in high schools this year were of- fered to black and Latino students, and a chorus of voices said that needs to change. Indeed it does. But the debate that has Traged for years about the subject has overlooked key issues and has been corrupted by false assumptions. First, the context: By state law, admission to Stuyvesant, Bronx Science and Brooklyn Technical high schools is solely by test score. e city chooses to use the same system for ve other public high schools. An algorithm makes the oers as follows: e top-scoring eighth-grader on the October test gets into his or her rst-choice school, usually Stuyvesant. en the second-best scorer gets into his or her top choice. And so on down the list of about 28,000 test-takers. If students’ preferred school has no seats le by colleges that would accept them from virtually any other school. And when the computer gets to them, they get their next-highest choice. although the extreme rigor at schools such as Stuyvesant benets some e process leads to a heavy concentration of high scorers at Stuyve- students, many others endure stress and sleep deprivation and take short- sant, followed by Bronx Science, Tech and then the rest. Not surprisingly, cuts to get by. School becomes more about surviving than learning. many of those students go on to prestigious colleges, prompting people e test-in system is meritocratic but nutty. Colleges and private to believe that the so-called specialized high employers certainly don’t use it. Its defend- schools provide an elite education and a Students endure constant stress, ers say kids who can’t score well enough to gateway to the Ivy League that students of get into a school would be chewed up if, as color are denied because they so rarely get get little sleep and take shortcuts. Mayor Bill de Blasio has suggested, they in. (Of the 902 students Stuyvesant accepted, Education becomes transactional were admitted via an alternative pathway. 10 are black and 27 are Latino.) But consider e test-score apologists overlook the fact that the average SAT score of Stuyvesant stu- that many who pass the exam are nonethe- dents oered admission to Cornell University is 1520, versus 1380 from less chewed up or come to adopt a transactional view of high school: Get Midwood High School. e same is true for all selective colleges because good grades by any means, load up the transcript and get into a big-name the competition at Stuyvesant is so strong and admissions oces infor- college. Changing that culture is the real challenge for the specialized mally limit the number of students they accept from any one high school. schools. e test-in policy helps drive the culture and dominates the con- at means students at the “best” high schools are routinely rejected versation, drowning out other voices that need to be heard. — THE EDITORS FINE PRINT The Business Integrity Commission, which caps rates for commercial-waste collection, is proposing a 5.6% increase. Carters have long wanted the cap eliminated, but virtually all price their services below the limit because charging the maximum looks bad. Making a prot under this system requires that crews rush, which critics say led to seven deaths last year. Department of Sanitation trucks last caused a fatality in 2014. BY GERALD SCHIFMAN ST A 25 WORDS OR LESS GOING INTO OVERTIME TS THE METROPOLITAN Transportation Authority has A asked the city for $418 million in emergency funds, ND T It’s hard to argue with and its overtime costs are soaring. Total overtime spending by the MTA “ H last year, a 20% increase from 2016 his numbers. But no $1.2B E CITY one in public ofce Approximate overtime pay per likes sticker shock” MTA employee, 22% higher $16,360 than the NYPD’s average —Jon Orcutt on fellow transportation expert Bruce Schaller’s call for hired Increase in average overtime payments to MTA Bridge and Tunnel workers last cars in Midtown to be charged $20 year, the highest of any MTA agency to $50 an hour, which would double 29% fares. A proposed per-trip fee of $2 to Number of Long Island Rail Road $5 would have little effect on conges- workers who earned at least tion, an analysis by Schaller found. 174 $100,000 on top of their base pay SOURCES: Empire Center for Public BUCK ENNIS, GETTY IMAGES Policy, Mayor’s Management Report MARCH 12, 2018 | CRAIN’S NEW YORK BUSINESS | 3 P003_CN_20180312.indd 3 3/9/18 8:05 PM IN CASE YOU MISSED IT CRAINSNEW YORK BUSINESS president K.C.
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