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20101213-NEWS--0001-NAT-CCI-CN_-- 12/10/2010 8:23 PM Page 1 INSIDE TOP STORIES Inside AOL’s Why our airports struggle to reinvent need an upgrade itself after a Yahoo ® —William Rudin and Jonathan Tisch tie-up dead-ends on improving NY’s air travel network P. 11 PAGE 3 Restaurants stay VOL. XXVI, NO. 50 WWW.CRAINSNEWYORK.COM DECEMBER 13-19, 2010 PRICE: $3.00 open later, filling nightlife void PAGE 2 Lonelier Boom heart in all things surgery B’klyn, from salsa to wine centers PAGE 3 Good: Operations Under fire, the decline. Bad: So do Bents beat a retreat hospitals’ revenues PAGE 4 Alair Townsend bids BY GALE SCOTT farewell to some WHEN 70-YEAR-OLD Francis Benner vis- ited his Mount Sinai Hospital cardiol- great New Yorkers ogist recently, he knew he might need PAGE 12 angioplasty and stent placement—pro- cedures in which doctors use a catheter to clear a blocked artery and insert a de- vice to keep it open. Instead, he had a pleasant surprise. Dr. Samin Sharma, director of Mount Sinai’s interventional cardiology clinic, told Mr.Benner that the procedure was- n’t necessary, and that he would do fine with medication and some weight loss. “I was definitely relieved,” says Mr. Benner, a retired financial services ex- ecutive who lives in Merrick, L.I. “You don’t want to have an operation if you USINESS IVES don’t have to.” B L His experience signals a shift in how doctors treat heart problems. With na- GOTHAM GIGS See CARDIOLOGY on Page 20 Life is sweet for this enrico varrasso Sugar Plum Fairy P. 21 ● ANNE FISHER gives small businesses advice on holiday gifts P. 21 Hits needed ● MOVERS & SHAKERS Bob Pittman revisits the to light up P .. 22 The Gilded City radio industry ● GAEL GREENE eats up Ciano’s Tuscan flair P .. 23 New York’s wealthiest have grown rich Broadway beyond compare. Now for the other 99% Praying for spring INDEX turnaround as shows BY DANIEL MASSEY NEIGHBORHOOD JOURNAL _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _5 close at rapid pace THE INSIDER _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _8 FUELED LARGELY by a booming Wall Street,the share liberal think tank. The income share of the bottom SMALL BUSINESS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _9 of income going to the tiny sliver of New York’s 90% of households here was 34.5% in 2007, com- BY MIRIAM KREININ SOUCCAR REAL ESTATE DEALS PLUS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _9 wealthiest—the top 1% of households—soared to pared with 59.1% in 1987. Even as the city’s econo- 44% in 2007 from 17.2% two decades earlier. The my grew at a rate of 2.9% annually from 1990 to CAN SPIDER-MAN RESCUE Broadway GREG DAVID _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _11 average income of the city’s super rich was $3.7 mil- 2007, the hourly median wage fell 8.6%, to $15.50; from a free-fall? CLASSIFIEDS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _18 lion,and the price of entry into this exclusive club of median household income fell 2.2%, to $45,000. So far at least, the fall season has HOT JOBS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _21 34,625 members was $642,000. “There has been considerable growth,” says been in desperate need of a rewrite. In EXECUTIVE MOVES _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _21 While the city’s rich have gotten richer,everyone James Parrott,the institute’s chief economist,“but it the past two months, at least five new THE WEEK AHEAD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _23 else is treading water at best,according to a report to has not meant higher real wages or higher family in- shows,such as Elling and The Scottsboro be released Monday by the Fiscal Policy Institute, a See GILDED on Page 20 Boys, have shut down or announced an early closing date.The most hyped pro- ductions, like Women on the Verge of a REPORT PHILANTHROPY Nervous Breakdown and the Jerry Sein- feld-directed one-man show, Colin The new power patrons: Why they still see Quinn: Long Story Short, are limping P. 13 along at the box office. The only new value in corporate support of arts hot ticket in town is The Merchant of P. 16 Venice, starring Al Pacino, which has a NEWSPAPER List: NY’s largest nonprofits See BROADWAY on Page 20 20101213-NEWS--0002,0003-NAT-CCI-CN_-- 12/10/2010 8:22 PM Page 1 IN BRIEF THE CHIEF EXECUTIVES OF AMERICAN Yahoo linkup off, AOL tries a EXPRESS CO. AND MACY’S INC. WERE ELECTED co-chairs of the Partnership for New York City ducks lined up to be a buyer.” enues for the first nine months of the year at the group’s annual meeting, held last Friday But not much is clicking A source close to Yahoo confirmed the have tumbled to $1.8 billion, 25% below morning at the New York Stock Exchange. for the one-time insider’s scenario. A Yahoo spokeswoman the levels of the year-earlier period, and Kenneth Chenault of American Express and declined to comment. are forecast to be down 26% for the year as Terry Lundgren of Macy’s will replace Internet powerhouse One year after it was spun off from a whole. Feeding the decline has been a Goldman Sachs CEO Lloyd Blankfein and Time Warner, AOL is 25% slide in ad sales, which account for News Corp.’s leader, Rupert Murdoch. BY MATTHEW FLAMM left to struggle on slightly more than half of all revenue.That alone. Efforts to drop contrasts sharply with an expected NYU LANGONE MEDICAL CENTER IS FORGING TWO MONTHS AFTER REPORTS first ap- reinvent itself as a 14% spike in online ad FAST FORWARD AHEAD WITH PLANS FOR AN $81 MILLION peared that AOL was looking to merge powerhouse CEO Tim Arm- spending in the U.S. this renovation and expansion of its emergency with Yahoo in a bold bid to speed up its provider of news strong has been year,to a total of $26 bil- department that will help ease the crunch of turnaround, the Manhattan-based Web and information, on buying spree. lion, according to emergency patients crowding Manhattan veteran has abandoned its quest,according supplying everything eMarketer. hospitals after the April closure of St. Vincent’s to an industry insider with knowledge of from celebrity gossip AOL’s revenues Hospital. Planned long before St. Vincent’s the situation. and political news to in- were also hurt by closed, the NYU Langone emergency “AOL tried to either get enough back- sights on finance and a 27% plunge department renovation will triple its space, to ing to make a run at Yahoo, or get Yahoo fashion, have yet to in subscription 19,600 square feet.The state last week interested in buying it,” the source says. yield results. revenue from approved the sale of $191.4 million in 30-year “Yahoo didn’t bite,and AOL didn’t have its Total rev- the compa- tax-exempt bonds for the hospital, part of bloomberg news which will fund the renovation. n the bar. By responding to the demand for BY THE NUMBERS good grub in the wee hours, they also hope It’s midnight, time to maximize revenues in a weak economy. Weekly shift of the city’s economy Industry veterans say restaurants are at- tracting an older crowd for whom the din- HAPPIER HOLIDAYS Economists are upping ner is the evening, as well as young people their 2011 growth forecasts, citing the likely tax- cut extension and huge pump-priming by the who cap off a night out with a meal. é to grab a bite “There is a shift in our industry,” says Federal Reserve. Paul Seres, president of the New York Nightlife Association.
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