HALLOWEEN OBSESSION Inside Kevin Ryan’s big CRAIN’S® bash P. 29 NEW YORK BUSINESS

VOL. XXVIII, NO. 43 WWW.CRAINSNEWYORK.COM OCTOBER 22-28, 2012 PRICE: $3.00

AN IPO EYEFUL Citi seen Shutterstock shares were up some 35% in their first seven days of trading. sounding $25 $24.36 10/18 retreat in $23.04 $23.08 $23.00 $22.95 10/17 10/15 10/16 10/19 the city $22.00 $21.66 10/12 10/11 close New CEO is likely

$20 to further shrink what used to be the largest employer in town

BY AARON ELSTEIN $17.00 PICTURE PERFECT: 10/11 Shutterstock CEO Jon Oringer opening paid close attention to the Citigroup Inc.’s long reign as New IPO’s every detail. A strong York’s largest private-sector employer balance sheet also helped. ended with a resounding thud during the Great Recession. Since then, Citi $15 has sacked a third of its local workforce. Source: Bloomberg News Now the new regime that took over last week is poised to go even further. Analysts expect the new team, led by Chairman Michael O’Neill and Chief Executive Michael Corbat, to move quickly to cut costs.That means taking a meat-ax to slow-growing, thin-margin lines of business, such as trading and branch banking—both of which are centered in New York City. The bank’s focus and its money will See CITI on Page 28 Shutterstock! Marathon The first NY tech IPO in years was a quiet smash. What hit with big Jon Oringer can teach Mark Zuckerberg about going public cop fees

BY MATTHEW FLAMM since 2010. week was trading at 20% above its of- The company, which sells stock fering price, according to Renais- City to quadruple Sometimes it pays to be ignored. photos online, also happened to have sance Capital. race’s 2013 traffic, Shutterstock Inc., unlike some of its one of the more successful initial The little-known Shutterstock Silicon Alley peers, had never been the public offerings in recent years. Its now has a market cap valued at more clean-up bill to $3M subject of frequent speculation about stock closed Friday at $23—35% than $750 million. its IPO plans. But on Oct. 11, it flew above its $17 offering price.That put The event was a far cry from Face- BY LISA FICKENSCHER in under the radar to become the first it leaps and bounds ahead of the av- book’s IPO meltdown in May, where New York City tech firm to go public erage U.S. IPO this year, which last See SHUTTERSTOCK on Page 25 For the first time in the ING New York City Marathon’s 43-year history, the city will present the event’s organ-

buck ennis izers with a multimillion-dollar bill to pay for the hundreds of workers who will control traffic, keep order and REPORT REAL ESTATE clean the city streets on Nov. 4. Park designers ride high, thanks to $1.5B The tab for police officers alone is expected to surge beyond $1 million— spent by the city on new greens P. 15 from zero in years past. “No question, this is a challenge for THE LIST Largest construction firms P. 19 us,” said Mary Wittenberg, CEO of NEWSPAPER See MARATHON on Page 27 STATS AND THE CITY

FRIGHT NIGHT EXPOSED It’s not just the city’s stoplight cameras prompting screams this time of year. Halloween is drawing near, and cash registers are ringing. FYICRAINSNEWYORK.COM 693K Pumpkins harvested in NYS in 2011, with value of $23.6 million, the highest in the U.S. NY shines in 60K+ Costumed revelers slated to walk in the 39th political limelight annual Village Halloween Parade s a longtime gimme for the Democrats, New

33 newscom Giant Captain America shields sold York state almost never by Abracadabra costume shop in A the first few weeks of the season experiences what happened last week—several days in which it basked front and center in the political limelight. It all began with VP candidate Paul Ryan attending an event at the Intrepid 1,564 Sea, Air and Space Museum featuring dozens of prominent Republican officials—and an angry Number of U.S. candy manufacturers, mob of protesters. for whom Halloween is huge, in 2010 On Tuesday, the focus shifted out to Long Island for the show of shows, the superheated 24.7 debate between President Barack Obama and former Massachusetts Gov. Mitt Romney at Hofstra Pounds of candy consumed by the average University. Afterward, people differed as to who had scored more body blows, but everyone American in 2010 agreed on one thing: The event, with questions delivered by members of the audience, was a total Sources: U.S. Dept. of Agriculture, U.S. Census Bureau, Abracadabra and Village Halloween Parade winner in exposing the rest of the nation to the wonders of genuine LawnGuyland accents. istockphoto CASHING IN ON CLICKS At the end of the week, the candidates reunited—in white tie and tails—at the Waldorf- Internet ad revenue set fresh records in the first half of 2012, rising 14% Astoria for the 67th annual Alfred E. Smith Dinner, the Catholic archdiocese’s largest year-over-year. fundraiser of the year. Mr. Obama was the first sitting president to attend the dinner since Ronald Reagan in 1984. $20,000 Revenue in millions That came on the heels of what was billed as a three-day retreat for Romney campaign donors at 15,000 the Waldorf.There was no word on how much it raised. But in the coming weeks, the New York 10,000 Andrew Cuomo 5,000 show will roll on. Gov. has been tapped to stump the nation for his party. 0 —andrew j. hawkins 1H 1H 1H 1996 2004 2012 STOP-AND-FRISK’S COURT DATE. The projects like roof repairs to create Sources: Interactive Advertising Bureau and PricewaterhouseCoopers NYPD’s controversial stop-and- jobs and take advantage of cheap fi- HOORAY! frisk practice is getting its day in U.S. nancing costs. … NEWSWEEK TURNS THE RAINBOW ROOM, Rock Center’s ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY court. For the first time, a federal THE PAGE. After nearly eight legendary party venue, is officially a city judge in Manhattan is hearing testi- decades, Newsweek will finally close landmark. mony on whether NYPD tactics, in- the book on its print publication at THIS WEEK IN CRAIN’S cluding stopping people on the street year’s end. With circulation down and arresting others for trespassing and financial losses up, the long- in residential buildings, violate con- fading title will morph into an all- IN THE BOROUGHS------3 stitutional protections.The hearings digital publication called IN THE MARKETS------4 are expected to run for two weeks. Newsweek Global in 2013. In the THE INSIDER ------6 Among others eagerly awaiting the process, further cuts in staffing will outcome will be Mayor Michael be made. Newsweek’s announce- CORPORATE LADDER------10 Bloomberg, who has fully backed ment comes just a few months after A BOUNCE IN OPINION ------12 stop-and-frisk. ... SmartMoney announced it would go OY VEY! BUILDING. Surprise, surprise: After paperless. … STYLISH EATS FOR GREG DAVID------13 HARLEM. THE YANKEES blew their American many quarters of The news is League Championship Series with four REPORT: REAL ESTATE------15 nothing but bad out: Come the sum- straight losses. news, things are ‘I would not mer of 2015, REAL ESTATE DEALS------18 looking up for even Harlemites will be THE LIST ------19 builders. Construc- able to pick up or- tion in the city is ex- consider— ganic quinoa, arti- DIGITAL NEW YORK------21 pected to top out at even sanal cheeses and CLASSIFIEDS ------22 more than $30 bil- more from a Whole BUSINESS PEOPLE lion worth this year, consider—a Foods on West 125th FOR THE RECORD------David Paterson’s radio show 24 the most since 2008. Street and Lenox has kept the former governor NEW YORK, NEW YORK ------29 Major expansions pay raise’ Avenue. The high- in the public domain since ongoing at several Gov. Andrew Cuomo, end chain has an- SOURCE BREAKFAST------30 leaving Albany two years ago. colleges are helping explaining that until nounced it’s staked opment at the old Domino refinery P. 8 But will WOR keep him? OUT AND ABOUT ------31 and will likely push legislators get busy and out a place in a yet- on the Williamsburg waterfront are pass key reform legislation, CORRECTIONS the needle over $30 to-rise building back on the burner. Dumbo-based billion next year as all raises for lawmakers there,as well as a spot Two Trees has paid $185 million for Anupam Singhal and Nishant Mittal were investor colleagues before co-founding data well. The city will do will be off the table down on East 87th the long-stalled 11-acre site, but it analytics company Monaeo. Their previous connection was incorrectly characterized in the Oct. 8 “The App for the 1%.” its part, too. The Street and Third Av- has also hinted that it may want to mayor,along with Comptroller John enue, due to open in 2014—upping talk to local leaders about amending David Szuchman worked at the Manhattan district attorney’s office from 1997 to 2001 and was then rehired in 2010. Mr. Szuchman worked on a case in which nonprofit Liu, announced plans to push for- its Manhattan outposts to nine. ... the earlier plans. That could mean employees were stealing donors’ personal information to sell to local gangs. His dates ward $1 billion in spending for what REFINING DOMINO. Plans for a big delays, if nothing else. of employment at the D.A.’s office were misstated in the Oct. 8 “Mr. Paranoia.” The Hizzoner called “unglamorous” residential/commercial/retail devel- —lauren elkies story also misstated which suspects were selling information to local gangs. Michael Jaffe, a member of the New York State Trial Lawyers Association, was named president of the organization. His membership status was mischaracterized in the Oct. 8 Executive Moves. STORIES TO WATCH THIS WEEK vol. xxviii, no. 43, october 22, 2012—Crain’s New York Business (issn 8756-789x) is published weekly, except for double issues the weeks of July Fourth, Labor Day and Christmas, by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals postage paid at Oct. 22: Confes- Oct. 24: Insider Oct. 26 and 27: Oct. 28: Crown New York, N.Y., and additional mailing offices. Postmaster: Send address changes to: Crain’s sional book Why trader Rajat Gupta WhiskeyFest opens of the Statue of New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (877) 824-9379. Fax (313) 446-6777.$3.00 a copy, $99.95 one I Left Goldman sentenced in NY with bevy of Liberty reopens year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2012 by Crain Communications Inc. All rights reserved. Sachs is released. federal court. distillers and to the public. master blenders.

2 | Crain’s New York Business | October 22, 2012 IN THE BOROUGHS BRONX

LEAP OF FAITH: Yvette Campbell has run Harlem School of the Arts since 2011. Among her Shops rise tough calls was cutting the budget by 24%. from ashes of big fires Merchants return to fill in blanks, reknit Norwood’s fabric

BY HILARY POTKEWITZ

Three years after a pair of suspicious fires devastated a portion of a busy retail strip in the Norwood section of the Bronx, bulldozers have final- ly lumbered onto the site to begin filling in the last portion of the gap left by the tragedy.Their arrival sig- nals the beginning of the end of the predominantly working-class neighborhood’s struggle to knit it- self back together. A single-story commercial struc- ture boasting about 8,000 square feet of retail space—designed to ac- commodate up to a half-dozen stores—will rise Miracle on 141st Street on the site, ac- ODDS cording to plans buck ennis filed with the & ENDS Department of Up in the Bronx She added a preschool program to increase rev- Buildings. How a $5 million grant and savvy management enue. And she just lured noted dancer Twyla Though the Tharp and Grammy-winning Afro-Latin-jazz building will be 40 got Harlem School of the Arts back on its feet musician Arturo O’Farrill to become artists in a far cry from the FIRE STATIONS residence,which should raise the school’s profile. mega-malls forced to close for three weeks. She’s also negotiating with jazz great Wynton transforming 5,600 BY THERESA AGOVINO “I can really think about the future,” said Marsalis, already an adviser, to play a greater role other sections of STRUCTURAL Yvette Campbell, who has been president and in the institution. the city, it will FIRES in 2011 The Harlem School of the Arts must be the envy chief executive of the 48-year-old institution Her biggest problem, however, was paying have an outsize of many a nonprofit these days: All its debt, in- since January 2011. “We wouldn’t have survived $400,000 a year in debt.Few donors make grants impact on Bain- cluding its mortgage, was paid off—and its en- carrying our debt.” to repay loans; they prefer to support program- bridge Avenue. 38,325 HISPANIC- dowment was restored and even expanded— A donation from the same foundation in ming. But when Ms. Campbell explained her “When peo- OWNED thanks to a $5 million donation received last 2010 helped keep the doors open, but Ms. dilemma this summer to a meeting of donor- ple see that con- businesses month from the Herb Alpert Foundation. Campbell toiled mightily to prove the school was group executives, Rona Sebastian, president of struction is hap- Sources: NYC Fire Dept., Now the community school, which provides worthy of continued, and more generous, sup- the Herb Alpert Foundation, decided to break pening, it will Center for an Urban Future programs in dance, music, theater and the visual port. Ms. Campbell sliced $1.1 million, or 24%, the mold. give them a arts, is starting with a clean slate after surviving from the budget through such efforts as cutting “In this situation,it just made sense,”said Ms. sense of hope,” said Michael Lam- a brush with extinction in 2010, when it was staff by 68% and renegotiating service contracts. See MIRACLE on Page 28 bert,deputy director of the Mosholu Preservation Corp. He noted that the 2009 fires incinerated more than a dozen much-loved businesses— including a supermarket, a butcher, a baker, a cobbler, a beauty salon, a A perk the boss can’t afford diner and a Mexican restaurant— that together were key to what makes a neighborhood a neighbor- by about 50% since 2008, to I would.” hood. “Anything they can do to City Council wants to give $500,000 annually.To survive the re- ‘Doing As debate about the legislation bring back a sense of what existed small-biz workers paid time cession, Ms. Zayer’s business has re- continues, many small business before, people will be very excited quired single-minded devotion, and business in owners face a similar, ironic reality. about.” off—a benefit some of their the dedication of her 11 employees. NYC is If it passes, they will be forced to Daniel Katz,who signed a master employers can rarely take Yet despite razor-thin margins, provide time off that the rigors of lease on the property earlier this year, she has continued to offer health care onerous entrepreneurial life don’t allow is keen to deliver on that promise. benefits and profit sharing. Now, them to take themselves. For some “We saw an opportunity to recon- BY EILENE ZIMMERMAN with business finally starting to pick enough’ owners,taking a day off is unafford- struct and put in local businesses,” he up, Ms. Zayer faces another hurdle: able. For others, who are entwined said, adding that the new building Doreen Zayer, who has owned a Staten Island the Paid Sick Days Act,which would in virtually every aspect of their will have “a really beautiful, up-to- spa for 17 years, can’t remember the last time she require small businesses like hers to company’s operations, it’s hard to date look” by the time it is completed took a sick day. In fact, pregnant with her son give employees at least five days off find a substitute—to the extent that early next year.The first shops should shortly after starting the business, “I worked on per year. some find themselves working in situations that then open in the spring. my due date,” she recalled. “I wish I could pay my employees when they corporate counterparts might find unimaginable. “It’s an important corner, and it’s The past few years have been especially are sick,” said Ms. Zayer.“I really want to do the The Paid Sick Days Act, which is being unattractive to have a vacant lot stressful at Relax on Cloud 9. Sales have dipped best for them, and if I could afford it, believe me, See A PERK on Page 27 See RISING on Page 26

October 22, 2012 | Crain’s New York Business | 3 IN THE Food trucks nab midtown spot MARKETS by Aaron Elstein Operators get break where tenants can ment opened up an even order lunch empty lot in Long from parking tix; from them. flickr Island City,Queens, office workers gain Starting Oct. for food trucks. There 29, the location will accommodate are two other locations in the city, Astoria bank tries lunch choices one truck a day, including Eddie’s next to Bryant Park and in Hudson Pizza, Luke’s Lobster, Comme Çi Square in lower Manhattan,that of- Comme Ça and Frites ‘N’ Meats, fer seasonal spots for such vendors. BY LISA FICKENSCHER to forge new path which will be there from 11 a.m. to “This is a strategy that is work- 2:30 p.m. on weekdays. ing in Boston, Chicago and Wash- Midtown office workers will get 10 The initiative is part of a larger ington, D.C., where the local gov- storia Federal Savings new lunch options later this month trend in which major landlords in the ernments are devoting public space when 777 Third Ave., at East 48th city are leasing space to food trucks. for food trucks, and in New York is the kind of bank Street, opens up its loading dock to And it’s a welcome change for the City the private sector is helping us most folks would say a group of food truck operators. truck owners, who are often chased set up permanent spots,” said David A they want to see succeed. “Food trucks are a new amenity out of spots by competitors or ticket- Weber, president of the NYC Food in the city that we wanted to offer to ed by the city for illegal parking. Truck Association, which facilitat- The institution has been our tenants and to the greater com- “This allows us to have more se- ed the Third Avenue deal. serving New Yorkers since munity in Turtle Bay,”said Jonathan curity,so that we don’t have to move The number of food trucks in the 1888 and has a homespun Iger, vice president of Sage Realty in the middle of lunch or worry city has grown tremendously,from a charm that comes Corp., which manages the building about getting a ticket,” said David handful several years ago to as many

from sponsoring news daily new york and two others nearby. Schillace, owner of the Mexicue as 90 today,according to Mr.Weber. / Sage Realty is rolling out the red truck, which is among the those Still, Mr. Schillace, who owns events like an annual carpet for its new mobile tenants, vending at 777 Third Ave. two Mexicue restaurants,cites com- essay contest in which promoting them in its buildings, Earlier this year, Brookfield petition and a lack of available loca- children complete a CEO MONTE REDMAN and setting up a food truck camera Properties set up a food truck lot at tions as reasons that he has not in- may be forced to sell. so that office workers can gauge the 4 World Trade Center, where five vested in more than one truck. “We statement that begins, egan-chin debbie lines. Sage is also including a page trucks can park during the week, look at the truck as a marketing tool “If I save a lot today, in Ⅲ ASTORIA FINANCIAL about the trucks on its website, while last year Rockrose Develop- to promote our brand,” he said. the future I could …” CORP.’S STOCK PRICE, MONTHLY But Astoria, like a lot of small banks, is stuck between a rock and OCTOBER 2012 a hard place.The sluggish economy and ultralow interest rates make it tough for the $17 billion-in-assets institution to grow.Its core residen- Carmel Partners is pleased tial mortgage business faces pres- sure as it fights with government- to announce the final closing owned giants Fannie Mae and Freddie Mac for home-loan volume. Plus, of its fourth investment fund there are millions in new compli- ance costs,and Astoria’s shares have returned just 2% over the past three years, compared with 14% for its peer group. has identified thousands of small CARMEL PARTNERS Chief Executive Monte Redman, businesses on Long Island that his INVESTMENT FUND IV who has worked at Astoria since bank could serve, “what you see 1977 and took the helm last year, is these days is that businesses are not doing his best with a tough hand.He looking for loans,” he said. $ cut about 10% of the bank’s staff and An economic recovery would 820,000,000 slashed its dividend payout by 69% to certainly help on that front,and Mr. conserve cash.He’s also put a big em- Redman said prices have stabilized phasis on expanding the bank’s book in the Long Island housing market of small business and apartment after a painful slump. But small loans—a major shift for a thrift that’s business owners still fret over eco- Targeting a raise of $700 million, Carmel’s Fund IV reached long specialized in basic checking nomic and election uncertainties. its hard cap of $820 million. Carmel invests in multifamily and savings services for Queens and Or, as Mr. Redman puts it: “They Long Island homeowners. look at the what-ifs.” value-add, development and debt opportunities with compelling “This is a year of transition,”said Another bank that faced the risk-adjusted returns in high barrier markets throughout the US. Mr. Redman, who is 61. same sort of squeeze, Hudson City He’s encouraged by the results Savings, threw in the towel in Au- so far. Small business and apart- gust and agreed to be acquired by ment loan volumes are ahead of his M&T Bank. projections and make up about 22% Mr. Redman believes Astoria is of the bank’s loan portfolio, a figure well positioned to thrive once the he’d like to increase to 40%. That economy revives and business lend- growth helped the bank report ing picks up again. He even antici- third-quarter earnings of $13 mil- pates acquiring a few small banks lion, a 20% bump from the year- that can’t cope with all the new reg- earlier period. ulatory costs.“I think in a few years REALIZING THE POTENTIAL OF REAL ESTATE Still, powerful headwinds re- you’ll see a lot of good, smaller main. Although earnings grew, the banks overloaded by compliance www.carmelpartners.com bank’s loan portfolio continues to costs raise their hands,” he said. shrink as low interest rates drive The question is whether Mr. SAN FRANCISCO | DENVER | IRVINE | SEATTLE consumers to refinance their mort- Redman’s shareholders will wait that WASHINGTON, DC | HONOLULU | NEW YORK gages. And though Mr. Redman long before forcing him to sell. Ⅲ

SIZE OF THE U.S. government’s remaining stake in bailed-out insurer American International 16% Group. AIG Chief Executive Robert Benmosche (left) said last week that the feds may THIS APPEARS AS A MATTER OF RECORD ONLY sell the rest of it by year’s end. At one point, the government owned 92% of AIG’s stock.

4 | Crain’s New York Business | October 22, 2012 DON’T SETTLE.

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Push to Talk is available only with other Verizon Wireless Push to Talk customers. Largest claim based on comparison of carriers’ owned/operated networks. Network details & coverage maps at vzw.com. © 2012 Verizon Wireless. F4720 THE As pols play musical chairs, INSIDER consultants become the piper by Andrew J. Hawkins and Chris Bragg

ness note that quality can vary. differently, too. Many still special- Term limits, public “There’s a lot more people out ize in media relations or strategy. financing spark there who think they are consult- But down-ballot candidates may ants,” said the salty Democratic prefer full-service firms for a less demand and dollars strategist Hank Sheinkopf. expensive one-stop-shopping ex- for campaign pros Twenty years ago,Mr.Sheinkopf perience.And firm principals often was part of a select group of politi- register as lobbyists to maximize cal mavens, including David Garth, profits. BY ANDREW J. HAWKINS Hank Morris and Philip Friedman, who cornered the market. Each of- The Beltway model Election Day is nearly at hand, but “It’s a model that was widespread the city’s political consultants al- in Washington and came to New ready have dollar signs in their eyes Pay to sway: York about 10 years ago,” said Evan for 2013. Term-limit turnover has Stavisky,co-founder of the Parkside newscom spawned competitive elections next direct mail, Group, which offers direct mail, year for all three citywide offices— public relations, lobbying and cam- Life after Bloomberg stirs worries mayor, comptroller, public advo- polling, robo paign management. “Good firms cate—as well as for four of the five are going to have multiple practice he head of the city’s health care system said last week borough president posts, two dis- calls, Twitter areas.” that while the candidates for mayor in 2013 are trict attorney offices and about 25 Mark Guma, a consultant who generally strong supporters of the public hospitals, City Council seats. specializes in strategy, direct mail T Not since 2001, when pols first and advertising,said one-stop shops he worries that the protection from political interference the vacated their long-held seats, have are especially attractive to midsize system now enjoys could erode when Mayor Michael there been so many elections—or as fered specialized services—direct campaigns, such as City Council Bloomberg’s term ends. big a business opportunity for the mail, television and radio spots, bids.A recent trend has seen consul- industry that endeavors to shape print advertising and strategy. Mr. tancies consolidating their televi- “Our current mayor has managed to filter out some of them. Sheinkopf is still going strong, but sion and direct-mail services. the stakeholder influence,” said Alan Aviles (above), Mr. Garth has since retired, Mr. “You have a consultant that president and chief executive of the Health and Hospitals Pinstripes and hoodies Morris is in jail for accepting kick- doesn’t really have a vested interest in Consulting firms are scrambling backs, and Mr. Friedman commit- advocating for one medium versus Corp., answering a question at a Citizens Budget to scoop up clients as their business ted suicide in 2005. another,” he said.“So you get, in the- Commission forum. “We make decisions based on the undergoes its own upheaval.Besides The new generation of consult- ory, better decisions about where to facts. That could potentially change.” term limits, public funding of cam- ants runs the gamut. Most have of- spend what are usually scarce adver- paigns has helped finance a cottage fices near City Hall, but some are tising resources.” Mr. Aviles, whose 12-year is also known for its quality food industry of consultants. The emer- based in the outer boroughs. Some Others dismiss the full-service tenure at HHC dates back to the and short distance from New York gence of corporate clients has wear pinstripes and wingtips, oth- model, noting that polling firms Giuliani administration, did not City. Mr. Kruger is there serving sparked its professionalization, ers hoodies and high-tops. The rarely do media relations, or vice name names.The leading mayoral seven years—a term 28 times though some veterans of the busi- firms themselves are structured See CONSULTANTS on Page 27 contenders are all Democrats. longer than Mr. Lipsky’s. The sprawling system, with 37,000 employees and a $6.7 billion budget, is a juicy target for Truth in labor unions, consulting firms and advertising other politically connected constituencies. It includes 11 Scrambling to fend off a acute-care facilities, four nursing Republican challenge to his state homes, six large diagnostic and Senate seat in eastern Queens, treatment centers and more than Democrat Joseph Addabbo bought a 70 community-based clinics. full-page ad last week in a local Jewish paper touting his accomplishments—led by his 2011 Lobbyist’s “removal of the [Metropolitan ‘sweet’ deal Transportation Authority] payroll tax for private First, lobbyist Richard Lipsky schools and received a mere three-month yeshivas.” sentence for paying up to Unmentioned $200,000 in bribes to ex-state Sen. was Mr. Carl Kruger of Brooklyn. Now Mr. Addabbo’s crucial Lipsky will get to spend his short vote to pass the stint in the cushiest federal prison Joseph Addabbo 2009 MTA in New York—which happens to funding bill that be Mr. Kruger’s new home. included that tax. Last year, as Mr. Lipsky, whose “substantial part of an agreement spearheaded cooperation” led prosecutors to by Gov. Andrew Cuomo that push for the lenient sentence, had restructured the state’s tax code, a judge recommend that he go to private schools and yeshivas were Otisville, a haven for white-collar exempted from the tax, which was criminals that has been listed by highly unpopular in the Orthodox Forbes as one of the “12 Best Jewish community—a key voting Places to Go to Prison.” bloc in Mr. Addabbo’s race “You could do about anything against Councilman Eric Ulrich. you wanted there,” former inmate A spokeswoman for Mr. John Altman told the New York Post Addabbo said, “There was a time earlier this year. “It’s not just when more taxes were really good. It’s sweet. That’s why you needed, but Joe also supported the request to go there.” removal of the MTA payroll tax The prison, in Orange County, for private schools and yeshivas.” Ⅲ

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6 | Crain’s New York Business | October 22, 2012 Commercial Banking Group

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Ellen Marshall, Commercial Banking Executive [email protected], (212) 764-8315

Products and services offered by Capital One, N.A., Member FDIC. © 2012 Capital One. Capital One is a federally registered service mark. All rights reserved. BUSINESS 19% of North American employees regularly break for lunch PEOPLE Source: Right Management

EXECUTIVE MOVES ON THE DIAL: David Paterson, the afternoon Financo Inc.: John A. host on WOR, gravitated Berg, 50, joined the to radio as a child after investment-banking losing much of his sight. boutique as chief executive. He was previously general partner at Weston Presidio Capital. Bret Lowry, 38, joined as vice president. He was previously vice president at Bank of America Merrill Lynch. Colin O’Neil, 36, joined as vice president. He was previously vice president at Raymond James. Citigroup Inc.: Michael Corbat, 52, was promoted to chief executive. He was previously chief executive for Europe, the Middle East and Africa. IntraLinks Holdings Inc.: Derek Irwin, 45, joined the technology provider as chief financial officer. He was previously chief financial officer at DoubleVerify. Marie Claire: Anne Fulenwider, 40, joined as editor in chief of the U.S. edition of the Hearst Magazines publication. She was previously editor in chief of Brides. American Express Publishing Corp.: Sean Murphy, 48, was promoted to vice president, custom media. He was previously director of content for custom media. Malkin Holdings: Christina Capowich, 30, joined the real estate company as director of marketing. She was previously communications buck ennis and media manager at CBRE. GOTHAM GIGS Weill Cornell Medical College: Dr. Carla Boutin-Foster, 43, was appointed assistant dean for faculty diversity at the school’s Office of Faculty Diversity in Medicine and Science. She will continue as associate professor of medicine in the division It’s the David Paterson show of general internal medicine, public health, and complementary and integrative medicine. The former guv reinvented himself on radio. But will WOR keep him? Dr. Rache M. Simmons, 50, was appointed assistant dean for faculty diversity at the school’s Office of David Paterson prefers a dimly lit radio studio in radio and as chairman of Icon Group Faculty Diversity in Medicine and Science. She will continue as the Anne ‘I wake up Manhattan’s financial district to the opulent Compliance Services than the $179,000 he made K. and Edwin C. Weiskopf professor governor’s suite in the state Capitol.The reason as governor. As a child, he gravitated to radio of surgical oncology and professor of in the surgery. is simple. He no longer has to deal with warring after losing much of his sight. “I had a friend who Loews Hotels & Resorts: Elizabeth morning, politicians, fiscal crises and pesky reporters. “I lived down the block from me,” he said. “I would Harlow, 42, joined as vice president, wake up in the morning, everything is not my be the host and he would be the guests.” ¶ His marketing. She was previously senior everything director of brand marketing for The fault,” said the state’s first African-American program launched in September 2011, but its Leading Hotels of the World. is not my governor. “I feel a lot better about things.” ¶ future is uncertain. WOR’s owners are selling the CNBC.com: Xana Antunes joined as Following the country’s financial meltdown in station to Clear Channel—the nation’s largest executive digital fault’ late 2008, Albany faced a $21 billion budget station owner. ¶ The former governor’s fallback editor and vice president. She was deficit. When Mr. Paterson took unpopular steps position is growing his construction consulting previously editor of to close the gap, “liberals and conservatives alike business, launched in August with friend Brian Crain’s New York found something they finally agreed with—they Aryai. ¶ Mr. Paterson employed a driver until he Business. TD Bank: Deney S. couldn’t stand me,” he said. He also had to deal became an unpaid MTA board member. Now Chau, 51, was promoted to senior vice with fallout from a coup that roiled state Senate commuters are shocked to see him on the president and commercial team leader in health care financial services. He Democrats, and an investigation into his office’s subway.“I’ve gotten on the train and had to line was previously vice president and handling of domestic-abuse allegations against passengers up so that they could take pictures senior lender in health care financial services. an aide. ¶ These days, Mr. Paterson, 58, makes with me,” he said. “It’s a lot of fun.” Emily N. Swan, 27, was promoted to more money as the afternoon host on WOR —don mathisen See EXECUTIVE MOVES on Page 10

8 | Crain’s New York Business | October 22, 2012 Neighborhood { find }

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Continued from Page 8 commercial portfolio loan officer in CFO TO HELP VILLAGECARE EMBRACE HEALTH REFORMS health care finance. She was previously a credit analyst. VILLAGECARE , one of the city’s oldest health care nonprofits serving the elderly and those with HIV/AIDS, is adapting Valley National Bank: Andrew Hulse, 61, to changes in how it pays doctors by becoming a managed long-term care provider as well as a traditional service was promoted to first vice president and provider. “We want to keep providing the communities we serve with the same care, but we needed to bring New York health care financial services mandated-care expertise in-house,” said President and Chief Executive Emma DeVito. team leader. He was previously vice Rachel Amalfitano, 39, VillageCare’s new chief of finance, will be charged with equipping the Greenwich president. Village-based health care provider with new capabilities. She was formerly finance chief and executive vice Thor High Street president at American Medical and Life Insurance Co. Advisors: Matthew A. Ms. Amalfitano will be responsible for all finance management, information technology and health care reform Seigel, 32, joined the compliance. real estate firm as She was hired because she has both financial acumen and experience leading a managed-care executive vice program, and can help VillageCare maintain the quality of its medical services as it adds health plan president. He was features, according to Ms. DeVito. “If we can’t do something for our client,” she said, “we will find a way to previously senior connect them with someone who can.” —eva saviano director at Cushman & Wakefield. Thornton Tomasetti: Michael Pagano, 52, joined the engineering services firm as vice president. He was previously senior project engineer at Pfizer Pharmaceuticals. John T. Boyer, 49, joined as vice president. He was previously vice president and director of design at The Boyer Partnership. WABC-TV: Camille Edwards, 45, joined the television station as vice president of news. She was previously vice president of news at WRC-TV in Washington, D.C. Real Data Management: Blake Grosch, 32, was promoted to vice president of sales and marketing at the real estate services and software company. He was previously director of sales and marketing. EngageSciences: Rich Gascoyne, 46, joined the social media marketing company as general manager, Americas, a newly created position. He was previously strategic accounts executive at OpenText. HealthGuru: Chris Cooke, 27, joined the health information video production company as advertising operations manager. He was previously digital media planner at Footsteps Group/Omnicom. Richard Stora, 33, joined as advertising operations manager. He was previously quality assurance specialist in digital sales at NBCUniversal. You expect an expert Rose Associates Inc.: William S. Bergman, 36, was promoted to in Cash Management, commercial leasing manager at the real estate firm. He was Risk Management and, previously commercial leasing coordinator. LaVon Napoli, 36, was of course, Relationship hired as manager of residential marketing. Management. She was previously senior vice president at Sherman Advertising Associates. That’s Key. We have experts in every aspect of Western Façades: Michael C. Radigan, financial services. Starting with the relationship. 54, was promoted to senior operations manager at the construction company, a We are KeyBank. Our Relationship Managers help newly created position. He was you access a team of senior level specialists to previously senior project executive. assist you with any financial need. CNA Financial Corp.: Cheryl Paton, 54, joined the insurance company as We are also KeyBanc Capital Markets Inc., a full assistant vice president for Umbrella. service corporate and investment bank. So when She was previously vice president, excess your financial needs become more sophisticated, casualty, at Navigators Management Co. like maximizing liquidity or managing risk, we have Troutman Sanders: Hiroyuki Yasuda, 50, the expertise to help you succeed. joined as of counsel. He was previously of counsel at McDermott Will & Emery. We’re not just the expert you deserve. Nicole R. Sullivan, 39, joined as a patent agent. She was previously a patent agent We’re what you expect. at McDermott Will & Emery. Axinn Veltrop & Harkrider: Donald W. To learn more, visit key.com/whatyouexpect. Hawthorne, 52, joined the law firm as partner in its litigation and regulatory group and chair of its practice in the areas of structured finance, derivatives and mortgage crisis litigation. He was KeyBanc Capital Markets Inc., Member NYSE/FINRA/SIPC and KeyBank National Association (KeyBank N.A.) are separate but affiliated companies. previously counsel at Debevoise & Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives. Plimpton.

Securities products and services: EXECUTIVE PROMOTIONS Banking products and services are offered by KeyBank N.A. Member FDIC and Equal Housing Lender. The fastest way to get an announcement into Key.com is a federally registered service mark of KeyCorp. ©2012 KeyCorp. ADL4779 Crain’s is to submit online. Fill out the form at www.crainsnewyork.com/section/ executive_moves. The Executive Moves column is also available online.

10 | Crain’s New York Business | October 22, 2012 Davis Polk & Wardwell: H. Oliver Smith, Jones Day: Bruce W. Moorhead Jr., 60, Essence Digital: Howard Geisler, 45, 35, was promoted to partner at the law joined the law firm as a partner in the joined the agency as global client firm. He was previously an associate. banking and finance practice, a newly partner. He was previously director of CRAIN’S MANAGING EDITOR Ken Steinberg, 46, was promoted to created position. He was previously a global performance marketing at Nokia. JEREMY SMERD has been named managing editor of partner. He was previously an associate. partner at Hunton & Williams. SNR Denton: Michael Barz, 50, joined the Crain’s New York Business, overseeing Crain’s print Sidley Austin: Alexander Moon, 51, joined Butzel Long: Andrew D. Shaffer, 40, joined law firm as a partner. He was previously and digital news-gathering efforts. the law firm as a partner in its global the law firm as a shareholder. He was a partner at DLA Piper. Mr. Smerd, 38, joined Crain’s as a political finance practice. He was previously a previously a partner at Mayer Brown. Kenneth A. Wright Jr., 48, joined as a reporter in 2010. He covered health care for partner at Pillsbury Winthrop Shaw Proskauer: Mary S. Consalvi, 53, joined partner in its capital markets practice. Pittman. the law firm as a partner. She was He was previously a partner at Skadden Workforce Management, another Crain Bingham McCutchen: Fred Gallo, 44, previously president and general counsel Arps Slate Meagher & Flom. Communications publication, and transportation for joined the law firm as a partner in its real at NetBio Systems Inc. Fried Frank Harris Shriver & Jacobson: Avi the New York Sun. An alumnus of Columbia estate practice group. He was previously WeiserMazars: Ron Ries, 65, joined the D. Feinberg, 35, was promoted to partner University’s Graduate School of Journalism, he’s a partner at Katten Muchin Rosenman. accounting, tax and advisory firm as a at the law firm. He was previously written for The New York Times, The New York Observer, the Pittsburgh Post- Morvillo Abramowitz Grand Iason Anello partner in the not-for-profit group. He special counsel. Gazette and the journal Creative Nonfiction, among others. and Bohrer: James Stovall, 35, was had been chief financial officer at JBFCS. Tal J. Golomb, 34, was promoted to promoted to partner at the law firm. He Charles Anastasia, 40, joined as a partner partner. He was previously an associate. “Jeremy’s deep knowledge of our local marketplace and commitment to was previously counsel. in the real estate group. He was Joseph J. LoBue, 48, was promoted to our mission makes him remarkably well suited to lead the newsroom’s daily Duval & Stachenfeld: Stephen B. Land, 57, previously a partner, financial services partner. He had been special counsel. Web and weekly newspaper efforts,” said Crain’s Editor Glenn Coleman. joined the law firm as a partner in its tax real-estate tax, at KPMG. —eva saviano practice group. He was previously head of the U.S. tax practice for Linklaters. Hunton & Williams: Michael P.Richman, 59, joined the law firm as a partner in its bankruptcy, restructuring and creditors’ rights practice group. He previously chaired the bankruptcy practice group at Patton Boggs. Kaufman Dolowich Voluck & Gonzo: Kevin Duffy, 50, joined the law firm as a partner. He was previously a consultant at Kinetic Partners. Ernst & Young: Julie Canty, 39, joined the assurance, tax, transaction and advisory services firm as a partner. She was previously a partner at Deloitte Tax. Carlos A. Schmidt, 37, joined as a partner. He was previously a partner at Deloitte Tax. Arnold & Porter: Evan Hollander, 51, joined the law firm as a bankruptcy partner. He was previously a partner at White & Case. Frankfurt Kurnit Klein & Selz: S. Gregory Boyd, 38, joined the law firm as a partner and head of its interactive entertainment group. He also serves as an adjunct professor at New York Law School. Milbank Tweed Hadley & McCloy: Gerard Uzzi, 46, joined the law firm as a partner in its financial restructuring group. He was previously a partner in the financial restructuring and insolvency group at White & Case. Katten Muchin Rosenman: Stanford A. Renas, 39, joined the law firm as a part- ner. He had been a partner at Linklaters. David A. Crichlow, 48, joined as a partner. He was previously a partner at Pillsbury Winthrop Shaw Pittman. Duane Morris: Anthony Rao, 45, joined the law firm as a partner in its employment, labor, benefits and immigration practice group. He co- founded Rao Tiliakos. Michael Tiliakos, 41, joined as a partner. He co-founded Rao Tiliakos. Wilson Elser: Henry L. Solano, 62, joined the law firm as a partner. He had been a partner at Dewey & LeBeouf. Tai Rodriguez, 35, joined as of counsel. She was previously an associate at McDermott Will & Emery. Holland & Knight: Charles A. Weiss, 45, joined the law firm as a partner and head of its NY intellectual-property group. He was a partner at Kenyon & Kenyon. Steven Roosa, 42, joined as a partner and co-chair of the firm’s national data privacy and security team. He was previously a partner at Reed Smith. The Metropolitan Museum of Art: Pierre Terjanian, 43, joined as curator of its department of arms and armor. He was previously J.J. Medveckis Associate Curator of Arms and Armor and acting head of the department of European decorative arts and sculpture before 1700 at the Philadelphia Museum of Art.

October 22, 2012 | Crain’s New York Business | 11 OPINION CRAIN’S NEW YORK BUSINESS

How to price MTA fares editor in chief Rance Crain publisher, vp Jill R. Kaplan ew York wouldn’t be New York without decisions that are best for the system and the city. EDITORIAL editor Glenn Coleman a raucous public debate on mass-transit That’s why unlimited monthly and weekly MetroCards managing editor Jeremy Smerd fare hikes every couple of years. Four should get the biggest break.They empower and encourage deputy managing editors Valerie Block, people not only to commute but to shop, to socialize, to Erik Ipsen years out of five, though, is a bit much, assistant managing editor Erik Engquist and speaks to the serial underfunding of consume entertainment—in general, to make the most of senior producer, news Elisabeth Butler Cordova our vast and diverse city without adding automobile traffic. news producer Lauren Elkies transit by Washington, Albany and City contributing editor Elaine Pofeldt Hall. But that is where we are. No Unlimited cards are good for the city’s economy, columnists Greg David, Alair Townsend government rescue is imminent or even on the horizon. environment and quality of life.They increase ridership, and crain’s health pulse editor Barbara Benson senior reporters Theresa Agovino, As a result, the Metropolitan Transportation Authority expanding mass transit’s constituency will translate into Aaron Elstein, Lisa Fickenscher, Matthew Flamm N reporters Chris Bragg, Amanda Fung, has proposed four fare-hike alternatives that each generate more political support for the MTA. Andrew J. Hawkins, Adrianne Pasquarelli the same amount of revenue. A cynic might say the agency The discount for purchasing MetroCards in higher web reporter, producer Tania Karas is employing a psychological technique that parents of denominations was art director Steven Krupinski put in place to deter deputy art director Carolyn McClain young children know well: offering several choices to Unlimited staff photographer Buck Ennis distract us from the fact that none is especially palatable. straphangers from copy desk chief Steve Noveck copy editor Thaddeus Rutkowski Be that as it may, it’s indeed time to eat our vegetables. MetroCards buying tokens.That data editor Suzanne Panara The question at hand is whether single-ride, multiride or rationale disappeared assistant data editor Emily Laermer should get the researchers Eva Saviano, Amy Stern unlimited-ride MetroCards should be favored in the new when tokens did.The interns Ali Elkin, Emily Lundeen pricing scheme. Although public hearings have yet to begin, biggest break MTA has also been charging more per ride ONLINE AND INTERACTIVE SERVICES popular sentiment seems to be with multiride cards. Even senior web developer, interactive MTA Chairman Joseph Lhota,who at a recent Crain’s when multiride cards Chris O’Donnell forum had frowned on the 7% discount on these cards, is are bought for under ADVERTISING, MARKETING AND PRODUCTION now suggesting that it only be trimmed, not eliminated. $10, a policy that advertising director Trish Henry punishes the poorest New Yorkers. senior account managers Irene Bar-Am, The thinking is that multiride cards are the most Courtney McCombs, Sheryl Rose, Suzanne Wilson commonly purchased and thus should keep their discount to The upcoming hearings will undoubtedly feature account executive Jill Bottomley Kunkes benefit the greatest number of straphangers. But perhaps straphangers demanding to keep the discount to which sales coordinator Danielle Wiener newsletter product manager Alexis Sinclair they are popular because of the discount. It’s illogical to they’ve grown accustomed. But the MTA,rather than put credit Todd J. Masura (313-446-6097) discount a product because it is popular.The purpose of a its finger to the wind, should adjust fares to encourage more director, audience development Michael O’Connor fare discount should be to induce transit riders to make subway and bus trips. In the long run, everyone will benefit. senior marketing manager Catherine Schutten event producer Courtney Williams reprint sales manager Lauren Melesio CRAIN’S ONLINE POLL COMMENTS production and pre-press director Michael Corsi advertising production manager Suzanne Fleischman Wies Frick and Fracking TO SUBSCRIBE: For print and digital subscriptions or customer service, e-mail [email protected] ENOUGH WITH THE Incident Log.” I asked what @unclerush. or call 877-824-9379 (in the U.S. and Canada) or FEARMONGERING that was for, and he smiled —daymond john 313-446-0450 (all other locations). $3.00 a copy for and said, “Well, when you via Twitter the print edition; or $99.95 one year, $179.95 two Re “Fracking foes wield new have a bunch of 20-year-old @TheSharkDaymond years, for print subscriptions with digital access. weapon: crime” (The Insider, men who are away from home www.crainsnewyork.com/subscribe Oct. 16): This is unmitigated and making lots of money, INSIDER BECOMES A BLOG TO ADVERTISE: nonsense. It is part of an there’ll be some issues.” He Contact Advertising Director Trish Henry at ongoing effort to create and indicated that drug use, Final edition of Crain’s Insider [email protected] or call 212-210-0711. newscom exacerbate fears about drilling drunken driving and newsletter!?! [Last Monday it www.crainsnewyork.com/advertise for natural gas. While there are prostitution were some of became] a blog. Rhetorical SHOULD THE YANKEES legitimate issues surrounding those “issues.” Draw your own question: Why must all good FOR INFORMATION ON OUR EVENTS: DUMP ALEX RODRIGUEZ? fracking and its potential conclusions. things come to an end? Contact Event Producer Courtney Williams at consequences, we would —heidi g. —darren dopp [email protected] or 212-210-0257. benefit from talking about via Twitter @DarrenDopp www.crainsnewyork.com/events them in fact-based discussions, Date of poll: Oct. 18 ABOUT THOSE TO CONTACT THE NEWSROOM: not spreading unfounded fears. Very excited about the new 285 votes 30-SOMETHINGS 711 Third Ave., New York, NY 10017-4036 —mike uretsky @CrainsInsider. editorial phone: 212.210.0277 fax 212.210.0799 Damascus, Pa. Re your Oct. 15 “Reunion @andyjayhawk and Entire contents ©copyright 2012 Crain Communications Inc. Issue” celebrating 25 years of @ChrisBragg1 do great work. All rights reserved. ®CityBusiness is a registered trademark … THEN AGAIN the 40 Under 40 franchise at The Insider will be more of a of MCP Inc., used under license agreement. Crain’s New York Business: must-read than ever. PUBLISHED BY CRAIN COMMUNICATIONS INC. Last May, my husband and I When are you going to do an —michael j. murphy chairman Keith E. Crain 25% drove through Towanda, Pa., article on “50 Over 50”? : ) Via Twitter No president Rance Crain because as farm owners in —todd bassen @MichaelMurphyNY secretary Merrilee Crain upstate New York, we wanted Director, acquisitions treasurer Mary Kay Crain to get firsthand information Invesco Real Estate Meet the new @CrainsInsider executive vp, operations William Morrow 75% on fracking and its effects. We blog, via @AndyJayHawk & senior vp, group publisher Gloria Scoby Yes visited the chief of police in Always humbled & honored @ChrisBragg1. Definitely group vp, technology, circulation, Towanda, and the first thing I 2 get mentioned in worth reading obsessively. manufacturing Robert C. Adams vp/production, manufacturing David Kamis saw in his office was a big file @crainsnewyork articles with —azi paybarah chief information officer Paul Dalpiaz labeled “Gas Company icons like @mr_dupri & via Twitter @azipaybarah founder G.D. Crain Jr. (1885-1973) chairman Mrs. G.D. Crain Jr. (1911-1996) FOR THIS WEEK’S QUESTIONS: CRAIN’S WELCOMES SUBMISSIONS to its opinion pages. Send letters to [email protected]. Send columns of 475 Go to www.crainsnewyork.com/poll to have your say. words or fewer to [email protected]. Please include the writer’s name, company, address and telephone number.

12 | Crain’s New York Business | October 22, 2012 day, persuading the powers in Citi CEO ouster just Washington to save Citi because its demise would have risked the glob- al financial system. Mr. Pandit’s de- fenders say he succeeded in getting window dressing Citi through hard times. The government made a big profit on the taxpayers’$45 billion in hen the Citigroup board pushed out CEO direct capital injections into Citi. Vikram Pandit last week, the directors That’s something, I guess. Citi re- wanted to end the financial-crisis chapter mains deeply troubled—the weakest of the too-big-to-fail bank’s history. It is or second-weakest of the big banks, depending on how one assesses not that simple. Questions remain about Bank of America.Citi’s inept invest- whether Citi should even exist. Maybe it should have been put ment bank is way too big (as large as W Goldman Sachs), its domestic con- out of its misery in 2008 or 2009. The Pandit decision came just as former Federal Deposit sumer operations have missed out on the mortgage refinancing boom that Insurance Corp. Chairwoman have lifted both JPMorgan Chase Sheila Bair published her blistering and Wells Fargo, and its manage- account of the decisions to bail out ment continues to be suspect. the big banks at the height of the cri- The appointment of longtime sis in her book, Bull by the Horns. Citi insider Michael Corbat as chief Her key targets are Citi, Mr. Pandit executive was mostly met with the and the bank’s most fervent sup- comment, “Who’s he?’’ Maybe Mr. porter, then-New York Fed Presi- Corbat will be the next Jamie Di- dent Tim Geithner. mon, but the odds are that he’ll just As Ms. Bair tells the story, Citi be the next Vikram Pandit. Citi has was clearly a disaster before the cri- resisted fix-up efforts for more than sis broke. It lost $9.8 billion in the a decade now. last quarter of 2007, a total of $10 The available history suggests billion in the next three, and was so GREG DAVID Ms. Bair may have been right. Dis- poorly managed that it couldn’t tell mantling Citi would have sent a sig- anyone in Washington which of its nal that incompetence had conse- businesses were regulated and says was trying to preserve the rep- quences. Since it wasn’t, it remains which were not. It was paying out utation of his mentor, Robert Ru- unclear—almost four years later— $11 billion in dividends despite the bin, then a key Citi board member. how the United States will deal with hemorrhage of red ink and was de- Ms. Bair, in her role as FDIC another financial crisis, whether the pendent on uninsured foreign de- chief, wanted to dismantle Citi into big financial companies are still too posits.Mr.Pandit had no clue about the parts worth saving and get rid of big to fail and whether anyone will banking,Ms.Bair contends,but was everyone responsible for the mess. be held accountable. That’s not protected by Mr. Geithner, who she Mr. Geithner eventually won the good for anyone.

JACK FRIEDMAN

force makes its way back into our Queens’ racino bet local economy, from workers to businesses and back again, creating a cycle of much-needed economic pays off big-time growth in the borough. Procure- ment opportunities are available, with preferences given to Queens n the eve of Resorts World Casino New York businesses. New York City’s only City’s first anniversary this month, it is abun- casino continues to pour hundreds of millions of dollars into New York dantly clear that Queens’ bet on this important state for education funding. business has more than paid off. The success of Resorts World Public finances are stretched to their limits, should remove any doubt about the and private financing opportunities for large development proj- economic potential of New York’s O most diverse borough. The pes- ects in New York are sparse at best.But here in Queens,we have simists may have said that Aque- built one of the most prosperous and lucrative developments duct was too far from Manhattan to succeed, but the record speaks for New York has seen in years. Resorts itself:more than a million visitors in World has created more than 1,750 More than a July alone and the top-grossing permanent jobs and 1,400 construc- slots casino in the entire country in tion jobs and generated more than million visitors May. Now just imagine what table $410 million in total tax revenue.Of gaming would add to the equation. those permanent jobs, more than to Aqueduct in After years of false starts and 60% belong to Queens residents, missteps by previous developers, and 50% of the top management July alone Resorts World has fulfilled its jobs belong to people who live in the promises.The Queens Chamber of borough. Commerce has prioritized brand- This success is attributed not ing the borough as a destination lo- only to the fact that Aqueduct is a cation. Millions of visitors have de- fantastic location, but also because scended upon the great borough of Resorts World has taken the steps tive marketing programs together. Queens, and, in doing so, local res- necessary to fully integrate itself The continued influx of millions idents and businesses have emerged into the Queens business commu- of visitors to the casino from New as the winners. nity.Local businesses also are seeing York City, the tristate region and their bottom lines benefit through beyond has had the spillover effect Jack Friedman is executive director partnerships with the casino—for of creating additional jobs in the of the Queens Chamber of example, by cultivating vending community. Almost every dollar Commerce, of which Resorts World agreements and developing innova- earned by the Resorts World work- Casino is a dues-paying member.

October 22, 2012 | Crain’s New York Business | 13 SMALL BUSINESS Growth in cruises buoys tiny firm Designers of luxury ships are in demand “Cruise-ship design is a specialized ened by a deadly cruise-ship crash in niche; there are only about a half- January off the coast of Italy, the as more vacationers opt to come on board dozen firms like us in the U.S.,” said Cruise Lines International Associa- Mr. Galutera, who is president of tion projects that its members—26 hattan firm, located on West 40th the New York chapter of the Interi- major cruise lines serving North BY BILL GLOVIN Street, are more likely to rack up or Design Association. He believes America—should carry more than frequent-flier miles traveling every- his firm is the only one of its kind in 17 million passengers in 2012, an in- rancesca Bucci and where from shipbuilding yards in New York. crease of roughly 1 million over 2011. Hans Galutera rarely South Korea to meetings with And the industry is thriving locally, have the time to enjoy cruise-ship companies in Miami, Crowded docks following renovations to the Man- buck ennis the cruise-ship interiors where many are based. Fast growth in the cruise industry hattan Cruise Terminal and con- SHIP SHAPE: Hans Galutera and Francesa they design at BG Stu- BG Studio is finding itself with is helping the small firm grow. Al- struction of the Brooklyn Cruise Ter- Bucci’s cruise-interior design shop is thriving. Fdio. The co-founders of the Man- no shortage of work these days. though some consumers were fright- minal. Passenger arrivals in New York City rose by 9% from 2010 to 2011, to 632,923, according to the city’s Economic Development Corp. “Manhattan is an increasingly popular departure point, since it saves on airfare associated with leav- ing [on a cruise] from another desti- nation and provides flexibility for last-minute getaways,” said Emma Rupp, president of Liberty Travel in Ramsey, N.J., who reports that one- quarter of the travel agency’s busi- ness nationally is now tied to cruises. Nonetheless, BG Studio operates in a challenging design sphere, FROM THE CENTER wrestling with strict nautical guide- lines and factors like tight spaces and captive passengers. “It’s not like a ho- OF THE WORLD tel or restaurant where,if the style turns you off,you can leave,”Ms.Bucci said. The firm must often work along- side its rivals on TO THE REST OF IT. projects. “Our $239M competitors are ECONOMIC usually involved to IMPACT of the THE MOST FLIGHTS give different cruise-ship zones in large industry on ships a varied New York City FROM NEW YORK CITY. Source: NYC Economic look,” said Mr. Development Corp. Galutera. Ms. Bucci and Mr. Galutera launched BG Studio (BG repre- sents their last initials) in 2002 after working together for Birch Coffey,a well-known designer in Manhat- tan.Ms.Bucci,an Italian native who received her master’s in architecture at the University of Rome, and Mr. Galutera, an Australian expat who studied interior design at Manhat- tan’s Fashion Institute of Technolo- gy, had been collaborating on a res- idential building project.When Mr. Coffey closed the firm shortly after Sept. 11, 2001, he told them they could continue to work for the client as independent contractors—and their business was born. The profitable BG Studio has grown to 12 employees, bringing in revenue in the $2 million to $2.5 million range in 2011.Its biggest ac- count is Royal Caribbean Interna- tional. BG Studio has had a hand in designing spas, lounges, lobbies, casinos, theaters and cabins in al- most every ship Royal Caribbean has built or renovated in the past 10 years, including those in its popular Celebrity Cruises line. “This duo and their team have an exquisite design style,” says Kelly Gonzalez, vice president of architec- tural design for Royal Caribbean. Ⅲ DELTA.COM/NYC The image of the FLATIRON BUILDING is a trademark and used under limited license. To sign up for Crain’s SMALL BUSINESS newsletter, go to www.crainsnewyork.com/smallbiz.

14 | Crain’s New York Business | October 22, 2012 REAL ESTATE INSIDE Deals New York Foundling turns its headquarters surplus space into revenue PAGE 18 The List New York area’s largest REPORT construction firms PAGE 19

SCULPTURED LOOK: Thomas Balsley’s firm’s ongoing work Staten I. on Riverside Park South has drawn praise. suddenly slips into high gear From Ferris wheel to outlet mall, North Shore eyes transformation

BY AMANDA FUNG

True, the world’s largest Ferris wheel and the city’s first outlet mall are both coming to the North Shore of Staten Island, but the even more surprising news is that they will have lots of company. In fact, several big develop- ments are set to transform long- underutilized areas that lie be- tween the Staten Island Ferry Terminal and Stapleton, along the harbor, into a bustling water- front community.Among them is a 286,000-square-foot project in- cluding a hotel and housing that Queens-based Triangle Equities plans to build on an erstwhile Coast Guard site. Less $480M than a mile Total private north, plans investment in Ferris wheel, mall are taking and hotel shape to turn a seven-acre decommissioned U.S. naval base site known as Homeport along the waterfront in Stapleton into another mixed- use development with housing and stores. buck ennis “We are seeing more and more creative spark and economic de- velopment move into Staten Is- land,”said David Barry,president of Ironstate Development, the New Jersey-based developer tapped last year by the city to de- Parks translate to profits velop the Homeport site. Homeport will be the first well as boosting property values—and Park spending Thomas Balsley Associates and project to take shape. Mr. Barry A bumper crop in the process, burnishing the reputa- under the Bloomberg Weiss/Manfredi. expects work to get underway on administration of designers blossom tions, as well as revenues, of a platoon “It’s been a real renaissance,” said the $115 million first phase, with of the city’s leading landscape archi- In millions of dollars Vin Cipolla, president of the Munic- 520 rental apartments, in the first as $1.5B in projects tects and design firms. Bronx ipal Art Society of New York.“A com- quarter of next year. He hopes to In the past decade, several big, $316 petitive city needs to be a livable city, finalize his construction financ- are rolled out in city transformative projects and a host of Brooklyn and the quality of the public realm is ing by year’s end. When com- smaller ones have blossomed. Among $352 on top of the list.” plete, the $150 million property BY STEPHEN KLEEGE the major ones are the 550-acre Hud- Manhattan All told, the city has spent about will have 900 residential units son River Park,based on a master plan $345 $1.5 billion on 2,019 park improve- and 30,000 square feet of retail All over the city,parks have been pro- by Quennell Rothschild & Partners; ment projects—including new space, plus a public plaza. liferating, offering New Yorkers the first two phases of the High Line Queens parks—since Mayor Michael “We are very excited,”said Mr. $358 everything from popular waterfront Park, designed by James Corner Field Bloomberg took office in 2002. New Barry, who started scouting Stat- destinations to quiet neighborhood Operations; and the Hunters Point Staten Island York currently has 167 park projects en Island for building sites four oases. It is a tide of green that is im- South project on the Long Island $116 with a total cost of more than $626 years ago. “We expect our project proving the quality of life and air, as City,Queens,waterfront,designed by Source: NYC Parks Dept. See PARKS on Page 16 See SI on Page 17

October 22, 2012 | Crain’s New York Business | 15 REPORT REAL ESTATE

Hudson River shoreline stretching north from the Battery. Parks and profits Working with the landscape ar- chitects at Matthews Nielsen, in Continued from Page 15 once the world’s largest landfill, is 1997 Quennell Rothschild headed a million underway,and has budgeted New York’s biggest park develop- team of architects, marine engi- $279 million for design work on 253 ment in more than a century. But neers, artists, traffic consultants and more, according to the city’s De- that project was quickly overshad- the nonprofit Hudson River Park partment of Parks & owed by another that the Conservancy in devising the master Firm/founded: Recreation. JAMES CORNER company designed in 2004, plan for the 550-acre ribbon of A recent study on the FIELD the High Line park. It was parkland that is still being built. impact of five Manhattan OPERATIONS, James Corner’s work on “Each section was detailed or de- parks by real estate services 1998 that effort—along with ar- signed by other firms [based on the firm CBRE found that Head: James chitect Diller Scofidio & master plan],” said Andrew Moore, asking rents in adjacent of- Corner Renfro, and planting de- a Quennell Rothschild partner.The Notable buck ennis fice towers were nearly projects/ signer Piet Oudolf—that RAIL LIFE: Associate partner Lisa Tziona Switkin led the James Corner firm’s design work on the result is what he calls “an amazing 44% higher on average opened: “redefined what we think of hugely successful High Line. transformation” of what had been a than in buildings a block Ⅲ High Line, when we think of urban jumble of parking lots and aban- away. The biggest premi- Manhattan, 2009 parks,” according to the doned piers. um was on the periphery of (phase one) and Municipal Art Society’s helped: It was long, narrow and one “I’m very proud to have built one of More recently, the firm worked the rejuvenated Bryant 2011 (phase two) Mr. Cipolla. story high. the best parks in the country, and on the Newtown Creek Nature Ⅲ Freshkills Park, Park. There, asking rents Staten Island, The redevelopment of “From the beginning, this was Thomas Balsley did a great job [de- Walk in Greenpoint, Brooklyn. It are 63% higher than they 2012 (phase one the unused freight line, something that was seen as impos- signing it].” collaborated with landscape sculp- are a block away, not to projects) which starts from the meat- sible,”she said.“Now it’s well loved.” Similarly,the stretch of parkland tor George Trakas on the $6 million mention 46% above the Projects on packing district and ex- That success has hugely elevated along the Long Island City,Queens, first phase of the walk, in the im- the drafting midtown average. tends through Chelsea to the standing of its de- Firm/founded: waterfront that Mr. Balsley probable shadow of a towering board: the West Side rail yards,was signer. Founded by started with the design for wastewater treatment plant. A $13 Ⅲ THOMAS BALSLEY ames Corner Field Cornell NYC Tech a perfect fit for James British landscape archi- ASSOCIATES, Gantry Plaza State Park also million expansion is underway. So, Campus, 1981 Operations moved to Roosevelt Island Corner. tect and University of is moving forward. Con- too, is the firm’s work on a $20 mil- Manhattan from Ⅲ Lisa Tziona Switkin, the Pennsylvania professor Head: Thomas struction started last year on lion revamp of Battery Park at the J South Street Balsley Philadelphia in 2003, Seaport firm’s associate partner who James Corner, the firm’s the adjacent Hunters Point tip of Manhattan. the year after the fledgling redevelopment, headed up the design work previous biggest project Notable South Park, 13 years after That project will include a major Manhattan projects/ firm won the competition for the project, described had been a master plan opened: Gantry opened, and he is gathering space between Broadway to design the 2,200-acre that mission as “transform- for Philadelphia’s North Ⅲ Gantry Plaza working on the design for and Castle Clin- Firm/founded: Freshkills Park on Staten Island. ing underutilized, abandoned sites Delaware Riverfront State Park, Long the second half of the new ton, and the QUENNELL Since then, the staff has ballooned to something that becomes of value project. Today, his firm’s Island City, park. completion of a ROTHSCHILD & to 40, an eightfold increase. to the city.” projects extend from Queens, 1998 The firm’s international bikeway through PARTNERS Ⅲ Freshkills, a 30-year, $650 mil- The fact that the High Line was Qianhai Water City in Riverside Park business,which started in the the park to the (originally South, Manhattan, Nicholas Quennell lion project to transform what was no ordinary abandoned site also Shenzhen, China, to 2008 (phases one 1990s with several projects in East River. Associates), 1968 London, where the firm to four) Japan, has also helped offset “Their sense Heads: Nicholas recently opened an office Projects on the effects of the recession. of great design is Quennell, Peter to work on the legacy the drafting Back at home, Mr. Balsley’s in all the details,” Rothschild parks from the city’s board: trademark is his designs for said Warrie Price, Notable Olympics. Ⅲ Sheikh Khalifa neighborhood parks that jam president of the projects/ Medical City, Abu opened: multiple features into tiny Battery Conser- Dhabi, U.A.E. Ⅲ Master plan for homas Balsley Ⅲ Hunters Point spaces, such as the epony- vancy. “They are Hudson River Park started working in South Park, Long mous park he completed in excellent collabo- (with Matthews the landscape de- Island City, 2000 for Rose Associates. It rators.” Nielsen), Behind every real estate deal T Queens Manhattan, 1997 sign business in the manages to squeeze a kiosk While Quen- there is a thoughtful, 1970s, when many peo- café, a lawn, a garden, a nell Rothschild Ⅲ Newtown Creek Nature Walk, business-savvy professional. ple thought of parks as dangerous, greenmarket and a toddler area into has focused on Brooklyn, 2007 and green was still just a color. Since a third of an acre along Ninth Avenue projects in the Projects on then, he’s seen a complete turn- at West 57th Street. New York area, it the drafting around. has picked up board: “Society, and our city, is coming ollaborative projects are a out-of-town jobs Ⅲ Battery Park around to see the real benefits that Quennell Rothschild & such as Druid revamp, parks bring to the quality of our Partners specialty. It is an Hills park in Manhattan C Ⅲ Public plaza at lives,” he said. ability the firm first honed while Atlanta; the Pershing Square, Riding that rising wave,Thomas working with architect Robert Minneapolis Manhattan Balsley Associates grew to boast 22 Cabrera and the city’s Wildlife Sculpture Gar- staffers in 2007. Then came the re- Conservation Society designing the den,in collaboration with artists in- M.S. in Real Estate cession, tightening the competition Central Park Children’s Zoo, which cluding sculptor Claes Oldenburg; with other firms that had been lured opened in 1997. But nowhere has and the Monroe Center in Grand Even in the toughest of economic times, well-connected, well-informed real estate to the city by the park boom. that ability paid off more hand- Rapids, Mich., which it developed professionals who understand the markets and who anticipate the needs of their The newcomers in recent years somely than on the five miles of with artist Maya Lin. Ⅲ clients will fi nd success. The M.S. in Real Estate, off ered by the NYU Schack Institute include Michael Van Valkenburgh of Real Estate, integrates theory with real-world application, covering every Associates Inc. from Cambridge, segment of the industry. Learn from faculty members who are top professionals in Mass., which opened here in 2001 and is designing the Brooklyn the fi eld. Join a global network of more than 2,000 alumni. Gain the competitive Bridge Park; and West 8, the Dutch advantage in the real estate capital of the world – NYC. firm working on a major revamp of Choose from concentrations in: Finance and Investment or Governors Island. Today, Thomas Balsley’s annual Strategic Real Estate Management revenue is roughly $3 million, about the level of 2006. What helped was Information Session: Monday, October 22, 6–8 p.m. continued development of Manhat- NYU Kimmel Center, 60 Washington Square South, New York, NY tan’s 29-acre Riverside Park South. There, the firm is currently in “full For event information and to RSVP visit scps.nyu.edu/graduate-events6b gear”designing phases six and seven (phase five was designed in 2011), To request information and to apply: scps.nyu.edu/gradinfo6b which will link the completed wa- terfront green spaces along the To learn more about the program, Hudson River to Riverside Boule- visit us at: scps.nyu.edu/msre1b vard. or call 212-998-7100 Donald Trump, who developed

much of the Riverside Park South buck ennis New York University is an affi rmative action/equal opportunity institution. ©2012 New York University School of Continuing and Professional Studies. residential complex just east of the PIER REVIEW: Andrew Moore and his firm, Quennell Rothschild, have transformed a collection park, said it has had a huge impact. of parking lots and abandoned piers into an urban oasis called Hudson River Park.

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Continued from Page 15 rection from the island’s ocean to be well received.” beaches. Stapleton is the same stop Nearby, smaller efforts have al- that will serve Homeport visitors ready prospered. Brooklyn-based when it is complete. BFC Partners, one of the first de- “I want the North Shore to exist velopers to spot opportunity on without cars, like a Battery Park postrecession Staten Island, recent- City,” said Staten Island Borough ly finished leasing its 91-unit rental President James Molinaro. building called The Rail, less than a Realizing such a dream would TRANSPORTATION & year after putting the units on the throw the borough’s door open to INFRASTRUCTURE market. The six-story building on those roughly 2 million tourists who Bay and Prospect streets, across come over on the Staten Island Fer- BUILDINGS & from the Paramount Theater, fea- ry each year but who rarely leave the FACILITIES tures apartments ranging from ferry building. $700-a-month studios to $1,600-a- In with the outlet CONSTRUCTION month three-bedrooms. Prices are MANAGEMENT on par with those in comparable BFC Partners’ largest and latest buildings in the area, noted Joseph development on the island, a Ferrara, principal at BFC Partners, 350,000-square-foot outlet mall to be ENERGY whose first project on Staten Island known as Harbor Commons, will SERVICES was a 105-unit senior housing com- certainly help get people onto the plex that opened in April. sidewalks of the borough. Boasting On top of providing housing for 100 stores and a 200-room hotel, it young professionals at deep dis- will rise on a city-owned site just counts to Manhattan prices, BFC south of the home of the Staten Is- signed up a big retailer. It is Deal$, land Yankees,St.George’s Richmond which inked a 10-year lease for County Bank Ballpark. And so will 10,000 square feet at the base of The the Ferris wheel, with its 36 capsules Enduring. Driven. Visionary. Rail. The store opened earlier this that can carry a total of 1,440 passen- Reaching the century mark isn’t easy – you have to be year, and business has been brisk. gers, when it opens in early 2016 just north of the ballpark. The Ferris quality-driven, client-focused, and have a vision for the ‘Better retailers’ wheel and outlet mall are expected to future. At 100 years, STV is looking ahead. As an employee- “When we attract more people, bring a combined $480 million in pri- owned fi rm, our planners, architects, engineers and then we will get better retailers,”said vate investment into the borough. construction managers have a stake in the business, Mr. Ferrara, who hopes that the ar- Meanwhile, on the other side of and are committed to quality performance. We provide rival of Deal$ will draw enough traf- the ferry terminal,Triangle Equities fic to help landlords fill up some of is expected to start building its $105 personal attention and timely solutions, with an eye toward the many vacancies along Bay million mixed-use project by 2014. sustainability. And with more than 35 offi ces, we are a local An employee-owned firm Street, one of the island’s main “The North Shore has been ig- fi rm with national resources. Offices nationwide shopping strips.The Rail is 100 feet nored for 30 to 40 years,” said Don- Toll-free: 877-395-5459 from the Stapleton stop on the Stat- ald Capoccia, managing principal When it comes to getting your project delivered right, [email protected] en Island Railroad, which in turn is and founder of BFC Partners. “We choose the fi rm that has the drive and vision to be the best. www.stvinc.com just two stops from the ferry termi- want to enliven the area and create nal,and several stops in the other di- an urban environment.” Ⅲ

October 22, 2012 | Crain’s New York Business | 17 REPORT REAL ESTATE DEALS

cording to a source. Its new space facility for young athletes, is opening Swedish reinsurer will be designed by Perkins East- on the Upper East Side.The compa- Nonprofit touts its crosses B’way man, the source said. ny recently signed a 10-year deal for —amanda fung 7,400 square feet at 1629 First Ave. Sirius America, the U.S. arm of The deal includes 900 square feet on Stockholm-based Sirius Interna- the ground floor,a 1,500-square-foot space-saving model tional Insurance Group, is shifting Office-suites firm mezzanine and a 5,000-square-foot its headquarters to a new office on grows in midtown basement. The asking rent was near the far side of lower Broadway. $43 per square foot. he New York Foundling sees itself as a powerful new model for The multiline reinsurer serving Stark Business Solutions, a provider Fastbreak typically rents out the city’s vast nonprofit sector, but it’s not one that’s likely to the Americas and the Caribbean of executive office suites and services, space by the hour at schools.This will make many landlords happy. The 143-year-old organization market has signed a long-term lease is expanding its footprint at 1 Grand be its first full-time leased location. has just completed the first stage of a renovation that will fit its for roughly 26,000 square feet at 140 Central “It’s such a vibrant community 120 headquarters employees into far less space in the group’s Broadway,between Cedar and Liberty Place, across for young families,and there’s a large T150,000-square-foot building at 590 Sixth Ave. streets. The asking rent could not be the street number of private schools up there,” The consolidation will allow the organization, a child-welfare and fam- determined,but according to brokers, from the said Gary Alterman, the Robert K. ily-services agency, to rent out the remaining space it owns in the building, rent for similar spaces in the area is in landmarked Futterman & Associates broker bringing in a projected minimum of $500,000 annually in revenue.Five years the mid-$50s per square foot. train station. who, along with colleague Andrew ago, the Foundling sold the first six floors, or 100,000 square feet. Adam Foster, the broker at The firm Stern, represented both Fastbreak Bill Baccaglini, the Foundling’s CEO, said nonprofits can do more good CBRE Group Inc. who represented has signed a 10-year lease for 12,700 and the landlord, the Kibel Cos. by taking an entrepreneurial attitude toward their space. Sirius America, declined to com- square feet at the property at 60 E. Fastbreak founder Lonny “Any endowment that the Foundling has is largely the result of real es- ment. Cushman & Wakefield bro- 42nd St. (above). Stark Business al- Levine said his business currently tate decisions that have been made over the years,” Mr. Baccaglini said. kers Robert Constable and Louis ready occupies 25,400 square feet at trains about 1,000 athletes through- The organization still owns the building’s remaining 50,000 square feet D’Avanzo represented the building the 1.3 million-square foot build- out New York City. and used to occupy all that space, but it is cutting its own footprint by 40% owner, Union Investment Real Es- ing, where it has been a tenant for —adrianne pasquarelli and will rent out the top three floors in June. tate, according to CoStar Property. more than a decade. It renewed its The new workspace, occupying four floors in the building, will have a Neither could immediately be current space on the 46th and 47th bullpen-style floor plan with some separate meeting spaces and will allow reached for comment. floors last year and will be taking the B’klyn agency ups the organization to use space more efficiently. Currently, the company is locat- 40th floor in early November. The its act in Harlem “We are almost doubling the usage of our current space here by going to ed at 1 Liberty Plaza and will move asking rent was $59 per square foot. an open work environment,” said Mr. Baccaglini. to take over the entire 32nd floor of “Their business has taken off to the Edwin Gould Services for Children —ali elkin 140 Broadway early next year, ac- extent that they needed another and Families is headed to Park Av- floor,” said Fred Posniak of landlord enue. The nonprofit social-services Malkin Properties. agency has signed a 10-year lease for Ryan Kass and Julie Christiano, 12,440 square feet at the Lee Build- brokers at Newmark Grubb Knight ing at 1825 Park Ave., at 125th St. Frank, represented Malkin, while (below).The asking rent was $30 per Erik Goldschmidt of Goldschmidt square foot. The Brooklyn-based In today’s real estate market, you need a CPA Firm that knows the industry and the & Associates represented the tenant. agency will marketplace inside and out. That’s why WithumSmith+Brown has become one of the premier This year, four full floors at the leave behind a names among CPA firms in the Real Estate, Construction, and Architecture & Engineering 55-story 1 Grand Central Place are Harlem office being vacated, according to Mr. Pos- on Second Av- industries in the tri-state area. For nearly 40 years, our professionals have provided niak,so the Stark expansion was wel- enue that is 20% proactive solutions, expert advice and customized services to help businesses like yours come news for Malkin.“From a land- smaller. thrive. Contact any of our industry specialists, whose expertise in tax, accounting, audit and lord perspective, it worked out well “They out- grew their specialized advisory services will help put you and your company in a position of strength. because the 40th floor was filled be- fore it even became vacant,” he said. space, and it is —amanda fung one of the only available spaces in Harlem,” said Holley Drakeford Kids’ gym takes of Giscombe Realty Group, the first full-time spot landlord of the Lee Building. George Grace of GE Grace Cor- Lured by the large number of schools porate Real Estate Services repre- and families in the neighborhood, sented the tenant in the transaction. [email protected] Fastbreak Kids, a gym and training —amanda fung 212.751.9100 BARE BONES

100 W. 125TH ST. 4 TIMES SQUARE 601 W. 26TH ST. ASKING RENT; TERM: ASKING RENT; TERM: ASKING RENT; TERM: $180 per square foot; $2,500 per square foot; Not disclosed not disclosed 20 years SQUARE FEET: 11,000 SQUARE FEET: 39,000 SQUARE FEET: 42,500 TENANT; REP: Firefly TENANT; REPS: Whole TENANT; REP: H&M; Bob Value Partners; not Foods; Jacqueline Klinger Gibson of Cushman & disclosed and Chase Welles of SCG Wakefield Retail LANDLORD; REP: RXR LANDLORD; REPS: Durst Realty; in-house by LANDLORD; REP: Organization; Matthew William Elder Wharton Properties; in- Krell and Gary Trock of house by Jeff Sutton CBRE BACK STORY: The investment management BACK STORY: The BACK STORY: Swedish firm will occupy a small grocery store will occupy fast-fashion retailer is portion of the 15th floor the first and ground floors moving into space ESPN in the vast Starrett-Lehigh of a five-story building to Zone left in 2010, The Building overlooking the open in mid-2015, Wall Street Journal Hudson River. reports the New York Post. reports.

18 | Crain’s New York Business | October 22, 2012 COMING UP: THE Largest Construction Companies The New York area’s largest law firms list will LIST Ranked by 2011 area revenue appear Oct. 29. TRENDS SPOTLIGHT NYC construction employment continues to fall JOB NUMBERS SOAR BUT SIZE SINKS Number of jobs When it comes to the city’s top 20 construction firms, there’s good news and 131,800 1,954 bad news. On the plus side: The number of major projects built by the top 20 leaped 120,700 112,400 111,500 37.7% last year. The bad news is that while total revenue rose in 2011, it was up less Number of key than 1%, hitting $10.5 billion, according to Crain’s research. projects built Fully half the firms on the list reported that solid growth in the number of contracts—driven by work in the health care, education and residential sectors—had in 2011 well exceeded the step up in revenue. The gap was attributed largely to a rise in the in the New York number of smaller renovation projects. area by the top “One part of our business that has grown is interior works,” said Charlie Murphy, senior vice president at Turner Construction Co., which topped Crain’s list of the 20 Charlie Murphy 2008 2009 2010 2011 20 firms local firms ranked by their New York-area revenue last year. “The market has grown, Sources: New York Building Congress, New York State Department of Labor but the dollars haven’t grown as much. A lot more clients are doing a lot of small projects.” Turner itself is a good example of the phenomenon. While the number of the firm’s key projects grew last year by 29.2%, to 177, its revenue headed in the other direction. It shrank by 16.2%, to $2.4 billion. One of its strongest sectors in Construction’s ebbs and flows recent months has been health care. Turner recently broke ground on the $210 million NYU Langone Medical Center Number of initial construction permits, by borough Energy Building. Another sector helping to buoy builders’ fortunes is education. As endowments begin to swell again at universities, ■ 2009 ■ 2010 ■ 2011 Totals 76,695 80,662 86,860 many are returning to construction. “They’re investing to attract students and faculty,” said Steven Pressler, executive vice president and chief operating officer of the construction management division at STV. That firm ranked No. 11 on the list, 45,000 40,000 after posting the largest revenue gain in 2011, soaring 141.4%, to $205.2 million. The gain was thanks mainly to three 35,000 projects, including the new police academy in College Point, Queens. 30,000 Construction in the residential sector has picked up more this year due to increased demand for rental 25,000 apartments, which is helping to push up rents and whet landlords’ appetites for more construction. “People from all over 20,000 the world want to live here,” said Richard Anderson, president of the New York Building Congress. “We are starting to get a 15,000 construction response to this high demand.” 10,000 Overall construction is expected to continue growing in 2012. In Manhattan, new building permits are up 94% so far 5,000 this year, to 70. Because erecting a building from scratch is much more costly than renovating one, that change in the mix 0 Manhattan Bronx Brooklyn Queens Staten Island should help drive revenue. Office construction is also expected to improve. Source: New York City Department of Buildings —EMILY LAERMER

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October 22, 2012 | Crain’s New York Business | 19 THE LIST Largest Construction Companies

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Join Crain’s Panelists: New York Business at a thought-provoking gathering of HIT s0AMELA"RIER innovators, start-ups and the New York health care community at President and CEO, Maimonides Medical Center Crain’s Health Tech Summit: The “Big Data” Revolution s.EIL3#ALMAN -$ President and CEO, The Institute for Family Health; Professor and Transforming New York’s Health Care Industry. Chair Department of Family Medical and Community Health, Mount Sinai School of Medicine /PENING+EYNOTE$ISCUSSION s-ARCO$IAZ IBM on Watson: Overview of the system, impact, implications and the VP Benefits, North America, Thomson Reuters opportunities s#HARLES%3AUNDERS -$ 3PEAKERS Chief Executive Officer of Emerging Businesses, Aetna Health Tech: Innovations and the Market Panelists: s3UNDEEP"HAM CEO, Medivo !*,ANG, Senior Vice Dan Cerutti, Vice s$AVID"LUMENTHAL -$ -00 President of Application President, IBM Watson Chief Health Information and Innovation Officer, Partners Development WellPoint, Inc. Commercialization HealthCare s-ARIA'OTSCH %VENT)NFORMATION President and CEO, New York City Investment Fund DATE: TIME: s#HAIM)NDIG Tuesday, November 13, 2012 Networking Breakfast: CEO, Phreesia 8:00AM – 8:30AM VENUE: Program: 2%')34%24/$!9
Sheraton New York Hotel & Towers 8:30AM – 11:30AM CRAINSNEWYORKCOMEVENTS HEALTHCARETECH 811 Seventh Avenue @ 53rd St. COST TO ATTEND: 0,!4).5-30/.3/2 &ORSPONSORSHIPOPPORTUNITIES PLEASE $300 for individual ticket(s), $3,000 for table(s) of ten CONTACT4RISH(ENRYAT  OR For more information, please call the Events Hotline at (212) 210-0739. No refunds. THENRY CRAINSNEWYORKCOM

20 | Crain’s New York Business | October 22, 2012 DIGITAL NEW YORK

you’ve signed the lease that there’s no Smallknot is fostering a couple of Marketing the mundane grocery store nearby and the nearest investor deals in Los Angeles and subway is 15 minutes away,” she said. South Carolina. It’s hard to imagine some of the These companies homemade-craft etailer Etsy.“Allow- After switching apartments eight Expansion plans specific transactions flying else- ing these businesses to accept the times in the past eight years, Caren Nestio plans on making money where, though. Where else but in find their business packages will help them build ties Maio, with two co-founders, by charging some type of transaction New York would people get the idea with the community and drive traffic launched a technology that allows fee for its role in helping to generate of a beer bike? models amid the through their doors,” said Mr. Ho, users to store and share their listings leads. “Being in real estate, there Mr. Philips plans on using his who hopes to generate revenue by and photos in one place on the Inter- really isn’t a better place to start a specialized tricycle to increase his routines of city life charging e-tailers a small fee to ensure net and their smartphones. Its company,” said Ms. Maio. “New brand’s visibility by lugging kegs their goods arrive on time and intact. “What’s Nearby” app swayed apart- York City is really the center of it all.” and catering office parties. His tar- BY MAGGIE OVERFELT Nestio, a recent TechStars accel- ment hunter Jess Pollack from choos- Several companies have already get goal on Smallknot was $6,000; erator grad with $750,000 in seed ing a place in the Gowanus “gray area” started expanding; Nestio’s most he ended up with more than $8,000 ustin Philips,like many small funding and five employees, is tack- between Carroll Gardens and Third basic level of service—the ability to raised in just over a month.“We can business owners, often finds ling another problem familiar to Avenue.“You’re looking at this amaz- gather and share listings in one roll into any building and throw an it tough to come up with the many New Yorkers: moving. ing apartment only to find out after place—is available nationwide, and awesome party,” he said. Ⅲ capital to invest in expan- sion. The owner of Park JSlope’s Beer Table had an idea for a way to grow his company—with a custom- made bicycle fitted with a draft-beer system that fits inside the freight el- evators of midtown office build- ings—but the money for the dream vehicle seemed years away. Then, over the summer, he Priced out of the Manhattan market for new construction? hooked up with Smallknot, a 14- employee East Village tech firm try- At Trump Parc Stamford you DON’T have to pay $2,000 per square foot to live in the lap of luxury. ing to make it easier for New York- ers to invest in their neighborhood businesses. The density of neigh- borhood life means that there’s ac- tually a business in crowdsourcing mom-and-pop shops and restau- We offer Manhattan quality Average size rants,since people are often familiar with incomparable amenities enough with the names to donate. and unparalleled white glove “It’s really easy to move money $ SF anywhere across the world, but there service starting at only 400 1B R 1,10 9 is no way for money to move across a per square foot. These spacious 2B R 1,613 SF neighborhood,” said Jay Lee, a co- apartments offer spectacular founder of Smallknot and a former Wall Street lawyer. The company, panoramic views of the New 3BR 1,84 4 SF which launched in June, has revenue York City skyline and Long Island under $500,000. In exchange for the Sound. Conveniently located in cash given to small businesses, in- vestors receive perks like free prod- the heart of downtown Stamford, Prices starting ucts (growlers full of beer) or special Trump Parc is only 40 minutes to $ treatment, like a guaranteed seat at Grand Central Station on Metro the bar, even on busy nights. at 495,000 Smallknot is one of a handful of North. Experience the best for tech startups turning the realities of less at Trump Parc Stamford. life in New York City into business opportunities. 203.878.6766 TrumpParcStamford.com Seeing opportunity “If you try and map the day-to-day life of a New Yorker, there’s a whole host of transactions that are part of one’s life. These guys are seeing that as an opportunity,”said Brian Cohen, chairman of the New York Angels,an independent investor consortium. Classtivity and Vimbly are two new websites that allow folks to quickly locate fitness, cooking and general-education classes near their addresses. And Ordr.in enables so- cial networkers to order food from local restaurants directly from their Facebook feeds. Then there’s MissNev, a three- employee Hell’s Kitchen startup, which was inspired by the frustration of a guy who lived in an apartment without a doorman. “I kept missing the deliveries of my packages,” said co-founder David Ho, whose tech- nology lets stores receive deliveries for residents who live nearby. The startups are finding support within the New York tech ecosystem. Another RICH residential experience. A LEED Qualified Green Building. MissNev,currently in beta-testing This advertisement is not an offering. No offering can be made without a Public Offering Statement. The Declarant, 33 Broad Street Associates, LLC will provide a Public Offering Statement prior to any sale or any offering for sale. The Declarant, 33 Broad Street at 25 locations in Queens, took the Associates, LLC is registered as a New Home Construction Contractor under Connecticut Registration Number 11411. As to New York Residents, the complete offering terms are in an Offering Plan available from Sponsor; File No. CD10-0047. Any offering, when made is not intended for residents of any other jurisdiction where governmental approval or registration is required. © 2010 Trump Parc is a registered trademark of Donald J. Trump. Trump Parc® Stamford is not owned, developed or sold by Donald J. Trump, $6,000 first-place prize at a recent e- The Trump Organization or any of their affiliates. 33 Broad Street Associates II, LLC, the owner and developer of the property, uses the “Trump” name and mark under license from Trump Marks Stamford LLC, which license may be terminated or revoked according commerce hackathon sponsored by to its terms. In addition, the Trump Corporation was retained to manage the operations of Trump Parc® Stamford pursuant to the terms of a management agreement, which agreement may be terminated according to its terms.

October 22, 2012 | Crain’s New York Business | 21 TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM EVENTS PUBLIC & LEGAL NOTICES Scientists Honored For Notice of Qualification of Tetra Tech Notice of Qualification of Hunt Capital Notice of Qualification of Street King NOTICE OF FORMATION OF Outstanding Achievements New Martinsville, LLC. Authority filed Partners, LLC. App. for Auth. filed Secy. LLC. DBA SK Energy Shots LLC. Freedman Anselmo Lindberg LLC. When: October 26, 2012 at 6:30 p.m. with NY Dept. of State on 10/4/12. of State of NY (SSNY) on 10/3/12. Authority filed with Secy. of State of NY Application for Authority filed with the Office location: NY County. Princ. bus. Off. loc.: NY County. LLC formed in (SSNY) on 8/2/12. Office location: NY Secretary of State of New York (SSNY) Where: Pierre Hotel addr.: 3475 E. Foothill Blvd., Pasadena, Delaware (DE) on 8/31/10. SSNY County. LLC formed in DE on 4/11/11. on 07/31/2012. Office location: NEW The Brain & Behavior Research CA 91107. LLC formed in DE on designated as agent of LLC upon whom SSNY designated agent of LLC upon YORK County. LLC formed in Illinois Foundation will celebrate 25 years 2/4/11. NY Sec. of State designated process against it may be served. whom process against it may be on 01/26/2005. SSNY has been of Empowering Research for agent of LLC upon whom process SSNY shall mail process to: Capitol served. SSNY shall mail process to: designated as an agent upon whom against it may be served and shall Services, Inc., 1218 Central Ave., Ste. 575 Madison Ave., NY, NY 10022, also process against it may be served. The Productive Lives by honoring eight mail process to: c/o CT Corporation 100, Albany, NY 12205. DE address addr. of princ. office. DE addr. of LLC: Post Office address to which the SSNY extraordinary scientists at its Annual System, 111 8th Ave., NY, NY 10011, of LLC: 1675 South State St., Ste. B, Corp. Services, Co., 2711 Centerville shall mail a copy of any process National Awards Dinner at the Pierre regd. agent upon whom process may Dover, DE 19901. Arts. of Org. filed Rd. Ste. 400, Wilmington, DE 19808. against the LLC served upon him/her Hotel in New York City on October 26. be served. DE addr. of LLC: 1209 DE Secy. of State, 401 Federal St., Cert. of LLC filed with DE Secy. of is: 1807 W. Diehl Rd. Suite 333 Please visit http://bbrfoundation.org/ Orange St., Wilmington, DE 19801. Ste. 4, Dover, DE 19901. Purpose: State, 401 Federal St., Dover, DE Naperville, IL 60563. The principal nationalawardsdinner Cert. of Form. filed with DE Sec. of any lawful act or activity. 19901. Purpose: any lawful activity. business address of the LLC is: 1807 or call 800-829-8289. State, 401 Federal St., Dover, DE W. Diehl Rd. Suite 333 Naperville, IL 19901. Purpose: all lawful purposes. FRANKIE & COMPANY, LLC Articles Magnetic Collaborative LLC - Arts. of 60563. Certificate of LLC filed with of Org. filed NY Sec. of State (SSNY) Org. filed with Secy. of State of NY Secretary of State of Illinois located at: North Dakota & The Bakken KADIMA LLC, a domestic LLC, Arts. 10/12/12. Office in NY Co. SSNY (SSNY) on 6/1/12. Office location: 213 State Capitol Springfield, IL 62756. Investor Conference of Org. filed with the SSNY on 8/8/12. desig. agent of LLC upon whom NY Co. SSNY designated as agent Purpose: any lawful act or activity. • Office location: New York County. process may be served. SSNY shall of LLC upon whom process against Nov. 13 8 am - 4:30 pm SSNY is designated as agent upon mail copy of process to 263 E. 10th it may be served. SSNY shall mail Notice of Formation of DAYTONA Learn from industry experts at the vast num- whom process against the LLC may be St., NY, NY 10009, which is also the process to c/o Ganfer & Shore, LLP, PROMENADE PARTNERS, LLC. Arts. served. SSNY shall mail process to: principal business location. Purpose: 360 Lexington Ave., NY, NY 10017. of Org. filed with Secy. of State of NY ber opportunities that North Dakota and the The LLC, 290 West End Ave., Apt. 16C, Any lawful purpose. Purpose: any lawful activities. (SSNY) on 09/14/12. Office location: Bakken has to offer. Over 25 billion barrels NY, NY 10023. General Purposes. NY County. Princ. office of LLC: c/o NOTICE OF FORMATION OF NOTICE OF FORMATION OF BAL Cohen Commercial Properties, 9 E. of recoverable oil provide opportunities for Notice of Formation of 960 Bronx River LogicShark Consulting, LLC. Arts of Associates LLC. Arts of Org filed with 40th St., NY, NY 10016. SSNY investors in Oil, Gas, Real Estate & Business: Ave LLC. Arts. of Org. filed with Secy. Org filed with Secy of State of NY Secy of State of NY (SSNY) on 8/6/12. designated as agent of LLC upon of State of NY (SSNY) on 9/27/12. (SSNY) on 1/28/02. Office location: NY Office location: NY County. SSNY whom process against it may be www.bakkensummit.com Office location: NY County. SSNY County. SSNY designated as agent designated as agent upon whom served. SSNY shall mail process to Sheraton New York designated as agent of LLC upon upon whom process may be served. process may be served and shall the LLC at the addr. of its princ. whom process against it may be PO address to which SSNY shall mail copy of process against LLC to office. Purpose: Any lawful activity. 811 Seventh Ave. at 53rd Street served. SSNY shall mail process to: mail copy of process against LLC: principal business address: c/o Peter P. Benedetto II, 280 Madison None. Principal business address: Wiggin and Dana LLP, 450 Lexington Notice of Formation of 3310 Holdings Ave., Ste. 900, NY, NY 10016. 274 Madison Ave., Ste 1804, NY, NY Ave, Ste 3800, NY NY 10017. LLC, Art. of Org. filed Sec’y of State TELECOMMUNICATIONS Purpose: any lawful activities. 10016. Purpose: any lawful act. Purpose: any lawful act. (SSNY) 3/21/12. Office location: NY NOTICE OF FORMATION OF Tyler NOTICE OF FORMATION OF Leder Notice of Formation of Lot One LLC. County. SSNY designated as agent of LLC upon whom process against NYC'S MOTOROLA Bracken Designs, LLC. Arts of Org Capital Management LLC. Arts of Arts. of Org. filed with NY Dept. of filed with Secy of State of NY (SSNY) Org filed with Secy of State of NY State on 7/6/12. Office location: NY it may be served. SSNY shall mail MOTOTRBO SPECIALISTS on 6/29/12. Office location: NY (SSNY) on 9/24/12. Office location: County. Princ. bus. addr.: 1085 Park copy of process to c/o Kriss & County. SSNY designated as agent NY County. SSNY designated as Ave., Apt. 3C, NY, NY 10128. Sec. of Feuerstein, 360 Lexington Ave., Ste. upon whom process may be served. agent upon whom process may be State designated agent of LLC upon 1200, NY, NY 10017. Purpose: any PO address to which SSNY shall served. PO address to which SSNY whom process against it may be lawful activities. mail copy of process against LLC: shall mail copy of process against served and shall mail process to: c/o Notice of Registration of SCLAR 7014 13th Ave., Ste. 202, Bklyn, NY LLC: c/o US Corp Agents, Inc., 7014 CT Corporation System, 111 8th ADLER LLP. Certificate filed Secy. of 11228. Principal business address: 13th Ave., Ste 202, Bklyn, NY 11228. Ave., NY, NY 10011, regd. agent State of NY (SSNY) on 9/17/12. Off. loc.: 105 W 29th St., Apt. 30C, NY, NY Principal business address: 150 upon whom process may be served. NY County. SSNY designated as agent 10001. Purpose: any lawful act. Ocean Ave, Ste 4B, Bklyn, NY Purpose: any lawful activity. of LLP upon whom process against it 11225. Purpose: any lawful act. Notice of Qual. of Tempus Quo NOTICE OF QUALIFICATION of may be served. SSNY shall mail process Alternative Fund, LP, Auth. filed NOTICE OF FORMATION OF 1B-60 Preppydom, LLC. App for Authority to: c/o Ciampi LLC, 39 Broadway, Sec’y of State (SSNY) 2/15/12. Office Collister Street LLC. Arts of Org filed with Secy of State of NY (SSNY) Ste. 520, NY, NY 10006. Purpose: loc.: NY County. LP org. in DE filed w/ Secy of State of NY (SSNY) on 8/2/12. Office location: NY County. practice the profession of law. 12/14/10. SSNY desig. as agent of on 6/25/12. Office location: NY Co. LLC formed in DE on 7/2/12. SSNY Notice of Qualification of St. Nicholas LP upon whom process against it SSNY designated agent upon designated agent upon whom process Park Apartments LLC. Authority filed may be served. SSNY shall mail whom process may be served. PO may be served and shall mail copy of with NY Dept. of State on 6/4/12. copy of proc. to Att: Raul Espejel, address to which SSNY shall mail process against LLC to principal Office location: NY County. Princ. bus. 900 Third Ave., 36th Fl., NY, NY copy of process against LLC: 718 business address: 67 Riverside Dr, Apt addr.: 340 Pemberwick Rd., Greenwich, 10022. DE off. addr.: CSC, 2711 Ashford St. Bklyn, NY 11207. 6C, NY, NY 10024. Cert of LLC filed 33 East 33rd Street CT 06831. LLC formed in DE on New York, NY 10016 Centerville Rd., Wilmington, DE Principal business address: 60 with Secy of State of DE located: DE. 2/9/10. NY Sec. of State designated 212-532-7400 19808. Cert. of LP on file: SSDE, Collister St #1B NY, NY 10013. Purpose: any lawful act. www.metrocomradio.com Townsend Bldg., Dover, DE 19901. agent of LLC upon whom process Name/addr. of each gen. ptr. avail. at NOTICE OF FORMATION OF Rickey Notice of Registration of NEW YORK against it may be served and shall SSNY. Purp.: any lawful activities. LLC. Arts of Org filed with Secy of METROPOLITAN REGIONAL CENTER, mail process to: c/o CT Corporation State of NY (SSNY) on 9/25/12. Office L.P. I, Cert of LP filed with the SSNY System, 111 8th Ave., NY, NY 10011, PUBLIC & LEGAL Notice of Formation of a Limited location: NY County. SSNY designated on 08/28/2012. Office loc: NY County. regd. agent upon whom process may Liability Company (LLC): Name: SALIS as agent upon whom process may be SSNY designated as agent of LP be served. DE addr. of LLC: 1209 NOTICES RETIREMENT AND PENSION PLAN served and shall mail copy of process upon whom process against it may Orange St., Wilmington, DE 19801. LLC. Article of Organization filed with against LLC to principal business be served. SSNY shall mail process Cert. of Form. filed with DE Sec. of Notice of Qual. of Tempus Quo the Secretary of State of New York address: 413 9TH AVE APT 2B, NY, to: The LP, 88 Pine St, 20th Fl, NY, State, 401 Federal St., Dover, DE Horizon Fund, LP, Auth. filed Sec’y of (SSNY) on 05/03/2012. Office Location: NY 10001. Purpose: any lawful act. NY 10005. Purpose: Any Lawful 19901. Purpose: all lawful purposes. State (SSNY) 2/13/12. Office loc.: NY New York County. SSNY has been Purpose. Latest date upon which LP County. LP org. in DE 8/3/11. SSNY designated as agent of the LLC upon NOTICE OF FORMATION OF 1A-60 is to dissolve: 01-01-2022. Notice of Qualification of NYC TPC desig. as agent of LP upon whom whom process against it may be COLLISTER STREET LLC. Arts of LLC. App. for Auth. filed Secy. of State process against it may be served. served. SSNY shall mail a copy of the Org filed w/ Secy of State of NY NOTICE OF FORMATION OF of NY (SSNY) on 8/30/12. Off. loc.: NY SSNY shall mail copy of proc. to Att: process to: C/O SALIS RETIREMENT (SSNY) on 6/25/12. Office location: Portmanteau Consulting L.L.C.. Arts County. LLC formed in Indianapolis Raul Espejel, 900 Third Ave., 36th Fl., AND PENSION PLAN LLC, 42 NY Co. SSNY designated agent of Org filed with Secy of State of NY (IN) on 8/20/12. SSNY designated as NY, NY 10022. DE off. addr.: CSC, Broadway Room 1133, New York, NY upon whom process may be served. (SSNY) on 6/14/12. Office location: NY agent of LLC upon whom process 2711 Centerville Rd., Wilmington, DE 10004. Purpose: Any Lawful Purpose. PO address to which SSNY shall mail County. SSNY designated as agent against it may be served. SSNY shall 19808. Cert. of LP on file: SSDE, Latest date upon which LLC is to copy of process against LLC: 718 upon whom process may be served mail process to IN address of LLC: Townsend Bldg., Dover, DE 19901. dissolve: No specific date. Ashford St. Bklyn, NY 11207. and shall mail copy of process against c/o Bernstein, 800 E. 96th St., Ste. Name/addr. of each gen. ptr. avail. at Principal business address: 60 LLC to principal business address: 500, Indianapolis, IN 46240. Arts. of SSNY. Purp.: any lawful activities. Notice of Qualification of HEIGHTS Collister St #1B NY, NY 10013. 254 W 123rd St, Apt #2, NY, NY Org. filed IN Secy. of State, 302 W. CAPITAL ADVISORS LLC. Authority 10027. Purpose: any lawful act. Washington St., Indianapolis, IN Notice of Qualification of New York filed with Secy. of State of NY Notice of Qualification of 1565 46204. Purpose: any lawful activity. Holdings Equity, LLC. Authority filed (SSNY) on 09/17/12. Office location: BROADWAY LLC. Authority filed with Notice of Qualification of CENT’ ANNI with NY Dept. of State on 10/9/12. NY County. LLC formed in Delaware Secy. of State of NY (SSNY) on HOTEL, LLC. Authority filed with Secy. NOTICE OF QUALIFICATION of NYS fictitious name: HG New York (DE) on 09/13/12. Princ. office of 10/11/12. Office location: NY County. of State of NY (SSNY) on 09/25/12. Family of the Year / Tinyogre Touring, Holdings Equity, LLC. Office location: LLC: c/o Millennium Management LLC formed in Delaware (DE) on Office location: NY County. LLC LLC. App for Authority filed with NY County. LLC formed in VA on LLC, 666 Fifth Ave., 8th Fl., NY, NY 10/10/12. SSNY designated as agent formed in Delaware (DE) on 06/16/11. Secy of State of NY (SSNY) on 4/2/12. NY Sec. of State designated 10103. SSNY designated as agent of of LLC upon whom process against Princ. office of LLC: 19 W. 21st St., Ste. 2/24/12. Office location: NY County. agent of LLC upon whom process LLC upon whom process against it it may be served. SSNY shall mail 902, NY, NY 10010. SSNY designated LLC formed in DE on 10/4/11. SSNY against it may be served and shall may be served. SSNY shall mail process to c/o Corporation Service as agent of LLC upon whom process designated agent upon whom mail process to: c/o CT Corporation process to c/o Corporation Service Co. (CSC), 80 State St., Albany, NY against it may be served. SSNY shall process may be served and shall System, 111 8th Ave., NY, NY 10011, Co. (CSC), 80 State St., Albany, NY 12207-2543, regd. agent upon whom mail process to the LLC at the princ. mail copy of process against LLC to regd. agent upon whom process may 12207-2543. DE addr. of LLC: c/o and at which process may be served. office of the LLC. DE addr. of LLC: principal business address: 276 Fifth be served. VA and principal business CSC, 2711 Centerville Rd., Ste. 400, DE addr. of LLC: c/o CSC, 2711 c/o Harvard Business Services, Inc., Ave Ste 604 NY, NY 10001. DE addr.: 999 Waterside Dr., Ste. 2300, Wilmington, DE 19808. Arts. of Org. Centerville Rd., Ste. 400, Wilmington, 16192 Coastal Hwy., Lewes, DE address of LLC: 2711 Centerville Rd Norfolk, VA 23510. Cert. of Org. filed filed with DE Secy. of State-Div. of DE 19808. Arts. of Org. filed with 19958. Arts. of Org. filed with Secy. Ste 400 Wilmington, DE 19808. Cert with State Corporation Commissioner, Corps., John G. Townsend Bldg., Secy. of State, Div. of Corps., of State, State of DE, Secy. of State, of LLC filed with Secy of State of 1300 E. Main St., Richmond, VA 401 Federal St. - Ste. 4, Dover, DE Townsend Bldg., Dover, DE 19901. 401 Federal St., Ste. 4, Dover, DE DE located: PO Box 898 Dover, DE 23219. Purpose: all lawful purposes. 19901. Purpose: Any lawful activity. Purpose: Any lawful activity. 19901. Purpose: Any lawful activity. 19903. Purpose: any lawful act.

22 | Crain’s New York Business | October 22, 2012 TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM PUBLIC & LEGAL NOTICES Notice of Qualification of HIGHBRIDGE Notice of Qual. of Altum Capital Notice of Qualification of HIGHBRIDGE Notice of Qualification of SANDLER Notice of Qualification of Lofton PRINCIPAL STRATEGIES - MEZZANINE Management, LLC, Auth. filed Sec’y PRINCIPAL STRATEGIES MEZZANINE LOWENSTEIN LLP. Notice of Reg. Services Co, LLC. Authority filed with PARTNERS II, L.P. Authority filed with of State (SSNY) 2/24/12. Office loc.: PARTNERS II GP, L.P. Authority filed filed with Secy. of State of NY (SSNY) Secy. of State of NY (SSNY) on 9/26/12. Secy. of State of NY (SSNY) on NY County. LLC org. in DE 6/18/08. with Secy. of State of NY (SSNY) on on 10/04/12. Office location: NY Office location: NY County. LLC 09/07/12. Office location: NY County. SSNY desig. as agent of LLC upon 09/07/12. Office location: NY County. County. LLP formed in New Jersey (NJ) formed in Delaware (DE) on 2/1/10. LP formed in Delaware (DE) on 01/17/12. whom process against it may be LP formed in Delaware (DE) on on 09/25/12. Princ. office of LLP: 65 SSNY designated as agent of LLC Princ. office of LP: Highbridge served. SSNY shall mail copy of 01/17/12. Princ. office of LP: Livingston Ave., Roseland, NJ 07068. upon whom process against it may be Principal Strategies, LLC, 40 W. 57th proc. to Att: Marjorie Hogan, 681 Highbridge Principal Strategies, LLC, SSNY designated as agent of LLP served. SSNY shall mail process to: St., 33rd Fl., NY, NY 10019. SSNY Fifth Ave., 15th Fl., NY, NY 10022. 40 W. 57th St., 33rd Fl., NY, NY 10019. upon whom process against it may National Registered Agents, Inc., 111 designated as agent of LP upon whom DE off. addr.: CSC, 2711 Centerville SSNY designated as agent of LP upon be served. SSNY shall mail process Eighth Ave., NY, NY 10011. Address process against it may be served. Rd., Wilmington, DE 19808. Cert. of whom process against it may be served. to Attn: Gary M. Wingens at the to be maintained in DE: c/o National SSNY shall mail process to the LP at Form. on file: SSDE, Townsend SSNY shall mail process to the LP at princ. office of the LLP. Purpose: Registered Agents, Inc., 160 Greentree the addr. of its princ. office. Name Bldg., Dover, DE 19901. Purp.: any the addr. of its princ. office. Name General practice of law. Dr., Ste. 101, Dover, DE 19904. Arts and addr. of each general partner are lawful activities. and addr. of each general partner are of Org. filed with the DE Secretary of available from SSNY. DE addr. of LP: available from SSNY. DE addr. of LP: Notice of Formation of L&O Lighting State, John G. Townsend Bldg., 401 Corporation Service Co., 2711 MONARCH 20-D INVESTMENT, LLC, Corporation Service Co., 2711 and Energy Design Solutions, LLC. Federal St., Ste. 4, Dover, DE 19901. Centerville Rd., Wilmington, New a foreign LLC, filed with the SSNY on Centerville Rd., Wilmington, New Arts. of Org. filed Secy. of State of Purpose: any lawful activities. Castle Cnty., DE 19808. Arts. of Org. 8/7/12. Office location: New York Castle Cnty., DE 19808. Arts. of Org. NY (SSNY) on 9/24/12. Off. loc.: NY filed with DE Secy. of State, Dept. of County. SSNY is designated as filed with DE Secy. of State, Dept. of County. SSNY designated as agent Notice of Publication of Herakles Trend State, Div. of Corps., John G. agent upon whom process against State, Div. of Corps., John G. of LLC upon whom process against Fund I LP. App for Authority filed with Townsend Bldg., P.O. Box 898, Dover, DE the LLC may be served. SSNY shall Townsend Bldg., P.O. Box 898, Dover, DE it may be served. SSNY shall mail Secretary of State of NY (SSNY) on 19903. Purpose: Any lawful activity. mail process to: The LLC, 200 E. 19903. Purpose: Any lawful activity. process to: Shara Lazar, 215 E. 68th 06.08.12. Office location: NY County, 89th St., Apt. 20D, NY, NY 10128. St., Apt. 17T, NY, NY 10065. LP formed in Delaware on 05/25/12. Notice of Qual. of Stimulated General Purposes. Notice of Formation of CAIPA SDC Purpose: any lawful activity. Address to which SSNY shall mail Motorsports International LLC, Auth. NOTICE OF FORMATION OF Another Bensonhurst, LLC. Arts. of Org. filed copy of process against LP: Barton LJ EAST HOUSTON LLC, a domestic filed Sec’y of State (SSNY) 7/31/12. Wild Hare. Arts of Org filed with Secy with NY Dept. of State on 9/25/12. LLP, 420 Lexington Ave., 18th Fl. NY, LLC, Arts. of Org. filed with the SSNY Office loc.: NY County. LLC org. in DE of State of NY (SSNY) on 6/28/12. Office location: NY County. Sec. of NY 10170. Principal business on 7/9/12. Office location: New York 7/27/12. SSNY desig. as agent of LLC Office location: NY County. SSNY State designated agent of LLC upon address: 277 Park Ave, 40th Fl. NY, County. SSNY is designated as upon whom process against it may designated as agent upon whom whom process against it may be NY 10172. Purpose: any lawful act. agent upon whom process against the be served. SSNY shall mail copy of process may be served and shall served and shall mail process to: c/o LLC may be served. SSNY shall mail Name of LLC: Ronmark LLC. Arts. of proc. to NRAI, 111 Eighth Ave., NY, mail copy of process against LLC to CAIPA, 41 Elizabeth St., 600, NY, NY process to: The LLC, 201 E. Houston Org. filed with NY Dept. of State: NY 10011, the Reg. Agt. upon whom principal business address: 514 W 10013. Purpose: all lawful purposes. St., NY, NY 10002. General Purposes. 9/21/12. Office loc.: NY Co. Sec. of proc. may be served. DE off. addr.: 135th St, Apt 2 NY, NY 10031. NOTICE OF FORMATION OF RM Prep, State designated agent of LLC upon 160 Greentree Dr., Ste. 101, Dover, Purpose: any lawful act. DE 19904. Cert. of Form. on file: LLC. Arts of Org filed with Secy of SMART ENVIRONMENTAL SOLUTIONS whom process against it may be SSDE, Townsend Bldg., Dover, DE Notice of Formation of About The State of NY (SSNY) on 6/19/12. LLC; Arts., of Org., filed with NY Sec. served and shall mail process to: c/o 19901. Purp.: any lawful activities. Brand LLC, Art. of Org. filed Sec’y of Office location: NY County. SSNY of State (“SSNY”) 07/03/2012. Office Business Filings Inc., 187 Wolf Rd., State (SSNY) 5/16/12. Office location: designated as agent upon whom in New York; LLC, SSNY designated Ste. 101, Albany, NY 12205, regd. Notice of Formation of Spruce 78 NY County. SSNY designated as process may be served. PO address agent for service of process with agt. upon whom process may be Member LLC, Art. of Org. filed Sec’y of agent of LLC upon whom process to which SSNY shall mail copy of copy mailed to: Pryor Cashman LLP, served. Purpose: any lawful act. State (SSNY) 6/29/12. Office location: process against LLC: c/o US Corp 7 Times Square, New York, NY against it may be served. SSNY shall Notice of Qualification of Hedge Fund NY County. SSNY designated as Agents, Inc, 7014 13th Ave, Ste 202, 10036, Attn: Jeffrey C. Johnson, mail copy of process to Mosaicon Select: Bocage Global Resources Fund agent of LLC upon whom process Bklyn, NY 11228. Principal business Esq., All lawful business purposes. USA Inc., 530 Seventh Ave., LLC. Authority filed with NY Dept. of against it may be served. SSNY shall address: 143 Reade St, #3C, NY, NY Mezzanine Fl., NY, NY 10018. State on 8/28/12. Office location: NY mail copy of process to Att: Joshua Purpose: any lawful activities. 10013. Purpose: any lawful act. Notice of Qualification of LKRT LLC. Crane, 902 Broadway, 18th Fl., NY, NY Authority filed with Secy. of State of NY County. LLC formed in DE on 6/13/12. 10010. Purpose: any lawful activities. Notice of Formation of NATIONAL SELLERS INTERNATIONAL, LLC, a (SSNY) on 10/10/12. Office location: NY Sec. of State designated agent of PASTIME PRODUCTIONS, LLC. Arts. foreign LLC, filed with the SSNY on NY County. LLC formed in Delaware LLC upon whom process against it Notice of Formation of Source of Org. filed with Secy. of State of NY 6/3/10. Office location: New York (DE) on 10/03/12. Princ. office of may be served and shall mail process Financial Advisors, LLC, Art. of Org. (SSNY) on 09/10/12. Office location: County. SSNY is designated as LLC: 136 E. 57th St., 13th Fl., NY, NY to the principal business address: 200 filed Sec’y of State (SSNY) 7/23/12. NY County. Princ. office of LLC: c/o agent upon whom process against 10022. SSNY designated as agent of West St., NY, NY 10282. DE address Office location: NY County. SSNY Richard Scanlon, 47 St. Marks Pl., #3, the LLC may be served. SSNY shall LLC upon whom process against it of LLC: 1209 Orange St., Wilmington, designated as agent of LLC upon NY, NY 10003. SSNY designated as mail process to: United States may be served. SSNY shall mail DE 19801. Cert. of Form. filed with DE whom process against it may be agent of LLC upon whom process Corporation Agents, Inc., 1521 process to L&R LLC at the princ. Sec. of State, P.O. Box 898, Dover, DE served. SSNY shall mail copy of against it may be served. SSNY Concord Pike, #301, Wilmington, DE office of the LLC. DE addr. of LLC: 19903. Purpose: all lawful purposes. process to Michelle Smith, 500 W. shall mail process to the LLC at the 19803. General Purposes. 2711 Centerville Rd., Ste. 400, Notice of Qual. of Altum Credit Fund, 56th St., PH-9, NY, NY 10019. addr. of its princ. office. Purpose: Wilmington, DE 19808. Arts. of Org. L.P., Auth. filed Sec’y of State (SSNY) Purpose: any lawful activities. Any lawful activity. Notice of Formation of Klein Moynihan filed with DE Secy. of State, Corp. 2/1/12. Office loc.: NY County. LP Turco LLP. Arts of Org filed with Secy Div., P.O. Box 898, Dover, DE 19903. Notice of Formation of 509 Fifth JS org. in DE 2/19/09. SSNY desig. as NOTICE OF FORMATION OF LIMITED of State of NY (SSNY) on 8/20/12. Purpose: Any lawful activity. LLC. Arts. of Org. filed Secy. of State LIABILITY COMPANY. NAME: Office location: New York County. agent of LP upon whom process of NY (SSNY) on 8/27/12. Office TREATISE LIVING, LLC. Articles of SSNY designated as agent upon MANHATTAN HAVEN REALTY LLC, against it may be served. SSNY shall location: NY County. SSNY designated Organization were filed with the whom process may be served and Arts. of Org. filed with the SSNY on mail copy of proc. to Att: Marjorie as agent of LLC upon whom process Secretary of State of New York (SSNY) shall mail copy of process against 08/07/2012. Office loc: NY County. Hogan, 250 Greenwich St., 30th Fl., against it may be served. SSNY shall on 04/16/12. Office location: New York LLP to principal business address: SSNY has been designated as agent NY, NY 10007. DE off. addr.: CSC, mail process to: c/o The LLC, 500 County. SSNY has been designated 450 Seventh Ave., 40th Fl., NY, NY upon whom process against the LLC 2711 Centerville Rd., Wilmington, DE Fifth Ave., 54th Fl., NY, NY 10010. as agent of the LLC upon whom 10123. Purpose: any lawful act. may be served. SSNY shall mail 19808. Cert. of LP on file: SSDE, Purpose: any lawful activity. process against it may be served. process to: Christine O’Keefe, 445 Townsend Bldg., Dover, DE 19901. SSNY shall mail a copy of process to NOTICE OF FORMATION OF Nobody’s Name/addr. of each gen. ptr. avail. at Notice of Qualification of D&T PARTNERS W. 162 St., NY, NY 10032. Purpose: the LLC, c/o Garin & Associates, Perfekt Media LLC. Articles of SSNY. Purp.: any lawful activities. GP, LLC. Authority filed with Secy. of Any Lawful Purpose. PLLC, 100 Park Avenue, Suite 1600, Organization filed with the Secretary State of NY (SSNY) on 08/01/12. New York, New York 10017. of State of NY (SSNY) on 09/04/2012. NOTICE OF QUALIFICATION of fleur Notice of Qual. of Altum Capital GP, Office location: NY County. LLC formed Purpose: For any lawful purpose. Office location: NEW YORK County. de lis interior design llc. Authority LLC, Auth. filed Sec’y of State (SSNY) in Delaware (DE) on 07/27/12. Princ. SSNY has been designated as agent filed w/ Sec of State of NY (SSNY) 2/24/12. Office loc.: NY County. LLC office of LLC: c/o South Street Capital NOTICE OF QUALIFICATION OF upon whom process against it may on 6/26/12. Office location: NY Co. org. in DE 4/12/11. SSNY desig. as Mgmt., Attn: Chad S. Elson, 369 CROSSTOWN BUTLER 280 LLC, auth. be served. The Post Office address LLC formed in CT on 2/5/02. SSNY agent of LLC upon whom process Lexington Ave., 23rd Fl., NY, NY filed Sec’y of State (SSNY) 9/26/12. to which the SSNY shall mail a copy designated agent upon whom against it may be served. SSNY shall 10017. SSNY designated as agent of Office LLC: NY County. LLC Org. in of any process against the LLC process may be served and shall mail copy of proc. to Att: Marjorie LLC upon whom process against it DE. 9/24/12. SSNY desig. as agent served upon him/her is: 40 W 24 St., mail copy of process against LLC to Hogan, 681 Fifth Ave., 15th Fl., NY, may be served. SSNY shall mail of LLC upon whom process against #3F, NY, NY 10010. The principal prncpl bsnss addss: 916 pequot ave, NY 10022. DE off. addr.: CSC, 2711 process to the LLC at the addr. of its it may be served. SSNY shall mail business address of the LLC is: 40 southport, ct 06890. Cert of LLC filed Centerville Rd., Wilmington, DE princ. office. DE addr. of LLC: c/o copy of proc. to: Crosstown Parking W 24 St., #3F, NY, NY 10010. w/ Sec of State of CT located: 30 19808. Cert. of Form. on file: SSDE, Corporation Service Co., 2711 Inc., Suite 1010, 594 Broadway, NY, Purpose: any lawful act or activity. trinity st, po box 150470, hartford, ct Townsend Bldg., Dover, DE 19901. Centerville Rd., Ste. 400, Wilmington, NY 10012. DE Off. addr: 3500 South 06115-0470. Purpose: any lawful act. Purp.: any lawful activities. DE 19808. Cert. of Form. filed with Dupont Highway, Dover, DE 19901. Notice of Qualification of BDT CAPITAL Secy. of State of DE, 401 Federal St., Cert. of Form. on file: SSDE, PARTNERS, LLC. Authority filed with Notice of Qualification of OUR NOISEY Notice of Qualification of THE PEGASUS Ste. 4, Dover, DE 19901. Purpose: Townsend Bldg., Dover, DE 19901. Secy. of State of NY (SSNY) on BRAINS, LLC. Authority filed with GROUP L.L.C. Authority filed with Any lawful activity. Purp.: Any lawful activities. 10/02/12. Office location: NY County. Secy. of State of NY (SSNY) on Secy. of State of NY (SSNY) on 09/26/12. LLC formed in Delaware (DE) on 8/22/12. Office location: New York Office location: NY County. LLC 04/23/09. Princ. office of LLC: William County. LLC formed in DE on formed in Delaware (DE) on 03/16/07. Get connected with Crain’s New York Business. R. Bush, BDT Capital Partners, LLC, 8/15/12. SSNY designated as agent Princ. office of LLC: 19 W. 21st St., 401 N. Michigan Ave., Ste. 3100, of LLC upon whom process against Ste. 902, NY, NY 10010. NYS fictitious Chicago, IL 60611. SSNY designated it may be served. SSNY shall mail name: THE PEGASUS GROUP NY Promote your product or service to NY’s decision makers with an affordable as agent of LLC upon whom process process to: Jane S. Englebardt, 295 L.L.C. SSNY designated as agent of business card size ad in our Business Connections section. against it may be served. SSNY shall Madison Avenue, 12th Floor, New LLC upon whom process against it mail process to the LLC at the addr. York, NY 10017. Address required to may be served. SSNY shall mail Issue Date for Business Connections: of its princ. office. DE addr. of LLC: be maintained in home jurisdiction: process to the LLC at the princ. office The Corporation Trust Co., c/o National Registered Agents, Inc., of the LLC. DE addr. of LLC: c/o The Book of Lists (12/24) Corporation Trust Center, 1209 160 Greentree Drive, Ste. 101, Dover, Corporation Trust Co., Corp. Trust For more information on this powerful opportunity Orange St., Wilmington, DE 19801. Delaware 19904. Arts. of Org. filed Center, 1209 Orange St., Wilmington, to showcase your business, call Joanne Barbieri at 212-210-0189 Arts. of Org. filed with Secy. of State with Delaware Division of Corporations, DE 19801. Arts. of Org. filed with Secy. or email Joanne at [email protected] - DE, Corp. 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October 22, 2012 | Crain’s New York Business | 23 FOR THE RECORD

provide cable infrastructure installation subsidiary, Credit Market Analysis, and 1,005,150 shares. services for data and voice will occupy 5,000 square feet. The ABOUT THIS SECTION communications on an on-call, as- tenant was represented by Real Estate Gary Costley, director, exercised options FOR THE RECORD is a weekly listing of information from the public record that needed basis. To obtain bid documents Partners’ Holly Duran. The landlord, on 24,717 shares of common stock at can help businesspeople in the New York area find opportunities, potential or make inquiries, please contact Sherwood Equities, was represented in- prices ranging from $26.10 to $49.89 on Monica Collins at (347) 396-6651or house by Adam Weissleder and Jill Sept. 26, in a transaction worth new clients and updates on competitors. [email protected]. Burrowes. The asking rent was $52 per $998,464. On the same day, he sold To ask questions or get more information on this section, contact Crain’s square foot. 24,717 shares of common stock at research department at [email protected]. ● Department of Parks and Recreation $61.30, in a transaction worth Seeks competitive sealed proposals by RETAIL $1,515,071. He now directly holds 6,153 3 p.m. on Nov. 15 for the operation, ● Swarovski signed a lease at 490 Fulton shares. Filed for Chapter 11 bankruptcy renovation and maintenance of two St. in downtown Brooklyn. The NEW IN TOWN protection on Sept. 27. The filing cites gasoline service stations. A sparkling-crystal store will occupy 2,500 ● C.R. Bard Inc. (BCR) estimated liabilities of $50,000,001 to recommended site visit will take place square feet in its first Brooklyn location. G. Mason Morfit, independent Companies that would like to have details $100 million and estimated assets of on Oct. 25 at 11 a.m. at the proposed The tenant was represented by RKF’s director, sold 208,296 shares of of openings published should submit $10,000,001 to $50 million. The concession site (northbound gasoline Robert Cohen. The landlords, Crown common stock at prices ranging from descriptions following this format to creditors with the largest unsecured station), located at the Hutchinson Acquisitions Inc. and a Perella $105.02 to $105.37 between Sept. 24 [email protected], with claims are Bayside Fuel Oil Depot River Parkway, near the Westchester Weinberg Partners fund, were and Sept. 26, in a transaction worth “New in Town” in the subject line. Corp., owed $5,716,492; NIC Holding Avenue exit in the Bronx. To make represented in-house by Isaac Chera. $21,939,574. He now indirectly holds Corp., owed $2,588,230; and Phillips 66 inquiries or obtain bid documents, The asking rent was $300 per square 4,572,300 shares. ● Piperlime Co., owed $486,038. contact Glenn Kaalund at (212) 360- foot. 121 Wooster St., Manhattan 3482 or [email protected]. ● Marsh & McLennan Cos. (MMC) The fashion retailer opened a boutique ● Tahmaz Realty Corp. ● LUMAS Galleries signed a 10-year David A. Nadler, vice chairman, in SoHo. It is the first physical store for 5201 Second Ave., Brooklyn ● Economic Development Corp. lease at 1100 Madison Ave. on the Upper exercised options on 267,434 shares of the online shopping company. Filed for Chapter 11 bankruptcy Requests proposals by 4 p.m. on Oct. 30 East Side. The Germany-based art common stock at prices ranging from protection on Sept. 27. The filing cites for a terminal operator at the Brooklyn dealer, which specializes in $19.05 to $27.86 on Sept. 25, in a ● Sugar and Plumm estimated liabilities of $1,000,001 to Cruise Terminal on Pier 12 in Red contemporary art photography, will transaction worth $6,198,735. On the 377 Amsterdam Ave., Manhattan $10 million and estimated assets of Hook, Brooklyn. Bid documents can be occupy 1,000 square feet in the space same day, he sold 267,434 shares of The bistro, bakery and chocolatier opened $1,000,001 to $10 million. The creditors picked up at the Economic previously occupied by City Market common stock at $34.22, in a a flagship on the Upper West Side. Its holding the largest unsecured claims are Development Corp., 110 William St., Café. The tenant was represented by transaction worth $9,151,886. He now original location is in Paramus, N.J. Citi Card, owed $12,790; Bank of Monday through Friday between Prudential Douglas Elliman’s Faith directly holds 106,304 shares. America, owed $10,000; and Citi Card, 9:30 a.m. and 4:30 p.m. For more Hope Consolo and Joseph Aquino. The ● Williamsburg Pizza owed $8,725. information or to obtain bid documents, landlord was represented by Massey E. Scott Gilbert, senior vice president 265 Union Ave., Brooklyn contact Maryann Catalano at (212) 312- Knakal’s Jill Lovatt. The asking rent was and chief risk and compliance officer, The restaurant opened in Williamsburg. 3969 or email BCTOperatorRFP $525 per square foot. exercised options on 35,510 shares It serves classic Brooklyn-style pizza. GOVERNMENT CONTRACT @nycedc.com. of common stock at prices ranging OPPORTUNITIES from $19.05 to $22.71 on Sept. 27, STOCK TRANSACTIONS in a transaction worth $716,548. COMPANY MOVES Following are selected contract REAL ESTATE DEALS On the same day, he sold 35,510 opportunities recently announced by New Following are recent insider transactions at shares of common stock at $33.86, Companies that would like to have details York City agencies.To learn how to sell Companies that would like to have details New York’s largest publicly held companies in a transaction worth $1,202,404. of recent moves published should submit goods and services to city government, visit of their recent transactions appear in these filed with the Securities and Exchange He now directly holds 7,646 shares. descriptions following this format to www.nyc.gov/selltonyc. For a searchable listings should email descriptions following Commission by executives and major [email protected], with database of current procurement notices, this format to ELaermer@crainsnewyork shareholders. Listings are in order of ● Ralph Lauren Corp. (RL) “Company Moves” in the subject line. visit www.nyc.gov/cityrecord. Listings are .com, with “Real estate transaction” in the transaction value.The information was Ralph Lauren, chairman and chief alphabetical by category and department. subject line, or enter them online at obtained from Thomson Reuters. executive, exercised options on 12,500 ● Reformation crainsnewyork.com/submitadeal. Deals are shares of common stock at $25.33 on 23 Howard St., Manhattan CONSTRUCTION SERVICES listed in order of square footage. ● Tiffany & Co. (TIF) Sept. 20, in a transaction worth The vintage boutique opened in SoHo. ● Department of Design and Construction Peter May, director, sold 381,160 shares $316,563. On the same day, he sold The company also has a location on the Seeks competitive sealed proposals by COMMERCIAL of common stock at prices ranging from 12,500 shares of common stock at prices Lower East Side. 4 p.m. on Oct. 31 for the pre-scoping ● Mitsubishi International Corp. $63.50 to $64.29 between Sept. 20 and ranging from $154.88 to $157.08, in a services for Long Island City/Hunters consolidated and expanded its space at Sept. 21, in a transaction worth transaction worth $1,953,963. He now ● Scenios Point area-wide reconstruction in 655 Third Ave., in the Grand Central $24,406,566. He now indirectly holds directly holds 595,298 shares. Ⅲ 375 Greenwich St., Manhattan Queens. Bid documents are available for neighborhood. The Japan-based firm The cloud-platform film and video download at http://ddcftp.nyc.gov/ added the sixth floor to its current software company opened a new office rfpweb/. For more information or to occupancy of the second through fifth in the TriBeCa Film Center. It is the request a hard copy of the bid floors, and got rid of other partial spaces DEALS ROUNDUP first independent location for the documents, contact Maritza Ortega at within the building. It expanded its company, which previously shared space (718) 391-1542 or ortegama@ space to 122,500 square feet. The tenant with Inside the Actors Studio. ddc.nyc.gov. was represented by Jones Lang LaSalle’s TRANSACTION SIZE Chris Kraus and Eric Reimer. The SELLER/TARGET (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE ● Whole Foods Market ● Department of Parks and Recreation landlord, the Durst Organization, was Paloma Partners, MAK $948.0 3M Co. SB M&A 226 E. 57th St., Manhattan Seeks competitive sealed bids by 10:30 represented in-house by Eric Capital One (Manhattan), The grocer opened a store in the Plaza a.m. on Nov. 13 for the construction of a Englehardt. The asking rent was $54 Franklin Advisory Services/ district. This store is its seventh comfort station in Soundview Park, per square foot. Ceradyne Inc. Manhattan location. located on Metcalf Avenue at Seward KPS Capital Partners $750.0 American Securities (Manhattan) FB M&A Avenue in the Bronx. Bid documents are ● HQ Global Workspaces signed a (Manhattan), MC available for $25 in the blueprint room, long-term lease in the Coates Building Capital Inc. (Manhattan)/ HHI Group Holdings BANKRUPTCIES Olmsted Center, Flushing Meadows at 555 Madison Ave., in the Plaza Corona Park, Queens, from 8 a.m. to 3 district. The provider of outsourced WL Ross and Co. $750.0 Ocwen Financial Corp. SB M&A The following listings are selected from the p.m. The fee is payable by company workspaces will occupy 25,000 square (Manhattan)/Homeward Residential Holdings Inc. most recent available filings by companies check or money order to the City of feet on the fifth floor. The tenant was seeking bankruptcy protection in the New York, Parks and Recreation. To represented by Rosenhaus Real Estate’s Graphite Capital $378.7 AEA Investors (Manhattan) FB M&A Management/NES Southern and Eastern Districts of New make inquiries, contact Juan Alban at Richard Rosenhaus. The landlord, Group Ltd. York. Information was obtained from U.S. (718) 760-6771 or juan.alban@ Rodney Corp., was represented by Bankruptcy Court records available on parks.nyc.gov. Cushman & Wakefield Inc.’s Robert Starwood Hotels & $275.0 Goldman Sachs Group merchant SB M&A Resorts Worldwide Inc./ banking division (Manhattan), Public Access to Court Electronic Records. A.B. Baraf, Mark Mandell and Ethan ● Manhattan at Times Highgate Holdings, Rockpoint Group Listings are in alphabetical order. Housing Authority Silverstein. The asking rent was $59 per Square Hotel Seeks competitive sealed bids by 10 a.m. square foot. $229.0 ● Brasil Printing Corp. 400 Fifth Realty, 400 Great Eagle Holdings Ltd. SB M&A on Oct. 29 for the rehabilitation, Fifth Hotel Group ● 2376 Jerome Ave., Bronx maintenance and service for four Schoeman, Updike & Kaufman (Manhattan), 400 Fifth Filed for Chapter 7 bankruptcy elevators at East 152nd Street and signed a lease at 551 Fifth Ave., in the Restaurant Group/Hotel protection on Sept. 25. The filing cites Courtlandt Avenue, Bronx. Bid Grand Central neighborhood. The law Property in New York estimated liabilities of $100,001 to documents can be picked up at the New firm will occupy 16,000 square feet on GE Energy Financial $200.0 Sumitomo Corp., Sumitomo Corp. SB M&A $500,000 and estimated assets of $0 to York City Housing Authority, 90 Church the 12th floor. The tenant was Services/Desert Sunlight of America (Manhattan) $50,000. St., Monday through Friday between 9 represented by the Vortex Group’s Rick Solar Farm (25%) a.m. and 4 p.m., for a $25 fee in the form Marek and the Garth Organization’s Atlas Capital Group/ $173.0 SL Green Realty Corp. (Manhattan) SB M&A ● GHC NY Corp. of a money order or certified check made Kenneth Friedland. The landlord, the 635 Sixth Ave. and 55 Gansevoort St., Manhattan payable to NYCHA.To make inquiries, Feil Organization, was represented in- 641 Sixth Ave. Filed for Chapter 11 bankruptcy pro- contact Vaughn Banks at (212) 306-6727 house by Kevin Driscoll. The asking rent Not disclosed/ $129.7 IDInvest Partners, Access Industries Inc. GCI tection on Sept. 25. The filing cites or [email protected]. was not disclosed. Deezer.com (Manhattan) estimated liabilities of $10,000,001 to Selected deals announced for the week ended Oct. 6 involving companies in metro New York. $50 million and estimated assets of GOODS AND SERVICES ● CME Group signed a five-year, FB M&A: Financial buyer M&A represents a minority or majority acquisition of existing shares $10,000,001 to $50 million. ● Department of Health and Mental eight-month lease at 370 Lexington of a company with the participation of a financial buyer. GCI: Growth capital investment repre- Hygiene Ave., in the Grand Central sents new money invested in a company for a minority stake. SB M&A: Strategic buyer M&A ● Metro Fuel Oil Corp. Seeks competitive sealed bids by 11 neighborhood. The risk management represents a minority or majority acquisition of existing shares of a company without the partici- pation of a financial buyer. source: capitaliq 500 Kingsland Ave., Brooklyn a.m. on Nov. 8 for a contractor to firm will replace its recently sold

24 | Crain’s New York Business | October 22, 2012 Salons bank on hot air, go for volume

and beauty director of American Sa- Forget cuts and lon Magazine. “It’s always a delicate color. Blow-dry-only balance being able to juggle career, family and finding time to look one’s business is booming best, and that’s not going to change any time soon.” Getting in the game is relatively BY ADRIANNE PASQUARELLI easy. There are 2,717 licensed appearance-enhancement salons,in- New Yorkers are getting swept up in cluding nail and hair companies, in a lot of hot air. Blow-dry salons, Manhattan, 482 of which opened in which offer only hair-drying and 2011, according to the New York styling services, are the latest beau- Department of State’s Division of ty trend to take Manhattan.Hoping Licensing Services. Although a li- to foster a return to the 1960s era of cense, at $60 for a business, is not ex- weekly beauty-parlor visits, at least pensive, employees must submit to five such businesses have opened background checks and physical ex- here in the past year alone, and that aminations for individual licenses. number is expected to more than double by spring. ‘A New York thing’ “There was a gap in terms of op- Still, some experts question how tions for women who wanted their lucrative blow-dry salons can ulti- hair to look good for a special occa- mately be. Most blowout appoint- sion or for every day,” said Stuart ments range from $40 to $60,a frac- Sklar, president and founder of tion of the $150 and up associated Blow, which debuted in the meat- with haircuts or highlights. Faith packing district in 2005 as one of the Hope Consolo, chairman of the re- earliest blow-dry-only salons. tail division at Prudential Douglas Along with Blow, companies Elliman, noted that many salons such as Drybar, Fix Beauty Bar and leased space during the downturn, DreamDry, the new business from when rents were low,but might have celebrity stylist Rachel Zoe, have cause for concern should costs con- buck ennis signed on for Manhattan locations. tinue to rise. STYLE MAVENS: Partners Michelle Breskin (left) and Karol Markowicz launched Fix Beauty Bar in September. Blo, a Toronto-based company “The money is in color and with 23 outposts, is also planning straightening,” she said. “You have to open here next year. Even exist- to do big volume to survive on one “It’s a New York thing,” she said. chain to generate $20 million in rev- lons within the department-store ing salons, which offer traditional product.” “Getting a blowout and a manicure enue for 2012. An additional three chain.Two have opened,and anoth- cuts and colors, are advertising At the Upper East Side’s Fix isn’t enough; you also have to be locations are already under con- er six are planned for 2013. Nord- their blow-dry services in an effort Beauty Bar, founders Karol working.” She noted that Fix Beau- struction in Manhattan. strom also sells Blow’s own brand of to cash in on the trend—Frederic Markowicz and Michelle Breskin ty hopes to recoup its initial self- Mr. Landau said that while 90% products,which generate the major- Fekkai, for example, opened a are hoping to boost sales by also of- funded investment of $300,000 of his customers are regulars, Dry- ity of the salon’s revenue, according blowout bar at Henri Bendel dur- fering manicures and pedicures.The within 18 months,and is looking for bar also gets a fair amount of to Mr. Sklar. About eight months ing the summer. two launched Fix Beauty on the sec- additional investors. tourists,eager to get their hair styled ago, the company opened an eight- To stand out,most places boast a ond floor of 847 Lexington Ave.last Customers who want to forget before a Broadway show or an event. chair training facility within a 400- gimmick, like offering manicures, month, and are already seeing de- all about the office might try Irvine, “There’s a social aspect—a lot of square-foot upper-floor space on cocktails or a celebrity affiliation. mand for their 12 styling stations Calif.-based Drybar, a 2-year-old our costumers know each other and Gansevoort Street. Experts say these businesses appeal from both busy executives and stay- operation boasting two New York talk,” said Mr. Landau, who noted Women now consider blowouts to time-pressed consumers who at-home moms. Ms. Markowicz, a salons,which shows chick flicks and that most blowouts last between two “a necessary part of their beauty reg- want to look good without spending freelance writer turned entrepre- serves champagne to appeal to those and four days. imen,” he said, and noted that Blow a lot of time or money doing it. neur,noted that many visitors are on who want to socialize. Chief Exec- Meanwhile, Blow partnered performs about 1,500 blowouts a “It’s a trend that’s here to stay,” their phones working while getting utive Michael Landau, a former Ya- with Seattle-based Nordstrom ear- month. “It’s gone from an indul- said Kelley Donahue, editor in chief their hair styled or nails painted. hoo marketing exec, expects the lier this year to launch blowout sa- gence to a necessity.” Ⅲ

to purchase rights to royalty-free ing the images—that was the light- tive of New York-based stock- Shutterstock IPO images that anyone could con- bulb,”Mr.Oringer recalled.“I creat- photo firm Fotolia. tribute. ed a marketplace model that hadn’t Shutterstock, based in lower existed.” Maintaining control Continued from Page 1 Nor has he cultivated relationships Manhattan, now operates as a mar- The subscription feature, which Mr. Oringer said Shutterstock is technical glitches led to chaos, and with the press, one reason Shutter- ketplace that sells two images per accounts for half the company’s rev- positioned for growth. As a public the stock sank 10% below the offer- stock was never cited along with second and uploads 10,000 daily. enue, contributes to the stable busi- company,it can make more convinc- ing price on the second day of trading. Foursquare or Gilt Groupe as a lo- Filling its library are more than 20 ness model that appealed to analysts. ing pitches to bigger clients and step There has also been none of the cal company likely to go public. million photos and illustrations and “You’re actually buying a real up its international operations, ac- second-guessing that shadowed last “It was kind of frustrating to read some 700,000 video clips from more product,”said Cindi Profaca,a man- quiring stock-photo companies in year’s IPOs for Pandora and about all these great companies in aging director at IPO Financial Net- countries where businesses prefer to Groupon,two digital giants that went the news and not be right alongside work.She also liked that the compa- deal with local firms. He also wants public before even turning a profit. them,” Mr. Oringer said. “I just fig- ‘I knew how I ny has no debt. That means the $88 to expand further into video, now Shutterstock certainly benefited ured over all those years that con- million it has raised with the IPO, that the price of HD video cameras from having a solid balance sheet. centrating on our product, on our wanted to build which concluded last week, “will go has come down so much that ama- But according to Chief Executive customer, our contributors and our right into areas where they want to teurs are shooting professional- Jon Oringer, company executives employees was more important.” this,’ Mr. improve the business,” she said. quality footage. also paid close attention to the IPO’s Competitors see the successful Just as important, he’ll continue every detail, from the video pro- From hobby to startup Oringer said IPO as a good sign for other image- to make the business decisions him- duced for the investor road show, to A photographer with a comput- database businesses. Another posi- self. Though he took money from the wording of the prospectus,to the er-science graduate degree from tive development was Carlyle private-equity firm Insight Venture pricing advice given by the under- Columbia University, Mr. Oringer Group’s $3.3 billion acquisition of Partners in 2007, he maintained writers—all of which helped im- stumbled on the idea for Shutter- Getty Images in August. But in an control, and even now has a 56% press analysts. stock because he needed images for than 35,000 contributors—serving age in which images overflow the stake in Shutterstock—putting his That focus on the fine points re- a software company he was running. close to 600,000 customers spread Web, the stock-photo industry re- net worth over $400 million. flects the approach Mr. Oringer, 38, He found the cheaper photos dull, across 150-plus countries. mains intensely competitive. “From the beginning, I knew has hewed to since he founded the and those from established archives Revenue in 2011 came to $121 “The challenge for all [of us] in how I wanted to build this,” Mr. company with a few thousand dol- like Getty Images too expensive. So million, up 45% over the prior year, the space will be balancing the high Oringer said. Ⅲ lars in 2003. He has taken no mon- he shot his own, put 30,000 of them while net income rose 15%, to $22 cost of marketing and customer ac- ey from venture capitalists—freeing online,and programmed a subscrip- million. quisition with the need for growth,” LISTEN to a discussion at him from having to cede control. tion model that allowed customers “Businesses of all sizes were buy- said Oleg Tscheltzoff, chief execu- CrainsNewYork.com/podcasts

October 22, 2012 | Crain’s New York Business | 25 IN THE BOROUGHS BRONX

ornamental terra cotta and brick- FROM work. On a brighter note, 900 win- Rising from ashes AROUND dows have been added. —ken m. christensen Continued from Page 3 that was like the welcoming THE CITY boarded up with plywood in the committee for shopping at BROOKLYN middle of a retail shopping area,” Bainbridge Avenue,” said BROOKLYN said Barry Fishbach, a broker with Fernando Tirado, district Ephemeral art show RKF real estate who is working with manager of the local Com- Reborn theater Mr. Katz on lining up tenants. The munity Board 7. “That first hits the Heights pair is already fielding lease applica- fire was like a black eye to the drawing new crowd The good news in Crown Heights is tions for everything from restau- community, but when the BURNOUT: Firefighters battle 2009 blaze on E. 204th St. After two years of renovations, the that there’s a big new facility for rants to professional-services firms. second one occurred, it was long-abandoned Loew’s Pitkin everything from art shows to meet- like a punch in the stomach, Theater in Brownsville is drawing ings—and the space is free. At its Dual conflagrations with a lot of activity coming to a association’s meeting later this crowds again. The 83-year-old opening in mid-September, 700 Back in 2009, two fires tore grinding halt.” month.What’s more,Mr.Garcia was movie house, which opened at the people came to create art, dance and through the retail strip. First, in the But slowly, the pace has picked recently named the group’s president. end of the vaudeville era, now caters eat. The bad news is that the place early morning hours of Halloween,a up, as evidenced by the Bainbridge In another important turn, last to students and shoppers. shuts down on Nov. 20. five-alarm fire gutted 10 shops in a Avenue 204th Street Merchants year the owners of the Foodtown, The former theater’s anchor ten- It is the brainstorm of Mike Per- building on the corner of Bainbridge Association. At the low point in which had been the neighborhood’s ants include Brownsville Ascend ry, a local graphic artist and illustra- Avenue and East 204th Street. It 2010, membership had collapsed to only supermarket, opened a bigger Charter School and discount chain tor, who raised $31,560 on Kick- took nearly 200 firefighters to bring just two neighborhood stalwarts. store in its old location. store Deal$.The school began life this starter to lease the 7,000-square-foot the blaze under control.A few weeks They were the John F.X. McKeon More recently, the Bainbridge year with grades K-4 and will add a warehouse at 938 Dean St. He calls later, in December, a second five- Funeral Home and Freilich Jewel- Bakery returned. After the fire de- grade each year thereafter, eventually the project—both the space and the alarm fire engulfed the other half of ers. In 2010, though, a new night- stroyed their store, mother-son peaking at 1,000 students. A Subway events held inside—Wondering the block along East 204th Street. club,Beso Lounge,opened its doors owners Anna and Jon Mirdita de- and 10 other retailers are expected to Around Wandering. Some 160 firefighters battled that on East 204th Street, and owners camped for Morris Park, just to the round out the list of tenants. For the duration of the project, he one, which destroyed a Foodtown Eli Garcia and Gino Pacheco swung south of Norwood, opening Anna’s Local merchants and residents will continue to run workshops, host supermarket, a dentist’s office, a real into action. Bakery & Cafe.But late last year,the hope the newly polished Pitkin will events and get neighborhood schools estate office and a diner. Mirditas found a storefront just a usher in a new heyday for Pitkin Av- involved. But rather than stick fast to Though myriad city agencies, in- New blood needed block away from their old spot and enue, once a popular shopping strip. one concept, he hopes to change his cluding the Department of Small “We knew we had to do some- reopened. The $50 million project began vision based on the community, nev- Business Services, quickly swooped thing to revitalize the neighborhood “It took a while,and nothing hap- two years ago, when developer er aiming to provide any one particu- in to help, only a few of the burned- and get our merchants involved,so we pened at first, but then businesses POKO Partners gutted the theater’s lar experience of art. out businesses were able to relocate. got new blood in,” Mr. Pacheco said. started relocating here,” said Mr. interior. Decades of neglect—and “Everyone comes in and they say, Many others simply disappeared,and To date,the duo has helped recruit 20 Tirado.The new stores,he said,have leaky roofs—had left little. In the ‘What is going on?’ ” he said. “But even the surviving retailers suffered. new members for the association. “brought new energy and attention end, all that remains is the theater’s everyone is smiling and happy.” “It was a very prominent block More are expected to be added at the to Bainbridge and 204th Street.” Ⅲ distinctive Art Deco façade, with its —cara eisenpress

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26 | Crain’s New York Business | October 22, 2012 OVERTIME PAY: The city is charging A perk entrepreneurs can’t use for police duty.

Continued from Page 3 part of midsize or large organiza- Paid Sick Days Act.“What if I go into pushed by labor and advocacy groups, tions. Only 29% of respondents another business?” he asked. “This has backing from a veto-proof major- came from employers with 99 or puts a huge burden on me. Small ity in the City Council. But Speaker fewer workers. businesses that hire between five and Christine Quinn has blocked a vote, Small-firm owners handle so 19 employees are going to incur an saying it will harm business. much of the day-to-day work that additional $1,500 to $5,700 per year The bill would require most busi- it’s hard to break away, even when in salaries.That is an additional $300 nesses with five or more employees they’re ill.“I’ve had a cold for a week per year for each employee.” His to provide at least five paid days off a and a half,” said Cameron Keng, math reflects minimum-wage work- year, while those with 20 or more ers using all five sick days annually.

workers would have to provide nine. newscom Councilman Daniel Garodnick last ‘My team is so Playing through pain month proposed amendments that small, everyone Don Winter, owner and presi- would make five days the minimum dent of Encompass Media Group in Marathon cop fees even for larger businesses, allow Murray Hill, rarely takes off when service-sector workers to swap shifts relies on me’ he is sick, though paid sick time is instead of using sick days, and ex- available through his company, Continued from Page 1 year, compared with $800,000 last empt seasonal workers. Ms. Quinn which has 30 employees and expects the New York Road Runners,which year. The majority of the increase is is reviewing the amendments, and a about $20 million in revenue this produces the 26.2-mile, five-bor- due to the new fee, though the final revised bill is expected to emerge be- year. “A few years back, I broke my ough race.NYRR said it will pay the amount has yet to be calculated. fore a Nov. 1 hearing on the topic. owner of Autotax.me,an automated ankle,” he recalled. “The morning I bill after the race is over, when the What’s more, this year the city is Critics have said that requiring 1099 tax software system with two had my X-rays and my leg was put city delivers a final calculation of the charging just 70% of the fee. Next paid leave would add a cost that offices in Manhattan and seven em- in a cast, I was at work by 10 a.m.” cost. year, NYRR expects to pay $3 mil- many small businesses cannot af- ployees.“My team is so small,every- Mr. Winter’s employees get five Behind the scenes, however, Ms. lion to the city. ford. Even those that provide sick one relies on me. The issue isn’t paid sick days a year but are not pe- Wittenberg said she is conducting a Ms. Wittenberg doesn’t plan to leave voluntarily often bristle at the whether I can afford it. It’s an issue nalized if they need more. While “strenuous debate”with city officials curtail educational programs as a re- notion of a mandate. of team efficiency.” Mr. Winter feels that his sick-leave about the reasoning behind the new sult of the increased costs.“We don’t Mr.Keng,who declined to reveal policy gives him a competitive ad- charges. see cutting our community services,” Indispensable bosses the company’s revenue, provides vantage in hiring,he finds it “repug- The fee was first proposed in she said. NYRR provides free pro- In 2011, 85% of companies pro- paid sick leave and vacation time to nant that the City Council is going 2010 as part of the city’s efforts to grams aimed at encouraging chil- vided some form of paid sick leave employees, who are CPAs like him- to dictate how I run my business.” address its budget deficit. At that dren and all New Yorkers to take up to employees, according to a survey self.“It would be hard for me to hire “Doing business in New York time, Ms. Wittenberg testified at a running and to be physically fit— of human-resources professionals licensed professionals without a full City is onerous enough,” said Mr. hearing that the policy was “severe- goals that align with Mayor Michael by the Society for Human Resource range of benefits,” he said. Winter. “We don’t need additional ly flawed” and “irrational.” Bloomberg’s anti-obesity campaign. Management. However, most were But Mr. Keng doesn’t support the mandates and hurdles to cross.” The problem is that the only or- ganizations targeted are the handful Refusing to pay of those that produce athletic Korff Enterprises raised the entry events, including the TD Five Boro fee for the triathlon by $40, to $285. Campaign consultants cash in Bike Tour, produced by Bike New For the first time in the competition’s York, and the New York City 13-year history in New York, it Triathlon, produced by Korff En- shelled out $250,000 to the NYPD Continued from Page 6 WORKING FOR WANNABES vance Group produces terprises. They have described the for the July event, which drew 5,000 versa. “There’s still a special events and sells a fee as discriminatory because it ex- participants and shut down part of separation,” said one The leading Democratic contenders for mayor in 2013 have “member mobilization empts the numerous other organi- the West Side Highway. communications ex- all lined up consultants for their campaigns: database” to unions na- zations that produce walk-a-thons, “I understand we need to pay our pert. tionwide. street fairs and other entertainment share of operating in New York,” BILL DE BLASIO: John Del Cecato (TV), The pricing struc- “We have several dif- events, including the massive said John Korff, president. “My ob- ture varies as well. Some Hilltop Public Affairs (media), ferent revenue streams Macy’s Thanksgiving Day and St. jection is that the policy is being en- firms charge a monthly Anna Greenberg (polling), Stan Greenberg that have kept us going,” Patrick’s Day parades. forced indiscriminately.” retainer, while others (strategy), MCG (strategy), BerlinRosen said Scott Levenson, the The NYPD did not respond to While Bike New York declined take a percentage of the (media) firm’s president. calls for comment. But the mayor’s to comment for this article, its chief amount spent on adver- JOHN LIU: Bill Lynch (strategy), Chung Seto office said the fee will generate $4.3 executive, Kenneth Podziba, made tising. The fees can add (strategy), Jimmy Siegel (TV), Celinda Lake Increasingly sophisticated million in fiscal 2013. his position clear in testimony at a up. John Choe, a 2009 (polling), Ed Peavy and Adnaan Muslim The industry has be- The department is hardly the NYPD hearing on June 20, after his council candidate in (mail) come more sophisticated only city agency looking for ways to organization was informed it would Queens, paid Parkside as the speed needed to generate more money. The restau- be required to pay $930,000. more than $125,000 for CHRISTINE QUINN: SKDKnickerbocker manage campaigns has rant industry, for one, has been hit The nonprofit, which provides consulting, direct mail, (strategy, media), Mark Guma intensified.The popular- by myriad fees, mostly from the free bike-education programs, robo calls and other Communications (TV, media), ity of social media, such city’s Department of Health and protested the fee by not paying it. services. Mr. Choe lost. Joel Benenson (polling) as Twitter, compels Mental Hygiene. “We really under- Mr. Podziba, according to his testi- (Parkside says its win SCOTT STRINGER: Anson Kaye (strategy), strategists and advertis- stand the situation the city is in,” mony, said he was not given enough rate is 84%.) Jim Margolis (media), ing gurus to think in 140- said Ms. Wittenberg. notice to come up with such a hefty Local races are not Mark Mellman (polling) character nuggets. Gone NYRR can better absorb the fee sum, and if it were compelled to do huge revenue genera- are the days of splicing than the other organizations, so, Bike New York could not afford tors for consultants, and taping film reels. though Ms.Wittenberg described it to offer its free programs. He point- though. “Even if you BILL THOMPSON: Tom Butler Associates Television spots can be as an “extraordinary financial bur- ed out that the city’s bike-share max out on mail, you (media), MirRam (strategy), Bedford produced, compressed den” in her 2010 testimony. plan, launching next spring, creates might only make Grove (strategy), Geoff Garin (polling), and uploaded to local sta- an even greater need for Bike New $15,000,” said one Doc Sweitzer (mail) tions during the course of Rising costs York’s services. He added that “now strategist. “The only a single day.Election dis- The NYC marathon is the pre- is certainly not the time to eliminate race where you make money is the estimated 25 open seats. trict data once scribbled on yellow mier international race, attracting bike education.” mayor’s race.” To keep busy in the off-years, legal pads are now entered into worldwide attention and no short- Others are worried that their Experts estimate that $50 mil- many firms take on corporate clients spreadsheets in extraordinary detail. age of corporate sponsors. Its fiscal athletic events could become targets lion to $100 million will be spent for or lobbying duties. SKDKnicker- “Things have changed drastical- 2012 revenue grew 7.5% over last of the fees, even though they have next year’s mayoral election. bocker, one of the city’s top firms, in ly,” Mr. Levenson said in his 15th- year, to $59.3 million. yet to be notified by the NYPD. addition to managing Council floor office in lower Manhattan NYRR was able to raise its entry “I don’t know where we fall,”said Corporate clients Speaker Christine Quinn’s likely (though several legal pads still dec- fee by an average of $60 without di- an executive with an athletic-fo- Down-ballot elections also will mayoral campaign, works with All- orate his desk). minishing demand for the cused organization that produces a be spending a lot. The city’s cam- state, American Express, General Mr. Sheinkopf, last of the old marathon. Members this year are number of events in the city. “I’m paign finance system matches each Mills and Kraft Foods. guard, agrees. paying $216,up from $156 last year, waiting for the other shoe to drop,” dollar donated, up to $175 per con- Other firms focus on issue advo- “You have to be faster; you have while nonmembers are paying $255, added the executive, who wanted to tributor, with $6 in public funds, for cacy and coalition building. Berlin- to be smarter,” he said, looping his up from $196. International appli- remain anonymous so as not to draw a maximum of $1,050 in public Rosen, a 7-year-old public relations thumbs underneath his suspenders. cants are paying $347, up from attention to the organization. funds per contributor.More than 60 agency, manages media for labor “And you’ve got to work harder, $281. candidates are registered as running groups and a coalition pushing for because there are more people Altogether, the NYRR expects LISTEN to a discussion at for the City Council next year,for an mandatory paid sick leave.The Ad- doing it.” to pay $2.5 million to the city this CrainsNewYork.com/podcasts

October 22, 2012 | Crain’s New York Business | 27 mediately surrounding the school,on West 141st Street and St. Nicholas Miracle on 141st Street Avenue. However, children come from as far away as Connecticut to Continued from Page 3 around $1,100 for private study. Meanwhile, the new board’s take classes at the school, which was Sebastian.“It’s like giving the school About 10% of the children receive search for a leader led them to Ms. founded by opera singer Dorothy a fresh start, and they are well posi- financial aid. Part of the gift from Campbell, whose first tasks included Maynor. tioned to be a strong institution.” the Herb Alpert Foundation will be cutting costs and reassuring parents Ms. Campbell is hoping the Ms. Campbell’s challenge now is used for a $2 million endowment to the institution would remain open. school will become an even more at- to build on that momentum. She provide financial aid. tractive place to study by drawing wants to increase enrollment, which And the institution couldn’t have Trying to grow tuition revenue such artists as Ms. Tharp and Mr. has shriveled by 47%, to 800, since a better ambassador, those who “The parents were really nervous O’Farrill to take up residence. Each 2010; match the $5 million dona- know Ms.Campbell say.The former we would close,” said Janice Savin- will rent space from the institution tion; expand the board; and fix up dancer and administrator for the Williams, the board vice chair who but will also play other roles, such as the building. Alvin Ailey American Dance The- first reached out to Ms. Campbell. teaching or giving performances,al- “We have to continue to change ater holds a degree in applied math- “She had to go and listen and calm though the specifics haven’t been the perceptions,”said Ms.Campbell, ematics from the University of Cal- them.” solidified yet.Ms.Tharp will start in whose two daughters attend classes ifornia, Berkeley. She also had to tackle the budg- November, and Mr. O’Farrill will at the school. “Families have to un- “She can speak passionately et. Ms. Campbell was shocked to begin in January. derstand this is a great place for kids about the arts, and she understands find that the school had a full-time “I’m really looking forward to do- to study.” the numbers and budgets,”said Kate staff of 50. By outsourcing services ing some teaching,” said Mr.

Levin, the city’s commissioner for like maintenance, it was able to cut buck ennis O’Farrill, who added that his wife, Best ambassador cultural affairs. that number to 16. She was equally ‘People were signing Alison Deane, played piano for The institution provides after- Ms. Levin and other city officials stunned to find out that the school Betty Allen, the acclaimed mezzo- school classes for those serious helped choose a new board for the was deriving a mere 30% of its rev- up and not paying soprano who once led the school. about a career in the arts—Ms. school in 2010 after a New York enue from tuition, getting the rest the bill,’ Ms. “We want to help in any way we can.” Campbell boasts that three of the Times article reported that the or- from fundraising. Ms. Campbell said that most of actors who played Simba in The ganization was mired in debt. Mr. “The school wasn’t collecting tu- Campbell said the people she has approached have Lion King are graduates—as well as Alpert and Ms. Sebastian read the ition,”she said.“People were signing been generous with time,money and those who simply enjoy the experi- piece and were appalled that the up and not paying the bill.” advice. For example, the school re- ence. Tuition starts at $720 a year school might close permanently, so Now the school gets about 40% of ceived a $500,000 grant from Man- for group lessons and goes up to they sent a $500,000 check. its revenue from tuition, an amount hattan Borough President Scott “The school was an iconic insti- Ms.Campbell would like to bring up hood, offering local families a 20% Stringer’s office to buy 13 pianos. LISTEN to a discussion at tution,”said Ms.Sebastian.“We de- to 50%. She recently conducted a di- discount. She said that about 50% of “You need to be clear about what CrainsNewYork.com/podcasts cided it was worth saving.” rect-mail campaign in the neighbor- the students come from the area im- you want,” she said. Ⅲ Citi seen sounding retreat in NY GOOD NEWS: THERE’S PLENTY OF ROOM TO CUT COSTS AT TOP Continued from Page 1 city’s largest private-sector employ- likely shift overseas, where Citi has er, with 27,000 people. WHILE CITI’S NEW CEO looks for ways to cut costs, historically been strong and where it Painful as Citi’s cuts have been, analysts say there’s an easy way to show the world that a sees bigger growth opportunities. the days-old regime now taking the brand-new day has arrived: Change the way the bank “They don’t like doing business reins on Park Avenue has already pays its top executives. in New York,” said Dick Bove, an made plain that its top priority is to Recall that last spring, Citi suffered a major rebuke analyst at Rochdale Securities. “For cut costs, though it hasn’t offered when shareholders rejected the $15 million pay package reasons related to the economic and specifics. RBC Capital Markets an- awarded to then-CEO Vikram Pandit. The rare reprimand the regulatory climate,they don’t see alyst Gerard Cassidy estimates the showed how frustrated investors had become with years New York as nearly attractive a mar- bank needs to sack another 10,000 of awful share performance and with a board that Vikram Pandit ket as other places in which they employees, and he expects the brunt granted top executive talent significant stock awards operate.” of those to come from mature,slow- without linking the payouts closely enough to financial growing businesses such as capital ‘Proud’ to be here results. markets and retail banking. Chastened, Citi said it would “carefully consider” the The bank begged to differ. “Citi- “There are no sacred cows,” Mr. message from shareholders. But change takes time. group has been proud to call New Cassidy said. “If they have to jetti- Meanwhile, the $4.7 billion loss last quarter stemming York City home for over 200 years,” son some high-profile businesses, from the sale of Smith Barney will not affect Citi execs’ the company said in a written state- they’ll do it.” bonuses because the loss occurred in a separate unit ment to Crain’s. “Our commitment CITI SLICKER: One area that looks ripe for pick- to New York City is unwavering.” The bank’s new ing apart is Citi’s investment bank- where Citi keeps its unwanted assets, according to The company noted that its CEO, Michael ing and trading division. Revenues Bloomberg News. Michael O’Neill global headquarters is in the heart of Corbat, has a lot in the U.S.-based part of the institu- Steven Hall, a New York compensation consultant, of work to do. the city, in midtown, and that the tional clients group have fallen by said Citi’s board needs to explain to investors how its pay practice improves bank still has more than 20,000 em- ap photos 24% so far this year, while its earn- shareholder value. ployees here serving more than a ‘It’s harder for ings have dropped by more than a “It ain’t rocket science,” he said. million clients and customers across third. The entire division generates One person who may agree is Chairman Michael O’Neill. In a conference the five boroughs. banks to justify more than 40% of Citi’s revenue,but call last week, he said Citi is discussing pay practices with shareholders and A spokesman also said the bank that figure swings wildly. In con- plans to unveil changes in the spring. ranks as the largest private employ- their branch trast, the top-ranked large bank, “I think we know what the issues are,” he said, “and we’re addressing er in Queens, and it is the official Wells Fargo, generates only a quar- them.” sponsor of the city bike-share pro- networks’ ter of its revenue from such whole- newsbloomberg gram slated to launch next spring. sale banking. Faced with a 37% decline in to justify their branch networks,” Mr. Bove said he expects eco- earnings so far this year, however, it Lagging the leaders Mr. Wendel said. nomic forces to continue to push is clear that Citi, like many of its U.S. retail banking poses anoth- Going forward, the new regime Citi overseas. He points out that large competitors, will need to pare er challenge for Citi. In New York, is likely to look overseas for growth. while many loans in Latin America staff in New York and add them in pecially painful to New York,chiefly it badly lags Chase and Bank of Citi has generated two-thirds of its sour, interest rates are sufficiently lower-cost locations. Goldman because there have been so many. America, and beyond the city,it op- earnings this year outside the U.S.In high that Citi can make money. In- Sachs has added about 1,400 staffers According to data compiled by erates branches in only a handful of another indication of just how dra- terest rates are low in Asia,but so too in Utah in recent years, while Bank Crain’s, the bank employed approx- major cities around the country.Be- matically the focus has swung over- are defaults. In the U.S., though, of New York Mellon has been hiring imately 34,000 New Yorkers five cause as many as 40% of branches at seas, Citi owns 700 more branches Citi struggles with high rates of loan in Florida. So far this year, Credit years ago, and last decade, its local all banks are unprofitable, Citi in Mexico than in the U.S. In his 29 losses combined with ultralow in- Suisse has parted with more than workforce grew by 7,000 people, or would be wise to dramatically pare years with the bank and its predeces- terest rates. 350 staffers locally, according to fil- 27%. But the bank shed all that and its base of 1,000 U.S. branches, said sors, Mr. Corbat has had extensive “That combination would drive ings with the New York State De- much more in the past few years as Charles Wendel, president of Fi- experience with Citi’s overseas op- any banker to look for a better place partment of Labor, and other Euro- it dramatically downsized its local nancial Institutions Consulting. erations. Before taking over as chief to do business,” Mr. Bove said. Ⅲ “Between the low-rate environ- pean banks are doing the same as roster to a little more than 24,000. executive, he was in London head- LISTEN to a discussion at they address troubles back home. Last year, Crain’s research showed ment and more consumers banking ing up business in Europe,the Mid- CrainsNewYork.com/podcasts But the job losses at Citi are es- JPMorgan Chase passed Citi as the online, it’s getting harder for banks dle East and Africa.

28 | Crain’s New York Business | October 22, 2012 HELLUVA TOWN INSIDE Source Breakfast Bang the gong An ex-banker talks Wall

The Cutting Room, the hipster Street reform PAGE 30 hangout and performance space that shuttered in January 2009, Out and About will soon reopen in cushy new digs at 44 E. 32nd St. The Gong Show The Big Apple Circus is Live will be one of the venue’s first back PAGE 31 acts. It will launch a monthly run on Nov. 1, provided the club gets permission from the city to open by then. “We’re just waiting on paperwork,” said owner Steve Walter. TRICK OR TREAT: Three years ago, Leslie Gold— Kevin Ryan of Gilt aka the Radio Chick—bought the Groupe expects rights to Chuck Barris’ 1970s TV the whole office to show featuring quirky contestants don costumes for with sometimes dubious talents. the holiday. Ms. Gold has poured about $100,000 into the live variety show. “The Gong Show was the

first to put real people on TV and allow them to humiliate themselves,” she said. In her version, actors re-create characters from the original show, like Gene Gene the Dancing Machine. She has also developed new players like Cultured Kramden (above), who recites Shakespeare. Ms. Gold, who plays the part of a judge—along with comedians Chuck Nice and others —is hoping that Gong Show Live will turn into an Off-Broadway cult hit, à la Tony n’Tina’s Wedding, and even find a home in Las Vegas. She’s open to a partnership with an experienced theater type with deep pockets. “This is new territory to me,” she said. “A smart partner could save me time and stakes in ultimate development.” —valerie block Three strikes?

The owners of Chloe’s Soft Serve Fruit Co. hope the adage “Third time’s the charm” rings true for them. In just two years, the company, which has two stores in the city, is on its third name. The dairy-free frozen dessert, The Haunting made from puréed fruit, filtered water and organic cane sugar, started out as Simply Peeled. Its For tech mogul Kevin Ryan, Halloween is bigger than Christmas. latest incarnation refers to co- founder Chloe Epstein, a health- And his office party is legendary. An obsession explained conscious mother of three. “We

had a challenge explaining our buck ennis product,” said Chief Executive Michael Sloan. “We believe that adding a name is more personal.” BY MONIQUE EL-FAIZY BOO! The multiple monikers haven’t thrown some fans. Earlier this PERCENTAGE year, New York Knicks star Amar’e ith Gilt Groupe CEO Kevin Ryan’s track record of building of Americans Stoudemire companies (he had taken DoubleClick from 20 employees to 1,500 planning to signed on as by the time it was sold for $1.1 billion), there’s bound to be a fair celebrate an investor, Halloween along with amount of speculation surrounding his current endeavor, which Marquis Jet offers online flash sales of luxury goods and services at steep co-founder Jesse Itzler. discounts. How much is it worth? (Recent estimates put the The company valuation at $700 million.) Is he prepping for an initial public 71.5% raised $2.5 offering? (The company isn’t “specifically planning” one, but it’s million this “quite possible” it will go public at some point, Mr. Ryan said.) Is he planning to sell? (“We’re open to PROJECTED Halloween year and plans to expand its spending this year wholesale business. anything.”) It could be years before the answers to these questions become clear. ¶ Within the Having Mr. Stoudemire on company,W though, it is the location of the annual Halloween party that garners the most board will certainly help. So will the influence of another investor, guesswork this time of year. Mr. Ryan holds that detail close to his vest, revealing it only weeks retail guru Jay Margolis, a former president of Reebok International. before the event. ¶ Halloween reigns supreme at Gilt, and, indeed, at any company where Mr. $8B

—lisa fickenscher Ryan is at the helm. “It’s my favorite holiday of the year,” he said. “It’s so See HALLOWEEN on Page 30 Source: National Retail Federation istock

October 22, 2012 | Crain’s New York Business | 29 SOURCE very healthy six figures,” he said. In pushing the boat out for Hal- BREAKFAST: Halloween party loween, Gilt is part of a larger SALLIE KRAWCHECK trend. According to a survey con- ducted on behalf of the National by Aaron Elstein Continued from Page 29 from skulls, skeletons and spiders Retail Federation, a record 71.5% fun, and when done right it brings to pumpkin patches. “The office of Americans plan to celebrate out the best in adults.” Indeed, the decorations are pretty elaborate— Halloween this year, up from Halloween festivities are legendary we have things all over the place.” 68.6% last year. Overall, spending in the halls of Gilt and take the And with adornment comes candy, on the spooky holiday is expected place of the traditional December “tons of candy,” in Mr. Ryan’s to top $8 billion. The (ex) banker who holiday party. New hires are given words. Like Gilt Groupe itself, which the heads-up during orientation, Then there is the party. The Mr. Ryan started in 2007, the par- and teams begin planning their CEO plans it himself, along with ty has come a long way. The first talks Wall St. reform costumes months ahead of time. Kym Ganade, head of design and one was held in 2008 in a bar on the Mr. Ryan’s love for Halloween development at Gilt.This year’s par- Lower East Side and was attended was born of deprivation. “Growing ty, like last year’s, will be held at the by 40 people.These days,the after- allie Krawcheck is one of Do you regret not publicly advocating for up in Europe, Halloween was diffi- Angel Orensanz Foundation for the parties (there are two,and the loca- Wall Street’s highest-profile change while you were at the banks? cult—you could only go to expat Arts, a former synagogue on the tions are announced by email the players. She ran Merrill You need to work on the inside when households,” said Mr. Ryan, whose Lower East Side. night of the party) draw a multiple Lynch as Bank of America’s you’re in the inside, and you work in father’s job for Caterpillar had the Last year, Mr. Ryan transformed of that number. president of global wealth a different way when you’re not.The family living abroad during the the space.He had helpers,but the vi- The celebrations are fitting for a Smanagement, served as CEO of points of view I express now are the future tech guru’s prime trick-or- sion was all his.The walls were cov- company whose gross revenues Smith Barney and CFO of Citigroup. points of view that were shared treating years. His mother would ered in fabric, and there were per- have hit $600 million and which Since leaving BofA last year, she’s internally. pile him and his two siblings in the formers climbing them so slowly will be profitable for the fourth emerged as one of the most forceful car and they would drive around that guests weren’t sure if they were quarter of this year. What’s more, advocates of Wall Street reform. What can be done about excessive pay? Geneva, targeting candy-doling alive or not, according to one at- the company is projected to be in Well, as the returns generated by the Americans. tendee. Aerialists dressed as angels the black for next year overall, What are you up to nowadays? banks fall, pay is falling, too. Utility “We always felt we were getting dangled in the air. The cavernous which would have it reaching prof- A lot of something is how I’d put it.I’m executives don’t make zillions, and ripped off a bit,”Mr.Ryan said rue- space was lit in blues and greens,and itability more quickly than Ama- advising small companies in New you’re seeing pay for the bank CEOs fully. “We fantasized about a place a massive gargoyle hung over the zon did, Mr. Ryan noted. York and Silicon Valley, going to fall, too. But we also have to address where every house celebrated Hal- altar.There was food,drink and a DJ. By all accounts, the party is a Washington a lot,doing some writing. the structure of pay.A big mistake af- loween.I think I grew up with Hal- How he’s planning to top that this night of rocking fun that ends in ter the crisis was the move to pay loween envy.” year is anyone’s guess. the wee hours of the morning. Gilt Will you work for a giant bank again? CEOs in more stock. That’s a mis- Childhood denial has given way employs about 1,000 people glob- Put it this way:It may take me a while take because it encourages executives to adult indulgence. It’s tough to ‘Six-figure’ estimate ally—about 700 of whom are based to learn lessons, but I do learn them. to take more risks so the value of their imagine that anyone in Mr. Ryan’s Mr. Ryan declined to disclose at the New York headquarters— I want to stay in financial services be- stock will rise. And one thing we sphere these days can complain the exact cost of last year’s party,ex- and about 800 people turned up for cause it’s an industry that can really don’t want is bankers taking more about not enough Halloween in his cept to say that it was more than last year’s party. Contract employ- make people’s lives better, and that’s risk—banks are already big bundles or her life. $50,000. Maneesh K. Goyal, pres- ees are also invited. why I’m working with startups. And of risk. One alternative that I advo- First, there is the festooning of ident and founder of events mar- The key,according to Mr.Ryan, I’m working to help gov- cate is paying CEOs in the Gilt offices on lower Park Av- keting agency MKG,whose clients is the costumes, which are ab- ernment and the industry WHERE bonds instead of stock. enue. “We have a remarkably big include Google, Estée Lauder and solutely mandatory. “The thing work through changes. set of Halloween decorations,most Viacom, estimated the cost could about costumes,you come back and THEY Would one solution be to of which are owned by me,” Mr. have been significantly higher. you think it was really, really fun,” This is an industry that can DINED break up the big banks? Ⅲ Ryan said. The decor can range “Something like this is [could] be a he explained. seem impervious to change, THE GARDEN at I haven’t seen any good re- though. The Four Seasons search that shows spinning I think it’s just extraordi- Hotel off their various parts nary.For example,reform- 57 E. 57th St. would create value. The (212) 350-6658 ing money-market funds www.fourseasons question is how to make was something that need- .com/newyork/ the big banks less-risky in- Discover 360° Service. ed to happen.Yet the SEC AMBIENCE: stitutions, and there are a got a lot of pressure from Corporate types variety of means being ex- the industry and couldn’t and tourists dine plored to that end—the agree on how to do it.That in the shelter of Volcker Rule, higher capi- was a watershed failure, 20-foot-high tal requirements, etc. One Project management is good. acacia trees because it was the first reg- adjacent to a thing that is helpful is the ulatory matter since the fi- hotel lobby government administering Project leadership is better. nancial crisis that involved WHAT THEY ATE: regular stress tests to the protecting individual in- Ⅲ Fruit salad with banks, looking at how the Cassidy Turley’s experts deliver superior results on time and on budget vestors. The job of the Greek yogurt; banks would fare if the with 10–20% savings. We understand your goals, mitigate risks and SEC is not to protect the coffee and economy really tanked. asset-management busi- orange juice Believe me, bankers really add value—from site selection through move-in and beyond. Ⅲ A “Catskill ness and keep it from hav- salmon” bagel; hate those things, and ing to raise capital—a sig- coffee and that’s all to the good. nificant part of the SEC’s orange juice job is to protect individual TAB: $105.28, How else could banks change? PLANNING PROGRAMMING investors. Now the battle including tip They need more diversity isn’t over. [Treasury Secre- in their workforces. It’s a tary] Timothy Geithner says reform good thing when people in meetings BUDGETING is needed. don’t all see things the same way or know one another so well that they Might you become a regulator? can finish each other’s sentences. DESIGN No comment. But I’ll say this: We’re BUILD SPACE MANAGEMENT at a weird and important moment. Who do you think would make a good big- People ask me, “Why are you doing bank CEO? this? Why not spend time with your It’s like being president of the Unit- kids, work on the next stage of your ed States. No one’s ready for the job. career?” I’m doing all that. But given Discover Excellence in Project Management. my background, it’s my responsibili- For the complete interview, go to Discover Cassidy Turley. ty to engage in the discussion. crainsnewyork.com/toc. Peter Hennessy President, New York Tri-State Region 212.318.9790 INSIDE TIP: The $26 H&H bagel may be [email protected] www.cassidyturley.com the most expensive in the world. But the

Project & Development Services / Tenant Representation / Project Leasing / Property Management / Corporate Services / Capital Markets cream cheese is extremely good.

30 | Crain’s New York Business | October 22, 2012 OUT AND SNAPS Celebrating 25 Years of Crain’s 40 Under 40 ABOUT by Emily Laermer and Miriam Kreinin Souccar

CULTURE FIX CAREER BUILDERS WEDNESDAY, WEDNESDAY, OCTOBER 24 OCTOBER 24, TO Union Square Partnership will host SUNDAY, OCTOBER 28 READY UNION SQUARE, a free forum on The SHE-DEVIL emergency preparedness and business COMEDY FESTIVAL will networking. Experts from the Office of feature 100 female Emergency Management and Con standup comedians, Edison will discuss critical information one of the largest such events in the about what small-business owners can country.There will also be other programs do to prevent or be better prepared for throughout the festival, including a panel emergencies. Keynote speaker Jack with women in the industry, a discussion Smith will discuss his experiences as the of the business side of comedy and a business continuity manager during a rooftop party.The shows are at several major fire at LaSalle Bank headquarters venues in Long Island City, Queens, and in Chicago. The event is at 8 a.m. at the throughout Manhattan.Tickets cost $20. Con Edison Building, 4 Irving Place, For more information, including a between East 14th and East 15th streets. buck ennis schedule of events or to purchase tickets, For more information, visit Developer KENT SWIG and maternitywear designer LIZ jaworsk mark LANGE at Crain’s 40 Under 40 25th-anniversary party BRUCE SPRINGSTEEN, STEVEN VAN ZANDT and SOUTHSIDE JOHNNY perform visit www.shedevilfestival.com. www.unionsquarenyc.org. on Oct. 18 at the New-York Historical Society. More together at the Right to Rock Celebration on Oct. 16. The event, which honored Mr. Van Zandt, raised $800,000 for Little Kids Rock, the music-education nonprofit. THURSDAY, OCTOBER 25 THURSDAY, OCTOBER 25 Snaps at www.crainsnewyork.com/galleries. The Brooklyn Philharmonic will present The UJA-Federation of New York will WNYC SOUNDCHECK LIVE!, a free preview of host REX PREMIERE, an event that will its upcoming 2012-13 season.The show bring together professionals from the will feature performances by the Brooklyn area’s real estate, construction and allied Phil Chamber Players and Pan Sonatas trades industries. The group’s Real Steel Orchestra, and will be hosted by Estate Executives (REX) Division offers WNYC’s John Schaefer. It will also be an opportunity to build strong broadcast on WNYC radio and will relationships with colleagues and feature the world premieres of several develop leadership skills. The event is at pieces.The show is at 8 p.m. at the World 6:30 p.m. at Eventi, 839 Sixth Ave., Financial Center Winter Garden, 220 between West 29th and West 30th Vesey St., between West Street and North streets. Tickets are $150. For more End Avenue. For more information, visit information, contact the REX Division www.bphil.org or call (718) 488-5700. at [email protected]. DON’T MISS BIG APPLE CIRCUS THROUGH JANUARY 13, 2013 The Big Apple Circus returns with a new show called LEGENDARIUM, featuring the mcmullan.com clint spaulding-patrick JANE and DAVID WALENTAS at Pratt husband-and-wife clown team Acrobuffos, owen hoffmann-patrick mcmullan.com owen hoffmann-patrick Institute’s 125th-anniversary party on the all-female bicycle group Dalian BETTE MIDLER, MICHAEL KORS, ANNA WINTOUR and BLAINE TRUMP at the Sixth Annual Golden Oct. 15. The evening raised more than Acrobatic Troupe, the tango/juggling act Heart Awards Benefiting God’s Love We Deliver on Oct. 15. The event raised more than $1.35 million. $1 million for student scholarships. Emily and Menno van Dyke, and ringmaster John Kennedy Kane. Performances are at Lincoln Center’s Damrosch Park, West 62nd Street between Columbus and Amsterdam avenues. Tickets start at $25 and can be purchased by visiting www.bigapplecircus.org or calling (888) 541-3750.

OPENING FUNDRAISERS WEDNESDAY, OCTOBER 24 MONDAY, OCTOBER 22 ROSEMARIE TROCKEL: A COSMOS Gayfest NYC Inc. will host its annual gala, FALL will open at the New Museum. FOR HARVEY MILK. Proceeds will help pay for The three- education and mentoring programs at Harvey floor Milk High School, and will contribute to the exhibition scholarship fund for its graduates.The event is evokes an at 7 p.m. at Robert Restaurant, 2 Columbus imaginary Circle.Tickets are $175 and can be purchased universe, by visiting www.gayfestnyc.com or www.theater spanning mania.com, or by calling (212) 352-3101. different eras and cultures. It will be on display THURSDAY, OCTOBER 25 through Jan. 20.The museum, at The New York Design Center and the Alpha 235 Bowery at Stanton Street, is Workshops will pay tribute to Truman open Wednesdays and Fridays Capote’s legendary 1966 party at THE BLACK & through Sundays from 11 a.m. to 6 WHITE MASQUERADE BALL. The fete starts at 6 p.m., and Thursdays from 11 a.m. p.m. at 200 Lexington Ave. Tickets cost $125 to 9 p.m.Tickets are $14 for in advance and $150 at the door, and will general admission, $12 for benefit the Alpha Workshops Studio School, a students, $10 for seniors and free nonprofit that employs people living with for children under 16 and HIV/AIDS. For tickets, call Barbara members. For more information, Thomson at (212) 594-7320 or visit www visit www.newmuseum.org. .nydcmasqueradeball.brownpapertickets.com.

MARK YOUR CALENDAR… R OPENS THURSDAY, NOVEMBER 8 PREVIEWS HAVE STARTED and tickets are on sale for the fall’s most anticipated musical, Annie. The show stars Katie Finneran as Miss Hannigan, Anthony Warlow as Daddy Warbucks and Lilla Crawford as the eponymous orphan. Pedigree Food for Dogs will donate $2 per ticket sold, up to $1 million, to the Pedigree Foundation, a nonprofit dedicated to helping dogs find loving homes. Performances are at the Palace Theatre, 1564 Broadway, at West 47th Street. Tickets start at $99. For more information and to purchase tickets, visit www.anniethemusical.com.

October 22, 2012 | Crain’s New York Business | 31