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NOVEMBER 21 - 27, 2016 CRAINSNEW YORK BUSINESS

FROM THE NEWSROOM | JEREMY SMERD | EDITOR IN THIS ISSUE

Save lives, not hospitals 4 AGENDA 5 IN CASE YOU MISSED IT MEMO TO MAYOR BILL DE BLASIO and any other political leader Eli Zabar’s 6 WHO OWNS THE BLOCK who equates saving a hospital with saving lives: “If we are Vinegar 7 REAL ESTATE Factory still in the paradigm that’s all about the hospital, protecting to close its that centerpiece, I will tell you: We are out of touch with 8 ASKED & ANSWERED retail store reality. And if you’re not willing to shift that narrative, then 9 FOOD you’re working on the wrong thing. You’re working on how 10 VIEWPOINTS to save a hospital. I’m working on how to save lives.” 11 THE LIST Those were the words of Bernard Tyson, CEO of the FEATURES country’s largest managed health care organization, Kaiser Permanente. Tyson flew in from California to keynote our 12 HOW TO DATE IN NEW YORK health care conference last week and to deliver that mes- You’re working on 14 LEARNING CURVE sage to New York health care executives. Many already get 16 PROFITS OF PRO BONO it. Too many don’t. And compared with Kaiser, change at “how to save a New York institutions is painfully slow. hospital. I’m Tyson said that half of Kaiser’s 100 million encoun- working on how ters between patients and doctors take place virtually. No New York health system even comes close to that. to save lives The point is that health care should be delivered on patients’ terms, which means bringing it into the communities where they live. To P. 20 treat chronic illness and keep New Yorkers out of hospitals, money needs to be LEIGH ANN TISCHLER spent on social workers and educators who can guide individuals around the bar- 20 GOTHAM GIGS riers that keep them from being healthy, even if that means helping them earn a living, buy fresh food or find a place to live. Some New York providers already 21 SNAPS do that. They are the ones taking advantage of the state’s $8 billion Medicaid waiver 22 FOR THE RECORD to invest in this kind of “total health care,” to borrow a phrase from Tyson. 23 PHOTO FINISH The mayor and the governor have a chance to help New York pick up the pace. The city’s public hospital system is on track to lose $1.8 billion by 2020. NYC Health + Hospitals has stated its intention to consolidate, yet political leaders promise no hospitals will close. The city gave the system a no-questions-asked $497 million bailout earlier this year, and now its CEO, Dr. Ram Raju, is quitting Nov. 30, jeopardizing any urgency the system may have felt to transform. Last week, meanwhile, a long-awaited report recommended that four more money-losing Brooklyn hospitals merge into a single health system, with one of them, Kingsbrook Jewish Medical Center, no longer existing as a community hospital. Gov. Andrew Cuomo and the boards of these hospitals should approve the plan. ON THE COVER If they don’t, taxpayers will be throwing more good money after bad, while PHOTO: BUCK ENNIS underinvesting in the jobs of the future. “Access [to health care] is a function of trust,” said Dr. Amanda Falick Ascher, chief medical officer of Bronx Partners for Healthy Communities, at our conference. “It’s not a function of bricks and mortar.” DIGITAL DISPATCHES Go to CrainsNewYork.com NOMINATIONS ARE OPEN RISING STARS READ Barbra Streisand DO YOU KNOW AN UP-AND- will headline the next COMING NEW YORKER? Tribeca Film Festival, > starting April 19, CRAIN’S wants to hear from 2017, the organiza- you. To submit a nominee, go to tion announced. CrainsNewYork.com/40nominate. Because of the high volume of n AOL made public plans applications, a $199 service fee to lay off 5% of its work- will be charged to process and force, or about 500 people. review submissions. n Brooklyn Chamber of Commerce Presi- NOMINATIONS CLOSE dent Carlo Scissura was named to replace JAN. 6, 2017 Richard Anderson as head of the New York All nominees must be under Building Congress. 40 years old as of March 27, 2017. n The Trump Organization is asking city officials for permission to make changes Vol. XXXII, No. 47, November 21, 2016—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for that would allow it to redesign Trump Golf double issues the weeks of June 27, July 11, July 25, Aug. 8, Aug. 22 and Dec. 19, by Crain Communications Inc., 685 Third Links at Ferry Point so the public golf course Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send could host major PGA tournaments. address changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Ave., Detroit, MI 48207-2912. For subscriber service: Call (877) 824-9379. Fax (313) 446-6777. $3.00 a copy, $99.95 one year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2016 by Crain Communications Inc. All rights reserved. BUCK ENNIS

November 21, 2016 | CRAIN’S NEW YORK BUSINESS | 3

P003_CN_20161121.indd 3 11/18/16 8:44 PM WHAT’S NEW November 21, 2016

AGENDAEnough already, Cuomo and de Blasio. New York faces bigger issues

he hostility between Gov. Andrew Cuomo and Mayor Bill de Blasio has never been good for New York City, but it’s espe cially bad now that the city is facing policy and funding threats from an upended federal government. It is past time Tfor the two men to fix their relationship. The mayor and governor don’t deny that there’s an issue—at least, they POSITIVE STEP: have stopped claiming to be friends. But they insist that their administra Cuomo and de tions cooperate and that the people’s work is getting done. Talk to folks in Blasio have made strides toward the know, though, and they will tell you that many joint efforts are not even mending their rift attempted because the two executives don’t get along. but still have a long way to go. This could be because Cuomo doesn’t want to share credit with the de Blasio administration. Maybe he doesn’t want a partner whose bureau cracy or ideology might slow down an operation or require compromises. next year. New York’s leaders should work together to oppose policy Also, the governor surely sees a political benefit to diminishing a mayor changes harmful to our economy. If companies cannot import foreign tal who is unpopular in the suburbs and upstate, and not especially liked in ent and deportations break up families that staff and own businesses across his own city, for that matter. the city, innovation and commerce will suffer. Our wallets would take a hit Still, Cuomo’s approval ratings don’t depend on de Blasio being his foil if we lost the option to deduct state and local taxes on our federal returns. or whipping boy. The governor just needs The wild card is the 2020 presidential to be an effective manager, and for the most Our federal funding will take a hit if race. Democratic Party leaders are already part he has been. scouring the land for candidates, and as one What’s needed now is a united front. congressional Republicans get their of the few big-state Democratic governors, What is good for New York City is good for way. We need a united front Cuomo has seen his name come up. De Bla the state, since the city sends more to Albany sio has also been mentioned, though he lacks in taxes and fees than it gets in return. And the charisma and political independence that much of what New York City gets from the federal government comes got Sen. Bernie Sanders to the cusp of the Democratic nomination. through the state, though that funding could take a hit if congressional Re If the governor and mayor see themselves as rivals for the White House, publicans make good on promises to reduce spending when President-elect reconciliation won’t happen. But if, say, the mayor were to rule out a cam Donald Trump takes office in January. paign, Cuomo could make peace and look presidential instead of petty. Immigration and tax reform are shaping up to be fierce battlegrounds And New York would benefit from their détente. — THE EDITORS

FINE PRINT Seventy percent of New York small businesses expect to meet year-end revenue goals, a survey from Bank of America reported. That’s good news for employees. Three-quarters of businesses with revenue between $100,000 and $5 million plan to offer some kind of holiday perk: Thirty-eight percent will close their offices; 36% will pay bonuses; 26% will give holiday gifts; and 24% will host a holiday party.

BY GERALD SCHIFMAN STATS

25 WORDS OR LESS LONG PILGRIMAGE

AND THE CITY THANKSGIVING TRAFFIC is expected to be worse in New York than in any other city in the country, I don’t know if with Manhattan roadways experiencing the biggest slowdowns. “ PROJECTED RISE IN TRAVEL TIME ON THANKSGIVING EVE 2016 Average increase in they honestly % NYC drive times on 80% 33 the Wednesday before thought about the Thanksgiving, compared with a fact that it was congestion-free period New Year’s Eve” 40% —Metropolitan Transportation Authority % Increase at 4 p.m., Chairman Thomas Prendergast on the 0% the peak traffic hour agency’s Dec. 31 completion deadline 7:00 2:00 9:00 56 on Thanksgiving eve AM PM PM for the Second Avenue subway, which Manhattan Staten Island Bronx Queens Brooklyn is in danger of not being met

AP IMAGES ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY SOURCE: INRIX

4 | CRAIN’S NEW YORK BUSINESS | November 21, 2016

P004_CN_20161121.indd 4 11/18/16 8:43 PM AGENDA ICYMI CRAINSNEW YORK BUSINESS EDITOR IN CHIEF Rance Crain publisher, vp Jill R. Kaplan assistant to the publisher Devin Arroyo, 212.210.0701 EDITORIAL editor Jeremy Smerd assistant managing editors Erik Engquist, Ryan’s—and Trump’s?—tax Jeanhee Kim, Robin D. Schatz web editor Amanda Fung plan could hurt New Yorkers art director Carolyn McClain photographer Buck Ennis senior reporters Joe Anuta, Aaron Elstein, RESIDENT-ELECT DONALD TRUMP has pledged to Matthew Flamm, Daniel Geiger cut taxes and tear up the federal tax code. But one key reporters Rosa Goldensohn, Jonathan LaMantia, Caroline Lewis, change currently being considered could end up cost- Addie Morfoot P data reporter Gerald Schifman ing New Yorkers—big league. web producer Peter D’Amato, columnist Greg David Republicans in Washington are pushing to eliminate a contributing editors Tom Acitelli, provision that allows taxpayers to deduct their city and state Theresa Agovino, Erik Ipsen, Brendan O’Connor, Cara S. Trager payments from their federal income tax bills. Scrapping that ADVERTISING deduction would raise about $1.3 trillion in revenue over 10 www.crainsnewyork.com/advertise advertising director Irene Bar-Am years, according to the Urban-Brookings Tax Policy Center. [email protected] or 212.210.0133 But much of that burden would fall on New Yorkers, who tend SPEAKER’S senior account managers to benefit more from the break than taxpayers in most other CALL: Trump Zita Doktor, Rob Pierce, Stuart Smilowitz, appears poised Debora Stein states because city and state tax rates are so high here, allowing to push for sales/events coordinator Ashlee Schuppius Ryan’s tax plan. 212.210.0282, the average filer to deduct roughly $20,500 annually from fed- [email protected] eral taxable income. Taxpayers in New Jersey and California ONLINE general manager Rosemary Maggiore would take a similar hit. 212.210.0237 [email protected] The Independent Budget Office estimates doing away with local and state deductions would increase New York CUSTOM CONTENT City residents’ taxable income by $28 billion, causing their collective federal tax bill to rise by $8 billion a year. director of custom content Patty Oppenheimer 212.210.0711 Norton Francis, an Urban-Brookings tax analyst, said that could be partially offset if the Trump administration also [email protected] lowers overall tax rates. But if those cuts don’t cut it, he said, New York legislators will come under increasing pres- multicultural sales manager Giovanni Perla [email protected] sure to mitigate the blow by lowering local and state tax rates on the highest earners, who benefit the most from senior custom marketing manager Sonia David, [email protected] the city and state deductions. That would necessitate reducing government services. EVENTS Paul Ryan www.crainsnewyork.com/events Trump’s thoughts on killing the city-state deduction appear in flux. But House Speaker has long favored director of conferences & events eliminating the benefit, and Francis said it is understood in Washington that Ryan’s tax plan, which he first pro- Courtney Williams, 212.210.0257 [email protected] posed in June, will be the one that comes to a vote in Congress early next year. — AARON ELSTEIN manager of conferences & events Adrienne Yee AUDIENCE DEVELOPMENT director of audience & content Staten Island gets its first Shake Shack DATA POINT is above the age of 40, reflecting a na- partnership development The popular burger chain has an- tional trend. Ten percent of these Gen X Michael O’Connor, 212.210.0738 AS OF NOV. 13, THE NEW YORK [email protected] nounced plans to open on Staten Island renters moved into a shared apartment CRAIN’S 5BOROS in 2019. That will leave the Bronx as the POLICE DEPARTMENT REPORTED because of a breakup between unmar- www.5boros.com only borough without Danny Meyer’s ried partners, and 23% did so because Irene Bar-Am, 212.210.0133 328 HATE CRIMES IN THE FIVE [email protected] ShackBurgers and frozen custards. they were divorced or widowed, a study REPRINTS BOROUGHS. OVER THE SAME by SpareRoom.com found. reprint account executive Krista Bora Trump settles fraud suits PERIOD IN 2015, THERE WERE 212.210.0750 President-elect Donald Trump has New head for Lincoln Center PRODUCTION production and pre-press director reached a reported $25 million settle- 250 INCIDENTS REPORTED. Lincoln Center for the Performing Arts Simone Pryce ment with disgruntled former Trump has named Debora Spar its next pres- media services manager Nicole Spell University students—just 10 days before ident and chief executive officer. Spar, SUBSCRIPTION CUSTOMER SERVICE a fraud trial was set to start in Califor- the assets of Gawker Media, which de- president of Barnard College, will begin www.crainsnewyork.com/subscribe nia. A $4 million portion will go to New clared bankruptcy. her new post mid-March. She succeeds [email protected] 877-824-9379 (in the U.S. and Canada). York Attorney General Eric Schneider- Jed Bernstein, who resigned unexpect- $3.00 a copy for the print edition; or $99.95 man to settle a parallel suit. Up to $1 Post-election donations surge edly in April. one year, $179.95 two years, for print subscriptions with digital access. million of that will pay penalties for vi- Donald Trump’s election sparked a to contact the newsroom: olating New York state education laws. massive surge in donations to pro- www.crainsnewyork.com/staff The rest will go to victim restitution. gressive nonprofits with missions that 685 Third Ave., New York, NY 10017-4024 phone: 212-210-0100 fax: 212-210-0799 Trump admitted no wrongdoing. conflict with his conservative agenda. Entire contents ©copyright 2016 In the five days after the election, the Crain Communications Inc. All rights FanDuel and DraftKings to merge ACLU collected $7.2 million and the reserved. ©CityBusiness is a registered Flatiron district-based FanDuel and Environmental Defense Fund doubled trademark of MCP Inc., used under license agreement. Boston-based DraftKings announced to $250,000. Planned Parenthood has CRAIN COMMUNICATIONS INC. they would become one company but collected 160,000 donations—20,000 BOARD OF DIRECTORS maintain headquarters in both cities. of them in the name of abortion foe chairman Keith E. Crain The daily fantasy sports sites said cost vice-president-elect Mike Pence. president Rance Crain treasurer Mary Kay Crain, Cindi Crain savings and efficiencies would allow senior executive vp, William Morrow them to “accelerate work with govern- City foreclosures surge executive vp, director of strategic ment officials” to gain legal status in More than 1,100 city homes went into operations Chris Crain Milking every last drop executive vp, director of corporate more states. FanDuel CEO Nigel Eccles foreclosure in October, up 32% from Auctioneer M Davis Group is liqui- operations K.C. Crain will be chairman of the new company. September and 37% from last year. dating New York City’s last dairy on senior vp, group publisher David Klein New York’s rising foreclosure rates con- vp/production, manufacturing David Kamis Dec. 13 and 14 in an online and Univision to lay off 6% tradict national trends. While the state’s chief financial officer Bob Recchia on-site auction of thousands of chief information officer Anthony DiPonio Univision Communications, which overall foreclosure rate rose 10% year items, including refrigerated trucks founder G.D. Crain Jr. [1885-1973] posted a $30.5 million loss in the third over year, the nation’s fell 8%, the 13th and an intact dairy processing chairman Mrs. G.D. Crain Jr. [1911-1996] quarter, will cut between 200 and 250 straight monthly decline. secretary Merrilee Crain [1942-2012] employees. The company is also com- plant. Elmhurst Dairy closed its Ja- ing off a buying spree that included the More Generation Xers sharing pads maica, Queens, plant on Oct. 30.

$135 million acquisition in August of One in seven New York City roommates AP IMAGES

November 21, 2016 | CRAIN’S NEW YORK BUSINESS | 5

P005_CN_20161121.indd 5 11/18/16 8:41 PM AGENDA WHO OWNS THE BLOCK REAL ESTATE

Despite rezoning, Jerome Avenue sales sluggish Landlords in the shadow of the 4 train in no rush to sell as de Blasio plan slowly advances JEROME AVENUE

BY TOM ACITELLI

he de Blasio administration’s rezoning proposal for a 73-block chunk of the Bronx’s Jerome Avenue echoes the earlier—and successful—rezoning of 200 1 W. 182ND ST. 2262 JEROME AVE. Tblocks in Brooklyn’s East New York. Chestnut Holdings of New York, a Yet despite detailed plans released in August family-owned real estate investment Houlihan Parnes, a private- and management company based ly owned real estate firm that capped two years of speculation over wheth- in Riverdale, bought the six-story, based in White Plains, sold er the area would be part of Mayor Bill de Blasio’s 61-unit apartment building with four the 8,300-square-foot com- push to generate affordable housing across the city, commercial spaces for $5.05 million mercial building it had owned in September 2012. The seller was in since the 1990s to Luis there has still been little to no investment activity “a distressed situation,” according to Corona, operator of the Pio- in the rezoning footprint. a representative from Chestnut who neer Supermarket there, for “A lot of the landlords have been there for 20, declined to elaborate. Sixty of the $1.9 million in May 2008. 30, 40 years,” said Michael Gilbert, a broker at Gil- apartments are rent-stabilized. co Realty in the Bronx, who has handled property sales in the area and been active in the rezoning debate. “They’re not really looking to sell.” But local activists aren’t taking any chances. A group of clergy, labor leaders and community or- 10 W. 182ND ST. ganizers called the Bronx Coalition for a Commu- Borough Park, Brooklyn-based nity Vision contends that the rezoning “will repre- Guardian Realty Management, sent displacement and gentrification.” which investor Chaim Simko- While they worry that the rezoning will spur witz owns, bought the five-story, 46-unit apartment building in the closure of some businesses in the footprint, the December 2015 for $5.5 mil- main sticking point is just how much of the new lion. Forty-five of the units are housing will be designated affordable. All devel- rent-stabilized. The building also traded in July 2003 for opments in a rezoned district are subject to the $1.46 million, providing a tell- mayor’s Mandatory Inclusionary Housing require- ing window into price apprecia- ment that at least 25% of new apartments be below- tion in the area. market rentals, but some want a higher proportion. At 5.6 miles, Jerome Avenue is one of the borough’s longest thoroughfares, lined with low-slung light-industrial warehouses, auto-repair shops, bodegas and small grocery stores. Locals are con- cerned that shuttering those existing businesses will put hundreds of residents out of work. 2218 JEROME AVE. The 73-block rezoning, from East 165th Street to West 184th Street, would allow for denser res- 2181 JEROME AVE. Riverdale Equities Ltd., a commercial landlord, bought the two-sto- idential development, even on parcels currently The owners of Tuck-It-Away stor- ry, 29,600-square-foot garage for zoned for nonresidential use. It would also alter age, based in the Bronx’s High- $150,000 in March 2003. ground-floor use restrictions to encourage more bridge neighborhood, bought retail and entertainment development. this two-story, 20,000-square- foot warehouse for $2.08 mil- The net result, according to the city, will be a lion in December 2012. brand-new neighborhood, complete with 3,250 more housing units, 72,273 additional square feet 2184-2190 JEROME AVE. of community space and 35,575 more square feet A pair of private investors bought this 12,500-square-foot of commercial and retail space. warehouse property for $2.1 million in April 2014. The rezoning bill is in the city’s land-use review process and will take several months to reach the City Council—unless opponents kill it first.n OASISNYC.NET, BUCK ENNIS OASISNYC.NET,

6 | CRAIN’S NEW YORK BUSINESS | November 21, 2016

P006_CN_20161121.indd 6 11/18/16 2:59 PM AGENDA REAL ESTATE

More Port Authority resignations possible Would follow the departure of board member Steven Cohen

he resignation last week on—in part because the reforms that of Port Authority of New had been agreed upon had not been York and New Jersey Vice implemented. Chairman Steven Cohen It’s unclear why. A source said Tunderscored the failure of the bistate that a qualified candidate for CEO agency to overhaul its leadership has been vetted and has the support structure and move beyond political of Port Authority Chairman John infighting. Degnan, a New Jersey appointee. A source said more resignations — JEREMY SMERD AND DANIEL GEIGER from New York board members could be on the way, part of an effort Con Ed denied zoning change by Gov. Andrew Cuomo to take con- The de Blasio administration last trol of the parts of the agency that week said it would not rezone for are under his purview, the source residential use a large commercial told Crain’s. property along the Williamsburg The Port Authority had intended, waterfront that Consolidated Edison after Bridgegate, to institute gover- is selling. Con Ed put the 2.65-acre nance reforms, chief among them site at 500 Kent Ave., which is in the creation of a new CEO position, the Brooklyn Navy Yard’s industrial which would consolidate the agen- business zone, on the market earli- cy’s management into the hands of er this year. The parcel is close to a a single executive who would not be number of former industrial prop- beholden to the political whims of erties, including the Domino Sugar either state’s governor. refinery, that are now or will be- Two years after those recommen- come home to high-end residential dations were made, the CEO search properties. Troubled tower site headed to appears on hold and the bistate Con Ed highlighted the other agency’s leadership is in disarray. residential projects in its request for auction block As a result, executives at the Port proposals earlier this year. Under the Authority can’t agree on a new near- current zoning, a buyer could build Loss of luxury condo project would be developer’s second this year ly $30 billion, 10-year capital plan. a 230,000-square-foot project that BY JOE ANUTA That impasse led to the departure of could contain manufacturing, com- Cohen, who had become frustrated mercial offices or certain retail uses, that a months-long dispute over how according to Cushman & Wakefield, t’s been a rough year for developer The size of the tower proposed by much money should be allocated which is marketing the property. Joseph Beninati. In March, his de- Beninati sparked outrage from locals. In to a new bus terminal had dragged — JOE ANUTA layed luxury condo project along January, a neighborhood group filed a the High Line was taken over by a rezoning application to block buildings IManhattan investment firm, and next taller than 260 feet, which happens to month, the Sutton Place site where he be just below the height of a condo be- hoped to build a nearly 1,000-foot luxury longing to one of the group’s leaders. The condo tower is to be auctioned, accord- proposal has the support of several Man- ing to sources and federal court filings. hattan elected officials. Beninati and his firm, Bauhouse Sutton Place would be Beninati’s Group, had taken huge risks to bring second loss this year. Bauhouse Group the Sutton Place project to fruition. But had filed an offering plan for a Soo K. by January, his limited liability company Chan-designed, 15-unit project at 515 controlling the site plunged into bank- W. 29th St. in the summer of 2014. But ruptcy after defaulting on a high-interest in March, Forum Absolute Capital Part- loan from lender N. Richard Kalikow. ners and its managing partner Mikhail Beninati did not respond to a request for Kurnev were registered as the sponsor, comment. documents show. The investment firm In September, a judge authorized a tapped developer RAL Cos. to move the sale of the property to repay Kalikow project toward completion. and a web of partnerships and creditors It was unclear whether Bauhouse who claim they are owed money from the has maintained any stake in the proj- ill-fated project. A source with knowl- ect, which would be nestled in a bend edge of the case told Crain’s that bids on of the elevated park near 10th Ave- the site are due Dec. 8 and an auction is nue. The new owners of the project are scheduled for Dec. 13, though the parties embroiled in a lawsuit filed by broker can agree to delay for a week. Nathaniel Christian, who argues he is As the auction nears, a flood of owed $618,000 in commissions and in- ultra-luxury condos is coming on the terest for facilitating the purchase of market, making developers wary of pur- the property. chasing land for new projects. But any The development is now supposed to buyer of the Sutton Place parcels along be completed in May 2017, according to East 58th Street must also contend with an amended offering plan. Forum Abso- growing opposition to tall buildings in lute Capital Partners did not respond to a

FOSTER + PARTNERS the neighborhood. request for comment. n

November 21, 2016 | CRAIN’S NEW YORK BUSINESS | 7

P007_CN_20161121.indd 7 11/18/16 8:55 PM AGENDA ASKED & ANSWERED PRIVATE BANKING INTERVIEW BY AARON ELSTEIN

ANNE DONAHUE U.S. BANK

ven though it has about $500 billion in assets and one of its largest shareholders is Warren Buffett, Minneapolis-based U.S. Bank is almost totally The election of unknown here. Anne Donahue, New York City market Donald Trump was Eleader in its private-banking division, oversees a team that man- “ clearly a surprise, ages $200 million in assets for 80 wealthy New Yorkers. Before joining the bank seven years ago, Donahue worked at Chase, so we reached Citibank and Bank of New York. Along the way, she became one out to 90% of our of the rst two women ever named to the Heisman Trophy board. clients before the market opened to discuss the results In light of recent events, you must be getting an earful from clients. That’s just part of the job. You talk about how important it is to diversify your portfolio—and it really is—but no one ever has all the answers. The key to this business is talking to your clients, especially when times are challenging. The election of Donald Trump was clearly a surprise, so we reached out to 90% of our clients before the market opened to discuss the results. We also hosted a client call that afternoon with speci c commentary from our asset management group on the impact on currency, xed income, commodity and equity markets. We had another call with our chief investment of cer after everyone had a week to digest the news.

How do you cope when people vent? My rst job out of college provided good training. I was a teller manager at a Chase branch at the corner of 42nd and Second Avenue and dealt with a constant stream of complaints, most of which DOSSIER came down to the fact that it was hard to hang on to good tellers— WHO SHE IS New York the turnover rate was 45%—or have enough of them around during City market leader, U.S. lunch hour. I still get nightmares when I walk by that branch. Bank’s Private Client Reserve How can U.S. Bank stand out in New York’s competitive nancial scene? AGE 50 When the headlines are bad for other big banks, it’s good for us. We work hard at getting our story out and following up on refer- BORN New Haven, Conn. rals. And there are also advantages for clients in that we’re a RESIDES Stamford, team of 12 people who stick together and support one another. Conn. Before hiring someone, we each vote on whether the person is a EDUCATION B.A. in good t, and the majority rules. I don’t know what we’d do if we economics and French had a 6-6 tie. Probably we’d toss a coin. from Providence University; M.B.A. from Can you score Hamilton tickets for your clients? New York University Sorry, I can’t. We have a box at the U.S. Open, though. TYING THE KNOT Donahue’s husband proposed to her in 2006 How did you get involved with the Heisman? on the 20-yard line at Giants I was working out at the Downtown Athletic Club, where the award Stadium before a football game. “We were standing there and all used to be given out, because it was a place to do StairMaster of the sudden he got on his knees,” between meetings. People thought, “Here’s a woman who’s some- she recalled, adding her husband what athletic,” so in 2001 I, along with a lawyer named Carol drank a few Coors Lights to settle Pisano, was asked to join the board of the Heisman Trophy Trust, down afterward. whose mission is helping youth and amateur athletes. I would say WANT TO BE A DONAHUE it was a matter of being in the right place at the right time. CLIENT? You’ll need to commit at least $1 million, although she says her You’re not just “somewhat athletic,” you ran the New York City Marathon. typical account has around $5 million. I did it twice. The rst time I nished it in four hours and three BUCK ENNIS minutes. I’m a little competitive, so I decided I would do it again because I wanted to make it in less than four hours. The second time, I did it in three hours and 56 minutes and said, “All right, that’s off the bucket list.”

What else is on your bucket list? I love golf and just won a championship at my club. That said, my handicap is 22, and I wish I could get it down. My colleagues and I play a lot of golf with clients, so that helps. I

8 | CRAIN’S NEW YORK BUSINESS | NOVEMBER 21, 2016

P008_CN_20161121.indd 8 11/18/16 2:19 PM AGENDA FOOD

The Vinegar Factory to close its doors to retail Eli Zabar will convert brunch spot to food production and groceries-on-demand BY CARA EISENPRESS

he easternmost out- He considered how the space needs of a changing business. he said. Home shopping has block of East 91st Street be- post of Eli Zabar’s could best serve an operation “By owning the site, I can been growing 10% to 20% each tween First and York Avenues. uptown foodie em- that now includes a flagship do what I want there,” he said, year, and a large portion of the That’s where bakers turn out pire will shut down market, four Eli’s Essentials adding area rents are “beyond Vinegar Factory’s customers baguettes and croissants, dec- Tas a retailer on Nov. 23. Be- prepared-foods stores—two what food operations can pay.” already use home shopping orated cookies, rugelach, and hind the change is a need to of which morph into wine The increased production exclusively, he said. babka. Up on the second floor accommodate increased de- or cocktail bars at night—a space will allow him to bolster By revenue, retail is the of what’s now the Vinegar Fac- mand for home grocery deliv- wine store, the café and shop the offerings and staff at the largest part of Zabar’s busi- tory, big pots simmer stock ery as well as prepared foods. E.A.T., the restaurant Eli’s Ta- flagship Eli’s Market at East ness. Increasing production and soup and a designated fry- After a renovation, the Vin- ble, grocery delivery, catering, 80th Street and Third Avenue, space will allow him to open er makes potato chips sold at egar Factory, which has served gift baskets, a kosher bakery, a and to satisfy the growing de- more locations, he said. Eli’s Essentials and Eli’s Table. Yorkville as a grocer, a brunch wholesale bread business and mand for grocery delivery. He “Now when sites are On top of two of the buildings spot and an event space since more than 700 employees. sees both retail and delivery as brought to my attention, I are 22,000 square feet of green- 1993, will reopen as a commis- “All these things take space,” quintessential businesses at a don’t have to say, ‘I wish I could house space, where Zabar has sary kitchen to stock Zabar’s he said. “We’d have to move out time when people are too busy consider that, but I can’t,’ ” he been experimenting with hy- other ventures. (Thanksgiv- to the boroughs and we’re not to shop during the week. said. He thinks the area below droponic tomatoes, vertically ing catering won’t be affected, going to do that.” Zabar also believes that East 76th Street is still under- grown strawberries and greens and the site will still have an Zabar’s longevity in the in both of those ventures his served, but he draws the line at since 1995. event space.) Vinegar Factory neighborhood—he opened his markets have an advantage expanding his business to the Zabar has enlisted an ar- employees will find jobs at the first venture, E.A.T., more than over the larger grocery chains. foodie haven of Brooklyn. “It’s chitect to renovate the Vinegar other branches. 40 years ago—made it possible “We’re not anonymous,” he too far from my production fa- Factory, but the exact plans are Zabar was looking at nec- for him to buy a collection of explained. “There’s a sense of cility to make it fresh and de- still in flux. He intends to keep essary repairs at the former properties, including the for- trust.” To use the home shop- liver it that day,” he said. the factory charm intact but mustard and vinegar factory, mer vinegar factory, that he is ping service, “you call on the The Vinegar Factory is one acknowledges “there will be which was built in the 1890s. now able to modify to suit the phone and speak to Milton,” of four sites Zabar owns on the disappointed customers.” n

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November 21, 2016 | CRAIN’S NEW YORK BUSINESS | 9

P009_CN_20161121.indd 9 11/18/16 3:39 PM AGENDA VIEWPOINTS

Trump could goose NY’s STOCK UP: LOCAL FIRMS’ SHARES RISE COMPANY NOV. 8 NOV. 17 GAIN economy—or gut it Morgan Stanley $34.10 $39.97 17.2% Gifts for Wall Street and the rich, or wars on trade and immigration? Goldman Sachs $181.92 $209.63 15.2% MetLife $47.88 $54.46 13.7% INVESTORS have de- in six of the past seven years. Weakening they will have more Prudential $88.75 $99.16 11.7% cided Donald Trump those rules, which Trump has promised money, and lower will be good for cor- will be a top priority, has to boost their capital-gains taxes JPMorgan Chase $70.03 $78.02 11.4% porate America and bottom lines. The same is true for energy would unleash a wave the economy gener- companies like Manhattan-based Hess. of transactions that ally. If they are right, Pfizer is part of the stock group that had would boost city and state revenues. possible. The Paul Ryan Republicans no place will benefit the worst 2016 pre-election Two caveats: Trump could push through budgets or tax more than New York. performance amid fears of has said he would close the reforms that eliminate the state and local GREG DAVID Here’s how it could Democratic plans for drug- % egregious carried-interest tax deductions, as Ryan has promised. work. price controls. No way price loophole that allows private- That would be a big hit to New Yorkers. The Trump stock rally rests on controls will be imposed equity and hedge-fund The infrastructure plan might founder 23.8TOP FEDERAL three premises: The new president’s now. capital-gains tax managers to report most of over finances, and Senate Democrats commitment to dismantle regulations The Trump theory of rate, including their income as capital gains, might be able to block tax cuts, wiping will boost profits for companies that have prosperity also foresees the Obamacare which are taxed at a lower out any fiscal stimulus. been the target of new rules since 2008, faster growth based on surcharge rate. That would hurt some Or President Trump might begin by his plans for big tax cuts will increase the fiscal stimulus (tax cuts not of the richest New Yorkers, building the wall, deporting millions of deficit and stimulate the economy, and offset very much by budget but a relatively small number illegal immigrants and starting trade he won’t proceed with his extreme and reductions) and more infrastructure overall. wars. The result might be economic economically disruptive proposals on spending. These would be an accelerant In addition, inequality would get chaos, and New York would be badly trade and immigration. to the already strong city economy. worse in the nation’s No. 1 city for hurt by a plunging stock market, much Stocks of the city’s financial giants The tax cuts would have the most inequality. At least Mayor Bill de Blasio higher prices for imports and the have surged since the election for good impact locally because they are expected won’t have to explain why he couldn’t disruption of global economic links. n reason. Dodd-Frank and accompanying to be weighted toward the wealthy, deliver on his promise to reduce capital requirements have squeezed especially by a reduction in capital-gains inequality. He can just blame Trump. GREG DAVID blogs regularly at Wall Street so much, profits have fallen taxes. No place has more rich people, so Of course, other scenarios are CrainsNewYork.com.

How the new prez can fulfill CONGESTION at LaGuardia and other local airports his pledge to improve airports hurts our economy. Upgrade terminals, yes, but fix the capacity problem, too BY JOE SITT

ven during a divisive cam- plan to modernize LaGuardia will add paign, Donald Trump kept $8 billion more, but without expanding saying something that was our runways and modernizing air-traf- music to my ears: We must fic control, these dollars will go to waste Efix our airports. Singling out LaGuar- and the chronic delays costing a for- dia, Kennedy and Newark airports, he tune in lost time and productivity will lamented at the first debate, “Our air- continue. ports are like from a Third World coun- Elsewhere, our rivals are not resting. try. ... You come in from Dubai and Qa- After many years of debate, the British tar ... you come in from China, you see government is taking steps to increase in annual economic activity and ac- runway parallel to the existing two at these incredible airports.” its airport capacity by lending sup- counting for more than 590,000 jobs. Newark. In addition, ReThink Studio’s Trump’s win is an endorsement of port for a third runway at Heathrow. And yet flight delays caused by conges- “ReThinkLGA” proposal would expand the long-held agenda of the Global British officials know they must invest tion at the three airports are projected LaGuardia onto Rikers Island, giving Gateway Alliance, the organization I in infrastructure to maintain their na- to cause $79 billion in losses to the re- the airport access to two runways over founded and chair, to improve the re- tion’s global standing as a major airport gional economy by 2025 and 39 million 10,000 feet long. gion’s airports. The president-elect ran player. The decision comes a year after unserved passengers, according to the The path forward may not be on the platform of boosting investment Heathrow dropped in the international Partnership for New York City. smooth, but it is clear. The capacity and modernizing the nation’s transpor- rankings for passenger traffic to sixth The first step to expand capacity is problem is the No. 1 issue facing New tation hubs, rightly singling out New from third. getting the federal government to ful- York airports and will only worsen the York’s deteriorating airport terminals New York, meanwhile, has the most ly roll out NextGen, a satellite-based longer we wait to install modern air- and physical infrastructure. Indeed, his congested airspace in the world, mak- air-traffic control technology, in the space technology and better runways. promise to spend $1 trillion over the ing arrivals and departures more chal- New York airspace to replace our As Trump looks to implement his am- next decade on infrastructure through lenging to orchestrate and giving rise to 1940s-era radar. bitious infrastructure plan, it’s time to public-private partnerships and private roughly a third of all delays in the U.S. We also desperately need new run- take a page out of London’s book and investments from tax incentives would The physical constraints of our runways. Runway projects face commu- modernize our airports’ infrastructure go a long way to bringing the nation’s ways intensify the problem. A recent nity opposition and numerous regula both on the ground and in the air. airports into the 21st century. Global Gateway Alliance study ranked tory hurdles, but they are essential. The However, with critical terminal- the three New York-area airports in the Regional Plan Association set forth Joe Sitt is chairman of the Global modernization projects already under- nation’s bottom five for delays this year, several runway configurations for JFK Gateway Alliance, a regional advocacy way in New York, we must also fix the with LaGuardia dead last. and Newark that we should think se- organization established to address capacity problem. More than $6 billion The stakes are high. Our airports riously about. They include expand- the major challenges facing the has been invested in new terminals at are economic engines for the region, ing runway access into Jamaica Bay metropolitan area’s airports and

GETTY IMAGES LaGuardia, JFK and Newark, and the generating approximately $116 billion at JFK and building a third western related infrastructure.

10 | CRAIN’S NEW YORK BUSINESS | November 21, 2016

P010_CN_20161121.indd 10 11/18/16 2:23 PM AGENDA THE LIST NYC’S LARGEST HEALTH INSURERS Ranked by number of enrolled members

TRENDS COVERING THE TERRITORY MARKETPLACE GROWTH Since the Affordable Care Act was signed in 2010, the percentage of uninsured New Yorkers NYC enrollees in Medicaid, CHP1, EP 2 and QHP3 has tumbled across all five boroughs, with Queens leading the way. Marketplace programs (figures in millions)

2010 2015 212K 20% 2.0 NUMBER of NYC 18.6% residents added by 15% 16.1% 1.5 1.6 Aetna in 2016, the 14.5% 11.6% 1.0 1.2 largest gain in the 10% 10.6% 10.9% last three editions 9.1% 5% 6.6% 7.1% 0.5 of Crain’s list 5.5% 0.5 0 0 Bronx Brooklyn Manhattan Queens Staten Island 2014 2015 2016 SOURCES: Crain’s research, American Community Survey, New York State of Health Open Enrollment Reports 1-Child Health Plus. 2-Essential Plan. 3-Qualified Health Plans.

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November 21, 2016 | CRAIN’S NEW YORK BUSINESS | 11

P011_CN_20161121.indd 11 11/18/16 2:25 PM DATING SERVICES | CATCHING A CATCH

AT ONE’S FINGERTIPS: Mobile apps can offer immediate dates but also overwhelm

ennifer Ross is what you’d call a catch. comptroller’s office recently reported that New York- “Kind of perfect,” reads the email from ers work an average of 49 hours a week, including a source. “Smart, pretty and a CPA!” commute time, putting them well above the national She is all those things, as well as funny, average of 35 hours weekly. HOW TO confident and a natural storyteller. J Ross (not her real name), 38, has lived in All work and no play Manhattan for 16 years, and in that time she Ross is no exception, clocking between 40 and 60 has been in one long-term relationship, which lasted hours a week. Then there’s her work-related travel, about 18 months. four to five days a month. Add in socializing with DATE IN “I’ve dated guys for two months here and there, friends most nights, and it all leaves her very little and for different reasons we’d break up,” Ross said, time for working the little black book. “maybe because our schedules didn’t align, or it just Today, 15% of American adults utilize online dat- wasn’t forever.” ing, which, along with mobile, generates the major But like a lot of single New Yorkers, Ross is look- ity of the industry’s $2.4 billion in revenue. NEW ing for forever. “The Internet has become the largest context for Theoretically, the odds are good that a person can meeting a new dating partner, more so than through find a soul mate among the 3.2 million single New friends, religious groups, bars, work and school,” said Yorkers between the ages of 18 and 64. Realistically, Justin Garcia, an evolutionary biologist and sex re- however, the sheer number of prospective partners searcher at Indiana University’s Kinsey Institute and YORK creates its own major problem—but also a huge busi- co-author of the annual Singles in America survey. ness opportunity. Market research firm IBISWorld Since 2013, online dating usage has nearly tripled Hundreds of locally based apps, estimates 8% of the nearly 4,000 dating services na- among Americans 18 to 24 years old, according to tionwide, including online apps, matchmakers and the Pew Research Center, accounting for more than matchmakers and coaches singles events planners, are based in New York state. 20% of all Americans in this age bracket. are helping 3.2 million singles No longer do people rely solely on their social cir- The problem is, online dating isn’t often a quick cles to find mates. Instead, ask anyone dating in this solution. “Six or seven years ago, when I started on search for love city: To overcome barriers such as a lack of time, too eHarmony, it took me 10 hours to put together a much choice and a lopsided female-to-male ratio, profile,” Ross said. Worse, all that work didn’t lead to BY DEANNA CIOPPA New Yorkers use an assortment of online and mobile better outcomes. dating apps, dating coaches and matchmakers to find Several types of services address the time issue. In the proverbial “one.” 2013, Lauren Kay and Emma Tessler founded the Dat- City residents have for years had a reputation for ing Ring, a lower Manhattan-based firm that mostly

BUCK ENNIS working long hours, and with good cause. The city works as a human matchmaker for online daters.

12 | CRAIN’S NEW YORK BUSINESS | November 21, 2016

P012_P013_CN_20161121.indd 12 11/18/16 4:52 PM FACTS

“When Lauren and I started the cording to IBISWorld. pen. That’s where the idea for Hinge originated.” Dating Ring, we didn’t just have In some ways, mobile appeals because it Hinge held a $12 million Series A round in 2014, one problem with the dating indus- mimics the offline experience better than and by 2015 had users in 38 cities around the world try, we had many,” said Tessler. “A 8%OF DATING-SERVICE desktop dating does. Online dating is about and was enabling 52,000 dates per week. big one was how much time online businesses in the U.S. “improving on the real-world experience,” By utilizing common connections, McLeod also dating took—the equivalent of a are based in New York said Mark Brooks, who owns an Internet- hopes to address another problem of volume. “An- part-time job.” state dating industry consultancy called Courtland onymity on the Internet has led to people treating The Dating Ring, which grad- Brooks, based in Malta. “Mobile apps cater to each other poorly,” he said. “We’ve always believed uated from Y Combinator’s 2014 the economics of dating. When you’re pursu- in keeping things real. That means we show first and incubator class and has raised a ing someone, you don’t wait a few days before last names, workplace, education, along with friends small amount of funding (under contacting them. If you don’t stay in contact, in common. Through transparency comes account- $500,000), provides its clients with someone else will.” ability and an environment where people treat each 8NUMBER OF ONLINE the option of filling out an online According to the Pew Research Center, other like people.” essay about themselves or taking dating-service tech some 9% of American adults use or have used Ross, who’s seen her share of last-minute cancel- part in a 15-minute interview with companies in New York mobile dating apps. Considering that roughly lations and other bad dating behavior, concurs. “If a a matchmaker. For $40 or $80 per three-quarters of New Yorkers own smart- mother tells her son to call her friend’s daughter and month, the matchmaker scours the phones, according to the Department of Con- take her out, there’s no chance that the guy is can- Dating Ring’s database for a match, sumer Affairs, the market for development in celing two hours before. But on the Internet, when and sends clients a match every one this city alone is huge. After California, New it’s Jane Doe, 27, 5 foot 8, who likes basketball, it’s a or two weeks, depending on the tier York hosts the most online dating-service lot easier.” 15%MORE SINGLE WOMEN of service. Should the client approve tech companies in the U.S., or eight. McLeod recently pushed for even greater ac- the match, a private text-messaging than men in New York The ease of technology combined with the countability when Hinge began charging users $7 line is set up for communication City sheer volume of actively dating New Yorkers per month for its service. In just two months under and, hopefully, date setting. The has created its own problem of cognitive over- this new business model, McLeod said, user behavior Dating Ring also offers a premium membership load, which applies to everything from restaurant has changed. Instead of searching for new prospects, starting at $2,500 per year, and combines traditional ordering to shopping and dating, both online and users are investing in longer conversations with the matchmaking with coaching. in person. “There are so many choices in New York,” people they contact with the app. As a result, he While Tessler would not disclose the company’s said Ross. “There’s a lot of money; there are a lot of claimed, connections are nine times more likely to number of clients, she did say that one in every 4.5 pretty, smart people. So it’s like, ‘Do I want to, you turn into dates compared with the earlier Hinge. Dating Ring matches results in a first date, and 50% know, buy these shoes and take them home? Or may- of those first dates lead to second ones. The service is be let’s check out the next pair.’ ” Psyches of the sexes available in five cities, and Tessler and Kay are look- Attacking cognitive overload means narrowing In addition to time, volume and anonymity, New ing to expand nationwide. Scaling to Match.com-like choices—one appeal of a new generation of apps York presents one more problem for single women capacity, however, is not one of their goals: “We want such as Hinge, which connects users through mutu- looking for men. There just aren’t enough of them. to remain a lifestyle brand,” said Tessler. al acquaintances. Single women ages 20 to 64 in the city outnumber Dating coaches go beyond just men by 15%. helping to find a match and also The problem is worse among work on clients’ self-presentation “THERE ARE A LOT OF PRETTY, SMART the college-educated. In his book and social skills. Date-onomics: How Dating Became “Online dating can help you get a PEOPLE IN NEW YORK, SO IT’S LIKE, a Lopsided Numbers Game, West- date,” said Chris Luna, “but it doesn’t ‘DO I WANT TO BUY THESE SHOES? OR chester author Jon Birger crunched guarantee that you have the social census data and graduation rates skills to build the right emotional MAYBE CHECK OUT THE NEXT PAIR?’ ” in locations all around the country connection and then move things and found that the national ratio of along intimately.” young, college-educated women to Luna owns Craft of Charisma on Canal Street, Launched in 2011, the Flatiron district-based men has reached 4-to-3. through which he offers services from $200 to $6,000 Hinge has differentiated itself by using Facebook to “It’s a demographics problem,” said Birger, a for- to help men choose the appropriate dating site, set connect only people who share at least one mutual mer writer for Money and Fortune, “and the longer up a profile, hire a photographer and even consult contact on the social network. It’s tried to remove you stay in the game, the worse it gets.” on selecting the most optimal shots. His premium the randomness of online dating by incorporat- Over all five boroughs, New York matches the coaching focuses on building the skills to start a con- ing the offline method of meeting through friends, national picture Birger drew, but Manhattan is par- versation, then enter and maintain a relationship. which, argues Hinge CEO Justin McLeod, is what ticularly troublesome for educated young women: For a smaller sum, Joshua Pompey helps clients most people prefer. Among single, college-educated 22- to 39-year- write a new online dating profile, complete with photo “I wasn’t excited about joining a dating website,” olds, there are 26% more women than men. (Note selection and a week’s worth of dating coaching. Mi- said McLeod via email. “Creating a screen name and that census data does not differentiate by sexual ori- chael Adams (not his real name) is a typical client. In winking at tons of strangers seemed unnatural to entation.) the three years since he first began online dating, the me. I simply wanted an easy way to meet the friends The issue goes beyond simple statistics. Gender 30-year-old video editor from Queens had landed of people I already knew—there were only so many disparities in a dating pool tend to influence sex less than one date every two months or so, often with dinner parties thrown by friends to make that hap- ual behavior, Birger said. In short, studies show women he knew were wrong for him. that when men are in oversupply, the dating culture “I’m just not good at writing profiles, I guess,” he tends to follow more traditional, monogamous lines, said. “I wasn’t happy with the kind of girls who re- whereas when women are in overabundance, there’s sponded to me.” MATCHMAKER OR more promiscuity than monogamy. Adams found Pompey, whose office is near the DATING COACH? One way to beat the numbers? Stop checking Empire State Building, by Googling for an online off “college educated” in your dating requirements, dating profile-writing service. He paid the fee— said Birger. “In the offline world, you might meet $150—and completed out a 30-question survey. SINCE 1971, New York state has had one of someone at the beach, at church or the bar, and his Two months later, he was going on several dates a the toughest laws on social-referral services, background wouldn’t matter if you hit it off. Online week. Now his goal is to get past date three. imposing a $1,000 annual cap per client. has exacerbated the problem of assortative mating. This affects matchmakers, who essen- There’s just so much box-checking when it comes Too many fish tially set up dates with appropriate partners, to online dating; users aren’t necessarily describing Like most online daters these days, Ross spends after learning about them and what they are who they’re going to click with best—they’re just de- most of her online-dating time on her smartphone. looking for. scribing themselves.” Her return on investment looks good: Of the 25 or Dating coaches help clients learn how to As for Ross, she remains optimistic about her so people Ross has been on dates with in the past date: how to approach people, start conversa- quest for love in the Big Apple. “Online dating is 12 months, most have come from mobile apps, the tions, ask for dates and then build a relation- fun, as long as you go in lighthearted, knowing that segment that is the chief driver of the 5% annual ship. They can set their own rates. it could work—and of course you want it to. But it growth over the past five years in digital dating, ac- also could just be a great story.” n

November 21, 2016 | CRAIN’S NEW YORK BUSINESS | 13

P012_P013_CN_20161121.indd 13 11/18/16 4:53 PM EDUCATION | CLASS WARFARE

LESSON PLAN: BASIS Educational Ventures exec Mark Reford at the company’s new Manhattan school. LEARNING CURVE With a growing number of families raising kids in the city, for-profit schools are hurrying to meet the demand BY MIRIAM KREININ SOUCCAR

or parents in New York City, trying to get their kids into quality schools can be a long, hard slog. But help is on the way. A record number of new private schools are flooding the New York market, while existing schools are expanding at a rapid pace. The boom comes in response to skyrocketing demand from a grow- Fing number of families—and larger families at that—who are choosing to raise their kids in the five boroughs. Some of the education newcomers are trading on reputations built elsewhere to

BUCK ENNIS break into the New York market, but few have pedigrees like Dalton, the prestigious SCHOOL, PORTFOLIO SCHOOL AND WETHERBY-PEMBRIDGE NORD ANGLIA INTERNATIONAL NEW YORK, BASIS INDEPENDENT MANHATTAN, PHOTOS COURTESY OF ALTSCHOOL

14 | CRAIN’S NEW YORK BUSINESS | November 21, 2016

P014_P015_CN_20161121.indd 14 11/18/16 4:54 PM CLASS ACTION Upper East Side prep school. The majority are branches of relatively new for-profit education companies THE FOR-PROFIT PRIVATE SCHOOL market is growing faster than ever, with many newcomers offering with schools in multiple cities across the U.S. and innovation and (slightly) lower costs in place of pedigree. overseas that focus on innovative learning techniques and the desire to help kids compete internationally. AltSchool New York “I’ve been in practice since 1999 and I’ve never 1 Avenue B (pre-K to fourth grade) seen so many new schools opening at once,” said Em- 90 Fifth Ave. (fifth to eighth grade) ily Glickman, head of Abacus Guide Education Con- Tuition: Low $30,000s sulting, a firm that helps parents with the application Philosophy: San Francisco-based school chain process. “The for-profit education market is looking where kids work independently on tablets in to open schools in affluent places, so it makes sense mixed-age classrooms that New York families are being courted.” Among the new entrants is Wetherby-Pembridge, BASIS Independent Manhattan the exclusive U.K. school that Princes William and 795 Columbus Ave. Harry attended in London, which just started ac- Tuition: $29,500 cepting applications for its first branch in the U.S., Philosophy: Rigorous STEM-focused curricu- set to open on the Upper East Side next September. lum for grades kindergarten to eighth The program will start with preschool classes but will build to 280 seats serving kids up to age 11. Nord Anglia International School AltSchool, a San Francisco-based company with 44 E. 2nd St. backing from Mark Zuckerberg, started a school Tuition: $39,300 in Brooklyn Heights a year ago, opened a second Philosophy: International chain using the branch in the East Village this fall and is planning English national curriculum with performing another in Union Square for next year. The kinder- arts classes taught by Juilliard for preschool garten-through-sixth-grade program features an in- through eighth grade novative teaching approach where students work at their own pace in mixed-age classrooms. Portfolio School Portfolio School, a 2,500-square-foot facility in 27 N. Moore St. TriBeCa developed by Stanford’s graduate schools Tuition: $35,000 of education and design, opened in September. The Philosophy: A network of micro schools Nord Anglia International School—an East Village developed by Stanford’s graduate schools venture that offers the English national curriculum of education and design, where students along with an exclusive Juilliard-branded perform- from kindergarten to fifth grade work at ing arts curriculum—launched in 2011 and has 240 their own pace students from more than 50 countries. Wetherby-Pembridge Growth spurt 7 E. 96th St. Along with the newcomers, many existing pro- Tuition: $45,500 grams are looking to expand. BASIS Independent, Philosophy: Exclusive British school for a STEM-focused school that opened in Red Hook, preschool to fifth grade will open next fall Brooklyn, in 2015, is launching a Manhattan branch on the Upper West Side next fall. Enrollment at the Red Hook location this year jumped to 675 kids from 400 in 2015. BASIS has attracted families with its rigorous focus on math and science, and its cheaper tuition—$25,400 a year in Brooklyn and $29,500 at say their focus on international education resonates Indeed, new schools in New York don’t always the Manhattan location, roughly two-thirds of what with well-educated, well-to-do parents today. succeed. BASIS Independent is taking over the Man- many more established private schools command. “There’s a globalization at the higher echelons dell School’s kindergarten-through-eighth-grade “The number of school-age children in New York of education,” said Kate Bailey, head of school facility on the Upper West Side next year, as that is rising, and we offer them a solution to their edu- at Wetherby-Pembridge in New York. “In both school is closing because of financial difficulty. cation problem,” said Mark Reford, chief business London and Manhattan, we are in neighborhoods But so far, demand has been strong for at least development officer for BASIS Educational Ventures. with very successful, internationally oriented, high- some of the newcomers. BASIS has more than 1,000 “They either can’t afford the traditional privates that end communities.” families requesting applications for its Manhattan are over $40,000, or they can’t get in, branch. In its first year in Brooklyn or they’re not comfortable with them Heights, AltSchool received 1,200 because they are so elite.” THOUSANDS OF APPLICANTS FOR applications for 30 spots. With more families opting to stay DOZENS OF SPOTS MAKE CITY in the city, and spots in top public New math schools so hard to come by, parents SCHOOLS EXCLUSIVE BY DEFAULT. There is no official count of how may have no choice but to consider many kids apply to private schools these new schools, experts say. On the “NEW YORKERS LIKE A CLUB THAT’S in the city each year, but Uhry esti- Upper East Side, 59% of all families HARD TO GET INTO.” mated that there are often more than with a household income of $100,000 1,000 applications for 60 spots in or more had two or more children kindergarten at many schools. “And in 2011, up from 49% in 2000, according to census But experts on the New York market say parents it’s going up 10% a year,” she said. data. The numbers were similar on the Upper East are skeptical of for-profit schools and feel more se- Parents might be more willing to consider these Side and in Park Slope. Meanwhile, across the five cure with the nonprofit model overseen by a board new schools, some experts say, in part because of the boroughs, 21% of those earning from $200,000 to of directors. In fact, despite the demand, experts success of Avenues: The World School, a for-profit $399,000 had three children, up from 15% in 2000. predict that many of these newcomers won’t last in academy that opened in Chelsea in 2012. Avenues At the same time, the number of children under the tough local market where parents want schools just graduated its first class of seniors and widely the age of 5 in many wealthy communities in New with longstanding track records of getting kids into publicized the colleges they were attending. Har- Jersey has fallen 20% to 40% since 2000, with similar the Ivy League. vard, Yale and the University of Chicago were just declines in Westchester and Nassau counties, census “We have 1,600 clients and we don’t have one some of the top schools on the list. data show. who is applying to a new school,” said Amanda “Avenues is highly sought-after, and New Yorkers For-profit-school advocates say that their model Uhry, president of Manhattan Private School Ad- typically like a club that’s hard to get into,” Glickman leads to better-run institutions with a higher level of visors. “The schools have no history, and people in said. “Still, only a few schools have been so success-

PHOTOS COURTESY OF ALTSCHOOL NEW YORK, BASIS INDEPENDENT MANHATTAN, NORD ANGLIA INTERNATIONAL SCHOOL, PORTFOLIO SCHOOL AND WETHERBY-PEMBRIDGE NORD ANGLIA INTERNATIONAL NEW YORK, BASIS INDEPENDENT MANHATTAN, PHOTOS COURTESY OF ALTSCHOOL investment in facilities and programming. They also New York look at that.” ful in quickly generating demand.” n

November 21, 2016 | CRAIN’S NEW YORK BUSINESS | 15

P014_P015_CN_20161121.indd 15 11/18/16 4:55 PM WORKFORCE TRAINING | DOING GOOD

meaningful work—in a company with a social con- science—rather than only by the more traditional lure of higher salaries and bigger bonuses. Corporate support for employee volunteers is not new. For decades, companies big and small have encouraged workers to engage with their communities both as volunteers and donors. Many firms match employee gifts to nonprofits or provide time off to do good deeds. Dentons, Canaan Partners, Silicon Valley Bank and Uber, for example, recently sponsored New York City Tech Gives Back, where VOLUNTEERS from employees spent a workday helping eight nonprof- Silicon Valley Bank its from around the city. pitch in at October’s New York Tech Gives But the growing trend in pro bono is different Back event. from painting a house for Habitat for Humanity on a Saturday morning. What has traditionally been seen as a philanthropic gesture is now viewed as fertile training ground for employees. Volunteers hen Carissa Biggie was help nonprofits solve important real-life problems, selected for Goldman Sachs’ from building more capacity and improving IT and six-month leadership- marketing to helping professionalize HR practices. THE acceleration program, one Financial services company Macquarie Group, of her tasks was to figure for one, has been weaving pro bono opportunities outW a template for growth—not for the firm or into its talent-development program for several even for her department but for STRIVE, a na- years. “Hands-on training, with real issues, a real PROFITS tional nonprofit that provides skills training client and real impact, is more effective than class- for low-income people and helps them get jobs. room training,” said Erin Shakespeare, vice presi- “It was eye-opening,” said Biggie, a vice president and regional head of the Fifth Avenue-based dent in Goldman’s investment-management divi- Macquarie Foundation. OF PRO sion. “I was actually able to use my skill set to help Recently, 20 members of Macquarie’s HR staff other organizations.” held a day of mock interviews with clients of the Welcome to corporate pro bono, the fastest HOPE Program, a job training and placement orga- growing category of volunteerism in the U.S. nization. Macquarie also marshaled its finance gurus BONO “[Companies] are using pro bono as a way to to help HOPE plan for its merger with another non- develop leadership, nurture high-potential employ- profit, Sustainable South Bronx, as well as tech staff More New York companies are using ees and create more strategic ways of giving back to to work on future technology needs. volunteer projects to give up-and-coming the community,” said Liz Hamburg, president and Macquarie IT manager Steve Jaconetti, who managers a chance to grow. CEO of the Taproot Foundation, which maintains didn’t have any prior consulting experience, said a network of 20,000 corporate volunteers across the program taught him that “creating a relation- the country and coordinates skilled volunteering ship not just with the nonprofit but with their ven- BY JUDITH MESSINA programs for Fortune 500 companies, connecting dors was critical.” them with nonprofits in need of strategic savvy. They may be vilified by politicians and the me- Common ground dia as greedy capitalists, but corporate leaders have At NBCUniversal, the 39 members of the been working harder than ever to find their inner company’s HR staff who participated in a day of good guy. The percentage of U.S. companies offer- “flash consulting” to 15 nonprofits found they ing pro bono or skilled volunteering programs grew got a re-education in the fundamentals of their from 43% in 2013 to 54% in 2015, according to the profession. Committee Encouraging Corporate Philanthropy, a “We go on autopilot,” said Carrie Maltese, an coalition of 150 CEOs, including 36 in New York NBC human resources vice president. “This was City, whose mantra is that societal improvements a way to stop and remind yourself of the basics of are an “essential measure of business performance.” consulting, the basics of listening to the problem.” And it doesn’t come without a cost. The coali- One beneficiary of the NBCUniversal program tion estimates that an employee’s pro bono work on was tech-training organization Per Scholas, which company time is valued at roughly $150 an hour. used the opportunity to work out a policy for tele- Nor is it easy to measure outcomes. Corporations commuting employees. “We had preconceptions often survey employees who have been involved in about the way to do it,” said Michelle Pullaro, pro bono projects and usually get positive, “way to the nonprofit’s chief administrative officer. “They go” kinds of comments. But the long-term social helped us think through how to implement it to impact, namely the ability of a nonprofit to contin- make it fair.” ue its mission as a result of a company’s contribu- The benefits for corporate employees also go tion to it, is a lot harder to quantify. beyond leadership experience, with many volun- “It’s a struggle to measure the effect on the overall teers saying they came away with a greater appreci- outcomes of an organization,” said Hamburg. “There’s ation for the challenges nonprofits face and learned no easy answer.” But for the companies themselves, to tailor their advice to organizations that lack pro bono work has emerged as a way to provide new armies of workers able to implement new strategies. challenges for the next generation of leaders, experi- “We had to create a partnership,” said Jaconetti, ences firms can’t always offer in-house. who helped HOPE build a better tech-security “We frame them as professional-development model, “not just be a big company going in and opportunities,” said Lisa Hancock, vice president thinking we have all the answers.” and program officer at the Goldman Sachs Foun- For the nonprofit employees, the experience also dation, which runs at least four programs where its provided a glimpse into some of the challenges they employees coach and advise nonprofits. have in common with their corporate counterparts. In the process, companies burnish their reputa- “It showed us that our skill sets are the same as in tion and enhance their ability to attract and retain the corporate world,” said Robin Jenkins, the HOPE talent, especially among hard-to-satisfy millen- Program’s chief financial and operating officer.

COURTESY OF NEW YORK TECH GIVES BACK nials, who are often motivated by a desire to do “We’re all running businesses.” n

16 | CRAIN’S NEW YORK BUSINESS | November 21, 2016

P016_CN_20161121.indd 16 11/18/16 5:39 PM TO PLACE A CLASSIFIED AD, CALL 1 800 444 6007 OR VISIT CRAINSNEWYORK.COM

REAL ESTATE SERVICES PUBLIC & LEGAL NOTICES

Notice of Formation of ENGLISH LANE Notice of Qualification of LLC Arts. of Org. filed with Secy. of State ASSUREDPARTNERS OF TEXAS, LLC NEW YORK CITY of NY (SSNY) on 11/09/16. Office loca- Appl. for Auth. filed with Secy. of State tion: NY County. Princ. office of LLC: of NY (SSNY) on 09/30/16. Office loca- REAL ESTATE 109 Bellewood Ave., Dobbs Ferry, NY tion: NY County. LLC formed in Texas 10522. SSNY designated as agent of (TX) on 02/16/16. SSNY designated WEDNESDAY, JANUARY 11, 2017 LLC upon whom process against it may as agent of LLC upon whom process 10:00 AM Spector Hall be served. SSNY shall mail process to against it may be served. SSNY shall 22 Reade Street, New York, NY 10007 the LLC at the addr. of its princ. office. mail process to c/o Corporation Serv- Purpose: Any lawful activity. ice Co., 80 State St., Albany, NY 12207-2543. TX addr. of LLC: 211 E. 7th St., Ste. 620, Austin, TX 78701. For more information please visit Notice of Qualification of Lexington Co- nyc.gov/auctions Cert. of Form. filed with TX Secy. of Investment Partners Energy, L.P. Author- State, Carlos H. Cascos, James E. Rud- ity filed with NY Dept. of State on der Bldg., 1019 Brazos, Austin, TX 10/4/16. Office location: NY County. 78701. Purpose: Any lawful activity. Princ. bus. addr.: 660 Madison Ave., 23rd Fl., NY, NY 10065. LP formed in Notice of Qualification of MSG TG, LLC DE on 7/27/16. NY Sec. of State des- Appl. for Auth. filed with Secy. of State ignated agent of LP upon whom proc- of NY (SSNY) on 10/19/16. Office lo- ess against it may be served and shall cation: NY County. LLC formed in Dela- mail process to: c/o CT Corporation ware (DE) on 10/17/16. Princ. office System, 111 8th Ave., NY, NY 10011, of LLC: 2 Pennsylvania Plaza, NY, NY regd. agent upon whom process may 10121. SSNY designated as agent of be served. DE addr. of LP: c/o The Cor- LLC upon whom process against it poration Trust Co., 1209 Orange St., may be served. SSNY shall mail proc- CITY OF NEW YORK BILL DE BLASIO, MAYOR Wilmington, DE 19801. Name/addr. of ess to c/o Corporation Service Co., LISETTE CAMILO genl. ptr. available from NY Sec. of 80 State St., Albany, NY 12207-2543. Commissioner, State. Cert. of LP filed with DE Sec. of Citywide Administrative Services DE addr. of LLC: 2711 Centerville Rd., Accessibility questions: State, 401 Federal St., Dover, DE Ste. 400, Wilmington, DE 19808. PUBLIC AUCTION Diversity & EEO Office RICARDO E. MORALES (212) 386-0297 Deputy Commissioner, 19901. Purpose: all lawful purposes. Cert. of Form. filed with DE Secy. of by January 3, 2017 Asset Management State, Div. of Corps., John G. Town- Notice of Qualification of 550 LONG send Bldg., 401 Federal St., Ste. 4, POSITION AVAILABLE TELECOMMUNICATIONS BEACH, LLC Appl. for Auth. filed with Dover, DE 19901. Purpose: Any law- Secy. of State of NY (SSNY) on ful activity. 11/01/16. Office location: NY County. Notice of Qualification of LLC formed in Connecticut (CT) on Head of Valuations (Reed Elsevier, Inc., KAMEHAMEHA SCHOOLS OPPORTUNI- 09/30/10. Princ. office of LLC: New Yo rk, NY). Req. a bach. or the foreign TIES FUND LP equiv. deg. in Air Transport Eng., Aeronau- Midwood Investment & Development, Appl. for Auth. filed with Secy. of State tical Eng., or a rel. field & 3 yrs. of exp. in Attn: Legal Notices, 430 Park Ave., of NY (SSNY) on 09/30/16. Office loca- the job offered or 3 yrs. of airline transpor- Ste. 505, NY, NY 10022. SSNY desig- tion: NY County. LP formed in Delaware tation industry exp., incl. exp. performing nated as agent of LLC upon whom proc- (DE) on 09/06/16. Princ. office of LP: aircraft valuation, maintenance adjust- ess against it may be served. SSNY 950 Third Ave., NY, NY 10022. SSNY ments, discounted cash flow analysis, & shall mail process to c/o Corporation designated as agent of LP upon whom forecasting of future Base Value curves to Service Co., 80 State St., Albany, NY process against it may be served. ISTAT definitions. Must also possess 3 yrs. 12207-2543. CT addr. of LLC: 300 SSNY shall mail process to Attn: Gener- of aircraft leasing business exp., incl. exp. Long Beach Blvd., Stratford, CT 06615. al Counsel at the princ. office of the LP. w/deal pricing, lease contracts, return con- Cert. of Form. filed with CT Secy. of the Name and addr. of each general part- ditions, maintenance reserves, portfolio State, 30 Trinity St., Hartford, CT ner are available from SSNY. DE addr. strategies, & acquisition & disposal strate- 06106. Purpose: Any lawful activity gies. Also req. is 3 yrs. of exp.: performing of LP: c/o Corporation Service Co., aircraft engine valuation, incl. producing 2711 Centerville Rd., Ste. 400, Wil- performance curves & future value curves THE LANPHIER GROUP LLC, Arts. of mington, DE 19808. Cert. of LP filed & valuing engines as both a whole unit & a Org. filed with the SSNY on with Secy. of State, State of DE, Dept. collection of parts; performing quantitative 10/27/2016. Office loc: NY County. of State, Townsend Bldg., Dover, DE analysis of data; evaluating responses SSNY has been designated as agent 19901. Purpose: Any lawful activity. to RFPs for aircraft selection, comparing upon whom process against the LLC competing aircraft types, & performing may be served. SSNY shall mail proc- Notice of Qualification of Lexington Co- aircraft performance evaluation & financial ess to: Janet Lanphier, 136 W. 16th Investment Partners IV-C, L.P. Authority evaluation; & working with developers, St., Apt 3E, NY, NY 10011. Purpose: filed with NY Dept. of State on software engineers & project managers to Any Lawful Purpose. 10/4/16. Office location: NY County. set reqs., providing guidance during the PUBLIC & LEGAL NOTICES Princ. bus. addr.: 660 Madison Ave., 23rd Fl., NY, NY 10065. LP formed in development process, & performing prod- Notice of Qualification of EMX DIGITAL, DE on 7/27/16. NY Sec. of State des- uct testing & error resolution/bug fixing. LLC Appl. for Auth. filed with Secy. of NOTICE OF FORMATION of FLOAT DE- ignated agent of LP upon whom proc- Apply w/resume to: Leticia Andrade, RELX State of NY (SSNY) on 11/07/16. Of- SIGN STUDIO, LLC. Arts. of Org. filed ess against it may be served and shall Group, 1100 Alderman Dr., Alpharetta, fice location: NY County. LLC formed in GA 30005. No relo. avail. No 3rd party with Secy. of State of NY (SSNY) on mail process to: c/o CT Corporation Delaware (DE) on 10/12/16. Princ. of- responses. EOE. 9/21/2016. Office location: NY Coun- System, 111 8th Ave., NY, NY 10011, fice of LLC: 229 W. 43rd St., Fl. 8, NY, ty. SSNY designated agent upon whom regd. agent upon whom process may NY 10036. SSNY designated as agent process may be served and shall mail be served. DE addr. of LP: c/o The Cor- of LLC upon whom process against it copy of process against LLC to: 7014 poration Trust Co., 1209 Orange St., PUBLIC & LEGAL NOTICES may be served. SSNY shall mail proc- 13th Avenue, Suite 202, Brooklyn, NY Wilmington, DE 19801. Name/addr. of ess to Corporation Service Co. (CSC), 11228. Principal business address: 65 genl. ptr. available from NY Sec. of 80 State St., Albany, NY 12207-2543. Notice of Qualification of 3100 47TH E 11th Street, 6D, New York, NY State. Cert. of LP filed with DE Sec. of DE addr. of LLC: c/o CSC, 2711 AVENUE JV, LLC Appl. for Auth. filed 10003. Purpose: any lawful act. State, 401 Federal St., Dover, DE Centerville Rd., Ste. 400, Wilmington, with Secy. of State of NY (SSNY) on 19901. Purpose: all lawful purposes. 11/02/16. Office location: NY County. Notice of Qualification of Penn ADW, DE 19808. Cert. of Form. filed with Jef- LLC formed in Delaware (DE) on LLC. Authority filed with NY Dept. of frey W. Bullock, Secy. of State, Dept. of NOTICE OF FORMATION OF Maria Bruce 10/17/16. Princ. office of LLC: 430 State on 7/11/16. Office location: NY State of the State of DE, Div. of Corps., Mental Health Counseling, PLLC. Arti- Park Ave., 12th Fl., NY, NY 10022. County. Princ. bus. addr.: 825 Berk- John G. Townsend Bldg., 401 Federal cles of Organization filed with the Secre- SSNY designated as agent of LLC upon shire Blvd., Ste. 200, Wyomissing, PA St., Ste. 4, Dover, DE 19901. Pur- tary of State of NY (SSNY) on whom process against it may be 19610. LLC formed in DE on pose: Any lawful activity. 09/22/2016. Office location: NEW served. SSNY shall mail process to Cor- 9/25/15. NY Sec. of State designat- YORK County. SSNY has been designat- poration Service Co. (CSC), 80 State ed agent of LLC upon whom process NOTICE OF FORMATION OF 305 WEST ed as agent upon whom process St., Albany, NY 12207-2543, regd. against it may be served and shall END NORTHWIND LLC. Arts of Org filed against it may be served. The Post Of- agent upon whom and at which process mail process to: c/o CT Corporation with Secy of State of NY (SSNY) on fice address to which the SSNY shall may be served. DE addr. of LLC: c/o System, 111 8th Ave., NY, NY 10011, 9/29/16. Office location: NEW YORK mail a copy of any process against the CSC, 2711 Centerville Rd., Ste. 400, regd. agent upon whom process may County. SSNY designated agent upon PLLC served upon him/her is: 7014 Wilmington, DE 19808. Cert. of Form. be served. DE addr. of LLC: 1209 Or- whom process may be served and shall 13th Avenue Suite 202, Brooklyn NY filed with DE Secy. of State, Div. of ange St., Wilmington, DE 19801. Cert. mail copy of process against LLC to 11228. The principal business ad- Corps., John B. Townsend Bldg., 401 of Form. filed with DE Sec. of State, principal business address: 40 EX- dress of the PLLC is: 12 Stuyvesant Federal St., Ste. 4, Dover, DE 19901. 401 Federal St., Dover, DE 19901. CHANGE PLACE, Ste 1201,NY NY Oval Apt 10 B New York NY 10009. Pur- Purpose: Any lawful activity. Purpose: all lawful purposes. 10005. Purpose: any lawful act. pose: any lawful act or activity

NOVEMBER 21, 2016 | CRAIN’S NEW YORK BUSINESS | 17

P017-18_CN_20161121.indd 17 11/18/2016 2:32:03 PM TO PLACE A CLASSIFIED AD, CALL 1 800 444 6007 OR VISIT CRAINSNEWYORK.COM

PUBLIC & LEGAL NOTICES

Notice of Formation of 21 WEST Notice of Qualification of SGH Old Notice of Qualification of CARRIE’D Notice of Formation of CHELSEA HOTEL 88TH STREET ASSOCIATES LLC House LLC. Authority filed with Secy. NYC LLC Appl. for Auth. filed with OPERATING LLC Arts. of Org. filed with Arts. of Org. filed with Secy. of State of State of NY (SSNY) on 10/07/16. Of- Secy. of State of NY (SSNY) on Secy. of State of NY (SSNY) on of NY (SSNY) on 10/13/16. Office fice location: NY County. LLC formed in 10/25/16. Office location: NY County. 10/19/16. Office location: NY County. location: NY County. SSNY designat- Delaware (DE) on 09/16/16. SSNY LLC formed in Delaware (DE) on Princ. office of LLC: c/o Wellington Ho- ed as agent of LLC upon whom proc- designated as agent of LLC upon whom 10/14/16. SSNY designated as agent tel, 871 Seventh Ave., NY, NY 10019. ess against it may be served. SSNY process against it may be served. of LLC upon whom process against it SSNY designated as agent of LLC upon shall mail process to Blake Spahn, SSNY shall mail process to: Susan may be served. SSNY shall mail proc- whom process against it may be The Dwight School, 291 Central Helman, 17 Berkeley Pl., Montclair, NJ ess to c/o Corporation Service Co., 80 served. SSNY shall mail process to c/o Park West, NY, NY 10024. Purpose: 07042. Address to be maintained in State St., Albany, NY 12207-2543. DE Holland & Knight LLP, Attn: M. James Any lawful activity. DE: c/o United Corporate Services, addr. of LLC: 2711 Centerville Rd., Ste. Spitzer, Jr., Esq., 31 W. 52nd St., NY, Inc., 874 Walker Rd., Ste. C, Dover, DE 400, Wilmington, DE 19808. Cert. of NY 10019. Purpose: Any lawful activity. 19904. Arts of Org. filed with the DE Form. filed with Secy. of State, 401 Fed- Notice of Formation of Red Spade LLC. Secy. of State, 401 Federal St., Ste. 4, eral St., Ste. 4, Dover, DE 19901. Pur- Notice of Formation of NYCJLH, LLC Arts. of Org. filed with NY Dept. of Dover, DE 19901. Purpose: any lawful pose: Any lawful activity. Arts. of Org. filed with Secy. of State State on 1/4/10. Office location: NY activities. of NY (SSNY) on 10/11/16. Office County. Princ. bus. addr.: 300 E. 34th EAST 56TH STREET MEDICAL, PLLC, a location: NY County. SSNY designat- St., Unit 20B, NY, NY 10016. Sec. of Prof. LLC. Arts. of Org. filed with the ed as agent of LLC upon whom proc- State designated agent of LLC upon Notice of formation LIMITED LIABILITY SSNY on 08/26/2016. Office loc: NY ess against it may be served. SSNY whom process against it may be served COMPANY, ANGELA LASALLE, LLC. Arti- County. SSNY has been designated as shall mail process to Corporation and shall mail process to: c/o CT Cor- cles of Org. filed with NY Secretary of agent upon whom process against it Service Co., 80 State St., Albany, poration System, 111 8th Ave., NY, NY State (SSNY) on 8/5/2016. Office lo- may be served. SSNY shall mail proc- NY 12207, regd. agent upon whom 10011, regd. agent upon whom proc- cation: New York County. SSNY has ess to: The PLLC, 60 East 56th St., and at which process may be ess may be served. Purpose: all lawful been designated as agent of LLC upon NY, NY 10022. Purpose: To Practice served. Purpose: Any lawful activity. purposes. whom process against it may be The Profession Of Medicine. served. SSNY shall mail a copy of proc- Notice of Qualification of ess to the LLC: 7014 13th Avenue Notice of Qualification of EBTH.COM Notice of Formation of WHO WE ARE LLC. Authority filed with NY Dept. of ASSUREDPARTNERS OF MICHIGAN, Suite 202 Brooklyn, NY, 11228. Pur- LLC Appl. for Auth. filed with Secy. of NOW LLC Arts. of Org. filed with Secy. of pose: for any lawful purpose. State on 8/4/16. Office location: NY State of NY (SSNY) on 10/31/16. Office County. Princ. bus. addr.: 4650 Wilm- State of NY (SSNY) on 09/30/16. Of- location: NY County. Princ. office of LLC: er Ave., Cincinnati, OH 45226. LLC fice location: NY County. LLC formed in 1148 Fifth Ave., #12C, NY, NY 10128. Notice of Qualification of JWL ACQUISI- formed in DE on 4/18/12. NY Sec. of Michigan (MI) on 02/24/16. Princ. of- SSNY designated as agent of LLC upon TION PARTNERS I, L.P. State designated agent of LLC upon fice of LLC: 601 Abbot Rd., E. Lansing, whom process against it may be served. Appl. for Auth. filed with Secy. of State whom process against it may be MI 48823. SSNY designated as agent SSNY shall mail process to the LLC, of NY (SSNY) on 08/12/16. Office loca- served and shall mail process to: c/o of LLC upon whom process against it Attn: Kate Ballen at the princ. office of tion: NY County. LP formed in Delaware CT Corporation System, 111 8th Ave., may be served. SSNY shall mail proc- the LLC. Purpose: Any lawful activity. (DE) on 08/10/16. Princ. office of LP: NY, NY 10011, regd. agent upon ess to c/o Corporation Service Co., 80 650 Fifth Ave., NY, NY 10019. SSNY whom process may be served. DE State St., Albany, NY 12207. Cert. of designated as agent of LP upon whom addr. of LLC: 1209 Orange St., Wil- Form. filed with Dept. of Licensing and Notice of Formation of 1400 Broadway process against it may be served. Regulatory Affairs, 611 W. Ottawa St. - Bakery, LLC. Arts. of Org. filed with NY mington, DE 19801. Cert. of Form. SSNY shall mail process to the LP at filed with DE Sec. of State, 401 Feder- Central Office, Lansing, MI 48909. Pur- Dept. of State on 10/4/16. Office loca- the addr. of its princ. office. Name and pose: Any lawful activity. tion: NY County. Princ. bus. addr.: 921 al St., Dover, DE 19901. Purpose: all addr. of each general partner are availa- lawful purposes. Broadway, NY, NY 10010. Sec. of ble from SSNY. DE addr. of LP: c/o Cor- Notice of Qualification of 39-89 50TH State designated agent of LLC upon poration Service Co., 2711 Centerville Notice of Qualification of 41-45 52ND STREET LLC Appl. for Auth. filed with whom process against it may be served Rd., Ste. 400, Wilmington, DE 19808. STREET LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on and shall mail process to: CT Corpora- Cert. of LP filed with Jeffrey W. Bullock, Secy. of State of NY (SSNY) on 10/12/16. Office location: NY County. tion System, 111 8th Ave., NY, NY Secy. of State, Div. of Corps., 401 Fed- 10/12/16. Office location: NY County. LLC formed in Delaware (DE) on 10011, regd. agent upon whom proc- eral Dr., Ste. 4, Dover, DE 19901. Pur- LLC formed in Delaware (DE) on 09/12/16. SSNY designated as agent ess may be served. Purpose: any lawful pose: Any lawful activity. 09/12/16. SSNY designated as agent of of LLC upon whom process against it activity. LLC upon whom process against it may may be served. SSNY shall mail proc- Notice of Formation of 86TH RETAIL be served. SSNY shall mail process to ess to the LLC, Attn: Maggie NOTICE OF FORMATION of Mi Casa Up- LLC the LLC, Attn: Maggie McCormick, 1065 McCormick, 1065 Ave. of the town LLC. Art of Org filed with Secy. of Arts. of Org. filed with Secy. of State of Ave. of the Americas, 34th Fl., NY, NY Americas, 34th Fl., NY, NY 10018. DE State of NY (SSNY) on 05/11/2016. NY (SSNY) on 04/28/15. Office loca- 10018. DE addr. of LLC: Corporation addr. of LLC: Corporation Service Co., Office location: NY County. SSNY desig- tion: NY County. SSNY designated as Service Co., 2711 Centerville Rd., Ste. 2711 Centerville Rd., Ste. 400, Wil- nated agent upon whom process may agent of LLC upon whom process 400, Wilmington, DE 19808. Cert. of mington, DE 19808. Cert. of Form. be served and shall mail copy of proc- against it may be served. SSNY shall Form. filed with State of DE, Secy. of filed with State of DE, Secy. of State, ess against LLC to principal address: mail process to Corporation Service State, Div. of Corps., 401 Federal St., Div. of Corps., 401 Federal St., Ste. 4, 5030 Broadway NY, NY 10034. Pur- Co., 80 State St., Albany, NY 12207- Ste. 4, Dover, DE 19901. Purpose: Any Dover, DE 19901. Purpose: Any law- pose: any lawful act. 2543. Purpose: Any lawful activity. lawful activity. ful activity.

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P017-18_CN_20161121.indd 18 11/18/2016 5:09:29 PM CN018065.indd 1 11/18/16 12:16 PM GOTHAM GIGS

EYE CANDY: Tischler commissioned mosaic artist Allison Eden to create this deep-sea window, featuring an BY LANCE PIERCE Adam Wallacavage chandelier.

Dressed to thrill Bloomingdale’s head window designer lights up Lexington Avenue

eigh Ann Tischler is one of the most sought- cornered the market on tongue-in-cheek,” Tischler said, after set designers in New York. Standing-room- while Bergdorf Goodman and Saks Fifth Avenue tend to LEIGH ANN TISCHLER only crowds line up around the block for her focus on luxury. limited-run shows, where admission is free “Bloomingdale’s is about luxury, too,” she said, “but we BORN Oradell, N.J. Land photo-taking is encouraged. But her work is decidedly also want millennials. We go for fun-fashionable-happy.” RESIDES Murray Hill “off-Broadway,” staged on the corner of East 59th Street and Tischler revealed that while growing up in northern New EDUCATION B.F.A. in painting and Lexington Avenue, inside the storefront win- Jersey, she spent a lot of time at the Westfield architecture/graphic design at dows of Bloomingdale’s. “Our windows Garden State Plaza mall. “Macy’s had this UMass Amherst “Our windows are really street theater,” are really big rotunda where they always did amazing TOURIST ATTRACTION “We said Tischler, whose latest production will be displays,” she recalled. “I was probably 12, get calls from Europe all the time, open through the new year. street theater and I remember thinking, ‘Who does this? asking, ‘When are you opening your ” holiday windows? We want to plan During the past three weeks, some 50 work- I’d love to do that someday!’ ” our vacation to New York.’ ” ers—including carpenters, electricians and designers—have She studied psychology and painting in college, eventually IN ROTATION During the year, been toiling seven days a week to install elaborate holiday dis- minoring in architecture and graphic design. During her Bloomingdale’s changes its window plays in the store’s 21 windows. Under the title “Glow What postgraduation job hunt, she saw a listing for a “display per- displays every three to four weeks. Fun,” this year’s theme revolves around light. son” at that very same Macy’s. “I couldn’t believe they gave it Holiday windows stay up for about Bloomingdale’s often collaborates with local artisans to me,” she said. “I had zero experience.” six weeks, through New Year’s Day. on the holiday windows, and this year Tischler and her Because of her architecture studies, Tischler could read BY THE NUMBERS One of this team recruited nine artists to design their own versions of blueprints—a big asset in interior design—and that led to year’s windows features a sparkly, nine-foot-tall statue of Pegasus with chandeliers to light up the windows. Eight of those custom more responsibility. She moved to Sony in 1996, designing a 12-foot wingspan. Designed by fixtures—made of porcelain, crystal, stained glass, blown high-tech window displays for more than 40 retail loca- local artist G. Felix—a member of glass, neon, wood, mosaic tile and other materials—will be tions, then came to Bloomingdale’s about five years ago. the Bloomingdale’s window team— auctioned off to raise money for the Child Mind Institute, With windows, every brand is fighting the same battle: “You it’s set with 43,200 rhinestones, a juvenile mental health center. want to get people to look up from their cellphones,” Tischler each applied by hand.

BUCK ENNIS Holiday windows are a competitive business. “Barneys said, “and be excited by what they see.” — HILARY POTKEWITZ

20 | CRAIN’S NEW YORK BUSINESS | November 21, 2016

P020_CN_20161121.indd 20 11/18/16 3:01 PM SNAPS

Instructing and inspiring children in the arts The Harlem School of the Arts, which provides dance, theater, music and visual arts instruction for children, held a masquerade ball on Halloween. Students performed and some guests wore masks at the benefit held at the Plaza Hotel. The event honored a father-daughter pair, television producer-director Stan Lathan and actress Sanaa Lathan, and raised $1 million for the school.

Harlem School of the Arts President Eric Pryor and his wife, Monique, at the Plaza Hotel. Marguerite Lathan; Alexander Smalls, co-owner of Minton’s and the Cecil; Sanaa Lathan; Marguerite’s husband, Stan Lathan, and his niece Sing Lathan at the school gala.

For children Supporting biomedical research and families in need

At the New York Foundling’s Fall Fete on Nov. 1: Marion White, director of the Found- ling’s child-abuse prevention program, and Rebekah Dopp, a senior vice president at CBS. Dopp is a trustee of the organization, which provides assistance to underserved children, families and adults with developmental disabilities. At a Nov. 2 fundraiser for science research center Rockefeller University held on its campus: university president Dr. Richard Lifton with honorees Judy Carson and her husband, Russ Carson, a partner at private-equity firm Welsh, Carson, Anderson & Stowe.

James Murdoch, chief executive officer of 21st Century Fox, and Fall Fete emcee Pat Kiernan, NY1 morning news anchor; Karen Peetz, presi- his wife, Kathryn dent of BNY Mellon; Bill Baccaglini, president and chief executive of the New Murdoch, founder York Foundling; and Erik Beck, New York managing director and head of invest- of Quadrivium, ment managers at BNY Mellon. Kiernan and Beck are Foundling trustees; BNY helped raise $2.7 was honored at the event, which was held at the Prince George Ballroom million for the and raised $600,000 for the charity. university.

JULIE SKARRATT PHOTOGRAPHY, SCOTT RUDD, KATIE LYMAN SCOTT RUDD, KATIE PHOTOGRAPHY, JULIE SKARRATT SEE MORE OF THIS WEEK’S SNAPS ONLINE AT CRAINSNEWYORK.COM/SNAPS GET YOUR GALA IN SNAPS. EMAIL THERESA AGOVINO, [email protected]

November 21, 2016 | CRAIN’S NEW YORK BUSINESS | 21

P021_CN_20161121.indd 21 11/18/16 3:42 PM FOR THE RECORD*

NEW IN TOWN photography, fine-press and n El Cid Restaurant Inc. The 12-year lease includes The new restaurant will be Brooklyn. Eastern antiquarian books from the 174 Eighth Ave. 2,500 square feet at grade Create Restaurant Holdings’ Consolidated represented n Bob’s Steak & Chop 16th to 19th century. Filed for Chapter 11 bank- for the restaurant and 2,500 first in the U.S. Eastern the tenant. House ruptcy on Oct. 23. The filing square feet in the basement Consolidated’s Joe Robin- 19 E. 52nd St. cites estimated assets and for storage. Asking rent was son, senior director, and n Argentina-based perfum- The traditional American COMPANY MOVES liabilities of $100,001 $250 per square foot. New- Kendall Novak, associate ery Fueguia 1833 Patagonia steakhouse chain opens its to $500,001. mark Grubb Knight Frank director, represented the signed a 10-year lease for first New York City location, n Burton Snowboards represented the tenant and landlord; New York-based its first location in the U.S., in the Omni Berkshire Place 69 Greene St. n Hello Newman Inc., executed the deal directly Sumitomo Real Estate rep- in SoHo. The retailer will in east midtown. The 210- The renowned snowboard- 113 E. 2nd St. with the landlord, Solil resented the tenant. occupy a 600-square-foot seat restaurant also features ing shop has moved from its Filed for Chapter 11 Management. space at 21 Crosby St. a 40-seat bar and lounge original New York location bankruptcy on Oct. 17. n Snow-cream dessert com- Asking rent was $350 per area and is the chain’s 14th on Spring Street to a larger The filing cites estimated n Owners of Japanese pany Snowdays signed a 10- square foot. Eastern Con- location nationwide. spot in SoHo. The new store assets of $10 million restaurant Naoki year lease for a 980-square- solidated represented the features 4,000 square feet of to $50 million and have signed a 10-year, foot space at 214 Flatbush landlord, Corgin Manhattan n Butler retail space. estimated liabilities of 2,400-square-foot lease at Ave., across from Barclays Apartments, and procured 95 S. 5th St., $1,000,001 to 311 W. 17th St., in Chelsea. Center, in Park Slope, the tenant. n Brooklyn n Yoga Vida $10 million. Located in Williamsburg, 55 Prospect St., Brooklyn the new bake shop and The yoga studio, founded espresso bar features treats in 2009, has opened in REAL ESTATE DEALS DEALS ROUNDUP by Michelin-starred pastry Dumbo. The company has chef Ryan Butler, former two other New York City COMMERCIAL TRANSACTION BUYERS/ executive pastry chef of locations. The new studio n Simone Development TARGET/SELLERS SIZE [IN MILLIONS] INVESTORS TRANSACTION TYPE Piora. offers a selection of classes Cos. announced a deal Dalmia Bharat Ltd./ $3,773.55 OCL India Ltd. SB M&A at various levels and features with urgent-care service KKR & Co. L.P. (Manhattan); n Chao Chao steam rooms and showers. Affordable Family Care/ Dalmia Bharat Sugar and Industries Ltd.; Shree 171 Avenue A Doctors Express at the Nirman Ltd.; Ankita Pratisthan The 65-seat Vietnamese intersection of Lafayette Ltd.; Keshav Power Ltd.; restaurant opened in Al- BANKRUPTCIES Avenue and the Hutchinson Mayuka Investments Ltd.; Puneet Trading & Investment Co. phabet City. Executive chef River Parkway, to double its Pvt. Ltd.; Rama Investment Company Stephan Brezinsky places n 319 Boundary Ave. lease to 5,500 square feet at Private Ltd.; Sita Investment 319 Boundary Ave., Company Ltd.; KKR Mauritius Cement an emphasis on family-style the Throggs Neck Shopping Investments Ltd. portions and bold flavors. Farmingdale, L. I. Center in Ferry Point, the Filed for Chapter 7 bank- Bronx. Ripco Real Estate EarthLink Holdings Corp./ $1,115.83 Windstream Holdings Inc. SB M&A Renaissance Technologies Corp. n Denizen ruptcy on Oct. 24. The represented both the tenant (Manhattan) 88 Roebling St., Brooklyn filing cites estimated assets and the owner in the long- The new cheese-centric of $100,001 to $500,001 term lease at the property. ARA Asset Management $591.12 Warburg Pincus LLC FB M&A Ltd. (46.24%)/The Straits Trading (Manhattan); AVIC Trust restaurant and wine bar and estimated liabilities Company Ltd.; Wealthman Co. Ltd. opened in North Williams- of $500,001 to $1 million. RETAIL Group Ltd. n burg. It features small plates The creditors with the Modell’s Sporting Goods 1250 Broadway in Manhattan/ $564.73 Global Holdings Management SB M&A by executive chef John largest unsecured claims signed a 10-year lease for a Jamestown; MHP Real Estate Services Group (U.S.) Inc. Poiarkoff, formerly of the are NationStar Mortgage, 21-story, 360,000-square- LLC (Manhattan) 845 Third Pines, and fromager Emily owed $495,000, and Mike foot property at 1&1 Internet SE/United Internet $497.07 Warburg Pincus LLC FB M&A Lindh. Chris Wilford will be Williams, owed $38,500. Ave. Asking rent for the deal AG (33.33%) (Manhattan) curating the wine list. was $250 per square foot. Blue Nile Inc. $496.55 Bain Capital Private Equity L.P. FB M&A n 1041 Little East Robert Steinman, vice pres- (Manhattan); Bow Street LLC n f.o.b. Neck Rd. ident at Rudin Management 271 Smith St., Brooklyn 16 Alley Pond Court, Eastman Kodak Co. $200 Southeastern Asset GCI Co., represented building Management, Inc. The Filipino barbecue joint Huntington Station, LI ownership in-house. There opened in Carroll Gardens. Filed for Chapter 11 were no outside brokers. TrucksFirst Services Pvt. Ltd. $74.9 Warburg Pincus LLC GCI (Manhattan) The restaurant’s name is a bankruptcy on Oct. 20. The tongue-in-cheek reference filing cites estimated assets n Cuban restaurant Centrepark East Holdings L.P. $72 Colonnade Properties LLC; SB M&A to the pejorative “fresh off of $500,001 to $1 million Guantanamera signed a and Centrepark West/J.P. Morgan Grace Development Inc. Investment Management Inc. (Manhattan); Flagler Realty the boat”; f.o.b. is adorned and estimated liabilities of deal for a new location at (Manhattan) & Development Inc. with photos of the country’s $1,000,001 to $10 million. 110-80 Queens Blvd., in Just2trade Online Ltd. $40 FinSight Ventures GCI jungles, beaches and cities. The creditors with the Forest Hills. This will be the (Manhattan) largest unsecured claims are second site for the Hell’s n Monica Vinader Harold Levinson Kitchen-based eatery. The i3 Plastic Cards LLC $31.92 Multi Packaging Solutions SB M&A International Ltd. 151 Spring St. Associates, owed $37,350; restaurant will occupy 5,986 (Manhattan) The British jewelry designer NYS Lotto, owed $34,122; square feet of space, com- opened her first stateside and White Star Petro Inc., prising 2,986 square feet on Six-story, 15,918-square-foot $21.06 Veracity Equities LLC SB M&A mixed-use multifamily asset at (Manhattan) flagship boutique, in SoHo, owed $582,333. the ground floor and 3,000 59 Thompson Street/Whistlepig Associates Inc. this week. The nine-year- square feet in the basement n old business had a 33% Dufour Pastry of the building. Asking rent Selected deals announced for the week ended Nov. 10 involving companies in metro New York. SB M&A: increase in sales this year Kitchens Inc. for the 10-year deal was Strategic buyer M&A represents a minority or majority acquisition of existing shares of a company without 251 Locust Ave., Bronx the participation of a financial buyer. FB M&A: Financial buyer M&A represents a minority or majority acqui- and was named the Brand $17,500 a month. Winick sition of existing shares of a company with the participation financial buyer. GCI: Growth capital investment of the Year at the 2009 U.K. Filed for Chapter 11 bank- Realty Group represented represents new money invested in a company for a minority stake. Jewelry Awards. ruptcy on Oct. 24. The the landlord, Traymore SOURCE: CAPITALIQ filing cites estimated assets Associates. Guantanamera n Pryor Johnson Rare and liabilities of $1,000,001 owner Mario Zarate did Books to $10 million. The not have a broker in the GET YOUR NEWS ON THE RECORD * 1082 Madison Ave. creditors with the larg- transaction. ABOUTTo submit companyTHIS SECTION openings, moves or real estate deals, or to receive further information, The bookseller opened est unsecured claims are email [email protected]. shop inside Crawford Doyle BOEDC, owed n Fast-food sandwich chain For the Record is a weekly listing to help businesspeople in New York find opportunities, Booksellers on the Upper $348,347; TD Bank N.A., Arby’s closed a deal for a potential new clients and updates on customers. Bankruptcy filings from the Eastern and East Side. It specializes in owed $250,000; and second Manhattan location, Southern districts of New York are listed alphabetically. Real estate listings are provided in modern, signed first edi- Chase Bank, owed at 32 E. 23rd St., between order of square footage. tions, poetry, beat literature, $111,081. Park and Madison avenues.

22 | CRAIN’S NEW YORK BUSINESS | November 21, 2016

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Business as unusual ooking to do some holiday shopping near Trump Tower? Good luck. Getting around the high-priced hood these days requires navigating through reams of protesters, tourists wielding selfie sticks, mazes of barricades and lines of police and Secret Service agents protecting the president-elect’s Manhattan manse. Last week, Mayor Bill de Blasio said Llack of business at the tower’s Gucci store or nearby Tiffany’s was not among his “central concerns in life.” But many businesses in the vicinity of White House North are reporting steep drops in foot traffic, a big problem considering retail rents run about $2,000 per square foot. — AARON ELSTEIN NNIS E UCK B

November 21, 2016 | CRAIN’S NEW YORK BUSINESS | 23

P023_CN_20161121.indd 23 11/18/16 3:02 PM WE HEAR YOU, MARIO.

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