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INSIDE DON’T DERAIL TOP STORIES MTA’S BIG Culture groups see CAPITAL 1,000 layoffs from PROJECTS city’s budget cuts ® Editorial PAGE 3 PAGE 10 Landlords socked by rising bills for VOL. XXVII, NO. 21 WWW.CRAINSNEWYORK.COM MAY 23-29, 2011 PRICE: $3.00 fuel, water, taxes PAGE 3 Downfall IT’S DIMON’S WORLD of a NY The rest of us just bank in it. builder Inside J.P. Morgan’s quest for growth HRH bankruptcy For flower shops, gets messy as fraud the bloom is off the BY AARON ELSTEIN allegations surface old way of selling J.P. Morgan Chase & Co. dominates New York SMALL BUSINESS, PAGE 15 like no other bank dominates a U.S. city. It is our BY DANIEL MASSEY town’s largest private-sector employer. It is the IMFscandale puts Bankruptcy trustee Marianne biggest bank lender to small businesses. And it is O’Toole arrived at the offices of HRH Sofitel in spotlight home to no less than 33% of New Yorkers’ total sav- Construction in White Plains on April NEW YORK, NEW YORK, P. 6 ings, far ahead of second-place Bank of America, 15—premises she had personally se- which holds 9% of retail deposits here, according to cured three days earlier—to seize the the Federal Deposit Insurance Corp. company’s records.She found the front J.P. Morgan drives much of Wall Street, too. It door ajar. BUSINESS LIVES generated more fees from investment banking than Computers belonging to HRH’s any other bank last quarter, Thomson Reuters re- chief executive, in-house counsel and human resources manager were miss- ports—more than mighty Goldman Sachs and 50% ing.A cabinet had been emptied and re- more than Citigroup or Credit Suisse. It’s also a giant cent work files had vanished, a com- corporate lender, as evidenced last quarter when the bank plaint in U.S.Bankruptcy Court alleges. extended a whopping $20 billion loan to finance Electronic key card records revealed AT&T’s proposed acquisition of T-Mobile. that cards belonging to the firm’s coun- “Any way you look at it, they rule the sel and tech guru had been used the New York market,” analyst Patrick morning after Ms. O’Toole sealed the office. Someone with the techie’s card Sims of bank-research firm SNL Fi- had spent 12 hours there over two days. nancial said of J.P.Morgan. It was the latest in a series of bizarre ac- That mightiness is in large part tions that have buried a once-storied GOTHAM GIGS a testimony to Chief Executive See BUILDER on Page 27 Robert McMinn hosts Jamie Dimon’s skill as a manag- a hen9 party P. 2 er and his ability to steer the ● ANNE FISHER Tr y megabank clear, at least so far, hiring pioneers to of the disasters that befell ri- accelerate growth P. 29 vals.The U.S. government Hunts Pt. ● MOVERS & SHAKERS has also played a major Rockefeller Foundation role, allowing J.P.Mor- exec makes impact P. 30 gan to solidify its to stay— ● GAEL GREENE gives grip on the banking Coppelia three hats! P. 31 world by acquir- ing Bear Stearns for now and Washing- INDEX ton Mutual at Short-term Bronx fire-sale prices THE INSIDER ______8 deal won’t prevent when the fi- THE DIMON DISTRICT: OPINION ______11 nancial crisis Jamie Dimon, the CEO of possible Jersey move REAL ESTATE DEALS PLUS ______14 raged in 2008. New York’s biggest public company, thinks his J.P. NEIGHBORHOOD JOURNAL ______16 Such domi- Morgan Chase could mine BY LISA FICKENSCHER CLASSIFIEDS ______24 nance, however, up to $1 billion a year in FOR THE RECORD extra profits by catering to ______28 also presents significant The produce vendors at Hunts HOT JOBS customers with $500,000 ______29 challenges for Mr. Dimon. or more to invest. Point are not even close to signing a EXECUTIVE MOVES ______29 See IT’S DIMON’S WORLD on Page 22 new lease with the city—the current

THE WEEK AHEAD ______31 one expires on May 31—but they are getty images likely to stay in the Bronx for at least REPORT PUBLIC COMPANIES the next several years. City officials and members of the The big get still bigger the old-fashioned way: Terminal Produce Cooperative Mar- P. 17 ket say they are hammering out a by buying up weakened rivals short-term extension while they hag- gle over a 30- or 40-year lease that CRAIN’S LIST The New York area’s largest would include a $320 million revamp publicly held companies P. 18 of the antiquated facility,the country’s NEWSPAPER See HUNTS POINT on Page 26 20110523-NEWS--0002-NAT-CCI-CN_-- 5/20/2011 5:56 PM Page 1

COMMENTARY An influx of tech incubators Oh, and have scrambles to egg on startups I mentioned or green technology. For their part, those operating the ac- It’s better the 2nd New York has several facilities, in- celerators, some of which have out- cluding three operated by the Poly- posts around the world, think New time around: Burst technic Institute of New York Univer- York is the place to be. my book? sity. Also in the mix are low-cost or of energy validates no-cost workspaces, such as Sunshine Pedal to the metal Suites, New Work City and recently Coming to the city this summer and ookExpo America, the BEA, runs city’s rising status arrived General Assembly. Some, like fall, among others, are the Entrepre- Tuesday through Thursday at the Javits Polaris Ventures’ Dogpatch Labs, of- neurs Roundtable Accelerator, the BY JUDITH MESSINA fer not only space but also workshops Hub and Dreamit Ventures. And the Center. I’m told the cover of my next and classes on entrepreneurship, in an New York City Investment Fund has book will be on display in my publish- In 2007, when Josh Green moved environment that Polaris calls “a frat launched the FinTech Innovation Lab his company out of his sister and house for geeks.” for young financial technol- er’s booth. I’m thrilled. It doesn’t matter REVVING UP that I’m not Diane Keaton,Jeffrey Eugenides,Roger brother-in-law’s offices and into the The accelerators are cre- ogy companies. It provides B business incubator at Rose Tech Ven- ating most of the buzz.Ven- some expense money, space Ebert, Jane Fonda, John Lithgow, Michael Moore, tures on West 23rd Street, he and his ture- or angel-backed, these and three months of mentor- Charles Frazier or Jane Lynch—the featured authors team were the sole occupants of the boot camps provide entre- 30+ ing from investors and sen- at the convention this week. Although I am glad space for about six months. Although preneurs with investment NYC VEHICLES ior technology executives at they were alone for such a long stretch capital, while giving in- for startups that the city’s largest financial in- to note that some are now buying and had to dodge falling plaster while vestors a small percentage of are up and running stitutions, including Gold- of them are pro- more Kindle renovations were under way, Mr. equity in promising startups. or about to launch man Sachs and J.P.Morgan. fessional writers, books than all Green credits the incubator, founded Over a period of roughly “Right now, New York is too. print books— by prominent angel investor David three months, budding mo- the best place in the world to These have hardcover and pa- Rose, with helping him get over the guls go through intensive mentoring. start a company,” said Murat Akti- not been the best perback—com- first hump of startup angst. At the end, they make their case to an hanoglu, a co-founder of Entrepre- of times for pub- bined. Much as I “It was a space we felt was ours,” audience of investors in a quest for— neurs Roundtable Accelerator. lishing.The Bor- understand the said Mr. Green, CEO of Panjiva Inc., what else?—more money. The accelerator has fielded applica- ders chain filed urge to keep a technology platform that helps buy- In April, Boulder, Colo.-based tions for the first 10 slots here and signed for Chapter 11 prices down, I ers and suppliers around the world TechStars presented the 11 firms, se- up 140 mentors,including well-known bankruptcy pro- wonder why find each other.“As a first-time entre- lected from hundreds of applicants,that local investors and entrepreneurs.The tection. Sales for MICHAEL hardcover books preneur, that was important to me.” will participate in this summer’s New organization invests $25,000 in each what commercial GROSS aren’t treated like Today, Mr. Green’s experience is York City boot camp.An estimated au- startup and provides free legal, ac- publishers call the luxury prod- being replicated in dozens of places dience of 750 investors,journalists and counting and other services. trade books have ucts for discern- around the city.The robust startup en- techies attended the splashy event here. While Mr. Green of Panjiva ap- plunged. Expenditures for ing consumers that they’re vironment has set off a race by incu- The city and its burgeoning tech- preciates the value of the year and a promotion and advertising becoming. We should pay bators and their cousins—accelera- nology community have welcomed half that he and his staff spent at Rose are often limited to “co-op more for them, not less. tors and communal workspaces—to such incubators, seeing their arrival as Tech,he doesn’t think that incubators buys,” the money that pub- The bottom line? Books establish beachheads in the city.More a validation of New York’s growing are the missing links in helping start- lishers pay retailers to place aren’t going to die any more than 30 vehicles for startups are up prominence as a technology center. ups succeed. books by non-celebs promi- than radio and the movies did and running or have plans to launch “Show me a startup that has worked nently on front tables in when television came on the by the end of the year. because it participated in a really good stores. scene. The networks had to speaker series,” Mr. Green said. Publicity, most authors adapt to the advent of cable Changing of the guard Others say that whatever form in- are told, must carry the day. and home theaters,and if Les In light of all these alternatives, cubators take, and whatever their But newspapers and maga- Moonves’ take-home pay is Mr. Rose shuttered his Rose Tech in- track record, they deliver an impor- zines are dropping like flies, any indication, they have. cubator—which he had opened in or- tant message to the rest of the world. and those that struggle to Music is still getting made der to give startups access to low-cost “They are a way of manifesting to survive are run- and making stars, or free space—when his lease ran out entrepreneurs and investors that your ning ever-less book Here’s one even if the indus- at the end of last year. community is committed to innova- coverage. Televi- try has been “Lots of companies that we man- tion and entrepreneurship,”said David sion wants stars, for the knocked on its aged to get started grew and moved to Hochman, executive director of the screamers and books: A back. It turns out their own space,” said Mr. Rose. Business Incubator Association of clowns.And hand- that music didn’t “With the city economy booming in New York State Inc. Ⅲ some though he world of need to be rein- the [technology] space and all of is, Charles Frazier people still vented; the music these [incubators] coming in, is unlikely to ap- business did. The there’s no need to do it pro bono.” pear shirtless,Rob crave them same goes for the Incubators are an old idea Lowe-style, on book biz. reborn. They proliferated in the cover of Vanity The book still the 1990s as investors eager to Fair. works, and a take a stake in dot-coms gave The e-book is supposed to world full of people are still them space, money and advice. be our salvation. Fine with predisposed to it.The crowds When the bubble burst in me. As long as I get my royal- at BEA, an estimated 20,000 2000,incubators reaped some of ty—whatever,wherever.I use industry pros and hangers- the blame for focusing on quick the Kindle app on my Black- on, prove that publishing is returns rather than on nurtur- Berry and iPad, and I like it. still a vital community, one ing promising firms. But I have collected books that performs a vital function Now, with the tech scene flour- since I was 13 (I’ve a full, at a time when anyone can ishing once again—shares of social matched set of James Bond publish an e-book in an in- networker LinkedIn more than dou- paperbacks to prove it), and stant. Publishing filters out bled on their first day of trading on the aside from the next Grisham the best writing on the most New York Stock Exchange last or Dan Brown, I want to own interesting subjects. And week—incubators are back in force, books, not binary data. I there’s still an audience that stoked by savvier angel investors and haven’t managed to find a wants the tactile pleasure of practiced entrepreneurs eager to get a hard copy of Guy de Maupas- opening a good book and piece of the startup action. sant’s Bel Ami, which I finally turning its pages. I, for one, Some are traditional incubators, read on my Kindle (for free! expect to find more than a usually funded by government, non- LET’S DO LAUNCH: New York is the best place in no copyright!), but I will, one few when I visit the BEA. profits and/or universities and often the world for a startup, says Murat Aktihanoglu of of these days. touting an explicit economic-devel- the Entrepreneurs Roundtable Accelerator. Amazon last week an- LISTEN to a discussion at opment mission.Many are dedicat- CrainsNewYork.com/audio nounced that its customers ed to one industry, such as biotech buck ennis

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ANIMAL CONTROL: The Wildlife Conservation CRAIN’S WINNERS Society, which runs the CRAIN’S NEW YORK BUSINESS has won a Sigma Bronx Zoo, faces a 53% Delta Chi award for its “Up and Down and cut in funding. All Around Wall Street” graphic that ran in the 25th anniversary issue published in June 2010. With oversight by Managing Editor Glenn Coleman, reporting by Aaron Elstein and Emily Laermer, and design by Steve Krupinski, Crain’s won in the category of best informational graphics in a nondaily publica- tion. The awards, which date back to the 1930s, are given each year by the Society of Professional Journalists to recognize out- standing work in journalism. In other honors, Crain’s political reporter Shane Dixon Kavanaugh received the Dean’s Award from the CUNY Graduate School of Journalism at the school’s annual gala on May 16. Mr. Kavanaugh received a master’s degree last December from the university, where he graduated among the top of his class.

IN BRIEF

SHARES IN BARNES & NOBLE INC. LEAPED AS MUCH AS 31% FRIDAY AFTER JOHN MALONE’S

newscom Liberty Media Corp. made a buyout offer for the bookseller. Liberty offered $17 a share, valuing the entire chain at $1.02 billion. Investors, hoping for an improved offer, pushed B&N’s stock to $18.33.The bid calls for B&N’s Leonard Riggio to hang on to his 30% stake and Cuts endanger continue as chairman. Liberty, which has interests that include cable television, satellite and online shopping, said it viewed the bookseller’s management team and its transition cultural groups to digital formats as drivers for growth. Ⅲ BY THE NUMBERS organizations of more than 50% in many Bronx Zoo, others struggle to cover cases, the largest cuts these groups have Weekly shift of the city’s economy faced in recent memory. In the past few years, the City Council DESPITE WEAKNESS in construction, NYC operating costs as city funds dwindle added 17,300 jobs last month, well above the has restored a large portion of those funds monthly average. Many of the new hires came in before the official budget was enacted July finance and business services. 500 school groups it serves. 1. But this time, given major cuts to edu- BY MIRIAM KREININ SOUCCAR “Over the past 10 years, this is the low- cation and other sectors, the council has est that general operating support has ever more competition than ever for its pot of 105 8.6% $90M Years of funding cuts have taken a steep been,” said Holly Block, executive director money and may come up dry. And though NUMBER NYC seasonally LADY GAGA’s toll on the Bronx Museum. It’s had to re- of the museum, which is slashing its bud- city funding makes up only a fraction of of e-books adjusted earnings on Amazon.com unemployment her latest tour, duce the number of exhibitions it presents get to $2.35 million from $3 million for the many of the groups’ budgets, the money is has sold for every rate in April, a helping rank her each year from three to two. It pared its next fiscal year. “There is nowhere left to earmarked for general operating expenses, 100 print books 25-month low No. 1 on Forbes’ public visiting hours to just four days a cut. I’m already doing six jobs myself.” such as the salaries of guards and janitors— since April 1 Source: NYS Labor Celebrity 100 list week.Now,with projected city funding for The museum is one of many cultural or- something private donors rarely cover. Source: Amazon.com Department Source: Forbes the next fiscal year of only $250,000—less ganizations reacting to the city’s latest pro- As a result, cultural institutions are MORE ROOM AT THE INN After rising briskly for months, than a third of what it received just two posed budget cuts.The city,which is under scrambling to make contingency plans. As Manhattan hotel occupancy rates have slipped consistently, years ago—the struggling art institution severe budget pressure of its own, has pro- a whole, the 33 members of the Cultural with only one exception, since the end of last summer. may have to stop its free program for the posed reductions in funding for cultural See CUTS on Page 26 Small landlords get squeezed

Queens and Manhattan, complains about The situation is especially dire for own- Increase in taxes and taxes and the high cost of heating oil. He ers of buildings that contain rent-stabi- Source: PKF Consulting overhead, stagnant rents points out that even the price of water has lized or -controlled units, whose increases taken off, climbing 13% in the past year. are limited by law to 2.25% for one-year ADDICTED TO NUMBERS? have owners in a bind GET A DAILY DOSE AT @STATSANDTHECITY “My bottom line goes down STRAPPED and 4.5% for two-year leases. each year,” said Mr. Gedinsky, who has been a landlord and Scraping by CORRECTION BY AMANDA FUNG property manager for 16 years.“I “A lot of owners can’t make Large increases in the value of Queens co-ops this year stemmed don’t have luxury apartments, so 6.1% their expenses,” said Roberta from improved methodology, which revealed that many Since 2006, real estate taxes on Krysty- I can only increase rents so far.” HIKE in costs for Bernstein,president of the Small properties had previously been underassessed. The reason for na Piórkowska’s 30-unit apartment build- Such stories can be heard Property Owners of New York recent hikes in property-tax assessments was misstated in the properties with May 16 “Cheat Sheet.” ing in the East Village have more than from many residential property regulated units Inc., a nonprofit with about doubled, to just over $100,000 this year. owners, who face dramatic rises 1,000 members in the five bor- vol. xxvii, no. 21, may 23, 2011—Crain’s New York Business (issn 8756- Source: NYC Rent Guidelines Board 789x) is published weekly, except for double issues the weeks of July In addition, her costs for heating oil in taxes, as well as in the cost of oughs, Westchester and Long Fourth, Labor Day and Christmas, by Crain Communications Inc., have soared 30% in the past year, to fuel and utilities—mostly water Island. “We keep on getting 711 Third Ave., New York, NY 10017. Periodicals postage paid at New $34,000. And the price of replacing six and sewer. In recent years, an ongoing war strangled.” York, N.Y., and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, 1155 windows with the double-pane thermal against bedbug infestations has added In total, operating costs for buildings Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: ones that Ms. Piórkowska aims to upgrade substantially to overhead for some own- that are entirely or partially rent-regulat- Call (888) 909-9111. Fax (313) 446-6777.$3.00 a copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) to has jumped by roughly $2,200, to more ers. And these pressures accompany land- ed—such properties represent nearly half ©Entire contents copyright 2011 by Crain Communications Inc. than $5,000. lords’ struggle to return rents to prereces- of the housing stock in the city—have risen All rights reserved. Charles Gedinsky,who has buildings in sion levels. See COSTS on Page 4

May 23, 2011 | Crain’s New York Business | 3 20110523-NEWS--0004-NAT-CCI-CN_-- 5/20/2011 7:21 PM Page 1

Costs squeeze small landlords IN THE MARKETS Continued from Page 3 6.1% over the 12 months through Aaron Elstein March 31, according to the New by York City Rent Guidelines Board’s annual price index. That is 2.7 per- centage points more than the previ- ous year’s increase. Fuel had the steepest rise, 23%, McGraw-Hill connects and only one item in the index de- with LinkedIn stake clined: insurance rates, which eased 0.4%. he list of winners in A 3.5% rise in real estate taxes re- LinkedIn’s spectacular flects the biggest rise in dollar terms. T Property taxes consume 7% to 30% initial public offering last of owners’ gross income, depending week reads like a list of usual suspects on building size, according to Ms. in the venture capital world: Goldman Bernstein. Sachs, Bain Capital, Bessemer Venture Pest control decades ago. ants. Every year, they give us the Partners and McGraw-Hill. McGraw-Hill? Though the cost of combating Next month, the Rent Guide- hard-knock stories.” For real, dude.The publisher of your high bedbugs is relatively small, the epi- lines Board will vote on increases for To make ends meet, some own- school chemistry textbook and owner of the demic’s timing could not be worse. stabilized apartments. The pro- ers are getting creative with revenue David Whitmore, who owns and posed hikes range from 3% to 5.75% streams. Standard & Poor’s franchise scored big last manages 15 properties in Brooklyn, for one-year and 6.5% to 9% for Eric Mann, who owns 20 build- Thursday, selling its entire stake in the said that over the past two years he two-year leases. Landlords are lob- ings in Manhattan and Brooklyn, networking site for $20 million. Not a huge has spent $15,000 to eradicate the bying the board to approve the high- has leased rooftop space on several pests in just a few apartments. er end in each case. properties to wireless providers.“It’s sum for a company with more than $6 billion After the economic crisis in late Tenant advocate groups, which extra cash flow,” he said. in revenue last year, but it’s about $15 million 2008, many landlords cut rents to argue that the proposed hikes are Most are simply cutting back, more than McGraw-Hill got for selling attract new tenants or to retain ex- too high, say they do not buy land- however. Mr. Gedinsky, who owns BusinessWeek to Bloomberg LP in 2009.

isting ones. lords’ tale of woe. (The only avail- and manages 20 buildings, has re- bloomberg news Jimmy Silber, whose 100-unit able data measuring landlord in- duced landscaping services and Chief Executive Harold “Terry” McGraw III (above) seldom, if doorman building on Christopher come, compiled by the Rent frozen staff salaries. ever, talks about his company’s venture capital activities.The only reference Street has 75 regulated units, low- Guidelines Board, is two years old.) “This is my livelihood—I have to McGraw-Hill Ventures in his company’s 123-page annual report is a disclo- ered rents by as much as 10% for no choice but to make it work,” said sure that it’s registered in New York. That document doesn’t mention the some of his market-rate tenants who A familiar tale Mr. Gedinsky, who would like to LinkedIn investment, but does vaguely refer to a $5 million “asset acquisi- lost their Wall Street jobs. He was “Even if profits fell a little, I can’t convert to cheaper natural gas from tion” in 2008 for its financial division. not able to raise rents on those units see many landlords being in the oil but is worried about up-front ex- But, like other large media outfits, McGraw-Hill appears to frequently until last year—and then only by 3%. red,” said Richard Brender, a mem- penses, which can run as high as invest in startups.Earlier this year,it poured an undisclosed sum into a fledg- “I am just breaking even this ber of the West Side Neighborhood $35,000 per building. ling interactive-textbook publisher called Inkling.It’s an investor,along with year,” said Mr. Silber, whose grand- Alliance. “Whatever expenses they “Most of us are not the Trumps,” IBM and Nokia,in Shanghai-based VC firm Gobi Partners,which has $300 mil- father built the property four have seem to be passed on to ten- he said. Ⅲ lion under management. LinkedIn seems to be McGraw-Hill’s first home run in the IPO market. McGraw-Hill’s business relationship with the networking site appears to date back to December 2007, when BusinessWeek unveiled a feature that showed readers how they were connected via LinkedIn to companies and executives that its journalists wrote about. In October 2008, McGraw-Hill joined Goldman and two VC firms that invested $22.7 million in the com- pany to help it weather the financial crisis. The investment resulted in 436,000 shares for McGraw-Hill, and it sold them all last week at the offering price of $45 a share, which means the pub- lisher missed the stock’s big 100%-plus pop out of the gate. (Goldman sold all of its shares, too.) By the way, about a fifth of McGraw-Hill’s 21,000 employees have LinkedIn pages. Mr. McGraw, the 62-year-old CEO, doesn’t appear to be one of them. We said stock crash, not crasher Some people try to sneak into According to the Manhattan rock concerts. Others try to crash a district attorney’s office,Mr.Caplan wedding. And then there’s the kind e-mailed an event representative, of person who allegedly tries to fake saying that his name was David his way into an awards dinner full of Kanovitz and that he was director of Wall Street number crunchers. the city’s Financial Information That person would be a retired Services Agency.He got a ticket un- New York police detective named der Mr. Kanovitz’s name and went Allen Caplan, 52, who last week was to the dinner. charged with attempted grand lar- However,there was no reason for ceny and criminal impersonation for an FISA official to go to this partic- trying to snag a free ticket last Mon- ular party—and an actual employee day to a dinner honoring money man- of the city agency notified the police agers, sponsored by Institutional Investor after seeing the list of attendees. magazine. Tickets cost $1,100 each If convicted,Mr.Caplan faces up for the event, held at the Mandarin to one year in prison. A lawyer for Oriental Hotel. Mr. Caplan did not return a call. $24,696,000 THE FEE THAT WALL STREET BANKS such as Morgan Stanley and Bank of America Merrill Lynch collected for underwriting LinkedIn’s IPO, which raised $353 million for the online-networking company last week.

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SOME OF US NEW YORK,NEW YORK WOULD RATHER edited by Valerie Block BE AT WORK.

Sofitel’s new through the firm’s history. In addition, Kiehl’s will donate notoriety $160,000 to charities championed by Julianne Moore, musician Pharrell he Sofitel New York Williams and the Scissor Sisters’ is the most famous Ana Matronic. Kiehl’s Gives will T kick off June 15, when consumers hotel that most can vote online for the causes— Americans had never heard children’s issues, the environment of before last week, when and the fight against AIDS—they former International find most worthy. Though most retailers would Monetary Fund chief be loath to give up any selling Dominique Strauss-Kahn was space, Kiehl’s apparently can afford arrested for allegedly it.The company, now a unit of attacking a housekeeper in his room. ¶ The French chain is better-known abroad, where it operates bloomberg news about 100 hotels, compared with just eight in the U.S., including the Times Square property at the center of the unfolding story. But its days of obscurity are over. ¶ “In an unintended way, this put Sofitel L’Oréal, has seen double-digit on the map,” said Henry H. Harteveldt, a Forrester Research percentage growth for the past analyst covering the hotel and travel industries. Several four years, even during the depths years ago, parent company Accor launched a multibillion- of the recession. “Times are good for us,” said dollar expansion and rebranding initiative aimed at President Chris Salgardo, who noted positioning Sofitel as a luxury chain. ¶ The new notoriety that Kiehl’s will open its first spa at isn’t hurting the brand’s image, say experts. It could even 841 Lexington Ave. this summer. help. Media reports citing a price for Mr. Strauss-Kahn’s —valerie block AND IT SHOWS. suite of $3,000 a night put the hotel in a league with some of the city’s poshest properties. ¶ “The $3,000 figure may or New wine Building upon its 25 year history as the most trusted name in New may not be real,” said Mr. Harteveldt. “But I’m sure there is pours it on a revenue manager at the hotel who has now pegged the York business, Crain’s is giving readers the opportunity to tell us why Wine enthusiasts, rejoice. their company is the best place to work. Nominations are now open suite’s rate at $3,000.” ¶ A spokeswoman for the hotel did Clavesana, an Italian wine co-op for this annual New York City honor, recognizing outstanding not return calls for comment. in the historic Piedmont area of employers in the ve boroughs. Companies will be proled in Crain’s —lisa fickenscher northern Italy, wants to sell more New York Business and honored at an event in the fall of 2011. of its Dolcetto in the U.S. Right wing night—were both up from a year Currently, most of the co-op’s Does your company allow you to: earlier. wine is consumed domestically, gets tuned out Some observers think but the group of 350 grape • Work with a stellar group of people? audiences have tired of right-wing growers wants a bigger worldwide • Do what you enjoy? Right-wing talk radio may tirades, but others believe the footprint—not necessarily to • Explore new opportunities for growth? have worn out its welcome, at least trend may simply be cyclical. make more money, • Follow your own path? for now.The just- “People wanted a break after but to make out April Arbitron the election,” suggested Mark Dolcetto as familiar report shows Rush Lefkowitz, media director at Furman as say, Merlot. And Limbaugh (left) Roth Advertising, who expects where better to Tell us why your company is so great by nominating and Sean Hannity audiences to return in 2012. get recognition itas one of New York City’s Best Places to Work at (below)—the Premiere Radio Networks, than in the most www.bestplacestoworkNYC.com biggest which syndicates the shows, sees competitive wine conservative talkers in no cause for worry. Messrs. market in the New York—stuck in a ratings Limbaugh and Hannity “continue world, asked slump that started to be No. 1 and No. 2” in talk Clavesana back in November, radio, a spokeswoman said. Director Anna right after the —matthew flamm Bracco, who came 2010 midterm to New York last week to promote elections. four of the co-op’s luscious reds. Top-rated Mr. Kiehl’s displays What do New Yorkers get out Limbaugh has old potions of the deal? How about a price taken the biggest fall. point under $10 for high-quality He had a 3.0 share of listeners for Kiehl’s could be considered pours like D’OH? Yes, the label his WABC-AM midday slot—a trendy, even though the company evokes Homer Simpson, but the 33% slide from October and from is 160 years old.To celebrate its wine gets high marks from last April. Mr. Hannity’s afternoon anniversary, the skin-care brand connoisseurs. “I think D’OH for show was down 28% from its fall has turned half of its iconic shop under $10 is a great value,” said peak, as was fellow conservative on Third Avenue into a mini- Charles Scicolone, wine editor of Mark Levin’s evening program. museum. Showcases stocked with i-Italy.org. “Strange name, but a Numbers for the station’s more bottles of old potions will be on great value.”The vini are currently centrist personalities—Don Imus in display for three months alongside available at Eataly.

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6 | Crain’s New York Business | May 23, 2011 CN014318 3/29/11 2:13 PM Page 1

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deal by requiring teachers to pay more into the system while they worked. But many simply retired AT ODDS Councilman’s actions THE INSIDER instead. CITY COUNCILMAN Daniel Halloran, a “My point about pensions is that Queens Republican who panned Obamacare by Jeremy Smerd and Shane Dixon Kavanaugh the defined-benefit structure is and bills himself as a small-government unsustainable, whether someone conservative, was happy last week to works until 62 or 55,” Mr. Klein promote brain scans in his district—paid for told Crain’s via e-mail. by taxpayers. “This free service saves lives,” He said that the mayor his spokesman said, “and it could save the repeatedly asked the state to create life of one of the council member’s a new pension tier for teachers but constituents.” Pension critique was denied. It’s not the first time that Mr. Halloran’s The Bloomberg administration actions have been at odds with his ideology. Robert said the city’s chief actuary, Mr. Halloran has criticized firehouse North, estimated that despite the spares Bloomberg closings, the elimination of the Q79 bus and up-front costs of the 2007 pension the loss of funding for nurses in schools with deal, it would produce savings 300 or fewer students. He cheered when Daniel Halloran oel Klein, writing in this month’s Atlantic about the city starting in 2011.Teachers’ getty images concession in that deal was to agree $125,000 was restored to keep the Fort school system he ran for nine years, cites “senseless to merit-based bonuses, but the city Totten pool open and when federal storm-damage funds were sent to policies” and “perverse incentives” that have led to the recently suspended that program, Queens. He has said “senior services are one area that should be protected system’s estimated $36 billion unfunded pension calling it ineffective. More than from cuts.” He applauded Gov. Andrew Cuomo’s “willingness to make tough liability. $50 million was awarded based on decisions,” but said “cuts from our already-vulnerable school system are test scores that proved to be unconscionable.” He backed the $4.3 billion Sept. 11 health care bill. J The former chancellor notes that annual pension artificially high. Similarly, the “free” brain scans are paid for largely with council costs have risen to $2.6 billion, from $455 million in Actuary John Bury, a critic of discretionary funds. Mr. Halloran allocated $18,500 last year to the Brain 2002, “robbing today’s children to pay tomorrow’s pensions.” defined-benefit packages, forecasts Tumor Foundation, which operates a 70-foot trailer with an MRI scanner. A He writes that he once proposed eliminating defined-benefit that the pension fund will go good friend of Mr. Halloran’s was saved when an MRI brain scan found a bankrupt in 2019. tumor, his spokesman said. pensions and using the The foundation has provided about 2,000 scans, at no charge to patients, savings to pay junior Borough taxis since late 2008. Each image costs it roughly $300. Most insurers do not teachers more.The teachers cover the scans, said the foundation’s executive director, Zeesy Schnur. Her union rejected the proposal. pass in the night husband, Joel, a lobbyist and three-time cancer survivor, secured money from council members to help pay for the $1.2 million scannermobile. But he omits the fact that Taxi and Limousine “Generally speaking, there is no cure for brain tumors unless they are a 2007 pension deal made Commissioner David Yassky went to found early,” Ms. Schnur said. But the website of the National Institute of during his tenure gave teachers Albany last week to gather support Neurological Disorders and Stroke says, “Early treatment for many types of for a measure allowing the city to the option of retiring after 25 brain tumors does not improve quality or prolong length of life,” and major sell “borough taxi” medallions. Mr. cancer organizations don’t recommend random scans. Columbia University’s years, down from 30. Yassky, who had lobbied the City Mailman School of Public Health will study the issue, Ms. Schnur said. New teachers were Council to pass an earlier version of Mr. Halloran’s spokesman said the councilman “has always been allowed to retire after the plan, said the administration is committed to essential government services and improving his district’s “working furiously” to get a bill quality of life, while reducing taxes, fees and regulations on New Yorkers.” 27 years.The city passed before the legislative session ends June 20. justified the bloomberg news He did not cross paths with While the new state budget lobbyists for Livery Base Owners, eliminates 376 beds and 371 staff an association concerned that fleet positions from juvenile detention operators would push up the price centers, the facilities’ operating DATE of medallions. Borough taxis would costs will increase to $174 million MEET AND MINGLE Monday, June 20, 2011 be prohibited from picking up fares from $169 million as corrections in Manhattan and at airports. officers are replaced by counselors PLACE and other mental health Launching a business in this uncertain economy is not for the faint The Yale Club Anniversary gift professionals. The city, which pays hearted, and yet many New York City entrepreneurs are taking the 50 Vanderbilt Avenue money to the state for every young plunge. What does it take to pull off a successful launch now? New York, NY News last week that Condé Nast inmate it sends north, will likely had agreed to lease 1 million square pay more. TIME feet at 1 World Trade Center coin- The Bloomberg administration Crain’s New York Business’ 16th annual Top Entrepreneur Awards 8:00-8:30 am cided with Christopher Ward’s three- is lobbying Albany to keep juvenile will spotlight the contribution of the thousands of small businesses Networking Breakfast year anniversary as the executive di- offenders in the city. in the city and focus on strategies to grow in the challenging New rector of the Port Authority of New York market. 8:30-9:30 am York & New Jersey. Program Mr. Ward arrived at the bistate Plum post RESERVE YOUR SEAT TODAY. agency May 18, 2008, when the for Lawsky COST TO ATTEND trade center was little more than a $70 for individual tickets if stalled construction project. Now, Gov. Andrew Cuomo nominated pre-registered by June 13, 2011; with the Condé Nast deal, lower his chief of staff, Benjamin Lawsky, to $75 thereafter. Manhattan is being hailed become the first-ever $700 for table(s) of ten if as an area transformed superintendent of the pre-registered by June 13, 2011; from a financial industry Department of Financial $750 thereafter. center to a mixed-use Services, created by neighborhood for the merging the Banking and CRAIN’S TO PURCHASE TICKETS creative class. Insurance departments. Go to crainsnewyork.com/event-top An insider said that Mr. Lawsky, who was a Juvenile bloomberg news You must be pre-registered to attend this Benjamin Lawsky deputy when Mr. Cuomo event. Seating is limited. No refunds permitted. was attorney general, had For more information, call the Events Hotline injustice at 212.210.0739 hoped to be secretary to the 2011 TOP Gov. Andrew Cuomo says near- governor, a position given to Steven empty juvenile prisons shouldn’t Cohen. Mr. Lawsky’s new job sets PRESENTING SPONSOR serve as “an employment program” him up for lucrative post- for upstate New York. But more government work, should he money is likely to flow their way. eventually go that route. Ⅲ ENTREPRENEURS For daily political and government news, subscribe to CRAIN’S INSIDER @ www.crainsnewyork.com/insider

8 | Crain’s New York Business | May 23, 2011 Project1:fp template.qxd 5/18/11 2:02 PM Page 1

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VIEWPOINT Fill MTA’s revenue gap now editor in chief Rance Crain publisher, vp Jill R. Kaplan tate lawmakers, who congratulated themselves crucial in order for the regional economy to grow. It won’t EDITORIAL two months ago for closing a happen without money. editor Xana Antunes managing editor Glenn Coleman $10 billion budget gap, have made no progress Funding for the MTA is not an expense but an deputy managing editors Valerie Block, in filling another hole that is just as big.The investment with proven returns. Unfortunately, some Erik Ipsen assistant managing editor Erik Engquist Metropolitan Transportation Authority has no lawmakers prefer to portray the agency as a cesspool of waste senior producer, projects Kira Bindrim capital funding in place for the next three years and to use it as a scapegoat to distract voters. It’s time they senior producer, news Elisabeth Butler Cordova contributing editor and needs the state to identify revenues this acknowledge the MTA’s role in reviving the city and its Elaine Pofeldt year to issue bonds.That will be controversial, so Albany suburbs, and the efficiencies Chief Executive Jay Walder has columnists Greg David, Michael Gross, Alair Townsend needs to get moving. found in the past two years. He shaved $525 million from pulse editor Barbara Benson S Theresa Agovino, Gov. Andrew Cuomo and legislators must undertake the the operating budget, including $93 million in service cuts to senior reporters Aaron Elstein, Lisa Fickenscher, mission knowing that the capital plan cannot be shrunk underutilized bus and subway lines. He lopped $2 billion off Matthew Flamm, Miriam Kreinin Souccar significantly. MTA contractors could reduce construction the capital plan without reporters Marine Cole, Amanda Fung, Shane Dixon Kavanaugh, Daniel Massey, costs by a few hundred million dollars by negotiating new killing important Adrianne Pasquarelli, Jeremy Smerd work rules with their unions; the MTA could pare the price Funding the projects. art director Steven Krupinski deputy art directors Carolyn McClain, tag a bit more by delaying nonessential improvements. But if agency is an It’s Albany’s turn Daniel Mednick there’s one thing we’ve all learned about the transit system now. Legislators must staff photographer Buck Ennis investment with copy desk chief Wendy Zuckerman over the years, it’s that postponing vital work backfires. identify at least $750 copy editor Thaddeus Rutkowski The story of past disinvestment in the MTA has been well- million in annual research editor Dana Gordon proven returns assistant research editor Suzanne Panara told. By the early 1980s, its subways were the quintessential revenues to finance 30- research assistant Suzanne Bernard symbol of urban decay. Crime was rampant on the graffiti- year bonds. Fares have research intern Laura Shin editorial intern Benjamin J. Spencer scarred trains, which routinely broke down or derailed.The been increased for three turnaround began in 1982, when the agency decided to fund straight years and are EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 capital projects systematically. It replaced aging equipment scheduled to rise 7.5% in 2013, so riders ought to be spared editorial: 212.210.0277 Fax 212.210.0799 rather than wait for mishaps. It repainted stations so often that until then. Businesses funded most of the 2010-11 capital advertising: 212.210.0259 Cable craincom nyk graffiti vandals gave up. It removed trash, thereby curbing plan with a payroll tax that generates $1.5 billion annually. Fax 212.210.0499 track fires. It introduced MetroCards. One option is to raise more revenue from drivers. A Entire contents ©copyright 2011 Crain Not coincidentally, as the transit system was transformed, variable fee on vehicle trips that congest Manhattan’s central Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP so was New York City.The economy prospered, population business district is logical, since they impose large costs on Inc., used under license agreement.

losses were reversed and tourism boomed.Transit ridership the economy. Also, the payroll tax mechanism should be TO SUBSCRIBE: has surged 50% in the past 15 years. improved to lessen its political toxicity and increase Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. Maintaining a state of good repair, improving service and compliance. www.crainsnewyork.com

finishing large projects—East Side Access, the Fulton Transit Legislators can certainly suggest alternatives. But they ADVERTISING AND MARKETING Center and phase one of the Second Avenue subway—are cannot let the transit system deteriorate again. advertising director Trish Henry senior account managers Courtney McCombs, Sheryl Rose, Suzanne Wilson sales manager, classified print & online John Gallagher sales coordinator, print & online CRAIN’S ONLINE POLL COMMENTS Lulé Haznedari newsletter product manager Alexis Sinclair HAS NEW YORK credit Todd J. Masura 313.446.6097 marketing director Amy Crossman TREATED DOMINIQUE assistant marketing manager Save the garment district Sabra Harrison STRAUSS-KAHN FAIRLY? director, audience development A STITCH IN TIME SAVES MINE these few blocks as a fashion R&D hub—and John LaMarca Date of poll: May 17 (AND HUNDREDS MORE BUSINESSES) go on to become the next Philip Lim or Erin senior audience development manager 319 votes Fetherston.That’s how Nanette Lepore and Tarek Cotran It is questionable to state, as Greg David the company that bears her name got started 20 director of e-commerce strategy Absolutely. He claims in his blog on CrainsNewYork.com, that years ago.Today, we’re a $135 million to $140 Kristi Serrano has an alleged the garment district is being “destroyed” by the million business at retail. web developer, interactive history as a . 72% designers, garment manufacturers and local No one thinks the area’s current zoning is Chris O’Donnell sexual predator politicians who advocate for its protection. perfect. Mr. David is right about one thing: All NEW YORK PRODUCTION and enough It’s true that this neighborhood isn’t SoHo, of us who are involved with the garment money to flee to production and pre-press director Hudson Yards or the meatpacking district. But district—designers, manufacturers, property Michael Corsi France, which

has no the garment center has an important resource owners, city officials and others—need to be advertising production manager extradition treaty 28%. that no longer exists in those neighborhoods: thinking about and planning for its future. Suzanne Fleischman Wies with the U.S. hundreds of manufacturers and suppliers that The Design Trust for Public Space and the PUBLISHED BY CRAIN COMMUNICATIONS INC. work closely with fashion designers to realize Council of Fashion Designers of America are chairman Keith E. Crain innovative, cutting-edge design. organizing an inclusive planning process that No way. His president Rance Crain These small businesses occupy more than a Merrilee Crain treatment by New will examine many strategies, including zoning, secretary York cops, courts million square feet of space and employ to guide future development in the district. We treasurer Mary Kay Crain and media thousands of working- and middle-class New hope that Crain’s will continue to cover this executive vp, operations William Morrow violates the Yorkers in the garment district, despite Mr. story throughout the planning process. senior vp, group publisher Gloria Scoby group vp, technology, circulation, principle that David’s claim that “people just don’t want to —robert savage people are manufacturing Robert C. Adams work there.” Our company continues to President vice president/production & innocent until David Kamis proven guilty. produce 85% of our line in the district, Nanette Lepore manufacturing employing 140 people directly and 400 to 500 chief information officer Paul Dalpiaz people indirectly. CAIN’S WELOMUBR to its opinion founder G.D. Crain Jr. (1885-1973) chairman Mrs. G.D. Crain Jr. (1911-1996) bloomberg news All of these light industrial businesses in the pages. Send letters to [email protected]. For this week’s questions: Go to garment district act as an incubator for new Send columns of 475 words or fewer to www.crainsnewyork.com/poll to have your say. talent and fashion startups. So, even as some [email protected]. Please include the writer’s designers leave, others emerge who rely on name, company, address and telephone number.

10 | Crain’s New York Business | May 23, 2011 20110523-NEWS--0011-NAT-CCI-CN_-- 5/19/2011 8:23 PM Page 1

OPINION

construction and expansion of food stores in underserved neighbor- hoods. The program jump-starts Law will hurt, not stores—often midsize, family- owned groceries—that otherwise would not be economically viable. help, wage earners But few groceries would be able to participate if the bill becomes law. It would also affect thousands of homeowners, as cooperative and BY PAT BRODHAGEN AND MARY ANN ROTHMAN condominium buildings would be required to ensure that any contrac- he proposed “living wage” legislation being con- tor working at their property pay all sidered by the City Council would have devastat- employees a living wage. This obli- ing—and largely unintended—consequences for gation would apply to residential tenants, too. Co-ops and condos employers of all sizes. New York has long been in- would be saddled with staggering novative in using economic development pro- new administrative costs and the im- grams to promote business growth and jobs. The bill, Intro possible task of verifying the wages T of every tutor, housekeeper or home 251-A, would have a chilling effect on those programs and health aide hired by every resident. would make our city a less attractive place to live and work. Moreover, violations could result in steep fines and other penalties, in- The programs support all sectors istrative burdens on a wide range of cluding a requirement to return to the of the city’s economy, including employers—even those exempt from city all financial assistance received. large and small businesses, manu- its wage requirements—that take ad- This would create uncertainty that facturers, nonprofits and cultural vantage of city incentives. would impact the ability of a cooper- organizations. Meanwhile, cooper- In the highly competitive food- ative or condominium to obtain fi- atives and condominiums receive a store industry,where businesses typi- nancing for building improvements property tax abatement to partially cally have net margins of just 1%, or mortgages on individual units. compensate for the significant dis- most would not be able to absorb the We agree that providing a living parity between their taxes and those additional costs. Any new real estate wage is a noble goal. But this legisla- paid by homeowners in one-, two- development would be unlikely to in- tion would hurt the very people it is and three-family homes. clude a supermarket, often one of the intended to help by making it more But if Intro 251-A is approved, key attractions in such projects. difficult for employers to create jobs. the benefit of these incentives would More troubling, Intro 251-A be canceled out and stifle job cre- would jeopardize the city’s Fresh Pat Brodhagen is vice president of public ation,hurt homeowners and discour- Program, which is designed to pro- affairs at the Food Industry Alliance of age employers from locating and ex- mote healthy communities by offer- New York State. Mary Ann Rothman is panding in the city. The legislation ing zoning, financial, tax, and ener- executive director of the Council of New would also impose crushing admin- gy incentives to encourage the York Cooperatives & Condominiums.

For projects that include city- owned land,all tenants are covered— Living wage as in the case of the redevelopment of L.A.’s Grand Avenue district. (Iron- ically, the master developer that inked that deal is The Related Com- in practice in L.A. panies—the same megafirm that’s been telling New York that a living wage isn’t workable.) Finally, in one BY PAUL SONN of its farthest-reaching efforts, L.A. has extended its living wage to in- s the city debates the merits of a City Council pro- clude all hotels that have benefited posal to extend the city’s 2002 “living wage” poli- from the city’s substantial invest- ments in LAX airport. cy to cover big development projects, it is well What this means on the ground worth examining the real-world experiences of is that when L.A. subsidizes a new Los Angeles—the nation’s leader in integrating a big-box shopping center, it asks the living-wage approach into city economic development strategy. developer to bring in a Costco or a A Trader Joe’s, which typically pays L.A. offers a nuts-and-bolts guide for how to grow a city’s higher wages than, say, a Walmart. tax base, attract businesses and build housing, while also It makes the developer responsi- ble for complying with the develop- promoting the types of quality jobs lion in private investment.They in- ment agreement—which includes local communities need. clude the Staples Center/L.A. Live the living wage—but it does so in a L.A.’s Community Redevelop- sports-and-entertainment district, practical and flexible way that has ment Agency adopted its living- the Kodak Theater (host to the not proved to be an obstacle to mov- wage policy in 2003.At a recent City Academy Awards), plus numerous ing projects forward. Council hearing, the agency’s for- hotels and retail projects, including While some of the details of mer deputy chief of operations testi- ones in low-income neighborhoods what L.A. has done differ from the fied: “The agency has found the liv- like Slauson Central. New York City Council’s living- ing-wage policy to be an effective How does it work in practice? wage proposal, the central thrust is tool for ensuring that taxpayer-sub- The developer and other direct ben- the same: asking developers on ma- sidized economic development cre- eficiaries of city subsidies guarantee jor subsidized projects to create ates quality jobs for Los Angeles’ that their employees and those of more quality jobs for local residents. communities. CRA/LA has not on-site contractors like janitorial, A rigged Bloomberg administration found that it has inhibited new de- security and food service companies study concludes that these types of velopment or job growth in any way.” will be paid at least the city’s living requirements will scare off develop- Los Angeles reports having 144 wage—currently $10.30 per hour,or ers and financing, a conclusion not projects with a living-wage compo- $11.55 without health benefits. borne out by L.A.’s experience. If nent, comprising roughly 1.1 mil- Major anchor tenants like hotels are Los Angeles can do it,why can’t we? lion square feet of office space and typically deemed to be direct bene- 2.7 million square feet of retail ficiaries and so are also covered. Paul Sonn is a legal co-director for the space, and representing over $8 bil- Smaller businesses are exempted. National Employment Law Project.

May 23, 2011 | Crain’s New York Business | 11 20110523-NEWS--0012-NAT-CCI-CN_-- 5/20/2011 12:28 PM Page 1

OPINION

nancial officer told reporters and in- vestors that while Walmart can sell T-shirts and underwear, it can’t get Walmart driven women to buy clothes for their kids, much less any fashionable items for themselves. by own problems The other difficulty is that Wal- mart has become so big that moving the sales needle is a Herculean task. n heated public-policy debates, a narrative gets estab- The $12 billion it needs to increase lished that often encompasses only part of the story. So revenues by 3% equals the amount of total revenue a company needs to it is in the debate over whether Walmart can open stores generate to rank in the Fortune 200, in New York City.Opponents say Walmart is a renegade as Fortune magazine figured out last company that abuses its workers and the communities year. where it operates and should be blocked from operating in New That’s where New York and I Chicago—not to mention Wash- York. Supporters say that it isn’t any of those things—its pay ington and Boston—figure in. and benefits are equal or superior to its rivals’—and that city While it has depended on expand- ing abroad to drive growth, Wal- government shouldn’t fell 1.1% in the quarter mart can’t increase margins unless it be choosing who gets to ended April 30, the operates in the nation’s first- and do business in the city. eighth straight quarter- third-largest markets and does a Here’s what is miss- ly decline in this key better job of penetrating other big ing from that formula- measure of retailing cities.To do so,it has developed flex- tion. Walmart is having success. ible store sizes that will work better

its own problems these One major problem in urban areas. Walmart’s entry to newscom days coming up with the is that too many cus- New York seems certain to include right business strategy, tomers buy Walmart’s its 15,000-square-foot Walmart opponents and the city’s high costs York is just the kind of town for Tar- and New York is critical low-margin groceries Express format and possibly its convinced top executives that New get—a discounter with some style. to its ability to solve and other basics be- somewhat larger Neighborhood York was too much trouble. This Or maybe the value Walmart offers them. GREG cause the prices are im- Markets. time,Walmart will persevere until it will be unbeatable. In either case, Last week, Walmart DAVID possible to beat, but fail Walmart’s need to enter un- opens numerous stores in the city. New York consumers will decide reported that sales at to buy anything else. tapped markets is why there proba- Then we’ll see how much New whether Walmart succeeds or fails stores open at least a year The company’s chief fi- bly won’t be a repeat of 2005, when Yorkers like Walmart. Maybe New here, and that’s the way it should be.

12 | Crain’s New York Business | May 23, 2011 Project7:fp template.qxd 5/12/11 5:56 PM Page 1 20110523-NEWS--0014-NAT-CCI-CN_-- 5/20/2011 12:26 PM Page 1

REAL ESTATE DEALS PLUS

Hedge fund More towers get three-digit rents doubles space A growing hedge fund is moving up to midtown. he number of new leases signed at rents of more difficulty paying such hefty sums, for example, a lease was just inked at Hudson Bay Capital Manage- than $100 a square foot is expanding upward and said Ken McCarthy, senior man- $175 per square foot, and nearby, at ment has signed a five-year lease for outward. aging director of research at 9 W. 57th St., the going rate is $160 13,055 square feet at 777 Third Ave.,a So far this year, 19 have been signed at rents in Cushman. a square foot. tower co-owned by the Kaufman Or- T With space very tight as well as ultra- Buildings new to the triple-dig- ganization and the Travelers Cos. the triple digits per square foot.That is up from expensive at the toniest towers, some it rent ranks this year are 350 Park The asking rent was $65 a square 17 in all of 2010, according to Cushman & Wakefield Inc. In firms have been forced to look else- Ave., 640 Fifth Ave. and 152 W. foot. addition, those lofty rent levels have been hit at 12 buildings, where, leading to the lengthening 57th St. At each of those proper- “They’re doubling in size,” said of the list of buildings that com- ties, deals were done at between Cynthia Wasserberger of Jones Lang up from nine last year. mand rents of $100 per square foot $110 a square per foot and $115 a LaSalle, who with colleague Ryan The growth stems from the renewed good fortune of and up. square foot. Masiello repre- the hedge funds and private equity firms that have no At the General Motors Building, —theresa agovino sented the ten- ant. She added that Hudson Bay Capital was pleased to find that the space was in good con- dition and had the necessary in- frastructure. It had previously 777 Third Ave. been occupied by a financial services firm. “Getting a footprint in midtown was also a priority for Hudson Bay Capital,” Ms. Wasserberger said. Hudson Bay Capital, which was TRAVELING FOR founded in 1997,is currently housed on the 40th floor of 120 Broadway, in lower Manhattan. Its new home, a 38-story, BUSINESS SHOULDN’T 625,000-square-foot tower between East 48th and East 49th streets, has benefited from major renovations in the past year, including a new lobby FEEL LIKE WORK. and plaza. It has also been signing a slew of new tenants, most notably Working on the road is always a little stressful; business travel shouldn’t add to it. That’s why Avon, which agreed to lease nearly all of our Delta Shuttle® fl ights serving Boston, DC, and Chicago-O’Hare offer frequent fl ight 275,000 square feet and will begin to options, an exclusive check-in area with expedited security, and last-minute boarding for every move in later this month. Sompo fl ight – so you can use your travel time exactly how you want to, even if it’s just to relax. Japan Insurance Co. of America, as well as investment firms Ivory In- vestment Management and Grisanti DELTA.COM Brown & Partners, signed leases to- taling 18,300 square feet. The building is nearly 90% occu- pied, according to Michael Lench- ner of Sage Realty Corp.,Kaufman’s leasing and management arm. Mr. Lenchner represented the landlord with Frank Doyle of JLL. —marine cole Risk software firm adds floor A maker of financial crime, risk and compliance software for the fi- nancial services industry is doubling its space in the garment district. Actimize Inc. signed a 10-year lease for the entire ninth floor, or 24,200 square feet, at 1359 Broad- way. It also signed a 10-year renew- al of its lease for 23,570 square feet on the fifth floor. The asking rent was $50 a square foot. The company plans to move in during the fall. The tenant is taking the additional space to consolidate its work force and bring in a division that is currently located on Park Av- enue, according to Fred Posniak of landlord W&H Properties.

Service may be operated by Delta Connection® carrier Shuttle America dba Delta Shuttle. Michael Beyda of Benchmark Properties represented Actimize, while Jonathan Fanuzzi and Brian Waterman of Newmark Knight Frank represented the landlord. —marine cole

14 | Crain’s New York Business | May 23, 2011 20110523-NEWS--0015-NAT-CCI-CN_-- 5/19/2011 2:37 PM Page 1

SMALL BUSINESS Where have all the flowers gone?

[in the Bronx], from Webster Av- year tracked by the U.S. Census Bu- send flowers to Mom in Miami,” he Traditional florists enue to University Avenue, there reau. “We’re not the commodity explained, “the local contact can be adapt business were six shops—now,none. It’s hap- business of supermarkets and street much more selective than a nation- pening all over the city.” vendors,” Mr. Moran said. al company just pushing out orders. models to survive Certainly, the problems facing Some florists have banded to- And then there’s the old-fashioned the neighborhood florist are not en- gether for survival. Nic Faitos— touch of hand delivery:A fresh bou- demic to New York. Peter Moran, owner of Starbright Floral Design, quet on your doorstep means a lot BY STEVE WEINSTEIN who heads the Alexandria, Va.- one of the few retail shops left in the more than a brown FedEx box.” based Society of American Florists, floral district—has built a network Mr. Faitos has also adapted to arco Olmi, co- has watched the number of neigh- of local florists in various cities to doing the vast majority of his busi-

owner of Stone- borhood florists shrink by nearly provide more personal service than ness by phone or online,noting,“We buck ennis kelly, a high-end 25% nationally over the past decade, the giant Internet companies. don’t get more than 5% of sales from EVOLUTION: Marco Olmi’s Stonekelly florist florist on the west- to 18,509 in 2008—the most recent “If one of our clients wants to local walk-in traffic anymore.” Ⅲ has become an event-design business. ern fringe of Hell’s MKitchen, is up at the crack of dawn at least three times a week to visit wholesalers in the flower district so he can buy the best blooms arriving from Holland. Six years ago, he March 2011 March 2011 February 2011 February 2011 February 2011 closed his store on the Upper West Side when he saw that there was “no way to survive as a [typical] retail shop,” he said. “Everyone was sell- a portfolio company of R has acquired ing cheaper flowers.” Since then, Stonekelly has evolved into an event-design busi- ness. Most of Mr. Olmi’s clients are $1 Billion $1.5 Billion $55 Million $145 Million $585 Million corporations or event planners,with Senior Secured Senior Unsecured Senior Secured Senior Secured Senior Secured only a few private homes in uptown Credit Facility Credit Facilities Notes Credit Facilities Credit Facilities Manhattan among them. He gets almost no walk-in business. Joint Bookrunner, Sole Bookrunner, Joint Bookrunner, Joint Bookrunner, Mr. Olmi isn’t alone among tra- Joint Lead Arranger Joint Lead Arranger Sole Placement Agent Joint Lead Arranger Joint Lead Arranger ditional florists in having to adapt his business model to survive.While late spring’s weddings, confirma- January 2011 January 2011 December 2010 November 2010 November 2010 tions and graduations have brought a welcome sales boost for some, many small shops are still struggling to recover fully from the recession. has been acquired by They now face increasing competi- tion from Internet retailers, who & don’t have to shoulder New York’s $250 Million $1 Billion $325 Million $225 Million high real estate costs. Senior Unsecured Senior Secured Senior Notes Credit Facilities $190 Million Senior Notes Credit Facilities More players in the game Senior Secured At the same time, corner delis, Credit Facilities street vendors and supermarkets that Joint Bookrunner, Sole Bookrunner, Joint Bookrunner, charge less are expanding their floral Joint Bookrunner Joint Lead Arranger Joint Lead Arranger Lead Manager Joint Lead Arranger offerings, which are more profitable for them than food. Rather than travel to the flower district—which has severely contracted to a single block of West 28th Street between Seventh Avenue and Broadway— Delivering results their suppliers buy blooms in bulk, mostly from South America. We know that successful, long-term business relationships Neighborhood florists scoff at depend upon delivering results for our clients. the supermarkets and delis that treat ® a hibiscus like a can of peas or a At KeyBanc Capital Markets, more than 500 professionals frozen dinner. leverage extensive industry knowledge, equity and debt capital “We offer wider variety and de- markets expertise, and a leading merger and acquisition advisory sign the arrangements,” said Greg practice to deliver strategic solutions that help our clients capitalize Chugranis, the third-generation on opportunities. owner of Olympia Hearns Flower Shop in the Bronx. “They use min- imum-wage labor. We know our customers and what they want.” However,it can be difficult to of- fer such traditional customer service profitably in today’s economy. Mr. Chugranis, who also heads the New York Retail Florists Association,has To learn more: seen membership drop to 213 from Contact Randy Paine, Co-Head 216-689-4119, more than 365 two decades ago. Doug Preiser, Co-Head 216-689-5944 or “When I was growing up, there Amy K. Carlson, EVP and Group Head, was a traditional flower shop at every Debt Capital Markets 216-689-4227. subway station,” he said. “There Visit key.com/kbcm aren’t any today. On Fordham Road KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., Member NYSE/ FINRA/SIPC, and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities To sign up for Crain’s representatives, who may also be employees of KeyBank N.A. Banking products and services are offered by KeyBank N.A. SMALL BUSINESS newsletter, go to Key.com is a federally registered service mark of KeyCorp. ©2011 KeyCorp ADL3239 www.crainsnewyork.com/smallbiz.

May 23, 2011 | Crain’s New York Business | 15 20110523-NEWS--0016-NAT-CCI-CN_-- 5/19/2011 5:43 PM Page 1

NEIGHBORHOOD JOURNAL Life’s a new deal on Roosevelt Island

of Roosevelt Island in 2005, they Island,they love it,”said David Kra- University has expressed One-time backwater faced a huge challenge: convincing mer, a principal of Hudson. “The interest in building an gains people, parks; New Yorkers to actually move there. views are spectacular,it’s quiet and it’s engineering school there, Today, execs at The Hudson one of the safest places in the city.” in response to an invita- gets Main St. revamp Companies and The Related Com- tion seeking proposals CURB APPEAL: The once-belittled island is gaining population. panies don’t have to worry about the Ready for its close-up to establish a technical BY AMANDA FUNG area’s appeal.Their most recent high- The 2-mile-long, 147-acre is- university on city land. end projects are doing well. River- land in the East River is basking in The island is also getting green- completed in the fall of 2012; the hen two develop- walk Crossing,a 2-year-old,242-unit an unaccustomed glow.With a pop- er. The revamped 8.5-acre South- FDR Hope Memorial is slated to be erscompleted the rental tower,is fully leased;Riverwalk ulation of some 14,000, up from point Park will open this summer. added in the spring of 2013. first luxury condo Court—their latest condo, with 123 9,500 a decade ago,the area is one of Adjacent to that,4-acre Franklin D. In addition, Hudson and Relat- development on units—is nearly 75% sold. the fastest-growing neighborhoods Roosevelt Four Freedoms Park, a ed will revamp Main Street—the is- the southern end “Once people come to Roosevelt in New York,observers say.Stanford $45 million project,is expected to be land’s commercial backbone, with W 100,000 square feet of retail space— after decades of neglect.Mr.Kramer declined to provide details, noting that the plans are preliminary,but he indicated that the thoroughfare will get “a new look.” Residents’ hopes are soaring. “Now we have the population to support a first-class restaurant,”said 22-year resident Matthew Katz, president of the Roosevelt Island Residents Association. Right now, the island has only a couple of takeout eateries,including those at Hudson/Related properties. The developers currently man- age eight retail spaces at the base of their six residential buildings, in- cluding the island’s only Starbucks and its sole Duane Reade. “We have no turnover on any of our leases,”Mr.Kramer said,adding that the island could use more amenities, such as a wine shop and a florist.“It won’t be hard to attract re- tailers.There is a captive audience.” Hogging the spotlight This activity is quite a change for an isolated spot with a history of un- appealing associations. The Dutch dubbed it Hog Island,and for a good part of the past century,it was called Welfare Island because of its small- pox hospital and mental institution. Today, it boasts more than 4,900 residential units—a mix of afford- able housing and market-rate rent- als,condos and co-ops,plus housing for hospital staff, college faculty,the elderly and the disabled. Related and Hudson have the right to con- struct three more buildings, which could add as many as 800 units. “We are completely self-sustain- ing,” said Leslie Torres, president of Roosevelt Island Operating Corp., the state-created public benefit en- tity that manages the island. RIOC collects ground rents from residential buildings’ landlords; this funds its $20 million budget for main- taining the island, which the state is leasing from the city for 99 years. The area’s growth does have its downside. The population increase has stressed the public transportation system.Residents rejoiced when the tramway to Manhattan reopened in November after a $25 million refur- bishment, especially since the only other mass transit is the crowded F train. Some are hoping for new fer- ry access to help relieve the strain. “A ferry service won’t solve our problem, but it is a step in the right direction,” said longtime resident Mr. Katz. “We understand the lim- itation of living on an island. It’s a balancing act.” Ⅲ

16 | Crain’s New York Business | May 23, 2011 20110523-NEWS--0017-NAT-CCI-CN_-- 5/19/2011 5:45 PM Page 1

IGEST COMPAN B INSIDE Largest public companies, ranked by annual revenues PAGE 18 ON THE WEB @ WWW.CRAINSNEWYORK.COM/LISTS ➚The whole shebang: our complete list of the area’s 250 biggest public companies, plus performance data

$2.44 trillion 2010 RECOVERY MODE $2.19 trillion The big get AFTER A ROUGH 2008 and TOTAL MARKET CAP1 2009 an improved 2009, New York’s 250 biggest public companies saw their $1.51 trillion still bigger combined stock market 2008 by buying value swell 11% last year.

Growth adage never truer as financially TOTAL REVENUE TOTAL NET INCOME sound take advantage of weakened rivals TOTAL REVENUE for the $1.75 top 250 companies grew $158.9 ahead of rivals that were grappling $1.53 $1.57 trillion by about 11% last year, billion BY AARON ELSTEIN with hefty debt loads assumed in trillion trillion $90.5 while overall profits billion better times. soared 75%, building off When the going got tough dur- of 2009’s revenue and -$94.9 No better bet billion ing the Great Recession, the tough- income gains. est went shopping. Perhaps no bet was more aggres- 2008 2009 2010 2008 2009 2010 Of the corporations on Crain’s sive—and turned out better, at least annual list of the largest public com- so far—than the one made by panies, almost every one with sig- Phillips-Van Heusen Chief Execu- LARGEST SECTORS, BY REVENUE2 nificantly higher revenues last year tive Emanuel Chirico (pictured, 10% 12% 6% THE FINANCE and 12% made major acquisitions. left). Finance 13% 12% 32% the tech and 42% 47% Retailer Phillips-Van For years, the owner of Tech and telecom 16% telecom sectors 14% Heusen rose 28 spots on such brands as Calvin Consumer goods 24% the list, more than any Klein had been ultracon- accounted for huge and commodities 21% 20% 19% other company, thanks to servative, keeping debt shares of the Health care its $3 billion acquisition low, accumulating cash revenues. Media 2008 2009 2010

of Tommy Hilfiger in and steadily improving 1-Market capitalization: the closing stock price on April 15, 2011, multiplied by the number of shares outstanding for the most recent quarter. 2-Data for the largest sectors 2010. According to SUITABLE operating margins. (Mr. are for the top 25 companies. Sources: Crain’s research, Compustat

Bloomberg data, private- Chirico, who became photos: bloomberg news equity giant Blackstone CEO in 2005, previously Group got back to its deal- served as finance chief and In February, Moody’s revised its Between real estate and other in- ment management business of Bar- intense ways and bought $3B controller.) outlook to “positive,”citing Phillips’ vestments, Blackstone’s portfolio clays for $13.5 billion.Like so many 36 companies, ranging PRICE TAG Though such cautious “meaningful progress” in lowering jumped $18 billion last year, to $62 other big banks at the time, U.K.- from nursing homes to for Phillips- management had made debt since the acquisition. billion, according to Oppenheimer. based Barclays needed cash in its warehouses. And leading Van Heusen’s Phillips-Van Heusen one “The Tommy Hilfiger business Though it will take years to see depleted coffers. BlackRock was money manager Black- purchase of of the least-sexy compa- has continued to exceed our expec- if those investments will perform, one of the few parties that could Rock began integrating its Tommy Hilfiger nies in the fashion world, tations, and the integration of the Blackstone partners collect hefty provide it. megamerger with Bar- the 135-year-old clothier two businesses has been seamless,” management fees in the meantime. clays Global Investors. was able to move when Mr. Chirico declared in a March In addition, the healthier market “Terrific progress” Acquisitions have long been the Hilfiger went looking for a buyer release announcing full-year re- for initial public offerings in 2011 The merger appears to have paid surest path to growth for most large last year. sults. suggests that the firm will soon dividends. BlackRock’s operating companies.But deals were more im- Phillips-Van Heusen dug deep Meanwhile, Blackstone’s acqui- make huge sums selling its hold- income in the fourth quarter—a portant than ever in 2010, with new to make the deal, however, and sition spree last year—a return to ings. year after the deal closed—tripled, revenues otherwise hard to achieve raised its long-term debt by 10 business as usual—illustrates that BlackRock has used its financial and revenues rose 61%. in many sectors of an economy still times. Concerned about such a the firm is “one of the clear winners strength to become the world’s As the debt analysts at Egan- in recovery mode. That gave com- sharp increase in leverage, the pen- from the financial crisis,” Oppen- largest money manager. The firm Jones Ratings Co. recently gushed, panies with means a rare opportuni- cil-pushers at Moody’s cut the com- heimer & Co. analyst Chris Ko- reached that milestone in late 2009, “[BlackRock] has made terrific ty to make serious hay and pull far pany’s credit rating to “junk.” towski wrote in a recent report. when it bought the global invest- progress over the past year.” Ⅲ

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May 23, 2011 | Crain’s New York Business | 17 20110523-NEWS--0018-NAT-CCI-CN_-- 5/19/2011 6:49 PM Page 1

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18 | Crain’s New York Business | May 23, 2011 Project7:fp template.qxd 5/6/11 4:32 PM Page 1

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www.eisneramper.com

EisnerAmper LLP Accountants & Advisors New York | New Jersey | Pennsylvania | Cayman Islands Independent Member of PKF International 20110523-NEWS--0020-NAT-CCI-CN_-- 5/19/2011 6:50 PM Page 1

REPORT BIGGEST COMPA NIES

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20 | Crain’s New York Business | May 23, 2011 20110523-NEWS--0021-NAT-CCI-CN_-- 5/19/2011 6:50 PM Page 1

REPORT BIGGEST COMPA NIES

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May 23, 2011 | Crain’s New York Business | 21 20110523-NEWS--0022-NAT-CCI-CN_-- 5/20/2011 2:25 PM Page 1

REPORT BIGGEST COMPA NIES

mortgage-related hangover. STOCK AND AWE more business.And the first fruits of It’s Dimon’s world This division, generating about this effort can be found in the Park half the banking conglomerate’s rev- J.P. Morgan Chase & Co.’s stock Avenue branch 39 floors beneath his enue, posted a $208 million loss last price is up 6% since January 2008. executive offices at J.P. Morgan quarter, in part because of high costs “Meh,” you might say. (New York Chase’s global headquarters. Continued from Page 1 ers,and small-business loans or cred- related to the 10,000 lawsuits that J.P. municipal bonds have returned twice There, the bank is developing So far, he has been running some- it increases to 7,500 entrepreneurs. Morgan faces, mostly over problem as much during the past three and a Chase Private Client. The service, thing of a Teflon bank,winning over “In every way we can,” Mr. Di- mortgages. Last year, the bank’s liti- half years.) But the bank has so which is about to be expanded local- shareholders (see the box) and watch- mon said, “we continue the eco- gation expenses hit a towering $7.4 dramatically outperformed its major ly and introduced in Florida and Cal- ing key customer-satisfaction rat- nomic recovery in the U.S. and billion, the equivalent of 43% of its financial services rivals, it’s as if it’s ifornia, offers deluxe treatment to ings rise even as J.P.Morgan strug- around the world.” net income. in a different industry. customers with at least $500,000 in gles with some of the same mortgage What he didn’t mention, which Management has also been J.P. Morgan liquid assets.That includes meeting messes its rivals are stuck in. could be ascertained only by digging caught off guard by how far the Goldman Sachs an adviser who will pitch investment Bank of America But his bank’s sheer size makes it into a 47-page package of financial housing market has fallen. Net ideas from a private office at a local a natural target of greater govern- data accompanying the release, was charge-offs in the bank’s prime BlackRock branch and give more customers the ment scrutiny going forward. The that J.P. Morgan’s loan book is mortgage portfolio—home loans to chance to do business with the up- Securities and Exchange Commis- shrinking.While “wholesale”loans— its most creditworthy customers— market J.P.Morgan-branded part of sion, for instance, appears close to came in 16 times higher last quarter the banking company, rather than filing charges related to a soured than the company expected. the more pedestrian Chase brand. mortgage investment marketed by His bank’s As a whole, J.P. Morgan’s retail Executives believe the private- J.P. Morgan that closely resembled division “lags behind its target con- client business could generate up to the one that famously forced Gold- consumer siderably,” Sanford C. Bernstein & $1 billion in net income annually. man to pay a $550 million settle- Co. analyst John McDonald em- “We think the right way to deepen ment last year. problems won’t phasized in a recent report. relationships with customers is to Most important, Mr. Dimon The bank’s consumer problems offer them special attention,” said must also figure out how to keep J.P. go away soon won’t go away soon,according to J.P. Andrea Kanter, head of investment Morgan growing, especially with Morgan’s own bleak forecasts.Near- products for Chase Private Client. further big-bank acquisitions un- ly half of the retail division’s $321 “Special attention” is a riff on an likely to pass muster with regulators. billion in loans are expected to be idea that many U.S.banks have tried charged off or not replaced as they for years—cross-selling financial Psst: Loan volume is falling loans to businesses—rose 10% from mature with new ones of the same services and products to existing With assets of $2.2 trillion, J.P. the year-earlier quarter, overall loan type. That suggests a $700 million As of May 19. Source: Bloomberg customers. Indeed, such sales were Morgan plays a pivotal role in the volume fell by 4% because the bank drag on net interest income annually. the rationale for creating the bank- nation’s economy—a role that Mr. is lending less to consumers. Certainly, with housing markets ing behemoth known as Citigroup Dimon is proud to emphasize. In Mr. Dimon said at the annual so weak, it makes perfect sense for a potential new clients for credit 13 years ago, an institution Mr. Di- last quarter’s earnings release, he stockholders meeting last week that banker to cut back on mortgage cards, financial planning and other mon was instrumental in shaping noted that J.P. Morgan provided the economy may be at “the begin- lending.But doing so throws a mon- lucrative offerings by big banks. before he headed to a predecessor of credit and raised capital of more ning of a self-sustaining recovery.” key wrench into Mr. Dimon’s entire “If you’re getting rid of mortgages J.P.Morgan Chase. than $450 billion, including award- That’s cheerier than he was a year retail banking operation, leading because the housing market is in trou- Cross-selling can be tough—Citi ing mortgages to 180,000 people, ago, when he worried out loud that analysts said, because home loans ble, are you also getting rid of cus- was a notable failure at it—but work- credit cards to 2.6 million custom- “we don’t know when the recovery traditionally bring more new cus- tomers?”asked bank industry analyst ing in J.P. Morgan’s favor is its un- is.” But the hard reality is it will take tomers through the door than any Dick Bove of Rochdale Securities. usually loyal customer base. It is the LISTEN to a discussion at years for his massive retail financial other service offered by banks. “That’s a big issue for J.P.Morgan.” only major bank whose customer- CrainsNewYork.com/audio services division to recover from its Mortgage customers, in turn, are In the past, Mr. Dimon could loyalty ranking has risen in the past deal with a shrinking client base by year,says consultancy Brand Keys;it simply buying another bank and now ranks behind only Wells Fargo. embracing its customers. But J.P. “A lot of names in banking have the place for Morgan is now so huge—it has been hurt,but J.P.Morgan is one that nearly 10% of all deposits in the is still good,” observed banking an- U.S.—that regulators would need to alyst Nancy Bush of NAB Research. UVVWXNYK waive rules governing bank compe- Countering that, many of these tition before letting it acquire an- loyal customers aren’t terribly enthu- OCEAN PLACE, THE PLACE FOR YOUR NEXT EVENT . other bank of any significance. siastic about the investment picks their bank has peddled to them, a A bold bid for the wealthy !"#$%& '%()*+$",-"!.& (/'"0"'"%12& +%(/3& +4![&6%1& (!-& problem shared by many big institu- 1R)46%12&"!0".46('"!.&1(,'&("6&(!-&1(!-8&+%(/3%1&(9("'& As a fallback,the bank is focusing tions, including Citi and BofA. on international growth and adding The most recent J.D. Power and 84$:&;$6&+%(/3&<64!'&<(/","'8&"!/,$-%1&40%6&=>2>>>&1#$(6%& dozens of branches in certain mar- Associates survey ranked J.P. Mor- <%%'&4<&"!-446&)%%'"!.&1?(/%2&(!-&%!-,%11&?411"+","'"%1& kets,including California and Flori- gan Chase almost exactly average in 4<& +6%('3'(@"!.& 4/%(!<64!'& 4$'-446& 1?(/%A& B"'3& CD& da.Such expansion isn’t a real option customer satisfaction for the mid- )%%'"!.&644)1&(!-&EF=&.$%1'&644)12&93%6%&+%''%6&'4& anymore in New York, due to the Atlantic market. More worrying, its ?,(!&84$6&!%G'&%0%!&'3(!&;/%(!&H,(/%&I%146'&J&K?(2&4!& bank’s mergers over the years with in-house brokerage arm, Chase In- '3%&+%(/3&"!&L4!.&M6(!/32&N%9&O%61%8:& former giants Manufacturers Han- vestment Services, ranked dead last. over, Chemical, WaMu and others. ( J.P. Morgan Chase officials say In the five boroughs alone, J.P.Mor- their internal research shows cus- gan has 350 branches and 1,800 tomers are happy with the new pri- P4)?,")%!'(68&M%(/3&M4!&Z"6%[ ATMs, and its vaults hold about vate-client service, which is differ- O$1'&)%!'"4!&Crains23 $300 billion in New Yorkers’savings. ent from the brokerage offering Analysts say regulators frown when measured by J.D. Power.) banks hold 35% of a single market’s “Chase has work to do,” said Da- P4!'(/'&'3%&K(,%1&Q%?(6')%!'&<46&)46%&"!<46)('"4! deposits, a level J.P. Morgan is al- vid Lo, director of investment ser- ('&RCE*FRS*FR=E&46&1(,%1T4/%(!?,(/%A/4) ready approaching in the Big Apple. vices at J.D.Power.“You can have all To offset the decline in consumer the innovative products you want, lending, Mr. Dimon’s grand plan is but people will consider them far to pamper wealthier customers in more if they’re already happy with the hope that they’ll bring his bank what they have.” Ⅲ

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CUSTOM JEWELRY PUBLIC & LEGAL NOTICES Osnat Gad offers a completely personalized experience in buying fine jewelry. From selecting NOTICE OF FRANCHISE AND CONCESSION REVIEW COMMITTEE Notice of Qualification of SunRun Notice of Qualification of PYRANDER an engagement ring, building a PUBLIC HEARING ON AGENCY CONCESSION PLANS Solar Tenant IV, LLC. Authority filed CAPITAL MANAGEMENT, LLC. jewelry wardrobe, crafting a with NY Dept. of State on 4/29/11. Authority filed with Secy. of State of one-of-a-kind piece to reworking Notice of a Franchise and Concession Review Committee (FCRC) Public Hearing on Agency Concession Plans for Office location: NY County. Princ. NY (SSNY) on 04/07/11. Office loca- Fiscal Year 2012 pursuant to Section 1-10 of the Concession Rules of the City of New York (Concession Rules), to a cherished heirloom. be held on June 6, 2011, commencing at 2:30PM, and located at 156 William Street, Second Floor, Manhattan. At bus. addr.: 45 Fremont St., 32nd Fl., tion: NY County. LLC formed in www.osnatgad.com this hearing, the FCRC will further solicit comments about the provisions of the Concession Rules from the vendor San Francisco, CA 94105. LLC Delaware (DE) on 02/12/09. Princ. community, civic groups and the public at large. formed in CA on 2/17/11. NY Sec. of office of LLC: 500 Park Ave., 4th Fl., The following agencies submitted an Annual Concession Plan for Fiscal Year 2012: the Department of Parks and State designated agent of LLC upon NY, NY 10022. SSNY designated as EVENT Recreation, the Department of Citywide Administration Services, the Department of Transportation, the Department whom process against it may be agent of LLC upon whom process of Corrections, the Department of Sanitation, the New York Police Department, the Department of Housing Preservation served and shall mail process to: c/o against it may be served. SSNY shall ACG New York Long Island Wine and Development, the Department of Homeless Services, the Department of Environmental Protection, the Department of Health and Mental Hygiene, the Department of Records and Information Services, the New York City Office of CT Corporation System, 111 8th mail process to the LLC at the princ. Tasting & Reception 6:00pm - 6:30pm Chief Medical Examiner, the New York City Economic Development Corporation on behalf of the Department of Small Ave., NY, NY 10011, regd. agent office of the LLC. DE addr. of LLC: Registration 6:30pm - 7:30pm Wine Business Services, and NYC & Company on behalf of the Department of Small Business Services. upon whom process may be served. 615 S. DuPont Hwy., Dover, DE Tasting, presented by Robert Reina, The portfolio of Agency Concession Plans covers significant and non-significant concessions expiring, continuing CA addr. of LLC: 818 W. 7th St., Los 19901. Cert. of Form. filed with DE Prudential Capital Group 7:30pm - and anticipated for solicitation or initiation in Fiscal Year 2012. Furthermore, the portfolio covers, inter alia: Angeles, CA 90017. Cert. of Form. Secy. of State, Div. of Corps., 401 9:00pm Dinner & Networking • Department of Parks and Recreation: mobile food units, food service facilities, golf courses, driving ranges, marinas, filed with CA Sec. of State, 1500 Federal St., Ste. 4, Dover, DE 19901. When Tuesday, May 24, 2011 6:00 p.m. - tennis professionals, Christmas trees, parking lots, markets, concerts, newsstands, stables, gas stations, amusement 11th St., Sacramento, CA 95814. Purpose: Investment management, 9:00 p.m. Where NYIT deSeversky venues, ice skating rinks, carousels, ferry services, bike rentals, circus, sailboat rentals, souvenirs and gifts. Purpose: any lawful activity. advisory or trading activities. Mansion, Northern Boulevard & Old • Department of Citywide Administrative Services: maritime and non-maritime occupancy permits. Campus Rd, Old Westbury, NY 11548 • Department of Transportation: food kiosks, vending machines, pedestrian plazas, food courts. Notice of Qualification of VNO-MHP Notice of Qualification of InspectMyRide General Price: $125 Member Price : $95 • Department of Corrections: commissary services, food court, lockers. JV LLC. Authority filed with NY Dept. LLC. Authority filed with NY Dept. of • Department of Sanitation: advertising. of State on 2/7/11. Office location: NY State on 4/28/11. Office location: NY • New York City Police Department: vending machines. County. Princ. bus. addr.: 210 Route County. LLC formed in DE on EXECUTIVE • Department of Housing Preservation and Development: vending machines. 4 East, Paramus, NJ 07652. LLC 7/28/10. NY Sec. of State designated • Department of Homeless Services: athletic facilities. formed in DE on 1/20/11. NY Sec. of agent of LLC upon whom process RECRUITER • Department of Environmental Protection: gas purification. State designated agent of LLC upon against it may be served and shall • Department of Health and Mental Hygiene: drug discount card program, cafÈ. whom process against it may be mail process to: c/o CT Corporation POSITIONS AVAILABLE • Department of Records and Information Services: publication of record collections. served and shall mail process to: c/o System, 111 8th Ave., NY, NY 10011, • New York City Office of the Chief Medical Examiner: DNA swab kit. CT Corporation System, 111 8th Ave., regd. agent upon whom process may be served. DE addr. of LLC: 1209 AlixPartners seeks a Product • New York City Economic Development Corporation on behalf of the Department of Small Business Service: parking NY, NY 10011, regd. agent upon whom Marketing Specialist Vice President lots, maritime and non-maritime occupancy permits. process may be served. DE addr. of Orange St., Wilmington, DE 19801. LLC: 1209 Orange St., Wilmington, DE Cert. of Form. filed with DE Sec. of for its New York, NY office to work • NYC & Company on behalf of the Department of Small Business Services: marketing, advertising, intellectual property & trademark merchandising. 19801. Arts. of Org. filed with DE Sec. State, 401 Federal St., Dover, DE closely with Sr. Executives in Interested parties may obtain a copy of the Agency Concession Plans by contacting Adam Buchanan by phone at of State, 401 Federal St., Dover, DE 19901. Purpose: any lawful activity. researching, analyzing, advising & (212) 788-0023 or via email at [email protected]. Hard copies will be provided at a cost of $.25 per page 19901. Purpose: all lawful purposes. NOTICE OF REGISTRATION of assisting clients in the turnaround by check or money order made payable to the New York City Department of Finance. Upon request, a PDF version Newman & Morrison LLP. and/or restructuring of their business. of the Agency Concession Plans is available free of cost. The FCRC shall consider the issues raised at the Public FLAMINGO ROAD NORTH LLC, a Hearing in accordance with the procedures set forth in the Charter under the City Administrative Procedure Act. Certificate filed with Secy. of State of Req. Master’s degree & exp. domestic Limited Liability Company (LLC), filed with the Sec of State of NY (SSNY) on 4/5/11. Office location: Send resume to: AlixPartners, ATTN: NOTICE OF FORMATION of Seven NY on 4/1/11. NY Office location: NY County. SSNY designated as HR Specialist 1, 2000 Town Center, Story Productions, LLC. Article of New York County. SSNY is designated agent of LLP upon whom process Ste. 2400, Southfield, MI 48075. Organization filed with the Secretary as agent upon whom process against against it may be served. SSNY shall of State of NY (SSNY) on 04/26/2011. the LLC may be served. SSNY shall mail process to the principal business Office location: NY County. SSNY has mail a copy of any process against address: 44 Wall Street, 20th Floor, REAL ESTATE been designated as agent upon whom the LLC served upon him/her to New York, NY 10005. Purpose: process against it may be served. Cohen and Frankel LLP, 286 Madison Practice the Profession of Law. OFFICE SPACE The Post Office address to which the Ave., Ste. 2100, NY, NY 10017. Notice of Formation of 273-277 SSNY shall mail a copy of any process General Purposes. Kosciuszko, L.P. Certificate filed with 5 Hanover Square - 1-3 contiguous wind against the LLC served upon him is Notice of Qualification of CT Legacy Secy. of State of N.Y. (SSNY) on offcs in law firm new const. ste.; up to 3 10 West 66th Street, #22B New York, 11/22/10. Office location: NY County. NY 10023. Purpose of LLC: to Holdings, LLC. App. for Auth. filed secy/supp stations, recep svcs, conf. rms, with Secy. of State of NY (SSNY) on SSNY designated as agent of LP kit/pantry [email protected]. engage in entertainment production. upon whom process against it may be Street address of Principal Business 3/9/11. Office location: NY County. LLC formed in Delaware (DE) on served. SSNY shall mail process to: location is: 10 West 66th Street, #25H 37 W. 20th St., Ste. 603, NY, NY 10011. New York, NY 10023. 3/3/11. SSNY designated as agent of TELECOMMUNICATIONS LLC upon whom process against it Name/address of each genl. ptr. avail- Notice of Formation of GREENACRES may be served. SSNY shall mail able from SSNY. Term: until 12/31/2060. Purpose: any lawful activity. NYC'S MOTOROLA PRESERVATION, L.P. Cert. of LP filed process to: c/o Capital Trust, Inc., with Secy. of State of NY (SSNY) on 410 Park Ave., 14th Fl., NY, NY LYDIA PROPERTIES, LLC a domestic MOTOTRBO SPECIALISTS 05/04/11. Office location: NY County. 10022, Attn: Geoffrey Jervis. DE Limited Liability Company (LLC), filed Princ. office of LP: 60 Columbus address of LLC: 1209 Orange St., with the Sec of State of NY on Circle, NY, NY 10023. Latest date on Wilmington, DE 19801. Cert. of 3/29/11. NY Office location: New which the LP may dissolve is Form. filed with DE Secy. of State, York County. SSNY is designated as 12/31/2111. SSNY designated as 401 Federal St., Ste. 4, Dover, DE agent upon whom process against agent of LP upon whom process 19901. Purpose: any lawful activity. the LLC may be served. SSNY shall against it may be served. SSNY shall mail a copy of any process against mail process to c/o Corporation NOTICE OF FORMATION OF the LLC served upon him/her to The Service Co., 80 State St., Albany, NY Quartermaster Corps LLC. Articles LLC, 390 West End Ave., Unit 6G, 12207. Name and addr. of each of Organization filed with the NY, NY 10024. General Purposes. general partner are available from Secretary of State of NY (SSNY) on SSNY. Purpose: Any lawful activity. March 24, 2011. Office location: Notice of Formation of RAA MEDIA, NEW YORK County. SSNY has been LLC. Arts. of Org. filed with Secy. of Notice of Formation of Kahn Hoffman designated as agent upon whom State of NY (SSNY) on 05/02/11. & Hochman, LLC Certified Public process against it may be served. Office location: NY County. Princ. Accountants. Arts. of Org. filed with The Post Office address to which the office of LLC: 88 Pine St., NY, NY Secy. of State of NY (SSNY) on SSNY shall mail a copy of any process 10005. SSNY designated as agent 4/1/11. Office location: NY County. against the LLC served upon him/her of LLC upon whom process against SSNY designated as agent of PLLC is: 1240 N. Lake Shore Drive, #4B, it may be served. SSNY shall mail upon whom process against it may be C/O Ellis Regenbogen, Chicago, IL process to c/o Ralph Appelbaum 33 East 33rd Street served. SSNY shall mail process to: 60610. The principal business address Associates, Inc., Attn: Sharaf M. New York, NY 10016 Seymour Shapss Martin & Company, of the LLC is: 1240 N. Lake Shore Hassan at the princ. office of the LLC. 212-532-7400 www.metrocomradio.com LLP, 757 Third Ave., 6th Fl., NY, NY Drive, #4B, Chicago, IL 60610. Purpose: Media production services Notice of Formation of TOMITA 10017. Purpose: practice the profes- Purpose: any lawful act or activity. and other related services. TECHNOLOGIES USA, LLC. Arts. of sion of certified public accounting. Notice of Qualification of HealthCor Notice of Qualification of Morgan Org. filed with Secy. of State of NY Notice of Qualification of Klingenstein Long Master GP, LLC. Authority filed Stanley HedgePremier/Paulson PUBLIC & LEGAL (SSNY) on 4/22/01. Office location: Fields Asia Fund Management, LLC. with Secy. of State of NY (SSNY) on Advantage Plus Fund II LP. Authority NY County. SSNY designated as NOTICES Authority filed with NY Dept. of State 04/05/11. Office location: NY County. filed with NY Dept. of State on 4/21/11. agent of LLC upon whom process on 11/18/10. Office location: NY LLC formed in Delaware (DE) on Office location: NY County. Princ. bus. against it may be served. SSNY shall County. Princ. bus. addr.: 787 7th Ave., 03/17/11. Princ. office of LLC: addr.: 522 5th Ave., 13th Fl., NY, NY The Public is hereby notified of the mail process to: c/o Clifford David, 6th Fl., NY, NY 10019. LLC formed in Carnegie Hall Tower, 152 W. 57th 10036. LP formed in DE on 4/19/11. Formation of a limited liability 50 E. 77th St., Apt. 8A, NY, NY DE on 10/21/10. NY Sec. of State St., 43rd Fl., NY, NY 10019. SSNY NY Sec. of State designated agent of company in the county of Kings in 10075. Purpose: any lawful activity. the State of New York. The company designated agent of LLC upon whom designated as agent of LLC upon LP upon whom process against it may name: HUR Trading LLC. The Notice of Formation of Choctaw LLC. process against it may be served and whom process against it may be be served and shall mail process to: address is: 1074 Coney Island Articles of Organization filed with Secy. shall mail process to: c/o CT served. SSNY shall mail process to c/o CT Corporation System, 111 8th Avenue, Brooklyn, NY 11230. of State of NY (SSNY) on 03/15/11. Corporation System, 111 8th Ave., NY, the LLC at the princ. office of the LLC. Ave., NY, NY 10011, regd. agent Office location: New York Co. SSNY NY 10011, regd. agent upon whom DE addr. of LLC: 2711 Centerville upon whom process may be served. The Public is hereby notified of the designated as agent of LLC upon process may be served. DE addr. of Rd., Ste. 400, Wilmington, DE 19808. DE addr. of LP: 1209 Orange St., Formation of a limited liability com- whom process against it may be LLC: The Corporation Trust Co., 1209 Cert. of Form. filed with DE Secy. of Wilmington, DE 19801. Name/addr. pany in the county of Kings in the served. SSNY shall mail process to Orange St., Wilmington, DE 19801. State, Div. of Corps., John G. of genl. ptr. available from NY Sec. of State of New York. The company the LLC, 900 Greensward Lane, Apt. Cert. of Form. filed with DE Sec. of Townsend Bldg., 401 Federal St., State. Cert. of LP filed with DE Sec. name: Thow LLC. The address is: 23 G207, Delray Beach, FL 33445. State, 401 Federal St., Dover, DE Ste. 4, Dover, DE 19901. Purpose: of State, 401 Federal St., Dover, DE Brighton 4 Terr, Brooklyn, NY 11235. Purpose: any lawful act or activity. 19901. Purpose: any lawful activity. Any lawful activity. 19901. Purpose: any lawful activity.

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PUBLIC & LEGAL NOTICES

Notice of Qualification of Univision Notice of Qualification of Liggett NOTICE OF FORMATION OF The Notice of Qualification of Blackstone Notice of Qualification of EJM AIR LLC. Deportes, LLC. Authority filed with Vector Brands LLC. Authority filed First Robin Productions LLC. Real Estate Partners VII.TE.1 L.P. Authority filed with Secy. of State of NY Dept. of State on 4/11/11. Office with NY Dept. of State on 4/5/11. Articles of Organization filed with Authority filed with NY Dept. of State NY (SSNY) on 03/31/11. Office loca- location: NY County. Princ. bus. Office location: NY County. Princ. the Secretary of State of NY (SSNY) on 4/22/11. Office location: NY County. tion: NY County. LLC formed in addr.: 605 3rd Ave., 12th Fl., NY, NY bus. addr.: 3800 Paramount Pkwy., on 02/04/2011. Office location: NEW LP formed in DE on 4/18/11. NY Sec. Delaware (DE) on 01/11/05. Princ. 10158. LLC formed in DE on 3/23/11. Ste. 250, Morrisville, NC 27560. LLC YORK County. SSNY has been of State designated agent of LP upon office of LLC: c/o EJM EQUITIES, NY Sec. of State designated agent of formed in DE on 3/14/11. NY Sec. of designated as agent upon whom whom process against it may be INC., 1325 Ave. of the Americas, NY, LLC upon whom process against it State designated agent of LLC upon process against it may be served. The served and shall mail process to the NY 10019. SSNY designated as may be served and shall mail process whom process against it may be Post Office address to which the principal business addr.: c/o The agent of LLC upon whom process to: c/o CT Corporation System, 111 served and shall mail process to: c/o SSNY shall mail a copy of any Blackstone Group L.P., 345 Park Ave., against it may be served. SSNY shall 8th Ave., NY, NY 10011, regd. agent CT Corporation System, 111 8th process against the LLC served upon NY, NY 10154. Regd. agent upon mail process to the LLC at the addr. upon whom process may be served. Ave., NY, NY 10011, regd. agent him/her is: United States whom process may be served: CT of its princ. office. DE addr. of LLC: DE addr. of LLC: 1209 Orange St., upon whom process may be served. Corporation Agents, Inc. 7014 Corporation System, 111 8th Ave., NY, Corporation Service Co., 2711 Wilmington, DE 19801. Cert. of DE addr. of LLC: 1209 Orange St., 13th Ave Brooklyn, NY 11228. The NY 10011. DE addr. of LP: c/o The Centerville Rd., Ste. 400, Wilmington, Form. filed with DE Sec. of State, Wilmington, DE 19801. Cert. of principal business address of the LLC Corporation Trust Co., 1209 Orange DE 19808. Cert. of Form. filed with 401 Federal St., Dover, DE 19901. Form. filed with DE Sec. of State, is: 307 E. 78th St. 3W, NY, NY 10075. St., Wilmington, DE 19801. Name/addr. Secy of State for the State of DE, Purpose: any lawful activity. 401 Federal St., Dover, DE 19901. Purpose: any lawful act or activity. of genl. ptr. available from NY Sec. of Dept. of State, Div. of Inc., Townsend Purpose: any lawful activity. State. Cert. of LP filed with DE Sec. Bldg., P.O. Box 898, Dover, DE Notice of Qual. of Myriapod THERMOCYCLOMICS, LLC, a of State, 401 Federal St., Dover, DE 11903. Purpose: Any lawful activity. Productions, LLC. Auth. filed with Sec Notice of Formation of AAXIAL domestic Limited Liability Company 19901. Purpose: any lawful activity. of State NY (SSNY): 3/2/11. Office in RESOURCES LLC. Arts. of Org. filed (LLC), filed with the Sec of State of Notice of Formation of Waterscape NY County. Formed in Delaware: with Secy. of State of NY (SSNY) on NY on 2/18/11. NY Office location: NOTICE OF FORMATION of limited Resort II, LLC. Art Of Org. filed with 6/22/07. SSNY designated agent of 04/12/11. Office location: NY County. NEW YORK County. SSNY is desig- liability company (LLC). NAME: SARSEN SSNY 3/31/11. Office Location: New LLC upon whom process against it Princ. office of LLC: 405 Lexington nated as agent upon whom process REALTY, LLC. Articles of Organization York County. SSNY designated as may be served & shall mail process Ave., 7th Fl., NY, NY 10174. SSNY against the LLC may be served. SSNY filed with Secretary of State of New agent for process. SSNY shall mail a to: 152 W 77th St Apt #5, NY, NY designated as agent of LLC upon shall mail a copy of any process York (SSNY) on April 7, 2011. Office copy of any process to: The LLC, 15 10024. DE add: CT Corporation, 1209 whom process against it may be against the LLC served upon him/her Location: New York County. SSNY West 34th St., 7th Fl., New York, NY N Orange St, Wilmington, DE 19801- served. SSNY shall mail process to to The LLC, 200 W. 57th St., Ste. 1301, designated as agent of LLC upon whom 10001. Purpose: To engage in any 1120. Arts. of Org. filed with DE Sec the LLC at the addr. of its princ. NY, NY 10019. General Purposes. process against it may be served. lawful act or activity. of State, 401 Federal St Ste 3, Dover, office. Purpose: Any lawful activity. SSNY shall mail copy of process to: Notice of Formation of DE 19901. Purpose: General. Notice of Formation of PIPING PLOVER c/o the LLC 41 CARMINE STREET, Name: ARCADIA HAVEN LLC Art. Of LLC. Arts. of Org. filed with Secy. of SOPHROSYNE ENERGY INVESTORS, Name: 1180 AOA PROPERTIES LLC Org. Filed Sec. Of State of NY STOREFRONT NEW YORK, NY LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on 04/04/11. 10014. Purpose: Any lawful purpose. Art. Of Org. Filed Sec. Of State of NY 04/01/2011. Off. Loc.: New York Co. Office location: NY County. Princ. State of N.Y. (SSNY) on 1/31/11. 03/15/2011. Off. Loc.: New York Co. SSNY designated as agent upon office of LLC: 129 W. 20th St., Apt. Notice of Formation of ALEXANDRE Office location: New York County. SSNY designated as agent upon whom whom process against it may be 2A, NY, NY 10011. SSNY designated PLOKHOV LLC, a domestic LLC. SSNY designated as agent of LLC process against it may be served. served. SSNY to mail copy of as agent of LLC upon whom process Arts. of Org. filed with the SSNY on upon whom process against it may SSNY to mail copy of process to process to THE LLC, C/O Mindy against it may be served. SSNY shall 03/30/2011. Office location: NY be served. SSNY shall mail process THE LLC, 747 Third Avenue, 22nd Stern, Esq., Schoeman, Updike & mail process to Corporation Service County. SSNY has been designated to: c/o Andrew M. Jacobs, 1 Penn Fl., New York, NY 10017. Purpose: Kaufman LLP, 60 East 42nd Street Co., 80 State St., Albany, NY 12207- as agent upon whom process against Plaza, Ste. 2527, New York, NY Any lawful act or activity. 39th Fl., New York, NY 10165. 2543. Purpose: Any lawful activity. the LLC may be served. SSNY shall 10119. Purpose: any lawful activity. Purpose: Any lawful act or activity. mail a copy of process to: 27 W. 20th Notice of Formation of Moskit Investor, NOTICE OF FORMATION OF THIRD KNS Enterprises LLC. filed with Secy. LLC. Arts. of Org. filed with NY Dept. Notice of Formation of MOBILE St. Ste 1201, NY, NY 10011. of State of NY (SSNY) on 3/17/11. Ofc CROWN LLC. filed with the Purpose: Any Lawful Purpose. of State on 4/20/11. Office location: TRANSIT SOLUTIONS LLC. Arts. of Secretary of State of NY (SSNY) on in NY Cty. SSNY designated agent of NY County. Sec. of State designated Org. filed with Secy. of State of NY 3/14/11. Office loc: NEW YORK Cty. CandyGirl-NYC LLC Articles of Org. LLC upon whom process against it agent of LLC upon whom process (SSNY) on 04/29/11. Office location: SSNY designated as agent upon filed NY Sec. of State (SSNY) may be served. SSNY shall mail against it may be served and shall NY County. Princ. office of LLC: 322 whom process may be served. Mail a 4/22/2011. Office in NY Co. SSNY process to 240 E. 83rd Apt 5C, New mail process to: Ballon Stoll Bader & Central Park West, NY, NY 10025. copy of any process to: 18 Saint desig. agent of LLC upon whom York, NY 10028. Purpose: General. Nadler, P.C., 729 7th Ave., 17th Fl., SSNY designated as agent of LLC Nicholas Pl, 4C, NY, NY 10031. process may be served. SSNY shall Notice of Formation of 43 NORTH NY, NY 10019, principal business upon whom process against it may Purpose: any lawful acts. mail copy of process to c/o Kaplan BRISTOL, LLC. Arts. of Org. filed addr. Purpose: real estate holding. be served. SSNY shall mail process Fox Kilsheimer LLP, 850 3RD Ave., with Secy. of State of NY (SSNY) on to c/o Alex Bell at the princ. office of NOTICE OF FORMATION of Kanook Notice of Formation of METHUSELAH 14th Flr., NY, NY 10022, which is 04/26/11. Office location: NY County. the LLC. Purpose: Any lawful activity. Capital LLC Art. of Org filed Sec’y of LIVES LONG LLC. Arts. of Org. filed also the principal business location. Princ. office of LLC: 801 Second State (SSNY) 5/4/11. Office location: Purpose: Any lawful purpose. with Secy. of State of NY (SSNY) on ALL ENTERPRISES, LLC, a domestic New York County. SSNY designated Ave., 19th Fl., NY, NY 10017. SSNY 04/18/11. Office location: NY County. Limited Liability Company (LLC), filed as agent of LLC upon whom process A&A 2011, LLC. Arts. of Org. filed designated as agent of LLC upon Princ. office of LLC: 888 Seventh with the Sec of State of NY on 2/9/11. against it may be served. SSNY with Secy. of State of NY (SSNY) on whom process against it may be Ave., 35th Fl., NY, NY 10106. SSNY NY Office location: New York County. shall mail copy of process to Edward 1/6/11. Office in NY County. SSNY served. SSNY shall mail process to designated as agent of LLC upon SSNY is designated as agent upon Farrell, Esq., Tarter Krinsky & Drogin designated agent of LLC upon whom c/o Kane Kessler, P.C., Attn: Robert whom process against it may be whom process against the LLC may LLP, 1350 Broadway, 11th Floor, New process against it may be served. L. Lawrence, Esq., 1350 Ave. of the served. SSNY shall mail process to be served. SSNY shall mail a copy York, NY 10018. Registered agent SSNY shall mail process to c/o Americas, 26th Fl., NY, NY 10019. c/o Spielman, Koenigsberg & Parker of any process against the LLC upon whom process may be served Reinhardt LLP, 44 Wall St 10th Fl, NY, Purpose: Any lawful activity. LLP at the princ. office of the LLC. served upon him/her to Al Lawrence is Edward Farrell, Esq., Tarter Krinsky NY 10005. Purpose: General. Notice of Formation of LEFKAS Purpose: Any lawful activity. & Company, Inc., c/o Anthony & Drogin LLP, 1350 Broadway, 11th Notice of formation of DCW-205, LLC, REALTY LLC. Arts. of Org. filed with Degrotta, 225 E. 45th St., NY, NY Floor, New York, NY 10018. Purpose: Secy. of State of NY (SSNY) on JAJU Realty LLC. Arts. of Org. filed 10017. General Purposes. a limited liability co. Art of Org filed with Secy. of State of NY (SSNY) on any lawful activities. with the Sec of State of New York 10/22/01. Office location: NY County. 2/16/11. Office in NY County. SSNY Notice of Formation of UPPER Notice of Formation of Orcan LLC. (SSNY) on 3/28/11. Office located in SSNY designated as agent of LLC designated agent of LLC upon whom MANHATTAN PARKING LLC. Arts. of Articles of Org. filed with Secy. of State New York Co. SSNY has been desig- upon whom process against it may be process against it may be served. Org. filed with Secy. of State of NY of NY (SSNY) on 04/21/11. Office nated for service of process. SSNY served. SSNY shall mail process to: SSNY shall mail process to c/o Bryan (SSNY) on 04/21/11. Office location: loc.: New York Co. SSNY designated shall mail copy of any process to the 44-12 43rd Avenue, Sunnyside, NY W Kishner & Associates, 420 NY County. Princ. office of LLC: as agent of LLC upon whom process LLC c/o James E. Bishop, 902 Clint 11104. Purpose: any lawful activity. 405 Park Ave., Ste. 1103, NY, NY Lexington Ave Ste 300, NY, NY against it may be served. SSNY shall Moore Rd., Ste 220, Boca Raton, FL Notice of Formation of MOVEMENT 10022. SSNY designated as agent 10170. Purpose: General. mail process to the LLC, 149 W. 36th 33487. Purpose: any lawful purpose. MATTERS REHABILITATION, OT, PT, of LLC upon whom process against Street, 6th Fl., New York, NY 10005. PLLC. Arts. of Org. filed with Secy. MOUNTAIN 99, LLC Articles of Org. it may be served. SSNY shall mail Notice of Formation of MSI Hospitality Purpose: any lawful act or activity. of State of NY (SSNY) on 04/28/11. filed NY Sec. of State (SSNY) process to c/o Phillips Nizer LLP, Resources, LLC. Arts. Of Org. filed Office location: NY County. Princ. 4/5/2011. Office in NY Co. SSNY 666 Fifth Ave., NY, NY 10103. Notice of Formation of 2EG Media, with NY Dept. of State on 3/31/11. office of PLLC: 264 Canal St., Ste. E, desig. agent of LLC upon whom Purpose: Any lawful activity. LLC. Arts. of Org. filed with Secy. of NY Sec. of State designated agent of process may be served. SSNY shall State of N.Y. (SSNY) on 1/06/11. Office LLC upon whom process against it NY, NY 10013. SSNY designated as mail copy of process to c/o The Law Maat Enterprises LLC. Arts. of Org. location: New York County. SSNY des- may be served and shall mail process agent of PLLC upon whom process Firm of Hugh H. Mo, P.C., 225 filed with Secy. of State of NY (SSNY) ignated as agent of LLC upon whom to c/o General Counsel, 6 E 43rd against it may be served. SSNY shall Broadway, Ste. 2702, NY, NY 10007. on 3/22/11. Office in NY County. SSNY process against it may be served. Street, NY, NY 10017. Primary place mail process to the PLLC at the Purpose: Any lawful purpose. designated agent of LLC upon whom SSNY shall mail process to: The LLC, of business is 6 E 43rd Street, NY, addr. of its princ. office. Purpose: process against it may be served. Profession of occupational therapy Notice of Qualification of Braemar 40 Harrison St., #31G NY, NY 10013. NY 10017. Purpose: Facility rentals. SSNY shall mail process to Jonathan and physical therapy. Energy Ventures III, LP. Authority filed Purpose: any lawful activity. Notice of Qualification of C-III Recovery S Berck, LLC, 757 3rd Ave 20th Fl, with Secy. of State of NY (SSNY) on Notice of Appl. for Auth. GIREHBAN, Fund I TIER Holdings LLC. Authority Notice of Qualification of JER NY, NY 10017. Purpose: General. 1/7/11. Office location: NY County. LLC, a foreign limited liability company filed with NY Dept. of State on Management, L.L.C. Authority filed LP formed in Delaware (DE) on 8/20/10. Notice of Qualification of 47 East 34th (LLC). Appl. for Auth. filed with SSNY 4/6/11. Office location: NY County. with NY Dept. of State on 4/26/11. NYS SSNY designated as agent of LP Street (NY) Lender, LLC. Authority 11/24/10. LLC organized in DE Princ. bus. addr.: 300 N. Main St., fict. name: JER Partners LLC. Office upon whom process against it may filed with Secy. of State of NY (SSNY) 11/22/10. NY office location: NY Greenville, SC 29601. LLC formed in location: NY County. Princ. bus. addr.: be served. SSNY shall mail process on 4/19/11. Office location: NY County. County. SSNY designated as agent DE on 4/4/11. NY Sec. of State des- 1650 Tysons Blvd., Ste. 1600, McLean, to: c/o Braemar Energy Ventures, LLC formed in Delaware (DE) on for process. SSNY shall mail copy of ignated agent of LLC upon whom VA 22102. LLC formed in DE on LLC, 340 Madison Ave., 18th Fl., NY, 4/13/11. SSNY designated as agent process to: The LLC, 161 Hudson process against it may be served 5/7/10. NY Sec. of State designated NY 10017, also the address of the of LLC upon whom process against Street, Apt. 6C, New York, NY 10013. and shall mail process to: c/o CT agent of LLC upon whom process principal office. DE address of LP: it may be served. SSNY shall mail Office address of LLC in jurisdiction Corporation System, 111 8th Ave., against it may be served and shall c/o National Registered Agents, Inc., process to: The LLC, 2804 Gateway of organization: c/o National Registered NY, NY 10011, regd. agent upon mail process to: c/o Corporation 160 Greentree Dr., St 101, Dover, DE Oaks Dr., #200, Sacramento, CA Agents, Inc., 160 Greentree Dr., Ste. whom process may be served. DE Service Co., 80 State St., Albany, NY 19904. Name/address of genl. ptr. 95833. Address to be maintained in 101, Dover, DE 19904. A copy of the addr. of LLC: 1209 Orange St., 12207. DE addr. of LLC: 2711 available from SSNY. Cert. of LP filed DE: 40 E. Division St., Ste. A, Dover, DE Cert. of Form. on file with State of Wilmington, DE 19801. Cert. of Centerville Rd., Ste. 400, Wilmington, with DE Secy. of State, 401 Federal 19901. Arts of Org. filed with DE Secy. Delaware, Div. of Corp., 401 Federal Form. filed with DE Sec. of State, DE 19808. Cert. of Form. filed with DE St., Ste. 4, Dover, DE 19901. Of State, 401 Federal St., #4, Dover, DE Street, Ste. 4, Dover, DE 19901. 401 Federal St., Dover, DE 19901. Sec. of State, 401 Federal St., Dover, Purpose: any lawful activities. 19901. Purpose: any lawful activities. Purpose: Any lawful act or activity. Purpose: any lawful activity. DE 19901. Purpose: any lawful activity.

May 23, 2011 | Crain’s New York Business | 25 20110523-NEWS--0026-NAT-CCI-CN_-- 5/20/2011 7:22 PM Page 1

Cuts endanger cultural groups Hunts Point lease

Continued from Page 1 Continued from Page 1 the market’s landlord—as well as Institutions Group—which in- CITY’S CULTURAL BUDGET largest wholesale produce market. members of the Bloomberg admin- cludes all the theaters,museums and But a temporary arrangement istration. other arts organizations in city- with New York will not stop the co- One sign that the city has made owned buildings—are warning they $171 operative’s talks with New Jersey of- an extra effort to smooth ruffled million $156 $160 will have to lay off a total of nearly million million $150 ficials,who are aggressively trying to feathers is the vastly improved rela- 1,000 staffers if the cuts go through. million persuade the market to relocate. In tionship between the cooperative $100.9* fact, a significant minority of the 47 and its regulator. Last year, the ven- Cuts on top of cuts million members of the cooperative are fed dors complained bitterly about the “The reason it’s particularly seri- up with the dilapidated site and with Business Integrity Commission,the ous is because it comes on top of oth- the city’s dithering on how to fund agency that oversees the city’s six er years of cuts,” said Karen Brooks an upgrade. They want to move to wholesale food markets. Hopkins, president of the Brooklyn 2008 2009 2010 2011 2012 the Garden State and are putting Among other things, they Academy of Music, which, with an For fiscal years. *Proposed by mayor. Final amount to be decided. Source: NYC Arts Coalition further pressure on the tense nego- charged that BIC had overstepped expected loss of more than $1 million, tiations between the city and the its authority in proposing new puni- will have to reduce the number of produce executives. tive rules and that it issued an exces- nights its main opera hall is lit. “The has lifted, arts executives said it’s economic vitality,”said Cultural Af- “Three years ago, the city had a sive number of tickets carrying baseline has gotten lower and low- nowhere near enough to make up for fairs Commissioner Kate Levin. home-field advantage,” said Daniel heavy fines. er—we’ve reached a tipping point.” the loss of city support. “The city is in a very difficult fiscal Kane, head of Teamsters Local 202, Though private fundraising has Cultural chiefs said they under- position because of unprecedented which represents 1,500 of the mar- Fewer encounters with BIC improved slightly as the recession stand that the city is in a tough spot. cuts from Albany and reductions in ket’s employees. “New Jersey is “The conflicts that existed in the Mayor Michael Bloomberg’s budg- federal aid.” competing now. It’s a problem if 28 past have diminished,” said Charles et proposal released earlier this Even so, cultural executives said, vendors want to stay and 19 want to Slepian, an attorney who represents month also calls for laying off 4,600 the city needs to give more,especial- move to New Jersey.” the vendors. “We don’t see the BIC profit from our teachers. But execs are surprised at ly because many of these institutions Based on his discussions with officers as often as we used to.” how steep their cuts are, especially are in city-owned properties and them, Mr. Kane estimates that Commissioner Michael Mans- since the city’s cultural institutions staffed by unionized workers whose about 40% are leaning toward New field said his agency’s enforcement are major tourism magnets. salaries are decided by the city. Jersey. level has not changed. But he cred- Indeed, the city’s roughly 1,200 A major concern, however, is its Robert Steel, deputy mayor for cultural organizations contribute Managing city property whether customers will follow the economic development, with “help- more than $6 billion to its economy “We’re managing city property, market. The lease extension buys ing to improve the communication” each year and employ more than but support from the city has gone everyone more time. between BIC and the vendors over 40,000 people,according to the De- to under 15% [of our budget],” said “We want to make sure we have the past five months. He also said partment of Cultural Affairs. John Calvelli, executive vice presi- a place to stay while we negotiate,” BIC had agreed not to write tickets “We are revenue generators for dent for public affairs at the Wildlife said Sid Davidoff, a lobbyist repre- for double-parking in the 112-acre the city,” said Arnold Lehman, di- Conservation Society. “We under- senting the cooperative, who is a market unless a dangerous situation 80years of rector of the Brooklyn Museum. stand we’re in tough times, but the partner in Davidoff Malito & developed. “Why would you cut off your rev- cuts are disproportionate.” Hutcher. He conceded that not all “I think things have gotten much experience enue generators? It just doesn’t The Wildlife Conservation So- the businesses agree on whether to healthier,” said Mr. Mansfield. make sense.” ciety,which runs the Bronz Zoo and remain in New York. Problems remain, though, and With a proposed cut of about the New York Aquarium, among “Until we have a deal, there will some observers view a New Jersey 50%, or $1 million, the Brooklyn other parks, is facing a 53% cut, or a be a lot of healthy discussion, but I relocation as a strong likelihood. Museum is considering everything loss of $4.7 million in funding from believe in the end the market will The sticking points in the lease dis- from laying off workers to reducing the year before. That is on top of a speak with one voice and not frac- cussion are mostly about money, in- the number of days the museum is loss of $1.6 million in city operating ture,” Mr. Davidoff said. cluding what portion of the renova- open.It is short thousands of dollars support sustained since mid-2008. tion tab the city will pick up. in funding to pay for a major exhibi- In early 2009, the Bronx Zoo closed Countering New Jersey’s offers “It seems like a serious possibili- tion on Indian art called Vishnu: three exhibits, including “World of In recent months, both New ty that the market could move,” said Hinduism’s Blue-Skinned Savior, Darkness,”and cut the society’s staff York City and the state have enlist- Karen Karp,founder of food consul- which has been in the works for by 186 positions, or 15%. ed an elite group to counter New tancy Karp Resources. “When the years and opens next month. Mr. Calvelli said the society had Jersey’s offers, which reportedly in- city wants something to happen, it Officials at the Department of not yet decided how to make up for clude tax incentives. makes it happen,” and uncertainty Cultural Affairs,the city agency that the losses this time around. The negotiating table includes over the market’s future has dragged doles out the money,said the city has “We take care of live animals,”he New York Lt. Gov. Robert Duffy, on for years, she said. Ⅲ no choice. said. “We can’t just shut a wing of a officials from the Empire State LISTEN to a discussion at www.eanyc.com “Culture is central to New York museum down, close the lights and Development Corp. and the city’s City’s quality of life, identity and shut the door.” Ⅲ Economic Development Corp.— CrainsNewYork.com/audio

PUBLIC & LEGAL NOTICES

NOTICE OF FORMATION OF Zandra Name of LLC: MADE NICE, LLC. Art. Notice of Formation of MAXIMILIAN NOTICE OF FORMATION OF DRYBAR NOTICE OF FORMATION OF The Management, LLC. Articles of Org. of Org. filed Dept. of State of NY on IS KING LLC. Arts. of Org. filed with FLATIRON LLC. Arts of Org filed with Patrick Donohue Law Firm PLLC. filed with Secy. of State of NY (SSNY) 1/19/11. Off. Loc. in NY: New York Cty. Secy. of State of NY (SSNY) on the Secy of State of NY (SSNY) on Arts of Org filed with the Secy of on 3/14/11. Office loc.: New York Co. Secy. of State designated as agent 04/07/11. Office location: NY County. 03/10/11. Office loc: NY Cty. SSNY State of NY (SSNY) on 1/19/11. SSNY designated as agent of LLC of LLC upon whom process against Princ. office of LLC: 1724 2nd Ave., designated as agent upon whom Office location: NY County. SSNY upon whom process against it may it may be served. Sec. of State shall Apt. 6A, NY, NY 10128. SSNY desig- process may be served and shall has been designated as agent upon be served. SSNY shall mail process mail a copy of process to: The LLC, nated as agent of LLC upon whom mail a copy of any process to: c/o whom process may be served and to LLC c/o Zandra Management, LLC, c/o Dornbush Schaeffer Strongin & process against it may be served. Business Filings Inc. 187 Wolf Rd, shall mail a copy of any process to 469 7th Avenue, Suite 314, New York, Venaglia, LLP, 747 Third Ave., NY, NY SSNY shall mail process to c/o Ste 101, Albany, NY 12205. Principal the principal business address: 140 NY 10018. Purpose: any lawful act 10017, Attn: Landey Strongin, Esq. Arthur L. Levine at the princ. office of business address: 4 W 16th St, NY, Riverside Boulevard, #1209, NY, NY or activity. Purpose: any lawful activity. the LLC. Purpose: Any lawful activity. NY 10011. Purpose: any lawful acts. 10069. Purpose: any lawful acts. Notice of Formation of Mindsmack.tv NOTICE OF FORMATION of EFFIE’S Notice of Formation of DMB Strategies, NOTICE OF FORMATION of CAGE LLC. Notice of Formation of DPA New 2766 LLC. Arts. of Org. filed with Secy. of PAPER, LLC. Arts. of Org. filed with LLC. Articles of Organization filed Arts of Org filed with the Secy of Barnes, LLC. Arts. of Org. filed with State of NY (SSNY) on 03/04/08. Secy. of State of NY (SSNY) on with Secy. of State of NY (SSNY) on State of NY (SSNY) on 2/16/10. Office NY Dept. of State on 4/8/11. Office Office loc.: NY Co. SSNY designated 03/21/11. Office location: NY County. 02/09/11. Office loc.: New York Co. location: NY County. SSNY designated location: NY County. Sec. of State as agent of LLC upon whom process SSNY designated as agent upon SSNY designated as agent of LLC as an agent upon whom process may designated agent of LLC upon whom against it may be served. SSNY shall whom process against the LLC may upon whom process against it may be served AND shall mail a copy of any process against it may be served and mail process to the LLC, c/o Lazer, be served. SSNY shall mail process be served. SSNY shall mail process process to: Jose Martinez, 325 E 41st shall mail process to the principal busi- Aptheker, et al., 225 Old Country Rd, to: Effie’s Paper, LLC, 27 Leonard St, to the LLC, P.O. Box 1544, New St. Suite 305 NY NY 10017. Principal ness addr.: c/o The Dermot Company, Melville, NY 11747, Attn: Scott Feuer. 5th Floor, NY, NY 10013. Purpose: To York, NY 10021. Purpose: any lawful business address: 83 A Hester St. 729 7th Ave., 15th Fl., NY, NY 10019. Purpose: any lawful act or activity. engage in any lawful act or activity. act or activity. NY NY. Purpose: any lawful acts. Purpose: any lawful activity.

26 | Crain’s New York Business | May 23, 2011 20110523-NEWS--0027-NAT-CCI-CN_-- 5/20/2011 7:58 PM Page 1

HRH paid health insurance premi- which was run by Mr. Singer’s The transfers and Remus’ foot- ums and office expenses for brother Gary. The unions contend- dragging in turning over documents Builder’s downfall Leviathan and that its principal em- ed that this was to shield the assets prompted Robert Drain, the judge ployees had all worked for HRH. from the bankruptcy estate; Mr.Sil- in the case, to proclaim last month: Continued from Page 1 Singer revealed even closer ties. Documents revealed that HRH had verstein, the Remus lawyer, said in “I have to tell you, it doesn’t look or New York builder. “Have you learned the names of guaranteed Leviathan’s work. The an interview that it was to repay Re- smell good. … My concern is that Once owned by the family of for- any of the members of Leviathan unions believed HRH had run mus’ loans to HRH. it’s the tip of the iceberg.” He asked mer Lt. Gov. Richard Ravitch, the Construction Management Ser- money through Leviathan to keep it But the loans were simply contri- for the appointment of a trustee who 86-year-old firm built Citicorp’s vices LLC?” asked the labor com- from creditors. butions that the Singers “recharac- “does not hesitate to get to the bot- headquarters and was Donald mittee’s lawyer, Thomas Kennedy, terized … in order to thwart HRH tom of the facts and will be dogged Trump’s contractor of choice. It according to the transcript. Mr. Questionable transfers creditors,” MTA lawyers argued in in doing so.” placed seventh on the 2007 Crain’s Singer said that Avery Maya LLC, “All of the Leviathan money court papers in 2009, adding, He got Ms. O’Toole, who, days list of top area contractors,reporting named after his granddaughter, was should have been part of this [bank- “Transfers subsequently made to into the job, discovered the White $455 million in revenue. Profits the lone member. ruptcy] estate, should be added to [Singer entities] are intentionally Plains break-in. It’s unclear if she were $3.7 million. “And who are the members of this estate,” Mr. Kennedy told the and constructively fraudulent.” has recovered the missing files and But in 2009, the company lost Avery Maya?” Mr. Kennedy asked. court in February. Mr. Silverstein did not respond computers. Doggedness, in this $1.2 million and filed for Chapter “My wife … Susan,” Mr. Singer The labor committee also found to additional questions. Neither case, might not be enough. Ⅲ 11 bankruptcy protection.It hit bot- answered. “I think it’s [headquar- that $11 million had been trans- Arthur Goldstein, an attorney for tom last month, abandoning its re- tered at] Susan’s mother’s house.” ferred from HRH to Singer-con- HRH,nor Jesse Schneider,an attor- LISTEN to a discussion at organization and moving to a Chap- Further digging showed that trolled entities including Remus, ney for Leviathan, returned calls. CrainsNewYork.com/audio ter 7 liquidation. HRH’s demise is a tale of skull- duggery and alleged fraud.Its down- fall was accelerated by a union that suspected the firm had set up a nonunion alter ego to sidestep its la- bor contracts, a practice known as double-breasting.To send a message to HRH and other contractors, Lo- cal 46 Metallic Lathers Union insert- ed itself into the bankruptcy case. “The union’s efforts,in part,have led to the destruction of this busi- ness,” Paul Silverstein, an attorney who represents Remus Holdings, a company connected to HRH, told the court last month. Cracks in foundation HRH’s downward spiral began in the early 2000s when it worked as construction manager on the Met- ropolitan Transportation Authori- ty’s scandal-plagued 2 Broadway building. The project ran $300 mil- lion over budget, and in 2007, arbi- trators ordered HRH to repay $6.5 million for overbilling and charging for no-show jobs. HRH filed for bankruptcy two years later. The move bought HRH some time—the MTA has yet to collect a penny—but gave Local 46 an opening to pursue its growing suspicion that HRH was operating a separate nonunion company. The double-breasting threat hit the union almost literally in June 2009, when members picketing over the use of nonunion workers at 350 W. 37th St. were nearly struck by a cinderblock thrown from the build- ing.A company called Leviathan was the project’s construction manager, and HRH was the owner’s represen- tative.A similar arrangement existed at three other projects, including one being built by Earvin “Magic” John- When you team with Union Bank,® you’ll experience the strength of a powerful financial partner working on your behalf. son’s Canyon Johnson Urban Funds. Through our relationship with Mitsubishi UFJ Financial Group, we can seamlessly deliver the global resources you need The union bought several claims,including $1,246.31 owed to to access financing, mitigate risk and manage your working capital. And you’ll receive the insight and guidance of local a Yonkers exterminator, to gain experts in over 40 countries. That’s the benefit of a bank immersed in your business. standing in bankruptcy court, and set out to prove its case. With Union Bank, the world can be an easy place to do business. Call us today. “We are going to take all available Commercial Treasury Services: Corporate & Institutional Specialized Financial Services: legal action to protect our union and Treasury Services: the building trades,” said Bob Led- with, business manager of Local 46. Les J. Goodwin Marla Feldman Robert Dawson Senior Vice President Vice President Senior Executive Vice President Local 46 formed a labor commit- 213-236-5159 917-273-0351 213-236-4229 tee with two other unions, subpoe- naing documents from HRH and its clients and deposing company exec- utives, including CEO Brad Singer. A committee lawyer grilled Mr. Singer about his firm’s relationship to ©2011 Union Bank, N.A. Leviathan. Mr. Singer at first said an Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG), one of the world’s largest financial organizations. unionbank.com old friend—an out-of-work insur- ance executive with no construction experience—started Leviathan at his suggestion. Questioned further, Mr.

May 23, 2011 | Crain’s New York Business | 27 20110523-NEWS--0028-NAT-CCI-CN_-- 5/20/2011 4:37 PM Page 1

FOR THE RECORD

goods and services to city government, visit of their recent transactions appear in these STOCK TRANSACTIONS www.nyc.gov/selltonyc. For a searchable listings should e-mail descriptions to ABOUT THIS SECTION database of current procurement notices, [email protected], with Following are recent insider transactions at FOR THE RECORD is a weekly listing of information from the public record that visit www.nyc.gov/cityrecord. “Real estate transaction” in the New York’s largest publicly held companies subject line, or enter them online at filed with the Securities and Exchange can help businesspeople in the New York area find opportunities, potential CONSTRUCTION SERVICES crainsnewyork.com/submitadeal. Deals are Commission by executives and major new clients and updates on competitors. ● City University of New York listed in order of square footage. shareholders. Listings are in order of To ask questions or get more information on this section, contact Suzanne Seeks competitive sealed bids by 12 p.m. transaction value.The information was Panara at [email protected]. on June 10 for the renovation of COMMERCIAL obtained from Thomson Reuters. laboratories in Brooklyn College, Queens ● Oppenheimer & Co. renewed its lease College and NYC College of for 90,000 square feet at 200 Park Ave.,a ● Coach Inc. (COH) Technology.Three site visits and prebid 58-story building owned by Tishman Lewis Frankfort, CEO, sold 500,000 meetings are required.To make inquiries, Speyer. The firm will remain on the 24th shares of common stock at prices BANKRUPTCIES estimated liabilities of $100,001 to contact Michael Feeney at and 25th floors. Matthew Astrachan, ranging from $59.26 to $60.41 between $500,000 and estimated assets of $0 to (212) 541-0465. Steven Bauer and Mitchell Konsker of May 5 and May 10, in a transaction The following listings are selected from the $50,000. Among the creditors with the Cushman & Wakefield represented the worth $29,906,250. He now directly most recent available filings by companies largest unsecured claims are the state GOODS AND SERVICES tenant, while Megan Sheehan holds 2,041,300 shares. seeking bankruptcy protection in the Department of Taxation and Finance, ● Health and Hospitals Corp. negotiated on behalf of the landlord in- Southern and Eastern Districts of New owed $110,318; Bank of America, owed Seeks competitive sealed bids by 9:30 house. The asking rents in the building ● PepsiCo (PEP) York. Information was obtained from U.S. $39,522; and Sovereign Bank, owed a.m. on June 13 for an electric steam are about $75 a square foot. John C. Compton, CEO, exercised Bankruptcy Court records available on $29,949. generator for the biomedical department options on 226,100 shares of common Public Access to Court Electronic Records. at the North Brooklyn Health Network. ● Net-a-Porter signed a 10-year lease stock at prices ranging from $41.50 to Listings are in alphabetical order. ● Creative Lighting Fixture Co. Bid documents can be picked up at for 32,150 square feet at 100-104 Fifth $50.00 between May 6 and May 9, in a 998 C Old Country Road, Plainview, L.I. Cumberland Diagnostic and Treatment Ave., an 18-story building owned by the transaction worth $10,030,000. During ● 195 Claremont Food Inc. Filed for Chapter 7 bankruptcy Center, 100 N. Portland Ave., Brooklyn. Kaufman Organization. The firm will the same period, he sold 226,100 shares 195 Claremont Ave., Manhattan protection on May 11. The filing cites Contact Abraham Caban at move to the 11th and 12th floors. Owen at prices ranging from $69.45 to $69.93, Filed for Chapter 11 bankruptcy estimated liabilities of $1,000,001 to (718) 260-7593 or Hane of Cushman & Wakefield in a transaction worth $15,738,512. He protection on May 11.The filing cites $10 million and estimated assets of [email protected]. represented the tenant, while Grant now directly holds 223,733 shares. estimated liabilities of $50,001 to $50,001 to $100,000. Among the Greenspan, Michael Kaufman and $100,000 and estimated assets of creditors with the largest unsecured ● Housing Authority Elliot Warren negotiated on behalf of ● Par Pharmaceutical Cos. (PRX) $100,001 to $500,000. Among the claims are Citibank Advantage, owed Seeks competitive sealed bids by 10 a.m. the landlord in-house. The asking rent Thomas J. Haughey, executive vice creditors with the largest unsecured $75,000; American Express, owed on June 3 for the removal of graffiti from was $55 a square foot. president, chief administrative officer, claims are the Trustees of Columbia $40,000; and Chase, owed $39,215. buildings throughout the five boroughs. general counsel and secretary, exercised University, owed $15,012.89; Chase To make inquiries, contact Sabrina RETAIL options on 95,391 shares of common Bank Credit Card, owed $10,203.07; and Steverson at (212) 306-6771 or ● Verizon Wireless signed a 10-year lease stock at prices ranging from $10.99 to Chase Bank Credit Line, owed $10,000. GOVERNMENT CONTRACT [email protected]. for 3,000 square feet at 201 E. 69th St.,a $13.06 between May 9 and May 10, in a OPPORTUNITIES building owned by TF Cornerstone. transaction worth $1,103,823. During ● A&B McKeon Glass Inc. Robert Gibson of Cushman & Wakefield the same period, he sold 133,393 shares 69 Roff St., Staten Island Following are selected contract REAL ESTATE DEALS represented the tenant, while Steve at prices ranging from $34.45 to $35.70, Filed for Chapter 11 bankruptcy opportunities recently announced by New Gonzalez represented the landlord in- in a transaction worth $4,676,374. He protection on May 10. The filing cites York City agencies.To learn how to sell Companies that would like to have details house.The asking rent wasn’t disclosed. now directly holds 79,955 shares. Ⅲ

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28 | Crain’s New York Business | May 23, 2011 20110523-NEWS--0029-NAT-CCI-CN_-- 5/20/2011 3:39 PM Page 1

26% of NYS adults plan to move someplace else within 5 years BUSINESS LIVES Source: NY1/YNN-Marist Poll

HOT JOBS BIRDS IN PARADISE: Robert McMinn’s hens EXECUTIVE have the run of his Queens apartment. INBOX Anne Fisher CHIEF DEVELOPMENT OFFICER ORGANIZATION Jewish Associa- tion for Services for the Aged Hiring based on JOB DESCRIPTION Coordinate experience? and lead fundraising, external relations and communications, Not so fast and development events LET’S SAY your business is MOST IMPORTANT TASK Enhance growing like mad. The best way recent branding effort and to find top new hires is to write strategic planning specific job descriptions, then look CREDENTIALS NEEDED Minimum for candidates whose experience eight years’ hands-on fundraising is a precise match—right? background; experience Maybe, maybe not. That overseeing events and working with board members path is OK for huge companies with rigid job categories. But it SALARY $140,000 to $155,000 won’t necessarily get you the RECRUITER Internal talent you need to keep growing. DOWNSIDE Developing new Just ask David Rosenblatt and fundraising streams in a difficult Jonty Kelt, who launched Group economic climate Commerce Inc. five months ago. UPSIDE Helping to create innova- The firm is carving out a niche in tive programs to meet the evolv- the $5 billion online discount-deal ing needs of the aging business invented by Groupon: It JASA provides services directly to uses demographic data about the elderly in the metropolitan media companies’ audiences to area and improves the lives of develop tailored deals. 55,000 older adults each year. For readers of client The New —SUZANNE PANARA York Times, for example, Group Commerce served up special offers of a cooking class and wine-pairing luncheon at ‘21.’ EXECUTIVE MOVES “E-commerce companies like Amazon have gotten very good at Prudential Douglas knowing what their customers Elliman: Dawn Doherty, 47, has joined want. We’re using similar tools to as chief digital officer, help publishers of content build

a newly created buck ennis new revenue streams,” said Mr. position. She will Kelt, the firm’s CEO. “New York is identify social GOTHAM GIGS the ideal place to do this. It would networking and other be hard, or impossible, to find the websites that will drive awareness for elliman.com. She will also identify new same talent pool anywhere else.” technology products and services to Since last fall, Group expand the firm’s marketing efforts and Commerce—backed by $18.5 enhance its agents’ expertise. She was Real Chick Magnet million in venture capital—has most recently vice president of strategic gone from two employees to 45; development for StreetEasy.com. the partners plan to hire about Sports Illustrated Group: Julie Souza, 38, Robert McMinn wants to turn New York into farm country. He has been appointed vice president of ‘You can 55 more by year’s end. About a business development. She was most speaks to groups around the city about growing garden crops and third of new hires come from recently vice president, strategic be a keeping chickens as pets. ¶ Mr. McMinn, 44, and his girlfriend, Jules employee referrals. What do the planning and business development, at Corkery, have three “free-range” hens in their walk-up apartment in executives look for? Mostly, CBS Sports Network. fashionista a pattern of pioneering, even Manhattan Skyline: Astoria, Queens.The couple donates the birds’ droppings to in a seemingly unrelated field. Carole Bloom, 47, has community gardens for composting. Every weekend, Mr. McMinn joined the real estate and still be “Many hiring managers rely organization as vice makes fresh-egg omelets and takes his hens to the park. So far, no too heavily on people’s specific president of leasing an urban one has complained. ¶ Mr. McMinn, a public policy associate at the experience, which may not be a and marketing. She Jewish Board of Family Services, got hooked on chickens while he good indicator of how they’ll thrive will oversee the farmer’ in a rapidly growing environment,” company’s portfolio of was living in Boise, Idaho.They ate garden pests, fertilized the soil said the chairman, Mr. Rosenblatt, luxury residences, including rental and were “just so cute,” he said.The native New Yorker persuaded a former CEO of DoubleClick and apartments and new condominium buildings. She was previously a many in Boise to keep chickens, and the weekly radio show he head of global display advertising consultant for Gotham Development. started there, Bucky Buckaw’s Backyard Chicken Broadcast, is still at Google. “People who’ve FletcherBennett Capital: James J. “Jay” excelled at anything that required Gallagher Jr., 39, joined the hedge fund beamed to community stations around the country. ¶ Mr. McMinn them to learn very fast are likely strategy and consulting firm as a always looks sharp for his presentations. ¶ “I’m trying to show that to excel at something new.” principal, responsible for coverage of you can be a fashionista and still be an urban farmer,” he said. “You institutional hedge fund investors, WHAT TRAITS do you look for when including family offices, endowments don’t have to wear a hat and have poop under your fingernails.” making new hires? Tell us at See EXECUTIVE MOVES on Page 30 —miriam kreinin souccar www.crainsnewyork.com/execinbox.

May 23, 2011 | Crain’s New York Business | 29 20110523-NEWS--0030-NAT-CCI-CN_-- 5/20/2011 3:40 PM Page 1

RÉSUMÉ REVIEW Making philanthropy pay Is your job search all it could be? We ask the experts. Foundation executive same way Moody’s rates bonds. their wealth into,we could vastly in- NAME ANTHONY S. CANTORE crease the amount of money going SUMMARY aims to shape market How much money do you think could be to address our most challenging Licensed attorney with extensive legislative directed into impact investing? problems. experience for impact investing A report we did last year with J.P. Morgan concluded that up to What has the reception been? PROFESSIONAL EXPERIENCE $1 trillion could go into such areas The idea has caught on.Banks are Retired Public Employees Association Inc. BY AARON ELSTEIN as housing or rural water delivery beginning to develop products for Legislative representative, 2007-present over the next decade and generate customers who want their Advocates for not-for-profit membership association consisting of ntony Bugg-Levine is a $183 million to $667 million in money deployed this way. approximately 40,000 retired public employees managing director at The profits. Governments are behind New York State Assembly Rockefeller Foundation, it, too. The Small Busi- Associate counsel to the speaker, 1989-2007 where he has helped de- It’s strange to think of rural water ness Administration has Advised and counseled speaker, chair of the Real Property Taxation Avelop impact investing: using pri- delivery as a profit-making made a $1 billion com- Committee, and Assembly majority members and staff vate capital to deal with social prob- opportunity. mitment,and a U.K.bank New York State Department of Social Services lems and generate earnings. His I know. But the people who focused on impact invest- Assistant counsel, 1985-1989 book, Impact Investing: Transform- control large pools of invest- ing will launch soon. Worked on all legal aspects of the department’s legislative program ing How We ment capital are used to Make Money having results meas- What’s your biggest EDUCATION While Making ured, and anything challenge? Albany Law School, J.D., 1972 MOVERS & a Difference, we can do to encour- For this industry St. Lawrence University, B.A., history/government, 1969 SHAKERS comes out lat- age them to spend to realize its poten- Résumé appears in condensed form. er this year. more to help those tial, groups unused EXPERT ADVICE who need it is use- to working togeth- Antony How is impact ful. We talk about er must cooperate. Résumés need to be outcome-based to help candidates compete against investing impact investing It won’t replace the crowd. Too many descriptions in this résumé are task-based rather Bugg- different from as an asset class. philanthropy or than result-based, meaning they tell what Anthony did, not what he philanthropy? government but achieved. Employers are looking for results. Anthony should restructure his Levine Impact in- Doesn’t that term can complement career history by including a description of roles under titles and utilizing a vesting tries refer to things like them.Our prob- bulleted format to highlight significant contributions. Avoid taking a work to come up with ways to measure stocks or bonds? lems globally history too far back in time. Employers are generally interested only in the how well private money has been It’s controver- are too com- past 10 to 15 years’ experience because that experience is most relevant spent. People invariably say they’d sial, I’ll grant you plex to solve to the challenges they face today. help more if they had proof that that. But hedge funds without har- —ware sykes, vice president, TheLadders.com their dollars were having the intend- are thought of as an as- nessing the ed effect. So we’ve developed a set class. If we can per- money in the To contact this candidate or to be featured in “Résumé Review,” e-mail us measurement system, and in the fu- suade people to think of capital markets and at [email protected]. ture, we’ll introduce a rating agency impact investing as some- the creativity in the that grades projects in much the thing worth putting 2% of private sector. Ⅲ buck ennis

EXECUTIVE MOVES Wilson Elser: William F.Fitzgerald, 63, Duane Morris: Michael Grohman, 52, has development, a newly created position. at ID Media. was named of counsel at the law firm. been appointed managing partner of the He was most recently director of KPMG: Patrick Jackman, 47, was hired as He joined from Rucci Burnham, where law firm’s New York office. He continues interactive marketing for Crunch principal, Washington national tax, Continued from Page 29 he was a partner. Mr. Fitzgerald as chair of the wealth planning group Fitness. international corporate services. He had and foundations, pensions, banks, specializes in intellectual property and as the hiring partner in the New Music Choice: Nolan Baynes, 39, was been an international tax partner at Weil insurers, and funds of funds. He was litigation, including copyright, York office. hired as director of marketing at the Gotshal & Manges. previously a vice president at Bank of trademark, right of publicity, right of Mr Youth: Ben Waldman, 30, was named multiplatform video and music network. TTS Creative: Dan Gusmerotti, 40, was America Merrill Lynch. privacy and breach of contract matters. associate creative director (art director) He will be responsible for strategic promoted to director of account Christodora Inc.: Judith F.Rivkin, 53, Asphalt Green: Anisha for the social marketing agency. He joins marketing efforts for all Music Choice management and sales, a newly created joined the nonprofit as executive Khanna, 39, joined the from BBDO New York, where he was properties. Previously, he was president position at the staffing firm. He was director, where she will oversee and nonprofit as director creative supervisor, art director. of JBF Entertainment. previously vice president of account develop the organization’s programs in of business Josh Young, 37, was named associate SapientNitro: Leigh Baker, 40, was named management. public school classrooms and urban development. creative director (copywriter). He was global group account director for the Groundwork Inc.: Ali Knight, 34, joined settings, such as the New York Botanical Previously, she was previously group creative director at marketing and technology services firm. the community organization as chief Garden. She was most recently chief national retail director Agent 16. He was previously senior vice president program officer. He was formerly financial officer of the Times Square for Equinox Fitness Winston & Strawn: Richard Falek, 39, and group account director for Publicis interim director of the Prisoner Reentry Alliance. Clubs. joined the commercial law firm as a New York. Institute as well as director of the NYC partner. He was most recently of counsel Open Road Integrated Media: Richard Justice Corps at John Jay College of at Gibson Dunn & Crutcher. Florest, 30, was named to the newly Criminal Justice. ProCure Treatment Centers Inc.: Dr. created position of director of Align: Teri Garza, 43, joined the CORPORATE LADDER Eugen B. Hug, 51, was named chief acquisitions, Open Road Author technology solutions firm as senior medical officer. He will oversee medical Brands, for the e-book company. He had management consultant, a newly created NEW CHEF IN THE KITCHEN operations, clinical research and been an editor at Weinstein Books. position. She was previously executive treatment protocols for all of ProCure’s Middleberg Communications: Roger director at the New York City TIM GRIFFIN, 41, has been appointed executive director and chief curator of proton therapy centers in the U.S. He Ardan, 45, has joined as managing Department of Information Technology The Kitchen, a nonprofit performance and exhibition space in Chelsea. He will was formerly director of the Center for director of the professional services and Telecommunications. join in September. Mr. Griffin was most recently editor of Artforum; before Proton Therapy at the Paul Scherrer group, a newly created position. He was Joe Lembo, 51, was named director of that, he was art editor at Time Out New York. Institute in Switzerland. formerly vice president and head of enterprise operations strategy, a newly Carter Ledyard & Milburn: Stephen M. professional services at Gibbs & Soell created position. He was previously During his career, Mr. Griffin has sought to establish connections among Plotnick, 37, joined as a partner in the Inc. executive vice president at LITe disciplines and media, working with choreographers, filmmakers, visual firm’s litigation department. He was Kasowitz Benson Torres & Friedman: Jack Management Consultant Services. artists, architects and composers on numerous projects previously a partner at Stern & Minnear, 37, joined the law firm as a Atif Malik, 37, was named director of and texts. He holds a master of fine arts degree in poetry Kilcullen. partner in the intellectual property information technology infrastructure from Bard College’s Milton Avery Graduate School of Augme Technologies Inc.: Meg Columbia- group and will focus on patent and application optimization, a newly the Arts. Walsh, 48, joined the interactive media infringement, trade secret and antitrust created position. He was previously a marketing firm as president of Augme matters. He was most recently a partner chief architect at Forsythe. The Kitchen, a nonprofit performance space that Mobile Health, the division focused on at Sutherland Asbill & Brennan. —laura shin features emerging artists and experimental works, is delivering mobile marketing campaigns MediaCom: Jeffrey L. celebrating its 40th anniversary. Current and and mobilizing digital assets for Hinz, 47, wasXECUTIV PROMNS named E upcoming events include programs in pharmaceutical companies. She was managing partner and dance, music, literature and a hybrid art formerly with Euro RSCG as president digital director. He The fastest way to get an announcement into and theater project. of the company’s Havas Drive unit. was most recently Crain’s is to submit online. Fill out the form IdeaWork Studios: David Rayner, 28, has senior vice president at www.crainsnewyork.com/section/ —LAURA SHIN joined the advertising and branding and director of digital executive_moves. The Executive Moves column agency as vice president of strategy and and emerging media is also available online.

30 | Crain’s New York Business | May 23, 2011 20110523-NEWS--0031-NAT-CCI-CN_-- 5/20/2011 3:40 PM Page 1 chemex / INSATIABLE CRITIC ETWORKING CPS N Gael Greene THURSDAY, JUNE 2 flickr.com THE MANHATTAN CHAMBER OF COMMERCE YOUNG PROFESSIONAL COMMITTEE invites you to “A Night of Networking for WEEK Young Professionals.” The event will A ‘luncheonette’ take place at Maru NYC, 11 W. 32nd St., third floor, from 6:30 p.m. to 8:30 AHEAD p.m. Advance tickets are $10 for chamber members and $15 for nonmembers and include a for Latin-lovers MAY 30-JUNE 5 complimentary beverage and light hors d’oeuvres. An additional charge of $5 applies to all tickets sold at the CONFERENCES door. To purchase tickets, visit WHAT HE’S Enjoy deliciously casual AND SEMINARS www.manhattancc.org. For more TUESDAY, MAY 31 information, call (212) 473-7875 READING Cuban at Coppelia; NEW YORK PUBLIC LIBRARY invites you to or send an e-mail to a program on how to market yourself [email protected]. GILT CITY PRESIDENT Nate 24-hour service coming with confidence with career coach CULTURAL EVENTS Pick Richardson peddles discounts on David Lees. The free lecture will take his website for everything from he film noir romance of place at the Science, Industry and MONDAY, MAY 30 of the Business Library, 188 Madison Ave., The Intrepid Sea, Air & week concert tickets to restaurant still-forbidden Havana. meals, but his taste in reading is The lure of breakfast all from 6 p.m. to 7 p.m. For more Space Museum celebrates information about the lecture, visit Memorial Day during FLEET hardly chintzy. He’s tackling The day in what will be a 24- T www.nypl.org. WEEK 2011.The celebration will kick off Cairo Trilogy: Palace Walk, Palace hour diner.A bright bea- at 11 a.m. on the flight deck at the of Desire, Sugar Street, by Nobel con of retro charm and gentle prices THURSDAY, JUNE 2 museum, Pier 86, West 46th Street, and buck ennis NEW YORK INSTITUTE OF TECHNOLOGY Prize-winner Naguib Mahfouz. on a weary stretch of West 14th. ON THE TO-DO LIST: A Cubano sandwich will feature a ceremonial wreath-laying. Coppelia—Cuban with Latin presents its energy conference, “Beyond Visit www.intrepidmuseum.org for a The 1,368-page tome, about a rhythms by Toloache’s chef-owner Carbon: Offshore Energy and complete listing of all the Fleet Week Muslim family during Britain’s Julian Medina and classic sweets by COPPELIA Technologies.” National and events and for pricing and ticket details. occupation of Egypt in the early Pichet Ong—felt primed to be a tor- 207 W. 14th St. international experts, including Dr. For information, call (212) 245-0072. 20th century, was first published rid zone,even on our early visit.It was (212) 858-5001 Monique Leclerc, will examine where to in 1957. Mr. Richardson recently www.coppelianyc.com tap clean,ONDA renewable, MAY offshore0 energy M Y 3 received it as a 40th-birthday gift. not easy to choose from the place- sources. The program will take place at Join the NEW YORK PHILHARMONIC for a mat menu. I wanted everything. the NYIT de Seversky Mansion, Memorial Day concert featuring works “I travel quite a bit, and I have I quickly decided I could live with- Northern Boulevard and Old Campus by Samuel Barber and Beethoven. The a Kindle and an iPad,” he said. out deep-fried pork skin in my mac- CUISINE Cuban-Latin Road, Old Westbury, L.I., from 8:30 free concert will take place at the “But I’m carrying this book around aroni and cheese, though I did find a.m. to 4:30 p.m. Tickets range from $35 Cathedral Church of St. John the with me wherever I go. There is a the house’s chicharrón fetish amus- PRICE RANGE Entrées $12.95- for NYIT students to $100 for general Divine, 1047 Amsterdam Ave., at 8 p.m. certain romantic quality to it.” ing: in the romaine salad, the fried $16.95 admission and include a buffet lunch. To Seating is on a first-come, first-served The book reminds him of his Cubano burger, even the sundae. register and to purchase tickets, visit basis. Tickets will be distributed at the time in Africa: He was formerly the SERVING Daily, 7 a.m. to 11 p.m. www.nyit.edu/energyconference. For more church on the day of the concert. For First week home from my retreat International Rescue Committee’s RESERVATIONS Not taken information about the event, call more information, visit www.nyphil.org. on the Seabourn Sojourn,I was back at (516) 686-1177. —suzanne panara country director in Liberia, and a Coppelia,shocked to see that we had NOISE LEVEL Civilized, for now Peace Corps volunteer in Senegal. our choice of tables on a Saturday To view Crain’s classified events listings, go to www.crainsnewyork.com/events —LISA FICKENSCHER evening. Has the late-night crew I can’t wait to return. lost their radar? Surely they’d love I will definitely go back. these sunny-side up huevos ranche- I’ll let them simmer awhile. ros on a first-rate housemade corn NO HATS Never again. tortilla, with tomatillo giving the rice-and-bean moros a burst of uma- mi. And they’d fill up on this stand- dillo (just $2.25), or “Pan Frances”: out quesadilla Cubano—sparked challah French toast with bananas with turkey,bacon,pico de gallo and and dulce de leche.There’s flounder a melt of Chihuahua cheese. seviche, an organic turkey burger, a Join us It seems Coppelia is still waiting chicharrón-free salad, and salmon for its liquor license. Maybe that ex- with boniato purée, if you must. plains the calm, and the delay in ex- Our crowd will be trying the piz- tending hours around the clock za Cubana with roasted pork and (now expected in a week or so). pickles; arepa with roasted chicken, Much to my shock, I’m almost avocado and chipotle salsa (the corn seduced by a welcome offering of cake may be chewy or freshly grid- chicharrón with a quartet of salsas dled, depending); and the Cubano for dipping; the rinds are so fresh, sandwich. We’re already blissed out greaseless and carefully salted. It’s on yucca croquette, my huevos not on the menu, but could be, for rancheros and the essential que- our town’s hog-smitten. sadilla. Plus arepas, one for each of Hundreds of tornadoes have struck throughout the country. Guacamole is never the same, us, a gift from the kitchen. Thousands of homes have been destroyed. Tens of thousands of families are in need. even in the same place, alas. So If you’re like me and never know much depends on the fruit itself and when you’ve eaten enough until it’s You can help. the whimsy of the mixologist, but too late,make an effort to remember tonight, the texture is perfect. Hot- that desserts—arroz con leche A click can feed and shelter a child for another day. heads can add a splash of fiery salsa. brûlée and passion fruit, tres leches A single text can provide a little comfort. And the mix of chips piled high on cake with mango, and pineapple top—Peruvian potato chips, white cheesecake, mostly $6.50—are not Your call can make sure someone doesn’t go hungry. and sweet potato, house corn tor- to be missed.You might even fall for tillas,yucca chips—shows the Unit- the house sundae, with chocolate, Every single donation brings hope. Click, text or call to join today! ed Nations at its best. caramel-like cajeta and chicharrón. The place has a smart ’50s look, Of course, we’ll be back. Cop- with bright-blue booths, red lino- pelia suits me and my guy Steven. leum-topped tables,collages in light The cozy luncheonette feel, the ex- boxes, cheap unmatched silverware, plosions of excess, the underground a long marble counter with Ong’s prices. I plan to do as much damage layer cakes on covered pedestals. It’s as I can next time I’m here,and leave 1-800-RED CROSS | redcross.org as cheery as our waiter, Juan Carlos. a corner of room to taste the carrot Text REDCROSS to 90999 to give $10 I won’t say you can’t stay on your cake with Manchego and lime. $10 donation to the Red Cross. Charges will appear on your wireless bill, or be deducted from your prepaid balance. All purchases must be authorized by diet here.You don’t need to order na- account holder. Message & Data Rates May Apply. Text STOP to 90999 to STOP. Text HELP to 90999 for HELP. Full terms and privacy policy: redcross.org/m chos, the luscious yucca rellena cro- Copyright © 2011 by Gael Greene. quette oozing cheese and beef pica- Syndicated by www.insatiable-critic.com.

May 23, 2011 | Crain’s New York Business | 31 CN014343 4/12/11 1:21 PM Page 1

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