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TOP STORIES BUSINESS LIVES NYSE puts a big Book clubs, bet on its new tech New York-style guru’s software as PAGE 43 it seeks to expand PAGE 2 ® WNBC seeks to shake up local TV scene with VOL. XXIII, NO. 36 WWW.NEWYORKBUSINESS.COM SEPTEMBER 3-9, 2007 PRICE: $3.00 7 p.m. newscast PAGE 2 The Plaza Bikini babes hand out freebies for delays Riese Restaurants NEW YORK, NEW YORK, P. 6 reopening Looking for fallout from credit crisis? until ’08 Just wait until next year Construction woes; GREG DAVID, PAGE 13 questions loom Slow growth pays on rehiring workers off for real estate MEN AT WORK: Jerry BY LISA FICKENSCHER information firm Gottlieb just got back SMALL BUSINESS, P 34 into his office, which is still a construction the much-anticipated reopen- zone, near the steam ing of The Plaza hotel has been pipe blast site. pushed back until next year, dash- ing a plan to celebrate the hotel’s
david neff david 100th anniversary in grand style. “Oct.1 is such a significant date BUSINESS INTERRUPTION for us,” says the hotel’s general manager, Shane Krige. “It would have been fantastic to open then.” The hotel is now accepting reservations for Jan. 1. REPORT One disastrous summer As The Plaza gears up for its re- REAL ESTATE opening, tensions are simmering of them have yet to recover from a to return—to gutted offices.Walls, between the hotel union and new G Condo developers Around the city, series of random disasters, from the flooring, furniture and equipment management over who will work struggle to finance affected businesses steam pipe explosion in July to the had been removed by cleanup there. Some former employees new projects Brooklyn tornado and the Deut- crews because of concerns about have been asked to return to their PAGE 19 struggle to reopen, sche Bank building fire in August. asbestos. MGL’s Chief Executive jobs, while others have been of- G The steam pipe blast is a fading Jerry Gottlieb says it will cost at fered incentives not to. New stadium spurs face major expenses memory for most New Yorkers, least $1 million and take at least Mr. Krige blames the delayed housing, retail in the but not for tenants of 370 Lexing- three weeks to rebuild the 14,000- debut on the slow pace of construc- Bronx PAGE 19 BY AMANDA FUNG ton Ave.,the building hit the hard- square-foot office. tion. The job has already cost the G New York’s largest est by flying debris. “Half of our office looks like hotel’s owner, Elad Properties, at REITs PAGE 28 as many New Yorkers reluctantly McCaffery Gottlieb Lane, an Ground Zero,” Mr. Gottlieb says. least $50 million more than the bid the summer farewell,thousands advertising agency on the second Many of the building’s tenants company had earmarked for the of businesses can’t wait to put the floor, was one of at least a dozen are still retrieving personal items, extensive renovation, now in its season’s havoc behind them. Many firms that just last week were able See ONE DISASTROUS on Page 8 See PLAZA on Page 8 AT DEADLINE
EVEN THOUGH THE ORGANIZERS OF FASHION WEEK have been CUNY adds dorms to its course list searching for a new home for the past year, insiders say the twice-annual event will remain at Bryant Park for at least two First residence at City College a big hit; more years. (See related story on Page 3.) The sources also lures students from outside of city say that one potential site Towers,a year-old residence hall at under discussion is a roof space BY SAMANTHA MARSHALL The City College of New York. at the Port Authority Bus “I was so happy, because I real- Terminal on Eighth Avenue. starting school wasn’t scary for ly wanted the experience of being Located near the new 17-year-old Hunter College fresh- in a dorm with a bunch of kids my headquarters of The New York man Grace Zinnel. But finding a age going to college,”says the Nas- Times Co., the spot would be place to live in the city was so sau County native. large enough to house the daunting that the media arts major After decades as a strictly com- See AT DEADLINE on Page 2 almost switched schools—until muter-college system, the City she landed a coveted spot in The University of New York is planning to create housing for thousands of students in the next few years. Of- 36
5 ficials are aiming both to recruit students who live outside the city and to accommodate the demands ELECTRONIC EDITION of city residents who want to live
on campus. neff david The success of The Towers at JUST WHAT THE DOCTOR ORDERED: City College biomed student Kamara Aseme was among the NEWSPAPER See CUNY on Page 8 first to move into The Towers. “This is a demanding program; I need to be here to focus,” she says. 71486 01068 0 CNYB 09-03-07 A 2 8/31/2007 7:13 PM Page 1
Continued from Page 1 CooperBricolage. He is seeking large Fashion Week tents, which sponsors to cover expenses. now use more than 200 feet of runway.To help guide IFC FILMS IS PUTTING THE fashionistas around Fashion BRAKES ON its year-old plan to Week—and expand its Women’s distribute bigger-budget Wear Daily features, sources say. Instead of franchise— adding films with $10 million Fairchild production budgets to its Publications portfolio, IFC will keep to its is launching longtime focus of distributing WWD Scoop movies with budgets up to $3 Insider, a 24- million.The films will be page booklet released under the IFC First with tips on Take label simultaneously in where to cinemas and on cable systems dine, shop and hang out in New pay-per-view services.The York, London, Milan and Paris. move by IFC, the independent The guide will be inserted in film subsidiary of Rainbow WWD on Wednesday and also Media, comes as more film handed out at Fashion Week distributors are competing for events and at the European movies with budgets in the $10 shows next month. million to $20 million range. IFC couldn’t be reached for COOPERBRICOLAGE, A WORK comment. SPACE for the city’s tech entrepreneurs, is expected to RCA MUSIC AND ZOMBA LABEL RAWHIDE: The launch on Wednesday. Café GROUP, divisions of Sony BMG exchange is looking to Sam Johnson, head of Fuego in the East Village will be Music Entertainment, are NYSE TransactTools, to transformed during weekday joining forces to create whip up new revenues business hours into an office international and sales divisions and cultivate industry where innovators can work and for the BMG Label Group.The relationships.
collaborate on their next great restructured units will combine neff david idea for a fee: $15 for one day, marketing, digital sales and $60 for five days or $200 for a support for all RCA Music and month.The fee, which Zomba artists. John includes Wi-Fi access, will be Fleckenstein, meanwhile, has shared with the café’s owners. been named senior vice Sanford Dickert, a Cooper president of international affairs NYSE turns on to tech Union professor of electrical at BMG and will run marketing engineering and social in international territories for software design, founded both RCA and Zomba. I Starts creating, selling systems as trading business flags
CORRECTIONS BY AARON ELSTEIN The source of the material in the Page 1 chart about office leasing in the Aug. 27 issue was CB Richard Ellis. as floor traders clad in jackets and ties vanish from the New York Stock Exchange, they are Architecture firm Simplex Studio, based in Manhattan, chose the sustainable methods and materials used in the construction of the Crazy for Animals store in Glendale, Queens. The being replaced by people like Sam Johnson, a tech whiz kid who goes about his business wrong design firm was named in the Aug. 27 “Neighborhood Journal” column. wearing jeans and cowboy boots. Larry Velez is the founder of technology firm Sinu. His name was misspelled in the Aug. 27 “Small Business” column. Mr. Johnson is helping to lead NYSE Euronext’s new effort to develop trading technology that it can sell to other exchanges and brokers. Mr. Johnson, who joined the NYSE when it acquired his software firm in January, is quickly making inroads. Last week, he and his crew of THIS WEEK IN CRAIN’S 90 techies won a mandate to assist the Tokyo Stock Exchange, Asia’s largest marketplace, in revamping its antiquated systems. NEIGHBORHOOD “We’re just getting started,” promises 37-year-old Mr. Johnson. “Selling technology is going See NYSE on Page 9 JOURNAL------11
GREG DAVID ------13
THE INSIDER------14 WEEK IN REVIEW ------16 WNBC’s 7 p.m. news bid to REAL ESTATE REPORT ------19 TOP REITS LIST ------28 tution Live at 5, replacing it with casts. In 2007, with four newscasts, 45 Low-rated Live at 5 syndicated entertainment news show only 28% of that audience is watch- DEALS------31 is history as station Extra, which has run at 7 p.m. ing local news. The station’s executives call their Even so, the competition doesn’t SMALL BUSINESS ------34 puts entertainment bold gamble an overdue response to seem likely to follow Channel 4’s THE WEEKS AHEAD ------37 program in its place changes in media consumption lead. Their general reaction is that habits and to longer workdays and the station’s move is merely a reac- CLASSIFIEDS ------38 commutes.The 7 p.m. program will tion to its 5 o’clock newscast being BY MATTHEW FLAMM serve people just getting home who in last place. BUSINESS LIVES------43 would rather watch a serious local Ratings reversal CORPORATE LADDER------45 conventional wisdom holds that newscast than Jeopardy! or the en- changing news-watching habits is tertainment news show The Insider. live at five has lost half of its au- EXECUTIVE MOVES------46 47 like turning around a battleship. “The audience has moved out of dience of 25-to-54-year-olds in the BOB LAPE ------47 Hoping that metaphor is outdated, that [5 p.m.] time period,” says past year. Meanwhile, Fox 5’s News WNBC is about to attempt that WNBC General Manager Frank at 5 has seen double-digit growth in vol. xxiii, no. 36, september 3, 2007—Crain’s New York Business (issn 8756-789x) is pub- lished weekly by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Period- change at the speed of a Jet Ski. Comerford. “This is part of giving viewership. icals postage paid at New York, N.Y. and additional mailing offices. Postmaster: Send address On Sept. 10, Channel 4 will people news when they want it.” The 5 p.m. slot “starts our [early changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a break new ground by launching a lo- According to Channel 4’s analy- evening] news cycle,” says WCBS copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents cal newscast, New York Nightly sis of Nielsen data, in 1988, 40% of General Manager Peter Dunn.“Not copyright 2007 by Crain Communications Inc. All rights reserved. News, at 7 p.m. WNBC will also adults watching TV from 5 p.m. to to mention that ours is up 44%.” bring to an end the New York insti- 6 p.m. were tuned to three news- Some observers even think that
2 | Crain’s New York Business | September 3, 2007 CNYB 09-03-07 A 3 8/31/2007 8:08 PM Page 1
BY THE NUMBERS NYC’s cutting edge SCENE SETTERS tv production in New York have reshaped the area. It was once City is booming. Here are some Fashion Week packed with factories that churned of the shows in the 2007-08 spotlights key role out a huge portion of America’s season being shot locally: clothing, but most of those orders of garment district; moved overseas long ago. CANTERBURY’S area’s future in doubt Now, the city’s few remaining LAW factories cater mainly to luxury lines, which can afford New York BY ELISABETH BUTLER CORDOVA wages, and new fashion-school Attorney struggles with injustice at graduates, who produce smaller work and home workers at R&C Apparel Corp. runs. The fortnight before each Network Fox on West 38th Street were busy Fashion Week is the busiest time of Premiere Midseason pressing accordion pleats into a line year in the garment district. Studio Broadway Stages of Marc Jacobs shirts last week when another designer walked in Quick turnarounds carrying a brown paper bag full of “designers suddenly come up CASHMERE fabric. with something,and I have to make MAFIA “Can you do quarter-inch box it quick,” Mr. Harihar says. He fills pleats on these by tomorrow?” the orders for such high-end labels as young man asked. Anna Sui, Nanette Lepore and Bill Desperate housewives invade Ramdat Harihar, president of Blass, and even takes calls in the Manhattan R&C, didn’t hesitate. “I’ll have middle of the night to reassure Network ABC them done at the end of the day,”he sleep-deprived designers and cre- Premiere Nov. 27 said. ative directors worried about im- Studio Silvercup East Similar exchanges have been pressing VIPs at the catwalk. taking place all over the garment But the future of Mr. Harihar’s district for the past several weeks,as niche business is uncertain. The PREP TIME: Apparel many of the city’s top designers fre- garment district has frayed as office maker Ramdat DAMAGES quent the neighborhood’s factories, tenants squeeze into it and rising Harihar delivers the goods for designers. tinkering with fabrics and colors to rents threaten the few remaining
perfect their spring runway collec- factories there. R&C has operated buck ennis Glenn Close stars as litigator from tions in time for Fashion Week. in the same 7,500 square feet for 12 hell On Wednesday, 14,000 gawk- years, but the landlord recently and forth to Queens to prepare for show is scheduled for Friday at the Network FX ers—including 3,000 members of switched to one- from five-year Fashion Week and hates the idea of Chelsea Art Museum. July 24 the media—will converge on leases. If R&C loses its lease, Mr. taking her business overseas. Other designers are happy to use Premiere Bryant Park for the twice-annual Harihar estimates that it would cost Ms. Kapustina sewed every the garment district for runway Studio Steiner Studios events, which generate $177 mil- him about $250,000 to move. piece of her first collection in 2001 samples but don’t want to do all lion for the city. If he must move, he may not be herself, but she needed a factory to their production there. That’s the If Bryant Park is the face of Fash- able to find room in the district. produce the clothes after she land- case with the creators of Bensoni, FLIGHT OF THE ion Week,the garment district is the Many landlords, preferring to rent ed an account with Barneys. Dur- who plan to move most of their CONCHORDS backbone. This week’s event comes to cleaner, quieter tenants, ignore ing one of those early seasons, she manufacturing overseas next sea- at a time when city officials are de- the 20-year-old zoning regulations tried to save money by sending her son.Last Thursday,they were rush- bating the neighborhood’s future designed to preserve the area’s samples to India for production. ing around the area to prepare for Comic blunders of a quirky New Zealand folk-singing duo and its role as New York’s epicenter manufacturing space. City officials their Fashion Week show. of apparel manufacturing. said in February that they aim to re- Daily visits “We’re running back and forth Network HBO “The garment district is kind of vamp the rules, but nothing has “things would betotally different between our cutting factory and our Premiere June 17 an endangered resource,with all the happened yet. from what you gave them,”Ms.Ka- production factory and the button Studio Steiner Studios condos going in,” says Brian Wolk, Some factories have already left pustina says. She now makes all her store,” said Benjamin Clyburn, one the designer who brought the bag for lower rents in Long Island City, clothes in the garment district and of Bensoni’s two designers, calling of orders to R&C. He is half of the Queens. visits the factories three and four from a factory floor. “There are so GOSSIP GIRL team that produces Ruffian, which That distresses Olga Kapustina, times a day during the month or so many designers around here that operates a studio two blocks from a designer who uses about 15 facto- before each Fashion Week. the factory is almost like a school of the factory. “We’re lucky to be able ries in the garment district to pro- “I’d rather be able to go into the design.” to drop by.” duce her eponymous collection. factory every single day and make Lives of elite teens on the Upper East Years of tumultuous change She wouldn’t have time to trek back changes,” Ms. Kapustina says. Her COMMENTS? [email protected] Side Network CW Premiere Sept. 26 Studio Silvercup East game show, Crosswords, will run mat, with Chuck Scarborough as from 4 p.m. to 5 p.m., followed by the solo anchor. shake up market Extra, which leads into News 4 You, Mr. Comerford adds that less LIPSTICK a hybrid news-entertainment pro- than a rating point separates most of JUNGLE gram. the 5 p.m.newscasts and that the slot will stick around for The ratings slide has cost is a losing proposition in general. CAN YOU USE THIS NEWS? news beginning at WNBC its front-runner status in Some media buyers agree. Brooke Shields stars in this comedy 5:30 p.m. ad revenue. “We’re ‘over-newsed’at 5,”says Jer- based on a Candace Bushnell book WNBC’s 5 p.m news ratings dropped precipitously WNBC got into The station billed $344 million ry Levy, president of JL Media. Network NBC between May 2006 and May 2007. its ratings mess last in 2006, according to BIA Finan- “The 7 o’clock [program] puts Premiere Midseason % change year after replacing cial Network. Ratings leader WNBC in an arena by itself.” Studio Broadway Stages Station May ’07 from May ’06 the popular but ex- WABC is expected to finish in first The newscast will also air in a pensive Judge Judy place this year. more valuable time slot and is like- WABC Eyewitness News 2.0 -20% with Ellen at 4 p.m.; ly to draw an audience that is WCBS CBS2 News at 5 1.3 +44% Hard news to follow NEW the talk show was younger and more affluent than the AMSTERDAM WNYW Fox5 News at 5 0.7 +40% hammered by the insiders further say a 7 p.m. one that watches syndicated shows. WNBC Live at Five 0.6 -50% competition, includ- newscast may not work as counter- The station, which will launch ing Judge Judy— programming against shows like New York Nightly News with an ad- 400-year-old immortal homicide WNBC News 4 You 0.6 -45% which had moved to Jeopardy! Cable TV and the Inter- vertising blitz, insists that it’s not detective solves contemporary crimes Data are for adults aged 25 to 54. Source: Nielsen Media Research Channel 2—and net let viewers get news on their attempting to redirect a battleship. Network FOX Oprah on Channel 7. own schedule. “We’re not trying to change Premiere Midseason Channel 4’s lead-in But WNBC is confident that [viewers’] habits,” Mr. Comerford Channel 4 could be exacerbating audience for news fell off a cliff. New York Nightly News will hold on says.“We’re changing the program- Studio Silvercup East matters by leading off the news To address the scheduling prob- to viewers of the network news with ming to suit their habits.” Source: Mayor’s Office of Film, Theatre and block with Extra. They don’t be- lems, WNBC will move Ellen back Brian Williams. The 7 p.m. show Broadcasting lieve it will draw an audience that to its original 11 a.m. spot. A new will maintain that hard-news for- COMMENTS? [email protected]
September 3, 2007 | Crain’s New York Business | 3 CNYB 09-03-07 A 4 8/31/2007 7:21 PM Page 1
IN THE MARKETS HIGHLIGHTS REEL Morgan Stanley may be -0.9% The Bloomberg/ best of lot on Wall Street Crain’s New York Index
➡ fell 0.9%, to 40% more than its current price. activity that continues apace, despite the end the Investment bank not The firm’s share price has slipped 14% credit market’s problems. week at expected to be hurt since mid-July as the investment banking Morgan Stanley’s commodity trading 369. The business has slowed operation is also an in- S&P 500 much in credit crunch drastically. dustry leader, and Index fell On the other hand, management is show- 0.4%, bond sales and trading ing improved prof- closing at BY AARON ELSTEIN generated only a third itability in its long- 1474. of Morgan Stanley’s underperforming here’s no doubt that sum- revenues last year, retail business. mer was a bummer at Morgan compared with nearly In the first half, Stanley.The credit crisis roil- 50% at Lehman Morgan Stanley had ing Wall Street took a steep Brothers and Bear pretax income of RISERS toll on investment banks. In- Stearns, according to $7.7 billion, or $4.96 a deed, later this month, Morgan Stanley Bernstein research. share, on revenue of 5-DAY 1-MONTH 3-MONTH CLOSING T % CHANGE % CHANGE % CHANGE PRICE will probably post its first quarterly earn- More specifically, $22.5 billion, com- ings decline since Chief Executive John the firm seems to have pared with earnings of Take-Two Interactive +8.0% -9.4% -22.4% $15.98 Mack took the helm two years ago. fewer skeletons— $5.3 billion, or $3.23 a Scientific Games +4.7% +1.7% -6.6% $34.89 Yet,investors who can see past the bad leveraged buyouts and share, on revenue of Sirius Satellite +4.6% -1.3% +1.4% $2.97 news have a chance to pick up one of Wall subprime mort- $17.2 billion a year Street’s elite firms at a bargain price. gages—in its closet. If earlier. The company $32.66 Nasdaq +4.0% +6.1% -1.8% What’s more, Morgan Stanley has less the value of its LBO Market cap $66 billion posted pretax income Hess +3.9% +0.3% +3.6% $61.37 exposure to the rot in the credit markets commitments and 2006 net income $7.5 billion of $8.2 billion in 2006. than many of its peers, and prospects for mortgages were writ- Analysts surveyed by SINKERS its investment banking franchise are ten down by 75%, Return on equity 23% Reuters Fundamen- 5-DAY 1-MONTH 3-MONTH CLOSING strong. profits would fall 16%, tals forecast per-share % CHANGE % CHANGE % CHANGE PRICE “Morgan Stanley will be the least af- versus 24% for Gold- earnings of $8.34 this Lehman Brothers -9.2% -11.6% -25.3% $54.83 fected by the current fixed-income mar- man Sachs and 49% for Lehman Broth- year and $8.60 next year. Bear Stearns -7.2% -10.4% -27.5% $108.66 ket events,” Brad Hintz, an analyst at ers, according to CreditSights research. With the recent drop in the stock Sanford C. Bernstein & Co., wrote in a Better yet, other than the troubled price, Morgan Stanley shares now trade Steven Madden -6.7% -12.7% -24.4% $24.62 research report last week. Mr. Hintz, a bond and LBO market, Morgan Stan- for just 1.7 times book value. They typi- Saks -5.8% -12.6% -19.3% $16.17 former Morgan Stanley partner who ley’s lines of business appear to be faring cally trade at 2.1 times book value or Blackstone Group -5.3% -3.7% n/a $23.13 owns shares in the company, recently up- well.The firm retains its customary place higher, according to Bernstein research. n/a-Not applicable. graded the stock to “outperform” and as one of Wall Street’s top dealers in ini- reckons it’s worth $85 a share, or about tial public offerings, a highly profitable COMMENTS? [email protected]
STOCKS TO WATCH by Robert Hordt Investors snap up Tiffany’s shares as stores run rings around 2006 results Tiffany continues to prove that it is the gold standard among luxury retailers. It surprised investors last week when it reported that second- quarter same-store sales were up 17%, including a 31% jump at the company’s flagship store in Manhattan. More important, Tiffany raised its forecast for the third and fourth quarters. The stock price was We are bankers who listen to you. Sterling National Bank, New York’s leading community bank specializing up 13% last week. For the year, in personal service for business clients, is listening. We understand, It Starts with Hello. shares are up 31%. COMMITTED TO YOUR SUCCESS: BUSINESS LINES OF CREDIT AT PRIME* We understand your needs and allow you to quickly borrow up to $250,000 with: During the run-up in housing prices, people frequently took equity out of their homes when they refinanced so they could pay off mounting credit card debt. • NO FINANCIALS REQUIRED But as housing values continue to fall and lenders approve fewer loans because • One-page streamlined easy application of the subprime scare, that may no longer be an option. As a result, credit card delinquencies could soar. That would be bad news for MasterCard, which And, if you need more funds, we offer lines up to $10,000,000. until recently was an investor favorite. Shares are down 19% since mid-July. BANKERS YOU CAN REACH Clothing retailer Aéropostale has Say “Hello” to personal business banking provided by bankers who listen to you. Contact Anthony Migliorino, continued to get beaten up since it - Senior Vice President, at (212) 935 7245 or via email at [email protected] today. reported on Aug. 23 that it was *For the first six months Prime Rate as noted in the WSJ. Introductory rate subject to change at anytime. lowering its earnings forecast for the third quarter. CFO Michael Cunningham didn’t help the cause last Monday, when he unloaded 94,187 shares, or $2.1 million worth of stock—though half of the shares www.SterlingNationalBank.com had been acquired that same day through an options exercise. Shares Our Doors Are Open All The Way To The Top | Est. 1929 • NYSE: STL • Member FDIC were down 10% last week. charts: lindström bekka
4 | Crain’s New York Business | September 3, 2007 Project5 8/14/07 3:50 PM Page 1
REPORT REAL ESTATE CoStar’s Top Manhattan Office Leasing Deals Biggest transactions in ﬁrst-half 2007, ranked by square feet
Address Square Feet Tenant Tenant representative Landlord/sublandlord Landlord/sublandlord representative Submarket
1 450 Lexington Ave. 1 650,088 Davis Polk & Wardwell CBRE Istithmar Lexington CBRE Grand Central
2 825 Eighth Ave. 2 617,135 Cravath Swaine & Moore Studley Macklowe Properties CBRE Times Square
3 1271 Sixth Ave. 3 425,374 Lehman Brothers CBRE Rockefeller Group Development Corp. Studley Columbus Circle
4 345 Hudson St. 394,314 Viacom International Inc. CBRE Trinity Church Real Estate Trinity Church Real Estate Hudson Square
5 620 Eighth Ave. 4 216,927 Goodwin Procter Studley NY Times Co. and Forest City Ratner CBRE Times Square
6 1251 Sixth Ave. 1 210,000 The Bank of Tokyo-Mitsubishi Ltd. Cushman & Wakeﬁeld Inc. Mitsui Fudosan America Inc. Newmark Knight Frank Times Square
7 277 Park Ave. 166,667 AIG CBRE Stahl Real Estate Co. CBRE Plaza District
8 450 Lexington Ave. 140,974 Warburg Pincus Cushman & Wakefield Inc. Istithmar Lexington CBRE Grand Central
9 75 Park Place 2 121,272 R.R. Donnelley & Sons Co. CBRE Jack Resnick & Sons Inc. Jack Resnick & Sons Inc. World Trade Center
10 1211 Sixth Ave. 118,725 News Corp. L&L Acquisitions Beacon Capital Partners Inc. Cushman & Wakefield Inc. Plaza District
11 245 Park Ave. 1 109,657 Rabobank International Cushman & Wakeﬁeld Inc. Brookﬁeld Properties Corp. Brookﬁeld Properties Corp. Grand Central
12 1095 Sixth Ave. 107,022 iStar Financial Studley The Blackstone Group CBRE Penn Plaza/Garment
13 237 Park Ave. 107,000 Bear Stearns & Co. L&L Acquisitions Broadway Partners Monday Properties Grand Central
14 100 Park Ave. 1 100,454 J. & W. Seligman & Co. Cushman & Wakeﬁeld Inc. SL Green and Prudential Real Estate SL Green Realty Corp. Grand Central
15 1372 Broadway 5 100,072 Ann Taylor Stores Corp. Studley SL Green Realty Corp. SL Green Realty Corp. Penn Plaza/Garment
16 55 Water St. 97,276 Legg Mason CBRE New Water Street Corp. CBRE Financial District
17 399 Park Ave. 6 96,599 Lehman Brothers Holdings Inc. CBRE Boston Properties Inc. CBRE Plaza District
18 919 Third Ave. 6 96,000 Schulte Roth & Zabel CBRE SL Green Realty Corp. Cushman & Wakefield Inc. Plaza District
19 55 Water St. 88,248 GFI CBRE New Water Street Corp. CBRE Financial District
20 150 E. 42nd St. 87,396 Marubeni America Corp. Cushman & Wakefield Inc. Hiro Real Estate Co. CBRE Grand Central
21 135 W. 50th St. 6 86,927 AllianceBernstein CBRE UBS Realty Investors Murray Hill Properties/TCN Columbus Circle
22 11 W. 42nd St. 3 86,476 TV Guide Studley Tishman Speyer Cushman & Wakefield Inc. Times Square
23 885 Second Ave. 1 80,640 TeleRep Inc. CBRE Lawrence Ruben Co. Lawrence Ruben Co. Plaza District
24 1 State St. 1 79,296 SourceMedia Inc. Cushman & Wakefield Inc. Wolfson Group Wolfson Group Financial District
25 7 World Trade Center 78,710 Moody’s Corp. Cushman & Wakefield Inc. Silverstein Properties Inc. CBRE World Trade Center
26 1 Bryant Park 75,792 Marathon Asset Management CBRE 1 Bryant Park LLC The Durst Organization Times Square
27 88 Pine St. 75,239 QBE Insurance Group CBRE Orient Overseas Container Line Ltd. Cushman & Wakefield Inc. Financial District
28 1 Hudson Square 72,970 Porter Novelli Inc. W.F. Realty Trinity Church Real Estate CBRE Hudson Square
29 1 Hudson Square 72,843 New York Magazine CBRE Trinity Church Real Estate CBRE Hudson Square
30 1372 Broadway 72,418 Li & Fung Cushman & Wakefield Inc. SL Green Realty Corp. Jones Lang LaSalle Americas Inc. Penn Plaza/Garment
31 110 William St. 2 71,455 NYC Department of Citywide The Staubach Co. 110 William LLC Cushman & Wakefield Inc. Insurance District Administrative Services
32 5030 Broadway 68,400 Manhattan Mini Storage Direct deal Edison Properties Edison Properties Harlem/North Manhattan
33 132 W. 31st St. 2 67,200 Northern Leasing Systems Inc. David Itzkowitz C&K Properties Cushman & Wakefield Inc. Penn Plaza/Garment
34 11 Penn Plaza 66,251 Rainbow Media Holdings Inc. Cablevision Systems Corp. Vornado Realty Trust Vornado Oﬃce Management Inc. Penn Plaza/Garment
35 530 Fifth Ave. 1 65,992 Cowan Financial Group Colliers ABR Inc. 530 Fifth Ave. LLC The Moinian Group Times Square and Newmark Knight Frank
36 130 Prince St. 2 64,878 Estée Lauder Inc. CBRE Waterman Interests Kaufman/Adler Realty SoHo
37 120 Broadway 1 64,290 Emmet Marvin & Martin Studley 120 Broadway Acquisitions JV Silverstein Properties Inc. Financial District
38 227 E. 45th St. 62,777 Print International Republic Investment Corp. Republic Investment Corp. Republic Investment Corp. Grand Central
39 220 E. 42nd St. 1 61,194 Value Line Inc. CBRE SL Green Realty Corp. SL Green Realty Corp. Grand Central
40 10 Rockefeller Plaza 59,080 Rockefeller Financial Group Cushman & Wakefield Inc. RCPI Landmark Properties Studley Plaza District
41 900 Third Ave. 54,735 Schiff Hardin CBRE Paramount Group CBRE Plaza District
42 1185 Sixth Ave. 1 53,522 Amerada Hess Corp. CBRE SL Green Realty Corp. SL Green Realty Corp. Times Square
43 407 E. 61st St. 52,000 Weill Medical Center Tristram Pough C&K Properties Grubb & Ellis Plaza District
44 11 W. 19th St. 50,648 Epsilon Interactive CBRE 11 W. 19th Associates Kaufman/Adler Realty Chelsea
45 16 E. 34th St. 1 50,000 MDRC CBRE SL Green Realty Corp. SL Green Realty Corp. Murray Hill
46 275 Seventh Ave. 1 49,476 Consortium for Worker Education Cushman & Wakefield Inc. UNITE Here! CBRE Chelsea
47 1412 Broadway 1 49,385 Kasper A.S.L. Ltd. CBRE Murray Hill Properties Murray Hill Properties/TCN Penn Plaza/Garment and Principal Real Estate Investors
48 601 W. 26th St. 47,144 The Harry Fox Agency Studley 601 West Associates Cushman & Wakefield Inc. Chelsea
49 5 Penn Plaza 1 47,084 Visiting Nurse Service of New York Cushman & Wakefield Inc. 461 Eighth Avenue Associates CBRE Penn Plaza/Garment
50 1270 Sixth Ave. 1 45,787 Premiere Radio CBRE Tishman Speyer Tishman Speyer Plaza District
This list includes leases with terms of more than two years. Deals are for new leases unless otherwise noted. 1-Renewal. 2-Renewal and expansion. 3-Sublease. 4-Deal includes a 154,858-square-foot direct lease from Forest City Ratner, for which Studley was the tenant representative, and a 62,342-square-foot direct lease from The New York Times Co. 5-Renewal and restructing. 6-Expansion. CoStar Group Inc., a provider of information services to the U.S. and U.K. commercial real estate industries, oﬀers customers access via the Internet to the most comprehensive veriﬁed database of commercial real estate on 66 U.S. markets and the United Kingdom. For more information, visit www.costar.com or call (877) 7COSTAR.
20 | Crain’s New York Business | July 30, 2007 CNYB 09-03-07 A 6 8/31/2007 5:33 PM Page 1
NEW YORK,NEW YORK edited by Valerie Block
Beach blanket babes on a bus the Open, Levy employees are serving Heineken from kegs awaiian tropic zone, the Times strapped to their backs. Square eatery owned by the Riese Organization, boasts celebrity chef Book imprint HDavid Burke, decor from renowned architect takes off Jeffrey Beers and waitresses—er, “table literary imprint Virgin Books concierges”—slinking around in sarongs USA is off to a flying start.The created by Nicole Miller. Riese says new publisher will mark the Sept. business is brisk. 18 publication of its debut title, Even so, the company will spend The Flawless Skin of Ugly People, by giving away copies inside the $25,000 on a post-Labor Day promotion, Virgin Atlantic lounges at JFK, sending eight scantily clad staffers to Penn Newark and San Francisco Station and Grand Central on Sept. 4 to international airports. give away 5,000 MetroCards wrapped in And at a downtown nightclub party last week marking the start holders offering a free drink with any purchase. of Virgin America’s New York to “We don’t need to do it. It adds to the Los Angeles service, copies of the excitement, the fun,” says Joe DeNardo, Riese’s novel, by Doug Crandell, were in the gift bags. executive vice president of marketing. “This is the first book tour that To celebrate Hawaiian Tropic Zone’s one-year will be launched simultaneously in anniversary in October, the owners will wrap City the air and on the ground,” says Sights double-decker buses in ads for the month. Ken Siman, publisher of the imprint, which set up shop at Look for bikini babes on-board handing out Virgin’s Manhattan headquarters beach balls and other toys.The price tag? in November. $100,000. “Hopefully we’ll have an Indian Focusing on offbeat fiction and nonfiction with a pop culture summer,” Mr. DeNardo says. bent, Virgin Books USA—90% owned by Random House hotels and online merchants, and U.K.—will issue about 40 titles TimesPoints to redeem them for a home- this year, including the latest don’t add up delivery subscription or gift cards musings from Virgin founder from advertisers like Richard Branson. timespoints, the New York Bloomingdale’s. Times’ reader loyalty program, began with fanfare but will end Subculture Long established quietly on Dec. 15. When the Serving tennis celebrated program was announced in and tomatoes commitment January 2006, Alyse Myers, chief sept. 14 ushers in New York’s marketing officer of The New andy roddick and Serena Williams fourth annual hip-hop week. York Times Media Group, billed (below) serve up tasty tennis at the Allhiphop.com, which organizes it as “an excellent opportunity” to U.S. Open. Andy Lansing makes the festivities, is celebrating urban expand the brand. sure the food that culture after a turbulent year— Last week, the Gray Lady sent players—and think Don Imus—with a series of Weiser LLP Certified Public Accountants e-mail messages informing attendees—eat is events collectively titled the participants that it is pulling the equally delicious. “Rebirth of Hip- to the plug. “After careful consideration, The chief executive Hop.” New York City New York we are ending [TimesPoints],” a of Levy Restaurants— Rapper 50 Cent 135 West 50th Street spokeswoman acknowledged in an which is will guest host the Web site with New York, NY 10020 real estate community e-mail.TimesSelect, which offers handling all his daily blog of festival Tel 212.812.7000 Fax 212.375.6888 Weiser's Real Estate Services Group Web access to popular columnists catering for the highlights. Offline events will provides personalized service and technical for $49, is also rumored to be on 14-day tournament— include a celebrity rap battle, a Long Island expertise to real estate developers, owners, the way out. is also the chief palate kids’ literacy day, and a 3000 Marcus Avenue managers, and investors. Lake Success, NY 11042 TimesPoints lets users earn of the Chicago political face-off starring points at participating restaurants, company. the Rev. Al Sharpton and Tel 516.488.1200 Our services include: bloomberg news Fax 516.488.1238 • Tax planning and compliance On opening day, Princeton University Cornel • Accounting and auditing he sampled every professor Westchester West 660 White Plains Road • Cost segregation studies DOWN MARKET item the players .The Suite 430 • Valuations UPS RATINGS were served for roundtable, on Tarrytown, NY 10591 • Due diligence and litigation support breakfast. He had lunch at the Sept. 19, could generate sparks, Tel 914.333.0555 CNBC enjoyed dou- upscale Champion’s Bar & Grill, given Mr. Sharpton’s stance Fax 914.333.0556 • Low income housing tax credits • Management advisory services ble-digit year-over- giving the chefs tips.The against hip-hop in the aftermath New Jersey • Financial, economic, and market year gains in August crumbled blue cheese and of the Imus scandal. 399 Thornall Street risk analyses among viewers aged 25 to 54. balsamic dressing, for example, “No subculture analyzes itself Edison, NJ 08837 disguised the vibrant colors of the the way hip-hop does,” says Tel 732.549.2800 We work together with our clients to Squawk Box +41% Chuck Fax 732.549.2898 beefsteak tomatoes, according to Allhiphop.com co-founder develop customized and integrated Street Signs +58% Mr. Lansing. “I want to taste “Jigsaw” Creekmur, who has just solutions to help them reach their goals. www.weiserLLP.com Power Lunch +45% everything on the menu here,” relaunched an expanded, says the chief counsel turned enhanced version of the site. For more information, contact Closing Bell +61% CEO, who abstains only from or at Michael Zivotovsky Ron Katz 212.812.7000. Mad Money +32% seafood, which he abhors. CONTRIBUTORS: Lisa Fickenscher, Meanwhile, for the first time at Matthew Flamm, Louise Kramer
6 | Crain’s New York Business | September 3, 2007 Project4 3/1/07 5:54 PM Page 1
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GREY WORLDWIDE CNYB 09-03-07 A 8 8/31/2007 7:16 PM Page 1
back to normal,” he says. floor, which he is hesitant to tackle While Manhattan businesses are for fear of another storm. One disastrous summer getting back on their feet, compa- Mr. Sussman, who will have to nies in Queens and Brooklyn are reach into his own pocket because Continued from Page 1 struggling to recover from August’s his insurance doesn’t cover flooding, files and equipment from a Brook- LOANS REJECTED severe weather, which included a is anxiously waiting for the Federal lyn warehouse,where they were tak- record-breaking tornado. Officials Emergency Management Agency en for asbestos abatement. Jeff Isler, FEW BUSINESSES have turned to loans for relief. So far, the city’s Department say that about two dozen businesses to declare the area a disaster zone. president of Infographics Inc., a of Small Business Services has approved 52 zero-interest loans totaling in Bay Ridge and Sunset Park, More relief will then be available. professional services firm on the $426,100. The U.S. Small Business Administration says only three Brooklyn, suffered serious damage. In the meantime, severely im- sixth floor, says that in addition to companies have applied for SBA disaster loans. The application deadlines pacted businesses can apply to the having to rebuild, the company lost are Sept. 28 and Sept. 25, respectively. As of last Thursday, Consolidated After the deluge city’s Department of Small Business $80,000 worth of laptops and other Edison had mailed reimbursement checks to 2,744 individuals and recovery has been especially dif- Services for an emergency grant of equipment, much of which he businesses totaling $1.7 million. ficult in southeast Queens. Accord- $1,000. claims was stolen during the abate- ing to City Council member Leroy Bay Ridge businesses have had ment process. Cormie, more than 100 businesses the happiest endings. “It’s a major headache,” says tougher time regrouping.Some,like Deutsche Bank building, where the there were affected by extreme Nordic Delicacies Inc., at Third Joanna Smith Burns, managing di- Sophie’s Cuban Cuisine and Pret A recent fire was déjà vu. flooding. and Bay Ridge avenues, says it has rector of DB Marketing Technol- Manger, plan to reopen this month. Mr. Jamieson’s Corbet & Conley Four inches of water accumulat- bounced back from tornado trou- ogies, a consulting firm that will One report states that a total of 71 deli survived Sept. 11, but the latest ed in J. Sussman Inc.’s 50,000- bles. The vicious wind blew in win- remain in temporary space at 708 retailers lost $1.3 million worth of fiasco has again decreased foot traf- square-foot factory in Jamaica, dows and tore off parts of the roof of Third Ave. until repairs at its ninth- business. fic and cut into business. Mean- Queens, and forced the window the bright-red and blue store, which floor office at 370 Lex are com- while, his midtown deli, Bistro manufacturer to shut down for two sells Scandinavian treats like cloud- pleted, which is projected to be in Double whammy Caterers, remains closed. It is adja- days. berry jam and reindeer meatballs. October. few proprietors offer a more cent to the steam pipe construction “I’ve never experienced anything But owner Helene Bakke managed “Our time is divided between fil- compelling story than George zone, which is still off-limits to like this before—the water filled to repair everything that same after- ing insurance claims and running Jamieson, a deli owner who was pedestrians. up our loading docks and kept get- noon. “It could have been a lot the business,”Ms.Burns says.“That dealt a double whammy this sum- Con Ed expects to complete ting higher and higher,” says co- worse,” she says. means we work harder and longer mer.His two shops are located a few street work in mid-October. Mr. owner Steve Sussman, who esti- hours.” feet from the steam pipe blast and Jamieson won’t reopen his deli until mates damages of at least $30,000. COMMENTS? [email protected] Restaurants have had even a around the corner from the then. “It doesn’t pay until things are That doesn’t include replacing the Tommy Fernandez contributed to this story.
tive New Yorker,” says Robert hall, about 90, or roughly 15%, are Franek, author of The Princeton from the five boroughs. CUNY adds dorms to course list Review’s annual list of best colleges. “Students love being able to roll out of bed 20 minutes before class,” Continued from Page 1 and community resistance to new Long hours, long commute says Michael Smallis, deputy to the CCNY, which is open to all CUNY construction—CUNY’s leadership THE TOWERS until last year, CUNY students vice president for student affairs at students and which has a waiting list is putting these campus additions had to find their own housing, and CCNY. for its 600 spaces, has prompted the near the top of its priority list. AT CCNY because of high rents, they usually The land for The Towers, which system to search for a second build- “We are going to move as aggres- By the numbers. ended up far from campus. is owned by CCNY, is leased out to ing in Manhattan or one in Long Is- sively as we can,” says Matthew The fact that City College has in- a private developer that collects the land City,Queens.The new proper- Goldstein, chancellor of CUNY, Number of tensive academic programs that re- rent. As a result, the dorm takes lit- ty could house hundreds of students who believes that on-campus hous- dorm residents 600 quire long hours on campus gave of- tle out of the college’s operating from Baruch,Hunter,John Jay Col- ing will help the university system Monthly rent ficials another incentive to be the first budget. lege and The Graduate Center. recruit high-caliber students from a at CUNY to build a residence hall. The Staten Island and Queens Similar moves to house students broad geographical base. Kamara Aseme, a third-year campuses, which also have space are already under way at Queens $798-$1,125 biomed student, is from Jamaica, available, plan to follow a similar College in Flushing, Staten Island Applications from outside NYC Out-of-state Queens. She spends long hours on model. College and Lehman College’s cuny’s enhanced academic repu- residents 141 campus, and she used to have to With no campus land to spare in Bronx campus. Each college is in tation and the city’s increasing pop- International walk to the subway through areas Manhattan, the university system different stages of negotiation and ularity as a college town are fueling residents she considered unsafe late at night. may have more difficulty finding a planning,and CUNY officials won’t the growing demand for housing. 33 Ms. Aseme, 20, was among the building to lease.The deal also will be say when ground will be broken for The number of applications first to move into The Towers when more fiscally complex, because the the new residence halls. Observers from outside New York City reg- 230,000, plenty of students from it opened last year, helping her to dorm would serve several colleges. expect at least two of the dorms to istered double-digit growth for the within the city are also seeking the concentrate on her studies. “It’s a touchy subject in most ar- be completed by autumn 2009. 2007-08 academic year, rising to dorm experience. “This is a demanding program, eas,”says Mr.Smallis.“If I lived in the Notwithstanding the problems more than 11,000. While that “Coming to New York City to and I needed to be here to focus bet- local community, I’d be leery, too.” of the New York real estate mar- number is a fraction of CUNY’s to- study can be intimidating, especial- ter,” she says. ket—high prices, space constraints tal student population of about ly finding housing—even for a na- Of the students in the residence COMMENTS? [email protected]
ready missed the deadline for receiv- ing the enhanced severance. Plaza delays reopening to 2008 Other Plaza workers have land- ed at The Waldorf-Astoria, The Continued from Page 1 than 800 members of the New York many individuals who are now em- Sherry-Netherland and Jumeirah 27th month. A revised estimate of Hotel & Motel Trades Council who ployed at other hotels in the city. Essex House, to name a few. They the cost puts it at about $400 mil- had worked at the Plaza. Peter Fewer jobs will be available, since are presumably facing similarly lion, as construction crews work Ward, president of the union, de- the hotel will have about 530 fewer wrenching decisions. overtime and the price of materials clined to comment on the matter. rooms. increases. Those workers who don’t return Soft opening The setback for the hotel is due Only the best will be entitled to severance pack- mr. krige says the Plaza staff in part to Elad’s decision to focus on fairmont is raising the bar at ages totaling two weeks’ pay for should be in place in time for a soft completing the property’s 181 pri- the new Plaza, turning it into a five- each year of service at the storied opening in mid-November, when vate residences first.About 30 of the star property that calls for top-notch hotel. Recently, Fairmont sent out friends and family of Fairmont and buyers have closed on their apart- service. The company wants to letters to some former employees Elad executives will be the first ments, and a couple have moved in bring back only those workers who offering them enhanced severance guests at the hotel. The manage- already, according to a spokesman it believes will meet the new job re- packages. ment team is mostly in place. for Elad. quirements. Once it assembles a Jerry Dimitratos—who was a Various parts of the hotel will buck ennis Meanwhile, the hotel’s staff has staff, it will spend $150,000 to train bell captain at the Plaza for more ANNIVERSARY ON HOLD: Plaza management make their debuts separately. yet to be hired. them. than two decades and is now a bell- won’t throw a grand party on Oct. 1. “There will be mini celebrations Fairmont Hotels & Resorts, the “Our goal is to offer the best serv- man at the InterContinental The along the way as the Palm Court,the operator of the 282-room hotel, ice in the city,”says Mr.Krige.“Fail- Barclay New York—received such a Oak Room and the Oak Bar open,” which includes 152 hotel condos, ure is not an option.” letter, as did many of his former col- vacation. Here, I have two weeks, says the Elad spokesman. “And has several staffing issues to sort out. However, Fairmont is obligated leagues, he says. He is mulling over and I’m low man on the totem pole, there will be a big party once the Not least among them is deciding under the union contract to give first whether to go back. which is hard at age 55.” building is essentially complete.” which former employees to invite preference to former Plaza workers “It’s a hard decision,” he says. Mr. Dimitratos has found the back to their jobs, out of the more based on seniority, even for the “Over there, I’d have five weeks of decision so difficult that he has al- COMMENTS? [email protected]
8 | Crain’s New York Business | September 3, 2007 CNYB 09-03-07 A 9 8/31/2007 2:22 PM Page 1
lators there prepare to change the rules governing stock trading later NYSE turning to tech gurus this year. “Competition for the NYSE is Continued from Page 2 town, Mr. Johnson’s fledgling coming years,which would make his already tough and about to get a lot to be a big part of the exchange’s fu- TransactTools scored big when it unit the NYSE’s No. 2 business line, tougher overseas,” says Mayiz Hab- ture.” landed its first big client, Archipel- second only to trading. bal, a managing director at consult- The NYSE, which has belatedly ago Holdings, an electronic stock ing firm Celent. embraced the computer age and is exchange that’s now part of the More competition in Europe To make his sales pitch, Mr. closing sections of its trading floor, NYSE. Mr. Johnson and his group the stakes are enormous for Mr. Johnson has packed his schedule has little choice but to place a big bet built a system enabling Archipelago Johnson and his new employer, with trips to places like Singapore on Mr. Johnson. NYSE Euronext’s to communicate with other market- which is fighting hard to remain the and London in the coming weeks. stock price is off 25% this year as in- places that use different computer dominant place for trading stocks. He’s in talks with India’s National vestors worry about its ability to bol- languages. In part because of its reputation Stock Exchange, in which the ster its business. It needs new NYSE TransactTools now has for technological ineptitude, the ex- NYSE bought a 5% stake this year,
sources of revenue as the rise of elec- 800 clients and is on pace to generate change has lost significant share to lindström bekka and he’s eyeing exchanges in China. tronic trading drives down prof- $75 million in revenues this year, about 40 electronic marketplaces “Fortunately, I can sleep any- itability in its core business and as with profit margins in the high teens. that have sprouted in the United lar number of alternative venues where,” he says. tech-savvy rivals like Nasdaq cap- Mr. Johnson’s ambition is to States, many of which are backed by could spring up in Europe, where ture more trading market share. reach $450 million in revenues in the Wall Street’s biggest banks. A simi- Euronext is a major player, as regu- COMMENTS? [email protected] Just as important, selling tech- nology is a useful way for NYSE ex- ecutives to get a foot in the door of other exchanges and cultivate rela- tionships in an industry that’s con- solidating rapidly. “Technology is a great way to gain entry and meet management teams at exchanges, which other- wise might not take place,” says Michael Long, an analyst at Keefe Bruyette & Woods.“The idea is that these meetings will eventually lead to a full-blown merger.” Until now, the world’s largest stock exchange has been slow to capitalize on trading technology. It didn’t attempt to sell trading tech- nology until earlier this year,when it A tech exec for the exchange aims for $450M in revenues
acquired Paris-based Euronext and its stable of tech developers and bought Mr. Johnson’s firm, Trans- actTools, for an undisclosed sum. Mr.Johnson remains chief executive of NYSE TransactTools. Other exchanges have been reap- ing fat fees from technology for years. The Chicago Mercantile Ex- change, for example, racked up $90 million last year by providing elec- tronic trading capabilities to the New York Mercantile Exchange and the Chicago Board of Trade. OMX Group Inc., an exchange based in Sweden, generates a quarter of its revenues by building technology for other exchanges—a big reason that the little-known company is the sub- ject of a fierce bidding war between Nasdaq and Borse Dubai. “OMX’s market technology unit is a hidden treasure,” says Sang Lee, managing partner at consulting firm Aite Group. “It’s something every exchange would like to emulate.” A recruit from Goldman mr. johnson is a key player in the NYSE’s effort to do that.The Okla- homa native, like much of the ex- Visa’s smart, simple and secure payment options enable small business owners BUSINESS change’s leadership, comes from to fulfill their dreams. For more information, go to Visa.com/smallbusiness. Goldman Sachs, where he helped TAKES build the firm’s electronic trading systems before striking out on his own in 2000. ©2007 Visa U.S.A. Inc. Based in an office above the Cen- tury 21 department store down-
September 3, 2007 | Crain’s New York Business | 9 CNYB 09-03-07 A 10 8/30/2007 8:56 PM Page 1
AGE-DEFYING Lawyers tussle over retirement age MAKEUP Some law firms that impose at ages ranging from 60 to 70. Even partners in their 50s, a of the practice on so many levels,” mandatory-retirement ages. Some top local firms The dustup is causing some firms decade away from retirement, are says John Lyons, chair of Latham & Day Pitney 70 reconsider policies as to rethink their policies, or at least starting to look for opportunities at Watkins’ retirement committee. Nixon Peabody 67 review them behind closed doors. It other firms without age constraints. Traditionally a Los Angeles firm, Paul Weiss 70* ABA pans mandates is also giving out-of-town law firms Latham currently boasts 320 lawyers Shearman & Sterling 65* another key selling point as they try Leg up for out-of-towners in its Manhattan office,now the firm’s Weil Gotshal 68* to lure partners away from more es- these advantages are helping largest.Older partners make “signif- *Firm declined to comment; retirement age BY HILARY POTKEWITZ tablished New York firms. firms like Miami-based Greenberg icant contributions” to the firm, Mr. confirmed by former employees. “There is no question that firms Traurig and Chicago-based Sey- Lyons adds, because of their stature the american bar association’s with relaxed retirement policies are farth Shaw develop strong,200-plus in the business community, breadth denunciation last month of manda- magnets for older partners who are lawyer practices in New York, says of experience and mentoring ability. Austin for age discrimination on be- tory-retirement policies at law firms productive—much to those firms’ Mr. Zaremski, who has referred The brouhaha over retirement half of 31 partners who claim they has sent a ripple through many of benefit,” says Jack Zaremski, presi- candidates to both firms. age started in 2002, when the Equal were stripped of their partnership New York’s top firms—more than dent of attorney search firm Han- “Senior lateral partners in their Employment Opportunity Com- roles to make way for younger part- half of which show partners the door over Legal Personnel Services Inc. 50s can add great value to the growth mission sued Chicago firm Sidley ners. The case is ongoing. Law firms are partnerships, and the partners are equity owners, not employees.This classification has al- lowed firms to maintain mandatory- retirement policies, long after other businesses got rid of them under threat of age discrimination lawsuits. The New York State Bar Associ- ation took the lead and in 2005 es- tablished a committee to examine such policies, concluding that they were antiquated and inappropriate. The ABA eventually followed. Though the ABA has no enforce- ment power, a public scolding of the 57% of U.S. law firms that still have these policies hasn’t gone unnoticed. “I’ve had a number of people from my firm and many others contact me and communicate their support for the position,” says Mark Alcott, a partner at Paul Weiss Rifkind Whar- ton & Garrison and a recent presi- dent of the New York bar association. “It’s the beginning of a process; it gets people talking about an issue they weren’t talking about two years ago,” adds Mr. Alcott, who, at 68, is fast approaching Paul Weiss’ man- datory retirement age of 70. He says the policy is a sensitive subject at the firm, but it is being discussed. MARKET PRICE FOR ELECTRICITY Not impressed some prestigious New York firms, YEARS such as Wachtell Lipton Rosen & Katz and Cravath Swaine & Moore, are unlikely to be moved by the ABA’s decree. Wachtell encourages retire- ment after 15 years with the firm,start- ing as early as 55,former partners say. “They’re not going to budge,” says Janet Markoff,managing direc- tor of legal search firm Major Lind- sey & Africa. “But it’s not like they’re a 2,000-person firm; they’re not really expanding.” Wachtell has fewer than 200 lawyers. Still, the universe of firms that can afford to ignore the ABA’s con- Nobody knows what energy prices will do. But your business, large or small, can take firm control of your energy costs with a clusions is getting smaller. “Some older partners are quite Constellation NewEnergy long-term purchasing plan. This kind of innovative thinking is working for two thirds of the Fortune 100. active and productive,” says Dennis See how it can work for you. Visit newenergy.com/control or call 1-877-CNE-8100. Fleischmann, 58, managing partner of Bryan Cave’s New York office. “We wouldn’t want to disrupt that.” Others, however, become less pro- ductive. That’s why setting an arbi- trary age doesn’t make sense, says Mr. Fleischmann. He favors an in- dividual approach. “You have to have the talk well be- fore age 65,”he says,“because every- one operates under a certain degree of denial.” Firms need to avoid the perception that at a set point in time, “you’ll get tapped on the shoulder and someone will say,‘Time’s up.’ ”
COMMENTS? [email protected]
10 | Crain’s New York Business | September 3, 2007 CNYB 09-03-07 A 11 8/30/2007 8:11 PM Page 1
be transferred,” says Ramon Cruz, G-train riders want some respect senior policy analyst at Environ- mental Defense, a nonprofit that has worked with the city in devising ed because it lacks riders in off- dispose of the city’s waste in a more its solid waste management plan. Truncated Queens hours and lacking riders because it’s All aboard sustainable way. The Harlem River Yard site, service, unreliability neglected. “If you make service so for Bronx trash Getting truck traffic off city about 96 acres in the South Bronx, infrequent and so unreliable, fewer streets is a key part of that effort. is also home to an upcoming FedEx bedevil customers and fewer people take it,” says Ms. the bronx has a new way to take Under the new system, trash is col- distribution center, and the New of forgotten line Toro,who chairs the Transportation out the trash. Effective late last lected in the Harlem River rail yard York Post printing plant. Committee of Community Board 1, month,all municipal and residential in the South Bronx and loaded onto “Our hope is to eventually open which represents G-dependent trash shipped from the city’s only trains at a transfer station owned by up a barge dock to bring in con- iders of the G train Greenpoint. “We understand that mainland borough is moving by rail Waste Management Inc. tainerized solid waste by boat,” says know it as an unpleasant the [MTA’s] budgets are in trouble, instead of truck. Using that rail yard “is much bet- Anthony Riccio, senior vice presi- oddity. It’s the only line but we want to make sure that the G The switch, which affects about ter, because at least it solves the dent of Harlem River Yard Venture, that never touches is not forgotten,” she says. 2,100 tons of refuse a day, is part of problem of long-haul trucks queu- the developer that owns the site. Manhattan. Each train —erik engquist Mayor Michael Bloomberg’s plan to ing up and waiting for the waste to —hilary potkewitz Rhas just four cars. Stations are shab- by. And service is spotty, especially at the Queens end of the line. Tired of such treatment, one group of G stalwarts is fighting back. The Save the G Coalition is surveying riders before launching a big push for improvements. As thousands of apartments go up in Greenpoint, Brooklyn, ridership is rising and crowding has become commonplace during rush hour. “Many people have told me they cannot get on Queens-bound trains,” says Teresa Toro, Save the G’s blogmaster. “Sometimes I’ve had to stay on the platform [and let a train pass],which was unthinkable four years ago.” The Metropolitan Transporta- tion Authority is taking a wait-and- see approach. It is collecting rider “report cards” for every line and plans to look at the G’s grades in the next few weeks. “We will analyze the results and develop plans to improve in areas where our riders feel we’re lacking,” says an MTA spokesman. The service gaps are obvious to James Trent, transportation com- mittee chairman of the Queens Civic Congress. “The MTA cut the trains in half. They no longer go to Forest Hills, and they make travelers walk sever- al hundred feet [to transfer],” Mr. Trent says. Stations are dingy and poorly maintained, he adds. The MTA shortened the trains and the line itself early this decade. Now,trains fill just half the length of the platform, leading commuters to do what the Straphangers Cam- paign has dubbed the “G-train sprint,” lest they miss the all-too- rare departures and have to wait an average of 10 minutes for the next one—during rush hour, no less. Supporters say that the G has been caught in a catch-22: neglect-
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September 3, 2007 | Crain’s New York Business | 11 CNYB 09-03-07 A 12 8/31/2007 12:42 PM Page 1
VIEWPOINT Revisit Medicaid amnesty editor in chief Rance Crain publisher Jill R. Kaplan ast week, Attorney General Andrew maximize their revenue with aggressive billing. In the second EDITORIAL Cuomo announced another in a series of type, also dubious but not criminal, providers order services editor Greg David managing editor Richard Barbieri indictments of individuals who are that are probably not needed. Last are blatantly criminal deputy managing editors Valerie Block, charged with bilking New York’s poorly efforts to steal money from the state. Erik Ipsen assistant managing editors monitored Medicaid program. In this case, An amnesty would recover hundreds of millions more Carmen Fleetwood, Robert Hordt it was for home health care services. State dollars than even the most determined law enforcement columnist Alair Townsend senior reporters Aaron Elstein, Comptroller Thomas DiNapoli took aim efforts could and would lead to the identification of those Lisa Fickenscher, Matthew Flamm, Tom Fredrickson, Samantha Marshall, at another problem in the state program for people too poor who need to be watched. People who voluntarily step Anne Michaud, Miriam Kreinin Souccar to buy health insurance, finding it paid transportation forward would be reporters Theresa Agovino, Barbara Benson, L Elisabeth Butler Cordova, Erik Engquist, services for people who were dead. An amnesty valuable sources of Amanda Fung, Hilary Potkewitz, Gale Scott It isn’t news that New York’s Medicaid program—which information and leads restaurant critic Bob Lape art director Steven Krupinski costs $47 billion, or more than the amount spent by would recover for investigators. Any deputy art directors Carolyn McClain, California and Illinois combined—is a mess.Two years ago, program would be Daniel Mednick more than law staff photographer Buck Ennis The New York Times estimated that as much as 40% of accompanied by stiffer copy desk chief Wendy Zuckerman copy editors Michele Arboit, Medicaid funds were siphoned off by fraud or abuse, enforcement penalties for future Thaddeus Rutkowski although that was a back-of-the-envelope guess at best. wrongdoing. research editor Denise Southwood associate research editor While a renewed effort against fraud is welcome, the Many critics will Adrianne Pasquarelli uncomfortable reality is that no one knows how much is claim that an amnesty www.NewYorkBusiness.com online editor Catherine Tymkiw being stolen or wasted, and the state will never have the rewards law breakers. online reporter Kira Bindrim resources to find all the cheaters. But New York and many other states have used tax EDITORIAL AND ADVERTISING OFFICES What could make a big difference is an amnesty program. amnesties successfully, despite the same concerns. And it 711 Third Ave., New York, NY 10017-5806 editorial: 212.210.0277 Fax 212.210.0799 Attorney General Andrew Cuomo mused about such a plan isn’t clear that most of those who are caught serve any advertising: 212.210.0259 Cable craincom nyk in a meeting with Crain’s editorial board during his primary significant jail time. Fax 212.210.0499 campaign last year. But he beat a swift retreat when In his seven months as attorney general, Mr. Cuomo has Entire contents ©copyright 2007 Crain Communications Inc. All rights reserved. opponent Jeanine Pirro attacked the idea. He should proved to be a determined and adept leader. But he has ®CityBusiness is a registered trademark of MCP resurrect it. mostly steered clear of controversy. It won’t be possible to do Inc., used under license agreement. TO SUBSCRIBE: Medicaid fraud comes in several varieties. In the most that forever, and a bold move like proposing an amnesty for Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. common form, large and well-respected institutions Medicaid fraud is a good start. www.NewYorkBusiness.com
ADVERTISING AND MARKETING advertising director Jeff Adler business development manager LETTERS TO THE EDITOR Robert N. Grossman senior account manager William E. Squitieri account executives Andrew Carlin, Lisa Pearly, Jennifer Siniscalchi, Brigitte Stieglitz western account manager Dispute isn’t over Medicaid Ellen Mazen (Los Angeles) 323.370.2477 sales manager, classified children on a sliding scale. President THIS YOUNG MAN may be print & online John Gallagher FEDS UNDERMINE newsletter product manager STATE PROGRAM FOR KIDS New York seeks to expand this and chief executive articulate, but he lacks the Catherine Evans Gittens program’s cap for subsidized The Community Service Society knowledge and life experience sales coordinator, print & online alair townsend’s column coverage to 400% of the federal of New York necessary for this position. Lulé Haznedari “Broken Medicaid can’t save the poverty line from 250%.The myrna fischman sales coordinator Anita Perrino credit Pat Grondziak 313.446.6082 kids,” on extending children’s federal government’s attempt to marketing director Amy Crossman health insurance to moderate- block New York’s proposal POLL FEEDBACK IT WILL TAKE A STRONGER and marketing manager Jill H. Bottomley income families, leaves readers effectively rewrites its own more experienced candidate to marketing coordinator Jenny Mashberg with the misperception that this regulations without following the MR. OBAMA is a refreshing and clean up the mess that the Bush circulation manager Andrea Richardson assistant circulation manager is a fight over Medicaid policy legally required public comment impressive candidate who lacks administration has made of our Rosalie Ford (Aug. 27). process. experience (See Crain’s online poll, country’s affairs. general manager, interactive The dispute is actually about The new federal rules require Page 13.) Barack Obama may be a strong Marc Minardo the State Children’s Health children to wait a year before susan osterer candidate in 2016, but he is not a technical producer Danny Porter Insurance Program, which is not getting coverage. No sick child wise choice to handle the WE NEED SOMEONE NEW YORK PRODUCTION Medicaid; in New York, should have to wait a year to see a who isn’t circumstances we are faced with production and pre-press director SCHIP offers private health doctor. Moreover, this policy fails caught up in “the D.C. Country today. Michael Corsi insurance, at a subsidized rate, to in its purported goal of preventing Club.” Barack Obama may be william parris advertising production manager children in families with incomes private employers from younger than the other candidates, Marilyn DeMilta above Medicaid’s strict limits. eliminating family coverage. but he’s very savvy and very well- DO I SENSE that Obama is PUBLISHED BY CRAIN COMMUNICATIONS INC. Because the state uses its Rising costs are causing employers spoken—a complete opposite learning to do what it really means chairman Keith E. Crain significant purchasing power to to dump family coverage, a from the very politically to be a Democrat? Put a president Rance Crain bring down costs, moderate- and situation that has nothing to do experienced man heading the U.S. microphone in his hand, and secretary Merrilee Crain treasurer Mary Kay Crain low-income families can afford with SCHIP. today. foot swiftly follows. executive vp, operations William Morrow high-quality insurance for their david r. jones h. lee alexander tom hogan senior vp, group publisher Gloria Scoby group vp, technology, circulation, manufacturing Robert C. Adams vice president/production & WHAT’S COMING UP IN CRAIN’S? manufacturing David Kamis chief information officer Paul Dalpiaz corporate circulation director Small Executive Accounting Most influential Small Real Patrick Sheposh
business travel industry women in business estate founder G.D. Crain Jr. (1885-1973) report report report NY business report report chairman Mrs. G.D. Crain Jr. (1911-1996) Sept. 10 Sept. 17 Sept. 24 Oct. 1 Oct. 8 Oct. 15
12 | Crain’s New York Business | September 3, 2007 CNYB 09-03-07 A 13 8/31/2007 12:44 PM Page 1
The owners and exclusive leasing agents for
layed. The mortgage operations of local companies that are big players in the business, like J.P. Morgan Chase, are located outside New York. There should be casualties soon in the Wall Street units that are pleased to announce 100% occupancy. package loans, but the numbers will be in the hundreds, not the thou- sands. For 2007 as a whole, the cut- We would like to thank all participating brokers, backs may barely put a dent in the as well as the Murray Hill Properties’ leasing team statistics, since securities firms of Audrey Novoa, Gil Robinov, and Brad Siderow. added 5,600 jobs in the city in the first six months alone. Three sectors—tourism, retail- ing and construction—will be ro- bust for some time to come. While room rates of almost $300 a night are deterring some visitors,hotel oc- cupancy remains at historic highs. Large retail projects under way promise thousands of jobs:Gateway Center near Yankee Stadium should create 2,100 positions.Current con- struction projects, including three new sports arenas, the World Trade john h.john howard Center and a score of high-profile residential towers, are doing the same for that industry. Tax revenues will weaken, be- cause real estate transaction taxes NY’s credit crisis: are falling and Wall Street profits will be down.But it won’t be enough to trigger alarm bells. Wait ’til next year As a result,by year’s end,many ex- perts will be offering reassurance that the city appears to have escaped se- ew yorkseems to be in a state of endless suspense. vere harm and that any downturn will The city is transfixed by headlines reporting on be mild. They could be very wrong. the crisis in the credit markets.Wall Street traders The toll from the credit crisis will begin to show up early next year as a claim that they have never seen a situation this large number of hedge funds find bad. But the stock market has steadied. Apart that they must close their doors. from the employees laid off by a subprime lender on Long Is- With the profit picture for 2008 N looking bleak, securities firms will land, few people seem to have lost their jobs. The tightening begin making significant layoffs. Spending by Wall Streeters will of mortgage credit this year,leading almost drop,not because their bonuses have hasn’t yet harmed the immediately to declin- disappeared, but because they fear city’s real estate market. ing prices for apartments for their jobs. The contradictions in the city and homes in If chief executives throughout highlight one of the fun- the Hamptons, and the city reassess their prospects—as damental facts about plummeting sales of they did immediately following the New York: The econ- luxury goods. In reality, 2001 terrorist attacks—expansion omy most resembles a Wall Street firms made plans will be shelved. By the second giant ship. If it’s been so much money in the half of 2008, both the office and the going all ahead full, first half—Goldman residential markets could weaken slowing down takes an Sachs and Merrill Lynch dramatically, and the city and state Announcing our new location: inordinately long time. GREG both posted record prof- budgets might suddenly be engulfed Making a complete DAVID its—that bonuses will in red ink. turn can take years. still be large, even if Everyone wants to know right 102 Madison Avenue However,many jour- they’re not at the record now what the impact of the credit New York, NY 10016 nalists are fixated on the idea that levels seen over the past two years. crisis will be. Unfortunately, it will bonuses will be slashed on Wall Street Furthermore, layoffs will be de- be a long time until we are certain.
“ We outgrew our Downtown office CRAIN’S ONLINE POLL and moved to a location more WHAT DO YOU THINK OF ILLINOIS SEN. BARACK OBAMA accessible to our clients.” AS A PRESIDENTIAL CANDIDATE? - Lawrence Petretti, President MOST OF THE 1,014 RESPONDENTS He is a SERVICES aren’t ready to get on the Obama refreshing and bandwagon. Two in five say he doesn’t impressive He lacks Preconstruction candidate .38% 40%. experience Construction Management have enough experience; nearly a General Contracting quarter say that he’s just like his I have no He isn’t different Consulting opinion; we don’t from any other party’s other candidates or still too Carpentry know enough .11% 11% . Democratic much of a question mark. Only 38% about him yet candidate support him. We Listen. We Communicate. We Deliver.
For readers’ comments, see Letters to the Editor on Page 12. 102 Madison Avenue, New York, NY 10016 212.792.0300 www.hunterrobertscg.com
September 3, 2007 | Crain’s New York Business | 13 CNYB 09-03-07 A 14 8/31/2007 2:46 PM Page 1
board. And E.J. McMahon of the Manhattan Institute says that “the goal of protecting B&L means QUIXOTIC? Freshman fights bigwigs THE INSIDER something other than maximizing EAST SIDE COUNCILMAN Dan Garodnick is battling two titans the value of the pension fund’s of New York real estate: Jerry Speyer and Sheldon Solow. by Erik Engquist and Anne Michaud shares.” Mr. Speyer’s company, Tishman Speyer, has drawn the The New York Times and Crain’s freshman’s ire by cracking down on tenants in Stuyvesant recently called for creating a board Town and Peter Cooper Village suspected of having a different to oversee the pension fund, a primary residence. “They are pursuing tenants who have rights position taken earlier this year by to be in their apartment,” Mr. Garodnick says. “That creates a Gov. Eliot Spitzer. climate of fear and concern, and it puts the burden on tenants DiNapoli makes Dan Garodnick to defend themselves.” contact upstate Speaker pushed A spokesman for Tishman says notices have been sent to tenants if there’s evidence that a second home is their alls may be increasing to Queens plan primary residence—for example, if it’s in Manhattan. Notices overhaul governance of New are dismissed if a tenant can prove residence with a driver’s city council Speaker Christine license or voter registration, according to the spokesman. York state’s $155 billion Quinn did an end-run on members C Nevertheless, Mr. Garodnick has been hosting free legal pension fund, but that isn’t to push the Bloomberg Thomas administration’s controversial clinics for tenants and says they have been packed. deterring State Comptroller Mr. Garodnick is also fighting Mr. Solow—and perhaps the DiNapoli (left) from making Queens rezoning plan through the Jerry Speyer council’s Land Use Committee last Bloomberg administration—on the developer’s plan to build controversial moves. month, insiders say. towers on the site of a former Con Ed plant. After more than a Late last month, he told a Councilman Tony Avella, one of year of debate, the Department of City Planning certified a newspaper editorial board and several Queens members who plan that Mr. Garodnick deems unsatisfactory.
ap images oppose the plan, says it is the first “This is not what I would like to see built,” he says. “It is too business leaders in Rochester that time he has seen such a move since big and too dense, and it includes a commercial building in
he hopes to invest $15 million of state pension money in a what should be a residential area.” redux
he joined the council in 2002. He / planned private takeover of Bausch & Lomb, which employs was joined in opposition by Queens Mr. Garodnick has repeatedly declined to say if he feels Councilmen James Gennaro and that the mayor’s office is siding with the developer. The project 1,700 people in the area. Sheldon Solow David Weprin, although two others— needs new zoning from the City Council. Upstaters fear job cuts if private equity firm Warburg Pincus’ Leroy Comrie and Thomas White Jr.— getty images $4 billion takeover bid succeeds.The Bausch & Lomb endorsed the rezoning. investment would give Mr. DiNapoli “a seat at the table,” says Richard Brodsky. Parker, a fellow Brooklyn his spokesman, who also notes that Mr. DiNapoli has The firm also represents Democrat. Time Warner taps Cablevision. Mr. Stewart’s new state increased the fund’s in-state portfolio goal by $100 million, to lobbying shepherd committee raised its first $25,425 $683 million. in May and June, with the largest Rochester interests cheered the comptroller, but others were time warner cable has hired Maltese not seen amount—$6,000—coming from Patricia Lynch Associates partner giving up seat the Rent Stabilization Association’s quick to raise alarms. Allison Lee to guide its state lobbying political action committee.The efforts.The company was using councilman Joseph Addabbo, group opposes rent regulation. “The sole trustee of the state particularly in local companies that only in-house lobbyists but sought D-Queens, who expects to run next The second-largest donation, pension fund should not be haven’t necessarily proven to be more help partly because of the year for the seat held by Republican $5,000, came from P/A Associates, investing in a manner that could be long-term successes,” a Rochester broadband-cable television reform state Sen. Serphin Maltese, says he is which plans a mixed-use project in construed as buying votes, observer posted on one message bill introduced by Assemblyman prepared for a special election if downtown Brooklyn. Another Mr. Maltese steps down $500 came from Triangle Equities, midterm—perhaps to take a a developer building a mall in position with the Spitzer central Brooklyn anchored by a administration. Target. Mr. Addabbo says the GOP might decide it has a better chance in a low-turnout special election Canine-cleanup because the 2008 general election fines a mess Discover the beneﬁts will draw many Democratic voters of hosting your next to the polls. But a campaign aide the city is writing twice as many says Mr. Maltese will definitely tickets this year as it did last year to business gathering with us seek re-election. He turns 75 in dog walkers who don’t clean up December. after their pets, but it has been unable to persuade the state Senate to increase the $100 fine. Assemblywoman Bills to make the penalty $500 ready to move on have been introduced as far back as 2000.The city changed tactics this assemblywoman Audrey Pheffer has year, pushing for a smaller increase, formed a fundraising committee for to $250. It nearly worked: A bill the 2009 Queens borough sponsored by Audrey Pheffer, president race. “I’m going to run—I D-Queens, passed the Assembly, think it’s time,” says Ms. and one introduced by Frank Pheffer, who has been in the Padavan, R-Queens, passed the Assembly for 20 years. “I started as Senate Health Committee. But the a teenager,” she jokes. She will first measure failed to make it to the 532 newly renovated guest rooms and suites, seek re-election to the Assembly Senate floor because leaders 20,000 square feet of meeting space, and a next year. considered the 150% hike excessive, dedicated banquet staff Unlike term-limited City sources say. Council members considering a The bill would raise fines in run for beep, Ms. Pheffer could New York City, Yonkers and remain in her current office if she Albany.“All those communities doesn’t win the borough presidency. want it,” Ms. Pheffer says. I Stewart backed by builders it would appear that real estate 49 West 32nd Street, New York, NY 10001 interests are moving to support Tel (212) 277-2647 www.radisson.com/martinique Councilman Kendall Stewart,a landlord himself, in his plan to run
next year against state Sen. Kevin istockphoto
14 | Crain’s New York Business | September 3, 2007 Project15 8/14/07 4:04 PM Page 1
The personal computer changed business, then before you buy to lifecycle support after. Softmart aims these beneﬁts business changed the personal computer. squarely at your bottom line, because respecting your business means Demand created generic boxes of speeds and feeds and, respecting your budget. Of course, the right people offer the right over time, buying a computer became surprisingly similar products—and Softmart delivers a huge range of reliable computing to ordering a pizza over the phone. “Direct,” yes— solutions from HP. Such technology is the nerve center but what if you needed more than a box? through which your company’s past, present and It turns out that technology challenges aren’t future move, day in and day out. managed by technology, but by nimble-minded, It all adds up to an approach that’s both thoughtful people. Like the people at Softmart. more personal and more powerful, one that They’re local. Real, live IT experts, accountable combines the exceptional resources and in person, where you need them. technology of HP with the local support and Since they’re here in the New York area, your business savvy of your Softmart team. It’s an Softmart team is more familiar with local issues and alliance that respects how much of your business, your line of work, all the better to customize solutions and therefore your life, exists on that ﬁt your company, not just your industry. They’re your personal computers. See a force multiplier, giving you access to a powerful network of resources for yourself by getting in touch and exclusive partnerships. And they’ll also help you choose services and with the people at Softmart, who are happy to support at any and every step, providing everything from strategic advice hear about your business, face to face.
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WEEK IN REVIEW
Partners and 3i Group for ECONOMIC SPOTLIGHT approximately $350 million.The Helmsley wills $6B acquisition includes 30 pay- to charity television channels, including 18 international versions of the HOTELIER LEONA HELMSLEY, who Hallmark channel. amassed real estate holdings worth billions of dollars before her Topps delays death two weeks ago, left the topps co. rescheduled a bulk of her fortune—$6 shareholder meeting to vote on a $9.75-per-share takeover bid from billion—to the Leona M. and Michael Eisner’s Tornante Co. Harry B. Helmsley and private equity firm Madison Charitable Trust. She Dearborn Partners.Topps bumped the meeting to Sept. 19 divvied up the rest of from Aug. 30 to try and sell the her money among a deal to stockholders, many of trust fund to provide whom remain on the fence about care for her dog ($12 whether to approve it. million), two grandsons ($10 million each), her Medicaid brother ($10 million) and malfunctions her chauffeur ($100,000). new york state paid nearly $10
ap images million of Medicaid claims from 2001 through 2006 for home care mortgage origination unit and lay services that were not provided, Officers down off 550 employees in 25 offices according to an audit by three fire officials were nationwide.The company will pay Comptroller Thomas DiNapoli. demoted as part of an $35 million in severance and other Some reimbursements were found Economy Watch investigation into an Aug. 18 fire costs. CIT will continue servicing to have listed services for patients The New York City unemployment rate jumped in July as a large number of at the former Deutsche Bank mortgage loans already on its who were hospitalized or people began looking for work. building that claimed the lives of books. deceased. Attorney General two firefighters.The officers were Andrew Cuomo announced 10 JUNE ’07 JULY ’07 COMPARISON blamed for failing to oversee the convictions in connection with a NY area inflation change +0.5% +0.2% +2.5%1 building’s safety equipment and Altria spins off scheme to cheat Medicaid’s home NYC unemployment rate 5.3% 5.7% 4.6%2 having a plan for fighting international unit health care program. JULY JOB TOTAL3 12-MONTH CHANGE potential fires. altria group inc., as part of its NYC employment 3,718,400 +52,500 spinoff of its Philip Morris Bear loses bid 1-Inflation rate for the latest 12-month period. 2-U.S. unemployment rate. 3-Not seasonally NYC campaign International unit, will lay off 400 in bankruptcies adjusted. welcomes visitors New York employees, or two thirds of its city staff. Philip a federal bankruptcy judge mayor michael bloomberg Morris International will be refused to grant Bear Stearns Cos.’ NYC Hotel Stats Broadway Stats (below) went to the new headed by Altria Chief Executive two bankrupt hedge funds American Airlines terminal at Louis Camilleri in New York. permanent protection from U.S. Average room rates and occupancy Attendance and gross fell for the Michael Szymanczyk, chief lawsuits. Judge Burton Lifland levels have been rising since January, week ended 8/26, The League of executive of Philip Morris USA, ruled that the Cayman Islands was PKF Consulting data show. The American Theatres and Producers will take the helm of Altria. not the proper jurisdiction for averages for first-half 2007 were says. But figures for the season to Bear to use in liquidating the $273.72 and 84.2%, topping year- date topped year-earlier levels by funds’ assets. earlier levels of $242.48 and 83.5%. 9.8% and 10.6%, respectively. Former Goldman exec pleads guilty Columbia B-school former goldman sachs analyst starts press Eugene Plotkin pleaded guilty to conspiracy to commit securities columbia business school said ap images fraud and insider trading. Mr. it will launch Columbia Business John F. Kennedy International Plotkin admitted to working with School Publishing in October. Airport to announce a citywide two other former analysts in The imprint will publish books, marketing and advertising schemes that earned him more legal cases, periodicals and other campaign aimed at making than $6.7 million. publications related to finance and international visitors feel more economics. It has five titles slated welcome.The campaign, dubbed for publication this year. “Just Ask the Locals,” includes Condé Nast in deal outdoor advertising, celebrity with msnbc.com endorsements and a new tourism Goldman buys Web site and hotline. condénet, the online arm of Tokyo Tiffany Capital IQ’s Weekly Deals Report publisher Condé Nast, signed a Lawful merger content-sharing deal with goldman sachs group inc. TRANSACTION SIZE msnbc.com.The agreement will agreed to buy COMPANY/LOCATION (in millions) BUYER/INVESTOR TRANSACTION TYPE dewey ballantine and LeBoeuf allow msnbc.com to publish Tiffany & Co.’s Anthracite Capital Inc. $60.0 Not disclosed GCI Lamb Greene & MacRae—two of features from Style.com, Vogue, flagship Tokyo Manhattan New York’s oldest law firms— Vanity Fair and newly formed property for $318 Dentalserv.com $12.1 Vision Opportunity GCI agreed to merge, creating a firm Condé Nast Portfolio, among million. Manhattan- Manhattan Capital Management with 1,300 attorneys.The new others. based Tiffany will Dewey Ballantine n/a LeBoeuf Lamb Greene & MacRae SB M&A firm, Dewey & LeBoeuf, will lease the property
Manhattan debut Oct. 1. getty images back from The Hendry Corp. n/a ImmediateFX SB M&A NBC acquires Goldman and Croton-on-Hudson, N.Y. U.K. channels keep its store Selected deals announced during the week of Aug. 19 for companies headquartered in metro New CIT exits open at the site, located York. n/a Not available. GCI: Growth capital investment represents new money invested in a com- pany for a minority stake. SB M&A: Strategic buyer M&A represents a minority or majority acqui- mortgage biz nbc universal agreed to buy in the Ginza shopping district. sition of existing shares of a company without the participation of a financial buyer. U.K.-based Sparrowhawk —from staff reports and
bekka lindström bekka cit group inc. said it will close its Holdings from Providence Equity bloomberg news reports
16 | Crain’s New York Business | September 3, 2007 Project3 8/29/07 11:15 AM Page 1
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Our monthly surcharges are not taxes (including a Universal Service fee that varies quarterly, cost recovery fees up to $1.55 per line and state/local fees that vary by area). Details at sprint.com. The Nationwide Sprint PCS Network reaches over 262 million people. The Nextel National Network reaches over 274 million people. Coverage not available everywhere. Offers may not be available in all markets or retail locations. Terms and conditions apply. Speed claim based on Direct Connect call set-up time. Subject to credit approval. See store or sprint.com for details. Offers expire 11/03/07 or while supplies last. Available to corporate-liable accounts (activations using a business name and tax ID) only. Up to $36 activation fee and $200 early termination fee apply per line. Nextel Direct Connect: Group and International Direct Connect excluded. International Direct Connect service provided for calls in and between the U.S. and Canada, Mexico, Argentina, Peru and Brazil. Free Incoming Plan: Free Incoming applies to calls received in the U.S. Overage $0.45/min. Nights: 9pm –7am; Wknds.: Fri. 9pm–Mon. 7am. Partial min. charged as full min. ©2007 Sprint Nextel. All rights reserved. SPRINT, the logo, the NEXTEL name and logo, and other trademarks are trademarks of Sprint Nextel. MOTOROLA and the Stylized M Logo are registered in the U.S. Patent and Trademark Office. All third-party product or service names are property of their respective owners. All rights reserved. Project6 8/24/07 12:18 PM Page 1 CNYB 09-03-07 A 19 8/30/2007 4:34 PM Page 1
REAL ESTATE INSIDE Q&A A financier talks about why the credit crunch is a good thing PAGE 26 Largest REITs in the NY area PAGE 28 Deals for Hell’s Kitchen spots have optical store, restaurant all fired up; more PAGE 31
Stadium, LOAN DANGER: Amir Yerushalmi’s bank toughened terms the day before he closed mall lure on a loan for a Vision investors Group project. to Bronx Planned housing, retail, offices ride Yankees’ coattails; too much, toofast?
BY FRAN HAWTHORNE
the neighborhood around River Avenue and Gerard Av- enue,just off the Major Deegan Expressway in the South Bronx, is hardly the kind of place that attracts visitors or business travelers. The gritty area is home to a restaurant supply company,a warehouse,a glass distributor, a high school and a gas station. That doesn’t faze Harshad Patel. buck ennis Mr.Patel is negotiating with Holiday Inn Express to build a 99-unit hotel on the site of a 16,200-square-foot warehouse on River Avenue, which he Condo-crippling crunch bought in May for $3 million. He already owns six moderate- ly priced hotels in Brooklyn and Queens. Lenders BY ANDREW MARKS To justify the Bronx venture, Mr. Patel points to the $500 tighten terms last month, Amir Yerushalmi, president of Manhattan-based Vision million Gateway Center retail Group, learned firsthand how the turmoil in the credit markets is affecting complex and the new $800 mil- for developers lion Yankee Stadium, both un- CREDIT residential development in and around the city. der construction nearby. The CRISIS projects are slated to be com- as turmoil The day before he was to close on a $9 million loan with Com- Commercial deal pleted in 2009. activity; REITs feel merce Bank for a new condominium conversion project, his bank- “There are so many busi- spreads; some the heat nesses coming to this neighbor- Pages 25 and 27 er told him that the terms of the deal were changing radically. See THE BRONX on Page 20 deals ditched Instead of paying the bank the See CRUNCH on Page 22
TheThe RealReal EstateEstate BankBank
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Talk to the Real Estate Experts at Commerce. Call Richard Cassin at 1-888-751-9000. EQUAL OPPORTUNITY LENDER Member FDIC
September 3, 2007 | Crain’s New York Business | 19 CNYB 09-03-07 A 20 8/30/2007 4:39 PM Page 1
REPORT The Bronx’s promise
Continued from Page 19 ing a 430,000-square-foot industri- hood, and there is not a good hotel,” al loft,one block south of Mr.Patel’s he says. proposed hotel, into offices. As the new stadium and the David Simone, a senior sales di- Gateway Center take shape, the rector at Massey Knakal Realty Ser- South Bronx is also bursting with vices,is skeptical that there is a mar- smaller, less-heralded projects like ket for such projects. “There’s a Mr. Patel’s. shortage of office space in the area— Three-story residential buildings but is there a need for office space?” with retail on the first floor and apart- he says, questioning whether com- ments above seem to be sprouting on panies seeking Class A locations almost every block in the Morrisa- will want to move to the Bronx. nia and Melrose sections. Develop- er Hal Cooke of HEC Real Estate Bullish on the Bronx Group plans to build 56 affordable but for every naysayer like Mr. co-op apartments on two vacant lots Simone, there’s someone like Peter on Woodycrest Avenue in High- Fine who remains bullish.Mr.Fine’s bridge.There are also national chain Atlantic Development Group is stores, co-ops and even luxury condos slated for the area. Altogether, $750 million worth of retail and housing projects are be- ing developed within one mile of Yankee Sta- dium, accord- ing to the Bronx borough presi- dent’s office. YANKS’ PULL: Developers believe big projects will give the Bronx cachet. The boom is spurred mainly by two beliefs: that tenants and buy- building Boricua Village,which will ers priced out of Manhattan will be include 750 residential units and up MERIDIAN CAPITAL GROUP willing to cross the Harlem River, to 50,000 square feet of retail, be- HAS ARRANGED and that some of the big projects al- tween Third and Elton avenues and THE REFINANCING OF ready under way have erased the im- between East 161st and East 163rd age that “the Bronx is burning.” streets in the Melrose section of the “If you’re in a business that doesn’t borough. $110 MILLION have to be in Manhattan, like a back Mr. Fine says national drugstore office, why couldn’t you be in the chains and banks are expressing in- FOR TWO Bronx and save $30 or $50 a square terest in the neighborhood for the foot?”says David Rosenberg,an exec- first time.There is even a sign in the WORLD-CLASS utive vice president at real estate firm area advertising luxury condos.“We HOTELS. Robert K. Futterman & Associates. want what happened in downtown Brooklyn, in the Flatbush corridor,’’ Five-year plan he says. “It’s our turn.” some borough boosters see even Real estate brokers say they are not brighter commercial prospects a few worried about the retail vacancies, years down the road. claiming that they will be filled as “In five years, the South Bronx is more housing is built and occupied. REFINANCING REFINANCING going to be a very hip urban area that And they report no resulting soften- will have a healthy mix of middle, ing in prices. Retail rents have risen moderate and low-income [hous- between 10% and 20% in just the past $55,000,000 $55,000,000 ing],” predicts Borough President year, reaching levels twice as high as Adolfo Carrión Jr. “As people gain those seen five years ago, according THE MERCER HOTEL THE CHATEAU MARMONT confidence that things are moving in to RKF’s Mr. Rosenberg. Other SOHO, NEW YORK HOLLYWOOD, CALIFORNIA the right direction, they will invest.” brokers have seen a similar doubling Nevertheless, some real estate in the purchase prices for housing. observers wonder whether the mar- The downside of rising prices is ket is getting ahead of itself. They that the Bronx could lose its advan- Meridian is one of America’s leading, fastest growing mortgage brokers in question the “if we build it, they will tage versus Manhattan.Mr.Carrión, multifamily, hospitality, healthcare, office, and retail financing. No matter the come’’attitude that some developers the borough president,isn’t worried, size of the loan, we work with you on a personal, one-to-one basis every step of have adopted.They point to a num- however. “It shows that there is op- the way, giving each loan the same, industry-famous Meridian attention. ber of retail spaces that have recent- timism about this area.The market- Your loan is that important to us. Because it’s that important to you. ly been built but remain vacant. place will play out,” he says. And then there’s the case of R Squared. The developer is convert- COMMENTS? [email protected]
ARTICLE REPRINTS FROM CRAIN’S CRAIN’S NEW YORK BUSINESS offers reprints of published articles. To get It’s taken care of. an estimate, contact Dana Warfel at Reprint Management Services, (717) 399-1900, ext. 118, or [email protected] Readers making their own reprints or posting a story on the Web must pay a $350 copyright fee; the fee for nonprofits is $195. Call Jill Bottomley at Crain’s, (212) 210-0282. For loans from $500,000 to over $500 million, visit us at www.meridiancapital.com or call 877-MyMeridian New York 212-972-3600 • New Jersey 732-301-3200 • Pennsylvania 215-227-7700 • Maryland 301-652-6000 Florida 561-367-0005 • Illinois 773-439-1200 • California 310-867-2300 • Texas 972-385-7940 Project1 8/24/07 12:09 PM Page 1
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REPORT ACQUISITIONS AND FINANCE Crunch on condos Building Continued from Page 19 December.Their banks wouldn’t let customary 80% of gross proceeds on them refinance when they needed to each unit sold, he will have to fork cover overruns in construction costs. Success. over 100% of the proceeds until he “The banks were willing to fi- pays off the first $1 million, after nance 85% of construction costs SALES AND EXCHANGES which the payments will be reduced when these projects started a year Eisner's Real Estate Services group provides to 85%. That means Vision Group ago,but now they’ve backed down to constructive tax and advisory services to the will be out of pocket for transfer tax- 70%, so the developers had to come real estate community. es, the 10% brokerage fee and legal to us,”says Spencer Garfield,a man- expenses on the first seven or eight aging director at Hudson Realty. condos in the 107-unit project. We work side by side with our clients, laying a It isn’t as if Mr. Yerushalmi was a Dwindling margin foundation and gaining an understanding of the new client. Commerce had already for developers, this means a underlying nuances of the organization. We examine financed 200 of his condo conver- much higher capitalization rate and sions in Brooklyn, the Bronx and a much thinner profit margin, be- each aspect of operations and transactions to help Jersey City over the past two years. cause the interest rates on these sec- LITIGATION CONSULTING maximize potential returns and build future success. “It was the day before closing, ondary loans are higher. Our goal: To help our clients design sound transac- and they had a gun to my head,” re- Banks have tightened their stan- tions, build innovative tax and nancial strategies, calls Mr. Yerushalmi. “A year ago, dards on other lending terms as well, and exceed their expectations. they wouldn’t have asked for some- complains Richard Wagman, man- thing like this, and if they aging director at Man- had asked, we wouldn’t have hattan-based developer agreed. But conditions have 100% Madison Capital. changed drastically.” BANK’S “They’ve gotten much PROCEEDS on New York is awash in first 7 or 8 sales more conservative on loan Eisner LLP cranes and hard hats, since at Vision Group’s proceeds, prepayment re- FULL COMPLIANCE SERVICES the unprecedented demand latest project quirements, debt-service Accountants and Advisors for housing has prompted de- coverage ratios and loan ex- www.eisnerllp.com velopers to put up residential projects tension options,’’ he says. as fast as they can.But the expanding Six months ago, Mr. Wagman Kenneth Weissenberg Aaron Kaiser crisis in the credit markets has sent was able to secure financing on two [email protected] [email protected] lenders scrambling for cover.They’re $100 million projects with a 0.75 212.891.4070 212.891.8084 enforcing stricter and more expen- debt service coverage ratio. “Today, sive financing terms, or cutting back banks won’t look at a deal unless Independent Member of Baker Tilly International on residential lending altogether. you’ve got 1.25 coverage,” he says. The resulting squeeze on profit Secondary market vanishes margins has made Mr. Wagman a lot of the major deals that much more cautious.“We were close would ordinarily depend on Wall to contract on two properties that we Street investment banks for financ- had to reprice because of the credit ing are just not getting done. Those crisis,’’ he says. “And now we’ve de- loans were previously sold in sec- cided not to go forward with them.” ondary markets, and now no one Developers without a track will touch them. Lenders still in the record are having an even tougher market are requiring much more eq- time. A lender who requested uity up front, with loan-to-value ra- anonymity says a developer is mak- tios dropping from 90% to a range of ing the rounds in search of financing New York City’s 70% to 75%. Developers without for a 120,000-square-foot condo deep pockets have to bring in addi- project in Williamsburg, Brooklyn. tional equity partners or resort to “It’s an inexperienced developer secondary financing. looking for 85% loan-to-cost fi- Top Building Hudson Realty Capital recently nancing,’’ he says. “Six months ago, provided such mezzanine financing it wouldn’t have been a problem. for the developers of two condo Now, forget it.” projects in Park Slope, Brooklyn, Sales Firm with 113 units due for completion in COMMENTS? [email protected] LOWER DEMAND, LOWER PRICES A tradition of obtaining the highest price for sellers. SO FAR, CONDO PRICES in New York have held their ground while those in other markets around the country have declined. That could be changing soon. Consumers will be facing stricter lending standards, meaning that fewer buyers will qualify for mortgages. As a result, demand will be lower over the Put the power of the market leader to work for you! next 18 months, just as 25,000 new condo units come on line in the city. Even worse, if the credit crunch deepens over the next few months, it could threaten year-end bonuses on Wall Street. “If Wall Street reacts to this crisis as it did after the ’87 crash, the condo market has a big problem,’’ says Stuart Saft, a partner in the real estate practice at LeBoeuf Lamb Greene & MacRae. “A lot of projects going up now depend on selling to big-salary people. If they stop buying, it will have a tremendous ripple effect.” Developers are already sweetening their deals to attract buyers. AFC Realty Services Realty Capital is marketing luxury condos, ranging in price from $700,000 to $1.5 million, at West 127th Street and Fifth Avenue in Harlem. It’s now Manhattan, Bronx, Westchester: 275 Madison Avenue, New York, NY 10016 • 212-696-2500 offering prospective buyers subsidies on their mortgages in the form of Queens, Nassau: 118-35 Queens Boulevard, Forest Hills, NY 11375 • 718-275-3400 interest-rate buy downs of as much as 1.5 percentage points. Brooklyn, Staten Island: 205 Montague Street, 3rd Floor, Brooklyn, NY 11201 • 718-238-8999 David Tillman of Mission Capital Advisors, which helps lenders sell off non- 800 Exclusive Listings at performing assets, notes that high-end projects like 200 Chambers St. and 445 Lafayette St. still have units for sale. “Anyone who says New York’s res- masseyknakal.com idential market is impervious to problems elsewhere is smoking crack,” he says.
22 | Crain’s New York Business | September 3, 2007 Project7 8/23/07 1:52 PM Page 1 Great deals.
Beacon Capital Partners 2007 $6.35 billion 14.7 million sf Office properties Broadway Callahan Partners Capital Partners 2007 2007 $4.78 billion $750 million 9.6 million sf Over 2 million sf Office properties Office portfolio DCD Group/ Equity One Witkoff 2007 2007 Valuation of £280 million-plus retail properties 186,000 sf throughout Devonshire Building Gale the U.S. in London International Mack-Cali 2005-2007 2007 $25-$30 billion $273 million Master Plan development of Songdo City, 524,500 sf South Korea. Largest privately Office space in New York’s financed RE development in Korean Financial District history Metropolitan Quadra Real Estate Investors Realty Trust, Inc. 2007 2007 $1 billion $250 million equity 3 million sf SL Mortgage REIT IPO Office properties Green Realty 2007 $6 billion Acquisition of Reckson Associates Realty Corp. 9.2 million sf Office buildings Amazing clients. We’re pleased to share our clients’ recent accomplishments valued at over $50 billion– and our leading role in helping to execute these outstanding deals. As an international firm dedicated 24/7 to real estate and finance, SMG’s horizons keep expanding. From New York to LA to London to Songdo City, we’re amazed at how far our clients have taken us.
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REPORT REAL ESTATE
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24 | Crain’s New York Business | September 3, 2007 CNYB 09-03-07 A 25 8/30/2007 4:43 PM Page 1
REPORT REAL ESTATE WHAT’S HOT, WHAT’S NOT LSELF-STORAGE FACILITIES New rules crimp commercial deals Not exciting, but steady returns LHOTELS Loans are being being repriced, and any deal in play substantially.” eign capital and the number of par- A shortage of rooms is driving is subject to renegotiation.” The second half of the year will ticipants—including insurers, pen- up room rates renegotiated, but Bill Green, head of real estate not have anywhere near the number sion funds and thrifts—that stayed capital markets at Wachovia Corp., of deals that were done in the first six on the sidelines when the market MSPEC OFFICE BUILDINGS some sidelined cash acknowledges a pullback. months, Mr. Green says. “Not as was overheating. A hard sell without at least “We continue to be a lender, but many borrowers are willing to Some even say they will benefit may fill gap some preleasing we’re not oblivious to the market,” search for and close a loan—unless from the tightening. George Perry, Mr. Green says. “The parts of our they have an absolute need.” senior vice president and director of MRESIDENTIAL CONSTRUCTION BY DIANE C. HESS business where we are originating investment at W&M Properties, loans for distribution [through] se- Foreign money ready which provides subordinate loans, A tough mortgage market on the same day in late July when curitization have slowed, and the the impact of the credit crisis may says tighter standards will increase raises red flags the Dow Jones Industrial Average pricing of this debt has increased be mitigated by the amount of for- See DONE DEAL on Page 26 plunged 312 points amid the sub- prime mess, CREDIT mortgage broker CRISIS Scott Singer locked in the in- terest rate on his 22nd commercial real estate deal of the year. But this deal went off track: At the last minute, the lender, a major investment bank, raised the interest rate on his client’s $300 million re- financing for a 500,000-square-foot building in Manhattan’s Plaza dis- trict.The bank planned to securitize the deal and, given the volatile cap- ital markets, needed more cushion. “If we tried to hold the bank to their original proposal, they might have walked away,” says Mr. Singer, executive vice president of the Singer & Bassuk Organization.“In- stead, when we analyzed the deal under the new rate … we realized it made sense for everyone to accept.” After five years of easy money, the rules have changed—and quick- ly. Starting in June, when a troubled Bear Stearns hedge fund alerted in- vestors to the scope of the subprime disaster, Wall Street began looking at pending real estate deals more closely. The big squeeze since then, funding for major ac- quisition and development deals has all but stopped. For smaller deals, stricter under- writing standards have led to less leverage and tighter loan-to-value ratios. Loans cost more, as the spread between what lenders can get on Treasury notes and what they de- mand for taking on more risk—or even the perception of risk—has in- creased. Many brokers expect fewer projects to be financed, sales to slow and prices to suffer in the coming months. “The velocity of deals is going to drop,”says Eric Anton,executive di- rector of real estate investment serv- ices firm Eastern Consolidated. “You might continue to see build- ings in prime markets trade at $1,000 per square foot,but that’s not going to happen in secondary areas anymore.” And, while over the past few years it was possible to leverage 85% or more of an acquisition, that threshold is reverting to 70% to 75%, according to Mr. Anton.With respect to pricing, he says, “unless you’re a big institution and can pull some strings,it’s hard to get any idea of what lenders will do.” Paul Fried, a partner at invest- ment bank AFC Realty Capital,says, “It is absolutely a given that things are
September 3, 2007 | Crain’s New York Business | 25 CNYB 09-03-07 A 26 8/30/2007 4:45 PM Page 1
REPORT REAL ESTATE
Q: Is your firm Q: What kind of deals are you One lender demands still lending doing? money? A: We just did two in New York A: Yes, our City. One was a B-minus building firm is still in the that we had intended to upgrade, skin in the game Q&A market. We’ve but which we now believe we’re WILLIAM PROCIDA always been in going to sell; the other was a 150- Q: How has the lending climate the market, but unit condo building. For Palisades Financial, equity is critical changed as a result of the turmoil in we were never as aggressive as We did the deals with seasoned the credit markets? everybody else. We didn’t do as builders who had plenty of skin in illiam procida, nanced more than $2 billion worth A: Developers can’t get all the many deals as everybody else in the the game. Both groups have been in 45, is the founder of commercial and residential proj- money they want at little to no cost. last five years, but our book is solid the business for 20 years and of Palisades Fi- ects, mostly for middle-market And that’s a good thing. Developers and we’re still in business. Our bought the properties at the right nancial, a real es- companies in the New York area. are supposed to have equity in the money comes from two real estate prices.That’s important. tate investment He talked recently with Crain’s as- game. When you permit too many investment funds—funds which andW advisory firm in Fort Lee, N.J. sistant managing editor Robert people to take too much money, our principals also invest in. We Q: What impact will the current In the past 12 years,Palisades has fi- Hordt. you’re going to cause oversupply. don’t securitize our loans. problems have on prices? A: The office story is somewhat simple. Everyone on the planet wants an office here. Even though some big buildings are going up, we are not creating excess inventory. I think at the end of the day, Manhattan’s office and retail markets remain strong, because it’s Manhattan. On the other hand, if you asked me to finance a spec office building today, the answer would be no.
Q: What about the condo market? A: For a city as big as this, there’s not a lot of new residential construction as compared with other cities, such as Miami. Are prices getting excessive? In some areas, yes. As far as properties that Your plans are spectacular. are planned, I don’t think everybody’s going to get financed, which means a lot of the stuff planned is not going to be built. Which is good for the market. You always have to shake out the But could your legal strategy amateurs. use a new blueprint? COMMENTS? [email protected] Done deal? Not so fast
Continued from Page 25 demand for bridge and mezzanine loans. “Our deal flow has increased considerably,” Mr. Perry says. “We see the correction as a chance to make more attractive investments.” Cohen & Perfetto: A personalized approach to real estate law. But Jason Gaccione, a vice pres- Itʼs a simple, but profound, premise: Each client represents an important relationship. ident at CB Richard Ellis Group, says spreads are widening by the day. And every one of those relationships demands our complete attention and dedication. While it was possible to get three- At Cohen & Perfetto, this is the philosophy that drives us. We make the connections to-five year interest-only loans six that build these relationships, adding depth and value to every partnership we forge, months ago, many banks refuse to and every transaction that transpires. Whether your needs involve real estate, govern- quote interest-only loans at all. “Buyers aren’t able to hit the ment incentives, banking, zoning, or litigation, itʼs not just a deal to us: Itʼs your deal. numbers they thought possible a Learn more at www.cohenperfetto.com. couple of weeks ago, and sellers are stalling until the markets cool down,” Mr. Gaccione says. Six months ago,a client was con- sidering a $1 billion refinancing of two large Class A office buildings in midtown. “Now we’re coming in at 444 Madison Avenue, 5th Floor $800 million, and the question is C New York, NY 10022 whether or not to go ahead with the P COHEN & PERFETTO LLP deal,” Mr. Gaccione says. “The refi- Tel: 212-488-1300 Fax 212-813-0767 Attorneys at Law www.cohenperfetto.com nancing was an opportunity to take advantage of cheap debt and lock it in for 10 years, but now the market is moving away from them.”
COMMENTS? [email protected]
26 | Crain’s New York Business | September 3, 2007 CNYB 09-03-07 A 27 8/30/2007 4:48 PM Page 1
REPORT REAL ESTATE FEELING THE PAIN and apartments,” Recent performance of New York area REITs. he says. % off 52- All REITs get roughed up But deal ac- EQUITY REITS Share price* week high tivity could slow SL Green $108.40 -31% if the money Mack-Cali $39.63 -30% crunch contin- Vornado $100.56 -26% ues. REITs that in mortgage meltdown MORTGAGE REITS specialize in Newcastle Investment $15.90 -52% commercial Capital Trust $33.56 -39% Melville, L.I.-based American vestors Service. mortgages have Gramercy Capital $23.25-38% Even those with no Home Mortgage Investment already tightened subprime risk are Corp.,have already been forced into Manhattan is mitigating their underwrit- *As of Aug. 29. Source: Bloomberg News Service bankruptcy. morningstar analyst Jeremy ing guidelines, hit; some stressed After seven years of stellar Glaser says equity REITs that have says Wayne Heicklen, co-chair of opportunities to lend, analysts say, before turmoil growth, the REIT industry was a Manhattan focus are in especially the real estate department at law the trusts’ profitability could suffer. showing signs of stress even before good shape.“The New York market firm Pryor Cashman. the subprime market imploded. is easily the hottest for office, hotels Because trusts will have fewer COMMENTS? [email protected] BY HILLARY CHURA Early this summer, Stifel Nicolaus & Co. analyst David Fick down- though sl green Realty Corp., a graded the entire sector to “negative real estate investment trust that bias.” One of his concerns was that owns more Manhattan office space rising interest rates would pressure than any other real estate values. CREDIT single landlord, Rising rates also hurt REITs be- CRISIS has no exposure to cause the law requires that they dis- WORKING TOGETHER. subprime residen- tribute most of their dividends. As a tial loans, its stock was downgraded result, they can’t build a war chest to GETTING IT DONE. two weeks ago by a UBS analyst. strike new deals but must borrow The reason: fears that the credit money, sell stock or form partner- crunch could lead to job cuts at ships with private equity firms. hedge funds and investment banks, The deepening problems with which are among the biggest hold- subprime loans have added to the ers of midtown office space.That,in pressure on REITs. More than any- turn, could drive thing else, the cred- up vacancies and it squeeze has creat- slow rental growth, ‘It’s not that ed uncertainty. both of which may Wall Street invest- affect SL Green’s there is ment banks, which earnings. repackage and sell The subprime anything the real estate loans crisis has dealt a wrong with they make, have all significant blow to but shut down lend- the share prices of these REITs’ ing activity. all REITs, whether “An awful lot of or not they are tied areas are being im- directly to the pacted, not because mortgage melt- there’s anything down. wrong with those The Standard & Poor’s REIT particular REITs,’’ says Lawrence Index fell 16% in the three months Longua, director of the REIT Cen- ended July 31, while the S&P 500 ter at New York University’s Real Es- dipped just 5%. How long the trusts tate Institute. “It’s just because, even stay in Wall Street’s doghouse will though money is available, lenders depend on the length and severity of aren’t lending because they don’t the credit crunch. know how to price their money.” So far fundamentals remain Guilt by association strong.In the real estate boom of the some of the hardest hit are past few years, many trusts shored mortgage REITs,which make loans up their balance sheets and pruned for residential or commercial prop- their portfolios, says Philip Kibel, erties or buy and sell mortgage- senior vice president of the real es- backed securities. Some, including tate finance group at Moody’s In-
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September 3, 2007 | Crain’s New York Business | 27 CNYB 09-03-07 A 28 8/30/2007 8:08 PM Page 1
REPORT REAL ESTATE NY’s Largest Real Estate Investment Trusts Ranked by total square footage owned in the New York area
2007 2007 NY area 2006 NY area 2006 funds 2005 funds Equity NY area sq. ft. owned sq. ft. owned from operations from operations 2006 revenues market cap properties Rank Company/Ticker symbol Phone/Web site Chief executive (in thousands)1 (in thousands)2 (in millions)3 (in millions)3 (in millions)4 (in millions)5 owned6 Property focus
SL Green Realty Corp. (SLG) (212) 594-2700 Marc Holliday 37,847.2 17,304.6 $223.6 $189.5 $593.1 $6,749.6 119 Office 420 Lexington Ave. www.slgreen.com 1 New York, NY 10170
Vornado Realty Trust (VNO) (212) 894-7000 Steven Roth 28,097.7 23,806.7 $950.0 $847.7 $3,050.1 $16,211.6 82 Diversified 888 Seventh Ave. www.vno.com 2 New York, NY 10019
Mack-Cali Realty Corp. (CLI) (732) 590-1000 Mitchell E. Hersh 16,505.5 15,981.0 $290.5 $270.3 $752.9 $2,849.6 127 Office 343 Thornall St. www.mack-cali.com 3 Edison, NJ 08837
Simon Property Group Inc. (SPG) (317) 636-1600 David E. Simon 9,194.8 7,449.8 $1,537.2 $1,411.4 $3,411.9 $21,206.0 9 Regional mall 225 W. Washington St. www.simon.com 4 Indianapolis, IN 46204
AMB Property Corp. (AMB) (415) 394-9000 Hamid R. Moghadam 8,054.7 7,883.3 $297.9 $254.4 $853.1 $5,363.2 27 Industrial Pier 1, Bay 1 www.amb.com 5 San Francisco, CA 94111
Boston Properties Inc. (BXP) (617) 236-3300 Edward H. Linde 5,515.9 5,520.5 $593.7 $572.9 $1,484.1 $11,734.4 9 Office 800 Boylston St. www.bostonproperties.com 6 Boston, MA 02199
Kimco Realty Corp. (KIM) (516) 869-9000 Milton Cooper 5,365.9 5,357.5 $544.3 $464.7 $902.7 $10,495.1 59 Shopping 3333 New Hyde Park Road www.kimcorealty.com center 7 New Hyde Park, NY 11042
AvalonBay Communities Inc. (AVB) (703) 329-6300 Bryce Blair 4,577.0 4,479.8 $320.2 $271.1 $737.7 $9,189.6 22 Multifamily 2900 Eisenhower Ave. www.avalonbay.com 8 Alexandria, VA 22314
Home Properties Inc. (HME) (585) 546-4900 Edward J. Pettinella 3,852.9 3,852.9 $147.1 $137.6 $454.0 $1,694.7 27 Multifamily 850 Clinton Square www.homeproperties.com 9 Rochester, NY 14604
Archstone-Smith Trust (ASN) (303) 708-5959 R. Scot Sellers 3,645.9 3,645.9 $490.6 $428.5 $1,172.2 $13,136.6 13 Multifamily 9200 East Panorama Circle www.archstonesmith.com 10 Englewood, CO 80112
Equity Residential (EQR) (312) 474-1300 David J. Neithercut 3,637.0 3,637.0 $757.2 $838.6 $2,020.9 $11,401.3 12 Multifamily 2 N. Riverside Plaza www.equityresidential.com 11 Chicago, IL 60606
Alexander’s Inc. (ALX) (201) 587-8541 Steven Roth 3,533.0 3,533.0 ($53.2) $102.0 $227.0 $1,966.6 7 Regional mall 210 Route 4 East www.alx-inc.com 12 Paramus, NJ 07652
ProLogis (PLD) (303) 567-5000 Jeffrey H. Schwartz 3,349.5 3,349.5 $998.3 $532.0 $2,663.7 $15,155.9 21 Industrial 4545 Airport Way www.prologis.com 13 Denver, CO 80239
Apartment Investment and Management Co. (AIV) (303) 757-8101 Terry Considine 2,620.8 1,981.8 $380.7 $322.6 $1,721.2 $4,352.3 29 Multifamily 4582 S. Ulster Street Parkway www.aimco.com 14 Denver, CO 80237
General Growth Properties Inc. (GGP) (312) 960-5000 John L. Bucksbaum 2,329.1 2,329.1 $902.4 $891.7 $2,958.9 $12,266.8 3 Regional mall 110 N. Wacker Drive www.ggp.com 15 Chicago, IL 60606
Public Storage Inc. (PSA) (818) 244-8080 Ronald L. Havner Jr. 2,148.4 2,148.4 $817.2 $703.0 $1,393.6 $13,129.5 50 Self-storage 701 Western Ave. www.publicstorage.com 16 Glendale, CA 91201
Acadia Realty Trust (AKR) (914) 288-8100 Kenneth F. Bernstein 1,959.1 1,825.7 $40.0 $35.8 $105.3 $771.7 16 Shopping 1311 Mamaroneck Ave. www.acadiarealty.com center 17 White Plains, NY 10605
Dow Jones Wilshire U.S. REIT Per-Share Growth in Funds from Operations Top Five in 2006 Funds from Operations Total Return Index For the first time since 2001, all major U.S. REIT sectors had Of the top 25 New York REITs, retail trust Simon Property positive growth in funds from operations in 2006. The Group led the best performers, with more than $1.5 billion Industrial Index recorded the largest surge, 41.18%, com- in FFO. Figures are in millions. ( pared with 15.55% for the All Equity Index.
source: dow jones wilshire *Includes shopping centers and regional malls. source: snl financial bekka lindström bekka
28 | Crain’s New York Business | September 3, 2007 Project3 8/24/07 12:15 PM Page 1
Big Apple. > New York City’s Largest Owner of Commercial Real Estate
212.594.2700 • slgreen.com
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REPORT REAL ESTATE
2007 2007 NY area 2006 NY area 2006 funds 2005 funds Equity NY area sq. ft. owned sq. ft. owned from operations from operations 2006 revenues market cap properties Rank Company/Ticker symbol Phone/Web site Chief executive (in thousands)1 (in thousands)2 (in millions)3 (in millions)3 (in millions)4 (in millions)5 owned6 Property focus
Taubman Centers Inc. (TCO) (248) 258-6800 Robert S. Taubman 1,340.0 1,340.0 $210.4 $177.7 $618.2 $2,797.2 1 Regional mall 200 E. Long Lake Road www.taubman.com 18 Bloomfield Hills, MI 48303
Glimcher Realty Trust (GRT) (614) 621-9000 Michael P. Glimcher 1,295.9 1,290.9 ($25.5) $77.7 $311.2 $825.5 1 Regional mall 150 E. Gay St. www.glimcher.com 19 Columbus, OH 43215
Urstadt Biddle Properties Inc. (UBA) (203) 863-8200 Charles J. Urstadt 1,283.3 1,190.9 $29.0 $29.7 $74.2 $456.9 14 Shopping 321 Railroad Ave. www.ubproperties.com center 20 Greenwich, CT 06830
Federal Realty Investment Trust (FRT) (301) 998-8100 Donald C. Wood 1,254.0 1,250.0 $191.6 $174.2 $454.2 $4,617.5 6 Shopping 1626 E. Jefferson St. www.federalrealty.com center 21 Rockville, MD 20852
Macerich Co. (MAC) (310) 394-6000 Arthur M. Coppola 962.0 962.0 $383.1 $336.8 $859.0 $5,854.6 1 Regional mall 401 Wilshire Blvd. www.macerich.com 22 Santa Monica, CA 90401
Entertainment Properties Trust (EPR) (816) 472-1700 David M. Brain 836.8 446.8 $101.0 $85.0 $196.3 $1,269.4 2 Specialty 30 W. Pershing Road www.eprkc.com 23 Kansas City, MO 64108
BioMed Realty Trust, Inc. (BMR) (858) 485-9840 Alan D. Gold 751.6 751.6 $102.5 $57.7 $222.6 $1,583.6 1 Office 17140 Bernardo Center Drive www.biomedrealty.com 24 San Diego, CA 92128
Tanger Factory Outlet Centers Inc. (SKT) (336) 292-3010 Stanley K. Tanger 729.3 729.3 $88.7 $60.6 $212.6 $1,166.4 1 Other retail 3200 Northline Ave. www.tangeroutlet.com 25 Greensboro, NC 27408
Source: SNL Financial, Charlottesville, Va., (434) 977-1600, www.snl.com/real_estate; additional research by Denise Southwood and Sarah Studley New York area includes New York City and Nassau, Suffolk and Westchester counties in New York, and Bergen, Essex, Hudson and Union counties in New Jersey. To qualify for this list, a company must be a publicly traded REIT that owns commercial property in the New York area. Mortage REITs, hotel-focused REITs and other companies that own only hotels are not included. Property count and square footage reported include properties with both majority- and minority-owned equity interest. Square footage has been reported by total building size and is not adjusted for minority-ownership interest. Revenue figures are for calendar year. Executives may have additional titles. 1-As of Aug. 23. Average size for multifamily units has been estimated at 900 square feet. 2-As of Dec. 31. Average size for multifamily units has been estimated at 900 square feet. 3-As of Dec. 31. 4-Figures have not been adjusted for discontinued operations in 2006. 5-As of market close on Aug. 23. 6-As of Aug. 23.
ALL CRAIN’S BUSINESS LISTS ARE AVAILABLE AT WWW.NEWYORKBUSINESS.COM/LISTS.
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30 | Crain’s New York Business | September 3, 2007 CNYB 09-03-07 A 31 8/30/2007 4:50 PM Page 1
REPORT REAL ESTATE
Queens,from midtown Manhattan. The maker of engagement rings Deals and wedding bands plans to move into 32,000 square feet on the sec- ond floor of the Falchi Building, lo- Optician, eatery find red-hot sites cated at 31-00 47th Ave., late this month. Unique will triple its space and will receive a tax credit of $3,000 side and 20 outside, Il Melograno Lena Roth of J.W. Burke Realty Jeweler takes shine per employee per year for 12 years. 2 firms take spots in will serve Northern Italian cuisine, represented the tenant in the deal, The company currently has 140 Hell’s Kitchen; jeweler including homemade pastas and and Aaron Gavios, a broker with to Long Island City workers; 130 will move to the new bread, as well as imported coffees. Square Foot Realty, negotiated on location, while 10 will remain at reaps Queens’ rewards “I believe in eating well and eat- behalf of owner L&M Equity Par- lower rent and tax breaks com- Unique’s midtown showroom, at 47 ing healthy,” Mr. Tartari says. “It’s ticipants. The asking rent was $130 bined to create a golden opportuni- W. 47th St. Chief Executive Mel wo businesses, one al- hard to find everything organic in per square foot for the ground floor. ty for jewelry maker Unique Set- Anda plans to hire more employees ready in Hell’s Kitchen New York City, but we’ll try.” The space comes with a 450-square- tings of New York Inc., allowing it now that he has additional space. and the other a new- He already operates another foot basement for storage. to expand and to move most of its Unique now leases around 10,000 comer, plan to open on restaurant near Lake Garda in Italy. —elisabeth butler cordova operations to Long Island City, See JEWELER on Page 32 10th Avenue between TWest 51st and West 52nd streets. After spending 15 years on Ninth Avenue, optical outlet Westway Vi- sion Inc.is relocating to 1,000 square feet at 756 10th Ave. Owner Henry Tanzil signed a 10-year lease for the space,formerly a bike shop;he plans to relocate by the end of the month. Our Middle Market Westway Vision offers eye exams Service
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and sells glasses and contact lenses. Not to mention powerful tools for modernized Mr. Tanzil wanted to stay on Ninth Avenue, but rising rents drove him west. cash management, and experienced professionals “Rent is more than doubling on Ninth Avenue,”says Howard Aaron, president of Square Foot Realty,who who will help you achieve your business goals. negotiated the deal for the tenant and for the property owner, Clinton Housing Development Corp.“A lot of the Ninth Avenue people are get- ting booted.” The asking rent for the new space was $108 per square foot. Restaurateur Alberto Tartari is planning to open his first restaurant in the city,Il Melograno,in early fall. Call our Middle Market specialists to find out about our services. He signed a 10-year lease for about 700 square feet on the ground floor Chicago California New York of 501 W. 51st St., on the corner of 10th Avenue. Mr.Tartari signed the (847) 994-5496 (714) 864-5056 (212) 417-6631 lease 11 months ago, but construc- tion delays related to the installation © 2007 Banco Popular North America. Member FDIC. Equal opportunity lender. of a new air-conditioning system have put off the opening, he says. Seating as many as 45 people in-
September 3, 2007 | Crain’s New York Business | 31 CNYB 09-03-07 A 32 8/30/2007 4:52 PM Page 1
REPORT It makes $en$e for your business to save energy Jeweler set on LIC Continued from Page 31 Brownstone from its longtime square feet at 151 W.46th St.,where home around the corner, at 2032 the rent is about $32 per square Fifth Ave., just this past weekend. foot,says Mr.Anda.The asking rent She plans to throw a three-day at the new location is between $15 grand opening party late this ower Saving Partners, Con Edison, and and $17 a square foot, according to month. Pthe New York State Energy Research and The shop,once billed as the city’s Development Authority (NYSERDA), are offering Photos courtesy Morgan Stanley first African-American department millions in incentives for customers in the New store, formerly filled three floors at York City metropolitan area and Westchester the Fifth Avenue location. In ad- County to reduce electricity use. Participating dition to selling apparel, it offered businesses report outstanding results. a bridal boutique, a café, an art The Morgan Stanley headquarters for its Private gallery and a salon. Ms. Jenkins Wealth and Asset Management groups is located consolidated the store during the within a 747,595 square-foot office building in past two years to focus on women’s Purchase, New York. The company implemented clothing. energy-efficiency measures while renovating the At its new location, which fea- building. tures a backyard where Ms. Jenkins will hold special events,The Brown- NYSERDA provided assistance through its A PROFITABLE MOVE: Unique tripled its stone will carry casual and formal Peak-Load Reduction Program for a 1,400 ton space and got a tax break to boot. apparel, accessories, cosmetics and Trane Earthwise CenTraVac chiller, which operates locally made chocolate. at 0.576 kW/ton in day mode. The system has the “I’m excited to be on the main flexibility to run on chiller, ice or a combination of Jeffrey Unger, senior managing di- street and have so many people walk both. An emergency mode can provide comfort rector at Kalmon Dolgin Affiliates by my front door every day,” Ms. cooling while making ice in the evening. Inc., owner of the five-story build- Jenkins says.“It will be a showcase.” Ice storage tanks charged at ing. Other jewelry companies, in- Ms. Jenkins and property owner night, discharged during the day. A $314,500 NYSERDA incentive cluding watchmaker Tourneau, are Nina DeMartini-Day negotiated helped Morgan Stanley achieve: located there. the deal directly. The asking rent Mr. Anda says he originally was $50 per square foot for the • Estimated summer peak reductions of 740 kW sought more space at the West 46th ground-floor space. • Estimated annual electric savings 870,000 kWh Street building, but none was avail- —elisabeth butler cordova • Estimated annual natural gas savings 150,000 therms able. When he learned about the • Annual operating savings $545,000 city’s Relocation and Employment • A simple payback of 4.5 years Assistance Program, which pro- • Carbon reduction of 475 tons vides the tax credits, he started searching for locations that offered Find out how you can save energy and earn that advantage. incentives. Visit www.nyserda.org/programs “The program made me want to or call 1-866-NYSERDA. go to Long Island City,” says Mr. Anda. Power Saving Partners —theresa agovino Harlem business creates showcase entrepreneur princess jenkins is moving her popular apparel shop, The Brownstone, to Harlem’s busi- est shopping thoroughfare. Ms.Jenkins recently signed a 10-
year lease for nearly 850 square feet levinekarjean at 24 E. 125th St., between Fifth and NEW DIGS FOR DUDS: Princess Jenkins has Madison avenues.She relocated The moved her shop onto bustling East 125th.
EXPLORING CAREERS HOSTS SOUGHT FOR HIGH SCHOOL GROUPS THE GREATER NEW YORK COUNCILS’ Exploring program is seeking businesses to host educational sessions offering high school students the opportunity to explore various industries and make better decisions about possible career choices. The Exploring program puts together groups of 15 to 25 students interested in specific fields, such as journalism, computing services, law or restaurant operations. The student groups meet at the host businesses after school for four or more sessions, learning about career ladders, educational requirements, salary scales and what people in their selected fields actually do. Businesses often arrange special projects for the students, such as preparing marketing materials for a product, designing the concept for a new restaurant, engaging in moot courts and the like. Programs start throughout the year, and the timing is tailored to fit business schedules. Participating organizations include Bloomberg, NYU Medical Center and Crain’s New York Business. For more information, please call Exploring director Bob Hayes at (212) 651-2808, or visit www.nyexploring.org.
32 | Crain’s New York Business | September 3, 2007 CNYB 09-03-07 A 33 8/30/2007 4:56 PM Page 1
REAL ESTATE ON
Events View a current listing of local meetings, seminars and other networking events of interest to real estate professionals. Back issues Use the archives to find Crain’s stories in any previous edition of the paper. Tuesday e-mail Sign up today for Subscribe Crain’s Real Estate Insider, a Use the weekly e-mail newsletter featuring “Subscribe the latest deals, events and per- now” button sonnel moves in one of the hottest to order the industries. To register, go to weekly print www.NewYorkBusiness.com/ edition of signup. Crain’s Breaking news E-mail alerts keep New York you up-to-date on local Business as well as digital developments in the commercial subscriptions to the newspaper, the and residential real estate business daily Insider political newsletter and as they happen. the daily Pulse health care Company alerts Visitors to the newsletter. Crain’s Web site can sign up for e-mail alerts that provide news about a particular real estate brokerage or firm. Resources Get easy links to government agencies and industry groups involved in New York real estate.
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September 3, 2007 | Crain’s New York Business | 33 CNYB 09-03-07 A 34 8/30/2007 4:58 PM Page 1
IN A NUTSHELL For building tracker, slow growth pays YALE ROBBINS FOUNDED 1976 hundreds of deals and profile with www.mrofficespace.com, REVENUE $10 million Real estate publisher thousands of buildings, but the which includes availability list- PUBLICATIONS Print: 23 Yale Robbins outlives brothers have grown the only ings, as well as maps and pictures. Online: 7 many rivals way they could on a limited The site has thrived in the shadow EMPLOYEES 40 full-time, budget: organically. of CoStar, a subscription-based 10 part-time “We financed our growth service offering more in-depth in- from our cash flow,” Henry Rob- formation, partly because MrOf- OLDEST ROBBINS ON PAYROLL BY STEVE GARMHAUSEN bins says.“The bottom line is that ficeSpace is free. Its revenues come Mary, 89, controller, we’re risk-averse—and that means from charging owners to upgrade founders’ mother n the past decade, a num- we have a slow growth rate.” their listings with things like extra YOUNGEST Joanna, 25, trade- ber of Web-based publishers The firm began as a consulting photos and virtual tours. show manager, Yale’s daughter established to provide data to service for New York apartment TOTAL COVERAGE: Yale Robbins has added a booming real estate market builders in 1976; in 1983, it added markets, as well as print and online products. It’s the research, stupid have gone bust. High-profile what has become its cornerstone the robbins’roots in the industry Ioutfits, including Zethus and Dow product, Office Buildings magazine, go deep. Yale Robbins worked as a condos and co-ops in New York. Jones & Co.’s Teleres,devoured mil- a catalog of Manhattan’s commer- than say, ‘Here’s all the data in the broker before starting the business. They added a Boston edition this lions of dollars on their way to an cial property inventory.Editions for world; go sift through it.’ ” A year later, his younger sibling, summer. early grave, while one small local other markets, including Boston In fact,given that Office Buildings armed with a B.B.A.in finance from Like all other Yale Robbins’paper company quietly prospered. and Philadelphia, followed. relies heavily on paid advertise- Baruch College, joined him. publications, The Cooperator is also Real estate research and publish- ments, what it doesn’t contain— The firm continues to rely exclu- online. But having seen many a vir- ing firm Yale Robbins Inc., run by No more words than required space listings—is just as important sively on in-house research. “Real tual entity implode, the brothers are brothers Yale and Henry Robbins, the new york edition, which as what it does. Listings would estate is a local business,” Henry committed to the dead-tree medi- boasts 50 employees and annual goes to 10,000 subscribers, is fa- quickly date the magazine, which is Robbins says.“Pretty quickly,the lo- um. In fact, they plan to introduce sales of nearly $10 million. Revenue mous for its economy. It provides published annually. cals will know if your information is another print title—under wraps for comes from a battery of publica- one high-resolution photo of a “It has a [relatively long] shelf good or bad.” now—by second-quarter 2008. tions—print and online—covering building and a few key details about life, so it’s a good medium for adver- The company has also moved “Everybody has been talking for markets in 11 cities and conferences each entry, including owner, floor tising,”says Steve Coutts,senior vice into related niches.In 1998,it began the last 15 years about how print is like the annual Co-Op and Condo sizes, rental agent and tenant roster. president for national research serv- managing listings databases on sites dying,” Henry Robbins says. “I al- Expo at the New York Hilton. “There has always been a ices at real estate brokerage Studley of clients, which range from brokers ways ask people,‘When was the last Many of their larger, better-cap- tremendous amount of information and a former executive at CoStar to economic development corpora- time you took a computer to the italized upstarts threw money around,” Yale Robbins says. “What Group, the world’s largest provider tions. In 2000, it bought The Coop- bathroom to read it?’ ” around, hiring staff and setting up we have tried to do is present [it] in of commercial real estate data. erator,a monthly targeted at owners, expensive computer systems to track a usable format to our readers,rather Yale Robbins went online in 2000 managers and board members of COMMENTS? [email protected]
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34 | Crain’s New York Business | September 3, 2007 Project1 7/23/07 1:26 PM Page 1
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THE WEEKS AHEAD
THIS WEEK’S EVENTS p.m., 151 W. 34th St. Fee: $35. assistance program. 6:30 p.m. to 9:30 [email protected] 9:30 a.m., Broadway Millennium Hotel, SEPTEMBER 4 (718) 757-6933. p.m., Tuesdays, 175 Remsen St., suite SEPTEMBER 19 145 W. 44th St. Fee: $65. Gold Place Network holds networking SEPTEMBER 18 350, Brooklyn. Fee: $240. Networking for Professionals holds (212) 210-0739 or reception. 6:00 p.m. to 8:30 p.m. Café New York Investing Meetup holds (718) 522-4600, ext. 10, or networking reception. 6:30 p.m. to 8:30 www.newyorkbusiness.com/events. Metro, 14 E. 42nd St., lower level. Fee: lecture on the future of the stock market. [email protected] p.m., Techspace, 41 E. 11th St., 11th SEPTEMBER 20 $20. (212) 465-8080. 6:30 p.m. to 8:30 p.m., 1290 Sixth Ave. SEPTEMBER 19 floor. Fee: $25 members and $35 Institute of Real Estate Management, SEPTEMBER 6 Free. (212) 255-7327 or New York Commercial Real Estate nonmembers in advance; $40 for all at greater New York chapter, holds lunch Brooklyn Chamber of Commerce holds [email protected] Women Network holds information door. (212) 227-6556 or on trends and drivers in retail real real estate networking reception. 5:30 SEPTEMBER 18 session on money on the Street. 6:00 [email protected] estate. 11:30 a.m. to 1:30 p.m., New p.m. to 8:00 p.m., M&T Bank, 91 American Business Media holds p.m. to 8:00 p.m., Sonnenschein SEPTEMBER 19 York Helmsley Hotel, 212 E. 42nd St. Pennsylvania Ave., Brooklyn. Fee: free breakfast on mobile devices as the future Nath & Rosenthal, 1221 Sixth Ave. Fee: Magazine Publishers of America holds Fee: $65 members, $130 nonmembers. for members, $20 nonmembers. of business information. 8:30 a.m. to $50 members, $75 nonmembers. forum on international outsourcing. 8:30 (212) 944-9445 or (718) 246-5219, ext. 2026, or 10:30 a.m., McGraw-Hill Cos., 1221 (212) 499-6573. a.m. to 10:30 a.m., 810 Seventh Ave., [email protected] [email protected] Sixth Ave. Fee: $75 members, SEPTEMBER 19 24th floor. Fee: $125 members, $225 —adrianne pasquarelli SEPTEMBER 6 $95 nonmembers. Advertising Women of New York holds nonmembers. (212) 872-3733 or Illuminating Engineering Society of (212) 661-6360, ext. 3337. networking reception. 6:00 p.m. to 8:00 [email protected] More meetings online at New York holds lecture on the quality of SEPTEMBER 18-DECEMBER 18 p.m., USA Today, 535 Madison Ave., SEPTEMBER 20 www.newyorkbusiness.com the visual environment. 5:30 p.m. to Brooklyn Economic Development 32nd floor. Fee: $40 members, $65 Crain’s New York Business holds Small Click on “Events” 8:00 p.m., Center for Architecture, 536 Corp. holds 14-session entrepreneurial nonmembers. (212) 221-7969 or Business Awards breakfast. 8:00 a.m. to La Guardia Place. Fee: free for members, $10 nonmembers. (212) 473-3139. SEPTEMBER 10-16 SEPTEMBER 10 Learning Annex holds seminar on how to become a power broker in New York. 6:30 p.m. to 9:30 p.m., 16 E. 53rd St., fourth floor. Fee: $44.90. (212) 371-0280 or [email protected] SEPTEMBER 10 New York Coalition of Professional Women in the Arts & Media holds networking reception. 6:30 p.m. to 9:00 p.m., Julia Miles Theater, 424 W. 55th St. Fee: $15 in advance, $20 at door. (212) 592-4511 or BECAUSE THERE’S NO TIME FOR DOWNTIME. [email protected] SEPTEMBER 10-NOVEMBER 15 Camba Small Business Services holds a 10-week workshop on taking care of business. 6:00 p.m. to 9:00 p.m., Mondays and Wednesdays, 884 Flatbush Ave., second floor, Brooklyn. Fee: $125. (718) 282-2500, ext. 242, or [email protected] SEPTEMBER 11 Nonprofit HelpDesk and Brooklyn College hold workshop on bookkeeping. 9:00 a.m. to 5:00 p.m., 2900 Bedford Ave. Fee: free for members, $200 nonmembers. (718) 449-5000, ext. 7. SEPTEMBER 12 Five O’Clock Club Executive Job Search Group holds seminar on effective networking. 6:30 p.m. to 8:30 p.m., 11 Penn Plaza, fifth floor. Fee: $50. (914) 788-5482 or [email protected] Palm® TreoTM 700wxBlackBerry® 8830 Motorola QTM Black SEPTEMBER 13 World Edition City Hall Toastmasters holds meeting on public speaking. 6:00 p.m. to 7:30 p.m., St. Andrews Church, 20 Cardinal MAKE THE MOST OF EVERY MINUTE WITH AMERICA’S Hayes Place. Free. (917) 415-4186 or [email protected] MOST RELIABLE WIRELESS VOICE AND DATA NETWORK. SEPTEMBER 13 • Send and receive e-mail • Open and review attachments Pace University’s Small Business Development Center holds workshop • Surf the Web at broadband speeds • Organize your schedule on business planning. 5:30 p.m. to 7:30 p.m., 163 William St., 15th floor. Free. (212) 618-6655 or [email protected] SEPTEMBER 15 LIMITED-TIME OFFER: $100 advanced device credit: Offer valid with new voice plan of $39.99 monthly access or Craigslist Foundation holds nonprofit higher and a data feature of $44.99 monthly boot camp. 8:30 a.m. to 5:30 p.m., $ access or any America’s Choice® E-mail Plan Brooklyn Academy of Music, 30 100 OFF starting at $79.99 monthly access, all with Lafayette St., Brooklyn. Fee: $50. a new 2 year activation. Cannot be combined (212) 500-5953, ext. 118. ANY SMARTPHONE with other device discounts. SEPTEMBER 17-23 SEPTEMBER 17 F2F Speed Networking holds networking reception. 6:00 p.m. to 8:30 CALL TODAY! 1-800-670-0222 verizonwireless.com
TO LIST YOUR EVENT VERIZON WIRELESS COMMUNICATIONS STORES See store for Return/Exchange Policy. Crain’s lists business meetings online and includes MANHATTAN 57 W. 57th St. 100 Wall St. & Water Westbury Smith Haven Visit the Verizon Wireless Store them in the print edition on a space-available basis. 342 Madison Ave. btwn. 5th & 6th Ave. (Closed Sat & Sun) 49 Old Country Rd. 1 Smith Haven Mall inside Circuit City and BJ’s. Events in New York City with admission fees of less & 43rd St. 212-980-4860 212-510-6160 516-937-2960 631-382-3720 212-856-6100 than $300 are considered for the print publication. 581 Broadway NASSAU SUFFOLK WESTCHESTER Staffed with Verizon Wireless employees. Union Square 1/2 block south of Rockville Centre Bay Shore White Plains Verizon Wireless Listings can be submitted only through the Crain’s 859 Broadway Houston 265 Sunrise Hwy. South Shore Mall The Westchester Mall in select locations. Web site. To submit a calendar listing, go to 212-206-7587 212-431-4613 516-594-0346 631-968-5432 914-286-4100 www.newyorkbusiness.com and click on “Events.” Hablamos Español Sponsors have a choice of several free or paid list- Access ing options. All business events will be posted Activation fee/line: $35 ($25 for $59.99 Broadband plan). online within two business days. IMPORTANT CONSUMER INFORMATION: Subject to Customer Agreement, Calling Plan and credit approval. Up to $175 early termination fee. Offers and coverage not available everywhere. Advanced Device Credit cannot be combined with other device discounts. BroadbandAccess is available in 242 major metropolitan areas covering more than 210 million people in the U.S. Offers and coverage, varies by service, Crain’s can neither confirm receipt of listings nor say not available everywhere. Shipping charges may apply. While supplies last. Network details and coverage maps at vzw.com. © 2007 Verizon Wireless. if or when event listings will appear in the print edition.
September 3, 2007 | Crain’s New York Business | 37 nb36p38_39_40cls.qxp 8/30/07 2:12 PM Page 38
BUSINESS MANAGEMENT EXECUTIVE PUBLIC & LEGAL NOTICES Business Management Services Cash Management Services ● Bill Payment RECRUITER Name of LLC: PELLA 166 LLC. Arts. of Notice of Formation of BLUE SEA Notice of Formation of Kusa Makura LLC. Arts. Tax & Financial Services ● Financing Assistance Org. filed NY Dept. of State 6/29/07. County CONSTRUCTION CO. LLC. Arts. of Org. filed of Org. filed with Secy. of State of N.Y. (SSNY) (212) 631-9500 ● www.mayercpa.com POSITION AVAILABLE off. loc.: New York County. Sec. of State with Secy. of State of N.Y. (SSNY) on on 8/8/07. Office location: NY County. SSNY designated as agent of LLC upon whom 3/17/1999 as amended. Office location: NY designated as agent of LLC upon whom process against it may be served. Sec. of County. SSNY designated as agent of LLC process against it may be served. SSNY shall FAC, an innovative Brooklyn non-profit State shall mail a copy of process to upon whom process against it may be served. mail process to principal business location: Cash Management & CFO Services seeks Director of Real Estate and Asset Handsman & Kaminsky LLP, 600 Lexington SSNY shall mail process to: Three Park Avenue, c/o The LLC, 224 E. 12th St., NY, NY 10003. Management to oversee growing Avenue, 10th Floor, New York, NY 10022. NY, NY 10016. Purpose: any lawful activity. Purpose: any lawful activity. BUSINESS SERVICES pipeline/portfolio including $100M in Purpose: any lawful activity. affordable housing/comm. dev. projects Notice of Qualification of Domino's Pizza Name of LLC: 1854 NOYACK PATH LLC. NOTICE OF FORMATION OF LIMITED Franchising LLC. Authority filed with NY Arts. of Org. filed NY Dept. of State 5/9/07. and 375 units in management. LIABILITY COMPANY. NAME: PINE 3103, Dept. of State on 3/22/07. Office location: County off. loc.: Suffolk Cty. Sec. of State Qual: Min 7 years of exp. in affordable LLC. Articles of Organization were filed NY County. Principal business address: 24 designated as agent of LLC upon whom housing dev. and asset and/or prop. with the Secretary of State of New York Frank Lloyd Wright Dr., Ann Arbor, MI process against it may be served. Sec. of management and at least 4 years (SSNY) on 02/17/06. Office location: New 48106. LLC formed in Delaware (DE) on State shall mail a copy of process to: 1854 supervisory exp. Must have excellent York County. SSNY has been designated 3/2/07. NY Secy. of State designated as Noyack Path, Noyack, NY 11963. Purpose: finance & underwriting skills. as agent of the LLC upon whom process agent of LLC upon whom process against it any lawful activity. Compensation: $80–$90k depending against it may be served. SSNY shall mail a may be served and shall mail process to: copy of process to the LLC, c/o VL Owners, c/o CT Corporation System, 111 8th Ave., VENICE II LLC. Arts. of Org. filed with the on exp. and qual. Good Benefits. See Inc., ATTN: Sergei Perotine, Manager, 8 NY, NY 10011, registered agent upon whom SOS of NY (SSNY) on 7/23/07. Office loc.: www.fifthave.org for full posting. TELECOMMUNICATIONS Yellowstone Drive, Old Bridge, New Jersey process may be served. DE address of LLC: NY County. SSNY designated as agent of FAC is an EEO employer. 08857. Purpose: For any lawful purpose. 1209 Orange St., Wilmington, DE 19801. LLC upon whom process against it may be Arts. of Org. filed with DE Secy. of State, served. SSNY shall mail process to: Irving POSITION AVAILABLE Notice of Qualification of Roundtable 401 Federal St., Dover, DE 19901. Purpose: J. Gotbaum, 568 Broadway, Suite 505, New Managers LLC. Authority filed with Secy. of any lawful activity. York, NY 10012. Purpose: any lawful activity. State of N.Y. (SSNY) on 6/28/07. Office SALES EXECUTIVE location: NY County. LLC formed in Delaware Notice of Formation of JS 180 Broadway LLC. Notice of Formation of Scott Colee LLC, Art. EMERGENCY NeuLion (www.neulion.com) is seeking a (DE) on 9/15/06. SSNY designated as agent Arts. of Org. filed with Secy. of State of N.Y. of Org. filed Sec'y of State (SSNY) 7/17/07. Sales Executive. The right candidates must of LLC upon whom process against it may be (SSNY) on 8/6/07. Office location: NY County. Office location: NY County. SSNY designated COMMUNICATIONS as agent of LLC upon whom process against be self starters. Work both independently served. SSNY shall mail process to: 280 Park Principal business location: c/o Wharton SYSTEMS Avenue, NY, NY 10017. DE address of LLC: Realty, 20 E. 46th St., NY, NY 10004. SSNY it may be served. SSNY shall mail copy of and cooperatively with others, to develop 2711 Centerville Rd., Ste. 400, Wilmington, designated as agent of LLC upon whom process to c/o Golenbock Eiseman Assor Bell SPECIALISTS clientele and reseller network. Successful DE 19808. Cert. of Form. filed with DE Secy. process against it may be served. SSNY shall & Peskoe LLP, Attn: Lawrence R. Haut, 437 • FREE PICKUP & DELIVERY candidate will have 4–5 years media of State, P.O. Box 898, Dover, DE 19903. mail process to: Corporation Service Company, Madison Ave., NY, NY 10022-7302. Purpose: sales experience and a college degree. Purpose: any lawful activity. 80 State St., Albany, NY 12207. Purpose: any lawful activities. • 48 HOUR Language skills require English and any lawful activity. TURNAROUND Mandarin Chinese. Send resume and cover EMERALD GREENE, LLC App. for Auth. filed Notice of Qualification of MayerCap, LLC, ON REPAIRS letter to [email protected] NY Sec. of State (SSNY) 8/12/05, doing Notice of Formation of Stawski Group, LLC, filed under the original name Mayer Capital • FREE ENGRAVING business under the fictitious name EMERALD Art. of Org. filed Sec'y of State (SSNY) Advisors, LLC, App. for Auth. filed Sec'y GREEN NYC. LLC was organized in DE on of State (SSNY) 5/13/03. Office loc.: NY • 7/12/07. Office location: NY County. SSNY SHORT & LONG 7/29/05.Office in NY Co. SSNY desig. as agent designated as agent of LLC upon whom County. LLC org. in DE 5/8/03. SSNY TERM RENTALS Advertise on of LLC upon whom process may be served. process against it may be served. SSNY designated as agent of LLC upon whom SSNY to mail copy of process to c/o DCD shall mail copy of process to c/o Hofheimer process against it may be served. SSNY www.newyorkbusiness.com Capital, 57 W. 38th St., NY, NY 10018, which Gartlir & Gross LLP, 530 Fifth Ave., NY, NY shall mail copy of process to CSC, 2711 is the principal NY office. Cert. of Org. filed 10036. Purpose: any lawful activities. Latest Centerville Rd., Wilmington, DE 19808, The largest Motorola Dealer in NY State the DE office addr. of LLC. Cert. of Form. 307 Fifth Avenue, NY 10016 Call John Gallagher with SSDE, Div. of Corps. 401 Federal St., Ste. date 12/31/2057. #4, Dover, DE. Purpose: Any lawful purpose. on file: SSDE, Townsend Bldg., Dover, DE 212-532-7400 19901. Purp.: any lawful activities. www.metrocomradio.com @ 212-210-0189 Notice of Qualification of Palatine Hill Notice of Formation of Oceangate Land Emerging Markets Fund, LP, App. for Auth. Holdings L.P. Cert. filed with NY Dept. of State filed Sec'y of State (SSNY) 4/23/07. Office Notice of Formation of AIKIDO KOKIKAI on 8/17/2007. Office location: NY County. location: NY County. LP org. in DE 4/20/07. OF NYC, LLC, a domestic Limited Liability Secy. of State designated as agent of LP upon SSNY designated as agent of LP upon whom Company. Arts. of Org. filed with the SSNY REAL ESTATE whom process against it may be served and process against it may be served. SSNY shall on 07/23/07. Office location: New York shall mail process to the principal business mail copy of process to 600 Fifth Ave., 26th County. SSNY has been designated as address of the LP: c/o Starrett Corp., 70 E. Fl., NY, NY 10020. DE office addr.: c/o CSC, agent upon whom process against the LLC OFFICE SPACE 55th St., 7th Fl., NY, NY 10022, Attn: Stephen 2711 Centerville Rd., Wilmington, DE 19808. may be served. SSNY shall mail a copy of Salup. Name/address of each genl. ptr. Cert. of LP on file: SSDE, Townsend Bldg., process to: The LLC, One Penn Plaza - available from Secy. of State. Term: until Dover, DE 19901. Name/addr. of each gen. ptr. Suite 2410, New York, NY 10119. Purpose: IMMEDIATE OFFICE SPACE 12/31/2032. Purpose: any lawful activity. avail. at SSNY. Purpose: any lawful activities. Any Lawful Purpose. Space by the day, week, month, year and even virtual. REQUEST FOR BIDS 212.573.0909 VornadoFurnishedOfﬁces.com Lincoln Center Development Project, Inc. A Advertisement for Bid • 8-2-07 90 Park 909 Third 330 Madison 770 Broadway COMPANY Sealed bids for Lincoln Center’s Transportation Improvement Project, Package 5, Concourse Garage Renovations will be received by the Turner Construction Company, 375 Hudson Street, New York, New York, 10014, on behalf of Lincoln Center Development Project, Inc. on October 5th 200 7 at 11:00 am. Sealed OFFICE SPACE bids will be publicly opened and read. Each bid must be prepared and submitted in accordance with the Instructions to Bidders and must be accompanied LUXURY by a bid bond in the amount of 5% of the bid value. The scope of work includes creation of a new vehicle entrance ramp, ventilation fan room, and reconfiguration of an existing loading dock. The work includes demolition, excavation, concrete, miscellaneous general carpentry, reconfigured and expanded fire alarm system, reconfigured ve ntilation with CO monitoring 212-947-5500 PROPERTIES and control, fire protection system, emergency lighting, emergency generator and life safety emergency power infrastructure. FOR ALL OFFICE, RETAIL & LOFT SPACES This project involves phasing and logistical considerations dictated by a fully operational performing arts campus, thus work procedures will be governed by New York City, Brooklyn, Queens 500–50,000 SF MANHATTAN the Rules and Regulations and supplementary general conditions included in the bidding documents. UNDER MARKET SUBLETS – NO FEE! The project schedule is November 2007 through November 2008. Anticipated total cost of the project is between $27 MM to $31MM. Search our listings @ www.midcomre.com 5 Upper 5th Avenue Condo Call Paul 212 947-5500 x 100 T (116/115 Street 5th Avenue) All successful bidders will be required to provide a performance bond in the amount of 100% of the bid value and a payment bond as follows: H Incredible 2 bed / 2 bath Condo 1) 50% of the contract price if the contract price is not more than $1,000,000 To place your classified A w/ Terrace. In a GREEN Bldg, Space 2) 40% of the contract price if the contract price is more than $1,000,000 but not more than $5,000,000 v 3) $2,500,000 if the contract price is more than $5,000,000 e and closets galore, Sunny with lots of ad call John Gallagher n windows. Low maint. and taxes. Asking This Contract is subject to the Federal Transit Administration (FTA) requirements, including the Disadvantaged Business Enterprise (DBE) requirements. DBE goal is 11%. u @ 212-210-0189 u $675k. Call Marvin at 917 685-5855 Interested bidders are strongly encouraged to submit Vendex applications to the Mayors Office of Contracts as Vendex is a contract requirement. e www.contemporaryharlem.com There will be an optional Site Walk through on 9/5/07 at 1:30 pm. There will be an optional Pre-Bid Conference, suggested but not mandatory, for all interested bidders to be held at the field o ffices of Turner Construction, 140 West 65th Street, New York, New York 10023 on 9/11/07 at 1:30 pm PUBLIC & LEGAL NOTICES Bidders are advised of the following Bid Packages: Bid Package # 5– GC–General Contractor (includes scopes of work as shown on Drawings and Specifications enumerated by the Architectural, Notice of Qualification of Credit Suisse GTAA Notice of Qualification of AG Diversified Structural and Civil/Traffic Table of Contents pages TOC-1 through TOC-6). Global Macro Co-Investors, LP. Authority filed Credit Strategies GP LLC. Authority filed with Bid Package # 5– Plumbing with Secy. of State of N.Y. (SSNY) on 7/11/07. Secy. of State of N.Y. (SSNY) on 7/25/07. Bid Package # 5– Fire Protection Office location: NY County. LP formed in Office location: NY County. Principal business Bid Package # 5– H.V.A.C Delaware (DE) on 5/4/07. SSNY designated as location: 245 Park Avenue, 26th Fl., NY, NY Bid Package # 5– Electrical agent of LP upon whom process against it 10167. LLC formed in Delaware (DE) on Bid documents will be available beginning on August 24, 2007 at: may be served. SSNY shall mail process 6/21/07. SSNY designated as agent of LLC to principal business location: c/o DLJ LBO upon whom process against it may be served. BPI Reprographics Plans Management Corporation, 11 Madison SSNY shall mail process to: c/o Corporation 11 Broadway, New York, New York 10004 Ave., NY, NY 10010. DE address of LP: c/o Service Company (CSC), 80 State Street, Phone: 212-514-8010 Corporation Service Co., 2711 Centerville Rd., Albany, NY 12207. DE address of LLC: c/o Fax: 212-514-8038 Ste. 400, Wilmington, DE 19808. Name/address CSC, 2711 Centerville Road, Wilmington, Attention: Irwin Sherman of each genl. ptr. available from SSNY. Cert. of DE 19808. Arts. of Org. filed with DE Secy. Please call to place an order before pickup. The cost of the bid documents is $75.00 and is refundable in accordance with instructions included in bid documents. LP filed with DE Secy. of State, 401 Federal St., of State, Townsend Bldg., Dover, DE 19901. Dover, DE 19901. Purpose: any lawful activity. Purpose: any lawful activity. For Assistance pertaining to this Advertisement, contact Anthony Juhas, at 212-229-6176 or Keith Finerty at 212-229-6457.
38 | Crain’s New York Business | September 3, 2007 nb36p38_39_40cls.qxp 8/30/07 11:23 AM Page 39
PUBLIC & LEGAL NOTICES
Notice of Qualification of Normandy NV Notice of formation of STEPHEN R. RAMSAY Notice of Formation of Impark Cadman LLC. Notice of Formation of LK 530 LLC. Arts. of Notice of Qualification of Ameriflight, LLC. Westchester Owner, LLC. Authority filed with DMD, P.L.L.C. a NYS LLC Formation filed Arts. of Org. filed with Secy. of State of NY Org. filed with Secy. of State of N.Y. (SSNY) Authority filed with Secy. of State of N.Y. Secy. of State of N.Y. (SSNY) on 6/29/07. with SSNY on 03/21/07. Off. Loc.: New (SSNY) on 3/3/06. Office location: NY County. on 7/18/07. Office location: NY County. (SSNY) on 6/28/07. Office location: NY Office location: NY County. LLC formed in York Co. SSNY designated as agt. of LLC, SSNY designated as agent of LLC upon whom Principal business location: 737 Park Ave., NY, County. LLC formed in Nevada (NV) on Delaware (DE) on 6/12/07. SSNY designated upon whom process may be served. SSNY process against it may be served and shall NY 10021. SSNY designated as agent of LLC 5/11/05. SSNY designated as agent of LLC as agent of LLC upon whom process against shall mail copy of process to: The LLC, 257 mail process to: c/o CT Corporation System, upon whom process against it may be served. upon whom process against it may be it may be served. SSNY shall mail process to: Lexington Avenue, New York, NY 10016. 111 8th Ave., NY, NY 10011, registered agent SSNY shall mail process to: c/o Corporation served. SSNY shall mail process to: c/o CT c/o CT Corporation System, 111 8th Ave., NY, Purpose: Any Lawful purposes. upon whom process may be served. Purpose: Service Company, 80 State St., Albany, NY Corporation System, 111 8th Ave., NY, NY NY 10011, registered agent upon whom any lawful activity. 12207. Purpose: any lawful activity. 10011, registered agent upon whom process process may be served. DE address of LLC: Notice of Formation of 554 East 82 LLC. Arts. may be served. Principal office of LLC: 4700 c/o The Corporation Trust Company, 1209 of Org. filed with Secy. of State of N.Y. (SSNY) Notice of Qualification of Och-Ziff Real Estate Notice of Qualification of North Hill Holding Empire Ave., Burbank, CA 91505. Arts. of Orange St., Wilmington, DE 19801. Arts. of on 7/10/07. Office location: NY County. SSNY Management, L.L.C. Authority filed with NY of New York, LLC. Authority filed with NY Org. filed with NV Secy. of State, 202 North Org. filed with DE Secy. of State, 401 Federal designated as agent of LLC upon whom Dept. of State on 5/29/07. Office location: NY Dept. of State on 8/3/07. Office location: NY Carson St., Carson City, NV 89701. Purpose: St., Ste. 4, Dover, DE 19901. Purpose: real process against it may be served. SSNY shall County. Principal business address: 9 W. County. LLC formed in Delaware (DE) on all lawful purposes. estate investment. mail process to principal business location: 57th St., NY, NY 10019. LLC formed in 7/16/07. NY Secy. of State designated as c/o The LLC, 151 E. 81st St., Ste. 1E, NY, NY Delaware (DE) on 11/14/03. NY Secy. of agent of LLC upon whom process against it Notice of Qualification of BREOF BNK2 New Notice of Formation of 200 West 55th Street, 10028. Purpose: any lawful activity. State designated as agent of LLC upon whom may be served and shall mail process to York LLC. Authority filed with NY Dept. of LLC, Art. of Org. filed Sec'y of State (SSNY) process against it may be served and shall the principal business address of the LLC: State on 8/1/07. Office location: NY County. 11/21/05. Office location: NY County. SSNY 51 E. 42nd St., Ste. 300, NY, NY 10017. DE Notice of Qualification of Hawkshaw Capital mail process to: c/o CT Corporation System, Principal business address: 3 World Financial designated as agent of LLC upon whom address of LLC: c/o The Corporation Trust Partners, LP, App. for Auth. filed Sec'y of State 111 8th Ave., NY, NY 10011, registered agent Ctr., 3rd Fl., NY, NY 10281. LLC formed in process against it may be served. SSNY Co., 1209 Orange St., Wilmington, DE 19801. (SSNY) 2/7/03. Office location: NY County. LP upon whom process may be served. DE Delaware (DE) on 7/24/07. NY Secy. of State shall mail copy of process to c/o Dahan & Arts. of Org. filed with DE Secy. of State, org. in DE 2/6/03. SSNY designated as agent address of LLC: The Corporation Trust Co., designated as agent of LLC upon whom Nowick LLP, 1700 Broadway, NY, NY 10019. 401 Federal St., Dover, DE 19901. Purpose: of LP upon whom process against it may be 1209 Orange St., Wilmington, DE 19801. process against it may be served and shall Purpose: any lawful activities. any lawful activity. served. SSNY shall mail copy of process to Arts. of Org. filed with DE Secy. of State, mail process to: c/o CT Corporation System, Townsend Bldg., Dover, DE 19901. 111 8th Ave., NY, NY 10011. DE address of Notice of Qualification of Mount Daly Partners, Attn: Frank Byrd, 400 Madison Ave., NY, NY Purpose: any lawful activity. Notice of Qualification of Investor Education LLC: 1209 Orange St., Wilmington, DE 19801. LLC. Authority filed with Secy. of State of N.Y. 10017. DE office addr.: c/o CSC, 2711 Collaborative, LLC, App. for Auth. filed Sec'y Arts. of Org. filed with DE Secy. of State, 401 (SSNY) on 7/6/07. Office location: NY County. Centerville Rd., Wilmington, DE 19808. Cert. of State (SSNY) 4/16/04. Office location: Federal St., Dover, DE 19901. Purpose: any Principal business location: c/o Sopris Capital of LP on file: SSDE, Townsend Bldg., Dover, Notice of Formation of Olmstead 315 LLC. NY County. LLC org. in DE 4/1/04. SSNY lawful activity. Associates, LLC, 350 Park Ave., 24th Fl., NY, DE 19901. Name/addr. of each gen. ptr. avail. Arts. of Org. filed with Secy. of State of N.Y. at SSNY. Purpose: any lawful activities. (SSNY) on 7/18/07. Office location: NY designated as agent of LLC upon whom NY. LLC formed in Delaware (DE) on 5/31/07. process against it may be served. SSNY SSNY designated as agent of LLC upon whom County. SSNY designated as agent of LLC SUSAN TEEGER MEDICAL PRACTICE, PLLC upon whom process against it may be served. shall mail copy of process to 17 State St., Articles of Org. filed NY Sec. of State (SSNY) process against it may be served. SSNY shall Notice of Formation of 142 Wooster Street NY, NY 10004. DE office addr.: c/o CSC, mail process to: c/o Corporation Service SSNY shall mail process to principal business 5/16/07. Office in NY Co. SSNY desig. agent LLC, Art. of Org. filed Sec'y of State (SSNY) location: c/o Olmstead Properties, Inc., 575 2711 Centerville Rd., Wilmington, DE 19808. of LLC upon whom process may be served. Company, 80 State St., Albany, NY 12207. DE 7/19/07. Office location: NY County. SSNY Cert. of Form. on file: SSDE, Townsend address of LLC: 2711 Centerville Rd., Ste. 8th Ave., Ste. 2400, NY, NY 10018. Purpose: SSNY shall mail copy of process to c/o designated as agent of LLC upon whom any lawful activity. Bldg., Dover, DE 19901. Purpose: any Newhouse & Shey LLP, 3 W. 35th St., 9th Fl., 400, Wilmington, DE 19808. Arts. of Org. filed process against it may be served. SSNY shall lawful activities. with DE Secy. of State, 401 Federal St., Ste. 4, NY, NY 10001. Purpose: To practice medicine mail copy of process to c/o Nat. Reg. Agents, Notice of Formation of MATTERMINDS Dover, DE 19901. Purpose: any lawful activity. 875 Ave of the Americas, Ste. 501, NY, NY Name of Foreign LLC: Helmut Lang LLC (Fict. SEARCH LLC. Arts. of Org. filed with the Notice of Qualification of DB Midtown TDR 10001, the Reg. Agt. upon whom proc. may Name: Helmut Lang New York LLC). Appl. for Secy. of State of NY (SSNY) on 7/19/07. LLC. Authority filed with NY Dept. of State on Notice of Qualification of Traxis Emerging be served. Purpose: any lawful activities. Auth. filed NY Dept. of State: 6/27/07. Jurisd. Office location: NY County. SSNY designated 12/26/06. Office location: NY County. LLC Markets Opportunities Onshore Fund GP LLC. and date of org.: DE 3/13/06. County off. loc.: as agent of LLC upon whom process against formed in Delaware (DE) on 12/11/06. NY Authority filed with Secy. of State of N.Y. New York County. Princ. bus. loc.: 38 Notice of Formation of EBQ EIS, LLC. Arts. of it may be served and shall mail process to: Secy. of State designated as agent of LLC (SSNY) on 6/25/07. Office location: NY Gansevoort St., NY, NY 10014. Sec. of State Org. filed with NY Dept. of State on 4/2/07. The LLC, 173 East 74 th Street, 3A, New York, upon whom process against it may be served County. Principal business location: 600 Fifth designated as agent of foreign LLC upon Office location: NY County. Secy. of State NY 10021. Purpose: any lawful activity. and shall mail process to: 1345 Ave. of the Ave., 20th Fl., NY, NY 10020. LLC formed in whom process may be served. The Sec. of designated as agent of LLC upon whom Americas, 46th Fl., NY, NY 10105, principal Delaware (DE) on 4/30/07. SSNY designated State shall mail copy of process to the LLC: process against it may be served and shall Notice of Formation of Michael Andrews business address of the LLC. DE address of as agent of LLC upon whom process against 38 Gansevoort St., NY, NY 10014. Addr. of mail process to the principal business address LLC, Art. of Org. filed Sec'y of State (SSNY) LLC: National Corporate Research, Ltd., 615 it may be served. SSNY shall mail process to: foreign LLC in DE is: c/o National Corporate of the LLC: 1954 Flatbush Ave., Brooklyn, NY 3/14/06. Office location: NY County. SSNY S. DuPont Hwy., Dover, DE 19901. Cert. of c/o Corporation Service Company (CSC), 80 Research, Ltd., 615 South DuPont Hwy., 11234. Purpose: any lawful activity. designated as agent of LLC upon whom Form. filed with DE Secy. of State, Div. of State St., Albany, NY 12207, registered agent Dover, DE 19901. Auth. office in DE where process against it may be served. SSNY Corps., Townsend Bldg., Dover, DE 19901. upon whom process may be served. DE Cert. of Form. filed: Sec. of State of DE, John Notice of Qualification of BR 1355 First Avenue, shall mail copy of process to Michael Brian Purpose: any lawful activity. address of LLC: CSC, 2711 Centerville Road, G. Townsend Bldg., Dover, DE 19901. LLC, App. for Auth. filed Sec'y of State (SSNY) Mantegna, 90 Clinton St., Ste. 2H, NY, NY Wilmington, DE 19808. Cert. of Form. filed Purpose: any lawful activity. with DE Secy. of State, Townsend Bldg., Dover, 6/29/07. Office location: NY County. LLC org. 10002. Purpose: any lawful activities. Notice of Qualification of Dry Brook Credit DE 19901. Purpose: any lawful activity. in DE 3/29/07. SSNY designated as agent of Opportunities, LP, App. for Auth. filed Sec'y LLC upon whom process against it may be Notice of Qualification of Embassy House NOTICE OF QUALIFICATIONS OF West Owner LLC. Authority filed with Secy. of State of State (SSNY) 6/25/07. Office location: Notice of Qualification of Harbert Merger served. SSNY shall mail copy of process to Monroe Partners LLC. Articles of Organization NY County. LP org. in DE 2/26/07. SSNY Arbitrage and Event Driven GP, L.L.C., App. for c/o Nat. Reg. Agents, 875 Ave of the Americas, of N.Y. (SSNY) on 7/18/07. Office location: NY filed with the Secretary of State of New York County. LLC formed in Delaware (DE) on designated as agent of LP upon whom Auth. filed Sec'y of State (SSNY) 11/2/06. Ste. 501, NY, NY 10001. DE office addr.: 2711 on May 18, 2007. N.Y. Office Location: New process against it may be served. SSNY Office location: NY County. LLC org. in DE Centerville Rd., Wilmington, DE 19808. Cert. 7/16/07. SSNY designated as agent of LLC York County. LLC formed in Delaware on April upon whom process against it may be served. shall mail copy of process to Attn: Tanya 10/31/06. SSNY designated as agent of LLC of Form. on file: SSDE, Townsend Bldg., Dover, 17, 2002 SSNY has been designated as agent Pulver, 400 Madison Ave., Ste. 5D, NY, NY upon whom process against it may be served. DE 19901. Purpose: any lawful activities. SSNY shall mail process to principal office of LLC upon process against it may be address of LLC: c/o National Registered 10017. DE office addr.: c/o CSC, 2711 SSNY shall mail copy of process to 555 served. The P.O. address to which the SSNY Centerville Rd., Wilmington, DE 19808. Cert. Madison Ave., 16th Fl., NY, NY 10022. DE Agents, Inc., 875 Ave. of the Americas, Notice of Qualification of GE Westbury Holding shall mail a copy of any process against the Ste. 501, NY, NY 10001, the registered of LP on file: SSDE, Townsend Bldg., Dover, office addr.: c/o CSC, 2711 Centerville Rd., LLC. Authority filed with Secy. of State of N.Y. LLC served upon him/her is C/O the LLC: 175 DE 19901. Name/addr. of each gen. ptr. avail. Wilmington, DE 19808. Cert. of Form. on file: agent upon whom process may be served. (SSNY) on 7/11/07. Office location: NY W. Jackson Blvd. Suite 2200, Chicago IL Arts. of Org. filed with DE Secy. of State, at SSNY. Purpose: any lawful activities. SSDE, Townsend Bldg., Dover, DE 19901. County. LLC formed in Delaware (DE) on 60604. The Principal Business Address of the Purpose: any lawful activities. 401 Federal St., Ste. 4, Dover, DE 19901 7/10/07. SSNY designated as agent of LLC LLC is: 175 W. Jackson Blvd. Suite 2200, Purpose: real estate investment. Notice of Qualification of Granite Companies upon whom process against it may be served. Chicago IL 60604. Dissolution date N/A. LLC. Authority filed with Secy. of State of Notice of Qualification of Akana Incubator SSNY shall mail process to: c/o JPMorgan Purpose of LLC: Full service technology and NY on 01/24/06. Office loc.: NY Co. LLC Fund, LP, App. for Auth. filed Sec'y of State Notice of Formation of Royal Field Management Chase Bank, Attn: Diane McGuire, 345 Park business consulting firm. formed in Delaware (DE) on 11/07/03. SSNY (SSNY) 12/5/06. Office location: NY County. Company LLC. Arts. of Org. filed with Secy. Ave., 8th Fl., NY, NY 10154. DE address of designated as agent upon whom process LP org. in DE 12/4/06. SSNY designated as of State of N.Y. (SSNY) on 11/17/06. Office LLC: Corporation Service Company, 2711 against it may be served and shall mail agent of LP upon whom process against it Notice of Qualification of Insight Venture location: NY County. SSNY designated as Centerville Rd., Ste. 400, Wilmington, DE process to the principal business address of may be served. SSNY shall mail copy of Partners VI (Co-Investors), L.P. Authority filed agent of LLC upon whom process against it 19808. Arts. of Org. filed with DE Secy. of the LLC: 214 W. 39th Street, NY, NY 10008. process to Attn: John Bu, 444 Madison Ave., with Secy. of State of NY (SSNY) on 7/11/07. may be served. SSNY shall mail process to: State, 401 Federal St., Ste. 4, Dover, DE DE address of LLC: c/o The Corporation 12th Fl., NY, NY 10022. DE office addr.: c/o Office location: NY County. LP formed in Royal Field, LLC, 164 W. 128 St., Ste. 1C, 19901. Purpose: any lawful activity. Trust Co., 1209 Orange St., Wilmington, DE CSC, 2711 Centerville Rd., Wilmington, DE Delaware (DE) on 3/29/07. SSNY designated NY, NY 10027. Purpose: any lawful activity. 19801. Cert. of Form. filed with DE Secy. of 19808. Cert. of LP on file: SSDE, Townsend as agent of LP upon whom process against it State, 401 Federal St., Dover, DE 19901. Bldg., Dover, DE 19901. Name/addr. of each Notice of Qualification of VII West 75th Street may be served. SSNY shall mail process to: Notice of Qualification of Seidman Private Purpose: any lawful activity. gen. ptr. avail. at SSNY. Purpose: any lawful Owner, LLC, App. for Auth. filed Sec'y of State c/o National Registered Agents, Inc., 875 Advisors, LLC. Authority filed with Secy. of activities. (SSNY) 7/26/07. Office location: NY County. Avenue of the Americas., Ste. 501, NY, NY State of N.Y. (SSNY) on 7/24/07. Office LLC org. in DE 7/3/07. SSNY designated as 10001, also registered agent. DE address of location: NY County. LLC formed in Delaware Notice of Qualification of GS Employee Fund Notice of Formation of Shruti Realty, LLC, Art. agent of LLC upon whom process against it LP: 1209 Orange St., Wilmington, DE 19801. (DE) on 4/21/04. SSNY designated as agent 2000 Offshore (Corporate), L.P. Authority filed of Org. filed Sec'y of State (SSNY) 4/11/07. may be served. SSNY shall mail copy of Name/address of genl. ptr. available from of LLC upon whom process against it may with Secy. of State of N.Y. (SSNY) on 5/16/07. Office location: NY County. SSNY designated process to c/o Nat. Reg. Agents, 875 Ave of SSNY. Cert. of LP filed with DE Secy. of State, be served. SSNY shall mail process to: c/o Office location: NY County. LP formed in as agent of LLC upon whom process against the Americas, Ste. 501, NY, NY 10001, the Federal & Duke of York Sts., Dover, DE 19901. Corporation Service Co. (CSC), 80 State St., Cayman Islands (CI) on 8/1/00. SSNY it may be served. SSNY shall mail copy of Reg. Agt. upon whom proc. may be served. Purpose: any lawful activities. Albany, NY 12207. DE address of LLC: c/o CSC, designated as agent of LP upon whom process process to Myron Kove, Esq., 1199 Park DE office addr.: 160 Greentree Dr., Ste. 101, 2711 Centerville Rd., Ste. 400, Wilmington, against it may be served. SSNY shall mail Ave., Apt. 8F, NY, NY 10128. Purpose: any Dover, DE 19904. Cert. of Form. on file: Notice of Formation of Life Long Fitness DE 19808. Arts. of Org. filed with DE Secy. process to: 85 Broad St., NY, NY 10004. CI lawful activities. SSDE, Townsend Bldg., Dover, DE 19901. LLC. Arts. of Org. filed with Secy. of State of State, Townsend Bldg., Dover, DE 19901. address of LP: c/o M & C Corporate Services Purpose: any lawful activities. of NY (SSNY) on 7/18/07. Office location: Purpose: any lawful activity. Ltd., P.O. Box 309GT, Ugland House, South Notice of Qualification of D. E. Shaw Composite NY Co. SSNY designated as agent of LLC Church St., George Town, Grand Cayman, CI, Side Pocket Series 4, L.L.C. Authority filed Notice of Qualification of Pinkerton Government upon whom process against it may be served. Notice of Qualification of Source Broadband BWI. Name/address of each genl. ptr. available with NY Dept. of State on 6/14/07. Office Services, LLC. Authority filed with Secy. of SSNY shall mail process to: The LLC, 56 Services, LLC. Authority filed with Secy. from SSNY. Cert. of LP filed with Registrar of location: NY County. LLC formed in Delaware State of NY (SSNY) on 8/2/07. Office location: Ludlow St., 2nd Fl, NY, NY 10002. Purpose: of State of N.Y. (SSNY) on 7/2/07. Office Exempted LPs, Elizabethan Sq., 4th Fl., Phase (DE) on 9/20/06. NY Secy. of State designated NY County. LLC formed in Delaware (DE) on any lawful activities. location: NY County. LLC formed in Delaware Four, George Town, Grand Cayman, CI. as agent of LLC upon whom process against 6/30/89. SSNY designated as agent of LLC (DE) on 5/15/07. SSNY designated as agent Purpose: any lawful activity. it may be served and shall mail process to: D. upon whom process against it may be served. Notice of Formation of Flamengo Partners of LLC upon whom process against it may E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., SSNY shall mail process to: c/o National LLC. Arts. Of Org. filed with Secy. of State of be served. SSNY shall mail process to: c/o ISHIDA/CRANDALL LLC Articles of Org. Tower 45, NY, NY 10036, Attn: Bertrand C. Registered Agents, Inc., 875 Ave of the N.Y. (SSNY) on 07/20/2007. Office location: CT Corporation System, 111 8th Ave., NY, NY filed NY Sec. of State (SSNY) 7/17/07. Office Fry, General Counsel, registered agent upon Americas, Ste 501, NY, NY 10001. Address New York County. SSNY designated as agent 10011, registered agent upon whom process in NY Co. SSNY desig. agent of LLC upon whom process may be served. DE address of to be maintained in DE: 160 Greentree Dr., of LLC upon whom process against it may be may be served. DE address of LLC: 1209 whom process may be served. SSNY shall LLC: 1209 Orange St., Wilmington, DE 19801. Ste 101, Dover, DE 19904. Arts. of Org. served. SSNY shall mail process to: c/o Gallet Orange St., Wilmington, DE 19801. Arts. of mail copy of process to 373 Broadway, Arts. of Org. filed with DE Secy. of State, 401 filed with DE Secy. Of State, 401 Federal Dreyer & Berkey, LLP, 845 Third Avenue, 8th Org. filed with DE Secy. of State, 401 Federal Ste. D8, NY, NY 10013, which is also the Federal St., Dover, DE 19901. Purpose: any St., Ste 4., Dover, DE 19901. Purpose: any Floor, New York, NY 10022-6601- Att: David St., Ste. 4, Dover, DE 19901. Purpose: all principal business location. Purpose: Any lawful activity. lawful activities. L. Berkey, Esq. Purpose: any lawful activity. lawful purposes. lawful purpose.
September 3, 2007 | Crain’s New York Business | 39 nb36p38_39_40cls.qxp 8/30/07 11:12 AM Page 40
PUBLIC & LEGAL NOTICES
Notice of Qualification of Merrill Lynch Notice of Qualification of Emerging Sovereign Notice of Formation of Henpecked LLC. Arts. Notice of Formation of Ascend TC, LLC. Arts. Notice of Formation of YA ASSOCIATES, LLC. Purchase Price Investment LLC. Authority Fund LP, App. for Auth. filed Sec'y of State of Org. filed with Secy. of State of N.Y. (SSNY) of Org. filed with Secy. of State of N.Y. (SSNY) Arts. of Org. filed with Secy. of State of N.Y. filed with NY Dept. of State on 7/27/07. Office (SSNY) 2/4/02. Office location: NY County. LP on 7/24/07. Office location: NY County. SSNY on 6/25/07. Office location: NY County. SSNY (SSNY) on 7/13/1999. Office location: NY location: NY County. LLC formed in Delaware org. in DE 1/30/02. SSNY designated as agent designated as agent of LLC upon whom process designated as agent of LLC upon whom County. SSNY designated as agent of LLC (DE) on 6/26/07. NY Secy. of State designated of LP upon whom process against it may be against it may be served. SSNY shall mail process against it may be served. SSNY shall upon whom process against it may be served. as agent of LLC upon whom process against served. SSNY shall mail copy of process to process to principal business location: 99 mail process to: Corporation Service SSNY shall mail process to: Three Park Avenue, it may be served and shall mail process to: 101 Park Ave., 48th Fl., NY, NY 10178. DE Suffolk St., NY, NY 10002. Purpose: any Company, 80 State St., Albany, NY 12207. NY, NY 10016. Purpose: any lawful activity. 225 Liberty St., 2 World Financial Center, office addr.: c/o CSC, 2711 Centerville Rd., lawful activity. Purpose: any lawful activity. South Tower, 7th Fl., NY, NY 10281, principal Wilmington, DE 19808. Cert. of LP on file: Notice of formation of Just In Title Agency, business address of the LLC. DE address of SSDE, Townsend Bldg., Dover, DE 19901. Notice of Qualification of Chickasaw Capital Notice of Qualification of Shaka Capital LLC. Arts. of Org. filed with the Secy. of State LLC: The Corporation Trust Co., 1209 Orange Name/addr. of each gen. ptr. avail. at SSNY. Management LLC, App. for Auth. filed Sec'y of Holdings, LLC. Authority filed with NY Dept. of NY (SSNY) on 7/3/07. Office location: New St., Wilmington, DE 19801. Arts. of Org. filed Purpose: any lawful activities. State (SSNY) 4/3/07. Office location: NY County. of State on 8/13/07. Office location: NY York. SSNY designated as agent of LLC upon with DE Secy. of State, P.O. Box 898, Dover, LLC org. in DE 5/29/03. SSNY designated as County. LLC formed in Delaware (DE) on whom process against it may be served. DE 19903. Purpose: any lawful activity. D BOBER, LLC, a domestic Limited Liability agent of LLC upon whom process against it 8/7/07. NY Secy. of State designated as agent SSNY shall mail process to Principal business Company (LLC) filed with the Sec of State of may be served. SSNY shall mail copy of of LLC upon whom process against it may be location: 280 Madison Ave., Suite 705B, NY, NOTICE OF FORMATION OF LIMITED LIABILITY NY (SSNY) on 6/04/07. Office Location: NEW process to 277 West End Ave., NY, NY served and shall mail process to the principal NY 10016. Purpose: Any lawful act. COMPANY. NAME: NEWTON INTERNATIONAL YORK County. SSNY is designated as agent 10023. DE office addr.: c/o CTC, 1209 business address of the LLC: 27 Century LLC. Articles of Organization were filed with upon whom process against the LLC may be Orange St., Wilmington, DE 19801. Cert. of Ridge Rd., Purchase, NY 10577, Attn: Arif Notice of Qualification of Perseus Market the Secretary of State of New York (SSNY) served. SSNY shall mail a copy of any process Form. on file: SSDE, Townsend Bldg., Dover, Imam. DE address of LLC: c/o Corporation Opportunity Management, L.L.C. Authority on 04/06/07. Office location: New York County. against the LLC served upon him/her to DAVID DE 19901. Purpose: any lawful activities. Service Co., 2711 Centerville Rd., Ste. 400, filed with NY Dept. of State on 7/18/07. Office SSNY has been designated as agent of the BOBER, 260 WEST 54TH STREET, 39E, NEW Wilmington, DE 19808. Arts. of Form. filed location: NY County. Principal business LLC upon whom process against it may be YORK, NY 10019. General purposes. QUATTRO CONSTRUCTION MANAGEMENT, with DE Secy. of State, 401 Federal St., Ste. 4, address: 2099 Pennsylvania Ave., NW, Ste. served. SSNY shall mail a copy of process to LLC, a domestic Limited Liability Company Dover, DE 19901. Purpose: any lawful activity. 900, Washington, DC 20006. LLC formed in the LLC, c/o Newton Hotel, 2528 Broadway, Notice of Qualification of Municipal Real Estate (LLC). Articles of Organization filed with Delaware (DE) on 10/2/01. NY Secy. of State Secretary of State on 5/29/07. NY Office New York, New York 10025, ATTN: Linda Holdings, LLC. Authority filed with Secy. of Notice of Qualification of Blackstone designated as agent of LLC upon whom Talbert and John Pouliot. Purpose: For any State of N.Y. (SSNY) on 6/11/07. Office location: location: NEW YORK County. Secretary of process against it may be served and shall State is designated as agent upon whom Mezzanine Capital Commitment Partners II lawful purpose. NY County. Principal business location: 2929 L.P. Authority filed with NY Dept. of State mail process to: c/o CT Corporation System, Arch St., 17th Fl., Philadelphia, PA 19104. LLC process against the LLC may be served. 111 8th Ave., NY, NY 10011, registered agent Secretary of State shall mail a copy of any on 6/1/07. Office location: NY County. Name of LLC: Vegasoul Capital Management, formed in Delaware (DE) on 4/23/07. SSNY Principal business address: 345 Park Ave., upon whom process may be served. DE designated as agent of LLC upon whom process against the LLC served upon address of LLC: 1209 Orange St., Wilmington, LLC. Authority filed with NY Dept. of State on him/her to DAVID LENEFSKY, ESQ., NY, NY 10154. LP formed in Delaware (DE) 6/27/07. Office location: NY County. LLC process against it may be served. SSNY shall on 5/27/05. NY Secy. of State designated as DE 19801. Arts. of Org. filed with DE Secy. of mail process to: c/o Corporation Service 1 COLUMBUS PLACE, S48C, NEW YORK, State, 401 Federal St., Dover, DE 19901. formed in Delaware (DE) on 2/21/07. NY Secy. NY 10019. General purposes. agent of LP upon whom process against it of State designated as agent of LLC upon Company (CSC), 80 State St., Albany, NY may be served and shall mail process to: Purpose: all lawful purposes. 12207. DE address of LLC: c/o CSC, 2711 whom process against it may be served and NOTICE OF FORMATION OF LIMITED c/o CT Corporation System, 111 8th Ave., shall mail process to: c/o Business Filings Inc., Centerville Rd., Wilmington, DE 19808. Arts. NY, NY 10011, registered agent upon whom NOTICE OF FORMATION OF LIMITED of Org. filed with DE Secy. of State, 401 LIABILITY COMPANY. NAME: PINE 1809, LIABILITY COMPANY. NAME: SUSHI-A- 187 Wolf Rd., Ste. 101, Albany, NY 12205, LLC. Articles of Organization were filed process may be served. DE address of LP: registered agent upon whom process may be Federal St., Ste. 4, Dover, DE 19901. c/o The Corporation Trust Co., 1209 Orange ROUND LLC. Articles of Organization were Purpose: any lawful activity. with the Secretary of State of New York filed with the Secretary of State of New York served. DE address of LLC: 108 W. 13th (SSNY) on 02/17/06. Office location: New St., Wilmington, DE 19801. Name/address (SSNY) on 03/07/07. Office location: New St., Wilmington, DE 19801. Arts. of Org. filed York County. SSNY has been designated of genl. ptr. available from NY Secy. of York County. SSNY has been designated as with DE Secy. of State, 401 Federal St., Dover, Notice of Qualification of Rolling Cash Equity as agent of the LLC upon whom process State. Cert. of LP filed with DE Secy. of agent of the LLC upon whom process against DE 19901. Purpose: any lawful act. Group LLC. Authority filed with Secy. of State against it may be served. SSNY shall mail a State, 401 Federal St., Dover, DE 19901. it may be served. SSNY shall mail a copy of of N.Y. (SSNY) on 7/27/07. Office location: copy of process to the LLC, c/o VL Owners, Purpose: any lawful activity. process to the LLC, 17 Ann Street, New York, Notice of Qualification of Moi-Meme Attire, NY County. LLC formed in Delaware (DE) on Inc., ATTN: Sergei Perotine, Manager, 8 New York 10038. Purpose: For any lawful LLC Authority filed with Sec of State of 7/26/07. SSNY designated as agent of LLC Yellowstone Drive, Old Bridge, New Jersey Notice of Qualification of Centerbridge Capital purpose. NY (SSNY) on 6/7/07. Office location: NY upon whom process against it may be served. 08857. Purpose: For any lawful purpose. Partners PNG-D, L.P. Authority filed with NY County. LLC formed in Delaware (DE) on SSNY shall mail process to principal business Dept. of State on 8/8/07. Office location: NY location: Sam Liebman, 1430 Broadway, 14th Notice of Formation of MG Retail LLC. Arts. of 2/13/07. SSNY has been designated as Notice of Formation of PH II Realty Associates County. Principal business address: 375 Park Fl., NY, NY 10018. DE address of LLC: Org. filed with Secy. of State of NY on 08/26/05. agent upon process against it may be served. LLC, Art. of Org. filed Sec'y of State (SSNY) Ave., 12th Fl., NY, NY 10152. LP formed in c/o Corporation Service Company, 2711 Office loc.: NY Co. SSNY designated as SSNY shall mail process to: C/O the LLC, 1/11/01. Office location: NY County. SSNY Delaware (DE) on 7/27/07. NY Secy. of State Centerville Road, Ste. 400, Wilmington, DE agent upon whom process against it may Business Filings Inc, 108 W 13th St, designated as agent of LLC upon whom designated as agent of LP upon whom 19808. Arts. of Org. filed with DE Secy. of be served and shall mail process to: the Wilmington, DE 19801. Principal business process against it may be served. SSNY shall process against it may be served and shall State, 401 Federal St., Ste. 4, Dover, DE LLC, 214 W. 39th Street, NY, NY 10008. address: 130 7th Ave., No 340, NY, NY 10011. mail copy of process to Kenneth J. Rosen, mail process to: c/o CT Corporation System, 19901. Purpose: any lawful activity. Purpose: any lawful activity Purpose: any lawful purpose. Esq., 67 Wall St., 19th Fl., NY, NY 10005. 111 8th Ave., NY, NY 10011. DE address of LP: c/o The Corporation Trust Co., 1209 Purpose: any lawful activities. Notice of Qualification of WRA Investments Notice of Qualification of GS LVB Advisors, CODEBOX LLC, a domestic Limited Liability Orange St., Wilmington, DE 19801. LLC, App. for Auth. filed Sec'y of State (SSNY) L.L.C. Authority filed with Secy. of State of N.Y. Company (LLC) filed with the Sec of State of Name/address of genl. ptr. available from NY Notice of Qualification of PVE Associates, LLC. 2/10/03. Office location: NY County. LLC org. (SSNY) on 5/31/07. Office location: NY County. NY (SSNY) on 1/12/07. NY office Location: Secy. of State. Cert. of LP filed with DE Secy. Authority filed with Secy. of State of N.Y. in DE 1/27/03. SSNY designated as agent of LLC formed in Delaware (DE) on 2/28/07. NEW YORK County. SSNY is designated as of State, Townsend Bldg., Dover, DE 19901. (SSNY) on 7/11/07. Office location: NY LLC upon whom process against it may be SSNY designated as agent of LLC upon whom agent upon whom process against the LLC Purpose: any lawful activity. County. Principal business location: 401 served. SSNY shall mail copy of process to process against it may be served. SSNY shall may be served. SSNY shall mail a copy of any Broadway, 24th Fl., NY, NY 10013. LLC 101 Park Ave., 48th Fl., NY, NY 10178. DE mail process to: 85 Broad St., NY, NY 10004. process against the LLC served upon him/her formed in Delaware (DE) on 7/3/07. SSNY Notice of Formation of Pinky Wolman Designs office addr.: c/o CSC, 2711 Centerville Rd., DE address of LLC: 1209 Orange St., Wilmington, to C/O THE LLC, 30 VESEY STREET, 11TH FLR., designated as agent of LLC upon whom LLC, Art. of Org. filed Sec'y of State (SSNY) Wilmington, DE 19808. Cert. of Form. on file: DE 19801. Cert. of Form. filed with DE Secy. NEW YORK, NY 10007. General purposes. process against it may be served. SSNY shall 7/25/07. Office location: NY County. SSNY SSDE, Townsend Bldg., Dover, DE 19901. of State, P.O. Box 898, Dover, DE 19903. mail process to: c/o Corporation Service designated as agent of LLC upon whom Purpose: any lawful activities. Purpose: any lawful activity. Notice of Formation 441 East 57th Street LLC Company, 80 State St., Albany, NY 12207. DE process against it may be served. SSNY shall art. of org. filed Secy. of State NY (SSNY) address of LLC: 2711 Centerville Rd., Ste. mail copy of process to 15 Park Ave., #11A, Name: BROADWAY 41 LLC Art. Of Org. Filed Notice of Formation of 4SK - 24 St. Marks 10/31/05. Off. loc. in NY Co. SSNY designated 400, Wilmington, DE 19808. Arts. of Org. filed NY, NY 10016. Purpose: any lawful activities. Sec. Of State of NY 5/3/07. Off. Loc.: New LLC. Arts. of Org. filed with NY Dept. of State as agent of LLC upon whom process may be with DE Secy. of State, 401 Federal St., Ste. 4, York. Co. SSNY designated as agent upon on 1/18/07, as amended. Office location: NY served. SSNY shall mail copy of process to: Dover, DE 19901. Purpose: any lawful activity. Notice of Qualification of Arnhold and S. whom process against it may be served. County. Secy. of State designated as agent of Flank Management LLC, Attn: Jonathan Kully, Bleichroeder Advisers Inc. Diversified SSNY to mail copy of process to The LLC LLC upon whom process against it may be 548 West 28th Street, NY, NY 10022. Purpose: Notice of Qualification of KFGF Management, International Equity Fund LLC, App. for Auth. C/CO Bernath & Rosenberg 1430 Broadway, served and shall mail process to: Daihwan Any lawful purpose. LLC. Authority filed with Secy. of State of filed Sec'y of State (SSNY) 5/17/07. Office 13th Flr. , NY, NY 10018. Purpose: Any Choi, 636 6th Ave., Ste. 370, NY, NY 10011, N.Y. (SSNY) on 8/1/07. Office location: NY location: NY County. LLC org. in DE 8/6/02. lawful activity. principal business address of the LLC. Notice of Qualification of Summit Rock County. Principal business location: 787 SSNY designated as agent of LLC upon Purpose: any lawful activity. Diversified Strategies Portfolio, L.P. Authority Seventh Ave., 6th Fl., NY, NY 10019. LLC whom process against it may be served. Notice of Qualification of D. E. Shaw CH-SP filed with Secy. of State of N.Y. (SSNY) on formed in Delaware (DE) on 6/27/07. SSNY SSNY shall mail copy of process to Attn: Series 5-01 (C), L.L.C. Authority filed with NY Notice of Qualification of Stadia Capital 7/30/07. Office location: NY County. LP designated as agent of LLC upon whom Mark Goldstein, 1345 Ave of the Americas, Dept. of State on 6/14/07. Office location: NY Partners (QP), L.P. Authority filed with Secy. formed in Delaware (DE) on 6/22/07. SSNY process against it may be served. SSNY shall NY, NY 10105. DE office addr.: c/o CTC, 1209 County. LLC formed in Delaware (DE) on of State of NY (SSNY) on 5/1/01. Office designated as agent of LP upon whom mail process to: c/o Corporation Service Orange St., Wilmington, DE 19801. Cert. of 12/19/06. NY Secy. of State designated as location: NY County. LP formed in Delaware process against it may be served. SSNY shall Company (CSC), 80 State St., Albany, NY Form. on file: SSDE, Townsend Bldg., Dover, agent of LLC upon whom process against it (DE) on 4/27/01. SSNY designated as agent mail process to: c/o Corporation Service 12207. DE address of LLC: c/o CSC, 2711 DE 19901. Purpose: any lawful activities. may be served and shall mail process to: D. of LP upon whom process against it may be Company (CSC), 80 State St., Albany, NY Centerville Road, Ste. 400, Wilmington, DE E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., served and shall mail process to: 140 E. 12207, registered agent upon whom process 19808. Arts. of Org. filed with DE Secy. of Notice of Qualification of First Eagle Value In Tower 45, NY, NY 10036, Attn: Bertrand C. 45th St., 31st Fl., NY, NY 10017. DE address may be served. DE address of LP: CSC, 2711 State, 401 Federal St., Ste. 4, Dover, DE Biotechnology Fund (QP), LP, App. for Auth. Fry, General Counsel, registered agent upon of the LP: c/o Corporation Service Co., 2711 Centerville Road, Ste. 400, Wilmington, DE 19901. Purpose: any lawful activity. filed Sec'y of State (SSNY) 7/7/05. Office whom process may be served. DE address of Centerville Rd., Ste. 400, Wilmington, DE 19808. Name/address of each genl. ptr. location: NY County. LP org. in DE 7/5/05. LLC: 1209 Orange St., Wilmington, DE 19801. 19808. Name/address of genl. ptr. available available from SSNY. Cert. of LP filed with 1 CONVENT REALTY, LLC, a domestic SSNY designated as agent of LP upon whom Arts. of Org. filed with DE Secy. of State, 401 from SSNY. Cert. of LP filed with DE Secy. DE Secy. of State, 401 Federal St., Ste. 4, Limited Liability Company (LLC) filed with the process against it may be served. SSNY shall Federal St., Dover, DE 19901. Purpose: any of State, Federal & Duke of York Sts., Dover, Dover, DE 19901. Purpose: any lawful activity. Sec of State of NY (SSNY) on 6/28/07. NY mail copy of process to Attn: Daniel Declue, lawful activity. DE 19901. Purpose: any lawful activity. office Location: NEW YORK County. SSNY is 1345 Ave of the Americas, NY, NY 10105. DE Notice of Qualification of Blackstone Real designated as agent upon whom process office addr.: c/o CSC, 2711 Centerville Rd., Notice of Formation of CHASE MARLEY LLC, Notice of Qualification of El-Ad 250 West LLC. Estate Acquisitions III L.L.C. Authority filed against the LLC may be served. SSNY shall Wilmington, DE 19808. Cert. of LP on file: Art. of Org. filed with Sec'y of State of NY Authority filed with NY Dept. of State on with NY Dept. of State on 6/1/07. Office mail a copy of any process against the LLC SSDE, Townsend Bldg., Dover, DE 19901. (SSNY) 07-20-07. Office Location: NY 6/15/06. Office location: NY County. LLC location: NY County. Principal business served upon him/her to MR. MICHAEL ARYEH, Name/addr. of each gen. ptr. avail. at SSNY. County. SSNY designated as agent of LLC formed in Delaware (DE) on 5/18/06. NY Secy. address: 345 Park Ave., NY, NY 10154. LLC 619 WEST 54TH STREET, NEW YORK, NY Purpose: any lawful activities. upon whom process against it may be served. of State designated as agent of LLC upon formed in Delaware (DE) on 2/19/99. NY 10019. General purposes. SSNY shall mail copy of process to c/o The whom process against it may be served and Secy. of State designated as agent of LLC THE WEINBERG AREYS COVE, LLC, a LLC, 315 E. 65th St., Ste. 1B, NY NY 10065. shall mail process to the principal business upon whom process against it may be served Name of LLC: ALEXANDRIA LIND LLC. Arts. domestic Limited Liability Company (LLC) Purpose: any lawful activities. address of the LLC: c/o The El-Ad Group Ltd., and shall mail process to: c/o CT Corporation of Org. filed NY Dept. of State 6/13/07. filed with the Sec of State of NY (SSNY) on 575 Madison Ave., 22nd Fl., NY, NY 10022, System, 111 8th Ave., NY, NY 10011, County off. loc.: New York County. Principal 6/22/07. Office Location: NEW YORK County. Notice is hereby given that The Young Men’s registered agent upon whom process may be registered agent upon whom process may bus. loc.: 19 East 95th Street, 3F, New York, SSNY is designated as agent upon whom and Young Women’s Hebrew Association, served. DE address of LLC: The Corporation be served. DE address of LLC: c/o The NY 10128. Sec. of State designated as agent process against the LLC may be served. SSNY license number 1196851, has applied for a Trust Co., 1209 Orange St., Wilmington, DE Corporation Trust Co., 1209 Orange St., of LLC upon whom process against it may be shall mail a copy of any process against the license to sell liquor at retail in a music club 19801. Arts. of Org. filed with DE Secy. of Wilmington, DE 19801. Arts. of Org. filed with served. Sec. of State shall mail a copy of LLC served upon him/her to THE LLC, 514 under the Alcoholic Beverage Control Law at State, 401 Federal St., Dover, DE 19901. DE Secy. of State, 401 Federal St., Dover, DE process to 19 East 95th Street, 3F, New York, EAST 89TH STREET, NEW YORK, NY 10128. 200 Hudson Streets, New York, NY 10013 for Purpose: any lawful activity. 19901. Purpose: any lawful activity. NY 10128. Purpose: any lawful activity. General purposes. on-premises consumption.
40 | Crain’s New York Business | September 3, 2007 CNYB 09-03-07 A 41 8/30/2007 8:13 PM Page 1
School merger could help high tech
“New York doesn’t have a repu- Valley and the Boston area because $207 million at MIT and $156 mil- NYU-Polytechnic tation as a center of innovation,” of programs at Stanford University lion at Stanford. merger would says David Hochman, a consultant and Massachusetts Institute of Only three local schools—Co- focused on tech-based economic Technology, respectively. lumbia, Polytechnic and City Col- boost engineering development who wrote the paper. Polytechnic’s president, Jerry lege of New York—spent more than sector “One way to build a reputation is Hultin, has said he wants the school $1 million on engineering research through an engineering enterprise.” to play a bigger role in innovation. in 2005. NYU has been trailing in Though the city’s top schools, engineering, applied sciences and BY AMANDA FUNG including Columbia University and Money talks technology research since The Col- buck ennis NYU, boast solid life science and collectively, universities in New lege of Engineering and Science was INNOVATION PLAY: President Jerry Hultin the proposed merger of New biotech research programs,their en- York spent a total of $48.5 million disbanded in 1973. wants Polytechnic to have a bigger role. York University and Polytechnic gineering programs are not equally on engineering research in 2005, a “To get NYU back in the busi- University would give the city’s strong, according to the brief. fraction of what universities in oth- ness in combination with Poly is an high-tech industry a much-needed Engineering and science pro- er major tech hubs spent individual- enormous opportunity for the city force Columbia to ramp up its own boost,says a policy brief by the Cen- grams are needed to achieve com- ly,according to the National Science to attract the right faculty, students engineering program. ter for an Urban Future, a Manhat- mercial invention, Mr. Hochman Foundation. For example, outlays and investment,” says Mr. Hoch- tan think tank. says.High tech flourished in Silicon were $286 million at Georgia Tech, man, who adds that the merger may COMMENTS? [email protected] Hellacious August for jobs in the mortgage sector
10,000 local positions lost as units close; nancial Corp. closed its mortgage Delta Financial Corp. in Wood- The moves are prompting some unit, California-based GreenPoint, bury, L.I., has announced 300 local workers to try to get out in front of employees expect more cuts, start looking and laid off 1,900 workers, 120 of cuts. Columbia Home Loans, in any possible bad news. them in New York. Valhalla, N.Y., says it will go out of Steven Speter, managing direc- al outplacement firm Challenger One of the hardest-hit opera- business by Sept. 30, which will re- tor of Lloyd Staffing in Melville, BY KIRA BINDRIM Gray & Christmas. Job losses in the tions is American Home Mortgage sult in a loss of 125 jobs. L.I.,says his firm is seeing a number sector in New York and New Jersey Investment Corp. of Melville, L.I. of currently employed people who the fallout from the mortgage topped 10,000 last month, accord- The company, which filed for Closing down are being proactive about looking crisis has claimed thousands of local ing to Mr. Challenger. Chapter 11 bankruptcy protection in new jersey, Alterna Mortgage for new positions. jobs. On Tuesday,CIT Group became on Aug.6,has reduced its workforce in Budd Lake and Lancaster Mort- “Every day, we get calls from “So far we’ve seen triple the the latest casualty, saying it would of 7,500 by 90%, which included gage Bankers in Warren will close; people we’ve never heard of before,” number of cuts in the mortgage area shutter its mortgage-origination shedding 1,500 jobs at its head- Marlton-based Popular Financial Mr. Speter says. “They’re sending that we saw last year, and it’s only unit and cut 500 positions in the quarters. Holdings will shutter its subprime their résumés over unsolicited.” August,” says Chief Executive John New York area. Bear Stearns & Co. has reported unit.The three companies are shed- Challenger, chief executive of glob- In early August, Capital One Fi- 240 subprime-related layoffs. ding about 700 jobs total. COMMENTS? [email protected]
September 3, 2007 | Crain’s New York Business | 41 Project3 8/24/07 12:14 PM Page 1
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BUSINESS CORPORATE LADDER Boomer Esiason starts his hosting gig on WFAN PAGE 45 buck ennis
GOTHAM GIGS Picture perfect HAI KNAFO, 60, draws dots. Over the past 25 years, he has made hundreds of “hedcuts,” the signature illustrations of The Wall Street Journal.The Moroccan-born artist works from his home in Windsor Terrace, Brooklyn. He declines to discuss his salary. DISCOVERED Nine years after coming to New York from Israel, he created a series of pieces, which Mr. Knafo calls “quilts,” made from folded dollar bills. A Journal employee saw the work at a gallery and referred him for the art job. MAKING FACES He usually spends about five hours on each hedcut and completes one a day.“It’s not as easy as it appears,” says Mr. Knafo, who starts by tracing a photo. “You actually have to understand the structure of the face.” ICONIC The artist has illustrated subjects ranging from John Lennon to Alan Greenspan. Last week, Mr. Knafo drew the Denver Nuggets’ Allen Iverson.The Journal’s illustration team has done “almost every person you neff david NOVEL APPROACH: Club members (clockwise from left) Jane Yoon, Mark Bhasin, Jennifer Gardner, Elizabeth Cuellar and founder Andy Palacio gather at Bamiyan Afghani restaurant to discuss the work can think of who has been in of Afghan-American author Khaled Hosseini. The group focuses on authors who write about immigrants facing issues such as assimilation and multigenerational conflict. the news,” he says. —adrianne pasquarelli EXPERT OPINIONS BY TOM FREDRICKSON y day, andy palacio is an assistant district attorney in SHOULD I BUY Groups AN iPHONE? Brooklyn. By night, he reads books about the immigrant if you want everything in experience, looking forward to the one precious night a one device, the iPhone is for month he can discuss them with kindred spirits. you. You can leave everything While book clubs in most of the country follow a else at home. But it is not yet a focus on familiar pattern—people gather to chat about the latest viable choice for business best-seller or Oprah-recommended tome—book clubs users. No matter how good the iPhone’s virtual touch- in New York City focus on themes that are as distinctive screen keyboard is, it will and varied as New Yorkers themselves. never be more effective for book value Want high-brow? There’s a club devoted exclusively to studying James composing e-mail than a Joyce’s dense, complicated Ulysses. Looking for an all-female sci-fi/fantasy BlackBerry’s physical keypad. Locals take reading clubs beyond Most people refuse to give up Bbook club? New York’s got one.Trying to get ahead in the rat race? their BlackBerries and are Oprah, bonding over career growth, Company-sponsored clubs hope to give their employees an edge. using the iPhone as a Mr. Palacio, whose parents emigrated from Colombia when he was a secondary device. Other literature, the immigrant experience baby, discovered in his own reading that See READING CLUBS on Page 44 options include the Nokia N series, which can shoot movies and take pictures, or the THE STATS AT&T 8525, which has a big keypad. The number of books —ryan block that U.S. residents read Zero 1to5 6to15 15+ Editor in chief in the past year. Engadget Source: AP/Ipos poll 27% 30% 23% 20%
September 3, 2007 | Crain’s New York Business | 43 CNYB 09-03-07 A 44 8/30/2007 8:25 PM Page 1
when colleagues go out for drinks. NYC BOOK CLUBS Even workaholic New York City Reading clubs seek book value SAMPLER accountants find an outlet in book clubs, discussing books on how to Continued from Page 43 the group,about six attend each ses- Now,the club is reading books from The Chick Lit Meet-up get ahead. immigrants from various nations sion.The members work in a variety Brazil, Russia, India and China. Three months ago, Lynn Lago- had remarkably similar stories to of fields, including finance, law and “The book club is a great thing The French Books Book Club marsino,a partner at J.H.Cohn who tell.The group he started more than the nonprofit sector. for me, because it forces me to read History Book Club of NYC runs the firm’s women’s support two years ago explores issues sur- “New York, being full of immi- books I would never read other- program, started a club. Of the 150 The New York Existentialism rounding assimilation and conflicts grants, is a great city to have a group wise,” says Ms. Finkelstein, a pub- female accountants in the firm, Book Club between parents from the old coun- like this,” Mr. Palacio says. “But we lished author who usually reads which has offices throughout the try and their children born in the also get people who aren’t immi- books about 17th-century England. The New York Self-Improvement New York area, 33 signed up. They United States. grants or children of immigrants. Of course, for many, book clubs Through Books Club are committed to reading books that They’re just interested in the topic.” merely serve the traditional purpose Source: Meetup.com will help them in both their business Ready-made material Literary New Yorkers have a soul of being a fun social outlet. and their personal lives. the group has found a wealth of mate in Barbara Finkelstein,organ- Sarah Hewitt read a lot when she Their first book, which they dis- relevant material, including the izer of a book club made up of Rut- was growing up. But after she be- books about historical China, The cussed in smaller groups during novels The Namesake, about a fami- gers University alumni. came a lawyer, she never had much Good Earth and Snow Flower and the weekly conference calls, was Lead- ly that immigrated to Cambridge, Ms. Finkelstein, a Web content time for anything but law books un- Secret Fan, among others. ing from the Front, by two female Mass., from Calcutta in the 1970s; provider for IBM who lives in the til she made partner at a Manhattan “I wanted to broaden my life,” Marines. The next book will be The Kite Runner, concerning a Riverdale section of the Bronx, firm.When her schedule opened up says Ms. Hewitt. “It was also a about negotiating skills. young man who moves to the Unit- started her group because she a bit, she took film classes, which chance to connect with my friends.” CPA firm Weiser also has set up ed States from Afghanistan and couldn’t find any clubs in her neigh- she enjoyed, but she always wanted a business-book program for its ac- then moves back again; and Native borhood whose members were to do some serious reading. Ulterior motives countants. Patrick Heeney, a newly Speaker, about the son of Korean reading the types of less-mainstream Two years ago, Ms. Hewitt some clubs serve as a pretext for married audit supervisor, says the immigrants. books in which she was interested. helped form a group that includes more typical after-work gatherings. reading has helped him in some sur- Taking advantage of the city’s The group initially tackled books several high-powered business- Robert Haynes-Peterson’s group prising ways. cultural diversity,the group meets in that it deemed relevant to the Sept. women and professionals—one of primarily comprises people em- Reading Crucial Conversations restaurants whose fare corresponds 11 terrorist attacks, including The them is an international financial ployed by a Manhattan-based pub- has enabled him to calmly settle ar- to the ethnicities of the authors be- Bookseller of Kabul and Things Fall executive at Citigroup.The club has lisher of men’s and women’s fashion guments with his wife.She wanted to ing discussed. Of the 30 people in Apart, a classic of African literature. read The Kite Runner as well as two magazines; it bills itself as “The go to Italy for their first vacation; he Drinking Club With a Reading thought that would be too expensive, Problem.” When the members of given their hefty wedding bills. the club get together, people spend They agreed on a cruise to Bermuda. a portion of their time doing the sort of griping that often occurs COMMENTS? [email protected]
CONTACT INFORMATION THE CRAIN’S BEAT SHEET EDITORS SAMANTHA MARSHALL SENIOR REPORTER GREG DAVID e-mail: [email protected] EDITOR Covers education, and international e-mail: [email protected] business and trade. In charge of all editorial operations for the paper and related products. ANNE MICHAUD SENIOR REPORTER VALERIE BLOCK e-mail: [email protected] DEPUTY MANAGING EDITOR Covers politics and government, e-mail: [email protected] works on Crain’s Insider newsletter. Edits “New York, New York” column and other stories. MIRIAM KREININ SOUCCAR SENIOR REPORTER ERIK IPSEN e-mail: [email protected] DEPUTY MANAGING EDITOR Covers the business of arts and culture. e-mail: [email protected] Edits small business columns THERESA AGOVINO and special reports. REPORTER e-mail: [email protected] CARMEN FLEETWOOD Covers commercial real estate. ASSISTANT MANAGING EDITOR e-mail: [email protected] BARBARA BENSON You don’t need a crowd of lawyers. Edits special reports and Crain’s Health REPORTER Pulse. e-mail: [email protected] Just one partner’s undivided attention. Works on Health Pulse newsletter. ROBERT HORDT ASSISTANT MANAGING EDITOR ELISABETH BUTLER CORDOVA e-mail: [email protected] REPORTER Edits special reports and other stories. e-mail: [email protected] Covers retail and apparel. REPORTERS ERIK ENGQUIST AARON ELSTEIN REPORTER SENIOR REPORTER e-mail: [email protected] e-mail: [email protected] Covers politics and government, Covers Wall Street. works on Crain’s Insider newsletter. LISA FICKENSCHER AMANDA FUNG SENIOR REPORTER REPORTER e-mail: [email protected] e-mail: [email protected] Covers tourism, restaurants, hotels. Covers technology and telecom. MATTHEW FLAMM HILARY POTKEWITZ SENIOR REPORTER REPORTER e-mail: [email protected] e-mail: [email protected] Covers media and entertainment. Covers legal issues and transportation. TOM FREDRICKSON GALE SCOTT www.arentfox.com / Washington / New York / Los Angeles SENIOR REPORTER REPORTER e-mail: [email protected] Attorney Advertising e-mail: [email protected] Covers the banking and energy Covers hospitals and insurers, industries and the New York economy. works on Health Pulse newsletter.
44 | Crain’s New York Business | September 3, 2007 CNYB 09-03-07 A 45 8/30/2007 8:27 PM Page 1
BUSINESS LIVES CORPORATE LADDER Boomer Esiason Quarterback goes wide New co-host in Imus’ Night Football, appears as a pregame studio analyst for CBS and hosts his PERSONNEL FILE former slot will cover own show on the MSG Network. He will continue doing those jobs COMPANY WFAN-AM, CBS Radio broad topic range and even take Mr. Carton with him TITLE Co-host, Boomer and when he is covering a game out of Carton in the Morning but keep it clean town. AGE 46 BY MATTHEW FLAMM One of the guys RÉSUMÉ Studio analyst, The NFL but the former quarterback— Today; NFL quarterback fter 14 years in the who played for the Bengals, Jets and National Football Cardinals—jumped at the WFAN PASSION Cystic fibrosis League and 10 years as job.The station is the one that “guys fundraising a sports commentator, I hang out with listen to,” he says. POLITICAL STANCE Compassion- Boomer Esiason is Most of all, he’s happy to mix it ate conservative Aready to show the world he isn’t just up. “I don’t want to pigeonhole my- a jock. self as just an athlete who knows Starting Tuesday, Mr. Esiason— sports,” he says, explaining that he WFAN had revenues of $51 mil-
alongside controversial talk veteran and Mr. Carton will bring on ex- lion in 2006, according to BIA Fi- landov Craig Carton—gets to sound off on perts but that the two of them have nancial Network. Media buyers say any topic he wants to, as Boomer and been around long enough to venture ad revenue for the morning slot has they’re in their car and where they’re Mr.Carton’s previous job,as co-host Carton in the Morning fills the 6 a.m. opinions on a range of subjects. dropped because of Mr. Imus’ de- going.” of Jersey Guys on the Garden State’s to 10 a.m. slot on the sports talk sta- Those will likely include every- parture and the uncertainty over One unknown, however, is how 101.5 FM, he was accused of ridi- tion WFAN-AM. thing from Michael Vick and who would replace him. Mr. Esia- well the radio newcomer will adapt culing minorities—the offense that Messrs. Esiason and Carton are celebrity misadventures to Iraq and son’s new bosses think the football to a four-hour show, or whether his got Mr. Imus fired. filling the shoes of the similarly wide the presidential race. When the star will deliver. take on topics other than sports will Mr.Esiason defends Mr.Carton, ranging Don Imus, who was fired in election nears, “if people want to “He has instant awareness with interest listeners. saying that based on the tryout they April after making an inappropriate know who I’m voting for, I’ll tell sports fans, and he is a smart busi- did together, he’s not concerned. “I comment about Rutgers’ women’s them,” says the registered Indepen- nessman,” says WFAN General Pushing buttons felt very comfortable; I never felt basketball team. Though Boomer dent. “Right now, your guess is as Manager Chuck Bortnick. “He “i’m not worried at all,” Mr. that we crossed the line,and that was and Carton will focus on sports, Mr. good as mine.” clearly understands the importance Carton writes in an e-mail. “I’ve very important to me,” he says. “He Esiason says they’ll tackle whatever Boomer and Carton will also be of the program being successful in never been so excited to work with knows where I’m not going. He interests them. called upon to deliver the ratings the ratings as well as with revenue.” someone new.” knows—and he’ll push my buttons. It would seem that Mr. Esiason and bring in the advertising that Mr. Esiason promises that the Another concern is how Mr. Es- That’s what makes good radio.” has enough to do.He calls games on made Imus in the Morning such a show will be entertaining, with the iason’s family-friendly approach Westwood One’s NFL Monday valuable property for the station. aim of making people “forget why will mesh with his new partner’s. In COMMENTS? [email protected]
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September 3, 2007 | Crain’s New York Business | 45 CNYB 09-03-07 A 46 8/30/2007 8:15 PM Page 1
ACCOUNTING & CONSULTING 28, joined as marketing manager. She partner from special counsel. Aon Risk Services: Robert Beyers, 45, was formerly director of marketing and Brian D. Pfeiffer, 32, was promoted to HOT JOBS joined as managing director, aviation public relations at Mimi So. partner from associate. practice. He had been a managing Tiffany Pollard, 38, was promoted to director at Marsh. FINANCE & INSURANCE partner from associate. Peter Schmitz, 46, joined as managing Interactive Data Pricing and Reference Damian P.Ridealgh, 33, was promoted to WANTED: CHIEF FINANCIAL OFFICER director, aviation practice. He had been a Data Inc.: James Rieger, 48, joined as vice partner from associate. chief operating officer at Marsh. president, evaluated services. He had Joshua Wechsler, 39, was promoted to COMPANY Ann Taylor Stores Corp. Tracy Toro, 34, joined as managing been a vice president at Standard & partner from special counsel. director, aviation practice. She had been Poor’s. Eli Weiss, 40, was promoted to partner JOB DESCRIPTION Oversee financial operations at the clothing retailer a managing director at Marsh. Natsource: Alan J. Kirshenbaum, 36, was from associate. MOST IMPORTANT TASK Revive underperforming brands Mahoney Cohen & Co.: William Perry appointed chief financial officer. He had Kramer Levin Naftalis & Frankel: Paul M. Elliott, 52, joined as shareholder and been chief financial officer at Bear Ritter, 53, joined as partner. He had been CREDENTIALS NEEDED Proven financial management experience head of international tax and consulting. Stearns Asset Management. a partner at Cooley Godward Kronish. SALARY Former CFO had total compensation of $997,788 in 2006 He had been managing member at Douglas C.Taylor, 46, joined as McCarter & English: Sarah B. Biser, 53, Decosimo Global. managing director. He had been a vice joined as partner. She had been a partner RECRUITER Internal Kevin Johnson, 50, joined as shareholder president at Cinergy Corp. at Seyfarth Shaw. and head of international assignment McDermott Will & Emery: David S. Ivill, DOWNSIDE Second-quarter earnings fell 27%, mostly because of slow services. He had been a partner at HEALTH CARE 49, joined as partner. He had been a traffic in stores and steep markdowns at the Loft locations Silverman Linden Johnson. MediZine Inc.: Mary Ann Kim, 30, joined partner at Mintz Levin Cohn Ferris UPSIDE A new-store concept targeting “the modern baby boomer” is Marshall & Stevens Inc.: Oren A. as senior marketing manager, brand Glovsky and Popeo. slated for introduction in fall 2008 Hirschberger, 33, joined as senior services. She had been director, Vinson & Elkins: Denis Cronin, 59, joined manager. He had been senior consultant partnership marketing, at Omnicom’s as partner. He had been a founding CFO James Smith resigned earlier this month to “pursue other interests” at MR Valuation Consulting. AWE. partner at Cronin & Vris. but will stay in the position until the end of September unless his Visiting Nurse Regional Health Care Dov Kleiner, 40, joined as partner. He successor is named before then. The company has had some fashion APPAREL & RETAIL System: Felicia Olt, 48, joined as vice had been a partner at Cronin & Vris. Henri Stern Watch Agency: Kelley Smith, president, quality management and staff Jane Vris, 51, joined as partner. She had missteps lately and the fall selling season is crucial. —KIRA BINDRIM development. She had been director, been a founding partner at Cronin & quality management, at Kindred Vris. EXECUTIVE PROMOTIONS Hospital. Crain’s lists the promotion and hiring of New York MEDIA & ENTERTAINMENT area senior executives on a space-available basis, HIGH TECH & NEW MEDIA Music Nation: Matt Sternberg, 42, joined with priority given to positions in New York City. Active Response Group: Kim Smith, 33, as vice president, business development. named vice president, advertising sales. Permal Group Inc. The fastest way to get an announcement into joined as chief operating officer. She had He had been a vice president, eLabs, at He had been a vice president at CNN. Crain’s is to submit details online by filling out the been senior vice president at Q Universal Music Group. TELECOMMUNICATIONS form at www.NewYorkBusiness.com/submit. Interactive. PostWorks New York: Rocky Tortorella, 50, REAL ESTATE Database Publishing Consultants Inc.: The Executive Moves column is also available joined as director of sound services. He Stribling & Associates Ltd.: Michael P. James Boland, 44, joined as vice president online. LAW had been operations manager at Sound O’Hara, 41, joined as director of of strategic relationships. He had been a Crain’s cannot confirm receipt of listings or say Fried Frank Harris Shriver & Jacobson: One. information technology. He had been vice president at Incremax. when they will appear. Peter Guryan, 37, was promoted to Tennis Channel: Timothy Russell, 41, was information technology manager at —adrianne pasquarelli
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46 | Crain’s New York Business | September 3, 2007 CNYB 09-03-07 A 47 8/30/2007 5:02 PM Page 1
BUSINESS LIVES TABLE TALK by Bob Lape food. Yet … the bodaciously loud (212) 644-5623. The best cuts from sports bar is jammed. Japan, Australia and the United It can’t be for the corn bread, a States are served under 2,000 samu- dense,clunky half-pound slab served rai swords suspended from the ceil- without butter, honey or anything ing of this sensuous steak house. else to alleviate its colossal blandness. Dry baby back ribs taste only of Craftsteak ½ smoke,and unpleasant smoke at that. 85 10th Ave. (at West 15th Street), A pulled chicken sandwich holds Manhattan. (212) 400-6699.Tom a sad, small portion of meat; it hud- Colicchio brings his Vegas concept dles over an alp of soft fries we’d or- to the meatpacking district, with dered extra crisp. Fried green toma- more steak and side choices than toes require major muscle to cut. anyone. A high, wide, handsome The young female waitstaff is func- and loud room. tional rather than friendly. Wading through a meal—much Porter House New York of which was left uneaten—and Time Warner Center,10 Columbus watching our neighbors, we note Circle, fourth floor, Manhattan. that Southern Hospitality’s offer- (212) 823-9500. Chef Michael Lo- ings are simply plates heaped with monaco joins the high steak stakes stuff you might call mediocre if you with porterhouse cuts of every- were charitable. Otherwise, you’d thing from beef to monkfish. Park BACK-ROADS SCHOLARS: deem it pathetic. views, many wines and good Dry-rubbed brisket and desserts. Kreuz Market sausages are COMMENTS? [email protected] among the choice Rack & Soul selections at Hill Country. 2818 Broadway (at West 109th
roger hagadone BEST OF BOB LAPE Street), Manhattan. (212) 222-4800. New York’s fried chicken king, Whatever the meal—tender pot Other meat-centric New York eateries: Charles Gabriel, and Mississippi roast, sturdy meatloaf, a dandy 16- barbecue pit master John Wheeler ounce rib-eye or one of 23 bison Quality Meats ½ join forces.The Southern/soul food Down-home’s burger variations—the results are 57 W. 58th St. (between Fifth and and barbecue are of a high order at impressive. Pecan-crusted trout is Sixth avenues), Manhattan. this friendly, casual restaurant. packed with crunch and pleasing (212) 371-7777. Rustic New Amer- flavor. There are also 20 styles of ican food and great wines in a play- ups and downs grilled chicken,along with standout ful setting. A skillful blend of down- side dishes such as Parmesan town style and uptown finesse. mild barbecue sauces, plastic uten- creamed spinach and “five salt-and- 2 hearty spots serve Kobe Club Strictly kosher gift baskets for the holidays, sils and rolls of paper towels for pepper” fried onion rings. condolence, & year-round events. tasty meat, chicken; mopping up. Prices are reasonable, service is 68 W. 58th St. (between Fifth and www.kosherline.com • 888-567-4378 Dry-rubbed brisket and ribs are friendly and solicitous, and a tower- Sixth avenues), Manhattan. no Southern comfort first-rate;regular and jalapeño-filled ing strawberry shortcake is simply sausages from the famed Kreuz outrageous. at Justin’s place Market in Lockhart, Texas, are ex- ceptional; sides and desserts are hit- SOUTHERN HOSPITALITY A MATTER OF what could be more fitting for and-miss. Mac and cheese features NO STARS Perspective an all-American holiday than tastes penne regate liberally slathered with 1460 Second Ave. (between East 76th of Texas, Montana and Mississippi? sharp cheddar,but cowboy beans are and East 77th streets) Here are three Manhattan restau- a watery disaster. Confetti cole slaw (212) 249-1001 rants where “down home” is the falls somewhere in the middle. idea. Hill Country’s plain, pipe-rack PRICE RANGE $12.95-$24.95 They are casual,loud,open every decor includes a washbasin in a cor- HOURS Mon.-Fri., 4 p.m.- day and far more beer-focused than ner of the dining room. It’s handy midnight, Sat.-Sun., 11:30 a.m.- wine-aligned; all take plastic. Two for cleaning up after the hands-on midnight specialize in smoked meats,the oth- process of tackling the massive ribs er in bison and grilled chicken. and sausages.The place is much like his may be Justin Timber- a cafeteria,but one with carefully pre- lake’s place, but it’s hard to HILL COUNTRY ½ pared, delicious, rib-sticking food. Tbelieve that he enjoys eating 30 W. 26th St.(between Broadway here. There are just too many other and Sixth Avenue) TED’S MONTANA GRILL ½ eatertainments around town with (212) 255-4544 110 W. 51st St. (between Sixth banks of TV monitors, noise, young people and decent Southern-style PRICE RANGE By the pound, and Seventh avenues) (212) 245-5220 M&K takes a closer look. $9-$29 PRICE RANGE As certified public accountants and business consultants, HOURS Sun.-Thurs., 11:30 a.m.- $13.49-$31.99 11 p.m., Fri.-Sat., 11:30 a.m.- HOURS Sun.-Thurs., 11 a.m.- we understand that the difference is in the details. From number - midnight 10 p.m., Fri.-Sat., 11 a.m.-11 p.m. crunching to strategic business planning, M&K looks at your business and financial situation from every point of view. It’s not just his is a big “Howdy do, cow- eave it to Ted Turner, Amer- about the bottom line, but how you get there. That’s the M&K Way. boy”-style barbecue spot, ica’s largest land owner after Twhere patrons line up at a Lthe federal government, to butcher counter to order hardwood- nail Western-oriented comfort smoked beef or pork by the pound. food.There are now 49 Ted’s Mon- They take the paper-wrapped meats tana Grills operating; they are reli- to nearby hot and cold sides coun- able sites where one can tie up the ters to round out the balanced diet trusty nag and chow down. of Texas. Then it’s off to the drinks This roomy one in Rockefeller TEXAS HOLD ’EM: Diners pay by the Marcum & Kliegman LLP pound for Hill Country’s hands-on fare. venue for Mason jar tea, a Big Red Center cranks out seriously satisfy- Certified Public Accountants & Consultants soda, Lone Star beer or maybe even ing margaritas before serving meat- NEW YORK Texas wine. rich bison chili festooned with = Outstanding MELVILLE www.MKLLP.com Can you guess = Excellent 800.921.0777 Thus loaded, they shuffle off to jalapeño slices,diced onion and grat- GREENWICH what this image is? clusters of studiously mismatched ed cheese.Bison’s low-fat,high-pro- = Very good Email your answer to: GRAND CAYMAN tables and chairs, available on two tein character is well-matched with = Good [email protected] levels. The tables are topped with the good taste showcased at Ted’s.
September 3, 2007 | Crain’s New York Business | 47 Project5 7/24/07 4:44 PM Page 1
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