What Advice Would This Year's Class of Business and Civic Legends Give Their Younger Selves?

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0 71486 01068 5 37 VOL. XXXI,NO.37 NEWSPAPER WWW.CRAINSNEWYORK.COM CRAIN’S E OKBUSINESS YORK NEW HA of of businessandcivic What advicewould legends givetheir younger selves? this year’s class wanted toknow That’s whatwe F A $300-PER-SQUARE-FOOT THRESHOLD PAGE 4 $300-PER-SQUARE-FOOT FIRST OFFICELEASE HITS RECORD RENT PAGE 12 A L M L E ® SEPTEMBER 14-20, 2015 PRICE:$3.00 TO OUR BANKERS, ABOVE AND BEYOND IS JUST THE START. As a top 10 U.S. bank, Capital One® has the ﬁ nancial strength and experience to customize solutions that are tailored to your business. Our responsive team of commercial bankers thinks ahead, utilizing their resources and expertise to keep your business moving forward.

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EDITOR’S NOTE

FYICRAINSNEWYORK.COM Take their word

Never say no to opportunity.That Compete with Uber would be my advice for someone starting out in journalism today. or die, judge tells Not that you take any old job that taxi industry comes along. But if someone is willing to help you in some way, pay attention. Opportunity begets axi interests’ lawsuit to Jeremy Smerd opportunity. And you never know stop Uber drivers from where it will lead. But, really, what T answering electronic hails do I know? For sage career advice I hit a wall last week when a state turned to our second annual Crain’s Hall of Fame judge dismissed the case, sending inductees. Over the past several weeks, I had the the 80-year-old yellow-cab opportunity to meet and interview them (with some industry into a tailspin. ¶ Queens help from veteran journalist and former Crain’s Supreme Court Justice Allan reporter Gary Belsky). I asked them what insights

Weiss ruled that e-hails are buck ennis they would give someone starting their career—what distinct from waving or whistling they wished they had known when they were just for rides, which is the exclusive but diminishing domain of taxis.The decision paves the way for launching.Their enlightened answers, and their Uber and other ride-share apps such as Lyft, Gett and Via to run traditional cabs off the road. ¶ stories, start on Page 12. We recorded each of their Investors who poured billions of dollars into the city’s 13,637 yellow-cab medallions—which interviews and plan to compile their responses into a only two years ago fetched upward of $1 million apiece—should have known the risks, the judge video short that will premiere at our awards luncheon suggested. ¶ “Any expectation that the medallion would function as a shield against the rapid on Nov. 9. (Go to CrainsNewYork.com/events for technological advances of the modern world would not have been reasonable,” he wrote. “In this more info.) It was a privilege to sit down with our day and age, even with public utilities, investors must always be wary of new forms of competition inductees. All exuded qualities that are hallmarks of arising from technological developments.” Uber hit the city in 2011 but shifted into high gear in success. Pamela Brier is a born storyteller, her mid-2014, and taxi revenues began to ebb.The plaintiffs, led by four Queens credit unions that warmth palpable. Shelly Lazarus beams positivity, lent heavily to medallion buyers, plan to appeal. “In the meantime, however, a catastrophe is while Emily Rafferty embodies grace. Alan Patricof unfolding, as an entire industry continues to be illegally destroyed, while elected officials allow it and Richard Ravitch communicate complex ideas to happen on their watch,” their lawyer Todd Higgins said. “It is a stunning abdication of plainly. Larry Fink, though busy advising Greece and leadership and responsibility that will haunt New York City for years to come.” —erik engquist China on their flailing economies, gave generously of his time. Steven Roth, who does not like to be in the BOOSTING PAY signed amid a federal probe into to require fast-food chain restaurants public eye, exhibits a natural kindness. All spoke of Gov. Andrew Cuomo’s about-face whether the airline reinstated to post high-sodium warning labels the importance of family and community. I got the on the minimum wage is irking busi- money-losing flights to a city near the on menus.Dishes with more than the sense that their only regret was not being able to do it ness leaders. Accompanied by Vice weekend home of former Port Au- recommended daily limit of 2,300 President Joseph Biden,the governor thority of New York and New Jersey milligrams of sodium—about a tea- all again. What I learned when Steven Roth left our called for a statewide minimum of Chairman David Samson in return spoon—will get salt-shaker symbols. newsroom is that he doesn’t say goodbye, he says $15 an hour. At the end of this year, for improvements the airline wanted The new law will apply to about 10% “peace.” Read his story and you’ll see what I mean. the salary floor will increase to $9 at Newark airport. of menu items at city It’s another lesson we could all learn. Peace. from $8.75. Just eight months ago, outlets of chains with Mr. Cuomo called Mayor Bill de WALDORF SHUNNED ‘This rush to at least 15 locations Blasio’s $13 city minimum-wage President Barack nationally. proposal a “nonstarter.” (See Page 7.) Obama, his top put a race tag THIS WEEK IN CRAIN’S aides and U.S.diplo- NBA UNION SELLS on it—I’m IN THE BOROUGHS ------UNITED CEO EXITS mats will stay at HARLEM HOME 4 The CEO of United Airlines re- the New York Plaza sorry, that’s The union represent- IN THE MARKETS ------6 Hotel for this not involved in ing National Basket- THE INSIDER------7 month’s U.N. Gen- ball Association play- REAL ESTATE------9 eral Assembly amid this at all’ ers sold its Harlem espionage concerns —Bill Bratton, on police headquarters for $21 OPINION------10 about the Waldorf- mistakenly handcuffing million, about six GREG DAVID ------11 Astoria, which was former tennis star James times what it paid in HALL OF FAME------12 bought last year by a Blake, who is biracial. The 2007 for the building, Chinese firm from police commissioner located at 310 Lenox SMALL BUSINESS ------19 Hilton Worldwide. apologized to Mr. Blake, Ave. at West 125th CLASSIFIEDS------20 newscom who was in town for the Street. Its new home EXECUTIVE MOVES ------24 PARADE VIOLENCE MACY’S DOWNSIZES U.S. Open will be a 47,000- GOTHAM GIGS Carey Gabay, an aide to Gov. The department- square-foot facility on Deborah Marton wants to SOURCE BREAKFAST ------25 Andrew Cuomo, remained in a store giant is closing 35 to 40 under- Sixth Avenue near Bryant Park. turn the Bronx green. P. 24 SNAPS ------26 medically induced coma after performing locations early in 2016 as being shot in the head during it looks for ways to boost sales. Later MEREDITH DEAL CORRECTION pre-West Indian American this year,Macy’s will open six discount Meredith Corp. is being acquired by Nicole Levine started her company, Home Clean Home, in 1993. It took her eight years Day Parade festivities in Crown stores to draw consumers who are do- Media General in a cash and stock to go from cleaning law offices and furniture stores to running her own business. This Heights, Brooklyn. The event ing more of their shopping online.The deal valued at $2.4 billion.The new- information was misstated in the Sept. 7 “Her business is cleaning up.” has been marred by violence in company, which operates 770 stores ly combined firm will be the third- vol. xxxi, no. 37, september 14, 2015—Crain’s New York Business (issn 8756-789x) is the past. Some called for its nationwide,did not specify which out- largest owner of local network TV af- published weekly, except for double issues the weeks of June 29, July 13, July 27, Aug. 10, Aug. 24 and Dec. 21, by Crain Communications Inc., 685 Third Ave., New York, NY permanent cancellation, while posts will be shuttered, but noted that filiates, reaching about 30% of U.S. 10017. Periodicals postage paid at New York, N.Y., and additional mailing offices. Post- the governor advocated for an the ones on the block collectively gen- homes.The move, as with other sim- master: Send address changes to: Crain’s New York Business, Circulation Department, 1155 overhaul of national gun laws to erate $300 million in revenue. ilar recent deals, could allow the Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (877) 824-9379.Fax (313) 446-6777.$3.00 a copy,$99.95 one cut off the flow of firearms to company to charge pay-TV providers year, $179.95 two years. (GST No. 13676-0444-RT) the city. NOT TOO SALTY higher rates to carry its stations. ©Entire contents copyright 2015 by Crain Communications Inc. All rights reserved. New York became the first U.S. city —amanda fung

September 14, 2015 | Crain’s New York Business | 3 20150914-NEWS--0004-NAT-CCI-CN_-- 9/11/2015 8:20 PM Page 1

IN THE BOROUGHS QUEENS Low-key funder’s big boro boost Long Island City and Astoria reap rewards of targeted giving

BY JUDITH MESSINA

High-school senior Chelsea Bueno credits the I Have a Dream program in the sprawling Ravenswood public-housing complex in Queens with introducing her to a wider TONY NAJJAR: Hired to help entice world. An aspiring occupational shoppers back therapist,Ms.Bueno recently toured to Gristedes upstate colleges with the program. “It was eye-opening because I was going somewhere different, out

buck ennis of my neighborhood,” she said. At 17, Ms. Bueno already ranks as a longtime participant in the program,which not only exposes young Can Gristedes clean up its act? people in low-income communities to life beyond their everyday world, but also provides them with tutor- “Mmmm,” said Mr. Najjar, whose job as as- “John said he wants the stores to have some ing, mentoring and other services, John Catsimatidis orders sistant to the chairman is to breathe life back into blossom,” said Mr. Najjar. courtesy of an unusual benefactor: overhaul of grimy stores aging Gristedes stores. “Ugly, isn’t it?” Market experts say the fact Mr. Catsimatidis the Thomas and Jeanne Elmezzi Mr. Najjar has one of the toughest jobs in is finally getting around to shoring up his stores Foundation. amid tight competition New York retailing: persuading shoppers to take illustrates just how desperate times have gotten This year, the foundation will another look at Gristedes,the supermarket chain at Gristedes, which is steadily losing customers invest $3.7 million in medical owned by billionaire and former mayoral candi- to a host of competitors that offer wider aisles research to improve the lives of low- BY AARON ELSTEIN date John Catsimatidis.To lure back New York- and shopping carts that don’t wobble. income residents in Queens, many ers who swore off the stores years ago for the Even Mr. Catsimatidis agreed times are of them under the age of 18. It does Tony Najjar squeezed down the narrow aisle at a more appealing confines of Fairway or Whole tough for old-line grocers like his. “There’s got so partly through funding for pro- Gristedes supermarket in Battery Park City to Foods,Mr.Najjar is spending $10 million of Mr. to be some re-engineering in our industry,” he grams such as I Have a Dream, as investigate the blue-and-white floor tiles scuffed Catsimatidis’ $3 billion fortune to renovate complained. Does he even shop at Gristedes? well as for schools, hospitals and stained by years of traffic and spills. Gristedes’ 30 stores. See GRISTEDES on Page 19 See FOUNDATION on Page 18

STATS AND THE CITY by Gerald Schifman Citadel to pay priciest rent FINDING SHELTER THE CITY’S INCREASINGLY VISIBLE HOMELESS POPULATION is plaguing Mayor in city history, if not the world Bill de Blasio, who responded to criticism from former Mayor Rudy Giuliani and others by noting the problem has been getting worse for years. Indeed it has:

INCREASE in NYC shelter population, 1995-2015, per square foot. But others are hoping to at least versus a 16% rise in the overall city population At $300 a square By comparison, rent in a Class A come close.A growing pack of land- 150% midtown office building averages lords are chasing the elusive $200 The shelter population grew fastest early in the tenure of Mayor foot, the deal marks Michael Bloomberg, who said that improved shelters led more the new vanguard about $80 per square foot. barrier—a threshold that, before people to use them. The rise continued under Mr. de Blasio.

“This is the highest standard of 425 Park Ave., had only ever been istock building in the 21st century on the crossed by three other properties: 9 of the office elite DAILY SHELTER POPULATION W. 57th St., the General Motors 58,270 Building and 667 Madison Ave. 70,000 BY DANIEL GEIGER Meditation Bloomberg Six other properties could triple 50,000 Dinkins Giuliani that list. They include the Time de Blasio A new king has been crowned at the rooms and Warner Center, Park Avenue 30,000 top of Manhattan’s office market. Tower, 1 Vanderbilt and an office 10,000 JAN. 1990 JULY 2015 The developer of 425 Park Ave., a lounge cube being built at the foot of the a 900-foot-tall luxury office tower luxury condo super-tower at 432 New Yorkers who gauge the homelessness problem by what they see are missing the under construction between East for chauffeurs Park Ave. iceberg. Only a fraction of the city’s homeless live outside of shelters. 55th and 56th streets, has signed a Even landlords of buildings out- NYC’S UNSHELTERED HOMELESS deal with the hedge fund Citadel to side midtown, the city’s priciest of- 5,000 take over 200,000 square feet at the fice neighborhood, believe they too 3,357 property for a record-breaking sum. can command $200 per square foot. 4,000 The lease includes the building’s grand boulevard of America,” said One of them is 860 Washington St., 3,000 penthouse, which Citadel has David Levinson, chairman and a boutique property under construc- 2,000 agreed to pay $300 per square foot CEO of L&L Holding Co., the de- tion next to the High Line in the 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 to rent.That’s about 50% more than veloper of 425 Park Ave.“It’s blue on meatpacking district. Sources: Coalition for the Homeless, NYC Department of Homeless Services, NYC Human Resources Administration previous peak rents in the city, the Monopoly board. No one has In order to get there, these own- which had topped out at about $200 created something like this.” See RENT on Page 23 ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY

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125 E. Broad St. Greenville, SC 29601 Pages/Panels 1 of 1 Paper Stock MG Trim 10.875” x 14.5” 10.875” x 14.5” Prod. Mgr. None P: 864.271.0500 | F: 864.235.5941 622 Third Ave, New York, NY 10017 Hardware or Component None Safety 10.25” x 14” 10.25” x 14” Acct. Exec. None P: 212.905.7000 | F: 212.370.0781 Equipment None Finished Identifier None 10.875” x 14.5” Size Comments: PDFx1a with bleed. Include marks, slug. Inks: Cyan, Magenta, Yellow, Black Fonts: Neue Haas Grotesk Text Std, Neue Haas Grotesk Display Std Images: RM_AlcatelLucent_collaboration_CMYK.ai, RM_ML_SS_GlxyNote5_Blk_Frt_Frt-Sept25-BluePop-R5in-MG.psd (258 ppi), RM_ML_SS_GS6Edge_Blk_Frnt-GreenPop-R5in-MG.psd (269 ppi), SS_Galaxy_S6_S6Edge_Lockup.ai, SS_GNote5_Logos.ai, Verizon_CMYK_P.eps 20150914-NEWS--0006,0007-NAT-CCI-CN_-- 9/11/2015 7:20 PM Page 1 IN THE Mr. Kravis—the original Bar- barian at the Gate who made bil- MARKETS lions over the years buying and by Aaron Elstein selling companies like RJR Nabisco, Safeway and hospital owner HCA— looked like he had miscalculated with First Data. Henry Kravis’ $29 billion albatross Then along came Uber. The ride-sharing service has t seems unlikely that private-equity overlord Henry Kravis made the sleepy business of pay- ever uses Uber. Billionaires tend to have chauffeurs, after ments quite the sexy place. Cus- all. But the app’s rise offers Mr. Kravis (pictured) a chance tomers don’t type in their credit- I card information and hit the “pay” to exit possibly the worst—and certainly the largest— button at the end of a trip.They just investment his firm has ever made. Back in 2007, Kohlberg order it and ride, with their credit- Kravis Roberts & Co. acquired First Data, a giant Manhattan- card info already on file with the based payments processor, for $29 billion.The deal was truly a company. “Uber was the first step; the payment is vanishing,” wrote product of the bubbly times, financed with $7 billion in cash, Thad Peterson, an analyst at consult- as well as more than $20 billion in “covenant-light “loans and ing firm Aite Group, in a post last month. “Soon (very soon), the a charming relic called payment-in- whole purchase process will collapse kind-toggle notes. Cov-lights are A firm called into a single event,a buy button,and loans that limit creditors’ ability to the world will never be the same.”

make demands if things go wrong. First Data and These seemingly invisible trans- buck ennis PIK-toggles enable borrowers to actions need to be routed to banks, skip interest payments by instead the end of credit which is where processors such as First Data needs every bit of other costs. In other words, even taking on more debt. First Data come in. Square, the up- buzz it can get because its balance eight years after its leveraged buy- First Data couldn’t handle its card swipes start run by Twitter co-founder Jack sheet is still pretty ugly. It has lost out, it is still heavily leveraged. If massive debt burden and struggled Dorsey, has confidentially filed to go money for the past three years, and First Data can’t complete its IPO in to keep its head above water for public, and Apple has entered the has $20 billion in long-term debt, this environment, KKR could be years.It remained unprofitable and payments business. PayPal was re- or 8.3 times higher than earnings stuck holding this company for deeply in debt even as the economy cently spun off from eBay,and Bitcoin before interest, taxes and certain years to come. Ⅲ recovered. Last year, it raised $3.5 has serious potential as an alterna- billion in new cash to lower its debt cause private-equity investors like tive payment ecosystem. Amid the load and make the company a more KKR are usually thinking about excitement, it’s no wonder Mr. PRICE TO WHICH a barrel of crude oil could ultimately fall, viable IPO candidate. Mr. Kravis selling companies seven years after Kravis wants to sell First Data to the according to a forecast last week by Goldman Sachs. The and partners contributed $1.2 bil- they’ve bought them, rather than public and start getting this alba- $20 last time oil prices were so low was in July 1999, when gas lion.That was an unusual move be- injecting them with more capital. tross off his back. cost $1.16 a gallon, according to the U.S. Energy Information Administration. 20150914-NEWS--0006,0007-NAT-CCI-CN_-- 9/11/2015 7:20 PM Page 2 THE Democrat when his poll numbers tank,” the insider said, “but in reali- INSIDER ty, he governs as a Republican.” by Andrew J. Hawkins One progressive operative griped, “Cuomo and Biden are two white male moderates using their ‘bro- mance’to capitalize on a hot issue for Cuomo’s reversal stuns foes, allies progressives nationally without really moving to the left. … It’s unclear Andrew Cuomo whether or how Cuomo will spend ight months ago, Gov. threw cold water real political capital to get this done.” on Mayor Bill de Blasio’s proposal for a $13-an-hour Others see a more calculated at- minimum wage in New York City, calling it a tempt by Mr. Cuomo to burnish his E faded brand. “The minimum wage “nonstarter” in Albany. In May, he dismissed a plan by the polls off the charts and is the right

state Assembly to make it $15 by 2018. “God bless them— newscom thing to do,” an Albany insider said, shoot for the stars,” he said. But last week, Mr. Cuomo referring to popular support for (pictured), accompanied by Vice President Joseph Biden, stood able businesses and employees would government benefits. higher wages. not find a lot of supporters in the busi- Previously disillusioned liberals, A spokesman for Senate Major- before hundreds of cheering union members and called for ness community,” she warned. meanwhile, were ecstatic. Jonathan ity Leader John Flanagan said his con- hourly pay to start at $15 statewide. Mr. Cuomo later said the hourly Westin, director of New York ference would “take a step back to minimum should reach $15 on Communities of Change, said, “We study the real-life consequences of “A minimum wage of $8.75 in But Mr. Cuomo surprised them Dec.31,2018,in New York City and are proud to stand with Governor any additional increase in the mini- New York is not a minimum wage at this summer by lifting fast-food July 1, 2021, in the rest of the state, Cuomo and will strongly support mum wage.” all,” Mr. Cuomo said. “You cannot workers’ hourly pay to $15 without mirroring the fast-food increase. his effort to raise the wage next leg- The Albany insider said the gov- support a family on $18,000 a year the legislature, and now by seeking Other business groups said that islative session.” ernor would sell the Senate leader on in New York state.” the same increase for all workers would hurt small businesses and cost But some grumbling remains. the political benefits of a wage hike. What changed? The governor’s statewide (see Greg David,Page 11). some low-skilled workers their jobs. One Democratic insider said wage “He’ll show them the polling,” about-face is his latest effort to repair Business groups,his erstwhile al- “Deeply disappointing,” said Heather hikes, solidified abortion rights and the source said of Mr.Cuomo.“He’ll relations with the state’s left wing, lies, have been taken aback. Kathryn Briccetti, president of the Business paid family leave could have gotten beg them to poll it themselves.He’ll which felt betrayed by his failure to Wylde, president and CEO of the Council of New York State. “An af- done with a Democratic state Senate. tell them they’d be idiots not to do it help Democrats win control of the Partnership for New York City, said front to small employers in every “The governor likes acting like a in an election year.” Ⅲ state Senate last year, his inability to the city’s major employers would corner of this state” said Mike Durant, pass liberal legislation this spring oppose an abrupt hike. state director of the National Feder- and his shabby treatment of Mr. de “We supported a phased-in and ation of Independent Business. QUOTE OF THE WEEK: ‘Our campaign felt it Blasio.Progressives had accused Mr. graduated increase in the state mini- But Kevin Ryan, CEO of the Gilt Cuomo of ignoring promises he mum wage, as the governor outlined Groupe, who sat on Mr. Cuomo’s necessary to cut all ties with the speaker’ —Aide to U.S. Senate candidate Catherine Cortez Masto, after learning that the City made in exchange for their support in his last budget,but a precipitous in- fast-food wage board, said workers Council’s Melissa Mark-Viverito supports an imprisoned Puerto Rican nationalist of his 2014 re-election. crease that threatens the most vulner- need an increase to ease them off 20150914-NEWS--0008-NAT-CCI-CN_-- 9/11/2015 7:19 PM Page 1

HEALTH CARE Montefiore system to run Einstein Yeshiva’s president finances: selling off real estate, The health system will coordi- The statewide alliance “is a big hiring Alvarez & Marsal to restruc- nate care through its North Shore- deal for the future of health care in JACK STEPHENSON plans 2018 exit as ture its operations—and the deal to LIJ Premium network—some New Jersey, which will benefit em- is overseeing the offload Einstein, which generated 5,500 primary care and specialty ployers and consumers by improv- HealthPlus university finalizes the bulk of Yeshiva’s $150 million doctors who are willing to accept ing health and decreasing costs,” Amerigroup overhaul. annual losses. value-based payments. said Laurel Pickering,president and medical-school deal Montefiore will have a majority Although fee-for-service was chief executive of the Northeast stake in a new entity that will run seen in the past as a more lucrative Business Group on Health in Man- ast week was a momen- Einstein.The move appeases health way to treat patients, the industry’s hattan. tous one for Yeshiva and education regulatory agencies preference for pay-for-performance —jonathan lamantia

University.More than a and creates a structure for Monte- is clear, said Howard Gold, execu- buck ennis year of negotiations to fiore to invest millions of dollars in tive vice president and chief man- shed its money-losing Einstein. aged care business officer at North Rebranding for a Beach, Va., handled the media buy, Lmedical school finally resulted in a —barbara benson Shore-LIJ. managed care plan while Anthem developed the cre- signed deal. “This trend is not an anomaly,” ative content internally. On Wednesday, Yeshiva an- he said. “There’s too much interest One of New York City’s largest The company’s 22 brick-and- nounced the Albert Einstein Col- Health systems, on every level, from government to Medicaid managed care plans is mortar service centers will also lege of Medicine would shift to insurers cozy up commercial payers to the Medicaid overhauling its brand. HealthPlus adopt the new Empire moniker. Montefiore Medical Center, its and Medicare HMOs, to move in Amerigroup, which has about The name change is part of an hospital affiliate for a half-century. Two deals struck last week were ev- that direction.” 450,000 members in Medicaid effort to link the company’s Medic- The Bronx health system will as- idence of the steady move away from The value-not-volume trend and Medicare Advantage plans, aid and commercial products to sume operational authority and re- paying for health care on a fee-for- also was the impetus for a New Jer- will become Empire BlueCross avoid losing members when a per- sponsibility for the medical school. service basis. That traditional reim- sey alliance that should catch the eye BlueShield Health Plus on Oct. 1. son gains or loses eligibility for Hammering out the details of bursement method is being pushed of employers with workers in the The company launched an ad Medicaid. People shopping for the deal, first announced in 2014, aside for new value-based contracts state. Horizon Blue Cross Blue campaign to publicize the move to both types of plans might not have has been a key goal for Yeshiva Pres- that pay providers more if they de- Shield of New Jersey, several of the members and providers. Both com- known they were part of the same ident Richard Joel. With a deal in liver higher quality. state’s health systems and the Sum- panies are units of Anthem. company. hand, Mr. Joel told his board last The North Shore-LIJ Health mit Medical Group announced the The ad campaign with radio, “Most people say, ‘I really like week that he will step down in 2018 System announced a deal that cov- launch of the OMNIA Health Al- print, outdoor and digital ads is Empire, but I don’t want to have my from a post he has held since Sep- ers 1,000 Humana Medicare Ad- liance.The goal:lower-priced insur- costing “well in excess of $1 mil- family split between Empire and tember 2003. vantage members in New York City ance premiums and out-of-pocket lion,” said Jack Stephenson, presi- HealthPlus Amerigroup,’ ” Mr. His recent attention has been and on Long Island. The contract expenses for patients through value- dent of HealthPlus Amerigroup. Stephenson said. on stabilizing Yeshiva’s troubled starts in 2016. based contracts. Seventh Point, based in Virginia —jonathan lamantia

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8 | Crain’s New York Business | September 14, 2015 20150914-NEWS--0009-NAT-CCI-CN_-- 9/11/2015 1:15 PM Page 1

REAL ESTATE

and Durst. Condé confidential.“We’re in into upgrading the 1.9 million- Nast, whose lease at 4 various stages of ne- square-foot property, which Old Condé Nast Times Square ex- gotiations,” he added. includes renovating the lobby and tends through 2019, The deals range in size elevators. moved to lower Man- from 80,000 to Mr. Bow said an added perk for a hattan earlier this 350,000 square feet large tenant is the building’s rooftop space lures tenants year. each. Mr. Bow expects signage—a massive four-sided elec- “We have enough the leases to be signed tronic billboard that is one of the proposals to fill 150% by next month and most prominent in the city. he Port Authority of New York and New Jersey is on the hook of Condé’s space at hopes to have several Tenants taking Condé Nast’s for more than $40 million in annual rent for vacant space at the property,” said in place by the end of space will be leasing directly from 4 Times Square, but the good news for the agency is that it may Tom Bow, an execu- the year. Durst, according to the landlord, 4 Times Square not have to pay it much longer. tive at the Durst Or- Although 4 Times freeing the Port Authority from Executives at the Durst Organization say they are in talks ganization who man- Square was developed having to pay rent as space is taken. Twith more than enough office tenants to fill the 820,000 square feet at the ages its leasing portfolio of by Durst in the late 1990s, Mr. Bow The total cost for the remaining five 48-story building that had been occupied by Condé Nast.The Port Author- Manhattan office space. He said he said it features many of the desirable years of Condé Nast’s lease commit- ity agreed to take over that space in 2011 to incentivize the publisher to re- could not disclose the name of po- attributes of new office buildings. ment is $200 million. locate to 1 World Trade Center, which is co-owned by the Port Authority tential tenants because talks are Durst is also pouring $150 million —daniel geiger New York is about to get sweeter

Sugarfina, a Los Angeles-based candy seller, is opening two Man- hattan stores this fall. The three-year-old brand will open a 250-square-foot shop on the first floor of the Time Warner Center, replacing Tesla.Sugarfina also plans to open a 1,000-square-foot space on upper Madison Avenue. “This is candy for grown-ups,” said Rosie O’Neill, Sugarfina’s founder. She noted that its selection Todd Staub of candy is curated and high-end— CHIEF FINANCIAL OFFICER the company sells gummy bears UTZ QUALITY FOODS made with real Champagne. The brand once sold a steamer trunk of its wares for $5,000 to a Saudi Arabian princess, Ms. O’Neill said. About 60% of sales come from gifts. Sugarfina has some strong local competition in the land of confec- A hunger tions. Dylan’s Candy Bar, the popular shop founded by Dylan Lauren, has two Manhattan locations. “The products at Sugarfina are for growth. highly curated, many unavailable elsewhere in the U.S.,” said Cybele May of Candy Blog, who believes there is room for Sugarfina in New York, noting its exclusivity. —adrianne pasquarelli Understanding Barry’s Bootcamp muscles into city what’s important. Los Angeles-based boutique fitness outfit Barry’s Bootcamp, which offers military-workout sessions set to music and red lights, is close to se- curing a 15-year lease for about Utz Quality Foods has come a long way from the kitchen of Bill and Salie Utz. Today, they deliver snacks all over 4,500 square feet on the ground floor of 387 Park Ave. South,a TF the country, employing thousands of hardworking Americans. At M&T, we’re proud to have aided their recent Cornerstone-owned building at East 27th Street. growth – being proactive with acquisitions and providing multiple strategic financing options. We not only have The Park Avenue South spot will be the company’s fifth in the city,and the resources they need, we offer the responsive, personal attention this family-owned company is looking for. comes on the heels of an undisclosed capital boost from private-equity To learn how M&T can help your business, visit mtb.com/commercial. firm North Castle Investment. Barry’s already caters to the city’s tony enclaves. In a similar vein, it hopes the new location will attract people living near Madison Square Park. “This area is a great mix of business, residential and hotel traffic,” said Neal Ohm, who represented the fitness firm in the transaction. DEPOSITORY AND LENDING SOLUTIONS | TREASURY MANAGEMENT | MERCHANT SERVICES | COMMERCIAL CARD Barry’s is one of a number of fitness companies taking space at a rapid clip in the city. ©2015 M&T Bank. Member FDIC. Equal Housing Lender. —joe anuta

September 14, 2015 | Crain’s New York Business | 9 20150914-NEWS--0010-NAT-CCI-CN_-- 9/11/2015 2:11 PM Page 1

OPINION CRAIN’S NEW YORK BUSINESS

Gentrify East New York editor in chief Rance Crain publisher, vp Jill R. Kaplan assistant to the publisher, fforts to reduce economic segregation in more density, which by itself would be pointless if no one Alexis Sinclair, 212-210-0701 EDITORIAL America’s cities have typically centered on wanted to move there, as is the case today.Various agencies editor Jeremy Smerd ushering low-income people into high- are working with City Planning to spruce up East New York’s assistant managing editors Barbara Benson, Erik Engquist income areas.This appeals to parks, streetscape, schools, transportation and other web editor Amanda Fung copy desk chief Steve Noveck policymakers, activists and judges because infrastructure.The city will mandate and heavily subsidize art director Carolyn McClain staff photographer Buck Ennis it improves outcomes for the poor families lots of affordable apartments, because market-rate housing senior reporters Joe Anuta, Aaron Elstein, Matthew Flamm, Daniel Geiger, Andrew J. Hawkins, who move in: In a lower-stress won’t initially generate enough revenue to do much of that. Adrianne Pasquarelli environment with less crime, more job opportunities and But if the neighborhood becomes nice enough, it will. reporters Jonathan LaMantia, Caroline Lewis data reporter Gerald Schifman high-performing schools, their odds of breaking the cycle of That should be the goal: Let the market work its magic. As web producer Peter D’Amato E columnist Greg David poverty get better. more people with disposable income settle in East New York, contributing editors Tom Acitelli, Theresa Agovino, Paul Bennett, Erik Ipsen, The strategy has its drawbacks, though. Opposition from which has a subway line and Long Island Rail Road station, Judith Messina, Elaine Pofeldt, the areas to be integrated is common, and the logistics and the city’s entrepreneurial Cara S. Trager ADVERTISING expense of social engineering are daunting. Most problematic Brooklyn’s most community will imbue it www.crainsnewyork.com/advertise is that it leaves a lot of families behind, stuck in ghettos where with restaurants, shops advertising director, Irene Bar-Am [email protected] or 212-210-0133 young people see no way out and thus stop looking for one. forgotten area and other amenities. senior account managers Jill Bottomley Kunkes, Rob Pierce Fortunately, there’s an alternative. Instead of relocating The administration account managers Zita Doktor, Jake Musiker, is overdue for Stuart Smilowitz poor people to wealthy neighborhoods, attract wealthier plans to apply this marketing coordinator LeAnn Richardson people to poor ones. a makeover template to a slew of sales/events coordinator Tara Richmond, 212-210-0282 [email protected] This is gentrification, of course, and it’s been happening other underachieving ONLINE naturally in many parts of New York City—Harlem, parts of the city.This is a general manager Rosemary Maggiore, Williamsburg and Bedford-Stuyvesant, for example.The de more far-reaching and 212-210-0237 [email protected] CUSTOM CONTENT Blasio administration now hopes to jump-start this sustainable approach than using housing lotteries to relocate director of custom content Patty Oppenheimer, 212-210-0711 phenomenon in East New York, a forlorn area at the far end a few families from destitute areas into luxury buildings. It [email protected] of Brooklyn that has missed out on the borough’s renaissance. avoids having to bus poor children to top-rated schools in EVENTS On Sept. 21, the Department of City Planning will start a established areas, which requires denying admission to kids www.crainsnewyork.com/events director of conferences & events seven-month public review of its proposal to allow more whose parents moved in for the express purpose of enrolling Courtney Williams, 212-210-0257 [email protected] housing in the low-scale, semi-industrial neighborhood. them there. Most important, it says to New Yorkers that the manager of conferences & events But the administration’s plan goes well beyond zoning for city will leave no neighborhood behind. Adrienne Yee AUDIENCE DEVELOPMENT director of audience & content partnership development Michael O’Connor COMMENTS 212-210-0738 [email protected] CRAIN’S 5BOROS www.5boros.com Irene Bar-Am, 212-210-0133 [email protected] SPECIAL PROJECTS Make my trash service transparent manager Alexis Sinclair, 212-210-0701 [email protected] REVAMP GARBAGE CARTING system rewards us with low NO CREDIT, NO PEACE employees’ credit. Our findings REPRINTS prices. Yet many of us find that confirm industry research and reprint account executive Krista Bora, Steve Changaris—a lobbyist for our garbage bills don’t make “Businesses face fines for credit what job-seekers have experienced 212-210-0750 private waste haulers—claims that sense. I pay the same monthly bill checks” (CrainsNewYork.com) firsthand: Most employers that run PRODUCTION New York City’s small-business to my hauling company no matter gives undeserved credence to big- credit checks are corporations such production and pre-press director Simone Pryce owners are happy with the many how much garbage I throw out business lobbyists who claim the as big-box retailers and restaurant media services manager Nicole Spell private garbage-hauling companies and no matter how much is city’s credit-checks ban is “anti- chains—not the small businesses SUBSCRIPTION CUSTOMER SERVICE that offer a “choice” of whom we separated for recycling. This business.” In fact, the law will help that are the economic lifeblood of www.crainsnewyork.com/subscribe hire to truck our waste away makes it difficult to determine workers and businesses alike by our neighborhoods. For the vast [email protected] 877-824-9379 (in the U.S. and Canada). (“Throw out this garbage plan,” whether I’m paying a fair rate and ending a discriminatory and majority, the new law won’t change $3.00 a copy for the print edition; or $99.95 one Op-Ed, CrainsNewYork.com). takes away an important incentive unwarranted hiring practice that how they do business. It will ensure year, $179.95 two years, for print subscriptions with As one of these entrepreneurs— for businesses to reduce waste and blocks qualified workers from jobs. that large corporations adopt the digital access. I run a Brooklyn restaurant that recycle more. No evidence links credit history to sensible hiring practices used by TO CONTACT THE NEWSROOM: prides itself on using organic and My restaurant has been able to job performance, but credit small businesses, not those pushed www.crainsnewyork.com/staff 685 Third Ave., New York, NY 10017-4024 sustainable products—I can tell start composting its food waste bureaus market credit history as a by the credit-reporting industry. phone: 212-210-0100 fax: 212-210-0799 you that my fellow business owners through the dedicated work of a proxy for character. New Yorkers —andy morrison Entire contents ©copyright 2015 Crain Communi- and I have far fewer choices than small, nonprofit facility in our whose credit has been damaged, Campaigns coordinator cations Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP Inc., used under we want. We generate a lot of community. But this is not a for example, by a medical New Economy Project license agreement. waste—everything from kitchen practical solution for a city the emergency, divorce, layoff or CRAIN COMMUNICATIONS INC. BOARD OF DIRECTORS scraps to cardboard boxes and size of New York. predatory lending are rejected for KEEP THE PARADE chairman Keith E. Crain plastic packaging. We know that The city’s waste-hauling jobs and unable to pay off debts president Rance Crain most of this waste could, and industry needs systematic reform and improve their credit because Re “Should the city ban the treasurer Mary Kay Crain Cindi Crain should, be recycled. Yet almost to operate in a way that is more they can’t find work. West Indian Day Parade?” executive vp, operations William Morrow none of it is. And it’s incredibly transparent, responsive to the The suggestion that small (CrainsNewYork.com): All executive vp, director of strategic difficult to find a private hauling needs of small and independent businesses will face penalties for parades have occurrences. One operations Chris Crain executive vp, director of corporate company committed to recycling entrepreneurs, and safer and unknowingly violating the ban is million people and four operations K.C. Crain and that will transparently and cleaner for the communities in largely baseless. In 2013, New occurrences is not bad at all. In a senior vp, group publisher David Klein honestly show us what happens to which we live and do business. Economy Project and NYPIRG perfect world, there would be zero. vp/production, manufacturing David Kamis chief financial officer Thomas Stevens our garbage. —naama tamir surveyed more than 80 small Unfortunately, we do not live in a chief information officer Anthony DiPonio Mr. Changaris also says the The writer co-owns Lighthouse businesses and found only three perfect world. founder G.D. Crain Jr. (1885-1973) “choice” we have in the current Restaurant in South Williamsburg. that checked job applicants’ or —francisca benjamin chairman Mrs. G.D. Crain Jr. (1911-1996) secretary Merrilee Crain (1942-2012)

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10 | Crain’s New York Business | September 14, 2015 20150914-NEWS--0011-NAT-CCI-CN_-- 9/10/2015 6:45 PM Page 1

JOHN OPDYCKE Break Away... Party down: Open But New York’s “members-only” primary system impedes that. Can- didates who want to bring Demo- crats, Republicans and independ- and make your business better primaries to all ents together have nowhere to go. With nonpartisan primaries, we’d see candidates representing alifornia was for years a symbol of legislative paral- new coalitions instead of carrying ysis,partisan brinkmanship and Soviet-style elec- water for party loyalists. tions. Special-interest groups exerted outsize in- New York state has 3 million independent voters. The current sys- fluence. From 2000 to 2009, only two Assembly tem renders them second-class citi- and congressional incumbents lost;both were un- zens, barring them from elections der criminal investigation. Sound familiar, New Yorkers? funded by their tax dollars. C Excluding independent voters But things have changed since 2010, when the state’s voters and forcing elected officials to pan- der to their parties’ power bases en- made primary elections nonparti- exerted over them by the Democrat- sures a huge gulf between New san, with the top two vote-getters ic Party is much weaker. They have Yorkers and our representatives. facing off in the general election. more capacity to build coalitions and Policy innovation cannot flourish. Industries served: The New York political establish- engage with voters,policy groups and Ideas cannot be tested. Ineffective Financial Services . Manufacturing & Distribution . Technology ment has stymied such a reform here non-Democratic colleagues. They programs cannot be retooled. 1RWIRU3URÀW . Retail . Construction . Architecture & Engineering with dire warnings,but now we know represent their constituents, not the Michael Bloomberg got a refer- Real Estate . Healthcare . Transportation & Shipping the impact in California was swift special-interest groups that make up endum for nonpartisan elections on Media, Entertainment & Telecommunications and positive.Its elections are now the the inner core of the party.The same the ballot in 2003. We got slaugh- most competitive in the nation, and holds true for Republicans. tered.Why? The political establish- the legislature tackles difficult issues California politics has been ment campaigned against it, realiz- 488 Madison Avenue, New York, NY 10022 50 Jericho Quadrangle, Jericho, NY 11753 and passes budgets on time.Nonpar- transformed. All voters vote, and ing it would take power from the 10 Esquire Road, New City, NY 10956 tisan coalitions are commonplace. elected officials have more freedom parties and give it to voters. www.grassicpas.com California no longer discrimi- to legislate. Could this work in New But times are changing. Some nates against independents, the York? Absolutely. New York politicians—including fastest-growing segment of the Left-right coalitions are vital Sen. Charles Schumer—have NOV electorate.They can vote in the first here. Criminal-justice and educa- joined the cause. Let’s bring the round of elections because all candi- tion reform, police-community re- California model to New York. 5 dates are on the same ballot. lations, economic development and RECENT OPERATIONS & DATA CENTER OF UNILEVER Democrats still dominate. But other issues require constituencies John Opdycke is president of Open 110,000 SF MODERN OFFICES ON 8.1 ACRES under a nonpartisan system, control to come together across party lines. Primaries, a national election-reform group. I-95 Corridor near Stratford, Connecticut PROPERTY DESCRIPTION: • Office Building / Data Center with 422 Parking Spaces in Trumbull Corporate Park. • Fiber Optic Distribution. Multiple Back-up NYS MINIMUM WAGE Systems; FM200 gas based-fire suppression system (no water). • Additional 26,000 SF Penthouse Mechanical Biz at crossroads on $9.00 $8.75 $8.00 Room and updated Mechanicals for Elevators. $7.25 • 55 Merritt Blvd. provides your company the assurance of Continuous Operation, Security and Redundancy for Catastrophic Backup minimum-wage hike use in the Medical, Military & Financial Industries. 2009 2014 2015 2016 BUSINESS OPPORTUNITY: Seller-financing with 55 Merritt Blvd., Trumbull, CT 06611 37.5% cash down. Opportunity to control your Easy Freeway Access to I-95; I-84; CT-15 & Rt. 8 business environment at a fraction of replacement ast January, Gov. Andrew Cuomo proposed rais- workers or use technology to reduce em- cost. Buy at an Auction Price! ployment. PUBLISHED RESERVE PRICE: $4,985,000 ON-SITE INSPECTIONS: Thursdays, October, 8, 15, ing the state’s minimum wage to $11.50 in New YOUR NEW HEADQUARTERS @ $45/SF 22, & 29. For appointment on these dates call: David York City and $10.50 elsewhere. After all, the The most credible recent re- SELLER FINANCING @ 6.5% Lang, CT R.E. Sales-person, at Cell: 440-823-0616 or search shows very little loss of jobs. Gordon Greene, CT R.E. Broker at Cell: 330-327-5793. Former Operations & Data Ctr. for Unilever See Web-Site at state’s last increase, phasing in over three years, Nor does it show worrisome price (UL on NYSE) available at fraction of recent valuation of $13,506,000 www.55merrittblvd.com would yield only a 25-cent bump in January 2016, hikes.To be sure, those studies were Closing in Escrow on or before December 16, 2015. of small, incremental increases. and many states around the country had since pushed their min- FOR BROCHURE & TERMS OF SALE , CALL: L Even economists who support a $15 860-904-5498 OR 216-839-2005 imum wages to much higher numbers. threshold admit no one knows what ChartwellAuctions.com But most of the state’s business community—especially will happen this time. CHARTWELL AUCTIONS • HANNA COMMERCIAL BROKERAGE So the state’s business communi- upstate—opposed the governor. ty faces a choice. It can continue to Senate Republicans, worried about trot out the mostly discredited argu- losing their majority and eager to ments it has used against the PROMOTE. please a key group of supporters, minimum-wage increase and per- Why not? blocked his plan. suade its Senate Republican allies to Never has a decision backfired stand fast against the plan. Let the Custom Reprint Department help you promote this great press. more.The governor quickly used his Or it can take into account what executive power to convene a wage economists have learned and craft a board to boost the salaries of fast- more nuanced position in favor of a

CRAIN’S® food workers, and he didn’t push a more modest increase that includes N E W YORK BUSIN ESS VOL. XXXI, NO. 1 WWW.CRAINSNEWYORK.COM JANUARY 5-11, 2015

CRAIN’S® N E W YORK BUSIN ESS

VOL. XXXI, NO. 1 WWW.CRAINSNEWYORK.COM OPINION JANUARY 5-11, 2015 CRAIN’S® NEW YORK BUSINESS CRAIN’S® N E W YORK BUSIN ESS modest increase. He threw in his lot OPINION VOL. XXIX, NO. 39 WWW.CRAINSNEWYORK.COM SEPTEMBER 30, 2013 careful scrutiny of what impact ExpandVOL. XXXI, NO. 1 WWW.CRAINSNEWYORK.COMthe Frick museum JANUARY 5-11, 2015

mong the many things hang their coats and use the bathrooms. expansion plan the Frick envisioned all that make New York City Modern wheelchairs cannot fit through those years ago. NY Area’s Largest Accounting Firms Expand thegreat aFrickrOPINIONe its museums. the doomuseumrs. The museum’s thoughtfully updated Ranked by number of area professionals More than 100 of them, Decades ago, museum officials and designed proposal, which requires each with its own bought and demolished three adjacent both a zoning exception and landmarks $ mong the many things hang their coats and use the bathrooms. expansion plan the Frick envisioned all #$$ $ & # character, enhance the quality of life for buildings to expand their Fifth Avenue commission approval, is to replace the ! # % $& ' & ! !! that make New YorkA City Modern wheelchairs cannot fit through those years ago. " ! ! ! " " residents and keep tourism dollars institution and connect it to the Frick private garden with a public one on the great are its musefloumwis.ng intothe ldooocarlss.’ pockets. Art ReferenceTh eLibr musearyum’. Ths theyo ucoghultfdnully’t updatedroof of a new addition. The neighbors’ ( B190'9 %&@E341B " ! ! "! / Expand the Frick museum 6GPUd`Y$gQ hhhahII`X + + !+ More than 100 of them, Decades ago, museum officials and designed proposal, which requires completely with the advocacy Among the many things that make afford to do the project then, so they kvetching, boiled down, is that they will 7QhE`cV7E actually occurs. each with its own bought and demolished three adjacent both a zoning exception and landmarks the city infuriating are its kvetchers. created a splendid private garden on the lose their view of a closed garden. We )*+, -.*/ ")@DD%'7750'H " ! / character, enhance the quality of Thlifeese for arbuile tdhiengs fo tolk expands who threacteir F itofth Avenue commission approval, is to replaceside t hwie th the other 8.3 million New AUXQd@bfGcQ hhhQpI`X 5)4'179C1BB' !+ "+ + A mong the many things hang their coats and use the bathrooms. expansion plan the Frick envisioned all 7QhE`cV7E residents and keep tourism dochllangears byinst asitkiutng,ion “Whand connectat’s in iitt tofo rthe Frick private garden with a public one Yoonrk theers and 55 million tourists who flowing into locals’ pockets. Art Reference Library. tThhate ym coakule ThednNe’tw Yo rpoofrkublic Cofi tay neMw addodeirtnion. wh eeThlceh neairisg cannothbors’ fit through those years ago. !" !@(1BD %'BB1DD " ! / me?” They bemoan any idea that would get a garden they can visit—and 8GcV$gQ hhhVaXSI`Xfd + "+ + Among the many things that make afford to do the projectg trheaten, asore thietsy mukvseetcumhing,s. btohileed doo dorws.n, is that they will The museum’s thoughtfully updated 7QhE`cV7E might inconvenience them. More thanbenefits 100 of them offset, Decades ago, mua sevastumly offsupeicirialosr “handou desse ignedmuse um”proposal, which requires the city infuriating are its kvetchWhiers. chc reatedbrings a spulends toid ptrivheate F garicrkden on the lose their view of a closed garden.expe Wrieence, too. 01-2,,0 " 19BH 45775AC ! ! YP / These are the folks who react to each witheth itslostsi de owiw viewstnh thbeo uotg hhofte andr 8. 3de millimolionsh edN ethrw ee adjacent both a zoning exception and landmarks 9ÌVQRQWWQc8WGqG hhhPQWÙeeQI`X + YP ! + Collection, the magnificent little art The Frick could build on its property 7QhE`cV7E change by asking, “What’s in it for character, enhance the quality Yoof lirkfee rfos randbuil 55d imillings toon expand tourists th ewhir Foifth Avenue commission approval, is to replace the museum hTheoused p Aublicin the former a privileged few without a zoning action, but the current 2+*0)340) ""! 4'B71C%159CD159 /" residents and keep tourism dollars institution and connect it to the Frick private garden with a public one on the me?” They bemoan any ideares tihdenceat of Gilded Age industrialist would get a garden they can visitrul—esand demand a tall, thin building that’s ATUcP$gQ hhhQUdYQcGXaQcI`X @G'B0@419 + + "+ flowing into locals’ pockets. Art Reference Library. They couldn’t roof of a new addition. The neighbors’ 7QhE`cV7E might inconvenience them. Henry Claybenefits Frick. offset a vastly superior “house muhsearum”dly ideal for a museum. Of course, if Which brings us to the Frick Among the many things thexpeat mriaence,ke affotoo.rd to do the project then, so they kvetching, boiled down, is that they will -5*06*278 " "D1F19'H1B ! " " /!! movement for a $15-an-hour wage A longtimthee f ilostxturthee cofviewsit y thinfe uric itatofy’isng are its kvetchers. created a splendid privthatee F garircdek nh adon tphreoposedlose stuhcehir avi toeww ofer, a closed garden. We @UieT$gQ hhhI`TYcQqYUIVI`X + + + Partnership for New York City Collection, the magnificent little art The Frick could build on its property 7QhE`cV7E Museum Mile, the Frick has seen its expansion site in the interim. neighbors would have griped about that museum housed in the former These are the folks who react to side with the other 8.3 million New attendance arise p nearivilegedrly 40% since few the Neighbwiortsh ofou t hae z onmuingseum act,i son,udden but lythe casurr wentell. They want the garden, and )*, 5-)*,-* "" B'96EBB1 YP residence of Gilded Age industrialist change by asking, “What’s rulin esit defomr and Thea tall, t hipnublic building that’s Yorkers and 55 million tourists who ATUcP$gQ hhhScGYeeT`cYe`YI`X + + YP mid-1990s but lacks mthe?e ”space Th etoy sbheomwoanbl essedany wiideath at hviatew of a garden rather everything else, to stawyo tulhed w getay ait ga is.rden they can visit—and 7QhE`cV7E Henry Clay Frick. much of its collection of Old Master than the hsairdesdly iofdea buill fodr iangs, mu secaumme. Ofto course,“It i’sf a beautiful garden,” a museum might inconvenience them. benefits offset a vastly superior “house museum” )7.3 ! 122B1H%%1591B / A longtime fixture of the paciintty’isngs, European sculpture and treasure tthhee gFrrieenck space,had p raoposedlthoug hs u(ochr a offtowiceiar,l admits. “We built it.” ATUcP$gQ hhhXGcIfXWWaI`X + "+ + Museum Mile, the Frick has seen its expansion site Whiin thceh i ntebririmngs. us to thnee igFhbricokrs woulthed hav elost griped views about that of experience, too. 7QhE`cV7E decorative arts. Its conceCollectrt iseon,ri esth ande magnpeirhficentaps bliecattleu se)art it was closed to the And now it’s ExhibiTht Ae iFnri ac kc lcoassulicd build on its property attendance rise nearly 40% sincestu dentthe progNeraigmhbs ocannotrs of th e mmueetse umthe, suddenpublilyc. Yoasu canwell te. llTh wheye rew tanthis itsh goe igang:rden,lesson and of New York City land use: No 719)0: &@9'70F%5A'B5 " ! /! museum housed in the former a privileged few without a zoning action, but the current !@UieT$gQ hhhXISWGPcQpI`X + + + mid-1990s but lacks the space tode shmoand.w blPessedatrons wi wtahi ta ivin eliwnes of jua stga rtoden Sratomher neeivgehbryothirs ngno ewlse, o tobj ectsta y toth e twheay itgood is. deed goes unpunished. 7QhE`cV7E much of its collection of Old Master than the sirdesesi denceof buil ofd iGngs,ilded ca mAgee to indust“riIta’sli sta beautiful garden,” a museum rules demand a tall, thin building that’s GREG DAVID !!! B5'9))71CD@9 " " / paintings, European sculpture and treasure theHen greenry Cspace,lay F riacltkh.ough (or official admits. “We built it.” hardly ideal for a museum. Of course, if 8GcV$gQ hhhHPÌ`X !'90H")4G'BDI8'9 + !+ "+ decorative arts. Its concert series and perhaps becauAse) liongtt wasim cel osedfixt urtoe thofe the Andcity’ nos w it’s Exhibit A in a classic the Frick had proposed such a tower, 7QhE`cV7E Museum Mile, the Frick has seen its expansion site in the interim. neighbors would have griped about that -,5+,02* ++ "" "D1F19'CC ! " /" at those restaurants. Because Mr. student programs cannot meet the public. YoReprintedu can tewithll whpermissionere thi froms is thego iCrain'sng: Newlesson York Business of Ne. ©w 2015 Yo rkCrain C iCommunicationsty land use: NInc.o All Rights reserved. hhhcVIÌ`X + + President Kathryn Wylde adopted @UieT$gQ #4@8'CF93177 + demand. Patrons wait in lines just to Some neighbattendanceorsFurther now duplication riosebj ectnea withoutrlyto 40%th epermission sgoodince is deedt prohibited.he goesN Visit ueinpg www.crainsnewyork.com.hbunoirssh ofed. the museum #NB15004, suddenly as well. They want the garden, and 7QhE`cV7E" mid-1990s but lacks the space to show blessed with a view of a garden rather everything else, to stay the way it is. 02+0)6)+ ! &@E37'CF% 45775AC " / much of its collection of Old Master than the sides of buildings, came to “It’s a beautiful garden,” a museum DeT@e hhhhQUdQcXGqGcdI`X + + + paintings, European sculpture and treasure the green space, although (or official admits. “We built it.” 7QhE`cV7E Reprinted with permission from the Crain's New York Business. © 2015 Crain Communications Inc. All Rights reserved. -**-) ;20+ ! 1F59%1'91 ! /!! decorative arts. Its concert series and perhaps because) it was closed to the And now it’s Exhibit A in a classic )UReT$gQ hhh`PaVRI`X + + !+ Further duplication without permissionstu isdent prohibited. prog Visitram www.crainsnewyork.com.s cannot meet #NB15004the public. You can tell where this is going: lesson of New York City land use: No 7QhE`cV7E demand. Patrons wait in lines just to Some neighbors now object to the good deed goes unpunished. 2,)2* --40)3* - " @17F%@@A1B8'9 ! " / ")UReT$gQ hhhIUecUYI`àQcXGYI`X + + + 7QhE`cV7E

Reprinted with permission from the Crain's New York Business. © 2015 Crain Communications Inc. All Rights reserved. Cuomo completely controlled the precisely this approach last week. Further duplication without permission is prohibited. Visit www.crainsnewyork.com. #NB15004 process, the last-ditch organizing And at least one retail group sup- Hard Copies Eprints (Digital Reprints) Plaques & Frames efforts of the restaurant industry to $15 in the city in 2019 and in the ported the original Cuomo propos- failed miserably. rest of the state in 2022. al from January. Now the governor has upped the For decades, economists have debat- Business actually has no choice, ante with his proposal to enact a ed the extent to which increases in the because if the governor is blocked, For more information contact statewide $15 hourly minimum. minimum wage improve pay for some he will simply convene more wage Krista Bora, Reprint Account Executive Presumably, he will settle on a employees while hurting others—espe- boards to increase pay, industry by [email protected] • tel 212.210.0750 phase-in period. The fast-food cially the young and unskilled—as busi- industry. That is not an outcome wage hike provides for steps that get nesses hire fewer and better-qualified anyone should want.

September 14, 2015 | Crain’s New York Business | 11 20150914-NEWS--0012,0013-NAT-CCI-CN_-- 9/11/2015 1:08 PM Page 1

H2015 ALL of FAME CRAIN’S NEW YORK BUSINESS

Still in the game after decades of groundbreaking accomplishments, our seven inductees reveal the secrets to their many successes

Photography by Buck Ennis

LISTEN to a discussion at CrainsNewYork.com/podcasts

COUNTERCLOCKWISE from top left: Larry Fink, Shelly Lazarus, Richard Ravitch, Pamela Brier, Alan Patricof, Emily Rafferty and Steven Roth 20150914-NEWS--0012,0013-NAT-CCI-CN_-- 9/11/2015 1:08 PM Page 2

CRAIN’S HALL OF FAME

LARRY FINK He put the financial system back on track ‘Know

never even knew about Wall Street until a professor of mine at UCLA told me about it. I ended your up choosing First Boston with the idea that I was going to move back to California. In my risk’ interview, I met one individual who ran the corporate bond desk, and he just grabbed me and said, “You gotta do this.” At the end of my training program, they moved me over to the mortgage desk, which was two Ipeople at that time. Two and a half years in and at 28 years old, I became the youngest managing director in the firm, and at 31 I joined the management committee. And at 34, I was a jerk. In the first quarter, we made $135 million, and in the second quarter we lost it all. This was 1986. We were the most profitable division in the company for a number of years. And we probably should have been fired for the amount of risk we were taking during those times. They should have been raising questions: “How are you making so much money? Are you taking too much risk?” And they didn’t ask. They asked it when you had the losses. And the greatest lesson for me was: Know your risk. That was a major genesis for the DOSSIER formation of BlackRock. When we started the firm, we focused on risk management. BORN Los Angeles Basically, history repeats itself. You looked at any type of chart showing the growth of EDUCATION UCLA, credit from 1998 to 2007—the ballooning of balance sheets. It was 50 times what it was UCLA Anderson School of even in ’98. You just knew there was going to be a credit crisis. Management BlackRock was hired to help the U.S. government with [the toxic assets of] Bear CAREER Founded BlackRock, Stearns and AIG. We were hired by the Swiss National Bank to help them on UBS. We the world’s largest investment were hired by Her Majesty’s Treasury to help them on RBS. We’ve been hired by the Dutch firm with more than $4.7 government, by German regulators to help them on Landesbank. Subsequently we were trillion in assets under hired by Greece, Cyprus and on and on and on. We have been hired by—and remain management working for—many governments. CIVIC WORK New York Probably the greatest searing memory during the moments from March 2008 through University, NYU Langone September 2008 when we had these crisis weekends—they always seemed to be on Medical Center,Museum weekends; we always had these ruined weekends—was probably the most important thing: of Modern Art, Council We were making decisions without full information. And there were moments when you on Foreign Relations, Robin Hood Foundation, paused and said, “Oh my gosh, if we make some poor decisions the financial world could Partnership for New York City be heavily impaired.” In retrospect, most of the decisions turned out to be good ones. We will make mistakes sometimes. Was [defaulting on the $3.4 billion purchase of] Stuyvesant Town an aberration? With the information we knew about Stuy Town, with the opinions we had from lawyers, we probably would have done it all over again. If you remember, almost every major investment that was made in 2006, 2007—everyone lost. Stuy Town was just big and large and public. I’m in the office at 6 a.m. every day; I’m reading different news sources. Before I go to sleep every night, I download three or four publications. I see what the news stories are for tomorrow. I check what’s going on in Asia. I’m a student of the markets. If you stop being a student, you will fail. It’s the foundation of what I do. I tell my leaders— my leaders are going to be teachers—if you’re a teacher who stopped being a student, you can’t be a good teacher. —As told to Jeremy Smerd

SHELLY LAZARUS She blazed trails in advertising and civic life

fell in love with advertising. I went to an advertising-women-in-New-York seminar that they used to run once a year on a Saturday to accompany a friend. I was completely mesmerized. It ‘Don’t be never occurred to me that advertising had a strategy, that the commercials you saw had some afraid to purpose, some rationale. speak your I came into advertising in the ’70s. Every woman who was in an executive position—there Iweren’t many—but every one who was at Ogilvy had started as a secretary. They had worked their way mind’ up. It was like a Mad Men script. I had no role models, so I just kind of did things spontaneously. I thought, “I’m just not smart enough to know how you’re supposed to behave, how you’re supposed to dress, who you’re supposed to talk to.” I would ask the question that everyone was too polite to ask not because I was not trying to be polite, but because it was the obvious question in the room. Don’t be afraid to say what you think is right. Don’t be afraid to speak your mind. I was a brand-new management supervisor on a very large piece of business at DOSSIER Ogilvy, and I was sent to the president of the division to show him a new commercial with the Mills Brothers for American Express. He said, “Oh, I don’t like that very much.” BORN Brooklyn And I said, “God, I love it.” I didn’t do a 10-minute rationale on why it made sense. It EDUCATION Smith College, was just sort of this visceral “I love it.” And everyone in the room started to smile. So it Columbia Business School wasn’t that I felt, “Am I confident enough to say this?” It was because I meant it. I did CAREER Spent more than 40 love that commercial. If I could go back, I would give myself permission to feel great years at Ogilvy & Mather, rising about being spontaneous and authentic and not to worry about it. to CEO and chairman I was just always trying to get great work for the clients. It’s a very simple mission. CIVIC WORK New York- Every once in a while, somebody in senior management would come into my office and Presbyterian Hospital, throw another title on my head. And I always had the same reaction: “Oh, I don’t think American Museum of Natural I’m ready for that,” but I would just smile and say thank you and then I would continue History, Partnership for New basically doing the same thing. And I think even when I got to be CEO, I was still just York City, Lincoln Center, World trying to get great work for clients to move their businesses ahead. Wildlife Fund, Committee You need to have a team that believes in you and people who believe in each other Encouraging Corporate and people who can work together. Without the people around you, you are never going Philanthropy to be successful. It surprises me over and over how people don’t realize that you have to treat the people on your team respectfully; you have to let them share in the problem and the solution. You’re only going to be as good as the people who want to work with you. In the beginning of each year, I would write down on a piece of paper the five things I wanted to accomplish over the course of that year. And I kept it on top of my desk under a folder. I had “Fix the London office” on my list for years, and you know what? Now it’s fixed. We got new leadership and they’ve made all the difference. I did not let myself get away with “It’s too hard; I’m going to drop it from the list for this year.” It was six or seven years, but at last, if you keep at things long enough, it will happen. —As told to Jeremy Smerd

September 14, 2015 | Crain’s New York Business | 13 20150914-NEWS--0014,0015-NAT-CCI-CN_-- 9/11/2015 1:04 PM Page 1

CRAIN’S HALL OF FAME

‘Trust He solved fiscal problems your RICHARD RAVITCH no one else could dumb y first job was in Washington, D.C. I wanted to save the world. After a year and a luck’ half, I had no money and began to think I didn’t want to be a Hill staffer my whole life. So I joined two of my cousins in their construction business and loved it from the start, in part because almost immediately we were building the first [racially] integrated housing in Washington. It satisfied both my greed and desire to do good. MThere’s always been a connection between my public and private life. In my opinion, one reason New York City has remained great through the years is that so many successful businessmen and -women have given their time to civic issues. I know everything I’ve done has been tied to the city’s well-being. I was able to accomplish what I did because there are two things I understand well: finance and politics. I could always explain politics to the business world, and business to the political world. And I managed to avoid conflict, which allowed me to get things done. Like reviving DOSSIER the subway system, the achievement I’m most proud of. When I became chairman of the MTA in 1979, the place was a mess. I had to convince the legislature, the governor and BORN Brooklyn the media that we needed a massive infusion of dollars. I got $14 billion and bought cars EDUCATION Columbia for the subway and LIRR and created Metro-North. Investment [in our infrastructure] is University, Yale Law School crucial to the future of this country. Even Ronald Reagan recognized that. CAREER AND CIVIC WORK Over the years, I also built 40,000 units of affordable housing in the city. It speaks to Detroit bankruptcy adviser, the role serendipity has played in my career. I’d never met Hugh Carey. When he became co-chair State Budget Crisis governor in the 1970s, he was told the banks would no longer finance the New York Taskforce, New York Lt. Gov., State Urban Development Corp., which was building affordable housing around the Bowery Savings Bank CEO, state. He asked former HUD Secretary Robert C. Weaver to help solve the problem. Metropolitan Transportation Well, Robert Weaver was the first tenant in the first apartment house I built in Authority chairman, Urban Washington in 1961, the first black man in an integrated Washington building. We’d Development Corp. been friends since. So he came to me for help negotiating with the banks and legislature. chairman, principal of HRH Construction Corp. Also, by chance, the [then-]HUD secretary was a classmate of mine at Yale Law School. Those connections were the reason we were able to restructure the development corporation’s balance sheet and complete those affordable-housing units. So trust your dumb luck. Don’t worry about the future; it’ll happen in ways you couldn’t possibly predict. I made mistakes, I screwed up, but I have a wonderful family, I live comfortably and I have earned experience with which I helped others. I’m the luckiest guy in the world. —As told to Gary Belsky

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14 | Crain’s New York Business | September 14, 2015 20150914-NEWS--0014,0015-NAT-CCI-CN_-- 9/11/2015 1:05 PM Page 2

She proved community ‘My core PAMELA BRIER hospitals can thrive value set: went to Berkeley in the 1960s. One of the things I took away from that was the power of teamwork collective action. My husband, who was teaching history, got a job in New York City, and so we and respect’ moved here in 1976, with our then-5-year-old daughter. I answered a couple of blind ads and ended up in the city Health Department. The job turned out to be really bad, so I talked my way into the Health and Hospitals Corp. They said, “Oh, we’ll put you in the reimbursement office.” I was almost the only woman. Certainly the only non-accountant. They gave me the small programs Ito work on. “You can do home care, dear; there’s not a lot of money there.” Little by little—this is Mayor Ed Koch’s administration—I moved up. The day came when all my bosses had either been fired or left, and I found myself as the acting reimbursement director. The guys—the accountants—said, “Don’t worry, dear, we’ll teach you how to read the financial statement.” Well, I did learn how to read a financial statement, but I also understood a lot of things about finance from a real-life perspective. Stan [Brezenoff] was deputy mayor and said, “Oh, why don’t you go run Jacobi [hospital] in the Bronx.” I was thrilled, of course, but terrified; I had been in hospitals, DOSSIER but I hadn’t exactly run them. I did the only thing I really knew how to do, which was to BORN Los Angeles walk around and meet every single person who worked there. EDUCATION UC-Berkeley, I walked into Bellevue on a gray February day in 1992. I was the 10th executive UCLA School of Public Health director in 10 years. In the back lobby were these three dead trees listing to the side. I CAREER AND CIVIC WORK thought, “We can’t even keep the trees alive.” Led Maimonides Medical One day I was walking around the psych unit, and I noticed that the patients in the Center, Bellevue and Jacobi middle of the day were in pajamas. You can, of course, picture discharging patients to hospitals; served on city’s shelters, if you must, but discharging them naked? It takes more than medical care to Health, Workforce Investment, make people healthy. It was the Giuliani administration. I was a little grouchy. Correction and Community I became CEO [of Maimonides] within 24 hours of Stanley [Brezenoff] saying he was Service boards leaving [that post]. A month later, my husband and I were in this terrible car accident where he nearly died. That was July 3, 2003. My husband was in the hospital. It was much harder being a caregiver than a patient. A lot of what I know about life in hospitals really was informed by that experience. We were in some great hospitals, but the doctors didn’t talk to each other. If you’re a patient, and your orthopedist isn’t talking to the plastic surgeon, you are sunk. Well, it turns out that the gurus at Harvard Business School say that the two hallmarks of a safe, high-quality hospital are teamwork and respect. I couldn’t describe my core value set. But it includes those things. And it includes the notion that people close to the work not only have a stake in making a place work better, they also know a lot. Tell me that who mops the floor in the patient’s room doesn’t know a lot about what’s going on with that patient and the family. When we have a margin, we spend it on housekeepers, and improving the nurse/patient ratio. So there’s not a huge infrastructure of middle management. People just have to work hard. People have two and three jobs. It’s a tough family. There is nothing inherently politically incorrect about being a tough-minded manager who does what you have to do to give an institution the financial wherewithal to do good work. —As told to Jeremy Smerd

ALAN PATRICOF He paved the way for Silicon Alley

guess you could say I am a pioneer in the venture-capital industry. When I started Patricof Ventures in 1970, if you were a venture capitalist, no one knew what you did. I realized early ‘Choose a on that I didn’t like the vicissitudes of public markets and that it would be much more substantive to invest directly in young companies. It’s why I’ve been involved in New York path that City’s technological development from the beginning. I’ve been associated with pretty much gets your Ievery organization in the field that has “New York” in its name. My civic participation clusters around entrepreneurial development as well. I was involved in juices TechnoServe, which offers advice to startups in developing countries, and Trickle Up, which gives grants mostly to women flowing’ starting small businesses in the developing world. I was on the board of the U.S. government’s Millennium Challenge Corp. I’m on the President’s Global Development Council. I was involved in the founding of DOSSIER Nifty, which brings business education to high-school students here and around the world. And I started the Opportunity Network, which gives high-school students access BORN Manhattan to summer jobs in business and further mentoring throughout the year. EDUCATION Ohio State It’s all a natural outgrowth of being in VC. But my focus isn’t all those post-grad- University, Columbia Business school kids who just want to be richer than the guy living down the hallway of your School dorm who’s already made a fortune. The people I try to help aren’t into that flow. CAREER Founded Patricof & I’ve told this story many times. I came out of Ohio State in 1955. The only Co. Ventures, a predecessor to companies that offered me a job were the National Bank of Detroit and Caterpillar. Apax Partners, a private-equity Frankly, I couldn’t envision myself with either one, so I came back to New York. In those firm with $38 billion in assets; days, there were no recruitment firms for the investment business unless you wanted founded venture-capital firm Greycroft, with $600 million in to be a stockbroker. So I literally walked down Wall Street and into every building, took assets. Early investor in Apple, the elevator to the top then walked down the stairs, asking on each floor about job Office Depot, America Online, openings. Finally, I was offered a job, on the 35th floor—which saved me the long walk New York magazine, Huffington down. Today, you couldn’t get past the front desk at any of those buildings, and you Post, Audible certainly couldn’t walk down the stairway. You need a whole different approach to CIVIC WORK Council on getting a job, so I can’t tell people how to do that. Foreign Relations, Columbia But I can say you need to choose a path or a product that gives you energy—that Business School, President’s gets your juices flowing. When I wake up every day, the question is: Why do I still do Global Development Council this? Most people my age are playing golf or vacationing in Turks and Caicos. But I am still the first person at work on most days because I keep hoping the elevator door is going to open and let out another Steve Jobs or Howard Schultz or Michael Dell. You keep hoping for someone with an original idea or some proprietary position that will get you excited and make you feel proud to be connected with it. These days, in any business activity or meeting, I’m at least double the age of most of the other participants, sometimes triple the age. It keeps me energized. To be in this world, you have to be a player. You have to be up on the technology. You have to have something to contribute. Otherwise, you’re not going to be in business very long. —As told to Gary Belsky

September 14, 2015 | Crain’s New York Business | 15 20150914-NEWS--0016,0017-NAT-CCI-CN_-- 9/11/2015 1:03 PM Page 1

CRAIN’S HALL OF FAME

EMILY RAFFERTY She raised the bar for the city’s cultural leaders

ever think you know what you’re going to do because around the next corner will be something that leads you in a completely different direction. I was headed off to Vista, the equivalent of Peace Corps, and ran into a woman I didn’t know at an event after a concert and wound up taking her job, which ended up being my first job, working for David Rockefeller Jr. back in 1971. NI also did a lot of arts education programs with the Boston Symphony, where David was at that time, and then the Institute of Contemporary Art [in Boston]. That’s really how my arts administration life was launched. I began to understand the breadth of what it takes to be a good administrator. I did wind up escalating pretty fast at the Metropolitan Museum of Art, and the why has to do with the needs at the time. Each year we grew, and the needs of the Met grew. It doubled, tripled in visitorship, in staff, square footage. ‘Listening I knew we were going to have to find ways to meet those needs. We were going to have to move beyond what the traditional activities had been through its centennial in 1970. That was seismic for the institution. It was the first is at the time they really got into big benefit events, sponsorships. I would say $1.5 billion was raised when I was there [as president]. heart of I also had a broad landscape beyond the Met. I was involved with musical theater, I was becoming a member of other boards across the city, educational institutions. I worked on boards of musical organizations, and I was just it all’ beginning a marriage and building a family, a wide family of people in the city and DOSSIER friends, so this was not something I was doing in a vacuum. Timing is everything, and if we make a mistake, often it is about not getting BORN Manhattan the timing right. When we do get it right, it lets us soar. That’s what makes the EDUCATION Boston difference, I think. Our timing has to be right within ourselves and within our own University personal growth before it can work in the workplace or anywhere else. CAREER Raised more than For people who are in fundraising: Know your material; be able to speak about $1 billion in her 11 years as it in multiple ways. Always be straightforward; always be honest. Don’t try to make president of the Metropolitan Museum of Art it something other than it is or better than it is, but don’t try to minimize CIVIC WORK Federal Reserve something that is great. Just level with people. Bank of New York, NYC & Co., There are a lot of people that I’ve gone to and asked for money, and it hasn’t National September 11 been the right time for them and we’ve become great friends. It’s about an Memorial & Museum, Art exchange and relationships and patience, and really caring about the people and Table, Convent of the Sacred the institution one is fundraising for. Heart School It wasn’t natural for me, but in learning patience, you learn to listen, and listening is the heart of it all. Listening is going to tell you if a person is really going to be interested. It’s also going to tell you if you can help that person around something they might be dealing with that has nothing to do with the conversation you started out with. That builds relationships and friendships and real caring. [Donors] need to be convinced that what they’re giving to has great merit and they can trust the institution, and that their money will be spent wisely according to the passions that they have. I think passion is the most important part of this whole thing. —As told to Jeremy Smerd

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16 | Crain’s New York Business | September 14, 2015 20150914-NEWS--0016,0017-NAT-CCI-CN_-- 9/11/2015 2:01 PM Page 2

STEVEN ROTH He conquered New York’s real estate market

got into real estate totally by chance. My father was a very, very small apparel manufacturer—children’s dresses. They had an anti-nepotism clause in the partnership, so I couldn’t go to work for my father. A friend did two things for me as a recent graduate of college. First, he got me my first job in the real estate business. Second, he introduced me to my wife. So what do I owe him? Everything. IReal estate was the hot business at the time. Now I guess it’s venture capital, or tech, or investment banking. I started my career building industrial buildings in the New Jersey Meadowlands, then I morphed to building shopping centers anchored by discount stores. Then it became pretty obvious that malls make more money—and ‘Trouble is they made more money with the same amount of effort. There is one picture of one property in my office. It’s the first decent-sized mall that I built for X and financed for Y. The spread was $5 million or opportunity’ DOSSIER $4 million. That capital is what the entire empire came from today. In one of the deep recessions in the late 1970s, I found out that you could BORN Brooklyn buy real estate in the stock market for much lower than you could buy it in the EDUCATION Dartmouth real estate market. The first one that we bought, which was actually Vornado in College, Tuck School of 1979, was a double-edged ambition. One ambition was they owned all their Business at Dartmouth real estate, and it was much more valuable than the stock was trading for. The CAREER Founded Vornado second was they ran a very, very prominent discount department-store Realty Trust and Urban Edge business. We’re in the landlord business, and we have the tenant. So we have Properties, together the city’s both sides of the transaction. As it turned out, the retail business was very largest commercial landlord, shaky. We tried to run it for a short while and realized we couldn’t. It was not with a combined value of about savable, and we just had to focus on the real estate. $37 billion Stick to what you know. I think I learned that the easy way. We fell back upon CIVIC WORK Whitney the real estate, which we thought was worth more than the stock price. It turns Museum, Jewish Theological out it was worth much, much, much, much more than the stock price. Seminary, Intrepid Museum Alexander’s was a very well-known department store. One day we’re riding on Foundation, NYU School of Medicine Foundation, Roth Route 4 in New Jersey, because that’s [near] where we lived at the time. The only Center for Jewish Life at way to get to New York was on this road. Alexander’s had a very big and important Dartmouth store in Paramus. And I’m sitting there and I’m driving past it and my wife goes, “If you’re so smart, why don’t you buy that?” The next day I bought my first shares of stock in that company. The real estate was worth many multiples of what the retail business was, and the rest is history. The square block next to Bloomingdale’s was unbelievably valuable. There are two plaques I have in my office—one says, “Trouble is opportunity.” The second says, “Almost never sell.” The second one is to be listened to in terms of prime real estate. I don’t know what the qualifier “almost” means. We rarely sell, but we frequently finance. As properties increase in value, they become financeable. And the financing gets higher and higher, and that creates capital. And that creates wealth, and that creates success. Buy in the right places, buy the highest quality that you possibly can, because the highest quality performs the best in up times and in down times. And believe in America. Just keep buying. Peace. —As told to Jeremy Smerd

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September 14, 2015 | Crain’s New York Business | 17 20150914-NEWS--0018-NAT-CCI-CN_-- 9/10/2015 6:46 PM Page 1

IN THE BOROUGHS QUEENS

nity who have chronic conditions, such as di- Foundation’s focus abetes, out of the hospital. Mount Sinai Continued from Page 4 an effort to focus on the needs of res- predicts enrollment in and other organizations in Astoria idents in the ZIP codes 11101, the initiative will hit and Long Island City—neighbor- 11102 and 11106 in Astoria and 500 by the end of the hoods where Mr. Elmezzi spent Long Island City. year. Judy Trilivas, much of his youth. From there, he Mount Sinai Queens’ went on to a 43-year career at Pep- ‘Cradle to career’ chief operating officer si, where he rose to head of global To determine what was needed noted that this year, in production and accumulated com- most, the foundation spent 18 the first three months pany stock that he and his wife months polling 3,000 residents, of the program,hospi- wanted to put to good use. many of whom reside in the 82 build- tal readmissions “Mr. Elmezzi felt that giving ings that make up the three enormous dropped 5%, and ER young people tools at an early age to Ravenswood, Queensbridge and As- visits were down by lead successful toria public-housing developments. 1%. lives paid huge The foundation asked them about “Instead of waiting 1996 dividends,” said their daily lives, needs and frustra- for [patients] to come YEAR Elmezzi Pooja O’Han- tions, as well as their hopes for them- to the hospital, we’re Foundation was lon, executive selves and their children. Education, CHELSEA BUENO was able going out to the com- established to tour upstate colleges director of the it turned out, was a top priority. through an Elmezzi munity and trying to foundation. The result was a 64-page report Foundation program. assess their health $40M Probably that has guided a major chunk of the care needs,” said TOTAL endowment the best-kept foundation’s giving ever since. This buck ennis Thomas O’Brien, di- philanthropic year, Elmezzi will invest $1.8 million rector of development secret in the in such areas as youth development, was recently tapped to be the lead $190,000 that Elmezzi has put into at Mount Sinai Queens. ZIP3 CODES city, the libraries and health care in Astoria agency in Mayor Bill de Blasio’s Re- the Ravenswood I Have a Dream Even with nearly $2 million de- targeted in Queens Elmezzi Foun- and Long Island City. newal Community Schools initia- program, which has served two co- voted to a relatively small area, dation has long One of them is Zone 126—a sep- tive at the two schools. The effort horts of young people since they Elmezzi’s Ms. O’Hanlon acknowl- maintained a low profile,unlike many arate, nonprofit offshoot of Project aims to close achievement gaps by were in third grade. This year, the edged that there are limits to what wealthy donors who trumpet their 126 formed in 2011 to work with oth- providing students with more learn- first group of 25 all graduated from the foundation can do. Zone 126, largesse.Even more unusual is its nar- er organizations outside the Elmezzi ing opportunities inside and outside high school,and all will start college for example,gets a lot of credit for its row geographical focus for much of Foundation to build “cradle to the classroom. Zone 126’s involve- in September. After taking account cradle-to-career model in neigh- its work and the steep increase in its career” community school programs ment with the high school dates of scholarships, loans and parents’ borhood schools, but it’s challeng- giving in Queens—up 40% last year, for kids in the three ZIP codes. Ac- back several years, and continued contributions, Elmezzi will make ing to find partners for the work. with a projected 16% gain this year. cording to Zone 126,less than 60% of even as the Bloomberg administra- up the difference in the students’tu- “Being a place-based funder, you The money comes from an endow- students in those neighborhoods tion sought to close down the un- ition costs while they are in college. get a strong handle on needs, but ment that originally consisted solely graduate from high school, and only derperforming institution. you quickly realize that some needs of Pepsi shares. Today, 10 years after 10% earn bachelor’s degrees. “When everyone was walking Health pilot program are systemic and long-term in na- Thomas Elmezzi’s death,those assets This year alone, the foundation away from the school, the Elmezzi In health care, meanwhile, the ture,” Ms. O’Hanlon said. “And total about $40 million. will pour $750,000 into Zone 126. Foundation was supporting students foundation has funded a health man- while we can use our resources to Concerned in 2009 that its ef- Some of it will go to programs at there,” said Queens City Council agement pilot program at Mount fund proven, effective programs, we forts were too dispersed, the foun- Long Island City High School and member Costas Constantinides. Sinai Queens in Astoria.The project need more philanthropic and gov- dation’s board launched Project 126, P.S./I.S. 111Q. Zone 126, in fact, Another funding effort is the aims to keep patients in the commu- ernment partners.” Ⅲ

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18 | Crain’s New York Business | September 14, 2015 20150914-NEWS--0019-NAT-CCI-CN_-- 9/11/2015 1:16 PM Page 1

As market share shrinks, Gristedes launches overhaul

Continued from Page 4 “My wife does,” he said. Gristedes’ turnaround effort comes at a time when the city’s supermarket scene is changing fast. Longtime rival A&P filed for bankruptcy in July,and on Sept.24 its last 26 stores in New York City will be auctioned off to the highest bidder. Several area A&P-owned supermarkets, such as Food Emporium, Pathmark and Waldbaum’s,have already been acquired in recent weeks by Key Food or Stop & Shop—and the ones that haven’t been sold are expected to disappear. “I’m quite sure whoever buys the properties won’t make them supermarkets,” said Peter Schaeffer, a retail expert at financial advisory firm GlassRatner. During the two-year period ended last March 31, the number of supermarkets in the city grew by 8%,

to 1,816,according to trade publica- buck ennis tion Food Trade News,and total city- BEFORE AND AFTER: Decades-old Gristedes supermarkets, such as the store at left, are getting a $10 million new look (right). wide grocery sales grew by 9%, to about $19 billion. Growth is strongest at newcom- out to be so old that it had turned a Rehabbing stores is hardly un- But it could work if Mr. Catsi- changing Gristedes and what peo- ers Whole Foods and BJ’s Whole- disgusting whitish-yellow. “I never usual, but Mr. Catsimatidis’ ap- matidis is closely involved. “He was ple think about it won’t be easy. sale Club, which have seen 30% came back, not even to get my mon- proach is: He has enlisted his fami- a good operator for a long time, and Upon entering another Chelsea lo- jumps in New York sales during the ey back,” Mr. Jahn said. In the view ly members’ help. His daughter the stores were a force when he was cation, he was greeted by a shopper past two years, while Fresh Direct of Manhattan resident Jordan Ko- redesigned the supermarket’s logo; engaged,” said Mr. Unanue, a for- who barked, “Still a s—t hole!” Mr. reportedly generates $500 million lar,the chain “successfully combined his son is helping shore up comput- mer operations chief at Goya Foods. Najjar’s exit was then momentarily in revenue. Business has also been Whole Foods prices with C-Town- er networks so shoppers will be able A renovated supermarket in foiled when the sliding glass door strong at standbys Key Food and quality food.Gristedes is the worst.” to order online. Chelsea offers a glimpse of the new failed to open right away. A deputy Mr. Catsimatidis said he thinks Gristedes. It features a café in front promised to get the troublesome New Yorkers will forgive and forget Once a force selling Lavazza coffee instead of the door fixed. “You practically need to ‘Whole Foods once they see how nice the refur- Mr. Catsimatidis lured out of re- Chock Full o’Nuts that used to be hit the door to make it move,” he bished stores look. “The customer tirement the 77-year-old Mr. Naj- offered. The deli counter sells grumbled. Ⅲ prices with wants to know,‘What can you do for jar, whom he hired 35 years ago to Boar’s Head meats and cheeses for me now?’ ” he said. help run his chain of gas-station the first time in 14 years. LISTEN to a discussion at C-Town-quality Had Mr. Catsimatidis improved convenience stores. Still,Mr.Najjar understands that CrainsNewYork.com/podcasts his supermarkets years ago he could food,’ one have pre-empted critics who used his stores’ sad state to pillory him on customer the mayoral campaign trail in 2013. Asked why he’s rehabbing his A Concierge Physician in NYC lamented stores now, Mr. Catsimatidis, who With Your Best Interest at Heart made his fortune by investing the money he made in groceries into a R555ŚŜōŞōŘŘőŘőŐ5śŚő7śŚ7śŚő5ōŠŠőŚŠŕśŚ successful oil-refining business, Red Carpet Treatment R555ŞŕśŞŕŠť5ōŜŜśŕŚŠřőŚŠş5ţŕŠŔ5Śś5ţōŕŠ5Šŕřőş served up an unusual answer: “Do I Associated Supermarkets, which want to spend $10 million on a new is Waiting For You! R55ŢőŞ530 5ťőōŞş]5őŤŜőŞŕőŚŏő are networks of independently airplane or to fix Gristedes? I’d R55ŞŕŢōŠő5Ŕśřő5ŢŕşŕŠş owned grocers that focus outside rather fix Gristedes.” Manhattan. He added that for all his success in R555śōŞŐ7ŏőŞŠŕŒŕőŐ5ŕŚ5ōŞŐŕśŘśœť5ōŚŐ5 “If you’re in tune with what your oil, he retains a deep attachment to ŚŠőŞŚōŘ5 őŐŕŏŕŚő5 customers want, business is quite the grocery world,saying,“I know the good,” said Andy Unanue, manag- business like the back of my finger.” R555ŤŏŘšşŕŢő5řőřŎőŞşŔŕŜAŚś5řśŞő5ŠŔōŚ5 ing partner at AUA Private Equity Mr. Najjar said his boss finally Private, Personalized and Attentive Medical 505ŏŘŕőŚŠş55 Partners, which owns the Associat- moved to fix the stores because he Care with Stephen Rubenstein, M.D., F.A.C.C. ed banner.“The city is growing, and got tired of all the complaints. Education lots of people cook at home.” Mr. Najjar’s aim is to get back R555Ŕő5Ŕŕŏōœś5 őŐŕŏōŘ5ŏŔśśŘ some of the allure Gristedes pos- Dr. Stephen Rubenstein is a Cardiologist and Internist Getting squeezed sessed 30 years ago, when it had in New York City providing comprehensive and R555Ŕő5őŠŔ5 şŞōőŘ5 őŐŕŏōŘ5őŚŠőŞ But the chains that have served about 200 locations, including one personalized medical care of the highest standards. R555Ŕő5śŞŚőŘŘ5ŚŕŢőŞşŕŠť5 őŐŕŏōŘ5śŘŘőœő Manhattan for decades are fighting in Southampton, where customers for their lives, squeezed by rising with names like Kennedy and Van- His unique approach to the highest-quality private R555ŞśŒőşşśŞ5śŒ5 őŐŕŏŕŚő5ōŠ rents and falling sales as shoppers derbilt picked up provisions. healthcare has helped solidify long-lasting R555 śšŚŠ5ŕŚōŕ5ŏŔśśŘ5śŒ5 őŐŕŏŕŚő5śŒ5 flock to newer stores nearby. “By starting with the basics— relationships with his patients, setting him apart ŠŔő5ŕŠť5śŒ5őţ5śŞŗ D’Agostino’s sales have barely which are good perishables, clean from other physicians. R555ŘŎőŞŠ5ŕŚşŠőŕŚ5śŘŘőœő5śŒ5 őŐŕŏŕŚő budged during the past two years. stores and good customer rela- R555 ŏōŔŚ5ŏŔśśŘ5śŒ5 őŐŕŏŕŚő5ōŠ5 Sales at Gristedes’ 29 Manhattan tions—we can achieve stature once śšŚŠ5ŕŚōŕ stores dropped 7%, to $191 million, again,” Mr. Najjar said. As your personal concierge physician, Dr. Rubenstein according to Food Trade News—an Mr. Catsimatidis’ endgame is is wholly committed to providing you with the best even steeper drop than the 6% fall at unclear. The real estate he owns for 55 5 A&P stores. five or six of his stores is probably medical care whenever and wherever you need it. You 85Limited openings With so many alternatives avail- more valuable than the supermar- will enjoy 24/7 direct phone access to Dr. Rubenstein still available. 212-737-6993 able, it won’t be easy to persuade kets will ever be. It’s possible his and one-on-one unhurried visits—in his office or people to take a second look at stores are being fixed up with an eye 55 9 in your home. You will always have a familiar face Gristedes, even though many of the toward selling them. All the loca- 8855ōŞŗ5ŢőŚšő65šŕŠő51A stores are in excellent locations. tions are owned by his umbrella with your best interests in mind when combating őţ5śŞŗ65510075 Thomas Jahn, a West Village company, the Red Apple Group, any medical issues. 212-737-6993 resident, still remembers buying which also owns real estate and his some chocolate in 2003 that turned refinery business.

September 14, 2015 | Crain’s New York Business | 19 P020-P021CL_CN_20150914.qxp 9/11/2015 12:41 PM Page 20

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SSNY shall mail process to: c/o file: SSDE, Townsend Bldg., Dover, DE Omri Sachs. Purpose: any lawful activities. upon whom process against it may it may be served. SSNY shall mail Milena Reyes, P.O. Box 177, New York, 19901. Purp: any lawful activities. be served. SSNY shall mail process to: process to the LLC at the princ. office NY 10028. Purpose: all lawful activities. Notice of Qualification of WMQS GP IBEC Building Corp., 55 Broad St., 16th of the LLC. Purpose: Any lawful activity. Notice of Qualification of Evolution HOLDINGS LLC Appl. for Auth. filed with Fl., NY, NY 10004, Attn: Mr. Hesky Notice of Formation of HBBG,LLC Arts. Brahimy. Purpose: any lawful activities. of Org. filed with NY Dept. of State on Energy Partners LLC. Authority filed with Secy. of State of NY (SSNY) on Notice of Qualification of Fox News 7/01/15 Office location NY County SSNY NY Dept. of State on 8/21/15. Office 08/27/15. Office location: NY County. LLC Network, LLC. Authority filed with NY designated agent upon whom process location: NY County. Princ. bus. addr.: formed in Delaware (DE) on 08/26/15. Notice of Qualification of HMG B Dept. of State on 8/26/15. Office location: NY may be served and shall mail copy of 102 Pickering Way, Ste. 508, Exton, Princ. office of LLC: 66 Fifth Ave., 9th Fl., Investors LLC Appl. for Auth. filed with County. Princ. bus. addr.: 1211 Ave. of the process against LLC to 135 West 36th St 18fl PA 19341. LLC formed in DE on NY, NY 10103. SSNY designated as agent Secy. of State of NY (SSNY) on 04/10/15. Americas, NY, NY 10036. LLC formed NY NY 10018 purpose: any lawful activity. 1/21/14. NY Sec. of State designated of LLC upon whom process against it Office location: NY County. LLC in DE on 7/1/15. NY Sec. of State designated agent of LLC upon whom process may be served. SSNY shall mail process formed in Delaware (DE) on 04/29/14. agent of LLC upon whom process against it may be served and shall mail to c/o Corporation Service Co. (CSC), 80 SSNY designated as agent of LLC upon against it may be served and shall mail process to: c/o CT Corporation System, State St., Albany, NY 12207-2543. DE addr. whom process against it may be served. process to: c/o CT Corporation System, To place your classified ad 111 8th Ave., NY, NY 10011, regd. agent of LLC: c/o CSC, 2711 Centerville Rd., SSNY shall mail process to the DE addr. 111 8th Ave., NY, NY 10011, regd. agent upon whom process may be served. DE Ste. 400, Wilmington, DE 19808. Cert. of the LLC: c/o Capital Services, Inc., upon whom process may be served. DE call Joanne Barbieri addr. of LLC: 1209 Orange St., Wilmington, of Form. filed with DE Secy. of State 1675 S. State St., Ste. B, Dover, DE addr. of LLC: 1209 Orange St., Wilmington, DE 19801. Cert. of Form. filed with DE - Div. of Corps., John G. Townsend 19901. Cert. of Form. filed with Secy. DE 19801. Cert. of Form. filed with DE @ 212-210-0189 Sec. of State, 401 Federal St., Dover, Bldg., 401 Federal St. - Ste. 4, Dover, of State, 401 Federal St., Ste. 4, Dover, Sec. of State, 401 Federal St., Dover, DE 19901. Purpose: all lawful purposes. DE 19901. Purpose: Any lawful activity. DE 19901. Purpose: Any lawful activity. DE 19901. Purpose: all lawful purposes.

20 | Crain’s New York Business | September 14, 2015 P020-P021CL_CN_20150914.qxp 9/11/2015 12:42 PM Page 21

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR EMAIL [email protected] PUBLIC & LEGAL NOTICES

Notice of Qualification of 250 WATER Notice of Qualification of SHOT APP Notice of Qualification of DIVINSHIRE Notice of Qualification of 79 BRIGHTON Notice of Qualification of CHARLES MANAGER, LLC Appl. for Auth. filed LLC Appl. for Auth. filed with Secy. of INSURANCE AGENCY, LLC Appl. for 11TH STREET LLC Appl. for Auth. filed DEAN, LLC Appl. for Auth. filed with with Secy. of State of NY (SSNY) on State of NY (SSNY) on 07/24/15. Office Auth. filed with Secy. of State of NY with Secy. of State of NY (SSNY) on Secy. of State of NY (SSNY) on 05/27/15. 07/01/15. Office location: NY County. location: NY County. LLC formed in (SSNY) on 05/18/15. Office location: NY 09/30/13. Office location: NY County. Office location: NY County. LLC formed LLC formed in Delaware (DE) on Delaware (DE) on 06/10/15. Princ. office County. LLC formed in Delaware (DE) on LLC formed in Delaware (DE) on in Delaware (DE) on 08/01/14. Princ. 06/29/15. SSNY designated as agent of of LLC: 353 Lexington Ave., Ste. 600, 03/23/15. SSNY designated as agent of 09/26/13. SSNY designated as agent office of LLC: 150 W. 56th St., Apt. LLC upon whom process against it may NY, NY 10016. SSNY designated as LLC upon whom process against it may of LLC upon whom process against 4709, NY, NY 10019. SSNY designated be served. SSNY shall mail process to agent of LLC upon whom process be served. SSNY shall mail process to it may be served. SSNY shall mail as agent of LLC upon whom process c/o Megalith Capital Management LLC, against it may be served. SSNY shall Corporation Service Co., 80 State St., process to c/o Corporation Service Co. against it may be served. SSNY shall One Grand Central Pl., 60 E. 42nd St., Ste. mail process to Kudman Trachten Aloe Albany, NY 12207-2543, regd. agent (CSC), 80 State St., Albany, NY mail process to Dean Bakes, at the 3100, NY, NY 10065. DE addr. of LLC: c/o LLP, 350 Fifth Ave., NY, NY 10118. DE upon whom and at which process may 12207-2543. DE addr. of LLC: CSC, princ. office of the LLC. DE addr. of LLC Corporation Service Co., 2711 Centerville addr. of LLC: 2711 Centreville Rd., be served. DE addr. of LLC: 2711 2711 Centerville Rd., Ste. 400, and Cert. of Form. filed with: U.S. Corp. Rd., Ste. 400, Wilmington, DE 19808. Wilmington, DE 19808. Cert. of Form. Centerville Rd., Ste. 400, Wilmington, DE Wilmington, DE 19808. Cert. of Form. Agents, Inc., 1521 Concord Pike, Ste. Cert. of Form. filed with Jeffrey W. filed with Secy. of State, John G. 19808. Cert. of Form. filed with DE Secy. filed with Secy. of State of the State 301, Wilmington, DE 19803. As Bullock, DE Secy. of State, Townsend Townsend Bldg., 401 Federal St., Dover, of State, 401 Federal St., Dover, DE of DE, PO Box 898, Dover, DE 19903. amended by Cert. of Correction filed Bldg., 401 Federal St., Ste. 3, Dover, DE 19901. Purpose: Any lawful activity. 19901. Purpose: Any lawful activity. Purpose: Any lawful activity. with SSNY on 06/19/15, Cert. of Form. DE 19901. Purpose: Any lawful activity. filed with DE Secy. of State, Div. of Notice of Formation of New Corps., John G. Townsend Bldg., 401 Notice of Formation of Riverside NOTICE OF FORMATION OF LIMITED Notice of Qualification of GROVERTON Enterprise Holdings LLC. Arts. of Org. Federal St., Ste. 4, Dover, DE 19901. Caterers LLC. Arts of Org filed with Secy. LIABILITY COMPANY. NAME: 237 INSURANCE AGENCY, LLC Appl. for Auth. filed with NY Dept. of State on 5/21/15. Purpose: Any lawful activity. Of State of NY (SSNY) on 05.26.2015 WEST 54 OWNER, L.L.C. Application filed with Secy. of State of NY (SSNY) Office location: NY County. Sec. of Office location: NY County. SSNY for Authority was filed with the on 04/10/15. Office location: NY County. State designated agent of LLC upon designated agent upon whom process Secretary of State of New York (SSNY) Notice of Qual. of Scopia Capital LLC formed in Delaware (DE) on whom process against it may be may be served and shall mail copy of on 01/24/14. The LLC was originally Management LP, Auth. filed Sec’y of 01/20/15. Princ. office of LLC: 919 N. served and shall mail process to: The process against LLC to principal filed with the Secretary of State of State (SSNY) 1/8/15. Office loc: NY Cty. Market St., Ste. 725, Wilmington, DE LLC, 2 Park Ave., 10th Fl., NY, NY business address: 780 Riverside Dr. Delaware on 05/31/11. Office location: LP org. in DE 12/16/11. SSNY desig. 19801. SSNY designated as agent of 10016, principal business address. Suite 2E New York, NY 10032. Purpose: New York County. SSNY has been as agent of LP upon whom proc. against LLC upon whom process against it may Purpose: all lawful purposes. any lawful act. designated as agent of the LLC upon it may be served. SSNY shall mail copy be served. SSNY shall mail process to whom process against it may be served. of proc. to Att: Matthew Sirovich, 152 Corporation Service Co., 80 State St., Notice of Qual. of Seren 730 LLC, Auth. SSNY shall mail a copy of process to W. 57th St., NY, NY 10019. DE office Albany, NY 12207-2543, regd. agent Notice of Formation of 462 FIFTH filed Sec’y of State (SSNY) 4/10/15. the LLC, 3 Columbus Circle, 23rd addr.: CSC, 2711 Centerville Rd., upon whom and at which process may AVENUE LLC Arts. of Org. filed with Office loc: NY County. LLC org. in DE Floor, New York, New York 10019. Wilmington, DE 19808. Cert. of LP on be served. DE addr. of LLC: 2711 Secy. of State of NY (SSNY) on 08/13/15. 4/7/15. SSNY desig. as agent of LLC Purpose: For any lawful purpose. file: SSDE, Townsend Bldg., Dover, DE Centerville Rd., Ste. 400, Wilmington, DE Office location: NY County. SSNY upon whom proc. against it may be 19901. Name/addr. of each gen. ptr. 19808. Cert. of Form. filed with DE Secy. designated as agent of LLC upon whom served. SSNY shall mail copy of proc. avail. at SSNY. Purp: any lawful activities. of State, 401 Federal St., Dover, DE process against it may be served. SSNY to NRAI, 111 Eighth Ave., NY, NY 10011, Notice of Qualification of 92 PINEHURST 19901. Purpose: Insurance agency shall mail process to c/o JEMB Realty the Reg. Agt. upon whom proc. may AVENUE LLC Appl. for Auth. filed with and insurance marketing services. Corporation, 150 Broadway, Ste. 800, NY, be served. DE office addr.: 160 Secy. of State of NY (SSNY) on NOTICE: Art. of Organiz. of MONTIE NY 10038. Purpose: Any lawful activity. Greentree Dr., Ste. 101, Dover, DE 09/03/15. Office location: NY County. MILLS MEEHAN, PH.D., PSYCHOLOGIST Notice of Formation of WOODMERE 19904. Cert. of Form. on file: SSDE, LLC formed in Delaware (DE) on PLLC filed 6/2/15 w/ NY Sec. of State IRVING LLC Arts. of Org. filed with Notice of Formation of iLaser Vision Townsend Bldg., Dover, DE 19901. 09/01/15. SSNY designated as agent of ("SOS"). PLLC’s office in NY County. Secy. of State of NY (SSNY) on 07/24/15. Ophthalmology, PLLC. Arts. of Org. filed Purp: any lawful activities. LLC upon whom process against it may Street address of PLLC is 39 Broadway, Office location: NY County. Princ. with Secy. of State of NY (SSNY) on be served. SSNY shall mail process Suite 3600, NY, NY 10006. SOS is office of LLC: 295 Madison Ave., 2nd 08/05/15. Office location: NY County. 200 RSB 42D LLC Articles of Org. to c/o Corporation Service Co. (CSC), designated agent of PLLC for service Fl., NY, NY 10017. SSNY designated SSNY designated as agent of LLC upon filed NY Sec. of State (SSNY) 7/28/2015. 80 State St., Albany, NY 12207-2543. of process. SOS to mail copy of any as agent of LLC upon whom process whom process against it may be served. Office in NY Co. SSNY desig. agent of DE addr. of LLC: CSC, 2711 Centerville process against PLLC to Richard J. Miller, against it may be served. SSNY shall SSNY shall mail process to: 160 East LLC upon whom process may be served. Rd., Ste. 400, Wilmington, DE 19808. Jr., Esq., Morris & McVeigh LLP, 767 mail process to Corporation Service 56 St., Ste. 900, NY, NY 10022. SSNY shall mail copy of process to Cert. of Form. filed with Secy. of State, Third Ave., New York, NY 10017 within Co., 80 State St., Albany, NY 12207- Purpose: to practice the profession 200 Riverside Blvd., Apt. 42D, NY, NY State of DE, Div. of Corps., PO Box or without NY State. No regis. agent. 2543. Purpose: Any lawful activity. of medicine and any lawful activities. 10069. Purpose: Any lawful purpose. 898, Dover, DE 19903. Purpose: Any PLLC managed by 1 or more mem- lawful activity. bers. Purpose: any lawful act/activity which PLLCs may be organized. RP Public Relations, LLC Art of Org filed with Secretary of State of New Notice of Qualification of Pasta Flyer, York (SSNY) on March 9, 2015. LLC. Authority filed with NY Dept. of Office location: New York County. State on 7/13/15. Office location: NY SSNY is designated as agent of LLC County. LLC formed in DE on 7/9/15. upon whom process against it may NY Sec. of State designated agent of be served. The registered agent of LLC upon whom process against it may the company upon whom and at be served and shall mail process to: c/o which process against the company CT Corporation System, 111 8th Ave., can be served is United States NY, NY 10011, regd. agent upon whom Corporation Agents, INC. 7014 13th process may be served. DE address Avenue, Suite 202 Brooklyn, NY 11228. of LLC: 1209 Orange St., Wilmington, Do You Want To Get DE 19801. Cert. of Form. filed with Notice of Qualification of 658 WEST DE Sec. of State, 401 Federal St., Dover, 188TH STREET LLC Appl. for Auth. DE 19901. Purpose: all lawful purposes. filed with Secy. of State of NY (SSNY) Your Company In Front Of on 09/03/15. Office location: NY County. LLC formed in Delaware (DE) on Notice of Qualification of SC 115 09/01/15. SSNY designated as agent of HENRY LLC Appl. for Auth. filed with LLC upon whom process against it may Secy. of State of NY (SSNY) on New York City’s Influential Business be served. SSNY shall mail process to 07/23/15. Office location: NY County. c/o Corporation Service Co. (CSC), 80 LLC formed in Delaware (DE) on State St., Albany, NY 12207-2543. DE 07/06/15. Princ. office of LLC: 115 addr. of LLC: CSC, 2711 Centerville Henry St., NY, NY 10002. SSNY des- Professionals? Rd., Ste. 400, Wilmington, DE 19808. ignated as agent of LLC upon whom Cert. of Form. filed with Secy. of State, process against it may be served. SSNY State of DE, Div. of Corps., PO Box shall mail process to c/o Corporation 898, Dover, DE 19903. Purpose: Any Service Co., 80 State St., Albany, NY lawful activity. 12207-2543. DE addr. of LLC: 2711 Centerville Rd., Ste. 400, Wilmington, DE Contact Joanne Barbieri at 19808. Cert. of Form. filed with Secy. Notice of Qualification of 200 of State, Div. of Corps., 401 Federal BRIGHTON 15TH STREET LLC Appl. St., Ste. 4, Dover, DE 19901. Purpose: for Auth. filed with Secy. of State of NY Any lawful activity. 212-210-0189 for classified (SSNY) on 09/30/13. Office location: NY County. LLC formed in Delaware (DE) on 09/26/13. SSNY designated PARKWOOD MERCH LLC, Authority as agent of LLC upon whom process filed with the SSNY on 05/15/2015. advertising opportunities. against it may be served. SSNY shall Office loc: NY County. LLC formed in mail process to c/o Corporation Service DE on 05/13/2015. SSNY is designated Co. (CSC), 80 State St., Albany, NY as agent upon whom process against 12207-2543. DE addr. of LLC: CSC, the LLC may be served. SSNY shall 2711 Centerville Rd., Ste. 400, mail process to: Pryor Cashman LLP Wilmington, DE 19808. Cert. of Form. Attn Brad D. Rose ESQ. 7 Times Square, filed with Secy. of State of the State NY, NY 10036. Address required to of DE, PO Box 898, Dover, DE 19903. be maintained in DE: 2711 Centerville As amended by Cert. of Amendment Rd Ste 400 Wilmington de 19808. Cert filed with SSNY on 01/28/14, name of Formation filed with DE Div. of Corps, changed to GOTHAM SEGREGATED 401 Federal St., Ste 4, Dover, DE AUTO LLC. Purpose: Any lawful activity. 19901. Purpose: Any Lawful Purpose.

September 14, 2015 | Crain’s New York Business |21 P020-P021CL_CN_20150914.qxp 9/11/2015 12:43 PM Page 22

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR EMAIL [email protected] PUBLIC & LEGAL NOTICES Notice of Qualification of EMIGRANT Notice of Qualification of 1 FERRY NOTICE OF REGISTRATION of STRIS Notice of Formation of UWS GROCERY Notice of Formation of Madison Paige BANK CLASSIC CAR FINANCE LLC ROAD PROPERTY OWNER LLC Appl. & MAHER LLP. Notice of Registration LLC Arts. of Org. filed with Secy. of Securities LLC. Arts. of Org. filed with Appl. for Auth. filed with Secy. of State for Auth. filed with Secy. of State of NY (Foreign) filed with NY Dept. of State State of NY (SSNY) on 07/23/15. Office Secy. of State of NY (SSNY) on of NY (SSNY) on 08/13/15. Office (SSNY) on 08/11/15. Office location: NY on 05/18/15. Office location: NY location: NY County. SSNY desig- 07/15/15. Office location: NY County. SSNY location: NY County. LLC formed in County. LLC formed in Delaware (DE) County. LLP formed in Texas (TX) on nated as agent of LLC upon whom designated as agent of LLC upon whom Delaware (DE) on 06/30/15. Princ. office of on 08/06/15. Princ. office of LLC: 152 W. 12/10/14. NY Secy. of State (NYSS) process against it may be served. SSNY process against it may be served. SSNY LLC: 6 E. 43rd St., NY, NY 10017. SSNY 57th St., 60th Fl., NY, NY 10019. SSNY designated as an agent upon whom shall mail process to Wayne R. shall mail process to: The LLC, 599 designated as agent of LLC upon whom designated as agent of LLC upon whom process against the LLP may be served. Lehraupt, Esq., c/o Eiseman Levine Lexington Ave., 47th Fl., NY, NY process against it may be served. SSNY process against it may be served. SSNY NYSS shall mail process against the Lehrhaupt & Kakoyiannis, P.C., 805 10022. Purpose: any lawful activities. shall mail process to c/o Corporation shall mail process to the LLC at the princ. LLP to: 37 Wall St., Apt. 6A, New York, Third Ave., NY, NY 10022. Purpose: Service Co. (CSC), 80 State St., Albany, office of the LLC. DE addr. of LLC: 2711 NY 10005. Cert. of LLP filed with Sec. Any lawful activity. Notice of Qualification of 220 CPS 41 NY 12207. DE addr. of LLC: CSC, 2711 Centerville Rd., Ste. 400, Wilmington, DE of State of TX at James E. Rudder Bldg., LLC Appl. for Auth. filed with Secy. of Centerville Rd., Ste. 400, Wilmington, 19808. Cert. of Form. filed with DE Secy. 1019 Brazos St., Austin, TX 78701. Notice of Formation of Law Office of State of NY (SSNY) on 07/03/15. Office DE 19808. Cert. of Form. filed with DE of State, Div. of Corps., John G. Townsend Purpose: The practice of law. Robert S. Schwartz, PLLC. Arts of Org location: NY County. LLC formed in Secy. of State, The John G. Townsend Bldg., 401 Federal St., Ste. 4, Dover, DE filed with Secy of State of NY (SSNY) Delaware (DE) on 05/27/15. SSNY Bldg., 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity. NOTICE OF FORMATION of WAYNO on 7/28/2015. Office location: NY designated as agent of LLC upon whom 19901. Purpose: Any lawful activity. AUDIO LLC. Arts of Org filed with Secy. County. SSNY designated agent upon process against it may be served. SSNY Notice of Formation of 140 WEST 22ND of State of NY (SSNY) on 04/01/2015 whom process may be served and shall shall mail process to Corporation Notice of Formation of DERB LLC Arts. STREET LLC Arts. of Org. filed with Office location: NY County. SSNY mail copy of process against PLLC to Service Co. (CSC), 80 State St., Albany, of Org. filed with Secy. of State of NY Secy. of State of NY (SSNY) on designated agent upon whom process principal business address: 292 NY 12207. DE addr. of LLC: c/o CSC, (SSNY) on 06/09/15. Office location: NY 08/10/15. Office location: NY County. may be served and shall mail copy of Madison Avenue, 16th Floor, New York, 2711 Centerville Rd., Ste. 400, County. Princ. office of LLC: 747 Orienta SSNY designated as agent of LLC upon process against LLC to principal NY 10017. Purpose: the practice of Wilmington, DE 19808. Cert. of Form. Ave., Mamaroneck, NY 10543. SSNY whom process against it may be served. business address: 505 W 37TH ST. NY. the profession of law. filed with Secy. of State of DE, Secy. designated as agent of LLC upon whom NY 10018. Purpose:any lawful act. of State - Div. of Corps., 401 Federal SSNY shall mail process to the LLC, Notice of Qualification of HMG process against it may be served. SSNY Attn: Edward Farrell, Esq., 1350 St., Ste. 4, Dover, DE 19901. Purpose: shall mail process to the LLC, c/o Levin Notice of Qualification of Cerberus PSERS Development LLC Appl. for Auth. filed Any lawful activity. Broadway, NY, NY 10018. Purpose: with Secy. of State of NY (SSNY) on & Glasser, P.C., 420 Lexington Ave., NY, Any lawful activity. Levered Opportunities GP, LLC. NY 10170. Purpose: Any lawful activity. Authority filed with NY Dept. of State on 04/10/15. Office location: NY County. Notice of Formation of Sweat Equity 8/6/15. Office location: NY County. Princ. LLC formed in Delaware (DE) on LLC. Arts of Org filed with Secy, of State Notice of Qualification of 193 HENRY 04/29/14. SSNY designated as agent Notice of Formation of 120 Union bus. addr.: 875 3rd Ave., NY, NY 10022. of NY (SSNY) on 06/16/2015. Office STREET LLC Appl. for Auth. filed with of LLC upon whom process against it Developer LLC. Arts. of Org. filed with LLC formed in DE on 6/15/15. NY Sec. of location: NY County. SSNY designated Secy. of State of NY (SSNY) on 08/06/15. may be served. SSNY shall mail process Secy. of State of NY (SSNY) on 08/14/15. State designated agent of LLC upon whom agent upon whom process may be served Office location: NY County. LLC formed to the DE addr. of the LLC: c/o Capital Office location: NY County. SSNY process against it may be served and shall and shall mail copy of process in Delaware (DE) on 04/22/15. Princ. Services, Inc., 1675 S. State St., Ste. designated as agent of LLC upon whom mail process to: c/o CT Corporation against LLC to principal business office of LLC: 64 Delancey St., NY, NY B, Dover, DE 19901. Cert. of Form. filed process against it may be served. SSNY System, 111 8th Ave., NY, NY 10011. DE address: 154 Nassau Blvd, Garden 10002. SSNY designated as agent of with Secy. of State, 401 Federal St., Ste. shall mail process to: The LLC, c/o addr. of LLC: c/o The Corporation City, NY 11530. Purpose: any lawful act. LLC upon whom process against it may 4, Dover, DE 19901. Purpose: Any Adam America Real Estate, 850 Third Ave., Trust Co., 1209 Orange St., Wilmington, be served. SSNY shall mail process to lawful activity. NOTICE OF FORMATION of SOUVE- Ste. 13D, New York, NY 10022, Attn: the LLC at the princ. office of the LLC. DE 19801. Cert. of Form. filed with DE Sec. of State, 401 Federal St., Dover, NARIUM LLC. Arts of Org filed with Secy. Omri Sachs. Purpose: any lawful activities. DE addr. of LLC: Corporation Service Notice of Formation of AGENTIC DE 19901. Purpose: all lawful purposes. of State of NY (SSNY) on 6/29/15. Office Co., 2711 Centerville Rd., Ste. 400, CONSULTING, LLC. Arts. of Org. filed location: NY County. SSNY designated DENISE DENISE LLC, Arts. of Org. Wilmington, DE 19808. Cert. of Form. with Secy. of State of NY (SSNY) on agent upon whom process may be filed with the SSNY on 05/13/2015. Notice of Formation of SIROD, LLC. Arts. filed with DE Secy. of State, 401 6/25/2015. Office location: NY County. served and shall mail copy of process Office loc: NY County. SSNY has been of Org. filed with Secy. of State of NY Federal St., Dover, DE 19901. Purpose: SSNY designated agent upon whom against LLC to principal business designated as agent upon whom (SSNY) on 7/16/15. Office location: NY Any lawful activity. process may be served and shall mail address: 395 Broadway, 14C, New York, process against the LLC may be served. County. SSNY designated as agent copy of process against LLC to: c/o NY 10013. Purpose: any lawful act. SSNY shall mail process to: Donald Notice of Formation of 246 East 58 LLC. of LLC upon whom process against United States Corporation Agents, Inc., S. Zakarin, ESQ., Pryor Cashman it may be served. SSNY shall mail Arts. of Org. filed with Secy. of State of 7014 13th Avenue, Suite 202, Brooklyn, Notice of Qualification of Big Spoon LLP, 7 Times Square, NY, NY 10036. NY (SSNY) on 07/31/15. Office location: process to: 32 W. 132nd St., No. 1, NY, NY 11228. Purpose: any lawful act. Purpose: Any Lawful Purpose. NY 10037. Purpose: any lawful activity. Industries, LLC. Authority filed with Secy. NY County. SSNY designated as agent of State of NY (SSNY) on 06/02/15. Office of LLC upon whom process against it HC SUFFOLK LLC, Arts. of Org. filed location: NY County. LLC formed in Notice of Qualification of CAPE POGE may be served. SSNY shall mail process Notice of Qualification of DLJ PARTNERS with the SSNY on 06/18/2015. Office Delaware (DE) on 08/01/13. SSNY MACRO FUND L.P. Appl. for Auth. filed to: c/o Smith, Gambrell & Russell, LLP, GROUP II, LLC Appl. for Auth. filed loc: NY County. SSNY has been des- designated as agent of LLC upon whom with Secy. of State of NY (SSNY) on Attn: Edward L. Schiff, Esq., 1301 with Secy. of State of NY (SSNY) on ignated as agent upon whom process process against it may be served. SSNY 08/12/15. Office location: NY County. LP Ave. of the Americas, 21st Fl., NY, NY 08/12/15. Office location: NY County. against the LLC may be served. SSNY shall mail process to: c/o eResidentAgent, formed in Delaware (DE) on 07/29/15. 10019. Purpose: any lawful activities. LLC formed in Delaware (DE) on shall mail process to: Todd Feuerstein, Inc., 12121 Wilshire Blvd., Ste. 1201, Los Princ. office of LP: 900 Third Ave., Ste. 06/25/15. Princ. office of LLC: 590 817 Broadway 5th Fl, NY, NY 10003. Angeles, CA 90025. Address to be maintained #201-9, NY, NY 10022. SSNY designated as Madison Ave., 8th Fl., NY, NY 10022. Notice of Formation of XALBER, LLC. Purpose: Any Lawful Purpose. in DE: 1013 Centre Rd., Ste. 403S, agent of LP upon whom process against SSNY designated as agent of LLC upon Arts. of Org. filed with NY Dept. of State Wilmington, DE 19805. Arts of Org. filed it may be served. SSNY shall mail process whom process against it may be served. on 5/28/15. Office location: NY County. Cardel USA, LLC, a domestic LLC, filed with the DE Secy. of State, John G. Townsend to Ripple Capital GP LLC at the princ. SSNY shall mail process to c/o Sec. of State designated agent of LLC with the SSNY on 4/13/15. Office Bldg., 401 Federal St., Ste. 4, Dover, DE office of the LP. Name and addr. of each Corporation Service Co. (CSC), 80 State upon whom process against it may be location: New York County. SSNY is 19901. Purpose: any lawful activities. general partner are available from SSNY. St., Albany, NY 12207-2543. DE addr. served and shall mail process to the designated as agent upon whom process DE addr. of LP: 2711 Centerville Rd., of LLC: c/o CSC, 2711 Centerville principal business address: c/o Salon against the LLC may be served. SSNY Notice of Formation of 78 Prospect Ste. 400, Wilmington, DE 19808. Cert. Rd., Ste. 400, Wilmington, DE 19808. Marrow Dyckman Newman & Broudy shall mail process to The LLC, 250 Park Brooklyn LLC. Arts. of Org. filed of LP filed with Secy. of State, DE, Cert. of Form. filed with Secy. of State LLP, 292 Madison Ave., 6th Fl., NY, NY Greenwich Ave., NY, NY 10007. with NY Dept. of State on 4/17/15. Div. of Corps., John G. Townsend of DE, Corp. Div., Townsend Bldg., Dover, 10017, Attn: Stuart Newman, Esq. General purpose. Office location: NY County. Princ. bus. Bldg., 401 Federal St., Ste. 4, Dover, DE 19904. Purpose: Any lawful activity. Purpose: any lawful activity. addr.: 825 3rd Ave., Fl 37, NY, NY DE 19901. Purpose: Any lawful activity. C.R. DESIGN LLC Articles of Org. filed 10022. Sec. of State designated agent DOORPOST BLESSING, LLC Art of NY Sec. of State (SSNY) 07/10/2015. of LLC upon whom process against it Notice of Qualification of 152 West 24 LIMITED LIABILITY COMPANY Org filed with Secretary of State of New Office in NY Co. SSNY desig. agent of may be served and shall mail process Fee LLC. Authority filed with NY Dept. Notice of Formation of a Limited York (SSNY) on Dec. 8, 2014. Office location: LLC upon whom process may be served. to: CT Corporation System, 111 8th of State on 7/29/15. Office location: NY Liability Company (LLC) Name: Richmond County. SSNY is designated as SSNY shall mail copy of process to Ave., NY, NY 10011, regd. agent County. LLC formed in DE on 4/8/15. LEMONY ONE, LLC Articles of agent of LLC upon whom process against 442 W. 57th St, NY, NY 10019, which upon whom process may be served. NY Sec. of State designated agent of it may be served against LLC to: DoorPost Organization filed by the Department is also the principal business location. Purpose: any lawful activity. LLC upon whom process against it may Blessing 572 Cary Ave., SI, NY 10310. of State of New York on: 03/03/2015 Purpose: Any lawful purpose. Office location: County of New York be served and shall mail process to: Purpose: Any lawful activity or purpose. Notice of Formation of Rolen Music Purpose: any and all lawful activities c/o CT Corporation System, 111 8th CLAIRVOYANT DEVELOPMENT L.L.C., Group LLC. Arts. Of Org. filed with Secretary of State of New York Ave., NY, NY 10011. DE address of LLC: NOTICE OF FORMATION OF 40 X Arts. of Org. filed with the SSNY on Secy. Of State of NY (SSNY) on (SSNY) is designated as agent of the c/o Corporation Trust Co., 1209 MANAGER LLC. Arts of Org filed with 06/26/2015. Office loc: NY County. 07/15/2015. Office location: NY LLC upon whom process against it Orange St., Wilmington, DE 19801. Cert. Secy of State of NY (SSNY) on 7/1/15. SSNY has been designated as agent County. Aurora SSNY designated as may be served. SSNY shall mail a of Form. filed with DE Sec. of State, Office location: NY County. SSNY upon whom process against the LLC agent of LLC upon whom process copy of process to: 224 West 35th 401 Federal St., Dover, DE 19901. designated agent upon whom may be served. SSNY shall mail process against it may be served. SSNY shall Street New York, NY 10001 Purpose: all lawful purposes. process may be served and shall mail to: C/O Ganga Mukkavilli, 303 Fifth mail process to the LLC, 2159 First copy of process against LLC to principal Ave, Ste 1205, NY, NY 10016. Purpose: Avenue #2E, New York City, New Notice of Qualification of 2255 Broadway Notice of Qualification of 24-16 QUEENS business address: 66 Pearl St. Ste 405, Any Lawful Purpose. York 10029. Purpose: Any lawful activity. Tenant, L.L.C. Authority filed with NY PLAZA PROPERTY OWNER LLC Appl. NY NY 10004. Purpose: any lawful act. Dept. of State on 6/18/15. Office location: for Auth. filed with Secy. of State of NY Notice of Qualification of Tier Asset Notice of Qualification of 787 Eleventh NY County. Princ. bus. addr.: 1001 (SSNY) on 08/12/15. Office location: NY NOTICE OF FORMATION OF MARK Management LLC. Authority filed with Funding LLC. Authority filed with NY Dept. Pennsylvania Ave. NW, Washington, DC County. LLC formed in Delaware (DE) ZUMWALT LLC. Articles of Secy. of State of NY (SSNY) on 07/16/15. of State on 7/2/15. Office location: NY 20004. LLC formed in DE on 5/14/15. on 08/06/15. Princ. office of LLC: 152 W. Organization filed with the Secretary of Office location: NY County. LLC formed County. Princ. bus. addr.: 500 Stanton NY Sec. of State designated agent of 57th St., 60th Fl., NY, NY 10019. SSNY State of NY (SSNY) on 10/24/13. in Delaware (DE) on 07/16/15. SSNY Christiana Rd., Ops 3/Floor 2, Newark, LLC upon whom process against it designated as agent of LLC upon whom Office location: NEW YORK County. designated as agent of LLC upon whom DE 19713. LLC formed in DE on may be served and shall mail process process against it may be served. SSNY SSNY has been designated as agent process against it may be served. SSNY 6/29/15. NY Sec. of State designated to: c/o CT Corporation System, 111 shall mail process to the LLC at the upon whom process against it may be shall mail process to: 599 Lexington agent of LLC upon whom process 8th Ave., NY, NY 10011, regd. agent princ. office of the LLC. DE addr. of LLC: served. The Post Office address to which Ave., 4th Fl., NY, NY 10022. Address against it may be served and shall mail upon whom process may be served. 2711 Centerville Rd., Ste. 400, Wilmington, the SSNY shall mail a copy of any process to be maintained in DE: c/o Registered process to: CT Corporation System, DE addr. of LLC: c/o The Corporation DE 19808. Cert. of Form. filed with DE against the LLC served upon him/her Agent Solutions, Inc., 1679 S. Dupont 111 8th Ave., NY, NY 10011. DE addr. Trust Co., 1209 Orange St., Wilmington, Secy. of State, Div. of Corps., John is: 215 E 15TH ST, NY NY 10003 The Hwy., Ste. 100, Dover, DE 19901. Arts of LLC: 1209 Orange St., Wilmington, DE 19801. Cert. of Form. filed with DE G. Townsend Bldg., 401 Federal St., principal business address of the LLC of Org. filed with the DE Secy. of DE 19801. Cert. of Form. filed with DE Sec. of State, 401 Federal St., Dover, Ste. 4, Dover, DE 19901. Purpose: is: 215 E 15TH ST, NY, NY 10003 State, 401 Federal St., Dover, DE Sec. of State, 401 Federal St., Dover, DE 19901. Purpose: all lawful purposes. Any lawful activity. Purpose: any lawful act or activity. 19903. Purpose: any lawful activities. DE 19901. Purpose: all lawful purposes.

22 | Crain’s New York Business | September 14, 2015 20150914-NEWS--0023-NAT-CCI-CN_-- 9/11/2015 8:22 PM Page 1

City’s priciest rent BUILDINGS THAT COMMAND Continued from Page 4 At 432 Park Ave., Harry Mack- ers are promising a combination of lowe, the developer of the office $200 PER SQUARE FOOT OR MORE: state-of-the-art space, country- cube, designed the building’s en- club-like exclusivity and lavish trance to be a unique angled slit in its amenities. They’re also hoping that otherwise clean glass exterior and by moving the needle on top-line said the lobby will be “museum- rents, 425 Park Ave. will open the like,”with high-priced art on display door for more buildings to follow— and high-end retail space. Though if not to the vaunted $300 mark, the building doesn’t have the height then at least past $200. to offer soaring vistas, Mr. Mack- “It makes logical sense that if the lowe said, he is using huge panes of bar for the top of the market has glass that will eliminate unsightly been raised, more buildings can window seams. achieve rents at the previous high Mr. Macklowe’s attempt to hit point,”said Stuart Romanoff,whose $200 per square foot shows how family firm, Romanoff Equities, is some owners are trying to rewrite building 860 Washington St. in the unspoken rule that top-tier partnership with Property Group spaces must feature stunning views Partners. “We’re building a first- of Central Park. class building with first-class SL Green, which is developing amenities but with a downtown feel the 1,300-foot office tower at 1 Van- and location at a time when more derbilt, is hoping that tenants will firms prefer that.” pay $200-plus for its top floors, based on its close proximity to Luxurious amenities Grand Central Terminal and its ex- But for now,425 Park Ave. is in a pansive views, which feature the class all by itself.To reach the pinna- park only in the distance. And the cle of the office market, Mr. Levin- developers of 860 Washington St. son created what he said are unpar- are banking that there’s a set of bou- alleled luxuries. tique investment firms that will pay buck ennis In June, he struck a deal to bring a hefty premium for being close to 425 PARK AVE. 767 FIFTH AVE. in what he claimed will be the city’s the High Line. most exclusive restaurant when the Bolstering the effort for $200 property opens in 2018: a 14,000- rents is a rebound of the city’s finan- ● 425 Park Ave. (received $300 per square ● 667 Madison Ave. square-foot, two-level space to be cial sector and a growing willingness run by Daniel among hedge funds foot for its top floor) ● 9 W. 57th St. Humm and Will and private-equity ● Guidara, the A focus on firms to pay up. The 767 Fifth Ave. (General Motors Building) pair behind the financial industry has triple-Miche- wellness aims added 23,000 jobs lin-star eatery since 2013—com- Eleven Madison to attract the pared with 46,500 Park. jobs it bled during the BUILDINGS AIMING TO GET THERE: Other fea- fabulously rich recession, according tures will include to Ken McCarthy, an ● 1 Vanderbilt ● 860 Washington St. a two-level lobby economist at Cush- ● ● with 45-foot man & Wakefield. Park Avenue Tower Time Warner Center ceilings, ventila- That hiring has ● 432 Park Ave. tion that filters 95% of the outside led to an uptick in leasing activity in air, floor-to-ceiling windows that let midtown, which has seen 13.3 mil- in 60% more light than convention- lion square feet rented out so far this al panes and a community space on year,a 6% increase over the same pe- the 26th floor with giant triangle- riod in 2014. The average asking shaped windows where tenants can rents for the city’s most exclusive of- mingle, drink fresh-pressed juice fice neighborhood, the Plaza dis- and meditate in private rooms. trict, are $102.97 per square foot, a Even the chauffeurs who shuttle 4.2% gain from last year. the masters of the financial universe will be taken care of: They will have ‘Willing to pay’ access to a private parking garage “The financial sector has become and their own lounge. much more active again leasing The focus on wellness is a clever space, and there is a growing group theme aimed at drawing the fabu- of tenants within it who are willing lously rich, brokers say. to pay very high numbers to be in the “Boutique financial firms are in very prestigious buildings,” Mr. constant competition for top talent. McCarthy said. Office space and amenities can be a Though the larger office sector differentiator,” said Ben Friedland, can create a helpful tailwind for ex- a leasing broker at CBRE who spe- orbitantly priced deals, the $200- cializes in representing hedge funds per-square-foot leasing market can and private-equity firms. “Gyms be driven by factors outside the nor- and wellness-type facilities have be- mal calculus used to measure value. come increasingly important.” In an example of how the good In order to create its own exclu- times for the financial sector’s elite sive vibe, the Blackstone Group, have increasingly translated into os- which owns the 36-story Park Av- tentatious leasing decisions, look no enue Tower at 65 E. 55th St., plans further than hedge-fund billionaire to spend more than $10 million Bill Ackman. renovating the 1986 property’s He recently decided to buy the lobby and exterior courtyards to office building at 787 Eleventh Ave. give it the lounge-like feel of a with a partner for $255.5 million. high-end hotel. Mr.Ackman wants to build two lev-

The overhaul is rumored to in- els of new office space atop the buck ennis clude a private room where tenants property and add a private rooftop 432 PARK AVE. TIME WARNER CENTER can face off in friendly games of pool and tennis court for himself high-stakes poker. and his employees. Ⅲ

September 14, 2015 | Crain’s New York Business | 23 20150914-NEWS--0024-NAT-CCI-CN_-- 9/11/2015 1:14 PM Page 1

BUSINESS 25% Portion of union members among NYC’s 3.5 million resident workforce, compared with 11.2% nationally PEOPLE Source: CUNY Murphy Institute

DEBORAH MARTON EXECUTIVE MOVES predicts the huddled masses will flock to the South Bronx CFO Squad: Jay waterfront when Cardwell, 40, joined public access is the provider of improved. outsourced accounting and financial business services as chief operating officer. He was previously chief financial officer at S2BN Entertainment Corp. Level Group: Michael Barbolla, 55, joined the full-service real estate brokerage as chief operating officer. He was previously chief operating officer at Rutenberg Realty. DDG: Michael Ferry, 40, was promoted to managing director of the real estate investment and development firm. He was previously a senior vice president. Box: Adam Ross, 45, joined the online file-sharing and personal cloud content manager for businesses as managing director of financial services. He was previously vice president of global corporate solutions at Nasdaq. Alvarez & Marsal: Tom O’Brien,57, joined the global professional services firm as senior director. He was previously senior vice president and general manager at RCG Global Services. HA&W: John Ruckstuhl, 46, joined the accounting firm as managing director of mergers and acquisitions transaction services. He was previously a director at McGladrey. The Odyssey: Lisa Shalett, 49, joined the social-content platform as chief

buck ennis marketing officer. She was previously a GOTHAM GIGS partner and head of brand marketing and digital strategy at Goldman Sachs. NYC & Company: Abby Spatz, 41, joined New York’s marketing and tourism organization as chief marketing The greening of the Bronx officer. She was previously vice president and global head of integrated marketing and communications at Bliss. Haven Project aims to improve residents’ health Apester: Ran Peled, 35, joined the digital storytelling platform as chief For Deborah Marton, green space isn’t just nice— After stints with the Parks Department and the marketing officer. He was previously ‘The chief executive of McCann Tech, it’s necessary. ¶ To prove it, the executive director Design Trust for Public Space, she joined NYRP which he founded. connection of the nonprofit New York Restoration Project in 2011. She now manages 75 acres of park space American Airlines: Darryl Towns,54, to nature recently unveiled a plan to create a collection of for the group, which was founded two decades joined as regional park spaces, tree-lined streets, beautified ago by Bette Midler. ¶ Breaking ground by 2017, director of government affairs. impacts underpasses and a waterfront promenade in the the Haven Project will include a park at East He was previously South Bronx neighborhoods of Mott Haven and 132nd Street along the East River and the commissioner and our lives so Port Morris. Ms. Marton, 52, is leading the effort planting of thousands of trees in the area. ¶ Ms. CEO at New York State Homes and profoundly’ to raise millions of dollars from public and private Marton is hoping it will establish a new financial Community Renewal. partners. ¶ “We realized the need is greatest in model for park development in which LandlordsNY: Aida Gashi, 34, joined the social platform for landlords and the South Bronx,” Ms. Marton said. “It’s the government and private groups—such as property managers as head of business poorest [city neighborhood], with the highest insurers, which stand to save on health care development. She was previously director of management at REM asthma, diabetes and obesity [rates] in the city.” ¶ costs—both contribute. ¶ “Science is showing us Residential. Called the Haven Project, the plan is the more and more that the connection to nature 360i: Christopher Kief, 37, joined the culmination of a career that took an early turn. A impacts our lives so profoundly,” she explained, digital marketing agency as head of technology. He was previously chief graduate of NYU Law School, Ms. Marton lasted noting studies illustrating the health benefits of technology officer at Saatchi & three years as a corporate litigator before leaving being outdoors. “Our future is cities, so finding Saatchi NY. Shutterstock Inc.: Gregory Bayer,43, to pursue landscape architecture. “I need to feel ways to weave nature into the urban environment joined the stock photography, footage emotionally engaged with work,” she said. ¶ is really important.” —daniel geiger and music provider as general

24 | Crain’s New York Business | September 14, 2015 20150914-NEWS--0025-NAT-CCI-CN_-- 9/11/2015 1:09 PM Page 1

SOURCE

manager of offset. He was previously BREAKFAST: KERRY WALK global head of product at Annalect. Tapad: Jim Clark,42, Interview by Adrianne Pasquarelli was promoted to global senior vice president of sales for the marketing technology firm. He was previously senior vice president of sales. College prez sees NYC as her campus Chris Feo, 29, was promoted to vice president of data sales, North America. He was previously senior director of strategic sales. s the new president of ties to expand connections and emerging media; and public rela- cility and residence halls in the city, Steve Kurtz, 34, was promoted to vice Marymount Manhat- bridge the gap between the class- tions and strategic communication. and we need to optimize president of media sales, North tan College—and the room and the city in particular in- We’re also looking to expand our all our resources. In America. He was previously vice eighth person to hold dustries. Our majors are already offerings to include master’s our new residence president of sales, East region. that title in the school’s professionally oriented, and we’re programs. hall, we’re leasing Vroom: Emily Frankel, 33, joined the 79-year history—Kerry Walk is building on making that more visi- out several rooms online car store as vice president of A getting an education.She arrived at ble—adjusting and evolving some At under $30,000, your tuition is to Cooper Union, marketing. She was previously vice the Upper East Side school in July of the academic programs. For ex- on the low end—but still high for example. Ⅲ president of digital marketing and after serving as interim president at ample, there will be a new major enough to deter some students. innovation at Kayak. How do you plan to attract them? Nemo Tile: Katie Michael-Battaglia,45, the Otis College of Art and Design called politics and human rights. joined the tile distributor as design in Los Angeles. We’re also building a digital-media We’re seeing many students director. She was previously an associate Ms. Walk, 54, has a challenging production studio and considering taking an à la carte approach to at Studios Architecture. course load: encouraging enroll- how to make it available to the larg- education, and there obviously HAP Investments: Amr Mohamed, 34, ment at a brick-and-mortar school er community. is a lot more competition in joined the real estate company as project at a time when many prospective higher education. But manager. He was previously a project students are opting for less expen- What’s the enrollment, and how has it we’re fortunate in that manager at Cava Construction. sive education. She is hoping to changed in recent years? we’re in the city. Its re- RockFarmer Properties: Jean Bonhomme, 38, joined the real estate investment and leverage Marymount’s city location We’re at 1,700, so it’s a relatively sources are a huge at- management firm as controller. He was to boost revenue. small college. Postrecession enroll- traction that will never previously controller at Webb & Brooker. ment across the nation was down, get old. We’re also be- Tyler McIntyre, 29, joined as director of You’re a Pittsburgh native, but I with the exception of prestige insti- ginning to engage construction. He was previously core and assume more than your love for the tutions like the Ivies. Marymount students over the shell superintendent at Lend Lease Corp. East Coast entered into your decision Manhattan experienced a dip like summer. We insti- Kristen Kenney, 26, joined as acquisitions to move from California. Why did you many others but is now climbing tuted a program a analyst. She was previously an acquisitions take this post? back up. We saw excel- year ago called Griffin intern at Stone Street Properties. Professional Women in Construction: I was attracted to this WHERE lent growth last year and Days (the griffin is the presidency because are expecting it this year college mascot), which Chelsea LeMar, 30, joined the nonprofit THEY as executive director. She was previously Marymount Manhattan as well. It’s normally in lets admitted students a special assistant at the U.S. is an institution that com- DINED: the 1,700 to 1,800 range. come to experience a full Department of Transportation. bines the creative and lib- MADISON It takes four to six years day of programming, talk ideas42: Andy Plews, 57, joined the eral arts with sciences. RESTAURANT to recover from a dip,be- to the faculty and staff,and behavioral-science nonprofit as director About 40% of the stu- 965 First Ave. cause it takes four years visit the residence hall. It of communications. He was previously (212) 421-0948 dents are creative and per- madison1.com for a small class to work helps students transition senior vice president of corporate forming arts [majors], its way through the into the college commu- communications, government and 60% are liberal arts and AMBIENCE: It’s a school and be replaced nity and feel connected. community affairs at BMO Financial diner Group. science and business. by larger classes. It’s an early orienta- Union Settlement Association: There are many majors in WHAT THEY ATE: tion. Oilda Ⅲ Martinez, 64, joined the community- creative media, including Yogurt and Do most students live on granola, campus? How are you based-services nonprofit as director of digital media and video cappuccino adult education. She was previously supplementing your production, and of course Ⅲ Spinach and This year, more than director of adult and continuing there’s a huge liberal-arts cheddar omelet, 40% of our students will revenue? education at City College of New York. component. You can ma- cappuccino be living in campus The business Brooklyn Public Library: jor in English and world housing,which we’ve ex- model in high- Lisa Rosenblum, 57, PRICE: joined as chief literature and also have $42.60,, panded. We just opened er education is librarian. She was the publishing industry including tip a new residence hall in already start- previously director of and journalism at your the East Village near ing to change. library and doorstep. Cooper Square. It’s said to be the In institutions community services This is a college in the middle of tallest residence hall in the country. across the for Sunnyvale, Calif. a city, with all the resources of the If you’re 18,you’re not going to have country, the Troutman Sanders: city—opportunities for experien- an apartment view like this again main source of Jeffrey H. Weitzman, 68, joined the law tial learning but also for fulfilling until you make it big in your 40s or revenue is tu- firm’s real estate practice as a partner. He lives and careers. It’s important to 50s. You’re in the city, and the city ition, so we need was previously a partner at K&L Gates. Duane Morris: David N. Feldman,55, me to prepare students for the is your sport. We don’t have sports to diversify the joined the law firm as a partner in the workforce. Over the next year or teams. Instead of going to football revenue stream corporate practice group. He was two,I’ll be ensuring that the college games, we go to main-stage pro- and build endow- previously a partner at Richardson Patel. is very much connected to the city. ductions. ments. Our en- Grant Thornton: Layne Albert, 50, joined dowment is $17 the audit, tax and advisory firm as a What’s first on your agenda? What other initiatives are you million. Mary- partner in its tax practice. He was The first order of business is to un- implementing? mount previously managing director at Alvarez derstand the culture and do my best We will be offering four new majors has this & Marsal. Friedman: to assimilate. I’ve attended a lot of in September 2016: digital media fantas- Michael Sacco, 39, joined the buck ennis accounting and consulting firm as a classes, and the students are unusu- and video production; digital jour- tic facul- partner. He was previously managing ally curious. There are opportuni- nalism; cinema, television and ty, a great fa- director at CBIZ MHM. Norton Rose Fulbright: Paul Keller, 43, joined the global legal practice as a partner. He was previously a partner at PLAY/LIST People, places and things that make Kerry Walk tick Allen & Overy. CULTURE: WATCH LIST: —chris kobiella Walk is keen to embrace public the fact that, indeed, Einstein did Ms. Walk is most looking forward to A huge fan of The Americans on TV, transit. When traveling, she reads win the Nobel Prize.” EXECUTIVE PROMOTIONS the accessibility of the culture of she’s also watching Orange Is the New books on her iPhone through the New York City. A theater fan, Black. “Laverne Cox is a Marymount Kindle app or listens to them via FUN FACT: The fastest way to get an announcement into Crain’s is to submit online. Fill out the form she has already seen Kinky Boots Manhattan graduate,” she said. Audible.com. “I like historical When she bought her iPhone, the at www.crainsnewyork.com/section/ and Fun Home. “Everything is an nonfiction because you know local Apple store employee was a executive_moves. The Executive Moves column easy cab ride or train away,” she TIME TO TRAVEL: how it’s going to end, even if you Marymount Manhattan student. “She is also available online. said. After leaving her car in California, Ms. get distracted. It won’t change recognized me!”

September 14, 2015 | Crain’s New York Business | 25 20150914-NEWS--0026-NAT-CCI-CN_-- 9/11/2015 1:10 PM Page 1

SNAPS

In 2006, while covering the war in Iraq, ABC correspondent Bob Woodruff was hit by a roadside bomb that caused a major brain injury. The then-co-anchor of World News Tonight had access to all the best medical treatment, enabling him to make a full recovery in just 13 months. He started his namesake foundation to give U.S. veterans access to the same high-level medical services and programs for as long as necessary in order to help them rebuild their lives after deployment. photo: lisa tamburini JAMES LIPTON, host of Inside the Actors Studio, and JOAN HORNIG, Bob Woodruff Foundation host, at the fundraiser, which took in $56,485. photos: lenny stucker KEVIN DOUGHERTY, director of operations and finance for the Bob Woodruff Foundation, LEE WOODRUFF, CBS GERRY BYRNE, vice chairman of Penske Media Corp., and his wife, contributor and wife of Bob Woodruff, and ANNE MARIE DOUGHERTY, executive director of the foundation, at the LIZ BYRNE, at the fete, held at the home of Joan and George Hornig organization’s gala on Aug. 28. in Water Mill, L.I.

TOM GULLIKSON, lead national coach for the U.S. Tennis Association, TODD MARTIN, LEE OLESKY, Tradeweb CEO of the International Tennis CEO, and GARY SHEDLIN, Hall of Fame and Museum, and BlackRock CFO, at a tennis legend BILLIE JEAN fundraiser for the American KING, at a Sept. 1 fundraiser for Cancer Society, held at the the City Parks Foundation that Fenway Golf Club in raised $257,000. Scarsdale.

Ernst & Young foursome ANDREW HAMBLETON, managing director, MANISH GAUTAM, financial services sales executive, KERRIE

photos: sylvester zawadzki MACPHERSON, principal, ADAM ROSEN, City Parks Foundation board member, MITCHELL SILVER, commissioner of the and KIERAN HOOKS, city’s Department of Parks and Recreation, and DOROTHY LEWANDOWSKI, Queens’ parks senior manager, at the golf commissioner, at the foundation’s fundraiser, held at the USTA Billie Jean King National Tennis outing, which raised more

Center in Flushing. than $565,000. photos: rich feuerstein

See more of this week’s Snaps online at CrainsNewYork.com/galleries.

26 | Crain’s New York Business | September 14, 2015 20150914-NEWS--0027-NAT-CCI-CN_-- 9/11/2015 1:11 PM Page 1

FOR THE RECORD

● Department of Transportation Famularo of Eastern Consolidated. The $569.63 to $578.63 per share, in a Seeks requests for proposals by 2 p.m. on asking rent was $300 per square foot. transaction worth $13,465,866. He now ABOUT THIS SECTION Sept. 21 for total design and directly holds 30,363 shares. FOR THE RECORD is a weekly listing of information from the public record construction support services for the ● V-Burger signed a 10-year lease for ● that can help businesspeople in the New York area find opportunities, rehabilitation of Brooklyn Bridge 900 square feet at 815 Broadway.The Jarden Corp. (JAH) approach arches, towers, ramp vegetarian-burger restaurant is opening Martin Franklin, executive chairman, potential new clients and updates on competitors. substructures and miscellaneous repairs. its first New York location, in Greenwich sold 200,000 shares of common stock at To ask questions or get more information on this section, contact For a printed copy of the specification Village, and will be a co-tenant with prices ranging from $54.74 to $54.90 Crain’s research department at [email protected]. book, a $50 deposit, payable in the form Hummus & Pita, from which it is per share between Aug. 17 and Aug. 18, of a certified check or money order to subleasing its space. Eastern in a transaction worth $10,960,367. He New York City Department of Consolidated’s James Famularo, Ravi now directly holds 6,739,668 shares. Transportation, is required. Documents Idnani and Ryan Reszelbach represented NEW IN TOWN ● Harlem Family Dental Plaza are available at 55 Water St., ground both the tenant and landlord.The asking ● Sirius XM Holdings Inc. (SIRI) 1916 Third Ave. floor, south side of the building. To rent was $250 per square foot. James Meyer, chief executive, exercised Companies that would like to have details Filed for Chapter 7 bankruptcy on Aug. make inquiries, contact Gail Hatchett at options on 6,296,246 shares of common of openings published should submit 18. The filing cites estimated assets of (212) 839-9308 or the bid window at ● Caffe Bene signed a 10-year lease for stock at a price of $0.53 per share on descriptions following this format to cnyb- $100,001 to $500,000 and estimated (212) 839-9435. 800 square feet at 24 St. Marks Place. Aug. 14, in a transaction worth [email protected], with “New liabilities of $100,001 to $500,000. The The international coffee company’s East $3,306,789. On the same day, he sold in Town” in the subject line. creditors with the largest unsecured ● Housing Authority Village location will be one of more than 2,646,889 shares of common stock at a claims are Ceeramo Chrom Dental Seeks competitive sealed bids by 11 a.m. 40 outposts in operation or being price of $3.95 per share, in a transaction ● Blushington Labs, owed $4,501.44; Capital One on Sept. 22 for replacement planned throughout the city.The tenant worth $10,449,918. He now directly Le Parker Meridien, 119 W. 56th St. Bank, owed $1,372.87; and Tiger underground piping at various NYCHA was represented by Ravi Idnani of holds 4,357,442 shares. The Los Angeles-based makeover salon Supply Inc., owed $1,312.92. developments. Bid documents are Eastern Consolidated. The landlord, opened its first New York, and East available Monday through Friday, from Beane Realty, was represented by James ● MasterCard Inc. (MA) Coast, location. Clients can choose their ● Prima Pasta & Cafe Inc. 9 a.m. to 4 p.m., at 90 Church St., sixth Famularo of Eastern Consolidated. The Martina Hund-Mejean, chief financial customizable looks—each costing $45— 161-50B Cross Bay Blvd., floor, for a $25 fee in the form of a asking rent was $240 per square foot. officer, exercised options on 64,880 from a “menu” while sipping Howard Beach, Queens money order or certified check made shares of common stock at a price of complimentary Champagne. Services Filed for Chapter 11 bankruptcy on payable to NYCHA. Documents can $23.27 per share on Aug. 6, in a are also available for kids and teens. Aug. 18. The filing cites estimated assets also be obtained by registering with I- STOCK TRANSACTIONS transaction worth $1,510,017. On the Blushington has two locations in of $0 to $50,000 and estimated liabilities supplier. To make inquiries, contact same day, she sold 76,865 shares of California and one in Dallas. of $50,001 to $100,000. Vaughn Banks at (212) 306-6727 or Following are recent insider transactions at common stock at prices ranging from [email protected]. New York’s largest publicly held companies $97.77 to $98.32 per share, in a ● Brooklyn Spectacles ● Unitech Solutions Inc. filed with the Securities and Exchange transaction worth $7,521,139. She now 209 Bedford Ave., Brooklyn 2692 Coney Island Ave., Brooklyn Commission by executives and major directly holds 139,928 shares. The eyewear brand, which launched in Filed for Chapter 11 bankruptcy on REAL ESTATE DEALS shareholders. Listings are in order of 2012 and has been selling through Aug. 13. The filing cites estimated assets transaction value.The information was ● Ralph Lauren Corp. (RL) retailers domestically and abroad, of $0 to $50,000 and estimated liabilities Companies that would like to have details obtained from Thomson Reuters. Ralph Lauren, chief executive, exercised opened a flagship store in of $50,001 to $100,000. The creditors of their recent transactions appear in these options on 50,000 shares of common Williamsburg. Frame styles include the with the largest unsecured claims are listings should email descriptions following ● Regeneron Pharmaceuticals Inc. (REGN) stock at a price of $55.43 per share on Billyburg, the L Train and the Coney, American Express, owed $41,682.31; this format to cnyb-research@crains Peter Powchik, vice president of clinical Aug. 19, in a transaction worth and a signature Wood line is made of Capital One, owed $19,480.23; and newyork.com, with “Real estate development, exercised options on 60,361 $2,771,250. On the same day, he sold acetate plastic with a finish that Chase, owed $14,995.10. transaction” in the subject line, or enter shares of common stock at prices ranging 50,000 shares of common stock at prices resembles genuine wood. Sunglasses are them online at crainsnewyork.com/ from $30.63 to $270.43 per share on Aug. ranging from $115.98 to $116.81 also available. ● Zabidury Cuisine Inc. submitadeal. Deals are listed in order of 13, in a transaction worth $7,082,070. On per share, in a transaction worth 8 S. Division St., square footage. the next day, he sold 23,485 shares of $5,811,118. He now directly holds ● Bruno New Rochelle, N.Y. common stock at prices ranging from 485,997 shares. Ⅲ 204 E. 13th St. Filed for Chapter 11 bankruptcy on COMMERCIAL Chefs Justin Slojkowski and Dave Aug. 13. The filing cites estimated assets ● In Touch Solutions signed a long-term Gulino opened their pizzeria in the East of $500,001 to $1 million and estimated lease for 17,000 square feet at 469 Village. The pizzas are wood-fired in the liabilities of $100,001 to $500,000. The Seventh Ave. The Kansas-based digital DEALS ROUNDUP Neapolitan style. Toppings include creditors with the largest unsecured pharma marketing company will occupy carrot-top pesto and noodlefish. For the claims are Resnik Equipment, owed the entire 10th floor of the 17-story adventurous, the eatery offers a $20,000; Eerie Insurance, owed $2,000; garment district property.The tenant TRANSACTION SIZE changing off-menu “secret” pizza daily. and Sysco Metro New York, owed was represented by Marc Schoen and TARGET/SELLER (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE The menu, which is still expanding, also $1,609. Brian Neugeboren of Savitt Partners. Belk Inc./ $3,153.8 Sycamore Partners (Manhattan) FB M&A features handmade pastas and light The building’s owners, Martin Meyer John M. Belk small plates. and Eric Meyer of Colliers International, Educational Endowment, GOVERNMENT CONTRACT endowment arm; Montgomery and Dan Shavolian of Foremost Real Investment Co. OPPORTUNITIES Estate, represented themselves.The COMPANY MOVES asking rent was $56 per square foot. Encana Oil & Gas (USA) Inc., $850.0 GeoSouthern Haynesville; GSO Capital SB M&A Haynesville (La.) Partners (Manhattan) Following are selected contract ● shale assets/ Companies that would like to have details opportunities recently announced by New SLSCO Ltd. signed a five-year lease Encana Oil & Gas (USA) Inc. of recent moves published should submit York City agencies.To learn how to sell for 8,000 square feet at 1 Edgewater Plaza Anglo American Norte S.A./ $500.0 Audley Capital Advisors; Orion Mine FB M&A descriptions following this format to cnyb- goods and services to city government, visit . The Texas-based construction, Anglo American plc Finance (Manhattan) [email protected], with www.nyc.gov/selltonyc. For a searchable rehabilitation and rapid-response St. John’s Terminal $200.0 Westbrook Partners (Manhattan) SB M&A “Company Moves” in the subject line. database of current procurement notices, provider will occupy space on the third (Manhattan) / (unknown minority stake) visit www.nyc.gov/cityrecord. Listings are floor of the seven-story Staten Island Fortress Investment Group ● Rebecca Schoneveld Bridal alphabetical by category and department. property, its first office in New York. (Manhattan) 530 Third Ave., Brooklyn The tenant was represented by Robert 278,000-square-foot office $182.0 Not disclosed SB M&A Designer Rebecca Schoneveld has CONSTRUCTION SERVICES Fitzsimmons of Gateway Arms Realty. building at 1750 Pennsylvania moved her Gowanus retail operation one ● Department of Design and Construction The landlord, Edgewater Plaza Loft, Ave., Washington, D.C./ block. She sells her own bridal line as Seeks competitive sealed bids by 11 a.m. was represented by Richard J. Madison Vornado Realty Trust well as creations by more than a dozen on Sept. 24 for the reconstruction of of Colliers International. The asking (Manhattan) other designers. Bookings of one-on- collapsed or otherwise defective sewers rent was $26 per square foot. Amplus Energy Solutions $149.3 I Squared Capital Advisors (Manhattan) GCI one, 90-minute consultations with a at various locations in Brooklyn. A bid Pvt. Ltd./ stylist are available. The shop is open document deposit of $35, in the form of ● Dixon Hughes Goodman signed a not disclosed Tuesday through Saturday from 10 a.m. a money order or company check, is seven-year lease for 5,023 square feet at Six office properties $103.5 Apollo Commercial Real Estate SB M&A to 6 p.m., by appointment only. required. Bid documents are available at 4 World Trade Center. The accounting in Greater Cincinnati/ Finance Inc. (Manhattan) nyc.gov/buildnyc. To make inquiries, firm will occupy space on the 44th floor. Duke Realty Corp. contact Emmanuel Charles at (718) The tenant was represented by Dixon Merus B.V./not disclosed $82.9 AGLAIA BioMedical Ventures B.V.; GCI BANKRUPTCIES 391-3170 or [email protected]. Hughes Goodman’s Charles A. Alt. The BayCity Capital; Johnson & Johnson landlord, Silverstein Properties, was Innovation-JJDC Inc.; Life Sciences The following listings are selected from the ● Department of Parks and Recreation represented by Russell Wohl of Skadden Partners B.V.; Novartis Venture Funds; Novo A/S; Pfizer Venture Investments most recent available filings by companies Seeks competitive sealed bids by 10:30 Arps Slate Meagher & Flom. The (Manhattan); RA Capital Management; Rock seeking bankruptcy protection in the a.m. on Sept. 29 for the reconstruction asking rent was not disclosed. Springs Capital; Sofinnova Ventures Inc.; Southern and Eastern Districts of New of fences, pavements, staircases, water Tekla Capital Management York. Information was obtained from U.S. service and general site work at various RETAIL Bankruptcy Court records available on locations in Manhattan. Bid documents ● Zuber & Co. signed a 10-year lease for iZettle AB/not disclosed $67.0 83 North; American Express Co. (Manhattan); GCI Public Access to Court Electronic Records. are available between 8 a.m. and 3 p.m. 1,500 square feet at 4 W. 19th St. The Creandum AB; Dawn Capital; Index Ventures; Listings are in alphabetical order. in the Blueprint Room, Room 64, luxury home-decor shop is moving its Intel Capital; Northzone Ventures; Zouk Capital Olmsted Center, Flushing Meadows New York City flagship location from ● Dean Street Realty Capital Inc. Corona Park, for a $25 fee payable by 200 E. 59th St., and will occupy space Selected deals announced for the week ended Aug. 27 involving companies in metro New York. 956 Dean St., Brooklyn company check or money order to the on the ground floor of the 12-story FB M&A: Financial buyer M&A represents a minority or majority acquisition of existing shares of a company with the participation of a financial buyer. SB M&A: Strategic buyer Filed for Chapter 7 bankruptcy on Aug. City of New York, Parks and Recreation. building in the Flatiron district. The M&A represents a minority or majority acquisition of existing shares of a company without the 13. The filing cites estimated assets of To make inquiries, contact Michael tenant was represented by Michael participation of a financial buyer. GCI: Growth capital investment represents new money $1,000,001 to $10 million and estimated Shipman at (718) 760-6705 or Azarian of Cushman & Wakefield.The invested in a company for a minority stake. source: capitaliq liabilities of $50,001 to $100,000. [email protected]. landlord was represented by James

September 14, 2015 | Crain’s New York Business | 27 T:11.125”

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