There's a New No. 1 in Town. Has Pushed Aside Jpmorgan Chase As

20120521-NEWS--0001-NAT-CCI-CN_-- 5/18/2012 7:46 PM Page 1 INSIDE Face it, says TOP STORIES Greg David: Facebook Council defies IPO reveals mayor, scares city’s flaws as business leaders ® a tech center. P. 11 STORY, P. 2; EDITORIAL, P. 10 VOL. XXVIII, NO. 21 WWW.CRAINSNEWYORK.COM MAY 21-27, 2012 PRICE: $3.00 Exhibitors Sorry, Jamie: fight Renegade CEO There’s a new Javits bucks Albany to save his hospital No. 1 in town. teardown PAGE 3 Why Charlie Rangel Group resists move to could lose his seat Aqueduct, but protest THE INSIDER, PAGE 8 letter to Cuomo goes Hopes rising along unanswered B’klyn waterfront in Sunset Park BY LISA FICKENSCHER NEIGHBORHOODS, PAGE 7 A powerful group of businesses in the trade-show industry has coalesced to fight Gov. Andrew Cuomo’s plan to tear down the Jacob K. Javits Conven- tion Center to ensure they have a voice in the final decision. has pushed aside After nearly six months of intense meetings and conference calls, senior executives of companies that produce the vast majority of the shows at the JPMorgan Chase as Javits Center took a bold public stand, sending a letter to the governor late last month stating their opposition to NY’s biggest public the demolition of the Far West Side BUSINESS LIVES facility.The letter was also distributed to some 600 officials, including state GOTHAM GIGS and city legislators. Matchmakers find their company, according See EXHIBITORS on Page 30 own chemistry P. 33 ● ANNE FISHER Tapping into human emotions pays dividends P. 33 to the latest Crain’s The dish ● MOVERS & SHAKERS Real estate veteran’s INSIDE surprising switch P. 34 ranking. on Grand THE LIST ● Our annual review of the GAEL GREENE Dragonfly New York area’s largest publicly lands on UES P. 35 held companies, ranked by their 2011 revenues. P. 15 Central IBM Inside Big Blue’s brain trust, BY MATTHEW FLAMM which pulled in more than 6,180 INDEX patents last year, the most ever by In the current period of economic uncertainty and a single company. No wonder the Restaurateurs invited NEW YORK, NEW YORK slow growth, the ordinary consumer does without _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _6 stock price has more than doubled to pitch their tents in SMALL BUSINESS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _9 in the past five years. many things. A cellphone isn’t one of them. P. 13 VIEWPOINT _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _10 The ever-evolving device at the center of people’s two never-used retail FOR THE RECORD WHAT’S UP (AND DOWN) at News lives and businesses has fueled demand for data and _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _25 spaces in the terminal Corp., CBS, Bed Bath & Beyond, propelled the telecommunications sector’s growth. CLASSIFIEDS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _26 Vornado Realty, MasterCard, Jones Group, Revlon and others. P. 15 And no company has spent more time at the forefront REAL ESTATE DEALS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _31 BY THERESA AGOVINO BACK TO JPMORGAN of that fiercely competitive industry than Verizon THE WEEK ON THE WEB _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _32 Chase’s woes have some local bank rivals Communications Inc. HOT JOBS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _33 circling. In the Markets. P. 4 The strength of its wireless unit explains why Ver- For the first time in nearly 25 years,the EXECUTIVE MOVES _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _33 Metropolitan Transportation Author- izon Communications has taken the No. 1 slot on ity is looking to fill never-before- Crain’s annual ranking of the New York area’s biggest available retail spaces in Grand Cen- publicly traded companies based on revenue. The tral Terminal. telecom giant holds the position for the first time, The two spots—one in the cav- with 2011 revenues of $111 billion, up 6% from the ernous, marble-clad Vanderbilt Hall, prior year. It overtakes JPMorgan Chase and Citi- the other on a balcony that’s used for group, both of which continued to be buffeted in the storage but overlooks the eastern end See VERIZON on Page 32 of the food market with views down 43rd Street to the United Nations— NEWSPAPER newscom See GRAND CENTRAL on Page 29 20120521-NEWS--0002-NAT-CCI-CN_-- 5/18/2012 8:08 PM Page 1 COMMENTARY Spate of City Council bills A plague worries business leaders bill to a vote, though it already has 35 Unions, activists push agenda co-sponsors in the council—enough of curators to override a mayoral veto. But Ms. mine growth. New talk of a mandato- Quinn’s recent pivots to the left under- BY SHANE DIXON KAVANAUGH ry paid-sick-leave bill is also gaining score the increasing pressure to satisfy f the phrase “jump the shark” hasn’t already traction. unions and other liberal organizations jumped the shark, then I submit to you that The City Council in recent weeks has “How much more can we add to that will be instrumental in the Demo- the verb “to curate” has jumped the shark. unleashed a flurry of legislation that the backs of our employers?” said cratic primary next year. A few years back, I first noticed its misuse would increase regulation and costs Nancy Ploeger,president of the The prevailing-wage bill, across industries, prompting fears Manhattan Chamber of which jacks up pay for serv- after a precious fellow who hopped between among business groups that there’s far Commerce, referring to the ice workers in buildings gigs in media, art and advertising took over a maga- more on the way. measure that would require that receive at least $1 mil- I Lawmakers have passed “prevail- businesses with 20 or more lion in city subsidies, was zine I’d previously run as its plain-vanilla editor and proclaimed himself its curator.That’s when I started ing wage” and “living wage” bills to employees to provide nine championed by Service boost pay for workers at some taxpay- paid sick days per year and busi- Employees Interna- er-subsidized developments and nesses with five to 19 work- tional Union Local to realize that cu- stacked on the placed the city’s 200 car-wash opera- ers to offer five days. 32BJ, which rep- ration, like a per- verbs in a story on tors in the regulatory crosshairs.They “It’s the antithesis of resents janitors, nicious germ, “attempts to mas- approved a measure last week that re- job creation and job security guards had begun to in- sage, curate, coax quires banks to disclose detailed in- sustainability.” and cleaning fect the fields and moderate” formation on their lending operations Council Speaker crews. The Re- that bend to the discussion on the throughout the city. Another new bill Christine Quinn, a tail, Whole- whims of fash- Internet. would ban employers from checking a Democrat expected sale and De- ion. Retailer Ste- That was job applicant’s credit history. to run for mayor next partment fani Greenfield, enough to send “Quite frankly, it’s disturbing,” year, has declined re- Store Union, founder of the me to the diction- said Robert Bookman, an attorney peatedly to bring that meanwhile, boutique chain ary, starting with who represents the New York organized the Scoop, was hired MICHAEL my beloved Nightlife Association. “And we’re UNDER PRESSURE: Council coalition be- late last year to GROSS leather-bound only getting a taste of what may Speaker Christine Quinn. hind the liv- “curate” the Jones Merriam-Web- come.” ing-wage bill, Group’s clothing ster’s Collegiate, The spate of legislation has which will re- lines, for example. That job which gives the first definition spooked business leaders and renewed EDITORIAL Council, and quire businesses involves overseeing a collec- of “curate”(a noun) as a clergy- concerns that the influence of labor its leadership, must stop taking at least $1 tion dubbed Curations With man in charge of a parish; the unions and progressive groups on the this anti-biz blitz.

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