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

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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. P. 10 See COUNCIL Stefani Greenfield. They second (a verb), to work as a council’s rank and file could under- on Page 29 used to call what Greenfield museum curator—“one who newscom does merchandising. Too has the care and superinten- technical and down-market, dence of something,” particu- I suppose. larly an exhibition space like a In the week I decided to museum or zoo. write this column, the word Though I expected it Liz wears out welcome seemed even more ubiqui- would be stricter, my Oxford tous. Last Tuesday, Page Six English Dictionary turned out reported that a consultant had to be more expansive. Its first Spade and its menswear label, Jack million, from the year-earlier period. been hired by Phillips de Pury definition of “curator” is one New Fifth & Pacific Spade. He’s also in the process of And Juicy Couture,the largest,lags by & Co. to “curate “entrusted with dumps the dowdy launching new product divisions, comparison: Sales slipped 4%, to events for the auc- Why does the cure of souls,” such as childrenswear at Lucky. $110.2 million. tion house.” The but in its third Claiborne for hipper Of course,F&P has more stitching When Mr. McComb joined the same day, WWD’s the verb meaning of the turnaround makeover to do. For starters, it’s still losing old Liz Claiborne, he inherited more front page and the ‘curate’ word,it allows it to money. The company lost $60.6 mil- than Kate Spade and Juicy Couture— Post’s Keith Kelly mean generally lion for the quarter ended March 31, the company owned about 40 brands, both wrote about suddenly being charged compared with $96.3 million in the many of which had lost their luster, the sale of a “curat- have so with overseeing BY ADRIANNE PASQUARELLI year-earlier period, on revenue that and their department store space was ed blog portal” in something. was down 4%, to $317.1 million.The rapidly shrinking. He immediately Finland.The New much So let’s be gen- Cue the lights and music. The show company expects a profit, on an began chopping fading womenswear York Times arts currency? erous with those has begun for Fifth & Pacific Cos. EBITDA basis at least, at the end of labels like Dana Buchman and Ellen desk quoted the who now curate Last week,Liz Claiborne Inc.official- the year. Tracy and focusing on the hipper “curator” of a and grant them ly transformed itself into the new The Kate Spade division, though Kate, Lucky and Juicy brands as his dance festival.The their fashionable company, after shedding the dowdy the smallest by sales, is clearly the primary gems.But his efforts coincid- day before, a guest pretension. But womenswear brand that gave it life 36 fastest growing, with net sales for the ed with the recession, providing new on an NPR show spoke of still, you have to wonder why years ago. quarter up a whopping 46%, to $86.4 See LIZ CLAIBORNE on Page 29 “curating” a conversation the term suddenly has so “After five years of turning things about obesity among black much currency. Most likely, around, we are now in a race, and it’s CLOTHES BY ANY OTHER NAME women, and the Times said it’s the fact that while tradi- day one,” said William McComb, Jay-Z would curate and head- tional media downsizes,fash- chief executive of F&P.“I’m chomp- Brand net sales (in millions) % change for quarter ended March 31, 2011 line a music festival. ion and retail sputter, and the ing at the bit to get moving.” I also found a stock-image Internet simply sprawls, im- It’s no surprise that Mr. McComb, company’s announcement mune to curation, the art who has been mired in restructuring $110.2M $86.5M $100.4M that it would “curate a global world, from which the term’s efforts since he came on board the marketplace for royalty-free modern meaning truly struggling fashion conglomerate in -4% +46% +20% imagery”; a Pittsburgh dance springs, has a supernatural 2006—the last year the company festival director’s claim that in- spring in its step,as evidenced turned a profit—is eager to move for- vited choreographers had cre- by this month’s mind-bog- ward. The new Fifth & Pacific name JUICY LUCKY ated “moves … so new that it gling auction prices. Given is a nod to its bicoastal presence and a COUTURE BRAND was impossible to curate” my druthers, I’d be there, too. symbol of its new focus on three key is the largest JEANS is them;and Target’s news that it So call me the curator brands: Kate Spade, Lucky Brand label but revamping has “struck deals with five in- rather than the author of this Jeans and Juicy Couture. dependent retailers from San column. If the word not only Mr. McComb is already in the also the KATE SPADE gets itself with Francisco to Boston to curate fits but also promises to fill my midst of turnarounds for Lucky and sales the award for fastest- more-femi- collections of new products.” pockets, I’ll just have to learn Juicy,and has implemented a rapid ex- laggard. growing brand. nine looks. And The Washington Post to grin and wear it. pansion plan for the growing Kate Source: Fifth & Pacific Cos. 2 | Crain’s New York Business | May 21, 2012 20120521-NEWS--0002,0003-NAT-CCI-CN_-- 5/18/2012 8:05 PM Page 2

IN BRIEF LANDLORD THOR EQUITIES IS SPENDING $5 MILLION TO RENOVATE THE SIX-FLOOR RETAIL space in the former Takashimaya Building at 693 Fifth Ave.The space had been leased to Forever 21 since 2010 through short-term deals.Thor is now searching for a long-term occupant. Average ground-floor asking rents on Fifth Avenue between 49th and 59th streets have skyrocketed 22% since last spring to $2,750 a square foot, according to the Real Estate Board of New York’s spring retail report. THE NEW YORK RESTAURANT ASSOCIATION HAS A FULL PLATE OF LEGISLATIVE ISSUES TO address in the city, from letter grades to a proposed paid-sick-days law. Now it needs to find a new executive to lead its New York City chapter. Andrew Rigie, executive vice president, left two weeks ago, according to Rick Sampson, the association’s CEO. “We are restructuring the organization,” he said. “We want to hire a trade executive who will take it to the next level.” COMMERCIAL BROKERAGE VETERAN JOSEPH HARBERT HAS JOINED COLLIERS International as president of the Eastern region. Mr. Harbert is charged with helping raise the company’s profile, especially in New York. He plans to hire more brokers and expand into new service lines. He was formerly chief operating officer for Cushman & Wakefield Inc.’s New York metro region. Ⅲ BY THE NUMBERS

Weekly shift of the city’s economy

MORE TO FEAR THAN CHEER Housing starts and manufacturing rose, and NYC job gains hit a 60-year record in April. But fears of a Greece-led European meltdown rose to a boil. 27,400 82M 44% RAMON PRIVATE-SECTOR FACEBOOK INC. SURVEYED RODRIGUEZ JOBS added in shares traded in EMPLOYEES who has NYC in April. first 30 seconds were “unsatisfied” been called a Ten-year avg. of company’s IPO with their current “revolutionary” by is 10,400 Source: Reuters positions some, a “lunatic” Source: NYS Dept. Source: Right by others. of Labor Management

HOT HOTELS As record numbers of tourists flood the city,

buck ennis hotels are happily cashing in on demand.

Daily room rate, change year over year +6.81% +5.24% +4.74% The trials of a +2.82% +1.07% -1.84% 10/11 11/11 12/11 1/12 2/12 3/12 Source: PKF Consulting

ADDICTED TO NUMBERS? renegade CEO GET A DAILY DOSE AT @STATSANDTHECITY

CORRECTIONS Combative chief shakes up troubled Wyckoff hospital The plan for the Seward Park Mixed-Use Development Project is to build a complex that is 60% residential and 40% commercial. These percentages were misstated in the May 14 “LES eyes the local, largely Latino and African- paradise rising on parking lot.” BY BARBARA BENSON Battling doctors, American community, but has been criti- 205 Water St. has 65 condominium units. This figure was cized for allegedly referring to a group of misstated in the May 14 “High-end apps emerge as ultimate Ramon Rodriguez is not your typical hos- directors and state well-paid doctors as the “Indian mafia.” sales feature.” pital chief. A former parole-board chair- Backers have called him a “revolution- Hockey star Rick Nash plays for the Columbus Blue Jackets. His man with no medical training, he prefers officials in bid to ary.” Detractors seem to prefer “bully” or team was identified incorrectly in the April 16 “Net results.” khakis to pinstripes and drives a 2009 even “lunatic.” A recent no-confidence Hyundai. He’s loose-lipped and un- save B’klyn facility vote by Wyckoff physicians underscored vol. xxviii, no. 21, may 21, 2012—Crain’s New York Business (issn 8756- 789x) is published weekly, except for double issues the weeks of July afraid—some say crazy—to hit the “send” the degree to which Mr.Rodriguez has be- Fourth, Labor Day and Christmas, by Crain Communications Inc., button on inflammatory predawn emails to come a polarizing figure. 711 Third Ave., New York, NY 10017. Periodicals postage paid at New his board of trustees at Wyckoff Heights “Mr. Rodriguez is a type-A-plus per- York, N.Y., and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, 1155 Medical Center in Brooklyn’s Bushwick sonality,” said a supporter, Dr. Gustavo del Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: neighborhood. Toro, the hospital’s new chief medical offi- Call (877) 824-9379. Fax (313) 446-6777.$3.00 a copy, $99.95 one year, $179.95 two years. (GST No. 13676-0444-RT) In less than six months since taking over the board of trustees and ended perks— cer. “He is aggressive, with a take-no-pris- ©Entire contents copyright 2012 by Crain Communications Inc. the financially troubled hospital, he’s fired like free lunches for physicians—that di- oners attitude. People are going to be All rights reserved. nine doctors,overseen the departure of half vided the staff. He zealously champions See TRIAL on Page 30

May 21, 2012 | Crain’s New York Business | 3 20120521-NEWS--0004-NAT-CCI-CN_-- 5/18/2012 7:41 PM Page 1

Economists throw cold water IN THE MARKETS on record-hot jobs numbers by Aaron Elstein

Recession, weather economists said that quirks in the warping the adjustment. “A lot of seasonal adjustment,which is an ob- the hiring that would have hap- may be skewing jective and formulaic analysis, might pened in the spring was pulled for- seasonal figures be producing overly rosy results. ward into winter months,” said “The New York City economy is Marisa Di Natale, a director at doing relatively better than most Moody’s Analytics.“I’m skeptical of BY DANIEL MASSEY places in the U.S., but I am not con- all the employment data from No- vinced that we have just seen a vember through March, just be- While the city economy is certainly record four-month run,” said James cause of this weather phenomenon.”

improving, economists are skeptical Parrott, chief economist at the Fis- Other indicators give mixed sig- istockphoto that it’s growing faster than at any cal Policy Institute. nals. The commercial real estate time since the 1950s,as data showed He said the seasonal adjustment market just recorded its worst quar- Rivals circle as JPMorgan flails last week. was skewed by the recession. A ter in years, and city income-tax A seasonal adjustment of state sharp decline because of the reces- withholdings were down by about henever a New York bank stumbled a generation Department of Labor data found sion might lead to exaggerated gains 2% in March and April from the pri- ago, executives at Chemical Bank were quick to the city added 60,000 private-sector later. or year. jobs this year through April, the “Since the financial crisis,all bets Still, from April 2011 to April pounce. “They were known for calling on clients at largest four-month gain in about 60 W are off about how businesses behave 2012, the city gained an unambigu- the bank in trouble and saying, ‘Come to us, we’re more years,according to real estate servic- seasonally,” added Frank Braconi, ous 65,000 jobs. “Regardless of stable,’ ” recalled Charles Wendel, president of Financial es firm Eastern Consolidated. chief economist in the city comp- whether these numbers get revised It was a stunning development troller’s office. “Whether it’s in- down, the city’s economy is doing Institutions Consulting. Such aggressiveness helped make and a sign that the economy has di- terns, shopping season or hiring very well,”Ms.Di Natale said.“This Chemical the city’s leading business bank of its time, and it’s a versified enough to grow without part-timers, all of that has been may be overstating the strength a position that its successor, JPMorgan Chase, continues to enjoy. much help from the securities indus- thrown off.” bit,but I don’t think there’s anything But now that the $2.3 trillion colossus has suffered a try,which added just 1,000 jobs. But The warm winter could also be to worry about.” Ⅲ multibillion-dollar trading loss, its rivals are eager to give the bank a taste of its own medicine and chase down Chase clients.

“This presents an opportunity pound their chest and try to take ad- for us over the long term,”said Scott vantage of someone’s bad luck, it Let’s talk Shay, chairman of Signature Bank, an could easily boomerang.” institution with $15 billion in assets Still, the troubles at JPMorgan that caters to small and midsize offer opportunity for local rivals be- expertise. companies.“Increasingly,clients are cause the bank has so many clients realizing that the financial system is here. Its vaults hold 33% of all de- more brittle than it should be, and posits in the metropolitan area, Hands-on partners with years of that having so much business con- more than triple its nearest com- centrated among a few mega-banks petitor, according to data from the technical and industry-specific isn’t healthy for economic growth.” Federal Deposit Insurance Corp. expertise. Advisors who offer insights Mr. Shay has been busy lately The number of Chase loans to New and ideas to help you make smarter making his pitch.A day after JPMor- York-area small businesses was gan CEO Jamie Dimon appeared on nearly four times higher than any- business decisions. Unmatched NBC’s Meet the Press to explain his one else’s in 2010, according to the integrity. Unsurpassed results. bank’s blunder, a publicist for Signa- most recent Crain’s research. If that’s what you’re looking ture Bank sent out a link to a presen- Smaller banks, which have the for in an accounting firm, tation Mr.Shay gave at a recent TED least to fear from a massive trading conference decrying the influence of loss erupting on them, appear to be talk to J.H. Cohn. the too-big-to-fail banks.The title of the most aggressive in the client the speech: “Returning Banking to chase. Signature, for instance, has the People for the People.” broadened its offerings in recent Still,when asked how they plan to months by hiring bankers who spe- exploit their biggest rival’s woes, cialize in equipment-lease financing. most local bankers are struck mute or “In the past,we had to refer clients to start waxing magnanimous. “I say to an outside entity,”Mr.Shay said,“but all my lenders that we don’t want to doing it ourselves is a tremendous take advantage of Chase when competitive advantage for us.” they’re down,” declared Greg Braca, Investors Bank recently opened a head of U.S. corporate and specialty branch in Brooklyn across the street banking at TD Bank. An executive at from a Chase and plans to add an- Bank of America assured: “We see op- other in the borough later this year. We turn expertise into results. portunity in front of us in daily inter- Mr. Cummings said he’d more ag- actions with our many small business gressively go after JPMorgan cus- clients and aren’t looking at anyone tomers if the trading loss caused else’s.” A Wells Fargo spokeswoman business bankers to leave and take said, “Our strategy hasn’t changed clients with them, but added that he based on someone else’s situation.” sees no evidence of such an exodus One reason for the reticence: yet. (Chase didn’t respond to a re- Steven Mayer, Larger banks aren’t yet sure whether quest for comment for this article.) Regional Managing Partner Joe Torre they’ve avoided the disastrous trade “A lot of middle-market clients that befell JPMorgan. Shares in lo- are quite tight with Chase, and you cal banks have fallen across the can be sure their bankers are assur- board since JPMorgan uncorked its ing them the loss is a one-off situa- stunning news earlier this month,an tion,”financial consultant Mr.Wen- jhcohn.com 877.704.3500 indication that investors don’t see del said. “Only if the losses were to anyone benefiting from its misery. continue and get quite a bit larger “We’re all in the same business,” would you see clients start to ques- noted Kevin Cummings,CEO of In- tion their confidence in the bank.” vestors Bancorp and previously a That remains a possibility.By the New York . New Jersey . Connecticut . Massachusetts . California KPMG partner who audited the end of last week, the loss that start- books at Citigroup, Deutsche Bank and ed at $2 billion had reportedly HSBC. “For anyone to go out and grown to $3 billion. Ⅲ

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NEW YORK,NEW YORK edited by Valerie Block

Ceelo Green (left) and Adam Levine of The Voice. NBC climbs out of ratings basement he broadcast television season comes to an end on TWednesday, but experts are already predicting the winners: Fox, once again, among the advertiser- friendly category of 18- to 49-year- olds, and CBS—again—among total viewers. ¶ But there is one surprise. NBC has broken its seven-year bloomberg newsbloomberg losing streak. Among the 18-to-49 crowd, the Peacock Network climbed out of the ratings basement, its 2.5 rating edging out ABC’s 2.4 for the No. 3 spot, according to Nielsen. ¶ “NBC did it on just two properties: the NFL, including the Super Bowl, and The Voice,” said Brad Adgate, head of research at Horizon Media. ¶ That’s some comfort for ABC, which has the edge over its rival in scripted shows and which is hoping it can pull ahead once all the DVR viewing is counted. “Without sports, NBC had a 2.0 rating,” noted an ABC insider. ¶ NBC, meanwhile, points out that Sunday Night Football was No. 1 in the 18-49 demographic, that The Voice is neck and neck with American Idol, and that Smash tripled the ratings for its time slot over a year ago. ¶ Still, NBC has plenty of programming holes to fill if it wants to maintain momentum. “Day to day, ABC’s lineup is stronger,” Mr. Adgate said. “I would expect ABC to surpass NBC” next season. —matthew flamm

after World War II that Media, is now charging restaurants Putting JPMorgan discriminated against minority a fee for each reservation mess in perspective mortgage borrowers. comparable to what diners were “The history of New York paying, Mr. McKean said. Diners Crain’s Mayor Michael Bloomberg has City’s banks is filled with twists get 15% to 30% off and can reserve Arts&Culture The Art of Fundraising called JPMorgan Chase’s and turns,” said Susan more weekend slots. stunning multi- Henshaw Jones, the The changes have already Breakfast: in the New Economy billion-dollar museum’s helped Savored double its New trading loss earlier president. “And York restaurant client base to 400 Join Crain’s New York Business at our Arts & Culture DATE: Breakfast as we will explore a critically important Thursday this month “a the saga and reel in big-name chefs such as issue facing arts groups across the city – fundraising June 14, 2012 hiccup.” A continues to the Daniel Boulud and David Burke, in the new economy. With the economy sputtering and new present day.” whose DB Bistro Moderne and Wall Street in decline, this is really the time for PLACE: exhibition While Fishtail, respectively, are now on nonprofits to pull out all the fundraising stops. Con Edison Conference Center opening JPMorgan’s Savored’s site. “Three months ago, current crisis has we had just 200 restaurants in Crain’s New York Business will bring in the experts on 4 Irving Place May 22 both sides of the equation – the fundraisers and the at the prompted an FBI New York,” said Mr. McKean. funders – to discuss what’s working now. Karen TIME: Museum of the inquiry, it might not be “We should have 2,000.” Brooks Hopkins, Agnes Gund, Linda Shelton, and City of New York one for the history books. —lisa fickenscher Networking Breakfast: Arlene Shuler will join us for a candid and insightful suggests he might be right. —shane dixon kavanaugh 8:00-8:30AM discussion, moderated by Alair Townsend. “Capital of Capital: New York Program: City Banks and the Creation of a GOT YOUR BACK 9:00-10:00AM Global Economy” charts more Savored tweaks than 200 years of booms and busts With New York turning into Bike PRE-REGISTER HERE: its recipe City, this new gadget from Ham- crainsnewyork.com/ among the city’s banking institutions and features a trove of Savored, a restaurant reservation macher Schlemmer could Karen Brooks Agnes Gund Linda Shelton Arlene Shuler events-crainsarts Hopkins historic documents and financial and deal site, is struggling to find come in handy for anyone two- artifacts, such as the original its identity amid a sea of wheeling it around town. With Panelists:SOLD OUTCOST TO ATTEND: Buttonwood Agreement, which discounters. Last week, it dropped the Bicycle Rearview Camera Karen Brooks Hopkins $60 for individual ticket(s) if founded the New York Stock its signature $10 consumer fee as hooked up, taxis and delivery nd President, Brooklyn Academy of Music pre-registered before May 22 ; Exchange. well as a requirement that eateries guys won’t be able to sneak up Agnes Gund $65 thereafter. While the exhibit, sponsored offer customers a flat 30% on riders anymore. President Emerita, Museum of Modern Art $600 for table(s) of ten if nd by Citigroup, captures how New discount.This comes after Linda Shelton pre-registered before May 22 ; York banks rose from being local changing its name from Village $650 thereafter. Executive Director and Trustee, The Joyce Theater Foundation credit lenders after the American Vines in 2001. Arlene Schuler Revolution to becoming the “Placing the $10 charge on the President & CEO, New York City Center For more information, call the Events Hotline at world’s leading financial center in consumer held back a lot of Moderator: 212-210-0739. the 20th and 21st centuries, it also volume,” said co-founder Benjamin Alair Townsend You must be pre-registered to attend documents the crashes and McKean. Indeed, dumping the Crain’s Columnist and Chair of the David H. Koch Theater at this event. No refunds permitted. Lincoln Center controversies that have often customer fee in Chicago in March followed in their wake. Among spurred a big increase in demand, Sponsored by: them: the nationwide panics he said. following the economic collapses The 2-year-old company, which of 1873 and 1907 and the snared some big investors last year, “redlining” policies of some banks including Hearst Interactive

6 | Crain’s New York Business | May 21, 2012 20120521-NEWS--0007-NAT-CCI-CN_-- 5/18/2012 11:57 AM Page 1

NEIGHBORHOOD JOURNAL

“We’ve placed A new dawn for Sunset Park a significant bet on Brooklyn,” said Bruce Federman, Great Recession, when a handful of Industry City Associates, the build- the company’s di- Collection of old artists, craftsmen and creative busi- ings’ owners, began lining up $300 rector of real es- factory spaces lures nesses began trickling into Sunset million in loans to begin rehabbing tate. Last year

Park’s Industry City—the 16- their property. When the recession industry city associates things looked artists, other users building, 6.5 million-square-foot hit, however, the complex’s occu- FECUND GROUND: Plans include a huge rooftop greenhouse. grim,but Mr.Fed- complex formerly known as Bush pancy rate plunged to 60%—from a erman is hoping to Terminal. At the time, the pioneers high of 87% in 2007—and with rev- turn that around. BY SHANE DIXON KAVANAUGH loudly predicted many others would enues down, renovations slowed. going to press ahead with its plans. As a part of its effort, Industry follow in their wake and that the Just last year, Industry City Associ- It has already redoubled its efforts to City allowed Mr.Brooks to use space he possibility of adding area would blossom as Brooklyn’s ates defaulted on its loans. draw more tech and creative ten- in one of its buildings to realize his new life to a slice of next creative colony—rivaling Last month, hopes rose again ants. The company has also put 60 fantasy.He said he’s working on leas- Brooklyn’s aging indus- Williamsburg and Dumbo. when the landlord announced that it freshly renovated office spaces on es with several potential tenants, in- trial waterfront sure Aided by that momentum, had restructured its loans and was the market. cluding a recording studio. Ⅲ sounds sweet to Jon TBrooks. Among a sprawling complex of historic warehouses near the Gowanus Expressway in Sunset Park, he hopes to create a thriving music district teeming with rehears- al spaces,recording studios and even concert venues. “Look, I know it sounds crazy,” said Mr. Brooks, a commercial bro- The burden ker who’s pitching 60,000 square feet of industrial space on 36th Street to music-related businesses, offering them free build-outs and rents of $20 a square foot. “But sometimes you gotta think big and of security has dream big.” He’s got company. As the city’s economy slowly picks up speed, Sunset Park’s vast collection of underutilized factory buildings is drawing more interest from a wide variety of potential users with visions ﬁnally been lifted. of bringing everything from manufacturing and music-making to acres of vegetables to the area. In an early step in that direction, city officials cheered the sale of a 1.1 million-square-foot warehouse at 850 Third Ave. last year formerly Less than Under Uses 95% No Signatures, No Management owned by the federal government. 6 Seconds to 2 Minutes Less Memory No Updates, Server Needed Vacant since 2000, the hulking edi- Download and Install to Scan During Scans No Patches fice could ultimately attract light- manufacturing businesses that would generate up to 1,300 jobs, according to estimates from the city’s Webroot is taking the misery out of security. Economic Development Corp. Plans by a private developer to build Webroot SecureAnywhere provides the fastest, least-disruptive, easiest-to-manage endpoint the nation’s largest rooftop garden protection. With no updates and the fastest scan times, security no longer has to disrupt employee atop the site—whose 100,000 productivity. Which is why we’ve already replaced slow, bloated security software in more than square feet could yield as much as a million pounds of produce a year— 1,000 businesses – including replacing Symantec at a 28,000-endpoint organization. If you’re still has locavores drooling. skeptical, and with so many security companies overpromising and under delivering we can’t blame you, go to Webroot.com today for a free demo or trial. Rooms for rappers Meanwhile, a mere three blocks away on 33rd Street, DJ turned en- “ Webroot scanned 30 times faster “ Frees up resources on client PCs trepreneur Bijal Panwala has opened than Symantec. And it found an and completely removes the Hotel BPM, a 76-room hip-hop- infection they missed for months.” need for deﬁnition updates.” themed boutique that’s gunning to become a gathering spot for per- Ty Smith, Kelvyn Taylor, formers and rap aficionados—who I.T. Administration, Doris, Inc. ZDNet UK someday could be flocking to Mr. Brooks’ hoped-for music district. “Sunset Park is bound to become one of the top creative locations in the city,” said Chris Havens, a longtime broker and chief executive of Brooklyn-based Creative Real Es- tate Group. He insists that rising rents in more well-worn industrial neighborhoods like Dumbo, Bush- wick and Gowanus, and an in- GET THREE when you buy or start your free trial of Webroot SecureAnywhere. creased scarcity of space fed by resi- MONTHS FREE Call 1-800-870-8102 and mention SPRING2012, or visit webroot.com. dential conversions there, have made the far-flung area south of Park Slope more attractive to man- ©2012 Webroot Inc. All rights reserved. Webroot, SecureAnywhere, Webroot SecureAnywhere, and the globe design are trademarks or registered trademarks of Webroot Inc. ufacturers and artsy types. in the United States and/or other countries. For offer terms, visit www.webroot.com Unfortunately, similar senti- ments were voiced back before the

May 21, 2012 | Crain’s New York Business | 7 20120521-NEWS--0008-NAT-CCI-CN_-- 5/18/2012 7:42 PM Page 1

kept the congressman from campaigning throughout his HOUSE HOPES: reapportioned district, which now Counting on New York THE INSIDER includes the Bronx and has a DEMOCRATS MUST GAIN 25 seats to retake the House, and majority of Hispanic voters—a Rep. Steve Israel said they are counting on New York for boon for Mr. Espaillat. two to four of them. “There’s no such thing anymore in New by Jeremy Smerd and Shane Dixon Kavanaugh On a recent Friday, the York as a safe Republican seat,” the chairman of the Washington Heights senator Democratic Congressional Campaign Committee told dropped by two subway stations, Crain’s. The reason: New districts were drawn by judges, five senior centers and two events rather than politicians, so incumbents weren’t protected. Steve Israel in 15 hours of campaigning. “He’s His top GOP targets here, starting from downstate, are tireless,” a Rangel backer said of Mike Grimm, Nan Hayworth, Chris Gibson and Ann Marie Buerkle—all Rangel on Mr. Espaillat. freshmen who won as Tea Party candidates in moderate districts. Still, political observers say Mr. A metric the DCCC uses called the Democratic Performance Index Rangel will be tough to beat. He’s suggests all four are in reach. A score of 50 suggests a generic Democrat the ropes endorsed by unions and political would get that percentage of the vote. By that measure, the districts clubs that could round up voters for represented by Mr. Grimm (50.1), Ms. Hayworth (49.5), Mr. Gibson (49.9) the expected low-turnout primary and Ms. Buerkle (51.8) are teetering blue. Voters in Syracuse who elected aced with a redrawn district, checkered health and June 26. Neither challenger is likely Ms. Buerkle “don’t like voting for an extremist on either side” of the Charles Rangel to chip away at the incumbent’s political spectrum, he said. a lingering ethics scandal, , central Harlem base, and they could Harlem’s 21-term congressman, has appeared The most vulnerable Democratic incumbents are Bill Owens (46.7), split the anti-incumbent vote. Kathy Hochul (40.9) and Suffolk County Rep. Tim Bishop (50). unprepared for what could be the toughest “After 40 years in Congress, Mr. Israel believes the Tea Party tide is receding, exposing Republicans in there is no voter that has not made primary of his career, sources said. Democratic areas. He booked airtime in advance in traditional presidential up his mind about Charlie Rangel,” battlegrounds but will wait to do so in New York. What scares him is the “He’s on cruise control in very turbulent waters,” said one an insider said. “You’re either with F prospect of super PACs. “It’s what keeps me up at night,” he said. Democratic official. The 81-year-old is being challenged by him or against him.” state Sen. Adriano Espaillat and Clyde Williams, a former adviser to President Bill Clinton. Online auctions will hold weekly online auctions. pressure from the Cuomo Even those close to Mr. Rangel admit that free Navy Yard site “The fleet auctions will be more administration to go along with its he’s yet to raise funds aggressively, show up at convenient and competitive,” said a plan to merge ailing hospitals in the events or build a robust ground operation. Fuhgeddabout scoring that cut-rate spokeswoman for the Department borough. “I’m being viewed by my cop car or garbage truck at the of Citywide Administrative friends in Albany as not following A campaign spokeswoman insisted that Brooklyn Navy Yard.The city has Services, which oversees the the Cuomo plan,” he said. would soon change. scrapped its bimonthly fleet auctions. But Mr. Rodriguez defended Mr. Rangel raised an anemic $67,000 in auction, turning over the keys to More than 200 vehicles— himself, suggesting Albany the quarter ended March 31 and had only hundreds of used municipal including hybrids, Chevy Impalas bureaucrats were out of touch with vehicles to a pair of the country’s and a few John Deere Gators— the ethnic communities served by $225,000 in his war chest. Mr. Clinton, who largest e-retail sites. have gone up for grabs since the the hospital. “When was the last helped re-elect the incumbent in 2010, Shoppers must now city announced its partnership with time [Deputy Secretary of Health] will stay neutral this year out of bid against buyers the companies last month. Each Jim Introne had rice and beans on respect for Mr. Williams. nationwide year the city hocks roughly 2,500 of Wyckoff Avenue?” he asked. through Property its 27,000 vehicles. A back injury sidelined Mr. Room and Property Room will get 12.5% of Rangel for months and Copart, which each sale, but the city expects to save Citi Bike’s an newscom money on towing, management and ad bargain staffing—though its auction staff was reassigned, not laid off. Citigroup’s five-year, $41 million The move frees up six acres at sponsorship of the city’s bike-share the Brooklyn Navy Yard, presenting program will turn 10,000 bicycles an opportunity for the city. Navy into a fleet of advertisements, giving Yard President Andrew Kimball said the bank a virtual monopoly on a the site “will become another key form of mobile marketing that has element of the Navy Yard’s until now been highly restricted. transformation into the nation’s premier industrial park.” Koch bashes super PACs With super PACs poised to play a role in the 2013 mayoral race, former Mayor Ed Koch called them “the most destructive election issue that I’ve seen since I entered politics” more than 40 years ago. He’s counting on a constitutional

amendment to allow Congress and buck ennis state legislatures to limit campaign contributions. But until it gains It amounts to $2.20 per bike, per traction, Mr. Koch said, he’ll hold day.“Wow, that’s a pretty good his nose and use super PACs. “I deal,” said Bill Wise, the owner of don’t believe that President Obama Akron, Ohio-based American should go into the election with one Mobile Ads, which operates the hand behind his back when the kind of truck billboards that cost Republicans will be using super $500 to $1,500 a day but are PACs. But I think they should be prohibited in New York City. abolished.” Only rooftop taxi ads and displays related to businesses that Bucking Cuomo normally use a truck are allowed. The advertising ban, however, does Wyckoff Heights Medical Center not apply to “devices moved by CEO Ramon Rodriguez is feeling human power.” Ⅲ

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8 | Crain’s New York Business | May 21, 2012 20120521-NEWS--0009-NAT-CCI-CN_-- 5/17/2012 6:43 PM Page 1

SMALL BUSINESS Sales bloom for tree-guard vendors

for its program was halved, due to repairs and tree-pit expansions,” said Protecting plantings from local dogs is reductions in the borough’s capital Zadok Zvi, the firm’s owner. a fast-growing niche for entrepreneurs budget, to $1 million this year. Looking to make the city greener, Still, tree-guard manufacturers Kim Johnson launched Curb Allure tree guards on more than 500 blocks aren’t complaining. In the past five two years ago. Using third-party fac- BY CARA S. TRAGER in the borough.The Manhattan bor- years, tree-guard sales at Brooklyn- tories, she creates the components ough president’s office also runs a based Kendi Iron Works have soared for Curb Allure’s interlocking mod- or years,dogs doing their publicly funded tree-guard program as much as 15% annually, now ac- ular guards, which are sold as kits. business on trees have for residential blocks. counting for 25% of its business. Prices start at $499. Curb Allure is been the bane of the But financial support from gov- “The tree-guard business is grow- slated to generate $200,000 by West 75th Street Block ernment is no sure thing.According ing from all directions—because of year’s end. buck ennis Association. But that’s to Brooklyn Borough President tree guards for old trees, tree guards “A lot of people care that trees GREEN VISION: Entrepreneur Kim Johnson Fchanging, courtesy of two new tree Marty Markowitz’s office, funding for new trees, tree guards that need aren’t hurt,” said Ms. Johnson. Ⅲ has focused on selling tree-guard kits. guards. Curb Allure, a tree-guard vendor in Manhattan, donated two free guards to the association, which now plans to buy a third unit. “People are less likely now to let their dogs roam as much,” said Dee Rieber, president of the association. Tree guards are sprouting up throughout the city, thanks to an increasingly environmentally con- scious public and a spate of initiatives promoting tree-lined streetscapes. And with block associations, business improvement districts, property managers and private homeowners participating in programs that plant and protect the trees in their midst, WHERE BETTER TO DOUBLE the city has become fertile soil for small metalworking firms, landscape companies and specialty manufac- OUR SERVICE THAN turers that produce custom- and ready-made tree guards. In the past two years, Andy Di- NEW YORK, NEW YORK? Marino Jr.’s Kew Gardens, Queens- based firm, ADM Landscape Corp., has seen a 50% increase in 100+ NEW DAILY FLIGHTS FROM LGA. tree-guard sales, which now repre- sent about 10% of annual revenues. 1 million trees “It’s growing,” said Mr. DiMari- no, whose custom-made units range from $1,000 to $1,200. His company recently was among five bidders seeking to provide 164 tree guards for the Downtown Brooklyn Partnership. The city’s Department of Parks and Recreation, which doesn’t require guards but issues free tree- guard permits for curbside trees, keeps no statistics on the number of guards approved citywide. But small tree-guard vendors are reaping the rewards of the 5-year-old Million- TreesNYC,a public-private program that plans to give away and plant 1 million trees by 2017, and the city’s ongoing efforts to double the size of new tree beds, which would provide roots with larger space to grow. Guard suppliers are also getting a boost from local businesses,homeowners and neighborhood associations, which are encouraged by the city to enlarge existing tree pits, especially during sidewalk renovations, according to Simon Skinner, director of operations at the New York Restoration Project, a nonprofit organization involved in Mil- lionTreesNYC. And since 2004, through the Brooklyn borough president’s Neighborhood Beautification Fund, local groups have secured 8,000 free DELTA.COM/NYC To sign up for Crain’s SMALL BUSINESS newsletter, go to www.crainsnewyork.com/smallbiz.

May 21, 2012 | Crain’s New York Business | 9 20120521-NEWS--0010-NAT-CCI-CN_-- 5/18/2012 2:30 PM Page 1

VIEWPOINT Council overreach? Bank on it editor in chief Rance Crain publisher, vp Jill R. Kaplan ew York City has no power to regulate As a customer, the city has the right to good, reasonably EDITORIAL banking, which is the domain of state priced service from its banks and other vendors. But when editor Glenn Coleman and federal governments. But that’s a customers are overbearing—imagine a restaurant regular deputy managing editors Valerie Block, Erik Ipsen mere inconvenience for the serial who demands to inspect the kitchen, audit the payroll assistant managing editors Erik Engquist, regulators on the City Council, who records and trace the source of every ingredient— Jeremy Smerd seem determined to dig their claws into businesses have little choice but to turn them away. Many senior producer, news Elisabeth Butler Cordova contributing editor every nook and cranny of the private banks, certainly the smaller ones, would cut ties with the Elaine Pofeldt sector they can reach. Last week, they passed an outrageously city rather than submit to the council’s onerous mandates. columnists Greg David, Michael Gross, Alair Townsend intrusive and unnecessary bill that would smother local banks Banks would lose a valuable patron, and the city would lose pulse editor Barbara Benson N Theresa Agovino, with an unprecedented blanket of regulation. banking options. senior reporters Aaron Elstein, Lisa Fickenscher, Matthew Flamm, Lacking authority over banks, council members instead The banking bill widens a wound that city lawmakers Daniel Massey, Miriam Kreinin Souccar are trying to use the city’s presumed leverage as a customer have been carving in reporters Amanda Fung, Shane Dixon Kavanaugh, to dictate how financial institutions do business. City the side of the business Adrianne Pasquarelli Yet another anti- reporter/producer Emily Laermer entities park billions of dollars in up to 31 different banks. community.This art director Steven Krupinski deputy art director Carolyn McClain The council bill threatens to yank those funds from any business vote council appears staff photographer Buck Ennis bank deemed unworthy by a trio of city officials—the determined to pass the copy desk chief Steve Noveck mayor, the finance commissioner and the comptroller. from the city’s most anti-business copy editor Thaddeus Rutkowski data editor Suzanne Panara How would worthiness be determined? A panel would serial regulators legislation ever by a interns Callie Eidler, Emily Lundeen, Amy Stern collect information from banks on their services “at the local legislature in a census tract level.” There are more than 2,000 such tracts in EDITORIAL AND ADVERTISING OFFICES single season. It has 711 Third Ave., New York, NY 10017-5806 the city. For each one, every bank would have to divulge moved in recent weeks editorial: 212.210.0277 Fax 212.210.0799 data about its branches, loans, foreclosures, delinquencies, to force some advertising: 212.210.0711 Cable craincom nyk loan modifications (both granted and denied), services for employers to pay a “living wage” and others to pay union- Fax 212.210.0499 low-income people, financing of affordable housing, credit level wages to nonunion labor; to prevent businesses from Entire contents ©copyright 2012 Crain Communications Inc. All rights reserved. lines for small businesses, community development checking job applicants’ credit ratings; and to levy $15,000 ®CityBusiness is a registered trademark of MCP partnerships, charitable work … the list goes on. fines for the ever-so-dangerous practice of washing cars Inc., used under license agreement. Entire forests would be needed to amass this paperwork, without the Department of Consumer Affairs’ blessing. Its TO SUBSCRIBE: and hordes hired by both the banks and the city to compile votes are always by margins that can survive a mayoral veto. For subscription information and delivery concerns, and digest it all—a cost that would be shouldered by Business interests should put Council Speaker Christine please e-mail [email protected] or call 877-824-9379 (in the U.S. and Canada) or taxpayers and bank customers.The legislation even adds a Quinn on notice that they will call her out as fundamentally 313-446-0450 (all other locations). $3.00 a copy, traveling show-trial element: public hearings, in every anti-business if her chamber overrides the pending veto of $99.95 one year, $179.95 two years. www.crainsnewyork.com borough, to air the information, so media-hungry politicians the banking bill, the most overreaching legislation from the can hector and shame banks. most misguided City Council we have seen in some time. ADVERTISING AND MARKETING advertising director Trish Henry senior account managers Irene Bar-Am, Courtney McCombs, Sheryl Rose, Suzanne Wilson account executive Jill Bottomley Kunkes CRAIN’S ONLINE POLL COMMENTS sales coordinator print & online Danielle Wiener newsletter product manager SHOULD JPMORGAN’S Alexis Sinclair credit Todd J. Masura 313.446.6097 CEO LOSE HIS JOB FOR director, audience development A Govs. Island casino? Michael O’Connor ITS BILLION-DOLLAR senior marketing manager TRADING DEBACLE? A SURE BET FOR NEW JOBS SUPPORTING VOCATIONAL EDUCATION Catherine Schutten AND TAX REVENUES event producer Courtney Williams Re “A blue-collar path to graduation” (View- reprint sales manager Lauren Melesio Date of poll: May 14 With all the talk about tearing down the Javits point, May 14): We applaud Chancellor Meryll 430 votes general manager, online & e-commerce Center and building a convention center next Tisch’s exploration of alternative pathways to strategy Kira Bindrim Yes. Jamie to an expanded Aqueduct casino in Queens, graduation for New York City high-school senior web developer, interactive Dimon was . 59% why is there no real enthusiasm for a hotel, students, particularly those that include career Chris O’Donnell warned, but casino and entertainment complex on and technical education programs. CTE has

ego blinded Governors Island? It would create hundreds of long been misunderstood, and suffered from a NEW YORK PRODUCTION

him. The CEO millions of dollars in construction jobs and lack of support from politicians who are afraid production and pre-press director has got to go. . 41% permanent employment for thousands. of advocating programs that might imply that Michael Corsi advertising production manager We continue to lose tax revenue to our some students are not college material. Suzanne Fleischman Wies neighbors in New Jersey and Connecticut. However, our own annual “Unheard Third” And since Governors Island is not a Native survey found widespread interest among New PUBLISHED BY CRAIN COMMUNICATIONS INC. No. Mr. Dimon has American reservation, there are real taxes to be Yorkers in CTE options. Moreover, some chairman Keith E. Crain steered his bank to earned there. (By the way, New Jersey and educators argue that quality CTE programs president Rance Crain huge profits. The Connecticut seem to be able to withstand the not only improve high-school graduation rates secretary Merrilee Crain trading loss is onslaught of crime and prostitution that some but actually increase the likelihood of students treasurer Mary Kay Crain a blip. executive vp, operations William Morrow leaders in New York City seem to be so going on to college or additional training. senior vp, group publisher Gloria Scoby worried about.) —david r. jones, esq. group vp, technology, circulation, We had 48 million visitors to our city last President and CEO manufacturing Robert C. Adams year; we’re going on 50 million this year. Some Community Service Society of New York vice president/production & of them might enjoy a short ferry ride to visit a manufacturing David Kamis chief information officer Paul Dalpiaz casino. CRAIN’S WELCOMES SUBMISSIONS to its opinion G.D. Crain Jr. bloomberg newsbloomberg This idea needs a flag bearer such as Crain’s. pages. Send letters to [email protected]. founder (1885-1973) For this week’s questions: Go to —norman sturner Send columns of 475 words or fewer to chairman Mrs. G.D. Crain Jr. (1911-1996) www.crainsnewyork.com/poll to have your say. President and CEO [email protected]. Please include the writer’s Murray Hill Properties name, company, address and telephone number.

10 | Crain’s New York Business | May 21, 2012 20120521-NEWS--0011-NAT-CCI-CN_-- 5/17/2012 7:05 PM Page 1

OPINION Crain’s Real Estate Conference Robin Hood Foundation’s annual gala, for instance, raised $57 million Seizing the Moment 2012 Can NYC ever last week, mostly from hedge fund executives. Philanthropy is only one way Join Crain’s New York Business for its Real Estate that tech in California mimics Wall Conference: Seizing the Moment 2012. As the narrow tech gap? Street in New York.The tech sector accounted for 26% of local wages in economic recovery sputters, there’s every sign 2010, the Federal Reserve Bank of acebook’s initial public offering last Thursday at $38 San Francisco reports. That’s virtu- that the market is digging in for a long haul. a share, which valued the social network at an ex- ally the same percentage accounted Looking on the bright side, it also means New traordinary $104 billion, is only the latest example for by Wall Street. of how the tech industry is making the San Fran- Tech’s growth in New York is York has become more competitive. So where real. The Center for an Urban can investors, developers, and landlords find cisco Bay Area an economic powerhouse. Future counts more than 1,000 FIn New York, the city is taking comfort in the fact that it, startups since 2007 operating here growth and opportunity? And just how too, is a player in the tech sector, with a just-issued report from today; venture capital investments affordable has New York become? the Center for an Urban Future convincingly making the case have increased by 32% in the past five years; and employment has that New York has surpassed Boston as the No. 2 tech center grown by more than a quarter—to in the nation. 52,900, using a narrow criterion, PANELS Being No.2 is something to be proud of,and the current tech or 90,000, using a more liberal Plenary: Big Projects Revealed definition. Jay Cross, President, Related Hudson Yards boom is surely helping to diversify the New York economy, but “New York appears to be building a sustainable tech sector,’’ the MaryAnne Gilmartin, EVP and Director of Commercial Residential Development, Forest City Ratner Companies some realism is re- tions last year, accord- CUF noted in its report,“one that is quired, too.The gap being to a San Francisco benefiting from a much stronger lo- Janno Lieber, President, Silverstein Properties, World Trade Center Properties, LLC tween Silicon Valley Business Times list that cal tech ecosystem than existed in and Silicon Alley is includes such older in- the city’s first wave of tech growth in William Rudin, Vice Chairman and CEO, Rudin Management enormous—it is grow- dustry stalwarts as Cis- the 1990s.” Company, Inc. ing, not shrinking— co Systems, Hewlett- The Bloomberg administra- Pockets of Strength and New York tech sim- Packard and Applied tion’s efforts to nurture the tech in- Jason Pizer, President, Trinity Real Estate ply doesn’t offer much Materials. dustry make sense, given the city’s of a wealth effect. In New York,reports potential, especially the new engi- Mary Ann Tighe, CEO New York Tri-State Region, CBRE, Inc. Last week’s Face- fundraising consultant neering school Cornell will build Ian Schrager, Founder and Chairman, Ian Schrager Company book IPO by itself cre- Toni Goodale,everyone on Roosevelt Island. The invest- Joe Sitt, CEO, Thor Equities; Chairman and Managing Principal, Thor ated enormous wealth. GREG sitting on charitable ment and eventual payoffs could be Urban Property Fund Mark Zuckerberg is DAVID boards is looking for enormous if Cornell (or another Jed Walentas, Principal, Two Trees Management Co. now worth something those tech millionaires, university in the city) can be the in- like $20 billion; his yet they are not finding cubator of companies like Face- New Money Trail chief operating officer is worth them. Instead, the focus remains on book in the way that Stanford is in Alicia Glen, Managing Director, Goldman Sachs Urban Investment around $1 billion;and the chief en- Wall Street, which fulfills the same the Bay Area. Group gineer, about $100 million. Media role here as tech does there. The “Eventually” is the key word. Scott Rechler, Chairman and CEO, RXR Realty LLC reports that the IPO created 1,000 For now,tech is one of three emerg- millionaires are probably hyper- ing sectors (higher education and The Residential Puzzle bole, but certainly there are now a film and TV production are the Ron Moelis, Chairman and CEO, L+M Development Partners Inc. couple of hundred new ones in the others) that are diversifying the Abby Hamlin, President, Hamlin Ventures LLC Bay Area. city’s economy while creating Damon Pazzaglini, COO, Durst Fetner Residential They will go on the usual buying good-paying jobs. It is not neces- Mathew Wambua, Commissioner, NYC Department of Housing binge for luxury cars.They will start sarily the most important. Earlier Preservation & Development looking for new homes, further this month, the Bloomberg admin- stoking local housing prices. More istration estimated film and TV Over the Horizon important, many of them will leave production jobs at 130,000—and David W. Levinson, Chairman and CEO, L&L Holding Company, LLC Facebook and use their riches to fi- given the high wages in the field, Anthony Malkin, President, Malkin Securities nance their own startups. The IPO that industry might even be giving will generate $2.5 billion in badly the local economy a larger boost Michael Phillips, COO, JAMESTOWN Robert Tierney, Chairman, NYC Landmarks Preservation needed tax revenue for California istockphoto than tech is. over the next five years as insiders While the number of venture Commission sell shares. EAST VS.WEST deals is increasing in New York, the Additional panelists to be announced. “The IPO symbolizes the fact money typically goes elsewhere.Bay that the tech companies in the Bay 3.7 million vs. 3.1 million Area companies have received 41% Area are throwing off enormous NYC has 20% more jobs than of venture capital dollars, according profits and paying very high wages the Bay Area to the San Francisco Fed—a larger >REGISTER TODAY in a fight for talent,’’ said Steve percentage than in the last boom. It Levy, who follows the regional $604B vs. $535B is the home to seven of the top 10 Visit: crainsnewyork.com/events-realestate2012 economy at the Center for the The city’s gross product is only social-media companies in the Continuing Study of the California 13% bigger, however world, and that’s where the action is Or call: (212) 210-0739 Economy. 45 ($1.2T) vs. 30 ($0.9T) in this cycle. New York claims only Tech accounts for about 12% of NY leads in Fortune 500 one,and no one knows if Foursquare all the jobs in the Bay Area, yet the EVENT INFORMATION: headquarters (and their total is even profitable. companies are so productive that revenues), but the Bay Area The difference between Face- Tuesday, June 12, 2012 they give Silicon Valley an outsize is closing in book and New York’s leading tech economic edge, according to a re- companies shows the wealth-effect Signature Theatre, 480 West 42nd Street @ 10th Avenue cent report from the Bay Area 23.5% vs. 25.6% chasm between tech in the two 8:00 - 8:30 am: Networking Breakfast Council Economic Institute. Wall Street in NYC and tech in economies. Foursquare was valued Consider this disparity: New the Bay Area each account for at $600 million in a new round of fi- 8:30 - 12:00 pm: Program York City’s economy supports one- about a quarter of area income nancing in April. It might be worth fifth more jobs than the San Fran- $1 billion today. Online fashion re- Program Partner: cisco-San Jose region does, yet New 1 vs. 7 tailer Gilt Groupe has been valued York’s share of gross domestic prod- Number of leading social-media at $1 billion, although it is now fac- uct is only about one-tenth larger companies ing intensified competition as Ama- than the Bay Area’s. Figures are for 2010 except social-media zon takes aim at its market. Philanthropy vividly illustrates numbers, which are for 2011. Sources: Bar Area Council Economic Institute, OK, do the math: $1 billion is tech’s wealth-generating effect. Federal Reserve Bank of San Francisco, New York 1/100th of Facebook’s value. That’s For sponsorship opportunities, please contact Trish Henry at Google became the No. 1 corporate state comptroller one way to measure the gap between [email protected] or (212) 210-0711. source of charitable cash contribu- No. 1 and No. 2.

May 21, 2012 | Crain’s New York Business | 11 20120521-NEWS--0012-NAT-CCI-CN_-- 5/17/2012 5:26 PM Page 1

OPINION

annual battle is a harmful distrac- organizations like mine are work- thrown billions of dollars at improv- tion from the productive conversa- ing. Turnaround for Children has ing standards and accountability in Saving schools by tions we should be having about partnered with 60 struggling New education, policymakers until now how to redesign schools to meet the York City public schools, many of have given little thought to the un- needs of all students, particularly which probably would already have derlying conditions that affect those living in poverty. been shuttered. learning, like social and emotional attacking poverty Moreover, the focus on closures Schools that are suited for inter- development and inadequate has led to a skewered perception vention have strong, visionary lead- teacher training. that the city relies solely on shutter- ers but are ill equipped to address a Luckily,there’s a growing recog- BY PAMELA A. CANTOR, M.D. ing schools as an improvement chronically toxic culture and reach nition among school districts, in- strategy, rather than intervening in students who may be hungry, angry cluding New York City, that pover- or the third year in a row,the teachers’union is tak- those on the brink. But the fact is, as and even violent, as well as years be- ty contributes directly to these ing the Bloomberg administration to court over its many schools have been saved over hind grade level. challenges. plans to close dozens of chronically underperform- the past decade as have been closed, All closing schools have disrup- Poverty is not an excuse for if not more. tive cultures, disinvested communi- schools or teachers who don’t per- ing public schools.In a city where half our students It’s in these schools that are fail- ties and powerless, often disaffected form. But we can’t deceive our- don’t meet basic standards in reading and math,this ing—but haven’t yet failed—that faculty. While this country has selves about the skills and supports that these challenges require and F what this means for turnaround efforts and the creation of high- performing schools. We can’t expect even the best teachers to flourish in schools that lack the systems, supports and preparation educators need. Because poverty affects children in predictable ways, schools should be redesigned to confront its effects on learning. By providing schools and their staffs with the skills needed to identify and address negative behaviors,manage their classrooms, differentiate instruction and support students in need, we can build schools with a culture of high expec- tations and the ability to generate high performance. If we do, the By providing the right tools, we can prevent schools from closing

need for closure would be substan- tially reduced. This process is not easy. It won’t soon replace the need for some closures. Some schools have failed for so long and have a culture so toxic and entrenched that the lift is too great and a foundation can’t be established to support comprehensive change. Our model takes three and a half years to be truly effective. Initially, we had early success improving school culture, but student achieve- ment still lagged. We’ve had to re- fine and rethink our approach to make sure that as culture, behavior and teacher practices improve, so does learning. There is an enormous amount of work being done to turn around struggling schools. It’s time to stop wasting resources and time debat- ing that some schools need to close. Instead, let’s learn from past mis- takes and invest in practices that work, and replace failed schools with ones prepared from the start to help all children reach their potential.

Dr. Pamela A. Cantor is president and CEO of Turnaround for Children Inc., a New York City-based nonprofit that partners with schools and districts serving low-income communities.

12 | Crain’s New York Business | May 21, 2012 20120521-NEWS--0013-NAT-CCI-CN_-- 5/17/2012 5:26 PM Page 1

BIGGEST COMPANIES INSIDE Largest public companies, ranked by annual revenues PAGE 15 ON THE WEB@ WWW.CRAINSNEWYORK.COM/LISTS ➚The whole shebang: Our complete list of the area’s 250 biggest public companies, plus performance data

TITAN 5 tough OF TECH years for 6,180 top NYC PATENTS awarded IBM in 2011, a one-year record for firms any company Great Recession leaves a lasting mark on most and $6B ANNUAL R&D budget overcomes a few (twice Apple’s)

BY AARON ELSTEIN

As dawn broke on Sept. 20, 2007, Sam Molinaro, chief financial of- $1B ficer of investment bank Bear PROFITS generated Stearns, was at last starting to feel by IBM labs’ products good again after a rough summer. and ideas annually True,he had some grim news to report publicly that morning: His firm’s third-quarter earnings had plummeted 62% in another sign of how deeply Bear was exposed to 100% the spiraling subprime mortgage crisis. But just a month earlier, FIVE-YEAR RISE in Treasury Secretary Hank Paulson IBM share price had reassured the nation, boldly (three times Google’s) predicting that any damage to the broader economy from the mortgage mess would be “contained.” OUT OF JEOPARDY: The televised triumph More impor- of IBM’s Watson tant,the Dow supercomputer sent 6 Jones indus- the right signals. OF THE 10 trial average had recently newscom largest surviving regained its companies mojo and was employ more racing up- than in 2007 ward again to what still IBM takes starring stands as its all-time high—the 14,165 pinna- cle it hit early the next month. As Mr. Molinaro spoke to investors around the world that role as a tech hero morning from Bear’s new Madi- son Avenue headquarters, his message was full of hope. But don’t be fooled. Since the word that applies to a lot of what the “We expect to see a substantial 101-year-old giant’s results center moved up from its original company,still formally known as In- recovery in mortgage and credit home on the Columbia University ternational Business Machines, trading revenues,” he proclaimed campus in the 1960s, a stream of does. The majority of its approxi- on a conference call. “We think put many youngsters to shame products have been developed there mately $100 billion in annual rev- the worst is largely behind us.” that today are woven deep into the enue comes from consulting, soft- Nearly five years later, one fabric of everyday life.They include ware maintenance and other vital BY AARON ELSTEIN thing is clear: The “worst” hadn’t the computer disk drive, the chips but mundane businesses. But in yet even begun.The lingering im- that make video games possible and many ways the spiritual heart of the pact of the crash that came in One of the hottest centers of scientific and technological the technique of Lasik eye sur- global enterprise beats in IBM’s 2008 and grew to become the innovation on earth sits about an hour north of the city. gery—just nothing quite as sexy as Watson Research Center in York- Great Recession is clearly evident It sure doesn’t look the part, though. The faded modernist the iPad. It’s also true that the com- town Heights, the place where the in many of the names and num- building looks vaguely reminiscent of the old TWA terminal pany that pays for all this ground- company constantly redefines the bers on this year’s Crain’s list of the breaking research has been around meaning of “cutting edge” in the largest publicly traded companies at Kennedy airport, which, as it turns out, was designed by the for so long that it’s easy to take it for tech world. in the New York area. Most no- same architect back in the early 1960s. It’s also in such an iso- granted and to forget about its key The figures tell the tale. Big Blue tably, gone are several once-great lated corner of Westchester County that the supersmart folks role in making New York the na- has been awarded more patents than enterprises that loomed large on who work inside the sprawling building complain that their tion’s biggest tech hot spot after Sil- anybody else for 19 straight years, the list five years ago, venerable icon Valley. and the 6,180 it pulled in last year names including Bear Stearns, cellphone calls routinely get dropped on the woodsy lanes Such is life at IBM. was the most ever by a single See FIVE on Page 14 surrounding it. Of course,“innovative” is the last See IBM on Page 19

May 21, 2012 | Crain’s New York Business | 13 20120521-NEWS--0014-NAT-CCI-CN_-- 5/17/2012 5:27 PM Page 1

REPORT UNEXPECTED OPPORTUNITIES GROW WHEN CONDITIONS ARE EXACTLY RIGHT CHALLENGING HALF-DECADE Change in revenue, 2007 Crain’s list to 2012 Crain’s list BIGGEST GAINERS BIGGEST LOSERS Viacom KKR & Co. Coral Reefs provide a home 60% -77% for 25% of all marine species. Take-Two Interactive Software Universal American Corp. Temperature, depth and light 49% -35% Griffon Corp. must be exactly right for these CIT Group 42% -24% delicate and valuable gifts of Towers Watson Hudson City Bancorp nature to survive. 37% -23% Harbinger Group Goldman Sachs 36% -20% Growth is accelerated in an ideal climate. 0 10% 20% 30% 40% 50% 60% -80% -70% -60% -50% -40% -30% -20% -10% 0 With a vast array of resources, global expertise and deep local market knowledge, you can TOP 10 COMPANIES count on WeiserMazars to create an environment (in billions) 2007 2012 $871 $825 that enriches opportunities for your ﬁ nancial success. Let us provide the high level of professionalism, personal $99 $107 service and custom solutions that are exactly right for your business. Revenues Net income Please contact Douglas A. Phillips, Managing Partner 866.203.1733 | [email protected] | www.WeiserMazars.com/CNY Five tough years

Continued from Page 13 less phone and cable-TV provider. Lehman Brothers and Merrill Its stock has gained nearly 40%. Lynch. Between them in 2007, MetLife’s enduring good for- WeiserMazars LLP is an independent member ﬁ rm of Mazars Group. Exactly Right. those firms employed about tune gives a sense of what the future 100,000 people and boasted rev- probably would have held for AIG ACCOUNTING | TAX | ADVISORY enues of $130 billion. had it avoided the knuckleheaded Two other leaders on the 2007 list, business of guaranteeing mortgage- Citigroup and AIG, are still around related securities, where it lost a but are considerably diminished. closetful of shirts. MetLife’s $7 bil- Both have spent the past several years lion in earnings last year were 63% restructuring their businesses after above 2007’s, while revenues of $70 sustaining crushing losses in the crash billion were 50% higher. and receiving tens of billions in bailout money to keep them afloat. City was fortunate As of 2011, Citi employed In another hopeful sign,six of the 266,000 people, 23% fewer than it 10 largest surviving companies em- did back in 2007, and is busy trying ploy more people now than in 2007. to sell off the detritus of its failed Those increases indicate how much financial-supermarket strategy. these global enterprises have grown, AIG remains very much a ward of especially overseas. But they also il- the state, with the U.S. government lustrate how fortunate New York holding 70% of its shares as a new was to avoid the worst of the power- regime dismantles what once ful recession that began in late 2007. ranked as the world’s largest and For much of that, the city can seemingly most successful insur- thank the U.S. government for res- ance company. Last year’s revenues cuing the nation’s banking sector. of $64 billion were 42% below where Most New Yorkers don’t think they stood back in 2007. about it this way, but no city—with Happily, there have been many the possible exception of Detroit— winners, too. The biggest of the lot benefited more from the taxpayer- in all ways is arguably Jamie Di- funded bailouts than New York. mon’s JPMorgan Chase. It ranks Yet while most banks repaid their near the top of our list as it did in debt to the Treasury years ago, only 2007, only now it’s even bigger, af- now is the full price of the federal res- ter having snapped up Bear and cue beginning to be felt.The price is Washington Mutual at fire-sale coming in the form of stricter regu- prices in the crisis.The bank posted lation and higher capital require- revenues last year of $111 billion,up ments intended to make the financial $25 billion from 2007, while gener- system sounder and better able to ating $3 billion more in profits than survive financial storms. it did back then. In the process, these changes are likely to make New York banks less Giants get stronger profitable places for years to come.As A handful of other giants have also part of such moves to smooth out emerged stronger than ever.They in- Wall Street’s rough edges,banker pay clude IBM, Verizon and MetLife. is likely to be restricted. That might The strength of the first two is a tes- lead many people around the country tament to the ability of the technolo- to rejoice, but it would also put a se- gy sector to claw its way back from its rious crimp in New York City and own disastrous bubble a decade ago. state tax revenues. Over the past five years, Big All these pieces will take years to Blue’s stock price has more than sort themselves out. The tectonic doubled as earnings grew by 50% shifts that began rumbling beneath (see story, page 13). Topping it off, our feet in 2007 will reverberate for one of its supercomputers even won a long time to come. at Jeopardy! last year.Verizon, mean- “The past is never dead,” while, has morphed from the local William Faulkner wrote. “It’s not Ma Bell monopoly to a major wire- even past.” Ⅲ

14 | Crain’s New York Business | May 21, 2012 20120521-NEWS--0015-NAT-CCI-CN_-- 5/17/2012 5:27 PM Page 1

REPORT BIGGEST COMPANIES NY Area’s Largest Publicly Held Companies Ranked by annual revenues &6<;3 ?3C3;B3@ %;3 F3/? ;3A7;1<:3 %;3 F3/? '/;8 <:=/;FA7183?@F:0<9 D30@7A3 7;:7997<;@ 16/;53 7;:7997<;@ 16/;53 ;2B@A?F <43:=9

+3?7G<;<::B;71/A7<;@ ;1 -1 +6=64@>>F?:42E:@?D .6DE*E %6H0@C<%0 HHH G6C:K@? 4@> &#@C82?492D6 4@> ;A3?;/A7<;/9B@7;3@@#/167;3@AFE6CD2?5@77:46AC@5F4ED %6H&C492C5)@25C>@?<%0 HHH :3> 4@> 7A75?

newsbloomberg &6797=#: 4@> No. 14 #3A"743 ;1 $+ ?DFC2?46 Fallout from the News '2C<G6 %6H0@C<%0 HHH >6E=:76 4@> Corp. phone-hacking &47G3? ;1 ' '92C>246FE:42=D scandal continues to ?5*E %6H0@C<%0 HHH A7:K6C 4@> mount. Last week, Rebekah Brooks, the &3=@7< ;1 '' @@52?536G6C286AC@5F4ED ?56CD@? :==)@25'FC492D6%0 HHH A6AD:4@ 4@> onetime Rupert Murdoch favorite who :3?71/; ;A3?;/A7<;/9? headed his British newspaper division, &?B23;A7/97;/;17/9 ;1 '), ?DFC2?46 was charged with C@25*E %6H2C<%! HHH :?G6DE@C ACF56?E:2= 4@> perverting the course of #@C82?DE2?=6J 4@> company rolls on. 3@@ Profits soared 47% in *:IE9G6 %6H0@C<%0 HHH 96DD 4@> the fiscal third quarter, <92:/;(/16@? networks FX and Fox $3D@6?E News, and hit movies. *:IE9G6 %6H0@C<%0 HHH ?6HD4@CA 4@> :3?71/;E=?3@@< /' :?2?4:2=D6CG:46D -6D6J*E %6H0@C<%0 HHH 2>6C:42?6IAC6DD 4@> )7:3,/?;3? ;1 +./ $65:22?56?E6CE2:?>6?E +:>6.2C?6C6?E6C%6H0@C<%0 HHH E:>6H2C?6C 4@> )?/C393?@<@ +)- ?DFC2?46 #6I:?8E@?G6 %6H0@C<%0 HHH EC2G6=6CD 4@> 91:?22?52=F>:?F>AC@5F4ED '2C<G6 %6H0@C<%0 HHH 2=4@2 4@> No. 25 ?7@A<9 #F3?@(>B700< $0 '92C>246FE:42=D It’s hard to say who had '2C<G6%6H0@C<%0 HHH 3>D 4@> the better year in )7:3,/?;3?/093 ;1 +. 23=6E6=6G:D:@?2?5E6=64@>>F?:42E:@?D 2011—CBS Corp. or its @=F>3FD:C4=6%6H0@C<%0 HHH E:>6H2C?6C423=6 4@> boss, Leslie Moonves, <95/A3 &/9:<97C3< # 62=E92?5362FEJ2:5D who topped CEO pay '2C<G6 %6H0@C<%0 HHH 4@=82E6 4@> lists, pulling in $68.4 " <::B;71/A7<;@<927;5@ ;1 ### 676?D6D6CG:46D million last year. The +9:C5G6 %6H0@C<%0 HHH = 4@> 4@> No. 1 network in /;8<4$3D. viewers, CBS mints money with hits like CSI +7/1<: ;1 - 23=6E6=6G:D:@?2?57:=>AC@5F4E:@? C@25H2J%6H0@C<%0 HHH G:24@> 4@> and NCIS—advertising (6?E2?5>65:2 powerhouses in the . ?5*E %6H0@C<%0 HHH 43D4@CA@C2E:@? 4@> U.S. that are so "<3D@A2?J popular, they can be $25:D@?G6 %6H0@C<%0 HHH =@6HD 4@> sold into syndication %:;71<:??:4@>8C@FA 4@> <;@<972/A3227@<; ;1 =64EC:42?582DFE:=:EJ CG:?8'=246%6H0@C<%0 HHH 4@?65:D@? 4@> 1/6;;A3?=?7@3@ ' @=5:?84@>A2?J :7E9G6 %6H0@C<%0 HHH :6=A 4@> #/?@6#1"3;;/;<@ $$ ?DFC2?46

*:IE9G6 %6H0@C<%0 HHH >>4 4@> newsbloomberg C<;&?<2B1A@ ;1 -' 62=E92?5362FEJ2:5D No. 34 *:IE9G6 %6H0@C<%0 HHH 2G@?4@>A2?J 4@> It’s all about the &B0971(3?C713;A3?=?7@3? Beyond . The 1,175-unit BA<:/A71/A/&?<13@@7;5 ;1 ' 2E2AC@46DD:?8 chain, which also &?6'=G5 )@D6=2?5%! HHH 25A 4@> operates Harmon 32/A63F<;2 ;1 0 @FD6H2C6D2?59@>67FC?:D9:?8D #:36CEJG6 ,?:@?%! HHH 36532E92?536J@?5 4@> Health and Beauty, Christmas Tree Shops 9/18'<18 ;1 #" ?G6DE>6?E>2?286>6?E ?5*E %6H0@C<%0 HHH 3=24 and Buy Buy Baby, is @AH3"/B23?<@ # 62=E92?5362FEJ2:5D now snapping up :7E9G6 %6H0@C<%0 HHH 6=4@>A2?:6D 4@> California-based Cost 3;?F(1637; ;1 * $65:42=2?59@DA:E2=6BF:A>6?E Plus Inc., a housewares FCJ62)@25$6=G:==6%0 HHH 96?CJD496:? 4@> and specialty food 3?AG9<0/9<927;5@ ;1 +1 ? > 2CC6?E2= retailer, for $495 C26=G5 '2C<):586%! HHH 96CEK 4@> million. The goal is @@B?/;A ;1 1 ?DFC2?46 clear: Attract more 92D6$2?92EE2?'=2K2%6H0@C<%0 HHH 2DDFC2?E 4@> shoppers by adding 31A<;7187;@<;< / $65:42=6BF:A>6?E2?5DFAA=:6D essentials, like food. 64E@?C:G6C2?<=:?#2<6D%! HHH 35 4@>

May 21, 2012 | Crain’s New York Business | 15 20120521-NEWS--0016-NAT-CCI-CN_-- 5/17/2012 5:28 PM Page 1

REPORT BIGGEST COMPANIES

&6<;3 ?3C3;B3@ %;3 F3/? ;3A7;1<:3 %;3 F3/? '/;8 <:=/;FA7183?@F:0<9 D30@7A3 7;:7997<;@ 16/;53 7;:7997<;@ 16/;53 ;2B@A?F <43:=9 /?;3@$<093 ;1 "* ? > @@ #/@A3?/?2 ;1 $ '2J>6?ED@=FE:@?D 'FC492D6*E 'FC492D6%0 HHH >2DE6C42C5 4@> /093C7@7<;(F@A3:@ No. 43 /?23;6CAC@5F4ED The more people pay +96@5@C6C6>5G6 )J6%0 HHH ;2C56?4@CA 4@> with plastic, the better it #1?/D 799<@ $ ' 'F3=:D9:?82?5:?7@C>2E:@?D6CG:46D is for MasterCard. By *:IE9G6 %6H0@C<%0 HHH >48C2H 9:== 4@> processing billions of <5;7G/;A)316;<9<5F(<9BA7<;@ matter to MasterCard if &+ their bills), the '/9=6"/B?3; company has seen revenues and profit (3/9327?H@@5'2C<%! HHH D62=652:C 4@> jump by nearly a third in < long as people don’t fall )?>6C4:2=2?54@?DF>6C7:?2?46 back into the old habit . ?5*E %6H0@C<%0 HHH 4:E 4@> of paying for things with 3953;3246FE:42=D cash, the company’s $@CC:DG6 *F>>:E%! HHH 46=86?6 4@> future should be bright. $.(B?<;3EA ;1 %0/ *E@4<>2C<6E .2==*E %6H0@C<%0 HHH ?JD6 4@> 3A9B37?D/F@ ;1 *@7EH2C6 '=2K2 D=2?5:2%0 HHH 42 4@> # ;2B@A?73@ ;1 $ ?G:C@?>6?E2=2?5724:=:E:6DD6CG:46D :7E9G6 %6H0@C<%0 HHH 23> 4@> 246FE:42=D +9:C5G6 %6H0@C<%0 HHH 7CI 4@> No. 62 from dowdy to chic ;;/9F/=7A/9#/;/53:3;A ;1 %#0 )62=6DE2E6:?G6DE>6?EECFDE *:IE9G6 %6H0@C<%0 HHH 2??2=J 4@> hasn’t been easy for Jones Group -F93: ;1 /0# =F:5E649?@=@8J2?56BF:A>6?ED@=FE:@?D , whose .6DE496DE6CG6 .9:E6'=2:?D%0 HHH IJ=6>:?4 4@> stock fell 37% last year. <;3@? manufacturer, which (F@A3:/E ;1 *0/ @>AFE6CD2?5C6=2E65AC@5F4ED owns brands such as 2C3@C'2C<C:G6'@CE.2D9:?8E@?%0 HHH DJDE6>2IA4 4@> Anne Klein and Nine )744/;F< + !6H6=CJDE@C6D West, is shifting away :7E9G6 %6H0@C<%0 HHH E:772?J 4@> from midpriced apparel 3443?73@? It recently purchased /?07;53?? @=5:?84@>A2?J shoe sellers Stuart '2C<G6 %6H0@C<%0 HHH 92C3:?86C8C@FA:?4 4@> Weitzman and Kurt $/@2/>%#-?2C<6E Geiger and changed its HHH ?2D52B 4@> #:36CEJ'=2K2%6H0@C<%0 name from Jones ) Apparel Group to Jones Group. 9/18@A<;3? :?2?4:2=D6CG:46D '2C<G6 %6H0@C<%0 HHH 3=24 (7?7B@(/A3997A3'/27< ;1 * ) *2E6==:E6C25:@ *:IE9G6 %6H0@C<%0 HHH D:C:FD 4@> (/8@ ;1 *"* 6A2CE>6?EDE@C6D E9*E %6H0@C<%0 HHH D2 +6?EECFDE *6G6?E9G6 %6H0@C<%0 HHH G?@ 4@> ' /?2 ;1 ) $65:42=6BF:A>6?E2?5DFAA=:6D 6?EC2=G6 $FCC2J :==%! HHH 4C32C5 4@> ;A3?;/A7<;/99/C2D No. 72 . E9*E %6H0@C<%0 HHH :77 4@> With its stock price

&/996?E lagging, Vornado 2C3@C'2C<C:G6'@CE.2D9:?8E@?%0 HHH A2== 4@> Realty Trust has ,/?;/1<? promised this year that “everything is on the )?/237;/;17/9 :?2?4:2=D6CG:46D *:IE9G6 %6H0@C<%0 HHH 6EC256 4@> table” to reverse the H?<=<@A/93 ;1 )& AA2C6=DE@C6D trend, including splitting . E9*E %6H0@C<%0 HHH 26C@A@DE2=6 4@> itself up. Options $3D. 'F3=:D9:?8 abound for the big real :89E9G6 %6H0@C<%0 HHH ?JE4@ 4@> estate investment trust, *;7C3?@/9:3?71/; ?DFC2?46 whose diversified ?E6C?2E:@?2=C:G6)J6C@@<%0 HHH F274 4@> holdings include prime B2@<;7AF/;1 2?<:?8 office towers and .6DE 6?EFCJ)@25'2C2>FD%! HHH 943< 4@> multiple retail #<<2FI@@@5JD 4@> nation, but what will it !!'< "") :?2?4:2=D6CG:46D do and when will it act? . E9*E %6H0@C<%0 HHH <

16 | Crain’s New York Business | May 21, 2012 20120521-NEWS--0017-NAT-CCI-CN_-- 5/17/2012 5:28 PM Page 1

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&6<;3 ?3C3;B3@ %;3 F3/? ;3A7;1<:3 %;3 F3/? '/;8 <:=/;FA7183?@F:0<9 D30@7A3 7;:7997<;@ 16/;53 7;:7997<;@ 16/;53 ;2B@A?F <43:=9 ?G6DE>6?E32?<:?82?53C@<6C286 *:IE9G6 %6H0@C<%0 HHH >78=@32= 4@> ;; ;1 %% AA2C6=DE@C6D +:>6D*BF2C6%6H0@C<%0 HHH 2??E2J=@C 4@> %" ;1 &# ? > .63D6CG:46D4@>A2?J C@25H2J%6H0@C<%0 HHH 4@CA 2@= 4@> ? )) 676?D6DJDE6>D2?5D6CG:46D .6DE496DE6CG6 .9:E6'=2:?D%0 HHH :EE 4@> $3D. ? > 2?<:?8 $6CC:4<G6 .6DE3FCJ%0 HHH >J?J43 4@> ;A3?1A7C3 larry ford #( ;2B@A?7/97?31A< $*$ ?5FDEC:2=AC@5F4ED $2I6DD)@25$6=G:==6%0 HHH >D45:C64E 4@> No. 89 (16<9/@A71 Community Bancorp ?744<; $2?286>6?E2?59@=5:?84@>A2?J almost never makes a :7E9G6 %6H0@C<%0 HHH 8C:77@?4@CA 4@> dud loan. CEO Joseph ,3756A,/A163?@ ;A3?;/A7<;/9 ;1 .+. .6:89E =@DDD6CG:46D Ficalora says it’s $25:D@?G6 %6H0@C<%0 HHH H6:89EH2E496CD:?E6C?2E:@?2= 4@> because his bank is a 7<(1?7= ;1 &* ? > '92C>24J36?67:ED>2?286>6?E =62C3C@@<)@25=>D7@C5%0 HHH 3:@D4C:A 4@> meticulous lender. ) the bank often lends to B;?/2@A?33A2E:@?D6CG:46D landlords who don’t !"'2C spend to maintain their <6;,793F(<;@ ;1 !. 'F3=:D9:?8 buildings. After a bitter ):G6C*E @3@<6?%! HHH H:=6J 4@> battle, the bank and its 6792?3;I@&9/13'3A/79(A terms. <:C3?@3)316;<9<5F ;1 $-+ ? > +6=64@>>F?:42E:@?D *6G6?E9G6 %6H0@C<%0 HHH 4>GE 4@> "3B1/27/$/A7<;/9 Continued

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May 21, 2012 | Crain’s New York Business | 17 20120521-NEWS--0018-NAT-CCI-CN_-- 5/17/2012 5:29 PM Page 1

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&6<;3 ?3C3;B3@ %;3 F3/? ;3A7;1<:3 %;3 F3/? '/;8 <:=/;FA7183?@F:0<9 D30@7A3 7;:7997<;@ 16/;53 7;:7997<;@ 16/;53 ;2B@A?F <43:=9

)>F?:42E:@?D C@25*E %6H2C<%! HHH :5E ?6E "7G9/70 AA2C6= C@25H2J%6H0@C<%0 HHH =:K4=2:3@C?6:?4 4@> &/?A;3?@ ;1 ' C@<6C286D6CG:46D '2C<G6 %6H0@C<%0 HHH 384A2CE?6CD 4@> !;756A/=7A/9? A9/@7?, '3C9<; ;1 )- 62=E92?5362FEJ2:5D '2C<G6 %6H0@C<%0 HHH C6G=@? 4@> No. 107 :)?B@A7;/;17/9(3?C713@ ;1 * ?DFC2?46 For many years, $2:56?#2?6%6H0@C<%0 HHH 2>ECFDE8C@FA 4@> Revlon, Ron +3?7@8;/9FA71@ ;1 -)*" ):D<>2?286>6?ED6CG:46D Perelman’s cosmetics .2D9:?8E@?=G5 !6CD6J:EJ%! HHH G6C:D< 4@> company, was an overly +799/53(B=3?#/?83A ;1 -# C@46CJDE@C6D indebted $@F?E2:?G6 *AC:?87:6=5%! HHH D9@AC:E6 4@> underperformer. The ("?33;'3/9AF6?EECFDE first part may still be #6I:?8E@?G6 %6H0@C<%0 HHH D=8C66? 4@> true—with the company ==/?39? *6G6?E9G6 %6H0@C<%0 billion in long-term #/27@<;(>B/?3/?23; ;1 $* *A@CED6?E6CE2:?>6?E2?5>65:2 '6??'=2K2%6H0@C<%0 HHH E9682C56? 4@> debt—but the latter no longer is. Revlon has #$3AD '6??'=2K2%6H0@C<%0 HHH 2>4?6EH@C posted four straight )/83 )D< ;A3?/1A7C3(<4AD/?3 ;1 ++.& ? > *@7EH2C6 years of profitability, C@25H2J%6H0@C<%0 HHH E2<682>6D 4@> and its shares have /7;393@A7/9? stock levels to ">F?:42E:@?D6BF:A>6?E respectability. +9:C5G6 %6H0@C<%0 HHH =@C2= 4@> !7:1<'3/9AF6?EECFDE %6H J56'2C<)@25%6H J56'2C<%0 HHH <:>4@C62=EJ 4@> %C3?@3/@(67=6<927;5? ?6C8JEC2?DA@CE2E:@? +9:C5G6 %6H0@C<%0 HHH @D8 4@>

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18 | Crain’s New York Business | May 21, 2012 20120521-NEWS--0019-NAT-CCI-CN_-- 5/17/2012 5:29 PM Page 1

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&6<;3 ?3C3;B3@ %;3 F3/? ;3A7;1<:3 %;3 F3/? '/;8 <:=/;FA7183?@F:0<9 D30@7A3 7;:7997<;@ 16/;53 7;:7997<;@ 16/;53 ;2B@A?F <43:=9

#7;3?/9@)316;<9<573@ ;1 $+/ $:?6C2=AC@5F4ED +9:C5G6 %6H0@C<%0 HHH >:?6C2=DE649 4@> #<;@A3?, !@3 D62C49H63D:E625G6CE:D:?8D6CG:46D +9:C5G6 %6H0@C<%0 HHH 23@FE >@?DE6C 4@> ? *64FC:E:6D .2E6C*E %6H0@C<%0 HHH 87:8C@FA 4@> $/A7<;/97;/;17/9&/?A;3?@ newsbloomberg #/1>B/?73 ;4?/@A?B1AB?3< $ ?6C8JDE@C2862?5AC@5F4E:@? . E9*E %6H0@C<%0 HHH >24BF2C:6 4@> >:4 No. 123 99356/;F6D*BF2C6+@H6C%6H0@C<%0 HHH 2==6892?J 4@> Partners CEO Jessica +331< ;@A?B:3;A@ ;1 -& ?5FDEC:2=6BF:A>6?E Bibliowicz has taken a +6C>:?2=C:G6'=2:?G:6H%0 HHH G664@ 4@> page from the playbook & ;2B@A?73@ ;1 ' ? > '=2DE:4A24<28:?8AC@5F4ED of her father, former '9:==:ADG6 *@FE9 24<6?D24<%! HHH 26A:?4 4@> Citigroup CEO Sandy (A3C3;#/223; * && @@EH62C Weill, and through a 2C?6EEG6 #@?8 D=2?5:EJ%0 HHH DE6G6>2556? 4@> slew of acquisitions %==3;637:3?<927;5@ ;1 &'0 :?2?4:2=D6CG:46D assembled a firm C@25*E %6H0@C<%0 HHH @A4@ 4@> engaged in everything $3D. AA2C6=DE@C6D . C5*E %6H0@C<%0 HHH ?J2?54@>A2?J 4@> from insurance to B2@<;7569/;2? I64FE:G6D62C492?5DE277:?8 wealth management. #6I:?8E@?G6 %6H0@C<%0 HHH 9F5D@? 4@> But her company’s &/?&6/?:/13BA71/9<@ ;1 ')/ ? > '92C>246FE:42=D stock price is nearly +:46=G5 .@@54=:77#2<6%! HHH A2CA92C> 4@> two-thirds lower than it (7?<;/3;A/9(F@A3:@ ;1 * )& 6?E2=6BF:A>6?E was five years ago, and E9G6 #@?8 D=2?5:EJ%0 HHH D:C@?2 4@> last month NFP said #( ;1 $* :?2?4:2=D6CG:46D Ms. Bibliowicz would 92D6$2?92EE2?'=2K2%6H0@C<%0 HHH >D4: 4@> step down next spring. (173;A7471/:3@ .286C:?82?5=@EE6CJDJDE6>D #6I:?8E@?G6 %6H0@C<%0 HHH D4:6?E:7:482>6D 4@> *@FC46*'2A:E2= ( HHH DA42A:E2=:B 4@>255:E:@?2=C6D62C493J*FK2??6'2?2C22?5G2*2G:2?@ $3D .A2?:6D =:DE65 H6C6 9625BF2CE6C65 :? E96 %6H 0@C< 2C62 2?5 AF3=:4=J EC2565 2D @7 AC:= 2?5 E96J 925 C6=62D65 E96:C >@DE C646?E 2??F2= 62C?:?8D 52E2 3J E92E 52J F?=6DD @E96CH:D6 ?@E65 == 7:?2?4:2= 7:8FC6D 2C6 7C@> E96 >@DE C646?E "D @C ?6HDH:C6 52E2 2G2:=23=6 2D @7 AC:= 2?5 2C6 7@C E96 42=6?52C J62C 6I46AE H96C6 ?@E65 +96 >@DE C646?E 52E2 7@C 4@>A2?:6D H:E9 7:D42= J62CD 6?5:?8 :? $2C49 E9C@F89 646>36C 2C6 7@C E96 J62C 6?565 :? 2?5 E96 >@DE C646?E 52E2 7@C 4@>A2?:6D H:E9 7:D42= J62CD 6?5:?8 :? !2?F2CJ 2?5 63CF2CJ 2C6 7@C E96 J62C 6?565 :? 6I46AE H96C6 ?@E65 )6DF=ED 7C@> AC6G:@FD J62CD 2C6 AC@G:565 7@C E9@D6 4@>A2?:6D 7@C H9:49 E96 >@DE 4FCC6?E :?7@C>2E:@? :D ?@E 2G2:=23=6 >A=@J66 ?F>36CD 2C6 7C@> E96 >@DE C646?E "D == ?F>36CD 92G6 366? C@F?565 E@ @?6 564:>2= A=246 )2?<:?8D 2?5 A6C46?E286 492?86D 2C6 32D65 @? F?C@F?565 ?F>36CD ? > %@E >62?:?87F= &?6 @C 3@E9 52E2 A@:?ED 2C6 ?682E:G6 2?5 2 A6C46?E286 492?86 42??@E 36 42=4F=2E65 :D42= J62C 6?5D !F?6 :D42= J62C 6?5D *6AE :D42= J62C 6?5D 63 :D42= J62C 6?5D AC:= :D42= J62C 6?5D !2? @>A2?J 492?865 :ED ?2>6 7C@> '9:==:AD -2? 6FD6? @CA @? !F?6 :D42= J62C 6?5D $2C49 :D42= J62C 6?5D !2? :D42= J62C 6?5D &4E :D42= J62C 6?5 492?865 E@ %@G 7C@> 64 'C:@C J62C 52E2 2C6 7@C E96 >@?E9D 6?565 %@G :D42= J62C 6?5 492?865 E@ *6AE 7C@> 64 :D42= J62C 6?5D!F=J :D42=J62C6?5DF8 :D42=J62C6?5D$2J :D42= J62C6?5492?865E@!F?6 7C@>64 :D42=J62C6?5492?865E@64 7C@>%@G 'C:@CJ62C52E22C67@CE96 >@?E9D6?565%@G )6D62C49

ginia Rometty,while keeping a close IBM takes starring role as local tech hero eye on costs, has promised investors that earnings will rise another 50% by 2015. “IBM is confident about Continued from Page 13 For Mr. Meyerson, the way to reaches of northern Manhattan. By share price more than doubling in this road map in the decade ahead,” company.Meanwhile, the firm con- tackle knotty problems is to have measuring changes in temperature, the past five years. That is triple the she told investors at a conference trols 50,000 patents worldwide, re- mountains of information analyzed air flow,door positions and light lev- pace of Google and more than any earlier this month. quiring an army of 100 in-house by supercomputers like Watson, the els, the museum can map out and other big tech concern except Apple lawyers just to track and protect 92-server, 20-foot-long Goliath control microclimates to better pro- and Amazon.com. Local footprint them all.Those patents also come at housed in the Yorktown Heights lab tect its centuries-old tapestries, The rising stock price in part re- Despite its success, IBM is coy a high price. IBM lavishes more that defeated the reigning human sculptures and paintings. flects IBM’s impressive 50% growth about revealing details about its than $6 billion annually on research champs on Jeopardy! last year. “As a society, we’re generating a in earnings since 2007, but also ag- clout in New York, where it was and development—more than twice The game-show triumph was lot more data than ever, and it’s gressive spending by the company to founded 101 years ago. It won’t say, as much as Apple does. good public relations. Mostly, blinding,” Mr. Meyerson said. “Our ensure there’s less stock, which has for example, how much of its global Unsurprisingly, it irri- though, IBM’s data job is to light a match and help see helped drive the price up. Over the workforce of 440,000 is located in tates people at IBM to no SOLID crunching involves com- what we have.” the area, though it acknowledges end that Silicon Valley ing up with far more prac- Lighting these kinds of matches 1,500 employees in its Watson lab in darlings like Facebook tical answers that can save happens to be terribly profitable. ‘We’re out Yorktown Heights and at a sister fa- and Google have become, 50% time or even lives. IBM’s gross margins have grown to cility in Hawthorne. in the minds of most peo- EARNINGS In Toronto,the compa- about 45% from around 35% in there trying to Still, the company’s visibility in ple, the paragons of inno- growth since ny is working with a chil- 2003, according to CreditSights, a New York took a bit of a hit in 1994, vation, even though both 2007 dren’s hospital to help an- tremendous feat for such a large change the when it sold the 41-story tower for- of these companies have alyze the information company. What helps is that IBM merly known as the IBM Building bought hundreds of IBM generated by monitoring exited high-profile but low-margin world in little at the corner of East 57th Street and patents in the past year. the vital signs of premature babies. businesses,including personal com- Madison Avenue. It remains a ten- “I love Apple. I used to supply Their heartbeats range from fast to puters, to complete a shift in strate- and big ways’ ant, and its logo is displayed at the Apple. Their products are beauti- very, very fast, but sifting the data gy that began 20 years ago. building’s entrance. ful,” said Bernard Meyerson, IBM’s showed that if the rate doesn’t vary But its armies of sales staffers, vice president for innovation. “But significantly, it can be a sign of seri- Gift keeps giving consultants and analysts can be I’d rather work on changing the ous trouble looming within 24 But it’s the company’s R&D ef- found throughout Manhattan world than invent a great-looking hours. forts that are most responsible for past five years, IBM has reduced its working with Citigroup, Memorial something that is bound to be re- In Singapore, IBM motion sen- moving the needle. Products and share count by 16%, or more than Sloan-Kettering Cancer Center placed by something else.” sors measure how many cars are on ideas flowing out of IBM labs gen- 200 million shares. Last year, it ac- and dozens of other big-league Mr. Meyerson, who has a Ph.D. a highway and how fast they’re mov- erate $1 billion in earnings annual- tually spent nearly as much acquir- clients. in physics from City College of ing.Then IBM uses that data to pre- ly. Even better, this income stream ing its stock ($15 billion) as it gen- “The image is that we’re a bunch New York and is a graduate of the dict how soon a traffic jam is likely can last for years as IBM applies erated in earnings ($15.8 billion). of propeller heads stuck in our of- Bronx High School of Science and in any particular stretch of the road, patents to its own products or li- “It’s tough to grow revenue much fices,” said Katharine Frase, IBM’s Manhattan’s P.S. 187, has done his and alters the sequencing of traffic censes them out. for a company as large as IBM, so vice president of industries research. bit to change the world over his lights on streets feeding into any “Once you’ve developed the in- the way for them to reward share- “But we’re out there talking to peo- more than 30 years at IBM.Among clogged section. The goal is to keep tellectual property, there’s very little holders is focusing on high-margin ple all the time, trying to change the other things, his research led to the traffic flowing smoothly. cost to maintaining it,” said Chief business and buying back stock,” world in little and big ways.” Ⅲ development of silicon germani- Closer to home,the same kind of Patent Counsel Manny Schecter. said Ed Maguire, a technology ana- um, the material that made Wi-Fi sensors are used in the Cloisters, the IBM’s focus on R&D hasn’t gone lyst at brokerage firm CLSA. LISTEN to a discussion at possible. medieval-art museum in the far unnoticed on Wall Street, with its Using that formula, CEO Vir- CrainsNewYork.com/podcasts

May 21, 2012 | Crain’s New York Business | 19 20120521-NEWS--0020-NAT-CCI-CN_-- 5/17/2012 5:30 PM Page 1

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ALPHABETICAL LISTING OF FIRMS

COMPANY RANK COMPANY RANK COMPANY RANK COMPANY RANK COMPANY RANK

ABM Industries Inc.------57 Atlas Air Worldwide Holdings Inc.------106 C.R. Bard Inc.------73 Dun & Bradstreet Corp.------97 Hess Corp.------12 AEP Industries Inc. ------127 Automatic Data Processing Inc.------33 CA Inc.------56 E*Trade Financial Corp. ------77 Hudson City Bancorp Inc.------81 Aéropostale Inc. ------78 Avon Products Inc.------31 Cablevision Systems Corp. ------44 Estée Lauder Cos. ------36 Hudson Highland Group Inc. ------131 Alcoa Inc.------18 Bank of New York Mellon Corp. ------23 CBS Corp. ------25 Foot Locker Inc.------51 IAC/InterActiveCorp------90 Alleghany Corp. ------125 Barnes & Noble Inc. ------42 Celgene Corp.------53 Forest Laboratories Inc.------58 Icahn Enterprises ------29 AMC Networks Inc. ------114 Becton Dickinson & Co. ------40 Children’s Place Retail Stores Inc. ------99 GFI Group Inc.------122 IDT Corp. ------102 American Express Co.------15 Bed Bath & Beyond Inc. ------34 CIT Group Inc.------52 G-III Apparel Group ------112 International Business Machines Corp. ------3 American International Group Inc. ------9 BGC Partners Inc. ------104 Citigroup Inc.------4 Goldman Sachs Group Inc. ------13 International Flavors & Fragrances Inc. ------74 AmTrust Financial Services Inc.------108 BioScrip Inc. ------95 Coach Inc. ------59 Griffon Corp. ------93 Interpublic Group of Companies Inc.------41 Ann Inc.------85 BlackRock Inc.------35 Cognizant Technology Solutions Corp. ------47 Hain Celestial Group Inc.------116 ITT Corp. ------88 Annaly Capital Management Inc. ------60 Blackstone Group------69 Colgate-Palmolive Co. ------21 Harbinger Group Inc.------66 Jarden Corp. ------45 AOL Inc.------86 Bristol-Myers Squibb Co. ------19 Comverse Technology Inc.------100 Henry Schein Inc.------37 Jefferies Group Inc. ------65 Assurant Inc.------39 Broadridge Financial Solutions Inc.------87 Consolidated Edison Inc. ------28 Hertz Global Holdings Inc. ------38 JetBlue Airways Corp.------55 John Wiley & Sons Inc. ------98 Jones Group Inc.------62 JPMorgan Chase & Co.------2 Kimco Realty Corp.------118 KKR & Co. ------83 Knight Capital Group Inc.------105 L-3 Communications Holdings Inc.------22 Leucadia National Corp.------101 Liz Claiborne Inc. ------103 Loews Corp. ------26 Loral Space & Communications Inc. ------117 Do you have to reach out to your banker? Macquarie Infrastructure Co. ------124 Madison Square Garden Inc.------113 Marsh & McLennan Cos. ------30 Or is it the other way around? MasterCard Inc.------43 McGraw-Hill Cos. ------46 MetLife Inc. ------6 MF Global Holdings------84 Minerals Technologies Inc. ------120 Monster Worldwide Inc. ------121 Moody’s Corp. ------82 Morgan Stanley------11 MSC Industrial Direct Co. ------91 MSCI Inc.------134 Nasdaq OMX Group Inc. ------67 National Financial Partners Corp. ------123 New York & Company Inc.------130 New York Community Bancorp Inc. ------89 New York Times Co.------79 News Corp. ------14 NYSE Euronext Inc. ------54 Omnicom Group Inc.------27 Oppenheimer Holdings Inc. ------129 Overseas Shipholding Group Inc.------119 Pall Corp. ------75 Par Pharmaceutical Cos. Inc.------132 PepsiCo Inc.------8 Pfizer Inc. ------7 Philip Morris International------5 Prudential Financial Inc. ------10 Public Service Enterprise Group Inc. ------32 PVH Corp.------48 Ralph Lauren Corp. ------49 Revlon Inc. ------107 Saks Inc.------71 Scholastic Corp. 92 You want a financial specialist who understands your world. A proven banking expert with a solid track record of helping ------Scientific Games Corp.------135 ® businesses realize their financial goals. When you team with Union Bank, you’ll experience a more personal banking Sealed Air Corp. ------50 relationship centered around your needs. Our relationship managers will put their knowledge and expertise to work to Sirius Satellite Radio Inc. ------70 help streamline your treasury management operations and maximize profitability. So now a stronger banking relationship Sirona Dental Systems Inc. ------133 is well within your reach. SL Green Realty Corp. ------111 Steven Madden ------128 With Union Bank, the world can be an easy place to do business. Call us today. Systemax Inc.------63 Take-Two Interactive Software Inc.------115 Corporate & Institutional Treasury Services: Fund Finance: Commercial Finance: Tiffany & Co.------64 Time Warner Cable Inc. 20 Marla Feldman Terence Hatton Richard K. Stang ------Time Warner Inc. 16 Vice President Senior Vice President Senior Vice President ------Tower Group Inc. 96 914-273-0351 646-452-2113 646-452-2522 ------Towers Watson & Co. ------68 Travelers Cos.------17 Universal American Corp.------80 Veeco Instruments Inc. ------126 Verisk Analytics Inc. ------109 Verizon Communications Inc. ------1 Viacom Inc. ------24 ©2012 Union Bank, N.A. All rights reserved. Village Super Market Inc.------110 Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG), Vornado Realty Trust 72 one of the world’s largest financial organizations. unionbank.com ------Warnaco Group Inc. ------76 Weight Watchers International Inc.------94 Xylem Inc.------61

20 | Crain’s New York Business | May 21, 2012 S1.qxp 5/17/2012 2:00 PM Page 1

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city is also trying to persuade most are construction gigs that old wood-frame row house on Building a green future lenders to fund efficiency work. require tradesmen to acquire Windsor Place in Brooklyn. Mayor Michael Bloomberg last a fresh understanding of how Energy-efficient construction is key summer launched the Energy buildings live and breathe “It was clear to us that the to sustainability, jobs Efficiency Corp. with $27 mil- energy. building was a disaster energy- lion in federal loans to be used wise,” said the owner, Elsie OSE MALDONADO started fraction of developers’ total for retrofits. “When people talk about Kagen. “It was really drafty, building energy-efficient expenses, and reducing the green jobs, there’s a tendency and it really bothered us. We Jhomes by accident. After heating, cooling and lighting Economists are touting stud- to think of whiz-bang-type could sit in front of our front the recession hit, the construc- tab is rarely a priority. Land- ies such as one commissioned jobs,” said Candace Damon, window and feel the winter tion contractor found himself lords whose tenants pay for by the Deutsche Bank Ameri- vice chairman of energy breeze.” working with an architect who electricity have little incentive cas Foundation and nonprofit consultant HR&A Advisors, designs buildings that use less to replace inefficient fixtures. coalition Living Cities show- which did the study. “A lot of Mr. Levenson treated Ms. energy. Not just a little bit less, And improvements tend to ing that retrofits at more than this work is simply more insu- Kagan’s 1,800-square-foot, but up to 90% less. be made only as part of major 21,000 affordable-housing lation, more efficient boilers three-bedroom home as an capital projects, which occur units in the city led to a portfo- and more efficient lights.” underdressed kid wandering in “I saw the energy savings, perhaps once a decade. Even lio-wide savings of 19% on fuel the cold. He used insulation and it was an eye-opener,” then, owners may be unaware and 7% on electricity. “We’re Recouped costs protected by a wind-resistant Mr. Maldonado said. “This is of what to do. not talking about solar panels Charlotte Matthews, vice barrier, and airtight windows where the construction indus- or ground-source heat pumps,” president of sustainability for and doors. He installed a cen- try is heading. Now I’m ahead Shrinking carbon footprints said Sam Marks, vice president The Related Cos., hired an tral ventilation system to move of the curve.” To prod the industry along, of the foundation. “We’re energy auditor to help Related fresh air throughout the house the Bloomberg administra- talking about bread-and-butter redesign its office lighting on while exhausting stale air, When the industry catches tion has passed laws to shrink up-grades that if you did them the 18th and 19th floors of eliminating the need for waste- up, it will find itself at the cen- carbon footprints. Owners of individually wouldn’t be a big the Time Warner Center. The ful bathroom or kitchen fans. ter of the city’s green economy. buildings larger than 50,000 deal, but put them together project took eight months, Only eight feet of baseboard While people associate green square feet must audit their and they add up to more than including many false starts, by the front door provides jobs with social panels and property’s energy use every 10 their parts.” but ultimately led to a 75% heating. And a single air con- electric cars, the real progress years and report their an- reduction in lighting cost, Ms. ditioner is all that is needed toward a sustainable city will nual gas, oil and electricity They also add jobs. Nearly Matthews said. The outlay will in the summer. The upgrades come from upgrading buildings, consumption by May 1. Bad two positions and 10 indirect be recouped in three years. added 8% to the renovation which contribute to 75% of numbers aren’t penalized, but jobs are created for every $1 cost of $250,000, yet made the the city’s greenhouse gas emis- the results are made public. million invested in upgrading Mr. Maldonado, who owns house 70% more efficient. sions and $15 billion in yearly a building, according to a 2009 J’s Custom Contracting, just energy costs. “Who wants to be at the bot- study by the U.S. Green Build- took a course in Ireland on “Ten to 15 years ago, the tom of the heap?” said Russell ing Council. “passive house” construction, cool thing to do was put in “In the green economy, Unger, executive director of solidifying his understanding stainless-steel appliances and people are going to go toward the Urban Green Council and Two years ago, the city of how buildings lose heat. granite countertops,” said Mr. things that save money,” said former city official. “Owners estimated that energy retrofits “He’s getting to bid on jobs Maldonado, the contractor Laurie Kerr, senior policy advi- [may] make decisions they would create 18,000 jobs, but he wouldn’t even have been on the house. “The new thing sor on buildings and energy wouldn’t otherwise have made.” that was before some of the considered for before,” said now is triple-pane glass and in the Bloomberg administra- new laws were passed. Now, Ken Levenson, the architect heat recovery systems. That’s tion. “And energy retrofits save Governor Andrew Cuomo Ms. Kerr said, that number is who first taught Mr. Maldo- where the value is.” money.” signed a law in 2011 providing “the tip of the iceberg.” nado about green building. low-interest state loans of up Mr. Levenson, who co-owns This article was reprinted with Yet for many reasons, green to $25,000 for energy-saving Some of the jobs are new every-efficient building supply permission from the February 27, construction has not taken projects that homeowners can positions, such as auditors who company Four Seven Five, 2012 issue of Crain’s New York off. Energy costs remain a repay on their utility bills. The evaluate energy waste, but recently renovated a century- Business.

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FOR THE RECORD

For questions related to the bid, email feet at 500 W. 23rd St. The retailer will transaction worth $6,094,529. On the [email protected] bid occupy the entire base of the building. same day, he sold 250,125 shares of ABOUT THIS SECTION opening date is June 20 at 11 a.m. The tenant was represented by common stock at prices ranging from Newmark Grubb Knight Frank’s Trever FOR THE RECORD is a weekly listing of information from the public record that $60.56 to $60.63, in a transaction worth ● Department of Environmental Protection Gallina, Ross Kaplan and Jason Pruger. $15,162,356. He now directly holds can help businesspeople in the New York area find opportunities, potential Seeks competitive sealed bids by 11:30 The landlord, Equity Residential, was 62,496 shares. new clients and updates on competitors. a.m. on May 29 for service and repair of represented by Newmark Grubb Knight To ask questions or get more information on this section, contact Suzanne odor-control system at Coney Island Frank’s Paul Berkman and Craig Anre D. Williams, president of Global Panara at [email protected]. Waste Water Treatment Plant. The bid Slosberg. The asking rent was $200 Commercial Card, exercised options on document costs $80. To make inquiries, per square foot. 183,393 shares of common stock at contact Mohd Alam at (718) 595-3206. prices ranging from $43.98 to $58.54 on ● Rebecca Taylor signed a lease for 4,300 May 2, in a transaction worth ● Housing Authority square feet at 980 Madison Ave. The $9,317,291. On the same day, he sold BANKRUPTCIES estimated liabilities of $100,001 to Seeks competitive sealed bids by 10 a.m. boutique will occupy space on the ground 174,974 shares of common stock at $500,000 and estimated assets of $0 to on May 30 for the purchase of cooking and lower levels. Simon Dallimore of $61.18, in a transaction worth The following listings are selected from the $50,000. Among the creditors with the and heating gas citywide for a two-year Dallimore & Co. and Robin Abrams of $10,704,104. He now directly holds most recent available filings by companies largest unsecured claims are Workers period. Interested firms may obtain a Lansco Corp. represented the tenant.The 69,366 shares. seeking bankruptcy protection in the Comp Bureau of Compliance, owed copy and submit the bid on the landlord, RFR, was represented in-house Southern and Eastern Districts of New $74,000; Loida Diaz, owed $25,000; NYCHA website, www.nyc.gov/html/ by Oliver Katcher and by RKF’s Robert ● Barnes & Noble Inc. (BKS) York. Information was obtained from U.S. and Alon Consulting, owed $16,000. nycha/html/business/business.shtml. If Futterman, Beth Rosen and Jackie Jana Partners sold 1,000,000 shares of Bankruptcy Court records available on vendors elect to submit a nonelectronic Totolo.The asking rent was not common stock at $24.42 on April 30, in Public Access to Court Electronic Records. bid, it will cost $25 and the fee is disclosed. a transaction worth $24,420,000. It now Listings are in alphabetical order. GOVERNMENT CONTRACT nonrefundable. The fee can be paid by directly holds 5,959,360 shares. OPPORTUNITIES USPS money order, certified check or ● 614 Partners NYC Inc. cash only. Payments should be made to STOCK TRANSACTIONS ● Regeneron Pharmaceuticals Inc. 614 W. 138th St., Manhattan Following are selected contract oppor- the NYCHA finance department at 90 (REGN) Filed for Chapter 11 bankruptcy tunities recently announced by New York Church St. To make inquiries, contact Following are recent insider transactions at Leonard S. Schleifer, president, chief protection on May 8. The filing cites City agencies.To learn how to sell goods Maria Manfredi at (212) 306-4666 or New York’s largest publicly held companies executive and director, sold 100,000 estimated liabilities of $1,000,001 to and services to city government, visit [email protected]. filed with the Securities and Exchange shares of common stock at prices $10 million and estimated assets of www.nyc.gov/selltonyc. For a searchable Commission by executives and major ranging from $133.86 to $136.57 on $1,000,001 to $10 million. The creditor database of current procurement notices, shareholders. Listings are in order of May 1, in a transaction worth with an unsecured claim is Ingram visit www.nyc.gov/cityrecord. Listings are REAL ESTATE DEALS transaction value.The information was $13,482,553. He now directly holds Yuzek Gainen Carroll & Bertolotti, alphabetical by category and department. obtained from Thomson Reuters. 376,661 shares. owed $76,189. Companies that would like to have details CONSTRUCTION SERVICES of their recent transactions appear in these ● American Express Co. (AXP) ● PepsiCo Inc. (PEP) ● Alliance Locksmiths Inc. ● Department of Design and Construction listings should email descriptions following Edward P.Gilligan, vice chairman and Saad Abdul-Latif, chief executive of 5 W. Cross St., Peekskill, N.Y. Seeks competitive sealed bids by 11 a.m. this format to ELaermer@crainsnewyork head of global consumer and small PepsiCo Asia, Middle East and Africa, Filed for Chapter 11 bankruptcy pro- on May 31 for reconstruction of Fordham .com, with “Real estate transaction” in the business card issuing, network and exercised options on 75,465 shares of tection May 9. The filing cites estimated Plaza, East Fordham Road from Third subject line, or enter them online at merchant businesses, exercised options common stock at $39.75 on May 1, in a liabilities of $100,001 to $500,000 and Avenue to Webster Avenue in the Bronx. crainsnewyork.com/submitadeal. Deals are on 205,633 shares of common stock at transaction worth $2,999,734. On the estimated assets of $50,001 to $100,000. Bid documents cost $35, payable by com- listed in order of square footage. prices ranging from $39.88 to $43.98 same day, he sold 64,240 at $66.31, in a Among the creditors with the largest pany check or money order only.The on May 3, in a transaction worth transaction worth $4,259,979. He now unsecured claims are Chase Business, documents are available at www.nyc.gov/ COMMERCIAL $9,000,956. On the same day, he directly holds 149,920 shares. owed $100,459.27; Chase Card ddc or from the Department of Design ● MakerBot Industries signed a five- sold 211,141 shares of common Services, owed $12,047.44; and U.S. and Construction, 30-30 Thomson Ave., year lease for 31,250 square feet at stock at prices ranging from $60.89 ● Automatic Data Processing Inc. (ADP) Lock, owed $5,910.56. Queens, Monday through Friday 1 MetroTech in downtown Brooklyn. to $60.92, in a transaction worth Leslie A. Brun, nonexecutive chairman, between 8:30 a.m. and 4 p.m. until May The 3-D printing company will occupy $12,862,113. He now directly holds exercised options on 38,411 shares of ● Boulder Heights Owner 30.To make inquiries, contact Lorraine the entire 21st floor. The tenant was 252,849 shares. common stock at prices ranging from 445 Park Ave., Manhattan Holley at (718) 391-2601. represented by Cushman & Wakefield $31.72 to $34.45 on May 4, in a Filed for Chapter 11 bankruptcy Inc.’s Joseph Cirone and Glenn Daniel T.Henry, executive vice transaction worth $1,285,856. On the protection on May 9. The filing cites ● Department of Parks and Recreation Markman. The landlord, Forest City president and chief financial officer, same day, he sold 38,411 shares of estimated liabilities of $1,000,001 to Seeks competitive sealed bids by 10:30 Ratner Cos., was represented by CBRE exercised options on 250,658 shares of common stock at $53.68, in a $10,000,000 and estimated assets of a.m. on June 8 for reconstruction of Group Inc.’s Keith Caggiano. The common stock at prices ranging from transaction worth $2,061,964. He now $1,000,001 to $10,000,000. Among the paths and site work at Aqueduct Walk, asking rent was $32 per square foot. $16.71 to $43.98 on May 2, in a directly holds 34,949 shares. Ⅲ creditors with the largest unsecured Kingsbridge Road and 182nd Place, claims are The Vinca Group, owed Bronx, and reconstruction of the ● Dorma Group North America signed $7,500; Weinstein & Wisser, owed playground adjacent to P.S. 55, Preston a 10-year lease for 8,300 square feet at $3,500; and WMC Engineers Inc., Avenue, Koch Boulevard, woods of 1040 Sixth Ave. The architectural door DEALS ROUNDUP owed $3,500. Arden Road and Osborne Street, Staten system manufacturer will occupy the Island. Bid documents are available for entire 22nd floor. The tenant was ● TRANSACTION SIZE Elegant Dessert by Metro Inc. $25 in the blueprint room, Olmsted represented by Studley’s David Dusek. SELLER/TARGET (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE 868 Kent Ave., Brooklyn Center, Queens, from 8 a.m. to 3 p.m. The owner, Skyline Properties, was Filed for Chapter 11 bankruptcy The fee is payable by company check or represented by Newmark Grubb Knight EnCap Investments, $750.0 Marathon Oil Corp. SB M&A protection on May 10. The filing cites money order to the City of New York, Frank’s William Cohen and Ryan Kass. Paloma Resources, Macquarie Americas estimated liabilities of $500,001 to Parks and Recreation.To make inquiries, The asking rent was $52 per square foot. Corp. (Manhattan)/ $1,000,000 and estimated assets of $0 to contact Juan Alban at (718) 760-6771 or Paloma Partners II ● $50,000. Among the creditors with the [email protected]. Metro Analytical Laboratories signed Thales Fund Management $611.6 Bed Bath & Beyond Inc. SB M&A largest unsecured claims are George a lease for 1,000 square feet at 255 W. (Manhattan), Red Mountain Weisz, owed $450,000; M&T Bank, ● School Construction Authority 36th St. A.C. Lawrence & Co.’s Adam Capital Partners, BML owed $199,970.96; and Workman’s Seeks competitive sealed bids by 10:30 Rosen represented the tenant, while Capital Management, Comp Judgment Unit, owed $82,000. a.m. on May 29 for exterior masonry.The Freddy Srour represented the landlord, Stephens Investments bid documents cost $250, payable by 251 West 36th St. Realty, in-house. The Holdings/Cost Plus Inc. ● Island Recycling Solutions certified check or money order only. rent was $30 per square foot. AREA Property $265.9 Korean Public Officials SB M&A 135 Pine Aire Drive, Bay Shore, L.I. Make checks payable to the New York Partners (Manhattan)/ Benefit Association Filed for Chapter 11 bankruptcy City School Construction Authority.To ● ABC Employment Agency Inc. Thames Court protection on May 7. The filing cites make inquiries, contact Stacia Edwards at signed a lease for 825 square feet at 1270 First Atlantic Capital Ltd. $146.8 Golf Town USA Holdings Inc. SB M&A estimated liabilities of $0 to $50,000 and (718) 752-5849 or [email protected]. Broadway. A.C. Lawrence & Co.’s Adam (Manhattan), NWQ estimated assets of $0 to $50,000. Rosen represented the tenant, while the Investment Management ● School Construction Authority landlord, CNA Cornerstone Inc., was Co., AWM Investment Co. ● (Manhattan), Paradigm Pete’s Famous Restaurant Seeks competitive sealed bids by 10 a.m. represented in-house by Jacey Park. The Capital Management Inc./ of Hyde Park Inc. on May 30 for flood elimination and rent was $34 per square foot. Golfsmith International 4200 Albany Post Road, Hyde Park, N.Y. electrical room upgrading at P.S. 44 in Holdings Inc. Filed for Chapter 11 bankruptcy the Bronx.The nonrefundable bid RETAIL Spire Capital Partners $64.0 Ritchie Bros. Auctioneers Inc. SB M&A protection on May 7. The filing cites document fee is $100.To make inquiries, ● J.C. Penney signed a 15-year lease for (Manhattan)/AssetNation estimated liabilities of $1,000,001 to contact Ricardo Forde at (718) 752-5288 130,000 square feet at 200 Lafayette St. Inc. $10 million and estimated assets of or [email protected]. The retailer will occupy the entire seven- The New York Times Co. $63.0 Not disclosed (4.97%) SB M&A $50,001 to $100,000. Among the story building for retail and office space. (Manhattan)/Fenway creditors with the largest unsecured GOODS AND SERVICES The tenant was represented by Sports Group ● claims are NYBDC, owed $450,000; Department of Education Newmark Grubb Knight Frank’s David Kinderhook Industries $61.0 Domtar Corp. SB M&A Rhinebeck Savings Bank, owed Seeks competitive sealed bids by 4 p.m. Falk, Jason Greenstein and Daniel (Manhattan)/EAM Corp. $440,000; and Ginsberg Institutional on June 19 for a contractor to provide Levine. The retail portion of the Not disclosed/ $46.0 CapLease Inc. (Manhattan) SB M&A Foods Inc., owed $183,153.91. lead-based paint abatement, including building, owned by Jared Kushner and Two office properties painting, plastering and finishing CIM Group, was marketed by CBRE in south central U.S. ● Uncle Sam’s New York various school buildings and leased Group Inc.’s Susan Kurland. The asking Selected deals announced for the week ended May 13 involving companies in metro New York. 501 Fifth Ave., Manhattan premises throughout the boroughs of rent was $68 per square foot. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing Filed for Chapter 7 bankruptcy New York City.To download the bid, shares of a company without the participation of a financial buyer. source: capitaliq protection on May 7. The filing cites email [email protected]. ● CVS signed a lease for 10,000 square

May 21, 2012 | Crain’s New York Business | 25 nb21p26-28cl.qxp 5/18/2012 10:53 AM Page 26

BUSINESS REAL ESTATE PUBLIC & LEGAL NOTICES OPPORTUNITY Notice of Appl. for Auth. 30 East 20 Notice of Qualification of Direct Notice of Qualification of EVEREST COMMERCIAL LLC, a foreign limited liability company Markets Media, LLC. Authority filed ACQUISITION LLC. Authority filed BUSINESS FOR SALE (LLC). Appl. for Auth. filed with SSNY with Secy. of State of NY (SSNY) on with Secy. of State of NY (SSNY) on Hudson Valley of NYS Profitable international student housing 2/1/12. LLC organized in DE 1/27/12. 2/15/12. pOffice location: NY County. 04/04/12. Office location: NY County. 1) Data, Call, Communications Ctr, 100Ksf Metro North NY office location: NY County. SSNY LLC formed in Delaware (DE) on LLC formed in Delaware (DE) on company, $3mm dorm & homestay 2)Pawling, NY 50K SF/2.7 Acres Shwrm, Wrhse designated as agent for process. 7/15/11. SSNY designated as agent 03/23/12. Princ. office of LLC: 9 W. revenues mostly in NY. Ideal oppty 3)Cold Spring, NY / Restaurant / Bistro / Office SSNY shall mail copy of process to: of LLC upon whom process against 57th St., 43rd Fl., NY, NY 10019. for real estate- or education-focused 4)Metro North Train Stop Live/Work Artist/Service c/o Walter & Samuels, Inc., 419 Park it may be served. SSNY shall mail SSNY designated as agent of LLC entrepreneur. Principals will stay/train. 5)Investment Properties, off market deals Avenue South, New York, NY 10016, process to: c/o Rodman & Renshaw upon whom process against it may 6)Development Sites, Apts, Retail, Office, Flex attn: Mr. David I. Berley. Office Capital Group, Inc., Attn: Legal, 1251 be served. SSNY shall mail process Contact: [email protected] [email protected] www.crproperties.com 845 485-3100 address of LLC in jurisdiction of Ave. of the Americas, 20th Fl., NY, to Attn: John J. Suydam at the princ. organization: c/o National Registered NY 10020, also the principal office office of the LLC. DE addr. of LLC: Agents, Inc., 160 Greentree Dr., Ste. address. Address to be maintained c/o Corporation Service Co., 2711 POSITIONS 101, Dover, DE 19904. A copy of the in DE: 615 South DuPont Hwy, Centerville Rd., Ste. 400, Wilmington, AVAILABLE TELECOMMUNICATIONS Cert. of Form. on file with State of Dover, DE 19901. Arts of Org. filed New Castle Cnty., DE 19808. Arts. of Delaware, Div.of Corp., 401 Federal with the DE Secretary of State, 401 Org. filed with The Secy. of State of Sr Quant Rsrchr, Rsrch NYC'S MOTOROLA Street, Ste. 3, Dover, DE 19901. Federal St., Ste. 3, Dover, DE 19901. the State of DE, Dept. of State, Div. & Tech Dvlpmnt MOTOTRBO SPECIALISTS Purpose: Any lawful act or activity. Purpose: any lawful activities. of Corps., John G. Townsend Bldg., (Citadel LLC – New York, NY) Analyze & 401 Federal St., Ste. 4, Dover, DE solve complx mrkt prob thru the use of PRESTITO LLC, a domestic LLC, Arts. RUTENBERG REALTY, LLC, a 19901. Purpose: Any lawful activity. domestic LLC. Arts. of Org. filed with tech, math & stat mdl’g, & comp systems. of Org. filed with the SSNY on 3/15/12. the SSNY on 04/19/2012. Office Notice of Qualification of Commodore Reqs a Bach’s degr (or foreign equiv) in Office location: New York County. location: NY County. SSNY has Thompson Music LLC. App. for Auth. Comp Sci, Elec Engnr’g or rel field & 6 SSNY is designated as agent upon whom process against the LLC may been designated as agent upon filed with Secy. of State of NY (SSNY) yrs of exp perform’g quant analysis of be served. SSNY shall mail process whom process against the LLC may on 4/23/2012. Off. loc.: NY County. LLC automated trad’g systems. In lieu of a to: The LLC, c/o Antonino D’Aiuto, be served. SSNY shall mail process formed in Delaware (DE) on 1/7/1981. Bach’s degr & 6 yrs of exp perform’g Esq., 116 W. 23rd St., Ste. 500, NY, to: Choa Fu Seng, 123 Washington SSNY designated as agent of LLC quant analysis of automated trad’g systems, NY 10011. General Purposes. St. Apt 50H, NY, NY 10006. upon whom process against it may be will accept a Ph.D (or foreign equiv) in Purpose: Any Lawful Purpose. served. SSNY shall mail process to: stated field & 3 yrs of exp perform’g NOTICE OF FORMATION OF AECRE WPP, 100 Park Ave., 4th Fl., NY, NY quant analysis of automated trad’g systems. LLC. Articles of Organization filed with Notice of Formation of 34TH STREET 10017. DE address of LLC: United Stated exp must incl 3 yrs of exp in each the Secretary of State of NY (SSNY) GP LLC. Arts. of Org. filed with Secy. Corporate Services, 874 Walker Road, of the follow’g: implement’g algorithmic on 13th day of February 2012. of State of NY (SSNY) on 05/11/12. Ste. C, Dover, DE 19904. Arts. of Org. trad’g & automated mrkt mak’g; dvlp’g C Office location: NEW YORK County. Office location: NY County. Princ. filed with DE Secy. of State, 401 office of LLC: c/o ID Real Estate Federal St., Ste. 4, Dover, DE 19901. & C++ in a Linux environ; calc real-time SSNY has been designated as agent Partners, LLC, 450 Seventh Ave., Purpose: any lawful activity. risk metrics & P&L; pric’g derivatives using upon whom process against it may be served. The Post Office address NY, NY 10123. SSNY designated as trad’g analytics & derived data incl vol. 33 East 33rd Street agent of LLC upon whom process NOTICE OF FORMATION OF Best New York, NY 10016 to which the SSNY shall mail a copy curves, volatility surfaces, & dividend against it may be served. SSNY Fest LLC. Arts of Org filed with Secy 212-532-7400 of any process against the LLC schedules; util order mgmt systems & FIX shall mail process to the LLC at the of State of NY (SSNY) on 2/15/12. www.metrocomradio.com served upon him/her is: Spiegel & engines; perform’g high-throughput, low- Utrera, P.A., P.C. 1 Maiden Lane, addr. of its princ. office. Purpose: Office location: NY County. SSNY latency process’g of mrkt data & orders; NYC 10038, 1 800 576-1100. Any lawful activity. designated as agent upon whom wrk’g w/ exchange protocols for order The principal business address of the process may be served and shall entry in both US & overseas mrkts, equities LLC is: 175 W. 12th Street, Suite Notice of Formation of Celtic on Tour mail copy of process against LLC to & futures; &, perform’g transports incl VISIT OUR WEBSITE 5M, New York, NY 10011. LLC. Arts of Org filed with Secy of principal business address: 111 E. point-to-point (TCP) & multicast (UDP). Purpose: any lawful act or activity. State of NY (SSNY) on 12/30/11. 2nd St. Apt 3A NY NY 10009. Resumes: ER/EH, Job R-0176, Citadel Office location: NY County. SSNY Purpose: any lawful act. designated as agent upon whom LLC, 131 S Dearborn St, 32nd Floor, CRAINSNEWYORK.COM Notice of Foreign Registration of process may be served and shall Notice of Formation of Evan A. Davis Chicago, IL 60603. GTC Law Group LLP. Authority filed with NY Dept. of State on 2/2/12. mail copy of process against LLC to LLC. Arts. of Organization filed with principal business address: 2109 Secy. of State of NY (SSNY) on IT - Trade Capture Office location: NY County. LLP Tech/Support Manager registered in MA on 8/14/02. Sec. of Broadway Ste 13-126 NY NY 10023. 03/21/12. Off. loc.: NY Co. SSNY PUBLIC & Purpose: any lawful act. designated as agent of LLC upon Mng sprt for Trd Cptr tm glbly; Mng sw dvlprs State designated agent of LLP upon whom process against it may be whom process against it may be /sprt stf; Dsgn glbl trd msg rpstry; Avlbl for LEGAL NOTICES NOTICE OF FORMATION OF served. SSNY shall mail process to sprt 24/6. Req: Bchlr’s in CS, Elctrncs Eng’g served and shall mail process to: CT Corporation System, 111 8th Ave., NesesCity LLC. Articles of the LLC, One Liberty Plaza, 45th +5 yrs Prgrmr Anlyst, Prgrmr & Tm Lead Organization filed with the Secretary Floor, New York, NY 10006. Purpose: dvlpg solutns incldg 2 yrs in fnancl trdg envrnmt NOTICE OF FORMATION OF rose NY, NY 10011. Principal business crownview LLC. Arts of Org filed addr.: 400 Blue Hill Dr., Ste. 2, of State of NY (SSNY) on 2/27/12. any lawful act or activity. cnfgrg systms for cptrg glbly exctd trds & 1 yr Office location: NEW YORK County. mngng glbl sprt of trd cptre tchnlgy/ops. Skls: with Secy of State of NY (SSNY) on Westwood, MA 02090. Cert. of Reg. SSNY has been designated as agent NOTICE OF FORMATION OF Beth Kx Tchnlgs Q/Kdb dtbas, Jva, Prl, Sybse & 2/23/12. Office location: NY County. filed with: MA Sec. of State, One upon whom process against it may be Altschuler Interiors, LLC. Arts of Org UNX/LNUX OS; IMAGINE, MUREX & MARKIT, SSNY designated as agent upon Ashburton Pl., Boston, MA 02108. served. The Post Office address to filed with Secy of State of NY (SSNY) Omgeo, IceLnk & Traiana; Exprnc w/equits/ whom process may be served and Purpose: practice law. on 4/24/12. Office location: NY equity drivatvs/ftures/fxd incm (CDS, IRS, shall mail copy of process against which the SSNY shall mail a copy of FX); Sprtg Tme snstv real tme systms in glbl LLC to principal business address: Notice of Formation of ICER T.A. LLC. any process against the LLC served County. SSNY designated as agent envrnmt. MPG Operations LLC, New York, NY. 205 E. 78th St., APT 9B NY, NY Articles of Org. filed with Secy. of upon him/her is: 3400 12th Avenue, upon whom process may be served Resumes to Box 189, 711 Third Ave., 3rd Flr, 10075. Purpose: any lawful act. State of NY (SSNY) on 01/19/12. Brooklyn, NY 11218. The principal and shall mail copy of process New York, NY 10017. Off. loc.: NY Co. SSNY designated business address of the LLC is: 3400 against LLC to principal business Notice of Qualification of RESIDUAL as agent of LLC upon whom process 12th Avenue, Brooklyn, NY 11218 address: 150 E 69th St NY, NY ACQUISITIONS MANAGEMENT, LLC. against it may be served. SSNY Purpose: any lawful act or activity. 10021. Purpose: any lawful act. Authority filed with Secy. of State of NY shall mail process to the LLC, c/o PUBLIC & (SSNY) on 05/04/12. Office location: David Blumenthal, Esq., Robinson Notice of Formation of 248 East 83 Notice of formation of Spartan NY NY County. LLC formed in Delaware Brog, et al., 875 Third Ave., 9th Fl., Street LLC. Arts. of Org. filed with Real Estate LLC. Arts of Org filed LEGAL NOTICES (DE) on 03/26/12. Princ. office of New York, NY 10022. Purpose: any Secy. of State of NY (SSNY) on with Secy of State of NY (SSNY) on LLC: 575 Lexington Ave., Fl. 4, NY, lawful act or activity. 2/9/12. Office location: NY County. 2/29/12. Office location: NY County. 410 LAFAYETTE STREET PARKING NY 10022. SSNY designated as SSNY designated as agent of LLC SSNY designated as agent upon LLC, a domestic LLC, Arts. of Org. agent of LLC upon whom process SAGA IMAGING LLC, a domestic LLC, upon whom process against it may whom process may be served. PO filed with the SSNY on 4/12/12. against it may be served. SSNY shall Arts. of Org. filed with the SSNY on be served. SSNY shall mail process address to which SSNY shall mail Office location: New York County. mail process to the LLC at the addr. 1/5/12. Office location: New York to: c/o The Torkian Group, 701 copy of process against LLC: US SSNY is designated as agent upon of its princ. office. DE addr. of LLC: County. SSNY is designated as Seventh Ave., Ste. 4W, NY, NY Corp Agents Inc., 7014 13th Ave., whom process against the LLC may 2711 Centerville Rd., Ste. 400, agent upon whom process against the 10036. Purpose: any lawful activity. Ste 202, Bklyn, NY 11228. Principal be served. SSNY shall mail process Wilmington, DE 19808. Arts. of Org. LLC may be served. SSNY shall mail business address: 300 E. 75th St., to: Gary Spindler, 250 W. 26th St., filed with Secy. of State, DE, 401 process to: Anna M. Boutealis CPA, Notice of Appl. for Auth. Opportunity Apt. 31M, NY, NY 10021. Purpose: NY, NY 10001. General Purposes. Federal St., Ste. 4, Dover, DE 19901. 600 Old Country Rd., Ste. 230, Garden Shoes LLC, a foreign limited liability any lawful act. Purpose: Any lawful activity. City, NY 11530. General Purposes. company (LLC). Appl. for Auth. filed Notice is hereby given that a license, with SSNY 3/23/12. LLC organized Notice of Qualification of United number 1262750, has been applied Notice of Qualification of Sixth Notice of Qualification of Wisdom in FL 6/5/03. NY office location: NY Shore Financial Services, LLC. for by CHSP TRS 36th Street LLC, to Avenue Restaurant Management Foods Carmine Street, LLC. App. for County. SSNY designated as agent Authority filed with NY Dept. of State sell liquor, wine and beer at retail in a LLC. Authority filed with NY Dept. of Auth. filed with Secy. of State of NY for process. SSNY shall mail copy of on 4/3/2012. Office location: NY hotel under the Alcohol Beverage State on 3/19/12. Office location: NY (SSNY) on 4/17/12. Off. loc.: NY process to c/o NRAI, Inc., 875 Ave. County. LLC formed in MI on Control Law at 52-54 West 36th County. Princ. bus. addr.: c/o County. LLC formed in Delaware of the Americas, Ste. 501, NY, NY 7/16/1986. NY Sec. of State Street, New York, NY 10018 for on- BetaWest, Ltd., 1050 17th St., Ste. (DE) on 4/16/12. SSNY designated 10001. The registered agent of the designated agent of LLC upon premises consumption. 350, Denver, CO 80265. LLC formed as agent of LLC upon whom process LLC upon whom process against it whom process against it may be in DE on 3/9/12. NY Sec. of State against it may be served. SSNY may be served is: NRAI.,875 Ave. of served and shall mail process to: MODABOUND LLC, a domestic LLC, designated agent of LLC upon shall mail process to: c/o Leith Hill, the Americas, Ste. 501, NY, NY c/o CT Corporation System, 111 8th Arts. of Org. filed with the SSNY on whom process against it may be 333 E. 53rd St., Apt. 8H, NY, NY 10001. Office address of LLC in Ave., NY, NY 10011, regd. agent 2/21/12. Office location: New York served and shall mail process to: c/o 10022. DE address of LLC: c/o The FL,8501 NW 17th St., #102, Miami, upon whom process may be served. County. SSNY is designated as CT Corporation, 111 8th Ave., NY, Corporation Service Company, 2711 FL 33126. A copy of the Cert. of MI and principal business addr.: 770 agent upon whom process against NY 10011. DE addr. of LLC: 1209 Centerville Rd., Ste. 400, Wilmington, Conv. & Art. of Org. on file with S. Adams Rd. #300, Birmingham, MI the LLC may be served. SSNY shall Orange St., Wilmington, DE 19801. DE 19808. Arts. of Org. filed with DE Florida Dept of State, Div of Corp., 48009. Cert. of Org. filed with Dir. of mail process to: The LLC, 117 E. Cert. of Form. filed with DE Sec. of Secy. of State, Townsend Bldg., Clifton Bldg, 2661 Executive Ctr Cr. Bureau of Commercial Services, 57th St., #38C, NY, NY 10022. State, Townsend Bldg., Dover, DE Dover, DE 19901. Purpose: any and Tallahassee, FL 32301. Purpose: To 2501 Woodlake Cir., Okemos, MI General Purposes. 19901. Purpose: all lawful purposes. all lawful act or activity. engage in any lawful act or activity. 48864. Purpose: all lawful purposes.

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PUBLIC & LEGAL NOTICES Notice of Qualification of DIRECTLI LLC. Notice of Qualification of HOFFMAN Notice of Qualification of RESIDUAL Notice of Qualification of SOCRATIC Notice of Qualification of Baltoro Authority filed with Secy. of State of LLOYD LLC. Authority filed with Secy. ACQUISITIONS GP, LLC. Authority LABS GP, LLC. Authority filed with Capital Management LLC. Authority NY (SSNY) on 04/24/12. Office of State of NY (SSNY) on 4/17/12. filed with Secy. of State of NY (SSNY) Secy. of State of NY (SSNY) on filed with NY Dept. of State on 4/20/12. location: NY County. LLC formed in Office location: NY County. LLC on 05/04/12. Office location: NY 04/03/12. Office location: NY County. Office location: NY County. Princ. Delaware (DE) on 03/08/12. Princ. formed in Delaware (DE) on 4/13/12. County. LLC formed in Delaware (DE) LLC formed in Delaware (DE) on bus. addr.: 888 7th Ave., 43rd Fl., NY, office of LLC: 1400 Broadway, 15th SSNY designated as agent of LLC on 03/26/12. Princ. office of LLC: 575 03/29/12. Princ. office of LLC: 500 NY 10019. LLC formed in DE on Fl., NY, NY 10018. NYS fictitious upon whom process against it may be Lexington Ave., Fl. 4, NY, NY 10022. 7th Ave., 17th Fl., NY, NY 10018. 2/15/12. NY Sec. of State designated name: DIRECT FOR HER LLC. SSNY served. SSNY shall mail process to: SSNY designated as agent of LLC SSNY designated as agent of LLC agent of LLC upon whom process designated as agent of LLC upon 145 Ave. of the Americas, 7th Fl., NY, upon whom process against it may be upon whom process against it may against it may be served and shall whom process against it may be N.Y. 10013. Address to be maintained served. SSNY shall mail process to be served. SSNY shall mail process mail process to: c/o CT Corporation served. SSNY shall mail process to c/o in DE: c/o GKL Resident Agents, Inc., the LLC at the addr. of its princ. office. to the LLC at the princ. office of the System, 111 8th Ave., NY, NY 10011, Corporation Service Co., 80 State St., 3500 South Dupont Highway, Dover, DE addr. of LLC: 2711 Centerville Rd., LLC. DE addr. of LLC: 2711 regd. agent upon whom process may Albany, NY 12207-2543. DE addr. of DE 19901. Arts of Org. filed with the Ste. 400, Wilmington, DE 19808. Arts. Centerville Rd., Ste. 400, Wilmington, be served. DE addr. of LLC: 1209 LLC: 2711 Centerville Rd., Ste. 400, DE Secretary of State, Division of of Org. filed with Secy. of State, DE, DE 19808. Arts. of Org. filed with Orange St., Wilmington, DE 19801. Wilmington, DE 19808. Arts. of Org. Corporations, John G. Townsend Bldg, 401 Federal St., Ste. 4, Dover, DE Jeffrey W. Bullock, Secy. of State of Cert. of Form. filed with DE Sec. of filed with DE Secy. of State, 401 401 Federal Street - Suite 4, Dover, DE 19901. Purpose: Any lawful activity. the State of DE, 401 Federal St., State, 401 Federal St., Dover, DE Federal St., Ste. 4, Dover, DE 19901. 19901. Purpose: any lawful activities. Dover, DE 19901. Purpose: Any 19901. Purpose: all lawful purposes. Purpose: Any lawful activity. NOTICE OF FORMATION of Gropper lawful activity. ENERGY ACCESS LLC filed Arts. of Law Group PLLC. Article of NOTICE OF FORMATION of Lenox NOTICE OF FORMATION OF BIZ Org. with the Sect’y of State of NY Organization filed with the Secretary FMUS, LLC, a domestic LLC. Arts. of Hill Massage and Physical Therapy, ENTERPRISES LLC. Arts of Org filed (SSNY) on 3/20/2012. Office location, of State of NY (SSNY) on 02/16/2012. Org. filed with the SSNY on 04/18/2012. PLLC. Article of Organization filed with with Secy of State of NY (SSNY) on County of New York. SSNY has Office location: NY County. SSNY has Office location: NY County. SSNY the Secretary of State of NY (SSNY) on 4/24/12. Office location: NY County. been designated as agent of the LLC been designated as agent upon whom has been designated as agent upon 03/09/12. Office location: NY County. SSNY designated as agent upon upon whom process against it may process against it may be served. whom process against the LLC may SSNY has been designated as agent whom process may be served and be served. SSNY shall mail process The Post Office address to which the be served. SSNY shall mail process upon whom process against it may shall mail copy of process against to: The LLC, 80 Wall Street, NY NY SSNY shall mail a copy of any process to: Roberto Faraone Mennella, 45 W be served. The Post Office address LLC to principal business address: 10005. Purpose: any lawful act. against the PLLC served upon him is 54 St, Apt. 10D, NY, NY 10019. to which the SSNY shall mail a copy 250 W 16th St, #4D, NY, NY 10011. C/O the PLLC 171 Madison Ave, Ste. Purpose: Any Lawful Purpose. of any process against the PLLC Purpose: any lawful act. NOTICE OF FORMATION OF Mirada 1002, NY, NY 10016. Purpose of LLC: served upon him is 261 E 78nd St. Global Advisors LLC. Articles of to engage in any lawful act or activity. Notice of Formation of WOW FACTOR N.Y., N.Y., 10021. Date of Dissolution: NOTICE OF FORMATION OF LVK LLC. Organization filed with the Secretary of Street address of Principal Business LLC. Arts. of Org. filed with Secy. of by proclamation. Purpose of PLLC: Arts of Org filed with Secy of State of State of NY (SSNY) on 03/29/2012. location is: 2171 Madison Ave, Ste. State of NY (SSNY) on 04/06/12. provide medical services. Street NY (SSNY) on 3/20/12. Office location: Office location: NEW YORK County. 1002, NY, NY 10016. Office location: NY County. SSNY address of Principal Business location NY County. SSNY designated as SSNY has been designated as agent designated as agent of LLC upon is: 261 E 78nd St. N.Y., N.Y., 10021. agent upon whom process may be upon whom process against it may KATARZYNA A. HABERKO LCSW, whom process against it may be served and shall mail copy of process be served. The Post Office address PLLC, a Prof. LLC. Arts. of Org. filed served. SSNY shall mail process JKIG, LLC. Articles of Org. filed NY against LLC to principal business to which the SSNY shall mail a copy with the SSNY on 01/25/2012. Office to Davis & Gilbert LLP, 1740 Sec. of State (SSNY) 4/11/2012. address: 221 E. 33rd St, #6H; NY, NY of any process against the LLC location: New York County. SSNY Broadway, NY, NY 10019. Purpose: Office in NY Co. SSNY desig. agent 10016. Purpose: any lawful act. served upon him/her is: 161 E 110 has been designated as agent upon Any lawful activity. of LLC upon whom process may be Street, Apt 5G, New York, NY, whom process against it may be served. SSNY shall mail copy of NOTICE OF FORMATION OF Artisan 10029. The principal business served. SSNY shall mail process to: Notice of Formation of OZ STUDIOS, process to Warren Susman c/o Promo LLC. Arts of Org filed with address of the LLC is: the same. Katarzyna A. Haberko, 1701 Earl St., LLC. Arts. of Org. filed with Secy. Wonder Works, 18 W. 21ST St., 4th Secy of State of NY (SSNY) on Purpose: any lawful act or activity. Union, NJ 07083. Purpose: To of State of NY (SSNY) on 05/03/12. Flr., NY, NY 10010. Purpose: Any 01/04/12. Office location: NY County. Practice The Profession Of Lic. Office location: NY County. SSNY lawful purpose. SSNY designated as agent upon whom ROBERT ROSENBERG LLC, a Clinical Social Worker. designated as agent of LLC upon process may be served and shall domestic LLC, Arts. of Org. filed with whom process against it may be NYC HEALTHMED SUPPLY, LLC, a mail a copy of any process against the SSNY on 4/16/12. Office location: 308 EAST 50TH STREET LLC, a served. SSNY shall mail process domestic LLC. Arts. of Org. filed with LLC to principal business address: New York County. SSNY is designated domestic LLC, Arts. of Org. filed to the LLC, 519 Eighth Ave., 19th the SSNY on 04/05/2012. Office 435 Central Park West Apt 4M, NY, as agent upon whom process against with the SSNY on 4/23/12. Office Fl., NY, NY 10018. Purpose: Any location: NY County. SSNY has been NY, 10025. Purpose: any lawful act. the LLC may be served. SSNY shall location: New York County. SSNY is lawful activity. designated as agent upon whom mail process to: DDK & Company designated as agent upon whom process against the LLC may be NOTICE OF FORMATION OF LLP, One Penn Plaza, 54th Fl., NY, NY process against the LLC may be NOTICE OF FORMATION OF Belfast served. SSNY shall mail process to: Shiftscope Entertainment LLC. Arts 10119. General Purposes. served. SSNY shall mail process to: Boys LLC. Arts of Org filed with Secy 501 Fifth Ave Ste 1204, NY, NY 10017. of Org filed with Secy of State of NY Coopersmith & Coopersmith, Attn: of State of NY (SSNY) on 2/13/12. Purpose: Any Lawful Purpose. (SSNY) on 1/25/12. Office location: M&K NY LLC Articles of Org. filed Richard D Coopersmith, 233 Office location: NY County. SSNY NY County. SSNY designated as NY Sec. of State (SSNY) 2/23/2012. Broadway, Ste. 1800, NY, NY 10279. designated as agent upon whom Notice is hereby given that a license, agent upon whom process may be Office in NY Co. SSNY desig. agent General Purposes. process may be served and shall number 1262904 for liquor has been served and shall mail copy of of LLC upon whom process may be mail copy of process against LLC to applied for by the undersigned to process against LLC to principal served. SSNY shall mail copy of Notice of formation of Cantor & Ding principal business address: 232 E sell liquor at retail in a wine bar and business address: 10 Liberty #6F, NY, process to 31 Jane St., NY, NY 10014, Ventures LLC. Arts of Org filed with 80th St, Apt 3, NY, NY 10075. cafe under the Alcoholic Beverage NY 10005. Purpose: any lawful act. which is also the principal business Secy of State of NY (SSNY) on Purpose: any lawful act. Control Law at 300 1/2 East 52nd location. Purpose: Any lawful purpose. 3/19/12. Office location: NY County. Street, New York, New York County NOTICE OF FORMATION OF MISJAY SSNY designated as agent upon whom Notice of Formation of Odin’s for on premises consumption. Kazo HOLDING LLC. Arts of Org filed with process may be served. PO address MIXED NUTZ PRODUCTIONS, LLC, Hammer, LLC. Arts. of Org. filed with Inc. d/b/a Pierre Loti Secy of State of NY (SSNY) on to which SSNY shall mail copy of a domestic LLC, Arts. of Org. filed Secy. of State of NY (SSNY) on 4/16/12. Office location: NY County. process against LLC: 40 Morningside with the SSNY on 1/26/12. Office 4/30/12. Office location: NY County. SSNY designated as agent upon Ave, #73, NY, NY 10026. Principal Notice of Qualification of Chopper location: New York County. SSNY is SSNY designated as agent of LLC whom process may be served and business address: 3610 Broadway, NY, Trading LLC. Authority filed with NY designated as agent upon whom upon whom process against it may shall mail copy of process against NY 10031. Purpose: any lawful act. Dept. of State on 4/6/12. Office process against the LLC may be be served. SSNY shall mail process LLC to principal business address: served. SSNY shall mail process to: location: NY County. Princ. bus. 42 Morton St, #18, NY NY 10014. NOTICE OF FORMATION OF Double to: 244 5th Ave., Ste. S-224, NY, NY addr.: 141 W. Jackson Blvd., Ste. The LLC, 15 Maiden Ln, Ste 1108, 10001, Attn: Simon Czaplinski. Purpose: any lawful act. NY, NY 10038. General Purposes. Flawless LLC. Arts of Org filed with 2201A, Chicago, IL 60604. LLC Secy of State of NY (SSNY) on 11/4/11. Purpose: any lawful activity. formed in DE on 4/13/05. NY Sec. of State designated agent of LLC upon NOTICE OF FORMATION OF Liyen, Notice of Formation of FEDCAP Office location: NY County. SSNY NOTICE OF FORMATION OF Modern whom process against it may be LLC. Arts of Org filed with Secy of SECURITY SERVICES, LLC. Arts. of designated as agent upon whom Ideal Development LLC. Arts of Org served and shall mail process to: c/o State of NY (SSNY) on 2/21/12. Org. filed with Secy. of State of NY process may be served. PO address filed with Secy of State of NY (SSNY) CT Corporation System, 111 8th Office location: NY County. SSNY (SSNY) on 04/20/12. Office location: to which SSNY shall mail copy of on 4/05/12. Office location: NY County. Ave., NY, NY 10011, regd. agent designated as agent upon whom NY County. SSNY designated as process against LLC: Imeld Vasquez SSNY designated as agent upon whom upon whom process may be served. process may be served and shall agent of LLC upon whom process c/o Legalzoom.com, Inc. 101 N. process may be served and shall DE addr. of LLC: 1209 Orange St., mail copy of process against LLC to against it may be served. SSNY shall Brand Blvd., 11th Fl, Glendale, CA mail copy of any process against Wilmington, DE 19801. Cert. of principal business address: 140 W mail process to the LLC, 211 West, 91203. Principal business address: LLC to principal business address: Form. filed with DE Sec. of State, 22nd St, #6C, NY, NY 10011. 14th St., NY, NY 10011. Purpose: 196 W 10 5C, NY, NY, 10014. 1133 Broadway, Ste 706, NY, NY 401 Federal St., Dover, DE 19901. Purpose: any lawful act or activity. Any lawful activity. Purpose: any lawful act. 10010. Purpose: any lawful activity. Purpose: all lawful purposes. Notice of Qualification of Alden Global Notice of Qualification of VALENTINA Notice of Qualification of ARTEAST, Capital LLC. Authority filed with NY PROPERTIES LLC. Authority filed LLC. Authority filed with Secy. of Dept. of State on 3/12/12. Office with Secy. of State of NY (SSNY) on State of NY (SSNY) on 04/23/12. location: NY County. Princ. bus. 04/06/12. Office location: NY County. Office location: NY County. LLC Get connected with Crain’s New York Business. addr.: 885 Third Ave., 34th Fl., NY, LLC formed in Delaware (DE) on formed in Delaware (DE) on 08/16/05. NY 10022. LLC formed in DE on 03/16/12. Princ. office of LLC: 675 3rd Princ. office of LLC: 47 Ave. du Bois 12/28/11. NY Sec. of State designat- Ave., 26th Fl., NY, NY 10017. SSNY de Boulogne, 92200 Paris, France. ed agent of LLC upon whom process designated as agent of LLC upon NYS fictitious name: ZVWEB, LLC. Promote your product or service to NY’s decision makers with an affordable against it may be served and shall whom process against it may be SSNY designated as agent of LLC business card size ad in our Business Connections section. mail process to: c/o CT Corporation served. SSNY shall mail process to c/o upon whom process against it may be System, 111 8th Ave., NY, NY 10011, Grant, Herrmann, Schwartz & Klinger served. SSNY shall mail process to Issue Dates for Business Connections: regd. agent upon whom process may LLP at the princ. office of the LLC. DE c/o Corporation Service Co., 80 State Crain’s Fast Fifty (6/25), City Facts (8/27), & Book of Lists (12/24) be served. DE addr. of LLC: The addr. of LLC: DE Corp. Organizers, St., Albany, NY 12207-2543. DE addr. Corporation Trust Co., 1209 Orange Inc., 1201 N. Market St., P.O. Box of LLC: 2711 Centerville Rd., Ste. 400, St., Wilmington, DE 19801. Cert. of 1347, Wilmington, DE 19801. Arts. of Wilmington, DE 19808. Arts. of Org. For more information on this powerful opportunity to showcase your business, Form. filed with DE Sec. of State, Org. filed with DE Secy. of State, 401 filed with Secy. of State of the State of call Joanne Barbieri at 212-210-0189 401 Federal St., Dover, DE 19901. Federal St., Ste. 3, Dover, DE 19901. DE, 401 Federal St., Ste. 4, Dover, DE or email Joanne at [email protected] Purpose: all lawful purposes. Purpose: Any lawful activity. 19901. Purpose: Any lawful activity. Let Crain’s New York Business help you secure new clients in 2012.

May 21, 2012 | Crain’s New York Business | 27 20120521-NEWS--0028-NAT-CCI-CN_-- 5/17/2012 7:04 PM Page 1

penses, to come to New York to re- hearse and perform in one show. Concert producer tries pay-to-play Most of them come from high- school or college choruses, though some are older. Jonathan Griffith, a conductor, is an But while the experience inspires For-profit group unusual entity in the performing some of these people to pursue pro- collects fees from arts world. While even the most fessional careers, DCINY is no prestigious nonprofit philharmon- American Idol for the classical set. amateur singers, ics and operas are struggling to make “It’s not a way to break into the ends meet, DCINY became prof- industry,” said Eric Whitacre, a sees steady growth itable in its second year of operation London-based Grammy-winning and has been growing steadily ever classical composer and conductor BY MIRIAM KREININ SOUCCAR since. Last year, it had revenue of who just headlined a DCINY con- more than $3 million, from both cert at Carnegie Hall with 600 There’s a new way to get to Carnegie ticket sales and performer pay- singers. “But they are giving people Hall. Singers can pay for the oppor- ments. The company also helps lo- the opportunity to work with a very tunity to perform on the hallowed cal concert halls by providing extra established conductor in Carnegie stage. rental income. Hall.That’s a once-in-a-lifetime ex- Distinguished Concerts Inter- It has major growth plans as well. perience for an amateur musician.” national New York has come up Over Memorial Day weekend it will with an innovative way to produce hold its first four-day mentoring U.S. careers get a lift classical music concerts at presti- workshop for young amateur con- The company does boost the gious venues like Carnegie Hall ductors. And in November it will careers of its headline artists, how- without relying on corporate spon- launch a Broadway workshop on the ever.It is producing Mr.Whitacre’s sors and other donors. The 5-year- set of Wicked, where budding actors first major U.S. tour next year, old company rents the hall and hires will put on a musical with the help for example. the headline conductor and the or- of professional casting agents and And the firm is known for bring- chestra, but builds its choirs by au- choreographers. One hundred peo- ing in composers who are famous ditioning hundreds of amateur ple have already signed up and will overseas but less well-known state- singers from around the world who pay up to $1,400, including hotel side.Mr.Jenkins is renowned in Eu- buck ennis are willing to pay a fee for the expe- and travel costs.The company plans WINNING RAVES: DCINY co-founder Iris Derke is shaking up the classical music world. rope, but until DCINY started pre- rience of performing in one of New to expand internationally in 2013, senting him in concert at least once York’s top venues. The result: high- with performances in Turkey and a year, he had few followers in the quality concerts that win rave re- South Africa. staged a concert of choral music boyfriend who wanted to get mar- U.S. Now WQXR-FM plays his views and typically sell out. from Carmina Burana at Carnegie ried in New York after gay marriage compositions,and every time he ap- “In lieu of a grant coming from a Sold-out concert Hall—calling it “Love, Lust and became legal. pears in concert in New York, his major bank or the National Endow- Part of DCINY’s success comes Light”—with choirs from around “We want people to feel that if CD sales jump. ment for the Arts,we look to our per- from its founders’ ability to present the country. The DCINY market- they see ‘DCINY’ on the program, “DCI provides a platform for formers to be mini-sponsors,” said quality work and market it well.Last ing team created a Valentine’s pack- it’s going to be a great concert,” Ms. composers who might not be well- Iris Derke, general manager and co- September, in honor of the 10th an- age with several neighborhood Derke said. “We’ve got to make it known enough on their own to be founder of DCINY, and a profes- niversary of Sept. 11, DCINY pro- restaurants, and the event attracted fun to keep people coming.” brought here or sponsored by the sional flautist herself.“In return,they duced a concert at Avery Fisher Hall more than 2,700 people. At a recent The amateur singers keep flood- concert halls themselves,” said get to walk away with an experience, featuring music by Karl Jenkins, the concert at Avery Fisher Hall, ing in. About 3,500 to 4,500 singers Andrew Ousley, publicity manager like a fantasy baseball team.” most performed living composer in DCINY held a flash wedding at in- each year pay between $400 and at EMI Classics,Mr.Jenkins’record The for-profit company, found- the world, which sold out. A couple termission for a singer in the per- $700 depending on the size and label. “They provide a springboard ed in 2007 by Ms. Derke and of years ago on Valentine’s Day, it formance and his longtime scope of the concert, plus travel ex- for talent.” Ⅲ

PUBLIC & LEGAL NOTICES

NOTICE OF FORMATION OF Law Notice of Qualification of Hedgeforum Notice OF FORMATION OF The Notice of Qualification of Back Brook NOTICE OF FORMATION OF Pure Offices of Charlene Caprio, PLLC. Portfolios, LLC. App. for Auth. filed Physical Therapy Practice PLLC. Masonry LLC. Authority filed with Development LLC. Arts of Org filed Arts of Org filed with Secy of State with Secy. of State of NY (SSNY) on Arts of Org filed with Secretary of Secy. of State of NY (SSNY) on with Secy of State of NY (SSNY) on of NY (SSNY) on 2/13/12. Office 3/21/12. Off. loc.: NY Cty. LLC formed State of NY (SSNY) on 3/9/12. 4/26/12. Office location: NY County. 2/16/12. Office location: NY County. location: NY County. SSNY designated in Delaware (DE) on 3/9/12. SSNY Office location: NY County. SSNY LLC formed in New Jersey (NJ) on SSNY designated as agent upon as agent upon whom process may be designated as agent of LLC upon whom designated as agent upon whom 2/2/11. SSNY designated as agent of whom process may be served. PO served. PO address to which SSNY process against it may be served. SSNY process may be served and shall LLC upon whom process against it may address to which SSNY shall mail copy shall mail copy of process against LLC: shall mail process to: c/o Citi Private mail copy of process against PLLC be served. SSNY shall mail process of process against LLC: US Corp US Corp Agents, Inc., 7014 13th Ave, Advisory, LLC, 666 Fifth Ave., Fl. 12B, to principal business address: The to: The LLC, 239 Homestead Rd., Agents, Inc., 7014 13th Ave, Ste 202, Ste 202, Bklyn, NY 11228. Principal NY, NY 10103. DE address of LLC: c/o Physical Therapy Practice PLLC, 361 Unit 2, Hillsborough, NJ 08844, also Bklyn, NY 11228. Principal business business address: 49 Park Ave, 4D, NY, National Corporate Research, Ltd., W 30 St, Apt 1B, NY, NY 10001. the principal office address. Arts of address: 70 Pine St, 63rd Fl, NY, NY, NY 10016. Purpose: to practice law. 615 S. DuPont Hwy., Dover, DE 19901. Purpose: any lawful act. Org. filed with the NJ State Treasurer, 10270. Purpose: any lawful act. Arts. of Org. filed with DE Secy. of Dept. of Treasury, 33 West State St., Notice of Qualification of Madison State, Townsend Bldg., Dover, DE Notice of Formation of LLC CineScope, 5th Fl., Trenton, NJ 08646. Purpose: Notice of Qualification of Qship LLC. R/A Sub, LLC. App. for Auth. filed 19901. Purpose: any lawful activity. LLC. Articles of Organization filed any lawful activities. Authority filed with NY Dept. of State with Secy. of State of NY (SSNY) on with the Secretary of State of NY on on 5/3/12. Office location: NY County. 4/3/12. Office location: NY County. Notice of Formation of DAUNTLESS 3/13/12. Location: New York County. NOTICE OF FORMATION OF LLC formed in DE on 4/30/12. NY LLC formed in Delaware (DE) on PRODUCTIONS LLC. Arts. of Org. SSNY has been designated as an VASCULARSOURCE, LLC. Arts of Sec. of State designated agent of 3/14/12. SSNY designated as agent filed with Secy. of State of NY agent upon whom process against it Org filed with Secy of State of NY LLC upon whom process against it of LLC upon whom process against (SSNY) on 04/23/12. Office location: may be served. The address to (SSNY) on 01/25/12. Office location: may be served and shall mail process it may be served. SSNY shall mail NY County. Princ. office of LLC: 50 which the SSNY shall mail a copy of NY County. SSNY designated as to the principal business addr.: 424 process to the DE address of LLC: Murray St., #509, NY, NY 10007. any process against the LLC served agent upon whom process may be West End Ave. Apt. 7K, NY, NY 10027, 2711 Centerville Rd., Ste. 400, SSNY designated as agent of LLC upon him/her is 609 Greenwich St, served and shall mail copy of process Attn: Anthony Lage. DE addr. of LLC: Wilmington, DE 19808. Arts. of Org. upon whom process against it may 4th floor, New York, NY 10014, same against LLC served to principal 1209 Orange St., Wilmington, DE filed with DE Secy. of State, 401 be served. SSNY shall mail process as the principal business address. business address: c/o George J. Todd, 19801. Cert. of Form. filed with DE Sec. Federal St., Dover, DE 19901. to the LLC at the addr. of its princ. Purpose of LLC: video camera 1000 Tenth Ave. NY, NY 10019. of State, 401 Federal St., Dover, DE Purpose: any lawful act or activity. office. Purpose: Any lawful activity. equipment financing. Purpose: any lawful act. 19901. Purpose: all lawful purposes.

NOTICE OF FORMATION OF IWC NOTICE OF FORMATION OF GOLDEN BILL LEVITZ LLC, a domestic LLC. Notice of Formation of HH 81ST Notice of Formation of 345 PRODUCTIONS, Capital Management LLC. Arts of Org KYLIN (U.S.) LLC. Arts of Org filed Arts. of Org. filed with the SSNY on STREET LLC. Arts. of Org. filed LLC. Arts. of Org. filed with Secy. of filed with Secy of State of NY (SSNY) with Secy of State of NY (SSNY) on 02/22/2012. Office location: NY with Secy. of State of NY (SSNY) on State of NY (SSNY) on 04/17/12. on 1/4/10. Office location: NY County. 7/20/11. Office location: NY County. County. SSNY has been designated 9/2/11. Off. loc.: NY Cty. SSNY Office location: NY County. SSNY SSNY designated as agent upon whom SSNY designated as agent upon as agent upon whom process against designated as agent of LLC upon designated as agent of LLC upon process may be served and shall whom process may be served and the LLC may be served. SSNY shall whom process against it may be whom process against it may be mail copy of process against LLC to shall mail copy of process against mail process to: Ste 10X, 305 E. 24th served. SSNY shall mail process served. SSNY shall mail process to principal business address: Matthew LLC to principal business address: St, NY, NY 10010. Reg Agent: William to: c/o Centaur Properties, LLC, Kalnick, Klee & Green, LLP, 767 Third Wright, 260 Madison Ave, 8th Fl, NY, 36 W 44TH ST, STE 707, NY, NY Levitz, Ste 10X, 305 E. 24th St, NY, NY 609 Greenwich St., 4th Fl., NY, NY Ave., NY, NY 10017-2023. Purpose: NY 10016. Purpose: any lawful act. 10036. Purpose: any lawful act. 10010. Purpose: Any Lawful Purpose. 10014. Purpose: any lawful activity. Any lawful activity.

28 | Crain’s New York Business | May 21, 2012 20120521-NEWS--0029-NAT-CCI-CN_-- 5/18/2012 8:07 PM Page 1

Grand Central seeks 2 eateries Liz Claiborne worn out

Continued from Page 1 Continued from Page 2 are available only to restaurants. sales headaches. Annual revenue for MTA officials believe the two sites the firm has been halved over the could generate up to $20 million past six years. in revenue annually for the “He walked into a business that proprietors. was broken,” said Jeffrey Edelman, Requests for proposals will start director of retail and consumer ad- going out later this month. Opera- visory services at RSM McGladrey. tors will be selected by year’s end so “He’s really gotten rid of the drains, that the restaurants can open in and now he’s got businesses they 2013, when the landmarked train should be able to expand.” station will celebrate its 100th an- Investors are optimistic that Mr. niversary. The search comes nearly McComb is finally on the right six months after a huge Apple store track. The biggest step was selling replaced restaurant Metrazur on the the namesake Liz Claiborne cloth- East Balcony in the station’s Great ing label, which had been a burden Hall, drawing even more traffic to for the company,to J.C. Penney Co. newscom the bustling commuter hub. in October for almost $270 million. CEO WILLIAM MCCOMB is eager to expand “We think this is a very exciting Also last fall, Mr. McComb un- Fifth & Pacific’s three brands. opportunity,” said Nancy Marshall, loaded the majority of the Mexx la- director of Grand Central Terminal SCENIC OVERLOOK: The balcony over the food market will house one of the new restaurants. bel, also a flop, to a private equity development for the MTA. “There firm. He is also selling off the lag- Brazil. Mr. McComb has not ruled has already been incredible interest ging private jewelry label Adeling- out spinning off the brand via an ini- from restaurants.” being built underneath Grand Cen- envisions a farm-to-table concept ton. At the end of the first quarter, tial public stock offering further With an average of 750,000 peo- tral, Crain’s reported last week. that builds on the restaurant’s loca- the company’s debt was $317 mil- down the line, especially given the ple passing through the terminal The gross revenue from Grand tion above the lively market, which lion, a big reduction from the $698 success in the public-company space daily,an amount that swells to 1 mil- Central retail leasing and special features some of the city’s best- million load a year earlier,and in the of competitor Michael Kors. lion during the annual holiday fair in events hit $27.4 million in 2011. known foodies, including Eli’s past 12 months, F&P’s stock price “It’s definitely an opportunity Vanderbilt Hall, the potential up- That’s a mere 0.22% of the MTA’s Bread and Murray’s Cheese. There has nearly doubled.Shares last week that’s out there,”Mr.McComb said. side for restaurateurs could be huge. operating expenses of $12.5 billion. may even be a window in the restau- traded near $12.40. F&P’s other brands still have a “Grand Central is underserved Still, every little bit helps at the rant’s floor to further establish the “It’s a much smaller company, way to go. Lucky, under new leader- by restaurants,” said Amira Yunis, cash-challenged agency. link. The entrance will be a long- but, ultimately, it will be a more ship for the last two years, is just an executive vice president at real es- The MTA isn’t requesting a min- unused doorway just north of the profitable one,” said Jim Chartier, a catching up to more expensive denim tate brokerage CBRE. imum rent for the new venues, leav- market’s on Lexington Avenue. retail analyst at Monnes Crespi players like AG Jeans. It has benefit- The planned eatery on the west ing the restaurateurs to make a pro- Hardt. end of Vanderbilt Hall could go a posal. However, based on Hot spot One profit source should be Jack long way to changing that. It could assumptions that the restaurants “I think Grand Central is a ter- Spade, the Kate Spade extension ‘It’s a smaller be as large as 12,000 square feet— would each generate between $8 rific restaurant location,” said Keith that sells everything from pocket roughly four times the size of an av- million and $10 million a year in Treyball, president of ESquared squares to iPhone covers and other company, but erage restaurant in the city. Its cen- sales, a rent of $80 a square foot to Hospitality, which operates eight techy adornments for guys. The ter will be a 2,100-square-foot space $100 a square foot seems reasonable, restaurants in the city, including brand is well situated to take advan- it will be a more that used to be a hair salon.The op- sources said. The agency typically BLT Steak and Casa Nonna. tage of a burgeoning menswear in- erator must place some tables in the takes a portion of the sales above an Like some others, however, Mr. dustry, analysts say. U.S. sales of profitable one’ Beaux Arts hall itself and could take unspecified amount. Currently, the Treyball expressed reservations men’s accessories, a $15.5 billion nearly half its space, or roughly existing restaurants average sales of about a second-story spot that market, outpaced women’s last 5,100 square feet. Additionally, the $750 a square foot. doesn’t look out over the terminal it- year—up 9% versus 4%, respective- restaurant could extend as far back Restaurateurs interested in the self. He and others also predict that ly, reported consumer tracking firm as the Times Square Shuttle pas- Vanderbilt Hall space will have to any operator would likely see the NPD Group Inc. ed from new marketing efforts such sage, where a baked-goods shop sits devise a plan for coexisting with the strong weekday business taper off on as catalog mailings and more-femi- now,a location that could be used as events held there,especially the hol- the weekends,a fear that several cur- Kate and Jack nine looks. A pricier Legend collec- a takeout shop. iday market, which takes up the en- rent tenants dismiss. With just nine current outposts, tion and kidswear are also underway. The other spot up for grabs is tire venue. The MTA isn’t offering They report that their business including a Greene Street SoHo Juicy will be the toughest turn- roughly 5,000 square feet on the advice on that, but it is asking the remains robust over the weekends, shop that is F&P’s most productive, around of all, which could hamper second story above the food mar- winning bidder to serve breakfast, especially since the tourism business according to Mr. McComb, Jack the company’s overall recovery.The ket. That space currently houses lunch and dinner. is booming. At the Oyster Bar, for Spade could become a 200-store la- brand, which had been hot at the storage units and an MTA police “We want to see what kind of example, weekday business is about bel, some observers say. turn of the century, lost its footing a locker room. ideas they come up with,” said Ms. 70% New Yorkers and 30% “Jack is a really appealing asset half-dozen years ago, when con- Marshall, adding she could see a tourists—a mix that reverses on Sat- that they have that a lot of people sumers began equating its terry- Milking a cash cow spot like SoHo brasserie Balthazar urdays. don’t give them credit for,” said cloth tracksuits with trashy celebri- Adding the restaurants is part of working well. “Saturday may not be quite as Corinna Freedman, a retail analyst ties like Paris Hilton. Now the the MTA’s plan to wring more mon- Both restaurants must be open good as a Thursday or Friday,but it’s at Wedbush Securities Inc. merchandise is more colorful and ey out of its assets.The agency is also seven days a week. Chain restau- certainly as good as a Tuesday,” said It’s a similar outlook for Kate brandishes fewer logos. The brand hoping to lease or sell several of its rants are excluded, and New York Jonathan Young,general manager of Spade. The brand, which recently seems to be looking to more closely buildings. Additionally,the MTA is operators are preferred. the venerable subterranean restau- added watches and denim to its list mimic Kate’s focus on accessories. seeking private companies to man- “It’s hard for an out-of-towner to rant that will turn 100 next year.“On of wares, is expected to open 30 “Success is going to depend, in age Fulton Center downtown—forget New York,”said Michael Ewing, a Saturday at 3 o’clock, that bar will stores in the next 18 months. (Kate part, on their ability to continue to merly called the Fulton Street Tran- principal of Williams Jackson be packed with people who have and Jack combined should eventu- turn around the Juicy brand,” Ms. sit Center—to make it a shopping Ewing, a retailing consultant work- been shopping.” Ⅲ ally reach 600.) Overseas expansion Freedman said. destination. Private firms may also ing with the MTA. is blossoming as well—Kate Spade manage the future retail spaces in There’s slightly more guidance LISTEN to a discussion at signed a joint venture with E. Land LISTEN to a discussion at the Long Island Rail Road station for the second site.There, the MTA CrainsNewYork.com/podcasts Ltd. in China, and opened a store in CrainsNewYork.com/podcasts

the point where perhaps only 500 laid into lawmakers over the bills Council bills worry biz leaders workers a year will benefit. The and even threatened legal action. banking bill was also revised. Mr. Bloomberg vetoed the prevail- “She has consistently been the ing-wage bill, but the council easi- Continued from Page 2 litical observers believe she has On the other hand, early polls moderating influence on progres- ly overrode it last week. It’s a sce- million in subsidies to pay their wiggle room to do so. A growing show Ms. Quinn leading her De- sive legislation,” said Democratic nario likely to play out again on the workers $10 an hour plus benefits. perception among business leaders mocratic rivals by a fair margin. consultant Michael Tobman.“Her living-wage and banking bills and Ms. Quinn has not taken posi- is that with no credible mayoral And some observers argue that Ms. role has been to temper and edit perhaps others as the mayor’s tions on bills barring credit checks candidate surfacing to Ms. Quinn’s Quinn has kept her left-leaning what have otherwise been pretty lame-duck term winds down and on job applicants and requiring car- right,she will tack left without fear. members in check, watering down stringent regulations.” the Democratic primary ap- wash operators—who are the target “Who else could the business bills opposed by business interests. It hasn’t been enough even for proaches. of a union organizing drive—to ob- community possibly turn to?” said a While the living-wage measure ul- some Quinn allies,including May- “I try not to think about it,” Mr. tain annual licenses. But many po- real estate industry insider. timately passed, it was narrowed to or Michael Bloomberg, who has Bookman said. Ⅲ

May 21, 2012 | Crain’s New York Business | 29 20120521-NEWS--0030-NAT-CCI-CN_-- 5/18/2012 7:43 PM Page 1

Trials of a renegade hospital CEO Exhibitors fight

Continued from Page 3 Continued from Page 1 Manhattan. But Willets Point is rubbed the wrong way, and he has FIGHTING A TAKEOVER: The executives insist they will hardly a strong alternative at the angered some doctors.” Brooklyn’s Wyckoff Medical not patronize the much larger ven- moment, since it would take The soap opera at Wyckoff, star- Center is scandal-scarred ue in Ozone Park, Queens, at the decades before such a project could ring Mr. Rodriguez, wouldn’t matter and financially troubled. But Aqueduct raceway that is to be built come to fruition.The city just inked except that the Cuomo administra- the new CEO isn’t giving up. by the casino operator Genting a deal with the Related Cos. and tion is now tuning in.Top state health Americas. They prefer a proposed, Sterling Equities, controlled by officials say the CEO is delaying one but troubled, development plan at Mets owners Fred Wilpon and Saul of the administration’s signature pol- Willets Point near Citi Field,which Katz, to develop the area by build- icy initiatives: getting health care is closer to Manhattan. “Javits cus- ing a retail complex, hotel and resi- costs under control by restructuring tomers are adamant that the Javits dential units.But there was no men- ailing hospitals.The state has prom- Center remain open long term,” tion of a convention center in the ised $450 million in grants—the their letter stated. first phase of the development plan. lion’s share of which is slated for Calling themselves Friends of Genting, the Malaysian-based Brooklyn’s frailest institutions. Javits, the group is composed of 21 conglomerate that opened Resorts But until last week, state officials of the largest trade-show companies World Casino at Aqueduct raceway had delayed spending a dime in hopes in the business—which produce last October, points out that its fa-

they could persuade Wyckoff ’s CEO buck ennis such events as the International cility would be entirely privately to execute a turnaround plan orches- Restaurant & Foodservice Show funded and that no entity has of- trated late last year.The scheme calls es in Brooklyn and that integration 15 years ago.Mr.Rodriguez also said and the New York International fered to do the same at Willets for Wyckoff and Interfaith Medical must take place—and the longer it being the parent of a special-needs Gift Fair—as well as organizations Point. Genting has been courting Center in nearby Bedford- takes, the less likely a successful in- child has taught him how to listen such as the Toy Industry Associa- the group, trying to win them over. Stuyvesant to file for bankruptcy, tegration will be.” better—something he said the state tion and the National Retail Feder- “We look forward to continuing wipe their debts clean and merge with Wyckoff ’s intransigence has is not doing to him now when he ex- ation,which also produce big events to work with the trade-show opera- the Brooklyn Hospital Center. frustrated the Cuomo administra- plains that Wyckoff has turned at Javits. tors to demonstrate what a fantastic Mr. Rodriguez was on the state tion. James Introne, the state’s around under his leadership and no opportunity the New York Interna- panel that made those recommenda- deputy secretary for health, said the longer would benefit from a merger. A seat at the negotiating table tional Convention and Exhibition tions in late November.A month lat- state Health Department believes “There are certain people in this The governor’s dramatic an- Center could be for New York City,” er, Wyckoff ’s board hired him. His that the panel’s recommendations administration who are acting very nouncement in January of a Javits said Genting spokesman Stefan first move as CEO: Stop the merger. “continue to offer the most in- autistic,” he said. “They can’t com- replacement in Ozone Park sur- Friedman. Mr.Rodriguez defends his rever- formed guidance for addressing the municate, listen or transition.” prised the executives, but they are Christian Goode,Genting’s sen- sal by saying the merger was an out- Brooklyn health care delivery sys- Some doctors say that descrip- determined to get a seat at the nego- ior vice president of development, dated plan hatched by the previous tem problems.” tion could fit Mr. Rodriguez. In one tiating table now. invited trade-show executives to CEO, Rajiv Garg, who never both- Mr. Rodriguez said his board is early morning email rant to trustees, “We wanted to let the governor Aqueduct in February, but the ered consulting an inattentive board. unwilling to go along with the he called them “dysfunctional.” know that there is a strong base of meeting did little to gain their Former administrators are under in- merger because it gives Brooklyn The CEO sent the former chief support [for keeping the facility] support.“We have many more ques- vestigation by the Brooklyn district Hospital too much power over medical officer a missive shortly be- and to ask him to reconsider tearing tions than answers about the proj- attorney after a group of doctors al- Wyckoff ’s fate. “We will work with fore firing him,accusing him of “be- it down,” said Britton Jones, chief ect,” Mr. Jones said. “Genting ad- leged financial improprieties. the hospitals and the state,” he said, ing insubordinate and also rude. … executive of Business Journals Inc., mitted they had a lot of homework Under pressure from the board, “but it has to be on an equal footing.” I welcomed you into management which produces 17 events at Javits a to do.” Mr. Garg resigned in December af- Wyckoff ’s rebellious CEO has and you have responded by failing to year, including the Accessories and Since the governor’s announce- ter using Wyckoff like a personal forced the Cuomo administration to respect the rules of colleagues. I am Moda Manhattan shows. ment on Jan. 4, the administration piggy bank, charging high-priced allow Brooklyn and Interfaith hos- ashamed of you.” Without the trade-show indus- has not provided any new details meals and cigars to the hospital,and pitals to move ahead with their try’s support, the proposed 3.8 mil- about its plan. A spokesman said, insisting security guards drive him plans. The two hospitals want to Catching flak “No decisions have been made or are in the hospital’s stretch limo, Lin- hire Navigant Consulting to create a Before stepping down from imminent as to when Javits redevel- coln Town Car and Cadillac Es- blueprint for a merger. Wyckoff ’s board, trustee Frank opment would begin, and any rede- calade. Mr. Garg, who publicly de- But Mr.Rodriguez and his board Chiarello emailed the new CEO to ‘We have more velopment will be part of a compre- fended the financial improvements worry that the consulting contract is say he was “appalled” that Mr. Ro- hensive master plan reflecting he made at Wyckoff, agreed to re- a way for the state to justify a forced driguez had fired longstanding em- questions than community and shareholder input.” sign in exchange for $875,000 in marriage that will shore up Brook- ployees without consulting the answers about Genting is in a holding pattern, severance. Last week, Mr. Ro- lyn and Interfaith hospitals yet board. “Your constant references to but at least it is speaking directly driguez traded in the Escalade so he won’t take into account the new di- rumors, nebulous accusations and the project’ with the governor’s office,according could drive a Hyundai Sonata, “a rection Wyckoff has charted in the innuendoes against current and for- to Mr. Friedman, while the trade- fuel-efficient, simple car,” he said. past six months. It isn’t clear where mer employees are totally unaccept- show executives have not received a After taking the job, it was clear Wyckoff will fit in. able,”Mr.Chiarello wrote.“In addi- response to their letter, nor are they to Mr.Rodriguez that the remaining “I’m beginning to get a lot of tion, you use this email distribution in active discussions with the ad- board members wanted to keep pressure,” Mr. Rodriguez con- list to humiliate board members.” ministration. Wyckoff independent by partnering firmed. “I’m being viewed by my After working with a consulting lion-square-foot convention center In addition to keeping Javits with nearby doctors to build its out- friends in Albany as not following firm, Mr. Rodriguez saved the hos- at Aqueduct—the largest in the open, the executives are also asking patient business. Mr. Rodriguez was the Cuomo plan.” pital $5 million in operating costs by country—would be tough to fill. the governor to consider expanding hired on a $250,000,six-month con- A lawyer by training, Ramon changing doctors’ contracts. “Doc- “This is a real strong message by the 26-year-old facility once its $463 tract to make that happen. His con- Jesús Rodriguez became the state’s tors are outraged,” said a physician the industry,which is saying,‘Just be- million renovation is completed. tract, though, expires next month. parole-board chairman under Mario who attended the no-confidence cause you build it, it doesn’t mean Cuomo. He later worked in health vote. “He is nullifying all our con- we’ll come,’ ” said Mark Schienberg, Farley Post Office a nonstarter ‘Critical time’ insurance, managed a small hospital tracts,and saying they are illegal and president of the Greater New York Friends of Javits met with offi- The two hospitals that would system in the Hudson Valley,and was we will go to jail.” Automobile Dealers Association, cials from the Port Authority of merge with Wyckoff say the delay eventually selected to join the Brook- Mr. Rodriguez dismissed criti- which produces the annual New York New York and New Jersey in April pushes the ailing facilities closer to lyn Work Group of Andrew Cuo- cisms by “a couple of people” at International Auto Show at Javits. regarding the development of the bankruptcy and an uncertain future. mo’s Medicaid Redesign Team. Wyckoff whom he described as “psy- The auto show’s name does not massive James A. Farley Post Office They believe the merger would Now that he’s back on health care’s chopaths,” and cited the contract re- appear on the letter because Mr. at West 34th Street,where a portion mean an orderly restructuring and front lines,Mr.Rodriguez wishes bu- structuring as part of the hospital’s Schienberg is willing to move his of the complex is being considered the rebirth of a health system with reaucrats in Albany showed more rebound under his leadership. But he weeklong event to Aqueduct, al- as a smaller alternative to the Javits fewer empty beds and more outpa- sympathy toward the communities acknowledged that he has ruffled though he supports the industry’s Center. But the group is not sold on tient clinics focused on treating affected by their decisions. “When feathers—and could benefit from position on Javits. “They can easily that proposal, either. chronic illnesses in a more cost-ef- was the last time Jim Introne had rice some internal filtering of his pull their shows from New York Despite their protests,the demise fective manner. and beans on Wyckoff Avenue?” Mr. thoughts. City,” he explained. “I can’t.” of the Javits Center is “inevitable,” But time is running short. “[The Rodriguez said of the governor’s Asked about the inflammatory The New York Hotel Associa- said Robert Yaro, president of the state] stepped in at a critical time to deputy health secretary. emails, Mr. Rodriguez conceded he tion also recently sent a position pa- Regional Plan Association, an ur- bring the three hospitals in one Some Wyckoff doctors have still writes them. “I just don’t hit per to its members expressing its ban-development group. “Conven- room and push the process for- openly mocked the fact that Mr. Ro- ‘send,’ ” he said last week. “I’ve done support for the Javits Center to re- tion centers in all the major world ward,” said Nathan Barotz, chair- driguez takes antidepressants. Ironic, some things sometimes against my main open. cities are being moved out of central man of the board of trustees of In- he dryly noted,given their profession. own interests because I am passion- The main objection to a conven- business districts.” Ⅲ terfaith Medical Center. “It He was first treated for clinical ate about what I do. As I look at the tion center in Ozone Park is the recognizes the importance of depression, he said, when his older emails, I would have been better off one-hour-plus distance and lack of LISTEN to a discussion at providing quality health care servic- son was diagnosed with autism about taking a few deep breaths.” Ⅲ speedy transportation to and from CrainsNewYork.com/podcasts

30 | Crain’s New York Business | May 21, 2012 20120521-NEWS--0031-NAT-CCI-CN_-- 5/18/2012 12:02 PM Page 1

REAL ESTATE DEALS MIXED BAG Changes in asking rents in 1Q vs. 4Q ‘11 Video outfit gets enough space to party Ⅲ Avg. asking rent* Ⅲ % change BIGGEST WINNERS ment New York Times Square the bank chose the slender, 51-story, Animoto looked Investment bank Fifth Ave. (42nd to 49th) West, helped lure Kee’s, since the glass-clad building at 140 Broadway $954 +47% at 50 places before chocolatier also sells to the hospi- hikes up B’way because it’s a trophy property in low- tality industry for its turndown er Manhattan, which is more con- Madison Ave. (57th to 72nd) finding perfect spot services. Signal Hill Capital Group is mov- venient for many of the firm’s execu- $1,212 +20% “It was serendipity,” said Scott ing into 5,300 square feet at 140 tives. Sources said the asking rent in in lower Manhattan BIGGEST LOSERS Galin, the in-house representative Broadway. The investment bank the late-1960s building was in the for landlord Handler Real Estate plans to move later this month. high $40s a square foot. Third Ave. (60th to 72nd) ypically,companies that Organization. The bank considered numerous Cushman & Wakefield Inc. bro- $218 -14% aren’t running night- Rosanne Lucarelli, also of options, according to Stephen Bell- kers Robert Constable and Willard Broadway (72nd to 86th) clubs don’t lament a Handler, represented Kee’s in nego- wood, a broker at Cassidy Turley Overlook represented building own- $273 -8% lack of space for drink- tiations. who with colleague Andy Bay repre- er Union Investment Real Estate. * Per square foot. Source: CBRE Inc. ing and dancing. Be —adrianne pasquarelli sented the firm. Mr. Bellwood said —theresa agovino Tthat as it may, one reason why Ani- moto Inc. opted to nearly double its space by leasing 15,200 square feet at 440 Lafayette St. was so employees would have enough room to let loose at its traditional Friday afternoon happy hours. “We hang out, and we get a little silly,” said Nathan Meagher, vice president of people services—which in other companies would be called human resources. Animoto provides a Web-based system to create videos. It also needed the space to keep growing. Since 2010, Animoto has more than doubled its staff to 55 and will probably have up to 70 by the end of the year. Among other things, the tenant is constructing a 45-seat café for employees, as well

You expect an expert in Cash Management, Risk Management and, of course, Relationship Management. as a shower for those who bike to work. That’s Key. We have experts in every aspect of financial “We must have looked at 50 services. Starting with the relationship. We are KeyBank. places,” Mr. Meagher said. “This is Our Relationship Managers help you access a team of exactly what we wanted.” senior level specialists to assist you with any financial need. The asking rent for the five-year deal was $39 a square foot. CBRE We are also KeyBanc Capital Markets Inc., a full service Group Inc. brokers Ben Fastenberg corporate and investment bank. So when your financial and Ross Zimbalist represented needs become more sophisticated, like maximizing liquidity Animoto, while Newmark Grubb or managing risk, we have the expertise to help you succeed. Knight Frank brokers Eric Gural and Donna Vogel represented the We’re not just the expert you deserve. We’re what you expect. building’s owner, Newmark Holdings. —theresa agovino Chocolatier Kee’s

in on West 39th Kee’s Chocolate has found a new sweet spot.The chocolatier recently signed a 10-year deal for 500 square feet at 315 W. 39th St.The asking rent was $151 a square foot. Opening in the fall, the eatery will be the third location for Kee’s. Nearby hotels, including Ele-

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CHEAT SHEET THE Avon spurns smaller rival Coty and its wingman, Warren WEEK Buffett ON THE BOY MEETS GIRL. Last month, beauty company Coty Inc. WEB extended its hand and offered to buy struggling cosmetics MAY 14-20 giant Avon Products Inc. for $10 billion.The larger CRAINSNEWYORK.COM company rebuffed Coty, which buck ennis then polished its bid—and gained billionaire investor t was a big week at Citi Field.The Bloomberg administration struck a deal with the Warren Buffett as a backer— Related Cos. and Sterling Equities, the real estate company controlled by Mets owners before ringing Avon’s bell Fred Wilpon and Saul Katz.They plan to build a 1.4 million-square-foot mall and parking again earlier this month with a I $10.7 billion offer. garage at Willets Point, Queens, next to the Mets’ stadium.The catch? The first phase won’t begin until 2025, three years after the entire project was scheduled to be completed. ¶ “They SHE’S JUST NOT THAT INTO YOU. Avon asked for a week are back to square one,” Michael Rikon, a lawyer representing Willets Point property owners, beyond Coty’s May 14 told The New York Times. ¶ In the first phase of the plan, the developers will build a new deadline to mull things over. parking lot for the stadium, a hotel and a small amount of retail. Only after that will they build Coty walked. Avon shares a million-square-foot retail and entertainment complex, tentatively dubbed Willets West, on a tanked, plummeting 10% to close at $18.71 on May 15. parking lot just west of Citi Field. If that goes off without a hitch, the developers will consider constructing some housing. ¶ The Willets Point deal wasn’t the only big news for Citi Field NEW GAL IN CHARGE. Avon’s got a new leader, by the way. last week. Major League Baseball announced plans to bring the five-day All-Star Game Former Johnson & Johnson festivities to the stadium in 2013. City tourism officials salivated, projecting $115 million in

executive Sherilynn McCoy newsbloomberg direct economic activity, $76 million in indirect activity and almost 180,000 visitors. A few took over from longtime CEO economists pooh-poohed those estimates, but maybe they’re just Yankee fans. Andrea Jung last month, and Ms. McCoy’s got some serious blemishes to expunge. In addition to dealing with overseas bribery allegations, she ESPADA GUILTY. Former Democratic state Sen. Pedro Espada Jr. was found guilty of four counts of theft. He had been must reverse sinking sales and get Avon on the technological map, as it charged with stealing $448,000 from Soundview Health Center in the Bronx,a nonprofit he helped start and—if the state lags rivals like Sephora. “She’s got enough experience to give Avon a good gets its way—end.The Department of Health moved to close the clinic’s medical services, meal deliveries and housing as- look with a fresh set of eyes,” said Connie Maneaty, an analyst at BMO sistance. The jury deadlocked on four additional counts of theft, fraud and conspiracy. Mr. Espada faces another trial on Capital Markets Corp. those charges. … STOP ’N’ RISK. After a judge granted class-action status to a lawsuit challenging the New York Police Department’s controversial stop-and-frisk tactics, Police Commissioner Ray Kelly announced policy changes aimed at I WILL SURVIVE. Coty appears to be over Avon. (It may even move on to ending racial profiling.The suit alleges that NYPD officers disproportionately stopped African-American and Hispanic its own IPO, some Wall Streeters think.) As for Avon, analysts say it’s not males without cause. A New York Civil Liberties Union survey shows that the NYPD stopped 168,126 black men be- completely past its prime, provided Ms. McCoy works some makeover tween the ages of 14 and 24 last year. … XOXO, NEW YORK. Gossip Girl may be on its way out, but six TV pilots recently magic. Investment company Richemont Holdings could be Avon’s next filmed in the Big Apple received a green light,putting 2012 on track to be the city’s busiest TV production year yet.Though suitor. Advice: Bring flowers. set locations have yet to be determined, industry locals are confident the series will be made here, pushing the made-in- —adrianne pasquarelli NYC tally to 25. Newly picked-up shows include three on CBS, two on ABC and one on NBC. —emily laermer

pressure on profits from iPhone ited data plans will have to pay the subsidies. Carriers discount each full cost of a new iPhone when they Verizon, NY’s new No. 1 device, paying around $450 of its upgrade—or move to a more expen- cost. In the fourth quarter of last sive plan. year, Verizon Communications In addition, new Verizon Com- Continued from Page 1 At least not yet. Verizon’s LTE iPhone has helped Verizon Wireless posted a $2 billion loss attributed munications CEO Lowell wake of the financial crisis. service, which is more cost-efficient gain market share. It ended 2011 mainly to pension charges, but the McAdam—who was previously Verizon Wireless, a joint venture and up to 10 times faster than 3G, with 39.1% of much-coveted post- costs of signing up 4.2 million CEO of Verizon Wireless—has with British telecom Vodafone covers two-thirds of the country. paid subscribers—cellphone cus- iPhone customers played a role, too. been preparing for the tectonic (which owns a 45% stake),generated AT&T’s,by contrast,will not be ful- tomers with two-year contracts— “Verizon is well run,” said Bar- shifts taking place across the tele- $70.2 billion in revenues last year, up ly deployed until the end of 2013. up from 37.7% the year before. clays analyst James Ratcliffe, who com and media industries. The 11% from 2010. Despite a saturated AT&T gained only a 10th of a per- rates the stock “equal weight,” company recently announced a joint market, the Verizon unit signed up 5 Second-mover advantage centage point, for a total of 31%, ac- which is tantamount to “hold.”“But venture with Coinstar, owner of million new subscribers last year,giv- Verizon’s reputation for network cording to research firm Atlantic- the wireline business has minimal DVD kiosk chain Redbox, to create ing it an industry-leading total of quality goes back to its genesis as Bell ACM. growth, and the wireless business a video-on-demand service that 107.8 million. Atlantic Mobile. But a turning point In other businesses, however, has growth but a lot of competitive would compete with Netflix. It will And there’s more growth to come. came with AT&T’s exclusive launch Verizon has not fared as well. The pressures.” launch in the second half of this year. Verizon is poised to bring wireless of the iPhone in 2007. The data de- company has been criticized for The company also faces potential More important, Verizon struck connections to everything from GPS mands of the wildly popular smart- spending $23 billion since 2004 on disruptions as it tries to negotiate a a strategic $3.6 billion deal with systems to customer billing, and to phone put unexpected strains on the rollout of its FiOS network for cost-saving contract with the wire- three cable companies—traditional offer television shows on mobile de- AT&T’s networks.The Dallas-based television, phone and broadband. line division’s 45,000 unionized rivals of the telecoms—for wireless vices, pending regulatory approval of carrier has been doing reputation- Verizon insists the investment, a workers. spectrum, which has become in- a deal with cable operators. damage control ever since. major legacy of former CEO Ivan creasingly precious as mobile users Most critically,Verizon is rolling Verizon, in the years following Seidenberg, has paid off. With 4.4 Getting a grip on costs scarf down huge quantities of data. out a next-generation high-speed the iPhone launch, invested in its million video subscribers as of the Investors don’t seem to mind.The In March, Mr. McAdam said a wireless network, called 4G Long network while building out a suc- first quarter, FiOS is credited with company’s stock closed Friday at marketing partnership with cable Term Evolution,or LTE.The aim is cessful line of Android smart- keeping the company’s wireline $41.53, up 12% from a year earlier. operators, if approved, could lead to to provide faster video and data phones. By the time the company business profitable. Wireline in- And Verizon Wireless appears pay-TV subscribers watching shows downloads and safeguard a reputa- started to carry the iPhone in Feb- cludes old-fashioned landlines as determined to get a better grip on on mobile devices using Verizon’s tion for quality that over the years ruary 2011, it was prepared. well as fiber-optic cable. FiOS is costs.In April,for example,it added LTE network. That scenario would has helped the company outperform “Verizon got to be the leader by also widely seen as superior to what a $30 fee for smartphone upgrades. further blur the lines between indus- archrival AT&T. focusing more on network excel- the competition offers. The company has also talked about tries and add to the surge in wireless “The network is the foundation lence than anybody else,”said Roger But analysts have questioned having content providers, not just traffic on the company’s network. of who we are,” said Nancy Clark, Entner,founder of Recon Analytics. whether it was worth the money, subscribers, pay for data usage. And “We expect to see a lot of Northeast area president of Verizon “That was fused into its DNA.” and some are skeptical of Verizon’s last week it announced that,starting growth,” said Aaron Blazar, a vice Wireless. “No one else is close.” The successful launch of its business as a whole, pointing to the this summer,customers with unlim- president at Atlantic-ACM. Ⅲ

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130K People employed in the film and TV industry in NYC USINESS IVES Source: Boston Consulting Group BHOT JOBS SIRIUS L RELATIONSHIP: EXECUTIVE Susan Rose (left) and Jennifer Heller INBOX provided dating advice on their CHIEF FINANCIAL OFFICER radio show. Anne Fisher AGENCY Port Authority of New York and New Jersey Tapping into JOB DESCRIPTION Oversee multibillion-dollar annual capital emotions and operating budget MOST IMPORTANT TASKS As an ad man at Interpublic Develop and implement financial Group and McCann Erickson, strategy; oversee treasury Kevin Allen brought in hundreds of millions in new billings from CREDENTIALS NEEDED Advanced degree in accounting clients like Microsoft and or finance Marriott. Most notably, he led the team that came up with SALARY Above $200,000 MasterCard’s famous tagline, RECRUITER Krauthamer “Priceless.” & Associates He’s now head of his own DOWNSIDE Implementing major firm, Kevin Allen Partners, and reforms; being accountable to author of a new book, The lawmakers Hidden Agenda: A Proven Way to UPSIDE Responsible for famed Win Business and Create a structures such as the George Following. Its main point is that Washington Bridge facts and figures are fine, but The PA’s $7 billion 2012 budget “the currency of business is included roughly zero growth in human emotion.” Some excerpts operating expenses and the low- from a recent conversation: est employee head count in 40 years. In 2012, an independent What’s wrong with the way most financial audit called the PA companies pitch their wares? “challenged and dysfunctional.” Why isn’t it enough to say, in —EVA SAVIANO effect, “Hey, look at this great thing!”? The biggest reason is that, in the EXECUTIVE MOVES new technology-driven economy, there is a proliferation of great The Association of products, all very similar to each Junior Leagues Interna- other. The pace of change is such tional Inc.: Maureen that any new feature can be Mackey, 57, joined the copied in a month or two. Now nonprofit as chief buck ennis operating officer. She you have to grab consumers’ was previously chief GOTHAM GIGS attention, and their loyalty, operating officer of quickly. You do it by tapping into the Foundation Center. their emotions. Seamless: Sanjay Tiwary, 47, joined the mobile and online ordering and delivery What’s the first step? service as chief information officer. He Ask a human question, and was previously chief information officer Playing With Matches at Bankrate Insurance. you’ll get a human answer. The RF|Binder: Marc Greene, 57, joined the process calls for getting very public relations and marketing When Susan Rose and Jennifer Heller met at their children’s close to your audience and communications agency as chief media The pair nursery school more than a decade ago, they became instant friends. sifting for clues to what they strategist. He was previously senior really want, underneath what director at Sanofi-Aventis. have Now they are using that chemistry to help others find love as they may say they want. New York City Office of matchmaking duo Susan and Jennifer.¶ The pair—who describe the Comptroller: Mark helped set T. Kim, 42, was themselves as “Rachael Ray meets Sex and the City”—have helped This isn’t a new idea, is it? Way promoted to deputy up more set up more than 40 marriages. ¶ “We peel away our clients’ layers back in the ’60s, Revlon founder comptroller for and take them through a mindset makeover,” said Ms. Heller, 50, Charles Revson famously said he economic than 40 wasn’t selling cosmetics, he was development. He was who previously worked for 20 years in human resources and is selling “hope in a bottle.” previously assistant married for the second time.The partners are always on the lookout It isn’t new, but it’s more comptroller for public finance. marriages Alex Doñé, 39, joined the bureau of asset for potential suitors.¶ The women credit their success in part to important now than it ever was. management as executive director for their own compatibility. Ms. Heller is the diplomatic one, while Ms. The business environment is private equity and emerging managers. more emotional now. Yet many He was previously associate director for Rose has a “sixth sense” in understanding her clients’ desires. “I can businesspeople still operate on business development at the U.S. just feel the physical energies,” said Ms. Rose, 51, who was recently the weird assumption that Department of Commerce’s Minority people’s decisions are all based Business Development Agency. divorced and whose background is in the nonprofit world.¶ The Hearst Newspapers: Lincoln Millstein, pair have hosted a Sirius XM radio show, The Dating Playbook, on facts and figures. 62, was promoted to executive vice where they discussed dating stories—including their own—and president, deputy group head. He was Read the full interview online at previously senior vice president for answered listeners’ questions about everything from “the sexual to http://mycrains.crainsnewyork See EXECUTIVE MOVES on Page 34 the intellectual,” said Ms. Heller. —emily laermer .com/blogs/executive-inbox/.

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RÉSUMÉ REVIEW Real estate vet’s surprise Is your job search all it could be? We ask the experts. fresh start.C&W has one of the best About four firms dominate the New York Longtime exec sees reputations in the industry, and market. Do you see Avison Young joining NAME ERIK HOMBRE GUDOWSKI opportunity with that’s a lot easier to sell than a small- their ranks? PROFILE er company. But what I’m doing Absolutely. We won’t be there in Nearly 15 years of experience in the visual Canadian startup now is exciting to me. the next year, but if we aren’t in the communications industry. Seeking next three to five years, I will have opportunities to leverage my knowledge You had been a broker for the past few failed. and work with great people BY THERESA AGOVINO years. Did you want to get back to management? How will you bring Avison Young into the PROFESSIONAL EXPERIENCE eteran real estate executive I’m not going to be doing the day-to- industry’s upper echelons? Self-employed, multiple locations, 2001 to 2012 Arthur Mirante’s decision day management. I’ll be mentoring There are a lot of talented brokers Creative/art direction and user experience, online/offline to join a startup firm as a brokers,leading by example.I’m here here. We can recruit them. Maybe Manufactured multimillion-dollar product offerings for Fortune 500 com- principal and tristate to coach them and help them build they are not happy where they are. panies; helped win new clients, angel investor/venture capital funding presidentV raised eyebrows in the in- up their skills. In the beginning, I’ll Maybe certain clients are off-limits and acquisitions; one of three inventors of a patent-pending social-media dustry. The 68-year-old had served spend 25% of my time doing deals to them because of other brokers at security application; created more than 1,000 advertising campaigns as Cushman & Wakefield Inc.’s and 75% helping build the company. their firm. Maybe a junior broker HealthEd, Clark, N.J., 2010 to 2011 chief executive for 20 years and was feels like he is being held back by a Vice president, digital creative director most recently a top broker at the senior broker.And the clients are al- Managed a digital team that included a creative director, art directors, international ways looking for something better. designers, information architects and copywriters; improved operational powerhouse. Maybe they want more attention. processes and created a digital offerings suite for the company Last week, he There are always opportunities for joined Avison more business. EDUCATION MOVERS & Young, a SHAKERS Art Institute of Boston, B.F.A., graphic design; diploma, illustration, 1997 Canadian What would draw brokers and clients to Résumé appears in condensed form. firm that has Avison Young? EXPERT ADVICE Arthur 30 offices in We have very strong leadership, and 27 North we are very committed to being Sharp focus directed at meeting the needs of a prospective employer or Mirante American here. We have a partnership struc- client is required for a successful résumé. Erik’s informative résumé displays markets. Its ture, so the leadership is all princi- his extensive experience in visual communications, including the agencies New York pals.We all care about what happens he worked for (11), the industries (10), the clients (40), his expertise (19 branch just opened and has started to the company. areas) and his hobbies (six), but it needs focus and clear purpose to hiring brokers. Mr. Mirante is translate his experience into an artful and effective portrayal. Metrics from charged with helping the firm de- The market is really flat. Is this the best important projects and clarification as to whether employment or continued velop a presence in the city. time to be opening in New York City? consultancy is the objective will further enhance the appeal of this résumé. There is never a best time. But flat —dick batten, director, Karp Resources Why did you want to join a small firm in New York City is still more ac- after spending 41 years at Cushman & tive than anywhere else in the To contact this candidate, email [email protected]. Wakefield? world. If it is quiet, we have more To be featured, go to www.crainsnewyork.com/section/resume_review. It was an opportunity to build a real time to get people familiar with estate company from scratch. It’s a Avison Young. Ⅲ

EXECUTIVE MOVES Productions. joined the creative company as head of managing director and partner. He was director in the industrials group. He CORE: Jarrod Randolph, 28, joined the integrated production. He was previously a senior vice president, was previously managing director, real estate brokerage as vice president previously chief marketing officer and investments, at Merrill Lynch Private investment banking, in the global Continued from Page 33 and associate broker. He was previously managing partner at Psyop. Banking and Investment Group. industries group at Bank of America digital media. vice president at Brown Harris Stevens. Laura Fegley, 42, joined as creative Jordan Waxman, 47, joined as a Merrill Lynch. Jewish Association Turner Broadcasting System Inc.: Jennifer director, a newly created position. She managing director and partner. He was Lee Olive, 41, joined as a managing Serving the Aging: Toner, 35, was promoted to vice was previously a freelance creative con- previously a senior vice president, director in acquisition leverage finance. Heidi J. Aronin, 51, president, ad sales and sports business sultant. investments, at Merrill Lynch Private He was previously managing director, joined the nonprofit communications. She was previously Jones Lang LaSalle: John Wheeler, 50, was Banking and Investment Group. leveraged credit sales and trading, at as chief administrative director of public relations. promoted to head of the real estate Segal McCambridge Singer & Mahoney Citadel Securities. officer. She was CarrotNewYork: Bernadette Grey, 50, company’s lower Manhattan office. He Ltd.: Robert R. Rigolosi, 43, was The Jed Foundation: previously chief joined the marketing firm as vice will continue as managing director. promoted to of counsel at the law firm. Dr. Victor Schwartz, operating officer at president, client development. She Marks Paneth & Shron: Alan Blecher, 52, He was previously an associate. 56, joined the suicide- Physician Affiliate was previously national partnerships was promoted to principal in the tax Newcastle Realty Ser- prevention Group of New York. director, sales and editorial, at practice of the accounting firm. He was vices: Frederick E. organization as truTV: Adam Dolgins, 47, joined the cable Scholastic Inc. previously a director. Park, 48, joined as medical director. He network as senior vice president, original Deb Levy, 42, joined the company as Martin Hyman, 52, was promoted to a general counsel. He was previously dean programming. He previously was creative director. She was previously a partner in the tax practice. He was was previously a part- of students at Yeshiva executive producer of MTV’s show creative consultant at Deb Levy previously a senior manager. ner at Rosenberg & University. Silent Library through his own Marketing, which she founded. Schiff Hardin: Philippe Manteau, 40, Estis. Live Well Network: Herb Ford, 34, joined production company, Fractured Hip BBH New York: Justin Booth-Clibborn, 47, joined the law firm as a partner in the SCG Retail: Bertrand de the broadcast, online and wireless corporate and securities, international, Soultrait, 27, joined as service as national account executive. intellectual-property and litigation a retail broker. He was previously a He was previously an account CORPORATE LADDER groups. He was previously a partner at broker at NYCRS. executive for the Disney ABC Watson Farley & Williams. Hearst Digital Media: Laura Schooling, Television Group’s Soapnet cable Randi S.K. Rosenblatt, 31, joined as an 35, was promoted to executive director television network. A TASTE FOR BUSINESS associate in the corporate and securities, of marketing services. She was Paramount Hotel: Don Fraser, 41, international, intellectual-property and previously director of marketing joined as general manager. He was DAVID HAMILTON, 48, joined Tasting Table, a daily litigation groups. She was previously an services. previously general manager for the epicurean email publication, as chief revenue officer. associate at Watson Farley & Williams. Lauren Ramakrishna, 27, joined as an Royal Palm in Miami Beach, Fla. Mr. Hamilton will be responsible for overseeing the Brown Rudnick: Mark S. Fawer, 50, editor at Delish.com. She was previously Johannes Leonardo: Carla Ballecer, 26, publication’s business development strategy with joined the law firm as a partner. He was a senior associate editor at Time Inc. joined the creative agency as a senior publisher Anna Solomon, maximizing advertising previously a partner at Dickstein Content Solutions. copywriter. She was previously a senior revenue and overseeing the sales department in New Shapiro. Lloyd Staffing Inc.: Darren J. Farlow, 52, copywriter at R/GA New York. ZwillGen: Ken Dreifach, 46, joined the joined the staffing and search firm as Karen Gereffi, 27, joined as a senior art York, as well as field offices in Chicago and Los legal-services firm as a partner. He was executive director. He was previously director. She was previously a visual Angeles. previously general counsel and chief president of Southampton Hospital designer at R/GA New York. Most recently, he served as associate publisher privacy officer at Rapleaf. Foundation. —callie eidler of Details at Condé Nast, and prior to that HighTower: Kenneth Hoffman, 60, joined The Ackman-Ziff Real Estate Group: was the publisher of Interview magazine. the financial-services company as a David I. Robinov, 47, joined as EXECUTIVE PROMOTIONS Mr. Hamilton received his B.A. degree managing director and partner. He was managing director, sales. He was The fastest way to get an announcement into from Dartmouth College. previously a senior vice president, previously senior vice president, Crain’s is to submit online. Fill out the form investments, at Merrill Lynch Private acquisitions, at Acadia Realty Trust. at www.crainsnewyork.com/section/ —CALLIE EIDLER Banking and Investment Group. Nomura: David Iwan, 40, joined the executive_moves. The Executive Moves column Richard Steinberg, 47, joined as a investment bank as a managing is also available online.

34 | Crain’s New York Business | May 21, 2012 20120521-NEWS--0035-NAT-CCI-CN_-- 5/18/2012 11:59 AM Page 1 chemex / INSATIABLE CRITIC e-commerce business. Signed copies of flickr.com Gael Greene their book, By Invitation Only, will be THE provided free of charge to the audience. A donation from book sales will go to a Fashioning Our Industry scholarship fund. The discussion will take place at WEEK American Airlines headquarters, 2 Park Dragonfly bites Ave., from 8 a.m. to 10 a.m. Ticket prices are $25 for students and members AHEAD and $50 for nonmembers. To get more MAY 28-JUNE 3 information, visit www.eventbrite.com. into Upper E. Side CULTURAL EVENTS THURSDAY, MAY 31 CONFERENCES Join Kids in Distressed Situations Untraditional Asian AND SEMINARS (K.I.D.S.) for the SIXTH ANNUAL WOMEN FRIDAY, JUNE 1 IN INDUSTRY LUNCHEON. The event will eatery a welcome The Bernard L. Schwartz Communi- honor Kathy Ireland and apparel indus- WHAT HE’S cation Institute at Baruch College will try leaders for helping to get clothing alternative in area host the 12TH ANNUAL SYMPOSIUM ON and shoes to schoolchildren in need. The READING COMMUNICATION-INTENSIVE INSTRUC- luncheon will take place at the Plaza y friends on the TION. The event will feature workshops Hotel, Fifth Avenue and Central Park CITY COUNCILMAN Daniel Upper East Side with media professionals, including South, from 11:30 a.m. to 2 p.m. Tickets Garodnick, who has a 16-month- endlessly complain Leigh Gallagher, assistant managing range from $250 to $25,000. All old son, is catching up on his editor at Fortune magazine, and Peter proceeds will benefit K.I.D.S. For sleep—and his reading. His foray they have nowhere Elbow, author of Vernacular Eloquence: tickets, call (845)758-6403 or email to eat except for What Speech Can Bring to Writing. Randy [email protected]. into parenthood led him to the usual Italian fixtures: Sette Cohen, host of WAMC’s Person Place Michael Lewis’ 2009 memoir, M buck ennis Mezzo, Elio, Primola, Nicola, Pao- BRACING: Fluke sashimi Thing, will do a live radio interview with SATURDAY, JUNE 2, TO SUNDAY, JUNE 3 Home Game: An Accidental la. Well now, dear jaded ones, you former Gov. Mario Cuomo to discuss As part of the GOTHAM DANCE FESTIVAL, Guide to Fatherhood. have Dragonfly, a deliberately cau- how people reveal themselves through Peter Quanz introduces two ballets, That led the former securities tious riff on Asian familiars by Cor- DRAGONFLY storytelling. The event will take place at Luminous and In Tandem, for the Joyce litigator, who is running for city nelius Gallagher. 1463 Third Ave. 55 Lexington Ave., Vertical Campus Theater debut of his company, Q Dance. Building, 14th-floor conference center, In Tandem is a work originally comptroller in 2013, to another You may not remember, as I do, (212) 203-5518 book by Mr. Lewis. But instead of www.dragonflyny.com from 8:30 a.m. to 8 p.m. To request an commissioned by Guggenheim Works Gallagher’s bold and original ways invitation, visit blsci.baruch.cuny.edu/ and Process. Q Dance shares turning to Liar’s Poker, Mr. Lewis’ with fish and sea creatures when symposium/request-invitation/ or email the program with former Pick inside look at 1980s bond Oceana was on East 54th Street. In [email protected]. Joffrey and Forsythe trading, he picked up Moneyball. 2008, his plans to open a place of his CUISINE Asian fusion ballerina Jodie Gates. of the The book, which demystifies own sank with the battered economy WORKSHOPS Showtimes are 8 p.m. on week PRICE RANGE Entreés $17-$25 THURSDAY, MAY 31 Saturday and 2 p.m. on how data were revolutionizing and he disappeared, first as a catering baseball, was published in 2003. chef, then to oversee six restaurants Join Fashioning Our Industry for A Sunday at the Joyce Theater, SERVING Dinner Mon.-Sun. “I know I’m behind the times,” for Long Island’s Bohlsen Restaurant CONVERSATION WITH THE GILT GROUPE 175 Eighth Ave. Tickets cost between RESERVATIONS FOUNDERS. Alexis Maybank and Alex- $10 and $39. For tickets, call said Mr. Garodnick, “but I Group. Spurred by reveries of flavors Wouldn’t hurt andra Wilkis Wilson will speak about (212) 242-0800 or visit www.joyce.org. thought it was an interesting he learned from Grey Kunz in the NOISE LEVEL Lively strategies for creating a successful —callie eidler kitchen of Lespinasse, he explored concept, and I wanted to I can’t wait to return. understand it.” —JEREMY SMERD Thailand,China and Vietnam,a tour To view Crain’s classified events listings, go to www.crainsnewyork.com/events that inspired the sassy lettuce wraps I will definitely go back. and sweet-glazed pork buns we’re I’ll let them simmer awhile. sharing tonight in the narrow little NO HATS Never again. 68-seat storefront on Third Avenue. At last, at 40, a room of his own. Expect an exuberant welcome: ian bread crisps.Hot,yes,mildly,but Grace Walker at the door mastered lush and sweet and meaty, too. Which New York savoir faire working with Jonathan The whole branzino is exquisitely Waxman at Barbuto. Then settle cooked in a bamboo leaf, delicate and into Dragonfly’s stress-reducing, moist, stuffed with lemongrass in a laid-back modesty. The spicy co- dashi broth. I would expect no less. Businesses Are Defining conut margarita, from a small list of The Crying Tiger Skirt Steak served cocktails, helps, though it could be with wasabi “tater tots”has an unusu- colder and with more jalapeño kick. al exterior crunch that I like. Entrées the Word Success? Fluke sashimi with tobiko, are gently priced,running from $17 to cilantro sprigs, sliced red radish and $25 for whole fish and steak. tart calamansi dressing is my favorite What’s billed as “Non-Tradition- dish of the night—bold and citric,the al Pad Thai” is wrapped in a crêpe— On June 25th, Crain’s New York Business will announce the 50 fluke bracingly chilled and scrupu- the “inverted bowl technique,” the lously fresh, as I would expect from a menu explains.I like the idea,but the fastest growing New York companies in our new “Fast 50” print and veteran of Oceana. Charred shishito noodles with shreds of chicken and and a polite chile glaze add complex- pea shoots are decidedly blah. online feature. ity to sweet-glazed pork buns. Saigon cinnamon streusel is a bit Three crisp-fried phyllo-crusted of a reach to cast huckleberry cheese- shrimp come wrapped around skew- cake as Asian.The house doesn’t even New York is the city that never sleeps and neither do the businesses ers to dip in a lime-leaf-yuzu re- try to work the theme with chocolate that call it home. Innovation constantly occurs as new industries, moulade, nicely crusty, but oversalt- banana bread pudding,a molten treat ed—a challenge for four to share. topped with vanilla ice cream. such as digital media, emerge and established companies devise Of course we have to have the The menu is still evolving, the new growth strategies. house “tater tots”: golf-ball-size chef says. “I’m sweating over it. I globes filled with Gruyère to slather want to keep the feeling of a bistro.” with a sriracha-sesame spiced mayo. Perhaps he’ll go even more untradi- To find out which businesses made the cut, pick up a copy of the I’d like twice as many, half the size. tional with that pad Thai—crisp ba- And the Vietnamese summer roll con bits might do it. June 25th issue, or visit crainsnewyork.com/fast50. should be plural for $12.95. Gallagher knew he was in for a Timid eaters who avoid authen- challenge the first time he saw the tic Thai or Szechuan heat will feel closet-like kitchen. “But I love this safe with most of the “Street Cart” neighborhood,” he said. starters, almost all safely assimilat- “Life begins at 40,”I remind him. ed, wrapped in an American flag. I “I’m making that my motto,” he For advertising opportunities, please contact Trish Henry at (212) 210-0711 don’t mind. I’m happy enough with responds with a grin. or [email protected]. Thai beef cheeks—slow-cooked in a Szechuan-style tomato sauce and Copyright © 2012 by Gael Greene. served on creamy polenta with Ital- Syndicated by www.insatiable-critic.com.

May 21, 2012 | Crain’s New York Business | 35 CN015138.qxp 5/3/2012 4:52 PM Page 1