REAL ESTATE Secrets of Grand Scott Rechler Sold P

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INSIDE REPORT TOP STORIES REAL ESTATE Secrets of Grand Scott Rechler sold P. 15 at the top. Now he’s Central buying big-time LIST Largest NYC -- ® P. 19 PAGE 2 financings VOL. XXVII, NO. 20 WWW.CRAINSNEWYORK.COMNJ VS NYC MAY 16-22, 2011 PRICE: $3.00 Fashion retailers snub Third Avenue strip near Bloomie’s Chris Christie is staging raids PAGE 2 across the Hudson to lure Cuomo takes on jobs to his struggling Albany: why Round state. Bring it on 2 will be tougher PAGE 3 BY DANIEL MASSEY

Night of the Living When a battle erupted in 1987 be- Wages: Stop this tween officials in New York and New Jersey over repositioning the Statue horror show of Liberty, Mayor Ed Koch said the EDITORIAL, PAGE 10 landmark would “stand exactly where she has stood for 100 years … facing us and showing another side of her personality to New Jersey.’’ It wasn’t the first fight between New York and its neighbor, nor was it the last. Battles over commuter taxes date back to the 1960s. More recently, a standoff between the Pataki and Whitman administrations virtually paralyzed the Port Authority of New York & New Jersey, and former Gov. Jon Corzine called Mayor Michael Bloomberg’s congestion-pricing plan an “outrageous action.” USINESS IVES Now, as the New York area struggles to recover following B L the Great Recession, tensions are again mounting between the neighbors.New Jersey,which was less-prepared for the downturn,was hit GOTHAM GIGS harder than New York City.Its recovery has also been more tepid than its cross- He digs New York, river rival. P. 27 literally Desperate to revive the Garden State’s economy, Gov. Chris Christie has launched what istockphoto ● ANNE FISHER makes a many say is an unprecedented attempt to lure businesses—some of them based in New case for avoiding VC See NJ VS. NYC on Page 25 money P. 27 ● MOVERS & SHAKERS Lawyer Jim Walden takes on bike lanes P. 28 ● GAEL GREENE shares Hotels at Stuzzicheria P. 30 Gay New Yorkers check into INDEX ready their vows boroughs THE INSIDER ______8 SMALL BUSINESS ______12 Guv, advocates push Albany to finally act Lower room rates NEIGHBORHOOD JOURNAL ______14 ber, on their 20th anniversary, draw visitors to FOR THE RECORD ______20 BY MIRIAM KREININ SOUCCAR maybe in Greenwich Village. CLASSIFIEDS ______22 underserved areas Mr. Goldman and Mr. Boehm HOT JOBS ______27 After nearly two decades to- have waited for years for same-sex buck ennis EXECUTIVE MOVES ______27 gether, Ken Goldman and Barry marriage to become legal in New WEDDING BELL DUES: Barry Boehm and BY LISA FICKENSCHER THE WEEK AHEAD ______30 Boehm have begun making tenta- York or in New Jersey, where they Ken Goldman (from left), together for 20

THE WEEK ON THE WEB ______31 tive plans for their long-awaited live. They have had their hopes years, may finally get to plan their big day. Ravi Patel, a 33-year-old hotel wedding. It would be this Novem- dashed before. But like thousands owner and developer, feels like an of others, they are optimistic that elder statesman in Long Island with a popular governor leading es,” said Mr. Goldman, president City as he tools around in his the charge, a measure now on the of ImproSells Workshops, a firm Jaguar,pointing out the dozen or so table in Albany will be approved in that teaches businesspeople in hotels that have sprouted in the New York before the end of the New York and New Jersey improv- neighborhood since he opened his ELECTRONIC EDITION state legislative session next isational skills to help them com- boutique property in 2008. month. municate better.“But I really think Within a one-mile radius of “I don’t want to start really it will happen this time.” The Ravel Hotel—Mr. Patel’s 63- NEWSPAPER planning our wedding until it pass- See GAYS on Page 25 See HOTELS on Page 25 20110516-NEWS--0002,0003-NAT-CCI-CN_-- 5/13/2011 8:33 PM Page 1

IN BRIEF HOPING TO EXPAND ITS BUSINESS OVERSEAS, PRUDENTIAL DOUGLAS ELLIMAN HAS established a strategic partnership with Knight Frank Residential, a U.K.-based global real estate agency and consultancy. Prudential The smartest guy Douglas Elliman and Knight Frank Residential will share and promote some of their exclusive property listings with their respective clients. The firms hope to refer business to each other and, in turn, earn commissions from closed deals. Knight Frank Residential’s luxury property listings from Europe and other parts of the globe will appear on Prudential Douglas Elliman’s website in the coming weeks, the Manhattan brokerage said. Brokerages across the city are striking similar deals to boost business. Last week, 5-month-old Town Residential partnered with property manager Cooper Square Realty. THE NEXT BLACK-CAR PARKING ZONES PROPOSED IN MANHATTAN WOULD BE THE first in a residential area—an Upper West Side strip dominated by four Donald Trump buildings.The city plans eight spots for limos along Riverside Boulevard from West 63rd to West 71st streets. If the local community board TIMING IS EVERYTHING: Scott Rechler sold his real approves, the spaces would be reserved for estate company in 2007 liveries weekdays from 6 a.m. to 4 p.m.The for $6 billion. Now he’s other eight black-car zones are primarily in the back, buying up premium financial district and midtown. Ⅲ Manhattan office space. BY THE NUMBERS

Weekly shift of the city’s economy é INFLATION hit its highest level in 2 1/2 years due to rises in food and gas prices. But the rapid fall of crude and other commodities in the past two weeks fueled hopes that prices will soon ease. 10.6% $140.6B 15% THE NY TIMES’ VALUE of state’s RISE in Broadway share of page Common revenue for the views for all Retirement Fund four weeks ended newspaper as of Dec. 31, up May 8 vs. year- websites in April, 6% over Sept. 30 earlier period vs. 13% in March Source: NYS Source: Broadway Source: ComScore comptroller League

PORT CONTAINER TRAFFIC CONTAINED Increases in year-over-year growth in NYC imports dropped off dramatically in March after several months of gains. buck ennis Upper Third Avenue strip is

Source: Port Authority of New York & New Jersey who has lived on the corner of East 71st “The apparel tenants would rather be in ADDICTED TO NUMBERS? Banks, drugstores Street and Third Avenue for 10 years and more-demand areas,” said Hal Shapiro, GET A DAILY DOSE AT @STATSANDTHECITY move in as stylish witnessed the conversion firsthand. managing director at Winick Realty Group. CORRECTIONS retailers head to The place to be Of course, upper Third Avenue is not A decade ago, upper Third Avenue was completely bereft of fresh faces. Yogawear Richard Cook is a partner at Cook+Fox Architects, which Flatiron, meatpacking designed the tower at One Bryant Park. His name was misstated the place to be. Stores were attracted by the guru Lululemon Athletica opened there in in the May 9 story “Reimagining the skyscraper.” In addition, the area’s dense residential population and 2008, and women’s apparel and gift seller staircases at the building are 56 inches wide; the dimensions BY ADRIANNE PASQUARELLI proximity to Bloomingdale’s, and retail Anthropologie has also signed on for space were misstated in the accompanying graphic. rents skyrocketed in New York-Presbyterian Hospital had 17,344 full-time and full- Attention, Upper East Siders: Your response.Now,those time-equivalent employees in New York City as of December neighborhood has lost its charm with the same retailers who 2010, making it the 12th-largest employer in the city. The hospital provided incorrect data for Crain’s April 11 list of the fashion set. Once a hot spot for retailers were once a mainstay largest employers. making their first foray into Manhattan, of the neighborhood the Third Avenue strip north of Bloomie’s are abandoning it for 1115 Third Ave. 1186 Third Ave. vol. xxvii, no. 20, may 16, 2011—Crain’s New York Business (issn 8756- has become a desert of banks and drug- sunnier pastures. 789x) is published weekly, except for double issues the weeks of July Fourth, Labor Day and Christmas, by Crain Communications Inc., stores. The meatpacking 711 Third Ave., New York, NY 10017. Periodicals postage paid at New Instead of Victoria’s Secret, Club district (with the York, N.Y., and additional mailing offices. Postmaster: Send address Monaco and Ann Taylor Loft, businesses High Line), Times changes to: Crain’s New York Business, Circulation Department, 1155 VACANCY: A such as Verizon, TD Bank and Walgreens Square and the Flat- NEW PRESCRIPTION: Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Walgreens signed on for former Zales Call (888) 909-9111. Fax (313) 446-6777.$3.00 a copy, $59.79 one year, are filling the corridor. iron district have all Jewelers is $109.79 two years. (GST No. 13676-0444-RT) a space that housed an ©Entire contents copyright 2011 by Crain Communications Inc. “My husband and I now joke that become more excit- Aldo shoe store and a awaiting a new All rights reserved. there’s a bank on every corner on the Up- ing areas for fashion Club Monaco. tenant.

per East Side,” said Meghan Gutierrez, tenants. by buckphotos ennis

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Cuomo faces in the boom next test: $3.5B in real estate says he’s Scott Rechler legislating BY THERESA AGOVINO Budget victory may have been the easy part Last week, RXR Realty Chairman Scott Rechler addressed a group of fellow shutdown to overcome lawmakers’ real estate executives and joked that there were so many familiar faces he felt BY JEREMY SMERD objections. like it was his bar mitzvah. Chuckles followed his instructions to leave the “Everything is on the table. gift envelopes in the corner. Gov. Andrew Cuomo was hailed Everyone has leverage,” said one last month as a political maestro for Democratic insider.“How the play- Mr. Rechler certainly isn’t hurting for cash. In the past 12 months, orchestrating the first on-time ers use it is the ultimate test of RXR has invested more than $3.5 billion in Manhattan real estate, budget in five years and cutting it by gamesmanship. This is political including buying or signing contracts to purchase 4 million square 2.3%. No governor had cut spend- chess at its best.” ing since Republican George Pataki Rather than steamroll the oppo- feet of space in four properties. Underpinning the spending spree shaved off 0.4% in 1996. sition, as Eliot Spitzer once infa- is a $1 billion-plus fund whose dozen or so investors include the As it turns out, that may have mously vowed, the governor must Safra family and Rothschild Realty. been the easy part. make deals—something he knows “Over the next 24 months, we are going to be very active,” Mr. An even more challenging test of how to do. During the budget talks, Crain’s Mr. Cuomo’s tenure will unfold in he won labor support for Medicaid Rechler told . “We are making a substantial bet on the coming weeks as he tries to en- cuts by giving raises to unionized Manhattan.” act same-sex marriage, ethics re- home health care aides. That’s a switch from four years ago. In January 2007, the forms and a property-tax cap. Fur- A systematic approach then-chairman of Reckson Associates Realty Corp. sold his ther complicating matters, the real estate industry hopes to use the June Mr.Cuomo’s decision to proceed public company to SL Green Realty Corp. for $6 billion after 15 expiration of rent laws as a bar- on ethics, gay marriage and proper- deciding the market was too frothy. Sure enough, the average price gaining chip to win concessions on ty taxes represents a compartmen- of a Manhattan office tower tumbled 59% between 2007 and 2009. other thorny legislation. talized approach in which he prior- Time is running out.The legisla- itizes some issues while putting Mr. Rechler may have shown an excellent sense of timing back then, tive session in Albany ends June 20. others on the back burner—and as- but some real estate executives say RXR is shelling out too much for its And while the governor is again suring advocates for those other recent purchases.They note that rents, while no longer falling, are largely touring the state to promote his items that he will get to them. flat. And just like in the boom, scores of buyers are chasing deals.The average agenda and solidify his high ap- That has created some unease: proval ratings, change will not come Mayor Michael Bloomberg, for in- price of a Class A office tower rose 73% last year. through the bully pulpit alone. Mr. stance, is beginning to chafe about “If you aren’t paying a premium, you aren’t getting the property,” said Richard Cuomo no longer has the leverage Albany’s failure to reduce the city’s Baxter, a vice chairman at Jones Lang LaSalle’s New York Capital Markets Group, he had during budget negotiations, pension costs and change its who doesn’t believe that Mr. Rechler is overpaying. when he used the threat of a state See CUOMO FACES on Page 4 The office market in Manhattan is indeed improving. In the first quarter, leasing activity soared 34% from the year-earlier period, to 7.6 million square feet, according to Cushman & Wakefield Inc. In midtown, net effective rents—what the tenant pays after MAESTRO CUOMO: The governor must accounting for perks like construction allowances—rose 24%, to $57.82 per square foot. orchestrate an unruly See SCOTT RECHLER on Page 26 Legislature to pass same-sex marriage, ethics reforms and a property-tax cap. going out of fashion

at East 71st Street. “When they might have looked at the Upper East But the majority of fashion retailers are choosing Side, now they’re looking at SoHo, Flatiron or meat- more hip, up-and-coming areas of Manhattan. J. Crew packing,” said Robin Abrams, executive vice president recently opened a Madewell outpost in the Flatiron at Lansco Corp.“There’s a lot more comfort about go- district, home to Free People, Kate Spade and other ing to different streets in Manhattan.” stores. Many fashion boutiques have set up shop in the In addition, many of the national retailers that pop- meatpacking district, and national retailers, such as ulate upper Third Avenue have been downsizing. cosmetics giant Sephora and apparel chain Scoop, are When the bottom fell out of the economy, underper- putting down stakes in that neighborhood as well. forming retailers began to reduce their store fleets, starting with their Upper East Side shops, which boasted hefty rents near $350 a square foot. A dozen available sites There are currently about a dozen availabilities on 1240 Third Ave. the East 60s strip.Ann Inc.,which had operated a Loft store between East 67th and East 68th streets, closed the outpost, along with nearly 200 other sites nationwide. Similarly, Gap Inc. has been shrinking its store count due to falling sales. The San Francisco-based TELLING SIGN: A former Bath & company’s namesake U.S. division has posted annual Body Works site declines in same-store sales since 2005 and fired its will become a chief designer earlier this month.Brokers said a Gap at TD Bank. East 67th Street and a Gap-owned Banana Republic at

See THIRD AVENUE on Page 26 buck ennis

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Cuomo’s test: legislating IN THE MARKETS Continued from Page 3 districts, the GOP’s tenuous major- legislative process, but their com- teacher-layoff policy. Transit advo- ity in the state Senate would likely plexity can also doom them. Mr. Aaron Elstein cates say the Metropolitan Trans- be lost to history. Senate Republi- Cuomo is trying to persuade by portation Authority needs a $10 bil- cans may prove unwilling to com- Messrs. Silver and Skelos to work lion funding plan in place by promise on Mr. Cuomo’s top prior- with him rather than fight. mid-January. Real estate interests ities unless he agrees to continue want expired tax breaks renewed partisan redistricting. “Better to be his friend, than enemy” Clouds gather over Lloyd Blankfein and also seek the right to repay an That underlying tension, as well “He’s still very focused on re- old one retroactively, following a as the loss of Mr. Cuomo’s budget minding people that it’s better to be fter an octogenarian shareholder demanded at court ruling that the tax benefit sub- hammer, has put a crack in the ve- his friend than his enemy: ‘If you Goldman Sachs’ annual meeting earlier this month that jected buildings to rent regulation. neer of Albany comity. protest and make it harder for us,we A Chief Executive Lloyd Blankfein resign, a gaggle of Passing gay marriage now, how- “The governor wants it all his will remember. When we have the ever, will redeem Mr. Cuomo with a way,” said Senate Majority Leader capacity to help you,we won’t,’”said reporters asked the CEO why he wanted to keep the job. “And liberal downstate base that was dis- Dean Skelos last week on the pro- Gerald Benjamin,a professor of po- give up all this?” he quipped. appointed by his austere budget and litical science at SUNY New Paltz. It’s understandable why Mr. Blankfein, 56 (below), would reluctance to embrace a “million- On gay marriage, passage is as- aire’s tax.”A property-tax cap would ‘Everything is sured in the Assembly but needs the want to stick around after last year’s annus horribilis in which allow upstate legislators to deliver votes of several Senate Republicans. the Securities and Exchange Commission on a central wish of their con- on the table. Polls show across-the-board support sued his firm for fraud, forcing stituents. Ethics reform is a priority for the bill. Activists hope Republi- Goldman to cough up a $550 million more of good-government groups It’s the game of cans will pass it, if only to dissuade and editorial boards than the public, the gay community from raising settlement and grudgingly admit “a but by reminding voters of Albany’s political chess hundreds of thousands of dollars for mistake.” But recent events suggest criminality, the governor is pressur- at its best’ Senate Democrats. New York Re- even stormier weather looms for Mr. ing legislators to act. publicans have won gay support in Blankfein. “I wear a pin that says,‘I work for the past by passing hate-crime and the people,’ ” Mr. Cuomo said dur- anti-discrimination legislation. Last week, banking analyst Dick ing a video he made to promote his In politics, success breeds suc- Bove determined it is looking more ethics legislation. “The question is: cess, so the stakes for Mr. Cuomo likely that the Justice Department Who do your legislators work for? gram Capitol Tonight. “That’s not this spring are high.If he cannot de- You have a right to know.” the way we operate.” liver on his immediate priorities,his will bring criminal charges against How Albany operates is to link subsequent ones will be in jeopardy. Goldman and Mr. Blankfein for Redistricting storm approaching issues so that deals can be made.As- And the closer legislators get to the allegedly misleading the Senate “It is a stunning first-year agen- sembly Speaker Sheldon Silver has 2012 elections, the less willing they last year at a hearing about the da—if he’s able to pull it off,” said indicated he will support the gover- will be to act on controversial issues. Steven Greenberg, a pollster with nor’s cap on property taxes if Senate “Every day he waits to make se- bank’s actions during the mortgage the Siena Research Institute. Republicans agree to pro-tenant rious changes that need to be made meltdown. “This is not a good

One storm cloud on the horizon rent regulation. Aside from killing for the state of New York, his deficit investment,” Mr. Bove bloomberg news is an existential threat facing Re- redistricting reform, Republicans keeps building for next year,” republicans: If the governor makes want relief from state mandates for marked state Conservative Party sniffed in a report, slapping Gold- matter, the publicity figures to be good on his promise to have an in- school districts and counties. Chairman Michael Long. “The man’s stock with a “sell” rating. In a pretty bad. dependent body redraw legislative These backroom deals grease the clock is ticking.” Ⅲ follow-up interview,he put the odds Meanwhile, Goldman faces an- of an indictment of both the firm other challenge common to all big and the CEO at “50-50.” banks: Its future looks considerably Criminal charges against Gold- less profitable than the recent past. man (which declined to comment As Jamie Dinan, a renowned hedge for this column) would surely make fund manager, dourly noted at a for dramatic news, but they also conference last week, regulators are might put the firm out of business. requiring banks to hold signifi- Goldman may be terribly unpopular cantly more capital on their books, among the general public, but it rather than allowing them to de- seems unlikely the government ploy it on risky—and potentially would seek to euthanize it. More profitable—trades or loans. That likely, the debt analysts at Egan- wrinkle will reduce banks’ return Jones Ratings Co. wrote last week, on equity, a key measure of prof- Congress will demand that Gold- itability. man replace some senior executives. “ROE is going down, and there That’s hardly the end of Gold- is nothing they can do,” Mr. Dinan man’s troubles. Last week, the firm said, according to the blog Zero disclosed that the Commodity Fu- Hedge. tures Trading Commission plans to Goldman’s ROE last quarter was bring fraud and other charges over 14%. Management thinks it can get Goldman’s role in processing trades it back to 20%. Increasingly,howev- for a client. This will probably be er, investors don’t seem to believe more embarrassing than expensive. that Goldman can hit the target. (In the last major case of this type, If anything forces Mr. Blankfein in the late 1990s, Bear Stearns out the door, it will be losing the agreed to $38.5 million in fines and confidence of shareholders, and restitution.) But it could further tar- there are early signs this is taking nish a firm whose reputation was place. Goldman shares are down once impeccable. 16% this year, more than those of In addition, there is potential any other big bank. fallout from the Raj Rajaratnam case. “Investors continue to be leaving The trial made clear that one of the meetings at Goldman Sachs ‘very convicted hedge-fund manager’s disappointed,’ ” wrote Sanford C. important sources of inside infor- Bernstein & Co.analyst Brad Hintz mation was former Goldman board in a report last month. “Discussions member Rajat Gupta, who now are not candid, and the firm appears faces SEC charges. Mr. Gupta is to have an almost ‘Pollyanna-like’ fighting the civil case, and while belief that ‘our business model is un- Goldman isn’t a defendant in this changed.’ ” Ⅲ

THE NUMBER OF BANKS, LAW FIRMS AND ACCOUNTING FIRMS helping the 15 U.S. Treasury sell 200 million shares in American International Group. The Treasury has reportedly demanded stiff discounts to the customary fees.

4 | Crain’s New York Business | May 16, 2011 CN014343 4/12/11 1:21 PM Page 1

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NEW YORK,NEW YORK edited by Valerie Block Newmark Knight Frank is pleased to announce that Athletic shoe fits ex-Knick s a star guard for the New York Knicks in the 1990s, John Starks was the heart and soul of the team. But now he’s exhibiting a has expanded in Rockefeller Center to A different kind of sole. Mr. Starks is the pitchman for Ektio, a 61,833 RSF new basketball shoe that is specially designed to prevent ankle sprains, one of the most common NBA injuries and the No. 1 at orthopedic injury in the country. ¶ The shoe, designed by Barry Katz, a local orthopedic radiologist who played high 1270 Avenue of the Americas school hoops, has small bumpers on the outside of the sole, New York, NY a ski-boot-style brace and straps sewn into the wall to ensure that the foot and shoe move as a single unit.The Corey Borg, Moshe M. Sukenik and Eric Zemachson shoe, which retails for $149.99, gets its name from the of Newmark Knight Frank represented Venable LLP Greek words ektor and alexio, which mean to defend in this transaction. and protect. Since its November launch, 1,000 pairs of the high-end sneaks have sold through Amazon.com, Dick’s Special thanks to Brian Gurtman, Edmund O’Toole, Sporting Goods, Eastbay and other retailers. ¶ For putting his soul into pitching the shoes to NBA players, Mr. Starks—best known for his dunk over Michael Jordan and Horace Bruce Sidell and Mark Vecchio of Venable LLP. Grant in the 1993 Eastern Conference finals—has received an undisclosed equity stake in the company. ¶ “I’m reaching out to players and trying to get them to understand that this is a product for them,” Mr. Starks said. “I’m helping spread the word.” —daniel massey

their burritos and quesadillas in More room midtown. for tacos “We’re a little afraid of midtown,” said Oliver, adding that Two years ago, when brothers they believe they wouldn’t get a Leo and Oliver Kremer opened their dinner crowd there. tiny Union Square taqueria, Dos —lisa fickenscher

Toros, they were prepared for the kolnik paul worst. STAR-STUDDED FUNDRAISER “We had four different Mob method business scenarios, including ‘This ON MONDAY, May 16, Lincoln isn’t working, and we need to of business Center’s Alice Tully Hall will play close,’ ” said Leo. He never got an M.B.A., but host to Broadway Sensation, a Well, that didn’t happen. ex-mobster Louis Ferrante learned fundraiser and concert that will The San Francisco enough about business be simulcast in Times Square. natives have been so on the street that he The production will feature more successful that they are feels qualified to give than 100 stars of the stage, opening a second Dos advice. So he’s written including Tovah Feldshuh, The Want to STAND OUT from the crowd? Toros this month at 11 a book, Mob Rules: Addams Family’s Brad Oscar Promote your coverage with Crain’s Custom Reprints Carmine St.; it will be What the Mafia Can and a reunited cast of The twice as large as the first. Teach the Legitimate Scottsboro Boys (above). The They have also signed a Businessman. event will benefit the America- lease to open a third one The volume, to be Israel Cultural Foundation, What are the benefits of reprints? later this year on the Upper published June 2 by Jewish National Funds and the • Offer a unique opportunity to East Side. Penguin’s Portfolio OR Movement. co-brand your company with A joint that feeds lunch imprint, contains a reputable news source and dinner to about 600 more than 80 lessons, ranging • Help underscore your PR efforts customers a day, the original Dos from “I Want My F—— Money: argument, you’re going to be by including in press kits and Toros is simply too small. “We’re Paying Promptly” to “When to wrong,” Mr. Ferrante said in an recruitment pieces hoping we can take some of the Take a Bullet for the Boss,” about interview. pressure off of the first store,” said assessing long-term gains.The The former Gambino family • Digital reprints boost your news/press Oliver. new book follows Unlocked, the associate also stresses the web pages and help drive traffic to Last year, Food & Wine 2009 memoir that Mr. Ferrante importance of picking your your site included the eatery in its list of the wrote after spending eight years in business partners carefully.“A guy Reprint Plaque best taco spots in prison for truck who, if he owes you a hundred the country.The hijackings and thousand, and you pull up, and he brothers, who said NEW YORK’S heists. He was walks out with a paper bag [filled ASK ABOUT OUR REPRINT PRODUCTS: the Big Apple lacks TOP POWER- released in 2003. with money], and you don’t have HARD COPY REPRINTS • EPRINTS • PLAQUES the kind of LUNCH SPOTS Among his to make threats—that guy will go BANNERS/BUTTONS • TRADE SHOW COLLATERAL • POSTCARDS authentic taquerias business tips: the furthest,” he said. they grew up with Ⅲ Casa Lever Always prepare for Mr. Ferrante says that writing in California, are meetings. “When full-time is even better than being funding the Ⅲ The Four Seasons you go into a sit- a gangster. “You ate, slept and Contact Lauren Melesio at 212.210.0707 or expansion with a Ⅲ Marea down with guys breathed The Life because you bank loan and with who’ve been on the loved it,” he said. “I said to myself [email protected] for information on how to turn Ⅲ Michael’s your Crain’s press coverage into great marketing. cash from their street for 30 years, years ago, if I could find Union Square Ⅲ Smith & Wollensky even if you’re right, something I loved as much as this, eatery. But they Source: Zagat if you don’t know I’d be successful.” don’t expect to sell how to present your —matthew flamm

6 | Crain’s New York Business | May 16, 2011 Project12:fp template.qxd 5/3/11 3:54 PM Page 1

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from the federal government, but transit officials are bracing for a cut this year. The MTA hopes its $10 LIVING WAGE Will it die? THE INSIDER billion gap will be trimmed by work- WHAT WILL CITY COUNCIL Speaker rule efficiencies that private Christine Quinn (right) do with the by Jeremy Smerd and Shane Dixon Kavanaugh contractors may win in new thorny living-wage bill? She’s positioned contracts with construction unions. herself as pro business, and last year she It remains unclear exactly how shelved another government mandate, much the MTA will need to for paid sick days, citing the financial borrow, but insiders say bonding burden on small businesses. That would could require $750 million to $1 suggest a similar fate for Intro 251-A, the billion in new annual revenue Fair Wages for New Yorkers Act, which starting next year. Fares have been was the subject of a rally and council raised for three consecutive years, hearing last week. and a fare hike is already scheduled The sick-pay bill would have for 2013, so another one in 2012 is guaranteed workers five paid days off per unlikely.The Legislature will year, a benefit that the vast majority of instead have to vote on new taxes or fees during a special session late employers already provide. The living- in the year or early next year. wage bill would require compensation Putting off action until 2012 worth at least $11.50 an hour at city-subsidized developments—more than would allow Republicans to link 50% above minimum wage. Business opposition is stronger than it was to the the MTA funding, which many sick-pay bill, which was essentially defeated by a small, loosely organized upstate and suburban voters resent, band of chambers of commerce. It also appears that the living-wage bill with something those constituents could undermine the FRESH program to bring supermarkets to poor buck ennis like: money for a new state neighborhoods—one of Ms. Quinn’s signature initiatives. Department of Transportation capital But one council member who supports the living-wage bill sees it as plan.The current one expires smaller in scope than the sick-pay legislation, and argues that Ms. Quinn MTA funding push March 31, 2012. could support it. The member said the measure narrowly targets large, “That would allow the various subsidized projects like the redevelopments of Coney Island and Willets sides to get what they need for their Point. Concerns that it would snag smaller projects, nonprofits, affordable communities,” a transportation housing, manufacturers, supermarkets and energy-efficiency renovations slated for fall insider said. could be addressed by carving them out of the bill, the member said. But Ms. Quinn might prefer to address projects on a case-by-base basis. Councilman eyeing Big projects are subject to council approval because they require new zoning. he Cuomo administration will wait until autumn At the behest of labor unions, the council often demands wage guarantees. to deal with funding the remaining three years Albany again? For example, 32BJ SEIU, which represents building service workers, secured and $10 billion of the Metropolitan Transportation wage guarantees for Coney Island and Willets Point. The supermarket James Gennaro is throwing Authority capital plan, insiders said. planned for the council-approved Domino Sugar site in Brooklyn must pay its himself a birthday fundraiser May workers a prevailing wage. Transportation advocates are anxious but not 17. His invitation welcomes The speaker’s endorsement is essential, because she controls whether panicked.The Legislature rarely acts before it must, and the contributions of up to $9,500 from the bill comes to a vote. T individuals and $5,000 from MTA’s capital plan is funded through 2011. corporations. Those are the gettyimages About $100 billion has been invested in the MTA since the donation limits for state Senate capital program began in 1982. Some 30% typically comes candidates. The Queens councilman ducked University of New York, the two- The Insider’s calls about whether he borough district added 32,000 plans a 2012 challenge to fellow people since 2000 but is still Democrat Tony Avella, who last year 31,182 people short of the 717,707 snatched the Senate seat where Mr. residents that redrawn Gennaro lives from Republican congressional districts must have. Frank Padavan. Mr. Gennaro lost to Its boundaries will have to be Mr. Padavan in 2008. expanded farther into Brooklyn— or even to Manhattan. Also, while Staten Island’s State cash population grew to 468,000, “the for Kawasaki newer people are not Republican and Irish,” said one observer. Since Kawasaki Rail Car set up a New York manufacturing facility in 1985, the Metropolitan Deputy mayor Transportation Authority has escapes spotlight purchased 2,219 rail cars for about $2.5 billion. The company receives City University of New York about $460 million a year in trustee Jeffrey various state contracts, the Wiesenfeld took governor’s office says. most of the heat for Still, Kawasaki was given a holding up the $500,000 grant last month by the nomination of Tony Empire State Development Corp. to Kushner (left) for an retain 375 full-time manufacturing honorary degree. employees. In exchange, Kawasaki Deputy Mayor Carol will invest $25 million to purchase Robles-Roman, another and renovate its facility in Yonkers. trustee who voted against the Pulitzer Prize-winning playwright, somehow escaped S.I. growth may criticism. keep Grimm seated Ms. Robles-Roman drew attention in 2004 when she was Staten Island’s 5.2% increase in caught using emergency lights in population over the past decade— her vehicle to speed her trips. the largest for any borough— Mayor Michael Bloomberg took away might appear to help Republican her flashing lights, but there has Michael Grimm solidify his hold on been no fallout for the deputy the borough’s congressional district mayor for her CUNY vote. when it’s redrawn next year, but The CUNY board of trustees that is not the case. has since unanimously voted to According to the Center for award Mr. Kushner an honorary Ⅲ Urban Research at the City degree. bloomberg news

8 | Crain’s New York Business | May 16, 2011 Project3:fp template.qxd 3/29/11 1:24 PM Page 1

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VIEWPOINT A reckless living-wage bill editor in chief Rance Crain publisher, vp Jill R. Kaplan hirty members of the City Council have taken aback by the objections raised by manufacturers, EDITORIAL signed on to a bill that would require all affordable-housing builders, chambers of commerce and editor Xana Antunes managing editor Glenn Coleman jobs created by subsidized development supporters of subsidy programs that bring supermarkets to deputy managing editors Valerie Block, projects to pay a “living wage” starting at poor neighborhoods and make buildings energy-efficient. Erik Ipsen assistant managing editor Erik Engquist $11.50 an hour, or $10 an hour plus The bill’s supporters now say carve-outs could be added to senior producer, projects Kira Bindrim benefits. prevent these unintended consequences.The better solution senior producer, news Elisabeth Butler Cordova contributing editor The council’s progressive caucus calls is to trash the legislation. Elaine Pofeldt columnists Greg David, Michael Gross, the bill straightforward: “If you want public benefits for your The large, subsidized developments for which the bill’s Alair Townsend project, then your project has to benefit the public.The Fair backers want to raise wages are already subject to City Council pulse editor Barbara Benson T senior reporters Theresa Agovino, Wages for New Yorkers Act is that simple.” approval through the land-use review process.The council, Aaron Elstein, Lisa Fickenscher, But many council members have begun to realize that it is working with the mayor’s office, organized labor and Matthew Flamm, Miriam Kreinin Souccar reporters Marine Cole, Amanda Fung, anything but. Rather, it’s a sweeping piece of legislation with developers, has for years Shane Dixon Kavanaugh, Daniel Massey, known and unknown consequences that go far beyond a Why would the imposed wage standards Adrianne Pasquarelli, Jeremy Smerd art director Steven Krupinski pithy catchphrase. on a project-by-project deputy art directors Carolyn McClain, Proponents say the measure would affect only large council enact a basis. It makes no sense Daniel Mednick staff photographer Buck Ennis projects that receive discretionary subsidies from the city. law impacting for the council to enact a copy desk chief Wendy Zuckerman copy editor Thaddeus Rutkowski The language of the legislation’s 19 pages tells a different messy new wage law to research editor Dana Gordon story. It covers “both discretionary and as-of-right projects it already change the economics assistant research editor Suzanne Panara of projects it already research assistant Suzanne Bernard assistance.” Any development receiving financial assistance controls? research intern Laura Shin of $100,000 or more—hardly a large amount—would be controls. editorial interns Benjamin J. Spencer, subject to the law’s heavy hand.The $100,000 could be “in The whole point of Teresa Tomassoni whole or in part” at the city’s expense. subsidies is to make EDITORIAL AND ADVERTISING OFFICES An untold number of businesses would be caught in that projects economically viable in order to accomplish a greater 711 Third Ave., New York, NY 10017-5806 editorial: 212.210.0277 Fax 212.210.0799 net. Lawyers would have a field day suing employers who good.The city gives virtually every local manufacturing advertising: 212.210.0259 don’t adhere to the bill’s wage scale, which is 50% higher project funding that adds up to at least $100,000 because it Cable craincom nyk Fax 212.210.0499 than the state’s minimum and makes no accommodation for benefits New York to have factories here instead of in Entire contents ©copyright 2011 Crain tipped employees. Private firms without city contracts would another state or overseas. Some of the jobs created are entry- Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP be subject to audits and penalties by the city comptroller—a level, paying $7.50 to $10 an hour, but workers who prove to Inc., used under license agreement.

huge expansion of that office’s powers. Most outrageous is be skilled and dependable soon move up to better positions. TO SUBSCRIBE: the fact that the bill makes landlords responsible for policing The costs of an artificially high wage scale would limit the Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. tenants and subjects them to charges of perjury if a wage benefits of many subsidized developments and prevent www.crainsnewyork.com

violation slips past them. Perjury! others from happening at all.The council should abandon ADVERTISING AND MARKETING During a hearing last week, many council members were this reckless bill. advertising director Trish Henry senior account managers Courtney McCombs, Sheryl Rose, Suzanne Wilson sales manager, classified print & online John Gallagher sales coordinator, print & online CRAIN’S ONLINE POLL COMMENTS Lulé Haznedari newsletter product manager Alexis Sinclair credit Todd J. Masura 313.446.6097 SHOULD AMTRAK HAVE marketing director Amy Crossman A ‘DO NOT RIDE’ LIST? assistant marketing manager The cost of capitulation Sabra Harrison Date of poll: May 9 director, audience development Crain’s a letter stating that the Museum of John LaMarca 220 votes UNION HAUL senior audience development manager

Modern Art’s new $20 admission fee was steep Tarek Cotran

Yes, public-sector pension reform is long but necessary. As institutions continue to face . overdue (“Make pensions a top priority,” rising costs and lost funding, I can now agree director of e-commerce strategy 36% Kristi Serrano Viewpoint, May 9), but it would not be if the with your assessment that they are a more web developer, interactive city had the gumption to enforce the Taylor affordable alternative for family “entertainment.” Chris O’Donnell

. 64% Law in the face of illegal strikes by municipal —bernard a. langs NEW YORK PRODUCTION workers, starting with the 1965 transit strike. production and pre-press director Instead, City Hall cravenly capitulated to the THE OTHER PRISONERS OF 2ND AVENUE Michael Corsi unions, and as a result, thousands of transit advertising production manager workers, sanitation men, firemen and police We have read many articles in Crain’s and Suzanne Fleischman Wies have retired in their 40s after just 20 years, usually elsewhere about the Second Avenue Subway Yes. It’s a low- No. The last thing PUBLISHED BY CRAIN COMMUNICATIONS INC. at full salary or more for “overtime,” with medical and how its construction has disrupted local impact way to we need is to chairman Keith E. Crain improve train make train benefits for life and often with tax-free “disability” businesses. Why has no one written about the president Rance Crain security. stations like pensions. Meanwhile, the private-industry thousands of residents who live along Second secretary Merrilee Crain airports. workers whose tax dollars pay for all this are Avenue and how their lives have been affected? treasurer Mary Kay Crain confronted with cutbacks in, or elimination of, The MTA makes no restitution to any co- executive vp, operations William Morrow senior vp, group publisher Gloria Scoby their own pension and medical benefits, coupled op or condo for all the money that shareholders group vp, technology, circulation, with the prospect of having to work until they must spend to represent their interests. No manufacturing Robert C. Adams drop before being eligible for Social Security! one—not our senators, mayor or council vice president/production & —dennis middlebrooks people—seems to care about these disruptions. manufacturing David Kamis —linda robbins chief information officer Paul Dalpiaz corporate circulation/audience MUSEUM PEACE development director Kathy Henry CRAIN’S WELCOMES SUBMISSIONS to its opinion founder G.D. Crain Jr. (1885-1973)

bloomberg news In times that are often quite bleak, it is pages. Send letters to [email protected]. chairman Mrs. G.D. Crain Jr. (1911-1996) For this week’s questions: Go to heartening to see culture thriving (“Picture Send columns of 475 words or fewer to www.crainsnewyork.com/poll to have your say. this: NYC museums are drawing record [email protected]. Please include the writer’s crowds,” May 2). Seven years ago, I wrote name, company, address and telephone number.

10 | Crain’s New York Business | May 16, 2011 20110516-NEWS--0011-NAT-CCI-CN_-- 5/13/2011 12:39 PM Page 1

OPINION

philosophical twin and he may get more national attention,but at home Governor’s odds only 47% give him a favorable rating. Connecticut Democrat Dan Malloy took the opposite philosophical tack from Mr. Cuomo, deciding a big tax in next big battle increase was the way to solve his budget problem, and his rating is a basement 35%. California Demo- ov.Andrew Cuomo last week opened the second crat Jerry Brown comes in at 44%.and front in his assault on the old way of doing busi- Florida’s budget-slashing Republi- ness in Albany. The question is whether he has can Rick Scott gets a dismal 35%. The third element is to put the the weapons to make this assault as successful as Legislature on the spot by ratcheting his smashing victory on the budget. up the rhetoric. After avoiding such The governor took his trusty PowerPoint presentation to sev- attacks during budget talks, the gov- G ernor last week kept emphasizing eral upstate communities to push his next priorities: a 2% cap on that the legislative process is “cor- property taxes, legalization of gay marriage, and ethics reform, rupt,”and he went after both Assem- bly Speaker Sheldon Silver and Sen- which may or may not ample—on the back ate Majority Leader Dean Skelos for include nonpartisan re- burner. This is the same playing the usual Albany games to districting of the legisla- approach he employed subvert the property tax cap. tive and congressional during the budget All this appears tactically astute, districts.His lieutenants process when he rejected but it may not be enough to force fanned out to hit the what had been the stan- action. In the budget battle, Mr. same issues elsewhere. dard practice of using Cuomo possessed the nuclear op- This Cuomo opera- the budget as a vehicle to tion. If he didn’t get a budget he tion is notable for three push many nonfinancial liked by the April 1 deadline,he was key elements. ideas. prepared to offer a bill to continue The first is focus. The second is to cap- the operation of state government Normally, after the GREG italize on his soaring exactly the way he had proposed. If budget is done, gover- DAVID popularity.The most re- the Legislature didn’t go along, he nors put forward a long cent Marist College was happy to shut down state gov- list of bills they want the poll put Mr. Cuomo’s ernment. The legislature didn’t Legislature to enact. Not approval rating at 77%. want the blame and gave Mr. Cuo- this governor. His list starts and ends The New York Times compared his mo what he wanted. with his three objectives. He has put popularity with that of other new In this round, Mr. Cuomo is in everything else—rent regulation and governors. New Jersey Republican search of a similar club. So far, he the MTA’s financial crunch, for ex- Chris Christie may be Mr. Cuomo’s hasn’t found it.

mining a powerful catalyst for the state’s economic growth. Forfeiting quality Former Gov. David Paterson proposed a bold plan that would have enabled institutions to set their own tuitions.His reasoning was that for equality the system—particularly the four major research campuses in Albany, Buffalo, Stony Brook and Bing- amilies exploring college options in New York face hamton—needed more funding sticker shock, even if their child plans to live at than the state could provide in order home.Tuition and mandatory fees for the academ- to be world-class institutions. His proposal failed because of opposi- ic year just ended were more than $43,000 at Co- tion led by Speaker Sheldon Silver lumbia and $40,000 at NYU. and Deborah Glick, chairperson of By contrast, New York’s public institutions are a bargain. It the Assembly’s Committee on F Higher Education, amid fears that cost $5,100 at City University of New York’s Baruch College poor students might be priced out. and $6,800 at State University of New York’s Stony Brook Uni- In a misplaced sense of egalitarian- ism, they are eroding the quality of versity on Long Island. Wise policymakers some of our finest universities. That’s a problem. understand the key role Gov. Andrew Cuomo has en- Tuition never covers that their public institu- tered this fraught arena, proposing the full cost of a college tions play in their that SUNY be allowed to create five- education, which is why economies—the stimu- year tuition plans, and that the four private institutions en- lus of large payrolls and flagships be allowed to set their own gage in ceaseless student spending, the tuitions,with the unfortunate caveat fundraising. Public col- education of a skilled that this be subject to legislative ap- leges and universities work force and the com- proval. Already, the wailing about were late to that game, mercial application of low-income students has begun. relying instead on fund- basic research—and There is a trade-off between ex- ing from their states and ALAIR strive to ensure they are cellence and pricing. A panoply of localities. But public TOWNSEND adequately funded. grant and loan programs enables funding is no longer se- As in so many areas, every student willing to make the cure. It varies greatly,de- New York state legisla- investment to go to SUNY.The As- pending on the economic cycle and tors seem to appreciate only half the sembly Democrats’ argument that the fiscal stress that government pa- picture. They cut the budget of the they are protecting the poor doesn’t trons are experiencing. As a result, State University of New York, but wash. In a state in desperate need of most states have raised public tu- then balk at the notion of increasing jobs, especially upstate, their strate- itions, using federal and state tuition tuition and insist that tuition be the gy is counterproductive. grants based on need to enable stu- same at all campuses regardless of dents from lower-income families to their academic and research needs. LISTEN to a discussion at attend anyway. Their micromanagement is under- CrainsNewYork.com/audio

May 16, 2011 | Crain’s New York Business | 11 20110516-NEWS--0012-NAT-CCI-CN_-- 5/12/2011 5:41 PM Page 1

SMALL BUSINESS Commodities costs test firms’creativity

Mr. Samuels is hardly alone. For small businesses in New York, the Loath to hike prices, some revamp biz a variety of reasons—from droughts ramp-up in commodities has meant in Russia to increasing demand one thing: a significant increase in wholesaler Esposito’s Finest Quality from fast-growing emerging mar- costs, just when they’re getting back BY ANNE FIELD Sausage, has been forced to raise his kets to sheer speculation on the part on their feet after the recession. prices to supermarkets and resellers of investors—the prices of many ver the past year,David by about 11%.Yet margins have still commodities have skyrocketed re- A farewell to loyalty Samuels has watched taken a beating;they’re down 10% to cently. Corn futures, for example, Like Esposito’s,many companies with increasing alarm 12% from year-earlier levels. rose from about $4 a bushel last July find it hard to raise prices enough to as the price of pork has “If I raise prices more, customers to roughly $7 in early May. compensate. Their customers can’t

risen more than 30%. will switch and leave me,” said Mr. A recent spate of commodities always afford to stay loyal after a price buck ennis OWith few alternatives available, Mr. Samuels,whose 14-employee firm has sell-offs may mean the trend is slow- hike. For businesses that face high MEAT MARKUP: David Samuels raised Samuels, who heads Manhattan revenue of $3 million to $5 million. ing. Meanwhile, for a wide swath of costs even in good times, the situa- Esposito’s prices 11%; margins are still down.

tion is particularly difficult. As a result, they’re scrambling to find new ways to protect their margins. “They’re examining every option available,” said Declan Maguire, a management consultant in Stam- ford, Conn., who works with nu- merous New York City businesses. Consider BC Exchange, a Man- hattan company that sells and installs carpeting and surface flooring in commercial offices, bringing in $7 million to $10 million a year. As a subcontractor,it vies for work from general contractors,which also must LOYALTY HAS NO go through highly competitive bidding processes to win projects. BC Exchange CEO Mark Si- mon says this forces him to keep his prices as low as possible. Although EXPIRATION DATE. he’s raised prices 8% to 10% annual- Loyalty is not a limited time offer. You should be able to depend on it now and in ly for the past few years, margins are down 25% to 30%, he reports. the future. That’s why we’re proud to announce that Delta SkyMiles® is the only loyalty In January,Mr.Simon launched a program with miles that don’t expire, so what you earn, you keep. You can ﬂ y with division that installs stone and ceram- them, redeem them, brag about them – pretty much do anything except lose them. ic tile as well as wood floors.He hopes that unit will account for as much as DELTA.COM a third of revenue in two years. Striking a balance Esposito’s Mr. Samuels is well- aware that customers can easily choose a less-expensive rival. So, about a year ago,he decided to focus on his lowest-margin products,pin- pointing the minimum amount that he needs to charge for those items to be profitable. He then raises prices by the same rate across the board. “I’m trying to find a balance,” Mr. Samuels said. “How high can I raise prices so I don’t lose my shirt on the one hand and don’t lose customers on the other?” Vince Deuschel, general manager of Petaluma, an Italian restaurant in Manhattan with $3 million to $3.5 million in revenue, has used a subtler approach. Over the past two years, profit margins at the 54-employee eatery have dropped by about 2 percentage points. But instead of raising prices for entrées, for which he charges $17 to $39,Mr.Deuschel has reduced portion sizes. He also started charging $6 or so for side dishes, which used to be included in the price of a meal.And he has added higher-margin choices to his wine selections. “We’re not in a position to raise prices much,”Mr.Deuschel said.“But these moves have helped a lot.” Ⅲ All Delta SkyMiles program rules apply. To review the rules, please visit delta.com/memberguide. Rules subject to change. To sign up for Crain’s SMALL BUSINESS newsletter, go to www.crainsnewyork.com/smallbiz.

12 | Crain’s New York Business | May 16, 2011 Project6:fp template.qxd 5/6/11 4:31 PM Page 1 20110516-NEWS--0014-NAT-CCI-CN_-- 5/13/2011 1:36 PM Page 1

NEIGHBORHOOD JOURNAL Western LIC plays the library card Budding Queens area five big apartment towers and a host area, which continues to grow with firm Steven Holl Ar- of smaller ones have gone up near the new developments,” said Queens chitects. It’s slated to will get long-sought East River waterfront, and new res- Library Chief Executive Thomas open in two years on taurants and shops pop up almost Galante, adding that residents have the waterfront be- public amenity in 2013 monthly. been lobbying for one for years. “It tween 47th Road and CHECK IT OUT: The facility could The major element that’s lacking is a core amenity.” 48th Avenue. create a sense of community in an area of “lifeless” high-rises. BY MARINE COLE is the institution that for many peo- The building will ple symbolizes an area’s arrival as a Special spaces, green design boast special spaces for buck ennis he once-desolate western true neighborhood: a place where Now, at last, community members children, teens and adults, as well as community programs. end of Long Island City, adults and children alike can go to will have access to that basic commu- a media center and computers for The city’s newest library will also Queens, has blossomed read a book, do research online or nity fixture. They’re already excited public use. It will also have a garden be one of its greenest. The design as a neighborhood in re- just hang out. Quietly, of course. about the 22,000-square-foot li- and a roof terrace; a room seating as will incorporate features such as cent years. Since 2002, “There’s no public library in this brary, being designed by well-known many as 150 people will be used for geothermal wells, radiant heating T and cooling,solar panels and a green roof. Library executives hope that will earn the highest possible LEED certification under the Leadership in Energy and Environmental De- sign rating system. The facility will also offer a number of programs on environmental education and issues. As some locals see it, one of the library’s most important contributions will be something a bit more intangible: soul. “Those [residential high-rises] are a little lifeless,” said Matthew Quigley, vice president of Plaxall Inc., which has owned residential and commercial real estate in Long Island City for decades.“It would be nice to have a community area here.” ‘This resource will represent Does your money cross borders our next as easily as you do? evolutionary step’

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A neighborhood milestone “It will be an important resource for the neighborhood,” said Dan Miner, senior vice president of business services at the Long Island City Business Development Corp.“It will represent our next evolutionary step.” Construction is set to start next spring, ahead of a 2013 opening. By 1Global View, Global Transfers, and international account opening are not available in all countries. Foreign currency exchange rates may apply. then, there are expected to be four 2Offer(s) valid when you begin a new personal Premier relationship* in the United States funded in new money from May 16, 2011 to July 22, 2011. With a minimum qualifying balance of more residential towers, two of $150,000, you qualify for the MacBook Air. Alternate gift available with a minimum qualifying balance of $100,000 or more. Offer(s) not valid for Insurance Products, which include Annuities, which are under construction. The or for existing HSBC Premier clients regardless of what other non-Premier Accounts they have or how they are listed on account titles; Online Savings Account is ineligible for gift promotion. completion of an affordable-hous- New money is defined as funds or positions not previously held by any member of the HSBC Group over the past six consecutive months. For qualifying customers upgrading to Premier, new money must be in addition to existing deposit and investment balances as of the close of business on May 13, 2011 (“Existing Balances”). Premier relationship in the U.S. must remain open; ing complex at Hunters Point South new money and Existing Balances must remain on deposit for a minimum of six months or the value of gift will be deducted from account proceeds if time requirement has not been met. is slated to bring the area’s popula- *To qualify for an HSBC Premier relationship, you need to open a Premier Checking account and maintain $100,000 in combined U.S. personal deposits, including Online Savings Account, tion to 45,000 in the next five years. and investment balances. Business owners may use their commercial balances to qualify for a personal Premier relationship, but these balances cannot be used to meet the new money It will be the largest such project to requirements. A monthly maintenance fee of $50.00 will be incurred if minimum balance requirements are not maintained. You have up to 90 days after account opening to meet the full $100,000 balance requirement. The Annual Percentage Yield (APY) and balance for a Premier Checking account which is accurate as of April 18, 2011 is 0.01% APY on balances of $5.00 be built here since Co-op City in the or more. APY is variable and subject to change after opening. Charges and fees may reduce earnings. Qualified Premier clients will be notified via mail within 90 days of account opening; Bronx and Starrett City in Brooklyn, notification will include instructions for redeeming gift of choice. Eligibility requirements may apply for some gift choices. Limit one gift per eligible new Premier relationship. This offer both of which opened in the 1970s. cannot be combined with any other offers or promotions, is nontransferable, good while supplies last. Any gift not chosen by October 31, 2011 will be forfeited. The cost of the gift will be reported on IRS Form 1099. With the anticipated flood of Apple,® the Apple Logo and MacBook Air are registered trademarks of Apple Inc. All rights reserved. Apple is not a participant in or sponsor of this promotion. residents,LIC will get another com- United States persons (including U.S. citizens and residents) are subject to U.S. taxation on their worldwide income and may be subject to tax and other filing obligations with respect to their munity must-have in September U.S. and non-U.S. accounts – including, for example, Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts (“FBAR”)). U.S. persons should consult a tax adviser for more information. 2013: a 662-seat public school, with Deposit products offered in the U.S. by HSBC Bank USA, N.A. Member FDIC. ©2011 HSBC Bank USA, N.A. classes from pre-K to grade 8,which will be the second in the area. Ⅲ

14 | Crain’s New York Business | May 16, 2011 20110516-NEWS--0015,0016-NAT-CCI-CN_-- 5/12/2011 5:42 PM Page 1

REAL ESTA TE INSIDE Deals Plus Foreign buyers are back, and more PAGE 18 Largest financing deals in NYC: a new list from Real Capital Analytics on big leveraged buys and refis PAGE 19

Big plans for retail Social media hits home at Grand Residential brokers show local savvy, build brands Central with new tools Task is to fill space in a way that maximizes MTA revenues

BY MARINE COLE

Retailers routinely wait years just for a spot in the basement there.Rents have climbed in a line unbroken by recession for over a decade, and this fall, a new tenant will open a tennis club up on the fourth and fifth floors with a full-size court and several practice areas. Where is this retail wonder- land—where the vacancy rate, incidentally, typically hovers near zero? It’s on East 42nd Street, and it’s called Grand Central Terminal. “They really made it a true hub,” said Jeffrey Roseman, a broker at Newmark Knight Frank Retail. In the beginning The easy part of that trans- BY AMANDA FUNG formation took close to four years in a makeover that re- In the past year and a half, residen- placed a few convenience tial real estate broker Gus Waite has stores and an ocean of empty posted 35 YouTube videos covering every- space with a spectacular thing from the character of different Man- 134,000-square-foot beaux hattan neighborhoods to how-tos on finding arts retail center. For the hard- the perfect place. Altogether, they have drawn er task of filling it with 100 ten- more than 2,600 views. ants in a way that maximizes The founders of PostGradApartments.com revenues and shopper and din- were so impressed that they called Mr. Waite to er interest, the station’s own- strike up a venture. In July, they plan to launch a er—the Metropolitan Trans- sweepstakes for recent graduates moving to the city.Mr. portation Authority—turns to Waite will help the winner find an apartment at no fee, Nancy Marshall. and pick him or her up in a limousine to be whisked off to Working out of a fifth-floor lunch at a top restaurant. office near MTA headquarters “I am planting my seeds,” said the 49-year-old broker, who on Madison Avenue, Ms. Mar- debuted a blog last month: YourNYagent.com, geared toward shall, who previously super- simplifying the process of renting an apartment in the city. vised retailing at downtown’s “Blogs and videos are hugely effective in branding me within World Financial Center, over- the real estate industry.” THE TWEET SPOT: sees leasing. The MTA’s direc- Mr.Waite is among a growing number of individual residen- Corcoran learned tor of Grand Central Terminal tial brokers who have begun using social media over the past five to use Twitter to find and reach development is assisted by one years to increase their visibility in the crowded world of real es- people moving to full-time employee and a 15- tate. More recently, many brokerage firms have followed suit, the city, Matthew person team at Jones Lang making a companywide effort of harnessing Facebook,YouTube Shadbolt says. LaSalle. and Twitter to share their local knowledge with readers, drive When she began in 1993, traffic to their websites and raise their companies’ profile. Ms. Marshall drew on the Rather than using these tools for direct sales pitches, the experience of Washington’s See SOCIAL MEDIA on Page 16 See BIG PLANS on Page 17 buck ennis

May 16, 2011 | Crain’s New York Business | 15 buck ennis 20110516-NEWS--0015,0016-NAT-CCI-CN_-- 5/12/20115:42PMPage2 Socialmedia@home 16 Continued fromPage15 They postinformationrangingfrom sell. butmostoptforasofter while, onceina may makesenseevery theHighLine overlooking property oranopenhouseatatrendy Side plex penthouseontheUpper West Posting anamazingprewartri- tise. as ameanstoshowcase theirexper- them embracing arefirms primarily COUNTERPARTS IN COMMERCIAL SECTORLIELOW COMMERCIAL IN COUNTERPARTS WHILE MANYINDIVIDUALBROKERSANDFIRMS connections. 500 agoandnowhasmorethan account eightyears Richard EllisInc.seniorvice president createdhisLinkedIn TheCB exception oflongstanding. toopublicforthem.” media isjust Quinn&Co.“Social relations firm atpublic Rosnowski, apartner relationships driven bytighter-knit,private adopt, because commercialsector. inthe peers samecannotbesaidoftheir the years, residential markethave socialmedia inrecent embraced | Crain’s New York Business That makesBenFriedlandaclear areslowerto “Commercial brokers Visit our website for more information and toRSVP. and information more for website our Visit p.m. 15, 6–8 June Wednesday, Information Session: New York Universityisanafﬁrmativeaction/equalopportunityinstitution.©2011 New York UniversitySchoolofContinuingand ProfessionalStudies.Photograph by Nelson Bakerman, Photographer. scps.nyu.edu/ eld. dynamic this of forefront the at you place to required —everything deal estate real the of inallphases application real-world with theory integrates curriculum The learning. higher of institution respected most industry’s the at program degree comprehensive most the is Schack NYU at Estate inReal M.S. The Estate inReal M.S. ,” saidSuzanne Real Estate their businessis Community Leadership | May 493 6 2011 16,

buck ennis 388 fansonits1-year-oldFacebook boasts which Partnership, Realty president of Warburg Peters, erick saidFred- online,” does everything fans intoclients. turn thatmayeventually and trust over timebuildstherelationships happenings—which neighborhood restaurant recommendations to 212 9987100 “The next generation ofbuyers nextgeneration “The in the

Technology REPORT information that’s come through credible, reliable sources.” credible,reliable comethrough that’s information people to socialmediatools,”through hesaid. “A significant portion ofmy businessisgenerated “A portion significant sift through all the noise allthe through sift values of social media is that it allows it mediaisthat values ofsocial said Mr. key “Oneofthe Friedland. overload,”information slammed with canget tools, businesspeople salesprocess. the small groupsabouthowitisaffecting ofsocialmedia,teaching advantage colleagues worldwide has been Proving value in online world Proving valueinonline available andbuildafollowing.” “We needtomakeourselves page. huge online community awarehuge onlinecommunity ofits the make awareness thatitneedsto stressesStribling’sShe growing Twitter accountforthecompany. established aFacebook page anda AnnKivlan mer broker Elizabeth position—for- new development—a to director ofmarketing andbusiness herpromotion monthafter way.One feelsmuch thesame sociates Ltd. “With all oftoday’s all “With communication year, past Over the Mr. Friedland Management at Stribling &As- Management atStribling encouraging hisCBRE REAL EST and focus on and focus to take — MNAFUNG AMANDA has becomethefirm’s most effective which 5,500 followers on Twitter, “We useitasalead-generationtool.” via sages tothemdirectly Twitter. and sends mes- moving tothecity searches about forpeopletweeting teractive product andmarketing,who Corcoran’s director ofin- Shadbolt, saidMatthew who needassistance,” moved tothecity.cently whohavere-on engagingtweeters focusing andstarted ing thestories itbegandownplay- little response, getting Butafter stories. tate news listingsandreal es- dom apartment ran- ittweeted Initially, years ago. using started Twitterin thecity, two hasmorewhich than1,100brokers into aneighborhood.” “People are buying really Facebook. Twitter andalmost2,400fanson boasts more than3,200followers on which cial mediaforHalstead, director of Web marketing andso- Leone, Matthew ambassadors,”said andneighborhood is tobeindustry unique visitorsamonth. 2million attracts which website, source tothecompany’s oftraffic has becomethefourth-largest thesocialmediajuggernaut book, the brokerage beganusingFace- Three yearsafter area. the tristate has900brokers which in Property, users ofsocialmediaisHalstead Greenwich Village. in the popularMilk&CookiesBakery of tidbitssuchasitspostingabout months,courtesy fans initsfirsttwo Kivlan. saidMs. site,” Stribling recognition peopletothe todrive hoods andhomebuying. in neighbor- expert an as fides bona io rpris with19agents, Miron Properties, Two-year-old with YouTube. cess said. Shadbolt Mr. business, social-media siteforgettingnew AS MOREPEOPLE USERS LURING IN APPS FILLGAPS Warburg’s away outthere.” president. “It’sjust ofgetting yourbrand exclusively marketing. Warburg that is nearby amenities,aswell asavailablefind properties iPhone appsof2011. AroundMepinpoints auser’slocation andhelpshim to followthem. arecreating various apps inarace world,residentialbrokerages the up with dubbed AroundMe,whichwasnamed oneof website. firm’s the surfing those info than timeslongeraccessing Corcoran iPhone appspendthree ofthe saidMr. users offline,” Shadbolt,addingthat online conversations sinceitdebutedinOctober. 5,000users has drawn createdanAndroidappthat to beworking.ToCorcoran moreconsumers, tap seems Shadboltsays effort chiefMatthew the interactive e-mails agentsget location. current services neartheir andother shops,restaurants find users andalsohelps listings sales andrental Itshows now hasroughly30,000users. launchedafreeiPhone appthat effort, Stribling acquired 162FacebookStribling hopeistogetmore brand “The Other brokerages areOther havingsuc- Corcoran hasnow attracted “Now wereach outtopeople TheCorcoran Group, Similarly, wholesocial-mediamantra “Our real estate One oftheearliest “It’s notgoingtochangebusiness overnight,” saidFrederick Peters, Some 18 ago, months Two ago, years istogetpeople to take platforms goalforallourinteractive “Our primary tomeasurehow manycallsor It’s difficult A TE rely on their cell phones and other mobiledevices tokeep cellphonesandother rely ontheir Warburg RealtyPartnership from app users, butCorcoran from appusers, The CorcoranGroup,anearlyleader A legupwithFacebook brand perspective.” powerful from a bevery can said.“It Shadbolt Mr. from abigbrand,” response getapersonalized they postonFacebook.coran tion thesenderwantedtoseeCor- askingwhatkindofinforma- plied, with findinganapartment. had todo that wanted toknow whatonearth protest from anannoyed reader who atleastone drew The postquickly Manhattan’s shops. 10bestcupcake thought wasafunitemondowntown Corcoran’s Facebook pagewhathe impress can them. asthey easily justas alienatepotentialclients can videosandotherpostings Tweets, somerisks. social mediadoescarry livesinthebuilding. ker whoactually connection helpedherbeat outabro- addingthatmakingthe man said, ofFacebook,”Ms.Fish- ker because o s”si io’ one,Jeff Miron’s founder, said for us,” cessful andproduced real customers inthecity.and renting anapartment selling ing how-to videosonbuying, has itsown YouTube channel,featur- now incontract. is andthe$325,000property job, gotthe dio apartment.Ms.Fishman stu- anUpperEastSide help selling needed thefriend out, as itturned now livinginCalifornia; classmate ed viaFacebook withahigh school reconnect- recently Renée Fishman from theprofessionaluses. thepersonal be difficulttoseparate oftheirlivesthatitcan much apart it’s already so social mediaforwork, tate brokers whohavebegunusing Schleider added. produce thevideos. Schleider.

“People when surprised are often re- Shadbolt Mr. Undeterred, oncepostedon Shadbolt Mr. using As brokers are findingout, Iwasareal knew estatebro- “She “YouTube suc- hasbeenwildly o xml,Halsteadbroker For example, For ofreal awholegeneration es- Mr. it,” are worth well “They to thousanddollars It costafew Time launched aniPhoneapp magazine’s 50best Ⅲ — MNAFUNG AMANDA in the 20110516-NEWS--0017-NAT-CCI-CN_-- 5/12/2011 5:43 PM Page 1

REPORT REAL ESTA TE Big plans for retail

Continued from Page 15 Union Station, which had its retailing rebirth in the 1980s.Today, Ms. Marshall said, she aims for a 50-50 mix of local and national brands. Food-related tenants ranging from Métrazur on the east balcony to Brother Jimmy’s BBQ in the dining concourse lease nearly 70% of the space. Nearly all are local. To liven things up further,in 2005,Ms.Mar- shall added six short-term kiosks in the Graybar passage, where tenants pay a flat fee starting at $2,500 a month. Eyeing a better space Satya Jewelry, which started out FULL UP: At Grand with a booth in the terminal’s annu- Central Terminal, the al holiday fair in 2008, is currently retail vacancy rate among the six. Satya Scainetti, the typically hovers around zero. store’s chief executive, said she has

her eye on a space in the station that buck ennis will be available in 2013, though she may wait for a better spot that will be crease of 9.5% for last year alone, to available in 2014. $25 million. Such well-laid plans are typical When the MTA began leasing among the terminal’s tenants. Most new retail spaces,“rents were highly apply several years before space be- affordable,” said Robin Abrams, a comes available. Initially, Ms. Mar- broker at the Lansco Corp. “Now, COMMAND shall and her team solicited interest because the project is so successful, via direct talks with retailers. Since they’re able to charge higher rents.” COMPLEX 2006, a new state law has required Ms. Marshall is planning to COMPOSED that tenants be selected via formal maintain that momentum. In an requests for proposals,a process that RFP issued in January for the dining COACH many complain is lengthy and concourse space occupied by Zócalo, daunting. rents start at $175 a square foot and COGNIZANT Once an RFP is put out,prospec- rise to $228 a square foot in the tive tenants have a month to fill out lease’s 10th and final year.Most like- COLLABORATIVE the 15-page form, filling in the ly, the MTA will do far better, be- CONTEMPORARY blanks for everything from business cause retailers typically bid above the description to projected sales for the asking rents. In addition, once ten- COUNSEL lease term. The whole process usu- ants hit their revenue targets, they COZEN ally takes four to five months. begin paying a percentage of incre- CONFIDENCE “It takes patience,” said Laura mental revenues to the MTA. COURAGE Blaustein, who heads the Grand “Anyone who’s paying percent- O’CONNOR Central team at JLL.“But it works.” age rent is doing so well that they CELEBRATES It certainly does for the MTA, don’t mind paying it,” Ms. Marshall which despite the recession record- said. COLLEAGUE ed a total revenue increase at Grand Tenants are also willing to pay up Central of more than 5% between for space in Grand Central’s famous COMMUNICATOR Geoffrey Ferrer, Corporate / Trial Lawyer 2007 and 2009,and projected an in- 40-day holiday market in the 10,000-square-foot Vanderbilt Hall. GRAND Many of the vendors are selected via scouting expeditions by the JLL staff Whether you need an unrivaled trial lawyer or corporate to markets as far away as Philadelphia CENTRAL counsel who understands your business, our attorneys and upstate New York—and Cali- IN A NUTSHELL have the training and fl exibility to help you win. fornia via the Internet. FOOTPRINT 48 acres Hoping for holiday slot For worldwide offi ces, visit us at cozen.com. FOOT TRAFFIC 700,000 per day Satya Jewelry,which didn’t make RETAIL SPACE 134,000 square the cut in 2010, is hoping to fare feet better this year.Applications for the Abby M. Wenzel, Offi ce Managing Partner 76 slots are due June 24.The fee for 277 Park Avenue RETAIL UNITS 100 (including 4 New York, New York 10177 newsstands) a booth rental is $14,750 this year. 212.883.4997 | [email protected] The good news for retailers is OLDEST TENANT Oyster Bar that 20,000 square feet of retail Geoffrey D. Ferrer, Offi ce Managing Partner (since 1913) space will be added in six years. 16th Floor, 45 Broadway New York, New York 10006 LEASE TERMS That’s when the new commuter 212.908.1201 | [email protected] 5-10 years (stores/restaurants) concourse for the Long Island Rail Up to 3 months (kiosks) Road will open beneath the station, 550 Lawyers | 24 Offi ces adding thousands of new users to REVENUE FROM TENANTS the 700,000 who now stream 2007 $16.3 million through the doors daily. The confi dence to proceed. 2010 $18.8 million (forecast) “We are excited about the new ANNUAL HOLIDAY FAIR retail that will service the LIRR cus- ® 500 applicants tomers coming into and out of the © 2010 Cozen O’Connor 76 booths terminal seven days a week,” said Ms. Marshall. Ⅲ

May 16, 2011 | Crain’s New York Business | 17 20110516-NEWS--0018-NAT-CCI-CN_-- 5/12/2011 5:43 PM Page 1

REPORT REAL ESTA TE IT REALLY BITES Deals Plus an undisclosed amount, for exam- 4,800+ ple (see financing information in Foreign buyers return to NY the list on Page 19). Fosterlane is in Bedbug violations contract to buy 750 Seventh Ave. discovered last year from Hines Interests for $485 mil- by the Department of oreign investors’ appetite for U.S. commercial real 18% in New York City. lion. Epic UK Ltd. purchased a Housing Preservation estate is coming back—and Manhattan is clearly Some of the top foreign buyers in meatpacking district office tower at and Development Gotham in the past year, in terms of 15 Little W. 12th St. for nearly $70 the main course. total dollars invested, included million. Direct acquisitions of U.S. commercial property Brazil’s Safra Group, China Invest- “It’s definitely picking up,” said 82 by cross-border investors accounted for ment Corp. and Kuwait-based in- Dan Fasulo, managing director of F vestment entity Fosterlane Man- Real Capital Analytics. “Many Violations in 2004 $10.1 billion in transactions over the past year, according to a agement Corp., according to Real foreign investors have been bidding.” Source: Associated Builders and Owners of Greater recent report from Real Capital Analytics. New York City saw Capital Analytics. Despite the Big Apple’s appeal to New York Inc. $3.3 billion in such deals, compared with $1.4 billion in So far this year, there have been foreign real estate investors, Euro- foreign real estate investments in the Washington, D.C., area six deals in Manhattan involving foreign pean cities still attract a much greater and $1.1 billion in the San Francisco area. investors. share of the cross-border action. tively light, compared with the 40% The Canadian arm of Brook- Real Capital Analytics notes that to 60% cross-border share in major Cross-border investors represented 7% of U.S. sales field Asset Management took a ma- the 18% market share for foreign in- European markets.” volume during the past 12 months, but they accounted for jority interest in 450 W.33rd St.for vestment in New York City is “rela- —marine cole

plained founder Shang Dai. “They Crossing, which it owns. It plans to for the space was $44 per square foot. A big move: Queens feel using a law firm located in rent the 2,000-square-foot space TV-show maker Adam & Co.Real Estate’s David to Times Square Flushing doesn’t meet their stan- once it moves into its new address at expands HQ Levy and Jeffrey Schwartz repre- dards, but Times Square is really the end of August. sented both Sharp and the landlord, A small law firm in Flushing, well-known to all Chinese people.” At the very least, there’ll be more Sharp Entertainment, the pro- Ten Seventy One Associates. Queens,that caters to Chinese com- The law firm initially looked for elbow room for Mr. Dai’s 17 em- ducer of Man v. Food on the Travel “The space made sense because it panies investing in the U.S. is mov- space on Third Avenue back in No- ployees. He said there are now two Channel and other popular televi- was available and the building is ing to the heart of Times Square. vember. Then Newmark Knight attorneys per room and his confer- sion shows, is expanding its head- centrally located,” said Mr. Levy, Dai & Associates has signed a Frank broker Dennis Karr took Mr. ence room is too small. The new quarters near Bryant Park.The Man- adding that Sharp considered other 10-year lease for 6,250 square feet at Dai to Times Square. space will have conference rooms hattan-based company has signed a buildings. 1500 Broadway. The asking rent was “This is where I have to be,” the and an office for each attorney. nine-year lease for an additional Founded in 2003, Sharp has $65 a square foot. client told his broker. The landlord was represented by 7,800 square feet at 1071 Sixth Ave., more than 100 full-time employees, “Our clients want our firm to be Dai & Associates’ current home Daniel Bodner of CB Richard Ellis. where it has occupied 14,000 square according to its website. in a more prestigious location,” ex- is an office condominium in Queens —marine cole feet since last year. The asking rent —amanda fung SOME OF US WOULD RATHER BE AT WORK. AND IT SHOWS.

Building upon its 25 year history as the most trusted name in New York business, Crain’s is giving readers the opportunity to tell us why their company is the best place to work. Nominations are now open for this annual New York City honor, recognizing outstanding employers in the ve boroughs. Companies will be proled in Crain’s New York Business and honored at an event in the fall of 2011.

Does your company allow you to: • Work with a stellar group of people? • Do what you enjoy? • Explore new opportunities for growth? • Follow your own path?

Tell us why your company is so great by nominating it as one of New York City’s Best Places to Work at www.bestplacestoworkNYC.com

18 | Crain’s New York Business | May 16, 2011 20110516-NEWS--0019-NAT-CCI-CN_-- 5/12/2011 5:44 PM Page 1

REPORT REAL ESTA TE Real Capital Analytics’ Largest NYC Financings Ranked by loan amount, for 12 months ended in April 2011

Address/ Loan amount Transaction Rank property location and type (in millions) type Date Borrower Lender 245 Park Ave. $800 Refinancing 9/10/10 Brookfield Asset Management / Bank of China HIGH FINANCE 1 Manhattan office ING Clarion 153 E. 53rd St.—Citigroup Center $700 Refinancing 3/25/11 Boston Properties MetLife 2 Manhattan office 1111 Sixth Ave.—One Bryant Park* $650 Refinancing 6/28/10 Bank of America / Bank of America 3 Manhattan office The Durst Organization 919 Third Ave. $500 Refinancing 3/25/11 SL Green Realty Corp. / Pacific Life Insurance Co. 4 Manhattan office NY State Teachers’ Retirement System 111 Eighth Ave. $468 Acquisition 12/1/10 Google Bank of America 5 Manhattan office 2 Penn Plaza $425 Refinancing 2/11/11 Vornado Realty Trust HSBC Holdings 6 Manhattan office 450 W. 33rd St. $365 Acquisition 4/28/11 Brookfield Asset Management Wachovia 7 Manhattan office LIST RANK 1 650 Madison Ave. $355 Acquisition 6/11/10 The Carlyle Group / Wells Fargo 8 Manhattan office Ashkenazy Acquisition Corp. ADDRESS 32 Old Slip—One Financial Center $350 Refinancing 12/7/10 Beacon Capital Partners MetLife 245 Park Ave. 9 Manhattan office LOAN AMOUNT 340 Madison Ave. $300 Refinancing 3/18/11 Broadway Partners / Cornerstone RE Advisors $800 million 10 Manhattan office RXR Realty 345 Park Ave. $275 Refinancing 9/3/10 The Rudin Organization Prudential 11 Manhattan office Real Estate Investors 1 Park Ave. $250 Acquisition 3/24/11 Vornado Realty Trust Morgan Stanley 12 Manhattan office 517 E. 117th St.—East River Plaza $215 Refinancing 6/4/10 Forest City Ratner Cos. / ING Group 13 Manhattan retail Blumenfeld Development Group 1330 Sixth Ave. $200 Acquisition 12/24/10 RXR Realty / New York Community 14 Manhattan office Safra Group Bank 745 Fifth Ave. $180 Refinancing 10/1/10 Paramount Group Inc. DekaBank 15 Manhattan office 265-275 Cherry St.—Lands End I $175 Refinancing 12/10/10 AREA Property Partners / Fannie Mae 16 Manhattan apartment Pembroke Cos. LIST RANK 5 660 Madison Ave. $175 Acquisition 12/17/10 Safra Group Banque Manhattan office Safra-Luxembourg ADDRESS 17 111 Eighth Ave. 700 Eighth Ave.—Milford Plaza Hotel $175 Refinancing 3/17/11 Rockpoint Group / Goldman Sachs Manhattan hotel Highgate Holdings LOAN AMOUNT 18 $468 million 40 Wall St.—The Trump Building $160 Refinancing 12/6/10 The Trump Organization Capital One 19 Manhattan office 200 Vesey St.—Three World Financial Center $150 Refinancing 11/15/10 Brookfield Asset Management Wells Fargo 20 Manhattan office 569 Lexington Ave.—DoubleTree Metropolitan $150 Acquisition 12/22/10 RLJ Development Wells Fargo 21 Manhattan hotel 56-74 W. 23rd St.—The Caroline $150 Refinancing 12/23/10 Pan Am Equities Inc. Sovereign Bank 22 Manhattan apartment 7 Hanover Square $147 Refinancing 1/6/11 The Swig Co. UBS 23 Manhattan office 125 Park Ave. $146 Acquisition 8/3/10 SL Green Realty Corp. Morgan Stanley 24 Manhattan office 1568 Broadway—DoubleTree Guest Suites Times Square $140 Acquisition 1/13/11 Sunstone Hotel Investors Credit Suisse 25 Manhattan hotel LIST RANK 17 245 Fifth Ave. $140 Acquisition 3/31/11 Thor Equities / Credit Suisse ADDRESS 26 Manhattan office The Moinian Group 660 Madison Ave. 653-659 11th Ave.—Ink48 $136 Acquisition 9/10/10 Prudential Real Estate Investors U.S. Bancorp LOAN AMOUNT 27 Manhattan hotel $175 million 300 Park Ave.—Colgate-Palmolive Building $135 Refinancing 9/10/10 Tishman Speyer WestImmo 28 Manhattan office 4720 Center Blvd.—East Coast Tower I $133 Refinancing 6/7/10 Rockrose Development Corp. Freddie Mac 29 Long Island City, Queens, apartment 681 Fifth Ave.—Fortunoff $125 Refinancing 1/6/11 Metropole Realty Advisors Inc. Ladder Capital Finance 30 Manhattan office 316-328 W. 57th St.—Sheffield57 $125 Refinancing 3/30/11 Fortress Deutsche Bank 31 Manhattan apartment 703-719 Third Ave. $120 Refinancing 10/7/10 SL Green Realty Corp. Wells Fargo 32 Manhattan office 59 Maiden Lane $120 Refinancing 1/26/11 Amtrust Realty Corp. Sovereign Bank 33 Manhattan office 600 Lexington Ave.—Manhattan Tower $110 Refinancing 10/15/10 SL Green Realty Corp. / Bank of China LIST RANK 23 Manhattan office CPP Investment Board 34 ADDRESS 200 Water St. $110 Refinancing 12/27/10 Rockrose Development Corp. Freddie Mac 7 Hanover Square Manhattan apartment 35 LOAN AMOUNT Data are based on publicly reported lending activity for the 12 months ended in April. Includes first mortgages made for acquisitions and refinancings on properties and portfolios of $2.5 million and greater; excludes seller financing, mezzanine financing, and construction and land loans. In case of tied figures, deals are listed in order of transaction date. *Received an additional $650 million in Liberty Bond financing. Real Capital Analytics Inc. is an independent research firm focused $147 million exclusively on capital investment markets for commercial real estate. RCA offers comprehensive information on activity in the industry. In addition to collecting transactional information for property sales and financings, it interprets the data, including capitalization rates, market trends, pricing and sales volume. The firm publishes a series of Capital Trends reports and offers an online service that provides real-time, global transactional market information. Visit www.rcanalytics.com.

May 16, 2011 | Crain’s New York Business | 19 20110516-NEWS--0020-NAT-CCI-CN_-- 5/12/2011 7:15 PM Page 1

FOR THE RECORD

10 tennis courts and construction of new ● Gracious Home signed a lease for common stock at $16.71 on May 4, in a tennis courts in Crotona Park in the 10,000 square feet at 158 W. 27th St.,a transaction worth $1,499,990. On the ABOUT THIS SECTION Bronx. Bid documents can be purchased 12-story building owned by Himmel + same day, he sold 89,766 shares at in the Blueprint Room, Olmsted Center, Meringoff. The firm will move to the $49.71, in a transaction worth FOR THE RECORD is a weekly listing of information from the public record that Flushing, Queens, from 8 a.m. to 3 p.m. top floor. Josh Sands of RE Com $4,462,502. He now directly holds can help businesspeople in the New York area find opportunities, potential Contact Juan Alban at (718) 760-6771 or Partners represented the tenant, while 83,692 shares. new clients and updates on competitors. [email protected] with questions. Mark Stein and Jason Vacker To ask questions or get more information on this section, contact Suzanne represented the landlord in-house. The ● Medco Health Solutions Inc. (MHS) Panara at [email protected]. GOODS AND SERVICES asking rent was $43 a square foot. Karin Princivalle, senior vice president, ● Department of Health and Mental human resources, exercised options on Hygiene ● Compensation Advisory Partners 95,370 shares of common stock at prices Seeks competitive sealed bids by 11 a.m. signed a six-year lease for 6,000 square ranging from $40.58 to $50.35 on May on May 31 from a qualified contractor to feet at 1133 Sixth Ave., a building owned 2, in a transaction worth $4,353,665. On BANKRUPTCIES $635,000; Bayis Neeman, owed $22,500; provide piloting services for an aerial by The Durst Organization. The firm the same day, she sold 95,370 shares at and Landlord Services, owed $13,000. larviciding operation on an as-needed will occupy the 36th floor. Andrew Ross prices ranging from $60.00 to $60.05, in The following listings are selected from the citywide basis, during the arboviral of Cushman & Wakefield represented a transaction worth $5,724,109. She most recent available filings by companies ● Roosevelt Avenue Corp. transmission season. Contact Marcia the tenant, while Karen Akbarzadeh now directly holds 50,204 shares. seeking bankruptcy protection in the 251-11 Northern Blvd., Queens O’Connor at (212) 442-5327 or represented the landlord in-house. The Southern and Eastern Districts of New Filed for Chapter 11 bankruptcy [email protected] with queries. asking rent was $75 a square foot. ● BlackRock Inc. (BLK) York. Information was obtained from U.S. protection on May 4. The filing cites Laurence D. Fink, chairman and chief Bankruptcy Court records available on estimated liabilities of $10,000,001 to ● Department of Parks and Recreation RETAIL executive, exercised options on 27,167 Public Access to Court Electronic Records. $50 million and estimated assets of Seeks competitive sealed bids by 11 a.m. ● Party City signed a 15-year lease for shares of common stock at prices Listings are in alphabetical order. $1,000,001 to $10 million. Among the on May 26 for the maintenance and 13,000 square feet at 670 Columbus Ave.,a ranging from $37.46 on May 2, in a creditors with the largest unsecured repair of telecommunications systems building owned by Larry Cohen.The transaction worth $1,014,959. On the ● 558/560 LLC claims are Emmut Properties, owed including all telephone switching tenant will occupy the ground floor and same day, he sold 27,167 shares at 558 W. 184th St., Manhattan $18,882,392; Richard and Doyoung systems, circuit cards, power supplies, the lower level. Patrick Smith of SRS Real $197.50, in a transaction worth Filed for Chapter 11 bankruptcy Kim, owed $9,920,000; and ER telephones, backup batteries and charger Estate Partners represented the tenant, $5,365,483. He now directly holds protection on May 4. The filing cites Holdings, owed $3,960,000. units, rectifiers, critical I components while Jared Lack and Amira Yunis of 1,314,030 shares. estimated liabilities of $1,000,001 to and one voice mail processing system. Newmark Knight Frank Retail $10 million and estimated assets of ● Sona Co. For more information, contact Sandra represented the landlord.The asking rent ● C.R. Bard Inc. (BCR) $1,000,001 to $10 million. Among the 104 W. 27th St., Manhattan Galante at (212) 830-7903 or was $150 a square foot on the ground floor Todd C. Schermerhorn, senior vice creditors with the largest unsecured claims Filed for Chapter 7 bankruptcy [email protected]. and $75 a square foot on the lower level. president and chief financial officer, are Carmen Minerva Echevarria, owed protection on May 3. The filing cites exercised options on 33,125 shares of $200,000; Dorys Fermin, owed $143,000; estimated liabilities of $500,001 to ● Health and Hospitals Corp. ● Maxim Eyes Optical signed a seven- common stock at $30.51 on May 2, in a and Virginia Selman, owed $120,000. $1 million and estimated assets of Seeks competitive sealed bids by 9:30 year lease for 1,400 square feet at 805 transaction worth $1,010,644. On the $50,001 to $100,000. Among the a.m. on June 10 for all labor, materials, Washington St., a building owned by same day, he sold 33,125 shares at prices ● Consumer Product Services creditors with the largest unsecured equipment and insurance to supply and Romanoff Equities.The shop will occupy ranging from $107.61 to $108.16, in a 10 Grand Blvd., Deer Park, L.I. claims are 104 W. 27th St. Realty, owed install 80 square yards of Mannington the ground floor. Howard Epstein of transaction worth $3,569,272. He now Filed for Chapter 11 bankruptcy $189,243.73; CBB Group, owed biospec flooring for the Critical ER Winoker Realty represented the tenant, directly holds 132,652 shares. protection on April 29. The filing cites $95,394.97; and Long Ocean Corp., Department at Woodhull Medical and while Darryl Romanoff negotiated on estimated liabilities of $1,000,001 to owed $89,110. Mental Health Center in Brooklyn. A behalf of the landlord in-house. The Timothy P.Collins, group vice $10 million and estimated assets of $0 to site visit is scheduled for 10 a.m. on May asking rent was $250 a square foot. president, exercised options on 16,850 $50,000. Among the creditors with the 25. Contact Abraham Caban at (718) shares of common stock at prices ranging largest unsecured claims are Karcher GOVERNMENT CONTRACT 260-7593 or abraham.caban@ from $31.57 to $54.97 on May 2, in a North America, owed $2,000,000; GPI OPPORTUNITIES woodhullhc.nychhc.org. STOCK TRANSACTIONS transaction worth $826,721. On the same Interim Inc., owed $646,926.79; and day, he sold 16,850 shares at $107.97, in Briggs & Stratton, owed $183,465.25. Following are selected contract Following are recent insider transactions at a transaction worth $1,819,295. He now opportunities recently announced by New REAL ESTATE DEALS New York’s largest publicly held companies directly holds 43,225 shares. ● New York Spot Inc. York City agencies.To learn how to sell filed with the Securities and Exchange 3317 Avenue N, Brooklyn goods and services to city government, visit Companies that would like to have Commission by executives and major ● PepsiCo Inc. (PEP) Filed for Chapter 11 bankruptcy www.nyc.gov/selltonyc. For a searchable details of their recent transactions appear shareholders. Listings are in order of Richard Goodman, executive vice protection on May 4. The filing cites database of current procurement notices, in these listings should e-mail transaction value.The information was president, operations, exercised options estimated liabilities of $1,000,001 to visit www.nyc.gov/cityrecord. Listings are descriptions following this format to obtained from Thomson Reuters. on 25,260 shares of common stock at $10 million and estimated assets of alphabetical by category and department. [email protected], with $50.00 on May 2, in a transaction worth $1,000,0001 to $10 million. Among the “Real estate transaction” in the subject ● American Express Co. (AXP) $1,263,000. On the same day, he sold creditors with the largest unsecured CONSTRUCTION SERVICES line, or enter them online at Louise M. Parent, executive vice 38,260 shares at $69.28, in a transaction claims are N.C. Caller P.C.,owed ● City University of New York crainsnewyork.com/submitadeal. Deals are president and general counsel, exercised worth $2,650,745. He now directly Seeks competitive sealed bids by 11 a.m. listed in order of square footage. options on 170,218 shares of common holds 59,438 shares. on June 2 for all labor, materials and stock at $29.24 on May 5, in a EANYC members report equipment required for the renovation of COMMERCIAL transaction worth $4,977,004. On the Cynthia Trudell, senior vice president approximately 2,100 square feet of ● British Airways signed a 10-year lease same day, she sold 170,218 shares at and chief personnel officer, exercised classroom and office space to provide for 46,200 square feet at 2 Park Ave.,a prices ranging from $49.39 to $49.60, in options on 5,102 shares of common laboratory and work space at the Borough 1 million-square-foot building owned by a transaction worth $8,410,988. She stock at $49.00 on May 2, in a of Manhattan Community College, a Morgan Stanley affiliate. The firm will now directly holds 247,577 shares. transaction worth $249,998. On the sixth floor north. A mandatory prebid occupy the 11th floor. Stuart Eisenkraft, same day, she sold 16,102 shares at meeting and site visit are scheduled for Joan Meixner and Brad Needleman of Thomas Schick, executive vice $69.30, in a transaction worth 11 a.m. on May 19 at the college, 199 CB Richard Ellis Inc. represented the president, corporate and external affairs, $1,115,878. She now directly holds Chambers St. To make inquiries, contact tenant, while Mitchell Arkin, David exercised options on 89,766 shares of 90,320 shares. Ⅲ MaryAnn Bellomo at (212) 541-0453 or Green, Whitten Morris and Tara [email protected]. Stacom of Cushman & Wakefield represented the landlord. The asking ● Department of Design and Construction rent was $50 a square foot. DEALS ROUNDUP Seeks competitive sealed bids by 2 p.m. ● on June 8 for work on the facade and Icon Investments signed a 10-year TRANSACTION SIZE million dollars window replacement at 1400 lease for 23,000 square feet at 3 Park TARGET/ISSUER (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE Williamsbridge Road in the Bronx. An Ave., a 41-story building owned by in annual revenue & savings TIG Specialty Insurance Solutions; $3,375.2 Arch Coal Inc. SB M&A 7 optional prebid conference is scheduled Cohen Brothers Realty Corp. The firm 1 WL Ross and Co. (Manhattan); Odyssey for 10 a.m. on May 31 at the site. To will move to the 36th floor. Brad America Reinsurance Corp.; Clearwater make inquiries, contact Ben Perrone at Needleman and Silvio Petriello of CB Insurance Co.; Wentworth Insurance Co.; (718) 391-2614. Richard Ellis represented the tenant, nSpire Re Ltd. asset management arm; while David Glassman of Cushman & Fairfax Financial Holdings Ltd., investment ● Department of Parks and Recreation Wakefield together with Adam Karafiol arm/International Coal Group Inc. Seeks competitive sealed bids by 10:30 and David Nevins of Cohen Brothers Providence Equity Partners, Thomas $3,253.3 Access Industries Inc. SB M&A a.m. on June 10 for the reconstruction of Realty negotiated on behalf of the H. Lee Partners, Bain Capital Private (Manhattan) (remaining 98%) Bennett Park located between landlord. The asking rent in the building Equity/Warner Music Group Corp. Washington and Pinehurst, West 183rd is in the high $40s a square foot. Innkeepers USA Trust/ $1,125.0 Cerberus Capital Management FB M&A and West 185th streets. Bid documents 64 hotels (Manhattan), Chatham Lodging Trust can be purchased in the Blueprint ● Experian Hitwise has renewed its SourceHOV Inc. $625.0 CSFB Private Equity (Manhattan), GCI Room, Olmsted Center, Flushing, 13,000-square-foot lease for five years at Jefferies Capital Partners Queens, from 8 a.m. to 3 p.m. Contact 300 Park Ave. South, a 183,300-square- (Manhattan), UBS Capital Juan Alban at (718) 760-6771 or foot building owned by Rockrose. Paul Newark Energy $130.2 CCMP Capital Advisors (Manhattan) GCI [email protected] with queries. Formichelli of Jones Lang LaSalle Selected deals announced for the week ended May 8 involving companies in metro New York. FB represented the tenant, while Mikael M&A: Financial buyer M&A represents a minority or majority acquisition of existing shares of a ● Department of Parks and Recreation company with the participation of a financial buyer. GCI: Growth capital investment represents new Nahmias, Andy Peretz and John Peters money invested in a company for a minority stake. SB M&A: Strategic buyer M&A represents a Seeks competitive sealed bids by 10:30 of Cushman & Wakefield represented minority or majority acquisition of existing shares of a company without the participation of a finan- www.eanyc.com a.m. on June 17 for the demolition of the landlord. The asking rent in the cial buyer. source: capitaliq handball courts, reconstruction of building is around $50 a square foot.

20 | Crain’s New York Business | May 16, 2011 Project8:fp template.qxd 5/10/11 1:52 PM Page 1

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CUSTOM JEWELRY PUBLIC & LEGAL NOTICES Osnat Gad offers a completely personalized experience in buying fine jewelry. From selecting NOTICE OF FORMATION OF The Notice of Formation of TOMITA Notice of Qualification of SunRun Notice of Qualification of Blackstone an engagement ring, building a First Robin Productions LLC. TECHNOLOGIES USA, LLC. Arts. of Solar Tenant IV, LLC. Authority filed Real Estate Partners VII.TE.1 L.P. jewelry wardrobe, crafting a Articles of Organization filed with Org. filed with Secy. of State of NY with NY Dept. of State on 4/29/11. Authority filed with NY Dept. of State one-of-a-kind piece to reworking the Secretary of State of NY (SSNY) (SSNY) on 4/22/01. Office location: Office location: NY County. Princ. on 4/22/11. Office location: NY County. a cherished heirloom. on 02/04/2011. Office location: NEW NY County. SSNY designated as bus. addr.: 45 Fremont St., 32nd Fl., LP formed in DE on 4/18/11. NY Sec. www.osnatgad.com YORK County. SSNY has been agent of LLC upon whom process San Francisco, CA 94105. LLC of State designated agent of LP upon designated as agent upon whom against it may be served. SSNY shall formed in CA on 2/17/11. NY Sec. of whom process against it may be process against it may be served. The mail process to: c/o Clifford David, State designated agent of LLC upon served and shall mail process to the EVENTS Post Office address to which the 50 E. 77th St., Apt. 8A, NY, NY whom process against it may be principal business addr.: c/o The SSNY shall mail a copy of any 10075. Purpose: any lawful activity. served and shall mail process to: c/o Blackstone Group L.P., 345 Park Ave., process against the LLC served upon CT Corporation System, 111 8th NY, NY 10154. Regd. agent upon 7th Annual M&A DealSource & Capital him/her is: United States Notice of Appl. for Auth. GIREHBAN, Ave., NY, NY 10011, regd. agent whom process may be served: CT Connection. Dealsource brings together Corporation Agents, Inc. 7014 LLC, a foreign limited liability company upon whom process may be served. Corporation System, 111 8th Ave., NY, middle market deal makers, investment 13th Ave Brooklyn, NY 11228. The (LLC). Appl. for Auth. filed with SSNY CA addr. of LLC: 818 W. 7th St., Los NY 10011. DE addr. of LP: c/o The bankers and private equity professionals. principal business address of the LLC 11/24/10. LLC organized in DE Angeles, CA 90017. Cert. of Form. Corporation Trust Co., 1209 Orange 307 E. 78th St. 3W, NY, NY 10075. Event ends with a capital connection is: 11/22/10. NY office location: NY filed with CA Sec. of State, 1500 St., Wilmington, DE 19801. Name/addr. Purpose: any lawful act or activity. 11th St., Sacramento, CA 95814. beer event featuring 69 beers. Tuesday, County. SSNY designated as agent of genl. ptr. available from NY Sec. of Purpose: any lawful activity. May 17, 2011 2:30 p.m. - 9:00 p.m. for process. SSNY shall mail copy of State. Cert. of LP filed with DE Sec. Metropolitan Club One East 60th Street Notice of Qualification of InspectMyRide process to: The LLC, 161 Hudson of State, 401 Federal St., Dover, DE New York, NY 10022. Register at LLC. Authority filed with NY Dept. of Street, Apt. 6C, New York, NY 10013. Notice of Formation of 43 NORTH 19901. Purpose: any lawful activity. www.acgnyc.org or at the door. State on 4/28/11. Office location: NY Office address of LLC in jurisdiction BRISTOL, LLC. Arts. of Org. filed County. LLC formed in DE on with Secy. of State of NY (SSNY) on of organization: c/o National Registered NOTICE OF FORMATION of limited 7/28/10. NY Sec. of State designated 04/26/11. Office location: NY County. ACG Breakfast - Joseph Armentano, CEO, Agents, Inc., 160 Greentree Dr., Ste. liability company (LLC). NAME: SARSEN agent of LLC upon whom process Princ. office of LLC: 801 Second 101, Dover, DE 19904. A copy of the REALTY, LLC. Articles of Organization Paraco Gas Corp. Friday, May 20, 2011 against it may be served and shall Ave., 19th Fl., NY, NY 10017. SSNY Cert. of Form. on file with State of filed with Secretary of State of New 7:30 a.m. - 9:30 a.m. Tappan Hill mail process to: c/o CT Corporation designated as agent of LLC upon Delaware, Div. of Corp., 401 Federal York (SSNY) on April 7, 2011. Office Mansion 81 Highland Ave Tarrytown, System, 111 8th Ave., NY, NY 10011, whom process against it may be Street, Ste. 4, Dover, DE 19901. Location: New York County. SSNY NY 10591. Register at www.acgnyc.org regd. agent upon whom process may served. SSNY shall mail process to Purpose: Any lawful act or activity. designated as agent of LLC upon whom be served. DE addr. of LLC: 1209 c/o Kane Kessler, P.C., Attn: Robert process against it may be served. Orange St., Wilmington, DE 19801. L. Lawrence, Esq., 1350 Ave. of the NOTICE OF FORMATION OF THIRD SSNY shall mail copy of process to: Cert. of Form. filed with DE Sec. of Americas, 26th Fl., NY, NY 10019. CROWN LLC. filed with the c/o the LLC 41 CARMINE STREET, State, 401 Federal St., Dover, DE Purpose: Any lawful activity. EXECUTIVE Secretary of State of NY (SSNY) on STOREFRONT NEW YORK, NY 19901. Purpose: any lawful activity. 3/14/11. Office loc: NEW YORK Cty. 10014. Purpose: Any lawful purpose. RECRUITER SSNY designated as agent upon FLAMINGO ROAD NORTH LLC, a Notice of Qualification of JER domestic Limited Liability Company whom process may be served. Mail a Notice of Formation of Management, L.L.C. Authority filed (LLC), filed with the Sec of State of copy of any process to: 18 Saint SOPHROSYNE ENERGY INVESTORS, with NY Dept. of State on 4/26/11. NYS NY on 4/1/11. NY Office location: POSITIONS AVAILABLE Nicholas Pl, 4C, NY, NY 10031. LLC. Arts. of Org. filed with Secy. of fict. name: JER Partners LLC. Office New York County. SSNY is designated Purpose: any lawful acts. State of N.Y. (SSNY) on 1/31/11. location: NY County. Princ. bus. addr.: as agent upon whom process against Sr. Concept Designer - Womenswear. Office location: New York County. 1650 Tysons Blvd., Ste. 1600, McLean, the LLC may be served. SSNY shall Notice of Formation of Orcan LLC. SSNY designated as agent of LLC To work in New York, NY for Abercrombie VA 22102. LLC formed in DE on mail a copy of any process against Articles of Org. filed with Secy. of State upon whom process against it may & Fitch Trading Co. Liaise w/ Home Office 5/7/10. NY Sec. of State designated the LLC served upon him/her to of NY (SSNY) on 04/21/11. Office be served. SSNY shall mail process design team to provide innovative design agent of LLC upon whom process Cohen and Frankel LLP, 286 Madison concepts for A&F’s women’s collections. loc.: New York Co. SSNY designated to: c/o Andrew M. Jacobs, 1 Penn against it may be served and shall as agent of LLC upon whom process Ave., Ste. 2100, NY, NY 10017. Must have Bachelor’s deg in Fashion Plaza, Ste. 2527, New York, NY mail process to: c/o Corporation against it may be served. SSNY shall General Purposes. Design, Graphic Design or related field, 10119. Purpose: any lawful activity. Service Co., 80 State St., Albany, NY mail process to the LLC, 149 W. 36th plus 5 yrs progressively resp apparel 12207. DE addr. of LLC: 2711 Name of LLC: MADE NICE, LLC. Art. Street, 6th Fl., New York, NY 10005. Notice of Qualification of 47 East 34th design exp. w/ mass market female Centerville Rd., Ste. 400, Wilmington, of Org. filed Dept. of State of NY on Purpose: any lawful act or activity. Street (NY) Lender, LLC. Authority brands. Exp. to include working w/ DE 19808. Cert. of Form. filed with DE 1/19/11. Off. Loc. in NY: New York Cty. filed with Secy. of State of NY (SSNY) conceptual designers to research current Sec. of State, 401 Federal St., Dover, Secy. of State designated as agent Notice of Formation of 2EG Media, on 4/19/11. Office location: NY County. & identify new trends; designing product DE 19901. Purpose: any lawful activity. of LLC upon whom process against categories & products around concepts; LLC. Arts. of Org. filed with Secy. of LLC formed in Delaware (DE) on State of N.Y. (SSNY) on 1/06/11. Office it may be served. Sec. of State shall critically evaluating a designated area & NOTICE OF FORMATION OF DRYBAR 4/13/11. SSNY designated as agent location: New York County. SSNY des- mail a copy of process to: The LLC, creating & implementing a direction for FLATIRON LLC. Arts of Org filed with of LLC upon whom process against ignated as agent of LLC upon whom c/o Dornbush Schaeffer Strongin & ea. season; managing multiple seasons; the Secy of State of NY (SSNY) on it may be served. SSNY shall mail process against it may be served. Venaglia, LLP, 747 Third Ave., NY, NY specing & prototyping designs; working 03/10/11. Office loc: NY Cty. SSNY process to: The LLC, 2804 Gateway SSNY shall mail process to: The LLC, 10017, Attn: Landey Strongin, Esq. w/ on-apparel graphics, choosing colors, designated as agent upon whom Oaks Dr., #200, Sacramento, CA 40 Harrison St., #31G NY, NY 10013. Purpose: any lawful activity. fabrics, & preparing fabric for production process may be served and shall 95833. Address to be maintained in Purpose: any lawful activity. mode; working w/ technical designers & mail a copy of any process to: c/o DE: 40 E. Division St., Ste. A, Dover, DE Notice of Formation of Kahn Hoffman 19901. Arts of Org. filed with DE Secy. understanding fit; working w/ suppliers & Business Filings Inc. 187 Wolf Rd, & Hochman, LLC Certified Public Of State, 401 Federal St., #4, Dover, DE manufacturers on design implementation Ste 101, Albany, NY 12205. Principal Notice of Formation of Lolly Love LLC. Arts. of Org. filed with Secy. Of State Accountants. Arts. of Org. filed with 19901. Purpose: any lawful activities. & production; & working w/ merchants, business address: 4 W 16th St, NY, Secy. of State of NY (SSNY) on learning business side of category, & NY 10011. Purpose: any lawful acts. of NY (SSNY) on 12/6/10. Office location: NY County. SSNY designated 4/1/11. Office location: NY County. NOTICE OF FORMATION of Seven applying this knowledge to creation of SSNY designated as agent of PLLC new seasons. Req overnight travel to as agent of LLC upon whom process Story Productions, LLC. Article of Notice of Formation of MOBILE against it may be served. SSNY shall upon whom process against it may be Organization filed with the Secretary regional & international trade shows & on TRANSIT SOLUTIONS LLC. Arts. of served. SSNY shall mail process to: inspiration trips up to 10 times/year on mail process to: c/o Nadine Reibeling, of State of NY (SSNY) on 04/26/2011. Org. filed with Secy. of State of NY 317 10th Avenue, Apt.6, NY, NY Seymour Shapss Martin & Company, Office location: NY County. SSNY has trips ranging frm 2 days to 2 wks. Pls (SSNY) on 04/29/11. Office location: LLP, 757 Third Ave., 6th Fl., NY, NY send resume (NO CALLS) to Rachael 10001. Purpose: any lawful activity. been designated as agent upon whom NY County. Princ. office of LLC: 322 10017. Purpose: practice the profes- process against it may be served. Palermo, Abercrombie & Fitch, 6301 Central Park West, NY, NY 10025. sion of certified public accounting. The Post Office address to which the Fitch Path, New Albany, OH 43054. SSNY designated as agent of LLC Notice of Formation of LEFKAS REALTY LLC. Arts. of Org. filed with SSNY shall mail a copy of any process upon whom process against it may CandyGirl-NYC LLC Articles of Org. against the LLC served upon him is be served. SSNY shall mail process Secy. of State of NY (SSNY) on 10/22/01. Office location: NY County. filed NY Sec. of State (SSNY) 10 West 66th Street, #22B New York, to c/o Alex Bell at the princ. office of 4/22/2011. Office in NY Co. SSNY NY 10023. Purpose of LLC: to PUBLIC & the LLC. Purpose: Any lawful activity. SSNY designated as agent of LLC upon whom process against it may be desig. agent of LLC upon whom engage in entertainment production. LEGAL NOTICES served. SSNY shall mail process to: process may be served. SSNY shall Street address of Principal Business THERMOCYCLOMICS, LLC, a 44-12 43rd Avenue, Sunnyside, NY mail copy of process to c/o Kaplan location is: 10 West 66th Street, #25H domestic Limited Liability Company 11104. Purpose: any lawful activity. Fox Kilsheimer LLP, 850 3RD Ave., New York, NY 10023. Name: 1180 AOA PROPERTIES LLC (LLC), filed with the Sec of State of 14th Flr., NY, NY 10022, which is Art. Of Org. Filed Sec. Of State of NY NY on 2/18/11. NY Office location: Notice of Qualification of HealthCor also the principal business location. Notice of Qualification of Morgan 03/15/2011. Off. Loc.: New York Co. NEW YORK County. SSNY is desig- Long Master GP, LLC. Authority filed Purpose: Any lawful purpose. Stanley HedgePremier/Paulson SSNY designated as agent upon whom nated as agent upon whom process with Secy. of State of NY (SSNY) on Advantage Plus Fund II LP. Authority process against it may be served. against the LLC may be served. SSNY 04/05/11. Office location: NY County. Notice of Qualification of CT Legacy filed with NY Dept. of State on 4/21/11. SSNY to mail copy of process to shall mail a copy of any process LLC formed in Delaware (DE) on Holdings, LLC. App. for Auth. filed Office location: NY County. Princ. bus. THE LLC, 747 Third Avenue, 22nd against the LLC served upon him/her 03/17/11. Princ. office of LLC: with Secy. of State of NY (SSNY) on addr.: 522 5th Ave., 13th Fl., NY, NY Fl., New York, NY 10017. Purpose: to The LLC, 200 W. 57th St., Ste. 1301, Carnegie Hall Tower, 152 W. 57th 3/9/11. Office location: NY County. 10036. LP formed in DE on 4/19/11. Any lawful act or activity. NY, NY 10019. General Purposes. St., 43rd Fl., NY, NY 10019. SSNY LLC formed in Delaware (DE) on NY Sec. of State designated agent of designated as agent of LLC upon 3/3/11. SSNY designated as agent of LP upon whom process against it may Notice of Formation of Mindsmack.tv NOTICE OF FORMATION of CAGE LLC. whom process against it may be LLC upon whom process against it be served and shall mail process to: LLC. Arts. of Org. filed with Secy. of Arts of Org filed with the Secy of served. SSNY shall mail process to may be served. SSNY shall mail c/o CT Corporation System, 111 8th State of NY (SSNY) on 03/04/08. State of NY (SSNY) on 2/16/10. Office the LLC at the princ. office of the LLC. process to: c/o Capital Trust, Inc., Ave., NY, NY 10011, regd. agent Office loc.: NY Co. SSNY designated location: NY County. SSNY designated DE addr. of LLC: 2711 Centerville 410 Park Ave., 14th Fl., NY, NY upon whom process may be served. as agent of LLC upon whom process as an agent upon whom process may Rd., Ste. 400, Wilmington, DE 19808. 10022, Attn: Geoffrey Jervis. DE DE addr. of LP: 1209 Orange St., against it may be served. SSNY shall be served AND shall mail a copy of any Cert. of Form. filed with DE Secy. of address of LLC: 1209 Orange St., Wilmington, DE 19801. Name/addr. mail process to the LLC, c/o Lazer, process to: Jose Martinez, 325 E 41st State, Div. of Corps., John G. Wilmington, DE 19801. Cert. of of genl. ptr. available from NY Sec. of Aptheker, et al., 225 Old Country Rd, St. Suite 305 NY NY 10017. Principal Townsend Bldg., 401 Federal St., Form. filed with DE Secy. of State, State. Cert. of LP filed with DE Sec. Melville, NY 11747, Attn: Scott Feuer. business address: 83 A Hester St. Ste. 4, Dover, DE 19901. Purpose: 401 Federal St., Ste. 4, Dover, DE of State, 401 Federal St., Dover, DE Purpose: any lawful act or activity. NY NY. Purpose: any lawful acts. Any lawful activity. 19901. Purpose: any lawful activity. 19901. Purpose: any lawful activity.

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PUBLIC & LEGAL NOTICES

Notice of Qualification of PYRANDER Notice of Qualification of Hudson Notice of Qualification of Liggett Notice of Qualification of DMM Notice of Qualification of EJM AIR LLC. CAPITAL MANAGEMENT, LLC. Realty Capital Fund V CV-K, LP. Vector Brands LLC. Authority filed HOUSEHOLD MANAGEMENT LLC. Authority filed with Secy. of State of Authority filed with Secy. of State of Authority filed with NY Dept. of State with NY Dept. of State on 4/5/11. Authority filed with Secy. of State of NY (SSNY) on 03/31/11. Office loca- NY (SSNY) on 04/07/11. Office loca- on 3/23/11. Office location: NY County. Office location: NY County. Princ. NY (SSNY) on 03/30/11. Office tion: NY County. LLC formed in tion: NY County. LLC formed in LP formed in DE on 3/21/11. NY Sec. bus. addr.: 3800 Paramount Pkwy., location: NY County. LLC formed in Delaware (DE) on 01/11/05. Princ. Delaware (DE) on 02/12/09. Princ. of State designated agent of LP upon Ste. 250, Morrisville, NC 27560. LLC Delaware (DE) on 03/28/11. Princ. office of LLC: c/o EJM EQUITIES, office of LLC: 500 Park Ave., 4th Fl., whom process against it may be formed in DE on 3/14/11. NY Sec. of office of LLC: NONE. SSNY designated INC., 1325 Ave. of the Americas, NY, NY, NY 10022. SSNY designated as served and shall mail process to: State designated agent of LLC upon as agent of LLC upon whom process NY 10019. SSNY designated as agent of LLC upon whom process c/o CT Corporation System, 111 8th whom process against it may be against it may be served. SSNY shall agent of LLC upon whom process against it may be served. SSNY shall Ave., NY, NY 10011, regd. agent served and shall mail process to: c/o mail process to c/o David Martinez, against it may be served. SSNY shall mail process to the LLC at the princ. upon whom process may be served. CT Corporation System, 111 8th 25 Columbus Circle, Apt. 76/77, NY, mail process to the LLC at the addr. office of the LLC. DE addr. of LLC: Princ. bus. addr.: 250 Park Ave. So., Ave., NY, NY 10011, regd. agent NY 10019. DE addr. of LLC: 2711 of its princ. office. DE addr. of LLC: 615 S. DuPont Hwy., Dover, DE 3rd Fl., NY, NY 10003. Name/addr. of upon whom process may be served. Centerville Rd., Ste. 400, Wilmington, Corporation Service Co., 2711 19901. Cert. of Form. filed with DE genl. ptr. available from NY Sec. of DE addr. of LLC: 1209 Orange St., DE 19808. Cert. of Form. filed with Centerville Rd., Ste. 400, Wilmington, Secy. of State, Div. of Corps., 401 State. Cert. of LP filed with DE Sec. Wilmington, DE 19801. Cert. of Secy. of State of DE, 401 Federal St., DE 19808. Cert. of Form. filed with Federal St., Ste. 4, Dover, DE 19901. of State, 401 Federal St., Dover, DE Form. filed with DE Sec. of State, Ste. 4, Dover, DE 19901. Purpose: Secy of State for the State of DE, Purpose: Investment management, 19901. Purpose: any lawful activity. 401 Federal St., Dover, DE 19901. Any lawful activity. Dept. of State, Div. of Inc., Townsend advisory or trading activities. Purpose: any lawful activity. Bldg., P.O. Box 898, Dover, DE Notice of Formation of AAXIAL Notice of Formation of LS Blue Sea, 11903. Purpose: Any lawful activity. Notice of Formation of ALEXANDRE RESOURCES LLC. Arts. of Org. filed Notice of Formation of DMB Strategies, LLC. Arts. of Org. filed with Secy. of PLOKHOV LLC, a domestic LLC. with Secy. of State of NY (SSNY) on LLC. Articles of Organization filed State of NY (SSNY) on 4/1/11. Office Notice of Formation of DPA New 2766 Arts. of Org. filed with the SSNY on 04/12/11. Office location: NY County. with Secy. of State of NY (SSNY) on location: NY Co. SSNY designated Barnes, LLC. Arts. of Org. filed with 03/30/2011. Office location: NY Princ. office of LLC: 405 Lexington 02/09/11. Office loc.: New York Co. as agent of LLC upon whom process NY Dept. of State on 4/8/11. Office County. SSNY has been designated Ave., 7th Fl., NY, NY 10174. SSNY SSNY designated as agent of LLC against it may be served. SSNY location: NY County. Sec. of State as agent upon whom process against designated as agent of LLC upon upon whom process against it may shall mail process to: Seyfarth Shaw designated agent of LLC upon whom the LLC may be served. SSNY shall whom process against it may be be served. SSNY shall mail process LLP, 620 Eighth Ave., NY, NY 10018, process against it may be served and mail a copy of process to: 27 W. 20th served. SSNY shall mail process to to the LLC, P.O. Box 1544, New ATTN. Joel Handel. Purpose: any shall mail process to the principal busi- St. Ste 1201, NY, NY 10011. the LLC at the addr. of its princ. York, NY 10021. Purpose: any lawful lawful activities. ness addr.: c/o The Dermot Company, Purpose: Any Lawful Purpose. office. Purpose: Any lawful activity. act or activity. 729 7th Ave., 15th Fl., NY, NY 10019. MOUNTAIN 99, LLC Articles of Org. Purpose: any lawful activity. Notice of Qual. of Myriapod NOTICE OF FORMATION OF Zandra Notice of Formation of PIPING PLOVER filed NY Sec. of State (SSNY) Productions, LLC. Auth. filed with Sec Management, LLC. Articles of Org. LLC. Arts. of Org. filed with Secy. of 4/5/2011. Office in NY Co. SSNY KNS Enterprises LLC. filed with Secy. of State NY (SSNY): 3/2/11. Office in filed with Secy. of State of NY (SSNY) State of NY (SSNY) on 04/04/11. desig. agent of LLC upon whom of State of NY (SSNY) on 3/17/11. Ofc NY County. Formed in Delaware: on 3/14/11. Office loc.: New York Co. Office location: NY County. Princ. process may be served. SSNY shall in NY Cty. SSNY designated agent of 6/22/07. SSNY designated agent of SSNY designated as agent of LLC office of LLC: 129 W. 20th St., Apt. mail copy of process to c/o The Law LLC upon whom process against it LLC upon whom process against it upon whom process against it may 2A, NY, NY 10011. SSNY designated Firm of Hugh H. Mo, P.C., 225 may be served. SSNY shall mail may be served & shall mail process be served. SSNY shall mail process as agent of LLC upon whom process Broadway, Ste. 2702, NY, NY 10007. process to 240 E. 83rd Apt 5C, New to: 152 W 77th St Apt #5, NY, NY to LLC c/o Zandra Management, LLC, against it may be served. SSNY shall Purpose: Any lawful purpose. York, NY 10028. Purpose: General. 10024. DE add: CT Corporation, 1209 469 7th Avenue, Suite 314, New York, mail process to Corporation Service N Orange St, Wilmington, DE 19801- NY 10018. Purpose: any lawful act Co., 80 State St., Albany, NY 12207- Notice of Formation of Harvard Real or activity. Notice of Formation of Waterscape 1120. Arts. of Org. filed with DE Sec 2543. Purpose: Any lawful activity. Estate LLC. Arts. of Org. filed with NY Resort II, LLC. Art Of Org. filed with of State, 401 Federal St Ste 3, Dover, Dept. of State on 3/25/11. Office SSNY 3/31/11. Office Location: New DE 19901. Purpose: General. Name: ARCADIA HAVEN LLC Art. Of Notice of Formation of UPPER location: NY County. Sec. of State York County. SSNY designated as Org. Filed Sec. Of State of NY MANHATTAN PARKING LLC. Arts. of designated agent of LLC upon whom agent for process. SSNY shall mail a Notice of Formation of Melrose 04/01/2011. Off. Loc.: New York Co. Org. filed with Secy. of State of NY process against it may be served and copy of any process to: The LLC, 15 Commons Family Housing LLC. Arts. SSNY designated as agent upon (SSNY) on 04/21/11. Office location: shall mail process to the principal West 34th St., 7th Fl., New York, NY of Org. filed with NY Dept. of State whom process against it may be NY County. Princ. office of LLC: business address: 220 E. 65th St., 10001. Purpose: To engage in any on 11/3/10. Office location: NY served. SSNY to mail copy of 405 Park Ave., Ste. 1103, NY, NY Apt. 17D, NY, NY 10065, Attn: Nancy lawful act or activity. County. Sec. of State designated process to THE LLC, C/O Mindy 10022. SSNY designated as agent Seltzer. Purpose: any lawful activity. Stern, Esq., Schoeman, Updike & of LLC upon whom process against agent of LLC upon whom process Notice of Qualification of Univision Kaufman LLP, 60 East 42nd Street it may be served. SSNY shall mail against it may be served and shall Notice of formation of DCW-205, LLC, Deportes, LLC. Authority filed with 39th Fl., New York, NY 10165. process to c/o Phillips Nizer LLP, mail process to the principal business a limited liability co. Art of Org filed NY Dept. of State on 4/11/11. Office Purpose: Any lawful act or activity. 666 Fifth Ave., NY, NY 10103. addr.: c/o CPC Resources, Inc., 28 with the Sec of State of New York location: NY County. Princ. bus. Purpose: Any lawful activity. E. 28th St., 9th Fl., NY, NY 10016. (SSNY) on 3/28/11. Office located in addr.: 605 3rd Ave., 12th Fl., NY, NY Purpose: any lawful activity. Notice of Formation of Moskit Investor, New York Co. SSNY has been desig- 10158. LLC formed in DE on 3/23/11. LLC. Arts. of Org. filed with NY Dept. Notice of Formation of MAXIMILIAN nated for service of process. SSNY NY Sec. of State designated agent of ALL ENTERPRISES, LLC, a domestic of State on 4/20/11. Office location: IS KING LLC. Arts. of Org. filed with shall mail copy of any process to the LLC upon whom process against it Limited Liability Company (LLC), filed NY County. Sec. of State designated Secy. of State of NY (SSNY) on LLC c/o James E. Bishop, 902 Clint may be served and shall mail process with the Sec of State of NY on 2/9/11. agent of LLC upon whom process 04/07/11. Office location: NY County. Moore Rd., Ste 220, Boca Raton, FL to: c/o CT Corporation System, 111 NY Office location: New York County. against it may be served and shall Princ. office of LLC: 1724 2nd Ave., 33487. Purpose: any lawful purpose. 8th Ave., NY, NY 10011, regd. agent SSNY is designated as agent upon mail process to: Ballon Stoll Bader & Apt. 6A, NY, NY 10128. SSNY desig- upon whom process may be served. whom process against the LLC may Nadler, P.C., 729 7th Ave., 17th Fl., nated as agent of LLC upon whom NOTICE OF FORMATION of EFFIE’S DE addr. of LLC: 1209 Orange St., be served. SSNY shall mail a copy NY, NY 10019, principal business process against it may be served. PAPER, LLC. Arts. of Org. filed with Wilmington, DE 19801. Cert. of of any process against the LLC addr. Purpose: real estate holding. SSNY shall mail process to c/o Secy. of State of NY (SSNY) on Form. filed with DE Sec. of State, served upon him/her to Al Lawrence Arthur L. Levine at the princ. office of 03/21/11. Office location: NY County. 401 Federal St., Dover, DE 19901. & Company, Inc., c/o Anthony Notice of Formation of MSI Hospitality the LLC. Purpose: Any lawful activity. SSNY designated as agent upon Purpose: any lawful activity. Degrotta, 225 E. 45th St., NY, NY Resources, LLC. Arts. Of Org. filed whom process against the LLC may 10017. General Purposes. with NY Dept. of State on 3/31/11. Notice of Formation of BURT FARMS be served. SSNY shall mail process NOTICE OF FORMATION OF The NY Sec. of State designated agent of PRESERVATION DEVELOPER, LLC. to: Effie’s Paper, LLC, 27 Leonard St, Patrick Donohue Law Firm PLLC. Notice of Formation of MOVEMENT LLC upon whom process against it Arts. of Org. filed with Secy. of State 5th Floor, NY, NY 10013. Purpose: To Arts of Org filed with the Secy of MATTERS REHABILITATION, OT, PT, may be served and shall mail process of NY (SSNY) on 03/24/11. Office engage in any lawful act or activity. State of NY (SSNY) on 1/19/11. PLLC. Arts. of Org. filed with Secy. to c/o General Counsel, 6 E 43rd location: NY County. Princ. office Office location: NY County. SSNY of State of NY (SSNY) on 04/28/11. Street, NY, NY 10017. Primary place of LLC: 60 Columbus Circle, NY, NY Maat Enterprises LLC. Arts. of Org. has been designated as agent upon Office location: NY County. Princ. of business is 6 E 43rd Street, NY, 10023. SSNY designated as agent filed with Secy. of State of NY (SSNY) whom process may be served and office of PLLC: 264 Canal St., Ste. E, NY 10017. Purpose: Facility rentals. of LLC upon whom process against on 3/22/11. Office in NY County. SSNY shall mail a copy of any process to NY, NY 10013. SSNY designated as it may be served. SSNY shall mail designated agent of LLC upon whom the principal business address: 140 agent of PLLC upon whom process JAJU Realty LLC. Arts. of Org. filed process to c/o Corporation Service process against it may be served. Riverside Boulevard, #1209, NY, NY against it may be served. SSNY shall with Secy. of State of NY (SSNY) on Co., 80 State St., Albany, NY 12207. SSNY shall mail process to Jonathan 10069. Purpose: any lawful acts. mail process to the PLLC at the 2/16/11. Office in NY County. SSNY Purpose: Any lawful activity. S Berck, LLC, 757 3rd Ave 20th Fl, addr. of its princ. office. Purpose: designated agent of LLC upon whom NY, NY 10017. Purpose: General. Notice of Qualification of Braemar Profession of occupational therapy process against it may be served. Notice of Qualification of C-III Recovery Energy Ventures III, LP. Authority filed and physical therapy. SSNY shall mail process to c/o Bryan Fund I TIER Holdings LLC. Authority Notice of Qualification of Ladder with Secy. of State of NY (SSNY) on W Kishner & Associates, 420 filed with NY Dept. of State on Capital Finance IV LLC. Authority 1/7/11. Office location: NY County. NOTICE OF FORMATION of Kanook Lexington Ave Ste 300, NY, NY 4/6/11. Office location: NY County. filed with NY Dept. of State on LP formed in Delaware (DE) on 8/20/10. Capital LLC Art. of Org filed Sec’y of 10170. Purpose: General. Princ. bus. addr.: 300 N. Main St., 3/25/11. Office location: NY County. SSNY designated as agent of LP State (SSNY) 5/4/11. Office location: Greenville, SC 29601. LLC formed in Princ. bus. addr.: 600 Lexington upon whom process against it may New York County. SSNY designated Notice of Formation of METHUSELAH DE on 4/4/11. NY Sec. of State des- Ave., 23rd Fl., NY, NY 10022. LLC be served. SSNY shall mail process as agent of LLC upon whom process LIVES LONG LLC. Arts. of Org. filed ignated agent of LLC upon whom formed in DE on 12/3/10. NY Sec. of to: c/o Braemar Energy Ventures, against it may be served. SSNY with Secy. of State of NY (SSNY) on process against it may be served State designated agent of LLC upon LLC, 340 Madison Ave., 18th Fl., NY, shall mail copy of process to Edward 04/18/11. Office location: NY County. and shall mail process to: c/o CT whom process against it may be NY 10017, also the address of the Farrell, Esq., Tarter Krinsky & Drogin Princ. office of LLC: 888 Seventh Corporation System, 111 8th Ave., served and shall mail process to: CT principal office. DE address of LP: LLP, 1350 Broadway, 11th Floor, New Ave., 35th Fl., NY, NY 10106. SSNY NY, NY 10011, regd. agent upon Corporation System, 111 8th Ave., c/o National Registered Agents, Inc., York, NY 10018. Registered agent designated as agent of LLC upon whom process may be served. DE NY, NY 10011. DE addr. of LLC: c/o 160 Greentree Dr., St 101, Dover, DE upon whom process may be served whom process against it may be addr. of LLC: 1209 Orange St., Corporation Trust Co., 1209 Orange 19904. Name/address of genl. ptr. is Edward Farrell, Esq., Tarter Krinsky served. SSNY shall mail process to Wilmington, DE 19801. Cert. of St., Wilmington, DE 19801. Cert. of available from SSNY. Cert. of LP filed & Drogin LLP, 1350 Broadway, 11th c/o Spielman, Koenigsberg & Parker Form. filed with DE Sec. of State, Form. filed with DE Sec. of State, with DE Secy. of State, 401 Federal Floor, New York, NY 10018. Purpose: LLP at the princ. office of the LLC. 401 Federal St., Dover, DE 19901. 401 Federal St., Dover, DE 19901. St., Ste. 4, Dover, DE 19901. any lawful activities. Purpose: Any lawful activity. Purpose: any lawful activity. Purpose: all lawful purposes. Purpose: any lawful activities.

May 16, 2011 | Crain’s New York Business | 23 Project2:fp template.qxd 5/12/11 3:28 PM Page 1

MEET AND MINGLE

Launching a business in this uncertain economy is not for the faint hearted, and DATE yet many New York City entrepreneurs are taking the plunge. What does it take Monday, June 20, 2011 to pull off a successful launch now? PLACE Crain’s New York Business 16th annual Top Entrepreneur Awards will spotlight The Yale Club the contribution of the thousands of small businesses in the city and focus on 50 Vanderbilt Avenue strategies to grow in the challenging New York market. New York, NY Reserve your seat today. TIME 8:00-8:30 am Networking Breakfast

8:30-9:30 am Program COST TO ATTEND $70 for individual tickets if pre-registered by June 13, 2011; $75 thereafter.

$700 for table(s) of ten if pre-registered by June 13, 2011; $750 thereafter. TO PURCHASE TICKETS Pre-register online by going to crainsnewyork.com and clicking on “Events”, or fax your business card and credit card information to “Top Entrepreneurs Breakfast” at 212.210.0499.

You must be pre-registered to attend this event. Seating is limited. No refunds permitted. For more information, call the Events Hotline CRAIN’S at 212.210.0739 2011 TOP ENTREPRENEURS PRESENTING SPONSOR 20110516-NEWS--0025-NAT-CCI-CN_-- 5/13/2011 8:44 PM Page 1

easy for people to call their state senators. Chelsea Clinton hosted a re- Gays ready their vows cent benefit for the group and has NJ vs. NYC: Bring it on joined its advisory board. Continued from Page 1 that his statewide tour to win public And for the first time,the issue is Continued from Page 1 the greatest return in the long term,” After enduring a disappointing backing isn’t the right way to per- getting a push from business. Lead- York—and to keep others from said a spokesman for the city’s Eco- loss in the state Senate two years suade fence-sitting Republicans. ers from finance, real estate and the leaving. Meanwhile, he killed the nomic Development Corp. ago, gay New Yorkers are now more “I am starting to question his legal profession—including Lloyd ARC train tunnel, claiming that It’s a policy that good-govern- hopeful than ever that same-sex support,because he hasn’t spoken to Blankfein, CEO of Goldman New York wasn’t paying its fair ment groups of all political stripes marriage is at hand. Advocacy wavering senators, which he prom- Sachs,and Jerry Speyer,chairman of share, and then grabbed Port Au- typically approve of.New Jersey’s tac- groups have banded together for the ised to do,”said Allen Roskoff,a gay Tishman Speyer Properties—re- thority funds previously earmarked tics, on the other hand, are under fire. first time to campaign. Polls show activist. “This is a very powerful cently signed an open letter calling for the project to fix New Jersey “If all this largesse is working, that nearly six in 10 New Yorkers governor, and I am absolutely con- for marriage equality. A report last roads instead. where are the jobs?” asked Deborah now favor marriage equality, and vinced that if he wanted this done week by the independent Senate “The typical economic-develop- Howlett, president of New Jersey business leaders have added their badly enough, he could achieve it.” Democrats said same-sex marriage ment contests between the states are Policy Perspective. “Compare New support. Gov. Andrew Cuomo has Others are more sanguine.“Cuo- would generate $391 million in eco- playing out in a situation where the Jersey’s recovery to the nation’s. made it one of his signature issues. mo is a master player at the inside nomic activity here over three years. overall economy, particularly in When Christie took charge, we “A number of things have game,”said Corey Johnson,a gay ac- “Right now, New York state is New Jersey, desperately needs new were roughly even, and now we’re changed since last time,” said Ross tivist.“He’s not going to make waves driving money across the border to jobs and new investment, given the lagging behind.” Levi, executive director of Empire until he actually needs to secure the other places where it’s legal to mar- severity of the recession,” said Caren Franzini, chief executive State Pride Agenda. “The environ- votes.” Mr. Cuomo’s spokesman ry,”Mr.Levi said.“Why are we driv- Joseph Seneca, an economics pro- of the New Jersey Economic Devel- ment is stronger than it’s ever been.” didn’t return calls for comment. ing them to Connecticut when they fessor at Rutgers University. “The opment Authority, said that Mr. Still, the road to the altar has This time around, there are fac- could be getting married at a winery competition between the states will Christie has succeeded in overhaul- some speed bumps. Passage in the tors beyond the governor’s support on Long Island?” only continue to intensify.” ing the state’s economy. Subsidies Assembly, which has approved that may make the difference. The Indeed, if the bill passes, propo- Mr. Christie kept the city from are only a piece of Mr. Christie’s same-sex marriage before,is certain. state’s five main gay-rights groups nents predict an explosion of glitzy poaching Panasonic’s North Amer- strategy.The plan has also included But Senate Republicans, who voted have create the “New Yorkers Unit- weddings. ican headquarters from New Jersey changing the state’s corporate sales unanimously against it in 2009,have ed for Marriage” campaign, com- “I’ve been with my partner for 18 by offering $102 million in subsi- tax structure, allowing small busi- since gained control of the chamber. mitting $1 million for ads and direct years,and if this passes,we are going dies.He is reportedly dangling some nesses to transfer losses between Conservative groups have mail, and staging events or an- to have a big wedding on Staten $200 million to entice the Hunts companies, capping property taxes, threatened to fund challenges of nouncing endorsements weekly. Island with all the bells and whis- Point produce market—double freezing business and income taxes, senators who vote for gay marriage. They organized a rally in Albany last tles,” said Assemblyman Matthew what the city and New York state and cutting red tape. Even Mr. Cuomo sent a chill Monday with 1,200 people. Titone, D-Staten Island. “Every have offered to keep it in the Bronx, “What Chris Christie is all about through advocates of marriage A trendy nonprofit,Friendfactor, same-sex wedding will be high- though officials here are working to and very focused on is growing jobs equality with a statement that he is building grassroots support profile. We do things big.” Ⅲ sweeten the package. in New Jersey,” Ms. Franzini said. would not demand a vote in the among straight people. Started in “We don’t start out with incentives. Senate if the bill were not assured of 2009 by Brian Elliot,it just launched LISTEN to a discussion at Corporate subsidies hit $1B mark That’s when you’re going into the CrainsNewYork.com/audio passage. Some senators complain an online application that makes it Faced with a 9.3% unemploy- end of negotiations. No. 1 was cre- ment rate and an economy that has ating a friendly tax environment for netted only 4,000 additional jobs businesses to do business.” neighborhood to six stories. The since employment bottomed out in Ms. Franzini said that “not a Hotels check in hoteliers wanted to build higher, so February 2010, Mr. Christie has dime” of the promised incentives they started their projects before the wielded tax incentives at a dizzying has been given out,since the projects change was implemented. pace in an effort to create and retain have to be built, jobs have to be cre- Continued from Page 1 man was hired by Japanese hotel de- “Before we just had factories. jobs. ated and taxes have to be collected room property located at the foot of veloper and operator Toyoko Inn to The hotels have brought life to the He recently agreed to revive the before tax breaks kick in.The subsi- the Queensborough Bridge—chain design a 608-room budget property neighborhood,” said Gerald Walsh, beleaguered Xanadu shopping mall dies offered since 2010 would create hotels Best Western and Howard in Long Island City on Jackson Av- president of the Dutch Kills Civic project with a $200 million subsidy, an estimated 11,800 jobs. Johnson stand back-to-back, near enue. The project has been stalled Association, which lobbied for the dish out $261 million to an unfin- Subsidies aren’t the only thing several independent properties that because of the economic downturn, zoning changes. Tourists are boost- ished Atlantic City casino, award causing tensions between New York are currently under construction. but the Japanese hotelier has already ing local businesses.The Holiday Inn $16 million to keep Bayer in the and New Jersey. Mr. Christie has Even Mr. Patel is expanding. “We demolished a number of small Manhattan View in Long Island state and fork over $12.3 million to made controversial moves regarding have already outgrown this space,” buildings, according to the archi- City expects to be 90% booked this Citigroup to expand its offices in transportation to help plug gaping said the hotelier,who is purchasing an tect. It’s not clear when the project month, mostly with visitors from Jersey City. In the 16 months since budget gaps and pay for projects that empty warehouse next door, where will move forward. abroad. “They don’t mind jumping he took office, Mr. Christie has ap- New Jersey would otherwise be un- he’ll build another 35 hotel rooms, a on a subway,”said Anna Gaffney,di- proved $1 billion in subsidies. able to afford. rooftop pool and a catering facility. Manhattan still No. 1 rector of sales and marketing. “Christie is a believer in … cor- Such activity may seem more be- Other hotel developers say they Local residents are also embrac- porate subsidies at the expense of Tunnel vision fitting of the meatpacking district still favor Manhattan, where they ing the new properties. The Ravel teachers, fire and police,” said Jeff Most notably,he killed ARC,in- than gritty Long Island City.But in- can charge the highest room rates. Hotel is booking weddings and oth- Tittel, director of the New Jersey censing New York elected officials creasingly,the outer boroughs are be- “The guests who stay in Queens or er social events for residents of Sierra Club, and one of Trenton’s such as Sen. Charles Schumer, and coming an attractive option for visi- Brooklyn typically can’t afford a Queens and Long Island. most dogged lobbyists. “He’s using advocates who view the project as tors, who are either priced out of room in Manhattan,” said Jeff Lam, The hotels’ appeal is driven in the recession as cover to take care of vital to the region’s economic Manhattan, where the average room who is building several hotels in large part by their lower pricing. A special interests.” growth. He upset them further by rate is more than $200 a night,or shut lower Manhattan. 500-square-foot room with a bal- Mr. Christie is doling out incen- getting the Port Authority to agree out of the island’s often fully booked Even so,the city’s rezoning of ar- cony overlooking the East River at tives at a time when officials in New to channel $1.8 billion that it had hotels. And locals are cottoning to eas like Long Island City and down- The Ravel costs about $200, while a York City are largely shunning the planned to spend on the tunnel to these new neighbors as well. town Brooklyn to allow for residen- room at the Holiday Inn Manhattan outright corporate giveaways that four state road-repair projects. Developers have taken note. tial development and to cultivate a View is $159 to $189 per night, or were popular under Mayor Rudy A month before axing the tun- About 40% of the hotel rooms in the stronger business community led to about $100 less than at counterparts Giuliani. nel, Mr. Christie held the World city built between 2008 and 2010 some of the hotel expansion.Robert in Manhattan, Ms. Gaffney said. In 2001, Mayor Michael Trade Center redevelopment hos- were in the outer boroughs, up from Steel, deputy mayor for economic Courting locals is a key part of the Bloomberg told The New York tage by tying a $1 billion financ- 25% between 2006 and 2008,accord- development, credits Mayor Mi- hotels’ marketing strategy. Hotel Times, “Any company that makes a ing agreement to the approval of ing to the city’s tourism agency,NYC chael Bloomberg’s five-borough Williamsburg of Brooklyn, opening decision as to where they are going $1 billion in funding to raise the & Company.Over the past four years, economic development plan, aimed next month, is a 64-room luxury to be based on the tax rate is a com- deck of the Bayonne Bridge. And 5,850 hotel rooms have been added at stimulating job growth, with cul- property adjacent to two new resi- pany that won’t be around very before 2010 ended, he rejected a in places like downtown Brooklyn tivating a business environment in dential condo buildings. The hotel’s long.” And, while handing out sub- proposal to spend Port Authority and Williamsburg as well as through- which these hotels can thrive. operator, Graves Hospitality, hired a sidies for development, the mayor money to fix the Tappan Zee out Staten Island. Even the Bronx is “We made sure that these com- talented chef—Andres Grundy, to has generally not played the reloca- Bridge, which needs $16 billion in slated to get a 48-room Comfort Inn munities were zoned for greater run its Pillar & Plough restaurant.He tion-subsidy game. He has chosen repairs, telling New York to “stop on Webster Avenue later this year. [population] density,”Mr.Steel said. was the chef de cuisine at L’Atelier de to focus his economic development screwing with us.” “These communities have long Zoning decisions in Long Island Joël Robuchon at the Four Seasons strategy on diversifying the city’s “The whole concept of the Port been underserved by hotels,” said ar- City, for example, led to a rapid land hotel,but “he’s not a famous chef yet,” job pool, fostering entrepreneur- Authority as a bistate agency is non- chitect Gene Kaufman.“People who grab. A number of hoteliers started said Benjamin Graves, president of ship and improving quality of life. existent right now,” said one insider. visit family have no place to stay,” he their projects there before a 2008 re- the management firm.“And that was “Rather than competing dollar The time-honored practice of said,not to mention businesses in the zoning of the northern section of on purpose, because the local neigh- for dollar with other cities’ incen- interstate warfare, however, is alive boroughs that need meeting space. Long Island City called Dutch Kills. bors shun a superfamous chef.” Ⅲ tives, we’re confident that our strat- and well. Ⅲ The recession, however, stunted The rezoning allowed for residential egy of investing taxpayer monies in some of the growth in the outer bor- development but also limited the LISTEN to a discussion at maintaining the city as a place that LISTEN to a discussion at CrainsNewYork.com/audio oughs. Several years ago, Mr. Kauf- height of buildings in that slice of the businesses want to locate will ensure CrainsNewYork.com/audio

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lenders—in a bidding war late last year.Still,the $400 million purchase Scott Rechler: the smartest guy in the boom price was nearly $100 million less than what Mr. Macklowe paid in Continued from Page 3 the RXR fund. “They really under- Growing bolder, RXR in June 2006. Conservative financing is a key stand how to create value with real ‘I wanted to be 2010 bought 49% of 340 Madison When RXR bought the build- part of 43-year-old Mr. Rechler’s estate and not just financial engi- Ave. in a deal that values the prop- ing, rents were about $70 a square investment strategy. RXR’s plan is neering.” the first call erty at $570 million, or $760 a foot. Recently. a tenant signed a to pay an average of 50% of a build- RXR entered Manhattan in Au- square foot. Mr. Rechler knew the $100-a-square-foot lease, Mr. ing’s price in cash and fund the rest gust 2009. Mr. Rechler had quietly when anything building faced a refinancing in 18 Rechler notes with pride. with long-term loans. That should mined his contacts, built over a life- months, which would make it less He understands that not all rents allow it to ride out any future drops long real estate career, and compiled was for sale’ attractive to other investors. He will jump so quickly.RXR has a con- in the market. a hit list of buildings with financial took the risk—and is now in the tract to pay $900 million, or about problems. His goal was to swoop in process of refinancing the property $400 a square foot, for the Starrett- A hit list in hand and snap up a bargain. in a deal that will bring in an addi- Lehigh Building, the sprawling, 2.3 “Scott is very smart and leads a “I wanted to be the first call when tional partner. million-square-foot property in great team that understands New anything was for sale,” he said. minium at 1166 Sixth Ave. that is RXR won 1330 Sixth Ave.—a Chelsea. York,” said Andrew Silberstein, a RXR’s first Manhattan purchase leased to two gold-plated tenants. prize Mr. Rechler had been eyeing managing director at Rothschild was buying discounted debt on a The firm is now under contract to since 2009, when Harry Macklowe Chelsea, of all places Realty, which put $150 million into 556,000-square-foot office condo- buy 40% of the condo. was forced to give it back to Mr. Rechler, a midtown maven, says he’s drawn to the West Side neighborhood because it’s becoming a center for media and technology companies that are a vital part of New York’s economy. Google’s recent purchase of its Eighth Avenue home and the eventual construction of Hudson Yards will only add to the area’s allure. The Starrett-Lehigh Building’s rents,currently around $40 a square foot, could jump to $70, he pre- dicts. Of course, that could take a decade. “I have,” he said, “very pa- tient money.” Ⅲ Third Ave. strip

Continued from Page 3 East 65th Street are on the market. Housewares purveyor Gracious Home has about 16,000 square feet up for grabs, while the 1130 Third Ave. outpost of fashion house Ar- den B is also available, according to brokers. “After the financial meltdown of 2008, a lot of wallets on the Upper Optimizing working capital East Side closed up, and that hurt a lot of the retailers up there with their financials,” said to spur epic growth. Theater by theater. Winick Realty’s Mr. Shapiro. 12 ™ What’s more, RETAIL Opportunity at every step. STORES are up real estate brokers for rent on Third say that the Upper Avenue in the East Side’s lack of East 60s Through blockbusters, sequels and sleepers, we have helped Regal Entertainment Group achieve unparalleled new residential developments,along with the potential growth. By combining control with advanced visibility our treasury management solutions enable Regal to use disruptions from the Second Av- enue subway construction, have working capital more effectively. Highly de ned tools help speed their collections and optimize their payables. scared away potential fashion shops. With more free time and working capital, Regal can focus more clearly on their big nancial picture. And ultimately Falling rents achieve their goal of bringing more movies to more people. With demand from apparel stores waning, rents in the area have fallen to between $175 and $200 a square foot, brokers said. Moving Learn more about our comprehensive treasury management solutions. into these lower-priced spaces are Call 1.212.796.6947 or visit bankofamerica.com/businesssolutions1. service tenants. Walgreens recently signed on for a former Aldo shoe store and Club Monaco space at East 65th Street, while the Bath & Body Works site on East 72nd Street will become a TD Bank.The former Loft store is now a Chipotle and an Unleashed, a new retail outpost from Petco. “You’ll see less and less apparel up “Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking af liates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking af liates of Bank of America there,” said Ariel Schuster, executive Corporation (“Investment Banking Af liates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., all of which are registered broker dealers and members vice president at Robert K. Futter- of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Investment products offered by Investment Banking Af liates: Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed. ©2011 Bank of America Corporation. ARH2Q421 man & Associates.“The service guys were ready. They were able to get in with the lower rents.” Ⅲ

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52% of Northeast CFOs say the economy will improve in the next six months BUSINESS LIVES Source: Grant Thornton

HOT JOBS EXECUTIVE INBOX Anne Fisher PROJECT MGMT. OFFICE DEPUTY DIRECTOR ORGANIZATION Teachers’ Retirement System A case for JOB DESCRIPTION Manage avoiding strategic aspects of IT and operational projects venture capital MOST IMPORTANT TASK VENTURE CAPITALISTS aren’t Mitigate risks and monitor exactly beating a path to your cost/benefit comparisons door? Look on the bright side: CREDENTIALS NEEDED Financing your growth mainly Bachelor’s degree and a through cash flow (and a few minimum of 10 years’ project- strategic bank loans, if you can management experience; get them) lets you limit the equity PMP/PgMP certification preferred that anyone else holds in your SALARY $135,000-$150,000 company—which means that you RECRUITER Internal get to keep calling the shots. DOWNSIDE Coping with Consider Magnolia Bakery. ramifications from the city’s Begun in 1996 as one little shop on budget crisis and changing Bleecker Street, it sells cupcakes pension legislation that have become pop-culture UPSIDE Implementing new and icons, featured in sitcoms including innovative project-management Sex and the City and movies such tools as The Devil Wears Prada. When Steve and Tyra Abrams Teachers’ Retirement System provides eligible city educators bought the business in early with retirement, disability and 2007, Magnolia still had just one death benefits and is one of the location, with 35 employees. The largest pension systems in the mostly self-financed company nation. thrived during the economic —SUZANNE PANARA OLD NEW DIGS: downturn and now has four stores Scott Jordan’s in Manhattan, one in L.A. and apartment contains one at Bloomingdale’s in Dubai. EXECUTIVE MOVES 50,000 artifacts This summer, Magnolia will from the city’s past. open a shop at Bloomingdale’s Chadbourne & Parke: in New York and one in Chicago. Abbe D. Lowell, 59, Meanwhile, the company will start rejoined the corporate roger hagadone selling its wares online, a venture law firm as partner GOTHAM GIGS fueled by a dedicated bakery set and head of the firm’s to open in Harlem on July 1. white-collar defense This summer’s burst of and special litigation and investigations activity notwithstanding, Mr. group, a position he held from 2003 to Abrams is determined not to get 2007. He will be splitting his time carried away. He says he is between Washington, D.C., and New Urban Archaeologist bombarded with proposals from York City. He returned to the firm from would-be investors, Wall McDermott Will & Emery, where he Streeters and others “who tell us had been a partner. Mr. Lowell’s Scott Jordan is always searching for new digs. Construction sites. experience includes complex He unearths we could be in airports, we could investigations, criminal and civil trials, Backyards. Nineteenth-century landfills. Any place where the 54- sell frozen baked goods and appeals, and congressional and agency treasures year-old urban archaeologist might unearth bits and pieces of New refrigerated batter in investigations. In addition to his private York’s past. ¶ “History can come alive when you touch it,” said Mr. supermarkets, we could practice, Mr. Lowell has held counsel from the franchise, we could go public.” positions on congressional committees Jordan. ¶ What began as a hobby on Governors Island, where Mr. So what’s stopping him? and with the United Nations high past in Jordan grew up as the son of a military man, has evolved into an “We bought a small commissioner for human rights. WFUV 90.7 FM: Chuck Singleton, 55, has yards and obsession. Look no further than his two-bedroom in Astoria, neighborhood bakery,” he said. been promoted to interim general Queens. It holds some 50,000 artifacts—from multicolored bottles “That’s what resonated with us.” manager of the radio station licensed to And he’d rather stick with what Fordham University. He was previously 19th- to buttons fashioned out of bone. He even has a pistol from the feels right. a program director. Revolutionary War. ¶ To support himself, Mr. Jordan makes mosaics Of course, that’s tough if Oxford Properties century and earrings out of pottery shards, coins, pieces of porcelain dolls. equity investors are urging you Group: 48, Dean Shapiro, toward faster, bigger, more, more, joined as senior vice landfills He sells his work at the GreenFlea Market on West 77th Street and president and will be Columbus Avenue most Sundays.This spring and summer, he will be more. That’s why Mr. Abrams has focused on the Hudson maintained a simple financing Yards joint venture at St. Anthony’s church on Sullivan and West Houston streets on formula: “One [angel] investor, project with The Related Fridays and Saturdays. ¶ When he’s not donning a top hat and cash flow and a good bank.” Companies.Mr. selling his artifacts, Mr. Jordan can often be found at the bottom of Shapiro will lead the in-house HAVE YOU RESISTED the temptation to commercial leasing and marketing an old cistern or privy.“It keeps that little kid in you alive,” he said. sell equity in your firm? Tell us at See EXECUTIVE MOVES on Page 28 —shane dixon kavanaugh www.crainsnewyork.com/execinbox.

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RÉSUMÉ REVIEW In the (bike) rider’s seat Is your job search all it could be? We ask the experts. Ex-prosecutor talks How did you get involved in the bike case? firm’s pro bono in the New York of- I worked on the term-limits case fice, so I carry a pretty heavy load. NAME DIANA APINOVA about pro bono work, with a partner of mine as Mayor OBJECTIVE Michael Bloomberg announced he Will you ever run for public office? Obtain an entry-level position in the financial return to government was going to run for a third term. It’s not uncommon for people to and investment management field Obviously, we weren’t successful in go in and out of government, so PROFESSIONAL EXPERIENCE that case, but that put us on the list when I initially left, I had in my l BY MARINE COLE of people who get called when folks mind that I would go into private Craft, 2007-present have problems with the administra- practice for five years and that then Administrative assistant awyer Jim Walden, who tion. My partner was actually the I would come back in government. Managed and coordinated business meetings and recreational events; spent almost nine years one who got the call on the bike lane It’s been eight years, longer than ex- processed and filed expense reports; verified petty cash transactions working for the U.S. At- case,and he didn’t have time to work pected, but I hope to go back into Bookkeeper intern torney’s Office for the on it, so he asked me to meet with government in some capacity at Prepared accounts payable checks using QuickBooks and Peachtree; LEastern District of New York in the the Neighbors for Better Bike Lanes some point in my career. analyzed vendor accounts and negotiated payment terms; negotiated 1990s,is used to working on dozens people and evaluate their case. with existing creditors of cases at a time. He’s handled What’s the best way to PROJECTS cases as diverse as the largest hero- Do you bike? return to government? l Equity markets and trading, Baruch College, 2010 in seizure in U.S. history, an under- I did bike until my bike was I don’t know. Senior project presenter cover opera- stolen out of my building in 2005. I The right position Used financial trading system simulation programs to analyze market tion against had this amazing Jazz Vertical will find me sooner concepts; developed knowledge of security trading in different market the leadership mountain bike. My wife had a or later. In the structures of the Gen- Trek,and during our courting meantime, I MOVERS & EDUCATION SHAKERS ovese family, period,we used to go on these am at a great and a criminal completely reckless rides in firm, and I’m l Baruch College/CUNY, bachelor of business administration, with minor investigation Philadelphia. With three having a great in philosophy, January 2011 Jim involving a young kids, I don’t ride that time. Ⅲ Résumé appears in condensed form. Walmart much anymore, but hope- EXPERT ADVICE worker al- fully when they are older, Walden Diana needs to clarify her résumé by focusing on the essential elements legedly tram- we’ll all bike more. pled to death that communicate her unique value. She first needs to reformat her on Black Friday. You’re working on a lot of pro résumé so it flows: education, experience, projects, computer and Most recently, the Philadelphia bono cases currently. languages. The objective adds little to convey her uniqueness. Diana has a native—now with multidiscipli- I have 25 cases right task-oriented presentation, which gives little insight into her work, her nary law firm Gibson Dunn & now.I just had to do interactions with colleagues or her results. She should create a more goal- Crutcher—has been working pro an accounting; it’s oriented résumé that distinguishes her from other applicants. bono for Neighbors for Better Bike the only reason I —jason levin, district manager, Vault.com Lanes, the group of Brooklyn resi- know the number. dents suing the city over the contro- About half of my To contact this candidate or to be featured in “Résumé Review,” e-mail us versial bike lane on Prospect Park cases are pro bono. I’m at [email protected]. West. the coordinator for our

state’s sole congressman. EXECUTIVE MOVES Matthew Yoon, 38, joined as a partner in the government affairs group. He was Continued from Page 27 previously a partner at SNR Denton. Join the efforts for the 26-acre development. He Katz 360: Andy Slater, 45, joined as vice was previously chief operating officer president of digital agency sales in New and partner at Building and Land York. Most recently, he was senior Technology in Stamford, Conn. director of sales for Move.com/ Crain’s DLA Piper: Michael Castle, 71, has joined Realtor.com. In his new position, Mr. the law firm’s government affairs Slater will manage his own account list practice as a partner and will split his in New York, as well as the entire digital time between the Wilmington, Del., agency business for the firm’s directors Community Washington, D.C., and New York nationwide. offices. Mr. Castle is a former governor Annie Leitenberg, 23, was promoted to of Delaware and was most recently the campaign manager in New York. She Subscribe to Crain’s New York Business New York’s must-read resource for business leaders CORPORATE LADDER CITY COLLEGE GETS NEW PROVOST MARTIN MOSKOVITS, 68, has been named provost and chief academic officer One year subscription $29.95 of City College of New York. He will assume his new post Aug. 1. Mr. Moskovits Weekly news analysis of New York’s most joins City College from the University of California Santa Barbara, where he important business issues has been a faculty member since 2000, and most Print Edition recently a professor of physical chemistry. He was In-depth reports and trend stories the university’s dean of science from 2000 to 2007, Crain’s annual Book of Lists and he was a co-principal investigator on a U.S. Department of Energy Frontier Research Centers grant that awarded $19 million to the campus. From 2007 to 2010, he served as chief One year subscription $24.95 technology officer of API Nanotronics Corp., a Anytime access to comprehensive and late supplier of electronic components to the global Digital Edition breaking business news defense and communications sectors, and as Crain’s Daily Alert delivered to your president of a subsidiary, API Nanofabrication and Research Corp. He also co- inbox each business day founded SpectraFluidics Inc., a Santa Barbara nanotechnology company that applies technology patented by Mr. Moskovits. FREE unlimited access to Crain’s archives Mr. Moskovits began his academic career at the University of Toronto, where he also earned his bachelor of science and doctoral degrees. He Subscribe today Go to www.crainsnewyork.com/subscribe recently won the Optical Society of America’s Ellis R. Lippincott Award. —LAURA SHIN

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was previously a sales assistant for Katz oversee sales of the company’s expanding most recently a vice president for Capital as chief external relations officer for Jazz recently a managing partner at Capital C Group Sales. In her new role, she will be portfolio of sports properties across all Trust. at Lincoln Center. Partners, which he co-founded. responsible for managing and platforms. He was previously senior vice Steven Vasquez, 31, joined as vice New York Commercial Real Estate Gilt City: Ben Widdicombe, 40, has joined optimizing the company’s channels of president of network sales. president. In his new role he will focus Services: David Michonski, 60, joined as the lifestyle site as editor in chief of a online inventory. Cozen O’Connor: Paul J. Proulx, 38, was on hotel investment sales, financings and a sales consultant. He was previously new editorial site, CityUnlisted.com. He Fordham University: Roger A. Milici Jr., promoted to member in the business law note sales throughout North America. chief executive at Coldwell Banker Hunt was previously a contributor to The New 45, was named vice president, department, where he practices in the He was previously director of hotels at Kennedy. York Times and the Financial Times. development and university relations. real estate group. He was previously an Aberdeen Realty Holdings. Every Day with Rachael Ray: Paul Jowdy, Cogswell Realty: Ronald Zeccardi, 52, He was previously interim vice president associate with the firm. Barnard College: Bret 43, was named vice president and joined the real estate firm as director of for development and university relations. Andrew P.Nemiroff, 31, was promoted to Silver, 44, was publisher of the Reader’s Digest property management. He was Fordham University School of Law: member in the business law department, appointed vice Association title. He was most recently previously the senior property manager Michael M. Martin, 68, was named dean. where he practices in the intellectual president for vice president and publisher for Condé for Helmsley-Spear Inc. He was formerly a distinguished property group. He was previously an development, effective Nast’s Details and Details.com. —laura shin professor of law. associate. June 15. He will direct Hill & Knowlton Inc.: Ian W. Bailey, 42, Sagent Advisors Inc.: Mark Kessel, 68, was Savills: Brad Lyons, 31, joined the real all of the college’s joined the communications consultancy EXECUTIVE PROMOTIONS appointed senior adviser to the firm. He estate investment banking company as fundraising efforts, as executive vice president and general The fastest way to get an announcement into continues as a partner of Symphony vice president. He will be involved in including leading its manager of the New York office. He will Crain’s is to submit online. Fill out the form Capital, which he co-founded. arranging debt financing, including upcoming capital campaign and implement best practices for client at www.crainsnewyork.com/section/ Keller Williams New York City: Efraim acquisition and construction financing extending the reach of the college to service, business development and executive_moves. The Executive Moves column Tessler, 34, was hired as executive vice for new and existing clients. He was alumnae and friends. He currently serves operations in New York. He was most is also available online. president for the residential real estate agency. He was formerly an executive vice president at Prudential Douglas Elliman. Manhattan Skyline: Joshua Roth, 39, joined the real estate organization as vice president of retail leasing. Previously, he was a managing director at ZE Realty Group. LBi U.S.: David Rosenberg, 41, joined the marketing and technology agency as director of innovation, a newly created position. He will be responsible for establishing strategic partnerships and investment opportunities. He was most recently director of emerging media at JW T. Cohen Commercial Properties: Arthur Miles, 56, joined as director of property management for the commercial real estate firm that specializes in open-air shopping centers. He will be responsible for day-to-day operations of the firm’s Northeast portfolio of shopping center and third-party management contracts. He was formerly director of property management at Paramount Realty. WSP Flack + Kurtz: James S. Nevada, 45, was named chief financial officer and executive vice president of the engineering firm’s New York office. He was previously chief financial officer at W.S. Atkins/Faithful + Gould. Burson-Marsteller: David Vermillion, 35, has joined the public relations firm as New York public affairs market leader and deputy public affairs chair. He was most recently executive vice president and New York public affairs practice leader at Edelman. Cosmopolitan: Liane Radel, 38, joined the Hearst publication as photo director. She was most recently global photography manager and art director at Lands’ End Kids and Canvas. Steven Brown, 26, joined as senior bookings editor. Most recently, he handled all talent booking for Italian Vogue’s U.S. photo shoots. Food & Wine: Alex Vallis, 27, has joined the American Express publication as senior digital editor. She will focus on creating and packaging content for foodandwine.com. She was formerly at NBC’s lifestyle website, thefeast.com, where she produced and edited all content for the food section. ADstruc: James Cooper, 39, was appointed an adviser to the startup online marketplace for outdoor advertising. In this role, he will help the firm unveil a large-scale marketing campaign and develop relations with agencies. He continues as chief creative innovation officer at JWT. Univision Communications Inc.: Carlos Deschapelles, 46, was appointed senior vice president of sports sales at the Hispanic media company. He will

May 16, 2011 | Crain’s New York Business | 29 20110516-NEWS--0030-NAT-CCI-CN_-- 5/13/2011 12:42 PM Page 1 chemex / INSATIABLE CRITIC Gael Greene NETWORKING RECEPTIONS flickr.com THURSDAY, MAY 26 THE THE ASIA SOCIETY invites you to a wine reception celebrating Hong Kong’s emergence as a regional wine hub. WEEK Remarks will be given by Donald Tong Chi-Keung, Hong Kong commissioner for economic and trade affairs.The Italian eatery’s AHEAD reception will take place from 5:30 p.m. to 7:30 p.m. at the Asia Society and Museum, 725 Park Ave.Tickets are $7 MAY 2 3 - 29 for society members, $11 for nonmem- second chance bers and $9 for students.To purchase tickets, visit tickets.asiasociety.org. For CONFERENCES AND more information, call (212) 517-2742. WHAT HE’S TriBeCa’s Stuzzicheria SEMINARS MONDAULY, MAYURAL 23, ANDVENTS TUESDAY, MAY 24 C T E READING offers small plates Kiva, Opportunity Fund and Acción MONDAY, MAY 23 MICROFINANCE USA 2011 TASTE OF USA present . Share Our Strength will host HAL LENOX, New York state with a new vibe Attendees will explore current issues THE NATION NYC, a food and wine-tasting and trends in breakout sessions event. Guests will enjoy signature dishes president of AT&T, has two volumes needed to know what Sfoglia’s designed to foster collaboration and and cocktails, cookbook signings and a on his bedside table: A Journey: My Ron Suhanosky was doing in networking. The event will take place silent auction.The event will take place Political Life, the memoir by former TriBeCa. I loved Sfoglia, on from 9 a.m. to 5 p.m. each day at the from 7:30 p.m. to 9:30 p.m. at Center British Prime Minister Tony Blair, the Upper East Side, on the Metropolitan Pavilion, 125 W. 18th St. 548, at 548 W. 22nd St. For a list of and Descriptions of Transaction, very first night I tasted his For a list of breakout sessions participating restaurants and ticket info, Public Interest Showing, and and price and ticket info, visit visit www.newyorktaste.org. All ticket strawberry-tomato spaghetti sauce. buck ennis Related Demonstrations. AT&T I SKILLFULLY MADE: Ricotta gnocchi www.microfinanceusaconference.org. sales support Share Our Strength’s Last I knew, he’d gone off to live the efforts to end childhood hunger. recently submitted the 600-page good life in Florence with Colleen TUESDAY, MAY 24 tome, detailing its proposed and their children. Now I discover STUZZICHERIA THE NEW YORK PUBLIC LIBRARY invites TUESDAY, MAY 24, acquisition of T-Mobile, to the he’s back, giving Stuzzicheria in you to refocus your job search by TO THURSDAY, MAY 26 Federal Communications 305 Church St. developing and redefining your targets KEYS TO THE FUTURE piano festival TriBeCa a makeover. (212) 219-4037 Commission. It’s a second chance for Ron after with career counselor Renée Lee presents three concerts of www.stuzzicherianyc.com Mr. Lenox insists that the some financial setbacks, and a new Rosenberg. The free lecture will take contemporary solo piano music. The place at the Science, Industry and festival will take place at the Henry public interest statement makes image for the downtown Stuzzi- Business Library, 188 Madison Ave., Street Settlement’s Abrons Art Center, for interesting reading. “It is to cheria. Locals may have enjoyed the me,” he said. CUISINE Italian from 6 p.m. to 7 p.m. For more 466 Grand St., each night from 8 p.m. small plates since the uptown part- information, visit www.nypl.org. to 9 p.m. Tickets for each concert are The document makes AT&T’s ners opened this branch in 2010. PRICE RANGE Entrées $18-$25 $20 and can be purchased by calling case for why a merger with Frankly,I wasn’t tempted to come till WEDNESDAY, MAY 25 (212) 598-0400. For more information, T-Mobile would be good for Ron moved in. Now there’s an ambi- SERVING Lunch, dinner, brunch; FINANCIAL WOMEN’S ASSOCIATION visit www.keystothefuture.org. closed Mondays presents “The Fearless Salesperson,” a consumers and argues that the tious new vibe, a vintage country combination would allow for charm and somewhat higher prices. seminar exploring men’s and women’s TUESDAY, MAY 24, TO SUNDAY, MAY 29 RESERVATIONS Can’t hurt COMPLEXIONS CONTEMPORARY BALLET more efficient use of the The small room is warmed by vo- different sales and networking styles. NOISE LEVEL Moderate Andrea Nierenberg of The Nierenberg returns to the Joyce Theater, 175 wireless spectrum, which is tives, an extravagance of flowers— Group will moderate the panel Eighth Ave., with a program of becoming a scarce resource. bright-pink cherry blossoms, bego- I can’t wait to return. discussion, which will take place from Complexions classics, audience nias and tulips—and a saucy mix of Mr. Lenox expects to finish Mr. I will definitely go back. 6:30 p.m. to 8 p.m. and will be followed favorites and new works, including the Blair’s book first. “It’s a tabletops from Suhanosky’s collec- by a networking reception with New York premiere of Testament, I’ll let them simmer awhile. tion. His grandmother’s porcelain refreshments until 8:30p.m. The event featuring Desmond Richardson. For a fascinating glimpse into British enamel kitchen table, great-grand- NO HATS Never again. will take place at Weil Gotshal & list of performance times and ticket politics and his relationship mother’s table, too, a long wooden Manges, 767 Fifth Ave. The prices, visit www.joyce.org. with two [U.S.] presidents,” he trestle for eight. The pink leather cost is $30 for members and $45 for —suzanne panara said. “He worked closely with Bill banquette he kept when he sold Amaretti crumbs. String beans in nonmembers. Reservations are required Clinton and George Bush.” and must be made by May 19 by To view Crain’s classified events listings, —MATTHEW FLAMM Sfoglia: just 40 seats, nine at the bar, tonnato. Stuzzicheria’s serviceable visiting www.fwa.org. go to www.crainsnewyork.com/events a small sidewalk café.He and partner focaccia pales in memory of Gerard Renny (split from the origi- Colleen’s mythic warm EDNSAY,Mbrioche-like 5 W 2 nal Stuzzicheria team) think it’s a bread hot from the oven. He’s gone CLEAN ENERGY CONNECTIONS, along concept they can repeat around town. on,it seems,and we haven’t.“This is with Solar One and NYC ACRE, My friends and I are sharing half Stuzzicheria. We’re still working on presents “The Value of a Negawatt: a dozen small plates. Marvelously the menu,” he says. Startups and the Energy-Efficiency tangy cippolini in a lush and sticky For now, his pepperoncini-hot Boom.” The panel discussion will explore the business case behind the agrodolce.Veal-ricotta meatballs in a bucatini all’Amatriciana with pig jaw implementation of new efficiency fine tomato sauce. Deep-fried “sup- is better than any we had in Rome. technologies and opportunities for pli” are delicious saffron-touched The chef is a gnocchi adept.From his growth in this sector. The event will spring pea risotto croquettes. vast repertoire come these rich-as- take place from 7 p.m. to 9 p.m. at We agree we must have our fa- Croesus ricotta gnocchi with morels, WNYC’s Jerome L. Greene vorite Sfoglia starter—the dish mint cream and bits of pistachio. I Performance Space, 44 Charlton St. Steven and I ordered every time— love it, gummy nubbins and all. Tickets are $25 for the general public wild mussels with tomato, fennel Dessert is not listed on the menu. and $10 for students and can and pepperoncini. Oops. Tonight The waiter brings it anyway,for some be purchased by visiting www.cleanecnyc.org. For more the broth is scant and doesn’t have inexplicable reason, then recites the information, call (212) 505-6050. the remembered exuberance. I find options.I have little hope for olive oil exactly one baton of salami instead cake with olive oil ice cream. It WORKSHOPS of the expected platoon. Not having sounds excessively olive oily,but I or- MONDAY, MAY 23 spied Suhanosky yet, I begin to der it anyway for purposes of re- MANHATTAN CHAMBER OF COMMERCE wonder if he is really in the house. search. Amazed, I must admit that will host “Turn Energy Into Profits: PICK OF THE WEEK Surely he cannot think this odd Si- both cake and ice cream are luscious, Efficiency for Small Businesses in cilian chickpea fritter sandwich is better than the primitive panna cot- NYC.” The workshop will take place at CELEBRATE BROOKLYN presents a Bhangra dance party worthy of his imprimatur. ta with raspberry sorbet. the Con Edison Auditorium, 4 Irving featuring music by Red Baraat and D.J. Rekha and a free Place, from 8:30 a.m. to 11:30 a.m. But here he is, standing at the The room has emptied and the Tickets are free for chamber members Bhangra dance lesson by Gobind Singh. The party kicks table. “No more cookbook author unmatched tabletops stand out, de- and $15 for nonmembers. A off at 7 p.m. at Pier 1 in Brooklyn Bridge Park at 2 Old posing in the front room,” he says lighting me. There’s a bowl of continental breakfast will be served at ruefully. “I’m working. I am at the bright-red Calabrian peppers on the event. To register, visit Fulton St. For more information about this event, visit stove.It’s just me and another guy in one, tulips fainting on another. www.manhattancc.org. For more www.bricartsmedia.org. the kitchen.”That means lunch and Great-grandmother’s table is pris- information, call (212) 473-7875 or brunch, too. He’s just finished the tine, I notice as we exit. We follow a e-mail [email protected]. brunch menu, he reports. tiny slice of moon to our car. I tell him I miss the odd and MON. TUES. WED. THURS. FRI. SAT. SUN. wonderful vegetables he used to do Copyright © 2011 by Gael Greene. 5.23 5.24 5.25 5.26 5.27 5.28 5.29 at Sfoglia. The red peppers with Syndicated by www.insatiable-critic.com.

30 | Crain’s New York Business | May 16, 2011 20110516-NEWS--0031-NAT-CCI-CN_-- 5/13/2011 8:36 PM Page 1

THE CHEAT SHEET Co-op owners in eastern WEEK Queens have been protesting huge hikes in ON THE their property-tax assessments, used to WEB determine their annual property-tax bills from the

MAY 9-13 city. In some cases, newscom owners saw the assessed value of their property soar CRAINSNEWYORK.COM 147%—especially shocking since apartment sale prices are down from a year ago.

Hedge funder HOW DID IT HAPPEN? The city’s property-tax system has always been complicated. Condo and co-op buildings are assessed like income- found guilty generating rental buildings, so they are compared to nearby rental he federal government buildings. But this year, a number of Queens co-ops were erroneously compared to higher-income-producing commercial properties, sending netted its biggest their assessed values upward, according to New York City Finance hedge fund fish yet Commissioner David Frankel. T Raj when a jury found HOW COMMON ARE APPEALS? Very—property owners file protest Rajaratnam (right) guilty of assessments every year in hopes of reducing their tax bills.The number of bloomberg news all 14 counts of conspiracy tax assessment appeals rose 6% this year, to 50,001, according to Glenn and securities fraud. Jurors deliberated the insider-trading case for weeks, after listening to Newman, president of the Tax Commission, which reviews the damning testimony from Wall Street bigs such as Goldman Sachs Group Inc. Chief Lloyd Department of Finance’s property assessments. Blankfein and former McKinsey & Co. director Anil Kumar. In the end, the government’s WHAT’S NEXT? After admitting that the Queens co-op assessments were unusual wiretaps likely sealed Mr. Rajaratnam’s fate, as jurors repeatedly listened to more than wrongly inflated, Mr. Frankel imposed a cap on assessed values that 40 tapes of the defendant milking various industry players for inside information. should limit property-tax increases to 10% this year. The Sri Lanka-born hedge fund executive faces as much as 25 years in prison; sentencing is THAT’S IT? Nope. Make way for City Comptroller John Liu: He set for July 29. Mr. Rajaratnam, 53, plans to appeal the verdict and will wear an electronic announced a coming audit of the tax assessment process.There is also proposed legislation that would put co-op and condo owners on a level monitor during his house arrest in the interim. playing field with single-family homeowners. At the peak of his career, the Galleon Group founder managed more than $7 billion and was WHAT ABOUT THE QUEENS RESIDENTS? They may take legal action, vows revered on Wall Street. In his defense, his lawyers tried to convince jurors that Mr. Rajaratnam Bob Friedrich, head of the Presidents’ Co-op Council, which represents was simply well-researched and only moved on information that was publicly available. 50 local co-ops: “The valuation process is capricious and will destroy us.” Prosecutors, however, painted the hedge funder as the very definition of an inside trader. —amanda fung

A CENSUS OFFICIAL SAID A “PROCESSING ISSUE” was one of many possible causes for a population undercount in the city—not that Tony Farthing, the bureau’s regional director, would confirm said undercount. He spoke at a City Council hearing in response to a Brooklyn councilman’s incredulity over Census-reported apartment vacancies in Bay Ridge.The city, which has yet to officially challenge the 2010 census count, hopes to reclaim 80,000 residents it says were missing from the rolls and thereby boost federal funding by $2.4 billion over the next 10 years. … A TOUGH WEEK FOR GOLDMAN SACHS: Not only did the bank get the heads-up that JOIN CRAIN’S the Commodity Futures Trading Commission might soon charge it with civil fraud relating to its clearing services for a broker-dealer, it also admitted to receiving more subpoenas concerning its ill-fated mortgage product Abacus 2007-AC1.That piece of work has already attracted global ADVISORY PANEL scrutiny. … UNCLE SAM WANTS TO UNLOAD a thin slice of its 92% stake in American International Group Inc., offering 200 million shares in a sale that commenced last week.The government’s breakeven point is $28.72. Just 1.6 billion shares to go. … DANIEL BRODSKY WAS NAMED CHAIRMAN OF THE METROPOLITAN MUSEUM OF ART’S BOARD. The developer admits he’s no expert when it comes to art, yet he was a driving force behind Lincoln Center’s recent renovations, and he’s a trustee of not only the Met but also the New York City Ballet and New York University. In his spare time, he manages 6,200 apartments in 68 Manhattan buildings. … MANY BATTERY PARK CITY RESIDENTS ARE BREATHING SIGHS OF RELIEF after Looking for readers to share views and opinions. their managing agency agreed to cap the neighborhood’s total ground-lease rents at $525 million over the next 30 years.The agreement prevents projected hikes that could have cost the community $279 million more than that. A product of the 1980s, ground leases require tenants to pay a rental fee on the underlying city-owned land, in addition to apartment fees. —benjamin j. spencer

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May 16, 2011 | Crain’s New York Business | 31 Project9:fp template.qxd 5/3/11 1:01 PM Page 1

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