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INSIDE REPORT TOP STORIES REAL ESTATE Picture this: Staten Hospitals Shift Spending Island is becoming Top Office Leases and Property Sales an artist magnet ® NEIGHBORHOODS, PAGE 12 PAGE 17-22 Barclays Center VOL. XXVII, NO. 29 WWW.CRAINSNEWYORK.COM JULY 18-24, 2011 PRICE: $3.00 makes play for profits PAGE 2 These new guests will create a buzz at the InterContinental PAGE 4 One way Walmart could enter NYC: Buy Rite Aid chain IN THE MARKETS, PAGE 4 WEALTH OF GREEN: Battery Park City is Are Jann Wenner’s flanked by riverfront mags for sale? parks full of playing kids, strollers and picnicking NEW YORK, NEW YORK, P. 6 families. THE NEW BUSINESS LIVES GOTHAM GIGS Salvaging hardwoods NEW DOWNTOWN

from the wreckage P. 31 buck ennis ● ANNE FISHER Tech challenged? Help types who made up their social circle, the family is is on the way P. 31 Vibrant, sustainable, moving back to the neighborhood. Now a lively stretch filled with eclectic restaurants, Stone Street is Murdoch ● MOVERS & SHAKERS and family-friendly, transformed but no less appealing. Newmark’s Jeffrey Gural “I was blown away,”said Mr.Pasquarelli.“It defines is off to the races P. 32 lower is the change downtown.” empire ● GAEL GREENE eats well From the eateries on Stone Street to the luxury res- at Grandma’s house P. 34 now an urban model idential buildings to the hotels to the towers rising at the World Trade Center site, signs of lower Manhat- rocked tan’s blossoming are unmistakable. For all the Sturm / BY THERESA AGOVINO und Drang that accompanied the reconstruction, the Observers say crisis INDEX 9 11 rebound is remarkable for its speed and for what it is TEN Stone Street was a desolate cob- on the brink of creating: a modern, dynamic urban will move the family THE INSIDER ______8 YEARS blestone drag when Richard center. With its dense concentration of out of the C-suite OPINION ______11 LATER Pasquarelli jogged there be- smart, skilled people in an environmental-

GREG DAVID ______12 fore he and his family fled to ly progressive live-work-play neighbor- BY MATTHEW FLAMM SMALL BUSINESS ______14 Hoboken, N.J., to escape the lingering effects of hood, downtown offers a version of what a the Sept. 11 attacks. 21st-century global metropolis should be. CLASSIFIEDS ______24 “It looked like it was going to collapse, but it “Downtown is a City Planning 101 If the sky isn’t falling on Rupert FOR THE RECORD ______28 reminded me of what it must have been like when success story,” says Vishaan Murdoch, the ground underneath EXECUTIVE MOVES ______31 Manhattan was ,” said Mr. Chakrabarti, director of the him is certainly crumbling. THE WEEK AHEAD ______34 Pasquarelli, 42, a married father of two who left his real estate development Last week, which had to be one

WEEK ON THE WEB ______35 home on Nassau Street in 2003. program at Columbia of the worst in News Corp.’s histo- Missing the city’s energy and the creative See DOWNTOWN on Page 29 ry, Murdoch loyalists Les Hinton and resigned in the wake of a phone-hacking and police bribery scandal at London Q&A LARRY SILVERSTEIN tabloid . The developer on surviving governors, Mr. Hinton, who was CEO of ELECTRONIC EDITION Dow Jones & Co. and publisher of bureaucracy and high drama to get towers Street Journal, had been chairman of British subsidiary NEWSPAPER rebuilt at the WTC site PAGE 28 See MURDOCH on Page 30 20110718-NEWS--0002-NAT-CCI-CN_-- 7/15/2011 8:26 PM Page 1

NET WORTH: Regardess of the IN BRIEF controversy, many say the city needs another large venue. SOHO CHINA, THE LARGEST REAL ESTATE DEVELOPER IN BEIJING, HAS AGREED TO invest between $500 million and $700 million with Vornado Realty Trust to jump-start the construction of a long-planned office tower over the Port Authority Bus Terminal, sources close to the deal said. Negotiations over building the 1.3 million-square foot tower are at a critical juncture because a deal that gives a partnership between Vornado and Lawrence Ruben Co. the rights to build over the bus terminal expires next month. Negotiations are continuing between the partners and the Port Authority of New York & New Jersey, the site’s owner. GOV. ANDREW CUOMO SIGNED LEGISLATION LAST FRIDAY THAT ALLOWS THE UNITED Nations to construct another building on what is now a park on First Avenue and East 42nd Street.The transaction is part of a complex plan to fill a 21-block gap in the East Side waterfront promenade that runs between East 38th and East 60th streets.The money received from the sale of the parkland, combined with funds the city would garner from selling two office buildings, would be used to extend the

promenade.The legislation was necessary buck ennis because it takes state approval to eliminate a park.The U.N. is expected to decide in the fall whether to move forward with the plan. A STATE APPELLATE COURT LAST WEEK CAME Barclays Center takes DOWN HEAVILY AGAINST CONTROVERSIAL Brooklyn-based architect Robert Scarano Jr., upholding an earlier decision that bars him from filing documents with the city’s Department of shape at Atlantic Yards Buildings. Earlier this year, he told that if the decision was upheld, he “could be put out of business.” He said his firm, Yormark said he aims to have more than of five or six years ago,” he said. Scarano Architect, has been halved to roughly Due to open in ’12, 220 events in total. But developers of the 22-acre Atlantic 20 employees, and clients were steered away A major highlight will be the site’s first Yards have yet to convince opponents that from doing business with him. Ⅲ centerpiece of basketball game, a college matchup of the project is a good deal for the public.Just project is booking Kentucky versus Maryland, according to last week, a state Supreme Court judge sources. Also scheduled are boxing and sided with community groups and ruled BY THE NUMBERS events, selling tickets tennis events, as well as 48 Feld Entertain- against Forest City Ratner and the Empire ment productions, including the Ringling State Development Corp. The judge or-

Weekly shift of the city’s economy Bros. circus and Disney on Ice. dered a halt to the second phase of Atlantic

BY MATTHEW FLAMM Additionally, sales of the 4,400 premi- Yards until the agency conducts a new en- POLITICIANS BEHAVING BADLY further raised the specter of default not only by Greece and um season tickets, which top out at $1,500 vironmental review. other euro members but also by the U.S. That’s Rising at the intersection of Flatbush and a game, have “exceeded” expectations, Mr. bad news for the economy. Atlantic avenues,the new home of the New Yormark said, though he declined to give Timing questioned Jersey Nets has survived lawsuits,neighbor- an exact figure. Foes say the economic benefits depend hood protests and a severe recession. The He insists that the borough is showing on unrealistic timetables for completing 10K+ $3.76 1 in 3 latest insult is called The Battle for Brooklyn, its support. the 17-building project—which includes BOOKINGS made PRICE of a gallon PORTION of pay a documentary critical of the project that “Both in tickets sales and dollars, office and retail space for which there is for first-day tickets of gas in NYC on phones that opened recently to favorable reviews. Brooklyn is voting yes,” Mr.Yormack said, currently no market. for Sept. 11 July 11, up 36% actually worked in But eight years after noting that 41% of the all- “[All the positive] projections depend on Memorial from a year subways in developer Bruce Ratner access tickets have gone to Atlantic Yards being built in full within 10 Source: National earlier summer 2010 CLASS September 11 Source: Energy Source: Straphangers proposed bringing the residents and businesses years,” said Norman Oder, a journalist who Memorial & Museum Information Admin. Campaign Nets to the borough as the ACCOMMODATION there. Manhattan-based is writing a book on the controversy and anchor of the vast Atlantic Corporate suites at Barclays buyers make up the next keeps tabs on his Atlantic Yards Report HOME TO STAY The number of residential foreclosures in Yards redevelopment, ex- Center. biggest group at 24%. website. “We know that won’t happen.” has been falling fairly steadily since hitting a ecutives at the $1 billion The center is clearly po- A September 2009 study by the city’s In- painfully high peak during the recession. Barclays Center have TIER: EVENT LEVEL sitioning itself as the lower- dependent Budget Office focused strictly Price Starts at $550,000 turned their attention to Number 11 priced,Brooklyn sports and on the arena. It showed the city losing $40 the next stage: making entertainment alternative million over 30 years on its $170 million in- sure it turns a profit. TIER: BROWNSTONE to Madison Square Gar- vestment, with an additional $181 million Despite competition Price Starts at $395,000 den. For example, with 10 loss of potential revenue,primarily from the from Madison Square Number 15 seats rather than the usual arena’s property tax exemption. But a 2010 Garden, which is being 16, its $215,000 Loft suites study by the city’s Economic Development overhauled, and other are- TIER: LOFT Corp. showed a net gain of $411 million Price Starts at $215,000 are being pitched to small nas like the new Pruden- Number 68 and midsize companies. from the arena and other buildings. tial Center in Newark, the Some of Barclays’ inte- “There are incredible community ben- Barclays Center is having TIER: STUDIO rior spaces have an urban efits—from the housing creation to the job Source: PropertyShark.com no trouble meeting its pre- Price $150,000 look of sleek lines and creation,” Mr. Yormark said. Number 6 ADDICTED TO NUMBERS? liminary goals, according muted colors, in keeping Controversy aside, sports and enter- GET A DAILY DOSE AT @STATSANDTHECITY to Barclays Center CEO with the building’s weath- tainment consultants say that New York Brett Yormark. ered-steel shell. SHoP Ar- has needed another large venue like Bar- vol. xxvii, no. 29, july 18, 2011—Crain’s New York Business (issn 8756- Images of the recently completed de- chitects’ design replaced a widely derided clays. Events that previously had to go to 789x) is published weekly, except for double issues the weeks of July Fourth, Labor Day and Christmas, by Crain Communications Inc., signs for corporate suites and public areas proposal by a firm that had stepped in for the Meadowlands or the Nassau coliseum 711 Third Ave., New York, NY 10017. Periodicals postage paid at New have just gone on display in the center’s renowned architect Frank Gehry, whose will be able to come to Brooklyn. York, N.Y., and additional mailing offices. Postmaster: Send address midtown showroom as sales efforts ramp original plan was deemed too expensive. “That’s going to be a very busy build- changes to: Crain’s New York Business, Circulation Department, 1155 Ⅲ Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: up in advance of a September 2012 open- Mr. Yormark claims that the years of ing,” said industry consultant Lee Berke. Call (888) 909-9111. Fax (313) 446-6777.$3.00 a copy, $59.79 one year, ing. The 18,000-seat arena has sold close delay helped the arena in the end. $109.79 two years. (GST No. 13676-0444-RT) LISTEN to a discussion at ©Entire contents copyright 2011 by Crain Communications Inc. to half of its 100 corporate suites. “It enabled us to rethink our strategy All rights reserved. It also has 163 events booked for the and make sure the arena is more suitable to CrainsNewYork.com/podcasts and view first year, including 44 Nets games. Mr. the world we live in than the world a gallery at crainsnewyork.com/arena

2 | Crain’s New York Business | July 18, 2011 20110718-NEWS--0003-NAT-CCI-CN_-- 7/15/2011 8:26 PM Page 1

SERIOUS FUN: Parents covet nursery schools that can help place students in top grade John Thain’s schools. redemption Financial crisis casualty has something to prove in his push to revive lender CIT istockphoto BY AARON ELSTEIN Back in 2006, industrial and small business Big new face in lender CIT Group loudly proclaimed its growing ambitions by transferring its global headquarters from a New Jersey office park to a nursery schools new trophy tower at 42nd Street and .The shimmering lobby was designed by acclaimed “light artist” James Turrell. Mayor Goddard opens first ery school to fifth grade.A year lat- Michael Bloomberg attended the opening er, another for-profit school called of as many as 10 Avenues: The World School, will reception, which included performances from the open in Chelsea. New York City Opera and the Orchestra of St. outposts in the city: New York’s first Goddard Luke’s. connections needed School is owned by Bill Swan,a for- mer associate dean at St.John’s Uni- That building is now an expensive versity.He took his inspiration from footnote in CIT’s 103-year history. BY MIRIAM KREININ SOUCCAR his own experience trying to find a Shortly after Chief Executive John place for his now 7-year-old child. Thain took the reins in February There’s fresh hope for anxious “There are a number of fine Manhattan parents going through schools out there that don’t need to 2010, he moved CIT’s staff to more the grueling process of essays and be customer-service oriented be- modest digs nearby. interviews to secure an all-too- cause they’re full,” Mr. Swan said. “I know some of you will miss scarce slot at nursery school for “I saw the need for a school that’s their offspring. parent-focused.” our lobby,” Mr.Thain The Goddard School,a nursery deadpanned at an school chain, is expanding into Day-care hours investor New York City.The first franchise Goddard’s model is unique in conference last is set to open Sept. 12 on the Up- the city. It is a fully accredited QUITE THE JOURNEY: per West Side in a 10,000-square- school but offers day-care hours month. But he John Thain—former Goldman president, New foot space on the second floor of an and flexibility.Parents who pay for said CIT’s CEO apartment building on West 93rd a full day—$2,095 a month—can headquarters, and Merrill Lynch chief Street and Broadway. drop their child off at any time lodged in a 1920s exec—is now running Executives at the chain— from 7 a.m. to 9:30 a.m. and pick small-business lender CIT which is headquartered in King of up anytime between 2 p.m. and 6 building a block away Group, only recently out of bankruptcy. Prussia, Pa., and boasts 372 p.m. There are spots for 120 chil- from its gaudy former branches in 34 states—hope to dren,aged 2 to 6.So far,40 kids are

See JOHN THAIN’S on Page 30 bloomberg news open 10 schools in the city over the enrolled to start in September. next three years, mostlyRICEY in P Despite its appeal and Manhattan but possibly in even with all the demand, Brooklyn as well. the clubby private school “We have been trying market in New York is dif- to work in Manhattan for $2M ficult to enter. Parents Media exec seeks mayoralty, quite some time, but it’s TOTAL COST covet nursery schools that more challenging than of opening a have experienced “exmis- other cities because of the new Goddard sions” staffers, who can but not the Bloomberg way high costs,” said Joseph school use their contacts to help Schumacher, chief execu- place students in the city’s tive of the Goddard best grade schools. never run for office. And he doesn’t brace the Bloomberg model in 2013. School. “No parent who is interested in Surprise entry won’t have tens of millions of dollars to Citigroup Chairman Richard Franchisees pay Goddard sending their child to an elite pri- be like Mike. Nor spend on a campaign. Parsons, whose name was floated in around $500,000 for furniture, vate school will want to send their the past,is not interested in running, equipment and other fees. On top child to a brand-new nursery will anyone, it seems Skepticism prevails an executive said. Former New York of that, they need to cover the lease school,”said Emily Glickman,head Mr. Allon is billing himself as Stock Exchange Chief Executive and build-out costs that bring the of a firm that helps parents with the BY JEREMY SMERD business’s candidate, but business Richard Grasso has said he would total tab close to $2 million to open. application process. But, she ac- leaders did not rush to embrace his run if former Gov. knowledged, the school could be a He’s a media executive running for entry into the race last week. “No does (and Police Commissioner One of several good fit for working parents or mayor,but Tom Allon is no Michael one from the business community Raymond Kelly does not),but that’s Goddard is just one of several those planning to send their chil- Bloomberg. has emerged yet as a candidate that an unlikely scenario.“I think people private schools entering the mar- dren to public school. While that may not be all bad— seems likely to attract the kind of are doubtful that there is someone ket in response to the skyrocketing Rachel Corey, whose daughter the sentiment in political circles is support that Mike Bloomberg had,” else who could run as a business can- demand. Despite the recession, will attend Goddard in the fall, that voters won’t elect a Bloomberg said Kathryn Wylde, president of didate,” said one executive. there are three to five children for said she chose the school because type in 2013—the 49-year-old chief the Partnership for New York City. Times have also changed. In every nursery school slot, educa- of the flexibility it offered and its executive of community newspaper Mr. Bloomberg showed how a 2001, voting two months after the tion executives said. reputation.It also doesn’t hurt that group Manhattan Media has many wealthy businessperson could suc- Sept. 11 attacks, New Yorkers em- In September, a 55,000- Ms. Corey is planning to move to of Mr. Bloomberg’s original chal- ceed in politics.But outside of super- braced a levelheaded manager who square-foot, for-profit school the suburbs with her family and lenges and none of his advantages. market magnate John Catsimatidis, offered stability during uncertain called the World Class Learning doesn’t have to worry about get- Mr. Allon is virtually unknown, who is considered a long shot for . But Mr. Bloomberg’s ap- Academy will open in the East Vil- ting her daughter into private has no institutional support and has mayoralty,no one seems likely to em- See EXEC’S QUEST on Page 30 lage,accepting children from nurs- kindergarten. Ⅲ

July 18, 2011 | Crain’s New York Business | 3 20110718-NEWS--0004-NAT-CCI-CN_-- 7/15/2011 6:50 PM Page 1

City’s flight of the honeybees IN THE MARKETS Another NYC hotel “My aim is to help the In June, a swarm of bees environment as much as I landed on a mailbox in Little installs an apiary, as can and to encourage others Italy and had to be removed by Daniel Massey beekeeping blooms to do this,” said Mr. Houdré. by the police department. Several hotels beat the Inter- Other than the occasional Continental to beekeeping, accord- swarm, enthusiasts see little down- BY LISA FICKENSCHER ing to Andrew Coté, president of side to the hobby. Membership at Is merger the right aid for Walmart? the New York City Beekeepers As- NYC Beekeeping, a nonprofit that The InterContinental New York sociation, who estimates that three, offers educational courses and men- t’s been almost two years since officials of Wal-Mart Stores Barclay hotel is courting a new type including the Ace Hotel, currently toring for bee lovers, has doubled in Inc. told Crain’s they were scouring the five boroughs for of guest, a kind that could create maintain hives on their roofs. the past year, to 1,100. Part of NYC quite a buzz. Mr. Houdré said he got the idea Beekeeping’s mission “is to alleviate sites, but the retailer has yet to open an outlet here.Turns On July 25, thousands when he read reports several years I the excessive anxieties that surround out it’s hard to find suitable sites in a city where available land of honeybees will arrive at ago about bees disappearing beehives,”said Liane Newton,one of is scarce—and the unions that hate you use every available the East 48th Street prop- worldwide, though he the group’s four organizers. erty and check in on the would have been an outlaw Mr. Houdré is not worried about political weapon to stop you at . Maybe that’s why 15th-floor roof garden, had he harbored bees in his bees stinging hotel guests. The rumors were circulating in Big Apple business circles last where they will be accom- New York then. Since the city InterContinental property in week that Walmart wants to buy Rite Aid Corp., the nation’s modated in hives replete with lifted the beekeeping ban in March has had 60,000 bees in an No. 3 drugstore. Neither Walmart nor Rite Aid would a queen and all the amenities neces- of last year,it has registered 59 urban apiary on its fifth-floor roof for sary to produce honey: water, plants beekeepers tending to 89 hives, ac- more than a year without incident, comment, but another reason the merger rumor surfaced and sun. cording to the Department of said spokeswoman Stephanie Loe- The Barclay began growing veg- Health and Mental Hygiene, which ber.The hotel is hosting honey-cen- might be that it makes a lot of sense. liman’s retail group. “They really etables and herbs on the roof last oversees the apiaries. tric dinners, serving honey-flavored Rite Aid, based in Camp Hill, need to have a platform.That’s what year as part of a larger sustainability The agency advises that bee- cocktails and will soon offer honey- Pa., is drowning in debt. While No. they’re struggling with.” initiative spearheaded by its eco- keepers be trained by professionals infused spa treatments. Ⅲ 1 drugstore chain Walgreen Co. and Hello, Rite Aid. Buying the chain friendly general manager, Hervé so they can “remediate nuisance No. 2 CVS Caremark Corp. have added would boost Walmart’s revenues Houdré, who hopes to serve the conditions” such as “aggressive or LISTEN to a discussion at stores, Rite Aid has shuttered 345 overnight. As for that New York CrainsNewYork.com/podcasts istockphoto hives’ honey to guests. objectionable bee behaviors.” since 2008, notes Brad Thomas, strategy, Rite Aid has 62 stores in owner of Spartan Realty Fund. Rite Queens, 57 in Brooklyn, 41 in the Aid’s stock price is down more than Bronx, 34 in Manhattan and four on 80% since a peak of $6.59 a share in Staten Island. Many of its 4,700 2007. “I can’t find any way to stores nationwide are in dense urban deleverage the company other than areas that would fit with Walmart’s selling off assets,” Mr. Thomas said, growth hopes. “Given that Walmart suggesting that Rite Aid dump its is opening stores in the Rite Aid-size stores on the West Coast, where the group and looking to have pharma- drug chain’s brand recognition is cies ... it seems to make sense if they nothing to write Camp Hill about. want to get a critical mass,”said retail Walmart has problems, too. The analyst Neil Currie, a managing di- behemoth from Bentonville, Ark., rector at Dahlman Rose & Co., who We congratulate our client has stopped growing in the U.S., first floated the idea of a Walmart- with sales at stores open at least a Rite Aid combo last year. year falling for eight consecutive One major caveat: Rite Aid’s quarters. Its stock price is down work force is unionized in some about 14% from a 2008 peak. states, including New York, and “Walmart is desperate to acceler- Walmart shows no signs of easing its ate sales,and the fastest way is to make longstanding anti-union stance. acquisitions,” said Burt Flickinger, Some 7,000 Rite Aid employees managing director of retail consul- in the city belong to the powerful tancy Strategic Resource Group. 1199 SEIU United Health Care Walmart recently shifted its U.S. Workers East. What if Walmart growth focus to urban markets like finds a way to wiggle out of the union on formation of a $1B joint venture with New York, Washington, D.C., and agreements if it takes over the stores? Chicago,where the typical store will “Let’s say the company could be a fraction of the size of its exur- legally tear up the contracts and fire ban supercenters. Yet Walmart all the current Rite Aid employees,” TIAA-CREF needs to do more than cut ribbons at said John Marshall, a financial ana- a handful of big-city stores to regis- lyst with the United Food and ter any real domestic growth. Commercial Workers Union. “The to invest in market-dominant “If they’re going to use the small- unions and community groups er stores, they really want to come in would have pickets up in front of blanketing the area, not just a one- every store the next day. That’s not sie-twosie,” said Faith Hope Con- how Walmart wants to enter a mar- shopping malls nationally solo,head of Prudential Douglas El- ket like New York.” Ⅲ COMPARATIVE SHOPPING

WAL-MART STORES INC. (WMT) RITE AID CORP. (RAD) Stock price: $53.63 Stock price: $1.28 Market cap last week: $186 billion Market cap last week: $1 billion 52-week high/low: $57.57/$49.52 52-week high/low: $1.41/$0.87 2010 revenue: $422 billion 2010 revenue: $25 billion Net income: $16 billion Net income: -$555 million U.S. stores: 4,300 U.S. stores: 4,700 NYC stores: 0 NYC stores: 198

Want more info on our donedeals? Visit goulstonstorrs.com Data as of July 14. Source: Bloomberg

4 | Crain’s New York Business | July 18, 2011 Project1:fp template.qxd 7/1/11 5:34 PM Page 1

There’s good news and there’s good news.

To see more of what we’re up to, visit MobilizeEverything.com.

©2011 AT&T Intellectual Property. Service provided by AT&T Mobility. All rights reserved. AT&T and the AT&T logo are trademarks of AT&T Intellectual Property. All other marks contained herein are the property of their respective owners. 20110718-NEWS--0006-NAT-CCI-CN_-- 7/15/2011 6:49 PM Page 1

is pleased to announce its acquisition of NEW YORK,NEW YORK edited by Valerie Block

Wenner looking for green? a 400,000 rsf offi ce building located at he on-again, off-again chatter about Wenner Media the corner of 41st Street and Broadway Tproperties being for sale is on again. According to a magazine industry insider, senior and the appointment of executives at a major publisher in recent b l Winoker Realty Company o months have been considering a purchase om b er as exclusive leasing and managing agents. g n of Jann Wenner’s three titles. ¶ Mr. Wenner ews (left), 65, is believed to want to sell the Available spaces Corey J. Abdo Barry Bernstein magazines together. ¶ All three had a strong first half of the year, between 1,800 Executive Vice President/Principal Senior Managing Director and 15,000 rsf (212) 519-2040 (212) 519-2014 with ad pages for up 18% from the year-earlier period, [email protected] [email protected] up 15% and Men’s Journal up 5%, according to Michael Hight Stephen Defl orio Associate Associate Publishers Information Bureau.They had combined rate-card (212) 519-2042 (212) 519-2041 ad revenues of $320 million. ¶ In addition, Rolling Stone is [email protected] sdefl [email protected] more salable with a standard size that doesn’t require special printing arrangements.The title underwent a cost-saving reduction of its signature trim size in 2008, but retained its stature. ¶ “If you’re going to do it, there’s probably no better time than 462 Seventh Avenue now,” the insider said. ¶ A company spokesman denied that anyone was kicking its tires. New York, NY 10018 212-519-2000 “Wenner Media is not for sale,” he said. —matthew flamm An island break in the city An upscale Caribbean restaurant is slated to open in the Times Square area this fall, taking up the top three floors of a building with a bird’s-eye view of One Times Square, site of the New Year’s Eve JOIN CRAIN’S ball drop. “Some are outright dishonest Restaurant consultant Nick Sustainable about where the animals come Mautone, a former managing Swedes from and how they’re slaughtered. ADVISORY partner of Gramercy Tavern, who We wanted to be 100% sure.” has held management positions at Downtown minichain Smörgås Ms. Ye and Mr. Sohlberg have top New York spots including Chef has long served its customers spent about $1 million on the Gotham Bar and Grill, is seeking dishes prepared with local meats farm, which features a state-of- PANEL an executive chef, according to a and produce.The Swedish-style the-art hydroponic greenhouse listing on Culintro, a popular eateries—three restaurants and and will produce everything from industry one crêperie-wine bar—now have maple syrup to a full range of jobs site. their own farm-to-fork source. livestock.Though they say they The To ensure that every step of their don’t expect to see any financial restaurant’s food supplies’ journey is sustainable, benefit from Blenheim Hill for a owner and Smörgås Chef Restaurant Group few years—if ever—they believe landlord, has opened the 150-acre Blenheim that as restaurateurs they have an who were Hill Farm in the Catskill advantage over other farmers. Looking for readers to share not named, Mountains.The Manhattan-based “A lot of local farmers don’t are company made the move after know if they’re going to have an views and opinions. investing $7 losing faith in a few of its audience or if the economics will million to suppliers, according to the owners. work,” said Mr. Sohlberg. “But renovate “We found that some weren’t we’re in a unique position, because the space, as reliable in their production whatever we grow, we can which will practices as we had hoped,” said immediately see the consumer include a Min Ye, who co-founded Smörgås side of it.” rooftop with her husband, Morten Sohlberg. —eliza ronalds-hannon dining and bar area.The address was not disclosed, and Mr. Mautone did not return calls for BIKE BREAK Sign up for FREE today. comment. All permits and licenses have SIX WEEKENDS remain for Bike New York Pedal Stop, www.crainsnewyork.com/advisory been obtained, and the chef ’s start a program offering free maps, repairs, rentals and date is Sept. 15, the listing said. more at three city parks. Each stop has served

CRAIN’S NEW YORK BUSINESS Mr. Mautone, who leads about 200 bikers since the June debut. Mautone Enterprises, described the eatery as “breaking new Brooklyn Bridge Park Riverside Park (W. 71st (Tavern on ground” in its focus on high-end (Pier 1 Turnaround) Street and Riverside) the Green) island cuisine. There are just four l Aug. 6 & 7 l Aug. 20 & 21 l Aug. 6 & 7 Caribbean restaurants listed in l Sept. 3 & 4 l Sept. 18 & 19 l Sept. 3 the New York City 2011 Zagat Survey. —lisa fickenscher —lisa fickenscher

6 | Crain’s New York Business | July 18, 2011 CN014474 6/22/11 12:11 PM Page 1

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While Mr. Klein, a four-term senator from the Bronx, has cut big checks to the DSCC in the past, NO NEW TAXES But new fees those days are over. “I’m not going THE CITY’S NEW $66 BILLION BUDGET didn’t raise taxes, but a fuller picture is THE INSIDER to donate a single penny to those emerging of other revenue enhancers. The city will receive millions of dollars guys,” he said. more than last year, thanks to a spate of fees, some of which were signed into by Jeremy Smerd and Shane Dixon Kavanaugh The Democratic insider down- law by Mayor Michael Bloomberg last week. played the rift. “We’re not compet- New fees will raise at least $46 million, according to ing with Jeff,” he said. “We’re fo- Budget Office. The revenues include $19.6 million from higher parking meter cused on Republicans.” rates and $4.4 million from various increases related to building permits. The GOP,with 32 members, The city routinely budgets for increased fee revenues, which may explain Dems’ splinter controls the chamber.The regular why merchants say that despite initiatives by the Bloomberg administration Democratic conference has 26 and City Council to make it easier for them to operate, some things haven’t members. changed. “There seems to be a disconnect between what’s happening at the group getting paper top levels of government and what’s happening with inspectors on the Pharmacies ground,” said one business leader. “A lot of our small businesses are still getting harassed and hammered by enforcement.” thank Heastie For prisoners in city jails, the $5 that they typically put in their commissary he four rogue Local pharmacies rewarded Bronx accounts will now buy even less, thanks to a 12% hike in prices. The Democrats of the Assemblyman Carl Heastie for Department of Correction increased them to generate another $1 million in state Senate now sponsoring a new law prohibiting revenue. Prisoners will also have to pay a higher telephone surcharge, which have more than $1 insurers from requiring patients to will raise an extra $2 million for the city. million of buy prescription medications from Critics say discouraging inmates from calling the outside world actually mail-order pharmacies.Thirty increases crime. Tcampaign cash.The quartet, pharmacies contributed a total of “It’s profoundly stupid to make inmate communication with family and who left the Democratic about $6,650 on July 7, according friends a budget-filling resource,” said John Boston, director of Legal Aid’s conference to form the to his latest state filing. Prisoners’ Rights Project. “Maintaining contact with families while Independent Democratic Mr. Heastie, who raised $50,850 incarcerated does have an effect on recidivism.” in the past six months, also Conference earlier this year, shepherded the city’s taxi bill sees that as a significant through the state Legislature, but advantage over the Democratic his filing does not reflect major Senate Campaign Committee. donations from the livery industry. “Unlike some other campaigns, we’re debt-free,” said Senior centers: state Sen. Jeff Klein (left), the mayor got his newscom splinter group’s head. While the City Council leaders last week

DSCC announced last week that it had taken in $1 million over visited some of the struggling istock photo the past six months, it still has debt of more than $2 million. senior centers they saved from One insider noted that the DSCC took on debt while Mr. closure in the city budget deal, but “innovative” senior centers starting black and Latino allies to support the Bloomberg administration in January.Two will be unique in another revision to the City Klein was its chairman. “We’re focused on retiring the debt preserved its own $3.6 million the nation: for LGBT and hearing- Charter—an issue he’d like the that Jeff left,” he said. allocation to open up to 10 impaired seniors. 2013 mayoral candidates to The programming allocation is embrace. to increase to $5 million a year in “The City Council is not able to fiscal 2013 and 2014.The plan be a counterweight to the mayor,” stems from the mayor’s Age- Mr. Williams said. Friendly NYC initiative, launched During last year’s charter in August 2009. revision, which culminated in voter approval of new term limits, Gay divorce commissioners debated the charter changes of 1989, when the Board The city and state are feverishly of Estimate was eliminated.The preparing for July 24, when gay earlier move strengthened the couples will be allowed to marry in mayor and the council, but as 1989 New York. Marriage certificate commission Chairman Frederick forms, as well as birth and death Schwarz said last year, “51 council certificates, are being updated. members do not equal one mayor.” State Supreme Court judges have volunteered to marry couples—and waive the state’s 24-hour waiting Lappin’s period—on that momentous number is up Sunday. But what is the state doing to Jessica Lappin has not declared her prepare for the eventuality of gay candidacy for Manhattan borough couples divorcing? Nothing, a president, but the Upper East Side spokesman for the state Unified councilwoman has raised $193,000 Court System said. “It’s no different in the past six months. That gives from any other couple. Divorce is her $215,000 in the potential 2013 divorce.” race to replace Scott Stringer. But her council colleague Daniel YOUR BIG EVENT DESERVES AN AUDIENCE. Garodnick hauled in $133,000, LET CRAIN'S HELP YOU FILL THE SEATS. Councilman: boosting his total to about We’re too weak $700,000—most of which he raised during the 2009 cycle. Crain's EVENTS CALENDAR has been completely redesigned to help you Hoping to reduce the Councilmembers Gale Brewer effectively find the right audience for your next big event. This interactive, mayor’s power over the and Robert Jackson and user-friendly destination was created to help you, the event manager, get budget, City Community Board 1 Councilman Chairwoman Julie maximum exposure for your event and ultimately, sell more tickets. Jumaane Williams Menin have also (right) pledges to expressed interest rally progressive, in the seat. Ⅲ To see all the new features and post your next event, ny daily news go to www.crainsnewyork.com/events For daily political and government news, subscribe to CRAIN’S INSIDER @ www.crainsnewyork.com/insider

8 | Crain’s New York Business | July 18, 2011 Project2:fp template.qxd7/8/114:32PMPage1

'!"##$%&'(&)*+,-.+$/+*(&'$%&01,'2$&3$4.5$6&789$:';<$$=+>$=7'.))$?7&@1$ for 100+ energysaving tipsvisitconEd.com orfindusonFacebook atPowerof Green for 100+ homes inourarea? energy userfor what’s largest the dryer every every dryer 10 minutes check the a. over-drying isto… the bestwaythe toavoid damage clothing. a lot and ofenergy canwaste over-drying a. lighting c. electronics c. electronics b. out while out clothes the take still damp still d. toasters b. heating your dryer on sensor moisture use the c. answer: b answer: answer: c answer: power strip... into ainto appliances plugging energy than showers useless baths because...baths hotwater much as half useabout c. they forsinging better are acoustics b. the does abath than hot less be require waterto a. they the oneoutlet from allcomes it because c. useslessenergy energy save to alloff them turn to b. makesiteasy powerful more a. makesthem answer: c answer: answer: b answer: 20110718-NEWS--0010-NAT-CCI-CN_-- 7/15/2011 3:01 PM Page 1

VIEWPOINT Feds leave city stuck in transit editor in chief Rance Crain publisher, vp Jill R. Kaplan he deficit debate is dominating instead support the Senate’s two-year, $110 billion plan and EDITORIAL Washington, but scant attention is being hope a better environment for spending prevails in 2013. editor Xana Antunes paid to what proposed cuts would mean A different federal act sustains airports. Unfortunately, it managing editor Glenn Coleman deputy managing editors Valerie Block, for vital areas like transportation, where expired four years ago. Like the transportation bill, it’s been Erik Ipsen New York would be hobbled. repeatedly extended for short periods, but its purchasing assistant managing editor Erik Engquist senior producer, projects Kira Bindrim Two years ago, Democrats and power has been eroded by cuts and inflation. Meanwhile, the senior producer, news Elisabeth Butler Cordova Republicans were working on a $500 passenger facility charge that airports can impose has been contributing editor Elaine Pofeldt billion package that would deliver a higher ratio of funding capped at $4.50 per passenger since 2000.These and other columnists Greg David, Michael Gross, for mass transit to replace the expired six-year transportation factors threaten the Port Authority’s ability to expand its two Alair Townsend T pulse editor Barbara Benson bill. But the Obama administration unwisely demanded an international airports, which are crucial to New York’s status senior reporters Theresa Agovino, 18-month postponement. In the interim, Republicans as a global gateway. Aaron Elstein, Lisa Fickenscher, Matthew Flamm, Miriam Kreinin Souccar gained control of the House and switched the focus to JFK, Newark and La Guardia airports now handle 104 reporters Amanda Fung, Shane Dixon Kavanaugh, Daniel Massey, Adrianne Pasquarelli, reining in spending.They now propose a transportation bill million passengers a Jeremy Smerd providing as little as $210 billion. year, about 7 million art director Steven Krupinski Investing here deputy art directors Carolyn McClain, Spread over six years and 50 states, that amount of money short of their capacity. Daniel Mednick would do little more than slap Band-Aids on the hull of the Demand will reach at staff photographer Buck Ennis benefits both copy desk chief Wendy Zuckerman Titanic.The New York metropolitan area, which relies on an least 150 million by copy editor Thaddeus Rutkowski elaborate, aging transportation network to move 18 million New York City 2030, so steps must be research editor Dana Gordon people, would be especially damaged. taken for the city to assistant research editor Suzanne Panara and the nation research assistant Suzanne Bernard Funding from the transportation bill is a key component avoid turning business research intern Jonas Altman-Kurosaki editorial interns Irvin Ibarguen, of mass-transit projects. Cutting it would jeopardize away and falling behind Eliza Ronalds-Hannon, Jermaine Taylor, Ian Thomas construction of the Second Avenue subway, the Long Island its competitors. EDITORIAL AND ADVERTISING OFFICES Rail Road’s Grand Central Terminal connection, a cross- Terminal renovations 711 Third Ave., New York, NY 10017-5806 harbor rail freight tunnel and a new Tappan Zee Bridge— (to allow larger planes) editorial: 212.210.0277 Fax 212.210.0799 advertising: 212.210.0259 not to mention less glamorous but equally important efforts, and a new air-traffic control system are planned, and might Cable craincom nyk such as modernizing the subways’ century-old signal system. accommodate 10 to 15 years of growth. After that, new Fax 212.210.0499 The House plan would also shift transportation money to runways will be needed at JFK and Newark.The Port Entire contents ©copyright 2011 Crain Communications Inc. All rights reserved. rural and suburban areas.The GOP seems oblivious to the Authority is working on this but will need money. ®CityBusiness is a registered trademark of MCP fact that federal tax revenue from New York City props up Congress should pass robust, multiyear bills allowing Inc., used under license agreement. red states. Why starve a goose that lays golden eggs? TO SUBSCRIBE: transportation agencies to plan for the long term. It also For subscription information and delivery concerns, At the level of annual funding proposed by House should allow higher passenger fees.The cost of improving please e-mail [email protected] or call 877-824-9379 (in the U.S. and Canada) or 313- Republicans, it would take 35 years to accumulate the $1.2 and expanding New York’s transportation infrastructure 446-0450 (all other locations.) $3.00 a copy, $59.79 one year, $109.79 two years. trillion needed today to bring the nation’s transportation will be great, but the benefits of remaining a dynamic, www.crainsnewyork.com

infrastructure to a state of good repair. Democrats will international city will be greater. ADVERTISING AND MARKETING advertising director Trish Henry senior account managers Irene Bar-Am, Courtney McCombs, Sheryl Rose, Suzanne Wilson CRAIN’S ONLINE POLL COMMENTS sales manager, classified print & online John Gallagher newsletter product manager WILL THE MURDOCHS Alexis Sinclair credit Todd J. Masura 313.446.6097 RETAIN CONTROL OF Amy Crossman Oh, the beauty of Rudy marketing director assistant marketing manager THEIR MEDIA EMPIRE? l Sabra Harrison A DEFENSE OF MAYOR GIULIANI Mr. Giuliani implemented more than 60 director, audience development Date of poll: July 12 different privatization actions while mayor. Michael O’Connor 196 votes The absurdity of Greg David’s column (“Myth These actions ranged from contracting out fleet senior audience development manager Yes. Don’t Tarek Cotran underestimate of Giuliani, fiscal conservative,” June 20) management in the parks department, to Rupert requires a rebuttal. As George Will once said of divesting WNYC Radio (AM and FM) and director of e-commerce strategy Murdoch. He’ll Rudy Giuliani: “His eight years as mayor of New TV stations, to franchising private ferries, to Kristi Serrano come out of this York City were the most successful episode of selling city-owned in-rem housing, to web developer, interactive Chris O’Donnell

59% . scarred but with conservative governance in this country.” outsourcing many job-creation programs of the

his family’s l NEW YORK PRODUCTION . Overall, city-funded head count went Human Resources Administration. 41% controlling interest in News down 3.2% while Mr. Giuliani was mayor. Mayor Giuliani was a fiscal conservative. At production and pre-press director Corp. intact. Head count for police and teachers, for sure, the core of New York’s turnaround during his Michael Corsi advertising production manager went up.The reduction in bureaucratic head tenure was the unconditional understanding Suzanne Fleischman Wies count, other than for the NYPD and schools, that the corrosive tax-and-spend culture that went down an astounding 17.2%. permeated the city for 90% of the 20th century PUBLISHED BY CRAIN COMMUNICATIONS INC. No. This is the l Mr. Giuliani cut taxes 23 times as mayor, needed to end. Mr. Giuliani’s strong fiscal chairman Keith E. Crain tipping point. saving individuals and business more than principles helped New York turn from an president Rance Crain The family’s days secretary Merrilee Crain at the top of a $9 billion while reducing the New York City tax “ungovernable city” to one that remains in treasurer Mary Kay Crain publicly traded burden to the lowest level in decades.The NYC control of its fiscal destiny. executive vp, operations William Morrow U.S. company personal income tax rate was cut 21%. —joseph j. lhota and senior vp, group publisher Gloria Scoby are numbered. l The rate of growth in city-funded robert m. harding group vp, technology, circulation, spending during his eight years was below the manufacturing Robert C. Adams vice president/production & rate of inflation—a feat never achieved before Editor’s note: Mr. Lhota was deputy mayor for opera- manufacturing David Kamis or after his term of office. Sure, the budget tions and Mr. Harding was deputy mayor for economic chief information officer Paul Dalpiaz increased 25% during his tenure, but that’s an development in the Giuliani administration. Both had founder G.D. Crain Jr. (1885-1973) average annual growth rate of a mere 3%. previously served Mr. Giuliani as city budget director. chairman Mrs. G.D. Crain Jr. (1911-1996) For this week’s questions: Go to www.crainsnewyork.com/poll to have your say. CRAIN’S WELCOMES SUBMISSIONS to its opinion pages. Send letters to [email protected]. Send columns of 475

bloomberg news photos words or fewer to [email protected]. Please include the writer’s name, company, address and telephone number.

10 | Crain’s New York Business | July 18, 2011 20110718-NEWS--0011-NAT-CCI-CN_-- 7/14/2011 7:48 PM Page 1

OPINION

New York has issued a draft proposal to regulate natural gas drilling in the state. Here are two views of the plan

jobs, reported the PPI. Conversely, New York saw an aggregate of 42 new Governor’s plan jobs in these industries. Drilling only 300 wells per year in New York has the potential to create more than 37,500 jobs annually.Ad- will create jobs ditionally, many of these jobs enjoy a sizable wage advantage. Oil and gas extraction and support activities for BY HEATHER BRICCETTI mining pay an average of $79,184, which is more than twice the private- o one can deny the immense economic benefits sector wage in upstate New York. that would come with hydraulic fracturing in Real property tax benefits are an- New York’s Marcellus Shale.The framework un- other reason why exploring natural gas drilling is crucial to the Empire veiled July 1 by the state Department of Environ- State. We estimate that one Marcel- mental Conservation balances ecological protec- lus well in the town of Owego in Tio- tions and allows for a timely exploration of this resource. The ga County would generate $345,025 N in combined real property tax revenue Business Council supports Gov. Andrew Cuomo’s plan to uti- for the county, town and school dis- lize our substantial natural gas resources while ensuring the tricts.At a time when New York—es- pecially upstate—is struggling to safety of our environment. Allegany,Broome,Chemung,Tioga emerge from the 2008 recession, this The Public Policy Institute of and Steuben—to a similar area in additional revenue would help boost New York State,or PPI,the research northern Pennsylvania, we found local economies in the Southern Tier. arm of the Business Council, pub- that the New York region experi- Drilling in the Marcellus Shale lished a comprehensive report last enced a decline in private sector jobs will provide the Empire State with a Thursday on the economic impact of 0.3%,while the area in Pennsylva- much-needed boost, creating thou- of hydraulic fracturing. Drilling for nia saw 4.7% growth. Bradford sands of additional jobs, attracting Jobs: What the Marcellus Shale Could County in Pennsylvania, which investment from natural gas firms Mean for New York analyzes the po- drilled the most Marcellus wells in and expanding our tax base.In addi- tential impact of a resurgent gas 2010, gained 1,632 private-sector tion, shale gas is a clean-burning al- drilling industry on both job cre- jobs (8.9% growth) between Sep- ternative to coal.The governor took ation and tax revenue generation. tember 2009 and September 2010. a wise approach in green-lighting Job growth in New York’s South- A close examination of job this tremendous economic opportu- ern Tier has lagged behind counties growth in Marcellus Shale-related nity for New York. over the state line in Pennsylvania, industries from 2009 to 2010 finds where hydraulic fracturing is prolif- that in just two sectors—oil and gas Heather Briccetti is the acting president and erating. When we compared a five- extraction and support activities for chief executive of The Business Council of county region in the Empire State— mining—Pennsylvania gained 4,355 New York State Inc.

upstate residents are concerned about the impact of gas drilling on Drilling threatens their drinking water, community character and property values. They are aware that in other states, poorly regulated fracking has led to contam- NYC water supply inated streams,heavy truck traffic,air pollution and industrialized land- scapes. They know homeowners in BY KATE SINDING AND ERIC A. GOLDSTEIN Pennsylvania who fear they won’t be able to resell their homes because of he real estate industry, homeowners and anyone fracking gone wrong. And they wor- paying a water bill in New York City all have a big ry that repeating these practices in New York could not only destroy im- stake in the state’s proposal for industrial gas portant ecological and aesthetic fea- drilling in the upstate Marcellus Shale. tures, but also jeopardize more sus- The draft, the latest step in the state’s ongoing tainable economic drivers, including review of the risks of new drilling using controversial hydraulic tourism, winemaking and farming. T That’s why it’s critical that New fracturing, or “fracking,” represents a significant improvement York state not issue new fracking per- over the previous version.It suggests that Gov.Andrew Cuomo mits until it adopts comprehensive rules to ensure that all of New York’s and his environmental commission- fall outside watershed boundaries. water resources,landscapes and com- er, Joe Martens, are concerned about This decades-old infrastructure is al- munities are fully protected. Even protecting water resources—includ- ready in compromised condition, then, new drilling should be limited ing the city’s priceless upstate drink- with the city about to spend $2.1 bil- and phased in slowly. ing water reservoirs—before allow- lion to address existing leaks. Vibra- The state will formally release its ing drills to break new ground. The tions or contaminant migration from revised draft review late this summer. proposal would prohibit drilling in drilling near these tunnels could Attention must be paid.Working to- New York City’s watershed west of present dire risks to the water system gether, property owners and the en- the Hudson, Catskill and Delaware and ultimately force the city to start vironmental community, as well as regions,an area entirely underlain by filtering its drinking water.New York upstaters and downstaters, can help the Marcellus that provides 90% of City estimates it would cost $10 bil- assure that New York’s gas drilling the safe, unfiltered water enjoyed by lion to $15 billion just to build filtra- regulations become a national model 9 million New Yorkers. tion facilities. That’s serious money that puts long-term economic and The governor has taken a big step and would translate into significant- environmental health before short- in the right direction. But signifi- ly increased water bills. These risks term gains from inadequately regu- cant gaps remain. have led the city’s Department of lated industrial gas drilling. For example, the proposal would Environmental Protection to call on still allow fracking to occur around the state to establish a seven-mile “no Kate Sinding and Eric A. Goldstein are the tunnels and aqueducts that con- drill” zone around its infrastructure. senior attorneys at the Natural Resources nect the city’s upstate reservoirs but Outside New York City, many Defense Council.

July 18, 2011 | Crain’s New York Business | 11 20110718-NEWS--0012-NAT-CCI-CN_-- 7/14/2011 7:49 PM Page 1

OPINION

LIGHTWEIGHT: David Dems make poor Weprin didn’t impress during his time on the City Council and came in last in his bid for choice in Weprin comptroller.

n the next few weeks, the United States might default on its debt, creating a financial meltdown. Even if the most dire scenario does not materialize, our nation’s leaders will still be grappling with daunting challenges: how to deal with the exploding debt, how large a role Ithe federal government should play in the economy and how to get people back to work. And against that backdrop, Democratic Party leaders have

anointed David Weprin et matters; the speaker to take the congression- runs the show and al seat representing makes all the decisions. Queens and part of His race for comp- Brooklyn.It’s enough to troller is also telling. leave this writer pining Mr. Weprin was inde- for Anthony Weiner, fatigable in 2008 and

whose scandal created 2009; I didn’t go to a newscom the vacancy. single event in those Mr. Weprin comes years where he wasn’t the vote. elected officials in Washington. Ultimately, it will be up to the from a distinguished present to work the Last week, Mr. Weprin went on Political insiders would argue Republican candidate, retired cable political family. He GREG crowd. Hard work was NY1’s Inside City Hall to make his that there is no point in getting so executive Bob Turner, to show that served eight years in the DAVID no substitute for good case, with canned sound bites from exercised about Mr. Weprin. He’s he knows more about the crucial City Council, where he ideas. the party line.He derided those who merely a placeholder, and the pow- questions. Yet even if he does, win- was chairman of the Fi- When it came time would privatize Social Security— ers that be will eliminate the district ning in this heavily Democratic dis- nance Committee. He ran for city for Crain’s to make endorsements, which no one is actually suggesting when the lines are redrawn for the trict will be difficult. comptroller and was elected to the the clear choice was another coun- and which misstates the issue— 2012 election. Regardless of who carries the state Assembly in 2010.Sounds rea- cilman, David Yassky. Some with glossed over the Medicare problem If Mr. Weprin believes that the day, the Democratic bosses who se- sonably impressive—except that a different philosophical orientations and called for a jobs program,which office will be a stepping-stone to an- lected a candidate as unqualified as title does not equal substance. preferred John Liu. Voters agreed. even the president doesn’t support. other citywide campaign—well, the Mr. Weprin have made it clear they To begin with, the council’s fi- Mr. Weprin finished last in a four- This is hardly the command of comptroller race speaks to his don’t share voters’ concerns about nance chair is a bystander on budg- person race, with a measly 11% of the issues we need from one of our chances in such an effort. the problems facing our country.

NEIGHBORHOOD JOURNAL

OFF-ROAD: Gary Brant would like more foot traffic to Galerie St. George, which Artists thanking heaven for he operates out of his house. Saint George, Staten Island

throughout the city to the neighbor- greenery, said Mr. Dorian, who also Colony prospers on hood each spring, and the Second runs the SHOW gallery, near the cheap rents, critical Saturdays monthly art walks lead ferry. visitors on a tour of galleries, artists’ Artists squeezed out of the East mass and patrons studios, and restaurants and cafés Village, and Dumbo and Williams- displaying their works. burg, Brooklyn, by rising rents are BY ELIZA RONALDS-HANNON initially drawn by St. George’s af- The new Bushwick fordability. Average monthly rents or years, whenever In one of St. George’s biggest for a two-bedroom unit range from painter Theo Dorian coups, the venerable Manhattan- $900 to $1,200, according to Yelena

confessed to his Brook- based Municipal Art Society this Yakubovskaya,a broker with United eliza ronalds-hannon lyn-based peers that he month hosted 25 visitors on a tour National Realty. That compares lived in Staten Island, of the area, which it heralded as “the with about $2,000 in Williamsburg Galerie St. George out of his home, ment Corp. is also getting involved Fthey let him know in no uncertain new Bushwick,” referring to Brook- and $1,700 in Bushwick. which is one winding road away by working on repurposing old in- terms that the borough best known lyn’s up-and-coming hot spot. Additionally, newcomers gravi- from the water.“To be honest,we’re dustrial spaces, including as resi- for its mobster mansions,strip malls Among the new arrivals are tate to St. George because it is con- still in ‘hopeful’ mode.” Getting dential or studio spaces. and sprawling garbage dump was no Adrian Harwood, 23, and Amanda venient to the ferry—and therefore more foot traffic is a key near-term Overall, St. George’s artists are place for a self-respecting artist. Hakan, 22, who both moved to St. to Manhattan. goal, Mr. Brant said. optimistic about its prospects as an They may be eating their words. George from Seattle late last year. Critical mass also has much to do arts destination. To the surprise of many, Staten They say that living in Staten Island with St.George’s blossoming.Local Teaming up Mr. Dorian finds it easier to take Island’s St. George section has be- gives them a freedom they lacked in artists feed on collaboration and ex- Several groups are working to his friends’ ribbing gamely these come home to a growing communi- Seattle. perimentation. The galleries often help make that happen. The Coun- days,he says.After all,he goes home ty of artists. On leafy St. Marks “There’s so much to experiment coordinate simultaneous openings cil on the Arts and Humanities for each night to a two-family house Place, musicians, performers, writ- with here,” Ms. Hakan said. “You and rely on their friends to help Staten Island and the St. George with a striking view of the Manhat- ers and visual artists regularly visit have more space. And since every- spread the word—including via so- Civic Association have teamed up to tan skyline on a street chockablock and collaborate with each other in a thing is cheaper, you don’t have to cial media—about shows. produce and market events such as with fellow artists—all for the price sort of creative firestorm. work as many hours to pay the bills.” Still, sustaining a vibrant arts Art@Bay, which attracts media at- of a cramped,one-window studio in Meanwhile, the 4-year-old Art Young artists who dare to cross community will require “a lot of ef- tention as well as crowds during the Manhattan. by the Ferry festival brings thou- the harbor find large studios, cheap fort and cooperation,” said photog- summer tourist season. “We get the last laugh around sands of potential arts patrons from apartments and inspiring, lush rapher Gary Brant, who runs the The island’s Economic Develop- here,” Mr. Dorian said. Ⅲ

12 | Crain’s New York Business | July 18, 2011 Project1:fp template.qxd 7/13/11 2:06 PM Page 1 20110718-NEWS--0014-NAT-CCI-CN_-- 7/14/2011 7:52 PM Page 1

SMALL BUSINESS

TURN IT UP: Adam Alpert (left) co-founder of 4AM, here with Jus DJs put spin on their high status Ske, says who’s DJing is vital to club-goers. disc jockey Mickey Batyske—aka willing to pay a pre- Some get up to $50K for private events, as Mick Boogie—who has a one-year mium for people who they deliver brands the young and fabulous contract to spin for Red Bull in 10 do that well,” he said. performances around the country. Mr. Batyske be- Lolo Jones, the Boston Celtics’ Ra- The deal provides a steady in- gan spinning in the BY SARA ECKEL jon Rondo and Nascar driver Brian come stream for Mr. Batyske and mid-2000s to sup- Vickers among the VIP guests at a lets Red Bull capitalize on the con- port himself while he roger hagadone n a recent Thursday party sponsored by Red Bull. But siderable influence DJs have among studied for his M.B.A. and soon re- MTV Networks—at times receiv- night, the crowd at they were not the only personalities the young and hip. High-profile alized that his DJ pay was as good as ing five-figure paychecks for a sin- Manhattan nightclub that the beverage company’s execu- spinners have developed a cachet that of some corporate executives. gle gig, he says. District 36 was beau- tives hoped would create buzz for the that appeals to this desirable demo- He has worked for dozens of Adam Alpert, co-founder of tiful and star-stud- brand. Above the dance floor, spot- graphic, according to Mr. Batyske. celebrity and corporate clients, in- 4AM,a DJ management agency with Oded, with world champion hurdler lights also shined on Brooklyn-based “Brands realize that, and they are cluding Jay-Z, Sony Music and nine employees and more than $1 million in annual revenue, says that professional DJs can get between $1,000 and $5,000 to spin at night- clubs and $10,000 to $50,000 for pri- vate events. And major figures like June 2011 June 2011 June 2011 May 2011 May 2011 David Guetta and Afrojack can pull in six figures for a single appearance. “It used to be that when people were going out to an event or night- club, they cared about where they Cintas Corporation No. 2 were going,” said Mr. Alpert. “How fully and unconditionally guaranteed by cool is the place? Who else is going to be there? Now the first question $450 Million $400 Million Cintas Corporation $130 Million $105 Million that everybody asks is,who’s DJing?” Senior Unsecured Senior Notes Senior Secured $500 Million Senior Secured Credit Facility Credit Facilities Senior Notes Credit Facility Cultivating a base Alyssa Putnam, associate cre- Joint Bookrunner, Sole Bookrunner, Joint Book-Running Joint Lead Arranger, ative director at the New York office Joint Lead Arranger Co-Manager Joint Lead Arranger Manager Joint Bookrunner of Jack Morton Worldwide, a branding agency that specializes in live and digital events for companies May 2011 May 2011 May 2011 March 2011 March 2011 such as Citibank and Verizon, agrees that DJs have a higher profile than they did in the past but takes a more limited view of their power. “It’s ambitious to say a DJ matters a portfolio company of more than a venue,” Ms. Putnam said. “From the event perspective, everything in an event plays a role.” $650 Million $500 Million $213 Million $250 Million But even workaday DJs who ply Senior Unsecured Senior Unsecured Senior Secured $1 Billion Senior Notes their trade at weddings and on Credit Facilities Credit Facility Credit Facilities Senior Secured cruise ships must cultivate a strong Credit Facility image and fan base, according to Ms. Putnam.Their most important Joint Bookrunner, Joint Bookrunner, Joint Bookrunner, marketing tool: social media. “If Joint Lead Arranger Joint Lead Arranger Joint Lead Arranger Joint Lead Arranger Joint Lead Manager you’re a club owner or event planner looking to hire a DJ, the easiest thing to do is them to see if they have a following on Facebook or Twitter,” she said. Acquiring followers and friends Delivering results requires more finesse than simply We know that successful, long-term business relationships sending blasts about gigs and records. Rich Medina, a DJ who di- depend upon delivering results for our clients. vides his time between Manhattan At KeyBanc Capital Markets,® more than 500 professionals and Philadelphia, engages his fans leverage extensive industry knowledge, equity and debt capital on a personal level—posting every- markets expertise, and a leading merger and acquisition advisory thing from jokes to baby pictures— practice to deliver strategic solutions that help our clients capitalize to help create a genuine connection. on opportunities. “You don’t want to post about parties two months ahead of time,” said Mr. Medina, who receives from $1,000 to $5,000 for his appear- ances. “It’s what you say in between the events that matters.” It’s also essential to build client relationships by hanging out at clubs on nights off and chatting To learn more: with owners, DJs say. “People need Contact Randy Paine, Co-Head of KeyBanc Capital Markets at 216-689-4119, to trust you,” said DJ Price, whose Doug Preiser, Co-Head of KeyBanc Capital Markets at 216-689-5944 or real name is Jonathan Price Totaro Amy K. Carlson, EVP and Group Head, and whose gigs average about Debt Capital Markets at 216-689-4227. $2,000. “Music is what allows them to make their money. We have the Visit key.com/kbcm most important job in the club.” Ⅲ KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., Member NYSE/ FINRA/SIPC, and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities To sign up for Crain’s representatives, who may also be employees of KeyBank N.A. Banking products and services are offered by KeyBank N.A. SMALL BUSINESS newsletter, go to Key.com is a federally registered service mark of KeyCorp. ©2011 KeyCorp ADL3542 www.crainsnewyork.com/smallbiz.

14 | Crain’s New York Business | July 18, 2011 CN014493 7/7/11 2:43 PM Page 1

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20110718-NEWS--0017-NAT-CCI-CN_-- 7/14/2011 4:46 PM Page 1

REAL ESTA TE INSIDE Top office leases PAGE 20 Top property sales PAGE 22 “Real estate inside the hospital needs to be used for acute care.” —Michael Perez, Gardiner & Theobald, Page 19

BUILDERS AND ARCHITECTS Singing their hallelujahs HEALTH CARE ORGANIZATIONS’ switch to building and leasing ambulatory-care facilities separate from their main campuses is already being felt by some suppliers. “Ambulatory-care projects have grown from a negligible part of our revenues to our fastest- growing market segment,” said Jenny Freeman, health care construction executive at Skanska USA, which is advising on North Shore-LIJ’s project in the former West Village campus of Saint Vincent Catholic Medical Center. Such work is expected to account for 40% of the projected $90 million in revenue in Skanska’s New York office this year, up from less than 1% in 2008. Similarly, an experimental ambulatory-care project that Manhattan architecture firm BAM Studio undertook five years ago for New York Eye and Ear Infirmary has morphed into a string of increasingly sophisticated assignments. It began with converting into outpatient centers 3,000-square- foot spaces on the upper floor of two office buildings, one each in Queens and Brooklyn. After a number of similar projects, BAM designed the plans for transforming a 7,000-square-foot ground-floor retail space in TriBeCa into an outpatient clinic, which opened last spring. With harry pulver sandblasted brick walls, cast-iron columns and pendant lighting, the clinic looks more like a trendy advertising agency than Hospitals shift spending a medical facility. “With each project, the [Eye and Ear Infirmary] has shown the recession to expand and mod- cilities help lower costs and broaden double the institution’s research more commitment to its Inpatient facilities ernize facilities,providers in the city the patient base. space. It is slated to open in spring outpatient facilities,” said Ross out, outpatient in are investing billions more—much In fact, hospitals and other 2014, according to Tishman Con- Adams Cole, a principal at BAM of it on building—as they update health care facilities accounted for struction, which is overseeing the Studio. “Budgets have doubled; as hospitals focus operations to better deal with the in- nearly a quarter of the $8.1 billion in project. there’s greater emphasis on dustry’s emerging realities. construction projects initiated over Nearby,Rockefeller University is “The [law] is forcing hospitals to aesthetics, and there has been a on bottom line the two years ending April 2010,ac- spending $290 million on the Col- shift gears from high-cost settings cording to a New York Building laborative Research Center, with shift in leasing from Class B to to new modalities to control spend- Congress analysis of recent data. work supervised by Turner Con- Class A properties.” BY TINA TRASTER ing,” said Marisa Manley, president Among the largest of those is a trio struction of New York. The center- —TINA TRASTER of Healthcare Real Estate Advisors. of projects still under way on the piece of the complex project is two As a result of last year’s Affordable Sixty percent of the care that Upper East Side. renovated historic buildings linked Care Act, hospitals in New York hospitals nationwide provide is in- The recession hardly even regis- with a brand-new glass structure face challenges that range from con- patient, and 40% is ambulatory, es- tered “in the health care [spending] that will house the labs. It is sched- verting to electronic records to timates Jeffrey Cooper, executive dialogue,” said Ms. Manley. uled to open next year. preparing for tens of thousands of managing director of the North The largest of the three is a $650 Further north, the Mount Sinai newly insured patients.The institu- America health care practice at Sav- million research facility Weill Cor- School of Medicine is proceeding tions must also clear those hurdles ills, a real estate firm. nell Medical College is putting up with its $264 million, 410,000- under the threat of increasingly low- “Over the next five years, those on East 69th Street between York square-foot Center for Science and er Medicaid reimbursement rates. percentages will be reversed,” Mr. and First avenues. The 480,000- Medicine.The 11-story research fa- After spending heavily through Cooper said, because outpatient fa- square-foot, 18-story building will See HEALTHY on Page 19

July 18, 2011 | Crain’s New York Business | 17 20110718-NEWS--0018-NAT-CCI-CN_-- 7/14/2011 6:11 PM Page 1

REPORT REAL ESTA TE

Deals Plus REIT takes view house by vice President of Leasing The company is moving in im- Duncan McCuaig. mediately. Calls made to Paul of the park —ian thomas Aberasturi, DVF’s chief financial officer, were not returned. Madison’s fall Shopping mall owner General —jermaine taylor Growth Properties, a real estate in- Designer tailors vestment trust a sweet deal Insurer adds space from fashionable that emerged from bankruptcy Luxury women’s apparel brand Di- at World Financial last November, ane von Furstenberg has signed a has signed a lease lease for the entire 11th floor at 252 Insurance giant XL Global Services’ he luster is fading on what has long been the for 19,900 square W. 37th St.—staying in the garment footprint at 1 World Financial Center is city’s most stylish place to shop, Madison feet on the 28th center even as other major designers growing.The company has signed a Avenue from East 57th to East 72 Street. floor of the W.R. leave it. The asking price for the seven-year lease for an additional “For two decades, Madison Avenue basically Grace Building,at five-year deal was reportedly in the 5,600 square feet, T 1114 Sixth Ave. mid-$20s a square foot. DVF will bringing its total in owned that [high-fashion] marketplace,” said Asking rents use the 10,500 square feet of space the building to Gene Spiegelman, an executive vice president at Cushman & for Class A build- for offices and showrooms. 76,600 square feet. Wakefield. Now both SoHo and the meatpacking district are ings in the area are as high as $80 a Eretz Group, which owns the Asking rent for the square foot, according to brokers. 87-year-old building,sweetened the new space was $62 a attracting more fashion brands. The 40-year-old building, which offer with extra space on the 14th square foot. In some ways, Madison was spoiled by success. Rents soared overlooks Bryant Park, has 1.5 mil- floor, as DVF had considered re- XL Global, pro- lion square feet of space. signing with its landlord to remain vides property, casu- to as much as $1,200 a square foot at Avenue, according to Cushman. It The Chicago-based REIT at 265 W. 37th St. alty, and specialty insurance. the peak of the market, and the re- now ranks third, behind the honky- signed a 10-year lease. Its current “We gave them a really compet- Landlord tail mix began to skew tonk Times Square bowtie Manhattan office is at 88 Pine St., itive deal,” said Melissa Rose, Eretz’ has undertaken a $250 million ren- heavily toward jewelers. area, where asking rents ex- in Wall Street Plaza. executive vice president. The addi- ovation of the building’s retail space They can afford higher $837 ceed Madison’s average of General Growth had owned the tional space amounted to about to help attract tenants. costs per square foot, part- $837 a square foot. Mean- South Street Seaport but spun it off 1,000 square feet, she said. “When you look at the progress ly because they need much AVERAGE while, 11% of the retail to Howard Hughes Corp. last year Diane von Furstenberg “is an across the street [at Ground Zero] less space than other busi- asking rent per space on Madison is on the after coming out of bankruptcy.The amazing tenant who’s remaining in and in the area, it’s a great place for nesses. square foot on company still operates the Staten Is- the garment center,” said Catherine employees,” said David Cheikin of Madison Ave.’s market. Adding injury to insult, shopping strip “Madison Avenue is still land Mall, as well as six locations in O’Toole, who along with Jonathan Brookfield Properties, which repre- Madison Avenue late last no slouch,” said Mr. Connecticut and New Jersey. Mines, represented DVF in the deal sented itself in the deal. year relinquished its long- Spiegelman. “It just got General Growth represented it- for Tarter Stats O’Toole, the exclu- Kevin McNeil of Weir Associ- time ranking as the city’s second- very pricey.” self in the deal, and landlord Brook- sive broker for the building.“She is a ates represented XL. priciest retail precinct—after Fifth —erik ipsen field Properties was represented in- crucial part of the fashion industry.” —ian thomas

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18 | Crain’s New York Business | July 18, 2011 20110718-NEWS--0019-NAT-CCI-CN_-- 7/14/2011 4:47 PM Page 1

REPORT REAL ESTA TE

ing complex last October for $83 10 specialties, opened in 2008. The NYU’s Hospital for Joint Diseases, million, intends to convert it to an 20,000-square-foot NYU Lan- on East 17th Street.“Real estate in- Healthy spending shift ambulatory care center, among oth- gone’s Center for Women’s Health side the hospital needs to be used for er things. on the Upper East Side is opening acute care,” he said. Continued from Page 17 ing constructed by Bovis Lend NYU Langone Medical Center this summer.Two more group prac- That is part of the thinking behind cility is going up on Madison Av- Lease, is scheduled to open in De- has also been aggressively moving tices are planned for Manhattan,and North Shore-LIJ’s plans in the West enue between East 101st and East cember. into neighborhoods far from its base another eight for Brooklyn and Village.The system is spending $110 102nd streets. The builder, Bovis With providers more focused on on First Avenue between East 30th Queens in the next three years. million to redevelop the O’Toole Lend Lease, expects to have it ready the bottom line,experts have noticed and East 34th streets. In the past “Outpatient facilities are the new building at the shuttered Saint Vin- for an opening next year. a movement in spending—away three years,it has established 11 am- trend because it makes sense from a cent Catholic Medical Center. The Health care providers outside the from the hospital campus to more bulatory care centers in Manhattan, real estate perspective,” said 160,000-square-foot facility, due to city have also been investing in new outpatient and ambulatory facilities. Brooklyn,Queens and Long Island. Michael Perez, director of health open in 2013,will be the metro area’s facilities. Among them is Illustrating that shift are Memo- care services at construction consul- first stand-alone 24-hour emer- Blythedale Children’s Hospital in rial Sloan-Kettering Cancer Cen- In your neighborhood soon tancy Gardiner & Theobald. gency and ambulatory surgical facil- Westchester, which is spending $65 ter’s plans for the former Cabrini NYU Langone Trinity Center, a Mr. Perez was recently appoint- ity. Patients requiring stays of more million on its first major expansion Medical Center on East 19th Street. 22,000-square-foot comprehensive ed project and cost manager for the than 24 hours will be transferred to in 40 years.Its new building,also be- MSK, which bought the five-build- facility downtown with physicians in $27 million modernization of local hospital beds. Ⅲ A FEAST OF BARGAINS BEING A GROWTH INDUSTRY in a continuing weak economy has its advantages. Interest rates are low, construction pricing remains soft, and space is plentiful. Landlords, traditionally wary of having health facilities for tenants, now court them with major concessions, says Michael Dubin, a partner at commercial real estate firm Savitt Partners. A prime example of the altered state of the market is 200 W. 57th St., a 16-story office building that The Feil Organization and RCG Longview bought in 2007 and added a 13,000-square-foot penthouse, completed in late 2008. Three groups associated with St. Luke’s-Roosevelt Hospital recently signed a 10-year lease for 22,000 square feet, including the penthouse. The landlord absorbed 100% of the construction costs up to $50 a Your complete square foot and amortized the costs above that as part of the groups’ rent. “This kind of deal is becoming a  a    more typical,” said Mr. Dubin, who represented St. Luke’s- Roosevelt in the transaction. Robert Half will help you find the optimal balance of temporary, project consulting Along with lower rents, and full-time financial resources to maximize productivity and profitability within your landlords’ willingness to add power and upgrade HVAC has organization. As the world’s leader in specialized financial consulting and staffing made life easier for Dr. Andrew services for more than 60 years, only Robert Half offers you this complete solution. Brotman, senior vice president at NYU Langone. “I’ve been pleasantly surprised,” he said. Accountemps, Robert Half Finance & Accounting and Robert Half Management This is also a good time for Resources are the leaders in specialized financial and accounting staffing for temporary, those building facilities. Dr. full-time and project placement, respectively. Antonio M. Gotto Jr., dean of Weill Cornell Medical College, discovered how costly building can be when he opened the Weill Greenberg Center, on York Avenue, in 2007. But the medical research building that has broken ground on East 69th Street has been much less financially draining. 1.800.803.8367 “It looks like we’re going to accountemps.com shave about 10% off our 1.800.474.4253 projected costs of $350 million,” roberthalf.com Dr. Gotto said. “It seems that postrecession, construction 1.888.400.7474 costs have come down; the bids TEMPORARY / PROJECT / FULL- TIME roberthalfmr.com are coming in lower than the estimates.” —TINA TRASTER © 2011 Robert Half. An Equal Opportunity Employer. 0806-0005

July 18, 2011 | Crain’s New York Business | 19 20110718-NEWS--0020-NAT-CCI-CN_-- 7/14/2011 4:48 PM Page 1

REPORT REAL ESTA TE CoStar’s Top Manhattan Office Leasing Deals Biggest transactions in first-half 2011, ranked by square feet

Address Square feet Tenant Tenant representative Landlord/sublandlord Landlord/sublandlord representative Submarket 1 1 30 Rockefeller Plaza 1,417,777 Comcast/NBC Universal Jones Lang LaSalle GE Capital CBRE Plaza District 2 2 1 World Trade Center 1,046,260 Condé Nast Publications CBRE Durst Organization/Port Authority Cushman & Wakefield Inc. World Trade Center 2 3 825 Eighth Ave. 902,000 Nomura Holding America Inc. Cushman & Wakefield Inc. WWP Office George Comfort & Sons Inc. Times Square 2 4 350 Fifth Ave. 482,399 Li & Fung Cushman & Wakefield Inc. W & H Properties Newmark Knight Frank Penn Plaza/Garment 3 5 1 Park Ave. 419,741 NYU Langone Medical Center Cushman & Wakefield Inc. Vornado Realty Trust Murray Hill Properties Murray Hill and School of Medicine and Murray Hill Properties and Vornado Office Management Inc. 2, 5 6 120 Park Ave. 402,412 Bloomberg LP CBRE Global Holdings Inc. Cushman & Wakefield Inc. Grand Central 3 7 30 Rockefeller Plaza 365,082 Lazard Cushman & Wakefield Inc Tishman Speyer Tishman Speyer Plaza District 2 8 150 E. 42nd St. 298,128 Wells Fargo Eastdil Secured Hiro Real Estate Co. CBRE and Newmark Knight Frank Grand Central 2 9 1221 Sixth Ave. 250,000 Comcast/NBC Universal Jones Lang LaSalle Rockefeller Group Development Rockefeller Group Development Times Square Corp. Corp. 1 10 2 World Financial Center 235,342 OppenheimerFunds Inc. Cushman & Wakefield Inc. Brookfield Office Properties Inc. Brookfield Office Properties Inc. World Trade Center 2 11 7 World Trade Center 210,841 WilmerHale Studley Silverstein Properties Inc. CBRE World Trade Center 4 12 1 World Financial Center 204,067 Financial Industry Regulatory Authority Cushman & Wakefield Inc. Brookfield Office Properties Inc. Brookfield Office Properties Inc. World Trade Center 2 13 250 W. 55th St. 193,816 Morrison Foerster CBRE Boston Properties Inc. CBRE 3 14 350 Fifth Ave. 190,000 Coty Inc. Cassidy Turley W&H Properties Newmark Knight Frank Penn Plaza/Garment 1 15 2 World Financial Center 175,000 Commerzbank AG Cushman & Wakefield Inc. Brookfield Office Properties Inc. Brookfield Office Properties Inc. World Trade Center 1 16 235 E. 45th St. 163,396 A&E Television Networks CBRE Hearst Corp. Newmark Knight Frank Grand Central 3 17 75 Ninth Ave. 154,489 Scripps Networks Cushman & Wakefield Inc. Jamestown Properties Newmark Knight Frank Chelsea 2 18 685 Third Ave. 149,881 A&E Television Networks CBRE TIAA-CREF CBRE Grand Central 2 19 1 Hudson Square 146,554 Omnicom Feld Real Estate Trinity Church Real Estate Cushman & Wakefield Inc. Hudson Square 1 20 345 Hudson St. 144,999 Penguin Young Readers Group Richard Berzine & Co. Trinity Church Real Estate Trinity Real Estate Hudson Square 3 21 9 W. 57th St. 144,000 Kohlberg Kravis Roberts Jones Lang LaSalle Solow Building Co. Solow Realty Plaza District 2 22 227 E. 45th St. 138,517 A&E Television Networks CBRE Republic Investment Corp. Republic Investment Corp. Grand Central 1 23 150 E. 42nd St. 126,321 Wilson Elser Moskowitz Edelman Studley Hiro Real Estate Co. CBRE and Newmark Knight Frank Grand Central & Dicker 2 24 1211 Sixth Ave. 121,019 Axis Reinsurance George Comfort & Sons Inc. and Beacon Capital Partners Cushman & Wakefield Inc. Times Square Weichert Commercial Brokerage Inc. 3 25 630 Fifth Ave. 118,634 Baker and Hostetler CBRE Tishman Speyer Tishman Speyer Plaza District 3 26 3 World Financial Center 112,597 Royal Bank of Canada Direct deal Brookfield Office Properties Inc. Brookfield Office Properties, Inc. World Trade Center 2 27 875 Third Ave. 109,573 Cerberus Capital Management CBRE Eastgate Realty Jones Lang LaSalle Plaza District and Cushman & Wakefield Inc. 3 28 9 W. 57th St. 104,000 Apollo Management Jones Lang LaSalle Solow Building Co. Solow Realty Plaza District 1 29 1 State Street Plaza 103,484 Ambac Financial Group Inc. Newmark Knight Frank Acta Realty Acta Realty Financial District 1 30 156 William St. 100,709 Department of Youth CBRE Capstone Equities CBRE Insurance District & Community Development 3 31 8-10 E. 40th St. 100,000 HSBC Jones Lang LaSalle The Ronbet Co. Joseph P.Day Realty Corp. Grand Central 2 32 4 New York Plaza 99,054 American Media Inc. CBRE Harbor Group International CBRE Financial District 2 33 2 Park Ave. 99,000 ASME Colliers International Morgan Stanley & Co. Cushman & Wakefield Inc. Murray Hill 2 34 2 Park Ave. 98,646 Gilt Groupe CresaPartners Morgan Stanley & Co. Cushman & Wakefield Inc. Murray Hill 4 35 277 Park Ave. 94,331 The Hartford CresaPartners Stahl Real Estate Co. Cushman & Wakefield Inc. Plaza District 4 36 1 Madison Ave. 91,140 Admeld Cushman & Wakefield Inc. SL Green Realty Corp. Cushman & Wakefield Inc. Gramercy Park 1 37 200 Park Ave. 89,716 Oppenheimer & Co Jones Lang LaSalle and Tishman Speyer Tishman Speyer Grand Central Cushman & Wakefield Inc. 2 38 100 Church St. 89,514 NYS-OTDA USI Real Estate Brokerage Services Inc. SL Green Realty Corp. Newmark Knight Frank World Trade Center 3 39 1441 Broadway 86,844 Jones Apparel Group/Jones New York CBRE L.H. Charney Associates Murray Hill Properties Penn Plaza/Garment 2 40 220 E. 42nd St. 84,950 United Nations Women Colliers International SL Green Realty Corp. SL Green Realty Corp. Grand Central 2 41 330 Madison 82,795 Jones Lang LaSalle Jones Lang LaSalle Vornado Realty Trust Vornado Office Management Inc. Grand Central 2 42 125 Broad St. 81,296 Continental Casualty Co. ARG Realty Consultants Ltd. Mack-Cali Realty Corp. CBRE Financial District 2 43 11 W. 42nd St. 77,781 HSBC Jones Lang LaSalle and Silverstein Properties Inc. Tishman Speyer Times Square Cushman & Wakefield Inc. and Tishman Speyer 1 44 1 Hudson Square 77,000 Getty Images Inc. Newmark Knight Frank Trinity Church Real Estate Cushman & Wakefield Inc. Hudson Square 2 45 1251 Sixth Ave. 75,129 Sandler O’Neill & Partners Cushman & Wakefield Inc. Mitsui Fudosan America Inc. Newmark Knight Frank Times Square 4 46 7 Times Square 72,936 Friedman Kaplan Seiler & Adelman Newmark Knight Frank Boston Properties Inc. Jones Lang LaSalle Times Square 3 47 40 W. 57th St. 72,000 Givaudan Fragrances Jones Lang LaSalle LeFrak Organization CBRE Plaza District 3 48 40 Worth St. 69,355 The Legal Aid Society CBRE Newmark Holdings Newmark Knight Frank TriBeCa 3 49 1411 Broadway 68,134 Itochu Prominent USA CBRE BREA Property Management CBRE Penn Plaza/Garment 3 50 345 Hudson St. 67,436 Everyday Health Cushman & Wakefield Inc. Trinity Church Real Estate Trinity Real Estate Hudson Square This list includes leases with terms of more than two years. 1-Renewal. 2-New lease. 3-Renewal and expansion. 4-Sublease. 5-Two brokers involved in this transaction are now with Jones Lang LaSalle. CoStar Group Inc., a provider of information services to the U.S. and U.K. commercial real estate industries, offers customers access via the Internet to the most comprehensive verified database of commercial real estate information in the United States and the United Kingdom. For more information, visit www.costar.com or call (877) 7-COSTAR.

20 | Crain’s New York Business | July 18, 2011 CN014502 7/14/11 1:25 PM Page 1 20110718-NEWS--0022-NAT-CCI-CN_-- 7/14/2011 6:11 PM Page 1

REPORT REAL ESTA TE Real Capital Analytics’ Top Property Sales Biggest commercial transactions in NYC in first-half 2011, ranked by price

Sq. ft. or Address/ # of units/ property type/ Sale price price per Close submarket (in millions) sq. ft. or unit date Buyer Seller TOP FOUR SALES 280 Park Ave.1 $1,000+2 1,179,000 May 2011 SL Green Realty Corp/ Broadway Partners/Investcorp 1 Office n/a Vornado Realty Trust Midtown East 230 Park Ave. (Helmsley Building)1 $760.0 1,212,576 June 2011 Invesco Real Estate Monday Properties/Goldman 2 Office $627 Sachs/Lehman Estate Midtown East 310 Greenwich St. (Independence Plaza)1 $575.0 1,334 June 2011 Vornado Realty Trust/Citadel Stellar Management/Westbrook 3 Apartment $431,034 Downtown 450 W. 33rd St.1 $525.0 1,750,000 May 2011 Brookfield Asset Management Broadway Partners/ 4 Office $300 Arbor Realty Trust Midtown West 750 Seventh Ave. $485.0 591,169 May 2011 Kuwait Investment Authority Hines Interests/General Motors 5 Office $820 Midtown West LIST RANK 1 1 Park Ave.1 $393.7 957,000 March 2011 Vornado Realty Trust Murray Hill Properties/ ADDRESS 6 Office $411 Cerberus Capital Management 280 Park Ave. Midtown East PRICE PER SQ. FT. 511 Lexington Ave. (Radisson Lexington) $335.0 712 May 2011 DiamondRock Hospitality Blackstone/Highgate Holdings n/a 7 Hotel $470,506 Midtown East 666 Fifth Ave (Zara retail condo) $324.0 38,750 February 2011 Inditex Carlyle Group/Crown Acquisitions 8 Retail $8,361 Midtown West 440 W. 42nd St. (Yotel) $315.0 669 June 2011 IFA Hotels/ The Related Companies/Goldman Sachs 9 Hotel $470,852 Kuwait Real Estate Co. Midtown West 212 E. 42nd St. (New York Helmsley Hotel) $313.5 773 March 2011 Host Hotels & Resorts Estate of Leona Helmsley 10 Hotel $405,563 Midtown East 1568 Broadway (Doubletree Guest Suites Times Square)1 $286.0 460 January 2011 Sunstone Hotel Investors Highgate Holdings/Goldman Sachs 11 Hotel $621,739 Midtown West 1180 Sixth Ave.1 $274.0 365,000 May 2011 HNA Group Murray Hill Properties/Carlyle Group LIST RANK 2 12 Office $751 Midtown West ADDRESS 230 Park Ave. 10 Hanover Square $260.8 493 March 2011 UDR Inc. Witkoff Group 13 Apartment $529,006 PRICE PER SQ. FT. Downtown $627 200 W. 72nd St. (The Corner) $209.0 196 June 2011 TIAA-CREF Gotham Organization Inc./ 14 Apartment $1,066,327 Philips International 70 Pine St. (former AIG headquarters) $205.0 1,100,000 June 2011 Metro Loft Management Kumho Asiana Group/ 15 Office $186 Young Woo & Associates Downtown 1450 Broadway $204.0 360,000 May 2011 Zar City Properties/ Moinian Group/Chetrit Group/ 16 Office $567 Hakimian Organization Edward J. Minskoff Equities Midtown West 245 Fifth Ave.1 $161.6 303,139 March 2011 Thor Equities/Moinian Group Goldman Sachs 17 Office $533 Midtown East 28 W. 44th St. (National Association Building) $161.0 359,000 April 2011 Prudential RE Investors/ SL Green Realty Corp. 18 Office $448 APF Properties Midtown West LIST RANK 3 217-247 W. 43rd St. (Times Tower, partial) $160.0 343,000 April 2011 Blackstone Five Mile Capital/Africa Israel Group ADDRESS 19 Office $466 310 Greenwich St. Midtown West PRICE PER UNIT 3 483 Broadway $150.0 40,000 January 2011 Aurora Capital Associates/ 483 Broadway Realty Corp. $431,034 20 Retail $3,750 ACHS Management Downtown 44 W. 44th St., 237 Madison Ave. (Royalton, Morgans hotels) $140.0 282 May 2011 FelCor Lodging Trust Morgans Hotel Group/ 21 Hotel $496,454 NorthStar Capital Midtown West 189 W. 89th St. (The Sagamore) $139.1 265 April 2011 LaSalle Investment Management The Related Companies/State Teachers 22 Apartment $524,906 Retirement System of Ohio Upper West Side 100 Wall St.4 $130.0 473,545 May 2011 Savanna Broadway Partners/Lehman Estate 23 Office $275 Downtown 49-55 Amsterdam Ave. (Glenwood site) $125.0 9,900 (land sq. ft.) January 2011 Glenwood Management Fordham University 24 Development site $305 (buildable sq. ft.) Upper West Side 290 Third Ave. (The Elektra) $122.5 166 March 2011 Invesco Real Estate Adellco Management/J.P.Morgan LIST RANK 4 25 Apartment $737,952 Midtown South ADDRESS 450 W. 33rd St. Chart covers sales of 50% interests or greater and excludes deals currently under contract. Sales of defaulted first mortgage interests that were converted to full ownership within 90 days are treated as sales. Development site square footage and price per square foot are based on buildable square feet. 1-Transaction where a majority but less than 100% interest was conveyed. 2-Estimated. 3-49-year leasehold. 4-Defaulted first mortgage. Real Capital Analytics Inc. is an independent research firm focused PRICE PER SQ. FT. exclusively on capital investment markets for commercial real estate. RCA offers comprehensive information on activity in the industry. Information presented by RCA has been compiled from sources believed to be reliable. In addition to collecting trans- actional 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, $300 global transactional market information. Visit www.rcanalytics.com.

22 | Crain’s New York Business | July 18, 2011 Project11:fp template.qxd 7/12/11 4:12 PM Page 1

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BUSINESS OPPORTUNITY EXECUTIVE PUBLIC & LEGAL NOTICES E-Commerce- Start-up Company look- SEARCH WANTED ing for an experienced or all around knowl- Notice of Qualification of TriPointe NOTICE OF FORMATION OF Optimum Notice of Qualification of Vintage Fund edgeable executive. Equity/partnership. Capital Partners, LLC. Fictitious name: Media Services LLC. Articles of GSVA, L.P. App. for Auth. filed with Golden opportunity 917-887-6520. TCP, LLC. Authority filed with Secy. Organization filed with the Secretary Secy. of State of NY (SSNY) on 5/17/11. of State of NY (SSNY) on 7/7/11. of State of NY (SSNY) on 04/22/2011. Office location: NY County. LP formed Office location: NY County. LLC Office location: NEW YORK County. in Delaware (DE) on 3/16/11. SSNY EVENTS formed in Delaware (DE) on 12/22/10. SSNY has been designated as agent designated as agent of LP upon whom SSNY designated as agent of LLC upon whom process against it may process against it may be served. The Growth Of Private Equity Firms In upon whom process against it may be served. The Post Office address SSNY shall mail process to: 200 West Westchester. Leaders of private equity firms be served. SSNY shall mail process to which the SSNY shall mail a copy St., NY, NY 10282. DE address of LP: in Westchester and the surrounding areas will to: The LLC, 237 Layfayette St., NY, of any process against the LLC served 2711 Centerville Rd., Ste. 400, discuss their viewpoints on topics relevant to NY 10012, also the principal office upon him/her is: United States Wilmington, DE 19808. Name/address deal making in the middle market. address. Address to be maintained in Corporation Agents, Inc., 7014 13th of each genl. ptr. available from Wednesday, July 20, 2011. 5:30 p.m. - 8:00 p.m. DE: 2711 Centerville Rd., Ste. 400, Avenue, Suite 202, Brooklyn, NY SSNY. Cert. of LP filed with DE Secy. Wilmington, DE 19808. Arts of Org. 11228. The principal business of State, P.O. Box 898, Dover, DE American Yacht Club, 499 Stuyvesant Avenue, filed with DE Secy. Of State, 401 address of the LLC is: 33 West 19th 19903. Purpose: any lawful activity. Rye, NY 10580. General Price : $100 Member Federal St., Ste. 4, Dover, DE 19901. Street, Floor 4, New York, NY 10011 Price : $75 Register at www.acgnyc.org Purpose: any lawful activities. Purpose: media buys. Notice of Formation of NS MEDICAL PLLC. Arts. of Org. filed with Secy. of Notice of Formation of INK MARK Notice of Formation of 400 PROPERTY, State of NY (SSNY) on 5/26/11. Office ACG Women Of New York On The Hudson ENTERTAINMENT, LLC. Arts. of Org. LLC. Arts. of Org. filed with Secy. of location: NY County. SSNY designated Set sail with the women of ACG NY, ACG CT REAL ESTATE filed with Secy. of State of NY State of NY (SSNY) on 07/06/11. as agent of PLLC upon whom process and ACG NJ for a networking night to (SSNY) on 05/17/07. Office location: Office location: NY County. Princ. against it may be served. SSNY shall remember! 6:30 pm - Boarding Time 7:00 pm OFFICE SPACE NY County. Princ. office of LLC: 200 office of LLC: 667 Madison Ave., 24th mail process to: The PLLC, 73 Spring to 9:00 pm - Sunset Cocktail Cruise. General BROOKLYN W. 57th St., Ste. 1300, NY, NY 10019. Fl., NY, NY 10065. SSNY designated St., Ste. 601, NY, NY 10012. Purpose: Price: $125 Member Price: $75 REG. PRICE: SSNY designated as agent of LLC as agent of LLC upon whom process practice the profession of medicine. ACG NY, CT, NJ Members Pre-Paid: $75.00 upon whom process against it may be against it may be served. SSNY shall Modern Office Space mail process to Timothy P. Terry at Rogers Realty Group LLC. Arts. of ACG Members From Other Chapters Pre-Paid: served. SSNY shall mail process to Org. filed with Secy. of State of NY $100.00 Non-Members: $125.00 On-Site Kevin Foster, 7 Emory Rd., Highland the princ. office of the LLC. Purpose: For Lease Any lawful activity. (SSNY) on 4/12/11. Office in NY Payment: $150.00 Where: Bateaux Chelsea Mills, NY 10930, regd. agent upon County. SSNY designated agent of Piers Pier 61 and West 23rd Street New York, 2275 Coleman Street whom and at which process may be LLC upon whom process against it GG CLINICAL RESEARCH CONSUL- NY. Register at www.acgnyc.org served. As amended by Cert. of may be served. SSNY shall mail Marine Park Amendment filed with SSNY on TANTS, LLC, a domestic Limited process to 443 E 78th St, Bsmt, NY, 08/03/10, the name was changed to: Liability Company (LLC), filed with the NY 10075. Purpose: General. Brooklyn, NY 11234 Sec of State of NY on 5/10/11. NY PROJECT TWENTY ONE, LLC. Office location: New York County. Unique opportunity to access up Notice of Formation of Harlem Dowling TELECOMMUNICATIONS Purpose: Any lawful activity. SSNY is designated as agent upon to 38,000 sf, divisions considered Managers LLC, Art. of Org. filed whom process against the LLC may • Sec’y of State (SSNY) 4/27/11. Office Modern Building, Abundant Easy Parking Notice of Qualification of Acquisition be served. SSNY shall mail a copy NYC'S MOTOROLA •Suburban-style setting location: NY County. SSNY desig- Funds GP - L.P. Authority filed with of any process against the LLC •Easy Parking nated as agent of LLC upon whom MOTOTRBO SPECIALISTS NY Dept. of State on 6/21/11. Office served upon him/her to The LLC, •2 Blocks to Kings Plaza process against it may be served. location: NY County. Princ. bus. 455 Main St., Apt. 4P, NY, NY 10044. •Tenant controlled utilities SSNY shall mail copy of process to General Purposes. •Competitive Rent addr.: 375 Park Ave., NY, NY 10152. 37 W. 20th St., Ste. 603, NY, NY LP formed in DE on 6/2/11. NY Sec. 10011. Purpose: any lawful activities. Contact Exclusive Agent: of State designated agent of LP Notice of Formation of Donzoola LLC. M. C. O’BRIEN, INC. upon whom process against it may Articles of Org. filed with Secy. of State Notice of Formation of LOWLAND be served and shall mail process to: of NY (SSNY) on 05/19/11. Office PRODUCTIONS LLC. Arts. of Org. 718-252-9191 c/o CT Corporation System, 111 8th loc.: New York Co. SSNY designated filed with Secy. of State of NY William P. O’Brien, SIOR xtn110 Ave., NY, NY 10011, regd. agent as agent of LLC upon whom process (SSNY) on 06/09/11. Office location: against it may be served. SSNY shall [email protected] upon whom process may be served. NY County. SSNY designated as DE addr. of LP: 1209 Orange St., mail process to the LLC, 49 E 21st agent of LLC upon whom process OFFICE SPACE Wilmington, DE 19801. Name/addr. ST APT 2D, New York, NY 10010. against it may be served. SSNY shall of genl. ptr. available from NY Sec. of Purpose: any lawful act or activity. mail process to Jason Ludman, 124 TRIBECA FILM CENTER State. Cert. of LP filed with DE Sec. E. 24th St., Apt. 4H, NY, NY 10010. Notice of Formation of BALANCE Purpose: Any lawful activity. Executive & Production Office Space Available of State, 401 Federal St., Dover, DE APPMAKER, LLC, a domestic LLC. 19901. Purpose: any lawful activity. 24 Hour Security Arts. of Org. filed with the SSNY on Notice of Formation of FLATIRON Conference Room 06/01/2011. Office location: NY ARCHITECTS LLC. Arts. of Org. filed Reception Area Notice of Qualification of CreditSights County. SSNY has been designated as with Secy. of State of NY (SSNY) on Screening Room Analytics, LLC. Authority filed with LONG & SHORT TERM RENTALS agent upon whom process against the 06/20/11. Office location: NY County. 212.941.2000 Secy. of State of NY (SSNY) on LLC may be served. SSNY shall mail SSNY designated as agent of PLLC 33 East 33rd Street 07/01/11. Office location: NY County. a copy of process to: C/O Balance upon whom process against it may New York, NY 10016 LLC formed in Delaware (DE) on Media, 34 W 27th St. 6th Fl, NY, NY be served. SSNY shall mail process 212-532-7400 RETAIL SPACE 05/23/11. Princ. office of LLC: 470 10010. Purpose: Any Lawful Purpose. to the LLC, 6 W. 18th St., NY, NY www.metrocomradio.com Park Ave. South, 12th Fl., NY, NY 10011. Purpose: Architecture. Hoboken, N.J. 10016. SSNY designated as agent of Global Language School LLC. Prime Retail Location LLC upon whom process against it may Articles of Org. filed NY Sec. of State Notice of Formation of SoCreo Washington St. - b/w 1st & 2nd St. be served. SSNY shall mail process to (SSNY) 1/18/2011. Office in New York Fashion House, LLC. Arts. of Org. VISIT OUR WEBSITE 2,500 sq. ft. ground floor the LLC at the addr. of its princ. office. County. SSNY design. Agent of LLC filed with NY Dept. of State on 850 sq. ft. mezzanine DE addr. of LLC: Corporation Service upon whom process may be served. 5/31/11. Office location: NY County. Full basement for storage Co., 2711 Centreville Rd., Ste. 400, SSNY shall mail copy of process to Sec. of State designated agent of CRAINSNEWYORK.COM Ideal for bank, chain, franchise 302 W79th St., Suite 4A, NYC, N.Y. LLC upon whom process against it Call owner (917) 750-5353 Wilmington, DE 19808. Cert. of Form. filed with Jeffrey W. Bullock, Secy. of 10024. Purpose: Any lawful activity. may be served and shall mail State of the State of DE, 401 Federal process to the principal business St., Dover, DE 19901-3639. Purpose: Notice of Formation of BLDG 123 THIRD address: 183 Hester St., #4R, NY, NY PUBLIC & LEGAL NOTICES Any lawful activity. AVENUE LLC amended to BLDG 123 10013. Purpose: all lawful purposes. THIRD AVE LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on Notice of Qualification of El Toro Name: 5th AVE DOLLAR LLC Art. Of NAKEDPIZZA NYC 14TH STREET, Notice of Qualification of BLACKSTONE 6/17/11. Office location: NY County. Carmesi, LLC. Application for Org. Filed Sec. of State of NY LLC; Arts., of Org., filed with NY Sec. STRATEGIC ALLIANCE MASTER SSNY designated as agent of LLC Authority filed with Secy. of State of 03/22/2011. Off Loc.: New York Co. of State (“SSNY”) 2/28/2011. Office FUND X L.P. Authority filed with Secy. upon whom process against it may NY (SSNY) on 05/06/11. Office loc.: SSNY designated as agent upon in New York County; SSNY designated of State of NY (SSNY) on 06/07/11. be served. SSNY shall mail process New York Co.; orig. juris.: Texas. SSNY whom process against it may be agent for service of process with copy Office location: NY County. LP to: c/o BLDG Management Co., Inc., designated as agent of LLC upon whom served. SSNY to mail copy of process mailed to Pryor Cashman LLP, 7 Times formed in Delaware (DE) on 06/01/11. 417 Fifth Ave., 4th Fl., NY, NY 10016. process against it may be served. SSNY to THE LLC, C/O Muhammad Abbasi, Square, Attn: Richard S. Frazer, Esq., Princ. office of LP: 345 Park Ave., 28th Purpose: any lawful activity. shall mail process to the LLC, 6904 128 Keswick Drive, Piscataway, NJ As amended by Cert. of Amend., filed Fl., NY, NY 10154. SSNY designated Hideaway Hollow, Austin, TX 78750. 08854. Purpose: Any lawful act. with SSNY on 4/21/11, the name of as agent of LP upon whom process Notice of Qual. of 1180 AOA Funding Purpose: any lawful act or activity. LLC is NP NYC 14TH STREET, LLC., against it may be served. SSNY shall LLC, Auth. filed Sec’y of State (SSNY) NOTICE OF FORMATION OF: Nano All lawful business purposes. mail process to Blackstone Strategic 4/28/11. Office loc.: NY County. LLC Notice of Qual. of Southern New Endeavour LLC. Articles of Alliance Associates II L.L.C. at the org. in DE 4/26/11. SSNY desig. as England Electrical Testing LLC. Auth. Organization filed with the Secretary Notice of Formation of HID 960 LLC, filed with Sec of State NY (SSNY): of State of NY (SSNY) on 4/20/2011. Art. of Org. filed Sec’y of State (SSNY) princ. office of the LP. Name and agent of LLC upon whom process 4/21/11. Office in NY County. Formed Office location: NEW YORK County. 9/11/09. Office location: NY County. addr. of each general partner are against it may be served. SSNY in CT: 11/30/07. SSNY designated SSNY has been designated as agent SSNY designated as agent of LLC available from SSNY. DE addr. of LP: shall mail copy of proc. to NRAI, agent of LLC upon whom process upon whom process against it may upon whom process against it may Corporation Service Co., 2711 875 Ave of the Americas, NY, NY against it may be served & shall mail be served. The Post Office address be served. SSNY shall mail copy of Centerville Rd., Ste. 400, Wilmington, 10001, the Reg. Agt. upon whom process to 78 Dinatale Dr., Durham, to which the SSNY shall mail a copy process to c/o Hidrock Realty, Att: New Castle Cnty., DE 19808. Cert. of proc. may be served. DE off. addr.: CT 06422. Principal office: 78 Dinatale of any process against the LLC Abie Hidary, 65 W. 36th St., Ste. Form. filed with DE Secy. of State, 160 Greentree Dr., Ste. 101, Dover, Dr., Durham, CT 06422. Arts. of Org. served upon him/her is: 345 West 50 1200, NY, NY 10018, the Reg. Agt. Div. of Corps., John G. Townsend DE 19904. Cert. of Form. on file: filed with The Sec of State of CT, Street, #7Z, New York, NY 10019. upon whom proc. may be served. Bldg., 401 Federal St., Ste. 4, Dover, SSDE, Townsend Bldg., Dover, DE 30 Trinity St, Hartford, CT 06106. Purpose: any lawful act or activity. Purpose: any lawful activities. DE 19901. Purpose: Investments. 19901. Purp.: any lawful activities. Purpose: General.

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PUBLIC & LEGAL NOTICES

Notice of Qualification of GIAS FIXED Notice of Qualification of MHR INSTI- Notice of Qualification of 200/300 Notice of Qualification of VCRK Notice of Qualification of AG-Metropolitan INCOME: OPPORTUNISTIC TAX- TUTIONAL ADVISORS LLC. Authority North End Avenue Capital LLC. Holdings LLC. Authority filed with NY Riverdale Crossing, L.L.C. Authority EXEMPT FUND LLC. Authority filed filed with Secy. of State of NY (SSNY) Authority filed with Secy. of State of Dept. of State on 6/15/11. Office filed with NY Dept. of State on 4/21/11. with Secy. of State of NY (SSNY) on on 06/07/11. Office location: NY NY (SSNY) on 06/23/11. Office loca- location: NY County. Princ. bus. addr.: Office location: NY County. Princ. bus. 06/23/11. Office location: NY County. County. LLC formed in Delaware (DE) tion: NY County. LLC formed in 411 W. Putnam Ave., Greenwich, CT addr.: 245 Park Ave., 26th Fl., NY, NY LLC formed in Delaware (DE) on on 01/26/98. SSNY designated as Delaware (DE) on 06/20/11. SSNY 06830. LLC formed in DE on 6/9/11. 10167. LLC formed in DE on 4/14/11. 06/16/11. SSNY designated as agent agent of LLC upon whom process designated as agent of LLC upon NY Sec. of State designated agent of NY Sec. of State designated agent of of LLC upon whom process against against it may be served. SSNY shall whom process against it may be LLC upon whom process against it may LLC upon whom process against it it may be served. SSNY shall mail mail process to c/o Corporation served. SSNY shall mail process to be served and shall mail process to: may be served and shall mail process process to c/o Corporation Service Service Co. (CSC), 80 State St., c/o Corporation Service Co. (CSC), c/o CT Corporation System, 111 8th to: c/o CT Corporation System, 111 8th Co., 80 State St., Albany, NY 12207, Albany, NY 12207-2543, regd. agent 80 State St., Albany, NY 12207-2543. Ave., NY, NY 10011, regd. agent upon Ave., NY, NY 10011, regd. agent upon regd. agent upon whom and at which upon whom and at which process DE addr. of LLC: c/o CSC, 2711 whom process may be served. DE whom process may be served. DE process may be served. DE addr. of may be served. DE addr. of LLC: c/o Centerville Rd., Ste. 400, Wilmington, addr. of LLC: The Corporation Trust addr. of LLC: The Corporation Trust LLC: 2711 Centerville Rd., Ste. 400, CSC, 2711 Centerville Rd., Ste. 400, DE 19808. Cert. of Form. filed with Co., 1209 Orange St., Wilmington, DE Co., 1209 Orange St., Wilmington, DE Wilmington, DE 19808. Cert. of Form. Wilmington, New Castle Cnty., DE State of DE, Secy. of State, Div. of 19801. Cert. of Form. filed with DE Sec. 19801. Cert. of Form. filed with DE Sec. filed with Secy. of State of DE, 19808. Cert. of Form. filed with Secy. Corps., John G. Townsend Bldg., of State, 401 Federal St., Dover, DE of State, 401 Federal St., Dover, DE Townsend Bldg., Federal & York, Dover, of State of the State of DE, 401 401 Federal St., Ste. #4, Dover, DE 19901. Purpose: any lawful activity. 19901. Purpose: any lawful activity. DE 19901. Purpose: Any lawful activity. Federal St., Dover, DE 19901. 19901. Purpose: Any lawful activity. Purpose: Any lawful activity. Notice of Formation of SHEROW Notice of Qualification of Morgan ROTHSCHILD REALTY ASSOCIATES, NOTICE OF FORMATION of FIELDSTONE MANAGEMENT, LLC. Arts. of Org. Stanley & Co. LLC. Authority filed with LLC; Arts., of Org., filed with NY Sec. Notice of Qualification of 200 WE WORLD LLC. Article of Organization filed with Secy. of State of NY (SSNY) NY Dept. of State on 6/2/11. Office of State (“SSNY”) 5/16/2011. Office in OWNER LLC. App. for Auth. filed filed with the Secretary of State of NY on 6/8/2011. Office location: NY location: NY County. Princ. bus. addr.: New York County; SSNY designated with Secy. of State of NY (SSNY) on (SSNY) on 01/26/11. Office location: NY County. SSNY designated as agent of 1585 Broadway, NY, NY 10036. LLC agent for service of process with copy 6/17/11. Office location: NY County. County. SSNY has been designated LLC upon whom process against it may formed in DE on 5/31/11. NY Sec. of mailed to The LLC, 265 E. , LLC formed in Delaware (DE) on as agent upon whom process against be served. SSNY shall mail process State designated agent of LLC upon NY, NY 10065, Attn: Marc Rothschild, 5/12/11. SSNY designated as agent it may be served. SSNY shall mail a to: c/o Vaslas, Lepowsky, Hauss & whom process against it may be All lawful business purposes. of LLC upon whom process against copy of any process against the LLC Danke, LLP, 630 Third Ave., 5th Fl., NY, served and shall mail process to: c/o it may be served. SSNY shall mail served to: The LLC, 200-210 East NY 10017. Term: until 12/31/2061. CT Corporation System, 111 8th Ave., Notice of Formation of Special Event process to: c/o The Klein Group, 25B 65th St., Suite 9M, NY, NY 10065. Purpose: any lawful activity. NY, NY 10011, regd. agent upon whom Consulting LLC. Arts. of Org. filed Hanover Road, Ste. 130, Florham Purpose of LLC: to engage in any process may be served. DE addr. of with Secy. of State of NY (SSNY) on Park, NJ 07932. DE address of LLC: lawful act or activity. HIDDEN VALLEY FILMS LLC, a LLC: 1209 Orange St., Wilmington, DE 5/16/06. Office location: NY Co. c/o United Corporate Services, Inc., domestic Limited Liability Company 19801. Cert. of Form. filed with DE Sec. SSNY designated as agent of LLC 874 Walker Road, Ste. C, Dover, DE AAF HOLDINGS LLC, a domestic (LLC), filed with the Sec of State of NY of State, 401 Federal St., Dover, DE upon whom process against it may 19904. Arts. of Org. filed with DE Secy. Limited Liability Company (LLC), filed on 5/27/11. NY Office location: New 19901. Purpose: all lawful purposes. be served. SSNY shall mail process of State, Townsend Bldg., Dover, DE with the Sec of State of NY on York County. SSNY is designated as to: Louis Rose, 19 East 95th St., Apt. 19901. Purpose: any lawful activity. 3/2/2011. NY Office location: New agent upon whom process against the Notice of Formation of 254 W10TH 3F, NY, NY 10128. Purpose: any law- York County. SSNY is designated as LLC may be served. SSNY shall mail STREET P/L LLC. Arts. of Org. filed ful activities. Notice of Formation of Betty Rose agent upon whom process against a copy of any process against the LLC with Secy. of State of NY (SSNY) on Properties LLC. Arts. of Org. filed the LLC may be served. SSNY shall served upon him/her to The LLC, 242 06/15/11. Office location: NY County. Notice of Formation of 182 Butler with Secy. of State of NY (SSNY) on mail a copy of any process against West 38th St., P.O. Box 905, NY, NY Princ. office of LLC: 7 Times Sq., Holding, LLC. Articles of Org. filed 6/1/11. Office location: NY Co. SSNY the LLC served upon him/her to The 10018. General Purposes. NY, NY 10036-7311. SSNY with Secy. of State of NY (SSNY) on designated as agent of LLC upon LLC, c/o Elisabeth M. Kovac, Esq., designated as agent of LLC upon 05/24/11. Office location: New York whom process against it may be 90 Park Ave., Ste. 1710, NY, NY CAMPRODON INVESTORS LLC, a whom process against it may be Co. SSNY designated as agent of LLC served. SSNY shall mail process to: 10016. General Purposes. domestic Limited Liability Company served. SSNY shall mail process to upon whom process against it may c/o Eric W. Rubinstein, Esq., Kaufman (LLC), filed with the Sec of State of NY c/o G. Warren Whitaker, Esq., Day be served. SSNY shall mail process Friedman Plotnicki & Grun, LLP, 300 NOTICE OF FORMATION OF GREEN on 3/7/11. NY Office location: New Pitney LLP at the princ. office of the to the LLC, c/o Judith Linhares, 15 East 42nd St., 8th Fl., NY, NY 10017, TAO, LLC. Articles of Organization York County. SSNY is designated as LLC. Purpose: Any lawful activity. Laight St., #18, New York, NY 10013. also the registered agent. Purpose: filed with the Secretary of State of NY agent upon whom process against Purpose: any lawful act or activity. any lawful activities. (SSNY) on January 25, 2011. Office the LLC may be served. SSNY shall Notice of Formation of Jade Kee Location: New York County. SSNY mail a copy of any process against Wholesale LLC. Office of location: NY NOTICE OF FORMATION OF GENIUS Notice of Formation of CHENG MENG has been designated as agent upon the LLC served upon him/her to County. SSNY designated as agent BRANDS LLC. Filed with Sec’y of FURNITURE LLC. Arts. of Org. filed whom process against it may be Blumberg Excelsior Corporate for processing. SSNY shall mail a State of NY (SSNY) on 5/17/11. Office with Secy. of State of NY (SSNY) on served. SSNY shall mail process to: Services, Inc., 62 White St., NY, NY copy of any process to 32 Orchard loc: NY County. SSNY designated as 06/17/11. Office location: NY County. Caroline Angoorly, 212 East 48th 10013. General Purposes. Street, New York, NY 10022-5219. agent upon whom process may be Princ. office of LLC: Daniel Ryan, 195 Street, Ste 5A, New York, NY 10017. Purpose: to engage in any lawful act. served. Mail copy of process to: USCA, Chrystie St., #501C, NY, NY 10002. Purpose: Any lawful act or activity. Notice of Qual. of Visium Catalyst 7014 13th Ave, Ste 202, Bklyn, NY SSNY designated as agent of LLC Credit IM, LLC, Auth. filed Sec’y of THIRTEEN LIMITED PARTNERSHIP, 11228. LLC business address is: 350 upon whom process against it may Notice of Qual. of Concept Capital State (SSNY) 4/4/11. Office loc.: NY a domestic Limited Partnership (LP), 5th Ave, FL 4, NY, NY 10118. be served. SSNY shall mail process Markets, LLC, Auth. filed Sec’y of County. LLC org. in DE 3/23/11. SSNY filed with the Sec of State of NY on Purpose: Any lawful acts. to the LLC at the addr. of its princ. State (SSNY) 4/12/11. Office loc.: NY desig. as agent of LLC upon whom 5/19/11. NY Office location: New office. Purpose: Any lawful activity. County. LLC org. in DE 6/30/09. process against it may be served. York County. SSNY is designated as Notice is hereby given that a license, SSNY desig. as agent of LLC upon SSNY shall mail copy of proc. to Att: agent upon whom process against number 1254743 for sale of Liquor has Notice of Formation of BRP NMTC whom process against it may be Mark Gottlieb, 950 Third Ave., 29th the LP may be served. SSNY shall been applied for by the undersigned FUND MANAGER LLC. Arts. of Org. served. SSNY shall mail copy of Fl., NY, NY 10022. DE off. addr.: CSC, mail a copy of any process against to sell Liquor at retail in a restaurant filed with Secy. of State of NY (SSNY) proc. to 527 Madison Ave., 6th Fl., 2711 Centerville Rd., Wilmington, DE the LP served upon him/her to Stones under the Alcoholic Beverage Control on 6/17/11. Office location: NY NY, NY 10022. DE off. addr.: CSC, 19808. Cert. of Form. on file: SSDE, Throw Partners Limited Liability Law at 404 Sixth Avenue, New County. SSNY designated as agent 2711 Centerville Rd., Wilmington, DE Townsend Bldg., Dover, DE 19901. Company, Attn: Evan Bell, Managing York, N.Y. 10011, for on-premises of LLC upon whom process against 19808. Cert. of Form. on file: SSDE, Purp.: any lawful activities. Member, 380 Lexington Ave., NY, NY consumption. ARSENOI INC. it may be served. SSNY shall mail Townsend Bldg., Dover, DE 19901. 10168. Latest date to dissolve process to: 18 E. 41st St., NY, NY Purp.: any lawful activities. NOTICE OF FORMATION OF LIMITED 12/31/2099. General Purposes. 116 AVENUE C, LLC, a domestic 10017, Attn: Steve Smith. Purpose: LIABILITY COMPANY. NAME: 2589 Limited Liability Company (LLC), filed any lawful business purpose. Notice of Formation of CUMULUS WESTSIDE ENTERPRISES LLC. Notice of Qual. of 1552 Broadway with the Sec of State of NY on HR, LLC. Arts. Of Org. filed with Secy Articles of Organization were filed with Retail Owner LLC, Auth. filed Sec’y of 4/26/11. NY Office location: New York ALPHA JETS, LLC, a domestic of State of NY (SSNY) on 05/31/2011. the Secretary of State of New York State (SSNY) 5/4/11. Office loc.: NY County. SSNY is designated as Limited Liability Company (LLC), filed Office location: New York County. (SSNY) on 05/19/11. Office location: County. LLC org. in DE 4/29/11. SSNY agent upon whom process against the with the Sec of State of NY on SSNY designated as agent of LLC New York County. SSNY has been des- desig. as agent of LLC upon whom LLC may be served. SSNY shall mail 5/19/11. NY Office location: New upon whom process against it may ignated as agent of the LLC upon whom process against it may be served. a copy of any process against the York County. SSNY is designated as be served. SSNY shall mail process process against it may be served. SSNY shall mail copy of proc. to LLC served upon him/her to Marolda agent upon whom process against to: c/o Harry Feinberg, 489 Fifth SSNY shall mail a copy of process to NRAI, 875 Ave of the Americas, NY, Properties, Inc., 46 Trinity Pl., 3rd Fl., the LLC may be served. SSNY shall Avenue, Second Fl., New York, N.Y. the LLC, 253 West 72nd Street, Suite NY 10001, the Reg. Agt. upon whom NY, NY 10006. General Purposes. mail a copy of any process against 10017 Purpose: any lawful activities. 211, New York, New York 10023. proc. may be served. DE off. addr.: Latest date to dissolve 5/1/2041. the LLC served upon him/her to The Purpose: For any lawful purpose. 160 Greentree Dr., Ste. 101, Dover, LLC, 400 E. 54th St., Ste. 6G, NY, NY Notice of Qualification of MILLENNIUM DE 19904. Cert. of Form. on file: Notice of Qualification of SAVANNA 10022. General Purposes. TECHNOLOGY VALUE PARTNERS II Notice of Qualification of Morgan SSDE, Townsend Bldg., Dover, DE SERVICES HOLDINGS, LLC. Authority (GP), L.P. Authority filed with Secy. of Stanley HedgePremier/York Credit 19901. Purp.: any lawful activities. filed with Secy. of State of NY (SSNY) Notice of Qualification of 180 Orchard State of NY (SSNY) on 06/03/11. Opportunities Fund LP. Authority filed on 05/25/11. Office location: NY Owner LLC. App for Auth. filed with Office location: NY County. LP formed with NY Dept. of State on 4/6/11. NOTICE OF FORMATION OF Hybrid County. LLC formed in Delaware (DE) Secy. of State of NY (SSNY) on in Delaware (DE) on 10/14/08. Princ. Office location: NY County. Princ. bus. Capital Management, LLC. Articles on 05/24/11. Princ. office of LLC: 10 4/27/11. Office location: NY County. office of LP: Millennium TVP II (UGP), addr.: 522 Fifth Ave., 13th Fl., NY, NY of Organization filed with the Secretary E. 53rd St., 37th Fl., NY, NY 10022- LLC formed in Delaware (DE) on LLC, 747 Third Ave., 38th Fl., NY, NY 10036. LP formed in DE on 4/5/11. NY of State of NY (SSNY) on March 17, 5056. SSNY designated as agent of 4/18/11. SSNY designated as agent 10017. SSNY designated as agent of Sec. of State designated agent of LP 2011. Office location: NEW YORK LLC upon whom process against it of LLC upon whom process against LP upon whom process against it may upon whom process against it may be County. SSNY has been designated may be served. SSNY shall mail it may be served. SSNY shall mail be served. SSNY shall mail process served and shall mail process to: c/o as agent upon whom process against process to c/o Corporation Service process to: c/o Brack Capital Real to the LP at the addr. of its princ. office. CT Corporation System, 111 8th Ave., it may be served. The Post Office Co., 80 State St., Albany, NY 12207- Estate Ltd., 885 Third Ave., NY, NY Name and addr. of each general NY, NY 10011, regd. agent upon whom address to which the SSNY shall 2543. DE addr. of LLC: 2711 10022, Attn: Issac Hera. DE address partner are available from SSNY. DE process may be served. DE addr. of mail a copy of any process against Centerville Rd., Ste. 400, Wilmington, of LLC: c/o Diversified Corporate addr. of LP: c/o Corporation Service LP: 1209 Orange St., Wilmington, DE the LLC served upon him/her is: 126 DE 19808. Cert. of Form. filed with Services Int’l, Inc., 508 Main St., Co., 2711 Centerville Rd., Ste. 400, 19801. Name/addr. of genl. ptr. East 24th Street, Suite 1B, NY, NY Secy. of State of DE, Div. of Corps., Wilmington, DE 19804. Cert. of Form. Wilmington, DE 19808. Cert. of Form. available from NY Sec. of State. 10010. The principal business John G. Townsend Bldg., 401 Federal filed with DE Secy. of State, 401 filed with Secy. of State of DE, Div. of Cert. of LP filed with DE Sec. of address of the LLC is: 126 East 24th St., Ste. 4, Dover, DE 19901. Federal St., Ste. 4, Dover, DE 19901. Corps., 401 Federal St., Ste. 4, Dover, State, 401 Federal St., Dover, DE Street, Suite 1B, NY, NY 10010. Purpose: Any lawful activity. Purpose: any lawful activity. DE 19901. Purpose: Any lawful activity. 19901. Purpose: any lawful activity. Purpose: any lawful act or activity.

July 18, 2011 | Crain’s New York Business | 25 nb29p24-26cl.qxp 7/15/11 2:52 PM Page 26

PUBLIC & LEGAL NOTICES

Notice of Qualification of GERSON NOTICE OF FORMATION OF Exquity NOTICE OF FORMATION of Peasant Notice of Formation of STUART KLODA, Notice of Qualification of Eiger GLOBAL CAPITAL ADVISORS LLC. Realty LLC. Articles of Organization Productions LLC. Article of MD, PLLC. Arts. of Org. filed with Secy. International Financial Management LLC Authority filed with Secy. of State of filed with the Secretary of State of Organization filed with the Secretary of State of NY (SSNY) on 05/31/11. App. for Auth. filed Sec’y of State (SSNY) NY (SSNY) on 06/21/11. Office NY (SSNY) on 05/09/11. Office of State of NY (SSNY) on 04/11/2011. Office location: NY County. Princ. on 6/6/11. Office location: New York location: NY County. LLC formed in location: NEW YORK County. SSNY Office location: NY County. SSNY has office of PLLC: Stuart Kloda, MD, 500 County. LLC org. in DE 2/7/11. SSNY Delaware (DE) on 06/17/11. Princ. has been designated as agent upon been designated as agent upon whom W. 56th St., Apt. 524, NY, NY 10019. designated as agent of LLC upon whom office of LLC: c/o Gerson Global whom process against it may be process against it may be served. SSNY designated as agent of PLLC process against it may be served. SSNY Advisors, LLC, 70 E. 55th St., 21st served. The Post Office address to The Post Office address to which the upon whom process against it may shall mail copy of process to 19 West Fl., NY, NY 10022. SSNY designated which the SSNY shall mail a copy of SSNY shall mail a copy of any process be served. SSNY shall mail process 44th St., Suite 312, New York, NY 10036. as agent of LLC upon whom process any process against the LLC served against the LLC served upon him is to the PLLC at the addr. of its princ. Office address in DE 40 E. Division St, against it may be served. SSNY shall upon him/her is: 120 E 34th St Apt C/O the LLC 265 East 66th Street, office. Purpose: Any lawful activity. Suite A, Dover, DE 19901. Cert. of Form. mail process to the LLC at the addr. 10J, New York NY 10016. The Apt 35G, NY, NY, 10065. Purpose of on file: SSDE, Div. of Corporations, of its princ. office. DE addr. of LLC: principal business address of the LLC: to engage in any lawful act or NOTICE OF FORMATION OF Jojotalk John G. Townsend Bldg., 401 Federal c/o Corporation Service Co., 2711 LLC is: 120 E 34th St Apt 10J, activity. Street address of Principal LLC. Arts of Org filed with the Secy St., Suite 4, Dover, DE 19901. Purpose: Centerville Rd., Ste. 400, Wilmington, New York NY 10016. Purpose: any Business location is: 265 East 66th of State of NY (SSNY) on 04/05/11. any lawful activities. DE 19808. Cert. of Form. filed with lawful act or activity. Street, Apt 35G, NY, NY, 10065. Office location: NY County. SSNY Secy. of State of the State of DE, Div. has been designated as agent upon Notice of Qualification of Black of Corps., P.O. Box 898, Dover, DE NOTICE OF FORMATION OF Farley NOTICE OF FORMATION of Anna whom process may be served and Capital Group LLC. App. for Auth. 19903. Purpose: Any lawful activity. Realty Group LLC filed with the Seibert LLC. Arts. of Org. filed w/ Sec shall mail a copy of any process to filed with Secy. of State of NY (SSNY) Secretary of State of NY (SSNY) on of State of NY (SSNY) on 4/29/11. the principal business address: on 5/27/10. Office location: NY Notice of Qualification of Fillmore East 2/25/11. Office loc: NEW YORK Cty. Office location: NY County. Principal 1173A 2nd Avenue #134, NY, NY County. LLC formed in Delaware (DE) BS Finance Subsidiary, LLC. Authority SSNY designated as agent upon whom Business address: 330 3rd Ave, 4H, 10065. Purpose: any lawful acts. on 5/24/10. SSNY designated as filed with NY Dept. of State on 4/8/11. process may be served. SSNY shall NY, NY 10010. SSNY has been desig- agent of LLC upon whom process Office location: NY County. LLC formed mail process to the LLC: 60 E 42nd nated as agent upon whom process Notice of Formation of HUDSON against it may be served. SSNY shall in DE on 1/19/06. NY Sec. of State Street, Suite 1841, New York, New against it may be served and shall STREET SOUPS LLC. Arts. of Org. mail process to: c/o Gary Black, 630 designated agent of LLC upon whom York 10165. Purpose: any lawful acts. mail process to: c/o Anna Seibert LLC, filed with Secy. of State of NY (SSNY) Fifth Ave., NY, NY 10111. DE address process against it may be served and 330 3rd Ave, 4H, NY, NY 10010. Date on 05/26/11. Office location: NY of LLC: c/o United Corporate Services, shall mail process to the principal NOTICE OF FORMATION of for Dissolution: None. Purpose of County. Princ. office of LLC: Hale and Inc., 874 Walker Road, Ste. C, Dover, business addr.: c/o Windels Marx Lane McKane-Lins, LLC. Arts. of Org. filed LLC: any lawful activity. Hearty Soups LLC, 75 Ninth Ave., NY, DE 19904. Arts. of Org. filed with DE & Mittendorf LLP, 156 W. 56th St., 23rd with Secy. of State of NY (SSNY) on NY 10011. SSNY designated as agent Secy. of State, Townsend Bldg., Dover, Fl., NY, NY 10019, Attn: Tina Gagliano. 4/26/11. Office location: NY County. NOTICE OF FORMATION OF GREG of LLC upon whom process against it DE 19901. Purpose: any lawful activity. DE addr. of LLC: c/o Corporation SSNY designated as agent of LLC MITCHELS LLC. Articles of may be served. SSNY shall mail Service Co., 2711 Centerville Rd., upon whom process against it may Organization filed with the Secretary process to c/o Corporation Service Notice of Formation of DIEPPA Ste. 400, Wilmington, DE 19808. be served. SSNY shall mail process of State of NY (SSNY) on 2/9/11. Co., 80 State St., Albany, NY 12207. RESTREPO LLC, a domestic LLC. Cert. of Form. filed with DE Sec. of to: 520 E. 90th St., 2A, NY, NY Office location: NEW YORK County. Purpose: Any lawful activity. Arts. of Org. filed with the SSNY on State, 401 Federal St., Dover, DE 10128. Purpose: any lawful activity. SSNY has been designated as agent 05/09/2011. Office location: NY County. 19901. Purpose: any lawful activity. upon whom process against it may Notice of Formation of Bowtie SSNY has been designated as agent Infrared Capital Partners (US) LLC; be served. SSNY shall mail process Properties LLC. Art. Of Org. filed with upon whom process against the LLC Notice of Qualification of IRG 38 LLC. App., for Auth., filed with NY Sec. of to: 225 W 23rd ST, APT 2R, NEW SSNY on 5/20/11. Office Location: may be served. SSNY shall mail a copy Authority filed with Secy. of State of NY State (“SSNY”) 5/09/2011. Office in YORK, NY 10011. Purpose: any NY County. SSNY designated as of process to: 29 Essex St., NY, NY (SSNY) on 06/06/11. Office location: New York County; LLC formed in DE lawful act or activity. agent for process. SSNY shall mail a 10002. Purpose: Any Lawful Purpose. NY County. LLC formed in Delaware on 1/12/2011, SSNY designated copy of any process to: c/o Robert (DE) on 06/03/11. Princ. office of LLC: agent for service of process with NOTICE OF FORMATION of limited C. Susser, Esq., 270 Madison Ave., Notice of Formation of Troop 41 ELB Holdings c/o Eric L. Birnbaum, copy mailed to c/o HSBC Capital liability company (LLC). Name: ZCAM, 15th Fl NY, NY 10016. Purpose: To Productions, LLC. Arts. of Org. filed 745 5th Ave., NY, NY 10151. SSNY (USA) Inc., 452 Fifth Ave, NY, NY LLC. Articles of Organization filed engage in any lawful act or activity. with Secy. of State of NY (SSNY) on designated as agent of LLC upon 10018. All lawful business purposes. with Sec. of State of NY (SSNY) on 6/23/11. Office location: NY Co. SSNY whom process against it may be 6/6/11. Office location: New York Co. OPPCAP GROUP LLC, a domestic designated as agent of LLC upon whom served. SSNY shall mail process to NOTICE OF FORMATION of RACHEL SSNY designated as agent of LLC Limited Liability Company (LLC), filed process against it may be served. the LLC at the addr. of its princ. office. HOVNANIAN ART LLC. Arts. Of Org. upon whom process against it may be with the Sec of State of NY on 4/15/11. SSNY shall mail process to: The LLC, DE addr. of LLC: 2711 Centerville filed with Secy. of State of NY (SSNY) served and address SSNY shall mail NY Office location: New York County. 41 Great Jones St., 5th Fl., NY, NY Rd., Ste. 400, Wilmington, DE 19808. on 5/11/11. Office location: NY a copy of process is 54 West 39th SSNY is designated as agent upon 10012. Purpose: any lawful activities. County. SSNY designated as agent whom process against the LLC may Cert. of Form. filed with Secy. of Street, 15th Floor, New York, New York Name: AMERIGO A LLC Art Of Org. upon whom process against the LLC be served. SSNY shall mail a copy of State, 401 Federal St., Dover, DE 10018. Purpose: any lawful purpose. Filed Sec. Of State of NY 05/04/2011. may be served. SSNY shall mail any process against the LLC served 19901. Purpose: Any lawful activity. Off. Loc.: New York Co. SSNY desig- process to Rachel Hovnanian Art LLC, Notice of Qualification of Miller Pipeline, upon him/her to Francis Hager, 14 nated as agent upon whom process Notice of Formation of F. Afrique Media, 16 West 12th St., NY, NY 10011. LLC. Authority filed with NY Dept. of Deer Path Ln., Berkeley Heights, NJ against it may be served. SSNY to LLC. Arts. of Org. filed with Secy. of Purpose: any lawful act or activity. State on 6/2/11. Office location: NY 07922. General Purposes. mail copy of process to THE LLC State of NY (SSNY) on 6/21/11. County. LLC formed in IN on 12/31/10. C/O, Sau Lan Moi, 158 Hester Street, Office location: NY County. SSNY RESOURCE FURNITURE LICENSING, NY Sec. of State designated agent of Notice of Formation of Diana Daimwood #5G, New York, NY10013. Purpose: designated as agent of LLC upon LLC, a domestic Limited Liability LLC upon whom process against it Consulting, LLC. Arts. of Org. filed Any lawful act or activity. whom process against it may be Company (LLC), filed with the Sec of may be served and shall mail process with Secy. of State of NY (SSNY) on 4/28/11. Office location: NY County. served. SSNY shall mail process to: State of NY on 3/17/11. NY Office to: c/o CT Corporation System, 111 Name: TradeSense LLC. Art. Of Org. SSNY designated as agent of LLC c/o The LLC, 60 5th Avenue, NY, NY location: New York County. SSNY is 8th Ave., NY, NY 10011, regd. agent Filed Sec. Of State of NY on 12/23/10. upon whom process against it may be 10011. Purpose: any lawful activity. designated as agent upon whom upon whom process may be served. Off. Loc.: New York Co. SSNY served. SSNY shall mail process to: process against the LLC may be IN and principal business addr.: designated as agent upon whom NAKEDPIZZA NYC 57TH STREET, LLC; United Corporate Services, Inc., 10 served. SSNY shall mail a copy of 8850 Crawfordsville Rd., Indianapolis, process against it may be served. Arts., of Org., filed with NY Sec. of Bank St., Ste. 560, White Plains, NY any process against the LLC served IN 46234. Cert. of Form. filed with IN SSNY to mail copy of process to State (“SSNY”) 2/28/2011. Office in 10606. Purpose: any lawful activity. upon him/her to The LLC, 969 Third Sec. of State, 302 W. Washington St., TradeSense LLC , 301 E. 79th St. New York County; SSNY designated Ave., NY, NY 10022. General Purposes. Indianapolis, IN 46204. Purpose: all agent for service of process with NOTICE OF FORMATION OF ZNTAI 24F, New York, NY 10075. Purpose: lawful purposes. Any lawful act or activity. copy mailed to Pryor Cashman LLP, 7 Notice of Formation of ICS Manager Records LLC. Articles of Organization Times Square, Attn: Richard S. Frazer, 1501 , LLC. Arts. of Org. NOTICE OF FORMATION of TOLM filed with the Secretary of State of NY Notice of Formation of 306 WEST 97 Esq., As amended by Cert. of Amend., filed with Secy. of State of NY (SSNY) ENTERPRISES LLC. Arts of Org filed (SSNY) on 4/26/11. Office location: COVE CLUB EQUITIES LLC. Arts. of filed with SSNY on 4/21/11, the name on 4/5/11. Office location: NY Co. with the Secy of State of New York NEW YORK County. SSNY has been Org. filed with Secy. of State of NY of LLC is NP NYC 57th STREET, LLC., SSNY designated as agent of LLC (SSNY) on 03/25/2009. Office location: designated as agent upon whom (SSNY) on 06/01/11. Office location: All lawful business purposes. upon whom process against it may NY County. SSNY has been designated process against it may be served. The NY County. Princ. office of LLC: 55 be served. SSNY shall mail process as an agent upon whom process may Post Office address to which the Fifth Ave., 15th Fl., NY, NY 10003- Notice is hereby given that a license to: c/o Crown Acquisitions, Inc., Attn: be served and shall mail a copy of any SSNY shall mail a copy of any process 4398. SSNY designated as agent of (#TBA) for SUMMER TAVERN WINE Richard Chera, 362 Fifth Ave., Ste. process against to the principal busi- against the LLC served upon him/her LLC upon whom process against it has been applied for by JOHN J. 1201, NY, NY 10001. Purpose: any ness address:425 5th Ave, #59B NY, is: c/o Mario Larrea, 166 First Ave. #1, may be served. SSNY shall mail FRASER at retail, under the ABC Law, lawful activities. NY 10016. Purpose: any lawful acts. New York, NY 10009. The principal process to Robert Kantor at the princ. at BETHESDA TERRACE & ARCADE business address of the LLC is: 166 office of the LLC, regd. agent upon IN CENTRAL PARK NY, NY 10024 for Notice of Qualification of ALVAREZ & Notice of Qualification of BAYRIDGE First Ave. #1, New York, NY 10009. whom and at which process may be on-premises consumption. MARSAL GLOBAL ASSET ADVISORY SECURITIES, LLC. Authority filed Purpose: any lawful act or activity. served. Purpose: Any lawful activity. SERVICES, LLC. Authority filed with with Secy. of State of NY (SSNY) on Notice of Qualification of HHLP Union Secy. of State of NY (SSNY) on 5/5/11. Office location: NY County. Name of For. LLC: Perella Weinberg Notice of Qualification of Fillmore East Square Associates, LLC. Authority 06/02/11. Office location: NY County. LLC formed in Delaware (DE) on Partners ABV Opportunity Delaware MS Finance Subsidiary, LLC. Authority filed with NY Dept. of State on 6/15/11. LLC formed in Delaware (DE) on 10/7/10. SSNY designated as agent Intermediate Fund III LLC. App. for filed with NY Dept. of State on 3/30/11. Office location: NY County. Princ. bus. 06/03/10. Princ. office of LLC: Joel of LLC upon whom process against Auth. filed NY Dept. of State: 5/10/11. Office location: NY County. LLC addr.: 44 Hersha Dr., Harrisburg, PA A. Poretsky, Esq., Alvarez & Marsal, it may be served. SSNY shall mail Jurisd. and date of org.: DE 1/7/11 formed in DE on 2/24/06. NY Sec. of 17102. LLC formed in DE on 6/14/11. 600 Lexington Ave., NY, NY 10022. process to: National Registered Agents, Cty off. loc.: NY Cty. Sec. of State State designated agent of LLC upon NY Sec. of State designated agent of SSNY designated as agent of LLC Inc., 875 Ave. of The Americas, Ste. designated as agent of foreign LLC whom process against it may be served LLC upon whom process against it upon whom process against it may 501, NY, NY 10001. Principal office upon whom process against it may be and shall mail process to the principal may be served and shall mail process be served. SSNY shall mail process address: The LLC, 825 Third Ave, 6th served. Sec. of State shall mail copy business addr.: c/o Windels Marx Lane to: c/o CT Corporation System, 111 to c/o Corporation Service Co. Floor, NY, NY 10022. Address to be of process to: 767 Fifth Ave., NY, NY & Mittendorf LLP, 156 W. 56th St., 23rd 8th Ave., NY, NY 10011, regd. agent (CSC), 80 State St., Albany, NY maintained in DE: c/o National 10153. Addr. of foreign LLC in DE is: Fl., NY, NY 10019, Attn: Tina Gagliano. upon whom process may be served. 12207-2453. DE addr. of LLC: c/o Registered Agents, Inc., 160 Greentree Corporation Service Company, 2711 DE addr. of LLC: c/o Corporation DE addr. of LLC: 1209 Orange St., CSC, 2711 Centerville Rd., Ste. 400, Dr., Ste. 101, Dover, DE 19904. Arts Centerville Rd., Ste. 400, Wilmington, Service Co., 2711 Centerville Rd., Wilmington, DE 19801. Cert. of Form. Wilmington, DE 19808. Cert. of of Org. filed with DE Secy. Of State, DE 19808. Auth. officer in DE where Ste. 400, Wilmington, DE 19808. filed with DE Sec. of State, 401 Form. filed with Secy. of State of John G. Townsend Bldg., 401 Cert. of Form. filed: DE Secy. of Cert. of Form. filed with DE Sec. of Federal St., Dover, DE 19901. DE, 401 Federal St., Dover, DE Federal St., Ste. 4, Dover, DE 19901. State, Duke & York St., Dover, DE State, 401 Federal St., Dover, DE Purpose: any lawful activity. 19901. Purpose: Any lawful activity. Purpose: any lawful activities. 19901. Purpose: any lawful activity. 19901. Purpose: any lawful activity.

26 | Crain’s New York Business | July 18, 2011 CN014504 7/15/11 11:19 AM Page 1

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FOR THE RECORD Q &A

1440 Broadway, which is owned by transaction value.The information was Monday Properties. CB Richard Ellis’ obtained from Thomson . ABOUT THIS SECTION Scott Gottlieb and Michael Laginestra A developer outlasts represented the tenant, while Jordan ● Bed Bath & Beyond Inc. (BBBY) FOR THE RECORD is a weekly listing of information from the public record that Berger represented the landlord in-house. Eugene A. Catagna, chief financial naysayers to watch can help businesspeople in the New York area find opportunities, potential The asking rent was not disclosed. officer and treasurer, exercised options towers rise and fill up new clients and updates on competitors. on 120,000 shares of common stock at To ask questions or get more information on this section, contact Suzanne ● Technology Desking signed a lease for prices ranging from $37.51 to $38.77 on SINCE THE TERRORIST 39 Panara at [email protected]. 6,100 square feet on the 16th floor of July 1, in a transaction worth ATTACKS a decade Broadway. Rick Doolittle, Wes Rudes and $4,626,700. On the same day, he sold Mark Toubin of Murray Hill Properties 120,000 shares of common stock at ago, developer Larry represented the tenant, while Dan prices ranging from $59.20 to $59.30, in Silverstein has Ginsberg of The Lawrence Group a transaction worth $7,106,344. He now insisted—often over BANKRUPTCIES contact Manny Madu at (718) 595-5994 represented the landlord.The rent was directly holds 126,667 shares. fierce opposition from or [email protected]. $27 a square foot. skeptics—that new ● The following listings are selected from the Pall Corp. (PLL) office towers on the ● Department of Parks and Recreation RETAIL Larry Silverstein most recent available filings by companies Roberto E. Perez, chief operating World Trade Center seeking bankruptcy protection in the Seeks competitive sealed bids by ● Maggy London International signed a officer, exercised options on 90,186 Southern and Eastern Districts of New 10:30 a.m. on Aug. 9 for the construction lease for 21,800 square feet on the 15th shares of common stock at prices site would attract tenants and help York. Information was obtained from U.S. of the CS 134 community improvement and 16th floors of the fashion district ranging from $26.16 to $37.22 on July 5, revitalize downtown. In the course of his Bankruptcy Court records available on garden in the Bronx and the construction showroom building at 530 Seventh Ave. in a transaction worth $2,908,744. On struggle, the octogenarian dynamo has Public Access to Court Electronic Records. of a comfort station in Brooklyn. Bid Marc Schoen and Michael Schoen of the same day, he sold 90,186 shares of outlasted four New York governors, five Listings are in alphabetical order. documents can be purchased in the Savitt Partners represented the tenant common stock at $57.38, in a New Jersey governors and five heads of Blueprint Room, Room #64, Olmsted and the landlord.The asking rent was not transaction worth $5,174,873. He now the Port Authority, which owns the site. ● Bronx Heights Neighborhood Community Center, Flushing, Queens, from 8 a.m. to disclosed. directly holds 26,074 shares. Corp. 3 p.m.To make inquiries, contact Juan Today, his 7 World Trade Center is 1484 Inwood Ave., Bronx Alban at (718) 760-6771 or ● Home textile retailer Ankasa signed a ● John Wiley & Sons Inc. (JWa) 90% occupied, one of his towers under Filed for Chapter 11 bankruptcy [email protected]. long-term lease for 1,420 square feet of William J. Pesce, president, chief construction at the site is about 50% protection on June 27.The filing cites space with 1200 Tenant Corp. at 1200 executive and director, sold 68,379 leased, and the process of finding estimated liabilities of $10,000,001 to GOODS AND SERVICES Madison Ave. Crown Retail Services’ shares of common stock at prices financing and a tenant for another is ● $50 million and estimated assets of Department of Environmental Protection Jordan Barker represented the tenant, ranging from $51.27 to $52.07 between under way. Meanwhile, Condé Nast $10,000,001 to $50 million. Among the Seeks competitive sealed bids by 11:30 while RFK’s Beth Rosen and Brandon L. June 28 and June 30, in a transaction creditors with the largest unsecured a.m. on July 28 for the preventative Singer represented the landlord.The worth $3,533,394. He now directly signed a lease for 1 million square feet claims are the New York City maintenance and repair of chemical asking rent was not disclosed. holds 524,592 shares. at 1 World Trade in May. Department of Finance, owed $734,136; metering pumps at various DEP Mr. Silverstein recently sat down the New York City Water Board, owed reservoirs and chlorination stations. To ● Phillips-Van Heusen Corp. (PVH) with Crain’s senior reporter Theresa $573,055; and the New York State make inquiries, contact Greg Hall at STOCK TRANSACTIONS Fred Gehring, chief executive of Tommy Agovino. Worker’s Compensation Board, owed (718) 595-3236 or [email protected]. Hilfiger and PVH international $249,500. Following are recent insider transactions at operations, sold 28,889 shares of Q Do you feel vindicated? ● Health and Hospitals Corp. New York’s largest publicly held companies common stock at prices ranging from A I don’t need vindication. It is good to ● Friend Tri New York Inc. Seeks competitive sealed bids by 2 p.m. filed with the Securities and Exchange $65.32 to $66.96 on July 1, in a be here and enjoy the fruits of my 145 E. 13th St., Manhattan on Aug. 15 for a preventative Commission by executives and major transaction worth $1,917,715. He now labors. Filed for Chapter 11 bankruptcy maintenance service contract for shareholders. Listings are in order of indirectly holds 1,253,250 shares. Ⅲ protection on June 27.The filing cites sanitation and dropping removal.There Q What is the secret of your tenacity? estimated liabilities of $500,001 to will be a mandatory prebid conference A There was the loss of 3,000 lives; $1 million and estimated assets of $0 to and site survey at 11 a.m. on Aug. 1 and there was enormous grief. We had to $50,000. Among the creditors with the Aug. 2.To make inquiries, contact Boris DEALS ROUNDUP get even with the terrorists. Rebuilding largest unsecured claims are 106 Third Goltzman at (718) 883-6000 or became the focus of my life. Avenue, owed $491,283.43; Renaissance [email protected]. Economic Development Corp., owed TRANSACTION SIZE Q What were the toughest obstacles SELLER/TARGET (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE $222,276.58; and Frederick Wildman & ● Health and Hospitals Corp. to rebuilding? Sons Ltd., owed $2,271.02. Seeks competitive sealed bids by 2 p.m. on One Equity Partners $1,007.0 OM Group SB M&A A I battled the insurance companies Aug. 16 for a service contract for a (Manhattan)/Vacuumschmelze ● Westrock Advisors Inc. stainless tanker with 5,800 gallons of Gmbh & Co. KG for five years to get money. The Port 230 Park Ave., Manhattan potable water.There will be a mandatory American International Group $241.5 Angelo Gordon & Co. (Manhattan), FB M&A Authority could be excruciatingly Filed for Chapter 7 bankruptcy protection prebid conference and site survey at 10 (Manhattan)/Central New Jersey Vantage Properties (Manhattan) difficult. Every new governor had to on June 15.The filing cites estimated a.m. on Aug. 1 and Aug. 2.To make Multi-Family Portfolio stop and take a look. They had different liabilities of $500,001 to $1 million and inquiries, contact Boris Goltzman at STX Europe ASA/STX OSV $234.6 OZ Management (Manhattan) SB M&A agendas. Agreements had to be estimated assets of $500,001 to (718) 883-6000 or Holdings Ltd. (additional 18.27%) modified and modified again. $1 million. Among the creditors with the [email protected]. Castle Harlan Inc. (Manhattan)/ $217.4 Bradken Ltd. SB M&A largest unsecured claims are W2007 Norcast Wear Solutions Inc. Q What was the lowest point? Monday 230 Park Owner, owed ● Housing Authority Pale Investments AG/Norcast $190.0 Castle Harlan Inc. (Manhattan) FB M&A A There were many. We were fighting $137,323.15; Lazare Potter & Giacovas, Seeks competitive sealed bids by 10:35 Wear Solutions Inc. all the time. The constant pressure from owed $78,732.18; and the Financial a.m. on July 28 to furnish gas out supplies, Lehman Brothers private equity $105.0 Medtronic Inc. SB M&A the press, those in the know, the Industry Regulatory Authority, owed in accordance with the supply-chain division (Manhattan), Venrock (unknown majority stake) cognoscenti—whoever those people $71,973.43. operations plan for sustainable (Manhattan), Western Technology procurement of green and energy-efficient Investment, Signet Healthcare are—saying, “You’ll never lease or products. Bid documents can be Partners (Manhattan)/PEAK finance. Never, never, never.” Surgical, Inc. GOVERNMENT CONTRACT downloaded at www.nyc.gov/html/nycha/ Q Why didn’t you take one of the OPPORTUNITIES html/business/goods_materials.shtml.To A-American Self Storage $86.0 W.P. Carey & Co. (Manhattan) SB M&A make inquiries, contact Harvey Shankman Management Co./A-American offers to buy you out? Self Storage Management Co. 24 A What became obvious to me early Following are selected contract opportunities at (718) 707-5466. property portfolio of self-storage recently announced by New York City facilities on is that if I didn’t keep the focus, this agencies.To learn how to sell goods and Parkway Properties Inc., $23.0 Not disclosed SB M&A wouldn’t have gotten done. There were services to city government, visit REAL ESTATE DEALS J.P.Morgan Chase & Co. (Manhattan), so many people pulling at this from so www.nyc.gov/selltonyc. For a searchable Starwood Capital Group, Kaufman many directions that someone had to database of current procurement notices, visit Companies that would like to have Jacobs Real Estate Investments, sit here and resolve to get it done. www.nyc.gov/cityrecord. Listings are details of their recent transactions appear in Rubicon US REIT Inc./Maitland 200 alphabetical by category and department. these listings should e-mail descriptions 220 Park Ave. South $20.0 Bijan and Danny Nassi SB M&A Q What does the site mean for following this format to ELaermer@ (Manhattan) the city? CONSTRUCTION SERVICES crainsnewyork.com, with “Real estate Encore Tower Group/Encore $12.9 Bronstein Properties (Manhattan) SB M&A A You are going to have a location that ● Department of Design and Construction transaction” in the subject line, or enter them Tower Group, 414 W. 44th St. will be as impactful as Rockefeller Seeks competitive sealed bids by 11 a.m. online at crainsnewyork.com/submitadeal. (Manhattan) Center was when it was completed. I on Aug. 3 for the grinding of existing Deals are listed in order of square footage. Umami Sustainable Seafood Inc. $11.0 Atlantis Group HF GCI asphaltic concrete wearing course in (Manhattan) believe that downtown will be viewed as preparation for resurfacing in Manhattan COMMERCIAL Cinedigm Digital Cinema Corp. $185.0 Federated Investors Inc., Iroquois Capital GCI midtown’s equal as a business ● and the Bronx. Bid documents can be Axiom Law signed a lease for 20,000 (Manhattan) (Manhattan), Prudential Investments, Granite neighborhood once the World Trade downloaded at www.nyc.gov/buildnyc.To square feet on the seventh floor of the Point Capital, AST Investment Services Inc., Center is completed. make inquiries, contact Ben Perrone at Puck Building at 295 Lafayette St. David Bortel Investment, Trinad Capital, Connective (718) 391-2614. Falk and Jason Greenstein of Newmark Capital Management, Skiritai Capital, Q Has anything surprised you about Knight Frank represented the building’s individual investors downtown’s recovery? ● Department of Environmental Protection owner, the Kushner family.The asking Selected deals announced for the week ended July 9 involving companies in metro New York. A This was always a financial center. FB M&A: Financial buyer M&A represents a minority or majority acquisition of existing Requests proposals by 4 p.m. on Aug. 12 rent was in the $60s a square foot. Now we have a lease for a million for a consultant to prepare an shares of a company with the participation of a financial buyer. GCI: Growth capital investment ● represents new money invested in a company for a minority stake. SB M&A: Strategic buyer square feet from Condé Nast. That is a environmental impact statement and Macy’s signed a lease for an additional M&A represents a minority or majority acquisition of existing shares of a company without the provide services related to the Water for 10,000 square feet, giving the retailer participation of a financial buyer. source: capitaliq change. The diversity has been a the Future Program.To make inquiries, a total of 170,000 square feet at surprise to me.

28 | Crain’s New York Business | July 18, 2011 20110718-NEWS--0029-NAT-CCI-CN_-- 7/15/2011 8:27 PM Page 1

9/11 TEN YEARS LATER Downtown as a modern urban hub

Continued from Page 1 microcosm of urban sustainability. black cloud and rubble with his University’s Graduate School of The Santiago Calatrava-de- family, who couldn’t live in their Architecture, Planning and signed transit hub and the neigh- home for three months. After Preservation. “It is a place where boring Fulton Street Transit Center having witnessed the painstaking- young people want to live and will comprise a nexus for 11 subway ly slow process of the former land- work, and that is a key to staying lines and the PATH train. Many of fill becoming a real community, he competitive, for we are in a global the 30% of residents who walk to couldn’t abandon it. competition for talent.” work do so from apartment houses “I felt I really had a stake in buck ennis converted from obsolete office this place,” Mr. Galloway said. A SURVIVOR: Henry Meer’s City Hall restaurant still faces challenges 13 years after it opened. A flood of new residents buildings, a repurposing that wins After years of failed attempts to kudos from environmentalists. The Tracing the why’s build a residential community in towers rising at the WTC site, the On warm days, the riverfront families in TriBeCa or Brown- become more plentiful when the the financial district, the area Goldman Sachs headquarters and promenade in Battery Park City stone Brooklyn rather than north- towers and transit hubs open and became one of the city’s hottest eight of the residential properties in teems with kids playing basketball ern suburbs, proximity to Grand the nearby World Financial Center neighborhoods only post-9/11. The Battery Park are model green and Frisbee, sunbathers soaking Central Terminal matters less. renovates its retail space. population of the financial district buildings. up rays, and moms and nannies Two new towers also played an and Battery Park City grew 101% “Downtown is reinventing pushing strollers. That stroller important role. Mr. Silverstein’s Lingering effects of 9/11 in the last decade, to almost 46,000, itself by taking what it had and brigade is one reason Nicholas ability to open 7 WTC—just out- The effects of the attacks linger according to Census data. Six new making it better,” said Peter Fleis- Clarke and his wife, who are side the site—a mere four years to this day, compounded by the public schools and a private school cher, executive director of the expecting their first child, moved after the attacks, along with Gold- Great Recession and the subdued have opened since the attacks. nonprofit Empire State Future. “It to Battery Park City in May. man Sachs’ decision to build its recovery. Some residents complain Lower Manhattan’s commer- is amazing how quickly the neigh- “We wanted to be with other headquarters downtown (albeit that the neighborhood could use cial bedrock of financial, insurance borhood has been regenerated.” families and like-minded profes- with a controversial government more stores and restaurants, and and government tenants has been Many challenges remain, of sional couples,” said Mr. Clarke, a subsidy) helped boost corporate some long for a major cultural supplemented by media compa- course. Retail and service options management consultant. confidence in the neighborhood. center downtown. Plans to build nies, law firms and others, creating are relatively limited. Some busi- For Conor Allen, 38, the draw “Goldman sent a message that one at the WTC are in limbo. a more diverse mix. The nontradi- nesses have never managed to was the ability to practically roll downtown was still for a place for “We need something that tional firms occupied 41% of regain their pre-9/11 sales. And out of bed straight into his office. a company headquarters,” said defines us in the same way Lin- downtown office space last year, an expected rise in vacant office “My commute is three minutes,” Carl Weisbrod, who headed the coln Center defines the Upper versus 26% in 2001. And the pub- space threatens at least some of said Mr. Allen, who works in Downtown Alliance from 1995 to West Side or the theaters define lisher Condé Nast will soon call the advances made. finance. “That’s what I wanted.” 2005. “Whether there would be a midtown,” said Mr. Galloway. downtown home. Those factors help explain why Condé Nast without Goldman For all its attractive qualities, Local merchants are benefiting A tale with many beginnings Sachs is an open question.” downtown doesn’t rival midtown from the influx of residents and Many can take some credit for Mr. Weisbrod, a veteran of as the city’s premier business dis- visitors alike. More than 9 million lower Manhattan’s recovery, Downtown ‘is large redevelopment projects such trict. Its ability to mount a chal- tourists visited lower Manhattan although no one disputes that gov- as Times Square, says that though lenge to midtown’s dominance last year, a number expected to ernment played the most vital role. no longer a some might consider progress may be stymied by the anticipated jump as high as 12 million by Various agencies poured more than slow—especially on the site jump in vacancy rates after the 2012, when the National Septem- $20 billion into the neighborhood. second-choice itself—such initiatives typically WTC towers open their doors and ber 11 Museum and Memorial The funds were distributed take much longer than a decade. large tenants such as Deloitte and will be open to the public. The through a slew of programs, includ- destination’ The politics and emotion sur- Nomura leave the WFC in 2013. number of hotels has skyrocketed ing low-cost financing for con- rounding the site’s rebuilding have The WFC faces vacancies of about from six before the attacks to 18. struction to spur redevelopment, as posed particular challenges. 4 million square feet. Executives at The tip of the island also fea- well as rich incentives for compa- The feuding between the Port owner Brookfield Office Proper- tures multiple public transportation nies and residents to move or stay Authority and Mr. Silverstein’s ties say they’re close to leasing options, an abundance of riverfront downtown. The mid-decade boom the financial district’s vacancy rate company didn’t help, and the reso- about 50% of that. lawns and playgrounds, and several in the city’s economy—fueled by is among the lowest in the city, lution of their differences was a Struggling retailers also need to green buildings—making it a Wall Street—helped lift down- while its rents are 17% higher major breakthrough. Christopher have those offices filled. Last year, town. Then there than average. The pricey tabs also Ward, appointed to head the Port 47 retail operations opened below was the quintes- reflect the high proportion of lux- Authority in 2008, also deserves Chambers Street, but 46 closed. sentially New ury residences offering amenities credit for restoring momentum to Henry Meer, the owner-chef of York City atti- added by developers to entice ten- stalled construction at the site. City Hall restaurant on Duane tude: a mixture of ants when the area wasn’t an easy “Nothing like steel rising to Street, says it had not fully recov- defiance, moxie sell. TriBeCa now rivals SoHo as instill confidence,” said Elizabeth ered from the attacks when the and pride. the city’s most expensive rental Berger, president of the Down- recession hit. While there are many “These ter- neighborhood. town Alliance since 2007. new residents, there are also many rorists wanted us “This is no longer a second- Tangible evidence that down- new eateries to compete against. to change our choice destination,” said Gary town will be able to claim a place “It’s hard to be a 13-year-old way of life, and Malin, president of Citi Habitats. among the world’s premier urban restaurant,” he said. there was no way That’s true for businesses, too. centers came with Condé Nast’s we were going to Downtown has seen its tenant base decision to take 1 million square New fortunes to be made let that happen,” diversify, lured by government feet at 1 WTC. The posh publisher Over on Stone Street, the said Larry Sil- incentives and rents that have his- was credited with helping to trigger eateries are packed, with some verstein, whose torically been 37% lower than those a Times Square renaissance when it patrons huddled under canopies company leases in midtown. Companies such as moved to the then-unsavory dis- stretched over outdoor tables one the WTC site The Daily News, Cambridge Uni- trict in the late 1990s and is expect- rainy evening in June. Inside Vin- from the Port versity Press and law firm ed to provide a similarly salutary try Wine & Whiskey, proprietor Authority of Fragomen, Del Rey, Bernsen & boost for retailers and commercial Peter Poulakakos is pointing out New York and Loewy are all now downtown. landlords downtown. the custom-made mirrors, leather New Jersey and BMI, in midtown for 25 years, “I can promise you that not in bar stools and granite tabletops in who will unveil moved to 7 World Trade Center my wildest dreams would we be the latest of his five businesses on the first of his last year, drawn by a reasonable standing here today to announce the block. He and his partners three buildings rent for a state-of-the-art building the most transformative agree- have invested $10 million in an in 2013. in an exciting part of town, ment for downtown in decades,” empire that includes a coffee bar, Jeff Galloway, according to CEO Del Bryant. Mr. Ward said at the lease signing a pub, a steakhouse and a pizzeria. a 29-year resi- “Where you are and the build- in May. “The bustling streets of “This is a great area,” he says as dent of Battery ing you are in say a lot about your downtown will soon be home to he walks down the street survey- Park City and a company,” said Mr. Bryant. one of the world’s most influential ing his establishments. “It’s a place partner at the All those transit links and the media empires, a trendsetter and a people want to be.” ■ buck ennis CAN’T STAY AWAY: Richard Pasquarelli, his wife Valerie Pels, and law firm Hughes improving quality of life are fac- game changer. Where Condé Nast their children Richard and Cate, pictured on Stone Street, decamped Hubbard, was tors in downtown’s revival. And as leads, others follow.” LISTEN to a discussion at to Hoboken in 2003. Now they’re moving back. caught in the more senior executives raise their Shopping options are set to CrainsNewYork.com/podcasts

July 18, 2011 | Crain’s New York Business | 29 20110718-NEWS--0030-NAT-CCI-CN_-- 7/15/2011 8:27 PM Page 1

HIS HISTORY OF HIGH a while. His strategy is to transform the lender, which in 2008 submitted to Federal Reserve (AND LOW) FINANCE John Thain’s redemption oversight,into a large bank with a stable base of GOLDMAN SACHS deposits. That’s because the firm’s bankruptcy John Thain started at the investment bank in Continued from Page 3 Fargo, HSBC, U.S. Bancorp or Toronto-Do- was owed not so much to dud loans—although 1979, excelling not as an M&A maven but showplace, is a “much more typical office” for minion Bank could pay up to $65 a share for it had plenty of those—but rather to its being as an operations guy. He rose to president of the lender. the company—a nearly-60% premium over frozen out of the short-term funding markets it the firm and in 2004 earned $11 million, The move also helped CIT save $20 mil- CIT’s current trading price. had long relied on to finance operations. lion in annual rent. It is only the most visible One analyst, who wished not to be identi- according to Bloomberg, although that action taken by Mr.Thain to put his stamp on fied, deemed CIT’s takeover price as in the Trying to acquire a bank understates the fortune he made when the a company that emerged from bankruptcy ear- mid-$50s, adding, “There’s no doubt that The quickest route to a turnaround would be partnership went public in 1999. ly last year. He’s hired an almost entirely new John Thain’s means of redemption is to take using some of CIT’s $9 billion in capital to ac- NEW YORK STOCK EXCHANGE management team,cut the head count by 12% three or four years fixing up the company and quire a bank,and Mr.Thain is certainly a believ- Mr. Thain became CEO of the NYSE in 2004, to 3,800, and refinanced or repaid billions of then selling it.” er in the transformative powers of a well-timed earning over several years a total of $16 CIT’s debt to lower operating costs. Mr.Thain wouldn’t be interviewed for this merger. In 2005, he used the $9 billion acquisi- million in compensation for his labors, which The defensive maneuvers—at an extraordi- article. (A spokesman cited a quiet period be- tion of Archipelago Holdings, an electronic were considerable. He modernized the narily unsexy outfit whose core financial spe- fore the company reports quarterly earnings stock market, to modernize the NYSE. And institution by merging it with electronic cialties include leasing railroad cars and buying next week.) He has shunned media for the past shortly after joining Merrill,he told a deputy to exchange Archipelago in 2005, and a year up unpaid invoices at a discount—seem like an 18 months,a dramatic change considering the explore a merger with Swiss giant UBS,accord- later took the institution global through its odd career turn for the 56-year-old Mr.Thain. square-jawed executive once called Su- ing to the recent book Crash of the Titans. merger with Paris-based Euronext. After all, he’s a former chief executive of Mer- perThain frequently appeared on CNBC and But his path to buying a bank is blocked by rill Lynch, a past CEO of the New York Stock other TV outlets when running Merrill and U.S. regulators. Back in 2009, after getting MERRILL LYNCH Exchange and a onetime president of Gold- the NYSE. In fact, last month’s investor con- their first close look inside CIT, Federal Re- Mr. Thain took over in late 2007, when Merrill man Sachs. But if Mr. Thain can turn around ference marked his first public appearance serve officials decreed the company’s risk and was reeling from billions in mortgage-related the $51 billion-in-assets CIT, he’ll likely en- since becoming CIT’s chief executive. credit management to be inadequate. Mr. losses. His signing bonus: $15 million in tice a big bank to acquire it at a sweet premi- One reason for Mr. Thain’s reticence may Thain has acknowledged it’ll take at least un- cash, $33 million in stock, and stock um.That would unquestionably provide a bet- stem from his biggest blunder at Merrill, til year’s end to get them up to snuff. options valued at $34 million. He wisely sold ter coda to Mr.Thain’s 32-year career than his where he repeatedly declared things were Until that happens, mergers are all but for- the ailing Merrill to Bank of America in late hasty exit at Merrill, which he left two years rosier than they really were. bidden. As a result, CIT could do little but sit 2008 for a premium, but was ousted in early ago as a publicly derided symbol of Wall Street In a January 2008 conference call, his first and watch last month as the seemingly perfect 2009 after it was revealed he had billed excess after it was revealed he’d billed the firm as the brokerage firm’s CEO, he announced, target—ING’s online banking operation,with Merrill $1.2 million to renovate his office. $1.2 million to renovate his office. “We are very confident that we have the cap- more than $80 billion in deposits—was put up CIT GROUP ital base now that we need to go forward into for auction. Capital One swooped in and Mr. Thain became CIT’s chief executive in “A ton of capital” 2008 and beyond,” according to a transcript. grabbed it for $9 billion. “CIT has got exactly what big banks want: In fact, Merrill lost so much money in the en- An investor at last month’s conference February 2010, shortly after the lender a big book of loans and a ton of capital,” said suing months that it was forced to raise new asked Mr. Thain how the increased regulato- emerged from bankruptcy. His pay is Mike Turner,an analyst at Compass Point Re- capital three more times and unload assets be- ry scrutiny was affecting his acquisition plans. considerably lower than at Merrill—about $6 search & Trading. “It could be a really attrac- fore nearly failing in September 2008 and rac- “The simple answer,” Mr.Thain responded, million per year—but then again so is the tive property to someone else.” ing into the arms of Bank of America. “is it’s difficult.” Ⅲ company: CIT has $51 billion in assets; An official at Centerbridge Partners,one of At last month’s investor conference, Mr. Merrill had $1 trillion when Mr. Thain took CIT’s largest shareholders, speculated at a Thain adopted a more cautious line,readilyIS N ad- L TE to a discussion at over the Thundering Herd. conference in April that acquirers like Wells mitting that CIT’s turnaround efforts will take CrainsNewYork.com/podcasts

The notion of News Corp. as a family dy- one silver lining, particularly since Chief Op- nasty may be one more casualty of the crisis. erating Officer Chase Carey is highly regard- Murdoch empire rocked Though the Murdoch family trust controls ed by industry insiders and investors alike. the company with 40% of the voting stock, Having Mr. Carey run News Corp.“would Continued from Page 1 If the normally decisive Mr. Murdoch ap- some observers think that if the legal problems be better than handing it to the 38-year-old News International during the years that the pears lost,it could be because events have shat- become severe enough, Mr. Murdoch might son of the founder,” said Laura Martin, media hacking occurred. tered assumptions about the future of News step back. And no Murdoch would be able to analyst for Needham & Co. Ms.Brooks,who was CEO of News Inter- Corp., a company he has run for decades as a take his place. national until July 15,had been editor of News personal fiefdom. James, who has headed the international Investors unhappy with nepotism of the World in 2002, when the paper allegedly “It is very surprising that a company that division of News Corp. since 2007, recently But industry insiders point out that in- hacked the phone of a 13-year-old murder vic- has been so clinical in management decisions admitted to approving secret out-of-court set- vestors have been unhappy with the nepotism tim. The Murdoch paper was shut down last and so skilled in political relationships has tlements for phone-hacking victims. He is at News Corp. for a long time, and they don’t week in an effort to contain the crisis. floundered so badly,”said Emily Bell, director seen as dangerously damaged by the crisis. expect that anything short of a prosecution Mr. Murdoch launched a public relations of the Tow Center for Digital Journalism at His sister, Elisabeth Murdoch, who re- would make Mr. Murdoch change his ways. counteroffensive, but it has gotten off to a Columbia University and former director of cently rejoined News Corp. after building her Meanwhile, the controversy shows no strange start. In an interview last week with digital content at , a U.K. daily own production company, also seems an un- signs of dying down. Rupert and James Mur- the Journal,he announced that he would set up newspaper and Murdoch rival. “It highlights likely candidate. doch, and Ms. Brooks will appear before par- a committee to “investigate every charge of a central crisis of leadership.” “More than just tainting one individual, liament this week. improper conduct” at News Corp. [the scandal] has tainted the idea that this can Though experts believe that the News The 80-year-old mogul made no mention Leadership issues go on forever being a family company,” said Corp. chairman would have been insulated of a previous investigation by News Interna- The issue of leadership has long troubled Ken Chandler, who was a senior editorial ex- from any wrongdoing at his papers,new inves- tional that determined the illegal practice was News Corp.Though recognized as a visionary ecutive in the Murdoch empire for nearly 30 tigations—and not just the internal one Mr. confined to one reporter.Nor did he acknowl- genius, Mr. Murdoch has been criticized for years and now edits Newsmax, a conservative Murdoch called for—could be in the works. edge that other inquiries were under way— disregarding investor preferences. He has monthly. “It’s a public company, and it needs “If the FBI is interested,the [Securities and two by Scotland Yard and another by the FBI, spent the last couple of decades finding roles professional leadership.” Exchange Commission] is going to be inter- sparked by reports that News of the World at- for his children, most recently grooming his That a professional manager could take ested,” said Anthony Roman, CEO of inves- tempted to hack the phones of 9/11 victims. son as heir apparent. charge at News Corp. has been the scandal’s tigation firm Roman & Associates. Ⅲ

ty,”said Nancy Ploeger,president of the Man- Mr.Allon does have the potential to connect But Ann Kayman,who owns the New York Exec’s quest hattan Chamber of Commerce, which does with entrepreneurs. He has grown his business Grant Co. and once worked for the city Eco- not endorse candidates. tenfold in the past decade and has 120 employ- nomic Development Corp., said she will back Mr. Allon, who lives on the Upper West ees. He complains that the city harasses busi- Ms. Quinn, who she believes can navigate the Continued from Page 3 Side with his wife and three children,hopes to ness with taxes and fines and says proposed liv- city’s bureaucracy and thorny politics. proval ratings fell after he extended term lim- prove he is competitive by raising as much as ing-wage and sick-pay mandates would make “She brings both experience and business its to seek re-election in 2009 and have not re- $1 million by the end of the year. While he is it harder for employers to provide jobs and ben- sensitivity to the job,” Ms. Kayman said.“And covered. His unpopularity could dampen the just getting started,his potential opponents in efits. Small merchants may see a kindred spirit. she’s no pushover, either.” chances of a business candidate as voters look the Democratic primary have been fundrais- Mr. Allon will argue that he has the requi- for someone more like them. ing furiously for a while. Appealing to entrepreneurs site experience, having founded political pub- Moreover, Gov. Andrew Cuomo has In the past six months,City Council Speak- “When I’m looking at candidates, I’m lications City Hall and The Capitol and led ef- shown New Yorkers that a traditional politi- er Christine Quinn hauled in $1.3 million,city looking at the needs of small business because forts to establish two public high schools. He cian can be effective on business issues. Comptroller John Liu nearly $1 million, Pub- I’m a small businessman,” said Bob Schwartz, contends that after a dozen years under a bil- “I don’t think you have to come from a busi- lic Advocate $675,000 and Man- who owns Eneslow shoe stores. “As a retailer lionaire mayor, the city would be better off ness background or be a business owner, you hattan Borough President Scott Stringer in multiple boroughs, I need someone whose electing a journalist-turned-publisher than just have to be smart and listen to your trust- $650,000. William Thompson, who lost to perspective is not just Times Square and Wall returning to career politicians. It may be the ed advisers who know the business communi- Mr. Bloomberg in 2009, raised $250,000. Street.” toughest sell of his career. Ⅲ

30 | Crain’s New York Business | July 18, 2011 20110718-NEWS--0031-NAT-CCI-CN_-- 7/14/2011 6:12 PM Page 1

Growth in cellphone development jobs from Q1 to Q2 +20% +11% -6% Android iPhone BlackBerry BUSINESS LIVES Source: Freelancer Fast 50 report

HOT JOBS EXECUTIVE INBOX Anne Fisher DEPUTY DIRECTOR, DATA MANAGEMENT ORGANIZATION Division of Acad- Hands-on help emics, Performance and Support, Department of Education for the tech JOB DESCRIPTION Evaluate challenged effectiveness of DOE reforms MOST IMPORTANT TASK Inte- DURING THE SEVEN YEARS she grate new evaluation systems into worked for Apple, first as a accountability reports trainer and then as a training manager, Leah Sigler found CREDENTIALS NEEDED Bache- lor’s degree; 4 years’ experience; herself besieged by questions 18 months’ upper-management from friends and relatives about experience; knowledge of how to use their tech devices. database programs, including Where most people in her MS Structured Query Language position would have seen an SALARY $95,000 to $145,000 occupational hazard, Ms. Sigler spotted an opportunity. Why not RECRUITER Internal get paid to provide the kind of DOWNSIDE Must rework systems coaching she was doing for as reforms are introduced free? Thus was born How Lounge. UPSIDE Opportunity to revolution- Launched last year in a ize DOE systems of accountability remodeled storefront in SoHo, The NYC school system has the firm, which employs six 1.1 million students and 90,000 trainers, charges customers $75 teachers in more than 1,600 per hour for advice on how to schools. DAPS is the DOE division build a website, turn videos into in charge of assessing education- movies, get the most out of al progress. business software like Excel and —IRVIN IBARGUEN QuickBooks, or make their gadgets do other tricks. TREE RINGS: Alan All of How Lounge’s staffers EXECUTIVE MOVES Solomon says wood are former Apple employees, salvaged from old with one exception: co-founder Sesame Workshop: buildings really tells Anna Gaponovich, who used to Daryl Mintz, 41, was the story of the city. manage online advertising for promoted to chief The Toronto Star. She is also Ms. financial officer from Sigler’s sister-in-law. vice president, controller, of the Perhaps the biggest revela- nonprofit educational GOTHAM GIGS tion, to newbie entrepreneurs organization. He also used to sharing decision-making serves as treasurer of the Joan Ganz with fellow corporate denizens, is Cooney Center for Educational Media that, as Ms. Gaponovich puts it, and Research, a subsidiary of Sesame “sometimes the quickest, Workshop. Chernoff Diamond & Co.: Brian M. simplest decisions—the ones Lumber Tracker you make in five minutes over Laibach, 55, joined as a senior benefits consultant in the retirement plan coffee—are the best ones.” services division of the benefits and New York is a vast old-growth forest, as Alan Solomon sees it. A case in point: The firm now risk-management advisory firm. He was Barrels Hemlock, spruce and other tree species compose the bones of the gets many of its new customers previously a financial adviser at Chase from a plastic rack filled with Investment Services Corp. from a city’s aging tenements, factories and warehouses. As they face the How Lounge business cards. Cheryl White-Leys, 42, wrecking ball, Mr. Solomon, 46, enters demolition zones to harvest joined as a senior risk- vanished “It’s so simple, yet when we consultant in the risk the wooden remains. ¶ His Sawkill Lumber Co. salvages antique ask people who come in how management services distillery joists, posts and beams, which become raw material for future they heard of us, most of them division. She was most say, ‘Oh, I was walking by and recently director of become construction. ¶ Planks of Ipe lumber plucked from Coney Island’s took a card,’ ” Ms. Sigler said. marketing at Sobel boardwalk now line the floor of a Think Coffee on Eighth Avenue The card rack cost $8.63, she Affiliates Inc. UGL Services: Jeffrey Donnelly, 43, joined cabinetry and panel the entrance of a condo in Dumbo.The oak and cypress added. That’s a far cry from the the facilities maintenance services barrels once used to store vermouth and brandy at a Queens thousands of dollars the partners provider as senior vice president and invested in marketing, branding managing director. He was previously a distillery became cabinetry for a SoHo shoe store. ¶ Mr. Solomon, and search-engine optimization. principal at Spectrum Partners. an East Village resident, is drawn to the stories contained in each “We later realized we could do a Patrick O’Malley, 39, joined as senior piece of wood. “New York itself reflects this idea of transformation,” lot of that just as effectively vice president and managing director. He was previously a principal at he said. A recent example: Columbia University tore down an 1890s ourselves,” said Ms. Sigler. Spectrum Partners. building full of southern yellow pine to make way for a new science 92nd Street Y: Leslie Meyers, 35, joined WHAT WAS your biggest adjustment as director of fitness. She was previously center and wants to build benches for the center from that pine. from corporate life to running fitness director at Club One Petaluma. “That would close the circle,” Mr. Solomon said. your own business? Tell us at

See EXECUTIVE MOVES on Page 32 —shane dixon kavanaugh buck ennis www.crainsnewyork.com/execinbox.

July 18, 2011 | Crain’s New York Business | 31 20110718-NEWS--0032-NAT-CCI-CN_-- 7/14/2011 6:13 PM Page 1

RÉSUMÉ REVIEW From portfolio to ponies Is your job search all it could be? We ask the experts. Real estate veteran peting with big public companies. friends and I would go for fun and ex- NAME CHERYL M. MANN citement when we were young. SUMMARY feeds passion for But why sell to a financial firm? There When I started making money, I Senior marketing and management don’t appear to be many synergies. started to buy and breed horses. I’ve professional buildings, racetracks Howard Lutnick [chairman and been breeding them for 20 years. It’s CEO of both Cantor and BGC] is a real thrill to own horses. I bought PROFESSIONAL EXPERIENCE very smart, and he’s got some great the tracks [Tioga Downs and Vernon New Venture, principal, 2000-present BY THERESA AGOVINO ideas on how to grow the business. I Downs] out of bankruptcy in 2005. Mount Sinai Medical Center, 2010 wouldn’t sell it to another real estate Project manager for digital/media partnership with Sharecare.com; ewmark Knight Frank firm, where all our brokers would Are the tracks lucrative? increased brand exposure; drove patient visits; responsible for content, Chairman Jeffrey Gural have to take a backseat. When we opened, we were losing a blogging and community-building has made very significant fortune.We had to lobby the state to Let’s Erase the Stigma, 2010 transactions in recent What’s your secret to keeping the lower the tax rate. We also have the Researched competitive set; designed the nonprofit’s communications Nmonths. In April, he and his partners portfolio nearly 100% leased during slot machines, which help pay the plan and social networking strategy at Newmark decided to sell the tradi- such difficult economic times? bills. Road House Entertainment, 2009, 2010 tional real estate brokerage to BGC Real estate is the easiest Secured financial and in-kind sponsorship for the production and Partners Inc., a publicly traded spin- business in the world: Why lease the struggling Meadowlands? screening of the company’s short film off of Cantor Don’t have a lot of debt Last year it lost about $12 million, Fitzgerald. A on the property,and live so it has become a challenge. But I EDUCATION month later, a long time. If you live a really enjoy the racing business. Fordham University, certification in nonprofit organization leadership MOVERS & Mr. Gural, the long time, you weather New York University, M.S., direct and interactive marketing SHAKERS owner of two all the bad times. We’re What are you going to do to turn it Spelman College, B.A., English racetracks in easy to work with. around? Résumé appears in condensed form. upstate New We don’t We are going to open an offtrack EXPERT ADVICE Jeffrey York, reached have 100- wagering center in Bayonne. a deal to lease page leases, We are going to build a Cheryl is right to include an expertise section, but there is room for Gural the money- and we view brand-new grandstand improvement. Some keywords used are broad; include specific losing Mead- our tenants with a huge sports bar and competencies and industry-relevant skills to provide a quick and owlands Race- as cus- upgrade the food.We are comprehensive look at strengths. Cheryl’s formatting of projects is track in New Jersey. The 69-year-old tomers. going to do lots of fun excellent but can be enhanced by using paragraphs under each project to executive continues to oversee a Man- promotions. I’m very describe day-to-day responsibilities, reserving bullets to highlight the most hattan-centric portfolio of 45 build- Where did optimistic. It’s very impressive accomplishments. Finally, she can include information such as ings with about 8 million square feet your interest expensive to go to size and revenue to improve company descriptions and give context. that he owns with various partners. in horses come sporting events. It can —ware sykes, vice president, head of résumé services, from? cost $500 to take your TheLadders.com Why did you decide to sell Newmark? I lived near Roo- kids to a Yankee game. In order to grow, you need to be a sevelt Raceway in At the track, you can To contact this candidate or to be featured in Résumé Review, email us at part of a public company. You need Long Island, and lose every race and still [email protected]. that access to capital.We were com- that’s where my only spend $100. Ⅲ

buck ennis EXECUTIVE MOVES CNY Builders: Jeremiah Collins, 67, joined company. He was most recently Investment Group and a managing Solutions. as director of marketing and business managing director and head of partner and founding member of G2 Curtis Mallet-Prevost Colt & Mosle: development for the construction and insurance investment banking at Credit Real Estate. Raymond Hum, 34, joined the law firm Continued from Page 31 development services organization. He Suisse. Spencer Kagan, 50, joined as a managing as counsel. He was most recently an The Vineyard Theater: Jennifer Garvey- had previously been a vice president at Day Pitney: Dan Farrell, 44, joined the director and head of CMBS credit and associate at Morrison & Foerster. Blackwell, 41, was promoted to executive URS Corp. law firm as a partner. He was most underwriting. He was previously a Taste of Home: Jeanne Ambrose, 57, producer from executive director at the Cushman & Wakefield Sonnenblick recently of counsel at Mishcon de Reya partner at G2 Real Estate. joined as editor of the magazine. She nonprofit theater company. Goldman: Phillip M. Anderson, 51, joined New York. Institute for Private was previously a freelance editor and Rebecca Habel, 37, rejoined as managing the real estate financial services Ernst & Young: Joshua Herrenkohl, 38, was Investors: Kathleen writer specializing in food, nutrition and director. She was most recently general company in the newly created role of promoted to national service line leader, McBride, 54, joined as health. manager at the Roundabout Theater Co. senior managing director, senior housing real estate investor services, at the director. She was most Investment Program Association: David Kasowitz Benson Torres & Friedman: and health care practice. He will consulting firm. He was previously a recently with Summit Maccarella, 40, joined as director of Wallace L. Schwartz, 58, joined the law continue as president of the Geneva senior manager. Business Media as education. He previously worked in firm as a partner to launch and lead the Co., an advisory firm he founded whose Maureen A. Welch, 50, wealth editor-in-chief Thomson Reuters’ financial division, real estate practice. He was previously senior housing services will now be was promoted to of AdvisorOne. where he helped conceptualize, write the global head of Skadden Arps Slate handled by Cushman & Wakefield national service line Winston & Strawn: John and develop online training courses. Meagher & Flom’s real estate group. Sonnenblick Goldman. leader, corporate real D. Roesser, 40, joined the law firm as a Tarter Krinsky & Drogin: Marilyn Simon, Adam M. Endick, 39, joined as a partner in Delphi Financial Group: Stephen Kiratsous, estate advisory partner. He was previously a partner at 69, joined as counsel in the law firm’s the real estate practice. He was previously 47, joined as executive vice president services, from senior Seyfarth Shaw. bankruptcy and corporate restructuring a partner in the real estate group at and chief financial officer of the manager. SNR Denton: Neil Capobianco, 46, joined practice group. She was previously the Skadden Arps Slate Meagher & Flom. integrated employee benefit services Keller Williams NYC: the law firm as partner. He was most head of Marilyn Simon & Associates. Hela Miodownik, 49, recently a partner at Seyfarth Shaw. City National Bank: Boris Gluzberg, 40, joined the Manhattan office of the real Brian Cousin, 48, joined as partner. He joined as vice president, senior CORPORATE LADDER estate firm as an associate broker. She was previously a partner at Seyfarth relationship manager. He was was previously a vice president at Shaw. previously a private banker at Wells Prudential Douglas Elliman. Jonathan Evan Goldberg, 40, joined as Fargo & Co. FINANCE EXECUTIVE’S ARTFUL TRANSITION Parish Pradham, 30, joined as a sales partner. He was previously a partner at David B. Oliver, 38, joined as vice PETER KATZ, 40, has been appointed chief operating officer of MoMA PS1, a agent. He was most recently a sales Seyfarth Shaw. president and relationship manager. He nonprofit contemporary art institution affiliated with the Museum of Modern Art. agent at City Connections Realty Inc. José M. Jara, 40, joined as managing was most recently assistant vice Time Warner Cable: Bobby Amirshahi, 38, director. He was previously a project president, entertainment group, at Located in Long Island City, Queens, MoMA PS1 presents more than 50 joined the company as vice president of manager for Seyfarth Shaw. Comerica Bank. exhibitions a year featuring emerging genres and artists. Mr. Katz’s communications. He was most recently Ford & Harrison: David A.Tango, 30, Medallion Sports Media: Lisa Brown, 47, responsibilities there will include managing daily operations and senior director of public affairs for Cox joined the law firm as an associate. He was named a senior adviser to the overseeing financial planning. Enterprises. was previously an associate at Peckar & president of Medallion Financial Corp. The executive was most recently finance director for the ETF Securities: Dan Magnusson, 36, Abramson. She was previously CEO of Richard Neue Galerie, but his background in finance and the arts joined the trading firm as senior vice RightsFlow: Chris Petty Motorsports, another Medallion president of sales, U.S. He was Lydle, 41, joined as company. extends well beyond that post. Mr. Katz served as MoMA’s previously regional vice president at vice president of —jonas altman-kurosaki finance director from 1998 to 2001 and as senior financial Guggenheim Funds Distributors Inc. business development analyst for the Solomon R. Guggenheim Museum prior to that. Barclays Capital: Larry Kravetz, 51, for the licensing and EXECUTIVE PROMOTIONS royalty service Mr. Katz received an M.B.A. from New York joined the investment banking division The fastest way to get an announcement into University’s Stern School of Business. of Barclays Bank as a managing director provider. He was Crain’s is to submit online. Fill out the form previously vice —JONAS ALTMAN-KUROSAKI and head of finance, commercial at www.crainsnewyork.com/section/ mortgage-backed securities origination. president of sales and executive_moves. The Executive Moves column He was previously a partner in G2 marketing for Christian Copyright is also available online.

32 | Crain’s New York Business | July 18, 2011 CN014508 7/15/11 4:53 PM Page 1 20110718-NEWS--0034-NAT-CCI-CN_-- 7/14/2011 6:15 PM Page 1 chemex / INSATIABLE CRITIC Gael Greene required. For more information and to flickr.com THE register, visit www.manhattancc.org. NETWORKING RECEPTIONS TUESDAY, JULY 26 WEEK NETWORKING FOR PROFESSIONALS invites you to an evening of high-speed Warm welcome networking. The event will take place at AHEAD the Houndstooth Pub, downstairs room, 520 Eighth Ave., from 6 p.m. to 8 p.m. The cost to attend is $20 for at Grandma’s JULY 25-31 members and $30 for nonmembers in advance, and $35 for all at the door (cash only). Light hors d’oeuvres will be CONFERENCES provided. For more information, visit Spacious Casa Nonna AND SEMINARS www.manhattancc.org. TUESDAY, JULY 26 improves its offerings Join business etiquette expert Hilka CULTURAL EVENTS Klinkenberg for GETTING YOUR FRIDAY, JULY 29 and starts to fill up MESSAGE OUT: THE NUANCES OF Join the QUEENS MUSEUM OF ART and COMMUNICATING IN ASIA. Professionals Target Passport Fridays for Taiwan WHAT HE’S hey look like tourists interested in Asian languages or Night. The evening will feature film, mostly, directed by cultures will learn about the cultural dance and music outside in Flushing READING prepped concierges in differences that should be considered Meadows Corona Park, 11101 Corona nearby hotels. In just when communicating at all levels. The Ave. The dance and music program, MAC GAMSE is CEO of Meritas, a T buck ennis event will take place at the Asian featuring H.T.Chen & Dancers and eight days, Casa Nonna GRANDMA SAYS: “Try the pizza.” American/Asian Research Institute, the Drum Spirit of China, begins at group of college-prep schools that is starting to fill up, not a snap given 25 W. 43rd St., 18th floor, from 7 6:30 p.m., and the featured film, Kung this spring bought Claremont the sprawling 15,000 square feet (its p.m. to 10 p.m. The cost to attend is Fu Dunk, will begin at 8 p.m. The event Preparatory School in lower prototype in Washington, D.C., is CASA NONNA $15 for members and $20 for is free. For more information, visit Manhattan. Mr. Gamse admits to 20,000 square feet). The kitchen 310 W. 38th St. nonmembers in advance, and $30 for www.queensmuseum.org. being an avid iPad reader, often that was all afumble one week ago is (212) 736-3000 all at the door. To register, visit juggling several titles. www.casanonna.com SATURDAY, JULY 30 definitely starting to hit stride. Last www.manhattancc.org. For more For the moment, though, he’s information, call (917) 362-1346. The MOSTLY MOZART FESTIVAL features week’s wimpy bucatini all’amatri- focused on one—Lewis Mumford’s ciana is now rigorously sauced, the the festival orchestra in a free preview TUESDAY, JULY 26 The City in History: Its Origins, Its twigs of pancetta piled on top CUISINE Italian concert. Maestro Louis Langrée will WOMEN’S NETWORK FOR A SUSTAINABLE conduct the orchestra in a program Transformations, and Its adding bacony chew and flavor. PRICE RANGE Entrées $21-$45 FUTURE presents “The Energy featuring works by Mozart and Prospects. The book, Most of us are carefully avoiding SERVING Lunch, dinner Question: Crises, Costs and Stravinsky.The concert will take place recommended by a colleague, rings of fiery red pepper scattered Alternatives.” The panel discussion will at Avery Fisher Hall, West 65th Street explores urban culture from along with toasted bread crumbs RESERVATIONS Not necessary yet feature speakers from Pfizer, and Broadway, at 7:30 p.m.Tickets will ancient to the mid-20th over the bigoli with cockles in the NOISE LEVEL Moderate buzz Consolidated Edison, Credit Suisse be distributed on a first-come, first- shell and crumbled sausage, but not and other companies. The event will served basis starting at 10 a.m. on July century. me. I like biting into a ringlet, test- I can’t wait to return. take place at Pfizer, 235 E. 42nd St., 29 at the Avery Fisher Hall box office; “The book is exquisitely written from noon to 2 p.m. Registration is limit two tickets per person.The festival and seems exhaustive,” Mr. ing the burn and going for it. I will definitely go back. required. The fee is $40 for registrations officially opens on Tuesday, Aug. 2, and Gamse wrote in an e-mail. “As a I’m not letting my friends order I’ll let them simmer awhile. made by July 20 and $55 for Wednesday, Aug. 3, and runs through pappardelle al funghi because even father of three young children, [I NO HATS Never again. registrations thereafter. For more Aug. 27. For more information and a with little blobs of ricotta, it was so information and to register, visit complete performance schedule, visit have] precious little time for bland and over-oiled a week earlier. www.manhattancc.org. www.mostlymozart.org. reading, but I find Mumford a Now I’ll never know if it might be as —suzanne panara thought-provoking writer who is skillfully done tonight as the garlicky der a crunchy salad of pigs’ ear THURSDAY, JULY 28 well worth the investment.” To view Crain’s classified events listings, WORKSHOP IN BUSINESS —JERMAINE TAYLOR potato gnocchi with plump chunks cracklings,shaved red onion,parsley go to www.crainsnewyork.com/events of lobster, chanterelles, pancetta and and frisée. The rivulets of reduced OPPORTUNITIES invites you to “A clippings of garlic greens. braising juices flowing into the Business of Your Own! Is It for You?” Attendees will explore the process of We were all by ourselves in one of runoff of olive oil and lemon is a turning ideas into a profitable business, two empty dining rooms that first wake-up call in my mouth. Yet the the traits of thriving entrepreneurs and night, staring at a wall of boldly poletto alla diavola holds its own— components of successful business eclectic—shall I say—art? Not as even the white meat is moist. The plans. The free lecture will take place at amusing as the ceramic rain boots tangy bird tastes of lemon,garlic and the Science, Industry and Business under some tables—mustn’t get caramelized hot pepper flakes. Library, 188 Madison Ave., room 018, Grandma’s floor wet.It takes a lot of A rush to judgment can be dan- from 6 p.m. to 7 p.m. For more big red Lavazza cookie tins and gerous. After 42 years reviewing information, visit www.nypl.org. standup plates to fill in the empty restaurants, it’s no surprise to me WORKSHOPS space above tufted banquettes. that it can take months, even a year, WEDNESDAY, JULY 27 The one triumph of that evening before a restaurant fits into its The REAL ESTATE BOARD OF NEW YORK was a pizza diavalo with discs of gar- bones—longer for brilliance.On the invites real estate professionals to learn licky pepperoni—a miracle of crisp- other hand, a chef can launch in a how to utilize the HP-12C financial ness, unlike the classic soggy Nea- frenetic dazzle, cooking brilliantly calculator. The training workshop will politan pie the menu claims it to be. when the place is sparsely populated, be offered twice at the Mendik A week has made a big differ- then stumble when crowds jam in. Education Center, 570 Lexington Ave., ence, both in filling seats and plates Executive chef Amy Brandwein from 8:30 a.m. to 11:30 a.m. and from 1 p.m. to 4 p.m. The cost to attend at Casa Nonna, restaurateur Jimmy spends hours on Amtrak between either session is $25. For more newscom Haber’s latest New York launch sans D.C. and our town, overseeing the information and to register, visit former partner Laurent Tourondel menu with chef de cuisine David www.rebny.com. PICK OF THE WEEK (the two created the BLT brand to- Amorelli. Brandwein’s Italian gether). Tonight’s pies—the Emilia dessert classics are dramatized by THURSDAY, JULY 28 JOIN THE OVARIAN CANCER RESEARCH FUND and hosts with fennel sausage and broccoli executive pastry chef Julie Elkind, The Manhattan Chamber of Donna Karan, Ariel Foxman and Kelly Ripa for super rabe, and Nonna’s with zucchini who doubles here and at BLT Steak. Commerce Foundation and Fashion flowers, pesto and a fried egg—are Her affogato adds bitter amaro to Institute of Technology invite you to Saturday 14, a day of family-friendly fundraising. The event INTRODUCTION TO EXPORTING not quite as elegantly crisp, but al- the espresso that gets poured atop , a green will feature a designer garage sale, a carnival for children, a industry workshop. Attendees will most as good. white chocolate gelato.The torrone learn how to export professional raffle and other games. The event begins at noon at Nova’s We’d filled up that first night on semi freddo starts with Italian services to emerging markets, Ark Project, 30 Millstone Road, Water Mill, Southampton, L.I. small grilled spiedini of speck- nougat and almond sponge. Warm including how to manage international wrapped Fontina, lumpen arancini chocolate is then poured on top, sales and payment risks. The free Individual tickets range from $150, for children aged 5 of saffron parmesan risotto, a forming a shell. I especially love the workshop will take place at FIT, through 16, to $650. For more information, visit www.ocrf.org. drowsy Caesar salad, and fried cala- fragility and tartness of her crème Seventh Avenue at West 27th Street, mari in a chewy batter with chive fraîche panna cotta with fleur de sel, from 9 a.m. to 3 p.m. Registration is aioli, then had no room for secondi. vin cotto and tendrils of fresh plum. But tonight the five of us are sharing MON. TUES. WED. THURS. FRI. SAT. SUN. an order of veal cheeks. The fatty Copyright © 2011 by Gael Greene. 7.25 7.26 7.27 7.28 7.29 7.30 7.31 chunks ride on creamy polenta un- Syndicated by www.insatiable-critic.com.

34 | Crain’s New York Business | July 18, 2011 20110718-NEWS--0035-NAT-CCI-CN_-- 7/15/2011 6:52 PM Page 1

THE CHEAT SHEET Last week, Mayor WEEK Michael Bloomberg warned darkly that if ON THE Democrats and Republicans could not bloomberg news WEB agree on a way to extend the nation’s borrowing limit—forcing the U.S. to default on its debt—the JULY 11-15 failure would have catastrophic effects on the nation’s financial system and on New York in particular. R INSEWYORK. C AOM C WHAT WOULD HAPPEN IF WE DEFAULTED? For openers, America would kiss its gold-plated AAA credit rating goodbye.That would immediately jack up the government’s borrowing costs, in order to compensate Survivors not yet investors (like China) for the additional risk of buying our bonds. HOW MUCH OF A HIT WOULD WE TAKE? Bill Gross, the famous money on guest list manager at Pimco, estimates that interest rates on U.S. debt would rise by a quarter of a percentage point. While that may not sound like much, it all n the 10th adds up. When you apply it to the hundreds of billions of dollars that the anniversary of the government borrows, the additional hit becomes scary big. Sept. 11 terrorist WHAT ABOUT THE IMPACT ON THE FINANCIAL SYSTEM? Default would O end the long-held belief that U.S. bonds are risk-free.This faith is part of attacks, the National September 11 Memorial & Museum will be unveiled to 10,000 people ranging from victims’ families to heads of state. Not yet on the list, however, are any the foundation of global finance, because the bonds are used as collateral for trillions worth of loans and trades. Economists at UBS warn that if U.S. representatives of another key group, actual survivors of the tragedy. bonds are seen as having an element of risk, borrowers will have to raise The mayor’s office declined to invite the survivors, saying the plaza has limited capacity, additional collateral and sell vast amounts of liquid assets.That’s what they thanks to the construction going on all around it. In the past, though, survivors have received did after the collapse of Lehman Brothers, with disastrous consequences. permission to attend the annual name-reading ceremony just a few days before Sept. 11. Given HOW WOULD BONDHOLDERS BE AFFECTED? Banks and other holders of that track record, survivors are hoping for similar treatment this year. U.S.Treasury debt would likely have to write down the value of their If the crush of all those dignitaries and others is just too great on the day of the anniversary, holdings simply because a lower-rated bond is by definition worth less many survivors are planning to visit the memorial the next day. But even that may be tough to money.The losses could total to some huge numbers. pull off. An online reservation system opened last week, and within just three hours, more than WHAT ABOUT THE IMPACT ON PEOPLE AND FIRMS? Higher interest rates 10,000 passes were snapped up.This reservation system will be used for Sept. 11 memorial for government debt would mean higher borrowing costs for most companies.That would chill commercial activities of all kinds. visitors until the construction on other World Trade Center projects has been wrapped up. So Consumers would feel the pinch, too, since rates for mortgages, car loans far, more than 47,000 free passes have been reserved online, according to a memorial and credit cards would rise sharply because they are typically tethered to spokesman. All slots from Sept. 12 to Sept. 19 have been reserved. rates for government bonds. —aaron elstein

THE NEW YORK TIMES CO. WILL REPAY A $250 MILLION LOAN from one of the world’s richest men, Mexican telecom titan Carlos Slim, on Aug. 15, years ahead of schedule.The loan, which carries a princely 14% interest rate, doesn’t actually fall due until Jan. 15, 2015. Paying it off early will cost the company $46 million in the third quarter in the form of a penalty, but will save at least $39 million per year in interest for the next three years. … Join the A STRIKE BY CONCRETE WORKERS WAS ONCE AGAIN PUT OFF for another week after their unions and contractors agreed to continue negotiations. It was the second time talks have been extended since the 2,700 concrete workers’ contract expired on June 30.The most recent offer would result in Crain’s a 25 cent-per-hour pay cut over a three-year contract. … THE REAL ESTATE MARKET SEEMS TO BE PICKING UP. Commercial rents in Manhattan as of June were 9% above year-earlier levels, according to a report by CB Richard Community Ellis.The vacancy rate dropped 1.5 percentage points to 7.8%. Similarly, in the first half of the year, the acreage of office space leased in Manhattan hit a 13-year record, according to Cushman & Wakefield Inc.The good news Subscribe to Crain’s New York Business for tenants is that rents are still rising only modestly. … SOME 35 HEALTH ORGANIZATIONS, spearheaded by the city’s Department of Health, want the New York’s must-read resource for business leaders federal government to create a national nutrition database so shoppers can finally compare foods’ nutritional content online.The groups want the Food and Drug Administration to compile data that is already publicly available on packaged goods.That would also allow public health One year subscription $29.95 professionals to track changes in key health indicators. … A FEDERAL JUDGE Weekly news analysis of New York’s most BARRED THE CITY from enforcing a new law that would force pregnancy important business issues centers to disclose information about their medical staff and offerings.The Print Edition court ruled that this law would violate free speech rights. However, city In-depth reports and trend stories officials are expected to fight back. “The judge got it wrong,” said Crain’s annual Book of Lists Councilwoman Jessica Lappin. “We’re going to keep fighting.” —emily laermer One year subscription $24.95 HOORAY! OY VEY! Anytime access to comprehensive and late breaking business news EX-FOX NEWS star MIDTOWN TIME- Digital Edition Glenn ditches share condo resort Crain’s Daily Alert delivered to your NYC to start a new The Manhattan Club inbox each business day online network in was sued for Dallas. After years of allegedly telling FREE unlimited access to Crain’s archives Mr. Beck dissing buyers that the place 9/11 victims and would be theirs New Yorkers, Dallas alone and still sold Subscribe today can have him. public access online. Go to www.crainsnewyork.com/subscribe newscom

July 18, 2011 | Crain’s New York Business | 35 CN014454 6/10/11 12:47 PM Page 1

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