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City's Film Business in a Cliff-Hanger?

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City's Film Business in a Cliff-Hanger? 20091019-NEWS--0001-NAT-CCI-CN_-- 10/16/2009 7:59 PM Page 1 REPORT HEALTH CARE IN THE END Insurers and doctors bow to patients’ wills P. 13 DEATH PANELS Once, they existed P. 14 ® HOSPICES The price is right P. 16 INSIDE VOL. XXV, NO. 42 WWW.CRAINSNEWYORK.COM OCTOBER 19-25, 2009 PRICE: $3.00 TOP STORIES Banks’ Time Warner chief gets a little love WAITING FOR credit from Wall Street PAGE 3 shock: Retailers trade up, LEBRON Part II grabbing stores of fallen rivals Knicks’ hopes of luring Biz lending tumbles PAGE 2 star in 2010 cast tall as commercial loans Goldman Sachs sour at alarming clip arm aims to do shadow over 2009 good--and to do BY AARON ELSTEIN well--in cities BY DANIEL MASSEY at last, banking’s long subprime- PAGE 5 mortgage nightmare is coming to the knicks season opener is less than two an end. But by no means are J.P. weeks away,but the clock ticking on one fan Web Morgan Chase, Citigroup, Bank of site is not marking the days,hours,minutes and America and a host of smaller fi- seconds until coach Mike D’Antoni & Co.’s nancial players out of the woods yet. BUSINESS LIVES Oct. 28 showdown against the Miami Heat. The next wave of real estate-re- No, it’s counting down to July 1, 2010: lated losses is beginning to gather the day Cleveland Cavaliers supernova Le- strength—and threatens to un- Bron James could become a free agent. leash even more damage. Com- Next to the digital clock that welcomes mercial real estate loans are sinking visitors to Countdown2LeBron.com is a at an alarming pace as office-va- doctored image of Mr. James sporting a cancy rates rise, Knicks jersey, and beneath it a quote while prolonged from him that reads, “July 1, 2010, is unemployment is going to be a very, very big day.” forcing more and $8T CURRENT VALUE That date is seared into the minds more “prime” con- of commercial of many Knicks fans, who dream sumers to fall be- and prime GOTHAM GIGS that King James will sweep into hind on their residential Nights at the museum town and reverse the fortunes of home mortgages. mortgages for exhibition pro P. 29 a once-proud basketball fran- The billions of G ANNE FISHER tells chise that has failed to win a losses that banks face aren’t as execs how to prepare for playoff game since 2001. threatening to their viability as the the recovery P. 29 And the date is clearly on the subprime losses were, since this minds of Knicks management. wave of troubled loans can be rec- G MOVERS & SHAKERS During the off-season, team ognized over many years;subprime Movie star Ed Norton President Donnie Walsh penny- mortgages,which were often pack- runs for his money P. 30 See KNICKS on Page 12 See BANKS on Page 28 G GAEL GREENE savors getty images Sfoglia’s pasta dishes P. 31 City’s film business in a cliff-hanger? INDEX NEW YORK, NEW YORK TKTKTKTKTTKTKTK _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _X _ _ _ _ _ _6 REAL ESTATE DEALS PLUS Bigger fees, smaller incentives threaten boom TKTKTKTKTTKTKTK _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _X _ _ _ _ _ _7 THE INSIDER TKTKTKTKTTKTKTK _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _X _ _ _ _ _ _8 The film industry, which has enjoyed SMALL BUSINESS BY MIRIAM KREININ SOUCCAR TKTKTKTKTTKTKTK _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _X _ _ _ _ _ _9 record growth since the state started its tax in- EDITORIAL centive plan five years ago, is being hit with a TKTKTKTKTTKTKTK _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ X_ _ _10 CLASSIFIEDS at least seven feature films, including number of new obstacles that could wreck the TKTKTKTKTTKTKTK _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ X_ _ _25 Sex and the City 2 and Wall Street 2,and 16 tel- business and send longtime hits like Law & TKTKTKTKTTKTKTKHOT JOBS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _29 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _X evision shows are shooting in New York right Order packing to cheaper locales. EXECUTIVE MOVES _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _29 TKTKTKTKTTKTKTK _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _X now. But the city’s lucrative production busi- The latest shock to the industry is a plan THE WEEK AHEAD TKTKTKTKTTKTKTK _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ X_ _ _31 ness could soon end up on the cutting room by the city to charge the largest fees in the na- floor. tion for filming in its buildings. The Mayor’s film office is also drawing up plans to charge for its famous free permits. Even more trou- 42 5 bling,the city’s tax incentive program is out of money and in the process of being scaled back, and the state is in negotiations over whether to renew its tax incentives. The quadruple whammy is pushing the produc- getty images ELECTRONIC EDITION tion industry into its most precarious time CUT: A crowd scene from CSI New York, filmed on city streets in NEWSPAPER See FILM BIZ on Page 28 2007, a banner year for the industry here. 71486 01068 0 20091019-NEWS--0002,0003-NAT-CCI-CN_-- 10/16/2009 8:01 PM Page 1 IN BRIEF Growing retailers seize CAFÉ DES ARTISTES, THE ROMANTIC 92-YEAR- OLD EATERY THAT FILED FOR BANKRUPTCY IN September, may soon be reopening under new owners. A number of investors and recession-made chances restaurateurs are interested in reviving the restaurant on West 67th Street. According to the building manager, Gerard Picaso, “there is abeth St., just weeks after previous tenant interest in opening it again as the café, or as a Cadeau Maternity went bust.The location different restaurant.”The decision may hinge is triple the size of Terra Plana’s old one,and on the union representing those who worked at the asking rent was $100 a square foot— the eatery. If the restaurant is replicated, Local half the going rate in the area a year ago. 100 Unite HERE may have certain rights A range of retailers, from small outfits under labor law to retain its contract with the like Terra Plana to national players such as restaurant’s new operators, according to Mr. teen clothier Aéropostale Inc., are seizing Picaso.The union “will hamper our ability to the opportunities created by the recession reopen it as Café des Artistes,” he says. to trade up to bigger and better storefronts all across Manhattan. With the borough’s MORE THAN HALF OF CHARITIES ARE retail vacancy rates above 10% for the third EXPERIENCING A DOWNTURN IN quarter and rents at multiyear lows—down contributions so far this year versus the same as much as 50% in some areas—strong period in 2008, according to the Association of stores are jumping into larger sites with Fundraising Professionals.
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