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REPORT REAL ESTATE WRECKS drawing buyers P. 13 GREENWICH clipped by hedges P. 13 TOP 25 REITS in NYC P. 16 ® DEALS Signs of life in leasing P. 20

INSIDE VOL. XXV, NO. 36 WWW.CRAINSNEWYORK.COM SEPTEMBER 7-13, 2009 PRICE: $3.00 TOP STORIES The new Which 2 ZIP codes faring best/worst kings of PAGES 2-3 Public advocate Wall St. candidates bad for NY business One year after EDITORIAL, PAGE 10 Lehman’s demise, Can Dan Brown new elite rises save publishing? BY AARON ELSTEIN PAGE 2 on sept. 16, 1920, Betsy McCaughey at precisely one tilts at health care minute after noon, Wall Street was lit- reform: Part Two erally shaken to its PAGE 3 foundations when Bob Diamond a massive bomb ex- ploded outside J.P. Morgan’s head- BUSINESS LIVES quarters, killing dozens and injur- ing hundreds more. ACT LOCALLY: Pockmarks from Nanette Lepore, the blast are still who’s prepping her visible. spring collection, James Gorman notes that On almost the manufacturing very same day, 88 here gives her years later—Sept. greater control. 15, 2008—Wall Street was rocked GOTHAM GIGS again. Shock waves reverberated Tina Taps takes on ball around the globe as boys and girls P. 25 Lehman Brothers G ANNE FISHER collapsed into says plan Thomas Joyce for succession, despite bankruptcy, a tee- the recession P. 25 tering Merrill

buck ennis Lynch raced into G MOVERS & SHAKERS IN FOCUS the arms of Bank of Bluefly CEO talks America, and two P. 26 about fall shopping days later, Ameri- G GAEL GREENE Tale of can International 2 West Side joints P. 27 Group was taken over by the federal government. The Karl Wellner INDEX MADE IN NEW YORK financial system ground to a virtual halt. IN THE MARKETS ______4 Only now is the NEW YORK, NEW YORK Lepore preps collection for Fashion Week runway ______6 industry beginning THE INSIDER ______8 staff is hastily cutting patterns and “The show is a jumping-off to regain its foot- OP-ED ______11 BY ADRIANNE PASQUARELLI pinning materials. The designer point for the season,” says the de- ing. Capital mar-

SMALL BUSINESS ______12 herself bustles from room to room signer, who launched her epony- kets are starting to on a steamy day in August, to adjust the draping of a dress mous collection 17 years ago. “It revive as investors CLASSIFIEDS ______21 Don Brownstein Nanette Lepore is in crunch mode mock-up. In between, she snacks really does push us.” rediscover a taste EXECUTIVE MOVES ______25 getting ready for Fashion Week. on dark chocolate bark—lunch. Ms. Lepore is one of a few de- for risky bets. RÉSUMÉ REVIEW ______26 Sketch boards and fabric swatches The Ohio native is in the process signers who still makes the major- Companies are starting to acquire THE WEEK AHEAD ______27 are propped against walls in her of designing her spring 2010 collec- ity of her clothing—85%—in the competitors, the market for initial garment district office, and her tion, from which she will choose garment district. She sends work public offerings has reopened, and about 25 looks to appear on the run- to 10 neighborhood factories, it’s getting easier for consumers way on Sept.16.Along with her 120 some of which she’s used for more to—how quaint is this?—buy a 36

5 New York-based employees, she than a decade to manufacture her house. endures weeks of 12-hour days in ready-to-wear designs. From the wreckage of last year’s preparation. See MADE IN NY on Page 24 calamity,a new power elite is start- ing to emerge. These players, each ELECTRONIC EDITION See video featuring Ms. Lepore @ www.crainsnewyork.com/video and in their own way capitalizing on the distress of rivals, are some of NEWSPAPER check back online for daily Fashion Week coverage beginning Sept. 11 See NEW KINGS on Page 24 71486 01068 0 20090907-NEWS--0002,0003-NAT-CCI-CN_-- 9/4/2009 7:19 PM Page 1

FATES OF TWO ZIP IN BRIEF

FORMER ALLIANCEBERNSTEIN CHIEF traffic, big chains proliferate, including EXECUTIVE LEWIS A. SANDERS PLANS TO Gap,Express and Duane Reade.The Cen- launch a money management firm in January— Astoria shrugs off ter for an Urban Future recently counted 55 a move that could ruffle feathers at his former outlets of national chains in 11103,enough employer, which ousted him last December. to rank Astoria fifth in all of Queens. Sources tell Pensions & Investments,a Crain’s The chains are good for the area be- publication, that the new investment firm will downturn’s worst cause they draw people who are willing to start off with well over $1 billion from a dozen spend, says Bijan Arshravan, owner of AllianceBernstein clients, as well as seven or Venice Menswear, which has been on eight research analysts from that company. John Diversity and retail strength help to weather storm Steinway Street for 30 years. Mahedy, an AllianceBernstein chief invest- “Steinway is one of the most desirable ment officer, is also joining the new firm. nomic diversity,” says Democratic Coun- retail corridors in the city,” says Timothy BY AMANDA FUNG cilman Peter Vallone Jr.“Our residents are King, principal of CPEX Realty.“It is sur- BRONX BOROUGH PRESIDENT RUBEN DIAZ JR. old-fashioned and hardworking and are rounded by canyons of apartments,a stable TOLD THE CITY PLANNING COMMISSION with the recession raging and two lo- the type of people who survive through all population base,and good transportation.” he would vote against The Related Companies’ cations just a mile from each other in Asto- types of crises.” The street has been a good location for proposed Kingsbridge Armory ria,the owners of Brooklyn Bagel & Coffee Gentrification began a few years ago, family-run Rizzo’s Pizza, through boom redevelopment plan in its Co. made an odd decision back in June. when young professionals fled Manhat- times and bad, for 50 years. Over the past current form. His objections They decided to open a third outpost in the tan,and even Brooklyn,drawn by Astoria’s year, revenue has risen 10% at the shop, focused on the lack of a middle-income Queens neighborhood fa- cheaper rents and quiet streets, plus the known for its square-shaped thin crust community benefits agreement mous for its ethnic diversity—and eateries restaurants, outdoor cafes and even a Bo- pies. outlining living-wage policies that draw patrons from far and wide. hemian beer garden that give it a surpris- “The increase keeps us above water,” and guarantees of expanded It was a good move.The chain’s newest ingly cosmopolitan feel. It also got a boost says second-generation owner David Riz- community space in the location, in the heart of Asto- from the venerable Kaufman zo. 600,000-plus-square-foot project. Mr. Diaz ria’s restaurant row along 30th NEIGHBORHOOD Astoria Studios as well as Similarly, at Empire Beauty School, added that he would reverse his position if a Avenue, is already ringing up from the nearby Museum of enrollment rose 12% to 150 since last year, community benefits agreement is struck. sales that rival its well-estab- JOURNAL the Moving Image. according to Laurence Nunez, the lished flagship in Manhat- school’s academic director. Empire LANDLORDS DODGED A BULLET LATE LAST tan’s Chelsea. Fingers in many pies recently hired two teachers and WEEK WHEN THE STATE SENATE OMITTED “We always felt that Astoria was a many residents today are ei- is seeking three more. sweeping tenant-protection legislation from a strong, stable neighborhood,” says John ther self-employed or work for “Astoria is the kind of list of bills it expects to pass this week. Only Rocchio, co-owner of Brooklyn Bagel & small businesses, not the big place that you can feel at two of a dozen tenant-protection bills passed by Coffee. “If it wasn’t for all the news sto- banks, media companies and home,” says Mr. Nunez. the Assembly are on the Senate agenda. One ries, we wouldn’t have realized that we are others that have made deep “That helps us to boost would limit landlords’ ability to evict tenants in in a recession.” cuts in their employment rolls. our enrollment.” order to occupy apartments themselves.The While Astoria hasn’t been totally im- In addition, roughly a third work other would increase penalties for landlords mune from the economic slump,an analy- in education, health care, social who harass tenants in order to drive them out. sis of employment and other data con- services, or arts and entertainment, But most of the pro-tenant bills won’t be voted ducted for Crain’s by research firm ESRI according to the most recent on, including the elimination of vacancy shows that overall the neighborhood, American Community Sur- decontrol and limits on rent increases in rent- which roughly encompasses ZIP code vey. All of those areas have regulated apartment buildings that undergo 11103—stands as the most recession-re- fared relatively well. capital improvements. sistant in the city. “Yes, I took a pay cut True, the unemployment rate hit 8.9% and some furlough time, on July 1—up 2.7 points from a year ear- and my commissions BY THE NUMBERS lier—but that rise was among the small- were withheld,” says est in the five boroughs, according to Brett Goodman, a 28- Weekly shift of the city’s economy ESRI data. In fact, only four other neigh- year-old who works for borhoods fared better. a nonprofit headhunter NOT A BAD WAY to end the summer, with SLICE OF LIFE: David mortgages cheap, houses selling, jobs losses In addition, 11103 stands out as a rare and has lived in 11103 Rizzo has seen revenues slowing, and factory orders rising. Champagne island of tranquility in the sea of the city’s for seven years. “I’ve rise 10% at his family- sales stink, true, but it’s far too early to party. widespread residential woes. As of July, been affected by the owned pizza parlor. only half a dozen homes in the ZIP code recession, but I have were in foreclosure, a number that is un- not lost my job.” -41% $215 -2.5% changed from a year earlier, according to Along Steinway JULY DROP in AVG. ROOM RATE AVG. CHANGE in RealtyTrac.It is also a small fraction of the Street,Astoria’s commercial value of metro in NYC hotels in same-store sales 1,213 in foreclosure in Jamaica, Queens, backbone, vacant store- construction July, down 33% in August vs. a and 767 in Williamsburg, Brooklyn. fronts are rare. Supported starts vs. a year vs. July 2008 year earlier earlier PKF Consulting Retail Forward “Our strength is our ethnic and eco- by the high volume of foot buck ennis McGraw-Hill Construction

2009 SUBWAY RIDERSHIP: Change in average weekday levels vs. year earlier Awaiting The Lost Symbol

leading a one-man cavalry charge,offering selling phenomenon. Can the latest tome hope to hard-pressed book retailers and “There is such a balkanized, fragment- from Da Vinci Code’s promising to rescue his publisher,Random ed audience that fewer slots are available House Inc., from three straight years of for the big mass hits,”says Robert Thomp- Dan Brown revive sales doldrums. son, a professor of popular culture at Syra- a moribund industry? cuse University. Depressed retail environment The numbers show how hard this but the new novel will also be hitting decade has been on mass entertainment. Source: Metropolitan Transportation Authority BY MATTHEW FLAMM shelves in a depressed retailing environ- Summer movie theater attendance has vol. xxv, no. 36, september 7, 2009—Crain’s New York Business ment, amid a media landscape that has fallen 13% since 2002, to 571 million tick- (issn 8756-789x) is published weekly, except for combined issues if the author of The Da Vinci grown more splintered than it al- ets in 2009,according to Paul Dergarabedi- the 5th week of June and the 1st week of July, the 2nd and 3rd weeks of July, the 4th week of July and the 1st week of August, Code had deliberately set out to ready was in March 2003,when The an, box office analyst for Hollywood.com. the 4th and 5th weeks of August, the 3rd and 4th weeks of wait six and a half years to follow up 5 M Da Vinci Code came out. Big books, And the biggest ticket-seller of the decade, November, and the 3rd and 4th weeks of December by Crain on the best-selling hardcover adult COPIES like big movies, songs and TV last year’s The Dark Knight, was outsold by Communications Inc., 711 Third Ave., New York, NY 10017.Peri- of Lost Symbol odicals postage paid at New York, N.Y., and additional mailing novel of all time, he couldn’t have were ordered shows, are generally smaller than five other movies in the 1990s, including offices. Postmaster: Send address changes to: Crain’s New York timed it any better. for initial print they used to be. Forrest Gump and Titanic, says Brandon Business, Circulation Department, 1155 Gratiot Avenue, Detroit, run MI 48207-2912. for subscriber service: Call (888) 909-9111. When Dan Brown’s long de- The Lost Symbol, with a 5 mil- Gray, president of Box Office Mojo. Fax (313) 446-6777.$3.00 a copy, $59.79 one year, $109.79 two layed The Lost Symbol goes on sale lion-copy first printing,is sure to be Sales of books by brand-name authors, years. (GST No. 13676-0444-RT) ©Entire contents copyright 2009 by Crain Communications Inc. Sept.15,it will be more than just an answer a No. 1 best-seller. But some observers be- including stalwarts John Grisham and All rights reserved. to the prayers of strung-out fans of the au- lieve it could face a harder time than its Stephen King, have also softened. Mr. Gri- thor’s previous book. Mr. Brown will be predecessor becoming a sustained best- See AWAITING on Page 8

2 | Crain’s New York Business | September 7, 2009 20090907-NEWS--0002,0003-NAT-CCI-CN_-- 9/4/2009 7:19 PM Page 2

CODES DIVERGE IN THE RECESSION Co-op City gets hammered Joblessness hits 12.3% in working-class area long seen as bastion of stability; not S. Bronx number of families moving out of Co-op City BY DANIEL MASSEY has fallen slightly,an indication that residents are struggling to line up mortgages or would manny santiago is sweating out the reces- rather stay in affordable Co-op City—where sion—literally. maintenance, including utilities, is as low as Revenues at his Bartow Florist Boutique $552 a month for a one-bedroom apartment. in Co-op City are off by 50% this year, leav- “It’s a good place to weather the recession,” ing Mr. Santiago struggling to keep up with says Vernon Cooper, Co-op City’s general his rent. Determined to tough out the reces- manager. “You get a good bang for the buck GOING WITHOUT: To help sion, he’s decided there are some things he’ll living in Co-op City.” conserve his cash, florist just have to do without, like air conditioning. Given its reputation as a home to many Manny Santiago switched off his air conditioner. So on a recent afternoon, with the mercu- employees of the Metropolitan Transporta- ry reaching the 91-degree mark tion Authority, the post office in the north Bronx, he waited, NEIGHBORHOOD and other public sector agencies, sweltering, for customers. After Co-op City would seem to be an an hour without a single patron,a JOURNAL unusual place to see such a surge young woman came in and hag- in unemployment. After all, the gled over the $2.99 price of a Betty Boop gift government’s job rolls have actually risen in bag, offering $2. the downturn. “This is my worst August ever,” says Mr. Councilman Larry Seabrook, a Democrat Santiago, who has owned the shop for five who lives in and represents the area, says that years. “I’m getting hammered.” many Co-op City residents also had jobs in construction or jobs linked to finance. Dramatic worsening “The impact of the financial crisis has an so are many of his neighbors in the work- effect on Wall Street, but it has an effect on ing-class enclave of Co-op City, where job- Co-op City Boulevard as well,” he says. lessness hit 12.3% in July, up sharply from The city has shed 37,200 financial sector 7.5% a year earlier. In fact, the 35 high-rise jobs, 27,100 professional services jobs and apartment buildings and the surrounding 9,400 construction jobs since employment blocks that make up ZIP code 10475 rank as peaked in August 2008.Mr.Seabrook says that the city’s postal area hardest hit by the reces- in recent months workers from those industries sion,according to data compiled for Crain’s by have been streaming into his office with ré- research firm ESRI. sumés,seeking assistance.In another sign of the

It’s something Vincenta Lopez has seen ebb tide in employment, weekday express bus buck ennis firsthand. The former comptroller for a Wall ridership from Co-op City into Manhattan fell Street law firm opened Lor-Nel Baskets,a par- by 4.6% over the 12 months ended May 31. hiring,” Mr. Little says. “It almost doesn’t make sense to search,” ty favor store, 18 months ago. For the first six The downturn is also having an impact on says Mr. Little. months, things went smoothly, but then last the newest generation of residents entering the Giving up the search One of the problems in attracting re- summer, the bottom fell out of her business. work force. On a hot afternoon, three friends mr. little’s experience mirrors that of sources to cope with the problems in 10475 is “By the end of the year,I couldn’t even cov- sat in the stairwell of a community center on many other African-American men in the that it has not been a ZIP code where city of- er my rent,” she says. “I had some reserves in Dreiser Loop, taking refuge from the heat. city, a group whose unemployment rate sky- ficials expected to see trouble. For years, such case of emergency,and this is the emergency.” Derek Little, a 19-year-old, said he’s been un- rocketed to 18.8% in the first six months of efforts have focused on the South Bronx. Co-op City managers have seen the shift able to find work since graduating from Bronx the year,according to an analysis of U.S.Cen- “When you have double-digit unemploy- as well. They report that residents’ mainte- Health Sciences High School in June. He re- sus Bureau data by the Fiscal Policy Institute. ment in an area like Co-op City, it’s astro- nance payments have increasingly been arriv- ported that of 30 of his friends who grew up to- When African-American men who have giv- nomical,” Mr. Seabrook says.“We’re going to ing late. In July, 1,966 late fees were assessed gether in Co-op City, only four have landed en up looking for work and those involuntar- have to focus people’s attention on the fact on the more than 15,000 apartments in the jobs, mostly in retail and food service. ily working part-time are included in the to- that it’s the entire Bronx and not just the complex, up 13.5% from the year before.The “We’re looking for jobs, but nobody’s tal, the unemployment rate is 26.9%. South Bronx that needs help.”

that the Obama plan will reduce health care to cians.“Being a physician, I’d rather work from seniors and lead to rationing. She is also stirring the facts.” Betsy’s back in health up concerns about euthanasia, charging that, Nonetheless, her role with the Committee among other things,reform will mean that “peo- to Reduce Infection Deaths,which she found- ple in Medicare have a required counseling ses- ed five years ago, has earned her respect and sion that will tell them how to end makes her hard to dismiss. care battle. Yikes! their life sooner.” She’s also called “My primary concern is cam- Obama health-policy adviser and paigning against germs,” says bioethicist Ezekiel Emanuel a Ms.McCaughey,whose political Hoping to do to Obama’s plan what she did to Clinton’s “deadly doctor.” career ended over a decade ago when Gov. George Pataki that’s just her day job. Threatened jewels dropped her as his running mate. BY HILARY POTKEWITZ On the side, Ms. McCaughey is parlaying closer to home, she’s lambast- Many wish it were her only her reputation as a hospital infections expert, ed reformers’ efforts to shift re- concern. it’s 8:15 in the morning, and Betsy Mc- her fundraising prowess and her political ex- sources to primary care from spe- “Just because she’s an expert Caughey—in a trim business suit and heels— perience into a starring role in the campaign cialty medicine, fearing the in one area does not mean she is charging through the doors of SUNY Down- to scuttle current health care reform efforts. consequences on what she calls knows what she’s talking about in state hospital in Brooklyn en route to a packed She’s written scathing opinion pieces in the “the jewels of the nation’s medical Betsy McCaughey others,” says Dr. Jonathan auditorium. She’s there to speak to scores of Wall Street Journal and the New York Post, and crown”—New York’s specialty re- newscom Arend, director of legislative af- doctors in her capacity as chairman of the non- appeared on Fox News, CNN, PBS and even search hospitals. fairs for the National Physicians Alliance. profit Committee to Reduce Infection Deaths. The Daily Show with Jon Stewart. Many in the medical establishment bristle While Ms. McCaughey bills herself as a Over the past decade,the former New York Nearly 15 years after helping to kill the Clin- at the mere mention of her name. doctor on her résumé, her degree is not in lieutenant governor has been spreading the ton Administration’s health care reform with “I don’t even want to talk about Betsy,”says medicine but in constitutional history. word on the latest developments in the pre- her “No Exit” polemic that ran on the cover of Dr. Barry Liebowitz, head of the Doctor’s “As far as we’re concerned, she’s way on the vention of hospital-borne infections. But The New Republic, Ms. McCaughey is warning Council SEIU, the union of attending physi- fringe,” says Dr. Arend.

September 7, 2009 | Crain’s New York Business | 3 20090907-NEWS--0004-NAT-CCI-CN_-- 9/4/2009 6:01 PM Page 1

STROOCK

Stroock is pleased to congratulate our Partner IN THE MARKETS Robert Abrams on the occasion of the dedication of the by Aaron Elstein Robert Abrams Building for Law and Justice at the Empire State Plaza in Albany Avis motors back from graveside hen investors have been expecting a company’s imminent demise, mere survival can produce W spectacular results on Wall Street.That’s the case with Avis Budget Group Inc., which is the surprising top performer on the Bloomberg/Crain’s Index of New York area stocks so far this year. Shares in the try-harder car rental concern have soared 1,376% this year after the company survived its visit to death’s NEW LEASE ON LIFE door in the first quarter. Avis, like Hertz and others, has been hit by steep declines in business and leisure travel. Revenues were down 17% in the first half, and the Parsippany,  N.J.-based company posted a $55   ,  ,    ..  .. .. million net loss. But Avis at least was able to cushion the blow by slashing Photo: Frank Greene, FAIA operating expenses by $300 million, or nearly 20%, in part by reducing the size of its rental fleet. Not all of Avis’ problems are in mensely. To get the July deal done, the rearview mirror: The company Avis had to agree to a 9.3% interest has $3.5 billion worth of debt ma- rate, well above the 5.3% average it turing in the next three years, large- pays for other borrowings, Barclays ly on borrowings it made to buy cars. Capital analysts say. Barclays esti- Investors earlier this year were wor- mates borrowing costs won’t rise ried that the debt load would crush higher than 7.0%, and, in hopeful Avis, but in July the company was mode, believes any increase will be able to issue $485 million in securi- largely offset by charging customers ties backed by anticipated rental more for rentals and getting better revenues, representing the first deal prices for cars upon selling them. Special introductory of its kind in two years. But barring a sudden and utterly rate for Crain’s readers: Trouble is, even if Avis can raise unexpected uptick in travel,it’s tough all the necessary cash—analysts say to see how Avis Budget Group can $ MONTH FOR it needs $750 million more—its bor- raise rental rates high enough to meet Small price. 993 MONTHS* rowing costs are poised to rise im- ever-growing expenses. Big presence. Luggage handler bagged by the feds universal express inc. has long derson were fraudulently selling Raise your business profi le, seemed certain to go down as one of millions of their firm’s shares to se- not your overhead, with a Regus the most bizarre companies ever. lected investors at a hefty discount Last week,with help from the Secu- and alleging that Mr. Altomare di- Virtual Offi ce in Manhattan. rities and Exchange Commission, it verted about $1 million of the pro- unexpectedly got odder still. ceeds into his personal accounts. Here’s the story: From 1996 to A federal judge subsequently or- 2007, the New York-based outfit dered Mr. Altomare to pay $1.7 mil- lion in penalties, but he refused and was jailed.He is no longer in the custody of the Bureau of Prisons. Last week, the company With Regus you get: popped back up on regulators’ radar screens. Three people A high-profi le corporate business address were sued by the SEC for illegal in Manhattan to use as your own sales of Universal Express Professional receptionist services stock.The SEC says the people Access to a fully furnished private offi ce sold more than 21 billion (with bloomberg news a “b”) unregistered shares that A prestigious local phone number — ran an unprofitable luggage-deliv- they got at a discount from the com- many (212) numbers available ery business,but its real forte was is- pany between 2004 and 2007—well suing blizzards of press releases after the feds had stepped in. about its successes and blaming Although the defendants sold Call 1-877-REGUS95 (734-8795) “naked short-sellers” and other ap- billions of shares, the sales generat- or visit regus.com/crains today. parent critics for it troubles. ed just $34 million in proceeds, the The SEC tried to put an end to SEC says,or 0.0016 cents per share. the nonsense in 2004, when it sued In other words, 625 Universal Ex- 1000 locations | 450 cities | 75 countries Universal Express, charging that press shares were worth 1 cent. *Terms and conditions apply. See regus.com/crains for details. Chief Executive Richard Altomare This may go down in history as and General Counsel Chris Gun- the ultimate penny stock.

4 | Crain’s New York Business | September 7, 2009 CN013092 8/18/09 10:40 AM Page 1

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Rockefeller Center would like to welcome the following new tenants: NEW YORK,NEW YORK AWAS Aviation Services, Inc. edited by Valerie Block represented by John Cahill

Robert W. Baird & Co. Incorporated represented by Andrew Stein of Vicus Partners, LLC Nuyorican Café exhibits growth

Scarsdale Equities LLC he nuyorican poets café, a tiny but influential East represented by Village arts space famous for its poetry slam, is stepping Mark F. Lauzon & Gregory Skaler Tfurther into the spotlight. of Cushman & Wakefi eld, Inc. This spring, the organization, which began in 1973 as a living room salon in the apartment of poet Miguel Algarin, is getting its White-Bridge Capital own exhibition about its history at the New York Public Library represented by for the Performing Arts. Ruth Colp-Haber In addition, executives at Nuyorican say they are developing a of Wharton Property Advisors, Inc. plan to turn the top three floors of their building on East Third Street—now used for storage—into a second performance space. The organization’s annual operating for leasing information, please contact: budget, at $821,135, is nearly double what it was in POETRY IN Samantha Augarten 2005. MOTION: Heather Kahn Nuyorican Peter R.C. Brindley The group, which features emerging poets, hip- Café Blythe R. Kinsler hop artists, musicians and others, has been expands. Theodore J. Koltis attracting big crowds to its events in the past few 212.715.0300 years. “While other arts groups are struggling, we are experiencing major growth,” says Daniel

Gallant, executive director of the café. michael meyer Seasons, have jumped on the app’s and business. We want to work Land of the coupon feature in an effort to stir together.” rising suds up business. Eateries pay $249 for The events run Thursday six months or $399 for a year to through Sunday at the Chelsea move over, kirin and Sapporo— participate, and choose the discount Market. Brooklyn Brewery has its eye on they’d like to offer.The app works Japan. Over the past six months, on iPhones and some BlackBerrys. management at the $18 million “Frankly, we had our doubts Who says there’s Williamsburg-based brewery has about the nicer restaurants no free lunch? been shaping a plan to seize on the participating, but we were amazed growing craft beer culture in Japan. at the quality and quantity of the brasserie, which is “We are talking about actually places that were interested,” says celebrating its 50th anniversary on brewing some beer on a Bill King, chairman of Magellan Sept. 17, is in some ways stuck in regular basis there, which is Press, which produces the app, as the past.Though the original something we have never well as the Where the Locals Eat Philip Johnson-designed interior done” outside this country, book series. But the app can’t save was fully renovated in 2000, the says Brewmaster everyone. Café des Artistes, whose outdated brown awning is Garrett Oliver. LocalEats coupon offered 10% off landmarked as part of the Mies van Brooklyn the final bill, closed last month. der Rohe-designed Seagram Brewery has Building on East 53rd Street and been exporting cannot be changed. its product to The Dutch “Over the years, we’ve tried to Japan for the past are coming (back) replace it, to put up a lit sign and decade. Mr. Oliver make the restaurant more plans to travel to the dutch lost control of noticeable,” says Nick Valenti, chief Japan in October to negotiate New Amsterdam in 1664, but executive of Brasserie owner with several local breweries about now the New York 400 Patina Restaurant Group. He’s sharing their facilities.The beer- celebration—marking Henry had no luck. meister says several Japanese Hudson’s 1609 arrival in New York restaurant groups and Union harbor—is giving them an excuse Square Café in Tokyo want to to come back. serve Brooklyn Brewery’s draft A roster of 14 Dutch ad beer. “It’s expensive to ship kegs agencies is organizing the halfway around the world,” says inaugural, oddly-named Mr. Oliver. “It’s just not practical.” Amsterdam Right Brainers Convention to coincide with NY400 week. Billed as a display of Get tasty discounts Amsterdam’s contemporary Well, absent bright lights to with killer app culture—both mainstream and draw crowds, the Brasserie will alternative—it will feature a party dole out 500 complimentary sushi lovers can snag free produced by Brooklyn’s own lunches to customers who dessert with their next California cutting edge Vice Magazine and reserved a table for Sept. 17. For roll. BondSt is the latest restaurant present work by Dutch artists and those who want to wing it, the 18- to offer diners a coupon—free designers. seat bar will serve free lunch on a dessert with the purchase of an “We are the creative hub of first-come, first-served basis from entrée—through LocalEats, a Europe,” says Peggy Stein, owner of 11:30 a.m. to 2:30 p.m. mobile phone application that was Amsterdam ad agency Bureau launched last summer. Pindakaas and one of the event’s Contributors: Kira Bindrim, More than 100 city restaurants, organizers. “New York is the city Lisa Fickenscher, Matthew Flamm, including Métrazur and The Four for attracting advertising people Miriam Kreinin Souccar CN013084 8/7/09 5:15 PM Page 1

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The event was held by Featherstonhaugh Wiley & Clyne in Saratoga Springs in late August. DOES MIKE BACK CUNY? It’s academic THE INSIDER James Featherstonhaugh owns a stake MAYOR MICHAEL BLOOMBERG announced last month that if elected to a third in Saratoga Racing and Gaming, a term, he would allocate $50 million to boost the city’s community colleges. by Erik Engquist and Daniel Massey partner in the Aqueduct Gaming The campaign-trail promise comes at a time when it’s becoming increasingly bid led by Delaware North. chic for policymakers to talk of community colleges as recession-fighters. “You send the exact wrong But an analysis of the mayor’s budget proposals by the Professional signal to the public when you’re Staff Congress, the union representing City University of New York faculty, involved in a campaign fundraiser shows that Mr. Bloomberg has proposed nearly $100 million in cuts to CUNY with someone who has serious since 2004. The lion’s share of the city’s CUNY funding goes to community business before the state,” says Blair colleges. Each year, the funding has been restored during budget negotiations. Guv’s fundraiser Horner, legislative director for the “It’s good that he’s proposing investment in community colleges,” says PSC New York Public Interest Research President Barbara Bowen, “but that has not been a pattern for Bloomberg.” Group. “The governor at the very A spokesman counters that while the mayor has proposed specific CUNY has horse in race least should have waited for cuts in the past, his commitment to the system has been another time.” strong. Notably, Mr. Paterson is the ov.david paterson author of legislation, lauded by “The mayor has proposed budgets increasing funding for good-government groups, that he CUNY every single year in office, increasing the amounts is facing criticism proposed for CUNY by a total of nearly 50%,” the for attending a hopes will reform the state’s cam- paign finance system. “A number of spokesman says. He adds that funding fundraiser for his the groups that were involved [in has jumped to $417.7 million in the campaign that was the bidding] have contributed to all 2010 executive budget, from $280 hosted by an Albany lobbying of the conferences and the million in 2003. G candidates,” the governor says. “In Cuts and increases can occur firm whose principal is involved the type of campaign finance in the same budget because of in one of the Aqueduct bids— legislation I would like to pass, that funding boosts due to collec- just as the selection process for wouldn’t be permissible anymore. tive bargaining, tuition hikes, the lucrative contract to build a But for now, the amount these energy costs and inflation, groups are giving is minuscule.” among a slew of factors. slot parlor there nears a Mr. Paterson adds that if the zuma press conclusion. right bidder is not selected, “the bloomberg news

political damage of making that his money for the home stretch, mistake would be far greater than won the coveted New York Times any couple of dollars you’d get from endorsement. a fundraiser.” “It’s a tricky one to call,” says a Democratic insider. The only cer- EVERY GREAT BUSINESS tainty among experts is that David Comptroller quiz: Weprin has fallen out of contention. DESERVES A GREAT ADDRESS Pick best out of 3 Sacking sick days democratic insiders are having a hard time getting a handle on opposition is slowly building which City Council member will among groups worried that a City win the comptroller’s race. Council bill requiring companies to 11 77 AVENUE OF Three of the four candidates provide employees with as many as have clear strategic strengths. nine paid sick days per year would THE AMERICAS Melinda Katz, who pulled ahead in burden small businesses.The city’s one recent poll, is the only woman. chambers of commerce are surveying John Liu has built up impressive members as a precursor to waging support, especially among labor an organized campaign against the Exceptional 3600 Views groups that will provide ground bill, which would levy fines at a rate troops. David Yassky, who has saved of $1,000 per violation.
Custom Installations Impeccable Finishes Grand Lobby with 60-Foot Ceilings Awaiting Lost Symbol Emergency Generator Capacity Continued from Page 2 Da Vinci Code sell 12 million hard- Stable, Committed Ownership sham’s 2003 legal thriller The King of cover copies in the U.S. and spend Proximity to Grand Central Terminal, Torts sold 1.1 million hardcover 144 weeks on the Times’ hardcover copies, according to Nielsen best-seller list. Whether The Lost Rockefeller Center and Times Square BookScan, which tracks about 70% Symbol can do that is anyone’s guess. of the market. His latest, The Associ- “There is absolutely no doubt it ate, which came out in January, has will be a huge success,” says David sold 776,000 copies. Young, chief executive of Hachette “Whether you’re talking books, Book Group,which has its own phe- AVAILABLE movies, video games or toys, we go nomenon with Stephenie Meyer’s Tower Floors of 15,000 square feet through these things quicker,” says Twilight vampire series. “How many Marshal Cohen, chief industry ana- it will sell compared to The Da Vinci Base Floors of 30,000 square feet with lyst for retail market research firm Codewill be a fascinating thing to see.” up to 150,000 contiguous square feet NPD Group. Random House will certainly be Random House’s Knopf Dou- fascinated. The world’s largest con- bleday division, which is bringing sumer publisher has a strong fall list. out the book, is doing all it can to But as Chief Executive Markus give The Lost Symbol a successful Dohle noted in a letter to employees launch, including arranging an ex- last week, the company has ground

QUALITY. SERVICE. EXPERIENCE. clusive deal with the Today show to make up this year. that ensures daily coverage through Worldwide sales for the Bertels- silversteinproperties.com the publication date. Citing the ex- mann AG division in the first half of (212) 732-9700 clusive arrangement, a Knopf Dou- the year fell 4%, compared with the bleday spokeswoman declined to year-ago period, to $1 billion. It was Roger A. Silverstein, Senior Vice President Jeremy I. Moss, Vice President comment for this article. the third year in a row that revenue Stuart A. Christie, Vice President But the book’s long-term success has slipped. Insiders say it will take will depend on its developing the at least a month to see how much good word of mouth that helped The help The Lost Symbol will provide.

8 | Crain’s New York Business | September 7, 2009 CN013109 8/25/09 4:36 PM Page 1

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VIEWPOINT Vance for Manhattan DA editor in chief Rance Crain publisher, vp Jill R. Kaplan n the 1980s, a friend of Manhattan District Manhattan is overwhelmingly Democratic, the winner of editorial director Greg David Attorney Robert Morgenthau’s told him that he the primary is virtually certain to be elected in November.) EDITORIAL had been shaken down at every step of his All three candidates—Mr. Vance, Richard Aborn and editor Xana Antunes company’s renovation of the Rainbow Room.The Leslie Crocker Snyder—served at some point in the managing editor Glenn Coleman deputy managing editors Valerie Block, contractor told the DA he would never work in Manhattan District Attorney’s office and have built solid Erik Ipsen New York City again, and Mr. Morgenthau résumés and run creditable campaigns for the office. All contributing editor Elizabeth MacBride realized what a “tax’’ the mob and other predators three pledge fidelity to the successes of the Morgenthau era columnist Alair Townsend were imposing on business and the economy of the city. yet say there should be changes, too, which is not senior reporters Theresa Agovino, The result was a decades-long crusade by Mr. Morgen- unwelcome, given Mr. Morgenthau’s 34 years in the position. Aaron Elstein, Erik Engquist, Lisa Fickenscher, I Matthew Flamm, Miriam Kreinin Souccar thau’s office to break organized crime’s grip on key sectors. But Mr. Aborn’s emphasis would clearly be on implement- reporters Barbara Benson, Amanda Fung, Daniel Massey, Adrianne Pasquarelli, First, he drove organized crime from the trucking business, ing alternatives to imprisonment and on tougher gun laws, the Hilary Potkewitz then he broke up the mob-dominated garbage cartel, then issue where he has done the bulk of his work in recent years. art director Steven Krupinski deputy art directors Carolyn McClain, he cleaned up the garment center and the Javits Convention Ms. Crocker Snyder’s emphasis would be on violent felons, as Daniel Mednick Center.The effort soon broadened to tackle money befits someone who made her reputation handling such cases staff photographer Buck Ennis copy desk chief Wendy Zuckerman laundering, securities fraud and eventually executive greed. in the 1980s. Mr. Vance has had a distinguished career, and his copy editor Thaddeus Rutkowski The key question for the city’s business community in the decision to pull up stakes and move to Seattle to escape the research editor Denise Southwood www.crainsnewyork.com Sept. 15 Democratic primary to succeed Mr. Morgenthau is shadow of his father is a sign of character, not the negative web editor Brian Tracey who will continue his efforts to protect honest businesspeo- that his opponents claim. Most important, he occupies the senior producer Elisabeth Butler Cordova ple.The candidate most likely to continue Mr. Morgenthau’s middle ground, which puts him closest to Mr. Morgenthau. producer Kira Bindrim work is Cyrus Vance Jr., and Crain’s endorses him. (Since He is the best choice to succeed his mentor. EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 editorial: 212.210.0277 Fax 212.210.0799 advertising: 212.210.0259 Cable craincom nyk Fax 212.210.0499 Do we need a public advocate? Entire contents ©copyright 2009 Crain Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP four candidates are running to succeed Betsy Gotbaum monitor, audit and hold accountable the administration.The Inc., used under license agreement. as the city’s public advocate, with very similar promises. Bill fact that the public advocate becomes mayor in the event of a TO SUBSCRIBE: Call 888.909.9111; fax 313.446.6777. de Blasio, Eric Gioia, Mark Green and Norman Siegel pledge vacancy is less important than it seems, since that person $3.00 a copy, $59.79 one year, $109.79 two years. to revitalize an office they say has become moribund under the generally serves only 60 days until a special election. www.crainsnewyork.com incumbent and to serve as an aggressive check on what they In any event, some of the candidates have clearly staked ADVERTISING AND MARKETING portray as the unbridled sway of Mayor Michael Bloomberg. out anti-business positions, and others bring that tag from advertising director Trish Henry senior account managers The real question is whether the city needs a public their past. None have distinguished themselves on issues of Cornelius P. Gore, Courtney McCombs, advocate, given that the comptroller, the City Council and importance to the business community, and Crain’s makes William E. Squitieri account executives more than a few other independent agencies exist to no endorsement. Irene Irvill, Anthony Mowad sales manager, classified print & online John Gallagher sales coordinator, print & online Lulé Haznedari ONLINE POLL LETTERS TO THE EDITOR newsletter product manager Alexis Barney SHOULD ELIOT SPITZER credit Todd J. Masura 313.446.6097 marketing director Amy Crossman ATTEMPT A RETURN marketing manager Jill H. Bottomley circulation manager Andrea Richardson TO POLITICS? Vigilant watchdog assistant circulation manager Rosalie Ford Date of poll: Sept. 1 and much more.This year, my office’s IT’S PUBLIC ADVOCATE’S JOB general manager, interactive 421 votes TO PROTECT THE VULNERABLE recommendations for maintaining mayoral Marc Minardo control of the schools were used as a blueprint web developer, interactive Yes. It would be a shrewd move, since Mr. the aug. 24 article “The Return of the by the state Legislature. Chris O’Donnell Spitzer is still popular with many New Public Advocate” misrepresents my Each week, my office solves hundreds of Yorkers despite his misdeeds. accomplishments over the last complaints from senior citizens seeking NEW YORK PRODUCTION eight years and the role of the transportation and hot meals, production and pre-press director public advocate. parents needing school Michael Corsi advertising production manager The job of public advocate isn’t services, residents in Suzanne Fleischman Wies about making the most noise it’s hazardous public . about serving as a vigilant housing, and low- PUBLISHED BY CRAIN COMMUNICATIONS INC. 38% watchdog over city income families who chairman Keith E. Crain services darren thompson encounter barriers president Rance Crain secretary Merrilee Crain 62% and to obtaining public helping treasurer Mary Kay Crain . benefits. executive vp, operations William Morrow the most All this with a senior vp, group publisher Gloria Scoby vulnerable budget that is group vp, technology, circulation, residents. about half those manufacturing Robert C. Adams I have of some borough vice president/production & improved special presidents, and manufacturing David Kamis chief information officer Paul Dalpiaz No. He’s still very much damaged goods, education services, increased that continues corporate circulation/audience and there’s no good reason to submit his women’s access to reproductive to be cut. development director Kathy Henry family to another political campaign. health care, secured greater The next public founder G.D. Crain Jr. (1885-1973) protections for abused and advocate must continue to chairman Mrs. G.D. Crain Jr. (1911-1996) For this week’s questions: Go to neglected children, reduced barriers help needy New Yorkers. www.crainsnewyork.com/poll to have your say. to accessing food stamps, passed a bill to betsy gotbaum protect immigrants from misusing medication, Public advocate

10 | Crain’s New York Business | September 7, 2009 20090907-NEWS--0011-NAT-CCI-CN_-- 9/4/2009 1:07 PM Page 1

the profits that can be produced. In addition, owners will work hard to hold down employee and payroll costs by using contract employees, even if they have to skirt the laws on such workers. It will raise costs even on those who now offer insurance. Congress is al- most certain to require employers to pay most of the cost—probably something on the order of 75%. Most small businesses pay much less, and require much higher con- tributions from their workers, espe- cially for family plans.So even small companies that already offer insur- ance will be squeezed. It will lower wages. Companies do not look at wages and benefits as separate costs. Rather, they are lumped together. Many economists say that one of the major culprits in the lack of wage growth in recent years has been the fact that compa- nies offering insurance had to deal john h.john howard with health care inflation exceeding 10%. Faced with the added burden Audit Tax Advisory of health coverage, firms have no choice but to pay less. Remember, small businesses be- The health of NY gin with the deck stacked against Steve Mayer CPA them. Their access to capital and 212.682.1600 credit is limited; they lack www.amper.com small businesses economies of scale; and the cost of complying with government regu- lations, especially in a place like ongress returns to Washington this week with New York, is very high. The tax one compelling task: Pass historic legislation to credits being offered to help with fundamentally reform the health care system to the cost of health reform by necessi- ty will have to be modest when com- cover the uninsured and,theoretically,lower costs. pared with the cost. Lost in the extensive debate is how such a The Obama administration has change will also alter the economics of small businesses,for bet- little to say on these issues.A briefing C paper issued early this summer ar- ter or for worse.The answer depends on one’s priorities. gues that health care reform would strengthen small businesses by mak- According to a report can’t afford it. ing insurance more affordable by the United Hospital So here’s what re- through tax credits and the so-called Fund, about half the form will mean for small public option. It also notes that two- small firms in New York businesses. thirds of those without coverage in with fewer than 25 em- It will become a barrier New York have jobs, mostly at small ployees did not offer to growth. All the pro- companies. This leads to an in- health coverage in 2006. posals being considered evitable conclusion: Solving the About a third of the com- have a threshold below problem of the high number of unin- panies with 25 to 100 which insurance isn’t sured is impossible without requiring employees did not pro- required—either the small businesses to offer insurance. vide insurance.Given the number of employees or That much is correct.And if uni- steep rise in costs since GREG payroll. No matter what versal coverage is one’s priority,then then, the percentage of DAVID specific requirement is the consequences for small firms are small employers offering imposed, businesses ap- acceptable. Some small firms will insurance is probably proaching the threshold fail because of the burden, and oth- lower today. These entrepreneurs will think twice about growing, be- ers will stagnate, and the question is aren’t mean-spirited; they simply cause the cost of insurance will exceed whether anyone will care.

SHORT TAKE

transpire in the next two weeks: Don’t believe the polls. There is Primary math no way pollsters can figure out who is actually going to vote when some new york city numbers to make the average New Yorker’s turnout is so low. ponder: heart race, whatever importance TV ads probably won’t matter 8.4 million—population,according to they may have.But it does say some- that much. The key will be who has a 2008 census estimate thing that fewer than 10% of regis- the backing of labor unions and oth- 4.2 million—registered voters tered voters, or just a sixth of those er groups that can actually get their 2.6 million—vote total in the 2008 who voted in the last presidential supporters to the polls. presidential election election, will turn out next Tuesday Hope there isn’t a runoff for 1.5 million—vote total in the 2001 to decide who will occupy these jobs comptroller or public advocate, two mayoral race for the next four years. (Sorry, Re- four-person races that require one 400,000—projected number of vot- publicans, but you know you don’t candidate to reach 40% to win. If ers in the Sept. 15 primary have a chance in the November gen- there is a second vote for either post, Admittedly, the jobs of city eral election.) the decision will be made by as few comptroller, public advocate and Three insider tips to provide a as 150,000 on Sept. 29. Manhattan district attorney don’t better understanding of what will —greg david

September 7, 2009 | Crain’s New York Business | 11 20090907-NEWS--0012-NAT-CCI-CN_-- 9/3/2009 8:25 PM Page 1

SMALL BUSINESS

does accounting and bookkeeping Lehman exiles strike out on their own for the self-employed. Small biz to lead rebound than 90,000 jobs. Faced with limit- hit by wall street’s job losses, the Bankers turned A DIFFERENT KIND ed job prospects, some of the bank’s OF GREEN: city is also hoping small business will entrepreneurs use ex-employees have spent the last Avi Yashchin and pave the road to recovery.In February, year doing a different kind of trad- Lauren Carson of Mayor Michael Bloomberg an- biz school skills ing: trading 500 direct-report em- CleanEdison. nounced FastTrac NewVenture, a ployees for five, millions in revenues business training program to help for thousands, and a lengthy corpo- emerging entrepreneurs. The pro- BY KIRA BINDRIM rate title for one word—owner. gram has been filling each of its 30- “In investment banking, you do seat classes, says David Margalit, ehman brothers had a great job, you get repeat cus- deputy commissioner for the Depart- been conducting layoffs tomers,” says Mr. Ambinder. “It’s ment of Small Business Services. for six months by the time the same thing here,just on a small- “There is definitely a strong in- David Ambinder’s name er scale.” His franchise, one of 300 terest in entrepreneurship among

was called in June 2008. Mr. Handyman locations in the buck ennis professionals who were formerly LThen Lehman’s senior vice president U.S., employs four full-time successful in jobs with large compa- of global business support services,the staffers, and he expects to turn a launch last October, the firm has the past 10 years,” he says. nies, including financial services banking veteran saw few job openings profit this year. The 48-year-old, grown to 16 full-time employees, Encouraged by some success companies,” he says. in finance. So Mr. Ambinder traded who now bikes to work, says the and Mr. Yashchin says they’ve with personal training, Mr. Hart- With the financial sector far Wall Street for Morris Avenue in only thing that hasn’t changed is the trained just under 10,000 people. man began working on myHealth from recovery, the city’s newest en- New Jersey, where he opened a Mr. schedule: He still works 12-hour He even hired a fellow Lehmanite, Bud.com, a nutrition and exercise trepreneurs say they’ve been happy Handyman franchise in November. days, six or seven days a week. Lauren Carson, to be head of sales. Web site. For now, he’s tapped into to trade the worries of the laid-off “I’ve always wanted to own my “Now I get to really use all of savings to hire a Web-development for those of the self-employed. own business,” he says. Customer service is key these skills I learned in business team, and he hopes to launch a beta “On Wall Street, there was more Roughly a year ago, on Sept. 15, the story is similar for Avi school,” he says. version of the site by 2010. anxiety,” says Mr. Ambinder, “but it thousands of Lehman Brothers em- Yashchin. After seven years with Layoffs had the biggest impact on Even for finance veterans, start- was all from situations that were be- ployees watched as their employer’s Lehman, most recently as a vice those whose specialty disintegrated ing a company is no small feat. yond your control.Now I know it’s just bankruptcy made headlines. Armed president in the bank’s global credit along with the bank.After a decade in “The odds are they’ve never tru- a business problem I can handle.”
with severance packages, many set products group, he found himself the secondary mortgage market,with ly understood what it means to out to find work in the rapidly out of a job last fall.The 29-year-old stints at Lehman and J.P. Morgan make a sale to a customer and then To sign up for Crain’s shrinking financial sector. Since spent some time traveling before he Chase,Mike Hartman found himself provide the level of service to turn twice-weekly SMALL BUSINESS Lehman’s collapse, unemployment started CleanEdison, a sustainabili- out of more than a job last June. that customer into their biggest ad- NEWSLETTER, go to in the city has surged to nearly 10%, ty and education firm that provides “There was really no market for vocate,” says Kevin Reeth, co- www.crainsnewyork.com/smallbiz and the private sector has shed more training for green jobs. Since its the industry that I’ve worked in for founder of Outright.com, which

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12 | Crain’s New York Business | September 7, 2009 20090907-NEWS--0013-NAT-CCI-CN_-- 9/3/2009 3:42 PM Page 1

REAL ESTATE INSIDE TOP REAL ESTATE INVESTMENT TRUSTS in NY PAGE 16 With Bear and Lehman out, “demand didn’t go to zero, but it came close.” —Edward Tonnessen, Jones Lang LaSalle, Page 19

Financial Buying opportunity firm rout is downer for Builders, investors mopping up smaller distressed projects Greenwich BY AMANDA FUNG last month, boaz gilad pounced on his latest project. He bought the unfin- Dependence on ished shell of a 21-unit Williamsburg condominium from lenders for $2.9 mil- shaky sector leaves lion—64% less than his predecessor had high-end holes spent to buy the land and complete 60% of the project. Mr. Gilad plans to finish the building and convert it into a rental. BY THERESA AGOVINO Snapping up unfinished projects is a departure for Mr. Gilad. He’d built 600 as everybody knows, in real apartment units all across Brooklyn be- estate, location is key. fore the recession struck. But as con- No wonder executives at struction financing dried up and resi- Antares paid a whopping dential sales plummeted, he morphed $880 a square foot in March into a highly successful scavenger. 2007 for a building in an area “We are getting great deals,” says thick with hedge funds paying Mr. Gilad, president of Ore Inter- rents in the triple digits per national. “We expect in the next six square foot. The developers months to purchase a lot of stuff.” planned to upgrade the build- Mr.Gilad is one of a small but grow- ing and cash in on what looked ing number of people picking up once- like a sure thing. in-a-lifetime bargains amid the wreck- Unfortunately, by the time age of the great real estate bust. Many the building’s $60 million are developers and construction man- metamorphosis was complete agers buying up in late 2008, the market had unfinished proj- GROUND DOWN crashed. Investment firms were ects for pennies in wild retreat, leaving 28% of on the dollar, in- Antares’ refurbished property tending to finish 400 vacant in an area that’s sudden- them up and rent Stalled NYC See GLITCH on Page 19 out the units. construction Other developers projects and investors are Source: Department of Buildings hoping to make a killing down the road after taking control of the debt on small distressed properties. Given that there are roughly 400 stalled construction projects scattered SPACED-OUT across the city,according to the Depart- ment of Buildings, the pickings are Stats for offices in Greenwich’s central business district plentiful. But only recently have deals begun to be struck—most of them at AVAILABILITY RENT PER the smaller end of the scale, where still- RATE SQ. FT. scarce financing is less of a hurdle. 2007 “There are a tremendous number of 1Q 15.6% $90.58 people who are looking to buy,” says Robert Knakal, chairman of Massey 2Q 9.2% $111.22 Knakal Realty Services Inc., which is 3Q 6.1% $108.42 marketing the senior debt on a fore- closed 120-unit condo in Williamsburg 4Q 6.5% $124.50 for the lead bank on the project.To date, 2008 the property has drawn 50 bidders. 1Q 4.8% $108.11 Citywide, however, interest still hugely exceeds action. In neighbor- 2Q 7.4% $110.03 hoods such as Harlem, Williamsburg, 3Q 7.8% $118.87 SCAVENGER HUNT: and Long Island City, Queens, partially Boaz Gilad (right) and completed buildings dot the landscape, 4Q 10.4% $103.59 partner Yossi Ariel paid but banks have been reluctant to fore- 64% less for this 2009 Williamsburg condo close on the properties and actively man- age them. And in many cases, develop- 1Q 11.6% $99.16 project than the original developer did to buy the ers are desperately holding on, hoping 2Q 21.0% $90.61 land and start building. to refinance and outlast the recession. Source: CB Richard Ellis “Banks and developers are in a cold

buck ennis See RESIDENTIAL on Page 14

September 7, 2009 | Crain’s New York Business | 13 20090907-NEWS--0014-NAT-CCI-CN_-- 9/3/2009 3:44 PM Page 1

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CONTACT US: Buying opportunity 866.890.7794 [email protected] www.emcorgroup.com Continued from Page 13 of half-baked projects,” says Mr. war,” says Eric Anton, executive Colao. “It’s easy for us [as builders] managing director of real estate ser- to assess the cost to complete and vices at Eastern Consolidated.“Nasty reposition a property.” letters are going out, but nobody is Meanwhile, other players are foreclosing as quickly as they could.” buying up debt positions in hopes Then,too,there is a huge gap be- of seizing control of unfinished tween the bargains that buyers insist properties. on getting and the prices that many banks and developers think their Good deals on debt projects still deserve. prospect consulting group,which “Sellers are only slowly realizing opened for business just eight that they need to lower the prices,” months ago, has already advised on says Gregg Roberts,president of CS two successful deals in which in- Commercial Group. vestors purchased mezzanine loans But there are already some great on commercial buildings at around deals to be found. Last year, GFI 30 cents on the dollar. Managing Development Co. grabbed one of Partner Sam Zambala reports that the first steals to hit the market in he has three other offers out on be- this cycle, buying an unfinished half of clients seeking to purchase condominium tower in the heart the construction loans on failed COZENCONFIDENCE of Williamsburg for a reported $8 condo conversions. million. The seller was lender “At some point, the levee will HSBC, which had taken over the break,and a lot more deals will come building from developer Mendel to the market,” he says. Brach after he defaulted on his con- Some of the scavengers prowling struction loan. the market are willing to play multi- Geoffrey Ferrer, Corporate / Trial Lawyer The property was dubbed the ple roles. Among them is ORE In- Finger Building by local residents ternational’s Mr. Gilad. Winning takes confidence. who opposed the planned 18-story In addition to buying half-fin- tower going up in their low-rise area. ished properties, Mr. Gilad is hiring Whether you need an unrivaled trial lawyer or corporate Construction had reached the 10th out his firm to help other owners counsel who understands your business, our attorneys have story by the time of the sale. Since cope with their troubled assets. For the training and flexibility to help you win. then, GFI has renamed the building instance, he is advising banks and the Albero (the Italian word for tree), helping them deal with properties For worldwide offices, visit us at cozen.com. lined up a $13.2 million construction that they have taken over. Earlier loan from CIBC and resumed work this year, the Brooklyn developer on the project, which it will limit to was retained for an undisclosed fee its current height. to finish up and market a 12-unit condo in Park Slope,which was 95% Take two complete. kenneth colao, president of con- Mr. Gilad recently completed Abby M. Wenzel, Office Managing Partner struction manager CNY Builders,is the building and began looking for 250 Park Avenue now searching the market for bar- prospects to buy the condos at a bar- New York, New York 10177 gains. He has offers out to banks on gain $480 per square foot—nearly 212.883.4997 | [email protected] two unfinished residential buildings 20% below the price the initial de- Geoffrey D. Ferrer, Office Managing Partner in Brooklyn. One, near Prospect veloper had been seeking. In this 16th Floor, 45 Broadway Park, is roughly 50% complete; the case, Mr. Gilad says, his role is sim- New York, New York 10006 other, in Williamsburg, is almost ply to help the bank recoup the 212.908.1201 | [email protected] 80% complete. Mr. Colao hopes to money it lent to the original owner, finish the projects and turn each of who defaulted on payments. The confidence to proceed. them into affordable housing or “If banks have to dump proper-

® market-rate rental apartments. ties, they come to me,” says Mr. Gi- “We are scouring for these types lad. “This is just the beginning.”
© 2009 Cozen O’Connor CN013114 8/27/09 2:23 PM Page 1

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Property

ALTHOUGH IT’S BEEN A ROUGH YEAR for properties of all types, New York remains a desirable place for real estate investors. The 25 largest real estate investment trusts in the New York area own 131.2 million square feet of property here—a slight, 0.5% increase from year-earlier levels. Crain’s list is dominated by REITs that focus on office or retail properties. Dow Jones U.S. Select REIT Total Return Index The Dow Jones REIT index is up 9.1% this year. By way of comparison, the Dow Jones U.S. Total Stock Market Total Return Index has climbed 17.6% this year.

source: dow jones Per-Share Growth in Funds From Operations While the industrial, multifamily and office sectors all reported slight FFO growth in the year to date, the signifi- cant declines posted by the retail sector have dragged down REITs as a whole.

source: snl financial

Continued

16 | Crain’s New York Business | September 7, 2009 CN013014 6/23/09 8:38 PM Page 1

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18 | Crain’s New York Business | September 7, 2009 20090907-NEWS--0019-NAT-CCI-CN_-- 9/3/2009 4:04 PM Page 1

REPORT Down in Greenwich

Continued from Page 13 where from 30,000 to 60,000 square ly awash in high-end space. feet at 33 Benedict Place, sources Such sad tales have become com- say. Plainfield Asset Management monplace in Manhattan’s Plaza wants to dump about 30,000 square district and on Park Avenue. But feet at 55 Railroad Ave., while Sil- Antares was betting on a dif- ver Point Capital is attempting to ferent market entirely: Greenwich, unload a total of 50,000 square feet Conn., one of only three places in at two locations, including 660 the nation where office rents broke Steamboat Road. through the $100-per- AQR and Silver square-foot level, ac- Point declined to com- cording to Cushman & ment, and Plainfield Wakefield Inc. didn’t have an immedi- Passing that thresh- ate comment. old not only put Green- Meanwhile, the sup- wich rents on a par with 33 Benedict Place ply of hedge funds will- those for the toniest cor- ing to pay big bucks in ners of Manhattan and 30,000 to order to fill such space Boston; it also priced 60,000 sq. ft. is dwindling. By the most companies—ex- AQR CAPITAL end of June, the num- cept highly successful MANAGEMENT hopes to ber of funds was down hedge funds and in- sublease this chunk of 12% from its 2007 vestment managers— space in Greenwich high of 10,096, accord- out of the market. ing to Hedge Fund Re- The consequences search Inc. of homogeneity are ap- parent today in the 4.5 End of an era? million-square-foot “i don’t think we are Greenwich market, going to see the $100-a- where the availability square-foot rents again rate hit 19% in the in the near term,” says second quarter. That’s Robert Caruso, senior nearly double year- managing director of earlier levels, according 55 Railroad Ave. Westchester and Fair- to real estate services field counties for CB firm CB Richard Ellis 30,000 sq. ft. Richard Ellis. Inc. Meanwhile, leas- PLAINFIELD ASSET Lower rents may ing activity in the pe- MANAGEMENT also has help Greenwich diver- riod plunged 42% square footage to unload sify its tenant base, from 2008 levels, while something that could average rents sank by provide a buffer in future 12%, to $64.20 per downturns. square foot. “I think we’ll see a Conditions are even rediversification of ten- grimmer in the central ants,” says Mr. Ton- part of Greenwich, in 660 Steamboat Road nessen. “There are law the area around the firms and other profes- Metro-North station— 50,000 sq. ft. sional consulting com- the precinct preferred SILVER POINT CAPITAL panies that were on by the most elite firms. wants to shed space at the verge of getting There, rents declined two buildings priced out that will be 18%, to $90.61, CB able to stay.” Richard Ellis says. That change will not “It was boom time happen overnight, how- here, but that changed ever. In fact, tenants after Bear Stearns and may still be assailed by Lehman and the like sticker shock, since [disappeared],”says Ed- 100 W. Putnam Ave. some owners continue ward Tonnessen, an ex- to ask for precrash ecutive managing di- $125per sq. ft. rents.Antares,for exam- rector in Stamford for MEANWHILE, Antares ple, is still asking $125 continues to seek Jones Lang LaSalle, a premium rents on this per square foot for real estate services firm. renovated property its building at 100 W. “Demand didn’t go to Putnam Ave. zero, but it came close.” Jim Cabrera, a man- The big factor behind the sea aging member of Antares, points change: Greenwich’s outsize de- out that the asking rent is near- pendence on financial firms. They ly 20% lower than it was a year or account for an estimated 80% of the so ago. He adds that Antares will total leased space there—as opposed break up the 43,000 square feet of to roughly a third of the space in available space to accommodate Manhattan, where the availability smaller tenants.The space had been rate hit 14% in June and leasing ac- leased to a hedge fund, which re- tivity fell by 35%. turned it. “This building was developed for Snowed under the upper-end tenant,” says Mr. rents in greenwich are under in- Cabrera, touting the beautiful reno- creasing pressure as troubled finan- vation, the gym, and the water cial firms push cheap sublease space views. “This is what they want.” onto the market. That may be true, but the ques- For example,AQR Capital Man- tion is,are there enough tenants that agement is trying to sublease any- can still afford it?

September 7, 2009 | Crain’s New York Business | 19 20090907-NEWS--0020-NAT-CCI-CN_-- 9/3/2009 3:46 PM Page 1

REPORT REAL ESTATE DEALS PLUS

Bargains + confidence = bounce THINGS ARE LOOKING DOWN Overall average asking rents in Manhattan in 2009

unny how powerful a mix of deep discounts and For example,when Instinet agreed represented Instinet. recently to lease 100,000 square feet The asking rent was rising business confidence can be. at 1095 Sixth Ave., it got a good $80 per square foot, That combination is moving many tenants to deal—paying over a third less per says Zachary Free- think seriously about getting off the fence and sign- square foot than previous tenant man of CB Richard Centerline Financial had just two Ellis, who represented ing new leases. Average asking rents in Manhattan years earlier. The electronic trading firm landlord The Black- Fthis year are down 15%,according to Cushman & Wakefield Inc. also got perks such as a big build-out stone Group. He adds And that’s only part of the story. allowance, options to expand and that Instinet will pay “It is not just rents, but the structure of leases,” says Mitchell extend its space, and use of extra close to that amount. more flex- power, says Merrill Roth, vice chair In general,sweeten- Konsker, Cushman’s vice chairman. “Today, you see of Newmark Knight Frank, who ers like those offered to Instinet have largest direct lease so far this year. ibility from landlords.” along with law firm Herrick Feinstein led to a rise in big deals. Gap signed “There is clearly more stability in a 20-year lease for 265,000 square the market,” says Mr. Roth. feet at 40 Worth St. last week—the —amanda fung

Cabrini hospital feet for three and half years from BT Americas Inc.—the local arm of the goes on the block London-based phone giant—at 350 Madison Ave., between East 44th and the five-building former Cabrini East 45th streets. The asking rent Medical Center complex near Gramer- for comparable space in the building cy Park will hit the market this week, is $75 per square foot;sources say Ax- shepherded by Grubb & Ellis Inc. ispoint is paying substantially less. The 450,000-square-foot prop- Axispoint is currently based at 21 erty hasn’t officially W. 38th St., and its been offered for software business is sale. But Vincent located at 55 Broad Carrega, an execu- St. The company tive managing di- plans to give up rector at Grubb & those spaces and Ellis,says roughly 20 move to its new lo- organizations have cation by Oct. 1. expressed interest— “The new space among them uni- will allow us to bet- versities and hospi- INHOSPITABLE ter serve our cli- tals. He hopes the CLIMATE ents,” says Daniel complex will fetch at DiSano,Axispoint’s least $145 million. Cabrini aims to bring in president. “It will Cabrini ceased enough to pay its debts. provide a more col- operating as a hos- laborative working pital in March 2008 environment.” and filed for bank- Eric Meyer and ruptcy two months $145M Seth Hecht of First- ago.Its buildings are Desired minimum sale price Service Williams sited on nearly represented Axis- 60,000 square feet point; Patrick Len- of space between non and Clayton East 19th and East 52% Kline of Jones Lang Discount from estimated 20th streets and peak value LaSalle represented Second and Third BT Americas. avenues. Mr. Car- —amanda fung rega says the location and the zon- ing—which allows for residential use—make the property very desir- Tenant finds terrace able. But he concedes that the cred- at perch over park it crunch and the bankruptcy court’s preference for a quick sale may limit after an extensive search,Coast- the number of bidders. al Development, which finances re- Mr. Carrega hopes to present a sorts,signed a 10-year lease for some buyer to the bankruptcy court by 13,000 square feet at 745 Fifth Ave., mid-October. “This is a motivated between East 57th and East 58th seller,” he says. streets.The 18th floor boasts two ter- Cabrini’s former CEO,Dr.Ron- races with Central Park views—one ald Gade, has said that at the height of them big enough for entertaining. of the real estate market,the complex The asking rent for the deal was was likely worth $300 million. The around $95 a square foot.The com- hospital’s creditors are owed $145 pany will move from its current million, according to Mr. Carrega. home a block away early next year. “If we achieve that amount, I’ll have Coastal’s broker, Peter Buckey of some very happy clients,” he says. Colliers ABR, says it is quite chal- —theresa agovino lenging to find offices with attrac- tive,functional outdoor space.“This building was a great solution,” says All together now: Mr. Buckey, who worked with Col- IT firm consolidates liers’ chairman, Mark Boisi. Owner Paramount Group Inc. axispoint inc. is turning a good was represented by its vice president price on a Madison Avenue sublease of leasing,Arthur Bocchi,and New- into a chance to consolidate. mark Knight Frank brokers Scott The information technology pro- Klau and Erik Harris. vider has subleased 19,200 square —theresa agovino

20 | Crain’s New York Business | September 7, 2009 nb36p21-23cls.qxp 9/4/09 4:30 PM Page 21

PUBLIC & LEGAL NOTICES COLLECTION SERVICES UNABLE TO COLLECT Notice of Qualification of TRIMARAN Notice of Qualification of Axiodyn NOTICE OF FORMATION OF LIMITED Notice of Formation of 35 W. 124TH ON A JUDGMENT? CREDIT MANAGERS BDC LP. Capital Partners LLC, App. for Auth. LIABILITY COMPANY. NAME: SOKOBE STREET LLC. Arts. of Org. filed with Authority filed with Secy. of State of filed Sec’y of State (SSNY) 5/20/09. LLC. Articles of Organization were filed Secy. of State of N.Y. (SSNY) on June NO RECOVERY, NO FEE NY (SSNY) on 07/30/09. Office loca- Office location: NY County. LLC org. with the Secretary of State of New York 5, 2009. Office location: New York ATLANTIS ASSET tion: NY County. LLC formed in in DE 12/9/08. SSNY designated as (SSNY) on 07/16/09. Office location: County. SSNY designated as agent Delaware (DE) on 06/02/09. Princ. agent of LLC upon whom process New York County. SSNY has been of LLC upon whom process against RECOVERY LLC office of LLC: 1325 Ave. of the against it may be served. SSNY shall designated as agent of the LLC upon it may be served. SSNY shall mail (718) 819-2912 Americas, 34th Fl., NY, NY 10019. mail copy of process to Attn: Anthony whom process against it may be served. process to: The LLC, 304 Hudson SSNY designated as agent of LLC Birbilis, One North End Ave., Ste. 1117, SSNY shall mail a copy of process to the Street, 3rd Floor, New York, NY upon whom process against it may NY, NY 10282. DE office addr.: c/o LLC, 555 Madison Avenue, 33rd Floor, 10013. Purpose: any lawful activity. be served. SSNY shall mail process CSC, 2711 Centerville Rd., Wilmington, New York, New York 10022. Purpose: EXECUTIVE to the Partnership at the princ. office DE 19808. Cert. of Form. on file: For any lawful purpose. Notice of Formation of BEARCITY of the LLC. DE addr. of LLC: 2711 SSDE, Townsend Bldg., Dover, DE LIMITS, LLC. Arts. of Org. filed Centerville Rd., Ste. 400, Wilmington, 19901. Purpose: any lawful activities. I-GENESIS, LLC, a domestic Limited with Secy. of State of N.Y. (SSNY) RECRUITER DE 19808. Arts. of Org. filed with Liability Company (LLC) filed with on 8/4/08. Office location: New Secy. of State of the State of DE, Div. Notice of Qualification of Soho the Sec of State of NY on 6/9/09. NY York County. SSNY designated as of Corps., John G. Townsend Bldg., Properties General Partner, LLC. Office location: New York County. agent of LLC upon whom process POSITION AVAILABLE 401 Federal St., Dover, DE 19901. Authority filed with Secy. of State of SSNY is designated as agent upon against it may be served. SSNY Purpose: Any lawful activity. NY (SSNY) on 7/8/09. Office location: whom process against the LLC may shall mail process to: The LLC, 630 NY County. LLC formed in Delaware be served. SSNY shall mail a copy 9th Avenue, #208, New York, NY Senior Quantitative Analyst: Prfrm anly- Notice of Qualification of OneSeven (DE) on 7/7/09. SSNY designated as of any process against the LLC 10036. Purpose: any lawful activity. sis for prtflio/trd’g mdels; Anlyz mrkt Partners, L.P. App. For Auth. filed with agent of LLC upon whom process served upon him/her to The LLC, sentmnt for mdium frquency long/shrt Secy. of State of N.Y. (SSNY) on against it may be served. SSNY shall 121 E. 24th St., 12th Fl., NY, NY LAW OFFICE OF JOHN GLEACHER, equities trad’g; Dsgn rsk-neutrl prtflio opt- 7/23/2009. Office location: New York mail process to princ. bus. loc.: c/o 10010. General purposes PLLC, a domestic Professional Limited mzt’n Req’ts: Mstr’s in Mthmtcs, Statstcs, County. LP formed in DE on 7/20/2009. The LLC, 552 Broadway, Ste. 6N, NY, Liability Company (PLLC) filed with Elctrcl Engng +3 yrs in job ofrd or as 3 yrs SSNY designated as agent of LP NY 10012. DE address of LLC: c/o Notice of Formation of ONE WORLD the Sec of State of NY (SSNY) on as VP, Asct, Quant Anlyst or smlr in quant upon whom process against it may United Corporate Services, Inc., 874 LLC, a domestic LLC. Arts. of Org. 4/17/09. NY office Location: New stratgies dvlpmnt at lrge asset frm. Spcfc be served. SSNY shall mail process Walker Road, Ste. C, Dover, DE filed with the SSNY on 06/23/2009. York County. SSNY is designated as Skls: Time sries anlysis; Bcktst’g/strtgy to: 623 Fifth Ave., 14th Fl., New York, 19904. Arts. of Org. filed with DE Secy. Office location: NY County. SSNY has agent upon whom process against mdel’g; Beta-neutrl fctr mdel’g. MPG NY 10022, Attn: Simon Chelli. DE of State, Townsend Bldg., Dover, DE been designated as agent upon the PLLC may be served. SSNY shall Operations LLC, New York, NY, Resumes address of LP: 615 S. Dupont 19901. Purpose: any lawful activity. whom process against the LLC may mail a copy of any process against to box 0189, 711 3rd Ave., NY, NY 10017 Highway, Dover, DE 19901. be served. SSNY shall mail a copy of the PLLC served upon him/her to Name/address of each genl. ptr. avail- NOTICE OF FORMATION OF WIND- process to: Howard Luks, PO Box John Gleacher, 136 E. 76th St., able from SSNY. Cert. of LP filed with UP LLC. Article of Organization filed 226, Mt. Freedom, NJ 07970. #11A, NY, NY 10021. Purpose: Law DESS, P.O. Box 898, Dover, DE 19903. with the Secretary of State of NY Purpose: Any Lawful Purpose. Purpose: to engage in any act or (SSNY) on 07/20/2009. Office loca- HAMID BEHZADI, MD, FCCP, FCCM, REAL ESTATE activity lawful under the NY L.P. Law. tion New York County. SSNY has Notice of Formation of OURI PLLC, a domestic Professional Limited been designated as agent upon SPORTS KOSHER CATERING LLC. Liability Company (PLLC) filed with the Notice is hereby given that a license whom process against it may be Arts. of Org. filed with Secy. of State Sec of State of NY (SSNY) on 5/31/07. (#TBA) for Liquor has been applied served. The Post Office address to of NY (SSNY) on 4/28/09. Office NY office Location: New York County. OFFICE SPACE for by the CHIPOTLE MEXICAN which the SSNY shall mail a copy of location: NY County. SSNY designat- SSNY is designated as agent upon whom GRILL OF COLORADO, LLC at any process against the LLC served ed as agent of LLC upon whom process against the PLLC may be served. retail, in a restaurant under the ABC upon him/her is C/O the LLC 448 W SSNY shall mail a copy of any process Off Wall on Pearl St - 4000 sq ft process against it may be served. Skylight, Confer. rm. 2 offices. Lrg open Law at 117 E. 14 St. NY, NY 10003 37th St, 10C, New York, NY 10018. SSNY shall mail process to: The LLC, against the PLLC served upon him/her for on premises consumption. Purpose of LLC: to engage in any 100 W. 33rd St., Ste. 911, NY, NY to c/o National Registered Agents, Inc., space. Direct Con Ed meter. Mint Cond. lawful act or activity. Street address of 10001. Purpose: any lawful activity. 875 Ave. of the Americas, Ste. 501, NY, $8500/mo. 917-804-8442, 917-548-9997 Notice of Qualification of Oca Art & Principal Business location is: 448 W NY 10001. Purpose: Medicine. Design LLC. Authority filed with Secy. 37th St, 10C, New York, NY 10018 NYC Middle Market Accounting Firm has Notice of Formation of HERNAN of State of NY (SSNY) on 8/7/09. NOTICE OF FORMATION OF E-CLOUD office space to sub-let LANDER LLC. Arts. of Org. filed with Office location: NY County. LLC Notice of Qualification of The Alchemy SERVICES, LLC. Arts. of Org filed NYC Middle Market Accounting Firm has Secy. of State of NY (SSNY) on formed in Delaware (DE) on 8/7/07. Music Company, LLC. Authority filed with Secy. of State of N.Y. (SSNY) on office space to sub-let. Sub-lease space in Top 08/04/09. Office location: NY County. SSNY designated as agent of LLC with Secy. of State of NY (SSNY) on June 30, 2009. Office location: New “A” Building w/7 windowed offices, 11 SSNY designated as agent of LLC Cubicles, use of Conference Rooms, Reception upon whom process against it may 7/28/09. Office location: NY County. York County. SSNY designated as upon whom process against it may Area, Kitchen, Full Office Support available. be served. SSNY shall mail process LLC formed in Delaware (DE) on agent of LLC upon whom process be served. SSNY shall mail process For further information to princ. bus. loc.: c/o Tigris Financial 8/22/07. SSNY designated as agent against it may be served. SSNY shall to Hernan Andres Garcia Antigua, Please contact (212) 404-5403. Group Ltd., 1370 Ave. of the of LLC upon whom process against it mail process to: 286 Madison Avenue, 3339 Hull Ave., Apt. 6B, Bronx, NY Americas, 19th Fl., NY, NY 10019. may be served. SSNY shall mail Suite 1100 New York, NY 10017. 10467. Purpose: Any lawful activity. DE address of LLC: United Corporate process to: Attn: Steve Smith, 2858 Purpose: any lawful activity. QUEENS/OFFICE SPACE Services, Inc., 874 Walker Rd., Ste. Ladbrook Way, Thousand Oaks, CA 1287174 w.o. C, Dover, DE 19904. Arts. of Org. 91361. Address to be maintained in NOTICE OF FORMATION of Terra filed with DE Secy. of State, / DE: Parasec Incorporated, 40 E. Productions LLC. Arts. Of Org. filed NOTICE OF FORMATION OF IN TUNE FLUSHING PRIME LOCATION Townsend Bldg., Dover, DE 19901. Division St., Ste. A, Dover, DE 19901. with Secy. of State of N.Y. (SSNY) on Northern Blvd./Main St. Vicinity Purpose: any lawful activity. PRODUCTIONS, LLC. Arts. of Org. filed with DE Secy. Of State, 401 12/10/08. Office location: New York filed with Secy. of State of N.Y. (SSNY) Community Facility/Non-Profit Office Federal St., Ste 4., Dover, DE 19901. County. SSNY designated as agent of Office Space Avail. New Bldg. Notice of Qualification of COMPETI- on 06/02/09. Office location: NY Approx. 2800 sqft. 1st Flr./St. Entrance TIVE MEDIA REPORTING, LLC. Purpose: any lawful activities. LLC upon whom process against it County. SSNY designated as agent may be served. SSNY shall mail Can be divided to smaller space Authority filed with Secy. of State of of LLC upon whom process against it $11K per mo. N.Y. (SSNY) on 5/15/00. Office loca- NOTICE OF FORMATION of Sub process to principal business location: may be served. SSNY shall mail tion: New York County. LLC formed in Holding, LLC. Arts. Of Org. filed with 308 East 72nd Street, Ste 15B, NY, NY process to: 79 HAVEN AVE., STE 31, Contact John @ 718-757-9468 Delaware (DE) on 1/4/00. SSNY des- Secy. Of State of N.Y. (SSNY) on 10021. Purpose: Any lawful activity. NY, NY 10032. Purpose: any lawful ignated as agent of LLC upon whom 5/28/09. Office location: New York activity. process against it may be served. County. SSNY designated as agent of Notice of Formation of SEVENTH 1285528 w.o. SSNY shall mail process to: c/o United LLC upon whom process against it AVENUE ELECTRONICS LLC. Arts. Corporate Services, Inc., 10 Bank St., may be served. SSNY shall mail of Org. filed with Secy. of State of Notice of Formation of T.P. DUFFY TELECOMMUNICATIONS Ste. 560, White Plains, NY 10606. DE process to: 140 Riverside Drive, Suite N.Y. (SSNY) on 7/16/09. Office loca- RESEARCH & CONSULTING LLC, a address of LLC: 874 Walker Road, 17E, NY, NY 10024. Principal business tion: New York County. SSNY desig- domestic LLC. Arts. of Org. filed with Suite C, Dover, Delaware 19904. Arts. location: 281 St. Nicholas Ave., NY, NY nated as agent of LLC upon whom the SSNY on 06/29/2009. Office loca- of Org. filed with DE Secy. of State, 10027. Purpose: Any lawful activity. process against it may be served. tion: NY County. SSNY has been Townsend Bldg., Dover, DE 19901. SSNY shall mail process to: The LLC, designated as agent upon whom Purpose: any lawful activity. NOTICE OF QUALIFICATION OF 841 Seventh Avenue, New York, NY process against the LLC may be 307 Fifth Avenue Medialation LLC Application for Authority 10019. Purpose: any lawful activity. served. SSNY shall mail a copy of New York, NY 10016 Notice of Qualification of YYC CAPI- filed with the Secretary of State of New process to: Thomas P. Duffy, 450 W. 212-532-7400 17th St. #1602, NY, NY 10011. TAL MANAGEMENT LLC. Authority York (SSNY) on 6/17/2009. LLC formed NOTICE OF FORMATION OF [email protected] filed with Secy. of State of NY in Georgia on 4/29/2009 NY office Blossom Preserved Flowers LLC. Purpose: Any Lawful Purpose. (SSNY) on 07/24/09. Office location: location: New York County. SSNY has Article of Organization filed with the Metrocom is proud NY County. LLC formed in Delaware been designated as agent of the LLC Secretary of State of NY (SSNY) on Notice of Qualification of D. E. Shaw CF- (DE) on 05/21/09. Princ. office of upon whom process against it may be May 14, 2009. Office location NEW SP Series 8-01, L.L.C. Authority filed with to announce that we LLC: 399 Park Ave., NY, NY 10022. served. The P.O. address to which the YORK County. SSNY has been des- NY Dept. of State on 5/11/09. Office have been appointed SSNY designated as agent of LLC SSNY shall mail a copy of any process ignated as agent upon whom location: NY County. LLC formed in DE on as a Vertex Standard upon whom process against it may against the LLC served upon him/her process against it may be served. 9/11/07. NY Sec. of State designated as be served. SSNY shall mail process is C/O the LLC, 124 W 109th St, Apt The Post Office address to which agent of LLC upon whom process against Authorized Dealer to c/o Juan Trujillo, Arnold & Porter 1A, New York, NY 10025. The Principal the SSNY shall mail a copy of any it may be served and shall mail process & Service Center. LLP at the princ. office of the LLC. Business Address of the LLC is 4437 process against the LLC served to: D. E. Shaw & Co., L.P., 120 W. 45th DE addr. of LLC: c/o Corporation Dunmore Rd, Marietta, GA 30068. A upon him/her is C/O the LLC 101W, St., 39th Fl., NY, NY 10036, Attn: John Service Co., 2711 Centerville Rd., copy of the Certificate of Organization is 85th St, #3-5. New York, NY 10024. Liftin, General Counsel, regd. agt. upon Ste. 400, Wilmington, DE 19808. Arts. filed with Georgia Secretary of State at Date of Dissolution: Purpose of LLC: whom process may be served. DE addr. of Org. filed with Secy. of State: Div. Corporations Division, 315 West Tower, to engage in any lawful act or activi- of LLC: 1209 Orange St., Wilmington, of Corps., 401 Federal St., John G. #2 Martin Luther King, Jr. Dr., Atlanta, ty. Street address of Principal DE 19801. Arts. of Org. filed with DE VERTEX STANDARD is registered in the US Patent and Townsend Bldg., Dover, DE 19901. GA 30334-1530. Purpose of LLC: to Business location is: 101W, 85th St, Sec. of State, 401 Federal St., Dover, DE Trademark Office. All other product or service names are Purpose: Any lawful activity. engage in any lawful act or activity. #3-5. New York, NY 10024. 19901. Purpose: any lawful activity. the property of their respective owners.

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PUBLIC & LEGAL NOTICES

Notice of Qualification of South Notice of Formation of GS COES Notice of Qualification of D. E. Shaw AQ- NOTICE OF FORMATION of LuxurUP, Notice of Formation of Elmont Winston LLC. Authority filed with NY (MGB I), LLC. Arts. of Org. filed with SP Series 6-04, L.L.C. Authority filed with LLC. Article of Organization filed with Amusements L.L.C. Articles of Org Dept. of State on 3/13/09. Office loca- Secy. of State of NY (SSNY) on NY Dept. of State on 5/11/09. Office the Secretary of State of NY (SSNY) filed with Secretary of State of NY tion: NY County. LLC formed in DE 07/02/09. Office location: NY County. location: NY County. LLC formed in DE on on 05/07/09. Office location: NY (SSNY) on 5/14/2009. NY Office on 2/26/09. NY Sec. of State desig- Princ. office of LLC: One Penn Plaza, 4/3/07. NY Sec. of State designated as County. SSNY has been designated Location: New York County. SSNY nated as agent of LLC upon whom Ste. 1612, NY, NY 10119. SSNY des- agent of LLC upon whom process against as agent upon whom process against designated as agent of LLC upon process against it may be served and ignated as agent of LLC upon whom it may be served and shall mail process it may be served. The Post Office whom process against it may be shall mail process to the principal process against it may be served. to: D. E. Shaw & Co., L.P., 120 W. 45th address to which the SSNY shall served. SSNY shall mail process to business addr.: 116 W. 23rd St., 5th Fl., SSNY shall mail process to Robert St., 39th Fl., NY, NY 10036, Attn: John mail a copy of any process against Elmont Amusements L.L.C 440 Kent NY, NY 10011. DE addr. of LLC: 615 Brantl, Esq., 52 Mulligan Ln., Liftin, General Counsel, regd. agt. upon the LLC served upon him is C/O Ave. Suite PH 2D Brooklyn NY S. DuPont Hwy., Dover, DE 19901. Irvington, NY 10533. Purpose: Any whom process may be served. DE addr. LuxurUP LLC, Room 16D, 7 W. 45th 11211-5928. The Principal place of Arts. of Org. filed with DE Sec. of lawful activity. of LLC: 1209 Orange St., Wilmington, St. N.Y., N.Y., 10036. Purpose of Business address is 440 Kent Ave State, P.O. Box 898, Dover, DE DE 19801. Arts. of Org. filed with DE LLC: to engage in any lawful act or Suite PH2D Brooklyn, NY 11211- 19903. Purpose: any lawful activity. Notice of Formation of Douglas Sec. of State, 401 Federal St., Dover, DE activity. Street address of Principal 5928. Purpose: any lawful activity. Elliman Referral, LLC. Application for 19901. Purpose: any lawful activity. Business location is: Rm 16D, 7 W. Name of LLC: MARTE, LLC. Articles Authority filed with Secy. of State of NY 45th St. N.Y., N.Y., 10036 Notice of Qualification of Metalskin of Org. filed Dept. of State of NY on (SSNY) on 07/08/09. Office location: MINE FOR NINE, LLC App. for Auth. LLC. Authority filed with Secy. of 6/19/09. Office location in NY: New NY County; orig. jurisdiction: Delaware. filed NY Sec. of State (SSNY) Notice of Formation of 12 East 78th State of NY (SSNY) on 7/17/09. York Cty. Principal bus. loc.: c/o SSNY designated as agent of LLC 6/17/09. LLC was organized in DE on Street, LLC, Art. of Org. filed Sec’y of Office location: NY County. LLC Richard P. Altieri, Altieri & Esposito, upon whom process against it may 5/22/09. Office in NY Co. SSNY desig. State (SSNY) 7/23/09. Office location: formed in Delaware (DE) on 7/9/09. LLC, 420 Fifth Ave., 26th Fl., NY, NY be served. SSNY shall mail process as agent of LLC upon whom process NY County. SSNY designated as agent SSNY designated as agent of LLC 10018. Secy. of State designated as to the LLC, 474 Madison Avenue, may be served. SSNY to mail copy of of LLC upon whom process against it upon whom process against it may agent of LLC upon whom process Suite 406, New York, NY 10022. process to 12 E. 86 St., Apt. 703, NY, may be served. SSNY shall mail copy be served. SSNY shall mail process against it may be served. Sec. of Purpose: any lawful act or activity. NY 10028, which is also the principal of process to c/o Van De Weghe Fine to: c/o Capitol Services, Inc., 1218 State shall mail a copy of process to: NY business location. Required office Art, 1018 Madison Ave., NY, NY Central Ave., Ste. 100, Albany, NY National Corporate Research, Ltd., 10 Notice of Formation of RI Catalogue at 3500 S. DuPont Hwy., Dover, DE 10075. Purpose: any lawful activities. 12205. DE address of LLC: 615 S. East 40th Street, 10th Fl., New York, NY Raisonne LLC. Arts. of Org. filed with 19901. Cert. of Org. filed with SSDE, DuPont Hwy., Dover, DE 19901. Arts. 10016. Purpose: any lawful activity. NY Dept. of State on 7/8/09. Office 401 Federal St., Ste. 3, Dover, DE of Org. filed with DE Secy. of State, location: NY County. Princ. bus. addr.: 19901. Purpose: Any lawful purpose. Notice of Formation of Lansing Part- 401 Federal St., Dover, DE 19901. Notice of Formation of Worldwide 45 E. 80th St., NY, NY 10021. Sec. of ners LLC. Articles of Organization Purpose: any lawful act or activity. Plaza Dental, PLLC, a professional State designated as agent of LLC NOTICE OF FORMATION of Engle filed with Secretary of State of NY service limited liability company upon whom process against it may be LLC, Arts of Org. Filed with Secy. of (SSNY) on 12/17/2008. NY Office Name: VAD MEDICAL ASSOCIATES, (PLLC). Arts. of Org. filed with Secy. served and shall mail process to: State of N.Y. (SSNY) on 6/11/09. Location: New York County. SSNY PLLC Art. Of Org. Filed Sec Of State of State of NY (SSNY) on 2/25/2005. Cohen Tauber Spievack & Wagner P.C., Office location: New York County: designated as agent of LLC upon of NY 08/04/09. Off. Loc.: New York Office location: NY County. SSNY 420 Lexington Ave., Ste. 2400, NY, NY SSNY designated as agent of LLC whom process against it may be Co. SSNY designated as agent upon designated as agent of PLLC upon 10170. Purpose: any lawful activity. upon whom process against it may served. SSNY shall mail process to whom process against it may be whom process against it may be be served. SSNY shall mail process 405 West 23rd Street, Unit 11BC, served. SSNY to mail copy of served. SSNY shall mail process to: NOTICE OF FORMATION of Voltaire to principle location: 15 East 26th St., New York, NY 10011. Purpose: process to THE LLC, C/O Garfunkel c/o Business Filings Inc., 187 Wolf Legal Management Consulting, LLC. Suite 9F, NY, NY 10010. Purpose: Real Estate. Wild & Travis, 111 Great Neck Road, Road, Ste. 101, Albany, NY 12205, Arts. of Org. filed with the Secy of Any lawful activity. Great Neck, NY 11021. Purpose: Any which is also the registered agent State of NY (SSNY) on 12/17/08. Name: HANIA BY ANYA COLE L.L.C. lawful act or activity. upon whom process may be served. Office location: NY County. SSNY has Notice of Qualification of Rivermist Art. Of Org. Filed Sec. Of State of NY Term: until 12/31/2045. Purpose: been designated as agent upon whom Shipping Company Limited, App. for 07/07/09. Off. Loc.: New York Co. 214 East 45th LLC. Arts of Org filed practice the profession of dentistry. process against it may be served. Auth. filed Sec’y of State (SSNY) SSNY designated as agent upon with NY Sec of State (SSNY) on SSNY shall mail process to principal 6/19/09. Office loc.: NY County. LLC whom process against it may be 12/31/08. Office: New York County. WATER TALK LLC Articles of Org. business: 509 E. 78th St., #4G, NY, org. in Gibraltar 7/3/08. SSNY desig- served. SSNY to mail copy of process SSNY designated as agent of LLC filed NY Sec. of State (SSNY) NY 10075. Purpose: Consulting. nated as agent of LLC upon whom to THE LLC, C/O Anya Cole 425 E. upon whom process may be served. 7/20/09 as WATERTALK LLC. Office process against it may be served. 58th Street, Suite 19C, New York, NY SSNY shall mail copy of process to: in NY Co. SSNY desig. agent of LLC NOTICE OF FORMATION of SSNY shall mail copy of proc. to c/o 10002. Purpose: Any lawful act or c/o Smith & Shapiro, 116 East 27th upon whom process may be served. (parenthetical) productions llc. Arts CTC, 111 8th Ave., NY, NY 10011, activity. Street, New York, NY 10016. SSNY shall mail copy of process to of Org. filed with Sec. of State of NY Reg. Agt. upon whom proc. may be Purpose: Any lawful activity. 95 Christopher St., Apt. 11M, NY, NY (SSNY) on 6/18/2009. Office Location: served. Gibraltar office addr.: Helen Notice of Formation of THE HEDAYA 10014. Purpose: Any lawful purpose. New York County. SSNY designated Bonavia, 10 Blackwood Tower, EQUITY GROUP LLC. Arts. of Org. filed Notice of Formation of 501 1/2 East as agent of LLC upon whom process Brympton, S. Barrack Rd., Gibraltar. with Secy. of State of NY (SSNY) on 83 Street LLC. Arts. of Org. filed with NOTICE OF FORMATION of HWM against it may be served. SSNY shall Art. of Org. on file: Registrar of 1/13/09. Office location: NY County. NY Dept. of State on 7/9/09. Office Capital Management LLC. Arts. Of mail process to principal business Companies, Companies House SSNY designated as agent of LLC upon location: NY County. Sec. of State Org. filed with Secy. Of State of N.Y. location: P.O. Box 1448. NY, NY Gibraltar, 1st Fl., The Arcade, 30-38 whom process against it may be served. designated as agent of LLC upon (SSNY) on 6/16/09. Office location: 10159. Purpose: Any lawful activity. Main St., Gibraltar. Purpose: any law- SSNY shall mail process to: The LLC, 32 whom process against it may be New York County. SSNY designated ful activities. Broadway, Ste. 1211, NY, NY 10004. served and shall mail process to: as agent of LLC upon whom process Notice of Qualification of Spring Hill Purpose: any lawful activity. Mystic Brokerage Inc., 330 against it may be served. SSNY shall Investment Advisors, LLC. Authority PILATES MULTI-TONER LLC Articles McGuinness Blvd., Brooklyn, NY mail process to principal business filed with NY Dept. of State on of Org. filed NY Sec. of State (SSNY) 182 Mulberry LLC. Arts of Org filed 11222. Purpose: any lawful activity. location: 524 East 72nd St., Suite 7/17/09. Office location: NY County. 6/26/09. Office in NY Co. SSNY desig. with NY Sec of State (SSNY) on 23B, NY, NY 10021. Purpose: Any LLC formed in DE on 5/21/09. NY agent of LLC upon whom process 07/15/09. Office: New York County. Notice of Formation of LMJ 2, LLC. lawful activity. Sec. of State designated as agent of may be served. SSNY shall mail copy SSNY designated as agent of LLC Arts. of Org. filed with Secy. of LLC upon whom process against it of process to c/o R. Anthony Goldman, upon whom process may be served. State of NY (SSNY) on 07/23/09. Notice of Formation of Advanced may be served and shall mail Goldman Properties, 119 Greene St., SSNY shall mail copy of process Office location: NY County. SSNY Storage Consulting of New York, process to the principal business NY, NY 10012. Purpose: Any lawful to: 185 Canal Street, New York, NY designated as agent of LLC upon L.L.C. Articles of Organization filed addr.: 30 Rockefeller Plz., 41st Fl., purpose. 10013. Purpose: Any lawful activity. whom process against it may be with Secy. of State of NY (SSNY) on NY, NY 10112, Attn: Patrick Quinn, served. SSNY shall mail process 07/08/09. Office location: NY County. regd. agt. upon whom process may Notice of Formation of Next Block Over NOTICE OF FORMATION OF Lil Cin, to Jay Seeman, Esq., c/o Morrison SSNY designated as agent of LLC be served. DE addr. of LLC: c/o The LLC. Arts. of Org. filed with Secy. of LLC. Arts. of Org. filed with Secy. of Cohen LLP, 909 Third Ave., NY, NY upon whom process against it may Corporation Trust Co., 1209 Orange State of NY (SSNY) on 5/28/09. Office State of N.Y. (SSNY) on 07/29/09. 10022. Purpose: Any lawful activity be served. SSNY shall mail process St., Wilmington, DE 19801. Arts. of location: NY County. SSNY designated Office location: New York County. to the LLC, c/o Robinson Brog Org. filed with DE Sec. of State, 401 as agent of LLC upon whom process SSNY designated as agent of LLC UNIT 4 AT 133 WEST 4TH STREET, LLC Leinwand Greene Genovese & Gluck Federal St., Dover, DE 19901. against it may be served. SSNY shall upon whom process against it may be Articles of Org. filed NY Sec. of State PC, 1345 Ave of the Americas, 31st Purpose: any lawful activity. mail process to: Damon Craig, 487 served. SSNY shall mail process to: (SSNY) 5/8/09. Office in NY Co. SSNY Fl., New York, NY 10105. Purpose: Greenwich St., 5th Fl., NY, NY 10013. InCorp Services Inc.: 99 Washington desig. agent of LLC upon whom process any lawful act or activity. NOTICE OF QUALIFICATION OF Purpose: any lawful activity. Ave Ste 805-A Albany, NY 12210- may be served. SSNY shall mail copy of Investors of America, Limited Partnership 2822. Purpose: any lawful activity. process to 133 W. 4th St., Unit 4, NY, NY Notice of Qualification of AG TALF Application for Authority filed with the Notice of Qualification of ALLIED LEGAL 10012. Purpose: Any lawful purpose. GP LLC. Authority filed with Secy. of Secretary of State of New York (SSNY) FUNDING LLC. Authority filed with Secy. Notice of Qualification of MO INDUS- State of NY (SSNY) on 06/29/09. on 6/22/09. N.Y. Office Location: New of State of NY (SSNY) on 06/19/09. TRIES, LLC. Authority filed with Secy. NOTICE OF FORMATION OF Office location: NY County. LLC York County. The limited partnership Office location: NY County. LLC formed of State of NY (SSNY) on 07/31/09. Scientific & Regulatory Solutions LLC. formed in Delaware (DE) on was formed in Nevada on 6/18/1996. in Delaware (DE) on 06/16/09. Princ. Office location: NY County. LLC Article of Organization filed with the 05/22/09. Princ. office of LLC: c/o SSNY has been designated as agent of office of LLC: 24 Fifth Ave., #705, NY, formed in Delaware (DE) on 05/01/06. Secretary of State of NY (SSNY) on Angelo, Gordon & Co., L.P., 245 Park the limited partnership upon process NY 10011. SSNY designated as agent of NYS fictitious name: VF MO INDUS- 06/26/09. Office location NEW YORK Ave., 26th Fl., NY, NY 10167. SSNY against it may be served. The address to LLC upon whom process against it may TRIES, LLC. SSNY designated as County. SSNY has been designated designated as agent of LLC upon which the SSNY shall mail a copy of any be served. SSNY shall mail process to agent of LLC upon whom process as agent upon whom process against whom process against it may be process against the limited partnership the LLC at the addr. of its princ. office. against it may be served. SSNY shall it may be served. The Post Office served. SSNY shall mail process to served upon him/her is C/O Tax Depart. The DE addr. of LLC and regd. agent of mail process to c/o Corporation address to which the SSNY shall c/o Corporation Service Co. (CSC), MC 019, 600 James S. McDonnell the company upon whom and at which Service Co. (CSC), 80 State St., mail a copy of any process against 80 State St., Albany, NY 12207. DE Blvd., Hazlewood, MO 63042. The process against the company can be Albany, NY 12207-2543. DE addr. of the LLC served upon him/her is C/O addr. of LLC: c/o CSC, 2711 Principal Business Address of the served is Corporation Service Co., 2711 LLC: c/o CSC, 2711 Centerville, Ste. the LLC P.O. Box 4755, Middletown, Centerville Rd., Wilmington, DE limited partnership is: 135 N. Meramec, Centerville Rd., Ste. 400, Wilmington, 400, Wilmington, DE 19808. Arts. of NY 10941. Date of Dissolution: N/A, 19808. Arts. of Org. filed with Secy. of Clayton, MO 63105 Dissolution date DE 19808. Arts. of Org. filed with Jeffrey Org. filed with Jeffery W. Bullock, Purpose of LLC: to engage in any State, Div. of Corps., John G. 12/31/2020. Purpose of the limited W. Bullock, DE Secy of State, Townsend Secy. of State, 401 Federal St., Ste. lawful act or activity. Street address Townsend Bldg., Dover, DE 19901. partnership: To engage in any lawful act Bldg., 401 Federal St., Ste.3, Dover, DE 3, Dover, DE 19901. Purpose: Any of Principal Business location is P.O. Purpose: Any lawful activity. or activity. 19901. Purpose: Any lawful activity. lawful activity. Box 4755, Middletown, NY 10941

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PUBLIC & LEGAL NOTICES

NOTICE OF FORMATION OF Erely Notice of Qualification of NY Trio JV NOTICE OF QUALIFICATION OF Notice of Qualification of LIQUID Notice of Qualification of Jericho Zambrano, LLC. Article of LLC, App. for Auth. filed Sec’y of State Chimera Asset Holding LLC. CAPITAL SECURITIES, LLC. Capital Partners II L.P., App. for Auth. Organization filed with the State of NY (SSNY) 7/23/09. Office location: NY Authority filed with Secy. of State of Authority filed with Secy. of State of filed Sec’y of State (SSNY) 5/28/09. (SSNY) on 07/02/2009. Office location: County. LLC org. in DE 4/24/09. NY (SSNY) on 08/11/09. Office loca- NY (SSNY) on 08/07/09. Office loca- Office location: NY County. LP org. in New York County. SSNY has been SSNY designated as agent of LLC tion: NY County. LLC formed in tion: NY County. LLC formed in Illinois DE 5/22/09. SSNY designated as designated as agent upon whom upon whom process against it may Delaware (DE) on 06/08/09. Princ. (IL) on 07/23/07. Princ. office of LLC: agent of LP upon whom process process against it may be served. The be served. SSNY shall mail copy of office of LLC: 1211 Avenue of the 1633 Broadway, 27th Fl., NY, NY against it may be served. SSNY shall Post Office address to which the SSNY process to NCR, 10 E. 40th St., 10th Americas, Ste. 2902, NY, NY 10036. 10019. SSNY designated as agent of mail copy of process to 540 Madison shall mail a copy of any process Fl., NY, NY 10016, the Reg. Agt. upon SSNY designated as agent of LLC LLC upon whom process against it Ave., 19th Fl., NY, NY 10022. DE against the LLC served upon him is whom proc. may be served. DE office upon whom process against it may may be served. SSNY shall mail office addr.: CSC, 2711 Centerville C/O the LLC P.O. Box 1811, NY, NY, addr.: c/o NCR, 615 S. DuPont Hwy., be served. SSNY shall mail process process to c/o Corporation Service Rd., Wilmington, DE 19808. Cert. of 10156. Purpose of LLC: to engage in Dover, DE 19901. Cert. of Form. on to the LLC at the princ. office of the Co., 80 State St., Albany, NY 12207- LP on file: SSDE, Townsend Bldg., any lawful act or activity. Street file: SSDE, Townsend Bldg., Dover, DE LLC. DE addr. of LLC: c/o Corporation 2543. IL addr. of LLC: 71 S. Wacker Dover, DE 19901. Name/addr. of each address of Principal Business location 19901. Purpose: any lawful activities. Service Co., 2711 Centerville Rd., Ste. Dr., Ste. 2100, Chicago, IL 60606. gen. ptr. avail. at SSNY. Purpose: any is: P.O. Box 1811, NY, NY, 10156. 400, Wilmington, New Castle Cnty., Arts. of Org. filed with IL Secy. of lawful activities. Notice of Qualification of M.D. SASS DE 19808. Arts. of Org. filed with State, Dept. of Business Services, 201 NOTICE OF FORMATION OF TNC- FINSTRAT AMERRA CAPITAL Secy. of State of the State of DE, Div. S. Second St., Rm. 351, Springfield, IL Notice of Formation of NEW YORK SERVICES LLC. Arts. of Org. filed HOLDINGS, LLC. Authority filed with of Corps., John G. Townsend Bldg., 62756. Purpose: Any lawful activity. COSMOS LLC. Arts. of Org. filed with with Secy. of State of N.Y. (SSNY) on Secy. of State of NY (SSNY) on 401 Federal St.-Ste. 4, Dover, DE Secy. of State of NY (SSNY) on July 29, 2009. Office location: New 08/21/09. Office location: NY County. 19901. Purpose: Any lawful activity. Notice of formation of Limited Liability 08/18/09. Office location: NY County. York County. SSNY designated as LLC formed in Delaware (DE) on Company. Name: Legacy Housing Princ. office of LLC: 75 Greene St., agent of LLC upon whom process 01/28/09. SSNY designated as agent Notice of Formation of SP49 Partners, Associates LLC (“LLC”). Articles of 2nd Fl., NY, NY 10018. SSNY desig- against it may be served. SSNY shall of LLC upon whom process against it LLC. Articles of Organization filed Organization filed with the Secretary nated as agent of LLC upon whom mail process to: 140 West End Ave. may be served. SSNY shall mail with Secy. of State of NY (SSNY) on of State of the State of New York process against it may be served. #22B New York, NY 10023. Purpose: process to c/o Corporation Service 04/01/09. Office location: NY County. (“SSNY”) on September 2, 2009. NY SSNY shall mail process to c/o any lawful activity. Co., 80 State St., Albany, NY 12207. SSNY designated as agent of LLC office location is New York County. Cantor & Webb P.A., 1001 Brickell DE addr. of LLC: 2711 Centerville upon whom process against it may The SSNY has been designated as Bay Dr., #3112, Miami, FL 33131. Notice of Qualification of PERA Rd., Ste. 400, Wilmington, DE 19808. be served. SSNY shall mail process agent of the LLC upon whom process Purpose: Any lawful activity. ENERGY MIDWEST LLC. Authority Arts. of Org. filed with Secy. of State, to the LLC, 250 East 54th St., Apt. against it may be served. The SSNY filed with Secy. of State of NY (SSNY) 401 Federal St., Dover, DE 19901. 35D, New York, NY 10022. Purpose: shall mail a copy of any process to Notice of Qualification of GEP PART- on 07/20/09. Office location: NY Purpose: Any lawful activity. any lawful act or activity. the LLC c/o Selfhelp Community NERS, L.P. Authority filed with Secy. County. LLC formed in Delaware (DE) Services, Inc., 520 Eighth Avenue, of State of NY (SSNY) on 08/27/09. on 07/13/09. Princ. office of LLC: 14 Notice of Qualification of Kushner IP R & D 1670 LLC, a domestic Limited New York, New York 10018. Office location: NY County. LP formed Wall St., 20th Fl., NY, NY 10005. SSNY Holdings LLC, App. for Auth. filed Liability Company (LLC) filed with the Purpose/character of LLC is to in Delaware (DE) on 07/30/09. Princ. designated as agent of LLC upon whom Sec’y of State (SSNY) 6/2/09. Office Sec of State of NY on 6/19/09. NY engage in any lawful act or activity. office of LP: 668 Greenwich St., Ste. process against it may be served. location: NY County. LLC org. in DE Office location: New York County. 801, NY, NY 10014. SSNY designated SSNY shall mail process to the LLC at 3/27/09. SSNY designated as agent SSNY is designated as agent upon Notice of Formation of 47th Street as agent of LP upon whom process the addr. of its princ. office. DE addr. of LLC upon whom process against it whom process against the LLC may Partners One, LLC. Arts. of Org. filed against it may be served. SSNY shall of LLC: Corporation Service Co., 2711 may be served. SSNY shall mail copy be served. SSNY shall mail a copy with Secy. of State of NY (SSNY) on mail process to the LP at the addr. of Centerville Rd., Ste. 400, Wilmington, of process to c/o Nat. Reg. Agents, of any process against the LLC 8/14/09. Office location: NY Co. SSNY its princ. office. The regd. agent of the DE 19808. Arts. of Org. filed with DE 875 Ave of the Americas, NY, NY served upon him/her to Maidman & designated as agent of LLC upon company upon whom and at which Secy. of State, Div. of Corps., 401 10001, the Reg. Agt. upon whom Mittelman, LLP, 70 E. 55th St., NY, whom process against it may be process against the company can be Federal St., Ste. 4, Dover, DE 19901. proc. may be served. DE office addr.: NY 10022. General purposes. served. SSNY shall mail process to: served is Corporation Service Co. Purpose: Any lawful activity. 160 Greentree Dr., Ste. 101, Dover, Seyfarth Shaw LLP, Attn: Stephen (CSC), 80 State St., Albany, NY DE 19904. Cert. of Form. on file: Notice of Formation of WBH-BD LLC, Epstein, Esq., 620 Eighth Ave., NY, NY 12207-2543. Name and addr. of each Notice of Qualification of NMS Security SSDE, Townsend Bldg., Dover, DE 10018. Purpose: any lawful activities. general partner are available from Services LLC. Authority filed with NY Art. of Org. filed Sec’y of State 19901. Purpose: any lawful activities. (SSNY) 6/24/09. Office location: NY SSNY. DE addr. of LP: c/o CSC, 2711 Dept. of State on 7/30/09. Office loca- Centerville Rd., Ste. 400, Wilmington, tion: NY County. LLC formed in AK on County. SSNY designated as agent of Notice of Formation of Noema NYC Notice of Formation of Limited Liability LLC upon whom process against it LLC. Articles of Organization filed New Castle Cnty., DE 19808. Arts. of 12/5/07. NY Sec. of State designated Org. filed with the Secy. of State of as agent of LLC upon whom process Company (LLC). Name: MUNMUN may be served. SSNY shall mail copy with Secy. of State of NY (SSNY) on REALTY, LLC. Articles of Organization of process to 360 Lexington Ave., NY, 06/30/09. Office location: NY County. the State of DE, Dept. of State, John against it may be served and shall G. Townsend Bldg., 401 Federal St., mail process to: c/o CT Corporation filed by the Department of State of NY 10017. Reg. Agt. at such addr. SSNY designated as agent of LLC New York on 4/30/2009. Office loca- upon whom proc. may be served is upon whom process against it may be Ste. 4, Dover, DE 19901. Purpose: System, 111 8th Ave., NY, NY 10011, Any lawful activity. regd. agt. upon whom process may be tion: county of New York. Purpose: any David S. Kriss, Esq. Purpose: any served. SSNY shall mail process to served. AK and principal business and all lawful activities. Secretary of lawful activities. the LLC, 1 Morton Square, Apartment addr.: 5600 B St., Anchorage, AK State of New York (SSNY) designated Loft #5BW, New York, NY 10014. BALLYMENA ADVISORS LLC, a for- 99518. Arts. of Org. filed with AK as agent of LLC upon whom process SMART BEAUTY NOW LLC, a Purpose: any lawful act or activity. eign Limited Liability Company (LLC) Commissioner of Commerce, POB against it may be served. SSNY shall domestic Limited Liability Company filed with the Sec of State of NY 110806, Juneau, AK 99811. Purpose: mail copy of process to: 53 West 21st (LLC) filed with the Sec of State of Notice of Formation of de.Sign Studio (SSNY) on 6/25/09. NY office any lawful activity. Street, 3rd Floor New York, NY 10010. NY on 7/31/09. NY Office location: LLC. Articles of Organization filed Location: New York County. SSNY is New York County. SSNY is designat- with Secy. of State of NY (SSNY) on designated as agent upon whom Notice of Qualification of Physician Notice of Qualification of HMX ed as agent upon whom process 08/05/09. Office location: NY County. process against the LLC may be Reliance, LLC. Authority filed with OPERATING CO., LLC. Authority filed against the LLC may be served. SSNY SSNY designated as agent of LLC served. SSNY shall mail a copy of NY Dept. of State on 7/15/09. Office with Secy. of State of NY (SSNY) on shall mail a copy of any process upon whom process against it may any process against the LLC served location: NY County. Princ. bus. 07/13/09. Office location: NY County. against the LLC served upon him/her be served. SSNY shall mail process upon him/her to c/o Atlantic (USA), addr.: 10101 Woodloch Forest, The LLC formed in Delaware (DE) on to The LLC, 60 W. 23rd St., #1717, to the LLC, 234 West 20th St., Suite Inc., 17 State St., 23rd Fl., NY, NY Woodlands, TX 77380. LLC formed 06/16/09. Princ. office of LLC: 750 NY, NY 10010. General purposes. 4B, New York, NY 10011. Purpose: 10004-1501. General purposes. in DE on 6/13/07. NY Sec. of State Seventh Ave., NY, NY 10019. SSNY any lawful act or activity. designated as agent of LLC upon designated as agent of LLC upon Name of Foreign LLC: JESUE LLC. Notice of Authority is hereby given whom process against it may be whom process against it may be App. for Auth. filed NY Dept. of State: Notice of Qualification of HF Services pursuant to Section 206 of the served and shall mail process to: c/o served. SSNY shall mail process to 7/16/09. Jurisd. and date of org.: DE LLC. Authority filed with NY Dept. of Limited Liability Company Law of New CT Corporation System, 111 8th Ave., c/o Corporation Service Co., 80 State 9/24/08. County off. loc.: NY County. State on 6/24/09. Office location: NY York, of LeadDog Capital Equities, NY, NY 10011, regd. agt. upon whom St., Albany, NY 12207-2543. DE addr. Sec. of State designated as agent of County. Princ. bus. addr.: 31 W. 52nd LLC, a limited liability company, process may be served. DE addr. of of LLC: 2711 Centerville Rd., Ste. foreign LLC upon whom process St., NY, NY 10019. LLC formed in DE formed in the state of New York on LLC: c/o The Corporation Trust Co., 400, Wilmington, DE 19808. Arts. of against it may be served. The Sec. of on 5/19/09. NY Sec. of State desig- December 29, 2008. The principal 1209 Orange St., Wilmington, DE Org. filed with DE Secy. of State, State shall mail copy of process to: nated as agent of LLC upon whom office in New York County is 120 Wall 19801. Arts. of Org. filed with DE Sec. Div. of Corps., 401 Federal St., Ste. National Corporate Research, Ltd., process against it may be served and Street, 24th Floor, New York, NY of State, 401 Federal St., Dover, DE 400, Dover, DE 19901. Purpose: 10 E. 40th St., 10th Fl., NY, NY shall mail process to: c/o CT 10005. The New York Secretary of 19901. Purpose: all lawful purposes Any lawful activity. 10016. Addr. of foreign LLC in DE is: Corporation System, 111 8th Ave., State has been designated as its 615 S. DuPont Hwy., Dover, DE NY, NY 10011. DE addr. of LLC: 1209 agent for service of process and a Notice of Qualification of ReGen Notice of Qualification of JENNIFER 19901. Auth. officer in DE where Orange St., Wilmington, DE 19801. copy of such process is to be sent to Partners II, L.P. Authority filed with CREEL, LLC. Authority filed with Cert. of Form. filed: DE Sec. of State, Arts. of Org. filed with DE Sec. of 49 Locust Avenue, Suite 107, New Secy. of State of NY (SSNY) on Secy. of State of NY (SSNY) on 401 Federal St., Dover, DE 19901. State, 401 Federal St., Dover, DE Canaan, CT 06840. The nature of the 6/19/09. Office location: NY County. 07/14/09. Office location: NY County. Purpose: any lawful activity. 19901. Purpose: any lawful activity. business is administrative services. LP formed in Delaware (DE) on LLC formed in Delaware (DE) on 6/11/09. SSNY designated as agent 07/06/09. Princ. office of LLC: 155 E. of LP upon whom process against it 72nd, #7A, NY, NY 10021. SSNY may be served. SSNY shall mail designated as agent of LLC upon WANT TO GET YOUR COMPANY process to: The LP, c/o ReGen whom process against it may be Capital Partners LLC, 2109 served. SSNY shall mail process to IN FRONT OF 250,000 INFLUENTIAL Broadway, 2nd Fl., NY, NY 10023, the LLC at the princ. office of the Att: Elliot H. Herskowitz. DE address LLC. DE addr. of LLC: Corporation BUSINESS PROFESSIONALS? of LP: c/o United Corporate Services, Service Co., 2711 Centerville Rd., Inc., 874 Walker Road, Ste. C, Dover, Ste. 400, Wilmington, DE 19808. DE 19904. Name/address of each Arts. of Org. filed with Secy. of State Contact John Gallagher genl. ptr. available from SSNY. Cert. of DE, Div. of Corps., John G. at 212-210-0189 for classified of LP filed with DE Secy. of State, Townsend Bldg., 401 Federal St., 401 Federal St., Dover, DE 19901. Ste. 4, Dover, DE 19901. Purpose: advertising opportunities. Purpose: any lawful activity. Design and sale of eyeglass wear.

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volume,shifting production to Chi- na or India can save an apparel com- Made in New York pany 20% to 30%. Due in part to such moves, the Continued from Page 1 feminine and youthful bohemian- garment district has shrunk to 9,000 “Being in New York allows me to themed designs,and many of the ini- employees and fewer than 3,300 fash- SEW-AND-SEW: have so much more control over my tial sketches for spring are in this cat- A member of the ion tenants, Ms. Randall estimates. product,” says the West Village res- egory. They feature long and lean Nanette Lepore During its heyday half a century ago, ident, whose garments typically re- silhouettes and bias-printed dresses, design team the area had 200,000 workers and tail for upward of $200. which patternmakers will eventually helps ready an more than 10,000 factories.The pace The recession has taken a toll on drape on headless, limbless man- item for the of decline has accelerated recently, as her specialty store business, but or- nequins—form dummies—in a base factory. more fashion firms are forced into ders from department stores are on muslin fabric. Those mock-ups are bankruptcy by stagnating sales. par with last year’s, according to then cut and sewn in the selected Chief Executive Heather Pech. Ms. fabrics. Spring will include dupioni Holdouts Pech and Bob Savage, who’s both silks, chiffons and cotton gauzes. designers still using garment president of the company and Ms. Since models usually top 5 feet 9 center factories include Nicole Lepore’s husband,handle the finan- inches and rarely weigh more than Miller, Anna Sui and Jason Wu. cial aspects of the business. 100 pounds, the trick is draping the Curiously, the recession has giv- Nanette Lepore, which has shoe pattern to complement their leggy en local designers an edge. While and fragrance divisions in addition to frames. nearly every retailer has pared back its apparel unit, also owns 10 epony- “Everything has to look a lot inventory and tightened up on or- mous shops, two of which are in more extreme, because it shrinks on ders, designers that produce items

Manhattan. Ms. Pech projects rev- those tall girls,”laments Ms.Lepore, buck ennis here can more easily fulfill reorders enue of $130 million this year, com- a size 2 who, at 5 feet 8 inches, bears for items that sell well. pared with $140 million in 2008. a striking resemblance to her runway garments from their size 2 begin- we can pull the production, make the “We’re able to respond in a frac- An article of clothing begins with models—though she’s a couple of nings. For the past 11 years, Ms. sewing corrections, and watch over it tion of the time that it takes people a color. First, Ms. Lepore picks an decades older. “You have to get into Dale has made four visits a week to to make sure that the factory is fol- manufacturing overseas,” says Ms. inspiring piece of artwork or a vivid the sense of exaggeration.” Ms. Lepore’s studio for fittings. lowing what we’ve asked them to do.” Pech.“Overseas,the best case would section of fabric to work with. For Of course, in the world of high “Making [a garment] work on a The result is upscale, wearable be closer to eight to 12 weeks.” this spring’s collection, she chose a fashion, there’s always room for woman who is 5 inches shorter and designs for chic young women that In August,when Ms.Lepore’s “St. scenic print of a country cottage sur- reinvention. Trims or major adjust- a size or two bigger than the models come as close to perfection—and Germain” dress, a short brown-silk rounded by flowers, awash with acid ments occur even after the patterns on the runway and managing to Ms. Lepore’s vision—as possible. number with black trim, sold out at yellows, summer oranges and other are cut, the fabric is sewn and mod- make her look as fabulous—that’s Custom Fabric Flowers by M&S Bloomingdale’s, the Macy’s Inc.- coppery hues; the colors will form els are fitted.What started as a dress difficult,” says Ms. Lepore. Schmalberg,a factory that has oper- owned chain ordered 350 more. Ms. the theme of the runway show. might look better as a skirt; a shirt Often,to make sure the new sizes ated on West 36th Street for Lepore was able to ship the garment To stay focused, Ms. Lepore could get extra ruffles. fit as intended, Ms. Lepore tries on decades, manufactures leather sam- within the store’s two-week deadline. tacks the artwork onto a 30-by-40- “There’s a lot happening in front her own samples. Last month found ples for Ms. Lepore. Warren Brand, When the factories sew the final inch board. Like a seventh-grade of the mirror on the model,” says model and designer side by side, who runs the business with his sis- stitch, all of the finished garments child’s school project, this board, Ms. Lepore. comparing notes while wearing ter Debra, owns thousands of molds roll back to Ms. Lepore’s distribu- called a “color wall,” is covered with nearly identical versions of a bub- and dies—cookie-cutter shapes of tion center at her headquarters. A glued-on fabric swatches selected by Strutting the catwalk ble-hemmed frock. Together, they every flower under the sun—but he team then assembles the product for Ms.Lepore’s buyers from European when the wares are strutted down checked the height of the skirt and only gets to use about 10% of them. the selling floor,color-coding hang- mills. In previous years, two buyers the catwalk next week, buyers from the position of the armholes.Since a “We’re hand-processed; our op- ers for each retailer,before shipping. went overseas to make the selec- Neiman Marcus and other high-end patternmaker and a production de- eration is still done in the same way Several items travel uptown to Ms. tions, but finances this year allowed stores will take note of looks that they veloper also offer input before an it was 80 years ago,” says Mr. Brand, Lepore’s recently opened Madison for only one—a by-product of the hope will attract recession-weary item is approved for the factory,each who has seen 80% of his customers Avenue store. recession. About 30 colors fill the shoppers. After Fashion Week, these piece typically takes four fittings be- move their production overseas. With so much of her career cen- board, one of six for spring. buyers will visit Ms. Lepore’s West fore advancing to the next stage. Sometimes big retailers, such as tered on New York, Ms. Lepore is Next, Ms. Lepore draws a rough 35th Street showroom to peruse the Each month, nearly 30 styles make New York & Co., will order a sam- focused on the cause of keeping pro- version of, say, a skirt or a racerback clothing more carefully, view styles it to the area’s factories, where one ple batch of flowers from Mr. Brand duction local, as the city debates top, which becomes the basis for an not seen on the runway and place sewer tackles each size, stitching and then send them to China for zoning restrictions for the garment outfit.Unlike the boss,Ms.Lepore’s their orders, often for hundreds of hundreds. Though production vol- larger-scale reproduction. district and subsidizing a couple of 14 designers are required to use the each item. ume varies by style, the business “The Donnas, the Ralphs, the buildings exclusively for fashion. appropriate sketch paper and keep Retail mass production involves usually manufactures 25,000 units Liz Claibornes—they really don’t “What we have is pretty robust in the drawings neat, neat, neat. Ap- further redesign. After a dress re- domestically each month. produce anything here,” says Bar- the garment center,”she says.“If there proved sketches are then handed off turns to the design office, it is made “We visit our factories three to bara Randall, executive director of were 10 more designers like me that to a patternmaker. anew. A new model, Natalie Dale, four times a day and check the fit,” the Fashion Center Business Im- manufactured here full-time, we Ms. Lepore is known for ultra- size 8, helps Ms. Lepore scale up says Ms.Lepore.“If things go wrong, provement District. Depending on could keep it moving ahead.”

gap in light of the turmoil at the “presented us with a jump ball,” Mr. 11% gain.Then again,his customers New kings of Wall St. newly merged Merrill and BofA. If Joyce says, “and we went for it.” lost only 12% last year, on average. Mr. Gorman can pull it off, he has As Mr. Wellner puts it, his clients an excellent shot at succeeding John KARL WELLNER, chief executive, are already rich; his job is to make Continued from Page 1 a spot as the world’s top bond dealer Mack as Morgan Stanley’s chief ex- Papamarkou Wellner Asset sure they don’t become poor. the new era’s Kings of Wall Street. in the first half of this year. ecutive. Management Karl Wellner has been managing DON BROWNSTEIN, chief executive, ROBERT DIAMOND, chief executive, JAMES GORMAN, chairman, THOMAS JOYCE, chief executive, money for more than 25 years. The Structured Portfolio Management Barclays Capital Morgan Stanley Smith Barney Knight Capital Group $2 billion his firm currently has un- Mr.Brownstein coined big mon- The past year’s greatest achieve- Morgan Stanley responded to its Mr. Joyce isn’t well known out- der management makes it small fry ey betting against mortgages, the ment in vulture investing took place near-death experience last fall by side of Wall Street circles, but in the compared with the BlackRocks and very instruments at the heart of Wall even before the carcass of Lehman emphasizing less risky lines of busi- past year Knight Capital has sur- Blackstones of the world. But it’s a Street’s crisis. A former philosophy Brothers turned cold.Two days after ness. That’s been good news for Mr. passed giants like Citigroup and major player in its niche serving the professor who specialized in logic, the investment bank collapsed, Bar- Gorman,who runs the division of the UBS to become the largest equity ultrawealthy, and now that some of he was struck in 2006 by how irra- clays swooped in and grabbed its best firm that serves individual investors. trader in the U.S., according to the biggest players have hit the tional housing had become and how parts for a song.The price: $250 mil- His portfolio expanded massively Bloomberg.Indeed,Knight appears rocks, such as the Swiss banks and oblivious people seemed to the lion for the firm’s North America in- earlier this year when Morgan Stan- to be the only publicly traded finan- bailed-out U.S. institutions, Mr. looming trouble. His $1.6 billion vestment banking operations and ley acquired a majority of Smith Bar- cial institution to show earnings Wellner is moving to grab clients hedge fund started shorting mort- $1.5 billion for Lehman’s midtown ney from ailing Citigroup. growth over the past 12 months in and build his firm. Last month, he gages in a big way and stayed cau- headquarters. The acquisition im- The move puts Mr. Gorman, an addition to a rising stock price. The relocated the headquarters from the tious throughout the painful down- mediately transformed the British austere Australian, in charge of the key to Knight’s success: Its pristine GM building to a space nearly dou- turn. His largest fund has generated bank, which had operated on Wall industry’s largest retail sales force— balance sheet, with lots of cash and ble the size on Park Avenue. Early a 74% return this year through July, Street’s fringes for years,into a major about 19,000 brokers who manage little debt,which gave it the flexibil- signs suggest his growth push is according to Morningstar. force. For example, Barclays ranked $1.4 trillion in assets. His job is to ity to hire its rivals’ best people— working.The firm has attracted new Now he believes housing is close 65th in M&A advisory work in 2007 cull the least productive, keep the head count is up 15%, to 1,000— clients, and existing clients are in- to or at its bottom, but he thinks it’s and sixth in the first half of this year, best, and grow a business that has and capture market share from vesting more,including one who re- unlikely to recover anytime soon, so according to Bloomberg data. Bar- traditionally ranked a distant sec- bigger rivals that it hadn’t been able cently wired in $30 million.His cus- he’s positioned his portfolio to ben- clays used Lehman’s historic ond in assets to Merrill. Still, he has to get in years of trying.The calami- tomers are up 6% this year, which is efit from a continued slowdown in strength in bonds to propel itself into a singular opportunity to narrow the ties that hit the rest of Wall Street a bit less than the stock market’s mortgage prepayments.

24 | Crain’s New York Business | September 7, 2009 20090907-NEWS--0025-NAT-CCI-CN_-- 9/4/2009 12:28 PM Page 1

The number of U.S. job vacancies advertised online rose by 5% in August, to 3,464,800 BUSINESS LIVES Source: The Conference Board HOT JOBS EXECUTIVE INBOX

ASST. VP, DEVELOPMENT Anne Fisher & CAMPAIGNS ORGANIZATION New York Don’t forget University succession JOB DESCRIPTION The No. 2 fundraising position at the school planning MOST IMPORTANT TASKS Manag- amid recession ing the cultivation of individual gift prospects of $1 million or more, IF YOU OWN A BUSINESS, you and directing the annual fundrais- know how tough it is just to stay ing campaign solvent. Still, Steve Parrish, who CREDENTIALS NEEDED At least consults with entrepreneurs for 10 years’ experience directing a the Principal Financial Group, fundraising program at an institu- says his firm has done more than tion of similar size and complexity 200 business valuations so far this year, and a surprisingly high SALARY Well above $200,000 proportion of those enterprises RECRUITER DRG Inc. are “not only surviving, but prospering.” DOWNSIDE Tough economic Great! But short-term environment challenges do seem to be UPSIDE NYU’s record of raising trumping long-term planning. eye-popping amounts of money According to a Principal survey of NYU recently completed a seven- about 400 entrepreneurs, over year, $2.5 billion campaign, the half (66%) admit they have no largest in its history, surpassing its blueprint for who will take over targets by raising over $3 billion. the business should the owner NOW YOU DON’T —MIRIAM KREININ SOUCCAR become disabled or die. Too SEE ’EM: often, companies without Ball persons, just a blur here, succession plans flounder in need “incredible the wake of a tragedy, and EXECUTIVE MOVES athleticism,” says commonly end up being sold for Tina Taps. far less than they’re worth. Lazard Ltd.: Tom Tuft, At communications firm 62, will join the Temin & Co., that outcome is financial advisory and unlikely. Says founder and asset management President Davia Temin: “Our

firm as chairman of buck ennis global capital markets business is about two-thirds advisory and vice GOTHAM GIGS building and burnishing corporate chairman of U.S. reputations and one-third crisis investment banking in November. He is management. What kind of crisis chairman of the equity capital markets manager would I be if I didn’t group at Goldman Sachs & Co., where have a plan?” Her will spells out he has worked for more than 30 years. The Federal Reserve Bank of New York: who would own the company in Denis M. Hughes, 59, was named This coach is an ace the event of her demise. chairman, after serving as acting Ms. Temin, who launched her chairman since May. He had been speed. agility. focus. determination. All the athletes who have business in 1997 and whose deputy chairman since January 2007. She was clients are heavy hitters (many Mr. Hughes has served as a director made it to the US Open tennis tournament possess these qualities, on Wall Street) who prefer not to since 2004. including the ball boys and girls.Tina Taps makes sure of it. ¶ As the be named in print, has gone so Lee Bollinger, 63, president of Columbia athletic University, was appointed deputy director of ball persons for the Open, Ms.Taps captains a team of far as to make specific plans for chairman for the remainder of the year as a about 280 young people who have competed fiercely for their spots. ¶ “at least four different and was reappointed for a three-year scenarios—if I’m temporarily term as director, starting Jan. 1, 2010. child and “You need incredible athleticism, and the wherewithal to foresee disabled, if I’m dead, and so on. I Joseph R. Loring & Associates Inc.: Barry what’s going to happen on the court,” says Ms.Taps, 49. review those plans every six L. Maltz, 57, was promoted to chairman knew she months or so to make sure they and chief executive at the engineering It can be a contact sport: Last week, an overzealous ball boy crashed still make sense.” firm. He was formerly vice chairman wanted to over a barrier and fell into a camera pit. (He sustained only a few and president. scratches.) ¶ Growing up in Queens, Ms.Taps played basketball and Not all of Ms. Temin’s Travel Ad Network: Cree Lawson, 35, was scenarios are grim. In one of promoted to chairman from chief work in volleyball. She knew she wanted to work in sports, so right out of them, “the book I’m writing on executive. He is also founder of the firm. school she applied for a job at the brand-new U.S.Tennis Association crisis management gets so Vibe: Jermaine Hall, sports National Tennis Center in Flushing. ¶ She started as a gate popular that I’m constantly away 35, was named editor giving speeches.” in chief of the attendant, moved up to manager of the women’s locker room, and magazine and the became head of the USTA’s year-round tennis program in the 1990s. ¶ Web site. He was most DO YOU HAVE a succession plan for recently editor in chief Coaching the ball people is just a part-time gig, but for these two your company? Have you altered it of King magazine. weeks, this mother of a 7-year-old son says, it’s all-consuming. in light of the recession? Tell us at See EXECUTIVE MOVES on Page 26 —hilary potkewitz www.crainsnewyork.com/execinbox.

September 7, 2009 | Crain’s New York Business | 25 20090907-NEWS--0026-NAT-CCI-CN_-- 9/4/2009 12:29 PM Page 1

e-Retailer ready for fall RÉSUMÉ REVIEW Is your job search all it could be? Executive makes We can react very quickly. This has shopping cart and not be sure which We ask the experts. been a crazy season with the weath- they’d want. They’d think about Bluefly profitable by er, and we’re able to say, “Tomor- keeping all five, or three, depending NAME BRUCE ARNOLD row it’s going to rain; let’s do the on how they felt once they got them. OBJECTIVE responding quickly outerwear promotion tomorrow.” Today, they’re putting three in be- We can make a change at a mo- cause they really want those three— Leverage my global production experience with to fashion trends ment’s notice. Bricks-and- it’s less about the “I’ll think about a dynamic apparel company mortar retailers have to it; maybe I’ll want it.” EXPERIENCE make their purchases  Ralph Lauren Childrenswear Inc., 2007-2008 BY ADRIANNE PASQUARELLI How has Bluefly dealt with far in advance, so they Senior director, product development can’t make those this? Launched profit growth strategies for Chaps for Kohl’s and American elissa payner has changes. We’re introducing the been running trendy ability to shop by outfits, Living for J.C. Penney; pushed wholesale volume to $170 million in Internet retailer Bluefly What’s selling right so that you can buy all the year one  Inc. for nearly six years. now for back-to- pieces. Gerber Childrenswear Inc., 2004-2007 MWith the crucial back-to-school school? Vice president, sourcing and product development shopping season wrapping up and Everything is very Bluefly sponsored Project Supervised 15-person team in the U.S., Hong Kong and India; saved holiday sales just around the corner, ’80s-inspired: Runway’s Accessory Wall $1 million each year by identifying new vendor sources in China and she’s gearing Leggings are do- on Bravo. Do you have Pakistan up for a new ing very well, any new collaborations  Beverly Hills Polo Club, 1994-2003 wave of bar- and neon is coming up? Vice president, merchandising and design MOVERS & gain-minded selling. We will be back on Led design and merchandising activities for men’s and boys’ sportswear SHAKERS shoppers. Rocker has television, but we and outerwear collections in the U.S. and Europe; generated up to been very can’t say with $35 million in annual sales The recession is strong with whom yet.  Marquis-Jade Eastern Trading Co., 1987-1993 Melissa pummeling ripped jeans, Designer/merchandiser almost all leather jackets, How much shop- Expanded men’s sportswear line; accelerated sales volume by 30%; Payner retailers. Is leather leg- ping do you do established Wal-Mart business that reached $15 million annually Bluefly holding gings and hard- online? EDUCATION its own? ware on any- I’m a Everything changed last October, thing.There’s been huge  State University of New York, Oneonta, N.Y.; B.A., business economics but Bluefly is really well-positioned. a lot of talk about Bluefly Résumé appears in condensed form. We pulled back on some of our in- sequins. fan! I EXPERT ADVICE ventory to see how consumers also go to would respond, and we were prof- How have your customers’ stores, but Bruce’s experience with lifestyle brands like Ralph Lauren and his itable in the second quarter—that’s shopping habits changed I’ve gotten very emphasis on childrenswear positions him well. He should use the network a pretty big deal for us. over the past year? comfortable shop- that he has developed with both factories and prior customers to identify They’re a lot more de- ping online, and I where there might be potential opportunities for his skill set. Sourcing Do you think Bluefly has an edge as an liberate. They used to buy a lot there for executives and their counterparts at factories typically know where the online retailer? put five items in their my kids.
needs are with their customers or with their colleagues in the industry. buck ennis Bruce would be best-served by using this avenue and by leveraging these relationships. EXECUTIVE MOVES Post Solutions. appointed senior vice president at the —karen harvey, chief executive, Karen Harvey Consulting Group LECG: Philip Rowley, 45, was appointed real estate advisory firm. He had been head of market strategy and business regional managing director at Mohr To contact this candidate or to be featured in “Résumé Review,” e-mail us Continued from Page 25 development at the consulting firm. He Partners. at [email protected]. UBP Asset Management: Matt was formerly president of Resolution Winston & Strawn: Auriemma, 36, joined the fund of funds Economics. James Donnell, 48, management company as co-head of Current Media: Ken Ripley, 43, was joined as partner in the structural risk analysis. He was most named executive vice president of law firm’s recently head of operational due advertising sales. He was formerly restructuring and diligence at Barclays Wealth. executive vice president of global insolvency practice. forensics and valuation services at the the Minneapolis Star Tribune. Bain & Co.: Eileen Shy, 35, was promoted advertising sales at IGA Worldwide He was most recently accounting and advisory firm. He PubMatic: Andrew to partner from manager at the Inc. a partner at Andrews previously served as managing director Rutledge, 34, was consulting firm. Capital One Bank: Benjamin Stacks, 42, Kurth. at Empire Valuation Consultants. named vice president Forrest Solutions: Jim Caton, 45, was joined as senior vice president. He was Time Inc.: Tina Newman, 52, joined the Undertone Networks: Kelly Wenzel, 38, of publisher sales at named president and co-owner of formerly an executive director at company as corporate sales director. She was named senior vice president of the advertising the staffing agency. He was for- Eurohypo AG. was formerly the beauty fashion director marketing at the online advertising company. He was merly chief operating officer at Swiss CresaPartners: Gerard Picco, 47, was at OK! magazine. network. She was most recently chief formerly vice president CBX Strategic Branding: Kieran Jason marketing officer at Tideway Systems. of national marketer Hackett, 38, joined the branding EPIC-Every Person Influences Children: sales at DoubleClick. consultancy as senior vice president, Robert Mascali, 58, joined the nonprofit JS2 Communications: Pete Sanders, 50, CORPORATE LADDER brand activation. He was formerly studio youth development organization as was named vice president at the public leader at The Rockwell Group. downstate regional director. He was relations and marketing consulting MUSIC EXEC SCORES PROMOTION Modelinia: Christopher Johnson, 37, was formerly deputy commissioner at the agency. He joins from Fifteen Minutes, named president and chief operating New York City Department of where he had been head of the New Mike Jbara, 43, was promoted to president and chief executive of WEA officer at the beauty and lifestyle media Homeless Services. York office. Corp., a music distribution company owned by Warner Music Group. He company. He was previously vice OpenAmplify: Glen Kushner, 40, was KCSA Strategic Communications: Sharron had been executive vice president and chief operating officer. In his new president of content and business named vice president of sales and Silvers, 32, was named managing development at Hearst Magazines business development at the Internet director. She was formerly director at post, Mr. Jbara will continue to oversee day-to- Digital Media. services company. He was formerly vice Kreab Gavin Anderson. day operations while developing strategic plans Weil Gotshal & Manges: Patrick Jackman, president of business development at National Hockey League: John O’Neill, 51, for the company’s future. He has been with WEA 46, joined as partner in the law firm’s Treemo Labs. joined as NHL Network director of for 13 years, first serving as vice president of international tax practice. He previously WNET.org: Robert Feinberg, 47, was advertising sales. Most recently, he production operations. Prior to joining the com- served as a managing director and head promoted to general counsel of the was vice president of sports sales at pany, Mr. Jbara worked for Andersen Consulting, of the international tax advisory group at public media organization from deputy DirecTV. Merrill Lynch. general counsel. Wenner Media: Romina Rosado, 33, was where he formed the firm’s media and EYP Architecture & Engineering: Robert The New York Times Co. Regional Media named executive producer of entertainment practice. WMG’s revenues fell to DeGenova, 52, was named senior Group: Dan E. Shorter, 53, was named USMagazine.com. She joins Wenner $769 million in the fiscal third quarter, from laboratory planner. He was formerly vice president of digital media. He was from The NewsMarket Inc., where she $848 million in the same period last year, as a associate principal at RJMJ Hillier. formerly president of digital media at served as global head of marketing. Center for Urban Community Services: Sue Incisive Media: Mike Grehan, 54, was decline in CD sales was only partially offset by EXECUTIVE PROMOTIONS digital sales. Major acts on the roster include Smith, 50, was promoted to director of named vice president and global content director for Search Engine Watch, Jason Mraz, Rob Thomas and Green Day. the Housing Resource Center from The fastest way to get an announcement into associate director. Crain’s is to submit details online. Fill out the form ClickZ and SES. He was most recently —maia blume Anchin Block & Anchin: Thomas Giordano, at www.crainsnewyork.com/submit. The global KDM officer at Acronym Media. 58, was named director of litigation, Executive Moves column is also available online. —maia blume

26 | Crain’s New York Business | September 7, 2009 20090907-NEWS--0027-NAT-CCI-CN_-- 9/4/2009 12:28 PM Page 1 chemex / INSATIABLE CRITIC flickr.com Gael Greene

crumb torte is as rich and seductive as a good truffle can be.And enough for three at just $6. West Side draws for casual dining Our waiter’s constant dance and speedy clearing makes me feel that Bar Luna has promise, is? The crisp thin white truffle “piz- calling it. I’m a fan of Lahey’s crusty quick turnover is the theme.My mate BAR LUNA za” is actually flatbread, and any bread at Sullivan Street Bakery, but and I would probably be back for the but starters are pricey; 511 Amsterdam Ave. truffle scent is elusive.But it’s cheese, I don’t go to places like Co.that don’t pies if we lived near enough to walk (212) 362-1098 fat and salt—good if you eat it hot. take reservations. by, hoping for a lull in demand. But crowds cram Company www.barlunanyc.com My guy Steven’s tagliatelle Bolo- Well, almost never. I certainly I’m not ready to queue for pizza. gnese is perfectly fine. But be don’t blithely take $20 cab rides msterdam, Columbus, ½ warned: A single raviolo hiding an from my home to stand half an hour Copyright © 2009 by Gael Greene. Read even Broadway form a egg with sheep’s milk ricotta in a waiting for a table. more at www.insatiable-critic.com. vast minefield of eats. CUISINE American limp broth,minus any oomph of the But our friend Nastassia said she Remembering the ’60s, PRICE RANGE Entrées $15-$19 advertised truffle and parmesan, is knew someone to call to get seats. when Columbus Avenue not a stand-in for an entrée. We walk in, and three chairs at the SERVING Dinner, seven days Awas a no-man’s-land and Amster- Prices seem high for starters, communal table are waiting.I would dam deserted,it’s cheering to see the RESERVATIONS So far, no mostly $9 up to $13, but modest for never choose the communal table,but boom. Now executive chef Jacques entrées, $15 to $19. With two des- we have the end of the bare wooden Belanger has moved from Tom serts (a luscious buttermilk panna groaning board to breathe in,so I de- Valenti’s West Branch to run the deliver tonight’s bird seriously juicy. cotta with peach puree and a very or- cide to just have fun. All three of us kitchen at the new Bar Luna on “Some people send it back for dinary cheesecake with strawber- are wild for our pie with roasted fen- Amsterdam Avenue, between West more cooking,” he boasts. ries), an extra antipasto and a $46 nel and garlicky sausage, a properly 84th and West 85th streets. From “That sounds like it might be just bottle of red Sancerre,we are spend- free-form oval. Bubbly, blistered, buck ennis this first tasting, it looks promising. right for me,” I say. ing $55 a person.Could be gentler for wondrously savory—its only flaw, it PIE-EYED: A great fennel/sausage pizza Owner Turgut Balikci,a 20-year The flesh turns out to be surpris- a casual dinner in the neighborhood. seems to me, that classic Neapolitan neighborhood veteran, sprang for ingly moist,riding in on stalks of per- sogginess in the middle.The mush- COMPANY an ambitious rehab of what was once fectly cooked asparagus. Even the A ‘no’ for Co.— room, tomato and pork sausage- 230 Ninth Ave. Neptune,with shocking-pink frames dreaded white meat is juicy under topped Boscaiola is nearly as good. (212) 243-1105 on beveled mirrors, brushed white- crisped skin and splashes of smoked for now The three of us share two small- www.co-pane.com washing of bare brick, little niches paprika vinaigrette. Grilled aspara- ish crostinis (cherry tomato and for votive candles. And we’re eating gus makes a great starter, with white it looked like I would never get to pinto bean) and a bowl of ribollita, to the beat of Michael Jackson. anchovies and a poached egg on top, taste the pizzas at Company—or or Tuscan bread soup. You’ve got to Even our two French guests are decked out in herbed bread crumbs. Co., as owner Jim Lahey insists on love cabbage as I do to adore this CUISINE Italian-American impressed with tonight’s special The burrata seems lackluster thick, ugly porridge. Co.’s is good PRICE RANGE Pizzas $9-$24 headcheese and with rabbit that is tonight on roasted red peppers, and I can’t wait to return. enough, but no match for the great SERVING Lunch, Tues.-Sat.; moist and full of flavor in a tangy nest four little deep-fried gizzards tum- ribollitas in my life. I will definitely go back. dinner, seven days of green olive and preserved lemon. bling out of their coating taste faint- A nightly special of strawberry Wary after 40 years of overcooked ly of old oil. For some reason, all the I’ll let them simmer awhile. shortcake sundae isn’t really worth NO RESERVATIONS chicken, I challenge the waiter to bread tastes stale. Could it be that it NO HATS Never again. $10, but the satiny chocolate bread-

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September 7, 2009 | Crain’s New York Business | 27 CN013127 9/2/09 12:06 PM Page 1

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